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Title: Does tourism promote economic growth?: a fractionally integrated heterogeneous panel data analysis
Authors: Pérez Rodríguez, Jorge Vicente 
Rachinger, Heiko
Santana Gallego,Maria 
UNESCO Clasification: 531290 Economía sectorial: turismo
Keywords: Fractional Integration And Cointegration
Panel Data
Recent Financial Crisis
Tourism-Led Growth Hypothesis
Issue Date: 2020
Journal: Tourism Economics 
Abstract: In this article, we analyse whether tourism promotes economic growth using a general dynamic panel data model that incorporates individual and interactive fixed effects and allows for contemporaneous correlation in model innovations. The empirical study is based on quarterly series of GDP and tourist arrivals for 14 European countries covering the period from 1995 to 2019. Results indicate that the case for a positive long-run relationship between tourism and economic growth is rather weak, being slightly stronger for the period prior to the global economic and financial crisis from 2007 to 2010. When applying panel fractional cointegration techniques, we find evidence in favour of the tourism-led growth hypothesis (TLGH) for the full sample mainly for North European countries. For the pre-crisis period, on the other hand, we find evidence in favour of the TLGH for the relevant tourist destinations Spain and France.
ISSN: 1354-8166
DOI: 10.1177/1354816620980665
Source: Tourism Economics [ISSN 1354-8166], 3 enero 2021
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