Is Tourism a Key Factor for Economic Growth? Fresh Evidence from South Europe Using Panel Cointegration and PVAR Analyses
Article Sidebar
Published
Nov 23, 2020
Main Article Content
Abstract
This paper brings fresh empirical evidence on the relationship between tourism and economic growth for five South European countries over the period 2000Q1-2018Q4 within a multivariate framework. PVAR and panel cointegration analyses are employed to infer the causal relationship between tourism and economic growth. Heterogeneous panel cointegration test reveals a long-run relationship between real GDP, labour force, gross fixed capital formation and tourism. Granger causality validates the bidirectional and unidirectional causal relationship between tourism, labour and economic growth and physical capital and economic growth, respectively. Simultaneously, impulse-response functions of PVAR model highlight the fact that short-run innovations might have a smaller impact on economic growth against a permanent long-run augmentation of these variables. Our findings might leave ample room for government policies to stimulate strategies for higher economic growth.
Downloads
Download data is not yet available.
Article Details
How to Cite
Kostakis, I. (2020) “Is Tourism a Key Factor for Economic Growth? Fresh Evidence from South Europe Using Panel Cointegration and PVAR Analyses”, World Journal of Applied Economics, 6(2), pp. 123-138. doi: 10.22440/wjae.6.2.2.
Section
Research Articles
All published articles are licensed under Creative Commons Attribution-NonCommercial-NoDerivs 4.0 Licence. Please visit Copyright Page for details.
References
Abrigo, M. R., & Love, I. (2016). Estimation of Panel Vector Autoregression in Stata. The Stata Journal, 16, 778–804. doi:10.1177/1536867X1601600314
Adnan Hye, Q. M., & Ali Khan, R. E. (2013). Tourism-led Growth Hypothesis: A Case Study of Pakistan. Asia Pacific Journal of Tourism Research, 18, 303–13. doi:10.1080/10941665.2012.658412
Amir, A. F., Ghapar, A. A., Jamal, S. A., & Ahmad, K. N. (2015). Sustainable Tourism Development: A Study on Community Resilience for Rural Tourism in Malaysia. Procedia - Social and Behavioral Sciences, 168, 116–22. doi:10.1016/j.sbspro.2014.10.217
Andraz, J. M., & Rodrigues, P. M. (2016). Monitoring Tourism Flows and Destination Management: Empirical Evidence for Portugal. Tourism Management, 56, 1–7. doi:10.1016/j.tourman.2016.03.019
Andrews, D. W., & Lu, B. (2001). Consistent Model and Moment Selection Procedures for GMM Estimation with Application to Dynamic Panel Data Models. Journal of Econometrics, 101, 123–64. doi:10.1016/S0304-4076(00)00077-4
Antonakakis, N., Dragouni, M., Eeckels, B., & Filis, G. (2019). The Tourism and Economic Growth Enigma: Examining an Ambiguous Relationship through Multiple Prisms. Journal of Travel Research, 58, 3–24. doi:10.1177/0047287517744671
Apergis, N., & Payne, J. E. (2012). Tourism and Growth in the Caribbean – Evidence from a Panel Error Correction Model. Tourism Economics, 18, 449-456. doi:10.5367/te.2012.0119
Ballı, E., Sigeze, C., Manga, M., Birdir, S., & Birdir, K. (2019). The Relationship between Tourism, CO_2 Emissions and Economic Growth: A Case of Mediterranean Countries. Asia Pacific Journal of Tourism Research, 219–32. doi:10.1080/10941665.2018.1557717
Banerjee, O., Cicowiez, M., & Cotta, J. (2016). Economics of Tourism Investment in Data Scarce Countries. Annals of Tourism Research, 60, 115–38. doi:10.1016/j.annals.2016.06.
Bojanic, D. C., & Lo, M. (2016). A Comparison of the Moderating Effect of Tourism Reliance on the Economic Development for Islands and Other Countries. Tourism Management, 53, 207–14. doi:10.1016/j.tourman.2015.10
Breitung, J. (2001). The Local Power of Some Unit Root Tests for Panel Data. In B. H. Baltagi, T. B. Fomby, & R. Carter Hill (Eds.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics) (Vol. 15, pp. 161–77). Emerald Group Publishing, Bingley. doi:10.1016/S0731-9053(00)15006-6
Brida, J. G., Cortes-Jimenez, I., & Pulina, M. (2016). Has the Tourism-led Growth Hypothesis been Validated? A Literature Review. Current Issues in Tourism, 19, 394–430. doi:10.1080/13683500.2013.868414
Chen, C.-F., & Chiou-Weib, S. Z. (2009). Tourism Expansion, Tourism Uncertainty and Economic Growth: New Evidence from Taiwan and Korea. Tourism Management, 30, 812–18. doi:10.1016/j.tourman.2008.12.013
Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20, 249–72. doi:10.1016/S0261-5606(00)00048-6
Cortes-Jimenez, I., & Pulina, M. (2010). Inbound Tourism and Long-run Economic Growth. Current Issues in Tourism, 13, 61–74. doi:10.1080/13683500802684411
De Vita, G., & Kyaw, K. S. (2016). Tourism Development and Growth. Annals of Tourism Research, 60, 23–26. doi:10.1016/j.annals.2016.05.011
Dritsakis, N. (2004). Tourism as a Long-Run Economic Growth Factor: An Empirical Investigation for Greece Using Causality Analysis. Tourism Economics, 10, 305–16. doi:10.5367/0000000041895094
Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger Non-causality in Heterogeneous Panels. Economic Modelling, 29, 1450–60. doi:10.1016/j.econmod.2012.02.014
Emirmahmutoğlu, F., & Köse, N. (2011). Testing for Granger Causality in Heterogeneous Mixed Panels. Economic Modelling, 28, 870–76. doi:10.1016/j.econmod.2010.10.018
Engle, R. F., & Granger, C. W. (1987). Co-Integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55, 251–76. doi:10.2307/1913236
Eugenio-Martín, J. L., Morales, N. M., & Scarpa, R. (2004). Tourism and Economic Growth in Latin American Countries: A Panel Data Approach. Working Papers, Fondazione Eni Enrico Mattei (FEEM).
European Commission. (2020). Autumn 2020 Economic Forecast. Institutional paper.
Eyüboğlu, S., & Eyüboğlu, K. (2020). Tourism Development and Economic Growth: An Asymmetric Panel Causality Test. Current Issues in Tourism, 23, 659–65. doi:10.1080/13683500.2019.1588863
Fahimi, A., Akadiri, S. S., Seraj, M., & Akadiri, A. C. (2018). Testing the Role of Tourism and Human Capital Development in Economic Growth. A Panel Causality Study of Micro States. Tourism Management Perspectives, 28, 62–70. doi:10.1016/j.tmp.2018.08.004
Gao, J., Xu, W., & Zhang, L. (2019). Tourism, Economic Growth, and Tourism-induced EKC Hypothesis: Evidence from the Mediterranean Region. Empirical Economics. doi:10.1007/s00181-019-01787-1
Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panel Data. The Econometrics Journal, 3, 148–61. doi:10.1111/1368-423X.00043
Holtz-Eakin, D., Newey, W., & Rosen, H. S. (1988). Estimating Vector Autoregressions with Panel Data. Econometrica, 56, 1371–95. doi:10.2307/1913103
Holzner, M. (2011). Tourism and Economic Development: The Beach Disease? Tourism Management, 32, 922–33. doi:10.1016/j.tourman.2010.08.007
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 53–74. doi:10.1016/S0304-4076(03)00092-7
Kao, C. (1999). Spurious Regression and Residual-based Tests for Cointegration in Panel Data. Journal of Econometrics, 90, 1–44. doi:10.1016/S0304-4076(98)00023-2
Khan, A., Bibi, S., Lorenzo, A., Lyu, J., & Babar, Z. U. (2020). Tourism and Development in Developing Economies: A Policy Implication Perspective. Sustainability, 12, 1618. doi:10.3390/su12041618
Kostakis, I., & Theodoropoulou, E. (2017). Spatial Analysis of the Nexus Between Tourism–Human Capital–Economic Growth: Evidence for the Period 2000–2014 Among NUTS-II Southern European Regions. Tourism Economics, 23, 1523–34. doi:10.1177/1354816617692473
Kostakis, I., Lolos, S., & Sardianou, E. (2017). Foreign Direct Investment and Environmental Degradation: Further Evidence from Brazil and Singapore. Journal of Environmental Management and Tourism, 8, 45–59. doi:10.14505//jemt.v8.1(17).04.
Kumar, R., & Stauvermann, P. J. (2016). Dataset for an Analysis of Tourism and Economic Growth: A Study of Sri Lanka. Data in Brief, 8, 723–25. doi:10.1016/j.dib.2016.06.066
Lee, C.-C., & Chang, C.-P. (2008). Tourism Development and Economic Growth: A Closer Look at Panels. Tourism Management, 29, 180–92. doi:10.1016/j.tourman.2007.02.013
Lee, J. W., & Brahmasrene, T. (2013). Investigating the Influence of Tourism on Economic Growth and Carbon Emissions: Evidence from Panel Analysis of the European Union. Tourism Management, 38, 69–76. doi:10.1016/j.tourman.2013.02.016
Levin, A., Lin, C.-F., & Chu, C.-S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-sample Properties. Journal of Econometrics, 108, 1–24. doi:10.1016/S0304-4076(01)00098-7
Liang, Z.-X., & Hui, T.-K. (2016). Residents' Quality of Life and Attitudes Toward Tourism Development in China. Tourism Management, 57, 56–67. doi:10.1016/j.tourman.2016.05.001
MacCannell, D. (1999). The Tourist: A New Theory of the Leisure Class. University of California Press.
Matias, A., Nijkamp, P., & Sarmento, M. (2011). Impact of Tourism. In A. Matias, P. Nijkamp, & M. Sarmento (Eds.), Tourism Economics: Impact Analysis (pp. 1–8). Physica-Verlag Heidelberg. doi:10.1007/978-3-7908-2725-5
Morakabati, Y., Fletcher, J., & Prideaux, B. (2012). Tourism Development in a Difficult Environment: A Study of Consumer Attitudes, Travel Risk Perceptions and the Termination of Demand. Tourism Economics, 18, 953–69. doi:10.5367/te.2012.0162
Muslija, A., Satrovic, E., & Erbaş, C. Ü. (2017). Panel Analysis of Tourism-economic Growth Nexus. Uluslararası Ekonomik Araştırmalar Dergisi, 3, 535–45.
Nunkoo, R., Seetanah, B., Jaffur, Z. R., Moraghen, P. G., & Sannassee, R. V. (2020). Tourism and Economic Growth: A Meta-regression Analysis. Journal of Travel Research, 59, 404–23. doi:10.1177/0047287519844833
Oh, C.-O. (2005). The Contribution of Tourism Development to Economic Growth in the Korean Economy. Tourism Management, 26, 39–44. doi:10.1016/j.tourman.2003.09.014
Paci, R., & Marrocu, E. (2014). Tourism and Regional Growth in Europe. Papers in Regional Science, 93, S25–S50. doi:10.1111/pirs.12085
Payne, J. E., & Mervar, A. (2010). Research Note: The Tourism–Growth Nexus in Croatia. Tourism Economics, 16, 1089–94. doi:10.5367/te.2010.0014
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61, 653–70. doi:10.1111/1468-0084.0610s1653
Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20, 597–625. doi:10.1017/S0266466604203073
Pesaran, M. H. (2020). General Diagnostic Tests for Cross-sectional Dependence in Panels. Empirical Economics. doi:10.1007/s00181-020-01875-7
Pulido Fernández, J. I., & Sánchez Rivero, M. (2010). Competitividad versus Crecimiento en Destinos Turísticos. Un Análisis Mediante Técnicas Multivariantes. Cuadernos de Economía, 33, 159–81. doi:10.1016/S0210-0266(10)70061-3
Pulido-Fernández, J. I., & Cárdenas-García, P. J. (2020). Analyzing the Bidirectional Relationship between Tourism Growth and Economic Development. Journal of Travel Research. doi:10.1177/0047287520922316
Satrovic, E., & Muslija, A. (2019). The Empirical Evidence on Tourism-urbanization-CO_2 Emissions Nexus. Advances in Hospitality and Tourism Research (AHTR), 7, 85–105. doi:10.30519/ahtr.484287
Schubert, S. F., Brida, J. G., & Risso, W. A. (2011). The Impacts of International Tourism Demand on Economic Growth of Small Economies Dependent on Tourism. Tourism Management, 32, 377–85. doi:10.1016/j.tourman.2010.03.007
Sims, C. A. (1980). Macroeconomics and Reality. Econometrica, 48, 1–48. doi:10.2307/1912017
Soukiazis, E., & Proenca, S. (2008). Tourism as an Alternative Source of Regional Growth in Portugal: A Panel Data Analysis at NUTS II and III Levels. Portuguese Economic Journal, 7, 43–61. doi:10.1007/s10258-007-0022-0
Tang, C. F., & Tan, E. C. (2015). Does Tourism Effectively Stimulate Malaysia's Economic Growth? Tourism Management, 46, 158–63. doi:10.1016/j.tourman.2014.06.020
Tuğcu, C. T. (2014). Tourism and Economic Growth Nexus Revisited: A Panel Causality Analysis for the Case of the Mediterranean Region. Tourism Management, 42, 207–12. doi:10.1016/j.tourman.2013.12.007
Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69, 709–48. doi:10.1111/j.1468-0084.2007.00477.x
World Travel and Tourism Council. (2020). Global Economic Impact & Trends 2020. Global Economic Impact & Trends 2020.
Zhang, L., & Gao, J. (2016). Exploring the Effects of International Tourism on China's Economic Growth, Energy Consumption and Environmental Pollution: Evidence from a Regional Panel Analysis. Renewable and Sustainable Energy Reviews, 53, 225–34. doi:10.1016/j.rser.2015.08.040
Adnan Hye, Q. M., & Ali Khan, R. E. (2013). Tourism-led Growth Hypothesis: A Case Study of Pakistan. Asia Pacific Journal of Tourism Research, 18, 303–13. doi:10.1080/10941665.2012.658412
Amir, A. F., Ghapar, A. A., Jamal, S. A., & Ahmad, K. N. (2015). Sustainable Tourism Development: A Study on Community Resilience for Rural Tourism in Malaysia. Procedia - Social and Behavioral Sciences, 168, 116–22. doi:10.1016/j.sbspro.2014.10.217
Andraz, J. M., & Rodrigues, P. M. (2016). Monitoring Tourism Flows and Destination Management: Empirical Evidence for Portugal. Tourism Management, 56, 1–7. doi:10.1016/j.tourman.2016.03.019
Andrews, D. W., & Lu, B. (2001). Consistent Model and Moment Selection Procedures for GMM Estimation with Application to Dynamic Panel Data Models. Journal of Econometrics, 101, 123–64. doi:10.1016/S0304-4076(00)00077-4
Antonakakis, N., Dragouni, M., Eeckels, B., & Filis, G. (2019). The Tourism and Economic Growth Enigma: Examining an Ambiguous Relationship through Multiple Prisms. Journal of Travel Research, 58, 3–24. doi:10.1177/0047287517744671
Apergis, N., & Payne, J. E. (2012). Tourism and Growth in the Caribbean – Evidence from a Panel Error Correction Model. Tourism Economics, 18, 449-456. doi:10.5367/te.2012.0119
Ballı, E., Sigeze, C., Manga, M., Birdir, S., & Birdir, K. (2019). The Relationship between Tourism, CO_2 Emissions and Economic Growth: A Case of Mediterranean Countries. Asia Pacific Journal of Tourism Research, 219–32. doi:10.1080/10941665.2018.1557717
Banerjee, O., Cicowiez, M., & Cotta, J. (2016). Economics of Tourism Investment in Data Scarce Countries. Annals of Tourism Research, 60, 115–38. doi:10.1016/j.annals.2016.06.
Bojanic, D. C., & Lo, M. (2016). A Comparison of the Moderating Effect of Tourism Reliance on the Economic Development for Islands and Other Countries. Tourism Management, 53, 207–14. doi:10.1016/j.tourman.2015.10
Breitung, J. (2001). The Local Power of Some Unit Root Tests for Panel Data. In B. H. Baltagi, T. B. Fomby, & R. Carter Hill (Eds.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics) (Vol. 15, pp. 161–77). Emerald Group Publishing, Bingley. doi:10.1016/S0731-9053(00)15006-6
Brida, J. G., Cortes-Jimenez, I., & Pulina, M. (2016). Has the Tourism-led Growth Hypothesis been Validated? A Literature Review. Current Issues in Tourism, 19, 394–430. doi:10.1080/13683500.2013.868414
Chen, C.-F., & Chiou-Weib, S. Z. (2009). Tourism Expansion, Tourism Uncertainty and Economic Growth: New Evidence from Taiwan and Korea. Tourism Management, 30, 812–18. doi:10.1016/j.tourman.2008.12.013
Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20, 249–72. doi:10.1016/S0261-5606(00)00048-6
Cortes-Jimenez, I., & Pulina, M. (2010). Inbound Tourism and Long-run Economic Growth. Current Issues in Tourism, 13, 61–74. doi:10.1080/13683500802684411
De Vita, G., & Kyaw, K. S. (2016). Tourism Development and Growth. Annals of Tourism Research, 60, 23–26. doi:10.1016/j.annals.2016.05.011
Dritsakis, N. (2004). Tourism as a Long-Run Economic Growth Factor: An Empirical Investigation for Greece Using Causality Analysis. Tourism Economics, 10, 305–16. doi:10.5367/0000000041895094
Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger Non-causality in Heterogeneous Panels. Economic Modelling, 29, 1450–60. doi:10.1016/j.econmod.2012.02.014
Emirmahmutoğlu, F., & Köse, N. (2011). Testing for Granger Causality in Heterogeneous Mixed Panels. Economic Modelling, 28, 870–76. doi:10.1016/j.econmod.2010.10.018
Engle, R. F., & Granger, C. W. (1987). Co-Integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55, 251–76. doi:10.2307/1913236
Eugenio-Martín, J. L., Morales, N. M., & Scarpa, R. (2004). Tourism and Economic Growth in Latin American Countries: A Panel Data Approach. Working Papers, Fondazione Eni Enrico Mattei (FEEM).
European Commission. (2020). Autumn 2020 Economic Forecast. Institutional paper.
Eyüboğlu, S., & Eyüboğlu, K. (2020). Tourism Development and Economic Growth: An Asymmetric Panel Causality Test. Current Issues in Tourism, 23, 659–65. doi:10.1080/13683500.2019.1588863
Fahimi, A., Akadiri, S. S., Seraj, M., & Akadiri, A. C. (2018). Testing the Role of Tourism and Human Capital Development in Economic Growth. A Panel Causality Study of Micro States. Tourism Management Perspectives, 28, 62–70. doi:10.1016/j.tmp.2018.08.004
Gao, J., Xu, W., & Zhang, L. (2019). Tourism, Economic Growth, and Tourism-induced EKC Hypothesis: Evidence from the Mediterranean Region. Empirical Economics. doi:10.1007/s00181-019-01787-1
Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panel Data. The Econometrics Journal, 3, 148–61. doi:10.1111/1368-423X.00043
Holtz-Eakin, D., Newey, W., & Rosen, H. S. (1988). Estimating Vector Autoregressions with Panel Data. Econometrica, 56, 1371–95. doi:10.2307/1913103
Holzner, M. (2011). Tourism and Economic Development: The Beach Disease? Tourism Management, 32, 922–33. doi:10.1016/j.tourman.2010.08.007
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 53–74. doi:10.1016/S0304-4076(03)00092-7
Kao, C. (1999). Spurious Regression and Residual-based Tests for Cointegration in Panel Data. Journal of Econometrics, 90, 1–44. doi:10.1016/S0304-4076(98)00023-2
Khan, A., Bibi, S., Lorenzo, A., Lyu, J., & Babar, Z. U. (2020). Tourism and Development in Developing Economies: A Policy Implication Perspective. Sustainability, 12, 1618. doi:10.3390/su12041618
Kostakis, I., & Theodoropoulou, E. (2017). Spatial Analysis of the Nexus Between Tourism–Human Capital–Economic Growth: Evidence for the Period 2000–2014 Among NUTS-II Southern European Regions. Tourism Economics, 23, 1523–34. doi:10.1177/1354816617692473
Kostakis, I., Lolos, S., & Sardianou, E. (2017). Foreign Direct Investment and Environmental Degradation: Further Evidence from Brazil and Singapore. Journal of Environmental Management and Tourism, 8, 45–59. doi:10.14505//jemt.v8.1(17).04.
Kumar, R., & Stauvermann, P. J. (2016). Dataset for an Analysis of Tourism and Economic Growth: A Study of Sri Lanka. Data in Brief, 8, 723–25. doi:10.1016/j.dib.2016.06.066
Lee, C.-C., & Chang, C.-P. (2008). Tourism Development and Economic Growth: A Closer Look at Panels. Tourism Management, 29, 180–92. doi:10.1016/j.tourman.2007.02.013
Lee, J. W., & Brahmasrene, T. (2013). Investigating the Influence of Tourism on Economic Growth and Carbon Emissions: Evidence from Panel Analysis of the European Union. Tourism Management, 38, 69–76. doi:10.1016/j.tourman.2013.02.016
Levin, A., Lin, C.-F., & Chu, C.-S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-sample Properties. Journal of Econometrics, 108, 1–24. doi:10.1016/S0304-4076(01)00098-7
Liang, Z.-X., & Hui, T.-K. (2016). Residents' Quality of Life and Attitudes Toward Tourism Development in China. Tourism Management, 57, 56–67. doi:10.1016/j.tourman.2016.05.001
MacCannell, D. (1999). The Tourist: A New Theory of the Leisure Class. University of California Press.
Matias, A., Nijkamp, P., & Sarmento, M. (2011). Impact of Tourism. In A. Matias, P. Nijkamp, & M. Sarmento (Eds.), Tourism Economics: Impact Analysis (pp. 1–8). Physica-Verlag Heidelberg. doi:10.1007/978-3-7908-2725-5
Morakabati, Y., Fletcher, J., & Prideaux, B. (2012). Tourism Development in a Difficult Environment: A Study of Consumer Attitudes, Travel Risk Perceptions and the Termination of Demand. Tourism Economics, 18, 953–69. doi:10.5367/te.2012.0162
Muslija, A., Satrovic, E., & Erbaş, C. Ü. (2017). Panel Analysis of Tourism-economic Growth Nexus. Uluslararası Ekonomik Araştırmalar Dergisi, 3, 535–45.
Nunkoo, R., Seetanah, B., Jaffur, Z. R., Moraghen, P. G., & Sannassee, R. V. (2020). Tourism and Economic Growth: A Meta-regression Analysis. Journal of Travel Research, 59, 404–23. doi:10.1177/0047287519844833
Oh, C.-O. (2005). The Contribution of Tourism Development to Economic Growth in the Korean Economy. Tourism Management, 26, 39–44. doi:10.1016/j.tourman.2003.09.014
Paci, R., & Marrocu, E. (2014). Tourism and Regional Growth in Europe. Papers in Regional Science, 93, S25–S50. doi:10.1111/pirs.12085
Payne, J. E., & Mervar, A. (2010). Research Note: The Tourism–Growth Nexus in Croatia. Tourism Economics, 16, 1089–94. doi:10.5367/te.2010.0014
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61, 653–70. doi:10.1111/1468-0084.0610s1653
Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20, 597–625. doi:10.1017/S0266466604203073
Pesaran, M. H. (2020). General Diagnostic Tests for Cross-sectional Dependence in Panels. Empirical Economics. doi:10.1007/s00181-020-01875-7
Pulido Fernández, J. I., & Sánchez Rivero, M. (2010). Competitividad versus Crecimiento en Destinos Turísticos. Un Análisis Mediante Técnicas Multivariantes. Cuadernos de Economía, 33, 159–81. doi:10.1016/S0210-0266(10)70061-3
Pulido-Fernández, J. I., & Cárdenas-García, P. J. (2020). Analyzing the Bidirectional Relationship between Tourism Growth and Economic Development. Journal of Travel Research. doi:10.1177/0047287520922316
Satrovic, E., & Muslija, A. (2019). The Empirical Evidence on Tourism-urbanization-CO_2 Emissions Nexus. Advances in Hospitality and Tourism Research (AHTR), 7, 85–105. doi:10.30519/ahtr.484287
Schubert, S. F., Brida, J. G., & Risso, W. A. (2011). The Impacts of International Tourism Demand on Economic Growth of Small Economies Dependent on Tourism. Tourism Management, 32, 377–85. doi:10.1016/j.tourman.2010.03.007
Sims, C. A. (1980). Macroeconomics and Reality. Econometrica, 48, 1–48. doi:10.2307/1912017
Soukiazis, E., & Proenca, S. (2008). Tourism as an Alternative Source of Regional Growth in Portugal: A Panel Data Analysis at NUTS II and III Levels. Portuguese Economic Journal, 7, 43–61. doi:10.1007/s10258-007-0022-0
Tang, C. F., & Tan, E. C. (2015). Does Tourism Effectively Stimulate Malaysia's Economic Growth? Tourism Management, 46, 158–63. doi:10.1016/j.tourman.2014.06.020
Tuğcu, C. T. (2014). Tourism and Economic Growth Nexus Revisited: A Panel Causality Analysis for the Case of the Mediterranean Region. Tourism Management, 42, 207–12. doi:10.1016/j.tourman.2013.12.007
Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69, 709–48. doi:10.1111/j.1468-0084.2007.00477.x
World Travel and Tourism Council. (2020). Global Economic Impact & Trends 2020. Global Economic Impact & Trends 2020.
Zhang, L., & Gao, J. (2016). Exploring the Effects of International Tourism on China's Economic Growth, Energy Consumption and Environmental Pollution: Evidence from a Regional Panel Analysis. Renewable and Sustainable Energy Reviews, 53, 225–34. doi:10.1016/j.rser.2015.08.040