| Popis: |
This study explores the direction of causality between tourism revenues and economic growth in the selected Mediterranean countries for the period 1995-2011. For this purpose, as the research methods the panel causality tests under the cross-section dependency analysis have been applied. According to the econometrics analysis, no causality for France, Italy and Turkey cases was found. A bi-directional causality for Greece and a unidirectional causality from tourism revenues to economic growth for the Spain case have been established. We conclude that the result of a bi-directional causality may play the key role for the Greece development under its current economic crisis. The tourist-led growth hypothesis is valid for Spain and promotes its economic growth. On the other hand, the non-causality result is amazing for France, Italy and Turkey, thus deserving further attention and research. |
