Tourism as a Long-Run Economic Growth Factor: An Empirical Investigation for Greece Using Causality Analysis
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- 15 September 2004
- journal article
- research article
- Published by SAGE Publications in Tourism Economics
- Vol. 10 (3), 305-316
- https://doi.org/10.5367/0000000041895094
Abstract
This paper empirically examines the impact of tourism on the long-run economic growth of Greece by using causality analysis of real gross domestic product, real effective exchange rate and international tourism earnings. A Multivariate Auto Regressive (VAR) model is applied for the period 1960:I-2000:IV. The results of co-integration analysis suggest that there is one co-integrated vector among real gross domestic product, real effective exchange rate and international tourism earnings. Granger causality tests based on Error Correction Models (ECMs), have indicated that there is a ‘strong Granger causal’ relationship between international tourism earnings and economic growth, a ‘strong causal’ relationship between real exchange rate and economic growth, and simply ‘causal’ relationships between economic growth and international tourism earnings and between real exchange rate and international tourism earnings.Keywords
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