Tourism, capital good imports and economic growth: Theory and evidence for Spain

Tourism Economics

Volumn 13, Issue 4, 2007, Pages 515-536

  Nowak, Jean Jacques ^a   Sahli, Mondher ^b   Cortés Jiménez, Isabel ^c  

^a UNIV LILLE   (France)

^b VICTORIA UNIVERSITY OF WELLINGTON   (New Zealand)

^c UNIVERSITY OF NOTTINGHAM   (United Kingdom)

Author keywords

Capital good imports; Causality; Cointegration; Economic growth; Export led growth; Inbound tourism; Spain

Indexed keywords

CAPITAL FORMATION; CAPITAL MARKET; COINTEGRATION ANALYSIS; ECONOMIC GROWTH; EXPORT LED DEVELOPMENT; GRANGER CAUSALITY TEST; HUMAN CAPITAL; IMPORT; MULTIVARIATE ANALYSIS; RESEARCH AND DEVELOPMENT; THEORETICAL STUDY; TOURISM ECONOMICS;

EURASIA; EUROPE; SOUTHERN EUROPE; SPAIN;

EID: 38349049560     PISSN: 13548166     EISSN: None     Source Type: Journal    
DOI: 10.5367/000000007782696113     Document Type: Article

References (67)

1. Alam, M.I. (2003), 'Manufactured exports, capital good imports and economic growth: experience of Mexico and Brazil', International Economic Journal, Vol 17, No 4, pp 85-105.
2. Bacha, E.L. (1990), 'A three gap model of foreign transfers and the GDP growth rate in developing countries', Journal of Developing Economics, Vol 32, pp 279-296.
3. Balaguer, L., and Cantavella-Jordá, M. (2002), 'Tourism as a long-run economic growth factor: the Spanish case', Applied Economics, Vol 34, pp 877-884.
4. Balassa, B. (1978), 'Exports and economic growth: further evidence', Journal of Development Economics, Vol 5, pp 181-189.
5. Ben-David, D., and Loewy, M.B. (1998), 'Free-trade, growth and convergence', Journal of Economic Growth, Vol 3, pp 143-170.
6. Bender, D., and Löwenstein, W. (2005), Two-Gap Models: Post-Keynesian Death and Neoclassical Rebirth, IEE Working Papers, Ruhr University Bochum, Bochum.
7. Bhagwati, J.N. (1978), Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes, National Bureau of Economic Research, New York.
8. Bote Gómez, V. (1993), 'La necesaria revalorización de la actividad turística española en una economía terciarizada e integrada en la CEE', Revista Estudios Turísticos, Vol 118, pp 5-26.
9. Buisán, A., and Gordo, E. (1997), El sector exterior en España, Servicio de Estudios del Banco de España, Madrid.
10. Chenery, H.B., and Bruno, M. (1962), 'Development alternatives in an open economy: the case of Israel', Economic Journal, Vol 72, pp 79-103.
11. Chenery, H.B., and Strout, A.M. (1966), 'Foreign assistance and economic development', American Economic Review, Vol 56, pp 679-733.
12. Cheung, Y.W., and Lai, K.S. (1993), 'Finite-sample sizes of Johansen's likelihood ratio tests for cointegration', Oxford Bulletin of Economics and Statistics, Vol 55, pp 313-328.
13. Cheung, Y.W, and Ng, L.K. (1998), 'International evidence on the stock market and aggregate economic activity', Journal of Empirical Finance, Vol 5, pp 281-296.
14. Chuang, Y.-C. (1998), 'Learning by doing, the technology gap and growth', International Economic Review, Vol 39, No 3, pp 697-721.
15. Copeland, B.R. (1991), 'Tourism, welfare and de-industrialization in a small open economy', Economica, Vol 58, No 4, pp 515-529.
16. Cortés-Jiménez, I., and Artís, M. (2006), 'The role of the tourism sector in economic development. Lessons from the Spanish experience', Documents de Treball de la Facultat de Ciencies Econòmiques I Empresarials, No E06/158, Universitat de Barcelona, Barcelona.
17. De la Dehesa, G., Ruiz, J.J., and Torres, A. (1991), 'The timing and sequencing of a trade liberalization policy: the case of Spain', in Michaely, M., Choksi, A., and Papageorgious, D., eds, Liberalizing Foreign Trade, Basil Blackwell, Oxford.
18. Dickey, D., and Fuller, W. (1979), 'Distribution of the estimators for autoregressive time series with a unit root', Journal of the American Statistical Association, Vol 74, pp 427-431.
19. Dritsakis, N. (2004), 'Tourism as a long-run economics growth factor: an empirical investigation for Greece using causality analysis', Tourism Management, Vol 10, No 3, pp 305-316.
20. Engle, R.F., and Granger, C.W.J. (1987), 'Cointegration and error correction: representation, estimation and testing', Econometrica, Vol 55, pp 251-276.
21. Esfahani, H.S. (1991), 'Exports, imports and economic growth in semi-industrialized countries', Journal of Development Economics, Vol 35, pp 93-116.
22. Evans, M.R., Fox, J.B., and Johnson, R.B. (1995), 'Identifying competitive strategies for successful tourism destination development', Journal of Hospitality & Leisure Marketing, Vol 3, No 1, pp 37-45.
23. Feder, G. (1983), 'On exports and economic growth', Journal of Development Economics, Vol 12, No 3, pp 59-73.
24. Felipe, J. (2003), Is Export-Led Growth Passé? Implications for Developing Asia, Economics and Research Department Working Paper Series, Asian Development Bank, Manila.
25. Gonzalo, J. (1994), 'Comparison of five alternative methods of estimating long run equilibrium relationship', Journal of Econometrics, Vol 60, pp 203-233.
26. Granger, C.W.J. (1969), 'Investigating causal relations by econometric models and cross-spectral methods', Econometrica, Vol 37, pp 424-438.
27. Granger, C.W.J. (1988), 'Some recent developments in a concept of causality', Journal of Econometrics, Vol 39, pp 199-211.
28. Gray, H.P. (1966), 'The demand for international travel by the United States and Canada', International Economic Review, Vol 7, No 1, pp 83-92.
29. Grossman, G.M., and Helpman, E. (1991), Innovation and Growth in the Global Economy, MIT Press, Cambridge, MA.
30. Gunadhi, H., and Boey, C.K. (1986), 'Demand elasticities of tourism in Singapore', Tourism Management, Vol 7, No 4, pp 239-253.
31. Gunduz, L., and Hatemi-J., A. (2005), 'Is the tourism-led growth hypothesis valid for Turkey?', Applied Economics Letters, Vol 12, pp 499-504.
32. Hazari, B.R., and Nowak, J.-J. (2003), 'Tourism, taxes and immiserization: a trade theoretic analysis', Pacific Economic Review, Vol 8, No 3, pp 279-287.
33. Hazari, B.R., Nowak, J.-J., and Sahli, M. (2003), 'International tourism as a way of importing growth', Proceeding of the International Conference on Tourism Modelling and Competitiveness, Paphos, Cyprus, 31 October-1 November.
34. Herzer, D., Nowak-Lehmann, F., and Siliverstovs, B. (2006), 'Export-led growth in Chile: assessing the role of export composition in productivity growth', The Developing Economies, Vol XLIV, No 3, pp 306-328.
35. Johansen, S. (1988), 'Statistical analysis of cointegration vectors', Journal of Economic Dynamics and Control, Vol 12, pp 231-254.
36. Johansen, S. (1991), 'Estimation and hypothesis testing of cointegrating vectors in Gaussian vector autoregressive models', Econometrica, Vol 59, pp 1551-1580.
37. Johansen, S., and Juselius, K. (1990), 'Maximum likelihood estimation and inference on cointegration - with applications to the demand for money', Oxford Bulletin of Economics and Statistics, Vol 52, No 2, pp 169-210.
38. Kim, H.J., Chen, M., and Jang. S. (2006), 'Tourism expansion and economic development: the case of Taiwan', Tourism Management, Vol 27, No 5, pp 925-933.
39. Krueger, A.O. (1980), 'Trade policy as an input to development', American Economic Review, Vol 70, pp 188-192.
40. Krueger, A.O. (1985), 'The experience and lessons of Asia super exporters' in Corbo, V., Krueger, A.O., and Ossa, F., eds, Export-Oriented Development Strategies: The Success of Five Newly Industrialized Countries, Westview Press, London.
41. Lanza, A., and Pigliaru, F. (1994), 'The tourism sector in the open economy', in Nijkamp, P., and Coccossis, W., eds, Tourism and the Environment, Avebury, Aldershot.
42. Lanza, A., Temple, P., and Urga, G. (2003), 'The implications of tourism specialisation in the long run: an econometric analysis for 13 OECD economies', Tourism Management, Vol 24, pp 315-321.
43. Levine, R., and Renelt, D. (1992), 'A sensitivity analysis of cross-country regressions', American Economic Review, Vol 82, pp 942-963.
44. Lucas, R.E. (1988), 'On the mechanics of economic development', Journal of Monetary Economics, pp 3-42.
45. MacKinnon, J.G. (1996), 'Numerical distribution functions for unit root and cointegration tests', Journal of Applied Econometrics, Vol 11, pp 601-618.
46. McKinnon, R.I. (1964), 'Foreign exchange constraints in economic development and efficient aid allocation', Economic Journal, Vol 74, pp 388-409.
47. Mazumdar, J. (2001), 'Imported machinery and growth in LDCs', Journal of Development Economics, Vol 65, pp 209-224.
48. Newey, W., and West, K. (1994), 'Automatic tag selection in covariance matrix estimation', Review of Economic Studies, Vol 61, No 4, pp 631-653.
49. Nowak, J.-J., and Sahli, M. (2006), 'Tourism, capital good imports and long-run growth', Proceedings of the Thirteenth Economic Research Forum, Kuwait, 17-19 December.
50. Oh, C. (2005), 'The contribution of tourism development to economic growth in the Korean economy', Tourism Management, Vol 26, No 1, pp 39-44.
51. Osterwald-Lenum, M. (1992),'A note with quintiles of the asymptotic distribution of the maximum likelihood cointegration rank test statistics: four cases', Oxford Bulletin of Economics and Statistics, Vol 54, pp 461-472.
52. Padilla, R. (1988), 'La demanda de servicios turísticos en España', Investigaciones Económicas, Vol 12, pp 461-472.
53. Pearce, D. (1989), Tourism Development, Longman, Harlow.
54. Phillips, P.C.B., and Perron, P. (1988), 'Testing for a unit root in time series regression', Biometrika, Vol 75, pp 335-346.
55. Pye, E.A., and Lin, T.B., eds (1983), Tourism in Asia: The Economic Impact, Singapore University Press, Singapore.
56. Riezman, R.G., Whiteman, C.H., and Summers, P.M. (1996), 'The engine of growth or its handmaiden? A time-series assessment of export-led growth', Empirical Economics, Vol 21, pp 77-110.
57. Rivera-Batiz, L.A., and Romer, P. (1991), 'International trade with endogenous technological change', European Economic Review, Vol 35, pp 971-1004.
58. Sims, C. (1980), 'Macroeconomics and reality', Econometrica, Vol 48, pp 1-48.
59. Sims, C.A., Stock, J.H., and Watson, M.W. (1990), 'Inference in linear time series models with some unit roots', Econometrica, Vol 58, pp 113-144.
60. Sinclair, M.T. (1998), 'Tourism and economic development: a survey', The Journal of Development Studies, Vol 34, No 5, pp 1-51.
61. Sinclair, M.T., and Bote Gómez, V. (1996), 'Tourism, the Spanish economy and the balance of payments', in Backe, M., Newton, M., and Towner, J., eds, Tourism in Spain: Critical Perspectives, CAB International, Wallingford, Chapter 4.
62. Song, H., and Witt, S.F. (2000), Tourism Demand Modelling and Forecasting: Modern Econometric Approaches, Pergamon, Oxford.
63. Summers, R., and Heston, A. (1991), 'The Penn-World Table (Mark 5): an expanded set of international comparisons, 1950-1988', Quarterly Journal of Economics, Vol 106, pp 327-368.
64. Syriopoulos, T. (1995), 'A dynamic model of demand for Mediterranean tourism', International Review of Applied Economics, Vol 9, No 3, pp 318-336.
65. Uysal, M., and Crompton, J.L. (1984), 'Determinants of demand for international tourist flows in Turkey', Tourism Management, Vol 5, No 4, pp 288-297.
66. World Bank (1982), World Development Report, Washington, DC (table 2).
67. World Bank (2004), World Development Indicators, CD-Rom.