Tourism as a long-rum economic growth factor: an empirical investigation for Grece using casuality analysis

Nikolaos Dritsakis ^[1]
1. [1] University of Macedonia
  
  University of Macedonia
  
  Dimos Thessaloniki, Grecia
Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 10, Nº 3, 2004, págs. 305-316
Idioma: inglés
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Resumen
- This paper empirically examines the impact of tourism on the longrun 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.