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An empirical investigation of tourism‑led growth hypothesis in the European countries : evidence from augmented mean group estimator
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Orientador(es)
Resumo(s)
Due to urbanization and the need for people to go from one country to another
either for commercial purpose or tourism, it is therefore important to determine
the extent to which tourism contributes to growth. This article aims to investigate
the tourism-led growth hypothesis in a sample of 34 European countries utilizing
the yearly data from 1995 to 2015. The research work makes use of 8 tourism
indicators, which cover diferent dimensions of tourism sector development such as
foreign visitors’ spending, and international tourist arrival. For empirical analysis,
the study accounts key determinants of growth such as capital, labor and energy
(renewable and non-renewable) consumption. The results from common correlated
efects (CCE) augmented mean group (AMG) and groped-mean estimators
confrms that there is a positive relationship between tourism, labour, capital and
GDP insinuating the presence of tourism-led growth hypothesis in the European
countries. Also, fndings from the FMOLS show that changes in the variables leads
to a proportional change in GDP. Specifcally, the evidence shows that the tourism
indicators play an indispensable role in promoting economic development, along
with energy consumption, capital, and labor. Sustainable Combating environmental
issues associated with foreign arrivals, renewable energy consumption should be
encouraged to reduce environmental externalities to ensure sustainable environments
for businesses and tourists’ arrivals.
Descrição
Palavras-chave
Tourism Growth European countries Energy consumption AMG estimator
Contexto Educativo
Citação
Xia, Wanjun ... [et al.] (2022). "An empirical investigation of tourism‑led growth hypothesis in the European countries : evidence from augmented mean group estimator". Portuguese Economic Journal, 21(2):239-266
Editora
Springer