Du, Ding and Ng, Pin (2011) Is tourism a long-run economic growth factor? Working Paper Series--12-02. Working Paper. NAU W.A. Franke College of Business.
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Abstract
Whether tourism can lead to economic growth is an important question. In general, previous studies find evidence in support of the notion that tourism promotes growth. However, previous studies typically do not control for standard growth determinants, such as technology, human capital, and institutions. Therefore, the estimations may be biased due to the omitted variable problem. Motivated by this observation, we revisit the tourism-led growth hypothesis. We first develop a tourism-growth model that is well motivated by the literature. Then, based on our theoretical model, we use a newly-available international database to test the tourism-led growth hypothesis. We find that if we do not control for standard growth factors, tourism appears to lead to growth; however, as soon as we take into account these standard growth determinants, tourism does not have marginal explanatory power anymore even within the tourism economies.
| Item Type: | Monograph (Working Paper) |
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| Publisher’s Statement: | Copyright, where appropriate, is held by the author. |
| ID number or DOI: | 12-02 |
| Keywords: | Working paper, tourism, economic growth factors, standard growth determinants |
| Subjects: | G Geography. Anthropology. Recreation > GV Recreation Leisure H Social Sciences > HB Economic Theory |
| NAU Depositing Author Academic Status: | Faculty/Staff |
| Department/Unit: | The W.A. Franke College of Business |
| Date Deposited: | 15 Oct 2015 21:41 |
| URI: | http://openknowledge.nau.edu/id/eprint/1473 |
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