Abstract:The aim of this paper is to explore the causal relationship between the foreign direct investment (FDI) stock in tourism and the number of international tourist arrivals in the Republic of Croatia in the period from 2000 to 2012. The study uses quarterly time series data from 2000(1) to 2012 (4). The augmented Dickey-Fuller (ADF) test was carried out to test the stationarity of variables. The Johansen co-integration test was used to test a long-term relationship between the variables, and given the absence of the same, the vector autoregression (VAR) model is set up. The Granger and Toda-Yamamoto test was conducted to test a short-run causality between the selected variables. The results indicated a one-way shortrun causality relationship running from FDI in tourism to international tourism arrivals at a high significance level of 1%. The research results emphasise the need to establish a favourable macroeconomic environment, as well as a policy of incentive investment measures specifically targeted at the tourism sector. This would enhance the conditions for higher FDI inflow essential for qualitative and quantitative positioning of Croatian tourism compared to competing destinations.
Fierce competition on the world tourism market is making it necessary for tourist destinations to position themselves appropriately and to differentiate themselves from the competition. This paper looks at the importance of space as a key marker of a tourist destination, and focuses on the meaning of a brand in enhancing attractiveness on the tourism market and strengthening competitive ability. The paper is based on the example of the Kvarner destination, that is, the Primorsko-Goranska County.
After the first phase of privatization - transformation of ownership - the ownership structure in catering and tourism has been established with the dominant share of the State funds (The CPF and The PF) and of small shareholders. The present ownership structure cannot survive as incompatible to market economy. The lack of the development strategy and privatization strategy are unfavourable for the optimalisation of the ownership structure. However, it is possible to consider some process changes in respect to the subjects of privatization. The CFP will gradually disappear and the number and share amount of small shareholders will decrease considerably. New forms of private capital will appear - holding companies, family and individual capitals of different size and organization. From the aspect of needed strategy, it is necessary to accept the dynamics, aims of privatization and the increase of foreign capital. Catering and tourism need to be adapted for further privatization (recovery and reconstruction). In respect to the optimal ownership structure and possible strategic interests (investment possibilities, Diaspora, small shareholders) market rules and the main role of the State in further process of privatization must be considered.
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