2020
DOI: 10.31410/tmt.2020.39
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An Empirical Analysis of Relationship Between Tourism and Economic Growth: Panel Evidence From Western Balkan Countries

Abstract: Tourism is one of the most important sectors in the world and it has multiplier effects due to indirect implications to a wide variety of small, service-oriented businesses. This paper aims to determine the effects of the tourism sector on economic growth in terms of tourism share, international tourism receipts and international tourism arrivals. The subject of the chapter is estimating the effects of the tourism sector on economic growth in selected Western Balkan countries such as Albania, Bosnia and Herzeg… Show more

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Cited by 2 publications
(3 citation statements)
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References 45 publications
(53 reference statements)
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“…nomic growth. Similar results are obtained byMirović, Kalaš & Pavlović (2020) by applying a fixed-effects model to a sample of the selected countries of the Western Balkans (Serbia, Montenegro, Northern Macedonia, Bosnia and Herzegovina, and Albania) in the period 2007-2018, where the results indicate that tourism has a positive and significant impact on the economic growth of these countries. Moreover, an almost identical study bySelimi, Sadiku, & Sadiku (2017) on a sample of Western Balkan countries shows that tourism growth has a significant and positive impact on the economic growth of the Western Balkan countries.…”
supporting
confidence: 75%
“…nomic growth. Similar results are obtained byMirović, Kalaš & Pavlović (2020) by applying a fixed-effects model to a sample of the selected countries of the Western Balkans (Serbia, Montenegro, Northern Macedonia, Bosnia and Herzegovina, and Albania) in the period 2007-2018, where the results indicate that tourism has a positive and significant impact on the economic growth of these countries. Moreover, an almost identical study bySelimi, Sadiku, & Sadiku (2017) on a sample of Western Balkan countries shows that tourism growth has a significant and positive impact on the economic growth of the Western Balkan countries.…”
supporting
confidence: 75%
“…Ehigiamusoe (2020) defined the tourism-led growth hypothesis in a way that tourism can facilitate economic growth because it provides income and employment, as well as improves infrastructure and balance of payments. Many previous empirical studies investigated the nexus between tourism and economic growth in order to inform about the potential effect of this industry on the economic development (Balaguer and Cantavella-Jorda, 2002;Gunduz and Hatemi-J 2005;Kim et al 2006;Lee and Chang, 2008;Lean and Tang, 2010;Arslanturk et al 2011;Aslan, 2014;Wu and Wu, 2018;Antonakakis et al 2019;Khan et al 2020;Mirović et al 2020;Usmani et al 2020). Gunduz and Hatemi-J (2005) found unidirectional causality running from international tourist arrivals to the economic growth of Turkey.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Similarly, the tourism industry has emerged as an important driver for economic growth strategies during the last decades (Balsalobre-Lorente et al (2020). Accordingly, tourism is increasingly an important part of the economy as well as a source of income in today's conditions of globalization and an open economy (Mirović, Kalaš, Pavlović, 2020). Many authors emphasize that tourism manifests as the main component of international trade in services (Katirciogul, 2009: Arslanturk et al 2011Hana et al 2015;Dogan et al 2017;.…”
Section: Introductionmentioning
confidence: 99%