THE EFFECTS OF TOURISM REVENUES ON ECONOMIC GROWTH IN THE CONTEXT OF NEO-CLASSICAL GROWTH MODEL: IN THE CASE OF TURKEY

İbrahim Hüseyni, Ömer Doru, Ahmet Tunç

Abstract


The aim of this study is to analyses the relationship between tourism and gross domestic product in the context of the Neo-classical growth model in the period after 1980 when Turkey adopted as an export-led growth model. İn this paper, gross domestic product, gross fixed capital formation and tourism revenues between the years 1980-2014 were used. Co-integration between series was tested using the Johansen co-integration technique. This test concluded that the series are co-integrated. Additionally the Granger causality test was used to investigate the causality between tourism and economic growth.  As a result of this test, unidirectional causality running from tourism to economic growth was determined. As a developing country, this result shows that the tourism sector plays an important role on Turkey’s attempts to close the gap with developed countries by financing gross fixed capital formation.


Keywords


Economic Growth; Neoclassical Model; Time Series Analysis; Tourism and Development; Tourism Revenue

References


Aslan, A. (2014). "Tourism development and economic growth in the Mediterranean countries: evidence from panel Granger causality tests." Current Issues in Tourism, 17(4): 363-372.

Balaguer, J. ve M. Cantavella-Jorda (2002). "Tourism as a long-run economic growth factor: the Spanish case." Applied Economics, 34(7): 877-884.

Belloumi, M. (2010). "The relationship between tourism receipts, real effective exchange rate and economic growth in Tunisia." International Journal of Tourism Research, 12(5): 550-560.

Brida, J. G., I. Cortes-Jimenez ve M. Pulina (2013). "Has the tourism-led growth hypothesis been validated? A literature review." Current Issues in Tourism: 1-37.

Brida, J. G., B. Lanzilotta, J. S. Pereyra, vd. (2015). "A nonlinear approach to the tourism-led growth hypothesis: the case of the MERCOSUR." Current Issues in Tourism, 18(7): 647-666.

Brida, J. G., E. J. Sanchez Carrera ve W. A. Risso (2008). "Tourism's impact on long-run Mexican economic growth." Economics Bulletin, 23(21): 1-8.

Chou, M. C. (2013). "Does tourism development promote economic growth in transition countries? A panel data analysis." Economic Modelling, 33: 226-232.

Çağlayan, E., N. Sak ve K. Karymshakov (2012). "Relationship between tourism and economic growth: A panel Granger causality approach." Asian economic and Financial review, 2(5): 591.

Dritsakis, N. (2012). "Tourism development and economic growth in seven Mediterranean countries: a panel data approach." Tourism Economics, 18(4): 801-816.

Ekanayake, E. ve A. E. Long (2012). "Tourism development and economic growth in developing countries." The International Journal of Business and Finance Research, 6(1): 61-63.

Gunduz, L. ve A. Hatemi-J (2005). "Is the tourism-led growth hypothesis valid for Turkey?" Applied Economics Letters, 12(8): 499-504.

Kasman, A. ve S. K. Kasman (2004). "Turizm gelirleri ve ekonomik büyüme arasındaki eşbütünleşme ve nedensellik ilişkisi." Iktisat Isletme ve Finans, 19(220): 122-131.

Katircioğlu, S. (2010). "Research note: Testing the tourism-led growth hypothesis for Singapore–an empirical investigation from bounds test to cointegration and Granger causality tests." Tourism Economics, 16(4): 1095-1101.

Khalil, S., M. K. Kakar ve A. Malik (2007). "Role of Tourism in Economic Growth: Empirical Evidence from Pakistan Economy [with Comments]." The Pakistan Development Review: 985-995.

KIZILGÖL, Ö. (2006). "Türkiye’de İhracata ve turizme dayalı büyüme hipotezinin analizi: Eşbütünleşme ve nedensellik ilişkisi."

Kreishan, F. M. (2011). "Time-series evidence for tourism-led growth hypothesis: a case study of Jordan." International Management Review, 7(1): 89.

Lanza, A., P. Temple ve G. Urga (2003). "The implications of tourism specialisation in the long run: an econometric analysis for 13 OECD economies." Tourism management, 24(3): 315-321.

Lee, C. C. ve C. P. Chang (2008). "Tourism development and economic growth: A closer look at panels." Tourism management, 29(1): 180-192.

Massidda, C. ve P. Mattana (2012). "A SVECM analysis of the relationship between international tourism arrivals, GDP and trade in Italy." Journal of Travel Research: 0047287512457262.

Ongan, S. ve D. M. Demiröz (2005). "The contribution of tourism to the long-run Turkish economic growth." Ekonomický časopis (Journal of Economics), 9(53): 880-894.

Risso, W. A. ve J. G. Brida (2009). "The contribution of tourism to economic growth: an empirical analysis for the case of Chile." European Journal of Tourism Research, 2(2): 178-185.

Samimi, A. J., S. Sadeghi ve S. Sadeghi (2011). "Tourism and economic growth in developing countries: P-VAR approach." Middle-East Journal of Scientific Research, 10(1): 28-32.

Seetanah, B. (2011). "Assessing the Dynamic Economic Impact of Tourism for Island Economies." Annals of Tourism Research, 38(1): 291-308.

UNWTO (2015). "Tourism Highlights 2015 Edition."

Wang, L., H. Zhang ve W. Li (2012). "Analysis of causality between tourism and economic growth based on computational econometrics." Journal of Computers, 7(9): 2152-2159.


Full Text: PDF

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.