AN EMPIRICAL ANALYSIS OF RELATIONSHIP BETWEEN TOURISM AND ECONOMIC GROWTH: PANEL EVIDENCE FROM WESTERN BALKAN COUNTRIES
Vera Mirović - Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, 24000, Subotica, Serbia
Branimir Kalaš - Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, 24000, Subotica, Serbia
Nataša Pavlović - Faculty of Economics and Engineering Management in Novi Sad, Cvećarska 2, 21000, Novi Sad, Serbia
DOI: https://doi.org/10.31410/tmt.2020.39
5th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2020, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-42-4; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
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 Herzegovina, Montenegro, North Macedonia and Serbia for the period 2007-2018. Results of the fixed effects model show tourism sector has significant and positive impact on economic growth in these countries for the observed period. Empirical findings manifest that governments in Western Balkan countries should focus on a higher share of the tourism sector in their economy in order to provide positive implications to economic development..
Keywords: Tourism, Economic growth, Panel data estimation, Western Balkan countries.
REFERENCES
Aratuo, D.,N., & Etienne, X.L. (2019). Industry level analysis of tourism-economic growth in the United States. Tourism Management, 70, 333-340. DOI: 10.1016/j.tourman.2018.09.004
Băndoi, A., Jianu. E., Enescu, M., Axinte, G., Tudor, S., & Firoiu, D. (2020). The Relationship between Development of Tourism, Quality of Life and Sustainable Performance in EU Countries. Sustainability, 12(4), 1-24. DOI: 10.3390/su12041628
Banerjee, O., Cicowiez, M., Morris, E.J., & Moreda, A. (2018). Boosting tourism’s contribution to growth and development: Analysis of the evidence. Review of Development Economics, 22(3), 1-25. DOI: 10.111/rode.12385
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. DOI: 10.1002/jtr.774
Bezić, H., & Nikšić Radić, M. (2017). Tourism foreign direct investment led tourism gross value added: a co-integration and causality analysis of Croatian tourism. Economic Research – Ekonomska istraživanja, 30(1), 1443-1460. DOI: 10.1080/1331677x.2017.1340173
Bianchi, R.V., & de Man, F. (2020). Tourism, inclusive growth and decent work: a political economy critique. Journal of Sustainable Tourism, 1-19, DOI: 10.1080/09669582.2020.1730862
Brida, J.G., Matesanz Gómez, D., & Segarra, V. (2020). On the empirical relationship between tourism and economic growth. Tourism Management, 81, 1-11. DOI: 10.1016/j.tourman. 2020.104131
Cerović Smolović, J., Janketić, S., Jaćimović, D., Bučar, M., & Stare, M. (2018). Montenegro’s Road to Sustainable Tourism Growth and Innovation. Sustainability, 10(12), 1-20. DOI: 10.3390/su10124687
Chingarande, A., & Saayman, A. (2018). Critical success factors for tourism-led growth. International Journal of Tourism Research, 20(6), 1-19. DOI: 10.1002/jtr.2233
Dwyer, L., Armenski, T., Cvelbar, L.K., Dragićević, V., & Mihalic, T. (2015). Modified Importance- Performance Analysis for Evaluating Tourism Businesses Strategies: Comparison of Slovenia and Serbia. International Journal of Tourism Research, 18(4), 327-340. DOI:
10.1002/jtr.2052
Ehigiamusoe, K.U. (2020). Tourism, growth and environment: analysis of non-linear and moderating effects. Journal of Sustainable Tourism, 28(8), 1-20. DOI: 10.1080/09669582.2020.1729164
Farzanegan, M. R., Gholipour, H. F., Feizi, M., Nunkoo, R., & Andargoli, A. E. (2020). International Tourism and Outbreak of Coronavirus (COVID-19): A Cross-Country Analysis. Journal of Travel Research, 1-6. DOI:10.1177/0047287520931593
Galvani, A., Lew, A. A., & Perez, M. S. (2020). COVID-19 is expanding global consciousness and the sustainability of travel and tourism. Tourism Geographies, 22(3), 1–10. DOI:10.1080/14616688.2020.1760924
Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: a rapid assessment of COVID-19. Journal of Sustainable Tourism, 1–20. DOI:10.1080/09669582.2020.1758708
Higgins-Desbiolles, F. (2020). The “war over tourism”: challenges to sustainable tourism in the tourism academy after COVID-19. Journal of Sustainable Tourism, 1–19. DOI:10.1080/09669582.2020.1803334
Hysa, E., & Gjergi, E. (2018). The Long Run Relationship Between Tourism And Economic Growth In Western Balkan Countries: A Panel Co-Integration Analysis. Journal of tourism – studies and research in tourism, 25(15). 1-15.
Iatu, C., Ibănescu, B.C, Stoleriu, O.M., & Munteanu, A. (2018). The WHS Designation – A Factor of Sustainable Tourism Growth for Romanian Rural Areas? Sustainability, 10(3), 1-12. DOI: 10.3390/su10030626
Isik, C., Dogru, T., & Turk, E.S. (2017). A nexus of linear and non-linear relationships between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20(1), 38-49. DOI: 10.1002/jtr.2151
Kalaš, B., Mirović, V., & Pavlović, N. (2019). Profitability determinants of hotel industry in AP Vojvodina. In MODERN MANAGEMENT TOOLS AND ECONOMY OF TOURISM SECTOR IN PRESENT ERA (pp. 47-62). Association of Economists and Managers of the Balkans-
UDEKOM
Khan, A., Bibi, S., Ardito, L., Lyu, J., & Babar, Z.U. (2020). Tourism and Development in Developing Economies: A Policy Implication Perspective. Sustainability, 12(4), 1-19. DOI: 10.3390/su1204168
Khan, A., Bibi, S., Ardito, L., Lyu, J., Hayat, H., & Arif, A.M. (2020). Revisiting the Dynamics of Tourism, Economic Growth, and Environmental Pollutants in the Emerging Economies – Sustainable Tourism Policy Implications. Sustainability, 12(6), 1-23. DOI: 10.3390/su12062533
Lapointe, D. (2020). Reconnecting tourism after COVID-19: the paradox of alterity in tourism areas. Tourism Geographies, 22(3), 1–6. DOI:10.1080/14616688.2020.1762115
Lim, C., Zhu, L., & Koo, T.T.R. (2018). Urban redevelopment and tourism growth: Relationship between tourism infrastructure and international visitor flows. International Journal of Tourism Research, 21(2), 1-10. DOI: 10.1002/jtr.2253
Lu, C., Li, W., Pang, M., Xue, B., & Miao, H. (2018). Quantifying the Economy-Environment Interactions in Tourism: Case of Gansu Province, China. Sustainability, 10(3), 1-21. DOI: 10.3390/su10030711
Mitra, S.K. (2019). Is tourism-led growth hypothesis still valid? International Journal of Tourism Research, 21(5), 1-10. DOI: 10.1002/jtr.2285
Niewiadomski, P. (2020). COVID-19: from temporary de-globalisation to a re-discovery of tourism? Tourism Geographies, 22(3), 1–6. DOI:10.1080/14616688.2020.1757749
Ongan, S., & Gozgor, G. (2018). Tourism demand analysis: The impact of the economic policy uncertainty on the arrival of Japanese tourists to the USA. International Journal of Tourism Research, 20(3), 308-316. DOI: 10.1002/jtr.2182
Paunović, I., Dressler, M., Mamula Nikolic, T., & Popovic Pantic, S. (2020). Developing a Competitive and Sustainable Destination of the Future: Clusters and Predictors of Successful National-Level Destination Governance across Destination Life-Cycle. Sustainability, 12,
4066. DOI:10.3390/su12104066
Petrevska, B. (2017). Predicting tourism demand by A.R.I.M.A. models. Economic Research – Ekonomska istraživanja, 30(1), 939-950. DOI: 10.1080/1331677x.2017.1314822
Polyzos, S., Samitas, A., & Spyridou, A. E. (2020). Tourism demand and the COVID-19 pandemic: an LSTM approach. Tourism Recreation Research, 1–13. doi:10.1080/02508281.2020.1777053
Popesku, J., & Pavlović, D. (2013). Competitiveness of Serbia as a tourist destination: Analysis of selected key indicators. Marketing, 44(3), 199-210. DOI:10.5937/markt1303199P
Prideaux, B., Thompson, M., & Pabel, A. (2020). Lessons from COVID-19 can prepare global tourism for the economic transformation needed to combat climate change. Tourism Geographies, 22(3), 1–12. doi:10.1080/14616688.2020.1762117
Qian, L., Shen, H., & Law, R. (2018). Research in Sustainable Tourism: A Longitudinal Study of Articles between 2008 and 2017. Sustainability, 10(3), 1-13. DOI: 10.3390/su10030590
Qiu, R. T. R., Park, J., Li, S., & Song, H. (2020). Social costs of tourism during the COVID-19 pandemic. Annals of Tourism Research, 1-39, DOI:10.1016/j.annals.2020.102994
Romagosa, F. (2020). The COVID-19 crisis: Opportunities for sustainable and proximity tourism. Tourism Geographies, 22(3), 1–5. DOI:10.1080/14616688.2020.1763447
Rodríguez-Antón, J.M. & Alonso-Almeida, M.M. (2020). COVID-19 Impacts and Recovery Strategies: The case of the Hospitality Industry in Spain. Sustainability, 12(20), 1-17. DOI: 10.3390/su12208599
Saleh, A.S., Assaf, A.G., Ihalanayake, R., & Lung, S. (2013). A Panel Cointegration Analysis of the Impact of Tourism on Economic Growth: Evidence from the Middle East Region. International Journal of Tourism Research, 17(3), 209-220. DOI: 10.1002/jtr.1976
Santamaria, D., & Filis, G. (2019). Tourism demand and economic growth in Spain: New insights based on the yield curve. Tourism Management, 75, 447-459. DOI: 10.1016/j.tourman.2019.06.008
Seetanah, B., Sannassee, R.V., Teeroovengadum, V., & Nunkoo, R. (2018). Air access liberalization, marketing promotion and tourism development. International Journal of Tourism Research, 21(1), 1-11. DOI: 10.1002/jtr.2242
Selimi, N., Sadiku, L., & Sadiku, M. (2017). The Impact of Tourism on Economic Growth in the Western Balkan Countries: An Empirical Analysis. International Journal of Business and Economic Sciences Applied Research, 10(2), 19-25. DOI: 10.25103/ijbesar.102.02
Shahzad, S.J.H., Shahbaz, M., Ferrer, R., & Kumar, R.R. (2017). Tourism-led growth hypothesis in the top ten tourist destinations: New evidence using the quantile-on-quantile approach. Tourism Management, 60, 223-232. DOI: 10.1016/j.tourman.2016.12.006
Summers, J., Cavaye, J., & Woolcock, G. (2019). Enablers and Barriers of Tourism as a Driver of Economic and Social-cultural Growth in Remote Queensland. Economic Papers: A Journal of Applied Economics and Policy, 38(2), 1-18. DOI: 10.1111/1759-3441.12246
Tafel, M., & Szolnoki, G. (2020). Estimating the economic impact of tourism in German wine regions. International Journal of Tourism Research, 1-12. DOI: 10.1002/jtr.2380.
Tang, C.F., & Tan, E.C. (2013). How stable is the tourism-led growth hypothesis in Malaysia? Evidence from disaggregated tourism markets. Tourism Management, 37, 52-57. DOI: 10.1016/j.tourman.2012.12.014
Tang, C.F., Salman, A., & Abosedra, S. (2019). Dynamic interaction of tourism, finance, and institutions in explaining growth in Asia’s little dragon economies. International Journal of Tourism Research, 22(1), 1-11. DOI: 10.1002/jtr.2315
Tugcu, C.T. (2014). Tourism and economic growth nexus revisited: A panel causality analysis for the case of the Mediterranean Region. Tourism Management, 42, 207-212. DOI: 10.1016/j.tourman.2013.12.007
Uğur, N. G., & Akbiyik, A. (2020). Impacts of COVID-19 on global tourism industry: A cross-regional comparison. Tourism Management Perspectives, 36, 1-13. DOI:10.1016/j.tmp.2020.100744
Usmani, G., Akram, V., & Praveen, B. (2020). Tourist arrivals, international tourist expenditure, and economic growth in BRIC countries. Journal of Public Affairs, 1-8. DOI: 10.1002/pa.2202)
Wu, T.P., & Wu, H.C. (2018). Tourism and economic growth in Asia: A bootstrap multivariate panel Granger causality. International Journal of Tourism Research, 21(1), 1-10. DOI: 10.1002/jtr.2243
Yang, Y., Altschuler, B., Liang, Z., & Li, X. (2020). Monitoring the global COVID-19 impact on tourism: The COVID19 tourism index. Annals of Tourism Research, 1-18. DOI:10.1016/j.annals.2020.103120
Yazdi, S.K. (2019). Structural breaks, international tourism development and economic growth. Economic Research – Ekonomska istraživanja, 32(1), 1765-1776. DOI: 10.1080/1331677X.2019.1638279
Yfantidou, G., & Matarazzo, M. (2016). The Future of Sustainable Tourism in Developing Countries. Sustainable Development, 25(6), 459-466. DOI: 10.1002/sd.1655
Zha, J., Zhu, Y., He, D., Tan, T., & Yang, X. (2019). Sources of tourism growth in Mainland China: An extended data envelopment analysis-based decomposition analysis. International Journal of Tourism Research, 22(1), 1-17. DOI: 10.1002/jtr.2318
Zhang, S., & Chan, E.S.W. (2018). A modernism-based interpretation of sustainable tourism. International Journal of Tourism Research, 22(2), 1-15. DOI: 10.1002/jtr.2330
Zhou, L., & Chan, E.S.W. (2019). Motivation of tourism-induced mobility: Tourism development and the pursuit of the Chinese dream. International Journal of Tourism Research, 21(6), 1-15. DOI: 10.1002/jtr.2308
Keywords: Tourism, Economic growth, Panel data estimation, Western Balkan countries.
REFERENCES
Aratuo, D.,N., & Etienne, X.L. (2019). Industry level analysis of tourism-economic growth in the United States. Tourism Management, 70, 333-340. DOI: 10.1016/j.tourman.2018.09.004
Băndoi, A., Jianu. E., Enescu, M., Axinte, G., Tudor, S., & Firoiu, D. (2020). The Relationship between Development of Tourism, Quality of Life and Sustainable Performance in EU Countries. Sustainability, 12(4), 1-24. DOI: 10.3390/su12041628
Banerjee, O., Cicowiez, M., Morris, E.J., & Moreda, A. (2018). Boosting tourism’s contribution to growth and development: Analysis of the evidence. Review of Development Economics, 22(3), 1-25. DOI: 10.111/rode.12385
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. DOI: 10.1002/jtr.774
Bezić, H., & Nikšić Radić, M. (2017). Tourism foreign direct investment led tourism gross value added: a co-integration and causality analysis of Croatian tourism. Economic Research – Ekonomska istraživanja, 30(1), 1443-1460. DOI: 10.1080/1331677x.2017.1340173
Bianchi, R.V., & de Man, F. (2020). Tourism, inclusive growth and decent work: a political economy critique. Journal of Sustainable Tourism, 1-19, DOI: 10.1080/09669582.2020.1730862
Brida, J.G., Matesanz Gómez, D., & Segarra, V. (2020). On the empirical relationship between tourism and economic growth. Tourism Management, 81, 1-11. DOI: 10.1016/j.tourman. 2020.104131
Cerović Smolović, J., Janketić, S., Jaćimović, D., Bučar, M., & Stare, M. (2018). Montenegro’s Road to Sustainable Tourism Growth and Innovation. Sustainability, 10(12), 1-20. DOI: 10.3390/su10124687
Chingarande, A., & Saayman, A. (2018). Critical success factors for tourism-led growth. International Journal of Tourism Research, 20(6), 1-19. DOI: 10.1002/jtr.2233
Dwyer, L., Armenski, T., Cvelbar, L.K., Dragićević, V., & Mihalic, T. (2015). Modified Importance- Performance Analysis for Evaluating Tourism Businesses Strategies: Comparison of Slovenia and Serbia. International Journal of Tourism Research, 18(4), 327-340. DOI:
10.1002/jtr.2052
Ehigiamusoe, K.U. (2020). Tourism, growth and environment: analysis of non-linear and moderating effects. Journal of Sustainable Tourism, 28(8), 1-20. DOI: 10.1080/09669582.2020.1729164
Farzanegan, M. R., Gholipour, H. F., Feizi, M., Nunkoo, R., & Andargoli, A. E. (2020). International Tourism and Outbreak of Coronavirus (COVID-19): A Cross-Country Analysis. Journal of Travel Research, 1-6. DOI:10.1177/0047287520931593
Galvani, A., Lew, A. A., & Perez, M. S. (2020). COVID-19 is expanding global consciousness and the sustainability of travel and tourism. Tourism Geographies, 22(3), 1–10. DOI:10.1080/14616688.2020.1760924
Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: a rapid assessment of COVID-19. Journal of Sustainable Tourism, 1–20. DOI:10.1080/09669582.2020.1758708
Higgins-Desbiolles, F. (2020). The “war over tourism”: challenges to sustainable tourism in the tourism academy after COVID-19. Journal of Sustainable Tourism, 1–19. DOI:10.1080/09669582.2020.1803334
Hysa, E., & Gjergi, E. (2018). The Long Run Relationship Between Tourism And Economic Growth In Western Balkan Countries: A Panel Co-Integration Analysis. Journal of tourism – studies and research in tourism, 25(15). 1-15.
Iatu, C., Ibănescu, B.C, Stoleriu, O.M., & Munteanu, A. (2018). The WHS Designation – A Factor of Sustainable Tourism Growth for Romanian Rural Areas? Sustainability, 10(3), 1-12. DOI: 10.3390/su10030626
Isik, C., Dogru, T., & Turk, E.S. (2017). A nexus of linear and non-linear relationships between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20(1), 38-49. DOI: 10.1002/jtr.2151
Kalaš, B., Mirović, V., & Pavlović, N. (2019). Profitability determinants of hotel industry in AP Vojvodina. In MODERN MANAGEMENT TOOLS AND ECONOMY OF TOURISM SECTOR IN PRESENT ERA (pp. 47-62). Association of Economists and Managers of the Balkans-
UDEKOM
Khan, A., Bibi, S., Ardito, L., Lyu, J., & Babar, Z.U. (2020). Tourism and Development in Developing Economies: A Policy Implication Perspective. Sustainability, 12(4), 1-19. DOI: 10.3390/su1204168
Khan, A., Bibi, S., Ardito, L., Lyu, J., Hayat, H., & Arif, A.M. (2020). Revisiting the Dynamics of Tourism, Economic Growth, and Environmental Pollutants in the Emerging Economies – Sustainable Tourism Policy Implications. Sustainability, 12(6), 1-23. DOI: 10.3390/su12062533
Lapointe, D. (2020). Reconnecting tourism after COVID-19: the paradox of alterity in tourism areas. Tourism Geographies, 22(3), 1–6. DOI:10.1080/14616688.2020.1762115
Lim, C., Zhu, L., & Koo, T.T.R. (2018). Urban redevelopment and tourism growth: Relationship between tourism infrastructure and international visitor flows. International Journal of Tourism Research, 21(2), 1-10. DOI: 10.1002/jtr.2253
Lu, C., Li, W., Pang, M., Xue, B., & Miao, H. (2018). Quantifying the Economy-Environment Interactions in Tourism: Case of Gansu Province, China. Sustainability, 10(3), 1-21. DOI: 10.3390/su10030711
Mitra, S.K. (2019). Is tourism-led growth hypothesis still valid? International Journal of Tourism Research, 21(5), 1-10. DOI: 10.1002/jtr.2285
Niewiadomski, P. (2020). COVID-19: from temporary de-globalisation to a re-discovery of tourism? Tourism Geographies, 22(3), 1–6. DOI:10.1080/14616688.2020.1757749
Ongan, S., & Gozgor, G. (2018). Tourism demand analysis: The impact of the economic policy uncertainty on the arrival of Japanese tourists to the USA. International Journal of Tourism Research, 20(3), 308-316. DOI: 10.1002/jtr.2182
Paunović, I., Dressler, M., Mamula Nikolic, T., & Popovic Pantic, S. (2020). Developing a Competitive and Sustainable Destination of the Future: Clusters and Predictors of Successful National-Level Destination Governance across Destination Life-Cycle. Sustainability, 12,
4066. DOI:10.3390/su12104066
Petrevska, B. (2017). Predicting tourism demand by A.R.I.M.A. models. Economic Research – Ekonomska istraživanja, 30(1), 939-950. DOI: 10.1080/1331677x.2017.1314822
Polyzos, S., Samitas, A., & Spyridou, A. E. (2020). Tourism demand and the COVID-19 pandemic: an LSTM approach. Tourism Recreation Research, 1–13. doi:10.1080/02508281.2020.1777053
Popesku, J., & Pavlović, D. (2013). Competitiveness of Serbia as a tourist destination: Analysis of selected key indicators. Marketing, 44(3), 199-210. DOI:10.5937/markt1303199P
Prideaux, B., Thompson, M., & Pabel, A. (2020). Lessons from COVID-19 can prepare global tourism for the economic transformation needed to combat climate change. Tourism Geographies, 22(3), 1–12. doi:10.1080/14616688.2020.1762117
Qian, L., Shen, H., & Law, R. (2018). Research in Sustainable Tourism: A Longitudinal Study of Articles between 2008 and 2017. Sustainability, 10(3), 1-13. DOI: 10.3390/su10030590
Qiu, R. T. R., Park, J., Li, S., & Song, H. (2020). Social costs of tourism during the COVID-19 pandemic. Annals of Tourism Research, 1-39, DOI:10.1016/j.annals.2020.102994
Romagosa, F. (2020). The COVID-19 crisis: Opportunities for sustainable and proximity tourism. Tourism Geographies, 22(3), 1–5. DOI:10.1080/14616688.2020.1763447
Rodríguez-Antón, J.M. & Alonso-Almeida, M.M. (2020). COVID-19 Impacts and Recovery Strategies: The case of the Hospitality Industry in Spain. Sustainability, 12(20), 1-17. DOI: 10.3390/su12208599
Saleh, A.S., Assaf, A.G., Ihalanayake, R., & Lung, S. (2013). A Panel Cointegration Analysis of the Impact of Tourism on Economic Growth: Evidence from the Middle East Region. International Journal of Tourism Research, 17(3), 209-220. DOI: 10.1002/jtr.1976
Santamaria, D., & Filis, G. (2019). Tourism demand and economic growth in Spain: New insights based on the yield curve. Tourism Management, 75, 447-459. DOI: 10.1016/j.tourman.2019.06.008
Seetanah, B., Sannassee, R.V., Teeroovengadum, V., & Nunkoo, R. (2018). Air access liberalization, marketing promotion and tourism development. International Journal of Tourism Research, 21(1), 1-11. DOI: 10.1002/jtr.2242
Selimi, N., Sadiku, L., & Sadiku, M. (2017). The Impact of Tourism on Economic Growth in the Western Balkan Countries: An Empirical Analysis. International Journal of Business and Economic Sciences Applied Research, 10(2), 19-25. DOI: 10.25103/ijbesar.102.02
Shahzad, S.J.H., Shahbaz, M., Ferrer, R., & Kumar, R.R. (2017). Tourism-led growth hypothesis in the top ten tourist destinations: New evidence using the quantile-on-quantile approach. Tourism Management, 60, 223-232. DOI: 10.1016/j.tourman.2016.12.006
Summers, J., Cavaye, J., & Woolcock, G. (2019). Enablers and Barriers of Tourism as a Driver of Economic and Social-cultural Growth in Remote Queensland. Economic Papers: A Journal of Applied Economics and Policy, 38(2), 1-18. DOI: 10.1111/1759-3441.12246
Tafel, M., & Szolnoki, G. (2020). Estimating the economic impact of tourism in German wine regions. International Journal of Tourism Research, 1-12. DOI: 10.1002/jtr.2380.
Tang, C.F., & Tan, E.C. (2013). How stable is the tourism-led growth hypothesis in Malaysia? Evidence from disaggregated tourism markets. Tourism Management, 37, 52-57. DOI: 10.1016/j.tourman.2012.12.014
Tang, C.F., Salman, A., & Abosedra, S. (2019). Dynamic interaction of tourism, finance, and institutions in explaining growth in Asia’s little dragon economies. International Journal of Tourism Research, 22(1), 1-11. DOI: 10.1002/jtr.2315
Tugcu, C.T. (2014). Tourism and economic growth nexus revisited: A panel causality analysis for the case of the Mediterranean Region. Tourism Management, 42, 207-212. DOI: 10.1016/j.tourman.2013.12.007
Uğur, N. G., & Akbiyik, A. (2020). Impacts of COVID-19 on global tourism industry: A cross-regional comparison. Tourism Management Perspectives, 36, 1-13. DOI:10.1016/j.tmp.2020.100744
Usmani, G., Akram, V., & Praveen, B. (2020). Tourist arrivals, international tourist expenditure, and economic growth in BRIC countries. Journal of Public Affairs, 1-8. DOI: 10.1002/pa.2202)
Wu, T.P., & Wu, H.C. (2018). Tourism and economic growth in Asia: A bootstrap multivariate panel Granger causality. International Journal of Tourism Research, 21(1), 1-10. DOI: 10.1002/jtr.2243
Yang, Y., Altschuler, B., Liang, Z., & Li, X. (2020). Monitoring the global COVID-19 impact on tourism: The COVID19 tourism index. Annals of Tourism Research, 1-18. DOI:10.1016/j.annals.2020.103120
Yazdi, S.K. (2019). Structural breaks, international tourism development and economic growth. Economic Research – Ekonomska istraživanja, 32(1), 1765-1776. DOI: 10.1080/1331677X.2019.1638279
Yfantidou, G., & Matarazzo, M. (2016). The Future of Sustainable Tourism in Developing Countries. Sustainable Development, 25(6), 459-466. DOI: 10.1002/sd.1655
Zha, J., Zhu, Y., He, D., Tan, T., & Yang, X. (2019). Sources of tourism growth in Mainland China: An extended data envelopment analysis-based decomposition analysis. International Journal of Tourism Research, 22(1), 1-17. DOI: 10.1002/jtr.2318
Zhang, S., & Chan, E.S.W. (2018). A modernism-based interpretation of sustainable tourism. International Journal of Tourism Research, 22(2), 1-15. DOI: 10.1002/jtr.2330
Zhou, L., & Chan, E.S.W. (2019). Motivation of tourism-induced mobility: Tourism development and the pursuit of the Chinese dream. International Journal of Tourism Research, 21(6), 1-15. DOI: 10.1002/jtr.2308
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E-mail: [email protected]
www.udekom.org.rs
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Registration number.: 28157347