Is the Tourism-Led Growth Hypothesis Valid for Višegrad Group Countries?
Vera Mirović - Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, Subotica, Serbia
Branimir Kalaš - Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, Subotica, Serbia
Nataša Pavlović - High Business School Novi Sad, Vladimira Perića - Valtera 4, 21000 Novi Sad, Serbia
DOI: https://doi.org/10.31410/tmt.2021-2022.35
Vera Mirović - Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, Subotica, Serbia
Branimir Kalaš - Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, Subotica, Serbia
Nataša Pavlović - High Business School Novi Sad, Vladimira Perića - Valtera 4, 21000 Novi Sad, Serbia
DOI: https://doi.org/10.31410/tmt.2021-2022.35
6th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2021/2022, 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 978-86-80194-49-3; 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: The tourism sector represents one of the most essential segments of the world economy. This paper aims to identify the effects of tourism indicators on economic growth in terms of tourism share, international tourism arrivals and tourism employment. The subject of the paper is evaluating the impact of the tourism sector on economic growth in selected Višegrad group countries (Czechia, Hungary, Poland and Slovakia) for the period 2008-2018. The empirical findings show that the tourism sector has a significant and positive effect on economic growth in these countries for the observed period. The results of the panel fixed effects model reflect that governments in Višegrad group countries should increase the tourism sector share in their economies in order to enable positive and lucrative implications for economic development
Keywords: Tourism; Economic growth; Panel data estimation; Višegrad group
REFERENCES
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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. https:// doi.org/10.1080/13683500.2013.768607
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Keywords: Tourism; Economic growth; Panel data estimation; Višegrad group
REFERENCES
Akadiri, S.S., & Akadiri, A.C. (2019). Examining the Causal Relationship Between Tourism, Exchange Rate, And Economic Growth in Tourism Island States: Evidence From Second-Generation Panel. International Journal of Hospitality & Tourism Administration, 22(3), 1-17. https://doi.org/10.1080/15256480.2019.1598912
Akadiri, S. S., Alola, A. A., & Uzuner, G. (2019). Economic policy uncertainty and tourism: evidence from the heterogeneous panel. Current Issues in Tourism, 23(20), 1–8. http://doi.org/10. 1080/13683500.2019.1687662
Akadiri, S. S., Eluwole, K. K., Akadiri, A. C., & Avci, T. (2020). Does causality between geopolitical risk, tourism and economic growth matter? Evidence from Turkey. Journal of Hospitality and Tourism Management, 43, 273-277. https://doi.org/10.1016/j.jhtm.2019.09.002
Antonakakis, N., Dragouni, M., Eeckels, B., & Filis, G. (2019). The tourism and economic growth enigma: Examining an ambiguous relationship through multiple prisms. Journal of Travel Research, 58(1), 3–24. https://doi.org/10.1177/0047287517744671
Antošova, G., Vogl, M., & Schraud, M. (2020). Challenges for the Visegrad Group – The Coronavirus Crises and Its Impact on Tourism. Visegrad Journal on Bioeconomy and Sustainable Development, 9(1), 28-32. https://doi.org/10.2478/vjbsd-2020-0006
Arslanturk, Y., Balcilar, M., & Ozdemir, Z. A. (2011). Time‐varying linkages between tourism receipts and economic growth in a small open economy. Economic Modelling, 28(1), 664–671. https://doi.org/10.1016/j. econmod.2010.06.003
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. https:// doi.org/10.1080/13683500.2013.768607
Audretsch, D. B. & Pena-Legazkue, I. (2012). Entrepreneurial Activity and Regional Competitiveness: an Introduction to the Special Issue. Small Business Economics, 39(3), 531–537. https:// doi.org/10.1007/s11187-011-9328-5
Badulescu, A., Badulescu, D., Simut, R., & Dzitac, S. (2020). Tourism-economic growth nexus. The case of Romania. Technological and Economic Development of Economy, 26(4), 867-884. https://doi.org/10.3846/tede.2020.12532
Balaguer, J., & Cantavella-Jorda´, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied Economics, 34(7), 877–884. https://doi.org/10.1080/00036840110058923
Balsalobre-Lorente, D., Driha, O. M., Bekun, F. V., & Adedoyin, F. F. (2020). The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis. Current Issues in Tourism, 24(4), 1–17. http://doi/10.1080/13683500.2020 .1720624
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. http://doi.org/10.111/rode.12385
Brida, J. G., Cortes-Jimenez, I., & Pulina, M. (2014). Has the tourism-led growth hypothesis been validated? A literature review. Current Issues in Tourism, 19(5), 394–430. https://doi.org/10.10 80/13683500.2013.868414
Brida, J.G., Matesanz Gómez, D., & Segarra, V. (2020). On the empirical relationship between tourism and economic growth. Tourism Management, 81, 1-11. https://doi.org/10.1016/j. tourman.2020.104131
Can, M., & Gozgor, G. (2016). Revisiting the tourism-growth nexus: evidence from a new index for the market diversification of tourist arrivals. Current Issues in Tourism, 21(10), 1157–1170. https://doi.org/10.1080/13683500.2016.1268103
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Chingarande, A., & Saayman, A. (2018). Critical success factors for tourism-led growth. International Journal of Tourism Research, 20(6), 1-19. https://doi.org/10.1002/jtr.2233
Chirilă, V., Butnaru, G.I., & Chirilă, C. (2020). Spillover Index Approach in Investigating the Linkage between International Tourism and Economic Growth in Central and Eastern European Countries. Sustainability, 12(18), 1-36. https://doi.org/10.3390/su12187604
Chou, M. C. (2013). Does tourism development promote economic growth in transition countries? A panel data analysis. Economic Modelling, 33, 226–232. https://doi.org/10.1016/j. econmod.2013.04.024
Croes, R., Ridderstaat, J., Bąk, M., & Zientara, P. (2021). Tourism specialization, economic growth, human development and transition economies: The case of Poland. Tourism Management, 82, 1-12. https://doi.org/10.1016/j.tourman.2020.104181
Danish, & Wang, Z. (2019). Dynamic relationship between tourism, economic growth, and environmental quality. Journal of Sustainable Tourism, 26(11), 1–16. https://doi.org/10.1080/0966958 2.2018.1526293
Dogan, E., Seker, F., & Bulbul, S. (2017). Investigating the impacts of energy consumption, real GDP, tourism and trade on CO2 emissions by accounting for cross-sectional dependence: A panel study of OECD countries. Current Issues in Tourism, 20(16), 1701–1719. https://doi.org /10.1080/13683500.2015.1119103
Ehigiamusoe, K.U. (2020). Tourism, growth and environment: analysis of non-linear and moderating effects. Journal of Sustainable Tourism, 28(8), 1174-1192. https://doi.org/10.1080/0966958 2.2020.1729164
Eyuboglu, S., & Eyuboglu, K. (2019). Tourism development and economic growth: an asymmetric panel causality test. Current Issues in Tourism, 23(6), https://doi.org/10.1080/13683500.2019.1 588863
Gunduz, L., & Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey? Applied Economics Letters, 12(8), 499–504. https://doi.org/10.1080/13504850500109865
Haller, A.-P., Butnaru, G. I., Hârșan, G.-D. T., & Ştefănică, M. (2020). The relationship between tourism and economic growth in the EU-28. Is there a tendency towards convergence? Economic Research - Ekonomska Istraživanja, 34(1), 1–25. https://doi.org/10.1080/1331677x.2020.1819852
Hanna, J., Lévi, L., & Petit, S. (2015). Intra-tourism trade, income distribution and tourism endowment: An econometric investigation. Applied Economics, 47(21), 2184–2200. https://doi.org/10 .1080/00036846.2015.1005817
Ivanová, E. & Masárová, J. (2018). Performance evaluation of the Visegrad Group countries, Economic Research – Ekonomska Istraživanja, 31:1, 270-289, https://doi.org/10.1080/13316 77X.2018.1429944
Katircioglu, S. T. (2009). Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management, 30, 17–20. https://doi. org./10.1016/j.tourman.2008.04.004
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. http://doi.org/10.3390/ su12062533
Kim, H. J., Chen, M. H., & Jang, S. C. (2006). Tourism expansion and economic development: The case of Taiwan. Tourism Management, 27(5), 925–933. https://doi.org/10.1016/j. tourman.2005.05.011
Koišová, E., Grmanová, E., Škrovánková, K., & Kostrová, J. (2019). Competitiveness of Regions in the Visegrad Group Countries. Inzinerine Ekonomika-Engineering Economics, 30(2), 203– 210. https://doi.org/10.5755/j01.ee.30.2.21746
Kožić, I., Sorić, P., & Sever, I. (2020). Contextual factors influencing tourism-led growth: do social and political background matter? Current Issues in Tourism, 24(13), 1–11. https://doi.org/10.10 80/13683500.2020.1778648
Lean, H. H., & Tang, C. F. (2010). Is the tourism‐led growth hypothesis stable for Malaysia? A note. International Journal of Tourism Research, 12(4), 375–378. https://doi.org/10.1002/jtr.759
Lee, C.-C., & Chang, C.-P. (2008). Tourism development and economic growth: a closer look at panels. Tourism Management, 29, 180–192. https://doi.org/10.1016/j.tourman.2007.02.013
Light, D., Creţan, R., Voiculescu, S., & Jucu, I. S. (2020). Introduction: Changing Tourism in the Cities of Post-Communist Central and Eastern Europe. Journal of Balkan and Near Eastern Studies, 22(4), 1–13. https://doi.org/10.1080/19448953.2020.1775405
Lin, V. S., Yang, Y., & Li, G. (2018). Where Can Tourism-Led Growth and Economy-Driven Tourism Growth Occur? Journal of Travel Research, 1-14. http://doi.org/10.1177/0047287518773919
Malec, L., & Abrhám, J. (2016). Determinants of tourism industry in selected European countries: a smooth partial least squares approach. Economic Research - Ekonomska Istraživanja, 29(1), 66-84. https://doi.org/10.1080/1331677X.2016.1156554
Mirović, V., Kalaš, B., & Pavlović, N. (2020). An empirical analysis of relationship between tourism and economic growth: Panel evidence from Western Balkan countries. In MODERN MANAGEMENT TOOLS AND ECONOMY OF TOURISM SECTOR IN PRESENT ERA (pp. 39-52). Association of Economists and Managers of the Balkans - UDEKOM. https://doi.org/10.31410/ tmt.2020.39
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