Tourism income and economic growth in Greece: Empirical evidence from their cyclical components.

Eeckels, B., Filis, G. and Leonard, C., 2012. Tourism income and economic growth in Greece: Empirical evidence from their cyclical components. Tourism Economics, 18 (4), 817 - 834 .

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DOI: 10.5367/te.2012.0148

Abstract

This paper examines the relationship between the cyclical components of Greek GDP and international tourism income for Greece for the period 1976–2004. Using spectral analysis the authors find that cyclical fluctuations of GDP have a length of about nine years and that international tourism income has a cycle of about seven years. The volatility of tourism income is more than eight times the volatility of the Greek GDP cycle. VAR analysis shows that the cyclical component of tourism income is significantly influencing the cyclical component of GDP in Greece. The findings support the tourism-led economic growth hypothesis and are of particular interest and importance to policy makers, financial analysts and investors dealing with the Greek tourism industry.

Item Type:Article
ISSN:1354-8166
Uncontrolled Keywords:tourism income; GDP; business cycle; spectral analysis; VAR; Greece
Subjects:Social Sciences > Tourism
Group:Business School
ID Code:20577
Deposited By: Unnamed user with email symplectic@symplectic
Deposited On:23 Jan 2013 11:17
Last Modified:16 Jun 2014 13:46

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