Research Article
BibTex RIS Cite
Year 2017, Volume: 4 Issue: 1, 25 - 36, 30.03.2017
https://doi.org/10.17261/Pressacademia.2017.363

Abstract

References

  • Adamou, A., Clerides, S., (2010). Prospects and Limits of Tourism-Led Growth: The International Evidence, Review of Economic Analysis, 3, 287-303.
  • Arellano, M., (2003). Panel Data Econometrics, Oxford University Press, New York.
  • Arellano, M., Bond, S., (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, Review of Economic Studies, 58, 277-297.
  • Arellano, M., Bover, O., (1995). Another Look at The Instrumental Variable Estimation of Error-Components Models, Journal of Econometrics, 68: 29-51.
  • Arısoy, İ., (2005). Wagner ve Keynes Hipotezleri Çerçevesinde Türkiye’de Kamu Harcamaları ve Ekonomik Büyüme İlişkisi, Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, Cilt 14, Sayı 2, 2005, s.63-80.
  • Baldemir, E., Keskiner, A., (2004). Devalüasyon, Para, Reel Gelir Değişkenlerinin Dış Ticaret Üzerine Etkisinin Panel Data Yöntemiyle Türkiye İçin İncelenmesi, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 6, Sayı:4, 2004, 44-59.
  • Balaguer, J., Cantavella-Jorda M., (2002). Tourism as a Long-Run Economic Growth Factor: the Spanish Case, Applied Economics, 34, 877–884.
  • Balıkçıoğlu, E., Oktay, K., (2015). Türkiye’de Turizm Gelirleri ve Ekonomik Büyüme İlişkisinin Kamu Politikaları Doğrultusunda Değerlendirilmesi, Sosyoekonomi, Vol. 23(25), 113-125.
  • Baltagi, B.H., (2001). Econometric Analysis of Panel Data, Second Edition, John Wiley & Sons, Ltd., Chichester, 2001.
  • Bandula Jayathilake, P.M., (2013). Tourism And Economic Growth in Sri Lanka: Evıdence from Cointegration and Causality Analysis, International Journal of Business, Economics and Law, Vol. 2, Issue 2 (June), 22-27.
  • Blundell, R., Bond S., (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models, Journal of Econometrics, Vol. 87, 115-143.
  • Brida, J.G., Cortes-Jimenez, I., Pulina M., (2016). Has The Tourism-Led Growth Hypothesis Been Validated? A Literature Review, Current Issues in Tourism, 19(5), 394-430.
  • Cheng, B.S., Lai, T.W., (1997). Government Expenditures and Economic Growth in South Korea: A VAR Approach, Journal Of Economic Development, Volume 22, Number 1, June 1997.
  • Conolly, M., Li, C., (2015). Government Spending and Economic Growth in the OECD Countries, http://chengli.weebly.com/uploads/1/3/7/1/13718683/government_consumption_spending.pdf (Erişim Tarihi: 28.02.2017).
  • Çetintaş, H., Bektaş, Ç., (2008). Türkiye’de Turizm ve Ekonomik Büyüme Arasındaki Kısa ve Uzun Dönemli İlişkiler, Anatolia: Turizm Araştırmaları Dergisi, 19(1), ss.1-8.
  • Çoban, O., Özcan, C.C., (2013). Türkiye’de Turizm Gelirleri-Ekonomik Büyüme İlişkisi: Nedensellik Analizi (1963-2010), Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 8(1), 243-261.
  • Dritsakis, N., (2004). Tourism as A Long-Run Economic Growth Factor: An Empirical Investigation For Greece. Tourism Economics, 10, 305–316.
  • Dunne, J. P., Perlo-Freeman, S., Soydan, A., (2004). Military Expenditure and Debt in Small Industrialised Economies: A Panel Analysis, Defence and Peace Economics, Vol. 15, No. 2, 125-132.
  • Eberhardt, M., (2011). Panel Time-Series Modeling: New Tools for Analyzing XT Data, http://www.stata.com/meeting/uk11/abstracts/UK11_eberhardt.pdf (Erişim Tarihi: 28.2.2017)
  • Esener, S.Ç., (2013). Gelişmekte Olan Ülkelerde ve Türkiye'de Dış Borçlanmanın Belirleyicilerinin İncelenmesi: 1980-2010, T.C. Maliye Bakanlığı, Strateji Geliştirme Başkanlığı Yayınları, Hermes Matbaacılık, Ankara Yayın No: 2013/424.
  • Esener, S.Ç., (2016). Türkiye de Aileden Biri Olsaydı: Maliye Politikasının Seçilmiş Avrupa Birliği Üyesi Ülkelerde ve Türkiye'de Ekonomik Büyüme Üzerindeki Etkileri. Journal of Life Economics, 3(3), 119-138., Doi: 10.15637 (Yayın No: 2869422).
  • Esener, S.Ç., İpek, E., (2015). Expanding Effects of Military Expenditures on External Debt in Developing Countries, Journal of Business, Economics & Finance, Vol4 (4), Aralık 2015, 617-632.
  • Fawaz, F., Rahnama, M., Stout, B., (2014). An Empirical Refinement of The Relationship Between Tourism and Economic Growth, Anatolia – An International Journal of Tourism and Hospitality Research, Vol. 25, No. 3, 352–363.
  • Ghalia, T., Fidrmuc, J., (2015). The Curse of Tourism?, Journal of Hospitality & Tourism Research, 201X, Vol. XX, No. X, Month 2015, 1– 18.
  • Greene, W.H., (2003). Econometric Analysis, Prentice Hall, London, 5th Edition, 2003.
  • Gündüz, L., Hatemi, A., (2005). Is The Tourism-Led Growth Hypothesis Valid For Turkey? Applied Economics Letters, 12, 499–504.
  • Holzner, M., (2010). Tourism And Economic Development: The Beach Disease? Vienna Institute for International Economic Studies Working Papers, 66.
  • Jenkins, C.L., (2015). Tourism Policy And Planning For Developing Countries: Some Critical Issues, Tourism Recreation Research. 40(2), 144-156, DOI: 10.1080/02508281.2015.1045363.
  • Kar, M., Zorkirişçi E. ve Yıldırım, M., (2004). Turizmin Ekonomiye Katkısı Üzerine Ampirik Bir Değerlendirme, Akdeniz Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4 (8), 87-112.
  • Katırcıoğlu, 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.
  • Kreisha, M., (2010). Tourism and Economic Growth: The Case of Jordan. European Journal of Social Sciences, 15, 229–234.
  • Landau, D., (1983). Government Expenditure and Economic Growth: A Cross Country Study, Southern Economic Journal, 49 (3). 783-792.
  • Lee, C.C., Chang, C.P. (2008). Tourism Development and Economic Growth: A Closer Look at Panels, Tourism Management, Volume 29, Issue 1, February 2008, 180–192.
  • Loizides, J., Vamvoukas, G., (2005). Government Expenditure And Economic Growth: Evidence From Trivariate Causality Testing, Journal of Applied Economics,, Vol. VIII, No. 1 (May 2005), 125-152.
  • Mileva, E., (2007). Using Arellano-Bond Dynamic Panel GMM Estimators in Stata: Tutorial with Examples Using Stata 9.0, Economics Dept., Fordham University.
  • Mitchell, D.J., (2005). The Impact of Government Spending on Economic Growth, The Heritage Foundation, Vol. 1813, 1-18.
  • Nowak, J.J., Sahli, M., (2007). Coastal Tourism And “Dutch Disease” in a Small Island Economy. Tourism Economics, 13(1), 49-65.
  • OECD, (2015). Tourism Trends and Policies, http://www.oecd.org/cfe/tourism/oecd-tourism-trends-and-policies-20767773.htm (Erişim Tarihi: 28.02.2017).
  • Oh, C.O., (2005). The Contribution of Tourism Development to Economic Growth in The Korean Economy. Tourism Management, Volume 26, Issue 1, February 2005, 39–44.
  • Pazarlıoğlu, M.V., (2001). 1980-1990 Döneminde Türkiye’de İç Göç Üzerine Ekonometrik Model Çalışması, V. Ulusal Ekonometri ve İstatistik Sempozyumu, Çukurova Üniversitesi, Adana.
  • Šimundić, B., Kuliš, Z., Šerić, N., (2016). Tourism And Economic Growth: An Evidence for Latin American and Caribbean Countries, Tourism & Hospitality Industry 2016, Congress Proceedings, 457-469.
  • Tang, C.F., Abosedra, S., (2014). The Impacts of Tourism, Energy Consumption and Political Instability on Economic Growth in The MENA Countries, Energy Policy (68), 458-464.
  • Terzi, H., (2015). Is The Tourism-Led Growth Hypothesis (TLGH) Valid for Turkey?. Doğuş Üniversitesi Dergisi, 16(2), 165-178.
  • osun, C., Timoth, D.J., ve Öztürk, Y., (2003). Tourism Growth, National Development and Regional Inequality in Turkey, Journal of Sustainable Tourism, 11:2-3, 133-161, DOI:10.1080/09669580308667200.
  • Tuna, K., (2013). Türkiye’de Wagner Kanunu’nun Geçerliliğinin Test Edilmesi, İşletme ve İktisat Çalışmaları Dergisi, Cilt 1, Sayı 3, 2013, ss.54-57.
  • UNWTO, (2015). Why Tourism?, http://cf.cdn.unwto.org/content/why-tourism (Erişim Tarihi: 28.02.2017).
  • Windmeijer, F., (2005). A Finite Sample Correction for The Variance of Linear Efficient Two-Step GMM Estimators, Journal of Econometrics, 126: 25-51.
  • Dünya Bankası, World Development Indicators (WDI), http://data.worldbank.org/data-catalog/world-development-indicators
  • Freedom House, Freedom in the World (FIW), https://freedomhouse.org/

ARE THE TOURISM LED-GROWTH AND PUBLIC EXPENDITURE STRATEGIES COUNTERACT IN THE LONG-RUN: A FURTHER INVESTIGATION ON DEVELOPING COUNTRIES

Year 2017, Volume: 4 Issue: 1, 25 - 36, 30.03.2017
https://doi.org/10.17261/Pressacademia.2017.363

Abstract

Purpose- The
purpose of this study is to investigate the effects of tourism and public
fiscal mechanisms on economic growth by using panel data of 41 countries which
are classified as Upper and Lower Middle-Income Countries by World Bank from
1996 to 2014.

Methodology- In order
to accomplish this objective, we utilize both the static panel data approach
and dynamic generalized method of moments (GMM) techniques to examine the
impacts of explanatory variables on the dependent variable.

Findings- Our
findings indicate that specialization in tourism per se or relying just on the
public expenditure may have a significant negative effect on GDP per capita
growth in developing countries. On the other hand, our study strongly supports
the positive effects of openness and female workforce. But growing population
and labor force participation rate -which are also statistically significant-,
led per capita growth through to the undesired risky levels in the economy.







Conclusion- Contrary
to consensus and expectations, our estimation results reveal the need for some
structural changes or reforms both in public spending and tourism-led growth
strategies in the long run.

References

  • Adamou, A., Clerides, S., (2010). Prospects and Limits of Tourism-Led Growth: The International Evidence, Review of Economic Analysis, 3, 287-303.
  • Arellano, M., (2003). Panel Data Econometrics, Oxford University Press, New York.
  • Arellano, M., Bond, S., (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, Review of Economic Studies, 58, 277-297.
  • Arellano, M., Bover, O., (1995). Another Look at The Instrumental Variable Estimation of Error-Components Models, Journal of Econometrics, 68: 29-51.
  • Arısoy, İ., (2005). Wagner ve Keynes Hipotezleri Çerçevesinde Türkiye’de Kamu Harcamaları ve Ekonomik Büyüme İlişkisi, Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, Cilt 14, Sayı 2, 2005, s.63-80.
  • Baldemir, E., Keskiner, A., (2004). Devalüasyon, Para, Reel Gelir Değişkenlerinin Dış Ticaret Üzerine Etkisinin Panel Data Yöntemiyle Türkiye İçin İncelenmesi, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 6, Sayı:4, 2004, 44-59.
  • Balaguer, J., Cantavella-Jorda M., (2002). Tourism as a Long-Run Economic Growth Factor: the Spanish Case, Applied Economics, 34, 877–884.
  • Balıkçıoğlu, E., Oktay, K., (2015). Türkiye’de Turizm Gelirleri ve Ekonomik Büyüme İlişkisinin Kamu Politikaları Doğrultusunda Değerlendirilmesi, Sosyoekonomi, Vol. 23(25), 113-125.
  • Baltagi, B.H., (2001). Econometric Analysis of Panel Data, Second Edition, John Wiley & Sons, Ltd., Chichester, 2001.
  • Bandula Jayathilake, P.M., (2013). Tourism And Economic Growth in Sri Lanka: Evıdence from Cointegration and Causality Analysis, International Journal of Business, Economics and Law, Vol. 2, Issue 2 (June), 22-27.
  • Blundell, R., Bond S., (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models, Journal of Econometrics, Vol. 87, 115-143.
  • Brida, J.G., Cortes-Jimenez, I., Pulina M., (2016). Has The Tourism-Led Growth Hypothesis Been Validated? A Literature Review, Current Issues in Tourism, 19(5), 394-430.
  • Cheng, B.S., Lai, T.W., (1997). Government Expenditures and Economic Growth in South Korea: A VAR Approach, Journal Of Economic Development, Volume 22, Number 1, June 1997.
  • Conolly, M., Li, C., (2015). Government Spending and Economic Growth in the OECD Countries, http://chengli.weebly.com/uploads/1/3/7/1/13718683/government_consumption_spending.pdf (Erişim Tarihi: 28.02.2017).
  • Çetintaş, H., Bektaş, Ç., (2008). Türkiye’de Turizm ve Ekonomik Büyüme Arasındaki Kısa ve Uzun Dönemli İlişkiler, Anatolia: Turizm Araştırmaları Dergisi, 19(1), ss.1-8.
  • Çoban, O., Özcan, C.C., (2013). Türkiye’de Turizm Gelirleri-Ekonomik Büyüme İlişkisi: Nedensellik Analizi (1963-2010), Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 8(1), 243-261.
  • Dritsakis, N., (2004). Tourism as A Long-Run Economic Growth Factor: An Empirical Investigation For Greece. Tourism Economics, 10, 305–316.
  • Dunne, J. P., Perlo-Freeman, S., Soydan, A., (2004). Military Expenditure and Debt in Small Industrialised Economies: A Panel Analysis, Defence and Peace Economics, Vol. 15, No. 2, 125-132.
  • Eberhardt, M., (2011). Panel Time-Series Modeling: New Tools for Analyzing XT Data, http://www.stata.com/meeting/uk11/abstracts/UK11_eberhardt.pdf (Erişim Tarihi: 28.2.2017)
  • Esener, S.Ç., (2013). Gelişmekte Olan Ülkelerde ve Türkiye'de Dış Borçlanmanın Belirleyicilerinin İncelenmesi: 1980-2010, T.C. Maliye Bakanlığı, Strateji Geliştirme Başkanlığı Yayınları, Hermes Matbaacılık, Ankara Yayın No: 2013/424.
  • Esener, S.Ç., (2016). Türkiye de Aileden Biri Olsaydı: Maliye Politikasının Seçilmiş Avrupa Birliği Üyesi Ülkelerde ve Türkiye'de Ekonomik Büyüme Üzerindeki Etkileri. Journal of Life Economics, 3(3), 119-138., Doi: 10.15637 (Yayın No: 2869422).
  • Esener, S.Ç., İpek, E., (2015). Expanding Effects of Military Expenditures on External Debt in Developing Countries, Journal of Business, Economics & Finance, Vol4 (4), Aralık 2015, 617-632.
  • Fawaz, F., Rahnama, M., Stout, B., (2014). An Empirical Refinement of The Relationship Between Tourism and Economic Growth, Anatolia – An International Journal of Tourism and Hospitality Research, Vol. 25, No. 3, 352–363.
  • Ghalia, T., Fidrmuc, J., (2015). The Curse of Tourism?, Journal of Hospitality & Tourism Research, 201X, Vol. XX, No. X, Month 2015, 1– 18.
  • Greene, W.H., (2003). Econometric Analysis, Prentice Hall, London, 5th Edition, 2003.
  • Gündüz, L., Hatemi, A., (2005). Is The Tourism-Led Growth Hypothesis Valid For Turkey? Applied Economics Letters, 12, 499–504.
  • Holzner, M., (2010). Tourism And Economic Development: The Beach Disease? Vienna Institute for International Economic Studies Working Papers, 66.
  • Jenkins, C.L., (2015). Tourism Policy And Planning For Developing Countries: Some Critical Issues, Tourism Recreation Research. 40(2), 144-156, DOI: 10.1080/02508281.2015.1045363.
  • Kar, M., Zorkirişçi E. ve Yıldırım, M., (2004). Turizmin Ekonomiye Katkısı Üzerine Ampirik Bir Değerlendirme, Akdeniz Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4 (8), 87-112.
  • Katırcıoğlu, 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.
  • Kreisha, M., (2010). Tourism and Economic Growth: The Case of Jordan. European Journal of Social Sciences, 15, 229–234.
  • Landau, D., (1983). Government Expenditure and Economic Growth: A Cross Country Study, Southern Economic Journal, 49 (3). 783-792.
  • Lee, C.C., Chang, C.P. (2008). Tourism Development and Economic Growth: A Closer Look at Panels, Tourism Management, Volume 29, Issue 1, February 2008, 180–192.
  • Loizides, J., Vamvoukas, G., (2005). Government Expenditure And Economic Growth: Evidence From Trivariate Causality Testing, Journal of Applied Economics,, Vol. VIII, No. 1 (May 2005), 125-152.
  • Mileva, E., (2007). Using Arellano-Bond Dynamic Panel GMM Estimators in Stata: Tutorial with Examples Using Stata 9.0, Economics Dept., Fordham University.
  • Mitchell, D.J., (2005). The Impact of Government Spending on Economic Growth, The Heritage Foundation, Vol. 1813, 1-18.
  • Nowak, J.J., Sahli, M., (2007). Coastal Tourism And “Dutch Disease” in a Small Island Economy. Tourism Economics, 13(1), 49-65.
  • OECD, (2015). Tourism Trends and Policies, http://www.oecd.org/cfe/tourism/oecd-tourism-trends-and-policies-20767773.htm (Erişim Tarihi: 28.02.2017).
  • Oh, C.O., (2005). The Contribution of Tourism Development to Economic Growth in The Korean Economy. Tourism Management, Volume 26, Issue 1, February 2005, 39–44.
  • Pazarlıoğlu, M.V., (2001). 1980-1990 Döneminde Türkiye’de İç Göç Üzerine Ekonometrik Model Çalışması, V. Ulusal Ekonometri ve İstatistik Sempozyumu, Çukurova Üniversitesi, Adana.
  • Šimundić, B., Kuliš, Z., Šerić, N., (2016). Tourism And Economic Growth: An Evidence for Latin American and Caribbean Countries, Tourism & Hospitality Industry 2016, Congress Proceedings, 457-469.
  • Tang, C.F., Abosedra, S., (2014). The Impacts of Tourism, Energy Consumption and Political Instability on Economic Growth in The MENA Countries, Energy Policy (68), 458-464.
  • Terzi, H., (2015). Is The Tourism-Led Growth Hypothesis (TLGH) Valid for Turkey?. Doğuş Üniversitesi Dergisi, 16(2), 165-178.
  • osun, C., Timoth, D.J., ve Öztürk, Y., (2003). Tourism Growth, National Development and Regional Inequality in Turkey, Journal of Sustainable Tourism, 11:2-3, 133-161, DOI:10.1080/09669580308667200.
  • Tuna, K., (2013). Türkiye’de Wagner Kanunu’nun Geçerliliğinin Test Edilmesi, İşletme ve İktisat Çalışmaları Dergisi, Cilt 1, Sayı 3, 2013, ss.54-57.
  • UNWTO, (2015). Why Tourism?, http://cf.cdn.unwto.org/content/why-tourism (Erişim Tarihi: 28.02.2017).
  • Windmeijer, F., (2005). A Finite Sample Correction for The Variance of Linear Efficient Two-Step GMM Estimators, Journal of Econometrics, 126: 25-51.
  • Dünya Bankası, World Development Indicators (WDI), http://data.worldbank.org/data-catalog/world-development-indicators
  • Freedom House, Freedom in the World (FIW), https://freedomhouse.org/
There are 49 citations in total.

Details

Journal Section Articles
Authors

S. Cagri Esener

Yaprak Karadag

Publication Date March 30, 2017
Published in Issue Year 2017 Volume: 4 Issue: 1

Cite

APA Esener, S. C., & Karadag, Y. (2017). ARE THE TOURISM LED-GROWTH AND PUBLIC EXPENDITURE STRATEGIES COUNTERACT IN THE LONG-RUN: A FURTHER INVESTIGATION ON DEVELOPING COUNTRIES. Journal of Economics Finance and Accounting, 4(1), 25-36. https://doi.org/10.17261/Pressacademia.2017.363

Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.

Ethics Policy - JEFA applies the standards of Committee on Publication Ethics (COPE). JEFA is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract and method).

Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.