Εμπειρική διερεύνηση της σχέσης εξάρτησης μεταξύ του τουρισμού και του Ακαθάριστου Εθνικού Προϊόντος σε επιλεγμένες χώρες της Ευρωπαϊκής Ένωσης
Empirical investigation of the dependency relationship between tourism and Gross National Product in selected countries of the European Union
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Subject
Tourism -- Econometric models ; Τουρισμός -- Οικονομικές απόψεις ; Ακαθάριστο Εθνικό Προϊόν ; Τουρισμός -- Ευρωπαϊκή Ένωση ; ΟικονομετρίαAbstract
This study examines the dependency relationship between tourism and Gross Domestic Product (GDP) in selected countries of the European Union. The assessment of this connection was implemented with the use of econometric theories and techniques. Initially, for the determination of causal relationship between the variables, the Granger causality test was applied. In order to model the impact of tourist arrivals in Gross Domestic Product, Vector Autoregressive Models (VAR) were used. The results were obtained with the help of Impulse-Response functions. Using annual observations between 1995 and 2011 for tourist arrivals and GDP in selected countries of the European Union, it seems that in most cases the tourism can not affect the GDP, with France being the only exception. On the other hand observing the same relationship in the opposite direction, it turned out that the economy can actually affect the tourism of specific countries like Greece and Portugal.