THE NEXUS OF TOURISM SPENDING WITH ECONOMIC PERFORMANCE: A PANEL DATA ANALYSIS FOR THE EUROZONE AREA
Authors: Ageliki Anagnostou, George Ekonomou, Dimitris Kallioras
Abstract: The paper investigates the nexus of tourism spending (i.e. leisure and business tourism spending) with economic performance (i.e. GDP and employment) for the Eurozone countries, during the period 2000-2018, employing sophisticated panel data analysis techniques. The issue is salient, given that within the Eurozone economic space the abolition of border impediments has released dynamics and brought into surface a new mix of opportunities, threats and challenges that has been changing the balance between centripetal and centrifugal forces. The findings of the paper identify the long-run equilibrium and confirm the bi-directional relationships among the variables considered, thus contributing to the discussion on the relationship between tourism and economic performance.
Keywords: business tourism spending; leisure tourism spending; GDP; employment; panel data analysis; Eurozone area
Received: November 23, 2020 | Revised: January 24, 2021 | Accepted: January 25, 2021