Journal
INTERNATIONAL JOURNAL OF TOURISM RESEARCH
Volume 20, Issue 1, Pages 38-49Publisher
WILEY
DOI: 10.1002/jtr.2151
Keywords
economic growth; granger causality; renewable energy consumption; the top 7 most visited countries; tourism development
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The purpose of this study is to examine the relationships between tourism development, renewable energy consumption, and economic growth in the United States, France, Spain, China, Italy, Turkey, and Germany using an innovative bootstrap panel Granger causality model. The results show that tourism development and economic growth are interdependent in Germany; whereas tourism development induces economic growth in China and Turkey, the reverse is true in Spain. Causal relationships between renewable energy and economic growth give credence to theories of renewable energy-led growth in Spain and growth-led renewable energy in China, Turkey, and Germany. Whereas the Italian and U.S. models demonstrate a bidirectional relationship, the Spanish, Italian, Turkish, and U.S. data show a causal link stemming from tourism development. Theoretical and policy implications are discussed within the realm of macroeconomics and sustainability.
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