Tourism, capital good imports and economic: theory and evidence for Spain

• Autores: Jean-Jacques Nowak, Mondher Sahli, Isabel Cortés-Jiménez
• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 13, Nº. Extra 4, 2007 (Ejemplar dedicado a: Island tourism economies and sustanaible development), págs. 515-536
• Idioma: inglés
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• Dialnet Métricas: 14 Citas
• Resumen

  • Exports are generally assumed to promote long-term growth through two main channels. The first, known as the export-led growth (ELG) hypothesis, is by enhancing economy-wide efficiency. This mechanism has recently been applied to tourism services exports (the tourism-led growth, TLG, hypothesis). The second channel is the financing of imports of foreign capital goods, thus raising the level of capital formation. Although this channel turns out to be empirically important, no theoretical rigorous foundation has yet been provided. Moreover, it has never been investigated for tourism exports. This paper fills two gaps. On the theoretical side, it provides a clear justification of the role of capital good imports in the link between exports and overall economic growth. A model has been built to examine this so-called EKIG hypothesis (exports �¨ capital good imports �¨ growth) in which sustained economic growth is achieved by imports of foreign capital entirely financed through inbound tourism. This model highlights a mechanism of international transmission of economic growth from the tourist-