This study expands existing research by considering exports, tourism and energy consumption as potential leading factors for economic growth. While trade of goods has been proved as a means of growth for countries tourism, as a nontraditional export, has been neglected in the literature. Furthermore, there is a strong belief that economic development is driven by energy consumption. However, such a hypothesis has been recently tested in a bivariate framework with mixed results according to the country analysed. The aim of this paper is to employ data for a set of 88 developed and developing countries. The time span under investigation is from 1960 up to 2005. Exports of goods, tourism exports and energy consumption are considered a simultaneous system of equations. Two main hypotheses are tested: firstly, whether exports, tourism and energy consumption drive economic growth and secondly, if energy consumption leads to sustainable development. Cointegration and Granger causality techniques are applied within a panel data framework.
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|Titolo:||Leading indicators for economics growth. Evidence from developed and developing countries|
|Data di pubblicazione:||2009|
|Appare nelle tipologie:||4.2 Abstract in Atti di convegno|