Abstract
This paper investigates the relationship between tourist arrivals and economic growth in selected Mediterranean countries. The annual data consider the number of tourist arrivals, real effective exchange rate and economic growth for the period of 1995-2017. In the study, the coefficient estimates of each country are made by using the Augmented Mean Group (AMG) estimator. Prior to applying these tests, cross-sectional dependence and homogeneity tests were implemented. The AMG estimator results show that the number of tourist arrivals has a positive impact on economic growth. Empirical results show that tourist arrivals have positive impact on economic growth for France, Malta, Spain, Cyprus, Morocco, and Tunisia. According to the study findings, it can be expressed that the tourism policies applied in these countries increase the number of tourist arrivals. Additionally, it is found no significant effect for Greece, Italy, and Israel.
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