Adamou, Adamos; Clerides, Sofronis - Rimini Centre for Economic Analysis (RCEA) - 2009
We investigate the relationship between tourism specialization and economic growth. We deviate from previous studies … - which have reported mixed evidence - by allowing the relationship to take a nonlinear form. We find that tourism … diminishing returns set in and tourism's contribution becomes minimal. The policy lesson is that there is promise for tourism …