In this paper we study the dynamics of economic growth for 140 countries during the period 1951-2003. The variables representing economic performance are levels and growth rates of per capita GDP. Using the concept of economic regime, we introduce a notion of distance between the dynamical paths...

Tourism is one of the most important factors in the productivity of the Mexican economy with significant multiplier effects on economic activity. This paper investigates possible causal relationships between tourism expenditure, real exchange rate and economic growth by using quarterly data....

Modern theories of economic growth recognize human capital as the main factor of growth. Strong investments of countries in education and research are justified by this fact. However, there are few studies analyzing the interaction between the development of human capital and the economic growth...

International tourism, on which we focus in this paper, is recognized to contribute to long-run growth through a whole list of diverse channels. This belief that tourism can promote, if not, plainly, cause long-run growth is known in the literature as the Tourism-Led Growth Hypothesis (TLGH)....

Many investors usually believe that real estate is a reliable investment. However, as it is not risk-free and the recent US housing bubble has shown the devastating effects of a crisis in this sector. Even more, Shiller (1989) highlights that this is not an efficient market since there are clear...

This short paper investigates the causal relations between tourism growth, relative prices and economic expansion for the Trentino-Alto Adige/Sidtirol, a region of northeast Italy bordering on Switzerland and Austria. Johansen cointegration analysis shows the existence of one cointegrated vector...