The paper presents a methodology for measuring the contribution of tourism to an economy's growth, which is tested with data for Cyprus, Greece and Spain. We use the growth of real GDP per capita as a measure of economic growth and disaggregate it into economic growth generated by tourism and...

Tourism has a considerable economic effect on the host country; and setting the proportions of different types of tourist is an important dimension of host country tourism policy. We investigate three rival portfolio models that have been used to set policy targets for the proportions of...

Recently various exchange rate models capturing the dynamics during the transition from an exchange rate arrangement of floating rates into a currency union have been derived. Technically, these stochastic equilibrium models are diffusion processes which have to be estimated by discretely...