THE CONTRIBUTION OF TOURISM REVENUES TO TURKEY'S MACRO ECONOMIC PERFORMANCE: AN ECONOMETRIC ANALYSIS

Abstract

Author(s): Fatma TURAN KOYUNCU

The tourism sector in both developed and emerging economies are the top of the income generating factors.Today, tourism has become largely invested and growing sector.Tourism regarded as one of the important services sectors, a country's economic, social and cultural fields.Turkey is a tourist attraction with its geographical, historical and cultural resources. Tourism industry revenue is a major foreign exchange earning item in Turkey's current account.Turkey is one of the most important tourism centers in the world, which multiple tourist activities can be done at the same time, which can be visited in any season and offering attractive option in terms of tourism diversity. In this study, examined empirically the causal relationship between tourism revenues and macroeconomic variables such as the current account deficit, growth rate and real exchange rate variables in Turkey the period of 1980-2014. For this purpose, short- and long-term relationships have been tested by Granger causality analysis. According the results obtained from tourism revenues to the current account deficit unidirectional, between the growth and tourism revenue bidirectional and from tourism revenue to the foreign currency unidirectional causal relationship has been identified.

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