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Sustainable Development of Tourism in Romania and its Transmission Mechanism in GDP

Author

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  • Pepi Mitica

    (Department of Finance and Accounting, Faculty of Economic Sciences, University “OVIDIUS”, Constanta, Romania)

Abstract

This article aims to analyze the sustainable development of tourism in Romania, given its cyclical movements generated by using seasonal resources. For this we used output gap indicator, defined as the difference between real GDP and potential GDP. Output gap indicates disparity in the real economy. Other words, we wanted to answer the question: How large reserve capacity of the economy is tourism? How close is an economy to function at its potential productive? In our case the output gap is the difference between the real level of domestic production and the estimated tourism potential. Identify the transmission mechanism of cyclical components of GDP for Romanian tourism was analyzed using VAR econometric model. We pursued by this paper to analyze the reality of the Romanian tourism potential related to both the type of contribution to GDP.

Suggested Citation

  • Pepi Mitica, 2014. "Sustainable Development of Tourism in Romania and its Transmission Mechanism in GDP," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 704-709, May.
    • Handle: RePEc:ovi:oviste:v:xiv:y:2014:i:1:p:704-709
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    More about this item

    Keywords

    Tourism; Output Gap; GDP; Transmission Mechanism; VAR Model;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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