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The COVID-19 multiplier effects of tourism on the German and Spanish economies

Author

Listed:
  • Nikolaos Rodousakis

    (Centre of Planning and Economic Research (KEPE))

  • George Soklis

    (Centre of Planning and Economic Research (KEPE))

Abstract

Based on a multisectoral model of single production and using data from the input–output tables, this paper estimates the COVID-19 tourism multiplier effects on output, employment and trade balance of the German and Spanish economies. It is found that the decrease of international travel receipts recorded in the year 2020 correspond to a decrease in GDP of about 0.58% in the German economy and a decrease in GDP of about 4.54% in the Spanish economy. The evaluation of the results reveals that the higher observed recession in the Spanish economy than in the German economy can be attributed to the relatively stronger dependency of the former on the highly vulnerable in the pandemic tourism industry.

Suggested Citation

  • Nikolaos Rodousakis & George Soklis, 2022. "The COVID-19 multiplier effects of tourism on the German and Spanish economies," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 497-510, April.
    • Handle: RePEc:spr:eaiere:v:19:y:2022:i:1:d:10.1007_s40844-021-00222-4
    DOI: 10.1007/s40844-021-00222-4
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    References listed on IDEAS

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    1. Theodore Mariolis & George Soklis, 2018. "The static Sraffian multiplier for the Greek economy: evidence from the Supply and Use Table for the year 2010," Review of Keynesian Economics, Edward Elgar Publishing, vol. 6(1), pages 114-147, January.
    2. Kurz, Heinz D, 1985. "Effective Demand in a "Classical" Model of Value and Distribution: The Multiplier in a Sraffian Framework," The Manchester School of Economic & Social Studies, University of Manchester, vol. 53(2), pages 121-137, June.
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    4. Onaran, Özlem. & Galanis, Giorgos., 2012. "Is aggregate demand wage-led or profit-led? National and global effects," ILO Working Papers 994786233402676, International Labour Organization.
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    6. Mariolis, Theodore & Ntemiroglou, Nikolaos & Soklis, George, 2018. "Η Σραφφαϊανή Καμπύλη Αυτόνομης Ζήτησης-Μεταβιβαστικών Πληρωμών Της Ελληνικής Οικονομίας Για Το Έτος 2010 [The Sraffian Autonomous Demand-Transfer Payments Curve for the Greek Economy]," MPRA Paper 86520, University Library of Munich, Germany.
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    Cited by:

    1. Esther Vayá & José R Garcia & Jordi Suriñach & Ernest Pons, 2024. "Effects of the COVID-19 tourism crisis on the Spanish economy," Tourism Economics, , vol. 30(4), pages 1021-1038, June.
    2. Osorio, Pilar & Cadarso, María-Ángeles & Tobarra, María-Ángeles & García-Alaminos, Ángela, 2023. "Carbon footprint of tourism in Spain: Covid-19 impact and a look forward to recovery," Structural Change and Economic Dynamics, Elsevier, vol. 65(C), pages 303-318.

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    More about this item

    Keywords

    COVID-19; German economy; Matrix demand multiplier; Spanish economy; Tourism;
    All these keywords.

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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