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Tourism And Economic Structure In A Small Open Growth Model

Author

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  • Wei Bin ZHANG

    (Ritsumeikan Asia Pacific University)

Abstract

The purpose of this study is to examine effects of tourism on economic development We build an economic growth model of a small open country with tourism in a perfectly competitive economy The economy consists of one service sector and one industrial sector International tourists and domestic residents consume non traded goods and services The land is distributed between housing and supply of services The production side is the same as in the neoclassical growth theory while we use an alternative utility function to determine behavior of the household The system has a unique stable equilibrium point We simulate the motion of the national economy and examine effects of changes in the rate of interest the price elasticity of tourism the global economic condition the total productivities of the industrial and service sectors and the propensity to save The comparative dynamic analysis provides some important insights For instance when the price elasticity of tourism is increased the tourist demand and the price of services are reduced national trade balance is deteriorated the output of the service sector is reduced and the output of the industrial sector is increased some of labor force is shifted from the service sector to the industrial sector the lot size falls and the land input of the service sector is reduced and the GDP the consumption levels of the goods and services and wealth level rise initially but fall in the long term

Suggested Citation

  • Wei Bin ZHANG, 2012. "Tourism And Economic Structure In A Small Open Growth Model," Journal of Advanced Research in Management, ASERS Publishing, vol. 3(2), pages 76-92.
    • Handle: RePEc:srs:jemt00:v:3:y:2012:i:2:p:76-92
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    Citations

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    Cited by:

    1. Zhang Wei-Bin, 2017. "A Multi-Country Trade and Tourism with Endogenous Capital and Knowledge," Business Systems Research, Sciendo, vol. 8(1), pages 71-91, March.
    2. Wei-Bin Zhang, 2013. "Flexible Exchange Rate and Growth of a Small Open Monetary Economy with Imported Good and Externalities," Economic Research Guardian, Weissberg Publishing, vol. 3(1), pages 33-53, June.
    3. Zhang, Wei-Bin, 2020. "Economic Development And International And Interregional Tourism," Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 13(4), December.
    4. Claudio Calero & Lindsay W Turner, 2020. "Regional economic development and tourism: A literature review to highlight future directions for regional tourism research," Tourism Economics, , vol. 26(1), pages 3-26, February.
    5. Wei-Bin Zhang, 2017. "Spatial Agglomeration And Economic Development With The Inclusion Of Interregional Tourism," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 62(213), pages 93-128, April - J.
    6. Wei-Bin Zhang, 2014. "Growth and inequality examined by integrating the Walrasian general equilibrium and neoclassical growth theories," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 7(1), pages 7-32, April.
    7. Wei-Bin Zhang, 2017. "Education and Tourism in a Small Open Growth Economy," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(11), pages 643-666, November.
    8. Wei-Bin ZHANG, 2015. "Tourism, Trade And Wealth Accumulation With Endogenous Income And Wealth Distribution Among Countries," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 4(1), pages 1-1, January.
    9. Wei-Bin ZHANG, 2016. "Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 103-126, Winter.

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