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Tourism, welfare and real estate market in small open economy: the case of Croatia

Author

Listed:
  • Ivo Družić

    (Faculty of Economics and Business, University of Zagreb)

  • Vladimir Čavrak

    (Faculty of Economics and Business, University of Zagreb)

  • Josip Tica

    (Faculty of Economics and Business, University of Zagreb)

Abstract

The paper investigates effects of the tourism boom on the real estate market in Croatia. According to the general equilibrium models of the tourism intensive small open economy, the most important benefit of the tourism is reflected in the fixed-factors rents, namely real estate market rents. This paper investigates results of the small open tourism intensive economy theoretical model in the case of the transition and EU accession of the Croatian economy. Analysis is focused on the real exchange rate changes in the tourism sector as the main source of welfare improvements and its effects on the fixed-factor prices in Croatia.

Suggested Citation

  • Ivo Družić & Vladimir Čavrak & Josip Tica, 2007. "Tourism, welfare and real estate market in small open economy: the case of Croatia," EFZG Working Papers Series 0707, Faculty of Economics and Business, University of Zagreb.
    • Handle: RePEc:zag:wpaper:0707
    as

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    File URL: http://web.efzg.hr/repec/pdf/Clanak%2007-07.pdf
    File Function: First version, 2007
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    Citations

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    Cited by:

    1. Logar, Ivana, 2010. "Sustainable tourism management in Crikvenica, Croatia: An assessment of policy instruments," Tourism Management, Elsevier, vol. 31(1), pages 125-135.

    More about this item

    Keywords

    tourism; real estate; development; EU enlargement; Croatia;
    All these keywords.

    JEL classification:

    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • F2 - International Economics - - International Factor Movements and International Business
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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