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Do foreign visitors reward post-communist countries? A panel evidence for tourism-growth nexus.

Salahodjaev, Raufhon and Safarova, Nilufar (2015): Do foreign visitors reward post-communist countries? A panel evidence for tourism-growth nexus.

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Abstract

Using cross-country panel data for 23 post-communist countries, we provide novel empirical evidence that tourism exerts a positive and significant effect on economic growth after controlling for conventional determinants in the growth equation. The system GMM results suggest that per-capita tourism receipts increase by 10 percent, the per-capita growth rate increases by 1.36% points, ceteris paribus. The results remain robust under various estimation methods.

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