is explained more by a decline in productivity rather than a lack of investment. Second, tourism has been a significant …

The present paper investigates whether tourism specialization is a viable strategy for development. We estimate … standard growth equations augmented with a variable measuring tourism specialization using instrumental variables techniques … for a large cross-section of countries for the period 1980-2002. We introduce an instrument for tourism based on the …

is explained more by a decline in productivity rather than a lack of investment. Second, tourism has been a significant … are islands have limited growth. Policies aimed at improving productivity, further development of the tourism sector, and …