This paper empirically examines the impact of tourism on the longrun economic growth of Greece by using causality analysis of real gross domestic product, real effective exchange rate and international tourism earnings. A Multivariate Auto Regressive (VAR) model is applied for the period 1960:I-2000:IV. The results of co-integration analysis suggest that there is one co-integrated vector among real gross domestic product, real effective exchange rate and international tourism earnings. Granger causality tests based on Error Correction Models (ECMs), have indicated that there is a 'strong Granger causal' relationship between international tourism earnings and economic growth, a 'strong causal' relationship between real exchange rate and economic growth, and simply 'causal' relationships between economic growth and international tourism earnings and between real exchange rate and international tourism earnings.

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This paper examines the relationship between economic growth and tourism development in seven Mediterranean countries. The purpose is to investigate empirically the long-run relationship between economic growth and tourism development in a multivariate model with tourism real receipts per capita, the number of international tourist arrivals per capita, real effective exchange rate, and real GDP per capita using the new heterogeneous panel cointegration technique. In pursuit of this objective, the tests of panel cointegration and fully modified ordinary least squares (FMOLS) are conducted, using panel data. The data used in this study are annual, covering the period 1980-2007.

This paper empirically examines the causal relationship between the degree of openness of the economy, financial development and economic growth by using a multivariate autoregressive VAR model in Greece for the examined period 1960:I-2000:IV. The results of cointegration analysis suggest that there is one cointegrated vector among GDP, financial development and the degree of openness of the economy. Granger causality tests based on error correction models show that there is a causal relationship between financial development and economic growth, but also between the degree of openness of the economy and economic growth.Financial development, economic growth, openness, Granger causality,

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