【正文】 ain is a small open economy, these are the minimum and more relevant variables that have been considered. In econometric terms the equation is as follows : tttt qT O U S AY ??? ????? l o gl o gl o g 210 t=1975Q1… 1997Q1 1975Q1 stands for the first quarter of 1975。 Krueger, 1980), and in the second place, facilitating the exploitation of economies of scale in local firms (Helpman and Krugman,1985). 3 Taking into account that a large proportion of a tourist39。* A B S T R A C T This paper examines the role of tourism in the Spanish longrun economic development. The touristled growth hypothesis is tested. The results indicate that, at least, during the last three decades economic growth in Spain has been sensible to persistent expansion of international tourism. The increase of this activity has produced multiplier effects over time. External petitivity has also been proved in the model to be a fundamental variable for Spanish economic growth in the long run. From the empirical analysis it can be inferred the positive effects on ine that government policy, in the adequacy of supply as well as in the promotion of tourist activity, may bring about. Key words: economic growth, international tourism, multiplier effects I. INTRODUCTION A distinctive feature of Spain is its importance as an international tourist 2 destination as well as the relative weight that foreign exchange ine has in its economy. As a matter of fact, the earnings from tourism have systematically pensated Spanish trade imbalances since the seventies. In view of this situation, the economists have very often taken for granted that the inflow of foreign exchange for this concept would stimulate a country’s economic development. Nevertheless, this hypothesis has not been yet tested and therefore it may be interesting to analyse whether it is empirically significant or not over time. Several decades of tourist expansion in Spain may probably represent enough time to examine if international tourism growth has significantly contributed to the country180。sito Legal: V25762021 作 者： Jacint Balaguer and Manuel CantavellaJord225。 1 中文 2966 字 本科畢業(yè)論文外文翻譯 外文題 目： TOURISM AS LONGRUN ECONOMIC GROWTH FACTOR:THE SPANISH CASE 出 處： Primera Edici243。n Junio 2021 Dep243。 原文 ： TOURISM AS A LONGRUN ECONOMIC GROWTH FACTOR: THE SPANISH CASE Jacint Balaguer and Manuel CantavellaJord225。s economic development. The analysis should go beyond its own multiplier effects. Thus, the main objective of this paper is to asses whether and, if so, to what extent Spanish economic growth responds to the evolution of external tourist activity during the 19751997 period. The background on this question is referred to the literature of the exportled growth hypothesis and to recent theoretical models which only consider nontraded goods such as tourism. As in the exportled growth hypothesis, a touristled growth hypothesis would postulate the existence of various arguments for which tourism would bee a