The Effect of Types of Capital on the Development of Tourism Industry in the Selected Countriesry

Document Type : Research Paper


1 Ph.D Student in Economics, Department of Economics, Faculty of Humanities, Miyaneh branch, Islamic Azad University, Miyaneh, Iran.

2 Professor, Department of Economics, Faculty of Social Science and Economics, Alzahra University

3 Assistant Professor, Department of governmental management, Faculty of Humanities, Miyaneh branch, Islamic Azad University, Miyaneh, Iran.


The tourism industry is one of the largest and most diversified industries in the world, and is the most important source of income and job creation in many countries. Therefore, estimating the determinants of tourism development is important in economic studies. In this regard, the present study uses panel data and generalized moment method to investigate the impact of capital types including natural capital, physical capital, human capital, financial capital, innovation and foreign direct capital on the development of tourism industry in two groups of selected countries of developing and developed and emerging during the period 2007-2017. The results of the estimation model showed that 1% increase in accumulation of natural capital, physical capital, human capital, financial capital, innovation and foreign direct capital increases the international tourism revenue in developing selected countries by 0.063%, 0.181%, 0.052%, 0.089%, 0.128% and 0.066% respectively. Also, 1% increase in accumulation of natural capital, physical capital, human capital, financial capital, innovation and foreign direct capital increases international tourism revenue in developed and emerging selected countries by 0.113%, 0.104%, 0.080%, 0.055%, 0.091% and 0.118% respectively. In addition, the effect of control variables including globalization, political stability and real exchange rate on the development of tourism industry in both groups of countries are positive and significant.


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  • Receive Date: 08 October 2019
  • Revise Date: 14 March 2020
  • Accept Date: 23 March 2020
  • First Publish Date: 30 October 2021