3 research outputs found
Land, Environmental Externalities and Tourism Development
In a two sectors dynamic model we analyze the process of tourism development based on the accumulation of capital (building of tourism facilities) and the reallocation of land from traditional activities to the tourism sector. The model incorporates the conflict between occupation of the territory by the tourism facilities, other productive activities and availability of cultural, natural and environmental assets that are valued by residents and visitors. We characterize the process of tourism development in two settings: the socially optimal solution and a situation where the costs of tourism expansion are external to the decision makers, where externalities on residents as well as intraindustry externalities are considered. Regarding the optimal solution, we show that it is optimal to limit tourism expansion before it reaches its maximum capacity even in a context where the economic attractiveness of tourism relative to other productive sectors rise continuously. However, in this context and when all the costs of tourism development are externalities the only limit to tourism quantitative expansion is its maximum capacity determined by the availability of land. Finally, we show that excessive environmental degradation from the future generationsâ point of view is not a problem of discounting the future but rather a problem of externalities that affects negatively the current and future generations.Intertemporal land allocation, Structural economic change, Tourism industry
Evidencia para la economĂa española de la hipĂłtesis Ricardiana en un modelo estocĂĄstico intertemporal
The empirical study presented is based on an intertemporal optimisation model based in that of Aschauer (1985). The results obtained clearly reject the joint hypothesis Ricardian Equivalence/rational expectations. The lagged values of public consumption and public deficit help to explain significatively the private consumption's variations, even if we leave aside the possible relationships of those lagged values with the public consumption's predictions. The results are robust to different hypotheses concerning the arder of integration and existence of cointegrating relationships among the variables. On the other hand, there is evidence of complementarity rather than sustituibility between public and private consumption.El estudio empĂrico que hemos realizado se basa en un modelo de optimizaciĂłn intertemporal anĂĄlogo al de Aschauer (1985). Los resultados obtenidos rechazan claramente la hipĂłtesis ricardiana/expectativas racionales. Los valores retardados de consumo pĂșblico y dĂ©ficit ayudan a explicar significativamente las variaciones del consumo privado, al margen de sus posibles relaciones con las predicciones del consumo pĂșblico. Los resultados son robustos a distintas hipĂłtesis acerca del orden de integrabilidad y existencia de relaciones de cointegraciĂłn entre las variables implicadas. Por otro lado, hay evidencia de complementariedad mĂĄs que de sustituibilidad entre consumo pĂșblico y privado