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Abstract


THE DYNAMIC LINKS BETWEEN, FOREIGN DIRECT INVESTMENT, TOURISM AND ECONOMIC GROWTH IN THE EUROPEAN
This document explores the cointegration and causality relationship between foreign direct investments, tourism revenues, trade openness and economic growth in 19 Central and Eastern European countries for the period of 1995 - 2017, using annual data. A cointegration relationship was found between the variables. Based on the results of the short-term causality analysis, a two-way causality between tourism revenues and economic growth, and between trade openness and economic growth were identified. Moreover, economic growth was the causality of foreign direct investments. According to the long-term causality analysis, there is a two-way causality between economic growth and foreign direct investments. Since the findings indicate that direct foreign investments, tourism revenues and trade openness affect economic growth positively, policy makers need to pay attention to this in their decisions. Policy makers need to encourage more foreign direct investments to come into the country to accelerate economic growth. Since it is assumed that investments will flow to countries with political and economic stability, policy makers should not ignore this issue. The objective should be to provide contributions to economic growth and minimize economic volatility by introducing policies to attract foreign investments to the country. The careful selection of the investments in tourism will directly affect the number of tourists to come. That is why policy makers should work with investors.

Keywords
Foreign Direct Investments, Tourism, Trade Openness, Economic Growth, European Countries.


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