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The present paper investigates whether tourism specialization is a viable strategy fordevelopment. We estimate standard growth equations augmented with a variable measuringtourism specialization using instrumental variables techniques for a large cross-section ofcountries for the period 1980–2002. We introduce an instrument for tourism based on theUNESCO World Heritage List. We find that there is a positive relationship between theextent of tourism specialization and economic growth. An increase of one standard deviationin the share of tourism in exports leads to about 0.5 percentage point in additional annualgrowth, everything else being constant. Our result holds against a large array of robustnesschecks.

Tourism Specialization and Economic Development+L4183: Evidence from the UNESCO World Heritage List