Spatial impacts assessment of tourism and territorial capital: A modelling study on regional development in Europe

Abstract Economic growth, tourism dynamics, and territorial capital in European regions are analysed during a period comprising a first stage of economic growth, negative impacts of the crisis of 2008, and recovery. A spatial econometric model inspired by the endogenous growth approach shows positive spatial spillovers, convergence between regions, positive impacts on growth from innovation‐related characteristics, and gross value added by tourism, whereas no relevant impacts from tourism demand or employment and a negative correlation with the endowment in natural resources are found. The discussion is framed by an evolutionary economic geography conceptualization with a view on smart specialization strategies.