Economic policy uncertainty, consumer confidence in major economies and outbound tourism to African countries

Hassan Gholipour Fereidouni, Robin Nunkoo, Behzad Foroughi and Hassan Kalantari Daronkola
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Robin Nunkoo: University of Mauritius, Mauritius; University of Johannesburg, South Africa; Griffith University, Australia; University of Copenhagen, Denmark
Behzad Foroughi: I-Shou University, Kaohsiung, Taiwan
Hassan Kalantari Daronkola: Swinburne University of Technology, Australia

Tourism Economics, 2022, vol. 28, issue 4, 979-994

Abstract: Uncertainty, which is the only certain thing about the future, influences economic agents, their behaviours and economic activity. Debates and concerns about policy uncertainty have intensified following events such as the financial crisis, Brexit and more recently, the Covid-19 pandemic. The purpose of this study is to investigate the impact of changes in economic policy uncertainty and consumer confidence in a set of major economies on tourism flows to African countries. Using data over the period of 2005–2019 and applying panel difference generalized method of moments method, our results show that a positive change in consumer confidence in Canada, China, France, Japan, Russia and the United Kingdom (UK) has favorable impact on tourism departures from these countries to 25 African countries. We also find that a positive change in uncertainty in Canada, Russia, Spain and the UK has negative effect on tourist departures from these countries to African countries. The implications of the results for tourism development in African countries are discussed.

Keywords: Africa; consumer confidence; panel data; tourism; uncertainty (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:28:y:2022:i:4:p:979-994

DOI: 10.1177/1354816620985382

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