European Tourism Sector Development in the Context of Energy Uncertainty

Michaela Kocourková, Bekhzod Kuziboev and Murodjon Matniyozov
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Michaela Kocourková: Department of Trade, Tourism and Languages, Faculty of Economics, University of South Bohemia in České Budějovice, 37005 České Budějovice, the Czech Republic,
Bekhzod Kuziboev: Department of Economics, Urgench State University, 220100 Urgench, Uzbekistan,
Murodjon Matniyozov: Department of Tourism, Urgench State University, 220100 Urgench, Uzbekistan.

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 2, 410-418

Abstract: The research is a novel to study the impact of energy uncertainty on international tourism receipt in 11 European countries namely Belgium, Croatia, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Spain and Sweden due to availability of energy uncertainty index data recently developed by Dang et al. (2023). As econometric tool, we employ a fully modified ordinary least squares (FMOLS) framework and include obtained long-run relations in a panel Vector Error Correction model (VECM). The findings suggest that 1% increase in energy uncertainty leads to 0.08% decrease in international tourism receipt in Europe. Moreover, international tourism receipt reaches the equilibrium with the adjustment speed of 23% annually. Regarding the effect of control variables, economic development has a negative relation whereas CO2 emissions and institutional quality have a positive association with international tourism receipt. As a policy implication, enhancing renewable energy is suggested to cope with energy uncertainty consequences that might affect tourism development.

Keywords: International Tourism Receipt; Energy Uncertainty; Economic Development; CO2 Emissions, Institutional Quality (search for similar items in EconPapers)
JEL-codes: L83 O13 Z32 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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