Tourism expenditures and crisis transmission: A general equilibrium GVAR analysis with network theory
Konstantinos Konstantakis (),
George Soklis and
Panayotis Michaelides ()
Annals of Tourism Research, 2017, vol. 66, issue C, 74-94
According to the World Tourism Organization, during the last decades, tourism has become one of the largest and most dynamic economic industries in the world. In this work, we employ a Network General Equilibrium GVAR model to analyze the impact of tourism expenditures on GDP and our approach allows for the existence of dominant economies in the system. The model is estimated simultaneously as a system of equations for a large panel of world economies and the results show that the less developed economies are quite vulnerable to changes in the tourism expenditures of the dominant economies. Meanwhile, USA is found to be largely unaffected by shocks in the tourism expenditures of the less developed economies.
Keywords: GVAR; USA; World economy (search for similar items in EconPapers)
JEL-codes: B51 C62 C67 E32 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:anture:v:66:y:2017:i:c:p:74-94
Access Statistics for this article
Annals of Tourism Research is currently edited by John Tribe
More articles in Annals of Tourism Research from Elsevier
Series data maintained by Dana Niculescu ().