Causality between Oil Prices and Tourist Arrivals

Xu Huang, Emmanuel Silva and Hossein Hassani
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Xu Huang: Faculty of Business and Law, De Montfort University, Leicester LE1 9BH, UK
Emmanuel Silva: Fashion Business School, London College of Fashion, University of the Arts London, London WC1V 7EY, UK
Hossein Hassani: Research Institute of Energy Management and Planning, University of Tehran, Tehran 1417466191, Iran

Stats, 2018, vol. 1, issue 1, 1-21

Abstract: This paper investigates the causal relationship between oil price and tourist arrivals to further explain the impact of oil price volatility on tourism-related economic activities. The analysis itself considers the time domain, frequency domain, and information theory domain perspectives. Data relating to the US and nine European countries are exploited in this paper with causality tests which include the time domain, frequency domain, and Convergent Cross Mapping (CCM). The CCM approach is nonparametric and therefore not restricted by assumptions. We contribute to existing research through the successful and introductory application of an advanced method and via the uncovering of significant causal links from oil prices to tourist arrivals.

Keywords: oil price; tourist arrivals; causality; convergent cross mapping; granger causality (search for similar items in EconPapers)
JEL-codes: C1 C10 C11 C14 C15 C16 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jstats:v:1:y:2018:i:1:p:10-154:d:177174

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