International Tourists’ Expenditures In Thailand: A Modelling Of The Arfima-Figarch Approach

Kanchana Chokethaworn, Aree Wiboonponse, Songsak Sriboonchitta, Jittaporn Sriboonjit, Chukiat Chaiboonsri () and Prasert Chaitip
Additional contact information
Kanchana Chokethaworn: Chiang Mai University, Thailand
Aree Wiboonponse: Chiang Mai University, Thailand
Jittaporn Sriboonjit: Thammassat University, Thailand
Chukiat Chaiboonsri: Chiang Mai University, Thailand

Annals of the University of Petrosani, Economics, 2010, vol. 10, issue 2, 85-98

Abstract: Forecasting is an essential analytical tool for tourism policy and planning. This paper focuses on forecasting methods based on ARFIMA(p,d,q)-FIGARCH(p,d,q). Secondary data was used to produce forecasts of international tourists’ expenditures in Thailand for the period 2009-2010. The results of this research for this period confirms that the best forecasting method based on ARFIMA(p,d,q)-FIGARCH(p,d,q) method is the ARFIMA(1,-0.672,1)-FIGARCH(1,-0.180,1) method. Furthermore, this method predicts the expenditures of tourists in Thailand for the period of 2009-2010 will be constant or decline. If these results can be generalized for future years, then it suggests that both the Thailand government sector and also the private tourism industry sector of Thailand need to develop the tourism market of Thailand immediately and also develop tourism products in Thailand.

Keywords: Thailand; ARFIMA-FIGARCH method; International Tourists’ Expenditure (search for similar items in EconPapers)
JEL-codes: C53 L83 (search for similar items in EconPapers)
Date: 2010
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://upet.ro/annals/economics/pdf/2010/20100209.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pet:annals:v:10:y:2010:i:2:p:85-98

Access Statistics for this article

More articles in Annals of the University of Petrosani, Economics from University of Petrosani, Romania
Bibliographic data for series maintained by Imola Driga ().