Adoption of the Euro and Catering Industry Prices: The Case of Slovenia

Sergej Gricar and Štefan Bojnec ()
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Sergej Gricar: University of Primorska, Slovenia

Academica Turistica - Tourism and Innovation Journal, 2012, vol. 5, issue 1, 21-30

Abstract: This paper focuses on the Euro adoption in Slovenia and its transmission to catering industry prices. The empirical approach uses three different methodologies: the principal component analysis, factor analysis and regression analysis on the monthly statistical data collected during the period from 2000 to 2007. In the regression analysis the dependent variable is used as the differential between the catering industry price index and the consumer price index. The regression analysis confirmed that the catering industry price index and the differential of the catering industry price index and the consumer price index, respectively, are positively associated with wages, tourist arrivals, and with the Euro adoption, respectively. The two common components are identified by using the principal component analysis: first, the general level of prices and wages in the catering industry and second, the Euro price adoption and later Euro price stabilization, and demand for catering industry services. We also used factor analysis to check the robustness of the principal component method results.

Keywords: Euro adoption; catering industry prices; wages; Slovenia (search for similar items in EconPapers)
Date: 2012
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