Tourism spending behaviour before and after the 2008 financial crisis

Ksenija DumiÄ ić, Josip Mikulić and Anita ÄŒeh ÄŒasni
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Ksenija DumiÄ ić: University of Zagreb, Croatia
Josip Mikulić: University of Zagreb, Croatia
Anita ÄŒeh ÄŒasni: University of Zagreb, Croatia
Authors registered in the RePEc Author Service: Josip Mikulic

Tourism Economics, 2017, vol. 23, issue 1, 223-228

Abstract: This research note analyses the long-run and short-run relationships between tourism expenditure, income and transportation costs based on quarterly data for European countries spanning the period from 1996Q1 to 2014Q1. As the first macroeconomic study to explore how tourist spending behaviour potentially reacted to the 2008 financial crisis, this article uses the heterogeneous panel data technique of Pesaran et al. The results of this pilot study reveal interesting differences in the long-run relationships between the examined variables before and after 2008Q3. Since this study uses a rather simple expenditure model, future studies might extend their focus to other demand variables to obtain a better understanding of changed tourist spending behaviour induced by the crisis.

Keywords: dynamic panel data model; PMG estimator; spending behaviour; tourism expenditure (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:23:y:2017:i:1:p:223-228

DOI: 10.5367/te.2015.0528

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