Testing for the random walk hypothesis in the case of visitor arrivals: evidence from Indian tourism

Mita Bhattacharya and Paresh Narayan ()

Applied Economics, 2005, vol. 37, issue 13, 1485-1490

Abstract: Testing for the random walk hypothesis, which asserts that a series is a non-stationary process or a unit root process, in the case of visitor arrivals has important implications for policy. If, for instance, visitor arrivals are characterized by a unit root, then it implies that shocks to visitor arrivals are permanent. However, if visitor arrivals are without a unit root, this implies that shocks to visitor arrivals are temporary. This study provides evidence on the random walk hypothesis for visitor arrivals to India using the recently developed Im et al. (2003) and Maddala and Wu (1999) panel unit root tests. Both tests allow one to reject the random walk hypothesis, implying that shocks to visitor arrivals to India from the 10 major source markets have a temporary effect on visitor arrivals.

Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/00036840500109332 (text/html)
Access to full text is restricted to subscribers.

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:taf:applec:v:37:y:2005:i:13:p:1485-1490

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20

DOI: 10.1080/00036840500109332

Access Statistics for this article

Applied Economics is currently edited by Anita Phillips

More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().