The time–frequency causal effect of COVID-19 outbreaks on the tourism sector: evidence from the European zone

Rabeh Khalfaoui, Salma Mefteh-Wali, Ben Jabeur Sami and Aviral Tiwari

Current Issues in Tourism, 2022, vol. 25, issue 24, 3973-3993

Abstract: This study examines the time–frequency causal effect of the novel coronavirus (COVID-19) pandemic on the European tourism sector. To do that, we use the wavelet coherence and phase difference framework, which enables us to investigate the causal interplays and business cyclical co-movement between COVID-19 crisis and the European tourism sector at several investment horizons. Our main results are as follows. First, the COVID-19 outbreaks significantly and highly affected the European tourism sector. Second, mid- and long-term causal effects of the recent outbreaks are greater than the effects on the short-term horizon. Third, the transmission channel from COVID-19 crisis to the European tourism sector decreases slowly as wavelet scales increase. Further, our empirical findings afford various policy implications to investors and tourism actors.

Date: 2022
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Working Paper: The time–frequency causal effect of COVID-19 outbreaks on the tourism sector: evidence from the European zone (2022)
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DOI: 10.1080/13683500.2022.2043834

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