Tourism spending behaviour before and after the 2008 financial crisis: A dynamic panel investigation

• Ksenija Dumičić ^[1] ; Josip Mikulic ^[1] ; Anita Čeh Časni ^[1]
  1. [1] University of Zagreb

     University of Zagreb

     Croacia

     
• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 23, Nº. 1, 2017, págs. 223-228
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • 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.