Resumen de Golf, supply and demand: The influence of economic factors
Elena Bárcena Martín, María Mercedes Rodríguez Fernández, Susana Borrego Domínguez
Macroeconomic conditions can have a substantial effect on the economic circumstances of individuals and therefore on the golf demand in a country. Using panel data on golf demand (number of golf players) and supply (number of courses), and indicators of the economic situation for 15 European countries,encompassing years 2000 through 2014,we estimate a dynamic panel data model in order to evaluate the influence of the economic conditions and golf supply on the number ofr egistered golfers. Economic situation is assessed through two variables:the gross domestic product(GDP) and the main stock market index of each country .We also test the hypothesis of un even effects of the GDP before and after the beginning of the economic recession. The most crucial finding is that from the start of the financial crisis,the level of GDP imposes statistically significant effect on golf demand,making those countries with highe GDP per capita the ones whose golf demand is harmedthe least by the financial crisis.
