The impact of COVID-19 on the Spanish tourism sector

Luis Alberiko Gil-Alana ^[1] ^[2] ; Carlos Poza ^[2]
1. [1] Universidad de Navarra
  
  Universidad de Navarra
  
  Pamplona, España
2. [2] Universidad Francisco de Vitoria
  
  Universidad Francisco de Vitoria
  
  Pozuelo de Alarcón, España
Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 28, Nº. Extra 3, 2022 (Ejemplar dedicado a: Competitiveness in the Visitor Economy: New Trends, Issues and Perspectives), págs. 646-653
Idioma: inglés
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Resumen
- We examine in this note the impact of COVID-19 on the Spanish tourism sector by using a strong dependence model. Daily data from five equity markets are used and we find that the coronavirus crisis has increased the persistence in the data, moving in some of the series from a mean reverting process to a non-mean reverting one. Thus, shocks that were expected to be transitory have become permanent, implying the need of strong policy measures to come the series back to their long-term projections.