Global and domestic economic policy uncertainties and tourism stock market: Evidence from China

• Han Liu ^[1] ; Peng Yang ^[2] ; Doris Chenguang Wu ^[3]
  1. [1] Jilin University

     Jilin University

     China

     
  2. [2] Hong Kong Polytechnic University

     Hong Kong Polytechnic University

     RAE de Hong Kong (China)

     
  3. [3] Sun Yat-sen University

     Sun Yat-sen University

     China

     

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• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 30, Nº. 3 (May), 2024, págs. 567-591
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • This study investigates the impacts of global economic policy uncertainty (GEPU) and domestic (Chinese) economic policy uncertainty (CEPU) on the long-run volatility of the tourism stock market in China based on an improved GARCH–MIDAS–X model. Empirical results reveal that both CEPU and GEPU have significant negative effects on the long-run volatility of China’s tourism stock market. It is further identified that the impact of GEPU on tourism companies’ performance is short-lived. The findings suggest that tourism-related practitioners should monitor both CEPU and GEPU when conducting risk assessments related to tourism investment and policymaking.