engleski

Tourism Spending Behaviour before and after the 2008 Financial Crisis : A Dynamic Panel Investigation

This research note analyses the long- and short-run relationship between tourism expenditures, 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 note uses the heterogeneous panel data technique by Pesaran et al. (1999). The results of this pilot study reveal interesting differences in the long-run relationships between examined variables before and after 2008Q3. Since this study uses a rather simple expenditure model, future studies may extend their focus to other demand variables to better understand changed tourist spending behaviour induced by the crisis.

tourism expenditures ; spending behaviour ; dynamic panel data model ; PMG estimator

Ovaj rad je djelomično podržan od strane HRZZ kao dio istraživačkog projekta STRENGTHS ; Br. projekta: 9402.