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Explaining Tourism Inflows in Greece: A Macroeconometric Approach

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  • George M. Agiomirgianakis
  • George Sfakianakis

Abstract

This paper investigates the determinants of tourism inflows to Greece. The significance of the specific sector for the Greek economy varies from 15% to 20% of GDP (measured directly or indirectly respectively). Building on the existing literature, panel data estimation techniques are used, with explanatory variables including selected macroeconomic indicators and (relative) price indices. The main innovation of the paper is that, regarding the cross section dimension of the sample, disaggregated data based on the country (or area) of origin are used, combined with the corresponding macroeconomic aggregates. The time-span of the data is the 2004-2010 period, with the specific econometric techniques used taking into account both the statistical properties of variables and the differences between the various cross sections. The main conclusion of the paper is that the macroeconometric approach to explaining tourist arrivals provides a very satisfactory model fit, with explanatory variables explaining a significant part of the variability of the dependent variable.

Suggested Citation

  • George M. Agiomirgianakis & George Sfakianakis, 2016. "Explaining Tourism Inflows in Greece: A Macroeconometric Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 192-197, April.
    • Handle: RePEc:ibn:ijefaa:v:8:y:2016:i:4:p:192-197
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    References listed on IDEAS

    as
    1. Larry Dwyer & Peter Forsyth (ed.), 2006. "International Handbook on the Economics of Tourism," Books, Edward Elgar Publishing, number 2827.
    2. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
    3. Maddala, G S & Wu, Shaowen, 1999. "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 631-652, Special I.
    4. Peter C. B. Phillips & Hyungsik R. Moon, 1999. "Linear Regression Limit Theory for Nonstationary Panel Data," Econometrica, Econometric Society, vol. 67(5), pages 1057-1112, September.
    5. Choi, In, 2001. "Unit root tests for panel data," Journal of International Money and Finance, Elsevier, vol. 20(2), pages 249-272, April.
    6. Andrea Saayman & Melville Saayman, 2008. "Determinants of Inbound Tourism to South Africa," Tourism Economics, , vol. 14(1), pages 81-96, March.
    7. G. S. Maddala & Shaowen Wu, 1999. "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(S1), pages 631-652, November.
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    Cited by:

    1. Giovanni De Luca & Monica Rosciano, 2020. "Quantile Dependence in Tourism Demand Time Series: Evidence in the Southern Italy Market," Sustainability, MDPI, vol. 12(8), pages 1-18, April.

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    More about this item

    Keywords

    tourism demand; panel data; macroeconometric approach;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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