IDEAS home Printed from https://ideas.repec.org/a/ist/iujepr/v9y2022i1p187-204.html
   My bibliography  Save this article

Psychological and Economic Aspects of BIST Tourism Index with Hotel Restaurant Credits: Turkey Example

Author

Listed:
  • Filiz Yetiz

    (Akdeniz Üniversitesi, Uygulamalı Bilimler Fakültesi, Finans ve Bankacılık Bölümü, Antalya, Türkiye)

  • Aynur Süsay

    (Tarsus Üniversitesi, Uygulamalı Bilimler Fakültesi, Finans ve Bankacılık Bölümü, Mersin, Türkiye)

  • Ayşe Ergin Ünal

    (Tarsus Üniversitesi, Uygulamalı Bilimler Fakültesi, Finans ve Bankacılık Anabilim Dalı, Mersin, Türkiye)

Abstract

In gross domestic product the share of the tourism sector, which is among the sub-service sectors in Turkey in general and the services sector in particular, is increasing gradually. From the perspective of the world service trade, the contribution of the sector, which weighs almost 30%, to the country’s economies is undeniable. Considering its importance in the economy, banks provide affordable prices, maturity, and limit options for developing the tourism sector and various businesses, including investment loans. Banks also create new loan support packages for the needs of the sector. The banking system continuously supports sectors with multiple credit products to maintain activities in the tourism sector, establish new tourism enterprises, renew the enterprises, and support renovation activities. In this context, the study aims to determine the causality relationship among various psychological and economic sizes affecting the tourism sector in Turkey. Monthly data for the period 2011:01–2021:02 and the Toda Yamamoto Causality test were used in the study. Moreover, six different variables were preferred in the investigation of the total tourism loans financed by the banking system and the psychological and economic effects of the BIST tourism index. Among the variables, Industrial Production Index, BIST Tourism Index, Hotels and Restaurants (Tourism) Total Cash Loans, and consumer price index indicators (Restaurants and Hotels) represent economic reflections in the sector. The service sector confidence index and Turkey geopolitical risk index represent psychological effects. According to the causality test, a one-way causality relationship was obtained from the service sector confidence index to growth and consumer price index indicators and from the BIST Tourism Index to the service sector confidence index. Other findings include a one-way causality relationship from Hotels and Restaurants (Tourism) Total Cash Loans to CPI.

Suggested Citation

  • Filiz Yetiz & Aynur Süsay & Ayşe Ergin Ünal, 2022. "Psychological and Economic Aspects of BIST Tourism Index with Hotel Restaurant Credits: Turkey Example," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(1), pages 187-204, January.
    • Handle: RePEc:ist:iujepr:v:9:y:2022:i:1:p:187-204
    DOI: 10.26650/JEPR926459
    as

    Download full text from publisher

    File URL: https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/CEBFFD5E01DA42289B62C46F2C777BC5
    Download Restriction: no
    File URL: https://iupress.istanbul.edu.tr/en/journal/jepr/article/otel-restoran-kredileri-ile-bist-turizm-endeksinin-psikolojik-ve-ekonomik-yansimalari-turkiye-ornegi#
    Download Restriction: no
    File URL: https://libkey.io/10.26650/JEPR926459?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Dario Caldara & Matteo Iacoviello, 2022. "Measuring Geopolitical Risk," American Economic Review, American Economic Association, vol. 112(4), pages 1194-1225, April.
    2. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
    3. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    4. Toda, Hiro Y. & Yamamoto, Taku, 1995. "Statistical inference in vector autoregressions with possibly integrated processes," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 225-250.
    5. Eda BALIKÇIOĞLU & Kutay OKTAY, 2015. "Türkiye’de Turizm Gelirleri ve Ekonomik Büyüme İlişkisinin Kamu Politikaları Doğrultusunda Değerlendirilmesi," Sosyoekonomi Journal, Sosyoekonomi Society, issue 23(25).
    6. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
    7. De Vita, Glauco & Kyaw, Khine S., 2016. "Tourism development and growth," Annals of Tourism Research, Elsevier, vol. 60(C), pages 23-26.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Khalid Khan & Jiluo Sun & Sinem Derindere Koseoglu & Ashfaq U. Rehman, 2021. "Revisiting Bitcoin Price Behavior Under Global Economic Uncertainty," SAGE Open, , vol. 11(3), pages 21582440211, August.
    2. Su, Chi-Wei & Khan, Khalid & Umar, Muhammad & Zhang, Weike, 2021. "Does renewable energy redefine geopolitical risks?," Energy Policy, Elsevier, vol. 158(C).
    3. Teti̇k, Metin, 2020. "Testing of leader-follower interaction between fed and emerging countries’ central banks," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    4. Jude Okechukwu Chukwu, 2013. "Budget Deficits, Money Growth and Price Level in Nigeria," African Development Review, African Development Bank, vol. 25(4), pages 468-477, December.
    5. Jermain Kaminski & Christian Hopp & Christian Lukas, 2018. "Who benefits from the wisdom of the crowd in crowdfunding? Assessing the benefits of user-generated and mass personal electronic word of mouth in computer-mediated financing," Journal of Business Economics, Springer, vol. 88(9), pages 1133-1162, December.
    6. Li, Xin & Umar, Muhammad & Zhu, Cun-Bin & Oprean-Stan, Camelia, 2023. "Can geopolitical risk stably predict crude oil prices? A multi-dimensional perspective," Resources Policy, Elsevier, vol. 85(PA).
    7. David Giles & Lindsay Tedds & Gugsa Werkneh, 2002. "The Canadian underground and measured economies: Granger causality results," Applied Economics, Taylor & Francis Journals, vol. 34(18), pages 2347-2352.
    8. Faisal, Faisal & Rahman, Sami Ur & Chander, Rajnesh & Ali, Adnan & Ramakrishnan, Suresh & Ozatac, Nesrin & Ullah, Mr Noor & Tursoy, Turgut, 2021. "Investigating the nexus between GDP, oil prices, FDI, and tourism for emerging economy: Empirical evidence from the novel fourier ARDL and hidden cointegration," Resources Policy, Elsevier, vol. 74(C).
    9. KPEMOUA, Palakiyèm, 2016. "La Dette Exterieure Handicape T’Elle La Croissance Economique Du Togo ? [Is External Debt A Brake On Togo’S Economic Growth?]," MPRA Paper 77403, University Library of Munich, Germany, revised 09 Jan 2017.
    10. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
    11. Juergen Amann & Paul Middleditch, 2017. "Growth in a time of austerity: evidence from the UK," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(4), pages 349-375, September.
    12. Khan, Khalid & Su, Chi Wei & Rehman, Ashfaq U. & Ullah, Rahman, 2022. "Is technological innovation a driver of renewable energy?," Technology in Society, Elsevier, vol. 70(C).
    13. Sudeshna Ghosh, 2020. "Impact of economic growth volatility on income inequality: ASEAN experience," Quality & Quantity: International Journal of Methodology, Springer, vol. 54(3), pages 807-850, June.
    14. Alessandro Attanasio & Maurizio Maravalle & Giulia Fioravanti, 2012. "Examining Granger causality between atmospheric parameters and radon," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 62(2), pages 723-731, June.
    15. Xiaojie Xu, 2017. "The rolling causal structure between the Chinese stock index and futures," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 31(4), pages 491-509, November.
    16. Ibrahim Ari & Muammer Koc, 2018. "Sustainable Financing for Sustainable Development: Understanding the Interrelations between Public Investment and Sovereign Debt," Sustainability, MDPI, vol. 10(11), pages 1-25, October.
    17. Isabel Cortés-Jiménez & Manuel Artís, 2005. "The role of the tourism sector in economic development - Lessons from the Spanish experience," ERSA conference papers ersa05p488, European Regional Science Association.
    18. Kondoz, Mehmet & Kirikkaleli, Dervis & Athari, Seyed Alireza, 2021. "Time-frequency dependencies of financial and economic risks in South American countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 79(C), pages 170-181.
    19. Gyula Dörgő & Viktor Sebestyén & János Abonyi, 2018. "Evaluating the Interconnectedness of the Sustainable Development Goals Based on the Causality Analysis of Sustainability Indicators," Sustainability, MDPI, vol. 10(10), pages 1-26, October.
    20. Istiak, Khandokar & Serletis, Apostolos, 2020. "Risk, uncertainty, and leverage," Economic Modelling, Elsevier, vol. 91(C), pages 257-273.

    More about this item

    Keywords

    Services confidence index; Turkey geopolitical risk index; Hotels and restaurants; Total cash loans; CPI; BIST tourism index JEL Classification : A10 ; Z30 ; Z33;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • Z30 - Other Special Topics - - Tourism Economics - - - General
    • Z33 - Other Special Topics - - Tourism Economics - - - Marketing and Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ist:iujepr:v:9:y:2022:i:1:p:187-204. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ertugrul YASAR (email available below). General contact details of provider: https://edirc.repec.org/data/ifisttr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.