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Income and Price Elasticities of the Italian Exports in Tourism Services - Elasticità rispetto al reddito e ai prezzi relativi delle esportazioni italiane di servizi turistici

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  • Algieri, Bernardina

    () (Dipartimento di Economia e Statistica Università della Calabria)

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    Abstract

    This paper investigates the long-run determinants of the Italian exports in tourism services during the 1990-2007 period. The estimation is undertaken using a Cointegrated Vector Autoregressive analysis. The results suggest a significant and robust long-run cointegration relationship among demand for exports of tourism, price competitiveness and foreign income. In particular, real income and tourism price were found to have elastic long-term effects on real export revenues, while price of travel exhibits a more contained impact on export flows. The price for tourism services turns out to be the main driver of the Italian exports of tourism. - Il presente lavoro analizza le determinanti di lungo periodo delle esportazioni italiane di servizi turistici dal 1990 al 2007. La stima è effettuata utilizzando un’analisi di cointegrazione vettoriale autoregressiva. I risultati suggeriscono un rapporto significativo e robusto di cointegrazione di lungo periodo tra la domanda di esportazioni del turismo, la competitività di prezzo e il reddito estero. In particolare, i risultati hanno evidenziato che variazioni nel reddito in termini reali e nella competitività di prezzo dei servizi turistici comportano variazioni significativamente elevate nel lungo periodo del valore delle esportazioni reali. Le variazioni dei prezzi dei trasporti hanno, invece, un impatto significativamente più debole sul valore delle esportazioni. La competitività di prezzo, quindi, si rivela essere il motore principale dei flussi di export di servizi turistici.

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    Bibliographic Info

    Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

    Volume (Year): 63 (2010)
    Issue (Month): 4 ()
    Pages: 381-405

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    Handle: RePEc:ris:ecoint:0603

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    Related research

    Keywords: CVAR Analysis; Long-run Price; Income Elasticities;

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    1. Irving B. Kravis & Robert E. Lipsey, 1982. "Towards an Explanation of National Price Levels," NBER Working Papers 1034, National Bureau of Economic Research, Inc.
    2. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct.
    3. Witt, Stephen F. & Witt, Christine A., 1995. "Forecasting tourism demand: A review of empirical research," International Journal of Forecasting, Elsevier, vol. 11(3), pages 447-475, September.
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    6. Ogaki, Masao, 1992. "Engel's Law and Cointegration," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 1027-46, October.
    7. Gonzalo, Jesus, 1994. "Five alternative methods of estimating long-run equilibrium relationships," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 203-233.
    8. Daniela Federici & Daniela Marconi, 2001. "On exports and economic growth: the case of Italy," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 11(3), pages 323-340.
    9. Jonathan Haskel & Holger Wolf, 2000. "From Big Macs to iMacs," World Economics, World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 1(2), pages 167-178, April.
    10. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, September.
    11. Kravis, Irving B. & Lipsey, Robert E., 1978. "Price behavior in the light of balance of payments theories," Journal of International Economics, Elsevier, vol. 8(2), pages 193-246, May.
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