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Tourism spending behaviour before and after the 2008 financial crisis

Author

Listed:
  • Ksenija DumiÄ ić

    (University of Zagreb, Croatia)

  • Josip Mikulić

    (University of Zagreb, Croatia)

  • Anita ÄŒeh ÄŒasni

    (University of Zagreb, Croatia)

Abstract

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

Suggested Citation

  • Ksenija DumiÄ ić & Josip Mikulić & Anita ÄŒeh ÄŒasni, 2017. "Tourism spending behaviour before and after the 2008 financial crisis," Tourism Economics, , vol. 23(1), pages 223-228, February.
    • Handle: RePEc:sae:toueco:v:23:y:2017:i:1:p:223-228
    DOI: 10.5367/te.2015.0528
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    References listed on IDEAS

    as
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