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The time–frequency causal effect of COVID-19 outbreaks on the tourism sector: evidence from the European zone

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  • Rabeh Khalfaoui
  • Salma Mefteh-Wali
  • Ben Jabeur Sami
  • Aviral Kumar Tiwari

Abstract

This study examines the time–frequency causal effect of the novel coronavirus (COVID-19) pandemic on the European tourism sector. To do that, we use the wavelet coherence and phase difference framework, which enables us to investigate the causal interplays and business cyclical co-movement between COVID-19 crisis and the European tourism sector at several investment horizons. Our main results are as follows. First, the COVID-19 outbreaks significantly and highly affected the European tourism sector. Second, mid- and long-term causal effects of the recent outbreaks are greater than the effects on the short-term horizon. Third, the transmission channel from COVID-19 crisis to the European tourism sector decreases slowly as wavelet scales increase. Further, our empirical findings afford various policy implications to investors and tourism actors.

Suggested Citation

  • Rabeh Khalfaoui & Salma Mefteh-Wali & Ben Jabeur Sami & Aviral Kumar Tiwari, 2022. "The time–frequency causal effect of COVID-19 outbreaks on the tourism sector: evidence from the European zone," Current Issues in Tourism, Taylor & Francis Journals, vol. 25(24), pages 3973-3993, December.
    • Handle: RePEc:taf:rcitxx:v:25:y:2022:i:24:p:3973-3993
    DOI: 10.1080/13683500.2022.2043834
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