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Causality and Contagion in EMU Sovereign Debt Markets

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Author Info

  • Rafael L. Myro

    (Universidad Complutense de Madrid, Departamento de Economía Aplicada II)

  • Belén Rey

    ()
    (Universidad Complutense de Madrid, Departamento de Economía Aplicada II)

  • Pablo I. Hernández

    (Universidad Carlos III)

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    Abstract

    This article presents an estimate of the impact of low-cost airlines on Spanish tourism arriving from the principal EU-15 member states during the first decade of the 21st century by means of a multivariate analysis of tourist demand. The effects of low-cost companies (LCCs) on expenditure and on the number of tourists are separated. The expansion in low-cost airlines have had a positive and strong effect on the number of tourists but seems not to have influenced at all the aggregate expenditure made by them as the expenditure by tourist has decreased perhaps due to an increasing number of tourist with higher frugality or lesser income. This result could be regarded as a useful guide to policy makers when they subsidize LCCs.

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    File URL: http://www.aeefi.com/RePEc/pdf/defi14-04.pdf
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    Bibliographic Info

    Paper provided by Asociación Española de Economía y Finanzas Internacionales in its series Working Papers with number 14-04.

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    Length: 34 pages
    Date of creation: Feb 2014
    Date of revision:
    Handle: RePEc:aee:wpaper:1404

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    Related research

    Keywords: Air Transport; Low Cost Airlines; Tourist demand;

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