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Risk Management of Daily Tourist Tax Revenues for the Maldives

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Author Info

  • Michael McAleer

    (University of Western Australia)

  • Riaz Shareef

    (University of Western Australia)

  • Bernardo da Veiga

    (University of Western Australia)

Abstract

International tourism is the principal economic activity for Small Island Tourism Economies (SITEs). There is a strongly predictable component of international tourism, specifically the government revenue received from taxes on international tourists, but it is difficult to predict the number of international tourist arrivals which, in turn, determines the magnitude of tax revenue receipts. A framework is presented for risk management of daily tourist tax revenues for the Maldives, which is a unique SITE because it relies entirely on tourism for its economic and social development. As these receipts from international tourism are significant financial assets to the economies of SITEs, the time-varying volatility of international tourist arrivals and their growth rate is analogous to the volatility (or dynamic risk) in financial returns. In this paper, the volatility in the levels and growth rates of daily international tourist arrivals is investigated.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2005.137.

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Date of creation: Oct 2005
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Handle: RePEc:fem:femwpa:2005.137

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Keywords: Small Island Tourism Economies (SITEs); International tourist arrivals; Tourism tax; Volatility; Risk; Value-at-Risk (VaR); Sustainable Tourism-@-Risk (ST@R);

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Cited by:
  1. Xavier Labandeira & Alberto Gago & Fidel Picos & Miguel Rodríguez, 2006. "Taxing Tourism in Spain: Results and Recommendations," Working Papers 2006.40, Fondazione Eni Enrico Mattei.
  2. Guido Candela & Paolo Figini & Antonello E. Scorcu, 2005. "The Economics of Local Tourist Systems," Working Papers 2005.138, Fondazione Eni Enrico Mattei.
  3. Antonio Menezes & Ainura Uzagalieva, 2013. "The Demand of Car Rentals: a Microeconometric Approach with Count Models and Survey Data," Review of Economic Analysis, Rimini Centre for Economic Analysis, vol. 5(1), pages 25-41, June.

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