Gabriel Ahlfeldt () (Chair for Economic Policy, University of Hamburg) Bastian Franke Wolfgang Maennig () (Chair for Economic Policy, University of Hamburg)
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This paper analyses how German tourists react to unanticipated shocks that alter their risk perception of selected tourism destinations. Using a difference-in-difference strategy which flexibly accounts for macroeconomic conditions and also addresses potential problems of serial correlation, we isolate significant effects of the 9/11 (2001) terrorist attacks, as well as for the attacks in Egypt (1997), Tunisia (2002), Morocco (2003) and Indonesia (2003). These terror attacks impacted especially on Islamic countries all over the world, indicating a transmission mechanism driven by ethnic and religious proximity. At the same time, tourism into Islamic countries was temporarily substituted by tourism to (south) European countries.
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Paper provided by Chair for Economic Policy, University of Hamburg in its series Working Papers with number
024.
Length: 22 pages Date of creation: 2009 Date of revision: Publication status: Published in Hamburg Contemporary Economic Discussions, Issue 24, 2009 Handle: RePEc:hce:wpaper:024
Find related papers by JEL classification: R19 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Other D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
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