Estimating the Swedish and Norwegian international tourism demand using (ISUR) technique

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Estimating the Swedish and Norwegian international tourism demand using (ISUR) technique

Author Info

Salman, A. Khalik () (Department of Social Sciences, Mid Sweden University)
Arnesson, Leif () (Department of Social Sciences, Mid Sweden University)
Sörensson, Anna () (Department of Social Sciences, Mid Sweden University)
Shukur, Ghazi () (Centre for Labour Market Policy Research (CAFO))

Abstract

This paper estimates the demand for tourism to Sweden and Norway for five countries: Denmark, the United Kingdom, Switzerland, Japan, and the United States. For each visiting country, and for Sweden and Norway, we specify separate equations by including relative information. We then estimate these equations using Zellner’s Iterative Seemingly Unrelated Regressions (ISUR). The benefit of this model is that the ISUR estimators utilize the information present in the error correlation of the cross regressions (or equations) and hence are more efficient than single equation estimation methods such as ordinary least squares. Monthly time series data from 1993:01 to 2006:12 are used. The results show that the consumer price index, some lagged dependent variables, and several monthly dummies(representing seasonal effects) have a significant impact on the number of visitors to the SW6 region in Sweden and Tröndelag in Norway. We also find that, in at least some cases, relative prices and exchange rates have a significant effect on international tourism demand.

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Publisher Info
Paper provided by Centre for Labour Market Policy Research (CAFO), School of Management and Economics, Växjö University in its series CAFO Working Papers with number 2009:12.

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Length: 45 pages
Date of creation: 12 May 2009
Date of revision:
Handle: RePEc:hhs:vxcafo:2009_012

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Postal: Centre for Labour Market Policy Research (CAFO), Dept of Economics and Statistics, School of Management and Economics, Växjö University, SE 351 95 Växjö, Sweden
Phone: +46 470 70 87 64
Web page: http://www.vxu.se/ehv/english/research/research_fields/cafo/
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Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-05-23 (All new papers)
NEP-CUL-2009-05-23 (Cultural Economics)
NEP-TUR-2009-05-23 (Tourism Economics)

References listed on IDEAS
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Godfrey, Leslie G, 1978. "Testing for Higher Order Serial Correlation in Regression Equations When the Regressors Include Lagged Dependent Variables," Econometrica, Econometric Society, vol. 46(6), pages 1303-10, November. [Downloadable!] (restricted)
Shukur, Ghazi, 2002. "Dynamic Specification and Misspecification in Systems of Demand Equations: A Testing Strategy for Model Selection," Applied Economics, Taylor and Francis Journals, vol. 34(6), pages 709-25, April. [Downloadable!] (restricted)

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