An Analysis of Foreign Tourism Demand for Croatian Destinations: Long-Run Elasticity Estimates
AbstractGiven that tourism is a significant source of export revenues for Croatia, it is vital for policymakers to understand the factors affecting foreign tourism demand for Croatian destinations. This study provides long-run elasticity estimates associated with the aggregate foreign tourism demand for Croatian destinations in the period 1994:1-2004:4 using the autoregressive distributed lag (ARDL) approach. Foreign tourism demand is proxied by the aggregate number of foreign overnight stays in Croatia. The long-run elasticity estimates indicate that tourism demand is positive and highly elastic with respect to the income of tourist-generating countries. Moreover, tourism demand is adversely affected by the political conflicts in the 1990s. The real exchange rate and transportation costs are not statistically significant determinants of foreign tourism demand.
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Bibliographic InfoPaper provided by The Institute of Economics, Zagreb in its series Working Papers with number 0701.
Length: 21 pages
Date of creation: Feb 2007
Date of revision:
Publication status: Published - Mervar, Andrea i James E. Payne, 2007, «Analysis of Foreign Tourism Demand for Croatian Destinations: Long-Run Elasticity Estimates», Tourism Economics, 13(3), September, pp. 407-420.
tourism demand; cointegration; ARDL; Croatia;
Find related papers by JEL classification:
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
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