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What Attracts Tourists to Paradise?

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Author Info
Evridiki Tsounta
Abstract

This paper investigates the determinants of tourism demand in the Eastern Caribbean Currency Union. We estimate the demand function in a panel setting using annual data from 1979 to 2005. Results show that tourism arrivals are significantly affected by economic developments in the source countries, while price considerations and external shocks (such as hurricanes and wars) are also important. Supply factors, such as developments in foreign direct investment and the number of airlines servicing a destination, are also found to be significant determinants of tourism demand.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/277.

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Length: 20 pages
Date of creation: 10 Dec 2008
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Handle: RePEc:imf:imfwpa:08/277

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Related research
Keywords: Tourism ; Caribbean ; Eastern Caribbean Currency Union ; Demand ; Supply ; External shocks ; Prices ; Foreign direct investment ; Economic models ;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Witt, Stephen F. & Witt, Christine A., 1995. "Forecasting tourism demand: A review of empirical research," International Journal of Forecasting, Elsevier, vol. 11(3), pages 447-475, September. [Downloadable!] (restricted)
  2. Lisa C. Chase & David R. Lee & William D. Schulze & Deborah J. Anderson, 1998. "Ecotourism Demand and Differential Pricing of National Park Access in Costa Rica," Land Economics, University of Wisconsin Press, vol. 74(4), pages 466-482. [Downloadable!] (restricted)
  3. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund. [Downloadable!]
  4. Rishi Goyal & Jingqing Chai, 2008. "Tax Concessions and Foreign Direct Investmentin the Eastern Caribbean Currency Union," IMF Working Papers 08/257, International Monetary Fund.
  5. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
  6. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July. [Downloadable!] (restricted)
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  7. Gonzalez, Pilar & Moral, Paz, 1995. "An analysis of the international tourism demand in Spain," International Journal of Forecasting, Elsevier, vol. 11(2), pages 233-251, June. [Downloadable!] (restricted)
  8. Rafael Romeu, 2008. "Vacation Over: Implications for the Caribbean of Opening U.S.-Cuba Tourism," IMF Working Papers 08/162, International Monetary Fund.
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