Income and Price Elasticities of the Italian Exports in Tourism Services - Elasticità rispetto al reddito e ai prezzi relativi delle esportazioni italiane di servizi turistici
This paper investigates the long-run determinants of the Italian exports in tourism services during the 1990-2007 period. The estimation is undertaken using a Cointegrated Vector Autoregressive analysis. The results suggest a significant and robust long-run cointegration relationship among demand for exports of tourism, price competitiveness and foreign income. In particular, real income and tourism price were found to have elastic long-term effects on real export revenues, while price of travel exhibits a more contained impact on export flows. The price for tourism services turns out to be the main driver of the Italian exports of tourism. - Il presente lavoro analizza le determinanti di lungo periodo delle esportazioni italiane di servizi turistici dal 1990 al 2007. La stima è effettuata utilizzando un’analisi di cointegrazione vettoriale autoregressiva. I risultati suggeriscono un rapporto significativo e robusto di cointegrazione di lungo periodo tra la domanda di esportazioni del turismo, la competitività di prezzo e il reddito estero. In particolare, i risultati hanno evidenziato che variazioni nel reddito in termini reali e nella competitività di prezzo dei servizi turistici comportano variazioni significativamente elevate nel lungo periodo del valore delle esportazioni reali. Le variazioni dei prezzi dei trasporti hanno, invece, un impatto significativamente più debole sul valore delle esportazioni. La competitività di prezzo, quindi, si rivela essere il motore principale dei flussi di export di servizi turistici.
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Volume (Year): 63 (2010)
Issue (Month): 4 ()
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