AN ECONOMETRIC ANALYSIS OF DEMAND FOR TOURISM IN THE SELECTED COUNTRIES

Main Article Content

Ceyhun Can Ozcan
Muhsin Kar

Keywords

Demand for Tourism, Tourism Sector, Panel Data, Cointegration, Determinants of Tourism

Abstract

Tourism sector plays an important role in economic development and therefore many countries try to develop various policies on this sector to maximize its impacts on the economy. Empirical researches on this topic provide highly valuable information for the policy makers both in public and private sectors. The aim of this study is, therefore, to empirically investigate the determinants of tourism demand for the most attractive top ten countries (France, United States, China, Spain, Italy, Turkey, Germany, United Kingdom, Russia, Malaysia) for tourists by employing the recently developed tools of panel econometrics for the period of 1995-2011. Empirical findings show that macroeconomic factors as such income, price level, supply capacity, exchange rate and political stability have statistically significant effects on the demand for tourism in the top ten countries in the world tourism sector.

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