Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

PL EN


2014 | 1(43) | 15-26

Article title

Determinants of tourism demand in Greece: a panel data approach

Content

Title variants

Languages of publication

EN

Abstracts

This paper aims at investigating the determinants of tourism demand in Greece over eight years (2004-2011). Tourism is the main industry of Greece as its share in the Greek economy varies from 15% to 20% of GDP whether measured directly or indirectly respectively. We opted for a macroeconometric approach and, in particular, building on the existing literature we used panel data estimation techniques with disaggregated data on the country (or area) of origin combined with macroeconomic aggregates, indicators and (relative) price indices. The specific econometric techniques used take into account both the statistical properties of variables and the differences between the various cross sections. The main conclusion of the paper is that the macroeconometric panel data approach to explaining tourist receipts provides a rather satisfactory model fit, with explanatory variables explaining a significant part of the variability of the dependent variable. Our findings also suggest that certain policy directions identified by Greek governments (both in the present and past), such as enhancing competitiveness and the outward orientation of the economy, may indeed affect positively the prospects of the Greek tourism sector.

Contributors

References

  • Choi I., Unit root tests for panel data, “Journal of International Money and Finance” 2001, no. 20, pp. 249-272.
  • Crouch G.I., The study of international tourism demand: a review of practice, “Journal of Travel Research” 1994, no. 33, pp. 41-54.
  • Dwyer L., Forsyth P., Dwyer W., Tourism Economics and Policy, Channel View Publications, London 2010.
  • Eadington J.R., Redman M., Economics and tourism, “Annals of Tourism Research” 1991, no. 18, pp. 41-56.
  • Hall C.M., Page C.J., The Geography of Tourism and Recreation: Environment, Place and Space, Routledge, London 2006.
  • Im K.S., Pesaran M.H., Y. Shin, Testing for unit roots in heterogeneous panels, “Journal of Econometrics” 2003, pp. 115, 53-74.
  • Levin A., Lin C.F., Chu C., Unit root tests in panel data: asymptotic and finite-sample properties, “Journal of Econometrics” 2002, no. 108, pp. 1-24.
  • Lew A.A., Hall C.M., Williams A.M., A companion to tourism, Blackwell, Oxford 2004.
  • Lim C., A meta-analysis review of international tourism demand, “Journal of Travel Research” 1999, no. 37, pp. 273-284.
  • Lim C., Tourism Demand Modeling: Issues and Implications, [in:] L. Dwyer and P. Forsyth (eds.), International Handbook of Tourism Economics, Edward Elgar, London 2006.
  • Maddala G.S., Wu S., A comparative study of unit root tests with panel data and a new simple test, “Oxford Bulletin of Economics and Statistics” 1999, no. 61, pp. 631-52.
  • Naude W.A., Saayman A., Determinants of tourist arrivals in Africa: a panel data regression analysis, “Tourism Economics” 1985, no. 11, pp. 365-391.
  • Phillips P., Moon H.R., Linear Regression Limit Theory for Nonstationary Panel Data, Cowles Foundation for Research in Economics, Yale University, 1999.
  • Saayman A., Saayman M., The determinants of Inbound Tourism to South Africa, ”Tourism Economics” 2008, no. 14(1), pp. 81-96.
  • Sheldon P.J., A Review of Tourism Expenditure Research, [in:] C.P. Cooper (ed.), Progress in Tourism, Recreation and Hospitality Management, vol. 2, Belhaven, London 1990.
  • Song H., Li G., Tourism demand modelling and forecasting – A review of recent research, “Tourism Management” 2008, vol. 29, no. 2, pp. 203-220.
  • Stabler M., Papatheodorou A., Sinclair T.M., The Economics of Tourism, Routledge Publishers, New York 2010.
  • Van der Merwe P., Saayman M., Krugell W.F., The determinants of the spending of biltong hunters, “South African Journal of Economics and Management Sciences” 2007, no. 10(2), pp. 184-194.
  • Wahab S., Cooper C., Tourism in the Age of Globalization, Routledge, London 2001.
  • Wanhill S.R.C., “What tourism economists do”, paper delivered to the 6th DeHaan Tourism management Conference, Tourism and Travel Research Institute, 2007.
  • Witt C., Witt S., Forecasting tourism demand: A review of empirical research, “International Journal of Forecasting” 1995, no. 11, 3, pp. 447-475.
  • Zaki A., An econometric model forecasting egypt’s aggregate international tourism demand and revenues, “Tourism and Hospitality Planning & Development” 2008, no. 5(3), pp. 215-232.

Document Type

Publication order reference

Identifiers

YADDA identifier

bwmeta1.element.desklight-71d16f72-3729-41f2-b3cf-deb3a5ee43ed
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.