2022
DOI: 10.1177/00472875211072551
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Economic Policy Uncertainty and International Tourism Demand: A Global Vector Autoregressive Approach

Abstract: In a globalized environment, a major shock or event can reverberate across tourism interdependent countries over time. This paper aims to empirically examine how economic policy uncertainty (EPU) emanating from a large country may influence inbound and outbound tourism in other countries. Using Global Vector Autoregressive (GVAR) model and two alternative measures of EPU, the study finds the modeled effects of EPU are dependent on the source of EPU measures, level of internationalization, and type of trade-wei… Show more

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Cited by 22 publications
(8 citation statements)
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“…Recent years have witnessed an expanding body of literature on the role of EPU in tourism (Wu and Wu, 2019a, 2019b, 2021; Wu et al, 2021a), such as in terms of tourism demand, tourist arrivals, tourist expenditure, and operations management. Certain studies have revolved around the relationship between EPU and tourism demand (Canh Phuc et al, 2020; Kuok et al, 2022). Gozgor and Ongan (2017) investigated the effects of EPU on tourism demand in the United States.…”
Section: Literature Reviewmentioning
confidence: 99%
See 1 more Smart Citation
“…Recent years have witnessed an expanding body of literature on the role of EPU in tourism (Wu and Wu, 2019a, 2019b, 2021; Wu et al, 2021a), such as in terms of tourism demand, tourist arrivals, tourist expenditure, and operations management. Certain studies have revolved around the relationship between EPU and tourism demand (Canh Phuc et al, 2020; Kuok et al, 2022). Gozgor and Ongan (2017) investigated the effects of EPU on tourism demand in the United States.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Many studies have addressed the relationship between EPU and tourism. Several scholars have examined the impact of EPU on tourism demand (Gozgor and Ongan, 2017; Ongan and Gozgor, 2018; Isik et al, 2020; Sharma and Khanna, 2021; Kuok et al, 2022). Others have considered the association between EPU and tourist arrivals (Tendai and Chikobvu, 2017; Ongan and Gozgor, 2018; Tiwari et al, 2019; Ding et al, 2022; Payne et al, 2022).…”
Section: Literature Reviewmentioning
confidence: 99%
“…Since demand elasticities vary across different market origins, maintaining a diversified product portfolio can lead to an optimal distribution of visitor nationalities that minimizes the variation in their expenditure (Chen et al, 2011). Recent tourism demand studies show that international tourism demand does not respond uniformly to economic and political uncertainty in every country (Kuok et al, 2022). In particular, those countries with many attractive destinations appear to be less affected by adverse events and more resilient even after multiple shocks (Balli et al, 2019).…”
Section: Theoretical Link Between Diversification and Tourismmentioning
confidence: 99%
“…In the tourism economics context, cross-sectional dependence arises from the fact that tourists flowing from different origins to a particular destination may be affected by many common factors (e.g., outbreaks of disasters/crises), which can lead to a common pattern of tourist flows across origins (Morley et al, 2014). Other sources of cross-sectional dependence could be economic policy uncertainties in a large country such as China, which is a major trading partner for many countries (Kuok et al, 2023).…”
Section: Introductionmentioning
confidence: 99%