Global Economic Policy Uncertainty and Tourism of Fragile Five Countries: Evidence from Time and Frequency Approaches

Wu, Tsung-Pao; Wu, Hejun

doi:10.1177/0047287520921245

Cited by 34 publications

(21 citation statements)

References 37 publications

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“…1% rise in GEPU of the previous period leads to a fall in international tourism demand in Australia by 4.34% (AMG) method and 0.69% (CCEMG) method, respectively. Wu and Wu ( 2020 ) recommend that since tourism is sensitive to GEPU governments of the individual destination countries must pay attention to improving peace and security conventions.…”

Section: Resultsmentioning

confidence: 99%

Modelling inbound international tourism demand in Australia: Lessons from the pandemics

Ghosh¹

2021

Journal of Tourism Research

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The study explores how international tourism demand in Australia is impacted not only by traditional economic factors but also by uncertainty and risk emanating from pandemics. Using an augmented demand model the paper examines the main determinants of tourism in Australia during the favourable period and what lessons can be drawn to reboot international tourism in the post‐pandemic situation. To the best of our knowledge, this study is the first of its kind, which employs a robust second‐generation panel model to examine the impact of pandemic augmenting economic uncertainty upon the international tourism demand in Australia.

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Section: Resultsmentioning

confidence: 99%

Modelling inbound international tourism demand in Australia: Lessons from the pandemics

Ghosh¹

2021

Journal of Tourism Research

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“…Following the global financial crisis of 2008—the Great Recession—and the covid-19 pandemic, which decimated the country, the government and policymakers in South Africa have increasingly focused on uncertainty. For example, millions of South Africans lost their money, houses, and jobs as a result of the global financial crisis of 2008 (Wu and Wu 2021 ). The crisis wreaked havoc on the country's economy and created so much uncertainty that no one, even the government and policymakers, knew what the country's future contained.…”

Section: Introductionmentioning

confidence: 99%

“…Kisten ( 2020 ) discovered that EPU decreases industrial production and the actual effective exchange rate using a time-varying parameter (TVP) VAR approach for the period 1990–2015. Wu and Wu ( 2021 ), who studied the EPU-tourism nexus in South Africa, found a favourable link between EPU and tourist activities. Balcilar et al ( 2017 ) looked at the consequences of monetary policy uncertainty in South Africa and found that when uncertainty rises, interest rates, inflation, and production fall.…”

Section: Introductionmentioning

confidence: 99%

Investigating the moderating role of economic policy uncertainty in environmental Kuznets curve for South Africa: Evidence from the novel dynamic ARDL simulations approach

Udeagha

Muchapondwa

2022

Environ Sci Pollut Res

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South Africa, one of the emerging markets and fast-developing economies in Sub-Saharan Africa recognised for varying world’s natural assets on the international market, has recorded significant economic growth in the previous several years. However, aside from the ecological repercussions of energy generation, how economic uncertainties moderate the effects of energy intensity, renewable and non-renewable energy usage, and economic complexity on the environment has largely gone unnoticed. As a result, this paper addresses an important empirical vacuum by exploring the moderating influence of economic policy uncertainty in the environmental Kuznets curve for South Africa from 1960 to 2020. Results from the novel dynamic autoregressive distributed lag simulations framework reveal the following key findings: (i) economic policy uncertainty accelerates environmental degradation in both the short and long run; (ii) economic growth (as measured by the scale effect) increases environmental degradation, whereas the square of economic growth (as measured by the technique effect) slows it down, confirming the presence of the environmental Kuznets curve (EKC) hypothesis; (iii) environmental quality is deteriorated by energy intensity, economic complexity, non-renewable energy usage, and trade openness; (iv) the use of renewable energy and technological innovation increase environmental quality; (v) whereas the moderating effects of economic policy uncertainty on the environmental impacts of energy intensity, renewable and non-renewable energy consumption result in an increase in environmental destruction, its moderating effect on environmental implication of economic complexity plays an important role in improving environmental quality. These findings permit us to draw important policy recommendations for South Africa for improving environmental quality.

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“…While a sizeable empirical literature has explored the negative impacts of economic policy uncertainty on international tourist arrivals (Shahzad et al, 2022; Tiwari et al, 2019; Wu & Wu, 2021), the findings continue to be ambiguous. Another strand in the literature has explored how the Geopolitical Index influences the tourism sector adversely (Balli et al, 2019; Lee, Olasehinde‐Williams, et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

The effect of global volatility, uncertainty and geopolitical risk factors on international tourist arrivals in Asia

Doğan

Ghosh²,

Tiwari

et al. 2022

Journal of Tourism Research

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The major tourist destinations in the Asian region are promoting and maintaining a conducive tourism environment. The susceptibility of the major tourist destinations in Asia to the uncertainties may encumber the arrival of international tourists. However, to the best of our understanding the research in this area is scant. Further though the tourism-uncertainty nexus has been widely explored in the literature, the deliberations in a time-varying and frequency-domain framework continue to be ignored. Thus, building upon the earlier deficiencies this study, investigates in a time and scale varying framework the tourism uncertainty/risk nexus for Singapore and Malaysia, two major tourist destinations in the Asian region. This article endeavors to investigate the role of world policy uncertainty, US Monetary Policy Uncertainty, geopolitical risk, Global Financial Stress Index and market volatility on international tourist arrivals in Malaysia and Singapore. To the best of our understanding, this study is the foremost to scrutinize the interrelatedness between these variables in a multivariate wavelet causality framework, from January 2000 to April 2020. Our results show that the global uncertainties manifested through different macro-based indicators affect international tourism demand for the destination countries. During the subprime crisis, Euro-crisis and the pandemics significant coherencies are perceptible. The major empirical findings of the impact of uncertainty indicators and geopolitical risk on international tourist arrivals over the recent period have important implications for policy makers and practitioners.

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Global Economic Policy Uncertainty and Tourism of Fragile Five Countries: Evidence from Time and Frequency Approaches

Cited by 34 publications

References 37 publications

Modelling inbound international tourism demand in Australia: Lessons from the pandemics

Modelling inbound international tourism demand in Australia: Lessons from the pandemics

Investigating the moderating role of economic policy uncertainty in environmental Kuznets curve for South Africa: Evidence from the novel dynamic ARDL simulations approach

The effect of global volatility, uncertainty and geopolitical risk factors on international tourist arrivals in Asia

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