Tourism price causalities: Case of an Adriatic country

Gričar, Sergej; Bojnec, Štefan

doi:10.1002/jtr.2163

Cited by 9 publications

(5 citation statements)

References 26 publications

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“…where is dependent variable, Π 1 first lagged matrix of observed time-series −1 on lag one, Π 2 second matrix of lag two for observed time-series −2 , Π lagged timeseries matrices, and are unknown parameters as sums of squares of the residuals (10).…”

Section: Methodsmentioning

confidence: 99%

“…to illustrate the intuition of two autonomous shocks 1 as a real shock causing aggregate supply on institutional policy and 2 causing the low demand tourist services causing aggregate demand (10). The long-term stochastic trend in prices is twice accumulated with shocks, ∑ ∑ 1 , and the cyclical component, , by once accumulated nominal shocks, ∑ 1 , and once accumulated real shocks, ∑ 2 , other intervention dummy variables, , and in (8) the econometric decomposition of the influenced data vector is given (Juselius, 2009…”

Section: Empirical Settingsmentioning

confidence: 99%

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An explorative study of tourism time series: Evidence from Slovenia and Croatia

Gričar

Baldigara

2019

Croatian Review of Economic, Business and Social Statistics

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This paper investigates the long-term cointegration between tourism prices and domestic inflation in Croatia and Slovenia. Those two countries share a common economic history and statistical crispness in the 20th century, the time when Econometrics was not a blossoming topic. The two countries split the common economic path in the 1990s and since then, econometricians have been tackling different development issues and researches. The purpose of the paper is to stress the importance of using a well-designed time-series methodology when dealing with multiple variables estimation and evaluation as well in designing adequate and efficient quantitative models, capable to provide valuable forecasts and predict external shocks. It is assumed that, at the basis of an efficient quantitative model, there is a need of unit root and errors normal distribution testing. To test the covariance of cointegration between tourism prices and domestic inflation, the vector autoregressive model (VAR) model is used on 260 valid monthly time-series observations (~ 22 years). The results have shown that prices of short-stay accommodation in Slovenia are cointegrated with domestic inflation, whereas in Croatia there is no stable cointegration vector on prices of accommodation services if / when analysed using the intervention dummy variables and a constant. Although the results indicate that the research hypothesis is generally confirmed, better and more robust results could be obtained including mean-shift dummy variables in a VAR model.

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Section: Methodsmentioning

confidence: 99%

Section: Empirical Settingsmentioning

confidence: 99%

An explorative study of tourism time series: Evidence from Slovenia and Croatia

Gričar

Baldigara

2019

Croatian Review of Economic, Business and Social Statistics

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“…Comparative research on destination pricing has examined the integration of hospitality pricing in various countries, such as Montenegro and Slovenia (Gričar et al, 2022). In addition, studies have compared hotel room prices between popular destinations in the US and elsewhere (Mathur, 2019) and examined hospitality prices in Slovenia relative to prices in the Eurozone (Gričar & Bojnec, 2018). To further enhance our understanding of destination pricing, research has found spatial price differentiation in tourist attraction tickets in China (Wang, Wu et al, 2021).…”

Section: Research On Price Determinantsmentioning

confidence: 99%

Focal Points in Recent Tourism Price Research

Nemec Rudež

2024

Tourism (Zagreb, Online)

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The article aims to provide a comprehensive overview of recent academic studies on pricing in tourism and to deepen the understanding of the recently prevailing research streams on this topic. This article reviews research articles on tourism pricing published in journals in the Scopus database between 2017 and early 2023. An analysis of the selected literature identifies three research streams on pricing: research on price determinants, price development and customers’ price decisions. In terms of methodology, empirical studies predominate, and in terms of period, the distribution over the years shows a stable and consistent level of research activity. The article is essential for further research in the field by presenting a synthesis of recent academic work.

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“…According to the actual and credible data sources, CEPOR (2018) and SORS (2018), the number of SMEs and SMEs per capita in Croatia are less than in Slovenia. However, SMEs constitute the most dynamic sector The factors constraining innovation performance of SMEs in Croatia Cahyadin (2017) The relationship between macroeconomic variables and small-andmedium-enterprises in Indonesia de Elejalde, Giuliodori, and Stucchi (2015) Employment and innovation: firm-level evidence from Argentina Gri car and Bojnec (2018) Granger Causalities, Slovenia Gri car et al (2016) Granger Causalities, Slovenia and Montenegro Mahadea and Kaseeram (2018) GDP, unemployment and entrepreneurship Mamman et al (2019) SMEs, GDP growth and unemployment Nelson and Winter (1982) GDP growth theory Poto can and Nedelko (2014) SMEs in Slovenia Ramadani and Dana (2013) Entrepreneurship in the Balkans Viti c and Ringer (2008) Historical path of Slovenia and Croatia of their economies, relative to large enterprises. Generally, the SME sector comprises of relatively younger, more leveraged, more profitable and faster growing enterprises and flexible operations (Klapper, Sarria-Allende, & Sulla, 2002;Sirec & Mo cnik, 2016).…”

Section: Literature Overviewmentioning

confidence: 99%

Small and medium enterprises led-growth in two Adriatic countries: Granger causality approach

Gričar

Šugar

Bojnec

2019

Economic Research-Ekonomska Istraživanja

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This paper investigates causal relationships between gross domestic product (GDP) and the number of small and medium sized enterprises (SMEs) controlled for unemployment rates (UNR) within Slovenia and Croatia. Macro-economic time series data on GDP, SMEs and UNR are analysed in a unit root framework and applied regression analysis. These processes are known as the Johansen co-integration test and Granger-Causality-test. The results show that UNR, GDP and SMEs did not have causal relationships in Croatia between January 2008 and December 2013. UNR and SMEs have a bidirectional relationship in Slovenia with a greater number of SMEs per capita than in Croatia. During their economic recovery period between January 2014 and December 2017, Slovenia and Croatia have experienced the causal unidirectional relation from SMEs to GDP as a positive signal under seen to policy makers on usefulness of investment in SMEs during economic prosperity. The results of a vector autoregressive model suggest a 1% change in the number of SMEs in Croatia decreases GDP in the time of crisis by almost 1.8%. For Slovenia, there is no statistically significant cointegration vector pertained to SMEs-led growth. Finally, the unidirectional causality relation from SMEs to UNR is statistically significant for Slovenia.

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Tourism price causalities: Case of an Adriatic country

Cited by 9 publications

References 26 publications

An explorative study of tourism time series: Evidence from Slovenia and Croatia

An explorative study of tourism time series: Evidence from Slovenia and Croatia

Focal Points in Recent Tourism Price Research

Small and medium enterprises led-growth in two Adriatic countries: Granger causality approach

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