Economic policy uncertainty and tourism: evidence from the heterogeneous panel

Akadiri S. S., Alola A. A., Uzuner G.

Current Issues in Tourism, cilt.23, sa.20, ss.2507-2514, 2020 (SSCI) identifier

  • Yayın Türü: Makale / Kısa Makale
  • Cilt numarası: 23 Sayı: 20
  • Basım Tarihi: 2020
  • Doi Numarası: 10.1080/13683500.2019.1687662
  • Dergi Adı: Current Issues in Tourism
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, Agricultural & Environmental Science Database, Aquatic Science & Fisheries Abstracts (ASFA), CAB Abstracts, Geobase, Hospitality & Tourism Complete, Hospitality & Tourism Index, PAIS International, Sociological abstracts, Veterinary Science Database
  • Sayfa Sayıları: ss.2507-2514
  • Anahtar Kelimeler: economic growth, Economic policy uncertainty, heterogeneous panel, panel approach, tourism arrival
  • İstanbul Gelişim Üniversitesi Adresli: Hayır

Özet

© 2019 Informa UK Limited, trading as Taylor & Francis Group.In this paper, we examine whether tourism predicts economic policy uncertainty or not in three regions of America, Europe, and Asia-pacific, using annual frequency panel data that consist of 12 countries in a multivariate Granger causality model that incorporates economic growth as an additional variable over the periods 1995–2016. Using the panel Granger causality method as advanced by Emirmahmutoglu and Kose [(2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870–876.] that produces country-specific Granger causality test statistic and also controlled for heterogeneity in panel data, we found two-way causality relationship between ITAs and EPU in France, Ireland and United State, and one-way causality relationship from ITAs to EPU in Brazil, Canada, China and Germany and neutrality hypothesis in Chile, Japan, South Korea, Russia and Sweden, respectively. These results suggest tourism-economic policy uncertainty led-hypothesis and economic policy uncertainty-tourism led hypothesis with worthy policy implications for tourism destinations across the world.