|
on Tourism Economics |
| By: | Nicole Laframboise; Nkunde Mwase; Joonkyu Park; Yingke Zhou |
| Abstract: | The Caribbean share of the global tourism market has been declining. This study examines what is driving tourism flows. It estimates the determinants of tourism and explores variations based on sample differences, and also constructs a static nominal price comparison index. The paper finds that: (i) tourism arrivals and expenditure are sensitive to both price and income factors in source markets; (ii) price and income elasticities of tourism have declined since 2008; (iii) price elasticity is statistically insignificant for “high-end” destinations; and (iv) the nominal cost of an average one week beach holiday in the Caribbean is higher than in other beach destinations around the world. These results point to the need for structural reforms to raise product quality, cost reduction or containment in “low-end” destinations, including possibly via exchange rates, and an adjustment in aggregate consumption to adapt to the implications of a lower contribution to GDP from tourism. |
| Keywords: | Tourism;Caribbean;Gross domestic product;Expenditures;Price elasticity;Real effective exchange rates;price elasticity, income elasticity, Carribean, tourism arrivals and expenditure |
| Date: | 2014–12–18 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:14/229&r=tur |
| By: | Cellini, Roberto; Cuccia, Tiziana |
| Abstract: | – The purpose of this article is to describe the evolution of the tourism industry in Italy during the recent years of the so-called ‘Great recession’ (2008-12). We highlight the most prominent features of the changes occurred in both the supply and the demand side, over these years. We describe the differences across different categories of accommodation structures, different kinds of destinations and different regions. The issue of “resilience” is used to explain the different degrees of success in responding to the national adverse shock hitting the industry. However, our interpretation is that deep structural changes in the demand and supply sides of the tourism industry, rather than specific resilient adjustments, have occurred in these years of recession. |
| Keywords: | Tourism, Structural changes, Regions, Resilience, Great Recession |
| JEL: | L83 R39 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:60999&r=tur |