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ABSTRACT
Global economic policy uncertainty (GEPU) has various implications for tourism activities. This study examines the effect of GEPU on tourism activities of the fragile five (F5) countries for the period of 1997 through 2017. Results of GEPU in the F5 countries have significant, generally negative effects on tourism activities but change over time, displaying long-run to short-run cycles. The finding reflects that tourism activities apparently depend on GEPU. Furthermore, the timing and frequency change when GEPU co-moves with tourism. Thus it can be recommended that governments concentrate on GEPU and further provide and nurture the expansion of the supply of tourism activities in the F5 countries which will ultimately benefit the tourism and economic growth.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
1 The F5 is a term coined in August of 2013 by a financial analyst at Morgan Stanley to represent emerging market economies that have become too dependent on unreliable foreign investment to finance their growth ambitions. As capital flew out of emerging markets to developed markets, many of the currencies experienced significant weakness and made it difficult to finance current account deficits. The lack of new investment also made it impossible to finance many growth projects, which contributed to a slowdown in their respective economies. This created a potential issue for certain vulnerable economies.
Additional information
Notes on contributors
Tsung-Pao Wu
Tsung-Pao Wu is a Professor at School of Accounting and Finance in Beijing Institute of Technology, Zhuhai, China. He receives his PhD in finance and has published his works in Journal of Global Scholars of Marketing Science, Tourism: An International Interdisciplinary Journal, the Singapore Economic Review, Journal of Applied Economics and Business Research, Journal of Sustainable Tourism, Current Issues in Tourism, Journal of China Tourism Research, Journal of Hospitality and Tourism Management, Journal of Travel Research, Applied Economics, International Journal of Tourism Research, Tourism and Hospitality Research, Tourism Analysis, Applied Economics, Applied Economics Letters, Applied Financial Economics, Global Economic Review, Romanian Journal of Economic Forecasting, Empirical Economics, Macroeconomics and Finance in Emerging Market Economies, Economic Modelling, Tourism Planning and Development, Journal of Real Estate Portfolio Management, International Journal of Economic Policy in Emerging Economies, Japan and the World Economy, and International Economic Journal, among others. His research interest focuses on tourism economics.
Hung-Che Wu
Hung-Che Wu is an Adjunct Professor in the University of Nevada, Las Vegas. He receives his PhD in economics and marketing and has published his works in International Journal of Financial Studies, Tourism: An International Interdisciplinary Journal, Service Business, Journal of Promotion Management, Journal of Global Scholars of Marketing Science, Tourism Recreation Research, Journal of Hospitality, Leisure, Sport & Tourism Education, International Journal of Hospitality Management, Asian Journal of Technology Innovation, Journal of Policy Research in Tourism, Leisure and Events, Scandinavian Journal of Hospitality and Tourism, Journal of Tourism and Cultural Change, Journal of Sustainable Tourism, Journal of Applied Economics and Business Research, Journal of Retailing and Consumer Services, Journal of Vacation Marketing, Current Issues in Tourism, International Journal of Bank Marketing, Journal of International Food & Agribusiness Marketing, Marketing Intelligence & Planning, Journal of Destination Marketing and Management, Tourism Management, Journal of Environmental Planning and Management, Journal of the Knowledge Economy, Industrial Management & Data System, Journal of Organizational Change Management, Innovative Marketing, Journal of Travel Research, Tourism Review International, Tourism Review, Tourism Analysis, International Journal of Economics and Financial Issues, Tourism Planning and Development, Journal of Tourism, Hospitality & Culinary Arts, Journal of Quality Assurance in Hospitality & Tourism, Journal of Convention and Event Tourism, Asia Pacific Journal of Marketing and Logistics, Event Management, Journal of Foodservice Business Research, Journal of Hospitality Marketing & Management, Asia Pacific Journal of Tourism Research, International Journal of Tourism Research, International Journal of Tourism Sciences, British Food Journal, Multimedia Tools and Applications, International Journal of Contemporary Hospitality Management, International Journal of Tourism & Hospitality Administration, Journal of Hospitality and Tourism Management, International Journal of Economics and Financial Issues, Journal of China Tourism Research, Tourism and Hospitality Research, and Journal of Hospitality & Tourism Research, among others. He is currently working as an editor-in-chief for Probe – Business Management and International Journal of Management Research and Economics, a reviewing editor for Journal of Physical Education and Sport Management, Heliyon Business and Economics, Journal of Hospitality Management and Tourism, and Cogent Business & Management, and the editorial board members for Global Journal of Management and Business, International Journal of Research in Business and Management, International Journal of Humanities and Social Science Review, Journal of Tourism & Sports Management, Journal of Media & Management, Journal of Business Administration Research, SCIREA Journal of Sociology, International Journal of Tourism & Hotel Business Management, New Construction Technology, JResLit Journal of Science and Technology, International Journal of Tourism & Hotel Business Management, International Journal of Business and Systems Research, Probe - Environmental and Waste Management, Probe - Business Management (OA Journal), Environments (OA Journal), Sensors (OA Journal), Foods (OA Journal), Composite Materials Research, Environment and Social Psychology, Sustainability (OA Journal), Cognitive Neuroscience Journal, Tourism Analysis, International Business Research, Journal of Tourism & Hospitality, International Journal of Business and Management, International Journal of Marketing Studies, Journal of Hospitality and Tourism Research, Science Journal of Business and Management, and Business and Management Studies. His research interests include green marketing, experiential marketing, hospitality management, service quality, customer satisfaction and consumer behavior. Hung-Che Wu is the corresponding and can be contacted at [email protected]
Cheng-Feng Wu
Cheng-Feng Wu is an Associate Professor at School of Business Administration and Research Center of Hubei Logistics Development in Hubei University of Economics and School of Business in Wuchang University of Technology, China. He receives his PhD in business administration and has published his works in African Journal of Business Management, Energies, Energy, Engineering Letters, Expert Systems with Applications, Frontiers Public Health, Hospital Practices and Research, International Journal of Environmental Research and Public Health, International Journal of Management, Economics and Social Sciences, Journal of Computational and Applied Mathematics, Journal of Pediatric Nursing, Journal of Statistics and Management Systems, Journal of Testing and evaluation, Soft Computing, The TQM Journal, among others. His research interest includes supply risks, supply chain financing, small and medium-sized enterprises, patient safety, environment, empirical economics/studies in time-series and questionnaire.
Yu-Yu Wu
Yu-Yu Wu is a Postdoctoral Fellow in Stanford Graduate School of Business of Stanford University. She receives her PhD in tourism economics from Sun Yat-Sen University.