715
Views
2
CrossRef citations to date
0
Altmetric
Articles

Heterogeneity of inbound tourism driven by exchange rate fluctuations: implications for tourism business recovery and resilience in Australia

ORCID Icon, ORCID Icon, &
Pages 450-467 | Received 27 Oct 2021, Accepted 18 Dec 2021, Published online: 12 Jan 2022

References

  • Adrian, T., & Brunnermeier, M. K. (2016). Covar. American Economic Review, 106(7), 1705–1741. https://doi.org/10.1257/aer.20120555
  • Agiomirgianakis, G., Bertsatos, G., & Tsounis, N. (2018). Asymmetric responses in the tourism demand function. The Journal of Economic Asymmetries. E (norwalk, Conn ), 00103, https://doi.org/10.1016/j.jeca.2018.e00103.
  • Akar, C. (2012). Modeling Turkish tourism demand and the exchange rate: The bivariate GARCH approach. European Journal of Economics, Finance and Administrative Science Issue, 50, 133–141, https://ssrn.com/abstract=2914133.
  • Akay, G. H., Cifter, A., & Teke, O. (2017). Turkish tourism, exchange rates and income. Tourism Economics, 23(1), 66–77. https://doi.org/10.5367/te.2015.0497
  • Alola, U. V., Cop, S., & Alola, A. A. (2019). The spillover effects of tourism receipts, political risk, real exchange rate, and trade indicators in Turkey. International Journal of Tourism Research, 21(6), 813–823. https://doi.org/10.1002/jtr.2307
  • Barman, H., & Nath, H. K. (2019). What determines international tourist arrivals in India? Asia Pacific Journal of Tourism Research, 24(2), 180–190. https://doi.org/10.1080/10941665.2018.1556712
  • Bauwens, L., & Laurent, S. (2005). A new class of multivariate skew densities, with application to generalized autoregressive conditional heteroscedasticity models. Journal of Business & Economic Statistics, 23(3), 346–354. https://doi.org/10.1198/073500104000000523
  • Bicak, H. A., Altinay, M., & Jenkins, H. (2005). Forecasting the tourism demand of North Cyprus. Journal of Hospitality & Leisure Marketing, 12(3), 87–99. https://doi.org/10.1300/J150v12n03_06
  • Bonham, C., Edmonds, C., & Mak, J. (2006). The impact of 9/11 and other terrible global events on tourism in the United States and Hawaii. Journal of Travel Research, 45(1), 99–110. https://doi.org/10.1177/0047287506288812
  • Cang, S., & Hemmington, N. (2010). Forecasting U.K. Inbound expenditure by different purposes of visit. Journal of Hospitality & Tourism Research, 34(3), 294–309. https://doi.org/10.1177/1096348009350616
  • Chang, C. L., Hsu, S. H., & McAleer, M. (2020). Risk spillovers in returns for Chinese and international tourists to Taiwan. Journal of Travel Research, 59(2), 335–351. https://doi.org/10.1177/0047287519834071
  • Chang, K. L., & Chang, J. C. D. (2020). Dynamic dependence between U.S. Inbound visits and exchange rate. Journal of Hospitality & Tourism Research, 44(6), 1035–1046. https://doi.org/10.1177/1096348020913084
  • Chatziantoniou, I., Degiannakis, S., Eeckels, B., & Filis, G. (2016). Forecasting tourist arrivals using origin country macroeconomics. Applied Economics, 48(27), 2571–2585. https://doi.org/10.1080/00036846.2015.1125434
  • Cheng, K. M. (2012). Tourism demand in Hong Kong: Income, prices, and visa restrictions. Current Issues in Tourism, 15(3), 167–181. https://doi.org/10.1080/13683500.2011.569011
  • Cheng, K. M., Kim, H., & Thompson, H. (2013). The exchange rate and US tourism trade, 1973-2007. Tourism Economics, 19(4), 883–896, https://doi.org/10.5367/te.2013.0227.
  • Chi, J. (2015). Dynamic impacts of income and the exchange rate on US tourism, 1960-2011. Tourism Economics, 21(5), 1047-1060, https://doi.org/10.5367/te.2014.0399.
  • Corbet, S., O’Connell, J. F., Efthymiou, M., Guiomard, C., & Lucey, B. (2019). The impact of terrorism on european tourism. Annals of Tourism Research, 75, 1–17. https://doi.org/10.1016/j.annals.2018.12.012
  • Cortés-Jiménez, I., & Blake, A. (2011). Tourism demand modeling by purpose of visit and nationality. Journal of Travel Research, 50(4), 408–416. https://doi.org/10.1177/0047287510363615
  • Demir, E., Alıcı, Z. A., & Lau, M. C. K. (2017). Macro explanatory factors of Turkish tourism companies’ stock returns. Asia Pacific Journal of Tourism Research, 22(4), 370–380. https://doi.org/10.1080/10941665.2016.1271814
  • De Vita, G. (2014). The long-run impact of exchange rate regimes on international tourism flows. Tourism Management, 45, 226–233. https://doi.org/10.1016/j.tourman.2014.05.001
  • De Vita, G., & Kyaw, K. S. (2013). Role of the exchange rate in tourism demand. Annals of Tourism Research, 43, 624–627. https://doi.org/10.1016/j.annals.2013.07.011
  • Dogru, T., Işik, C., & Sirakaya-Turk, E. (2019). The balance of trade and exchange rates: Theory and contemporary evidence from tourism. Tourism Management, 74, 12–23. https://doi.org/10.1016/j.tourman.2019.01.014
  • Dogru, T., Sirakaya-Turk, E., & Crouch, G. I. (2017). Remodeling international tourism demand: Old theory and new evidence. Tourism Management, 60, 47–55. https://doi.org/10.1016/j.tourman.2016.11.010
  • Dritsakis, N., & Athanasiadis, S. (2000). An econometric model of tourist demand. Journal of Hospitality & Leisure Marketing, 7(2), 39–49. https://doi.org/10.1300/J150v07n02_03
  • Engle, R. (2002). Dynamic conditional correlation. Journal of Business & Economic Statistics, 20(3), 339–350. https://doi.org/10.1198/073500102288618487
  • Falk, M. (2015). The sensitivity of tourism demand to exchange rate changes: An application to Swiss overnight stays in Austrian mountain villages during the winter season. Current Issues in Tourism, 18(5), 465–476. https://doi.org/10.1080/13683500.2013.810610
  • Ghartey, E. E. (2013). Effects of tourism, economic growth, real exchange rate, structural changes and hurricanes in Jamaica. Tourism Economics, 19(4), 919–942. https://doi.org/10.5367/te.2013.0228
  • Girardi, G., & Ergün, A. T. (2013). Systemic risk measurement: Multivariate GARCH estimation of CoVaR. Journal of Banking & Finance, 37(8), 3169–3180. https://doi.org/10.1016/j.jbankfin.2013.02.027
  • Glover, P. (2011). International students: Linking education and travel. Journal of Travel & Tourism Marketing, 28(2), 180–195. https://doi.org/10.1080/10548408.2011.546210
  • Hansen, B. E. (1994). Autoregressive conditional density estimation. International Economic Review, 35(3), 705–730. https://doi.org/10.2307/2527081
  • Harvey, H., & Furuoka, F. (2019). The role of tourism, real exchange rate and economic growth in Singapore: Are there asymmetric effects? Journal of Tourism and Hospitality Management, 7(2), 64–84. https://doi.org/10.15640/jthm.v7n2a8
  • Işik, C., Dogru, T., & Sirakaya-Turk, E. (2018). A nexus of linear and non-linear relationships between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20(1), 38–49. https://doi.org/10.1002/jtr.2151
  • Işik, C., Kasımatı, E., & Ongan, S. (2017). Analyzing the causalities between economic growth, financial development, international trade, tourism expenditure and/on the CO2 emissions in Greece. Energy Sources, Part B: Economics, Planning, and Policy, 12(7), 665-673, https://doi.org/10.1080/15567249.2016.1263251.
  • Işik, C., Radulescu, M., & Fedajev, A. (2019). The effects of exchange rate depreciations and appreciations on the tourism trade balance: The case of Spain. Eastern Journal of European Studies, 10(1), 221–237, https://ejes.uaic.ro/articles/EJES2019_1001_ISI.pdf.
  • Işik, C., Sirakaya-Turk, E., & Ongan, S. (2020). Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: Theory and evidence. Tourism Economics, 26(8), 1344–1357. https://doi.org/10.1177/1354816619888346
  • Karimi, M. F., Khan, A. A., & Karamelikli, H. (2019). Asymmetric effects of real exchange rate on inbound tourist arrivals in Malaysia: An analysis of price rigidity. International Journal of Tourism Research, 21(2), 156–164. https://doi.org/10.1002/jtr.2249
  • Kim, J., & Lee, C.K. (2017). Role of tourism price in attracting international tourists: The case of Japanese inbound tourism from South Korea. Journal of Destination Marketing & Management, 6(1), 76-83. https://doi.org/10.1016/j.jdmm.2016.03.002
  • Lee, J. J., Lee, Y. M., & Huang, S. J. (2018). Dynamic relationships among tourist arrivals, crime rate, and macroeconomic variables in Taiwan. Asia Pacific Journal of Tourism Research, 23(9), 896–906. https://doi.org/10.1080/10941665.2018.1500380
  • Lennon, J. (2003). Tourism statistics: international perspectives and current issues. Cengage Learning EMEA.105–136.
  • Lim, C., & Zhu, L. (2017). Dynamic heterogeneous panel data analysis of tourism demand for Singapore. Journal of Travel & Tourism Marketing, 34(9), 1224–1234. https://doi.org/10.1080/10548408.2017.1330173
  • Lim, S. K., & Giouvris, E. (2020). Tourist arrivals in korea: Hallyu as a pull factor. Current Issues in Tourism, 23(1), 99–130. https://doi.org/10.1080/13683500.2017.1372391
  • Lin, Y. C., & Deng, W. S. (2018). Are per capita international tourist arrivals converging? International Review of Economics & Finance, 57, 274–290. https://doi.org/10.1016/j.iref.2018.01.013
  • Meo, M. S., Chowdhury, M. A. F., Shaikh, G. M., Ali, M., & Sheikh, S. M. (2018). Asymmetric impact of oil prices, exchange rate, and inflation on tourism demand in Pakistan: New evidence from nonlinear ARDL. Asia Pacific Journal of Tourism Research, 23(4), 408–422. https://doi.org/10.1080/10941665.2018.1445652
  • Ongan, S., & Gozgor, G. (2018). Tourism demand analysis: The impact of the economic policy uncertainty on the arrival of Japanese tourists to the USA. International Journal of Tourism Research, 20(3), 308–316. https://doi.org/10.1002/jtr.2182
  • Ongan, S., Işik, C., & Özdemir, D. (2018). The asymmetric effects of exchange rates on the US tourism balances in the NAFTA countries: An application of the nonlinear ARDL approach. Journal of Applied Economics and Business Research, 8(3), 162–174.
  • Ouerfelli, C. (2008). Co-integration analysis of quarterly European tourism demand in Tunisia. Tourism Management, 29(1), 127–137. https://doi.org/10.1016/j.tourman.2007.03.022
  • Rogerson, C. M. (2015). Unpacking business tourism mobilities in sub-Saharan Africa. Current Issues in Tourism, 18(1), 44–56. https://doi.org/10.1080/13683500.2014.898619
  • Saayman, A., & Klerk, J. (2019). Forecasting tourist arrivals using multivariate singular spectrum analysis. Tourism Economics, 25(3), 330–354. https://doi.org/10.1177/1354816618768318
  • Santana-Gallego, M., Ledesma-Rodríguez, F. J., & Pérez-Rodríguez, J. V. (2010). Exchange rate regimes and tourism. Tourism Economics, 16(1), 25–43. https://doi.org/10.5367/000000010790872015
  • Schiff, A., & Becken, S. (2011). Demand elasticity estimates for New Zealand tourism. Tourism Management, 32(3), 564–575. https://doi.org/10.1016/j.tourman.2010.05.004
  • Seetanah, B., & Sannassee, R. V. (2015). Marketing promotion financing and tourism development: The case of Mauritius. Journal of Hospitality Marketing & Management, 24(2), 202–215. https://doi.org/10.1080/19368623.2014.914359
  • Seetaram, N. (2010). Use of dynamic panel cointegration approach to model international arrivals to Australia. Journal of Travel Research, 49(4), 414–422. https://doi.org/10.1177/0047287509346992
  • Shan, J., & Wilson, K. (2001). Causality between trade and tourism: Empirical evidence from China. Applied Economics Letters, 8(4), 279–283. https://doi.org/10.1080/135048501750104114
  • Sharma, C., & Pal, D. (2020). Exchange rate volatility and tourism demand in India: Unraveling the asymmetric relationship. Journal of Travel Research, 59(7), 1282–1297. https://doi.org/10.1177/0047287519878516
  • Tang, J., Sriboonchitta, S., Ramos, V., & Wong, W. K. (2016). Modelling dependence between tourism demand and exchange rate using the copula-based GARCH model. Current Issues in Tourism, 19(9), 876–894. https://doi.org/10.1080/13683500.2014.932336
  • Toh, R. S., Khan, H. K., & Lim, L. L. (2004). Two-stage shift-share analyses of tourism arrivals and arrivals by purpose of visit: The Singapore experience. Journal of Travel Research, 43(1), 57–66. https://doi.org/10.1177/0047287504265513
  • Tourism Research Australia. (2020). State tourism satellite accounts. Australian Trade and Investment Commission, https://www.tra.gov.au/ArticleDocuments/185/STSA%202018-19%20Report.pdf.aspx.
  • Yazdi, S. K., & Khanalizadeh, B. (2017). Tourism demand: A panel data approach. Current Issues in Tourism, 20(8), 787–800. https://doi.org/10.1080/13683500.2016.1170772
  • Zhu, L., Lim, C., Xie, W., & Wu, Y. (2018). Modelling tourist flow association for tourism demand forecasting. Current Issues in Tourism, 21(8), 902–916. https://doi.org/10.1080/13683500.2016.1218827

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.