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Macroeconomic Determinants of Tourism Demand Toward Emerging Markets

Year 2023, , 837 - 864, 30.12.2023
https://doi.org/10.26650/ISTJECON2023-1296548

Abstract

This research provides valuable insights into the intricate dynamics influencing tourism demand in Turkey. By delving into the relationships between transportation costs, tourists’ income levels, prices, the COVID-19 pandemic, and exchange rates, the study sheds light on the multifaceted nature of the tourism industry. The findings underscore the significance of various factors in shaping the tourism demand. Transportation costs and exchange rates are identified as critical determinants, exerting adverse effects on tourism demand. Higher transportation costs and unfavorable exchange rates can deter potential tourists However, income and prices emerged as positive influencers of tourism demand, suggesting that higher incomes and favorable price levels can stimulate tourist activity. The study’s investigation of causal relationships through advanced statistical techniques revealed valuable insights. The unidirectional causality from transportation costs and income to tourism demand highlighted the pivotal role of these factors in driving tourist behavior. Additionally, the causal relationship between prices and the exchange rate signifies the interplay between economic conditions and pricing strategies in shaping tourism demand. Overall, this research provides a deeper understanding of the complex dynamics in the Turkish tourism market, offering valuable insights for industry stakeholders and policymakers alike.

JEL Classification : C13 , C33 , L83 , Z30

References

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Year 2023, , 837 - 864, 30.12.2023
https://doi.org/10.26650/ISTJECON2023-1296548

Abstract

References

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  • Akova, O., Sarıışık, M. & Dönmez, D. (12-14 October 2011). Strategies for tourism industry under the global economic crisis: a SWOT analysis for Turkish tourism. International Conference on Eurasian Economies, Kyrgyzstan, 382-389. google scholar
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  • Allen, D., Yap, G., & Shareef, R. (2009). Modelling interstate tourism demand in Australia: A cointegration approach. Mathematics and Computers in Simulation, 79, 2733-2740. google scholar
  • Assaf, A.G.; Li, G.; Song, H.; & Tsionas, M.G. (2019). Modeling and forecasting regional tourism demand using the bayesian global vector autoregressive (BGVAR) model, Journal of Travel Research. 58(3), 383-397. google scholar
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  • Hadri, K., & Kurozumi, E. (2012). A simple panel stationarity test in the presence of serial correlation and a common factor, Economics Letters. 1 15, 31-34. https://doi.org/10.1016/j. econlet.2011.11.036 google scholar
  • Henseler, M., Maisonnave, H.& Maskaeva, A. (2021). Economic impacts of covid-19 on the tourism sector in Tanzania, Working Papers hal-03501722. HAL. google scholar
  • Huyugüzel Kışla, G. Ş., Türkcan, B. & Ince Yenilmez, M. (2023). How covid-19 has affected supply and demand within tourism industry, Journal of Multidisciplinary Academic Tourism. 8(1), 39-49. google scholar
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels, Journal of Econometrics. 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7 google scholar
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  • Lejarraga, I., & Walkenhorst, P. (2013). Economic policy, tourism trade and productive diversification. International Economics, 135, 1-12. google scholar
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties, Journal of Econometrics. 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7 google scholar
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  • 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, doi: 10.1080/10941665.2018.1445652 google scholar
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  • Shafiullah, M.O. Emeka, O.L. & Usman, K. (2019). Determinants of international tourism demand: evidence from Australian states and territories, Tourism Economics. 25(2), 274-296. google scholar
  • Sharma, C. and Pal, D. (2020). Exchange rate volatility and tourism demand in India: unraveling the asymmetric relationship, Journal of Travel Research. 59(7), 1282-1297. google scholar
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There are 84 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Research Article
Authors

Burak Darıcı 0000-0003-0765-7374

Ahmet Aydın 0000-0002-7871-1297

Fatih Ayhan 0000-0002-7447-5506

Merve Altaylar 0000-0001-5413-5048

Publication Date December 30, 2023
Submission Date May 19, 2023
Published in Issue Year 2023

Cite

APA Darıcı, B., Aydın, A., Ayhan, F., Altaylar, M. (2023). Macroeconomic Determinants of Tourism Demand Toward Emerging Markets. İstanbul İktisat Dergisi, 73(2), 837-864. https://doi.org/10.26650/ISTJECON2023-1296548
AMA Darıcı B, Aydın A, Ayhan F, Altaylar M. Macroeconomic Determinants of Tourism Demand Toward Emerging Markets. İstanbul İktisat Dergisi. December 2023;73(2):837-864. doi:10.26650/ISTJECON2023-1296548
Chicago Darıcı, Burak, Ahmet Aydın, Fatih Ayhan, and Merve Altaylar. “Macroeconomic Determinants of Tourism Demand Toward Emerging Markets”. İstanbul İktisat Dergisi 73, no. 2 (December 2023): 837-64. https://doi.org/10.26650/ISTJECON2023-1296548.
EndNote Darıcı B, Aydın A, Ayhan F, Altaylar M (December 1, 2023) Macroeconomic Determinants of Tourism Demand Toward Emerging Markets. İstanbul İktisat Dergisi 73 2 837–864.
IEEE B. Darıcı, A. Aydın, F. Ayhan, and M. Altaylar, “Macroeconomic Determinants of Tourism Demand Toward Emerging Markets”, İstanbul İktisat Dergisi, vol. 73, no. 2, pp. 837–864, 2023, doi: 10.26650/ISTJECON2023-1296548.
ISNAD Darıcı, Burak et al. “Macroeconomic Determinants of Tourism Demand Toward Emerging Markets”. İstanbul İktisat Dergisi 73/2 (December 2023), 837-864. https://doi.org/10.26650/ISTJECON2023-1296548.
JAMA Darıcı B, Aydın A, Ayhan F, Altaylar M. Macroeconomic Determinants of Tourism Demand Toward Emerging Markets. İstanbul İktisat Dergisi. 2023;73:837–864.
MLA Darıcı, Burak et al. “Macroeconomic Determinants of Tourism Demand Toward Emerging Markets”. İstanbul İktisat Dergisi, vol. 73, no. 2, 2023, pp. 837-64, doi:10.26650/ISTJECON2023-1296548.
Vancouver Darıcı B, Aydın A, Ayhan F, Altaylar M. Macroeconomic Determinants of Tourism Demand Toward Emerging Markets. İstanbul İktisat Dergisi. 2023;73(2):837-64.