Tourism Revenues and Energy Prices: A Dynamic Panel Analysis

Year 2023, Volume: 37 Issue: 4, 226 - 236, 15.10.2023

Arzu Alvan Bozdereli Hüseyin Ali Aker

Abstract

The literature rarely studies tourism revenues and crude oil prices. There are few studies that focus on which countries, like China, Germany, Spain, France, the United Kingdom, Italy, Mexico, Thailand, Turkey, and the United States, are the most popular destinations with tourists, many of which are located on the European continent. In light of this perspective, this study provides insight into the period between 2010 and 2019. The purpose of this study is therefore to examine how crude oil prices affect tourism revenue. For the analysis, a dynamic panel data technique is used. Two econometric models were used for the empirical part of this study. One of these mod- els includes tourism revenues as the dependent variable, whereas the other model includes only travel tourism revenues. According to the results, oil prices are significantly and positively associ- ated with tourism revenues. Oil prices have a less significant effect on travel tourism revenues than they do on total tourism revenues, which include international passenger travel, but they are more significant if they affect only travel tourism revenues. Using the findings for tourism policy and management, strategies can be developed to manage oil price impacts on tourism.

Keywords

Brent crude oil prices, dynamic panel data analysis, tourism receipts, travel-only tourism receipts

Turizm Gelirleri ve Enerji Fiyatları: Dinamik Panel Veri Analizi

Abstract

Turizm gelirleri ve ham petrol fiyatları literatürde nadiren çalışılmaktadır. Çin, Almanya, İspanya, Fransa, Birleşik Krallık, İtalya, Meksika, Tayland, Türkiye ve Amerika Birleşik Devletleri gibi çoğunun turistlerin en çok tercih ettiği ülkeler arasında yer aldığı ülkelerin dahil edildiği bir araştırmaya nadiren rastlanmaktadır. Avrupa kıtası, bu çalışmada ele alındığı şekliyle. Çalışma bu bulgu ile son bulmaktadır. Bu bakış açısıyla bu çalışma, 2010–2019 yılları arasındaki döneme ışık tutmaktadır. Sonuç olarak, çalışmanın temel amacı, ham petrol fiyatlarının turizm gelirleri üzerindeki etkile- rini incelemektir. Analizlerde dinamik panel veri tekniği kullanılmıştır. Sonuçlar, petrol fiyatlarının turizm gelirleri üzerinde anlamlı ve pozitif bir etkiye sahip olduğunu göstermektedir. Bulguların turizm politikası ve yönetimi için çıkarımları vardır ve petrol fiyatlarının turizm üzerindeki etkilerini yönetmek için stratejiler geliştirmek için kullanılabilir. Bu çalışmanın ampirik kısmı iki ekonomet- rik model kullanılarak gerçekleştirilmiştir. Bu iki model bağımlı değişken olarak turizm gelirlerini içerirken, diğer model sadece seyahat turizmi gelirlerini içermektedir. Petrol fiyatlarının seyahat turizmi gelirleri üzerindeki etkisi, uluslararası yolcu seyahatlerini içeren toplam turizm gelirleri üzerindeki etkisinden daha az, ancak sadece seyahat turizmi gelirlerini etkiliyorsa daha anlamlıdır.

Keywords

brent ham petrol fiyatları, seyahat turizmi gelirleri, turizm gelirleri, dinamik panel veri analizi

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