The Relationship Between Economic Activity, Tourism Expenditures and Real Exchange Rate in 9 Most Visited OECD Countries

Öz

This study analyzes the dynamic relations between economic activity, tourism expenditures, and real exchange rate in 9 most visited OECD countries using annual panel data for 2005-2019. To examine the dynamic relations, we first carried out the panel unit root tests to determine the degree of the integration of the variables. And then, using the Westerlund error-correction-based panel cointegration test, we found evidence of the existence of long-run relationships among variables. Therefore, we estimated a panel VECM model to obtain evidence of the causal relationship between the variables. According to the major finding of the studies, there is unidirectional causality from the real effective exchange rate and tourism expenditures to real GDP. Also, real exchange rate granger causes tourism expenditures in the short run. Test results also provide evidence that both real effective exchange rate and tourism expenditures granger cause to real GDP in the long run. However, there is no evidence of long-run granger causality when real effective exchange rate and tourism expenditures are dependent variables. The results of the study imply that to create sustainable growth in the sample countries, they should increase the tourism sector's contribution to GDP, and the countries also should maintain their external competitiveness.

Anahtar Kelimeler

• Tourism
• Real GDP
• Real Exchange Rate
• Panel VECM
• Panel Unit Roots
• Panel Cointegration

En Çok Ziyaret Edilen 9 OECD Üyesi Ülkede İktisadi Faaliyet, Turizm Harcamaları ve Reel Döviz Kuru İlişkisi

Öz

Bu çalışmada iktisadi faaliyetler, turizm harcamaları ve reel döviz kuru arasındaki dinamik ilişkiler 2005-2019 dönemine ait en çok ziyaret edilen 9 OECD üyesi ülkeye ait yıllık panel veri kullanılarak analiz edilmiştir. Bu amaçla önce serilerin bütünleşme dereceleri daha sonra da aralarında eşbütüleşme olup olmadığı araştırılmıştır. Westerlund hata düzeltme temelli panel eşbütünleşme testi değişkenler arasında eşbütünleşme ilişkisi olduğunu göstermiştir. Bu nedenle analiz panel VECM ile yapılmıştır. Analiz sonuçları reel döviz kuru ile turizm harcamalarından reel GDP’ye doğru hem kısa dönem hem de uzun dönemde Granger nedensellik olduğunu göstermektedir. Ayrıca reel döviz kurundan da turizm harcamalarına doğru kısa dönemde bir nedensellik vardır. Çalışmanın sonuçları turizm harcamaları ile reel kur bağımlı değişken olduğunda değişkenler arasında bir uzun dönem nedensellik göstermemektedir. Nihayet ne reel kur , ne de reel GDP’den turizm harcamalarına doğru herhangi bir nedensellik bulunamamıştır. Çalışmanın bulguları, bu ülkelerde turizmin büyümeye katkısını sürdürebilmesi için desteklenmesi gerektiğini ve bu ülkelerin hem turizmi hem de iktisadi faaliyet düzeyini artırmak için dış rekabet düzeyini korumalarını gerektiğini göstermektedir.

Anahtar Kelimeler

• Turizm
• reel GSYİH
• reel döviz kuru
• panel VECM
• panel birim kök
• panel eşbütünleşme.

Kaynakça

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