Relationship Between International Tourism Demand and Current Account Balance: Empirical Findings from Mediterranean Basin Economies

Ümit Gaberli; Arya Akdeniz

Makale detayları

Relationship Between International Tourism Demand and Current Account Balance: Empirical Findings from Mediterranean Basin Economies

Yazarlar:

Ümit Gaberli | Arya Akdeniz

Yayıncı:

Bursa Uludağ University

Ana Başlıklar:

Bölgesel Ekonomi | Turizm Ekonomisi

Dergi:

International Journal of Social Inquiry Vol.17 Issue 3, pp.563-574

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001334580

pISSN:

1307-8364

Anahtar kelimeler:

Özet:

 This study examines the relationship between the current account balance and the number of international inbound tourists in Mediterranean Basin countries. The research tests the hypothesis that tourism development can be used as a policy tool in the long-term financing of the current account deficit in the Mediterranean Basin countries. Based on data availability, the analysis covers the period from 1998 to 2019, with gross domestic product, nominal exchange rate, and inflation rate employed as control variables. The Durbin-Hausman cointegration test developed by Westerlund 2008 determines the long-term relationship between variables in panel data analysis, identifying cross-sectional dependence and heterogeneity problems. In addition, the effects of international tourists and control variables on the current account balance are demonstrated using the Augmented Mean Group AMG estimator. Empirical findings identify a long-term relationship among the variables. Moreover, it is found that the number of international tourists positively affects the current account balance, whereas nominal exchange rates and inflation negatively affect the dependent variable. In short, the findings show that the development of tourism in the Mediterranean Basin is significant from an economic and social perspective because the tourism sector contributes to the financial stability of these countries by positively affecting the current account balance.

 This study examines the relationship between the current account balance and the number of international inbound tourists in Mediterranean Basin countries. The research tests the hypothesis that tourism development can be used as a policy tool in the long-term financing of the current account deficit in the Mediterranean Basin countries. Based on data availability, the analysis covers the period from 1998 to 2019, with gross domestic product, nominal exchange rate, and inflation rate employed as control variables. The Durbin-Hausman cointegration test developed by Westerlund 2008 determines the long-term relationship between variables in panel data analysis, identifying cross-sectional dependence and heterogeneity problems. In addition, the effects of international tourists and control variables on the current account balance are demonstrated using the Augmented Mean Group AMG estimator. Empirical findings identify a long-term relationship among the variables. Moreover, it is found that the number of international tourists positively affects the current account balance, whereas nominal exchange rates and inflation negatively affect the dependent variable. In short, the findings show that the development of tourism in the Mediterranean Basin is significant from an economic and social perspective because the tourism sector contributes to the financial stability of these countries by positively affecting the current account balance.

 This study examines the relationship between the current account balance and the number of international inbound tourists in Mediterranean Basin countries. The research tests the hypothesis that tourism development can be used as a policy tool in the long-term financing of the current account deficit in the Mediterranean Basin countries. Based on data availability, the analysis covers the period from 1998 to 2019, with gross domestic product, nominal exchange rate, and inflation rate employed as control variables. The Durbin-Hausman cointegration test developed by Westerlund 2008 determines the long-term relationship between variables in panel data analysis, identifying cross-sectional dependence and heterogeneity problems. In addition, the effects of international tourists and control variables on the current account balance are demonstrated using the Augmented Mean Group AMG estimator. Empirical findings identify a long-term relationship among the variables. Moreover, it is found that the number of international tourists positively affects the current account balance, whereas nominal exchange rates and inflation negatively affect the dependent variable. In short, the findings show that the development of tourism in the Mediterranean Basin is significant from an economic and social perspective because the tourism sector contributes to the financial stability of these countries by positively affecting the current account balance.

 Bu çalışma, Akdeniz Havzası ülkeleri için cari işlemler dengesi ve uluslararası gelen turist sayısı arasındaki ilişkiyi incelemektedir. Araştırma, Akdeniz Havzası ülkelerinde turizmin geliştirilmesinin cari açığın uzun dönemli finansmanında politika aracı olarak kullanılabileceği hipotezini test etmektedir. Veri setinin mevcudiyetine bağlı olarak, 1998-2019 döneminin analiz edildiği çalışmada kontrol değişkenleri olarak; gayri safi yurt içi hasıla, nominal döviz kuru ve enflasyon oranı yer almaktadır. Yatay kesit bağımlılığı ve heterojenlik sorunlarının tespit edildiği panel veri analizinde; Westerlundun 2008 geliştirmiş olduğu Durbin-Hausman eşbütünleşme testi üzerinden, seriler arasındaki uzun dönemli ilişki incelenmiştir. Ayrıca Genişletilmiş Ortalama Grup Augmented Mean Group, AMG tahmincisiyle; uluslararası turist sayısı ve kontrol değişkenlerinin, cari işlemler dengesi üzerindeki etkileri ortaya konulmuştur. Elde edilen ampirik bulgular, söz konusu değişkenler arasında uzun dönemli bir ilişki olduğunu ima etmektedir. Uluslararası turist sayısının, cari işlemler dengesi üzerinde pozitif yönde etkisi vardır. Nominal döviz kuru ve enflasyonun ise cari işlemler dengesini negatif yönde etkilediği tespit edilmiştir. Kısacası, bulgular Akdeniz Havzasında turizmin gelişmesinin ekonomik ve sosyal açıdan önemli olduğunu göstermektedir. Çünkü turizm sektörü cari dengeyi olumlu yönde etkileyerek bu ülkelerin ekonomik istikrarına katkıda bulunmaktadır.

Makale detayları

Relationship Between International Tourism Demand and Current Account Balance: Empirical Findings from Mediterranean Basin Economies

Yazarlar:

Ümit Gaberli | Arya Akdeniz

Yayıncı:

Bursa Uludağ University

Ana Başlıklar:

Bölgesel Ekonomi | Turizm Ekonomisi

Dergi:

International Journal of Social Inquiry Vol.17 Issue 3, pp.563-574

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001334580

pISSN:

1307-8364

Tourism

regional economics

current account balance

Durbin-Hausman panel cointegrationTurizm

bölgesel iktisat

cari işlemler dengesi

Durbin-Hausman panel eşbütünleşme

Sayı

Makale detayları

Yazarlar: Ümit Gaberli | Arya Akdeniz

Yayıncı: Bursa Uludağ University

Ana Başlıklar: Bölgesel Ekonomi | Turizm Ekonomisi

Dergi: International Journal of Social Inquiry Vol.17 Issue 3, pp.563-574

Belge Tipi: Makale

Yayın Tarihi: 12/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001334580

pISSN: 1307-8364

Sayı

Yazarlar:

Ümit Gaberli | Arya Akdeniz

Yayıncı:

Bursa Uludağ University

Ana Başlıklar:

Bölgesel Ekonomi | Turizm Ekonomisi

Dergi:

International Journal of Social Inquiry Vol.17 Issue 3, pp.563-574

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001334580

pISSN:

1307-8364