Tourism expenditures and crisis transmission: a general equilibrium GVAR analysis with network theory

Konstantakis, Konstantinos N., Soklis, George and Michaelides, Panayotis G. (2017) Tourism expenditures and crisis transmission: a general equilibrium GVAR analysis with network theory. Annals of Tourism Research, 66. pp. 74-94. ISSN 0160-7383

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Abstract

According to the World Tourism Organization, during the last decades, tourism has become one of the largest and most dynamic economic industries in the world. In this work, we employ a Network General Equilibrium GVAR model to analyze the impact of tourism expenditures on GDP and our approach allows for the existence of dominant economies in the system. The model is estimated simultaneously as a system of equations for a large panel of world economies and the results show that the less developed economies are quite vulnerable to changes in the tourism expenditures of the dominant economies. Meanwhile, USA is found to be largely unaffected by shocks in the tourism expenditures of the less developed economies.

Item Type:	Article
Official URL:	http://www.sciencedirect.com/science/journal/01607...
Additional Information:	© 2017 Elsevier Ltd
Divisions:	Systemic Risk Centre
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor
Date Deposited:	13 Jul 2017 13:29
Last Modified:	12 Dec 2024 01:31
URI:	http://eprints.lse.ac.uk/id/eprint/83531

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