How important is tourism for the international transmission of cyclical fluctuations? : evidence from the Mediterranean
Title: How important is tourism for the international transmission of cyclical fluctuations? : evidence from the Mediterranean
Series/Number: ECB Working Paper; 2013/1553
External link: http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1553.pdf
We quantify the importance of the tourism channel for the international transmission of cyclical fluctuations to the Mediterranean basin. We use five destination countries and a number of source countries to provide broad evidence on the link. Source country output shocks produce important fluctuations in international tourism flows. Absent the tourism channel, the output effects in a typical destination country would be reduced by about one-fourth. Imported shocks account for an important portion of the fluctuations in destination countries variables. Policy prescriptions are discussed.
Type of Access: openAccess
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