Global Financial/Economic Crisis and Tourist Arrival Forecasts for Hong Kong

Impact of unexpected events on inbound tourism demand modeling: evidence of Middle East Respiratory Syndrome outbreak in South Korea

“…The concept of tourism demand, borrowed from economics relating to demand, usually indicates a measure of visitors' use of a good or service (Frechtling, 2001;Song et al, 2010a). Various approaches have been proposed for measuring tourism demand in previous studies, such as tourist arrivals/departures (Kuo, Chen, Tseng, Ju, & Huang, 2008;Song, Lin, Zhang, & Gao, 2010b), tourist expenditure/receipts (Akal, 2004;Brida & Scuderi, 2013), length of stay and nights spent in tourist accommodations (Alegre & Pou, 2006;Barros & Machado, 2010;Claveria & Torra, 2014). Among them, tourist arrivals and tourist expenditure are the most frequently used measurements.…”

“…As revealed by the classical theory of demand, innumerable factors and circumstances could affect the demand for a good or service, including good's own price, price of related goods, personal disposable income, tastes or preferences, consumer expectations about future prices and income, and the number of buyers (Mankiw, 2014). Similarly, visitor income, tourist price, substitute tourism price, and exchange rates have been widely identified as the primary determinants of tourism demand (Lin, Liu, & Song, 2015;Page, Song, & Wu, 2012;Song & Li, 2008;Song et al, 2010b;Wang, 2009). Other determinants, such as transportation cost, market expenditure, tourists' expectations and habit persistence, and special events, are also believed to affect tourism demand (Crouch, Schultz, & Valerio, 1992;Song & Lin, 2010;Song et al, 2009;Wang, 2009).…”

The Macroeconomic Determinants of International Casino Travel: Evidence from South Korea’s Top Four Inbound Markets

“…The tourism literature suggests that dummy variables can be used to capture the influence of one-off socio-economic events, such as when Song and colleagues [25] reported the quantification of external shocks on tourism demand. Non-macroeconomic forces, such as the outbreak of Severe Acute Respiratory Syndrome (SARS), the swine flu pandemic, the advent of mega sporting events and the Asian financial crisis all significantly affected hotel stock returns.…”

“…Furthermore, interest rates are determined within domestic or international markets. The factors influencing the willingness of tourists to engage in tourist activities include these interest rates [25]. The literature puts a great emphasis on the relationship between macroeconomic variables and stock prices [41].…”

Determinants of tourism industry in selected European countries: a smooth partial least squares approach

“…It is important to note that the leading singular values in all cases are simple, which is often not case regarding higher-order analyses. Considering the results of empirical studies, the lagged demand of economic parameters is often set at four quarters in annual data using the various autoregressive lag models, see, e.g., (Song, Lin, Zhang, & Gao, 2010). The (resp.…”