Tourism in ASEAN‐5: A novel panel unit‐root test for shocks persistence with gradual structural breaks and common factors
Jamal Husein
Abstract:This study investigates whether shocks to tourist arrivals in Indonesia, Malaysia, Philippines, Singapore, and Thailand (ASEAN‐5) are permanent or transitory, given the frequent and severe external shocks experienced by the tourism industry. Using monthly data from 2000 to 2019, we employ a novel panel unit‐root test that controls for cross‐correlations, multiple gradual structural breaks, and other nonlinearities present in the data to assess the stationarity properties of tourist arrivals. Additionally, we a… Show more
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