Open Access Article SciPap-990
Selected Determinants of Tourism Demand - Panel Cointegration Analysis
by Tomáš Jeřábek 1,*

1 Department of Economy and Management, College of business and hotel management, Bosonožská 9, Brno 62500, Czechia

* Authors to whom correspondence should be addressed.

Abstract: The aim of the paper is to investigate the effect of income of tourists, tourism price, trade openness and international outbound tourists in tourism origin countries on the tourism demand to the Czech Republic as well as to South Moravia Tourist Region of the Czech Republic from tourists coming from thirteen different countries is analysed. This paper applies panel co-integration analysis through a common correlation effect model (CCE). According to the obtained estimation results, income and trade openness have a significant positive influence on international arrivals to the Czech Republic, while for tourism price the results indicate that it has a negative influence on inflows, as expected. The effect of international outbound tourists on tourism demand in the Czech Republic is negative, against expectations, but it is not statistically significant. For tourism demand in the SMT region, income has a significant positive influence on international arrivals to the South Moravia tourist region, as it regards relative price, the negative sign of the coefficient is the same as the expected one. The effects of trade openness and international outbound tourists on tourism demand in the SMT region have expected positive signs but they are not statistically significant.

Keywords: Tourism Demand, Panel Cointegration Analysis, Real Exchange Rate, Gross Domestic Product, Trade Openness, International Outbound Tourists

JEL classification:   F14 - Empirical Studies of Trade,   F47 - Forecasting and Simulation: Models and Applications,  Z3 - Tourism Economics

SciPap 2019, 27(2), 990

Received: 22 October 2018 / Accepted: 19 April 2019 / Published: 30 August 2019