Revisiting Tourism Flows to the Caribbean

Revisiting Tourism Flows to the Caribbean
Author: Ms.Nicole Laframboise
Publisher: International Monetary Fund
Total Pages: 27
Release: 2014-12-18
Genre: Business & Economics
ISBN: 1498351565

The Caribbean share of the global tourism market has been declining. This study examines what is driving tourism flows. It estimates the determinants of tourism and explores variations based on sample differences, and also constructs a static nominal price comparison index. The paper finds that: (i) tourism arrivals and expenditure are sensitive to both price and income factors in source markets; (ii) price and income elasticities of tourism have declined since 2008; (iii) price elasticity is statistically insignificant for “high-end” destinations; and (iv) the nominal cost of an average one week beach holiday in the Caribbean is higher than in other beach destinations around the world. These results point to the need for structural reforms to raise product quality, cost reduction or containment in “low-end” destinations, including possibly via exchange rates, and an adjustment in aggregate consumption to adapt to the implications of a lower contribution to GDP from tourism.

Caribbean Growth in an International Perspective

Caribbean Growth in an International Perspective
Author: Ms.Nita Thacker
Publisher: International Monetary Fund
Total Pages: 35
Release: 2012-09-27
Genre: Business & Economics
ISBN: 1475510896

After earlier success, growth performance in most Caribbean countries has been disappointing since the early 1990s. With slower growth, output has fallen behind that of relevant comparator countries. This paper analyzes the growth experience of the Caribbean countries from a cross country perspective. Three findings stand out. First, the slowdown in growth is explained more by a decline in productivity rather than a lack of investment. Second, tourism has been a significant contributor to higher growth (through both capital accumulation and productivity) and lower output volatility, and in many countries there is scope for further expansion of this sector. Third, the small size and the fact that most of these countries are islands have limited growth. Policies aimed at improving productivity, further development of the tourism sector, and regional integration could pay dividends in terms of higher growth in the region.

What Attracts Tourists to Paradise?

What Attracts Tourists to Paradise?
Author: Ms.Evridiki Tsounta
Publisher: International Monetary Fund
Total Pages: 22
Release: 2008-12-01
Genre: Business & Economics
ISBN: 145187135X

This paper investigates the determinants of tourism demand in the Eastern Caribbean Currency Union. We estimate the demand function in a panel setting using annual data from 1979 to 2005. Results show that tourism arrivals are significantly affected by economic developments in the source countries, while price considerations and external shocks (such as hurricanes and wars) are also important. Supply factors, such as developments in foreign direct investment and the number of airlines servicing a destination, are also found to be significant determinants of tourism demand.

The Economics of Small Island Tourism

The Economics of Small Island Tourism
Author: Riaz Shareef
Publisher: Edward Elgar Publishing
Total Pages: 349
Release: 2008-01-01
Genre: Business & Economics
ISBN: 0857937138

This study forms an entirely new area of research on Small Island Tourism Economies (SITEs). It addresses the importance of uncertainty in monthly international tourist arrivals and country risk indicators to the macroeconomy. Conditional volatilities are estimated for international tourist arrivals, and an economic interpretation from the estimated results is provided. In achieving these two objectives, this work presents an extensive assessment of the important characteristics and the impact of tourism in SITEs in relation to their gross domestic product, balance of payments, employment and foreign direct investment, among other factors. This book is unique in giving emphasis to macroeconomic implications rather than an industry focus. The Economics of Small Island Tourism will appeal to academics at the undergraduate and postgraduate levels involved in environmental and tourism management as well as tourism economics.

Travel and Tourism in the Caribbean

Travel and Tourism in the Caribbean
Author: Andrew Spencer
Publisher: Springer
Total Pages: 132
Release: 2018-10-04
Genre: Business & Economics
ISBN: 3319695819

This book explores the distinct nuisances and obstacles that are brought on by the tourism and travel industry within Caribbean small island developing countries (SIDS). The author explores best practices and measures that can be used to overcome or alleviate the hardship faced by the industry by giving voice to the nations that are often overshadowed or restrained by their developed counterparts. This book reflects on and assesses the transformative power that tourism has in Caribbean small island developing states, while unearthing the threats that affect the longevity and economic viability of the industry in general. It is an important and overdue text focusing on this unique group of islands and will inform students and researchers on the struggles and opportunities they face.

Flying to Paradise

Flying to Paradise
Author: Mr.Sebastian Acevedo Mejia
Publisher: International Monetary Fund
Total Pages: 42
Release: 2016-02-23
Genre: Business & Economics
ISBN: 1498375391

This paper studies the role of airlift supply on the tourism sector in the Caribbean. The paper examines the relative importance of U.S.-Caribbean airlift supply factors such as the number of flights, seats, airlines, and departure cities on U.S. tourist arrivals. The possible endogeneity problem between airlift supply and tourist arrivals is addressed by using a structural panel VAR and individual country VARs. Among the four airlift supply measures, increasing the number of flights is found to be the most effective way to boost tourist arrivals on a sustained basis. As a case study, the possible crowding effect of increasing the number of U.S. flights to Cuba is investigated and, based on past observations, we find no significant impact on flights to other Caribbean countries. The impact of natural disasters on airlift supply and tourist arrivals is also quantified.

Econometric Modelling and Forecasting of Tourism Demand

Econometric Modelling and Forecasting of Tourism Demand
Author: Doris Chenguang Wu
Publisher: Taylor & Francis
Total Pages: 327
Release: 2022-10-27
Genre: Business & Economics
ISBN: 1000773442

This insightful and timely volume provides a succinct, expert-led introduction to the latest developments in advanced econometric methodologies in the context of tourism demand modelling and forecasting. Written by a plethora of worldwide experts on this topic, this book offers a comprehensive approach to tourism econometrics. Accurate demand forecasts are crucial to decision-making in the tourism industry and this book provides real-life tourism applications and the corresponding R code alongside theoretical foundations, in order to enhance understanding and practice amongst its readers. The methodologies introduced include general to specific modelling, cointegration, vector autoregression, time-varying parameter modelling, spatiotemporal econometric models, mixed-frequency forecasting, hybrid forecasting models, forecasting combination techniques, density forecasting, judgemental forecasting, scenario forecasting under crisis, and web-based tourism forecasting. Embellished with insightful figures and tables throughout, this book is an invaluable resource for those using advanced econometric methodologies in their studies and research, including both undergraduate and postgraduate students, researchers, and practitioners.