Table 2 - uploaded by A. Özlem Önder
Content may be subject to copyright.
presents the results of estimation of Equation 1. The equation is estimated by method

presents the results of estimation of Equation 1. The equation is estimated by method

Source publication
Article
Full-text available
Tourism has become an important sector in Turkey as a growing source of foreign exchange reserves and employment over the last two decades. After being one of the most important tourist destinations for decades, Izmir lost its relative importance after the 1990s. With its historical, cultural values and nature, Izmir still has a significant potenti...

Similar publications

Article
Full-text available
This paper explores whether foreign exchange volatility is a priced factor in the US stock market. Our investigation is motivated by a number of empirical as well as theoretical considerations. Empirically, Menkhoff et al. (2012) find that foreign exchange volatility is a pervasive factor across a variety of test assets. Theoretically, Shapiro (197...
Article
Full-text available
This paper explores the phenomenon that macroeconomic determinants examine the global financial crisis had a lagged impact on the workers' remittances performance of Bangladesh. Inflows of workers' remittances depend on the relative GDP, relative per capita GNI, the cross exchange rate, consumer price index, and global financial crisis of the host...
Article
Full-text available
Tourism continues to play a major role in the economic development of Asian and Pacific countries. However, tourism development is not without concerns. This article considers the economic and related consequences of international tourism for the Maldives. The Maldives, like many island developing countries has a narrow resource base, its main natu...
Conference Paper
Full-text available
Most of previous studies tested twin deficit in Malaysia, show the bidirectional causality between two deficits. However, the data for those balances after global financial crisis in 2008 shows other shape of relation, it seems to be twin divergence. Therefore, this empirical study revival the twin deficit hypothesis in Malaysia. The methodology pr...
Article
Full-text available
As acknowledged in Bekaert and Hodrick (2012), to understand the concepts of foreign exchange markets, an understanding of the economic forces that cause exchange rate to fluctuate is required. Exchange rates respond to demand and supply to trade currencies. Demands and supplies to trade currencies arise from international trade flows and internati...

Citations

... However, while it is stated that income and price levels are the leading factors affecting tourism demand, there are some researchers who state that there are other effective demand variables such as ethnic identity, demographic factors, transportation, physical elements, attraction centers (Çeken et al. 2008:80;Önder et al. . 2009:1525Chon 2010:835;Ketenci 2010:91). It is known that touristic destinations contain many different factors and they are presented to tourists with different touristic products or services. For this reason, it is important to create motivational elements in order to attract tourists to destinations (Mercan and Kazancı, 2019, 115). Motiva ...
Article
Full-text available
Although Turkey has important values in terms of tourism, countries such as Russia, Germany, Iran and Ukraine account for a significant portion of tourism demand. However, the Turkish republics, which are an important market, do not have an important place in terms of tourist demand. The main purpose of the study is to reveal the reasons for the low tourism demand from the Turkic Republics. It is important to mutually increase the revenues obtained from tourism between Turkey and the Turkic Republics. In order to reveal the reasons for the low number of tourists from the Turkic Republics, a survey was conducted with 12 hotel managers from Tajikistan, Kazakhstan, Azerbaijan, Turkmenistan, Kyrgyzstan and Uzbekistan via e-mail. However, the same survey was conducted face-to-face with two general hotel managers to get the opinions of Turkish hotel managers. As a research method, the method of analysis of hierarchy (AHP) was used, which is one of the most effective methods for determining and presenting expert opinions. In the findings analyzed with the Ahp method, it is stated that the main problem in low demand is "promotion". However, in order of priority, other problems were determined as income status, price, information before travel, transportation, physical distance, tourism centers, bias and service quality.
... We also employed exchange rate as the most important determinant of tourism growth, following Balaguer and Cantavella-Jorda (2002) and Oh (2005), who argued that the exchange rate variable must be placed along with other explanatory variables in the tourism demand model to avoid the omitted variable issue. There are various studies which found that tourist highly consider exchange rate (Crouch 1995;Patsouratis et al. 2005;Önder et al. 2009). Chadeeand and Mieczkowski (1987) analyzed the impact of exchange rate (Canadian-USA) on tourism in Canada, and found that for every 1 % depreciation of the Canadian-US exchange rate, there is a corresponding 1.26% increase in the number of tourists in Canada. ...
Article
Full-text available
The current study explores the relationship between water resources and tourism in South Asia for the period of 1995–2017. The study employs the CIPS unit root test for stationarity of the variables and the CD test for cross-sectional dependence among cross-sectional units. As for the long-run parameters, a novel technique, known as dynamic common correlated effect (DCCE) model, is used which was recently developed by Chudik and Pesaran (J Econ 188:393–420, 2015b). The outcomes from the DCCE method suggest that water resources have a positive impact on tourism in South Asia. It is also proven that ignoring cross-sectional dependence among the cross-sectional units may bring about misleading outcomes. The findings of the study can be helpful for policymakers to understand the role of water resources in boosting tourism and contributing to the economic prosperity of South Asian countries.
... The findings in these studies have served to emphasize the urgency of developing this sector. For example, in addition to being a labor-intensive sector and thus, immensely contributing to job creation (especially for low-skill workers); the sector has real impact on poverty reduction and infrastructure development, and is a good source of foreign currency and tax revenues (Naudé & Saayman, 2005;Onder, Candemir, & Kumral, 2009;Saayman & Saayman, 2015;Martins and Ferreira-lopes, 2017). ...
... Exchange rate, and trends were also employed, but, in 25 percent of the studies. Studies that were published after 1999 have also incorporated a measure of tourism infrastructure development as one of the explanatory variables (Cleverdon, 2002;Naudé & Saayman, 2005;Onder et al., 2009;Saayman & Saayman, 2008) A study by Brida and Scuderi (2013) provide a detailed review of 86 papers that used tourist expenditure as a measure of tourism demand. In all these studies, they do not find any conclusive evidence of the determinants of tourism demand, partly because the composition of the determinants used in the estimation models varied across the studies. ...
... As previously indicated, it has been used in more than 80 percent of the studies on tourism demand (Lim, 1997a,b). In most of these studies, especially those that proxy tourism demand with tourist arrivals or departure, income of tourists has a positive relationship with tourism demand (Saayman & Saayman, 2008;Seetanah et al., 2010;Song, Li, Witt, & Fei, 2010;Onder et al., 2009). ...
... First, some papers have considered the real exchange rate variable as a potential determinant (Katafono and Gounder, 2004;Ö nder et al., 2009). However, various articles in the literature on international flows of goods and services consider the nominal exchange rate as an explicative variable (Eita et al., 2011) and even in the case where the empirical analysis deals with a long time period (Auboin and Ruta, 2011). ...
... However, there seems to be some ambiguity with regard to the choice of the exchange rate. Some studies consider the real exchange rate (Katafono and Gounder, 2004;Ö nder et al., 2009) while other ones consider the nominal exchange rate (Eita et al., 2011). In this analysis focused on hotel sector revenues in French Polynesia, one considers the direct quote, that is, the exchange rate for one unit of foreign currency against variable amounts of XPF (e.g. ...
... The negative correlation between the real GDP per capita and the rate of unemployment is a standard result in the literature. 13 Moreover, a positive link exists between the real GDP per capita and the level of tourism activity (Chasapopoulos et al., 2014;Ö nder et al., 2009;Saray and Karagöz, 2010. One can deduce the existence of a negative correlation between the rate of unemployment in one given country and the number of visitors in French Polynesia originated from this country. ...
Article
This article is an empirical analysis focused on the hotel sector in French Polynesia in 2007–2017. One assesses the impact of a set of variables on the French Polynesian hotel sector monthly revenues through a gravity model. First, one specifies a basic model that embeds several potential explanatory variables (the exchange rate (both nominal and real), the rate of unemployment, the geographical distance, some specific historical events, etc.). Next, a second model is specified so as to assess the impact of hotel capacities measured by the number of bedrooms offered. Estimates rest on an unbalanced monthly panel database that embeds main countries from where tourists present in French Polynesia are originated. In order to compare results, each specification is estimated by two methods: classical panel regression (Ordinary least squares /Generalized least squares) and pseudo Poisson maximum likelihood. Both methods lead to coherent results.
... Based on these data, we systematically analysed how social capital works and could be enhanced to tackle diverse international market access determinants described in the odrednica ulaska na međunarodna tržišta opisanih u literaturi (Agndal i Elbe, 2007;Cellini, 2011;Culiuc, 2014;Dogru, Sirakaya-Turk i Crouch, 2017;Eilat i Einav, 2004;Huang, Tsaur, i Yang, 2012;Leonidou, 2004;Martins, Gan i Ferreira-Lopes, 2017;Mckercher, 1998;McKercher, 2008;OECD, 2008;Önder, Candemir i Kumral, 2009 Grad Cuenca tek odnedavno ima uvida u profil posjetitelja putem tromjesečnih izvještaja (GIER, June 2016). To je rezultat rada Općinske fondacije "Turizam za Cuencu" (OF) koja je osnovana za promociju turizma s ulogom koordinatora razvoja regionalnog turizma i predstavlja središnjeg dionika u literature (Agndal and Elbe, 2007;Cellini, 2011;Culiuc, 2014;Dogru, Sirakaya-Turk, and Crouch, 2017;Eilat and Einav, 2004;Huang, Tsaur, and Yang, 2012;Leonidou, 2004;Martins, Gan, and Ferreira-Lopes, 2017;Mckercher, 1998;McKercher, 2008;OECD, 2008;Önder, Candemir, and Kumral, 2009;Pillmayer and Scherle, 2014;Rodriguez-Giron and Vanneste, 2018;Squalli, Wilson, and Hugo, 2010;Su and Lin, 2014;Tavares and Leitão, 2017;A. M. Williams and Shaw, 2011;Woodside and Dubelaar, 2002). ...
Article
Full-text available
Enhancing a destination to attract the desired international visitors and ensuring that those enhancements align with local development goals is a major aim for host communities. Thus, it is necessary that actors from diverse sectors and at different locations work towards common goals. Our aims are: to explore how to enhance a destination's Social Capital (SC) to access international markets; to test a Systems Thinking (ST) based Integrative Model (iModel); and, to discuss the relationship between ST, tourism and SC. The Cajas Massif Biosphere Area (CMBA), in southern Ecuador, is the destination case study. The source market is Germany. Market access is more determined by internal collective capacities than by external conditions. These capacities can be fuelled by enhancing SC. A facilitating actor is key for such enhancement. © 2018 University of Zagreb Faculty of Economics and Business. All rights reserved.
... Like all other economic actors, Witt and Martin (1987) assume that most tourists are aware of the fluctuations in exchange rates which may change their selections of destination countries. Many studies reveal that tourists are sensitive to changes in exchange rates (Crouch, 1995;Dwyer et al., 2002;Onder, Candemir, and Kumral, 2009;Patsouratis, Frangouli, and Anastasopoulos, 2005;Song and Li (2008;Agiomirgianakis, 2012;Harvey et al., 2013). Song et al. (2010) note that exchange rates, besides tourists' income and relative prices between the destination and origin countries, are the most important determinants (independent variables) in tourism demand models. ...
Article
Full-text available
This study primarily aims to investigate the effects of real exchange rate changes between the USD-Mexican Peso (MXN) and the USD-Canadian Dollar (CAD) on the US tourism balances bilaterally over the period 1996M1-2016M6. To this aim, we apply both linear and nonlinear ARDL cointegration approaches. The nonlinear ARDL approach, developed by Shin et al. (2014), allows us to examine the separate effects of both depreciations and appreciations in the USD on the US tourism balances. In this respect, this study is the first attempt at applying the nonlinear ARDL cointegration approach to a tourism demand model. The empirical findings indicate that Mexican and Canadian tourists positively respond to depreciations in the USD against the MXN and CAD and thereby improve the US tourism balances bilaterally with these two countries. Additionally, the nonlinear ARDL approach reveals that while depreciations and appreciations in the USD have different (asymmetric) effects on the US tourism balances with Mexico, the same changes in the USD have symmetric effects on these balances with Canada. As a secondary aim, this empirical study also tries to draw attention to the US tourism balances with these two NAFTA countries.
... Studies on park tourism have also shown that National Parks in particular, are significant markers in the tourism attraction system (Leiper, 1990;Wall Reinius and Fredman, 2007;Weiler and Seidl, 2004). While previous research has shown that recreation in the outdoors often is classified as a luxury (Boman et al., 2013;Pawlowski and Breuer, 2012;Ghalwash, 2008;Melenberg and Van Soest, 1996;Ö dner et al., 2009;Pawlowski and Santeramo, 2015) and that income elasticities for foreign visitors are larger compared with domestic visitor (e.g., Garín-Muñoz, 2009;Santeramo, 2015;van Loon and Rouwendal, 2013), there is still a lack of knowledge on elasticities of demand for nature-based tourism in protected areas. ...
... The primary focus was to analyze income elasticities across different nationalities to study if this tourism product is a luxury or not. Similar to the previous studies of tourism and recreation in the outdoors (e.g., Boman et al., 2013;Ghalwash, 2008;Melenberg and Van Soest, 1996;Ö dner et al., 2009;Pawlowski and Breuer, 2012;Santeramo, 2015), we find average elasticities being close to luxury. We also find that elasticities differ across incomes and nationalities, in this case, between German and Swedish visitors. ...
Article
National Parks are significant markers in the tourism attraction system and represent an important supply of recreation opportunities for the clients of the nature-based tourism industry. In this study, we analyze income elasticities among visitors from two major nationalities at Fulufjället National Park (FNP)—a cross-boundary park between Sweden and Norway—to see if this tourism product is a luxury or not. Modeling demand with a Tobit model, we find that visiting this National Park is close to a luxury, but results also show that elasticities differ across both income and nationality: FNP is more likely to be a luxury good among low-income Germans and high-income Swedes. The article concludes with a discussion on policy and management implications from these results.
... For the case of Turkey for instance, one of the early studies on tourism demand by Uysal and Crompton (1984) [21] shows that real per capita income in the host countries, relative exchange rates, transportation costs and promotional expenses drive international tourist arrivals. In similar vein, Onder et al. (2009) [22] also found that the most significant variables explaining international tourist arrivals in Turkey were real exchange rates, per capita GDP of host as well as home countries and quality of transportation. ...
... For the case of Turkey for instance, one of the early studies on tourism demand by Uysal and Crompton (1984) [21] shows that real per capita income in the host countries, relative exchange rates, transportation costs and promotional expenses drive international tourist arrivals. In similar vein, Onder et al. (2009) [22] also found that the most significant variables explaining international tourist arrivals in Turkey were real exchange rates, per capita GDP of host as well as home countries and quality of transportation. ...
... Tourism contributes to the economic growth of a country, as it is considered a creator of jobs and the engine for economic, social and cultural development (Adamou and Clerides, 2009;Halicioglu, 2004;Idowu and Bello, 2010;Pantazidis, 1997;Jo´hannesson and Huijbens, 2010;Giacomelli, 2006;Önder et al., 2009;Eurostat, 2010). Tourism can help rural areas become tourism centers with many job opportunities. ...
Article
Full-text available
The paper aims to contribute to the discussion on the catalytic role of SMEs in generating innovation as a basis for a competitive economy. It focuses on six European countries, representing both established and transitional settings (United Kingdom, Cyprus, Spain, Italy, Greece and Lithuania). The statistical methods used included ANCOVA, multiple regression analysis and chi-square tests. The factors explaining the innovation levels were provided. Innovation and corporate culture indices were created and found to be correlated. Four variables were shown to explain innovation management in the six countries: corporate culture, formal processes/innovation department, company size and review of products. The respective SME perceptions, key factors and levels of innovation management were thus differentiated for the six countries. This comprehensive differentiated approach is an innovative contribution to the field.
... Tourism contributes to the economic growth of a country, as it is considered a creator of jobs and the engine for economic, social and cultural development (Adamou and Clerides, 2009;Halicioglu, 2004;Idowu and Bello, 2010;Pantazidis, 1997;Jo´hannesson and Huijbens, 2010;Giacomelli, 2006;Önder et al., 2009;Eurostat, 2010). Tourism can help rural areas become tourism centers with many job opportunities. ...
Article
Full-text available
Tourism is an essential contributor of economic growth, social and cultural development. Cyprus is now an established tourist destination, which, however, is passing through a slowdown phase. The determinants of tourism have been extensively examined for other countries, but the literature regarding Cyprus is very scarce. This paper examines the factors that affect tourism in Cyprus for the period 1995-2010, using time series regression analysis. Tourism is represented by tourist arrivals and tourism expenditure, while the predictors are relative prices, the Gross Domestic Product (GDP) of Cyprus and the income of the main countries that send tourists to Cyprus. The results show that tourism expenditure is significantly affected by the GDP of Cyprus and the relative prices between Cyprus and its main competitor, Greece, while tourist arrivals are additionally affected by the level of income of the origin countries. Increased competition, high operational costs, standardization of touristic product (sun and sea), as well as the international political instability and global financial crisis, which have raised unemployment and reduced tourists' disposable income, appear to influence tourism in Cyprus. These findings are discussed, in combination with the corresponding low or high rankings of Cyprus in various pillars of travel and tourism competitiveness.