The Effects of Economic and Financial Crises on International Tourist Flows: A Cross-Country Analysis

Usman Khalid, Luke Emeka Okafor, Muhammad Shafiullah

Research output: Contribution to journalArticlepeer-review

49 Citations (Scopus)

Abstract

This article investigates the effect of different economic and financial crises, such as inflation crisis, stock market crash, debt crisis, and banking crisis on international tourism flows using a panel gravity data set of 200 countries over the period 1995 to 2010. The results show that the inflation crisis has a dampening effect on international tourism flows in both the host and origin countries. The results also show that domestic debt crisis encourages international tourism arrivals in the host countries, whereas its impact on international tourism services in originating countries is negative. Further, the impact of these crises on tourism is region dependent. In particular, banking crisis depresses international tourism flows in host countries situated in regions such as America and Latin America and Caribbean, whereas its impact on originating countries located in regions such as Asia and the Middle East is insignificant.

Original languageEnglish
Pages (from-to)315-334
Number of pages20
JournalJournal of Travel Research
Volume59
Issue number2
DOIs
Publication statusPublished - Feb 1 2020
Externally publishedYes

Keywords

  • banking crisis
  • debt crisis
  • gravity panel data
  • inflation crisis
  • international tourism

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Transportation
  • Tourism, Leisure and Hospitality Management

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