The role of price factors for tourist from the Euro Zone: Hints about the future of Italy's International Tourism Receipts
- Autores: Antonello Biagioli, Giuseppe Ortolani, Andrea Alivernini
- Localización: Estudios Turísticos, ISSN-e 3020-6723, ISSN 0423-5037, Nº. Extra 161-162, 2004 (Ejemplar dedicado a: International forums on tourism statistics 1994-2004), págs. 263-302
- Idioma: inglés
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Resumen
It is generally agreed that the Long-term trend of international tourism receipts in Italy has been influenced by price factors, similarly to what happened in many countries. Particularly, it is commonly recognised that international tourism receipts have been boosted by depreciations of the domestic currency. Since January 1999, with the advent of Economic and Monetary Union (EMU), the exchange rate of the lira is not varying any longer vis-à-vis the currencies of the other euro zone countries. An important portion of the tourist market is involved by this change, as tourism receipts from partner countries of this area account for around a half of the total. The aim of this study is to provide hints on the impact of the new context of fixed exchange rates on Italy's tourism receipts by analysing the past behaviour, both in a long and in a short-term perspective. The paper tries to bring some systematic evidence that could warrant further analysis. The document is divided into three parts: 1. Describes in short the impact of international tourism receipts in Italy's balance of payments and in relation to the general economy, with a focus on the earnings originated from the partner countries of the euro zone. 2. Reports the methodology and the outcome of an econometric analysis on a general model in which the country' s global international tourism receipts are put into relationship with a) the relative tourism prices in Italy vis-à-vis both the main countries of origin and the main competitor countries and b) the aggregate income of origin countries. The analysis resorts to the cointegration approach te highlight long-terco interactions along with short-term dynamics. 3. Studies the specificities of the influence of price factors for travellers coming from the euro zone vis-à-vis the travellers coming from outside the zone and the different attitude towards price factors of the various type of foreign visitors...
