Journal
JOURNAL OF TRAVEL RESEARCH
Volume 58, Issue 8, Pages 1347-1356Publisher
SAGE PUBLICATIONS INC
DOI: 10.1177/0047287518803204
Keywords
tourism activity; economic policy uncertainty; wavelet analysis; time domain; frequency domain
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This article aims to examine the link between European economic policy uncertainty (EPU) and tourism activities in Portugal, Ireland, Italy, Greece, and Spain using wavelet transform context structures. This innovative technique allows the decomposition of time-series at different time frequencies. In this work, we used continuous wavelets, wavelet coherency, and wavelet phase difference based on Granger causality analysis to investigate the relationship between European EPU and tourism using the annual data from 1995 to 2015. The results indicate that there is a unidirectional causal influence of European EPU on international tourism receipts (ITR) in the short run and a bidirectional causal influence of European EPU on ITR in European countries in the long run. Accordingly, it can be recommended that the government needs to increase and promote tourism demand and to further provide and nurture the expansion of tourism supply.
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