David Boto-García , Juan Francisco Albert , Nerea Gómez-Fernández
{"title":"Carbon price shocks and tourism demand","authors":"David Boto-García , Juan Francisco Albert , Nerea Gómez-Fernández","doi":"10.1016/j.annals.2024.103813","DOIUrl":null,"url":null,"abstract":"<div><p>This article studies the effect of carbon prices on tourism demand. We adopt a novel identification strategy that exploits carbon price shocks induced by policy events on the supply of emission allowances in the European Trading System (EU ETS). Using monthly panel data on tourism arrivals and stays in 26 European countries between 2005 and 2019, and applying panel local projections, we find there is a ‘V’ shaped pattern. Impulse response estimates indicate that there is a transitory drop in arrivals of 2.5 percentage points in the first three months after a carbon price shock, but demand quicky reverts to the trend after six months. Our findings underscore the dynamic responses of tourism arrivals and stays to carbon regulatory policies.</p></div>","PeriodicalId":48452,"journal":{"name":"Annals of Tourism Research","volume":null,"pages":null},"PeriodicalIF":10.4000,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0160738324000902/pdfft?md5=a4163d1a1b8abfee6c21af55a3ec5f2b&pid=1-s2.0-S0160738324000902-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Annals of Tourism Research","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0160738324000902","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
引用次数: 0
Abstract
This article studies the effect of carbon prices on tourism demand. We adopt a novel identification strategy that exploits carbon price shocks induced by policy events on the supply of emission allowances in the European Trading System (EU ETS). Using monthly panel data on tourism arrivals and stays in 26 European countries between 2005 and 2019, and applying panel local projections, we find there is a ‘V’ shaped pattern. Impulse response estimates indicate that there is a transitory drop in arrivals of 2.5 percentage points in the first three months after a carbon price shock, but demand quicky reverts to the trend after six months. Our findings underscore the dynamic responses of tourism arrivals and stays to carbon regulatory policies.
期刊介绍：
The Annals of Tourism Research is a scholarly journal that focuses on academic perspectives related to tourism. The journal defines tourism as a global economic activity that involves travel behavior, management and marketing activities of service industries catering to consumer demand, the effects of tourism on communities, and policy and governance at local, national, and international levels. While the journal aims to strike a balance between theory and application, its primary focus is on developing theoretical constructs that bridge the gap between business and the social and behavioral sciences. The disciplinary areas covered in the journal include, but are not limited to, service industries management, marketing science, consumer marketing, decision-making and behavior, business ethics, economics and forecasting, environment, geography and development, education and knowledge development, political science and administration, consumer-focused psychology, and anthropology and sociology.
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