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The impact of COVID-19 on the Spanish tourism sector

Author

Listed:
  • Luis Alberiko Gil-Alana

    (16754University of Navarra, Spain; Universidad Francisco de Vitoria, Spain)

  • Carlos Poza

    (16447University Francisco de Vitoria, Spain)

Abstract
We examine in this note the impact of COVID-19 on the Spanish tourism sector by using a strong dependence model. Daily data from five equity markets are used and we find that the coronavirus crisis has increased the persistence in the data, moving in some of the series from a mean reverting process to a non-mean reverting one. Thus, shocks that were expected to be transitory have become permanent, implying the need of strong policy measures to come the series back to their long-term projections.

Suggested Citation

  • Luis Alberiko Gil-Alana & Carlos Poza, 2022. "The impact of COVID-19 on the Spanish tourism sector," Tourism Economics, , vol. 28(3), pages 646-653, May.
    • Handle: RePEc:sae:toueco:v:28:y:2022:i:3:p:646-653
    DOI: 10.1177/1354816620959914
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    References listed on IDEAS

    as
    1. Gil-Alana, Luis Alberiko & Moreno, Antonio, 2009. "Technology Shocks And Hours Worked: A Fractional Integration Perspective," Macroeconomic Dynamics, Cambridge University Press, vol. 13(5), pages 580-604, November.
    2. Lovcha, Yuliya & Perez-Laborda, Alejandro, 2018. "Monetary policy shocks, inflation persistence, and long memory," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 117-127.
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    Cited by:

    1. Isabel Carrillo-Hidalgo & Juan Ignacio Pulido-Fernández & José Luis Durán-Román & Jairo Casado-Montilla, 2023. "COVID-19 and tourism sector stock price in Spain: medium-term relationship through dynamic regression models," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-24, December.
    2. James E Payne & Junsoo Lee, 2024. "Global perspective on the permanent or transitory nature of shocks to tourist arrivals: Evidence from new unit root tests with structural breaks and factors," Tourism Economics, , vol. 30(1), pages 67-103, February.
    3. Ahmad Zaini Miftah & Ida Widianingsih & Entang Adhy Muhtar & Ridwan Sutriadi, 2023. "Reviving a City’s Economic Engine: The COVID-19 Pandemic Impact and the Private Sector’s Engagement in Bandung City," Sustainability, MDPI, vol. 15(12), pages 1-15, June.

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