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The analysis of the relationships of Korean outbound tourism demand : Jeju island and three international destinations

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  • The analysis of the relationships of Korean outbound tourism demand
  • Seo, Joo Hwan; Park, Sung Yong; Yu, Larry
  • Elsevier Ltd.


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Title The analysis of the relationships of Korean outbound tourism demand
Similar Titles
Sub Title

Jeju island and three international destinations

Material Type Articles
Author(English)

Seo, Joo Hwan; Park, Sung Yong; Yu, Larry

Publisher

[London]:Elsevier Ltd.

Date 2009
Journal Title; Vol./Issue Tourism Management:vol. 30
Pages 14
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Industry and Technology
Holding unknown

Abstract

This paper investigates the determinants of the relationship among Korean outbound tourism demand for Jeju Island and three other Asian island countries using the multivariate generalized autoregressive conditional heteroskedasticity (MGARCH) and Vector Error Correction (VEC) models. It is found that pairwise conditional correlations among tourism demand for Jeju, Thailand, Singapore and the Philippines are not constant but time-varying. Estimated conditional correlations among Jeju and the three Asian countries are negative over some time periods. This implies that the three Asian countries are substitutes for Jeju in certain specific time horizons. The VEC model is used to investigate the short-run and long-run dynamic relationships and the results reveal that Industrial Production Index and real exchange rates had the positive or negative impact on conditional correlations of tourism demand for these destinations. Tourism policy implications are discussed for managing tourism demand for these destinations.