EFFECT OF THE TOURISTIC PRODUCT PRICES AND COSTS ON THE INTERNATIONAL COMPETITIVENESS: A COMPARATIVE PANEL DATA ANALYSIS

Year 2017, Volume: 6 Issue: 1, 42 - 52, 30.03.2017

Sabriye Celik Uguz

https://doi.org/10.17261/Pressacademia.2017.384

Abstract

Purpose- Tourism is
an important sector for countries across the world which develops the fastests
and contributes to country's economy. The countries in the tourism market are
in a serious competition due to its contribution to the economic development.
Therefore are countries increasing their international competitiveness by the
price and cost advantage of the touristic products they offer in order to
obtain a greater share of the international tourism market. 

Methodology- In the
study are the effects of the price and cost advantages on the tourism incomes
determined by utilizing the data of 31 European stakeholder countries in the
tourism sector for 2000-2014. The harmonized index of consumer prices,
representing the price and cost advantage and established by the European
Commission’s (EC) Economic and Financial Affairs Council (ECOFIN) with 5
indicators based on the real effective Exchange rate, and the unit labour cost
series are utilized. 

Findings- The
co-integration and causality relation between these series and the tourism
income series of the current period are examined by the Kao (1999) panel
co-integration and the Dumitrescu and Hurlin (2012) panel causality analysis. 

Conclusion- As a result
of the conducted analysis, it is determined that there is a co-integration
between the price-cost advantage and the tourism revenues, and that the
price-cost advantage is a statistically meaningful reason for the tourism
revenues. 

Keywords

Competitiveness, price, cost, tourism, panel data

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