Register  |  Login  |  Inquiries  |  Sitemap |  
Advanced Search
Journal of Economic Integration 2014 December;29(4) :700-725.
Exchange Rate Volatility and Tourist Flows into Turkey

George Agiomirgianakis Dimitris Serenis Nicholas Tsounis 

Hellenic Open University, Patras, Greece
University of Wolverhampton, Wolverhampton, United Kingdom
Technological Institute (TEI) of Western Macedonia, Kastoria, Greece Hellenic Open Universtiy, Patras, Greece
Corresponding Author: George Agiomirgianakis ,Tel: +30 2610267451, Fax: +30 2610367442, Email:
Copyright ©2014 Journal of Economic Integration
This paper examines the effects of Exchange Rate Volatility on tourist flows into Turkey for the period of 1994~2012. Our results show that (i) there is a negative relationship between exchange rate volatility and tourist inflows into Turkey; (ii) there is a negative impact of the relative price ratio on the tourist flows indicating that relatively expensive places deter tourist arrivals, given the keen international competition among alternative destinations; (iii) GDP per capita at tourist origin, measured in Purchasing Power Parities, exerts positive influence on tourist flows. Our findings thus, suggest some direct policy implications: first, policy makers of a tourist destination country aiming to target potential markets for their tourist products, should, in principle, avoid markets prone to exchange rate volatility due to political and social upheavals or financial instability.

JEL Classification
F41: Open Economy Macroeconomics
L83: Sports; Gambling; Recreation; Tourism
Keywords: Exchange Rate Volatility | Tourist Flows | Turkey | ARDL Method
Editorial Office
Center for Economic Integration, Sejong University, 209, Neungdong-Ro, Gwangjin-Gu,
Seoul, 05006, Korea
TEL : +82-2-3408-3338    FAX : +82-2-6935-2492   E-mail :,
Browse Articles |  Current Issue |  For Authors and Reviewers |  About
Copyright© by Center for Economic Integration.      Developed in M2PI