Rafael Llorca-Vivero

TERRORISM AND INTERNATIONAL TOURISM: NEW EVIDENCE

This paper analyses the impact of terrorist activity on international tourist flows. To this end, we have estimated a cross‐sectional gravity equation for tourism from the G‐7 countries to a sample of 134 destinations over the period 2001–2003. Within this framework, we evaluate the deviation from ‘normal’ tourist flows due to terrorist activity, which is considered as negative advertising for the affected country. The analysis suggests that both domestic victims and international attacks are relevant factors when foreign tourists make their choice. This result is robust under alternative specifications. Moreover, the impact of terrorism is more severe in developing countries. The author is indebted to Salvador Gil and José Antonio Martínez‐Serrano for valuable observations. I am grateful to two anonymous referees and the editor for very helpful comments and suggestions. Thanks also to the World Tourism Organisation for kindly providing data on the number of tourist arrivals. Financial support from Ministerio de Ciencia y Tecnología (project SEJ2006‐07238/ECO), Generalitat Valenciana (project GV04B‐070) and Agencia Valenciana de Ciencia y Tecnología (Grupos 03/151) is gratefully acknowledged

The Effect of EMU on Tourism

This paper estimates the effect of the euro on intra‐EMU tourist flows by using a panel dataset of 20 OECD countries over the period 1995–2002. The results reveal that the euro has increased tourism, with an effect of around 6.5%. This is a noticeable impact given the early stage of the EMU analyzed. The robustness checks show that the evidence of a positive impact is quite widespread across EMU destination countries.

Determinants of European immigration: a cross-country analysis

This paper analyses the determinants of international immigration in 13 European destination countries using a data set on 139 origin countries in 2000. The results indicate that gravity variables (population and distance), the macroeconomic conditions, cultural proximity, and the existence of narrow trade relationships are important explanatory factors.

Does the Degree of Development Matter in the Impact of Banking Crises on International Trade

This paper analyzes how a countrys degree of economic development affects the impact of banking crises on international trade. To this end, we estimate a gravity model of trade using a sample of 139 countries over the period 1975–2012. Our results show that middle income countries are generally the most negatively affected. In contrast, financial turmoil appears to have less impact on bilateral trade flows among high income countries and, more specially, among low income nations. The level of financial development, contract enforcement, as well as the extent of the use of banking credit within international trade all help to explain our findings.