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European Tourism Sector Development in the Context of Energy Uncertainty

Author

Listed:
  • Michaela Kocourková

    (Department of Trade, Tourism and Languages, Faculty of Economics, University of South Bohemia in České Budějovice, 37005 České Budějovice, the Czech Republic,)

  • Bekhzod Kuziboev

    (Department of Economics, Urgench State University, 220100 Urgench, Uzbekistan,)

  • Murodjon Matniyozov

    (Department of Tourism, Urgench State University, 220100 Urgench, Uzbekistan.)

Abstract

The research is a novel to study the impact of energy uncertainty on international tourism receipt in 11 European countries namely Belgium, Croatia, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Spain and Sweden due to availability of energy uncertainty index data recently developed by Dang et al. (2023). As econometric tool, we employ a fully modified ordinary least squares (FMOLS) framework and include obtained long-run relations in a panel Vector Error Correction model (VECM). The findings suggest that 1% increase in energy uncertainty leads to 0.08% decrease in international tourism receipt in Europe. Moreover, international tourism receipt reaches the equilibrium with the adjustment speed of 23% annually. Regarding the effect of control variables, economic development has a negative relation whereas CO2 emissions and institutional quality have a positive association with international tourism receipt. As a policy implication, enhancing renewable energy is suggested to cope with energy uncertainty consequences that might affect tourism development.

Suggested Citation

  • Michaela Kocourková & Bekhzod Kuziboev & Murodjon Matniyozov, 2024. "European Tourism Sector Development in the Context of Energy Uncertainty," International Journal of Energy Economics and Policy, Econjournals, vol. 14(2), pages 410-418, March.
    • Handle: RePEc:eco:journ2:2024-02-41
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    Citations

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    Cited by:

    1. Thomas Habanabakize & Lerato Mothibi, 2024. "The Implication of Political Risk and Specific Macroeconomic Variables on Total Revenue in Tourism Industry," International Journal of Economics and Financial Issues, Econjournals, vol. 14(3), pages 170-177, May.

    More about this item

    Keywords

    International Tourism Receipt; Energy Uncertainty; Economic Development; CO2 Emissions; Institutional Quality;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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