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Interrelationships among Tourism, Economic, and Environmental Time Series—The Case of Slovenia

Author

Listed:
  • Sergej Gricar

    (Faculty of Business and Management Sciences, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia)

  • Violeta Šugar

    (Faculty of Economics and Tourism “Dr Mijo Mirković”, Juraj Dobrila University of Pula, 52100 Pula, Croatia)

  • Jasmina Starc

    (Faculty of Business and Management Sciences, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia)

Abstract

This study examines the relationship between CO 2 emissions and economic factors in the hospitality industry, covering the period from January 2000 to December 2021. The research findings reveal an association between prices, fiscal and monetary factors, and wages in the hospitality industry. CO 2 emissions contribute to environmental degradation and are among the external variables. To test the validity of their hypotheses, the researchers employ the principal components analysis method, using two main components and new regressors to explain most of the variances in a sample of 18 variables. The study employs monthly time series data to explore the links between the variables in the hospitality industry. The study results reveal a connection between shocks during the analysed period and increased CO 2 emissions. The period under review includes Slovenia’s European accession in 2004, adoption of the Euro in 2007, the financial crises in 2008/2009, economic expansion in the previous decade, and, most recently, the COVID-19 pandemic and the beginning of energy distortions. The study’s primary application involves processing 264 monthly observations, which provide an essential time series vector. The discussion section delves into the country’s sustainable tourism development concept, aligning with the Sustainable Development Goals (SDGs) Key Action 12.

Suggested Citation

  • Sergej Gricar & Violeta Šugar & Jasmina Starc, 2023. "Interrelationships among Tourism, Economic, and Environmental Time Series—The Case of Slovenia," Sustainability, MDPI, vol. 15(19), pages 1-20, October.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:19:p:14488-:d:1253669
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    References listed on IDEAS

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