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International Tourist Arrivals In Thailand: Forecasting With Arfima-Figarch Approach

Author

Listed:
  • Kanchana Chokethaworn

    (Chiang Mai University, Thailand)

  • Thanes Sriwichailamphan

    (Chiang Mai University, Thailand)

  • Songsak Sriboonchitta

    (Chiang Mai University, Thailand)

  • Chukiat Chaiboonsri

    (Chiang Mai University, Thailand)

  • Jittaporn Sriboonjit

    (Thammassat University, Thailand)

  • Prasert Chaitip

    (Chiang Mai University, Thailand)

Abstract

Forecasting is an essential analytical tool for tourism policy and planning. This paper focuses on forecasting methods based on ARFIMA(p,d,q)-FIGARCH(p,d,q). Secondary data was used to produce forecasts of the number of international tourist arrivals to Thailand for the period of 2009-2010. Research results during this period confirm that the best forecasting method based on the ARFIMA(p,d,q)-FIGARCH(p,d,q) model is ARFIMA(1,-0.45,1)-FIGARCH(1,-0.07,1). Furthermore, this model predicts that the number of international tourist arrivals in Thailand for the period of 2009-2010 will not go up or be constant. If these results can be generalized for future years, then it suggests that both the Thai government sector and also the private tourism industry sector of Thailand need to develop the tourism market of Thailand immediately and also develop tourism products in Thailand urgently.

Suggested Citation

  • Kanchana Chokethaworn & Thanes Sriwichailamphan & Songsak Sriboonchitta & Chukiat Chaiboonsri & Jittaporn Sriboonjit & Prasert Chaitip, 2010. "International Tourist Arrivals In Thailand: Forecasting With Arfima-Figarch Approach," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 10(2), pages 75-84.
    • Handle: RePEc:pet:annals:v:10:y:2010:i:2:p:75-84
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    Cited by:

    1. Ruxandra-Irina POPESCU & Rãzvan-Andrei CORBOª, 2013. "€Œamazing Thailand €“ Its Contribution To Growing The Country’S Competitiveness," Proceedings of Administration and Public Management International Conference, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 9(1), pages 220-234, June.
    2. repec:rom:campco:v:9:y:2013:i:1:p:220-234 is not listed on IDEAS

    More about this item

    Keywords

    Thailand; ARFIMA-FIGARCH method; International Tourists;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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