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Tourism market in turbulent times: evidence of asymmetric connectedness

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  • Muhammad Abubakr Naeem
  • Nadia Arfaoui
  • Sitara Karim
  • Weng Marc Lim

Abstract

Tourism markets have faced significant challenges due to global geopolitical and economic events. This study aims to investigate the asymmetric connectedness across regional and country-level tourism markets. By employing a time–frequency-domain analysis informed by the efficient market hypothesis and modern portfolio theory, we construct connectedness networks for both regional and country-level markets. Our findings reveal a strong asymmetric connectedness in these markets, with negative return spillovers being particularly prominent during events such as the 9/11 attacks, London and Madrid bombings, the 2007–2009 global financial crisis, European debt crisis, Syrian and Libyan civil wars, the emergence of ISIS, and the COVID-19 outbreak. These insights offer valuable implications for stakeholders in regional and country-level tourism markets and suggest effective strategies for recovery and resilience.

Suggested Citation

  • Muhammad Abubakr Naeem & Nadia Arfaoui & Sitara Karim & Weng Marc Lim, 2024. "Tourism market in turbulent times: evidence of asymmetric connectedness," Current Issues in Tourism, Taylor & Francis Journals, vol. 27(23), pages 4104-4133, December.
    • Handle: RePEc:taf:rcitxx:v:27:y:2024:i:23:p:4104-4133
    DOI: 10.1080/13683500.2023.2274904
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