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The Effects of Real Exchange Rates on International Tourism: Empirical Evidence from Morocco

Author

Listed:
  • ES-SANOUN Mohamed

    (USMBA - Université Sidi Mohamed Ben Abdellah)

  • Zaynab Hjouji
  • Ziad Bousraraf
  • Benboubker Mounir

    (USMBA - Université Sidi Mohamed Ben Abdellah)

  • Mahouat Nacer

Abstract

Considering the vital role of the tourism sector in the economy, and the intense competition between nations to attract large numbers of tourists, nations are seeking to ameliorate their competitiveness in order to boost their position internationally. In this context, it is essential to determine the main factors of international tourism demand, and with this in mind, this article examines the impact of the real effective exchange rate on international tourism flows to Morocco over the period 1995-2023. We apply the Vector Autoregressive (VAR) model and the Granger causality test to analyze this impact. In addition, we have introduced other control variables (inflation rate, gross domestic product per capita, carbon dioxide emissions) for two reasons: firstly, to ensure the robustness of the results, and secondly, to account for other factors that may affect international tourism demand in the case of Morocco. Our results show that there is a negative relationship between the evolution of the real effective exchange rate, the inflation rate, carbon dioxide emissions and international tourism flows in Morocco, whereas gross domestic product per capita has a positive impact on the evolution of international tourism demand. In our judgment, this study can also guide professionals and policymakers in the formulation of policies and strategies associated with the development of the tourism sector, to improve Morocco's position in this area. The practical implications of these findings suggest that policies aimed at stabilizing the exchange rate and managing economic and environmental variables could enhance Morocco's attractiveness as a tourist destination.

Suggested Citation

  • ES-SANOUN Mohamed & Zaynab Hjouji & Ziad Bousraraf & Benboubker Mounir & Mahouat Nacer, 2024. "The Effects of Real Exchange Rates on International Tourism: Empirical Evidence from Morocco," Post-Print hal-04764091, HAL.
    • Handle: RePEc:hal:journl:hal-04764091
    DOI: 10.57239/PJLSS-2024-22.2.00829
    Note: View the original document on HAL open archive server: https://hal.science/hal-04764091v1
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    References listed on IDEAS

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    1. Agiomirgianakis, George & Serenis, Dimitrios & Tsounis, Nicholas, 2014. "Exchange Rate Volatility and Tourist Flows into Turkey," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 29, pages 700-725.
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