A SVECM Analysis of the Relationship between International Tourism Arrivals, …

Abstract. This article provides an SVECM investigation of long-run, short-run and contemporaneous relationships across per capita international tourism arrivals (ar), real GDP (y), and total international commercial transactions (tr) for the Italian economy. We find that variables span a bidimensional cointegrating space, which we normalize as long-run relationships between y and ar and betwe…