Existing research has shown that political crisis events can directly impact the tourism industry.However,the current methods suffer from potential changes of unobserved variables,which poses challenges for a reliable...Existing research has shown that political crisis events can directly impact the tourism industry.However,the current methods suffer from potential changes of unobserved variables,which poses challenges for a reliable evaluation of the political crisis impacts.This paper proposes a panel counterfactual approach with Internet search index,which can quantitatively capture the change of crisis impacts across time and disentangle the effect of the event of interest from the rest.It also provides a tool to examine potential channels through which the crisis may affect tourist outflows.This research empirically applies the framework to analyze the THAAD event on tourist flows from the Chinese Mainland to South Korea.Findings highlight the strong and negative short-term impact of the political crisis on the tourists' intentions to visit a place.This paper provides essential evidence to help decision-makers improve the management of the tourism crisis.展开更多
This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that dome...This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.展开更多
基金supported by the National Natural Science Foundation of China under Grant No.72203246(HUANG Bai's work)the National Natural Science Foundation of China under Grant Nos.72322016,72073126,71988101,71973116 and 72091212Young Elite Scientists Sponsorship Program by CAST (SUN Yuying's work)。
文摘Existing research has shown that political crisis events can directly impact the tourism industry.However,the current methods suffer from potential changes of unobserved variables,which poses challenges for a reliable evaluation of the political crisis impacts.This paper proposes a panel counterfactual approach with Internet search index,which can quantitatively capture the change of crisis impacts across time and disentangle the effect of the event of interest from the rest.It also provides a tool to examine potential channels through which the crisis may affect tourist outflows.This research empirically applies the framework to analyze the THAAD event on tourist flows from the Chinese Mainland to South Korea.Findings highlight the strong and negative short-term impact of the political crisis on the tourists' intentions to visit a place.This paper provides essential evidence to help decision-makers improve the management of the tourism crisis.
文摘This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.
