Tourism demand and economic growth in Spain: New insights based on the yield curve

Daniel Santamaria, George Filis

Research output: Contribution to journalArticlepeer-review

11 Citations (Scopus)


This study examines for the first time the dynamic relationship between tourism growth and expected macroeconomic conditions of the destination country using a DCC-GARCH model. The focus is on the Spanish economy in which monthly tourist arrivals data from 1998 to 2017 were collected for five key origin countries and around the world. To capture expected macroeconomic conditions, the Spanish term structure of interest rates is used. The results suggest that the tourism-expected economic growth relationship is time varying without any country-specific differences in the behaviour of the correlations. Importantly, positive correlations reportedly coincides with a regime shift in the Spanish economy; whereas negative correlations are evident when expected economic conditions are stable. It is also shown that the aforementioned relationship is influenced by key geopolitical and economic events (the 9/11 terrorist attacks, Global Financial Crisis and the ECB's quantitative easing programme). Finally, policy implications derived from the main findings are discussed.

Original languageEnglish
Pages (from-to)447-459
Number of pages13
JournalTourism Management
Early online date28 Jun 2019
Publication statusPublished - Dec 2019

Bibliographical note

NOTICE: this is the author’s version of a work that was accepted for publication in Tourism Management. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Tourism Management, 75, (2019) DOI: 10.1016/j.tourman.2019.06.008

© 2019, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International


  • Economic growth
  • Spain
  • Term structure of interest rates
  • Tourism demand
  • Yield curve

ASJC Scopus subject areas

  • Development
  • Transportation
  • Tourism, Leisure and Hospitality Management
  • Strategy and Management

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