관광수요의 소득 및 가격탄력성 추정

Estimating Income and Price Elasticities in Tourism Demand

This study examined the income and price elasticities in tourism demand in Korea using the autoregressive differenced lag (ARDL) model. First, it had autocorrelation in the ADF unit root tests. Second, in the ARDL-UECM (bounds tests),  -value of all countries exceeded the upper bounds, indicating there was a significant long-term relationship. Third, the income elasticity of the US had a significant positive effect on the tourism demand and own price elasticity showed a significant elastic and negative effect. In China, income elasticity was inelastic, but cross price elasticity and own price elasticity was significantly positive and elastic. Fourth, only China, England and France had no autocorrelation and specification errors and all countries showed a normal distribution and no heteroscedasticity. And coefficients of all countries except Japan were stable in the CUSUM and CUSUMSQ tests. Therefore, it is necessary to establish tourism policy or tourism strategy to cope with changes in demand for Korean tourism in the long-haul and short-haul markets and to recognize that Korea s tourism prices are elastic and competitive compared to other markets through price elasticity. We will do our best to improve the quality of tourism service and to differentiate the products for maximizing the tourism revenue of Korea.