지역축제가 소비지출에 미치는 영향에 관한 실증분석

An Empirical Study on the Effect of Local Festivals on Consumption Expenditure

This paper investigates the effect of local festivals on consumption expenditures. We utilize the relationship between number or days of local festivals and consumption expenditures to estimate how local festivals affect the consumption expenditures. For estimation, we use regional panel data with the 16 large cities and provinces in Korea during the period of 2004-2014. With the estimation results, we find as follows. First, the estimated relationship between the local festivals and consumption expenditures appears non-linear and inverted-U shaped. There are optimal numbers and days of local festivals to maximize regional aggregate consumption expenditures. Second, the transportation expenditure also has a inverted-U shaped relation with number and days of local festivals. Third, the expenditure for entertainment & culture has a inverted-U relation to number of local festivals, but is not related to days of local festivals. Fourth, the expenditure for foods and accommodations has a inverted-U shaped relation with the number of festivals but increases with the days of local festivals.