내국인 해외여행 수요함수 추정: 부분조정 모형

Estimation of Outbound Tourist Demand Function in Korea: A Partially-adjusted Model

This article deals with partial-adjustment model as a way of estimating tourist demand function for outbound Korean. There are many restrictions in travel to overseas, such as psychological, technical, or institutional reasons. So it might be realistic if one makes international tourism demand adjust partially by time, especially using quarterly data, or monthly data. Empirical results show that the coefficient of adjustment is less than unity, which means that outbound Korean tourists tend to adjust to difference between actual and desirable level of demand in every period. Further more, both short-run and long-run elasticities of outbound demand were found in between 1.34 and 4.29, which strongly endorses existing estimation results.