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<p>Does terrorism harm travel demand and income growth? If so, by how much? How long does it take for travel demand and income growth to revert to their initial levels? Are the effects of terrorism short-run, medium-run, or long-run? Within a Panel VAR framework for 28 countries, this study provides answers to the above questions. By analyzing annual data from 1996 to 2020, we find that: (i) Terrorism adversely affects both travel demand and income growth, (ii) A very large, yet observable, shock in terrorism leads to an immediate decrease in travel demand by 15% and income growth by 1.5%, (iii) Travel demand and income growth revert to their previous levels after approximately 2 and 1.5&#xa0;years, respectively, (iv) The effects of terrorism are characterized as medium-run. Finally, policy recommendations are also provided.</p>

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Terrorism, tourism and growth: a panel VAR analysis

  • 期刊论文

  • 发表日期：

    2025年1月7日

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  • Dionysios Paliouras,
  • Savvas Tsentidis,
  • Theologos Dergiades

摘要

Does terrorism harm travel demand and income growth? If so, by how much? How long does it take for travel demand and income growth to revert to their initial levels? Are the effects of terrorism short-run, medium-run, or long-run? Within a Panel VAR framework for 28 countries, this study provides answers to the above questions. By analyzing annual data from 1996 to 2020, we find that: (i) Terrorism adversely affects both travel demand and income growth, (ii) A very large, yet observable, shock in terrorism leads to an immediate decrease in travel demand by 15% and income growth by 1.5%, (iii) Travel demand and income growth revert to their previous levels after approximately 2 and 1.5 years, respectively, (iv) The effects of terrorism are characterized as medium-run. Finally, policy recommendations are also provided.