The impact of COVID-19 on the Spanish tourism sector. Issue 3 (May 2022)

• Record Type: Journal Article
• Authors: Gil-Alana, Luis Alberiko; Poza, Carlos
• Other Names: Li Gang guest-editor.; Liu Anyu guest-editor.
• Is Part Of: Tourism economics. Volume 28:Issue 3(2022)
• Page Start: 646
• Page End: 653
• Publication Date: 2022-05
• Subjects: COVID-19 -- long memory -- persistence -- Spain -- tourism; Tourism -- Periodicals; 338.4791
• DOI: 10.1177/1354816620959914
• Languages: English
• ISSNs: 1354-8166

Abstract

We examine in this note the impact of COVID-19 on the Spanish tourism sector by using a strong dependence model. Daily data from five equity markets are used and we find that the coronavirus crisis has increased the persistence in the data, moving in some of the series from a mean reverting process to a non-mean reverting one. Thus, shocks that were expected to be transitory have become permanent, implying the need of strong policy measures to come the series back to their long-term projections.