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Are Shocks to Barbados Long-Stay Visitor Arrivals Permanent or Temporary: A Short Empirical Note

Lorde, Troy and Francis, Brian and Skeete, Stephney (2008): Are Shocks to Barbados Long-Stay Visitor Arrivals Permanent or Temporary: A Short Empirical Note. Published in: Journal of Public Sector Policy Analysis , Vol. 3, (2009): pp. 3-19.

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Abstract

The tourism industry is Barbados’ main source of foreign exchange and provides the basis for steady economic growth in the economy. Consequently, the permanence or transience of shocks can have a direct impact on the welfare of all Barbadian residents. Against this background, our study applied univariate and panel unit root tests to determine whether shocks to visitor arrivals to Barbados are permanent or temporary. Our empirical findings imply that exogenous shocks will have permanent effects on visitor arrivals to Barbados. Our recommendation is for tourism authorities to handle negative external shocks according to each particular market differently, since tourists, even with countries, are not a homogenous group.

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