Panel cointegration analysis of relationship between international trade and tourism: Case of Turkey and silk road countries

Abstract

Tourism development has been examined from various aspects and studies examining relations between tourism and other sectors are increasing. This study tests the relationship between the incoming tourists and volumes of import and export of Turkey and 13 Silk Road countries, through Panel ARDL. The study is important since it is thought to be the first to check the relation between tourist flows and trade amongst the Silk Road countries. Findings point out that even though there are differences in short-term and long-term relations, tourist flows and international trade are related, which indicates that international trade is important for tourism development.