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International travelling and trade: further evidence for the case of Spanish wine based on fractional vector autoregressive specifications

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This article deals with the relationship between international travelling and trade. For this purpose we focus on a particular case study: the connection between the Spanish wine exports to Germany and the German travellers to Spain. Unlike previous studies we use a methodology based on fractional Vector AutoRegressive (VAR) models, which permits us to compute the impulse responses in a similar way as in the standard VAR case. The results show that the orders of integration of the two series are constrained between 0 and 1, being higher for the arrivals series than for the exports. The impulse response analysis reveals that an increase in travelling produces a positive initial impact on trade though it tends to disappear in the long run.

Document Type: Research Article


Affiliations: 1: Department of Economics, University of Navarra, Pamplona E-31080, Spain 2: Department of Agricultural Economics, University of Bonn, Bonn, Germany

Publication date: August 1, 2010

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