Interdependence of international tourism demand and volatility in leading ASEAN destinations

C-L Chang, T Khamkaew, R Tansuchat, Michael McAleer

Research output: Contribution to journalArticleAcademicpeer-review

26 Citations (Scopus)


International and domestic tourism are leading economic activities in today's world. Tourism has been known to generate goods and services directly and indirectly, attract foreign currency, stimulate employment and provide opportunities for investment. It has also been recognized as an important means of achieving economic development. Substantial research has been conducted to evaluate the role of international tourism, and its associated volatility, within and across various economies. This paper applies several recently developed models of multivariate conditional volatility to investigate the interdependence of international tourism demand, as measured by international tourist arrivals, and its associated volatility in the four leading destinations in ASEAN, namely Indonesia, Malaysia, Singapore and Thailand. Each of these countries has attractive tourism characteristics, such as significant cultural and natural resources. Shocks to international tourism demand volatility could affect, positively or negatively, the volatility in the tourism demand of neighbouring countries. The empirical results should encourage regional cooperation in tourism development among ASEAN member countries and also mobilize international and regional organizations to provide appropriate policy actions.
Original languageEnglish
Pages (from-to)481-507
Number of pages27
JournalTourism Economics
Issue number3
Publication statusPublished - 2011


Dive into the research topics of 'Interdependence of international tourism demand and volatility in leading ASEAN destinations'. Together they form a unique fingerprint.

Cite this