This paper extends the cross sectionally augmented panel unit root test proposed by Pesaran (2007) to the case of a … the maximum number of factors, in contrast to other panel unit root tests based on principal components that require in …

Tourism accounts for around one tenth of global GDP. We analyze the impact of entertainment media in drawing tourists … to filming locations (media multiplier ) and, in turn, the effect of tourism on local economic development (tourism … factor of 2.5. Furthermore, we provide evidence of positive spillovers in nearby municipalities. To estimate the tourism …

result is shown to hold for pure latent factor models as well as for panel regressions with latent factors. Small sample …

this paper, we present a generalized panel model which accounts for two features: (i) three types of network effects on the …

This paper considers a first-order autoregressive panel data model with individual-specific effects and a heterogeneous …

We estimate exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange … rate, the exchange rate between the tourism origin country vis-à-vis the U.S. dollar is an important driver of tourism … flows, indicating a strong role of U.S. dollar pricing. The U.S. dollar exchange rate is more important for tourism …

degrees, the dependence that might prevail across the different units in the panel. In the analysis of cointegration the …

This paper extends the cross sectionally augmented panel unit root test proposed by Pesaran (2007) to the case of a … the maximum number of factors, in contrast to other panel unit root tests based on principal components that require in …