Since 2008, when Taiwan's President Ma Ying-Jeou relaxed the Cross-Strait policy, China has become Taiwan's largest … short-run and long-run persistence of shocks to the change rate of Chinese tourists to Taiwan. The daily data used for the … volatility models, namely GARCH(1,1), GJR(1,1) and EGARCH(1,1), are used to measure the short-run and long-run persistence of …