This study examines the macro drivers of the time-varying (dynamic) connectedness between eleven European tourism … estate activity. Further, economic and political uncertainty is found to intensify the macro effects on tourism correlations … crash, also magnify the impact of macro drivers on the evolution of co-movement and integration in the tourism sector. …

phenomenon. Predicting the direction and level of asset prices are important activities in the real world practice for investors …

, from a copula framework, we obtain the conditional expectation and measure the exchange rate contribution to shock …

cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth …