TY - BOOK ID - 84874311 TI - Revisiting Tourism Flows to the Caribbean : What is Driving Arrivals? AU - Laframboise, Nicole. AU - Mwase, Nkunde. AU - Park, Joonkyu. AU - Zhou, Yingke. PY - 2014 SN - 1498349498 1498311423 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Tourism KW - Structural adjustment (Economic policy) KW - Economic policy KW - Caribbean Area KW - Economic policy. KW - Foreign Exchange KW - Macroeconomics KW - Public Finance KW - Industries: Hospital,Travel and Tourism KW - Multiple or Simultaneous Equation Models: Models with Panel Data KW - Sports KW - Gambling KW - Restaurants KW - Recreation KW - Economic History: Macroeconomics KW - Growth and Fluctuations: Latin America KW - Caribbean KW - Economywide Country Studies: Latin America KW - Financial Crises KW - National Government Expenditures and Related Policies: General KW - Personal Income, Wealth, and Their Distributions KW - Hospitality, leisure & tourism industries KW - Currency KW - Foreign exchange KW - Economic & financial crises & disasters KW - Public finance & taxation KW - Real exchange rates KW - Global financial crisis of 2008-2009 KW - Expenditure KW - Personal income KW - Economic sectors KW - Financial crises KW - National accounts KW - Global Financial Crisis, 2008-2009 KW - Expenditures, Public KW - Income KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84874311 AB - The Caribbean share of the global tourism market has been declining. This study examines what is driving tourism flows. It estimates the determinants of tourism and explores variations based on sample differences, and also constructs a static nominal price comparison index. The paper finds that: (i) tourism arrivals and expenditure are sensitive to both price and income factors in source markets; (ii) price and income elasticities of tourism have declined since 2008; (iii) price elasticity is statistically insignificant for “high-end” destinations; and (iv) the nominal cost of an average one week beach holiday in the Caribbean is higher than in other beach destinations around the world. These results point to the need for structural reforms to raise product quality, cost reduction or containment in “low-end” destinations, including possibly via exchange rates, and an adjustment in aggregate consumption to adapt to the implications of a lower contribution to GDP from tourism. ER -