Beschreibung:
This paper utilizes nonparametric causality-in-quantiles and wavelet coherence analyses to measure the exposure of tourism stocks to exchange rates. The findings reavel that the association between exchange rates and tourism stocks varies across countries and time. Specifically, in Australia, the UK, and other European countries such as Germany, France, Italy, and Turkey, the association is weak, short-term, and positive, with economic crises playing a crucial role. In Russia, the relationship is negative and long-run, while in Mexico, Thailand, and the US, it is negative. he study has several beneficial implications for policymakers, tourism firm executives, investors, and portfolio managers