Effects of Financial Crisis on Tourism in the Greater Mekong Subregion
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Abstract
This study aims to compare the effects of the financial crisis on tourism revenue in each country among five countries (Cambodia, Thailand, Myanmar, Laos, and Vietnam) in the Greater Mekong Subregion. The financial crises consist of the 2003 Financial Crisis and the 2008 Financial Crisis. The study found that all variables are stable at level I(1). In other words, all equations are cointegrated. So, it is confirmed to form a long-run equilibrium relationship. (1) Considering the long-run equilibrium, the 2003 Financial Crisis has negatively affected tourism revenue in both Laos and Vietnam. Meanwhile, the 2008 Financial Crisis also caused a reduction in tourism revenue in Myanmar. And (2) for the short-run equilibrium, the 2008 Financial Crisis has the effect of reducing tourism revenue in Vietnam.
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