Testing for the random walk hypothesis in the case of visitor arrivals : evidence from Indian tourism

Bhattacharya, Mita and Narayan, Paresh Kumar 2005, Testing for the random walk hypothesis in the case of visitor arrivals : evidence from Indian tourism, Applied economics, vol. 37, no. 13, pp. 1485-1490.

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Title Testing for the random walk hypothesis in the case of visitor arrivals : evidence from Indian tourism
Author(s) Bhattacharya, Mita
Narayan, Paresh Kumar
Journal name Applied economics
Volume number 37
Issue number 13
Start page 1485
End page 1490
Total pages 5
Publisher Routledge
Place of publication London, England
Publication date 2005-07
ISSN 0003-6846
1466-4283
Summary Testing for the random walk hypothesis, which asserts that a series is a non-stationary process or a unit root process, in the case of visitor arrivals has important implications for policy. If, for instance, visitor arrivals are characterized by a unit root, then it implies that shocks to visitor arrivals are permanent. However, if visitor arrivals are without a unit root, this implies that shocks to visitor arrivals are temporary. This study provides evidence on the random walk hypothesis for visitor arrivals to India using the recently developed Im et al. (2003) and Maddala and Wu (1999) panel unit root tests. Both tests allow one to reject the random walk hypothesis, implying that shocks to visitor arrivals to India from the 10 major source markets have a temporary effect on visitor arrivals.
Language eng
Field of Research 140212 Macroeconomics (incl Monetary and Fiscal Theory)
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2005, Taylor and Francis
Persistent URL http://hdl.handle.net/10536/DRO/DU:30024685

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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