Investigation of Convergence in the Tourist Markets of Greece
This study aims at exploring the issue of convergence in the tourist market of Greece based on tourist arrivals from different destinations. The period of the analysis covers the years 1995-2015.The sample includes 18 countries, namely Albania, Australia, Austria, Belgium, France, Germany, Denmark, Switzerland, United Kingdom, USA, Spain, Italy, Canada, Cyprus, Netherlands, Romania, Russia, and Czech Republic.Initially, conventional panel unit root tests were applied, which showed no signs of convergence. Subsequently, panel unit root test was used, based on which a break point is calculated endogenously.It was found that (except in the case of Russia), countries show signs of convergence, with time points of disruption that correspond to the years of the recent crisis as well as the Olympic Games.The analysis revealed these countries for which tourism policies are effective and therefore should be in the center of interest for Greece. Regarding the case of Russia, tourism policy seems to be ineffective and should be redefined.