Perfect Storm: Climate Change and Tourism

November 13, 2020

Preview Citation

Format: Chicago

Serhan Cevik, and Manuk Ghazanchyan. Perfect Storm: Climate Change and Tourism, (USA: International Monetary Fund, 2020) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

While the world’s attention is on dealing with the COVID-19 pandemic, climate change remains a greater existential threat to vulnerable countries that are highly dependent on a weather-sensitive sector like tourism. Using a novel multidimensional index, this study investigates the long-term impact of climate change vulnerability on international tourism in a panel of 15 Caribbean countries over the period 1995–2017. Empirical results show that climate vulnerability already has a statistically and economically significant negative effect on international tourism revenues across the region. As extreme weather events are becoming more frequent and severe over time, our findings indicate that the Caribbean countries need to pursue comprehensive adaptation policies to reduce vulnerabilities to climate change.

Subject: Climate change, Estimation techniques, Natural disasters, Public expenditure review, Tourism

Keywords: Adaptation, Adaptation measure, Caribbean, Climate change vulnerability, Global warming, Resilience, System GMM identification assumption, System GMM technique, Vulnerability index, WP

Publication Details

Pages:

18
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2020/243
Stock No:

WPIEA2020243
ISBN:

9781513559575
ISSN:

1018-5941

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