Guidelines for Econometrics and Applications: Emphasis on Tourism and Financial Economics
Guidelines for Econometrics and Applications: Emphasis on Tourism and Financial Economics

Guidelines for Econometrics and Applications: Emphasis on Tourism and Financial Economics

Author(s): Tanattrin Bunnag
Subject(s): Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Tourism
ISSN: 3008-4237
Published by: RITHA Publishing
Keywords: econometrics; regression model; linear models; unit roots tests; volatility models; multivariate time series analysis; multivariate GARCH volatility; hedging
Summary/Abstract: In this Part I, there are 7 chapters which focus lies in comprehending the essence of econometrics, ranging from its fundamental principles to its more sophisticated facets. The overarching aim is to equip readers with the understanding needed to effectively apply econometric techniques for prediction and analysis. Through this comprehensive journey, readers will gain the necessary knowledge to harness econometrics as a powerful tool for making informed predictions and conducting thorough analyses. Part II will be the application of principles and tools in econometrics. The problem with using econometric tools is that we have learned the principles but have yet to be able to apply them in practice for further research that needs to be studied or solved. Therefore, in this section, the author brings together peer-reviewed research to apply to the actual situation in terms of tourism, which is the case in Thailand, and finance and investment, which is linked to foreign markets. The results obtained can be used for practical purposes. They can provide policy recommendations to the government or relevant agencies. We apply the econometrics tools to tourism and financial economics because the service sector and its operational efficiency are increasingly crucial in GDP creation and volatility generation in economic development. Efficient and growth-generating management of such vital elements of the service sector as tourism, financial instruments, and petroleum and other futures markets; must be balanced against concern for both stability (reductions in temporally predictable extreme fluctuations) and self-immunization against the vagaries of external natural, financial, petroleum-based. As service-sector markets are frequently co-integrated, it is also vital to determine whether an investment in one can offset downside risk in the others.

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