Abstract
In order to estimate the asymmetry of exchange rate changes (won/dollar, won/yen) on tourism demand, the ARDL-bounds model was used to test the effect of long-term and short-term asymmetry. By dividing tourism demand into outbound and inbound, an analysis was conducted based on the influence of Korean tourists and the tourists who visited Korea. As a result of estimating Korea''s total demand for outbound tourism, in the long run, an exchange rate rise of 1% has the effect of a decrease of 1.2% of outbound Koreans, whereas when the exchange rate falls, the number of outbound travelers increases by 2.1%. These results indicate an asymmetry. The result of the inbound tourism demand analysis indicates a long-term asymmetry was significantly observed in the total tourism demand analysis, but the long-term coefficient value was not significant, limiting the numerical interpretation.
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