Abstract
This paper presents a different approach to tourism research at the regional level. Financial econometric techniques are applied to international tourist arrivals, as well as their volatilities, in the five main tourist regions in Spain, using monthly international tourist arrivals during 1997–2007. Univariate time series models are estimated for the conditional means of monthly international tourist arrivals and their volatilities. The estimated conditional volatility models are GARCH(1,1), GJR(1,1) and EGARCH(1,1). Both the second moment and log-moment conditions are calculated to provide diagnostic checks of the estimated models. The conditional mean estimates are generally statistically adequate, and the inferences are valid.
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