The spatial distribution of tourism demand and exchange rate variation: OECD European countries

The purpose of this communication is to contribute to the understanding of the causes of the variation in the regional distribution of the demand for tourism in OECD countries. Our contention is that exchange rate fluctuations since 1970 have strongly influenced both cyclical and long‐term patterns of international tourism behaviour. Except for works by Gerakis and Artus the literature covers this aspect only marginally. However, their pioneering econometric analyses do not satisfy a number of fundamental objections to the measurement of tourism demand.