| Toh et al. (1997) | Regression Analysis | Exchange rates have a very limited effect on the expected number of tourists |
| Webber (2001) | Johansen and Engle Granger Cointegration Method | There is a long-term relationship between exchange rate volatility and tourism demand |
| Dritsakis (2004) | Johansen Maximum Likelihood Procedure, VAR Model, ECM | There is a cointegration relationship between exchange rates and tourism demand |
| Bhattacharya and Narayan (2005) | Maddala and Wu Panel Unit Root Test | The shocks in the tourism demand of the Indian economy are temporary |
| Narayan (2005) | Zivot and Andrews (2002) One Break Test and Lumsdaine and Papell (1997) Two Break Test | Shocks occurring in the tourism industry in Fiji have a temporary effect on tourism expenditures |
| Shareeff and McAleer (2005) | GARCH-GJR | Uncertainty in the economy causes shocks in tourism demand |
| Lean and Smyth (2009) | Lagrange Multiplier (LM) Unit Root Tests with One and Two Structural Breaks | The impact of shocks is temporary in the presence of structural breaks in the Malaysian economy |
| Lee (2009) | Augmented Dickey and Fuller and Kwiatkowski et al. Tests | The impact of external shocks in Singapore's tourism demand is temporary on tourists from nine countries, while tourists from three countries are not affected by these shocks |
| Smyth et al. (2009) | Univariate and Panel LM Unit Root Tests with One and Two Structural Breaks | Terrorist attacks in Bali cause temporary shocks in the number of tourists coming |
| Santana-Gallego et al. (2010) | Panel Data Analysis, Pooled OLS, FE-2SLS, RE-2SLS | Less elastic exchange rates increase tourism demand |
| Balli et al. (2018) | Multiple and Partial Wavelet Analyzes | While the effects of global economic uncertainties on tourism demand vary by country, local uncertainties significantly affect tourism demand in all countries |