Tourism market in turbulent times: evidence of asymmetric connectedness

Muhammad Abubakr Naeem, Nadia Arfaoui, Sitara Karim, Weng Marc Lim

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


Tourism markets have faced significant challenges due to global geopolitical and economic events. This study aims to investigate the asymmetric connectedness across regional and country-level tourism markets. By employing a time–frequency-domain analysis informed by the efficient market hypothesis and modern portfolio theory, we construct connectedness networks for both regional and country-level markets. Our findings reveal a strong asymmetric connectedness in these markets, with negative return spillovers being particularly prominent during events such as the 9/11 attacks, London and Madrid bombings, the 2007–2009 global financial crisis, European debt crisis, Syrian and Libyan civil wars, the emergence of ISIS, and the COVID-19 outbreak. These insights offer valuable implications for stakeholders in regional and country-level tourism markets and suggest effective strategies for recovery and resilience.

Original languageEnglish
JournalCurrent Issues in Tourism
Publication statusAccepted/In press - 2023
Externally publishedYes


  • Asymmetric connectedness
  • COVID-19
  • geopolitical events
  • terror attacks
  • tourism markets

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Tourism, Leisure and Hospitality Management


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