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    TIME-VARYING RELATIONSHIP BETWEEN INTERNATIONAL TRADE AND INTERNATIONAL TOURISM IN TURKEY
    (2020) Kırca, Mustafa; Özer, Mustafa
    In this paper we examine the causal relations between international tourism demand and total exports and its subcomponents (intermediate goods and capital goods) and total imports (intermediate goods and capital goods) inTurkey by using Hacker and Hatemi-J Bootstrap Toda-Yamamoto and Time-Varying Causality tests. The results ofthe study indicate the causal relations between international tourism demand and exports and imports. The resultsalso indicate that these causal relations between international tourism demand and international trade are not stable.In other words, they have a time-varying nature. Moreover, international tourism demand’s contribution to importsis greater than that of exports. Finally, the international tourism demand is more often affected by components ofexports and imports and the signs of those effects are generally positive. Thus, policy makers, sector representativesand market professionals related to both international trade and tourism should take into account of this time-varyingnature of causal relations between these variables before implementing policies aiming to promote both.