Elasticity of the Number of World Cruise Tourists Using the Vector Error Correction Model

Along with the growth of marine tourism industry, number global cruise tourists is rapidly increasing; competition among regions to attract increasing. The current study aims verify that industry can be sustainable through its inherent power for long-term balanced convergence within and flexibly respond external shocks such as COVID-19. This applies Vector Error Correction Model (VECM) estimate balance function determines world tourists. reveals finally converges if at present lower than one equilibrium. In summary, results VECM in suggest presence an “invisible hand” converging a balance. A few previous studies have suggested ways increase promote qualitative methods, however, little research has estimated decision equilibrium point. shows dynamic characteristics market using VECM.