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Exchange Rate Volatility and Tourist Flows into Turkey
( George Agiomirgianakis ),( Dimitris Serenis ),( Nicholas Tsounis ) 세종대학교 경제통합연구소 2014 Journal of Economic Integration Vol.29 No.4
This paper examines the effects of Exchange Rate Volatility on tourist flows into Turkey for the period of 1994~2012. Our results show that (i) there is a negative relationship between exchange rate volatility and tourist inflows into Turkey; (ii) there is a negative impact of the relative price ratio on the tourist flows indicating that relatively expensive places deter tourist arrivals, given the keen international competition among alternative destinations; (iii) GDP per capita at tourist origin, measured in Purchasing Power Parities, exerts positive influence on tourist flows. Our findings thus, suggest some direct policy implications: first, policy makers of a tourist destination country aiming to target potential markets for their tourist products, should, in principle, avoid markets prone to exchange rate volatility due to political and social upheavals or financial instability. Moreover, countries relying heavily on their tourism industry, should avoid using exchange rate policies for other policy objectives like international price competiveness, as these policies may end up to an exchange rate volatility that could reduce its tourism inflows substantially in the longer run.
The magnetic instability of Yb<sub>2</sub>Pd<sub>2</sub>(In,Sn) in a non-Fermi liquid environment
Bauer, E,Hilscher, G,Michor, H,Paul, Ch,Aoki, Y,Sato, H,Adroja, D T,Park, J-G,Bonville, P,Godart, C,Sereni, J,Giovannini, M,Saccone, A IOP Pub 2005 Journal of physics, an Institute of Physics journa Vol.17 No.11
<P>Various concentrations of the solid solution Yb<SUB>2</SUB>Pd<SUB>2</SUB>In<SUB>1−<I>x</I></SUB>Sn<SUB><I>x</I></SUB> ranging from <I>x</I> = 0 to 1 with the tetragonal Mo<SUB>2</SUB>FeB<SUB>2</SUB>-type structure were prepared and their physical properties were studied by means of bulk and spectroscopic measurements as a function of temperature, pressure and magnetic fields. Results deduced from these studies indicate a slight variation of the valency of the Yb ions, from <img SRC='http://ej.iop.org/images/0953-8984/17/11/032/cm192308ieqn1.gif' ALIGN='MIDDLE' ALT='\nu \approx 2.9 '/> for both border compounds to &ngr; = 3 at <I>x</I> = 0.6. This variation gives rise to the appearance of long range magnetic order in a narrow concentration region around <I>x</I> = 0.6, while both border compounds remain non-magnetic. The outstanding concentration dependence for the ordered regime may be indicative of two quantum critical points, a novel feature not yet observed in Yb compounds. </P>