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  • Does seasonal effect drives hospitality industry prices? [Elektronski vir]
    Gričar, Sergej ; Bojnec, Štefan
    Purpose: This paper analyses the hospitality industry prices in the Euro zone focusing on Slovenia in the period 20002012 using monthly statistical data. The analysed period covers the Slovenian ... entry in the European Union (EU), the introduced euro, high food prices, and the economic crises. Methodology: The five seasonally unadjusted monthly time series price variables are used. They are tested in a cointegrated vector autoregressive model in a short-run. The variables used in the model are the following: Slovenian hospitality industry prices, hospitality industry prices in the euro zone, Slovenian consumer prices, consumer prices in the euro zone, and Slovenian food and beverage prices as input costs for the hospitality industry. Findings: The significant relation between the seasons and the hospitality industry prices in the euro zone are found. Several permanent dummies, which represent economic or policy shocks, are also found significant such as for January 2002, September 2009 and October 2004. Hospitality industry prices in the euro zone declined in almost all circumstances. They declined by the seasonal effects, except for June and September when they increased. In the cointegration relations, the decline was associated with the consumer prices in the euro zone, but not with the Slovenian food and beverage prices. The two cointegration relations are found. The first vector is a function of consumer prices in the euro zone. The consumer prices in the euro zone are associated with the Slovenian hospitality industry prices as an imported inflation effect, which represents small, but statistically significant macro-economic effect to the common inflation in the euro zone and to hospitality industry prices in the euro zone. The constant term shows that consumer prices in the euro zone, on average, are lower than the implied value as given by the determinants. The second vector is a function of hospitality industry prices in the euro zone. The hospitality industry prices in the euro zone are associated with the Slovenian food and beverage prices and with the consumer prices in the euro zone. The shift dummy is consistent with a small decrease in hospitality industry prices in the euro zone following the economic crisis. The stationarity of the shift dummy was confirmed. Originality: Nominal prices are found to be integrated of order two. Therefore, the logarithms transformed consumer prices in the euro zone and the hospitality industry prices in the euro zone are used. This leads to the variables integrated of order one. In the next step the Slovenian consumer prices are divided by the consumer prices in the euro zone. The last step was to transform the Slovenian hospitality industry prices and the Slovenian food and beverage prices to be integrated in order one by dividing both variables by the hospitality industry prices in the euro zone.
    Vir: Proceedings of 2013 International Conference on Technology Innovation and Industrial Management : 29-31 May 2013, Phuket, Thailand (Str. S4-153)
    Vrsta gradiva - prispevek na konferenci ; neleposlovje za odrasle
    Leto - 2013
    Jezik - angleški
    COBISS.SI-ID - 4781783

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