This study, covering the period between 1968 and 1991,
employed the ordinary least square (OLS) multiple regression
technique to estimate the elasticities of international
tourism demand from four generating countries (Japan, USA,
Hong Kong and South Korea) to Taiwan for a set of potential
important determinants: per capita income and population in
the tourist-generating countries, relative prices, exchange
rate, and trade volume within the tourist-generating countries
and Taiwan. The log-linear model was used in this study to
explain both tourist arrivals and tourist expenditures. The
C (p), R2, Model significance level (a), Durbin-watson d
statistic, regression coefficients of variables and variable
significance levels are reported for each regression analysis.
The criteria used to determine the "best" tourism demand
models for each country are: conformity to regression and
theoretical concepts and best empirical explanatory ability.
For Japan, the tourist arrival model is best explained by
trade volume, and the tourist expenditure model is best explained by relative prices and exchange rates. For the USA
and South Korea, both the tourist arrival models and tourist
expenditure models are best explained by relative prices and
trade volume. For Hong Kong, the tourist arrival model is best
explained by population and exchange rate; tourist expenditure
model is best explained by income.
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