In recent years, Turkey has experienced economic crises, terrorist incidents and natural disasters. This study investigates whether these shocks have temporary or permanent effects on visitor arrivals. Random walk hypothesis asserts that a series is a non-stationary or a unit root process. If visitor arrivals are characterized by a unit root, it implies that shocks to visitor arrivals are permanent. If visitor arrivals series not include a unit root process, this implies that shocks to visitor arrivals are temporary. In this study, the “random walk hypothesis” is tested for visitor arrivals to Turkey during 1996-2014 using Im et al. (2003) panel unit root test. IPS test results allow rejecting the random walk hypothesis, implying that shocks to visitor arrivals to Turkey from the 15 major source countries between 1996 and 2014 have a temporary effect on visitor arrivals.

In recent years, Turkey has experienced economic crises, terrorist incidents and natural disasters. This study investigates whether these shocks have temporary or permanent effects on visitor arrivals. Random walk hypothesis asserts that a series is a non-stationary or a unit root process. If visitor arrivals are characterized by a unit root, it implies that shocks to visitor arrivals are permanent. If visitor arrivals series not include a unit root process, this implies that shocks to visitor arrivals are temporary. In this study, the “random walk hypothesis” is tested for visitor arrivals to Turkey during 1996-2014 using Im et al. (2003) panel unit root test. IPS test results allow rejecting the random walk hypothesis, implying that shocks to visitor arrivals to Turkey from the 15 major source countries between 1996 and 2014 have a temporary effect on visitor arrivals.