Table 1.

Variable definitions and data sources.

Time series and variables	Definition	Data sources
ln(Visitor arrivals by air transport)t	The logarithm of visitor arrivals by air transport from a tourist source market to New Zealand in month t.	Statistics New Zealand
ln(GDP per capita)t	The logarithm of the GDP per capita of the tourist source country at month t (in US dollars).	OECD National Accounts Statistics*
ln(Bilateral trade volumes)t	The logarithm of bilateral trade volumes between New Zealand and a tourist source market in month t.	Statistics New Zealand
Fuel pricest	The jet fuel price per gallon in month t (in US dollars per barrel).	Datastream
Exchange ratet	The change in the nominal exchange rate between New Zealand and the currency of a tourist source market in month t.	Reserve Bank of New Zealand
SARS outbreak 2003	A dummy variable that takes 1 for the period of November 2002–July 2003 and 0 otherwise.	Author's own calculation
Global financial crisis 2008	A dummy variable that takes 1 for the period of the global financial crisis from January 2008 to December 2008 and 0 otherwise.	Author's own calculation
Christchurch earthquakes 2011/12	A dummy variable that takes 1 for the period of the Christchurch earthquakes from February 2011 to January 2012 and 0 otherwise.	Author's own calculation

Remarks: * For China, the International Monetary Fund (IMF) was used as the source of the data for GDP per capita because of availability problems and the monthly data were interpolated using Eviews.