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    Health Tourism Revenues and Real Exchange Rate Relationship in Turkiye
    (Routledge Journals, Taylor & Francis Ltd, 2024) Agazade, Seymur; Ergun, Adviye
    The international nature of health tourism, which has an increasing importance, makes its interaction with the real exchange rate a prominent research topic. On this basis, this study aims to examine the relationship between health tourism revenues and real exchange rate for Turkiye, and to determine to what extent the preferences of health tourists traveling to this country are price- or cost-centered. For this purpose, Johansen cointegration and Granger causality analyses and the dataset for the period Q1 2002 - Q4 2019 were used. Findings of cointegration analysis supported that there is a long-term relationship between real exchange rate and health tourism revenues. Accordingly, a 1% change in all, developed, and developing trading partner countries based real exchange rate causes a change of 2.4065%, 2.6108%, and 2.1383% in health tourism revenues in reverse direction, respectively. These findings indicate that health tourism revenues are highly sensitive to the changes in real exchange rates. Furthermore, Granger causality analysis supported a one-way causal relationship from all three real exchange rates to health tourism revenues. Considering the findings, it is possible to state despite the high quality of health services in Turkiye, prices or costs are significantly effective in the decisions of health tourists.
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    Medical Tourism Demand to Turkiye: Sub-Sectoral Panel Data Estimations
    (Routledge Journals, Taylor & Francis Ltd, 2025) Agazade, Seymur; Ergun, Adviye
    This study examines the medical tourism demand in terms of determining factors by using aggregated data according to the scales of the firms operating in health services sector of Turkiye. Health supply conditions, marketing activities, real exchange rate and tourist income are considered as explanatory variables in the medical tourism demand function estimated within the framework of the panel generalized method of moments (GMM). The annual data covers the period 2009-2019. The findings show that medical tourism revenues of the country are affected positively by its lagged value, tourist income, health supply conditions and marketing activities, and negatively by the real exchange rate. Furthermore, the findings indicate that medical tourism to Turkiye is more strongly affected by tourist income and especially by real exchange rate compared to other explanatory variables of the estimated model. This conclusion supports that price-based preferences of medical tourists are significantly stronger in the medical tourism demand for Turkiye, despite the significant progress in health service delivery and health supply conditions in this country.