Purpose: – The aim of this paper is to present the relationship between climate and tourism development data as an example of an emerging winter and ski tourism destination in Slovakia. Design/methodology/approach: – The method aims to discover the relationship through snow-reliability and regression analyses and to further implicate the consequences of such established relationship under a changing (warming) climate. Findings: – As a result of the research, the authors can predict that a 1 per cent fall in snow depth and visibility would erode the ski demand by 1.2 and 0.12 per cent, respectively, a 1°C rise of the mean temperature, on the other hand, would indicate a 6 per cent loss of skipass sales. The latter finding translates into a further 6.6 to 19.2 per cent loss of sales on account of the anticipated temperature increases for the twenty-first century. The capacity of the resort for the utmost adaptation strategy, snowmaking, is also to deteriorate with the daytime/fulltime annual good quality production range to reduce from 33/45 days to 10-26/14-34 days, according to the emissions-related warming scenarios and in terms of the commonly available current technology. Practical implications: – The results of the study can help the management of ski resorts to adopt strategies for the future development by taking into account the predicted climatic changes. Originality/value: – This study is the first type of study performed in Slovakia and can contribute to the better understanding of the relationship between climate change and the performance of the ski tourism resorts. It also delivers innovation by considering wet-bulb temperature in snow-reliability analyses and also by coining the “climate elasticity” concept.

This study examines the effects of the economic policy uncertainty (EPU) index of the US on the exchange rates and stock returns of Korea, Mexico, Poland, and Russia. A time-varying causality test showed that the impacts of EPU of the US on the exchange and stock market of emerging countries could be affected by regime changes. A quantile regression model suggested that the effect of the increase/decrease in the EPU of the US may affect financial variables, while it was indicated that effects of the EPU of the US on the exchange rates and stock returns are asymmetrical.

Purpose: Might the impact of the global economic policy uncertainty (GEPU) and the long-term bond yields on oil prices be asymmetric? This paper aims to consider the effects of the GEPU and the US long-term government bond yields on oil prices using quantile-based analysis and nonlinear vector autoregression (VAR) model. The author hypothesized whether the negative and positive changes in the GEPU and the long-term bond yields of the USA have different effects on oil prices. Design/methodology/approach: To address this question, the author uses quantile cointegration model and the impulse response functions (IRFs) of the censored variable approach of Kilian and Vigfusson (2011). Findings: The quantile cointegration test showed the existence of non-linear cointegration relationship, whereas Granger-causality analysis revealed that positive/negative variations in GEPU will have opposite effects on oil prices. This result was supported by the quantile regression model’s coefficients and nonlinear VAR model’s IRFs; more specifically, it was stressed that increasing/decreasing GEPU will deaccelerate/accelerate global economic activity and thus lead to a fall/rise in oil prices. On the other hand, the empirical models indicated that the impact of US 10-year government bond yields on oil prices is asymmetrical, while it was found that deterioration in the borrowing conditions in the USA may have an impact on oil prices by slowing down the global economic activity. Originality/value: As a robustness check of the quantile-based analysis results, the slope-based Mork test is used.