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Article published in Annals of Tourism Research. ; This article investigates the statistical properties of the total number of arrivals and departures in Kenya for the time period 1975Q1–2011Q4 by looking at the degree of persistence of the series. We use long range dependence techniques and given the quarterly nature of the series seasonality is also taken into account. Moreover, the potential presence of breaks is also considered. The tourism sector in Kenya is especially sensitive to political shocks, and this is particularly exemplified by the shocks in 1992Q4 and 2008Q1 that were associated with crucial election periods in Kenya. Our results, however, show that the series are fractionally integrated with orders of integration strictly below 1. Thus, shocks are expected to be transitory and disappearing relatively quickly. ; This article investigates the statistical properties of the total number of arrivals and departures in Kenya for the time period 1975Q1–2011Q4 by looking at the degree of persistence of the series. We use long range dependence techniques and given the quarterly nature of the series seasonality is also taken into account. Moreover, the potential presence of breaks is also considered. The tourism sector in Kenya is especially sensitive to political shocks, and this is particularly exemplified by the shocks in 1992Q4 and 2008Q1 that were associated with crucial election periods in Kenya. Our results, however, show that the series are fractionally integrated with orders of integration strictly below 1. Thus, shocks are expected to be transitory and disappearing relatively quickly.

RESUMENEste artículo analiza el comportamiento de los tipos de cambio entre España y Gran Bretaña durante el siglo XVIII; en concreto, de los tipos de cambio en el mercado de Londres sobre tres ciudades españolas, entre los años 1699 y 1826. Tras una breve exposición del funcionamiento del sistema monetario español y de la determinación de los tipos de cambio, estudiamos hasta qué punto el tipo de cambio respondía a variables fundamentales, utilizando dos modelos teóricos generalmente aceptados. Los resultados sugieren que la paridad de poder adquisitivo se cumplió durante el siglo XVIII, y que el tipo de cambio se movía de forma paralela a los diferenciales de inflación. Al final del siglo aparecen desviacio-nes de la paridad de poder adquisitivo, que atribuimos a alteraciones en el tipo de cambio real causadas por fluctuaciones en el comercio bilateral entre España y Gran Bretaña y, quizá, a diferenciales de productividad.