This paper is to provide the empirical evidences on the determinants for the Balance of Tourism Payment in Korea, estimating the elasticities of the Balance of Tourism Payment with respect to its determinants. The determinants consist of the four variables which include the industry-specific factors such as markup and productivity in Tourism service industries, and foreign exchange rate and the growth rate of Gross Domestic Product. The paper is to measure the industrial markup and productivity in the tourism industries including retail·food·lodging and transport·communication respectively and then to estimate the elasticities of the Balance of Tourism Payment with respect to its determinants using the autoregressive distributed model. The empirical results proved the industrial markup and productivity in retail·food·lodging industry to be the significant determinants for the Balance of Tourism Payments during the period of 1980-2015.
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