These bonds are reflected in trade and in the increased weight of tourist flows from the UK in travel receipts. By way of illustration, in 2016 tourism receipts from the UK amounted to about € billion, while the respective tourist arrivals reached 2.9 million. The UK has a share of 15% in total receipts and 12% in total arrivals.
Review of Financial Studies 1 (3): 195–228. Cochrane, John H. 1992. Explaining the Variance of Price-Dividend Ratios. Review of Financial Studies 5 (2): 243–80. Kocherlakota, Narayana R. 2012. Incomplete Labor Markets. Federal Reserve Bank of Minneapolis working paper. Moran, Pablo. 2013. Anticipation and Timing in Merger Waves. University of British Columbia working paper. 6  BIS central bankers’ speeches