Table 9. Past macroeconomic variables and Pax (2)
| Dependent variable : Ln(Pax) |
| i=1 | i=2 | i=3 | i=4 |
| (Intercept) | 1.4110(0.77) | 6.4708***(3.38) | 9.4613***(5.52) | 10.7044***(4.44) |
| KTB_3Yt-i | -0.0853***(-5.28) | -0.1089***(-7.78) | -0.1221***(-5.81) | -0.1435***(-5.78) |
| Ln(KOSPIt-i) | 0.7702***(9.47) | 0.7452***(6.70) | 0.7176***(6.73) | 0.6006***(6.38) |
| USDt-i | -0.0004***(-3.66) | -0.0006***(-5.30) | -0.0007***(-4.72) | -0.0004*(-1.95) |
| WTIt-i | -0.0050***(-4.67) | -0.0062***(-4.88) | -0.0064***(-6.25) | -0.0049***(-3.52) |
| CCIt-i | 0.0383**(2.39) | 0.0304*(1.89) | 0.0101(0.62) | -0.0061(-0.25) |
| Employmentt-i | 0.0970***(4.83) | 0.0308**(2.01) | 0.0234(1.07) | 0.0387*(1.85) |
| Sentimentt-i | -0.0018(-0.83) | 0.0009(0.34) | -0.0006(-0.23) | -0.0002(-0.07) |
| PCRt-i | 0.0048(0.25) | -0.0109(-0.52) | -0.0032(-0.15) | -0.0018(-0.07) |
| Adj.R2 | 0.9123 | 0.8903 | 0.8963 | 0.8633 |
| F.Stat | 86.79*** | 66.93*** | 70.14*** | 50.73*** |
| # of Obs | 67 | 66 | 65 | 64 |
| Durbin-Watson | 1.75 | 2.17 | 2.04 | 2.01 |
Notes: This table reports that relationship between past macro- economic variables and international air passenger demand. For 't-1' the variables before the first quarter were used, and for 't-2', the variables before the second quarter applied. The number in parentheses is the Newey-West adjusted t value.
indicate significant levels at 10%, 5% and 1%, respectively.