Table 5. Correlation matrix

Ln(Pax) Ln(GDP) KTB_3Y Ln (KOSPI) USD
Ln(GDP) 0.89*** 1.00
KTB_3Y -0.76*** -0.84*** 1.00
Ln(KOSPI) 0.80*** 0.90*** -0.60*** 1.00
USD -0.20* -0.02 -0.13 -0.28** 1.00
WTI 0.14 0.33*** 0.06 0.57*** -0.39***
CCI 0.11 -0.03 0.24** 0.08 -0.23*
Employment 0.42*** 0.25** -0.29** 0.16 -0.21*
Sentiment 0.15 0.15 0.02 0.26** -0.10
PCR 0.03 -0.07 0.16 0.11 -0.19
WTI CCI Employment Sentiment
WTI 1.00
CCI 0.12 1.00
Employment -0.10 0.18 1.00
Sentiment 0.11 0.31** 0.09 1.00
PCR -0.01 0.10 0.09 0.57***
Notes: indicate significant levels at 10%, 5% and 1%, respectively.