Table 6. Macroeconomic Variables and Pax (1)

Dependent variable : Ln(Pax)
상수항 -1.8782(-0.71) -1.9658(-1.40) -11.7979***(-3.54) -9.6024***(-4.15)
Ln(GDP) 1.3694***(6.45) 1.5179***(11.89) 1.3433***(12.20) 1.5068***(14.79)
USD -0.0013***(-7.87) -0.0011***(-5.56)
WTI -0.0049***(-3.02) -0.0045***(-3.44)
CCI 0.0605**(2.00) 0.0581**(2.65)
Employment 0.0769***(4.61) 0.0324**(2.15)
Sentiment -0.0046**(-2.00) -0.0032(-1.36)
PCR 0.0535*(1.89) 0.0310*(1.83)
Adj.R2 0.7821 0.8857 0.8362 0.9027
F.Stat 241.51*** 174.03*** 69.42*** 89.83***
# of Obs 68 68 68 68
Durbin-Watson 1.96
Notes: This table reports that relationship between macro- economic variables and international air passenger demand. The number in parentheses is the Newey- West adjusted t value.
indicate significant levels at 10%, 5% and 1%, respectively.