Table 8. Past macroeconomic variables and Pax (1)
Dependent variable : Ln(Pax) |
| i=1 | i=2 | i=3 | i=4 |
상수항 | -8.8295***(-6.71) | -4.4904**(-2.63) | -2.0575(-1.41) | -0.8392(-0.39) |
Ln(GDPt-i) | 1.4811***(26.37) | 1.5647***(21.14) | 1.6099***(23.59) | 1.5771***(24.66) |
USDt-i | -0.0011***(-11.49) | -0.0012***(-12.40) | -0.0013***(-9.98) | -0.0010***(-5.89) |
WTIt-i | -0.0046***(-7.03) | -0.0063***(-10.94) | -0.0068***(-15.60) | -0.0063***(-9.41) |
CCIt-i | 0.0316**(2.64) | 0.0151(1.04) | -0.0096(-0.78) | -0.0335*(-1.69) |
Employmentt-i | 0.0684***(5.39) | 0.0075(0.70) | 0.0034(0.21) | 0.0235(1.47) |
Sentimentt-i | -0.0025(-1.36) | 0.0000(-0.02) | -0.0015(-0.74) | -0.0010(-0.55) |
PCRt-i | 0.0455***(3.81) | 0.0256*(1.77) | 0.0295*(1.90) | 0.0205(0.95) |
Adj.R2 | 0.9369 | 0.9103 | 0.9291 | 0.894 |
F.Stat | 140.94*** | 95.28*** | 120.72*** | 76.94*** |
# of Obs | 67 | 66 | 65 | 64 |
Durbin-Watson | 2.18 | 2.52 | 2.40 | 2.39 |
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.