Table 5. Analysis results of cargo volume between South Korea and China/Japan

	Air cargo volume
Variable	OLS	FE
ln_gdp	(+)**	(-)*
ln_pergdp	(-)**	(+)*
ln_kgdp	(-)**	(-)***
ln_kpergdp	(+)**	(+)***
ln_exchanges	(+)***	(+)
ln_oil	(+)*	(+)

Note: are significant results at 10%, 5%, 1% significance level, respectively.