Modelling Air Passenger Arrivals in the Balearic and Canary Islands, Spain

Ana Bartolomé, Michael McAleer, Vicente Ramos and Javier Rey-Maquieira
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Ana Bartolomé: Faculty of Economics and Business, Universitat de les Illes Balears, Edificio Gaspar Melchor de Jovellanos, Ctr Valldemossa, km 7.5, 07122 Palma de Mallorca, Spain
Vicente Ramos: Faculty of Economics and Business, University of the Balearic Islands, Palma de Mallorca, Spain
Javier Rey-Maquieira: Faculty of Economics and Business, University of the Balearic Islands, Palma de Mallorca, Spain

Tourism Economics, 2009, vol. 15, issue 3, 481-500

Abstract: This paper models daily air passenger arrivals and their volatility for the Balearic and Canary Islands, Spain. Due to climatic conditions, tourism seasonality is clear in the Balearics, with an increasing number of arrivals during the winter months. In the Canary Islands, the seasonal pattern is different, with decreasing numbers in recent years. Three univariate conditional volatility models are estimated for both the Balearics and the Canaries, concentrating on empirical issues relating to short- and long-run persistence, as well as the symmetric and asymmetric effects of positive and negative shocks of equal magnitude on volatility.

Keywords: conditional volatility; tourism demand; financial econometrics; risk; daily air arrivals (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:15:y:2009:i:3:p:481-500

DOI: 10.5367/000000009789036567

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