A NEW LOOK AT THE RELATIONSHIP BETWEEN AVIATION DEMAND AND ECONOMIC
GROWTH: STRUCTURAL MODEL ESTIMATION FOR THE CASE OF TURKEY

Nisa SE�?LM??; Levent KORAP

A NEW LOOK AT THE RELATIONSHIP BETWEEN AVIATION DEMAND AND ECONOMIC GROWTH: STRUCTURAL MODEL ESTIMATION FOR THE CASE OF TURKEY

Abstract

Author(s): Nisa SEÃÄ°LMÄ°Å, Levent KORAP

This study aims to consider the relationship between aviation demand and economic growth in an empirical way. For this purpose, the Turkish data are used in light of the advances in time series estimation techniques. The results reveal that cointegration between the variables cannot be rejected. Aviation demand is found like a luxury good and economic growth tend to act as a constraint on demand conditions. Further, a positive real income shock in a structural vector error correction framework leads nearly one-to-one significant response in aviation demand. The forecast error variance decomposition findings give support to these results.

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