Modelling air passenger arrivals in the Balearic and Canary Islands, Spain

Ana Bartolomé ^[1] ; Michael McAleer ^[2] ; Vicente Ramos Pérez (1919-2011) ^[1] ; Javier Rey-Maquieira Palmer ^[1]
1. [1] Universitat de les Illes Balears
  
  Universitat de les Illes Balears
  
  Palma de Mallorca, España
2. [2] University of Western Australia
  
  University of Western Australia
  
  Australia
Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 15, Nº. Extra 3, 2009 (Ejemplar dedicado a: Modern approaches in tourism economics and econometrics), págs. 481-500
Idioma: inglés
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Resumen
- 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.