Resumen de Modelling air passenger arrivals in the Balearic and Canary Islands, Spain
Ana Bartolomé, Michael McAleer, Vicente Ramos Pérez (1919-2011), Javier Rey-Maquieira Palmer
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.
