In the few markets where a long-run link is supported, when air traffic and national income drift apart it is air traffic that adjusts back; income barely moves. Most of the markets tested are not on this chart.
What this shows: The chart plots Developed and Emerging on a vertical axis of Passengers’ coefficient α (negative = passengers adjust).
Conditions and method
Status: provisional (estimated in a small bivariate system; omitted macro drivers could alter the result).
Only the markets where a test finds a long-run link between air traffic and GDP are plotted: 5 of the 19 in the panel. 3 more test as stationary, where this kind of model does not apply, and are left out.