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Brazilian airline industry: Persistence and breaks

机译:巴西航空业:坚持与突破

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This article examines the degree of persistence and breaks in the Brazilian airline industry. For this purpose we use innovative fractional integration and autoregressive models, which are more flexible than the standard approaches employed in the literature. Our model focuses on three important series, namely revenue passenger kilometers (RPK), available seat kilometers (ASK), and load factor (LF = RPK/ASK), disaggregated into domestic and international series. We found first that all series are highly persistent with orders of integration above 0.5 in all cases, thus implying nonstationary behavior. However, for the domestic series mean reversion is also achieved, while orders of integration close to 1 or above 1 are obtained in the case of the international data. Moreover, a structural break is clearly identified in all the series. Policy implications are then derived.
机译:本文研究了巴西航空业的持久性和破裂程度。为此,我们使用创新的分数积分和自回归模型,它们比文献中采用的标准方法更灵活。我们的模型集中在三个重要的序列上,分别是收入乘客公里数(RPK),可用座位公里数(ASK)和负载系数(LF = RPK / ASK),分为国内和国际序列。我们首先发现,所有序列都是高度持久的,在所有情况下积分阶数均大于0.5,因此暗示了非平稳行为。但是,对于国内系列,也实现了均值回归,而对于国际数据,则获得了接近1或大于1的积分阶数。此外,在所有系列文章中都明确指出了结构性断裂。然后得出政策含义。

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