Regional Airports And Economic Growth:Cointegration And Causality Analysis

There is tight correlation between the airport and regional economy.However,only few studies focus on the correlation between the regional airport and local economy.It is of great significance to understand their internal relationship,for it is beneficial to the regional airport reasonable positioning and to the achievement of harmonious development of the regional airport and regional economy.Firstly,this paper discusses the mutual relationship between the regional airport and regional economy theoretically.Secondly,it takes regional airports in Jiangsu as an example to analyze the cointegration and Granger Causality between the airport passenger throughput and GDP.Then it discusses the relationship between the regional airport and regional economy of North Jiangsu and South Jiangsu respectively.It pinpoints whether the passenger throughput has a long-term and stable balance relationship with GDP using the cointegration test,decides whether they have any Granger Causality,and then confirms the specific direction of the causality.Besides,the intensity of interaction effect is judeged through Impulse Response and Variance Decomposition.The results show that the promotion of economic growth to the development of regional airports is more obvious in South Jiangsu,while the role of regional airports in North Jiangsu is more prominent on the economic growth.Thirdly,it selects two typical airports which are LYG of North Jiangsu Airport and CZX of South Jiangsu Airport to analyze the relationship of the regional airport and multi-economic indexes.It obtains the contribution of each index to the development of the airport,and the role of the airport passenger throughput on each index.In conclusion,the contribution of tourist industry is bigger than other economic indexes to LYG in Lianyungang,and per capita income has a greater contribution than other economic indexes to CZX in Changzhou.Both typical airports are obviously boosted by regional economy,on the contrary,the influence of both airports on regional economy is not very notable.Eventually,this paper gives suggestions which provide reference for the policy-making of harmonious development of regional airports and regional economy.