Research Article
BibTex RIS Cite

Transportation Services, Financial Market, and Industrial Production in the US: Evidence from the Recursive Evolving Causality Test

Year 2022, Volume: 24 Issue: 1, 183 - 200, 27.03.2022
https://doi.org/10.32709/akusosbil.838812

Abstract

This paper examines the relationship between Transportation Services Index (TSI), Dow Jones Transportation Average Index (DJT), and Industrial Production Index (IND) for the United States of America by using monthly data in the period from January 2000 to March 2019. The long-run nexus is demonstrated through the cointegration test and dynamic cointegrating regression (Dynamic OLS), both with structural breaks. The results show that the long-run relations proved by both tests from IND to TSI, IND to DJT, and two-sided between DJT and TSI. More importantly, the Granger-causality relationship is revealed with the forward, rolling, and recursive evolving window algorithms. This is the first study in the literature investigating the causality ties in transportation measures using the novel econometric methodology, following the algorithms. The rolling and recursive causality results detect bi-directional causality between IND and TSI, IND and DJT, and TSI and DJT. Then we come up with some suggestions that the transportation institutions should modulate the transportation sector's financial structure and intensify to adjust industry structures within transportation mobility before, during, and after recessionary periods. 

References

  • Bai, J., & Perron, P. (1998). Estimating and testing linear models with multiple structural changes. Econometrica, 47-78.
  • Bai, J., & Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18(1), 1-22.
  • Baker, D., Merkert, R., & Kamruzzaman, M. (2015). Regional aviation and economic growth: Cointegration and causality analysis in Australia. Journal of Transport Geography, 43, 140–150. https://doi.org/10.1016/j.jtrangeo.2015.02.001
  • Banister, D., & Berechman, Y. (2001). Transport investment and the promotion of economic growth. Journal of Transport Geography, 9(3), 209–218. https://doi.org/10.1016/S0966-6923(01)00013-8
  • Barro, R. J. (1990). The Stock Market and Investment. The Review of Financial Studies, 3(1), 115–131.
  • Bencivenga, V. R., Smith, B. D., & Starr, R. M. (1996). Equity markets, transactions costs, and capital accumulation: An illustration. World Bank Economic Review, 10(2), 241–265. https://doi.org/10.1093/wber/10.2.241
  • Beyzatlar, M. A., & Yetkiner, H. (2017). Convergence in transportation measures across the EU-15. Transportation, 44(5), 927–940. https://doi.org/10.1007/s11116-016-9686-6
  • Beyzatlar, M. A., Karacal, M., & Yetkiner, H. (2014). Granger-causality between transportation and GDP: A panel data approach. Transportation Research Part A: Policy and Practice, 63, 43–55. https://doi.org/10.1016/j.tra.2014.03.001
  • Boarnet, M. G. (1996). The Direct and Indirect Economic Effects of Transportation Infrastructure. UCTC Working Paper, 340(340), 1–29.
  • Bose, N., & Haque, M. E. (2005). Causality Between Public Investment in Transport and Communication and Economic Growth. Journal of Economic Development, 30(1), 95–106. https://doi.org/10.2139/ssrn.764465
  • Brueckner, J. K. (2003). Airline Traffic and Urban Economic Development. Urban Studies, 40(8), 1455–1469. https://doi.org/10.1080/0042098032000094388
  • Brugnoli, A., Dal Bianco, A., Martini, G., & Scotti, D. (2018). The impact of air transportation on trade flows: A natural experiment on causality applied to Italy. Transportation Research Part A: Policy and Practice, 112, 95–107. https://doi.org/10.1016/j.tra.2018.01.010
  • Button, K., & Taylor, S. (2000). International air transportation and economic development. Journal of Air Transport Management, 6(4), 209–222. https://doi.org/10.1016/S0969-6997(00)00015-6
  • Button, K., & Yuan, J. (2013). Airfreight Transport and Economic Development: An Examination of Causality. Urban Studies, 50(2), 329–340. https://doi.org/10.1177/0042098012446999
  • Button, K., Lall, S., Stough, R., & Trice, M. (1999). High-technology employment and hub airports. Journal of Air Transport Management, 5(1), 53–59. https://doi.org/10.1016/S0969-6997(98)00038-6
  • Chang, Y. H., & Chang, Y. W. (2009). Air cargo expansion and economic growth: Finding the empirical link. Journal of Air Transport Management, 15(5), 264–265. https://doi.org/10.1016/j.jairtraman.2008.09.016
  • Chen, N.-F., Roll, R., & Ross, S. A. (1986). Economic Forces and the Stock Market. The Journal of Business, 59(3), 383–403.
  • Dasgupta, D. (1999). Growth versus welfare in a model of nonrival infrastructure. Journal of Development Economics, 58(2), 359–385. https://doi.org/10.1016/S0304-3878(98)00127-8
  • Dasgupta, P. (2012). National Wealth. Population and Development Review, 38, 243–264. Retrieved from http://www.jstor.org/stable/23655297
  • Duran-Fernandez, R., & Santos, G. (2014). An empirical approach to public capital, infrastructure, and economic activity: A critical review. Research in Transportation Economics, 46, 3–16. https://doi.org/10.1016/j.retrec.2014.09.001
  • Easterly, W., & Rebelo, S. (1993). Fiscal Policy and Economic Growth. Journal of Monetary Economics, 32, 417–458.
  • Edlund, L., & Kopczuk, W. (2009). Women, Wealth, and Mobility. The American Economic Review, 99(1), 146–178. Retrieved from http://www.jstor.org/stable/29730180
  • Fama, E. F. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review, 71(4), 545–565. Retrieved from https://www.jstor.org/stable/1806180
  • Fama, E. F. (1990). Stock Returns, Expected Returns, and Real Activity. The Journal of Finance, 45(4), 1089–1108. Retrieved from https://www.jstor.org/stable/1806180
  • Fernandes, E., & Pacheco, R. R. (2010). The causal relationship between GDP and domestic air passenger traffic in Brazil. Transportation Planning and Technology, 33(7), 569–581. https://doi.org/10.1080/03081060.2010.512217
  • Geske, R., & Roll, R. (1983). The Fiscal and Monetary Linkage Between Stock Returns and Inflation. The Journal of Finance, 38(1), 1–33.
  • Goetz, A. R. (1992). Air Passenger Transportation and Growth in the U.S. Urban System, 1950-1987. Growth and Change, 23(2), 217–238.
  • Graham, D. J. (2007). Variable returns to agglomeration and the effect of road traffic congestion. Journal of Urban Economics, 62(1), 103–120. https://doi.org/10.1016/j.jue.2006.10.001
  • Hakim, M. M., & Merkert, R. (2016). The causal relationship between air transport and economic growth: Empirical evidence from South Asia. Journal of Transport Geography, 56, 120–127. https://doi.org/https://doi.org/10.1016/j.jtrangeo.2016.09.006
  • Hu, Y., Xiao, J., Deng, Y., Xiao, Y., & Wang, S. (2015). Domestic air passenger traffic and economic growth in China: Evidence from heterogeneous panel models. Journal of Air Transport Management, 42, 95–100. https://doi.org/10.1016/j.jairtraman.2014.09.003
  • Hulten, B. C. R., & Schwab, R. M. (1984). Regional Productivity Growth in U.S. Manufacturing: 1951-78. The American Economic Review, 74(1), 152–162.
  • Jiwattanakulpaisarn, P., Noland, R. B., & Graham, D. J. (2010). Causal linkages between highways and sector-level employment. Transportation Research Part A: Policy and Practice, 44(4), 265–280. https://doi.org/10.1016/j.tra.2010.01.008
  • Kapetanios, G. (2005). Unit‐root testing against the alternative hypothesis of up to m structural breaks. Journal of Time Series Analysis, 26(1), 123-133.
  • Karou, S., & Hull, A. (2014). Accessibility modelling : predicting the impact of planned transport infrastructure on accessibility patterns in Edinburgh, UK. Journal of Transport Geography, 35, 1–11. https://doi.org/10.1016/j.jtrangeo.2014.01.002
  • Kaul, G. (1987). Stock Returns and Inflation. Journal of Financial Economics, 18, 253–276. https://doi.org/10.1111/1467-8454.00119
  • Krugman, P. (1991). Increasing Returns and Economic Geography. Journal of Political Economy, 99(3), 483–499. https://doi.org/10.1086/261763
  • Lahiri, K., & Yao, V. W. (2006). Economic indicators for the US transportation sector. Transportation Research Part A: Policy and Practice, 40, 872–887. https://doi.org/10.1016/j.tra.2006.02.006
  • Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks. Review of Economics and Statistics, 85(4), 1082–1089. https://doi.org/10.1162/003465303772815961
  • Levine, R., & Zervos, S. (1998). Stock Markets, Banks, and Economic Growth. The American Economic Review, 88(3), 537–558. Retrieved from https://www.jstor.org/stable/116848
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011–2015. https://doi.org/10.1016/J.ECONMOD.2012.04.022
  • Maparu, T. S., & Mazumder, T. N. (2017). Transport infrastructure, economic development and urbanization in India (1990–2011): Is there any causal relationship? Transportation Research Part A: Policy and Practice, 100, 319–336. https://doi.org/10.1016/j.tra.2017.04.033
  • McCann, P. (1995). Rethinking the Economics of Location and Agglomeration, 32(3), 563–577. Retrieved from http://www.jstor.org/stable/43196292
  • Mejia-Dorantes, L., Paez, A., & Vassallo, J. M. (2012). Transportation infrastructure impacts on firm location: The effect of a new metro line in the suburbs of Madrid. Journal of Transport Geography, 22, 236–250. https://doi.org/10.1016/j.jtrangeo.2011.09.006
  • Melo, P. C., Graham, D. J., & Brage-Ardao, R. (2013). The productivity of transport infrastructure investment: A meta-analysis of empirical evidence. Regional Science and Urban Economics, 43(5), 695–706. https://doi.org/10.1016/j.regsciurbeco.2013.05.002
  • Moses, L. N. (1958). Location and the Theory of Production. The Quarterly Journal of Economics, 72(2), 259–272. Retrieved from https://www.jstor.org/stable/1880599
  • Mukkala, K., & Tervo, H. (2013). Air transportation and regional growth: Which way does the causality run? Environment and Planning A, 45(6), 1508–1520. https://doi.org/10.1068/a45298
  • Munnell, A. H. (1992). Policy Watch Infrastructure Investment and Economic Growth. The Journal of Economic Perspectives, 6(4), 189–198. Retrieved from http://www.jstor.org/stable/2138275
  • O’Donnell, G. (1994). Wealth and income. In Mastering sociology (pp. 118–127). Macmillan International Higher Education.
  • Pacheco, R. R., & Fernandes, E. (2017). International air passenger traffic, trade openness and exchange rate in Brazil: A Granger causality test. Transportation Research Part A: Policy and Practice, 101, 22–29. https://doi.org/10.1016/j.tra.2017.04.026
  • Pradhan, R. P., & Bagchi, T. P. (2013). Effect of transportation infrastructure on economic growth in India: The VECM approach. Research in Transportation Economics, 38(1), 139–148. https://doi.org/10.1016/j.retrec.2012.05.008
  • Saidi, S., Shahbaz, M., & Akhtar, P. (2018). The long-run relationships between transport energy consumption, transport infrastructure, and economic growth in MENA countries. Transportation Research Part A: Policy and Practice, 111, 78–95. https://doi.org/10.1016/j.tra.2018.03.013
  • Sharif, A., Shahbaz, M., & Hille, E. (2019). The Transportation-growth nexus in USA: Fresh insights from pre-post global crisis period. Transportation Research Part A: Policy and Practice, 121, 108–121. https://doi.org/10.1016/j.tra.2019.01.011
  • Shi, S., Phillips, P. C. B., & Hurn, S. (2018). Change Detection and the Causal Impact of the Yield Curve. Journal of Time Series Analysis, 39(6), 966–987. https://doi.org/10.1111/jtsa.12427
  • Stock, J. H., & Watson, M. W. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica, 61(4), 783. https://doi.org/10.2307/2951763
  • Swanson, N. R. (1998). Money and output viewed through a rolling window. Journal of Monetary Economics, 41(3), 455–474. https://doi.org/10.1016/S0304-3932(98)00005-1
  • Thoma, M. A. (1994). Subsample instability and asymmetries in money-income causality. Journal of Econometrics, 64(1–2), 279–306. https://doi.org/10.1016/0304-4076(94)90066-3
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66, 225–250.
  • Tong, T., & Yu, T. E. (2018). Transportation and economic growth in China: A heterogeneous panel cointegration and causality analysis. Journal of Transport Geography, 73, 120–130. https://doi.org/10.1016/j.jtrangeo.2018.10.016
  • Van De Vijver, E., Derudder, B., & Witlox, F. (2014). Exploring causality in trade and air passenger travel relationships: The case of Asia-Pacific, 1980-2010. Journal of Transport Geography, 34, 142–150. https://doi.org/10.1016/j.jtrangeo.2013.12.001
  • Venables, A. J. (2007). Evaluating Urban Transport Improvements. Journal of Transport Economics and Policy, 41(2), 173–188.
  • Vickerman, R. (1996). Location , accessibility and regional development : the appraisal of trans-European networks. Transport Policy, 2(4), 225–234.
  • Vickerman, R. (2008). Transit investment and economic development. Research in Transportation Economics, 23(1), 107–115. https://doi.org/10.1016/j.retrec.2008.10.007
  • Weinstein, A., & Patrick, C. (2019). Recession‐proof skills, cities, and resilience in economic downturns. Journal of Regional Science, 60(2), 348-373. https://doi.org/10.1111/jors.12446
  • Yao, V. W. (2005). The Causal Linkages between Freight and Economic Fluctuations. International Journal of Transport Economics, 32(2), 143–159. Retrieved from http://www.jstor.org/stable/42747755

ABD’de Ulaşım Hizmetleri, Finansal Piyasa ve Endüstriyel Üretim: Özyinelemeli Nedensellik Testinden Elde Edilen Bulgular

Year 2022, Volume: 24 Issue: 1, 183 - 200, 27.03.2022
https://doi.org/10.32709/akusosbil.838812

Abstract

Bu makale, Amerika Birleşik Devletleri için Ulaşım Hizmetleri Endeksi (TSI), Dow Jones Ulaşım Ortalama Endeksi (DJT) ve Endüstriyel Üretim Endeksi (IND) arasındaki ilişkiyi Ocak 2000'den Mart 2019'a kadar olan dönemdeki aylık verileri kullanarak incelemektedir. Uzun dönemli bağ, her ikisi de yapısal kırılmaları dikkate alan eşbütünleşme testi ve dinamik eşbütünleşme regresyonu (Dinamik OLS) ile gösterilmektedir. Sonuçlar, uzun dönemli ilişkilerin IND'den TSI'ye, IND'den DJT'ye ve DJT ile TSI arasında iki yönlü testlerle kanıtlandığını göstermektedir. Daha da önemlisi, Granger-nedensellik ilişkisi ileri, yuvarlanan ve özyinelemeli pencere algoritmalarıyla ortaya çıkar. Bu, algoritmaları takip ederek yeni ekonometrik metodolojiyi kullanarak ulaşım ölçülerindeki nedensellik bağlarını araştıran literatürdeki ilk çalışmadır. Yuvarlanan ve özyinelemeli nedensellik sonuçları, IND ile TSI, IND ve DJT ve TSI ve DJT arasındaki iki yönlü nedenselliği tespit eder. Ardından ulaşım kuruluşlarının, ulaşım sektörünün finansal yapısını modifiye etmesi ve durgunluk dönemlerinden önce, sırasında ve sonrasında ulaşım hareketliliği içinde endüstri yapılarını yeniden düzenlemeye yoğunlaşması gerektiği yönünde bazı öneriler getirmekteyiz.

References

  • Bai, J., & Perron, P. (1998). Estimating and testing linear models with multiple structural changes. Econometrica, 47-78.
  • Bai, J., & Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18(1), 1-22.
  • Baker, D., Merkert, R., & Kamruzzaman, M. (2015). Regional aviation and economic growth: Cointegration and causality analysis in Australia. Journal of Transport Geography, 43, 140–150. https://doi.org/10.1016/j.jtrangeo.2015.02.001
  • Banister, D., & Berechman, Y. (2001). Transport investment and the promotion of economic growth. Journal of Transport Geography, 9(3), 209–218. https://doi.org/10.1016/S0966-6923(01)00013-8
  • Barro, R. J. (1990). The Stock Market and Investment. The Review of Financial Studies, 3(1), 115–131.
  • Bencivenga, V. R., Smith, B. D., & Starr, R. M. (1996). Equity markets, transactions costs, and capital accumulation: An illustration. World Bank Economic Review, 10(2), 241–265. https://doi.org/10.1093/wber/10.2.241
  • Beyzatlar, M. A., & Yetkiner, H. (2017). Convergence in transportation measures across the EU-15. Transportation, 44(5), 927–940. https://doi.org/10.1007/s11116-016-9686-6
  • Beyzatlar, M. A., Karacal, M., & Yetkiner, H. (2014). Granger-causality between transportation and GDP: A panel data approach. Transportation Research Part A: Policy and Practice, 63, 43–55. https://doi.org/10.1016/j.tra.2014.03.001
  • Boarnet, M. G. (1996). The Direct and Indirect Economic Effects of Transportation Infrastructure. UCTC Working Paper, 340(340), 1–29.
  • Bose, N., & Haque, M. E. (2005). Causality Between Public Investment in Transport and Communication and Economic Growth. Journal of Economic Development, 30(1), 95–106. https://doi.org/10.2139/ssrn.764465
  • Brueckner, J. K. (2003). Airline Traffic and Urban Economic Development. Urban Studies, 40(8), 1455–1469. https://doi.org/10.1080/0042098032000094388
  • Brugnoli, A., Dal Bianco, A., Martini, G., & Scotti, D. (2018). The impact of air transportation on trade flows: A natural experiment on causality applied to Italy. Transportation Research Part A: Policy and Practice, 112, 95–107. https://doi.org/10.1016/j.tra.2018.01.010
  • Button, K., & Taylor, S. (2000). International air transportation and economic development. Journal of Air Transport Management, 6(4), 209–222. https://doi.org/10.1016/S0969-6997(00)00015-6
  • Button, K., & Yuan, J. (2013). Airfreight Transport and Economic Development: An Examination of Causality. Urban Studies, 50(2), 329–340. https://doi.org/10.1177/0042098012446999
  • Button, K., Lall, S., Stough, R., & Trice, M. (1999). High-technology employment and hub airports. Journal of Air Transport Management, 5(1), 53–59. https://doi.org/10.1016/S0969-6997(98)00038-6
  • Chang, Y. H., & Chang, Y. W. (2009). Air cargo expansion and economic growth: Finding the empirical link. Journal of Air Transport Management, 15(5), 264–265. https://doi.org/10.1016/j.jairtraman.2008.09.016
  • Chen, N.-F., Roll, R., & Ross, S. A. (1986). Economic Forces and the Stock Market. The Journal of Business, 59(3), 383–403.
  • Dasgupta, D. (1999). Growth versus welfare in a model of nonrival infrastructure. Journal of Development Economics, 58(2), 359–385. https://doi.org/10.1016/S0304-3878(98)00127-8
  • Dasgupta, P. (2012). National Wealth. Population and Development Review, 38, 243–264. Retrieved from http://www.jstor.org/stable/23655297
  • Duran-Fernandez, R., & Santos, G. (2014). An empirical approach to public capital, infrastructure, and economic activity: A critical review. Research in Transportation Economics, 46, 3–16. https://doi.org/10.1016/j.retrec.2014.09.001
  • Easterly, W., & Rebelo, S. (1993). Fiscal Policy and Economic Growth. Journal of Monetary Economics, 32, 417–458.
  • Edlund, L., & Kopczuk, W. (2009). Women, Wealth, and Mobility. The American Economic Review, 99(1), 146–178. Retrieved from http://www.jstor.org/stable/29730180
  • Fama, E. F. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review, 71(4), 545–565. Retrieved from https://www.jstor.org/stable/1806180
  • Fama, E. F. (1990). Stock Returns, Expected Returns, and Real Activity. The Journal of Finance, 45(4), 1089–1108. Retrieved from https://www.jstor.org/stable/1806180
  • Fernandes, E., & Pacheco, R. R. (2010). The causal relationship between GDP and domestic air passenger traffic in Brazil. Transportation Planning and Technology, 33(7), 569–581. https://doi.org/10.1080/03081060.2010.512217
  • Geske, R., & Roll, R. (1983). The Fiscal and Monetary Linkage Between Stock Returns and Inflation. The Journal of Finance, 38(1), 1–33.
  • Goetz, A. R. (1992). Air Passenger Transportation and Growth in the U.S. Urban System, 1950-1987. Growth and Change, 23(2), 217–238.
  • Graham, D. J. (2007). Variable returns to agglomeration and the effect of road traffic congestion. Journal of Urban Economics, 62(1), 103–120. https://doi.org/10.1016/j.jue.2006.10.001
  • Hakim, M. M., & Merkert, R. (2016). The causal relationship between air transport and economic growth: Empirical evidence from South Asia. Journal of Transport Geography, 56, 120–127. https://doi.org/https://doi.org/10.1016/j.jtrangeo.2016.09.006
  • Hu, Y., Xiao, J., Deng, Y., Xiao, Y., & Wang, S. (2015). Domestic air passenger traffic and economic growth in China: Evidence from heterogeneous panel models. Journal of Air Transport Management, 42, 95–100. https://doi.org/10.1016/j.jairtraman.2014.09.003
  • Hulten, B. C. R., & Schwab, R. M. (1984). Regional Productivity Growth in U.S. Manufacturing: 1951-78. The American Economic Review, 74(1), 152–162.
  • Jiwattanakulpaisarn, P., Noland, R. B., & Graham, D. J. (2010). Causal linkages between highways and sector-level employment. Transportation Research Part A: Policy and Practice, 44(4), 265–280. https://doi.org/10.1016/j.tra.2010.01.008
  • Kapetanios, G. (2005). Unit‐root testing against the alternative hypothesis of up to m structural breaks. Journal of Time Series Analysis, 26(1), 123-133.
  • Karou, S., & Hull, A. (2014). Accessibility modelling : predicting the impact of planned transport infrastructure on accessibility patterns in Edinburgh, UK. Journal of Transport Geography, 35, 1–11. https://doi.org/10.1016/j.jtrangeo.2014.01.002
  • Kaul, G. (1987). Stock Returns and Inflation. Journal of Financial Economics, 18, 253–276. https://doi.org/10.1111/1467-8454.00119
  • Krugman, P. (1991). Increasing Returns and Economic Geography. Journal of Political Economy, 99(3), 483–499. https://doi.org/10.1086/261763
  • Lahiri, K., & Yao, V. W. (2006). Economic indicators for the US transportation sector. Transportation Research Part A: Policy and Practice, 40, 872–887. https://doi.org/10.1016/j.tra.2006.02.006
  • Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks. Review of Economics and Statistics, 85(4), 1082–1089. https://doi.org/10.1162/003465303772815961
  • Levine, R., & Zervos, S. (1998). Stock Markets, Banks, and Economic Growth. The American Economic Review, 88(3), 537–558. Retrieved from https://www.jstor.org/stable/116848
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011–2015. https://doi.org/10.1016/J.ECONMOD.2012.04.022
  • Maparu, T. S., & Mazumder, T. N. (2017). Transport infrastructure, economic development and urbanization in India (1990–2011): Is there any causal relationship? Transportation Research Part A: Policy and Practice, 100, 319–336. https://doi.org/10.1016/j.tra.2017.04.033
  • McCann, P. (1995). Rethinking the Economics of Location and Agglomeration, 32(3), 563–577. Retrieved from http://www.jstor.org/stable/43196292
  • Mejia-Dorantes, L., Paez, A., & Vassallo, J. M. (2012). Transportation infrastructure impacts on firm location: The effect of a new metro line in the suburbs of Madrid. Journal of Transport Geography, 22, 236–250. https://doi.org/10.1016/j.jtrangeo.2011.09.006
  • Melo, P. C., Graham, D. J., & Brage-Ardao, R. (2013). The productivity of transport infrastructure investment: A meta-analysis of empirical evidence. Regional Science and Urban Economics, 43(5), 695–706. https://doi.org/10.1016/j.regsciurbeco.2013.05.002
  • Moses, L. N. (1958). Location and the Theory of Production. The Quarterly Journal of Economics, 72(2), 259–272. Retrieved from https://www.jstor.org/stable/1880599
  • Mukkala, K., & Tervo, H. (2013). Air transportation and regional growth: Which way does the causality run? Environment and Planning A, 45(6), 1508–1520. https://doi.org/10.1068/a45298
  • Munnell, A. H. (1992). Policy Watch Infrastructure Investment and Economic Growth. The Journal of Economic Perspectives, 6(4), 189–198. Retrieved from http://www.jstor.org/stable/2138275
  • O’Donnell, G. (1994). Wealth and income. In Mastering sociology (pp. 118–127). Macmillan International Higher Education.
  • Pacheco, R. R., & Fernandes, E. (2017). International air passenger traffic, trade openness and exchange rate in Brazil: A Granger causality test. Transportation Research Part A: Policy and Practice, 101, 22–29. https://doi.org/10.1016/j.tra.2017.04.026
  • Pradhan, R. P., & Bagchi, T. P. (2013). Effect of transportation infrastructure on economic growth in India: The VECM approach. Research in Transportation Economics, 38(1), 139–148. https://doi.org/10.1016/j.retrec.2012.05.008
  • Saidi, S., Shahbaz, M., & Akhtar, P. (2018). The long-run relationships between transport energy consumption, transport infrastructure, and economic growth in MENA countries. Transportation Research Part A: Policy and Practice, 111, 78–95. https://doi.org/10.1016/j.tra.2018.03.013
  • Sharif, A., Shahbaz, M., & Hille, E. (2019). The Transportation-growth nexus in USA: Fresh insights from pre-post global crisis period. Transportation Research Part A: Policy and Practice, 121, 108–121. https://doi.org/10.1016/j.tra.2019.01.011
  • Shi, S., Phillips, P. C. B., & Hurn, S. (2018). Change Detection and the Causal Impact of the Yield Curve. Journal of Time Series Analysis, 39(6), 966–987. https://doi.org/10.1111/jtsa.12427
  • Stock, J. H., & Watson, M. W. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica, 61(4), 783. https://doi.org/10.2307/2951763
  • Swanson, N. R. (1998). Money and output viewed through a rolling window. Journal of Monetary Economics, 41(3), 455–474. https://doi.org/10.1016/S0304-3932(98)00005-1
  • Thoma, M. A. (1994). Subsample instability and asymmetries in money-income causality. Journal of Econometrics, 64(1–2), 279–306. https://doi.org/10.1016/0304-4076(94)90066-3
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66, 225–250.
  • Tong, T., & Yu, T. E. (2018). Transportation and economic growth in China: A heterogeneous panel cointegration and causality analysis. Journal of Transport Geography, 73, 120–130. https://doi.org/10.1016/j.jtrangeo.2018.10.016
  • Van De Vijver, E., Derudder, B., & Witlox, F. (2014). Exploring causality in trade and air passenger travel relationships: The case of Asia-Pacific, 1980-2010. Journal of Transport Geography, 34, 142–150. https://doi.org/10.1016/j.jtrangeo.2013.12.001
  • Venables, A. J. (2007). Evaluating Urban Transport Improvements. Journal of Transport Economics and Policy, 41(2), 173–188.
  • Vickerman, R. (1996). Location , accessibility and regional development : the appraisal of trans-European networks. Transport Policy, 2(4), 225–234.
  • Vickerman, R. (2008). Transit investment and economic development. Research in Transportation Economics, 23(1), 107–115. https://doi.org/10.1016/j.retrec.2008.10.007
  • Weinstein, A., & Patrick, C. (2019). Recession‐proof skills, cities, and resilience in economic downturns. Journal of Regional Science, 60(2), 348-373. https://doi.org/10.1111/jors.12446
  • Yao, V. W. (2005). The Causal Linkages between Freight and Economic Fluctuations. International Journal of Transport Economics, 32(2), 143–159. Retrieved from http://www.jstor.org/stable/42747755
There are 64 citations in total.

Details

Primary Language English
Journal Section Economics and Administrative Sciences
Authors

Mehmet Aldonat Beyzatlar 0000-0002-8434-8447

Efe Çağlar Çağlı 0000-0002-8250-141X

Publication Date March 27, 2022
Submission Date December 10, 2020
Published in Issue Year 2022 Volume: 24 Issue: 1

Cite

APA Beyzatlar, M. A., & Çağlı, E. Ç. (2022). ABD’de Ulaşım Hizmetleri, Finansal Piyasa ve Endüstriyel Üretim: Özyinelemeli Nedensellik Testinden Elde Edilen Bulgular. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 24(1), 183-200. https://doi.org/10.32709/akusosbil.838812

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.


Please Click for all Issues of the Journal.