Research Article
BibTex RIS Cite

A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION

Year 2025, Volume: 17 Issue: 1, 1 - 16, 03.08.2025

Olcay Ölçen

https://doi.org/10.33818/ier.1553096

Abstract

Asia-Pacific region especially is a developing region for airlines regarding competition, industrial development, and national perspective, COVID-19 had a destructive and re-definitive impact on the total aviation systems of the region. In this study, we aimed to perform a comprehensive analysis of the cumulative return of the airlines’ stock with some specific economic variables, such as currency exchange rates, LIBOR, and Brent oil returns for a selected period and Asia-Pacific Region. Our model was confirmed, and our findings supported the economic relationships. All variables of the study are in a relationship with a cumulative return out of the USD-AUD currency exchange rate statistically. There were three alternatives, and one of them was selected with Monte Carlo Simulation.

Keywords

: Asia-Pacific Region Airline Finance Econometric Analysis

References

  • Ahmad, R., S. Ghon Rhee, and Y.M. Wong (2012). “Foreign Exchange Market Efficiency under Recent Crises: Asia-Pacific Focus.” Journal of International Money and Finance 31(6):1574-92.
  • Albers, S., C. Heuermann and B. Koch (2010). Internationalization strategies of EU and Asia–Pacific low-fare airlines. Journal of Air Transport Management, 16(5), 244-250.
  • Anwer, Z., M. Abubakr Naeem, M. Kabir Hassan, and S. Karim. (2022). “Asymmetric Connectedness across Asia-Pacific Currencies: Evidence from Time-Frequency Domain Analysis.” Finance Research Letters 47:102782.
  • Arellano, M. and S. Bond (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
  • Asker, V. (2024). Financial Performance Analysis Using the Merec-Based Cobra Method: An Application to Traditional and Low-Cost Airlines. Gospodarka Narodowa. The Polish Journal of Economics, 318(2), 35-52.
  • Athari, S. A., Shaeri, K., Kirikkaleli, D., Ertugrul, H. M. and Ozun, A. (2020). Global competitiveness and capital flows: does stage of economic development and risk rating matter?.Asia-Pacific Journal of Accounting & Economics, 27(4), 426-450.
  • Azad, A.S. and M. Sohel. (2009). “Random Walk and Efficiency Tests in the Asia-Pacific Foreign Exchange Markets: Evidence from the Post-Asian Currency Crisis Data.” Research in International Business and Finance 23(3):322–38.
  • Ball, D. (1994). A new era in confidence building: the second-track process in the Asia/Pacific region. Security Dialogue, 25(2), 157-176. Blundell, R.W. and S.R. Bond (1998) Initial Conditions and Moment Restrictions in Dynamic Panel Data Models, Journal of Econometrics, 87, 115-143.
  • Bond, S.R., A. Hoeffler and J. Temple (1998). GMM Estimation of Empirical Growth Models, mimeo, Nuffield College, Oxford.
  • Bond, S.R., D. Harhoff and J. Van Reenen (1998). R&D and Productivity in Germany and the United Kingdom, mimeo, Institute for Fiscal Studies, London.
  • Bond, S.R., D. Harhoff and J. Van Reenen (l999). Investment, R&D and Financial Constraints in Britain and Germany, Working Paper no. W99/5, Institute for Fiscal Studies, London.
  • Bouri, E., B. Lucey, T. Saeed, and X. Vinh Vo. (2020). “Extreme Spillovers across Asian-Pacific Currencies: A Quantile-Based Analysis.” International Review of Financial Analysis 72:101605.
  • Cai, C.W., M. K. Linnenluecke, M. Marrone and A.K. Singh (2019). Machine learning and expert judgement: analyzing emerging topics in accounting and finance research in the Asia–Pacific. Abacus, 55(4), 709-733.
  • Chang, D.S., S.H. Chen, C.W. Hsu and A.H. Hu (2015). Identifying strategic factors of the implantation CSR in the airline industry: The case of Asia-Pacific airlines. Sustainability, 7(6), 7762-7783.
  • Cook, D., R. Mayer and G. Doy (2023). Crises and the resilience of the aviation industry: A literature review of crises and airline responses. Transportation Research Procedia, 75, 33-42.
  • Deveci, M., M. E. Çiftçi, İ. Z. Akyurt, and E. D. R. Santibanez Gonzalez. (2022). “Impact of COVID-19 Pandemic on the Turkish Civil Aviation Industry.” Sustainable Operations and Computers 3:93–102. Volume 17 and Issue 113
  • Dube, K., G. Nhamo, and D. Chikodzi. (2021). “COVID-19 Pandemic and Prospects for Recovery of the Global Aviation Industry.” Journal of Air Transport Management 92:102022.
  • Dungey, M., R. Fry, and V.L. Martin. (2004). “Currency Market Contagion in The Asia-Pacific Region.” Australian Economic Papers 43(4):379–95. Fanta, A.B. (2017). Bond markets, stock markets, banks and growth: A system GMM analysis. Global Business and Economics Review, 19(1), 1-14. Felix, S.B., J. Tuyon, H. Matahir and M. F.
  • Ghazali (2023). Hedging the Oil Price Risk Factor on Airline Stock Returns in the Asia-Pacific: A Test of Effective Hedging Instruments. Australasian Accounting, Business and Finance Journal, 17(2), 122-146.
  • Guthrie, K. (2010). South Pacific civil aviation safety and security through regionalism: New initiatives for the Pacific Aviation Safety Office. Journal of Policing, Intelligence and Counter Terrorism, 5(1), 58-73.
  • Guthrie, K. (2013). Aviation regionalism in the Pacific: A history. The Journal of Pacific History, 48(3), 294-308.
  • He, A. (2020). The Belt and Road Initiative: Motivations, financing, expansion and challenges of Xi’s ever-expanding strategy. Journal of Infrastructure, Policy and Development, 4(1), 139-169.
  • Howe, C. (1990). China, Japan and economic interdependence in the Asia Pacific region. The China Quarterly, 124, 662-693.
  • Hsieh, M.F. and C.C. Lee. (2020). “Bank Liquidity Creation, Regulations, and Credit Risk.” Asia-Pacific Journal of Financial Studies 49(3):368–409.
  • Huang, C.C. (2021). Assessing the financial performance of airlines in the Asia-Pacific region. Investment Management and Financial Innovations, 18(2), 234-244.
  • IATA “Exchange Rates and Aviation: Examining the Links.” Retrieved December 3, 2022 (https://www.iata.org/en/iata-repository/publications/economic-reports/exchange-rates-and-aviation-examining-the-links/).
  • ICE “LIBOR” Retrieved December 3, 2022 (https://www.theice.com/iba/libor).
  • Jayathilakan, A., T. Ngo, W.H.K. Tsui, N.B. Redmayne, F. Balli and X. Fu (2024). Examining the determinants of Indian airlines’ revenues. Journal of the Air Transport Research Society, 3, 100038.
  • Kim K., C. Latoja, S. Beck and M.C. Tayag. (2016). Mekong Business Initiative. Trade Finance Gaps, Growth, and Jobs Survey.
  • Lakshmanasamy, T. (2021). Performance of Telecommunications in India: Panel Arellano-Bond GMM Estimation of Teledensity. Telecom Business Review, 14(1).
  • Macilree, J. and D.T. Duval. (2020). “Aeropolitics in a post-COVID-19 World.” Journal of Air Transport Management 88:101864.
  • Marshall, Andrew P. (2000). “Foreign Exchange Risk Management in the UK, USA and Asia Pacific Multinational Companies.” Journal of Multinational Financial Management 10(2):185–211. Moral-Benito, E., P. Allison and R.
  • Williams (2019). Dynamic panel data modelling using maximum likelihood: an alternative to Arellano-Bond. Applied Economics, 51(20), 2221-2232.
  • Mundform, D. J., J. Schaffer, M. J. Kim, D. Shaw and A. Thongteeraparp (2011). Number of replications required in Monte Carlo simulation studies: a synthesis of four studies. Journal of Modern Applied Statistical Methods, 10, 19-28.
  • Nandha, M. and S. Hammoudeh. (2007). “Systematic Risk, and Oil Price and Exchange Rate Sensitivities in Asia-Pacific Stock Markets.” Research in International Business and Finance 21(2):326–41.
  • Ng, Kam To, X. Fu, S. Hanaoka, and T. H. Oum. (2022). “Japanese Aviation Market Performance during the COVID-19 Pandemic - Analyzing Airline Yield and Competition in the Domestic Market.” Transport Policy 116:237–47.
  • Ng, L., K. C. Seow, L. Macdonald, C. Correia, A. Reubenson, P. Gardner, A. L. Spence, S. Bunzli, B. Ito, and R. de
  • Oliveira. (2021). “E-Learning in Physical Therapy: Lessons Learned from Transitioning a Professional Education Program to Full eLearning During the COVID-19 Pandemic.” PTJ: Physical Therapy & Rehabilitation Journal | Physical Therapy 101:1–9.
  • Ngo, T. and K. W. H. Tsui (2022). Estimating the confidence intervals for DEA efficiency scores of Asia-Pacific airlines. Operational Research, 22(4), 3411-3434.
  • Nguyen, L. P. and V. H. T. Pham (2020). Trade of ICT products, government, and economic growth: Evidence from East Asia-Pacific region. The Journal of Asian Finance, Economics and Business, 7(8), 175-183.
  • Ölçen, O. (2023). A Regional Analysis of Airlines: The Impacts of South Korean Won. Journal of Asia-Pacific Business, 1-13.
  • Ölçen, O., Y. Pamuk and Ö. Sayılır. (2022). The Impacts of COVID-19 on the Stock Returns of Supplier Industries of the Civil Aviation Sector: An Event Study. In Digitalization and the Impacts of COVID-19 on the Aviation Industry (pp. 278-294).
  • IGI Global. Peoples, J., M.A. Abdullah and N.M. Satar (2023). COVID-19 and Airline Performance in the Asia Pacific region. Emerald Open Research, 1(4).
  • Quang, N.H. (2017). Impact of working capital management to business efficiency of association of Asia Pacific Airlines. International Journal of Mechanical Engineering and Applications, 7(2), 8-13. Volume 17 and Issue 1
  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136.
  • Schandl, H. and J. West (2010). Resource use and resource efficiency in the Asia–Pacific region. Global Environmental Change, 20(4), 636-647.
  • Sebki, W. (2021). Education and economic growth in developing countries: empirical evidence from GMM estimators for dynamic panel data. Economics and Business, 35(1), 14-29.
  • Shi, Y., X. Li and M. Asal. (2023). Impact of sustainability on financial distress in the air transport industry: the moderating effect of Asia–Pacific. Financial Innovation, 9(1), 97.
  • Shu, C., D. He, and X. Cheng. (2015). “One Currency, Two Markets: The Renminbi’s Growing Influence in Asia-Pacific.” China Economic Review 33:163–78.
  • Sobieralski, J.B. and S. Mumbower. (2022). “Jet-Setting during COVID-19: Environmental Implications of the Pandemic Induced Private Aviation Boom.” Transportation Research Interdisciplinary Perspectives 13:100575.
  • Stone, S.F. and B.N. Jeon (2000). Foreign direct investment and trade in the Asia-Pacific region: complementarity, distance and regional economic integration. Journal of Economic Integration, 460-485.
  • Su, J., H. Wu, K. W. H. Tsui, X. Fu and Z. Lei (2023). Aviation resilience during the COVID-19 pandemic: A case study of the European aviation market. Transportation Research Part A: Policy and Practice, 177, 103835.
  • Su, M., B. Hu, W. Luan, and C. Tian. (2022). “Effects of COVID-19 on China’s Civil Aviation Passenger Transport Market.” Research in Transportation Economics 101217.
  • Tatoğlu Yerdelen, F. (2013). İleri Panel Veri Analizi Stata Uygulamalı, İstanbul: Beta Yayınları.
  • Tisdall, L., Y. Zhang, and A. Zhang. (2021). “COVID-19 Impacts on General Aviation – Comparative Experiences, Governmental Responses and Policy Imperatives.” Transport Policy 110:273–80.
  • Vo, D. H., C. M. Ho and T. H. N. Dang. (2022). Stock market volatility from the COVID-19 pandemic: new evidence from the Asia-Pacific region. Heliyon, 8(9).
  • Wang, H., K. W. H. Tsui, H. Wu, X. Fu and T. Kille. (2024). Impacts of low-cost carriers’ development in the Asia-Pacific region on tourism, economic development and social wellbeing: a systematic review. Current Issues in Tourism, 1-22.
  • WHO “Coronavirus (COVID-19) Events as They Happen.” Retrieved December 3, 2022 (https://www.who.int/emergencies/diseases/novel-coronavirus-2019/events-as-they-happen).
  • Xie, W. (2021). “Interbank Offered Rate Based on Artificial Intelligence Algorithm.” Mathematical Problems in Engineering 2021.
  • Yang, Y. and T. M. Greaney (2017). Economic growth and income inequality in the Asia-Pacific region: A comparative study of China, Japan, South Korea, and the United States. Journal of Asian Economics, 48, 6-22.
  • Yesuf, A. J. and D. Aassouli. (2020). “Exploring Synergies and Performance Evaluation between Islamic Funds and Socially Responsible Investment (SRIs) in Light of the Sustainable Development Goals (SDGs).” Heliyon 6(8):e04562.
  • Yu, M. M. and M. A. T. Nguyen (2023). Productivity changes of Asia-Pacific airlines: a Malmquist productivity index approach for a two-stage dynamic system. Omega, 115, 102774.
  • Zha, D. (2015). China's economic diplomacy: Focusing on the Asia-Pacific region. China Quarterly of International Strategic Studies, 1(01), 85-104.
  • Zhang, Y., C. C. Law and A. Zhang (2023). The efficiency performance of full-service carriers in East and Southeast Asia amid increasing air transport liberalization and LCC presence. In Airlines and developing countries 10, (pp. 137-151). Emerald Publishing Limited.
  • Zhao, T. (2024). Assessing the Impact of the COVID-19 Pandemic on the Risk-Return Profile of the US Aviation Sector. Highlights in Business, Economics and Management, 28, 422-427.

MONTE CARLO SİMÜLASYONU İLE COVİD-19'DA HAVAYOLU ŞİRKETLERİNİN BÖLGESEL EKONOMİK ANALİZİ: ASYA - PASİFİK BÖLGESİ

Year 2025, Volume: 17 Issue: 1, 1 - 16, 03.08.2025

Olcay Ölçen

https://doi.org/10.33818/ier.1553096

Abstract

Asya-Pasifik bölgesi özellikle havayolları için rekabet, endüstriyel gelişme ve ulusal perspektif açısından gelişmekte olan bir bölge olup, COVID-19'un bölge toplam havacılık sistemleri üzerinde yıkıcı ve yeniden belirleyici bir etkisi olmuştur. Bu çalışmada, seçilmiş bir zaman aralığı ve Asya-Pasifik Bölgesi için havayolu şirketlerinin hisse senetlerinin kümülatif getirisinin döviz kurları, LIBOR ve Brent petrol getirileri gibi bazı spesifik ekonomik değişkenlerle kapsamlı bir analizini yapmayı amaçladık. Modelimiz kabul edilmekte ve bulgularımız ekonomik ilişkileri desteklemektedir. Bu çalışmada tüm değişkenler USD-AUD dışında döviz kurunun kümülatif getirisi ile ilişki içerisindedir. Üç alternatif model arasından birisi Monte Carlo Simülasyonu ile seçilmiştir.

Keywords

Asya Pasifik Bölgesi Havayolu Finansmanı Ekonometrik Analiz

References

  • Ahmad, R., S. Ghon Rhee, and Y.M. Wong (2012). “Foreign Exchange Market Efficiency under Recent Crises: Asia-Pacific Focus.” Journal of International Money and Finance 31(6):1574-92.
  • Albers, S., C. Heuermann and B. Koch (2010). Internationalization strategies of EU and Asia–Pacific low-fare airlines. Journal of Air Transport Management, 16(5), 244-250.
  • Anwer, Z., M. Abubakr Naeem, M. Kabir Hassan, and S. Karim. (2022). “Asymmetric Connectedness across Asia-Pacific Currencies: Evidence from Time-Frequency Domain Analysis.” Finance Research Letters 47:102782.
  • Arellano, M. and S. Bond (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
  • Asker, V. (2024). Financial Performance Analysis Using the Merec-Based Cobra Method: An Application to Traditional and Low-Cost Airlines. Gospodarka Narodowa. The Polish Journal of Economics, 318(2), 35-52.
  • Athari, S. A., Shaeri, K., Kirikkaleli, D., Ertugrul, H. M. and Ozun, A. (2020). Global competitiveness and capital flows: does stage of economic development and risk rating matter?.Asia-Pacific Journal of Accounting & Economics, 27(4), 426-450.
  • Azad, A.S. and M. Sohel. (2009). “Random Walk and Efficiency Tests in the Asia-Pacific Foreign Exchange Markets: Evidence from the Post-Asian Currency Crisis Data.” Research in International Business and Finance 23(3):322–38.
  • Ball, D. (1994). A new era in confidence building: the second-track process in the Asia/Pacific region. Security Dialogue, 25(2), 157-176. Blundell, R.W. and S.R. Bond (1998) Initial Conditions and Moment Restrictions in Dynamic Panel Data Models, Journal of Econometrics, 87, 115-143.
  • Bond, S.R., A. Hoeffler and J. Temple (1998). GMM Estimation of Empirical Growth Models, mimeo, Nuffield College, Oxford.
  • Bond, S.R., D. Harhoff and J. Van Reenen (1998). R&D and Productivity in Germany and the United Kingdom, mimeo, Institute for Fiscal Studies, London.
  • Bond, S.R., D. Harhoff and J. Van Reenen (l999). Investment, R&D and Financial Constraints in Britain and Germany, Working Paper no. W99/5, Institute for Fiscal Studies, London.
  • Bouri, E., B. Lucey, T. Saeed, and X. Vinh Vo. (2020). “Extreme Spillovers across Asian-Pacific Currencies: A Quantile-Based Analysis.” International Review of Financial Analysis 72:101605.
  • Cai, C.W., M. K. Linnenluecke, M. Marrone and A.K. Singh (2019). Machine learning and expert judgement: analyzing emerging topics in accounting and finance research in the Asia–Pacific. Abacus, 55(4), 709-733.
  • Chang, D.S., S.H. Chen, C.W. Hsu and A.H. Hu (2015). Identifying strategic factors of the implantation CSR in the airline industry: The case of Asia-Pacific airlines. Sustainability, 7(6), 7762-7783.
  • Cook, D., R. Mayer and G. Doy (2023). Crises and the resilience of the aviation industry: A literature review of crises and airline responses. Transportation Research Procedia, 75, 33-42.
  • Deveci, M., M. E. Çiftçi, İ. Z. Akyurt, and E. D. R. Santibanez Gonzalez. (2022). “Impact of COVID-19 Pandemic on the Turkish Civil Aviation Industry.” Sustainable Operations and Computers 3:93–102. Volume 17 and Issue 113
  • Dube, K., G. Nhamo, and D. Chikodzi. (2021). “COVID-19 Pandemic and Prospects for Recovery of the Global Aviation Industry.” Journal of Air Transport Management 92:102022.
  • Dungey, M., R. Fry, and V.L. Martin. (2004). “Currency Market Contagion in The Asia-Pacific Region.” Australian Economic Papers 43(4):379–95. Fanta, A.B. (2017). Bond markets, stock markets, banks and growth: A system GMM analysis. Global Business and Economics Review, 19(1), 1-14. Felix, S.B., J. Tuyon, H. Matahir and M. F.
  • Ghazali (2023). Hedging the Oil Price Risk Factor on Airline Stock Returns in the Asia-Pacific: A Test of Effective Hedging Instruments. Australasian Accounting, Business and Finance Journal, 17(2), 122-146.
  • Guthrie, K. (2010). South Pacific civil aviation safety and security through regionalism: New initiatives for the Pacific Aviation Safety Office. Journal of Policing, Intelligence and Counter Terrorism, 5(1), 58-73.
  • Guthrie, K. (2013). Aviation regionalism in the Pacific: A history. The Journal of Pacific History, 48(3), 294-308.
  • He, A. (2020). The Belt and Road Initiative: Motivations, financing, expansion and challenges of Xi’s ever-expanding strategy. Journal of Infrastructure, Policy and Development, 4(1), 139-169.
  • Howe, C. (1990). China, Japan and economic interdependence in the Asia Pacific region. The China Quarterly, 124, 662-693.
  • Hsieh, M.F. and C.C. Lee. (2020). “Bank Liquidity Creation, Regulations, and Credit Risk.” Asia-Pacific Journal of Financial Studies 49(3):368–409.
  • Huang, C.C. (2021). Assessing the financial performance of airlines in the Asia-Pacific region. Investment Management and Financial Innovations, 18(2), 234-244.
  • IATA “Exchange Rates and Aviation: Examining the Links.” Retrieved December 3, 2022 (https://www.iata.org/en/iata-repository/publications/economic-reports/exchange-rates-and-aviation-examining-the-links/).
  • ICE “LIBOR” Retrieved December 3, 2022 (https://www.theice.com/iba/libor).
  • Jayathilakan, A., T. Ngo, W.H.K. Tsui, N.B. Redmayne, F. Balli and X. Fu (2024). Examining the determinants of Indian airlines’ revenues. Journal of the Air Transport Research Society, 3, 100038.
  • Kim K., C. Latoja, S. Beck and M.C. Tayag. (2016). Mekong Business Initiative. Trade Finance Gaps, Growth, and Jobs Survey.
  • Lakshmanasamy, T. (2021). Performance of Telecommunications in India: Panel Arellano-Bond GMM Estimation of Teledensity. Telecom Business Review, 14(1).
  • Macilree, J. and D.T. Duval. (2020). “Aeropolitics in a post-COVID-19 World.” Journal of Air Transport Management 88:101864.
  • Marshall, Andrew P. (2000). “Foreign Exchange Risk Management in the UK, USA and Asia Pacific Multinational Companies.” Journal of Multinational Financial Management 10(2):185–211. Moral-Benito, E., P. Allison and R.
  • Williams (2019). Dynamic panel data modelling using maximum likelihood: an alternative to Arellano-Bond. Applied Economics, 51(20), 2221-2232.
  • Mundform, D. J., J. Schaffer, M. J. Kim, D. Shaw and A. Thongteeraparp (2011). Number of replications required in Monte Carlo simulation studies: a synthesis of four studies. Journal of Modern Applied Statistical Methods, 10, 19-28.
  • Nandha, M. and S. Hammoudeh. (2007). “Systematic Risk, and Oil Price and Exchange Rate Sensitivities in Asia-Pacific Stock Markets.” Research in International Business and Finance 21(2):326–41.
  • Ng, Kam To, X. Fu, S. Hanaoka, and T. H. Oum. (2022). “Japanese Aviation Market Performance during the COVID-19 Pandemic - Analyzing Airline Yield and Competition in the Domestic Market.” Transport Policy 116:237–47.
  • Ng, L., K. C. Seow, L. Macdonald, C. Correia, A. Reubenson, P. Gardner, A. L. Spence, S. Bunzli, B. Ito, and R. de
  • Oliveira. (2021). “E-Learning in Physical Therapy: Lessons Learned from Transitioning a Professional Education Program to Full eLearning During the COVID-19 Pandemic.” PTJ: Physical Therapy & Rehabilitation Journal | Physical Therapy 101:1–9.
  • Ngo, T. and K. W. H. Tsui (2022). Estimating the confidence intervals for DEA efficiency scores of Asia-Pacific airlines. Operational Research, 22(4), 3411-3434.
  • Nguyen, L. P. and V. H. T. Pham (2020). Trade of ICT products, government, and economic growth: Evidence from East Asia-Pacific region. The Journal of Asian Finance, Economics and Business, 7(8), 175-183.
  • Ölçen, O. (2023). A Regional Analysis of Airlines: The Impacts of South Korean Won. Journal of Asia-Pacific Business, 1-13.
  • Ölçen, O., Y. Pamuk and Ö. Sayılır. (2022). The Impacts of COVID-19 on the Stock Returns of Supplier Industries of the Civil Aviation Sector: An Event Study. In Digitalization and the Impacts of COVID-19 on the Aviation Industry (pp. 278-294).
  • IGI Global. Peoples, J., M.A. Abdullah and N.M. Satar (2023). COVID-19 and Airline Performance in the Asia Pacific region. Emerald Open Research, 1(4).
  • Quang, N.H. (2017). Impact of working capital management to business efficiency of association of Asia Pacific Airlines. International Journal of Mechanical Engineering and Applications, 7(2), 8-13. Volume 17 and Issue 1
  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136.
  • Schandl, H. and J. West (2010). Resource use and resource efficiency in the Asia–Pacific region. Global Environmental Change, 20(4), 636-647.
  • Sebki, W. (2021). Education and economic growth in developing countries: empirical evidence from GMM estimators for dynamic panel data. Economics and Business, 35(1), 14-29.
  • Shi, Y., X. Li and M. Asal. (2023). Impact of sustainability on financial distress in the air transport industry: the moderating effect of Asia–Pacific. Financial Innovation, 9(1), 97.
  • Shu, C., D. He, and X. Cheng. (2015). “One Currency, Two Markets: The Renminbi’s Growing Influence in Asia-Pacific.” China Economic Review 33:163–78.
  • Sobieralski, J.B. and S. Mumbower. (2022). “Jet-Setting during COVID-19: Environmental Implications of the Pandemic Induced Private Aviation Boom.” Transportation Research Interdisciplinary Perspectives 13:100575.
  • Stone, S.F. and B.N. Jeon (2000). Foreign direct investment and trade in the Asia-Pacific region: complementarity, distance and regional economic integration. Journal of Economic Integration, 460-485.
  • Su, J., H. Wu, K. W. H. Tsui, X. Fu and Z. Lei (2023). Aviation resilience during the COVID-19 pandemic: A case study of the European aviation market. Transportation Research Part A: Policy and Practice, 177, 103835.
  • Su, M., B. Hu, W. Luan, and C. Tian. (2022). “Effects of COVID-19 on China’s Civil Aviation Passenger Transport Market.” Research in Transportation Economics 101217.
  • Tatoğlu Yerdelen, F. (2013). İleri Panel Veri Analizi Stata Uygulamalı, İstanbul: Beta Yayınları.
  • Tisdall, L., Y. Zhang, and A. Zhang. (2021). “COVID-19 Impacts on General Aviation – Comparative Experiences, Governmental Responses and Policy Imperatives.” Transport Policy 110:273–80.
  • Vo, D. H., C. M. Ho and T. H. N. Dang. (2022). Stock market volatility from the COVID-19 pandemic: new evidence from the Asia-Pacific region. Heliyon, 8(9).
  • Wang, H., K. W. H. Tsui, H. Wu, X. Fu and T. Kille. (2024). Impacts of low-cost carriers’ development in the Asia-Pacific region on tourism, economic development and social wellbeing: a systematic review. Current Issues in Tourism, 1-22.
  • WHO “Coronavirus (COVID-19) Events as They Happen.” Retrieved December 3, 2022 (https://www.who.int/emergencies/diseases/novel-coronavirus-2019/events-as-they-happen).
  • Xie, W. (2021). “Interbank Offered Rate Based on Artificial Intelligence Algorithm.” Mathematical Problems in Engineering 2021.
  • Yang, Y. and T. M. Greaney (2017). Economic growth and income inequality in the Asia-Pacific region: A comparative study of China, Japan, South Korea, and the United States. Journal of Asian Economics, 48, 6-22.
  • Yesuf, A. J. and D. Aassouli. (2020). “Exploring Synergies and Performance Evaluation between Islamic Funds and Socially Responsible Investment (SRIs) in Light of the Sustainable Development Goals (SDGs).” Heliyon 6(8):e04562.
  • Yu, M. M. and M. A. T. Nguyen (2023). Productivity changes of Asia-Pacific airlines: a Malmquist productivity index approach for a two-stage dynamic system. Omega, 115, 102774.
  • Zha, D. (2015). China's economic diplomacy: Focusing on the Asia-Pacific region. China Quarterly of International Strategic Studies, 1(01), 85-104.
  • Zhang, Y., C. C. Law and A. Zhang (2023). The efficiency performance of full-service carriers in East and Southeast Asia amid increasing air transport liberalization and LCC presence. In Airlines and developing countries 10, (pp. 137-151). Emerald Publishing Limited.
  • Zhao, T. (2024). Assessing the Impact of the COVID-19 Pandemic on the Risk-Return Profile of the US Aviation Sector. Highlights in Business, Economics and Management, 28, 422-427.
There are 65 citations in total.

Details

Primary Language English
Subjects Applied Macroeconometrics, Finance, Business Administration
Journal Section Articles
Authors

Olcay Ölçen 0000-0002-4835-1171

Publication Date August 3, 2025
Submission Date September 19, 2024
Acceptance Date January 17, 2025
Published in Issue Year 2025 Volume: 17 Issue: 1

Cite

APA Ölçen, O. (2025). A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION. International Econometric Review, 17(1), 1-16. https://doi.org/10.33818/ier.1553096
AMA Ölçen O. A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION. IER. August 2025;17(1):1-16. doi:10.33818/ier.1553096
Chicago Ölçen, Olcay. “A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION”. International Econometric Review 17, no. 1 (August 2025): 1-16. https://doi.org/10.33818/ier.1553096.
EndNote Ölçen O (August 1, 2025) A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION. International Econometric Review 17 1 1–16.
IEEE O. Ölçen, “A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION”, IER, vol. 17, no. 1, pp. 1–16, 2025, doi: 10.33818/ier.1553096.
ISNAD Ölçen, Olcay. “A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION”. International Econometric Review 17/1 (August2025), 1-16. https://doi.org/10.33818/ier.1553096.
JAMA Ölçen O. A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION. IER. 2025;17:1–16.
MLA Ölçen, Olcay. “A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION”. International Econometric Review, vol. 17, no. 1, 2025, pp. 1-16, doi:10.33818/ier.1553096.
Vancouver Ölçen O. A REGIONAL ECONOMIC ANALYSIS OF AIRLINE COMPANIES IN COVID-19 WITH MONTE CARLO SIMULATION: ASIA - PACIFIC REGION. IER. 2025;17(1):1-16.