초록 열기/닫기 버튼
The purpose of this study was to examine the relationship between Korean macroeconomic variables, such as the consumer price index, unemployment rate, and stock returns, on Korean domestic casino revenue from January 2010 to September 2015. We also attempted to evaluate how this revenue has been affected by unexpected events, such as the H1N1 flu and MERS outbreaks. Using monthly data, we applied an auto-regressive distributed lag (ARDL) model to determine the effects of the variables and lagged variables. The estimation results of the ARDL model showed that the lagged dependent variables played a significant, positive role in domestic casino revenue. Present and one-period lagged ln(CPI) variables were also significant. Lagged unemployment rates were found to be significant for the casino revenue; however, the H1N1 flu and MERS outbreaks turned out to exert only negligible effects. In addition, the error correction model was used to calculate long-term equilibrium and short-term dynamics among the variables.
