표 5 30년 만기 MBS 도입 전·후의 만기별 스프레드 변화 분석

	(1) Spread1	(2) Spread1	(3) Spread3	(4) Spread5	(5) Spread7	(6) Spread10	(7) Spread15	(8) Spread20
Intercept	10.953^**	14.539^***	20.157^***	31.171^***	33.713^***	31.036^***	40.700^***	46.550^***
Intercept	[2.34]	[2.90]	[3.39]	[5.10]	[5.25]	[5.11]	[6.20]	[7.04]
Maturity30	10.48^**	6.730	6.266	-2.426	-6.030	3.442	3.764	5.842
Maturity30	[2.32]	[1.39]	[1.09]	[-0.41]	[-0.97]	[0.59]	[0.59]	[0.92]
Transfer	2.047	3.053	3.291	2.171	-1.234	4.704^*	7.044^**	5.101^*
Transfer	[0.99]	[1.38]	[1.26]	[0.81]	[-0.44]	[1.76]	[2.44]	[1.75]
Single	-0.524	-0.301	1.658	3.270	2.495	4.918^*	4.706	5.447^*
Single	[-0.24]	[-0.13]	[0.60]	[1.14]	[0.83]	[1.73]	[1.53]	[1.76]
Yield	-0.389	-2.397	-0.588	1.803	17.809^***	-9.523^*	-4.512	-8.975
Yield	[-0.10]	[-0.55]	[-0.12]	[0.34]	[3.22]	[-1.82]	[-0.80]	[-1.58]
KOSPI	-0.141	-0.013	0.089	0.347^**	0.396^***	0.459^***	0.397^***	0.370^**
KOSPI	[-1.35]	[-0.11]	[0.67]	[2.53]	[2.75]	[3.37]	[2.70]	[2.50]
Bond	0.069	-0.145	-0.303	-0.542	-0.069	-0.939	-0.467	-1.050
Bond	[0.12]	[-0.23]	[-0.41]	[-0.71]	[-0.09]	[-1.24]	[-0.57]	[-1.27]
HP	-3.555^*	-4.412^**	-8.512^***	-11.923^***	-11.454^***	-15.380^***	-16.692^***	-16.469^***
HP	[-1.75]	[-2.03]	[-3.31]	[-4.50]	[-4.12]	[-5.85]	[-5.87]	[-5.75]
Year dummy	Included	Included	Included	Included	Included	Included	Included	Included
Observations	338	338	338	338	338	338	338	338
F-value	46.60^***	38.25^***	33.69^***	33.38^***	37.35^***	87.58^***	82.80^***	71.78^***
Adj. R-squared	0.765	0.726	0.700	0.698	0.721	0.861	0.854	0.834

주: [ ]는 t값이며,
는 각각 유의수준 10%,
5%,
1% 수준에서 통계적으로 유의적임.
MBS, mortgage-backed securities.