표 10 Johansen 공적분 검정 결과(2008년∼2010년, Max-eigenvalue)

Unrestricted cointegration rank test(Max-eigenvalue)
Hypothesized No. of CE(s)	Eigenvalue	Max-eigenvalue statistic	0.05 Critical value	Prob.** critical value
None*	0.9312	90.9841	52.3626	0.0000
At most 1*	0.8211	58.5169	46.2314	0.0016
At most 2*	0.7525	47.4742	40.0776	0.0062
At most 3*	0.7075	41.7899	33.8769	0.0046
At most 4*	0.6144	32.3984	27.5843	0.0111
At most 5*	0.4663	21.3501	21.1316	0.0466
At most 6*	0.3783	16.1587	14.2646	0.0248
At most 7*	0.1712	6.3845	3.8415	0.0115

주: 1) Max-eigenvalue test indicates 8 cointegrating eqn(s) at the 0.05 level.
2) Denotes rejection of the hypothesis at the 0.05 level.
3) MacKinnon et al.(1999) p-value(유의수준 0.05).