표 11 Johansen 공적분 검정 결과(2021년∼2023년, Trace)

Unrestricted cointegration rank test(Trace)
Hypothesized No. of CE(s)	Eigenvalue	Trace statistic	0.05 Critical value	Prob.** critical value
None*	0.9634	323.4734	159.5297	0.0000
At most 1*	0.8412	214.3513	125.6154	0.0000
At most 2*	0.7945	153.6355	95.7537	0.0000
At most 3*	0.6538	101.4259	69.8189	0.0000
At most 4*	0.5818	66.4255	47.8561	0.0004
At most 5*	0.4646	37.6594	29.7971	0.0051
At most 6*	0.3279	17.0421	15.4947	0.0290
At most 7*	0.1122	3.9281	3.8415	0.0475

주: 1) Trace 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).