표 12 Johansen 공적분 검정 결과(2021년∼2023년, 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*	0.9634	109.1221	52.3626	0.0000
At most 1*	0.8412	60.7158	46.2314	0.0008
At most 2*	0.7945	52.2097	40.0776	0.0014
At most 3*	0.6538	35.0003	33.8769	0.0366
At most 4*	0.5818	28.7661	27.5843	0.0351
At most 5	0.4646	20.6174	21.1316	0.0589
At most 6	0.3279	13.1140	14.2646	0.0754
At most 7*	0.1122	3.9281	3.8415	0.0475

주: 1) Max-eigenvalue test indicates 6 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).