표 7 Johansen 공적분 검정 결과(2008년∼2023년, Trace)

Unrestricted cointegration rank test(Trace)
Hypothesized No. of CE(s)	Eigenvalue	Trace statistic	0.05 Critical value	Prob.** critical value
None*	0.4008	290.5408	159.5297	0.0000
At most 1*	0.2565	193.7574	125.6154	0.0000
At most 2*	0.2228	137.7487	95.7537	0.0000
At most 3*	0.1807	90.1098	69.8189	0.0005
At most 4*	0.1333	52.4359	47.8561	0.0175
At most 5	0.0675	25.3945	29.7971	0.1478
At most 6	0.0597	12.1930	15.4947	0.1479
At most 7	0.0030	0.5655	3.8415	0.4520

주: 1) Trace test indicates 5 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).