표 8 Johansen 공적분 검정 결과(2008년∼2023년, Max-eigenvalue)

Unrestricted cointegration rank test(Max-eigenvalue)
Hypothesized No. of CE(s)	Eigenvalue	Max-eigenvale statistic	0.05 Critical value	Prob.** critical value
None*	0.4008	96.7835	52.3626	0.0000
At most 1*	0.2565	56.0087	46.2314	0.0034
At most 2*	0.2228	47.6389	40.0776	0.0059
At most 3*	0.1807	37.6739	33.8769	0.0168
At most 4	0.1333	27.0414	27.5843	0.0586
At most 5	0.0675	13.2015	21.1316	0.4339
At most 6	0.0597	11.6275	14.2646	0.1254
At most 7	0.0030	0.5655	3.8415	0.4520

주: 1) Max-eigenvalue test indicates 4 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).