표 9 Johansen 공적분 검정 결과(2008년∼2010년, Trace)

Unrestricted cointegration rank test(Trace)
Hypothesized No. of CE(s)	Eigenvalue	Trace statistic	0.05 Critical value	Prob.** critical value
None*	0.9312	315.0568	159.5297	0.0000
At most 1*	0.8211	224.0727	125.6154	0.0000
At most 2*	0.7525	165.5557	95.7537	0.0000
At most 3*	0.7074	118.0816	69.8189	0.0000
At most 4*	0.6144	76.2916	47.8561	0.0000
At most 5*	0.4663	43.8932	29.7971	0.0007
At most 6*	0.3783	22.5432	15.4947	0.0037
At most 7*	0.1712	6.3845	3.8415	0.0115

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).