Table 3 Results of the Johansen cointegration test on the rent to cheonsei ratio and the Korea 3-year Treasury Bond yield

Null hypothesis on cointegration	Trace statistic in case that the cointegration function has neither constant term nor deterministic trend	Trace statistic in case that the integration function has a constant term, but has no deterministic trend
No cointegration	15.8408***	24.2842***

Note: *** means that the null hypothesis is rejected at the significance level of 1%.