표 5 공적분검정 결과

Johansen test
Hypothesized No. of CE(s)	Trace statistic	Max-eigenvalue statistic
None	61.890**	29.848**
At most 1	32.043**	14.207
At most 2	17.836**	11.689
At most 3	6.146**	6.146**

주 : 1) Hypothesized No. of CE(s)는 가설로 설정한 공적분 관계(CE)의 수를 의미함.
2) p<0.05.
3) CE, cointegrating equation.