| 구분 | 변수 | ADF Test | |
|---|---|---|---|
| 상수항 | 상수항+추세항 | ||
| 수준변수 | Private | –0.241 | –1.863 |
| Bank | 0.866 | –1.617 | |
| Public | –0.092 | –2.397 | |
| Bogeum | –1.827 | –2.055 | |
| Hprice | –0.862 | –2.981 | |
| Spread | –2.350 | –2.992 | |
| Income | 1.172 | –1.034 | |
| 차분변수 | Private | –7.310*** | –7.277*** |
| Bank | –4.679*** | –4.783*** | |
| Public | –10.043*** | –10.002*** | |
| Bogeum | –6.845*** | –6.828*** | |
| Hprice | –3.839*** | –3.850*** | |
| Spread | –8.145*** | –8.091*** | |
| Income | –3.960*** | –4.225*** | |