표 4 단위근 검정결과

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***
ADF, Argumented Dickey Fuller.