표 9 금융규제가 주택구매력에 영향을 미치는 경로

Classification	현재 구매수요			미래(잠재) 구매수요
Method	벤치마크OLS	1단계OLS	TSLS	벤치마크OLS	1단계OLS	TSLS
Dep V.	lnH_it	Hita	lnH_it	lnH_iT	HiTa	lnH_iT
Hit(T)a	0.077(0.008)^***			0.078(0.008)^***
FR_it		-0.085(0.066)^***			-0.207(0.140)^***
(Hit(T)a⇐FRit)			-0.152(0.282)^*			-0.308(0.362)^***
Y^it	0.156(0.018)^***	0.222(0.160)^***	0.131(0.034)^***	0.168(0.013)^***	0.115(0.275)^***	0.105(0.063)^***
P^it(T)	0.468(0.068)	-0.065(0.059)^***	0.274(0.188)	-0.101(0.039)^***	-0.150(0.077)^***	-0.144(0.082)^***
Λ_it(T)	0.216(0.034)^***	0.346(0.030)^***	0.142(0.099)^***	0.255(0.052)^***	0.334(0.118)^***	0.284(0.058)^***
ΔSt(T)supply	0.007(0.008)^***	0.059(0.076)	0.002(0.003)	0.068(0.010)^***	0.052(0.063)	0.029(0.013)^*
ΔSt(T)permit	0.042(0.003)^***	0.080(0.029)	0.059(0.011)	0.248(0.033)^***	0.043(0.053)	0.154(0.024)^*
ΔMitjob	-0.113(0.041)^***	0.019(0.036)^**	-0.082(0.014)	0.014(0.033)^***	0.113(0.068)^*	0.090(0.062)^***
ΔMt(T)land	-0.216(0.020)^***	-0.346(0.182)^***	-0.245(0.019)^***	-0.178(0.022)^***	-0.039(0.038)	-0.076(0.038)^***
△GRDP_t(T)	0.037(0.064)	0.131(0.056)^**	0.073(0.042)	0.049(0.067)^***	0.067(0.118)^***	0.095(0.038)^***
C	0.256(0.099)^***	0.108(0.086)^***	0.163(0.030)^**	0.304(0.184)^***	0.140(0.362)^***	-0.181(0.077)
Obs.	17,109	17,109	17,109	14,635	5,360	5,630
R²	0.179	0.188	0.176	0.170	0.164	0.199

주 : 1) 괄호 안은 standard error,
10% 수준,
5% 수준,
1% 수준에서 각각 통계적 유의, Obs.(가구 수).
2) lnH_it (현재 보유 및 임대주택 주거면적의 로그 값), lnH_iT (향후 구매하고자 하는 주택의 주거면적의 로그 값), Hita(현재의 주택구매력), HiTa(미래의 주택구매력), FR_it(금융규제의 정도), Y^it(항상소득), P^it(T) (상대가격), Λ_it(T) (IMR), ΔSt(T)supply (주택공급지의 증가율), ΔSt(T)permit (주택인허가실적의 증가율), ΔMitjob(직업더미, 서비스직=0, 사무직=1), ΔMtland (지가상승률), △GRDP_t (지역내총생산 중가율).
3) OLS, ordinary least squares; TSLS, two stage least squares estimation; IMR, inverse Mill’s ratio.