표 8 그랜저 인과관계 분석 결과

H0		Lag=1		Lag=2
		F-value	p-value	F-value	p-value
d_rent	⇏ fund_ave	0.02	0.89	0.12	0.88
d_kospi	⇏ fund_ave	4.29	0.04*	2.59	0.09
d_interest	⇏ fund_ave	3.73	0.06	2.52	0.09
d_credit	⇏ fund_ave	0.43	0.52	0.30	0.75
d_bond	⇏ fund_ave	7.91	0.01*	3.68	0.03*
fund_ave	⇏ d_bond	3.43	0.07	1.83	0.17
d_credit	⇏ d_bond	1.32	0.26	1.31	0.28
d_interest	⇏ d_bond	1.57	0.22	5.95	0.01*
d_kospi	⇏ d_bond	0.21	0.65	0.83	0.44
d_rent	⇏ d_bond	0.29	0.59	0.16	0.86
fund_ave	⇏ d_credit	0.19	0.67	0.19	0.83
d_bond	⇏ d_credit	0.24	0.63	0.68	0.51
d_interest	⇏ d_credit	0.50	0.48	2.02	0.15
d_rent	⇏ d_credit	0.02	0.89	0.04	0.96
d_kospi	⇏ d_credit	2.21	0.14	0.54	0.59
fund_ave	⇏ d_interest	0.13	0.72	0.28	0.75
d_bond	⇏ d_interest	5.05	0.03*	3.05	0.06
d_credit	⇏ d_interest	8.22	0.01*	4.63	0.02*
d_kospi	⇏ d_interest	8.40	0.01*	3.76	0.03*
d_rent	⇏ d_interest	0.75	0.39	0.80	0.46
fund_ave	⇏ d_kospi	0.31	0.58	0.50	0.61
d_bond	⇏ d_kospi	0.24	0.63	1.03	0.37
d_credit	⇏ d_kospi	3.35	0.07	2.96	0.06
d_interest	⇏ d_kospi	3.99	0.05*	1.60	0.21
d_rent	⇏ d_kospi	0.09	0.76	1.33	0.28
fund_ave	⇏ d_rent	0.78	0.38	1.26	0.30
d_bond	⇏ d_rent	0.24	0.63	0.66	0.52
d_credit	⇏ d_rent	0.37	0.55	1.01	0.37
d_interest	⇏ d_rent	2.06	0.16	1.76	0.18
d_kospi	⇏ d_rent	0.23	0.64	1.20	0.31

주 : p<0.1.