표 A-3 모형 4에 대한 Engle and Granger, Phillips and Ouliaris 공적분검정

구분	종속변수	Test	No.of CE	Value	유의확률
모형 4	거래규제	Engle-Granger	tau-statisticz-statistic	-3.560050-20.99277	0.0384**0.0270**
		Phillips-Ouliaris	tau-statisticz-statistic	-2.588808-9.293625	0.25540.3772
	주택가격	Engle-Granger	tau-statisticz-statistic	-2.498019-14.71288	0.29280.1247
		Phillips-Ouliaris	tau-statisticz-statistic	-1.750749-6.120213	0.65580.6258

주 : 1) p<0.1,
p<0.05,
p<0.01.
2) CE, cointegrating equations.