표 11 VECM 추정결과

	D(JDR)	D(CPI)	D(INT)	D(CSI)	D(IAIP)	D(COM)
CointEq1	−0.00784	3.35E-05	−5.36E-05	0.000252	−0.000803	0.000204
	[−0.48650]	[3.07671]	[−0.33799]	[1.89628]	[−9.00413]	[0.37333]
D(YY(-1))	−0.43731	2.53E-05	−0.000512	−0.000703	−0.000519	−0.006582
	[−2.41497]	[0.20628]	[−0.28739]	[−0.46962]	[−0.51769]	[−1.06951]
D(A2(-1))	207.5001	0.270634	3.056975	0.413914	−5.195076	−18.45857
	[0.71653]	[1.38117]	[1.07251]	[0.17300]	[−3.24072]	[−1.87534]
D(A1(-1))	−8.12908	0.001401	0.336871	−0.335074	0.128332	0.813864
	[−0.44475]	[0.11325]	[1.87254]	[−2.21883]	[1.26836]	[1.31006]
D(A5(-1))	−31.136	0.025568	0.012057	0.301325	−0.344939	0.78583
	[−1.37944]	[1.67410]	[0.05427]	[1.61580]	[−2.76070]	[1.02433]
D(A6(-1))	−1.51105	−0.02612	−0.01297	−0.266839	0.299956	0.565705
	[−0.06530]	[−1.66787]	[−0.05695]	[−1.39569]	[2.34164]	[0.71926]
D(A3(-1))	1.787839	0.001362	0.016734	−0.016409	−0.018685	−0.769511
	[0.44332]	[0.49915]	[0.42157]	[−0.49247]	[−0.83696]	[−5.61398]
C	1.623442	0.000794	0.001294	−0.001006	0.011176	0.055145
	[1.57052]	[1.13509]	[0.12716]	[−0.11781]	[1.95310]	[1.56957]