표 7. 패널 ARDL 모형 분석 결과

variable	Model (1)- 멸실 1시차				Model (2)- 멸실 3시차
	회귀계수	표준오차	z-value	p-value	회귀계수	표준오차	z-value	p-value
(Intercept)	0.015	0.001	18.200	0.000	0.016	0.001	17.160	0.000
lnYi, t−1	−0.349	0.024	−14.45	0.000	−0.368	0.025	−14.72	0.000
lnDi, t−1 or lnDi, t−3	−0.417	0.161	−2.590	0.010	−0.070	0.375	−0.190	0.852
lnSi, t−1	−0.272	0.112	−2.420	0.016	−0.232	0.116	−2.000	0.046
lnCi, t−1	−0.440	0.025	−17.52	0.000	−0.467	0.027	−17.22	0.000
lnDi, t	−0.209	0.101	−2.080	0.038	−0.035	0.091	−0.380	0.701
lnSi, t	−0.063	0.082	−0.760	0.445	−0.044	0.084	−0.520	0.605
lnCi, t	−0.527	0.152	−3.460	0.000	−0.429	0.152	−2.820	0.005
Multiple R-Squared	0.2826				0.3008