표 5 시기별 Granger 인과관계 검정 결과

구분	2008년∼2010년		2021년∼2023년
	Lag 1		Lag 1
	F-stat	Prob.	F-stat	Prob.
Unsold⇏CPI	4.5429	0.0408	0.1384	0.7124
CPI⇏Unsold	13.5688	0.0008	2.1655	0.1512
Unsold⇏ER	3.0776	0.0890	0.0158	0.9009
ER⇏Unsold	6.0988	0.0190	18.4293	0.0002
Unsold⇏Interest	0.0008	0.9772	11.0032	0.0023
Interest⇏Unsold	15.0126	0.0005	46.9959	1.E-07
Unsold⇏Jeonse	19.9269	9.E-05	90.8105	1.E-10
Jeonse⇏Unsold	2.8801	0.0994	27.0764	1.E-05
Unsold⇏LP	1.2885	0.2648	0.6386	0.4303
LP⇏Unsold	0.1177	0.7338	6.2332	0.0181
Unsold⇏M2	1.6362	0.2100	194.9220	6.E-15
M2⇏Unsold	16.0255	0.0003	23.2279	4.E-05
Unsold⇏Sales	23.0816	4.E-05	3.7296	0.0626
Sales⇏Unsold	1.3022	0.2623	13.4021	0.0009

CPI, consumer price index; ER, exchange rate; LP, license performance.