title page
Abstract
Contents
Summary 13
I. Introduction 15
II. Literature Reviews 19
III. Empirical Analysis 26
IV. Econometric Results 36
V. Implications and Conclusion 50
국문요약 53
References 55
Acknowledgements 59
Curriculum Vitae 61
(Table 1) Industries for Analysis 32
(Table 2) Model data 35
(Table 3) Descriptive statistics 36
(Table 4) Time series properties of the individual series 40
(Table 5) Results of cointegration test based on residual (ADF-t value) 43
(Table 6) Analysis Results 45
(Figure 1) The trend of time series 39