Table 3. Variables description

Variables Unit Note
Pax person Quarterly aggregate data of Korean immigration records
GDP ₩ billion Gross domestic product, nominal seasonal adjustment corresponding quarterly data
KTB_3Y % A 3 year interest rate on treasury bonds, reference data for the end of the quarter
KOSPI pt KOSPI stock price index, reference data for the end of the quarter
USD The won-dollar exchange rate, reference data for the end of the quarter
WTI US$/barrel WTI international oil prices, reference data for the end of the quarter
CCI 2015=100 Coincident composite Index
Employment % Employment rate, the number of employed people/a population over 15 years of age, applicable monthly data
Sentiment pt Consumer sentiment index, applicable monthly data
PCR % Private consumption rate, real seasonal adjustment applicable quarterly data(QoQ)