Table 2.12 reports unit root test results for the primary surplus scaled by GDP with only
marginally more consistent results across alternative tests.
Table 2.12 Unit Root Tests for Gross Primary Surplus Series in % of GDP, 1977-
2005
|
ημ |
Пт |
W-S |
ADF |
PP | |
|
(1) |
(2) |
(3) |
(4) |
(5) | |
|
Belgium |
1.30 |
0.23 |
-1.70 |
-1.20 |
-4.92 |
|
Germany |
0.19* |
0.14* |
-2.48 |
-2.19 |
-12.6 |
|
Greece |
0.77 |
0.17 |
-1.74 |
-1.97 |
-6.95 |
|
Spain |
1.03 |
0.12* |
-2.19 |
-3.94°° |
-10.1 |
|
France |
0.08* |
0.06* |
-3.73°°° |
-3.73°° |
-10.5 |
|
Italy |
1.18 |
0.19 |
-1.10 |
-0.71 |
-3.02 |
|
Ireland |
0.94 |
0.28 |
-1.49 |
-1.30 |
-4.60 |
|
Netherlands |
0.54 |
0.12* |
-3.11°° |
-3.08 |
-11.1 |
|
Austria |
0.64 |
0.06* |
-2.77 |
-2.47 |
-12.7 |
|
Portugal |
0.48 |
0.28 |
-1.30 |
-0.75 |
-4.76 |
|
Finland |
0.14* |
0.14* |
-2.13 |
-1.92 |
-8.76 |
|
Denmark |
0.34* |
0.16 |
-2.47 |
-2.48 |
-7.83 |
|
Sweden |
0.11* |
0.08* |
-3.56°° |
-3.22° |
9.69 |
|
UK |
0.11* |
0.07* |
-3.76°°° |
-3.37°° |
-9.22 |
|
US |
0.24* |
0.12* |
-3.36 |
-3.22°° |
-7.07° |
|
Japan_________ |
0.70 |
0.30 |
-2.02 |
-2.35 |
-3.84 |
Notes: (1) Test of Kwaikowski et al. (null hypothesis mean-stationary).Critical value at 5%: 0.46.
(2) Test of Kwaikowski et al. (null hypothesis trend-stationary). Critical value at 5%: 0.15.
(3) Weighted-symmetric (null hypothesis unit root).
(4) Augmented Dickey-Fuller (null hypothesis unit root).
(5) Phillips-Perron (null hypothesis unit root).
* The null of mean/trend-stationary can be accepted at 5%.
°°° The null unit root can be rejected at 1% (°° 5%, ° 10%).
51
More intriguing information
1. Midwest prospects and the new economy2. The name is absent
3. ARE VOLATILITY EXPECTATIONS CHARACTERIZED BY REGIME SHIFTS? EVIDENCE FROM IMPLIED VOLATILITY INDICES
4. Review of “From Political Economy to Economics: Method, the Social and Historical Evolution of Economic Theory”
5. Sustainability of economic development and governance patterns in water management - an overview on the reorganisation of public utilities in Campania, Italy, under EU Framework Directive in the field of water policy (2000/60/CE)
6. CONSUMER ACCEPTANCE OF GENETICALLY MODIFIED FOODS
7. Innovation Trajectories in Honduras’ Coffee Value Chain. Public and Private Influence on the Use of New Knowledge and Technology among Coffee Growers
8. Population ageing, taxation, pensions and health costs, CHERE Working Paper 2007/10
9. Name Strategy: Its Existence and Implications
10. DURABLE CONSUMPTION AS A STATUS GOOD: A STUDY OF NEOCLASSICAL CASES