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
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