Table 1: Industrial Countries’ Unit Root Tests
|
Sit |
bit | |
|
Factor |
-2.453 |
-2.076 |
|
Idiosyncratic |
2.002* |
1.442 |
Notes: This table examines whether the primary surplus (sit) and debt (bit) are
nonstationary in industrial countries. Panel data set is for 15 countries and 1978 to
2005 (N=15, T=28). The data is standardized. An information criterion from Bai and
Ng (2002) suggests a factor is appropriate. Star (*) and bold indicates rejection of the
null of unit root at the 5% significance level. Large negative tests statistics reject the
null hypothesis of unit root for the Factor (less than -2.89). Large positive test statistics
reject the null of unit root for the idiosyncratic component (greater than 1.64).
25
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