The Global Dimension to Fiscal Sustainability



Table 4: Emerging Market Unit Root Tests

Sit

bit

Factor

-1.493

-1.817

Idiosyncratic

1.956*

5.456*

Notes: This table examines whether the primary surplus (sit) and debt (dit) are
nonstationary for emerging economies. Bold and a star (*) indicate significant
at the 5% level. An information criterion from Bai and Ng (2002) suggests a
factor is appropriate. We use annual data 1990 to 2005 (
N=27, T=16).

28




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