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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