HA5,6

ADF

PP

DF-GLS

p3

𝛄4

𝝉7

𝝓7

𝛒

𝛒

(t-stat)

p

𝛄4

(t-stat)

𝛒

Panel Iβ€”IBGE

GDP

tend.

1

βˆ’0.2127

(βˆ’2.93)

(4.38)

0.79

0.87

(βˆ’2.57)

1

βˆ’0.2036

(βˆ’2.43)

0.80

const.

1

βˆ’0.006

(βˆ’0.71)

(6.24)**

0.99

1.00

(0.10)

1

βˆ’0.0147

(βˆ’0.46)

0.99

Panel IIβ€”National Treasury

Net revenues

tend.

1

βˆ’0.33

(βˆ’2.34)

(3.52)

0.67

0.49

(βˆ’4.56)***

1

βˆ’0.22

(βˆ’1.97)

0.78

const.

1

βˆ’0.05

(βˆ’1.65)

(3.78)

0.95

0.95

(βˆ’1.95)

1

0.01

(βˆ’0.59)

1.01

Primary expenses

tend.

1

βˆ’0.22

(βˆ’2.25)

(2.75)

0.78

0.73

(βˆ’3.33)*

0

βˆ’0.27

(βˆ’3.25)**

0.73

const.

1

βˆ’0.01

(βˆ’0.93)

(12.5)***

0.99

0.99

(βˆ’0.42)

0

0.02

(1.82)

1.02

Discretionary expenses

tend.

1

βˆ’0.22

(βˆ’2.30)

(2.83)

0.78

0.80

(βˆ’2.66)

0

βˆ’0.19

(βˆ’2.57)

0.81

const.

1

βˆ’0.01

(βˆ’0.30)

(1.80)

0.99

0.98

(βˆ’0.34)

0

0.00

(0.05)

1.00

Mandatory expenses

tend.

1

βˆ’0.05

(βˆ’0.86)

(2.31)

0.95

0.88

(βˆ’1.76)

4

βˆ’0.05

(βˆ’0.78)

0.95

const.

1

βˆ’0.02

(βˆ’2.11)

(21.2)***

0.98

0.99

(βˆ’1.17)

3

0.01

(1.35)

1.01

Panel IIIβ€”Ipea

Net revenues

tend.

1

βˆ’0.31

(βˆ’2.14)

(3.06)

0.69

0.50

(βˆ’4.48)***

1

βˆ’0.18

(βˆ’1.73)

0.82

const.

1

βˆ’0.04

(βˆ’1.58)

(4.00)*

0.96

0.95

(βˆ’2.09)

1

0.01

(0.71)

1.01

Primary expenses

tend.

1

βˆ’0.21

(βˆ’2.20)

(2.53)

0.79

0.76

(βˆ’3.13)

3

βˆ’0.30

(βˆ’3.37)**

0.70

const.

1

βˆ’0.01

(βˆ’0.74)

(10.9)***

0.99

0.99

(βˆ’0.69)

3

0.02

(1.62)

1.02

Costs and Investments

tend.

8

βˆ’0.20

(βˆ’1.77)

(2.27)

0.80

0.78

(βˆ’2.66)

0

βˆ’0.20

(βˆ’2.21)

0.80

const.

8

0.02

(βˆ’0.32)

(1.63)

0.98

0.97

(βˆ’0.47)

1

0.03

(0.77)

1.03

Other expenses

tend.

1

βˆ’0.05

(βˆ’0.77)

(2.25)

0.95

0.88

(βˆ’1.80)

4

βˆ’0.04

(βˆ’0.70)

0.96

const.

1

βˆ’0.02

(βˆ’2.08)

(22.5)***

0.98

0.99

(βˆ’1.75)

3

0.01

(1.31)

1.01