HA5,6 | ADF | PP | DF-GLS | |||||||||
p3 | π4 | π7 | π7 | π | π | (t-stat) | p | π4 | (t-stat) | π | ||
Panel IβIBGE | ||||||||||||
GDP | tend. | 1 | β0.2127 | (β2.93) | (4.38) | 0.79 | 0.87 | (β2.57) | 1 | β0.2036 | (β2.43) | 0.80 |
const. | 1 | β0.006 | (β0.71) | (6.24)** | 0.99 | 1.00 | (0.10) | 1 | β0.0147 | (β0.46) | 0.99 | |
Panel IIβNational Treasury | ||||||||||||
Net revenues | tend. | 1 | β0.33 | (β2.34) | (3.52) | 0.67 | 0.49 | (β4.56)*** | 1 | β0.22 | (β1.97) | 0.78 |
const. | 1 | β0.05 | (β1.65) | (3.78) | 0.95 | 0.95 | (β1.95) | 1 | 0.01 | (β0.59) | 1.01 | |
Primary expenses | tend. | 1 | β0.22 | (β2.25) | (2.75) | 0.78 | 0.73 | (β3.33)* | 0 | β0.27 | (β3.25)** | 0.73 |
const. | 1 | β0.01 | (β0.93) | (12.5)*** | 0.99 | 0.99 | (β0.42) | 0 | 0.02 | (1.82) | 1.02 | |
Discretionary expenses | tend. | 1 | β0.22 | (β2.30) | (2.83) | 0.78 | 0.80 | (β2.66) | 0 | β0.19 | (β2.57) | 0.81 |
const. | 1 | β0.01 | (β0.30) | (1.80) | 0.99 | 0.98 | (β0.34) | 0 | 0.00 | (0.05) | 1.00 | |
Mandatory expenses | tend. | 1 | β0.05 | (β0.86) | (2.31) | 0.95 | 0.88 | (β1.76) | 4 | β0.05 | (β0.78) | 0.95 |
const. | 1 | β0.02 | (β2.11) | (21.2)*** | 0.98 | 0.99 | (β1.17) | 3 | 0.01 | (1.35) | 1.01 | |
Panel IIIβIpea | ||||||||||||
Net revenues | tend. | 1 | β0.31 | (β2.14) | (3.06) | 0.69 | 0.50 | (β4.48)*** | 1 | β0.18 | (β1.73) | 0.82 |
const. | 1 | β0.04 | (β1.58) | (4.00)* | 0.96 | 0.95 | (β2.09) | 1 | 0.01 | (0.71) | 1.01 | |
Primary expenses | tend. | 1 | β0.21 | (β2.20) | (2.53) | 0.79 | 0.76 | (β3.13) | 3 | β0.30 | (β3.37)** | 0.70 |
const. | 1 | β0.01 | (β0.74) | (10.9)*** | 0.99 | 0.99 | (β0.69) | 3 | 0.02 | (1.62) | 1.02 | |
Costs and Investments | tend. | 8 | β0.20 | (β1.77) | (2.27) | 0.80 | 0.78 | (β2.66) | 0 | β0.20 | (β2.21) | 0.80 |
const. | 8 | 0.02 | (β0.32) | (1.63) | 0.98 | 0.97 | (β0.47) | 1 | 0.03 | (0.77) | 1.03 | |
Other expenses | tend. | 1 | β0.05 | (β0.77) | (2.25) | 0.95 | 0.88 | (β1.80) | 4 | β0.04 | (β0.70) | 0.96 |
const. | 1 | β0.02 | (β2.08) | (22.5)*** | 0.98 | 0.99 | (β1.75) | 3 | 0.01 | (1.31) | 1.01 |