H_A

k = 0

k = 2

k = 4

Break

𝛒

(t-stat)

Break

𝛒

(t-stat)

Break

𝛒

(t-stat)

Panel I—IBGE

GDP

both

1997:4

0.80

(−3.27)

1997:4

0.79

(−3.36)

1998:2

0.78

(−3.12)

tend

1998:4

0.80

(−3.09)

2001:3

0.70

(−3.09)

1998:4

0.79

(−2.90)

const

1997:4

0.80

(−3.29)

2006:4

0.77

(−3.68)

2006:4

0.77

(−3.40)

Panel II—National Treasury

Net revenues

both

2008:3

0.08

(−7.42)***

2008:3

−0.03

(−4.85)*

2008:3

−0.05

(−3.53)