Open Access

Fiscal Sustainability Hypothesis Test in Central and Eastern Europe: A Panel Data Perspective

   | Oct 27, 2021

Cite

Abel, A., Mankiw, N., Summers, L., & Zeckhauser, R. (1989). Assessing Dynamic Efficiency: Theory and Evidence. The Review of Economic Studies, 56(1), 1–19. AbelA. MankiwN. SummersL. ZeckhauserR. 1989 Assessing Dynamic Efficiency: Theory and Evidence The Review of Economic Studies 56 1 1 19 10.3386/w2097 Search in Google Scholar

Afonso, A. (2005). Fiscal sustainability: the unpleasant European case. FinanzArchive, 61, 19–44. AfonsoA. 2005 Fiscal sustainability: the unpleasant European case FinanzArchive 61 19 44 10.1628/0015221053722532 Search in Google Scholar

Afonso, A., & Rault, C. (2010). What do we really know about fiscal sustainability in the EU? A panel data diagnostic. Review of World Economics, 145, 731–755. AfonsoA. RaultC. 2010 What do we really know about fiscal sustainability in the EU? A panel data diagnostic Review of World Economics 145 731 755 10.1007/s10290-009-0034-1 Search in Google Scholar

Ahmed, S., & Rogers, J. (1995). Government budget deficits and trade deficits. Are present value constraints satisfied in long-term data? Applied Journal of Monetary Economics 36, 351–374. AhmedS. RogersJ. 1995 Government budget deficits and trade deficits. Are present value constraints satisfied in long-term data? Applied Journal of Monetary Economics 36 351 374 10.1016/0304-3932(95)01215-X Search in Google Scholar

Ahn, S. K. (1993). Some tests for unit roots in autoregressive-integrated-moving average models with deterministic trends. Biometrica, 80, 855–868. AhnS. K. 1993 Some tests for unit roots in autoregressive-integrated-moving average models with deterministic trends Biometrica 80 855 868 10.1093/biomet/80.4.855 Search in Google Scholar

Amsler, C., & Lee, J. (1995). An LM test for a unit root in the presence of a structural break. Econometric Theory, 11, 359–368. AmslerC. LeeJ. 1995 An LM test for a unit root in the presence of a structural break Econometric Theory 11 359 368 10.1017/S026646660000921X Search in Google Scholar

Andrews, D. W. K. (1993). Test for parameter instability and structural change with unknown change point. Econometrica, 61, 821–856. AndrewsD. W. K. 1993 Test for parameter instability and structural change with unknown change point Econometrica 61 821 856 10.2307/2951764 Search in Google Scholar

Andrews, D. W. K., & Ploberger, W. (1994). Optimal test when a nuisance parameter is present only under the alternative. Econometrica, 62, 1383–1414. AndrewsD. W. K. PlobergerW. 1994 Optimal test when a nuisance parameter is present only under the alternative Econometrica 62 1383 1414 10.2307/2951753 Search in Google Scholar

Andrews, D. W. K., Lee, I., & Ploberger, W. (1996). Optimal changepoint tests for normal linear regression. Econometrica, 70, 9–36. AndrewsD. W. K. LeeI. PlobergerW. 1996 Optimal changepoint tests for normal linear regression Econometrica 70 9 36 10.1016/0304-4076(94)01682-8 Search in Google Scholar

Baglioni, A. & Cherubini, U. (1993), “Intertemporal budget constraint and public debt sustainability: the case of Italy”, Applied Economics, 25:2, 275–283, BaglioniA. CherubiniU. 1993 “Intertemporal budget constraint and public debt sustainability: the case of Italy” Applied Economics 25 2 275 283 10.1080/00036849300000033 Search in Google Scholar

Bai, J., & Ng, S. (2004). A panic attack on unit roots and cointegration. Econometrica, 72, 1127–1177. BaiJ. NgS. 2004 A panic attack on unit roots and cointegration Econometrica 72 1127 1177 10.1111/j.1468-0262.2004.00528.x Search in Google Scholar

Bai, J., & Perron, P. (1998). Estimating and testing linear models with multiple structural changes. Econometrica, 66, 47–78. BaiJ. PerronP. 1998 Estimating and testing linear models with multiple structural changes Econometrica 66 47 78 10.2307/2998540 Search in Google Scholar

Bai, J., & Perron, P. (2003). Computation and analysis of multiple structural change models. Econometrica, 66, 1–22. BaiJ. PerronP. 2003 Computation and analysis of multiple structural change models Econometrica 66 1 22 10.1002/jae.659 Search in Google Scholar

Baldi, G., & Staehr, K. (2016). “The European debt crisis and fiscal reactions in Europe 2000–2014”, International Economics and Economic Policy, 13(2), 297–317, BaldiG. StaehrK. 2016 “The European debt crisis and fiscal reactions in Europe 2000–2014” International Economics and Economic Policy 13 2 297 317 10.1007/s10368-014-0309-4 Search in Google Scholar

Baltagi, H. B. (2005). Econometric Analysis of Panel Data (3rd edn). Chichester, England: John Wiley and Sons. BaltagiH. B. 2005 Econometric Analysis of Panel Data 3rd edn Chichester, England John Wiley and Sons Search in Google Scholar

Baltagi, H. B. (2008). Forecasting with panel data. Journal of Forecasting, 27(2), 153–173. BaltagiH. B. 2008 Forecasting with panel data Journal of Forecasting 27 2 153 173 10.1016/B978-0-444-62731-5.00018-X Search in Google Scholar

Baltagi, H. B. & Jung, B.C. & Song, S. H. (2010). “Testing for heteroskedasticity and serial correlation in a random effects panel data model,” Journal of Econometrics, Elsevier, vol. 154(2), 122–124. BaltagiH. B. JungB.C. SongS. H. 2010 “Testing for heteroskedasticity and serial correlation in a random effects panel data model,” Journal of Econometrics Elsevier 154 2 122 124 10.1016/j.jeconom.2009.04.009 Search in Google Scholar

Banerjee, A., Marcellino, M., & Osbat, C. (2004). Some cautions on the use of panel methods for integrated series of macro-economic data. Econometrics Journal, 7(2), 322–334. BanerjeeA. MarcellinoM. OsbatC. 2004 Some cautions on the use of panel methods for integrated series of macro-economic data Econometrics Journal 7 2 322 334 10.2139/ssrn.261650 Search in Google Scholar

Becker, R., Enders, W., & Lee, J. (2006). A stationarity test in the presence of an unknown number of smooth breaks. Journal of Time Series Analysis, 27(3), 381–409. BeckerR. EndersW. LeeJ. 2006 A stationarity test in the presence of an unknown number of smooth breaks Journal of Time Series Analysis 27 3 381 409 10.1111/j.1467-9892.2006.00478.x Search in Google Scholar

Beqiraj, E., Fedeli, S., & Forte, F. (2018). Public debt sustainability: An empirical study on OECD countries. Journal of Macroeconomics, 58, 238–248. BeqirajE. FedeliS. ForteF. 2018 Public debt sustainability: An empirical study on OECD countries Journal of Macroeconomics 58 238 248 10.1016/j.jmacro.2018.10.002 Search in Google Scholar

Blackburne, E. F., & Frank, M.W. (2007). Estimation of nonstationarity heterogeneous panels. The Stata Journal, 7, 197–208. BlackburneE. F. FrankM.W. 2007 Estimation of nonstationarity heterogeneous panels The Stata Journal 7 197 208 10.1177/1536867X0700700204 Search in Google Scholar

Blanchard, O. (2006). Macroeconomics (4th edn). New Jersey: Pearson Prentice Hall. BlanchardO. 2006 Macroeconomics 4th edn New Jersey Pearson Prentice Hall Search in Google Scholar

Boekemeier, B., & Stoian, A. (2018). Debt sustainability issues in central and east European countries. Eastern European Economics, 56(5), 438–470. BoekemeierB. StoianA. 2018 Debt sustainability issues in central and east European countries Eastern European Economics 56 5 438 470 10.1080/00128775.2018.1496456 Search in Google Scholar

Brady, G.L & Magazzino, c. (2018). “Sustainability and comovement of government debt in EMU Countries: A panel data analysis,” Southern Economic Journal, John Wiley & Sons, 85(1), 189–202. BradyG.L Magazzinoc. 2018 “Sustainability and comovement of government debt in EMU Countries: A panel data analysis,” Southern Economic Journal, John Wiley & Sons 85 1 189 202 10.1002/soej.12269 Search in Google Scholar

Breusch, T. S., & Pagan, A. (1980). The LM test and its applications to model specification in econometrics. Review of Economic Studies, 47, 239–254. BreuschT. S. PaganA. 1980 The LM test and its applications to model specification in econometrics Review of Economic Studies 47 239 254 10.2307/2297111 Search in Google Scholar

Campbell, J., & Perron, P. (1991). Pitfalls and opportunities: What macroeconomists should know about unit roots. In NBER Macroeconomics Annual, Vol. 72, pp. 141–201,. (O.J. Blanchard, S. Fisher, eds). Cambridge, MA: MIT Press. CampbellJ. PerronP. 1991 Pitfalls and opportunities: What macroeconomists should know about unit roots In NBER Macroeconomics Annual 72 141 201 BlanchardO.J. FisherS. eds Cambridge, MA MIT Press 10.3386/t0100 Search in Google Scholar

Carrion-i-Silvestre, J. L., Barrio-Castro, T. D., & Lopez-Bazo, E. (2005). Breaking the panels: An application to the GDP per capita. Econometrics Journal, 8(2), 159–175. Carrion-i-SilvestreJ. L. Barrio-CastroT. D. Lopez-BazoE. 2005 Breaking the panels: An application to the GDP per capita Econometrics Journal 8 2 159 175 10.1111/j.1368-423X.2005.00158.x Search in Google Scholar

Chen, B., McCoskey, S., & Kao, C. (1999). Estimation and inference of a cointegrated regression inpanel data: A Monte Carlo study. American Journal of Mathematical and Management Sciences, 19, 75–114. ChenB. McCoskeyS. KaoC. 1999 Estimation and inference of a cointegrated regression inpanel data: A Monte Carlo study American Journal of Mathematical and Management Sciences 19 75 114 10.1080/01966324.1999.10737475 Search in Google Scholar

Claeys, P. (2007). Sustainability of EU fiscal policies: A panel test. Journal of Economic Integration, 22(1), 112–127. ClaeysP. 2007 Sustainability of EU fiscal policies: A panel test Journal of Economic Integration 22 1 112 127 10.11130/jei.2007.22.1.112 Search in Google Scholar

Forest, J. J., & Turner, P. (2013). Alternative estimators of cointegrating parameters in models with nonstationary data: An application to US export demand. Applied Economics, 45(5), 629–636. ForestJ. J. TurnerP. 2013 Alternative estimators of cointegrating parameters in models with nonstationary data: An application to US export demand Applied Economics 45 5 629 636 10.1080/00036846.2011.608647 Search in Google Scholar

Checherita-Westphal, C. & Žďárek, V. (2017). “Fiscal reaction function and fiscal fatigue: evidence for the euro area,” Working Paper Series 2036, European Central Bank. Checherita-WestphalC. ŽďárekV. 2017 “Fiscal reaction function and fiscal fatigue: evidence for the euro area,” Working Paper Series 2036, European Central Bank Search in Google Scholar

Galí, J., Perotti, R., Lane, R.P., & Richter, F.W. (2003). Fiscal policy and monetary integration in Europe. Economic Policy, 18(37), 535–572. GalíJ. PerottiR. LaneR.P. RichterF.W. 2003 Fiscal policy and monetary integration in Europe Economic Policy 18 37 535 572 10.3386/w9773 Search in Google Scholar

Gleich, H. (2003). Budget institutions and fiscal performance in Central and Eastern European countries. European Central Bank Working Paper Series, No. 215. GleichH. 2003 Budget institutions and fiscal performance in Central and Eastern European countries European Central Bank Working Paper Series, No. 215. 10.2139/ssrn.387703 Search in Google Scholar

Greiner, A., & Fincke, B. (2015). Public Debt, Sustainability and Economic Growth. Heidelberg, Germany: Springer Verlag. GreinerA. FinckeB. 2015 Public Debt, Sustainability and Economic Growth Heidelberg, Germany Springer Verlag 10.1007/978-3-319-09348-2 Search in Google Scholar

Greiner, A., & Semmler, W. (1999). An inquiry into the sustainability of German fiscal policy: Some time-series tests. Public Finance Review, 27, 220–236. GreinerA. SemmlerW. 1999 An inquiry into the sustainability of German fiscal policy: Some time-series tests Public Finance Review 27 220 236 10.1177/109114219902700205 Search in Google Scholar

Hadri, K., & Kurozumi, E. (2011). A locally optimal test for no unit root in crosssectionally dependent panel data. Hitotsubashi Journal of Economics, 52(2), 165–184. HadriK. KurozumiE. 2011 A locally optimal test for no unit root in crosssectionally dependent panel data Hitotsubashi Journal of Economics 52 2 165 184 Search in Google Scholar

Hadri, K., & Kurozumi, E. (2012). A simple panel stationarity test in the presence of serial correlation and a common factor. Economics Letters, 115(1), 31–34. HadriK. KurozumiE. 2012 A simple panel stationarity test in the presence of serial correlation and a common factor Economics Letters 115 1 31 34 10.1016/j.econlet.2011.11.036 Search in Google Scholar

Hallett, A. H., & Lewis, J. (2007). Debt, deficits, and the accession of the new member States to the Euro. European Journal of Political Economy, 23(2), 316337. HallettA. H. LewisJ. 2007 Debt, deficits, and the accession of the new member States to the Euro European Journal of Political Economy 23 2 316337 10.1016/j.ejpoleco.2006.01.002 Search in Google Scholar

Hamilton, J. D. (2018). Why you should never use the Hodrick-Prescott filter. Review of Economics and Statistics, 100(5), 831–843. HamiltonJ. D. 2018 Why you should never use the Hodrick-Prescott filter Review of Economics and Statistics 100 5 831 843 10.3386/w23429 Search in Google Scholar

Hamilton, J., & Flavin, M. (1986). On the limitations of government borrowing: A framework for empirical testing. American Economic Review, 76, 808–819. HamiltonJ. FlavinM. 1986 On the limitations of government borrowing: A framework for empirical testing American Economic Review 76 808 819 10.3386/w1632 Search in Google Scholar

Hakkio, G,. & Rush, M. (1991). “Is the Budget Deficit Too Large?”, Economic Inquiry, 29, 429–445. HakkioG,. RushM. 1991 “Is the Budget Deficit Too Large?” Economic Inquiry 29 429 445 10.1111/j.1465-7295.1991.tb00837.x Search in Google Scholar

Hsiao, C. (2003). Analysis of Panel Data (2nd edn). UK: Cambridge University Press. HsiaoC. 2003 Analysis of Panel Data 2nd edn UK Cambridge University Press 10.1017/CBO9780511754203 Search in Google Scholar

Hsiao, C. (2014). Analysis of Panel Data (3rd edn). Cambridge University Press, Cambridge. HsiaoC. 2014 Analysis of Panel Data 3rd edn Cambridge University Press Cambridge 10.1017/CBO9781139839327 Search in Google Scholar

Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53–74. ImK. S. PesaranM. H. ShinY. 2003 Testing for unit roots in heterogeneous panels Journal of Econometrics 115 53 74 10.1016/S0304-4076(03)00092-7 Search in Google Scholar

Kao, C. (1999). Spurious regression and residual-based test for cointegration in panel data. Journal of Econometrics, 90, 1–44. KaoC. 1999 Spurious regression and residual-based test for cointegration in panel data Journal of Econometrics 90 1 44 10.1016/S0304-4076(98)00023-2 Search in Google Scholar

Kao, C., & Chiang, M. H. (2000). On the estimation and inference of a cointegrated regression in panel data. Advances in Econometrics, 15, 179–222. KaoC. ChiangM. H. 2000 On the estimation and inference of a cointegrated regression in panel data Advances in Econometrics 15 179 222 10.1016/S0731-9053(00)15007-8 Search in Google Scholar

Krajewski, P., Mackiewicz, M., & Szymańska, A. (1993–2016). Fiscal sustainability in central and eastern European countries – A post-crisis assessment. Prague Economic Papers, 25(2), 175–188. KrajewskiP. MackiewiczM. SzymańskaA. 1993–2016 Fiscal sustainability in central and eastern European countries – A post-crisis assessment Prague Economic Papers 25 2 175 188 10.18267/j.pep.553 Search in Google Scholar

Kremers, J. (1988). The long-run limits of U.S. Federal Debt. Economics Letters, 28, 259–262. KremersJ. 1988 The long-run limits of U.S. Federal Debt Economics Letters 28 259 262 10.1016/0165-1765(88)90127-9 Search in Google Scholar

Lee, Kw., Kim, JH. & Sung, T. (2018). “A test of fiscal sustainability in the EU countries”, Int Tax Public Finance 25,1170–1196 LeeKw. KimJH. SungT. 2018 “A test of fiscal sustainability in the EU countries” Int Tax Public Finance 25 1170 1196 10.1007/s10797-018-9488-1 Search in Google Scholar

Levin, A., Lin, C., & Chu, C. (2002). Unit root tests in panel data: Asymptotic and Finite-sample properties. Journal of Econometrics, 108, 1–24. LevinA. LinC. ChuC. 2002 Unit root tests in panel data: Asymptotic and Finite-sample properties Journal of Econometrics 108 1 24 10.1016/S0304-4076(01)00098-7 Search in Google Scholar

Liu, P., & Tanner, E. (1995). “Intertemporal Solvency and Breaks in the U.S. Decit Process: A Maximum-likelihood Cointegration Approach.” Economics Letters, 2, 231–235. LiuP. TannerE. 1995 “Intertemporal Solvency and Breaks in the U.S. Decit Process: A Maximum-likelihood Cointegration Approach.” Economics Letters 2 231 235 10.1080/135048595357339 Search in Google Scholar

Llorca, M. & Redzepagic, S. (2008). “Debt sustainability in the EU new member states: empirical evidence from a panel of eight Central and East European countries”, Post-Communist Economies, 20(2): 159–172. LlorcaM. RedzepagicS. 2008 “Debt sustainability in the EU new member states: empirical evidence from a panel of eight Central and East European countries” Post-Communist Economies 20 2 159 172 10.1080/14631370802018882 Search in Google Scholar

Maddala, G. S., & Wu, S. (1999). A comparative study of unit root test with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61, 631–652. MaddalaG. S. WuS. 1999 A comparative study of unit root test with panel data and a new simple test Oxford Bulletin of Economics and Statistics 61 631 652 10.1111/1468-0084.0610s1631 Search in Google Scholar

Martin, V., Hurn, S., & Harris, D. (2013). Econometric modelling with time series: Specification, estimation and testing. In Themes in Modern Econometrics. New York: Cambridge University Press, 567–570. MartinV. HurnS. HarrisD. 2013 Econometric modelling with time series: Specification, estimation and testing In Themes in Modern Econometrics New York Cambridge University Press 567 570 10.1017/CBO9781139043205 Search in Google Scholar

Nazlioglu, S., & Karul, C. (2017). A panel stationarity test with gradual structural shifts: re-investigate the international commodity price shocks. Economic Modelling, 61, 181–192. NazliogluS. KarulC. 2017 A panel stationarity test with gradual structural shifts: re-investigate the international commodity price shocks Economic Modelling 61 181 192 10.1016/j.econmod.2016.12.003 Search in Google Scholar

OECD. (2000). Government at a Glance – Yearly updates, Public finance and economics. Retrieved from https://stats.oecd.org/Index.aspx?queryid=82342 [Accessed on 19 September 2020]. OECD 2000 Government at a Glance – Yearly updates, Public finance and economics Retrieved from https://stats.oecd.org/Index.aspx?queryid=82342 [Accessed on 19 September 2020]. Search in Google Scholar

Pedroni, P. (2000). Fully modified OLS for heterogeneous cointegrated panels. Advances in Econometrics, 15, 93–130. PedroniP. 2000 Fully modified OLS for heterogeneous cointegrated panels Advances in Econometrics 15 93 130 10.1016/S0731-9053(00)15004-2 Search in Google Scholar

Pedroni, P. (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics, 83, 727–731. PedroniP. 2001 Purchasing power parity tests in cointegrated panels Review of Economics and Statistics 83 727 731 10.1162/003465301753237803 Search in Google Scholar

Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series test with an application to the PPP Hypothesis. Econometric Theory, 61, 597–625. PedroniP. 2004 Panel cointegration: Asymptotic and finite sample properties of pooled time series test with an application to the PPP Hypothesis Econometric Theory 61 597 625 10.1017/S0266466604203073 Search in Google Scholar

Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. 4, 967–1012. PesaranM. H. 2006 Estimation and inference in large heterogeneous panels with a multifactor error structure 4 967 1012 10.1111/j.1468-0262.2006.00692.x Search in Google Scholar

Pesaran, M.H. (2004). “General diagnostics test for cross-sectional dependence in panels”, Working Papers in Economics 0435, Trinity College, Dublin. PesaranM.H. 2004 “General diagnostics test for cross-sectional dependence in panels” Working Papers in Economics 0435, Trinity College Dublin Search in Google Scholar

Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79–113. PesaranM. H. SmithR. 1995 Estimating long-run relationships from dynamic heterogeneous panels Journal of Econometrics 68 1 79 113 10.1016/0304-4076(94)01644-F Search in Google Scholar

Phillips, P. C. B., & Hansen, B. E. (1990). Statistical inference in instrumental variables regression with I(1) processes. Review of Economic Studies, 57, 99–125. PhillipsP. C. B. HansenB. E. 1990 Statistical inference in instrumental variables regression with I(1) processes Review of Economic Studies 57 99 125 10.2307/2297545 Search in Google Scholar

Prohl, S., & Schneider, F. (2006). Sustainability of public debt and budget deficit: Panel cointegration analysis for the European Union Member countries. Working Paper, No. 0610, Johannes Kepler University of Linz, Department of Economics, Linz. ProhlS. SchneiderF. 2006 Sustainability of public debt and budget deficit: Panel cointegration analysis for the European Union Member countries Working Paper, No. 0610, Johannes Kepler University of Linz, Department of Economics Linz Search in Google Scholar

Quintos, C. (1995). Sustainability of the deficit process with structural shifts. Applied Journal of Business Economic Statistics, 13, 409–417. QuintosC. 1995 Sustainability of the deficit process with structural shifts Applied Journal of Business Economic Statistics 13 409 417 Search in Google Scholar

Royston, P (1982). An extension of Shapiro and Wilk's W test for normality to large samples. Applied Statistics, 31, 115–124. RoystonP 1982 An extension of Shapiro and Wilk's W test for normality to large samples Applied Statistics 31 115 124 10.2307/2347973 Search in Google Scholar

Saikkonen, P. (1991). Asymptotically efficient estimation of cointegrating regressions. Econometric Theory, 7, 1–21. SaikkonenP. 1991 Asymptotically efficient estimation of cointegrating regressions Econometric Theory 7 1 21 10.1017/S0266466600004217 Search in Google Scholar

Scheuer, F., & Slemrod, J. (2019). Taxation and the Superrich. NBER Working Paper Series, No. 26207. ScheuerF. SlemrodJ. 2019 Taxation and the Superrich NBER Working Paper Series, No. 26207. 10.3386/w26207 Search in Google Scholar

Schmidt, P., & Phillips, P. C. B. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford Bulletin of Economics and Statistics, 54, 257–287. SchmidtP. PhillipsP. C. B. 1992 LM tests for a unit root in the presence of deterministic trends Oxford Bulletin of Economics and Statistics 54 257 287 10.1111/j.1468-0084.1992.tb00002.x Search in Google Scholar

Stock, J., & Watson, M. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61, 783–820. StockJ. WatsonM. 1993 A simple estimator of cointegrating vectors in higher order integrated systems Econometrica 61 783 820 10.2307/2951763 Search in Google Scholar

Trehan, B., & Walsh, C. (1988). Common trends, the government's budget constraint, and revenue smoothing. Journal of Economic Dynamics and Control, 12, 425–444. TrehanB. WalshC. 1988 Common trends, the government's budget constraint, and revenue smoothing Journal of Economic Dynamics and Control 12 425 444 10.1016/0165-1889(88)90048-6 Search in Google Scholar

Westerlund, J., & Prohl, S. (2010). Panel cointegration tests of the sustainability hypothesis in rich OECD countries. Applied Economics, 42(1), 1355–1364. WesterlundJ. ProhlS. 2010 Panel cointegration tests of the sustainability hypothesis in rich OECD countries Applied Economics 42 1 1355 1364 10.1080/00036840701721323 Search in Google Scholar

Westerlund, W., & Edgerton, D. L (2008). A simple test for cointegration in dependent panels with structural breaks. Oxford Bulletin of Economic and Statistics, 70(5), 665–704. WesterlundW. EdgertonD. L 2008 A simple test for cointegration in dependent panels with structural breaks Oxford Bulletin of Economic and Statistics 70 5 665 704 10.1111/j.1468-0084.2008.00513.x Search in Google Scholar

Wickens, M. (2008). Macroeconomic Theory, A Dynamic General Equilibrium Approach. Princeton University Press, Princeton, NJ. WickensM. 2008 Macroeconomic Theory, A Dynamic General Equilibrium Approach Princeton University Press Princeton, NJ Search in Google Scholar

Wilcox, D., & Walsh, C. (1989). The sustainability of government deficits: implications of the present-value borrowing constraint. Journal of Money, Credit, and Banking, 21, 291–306. WilcoxD. WalshC. 1989 The sustainability of government deficits: implications of the present-value borrowing constraint Journal of Money, Credit, and Banking 21 291 306 10.2307/1992415 Search in Google Scholar

Wooldridge, J. M. (2009). Introductory Econometrics: A Modern Approach (4th edn). South-Western, Mason (OH). WooldridgeJ. M. 2009 Introductory Econometrics: A Modern Approach 4th edn South-Western, Mason (OH) Search in Google Scholar

Zeileis, A., Kleiber, C., Krämer, W., & Hornik, K (2003). Testing and dating structural dates in practice. Computational Statistics and Data Analysis, 44, 109123. ZeileisA. KleiberC. KrämerW. HornikK 2003 Testing and dating structural dates in practice Computational Statistics and Data Analysis 44 109123 10.1016/S0167-9473(03)00030-6 Search in Google Scholar