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Applied Economics Letters Volume 17, 2010 - Issue 18
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Original Articles

An efficient test of fiscal sustainability

Vasco J. Gabriel Department of Economics, University of Surrey, Guildford, Surrey, GU1 4NE, UK; NIPE, University of Minho, 4710–057, Braga, PortugalCorrespondence[email protected]
&
Pataaree Sangduan Bureau of the Budget, Bangkok, Thailand, 10400
Pages 1819-1822 | Published online: 24 Mar 2010
 
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Abstract

We suggest using the efficient test with prespecified cointegration vectors of Horvath and Watson (Citation1995) for the ‘strong’ fiscal sustainability hypothesis. Unlike this procedure, conventional methodologies tend to penalize the sustainability hypothesis.

Notes

1We determine the number of extra leads and lags p by testing down their significance, starting from p  =  4.

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