Testing for explosive behavior in Spanish public debt-to-GDP ratio from 1850 to 2020
| Unit root tests | Estimated value | Finite critical value | ||
|---|---|---|---|---|
| 1 (%) | 5 (%) | 10 (%) | ||
| SADF | 1.231*** | 1.937 | 1.322 | 1.082 |
| GSADF | 2.409** | 2.717 | 2.071 | 1.831 |
| Unit root tests | Estimated value | Finite critical value | ||
|---|---|---|---|---|
| 1 (%) | 5 (%) | 10 (%) | ||
| 1.231 | 1.937 | 1.322 | 1.082 | |
| 2.409 | 2.717 | 2.071 | 1.831 | |
Notes:
*, ** and *** denote significance at the 1%, 5% and 10% levels, respectively
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