Table 1 Variables of the empirical estimations Variable Description name BINR
Public revenues, central government, bn EUR, constant 2005 prices BEXR Public expenditures, central government, bn EUR, constant 2005 prices d(BINR
) First difference of BINR
d(BEXR) First difference of BEXR DTY Ratio (%) of public debt (central government) to GDP (current prices) Table 2 Results of separate unit root (stationarity) tests ADF BINR
) d(BEXR) Assumption: Levels Levels 1st 1st difference difference Intercept -1.