xi
LIST OF TABLES
TABLE NO. TABLE TITLE PAGE NO.
1.1 Composition of Exports in BRICS countries 5 1.2 GDP growth rate of BRICS countries annual percentage 6 1.3 Current account balance in the BRICS countries
(Percentage of GDP)
8
1.4 Budget deficit in the BRICS countries (Percentage of GDP)
9
4.1 Descriptive statistics of variables for Brazil 66
4.2 Unit root test results for Brazil 67
4.3 ARDL regression for Bernheim’s (1987) consumption function
69
4.4 Results of ARDL model of Brazil (BD) 70
4.5 Results of cointegration bounds test 70
4.6 Long-run and short-run results of ARDL model of Brazil (ΔBD)
73
4.7 Diagnostic testing 74
4.8 Results of Granger causality of Brazil 76
5.1 Descriptive statistics of variables for Russia 96
5.2 Unit root test results for Russia 98
5.3 Zivot and Andrews one structural break test 99 5.4 ARDL model to test the Ricardian hypothesis (PC) 100
xii
5.5 Results of ARDL model of Russia (BD) 101
5.6 Results of cointegration Bounds test 102
5.7 Long-run and short-run results of ARDL model (∆BD) 103
5.8 Results of Granger causality Wald test 106
6.1 Results of Augmented Dickey-Fuller test 119
6.2 Johansen cointegration and VECM model for Bernheim (1987) consumption function
121
6.3 Cointegration results for India (Trace Value Statistic) 122 6.4 Cointegration results for India (Max-Eigen Value
Statistic)
123
6.5 Results of VECM Model 124
6.6 Wald Granger causality test results for India 125
7.1 Results of unit root tests for China 141
7.2 Results of one structural break Zivot and Andrews 143
7.3 Results of REH for China 144
7.4 Results of ARDL model of China (BD) 146
7.5 Results of ARDL long-run and Short-run of China (∆BD)
148
7.6 Results of Granger causality Wald test 151
8.1 Descriptive Statistics of Variables for South Africa 166 8.2 Results of unit root test for South Africa 167 8.3 Results of REH for South Africa (Private
Consumption (PC))
168
xiii
8.4 Results of Cointegration Bound test 169
8.5 Results of ARDL model of South Africa (BD) 170 8.6 Results of ARDL Long-run and Short-run
(∆BD)
171
8.7 Results of causality Wald test for South Africa 173 9.1 Summary of results of twin deficits hypothesis in the
BRICS countries
181
