Proceedings from the ECFIN Workshop "The budgetary implications of structural reforms" - Brussels, 2 December 2005



Table 4: Average changes in budgetary variables during reform periods and periods where no reform took
place: labour and product market reforms (see table 1 for sample definition)

Labour market reforms                Product market reforms

Year-to-year change in
fiscal variables (%
GDP), simple average

No
reforms
(1)

A reform took
place in the
current or
previous year
(2)

t test for
(1)≠(2)

No
reforms
(1)

A reform took
place in the
current or
previous year
(2)

t test for
(1)≠(2)

Primary CAB

0.06

0.08

-0.14

015

0.15

-0.0

Cyclically-adjusted
revenues

0.43

0.3

0.65

0.54

0.01

2.89***

Social         security

contributions

0.17

0.08

1.3

0.12

0.017

1.7*

Primary expenditure

0.38

0.19

0.93

0.36

-0.11

2.44**

Social benefits other
than in kind

0.2

0.05

1.6

0.17

-0.005

1.97**

Government subsidies
N. obs.

-0.003

238

-0.048

114

0.85

-0.033
153

-0.072
141

0.79

Source: Authors’ calculation on data described in table 1 and DG ECFIN AMECO database.

122



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