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 |
No |
A reform took |
t test for |
No |
A reform took |
t test for |
|
Primary CAB |
0.06 |
0.08 |
-0.14 |
015 |
0.15 |
-0.0 |
|
Cyclically-adjusted |
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 |
0.2 |
0.05 |
1.6 |
0.17 |
-0.005 |
1.97** |
|
Government subsidies |
-0.003 238 |
-0.048 114 |
0.85 |
-0.033 |
-0.072 |
0.79 |
Source: Authors’ calculation on data described in table 1 and DG ECFIN AMECO database.
122
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