Proceedings from the ECFIN Workshop "The budgetary implications of structural reforms"

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.

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

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