Table 5: Average changes in budgetary variables during reform periods and periods where no reform took
place: pension reforms (see table 1 for sample definition)
|
Year-to-year change in fiscal variables (% |
Pension reforms | ||
|
No (1) |
A reform took place in the (2) |
t test for | |
|
Primary CAB |
0.012 |
Ô7Î8 |
-087 |
|
Cyclically-adjusted revenues |
0.16 |
-0.04 |
1.06 |
|
Social security contributions |
0.02 |
-0.015 |
0.6 |
|
Primary expenditure |
0.11 |
-0.23 |
1.54 |
|
Social benefits other than in kind |
0.06 |
-0.11 |
1.85* |
|
Government subsidies |
-0.08 |
-0.09 |
0.11 |
|
N. obs. |
123 |
101 | |
|
Source: Authors’ calculation on data described in table 1 and DG ECFIN AMECO database. | |||
123
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