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



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 (%
GDP), simple average

Pension reforms

No
reforms

(1)

A reform took place in the
current or previous year

(2)

t test for
(1)≠(2)

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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