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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