Table 8: Budget balances, labour and product market reforms (reform
dummies defined as changes in reform indicators greater than the average
positive change. See table 1 for sample definition)
|
Dependent variable: |
(1) |
(2) |
|
Constant |
-1.42*** |
-1.61*** |
|
(-5.5) |
(-5.19) | |
|
Lagged dependent |
0.75*** |
0.77*** |
|
variable |
(22.65) |
(23.71) |
|
Output gap |
-0.09 |
-0.06 |
|
(-0.2) |
(-1.5) | |
|
Lagged debt/GDP ratio |
0.034*** |
0.037*** |
|
(6.81) |
(6.3) | |
|
Dummy for labour |
-0.45** | |
|
market reforms |
(-2.13) | |
|
Dummy for product |
-0.35* | |
|
market reforms |
(-1.84) | |
|
N. obs. |
330 |
291 |
|
R sq. |
0.72 |
0.76 |
|
Chi sq |
1005 |
1163 |
Notes: Estimations method: fixed effects, instrumental variables
regression. The output gap is instrumented with its own lag and the US
lagged output gap. All fiscal variables are expressed as shares on
potential output.
Z statistics are reported in parentheses. *, **, and *** denote,
respectively, significance at the 10, 5 and 1 per cent level.
Coefficients for country fixed effects are not reported.
Source: Authors’ calculation on data described in table 1 and DG ECFIN
AMECO database.
126
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