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

Table 9: Budget balances, labour market reforms (reform dummies defined as policies reducing the
restrictiveness of EPL or the generosity of unemployment subsidies. EU-14 except EL, 1986-2001)

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 FRDB data and DG ECFIN AMECO
database.

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