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



Figure 2: Means government primary net lending, cycl. adjusted in % trend GDP


(NLGXQA), over reform cycle


Financial market


Labour market


0.5 ∏
0

-0.5

-1


-1                0                 1



Product market


Tax system




Table 3: Analysis of variance and pair wise mean tests

Financial market_____

Labour market______

Product market______

Tax system_________

F-stat

sign. pair
wise
differences

F-stat

sign. pair
wise
differences

F-stat

sign. pair
wise
differences

F-stat

sign. pair
wise
differences

_______________________________________deficit and debt_______________________________________

NLGXQ_______

0.06

-

0.80

-

1.26

-

1.20

-

NLGXQA______

1.29

-

0.48

-

0.78

-

1.88

-

DEBT_________

1.93

-

1.13

-

0.17

-

0.20

-

______________________________________expenditures_______________________________________

YPGXQ

0.51

-

0.75

-

0.45

-

0.16

-

YPGXQA______

0.36

-

1.03

-

0.15

-

0.11

-

SSPGQ_________

1.36

-

0.78

-

0.34

-

0.19

-

________________________________________revenues________________________________________

YRGTQ

0.33

-

0.77

-

0.15

-

0.11

-

YRGQA_______

0.71

-

0.81

-

0.13

-

0.10

-

TYQ__________

0.45

-

0.31

-

0.36

-

0.28

-

TYQA________

0.69

-

0.31

-

0.43

-

0.29

-

_______________________________business cycle/labour market_______________________________

GROWTH

0.62

-

1.85

-

2.24

-

7.14***

-1<1**

0<1***

Growthfddv

0.95

-

2.26

-

3.77**

-1<1**

5.09***

-1<1**

0<1**

outputgap

3.31**

1<-1**

0.76

-

1.85

-

1.93

-

UNEMPLOYMENT

1.68

-

0.48

-

0.22

-

0.61

-

Δ

UNEMPLOYMENT

0.14

-

0.57

-

2.12

-

7.77***

1<-1***

1<0***

____________________________consumer confidence/spending____________________________

147



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