Proceedings from the ECFIN Workshop "The budgetary implications of structural reforms"

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____________________________

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