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



(0.001)**

(0.007)

(0.003)

(0.002)***

nb. of
observations/nb. of
countries

436/20

216/17

498/20

268/18

461/21

231/19

388/18

226/17

R-squared

0.16

0.25

0.17

0.27

0.21

0.12

0.12

0.14

The baseline (without the sentiment indicators) is now consecutively augmented by the detailed
list of fiscal variables (both lagged level and difference), table 5 summarizes the results.

153



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