Figure 8. Fiscal positions and intensity of labour market reforms
Panel A. Ranks of initial fiscal positions1 and ranks of reform intensities over 1994-2004: OECD countries
(Spearman's rank) correlation coefficient: 0.14
Panel B. Ranks of initial fiscal positions1 and ranks of reform intensities over 1994-2004: EU-15 countries
1. Rankings of cyclically-adjusted fiscal surpluses in 1993 (1995 for Czech Republic and Poland, 1994 for Slovak Republic).
* significant at 10% level; ** significant at 5% level.
Source: Author's calculations.
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