Table 1: Summary Statistics

GDP volatility(a) Product market regulation(b) Monetary policy regime(c) Inflation volatility(d) Days lost to labour disputes(e)
1978 1983 2003 1978 1998 Strict inflation regime 1978 1983 2003 1978 1983 2003
Australia 1.0 2.4 0.6   4.5 1.6   1993–   3.0 2.9 0.3   580 481 49
Austria 2.8 1.9 1.2   5.2 3.2   1995–   2.4 1.5 0.8   1 1 65
Belgium 2.8 1.9 1.4   5.5 3.1   1979–   3.6 1.6 0.6   197 109 15
Canada 1.2 2.7 1.7   4.2 2.4   1992–   1.6 2.5 0.4   853 651 146
Denmark 3.3 2.2 1.0   5.6 2.9   1979–   2.5 2.1 0.3   72 98 39
Finland 1.3 1.9 1.5   5.6 2.6   1994–   3.9 2.0 1.0   400 294 41
France 1.7 0.9 1.5   6.0 3.9   1979–   1.9 1.7 0.6   167 101 77
Germany 2.6 1.9 1.3   5.2 2.4   Always strict   1.7 3.1 0.5   48 6 3
Ireland 2.7 2.1 3.1   5.7 4.0   1979–   5.1 4.0 1.5   487 526 58
Italy 3.3 2.0 1.2   5.8 4.3   1979–1992; 1999   2.7 2.8 0.4   993 848 90
Japan 2.5 2.1 1.1   5.2 2.9   Always strict   7.2 2.3 0.3   91 13 1
Netherlands 1.9 1.5 2.0   5.3 3.0   1979–   2.6 1.7 1.0   10 24 11
New Zealand 3.7 1.5 0.8   5.1 1.4   1990–   2.2 3.9 1.2   229 241 16
Norway 1.4 2.6 1.1   5.0 2.5   2000–   1.3 3.4 0.7   64 44 58
Portugal 4.4 1.8 2.1   5.9 4.1   1992–   4.2 3.3 0.8   128 145 12
Spain 2.0 2.3 1.0   4.7 3.2   1989–   3.5 1.4 0.5   705 629 162
Sweden 1.8 1.0 1.7   4.5 2.2   1995–   0.7 2.7 0.8   30 225 34
Switzerland 3.8 1.4 1.5   4.5 3.9   Always strict   3.9 1.5 0.4   2 1 3
UK 2.1 2.2 0.8   4.3 1.0   1990–   5.7 5.0 0.7   351 441 22
US 3.0 2.5 1.5   4.0 1.4   1979–   2.1 4.1 0.7   396 170 41
Average 2.5 1.9 1.4   5.1 2.8       3.1 2.7 0.7   290 252 47
Openness(f) Financial liberalisation(g) Oil price volatility(h) Government balance volatility(i) GDP less change in inventory volatility(a)
1978 1983 2003 1978 1983 2003 1978 1983 2003 1978 1983 2003 1978 1983 2003
Notes: Annual data from 1973 to 2003. Standard deviations and averages are taken over 5-year periods ending in the dates shown.
(a) Standard deviation of annual growth rate over a 5-year window.
(b) Averages of indicators on regulatory and market environment for seven energy and service industries, see Nicoletti et al (2001); scale 0–6 from least to most restrictive.
(c) Year country adopted a strict policy towards inflation.
(d) Standard deviation of the annual growth rate of the CPI deflator over a 5-year window.
(e) Number of working days lost due to industrial disputes divided by total employment, times 1000; five-year average.
(f) The value of total trade as a per cent to GDP; five-year average.
(g) Total credit as a per cent to GDP; five-year average.
(h) Standard deviation of the annual growth rate of West Texas Intermediate crude oil price over a five-year window; measured in SDRs per barrel.
(i) Standard deviation of annual cyclically-adjusted government fiscal balance as a per cent to GDP over a 5-year window.
Sources: See Appendix B
Australia 29 32 42   45 53 117   1.2 0.4 1.1   2.6 1.9 0.7
Austria 64 72 100   58 75 104   1.4 0.8 1.2   2.1 0.8 1.4
Belgium 110 127 161   24 29 78   0.7 2.2 0.3   1.7 1.2 1.5
Canada 47 51 80   96 105 139   2.0 1.2 1.6   2.6 3.3 1.7
Denmark 60 68 80   159 134 139   2.0 1.4 0.8   2.6 1.9 1.1
Finland 53 61 70   45 43 58   1.6 1.2 1.6   2.0 0.6 1.3
France 32 36 43   49 70 73   0.7 0.7 1.0   0.8 0.6 1.4
Germany 38 43 55   66 75 119   0.9 1.9 1.0   2.0 1.6 1.6
Ireland 96 104 170   27 36 110   – 2.8 2.1   4.8 2.5 3.6
Italy 44 46 53   81 62 79   1.2 2.0 0.8   1.1 1.8 1.8
Japan 25 27 20   85 87 110   1.3 1.0 0.6   2.9 1.3 0.9
Netherlands 96 106 122   41 58 143   – 1.5 0.8   0.6 1.2 2.2
New Zealand 54 60 64   18 21 121   – – 0.6   4.0 2.7 0.8
Norway 78 78 72   53 52 100   – 1.0 2.2   1.4 2.8 1.1
Portugal 50 64 70   77 80 141   2.3 2.9 1.3   0.8 0.8 2.1
Spain 30 35 59   80 78 105   – 1.0 0.5   1.6 0.9 1.0
Sweden 55 61 83   40 40 44   – 1.2 1.7   0.7 0.7 1.7
Switzerland 62 69 82   89 115 160   – – –   3.2 1.9 1.5
UK 43 41 41   43 48 117   0.7 1.8 2.3   1.4 1.9 0.8
US 17 19 24   99 103 143   1.2 0.8 2.8   2.6 2.2 1.4
Average 54 60 75   64 68 110   113.6 57.5 28.1   1.3 1.4 1.3   2.1 1.6 1.5