Purpose The aim of the paper is to evaluate fiscal adjustments that have occurred in the Economic and Monetary Union (EMU) countries in the last 35 years, and their consequences on the economic growth process by using the mean group (MG) estimators. Design/methodology/approach Our emphasis is on the effects of different composition of fiscal stimuli and consolidations. We compare the effects on the economic growth rate of different compositions of major fiscal changes. We use a cyclically adjusted value of the fiscal variables to leave aside variations of the fiscal variables induced by business cycle fluctuations. Findings Our empirical research of the effects of large changes in fiscal policy, both in case of a fiscal consolidation and of fiscal stimulus in the 18 EMU countries from 1980 to 2015, shows that adjustments by cutting current expenditures, rather than by tax increases are more likely to boost economic growth. It also shows that cuts of investment expenditures may reduce GDP growth. During fiscal stimulus episodes, tax cuts and public investments are more likely to increase growth than current public expenditure. Originality/value This is the first study devoted to the EMU countries. It should be underlined that the results obtained as for EMU countries are not necessarily applicable to other countries, as the different government size as well as different market institutions may influence the results.

中文翻译：

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欧洲货币联盟国家的财政政策：战略和经验证据

目的本文的目的是通过使用均值组（MG）估算器来评估经济和货币联盟（EMU）国家在过去35年中发生的财政调整及其对经济增长过程的影响。设计/方法/方法我们的重点是财政刺激和合并的不同组成的影响。我们比较了主要财政变动的不同构成对经济增长率的影响。我们使用财政变量的周期性调整值来撇开由商业周期波动引起的财政变量的变化。研究结果我们的实证研究针对1980年至2015年间18个EMU国家在财政整顿和财政刺激措施下财政政策发生重大变化的影响，结果表明，通过削减当前支出而不是增加税收来进行调整，更有可能促进经济增长。这也表明削减投资支出可能会降低GDP增长。在财政刺激措施期间，减税和公共投资比当前的公共支出更有可能促进增长。原创性/价值这是针对EMU国家的第一项研究。应该强调的是，欧洲货币联盟国家获得的结果不一定适用于其他国家，因为不同的政府规模和不同的市场机构可能会影响结果。减税和公共投资比当前的公共支出更有可能促进增长。原创性/价值这是针对EMU国家的第一项研究。应该强调的是，欧洲货币联盟国家获得的结果不一定适用于其他国家，因为不同的政府规模和不同的市场机构可能会影响结果。减税和公共投资比当前的公共支出更有可能促进增长。原创性/价值这是针对EMU国家的第一项研究。应该强调的是，欧洲货币联盟国家获得的结果不一定适用于其他国家，因为不同的政府规模和不同的市场机构可能会影响结果。