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July 14, 2026International Journal of Finance & EconomicsOpen Access

Fiscal Cyclicality and Debt Sustainability: Evidence From Over a Century of Data

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Authors

CCChristos ChrysanthakopoulosFKFranciscos KoutentakisATAthanasios Tagkalakis

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Overview

Historical analysis reveals factors influencing fiscal behavior and debt responses in economies.

Key Points

  • This research examines how fiscal policies react to debt levels over time and identifies factors influencing these responses.
  • Analyzed historical fiscal data from 11 economies spanning 1880–2022.
  • Assessed the responses of primary balances to debt across various macroeconomic regimes.
  • Conducted country-level analysis to identify key determinants of fiscal outcomes.
  • Found statistically significant positive responses of primary balances to debt in specific historical episodes.
  • Documented a shift from acyclical to countercyclical fiscal policy in the post-war era.
  • Identified key determinants of fiscal policy outcomes, including economic development and interest rate fluctuations.

Cite This Study

Chrysanthakopoulos et al. (2026) studied this question.

synapsesocial.com/papers/6a55d1475aafca87247f84d9https://doi.org/10.1002/ijfe.70259
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Also Consider

Synapse has enriched 2 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Why is Fiscal Policy Often Procyclical?2005 · 112 citations
  2. 2The Behavior of U. S. Public Debt and Deficits1998 · 1,563 citations