Using a historical fiscal dataset for a group of 11 economies over the period 1880–2022, we examine debt sustainability and fiscal policy cyclicality and assess the factors influencing fiscal behaviour. We find that positive and statistically significant responses of primary balances to debt emerge in specific historical episodes and particular macroeconomic regime conditions, including the interwar era and the period from the 1990s up to the global financial crisis, while several regime settings such as low real interest rate environments, high inflation episodes and below the average growth regimes exhibit weak, insignificant, or even negative response to rising debt.  […]