How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the...

We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries over the period 1913-46. The database contains data on amounts outstanding for some 3,800 individual debt instruments as well as associated qualitative information, including...