Replication package for "Adjust and Unwind: Which Flow Binds in the Fiscal Reaction Function?"

Data, code and constructed country-year panels reproducing every table and figure in the article "Adjust and Unwind: Which Flow Binds in the Fiscal Reaction Function?". The package covers a panel of 53 to 60 economies over 2000-2023, combining the IMF Public Finances in Modern History and Fiscal Monitor databases, the External Wealth of Nations database (2025 update), the World Bank World Development Indicators and International Debt Statistics, the IMF Coordinated Direct Investment Survey, the currency-composition data of Allen, Gautam and Juvenal (2023), and the World Bank Worldwide Governance Indicators. All sources are public; no proprietary or confidential data are used. Contents: data/ (16 CSV files, including the constructed estimation panels and the structural typology panel), code/ (49 Python scripts covering retrieval, construction, estimation, robustness, identification and figures), figures/ (the three published figures and the graphical abstract, vector PDF), and a README documenting each file and the replication procedure. All permutation and bootstrap inference uses a fixed seed (20260724). A single data vintage is used throughout: December 2025 for the fiscal series, the 2025 External Wealth of Nations update, and the corresponding World Development Indicators extraction.