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This paper updates the Reported Social Unrest Index of Barrett et al (2020), reviewing recent developments in social unrest worldwide since the start of the COVID-19 Pandemic. It shows that unrest was elevated during late 2019, coincident with widespread protests in Latin America. Unrest then fell markedly during the early stages of the pandemic as voluntary and involuntary social distancing struck. Social unrest has since returned but generally remains below levels seen in 2019.

Macroeconomics --- Economics: General --- Diseases: Contagious --- Model Evaluation and Selection --- International Relations and International Political Economy: General --- Public Economics: Miscellaneous Issues: General --- Health Behavior --- Economic & financial crises & disasters --- Economics of specific sectors --- Infectious & contagious diseases --- COVID-19 --- Health --- Currency crises --- Informal sector --- Economics --- Communicable diseases --- Lebanon

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The Coronavirus disease (COVID-19) triggered a sharp contraction of economic activity across Asia and the Pacific. Policymakers adopted a “whatever it takes” approach in their initial response, relying mainly on liquidity support to help firms survive the shock. This paper discusses how the initial policy response should evolve as the region’s economies stabilize and enter the recovery phase. Many firms will need to repair their balance sheets and adjust their business models to the post-pandemic realities. The priority will be to support this process by facilitating the efficient restructuring of viable firms while allowing nonviable firms to exit. This requires action on three complementary fronts: reinforcing private debt resolution frameworks to flatten the insolvency curve, ensuring that adequate financing is available to support corporate restructuring, and facilitating access to equity to speed up the reallocation of jobs and capital into growth sectors.

Macroeconomics --- Economics: General --- International Economics --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Financial Institutions and Services: General --- Corporate Finance and Governance: General --- Fiscal Policies and Behavior of Economic Agents: General --- Public Economics: Miscellaneous Issues: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial crises --- Economic sectors --- Currency crises --- Informal sector --- Economics

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This paper examines the role of the legislature in budget processes. The paper highlights that for promoting good governance and fiscal transparency, the legislature’s active engagement in the budget process is essential. When fiscal policies and medium-term budgetary objectives are debated in parliament, budget strategies and policies are “owned” more widely. However, more active participation by the legislature runs the risk that fiscal discipline deteriorates. In countries where the legislature has unrestrained budget amendment authority, parliament is prone to introduce changes that increase spending or reduce taxes.

Accounting --- Budgeting --- Macroeconomics --- Public Finance --- Structure, Scope, and Performance of Government --- National Budget, Deficit, and Debt: General --- National Budget --- Budget Systems --- National Deficit Surplus --- Debt --- Debt Management --- Sovereign Debt --- Forecasts of Budgets, Deficits, and Debt --- Public Economics: Miscellaneous Issues: General --- Public Administration --- Public Sector Accounting and Audits --- Fiscal Policy --- Budgeting & financial management --- Management accounting & bookkeeping --- Financial administration & public finance law --- Public finance accounting --- Budget planning and preparation --- External audit --- Fiscal law --- Fiscal rules --- Fiscal accounting and reporting --- Public financial management (PFM) --- Budget execution and treasury management --- Fiscal policy --- Budget --- Auditing --- Finance, Public --- Law and legislation --- United Kingdom