Pandemnomics: The Pandemic's Lasting Economic Effects (Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application)

This book comprehensively addresses the economic and social implications of the COVID-19 pandemic. In each chapter of the book, the effects of the pandemic on different economic and financial sectors are discussed. The book tackles many topics and issues that are of relevance in the post-pandemic world. Some of these issues are the effects of the pandemic on countries' budgets, tax systems, financial and economic policies, and management, in addition, the evaluation of the pandemic in terms of migration and refugees, the historic comparison of its effects with other pandemics, the social media reflections of the pandemic and the global governance discussions. The book also considers the effects of pandemic on the use of digital currencies and the effects of digitalization of employment and robot employment. Foreword by Marc Willinger 6 Foreword by Ronald M. Harstad 7 Acknowledgements 8 Contents 10 Editors and Contributors 12 List of Figures 15 List of Tables 18 Part I Pandemic and Public Economy 20 1 Evaluation for COVID-19 Outbreak Public Policies in the World Within the Scope of Global Public Goods (GPGs) 21 1.1 Introduction 21 1.2 Global Public Goods 23 1.3 Global Public Bads 26 1.4 Global Fiscal Policies Implemented Within the Scope of Fight Against COVID-19, a Global Public Bad 30 1.5 Conclusion 31 References 32 2 Global Outbreaks from a Historical Perspective and Fiscal Policy: An Analysis for COVID-19 Outbreak 35 2.1 Introduction 36 2.2 Global Outbreaks from an Historical Perspective 37 2.3 Epidemic Diseases in Primeval Era 38 2.3.1 Three Plague Outbreaks and Financial Practices 40 2.3.2 Justinian Plague Outbreak and Financial Practices 40 2.3.3 Black Death Epidemic Period and Financial Practices 41 2.3.4 Modern Plague Outbreak and Financial Practices 43 2.4 Epidemics and Financial Practices from the Twentieth Century to Today 44 2.4.1 Spanish Flu (1918–1919) and Financial Practices 44 2.4.2 HIV/AIDS Virus (1981– ...) and Response Through Financial Policy Instruments 45 2.5 Corona Virus-Based Millennium Outbreaks and Intervention Through Fiscal Policy Instruments 48 2.6 Epidemics Before COVID-19 and Intervention Through Fiscal Policy Instruments 49 2.7 COVID-19 Pandemic and Intervention Through Fiscal Policy Instruments 51 2.8 Conclusion 53 References 54 3 Increasing Public Expenditures Due to COVID-19 Pandemic Crisis: An Assessment According to Peacock-Wiseman Hypothesis 58 3.1 Introduction 59 3.2 The Concept of Public Expenditure 59 3.2.1 Public Expenditures in a Historical Perspective 60 3.2.2 Economic Crisis and Public Expenditures 63 3.2.3 Relation Between COVID-19 Epidemic Crisis and Public Expenditures 67 3.3 An Assessment of Pandemic Expenditures in the Context of Peacock-Wiseman Displacement Hypothesis 75 3.4 Conclusion 78 References 79 4 Internal Audit in Times of Crisis: The Case of COVID-19 82 4.1 Introduction 83 4.2 Conceptual Framework of Crisis and Crisis Management 84 4.3 Crisis Management 85 4.4 Role of Internal Audit in Crisis 88 4.5 Duties of Internal Auditors in Pre-crisis Period 89 4.6 Duties of Internal Auditors in Times of Crisis 93 4.7 Duties of the Internal Auditors in Post-crisis Period 95 4.8 Conclusion 96 References 97 Part II Pandemic in Turkish Economy 99 5 Financial Measures Taken in Turkey and Selected Countries in Combatting COVID-19 Outbreak 100 5.1 Introduction 101 5.2 COVID-19 Turning into a Pandemic 102 5.2.1 Outbreak of COVID-19 102 5.2.2 Global Dimension of COVID-19 102 5.3 Economic Impact of COVID-19 Outbreak 104 5.3.1 Global Economic Impact of the Pandemic 104 5.3.2 Economic Impact of the Pandemic on Turkey 106 5.4 Financial Measures Taken Against the Economic Impact of COVID-19 Pandemic in Selected Countries and Turkey 106 5.4.1 The USA 107 5.4.2 Brazil 108 5.4.3 The UK 109 5.4.4 Italy 109 5.4.5 Russia 110 5.4.6 Turkey 110 5.5 Conclusion 111 References 112 6 Public Transfer Expenditures in Combatting the Economic Impact of COVID-19 Pandemic: Turkey Case and Policy Suggestions 114 6.1 Introduction 115 6.2 Transfer Expenditures and Their Economic Impact 115 6.3 Economic Impact of COVID-19 Pandemic and Transfer Expenditures 117 6.4 Macroeconomic and Sectoral Effects of COVID-19 in Turkey 119 6.5 Transfer Expenditures Measures Taken Against COVID-19 Pandemic in Turkey 121 6.6 Policy Suggestions Against Economic Impact of Pandemic 124 6.7 Conclusion 126 References 128 7 Effect of COVID-19 Pandemic on Tax Perception: An Empirical Study 131 7.1 Introduction 132 7.2 Conceptual Overview of Tax Compliance and Tax Perception 132 7.3 Literature Overview 134 7.4 Methodology 135 7.4.1 Challenges Encountered Throughout the Study 135 7.4.2 Findings of the Study and Evaluation of the Results 136 7.4.3 Evaluation of General Findings and Results 136 7.5 Evaluation of Findings and Results Differentiated According to Demographic Variables 143 7.6 Conclusion 160 References 162 8 COVID-19 Outbreak and Budget Management: An Assessment for Turkey Within the Framework of Selected Country Examples 165 8.1 Introduction 165 8.2 Outlook of the Pandemic and Necessity of a Public Intervention 166 8.3 Economic Trend of the Epidemic: The Necessity of Managing Expectations 169 8.3.1 Economic Impact of the Epidemic 170 8.3.2 Combatting Economic Impact of the Epidemic 172 8.4 Evaluation 186 8.4.1 In Terms of Legal Infrastructure of Budget Management 186 8.4.2 In Terms of the Content of Budgetary Measures 187 8.4.3 In Terms of Transparency of Budgetary Measures 188 8.5 In Terms of Budget Performance and Its Macroeconomic Results 189 8.5.1 Evaluation on Confidence Indexes 189 8.5.2 Evaluations on Credit Usage Rates and Tourism Data 192 8.5.3 Evaluations on Public Balances 193 8.5.4 Managing the Risks 195 8.6 Conclusion 196 References 197 Part III Pandemic and New Financial Trends 199 9 Effects of COVID-19 Pandemic on Robot Employment and Digitalization in Employment 200 9.1 Introduction 201 9.2 Industrial Revolutions and Robots 203 9.3 Place of Robots in Employment and Their Development 205 9.4 Economic Impact of COVID-19 Outbreak 206 9.5 Robot Tax 209 9.6 Conclusion 212 References 214 10 Liquidity Steps: Policy Actions Taken by Central Banks During Coronavirus Pandemic 217 10.1 Introduction 218 10.2 Fed: The Flagship 219 10.3 ECB: The Roof of Europe 222 10.4 PBoC: Country Where the Virus First Emerged 224 10.5 BoJ: Center of Unusual Methods 225 10.6 BoE, Coming Down with the Pandemic While in Brexit Pincer 227 10.7 CBRT, at the Center of Actions 227 10.8 Conclusion 229 References 230 11 The Effect of COVID-19 on Electronic Currencies as They Become Common Payment Methods 233 11.1 Introduction 234 11.2 Money from the Perspectives of Various Philosophers 234 11.3 Journey of Money from Its Brief History to Internet 236 11.3.1 The Order Before Money 237 11.3.2 Commodity (Good) Money and Shifting to Paper Money 239 11.3.3 Electronic-Digital-Virtual Confusion and Plastic Period 240 11.4 New Catalyst in Financial Transformation: COVID-19 242 11.4.1 Digital Transformation 242 11.4.2 Modern Payment Systems 242 11.4.3 COVID-19 Being Included in the Process 243 11.4.4 Technological Competence 245 11.5 Conclusion 246 References 248 12 Health and Refugee Protection as a Global Public Good: Evaluation of COVID-19 in Terms of Refugees 250 12.1 Introduction 251 12.2 General Framework of the Concept of GPG 253 12.2.1 Health and Refugee Protection as GPGs 254 12.2.2 Nature of COVID-19 Outbreak 258 12.2.3 Refugees’ Conditions During COVID-19 Outbreak 259 12.3 Conclusion 264 References 265 13 Analysis of Selected Twitter Headers During the Pandemic Using Big Data Method 268 13.1 Introduction 268 13.2 New Socialization and Setting the Agenda on Twitter 270 13.3 Studies on the Literature 272 13.4 Big Data and Following Twitter Agenda (1–31 May 2020) 275 13.4.1 Research Results 275 13.4.2 Method 275 13.4.3 Preparing Data Set 276 13.5 Data Pre-processing and Clearance 277 13.6 Data Analysis 278 13.7 Conclusion 281 References 282 Discussion 285 Index 288