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The two biggest stories of 2020 were South Korea's successful response to the coronavirus crisis and the lack of progress in the denuclearization of North Korea. South Korea was able to contain the spread of the coronavirus mainly due to aggressive tracing and testing. There has been no substantial progress on the denuclearization of North Korea. Macroeconomic performance in 2020 virtually came to a halt amid the pandemic. South Korea's GDP shrank considerably and shows no signs of rebounding.

The two biggest stories of 2019 in South Korea were a series of meetings between US President Donald Trump and North Korean leader Kim Jong-un to discuss the denuclearization of North Korea in the first half of the year, and the trade war with Japan in the second half. President Moon Jae-in's income-led growth policies still have not stimulated the economy. In fact, South Korea's macroeconomic performance was virtually at a standstill; the economic growth rate in 2019 has stayed below 2.0%, showing no sign of turnaround.

Examines the relationship between the strength of the central government fiscal bureaucracy and the size of a country's deficit, 1958-90. Austria, Belgium, Canada, Denmark, Germany, Italy, Japan, Netherlands, and Great Britain.

Analyzes factors influencing deficit creation by the central government; 1948-90. Discusses influence of deficit on the economy, presidential or parliamentary form of government, incentives to political leaders to create deficits, relative strength and popularity of political leaders, and other factors.