Dynamic impacts of SME stock market development and innovation on macroeconomic indicators: A Post-Keynesian approach

被引：5

作者：

Trang Nguyen ^{[1
]}

Chaiechi, Taha ^{[1
]}

Eagle, Lynne ^{[2
]}

Low, David ^{[3
]}

机构：

[1] James Cook Univ, Coll Business Law & Governance, 14-88 McGregor Rd, Cairns, Qld 4878, Australia

[2] James Cook Univ, Coll Business Law & Governance, 1 James Cook Dr, Townsville, Qld 4811, Australia

[3] Charles Darwin Univ, Coll Business & Law, Ellengowan Dr, Casuarina, NT 0810, Australia

来源：

ECONOMIC ANALYSIS AND POLICY | 2020年 / 68卷

关键词：

SME stock market; Innovation; Post-Keynesian economics; Structural VEC; Impulse response analysis; ECONOMIC-GROWTH EVIDENCE; FINANCIAL DEVELOPMENT; TIME-SERIES; EMPIRICAL-EVIDENCE; UNIT-ROOT; ENTREPRENEURSHIP; FEEDBACK; SYSTEM; EMPLOYMENT; CRISIS;

D O I：

10.1016/j.eap.2020.10.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study is grounded on the propositions of Kaleckian-Post-Keynesian macroeconomic framework to explore the dynamic impacts of SME (Small and Medium Enterprise) stock market development and innovation on key macroeconomic variables in Hong Kong, Singapore, Thailand, and Malaysia. For the reported empirical analysis, a Structural Vector Error Correction (SVEC) model and an impulse response function (IRF) were adopted. The evidence shows that SME stock market development and/or innovation have small but positive impacts on short-run economic stimulation. The SME stock market development promotes economic growth through the combination of the following channels: private investment, savings and productivity in Hong Kong, Singapore, and Thailand. Innovation, on the other hand, fosters growth through the combination of these channels and the employment channel in all four countries. (C) 2020 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

引用

页码：327 / 347

页数：21

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