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

Nguyen, Trang, Chaiechi, Taha, Eagle, Lynne, and Low, David (2020) Dynamic impacts of SME stock market development and innovation on macroeconomic indicators: a post-Keynesian approach. Economic Analysis and Policy, 68. pp. 327-347.

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Abstract

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.

Item ID: 64627
Item Type: Article (Research - C1)
ISSN: 0313-5926
Copyright Information: © 2020 Published by Elsevier B.V. on behalf of Economic Society of Australia, Queensland. In accordance with the publisher's policies, the Author Accepted Manuscript of this paper is available Open Access under a Creative Commons licence from ResearchOnline@JCU from 18 October 2022.
Date Deposited: 20 Oct 2020 00:14
FoR Codes: 14 ECONOMICS > 1402 Applied Economics > 140212 Macroeconomics (incl Monetary and Fiscal Theory) @ 50%
14 ECONOMICS > 1403 Econometrics > 140305 Time-Series Analysis @ 50%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910103 Economic Growth @ 50%
91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910199 Macroeconomics not elsewhere classified @ 50%
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