TY - JOUR
T1 - Dynamic impacts of SME stock market development and innovation on macroeconomic indicators
T2 - A Post-Keynesian approach
AU - Nguyen, Trang
AU - Chaiechi, Taha
AU - Eagle, Lynne
AU - Low, David
PY - 2020/12
Y1 - 2020/12
N2 - 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.
AB - 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.
KW - Impulse response analysis
KW - Innovation
KW - Post-Keynesian economics
KW - SME stock market
KW - Structural VEC
UR - http://www.scopus.com/inward/record.url?scp=85093694277&partnerID=8YFLogxK
U2 - 10.1016/j.eap.2020.10.002
DO - 10.1016/j.eap.2020.10.002
M3 - Article
AN - SCOPUS:85093694277
SN - 0313-5926
VL - 68
SP - 327
EP - 347
JO - Economic Analysis and Policy
JF - Economic Analysis and Policy
ER -
