Moscow, Moscow, Russian Federation
This research is based on the postulates of the kalecki–post-keynesian macroeconomic concept and the main goal is to study the dynamic impact of innovations on key macroeconomic variables in the context of the development of the stock market of small and medium-sized businesses in the Asian Tiger countries (Hong Kong, Singapore, Thailand and Malaysia). A vector error correction model and an impulse response function were used for empirical analysis. The data obtained as a result of empirical analysis indicate that the development of innovations, stimulated by the growth of the stock market of small and medium-sized businesses, have a small but positive impact on short-term economic dynamics. The author found that the development of the stock market of small and medium-sized businesses contributes to economic growth by combining the growth of private investment, savings and productivity only in Hong Kong, Singapore and Thailand. Unlike the stock market factor, innovation contributes to economic growth by combining these factors and increasing employment in all four countries.
innovation, macroeconomic indicators, economic growth, financial factors
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