The research of individual macroeconomic effects of the impact of innovative entrepreneurship on economic growth in BRICS countries
Introduction. This article is devoted to the study of individual macroeconomic effects of the impact of innovative entrepreneurship on economic growth in the fast-growing BRICS member countries. Despite the fact that innovative entrepreneurship has recently attracted a lot of attention in theoretica...
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| Format: | Article |
| Language: | Russian |
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North Caucasus Federal University
2024-04-01
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| Series: | Вестник Северо-Кавказского федерального университета |
| Subjects: | |
| Online Access: | https://vestnikskfu.elpub.ru/jour/article/view/2647 |
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| Summary: | Introduction. This article is devoted to the study of individual macroeconomic effects of the impact of innovative entrepreneurship on economic growth in the fast-growing BRICS member countries. Despite the fact that innovative entrepreneurship has recently attracted a lot of attention in theoretical and methodological aspects due to its enormous impact on economic growth in technologically leading countries, there are few in-depth empirical studies that pay sufficient attention to the explicit relationship between innovative entrepreneurship and economic growth in new countries, forming a system of neo-global equilibrium and economic growth in the global economy.Goal. The purpose of this article is to explore the potential relationship between innovative entrepreneurship and economic growth, focusing on the fast-growing economies of BRICS countries (Brazil, Russia, India, China and South Africa).Materials and methods. The study uses analytical data for the period from 2002 to 2022 and a number of econometric tools for macroeconomic assessment, including the combined least squares model, fixed effects, generalized least squares and two-stage least squares methods.Results and discussion. The results of the empirical analysis show that innovative entrepreneurship has a positive and signifycant impact on economic growth in the BRICS countries. Similarly, the openness of trade and the growth of physical capital stocks also contributed to overall economic growth.Conclusion. A positive relationship between human capital and economic growth has been revealed, which is statistically significant for the economies of the BRICS countries. Finally, the verification of the causal relationship revealed a one-sided relationship directed from innovative entrepreneurship to economic growth. |
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| ISSN: | 2307-907X |