The impact of macroeconomic factors on the creative economy: a comparative analysis of European countries and Asian countries

Abstract

Purpose This study investigates the impact of key macroeconomic indicators – innovation, GDP per capita, trade openness, R&D expenditure, IP law and labor force education – on the development of the creative exports in Asian and European countries from 2010 to 2022 and compares how these factors influence each region differently. Design/methodology/approach Using fixed effects model (FEM) and two-step difference generalized method of moments applied to 650 observations across selected Asian and European countries; the study evaluates the relationship between macroeconomic indicators and creative exports. Findings GDP per capita consistently drives creative exports in both regions, while labor skills and trade openness matter mainly in Europe. R&D shows no robust effect in either regions, and intellectual property protection is significant only in Asia. Originality/value The research offers comparative insights into the macroeconomic dynamics shaping creative industries in different regions, contributing to academic understanding and providing targeted policy recommendations for sustainable development in the creative economy.

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