Title: Macroeconomic factors, entrepreneurial performance and economic growth in emerging markets

Authors: Olga V. Mezentceva; Ann V. Mezentceva

Addresses: Ural Federal University, Mt227, Mira str. 28, Ekaterinburg, 620078, Russia ' Ural Federal University, Mt227, Mira str. 28, Ekaterinburg, 620078, Russia

Abstract: Reducing the gap between developed and developing countries in the global economy is still open for discussion. At the same time, there is a lot of research about the relationship and economic growth, but most of it is considered only in advanced countries. This paper examines the macroeconomic factors driving entrepreneurial performance and economic growth in emerging markets. We attempt to reveal what factors in the entrepreneurial environment are most significant in the emerging market. We chose the BRICS countries (Brazil, Russia, India, China, and South Africa) as our object of study for the macroeconomic analysis which allows us to compile global trends. We conducted an empirical analysis of the macroeconomic factors affecting entrepreneurial development and economic growth in the BRICS countries. We also studied the dynamics of the output gaps in these countries. We found that the BRICS countries are affected by different factors driving entrepreneurial performance and economic growth. Therefore, these countries could exchange the experience, expertise and best practices gained in each country for shaping effective entrepreneurial policy. Thus, research could be used in the development of measures to support small business and entrepreneurship.

Keywords: entrepreneurship; BRICS; Brazil; Russia; India; China; South Africa; Hodrick-Prescott filtering; output gap; GEM project; doing business ranking; Global Competitiveness Index; GCI; emerging markets.

DOI: 10.1504/WRSTSD.2017.083717

World Review of Science, Technology and Sustainable Development, 2017 Vol.13 No.1, pp.74 - 92

Received: 16 Feb 2016
Accepted: 12 Dec 2016
Published online: 19 Apr 2017 *

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