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How Does Inflation Affect Entrepreneurship? Evidence from a Global Sample Based on GEM Data, 2003–2024

In: Proceedings of the 2025 7th International Conference on Economic Management and Cultural Industry (ICEMCI 2025)

Author

Listed:
  • Yinghao Liu

    (The University of Queensland)

Abstract

This thesis investigates the impact of inflation on entrepreneurial activity using panel data from 92 countries covered by the Global Entrepreneurship Monitor (GEM) between 2003 and 2024. The analysis focuses primarily on the relationship between inflation and total early-stage entrepreneurial activity (TEA), controlling for key economic and institutional factors. Additionally, the study looks at how inflation impacts various kinds of entrepreneurship by replacing total early-stage entrepreneurial activity (TEA) with necessity entrepreneurship activity (NEA), opportunity entrepreneurship activity (OEA), and high-expectation entrepreneurship activity (HEA). To capture heterogeneity across countries, the analysis also examines results by IMF income group classifications. The findings contribute to the understanding of how macroeconomic instability influences entrepreneurship and highlight important differences by entrepreneurial motivation and country group.

Suggested Citation

  • Yinghao Liu, 2025. "How Does Inflation Affect Entrepreneurship? Evidence from a Global Sample Based on GEM Data, 2003–2024," Advances in Economics, Business and Management Research, in: Abdelhak Senadjki & Chee Yoong Liew & Yahua Xu & Fong Peng Chew (ed.), Proceedings of the 2025 7th International Conference on Economic Management and Cultural Industry (ICEMCI 2025), pages 901-915, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-888-2_88
    DOI: 10.2991/978-94-6463-888-2_88
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