The creative industries effects on economic performance in the time of pandemic

Abstract

Purpose This paper aims to investigate empirically whether creative industries are boosting the economic performance of the ASEAN countries (Malaysia, Indonesia, Singapore, Thailand, Vietnam and Brunei Darussalam) during the Coronavirus disease (COVID-19) pandemic. Design/methodology/approach This paper applied a random effect and fixed effect estimation approach to investigate the impact of creative industries’ development (government expenditure on education, export of creative industries, trade openness, innovation index, sukuk issuances) on the economic performance spanning from 2010 to 2020. Findings The economic performance was proxied by two dependent variables, namely, the gross domestic product and the Misery Index. On top of containment and vaccination measures, the findings demonstrated that creative industries are enhancing economic growth in Association of Southeast Asian Nations (ASEAN) countries, supported by the significant role of the sukuk market as a vital contributor to economic growth. Originality/value This study is unique because it provides novel and empirical results of the creative industries’ development on economic performance in the ASEAN countries before and during the COVID-19 pandemic.

The Potential Analytical Impact of Significant Sectoral Creative Economy on Thailand’s Economy: A Case Study of the IRS-CGE Model vs. the CRS-CGE Model for Both the National and Provincial Economies

“…However, this research article attempts to utilize the IRS-CGE model (Increasing Return to Scale CGE model) (De Santis 2002;Hosoe et al 2010;Waschik 2015) as a representative of the situation when the economy of Thailand has been affected by policies supporting the creative economy (Iarmosh et al 2021;Che Arshad and Irijanto 2023). Additionally, the CRS-CGE model (constant return to scale) was applied in the examined Thai economy, which does not have policies supporting the creative economy or has some obstruction of the creative economy's development effect on the Thai economy in the future (Sullaida and Ahyar 2018;Baslandze 2021).…”

The Impact of Covid-19 on the Global Creative Economy

“…The (Archad & Irijanto, 2022;Florida & Seman, 2020;Petersen, 2020;The Policy Circle, 2022;UNCTAD, 2018;WIPO, 2022).…”

Testing the Catalysts of the Romanian Creative Economy—A Panel Data Analysis Approach

“…As a result of the correlations, the student population as a share of the local population and the public expenditure on culture per capita have emerged as exerting the strongest influences on the local CCE. The influential power of the first factor resides in the work supply offered by students and in their demand for cultural and creative goods and services [6]. Turning to the second influential factor, the public expenditure on culture per capita, we remarked that by organizing various kinds of cultural events and activities, a large share of opportunities emerges for: the cultural-creative business environment, the augmentation of cultural consumption, and also for the debut and affirmation of the local artists.…”

“…Additionally, several studies were dedicated to assessing the impact of the 2008 crisis on the creative economy and proved that the creative sectors were more resilient than others [2][3][4]. Even more, recent research on the pandemic's effect on the CCE proved the adaptability and resilience of these sectors [5,6]. The resilience of the local CCE during 2020 and 2021 is analysed and discussed later in this paper.…”