A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research

Nico Wille
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Nico Wille: Department of Economics: Chair of Money and Credit, University of Rostock, Rostock, Germany

Journal of Economic Analysis, 2025, vol. 4, issue 3, 111-141

Abstract: Crowdfunding has become an established method of entrepreneurial finance. Despite the growing body of literature in this field, limited research has investigated the impact of macroeconomic variables on crowdfunding activity. This study provides a theoretical framework, developed through an extensive review of the existing literature, to examine the relationship between macroeconomic conditions and crowdfunding. The analysis identifies key macroeconomic factors, such as employment, inflation, interest rates, economic uncertainty, and the business and credit cycles, as significant determinants of crowdfunding dynamics. Notably, crowdfunding exhibits a unique responsiveness to macroeconomic conditions in comparison to traditional financial instruments. Furthermore, evidence suggests a bidirectional relationship, wherein crowdfunding also exerts measurable effects on macroeconomic conditions, an aspect conceptually outlined and discussed in the later sections of the paper. The findings underscore the critical role of the macroeconomic environment in shaping crowdfunding patterns and outcomes. This study contributes to the theoretical understanding of the intersection between macroeconomic and alternative finance, and it offers structured directions for future research. Overall, the study serves as a reference point for scholars and practitioners seeking a comprehensive synthesis of current knowledge on the macroeconomic dimensions of crowdfunding.

Keywords: Crowdfunding; Macroeconomic; Entrepreneurial finance; Economic uncertainty; Employment; Inflation; Interest rates; Investor sentiment (search for similar items in EconPapers)
Date: 2025
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