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

by Nico Wille a,*
a
Department of Economics: Chair of Money and Credit, University of Rostock, Rostock, Germany
*
Author to whom correspondence should be addressed.
JEA  2025 4(3):114; https://doi.org/10.58567/jea04030006
Received: 11 April 2025 / Accepted: 14 June 2025 / Published Online: 26 June 2025

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.


Copyright: © 2025 by Wille. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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APA Style
Wille, N. (2025). A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research. Journal of Economic Analysis, 4(3), 114. doi:10.58567/jea04030006
ACS Style
Wille, N. A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research. Journal of Economic Analysis, 2025, 4, 114. doi:10.58567/jea04030006
AMA Style
Wille N. A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research. Journal of Economic Analysis; 2025, 4(3):114. doi:10.58567/jea04030006
Chicago/Turabian Style
Wille, Nico 2025. "A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research" Journal of Economic Analysis 4, no.3:114. doi:10.58567/jea04030006

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ACS Style
Wille, N. A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research. Journal of Economic Analysis, 2025, 4, 114. doi:10.58567/jea04030006
AMA Style
Wille N. A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research. Journal of Economic Analysis; 2025, 4(3):114. doi:10.58567/jea04030006
Chicago/Turabian Style
Wille, Nico 2025. "A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research" Journal of Economic Analysis 4, no.3:114. doi:10.58567/jea04030006
APA style
Wille, N. (2025). A Comprehensive Framework for Understanding the Influence of Macroeconomic Factors on Crowdfunding and Directions for Future Research. Journal of Economic Analysis, 4(3), 114. doi:10.58567/jea04030006

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