Abstract
The study explores the complex dynamics of cultural and creative industries and their potential to contribute to the achievement of the Sustainable Development Goals (SDGs). The dual nature of these industries is reviewed, recognizing their potential to have a positive impact on sustainable development while addressing the risks they pose, including environmental threats and the potential for increased social inequality. The main goal of the study was to identify the determinants of asymmetric shocks that influenced the development of cultural and creative industries. To achieve the goal, we used an integrated modeling approach based on panel models with fixed and random effects, as well as a two-stage dynamic panel model. The results of the study made it possible to identify asymmetric shocks that influenced the development of cultural and creative industries, such as the consequences of the pandemic and the war in Ukraine, which led to the energy and migration crises, slower economic growth and increased inflation. The results obtained indicate that the influence of the selected factors on sustainable development is complex and depends on time dynamics.