Investment in Urban Heritage : Economic Impacts of Cultural Heritage Projects in FYR Macedonia and Georgia

Although World Bank projects in the cultural heritage field are subject to the usual assessments that are applied to any project implementation, little is known about the subsequent performance of these projects in the years post-completion. This s...

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Bibliographic Details
Main Author:	Throsby, David
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOMMODATION FACILITIES ALTERNATIVE USE ANALYTICAL METHODS ARCHAEOLOGICAL SITES ARCHAEOLOGISTS ARCHEOLOGICAL SITES ARCHITECT ARCHITECTS ARCHITECTURE ARIMA BASE YEAR BENCHMARK BRIDGE CAPACITY BUILDING CHURCHES CITIES COMPARATIVE ANALYSIS CONSERVATION CONSERVATION INSTITUTE CONSERVATION PROGRAM CONSUMERS CONTINGENT VALUATION COST ANALYSIS CRAFT CULTURAL ASSETS CULTURAL CENTERS CULTURAL CONSERVATION CULTURAL DEVELOPMENT CULTURAL GOODS CULTURAL HERITAGE CULTURAL HERITAGE CONSERVATION CULTURAL HERITAGE INVESTMENTS CULTURAL HERITAGE PROJECTS CULTURAL HERITAGE SITES CULTURAL IMPORTANCE CULTURAL INDICATORS CULTURAL INDUSTRIES CULTURAL INSTITUTIONS CULTURAL LANDSCAPES CULTURAL MONUMENTS CULTURAL OBJECTIVES CULTURAL ORGANIZATIONS CULTURAL PRODUCTION CULTURAL PROJECTS CULTURAL PROTECTION CULTURAL RESOURCE CULTURAL RESOURCES CULTURAL SECTOR CULTURAL SERVICES CULTURAL SIGNIFICANCE CULTURAL SITE CULTURAL SITES CULTURAL SYSTEMS CULTURAL VALUE CULTURAL VALUES CULTURAL WORKERS CUSTOMS DEVELOPMENT AGENCY DISCOUNT RATE DOCUMENTATION DOMESTIC TOURISTS DOMESTIC VISITORS ECONOMIC DIMENSION ECONOMIC GROWTH ECONOMIC IMPACT ECONOMIC JUSTIFICATION ECONOMIC THEORY ECONOMIC VALUE ECONOMICS ECONOMICS RESEARCH ENTRY FEES EXPENDITURES EXPORTS EXTERNALITIES EXTERNALITY FESTIVALS FINANCIAL CRISIS FLOW OF CAPITAL FOREIGN INVESTMENT FOREIGN TOURISTS GDP GEOGRAPHY GROSS DOMESTIC PRODUCT GUEST HOUSES HANDICRAFT PRODUCTS HANDICRAFT SHOPS HANDICRAFTS HERITAGE HERITAGE ASSETS HERITAGE BUILDINGS HERITAGE CITY HERITAGE COMPONENTS HERITAGE CONSERVATION HERITAGE CONSERVATION WORK HERITAGE EXPERTS HERITAGE MANAGEMENT HERITAGE PRESERVATION HERITAGE PROJECT HERITAGE SITE HERITAGE VALUES HISTORIC BUILDING HISTORIC DISTRICTS HISTORIC PROPERTIES HISTORIC SITES HISTORIC TOWN HISTORIC TOWNS HOSTELS HOTELS HOUSING HOUSING MARKETS IMPORTANT BUILDINGS INFLATION RATES INTERCULTURAL DIALOGUE INTERNAL RATE OF RETURN INTERNATIONAL TOURISTS INVENTORY INVESTMENT APPRAISAL INVESTMENT DECISIONS INVESTMENT PROGRAM INVESTMENT PROJECTS JEWELRY LEARNING LITERATURE LOCAL TOURISM MONUMENT MONUMENTS MOSQUES MULTIPLIER EFFECTS MULTIPLIERS MUSEUM MUSEUMS NATIONAL ECONOMY NATIONAL HERITAGE NATIONAL OUTPUT NATURAL CAPITAL NATURAL ECOSYSTEMS NATURAL RESOURCES NET VALUE NON-BANK OLD BUILDINGS OLD TOWN OPPORTUNITY COST OPPORTUNITY COSTS OVERNIGHT STAYS PALACE PERCEPTION PERCEPTIONS PERFORMING ARTS PORTFOLIO PRESERVATION PRIVATE INVESTMENT PRIVATE INVESTORS PRODUCTIVITY GROWTH PROFITABILITY PROPERTY VALUES PROTECTION OF CULTURAL HERITAGE PUBLIC FUNDS PUBLIC GOOD RATE OF RETURN RATES OF RETURN RELIGIOUS TEMPLES RENOVATION RESTAURANTS RESTORATION RESTORATION PROJECTS RESTORATION WORK RETURN ON INVESTMENT RITUALS SHRINES SOCIAL CAPITAL SOCIAL COHESION SOCIAL VALUES SOUVENIR SHOPS STATEMENTS STOCKS STREETS STREETSCAPES SUSTAINABLE CITIES TAX PAYMENTS TOUR TOURISM TOURISM DEVELOPMENT TOURISM GROWTH TOURISM INDUSTRY TOURISM MANAGEMENT TOURISM PRODUCTS TOURISM SECTORS TOURIST NUMBERS TOURISTS TOURS TRADITION TRADITIONAL SKILLS UNEMPLOYMENT UNESCO WORLD HERITAGE UNESCO WORLD HERITAGE SITE URBAN DEVELOPMENT URBANIZATION USE VALUE VALUATION VALUE OF OUTPUT WAGES WOOD CARVING WORKS OF ART WORLD HERITAGE WORLD HERITAGE SITES
Online Access:	http://documents.worldbank.org/curated/en/2012/09/16977383/investment-urban-heritage-economic-impacts-cultural-heritage-projects-fyr-macedonia-georgia http://hdl.handle.net/10986/17386

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Summary:	Although World Bank projects in the cultural heritage field are subject to the usual assessments that are applied to any project implementation, little is known about the subsequent performance of these projects in the years post-completion. This study was undertaken to provide some empirical evidence for the economic impacts of cultural heritage investment. Two case studies were chosen for this purpose, in the historic town centers of Skopje, former Yugoslav Republic of Macedonia, and Tbilisi, Georgia, respectively. The economic principles those are important for the analysis of cultural heritage investment decisions make use of concepts such as scarcity, opportunity cost, and public preferences. The study confirms the positive impacts of the investments. In the Macedonian case, the project helped to stimulate an ongoing investment of US$2.5 million in the project site, the Skopje old bazaar. Tourist numbers increased compared to the control site in Prilep; between 2005 and 2010, daily tourist numbers in the Skopje Old Bazaar increased by 90 percent compared to a slight decline in Prelip. Employment also grew more rapidly in the target site than in the control area. This study leads to some lessons for the design of heritage projects and for the conduct of an ex post economic impact evaluation.

Investment in Urban Heritage : Economic Impacts of Cultural Heritage Projects in FYR Macedonia and Georgia

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