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

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dc.contributor.authorThrosby, David
dc.date.accessioned2014-03-25T22:19:06Z
dc.date.available2014-03-25T22:19:06Z
dc.date.issued2012-09
dc.description.abstractAlthough 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/09/16977383/investment-urban-heritage-economic-impacts-cultural-heritage-projects-fyr-macedonia-georgia
dc.identifier.doi10.1596/17386
dc.identifier.urihttps://hdl.handle.net/10986/17386
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesUrban development series;knowledge papers no. 16
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOMMODATION FACILITIES
dc.subjectALTERNATIVE USE
dc.subjectANALYTICAL METHODS
dc.subjectARCHAEOLOGICAL SITES
dc.subjectARCHAEOLOGISTS
dc.subjectARCHEOLOGICAL SITES
dc.subjectARCHITECT
dc.subjectARCHITECTS
dc.subjectARCHITECTURE
dc.subjectARIMA
dc.subjectBASE YEAR
dc.subjectBENCHMARK
dc.subjectBRIDGE
dc.subjectCAPACITY BUILDING
dc.subjectCHURCHES
dc.subjectCITIES
dc.subjectCOMPARATIVE ANALYSIS
dc.subjectCONSERVATION
dc.subjectCONSERVATION INSTITUTE
dc.subjectCONSERVATION PROGRAM
dc.subjectCONSUMERS
dc.subjectCONTINGENT VALUATION
dc.subjectCOST ANALYSIS
dc.subjectCRAFT
dc.subjectCULTURAL ASSETS
dc.subjectCULTURAL CENTERS
dc.subjectCULTURAL CONSERVATION
dc.subjectCULTURAL DEVELOPMENT
dc.subjectCULTURAL GOODS
dc.subjectCULTURAL HERITAGE
dc.subjectCULTURAL HERITAGE CONSERVATION
dc.subjectCULTURAL HERITAGE INVESTMENTS
dc.subjectCULTURAL HERITAGE PROJECTS
dc.subjectCULTURAL HERITAGE SITES
dc.subjectCULTURAL IMPORTANCE
dc.subjectCULTURAL INDICATORS
dc.subjectCULTURAL INDUSTRIES
dc.subjectCULTURAL INSTITUTIONS
dc.subjectCULTURAL LANDSCAPES
dc.subjectCULTURAL MONUMENTS
dc.subjectCULTURAL OBJECTIVES
dc.subjectCULTURAL ORGANIZATIONS
dc.subjectCULTURAL PRODUCTION
dc.subjectCULTURAL PROJECTS
dc.subjectCULTURAL PROTECTION
dc.subjectCULTURAL RESOURCE
dc.subjectCULTURAL RESOURCES
dc.subjectCULTURAL SECTOR
dc.subjectCULTURAL SERVICES
dc.subjectCULTURAL SIGNIFICANCE
dc.subjectCULTURAL SITE
dc.subjectCULTURAL SITES
dc.subjectCULTURAL SYSTEMS
dc.subjectCULTURAL VALUE
dc.subjectCULTURAL VALUES
dc.subjectCULTURAL WORKERS
dc.subjectCUSTOMS
dc.subjectDEVELOPMENT AGENCY
dc.subjectDISCOUNT RATE
dc.subjectDOCUMENTATION
dc.subjectDOMESTIC TOURISTS
dc.subjectDOMESTIC VISITORS
dc.subjectECONOMIC DIMENSION
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC IMPACT
dc.subjectECONOMIC JUSTIFICATION
dc.subjectECONOMIC THEORY
dc.subjectECONOMIC VALUE
dc.subjectECONOMICS
dc.subjectECONOMICS RESEARCH
dc.subjectENTRY FEES
dc.subjectEXPENDITURES
dc.subjectEXPORTS
dc.subjectEXTERNALITIES
dc.subjectEXTERNALITY
dc.subjectFESTIVALS
dc.subjectFINANCIAL CRISIS
dc.subjectFLOW OF CAPITAL
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN TOURISTS
dc.subjectGDP
dc.subjectGEOGRAPHY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGUEST HOUSES
dc.subjectHANDICRAFT PRODUCTS
dc.subjectHANDICRAFT SHOPS
dc.subjectHANDICRAFTS
dc.subjectHERITAGE
dc.subjectHERITAGE ASSETS
dc.subjectHERITAGE BUILDINGS
dc.subjectHERITAGE CITY
dc.subjectHERITAGE COMPONENTS
dc.subjectHERITAGE CONSERVATION
dc.subjectHERITAGE CONSERVATION WORK
dc.subjectHERITAGE EXPERTS
dc.subjectHERITAGE MANAGEMENT
dc.subjectHERITAGE PRESERVATION
dc.subjectHERITAGE PROJECT
dc.subjectHERITAGE SITE
dc.subjectHERITAGE VALUES
dc.subjectHISTORIC BUILDING
dc.subjectHISTORIC DISTRICTS
dc.subjectHISTORIC PROPERTIES
dc.subjectHISTORIC SITES
dc.subjectHISTORIC TOWN
dc.subjectHISTORIC TOWNS
dc.subjectHOSTELS
dc.subjectHOTELS
dc.subjectHOUSING
dc.subjectHOUSING MARKETS
dc.subjectIMPORTANT BUILDINGS
dc.subjectINFLATION RATES
dc.subjectINTERCULTURAL DIALOGUE
dc.subjectINTERNAL RATE OF RETURN
dc.subjectINTERNATIONAL TOURISTS
dc.subjectINVENTORY
dc.subjectINVESTMENT APPRAISAL
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT PROGRAM
dc.subjectINVESTMENT PROJECTS
dc.subjectJEWELRY
dc.subjectLEARNING
dc.subjectLITERATURE
dc.subjectLOCAL TOURISM
dc.subjectMONUMENT
dc.subjectMONUMENTS
dc.subjectMOSQUES
dc.subjectMULTIPLIER EFFECTS
dc.subjectMULTIPLIERS
dc.subjectMUSEUM
dc.subjectMUSEUMS
dc.subjectNATIONAL ECONOMY
dc.subjectNATIONAL HERITAGE
dc.subjectNATIONAL OUTPUT
dc.subjectNATURAL CAPITAL
dc.subjectNATURAL ECOSYSTEMS
dc.subjectNATURAL RESOURCES
dc.subjectNET VALUE
dc.subjectNON-BANK
dc.subjectOLD BUILDINGS
dc.subjectOLD TOWN
dc.subjectOPPORTUNITY COST
dc.subjectOPPORTUNITY COSTS
dc.subjectOVERNIGHT STAYS
dc.subjectPALACE
dc.subjectPERCEPTION
dc.subjectPERCEPTIONS
dc.subjectPERFORMING ARTS
dc.subjectPORTFOLIO
dc.subjectPRESERVATION
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE INVESTORS
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROFITABILITY
dc.subjectPROPERTY VALUES
dc.subjectPROTECTION OF CULTURAL HERITAGE
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC GOOD
dc.subjectRATE OF RETURN
dc.subjectRATES OF RETURN
dc.subjectRELIGIOUS TEMPLES
dc.subjectRENOVATION
dc.subjectRESTAURANTS
dc.subjectRESTORATION
dc.subjectRESTORATION PROJECTS
dc.subjectRESTORATION WORK
dc.subjectRETURN ON INVESTMENT
dc.subjectRITUALS
dc.subjectSHRINES
dc.subjectSOCIAL CAPITAL
dc.subjectSOCIAL COHESION
dc.subjectSOCIAL VALUES
dc.subjectSOUVENIR SHOPS
dc.subjectSTATEMENTS
dc.subjectSTOCKS
dc.subjectSTREETS
dc.subjectSTREETSCAPES
dc.subjectSUSTAINABLE CITIES
dc.subjectTAX PAYMENTS
dc.subjectTOUR
dc.subjectTOURISM
dc.subjectTOURISM DEVELOPMENT
dc.subjectTOURISM GROWTH
dc.subjectTOURISM INDUSTRY
dc.subjectTOURISM MANAGEMENT
dc.subjectTOURISM PRODUCTS
dc.subjectTOURISM SECTORS
dc.subjectTOURIST NUMBERS
dc.subjectTOURISTS
dc.subjectTOURS
dc.subjectTRADITION
dc.subjectTRADITIONAL SKILLS
dc.subjectUNEMPLOYMENT
dc.subjectUNESCO WORLD HERITAGE
dc.subjectUNESCO WORLD HERITAGE SITE
dc.subjectURBAN DEVELOPMENT
dc.subjectURBANIZATION
dc.subjectUSE VALUE
dc.subjectVALUATION
dc.subjectVALUE OF OUTPUT
dc.subjectWAGES
dc.subjectWOOD CARVING
dc.subjectWORKS OF ART
dc.subjectWORLD HERITAGE
dc.subjectWORLD HERITAGE SITES
dc.titleInvestment in Urban Heritage : Economic Impacts of Cultural Heritage Projects in FYR Macedonia and Georgiaen
dspace.entity.typePublication
okr.date.disclosure2012-11-20
okr.date.doiregistration2025-04-28T07:13:47.705549Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2012/09/16977383/investment-urban-heritage-economic-impacts-cultural-heritage-projects-fyr-macedonia-georgia
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeFinance and Markets
okr.guid779821468054243731
okr.identifier.externaldocumentum000356161_20121120025804
okr.identifier.internaldocumentum16977383
okr.identifier.report73757
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/11/20/000356161_20121120025804/Rendered/PDF/NonAsciiFileName0.pdfen
okr.peerreviewAcademic Peer Review
okr.region.administrativeEurope and Central Asia
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicCultural Heritage and Preservation
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicCulture and Development::Cultural Policy
okr.unitUrban Dev. & Services Prac 1 (AFTU1)
okr.volume1 of 1
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