Throsby, David2014-03-252014-03-252012-09https://hdl.handle.net/10986/17386Although 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-USCC BY 3.0 IGOACCOMMODATION FACILITIESALTERNATIVE USEANALYTICAL METHODSARCHAEOLOGICAL SITESARCHAEOLOGISTSARCHEOLOGICAL SITESARCHITECTARCHITECTSARCHITECTUREARIMABASE YEARBENCHMARKBRIDGECAPACITY BUILDINGCHURCHESCITIESCOMPARATIVE ANALYSISCONSERVATIONCONSERVATION INSTITUTECONSERVATION PROGRAMCONSUMERSCONTINGENT VALUATIONCOST ANALYSISCRAFTCULTURAL ASSETSCULTURAL CENTERSCULTURAL CONSERVATIONCULTURAL DEVELOPMENTCULTURAL GOODSCULTURAL HERITAGECULTURAL HERITAGE CONSERVATIONCULTURAL HERITAGE INVESTMENTSCULTURAL HERITAGE PROJECTSCULTURAL HERITAGE SITESCULTURAL IMPORTANCECULTURAL INDICATORSCULTURAL INDUSTRIESCULTURAL INSTITUTIONSCULTURAL LANDSCAPESCULTURAL MONUMENTSCULTURAL OBJECTIVESCULTURAL ORGANIZATIONSCULTURAL PRODUCTIONCULTURAL PROJECTSCULTURAL PROTECTIONCULTURAL RESOURCECULTURAL RESOURCESCULTURAL SECTORCULTURAL SERVICESCULTURAL SIGNIFICANCECULTURAL SITECULTURAL SITESCULTURAL SYSTEMSCULTURAL VALUECULTURAL VALUESCULTURAL WORKERSCUSTOMSDEVELOPMENT AGENCYDISCOUNT RATEDOCUMENTATIONDOMESTIC TOURISTSDOMESTIC VISITORSECONOMIC DIMENSIONECONOMIC GROWTHECONOMIC IMPACTECONOMIC JUSTIFICATIONECONOMIC THEORYECONOMIC VALUEECONOMICSECONOMICS RESEARCHENTRY FEESEXPENDITURESEXPORTSEXTERNALITIESEXTERNALITYFESTIVALSFINANCIAL CRISISFLOW OF CAPITALFOREIGN INVESTMENTFOREIGN TOURISTSGDPGEOGRAPHYGROSS DOMESTIC PRODUCTGUEST HOUSESHANDICRAFT PRODUCTSHANDICRAFT SHOPSHANDICRAFTSHERITAGEHERITAGE ASSETSHERITAGE BUILDINGSHERITAGE CITYHERITAGE COMPONENTSHERITAGE CONSERVATIONHERITAGE CONSERVATION WORKHERITAGE EXPERTSHERITAGE MANAGEMENTHERITAGE PRESERVATIONHERITAGE PROJECTHERITAGE SITEHERITAGE VALUESHISTORIC BUILDINGHISTORIC DISTRICTSHISTORIC PROPERTIESHISTORIC SITESHISTORIC TOWNHISTORIC TOWNSHOSTELSHOTELSHOUSINGHOUSING MARKETSIMPORTANT BUILDINGSINFLATION RATESINTERCULTURAL DIALOGUEINTERNAL RATE OF RETURNINTERNATIONAL TOURISTSINVENTORYINVESTMENT APPRAISALINVESTMENT DECISIONSINVESTMENT PROGRAMINVESTMENT PROJECTSJEWELRYLEARNINGLITERATURELOCAL TOURISMMONUMENTMONUMENTSMOSQUESMULTIPLIER EFFECTSMULTIPLIERSMUSEUMMUSEUMSNATIONAL ECONOMYNATIONAL HERITAGENATIONAL OUTPUTNATURAL CAPITALNATURAL ECOSYSTEMSNATURAL RESOURCESNET VALUENON-BANKOLD BUILDINGSOLD TOWNOPPORTUNITY COSTOPPORTUNITY COSTSOVERNIGHT STAYSPALACEPERCEPTIONPERCEPTIONSPERFORMING ARTSPORTFOLIOPRESERVATIONPRIVATE INVESTMENTPRIVATE INVESTORSPRODUCTIVITY GROWTHPROFITABILITYPROPERTY VALUESPROTECTION OF CULTURAL HERITAGEPUBLIC FUNDSPUBLIC GOODRATE OF RETURNRATES OF RETURNRELIGIOUS TEMPLESRENOVATIONRESTAURANTSRESTORATIONRESTORATION PROJECTSRESTORATION WORKRETURN ON INVESTMENTRITUALSSHRINESSOCIAL CAPITALSOCIAL COHESIONSOCIAL VALUESSOUVENIR SHOPSSTATEMENTSSTOCKSSTREETSSTREETSCAPESSUSTAINABLE CITIESTAX PAYMENTSTOURTOURISMTOURISM DEVELOPMENTTOURISM GROWTHTOURISM INDUSTRYTOURISM MANAGEMENTTOURISM PRODUCTSTOURISM SECTORSTOURIST NUMBERSTOURISTSTOURSTRADITIONTRADITIONAL SKILLSUNEMPLOYMENTUNESCO WORLD HERITAGEUNESCO WORLD HERITAGE SITEURBAN DEVELOPMENTURBANIZATIONUSE VALUEVALUATIONVALUE OF OUTPUTWAGESWOOD CARVINGWORKS OF ARTWORLD HERITAGEWORLD HERITAGE SITES10.1596/17386