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Impacts Of Olympics On Exports And Tourism

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  • Wonho Song

    ()
    (Department of Economics, Chung-Ang University)

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    Abstract

    There have been debates on the effects of Olympics on economy. Previous studies estimated the direct benefits and costs of Olympic Games, and concluded that the net effects were positive or negative depending on specific assumptions used for evaluations. Recent studies turn attentions to indirect benefits. For example, signaling model by Rose and Spiegel (2010) argues that mega events are the signals of liberalization the country sends, and that the hosting of mega events spurs exports. This paper more thoroughly estimates the effects of Summer Olympics on exports and tourism using the Rose and Spiegel¡¯s data set extended up to 2008. Our empirical results show that the Summer Olympics have positively and significantly affected exports and tourists. The patterns are, however, different for exports and tourists. The effects on exports are slow and persist for long periods of time, whereas those on tourists are quick and short-lived. This finding is robust to different specifications. This result implies that, without carefully considering the time horizons of the effects of mega events, impact studies may be prone to over- or under-estimating the benefits of the mega events.

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    Bibliographic Info

    Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

    Volume (Year): 35 (2010)
    Issue (Month): 4 (December)
    Pages: 93-110

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    Handle: RePEc:jed:journl:v:35:y:2010:i:4:p:93-110

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    Related research

    Keywords: Mega Events; Olympics; Tourists; Gravity Model;

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    1. Hagn, Florian & Maennig, Wolfgang, 2008. "Employment effects of the Football World Cup 1974 in Germany," Labour Economics, Elsevier, vol. 15(5), pages 1062-1075, October.
    2. Anderson, James E, 1979. "A Theoretical Foundation for the Gravity Equation," American Economic Review, American Economic Association, vol. 69(1), pages 106-16, March.
    3. Johan Fourie & Maria Santana-Gallego, 2010. "The impact of mega-events on tourist arrivals," Working Papers 171, Economic Research Southern Africa.
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