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Cultural investment, local development and instantaneous social capital: A case study of a gathering festival in the South of Italy

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  • Attanasi, Giuseppe
  • Casoria, Fortuna
  • Centorrino, Samuele
  • Urso, Giulia

Abstract

In this paper we show how the investment in cultural events may encourage the building of social capital and foster the development of local communities. We rely on a casestudy that we conducted about the socio-economic impact of the Festival “La Notte della Taranta”, the most important European music festival dedicated to traditional music (about 170.000 participants per year), on the sub-region of southern Italy where it is held. Our evidence is based on a large survey, consisting of nearly 10.000 interviews to Festival participants over a span of five editions (2007-2011). A primary result is that the initial economic investment in the Festival has brought a short-term return in terms of touristic attraction worth more than two times as much. More importantly, our results indicate that a cultural festival, despite being a mass gathering, is able to create strong bonds among its participants and between them and the area where the event takes place. Although these bonds are “instantaneous”, i.e. temporally restricted to the duration of the event, they are positively correlated with the economic impact of the event on the territory.

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Bibliographic Info

Paper provided by Toulouse School of Economics (TSE) in its series TSE Working Papers with number 12-291.

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Date of creation: Feb 2012
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Handle: RePEc:tse:wpaper:25758

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Keywords: Cultural event; economic impact; social capital; greatly motivated tourist;

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  1. Quentin Max David & Alexandre Janiak & Etienne Wasmer, 2012. "Local social capital and geographical mobility," ULB Institutional Repository 2013/133081, ULB -- Universite Libre de Bruxelles.
  2. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Trusting the Stock Market," Journal of Finance, American Finance Association, vol. 63(6), pages 2557-2600, December.
  3. Steven N. Durlauf, 2002. "On the Empirics of Social Capital," Economic Journal, Royal Economic Society, vol. 112(483), pages 459-479, November.
  4. Guiso, Luigi & Paiella, Monica, 2001. "Risk Aversion, Wealth and Background Risk," CEPR Discussion Papers 2728, C.E.P.R. Discussion Papers.
  5. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2007. "Cultural Biases in Economic Exchange?," Economics Working Papers ECO2007/42, European University Institute.
  6. Roberto Burlando & Francesco Guala, 2005. "Heterogeneous Agents in Public Goods Experiments," Experimental Economics, Springer, vol. 8(1), pages 35-54, April.
  7. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2008. "Social Capital as Good Culture," CEPR Discussion Papers 6657, C.E.P.R. Discussion Papers.
  8. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2002. "People's Opium? Religion and Economic Attitudes," NBER Working Papers 9237, National Bureau of Economic Research, Inc.
  9. Kan, Kamhon, 2007. "Residential mobility and social capital," Journal of Urban Economics, Elsevier, vol. 61(3), pages 436-457, May.
  10. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Alfred Marshall Lecture Social Capital as Good Culture," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 295-320, 04-05.
  11. Butler, Jeff & Giuliano, Paola & Guiso, Luigi, 2009. "The Right Amount of Trust," CEPR Discussion Papers 7461, C.E.P.R. Discussion Papers.
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  14. Samuel Bowles & Herbert Gintis, 2001. "Social Capital and Community Governance," Working Papers 01-01-003, Santa Fe Institute.
  15. Paola Sapienza & Luigi Zingales & Luigi Guiso, 2006. "Does Culture Affect Economic Outcomes?," NBER Working Papers 11999, National Bureau of Economic Research, Inc.
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Cited by:
  1. Carlos Augusto Olarte Bacares, 2013. "Do public transport improvements increase employment and income in a city?," ERSA conference papers ersa13p1040, European Regional Science Association.
  2. Carlos Augusto Olarte Bacares, 2014. "Are public transport improvements endogenous with respect to employment and income location in a city?," Documents de travail du Centre d'Economie de la Sorbonne 14012, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  3. Carlos Augusto Olarte Bacares, 2014. "Are public transport improvements endogenous with respect to employment and income location in a city?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00973398, HAL.

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