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Impacts Of Olympics On Exports And Tourism

Author

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  • Wonho Song

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

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.

Suggested Citation

  • Wonho Song, 2010. "Impacts Of Olympics On Exports And Tourism," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 35(4), pages 93-110, December.
  • Handle: RePEc:jed:journl:v:35:y:2010:i:4:p:93-110
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    File URL: http://www.jed.or.kr/full-text/35-4/5.pdf
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    References listed on IDEAS

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    1. Fourie, Johan & Santana-Gallego, María, 2011. "The impact of mega-sport events on tourist arrivals," Tourism Management, Elsevier, vol. 32(6), pages 1364-1370.
    2. 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.
    3. Johan Fourie & Maria Santana-Gallego, 2010. "The impact of mega-events on tourist arrivals," Working Papers 171, Economic Research Southern Africa.
    4. Anderson, James E, 1979. "A Theoretical Foundation for the Gravity Equation," American Economic Review, American Economic Association, vol. 69(1), pages 106-116, March.
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    Citations

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    Cited by:

    1. Dennis Coates, 2012. "Not-So-Mega Events," Chapters,in: International Handbook on the Economics of Mega Sporting Events, chapter 23 Edward Elgar Publishing.
    2. Wolfgang Maennig & Christopher Vierhaus, 2016. "Which countries bid for the Olympic Games? Economic, political, and social factors and chances of winning," Working Papers 055, Chair for Economic Policy, University of Hamburg.
    3. Douglas Barrios & Stuart Russell & Matt Andrews, 2016. "Bringing Home the Gold? A Review of the Economic Impact of Hosting Mega-Events," CID Working Papers 320, Center for International Development at Harvard University.
    4. Wolfgang Maennig & Andrew Zimbalist (ed.), 2012. "International Handbook on the Economics of Mega Sporting Events," Books, Edward Elgar Publishing, number 14313.
    5. repec:eee:quaeco:v:64:y:2017:i:c:p:12-21 is not listed on IDEAS
    6. Wolfgang Maennig & Andrew Zimbalist, 2012. "Future Challenges: Maximizing the Benefits and Minimizing the Costs," Chapters,in: International Handbook on the Economics of Mega Sporting Events, chapter 31 Edward Elgar Publishing.
    7. Jeroen Schokkaert & Johan F.M. Swinnen & Thijs Vandemoortele, 2012. "Mega Events and Sports Institutional Development: The Impact of the World Cup on Football Academies in Africa," Chapters,in: International Handbook on the Economics of Mega Sporting Events, chapter 19 Edward Elgar Publishing.

    More about this item

    Keywords

    Mega Events; Olympics; Tourists; Gravity Model;

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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