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Who should own the past?

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  • Maija Halonen-Akatwijuka
  • Evagelos Pafilis

Abstract

We examine restitution of cultural goods and its optimal form, i.e. whether restitution should be definite or take the form of a loan. We show that loan can be optimal when the source country becomes indispensable due to its cultural significance, while full restitution is optimal when the host country completes restoration. Valuation changes can lead to restitution, but do not pin down its optimal form. Finally, restitution is not always optimal despite source country’s higher valuation for the cultural good. We apply our analysis to the restitution of Icelandic manuscripts and the proposed loan or restitution of Benin bronzes.

Suggested Citation

  • Maija Halonen-Akatwijuka & Evagelos Pafilis, 2025. "Who should own the past?," Bristol Economics Discussion Papers 25/805, School of Economics, University of Bristol, UK.
    • Handle: RePEc:bri:uobdis:25/805
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