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The Economic Benefits of Investing in Cultural Tourism: Evidence from the Colonial City of Santo Domingo

Author

Listed:
  • Banerjee, Onil
  • Velasco, Mercedes
  • Maisonnave, Hélène
  • Beyene, Lulit Mitik
  • Henseler, Martin

Abstract

This paper draws together quantitative methodologies from environmental and tourism economics to develop a framework for evaluating investments in cultural tourism. Indirect and induced benefits of investment in cultural tourism contribute to the overall returns on investment and not including these considerations can result in a nontrivial undervaluation of returns. To illustrate the approach, the framework is applied to a hypothetical US$90 million investment in cultural tourism in the Colonial City of Santo Domingo in the Dominican Republic. While there is an opportunity cost of allocating resources to cultural tourism, this paper demonstrates the costs of not doing so by considering a disinvestment in cultural tourism. Results of the analysisshow greater economic growth and household well-being with increased investment, with disinvestment generating significant negative consequences for economic output, employmentand terms of trade.

Suggested Citation

  • Banerjee, Onil & Velasco, Mercedes & Maisonnave, Hélène & Beyene, Lulit Mitik & Henseler, Martin, 2017. "The Economic Benefits of Investing in Cultural Tourism: Evidence from the Colonial City of Santo Domingo," IDB Publications (Working Papers) 9055, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:9055
    DOI: http://dx.doi.org/10.18235/0001267
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    Cited by:

    1. Yabing Xu & John Rollo & Yolanda Esteban & Hui Tong & Xin Yin, 2021. "Developing a Comprehensive Assessment Model of Social Value with Respect to Heritage Value for Sustainable Heritage Management," Sustainability, MDPI, vol. 13(23), pages 1-22, December.

    More about this item

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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