ECONOMICS UNIQUENESS

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192 ■ THE <strong>ECONOMICS</strong> OF <strong>UNIQUENESS</strong> decreases to between –0.10 and 0.07. Th ose correlation coeffi cients suggest that coincidence of voting between a given country with G7 countries (as a whole or taken individually) is at best not infl uencing the number of sites added to the WHL for that country. Th us, we fi nd little evidence of political clout of the kind that would invalidate our instrument. 8 Table 7.1 indicates that the bulk of the World Heritage sites are cultural sites, although the number of natural sites has been rising recently. An important aspect in the selection of natural sites is the way governments protect them. Th us, the existence of natural sites on the WHL could be linked to governments’ environment protection eff orts, which in turn could signal improved governance. (See box 7.3.) Creating protected areas and biodiversity conservation zones could also have direct consequences on the economy. 9 In addition, natural sites could be capturing natural capital that could have a direct eff ect on economic growth not running necessarily through tourism. Th is could potentially violate the exclusion BOX 7.3 Environmental Protection Projects Help Sustain World Heritage Sites Bangladesh Forest Resources Management Project (Project number 009470) Total Project Cost: US$58.7 million Total Loan Amount: US$49.6 million Approved: June 1992 – Closed: December 2001 This project’s objective was to protect Bangladesh’s environment while establishing management systems responsive to the country’s economic, environmental, and social goals. One of the target areas for this work, the Sundarbans, was declared a World Heritage site during project implementation. While World Bank records do not show that project work was specifi cally directed toward enlisting the site, efforts to conserve the Sundarbans benefi ted from project investments that developed detailed natural resource and biological surveys and conservation management plans. Working in tandem with the government, the project improved management and protection in the Sundarbans, ensured fauna and fl ora conservation, and established mangrove plantations that have assisted with land accretion and fi shery habitat conservation. Source: Bangladesh Forest Resources Management Project Project Appraisal Document and Implementation and Completion Report.
UNESCO WORLD HERITAGE LIST, TOURISM, AND ECONOMIC GROWTH ■ 193 restriction and invalidate our instrument. Th us, we further verify the robustness of our results by excluding natural sites from the list. Empirical Investigation Data and Specifi cation To quantify the eff ect of tourism specialization on long-term economic growth, we estimate standard growth models augmented with a proxy that captures the extent of specialization in tourism (in terms of exports of goods and services). Appendix I contains a description of the variables and their sources (table 7.4) as well as the list of the countries included in the sample (table 7.5). Th e dependent variable is the growth of GDP per capita over the period 1980–2002 in Purchasing Power Parity (PPP) constant international U.S. dollars, denoted Growth. Tourism specialization, hereaft er denoted Tourism, is measured by the average of tourism receipts as a share of exports of goods and services for the period 1980–1990. 10,11 Th e study adds other controls to the specifi cation that are standard in the growth literature. 12 Initial income, denoted Income, is the logarithm of GDP per capita in constant international U.S. dollar in 1980. Average education, denoted Education, is the logarithm of the share of population with primary education in 1980 (Barro and Lee 2005). Th e study also uses distance to the equator, denoted Distance, as a proxy for geography. It controls for malaria prevalence that could have direct impact on growth, as suggested by Sachs (2003), but also for the distance to countries that are sources of tourists. Th e price of capital goods relative to consumption goods, denoted Kprice, is taken from Heston, Summers, and Aten (Klenow and Hsieh 2007). Real trade openness, denoted Trade, is proxied by the sum of exports plus imports of goods and services in current dollars divided by GDP in PPP constant international U.S. dollars as suggested by Alcala and Ciconne (2004). 13 Th e quality of institutions, hereaft er denoted Institution, is measured by the average law and order index over the period 1980–2002 taken from Political Risk Services (2009). Th e instrument for Tourism is the number of World Heritage sites per 100,000 inhabitants in the year 2002. 14 We also use kilometers of coastal zone, hereaft er denoted Coastal, and related interactions as additional instruments for Tourism. Th e instrument for Trade is the logarithm of trade predicted by a gravity-based equation, denoted lnfrinstex, as suggested by Frankel and Romer (1999). Th e instrument for Institution is the fraction of individuals speaking English as a primary language (Hall and Jones 1999). We alternatively use the fraction of individuals speaking a European language as a primary language, also from Hall
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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TABLE 4.1 Overview of Hedonic Price
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FINANCIAL MECHANISMS FOR HISTORIC C
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Boxes, fi gures, maps, notes, and t
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China. See also specifi c cities ac
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public sector role, 222-26, 223b, 2
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Kraay, A., 198 Kratz, C. G., 96 L l
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Pine Ridge Reservation (U.S.), 238
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Shaoxing, China, local residents re
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urban economics appraisal approach,
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ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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