ECONOMICS UNIQUENESS

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TABLE 7.3 continued First Stage Variables Distance 0.013*** 0.012*** 0.015*** 0.002 –0.002 [0.004] [0.004] [0.004] [0.008] [0.008] Kprice –0.255** –0.163 [0.118] [0.144] Trade 0.003 0.004 [0.003] [0.003] Institution 0.295 0.388** [0.203] [0.186] Constant 0.100 –0.027 0.572 0.245 0.481 1.400* [0.067] [0.433] [0.497] [0.423] [0.609] [0.754] Kleibergen-Paap rk Wald F statistic 23.316 19.724 17.32 4.745 1.19 0.971 Stock-Yogo weak ID test critical values (10 percent maximal IV size) 16.38 16.38 16.38 7.03 7.03 Stock-Yogo weak ID test critical values (15 percent maximal IV size) 8.96 8.96 8.96 8.96 4.58 4.58 ... Stock-Yogo weak ID test critical values (20 percent maximal IV size) 6.66 6.66 6.66 6.66 3.95 3.95 ... Observations 127 96 93 94 88 84 R-squared Robust standard errors in brackets 0.056 0.212 0.256 0.266 0.334 0.157 Source: Authors. Robust standard errors in brackets. *** p
UNESCO WORLD HERITAGE LIST, TOURISM, AND ECONOMIC GROWTH ■ 197 signifi cant—shown in equations (4) and (6). Th e F-test for the instrument used for Trade indicates that the instrument is not weak. Overall, Kleibergen-Paap statistics shown in the lower panel of table 7.3 are greater than the Stock and Yogo 10 or 15 percent critical values for most of the regressions except for equation (5) and (6). Th at result indicates that the introduction of the instruments used for Institution weakens the identifi cation. Th e main result related to Tourism holds when we use Eurfrac, corresponding the fraction of the population speaking one of the major languages of Western Europe: English, French, German, Portuguese, or Spanish, and Lnsetmort individually and/or in combination with Engfrac as instruments for Institution. 15 We now turn to testing the robustness of our main results. Robustness 16 Th e study fi rst conducted a number of robustness checks on the instrument. We used various versions of the WHL in the IV regressions, as shown in table 7.6 in Appendix II. Results are virtually unchanged whether we use the list from 1997 or 1992. Th e coeffi cients associated with Tourism in the second stage regressions range between 0.013 and 0.015. Th e study then used exclusively the number of cultural sites as an instrument for Tourism in the IV growth regressions. As discussed previously, the process of selection of natural sites is a potential source of statistical bias in our estimation results stemming from the fact that both the selection of natural sites and economic growth could be explained by a variable we have omitted to include in our regression analysis. Once again our results are virtually unchanged. Indeed, the coeffi cient associated with Tourism in equation (2) of appendix table 7.7 when using only cultural sites equals 0.015 (compared to 0.013 in our benchmark regression). Further, appendix table 7.8 shows results of the regressions (1)–(8) where sites built in the 20th century, 19th to 20th centuries, and up to 5th century BC were respectively subtracted. Th e sign, magnitude (ranging from 0.013 to 0.016), and signifi cance of the coeffi cients associated with Tourism are all in line with our main result. Th e study also used, in addition to the UNESCO World Heritage sites, kilometers of coastal zone, the square of the latter variable, and its interaction with the distance to the equator. Indeed, coastal area is likely to exogenously drive tourism activity. Controlling for Trade, this provides a valid instrument in the sense that it satisfi es the exclusion restriction. Once again, our results hold. Th e coeffi cient associated with Tourism ranges from 0.013 in our benchmark regressions to 0.016, as shown in appendix table 7.9. Th e Hansen-J test indicates that the over-identifying restrictions are valid. Th e Kleibergen-Paap statistics indicate that the instruments are not weak, albeit at the 10 percent level.
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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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Page 217 and 218: UNESCO WORLD HERITAGE LIST, TOURISM
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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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