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Uncovering the impact of cultural heritage on economic growth: empirical evidence from Greek regions, 2000–2019

Author

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  • Ioannis Kostakis

    (Harokopio University of Athens)

  • Sarantis Lolos

    (Panteion University)

Abstract

This paper brings empirical evidence on the role of cultural heritage assets in promoting economic growth. The case of Greece at regional level over the period 2000–2019 is taken as an example, owing to important cultural heritage endowment. Economic growth is approached by formulating a neoclassical growth model augmented with a dynamic cultural heritage index. The relationship between economic growth and cultural heritage is examined through a heterogeneous and cross-correlated panel data analysis. The empirical results reveal a positive impact of cultural heritage endowment on economic growth. Also, a significant positive influence of physical capital and a negative impact of unemployment on the economy are evidenced. The conclusions drawn could be useful to regions and countries to upgrade their cultural heritage endowment to accelerate economic growth.

Suggested Citation

  • Ioannis Kostakis & Sarantis Lolos, 2024. "Uncovering the impact of cultural heritage on economic growth: empirical evidence from Greek regions, 2000–2019," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 73(3), pages 1209-1239, October.
    • Handle: RePEc:spr:anresc:v:73:y:2024:i:3:d:10.1007_s00168-024-01280-3
    DOI: 10.1007/s00168-024-01280-3
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    More about this item

    Keywords

    Cultural heritage; Regional economic growth; Panel data; Greece;
    All these keywords.

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • P25 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Urban, Rural, and Regional Economics

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