Cultural Heritage led Growth: Regional evidence from Greece (1998-2016)

Kostakis, Ioannis and Lolos, Sarantis and Doulgeraki, Charikleia (2020): Cultural Heritage led Growth: Regional evidence from Greece (1998-2016).

Abstract

This paper brings empirical evidence on the relationship between cultural heritage assets and economic growth. The case of Greece over the period 1998-2016 is taken as an example. Regional growth is approached through the formulation of a neoclassical growth model augmented with cultural heritage factors. Using panel methods of estimation, the empirical results reveal a positive impact of cultural heritage on regional growth, thus supporting a culture-led growth hypothesis for the Greek economy. In addition, a significant influence of other growth drivers such as physical and human capital, fertility and unemployment on regional growth is evidenced. Our results leave ample room for smart, inclusive and sustainable national, regional and EU policies to operate for the promotion of economic growth.

• Item Type: MPRA Paper
• Language: English
• Keywords: cultural heritage, regional growth, Greece
• Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence; P - Economic Systems > P2 - Socialist Systems and Transitional Economies > P25 - Urban, Rural, and Regional Economics; Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology

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