1st Edition

The Economics and Finance of Cultural Heritage How to Make Tourist Attractions a Regional Economic Resource

By Vincenzo Pacelli, Edgardo Sica Copyright 2021
    156 Pages 3 B/W Illustrations
    by Routledge

    156 Pages 3 B/W Illustrations
    by Routledge

    This book analyses the economic and financial profiles of heritage assets as tourist attractions. Offering both theoretical insights, methods, and global empirical examples, it considers how heritage assets can create economic and social value for a region.

    It offers an analysis of micro- and macroeconomic characteristics of heritage assets and their financial management. The importance of innovation in light of technological and market transformations is considered, as well as the sustainable management of heritage assets environmentally and in terms of sustainable tourism. The book delves into the financial assessment of heritage assets with a focus on evaluation models, the technique of project financing and wealth management in the art sector. These topics are illustrated with cases studies of heritage assets managed as tourist attractions to outline successful management strategies. The book draws on examples from a range of sites and locations across Italy, Spain, the United Kingdom, New Zealand, and the United States to show how heritage assets can be an economic stimulus for the development of local economies.

    The book will be of interest to academics and students at both undergraduate and postgraduate levels in the fields of tourism economics, cultural studies and environmental studies.

    1. Micro- and macroeconomic characteristics of heritage assets 2. Heritage assets, innovation and environmental sustainability 3. Financing heritage assets and art wealth management 4. The valuation of heritage assets 5. Caves as environmental and tourist resources: analysis of the Waitomo Glowworm Caves and the Caves of Castellana 6. Heritage assets as a cultural and tourist resource: the cases of the Pinacoteca di Brera, the National Archaeological Museum of Taranto and the Ravennantica Foundation 7. How a heritage asset as a tourist attraction can create regional value: best practice from Europe and the US


    Vincenzo Pacelli is Associate Professor of Banking and Finance at the University of Bari "Aldo Moro", Italy. He obtained a PhD in Banking and Finance from the University of Rome, La Sapienza, Italy. He is author of scientific essays and books and lecturer in university international conferences in banking and finance.

    Edgardo Sica is Associate Professor of Economics at the DEMeT, University of Foggia, Italy. He obtained a PhD in Technology and Innovation Management at the SPRU, UK. His main research interest lies at the intersection of sustainability, innovation, and tourism economics