Hunting for the Olympics bounce : any evidence in real estate (original) (raw)
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Journal of Economic Perspectives
In this paper, we explore the costs and benefits of hosting the Olympic Games. On the cost side, there are three major categories: general infrastructure such as transportation and housing to accommodate athletes and fans; specific sports infrastructure required for competition venues; and operational costs, including general administration as well as the opening and closing ceremony and security. Three major categories of benefits also exist: the short-run benefits of tourist spending during the Games; the long-run benefits or the “Olympic legacy” which might include improvements in infrastructure and increased trade, foreign investment, or tourism after the Games; and intangible benefits such as the “feel-good effect” or civic pride. Each of these costs and benefits will be addressed in turn, but the overwhelming conclusion is that in most cases the Olympics are a money-losing proposition for host cities; they result in positive net benefits only under very specific and unusual ci...
Journal of Urban Affairs, 2019
Olympic boosters have increasingly encountered opposition among city residents about the idea of hosting the Games. Among factors leading cities to question the advisability of hosting the Olympics is the issue of cost, which has critically shaped public opinion in bid cities. Considerable attention has been given to public opinion among local residents in host Olympic cities in both the bid phase and the preparation phase. In contrast, this paper uses microdata from Game-time public opinion surveys and post-Games surveys gathered 1 year and 4 years after the Games in both Vancouver and London using models that control for the demographic characteristics of respondents in order to understand how local residents perceive the economic value and economic outcomes of hosting the Games. Experiencing the Games leads to attitudinal shifts about value but does not resolve the question of whether hosting the Olympics is an appropriate urban priority.
IMPACT OF OLYMPICS ON HOST COUNTRY'S ECONOMY
2023
This research study has been developed by focusing on the economic impact of Olympic. To analyses the economic indicators of the five countries (the United States, Spain, Australia, China and Greece) that have hosted the Games between 1992 and 2008, this study utilizes a quantitative exploratory research technique and secondary data analysis. The primary indicators of success include gross domestic product, unemployment rate, tourist numbers, and foreign direct investment in the decade before, during, and after the Olympic and Paralympic Games. The studies suggest that an Olympic host country has short-and long-term economic advantages such as increased GDP, increased tourism, and increased foreign direct investment. However, studies showed that the impact on the jobless rate was small. This research elucidates the monetary benefits of hosting the Olympic Games to aid policymakers in making informed assessments on the feasibility of such mega-events. The consequences of hosting the Olympics on non-economic aspects, such as social and environmental circumstances, and how they differ between rich and developing countries might be the subject of further research.
Polish Journal of Sport and Tourism
Introduction. The positive legacy of the Olympics is often cited by the International Olympic Committee and national organizers. Some scholars, however, question an uncritical approach to an exclusively positive economic legacy. The aim of this study is to evaluate the impact of hosting the Olympics on infrastructure development, with a potential impact on economic growth in the form of Gross Domestic Product (GDP) in three phases of seven Olympic Games organised in Europe in recent years. Material and methods. The effect of a particular Olympic period on the GDP was analysed using a difference-in-difference technique in which the difference between each of the analysed seven host countries’ GDPs and those of a reference set of countries was obtained. Each time, as part of the observation, an event time period was distinguished covering all three phases of the event: the preparatory phase, the event phase and the post-event phase. Results. For the Winter Olympic Games, no statistica...
2008
This paper provides an empirical examination of the 2002 Winter Olympic Games in Salt Lake City, Utah. Our analysis of taxable sales in the counties in which Olympic events took place finds that some sectors such as hotels and restaurants prospered while other retailers such as general merchandisers and department stores suffered. Overall the gains in the hospitality industry are lower than the losses experienced by other sectors in the economy. Given the experience of Utah, potential Olympic hosts should exercise caution before proceeding down the slippery slope of bidding for this event.
Whose Accolades? An Alternative Perspective on Motivations for Hosting the Olympics
Urban Forum, 2010
This article argues that much of the literature on Olympic cities misperceives the role played by a city’s business and political elites due to the failure to take into account the historical and socioeconomic circumstances of the country concerned. The article demonstrates that the Chinese Communist Party used the Olympics as a vehicle to consolidate its legitimacy and Beijing as a showpiece to project the country’s identity and modernity internationally. The emphasis here is the interests of the Party and not urban entrepreneurialism. The essential contribution of this article is to propose a matrix as a tool for exploring the motivations of cities and countries for hosting the Olympics. The matrix comprises Olympic cities in democratic and authoritarian, and in developed and developing, countries.
The economy of the Beijing Olympic Games : An analysis of first impacts and prospects
2009
This paper was presented at the International Sport Business Symposium, held by the Capital University of Economics and Business in Beijing, in 2008. The speakers, Ferran Brunet, as a professor at the Autonomous University of Barcelona and Zuo Xinwen, as a member of Beijing Development and Reform Commission, both set out to analyze changes in the economic and social development of the city which were undertaken with the aim to celebrate the 2008 Olympic Games. They discuss aspects as a transformation in the mode of economic growth, resources of the Organizing Committee, investments related to the Games, transport and communications, industries, the balance of urban and rural development, urban construction and management service and operations into a well-off society.
Olympic Cities: Lessons Learned from Mega-Event Politics
Journal of Urban Affairs, 2001
As cities compete for jobs and capital in the context of limited federal aid and increasing global economic competition, a new and potentially high-risk strategy for stimulating local economic growth has emerged. This strategy, called the mega-event strategy, entails the quest for a high-profile event to serve as a stimulus to, and justification for, local development. We examine how the mega-event strategy has played out in the three US cities with contemporary Olympic experience: Los Angeles (1984), Atlanta (1996), and Salt Lake City (2002). We analyze the approaches taken by these three cities to bidding for and staging an Olympic mega-event. Our comparison focuses on the decade long period that cities use to prepare to host the games. We conclude with a discussion of lessons learned and the policy implications of the mega-event strategy on urban politics.