Your room is ready: Tourism and urban revival

IF 3.5 2区 经济学 Q1 ECONOMICS Regional Science and Urban Economics Pub Date : 2024-11-01 DOI:10.1016/j.regsciurbeco.2024.104059
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Abstract

Tourism is an essential sector of the global economy, contributing significantly to GDP and employment. Despite its importance, our understanding of its impact on urban economic activity remains limited. This paper aims to fill this gap by examining the impact of tourism on urban transformation using a dataset of hotel openings in Madrid from 2001–2010. I show that hotel openings positively impact the number of establishments and employment by using the number of protected buildings as an instrumental variable to account for the non-random distribution of hotel openings. Interestingly, hotel openings contribute to changes in the composition of the economic activities and the business structures, enhancing tourist-oriented corporate-owned businesses over other individual-owned companies. Finally, economic effects extend to the real estate market, increasing rental prices and residential investment.
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您的房间已准备就绪旅游业与城市复兴
旅游业是全球经济的重要部门,对国内生产总值和就业贡献巨大。尽管旅游业非常重要,但我们对其对城市经济活动影响的了解仍然有限。本文旨在填补这一空白,利用 2001-2010 年马德里酒店开业数据集研究旅游业对城市转型的影响。通过使用受保护建筑的数量作为工具变量来解释酒店开业的非随机分布,我发现酒店开业对机构数量和就业产生了积极影响。有趣的是,酒店的开业促进了经济活动和企业结构组成的变化,使以游客为导向的公司所有制企业比其他个人所有制企业更受青睐。最后,经济效应延伸到房地产市场,提高了租金价格和住宅投资。
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来源期刊
CiteScore
5.30
自引率
9.70%
发文量
63
期刊介绍: Regional Science and Urban Economics facilitates and encourages high-quality scholarship on important issues in regional and urban economics. It publishes significant contributions that are theoretical or empirical, positive or normative. It solicits original papers with a spatial dimension that can be of interest to economists. Empirical papers studying causal mechanisms are expected to propose a convincing identification strategy.
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