Olympic

Relationship between Olympic and economy

How can Olympics affect the economies of countries and how much it can?

| Benefits | Cost |

Pre-Games phrase | TourismConstruction activity | Investment expenditurePreparatory operationalcosts (including bid costs)Lost benefits from displaced |

Games phrase | TourismStadium & infrastructureOlympic jobsRevenues from Gamestickets, TV rights,Sponsorship, etc.) | Operational expenditureassociated with GamesCongestionLost benefits from displacedprojects |

Post-Games phrase | TourismStadiums & infrastructureHuman capitalUrban regenerationInternational Reputation | Maintenance of stadiumsand infrastructureLost benefits from displacedprojects |

Table 1 – Key economic benefits and costs of the Games

Table 1 – Key economic benefits and costs of the Games

It is a well-known fact that any countries around the world try to be picked as a host country of Olympic. It is important to draw a distinction between the financial impact of hosting the Olympics and the wider economic impact of the Games. The financial impact of the Games relates specifically to the budgetary balance of the host city’s organising committee, and whether the financial costs of hosting the Games can be met by the revenues directly generated from Games events. The economic impact, on the other hand, relates to the wider effects of the Games on the general economy arising from associated factors such as increased tourism and improved infrastructure. Clearly, for large economies such as the United States, the economic impact of hosting the Games is likely to be significant primarily at the local or regional level, rather than at the macroeconomic level. But for a smaller economy such as Greece, these effects are likely to be felt also at the national level. The macroeconomic effect of hosting the

The Essay on The Cost and Benefits of U.S. Economic Sanctions

As outsourcing has grown in the last 10 years due to the advancements of Technology, the U.S. has had to enforce rigorous sanctions on its trade policy. For example, according to the Wikipedia article "Economic Sanctions," "in 2002 the United States placed import tariffs on steel in an effort to protect its industry from foreign producers, such as China..." (1). Furthermore, these sanctions have ...

Olympic Games received little serious attention prior to the first economic impact study conducted for the Los Angeles Games of 1984. Interest in the wider economic effects of hosting the Olympics eveloped after the city of Montreal declared a considerable financial deficit from the 1976 Games although it should be noted that this refers only to the direct financial effects of the Games, not their overall economic impact).

The Montreal Olympics were financed almost entirely with the city’s own public funds, with a considerable amount spent on improving infrastructure and sports facilities in a relatively small area of the city. Such was the extent of the ensuing budgetary shortfall that Montreal’s taxpayers are still paying a supplementary tax on tobacco that is not expected to pay off the Olympic deficit until 2005/6. Indeed, the Montreal Games were so financially disastrous that other cities were deterred from bidding for some time due to the apparent risk of financial disaster. Little information is available regarding the financing of the Moscow Games of 1980, but when Los Angeles hosted the Games of 1984, the citizens voted against public financial support and it thus became the first almost entirely privately-financed Games. This marked the beginning of the commercialisation of the Games and the development of global Olympic sponsorship deals. Only a very small amount was invested in upgrading the city’s infrastructure. The Games proved a financial success and generated a budgetary surplus. Although it may have had less of a positive long-term economic impact given the lack of new infrastructure spending. Following the commercial success of the Los Angeles Games, cities were once again attracted to bid to host the event. Moreover, the Games of Seoul 1988 and, especially, Barcelona 1992 showed that a city could significantly improve its infrastructure by hosting an Olympics that was also financially viable. The cities upgraded their transport and telecommunications facilities as well as constructing new urban centres with housing, retail and other community facilities that have been fully integrated into their metropolitan areas. The possibility of benefiting from such legacy effects encouraged more cities to bid to host the Games. Increasing attention was focused on the wider economic impacts of the Games, looking at benefits stretching beyond.

The Essay on Ancient Olympics Olympic Games

Andrew Blue Mrs. Harris 18 March 2005 World History 1 History of the Ancient Olympic Games The Ancient Greek Olympics were not only sporting events, it was a celebration to honor the great and powerful Zeus. The Ancient Olympics were held every four years at the famous Olympia, a district of Elis, here all free Greek men were allowed to compete. The first record of the Olympic Games was held in ...

Table 3 – Economic impact studies of past Games Committees

Table 3 – Economic impact studies of past Games Committees

Table 2 – Financial balance of Olympic Games Organising Committees

Table 2 – Financial balance of Olympic Games Organising Committees

Is it always on a positive side?

Despite these popular view on impact of Olympics on economy, economists are skeptical about the economic benefits of hosting “mega-events” such as the Olympic Games or the World Cup, since such activities have considerable cost and seem to yield few tangible benefits. These doubts are rarely shared by policy-makers and the population, who are typically quite enthusiastic about such spectacles. In this paper, we reconcile these positions by examining the economic impact of hosting mega-events like the Olympics; we focus on trade. Using a variety of trade models, we show that hosting a mega-event like the Olympics has a positive impact on national exports. This effect is statistically robust, permanent, and large; trade is around 30% higher for countries that have hosted the Olympics. Interestingly however, we also find that unsuccessful bids to host the Olympics have a similar positive impact on exports. We conclude that the Olympic effect on trade is attributable to the signal a country sends when bidding to host the games, rather than the act of actually holding a mega-event. We develop a political economy model that formalizes this idea, and derives the conditions under which a signal like this is used by countries wishing to liberalize.

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Geography and economic activity often determine the future of any civilization. Here, one is forced to admit that most of the obvious differences among the ancient civilization can be drawn based on their geographical location and, of course, their economic history (Wells, 561). Let us take the example of Roman and Mesopotamian civilizations. Roman civilization is centered on a powerful city ...