News Shocks in Olympics Bidding 公开

Abstract

The Olympic Games are slowly losing its popularity despite its historical significance. There have been increasing numbers of studies and news articles questioning the economic benefits for hosting the Olympics, resulting in fewer countries bidding to host the Games in their own country. This paper investigates the macroeconomic outcomes of hosting the Olympic Games with news shocks in Olympics bidding through the Local Projection method from data of 183 countries throughout 1950 to 2019. The results from this paper demonstrates that GDP and capital stock increases, while employment and total factor productivity levels remain consistent as a result of winning the bids for the Olympics. This suggests capital deepening to be occurring, as GDP is a result of a high level of output per worker. In addition, the increase in investment suggests that countries are getting money from increases in imports into the country, as well as a decrease in consumption relative to GDP. Therefore, the paper suggests that hosting the Olympics is economically beneficial for the countries, and the benefits start to present themselves immediately after the bidding procedure. In conclusion, this paper provides valuable insights into the changes in the economy after the bidding news of the Olympics, potentially changing people’s opinions on the negative scope associated with hosting. 

Table of Contents

1  Introduction

2  Background

2.1 Economic Costs and Benefit

2.2 Process of Bidding

2.3 What is News Shock?

2.4 Importance & Motivation

3  Methods

3.1 Local Projection Method

3.2 Data Description

3.2.1 Games Bids

3.2.2 Penn World Table (PWT)

4  Summary Statistics

5  Impacts on the Economy

6  Conclusion: Limitations and Future Research

References

About this Honors Thesis

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School	Emory College
Department	Economics
Degree	B.A.
Submission	Honors Thesis
Language	English
Research Field	Economics, Theory Economics, General
关键词	Olympics Impulse Responses Local Projections
Committee Chair / Thesis Advisor	Nelson Lind, Emory University
Committee Members	Maria Arbatskaya, Emory University Hugo Mialon, Emory University

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