An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic

Investments in cultural heritage tourism can significantly boost economic growth, employment, and income in tourism-dependent economies. A study on the Colonial City of Santo Domingo in the Dominican Republic demonstrates that enhancing cultural heritage tourism opportunities diversifies the tourism product, expands the visitor base, and increases tourism expenditure. The research introduces an integrated economic model combining economy-wide modeling, time series analysis, stated preference approaches, and net present value analysis to evaluate such investments. This framework provides valuable insights into how targeted investments can accelerate economic development, offering a replicable approach for other regions with similar goals.

Banerjee, O., Henseler, M., Maisonnave, H., Beyene, L. M., & Velasco, M. (2017). An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic. Tourism Economics, 23(8), 1568–1580. https://doi.org/10.1177/1354816617713229