Courses DescriptionsCourse's structure is presented below:
Course's structure is presented below:
Upon completion of the Course, students should be able to:
CO1. Understand and interpret the notions of cultural heritage and European Institutions – policies as well as the different forms of financial instruments usually used in the cultural heritage sector. CO2. Detect, estimate and evaluate the impact of cultural heritage projects.
CO3. Recognize the complexity of cultural heritage projects as well as their evaluation and impact both in economy and society.
CO4. Formulate a research question in the field of cultural heritage project funding and link it to current research and advanced scholarship.
CO5. Demonstrate ability to synthesize variables and components from different European policies, frameworks and financial instruments.
CO6. Reflect upon their own learning process and develop their soft skills (management, interpersonal, etc.) which are of great importance when dealing with cultural heritage projects.
CO7. Critically understand the importance and the effect of cultural heritage projects both at national and international – European level.
1. Introduction to European Institutions and Finance
2. Introduction to Financial Instruments
3. Towards an integrated approach to funding cultural heritage for Europe
4. Investments in the Cultural Sector: evaluation methods, dissemination and implications for the territory
5. Financial Instruments for Cultural Heritage
6. Public-private partnership (PPP)
7. Financial Instruments Roadmap
8. Investment and Financing of Cultural Heritage Projects: Concepts and methods
9. Crowdfunding: Suitability for Cultural Heritage Projects
10. Financing heritage projects: Critical Parameters and Sources of Funding
11. Abstract and Presentation
12. Group Presentation
Required reading:
Throsby, D. (2001) Economics and Culture. Cambridge University Press, Cambridge
Mergos, G. & Patsavos, N. (2017) Cultural Heritage as Economic Value: Economic Benefits, Social Opportunities and Challenges of Cultural Heritage for Sustainable Development, Athens:Inherit.
Sveb, M. and Jelincic D.A. (2021) Financial Sustainability of Cultural Heritage: A Review of
Crowdfunding in Europe. Journal of Risk Financial Management.
FINPIEMONTE (2021) Financial Instruments and Innovative Schemes for cultural heritage. Interreg Central Europe
UNITO (2020) Living document on financial instruments and regulatory frameworks for the introduction of partnership with private sector.
European Court of Auditors (2020) EU investments in cultural sites: a topic that deserves more focus and coordination. Special Report.
Extra reading:
Agrawal, A., C. Catalini and A. Goldfarb (2015), “Crowdfunding: Geography, social networks, and the timing of investment decisions”, Journal of Economics & Management Strategy, Vol. 24/2, pp. 253-274.
Agrawal, A., C. Catalini and A. Goldfarb (2014), “Some simple economics of crowdfunding”, Innovation Policy and the Economy, Vol. 14, pp. 63-97.
Americans for the Arts (2021), The COVID-19 Impact Survey for Artists and Creative Workers. Antoshyna, I. and A. Bondarenko (2020), “Models of administrative and legal regulation of sponsorship and patronage in the EU”, Baltic Journal of Economic Studies, Vol. 5/5, p. 18.
Arts Council of England (2019), Private Investment in Culture Survey, Arts Council of England, Manchester.
Arts Council of England (2019), Private Investment in Culture Survey, Arts Council of England, Manchester.
Bakhshi, H. et al. (2013), Creative Credits: A Randomized Controlled Industrial Policy Experiment, Nesta, London.
Baumol, W. (1965), “On the performing arts: The anatomy of their economic problems”, The American Economic Review, Vol. 55/1/2, pp. 495-502.
Bureau of Communications and Arts Research (2017), Private Sector Support for the Arts in Australia, Australian Government.
Causales (2014), “The European cultural sponsorship market – Quo vadis?”, https://cultural- brands.com/knowledge/the-european-cultural-sponsorship-market-quo-vadis.
Caves, R. (2000), Creative Industries: Contracts Between Art and Commerce, Harvard University Press.
Copic, V. and M. Dragicevic Sesic (2018), “Challenges of public-civic partnership in Cambodia’s cultural policy development”, ENCATC Journal of Cultural Management and Policy, Vol. 8/1,
pp. 4-15.
Cramb, R. (2018), “Tax incentives for the creative industries”, Cultural Trends, Vol. 27/2, pp. 143-146.
Creativity, Culture and Capital (2021), Impact Investing in the Global Creative Economy, Creativity, Culture and Capital, London.
EC (2021), Access to Finance for the Cultural and Creative Sectors, EuropeanCommission, https://digital-strategy.ec.europa.eu/en/policies/finance-cultural-creative-sectors.
EC (2020), European Cultural and Creative Cities in COVID-19 times: Jobs at Risk and the Policy Response, European Commission.
EC (2013), Survey on Access to Finance for Cultural and Creative Sectors: Evaluate the Financial Gap of Different Cultural and Creative Sectors to Support the Impact Assessment of the Creative Europe Programme, European Commission Publications Office, Luxembourg, Frey, B. (2019), “What Is the economics of art and culture?”, in Economics of Art and Culture, SpringerBriefs in Economics, Springer International Publishing, Cham.
IDEA Consult et al. (2021), “Research for CULT Committee - Cultural and creative sectors in
post-Covid-19 Europe: Crisis effects and policy recommendations”, Policy Department for Structural and Cohesion Policies, European Parliament, Brussels.
KEA/PPMI (2019), Research for CULT Committee - Culture and Creative Sectors in the European Union - Key Future Developments, Challenges and Opportunities, Policy Department for Structural and Cohesion Policies, European Parliament.
Lee, H. (2021), “Supporting the cultural industries using venture capital: A policy experiment from South Korea”, Cultural Trends, Vol. 30/4, pp. 1-22.
Severino, F. (2014), “Cultural sponsorship and entrepreneurial mistrust”, in Handbook of Research on Management of Cultural Products, Advances in Marketing, Customer Relationship Management, and E-Services, IGI Global.
Notes and slides in electronic form via the electronic platform
Discussions via an online platform
Weblinks
The overall academic performance of students is based on the assessment of a written assignment, on a formative assessment and their performance in the final exams. A passing mark in the mid-term assignment is not a prerequisite for his/her participation in the final exams. The final grade awarded to each student is the sum of the grades awarded for the assignment and the final exams. Both the assignments and the final exams are marked in the scale 0 (complete failure) to 100 (absolute success). In order to get a passing mark in the Course, a student must receive a passing mark in the final exams. In a nutshell:
