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Nonprofit organizations. --- Accounting. --- financial sustainability

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April 1999 - Among three options for constructing funded social security pillars, one system - individual accounts invested in the institutional market, with constrained choice among investment companies - appears to offer reduced administrative and marketing costs, significant worker choice, and more insulation from political interference than a single centralized fund or individual investments in the retail market would offer. One of the main criticisms of the defined-contribution, individual-account components of social security systems is that they are too expensive. James, Ferrier, Smalhout, and Vittas investigate the cost-effectiveness of three options for constructing funded social security pillars: Individual accounts invested in the retail market with relatively open choice; Individual accounts invested in the institutional market with constrained choice among investment companies; A centralized fund without individual accounts or differentiated investments across individuals. The authors asked several questions: What is the most cost-effective way to organize a system with mandatory individual accounts? How does the cost of an efficient individual account system compare with that of a single centralized fund? And are the cost differentials great enough to outweigh other important considerations? The authors concentrate on countries with well-functioning financial markets, such as the United States, but make comparative references to developing countries. Based on empirical evidence about U.S. mutual and institutional funds, the authors found that the retail market (option 1) allows individual investors to benefit from scale economies in asset management-but at the cost of the high marketing expenses needed to attract large pools of small investments. By contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs. But it gives workers no choice and is subject to political manipulation and misallocation of capital. The system of constrained choice (option 2) is much cheaper than the retail option and only slightly more expensive than a single centralized fund. It allows scale economies in asset management and record-keeping while incurring low marketing costs and allowing significant worker choice. It is also more effectively insulated from political interference than a single centralized fund. The authors estimate that option 2 would cost only 0.14 percent-0.18 percent of assets annually. Such large administrative cost savings imply a Pareto improvement-so long as choice is not constrained too much. This paper-a product of Poverty and Human Resources and Finance, Development Research Group-was prepared for a National Bureau of Economic Research Conference on Social Security held on December 4, 1998. The authors may be contacted at ejames3@worldbank.org or dvittas@worldbank.org.

Administrative Costs --- Bank --- Contribution --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Financial Industry --- Financial Literacy --- Financial Markets --- Financial Sustainability --- Individual Accounts --- Investment --- Investment and Investment Climate --- Investment Companies --- Investments --- Macroeconomics and Economic Growth --- Money --- Money Market --- Mutual Fund --- Mutual Funds --- Populations --- Private Sector Development --- Research Assistance --- Retirement --- Retirement Benefits --- Saving --- Social Security

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The book "Economic Sustainability of Culture and Cultural Tourism" focuses on the economic sustainability of cultural and cultural tourism projects, but it also takes into account other aspects. It consists of eleven articles, which address cultural heritage, culture, cultural/creative industries and (cultural) tourism. Analysis in the cultural heritage-related articles deals with specific topics such as crowdfunding, cost–benefit analysis in the evaluation of cultural heritage project funding, industrial heritage/brownfields, and social assessment methods for the economic analysis of cultural heritage. Cultural work is further analyzed, offering a comparative economic sustainability analysis in the UK as well as support mechanisms for cultural/creative industries in Canada. Creative industries in the peripheral areas of Italy and Greece are also zeroed in on in the context of their sustainability. Articles focusing on (cultural) tourism address the topics of dark tourism, tourists’ willingness to pay for cultural experiences, and the relationship between COVID-19 vaccinations and the volatility of travel and leisure companies. Additionally, the role of culture and heritage in tourism resilience during the COVID-19 pandemic is explored with interesting results.

cultural heritage --- financial sustainability --- crowdfunding --- Europe --- Hawaiian culture --- visitor perceptions --- economic sustainability --- willingness to pay (WTP) --- COVID-19 pandemic --- cultural and creative industries --- sustainability --- peripheral areas --- cultural heritage projects --- EU funds --- economic analysis --- cost–benefit analysis --- cultural investment --- stimulate tourism --- pandemic recovery --- Canada --- public policy --- grants and financial instruments --- arts management --- cultural policy --- COVID-19 --- pandemic --- stock market volatility --- travel and leisure --- vaccinations --- brownfield redevelopment --- cultural use --- public funds --- Hungary --- post-socialist transformation --- circular urban development --- cultural and creative industries policy --- cultural workers’ precarity --- COVID-19 pandemic recovery plan --- visual arts --- UK --- Ireland --- France --- Universal Basic Income (UBI) --- impact of COVID-19 --- travel --- wellbeing --- NATURA --- UNESCO --- sustainable development --- tourism --- dark tourism --- cultural heritage management --- tourism industry development --- sustainable tourism development --- heritage evaluation --- sociological analytical methods --- sociologic impact assessment --- social performance evaluation

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The management of cultural heritage and public real-estate assets is one of the most crucial challenges concerning the sustainable use of these resources, involving dynamic methods to stimulate preservation, development, renewal, and transmission to future generations of these essential assets. The contributions presented in this book provide a rich and varied panorama of research experiences and innovative tools, capable of promoting the re-use of cultural heritage in European cities and cultural landscapes, using a circular economy logic as a model of sustainable development. From this point of view, cultural capital becomes the driver of a regeneration process on the local, urban, and metropolitan scales, in which the transversal interconnections between the production cycles of the adaptive re-use of the available heritage, both in the adaptation and in the management phase, configure a circular process of multidimensional production of value. Therefore, future territorial redevelopment projects can base their idea strength on an open system of appropriately selected social attractors, whose enhancement and use have the objective of triggering widespread regeneration effects on the whole territory of influence, receiving inducement and resources to progress.

Humanities --- Social interaction --- urban heritage --- historic centre --- regulation --- sustainability --- city plan --- ambidextrous management --- creative tourism --- tourismphobia and anti-tourism movements --- social capital --- heritage --- territorial health center --- urban regeneration --- Multi-Criteria Analysis --- built cultural heritage --- values --- economic evaluation of projects --- Multi Criteria Decision Making (MCDM) --- historical building --- economic enhancement --- integrated evaluation --- multicriteria analysis --- cultural heritage and circular economy --- financial sustainability --- Ritiro del Carmine --- built heritage sustainable reuse --- economic feasibility --- economic sustainability --- project feasibility investment profitability --- unused public buildings --- cultural heritage --- cultural tourism --- regional development --- rural areas --- bibliometric analysis --- bibliographic analysis --- risk assessment --- public investment --- time overrun --- public works --- urban governance --- new public institutional forms --- multi-sectoral collaboration --- social innovation --- MONUM --- adaptive reuse --- building rehabilitation --- impact assessment --- cultural landscape --- local governance --- immovable properties --- bathing houses --- Mar Menor --- San Javier --- artworks --- macro-elements --- vulnerability --- seismic damage --- deterioration --- web archive --- tourist flow management --- ETIS --- carrying capacity --- social impact --- social network analysis --- public real estate property --- operational protocol --- model of choice --- radar diagram --- urban art --- Neighborhood Regeneration --- Social Empowerment --- Right to the City --- Ferrol (Spain) --- Sustainable Development Goals --- SDG 11 --- heritage database --- heritage value --- heritage classification --- vocationality --- Analytic Hierarchy Process (AHP) --- Vesuvian Villas --- valuation --- A’WOT analysis --- multicriteria decision aid --- valorization --- management strategy --- urban sustainable development --- historical school buildings --- multi-criteria evaluation --- cultural firms --- accounting parameters --- survival analysis --- Kaplan–Meier curves --- strategic planning --- historic urban landscape --- model --- management instruments --- Novi Pazar --- Serbia --- cultural heritage conservation --- multi-criteria decision aid --- strategic assessment --- landscape management --- agriculture --- evaluation --- multi criteria decision aide (MCDA) --- rough sets --- multifunctionality --- artistic assets --- AHP --- seismic hazard --- n/a --- archaeological basins --- Web-GIS and Geodatabases --- territorial marketing --- cultural economics --- land economy --- tourism experience management --- cultural estate --- landscape heritage --- A'WOT analysis --- Kaplan-Meier curves

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The management of cultural heritage and public real-estate assets is one of the most crucial challenges concerning the sustainable use of these resources, involving dynamic methods to stimulate preservation, development, renewal, and transmission to future generations of these essential assets. The contributions presented in this book provide a rich and varied panorama of research experiences and innovative tools, capable of promoting the re-use of cultural heritage in European cities and cultural landscapes, using a circular economy logic as a model of sustainable development. From this point of view, cultural capital becomes the driver of a regeneration process on the local, urban, and metropolitan scales, in which the transversal interconnections between the production cycles of the adaptive re-use of the available heritage, both in the adaptation and in the management phase, configure a circular process of multidimensional production of value. Therefore, future territorial redevelopment projects can base their idea strength on an open system of appropriately selected social attractors, whose enhancement and use have the objective of triggering widespread regeneration effects on the whole territory of influence, receiving inducement and resources to progress.

Humanities --- Social interaction --- urban heritage --- historic centre --- regulation --- sustainability --- city plan --- ambidextrous management --- creative tourism --- tourismphobia and anti-tourism movements --- social capital --- heritage --- territorial health center --- urban regeneration --- Multi-Criteria Analysis --- built cultural heritage --- values --- economic evaluation of projects --- Multi Criteria Decision Making (MCDM) --- historical building --- economic enhancement --- integrated evaluation --- multicriteria analysis --- cultural heritage and circular economy --- financial sustainability --- Ritiro del Carmine --- built heritage sustainable reuse --- economic feasibility --- economic sustainability --- project feasibility investment profitability --- unused public buildings --- cultural heritage --- cultural tourism --- regional development --- rural areas --- bibliometric analysis --- bibliographic analysis --- risk assessment --- public investment --- time overrun --- public works --- urban governance --- new public institutional forms --- multi-sectoral collaboration --- social innovation --- MONUM --- adaptive reuse --- building rehabilitation --- impact assessment --- cultural landscape --- local governance --- immovable properties --- bathing houses --- Mar Menor --- San Javier --- artworks --- macro-elements --- vulnerability --- seismic damage --- deterioration --- web archive --- tourist flow management --- ETIS --- carrying capacity --- social impact --- social network analysis --- public real estate property --- operational protocol --- model of choice --- radar diagram --- urban art --- Neighborhood Regeneration --- Social Empowerment --- Right to the City --- Ferrol (Spain) --- Sustainable Development Goals --- SDG 11 --- heritage database --- heritage value --- heritage classification --- vocationality --- Analytic Hierarchy Process (AHP) --- Vesuvian Villas --- valuation --- A'WOT analysis --- multicriteria decision aid --- valorization --- management strategy --- urban sustainable development --- historical school buildings --- multi-criteria evaluation --- cultural firms --- accounting parameters --- survival analysis --- Kaplan-Meier curves --- strategic planning --- historic urban landscape --- model --- management instruments --- Novi Pazar --- Serbia --- cultural heritage conservation --- multi-criteria decision aid --- strategic assessment --- landscape management --- agriculture --- evaluation --- multi criteria decision aide (MCDA) --- rough sets --- multifunctionality --- artistic assets --- AHP --- seismic hazard --- archaeological basins --- Web-GIS and Geodatabases --- territorial marketing --- cultural economics --- land economy --- tourism experience management --- cultural estate --- landscape heritage