Page 186 - GLOBAL TOURISM CHALLENGES IN 21st CENTURY
P. 186
7+( 672&.6¶ %(7$ &$/&8/$7,21 $7 06(
=RUDQ ,YDQRYVNL
1DGLFD ,YDQRYVND
=RUDQ 1DUDVDQRY
$EVWUDFW
,Q WKLV SDSHU ZH SURYLGH DFFXUDWH VWRFNV¶ EHWD FDOFXODWLRQ XVLQJ WHQ \HDU WLPH VHULHV RI GDLO\ VWRFNV¶ FORVLQJ
SULFH DW WKH 0DFHGRQLDQ 6WRFN ([FKDQJH 06( %HWD FDOFXODWLRQ ZDV SHUIRUPHG XVLQJ VORSH IXQFWLRQ DV
ZHOO DV ZLWK UHJUHVVLRQ DQDO\VLV WHVWLQJ VHYHUDO VWRFN UHWXUQV 2XU SURFHGXUH RI UDQGRPL]DWLRQ ZDV EDVHG RQ
SRVVLELOLW\ WR FRPSDUH RXU UHVXOWV ZLWK SUHYLRXV %HWD FDOFXODWLRQV :H ILQG VLJQLILFDQW GLIIHUHQFHV LQ UHVXOWV
EHWZHHQ VORSH FDOFXODWLRQ DQG UHJUHVVLRQ DOWKRXJK ZH XVHG WKH VDPH WLPH SHULRG %HIRUH PDNLQJ IXUWKHU
FRQFOXVLRQ ZH KDYH WHVW WKH QHFHVVLW\ WR FDOFXODWH %HWD FRHIILFLHQWV DW 06( KDYLQJ LQ PLQG WKDW VRPH
DXWKRUV DUJXH WKDW %HWD SURYLGHV EHWWHU UHVXOWV IRU VWRFN YDOXDWLRQ :H FRQFOXGH WKDW %HWD FRHIILFLHQWV DW
06( DUH FOHDUO\ QRW VWDEOH RYHU WKH ORQJ SHULRG WKXV ZH EHOLHYH WKDW WLPH YDU\LQJ EHWD FDOFXODWLRQ LV
GHILQLWHO\ PRUH SUHIHUDEOH ZD\ WR FRPSXWH ³DFFXUDWH´ EHWDV
.H\ZRUGV ULVN UHWXUQ EHWD UHJUHVVLRQ YDOXDWLRQ
,QWURGXFWLRQ
&DSLWDO PDUNHW LQ WKH 5HSXEOLF RI 0DFHGRQLD LV UHODWLYHO\ \RXQJ FRPSDUHG ZLWK VWRFN
PDUNHWV LQ GHYHORSHG FRXQWULHV 0DFHGRQLDQ 6WRFN ([FKDQJH 06( ZDV HVWDEOLVKHG
LQ 6HSWHPEHU EXW LWV UHDO VWDUW ZDV ZLWK WKH ILUVW ULQJ RI 6WRFN ([FKDQJH EHOOV RQ
0DUFK 06( VWDUWHG RQ WR FDOFXODWH 0DFHGRQLD 6WRFN ([FKDQJH
,QGH[ 0%, ZKLFK FRQVLVWV RI ILYH PRVW OLTXLG VWRFNV DW 06( 0%, ZDV SULFH QRW
ZHLJKWHG LQGH[ DQG DV D ILUVW LQGH[ LW ILQLVKHG LWV IXQFWLRQ DV DJJUHJDWH LQGLFDWRU IRU
VWRFN H[FKDQJH PRYHPHQW TXDQWLILFDWLRQ
2Q QHZ 06( LQGH[ ZDV LQWURGXFHG 0%, DV ZHLJKWHG DYHUDJH
LQGLFDWRU ,W HQDEOHV XVLQJ PDUNHW FDSLWDOL]DWLRQ PRUH UHDOLVWLF IROORZLQJ SULFH
PRYHPHQWV DW 06( 0%, FDOFXODWLRQ LV PDNLQJ LQ DFFRUGDQFH ZLWK 0HWKRGRORJ\
IRU 0%, FDOFXODWLRQ DQG LW FRQVLVWV RI WHQ TXRWHG VWRFNV RQ 06( 2IILFLDO PDUNHW
VHJPHQW 6WRFN ,QGH[ &RPPLWWHH UHJXODUO\ WZR WLPHV SHU \HDU DQG DG KRF LQ VSHFLDO
FLUFXPVWDQFHV PDNH XSGDWH RI 0%, VWUXFWXUH LQ DFFRUGDQFH ZLWK PDUNHW
FRQGLWLRQV :LWK WKH VWDUW RI 0%, FDOFXODWLRQ 06( VWRSSHG 0%, FDOFXODWLRQ
6WDUWLQJ IURP 06( UHJXODUO\ FDOFXODWHV %RQG 3ULFH ,QGH[ 20%
06(¶V VKRUW KLVWRU\ VWURQJO\ DIIHFWV VHFXULWLHV YDOXDWLRQ GXH WR WKH UHODWLYHO\ VKRUW
WLPH VHULHV DQG LPSRVVLELOLW\ WR FDOFXODWH EHWDV WKDW XVXDOO\ QHHG ORQJ WHUP WLPH VHULHV
PRUH WKDQ \HDUV :LWK WKH HQG RI 0%, KDV H[SHULHQFHG WHQ \HDUV
ϭ =RUDQ ,YDQRYVNL 3K ' )XOO 3URIHVVRU 8QLYHUVLW\ RI 7RXULVP DQG 0DQDJHPHQW LQ
6NRSMH 1DGLFD ,YDQRYVND 3K ' $VVLVWDQW 3URIHVVRU &HQWUDO &RRSHUDWLYH %DQN
6NRSMH =RUDQ 1DUDVDQRY 3K ' $VVLVWDQW 3URIHVVRU :LQQHU ,QVXUDQFH 9LHQQD
,QVXUDQFH *URXS 6NRSMH
ϭϳϵ

