Page 251 - GLOBAL TOURISM CHALLENGES IN 21st CENTURY

DEDQGRQHG WKH JROG VWDQGDUG ZLWK UHVSHFW WR WKH GROODU 6LQFH WKH 6'5¶V YDOXH
KDV EHHQ FRPSXWHG ZLWK UHIHUHQFH WR D UHVHUYH FXUUHQF\ EDVNHW 7KLV GRHV QRW PHDQ
WKDW WKH 6'5 LV EDFNHG E\ KDUG FXUUHQFLHV DV 'DP SRLQWV RXW PHUHO\ WKDW LWV YDOXH LQ
WUDQVDFWLRQV DQG DFFRXQWLQJ LV FDOFXODWHG LQ WKDW PDQQHU 7RGD\ WKH EDVNHW FRQVLVWV RI
GROODUV HXURV \HQ DQG SRXQGV VWHUOLQJ LQ VSHFLILHG ZHLJKWV 6'5V KDYH EHHQ LVVXHG
WR ,0) PHPEHUV RQ IRXU RFFDVLRQV VLQFH WKHLU FUHDWLRQ 7KH ILUVW LVVXH ZDV IRU
ELOOLRQ 6'5V KDQGHG RXW LQ VWDJHV IURP WR 7KH VHFRQG LVVXH ZDV IRU
ELOOLRQ 6'5V DOVR GRQH LQ VWDJHV IURP WR 7KHUH ZDV QR 6'5 LVVXDQFH IRU
DOPRVW WKLUW\ \HDUV IURP WR 7KLV ZDV WKH .LQJ 'ROODU HUD HQJLQHHUHG E\
3DXO 9ROFNHU DQG 5RQDOG 5HDJDQ ZKLFK FRQWLQXHG WKURXJK WKH 5HSXEOLFDQ DQG
'HPRFUDWLF DGPLQLVWUDWLRQV RI *HRUJH %XVK %LOO &OLQWRQ DQG *HRUJH : %XVK 7KHQ
LQ LQ WKH ZDNH RI WKH ILQDQFLDO FULVLV DQG LQ WKH GHSWKV RI D QHZ GHSUHVVLRQ WKH
,0) LVVXHG ELOOLRQ 6'5V RQ $XJXVW DQG ELOOLRQ 6'5V RQ 6HSWHPEHU
7KH FXPXODWLYH 6'5 LVVXDQFH VLQFH WKHLU FUHDWLRQ LV ELOOLRQ ZRUWK RYHU
ELOOLRQ DW WKH FXUUHQW GROODU 6'5 H[FKDQJH UDWH 7KH KLVWRU\ PDNHV LW FOHDU WKDW WKHUH LV
D FORVH FRUUHVSRQGHQFH EHWZHHQ SHULRGV RI 6'5 LVVXDQFH DQG SHULRGV RI FROODSVLQJ
FRQILGHQFH LQ WKH GROODU 7KH EHVW LQGH[ RI GROODU VWUHQJWK RU ZHDNQHVV LV WKH 3ULFH
DGMXVWHG %URDG 'ROODU ,QGH[ FDOFXODWHG DQG SXEOLVKHG E\ WKH )HGHUDO 5HVHUYH 7KH
)HG¶V GROODU LQGH[ VHULHV EHJLQV LQ -DQXDU\ DQG LV EDVHG RQ D SDU YDOXH H[SUHVVHG
DV RQ WKH LQGH[ 7KH ILUVW 6'5V LVVXHG LQ WR SUHGDWH WKLV LQGH[ EXW
ZHUH OLQNHG WR WKH GROODU¶V SHUFHQW FROODSVH DJDLQVW JROG DW WKH WLPH 7KH VHFRQG
6'5 LVVXDQFH IURP WR LPPHGLDWHO\ IROORZHG D GROODU EUHDNGRZQ IURP D
)HG LQGH[ OHYHO RI LQ 0DUFK WR LQ 2FWREHU ²DQ SHUFHQW
GHFOLQH LQ QLQHWHHQ PRQWKV $IWHU WKH LVVXDQFH WKH GROODU UHFRYHUHG LWV VWDQGLQJ DQG
WKH LQGH[ KLW LQ 0DUFK 7KLV ZDV WKH EHJLQQLQJ RI WKH .LQJ 'ROODU
SHULRG 7KH WKLUG DQG IRXUWK 6'5 LVVXDQFHV EHJDQ LQ $XJXVW QRW ORQJ DIWHU WKH
GROODU FUDVKHG WR DQ LQGH[ OHYHO RI LQ $SULO QHDU LWV OHYHO LQ WKH FULVLV RI
7KH ODJV RI DSSUR[LPDWHO\ D \HDU EHWZHHQ LQGH[ ORZV DQG 6'5 LVVXDQFH DUH D
UHIOHFWLRQ RI WKH WLPH LW WDNHV WKH ,0) WR REWDLQ ERDUG DSSURYDO WR SURFHHG ZLWK QHZ
LVVXDQFH 8QOLNH WKH LVVXDQFH LQ WKH V .LQJ 'ROODU SHULRG WKH PDVVLYH
LVVXDQFH GLG QRW UHVXOW LQ WKH GROODU UHJDLQLQJ LWV VWUHQJWK ,Q IDFW WKH GROODU LQGH[
UHDFKHG DQ DOO WLPH ORZ RI LQ -XO\ MXVW EHIRUH JROG KLW DQ DOO WLPH KLJK
RI RQ 6HSWHPEHU 7KH GLIIHUHQFH LQ FRPSDUHG WR ZDV WKDW WKH
)HG DQG 7UHDVXU\ ZHUH SXUVXLQJ D ZHDN GROODU SROLF\ LQ FRQWUDVW WR 3DXO 9ROFNHU¶V
VWURQJ GROODU SROLF\ 1HYHUWKHOHVV WKH 6'5 LVVXDQFH VHUYHG LWV SXUSRVH
UHOLTXHI\LQJ JOREDO ILQDQFLDO PDUNHWV DIWHU WKH 3DQLF RI 0DUNHWV UHJDLQHG WKHLU
IRRWLQJ E\ ODWH ZLWK WKH VWDELOL]DWLRQ RI WKH (XURSHDQ VRYHUHLJQ GHEW FULVLV DIWHU
0DULR 'UDJKL¶V ³ZKDWHYHU LW WDNHV´ SOHGJH RQ WKH (&%¶V EHKDOI %\ JOREDO
OLTXLGLW\ ZDV UHVWRUHG DQG 6'5V ZHUH RQFH DJDLQ SODFHG RQ WKH VKHOI DZDLWLQJ WKH
QH[W JOREDO OLTXLGLW\ FULVLV $OWKRXJK WKH 6'5 LV D XVHIXO WRRO IRU HPHUJHQF\ OLTXLGLW\
FUHDWLRQ WKXV IDU WKH GROODU UHWDLQV LWV VWDWXV DV WKH ZRUOG¶V OHDGLQJ UHVHUYH FXUUHQF\
3HUIRUPLQJ D UHVHUYH FXUUHQF\ UROH UHTXLUHV PRUH WKDQ MXVW EHLQJ PRQH\ LW UHTXLUHV D
SRRO RI LQYHVWDEOH DVVHWV SULPDULO\ D GHHS OLTXLG ERQG PDUNHW $Q\ FXUUHQF\ FDQ EH
XVHG LQ LQWHUQDWLRQDO WUDGH LI WKH WUDGLQJ SDUWQHUV DUH ZLOOLQJ WR DFFHSW LW DV D PHGLXP
RI H[FKDQJH %XW D SUREOHP DULVHV DIWHU RQH WUDGLQJ SDUWQHU KDV DFTXLUHG ODUJH WUDGH
FXUUHQF\ EDODQFHV 7KDW SDUW\ QHHGV WR LQYHVW WKH EDODQFHV LQ OLTXLG DVVHWV WKDW SD\
PDUNHW UHWXUQV DQG SUHVHUYH YDOXH :KHQ WKH EDODQFHV DUH ODUJH²IRU H[DPSOH &KLQD¶V
WULOOLRQ LQ UHVHUYHV²WKH LQYHVWDEOH DVVHW SRRO PXVW EH FRUUHVSRQGLQJO\ ODUJH 7RGD\
8 6 GROODU GHQRPLQDWHG JRYHUQPHQW ERQG PDUNHWV DUH WKH RQO\ PDUNHWV LQ WKH ZRUOG

Ϯϰϰ