Page 247 - GLOBAL TOURISM CHALLENGES IN 21st CENTURY
P. 247

LQWR DFFRXQW  7KH %DQN RI (QJODQG RYHUYDOXHG VWHUOLQJ LQ       7KH )HGHUDO 5HVHUYH
                        UDQ DQ XQGXO\ WLJKW PRQH\ SROLF\ LQ       7KHVH SUREOHPV KDYH WR GR QRW ZLWK JROG
                        SHU VH EXW ZLWK WKH SULFH RI JROG DV PDQLSXODWHG DQG GLVWRUWHG E\ FHQWUDO EDQNV  7KH
                        JROG H[FKDQJH VWDQGDUG GLG FRQWULEXWH WR WKH *UHDW 'HSUHVVLRQ EHFDXVH LW ZDV QRW D
                        WUXH JROG VWDQGDUG  ,W ZDV D SRRUO\ GHVLJQHG K\EULG  PDQLSXODWHG DQG PLVPDQDJHG E\
                        GLVFUHWLRQDU\ PRQHWDU\ SROLF\ FRQGXFWHG E\ FHQWUDO EDQNV  SDUWLFXODUO\ LQ WKH 8 .  DQG
                        WKH  8QLWHG  6WDWHV   7KH  *UHDW  'HSUHVVLRQ  LV  QRW  DQ  DUJXPHQW  DJDLQVW  JROG   LW  LV  D
                        FDXWLRQDU\ WDOH RI FHQWUDO EDQN LQFRPSHWHQFH DQG WKH GDQJHUV RI LJQRULQJ PDUNHWV  7KH
                        WKLUG  P\WK  LV  WKDW  JROG  FDXVHG  PDUNHW  SDQLFV  DQG  WKDW  PRGHUQ  HFRQRPLHV  DUH  PRUH
                        VWDEOH  ZKHQ  JROG  LV  DYRLGHG  DQG  FHQWUDO  EDQNV  XVH  PRQHWDU\  WRROV  WR  VPRRWK  RXW
                        SHULRGLF  SDQLFV   7KLV  P\WK  LV  RQH  RI  HFRQRPLVW  3DXO  .UXJPDQ¶V  IDYRULWHV   DQG  KH
                        UHFLWHV  LW  DG  QDXVHDP  LQ  KLV  DQWLJROG   SUR LQIODWLRQDU\  ZULWLQJV   ,Q  IDFW   SDQLFV  GR
                        KDSSHQ RQ D JROG VWDQGDUG  DQG SDQLFV DOVR KDSSHQ LQ WKH DEVHQFH RI D JROG VWDQGDUG
                        .UXJPDQ OLNHV WR UHFLWH D OLVW RI SDQLFV WKDW DURVH GXULQJ WKH FODVVLFDO JROG VWDQGDUG
                        DQG WKH JROG H[FKDQJH VWDQGDUG  LW LQFOXGHV PDUNHW SDQLFV RU FUDVKHV LQ
                                          DQG WKH *UHDW 'HSUHVVLRQ  )DLU HQRXJK  %XW SDQLFV DOVR RFFXUUHG LQ
                        WKH DEVHQFH RI D JROG VWDQGDUG  ([DPSOHV LQFOXGH WKH      VWRFN PDUNHW FUDVK  ZKHQ
                        WKH 'RZ -RQHV ,QGXVWULDO ,QGH[ IHOO RYHU    SHUFHQW LQ D VLQJOH GD\  WKH      0H[LFDQ
                        SHVR  FROODSVH   WKH      ±   $VLD 5XVVLD /RQJ 7HUP  &DSLWDO  PDUNHW  SDQLF   WKH
                        WHFK VWRFN FROODSVH  WKH      KRXVLQJ PDUNHW FROODSVH  DQG WKH /HKPDQ $,* ILQDQFLDO
                        SDQLF RI       3DQLFV DUH QHLWKHU SUHYHQWHG QRU FDXVHG E\ JROG  3DQLFV DUH FDXVHG E\
                        FUHGLW RYHUH[SDQVLRQ DQG RYHUFRQILGHQFH  IROORZHG E\ D VXGGHQ ORVV RI FRQILGHQFH DQG
                        D  PDG  VFUDPEOH  IRU  OLTXLGLW\   3DQLFV  DUH  FKDUDFWHUL]HG  E\  UDSLG  GHFOLQHV  LQ  DVVHW
                        YDOXHV   PDUJLQ  FDOOV  E\  FUHGLWRUV   GXPSLQJ  RI  DVVHWV  WR  REWDLQ  FDVK   DQG  D  SRVLWLYH
                        IHHGEDFN ORRS LQ ZKLFK PRUH DVVHW VDOHV FDXVH IXUWKHU YDOXDWLRQ GHFOLQHV  ZKLFK DUH
                        IROORZHG  E\  PRUH  DQG  PRUH  PDUJLQ  FDOOV  DQG  DVVHW  VDOHV   7KLV  SURFHVV  HYHQWXDOO\
                        H[KDXVWV  LWVHOI  WKURXJK  EDQNUXSWF\   D  UHVFXH  E\  VROYHQW  SDUWLHV   JRYHUQPHQW
                        LQWHUYHQWLRQ  RU D FRQYHUJHQFH RI DOO WKUHH  3DQLFV DUH D SURGXFW RI KXPDQ QDWXUH  DQG
                        WKH  SHQGXOXP  VZLQJV  EHWZHHQ  IHDU  DQG  JUHHG  DQG  EDFN  WR  IHDU   3DQLFV  ZLOO  QRW
                        GLVDSSHDU  7KH SRLQW LV WKDW SDQLFV KDYH OLWWOH RU QRWKLQJ WR GR ZLWK JROG  ,Q SUDFWLFH
                        JROG  VWDQGDUGV  ZRUNHG  ZHOO  LQ  WKH  SDVW  DQG  UHPDLQ  HQWLUHO\  IHDVLEOH  WRGD\   6WLOO
                        GDXQWLQJ GHVLJQ TXHVWLRQV DULVH LQ WKH FUHDWLRQ RI DQ\ JROG VWDQGDUG  'HVLJQLQJ D JROG
                        VWDQGDUG  LV  FKDOOHQJLQJ  LQ  WKH  VDPH  ZD\  WKDW  GHVLJQLQJ  D  GLJLWDO  SURFHVVRU  FDQ  EH
                        FKDOOHQJLQJ   WKHUH  LV  JRRG  GHVLJQ  DQG  EDG  GHVLJQ   7KHUH  DUH  WHFKQLFDO  LVVXHV  WKDW
                        GHVHUYH VHULRXV FRQVLGHUDWLRQ  DQG VSXULRXV LVVXHV WKDW GR QRW  7KHUH LV HQRXJK JROG LQ
                        WKH ZRUOG²LW LV MXVW D PDWWHU RI SULFH  *ROG GLG QRW FDXVH WKH *UHDW 'HSUHVVLRQ  EXW
                        FHQWUDO EDQN SROLF\ EOXQGHUV GLG  3DQLFV DUH QRW WKH UHVXOW RI JROG  WKH\ DUH WKH UHVXOW
                        RI KXPDQ  QDWXUH  DQG  HDV\  FUHGLW   3XQFWXULQJ  WKHVH  P\WKV  LV  WKH ZD\  IRUZDUG  WR  DQ
                        DXWKHQWLF GHEDWH RI JROG¶V SURV DQG FRQV
                           7KH  IDFWV  VSHDN  IRU  WKHPVHOYHV  DQG  UHTXLUH  OLWWOH  HODERUDWLRQ  &HQWUDO  EDQNV  DQG
                        RWKHU RIILFLDO LQVWLWXWLRQV VXFK DV WKH ,0) ZHUH QHW VHOOHUV RI JROG HYHU\ \HDU IURP
                             WKURXJK       DOWKRXJK VDOHV GURSSHG VKDUSO\ GXULQJ WKDW WLPH IURP RYHU
                        WRQQHV  LQ        WR  OHVV  WKDQ      WRQQHV  LQ         %HJLQQLQJ  LQ         FHQWUDO  EDQNV
                        EHFDPH QHW EX\HUV  ZLWK SXUFKDVHV ULVLQJ VKDUSO\ IURP OHVV WKDQ     WRQQHV LQ      WR
                        RYHU     WRQQHV LQ       ,Q WKH WHQ \HDU VSDQ IURP      WR       WKH VKLIW IURP QHW
                        VDOHV WR QHW SXUFKDVHV ZDV RYHU       WRQQHV SHU \HDU  DQ DPRXQW JUHDWHU WKDQ RQH
                        WKLUG RI DQQXDO JOREDO PLQLQJ RXWSXW  ,QFUHDVLQJO\  JROG LV PRYLQJ GLUHFWO\ IURP PLQHV
                        WR FHQWUDO EDQN YDXOWV  7DEOH   VKRZV LQFUHDVHV LQ JROG UHVHUYHV IRU VHOHFWHG FRXQWULHV
                        IURP WKH ILUVW TXDUWHU RI      WR WKH ILUVW TXDUWHU RI       PHDVXUHG LQ WRQQHV



                                                             ϮϰϬ
   242   243   244   245   246   247   248   249   250   251   252