scholarly journals Time-varying foreign currency risk of world tourism industry: effects of COVID-19

2021 ◽  
pp. 1-5
Author(s):  
Ekta Sikarwar
Keyword(s):  
Foreign Currency ◽  
Tourism Industry ◽  
Time Varying ◽  
Currency Risk ◽  
Industry Effects

scholarly journals Currency Risk Hedging With Time-Varying Correlations

2011 ◽  
Vol 1 (4) ◽  
Author(s):  
Binbin Guo
Keyword(s):  
Foreign Currency ◽  
Dynamic Structure ◽  
Multivariate Garch ◽  
Time Varying ◽  
Currency Risk ◽  
Risk Hedging ◽  
Hedging Strategies ◽  
Multivariate Garch Model ◽  
The Us ◽  
Optimal Dynamic

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-family: Times New Roman; font-size: x-small;">This paper studies currency risk hedge when volatilities and correlations of forward currency contracts and underlying assets returns are all time-varying.<span style="mso-spacerun: yes;">&nbsp; </span>A multivariate GARCH model with time-varying correlations is adopted to fit the dynamic structure of the conditional volatilities and correlations. The conditional risk-minimizing hedge strategies are estimated for an international portfolio of the US, UK and Switzerland stocks, for the period of February of 1973 to March of 2002. The empirical results show that the optimal dynamic hedging strategies can capture partially the currency fluctuations, and greatly reduce the currency risk and enhance the risk-adjusted returns of the portfolio with significant foreign currency exposures. </span></p>

scholarly journals Foreign Exchange Exposure Management Practices by Zimbabwe's Tourism and Hospitality Companies: A Case for the Depreciation of Rand (2014-2016)

2016 ◽  
Vol 8 (4(J)) ◽  
pp. 123-132
Author(s):  
Wilford Mawanza
Keyword(s):  
Foreign Exchange ◽  
Management Practices ◽  
Foreign Currency ◽  
Service Providers ◽  
Exchange Rate Regime ◽  
Tourism Industry ◽  
Research Approach ◽  
Currency Risk ◽  
Tourism And Hospitality ◽  
The Impact

One of the key challenges for tourism and hospitality in the Sub-Sahara Africa (SSA) region is currency behaviours and Exchange rate regime choices. When a company engages in international business foreign currency risk management becomes a crucial part of doing business and the tourism industry of Zimbabwe was not spared on this issue. The objective of this research was to assess the foreign exchange (forex) Exposure Management Practices by Zimbabwe's tourism and hospitality companies. The study was done through a survey on 28 operators in Zimbabwe. A qualitative research approach was adopted in analysis of the data It was found out that the most commonly used ways of reducing the exposure by Zimbabwe's tourism companies were the amicable and mixed-method approaches, of receiving the currency and use it in the country of origin to import materials, matching receipts and payments in foreign currency, risk shifting though it come with low volumes and compromised repeat business. The study recommended that companies and the entire economy must consider invoicing products and services in Rands and even use the rand as a reporting currency. If for example tourism and hospitality players would price regional tourists especially from South Africa and other Rand countries, ignoring the impact of rand depreciation, it would mean that Zimbabwe's tourism and hospitality providers will be in direct competition with the former's own local service providers based on rand priced packages.

scholarly journals Impact of the COVID-19 in Tourism Industry in Nepal and Policy Recommendation

2020 ◽  
Vol 3 (1) ◽  
pp. 76-91
Author(s):  
Bishnu Prasad Khanal
Keyword(s):  
Online Survey ◽  
Foreign Currency ◽  
Virus Disease ◽  
Secondary Data ◽  
Public Private Partnership ◽  
Tourism Industry ◽  
Local Economy ◽  
Primary Data ◽  
Private Partnership ◽  
Corona Virus

For the first time in history, almost all the domestic and international tourism destinations have restrictions for travel worldwide because of corona virus pandemic. Corona virus disease calls the COVID-19 pandemic is an ongoing problem in more than 210 countries in the world. The purpose of this study is to find the tourism impact of COVID-19 in Nepal and purpose recommendations for the preparation of evidence based policy and strategies for further development of the tourism industry in Nepal. Secondary data used in this study were obtained from the ministry of tourism in Nepal and other various web sources and primary data were collected from the online survey and collected 52 samples. They are involved in the hospitality, education & consulting, travel & tours, adventure & expedition, trekking agencies, and government officials from national tourism originations. The study highlights that the tourism contribution in Nepal’s GDP (Gross Domestic Product) as a significant sector that has a linkage with other sectors. Also, the Nepalese tourism industry is dependent on international factors and the Nepal tourism industry highly relies on foreign tourists and cancellation of the mountain climbing permits for the year 2020, affects the income of foreign currency as building the capacity of stakeholders and public-private partnership initiatives to promote and work together to develop and manage in future tourism fields. well as the local economy, the loss of thousands of jobs in the tourism sector and others sectors. Overall analyses suggest that building the capacity of stakeholders and public-private partnership initiatives to promote and work together to develop and manage in future tourism fields.

scholarly journals Exchange Rates and Liquidity Risk

2020 ◽  
Vol 11 (2) ◽  
pp. 159
Author(s):  
Martin D.D. EVANS
Keyword(s):  
Risk Factors ◽  
Exchange Rates ◽  
Foreign Exchange ◽  
Foreign Currency ◽  
Liquidity Risk ◽  
Risk Premia ◽  
Time Varying ◽  
Foreign Exchange Risk ◽  
Exchange Risk

I use Forex trading data to study how risks associated with the lack of liquidity contribute to the dynamics of 17 spot exchange rates through their time-varying contributions to risk premia. I find that liquidity risk matters. All the foreign exchange risk premia compensate investors for exposure to liquidity risk; and, for many currencies, exposure to liquidity risk appears to be more important than exposure to the traditional carry and momentum risk factors. I also find that variations in the price of liquidity risk make economically important contributions to the behavior of individual foreign currency returns: they account for approximately 34%, on average, of the variability in currency returns compared to the contribution of approximately 8% from the prices of carry and momentum risk.

scholarly journals HEDGING CURRENCY RISKS IN INTERNATIONAL BUSINESS USING THE OPPORTUNITIES OF THE INTERNATIONAL FOREIGN EXCHANGE MARKET

2021 ◽  
Author(s):  
Olena Liegostaieva
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
International Business ◽  
Foreign Exchange Market ◽  
Foreign Currency ◽  
Exchange Market ◽  
Currency Risk ◽  
Exchange Rate Fluctuations ◽  
Current Value ◽  
Financial Result

The article is devoted to the study of currency risk hedging in international business. The article notes that the international foreign exchange market is the largest and fastest growing of all world markets. The characteristic features of the international currency market are substantiated and offered. It is also noted that foreign exchange transactions provide economic ties between participants located on different sides of state borders: settlements between firms from different countries for the supply of goods and services, foreign investment, international tourism and business travel. It is determined that hedging of currency risks is the protection of funds from the unfavorable movement of exchange rates, and is carried out in fixing the current value of funds by concluding an agreement on the foreign exchange market. When hedging, the risk of exchange rate changes disappears, and this makes it possible to forecast the company's activities and see the financial result, which is not distorted by exchange rate fluctuations, which will allow you to determine product prices, calculate profits, etc. The main difference between hedging and other types of transactions is that its purpose is not to generate additional profits, but to reduce the risk of potential losses, as risk reduction is almost always necessary to pay, hedging, of course, involves additional costs. Hedging is a way to improve business planning. An enterprise wishing to use this service shall pledge the specified amount, from which losses on its positions will be deducted. In today's conditions, thanks to the foreign exchange market, there is a very reliable way to hedge currency risk. This method is to fix the current value of funds by concluding agreements in this market. With hedging, the company eliminates the risk of exchange rate fluctuations, and this allows you to forecast activities and see the financial result, which is not changed by exchange rate fluctuations. Allows you to pre-determine product prices, determine profits, etc. Thus, the principle of hedging in international business is to open a currency position in a foreign currency account for future transactions to convert funds.

scholarly journals Surveying Healthcare Facilities for Tourists in India

2021 ◽  
Vol 1 (5) ◽  
pp. 5-10
Author(s):  
Rajat Shandilya ◽  
◽  
Bhagyesh Acharya ◽  
Mayank ◽  
Monika Garg ◽  
...  
Keyword(s):  
Medical Care ◽  
Foreign Currency ◽  
Medical Tourism ◽  
Tourism Industry ◽  
Healthcare Facilities ◽  
Tourist Destinations ◽  
Number Of Factors ◽  
Wide Range ◽  
The World ◽  
High Quality Medical Care

India is quickly becoming one of the most popular tourist destinations in the world. The rise of India as a tourist destination can be attributed to a number of factors. The growth of medical tourism in India is one of the reasons examined in this paper. Healthcare tourism is when people from all over the world fly to another country to receive medical, dental, and surgical treatment when exploring, vacationing, and completely immersing themselves in the attractions of the countries they are visiting. In the medical tourism industry, India is one of the most popular destinations. Medical tourism is experiencing rapid growth in India. Medical tourists cross foreign boundaries in search of medical care. Medical tourism has developed to become a multibillion-dollar industry. It is important to remember that the primary goal of medical tourists is to provide high-quality medical care at an affordable cost. When compared to other developing countries in the world, India has emerged as the most sought-after destination for medical tourists due to the availability of world-class doctors at affordable prices. In addition, India has a wide range of tourist destinations. It has tremendous potential for creating jobs and earning large sums of foreign currency. The paper ends with policy recommendations for advancing the rapidly growing medical tourism industry.

Эволюционный подход к исследованию социально-экономической категории "туристский потенциал"

2021 ◽  
Author(s):  
A. Bekmatova ◽  
D. Shaikin ◽  
M. Valieva ◽  
O. Kopylova ◽  
А.Ж. Бекматова ◽  
...  
Keyword(s):  
Foreign Currency ◽  
Positive Impact ◽  
Tourism Industry ◽  
Medium Term ◽  
Correct Definition ◽  
Tourism Sector ◽  
Cultural Sphere ◽  
Tourism Potential ◽  
Definition Of ◽  
New Jobs

In modern socio-economic conditions, the study of the essence of the term "tourist potential" is relevant. The correct assessment of the tourism potential of a country or its individual region, and above all its correct definition, is a key aspect that characterizes the success of the functioning the tourism sector in a narrow spectrum and the economy of the country as a whole. The development of the tourism industry affects such key economic indicators of the country as the balance of payments, total exports and others. Improving the infrastructure taking into account the increasing needs of tourists, the influx of foreign currency and investment, increasing employment through the creation of new jobs. Properly realized tourist potential has a positive impact on the socio-cultural sphere, satisfying the spiritual and physical needs of people. The interpretation of the term "potential" by the scientists in various fields of science is considered. As a result, the authors supplemented and formulated their own definition of the term "tourist potential". The article also studies a number of methods for assessing the tourist potential and builds statistical dependencies and econometric equations that characterize its development in the medium term. The dynamics of the visitors’ number by incoming and outgoing types of tourism was chosen as the estimated indicators. В современных социально-экономических условиях изучение сущности термина "туристский потенциал" является актуальным. Правильная оценка туристского потенциала страны или ее отдельно взятого региона, и прежде всего его корректное определение является ключевым аспектом, характеризующим успешность функционирования туристского сектора в узком спектре и экономики страны в целом. Развитие туристской отрасли влияет на такие ключевые экономические показатели страны, как платежный баланс, совокупный экспорт и другие. Совершенствование инфраструктуры с учетом возрастающих потребностей туристов, приток иностранной валюты и инвестиций, повышение занятости населения посредством создания новых рабочих мест. Грамотно реализованный туристский потенциал имеет положительное влияние и на социально-культурную сферу, удовлетворяя духовные и физические потребности людей. Рассмотрена трактовка термина "потенциал" учеными в различных областях науки. В результате авторами дополнено и сформулировано собственное определение термина "туристский потенциал". Также в статье изучен ряд методов оценки туристского потенциала и построены статистические зависимости, характеризующие его развитие в среднесрочном периоде. В качестве оценочных показателей выбрана динамика количества посетителей по въездному и выездному видам туризма.

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