The coronavirus disease 2019 is a new pandemic that spreads primarily through contact with an infected person when they cough or sneeze. The outbreak of COVID-19 is starting in China then spreading to worldwide that contributes to large number of deaths (40,598 deaths, 1 st April 2020). The COVID-19 is a disease causes respiratory illness with symptoms such as a cough, fever, and in more severe cases, difficulty breathing. To preventing spreading of this pandemic, many countries implementing lockdown procedure to stopping the chain of infection for this new disease. The government-ordered lockdowns have disrupted life for billions and in the same time creates economic collapse scenario. The country with the most COVID-19 infections reported a record surge in unemployment. Therefore, this research calculates the effect of COVID-19 to tourism industry for affected countries in the worldwide. This study evaluated the impact using supply and demand curve to detect the economic changes in tourism industry. The result shows COVID-19 CREATES panic among public that contributes to lower demand in tourism industry. This is one of effect because of disease spreading including lockdown approach that implemented in current situation. This scenario, contributes to lower demand price by customer. Therefore, according to market equilibrium of supply-demand theory, the price of tourism sector is keep decreasing parallel with decrement in demand. The finding of this study is very important to government in preventing and stopping decrement demand in tourism industry. The government need to introduce a mechanism that economy and in the same time developing anti-virus for COVIC-19. If the action of prevention is not mange properly, the tourism industry will face more decremental effects that creates economic collapse.
Abstract-The cryptocurrency is a decentralized digital money. Bitcoin is a digital asset designed to work as
This paper analyses the operation of cryptocurrency system in perspective of Islamic finance. The purpose of this study is to evaluate the cryptocurrency framework whether it is meet the Islamic Finance rule. In addition, this study performed in providing the Islamic minded investor a proper information regarding investment in Bitcoin. Cryptocurrency is a digital currency in which encryption techniques that implement to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. A transaction is a transfer of Bitcoin value that is broadcast to the network and collected into blocks. A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs. This cryptocurrency has no physical form and exists only in the network. Bitcoin also has no intrinsic value in that it is not redeemable for another commodity, namely gold. Then, this study evaluates the framework according to Islamic Finance rule. The bitcoin account holder is anonymous. Therefore, it is difficult to track the real account holder if any suspicious activity occurs. In addition, the value of Bitcoin is unstable because of high volatility. Bitcoin also suffers variance in perceptions of Bitcoin's store of value and method of value. All of these three conditions contribute to uncertainty in transaction framework of Bitcoin. As a conclusion, Bitcoin transaction is classified as a transaction with high uncertainty (gharar).
Exchange rate is price of a nation's currency in terms of another currency. The value of exchange rate is important as one of the indicators to shows the strength of economic condition for particular country. This paper performed data clustering in analyzing the currency exchange rate which is 1 Malaysian Ringgit (MYR) to United States Dollar (USD). The method that is implemented in this study is Autoregressive Integrated Moving Average (ARIMA) model. This study performed stationary analysis, modeling analysis and diagnostics checking. In stationary evaluation process, the integration of order 1, I (1) is validated as stationary variable. The findings show ARIMA (1, 1, 1) is suitable for clustering the data between January 2010 until April 2017.The importance of this findings is to provide economists and researchers understand the dynamic behavior of currency movement. In addition, further study can be implement in evaluating the determinants factors that contributes to the dynamic behavior of currency exchange rate.
The objective of this study is to evaluate the volatility rate of sharia-company in Malaysia Stock Exchange using Monte Carlo Simulation (MCS). This study collected daily stock price form Thomson Reuters Datastream for calculating monthly return and volatility rate. In validating the findings of volatility rate, this study performed normality diagnostics test, and Monte Carlo Simulation (MCS). Result indicates the distribution of volatility rate is follows normal distribution. In addition, Monte Carlo Simulation also proved the volatility rate is 4.85% and standard deviation is 2.23. Result of process capability shows the value of volatility rate is under statistical control with implementation on Monte Carlo Simulation. The significant of this study is it provides a better understanding for investors regarding the financial environment in Malaysia Stock Exchange. This information will help investors to make proper selection of their investment portfolio.
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