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عنوان فارسی مقاله:

بررسی مصرف طلا توسط مصرف کنندگان طبقه متوسط در بازارهای نوظهور: طلای پوشش داده شده


عنوان انگلیسی مقاله:

Covered in Gold: Examining gold consumption by middle class consumers in emerging markets


سال انتشار : 2016



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مقدمه انگلیسی مقاله:

1. Introduction

.1. Research background In the last several years, major media outlets have publicized the so-called “Chinese gold fever.” Although gold has been valued since trade first began, little is known about its consumption characteristics: the identities of buyers, their reasons for purchasing gold, and the quantities they desire. The social sciences have produced only limited studies about gold, mostly from macroeconomics or financial market perspectives (e.g., Capie, Mills, & Wood, 2005) rather than from consumers’ perspectives. One study that attempted to understand consumer demand for gold (jewelry, bars, coins, and medallions) examined only macro level indicators rather than individual purchasing behavior, and concluded that “no previous economic research has explored the socio-cultural factors accounting for cross-country variations of gold demand” (Starr & Tran, 2008). The extant literature also lacks cross-cultural comparative international studies regarding gold consumption. Some studies have focused on specific demand trends and determinants in India (Kannan & Dhal, 2008; Vaidyanathan, 1999) or have surveyed consumers to ascertain gold purchasing behavior in Thailand (Napompech, Tanpipat, & Ueatrakunkamol, 2010). International studies need to be consolidated to examine gold consumption from an etic approach. 1.2. Gold consumption and middle class status in emerging markets Gold is an especially important financial asset in emerging markets (EMs) where economic institutions are less developed. In the past two decades, EMs such as China, India, Vietnam, and Thailand exhibited increasing gold consumption as opposed to the stable world demand. Gold has long been viewed as an essential hedge against economic risks, especially inflation. Emerging market (EM) consumers have little trust in the few available financial institutions that offer limited investment options and are still at early stages of development. Consequently, gold is an ideal asset for retaining value in times of uncertainly, outside financial institutions (Starr & Tran, 2008). In addition, consumers in EMs have relatively low educational levels, have little financial sophistication, and have limited ability to borrow because local credit markets are immature. Thus consumers desire gold for precautionary wealth that retains its value and can be liquidated quickly as needed (Starr & Tran, 2008). EM consumers who have recently achieved middle class (MC) status are especially attracted to gold. With rising disposable income, they spend more on discretionary consumption such as recreational products and services, transportation, communicaE-mail address: jingting.a.liu@gmail.com (J. Liu). tion, health care, and education (Farrell, Gersch, & Stephenson,



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