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Personal Finance. Your Practice. Popular Courses. Economy Economics. At the height of the bubble, tulips sold for approximately 10, guilders, equal to the value of a mansion on the Amsterdam Grand Canal.

Tulips were introduced to Holland in with the bubble occurring primarily from to Recent scholarship has questioned the extent of the tulipmania, suggesting it may have been exaggerated as a parable of greed and excess.

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Related Terms Learn About a Bubble in Economics A bubble is an economic cycle that is characterized by a rapid economic expansion followed by a contraction.

Ponzi Mania Definition Ponzi mania was the investor sentiment Bernie Madoff's Ponzi scheme, when everyone raced to question the credibility of their money manager.

Housing Bubble Definition A housing bubble is a run-up in home prices fueled by demand, speculation, and exuberance, which bursts when demand falls while supply increases.

Financial Crisis A financial crisis is a situation where the value of assets drop rapidly and is often triggered by a panic or a run on banks.

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The lockdown policy is not the only factor hindering long-delayed negotiations of travel bubbles between countries. Some countries, particularly those that have a substantial domestic market to rely on, are reluctant to allow their citizens to travel abroad over fears they could bring the disease back home.

These countries worry this could destabilise the domestic tourism market if people start travelling outbound. China, the biggest outbound market recording around million trips in , is not recommending its citizens travel overseas for the time being.

The Chinese government imposed an international travel ban on group tours in late January and recently extended this order throughout the cool season, believed to be the peak season for spreading the virus.

Many officials from the Chinese government reportedly gave the same stern warning regarding strict virus prevention in recent months. Luo Zhaohui, China's vice-minister of foreign affairs, was quoted saying this is not the right time to create travel bubbles with less affected countries, although he did not rule out such a possibility in the future.

The minister acknowledged there is pent-up demand among Thais who want to take outbound trips to lower-risk areas, something Thailand should carefully consider.

He said travel bubbles are hard to implement if there is not unanimous public consent for the scheme. Local outcry.

Under the current regulations, Thai citizens returning from foreign countries are required to undergo a mandatory day quarantine, making travel for much of this year undesirable.

The quarantine rule will be in place as long as concerns abound about the virus, unless Thailand can successfully create travel bubbles with partner countries, said Mr Phiphat.

While the tourism minister said Thailand still wants to have talks about travel bubbles with low-risk countries, any bubble would happen in the future, not the near term.

Setting up arrangements to facilitate travel without quarantine for travellers between low-risk countries is vital for the industry, said Patrick Basset, chief operating officer of Accor for Upper Southeast and Northeast Asia and the Maldives.

But the government needs to balance public opinion versus business impact and rising unemployment. He said public confidence remains a challenge because not everybody understands the risks involved in reopening to tourists are minimal if the right protocols are in place.

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