{"id":1930,"date":"2017-09-29T10:03:51","date_gmt":"2017-09-29T03:03:51","guid":{"rendered":"http:\/\/khoahocnganhang.org.vn\/news\/?p=1930"},"modified":"2017-09-29T10:07:05","modified_gmt":"2017-09-29T03:07:05","slug":"khung-hoang-va-suy-thoai-kinh-te-thay-doi-cach-tiep-can-ve-vai-tro-cua-ngan-hang-trung-uong-2","status":"publish","type":"post","link":"http:\/\/khoahocnganhang.org.vn\/news\/vi\/khung-hoang-va-suy-thoai-kinh-te-thay-doi-cach-tiep-can-ve-vai-tro-cua-ngan-hang-trung-uong-2\/","title":{"rendered":"Kh\u1ee7ng ho\u1ea3ng v\u00e0 suy tho\u00e1i kinh t\u1ebf – thay \u0111\u1ed5i c\u00e1ch ti\u1ebfp c\u1eadn v\u1ec1 vai tr\u00f2 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng"},"content":{"rendered":"

T\u1eeb sau n\u0103m 2008, kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u00e0 suy tho\u00e1i kinh t\u1ebf \u0111\u00e3 c\u00f3 nh\u1eefng d\u1ea5u hi\u1ec7u b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n tho\u00e1i tr\u00e0o. Tuy nhi\u00ean, t\u1eeb n\u0103m 2015 tr\u1edf l\u1ea1i \u0111\u00e2y, nh\u1eefng t\u00edn hi\u1ec7u ti\u00eau c\u1ef1c v\u1ec1 n\u1ec1n kinh t\u1ebf th\u1ebf gi\u1edbi \u0111ang l\u1ea5n \u00e1t nh\u1eefng t\u00edn hi\u1ec7u l\u1ea1c quan c\u00f3 th\u1ec3 g\u00e2y nguy hi\u1ec3m cho s\u1ef1 ph\u1ee5c h\u1ed3i v\u1ed1n c\u00f2n ch\u1eadm ch\u1ea1p tr\u00ean th\u1ebf gi\u1edbi: s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 n\u1ee3 n\u01b0\u1edbc ngo\u00e0i, s\u1ef1 tan r\u00e3 c\u1ee7a li\u00ean minh Ch\u00e2u \u00c2u, vai tr\u00f2 ng\u00e0y c\u00e0ng m\u1edd nh\u1ea1t v\u00e0 suy gi\u1ea3m kinh t\u1ebf M\u1ef9 trong n\u1ec1n kinh t\u1ebf, ch\u00ednh tr\u1ecb khu v\u1ef1c, m\u1ed1i \u0111e d\u1ecda <\/em>v\u1edbi s\u1ef1 tr\u1ed7i d\u1eady m\u1ea1nh m\u1ebd c\u1ee7a ch\u1ee7 ngh\u0129a c\u1ef1c h\u1eefu<\/em>… Trong b\u1ed1i c\u1ea3nh n\u00e0y, kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn vi\u1ec7c c\u00e1c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng (NHTW) s\u1ebd c\u00f3 kh\u1ea3 n\u0103ng ti\u1ebfp t\u1ee5c ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng v\u00f2ng xo\u00e1y t\u00e0i ch\u00ednh m\u1edbi. V\u1ea5n \u0111\u1ec1 \u0111\u1eb7t ra kh\u00f4ng ph\u1ea3i l\u00e0 vi\u1ec7c c\u00e1c n\u01b0\u1edbc x\u1eed l\u00fd \u0111\u1ed5 v\u1ee1 nh\u01b0 th\u1ebf n\u00e0o m\u00e0 l\u00e0 vi\u1ec7c x\u00e2y d\u1ef1ng c\u01a1 ch\u1ebf ph\u00f2ng ng\u1eeba v\u00e0 c\u1ea3nh b\u00e1o nguy c\u01a1 x\u1ea3y ra kh\u1ee7ng ho\u1ea3ng. \u0110\u1eb7c bi\u1ec7t, nh\u1eefng v\u1ea5n \u0111\u1ec1 tr\u1ecdng t\u00e2m c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed1i v\u1edbi NHTW c\u00e1c n\u01b0\u1edbc ch\u01b0a khi n\u00e0o \u0111\u01b0\u1ee3c xem x\u00e9t m\u1ed9t c\u00e1ch k\u1ef9 l\u01b0\u1ee1ng v\u00e0 \u0111\u01b0\u1ee3c coi tr\u1ecdng nh\u01b0 hi\u1ec7n nay. <\/em><\/p>\n

Kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh, 10 n\u0103m nh\u00ecn l\u1ea1i\u2026<\/strong><\/p>\n

Cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2008-2009 b\u1eaft ngu\u1ed3n t\u1eeb s\u1ef1 \u0111\u1ed5 v\u1ee1 c\u00e1c kho\u1ea3n cho vay th\u1ebf ch\u1ea5p mua nh\u00e0 d\u01b0\u1edbi chu\u1ea9n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng M\u1ef9 \u0111\u00e3 nhanh ch\u00f3ng lan truy\u1ec1n sang c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 nh\u00f3m t\u00e0i s\u1ea3n kh\u00e1c, lan t\u1ecfa v\u00e0 ph\u1ee7 b\u00f3ng \u0111en l\u00ean h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia. \u0110\u00e2y \u0111\u01b0\u1ee3c coi l\u00e0 \u0111\u1ee3t suy tho\u00e1i kinh t\u1ebf k\u00e9o d\u00e0i v\u00e0 nghi\u00eam tr\u1ecdng nh\u1ea5t k\u1ec3 t\u1eeb \u201c\u0111\u1ea1i kh\u1ee7ng ho\u1ea3ng\u201d th\u1eadp ni\u00ean 1930.\u00a0Nh\u1eefng ng\u00e2n h\u00e0ng kh\u1ed5ng l\u1ed3 v\u00e0 l\u00e2u \u0111\u1eddi t\u1eebng s\u1ed1ng s\u00f3t qua nh\u1eefng cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh v\u00e0 kinh t\u1ebf tr\u01b0\u1edbc \u0111\u00e2y: Lehman Brothers, Morgan Stanley, Citigroup, AIG\u2026 l\u1ea7n l\u01b0\u1ee3t b\u1ecb tr\u1ee5c tr\u1eb7c, c\u00e1c ng\u00e2n h\u00e0ng n\u1eb1m ngo\u00e0i n\u01b0\u1edbc M\u1ef9 c\u0169ng nhanh ch\u00f3ng r\u01a1i v\u00e0o v\u00f2ng xo\u00e1y c\u1ee7a cu\u1ed9c kh\u1ee7ng ho\u1ea3ng.\u00a0Thanh kho\u1ea3n c\u1ea1n ki\u1ec7t, l\u00e3i su\u1ea5t t\u0103ng cao, t\u00e2m l\u00fd lo s\u1ee3 h\u1ea1n ch\u1ebf ti\u00eau d\u00f9ng c\u1ee7a ng\u01b0\u1eddi d\u00e2n k\u00e9o theo t\u00ecnh tr\u1ea1ng kh\u00f3 kh\u0103n cho c\u00e1c doanh nghi\u1ec7p kinh doanh s\u1ea3n xu\u1ea5t, khi\u1ebfn kh\u1ee7ng ho\u1ea3ng t\u1eebng b\u01b0\u1edbc lan r\u1ed9ng t\u1eeb th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh sang th\u1ecb tr\u01b0\u1eddng s\u1ea3n xu\u1ea5t, k\u00e9o theo t\u00ecnh tr\u1ea1ng suy tho\u00e1i kinh t\u1ebf to\u00e0n c\u1ea7u.<\/p>\n

Kh\u00f4ng ch\u1ec9 k\u00e9o l\u00f9i s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a \u0111\u1ea7u t\u00e0u kinh t\u1ebf th\u1ebf gi\u1edbi l\u00e0 M\u1ef9, c\u01a1n l\u1ed1c t\u00e0i ch\u00ednh n\u00e0y c\u00f2n k\u00e9o theo v\u00f2ng xo\u00e1y kh\u1ee7ng ho\u1ea3ng n\u1ee3 c\u00f4ng, b\u1eaft \u0111\u1ea7u t\u1eeb Hy L\u1ea1p, m\u1edf \u0111\u1ea7u cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh mang t\u00ednh h\u1ec7 th\u1ed1ng trong khu v\u1ef1c s\u1eed d\u1ee5ng \u0111\u1ed3ng ti\u1ec1n chung ch\u00e2u \u00c2u. H\u00e0ng lo\u1ea1t qu\u1ed1c gia nh\u01b0 T\u00e2y Ban Nha, I-ta-li-a, B\u1ed3 \u0110\u00e0o Nha\u2026 r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng n\u1ee3 n\u1ea7n, \u0111\u00ecnh \u0111\u1ed1n, t\u0103ng tr\u01b0\u1edfng suy gi\u1ea3m \u1edf h\u1ea7u h\u1ebft c\u00e1c n\u1ec1n kinh t\u1ebf.<\/p>\n

Kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2008 nh\u01b0 m\u1ed9t c\u01a1n l\u1ed1c xo\u00e1y m\u1ea1nh m\u1ebd \u0111\u1ec3 l\u1ea1i nhi\u1ec1u d\u01b0 ch\u1ea5n n\u1eb7ng n\u1ec1.\u00a0<\/strong>Ngo\u00e0i nh\u1eefng nguy\u00ean nh\u00e2n b\u1ec1 n\u1ed5i nh\u01b0 vi\u1ec7c l\u1ea1m d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, c\u1ea5p t\u00edn d\u1ee5ng d\u01b0\u1edbi chu\u1ea9n tr\u00e0n lan, s\u1eed d\u1ee5ng qu\u00e1 nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh r\u1eafc r\u1ed1i hay bong b\u00f3ng t\u00e0i ch\u00ednh, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 trong v\u1eadn h\u00e0nh c\u1ee7a c\u01a1 ch\u1ebf v\u00e0 b\u1ed9 m\u00e1y gi\u00e1m s\u00e1t c\u0169ng nh\u01b0 c\u00f4ng c\u1ee5 qu\u1ea3n tr\u1ecb r\u1ee7i ro c\u1ee7a c\u00e1c th\u00e0nh vi\u00ean tham gia th\u1ecb tr\u01b0\u1eddng c\u0169ng l\u00e0 m\u1ed9t nguy\u00ean nh\u00e2n d\u1eabn t\u1edbi s\u1ef1 \u0111\u1ed5 v\u1ee1 c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh. \u0110i\u1ec1u n\u00e0y khi\u1ebfn c\u1ea3 th\u1ebf gi\u1edbi thay \u0111\u1ed5i c\u00e1ch nh\u00ecn nh\u1eadn v\u1ec1 vai tr\u00f2 c\u1ee7a NHTW c\u00e1c n\u01b0\u1edbc tr\u01b0\u1edbc, trong v\u00e0 sau kh\u1ee7ng ho\u1ea3ng.<\/p>\n

Vai tr\u00f2 c\u1ee7a NHTW tr\u01b0\u1edbc v\u00e0 sau kh\u1ee7ng ho\u1ea3ng \u2013 thay \u0111\u1ed5i c\u00e1ch ti\u1ebfp c\u1eadn<\/strong><\/p>\n

T\u1eeb nh\u1eefng n\u0103m \u0111\u1ea7u th\u1ebf k\u1ef7 21, nhi\u1ec1u NHTW c\u00e1c n\u01b0\u1edbc ph\u00e1t tri\u1ec3n v\u00e0 c\u00e1c n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i \u0111\u00e3 c\u00f3 xu h\u01b0\u1edbng \u00e1p d\u1ee5ng khu\u00f4n kh\u1ed5 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 (CSTT) l\u1ea1m ph\u00e1t m\u1ee5c ti\u00eau linh ho\u1ea1t (flexible inflation targeting) v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 duy tr\u00ec m\u1ee9c l\u1ea1m ph\u00e1t th\u1ea5p v\u00e0 \u1ed5n \u0111\u1ecbnh trong nhi\u1ec1u n\u0103m c\u0169ng nh\u01b0 gi\u1ea3m s\u1ef1 bi\u1ebfn \u0111\u1ed9ng v\u1ec1 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng. L\u1ea1m ph\u00e1t th\u1ea5p t\u1eebng \u0111\u01b0\u1ee3c cho l\u00e0 nh\u00e2n t\u1ed1 ch\u00ednh g\u00f3p ph\u1ea7n th\u00fac \u0111\u1ea9y \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh, nhi\u1ec1u NHTW c\u00f2n cho r\u1eb1ng CSTT v\u00e0 ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh l\u00e0 hai ph\u1ea1m tr\u00f9 t\u00e1ch r\u1eddi, c\u00f3 th\u1ec3 \u0111i\u1ec1u h\u00e0nh m\u1ed9t c\u00e1ch ri\u00eang r\u1ebd. Xu h\u01b0\u1edbng th\u00e0nh l\u1eadp C\u01a1 quan gi\u00e1m s\u00e1t \u0111\u1ed9c l\u1eadp d\u1ea7n tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn, t\u00e1ch r\u1eddi nhi\u1ec7m v\u1ee5 gi\u00e1m s\u00e1t an to\u00e0n v\u0129 m\u00f4 ra kh\u1ecfi ch\u1ee9c n\u0103ng c\u1ee7a NHTW; \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh l\u00fac n\u00e0y ch\u1ec9 c\u00f3 \u00fd ngh\u0129a th\u00f4ng qua vi\u1ec7c xem x\u00e9t r\u1ee7i ro c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, x\u00e2y d\u1ef1ng c\u00e1c k\u1ecbch b\u1ea3n r\u1ee7i ro thanh kho\u1ea3n trong kh\u1ee7ng ho\u1ea3ng v\u00e0 x\u00e2y d\u1ef1ng c\u00e1c B\u00e1o c\u00e1o \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh. Tuy nhi\u00ean, vi\u1ec7c thi\u1ebfu t\u00ednh li\u00ean k\u1ebft gi\u1eefa d\u1eef li\u1ec7u s\u1eed d\u1ee5ng \u0111\u1ec3 ph\u00e2n t\u00edch, s\u1ef1 ph\u1ed1i h\u1ee3p gi\u1eefa c\u00e1c c\u01a1 quan (NHTW v\u00e0 C\u01a1 quan gi\u00e1m s\u00e1t) \u0111\u00e3 khi\u1ebfn khu\u00f4n kh\u1ed5 gi\u00e1m s\u00e1t an to\u00e0n v\u0129 m\u00f4 kh\u00f4ng ph\u00e1t huy \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 \u0111\u00e1ng c\u00f3.<\/p>\n

Tr\u00ean th\u1ef1c t\u1ebf, kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2007 l\u00e0 minh ch\u1ee9ng r\u00f5 r\u00e0ng nh\u1ea5t cho nh\u1eadn \u0111\u1ecbnh r\u1eb1ng vi\u1ec7c duy tr\u00ec \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c th\u00fac \u0111\u1ea9y \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh<\/em>. L\u1ea1m ph\u00e1t th\u1ea5p v\u00e0 m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4 \u1ed5n \u0111\u1ecbnh d\u1ec5 khi\u1ebfn cho nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng ngh\u0129 r\u1eb1ng kh\u00f4ng c\u00f3 nhi\u1ec1u r\u1ee7i ro trong h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh v\u00e0 t\u1ea1o t\u00e2m l\u00fd tho\u1ea3i m\u00e1i trong \u0111\u1ea7u t\u01b0 \u2013 n\u00f3i c\u00e1ch kh\u00e1c \u1ed5n \u0111\u1ecbnh gi\u00e1 l\u00e0 ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 t\u1ea1o ra m\u1ed9t m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4 t\u1ed1t v\u00e0 \u1ed5n \u0111\u1ecbnh. Theo \u0111\u00f3, nh\u1eefng t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c, kh\u1ee7ng ho\u1ea3ng khi\u1ebfn ng\u01b0\u1eddi ta nh\u1eadn ra r\u1eb1ng ch\u00ednh s\u00e1ch ch\u1ec9 t\u1eadp trung v\u00e0o m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh gi\u00e1 l\u00e0 ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 t\u1ea1o ra m\u1ed9t m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4 t\u1ed1t v\u00e0 \u1ed5n \u0111\u1ecbnh, m\u1ee5c ti\u00eau c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ea7n ph\u1ea3i h\u01b0\u1edbng t\u1edbi \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh \u2013 \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c duy tr\u00ec m\u1ed9t h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t hi\u1ec7u qu\u1ea3 v\u00e0 khu\u00f4n kh\u1ed5 gi\u00e1m s\u00e1t th\u1eadn tr\u1ecdng: c\u00e1c y\u00eau c\u1ea7u v\u1ec1 v\u1ed1n, thanh kho\u1ea3n, h\u00e0nh \u0111\u1ed9ng can thi\u1ec7p k\u1ecbp th\u1eddi (prompt corrective action), quy tr\u00ecnh qu\u1ea3n tr\u1ecb r\u1ee7i ro ch\u1eb7t ch\u1ebd c\u1ee7a t\u1eebng \u0111\u1ecbnh ch\u1ebf c\u0169ng nh\u01b0 vi\u1ec7c gi\u00e1m s\u00e1t t\u00ednh tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt c\u1ee7a c\u00e1c \u0111\u1ecbnh ch\u1ebf trong h\u1ec7 th\u1ed1ng. Trong d\u00e0i h\u1ea1n, c\u00e1c NHTW c\u1ea7n x\u00e2y d\u1ef1ng \u0111\u01b0\u1ee3c m\u1ed9t khu\u00f4n kh\u1ed5 ch\u00ednh s\u00e1ch \u0111\u1ed3ng b\u1ed9 \u0111\u1ec3 2 m\u1ee5c ti\u00eau n\u00e0y kh\u00f4ng t\u00e1ch r\u1eddi nhau, n\u00f3i c\u00e1ch kh\u00e1c kh\u00f4ng th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau n\u00e0y trong khi m\u1ee5c ti\u00eau kia l\u1ea1i mang t\u00ednh ch\u1ea5t d\u00e0i h\u1ea1n.<\/p>\n

Quan tr\u1ecdng h\u01a1n c\u1ea3, c\u00e1c NHTW c\u1ea7n duy tr\u00ec s\u1ef1 ph\u1ed1i h\u1ee3p \u201c\u0103n \u00fd\u201d gi\u1eefa CSTT v\u00e0 khu\u00f4n kh\u1ed5 ch\u00ednh s\u00e1ch v\u0129 m\u00f4 th\u1eadn tr\u1ecdng. N\u1ebfu ch\u00ednh s\u00e1ch v\u0129 m\u00f4 th\u1eadn tr\u1ecdng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng \u0111\u1ec3 h\u1ea1n ch\u1ebf bong b\u00f3ng t\u00edn d\u1ee5ng, n\u00f3 s\u1ebd ki\u1ec1m ch\u1ebf t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng v\u00e0 l\u00e0m t\u1ed5ng c\u1ea7u s\u1ee5t gi\u1ea3m t\u01b0\u01a1ng \u1ee9ng. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, c\u1ea7n duy tr\u00ec khu\u00f4n kh\u1ed5 CSTT n\u1edbi l\u1ecfng \u0111\u1ec3 b\u00f9 \u0111\u1eafp s\u1ef1 suy y\u1ebfu c\u1ee7a t\u1ed5ng c\u1ea7u. Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu duy tr\u00ec m\u1ed9t ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t th\u1ea5p \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf, r\u00f5 r\u1eb1ng s\u1ebd c\u00f3 nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n l\u1edbn h\u01a1n v\u00e0 nguy c\u01a1 b\u00f9ng n\u1ed5 bong b\u00f3ng t\u00edn d\u1ee5ng. L\u00fac n\u00e0y, l\u1ea1i c\u1ea7n \u00e1p d\u1ee5ng khu\u00f4n kh\u1ed5 ch\u00ednh s\u00e1ch v\u0129 m\u00f4 th\u1eadn tr\u1ecdng th\u1eaft ch\u1eb7t \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o bong bong t\u00edn d\u1ee5ng kh\u00f4ng ph\u00e1t tri\u1ec3n. S\u1ef1 ph\u1ed1i h\u1ee3p gi\u1eefa CSTT v\u00e0 ch\u00ednh s\u00e1ch v\u0129 m\u00f4 th\u1eadn tr\u1ecdng s\u1ebd c\u00e0ng ph\u00e1t huy gi\u00e1 tr\u1ecb khi NHTW theo \u0111u\u1ed5i c\u00f9ng l\u00fac c\u1ea3 ba m\u1ee5c ti\u00eau: \u1ed5n \u0111\u1ecbnh gi\u00e1, \u1ed5n \u0111\u1ecbnh s\u1ea3n l\u01b0\u1ee3ng v\u00e0 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh.<\/p>\n

\u0110\u1eb7c bi\u1ec7t, khi NHTW l\u00e0 \u0111\u1ea7u m\u1ed1i ch\u1ecbu tr\u00e1ch nhi\u1ec7m chung cho c\u1ea3 hai nhi\u1ec7m v\u1ee5, vi\u1ec7c ph\u1ed1i h\u1ee3p ch\u00ednh s\u00e1ch s\u1ebd tr\u1edf n\u00ean d\u1ec5 d\u00e0ng. \u0110\u00e2y c\u0169ng l\u00e0 l\u00fd do gi\u1ea3i th\u00edch xu h\u01b0\u1edbng d\u1ecbch chuy\u1ec3n nhi\u1ec7m v\u1ee5 \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch v\u0129 m\u00f4 th\u1eadn tr\u1ecdng c\u0169ng nh\u01b0 xu h\u01b0\u1edbng s\u00e1p nh\u1eadp c\u01a1 quan gi\u00e1m s\u00e1t h\u1ee3p nh\u1ea5t v\u1ec1 NHTW sau kh\u1ee7ng ho\u1ea3ng. T\u1eeb sau 2008, \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh \u0111\u00e3 \u0111\u01b0\u1ee3c ghi nh\u1eadn nh\u01b0 m\u1ed9t ch\u1ee9c n\u0103ng, nhi\u1ec7m v\u1ee5 c\u1ee7a NHTW \u1edf nhi\u1ec1u qu\u1ed1c gia, th\u1eadm ch\u00ed, NHTW nhi\u1ec1u n\u01b0\u1edbc \u0111\u00e3 c\u00f3 xu h\u01b0\u1edbng lu\u1eadt h\u00f3a m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh trong \u0111\u00f3 quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 khu\u00f4n kh\u1ed5 \u0111\u00e1nh gi\u00e1 t\u1ed5ng th\u1ec3 v\u00e0 b\u1ed5 sung th\u00eam ch\u00ednh s\u00e1ch \u0111\u1ea3m b\u1ea3o \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh (tr\u1ecdng t\u00e2m l\u00e0 ch\u00ednh s\u00e1ch an to\u00e0n v\u0129 m\u00f4[1]<\/a>), qua \u0111\u00f3 \u0111\u1ea3m b\u1ea3o t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf \u1ed5n \u0111\u1ecbnh v\u00e0 b\u1ec1n v\u1eefng. Theo th\u1ed1ng k\u00ea c\u1ee7a BIS, \u0111\u1ebfn cu\u1ed1i n\u0103m 2014, 99 qu\u1ed1c gia tr\u00ean t\u1ed5ng s\u1ed1 120 qu\u1ed1c gia kh\u1ea3o s\u00e1t (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 82,5%) \u0111\u00e3 c\u00f3 quy \u0111\u1ecbnh v\u1ec1 m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh m\u1ed9t c\u00e1ch c\u1ee5 th\u1ec3 trong ch\u1ee9c n\u0103ng c\u1ee7a NHTW. Trong s\u1ed1 n\u00e0y, c\u00f3 85 NHTW (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 86%) \u0111\u01b0\u1ee3c giao nhi\u1ec7m v\u1ee5 xem x\u00e9t t\u00ednh \u1ed5n \u0111\u1ecbnh, l\u00e0nh m\u1ea1nh v\u00e0 ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 cho to\u00e0n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh[2]<\/a>. H\u1ea7u h\u1ebft c\u00e1c n\u01b0\u1edbc thu\u1ed9c khu v\u1ef1c \u0110\u00f4ng Nam \u00c1 \u0111\u00e3 b\u1ed5 sung m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0o lu\u1eadt NHTW (Philippines, Thailand, Malaysia, Singapore, Indonesia). \u0110\u1eb7c bi\u1ec7t, Malaysia c\u00f2n ti\u1ebfn xa h\u01a1n khi quy \u0111\u1ecbnh nhi\u1ec7m v\u1ee5 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh ngang h\u00e0ng v\u1edbi nhi\u1ec7m v\u1ee5 \u1ed5n \u0111\u1ecbnh ti\u1ec1n t\u1ec7.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Qu\u1ef9 ti\u1ec1n t\u1ec7 qu\u1ed1c t\u1ebf IMF (2013) v\u00e0 Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi WB (2014) c\u0169ng kh\u1eb3ng \u0111\u1ecbnh vai tr\u00f2 ch\u1ee7 ch\u1ed1t trong vi\u1ec7c duy tr\u00ec \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u1ee7a NHTW \u1edf h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia v\u00e0 cho r\u1eb1ng NHTW ho\u00e0n to\u00e0n l\u00e0 c\u01a1 quan th\u00edch h\u1ee3p \u0111\u1ea3m nhi\u1ec7m ch\u1ee9c n\u0103ng \u0111\u1ea7u m\u1ed1i v\u1ec1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh b\u1edfi nh\u1eefng l\u1ee3i th\u1ebf v\u1ed1n c\u00f3 c\u1ee7a c\u01a1 quan n\u00e0y. M\u1eb7c d\u00f9 kh\u00f4ng ph\u1ea3i Lu\u1eadt NHTW \u1edf t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia \u0111\u1ec1u quy \u0111\u1ecbnh r\u00f5 v\u1ec1 ch\u1ee9c n\u0103ng n\u00e0y, nh\u01b0ng khi NHTW th\u1ef1c thi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 (CSTT) th\u00ec m\u1eb7c nhi\u00ean NHTW \u0111\u00e3 tham gia v\u00e0o qu\u00e1 tr\u00ecnh \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 \u1ed5n \u0111\u1ecbnh kinh t\u1ebf v\u0129 m\u00f4. Kinh nghi\u1ec7m qu\u1ed1c t\u1ebf \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng, m\u1ed9t khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd \u0111\u1ea7y \u0111\u1ee7, r\u00f5 r\u00e0ng, minh b\u1ea1ch, ti\u1ec7m c\u1eadn th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf l\u00e0 m\u1ed9t trong nh\u1eefng \u0111i\u1ec3m m\u1ea5u ch\u1ed1t \u0111\u1ec3 c\u00e1c NHTW c\u00f3 th\u1ec3 \u0111\u1ea3m nhi\u1ec7m t\u1ed1t vai tr\u00f2 v\u00e0 v\u1ecb tr\u00ed c\u1ee7a m\u00ecnh trong vi\u1ec7c \u0111\u1ea3m b\u1ea3o an to\u00e0n ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng, ph\u00f2ng tr\u00e1nh kh\u1ee7ng ho\u1ea3ng v\u00e0 x\u1eed l\u00fd kh\u1ee7ng ho\u1ea3ng \u0111\u1ec3 ng\u0103n ch\u1eb7n, gi\u1ea3m thi\u1ec3u nguy c\u01a1 x\u1ea3y ra kh\u1ee7ng ho\u1ea3ng h\u1ec7 th\u1ed1ng.<\/p>\n

Kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh cho th\u1ea5y m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng (TCTD) \u0111\u00e3 c\u00f3 nh\u1eefng thi\u1ebfu s\u00f3t nghi\u00eam tr\u1ecdng trong x\u00e2y d\u1ef1ng khu\u00f4n kh\u1ed5 an to\u00e0n v\u1ed1n, k\u1ebf ho\u1ea1ch thanh kho\u1ea3n hi\u1ec7u qu\u1ea3 v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro; \u0111\u1ed3ng th\u1eddi nh\u1ea5n m\u1ea1nh s\u1ef1 c\u1ea7n thi\u1ebft ph\u1ea3i t\u0103ng c\u01b0\u1eddng t\u00ednh th\u1eadn tr\u1ecdng v\u00e0 hi\u1ec7u l\u1ef1c c\u1ee7a c\u00e1c c\u01a1 quan gi\u00e1m s\u00e1t nh\u1eb1m \u0111\u1ea3m b\u1ea3o r\u1eb1ng c\u00e1c ti\u00eau chu\u1ea9n \u0111\u1eb7t ra ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. \u0110\u1eb7c bi\u1ec7t, s\u1ef1 \u0111\u1ed5 v\u1ee1 c\u1ee7a h\u00e0ng lo\u1ea1t c\u00e1c \u201c\u00f4ng tr\u00f9m ng\u00e2n h\u00e0ng l\u1edbn\u201d t\u1ea1i M\u1ef9 l\u00e0 h\u1ed3i chu\u00f4ng th\u1ee9c t\u1ec9nh NHTW c\u00e1c n\u01b0\u1edbc v\u00e0 c\u01a1 quan gi\u00e1m s\u00e1t qu\u1ed1c gia trong vi\u1ec7c gi\u00e1m s\u00e1t c\u00e1c t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh. Vi\u1ec7c qu\u1ea3n l\u00fd r\u1ee7i ro k\u1ecbp th\u1eddi v\u00e0 hi\u1ec7u qu\u1ea3 \u1edf c\u1ea5p \u0111\u1ed9 c\u1ea3 t\u1eadp \u0111o\u00e0n \u0111\u00f3ng vai tr\u00f2 h\u1ebft s\u1ee9c quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh l\u1edbn c\u0169ng nh\u01b0 to\u00e0n h\u1ec7 th\u1ed1ng \u2013 tr\u00e1ch \u0111\u01b0\u1ee3c nh\u1eefng r\u1ee7i ro c\u00f3 t\u00ednh lan truy\u1ec1n ph\u00e1t sinh t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f3 t\u1ea7m\u00a0\u1ea3nh h\u01b0\u1edfng quan tr\u1ecdng\u00a0t\u1edbi h\u1ec7 th\u1ed1ng, g\u00f3p ph\u1ea7n quan tr\u1ecdng trong vi\u1ec7c th\u1ef1c hi\u1ec7n m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh (Xem th\u00eam H\u1ed9p 1: Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a Fed trong khu\u00f4n kh\u1ed5 qu\u1ea3n tr\u1ecb r\u1ee7i ro v\u00e0 gi\u00e1m s\u00e1t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh sau kh\u1ee7ng ho\u1ea3ng).<\/p>\n

H\u1ed9p 1: Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a Fed trong khu\u00f4n kh\u1ed5 qu\u1ea3n tr\u1ecb r\u1ee7i ro v\u00e0 gi\u00e1m s\u00e1t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh sau kh\u1ee7ng ho\u1ea3ng<\/strong><\/p>\n

\"1\"<\/a><\/p>\n

B\u00ean c\u1ea1nh \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh, vai tr\u00f2 c\u1ee7a NHTW trong qu\u1ea3n l\u00fd thanh kho\u1ea3n \u2013 ng\u01b0\u1eddi cho vay cu\u1ed1i c\u00f9ng c\u0169ng \u0111\u01b0\u1ee3c nh\u1ea5n m\u1ea1nh trong th\u1eddi k\u1ef3 kh\u1ee7ng ho\u1ea3ng v\u00e0 suy tho\u00e1i kinh t\u1ebf. \u0110a ph\u1ea7n c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh trong qu\u00e1 kh\u1ee9 xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c c\u1eaft gi\u1ea3m qu\u00e1 m\u1ee9c ngu\u1ed3n t\u00e0i tr\u1ee3 thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng. Do \u0111\u00f3, trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008, nhi\u1ec1u NHTW \u0111\u00e3 \u0111\u1ed1i m\u1eb7t v\u1edbi b\u00e0i to\u00e1n \u201cthanh kho\u1ea3n\u201d th\u00f4ng qua nhi\u1ec1u ch\u01b0\u01a1ng tr\u00ecnh nh\u01b0 cho vay ng\u1eafn h\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng; th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch ho\u00e1n \u0111\u1ed5i ti\u1ec1n t\u1ec7 t\u1ea1m th\u1eddi (Xem th\u00eam H\u1ed9p 2: C\u00e1c c\u00f4ng c\u1ee5 thanh kho\u1ea3n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u1eb1m \u0111\u1ed1i ph\u00f3 v\u1edbi kh\u1ee7ng ho\u1ea3ng).<\/p>\n

H\u1ed9p 2: C\u00e1c c\u00f4ng c\u1ee5 thanh kho\u1ea3n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u1eb1m \u0111\u1ed1i ph\u00f3 v\u1edbi kh\u1ee7ng ho\u1ea3ng<\/strong><\/p>\n

\"2\"<\/a><\/p>\n

C\u00e1c bi\u1ec7n ph\u00e1p can thi\u1ec7p phi truy\u1ec1n th\u1ed1ng \u2013 gi\u1ea3i ph\u00e1p m\u1edbi cho NHTW<\/strong><\/p>\n

Trong giai \u0111o\u1ea1n b\u00ecnh th\u01b0\u1eddng, NHTW s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 CSTT truy\u1ec1n th\u1ed1ng th\u00f4ng qua ho\u1ea1t \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng m\u1edf \u0111\u1ec3 \u0111i\u1ec1u ti\u1ebft l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch ng\u1eafn h\u1ea1n. Trong giai \u0111o\u1ea1n kh\u1ee7ng ho\u1ea3ng, nhi\u1ec1u NHTW c\u0169ng \u0111\u00e3 s\u1eed d\u1ee5ng nh\u1eefng c\u00f4ng c\u1ee5 truy\u1ec1n th\u1ed1ng \u0111\u1ec3 \u0111i\u1ec1u ti\u1ebft, ki\u1ec3m so\u00e1t th\u1ecb tr\u01b0\u1eddng v\u00e0 n\u1ec1n kinh t\u1ebf sau kh\u1ee7ng ho\u1ea3ng, nh\u01b0ng hi\u1ec7u qu\u1ea3 \u0111em l\u1ea1i r\u1ea5t \u00edt. Do \u0111\u00f3, c\u00e1c c\u00f4ng c\u1ee5 CSTT phi truy\u1ec1n th\u1ed1ng \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o s\u1eed d\u1ee5ng. Ph\u01b0\u01a1ng th\u1ee9c m\u00e0 c\u00e1c NHTW can thi\u1ec7p v\u00e0 \u0111\u01b0a ra ch\u00ednh s\u00e1ch khi c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng ch\u1ecbu s\u1ee9c \u00e9p n\u1eb7ng n\u1ec1 l\u00e0 kh\u00e1c nhau trong t\u1eebng ho\u00e0n c\u1ea3nh. C\u1ee5 th\u1ec3:<\/p>\n

(i) H\u1ea1 th\u1ea5p l\u00e3i su\u1ea5t c\u01a1 b\u1ea3n.<\/em><\/strong> V\u1ec1 b\u1ea3n ch\u1ea5t, l\u00e3i su\u1ea5t l\u00e0 c\u00f4ng c\u1ee5 c\u01a1 b\u1ea3n \u0111\u1ec3 th\u1ef1c thi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a NHTW. Tuy nhi\u00ean, t\u00ednh \u201cv\u01b0\u1ee3t chu\u1ea9n\u201d \u1edf \u0111\u00e2y \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n \u1edf c\u01b0\u1eddng \u0111\u1ed9 v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ea5t m\u1ea1nh c\u1ee7a m\u1ee9c h\u1ea1 l\u00e3i su\u1ea5t. L\u00e3i su\u1ea5t t\u1ea1i c\u00e1c n\u1ec1n kinh t\u1ebf ch\u1ee7 ch\u1ed1t h\u1ea7u nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ea1 xu\u1ed1ng m\u1ee9c ti\u1ec7m c\u1eadn 0%, \u0111i\u1ec1u tr\u01b0\u1edbc \u0111\u00e2y ch\u1ec9 c\u00f3 NHTW Nh\u1eadt B\u1ea3n \u00e1p d\u1ee5ng. Khi l\u00e3i su\u1ea5t \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ea9y xu\u1ed1ng m\u1ee9c g\u1ea7n b\u1eb1ng 0, c\u00e1c NHTW b\u1eaft \u0111\u1ea7u s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ti\u1ec1n t\u1ec7 kh\u00e1c phi truy\u1ec1n th\u1ed1ng \u0111\u1ec3 k\u00edch th\u00edch ph\u1ee5c h\u1ed3i nh\u01b0 c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n thanh kho\u1ea3n; c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng cho c\u00e1c ng\u00e2n h\u00e0ng; c\u00e1c g\u00f3i mua t\u00e0i s\u1ea3n \u1edf quy m\u00f4 l\u1edbn (c\u00f2n g\u1ecdi l\u00e0 n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng – QE); ra c\u00e1c d\u1ea5u hi\u1ec7u cho ch\u00ednh s\u00e1ch t\u01b0\u01a1ng lai th\u00f4ng qua c\u00e1c h\u01b0\u1edbng d\u1eabn mang t\u00ednh \u0111\u1ecbnh h\u01b0\u1edbng cho th\u1ecb tr\u01b0\u1eddng.<\/p>\n

(ii) Ch\u01b0\u01a1ng tr\u00ecnh mua t\u00e0i s\u1ea3n c\u1ee7a NHTW tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh <\/em><\/strong>th\u00f4ng qua c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua v\u00e0o quy m\u00f4 l\u1edbn tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 d\u00e0i h\u1ea1n, c\u00f9ng c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n kh\u00e1c. \u0110\u00e2y l\u00e0 gi\u1ea3i ph\u00e1p phi truy\u1ec1n th\u1ed1ng \u0111\u01b0\u1ee3c nhi\u1ec1u NHTW \u00e1p d\u1ee5ng khi c\u00e1c gi\u1ea3i ph\u00e1p truy\u1ec1n th\u1ed1ng kh\u00f4ng ph\u00e1t huy hi\u1ec7u qu\u1ea3. Theo \u0111\u00f3, NHTW mua m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh t\u1eeb c\u00e1c NHTM v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh kh\u00e1c, t\u1eeb \u0111\u00f3 l\u00e0m t\u0103ng cung ti\u1ec1n cho n\u1ec1n kinh t\u1ebf. Trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng v\u1eeba qua, NHTW nhi\u1ec1u qu\u1ed1c gia \u0111\u00e3 t\u1eadp trung mua c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n khi vi\u1ec7c mua c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh ng\u1eafn h\u1ea1n \u0111\u00e3 kh\u00f4ng c\u00f2n ph\u00e1t huy hi\u1ec7u qu\u1ea3 (Xem th\u00eam H\u1ed9p 3: C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u00e3 tri\u1ec3n khai t\u1ea1i m\u1ed9t s\u1ed1 NHTW tr\u00ean th\u1ebf gi\u1edbi).<\/p>\n

H\u1ed9p 3: C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u00e3 tri\u1ec3n khai t\u1ea1i m\u1ed9t s\u1ed1 NHTW tr\u00ean th\u1ebf gi\u1edbi<\/strong><\/p>\n

\"3\"<\/a><\/p>\n

(iii) C\u00e1c ph\u01b0\u01a1ng ti\u1ec7n t\u00edn d\u1ee5ng nh\u1eafm \u0111\u1ebfn c\u00e1c th\u1ecb tr\u01b0\u1eddng ri\u00eang:<\/em><\/strong> N\u0103m 2008, Fed th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh mua v\u00e0o c\u00e1c lo\u1ea1i gi\u1ea5y t\u1edd c\u00f3 gi\u00e1 \u0111\u00e1o h\u1ea1n trong v\u00f2ng 90 ng\u00e0y, nh\u1eb1m cung c\u1ea5p thanh kho\u1ea3n cho c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7, h\u1ed7 tr\u1ee3 ph\u00e1t h\u00e0nh c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n b\u1ea3o \u0111\u1ea3m b\u1eb1ng t\u00e0i s\u1ea3n. N\u0103m 2011, Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00e2u ECB ti\u1ebfn h\u00e0nh h\u1ed7 tr\u1ee3 t\u00edn d\u1ee5ng cho c\u00e1c ng\u00e2n h\u00e0ng b\u1eb1ng c\u00e1ch k\u00e9o d\u00e0i nghi\u1ec7p v\u1ee5 t\u00e1i c\u1ea5p v\u1ed1n d\u00e0i h\u1ea1n (Long-term Refinancing Operations \u2013 LTROs), t\u1eeb 3 th\u00e1ng th\u00e0nh 3 n\u0103m, c\u0169ng nh\u01b0 t\u0103ng ngu\u1ed3n v\u1ed1n t\u00e0i tr\u1ee3 cho c\u00e1c ng\u00e2n h\u00e0ng, n\u1edbi l\u1ecfng \u0111i\u1ec1u ki\u1ec7n t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 d\u00f9ng \u0111\u1ec3 c\u1ea7m c\u1ed1 khi \u0111i vay. NHTW Anh thi\u1ebft k\u1ebf l\u1ed9 tr\u00ecnh t\u00e0i tr\u1ee3 cho vay, cung c\u1ea5p ngu\u1ed3n v\u1ed1n \u0111\u1ebfn h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng d\u1ef1a v\u00e0o k\u1ebft qu\u1ea3 cho vay c\u1ee7a t\u1eebng ng\u00e2n h\u00e0ng.<\/p>\n

(iv) C\u00e1c h\u00e0nh \u0111\u1ed9ng \u0111\u1ecbnh h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng: <\/em><\/strong>L\u00e3i su\u1ea5t gi\u1ea3m c\u00f3 th\u1ec3 khi\u1ebfn c\u00e1c th\u00e0nh vi\u00ean tham gia th\u1ecb tr\u01b0\u1eddng ho\u00e0i nghi t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a vi\u1ec7c gi\u1ea3m l\u00e3i su\u1ea5t (t\u00ecnh hu\u1ed1ng ch\u1ec9 mang t\u00ednh th\u1eddi \u0111i\u1ec3m). \u0110\u1ec3 nu\u00f4i d\u01b0\u1ee1ng ni\u1ec1m tin doanh nghi\u1ec7p v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng, c\u0169ng nh\u01b0 \u00fd ch\u00ed cho vay c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng, c\u00e1c NHTW ph\u1ea3i ph\u00e1t \u0111i c\u00e1c th\u00f4ng \u0111i\u1ec7p mang t\u00ednh \u201c\u0111\u1ecbnh h\u01b0\u1edbng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng, theo \u0111\u00f3 kh\u1eb3ng \u0111\u1ecbnh ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t c\u1ef1c th\u1ea5p ng\u1eafn h\u1ea1n s\u1ebd c\u00f2n ti\u1ebfp t\u1ee5c k\u00e9o d\u00e0i. C\u00e1c \u0111\u1ecbnh h\u01b0\u1edbng n\u00e0y th\u01b0\u1eddng \u1edf d\u1ea1ng c\u00e1c ph\u00e1t bi\u1ec3u c\u00f4ng khai, kh\u1eb3ng \u0111\u1ecbnh \u00fd \u0111\u1ecbnh gi\u1eef l\u00e3i su\u1ea5t th\u1ea5p trong d\u00e0i h\u1ea1n v\u00e0 nh\u1ea5n m\u1ea1nh vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t tr\u1edf l\u1ea1i l\u00e0 c\u00f3 t\u00ednh \u201c\u0111i\u1ec1u ki\u1ec7n\u201d. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 NHTW ch\u1ec9 \u00e1p d\u1ee5ng t\u0103ng l\u00e3i su\u1ea5t khi c\u1ea7n thi\u1ebft l\u1eadp l\u1ea1i c\u00e1c m\u1ee5c ti\u00eau \u0111i\u1ec1u h\u00e0nh CSTT ho\u1eb7c thay \u0111\u1ed5i c\u00e1c ng\u01b0\u1ee1ng \u0111\u00e1nh gi\u00e1 cho c\u00e1c bi\u1ebfn s\u1ed1 kh\u00e1c nh\u01b0 t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p, l\u1ea1m ph\u00e1t\u2026 Nh\u1eefng ph\u00e1t bi\u1ec3u n\u00e0y kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c NHTW b\u1ecb r\u00e0ng bu\u1ed9c, nh\u01b0ng l\u1ea1i c\u00f3 t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c \u0111\u1ebfn k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 th\u1eddi \u0111i\u1ec3m l\u00e3i su\u1ea5t s\u1ebd thay \u0111\u1ed5i, t\u00f9y theo \u00fd \u0111\u1ecbnh c\u1ee7a c\u00e1c NHTW.<\/p>\n

T\u00f3m l\u1ea1i<\/strong><\/p>\n

Kh\u1ee7ng ho\u1ea3ng to\u00e0n c\u1ea7u v\u00e0 suy gi\u1ea3m kinh t\u1ebf \u0111\u1eb7t ra nh\u1eefng b\u00e0i h\u1ecdc c\u1ea7n l\u01b0u t\u00e2m \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp ch\u00ednh s\u00e1ch c\u0169ng nh\u01b0 \u0111\u1eb7t ra nh\u1eefng y\u00eau c\u1ea7u thay \u0111\u1ed5i cho c\u00e1c NHTW tr\u00ean th\u1ebf gi\u1edbi. H\u01a1n bao gi\u1edd h\u1ebft, s\u1ef1 ph\u1ed1i h\u1ee3p gi\u1eefa CSTT v\u1edbi ch\u00ednh s\u00e1ch an to\u00e0n v\u0129 m\u00f4 c\u0169ng nh\u01b0 vai tr\u00f2 c\u1ee7a NHTW trong \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1eb7c bi\u1ec7t quan t\u00e2m. Khu\u00f4n kh\u1ed5 qu\u1ea3n tr\u1ecb r\u1ee7i ro v\u00e0 qu\u1ea3n l\u00fd thanh kho\u1ea3n h\u01b0\u1edbng t\u1edbi c\u00e1c th\u00f4ng l\u1ec7 v\u00e0 chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c c\u00e1c NHTW ch\u00fa tr\u1ecdng \u0111\u1ea7u t\u01b0. C\u00e1c NHTW\u00a0ph\u1ea3i \u0111\u00f3ng vai tr\u00f2 ch\u1ee7 ch\u1ed1t trong vi\u1ec7c \u0111\u1ed1i \u0111\u1ea7u v\u1edbi kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 x\u1ea3y ra trong t\u01b0\u01a1ng lai. Can thi\u1ec7p k\u1ecbp th\u1eddi, h\u00e0nh \u0111\u1ed9ng quy\u1ebft \u0111o\u00e1n, ch\u00ednh s\u00e1ch linh ho\u1ea1t l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 then ch\u1ed1t \u0111\u1ec3 m\u1ed9t NHTW b\u1ee9t ph\u00e1 v\u00e0 v\u01b0\u1ee3t qua th\u1eddi k\u1ef3 kh\u1ee7ng ho\u1ea3ng th\u00e0nh c\u00f4ng.<\/p>\n

T\u00e0i li\u1ec7u tham kh\u1ea3o<\/strong><\/p>\n

    \n
  1. The role of central banks in macroeconomic and financial stability, BIS no 76, 02\/2014.<\/li>\n
  2. Central bank: Before, during, and after crisis, Masaaki Shirakawa Governor, Bank of Japan, 2013.<\/li>\n
  3. Central bank after crisis, Frederic S. Mishkin, Graduate School of Business, Columbia Univers and National Bureau of Economic Reserarch, 2012.<\/li>\n
  4. Central Banking Lessons from the Crisis, Jos\u00e9 Vi\u00f1als, International monetary fund, 2010.<\/li>\n
  5. Central Bank Response to the 2007\u201308 Financial Market Turbulence: Experiences and Lessons Drawn, Alexandre Chailloux, Simon Gray, Ulrich Kl\u00fch, Seiichi Shimizu, and Peter Stella , IMF Working Paper, WP\/08\/210, 2008.<\/li>\n<\/ol>\n

    [1]<\/a> Gi\u00e1m s\u00e1t v\u0129 m\u00f4 th\u1eadn trong bao g\u1ed3m c\u00e1c n\u1ed9i dung: (i) Gi\u00e1m s\u00e1t nh\u1eefng nghi\u1ec7p v\u1ee5 c\u00f3 kh\u1ea3 n\u0103ng t\u00e1c \u0111\u1ed9ng l\u1edbn v\u00e0 c\u00f3 \u1ea3nh h\u01b0\u1edfng lan truy\u1ec1n nhanh\u00a0t\u1edbi h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, ch\u1eb3ng h\u1ea1n nh\u01b0 nghi\u1ec7p v\u1ee5 cho vay th\u1ebf ch\u1ea5p d\u01b0\u1edbi chu\u1ea9n trong c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng h\u01a1n l\u00e0 ch\u1ec9 gi\u00e1m s\u00e1t \u1edf c\u1ea5p \u0111\u1ed9 t\u1eebng c\u00f4ng ty ho\u1eb7c t\u1eebng ng\u00e0nh; (ii) \u0110\u00e1nh gi\u00e1 nh\u1eefng r\u1ee7i ro h\u1ec7 th\u1ed1ng ti\u1ec1m t\u00e0ng trong ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n l\u00fd r\u1ee7i ro, r\u1ee7i ro do gia t\u0103ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh m\u1ed9t c\u00e1ch r\u1ed9ng r\u00e3i hay do s\u1ef1 thay \u0111\u1ed5i c\u1ee7a s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh v\u00e0 th\u1ecb tr\u01b0\u1eddng; (iii) Ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng t\u00e1c \u0111\u1ed9ng l\u1eabn nhau gi\u1eefa c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh ho\u1eb7c gi\u1eefa c\u00e1c c\u00f4ng ty v\u1edbi th\u1ecb tr\u01b0\u1eddng, v\u00ed d\u1ee5 nh\u01b0 kh\u1ea3 n\u0103ng t\u00e1c \u0111\u1ed9ng qua l\u1ea1i gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f3 m\u1ed1i li\u00ean h\u1ec7 ch\u1eb7t ch\u1ebd v\u1edbi nhau; (iv) \u0110\u1ea3m b\u1ea3o r\u1eb1ng c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 t\u1ea7m\u00a0\u1ea3nh h\u01b0\u1edfng quan tr\u1ecdng\u00a0t\u1edbi h\u1ec7 th\u1ed1ng ph\u1ea3i ch\u1ecbu s\u1ef1 gi\u00e1m s\u00e1t t\u01b0\u01a1ng x\u1ee9ng v\u1edbi m\u1ee9c r\u1ee7i ro g\u00e2y ra cho h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh trong tr\u01b0\u1eddng h\u1ee3p t\u1ed5 ch\u1ee9c n\u00e0y s\u1ee5p \u0111\u1ed5; (v) \u0110\u01b0a ra c\u01a1 ch\u1ebf gi\u1ea3i quy\u1ebft an to\u00e0n khi ph\u1ea3i gi\u1ea3i th\u1ec3 c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 t\u1ea7m\u00a0\u1ea3nh h\u01b0\u1edfng quan tr\u1ecdng\u00a0t\u1edbi h\u1ec7 th\u1ed1ng; (vi) \u0110\u1ea3m b\u1ea3o r\u1eb1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh tr\u1ecdng y\u1ebfu, bao g\u1ed3m c\u1ea3 c\u00e1c t\u1ed5 ch\u1ee9c th\u1ef1c hi\u1ec7n d\u1ecbch v\u1ee5 th\u01b0\u01a1ng m\u1ea1i, thanh to\u00e1n, ph\u1ea3i v\u1eefng ch\u1eafc; (vii) Nghi\u00ean c\u1ee9u \u0111\u1ec3 gi\u1ea3m thi\u1ec3u t\u00e1c \u0111\u1ed9ng c\u00f9ng chi\u1ec1u chu k\u1ef3 kinh t\u1ebf c\u1ee7a c\u00e1c quy \u0111\u1ecbnh v\u1ec1 v\u1ed1n v\u00e0 c\u00e1c quy \u0111\u1ecbnh ti\u00eau chu\u1ea9n kh\u00e1c; (viii) Nh\u1eadn bi\u1ebft nh\u1eefng l\u1ed7 h\u1ed5ng ph\u00e1p l\u00fd bao g\u1ed3m c\u1ea3 nh\u1eefng l\u1ed7 h\u1ed5ng trong l\u0129nh v\u1ef1c b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0, do nh\u1eefng l\u1ed7 h\u1ed5ng n\u00e0y c\u00f3 th\u1ec3 g\u00e2y ra nh\u1eefng r\u1ee7i ro cho to\u00e0n h\u1ec7 th\u1ed1ng.<\/p>\n

    [2]<\/a> The role of central banks in macroeconomic and financial stability, BIS no 76, 02\/2014<\/p>\n

    ThS. \u0110\u1ed7 Th\u1ecb B\u00edch H\u1ed3ng<\/strong><\/p>\n

    Vi\u1ec7n Chi\u1ebfn l\u01b0\u1ee3c ng\u00e2n h\u00e0ng<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    T\u1eeb sau n\u0103m 2008, kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u00e0 suy tho\u00e1i kinh t\u1ebf \u0111\u00e3 c\u00f3 nh\u1eefng d\u1ea5u hi\u1ec7u b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n tho\u00e1i tr\u00e0o. Tuy nhi\u00ean, t\u1eeb n\u0103m 2015 tr\u1edf l\u1ea1i \u0111\u00e2y, nh\u1eefng t\u00edn hi\u1ec7u ti\u00eau c\u1ef1c v\u1ec1 n\u1ec1n kinh t\u1ebf th\u1ebf gi\u1edbi \u0111ang l\u1ea5n \u00e1t nh\u1eefng t\u00edn hi\u1ec7u l\u1ea1c quan c\u00f3 th\u1ec3 …<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[50],"tags":[],"_links":{"self":[{"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/posts\/1930"}],"collection":[{"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/comments?post=1930"}],"version-history":[{"count":3,"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/posts\/1930\/revisions"}],"predecessor-version":[{"id":1936,"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/posts\/1930\/revisions\/1936"}],"wp:attachment":[{"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/media?parent=1930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/categories?post=1930"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/khoahocnganhang.org.vn\/news\/wp-json\/wp\/v2\/tags?post=1930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}