Những bất ổn thường gặp hiện nay trong hệ thống ngân hàng thương mại trên thế giới và cách ứng phó của ngân hàng trung ương

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
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

!
"#$%&'()*

+",-. Tài chính tiền tệ
/0-12/3-. TS. Nguyễn Thị Lan
45674894/: Anh2- Kinh Doanh Quc Tế - K51
Hà N"i, Th$ng 9 năm 2013
;<'<&#=
   !"#
$%&'&  (')&*+,-./!01#
234&5/ ( #
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M>C L>C
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
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&'(
)*+,)-. "#$/
 ! "#0%1
1
)*+,. "#0
2$ "#$ "#02
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 );<=>8.?#@A
:

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.CDEFG
)HI..CDEFG
 4?..CDEFJ
E"K-..CDEF/
LMDEF.CDEF1
B.CNC-
.CNC-
 B.CNC-55C.CO;C=78
@N-,-NP4IQ<N'85CR-C>
2
NPSN-,47QIQ8+T.78QU
C
) 4?.CNC-
"K-..CNC-
EMDEF.CNC-2
2B.C5VR;:
.C5VR;:
) 4?..C5VR;:
MDEF.C5VR;J
:$WR.CNX
 7O;X
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B.C@N-EF/
EZ[\C/
LB]2
^B.CPP2:
_8S. "#0A);<=>8. "#$
?@A92:
&A);<DEF);<DNC-92G

&A5C.CN92
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MDRY2/
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M :1
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$9?B&"4f!/!97"J=,=S&$=*E*gI7&L!=*,_&=1-";"
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"7!$+V?;"!&/!QI1J*! "&4/!,0U"">"X,DR:? !!$9
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94Q-1
1. Ngân hàng thương mại (NHTM)
a. R-4-14SO
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“NHTM là công ty kinh doanh tiền tệ, chuyên cung cấp dịch vụ tài chính và hoạt động trong
ngành công nghiệp dịch vụ tài chính”
s9uE901!67#"X= -
RNH là một doanh nghiệp với nghiệp vụ thường xuyên là nhận tiền của dân chúng dưới
hình thức ký thác hay dưới hình thức khác và sử dụng nguồn lực đó trong các nghiệp vụ chiết
khấu, tín dụng và tài chínhR
s9- -0L67\*"X=&L!=*

vNHTM là một tổ chức kinh doanh tiền tệ mà nghiệp vụ thường xuyên và chủ yếu là nhận tiền
gửi của khách hàng với trách nhiệm hoàn trả và sử dụng số tiền đó để cho vay, chiết khấu và
làm phương tiện thanh toán”
s9u&D'1!" "!";"!<Sn!Q
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x1!&Db&
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
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"IDP4-`*S"In"X=f_8&
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,!F
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SnI7!=!9 "X=673,_!U"&L,Fc"";"\!E9!&D
=,6!="J!e!@" "";"\"X=3j?J"w!"g?PA!$c0W=
!$9,J";"\!$&=!<Sn07";"\"G?407"GP+"9PU- !!$&e"X==&
";"\"K0E&

2. Ngân hàng trung ương (NHTW)
a.4C/-/:6
3H07*8!,"/"O"8"J!e,8"01-9w"!$U"!8""<-X}!U"&L";"
\,8"D- !7!&D0767"X=" "6767"X=Y<-XI7
"!$ "&L*!$9I&L"40r7FZ"I7" "9E!,8!&D!L!<SnI767
. "IZ&3&L*In"G?4"X=3H07- !7!&D!L,4*?E9PU==!979E!
,O"X=L!B67IQ0c&<""X=B"&=
1
b.C994U9-V-19WO\
4U9-V-1]+9DE^F-_4C74H-47/F
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9w",Fc"Y<-X-VSL!IZ&*n",<",4*?49!<!B@!I7=!97"9L!B
!&D!L"X=B"&=&DS93H- !7!&Dc-- -*=!<"F~"/0F7
,Fc""@-1!$9!97?8" "&=9S""X=DM&!/
3H- !7!&DSU=!$VV!j"- !7!&DSU=I79SU!$:I7,4*?49}
- !7!&D"J,4*?49?d7J=.V- !7!&D"X=3H?=9C*"97
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9E&!L
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!$9DM&!/*7"•!U"&L" "&L-In67IZ&" "67!$&=
:&L-In@?=9C*
€Mở tài khoản và nhận tiền gửi của các NHTM
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!=!9 
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?j!?8"-4&!6!X,e,4*?49!<!=M94I7PU=!97"X=L!B67
Y "67"J!e&:!&D*w!"=9G9w"?dSU!$U?j!?8"FMO,Fc"-^-
&:!&D*w!<!GSU!$:?j!?8"/!&/n!!&D*w!" "3-4&I=!V*!&D
*w!!F)07![3H,e,4*?49!•0LSU!$:?j!?8"u6"y07*8!!$9:"O

"n"X=3Hd*!U"&L"<P "!&D!L?d" "!=,&PB6!&D!L
&VI=&!$K!U"PU"X=!•0LSU!$:?j!?8"!1!PU,=S-=&*)?+&L!B
3,_!\!<!=M94"X=0Fc!&D!<Sn)PU- !!$&e"X=!!$F)!7&
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"K"JQ!;"?49&e*!&Db&$=,)&07*&4*!&eM4\f4$="$T!!&D*w!
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
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!L.&0E*- !"=93H6!&Db&SU!$U?j!?8"M4\I9I=I7M4\
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!$9DM&!/&4*"!&D&4*#SW!Z&0_&P@!!\,!F&4*S9,J!"&4*
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j""`!1M&PbSn"O"nSU!$:?j!?8"
€Cho vay đối với các NHTM
Quản lý vn khả dụng"93BM4Sn"X=3!E&3H"P9I=&!$K$@!=
!$>*8!*w!&T-"9" "3PbSnIB=!97"J&L4!\=IKIB
!$9DM&!/}*w!M "!E9,&DM&L"93H,&D7"<P "!&D!L,_,
s9/!,PB2(ƒƒux37ƒƒRQuản lý vốn khả dụng của NHTM
tại NHNN là sự kiểm soát của NHNN đối với sự thay đổi tiền gửi của các NHTM tại NHNN
và thoogn qua sử dụng các công cụ của chính sách tiền tệ, đặc biệt là nghiệp vụ thị trường mở

để tác động vào khả năng thanh toán của các NHTM nhằm đạt được mục tiêu của chính sách
tiền tệ quốc gia trong từng thời kỳR
Cứu nguy cho c$c NHTM3H,4*1!$ "&L*F)&"9I="B&"p,e";" "
3Mq&="G- P4SW,/PU,I~"X=!97?8L!B673G:=
3H0767S@!"J!&D*0U"!E&"<,X*E,e";" "3
€Là tổ chức thanh toán bù trừ giữa các NHTM

Q!97?8L!B3,D-4&!=*&=b&!&D!E&3HV"T"J!e!U"&L
!=!9 !O="eM94!O=3Hu&D7J--!&/!M&L*"&-<
!=!9 "9" "3I7!97f_8&w!M ")9E!,87*73H"J!e
M&e*!$=PU?&/,8IBM4Sn"X=![67!$&="GP+,e"J?&L- -M&/
M-!)&|
H-1G-4H-19WO94X-4_4W.
Z&";"\0767"X=Y<-X3H"J&L*In1!&D![M9?E"I7"9
Y<-XI=M&"!&/!kV"E,J3H"J&L*In!+";"" ",c!- !7!$ &
-&/?490_- !7!$ &-&/Y<-X
4U9-V-1DE0-`X-4H-Ia92F`S-42897/F-7:2H7X-YZ-1B
Z&";"\40<7FZ"ID0NIU"!&D!LI7!<Sn3H"J&L*Inf6SU
I7!U"!&"<P "!&D!L}-VSL!"@-&@-^-I7,"/9E!,8"9
" "3uC!)&3H"y-4&,4*?49PU,"X=L!B67I7
!=!$=M&e*!$=9E!,8"X=L!B67
kV"E,J3H"BI@"9Y<-XID"<P "!&D!LI707*,E&S&L"9Y<
-X!$9" "*B&=L,O&9E&ID!&D!L
3. Mi quan hệ giữa NHTM và NHTW
=:-6!<"!$V"J!e!@!*=!$>"X=3I73HI7*B&=L
"w!"g&:=3I73HYJ!eJ&3H07,_9,&DM&e*>&9E!,8"X=
" "31V"<-X"&e$m*B&=L&:=3I73H,e"J:
,&D"•M-!)&,C!)&&T-?8* 67I17!$G!$
a.bEO-4:DE^F-`89
Thứ nhất3"JI=&!$KIO"p=!$>IZ&*A&B"&=V3H" "FZ",D

,Fc"01!- -"9-^-"J&D!`*D,B&IZ&" "3d**n",<"!U"!&
"<P "!&D!L&:"9L!B6707*E?49ILD0c&"X=" "!7
-M&!/J--!T",`M&!/,@!FZ"- !!$&e
2
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*>&&Z&!s9*8!!•SU!$:?j!?8"3H@,0Fc!&Db&?j!"8I7!\&4*!p
!s9!QQM&!/"<P "!&D!L
Thứ hai3H,Fc"DM&e*P9 !" ",Gf&!701-3,F=$=" "!&V"`,e
!701-*8!3I7"/!7&" "InI&L"I&-E*01!67
Thứ ba3H"J&L*In!=!$=M&e*P9 ! !$Q9E!,8"X=" "67!$
&=d*,4*?49L!B9E!,807*E,D-K$X&$9"J!ef4$=SW!Z&,
I~""X=L!B67
Cuối cùng3H,Fc"D@,*;"0_&P@!0L-<9=C -Sn"93" "
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.O"•"J=LID*w!D0U"" "3"K,Fc"PU1!W"X=3HID
&D*w!,e&4&/!:?@!!F)!@!$9L!B3
TBbEO-4:7Mc1/Q_.
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E"X=*Q,e!E9,&DM&L&T-,~!T",`PU- !!$&e"X=" "3P=9"9" "
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− 3H"@-!<Sn"9" "67!$&=SFZ&&DQ!;"F"9I=*=
? "&/!M@! &"&/!M@,B&IZ&&@!)"J& "X=3ue\)"GI~
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F)&"9I="B&"p""@-!<SnJ--,F=9E!,8"X=37
,!$+0E&;"0_&P@!"9I=M&,J!F)070_&P@!-E!I7671A!$c
!<Sn-4&"&D,&DM&Lw!„9"X=3H
− Y"@-:!&L&67"9" "67!$&=
− …&T-" "67!=!9 " "*JcIZ&=*7MO-4&S&"e!&D?E"
?d" "!&/!01--K&=9S"? !E&!$nP+"X=*Q
− 3H!701-:!$!6*$X&$967!$9,J"J!$!6*P^"MO!&D

?49";
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:
1. RBi ro tín dụng
OB4C/-/:6MW/M[7X-YZ-1
†X&$9!<Sn07$X&$9S9*8!9w"*8!J*M "7MO!U"&L,Fc"" "N=
In!7&"<IZ&67}=J&" "M ",J07M4\MO"&!$4,Fc"c"X=F)&
,&I=,B&IZ&F)&"9I=M&,/E-4&!=!9 
97&$=M940A!&D*!7IB"J,Fc"!E9$=M&67"@-!<Sn"y,Fc""9&07
$X&$9!<Sn7="IDIB,e*+$8P4f@!M&S9="4&!&/!$=!&/!
?Ma!1!6"=9"OLI7" ""-n"InP4f@!M&S9=0O!\0Vue
, -;"7" "3"y-4&0O*+$8*O9E!,8!<Sn,&V,J
"JN=07$X&$9!<Sn"y- !P&&DG
†X&$9!<Sn0709E&$X&$9-;"!E-@!I&L"40rI7-K[=J$@!MJM\J"J
!ef4$=+?@!";,6?@!";0T"79†X&$9!<Sn/MO,Fc"- !&LI7fb0rM-
!)&Pg4P&" "$X&$9M "
$V!U"!/9E!,8"9I=079E!,80Z@!I7"X/"X=67!FG*E&
O!F)+" "FZ"&L-In7*=0E&‡2!1-"967"K+&L!
=*!$9&=&,9E&L=!1-![9E!,8!<Sn*=0E&!F)"&/*z
!!1-"X=*A&67V*I79,J" "M94!&DI=?=9&)"y"Jf "P@!
I~c"=9GIZ&:!7&P4"JM "V$X&$9!<Sn,B&IZ&307$@!0Z
TB/iE4/:-9WOMW/M[7X-YZ-1
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97!$4,,XI7,T!)&EF,_!94!1Y<IQ!/P=M&"@-!<Sn"9
M "=3!U"&L!s9Sm&& *P !I&L"PbSnIBI="X=>/!@"J
?&e&LPbSnIBP=&*n",<"9w""JPUM "!F)"J!eS ,/I&L"MO97
!$4,Fc"IBI="X=M "73-4&!Q*?&L- -\[="=!&L-M-!)&
Y "?&e&L!F)w-07
+ . "7!$Q9_8-? 9" 9!7&"<9w"MO""@-,Fc":!O!&*7
67V"

G
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+ B!&Db&&4*PT!
+ 'F~0U"1*"M&S7f/-:"8"I&/!\*"GP+P4f@!M&S9="X=" 
?867"JPUP&4*!$9?MOM<!&"1I7c-! ""JPU0EE!IZ&6
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+ . "7"Jrf&9_c9w"M@!c&=Ec"1*"!$9I&L"!=!9 0_&
7M97!$4cI=67"1*9w" MEMO,Fc"!$4F"=*M/!
→ Y "S@&L!$V,607?&e&L"X=:MJM\ID*w!!7&"<![-<=F)&,&
I=" "S@&L7f@!&L07"JM4\M "7MJ97!$4" "*JI=QI1
"T07"GP+,e67!Q*&e?&L- -,&D"•I7\"wM-!)&!$ :
M94c E"J!e6$X&$9!<Sn
c.1E^3--4G-9WOMW/M[7X-YZ-1
Nguyên nhân kh$ch quan
* Rủi ro do môi trường kinh tế không ổn định
3&L=!!$F)!/&Z&,=-4&,B&*w!IZ&PU?&/,8 =!@!!F)I7
MJSU,9 !$FZ"
Y8"MX94!7&"<!97"?j!,![\*(f@!- !![PUM&Lv?9?J
?@!,8P4ˆ!$V!!$F)!<Sn7+!;"@-!E&a#,_SW!Z&PU,I~709E!"X=
L!B67!Q!$E,J&!<Sn!Q!$EPn!& ";M9 I7*@!& !&D!L
*O0Z+&DFZ"!$V!/&Z&DM&!/"X=&DB"&=,_$G&I79P!9 &I7
"9!Z&=IW"F=!e!9 !$=,Fc"
[,\*!Z&=*8!I7&B"&=,_"JS@&LSS&4&/!,Fc"14
"X=P!9 &F -I7u;",_,E!!B",8!\!$F+z!$9r}…o"X=a
!\!$F+2z!$9rI7(z!$9r}…o"X=FGB"!\z
!$9r*;"!\*E@!!$9IK\*=|&V!=!QQ
M&!/!/&Z&IW"K&DMJM\Z&,6" ""V&=M&!/,_SU? 9M4\
=0E&IKf9 MX94"X=" "FZ"!$9MB&‰Š!$9r7QQ
J
MX94M^9S7&I7MJS;!7M&/"99E!,8M&S9=J&"w-$X&$9$@!

0ZI7M4\I~ccf@!\"=9
97&$="y"Me!Z&:V6?@!M4M SW!Z&PU?@!"X=DM&!/
F!&V!=&"&/!$=" "?&/,8"<!$|,="JfFZ&=!\3=PU!=
,&ID"<P ""X=7FZ"" ""<P "ID9E&!Lf@!1-M`9E&B&
* Rủi ro do môi trường pháp lý chưa thuận lợi tại các quốc gia đang và chậm phát triển
3&L=!E&" "B"&=,=I7"1*- !!$&e*E" "?801!ID!7&"<I7M&
S9=IW"K"F=,Fc"f6SU*8!" "$m$7M-!)&I7!&/,C?8!F)fV
-4&!=,&"•Pb=u&D7M&/"9" ",I7"O! "fb0rI&-E*"F=
,Fc"!$&L!,e"K&D0AI7P=&PJ!
€Rủi ro do sự bất cân xứng về thông tin trên thị trường
$V!!$F)"E!$=MO9749F&L=I&L"67MO,Fc""
"@-" "!O!&"!&/!IDM "7I7Fc"0E&I&L"M "7MO"J,X!O!&
ID" "67PgSW!Z&:&L!FcP=
− U0U=">,B&"o9!O!&?"s,1?J-*^967/!,"9I=
IZ&M "7MO,XM4\!$4coS9=&L-Pj-- P4F)&,=?
P&/!Pc|#
− †X&$9,E9,;"o9!&/!O!&SW!Z&& *P !MO,,X67MO?&/!
,Fc"M "7,_"J:7,8I&-E*!94!1IZ&67FPbSn
!&DI=P=&*n",<"!$Bc|
Nguyên nhân chB quan
€Nguyên nhân từ phía khách hàng
− uB&IZ&M "707" 6
+ F)&I=?!@!&L-"J!e!E*!)&=M^9S7&#SW,/MO"J!1-I7
MO,4*?49,Fc"M4\!$4c
+ :?&/"B?@!!F)!$9"8"PB6MJM\!7&"<"9M "7F
B*,=!=&E"/!0&S
+ F)&,&I=9E",6aMO"<f "
X
− uB&IZ&M "707S9=&L-
+ †X&$9S9!!$F)""@-!$F)""@-MO"JM4\!q=*_PB

0FcI7"@!0FcVI1!0&L*7S9=&L-V"
→ &L!E&ID& "4M&VI1!0&L""@-"9S9=&L-MO, -;,Fc"
" "V"-`*"@!" "o9=&L-MO,E!,Fc""•!&VP4f@!PB
0Fc!&V!nI7S9=!FSU!<
+ †X&$9S9!!$F)!&V!n4-`*S9S9=&L-P4f@!$="JPB0Fc
0ZIFc!"!!$F)9w""J"@!0FcMO, -;,Fc"V""X=!
!$F)o9M6&V";!!$F)!U"&L"F=!B!#VPB0Fc79 0Z
07*;,>P4-`*!$9M9}&L!E&ID& o9=&L-?8"-4&&4*&
? P4-`*79 !@-G*;"& SUM&/?=,
→ &L!E&ID& o9=&L-?8"-4&&4*& ? ,e!&V!nP4-`*M&/
S9=!&4*PT!P9IZ&SUM&/
→ &L!E&ID"@!0FcP4-`*79 S9S9=&L-""@-MO, -;
,Fc"V"!!$F)o9"OLMO-pc-S9M6?494MO!B!S9
=9*KIOQS9F)&!&VSp!=,&!&/07*"9P4-`*MO? 
,Fc"9w"MJ? Q!/S9=&L-MJ"JM4\!$4c
+ †X&$9S9/M^*ID!7&"<S9=&L-MO!e,B&-JIZ&" "N=In!$4c
B"I70_&!&DI="9"Xc
* Nguyên nhân từ phía ngân hàng
− o9"<P ""9I="X=67MOc-0r "T!$>ID*n"!&V0c&1
V?q=:M94"9I=07*E
− o967MO!U"&L,,X9w"!U"&LMO"<f "I&L"-6!<", 
& M4\!<Sn"X=F)&I=
− o967MO!F)fV!U"&LI&L"M&e*!$=& *P !M "7!$9
!$QPbSn!&DI=

− o967!U"&LI&L", & ,4*?49!<SnMO!B!9w"MO,,X
!s9" ","X=- -01!(tài sản có đủ điều kiện pháp lý, phải có tính thị trường,
có giá trị ổn định)
− o9" ?8!<Sn!&/!$Q,8"V*O"!&/!!&/!&!!$ "&L*9w"
"J!F" "-`*"@!MO!B!"B!Q07*P=&V!j"!$9 !$Q!U"&L"9

I=
− 67,_/!,"9I="•SU=!$V"GP+*O9E!,8"X=S9=&L-
*7MO"\";I79M4\!7&"<"X=S9=&L-
− o9& !$"X=!7&P4?&/,8&4* *;"SUM&/"X=67.
d.jEDE09WOMW/M[7X-YZ-1
†X&$9!<Sn0709E&$X&$90Z@!,=SEI7-;"!E-@!!F)fVf4$=I7
!F)614wD@!?+&J07*- !P&:$X&$9M ",B&IZ&L!B
3[M &&L*ID$X&$9!<Sn!=!@$d$X&$9!<Sn07M/!4"X=*B&=L
!<SnMO9749I&-E*" ",w"!$F"G?4"X=!<Sn07PU97!$4I7!<!)&
E
− …6VPU,I~0K!&"X=F)&"@-!<SnIZ&F)&1!<Sn
− D?4"@!,60709E&$X&$9,=SEI7-;"!E-$@!MJ40rI7!F)fV07
V6SW,/$X&$9M "$X&$9!<Sn"X=*8!67!e&L$=?V97&
"<07MB&0Fcc E*767,J-4& "
− .&$X&$9!<Sn4P&!!s9*;",8*7J6$=:! "E&&V*!$>
MO"•IZ&L!B67IZ&F)&I=I7"K"4IZ&DM&!/I7f_8&
+ uB&IZ&67!FG*E&l*;",8!@-$X&$9!<Sn07*@!,&"G8&M4\
!<"0aIB07*&4*P;"*E"X=6=4F+,/!<I7Q406S7&"X=
67
+ uB&IZ&F)&,&I=O!F)$X&$9!<Sn07L4"X=$X&$9M&S9="X=
M "7Z&c EF)&,&I=97!97*@!C!7&!$c![" "67"G8&
/
M&S9=Pg!8!*@!!7&P4Pg?!"!9w"- !*E&F)&,&I=Pg,;!$FZ"
"G- P4
+ uB&IZ&DM&!/f_8&†X&$9!<Sn";!qF)&I=IB,_MO!U"&L
,Fc"&L4,!FF,w!$=M&I=IB!<Sn![67!FG*E&o9,J0c&<"
M&!/f_8&SUM&/1,Fc",_MO"JP4f@!I70F!O79 Pg,Q!$L
";"\07*"O"n,&D!&/!DM&!/Pg?P/D0c&"X=F)&b&!&DPg
MO,Fc",4*?49
'"Pb9E!,8"X=" "67!FG*E&!$V!/&Z&,_";M&/MO<!" "

670Z?- P4I714"X=J!1*"<MO&Z&E!$9*8!B"&=*7
"K0=$=&DFZ"!$9MIU"!1*"<07"4"60n"
e.&XYZ2FMW/M[7X-YZ-1
8!!$9:I<Sn&?1!I7,6@!ID$X&$9!<Sn07&L!Fcv?9?J?@!
,8P4ˆ!$V!!$F)!<Sn7+!;"@-!E&a\*(d*";DM&!/FZ"
Mq&"8"P!9 &M^9S7&PB!2\*![‹2Cục Dự trữ Liên bang Mỹ ,_E0_&
P@!"9I==,V*0&V67M&/"9!<Sn!;"@-"y&4*0_&P@!!s9u&D
7M<"!<"PU- !!$&e"X=MIU"?@!,8P4I77f6SU07*,80U""9
!\!$F+M&!/&V!$9*O&!$F)!<SnSS_&:!";"!7&"<,_
"JfFZ"9I=*E9&e*!1*"<"9:F)&1-"F?@!c-- -I=3L4
07&L!Fc"9I=I7,&I=CE!d**n",<","GSW!Z&Q!7?9?J7
+Z&,\*(?9?J7+7- !!$&e,/*;""U",E&I7I~M&/"9" ""
6,&I=MO!$4,Fc"cM^9!s9,J07!";"!<Sn"9I=*=7MO,K&
,Fc"cf/-E!<Sn!n!EI7"-&/?*@!& *E&DF)&b&!&D+" "
!";"!<Sn7,_09PcI7,/$T!!&D6$=&L!Fc,8!?&/$T!!&Db&M&/"9
" "!";",J"70TP6I79MX94I7SW!Z&PU- P4709E!
1
2. RBi ro thanh khoản
OB4C/-/:6MW/M[74O-4k4[0-
+ †X&$9!=M940709E&$X&$9f@!&L!$9!$F)c-67!&/M4\"&
!$4MO"e,&M-" "09E&!7&P4$=!&D9w"MO"JM4\I=*Fc,e, -
;" """X=" "c-,C!=!9 
+ †X&$9!=M94f4$=M&"ID!&D<!G"ID!&D†X&$9!=M940&V=
,/M4\"e" "!7&P4"<!7!&D*8!" "="J*7MO"!@!
!9 !ID& "4
→ FI1J&*8!" "M "$X&$9!=M9407$X&$9M&67MO,X!&D
, -;" "M94-4&!$4M&,/E!=!9 9w"0Fc!&D,Fc"$T!,8!8!!\S9
?&/"BM&!/x"<!$79,J
TB1E^3--4G-MW/M[74O-4k4[0-
oKIB!&Db&"X=" "!7-M&!/!$9f_8&I79" "3?E"/S9! "

,8"X=0E*- !I70K!&D-<=" "3,&DM&LM&S9=!10c&!$9
:\*,6,_07*4P&!F!F+"X=!\!$F+!<Sn J!$9
M&0E&?O0q"<P "40r$X&$907**@!"6,B&*8!PB!FG="G?4!$9
"G"@!7&P4MO,4*?49,T" "!•0L=!97!s9!&V"`"X=677FZ"
&L!=*$9?B&"4,JM&677FZ"!U"&L"<P "!&D!L!j!"w!
*8!" "/!0&L!d*!ID*8!MB&0Fc!&D*w!,C&L!=*M 0Z![0F!O
!Q*8!PB3MO!ef9="eM-!)&?*@!!=M94S9"G"@,!F
Nguyên nhân kh$ch quan:
− =,&!$9,&D7"<P "!&D!L"X=3!O=" ""O"nF!•0LSU
!$:?j!?8"" "09E&0_&P@!F0_&P@!"G?40_&P@!! &"@-IB0_&P@!!!$F)*+|
− =,&0U=">MV,!F"X=" "7,!F
− o9!Q!$EMX94"X=DM&!/MX94MIU"!7&"<

− Y "!&,C!@!!&L!6!6*0r9=*=09Pc!$96S6![,JSW!Z&&L
!Fc0Fc!&D$T!Mq&67!\,8!?&/
Nguyên nhân chB quan từ n"i b" ngân hàng
− 67I=*Fc &D" "M94!&Db&jE![" "" 6I7,"/
!7&"<M "P=,J"e9 "T!7:!7&P4,!FS7&EY9V,_f_
$=!Q!$Emất cân đi về kỳ hạn giữa nguồn vn và sử dụng vn*7!F)w-07SK
!&D!ID![!7&P4,!FqGSK!&D"&$=,e!$4" "M94!&Db&,/E
−  ",8"X=sự thay đổi cBa lãi suất,/F)&b&!&DI7F)&I=IB.&0_&P@!
&4*8!PBF)&b&!&D$T!IBMq&67,e,!FI79G&"J!•P@!P&0c&"=9
G"K:F)&,&I=!<""U"!&/-"1" "M94!<SnIQ0_&P@!,_!@-G
!$FZ"FI1$B!"8"0_&P@!!=,&Pg4F+!$E! &!=M94"X=6
7
− o967,F=$= những chiến lược quản trị rBi ro thanh khoản không phù
hợp và kém hiệu quả F" "";M9 ,=P+:"J!<!=M94!@-SU!$:
"X=67MO,X"9""&!$4
Ngoài ra, rBi ro thanh khoản có thể xảy ra do c$c nguyên nhân chB quan kh$c như :
− 67MOSU!<!$FZ""!7&!$cM94"9I=MO, -;,Fc"

"$T!!&D="X=M "7
− &/,=SEJ=" "09E&Q!7&!$c" "09E&!&DPbSn!$9&=9S"
− U*@!"6,B&ID!)&&=, 9E
− UP&4*!<,B&IZ&"O"T
9BjEDE09WOMW/M[74O-4k4[0-
†X&$9!=M9407*8!!$9:$X&$9&e*@!I70&V=,/PUPB"K"X=
67/MO, -;,Fc"" ""!=!9 67"J!e?*@!M4
\!=!9 I7"J"G- P4
†X&$9!=M9407*&4*!<!=M94=!<0&,8"X=67![,J6$X&
$9,B&IZ&!7&P4!7&"<"X=" 6I7S9=&L-I74F+!Z&M4\!&/-"1

CIBI7&L4PbSnIB"X=676MJM\"99E!,8I=I7"9
I=IB!<Sn,`*;"0_&P@!!$9jE0V"=9!1*"<f@-f•*;"0_&P@!!&D
b&S7&EF!$F)c-"X=!!$F)0&V67&L!=*:! ,\*
#?8"67-4&,&I=,e!7&!$c"9" "M94!<SnS90FcIB,8
,Fc"&4*!$9M&"•PB!<Sn!$V!,80E&!\.&:67,&I=
!$V!!$F)0&V67,JMO"K!&D*w!,e"9I=I7!$4c,/EPgSW!Z&
MX94!=M94,B&IZ&L!B67I7& !&/-6$=" ""8"MX
94M&!/M "MX94!7&"<MX94!&D!LMX94c|#
YB&XYZ2FMW/M[74O-4k4[0-
8!!$9:I<Sn,&eQID$X&$9!=M9407v4*>=9$!s$†9"Mˆ
PUPn-,"X=*8!,GI!7&"<,Fc"!&!F+I7&DF)&*GFZ"@!FZ"
OQM&S9="X=9$!s$†9"MF*>&67M "07!T!!&Db&I79I7
SpPB!&D,J"9I=!/"@-s91,"X=9$!s$†9"M!!$F)"9I=!/
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Nguyên nhân chB quan
€Sự không cân xứng giữa các kỳ hạn của tài sản nợ và tài sản có của NHTM

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Khe hở lãi suất = Tài sản nhạy cảm lãi suất – Nguồn nhạy cảm lãi suất
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€Những nguyên nhân khác
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Nguyên nhân kh$ch quan
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