Nhìn nhận về tiền, vốn và điều hành lượng tiền trong lưu thông.pdf

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<b>NH1NNH~NV[ 1I[N, VONVADI[~ HANHlU~NG1I[N 1~ONGloo 1HONG</b>

T

^{ien- Van- L<;1m}nhLtngnhan to c6 vai tro^phatdeulaquantrqngimh h"ong tr\fCtiepdoi voi doi song,kinhte, xa h9icua moi quoc gia cOngnhLftoancau. SIJv~n d9ngcua cac nhantonay, neu khOngphu h<;1pvoi quylu~tkhachquan,S8kimhamtoc d9

<i>tang trLfdngkinh te va dm trd SIJ</i>

phattriencuamoiquocgia.ThlJCtehi$nnay c6 nhieuquandiem khacnhauve van de nay.Be phat huytot vai tro cua n6 trong nen kinhtethi trLfongva h9i nh~pkinhte quocte, xin neu m9t trong nhG'ngcachnhinnh~nve tien,vanva dieuhanh

ILt<;1ngtien trong ILfUthong:

<i>TMn va van la hai ph<;1m</i>tru khac

<i>nhau. TMn, neu khong phai la tien</i>

vang, tien b<;1cthi ddn thuan chllaky hi$u gia trj, la m9t manh giaydLt<;1cky hi$u d~c bi$t do lu~t phap(Nha nLfoc) quy dinh de lam.phLtdngti$n ILfUthong hang hoa, lam(Jtgiay chCrngnh~n cua xa h9i dengLfoi nam gilt dLf<;1cquyen nh~nm9t phan cua cai xa h9i tLfdngCrng(c6 gia tri thlJC SIJ) do ngLfoi d6(ho~cto chltc d6) da ho~c S8d6ngg6p cho xa h9i m9t II1<;1nglac d9ng(haycua cai) c6 gia tr! thlJc slJ.

<i>Van la san pham cua lac d9ng</i>

dLtc;1Ctich luy l<;1i,c6 gia tri ho~c lam9tkha nang c6 th~t ve sang t<;1oragia tri (vi d(,JSd hLtutri tu$). Van c6the ton t<;1idLfOihinh thai tien t$,ho~chi$n v~t, c6 the hLtuhinh (nhaXLtdng,dat dai, may m6c thiet bj,nguyen v~t Ii$u) ho~c vo hinh (biquyetky thu~t, uy tin thLfdngm<;1i...).De c6 van, ngLfoita phai lac d9ngthlfc SIJ,va phai Uch luy m9t phan

'i'~ em NGANMNG- 60 7 NAM<small>2005</small>

<b>ThS. Nguy~n Van Khach *</b>

ket qua lac d9ng cu~ minh, ho~cvay rTILf<;lncuacaitfct1mycuangLfoikhac.

<small>.</small> Do d6, Nha nLfoc c6 the in ratien chlt khOngthe in ra van. HdnnLta,de in tien con phai ton Van, dophai chi phi cho giay mlJCd~c bi$t,cho nha xLfdng,thiet bi va tra ILfdngcong nhan nha may in tien. Neu c6the in tien lam van dLf<;1C,thi nhG'ngquoc gia c6 dong tien m<;1nh,ch~ngh<;1nnhLf My S8 khOng can phai 10

<i>lam an gi ma Clt in dolara chi tieu,</i>

vi dong do la My gan nhLfla dongtien the gioi. NLfOCMy khong phaikhong muon lam dieu d6, ma la vikhong the lam dLf<;1C,do chinh l<;1iichcua nLfocMy. SIJl<;1md(,Jngmay intien, du t<;1mthoi c6 the d<;1tdLf<;1Cm(,Jctieu nao d6, nhLfng sam haymU9n deu phai tra gia dat, vi dingLf<;1Cl<;1iquy lu~t khach quan cuaILfUthong tien t$.

<i>Ve nguyen tac, NHTLJphai bao</i>

dam duy tri m9t ILf<;1ngtien vva ducho ILfUthOng, khong dLf<;1CthvacOng khong dLf<;1Cthieu. Neu dethva tien thi gia ca tang len (l<;1mphat), neu de thieu (khan hiem tien)thi ILfUthong ach tac, kinh te tri tr$,c6 the gay nen thieu phat (m~c dul<;1mphat hay thieu phat con donhieu nguyen nhan, va c6 nhG'ngtrLfong h<;1pkhong do nguyen nhanve tien t$). Voi slJ ra doi cua h$thong ngan hang thLfdng m<;1i,thitien dLf<;1Ct<;1ora khong chi bangcach phat hanh them tien m~t cuaNHTLJ,ma con dLf<;1Cnhan len qua

h$ thong tien glri dLf<;1Clua\ chuyen

'---Jv ngan hang thLfdngm<;1inay sangngan hang thLfdng m<;1ikhac. M9tkhoan tien m~t glri vao ngan hang,

<i>vi d(,J1.000 t1dong c6 the t<;10</i>nenm9:~ILf<;1ngtien (phLfdngti$n thanh

<i>toan) la 10.000 t1dong ho~c 20.000</i>

<i>tl dong, tuy theo ty 1$ dlJ trLt bat</i>

bU9Cla 10% hay 5% (h$ so t<;10tienla 10 hay 20). Do d6, vi$c dieuhanh de luon c6 m9t ILf<;1ngtien vvadu cho ILfUthong la m9t nghi$p v(,Jphltc t<;1p.Qua trinh t<;10tien (tangthem tien) va huy tien (rut bot tienkhoi ILfU thong) di~n ra thLfongxuyen. C6 the t<;10them tien makhOngcan in them tien (bang cachgiam ty 1$dlJ trLtbat bU9Ccua nganhang thLfdng m<;1i)ho~c huy haygiam bot tien ma khOngcan thu bottien m~t ve (bang cach tang ty 1$dLttrLt bat bU9C). COng do v~y, vi$ctang them tien hay giam bot tientrong ILfUthong tlJ ban than n6khOnglam tang them hay giam botdi m9t phan ta cua cai xa h9i haygia tri th~t nao cua xa h9i. Muon c6Van, cac ngan hang chi c6 the divay de cho vay, huy d9ng van t<;1mthoi nhan roi cua ngLfoinay de chongLfoikhac

sa

d(,Jng.Bieu d6 cOngdung ca voi chfnh phu. M~c duchinh phu c6 the quyet dinh vi$c intien nhLfngchfnh phu khong in dLf<;1C

Be thlJC hi$n dLf<;1Cchltc nangdieu hanh, dam bao duy tri m9tILf<;1ngtien vva du cho ILfUthong,NHTLJphai tuan thu cac nguyen tacsau day:

<i><small>M(>t</small>la, phai can clt vao tin hi$u</i>

<b>17</b>

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th! trLfdng(gia ca, ty gia hoidoai, laisuat, tr~ng thai van kha dl:mg cuacac ngan hang thLfdng m~i...) vathong qua nhu cau cua nhung t6chuc ho~c ca nhan ve phLfdngti~nthanh toan (thieu hay thCtatien) cJ~quyet d!nh mQt cach linh ho~t, kipthdi, chlnh xac vi~c dLfathem tienra hay rut bat tien khoi ILfUthOng,cOngnhLfh,fach9n cong cl,!d~ thl,fChi~n nghi~p vI,!d6 (in them tien m~t,giam bdt tY I~ dl,ftrll bat bUQC,muacac giay td c6 gia, h~ lai suat taicap van va lai suat chiet khau...

<small>trong trLfdng h<;1pcan tang tien; valam ngLf<;1cI~i, trong trLfdng h<;1pcan</small>

giam bdt tien). Cac ke ho~ch phathanh tien hang nam, hang quy chimang tlnh dl,f bao, d!nh hLfdngvaphai dLf<;1Cb6 sung dieu chinh chophu h<;1pvdi thl,fcte thj trLfdng.

<i>Hai la, phai bao dam sac cho</i>

mQt dong tien dLfa vao ILfUthOngdeu c6 thanh khoan doi Ctng,hay

<small>n6i mQt cach nom na la khOng dLf<;1C</small>

phat khong tien vao ILfUthong maphai c6 gia trj thl,fCdam bao chodong tien d6, d~ khi can rut bat tienve thi c6 san cong cl,!, phLfdngti~nv~t chat thl,fChi~n, neu khong, selam t6n h~i gia trj dong tien, gaymat 6n d!nh vi mo. Cac phLfdngti~ndam bao c6 th~ la vang, ngo~i t~,cac giay td c6 gia nhLfky phieu, tinphieu, trai phieu chlnh phUtrong vangoai nLfdc,cac giay nh~n n<;1cuanhung ngLfdi vay n<;1du uy tin, c6kha nang tra n<;1;ho~c cac tai san

<i>cam co, cac h<;1pdong tin dl,!ng</i>

dLf<;1CIl,fa ch9n can tr9ng... DLfdngnhien la c6 luc, c6 khi, NHTU dLfatien ra ma khOng dai hoi mQt v~tdam bao tLfdngCtng,nhLfngd6 chila nhung khoan tien cho vay n6ng,t~mthdi, c6 dieu ki~n va gidi h~nnhat djnh, VI dl,! nhLft~m Ctngchongan sach Nha nLfdcva phai hoantra trong nam (thong I~ la 3 thang);

cho vay qua dem bu dap thieu hl,!tve dl,f trll bat bUQCho~c cung capthanh khoan cho cac t6 chuc tindl,!ng.

<i>In khong lien (phat hanh khong)</i>

nham phl,!cvI,!cho nhung nhu cauchi lieu nhat djnh ma khong phainham dap Ctngyeu cau ve phLfdngti~n ILfUthong cho nen kinh te, du

<i>Vdi bat cu ml,!c tieu gi (chi dau tLf</i>

xay dl,fng cd ban, chi quoc phangan ninh, chi cap van cho doanhnghi~p nha nLfdc, chi lam van tindl,!ng cho ngan hang...) va qua bat

<i>cu kenh nao'- sdmhay mUQndeu</i>

d~md~n h~u qua xau sau day:

-Vi~c in tien d~ chi tieu la mQt'cach danh thue ma khOng can

thong qua mQt lu$t thue hay sacthue nao, vi n6 cho phep Nha nLfdc

<small>dLf<;!Cdieu tiet I~i mQt phan thu nh~p</small>

<small>quocdanngoaicackhoanthuchlnh thuc qua thue. Ngay ca khivi~c lam d6 chLfa gay ra mQt tacdQng tieu Cl,fcnao ve vi mo, thi vi~cthu thue bang cach in them tien d~chi lieu la mQt Sl,f phan phoi I~i thunh~p mQt cach khong dong deu (c6ngLfdi thi~t, c6 ngLfdi l<;1inhLfng thi~t</small>

<i>thai nhat la ngLfdic6 thu nh$p co</i>

d!nh ho~c tlch luy tai san bang bant~), thieu minh b~ch va de b! I~mdl,!ng.

- In khong tien d~ chi lieu lamcho Nha nLfdc,trl,fc tiep la NHTUngay cang mat di kha nang dieu

<small>hoa ILf<;1ngtien trong ILfU thong,lam</small>

suy yeu va vo hi~u hoa dan caccong cl,! chlnh sach tien t~, vi tiendLf<;1CdLfa ra theo I~nh chu khOngtheo tin hi~u thj trLfdng, khong c6tha,nh khoan doi (mg, khong phI,!

<i>thuQctn!c tiep vao cac yeu to ve lai</i>

suat, ty gia... Day la mQt trongnhung nguyen nhan chu yeu lamcho nhung bi~n phap sa dl,!ngcongc~ gian tiep cua NHTU nhLflai suat

tai cap van, lai suat chiet khau,

nghi~p vI,!thj trLfdngmo hi~n chi c6tac dl,!ng rat h~n che den thj trLfdngtien t~, va do d6, h~n che kha nangquan Iy, dieu tiet va djnh hLfdngchoth! trLfdngtien t~ theo cd che mdi.

- In khong tien d~ chi tieu lamsai I~ch va bien d~ng dan cac quanh~ kinh te vi mo, dan tdi nhung chiphi xa hQikhac khong DQCIQr6 r~tnhLfng khong phai la khong tlnhtoan dLf<;1c.In khong tien d~ chi tieuve thl,fCchat la Nha nLfdc sa dl,!ngquyen dLf<;1Cphat hanh tien d~ catngan thLfdCdo (gia trj dong tien)nhLfngbUQCxa hQi phai chap nh$nla thLfdCdo nay van c6 dQ dai nhLfcO.Xa hQiphan CtngI~i mQtcach tl,fgiac ho~c khong tl,f giac d~ tl,f v~.Ket qua la: (i) Nha nLfdc thu themdLf<;1Cnhd in them tien, nhLfng I~imat di qua vi~c giam gia thl,fCcua

<i>nhung nguon thu co djnh khac do</i>

gia tr! dong tien giam; (ii) NhanLfdcphai b6 sung them cho cac khoanchi tieu so vdi dl,f toan ban dau d~bu trLf<;1tgia, ho~c phai chap nh$nkhOng hoan thanh tren thl,fc te

<i>nhi~m vI,!chi de ra neu van gill muc</i>

chi ban dau.

- In khong tien d~ chi tieu lamx6i man gia tri dong tien va do d6,x6i man lang tin vao dong ban t~.Dieu nay lam tang xu hLfdngchuy~n d!ch sang nam gill nhunggia tr! 6n dinh ho~c hap dan hdn,nhLf bat dQng san, vang, ngo~i t~m~nh; gay ap II,fCphai dieu chinh tygia theo hLfdngphai giam gia dongnQi t~; bUQccac t6 chuc tin dl,!ng

<i>phai duy tri lai suat nQit~ 0 muccao</i>

d~ h~n che vi~c ngLfdi gUi tienchuy~n sang ngo~i t~ m~nh nhamduy tri nguon van nQi t~ can thietdap Ctngnhu cau cho vay... Nhung

<i>yeu to nay deu trl,fc tiep hay gian I</i>

tiep lam tang chi phi san xuat kinh <small>I</small>

doanh, giam nguon thu ngan sach. ;

<small>(Xem</small> tiep trang 24)

<b>18</b> _{T~ em NCAN}_IiANc_-

ro

<small>7 NAM 2005</small>

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