Hc vin ngn hng

B mn: Ngn hng Trung ng

Bi tho lun:

Thc trng s dng cng c d tr bt buc ca Cc d tr lin bang M

Nhm: CURRENCY WARS

H ni 2014

Thnh vin nhm: 1. Kiu Hi Yn ( 01642 567 648 ) 2. Hong Th Hng Nhung 3. Nguyn Th Vn 4. Nghim c Quang 5. Nguyn Th Thu Trang 6. L c Qu 7. Trn Duy i 8.Nguyn Th Yn 9. Hong Minh Phng 10. Vn Mnh

Li m u c th thc hin mc tiu n nh v tng trng thng qua vic cung ng tin v iu tit khi lng tin trong lu thng, Ngn hng Trung ng (NHT) cc nc c th s dng cc cng c khc nhau nh: li sut, chnh sch chit khu, th trng m... Trong , d tr bt buc l cng c nhn c kh nhiu s quan tm ca cc nh nghin cu, cc nh hoch nh chnh sch. D tr bt buc c s dng hu ht cc quc gia trn th gii nhng vic s dng li khc nhau mi quc gia, n ph thuc vo tnh hnh kinh t c th ca mi t nc, vo mc tiu iu hnh ca chnh sch tin t mi thi im c th ca mi quc gia. Ngoi ra, vic s dng d tr bt buc nh th no? C hiu qu ra sao? C t c mc tiu khng? iu cng ph thuc kh ln vo hiu qu iu hnh ca NHT ca tng t nc. Vi mc ch c c ci nhn tng qut v cng c d tr bt buc khng ch trong nc m cn cc quc gia khc nhau, nhm s i su vo tm hiu thc trng v vic s dng hiu qu t l d tr bt buc ca Hoa K mt quc gia c nn kinh t u tu th gii. Vic tm hiu ny s gip nhm so snh, a ra nhn xt, v rt ra bi hc kinh nghim v vic s dng cng c d tr bt buc Vit Nam. Phn I: Khi qut v cng c d tr bt buc M 1.1 Tm hiu Cc d tr lin bang M (Fed) Cc d tr lin bang (ting Anh: Federal Reserve System Fed) l ngn hng trung ng ca Hoa K. Bt u hot ng nm 1915 theo "o lut D tr Lin bang" ca Quc hi Hoa K thng qua cui nm 1913. Cc d tr lin bang (vit tt l Fed) b ngoi l ngn hng ca chnh ph, bao gm Hi ng thng c ng ti th Washington c ch nh bi Tng thng Hoa K, y ban th trng, 12 Ngn hng d tr lin bang khu vc v cc ngn hng thnh vin c s hu mt phn cc ngn hng d tr lin bang khu vc. Theo Hi ng thng c, Fed c cc nhim v sau:

1. Thc thi chnh sch tin t quc gia bng cch tc ng cc iu kin tin t v tn dng vi mc ch ti a vic lm, n nh gi c v iu ha li sut di hn 2. Gim st v quy nh cc t chc ngn hng m bo h thng ti chnh v ngn hng quc gia an ton, vng vng v bo m quyn tn dng ca ngi tiu dng 3. Duy tr s n nh ca nn kinh t v kim ch cc ri ro h thng c th pht sinh trn th trng ti chnh 4. Cung cp cc dch v ti chnh cho cc t chc qun l ti sn c gi tr, cc t chc chnh thc nc ngoi, v chnh ph Hoa K, ng vai tr ch cht trong vn hnh h thng chi tr quc gia. 1.2 .Cng c d tr bt buc ca Fed. Vic bt buc cc NHTM phi d tr ti thiu cn thit ln u tin c s dng M vo nm 1913, vi mc ch l nhm m bo kh nng thanh ton ca cc NHTM. 1.2.1 Cc quy nh v d tr bt buc M Ti Hoa K , d tr bt buc ( hoc t l thanh khon ) l mt gi tr ti thiu , c thit lp bi Hi ng Thng c ca H thng D tr Lin bang D tr bt buc l mt phn s d tin gi cc loi m cc ngn hng thng mi (NHTM) phi d tr d, cc t l d tr bt buc i vi mt s loi tin gi c t chc ti cc t chc lu k (v d , ngn hng thng mi bao gm c chi nhnh M ca mt ngn hng nc ngoi , tit kim v vay hip hi, ngn hng tit kim , hip hi tn dng ). Cc loi tin gi duy nht hin c yu cu d tr l cc ti khon giao dch rng , ti khon vng lai. - Khi nim :. FED n nh t l d tr bt buc l t l % s tin k gi ti ngn hng m ngn hng gi li hoc gi ti FED duy tr hot ng nh chi tr cho khch hng v cc chi ph thng ngy. Quy nh ny trc tip gii hn kh nng cho vay ca cc ngn hng. Trong trng hp khon d tr ny tt xung, ngn hng phi tin hnh vay ln nhau hoc vay ca FED m bo t l d tr. - i tng thc hin : D tr bt buc c p dng i vi ngn hng thng mi, ngn hng tit kim, tit kim v cho vay, cng on tn dng, chi
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nhnh M v cc c quan ca cc ngn hng nc ngoi, cng ty Edge, v cc tp on tha thun. - Hnh thc thc hin : D tr bt buc phi c t chc theo hnh thc kho tin, v nu kho tin l khng , cng di hnh thc t cc duy tr vi mt Ngn hng D tr Lin bang. Mt t chc l thnh vin ca H thng D tr Lin bang phi c tin gi trc tip vi Ngn hng D tr; mt t chc m khng phi l mt thnh vin ca h thng c th duy tr tin gi trc tip vi Ngn hng D tr hoc vi mt t chc trong mt mi quan h pass-through - Phng thc thc hin : Trong thi hn gii hn quy nh ca php lut, Hi ng thng c c quyn duy nht i vi cc thay i trong d tr bt buc. T chc lu k phi c d tr di cc hnh thc tin mt, tin gi kho qu ti Cc d tr Lin bang. S tin d tr bt buc ca mt t chc lu k c xc nh bng cch p dng t l d tr quy nh ti Quy ch ca Hi ng D tr Lin bang. Cc ti khon d tr bt buc bao gm ti khon giao dch rng, tin gi khng khn v n EURO. K t ngy 27 thng 12 nm 1990, tin gi c k hn v n EURO c mt t l d tr bng khng. T l d tr trn ti khon giao dch rng ph thuc vo s lng ti khon giao dch rng ti t chc lu k. Phn II: Thc trng s dng cng c d tr bt buc trong nhng nm gn y ca M Vo nhng nm 30 ca th k 20, sau nhng cuc khng hong kinh t ko di, t l d tr bt buc dn c s dng ph bin cc nc khc. V lc ny, ngi ta nhn nhn d tr bt buc trong mt vai tr khc - d tr bt buc l cng c NHT cc nc s dng i u ti t ti n t trong n n kinh t . Ni cch khc, d tr b t bu c lm tng kh nng kim sot ca NHT i vi qu trnh cung ng tin. Thng qua vic thay i t l d tr bt buc, NHT c th tc ng vo ngun d tr, thay i vn kh dng ca cc ngn hng lm thay i tim nng tn dng ca cc ngn hng. Sau y nhm s i tm hiu nhng thc trng v din bin t l d tr bt buc di s iu hnh ca FED trong mt vi nm gn y. 2.1 Trong giai on hu khng hong 2011 n nay . Nm 2011
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Ngy 20/12/1/2011 , Cc d tr lin bang M xut ra nhng qui nh mi v vn v tnh thanh khon i vi ngn hng ln nht nc M m bo tr vng trc cuc khng hong c th xy n trong tng lai. Fed cho bit cc qui nh v vn v tnh thanh khon i vi cc i gia ngn hng phWall s c thc hin trong 2 giai on: Giai on 1: da vo cc chnh sch Fed cng b v d nh k hoch kim sot vn hi thng 11-2011, theo cc ngn hng c tng ti sn trn 50 t USD s phi duy tr lng tin mt ti thiu tng ng 5% gi tr ti sn ca mnh nhm i ph vi cc khon n xu. Ngoi mc bt buc trn cc i gia c ti sn t 500 t USD tr ln cng phi trch ring 10% gi tr cc khon cho vay v hp ng giao dch vi nhau. Fed cng thng qua qui nh i vi cc ngn hng c ti sn di 10 t USD. Theo cc ngn hng ny s phi tri qua 1 cuc st hch v kh nng sn sng ng ph vi cuc suy thoi kinh t mi. Giai on 2: cc ngn hng s phi tun th nhng qui nh cht ch theo tha thun quc t Basel III v mc d tr tin mt ti thiu, d kin s c hiu lc t nm 2019. Ngoi ra, cc nh bng cng phi nng t l vn cp I da trn ri ro ln thnh 7% . Ring yu cu v tnh thanh khon, Fed ang ch y ban gim st Basel b sung nhng khuyn ngh v vn ny trc khi a ra nhng yu cu c th vi ngn hng M. i tng p dng: 31 ngn hng trong c nhng ngn hng siu ln nh: JP morgan Chase, Bank of America v CitiBank vi khi ti sn trn 50 t USD. Mc ch: gip cc ngn hng c ngun lc ti chnh cn thit, trnh cuc sp ca th trng chng khon tng t nm 2008 v s st gim ln trong hot ng kinh t ton cu bao gm c t l tht nghip 13%. Nm 2012: 0- 11.5 triu USD l 0% 11.5 -71 triu USD l 3% Trn 71 triu USD l 10%

Hiu qu ca t d tr thp cho cc ti khon giao dch rng s tng t $ 71,0 triu n 79.500.000 $. Min d tr bt buc s tng t 11.500.000 $ $ 12.400.000. Nhng hnh ng ny s lm gim tng d tr bt buc c tnh khong $ 971,000,000.

Nm 2013: Cc d tr lin bang ban hnh cc ngng d tr bt buc hng nm cho cc t chc lu k trong nm 2013. Cc ngn hng phi dnh mt phn nht nh giao dch rng chim - ch yu l kim tra ti khon , d tr . Khng c nhiu thay i so vi nm trc. Nm 2013 l nm u tin m s d tin l 12.400.000 $ trong ti khon giao dch rng s c min yu cu d tr . t d tr thp , trong bao gm giao dch rng chim hn 12,4 triu USD v ln n 79.500.000 $ s phi chu mt t l d tr 3 phn trm . C th nh sau: Yu cu d tr bt buc i vi cc ngn hng c ti sn t 0-12.4 triu USD l 0% 12.4-79,5 triu USD l 3% Trn 79,5 triu USD l 10%

Hiu qu ca vic nng t d tr thp cho cc ti khon giao dch rng s tng t $ 71,0 triu n 79.500.000 $. Min d tr bt buc s tng t 11.500.000 $ $ 12.400.000. Nhng hnh ng ny s lm gim tng d tr bt buc c tnh khong $ 971,000,000. Nm 2014 FED nng thm mc d tr bt buc i vi cc ngn hng nh sau: t 0-13.3 triu USD : 0% t 13.3-89 triu USD: 3% trn 89 triu USD: 10%

Nh vy t nm 2008 n nay FED lin tip tng khi tin d tr bt buc

Nhng qui nh mi ca Fed vp phi s phn i ca hu ht cc ngn hng ti M. H cho rng vic duy tr 1 lng tin mt qu cao s nh hng n kh nng cho vay. Tuy nhin Fed cho rng nhng li ch x hi t mt h thng ngn hng mnh m s ln hn nhiu so vi nhng li ch t nhng khon tn dng ngn hn. Trc ng thi ny cc chuyn gia ca th trng Wall street nhn nh rng y l mt qui nh kh cht ch. Trong gia tng vn d tr s nh hng trc tip n kh nng cho vay v cung cp cc dch v ti chnh phi sinh cng nh li nhun thu c ngoi hot ng cho vay ca cc ngn hng. Tuy nhin vic tng d tr bt buc l bc i quan trng h thng ngn hng an ton hn. V vic p dng qui tc vn trong khun kh quc t Basel III x l cc vn qun l ri ro trong khu vc ngn hng, gip cc ngn hng trnh c c sc ti chnh v khng hong trong tng lai.

Phn III: Bi hc rt ra t vic s dng cng c DTBB ca M

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Trn l thuyt, ngn hng trung ng c th dng DTBB can thip vo tng th trng tn dng c th trong khi chnh sch tin t chung vn dng gii quyt lm pht v vic lm.Cc bin php nh gim t l DTBB, trn li sut hay hn ch cho vay vi tng ngnh c th ngn ri ro qu mc hiu qu, nhng li kh c cng chng ng h. DTBB l cng c mang tnh di hn, ch cn thay i 1 t l rt nh nhng lm thay i 1 lng rt rt ln mc cung tin. Vi 1 cng c nhanh, mnh nh vy th nguy him, ri ro l iu tt yu. Qua vic phn tch iu hnh CSTT qua s dung DTBB M, chng ta cng thy c nhng bi hc t gi rt ra cho cc quc gia khc ni chung v Vit Nam ni ring 3.1 D tr bt buc v trn li sut

p lc t c quan qun l, d tr bt buc v trn li sut u tng c dng kim sot cung tn dng, nhng chn c ca ngn hng th cc t chc khc nhy vo th chn.0 Nm 1929, FED bit chng khon tng im l do u c nn ch o cc ngn hng ngng cho vay chng khon. Tn dng ngn hng gim nghim chnh, nhng tng tn dng vn tng v cc doanh nghip khc nhy vo do ham li sut cao. T nm 1935, FED c quyn dng cng c d tr bt buc iu tit chu k kinh doanh. Ngi ta pht hin thy t 1948 n 1980, tng d tr bt buc ch lm gim nh tn dng ngn hng. Vi tng tng trng tn dng, cng c ny chng c tc dng g v ngn hng khng cho vay c th c cc t chc phi ngn hng. Hai thp nin 1960 v 1970, cc ngn hng ln tm ra cch huy ng vn lch lut nn FED phi vit li ton b quy nh v d tr bt buc. Trn li sut cng gp vn tng t. Khi li sut th trng bt u tng trong thp nin 1950, tin gi tit kim chy t ngn hng sang cc t chc khng b gii hn bi trn li sut. Chnh sch ny gip hn ch tn dng v lm pht, nhng ch yu cc ngn hng nh chu thit cn cc ngn hng ln nhanh chng a dng ha ngun vn huy ng ca mnh.

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3.2 D tr bt buc khng phi l yu t quyt nh s nhn tin thc t Trong tc ng ca d tr bt buc i vi khi lng tin cung ng c th d dng nhn ra rng vic gii hn c th lng tin mi ngn hng mun a vo lu thng khng phi l vic kh, bi v mi ngn hng n l ch c th cho vay trong phm vi d tr ca n m thi. Trong khi , i vi c h th ng ngn hng th vic tn trng gii hn trn tr ln bp bnh, cho d NHT c th thc hin tt vai tr pht hnh nhng li kh c th kim sot c mt cch chnh xc mc to tin ca ton h thng, bi l, ngoi t l d tr bt buc ra th kh nng to tin cn ph thuc vo mt s yu t khc. Mi ngn hng c nhiu l do duy tr d tr ca mnh mc cao hay thp, l: p ng nhu cu rt tin ca khch hng trong tng thi k; l do v s an ton cn phi cn nhc mi khi quyt nh cho vay; l do qun l n lnh mnh... Ngoi nhng gii hn xut pht t chnh bn thn ngn hng th nhng rng buc bn ngoi tc ng n qu trnh to tin cng rt ng k nh: nhu cu tn dng ca khch hng c kh nng hon tr; nhu cu giao dch bng tin mt trong nn kinh t... Mt trong nhng biu hin ca vn ny l s vt tri qu mc v d tr cc ngn hng so vi d tr bt buc, vi tnh trng ny s gn nh v hiu ha kh nng chi phi qu trnh cung ng tin ca NHT. V ngc li, trong trng hp nn kinh t c xu hng tng trng, cu v vn c xu hng tng, cc ngn hng tha mn nhu cu ny bng cch gim mc d tr hin hu v v th, khi cung tin t c m rng nm ngoi d kin ca NHT. V kh nng gy nh hng ca d tr bt buc l rt ln cho nn, mt mt, cn quan tm n nhng nhn t tc ng n qu trnh to tin c nhng ng x kp thi v hiu qu, bn cnh , cng cn quan tm v tm ra phng php thch hp qun l d tr ni chung ca cc NHTM 3.3 Tng d tr bt buc kim ch lm pht: Cn trng con dao hai li Thay i d tr bt buc c l mt cng c hu hiu kim sot lm pht? Tin s Alan Phm cho rng khng nn lm dng vic tng t l d tr bt buc, bi y chnh l mt con dao hai li, c th lm nh hng n ton b h thng ngn hng. Hin, t l d tr bt buc ca Vit Nam ang mc rt
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thp l 3%, nhng con s thc t li vt xa c nhng nc c d tr bt buc ln l Trung Quc v M. Din bin gn y cho thy, p lc lm pht ang mc kh cao, ch s CPI nm 2010 mc 11,75%. CPI H Ni thng 1/2011 tng 1,68%. gim p lc lm pht, c nhiu kin iu chnh tng d tr bt buc gim cung tin trn th trng. Tuy nhin, y l cng c iu hnh khng hiu qu bi cc ngn hng ln c th tm kim vn t nhng ngun khc, nhng nhng ngn hng nh ch cn cch tng li sut huy ng thu ht vn. Trong khi , ngn hng nh nc hon ton c th s dng cc cng c khc linh hot hn. Theo Tin s Alan Phm, l nghip v th trng m (OMO). Thng qua OMO ngn hng nh nc c th bm vo hoc rt ra khi h thng ngn hng theo tng bc nh. Tuy nhin, DTBB vn l 1 cng c kim sot lm pht hu hiu. M, o lut Kim sot tn dng tn ti ti tn nm 1980 v lun c TT Jimmy Carter dng lm cng c chng lm pht. Khi y FED p dng t l d tr bt buc cao hn i vi cho vay bng th tn dng v cho vay c nhn, v (ln u tin) l vi cc cc qu trn th trng tin t v t c thnh cng rc r: tn dng gim mnh, k c trong nhng ngnh c ngoi tr nh t v cho vay mua nh. Tuy vy, M ri vo suy thoi nhanh nhng rt su, khin cc bin php kim sot k trn u b d b. 3.4 D tr bt buc - cng c ti hu chng khng hong ti chnh Vo nhng nm 30 ca th k 20, sau nhng cuc khng hong kinh t ko di, t l d tr bt buc dn c s dng ph bin cc nc khc. V lc ny, ngi ta nhn nhn d tr bt buc trong mt vai tr khc - d tr bt buc l cng c NHT cc nc s dng i u ti t ti n t trong n n kinh t . i vi Trung Quc, quyt nh ct gim nh hng ti cc t chc hng u trn th trng v ng thi can thip tin t thng qua cc ngn hng quc doanh Trung Quc c gii u t cho rng s ni lng cc iu kin tin t.

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Ngoi vic h tr nn kinh t, hnh ng ct gim yu cu d tr bt buc vi cc ngn hng ca Trung Quc s gip chng li nhng c sc ti t cc ci cch ti chnh m ngn hng trung ng nc ny d kin s y mnh trong nm 2014. Ci cch ti chnh ny bao gm vic m rng hot ng giao dch ca ng nhn dn t, cho php ng tin ny c th tng hoc gim gi tng ngy v cc ngn hng c th thit lp li sut tin gi. Mt chuyn gia kinh t cao cp ca Trung tm Thng tin Nh nc ni: Nn kinh t Trung Quc ang i mt vi suy thoi trm trng. Nu tng trng kinh t Trung Quc tip tc gim th rt c th Chnh ph phi ct gim d tr ngn hng. Tuy nhin, Chnh ph cng nn ch xem xt d liu kinh t trong qu 1/2014.

Kt lun Thng qua vic thay i t l d tr bt buc, NHT c th tc ng vo ngun d tr, thay i vn kh dng ca cc ngn hng lm thay i tim nng tn dng ca cc ngn hng - nhng NHT khng phi l ngi quyt nh vic s dng cc tim nng y m chnh d tr d tha ca cc NHTM quyt nh mc cung tin thc t. DTBB l cng c mang tnh di hn, ch cn thay i 1 t l rt nh nhng lm thay i 1 lng rt rt ln mc cung tin. Vi 1 cng c nhanh, mnh nh vy th nguy him, ri ro l iu tt yu. Do vy vic s dng cng c d tr bt buc c hiu qu nh th no ph thuc nhiu vo nhng n lc v nng lc iu hnh ca ngn hng trung ng ca mi quc gia. Vit Nam ni ring v cc quc gia trn th gii ni chung cn ht sc thn trng v lng trc nhng din bin ca nn kinh t s dng cng c ny chc chn t c mc tiu iu hnh ca chnh sch tin t.

Ti liu tham kho 1. Gio trnh Ngn hng Trung ng Hc vin Ngn Hng 2. http://www.federalreserve.gov/monetarypolicy/reservereq.htm
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3. http://www.sbv.gov.vn 4. http://www.imf.org/external/index.htm 5. http://research.stlouisfed.org/fred2/series/REQRESNS

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