Phn 1: l thuyt chung v th trng m

1. Khi nim chung v nghip v th trng m Sau cuc suy thoI kinh t nm 1920-1921, cc d tr lin bang M-NHTW (vit tt l FED) thiu vn nghim trng, ngun thu nhp trc ca FED ch yu thu t nghip v chit khu, nhng do hu qu ca cuc khng hong kinh t lm lng tin vay chit khu gim st, dn ti gim ngun thu. FED b tin nh bun bn chng khon kim li tip tc hot ng ca mnh. Trong khi thc hin mua chng khon, bng nhin cc nh iu hnh th trng tin t pht hin thy d tr trong cc ngn hng tng ln cn cc khon cho vay v tin gi tng ln gp bi. Kt qu ny c FED rt ra mt bi hc b ch t thc t v tnh l vic mua bn chng khon sinh li c th lm thay i c s tin t nhy bn nht. Thut ng th trng m ln u tin xut hin M vo nhng nm 20 ca th k XX khi nghip v ny bt u c thi hnh. Cc nghip v ca ngn hng trung ng M v th trng m so vi cc cng c khc c phm vi rng nht v nc ny c th trng giy t c gi ln nht . Anh nghip v TTM ng vai tr quan trng t nhng nm 30. Ngn hng Raykh c bt u thi hnh chnh sch tin t t nm 1933. Nghip v th trng m (NVTTM) l g ? Mc d khi nim TTM c chng ta tip cn t thi k i mi hot ng ngn hng cho n nay, song tr li cu hi ny

vn khng t ngi m h. tr li cu hi trn hy tip cn vi mt s quan im v NVTTM nh sau: Theo quan im ca nc Anh: NVTTM l vic NHTW mua bn tri phiu di hn ca Chnh ph trn th trng tri phiu c bo m lm tng hoc gim mc cho vay ca ngn hng. Khi mua trn th trng m, NHTW s thanh ton cho cc c nhn v t chc bn tri phiu cho n. NVTTM v chng khon ngn hn cng c thc hin trn th trng tn phiu. Ni m NHTW bn v mua tri phiu chnh ph v k phiu thng mi tc ng n li sut v duy tr s n nh ca th trng. Theo quan im ca M: NVTTM l vic mua v bn cc loi chng khon trn th trng ti chnh c thc hin bi FED Theo ti liu trng i hc VICTORIA NEWREALAND: Mt NVTTM xy ra khi NHTW thay i c s tin t bng vic mua hoc bn chng khon trn th trng m Theo cc quan im trn th TTM l th trng giao dch cc loi chng khon ngn hn v di hn. Tu vo mi nc m cc loi chng khon c giao dch l khc nhau v loi hnh v thi hn ng thi vic quyt nh ch th tham gia rng hn gm cc t chc tn dng, t chc phi tn dng, doanh nghip v c c nhn Cn cc nc NVTTM cn cha pht trin th mi ch c cc NVTTM v cc t chc tn dng khc tham gia ( v d Vit Nam). Tu thuc vo iu kin

hin ti ca mi nc m chnh ph s quy nh khc nhau v hng ho, ch th tham gia, quy ch hot ng ca TTM. Chnh s khc nhau ny s quyt nh khi nim NVTTM mi nc. V d: i vi iu kin hin ti ca Vit Nam p ng yu cu i mi trong iu hnh CSTT, TTM Vit Nam chnh thc i vo hot ng t ngy 12/07/2000, nh du mt bc pht trin quan trng trong iu hnh CSTT ca NHTW theo phng php gin tip ph hp vi thng l quc t v xu th pht trin nn kinh t t nc. Do vy y l cng c rt mi c v khi nim v ni dung hot ng. Trong iu kin ca Vit Nam , NVTTM c hiu nh sau: NVTTM l nghip v NHTW thc hin mua v bn ra cc loi giy t c gi ngn hn nhm thay i c s tin t trn c s tc ng n lng tin cung ng v li sut ngn hn ( Nghip v Ngn hng Trung ng - i hc KTQD ) Theo iu 8, quyt nh s 85/200/Q -NHNN14 ngy 9/3/2000 ca Thng c ngn hng Nh nc Vit Nam v ban hnh quy ch NVTTM, c quy nh giy t c gi c giao dch gm: + Tn phiu kho Bc + Tn phiu NHTW

+ Cc loi giy t c gi ngn hn khc do Thng c NHNN quy nh c th trong tng thi k Quy nh trn cho thy trong tng thi k c th, cc loi giy t c gi c s dng trong NVTTM nc ta c th tng thm ngoi tn phiu kho bc, tn phiu ngn hng nhng vn l giy t c gi ngn hn. Tm li th NVTTM l nghip v c thc hin bi NHTW m ni dung c th ca n l mua vo v bn ra cc loi chng khon cc loi chng khon ny khng b gii hn v thi hn trn TTM, thng qua NHTW tc ng trc tip n lng tin cung ng v gin tip ti li sut th trng Do tnh cht thi hn ca cng c s dng trong NVTTM nn NVTTM khng ch c thc hin trn th trng tin t ( th trng ca cc cng c ti chnh ngn hn) m cn c thc hin trn c th trng vn (th trng ca cc cng c ti chnh di hn) hay ni cch khc l c thc hin th trng ti chnh. Trong khi nim ny cng khng c thi hn v ch th tham gia TTM l c nhn hay t chc. V bt k i tng m NHTW mua hoc bn l ai th NHTW vn thc hin c chnh sch tin t (CSTT) tc ng n c s tin t lm tng gim lng tin cung ng trong nn kinh t , m c th hot ng ca n c hnh trnh by phn tip theo. 2. Hng ho v ch th tham gia NVTTM

2.1.Hng ho 2.1.1.Phm vi hng ho c giao dch trn TTM V nguyn tc, mi ti sn c th mua bn trn TTM v chng u l ti sn th chp. Tuy nhin, khc vi ti cp vn thng qua hnh thc cho vay c m bo ch ti sn th chp trn NVTTM phi l ti sn c kh nng thanh khon cao (tc kh nng chuyn sang tin mt ca ti sn) m bo qun l d dng ng thi p ng yu cu iu hnh nghip v ny nhanh nhy, chnh xc v t c mong mun. Ti sn hi cc iu kin nh vy ch c th l cng c ti chnh thut ng gi l giy t c gi c s dng trn NVTTM mi nc c thi hn l khc nhau. 2.1.2. Mt s hng ho c giao dch trn TTM Vit Nam Theo iu 8, quyt nh s 85/2000/Q-NHNN14 cc loi giy t c gi c giao dch thng qua TTM gm: 1. Tn phiu kho bc 2. Tn phiu ngn hng Nh nc 3. Cc loi giy t c gi ngn hn do Thng c NHNN quy nh c th trong tng thi k. Nh vy hin nay ch c giy t c gi ngn hn mi c s dng giao dch trn TTM . Thc t Vit Nam v mt s nc khc l do th trng ti chnh cha pht trin nn NVTTM cha c kh nng s dng cc giy t c gi di hn lm cng c ca mnh. V lu di, khi iu kin php l

cho php phm vi giy t c gi s c m rng khng ch gm cc loi ngn hn m cc loi trung v di hn c th xem xt lm cng c giao dch, vi iu kin cng c c kh nng thanh khon cao. V sao ni giy t c gi trung v di hn s c s dng trn TTM khi iu kin cho php ? Ta bit rng hnh vi mua vo v bn ra giy t c gi l hot ng thng xuyn trn TTM. Lc ny mua vo th lc khc bn ra, thm ch NHTW c th thc hin hnh vi mua li ngay lp tc sau khi hnh vi bn c thc hin nu pht hin ra mnh mua qu nhiu v v vy a tin vo lu thng qu mc cn thit. V ngc li thay hnh vi bn bng hnh vi mua khi cm thy s ngt ngt, nghn tc ca hot ng kinh t v khng cn thit trong lu thng m nguyn nhn do NHTW bn ra mt s lng giy t c gi qu ln. Chnh v hnh vi mua bn trao i thng xuyn cc giy t c gi to ra kh nng kt ni nhiu ngun vn ngn hn thnh vn trung v di hn tho mn nhu cu ca ch th kinh t trn th trng vn. Mt nn kinh t c th trng chng khon, c th trng ti chnh pht trin th tnh cht di hn ca ngun vn ch tn ti pha ngi pht hnh m bn cht ngun vn di hn ny l mt chui cc ngun ngn hn to thnh. Chng ta khng e ngi khi mua chng khon trung v di hn th vn s b ng li mt ch. Thi hn ca giy t c gi s khng mu thun vi yu cu nhanh nhy ca CSTT v c phng

thc giao dch theo hp ng mua li trn TTM x l mt cch thch hp. Nh vy c th ni phm vi hng ho trn TTM l khng b gii hn. Vit Nam v cc nc khc cng khng nm ngoi quy lut chung. Khi th trng ti chnh pht trin th giy t c gi c gi trung v di hn s c s dng lm cng c ca NVTTM Vit Nam.

2.2. Ch th tham gia NVTTM 2.2.1. Phm vi thnh vin tham gia NVTTM Ch th tham gia NVTTM rt a dng v phong ph. Tuy vy, cng tu thuc vo quy nh ring ca mi nc m cc thnh vin tham gia vo NVTTM l khc nhau. Thng thng ch th tham gia bao gm : NHTW, cc t chc tn dng, cc t chc phi tn dung, doanh nghip, h gia nh, c nhn nhng khng phi tt c cc ch th u c th tham gia m phi c nhng iu kin cn thit. C 3 iu kin xem xt phm vi thnh vin, l: - Th nht : NHTW mun can thip trc tip vo lng tin cung ng bao gm c tin mt v tn gi , v mt l thuyt thnh vin tham gia mua bn trong trng hp ny c m rng khng nhng ch gm cc t chc tn dng m cn c cc t chc khc, thm ch c th c cc c nhn min l h c tin mt v tin gi. - Th hai : nu c s php l cho php cc t chc tn dng hot ng theo hng a nng nh h thng t chc tn dng ca Vit Nam hin nay th phm vi thnh vin tham gia m rng n t chc tn dng l . - Th ba: kh nng chuyn ti ca h thng thanh ton. nu c nhn khng c sc hoc tin trn ti khon gi ti NHTW th khng th tham gia mua bn c trn th trng m, nu t chc tn dng(TCTD) khng c mng kt ni vi

NHTW trong iu kin giao dch trn mng th cng khng th tr thnh thnh vin. 2.2.2. iu kin tham gia th trng m Vit Nam Ch th tham gia nghip v TTM Vit Nam, c quy nh nh sau: + NHTW tham gia vi t cch va l ngi t chc va l ngi iu hnh th trng, va l ngi trc tip mua bn trn th trng . + Cc thnh vin khc l cc TCTD c thnh lp v hot ng theo lut cc TCTD bao gm : TCTD Nh nc, TCTD c phn, TCTD hp tc, TCTD phi ngn hng, TCTD nc ngoi c php hot ng Vit Nam. Theo iu 5, quyt nh s 85/2000/Q-NHNN14 ngy 9/3/2000 th thnh vin tham gia TTM phi c cc iu kin sau: - C ti khon tin gi ti NHTW - C ni mng my tnh vi NHTW - C tnh hnh ti chnh lnh mnh, m bo kh nng thanh ton - Chp hnh quy nh NVTTM - C ng k tham gia NVTTM

Cc t chc tn dng khi cNHTW cng nhn l thnh vin tham gia NVTTM s c cp m s ch k cho nhng ngi i din qua my tnh, my Fax v m s ch k cho nhng ngi i din t chc tn dng cng nh ngi tham gia giao dch thc hin ch bo mt vi cc giao dch 3. Ni dung hot ng th trng m hiu c ni dung hot ng th trng m ta s tm hiu n trn cc kha cnh: phng thc mua bn giy t c gi v phng thc u thu . 3.1.Phng thc mua bn trn th trng m Tu thuc vo trng thi khi lng th trng, NHTW tip cn NVTTM bng mt trong hai hng : - D bo thy cung tin t cn c tip tc iu chnh th NHTW ngay lp tc mua vo hoc bn ra chng khon theo hnh thc mua t bn on(mua bn hn). - Nu du hiu yu cu ch cn tm thi thay i d tr tin t hoc d tr trong thi gian ti l thiu n nh th NHTW thc hin cc giao dch tc ng ln cung tin t bng cc hp ng mua li i vi trng hp mun tng d tr tm thi hoc bng cc giao dch mua bn o ngc khi mun gim d tr tam thi. Nh vy c hai hnh thc giao dch ch yu l hnh thc mua bn hn v hnh thc mua bn c thi hn.

*. Mua - bn hn : l vic mua bn v chuyn giao quyn s hu giy t c gi t bn bn cho bn mua v khng km theo tho thun mua, bn li. Vi phng thc ny, ch c thc hin vi cc loi hng ho m thi hn cn li (tc thi gian thanh ton cn li ca giy t c gi ngn hn tnh t ngy giy t c gi c mua, bn thng qua nghip v TTM n hn thanh ton ) ti a theo quy nh trong tng thi k( Vit Nam hin nay l 90 ngy). *. Mua bn c k hn(giao dch c thi hn): l vic bn bn bn v chuyn giao giy t c gi cho bn mua ng thi cam kt mua li v nhn li quyn s hu giy t c gi sau thi gian nht nh. Theo cch chia ny, th hnh thc mua bn c thi hn bao gm hai hnh thc l hp ng mua li v bn mua o ngc m cc nc thng hay s dng. Trong , hp ng mua li c s dng trong trng hp NHTW mun tng d tr tm thi cn hnh thc bn- mua o ngc s dng trong trng hp NHTW mun gim d tr tm thi. + Hp ng mua li : khi cn b sung tng d tr tm thi NHTW tham gia trc tip vo vic k hp ng mua li chng khon ca nh mi gii, tc l NHTW mua chng khon ca nh mi gii; cn nh mi gii ng mua li chng khon vo mt ngy nht nh vi mt mc gi nht nh. V d tr b sung ny s dng li mt cch t ng khi hp ng mua li n hn nn nghip v ny ch l cch bm

thm d tr vo h thng tin gi tm thi m thi. Thi gian thc hin hp ng mua li thng l 7 ngy. + Bn- mua o ngc: khi cn gim khi lng tin t NHTW thc hin giao dch theo hnh thc bn- mua o ngc vi cc nh mi gii, bng mt hp ng bn ngay chng khon cho nh mi gii v mt hp ng o ngc mua li tip theo cc chng khon t nh mi gii . Thi hn thc hin hp ng thng l 7 ngy. 3.2.Phng thc u thu trn th trng m Cc hnh thc mua bn trn th trng m l mua bn hn v mua bn c thi hn u c thc hin trn phng giao dch thng qua phng thc u thu. C hai phng thc m NHTW p dng u thu l u thu li sut v u thu khi lng . 3.2.1 Phng thc u thu khi lng L vic xc nh khi lng trng thu ca cc t chc tn dng tham gia nghip v TTM trn c s khi lng d thu ca cc t chc tn dng, khi lng giy t c gi mua hoc bn v li sut do NHTW thng bo c th nh sau : - NHTW thng bo cho cc TCTD mc li sut v khi lng cc loi giy t c gi cn mua hoc cn bn (NHTW c th khng thng bo khi lng cn mua hoc cn bn). - Cc n v thnh vin tham gia d thu khi lng cc loi giy t cn mua hoc cn bn theo mc li sut do NHTW cng b

Sau khi m thu, NHTW xc nh khi lng trng thu ca cc n v tham gia d thu theo nguyn tc sau : + Nu tng khi lng d thu ca cc TCTD bng hoc thp hn khi lng NHTW cn mua hoc cn bn th khi lng trng thu ca n v chnh l khi lng d thu. + Nu tng khi lng d thu ca cc TCTD ln hn khi lng NHTW cn mua hoc cn bn th khi lng trng thu ca cc TCTD s c phn b theo t l thun vi khi lng d thu ca cc TCTD. 3.2.2.Phng thc u thu li sut L vic xc nh li sut trng thu ca cc TCTD tham gia NVTTM trn c s khi lng d thu ca cc TCTD, khi lng giy t c gi m NHTW cn mua hoc cn bn. - NHTW c th cng b hoc khng cng b khi lng giy t c gi cn mua hoc cn bn. - Cc n v thnh vin d thu theo mc li sut v khi lng giy t c gi cn mua hoc cn bn ng vi mc li sut . Li sut d thu c tnh theo t l phn trm v c lm trn n hai con s sau du phy. Li sut s c sp xp theo th t li sut d thu gim dn, nu NHTW l ngi mua v ngc li li sut s c sp xp theo th t tng dn nu NHTW l ngi bn. Li sut trng thu l li sut d thu cao nht (trng hp NHTW bn) v li sut d thu thp nht (trng hp NHTW mua) m ti t c khi lng giy t c gi NHTW cn mua hoc cn bn.

C hai phng thc xt thu theo li sut l xt thu theo li sut thng nht hoc theo li sut ring l: + Li sut thng nht : l ton b khi lng trng thu c tnh theo mt mc li sut trng thu tnh s tin phi thanh ton. + Li sut ring l : khi lng trng thu c tnh tng ng vi tng mc li sut d thu c cng b trng thu tnh s tin thanh ton. Khi lng trng thu c tnh theo nguyn tc : + Nu tng khi lng d thu ca cc TCTD nh hn hoc bng khi lng m NHTW cn mua hoc cn bn th kh lng d thu chnh l khi lng trng thu. + Nu tng khi lng d thu ca cc TCTD ln hn khi lng m NHTW cn mua hoc cn bn th kh lng trng thu ca cc TCTD c tnh t l thun vi khi lng d thu ca cc TCTD . 4. C ch tc ng ti lng tin cung ng ca NVTTM 4.1. Khi nim c s tin t v lng tin cung ng Nghip v TTM c coi l cng c chnh sch tin t quan trng nht, c hiu qu nht v nghip v ny l yu t quyt nh quan trng nht i vi nhng thay i trong c s tin t v l ngun chnh gy nn nhng bin ng trong lng tin cung ng. Vic NHTW mua trn TTM lm tng c s tin t v do lm tng lng tin cung ng, cn vic bn trn TTM th thu hp c s tin t v lm gim lng tin cung ng. Vy hiu r c ch tc ng ti lng tin cung

ng ca NVTTM chng ta cn lm chc cc khi nim v c s tin t v lng tin cung ng : - C s tin t ( hay lng tin c bn (MB-Money Base) bao gm lng tin trong lu thng (C) cng vi lng tin d tr trong h thng cc ngn hng (R ) (bao gm c tin d tr bt buc m cc NHTM gi ti NHTW (RR) v d tr vt qu nm trong kt ca cc NHTM(ER) MB= C +R (1)

R = RR + ER (2) - Lng tin cung ng( hay mc cung tin (MS) l tng s tin c kh nng thanh ton. N bao gm tin mt ang lu hnh v cc khon tin gi khng k hn ti cc NHTM(D). Nh vy, mc cung tin ln hn nhiu so vi lng tin c bn bi do hot ng to ra tin ca cc NHTM. MS = C + D = ( 1+ C/D) D (4) m bo kh nng thanh ton, trnh s sp , ph sn ca cc ngn hng, NHTW quy nh mt t l d tr bt buc nht nh (rr). l s tin bt buc m mi NHTW phi gi NHTW trn tng s tin gi ca NHTM RR = rr * D (3)

T (1),(2)v (3) suy ra: MB = rr* D + ER + C MB = D (rr + ER/D +C/D ) (5)

T (4) v (5) suy ra :

1 C MS = (1 + ) . rr + ER + C . MB D D D

S nhn tin t :Mm Nh vy lng tin cung ng trn ch gm tin mt v tin gi khng k hn (M1). cc quc gia pht trin ngi ta cn c thm mt s thnh phn khc vo lng tin cung ng. Ta c th biu din MB v MS theo m hnh sau:

4.2. C ch tc ng ca NVTTM NVTTM tc ng ln cung tin v li sut trn th trng bng vic mua bn cc giy t c gi trn TTM. - Khi NHTW thay mt chnh ph a chng khon ra th trng th nht pht hnh, nhn dn v cc t chc em tin mt n mua nck. l nghip v bn trn TTM ca NHTW. Nh vy vi nghip v ny NHTW ht bt mt lng tin ra khi lu thng hoc lm cho d tr ca cc TCTD gim lm gim khi lng cho vay tn dng ca cc TCTD; qua

nh hng n c s tin t, s nhn tin t lm lng tin cung ng MS gim v li sut trn th trng tng - D nhin khng phi i n khi chnh ph nh pht hnh, bn thn NHTW cng c chng khon ring ca n do tch lu hoc do cc n v khc th chp . Khi cn thu hp lng tin mt ngoi lu thng NHTW vn trc tip thc hin nghip v bn nh mt hot ng bnh thng. Ngc li vi nghip v bn l nghip v mua, nu NHTW mun pht hnh tin vo lu thng quaTTM, n n gin dng tin mt mua chng khon trn th trng th cp hoc ca cc TCTD. Khi c nhn hay t chc bn chng khon cho NHTW, chng khon v tay NHTW ngc li tin mt trong nn kinh t tng. Nh vy khi mua chng khon trn TTM, NHTW thm mt lng tin vo lu thng lm tng lng tin cung ng NHTW bn Ngi kinh doanh NHTW th trng gim. chng 100t la v lm li sut chng khon Chnh khon ph Lnh thanh Pht hnh tin trn nghip v TTM cng c coi l ton cho nghip v pht hnh thanh khit. Bi v tin mt tng thm NHTW trong lu thng hngcn i bi lng chng khon, mt dng Ngn c phc v ngi kinh Ngn hng phc hng ho hay sn vtdoanh thm trong ta sn ngiNHTW. tng v ca kinh thanh ton 100 t la doanh y l cch thnghnh ti khon d ht cc quc gia trn th pht qua tin hu tr chng khon gii. NHTW mua Ngi kinh doanh NHTW 100t la chng chng khon Chnh khon ph Thng bo S hot ng ca NHTW trn TTM v giao dch NHTW thanh ton cho ngi kinh doanh 100 t la thng qua ti khon d tr ti NH phc v ngi kinh Ngn hng phc v ngi kinh doanh

C th thng qua nghip v ghi chp cu k ton Cch tt nht nm c cc hot ng TTM tc ng th no n vic thc hin CSTT, hay c th l c s tin t l dng cc ti khon T: Mua trn TTM t mt ngn hng Khi NHTW mua 100 la chng khon t mt ngn hng v thanh ton cc chng khon y bng mt sc 100 la. Ngn hng bn chng khon s g t sc vo ti khon ca n NHTW hoc s dng t sc lnh tin mt t NHTW. D hnh ng theo cch no ngn hng bn chng khon s thy bn thn n c thm 100 la tin d Ngn hng phc v kinh doanh chng khon

tr v gim 100 la ti sn chng khon. ti khon T cho h thng ngn hng l: Ti sn C H thng ngn hng Ti sn N

Chng khon : -100 la Tin d tr : +100 la

Ti NHTW, Ti sn N tng ln 100 la tin d tr, ng thi ti sn C cng tng thm 100 la chng khon. Ta khon T ca ngn hng lc ny l: Ti sn C NHTW Ti sn N Tin d tr : +100

Chng khon : +100 la la

Kt qu mua trn TTM lm tin d tr ngn hng tng thm 100 la nhng khng nh hng n lng tin lu hnh lm c s tin t tng thm 100 la. Mua trn TTM t gii phi ngn hng *1) Trng hp t chc, c nhn bn 100 t la chng khon cho NHTW ri gi tm sc ca NHTW vo mt NHTM . Khi mua chng khon, ti khon T ca n c ghi nh sau: Ti sn C Gii phi ngn hng Ti sn N

Chng khon : - 100 t la Tin gi c : +100 t la th pht sc Sau khi ngn hng ny nhn t sc y, n ghi C vo ti khon tin gi ca khch hng 100 t la v sau y gi sc y vo ti khon ca n NHTW do th c thm tin d tr: Ti sn C N Tin d tr : +100 la +100 la NHTW , ti khon T ca ngn hng nh sau: Ti sn C NHTW Ti sn N Tin d tr : +100 Tin gi c thpht sc : H thng ngn hng Ti sn

Chng khon :+100 t la t la

Nh vy, ta thy nghip v mua t gii phi ngn hng trn TTM cng tng t nh mua t mt ngn hng trn TTM. *2) Nu t chc, c nhn y bn chng khon cho NHTW ly sc nhng i sc y thnh tin mt ti mt NHTM th tc ng ti tin d tr l khc nhau: C nhn hay t chc s nhn 100t la tin mt trong khi ti sn chng khon ca n gim 100 t la: Ti sn C Gii phi ngn hng Ti sn N

Chng khon :-100 t la Tin mt : +100 t la

Ti NHTW, ti sn C l chng khon tng 100 t la, trong khi ti sn N l tin lu hnh tng 100 t la Ti sn C NHTW Ti sn N ng tin lu hnh :+100

Chng khon : +100 t la t la

Kt qu trong trng hp ny l ng tin lu hnh tng 100 t la, d tr khng tng lm c s tin t tng 100 t la . Vy tc ng vic mua chng khon trn TTM i vi c s tin t l nh nhau d tin thu c t v bn c gi li trng thi tin d tr hay tin mt. * Bn chng khon trn TTM Trng hp ny s ngc vi trng hp mua chng khon trn TTM. y ch xin nu li vn tt nh sau: Khi NHTW bn ra 100 t la chng khon cho ngn hng hoc cng chng th c s tin t lp tc gim 100 t la . V d : NHTW bn cho c nhn 100 t la chng khon . Ti sn C Khch hng- ngi mua Ti sn N

Chng khon :+100 t la Tin mt : -100 t la

Ti NHTW , gim i 100 t la chng khon bn cho khch hng, ng thi cng gim 100 t la tin lu hnh do khch hng rt tin mt thanh ton chng khon. Ti sn C NHTW Ti sn N Tin mt lu thng:

Chng khon : -100 t la -100 t la

Cch biu thbng ghi chp ti khon ch T cho ta thy r hn giao dch mua (bn )vi gi tr 100 t la chng khon trn TTM khng phn bit ch th giao dch vi NHTW hay gii phi ngn hng , l c nhn hay t chc; thanh ton chng khon bng sc hay bng tin mt u cho ta mt kt qu l tng (hay gim) tng ng 100 t la trong c s tin t. *Phn tch nh hng ca vic mua bn chng khon trn TTM qua m hnh MD-MS: Ta c cng thc : MS= Mm * MB Trong : MS : Cung tin t ca nn kinh t Mm : S nhn tin t MB : C s tin t Vic tng (gim) MB lm tng (gim) cung tin t. S thay i MS dn n s thay i tng quan cung cu trn th trng tin; lm tc ng n gi c ca n l li sut.

+ Khi MB gim lm cho MS gim (cung tin t dch chun sang tri, ln trn t MSo n MS1). Gi c (li sut) trn th trng tng ln (t io n i1). i

MS1

MS0

i1 + Khi MB tng lm cho MS gim (cung ting dch chuyn i0 MD sang phi, xung di t MSo n MS1). Gi c (li sut) trn th trng gim xung(t io1n i1). MS Lng0 tin thc Q 0 MS Q2 i t 1 i1 i0 0 Q1 Q2 MD Lng tin thc t

5. u im ca TTM so vi cc cng c khc NHTW iu hnh CSTT bng cc cng c trc tip nh t l d tr bt buc, li sut chit khu v ti chit khu, hn mc tn dng, t gi hi oi, t gi ngoi hi v cng c trc tip quan trng nht l NVTTM .

Trong NVTTM l cng c c hiu qu nht ca NHTW trong vic iu hnh CSTT ca mnh. 5.1. u im ni bt ca NVTTM S d NVTTM c coi l quan trng nht trong iu hnh CSTT ca NHTW bi v n l nhn t quyt nh u tin c th lm thay i li sut hoc c s tin t-ngun gc chnh lm thay i vic cung ng tin t ca NHTW . Ngoi l do trn nghip v TTM cn 5 u im ni bt nh sau: - Nghip v TTM pht sinh theo tng ch o ca NHTW, trong NHTW hon ton kim sot c khi lng giao dch. Tuy nhin vic kim sot ny l gin tip khng nhn thy c.V d trong nghip v chit khu NHTW c th khuyn khch hoc khng khuyn khch cc NHTM, ch thng bo li sut chit khu , m khng kim sot trc tip khi lng cho vay chit kh. - Nghip v TTM va linh hot nhng va chnh xc, c th s dng bt k quy m no. Khi c yu cu thay i v d tr hoc c s tin t, d mc no i na, NVTTM cng c th t c bng cch mua hoc bn mt lng nh chng khon. ngc li, nu c yu cu thay i d tr vi qui m ln, NHTW cng c kh nng thc hin thng qua vic mua hoc bn mt khi lng ln tng ng cc chng khon. - Nghip v TTM d dng o chiu : nu NHTW c mc sai st no trong qu trnh thc hin nghip v TTM, th c th ngay tc khc sa sai st bng cc nghip v

bn(nu nh trc mua vo qu nhiu) hay mua (nu nh lc bn ra qu nhiu ). - Nghip v TTM c tnh an ton cao: giao dch trnTTM hu nh khng gp ri ro, xt trn c gc ca NHTW hay NHTM; v c s bo m cho cc giao dch trn TTM u l nhng giy t c gi, c tnh thanh khon cao, khng ri ro ti chnh. - Nghip v TTM c th thc hin mt cch nhanh chng khng vp phi s chm tr ca cc th tc hnh chnh: khi NHTW mun thay i lng tin cungng th ch cn a ra yu cu cho cc nh giao dch chng khon v sau vic mua bn s c thc hin ngay. 5.2. hn ch ca cng c chit khu v ti chit khu 5.2.1. C ch tc ng y l cng c nh hng n kh nng vay n ca cc NHTM, m bn cht ca n l li sut ngn hng. NHTW cp tn dng di nhiu hnh thc thng qua tc ng n cung tin t, thng dng nht l ti cp vn di hnh thc chit khu v ti chit khu cc thng phiu. Khi chp nhn chit khu hay ti chit khu cc thng phiu ca cc NHTM l NHTW lm tng khi lng tin t. y l hnh thc pht hnh tin c m bo bng cc giy t c gi v khi cc giy t c gi o hn NHTW s i c cc mn n cho vay. Thng qua li sut ti chit khu NHTW c th khuyn khch gim hay tng mc cung tn dng i vi nn kinh

t ; ng thi gim hoc tng mc cung tin t. Khi thc hin chnh sch tht cht tin t, NHTW s tng li sut chit khu. Khi cc NHTM s nng li sut cho vay hoc hn ch bt c hi cho vayv ngc li. S n gin nh sau: Ngi sn xut Tin mt Hng ho Thng phiu Ngi kinh doanh

Chit khu thng phiu

NHTM

Tin mt

Ti chit khu thng phiu

nhng hiu qu thp thm ch c lc khng c tc dnghoc c tc dng ngc chiu. 5.2.2. Hn ch ca cng c - Th nht : Cng c chit khu v ti chit khu l cng c th ng ca NHTW v yu t ch ng vay v khng vay nm NHTM tc l NHTW phi ch NHTM ang cn vn a thng phiu, k phiu n xin ti cp vn. Trong khi nghip v TTM l cng c ch ng ca NHTW iu khin cung tin t bng cch tc ng vo gi v li sut ca giy t c gi. Khi mua giy t c gi , ngi mua cn mua loi c gi thp ,li sut cao; ngc li ngi bn mun bn vi ga cao tc li sut thp. Gi ca giy t c gi hay li sut trn TTM l yu t quan trng nh hng n mt bng li sut trn th trng. l vic NHTW cn quan tm khi quyt nh phng thc u thu trn

y l NHTW cng c c nhiu ngn hng p dng t lu

TTM. Nu NHTW mun can thip trc tip vo li sut th thc hin u thu khi lng, li sut l c nh do NHTW ch o.Khi mc tiu nghing v gic bm rt tin theo mt khi lng mong mun th NHTW thc hin u thu li sut, li sut c th ni theo cung cu ca th trng, cn li sut trng thu s t c xc inh ti im t c khi lng tin cn bm hoc rt bt ra khi lu thng. - Th hai : Trong trng hp NHTW mun hn ch cho vay qua ca khu chit khu th n s phi tng li sut chit khu hn ch vic cc NHTM em thng phiu, k phiu n xin chit khu v do vy m cc ngn hng cng hn ch vic cho vay ca mnh lm s nhn tin t gim. Tuy nhin, trong c ch th trng v xu th hi nhp quc t nu NHTW tng li xut chit khu qu caoth cc NHTM c th tm n cc ngun vay khc vi li sut thp hn nh ti cc ngn hng khc ca nc ngoi.V vy vic tng li sut chit khu l khng c hiu qu . NHTW cng c th p dng mc li sut pht hn ch cho vaybng cnh ca chit khu. Mt vi quc gia nh c p dng hai ng li sut song hnh, mt l li sut c bn v mt l li sut pht hn ch vic lm dng ca s chit khu NHTW. Tuy vy vic hn ch s dng cng c chit khu cn c thc hin mt cch thn trng. Nu li sut pht qu cao so vi li sut th trng th hot ng ngn hng s khng kp phn ng khi c nhu cu thanh ton. Vic hn ch mc cho vay v tip cn n cnh ca chit khu nn c iu chnh hp l khi thi ht d tr trong h thng. 5.3. D tr bt buc 5.3.1C ch hot ng NHTW s s dng cng c d tr bt buc nhm tng gim quy m tn dng ca cc NHTM bng cch tng gim t l d tr bt buc.( T l d tr bt buc l t l gia s lng phng tin thanh ton b v hiu ho trn tng s tin gi huy ng, tc l NHTM phi gi ti NHTM mt phn ca tng s tin gi m NHTM nhn c t dn c v cc thnh phn khc trong nn kinh t theo mt t l nht nh). Nu kh nng thanh ton qa ln (NHTM d tha tin) th NHTW s tng t l d tr bt buc lm gim quy m tn

dng t gim khi lng tin t. Ngc li nu kh nng thanh ton thp th gim t l d tr bt buc nhm tng kh nng cho vay ca cc NHTM (tng khi lng tin t) 5.3.2.Hn ch D tr bt buc l phng php truyn thng ca cc NHTW trong hot ng kim sot tin t . cng c ny c cc nc p dng t rt lu nhng bn thn n cn mt s hn ch sau y: Th nht : d tr bt buc l cng c iu tit qu mnh v khng n nh cho nn trong thc t cc NHTW t thay i t l d tr bt buc. V vic thay i t l d tr bt buc cn thc hin mt cch thn trng v mun c hiu qu vn phi i km nhng bin php khc. Theo m hnh cung ng tin t gin n D= 1/rr *R Gi s khi lng d tr l 100 vi t l d tr bng 0,1 th lng tin gi l 1000. Khi t l d tr rr=0,2 th khi lng tin gi tng ln l 50000. Nh vy khi tng t l d tr ln gp i th lng tin gi n tng ln 5 ln v n cn nh hng nhiu n s nhn tin t. Th hai : d tr bt buc l cng c khng mang tnh cng bng v mi NHTM u phi chu mt t l d tr bt buc l nh nhau. Do n l cng c kh cng nhc. Vic khng ngng thay i t l d tr bt buc s c tc ng mnh ti hot ngca cc NHTM , gy ra tnh trng km n nh cho cc ngn hng v lm cho vic qun l kh nng thanh khon ca cc ngn hng kh khn hn. Th ba : vic tng d tr bt buc c th gy nn vn v kh nng thanh khon ngay c vi ngn hng c d tr qu mc thp. Vi nhiu quc gia cng c ny b h thp v mt vi trng hp b loi b, tuy nhin d tr bt buc vn c vai tr nht nh ca mnh trong vic iu hnh CSTT . Nhng phi vn dng n mt cch thn trng v phi kt hp vi cc phng php khc. Nh vy so vi cc cng c khc th NVTTM c u th hn hn. Nh cc u im ca n m ti nay hu ht cc NHTW

u cao NVTTM nh mt cng c u bng trong h thng cc cng c iu hnh CSTT . 6. Thc trng hot ng ti mt s nc trn th gii Anh , NVTTM c s dng t rt lu v tr thnh mt cng c linh hot ca CSTT ca NHTW Anh. y, cc loi hng ho giao dch trn th trng khng b gii hn v thi gian v cc ch th tham gia cng khng phn bit l c nhn hay l t chc. Cc loi tri phiu di hn ca chnh ph c m bo v cc tn phiu kho bc, k phiu thng mi c giao dch. Anh cc giao dch v tri phiu di hn c coi l quan trng hn trong vic kim sot tn dng, NHTW c th gim pht hnh tn phiu kho bc v tng pht hnh cc tn phiu trung v di hn.cc tn phiu c thi hn di hn c kh nng c cc c nhn hay cc t chc ngoi h thng ti chnh mua hn l tri phiu kho bc loi ny phn ln nm trong cc ngn hng v TCTD v y c coi nh l mt khon d tr m bo kh nng thanh ton cho ngn hng v cc TCTD. VIc tng cng pht hnh tri phiu di hn v hn ch tn phiu kho bc c tc ng kp. Trc ht, ngi mua tri phiu l cc t chc phi ngn hng v cc c nhn lm gim lng tin gi ca cc TCTD . Khin cho cc TCTD phi gim vic cho vay. Th hai Tn phiu kho bc tr nn khan him , d tr ca cc TCTD gim, t cng lm gim kh nng cho vay v lm gim lng tin cung ng. M, hotng mua bn chng khon hu ht l chng khon n ca chnh ph(tri phiu, tn phiu) nhm mc ch iu chnh mc li sut v mc d tr trong ngn hng theo hng mong mun. V M c th trng ti chnh pht trin, th trng i vi chng khon chnh ph tho mn cc iu kin i hi ca NVTTM nn doanh s giao dch bnh qun mt ngy rt ln (100 $/ngy). y l khi lng giao dch mc rng v mnh nht trn th trng ti chnh nc M. N c th m ng mt khi lng giao dch rt ln vi tt c cc ngn hng, doanh nghip, c nhn v cc nh mi gii bng in thoi v cc dch v mng cp kt ni gia cc giao dch vin cc khch hng trn ton nc M.

Cc giao dch mua, bn chng khon din ra hng ngy thng qua phng giao dch t ti ngn hng d tr lin bang Newyork. V NHTW bn chng khon c xu hng gim tc tng trng ca tin gi v tn dng ngn hng. V khi bn chng khon chnh ph cho ngi kinh doanh, gi tr ti khon tin gi d tr ti ngn hng lin bang khu vc ca ngn hng ni ngi giao dch t ti khon s gim. theo kh nng thc hin cho vay v cc hnh thc tn dng khc ca ngn hng s gim v ngc li. Ngy nay, Fed t mc tiu gn li sut qu lin bang vi li sut cho vay d tr qua m gia cc ngn hng. Nu Fed mun tng li sut qu lin bang nhm hn ch cho vay v chi tiu, n thng bn chng khon trn TTM , gim d tr m ngn hng c th s dng cho vay, buc ngn hng phi vay thm d tr. iu ny, c xu hng nng cao li sut trn th trng , hn ch cc quan h kinh t. Mt khc nu NHTW mun h thp li sut nhm khuyn khch cho vay v chi tiu trong nn kinh t, n s mua chng khon trn TTM m rng d tr ca cc ngn hng, m rng kh nng cho vay mi, lm gim p lc vay thm d tr trn th trng vn lin bang. iu ny c xu hng h thp li sut, y nhanh cc qu trnh kinh t.

Phn 2: thc trng hot ng th trng m Vit Nam hin nay 1. S cn thit phi ra i hot ng TTM Vit Nam Vi Vit Nam, NVTTM l mt cng c rt quan trng v cn thit trong vic iu hnh CSTT Vit Nam. S cn thit th hin mt s im sau y: Do hn ch ca cng c trc tip trong vic iu hnh CSTT. Qua thc trng iu hnh CSTT Vit Nam trong thi gian qua, c th thyhn ch ca cng c trc tip l: thiu ch ng, hiu qu thp, s phi hp cha cht ch, cha thc s phn nh tn hiu th trng. Do cn thit phi c cng c gin tip- NVTTM c th iu hnh CSTT mt cch linh hot v ch ng. Trong nn kinh t th trng hin nay, vi xu th hi nhp quc t, Vit Nam phi c th trng ti chnh pht trin mi c th tham gia vo th trng quc t. Cng c NVTTM s gp phn pht trin v hon thin th trng ti chnh Vit Nam. NVTTM gip chnh ph thc thi CSTT quc gia c hiu qu. iu ny c th hin s ch ng v linh hot trong cc hot ng ca NHTW v thi gian v mc tc ng theo mc ch ca mnh.

 Ngoi ra NVTTM cn c tc ng i vi cc t chc tn dng trong vic p ng nhu cu vn kh dng, thc hin cc mc tiu ca CSTT. Vic xut hin TTM l mt bc tin quan trng trong tin trnh t do ho li sut nc ta. Ngn hng Nh nc Vit Nam c thm mt cng c mi- cng c quan trng nht trong iu hnh CSTT nc ta. 2. Thc trng hot ng TTM Vit Nam 2.1. Thun li Qua hn hai nm thc hin, NVTTM nc ta vn hnh mt cch nhp nhng v t c mt s mc tiu ra . NHNN bc u s dng thnh cng mt cng c mi iu hnh chnh sch tin t. V c bn, cc quy nh hin hnh v hot ng nghip v th trng m l ph hp vi tnh hnh thc t hin nay. Cng tc iu hnh, t chc thc hin nghip v th trng m thc hin an ton; vic giao dch thng qua ni mng gia trung tm giao dch ca th trng vi cc thnh vin c thc hin tri chy. Nghip v TTM c tc dng nht nh ti vn kh dng ca cc TCTD tham gia th trng, a dng ho knh huy ng v lun chuyn vn, to ra kh nng phi hp gia th trng lin ngn hng - th trng m - th trng chng khon trong cc th trng ti chnh Vit Nam hin nay. nc ta c nhng iu kin thun li nht nh cho th trng m pht trin nh: S n nh v chnh tr. Khng phi quc gia no cng c iu kin chnh tr n nh nh Vit Nam. y khng ch l iu kin l tng cho nghip v th trng m m cn ca bt k mt nghip v no trong chnh sch tin t.

S thun tin ca kinh t v m. Tnh cht hng ho ca cng c ngn hn v ang c hin nay, thc trng v lun chuyn vn gia cc ngn hng, kh nng qun l vn kh dng ca NHNN rt

thch hp trin khai v thc y nghip v ny. S kh hon chnh ca khun kh php l: Hng lot cc vn bn v cc vn lin quan n th trng m c ban hnh nh quy ch nghip v th trng m, quy trnh nghip v m, quy nh ng k giy t c gi, quy ch qun l vn kh dng, quy trnh nghip v u thu tn phiu NHNN. 2. Kh khn. Nghip v th trng ca NHNN Vit Nam l hot ng hon ton mi c v l lun v ni dung hot ng i vi nc ta m iu kin vn hnh v pht huy hiu qu ca n khng phi l d dng. Nghip v th trng m l mt trong cc cng c ti cp vn ca NHTW, c th ni l cng c ti cp vn c hiu qu nht ca chnh sch tin t. Tuy t c mt s kt qu trng thy nhng vi thi gian ngn ngi hn mt nm, chng ta cha th c kinh nghim vn hnh trn tru c my nghip v TTM m khng vp phi nhng sai lm, tn ti khng th trnh khi hay pht huy ti a nhng thuc tnh u vit ca n. 2.1. S lng thnh vin tham gia cn t. n nay, NHTW mi ch cp giy php hot ng cho 21 TCTD tham gia th trng bao gm 4 NHTM Nh nc (NH Ngoi thng, NH nng nghip v pht trin nng thn, NH Cng thng, NH u t v pht trin); 10 Ngn hng thng mi c phn, mt ngn lin doanh, 4 ch nhnh Ngn hng nc ngoi, mt cng ty ti chnh v QTDND Trung ng. Qua cc phin giao dch, s thnh vin tham gia d thu thng l nh. Cc NHTM quc doanh tham gia d thu v trng thu l ch yu, cn cc TCTD khc hu nh cha tham gia d thu.

2.2. Loi hnh hng ho giao dch cn hn ch. iu 8 Quyt nh 85/2000/Q - NHNN14 (ngy 9/3/2000) ca thng c NHNN (v vic ban hnh Quy ch nghip v th trng m) quy nh cc loi giy t c gi c giao dch thng qua th trng m bao gm: Tn phiu kho bc, tn phiu NHNN, cc loi giy t c gi ngn hn khc do Thng c NHNN quy nh c th trong tng thi k. Quy nh trn cho thy d trong tng thi k c th, cc loi giy t c gi c s dng trong nghip v TTM ca nc ta vn c th tng thm ngoi tn phiu NHNN, nhng v bn cht vn l giy t ngn hn. Quan nim thiu cp nht ny to nn s n iu v hnh thc hng ho giao dch trn th trng m. Qua hn mt nm hot ng, hng ho c giao dch trn TTM ch yu l tn phiu kho bc v tn phiu NHNN. Tng khi lng ca hai loi tn phiu ang c NHNN nm gi l 3000 t ng trong c 1000 t l tn phiu ca NHNN. Trong phin u thu u tin ch c 300 t ng tn phiu c mua bn. 2.3. Phng thc giao dch cn n iu. Cc phin giao dch va qua ch p dng phng thc mua bn hn vi tn phiu NHTW, phng thc mua c k hn i vi tn phiu kho bc nh nc, cn phng thc bn hn t c thc hin. Phng thc u thu thng l u thu li sut. Cc TCTD cha tham gia thng xuyn vo cc phin giao dch, quang cnh kh bun t tng phin ch, hng ho giao th trng m ch dng li giy t c gi ngn hn v tp trung vo hai loi l: tn phiu NHNN v tn phiu kho bc. y l kh khn ln nht ca nghip v th trng m hin nay. Cc phin u thu li sut c tnh cnh tranh cao nn cc NHTM v TCTD nh khng iu kin tham gia, to ra tnh trng cha si ng ca th trng, th trng th cp ca th trng m cha pht

trin, cc th trng lin Ngn hng cha hon thin gy nh hng ln n nghip v th trng m. V vy, nhng tc ng v hiu qu ca nghip v th trng m ti chnh sch tin t cha su rng v thit thc. 2.4. Thiu ngun thng tin ng tin cy. R rng l mun hot ng c hiu qu cao, phi c mt th trng minh bch v thng tin v hot ng mua bn din ra mt cch lin tc. Trong th trng , cc bn tham gia c bit nhng thngtin v mc ch hot ng ca NHTW. H thng ngn hng nc ta hin nay tuy c trang b nhng trang thit b kh hin i nh in thoi, fax, my vi tnh kt ni Internet... song khng v th m c thng tin v cc NHTW v TCTD nc ngai c quan h giao dch vi NHNN Vit Nam. Ngoi ra, nc ta cn thiu nhng nh kinh t hc vi kh nng phn tch, d on chnh xc nhng cng ty chuyn nghin cu th trng ni chung v TTM ni ring. Trong khi , M hay cc nc EU c hn nhng hng thm t kinh t, nhng chuyn gia kinh t chuyn nghin cu v vn ri ro, tnh hnh ti chnh nhng thnh vin tham gia th trng m, nhu cu v chng khon v xu hng pht trin ca kinh t ton cu. l c s cho NHTW ca h a ra mc li sut chit khu v lng chng khon pht hnh. Ngoi ra, cc ngn hng cn thiu cn b thng tin gii v cng ngh thng tin trong khi c trng ca th trng m rt cn s h tr ca cng ngh thng tin. Trn thc t hot ng ca cc ngn hng Vit Nam vn cha thot ra khi nghip v kinh doanh truyn thng, l hot ng tn dng. D n cho vay hu ht cc ngn hng vn chim 70% tng s s dng vn.

Phn 3: nh hng v gii php pht trin nghip v m th trng Vit Nam.. 1. nh hng cho NVTM Vit Nam. - C s php l cho hot ng ca th trng cn c r sot li kp thi iu chnh theo hng to iu kin thu ht thnh vin tham gia th trng m. - NHTW cn tip tc nghin cu m rng thm nhiu loi hng ho (nh cc loi tri phiu, cc chng khon do t chc tn dng Nh nc pht hnh...) c th s dng trong cc giao dch nghip v th trng m. - Cht lng cng tc d bo, iu hnh th trng cn tng bc hon thin trn c s nng cao trnh cn b d bo, ci tin ch cung cp thng tin trong v ngoi ngnh vi s phi hp cht ch ca cc n v NHNN, cc t chc tn dng, cc b ngnh lin quan (B ti chnh, Kho bc Nh nc). - y mnh tin hin i ho h thng thanh ton lin Ngn hng. y cng chnh l c s nng cao hiu qu ca hot ng nghip v th trng m. 2. Gii php cho hot ng th trng m Vit Nam. 2.1. Tng cng vai tr ch o ca NHTW trn TTM. Trn TTM tc ng n lng tin cung ng trn tng thi k. giai on u, thnh vin th trng m l cc TCTD l ph hp, tuy nhin cc t chc ny hin nay cha thc s cn n th trng m iu tit vn kh dng ca mnh v Ngn hng nh nc cng cha c cy a thn ch huy nghip v ny. Mt trong nhng iu kin tham gia nghip v TTM l cc thnh vin phi c giy t c gi bn v ch ng c vn kh dng ca mnh. Nhng cc TCTD cha u t nhiu vo giy t c gi ngn hn do nhiu nguyn nhn, v thc ra h vn chu s thiu bnh ng trong kinh doanh. Cc NHTM quc doanh c vay theo ch nh, nn c nhiu li th trong giao

dch trn th trng m nh c vay vi gi r mua giy t c gi c li sut li hn. Cc NHTM c phn, Ngn hng lin doanh, qu tn dng t c c u th ny. iu ny khng kch cu tn dng, to ra s phn bit ng k trn th trng m mt cch thc s th NHNN phi to cho h mt sn chi bnh ng, tc l gim cho vay theo ch nh, phn bit r rng tn dng chnh sch v tn dng thng mi. Ngoi ra cn phi tuyn truyn thng xuyn, su rng cho cc TCTD v ngh v ny. 2.2. a dng ho hng ho trn th trng m. Cn c th ho vic ny bng cch b sung vo c cu hng ho ny cc tn phiu Kho bc c thi hn di mt nm (nh tri phiu Ngn hng u t v pht trin Vit Nam, tri phiu chnh quyn a phng), cc loi chng ch tin gi, thng phiu, chp phiu ngn hng...) Ngoi ra, trong di hn, phm vi giy t c gi cn c m rng ra khng ch cc l oi ngn hn m cn trung, di hn c th xem xt lm cng c giao dch min l chng c thanh khon cao. S d nh vy v thi hn ca giy t c gi khng mu thun vi yu cu nhanh nhy ca chnh sch tin t bi c phng thc mua li trn th trng m. 2.3 La chn phng thc giao dch thch hp. Phng thc giao dch ph hp nht vi th trng m l mua bn c k hn, m NHNN l ngi ch ng quyt nh mua bn vi s lng bao nhiu, vo thi gian no, theo phng thc g tu theo yu cu ca chnh sch tin t trong tng thi k. Vic thc hin nghip v TTM di hnh thc mua hn s lm tng t l cung ng tin NHTW qua quan h tn dng, lm yu kh nng iu tit ca NHTW, gy bin ng ln n th gi chng khon theo chiu khng tt. Theo quy ch nghip v th trng m, NHTW c th thc hin u thu khi lng hoc u thu li sut.

Vic u thu khi lng xy ra khi li sut c nh c tnh ton v ch o, cn u thu l i sut s xc nh li sut trng thu ti im m khi lng tin cn bm vo hay ht khi lu thng t c. Chnh cc mc li sut ny s quyt nh gi ca giy t c gi trn th trng m. khuyn khch cc t chc tn dng tham gia nghip v TTM, trong giai on u, NHNN Vit Nam cn kt hp c hai hnh thc u thu li sut v u thu khi lng. 2.4. Cc bin lin quan khc. Th nht: Hon thin th trng lin Ngn hng. NVTM ch thc s hu hiu trn c s th trng lin NH pht trin. Th hai: Hin i ho cng ngh h thng thng tin v cng ngh Ngn hng.

Mc lc Phn 1. L thuyt chung v th trng m 1. Khi nim chung v th trng m 2. Hng ho v ch th tham gia NVTTM 2.1. Hng ho 2.1.1 Phm vi hng ho c giao dch trn th trng m. 2.1.2. Mt s hng ho c giao dch trn TTM Vit Nam. 2.2. Ch th tham gia NVTM 2.2.1. Phm vi thnh vin tham gia NVTM 2.2.2. iu kin tham gia TTM Vit Nam 3. Ni dung hot ng TTM 3.1. Phng thc mua bn trn th trng m 3.1.1. Phng thc mua bn hn 3.1.2 Phng thc mua bn li 3.2. Phng thc u thu trn TTM 3.2.1. Phng thc u thu khi lng 3.2.2. Phng thc u thu li sut 4. C ch tc ng ti lng tin cung ng ca NVTTM 4.1. Khi nim c s tin t v lng tin cung ng 4.2. C ch tc ng ca NVTTM 5. u im ca NVTTM so vi cc cng c khc 5.1.u im ni bt ca NVTTM 5.2.Hn ch ca cng c chit khu v ti chit khu

5.2.1. C ch hot ng 5.2.2. Hn ch 5.3. D tr bt buc 5.3.1. C ch hot ng 5.3.2. Hn ch6. Thc trng hot ng ca mt s nc trn th gii. Phn 2. Thc trng hot ng TTM Vit Nam hin nay 1. S cn thit ra i hot ng TTM Vit Nam 2. Thc trng hot ng TTM Vit Nam 2.1. Thun li 2.2. Kh khn Phn 3: nh hng v gii php pht trin NVTTM Vit Nam 1. Cc nh hng c bn 2. Gii php 2.2. a dng ho hng ho trn TTM