FREDERIC S. MISHKIN TIEN TE, NGAN HANG vA THI TRUONG TAI CHINH % NHA XUAT BAN KHOA HQC VA KY THUAT 684/ Wo Ha Noi-2001 [eari95 7HANG LANG |Nguoi dich : Nguyén Quang Cu, PTS Nguyén Dire Dy Dich ta nguyen ban tiéng Anh : Fredic S. Mishkin Columbia University The Economics of Money, Banking, and Financial Markets Third Edition HARPER COLLINS Publishers New York - 1992Loi gidi thiéu Tién t@ C6 tit xa auc, nhung dén nay khi nhdn logi sdp bude sang thin nién ky Hitt ba, n6 vin chua bét di tink huvén bi von co. Cong voi déng tién, ngudi ia da Jam nén nhiéu cong chuvgn lon, dic bipt ia trong cde cue edeh mang ky huar cha nhdn loi. Ding thoi cang voi dng tién, ngudi ta cng cd thé lam nen nhieu chuyen xu xa, Di nhiea, khong mot hoc gia, khéng moi nha inuyen ba Kida thre chan chinh ndo igi di bay cho quang dai dan ching sit dung déng tién vao muc dich kém nhda van, Vay ta hg chi dang nd tue cha minh vao vige giip cho ngun, chua biét howe dang biét dé dang phai bi€t wo ra va sit dung déng tién nhu wor togi cong nghé bde caa nhdn danh nhang gi tot dep nhdi, tinh wy nhdt cha néa inh i€ thf insdng. Thudc 6 nivy, ca thé ky nay, di tix thd’p dén cuo, tren thé giot da igo ra ingt kha sdch dé 56, nhiung vii nude ta thi qua that dang la chuvéa hiein hoi. Vai navn lai day. cing véi cing cudc-ddi.snéi, ntbtlogtadchvé kink 1€ thi trudng lan lupt duve dich va gid thigu & aude ta. Tuy ahién, lan nay, kit duge dec cudn "Tién 18, ngdn hang va thi trudng tai chinh” cia Frederic S Mishkin - Truong Dai hoc Columbia (M9} xudi han ndin 1992 (in Ida Hur 3), uni qua hat 06 sire hdp ddn die bigt, Boi le : Né la si ligu dau tién dupe dich ra, trang bj nhang tri thite bign dai nhit, cé hé thiug ahdt vé cong ugh? agdn hdag adi riéng va tht triving tai chink adi chung, dap ting cho moi kde vong ca nhang ai dang sas sudan than trén con dudng ddi adi. ~ Trude hét, dét voi cdc thdy gido ve kinh 1, nd Fa cutin sch gido khoa, mor thit "bdo bdi" khong thé Hhiéu dirac, kon tai ligu chudn cho vibe trang bj tri thite chuven agdnitagdaa hang, tai chinh. Theo chd 161 dupe bie, sdch gide khog nay Ahdng chi ding trong Truéng Dai hoc Columbia (My) nd con ding cho nhiéu inuing dai hoc onhidu nude ten ihe gis, dac bigt tao Ausiralia va cdc ates khdc trong khu vc chau A Thai Binh Duong. ~ Déi voi sinh vien cdc inuong kink 18, dac bier la sinh vien chuyén aganh agdn hang — tdi chinh, nd khang chi ding ini trong Khun vién cudn sch gidoLc) GIG THIEU khoa, ma con 1a b¢ edn nang gi ddu giwing ddn du cho ide aghigp, hank nghé dréa thi trudmg tdi chink — tién t¢ sau khi tt nghi¢p. = Di vii cdc doanh nhdin, cdc aha quan tr}, n6.40 tai ligu bo try gidp xatl cae fink hudng «i chink trang kink doanh duge thong ding bén gipt. = Dai vii cde nha kink i cdc aha quan ly va vach chinh stich, nd le tai tigu cung cp nhiéu tri duic khong chi la 8 tuyéi ma con la thye tn, giip che vige Jya chon céc phuuny da ii uu vé vach va chi dgo chink sdch tdi chink ~ én ig trong hoan cant wen ton tdi mhdp voi khu vuc va qudc Duang nhién ti cing muda hie ¥ nguci doc ba dieu vé cudn sdch aay > Thar nhiit : Ni Ha mot cua sdch gide khon chink thing & Mx, noi cd cing agh? tai chink va ngdn hang tida tien & tdm ca nhaag nue diy dda thé gidi. Song, tai Hiéu ady Kidag ché gidi thigu dem phuang tic tibn kink+@sidn sé cite Mp. Do vay doi h6i nguai doe cin phai tue tan dén nhidu pda phy tac cha cdc cliwong, trong d6 dupe muh bay va phan tich da dang vé cde mds bf tharet ve thy adn clin cuc dibn tai chink tien w nhieu aude, nhieu khu yuc ve cd inan clu. 3 Cuda sdch mang thai chai gido Khon, cang cdp mgt kid brung eri thitc Suag ngudi doc trong giaé dan ddu can hu ¥ dén cdc phan troag tain da duce gyi ¥ addy mdi chuong va rn ide Ocudt mdi chuung. Dac bigs, mgt phidn idm noi dung cudn sack trang bj vé cdng ngh? ngdn kang — tdi chink aén cde bai idp cang duoc ddan gidi kha chu ddu, mong rang agua dye hay xem vide giai bai tdp alia la ahing trong tdm trang qud irink nghien cite cic minh, Ba la : Chiiag ta dang ut ims nda kink if diéu khién chuyén sang kink t€ ld erudag thea dink hung XHON. UO tunte ddu phdi thai aay, ahidu ngan tr cae nén kind 12 tida te chu dune du nhdp vio Viet Nam ca vé dug si2n cong ale 6 shuyet. Da vy, nide da da c6 su cd’ gdag ddy “lac tan kad 11” cha hing agudi dich, mot singin ta vin che duoc Vier kde mot cack tron nghiu ; cdc dich gia buge fang phai chue them bang tigng Anh then nguyen ban va co beng ta clu nhang thudt nga chi clits Anh — Viet & cuit sdch fam can ct. Tin chde rang ote diic gid se ne duy ya sdn tong gdp ¥ cho Nhe xudt ban adicin me chidh cho Ida tdi bda iuung tai. Vobi freeneg tlt cries m@it.nhai gitia, voi tine keneg cebic th} ser En bO vee tri thute tin Gn, Gi xin irdn trang gidi thigu cudit sdch aéy chitg dec gid. Ha NOi 10/1993 Gita sw CAQ CU BOIMuce luc PHAN | - MG DAU Chwong I. Visao nghién edu tién 12, host dong ngan hang va thj trong tai chinh ? Loi din Vi sao nghién cou tién iG ? Vi sao aghicn cou boat do hang ? Vi sao nghicn cau thj truong (ai chinh ? Nban xét ket luan Tom tit Cau hoi va bai ap Phu luc Cincy | Dink aghia tug sdu phdin, ting thu nhap vd bute gid ting hop \. gheong 2 Tidtnlagi2? Loi din Nghia eda tién Cée chic nang cia titn Sy tign tién eda he thing dank todn Do luyny tién SO lida tién ding tin vay nu thé nio ? Tém.tat Cou hdl va hai ap 26 26 27 33 35 39 40) 40 41 45 45 45 a7 St 56 62 656 MUC LUG Chuang 3. Téng quan ve hé thiing tai chinh Chung 4. Tim hiéy lai suat Loi din Chae nang cia thj trudag (ai chiah Cau tric cba thi rung Gi chinh Chee ming cla nhong trung gian Bi chinh Nbamg trung giaa 1: chinh Cée cong cy eda dh trudng dai chinh Vi¢e ditu hanb hé théng tai chinh Qudc tf hoa cade thy wuong Wi chinh Tom tat Cau hoi va bai tap PHAN II- NILUNG CO SO CUA LAI SUAT Len dan Do cic lai sudt Cée phép do ai suit khic Sy phan hict gia lai sudt va loi the Sy phan higt gitra (ai sudt dhgt va Mai sudt danh nghia Tom tat Cau hoi va hai ap Cheong 5. Mot phueng phap dun gidn eho vige chyn chimg khosn du tu: ly thuyét lnyng cay taisin Loi din Nbimg yu (6 quyét djnb luyng cdu ai sin Ly thuyet luyng cdu tai sin Nhong foi ich cda vide da dang héa ‘Tom et Cau hdi va bar cap Chuong 6. Hinh thai dién bign cia lai suat Loi dan Khuda indy tidn vay : Luyng cung va cdu rong ub wummy wai khodn Nhang thay d6i wong 1ai sudt can bing Khuon mau wa uhich tién mae: Luyng cung va clu wen uhj ruin itn te 67 67 68 wn 74 W 83 89 96 O8 oo 101 102 102 103 HS 123 128 131 132 134 134 135 139 139 143 143 145 145 145 152 160MUG LUG Nhang thay doi trong 14i sudt can bang 163 Ung dung lidn va jai sudt 166 Tom tit 173 Cau hai va bai ip 173 Chuong 7. Cau tric rui ro vacdu tric han kj cia 175 Loi din 175 Cau wie rai ro cia Iai sudt 16 C4u ue ky hyn eda Iai sudt . 185 Ung dyng : Nhimg dudng lai sudt hodu von dang hu ¥ 1980 - 1991 196 Tém tat , 188 Cau hoi va has ip 198 PHAN Hi- CAC T6 CHUC TAL CHINH 201 Chueng 8. Phan tich kinhté vé cau tric tai chinh 202 Loi din 202 Nhong vin dé co hin vé edu trie 13 chinh 202 Cac chi phi giav dich anh hadng dén cu tric (ai chinh nhu thé nao 207 Thong tin khong can xGng ; Chon fya d6i nghich va rai ro dao doe 210 La chon doi nghich (van dé nhong qua chanh) anb hudag dea cfu troc tai chink nhu thé nio ? 212 Rui ro duo div tic dong dén vide chon lua gidu cdc hep-déng ny va cdc hyp dng vn ¢6 phan nhu the nio ? 220 Rui ro dgo dic 4nh hutmg dén edu trae i ehinh wong thi trudng ag nhu thé nao ? 24 Ung dng : Ning khding hodng (i chinh va hout dong kinh t& (6ng hyp 229 Tom tit 235 Cau héi on tap 236 Phu luc cho Chuong 8. Cia trite Iai cong ty : Ma! phan tich kink t& 237 Chueng 9 Ngdinting va quan ly ngan bing 254 Loi din 254 Ban quy¢l wan Wi sin céa ngan bang 255 Hout ding co han ca mot ngan hang 2618 Muc LUC Nhong nguyen ly chung ctia vi¢e quan ly Wi sin cd va ti sin ng cha ngdn hang 265 Nhong nguyén uc quan ly uién cha vay 274 Quin 19 rdi ro 1ai sudt 283 Nhdng hoat dong ngoai bin quyét wodn wi sin 288 ‘Tom tt 290 Cau hdi va hai ip 292 Chuong 10. Cong nghigp ngan hang 294 Lai din 2904 Sy phat widn cila be thong ngan hang kép ' 295 Dae quydn va kigm ua 297 Bao hiém ttn edi Lién hang va FDIC 298 Nhimg han ché doi voi cic i san co va nhong doi hdi vd von ngin hang, 301 Cu nic cia cing nghi¢p ngan hang thuvag mai 304 Cong nghiép lidt kigm : Sy didu hanh va cdu ute 3 Ngan hang quée 1 31 Tom tht 7 Cau héi va bai 1p 318 - Chuvag 1. Cudc kbing hoany trong diéu hanh huat dang ngan hang 320 Loi din 320 Rio hiém tién od tien bang, chon fa Oi nghich va ri ro dgo due 321 Vi sao cudc khiing hodng trong ngan hing di xdy ra wong ahtng nam 1980 7 326 Bio lanh cong aghi¢p tid kigmi va cho vay : Bao luat 1989 ve cutmy ché thi hank, khdi phye vac (6 chi Wi chink 330 Rinh i¢ chinh uf cba cude khdng hodng lict kigm va cho vay 333 H¢ thing digu hanh cdc hoat dong ngan hing phdi duve edi 6 we nh thé nao? 338 Ung dung : Banh gid chuong winh cia kbp bac cho vite c&i 6 hg Uidng ngan hang 344 Tom tit 349 Cau hoi va hai tap 349 Chuung 12. Cacté chie tai chinh phingan hang 351 Loi din 351