Nhìn nhận về tiền, vốn và điều hành lượng tiền trong lưu thông.pdf
Trang 1NH1NNH~NV[ 1I[N, VONVADI[~ HANHlU~NG1I[N 1~ONGloo 1HONG
T ien- Van- L<;1mnhLtngnhan to c6 vai trophatdeulaquantrqngimh 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
tang trLfdngkinh te va dm trd SIJ
phattriencuamoiquocgia.ThlJCtehi$nnay c6 nhieuquandiem khacnhauve van de nay.Be phat huytot vai tro cua n6 trong nen kinhtethi trLfongva h9i nh~pkinhte quocte, xin neu m9t trong nhG'ngcachnhinnh~nve tien,vanva dieuhanh
ILt<;1ngtien trong ILfUthong:
TMn va van la hai ph<;1mtru khac
nhau TMn, neu khong phai la tien
vang, tien b<;1cthi ddn thuan chllaky hi$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$n ILfUthong hang hoa, lam(Jtgiay chCrngnh~n cua xa h9i dengLfoi nam gilt dLf<;1cquyen nh~nm9t phan cua cai xa h9i tLfdngCrng(c6 gia tri thlJC SIJ) do ngLfoi d6(ho~cto chltc d6) da ho~c S8d6ngg6p cho xa h9i m9t II1<;1nglac d9ng(haycua cai) c6 gia tr! thlJc slJ.
Van la san pham cua lac d9ng
dLtc;1Ctich luy l<;1i,c6 gia tri ho~c lam9tkha nang c6 th~t ve sang t<;1oragia tri (vi d(,JSd hLtutri tu$) 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$u) ho~c vo hinh (biquyetky thu~t, uy tin thLfdngm<;1i ).De c6 van, ngLfoita phai lac d9ngthlfc SIJ,va phai Uch luy m9t phan
'i'~ em NGANMNG- 60 7 NAM2005
ThS Nguy~n Van Khach *
ket qua lac d9ng cu~ minh, ho~cvay rTILf<;lncuacaitfct1mycuangLfoikhac.
. Do d6, Nha nLfoc c6 the in ratien chlt khOngthe in ra van HdnnLta,de in tien con phai ton Van, dophai chi phi cho giay mlJCd~c bi$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
lam an gi ma Clt in dolara chi tieu,
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$.
Ve nguyen tac, NHTLJphai bao
dam duy tri m9t ILf<;1ngtien vva ducho ILfUthOng, khong dLf<;1CthvacOng khong dLf<;1Cthieu Neu dethva tien thi gia ca tang len (l<;1mphat), neu de thieu (khan hiem tien)thi ILfUthong ach tac, kinh te tri tr$,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,
vi d(,J1.000 t1dong c6 the t<;10nenm9:~ILf<;1ngtien (phLfdngti$n thanh
toan) la 10.000 t1dong ho~c 20.000
tl dong, tuy theo ty 1$ dlJ trLt bat
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$ctang them tien hay giam bot tientrong ILfUthong tlJ ban than n6khOnglam tang them hay giam botdi m9t phan ta cua cai xa h9i haygia tri th~t nao cua xa h9i Muon c6Van, cac ngan hang chi c6 the divay de cho vay, huy d9ng van t<;1mthoi nhan roi cua ngLfoinay de chongLfoikhac sad(,Jng.Bieu d6 cOngdung ca voi chfnh phu M~c duchinh phu c6 the quyet dinh vi$c intien nhLfngchfnh phu khong in dLf<;1C
Be thlJC hi$n dLf<;1Cchltc nangdieu hanh, dam bao duy tri m9tILf<;1ngtien vva du cho ILfUthong,NHTLJphai tuan thu cac nguyen tacsau day:
M(>tla, phai can clt vao tin hi$u
17
Trang 2th! 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
trong trLfdng h<;1pcan tang tien; valam ngLf<;1cI~i, trong trLfdng h<;1pcan
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.
Hai la, phai bao dam sac cho
mQt dong tien dLfa vao ILfUthOngdeu c6 thanh khoan doi Ctng,hay
n6i mQt cach nom na la khOng dLf<;1C
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
cam co, cac h<;1pdong tin dl,!ng
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.
In khong lien (phat hanh khong)
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
Vdi bat cu ml,!c tieu gi (chi dau tLf
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
cu kenh nao'- sdmhay mUQndeu
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$t thue hay sacthue nao, vi n6 cho phep Nha nLfdc
dLf<;!Cdieu tiet I~i mQt phan thu nh~p
quocdanngoaicackhoanthuchlnh thuc qua thue Ngay ca khivi~c lam d6 chLfa gay ra mQt tacdQng tieu Cl,fcnao ve vi mo, thi vi~cthu thue bang cach in them tien d~chi lieu la mQt Sl,f phan phoi I~i thunh~p mQt cach khong dong deu (c6ngLfdi thi~t, c6 ngLfdi l<;1inhLfng thi~t
thai nhat la ngLfdic6 thu nh$p co
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
hoa ILf<;1ngtien trong ILfU thong,lam
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,!
thuQctn!c tiep vao cac yeu to ve lai
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$nla thLfdCdo nay van c6 dQ dai nhLfcO.Xa hQiphan CtngI~i mQtcach tl,fgiac ho~c khong tl,f giac d~ tl,f v~.Ket qua la: (i) Nha nLfdc thu themdLf<;1Cnhd in them tien, nhLfng I~imat di qua vi~c giam gia thl,fCcua
nhung nguon thu co djnh khac do
gia tr! dong tien giam; (ii) NhanLfdcphai b6 sung them cho cac khoanchi tieu so vdi dl,f toan ban dau d~bu trLf<;1tgia, ho~c phai chap nh$nkhOng hoan thanh tren thl,fc te
nhi~m vI,!chi de ra neu van gill muc
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
phai duy tri lai suat nQit~ 0 muccao
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
yeu to nay deu trl,fc tiep hay gian I
tiep lam tang chi phi san xuat kinh I
doanh, giam nguon thu ngan sach ;
(Xem tiep trang 24)
18 T~ em NCANIiANc-ro7 NAM 2005