Ho va tn: L Hoang Thach MSSV: 030526100363 Lp: BA024_1_112_T04

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TIM HIU V EURO-DOLLAR

1. Tng quat 1.1. Khai nim Eurodollar l khon tin gi theo n v USD ti cc ngn hng ngoi quc ngoi nc M hay ti cc chi nhnh nc ngoi ca cc ngn hng M. Cc ngn hng M c th vay tin gi cc ngn hng khc hoc cc chi nhnh nc ngoi ca h khi h cn vn. Vi t cch l mt cng c th trng tin t, Eurodollar c kinh doanh khp th gii, to ra th trng Eurodollar vi trung tm l London, Hongkong, Singapore, Bahrein Trung ng, Paris, New York, Switzerland, San Francisco, Nassau, Tokyo 1.2. Lich s hinh thanh Sau Chin tranh th gii th II lng la M nc ngoi tng ln rt nhanh. Chnh v vy, mt lng ln ng la M c nm gi bi cc ngn hng ngoi M. Mt vi quc gia trong c Lin Bang X Vit c ti khon la ti cc ngn hng ca M v c m bo bng cc giy chng nhn. Trong sut thi k chin tranh lnh, Lin X lo s rng ti khon ca mnh ngn hng Bc M c th b phong to. Do h quyt nh chuyn mt phn ti khon sang ngn hng Moscow Narodny - ngn hng ca Lin X c s h tr ca Anh. Sau ngn hng Anh gi s tin ny sang ngn hng ca M. Nh vy s khng c l do g tch thu s tin ny v n thuc v ngn hng ca Anh ch khng trc tip thuc Lin X. Ngy 28 thng 2 nm 1957 tng s tin c chuyn ln ti 800.000USD v y l nhng ng eurodollar u tin. Ban u cc ti khon tin gi bng la hu ht nm ti cc ngn hng chu u, v th mi c tn l Eurodollar. Ngy nay mc d cc ti khon ny ch yu vn nm ti ngn hng chu u song cng cn c lu gi cc quc gia khc nh Bahamas, Canada, Cayman Islands, Hong Kong, Japan, Netherlands Antilles, Panama, v Singapore. 1.3. Thi han, i tng giao dich va lai sut cua Eurodollar V th trng eurodollar tng i thng thong v khng b rng buc bi cc iu lut nn cc ngn hng thng hot ng vi bin li nhun thp hn cc ngn hng ti M. Do , th trng cho ng eurodollar c pht trin mnh m v l mt cch trnh cc chi ph c lin quan n cc trung gian ti chnh. Cc ti khon thng t 1.000.000USD tr ln trong ch yu l ti khon ca mt nh ch ti chnh gi ti mt t chc ti chnh khc. Tin gi Eurodollar c thi hn rt a dng, t qua m ti 5 nm, nhng hu ht tin gi Eurodollar u c thi hn 6 thng hoc t hn. i tng giao dch thng l cc ngn hng trung ng, cc c nhn tham gia giao dch thng rt him. Mt ngn hng M gi eurodollar ti mt chi nhnh nc ngoi s trnh c cc hn ch nht nh v s dng ngun vn ny cng nh v li sut. Cc ngn hng thng mi s dng eurodollar iu chnh trng thi vn kh dng ca mnh. Vic giao dch eurodollar c thanh ton qua mt h thng ghi s.Mc d c nm gi nhiu ni trn th gii song li sut ca eurodollar ch yu b nh hng bi tnh hnh kinh t ca M. Nhn chung, khi cc d tr lin bang qun l cht hoc c du hiu s tin hnh qun l

cht ch cc ti khon tin gi th li sut eurodollar s tng, v ngc li. Thm vo , mc li sut ny cng thay i tu theo tng thi im trong ngy, tun theo quan h cung cu. V vy nu s dng li sut ny lm im tham chiu th s khng ph hp. Thay vo c th s dng li sut LIBOR v cc li sut khc. 2. Cac nghip vu cua Eurodollar 2.1. Th trng tin gi la chu u Bao gm cc khon u t ngn hn vi thi hn di nht l 1 nm. Li sut c p dng l li sut th trng tin t chu u v c thc hin vi mi ng tin t do chuyn i. C 2 loi tin gi: Tin gi c k hn (time deposit): l khon tin gi vi thi hn v li sut n nh. Tin gi khng k hn (call deposit): thng c quy nh s tin gi ti thiu v phi chu mc thu vn c quy nh trc. 2.2. Th trng tin t cho vay (Money Market Advances) Mang tnh cht lin ngn hng gia cc ngn hng ln, ngoi ra c cc cng ty a quc gia, Chnh ph, c quan Chnh ph C nhiu loi cho vay: * Khon vay theo thi hn c nh (Fixed Advances). * Khon vay tun hon (Advances on the Roll Over Basis). 3. u im va nhc im cua Eurodollar 3.1. u im S tin li ca tin gi Eurodollars: Nhng cng dn khc khng phi cng dn M c nhng khon thu v chi thng bng USD khng bng nhau ti mi thi im. H c th bn phn ph tri bng USD ly ni t khi ngun thu qu ln v mua phn thiu ht USD bng ni t khi khon chi qu ln. R rng s thun li hn nhiu nu nhng ngi ngoi nc M k gi USD ti mt ngn hng xung quanh h hay ti nc bn a vi no giup ho trnh c chi ph giao dch v ri ro t gi. S khng hn ch vay USD ti Eurobanks. Khng phi chu thu thu nhp t u t vo chng khon nc ngoi. S tin li ca tn dng Eurodollars. Eurobanks c kh nng tr li sut tin gi cao hn v thu li sut cho vay thp hn so vi cc ngn hng M. y l li th cnh tranh v l nguyn nhn c bn gip cho cc hot ng ca Eurobanks tn ti, c a chung v pht trin. 3.2. Nhc im Ri ro hot ng ca th trng Eurodollar khng nhng nh hng gin tip m cn nh hng trc tip n nn kinh t ca nc ch quyn ng tin ny: nu mt Eurobank sp s to ra hiu ng tn khc lm sp cc Eurobank khc. Th trng Eurodollar c nguy c tim n tc ng ln lm pht. Th trng Eurodollar to iu kin thun li cc quc gia ti tr cho thm ht cn cn thanh ton mt cch d dng.

 Th trng Eurodollar cng to ra s bt n cho nc M: khi c nhng p lc v t gi s lm cho gi tr ca ng USD tng ln hay gim xung, dn n li sut th trng trong nc c th thay i, n tc ng ng thi c hai th trng Eurodollar v th trng ni t M. Ngy nay tc tng trng ca th trng tin t quc t c biu hin thng qua tc tng trng ca tin gi v tn dng (Eurocurrency Deposits and Loans), bao gm eurodollar, l ng kinh ngc, ng thi l nhn t thc y qu trnh ton cu ha cc th trng ti chnh ni chung v ngnh cng nghip ngn hng ni ring, trong c Vit Nam chng ta.