1

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

2


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

3

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:
4

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
5

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 iu tit tin t trong nn
kinh t. Ni cch khc, d tr bt buc 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
6

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%
7

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%

8

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
9


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
10

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.

11

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 thng
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
12

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 iu tit tin t trong nn
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.
13

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
14

3. http://www.sbv.gov.vn
4. http://www.imf.org/external/index.htm
5. http://research.stlouisfed.org/fred2/series/REQRESNS