{"id":21551,"date":"2023-12-06T02:46:28","date_gmt":"2023-12-06T02:46:28","guid":{"rendered":"https:\/\/masterskills.org\/blog\/too-big-to-fail-la-gi-va-cach-de-ngan-chan.html"},"modified":"2023-12-22T04:55:34","modified_gmt":"2023-12-21T21:55:34","slug":"too-big-to-fail-la-gi-va-cach-de-ngan-chan","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/too-big-to-fail-la-gi-va-cach-de-ngan-chan.html","title":{"rendered":"Too big to fail l\u00e0 g\u00ec v\u00e0 c\u00e1ch \u0111\u1ec3 ng\u0103n ch\u1eb7n"},"content":{"rendered":"
\n
<\/figure>\n

Too big to fail l\u00e0 g\u00ec? <\/strong><\/span><\/h2>\n

\u0110\u00e2y l\u00e0 thu\u1eadt ng\u1eef d\u00f9ng \u0111\u1ec3 ch\u1ec9 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 ng\u00e2n h\u00e0ng \u0111\u00e3 m\u1edf r\u1ed9ng sang nhi\u1ec1u n\u1ec1n kinh t\u1ebf. V\u00e0 s\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a nh\u1eefng t\u1ed5 ch\u1ee9c n\u00e0y s\u1ebd \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh qu\u1ed1c gia v\u00e0 to\u00e0n c\u1ea7u. Do \u0111\u00f3, ch\u00ednh ph\u1ee7 s\u1ebd xem x\u00e9t c\u1ee9u tr\u1ee3 doanh nghi\u1ec7p ho\u1eb7c th\u1eadm ch\u00ed to\u00e0n b\u1ed9 l\u0129nh v\u1ef1c \u0111\u1ec3 ng\u0103n ch\u1eb7n th\u1ea3m h\u1ecda kinh t\u1ebf.<\/p>\n

\u201cL\u1edbn\u201d kh\u00f4ng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn quy m\u00f4 c\u1ee7a c\u00f4ng ty, m\u00e0 l\u00e0 s\u1ef1 tham gia c\u1ee7a n\u00f3 tr\u00ean nhi\u1ec1u n\u1ec1n kinh t\u1ebf.<\/p>\n

Ch\u00ednh quy\u1ec1n c\u1ee7a c\u1ef1u T\u1ed5ng th\u1ed1ng George W. Bush \u0111\u00e3 d\u00f9ng thu\u1eadt ng\u1eef \u201ctoo big to fail\u201d trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008 \u0111\u1ec3 m\u00f4 t\u1ea3 l\u00fd do t\u1ea1i sao h\u1ecd ph\u1ea3i c\u1ee9u tr\u1ee3 m\u1ed9t s\u1ed1 c\u00f4ng ty t\u00e0i ch\u00ednh \u0111\u1ec3 tr\u00e1nh s\u1ef1 s\u1ee5p \u0111\u1ed5 n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u.<\/p>\n

C\u00e1c c\u00f4ng ty c\u1ea7n gi\u1ea3i c\u1ee9u l\u00e0 c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh \u0111\u00e3 d\u1ef1a v\u00e0o c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf c\u1ea1nh tranh khi n\u1ec1n kinh t\u1ebf \u0111ang b\u00f9ng n\u1ed5. Khi th\u1ecb tr\u01b0\u1eddng nh\u00e0 \u0111\u1ea5t s\u1ee5p \u0111\u1ed5, c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n. C\u00e1c ng\u00e2n h\u00e0ng n\u00e0y \u0111\u00e3 \u0111\u1ea7u t\u01b0 qu\u00e1 nhi\u1ec1u v\u00e0o c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ebfn m\u1ee9c tr\u1edf n\u00ean qu\u00e1 l\u1edbn \u0111\u1ec3 c\u00f3 th\u1ec3 th\u1ea5t b\u1ea1i.<\/p>\n

\n

\u201cToo big to fail l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef m\u00f4 t\u1ea3 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng c\u00f3 \u1ea3nh h\u01b0\u1edfng kinh t\u1ebf \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf v\u00e0 n\u1ebfu ch\u00fang th\u1ea5t b\u1ea1i c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng x\u1ea5u \u0111\u1ebfn n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n

L\u00ed do ra \u0111\u1eddi c\u1ee7a too big to fail l\u00e0 g\u00ec?<\/strong><\/span><\/h2>\n

T\u1ea1i M\u1ef9, s\u1ed1 l\u01b0\u1ee3ng ng\u00e2n h\u00e0ng trong nh\u1eefng n\u0103m 1920 l\u00e0 kho\u1ea3ng 30.000 ng\u00e2n h\u00e0ng, gi\u1ea3m xu\u1ed1ng c\u00f2n 15.000 v\u00e0o nh\u1eefng n\u0103m 1970 v\u00e0 1980. S\u1ef1 b\u00e3o h\u00f2a v\u1ec1 s\u1ed1 l\u01b0\u1ee3ng ng\u00e2n h\u00e0ng v\u00e0 t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u1edf M\u1ef9 di\u1ec5n ra sau khi khu v\u1ef1c ng\u00e2n h\u00e0ng kh\u00f4ng c\u1ea1nh tranh b\u1ecb gi\u1ea3i th\u1ec3.<\/p>\n

Trong nh\u1eefng n\u0103m 1980, Texas, n\u01a1i kinh t\u1ebf ph\u1ee5 thu\u1ed9c ch\u1ee7 y\u1ebfu v\u00e0o d\u1ea7u m\u1ecf, \u0111\u00e3 ph\u1ea3i tr\u1ea3i qua m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh l\u1edbn v\u00ec gi\u00e1 d\u1ea7u s\u1ee5t gi\u1ea3m. G\u1ea7n 100 ng\u00e2n h\u00e0ng ph\u00e1 s\u1ea3n v\u00ec thua l\u1ed7.<\/p>\n

L\u00e0m th\u1ebf n\u00e0o m\u00e0 c\u00e1c ng\u00e2n h\u00e0ng tr\u1edf n\u00ean qu\u00e1 l\u1edbn \u0111\u1ec3 th\u1ea5t b\u1ea1i?<\/strong><\/span><\/h2>\n

Ban \u0111\u1ea7u, qu\u1ed1c gia n\u00e0y kh\u00f4ng cho ph\u00e9p c\u00e1c ng\u00e2n h\u00e0ng c\u1ea1nh tranh v\u1edbi nhau. M\u1ed9t s\u1ed1 ti\u1ec3u bang \u1ee7ng h\u1ed9 cho m\u1ed9t ng\u00e2n h\u00e0ng \u1edf m\u1ed7i ti\u1ec3u bang. Trong khi m\u1ed9t s\u1ed1 ti\u1ec3u bang quy \u0111\u1ecbnh ch\u1ec9 c\u00f3 m\u1ed9t chi nh\u00e1nh ng\u00e2n h\u00e0ng \u1edf m\u1ed7i ti\u1ec3u bang. Nh\u1eefng lu\u1eadt n\u00e0y l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c v\u1eadn \u0111\u1ed9ng h\u00e0nh lang c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u0111i\u1ec1u h\u00e0nh \u0111\u1ec3 tr\u00e1nh c\u1ea1nh tranh.<\/p>\n

Nh\u1edd \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng tr\u1edf th\u00e0nh \u0111\u1ea1i di\u1ec7n c\u1ee7a n\u1ec1n kinh t\u1ebf \u0111\u1ecba ph\u01b0\u01a1ng. V\u00e0 khi n\u1ec1n kinh t\u1ebf \u0111\u1ecba ph\u01b0\u01a1ng th\u1ea5t b\u1ea1i, vi\u1ec7c thi\u1ebft l\u1eadp t\u00e0i ch\u00ednh c\u1ee7a bang \u0111\u00f3 s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng th\u1ea3m h\u1ea1i.<\/p>\n

\u0110\u00f3 l\u00e0 khi ch\u00ednh ph\u1ee7 li\u00ean bang can thi\u1ec7p v\u00e0 cho ph\u00e9p ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng gi\u1eefa c\u00e1c ti\u1ec3u bang. Cu\u1ed1i c\u00f9ng, n\u00f3 d\u1eabn \u0111\u1ebfn vi\u1ec7c m\u1ed9t ng\u00e2n h\u00e0ng mua ng\u00e2n h\u00e0ng kia v\u00e0 ho\u1ea1t \u0111\u1ed9ng \u1edf nhi\u1ec1u bang. H\u1ecd c\u0169ng b\u1eaft \u0111\u1ea7u c\u1ea1nh tranh v\u1edbi nhau \u0111\u1ec3 t\u1ea1o ra nh\u1eefng s\u1ea3n ph\u1ea9m t\u1ed1t h\u01a1n cho ng\u01b0\u1eddi ti\u00eau d\u00f9ng.<\/p>\n

T\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn s\u1ef1 t\u1eadp trung c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng, v\u1edbi nh\u1eefng ng\u00e2n h\u00e0ng l\u1edbn nh\u1ea5t tr\u1edf n\u00ean qu\u00e1 l\u1edbn khi\u1ebfn c\u00e1c ng\u00e2n h\u00e0ng th\u1ea5t b\u1ea1i. Ng\u00e0y nay, c\u00f3 kho\u1ea3ng 5.000 ng\u00e2n h\u00e0ng \u1edf M\u1ef9.<\/p>\n

V\u1eady b\u1ea1n \u0111\u00e3 bi\u1ebft ngu\u1ed3n g\u1ed1c c\u1ee7a too big to fail <\/strong>l\u00e0 g\u00ec r\u1ed3i ph\u1ea3i kh\u00f4ng?<\/p>\n

L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ng\u0103n ch\u1eb7n c\u00e1c ng\u00e2n h\u00e0ng tr\u1edf n\u00ean too big to fail?<\/strong><\/span><\/h2>\n

M\u1ed9t s\u1ed1 n\u1ed7 l\u1ef1c \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong qu\u00e1 kh\u1ee9 \u0111\u1ec3 ng\u0103n ch\u1eb7n c\u00e1c ng\u00e2n h\u00e0ng quan tr\u1ecdng trong h\u1ec7 th\u1ed1ng tr\u1edf th\u00e0nh too big to fail, ch\u1eb3ng h\u1ea1n nh\u01b0 th\u00e0nh l\u1eadp H\u1ed9i \u0111\u1ed3ng Gi\u00e1m s\u00e1t \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 gi\u1edbi thi\u1ec7u Quy t\u1eafc Volcker. Ngo\u00e0i ho\u1ea1t \u0111\u1ed9ng v\u00e0 qu\u1ea3n l\u00fd kh\u1ee7ng ho\u1ea3ng, c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 tr\u00e1nh tr\u1edf th\u00e0nh too big to fail theo nh\u1eefng c\u00e1ch sau:<\/p>\n

\u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N\u00e2ng cao gi\u00e1 tr\u1ecb v\u1ed1n c\u1ed5 ph\u1ea7n \u0111\u1ec3 v\u01b0\u1ee3t qua c\u00e1c ti\u00eau chu\u1ea9n qu\u1ed1c t\u1ebf, th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Swiss Finish. N\u00f3 h\u1ed7 tr\u1ee3 trong vi\u1ec7c ng\u0103n ch\u1eb7n nh\u1eefng t\u1ed5n th\u1ea5t l\u1edbn.<\/p>\n

\u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 S\u1eed d\u1ee5ng tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i ng\u1eabu nhi\u00ean \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu trong m\u1ed9t s\u1ed1 \u0111i\u1ec1u ki\u1ec7n nh\u1ea5t \u0111\u1ecbnh. Nh\u1eefng th\u1ee9 n\u00e0y \u0111\u00f3ng vai tr\u00f2 l\u00e0 ngu\u1ed3n d\u1ef1 tr\u1eef l\u1edbn cho c\u00e1c ng\u00e2n h\u00e0ng khi h\u1ecd g\u1eb7p kh\u00f3 kh\u0103n v\u1ec1 t\u00e0i ch\u00ednh.<\/p>\n

\u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u1ee6y ban \u1ed4n \u0111\u1ecbnh T\u00e0i ch\u00ednh (FSB) \u0111\u00e3 \u0111\u01b0a ra c\u00e1c c\u1ea3i c\u00e1ch h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u, theo \u0111\u00f3 c\u00e1c ng\u00e2n h\u00e0ng qu\u1ed1c t\u1ebf l\u1edbn n\u00ean xem x\u00e9t ph\u00e1t h\u00e0nh c\u00e1c kho\u1ea3n n\u1ee3 \u0111\u1eb7c bi\u1ec7t m\u00e0 h\u1ecd c\u00f3 th\u1ec3 gi\u1eef l\u1ea1i trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y th\u00e1ch th\u1ee9c.<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 c\u00e1c ng\u00e2n h\u00e0ng too big to fail<\/p>\n

C\u00e1c v\u00ed d\u1ee5 ph\u1ed5 bi\u1ebfn h\u01a1n v\u1ec1 c\u00e1c ng\u00e2n h\u00e0ng TBTF bao g\u1ed3m:<\/p>\n

\u2013 Ng\u00e2n h\u00e0ng Bank of America Corporation<\/p>\n

\u2013 JPMorgan Chase & Co.<\/p>\n

\u2013 Ng\u00e2n h\u00e0ng New York Mellon Corporation<\/p>\n

\u2013 T\u1eadp \u0111o\u00e0n Goldman Sachs, Inc.<\/p>\n

\u2013 Barclays PLC<\/p>\n

Tr\u01b0\u1eddng h\u1ee3p too big to fail g\u1ea7n \u0111\u00e2y nh\u1ea5t l\u00e0 g\u00ec?<\/strong><\/span><\/h2>\n

Ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 Lehman Brothers l\u00e0 tr\u01b0\u1eddng h\u1ee3p m\u1edbi nh\u1ea5t c\u1ee7a too big to fail. Ng\u00e2n h\u00e0ng x\u1ea3y ra cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u0103m 2007-2008, l\u00e0m t\u0103ng nguy c\u01a1 s\u1ee5p \u0111\u1ed5 v\u00e0 gi\u1ea3i th\u1ec3. V\u00e0 khi B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Hoa K\u1ef3 kh\u00f4ng ch\u1ea5p thu\u1eadn c\u1ee9u tr\u1ee3, ng\u00e2n h\u00e0ng \u0111\u00e3 n\u1ed9p \u0111\u01a1n xin ph\u00e1 s\u1ea3n v\u00e0o th\u00e1ng 9 n\u0103m 2008.<\/p>\n

Tr\u00ean \u0111\u00e2y l\u00e0 m\u1ed9t s\u1ed1 th\u00f4ng tin v\u1ec1 too big to fail l\u00e0 g\u00ec, ngu\u1ed3n g\u1ed1c c\u0169ng nh\u01b0 c\u00e1ch ng\u0103n ch\u1eb7n v\u00e0 c\u00e1c v\u00ed d\u1ee5, hi v\u1ecdng \u0111\u00e3 gi\u1ea3i \u0111\u00e1p \u0111\u01b0\u1ee3c th\u1eafc m\u1eafc c\u1ee7a b\u1ea1n.<\/p>\n

Tr\u00e2m Nguy\u1ec5n<\/strong><\/p>\n

<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Too big to fail l\u00e0 g\u00ec? \u0110\u00e2y l\u00e0 thu\u1eadt ng\u1eef d\u00f9ng \u0111\u1ec3 ch\u1ec9 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 ng\u00e2n h\u00e0ng \u0111\u00e3 m\u1edf r\u1ed9ng sang nhi\u1ec1u n\u1ec1n kinh t\u1ebf. V\u00e0 s\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a nh\u1eefng t\u1ed5 ch\u1ee9c n\u00e0y s\u1ebd \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh qu\u1ed1c gia v\u00e0 to\u00e0n c\u1ea7u. Do \u0111\u00f3, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[429],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/21551"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=21551"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/21551\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=21551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=21551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=21551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}