{"id":23753,"date":"2023-12-06T08:52:16","date_gmt":"2023-12-06T08:52:16","guid":{"rendered":"https:\/\/masterskills.org\/blog\/bo-ba-bat-kha-thi-trilemma-la-gi-vi-du-thuc-te.html"},"modified":"2023-12-22T09:04:26","modified_gmt":"2023-12-22T02:04:26","slug":"bo-ba-bat-kha-thi-trilemma-la-gi-vi-du-thuc-te","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/bo-ba-bat-kha-thi-trilemma-la-gi-vi-du-thuc-te.html","title":{"rendered":"B\u1ed9 ba b\u1ea5t kh\u1ea3 thi (Trilemma) l\u00e0 g\u00ec? V\u00ed d\u1ee5 th\u1ef1c t\u1ebf"},"content":{"rendered":"
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B\u1ed9 ba b\u1ea5t kh\u1ea3 thi<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

B\u1ed9 ba b\u1ea5t kh\u1ea3 thi<\/b> trong ti\u1ebfng Anh l\u00e0 Trilemma.<\/b><\/p>\n

B\u1ed9 ba b\u1ea5t kh\u1ea3 thi<\/b> l\u00e0 m\u1ed9t gi\u1ea3 thuy\u1ebft kinh t\u1ebf cho r\u1eb1ng kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u1ed3ng th\u1eddi ba ch\u00ednh s\u00e1ch g\u1ed3m ch\u1ebf \u0111\u1ed9\u00a0t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i\u00a0c\u1ed1 \u0111\u1ecbnh,\u00a0ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7\u00a0\u0111\u1ed9c l\u1eadp \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 v\u00e0 t\u1ef1 do\u00a0l\u01b0u chuy\u1ec3n v\u1ed1n.\u00a0<\/p>\n

M\u1ed9t b\u1ed9 ba gi\u1ea3i ph\u00e1p n\u00f3i v\u1ec1 c\u00e1c qu\u1ed1c gia c\u00f3 ba l\u1ef1a ch\u1ecdn \u0111\u1ec3 ch\u1ecdn khi \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh c\u01a1 b\u1ea3n v\u1ec1 vi\u1ec7c qu\u1ea3n l\u00fd c\u00e1c th\u1ecfa thu\u1eadn ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 qu\u1ed1c t\u1ebf c\u1ee7a m\u00ecnh. Ch\u1ec9 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u1ed3ng th\u1eddi hai trong ba ch\u00ednh s\u00e1ch n\u00e0y m\u00e0 th\u00f4i. Thu\u1eadt ng\u1eef n\u00e0y c\u00f2n d\u00f9ng \u0111\u1ec3 ch\u1ec9 t\u00ecnh th\u1ebf kinh t\u1ebf d\u1ec5 \u0111\u1ed5 v\u1ee1 khi m\u00e0 m\u1ed9t qu\u1ed1c gia c\u1ed1 t\u00ecnh thi h\u00e0nh ba ch\u00ednh s\u00e1ch tr\u00ean c\u00f9ng l\u00fac.<\/p>\n

B\u1ed9 ba b\u1ea5t kh\u1ea3 thi c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 B\u1ed9 ba b\u1ea5t kh\u1ea3 thi Mundell-Fleming. L\u00ed thuy\u1ebft n\u00e0y cho th\u1ea5y s\u1ef1 kh\u00f4ng \u1ed5n \u0111\u1ecbnh c\u1ed1 h\u1eefu trong vi\u1ec7c c\u00e2n \u0111\u1ed1i c\u1ea3 ba ch\u00ednh s\u00e1ch khi thi\u1ebft l\u1eadp v\u00e0 gi\u00e1m s\u00e1t ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n

Gi\u1ea3i th\u00edch B\u1ed9 ba b\u1ea5t kh\u1ea3 thi<\/font><\/h3>\n
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<\/div>
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H\u00ecnh minh h\u1ecda: Investopedia<\/p>\n<\/figcaption><\/figure>\n

Khi \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u01a1 b\u1ea3n v\u1ec1 qu\u1ea3n l\u00ed ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 qu\u1ed1c t\u1ebf, m\u1ed9t b\u1ed9 ba b\u1ea5t kh\u1ea3 thi cho th\u1ea5y r\u1eb1ng c\u00e1c qu\u1ed1c gia c\u00f3 ba l\u1ef1a ch\u1ecdn kh\u1ea3 thi. Theo m\u00f4 h\u00ecnh b\u1ed9 ba c\u1ee7a Mundell-Fleming, c\u00e1c t\u00f9y ch\u1ecdn n\u00e0y bao g\u1ed3m:<\/p>\n

– T\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh<\/p>\n

– T\u1ef1 do\u00a0l\u01b0u chuy\u1ec3n v\u1ed1n<\/p>\n

– Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7\u00a0\u0111\u1ed9c l\u1eadp \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3<\/p>\n

T\u00ednh ri\u00eang bi\u1ec7t l\u00e0m cho kh\u00f4ng th\u1ec3 c\u00f9ng l\u00fac \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u1ea3 3 m\u1ee5c ti\u00eau. N\u1ebfu nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch ch\u1ecdn 2 m\u1ee5c ti\u00eau th\u00ec s\u1ebd ph\u1ea3i t\u1eeb b\u1ecf m\u1ee5c ti\u00eau c\u00f2n l\u1ea1i.<\/p>\n

B\u00ean A<\/b>: M\u1ed9t qu\u1ed1c gia c\u00f3 th\u1ec3 ch\u1ecdn thay \u0111\u1ed5i t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i v\u1edbi m\u1ed9t ho\u1eb7c nhi\u1ec1u qu\u1ed1c gia v\u00e0 n\u00f3 c\u00f3 m\u1ed9t d\u00f2ng v\u1ed1n t\u1ef1 do v\u1edbi c\u00e1c qu\u1ed1c gia kh\u00e1c. N\u1ebfu \u0111i theo k\u1ecbch b\u1ea3n n\u00e0y, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp s\u1ebd kh\u00f4ng th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c v\u00ec khi bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t s\u1ebd t\u1ea1o ra ch\u00eanh l\u1ec7ch t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p>\n

B\u00ean B<\/b>: Qu\u1ed1c gia c\u00f3 th\u1ec3 ch\u1ecdn \u0111\u1ec3 c\u00f3 m\u1ed9t d\u00f2ng v\u1ed1n t\u1ef1 do v\u1edbi c\u00e1c qu\u1ed1c gia kh\u00e1c v\u00e0 c\u00f3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp. Nh\u01b0ng do t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh gi\u1eefa t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia v\u00e0 d\u00f2ng v\u1ed1n t\u1ef1 do l\u00e0 ri\u00eang bi\u1ec7t v\u1edbi nhau. V\u1eady n\u00ean n\u1ebfu mu\u1ed1n t\u1ef1 do l\u01b0u chuy\u1ec3n v\u1ed1n, hi\u1ec3n nhi\u00ean s\u1ebd kh\u00f4ng th\u1ec3 c\u00f3 t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh.<\/p>\n

B\u00ean C<\/b>: N\u1ebfu m\u1ed9t qu\u1ed1c gia ch\u1ecdn t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp th\u00ec qu\u1ed1c gia \u0111\u00f3 s\u1ebd kh\u00f4ng th\u1ec3 c\u00f3 d\u00f2ng v\u1ed1n t\u1ef1 do. Ti\u1ebfp t\u1ee5c trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh v\u00e0 d\u00f2ng v\u1ed1n t\u1ef1 do l\u00e0 ri\u00eang bi\u1ec7t v\u1edbi nhau.<\/p>\n

C\u00e1c c\u00e2n nh\u1eafc c\u1ee7a ch\u00ednh ph\u1ee7<\/font><\/h3>\n

Th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a ch\u00ednh ph\u1ee7 \u0111\u1ebfn t\u1eeb vi\u1ec7c l\u1ef1a ch\u1ecdn m\u1ee5c ti\u00eau n\u00e0o \u0111\u1ec3 theo \u0111u\u1ed5i v\u00e0 qu\u1ea3n l\u00ed ch\u00fang. N\u00f3i chung, h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia \u1ee7ng h\u1ed9 ph\u00eda B c\u1ee7a tam gi\u00e1c v\u00ec h\u1ecd c\u00f3 th\u1ec3 h\u01b0\u1edfng s\u1ef1 t\u1ef1 do c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp v\u00e0 h\u1ed7 tr\u1ee3 ch\u00ednh s\u00e1ch gi\u00fap \u0111\u1ecbnh h\u01b0\u1edbng d\u00f2ng v\u1ed1n.<\/p>\n

Nh\u1eefng \u1ea3nh h\u01b0\u1edfng v\u1ec1 h\u1ecdc thu\u1eadt<\/font><\/h3>\n

L\u00ed thuy\u1ebft v\u1ec1 b\u1ed9 ba b\u1ea5t kh\u1ea3 thi \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 c\u1ee7a hai nh\u00e0 kinh t\u1ebf h\u1ecdc Robert Mundell v\u00e0 Marcus Fleming. H\u1ecd \u0111\u00e3 ch\u1ee9ng minh c\u00e1c m\u1ed1i quan h\u1ec7 gi\u1eefa t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i, d\u00f2ng v\u1ed1n v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 trong nh\u1eefng n\u0103m 1960. Maurice Obstfeld – nh\u00e0 kinh t\u1ebf tr\u01b0\u1edfng t\u1ea1i Qu\u0129 Ti\u1ec1n t\u1ec7 Qu\u1ed1c t\u1ebf (IMF) n\u0103m 2015, \u0111\u00e3 gi\u1edbi thi\u1ec7u m\u00f4 h\u00ecnh n\u00e0y nh\u01b0 l\u00e0 m\u1ed9t “b\u1ed9 ba b\u1ea5t kh\u1ea3 thi” trong m\u1ed9t b\u00e0i b\u00e1o n\u0103m 1997.<\/p>\n

Nh\u00e0 kinh t\u1ebf h\u1ecdc ng\u01b0\u1eddi Ph\u00e1p H\u00e9l\u00e8ne Rey l\u1eadp lu\u1eadn r\u1eb1ng b\u1ed9 ba b\u1ea5t kh\u1ea3 thi kh\u00f4ng h\u1ec1 \u0111\u01a1n gi\u1ea3n nh\u01b0 trong b\u1ed1i c\u1ea3nh tr\u01b0\u1edbc \u0111\u00f3. Trong th\u1eddi hi\u1ec7n \u0111\u1ea1i, Rey tin r\u1eb1ng ph\u1ea7n l\u1edbn c\u00e1c qu\u1ed1c gia ch\u1ec9 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi hai l\u1ef1a ch\u1ecdn v\u00ec c\u00e1c ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ed1 \u0111\u1ecbnh th\u01b0\u1eddng kh\u00f4ng hi\u1ec7u qu\u1ea3. D\u1eabn \u0111\u1ebfn vi\u1ec7c ch\u1ec9 ch\u00fa tr\u1ecdng v\u00e0o m\u1ed1i quan h\u1ec7 gi\u1eefa ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp v\u00e0 d\u00f2ng v\u1ed1n t\u1ef1 do.<\/p>\n

(Theo Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n B\u1ed9 ba b\u1ea5t kh\u1ea3 thi (ti\u1ebfng Anh: Trilemma) l\u00e0 m\u1ed9t gi\u1ea3 thuy\u1ebft kinh t\u1ebf cho r\u1eb1ng kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u1ed3ng th\u1eddi ba ch\u00ednh s\u00e1ch g\u1ed3m ch\u1ebf \u0111\u1ed9 t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 v\u00e0 t\u1ef1 do l\u01b0u chuy\u1ec3n v\u1ed1n.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/23753"}],"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=23753"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/23753\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=23753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=23753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=23753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}