{"id":24356,"date":"2023-12-06T12:09:02","date_gmt":"2023-12-06T12:09:02","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chinh-sach-lai-suat-bang-khong-zero-interest-rate-policy-zirp-la-gi.html"},"modified":"2023-12-22T09:38:00","modified_gmt":"2023-12-22T02:38:00","slug":"chinh-sach-lai-suat-bang-khong-zero-interest-rate-policy-zirp-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chinh-sach-lai-suat-bang-khong-zero-interest-rate-policy-zirp-la-gi.html","title":{"rendered":"Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng (Zero Interest-Rate Policy – ZIRP) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda<\/i><\/p>\n<\/figcaption><\/figure>\n

Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/font><\/h2>\n

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

Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/b> trong ti\u1ebfng Anh l\u00e0 Zero Interest-Rate Policy<\/b>, vi\u1ebft t\u1eaft l\u00e0 ZIRP<\/b>.<\/p>\n

Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng <\/i>l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p k\u00edch th\u00edch t\u0103ng tr\u01b0\u1edfng \u0111\u1ed3ng th\u1eddi gi\u1eef l\u00e3i su\u1ea5t \u1edf m\u1ee9c g\u1ea7n b\u1eb1ng kh\u00f4ng.\u00a0<\/p>\n

Theo ch\u00ednh s\u00e1ch n\u00e0y, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1ebd kh\u00f4ng c\u00f2n c\u00f3 th\u1ec3 gi\u1ea3m l\u00e3i su\u1ea5t, khi\u1ebfn cho nh\u1eefng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u00f4ng th\u01b0\u1eddng b\u1ecb v\u00f4 hi\u1ec7u h\u00f3a. Do \u0111\u00f3, c\u00e1c ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c \u0111\u00e1o nh\u01b0\u00a0n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng\u00a0s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u0103ng c\u01a1 s\u1edf ti\u1ec1n.\u00a0<\/p>\n

Ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n \u0111\u00e3 th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/i> t\u1eeb nh\u1eefng n\u0103m 1990 \u0111\u1ec3 ch\u1ed1ng l\u1ea1i\u00a0gi\u1ea3m ph\u00e1t\u00a0v\u00e0 th\u00fac \u0111\u1ea9y\u00a0ph\u1ee5c h\u1ed3i kinh t\u1ebf. M\u1ed9t ch\u00ednh s\u00e1ch t\u01b0\u01a1ng t\u1ef1 c\u0169ng \u0111\u00e3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1ea1i Anh, M\u1ef9 v\u00e0 c\u00e1c n\u01b0\u1edbc EU.<\/p>\n

Tuy nhi\u00ean, nh\u01b0 \u0111\u00e3 th\u1ea5y \u1edf\u00a0Eurozone, vi\u1ec7c m\u1edf r\u1ed9ng ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng\u00a0<\/i>qu\u00e1 m\u1ee9c c\u0169ng c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn l\u00e3i su\u1ea5t \u00e2m. Do \u0111\u00f3, nhi\u1ec1u nh\u00e0 kinh t\u1ebf h\u1ecdc \u0111\u00e3 th\u00e1ch th\u1ee9c ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng 0, ch\u1ec9 ra nh\u1eefng c\u1ea1m b\u1eaby c\u1ee7a n\u00f3, v\u00ed d\u1ee5 nh\u01b0\u00a0b\u1eaby thanh kho\u1ea3n.<\/p>\n

R\u1ee7i ro c\u1ee7a ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/font><\/h3>\n

B\u1ea5t ch\u1ea5p s\u1ef1 ti\u1ebfn b\u1ed9 c\u1ee7a M\u1ef9, c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc cho r\u1eb1ng Nh\u1eadt B\u1ea3n v\u00e0 c\u00e1c qu\u1ed1c gia EU l\u00e0 v\u00ed d\u1ee5 v\u1ec1 nh\u1eefng th\u1ea5t b\u1ea1i c\u1ee7a ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/i>. L\u00e3i su\u1ea5t th\u1ea5p \u0111\u01b0\u1ee3c qui l\u00e0 nguy\u00ean nh\u00e2n d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a b\u1eaby thanh kho\u1ea3n.\u00a0<\/p>\n

Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/i> ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c c\u00e1c n\u01b0\u1edbc th\u1ef1c hi\u1ec7n sau khi suy tho\u00e1i kinh t\u1ebf di\u1ec5n ra, khi \u0111\u00f3 gi\u1ea3m ph\u00e1t, th\u1ea5t nghi\u1ec7p v\u00e0 t\u0103ng tr\u01b0\u1edfng ch\u1eadm tr\u1edf th\u00e0nh t\u00ecnh h\u00ecnh n\u1ed5i tr\u1ed9i trong n\u1ec1n kinh t\u1ebf.\u00a0<\/p>\n

Ngo\u00e0i ra, b\u1ea5t ch\u1ea5p ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/i> v\u00e0 ch\u00ednh s\u00e1ch m\u1edf r\u1ed9ng ti\u1ec1n t\u1ec7, vi\u1ec7c cho vay c\u00f3 th\u1ec3 v\u1eabn s\u1ebd \u0111\u00ecnh tr\u1ec7 khi c\u00e1c c\u00f4ng ty d\u00f9ng thu nh\u1eadp ki\u1ebfm \u0111\u01b0\u1ee3c \u0111\u1ec3 tr\u1ea3 n\u1ee3, thay v\u00ec t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty.<\/p>\n

Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng <\/i>c\u0169ng c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn b\u1ea5t \u1ed5n t\u00e0i ch\u00ednh tr\u00ean th\u1ecb tr\u01b0\u1eddng trong th\u1eddi k\u00ec kinh t\u1ebf \u1ed5n \u0111\u1ecbnh. Khi l\u00e3i su\u1ea5t th\u1ea5p, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng c\u1ee5 t\u1ea1o ra l\u1ee3i su\u1ea5t cao h\u01a1n, nh\u01b0ng ch\u00fang c\u0169ng th\u01b0\u1eddng r\u1ee7i ro h\u01a1n.\u00a0<\/p>\n

L\u00e3i su\u1ea5t c\u00f3 vai tr\u00f2 quan tr\u1ecdng trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, c\u00f3 th\u1ec3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn vi\u1ec7c ti\u1ebft ki\u1ec7m th\u00f3i quen \u0111\u1ea7u t\u01b0 trong ng\u1eafn h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n. Th\u00f4ng th\u01b0\u1eddng, c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c l\u1eadp d\u1ea1ng k\u1ebf ho\u1ea1ch h\u01b0u tr\u00ed v\u00e0 qu\u0129 h\u01b0u tr\u00ed. Khi l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n g\u1ea7n b\u1eb1ng kh\u00f4ng, thu nh\u1eadp c\u1ee7a ng\u01b0\u1eddi v\u1ec1 h\u01b0u v\u00e0 nh\u1eefng ng\u01b0\u1eddi s\u1eafp \u0111\u1ebfn tu\u1ed5i ngh\u1ec9 h\u01b0u s\u1ebd t\u1ec7 h\u01a1n.<\/p>\n

L\u1ee3i \u00edch c\u1ee7a ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/font><\/h4>\n

M\u1eb7c d\u00f9 ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng<\/i> c\u00f3 th\u1ec3 g\u00e2y b\u1ea5t l\u1ee3i, c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch \u1edf nh\u1eefng n\u1ec1n kinh t\u1ebf ti\u00ean ti\u1ebfn v\u1eabn ti\u1ebfp t\u1ee5c s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng thu\u1ed1c \u0111\u1ec3 h\u1ed3i ph\u1ee5c sau suy tho\u00e1i.\u00a0<\/p>\n

L\u1ee3i \u00edch ch\u00ednh c\u1ee7a l\u00e3i su\u1ea5t th\u1ea5p l\u00e0 kh\u1ea3 n\u0103ng k\u00edch th\u00edch ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf. M\u1eb7c d\u00f9 t\u1ea1o ra l\u1ee3i su\u1ea5t th\u1ea5p, l\u00e3i su\u1ea5t g\u1ea7n b\u1eb1ng kh\u00f4ng khi\u1ebfn chi ph\u00ed vay gi\u1ea3m. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y \u0111\u1ea7u t\u01b0 v\u00e0 chi ti\u00eau h\u1ed9 gia \u0111\u00ecnh.\u00a0<\/p>\n

T\u01b0\u01a1ng t\u1ef1, l\u00e3i su\u1ea5t th\u1ea5p c\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng cho vay c\u1ee7a ng\u00e2n h\u00e0ng. C\u00e1c ng\u00e2n h\u00e0ng c\u00f3 \u00edt v\u1ed1n \u0111\u1ec3 cho vay th\u01b0\u1eddng b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1eb7ng n\u1ec1 b\u1edfi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh.\u00a0<\/p>\n

(Tham kh\u1ea3o: Investopedia<\/i>)<\/p>\n

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

\n Ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t b\u1eb1ng kh\u00f4ng (ti\u1ebfng Anh: Zero Interest-Rate Policy, vi\u1ebft t\u1eaft: ZIRP) l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p k\u00edch th\u00edch t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf \u0111\u1ed3ng th\u1eddi gi\u1eef l\u00e3i su\u1ea5t \u1edf m\u1ee9c g\u1ea7n b\u1eb1ng kh\u00f4ng.\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\/24356"}],"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=24356"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/24356\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=24356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=24356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=24356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}