{"id":24422,"date":"2023-12-06T12:13:15","date_gmt":"2023-12-06T12:13:15","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-tien-te-monetary-theory-la-gi-dac-diem-can-luu-y.html"},"modified":"2023-12-22T09:45:02","modified_gmt":"2023-12-22T02:45:02","slug":"li-thuyet-tien-te-monetary-theory-la-gi-dac-diem-can-luu-y","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-tien-te-monetary-theory-la-gi-dac-diem-can-luu-y.html","title":{"rendered":"L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 (Monetary Theory) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m c\u1ea7n l\u01b0u \u00fd"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Underground.net<\/p>\n<\/figcaption><\/figure>\n

L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Monetary Theory <\/b>hay Monetarist Theory.<\/b><\/p>\n

L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/b> l\u00e0 l\u00ed thuy\u1ebft d\u1ef1a tr\u00ean \u00fd t\u01b0\u1edfng r\u1eb1ng s\u1ef1 thay \u0111\u1ed5i trong cung ti\u1ec1n l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf.<\/p>\n

L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 l\u1eadp lu\u1eadn r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf b\u1eb1ng c\u00e1c s\u1eed d\u1ee5ng c\u00e1c \u0111\u00f2n b\u1ea9y c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n

Hay n\u00f3i c\u00e1ch kh\u00e1c, b\u1eb1ng c\u00e1ch s\u1eeda \u0111\u1ed5i l\u01b0\u1ee3ng ti\u1ec1n t\u1ec7 v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 thanh kho\u1ea3n kh\u00e1c l\u01b0u th\u00f4ng trong n\u1ec1n kinh t\u1ebf c\u1ee7a m\u1ed9t qu\u1ed1c gia, ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf.<\/i><\/p>\n

Theo l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7, n\u1ebfu cung ti\u1ec1n c\u1ee7a m\u1ed9t qu\u1ed1c gia t\u0103ng, ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf c\u0169ng s\u1ebd t\u0103ng v\u00e0 ng\u01b0\u1ee3c l\u1ea1i. <\/p>\n

C\u00f4ng th\u1ee9c L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/font><\/h3>\n

C\u00f4ng th\u1ee9c chi ph\u1ed1i l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/b> l\u00e0:<\/p>\n

M * V = P * Q <\/b><\/p>\n

Trong \u0111\u00f3:<\/p>\n

– M \u0111\u1ea1i di\u1ec7n cho cung ti\u1ec1n.<\/p>\n

– V l\u00e0 v\u1eadn t\u1ed1c c\u1ee7a ti\u1ec1n (s\u1ed1 l\u1ea7n m\u1ed9t \u0111\u1ed3ng ti\u1ec1n \u0111\u01b0\u1ee3c chi ti\u00eau trung b\u00ecnh m\u1ed7i n\u0103m).<\/p>\n

– P l\u00e0 gi\u00e1 c\u1ee7a h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5.<\/p>\n

– Q l\u00e0 s\u1ed1 l\u01b0\u1ee3ng h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5. <\/p>\n

Gi\u1ea3 s\u1eed V l\u00e0 h\u1eb1ng s\u1ed1 th\u00ec khi M t\u0103ng, P ho\u1eb7c Q t\u0103ng ho\u1eb7c c\u1ea3 P v\u00e0 Q \u0111\u1ec1u t\u0103ng.<\/p>\n

M\u1ee9c gi\u00e1 chung c\u00f3 xu h\u01b0\u1edbng t\u0103ng nhi\u1ec1u h\u01a1n so v\u1edbi s\u1ea3n xu\u1ea5t h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5 khi n\u1ec1n kinh t\u1ebf g\u1ea7n v\u1edbi to\u00e0n d\u1ee5ng lao \u0111\u1ed9ng. <\/p>\n

Theo l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7, khi c\u00f3 s\u1ef1 tr\u00ec tr\u1ec7 trong n\u1ec1n kinh t\u1ebf, Q s\u1ebd t\u0103ng v\u1edbi t\u1ed1c \u0111\u1ed9 nhanh h\u01a1n P.<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/font><\/h3>\n

\u1ede nhi\u1ec1u n\u1ec1n kinh t\u1ebf \u0111ang ph\u00e1t tri\u1ec3n, l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t b\u1edfi ch\u00ednh ph\u1ee7 trung \u01b0\u01a1ng, c\u01a1 quan n\u00e0y c\u0169ng th\u1ef1c hi\u1ec7n h\u1ea7u h\u1ebft c\u00e1c quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. <\/p>\n

T\u1ea1i M\u1ef9,\u00a0<\/i>C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang\u00a0(Fed) l\u00e0 c\u01a1 quan \u0111\u1eb7t ra ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u00e0 kh\u00f4ng b\u1ecb ch\u00ednh ph\u1ee7 can thi\u1ec7p.<\/i><\/p>\n

Fed ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 t\u1eadp trung v\u00e0o vi\u1ec7c duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 (hay duy tr\u00ec l\u1ea1m ph\u00e1t th\u1ea5p), th\u00fac \u0111\u1ea9y\u00a0to\u00e0n d\u1ee5ng lao \u0111\u1ed9ng\u00a0v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u1ed5ng s\u1ea3n ph\u1ea9m qu\u1ed1c n\u1ed9i (GDP) \u1ed5n \u0111\u1ecbnh. <\/p>\n

N\u1ec1n t\u1ea3ng c\u1ee7a Fed l\u00e0 th\u1ecb tr\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t nh\u1ea5t khi n\u1ec1n kinh t\u1ebf di\u1ec5n ra thu\u1eadn l\u1ee3i, c\u00f3 gi\u00e1 c\u1ea3 \u1ed5n \u0111\u1ecbnh v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u1ed1n \u0111\u1ea7y \u0111\u1ee7 cho c\u00e1c doanh nghi\u1ec7p v\u00e0 c\u00e1 nh\u00e2n.<\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p ti\u1ec1n t\u1ec7<\/font><\/h3>\n

Ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng ki\u1ec3m so\u00e1t ngu\u1ed3n cung ti\u1ec1n c\u1ee7a m\u1ed9t qu\u1ed1c gia, th\u01b0\u1eddng th\u00f4ng qua ba \u0111\u00f2n b\u1ea9y ch\u00ednh:<\/p>\n

– T\u1ec9 l\u1ec7 d\u1ef1 tr\u1eef: l\u00e0 t\u1ec9 l\u1ec7 s\u1ed1 ti\u1ec1n d\u1ef1 tr\u1eef m\u00e0 ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng y\u00eau c\u1ea7u gi\u1eef tr\u00ean s\u1ed1 ti\u1ec1n g\u1eedi t\u1ea1i ng\u00e2n h\u00e0ng \u0111\u00f3. <\/p>\n

Gi\u1ea3m t\u1ec9 l\u1ec7 d\u1ef1 tr\u1eef cho ph\u00e9p c\u00e1c ng\u00e2n h\u00e0ng cho vay nhi\u1ec1u h\u01a1n, do \u0111\u00f3 l\u00e0m t\u0103ng cung ti\u1ec1n.<\/i><\/p>\n

– T\u1ec9 l\u1ec7 chi\u1ebft kh\u1ea5u: l\u00e0 l\u00e3i su\u1ea5t m\u00e0 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u00ednh cho c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ea7n vay th\u00eam d\u1ef1 tr\u1eef. <\/p>\n

Gi\u1ea3m l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u s\u1ebd khuy\u1ebfn kh\u00edch c\u00e1c ng\u00e2n h\u00e0ng vay th\u00eam t\u1eeb ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 cho vay nhi\u1ec1u h\u01a1n, l\u00e0m t\u0103ng s\u1ed1 v\u1ed1n trong n\u1ec1n kinh t\u1ebf.<\/i><\/p>\n

– Ho\u1ea1t \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng m\u1edf (OMO): l\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng mua v\u00e0 b\u00e1n ch\u1ee9ng kho\u00e1n ch\u00ednh ph\u1ee7.\u00a0<\/p>\n

Vi\u1ec7c mua ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn l\u00e0m t\u0103ng cung ti\u1ec1n trong khi b\u00e1n ch\u1ee9ng kho\u00e1n l\u00e0m gi\u1ea3m cung ti\u1ec1n trong n\u1ec1n kinh t\u1ebf.<\/i><\/p>\n

L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 v\u00e0 L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 hi\u1ec7n \u0111\u1ea1i (MMT)<\/font><\/h3>\n

C\u00e1c nguy\u00ean l\u00ed c\u1ed1t l\u00f5i c\u1ee7a l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 <\/b>c\u0169ng \u0111\u01b0\u1ee3c th\u1ea5y trong l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 hi\u1ec7n \u0111\u1ea1i (MMT)<\/i> nh\u01b0 s\u1ef1 t\u1ea1o ra ti\u1ec1n v\u00e0 ti\u1ec1n t\u1ec7 l\u00e0 c\u00f4ng c\u1ee5 kinh t\u1ebf h\u1eefu \u00edch.<\/p>\n

S\u1ef1 kh\u00e1c nhau gi\u1eefa hai l\u00ed thuy\u1ebft tr\u00ean l\u00e0 l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 hi\u1ec7n \u0111\u1ea1i cho r\u1eb1ng can thi\u1ec7p c\u1ee7a ch\u00ednh ph\u1ee7 d\u1eabn \u0111\u1ebfn m\u1ea5t gi\u00e1 ti\u1ec1n t\u1ec7, l\u1ea1m ph\u00e1t v\u00e0 h\u1ed7n lo\u1ea1n kinh t\u1ebf.<\/i><\/p>\n

L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 hi\u1ec7n \u0111\u1ea1i (MMT) cho r\u1eb1ng c\u00e1c ch\u00ednh ph\u1ee7 kh\u00f4ng n\u00ean th\u1eaft ch\u1eb7t chi ti\u00eau c\u1ee7a h\u1ecd \u0111\u1ec3 gi\u1ea3i quy\u1ebft s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 trong n\u1ec1n kinh t\u1ebf. Thay v\u00e0o \u0111\u00f3, MMT khuy\u1ebfn kh\u00edch c\u00e1c ch\u00ednh ph\u1ee7 chi ti\u00eau t\u1ef1 do, t\u0103ng th\u00e2m h\u1ee5t \u0111\u1ec3 kh\u1eafc ph\u1ee5c c\u00e1c v\u1ea5n \u0111\u1ec1 kinh t\u1ebf.<\/p>\n

N\u1ec1n t\u1ea3ng c\u1ee7a MMT l\u00e0 c\u00e1c qu\u1ed1c gia l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 c\u1ee7a ri\u00eang h\u1ecd, cho n\u00ean h\u1ecd c\u00f3 quy\u1ec1n t\u1ef1 ch\u1ee7 ho\u00e0n to\u00e0n trong vi\u1ec7c t\u0103ng cung ti\u1ec1n ho\u1eb7c gi\u1ea3m cung ti\u1ec1n th\u00f4ng qua thu\u1ebf. <\/i><\/p>\n

Do kh\u00f4ng c\u00f3 gi\u1edbi h\u1ea1n v\u1ec1 s\u1ed1 ti\u1ec1n c\u00f3 th\u1ec3 in, l\u00ed thuy\u1ebft MMT cho r\u1eb1ng c\u00e1c qu\u1ed1c gia kh\u00f4ng th\u1ec3 v\u1ee1 n\u1ee3.<\/p>\n

C\u00e1c ch\u1ec9 tr\u00edch v\u1ec1 L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/font><\/h3>\n

Kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 kinh t\u1ebf \u0111\u1ec1u \u0111\u1ed3ng \u00fd r\u1eb1ng vi\u1ec7c t\u0103ng s\u1ed1 ti\u1ec1n trong l\u01b0u th\u00f4ng l\u00e0 gi\u1ea3i ph\u00e1p \u0111\u00fang \u0111\u1eafn.<\/p>\n

M\u1ed9t s\u1ed1 nh\u00e0 kinh t\u1ebf c\u1ea3nh b\u00e1o r\u1eb1ng h\u00e0nh vi \u0111\u00f3 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn vi\u1ec7c thi\u1ebfu k\u1ec9 lu\u1eadt trong n\u1ec1n kinh t\u1ebf v\u00e0 n\u1ebfu kh\u00f4ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00ed \u0111\u00fang c\u00e1ch, s\u1ebd d\u1eabn \u0111\u1ebfn l\u1ea1m ph\u00e1t t\u0103ng \u0111\u1ed9t bi\u1ebfn, l\u00e0m x\u00f3i m\u00f2n gi\u00e1 tr\u1ecb c\u1ee7a ti\u1ebft ki\u1ec7m, cu\u1ed1i c\u00f9ng g\u00e2y ra s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn khi\u1ebfn c\u00e1c c\u00f4ng ty e ng\u1ea1i \u0111\u1ea7u t\u01b0 v\u00e0 nhi\u1ec1u h\u1eadu qu\u1ea3 kh\u00e1c.<\/i><\/p>\n

Quan \u0111i\u1ec3m c\u1ee7a l\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7<\/b> cho r\u1eb1ng thu\u1ebf c\u00f3 th\u1ec3 kh\u1eafc ph\u1ee5c nh\u1eefng v\u1ea5n \u0111\u1ec1 n\u00e0y c\u0169ng b\u1ecb ch\u1ec9 tr\u00edch. <\/p>\n

Vi\u1ec7c l\u1ea5y th\u00eam ti\u1ec1n thu\u1ebf t\u1eeb ti\u1ec1n l\u01b0\u01a1ng l\u00e0 m\u1ed9t ch\u00ednh s\u00e1ch kh\u00f4ng ph\u00f9 h\u1ee3p, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi gi\u00e1 c\u1ea3 t\u0103ng l\u00ean. C\u00e1c nh\u00e0 kinh t\u1ebf c\u0169ng ch\u1ec9 ra r\u1eb1ng thu\u1ebf cao h\u01a1n s\u1ebd k\u1ebft th\u00fac t\u00ecnh tr\u1ea1ng th\u1ea5t nghi\u1ec7p gia t\u0103ng h\u01a1n, d\u1eabn \u0111\u1ebfn n\u1ec1n kinh t\u1ebf c\u00e0ng k\u00e9m hi\u1ec7u qu\u1ea3.<\/i><\/p>\n

Nh\u1eadt B\u1ea3n l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh cho c\u00e1c quan \u0111i\u1ec3m tr\u00ean, qu\u1ed1c gia n\u00e0y \u0111\u00e3 b\u1ecb th\u00e2m h\u1ee5t t\u00e0i kh\u00f3a trong nhi\u1ec1u th\u1eadp k\u1ec9 d\u1eabn \u0111\u1ebfn nhi\u1ec1u h\u1eadu qu\u1ea3 kh\u00e1c nhau trong \u0111\u00f3 c\u00f3 t\u0103ng tr\u01b0\u1edfng GDP b\u1ecb tr\u00ec tr\u1ec7. <\/p>\n

C\u00e1c nh\u00e0 kinh t\u1ebf cho r\u1eb1ng chi ti\u00eau th\u00e2m h\u1ee5t li\u00ean t\u1ee5c \u0111\u00e3 khi\u1ebfn nhi\u1ec1u ng\u01b0\u1eddi d\u00e2n m\u1ea5t vi\u1ec7c v\u00e0 m\u1ea5t \u0111\u1ed9ng l\u1ef1c l\u00e0m vi\u1ec7c \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng GDP. <\/i><\/p>\n

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

\n L\u00ed thuy\u1ebft ti\u1ec1n t\u1ec7 (ti\u1ebfng Anh: Monetary Theory) l\u00e0 l\u00ed thuy\u1ebft d\u1ef1a tr\u00ean \u00fd t\u01b0\u1edfng r\u1eb1ng s\u1ef1 thay \u0111\u1ed5i trong cung ti\u1ec1n l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf.\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\/24422"}],"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=24422"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/24422\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=24422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=24422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=24422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}