{"id":26192,"date":"2023-12-07T02:26:53","date_gmt":"2023-12-07T02:26:53","guid":{"rendered":"https:\/\/masterskills.org\/blog\/noi-long-dinh-luong-quantitative-easing-qe-la-gi-ban-chat-va-nhuoc-diem-cua-noi-long-dinh-luong.html"},"modified":"2023-12-22T11:29:20","modified_gmt":"2023-12-22T04:29:20","slug":"noi-long-dinh-luong-quantitative-easing-qe-la-gi-ban-chat-va-nhuoc-diem-cua-noi-long-dinh-luong","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/noi-long-dinh-luong-quantitative-easing-qe-la-gi-ban-chat-va-nhuoc-diem-cua-noi-long-dinh-luong.html","title":{"rendered":"N\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng (Quantitative Easing – QE) l\u00e0 g\u00ec? B\u1ea3n ch\u1ea5t v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: bankofengland.co.uk<\/i><\/p>\n<\/div>\n<\/div>\n

N\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/font><\/h2>\n

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

N\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/b> trong ti\u1ebfng Anh l\u00e0\u00a0Quantitative Easing<\/b>, vi\u1ebft t\u1eaft l\u00e0 QE<\/b>.<\/p>\n

N\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/i> l\u00e0 m\u1ed9t ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c \u0111\u00e1o, trong \u0111\u00f3 m\u1ed9t ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng mua tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c c\u00e1c ch\u1ee9ng kho\u00e1n kh\u00e1c trong th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 t\u0103ng cung ti\u1ec1n v\u00e0 khuy\u1ebfn kh\u00edch cho vay v\u00e0 \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

Khi l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n \u1edf m\u1ee9c ho\u1eb7c g\u1ea7n b\u1eb1ng kh\u00f4ng, c\u00e1c ho\u1ea1t \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng m\u1edf th\u00f4ng th\u01b0\u1eddng nh\u1eb1m t\u00e1c \u0111\u1ed9ng t\u1edbi l\u00e3i su\u1ea5t kh\u00f4ng c\u00f2n hi\u1ec7u qu\u1ea3. Thay v\u00e0o \u0111\u00f3, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 th\u1ec3 nh\u1eafm t\u1edbi vi\u1ec7c mua m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng t\u00e0i s\u1ea3n nh\u1ea5t \u0111\u1ecbnh.\u00a0<\/p>\n

N\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng <\/i>l\u00e0m t\u0103ng cung ti\u1ec1n b\u1eb1ng c\u00e1ch mua t\u00e0i s\u1ea3n b\u1eb1ng l\u01b0\u1ee3ng d\u1ef1 tr\u1eef ng\u00e2n h\u00e0ng m\u1edbi \u0111\u01b0\u1ee3c t\u1ea1o ra \u0111\u1ec3 cung c\u1ea5p th\u00eam thanh kho\u1ea3n cho c\u00e1c ng\u00e2n h\u00e0ng.<\/p>\n

B\u1ea3n ch\u1ea5t c\u1ee7a n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/b><\/p>\n

\u0110\u1ec3 ti\u1ebfn h\u00e0nh n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/i>, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u0103ng cung ti\u1ec1n b\u1eb1ng c\u00e1ch mua tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n kh\u00e1c. Vi\u1ec7c t\u0103ng cung ti\u1ec1n c\u0169ng c\u00f3 t\u00e1c \u0111\u1ed9ng\u00a0 t\u01b0\u01a1ng t\u1ef1 nh\u01b0 t\u0103ng cung c\u1ee7a b\u1ea5t k\u00ec t\u00e0i s\u1ea3n n\u00e0o kh\u00e1c – n\u00f3 l\u00e0m gi\u1ea3m chi ph\u00ed c\u1ee7a ti\u1ec1n.\u00a0<\/p>\n

Chi ph\u00ed ti\u1ec1n th\u1ea5p h\u01a1n \u0111\u1ed3ng ngh\u0129a v\u1edbi l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n v\u00e0 c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 cho vay v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n th\u1ea5p h\u01a1n. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi l\u00e3i su\u1ea5t g\u1ea7n b\u1eb1ng 0, khi \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 \u00edt c\u00f4ng c\u1ee5 \u0111\u1ec3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf.<\/p>\n

N\u1ebfu vi\u1ec7c n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/i> m\u1ea5t \u0111i t\u00ednh hi\u1ec7u qu\u1ea3, ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a \u0111\u1ec3 ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng cung ti\u1ec1n. Tr\u00ean th\u1ef1c t\u1ebf, n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/i> th\u1eadm ch\u00ed c\u00f3 th\u1ec3 l\u00e0m m\u1edd ranh gi\u1edbi gi\u1eefa ch\u00ednh s\u00e1ch t\u00e0i ch\u00ednh v\u00e0 ti\u1ec1n t\u1ec7, n\u1ebfu t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c mua bao g\u1ed3m tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 d\u00e0i h\u1ea1n \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh \u0111\u1ec3 t\u00e0i tr\u1ee3 cho chi ti\u00eau th\u00e2m h\u1ee5t ng\u01b0\u1ee3c chu k\u00ec.<\/p>\n

Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/font><\/h2>\n

N\u1ebfu c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u0103ng cung ti\u1ec1n th\u00ec c\u00f3 th\u1ec3 g\u00e2y ra l\u1ea1m ph\u00e1t. Trong tr\u01b0\u1eddng h\u1ee3p x\u1ea5u nh\u1ea5t, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1eed d\u1ee5ng n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/i> c\u00f3 th\u1ec3 g\u00e2y ra l\u1ea1m ph\u00e1t m\u00e0 kh\u00f4ng t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf, d\u1eabn t\u1edbi m\u1ed9t giai \u0111o\u1ea1n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 l\u1ea1m ph\u00e1t \u0111\u00ecnh \u0111\u1ed1n.<\/p>\n

M\u1eb7c d\u00f9 h\u1ea7u h\u1ebft c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi ch\u00ednh ph\u1ee7 c\u1ee7a \u0111\u1ea5t n\u01b0\u1edbc h\u1ecd v\u00e0 th\u1ef1c hi\u1ec7n m\u1ed9t s\u1ed1 vai tr\u00f2 gi\u00e1m s\u00e1t theo qui \u0111\u1ecbnh,ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng kh\u00f4ng th\u1ec3 bu\u1ed9c c\u00e1c ng\u00e2n h\u00e0ng t\u0103ng c\u01b0\u1eddng cho vay ho\u1eb7c bu\u1ed9c ng\u01b0\u1eddi d\u00e2n ph\u1ea3i \u0111i vay v\u00e0 \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

N\u1ebfu ngu\u1ed3n cung ti\u1ec1n t\u0103ng kh\u00f4ng ch\u1ea3y qua ng\u00e2n h\u00e0ng v\u00e0o n\u1ec1n kinh t\u1ebf, n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng <\/i>c\u00f3 th\u1ec3 kh\u00f4ng m\u1ea1ng l\u1ea1i hi\u1ec7u qu\u1ea3 ngo\u1ea1i tr\u1eeb vi\u1ec7c d\u1eabn t\u1edbi chi ti\u00eau th\u00e2m h\u1ee5t c\u1ee7a ch\u00ednh ph\u1ee7.<\/p>\n

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M\u1ed9t h\u1eadu qu\u1ea3 ti\u00eau c\u1ef1c kh\u00e1c l\u00e0 n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng<\/i> c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb \u0111\u1ed3ng n\u1ed9i t\u1ec7. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 gi\u00fap k\u00edch th\u00edch t\u0103ng tr\u01b0\u1edfng v\u00ec h\u00e0ng h\u00f3a xu\u1ea5t kh\u1ea9u s\u1ebd r\u1ebb h\u01a1n tr\u00ean th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u. Tuy nhi\u00ean, gi\u00e1 tr\u1ecb n\u1ed9i t\u1ec7 gi\u1ea3m l\u00e0m cho h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5 nh\u1eadp kh\u1ea9u \u0111\u1eaft h\u01a1n, c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed s\u1ea3n xu\u1ea5t v\u00e0 m\u1ee9c gi\u00e1 ti\u00eau d\u00f9ng.<\/p>\n

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

\n N\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng (ti\u1ebfng Anh: Quantitative Easing, vi\u1ebft t\u1eaft: QE) \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh b\u1eb1ng c\u00e1ch ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng mua m\u1ed9t l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng, l\u00e0m t\u0103ng cung ti\u1ec1n v\u00e0 cung c\u1ea5p thanh kho\u1ea3n cho c\u00e1c ng\u00e2n h\u00e0ng.\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\/26192"}],"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=26192"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26192\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}