{"id":26280,"date":"2023-12-07T02:30:10","date_gmt":"2023-12-07T02:30:10","guid":{"rendered":"https:\/\/masterskills.org\/blog\/mo-hinh-mundell-fleming-mundell-fleming-model-la-gi.html"},"modified":"2023-12-22T14:42:48","modified_gmt":"2023-12-22T07:42:48","slug":"mo-hinh-mundell-fleming-mundell-fleming-model-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/mo-hinh-mundell-fleming-mundell-fleming-model-la-gi.html","title":{"rendered":"M\u00f4 h\u00ecnh Mundell-Fleming (Mundell-Fleming Model) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: image.slidesharecdn.com<\/i><\/p>\n<\/div>\n<\/div>\n

M\u00f4 h\u00ecnh Mundell-Fleming (Mundell-Fleming Model)<\/font><\/h2>\n

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

M\u00f4 h\u00ecnh Mundell-Fleming<\/b> trong ti\u1ebfng Anh l\u00e0 Mundell-Fleming Model<\/b>.<\/p>\n

M\u00f4 h\u00ecnh Mundell-Fleming<\/b> l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh kinh t\u1ebf v\u0129 m\u00f4 m\u00f4 t\u1ea3 s\u1ef1 \u1ea3nh h\u01b0\u1edfng c\u1ee7a vi\u1ec7c thay \u0111\u1ed5i ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a, ti\u1ec1n t\u1ec7 \u0111\u1ebfn l\u00e3i su\u1ea5t v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf c\u1ee7a m\u1ed9t qu\u1ed1c gia.<\/p>\n

N\u1ed9i dung c\u1ee7a m\u00f4 h\u00ecnh<\/font><\/h3>\n

\u0110\u01b0\u1ee3c ph\u00e1t tri\u1ec3n v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 1960, m\u00f4 h\u00ecnh Mundell-Fleming l\u00e0 ti\u00eau chu\u1ea9n s\u00e1ch gi\u00e1o khoa cho c\u00e1c nghi\u00ean c\u1ee9u v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 v\u00e0 t\u00e0i kh\u00f3a trong n\u1ec1n kinh t\u1ebf m\u1edf. N\u00f3 c\u00f3 \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn vi\u1ec7c c\u00e1c nh\u00e0 kinh t\u1ebf v\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch gi\u1ea3i th\u00edch c\u00e1c s\u1ef1 ki\u1ec7n kinh t\u1ebf v\u00e0 t\u00e0i ch\u00ednh.<\/p>\n

L\u00e0 \u0111i\u1ec3n h\u00ecnh c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh kinh t\u1ebf v\u0129 m\u00f4 trong nh\u1eefng n\u0103m 1960, m\u00f4 h\u00ecnh n\u00e0y ch\u1ec9 t\u1eadp trung v\u00e0o t\u1ed5ng c\u1ea7u. Do \u0111\u00f3, gi\u1ea3 \u0111\u1ecbnh l\u00e0 n\u1ec1n kinh t\u1ebf c\u00f3 \u0111\u1ed9 tr\u1ec5 \u0111\u1ee7 \u0111\u1ec3 cho ph\u00e9p vi\u1ec7c thay \u0111\u1ed5i s\u1ea3n l\u01b0\u1ee3ng m\u00e0 kh\u00f4ng c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh m\u1ed9t c\u00e1ch \u0111\u00e1ng k\u1ec3 m\u1ee9c gi\u00e1 ho\u1eb7c t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t \u0111\u00e1ng k\u1ec3.<\/p>\n

C\u00e1c l\u00ed thuy\u1ebft kinh t\u1ebf v\u0129 m\u00f4 ti\u00eau chu\u1ea9n cho r\u1eb1ng c\u00e1c ch\u00ednh s\u00e1ch m\u1edf r\u1ed9ng t\u00e0i kh\u00f3a v\u00e0 ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng l\u00e0m t\u0103ng t\u1ed5ng c\u1ea7u v\u00e0 s\u1ea3n l\u01b0\u1ee3ng:<\/p>\n

– Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng b\u1eb1ng c\u00e1ch gi\u1ea3m l\u00e3i su\u1ea5t l\u00e0m t\u0103ng \u0111\u1ea7u t\u01b0 v\u00e0 ti\u00eau d\u00f9ng.<\/p>\n

– Ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a m\u1edf r\u1ed9ng b\u1eb1ng c\u00e1ch gi\u1ea3m thu\u1ebf l\u00e0m t\u0103ng chi ti\u00eau, t\u1eeb \u0111\u00f3 l\u00e0m t\u0103ng s\u1ea3n l\u01b0\u1ee3ng trong ng\u1eafn h\u1ea1n v\u00e0 trung h\u1ea1n.<\/p>\n

V\u1ec1 c\u01a1 ch\u1ebf ch\u00ednh \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n trong m\u00f4 h\u00ecnh Mundell- Fleming, ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a m\u1edf r\u1ed9ng th\u01b0\u1eddng g\u00e2y \u00e1p l\u1ef1c l\u00ean l\u00e3i su\u1ea5t v\u00ec th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch l\u1edbn h\u01a1n. D\u1ef1a tr\u00ean m\u00f4 h\u00ecnh t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ee7a v\u00e0 bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t, ng\u01b0\u1eddi ta k\u00ec v\u1ecdng:<\/p>\n

– Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng d\u1eabn \u0111\u1ebfn c\u00e1c lu\u1ed3ng v\u1ed1n r\u00fat ra (capital outflows), g\u00e2y \u00e1p l\u1ef1c v\u1ec1 vi\u1ec7c gi\u1ea3m t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p>\n

– Ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a m\u1edf r\u1ed9ng s\u1ebd d\u1eabn \u0111\u1ebfn d\u00f2ng v\u1ed1n \u0111\u1ed5 v\u00e0o (capital inflows), g\u00e2y \u00e1p l\u1ef1c v\u1ec1 vi\u1ec7c t\u0103ng t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p>\n

X\u00e9t b\u1ed1n tr\u01b0\u1eddng h\u1ee3p li\u00ean quan \u0111\u1ebfn t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh v\u00e0 linh ho\u1ea1t<\/b><\/p>\n

Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng<\/b><\/i><\/p>\n

1. V\u1edbi t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i linh ho\u1ea1t<\/i>: \u00c1p l\u1ef1c gi\u1ea3m l\u00e3i su\u1ea5t trong n\u01b0\u1edbc s\u1ebd khi\u1ebfn v\u1ed1n ch\u1ea3y v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 l\u00e3i su\u1ea5t cao h\u01a1n, g\u00e2y \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 \u0111\u1ed1i v\u1edbi \u0111\u1ed3ng n\u1ed9i t\u1ec7. D\u00f2ng v\u1ed1n c\u00e0ng nh\u1ea1y c\u1ea3m v\u1edbi ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t, s\u1ef1 gi\u1ea3m gi\u00e1 c\u1ee7a ti\u1ec1n t\u1ec7 c\u00e0ng l\u1edbn. S\u1ef1 gi\u1ea3m gi\u00e1 s\u1ebd l\u00e0m t\u0103ng xu\u1ea5t kh\u1ea9u r\u00f2ng, t\u0103ng t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng l\u00ean t\u1ed5ng c\u1ea7u.<\/p>\n

2. V\u1edbi t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh:<\/i> \u0110\u1ec3 ng\u0103n s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ee7a t\u1ec9 gi\u00e1, c\u01a1 quan \u0111i\u1ec1u h\u00e0nh ch\u00ednh ti\u1ec1n t\u1ec7 (\u1edf Vi\u1ec7t Nam l\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam) s\u1ebd ph\u1ea3i mua \u0111\u1ed3ng ti\u1ec1n c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 kh\u00e1c tr\u00ean th\u1ecb tr\u01b0\u1eddng FX. L\u00e0m nh\u01b0 v\u1eady s\u1ebd th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng trong n\u01b0\u1edbc v\u00e0 b\u00f9 \u0111\u1eafp cho ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng.<\/p>\n

Kh\u1ea3 n\u0103ng duy tr\u00ec t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh s\u1ebd b\u1ecb gi\u1edbi h\u1ea1n b\u1edfi d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i. Do v\u1eady, trong tr\u01b0\u1eddng h\u1ee3p ti\u00eau c\u1ef1c, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u1edf r\u1ed9ng s\u1ebd ho\u00e0n to\u00e0n kh\u00f4ng hi\u1ec7u qu\u1ea3 n\u1ebfu ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng (Central bank) bu\u1ed9c ph\u1ea3i b\u00f9 \u0111\u1eafp ho\u00e0n to\u00e0n vi\u1ec7c m\u1edf r\u1ed9ng ban \u0111\u1ea7u c\u1ee7a cung ti\u1ec1n v\u00e0 cho ph\u00e9p l\u00e3i su\u1ea5t t\u0103ng tr\u1edf l\u1ea1i m\u1ee9c ban \u0111\u1ea7u.<\/p>\n

Ch\u00ednh s\u00e1ch t\u00e0i kho\u00e1 m\u1edf r\u1ed9ng<\/b><\/i><\/p>\n

3. V\u1edbi t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i linh ho\u1ea1t:<\/i> Ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a m\u1edf r\u1ed9ng s\u1ebd c\u00f3 xu h\u01b0\u1edbng l\u00e0m t\u0103ng l\u00e3i su\u1ea5t trong n\u01b0\u1edbc, t\u1eeb \u0111\u00f3 s\u1ebd k\u00edch th\u00edch d\u00f2ng v\u1ed1n t\u1eeb c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n.<\/p>\n

N\u1ebfu d\u00f2ng v\u1ed1n r\u1ea5t nh\u1ea1y c\u1ea3m v\u1edbi ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t, th\u00ec \u0111\u1ed3ng n\u1ed9i t\u1ec7 s\u1ebd c\u00f3 xu h\u01b0\u1edbng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3. Tuy nhi\u00ean, n\u1ebfu d\u00f2ng v\u1ed1n kh\u00f4ng nh\u1ea1y c\u1ea3m v\u1edbi ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t, th\u00ec \u0111\u1ed3ng ti\u1ec1n s\u1ebd c\u00f3 xu h\u01b0\u1edbng m\u1ea5t gi\u00e1 h\u01a1n l\u00e0 t\u0103ng gi\u00e1 tr\u1ecb do ch\u00ednh s\u00e1ch gi\u1ea3m c\u1ea7u s\u1ebd l\u00e0m x\u1ea5u \u0111i c\u00e1n c\u00e2n th\u01b0\u01a1ng m\u1ea1i.<\/p>\n

4. V\u1edbi t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh:<\/i> \u0110\u1ec3 ng\u0103n \u0111\u1ed3ng n\u1ed9i t\u1ec7 t\u0103ng gi\u00e1, ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng s\u1ebd ph\u1ea3i b\u00e1n \u0111\u1ed3ng ti\u1ec1n c\u1ee7a m\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng FX. Vi\u1ec7c m\u1edf r\u1ed9ng cung ti\u1ec1n trong n\u01b0\u1edbc s\u1ebd t\u0103ng c\u01b0\u1eddng t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a m\u1edf r\u1ed9ng l\u00ean t\u1ed5ng c\u1ea7u.<\/p>\n

\u00dd ngh\u0129a c\u1ee7a m\u00f4 h\u00ecnh<\/font><\/h3>\n

– Khi ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a v\u00e0 ti\u1ec1n t\u1ec7, ba m\u1ee5c ti\u00eau sau kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c th\u1ecfa m\u00e3n c\u00f9ng th\u1eddi \u0111i\u1ec3m: (1) theo \u0111u\u1ed5i c\u00e1c ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp, (2) cho ph\u00e9p d\u00f2ng v\u1ed1n t\u1ef1 do ch\u1ea3y gi\u1eefa c\u00e1c qu\u1ed1c gia v\u00e0 (3) cam k\u1ebft b\u1ea3o v\u1ec7 t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ed1 \u0111\u1ecbnh.<\/p>\n

– M\u1ee9c \u0111\u1ed9 di chuy\u1ec3n v\u1ed1n r\u1ea5t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi hi\u1ec7u qu\u1ea3 c\u1ee7a ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a v\u00e0 ti\u1ec1n t\u1ec7 trong m\u1ed9t n\u1ec1n kinh t\u1ebf m\u1edf. V\u00ec v\u1eady, m\u1ed9t s\u1ed1 n\u1ec1n kinh t\u1ebf th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i \u0111ang ki\u1ec3m so\u00e1t d\u00f2ng ch\u1ea3y c\u1ee7a v\u1ed1n ch\u1eb7t ch\u1ebd h\u01a1n \u0111\u1ec3 h\u1ecd c\u00f3 th\u1ec3 v\u1eeba duy tr\u00ec s\u1ef1 \u0111\u1ed9c l\u1eadp ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 v\u1eeba qu\u1ea3n l\u00ed t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Economics for Investment Decision Makers<\/i>, CFA Institute)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n M\u00f4 h\u00ecnh Mundell-Fleming (ti\u1ebfng Anh: Mundell-Fleming Model) l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh kinh t\u1ebf m\u00f4 t\u1ea3 s\u1ef1 \u1ea3nh h\u01b0\u1edfng c\u1ee7a vi\u1ec7c thay \u0111\u1ed5i ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a, ti\u1ec1n t\u1ec7 \u0111\u1ebfn l\u00e3i su\u1ea5t v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf c\u1ee7a m\u1ed9t qu\u1ed1c gia.\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\/26280"}],"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=26280"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26280\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}