{"id":26344,"date":"2023-12-07T02:32:54","date_gmt":"2023-12-07T02:32:54","guid":{"rendered":"https:\/\/masterskills.org\/blog\/toan-cau-hoa-thi-truong-tai-chinh-globalization-of-financial-markets-la-gi-cac-tac-dong.html"},"modified":"2023-12-22T14:43:44","modified_gmt":"2023-12-22T07:43:44","slug":"toan-cau-hoa-thi-truong-tai-chinh-globalization-of-financial-markets-la-gi-cac-tac-dong","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/toan-cau-hoa-thi-truong-tai-chinh-globalization-of-financial-markets-la-gi-cac-tac-dong.html","title":{"rendered":"To\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh (Globalization of financial markets) l\u00e0 g\u00ec? C\u00e1c t\u00e1c \u0111\u1ed9ng"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: siriusgroup.org)<\/p>\n<\/div>\n<\/div>\n

To\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh (Globalization of financial markets)<\/font><\/h2>\n

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

To\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh<\/b> trong ti\u1ebfng Anh l\u00e0 Globalization of financial markets.<\/b><\/p>\n

To\u00e0n c\u1ea7u h\u00f3a<\/b> l\u00e0 qu\u00e1 tr\u00ecnh h\u1ed9i nh\u1eadp ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a n\u1ec1n kinh t\u1ebf tr\u00ean th\u1ebf gi\u1edbi th\u00f4ng qua s\u1eed chuy\u1ec3n d\u1ecbch h\u00e0ng h\u00f3a, d\u1ecbch v\u1ee5 v\u00e0 v\u1ed1n xuy\u00ean bi\u00ean gi\u1edbi. To\u00e0n c\u1ea7u h\u00f3a bao g\u1ed3m c\u1ea3 s\u1ef1 chuy\u1ec3n d\u1ecbch c\u1ee7a con ng\u01b0\u1eddi (lao \u0111\u1ed9ng), ki\u1ebfn th\u1ee9c (c\u00f4ng ngh\u1ec7), v\u0103n h\u00f3a, ch\u00ednh tr\u1ecb v\u00e0 k\u00edch th\u01b0\u1edbc m\u00f4i tr\u01b0\u1eddng. To\u00e0n c\u1ea7u h\u00f3a l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 s\u00e1ng t\u1ea1o c\u1ee7a con ng\u01b0\u1eddi v\u00e0 ti\u1ebfn b\u1ed9 c\u00f4ng ngh\u1ec7.<\/p>\n

To\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh <\/b>l\u00e0 qu\u00e1 tr\u00ecnh chuy\u1ec3n d\u1ecbch \u0111\u1ebfn m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh th\u1ed1ng nh\u1ea5t, t\u01b0\u01a1ng t\u00e1c v\u00e0 ph\u1ee5 thu\u1ed9c l\u1eabn nhau tr\u00ean to\u00e0n th\u1ebf gi\u1edbi. \u0110\u00f3 l\u00e0 s\u1ef1 \u1ea3nh h\u01b0\u1edfng, t\u00e1c \u0111\u1ed9ng, x\u00e2m nh\u1eadp l\u1eabn nhau xuy\u00ean bi\u00ean gi\u1edbi trong l\u0129nh v\u1ef1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n

\u0110\u1eb7c tr\u01b0ng<\/font><\/h2>\n

–\u00a0To\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00f3 xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n m\u1ea1nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu h\u01a1n c\u1ed5 phi\u1ebfu. B\u1eaft \u0111\u1ea7u t\u1eeb n\u0103m 1984, nhi\u1ec1u qu\u1ed1c gia tr\u00ean th\u1ebf gi\u1edbi, \u0111i\u1ec3n h\u00ecnh l\u00e0 M\u1ef9, c\u1ed5 phi\u1ebfu kh\u00f4ng c\u00f2n l\u00e0 ngu\u1ed3n t\u00e0i ch\u00ednh quan tr\u1ecdng cho doanh nghi\u1ec7p. Tr\u00e1i phi\u1ebfu tr\u1edf th\u00e0nh ngu\u1ed3n t\u00e0i ch\u00ednh quan tr\u1ecdng g\u1ea5p nhi\u1ec1u l\u1ea7n (29,8% tr\u00e1i phi\u1ebfu so v\u1edbi 2,1% c\u1ed5 phi\u1ebfu) (Mishkin, 2001)<\/i>.<\/p>\n

– T\u00e0i ch\u00ednh gi\u00e1n ti\u1ebfp ng\u00e0y c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng g\u1ea5p nhi\u1ec1u l\u1ea7n so v\u1edbi t\u00e0i ch\u00ednh tr\u1ef1c ti\u1ebfp, \u0111\u1eb7c bi\u1ec7t l\u00e0 vai tr\u00f2 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng. \u1ede M\u1ef9, ng\u00e0y t\u1eeb nh\u1eefng n\u0103m 80, c\u00e1c kho\u1ea3n v\u1ed1n t\u00e0i tr\u1ee3 t\u1eeb ng\u00e2n h\u00e0ng cho c\u00e1c c\u00f4ng ty g\u1ea5p h\u1edbn 25 l\u1ea7n so v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu.<\/p>\n

– T\u1ef1 do h\u00f3a t\u00e0i ch\u00ednh g\u1eafn li\u1ec1n v\u1edbi qu\u00e1 tr\u00ecnh to\u00e0n c\u1ea7u h\u00f3a ng\u00e0y c\u00e0ng di\u1ec5n ra m\u1ea1nh m\u1ebd v\u00e0 tr\u1edf th\u00e0nh xu th\u1ebf t\u1ea5t y\u1ebfu. Qu\u00e1 tr\u00ecnh n\u00e0y di\u1ec5n ra theo c\u00e1c c\u1ea5p \u0111\u1ed9 kh\u00e1c nhau \u1edf c\u00e1c qu\u1ed1c gia kh\u00e1c nhau t\u00f9y theo m\u1ee9c \u0111\u1ed9 ph\u00e1t tri\u1ec3n, ho\u00e0n c\u1ea3nh l\u1ecbch s\u1eed c\u1ee7a n\u1ec1n kinh t\u1ebf c\u0169ng nh\u01b0 kh\u1ea3 n\u0103ng qu\u1ea3n l\u00ed c\u1ee7a c\u00e1c c\u01a1 quan ch\u1ee9c n\u0103ng.<\/p>\n

– Ng\u00e0y c\u00e0ng ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh tinh vi ph\u1ee9c t\u1ea1p nh\u01b0: c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh, tr\u00e1i phi\u1ebfu c\u01a1 c\u1ea5u, ch\u1ee9ng kho\u00e1n h\u00f3a… \u0110\u1eb7c bi\u1ec7t khuynh h\u01b0\u1edbng s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh ng\u00e0y c\u00e0ng t\u0103ng. Th\u1ecb tr\u01b0\u1eddng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh \u0111\u00e3 ph\u00e1t tri\u1ec3n nhanh h\u01a1n b\u1ea5t k\u00ec th\u1ecb tr\u01b0\u1eddng n\u00e0o trong nh\u1eefng th\u1eadp ni\u00ean g\u1ea7n \u0111\u00e2y. Trong \u0111\u00f3, c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh t\u00edn d\u1ee5ng tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m c\u1ee7a c\u00e1c c\u00f4ng t\u1ee5 t\u00e0i ch\u00ednh m\u1edbi.<\/p>\n

– C\u00e1c giao d\u1ecbch \u0111i\u1ec7n t\u1eed ng\u00e0y c\u00e0ng tr\u1edf n\u00ean c\u1ea7n thi\u1ebft v\u00e0 ph\u00e1t tri\u1ec3n: v\u0103n b\u1ea3n m\u1ec1m, th\u01b0 \u0111i\u1ec7n t\u1eed, chat \u0111i\u1ec7n t\u1eed, m\u1ea1ng n\u1ed9i b\u1ed9 internet, ph\u00e2n ph\u1ed1i s\u1ea3n ph\u1ea9m b\u1eb1ng \u0111i\u1ec7n t\u1eed, giao d\u1ecbch theo thu\u1eadt to\u00e1n, c\u00e1c h\u1ec7 th\u1ed1ng ph\u1ea7n m\u1ec1m k\u1ebft n\u1ed1i to\u00e0n c\u1ea7u.<\/p>\n

– S\u1ef1 kh\u00e1c bi\u1ec7t trong chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n gi\u1eefa c\u00e1c qu\u1ed1c gia \u0111ang d\u1ea7n bi\u1ebfn m\u1ea5t. M\u1eb7c d\u00f9 c\u00e1c ch\u00ednh s\u00e1ch qu\u1ea3n l\u00ed v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n trong m\u1ed9t qu\u1ed1c gia, nh\u01b0ng n\u00f3 ch\u1ee7 y\u1ebfu \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c doanh nghi\u1ec7p nh\u1ecf kh\u00f4ng c\u00f3 \u0111\u01b0\u1eddng v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. (Brigham & Houston)<\/i><\/p>\n

T\u00e1c \u0111\u1ed9ng<\/font><\/h2>\n

T\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c<\/b><\/p>\n

Vi\u1ec7c to\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh tr\u00ean th\u1ebf gi\u1edbi c\u00f3 t\u00e1c d\u1ee5ng to l\u1edbn \u0111\u1ed1i v\u1edbi vi\u1ec7c cung c\u1ea5p v\u1ed1n l\u1eabn nhau gi\u1eefa c\u00e1c qu\u1ed1c gia, t\u00e0i tr\u1ee3 d\u1ec5 d\u00e0ng h\u01a1n cho s\u1ef1 th\u00e2m h\u1ee5t v\u1ed1n c\u1ee7a c\u00e1c ch\u00ednh ph\u1ee7, gi\u00fap cho n\u1ec1n kinh t\u1ebf c\u00e1c qu\u1ed1c gia \u0111\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng nhanh h\u01a1n. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, to\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh t\u1ea1o nhi\u1ec1u c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ra th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf, gi\u00fap \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, gi\u1ea3m thi\u1ec3u r\u1ee7i ro v\u00e0 gia t\u0103ng t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

V\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 \u0111\u1eafc l\u1ef1c c\u1ee7a h\u1ec7 th\u1ed1ng c\u00f4ng ngh\u1ec7 th\u00f4ng tin, c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i li\u00ean t\u1ee5c, nhanh ch\u00f3ng, m\u1ecdi l\u00fac, m\u1ecdi n\u01a1i; c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebft ki\u1ec7m \u0111\u01b0\u1ee3c chi ph\u00ed giao d\u1ecbch t\u00e0i ch\u00ednh; c\u00f3 kh\u1ea3 n\u0103ng thu th\u1eadp v\u00e0 x\u1eed l\u00ed th\u00f4ng tin k\u1ecbp th\u1eddi; c\u00f3 nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ec3 l\u1ef1a ch\u1ecdn.<\/p>\n

T\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c<\/b><\/p>\n

To\u00e0n c\u1ea7u h\u00f3a \u0111\u00e3 bi\u1ebfn th\u1ebf gi\u1edbi tr\u1edf th\u00e0nh m\u1ed9t m\u00e1i nh\u00e0 chung, n\u01a1i m\u00e0 c\u00e1c nguy c\u01a1 v\u00e0 s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng c\u00f3 kh\u1ea3 n\u0103ng lan truy\u1ec1n t\u1edbi m\u1ecdi ng\u00f3c ng\u00e1ch. C\u00e1c qu\u1ed1c gia b\u1ecb bao v\u00e2y v\u00e0 th\u00e1ch th\u1ee9c b\u1edfi c\u00e1c t\u00e1c nh\u00e2n kinh t\u1ebf t\u1eeb b\u00ean ngo\u00e0i. M\u1ed9t l\u01b0\u1ee3ng l\u1edbn v\u1ed1n di chuy\u1ec3n nhanh ch\u00f3ng tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi theo s\u1ef1 thay \u0111\u1ed5i c\u1ee7a l\u00e3i su\u1ea5t v\u00e0 t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i. Do \u0111\u00f3 c\u00e1c d\u00f2ng t\u00e0i ch\u00ednh c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m l\u00e0 d\u1ec5 bi\u1ebfn \u0111\u1ed9ng, \u0111\u1ed9 r\u1ee7i ro cao.<\/p>\n

Nh\u1eefng s\u1ef1 d\u1ecbch chuy\u1ec3n n\u00e0y c\u00f3 th\u1ec3 d\u1eabn t\u1edbi s\u1ef1 th\u00e2u t\u00f3m quy\u1ec1n l\u1ef1c v\u00e0o tay c\u00e1c nh\u00e0 t\u01b0 b\u1ea3n l\u1edbn, s\u1ef1 ph\u1ee5c thu\u1ed9c v\u00e0o ngu\u1ed3n v\u1ed1n n\u01b0\u1edbc ngo\u00e0i. Th\u1eadm ch\u00ed c\u00f3 th\u1ec3 l\u00e0m s\u1ee5p \u0111\u1ed5 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh v\u00e0 c\u00e1c n\u1ec1n kinh t\u1ebf \u0111\u1ecba ph\u01b0\u01a1ng, \u0111\u01b0a n\u1ec1n kinh t\u1ebf v\u00e0o c\u00e1c c\u00fa s\u1ed1c t\u1eeb nhi\u1ec1u ngu\u1ed3n m\u1edbi v\u00e0 kh\u00f3 c\u00f3 th\u1ec3 d\u1ef1 ki\u1ebfn \u0111\u01b0\u1ee3c.<\/p>\n

Do \u0111\u00f3, trong \u0111i\u1ec1u ki\u1ec7n to\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, \u0111\u00f2i h\u1ecfi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u1ea7n ph\u1ea3i ph\u00e1t tri\u1ec3n nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p m\u1edbi nh\u1eb1m \u0111\u00e1nh gi\u00e1 v\u00e0 h\u1ea1n ch\u1ebf r\u1ee7i ro c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh. (Brigham & Houston, 2009)<\/i><\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, NXB Kinh t\u1ebf Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n To\u00e0n c\u1ea7u h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh (ti\u1ebfng Anh: Globalization of financial markets) tr\u00ean th\u1ebf gi\u1edbi c\u00f3 t\u00e1c d\u1ee5ng to l\u1edbn \u0111\u1ed1i v\u1edbi vi\u1ec7c cung c\u1ea5p v\u1ed1n l\u1eabn nhau gi\u1eefa c\u00e1c 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\/26344"}],"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=26344"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26344\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}