{"id":31105,"date":"2023-12-07T10:20:33","date_gmt":"2023-12-07T10:20:33","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phai-sinh-lam-phat-inflation-derivatives-la-gi-cac-lua-chon-thay-the-cho-phai-sinh-lam-phat.html"},"modified":"2023-12-23T07:24:57","modified_gmt":"2023-12-23T00:24:57","slug":"phai-sinh-lam-phat-inflation-derivatives-la-gi-cac-lua-chon-thay-the-cho-phai-sinh-lam-phat","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phai-sinh-lam-phat-inflation-derivatives-la-gi-cac-lua-chon-thay-the-cho-phai-sinh-lam-phat.html","title":{"rendered":"Ph\u00e1i sinh l\u1ea1m ph\u00e1t (Inflation Derivatives) l\u00e0 g\u00ec? C\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf cho Ph\u00e1i sinh l\u1ea1m ph\u00e1t"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Thebalance.com<\/i><\/p>\n<\/div>\n<\/div>\n

Ph\u00e1i sinh l\u1ea1m ph\u00e1t<\/font><\/h2>\n

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

Ph\u00e1i sinh l\u1ea1m ph\u00e1t<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Inflation Derivatives<\/b>.<\/p>\n

C\u00f4ng c\u1ee5 ph\u00e1i sinh l\u1ea1m ph\u00e1t <\/b>l\u00e0 m\u1ed9t ph\u00e2n l\u1edbp t\u00e0i ch\u00ednh ph\u00e1i sinh \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u1ec3 qu\u1ea3n l\u00ed c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c ti\u1ec1m \u1ea9n n\u1ebfu m\u1ee9c l\u1ea1m ph\u00e1t gia t\u0103ng. \u00a0 \u00a0\u00a0<\/p>\n

Gi\u1ed1ng nh\u01b0 c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh kh\u00e1c nh\u01b0 quy\u1ec1n ch\u1ecdn v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, ph\u00e1i sinh l\u1ea1m ph\u00e1t cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 lo\u1ea1i b\u1ecf c\u00e1c bi\u1ebfn \u0111\u1ed9ng trong gi\u00e1 c\u1ea3 v\u00e0 ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng, trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y l\u00e0 ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng.\u00a0<\/p>\n

Ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng \u0111o l\u01b0\u1eddng chi ph\u00ed t\u1ed5ng qu\u00e1t c\u1ee7a h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5 trong m\u1ed9t n\u1ec1n kinh t\u1ebf.\u00a0<\/i><\/p>\n

S\u1edf h\u1eefu ph\u00e1i sinh l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng ng\u1eeba r\u1ee7i ro t\u0103ng gi\u00e1 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Ph\u00e1i sinh l\u1ea1m ph\u00e1t\u00a0<\/font><\/h3>\n

C\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh l\u1ea1m ph\u00e1t<\/b> c\u00f3 th\u1ec3 l\u00e0 c\u00e1c giao d\u1ecbch ho\u00e1n \u0111\u1ed5i c\u01a1 b\u1ea3n cho \u0111\u1ebfn c\u00e1c h\u00ecnh th\u1ee9c ph\u1ee9c t\u1ea1p h\u01a1n nh\u01b0 quy\u1ec1n ch\u1ecdn v\u00e0 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i t\u01b0\u01a1ng lai.\u00a0<\/p>\n

H\u00ecnh th\u1ee9c ph\u1ed5 bi\u1ebfn nh\u1ea5t c\u1ee7a ph\u00e1i sinh l\u1ea1m ph\u00e1t l\u00e0 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u1ea1m ph\u00e1t, cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ea3o \u0111\u1ea3m l\u1ee3i nhu\u1eadn s\u1ebd kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi bi\u1ebfn \u0111\u1ed9ng l\u1ea1m ph\u00e1t. \u00a0\u00a0<\/p>\n

Trong h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed3ng \u00fd tr\u1ea3 cho b\u00ean kia m\u1ee9c t\u1ec9 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ed1 \u0111\u1ecbnh tr\u00ean m\u1ed9t kho\u1ea3n ti\u1ec1n danh ngh\u0129a \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y m\u1ed9t m\u1ee9c l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i hay c\u00e1c kho\u1ea3n thanh to\u00e1n theo l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i.\u00a0<\/p>\n

C\u00e1c bi\u1ebfn \u0111\u1ed9ng l\u1ea1m ph\u00e1t trong th\u1eddi h\u1ea1n h\u1ee3p \u0111\u1ed3ng s\u1ebd quy\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb kho\u1ea3n tr\u1ea3 g\u00f3p. C\u00e1c kho\u1ea3n tr\u1ea3 g\u00f3p c\u1ed1 \u0111\u1ecbnh v\u00e0 th\u1ea3 n\u1ed5i s\u1ebd n\u1eb1m trong m\u1ed9t kho\u1ea3ng gi\u00e1 tr\u1ecb \u0111\u00e3 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc, t\u00f9y thu\u1ed9c v\u00e0o s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t g\u1ed9p, m\u1ed9t b\u00ean trong h\u1ee3p \u0111\u1ed3ng s\u1ebd ph\u1ea3i th\u1ebf ch\u1ea5p t\u00e0i s\u1ea3n cho b\u00ean c\u00f2n l\u1ea1i. \u00a0\u00a0<\/p>\n

V\u1edbi h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u1ea1m ph\u00e1t kh\u00f4ng tr\u1ea3 l\u00e3i, kho\u1ea3n thanh to\u00e1n duy nh\u1ea5t \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi m\u1ed9t b\u00ean trong h\u1ee3p \u0111\u1ed3ng khi h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n. Kho\u1ea3n thanh to\u00e1n duy nh\u1ea5t n\u00e0y kh\u00e1c v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 c\u00e1c kho\u1ea3n thanh to\u00e1n \u0111\u1ecbnh k\u00ec trong su\u1ed1t th\u1eddi gian th\u1ecfa thu\u1eadn. \u00a0\u00a0<\/p>\n

V\u00ed d\u1ee5 Ph\u00e1i sinh l\u1ea1m ph\u00e1t<\/font><\/h3>\n

V\u00ed d\u1ee5: xem x\u00e9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u1ea1m ph\u00e1t<\/b> kh\u00f4ng tr\u1ea3 l\u00e3i th\u1eddi h\u1ea1n 5 n\u0103m. Tr\u00ean h\u1ee3p \u0111\u1ed3ng, B\u00ean A \u0111\u1ed3ng \u00fd tr\u1ea3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh 2,5% \u0111\u01b0\u1ee3c g\u1ed9p h\u00e0ng n\u0103m cho s\u1ed1 ti\u1ec1n 10.000$ v\u00e0 B\u00ean B \u0111\u1ed3ng \u00fd tr\u1ea3 t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t g\u1ed9p v\u1edbi c\u00f9ng s\u1ed1 ti\u1ec1n g\u1ed1c.\u00a0<\/p>\n

N\u1ebfu l\u1ea1m ph\u00e1t v\u01b0\u1ee3t qu\u00e1 2,5% th\u00ec B\u00ean A c\u00f3 l\u1ee3i h\u01a1n, c\u00f2n n\u1ebfu kh\u00f4ng, B\u00ean B nh\u1eadn \u0111\u01b0\u1ee3c m\u1ed9t kho\u1ea3n l\u00e3i.\u00a0<\/p>\n

D\u00f9 trong tr\u01b0\u1eddng h\u1ee3p n\u00e0o, B\u00ean A v\u1eabn \u0111\u00e3 s\u1eed d\u1ee5ng th\u00e0nh c\u00f4ng h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i \u0111\u1ec3 chuy\u1ec3n giao r\u1ee7i ro l\u1ea1m ph\u00e1t c\u1ee7a m\u00ecnh cho B\u00ean B. \u00a0\u00a0<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ch\u1ecdn giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u1ea1m ph\u00e1t tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch ho\u1eb7c tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng OTC tr\u01b0\u1edbc khi h\u1ee3p \u0111\u1ed3ng h\u1ebft h\u1ea1n.\u00a0<\/p>\n

L\u01b0u \u00fd, n\u1ebfu t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t tr\u00ean h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i cao h\u01a1n t\u1ec9 l\u1ec7 c\u1ed1 \u0111\u1ecbnh m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ea3, giao d\u1ecbch b\u00e1n c\u00f3 l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng v\u00e0 \u0111\u01b0\u1ee3c IRS ph\u00e2n lo\u1ea1i l\u00e0 m\u1ed9t kho\u1ea3n l\u00e3i v\u1ed1n. \u00a0\u00a0<\/i><\/p>\n

C\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf cho Ph\u00e1i sinh l\u1ea1m ph\u00e1t\u00a0<\/font><\/h3>\n

C\u00e1c c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba l\u1ea1m ph\u00e1t kh\u00e1c bao g\u1ed3m tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1ecfi r\u1ee7i ro l\u1ea1m ph\u00e1t (TIPS) <\/i>hay giao d\u1ecbch h\u00e0ng h\u00f3a nh\u01b0 v\u00e0ng v\u00e0 d\u1ea7u.\u00a0<\/p>\n

Tuy nhi\u00ean c\u1ea3 hai l\u1ef1a ch\u1ecdn tr\u00ean \u0111\u1ec1u c\u00f3 nh\u1eefng b\u1ea5t l\u1ee3i nh\u1ea5t \u0111\u1ecbnh khi so v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh l\u1ea1m ph\u00e1t.\u00a0<\/p>\n

C\u00e1c khuy\u1ebft \u0111i\u1ec3m n\u00e0y l\u00e0 m\u1ee9c \u0111\u1ea7u t\u01b0 t\u1ed1i thi\u1ec3u v\u00e0 ph\u00ed cao c\u0169ng nh\u01b0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn. Do c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y y\u00eau c\u1ea7u ph\u1ea7n th\u01b0\u1edfng (ph\u1ea7n b\u00f9) th\u1ea5p h\u01a1n, th\u1eddi gian \u0111\u00e1o h\u1ea1n c\u0169ng d\u00e0i h\u01a1n v\u00e0 c\u00f3 t\u01b0\u01a1ng quan th\u1ea5p h\u01a1n v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (c\u1ed5 phi\u1ebfu kh\u00f4ng c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh).\u00a0\u00a0<\/p>\n

C\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh l\u1ea1m ph\u00e1t <\/b>l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh ph\u1ed5 bi\u1ebfn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n qu\u1ea3n l\u00ed r\u1ee7i ro l\u1ea1m ph\u00e1t.\u00a0 \u00a0<\/p>\n

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

\n Ph\u00e1i sinh l\u1ea1m ph\u00e1t (ti\u1ebfng Anh: Inflation Derivatives) l\u00e0 m\u1ed9t ph\u00e2n l\u1edbp c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u00e1i sinh \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u1ec3 qu\u1ea3n l\u00ed c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c ti\u1ec1m \u1ea9n n\u1ebfu m\u1ee9c l\u1ea1m ph\u00e1t gia t\u0103ng.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31105"}],"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=31105"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31105\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}