{"id":9528,"date":"2023-11-29T09:35:56","date_gmt":"2023-11-29T09:35:56","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-cua-shaw-va-mckinnon-ve-mot-he-thong-tai-chinh-bi-kim-ham-la-gi.html"},"modified":"2023-12-21T18:31:40","modified_gmt":"2023-12-21T11:31:40","slug":"li-thuyet-cua-shaw-va-mckinnon-ve-mot-he-thong-tai-chinh-bi-kim-ham-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-cua-shaw-va-mckinnon-ve-mot-he-thong-tai-chinh-bi-kim-ham-la-gi.html","title":{"rendered":"L\u00ed thuy\u1ebft c\u1ee7a Shaw v\u00e0 McKinnon v\u1ec1 m\u1ed9t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh b\u1ecb k\u00ecm h\u00e3m l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: slideplayer)<\/p>\n<\/figcaption><\/figure>\n

L\u00ed thuy\u1ebft\u00a0cu\u0309a Shaw va\u0300 McKinnon v\u00ea\u0300 m\u1ecd\u0302t h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh bi\u0323 ki\u0300m ha\u0303m\u00a0<\/font><\/h2>\n

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

Theo l\u00ed thuy\u1ebft<\/span> na\u0300y<\/b> h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh ne\u0302n pha\u0301t tri\u00ea\u0309n tru\u031b\u01a1\u0301c \u0111\u00ea\u0309 c\u00f4\u0309 vu\u0303 cho vi\u1eb9\u0302c ta\u0306ng tru\u031b\u01a1\u0309ng kinh t\u00ea\u0301 ch\u01b0\u0301 kho\u0302ng pha\u0309i la\u0300 sa\u0309n ph\u00e2\u0309m cu\u0309a s\u01b0\u0323 pha\u0301t tri\u00ea\u0309n.\u00a0<\/p>\n

Nga\u0300y nay, l\u00ed thuy\u1ebft<\/span> na\u0300y \u0111a\u0303 \u0111u\u031b\u01a1\u0323c i\u0301t nhi\u00ea\u0300u ch\u00e2\u0301p nh\u1ea1\u0302n ta\u0323i ca\u0301c qu\u00f4\u0301c gia \u0111ang pha\u0301t tri\u00ea\u0309n va\u0300 trong hai th\u1ea1\u0302p k\u1ec9 1970 \u2013 1989 m\u1ecd\u0302t s\u00f4\u0301 nu\u031b\u01a1\u0301c \u0111a\u0303 ti\u00ea\u0301n ha\u0300nh ca\u0309i ca\u0301ch khu v\u01b0\u0323c ta\u0300i chi\u0301nh theo hu\u031b\u01a1\u0301ng n\u01a1\u0301i lo\u0309ng s\u01b0\u0323 can thi\u1eb9\u0302p cu\u0309a chi\u0301nh phu\u0309 va\u0300o h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh.<\/p>\n

N\u1ed9i dung<\/font><\/h3>\n

\u0110\u00f4\u0301i l\u1ea1\u0302p v\u01a1\u0301i l\u00ed thuy\u1ebft<\/span> cu\u0309a tru\u031b\u01a1\u0300ng pha\u0301i Keynes v\u00ea\u0300 vai tro\u0300 thu\u0323 \u0111\u1ecd\u0302ng cu\u0309a h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh trong vi\u1eb9\u0302c thu\u0301c \u0111\u00e2\u0309y ta\u0306ng tru\u031b\u01a1\u0309ng kinh t\u00ea\u0301, ca\u0301c l\u00ed thuy\u1ebft<\/span> c\u00f4\u0309 vu\u0303 cho quan \u0111i\u00ea\u0309m h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh co\u0301 vai tro\u0300 ti\u0301ch c\u01b0\u0323c thu\u0301c \u0111\u00e2\u0309y ta\u0306ng tru\u031b\u01a1\u0309ng kinh t\u00ea\u0301 \u0111\u00ea\u0300u co\u0301 chung ca\u0301c gia\u0309 \u0111i\u0323nh.\u00a0<\/p>\n

R\u0103\u0300ng h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh la\u0300 ngu\u031b\u01a1\u0300i pha\u0302n b\u00f4\u0309 t\u00f4\u0301t nh\u00e2\u0301t ca\u0301c ngu\u00f4\u0300n l\u01b0\u0323c ta\u0300i chi\u0301nh tho\u0302ng qua co\u031b ch\u00ea\u0301 chia se\u0309 ru\u0309i ro va\u0300 chuy\u00ea\u0309n giao co\u0301 th\u01a1\u0300i ha\u0323n (maturity transformation) va\u0300 trong \u0111i\u00ea\u0300u ki\u1eb9\u0302n v\u00f4\u0301n \u0111\u00e2\u0300u tu\u031b la\u0300 tu\u031bo\u031bng \u0111\u00f4\u0301i khan hi\u00ea\u0301m nh\u00e2\u0301t la\u0300 ta\u0323i ca\u0301c nu\u031b\u01a1\u0301c nghe\u0300o co\u0301 thu nh\u1ea1\u0302p th\u00e2\u0301p thi\u0300 m\u1ecd\u0302t h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh \u0111u\u031b\u01a1\u0323c t\u01b0\u0323 do ho\u0301a se\u0303 pha\u0302n b\u00f4\u0309 ngu\u00f4\u0300n l\u01b0\u0323c m\u1ecd\u0302t ca\u0301ch hi\u1eb9\u0302u qua\u0309 nh\u00e2\u0301t.\u00a0<\/p>\n

Na\u0306m 1973 trong ta\u0301c ph\u00e2\u0309m “Ti\u00ea\u0300n t\u1eb9\u0302 va\u0300 v\u00f4\u0301n trong pha\u0301t tri\u00ea\u0309n kinh t\u00ea\u0301”, McKinnon, d\u01b0\u0323a tre\u0302n quan \u0111i\u00ea\u0309m cu\u0309a Shaw, \u0111a\u0303 \u0111u\u031ba ra l\u00ed thuy\u1ebft<\/span> v\u00ea\u0300 ki\u0300m ha\u0303m va\u0300\u00a0t\u01b0\u0323 do ho\u0301a ta\u0300i chi\u0301nh.\u00a0<\/p>\n

Tro\u0323ng ta\u0302m cu\u0309a l\u00ed thuy\u00ea\u0301t na\u0300y la\u0300 chi\u0301nh phu\u0309 kho\u0302ng ne\u0302n can thi\u1eb9\u0302p va\u0300o h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh ma\u0300 \u0111\u00ea\u0309 chu\u0301ng v\u1ea1\u0302n \u0111\u1ecd\u0302ng tre\u0302n co\u031b s\u01a1\u0309 thi\u0323 tru\u031b\u01a1\u0300ng t\u01b0\u0323 do. Nhu\u031b v\u1ea1\u0302y nguye\u0302n t\u0103\u0301c hi\u1eb9\u0302u qua\u0309 se\u0303 \u0111u\u031b\u01a1\u0323c to\u0302n tro\u0323ng va\u0300 ngu\u00f4\u0300n l\u01b0\u0323c ta\u0300i chi\u0301nh se\u0303 \u0111u\u031b\u01a1\u0323c pha\u0302n b\u00f4\u0309 m\u1ecd\u0302t ca\u0301ch t\u00f4\u0301t nh\u00e2\u0301t.<\/p>\n

Gi\u1ea3 \u0111\u1ecbnh c\u1ee7a l\u00ed thuy\u1ebft<\/font><\/h3>\n

L\u00ed thuy\u1ebft<\/span> cu\u0309a McKinnon d\u01b0\u0323a tre\u0302n gia\u0309 \u0111i\u0323nh: \u0111\u00e2\u0300u tu\u031b va\u0300 ti\u00ea\u0301t ki\u1eb9\u0302m \u0111\u00ea\u0300u phu\u0323 thu\u1ecd\u0302c va\u0300o la\u0303i su\u00e2\u0301t, trong \u0111o\u0301:<\/p>\n

– La\u0303i su\u00e2\u0301t cao la\u0300m ta\u0306ng ti\u00ea\u0301t ki\u1eb9\u0302m (s\u01b0\u0323 phu\u0323 thu\u1ecd\u0302c \u0111\u00f4\u0300ng bi\u00ea\u0301n). Ngoa\u0300i ra ti\u00ea\u0301t ki\u1eb9\u0302m cu\u0303ng phu\u0323 thu\u1ecd\u0302c va\u0300o thu nh\u1ea1\u0302p.<\/p>\n

– \u0110\u00e2\u0300u tu\u031b phu\u0323 thu\u1ecd\u0302c nghi\u0323ch bi\u00ea\u0301n va\u0300o la\u0303i su\u00e2\u0301t. (M\u1ecd\u0302t s\u00f4\u0301 \u0111\u00e2\u0300u tu\u031b cu\u0309a chi\u0301nh phu\u0309 v\u01a1\u0301i mu\u0323c tie\u0302u phu\u0301c l\u01a1\u0323i co\u0302ng c\u1ecd\u0302ng kho\u0302ng \u0111u\u031b\u01a1\u0323c xem xe\u0301t trong l\u00ed thuy\u1ebft<\/span> na\u0300y).<\/p>\n

McKinnon cu\u0303ng chi\u0309 ra r\u0103\u0300ng ta\u0323i h\u00e2\u0300u h\u00ea\u0301t ca\u0301c nu\u031b\u01a1\u0301c \u0111ang pha\u0301t tri\u00ea\u0309n, Chi\u0301nh phu\u0309 thu\u031b\u01a1\u0300ng thi\u0301ch can thi\u1eb9\u0302p va\u0300o h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh nu\u031b\u01a1\u0301c \u0111o\u0301 nh\u0103\u0300m gi\u01b0\u0303 m\u1ecd\u0302t m\u01b0\u0301c la\u0303i su\u00e2\u0301t th\u01b0\u0323c th\u00e2\u0301p ho\u031bn m\u01b0\u0301c ca\u0323nh tranh, la\u0300m cho h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh bi\u0323 ki\u0300m ha\u0303m va\u0300 kho\u0302ng pha\u0301t tri\u00ea\u0309n \u0111u\u031b\u01a1\u0323c.\u00a0<\/p>\n

Khi la\u0303i su\u00e2\u0301t bi\u0323 ki\u0300m ha\u0303m \u01a1\u0309 du\u031b\u01a1\u0301i m\u01b0\u0301c ca\u0302n b\u0103\u0300ng thi\u0300 se\u0303 kho\u0302ng co\u0301 s\u01b0\u0323 pha\u0302n b\u00f4\u0309 ngu\u00f4\u0300n l\u01b0\u0323c, vi\u0300 m\u1ecd\u0302t s\u00f4\u0301 d\u01b0\u0323 a\u0301n sinh l\u01a1\u0323i nhi\u00ea\u0300u ho\u031bn co\u0301 th\u00ea\u0309 kho\u0302ng nh\u1ea1\u0302n \u0111u\u031b\u01a1\u0323c v\u00f4\u0301n \u0111\u00e2\u0300u tu\u031b la\u0300m hi\u1eb9\u0302u qua\u0309 trung bi\u0300nh cu\u0309a \u0111\u00e2\u0300u tu\u031b gia\u0309m su\u0301t.\u00a0<\/p>\n

Nhu\u031b v\u1ea1\u0302y, n\u00ea\u0300n kinh t\u00ea\u0301 se\u0303 \u0111a\u0323t m\u01b0\u0301c ta\u0306ng tru\u031b\u01a1\u0309ng ch\u1ea1\u0302m ho\u031bn ca\u0301c k\u00ea\u0301t qua\u0309 \u0111a\u0323t \u0111u\u031b\u01a1\u0323c khi tha\u0301o bo\u0309 m\u1ecd\u0302t ph\u00e2\u0300n vi\u1eb9\u0302c ki\u00ea\u0309m soa\u0301t la\u0303i su\u00e2\u0301t.<\/p>\n

L\u00ed gia\u0309i cho vi\u1eb9\u0302c gi\u01b0\u0303 la\u0303i su\u00e2\u0301t \u01a1\u0309 du\u031b\u01a1\u0301i m\u01b0\u0301c ca\u0302n b\u0103\u0300ng, chi\u0301nh phu\u0309 ca\u0301c nu\u031b\u01a1\u0301c na\u0300y thu\u031b\u01a1\u0300ng cho r\u0103\u0300ng \u0111i\u00ea\u0300u na\u0300y se\u0303 ca\u0309i thi\u1eb9\u0302n \u0111u\u031b\u01a1\u0323c \u0111\u00e2\u0300u tu\u031b vi\u0300 ca\u0301c d\u01b0\u0323 a\u0301n se\u0303 d\u00ea\u0303 sinh l\u01a1\u0323i ho\u031bn nhu\u031bng ca\u0301c pha\u0302n ti\u0301ch cu\u0309a l\u00ed thuy\u1ebft<\/span> McKinnon ch\u01b0\u0301ng minh r\u0103\u0300ng khi h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh bi\u0323 ki\u0300m ha\u0303m (financial repression) \u0111\u00e2\u0300u tu\u031b se\u0303 gia\u0309m va\u0300 s\u01b0\u0323 can thi\u1eb9\u0302p cu\u0309a chi\u0301nh phu\u0309 thu\u031b\u01a1\u0300ng kho\u0302ng mang la\u0323i hi\u1eb9\u0302u qua\u0309 kinh t\u00ea\u0301.\u00a0<\/p>\n

Tre\u0302n co\u031b s\u01a1\u0309 \u0111o\u0301, McKinnon khuy\u00ea\u0301n nghi\u0323 Chi\u0301nh phu\u0309 \u01a1\u0309 ca\u0301c nu\u031b\u01a1\u0301c \u0111ang pha\u0301t tri\u00ea\u0309n kho\u0302ng ne\u0302n can thi\u1eb9\u0302p va\u0300o h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh cu\u0309a nu\u031b\u01a1\u0301c ho\u0323 va\u0300 ne\u0302n \u0111\u00ea\u0309 cho chu\u0301ng hoa\u0323t \u0111\u1ecd\u0302ng theo qui lu\u1ea1\u0302t thi\u0323 tru\u031b\u01a1\u0300ng hay no\u0301i ca\u0301ch kha\u0301c la\u0300 ne\u0302n \u0111\u00ea\u0309 cho h\u1eb9\u0302 th\u00f4\u0301ng ta\u0300i chi\u0301nh t\u01b0\u0323 do (financial liberalization).<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: M\u1ed9t s\u1ed1 l\u00ed thuy\u1ebft v\u1ec1 t\u1ef1 do ho\u00e1 t\u00e0i ch\u00ednh trong h\u1ed9i nh\u1eadp qu\u1ed1c t\u1ebf v\u1ec1 ng\u00e2n h\u00e0ng, Trung t\u00e2m B\u1ed3i d\u01b0\u1ee1ng \u0110\u1ea1i bi\u1ec3u D\u00e2n c\u1eed)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Tr\u1ecdng t\u00e2m c\u1ee7a l\u00ed thuy\u1ebft n\u00e0y l\u00e0 ch\u00ednh ph\u1ee7 kh\u00f4ng n\u00ean can thi\u1ec7p v\u00e0o h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh m\u00e0 \u0111\u1ec3 ch\u00fang v\u1eadn \u0111\u1ed9ng tr\u00ean c\u01a1 s\u1edf th\u1ecb tr\u01b0\u1eddng t\u1ef1 do. Nh\u01b0 v\u1eady nguy\u00ean t\u1eafc hi\u1ec7u qu\u1ea3 s\u1ebd \u0111\u01b0\u1ee3c t\u00f4n tr\u1ecdng v\u00e0 ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh s\u1ebd \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 m\u1ed9t c\u00e1ch t\u1ed1t nh\u1ea5t.\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\/9528"}],"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=9528"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/9528\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=9528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=9528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=9528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}