{"id":6080,"date":"2020-05-22T16:41:55","date_gmt":"2020-05-22T09:41:55","guid":{"rendered":"http:\/\/se.dotv.vn\/?p=6080"},"modified":"2021-06-02T05:53:19","modified_gmt":"2021-06-01T22:53:19","slug":"covid19-tien-te-hoa-tham-hut-ngan-sach","status":"publish","type":"post","link":"https:\/\/se.dotv.vn\/vi\/covid19-tien-te-hoa-tham-hut-ngan-sach\/","title":{"rendered":"COVID-19 v\u00e0 Ti\u1ec1n t\u1ec7 h\u00f3a th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch"},"content":{"rendered":"

COVID-19 VA\u0300 TI\u00ca\u0300N T\u00ca\u0323 HO\u0301A TH\u00c2M HU\u0323T NG\u00c2N SA\u0301CH<\/strong><\/p>\n

Ch\u00e2u V\u0103n Tha\u0300nh<\/a><\/p>\n

Gia\u0309ng vi\u00ean Khoa Kinh t\u00ea\u0301, Tr\u01b0\u01a1\u0300ng \u0110a\u0323i ho\u0323c Kinh t\u00ea\u0301 TP. HCM, email: thanhcv@dotv.vn.<\/p>\n

Ba\u0300i vi\u00ea\u0301t nga\u0300y 22\/05\/2020<\/a> (T\u1ea3i v\u1ec1<\/a>).<\/p>\n

\u01a0\u0309 nhi\u00ea\u0300u qu\u00f4\u0301c gia, chi\u0301nh phu\u0309 \u0111ang xoay s\u01a1\u0309 \u01b0\u0301ng pho\u0301 tr\u01b0\u01a1\u0301c k\u00ea\u0301t cu\u0323c kinh t\u00ea\u0301 t\u00ea\u0323 ha\u0323i do \u0111a\u0323i di\u0323ch COVID-19 g\u00e2y ra th\u00f4ng qua ca\u0301c ch\u01b0\u01a1ng tri\u0300nh h\u00f4\u0303 tr\u01a1\u0323 ta\u0300i kho\u0301a kh\u00f4\u0309ng l\u00f4\u0300. Th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch va\u0300 n\u01a1\u0323 c\u00f4ng t\u0103ng cao la\u0300 \u0111i\u00ea\u0300u kh\u00f4ng th\u00ea\u0309 tra\u0301nh kho\u0309i. Trong khi \u0111o\u0301, ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng cu\u0303ng \u0111ang th\u01b0\u0323c hi\u00ea\u0323n song ha\u0300nh b\u0103\u0300ng ca\u0301ch mua m\u00f4\u0323t l\u01b0\u01a1\u0323ng l\u01a1\u0301n ch\u01b0\u0301ng khoa\u0301n chi\u0301nh phu\u0309, va\u0300 th\u00e2\u0323m chi\u0301 mua ca\u0309 ch\u01b0\u0301ng khoa\u0301n khu v\u01b0\u0323c t\u01b0 nh\u00e2n nh\u01b0 \u01a1\u0309 Hoa Ky\u0300. Nhi\u00ea\u0300u l\u00e2\u0323p lu\u00e2\u0323n cho r\u0103\u0300ng \u0111\u00e2y la\u0300 bi\u00ea\u0309u hi\u00ea\u0323n cu\u0309a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch \u0111\u01b0\u01a1\u0323c ta\u0300i tr\u01a1\u0323 b\u0103\u0300ng ti\u00ea\u0300n<\/em> hay co\u0300n go\u0323i la\u0300 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/em>. T\u01b0\u0300 \u0111o\u0301, suy lu\u00e2\u0323n ra tha\u0300nh nhi\u00ea\u0300u k\u00ea\u0301t lu\u00e2\u0323n v\u00ea\u0300 ca\u0301c ta\u0301c \u0111\u00f4\u0323ng chi\u0301nh sa\u0301ch ke\u0301o theo. \u0110\u00ea\u0309 hi\u00ea\u0309u \u0111\u01b0\u01a1\u0323c v\u00e2\u0301n \u0111\u00ea\u0300 kinh t\u00ea\u0301 vi\u0303 m\u00f4 ph\u01b0\u0301c ta\u0323p na\u0300y, chu\u0301ng ta ha\u0303y b\u0103\u0301t \u0111\u00e2\u0300u b\u0103\u0300ng ca\u0301ch la\u0300m ro\u0303 ca\u0301c kha\u0301i ni\u00ea\u0323m va\u0300 c\u01a1 ch\u00ea\u0301 v\u00e2\u0323n ha\u0300nh cu\u0309a ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch la\u0300 gi\u0300 va\u0300 ha\u0300nh \u0111\u00f4\u0323ng chi\u0301nh sa\u0301ch na\u0300y di\u00ea\u0303n ra nh\u01b0 th\u00ea\u0301 na\u0300o.<\/p>\n

Th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch chi\u0301nh phu\u0309 va\u0300 h\u00ea\u0323 qua\u0309<\/strong><\/p>\n

Th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch khi chi ti\u00eau cu\u0309a chi\u0301nh phu\u0309 l\u01a1\u0301n h\u01a1n thu nh\u00e2\u0323p va\u0300 la\u0300 m\u00f4\u0323t trong nh\u01b0\u0303ng chi\u0309 ba\u0301o v\u00ea\u0300 s\u01b0\u0301c kho\u0309e ta\u0300i kho\u0301a cu\u0309a m\u00f4\u0323t qu\u00f4\u0301c gia. Th\u00e2m hu\u0323t ti\u0301ch lu\u0303y theo th\u01a1\u0300i gian se\u0303 la\u0300m gia t\u0103ng ga\u0301nh n\u0103\u0323ng n\u01a1\u0323 qu\u00f4\u0301c gia. Kinh t\u00ea\u0301 ho\u0323c vi\u0303 m\u00f4 truy\u00ea\u0300n th\u00f4\u0301ng cho r\u0103\u0300ng ca\u0301c nha\u0300 kinh t\u00ea\u0301 ho\u0323c quan t\u00e2m \u0111\u00ea\u0301n th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch b\u01a1\u0309i vi\u0300 no\u0301 co\u0301 th\u00ea\u0309 la\u0300m t\u0103ng la\u0303i su\u00e2\u0301t va\u0300 \u201cl\u00e2\u0301n a\u0301t\u201d \u0111\u00e2\u0300u t\u01b0 t\u01b0 nh\u00e2n (co\u0300n \u0111\u01b0\u01a1\u0323c bi\u00ea\u0301t \u0111\u00ea\u0301n v\u01a1\u0301i t\u00ean go\u0323i \u201ccrowding out effect\u201d).<\/p>\n

B\u00ean ca\u0323nh \u0111o\u0301, th\u01b0\u0323c t\u00ea\u0301 cho th\u00e2\u0301y th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch chi\u0301nh phu\u0309 l\u01a1\u0301n va\u0300 ke\u0301o da\u0300i la\u0300 nguy\u00ean nh\u00e2n c\u00f4\u0323i r\u00ea\u0303 cu\u0309a la\u0323m pha\u0301t cao \u01a1\u0309 nhi\u00ea\u0300u qu\u00f4\u0301c gia. Th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch l\u01a1\u0301n ta\u0323o s\u01b0\u0301c e\u0301p ca\u0309 kinh t\u00ea\u0301 va\u0300 chi\u0301nh tri\u0323 \u0111\u00ea\u0309 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a m\u00f4\u0323t ph\u00e2\u0300n s\u00f4\u0301 n\u01a1\u0323 na\u0300y, \u0111o\u0301 la\u0300 vi\u00ea\u0323c ta\u0323o ra nhi\u00ea\u0300u ti\u00ea\u0300n h\u01a1n m\u01b0\u0301c c\u00e2\u0300u ti\u00ea\u0300n c\u00e2\u0300n thi\u00ea\u0301t \u0111a\u0301p \u01b0\u0301ng cho t\u0103ng tr\u01b0\u01a1\u0309ng th\u01b0\u0323c. T\u0103ng tr\u01b0\u01a1\u0309ng ti\u00ea\u0300n cao h\u01a1n co\u0301 th\u00ea\u0309 chuy\u00ea\u0309n tha\u0300nh la\u0323m pha\u0301t cao h\u01a1n trong t\u01b0\u01a1ng lai.<\/p>\n

Ca\u0301c quan t\u00e2m na\u0300y co\u0301 th\u01b0\u0323c s\u01b0\u0323 xa\u0309y ra kh\u00f4ng? Th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch l\u01a1\u0301n co\u0301 nh\u00e2\u0301t thi\u00ea\u0301t ke\u0301o theo t\u0103ng tr\u01b0\u01a1\u0309ng ti\u00ea\u0300n cao h\u01a1n va\u0300 ta\u0323o ra la\u0323m pha\u0301t hay kh\u00f4ng?<\/em> Tr\u01b0\u01a1\u0301c ti\u00ean, chu\u0301ng ta c\u00e2\u0300n \u0111i\u0323nh nghi\u0303a ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/em> co\u0301 nghi\u0303a la\u0300 gi\u0300? C\u01a1 ch\u00ea\u0301 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/em> hay ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a n\u01a1\u0323 chi\u0301nh phu\u0309<\/em> di\u00ea\u0303n ra nh\u01b0 th\u00ea\u0301 na\u0300o v\u00ea\u0300 ly\u0301 thuy\u00ea\u0301t va\u0300 th\u01b0\u0323c ti\u00ea\u0303n?<\/p>\n

Ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch co\u0301 nghi\u0303a la\u0300 gi\u0300?<\/strong><\/p>\n

Ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng v\u01a1\u0301i vai tro\u0300 v\u00e2\u0323n ha\u0300nh chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 th\u00f4ng qua nhi\u00ea\u0300u c\u00f4ng cu\u0323 chi\u0301nh sa\u0301ch; trong \u0111o\u0301 co\u0301 vi\u00ea\u0323c tham gia mua va\u0300 ba\u0301n tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309 va\u0300 ca\u0301c ch\u01b0\u0301ng khoa\u0301n kha\u0301c tr\u00ean thi\u0323 tr\u01b0\u01a1\u0300ng m\u01a1\u0309 nh\u0103\u0300m ba\u0309o \u0111a\u0309m n\u00ea\u0300n kinh t\u00ea\u0301 co\u0301 \u0111u\u0309 thanh khoa\u0309n va\u0300 \u0111a\u0323t \u0111\u01b0\u01a1\u0323c ca\u0301c mu\u0323c ti\u00eau chi\u0301nh sa\u0301ch \u0111\u0103\u0323t ra h\u01b0\u01a1\u0301ng \u0111\u00ea\u0301n bi\u0300nh \u00f4\u0309n kinh t\u00ea\u0301 vi\u0303 m\u00f4. V\u00e2\u0301n \u0111\u00ea\u0300 c\u00e2\u0300n nh\u01a1\u0301 la\u0300 khi ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng mua tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309, kh\u00f4ng co\u0301 nghi\u0303a la\u0300 c\u01a1 quan na\u0300y \u0111ang ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a ca\u0301c khoa\u0309n n\u01a1\u0323 chi\u0301nh phu\u0309 pha\u0301t ha\u0300nh<\/em>. H\u01a1n n\u01b0\u0303a, khi no\u0301i \u0111\u00ea\u0301n vi\u00ea\u0323c ng\u00e2n ha\u0300ng ta\u0323o ra ti\u00ea\u0300n (create money), chu\u0301ng ta c\u00e2\u0300n ph\u00e2n bi\u00ea\u0323t ro\u0303 v\u01a1\u0301i vi\u00ea\u0323c in ti\u00ea\u0300n xu hay ti\u00ea\u0300n gi\u00e2\u0301y<\/em>. Th\u01b0\u0323c ch\u00e2\u0301t, ca\u0301c ng\u00e2n ha\u0300ng kh\u00f4ng in ti\u00ea\u0300n ma\u0300 go\u0301p ph\u00e2\u0300n ta\u0323o ti\u00ea\u0300n theo nghi\u0303a thay \u0111\u00f4\u0309i kh\u00f4\u0301i ti\u00ea\u0300n hay cung ti\u00ea\u0300n (money stock, money supply, ky\u0301 hi\u00ea\u0323u la\u0300 M trong ca\u0301c gia\u0301o tri\u0300nh kinh t\u00ea\u0301 ho\u0323c). Ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ki\u00ea\u0309m soa\u0301t kh\u00f4\u0301i ti\u00ea\u0300n hay cung ti\u00ea\u0300n (M) th\u00f4ng qua ca\u0301c c\u00f4ng cu\u0323 c\u01a1 ba\u0309n, nh\u01b0 ty\u0309 l\u00ea\u0323 d\u01b0\u0323 tr\u01b0\u0303 b\u0103\u0301t bu\u00f4\u0323c, la\u0303i su\u00e2\u0301t chi\u00ea\u0301t kh\u00e2\u0301u va\u0300 nghi\u00ea\u0323p vu\u0323 thi\u0323 tr\u01b0\u01a1\u0300ng m\u01a1\u0309 (OMO). Nh\u01a1\u0301 r\u0103\u0300ng, kha\u0301i ni\u00ea\u0323m kh\u00f4\u0301i ti\u00ea\u0300n (M) hoa\u0300n toa\u0300n kha\u0301c v\u01a1\u0301i s\u00f4\u0301 l\u01b0\u01a1\u0323ng cu\u0309a m\u00f4\u0323t da\u0323ng ti\u00ea\u0300n t\u00ea\u0323 (currency) ma\u0300 m\u00f4\u0323t qu\u00f4\u0301c gia pha\u0301t ha\u0300nh.<\/p>\n

Ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/em> (The monetization of fiscal deficits) nghi\u0303a la\u0300 khi chi ti\u00eau ng\u00e2n sa\u0301ch v\u01b0\u01a1\u0323t doanh thu, khoa\u0309n chi ti\u00eau v\u01b0\u01a1\u0323t na\u0300y \u0111\u01b0\u01a1\u0323c ta\u0300i tr\u01a1\u0323 b\u0103\u0300ng ti\u00ea\u0300n thay vi\u0300 khoa\u0309n n\u01a1\u0323 na\u0300y pha\u0309i \u0111\u01b0\u01a1\u0323c hoa\u0300n tra\u0309 trong t\u01b0\u01a1ng lai. \u0110\u00e2y la\u0300 m\u00f4\u0323t da\u0323ng ta\u0300i tr\u01a1\u0323 phi n\u01a1\u0323 (non-debt financing) hay ta\u0300i tr\u01a1\u0323 cho ph\u00e2\u0300n thi\u00ea\u0301u hu\u0323t cu\u0309a chi ti\u00eau ma\u0300 kh\u00f4ng la\u0300m gia t\u0103ng n\u01a1\u0323. V\u00ea\u0300 nguy\u00ean t\u0103\u0301c, vi\u00ea\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch co\u0301 th\u00ea\u0309 \u0111\u01b0\u01a1\u0323c th\u01b0\u0323c hi\u00ea\u0323n th\u00f4ng qua m\u00f4\u0323t trong hai ca\u0301ch sau \u0111\u00e2y:<\/p>\n

Ca\u0301ch th\u01b0\u0301 nh\u00e2\u0301t \u2013 tr\u01b0\u0323c ti\u00ea\u0301p: chi\u0301nh phu\u0309 in ti\u00ea\u0300n va\u0300 ta\u0300i tr\u01a1\u0323 cho chi ti\u00eau cu\u0309a mi\u0300nh<\/em>. Trong th\u01b0\u0323c t\u00ea\u0301, ca\u0301ch la\u0300m na\u0300y xa\u0309y ra khi th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch \u0111\u01b0\u01a1\u0323c ta\u0300i tr\u01a1\u0323 b\u0103\u0300ng s\u00f4\u0301 ti\u00ea\u0300n m\u01a1\u0301i (newly created money) do ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ta\u0323o ra, s\u00f4\u0301 ti\u00ea\u0300n na\u0300y \u0111\u01b0\u01a1\u0323c chuy\u00ea\u0309n cho kho ba\u0323c nha\u0300 n\u01b0\u01a1\u0301c va\u0300 chi\u0301nh phu\u0309 kh\u00f4ng co\u0301 nghi\u0303a vu\u0323 hoa\u0300n tra\u0309 trong t\u01b0\u01a1ng lai. Khoa\u0309n n\u01a1\u0323 na\u0300y ro\u0303 ra\u0300ng la\u0300 co\u0301 ngu\u00f4\u0300n g\u00f4\u0301c n\u00ea\u0301u nh\u01b0 kho ba\u0323c vay ti\u00ea\u0300n t\u01b0\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng; nh\u01b0ng khoa\u0309n na\u0300y th\u01b0\u0323c ch\u00e2\u0301t chi\u0301nh la\u0300 vi\u00ea\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a va\u0300 la\u0300 \u0111\u00ea\u0309 h\u00f4\u0303 tr\u01a1\u0323 ta\u0323m th\u01a1\u0300i cho nhu c\u00e2\u0300u ti\u00ea\u0300n m\u0103\u0323t cu\u0309a kho ba\u0323c.<\/p>\n

Ca\u0301ch th\u01b0\u0301 hai \u2013 gia\u0301n ti\u00ea\u0301p: th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch \u0111\u01b0\u01a1\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a khi chi\u0301nh phu\u0309 pha\u0301t ha\u0300nh tra\u0301i phi\u00ea\u0301u tr\u00ean thi\u0323 tr\u01b0\u01a1\u0300ng th\u01b0\u0301 c\u00e2\u0301p (primary market) va\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng mua m\u00f4\u0323t l\u01b0\u01a1\u0323ng tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng t\u01b0\u0300 thi\u0323 tr\u01b0\u01a1\u0300ng th\u01b0\u0301 c\u00e2\u0301p (secondary market)<\/em>. Tuy nhi\u00ean, \u0111\u00ea\u0309 co\u0301 ta\u0301c \u0111\u00f4\u0323ng t\u01b0\u01a1ng t\u01b0\u0323 nh\u01b0 ca\u0301ch th\u01b0\u0301 nh\u00e2\u0301t, ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng pha\u0309i cam k\u00ea\u0301t ca\u0301c ha\u0300nh \u0111\u00f4\u0323ng sau: (1) n\u0103\u0301m gi\u01b0\u0303 tra\u0301i phi\u00ea\u0301u \u0111a\u0303 mua vi\u0303nh vi\u00ea\u0303n, (2) gia ha\u0323n th\u01a1\u0300i gian \u0111a\u0301o ha\u0323n t\u00e2\u0301t ca\u0309 tra\u0301i phi\u00ea\u0301u \u0111a\u0303 mua khi chu\u0301ng \u0111\u00ea\u0301n ha\u0323n , va\u0300 (3) hoa\u0300n la\u0323i cho chi\u0301nh phu\u0309 ca\u0301c l\u01a1\u0323i i\u0301ch thu \u0111\u01b0\u01a1\u0323c t\u01b0\u0300 tra\u0301i phi\u00ea\u0301u \u0111a\u0303 mua.<\/p>\n

N\u00ea\u0301u nh\u01b0\u0303ng cam k\u00ea\u0301t trong ca\u0301ch th\u01b0\u0301 hai kh\u00f4ng \u0111\u01b0\u01a1\u0323c tu\u00e2n thu\u0309 \u0111u\u0301ng thi\u0300 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a se\u0303 m\u00e2\u0301t hi\u00ea\u0323u l\u01b0\u0323c. Ph\u01b0\u01a1ng ca\u0301ch th\u01b0\u0301 hai se\u0303 kh\u00f4ng co\u0300n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ca\u0301ch th\u01b0\u0301 nh\u00e2\u0301t va\u0300 se\u0303 kh\u00f4ng co\u0300n \u0111\u01b0\u01a1\u0323c xem nh\u01b0 \u201cti\u00ea\u0300n t\u00ea\u0323 ho\u0301a\u201d n\u01b0\u0303a.<\/p>\n

\u01a0\u0309 ca\u0301ch th\u01b0\u0301 nh\u00e2\u0301t, khoa\u0309n chi ti\u00eau v\u01b0\u01a1\u0323t thu nh\u00e2\u0323p cu\u0309a chi\u0301nh phu\u0309 (hay th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch) \u0111\u01b0\u01a1\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a ngay t\u01b0\u0301c thi\u0300, tr\u01b0\u0323c ti\u00ea\u0301p, va\u0300 n\u00ea\u0301u ke\u0301o da\u0300i se\u0303 kh\u00f4ng ta\u0323o ra n\u01a1\u0323 m\u01a1\u0301i, \u0111\u00f4\u0300ng th\u01a1\u0300i ca\u0301c ra\u0300ng bu\u00f4\u0323c ng\u00e2n sa\u0301ch chi\u0301nh phu\u0309 duy tri\u0300 kh\u00f4ng thay \u0111\u00f4\u0309i. \u01a0\u0309 ca\u0301ch th\u01b0\u0301 hai, ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch co\u0301 ti\u0301nh gia\u0301n ti\u00ea\u0301p: th\u00f4ng qua ph\u00f4\u0301i h\u01a1\u0323p ha\u0300nh \u0111\u00f4\u0323ng va\u0300 ba cam k\u00ea\u0301t cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng, khoa\u0309n n\u01a1\u0323 \u0111\u01b0\u01a1\u0323c mua thi\u0300 \u0111\u01b0\u01a1\u0323c \u0111\u01b0a ra kho\u0309i danh mu\u0323c ca\u0301c nghi\u0303a vu\u0323 n\u01a1\u0323 t\u01b0\u01a1ng lai cu\u0309a chi\u0301nh phu\u0309. Ca\u0301ch la\u0300m na\u0300y gia\u0309i to\u0309a \u0111\u01b0\u01a1\u0323c ra\u0300ng bu\u00f4\u0323c ng\u00e2n sa\u0301ch chi\u0301nh phu\u0309 va\u0300 cho phe\u0301p chi\u0301nh phu\u0309 ta\u0300i tr\u01a1\u0323 m\u01b0\u0301c th\u00e2m hu\u0323t t\u01b0\u01a1ng \u0111\u01b0\u01a1ng b\u0103\u0300ng vi\u00ea\u0323c pha\u0301t ha\u0300nh n\u01a1\u0323 m\u01a1\u0301i va\u0300 kh\u00f4ng la\u0300m thay \u0111\u00f4\u0309i ti\u0300nh tra\u0323ng t\u00f4\u0309ng n\u01a1\u0323 cu\u0309a mi\u0300nh.<\/p>\n

V\u00ea\u0300 nguy\u00ean t\u0103\u0301c, khoa\u0309n n\u01a1\u0323 \u0111\u01b0\u01a1\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a co\u0301 th\u00ea\u0309 \u0111\u01b0\u01a1\u0323c xo\u0301a trong th\u01b0\u0323c t\u00ea\u0301 va\u0300 \u0111\u01b0\u01a1\u0323c chuy\u00ea\u0309n ra kho\u0309i danh mu\u0323c nghi\u0303a vu\u0323 ta\u0300i chi\u0301nh cu\u0309a chi\u0301nh phu\u0309 trong t\u01b0\u01a1ng lai khi ca\u0301c cam k\u00ea\u0301t cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng co\u0301 hi\u00ea\u0323u l\u01b0\u0323c, ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng se\u0303 kh\u00f4ng bao gi\u01a1\u0300 giao di\u0323ch ca\u0301c khoa\u0309n n\u01a1\u0323 \u0111\u01b0\u01a1\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a hay ca\u0301c hi\u0300nh th\u01b0\u0301c gia\u0301 tri\u0323 kha\u0301c va\u0300o b\u00e2\u0301t ky\u0300 th\u01a1\u0300i \u0111i\u00ea\u0309m na\u0300o trong t\u01b0\u01a1ng lai. Theo ca\u0301ch na\u0300y thi\u0300 khoa\u0309n n\u01a1\u0323 \u0111\u01b0\u01a1\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a duy tri\u0300 nh\u01b0 m\u00f4\u0323t ta\u0300i sa\u0309n a\u0309o<\/em> (fictitious asset) trong ba\u0309ng c\u00e2n \u0111\u00f4\u0301i ta\u0300i sa\u0309n cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng va\u0300 t\u01b0\u01a1ng \u01b0\u0301ng \u0111o\u0301 la\u0300 m\u00f4\u0323t khoa\u0309n n\u01a1\u0323 a\u0309o<\/em> (fictitious liability) trong ng\u00e2n sa\u0301ch ta\u0300i kho\u0301a khi ma\u0300 chi\u0301nh phu\u0309 kh\u00f4ng co\u0300n pha\u0309i chi\u0323u b\u00e2\u0301t ky\u0300 nghi\u0303a vu\u0323 pha\u0309i tra\u0309 n\u01a1\u0323 th\u01b0\u0323c t\u00ea\u0301 trong t\u01b0\u01a1ng lai.<\/p>\n

Do v\u00e2\u0323y, n\u00ea\u0301u ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a \u0111\u01b0\u01a1\u0323c tri\u00ea\u0309n khai m\u00f4\u0323t ca\u0301ch phu\u0300 h\u01a1\u0323p theo ca\u0301c ph\u01b0\u01a1ng ca\u0301ch tha\u0309o lu\u00e2\u0323n tr\u00ean se\u0303 gia\u0309i to\u0309a ra\u0300ng bu\u00f4\u0323c ng\u00e2n sa\u0301ch chi\u0301nh phu\u0309 m\u00f4\u0323t ca\u0301ch l\u00e2u da\u0300i, vi\u0300 th\u00ea\u0301 no\u0301 ba\u0309o t\u00f4\u0300n kh\u00f4ng gian ta\u0300i kho\u0301a cu\u0309a chi\u0301nh phu\u0309 hay cung c\u00e2\u0301p cho chi\u0301nh phu\u0309 kh\u00f4ng gian ta\u0300i kho\u0301a l\u01a1\u0301n h\u01a1n, nh\u00e2\u0301t la\u0300 khi khu v\u01b0\u0323c c\u00f4ng \u0111ang th\u01b0\u0323c s\u01b0\u0323 chi\u0323u ga\u0301nh n\u0103\u0323ng n\u01a1\u0323 qua\u0301 l\u01a1\u0301n. V\u00e2\u0301n \u0111\u00ea\u0300 la\u0300 nga\u0300y nay r\u00e2\u0301t nhi\u00ea\u0300u qu\u00f4\u0301c gia kh\u00f4ng co\u0300n th\u01b0\u0323c hi\u00ea\u0323n hai ph\u01b0\u01a1ng ca\u0301ch thu\u00e2\u0300n tu\u0301y na\u0300y n\u01b0\u0303a<\/em>.<\/p>\n

C\u01a1 ch\u00ea\u0301 kinh t\u00ea\u0301 ho\u0323c cu\u0309a ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/strong><\/p>\n

Nh\u01b0 chu\u0301ng ta \u0111a\u0303 bi\u00ea\u0301t, th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch khi chi\u0301nh phu\u0309 chi ti\u00eau nhi\u00ea\u0300u h\u01a1n thu nh\u00e2\u0323p. \u0110\u00ea\u0309 co\u0301 \u0111\u01b0\u01a1\u0323c ngu\u00f4\u0300n c\u00e2\u0300n thi\u00ea\u0301t nh\u0103\u0300m trang tra\u0309i cho th\u00e2m hu\u0323t na\u0300y, b\u00f4\u0323 ta\u0300i chi\u0301nh pha\u0309i \u0111i vay<\/em> \u2013 co\u0301 nghi\u0303a la\u0300 ba\u0301n ra tra\u0301i phi\u00ea\u0301u. Do v\u00e2\u0323y, th\u00e2m hu\u0323t la\u0300m gia t\u0103ng n\u01a1\u0323 hi\u00ea\u0323n ha\u0300nh cu\u0309a chi\u0301nh phu\u0309. Ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng mua tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309<\/em> \u2013 qua nghi\u00ea\u0323p vu\u0323 mua<\/em> tr\u00ean thi\u0323 tr\u01b0\u01a1\u0300ng m\u01a1\u0309 (nh\u01a1\u0301 r\u0103\u0300ng ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng co\u0301 th\u00ea\u0309 ta\u0323o ra d\u01b0\u0323 tr\u01b0\u0303 m\u01a1\u0301i t\u01b0\u0300 vi\u00ea\u0323c mua b\u00e2\u0301t ky\u0300 ta\u0300i sa\u0309n na\u0300o t\u01b0\u0300 c\u00f4ng chu\u0301ng, ch\u01b0\u0301 kh\u00f4ng chi\u0309 la\u0300 mua tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309, nh\u01b0ng th\u01b0\u0323c t\u00ea\u0301 thi\u0300 mua tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309 la\u0300 ph\u00f4\u0309 bi\u00ea\u0301n); ho\u0103\u0323c la\u0300 b\u0103\u0300ng ca\u0301ch mua tr\u01b0\u0323c ti\u00ea\u0301p t\u01b0\u0300 kho ba\u0323c chi\u0301nh phu\u0309 (ca\u0301ch th\u01b0\u0301 nh\u00e2\u0301t) hay mua t\u01b0\u0300 thi\u0323 tr\u01b0\u01a1\u0300ng ta\u0300i chi\u0301nh t\u01b0 nh\u00e2n (ca\u0301ch th\u01b0\u0301 hai).<\/p>\n

Du\u0300 la\u0300 qua k\u00eanh na\u0300o, thi\u0300 nghi\u00ea\u0323p vu\u0323 mua tr\u00ean thi\u0323 tr\u01b0\u01a1\u0300ng m\u01a1\u0309 \u0111\u00ea\u0300u ta\u0323o ra l\u01b0\u01a1\u0323ng ti\u00ea\u0300n<\/em> (currency) va\u0300 d\u01b0\u0323 tr\u01b0\u0303 ng\u00e2n ha\u0300ng<\/em> (bank reserves, thu\u00e2\u0323t ng\u01b0\u0303 na\u0300y ha\u0300m y\u0301 no\u0301i \u0111\u00ea\u0301n ca\u0301c khoa\u0309n ti\u00ea\u0300n g\u01b0\u0309i (deposits) cu\u0309a ca\u0301c ng\u00e2n ha\u0300ng ta\u0323i ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng) t\u0103ng th\u00eam<\/em>. Ti\u00ea\u0300n t\u0103ng th\u00eam va\u0300 d\u01b0\u0323 tr\u01b0\u0303 t\u0103ng th\u00eam na\u0300y ngay t\u01b0\u0301c thi\u0300 se\u0303 la\u0300m t\u0103ng c\u01a1 s\u01a1\u0309 ti\u00ea\u0300n<\/em> (monetary base) va\u0300 cung c\u00e2\u0301p nhi\u00ea\u0300u thanh khoa\u0309n h\u01a1n cho h\u00ea\u0323 th\u00f4\u0301ng ng\u00e2n ha\u0300ng. Thanh khoa\u0309n m\u01a1\u0301i na\u0300y b\u00f4\u0309 sung va\u0300o kha\u0309 n\u0103ng cho vay ra cu\u0309a ca\u0301c ng\u00e2n ha\u0300ng th\u00f4ng qua m\u00f4\u0323t ti\u00ea\u0301n tri\u0300nh ph\u01b0\u0301c ta\u0323p cu\u0309a ta\u0301c \u0111\u00f4\u0323ng s\u00f4\u0301 nh\u00e2n ti\u00ea\u0300n<\/em> (money multiplier) va\u0300 k\u00ea\u0301t thu\u0301c b\u0103\u0300ng s\u01b0\u0323 gia t\u0103ng cung ti\u00ea\u0300n<\/em> (money supply) cu\u0309a n\u00ea\u0300n kinh t\u00ea\u0301, th\u00ea\u0309 hi\u00ea\u0323n qua kh\u00f4\u0301i ti\u00ea\u0300n M1<\/sub> va\u0300 ca\u0301c s\u00f4\u0301 \u0111o t\u00f4\u0309ng cung ti\u00ea\u0300n kha\u0301c<\/em> (monetary aggregates).<\/p>\n

C\u01a1 s\u01a1\u0309 ti\u00ea\u0300n (monetary base) bao g\u00f4\u0300m ti\u00ea\u0300n trong l\u01b0u th\u00f4ng (currency in circulation) hay ti\u00ea\u0300n trong tay cu\u0309a c\u00f4ng chu\u0301ng c\u00f4\u0323ng v\u01a1\u0301i ca\u0301c khoa\u0309n d\u01b0\u0323 tr\u01b0\u0303 ng\u00e2n ha\u0300ng (bank reserves).<\/pre>\n
M1<\/sub> bao g\u00f4\u0300m ti\u00ea\u0300n trong l\u01b0u th\u00f4ng (currency in circulation) hay ti\u00ea\u0300n trong tay c\u00f4ng chu\u0301ng va\u0300 ti\u00ea\u0300n g\u01b0\u0309i co\u0301 th\u00ea\u0309 vi\u00ea\u0301t se\u0301c hay ti\u00ea\u0300n g\u01b0\u0309i thanh toa\u0301n (demand deposits, checkable deposits)<\/pre>\n
\u01a0\u0309 ca\u0301c qu\u00f4\u0301c gia ma\u0300 h\u00ea\u0323 th\u00f4\u0301ng ta\u0300i chi\u0301nh ke\u0301m pha\u0301t tri\u00ea\u0309n, m\u00f4\u0301i quan h\u00ea\u0323 gi\u01b0\u0303a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch (budget deficits) va\u0300 ta\u0323o ti\u00ea\u0300n (money creation) co\u0301 ti\u0301nh tr\u01b0\u0323c ti\u00ea\u0301p. Vi\u0300 thi\u0323 tr\u01b0\u01a1\u0300ng ta\u0300i chi\u0301nh kh\u00f4ng th\u00ea\u0309 h\u00e2\u0301p thu \u0111\u00e2\u0300y \u0111u\u0309 ca\u0301c khoa\u0309n gia t\u0103ng n\u01a1\u0323 chi\u0301nh phu\u0309 li\u00ean tu\u0323c ti\u00ea\u0301p di\u00ea\u0303n, ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng bu\u00f4\u0323c pha\u0309i mua nhi\u00ea\u0300u h\u01a1n ca\u0301c khoa\u0309n n\u01a1\u0323 na\u0300y. Trong b\u00f4\u0301i ca\u0309nh nh\u01b0 v\u00e2\u0323y, th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch chi\u0301nh phu\u0309 t\u01b0\u0323 \u0111\u00f4\u0323ng ta\u0323o ra k\u00ea\u0301t qua\u0309 gia t\u0103ng c\u01a1 s\u01a1\u0309 ti\u00ea\u0300n va\u0300 ke\u0301o theo t\u0103ng cung ti\u00ea\u0300n (th\u01b0\u0323c t\u00ea\u0301 thi\u0300 ca\u0301c qu\u00f4\u0301c gia na\u0300y co\u0301 th\u00ea\u0309 ha\u0323n ch\u00ea\u0301 ta\u0301c \u0111\u00f4\u0323ng th\u00e2m hu\u0323t cu\u0309a ho\u0323 l\u00ean cung ti\u00ea\u0300n n\u00f4\u0323i \u0111i\u0323a b\u0103\u0300ng ca\u0301ch \u0111i vay b\u00ean ngoa\u0300i).<\/p>\n
\u0110\u00f4\u0301i v\u01a1\u0301i ca\u0301c qu\u00f4\u0301c gia c\u00f4ng nghi\u00ea\u0323p va\u0300 thi\u0323 tr\u01b0\u01a1\u0300ng ta\u0300i chi\u0301nh pha\u0301t tri\u00ea\u0309n, ca\u0301ch th\u01b0\u0301c di\u00ea\u0303n ra hoa\u0300n toa\u0300n kha\u0301c. Ca\u0301c khoa\u0309n n\u01a1\u0323 m\u01a1\u0301i cu\u0309a chi\u0301nh phu\u0309 \u0111\u01b0\u01a1\u0323c ba\u0301n \u0111\u00ea\u0301n khu v\u01b0\u0323c t\u01b0 nh\u00e2n thay vi\u0300 \u0111\u00ea\u0301n ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng. Ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng co\u0301 th\u00ea\u0309 mua m\u00f4\u0323t i\u0301t khoa\u0309n n\u01a1\u0323 na\u0300y nh\u01b0 la\u0300 m\u00f4\u0323t ph\u00e2\u0300n trong chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 cu\u0309a mi\u0300nh, nh\u01b0ng ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng kh\u00f4ng co\u0301 nghi\u0303a vu\u0323 pha\u0309i la\u0300m \u0111i\u00ea\u0300u \u0111o\u0301. Th\u01b0\u0323c t\u00ea\u0301 \u01a1\u0309 m\u00f4\u0323t s\u00f4\u0301 ca\u0301c qu\u00f4\u0301c gia, bao g\u00f4\u0300m ca\u0309 Hoa Ky\u0300, vi\u00ea\u0323c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng mua tr\u01b0\u0323c ti\u00ea\u0301p n\u01a1\u0323 t\u01b0\u0300 chi\u0301nh phu\u0309 la\u0300 phi pha\u0301p<\/em>, ngoa\u0323i tr\u01b0\u0300 trong nh\u01b0\u0303ng tr\u01b0\u01a1\u0300ng h\u01a1\u0323p kh\u00e2\u0309n c\u00e2\u0301p.<\/p>\n
To\u0301m la\u0323i, \u01a1\u0309 nh\u01b0\u0303ng qu\u00f4\u0301c gia ma\u0300 h\u00ea\u0323 th\u00f4\u0301ng ta\u0300i chi\u0301nh pha\u0301t tri\u00ea\u0309n t\u00f4\u0301t thi\u0300 kh\u00f4ng co\u0301 m\u00f4\u0301i quan h\u00ea\u0323 tr\u01b0\u0323c ti\u00ea\u0301p gi\u01b0\u0303a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch (budget deficits) v\u01a1\u0301i vi\u00ea\u0323c ta\u0323o ti\u00ea\u0300n m\u01a1\u0301i (new money creation). Vi\u0300 v\u00e2\u0323y, n\u00ea\u0301u co\u0301 s\u01b0\u0323 li\u00ean h\u00ea\u0323 thi\u0300 \u0111o\u0301 la\u0300 quan h\u00ea\u0323 gia\u0301n ti\u00ea\u0301p. Trong tr\u01b0\u01a1\u0300ng h\u01a1\u0323p th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch b\u00ea\u0300n bi\u0309 va\u0300 ke\u0301o da\u0300i co\u0301 th\u00ea\u0309 ta\u0323o ra c\u01a1 s\u01a1\u0309 ti\u00ea\u0300n va\u0300 t\u0103ng tr\u01b0\u01a1\u0309ng cung ti\u00ea\u0300n chi\u0309 khi na\u0300o th\u00e2m hu\u0323t na\u0300y ta\u0323o a\u0301p l\u01b0\u0323c v\u00ea\u0300 kinh t\u00ea\u0301 va\u0300 chi\u0301nh tri\u0323 khi\u00ea\u0301n ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng pha\u0309i thay \u0111\u00f4\u0309i chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 va\u0300 quy\u00ea\u0301t \u0111i\u0323nh ta\u0323o ra nhi\u00ea\u0300u ti\u00ea\u0300n h\u01a1n so v\u01a1\u0301i m\u01b0\u0301c th\u00f4ng th\u01b0\u01a1\u0300ng la\u0300 le\u0303 ra ho\u0323 \u0111ang th\u01b0\u0323c hi\u00ea\u0323n.<\/p>\n
M\u00f4\u0323t \u0111i\u0323nh nghi\u0303a kha\u0301c v\u00ea\u0300 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/strong><\/p>\n
Ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/em> co\u0300n \u0111\u01b0\u01a1\u0323c m\u00f4 ta\u0309 nh\u01b0 m\u00f4\u0323t ng\u01b0\u0303 nghi\u0303a t\u01b0\u01a1ng \u0111\u01b0\u01a1ng \u0111o\u0301 la\u0300 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a n\u01a1\u0323<\/em> (monetize the debt). Chu\u0301ng ta no\u0301i ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a n\u01a1\u0323 khi ma\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u0111a\u0301p la\u0323i s\u01b0\u0323 gia t\u0103ng m\u01b0\u0301c n\u01a1\u0323 (more debt) b\u0103\u0300ng vi\u00ea\u0323c ta\u0323o ti\u00ea\u0300n nhi\u00ea\u0300u h\u01a1n (creating more money). Cu\u0323 th\u00ea\u0309 h\u01a1n, se\u0303 co\u0301 m\u00f4\u0323t \u0111i\u0323nh nghi\u0303a h\u01b0\u0303u i\u0301ch cho ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a (monetization) \u0111o\u0301 la\u0300 \u0111\u00ea\u0309 \u0111a\u0301p la\u0323i t\u0103ng tr\u01b0\u01a1\u0309ng n\u01a1\u0323 cao, ca\u0301c c\u01a1 quan ch\u01b0\u0301c tra\u0301ch ta\u0323o ti\u00ea\u0300n (create money) v\u01a1\u0301i m\u01b0\u0301c l\u01a1\u0301n h\u01a1n m\u01b0\u0301c t\u0103ng tr\u01b0\u01a1\u0309ng ha\u0300ng ho\u0301a va\u0300 di\u0323ch vu\u0323, hay sa\u0309n l\u01b0\u01a1\u0323ng th\u01b0\u0323c<\/em>. No\u0301i ca\u0301ch kha\u0301c, ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a la\u0300 m\u00f4\u0301i quan h\u00ea\u0323 gi\u01b0\u0303a t\u00f4\u0301c \u0111\u00f4\u0323 t\u0103ng tr\u01b0\u01a1\u0309ng cu\u0309a n\u01a1\u0323 (debt) va\u0300 t\u00f4\u0301c \u0111\u00f4\u0323 t\u0103ng tr\u01b0\u01a1\u0309ng cu\u0309a ti\u00ea\u0300n (money), sau khi tr\u01b0\u0300 ca\u0309 hai cho t\u00f4\u0301c \u0111\u00f4\u0323 t\u0103ng sa\u0309n l\u01b0\u01a1\u0323ng th\u01b0\u0323c.<\/p>\n
Theo \u0111i\u0323nh nghi\u0303a na\u0300y, n\u01a1\u0323 cu\u0309a chi\u0301nh phu\u0309 \u0111\u01b0\u01a1\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a n\u00ea\u0301u t\u00f4\u0301c \u0111\u00f4\u0323 t\u0103ng cu\u0309a ti\u00ea\u0300n \u0111i theo m\u00f4 th\u01b0\u0301c t\u0103ng cu\u0309a n\u01a1\u0323. Chi\u0301nh kha\u0301i ni\u00ea\u0323m na\u0300y se\u0303 giu\u0301p la\u0300m ro\u0303 h\u01a1n m\u00f4\u0301i quan h\u00ea\u0323 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch ke\u0301o theo la\u0323m pha\u0301t hay kh\u00f4ng. Kha\u0301i ni\u00ea\u0323m ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a na\u0300y cu\u0303ng kha\u0301c m\u00f4\u0323t chu\u0301t va\u0300 ph\u01b0\u0301c ta\u0323p h\u01a1n so v\u01a1\u0301i nh\u01b0\u0303ng gi\u0300 th\u01b0\u01a1\u0300ng \u0111\u01b0\u01a1\u0323c \u0111\u00ea\u0300 c\u00e2\u0323p \u0111\u00ea\u0301n trong ba\u0301o chi\u0301 ph\u00f4\u0309 th\u00f4ng (nh\u01b0ng gi\u00f4\u0301ng nhau v\u00ea\u0300 ba\u0309n ch\u00e2\u0301t) \u2013 \u0111o\u0301 la\u0300, ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t co\u0301 nghi\u0303a la\u0300 ca\u0301c c\u01a1 quan ch\u01b0\u0301c tra\u0301ch ti\u00ea\u0300n t\u00ea\u0323 mua h\u00ea\u0301t khoa\u0309n n\u01a1\u0323 pha\u0301t ha\u0300nh (issued debt) \u0111\u00ea\u0309 ta\u0300i tr\u01a1\u0323 cho m\u00f4\u0323t khoa\u0309n th\u00e2m hu\u0323t (a deficit) b\u0103\u0300ng ca\u0301ch pha\u0301t ha\u0300nh ra m\u00f4\u0323t l\u01b0\u01a1\u0323ng d\u01b0\u0323 tr\u01b0\u0303 (reserves) t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/em>.<\/p>\n
COVID-19 va\u0300 pha\u0309n \u01b0\u0301ng chi\u0301nh sa\u0301ch cu\u0309a ca\u0301c chi\u0301nh phu\u0309<\/strong><\/p>\n
Pha\u0309n \u01b0\u0301ng tr\u01b0\u01a1\u0301c \u0111a\u0323i di\u0323ch Covid-19, t\u01b0\u0300 tha\u0301ng 3\/2020, chi\u0301nh phu\u0309 Hoa Ky\u0300 \u0111a\u0303 c\u00f4ng b\u00f4\u0301 khoa\u0309n chi ti\u00eau t\u0103ng th\u00eam l\u00ean \u0111\u00ea\u0301n 14% GDP. \u01a0\u0309 Nh\u00e2\u0323t, con s\u00f4\u0301 na\u0300y v\u01b0\u01a1\u0323t 21% so v\u01a1\u0301i khoa\u0309ng 10% cu\u0309a U\u0301c va\u0300 khoa\u0309ng 8,4% \u01a1\u0309 Canada. \u01a0\u0309 ch\u00e2u \u00c2u, vi\u0300 thi\u00ea\u0301u s\u01b0\u0323 \u0111\u00f4\u0300ng thu\u00e2\u0323n chung n\u00ean \u0111a\u0303 d\u00e2\u0303n \u0111\u00ea\u0301n s\u01b0\u0323 kha\u0301c bi\u00ea\u0323t l\u01a1\u0301n trong go\u0301i chi ti\u00eau gi\u01b0\u0303a ca\u0301c qu\u00f4\u0301c gia tha\u0300nh vi\u00ean, t\u01b0\u0300 khoa\u0309ng 1,4% cu\u0309a Y\u0301, 1,6% cu\u0309a T\u00e2y Ban Nha \u0111\u00ea\u0301n 9% \u01a1\u0309 A\u0301o, ri\u00eang \u0110\u01b0\u0301c va\u0300 Pha\u0301p \u01a1\u0309 m\u01b0\u0301c l\u00e2\u0300n l\u01b0\u01a1\u0323t la\u0300 4,9% va\u0300 5%. \u0110\u00ea\u0301n cu\u00f4\u0301i tha\u0301ng 4\/2020, chi ti\u00eau c\u00f4ng t\u0103ng th\u00eam \u01a1\u0309 ca\u0301c n\u00ea\u0300n kinh t\u00ea\u0301 m\u01a1\u0301i n\u00f4\u0309i trung bi\u0300nh va\u0300o khoa\u0300ng 3% GDP, so v\u01a1\u0301i khoa\u0309ng 11,6% cu\u0309a ca\u0301c n\u00ea\u0300n kinh t\u00ea\u0301 ti\u00ean ti\u00ea\u0301n.<\/p>\n
Trong khi \u0111o\u0301, ca\u0301c pha\u0309n \u01b0\u0301ng t\u01b0\u0300 phi\u0301a chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 \u0111a\u0303 m\u01a1\u0309 r\u00f4\u0323ng c\u00f4ng n\u0103ng chi ti\u00eau ta\u0300i kho\u0301a cho ca\u0301c c\u00e2\u0301p chi\u0301nh phu\u0309 \u01a1\u0309 nhi\u00ea\u0300u qu\u00f4\u0301c gia ti\u00ean ti\u00ea\u0301n va\u0300 ca\u0301c n\u01b0\u01a1\u0301c \u0111ang pha\u0301t tri\u00ea\u0309n. B\u0103\u0300ng ca\u0301ch c\u0103\u0301t gia\u0309m la\u0303i su\u00e2\u0301t, mua tra\u0301i phi\u00ea\u0301u va\u0300 gi\u01a1\u0301i thi\u00ea\u0323u nhi\u00ea\u0300u hi\u0300nh th\u01b0\u0301c cho vay m\u01a1\u0301i \u0111\u00f4\u0301i v\u01a1\u0301i ca\u0301c khu v\u01b0\u0323c va\u0300 ca\u0301c doanh nghi\u00ea\u0323p \u0111\u0103\u0323c thu\u0300, ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u0111a\u0303 s\u01b0\u0309 du\u0323ng t\u00e2\u0301t ca\u0309 ca\u0301c ph\u01b0\u01a1ng ti\u00ea\u0323n nh\u0103\u0300m gi\u01b0\u0303 cho chi phi\u0301 cho vay th\u00e2\u0301p, va\u0300 duy tri\u0300 thanh khoa\u0309n cu\u0309a ca\u0301c t\u00f4\u0309 ch\u01b0\u0301c c\u00f4ng. T\u01b0\u0300 nga\u0300y 20\/04\/2020, Cu\u0323c D\u01b0\u0323 tr\u01b0\u0303 Li\u00ean bang Hoa Ky\u0300 (Fed) cam k\u00ea\u0301t se\u0303 mua l\u01b0\u01a1\u0323ng tra\u0301i phi\u00ea\u0301u Kho ba\u0323c (Treasury bonds) kh\u00f4ng ha\u0323n ch\u00ea\u0301, Ng\u00e2n ha\u0300ng Trung \u01b0\u01a1ng Anh (BOE) se\u0303 mua 200 ty\u0309 ba\u0309ng (# 250 ty\u0309 \u0111\u00f4 la), va\u0300 Ng\u00e2n ha\u0300ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u mua 750 ty\u0309 euro (# 815 ty\u0309 \u0111\u00f4 la) tra\u0301i phi\u00ea\u0301u khu v\u01b0\u0323c euro.<\/p>\n
Ri\u00eang Vi\u00ea\u0323t Nam, ca\u0309 chi\u0301nh phu\u0309 va\u0300 Ng\u00e2n ha\u0300ng Nha\u0300 n\u01b0\u01a1\u0301c \u0111a\u0303 th\u00f4\u0301ng nh\u00e2\u0301t \u0111\u01b0a ra ca\u0301c go\u0301i h\u00f4\u0303 tr\u01a1\u0323 ch\u01b0a t\u01b0\u0300ng co\u0301 ti\u00ea\u0300n l\u00ea\u0323 nh\u0103\u0300m ch\u00f4\u0301ng cho\u0323i v\u01a1\u0301i kho\u0301 kh\u0103n v\u00ea\u0300 \u0111\u01a1\u0300i s\u00f4\u0301ng ng\u01b0\u01a1\u0300i d\u00e2n va\u0300 doanh nghi\u00ea\u0323p. \u0110\u00f4\u0300ng th\u01a1\u0300i, ca\u0301c ngu\u00f4\u0300n l\u01b0\u0323c cho giai \u0111oa\u0323n phu\u0323c h\u00f4\u0300i va\u0300 ti\u00ea\u0301p theo cu\u0303ng \u0111\u01b0\u01a1\u0323c ti\u0301nh \u0111\u00ea\u0301n. Chi\u0301nh phu\u0309 cu\u0303ng ch\u00e2\u0301p nh\u00e2\u0323n th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch cao h\u01a1n, va\u0300 se\u0303 pha\u0309i \u0111i\u00ea\u0300u chi\u0309nh m\u01b0\u0301c n\u01a1\u0323 c\u00f4ng (hi\u00ea\u0323n \u0111a\u0303 la\u0300 57% GDP n\u0103m 2019).<\/p>\n
Trong b\u00f4\u0301i ca\u0309nh hi\u00ea\u0323n nay, khi Nh\u00e2\u0323t la\u0300 n\u01b0\u01a1\u0301c \u0111\u00e2\u0300u ti\u00ean c\u00f4ng b\u00f4\u0301 suy thoa\u0301i, nhi\u00ea\u0300u qu\u00f4\u0301c gia kha\u0301c s\u01a1\u0301m hay mu\u00f4\u0323n cu\u0303ng se\u0303 cu\u0300ng hoa\u0300n ca\u0309nh, chi\u0309 la\u0300 ch\u01a1\u0300 th\u01a1\u0300i gian \u0111\u00ea\u0309 co\u0301 \u0111u\u0309 d\u01b0\u0303 li\u00ea\u0323u t\u0103ng tr\u01b0\u01a1\u0309ng GDP th\u01b0\u0323c \u00e2m li\u00ean tu\u0323c hai quy\u0301 ma\u0300 th\u00f4i. I\u0301t ai da\u0301m tin r\u0103\u0300ng vi\u00ea\u0323c c\u0103\u0301t gia\u0309m la\u0303i su\u00e2\u0301t va\u0300 mua tra\u0301i phi\u00ea\u0301u cu\u0309a ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng se\u0303 giu\u0301p t\u0103ng chi ti\u00eau ti\u00eau du\u0300ng va\u0300 \u0111\u00e2\u0300u t\u01b0 Dubai Palace casino thể thao, casino, slot game, bắn cá, xổ số. Chi\u0309 co\u0301 th\u00ea\u0309 hy vo\u0323ng s\u01b0\u0323 su\u0323t gia\u0309m t\u0103ng tr\u01b0\u01a1\u0309ng hay suy thoa\u0301i kinh t\u00ea\u0301 co\u0301 th\u00ea\u0309 \u0111\u01b0\u01a1\u0323c bu\u0300 \u0111\u0103\u0301p ph\u00e2\u0300n na\u0300o nh\u01a1\u0300 va\u0300o gia\u0309i pha\u0301p chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 na\u0300y. B\u00ean ca\u0323nh \u0111o\u0301, t\u0103ng chi ti\u00eau chi\u0301nh phu\u0309 va\u0300o y t\u00ea\u0301, h\u00f4\u0303 tr\u01a1\u0323 thu nh\u00e2\u0323p tr\u01b0\u0323c ti\u00ea\u0301p cu\u0309a nh\u01b0\u0303ng ng\u01b0\u01a1\u0300i lao \u0111\u00f4\u0323ng m\u00e2\u0301t vi\u00ea\u0323c va\u0300 chi\u0301nh sa\u0301ch mi\u00ea\u0303n-gia\u0309m-hoa\u0303n thu\u00ea\u0301 se\u0303 co\u0301 ta\u0301c du\u0323ng ph\u00e2\u0300n na\u0300o. Th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch l\u01a1\u0301n la\u0300 kh\u00f4ng th\u00ea\u0309 tra\u0301nh kho\u0309i. Va\u0300 ro\u0303 ra\u0300ng h\u00ea\u0323 qua\u0309 na\u0300y se\u0303 go\u0301p ph\u00e2\u0300n ti\u0301ch lu\u0303y th\u00eam va\u0300o n\u01a1\u0323 c\u00f4ng v\u00f4\u0301n di\u0303 \u0111a\u0303 \u01a1\u0309 nh\u01b0\u0303ng m\u01b0\u0301c qua\u0301 cao trong h\u00e2\u0300u h\u00ea\u0301t mo\u0323i qu\u00f4\u0301c gia.<\/p>\n
Theo ly\u0301 thuy\u00ea\u0301t, ta\u0300i tr\u01a1\u0323 nh\u01b0\u0303ng khoa\u0309n th\u00e2m hu\u0323t nh\u01b0 th\u00ea\u0301 na\u0300y b\u0103\u0300ng ca\u0301ch ba\u0301n ra tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309 co\u0301 th\u00ea\u0309 la\u0300m t\u0103ng l\u01a1\u0323i su\u00e2\u0301t tra\u0301i phi\u00ea\u0301u, t\u01b0\u0300 \u0111o\u0301 co\u0301 th\u00ea\u0309 ta\u0323o ra ta\u0301c \u0111\u00f4\u0323ng ti\u00ea\u0300m ta\u0300ng bu\u0300 tr\u01b0\u0300 la\u0300m tri\u00ea\u0323t ti\u00eau hi\u00ea\u0323u \u01b0\u0301ng ki\u0301ch thi\u0301ch kinh t\u00ea\u0301. Nh\u01b0ng ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ti\u00ea\u0301n ha\u0300nh mua tra\u0301i phi\u00ea\u0301u song ha\u0300nh se\u0303 gia\u0309m l\u01a1\u0323i su\u00e2\u0301t na\u0300y xu\u00f4\u0301ng, ca\u0301c chi\u0301nh phu\u0309 co\u0301 th\u00ea\u0309 vay t\u00e2\u0301t ca\u0309 nh\u01b0\u0303ng gi\u0300 ho\u0323 c\u00e2\u0300n v\u01a1\u0301i la\u0303i su\u00e2\u0301t r\u00e2\u0301t th\u00e2\u0301p.<\/p>\n
\u201cTi\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch\u201d \u0111a\u0303 t\u01b0\u0300ng di\u00ea\u0303n ra?<\/strong><\/p>\n
\u0110\u00f4\u0301i v\u01a1\u0301i ca\u0301c n\u01b0\u01a1\u0301c nghe\u0300o va\u0300 \u0111ang pha\u0301t tri\u00ea\u0309n, ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch thi\u0300 kh\u00f4ng co\u0301 gi\u0300 la\u0323. Trong ca\u0301c t\u01b0 li\u00ea\u0323u cu\u0309a Quy\u0303 Ti\u00ea\u0300n t\u00ea\u0323 Qu\u00f4\u0301c t\u00ea\u0301 (IMF), vi\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u01a1\u0309 ca\u0301c qu\u00f4\u0301c gia na\u0300y kh\u00f4ng th\u01b0\u0323c s\u01b0\u0323 co\u0301 ti\u0301nh \u0111\u00f4\u0323c l\u00e2\u0323p, nhi\u00ea\u0300u quy\u00ea\u0301t sa\u0301ch v\u00ea\u0300 chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 chi\u0323u s\u01b0\u0323 chi ph\u00f4\u0301i cu\u0309a chi\u0301nh phu\u0309, n\u00ean t\u00ean go\u0323i da\u0300nh cho c\u01a1 quan h\u00f4\u0303n h\u01a1\u0323p (bao g\u00f4\u0300m ca\u0309 chi\u0301nh phu\u0309 va\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng) quy\u00ea\u0301t \u0111i\u0323nh chi\u0301nh sa\u0301ch ti\u00ea\u0300n t\u00ea\u0323 qu\u00f4\u0301c gia th\u01b0\u01a1\u0300ng \u0111\u01b0\u01a1\u0323c du\u0300ng la\u0300 \u201cca\u0301c c\u01a1 quan ch\u01b0\u0301c tra\u0301ch ti\u00ea\u0300n t\u00ea\u0323\u201d (monetary authority). H\u00ea\u0323 qua\u0309 la\u0300 la\u0323m pha\u0301t, th\u00e2\u0323m chi\u0301 si\u00eau la\u0323m pha\u0301t th\u01b0\u01a1\u0300ng xuy\u00ean di\u00ea\u0303n ra co\u0301 ngu\u00f4\u0300n g\u00f4\u0301c t\u01b0\u0300 vi\u00ea\u0323c la\u0323m du\u0323ng v\u00e2\u0301n \u0111\u00ea\u0300 ta\u0300i tr\u01a1\u0323 th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch va\u0300 n\u01a1\u0323 chi\u0301nh phu\u0309 b\u0103\u0300ng ca\u0301ch ta\u0323o ti\u00ea\u0300n qua\u0301 m\u01b0\u0301c. Ca\u0301c qu\u00f4\u0301c gia\u0300u co\u0301 h\u01a1n thi\u0300 sao?<\/p>\n
Li\u0323ch s\u01b0\u0309 cho th\u00e2\u0301y, Hoa Ky\u0300 \u0111a\u0303 t\u01b0\u0300ng s\u01b0\u0309 du\u0323ng chi\u0301nh sa\u0301ch na\u0300y su\u00f4\u0301t Th\u00ea\u0301 chi\u00ea\u0301n II, trong \u0111o\u0301 vai tro\u0300 cu\u0309a Fed la\u0300 giu\u0301p h\u00f4\u0303 tr\u01a1\u0323 la\u0300m d\u00ea\u0303 da\u0300ng ho\u0301a vi\u00ea\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a nh\u0103\u0300m ta\u0300i tr\u01a1\u0323 th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch cu\u0309a chi\u0301nh phu\u0309. Giai \u0111oa\u0323n 1942-1951, Fed \u0111a\u0303 cam k\u00ea\u0301t mua tra\u0301i phi\u00ea\u0301u Kho ba\u0323c v\u01a1\u0301i b\u00e2\u0301t ky\u0300 li\u00ea\u0300u l\u01b0\u01a1\u0323ng na\u0300o c\u00e2\u0300n thi\u00ea\u0301t \u0111\u00ea\u0309 gi\u01b0\u0303 l\u01a1\u0323i su\u00e2\u0301t tra\u0301i phi\u00ea\u0301u th\u00e2\u0301p. Nh\u01b0ng li\u00ea\u0323u r\u0103\u0300ng s\u00f4\u0301 ti\u00ea\u0300n na\u0300y co\u0301 pha\u0309i la\u0300 ta\u0300i tr\u01a1\u0323 th\u00e2m hu\u0323t b\u0103\u0300ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a mang ti\u0301nh l\u00e2u da\u0300i hay kh\u00f4ng co\u0300n phu\u0323 thu\u00f4\u0323c va\u0300o vi\u00ea\u0323c li\u00ea\u0323u tra\u0301i phi\u00ea\u0301u na\u0300y co\u0301 bao gi\u01a1\u0300 \u0111\u01b0\u01a1\u0323c ba\u0301n tr\u01a1\u0309 la\u0323i khu v\u01b0\u0323c t\u01b0 nh\u00e2n kh\u00f4ng. N\u00ea\u0301u co\u0301, theo nguy\u00ean t\u0103\u0301c thi\u0300 ba\u0309ng c\u00e2n \u0111\u00f4\u0301i ta\u0300i sa\u0309n cu\u0309a ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng se\u0303 quay tr\u01a1\u0309 la\u0323i m\u01b0\u0301c \u201cth\u00f4ng th\u01b0\u01a1\u0300ng\u201d ma\u0300 kh\u00f4ng pha\u0309i \u201cxo\u0301a ca\u0301c ta\u0300i sa\u0309n a\u0309o\u201d. Th\u01b0\u0323c ch\u00e2\u0301t la\u0300 \u01a1\u0309 Hoa Ky\u0300 sau Th\u00ea\u0301 chi\u00ea\u0301n II, s\u01b0\u0323 da\u0309o ng\u01b0\u01a1\u0323c cu\u0309a ba\u0309ng c\u00e2n \u0111\u00f4\u0301i ta\u0300i sa\u0309n cu\u0309a Fed ch\u01b0a bao gi\u01a1\u0300 xa\u0309y ra.<\/p>\n
Trong quy\u00ea\u0309n sa\u0301ch mang t\u01b0\u0323a \u0111\u00ea\u0300 Li\u0323ch S\u01b0\u0309 Ti\u00ea\u0300n t\u00ea\u0323 cu\u0309a Hoa Ky\u0300 (A Monetary History of the United States)<\/em>, Milton Friedman va\u0300 Anna Schwartz \u0111a\u0303 \u01b0\u01a1\u0301c ti\u0301nh chi\u0309 co\u0301 khoa\u0309ng 15% th\u00e2m hu\u0323t do chi ti\u00eau trong chi\u00ea\u0301n tranh \u0111\u01b0\u01a1\u0323c ta\u0300i tr\u01a1\u0323 b\u0103\u0300ng ti\u00ea\u0300n cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng (thay vi\u0300 b\u0103\u0300ng thu\u00ea\u0301 hay b\u0103\u0300ng n\u01a1\u0323) \u0111a\u0303 \u0111\u01b0\u01a1\u0323c hoa\u0300n tra\u0309. \u01a0\u0309 Nh\u00e2\u0323t, 25 n\u0103m th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch l\u01a1\u0301n \u0111a\u0303 kh\u01a1\u0301p \u0111u\u0301ng b\u0103\u0300ng v\u01a1\u0301i khoa\u0309n ma\u0300 Ng\u00e2n ha\u0300ng Trung \u01b0\u01a1ng Nh\u00e2\u0323t (BOJ) mua l\u01b0\u01a1\u0323ng l\u01a1\u0301n tra\u0301i phi\u00ea\u0301u chi\u0301nh phu\u0309, \u0111\u00e2y ro\u0303 ra\u0300ng la\u0300 vi\u00ea\u0323c n\u0103\u0301m gi\u01b0\u0303 tra\u0301i phi\u00ea\u0301u cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng se\u0303 kh\u00f4ng bao gi\u01a1\u0300 \u0111\u01b0\u01a1\u0323c ba\u0301n la\u0323i: m\u00f4\u0323t hi\u0300nh th\u01b0\u0301c ta\u0300i tr\u01a1\u0323 b\u0103\u0300ng ti\u00ea\u0300n l\u00e2u da\u0300i (permanent monetary finance) \u0111a\u0303 t\u01b0\u0300ng di\u00ea\u0303n ra.<\/p>\n
T\u01b0\u01a1ng t\u01b0\u0323, ha\u0300nh \u0111\u00f4\u0323ng mua ta\u0300i sa\u0309n cu\u0309a ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng th\u00e2\u0323p ni\u00ean qua k\u00ea\u0309 t\u01b0\u0300 sau cu\u00f4\u0323c khu\u0309ng hoa\u0309ng ta\u0300i chi\u0301nh toa\u0300n c\u00e2\u0300u 2008 \u2013 nh\u01b0\u0303ng gi\u0300 ma\u0300 chu\u0301ng ta go\u0323i la\u0300 gia\u0309i pha\u0301p n\u01a1\u0301i lo\u0309ng \u0111i\u0323nh l\u01b0\u01a1\u0323ng (quantitative easing – QE) \u2013 co\u0301 th\u00ea\u0309 \u0111a\u0303 pha\u0309i \u0111o\u0300i ho\u0309i m\u00f4\u0323t va\u0300i hi\u0300nh th\u01b0\u0301c ta\u0300i tr\u01a1\u0323 ti\u00ea\u0300n t\u00ea\u0323 khi chu\u0301ng ta co\u0301 \u0111u\u0309 d\u01b0\u0303 li\u00ea\u0323u t\u00f4\u0309ng h\u01a1\u0323p sau na\u0300y.<\/p>\n
COVID-19 va\u0300 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch co\u0301 th\u01b0\u0323c s\u01b0\u0323 \u0111ang di\u00ea\u0303n ra?<\/strong><\/p>\n
V\u01a1\u0301i \u0111a\u0323i di\u0323ch COVID-19 l\u00e2\u0300n na\u0300y, nh\u01b0\u0303ng cam k\u00ea\u0301t ro\u0303 ra\u0300ng cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng cho v\u00e2\u0301n \u0111\u00ea\u0300 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch co\u0301 th\u00ea\u0309 \u0111a\u0303 \u0111\u01b0\u01a1\u0323c tra\u0301nh<\/em>. Co\u0301 nghi\u0303a la\u0300 hai ca\u0301ch ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch \u2013 tr\u01b0\u0323c ti\u00ea\u0301p va\u0300 gia\u0301n ti\u00ea\u0301p, nh\u01b0 \u0111a\u0303 ba\u0300n \u01a1\u0309 b\u00ean tr\u00ean v\u00ea\u0300 nguy\u00ean t\u0103\u0301c se\u0303 kh\u00f4ng xa\u0309y ra. Tuy nhi\u00ean, hi\u00ea\u0323u \u01b0\u0301ng thi\u0300 t\u01b0\u01a1ng t\u01b0\u0323<\/span><\/em>: ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u0111ang cung c\u00e2\u0301p \u0111i\u00ea\u0300u ki\u00ea\u0323n d\u00ea\u0303 da\u0300ng \u0111\u00ea\u0309 ta\u0323o ngu\u00f4\u0300n cho ca\u0301c khoa\u0309n th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch kh\u00f4\u0309ng l\u00f4\u0300 h\u01b0\u0301a he\u0323n ti\u00ea\u0301p di\u00ea\u0303n – Ca\u0301c go\u0301i c\u01b0\u0301u tr\u01a1\u0323 ta\u0300i kho\u0301a li\u00ean tu\u0323c \u0111\u01b0\u01a1\u0323c th\u00f4ng qua va\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng thi\u0300 cam k\u00ea\u0301t mua ch\u01b0\u0301ng khoa\u0301n va\u0300 t\u0103ng c\u01b0\u01a1\u0300ng ca\u0301c ph\u01b0\u01a1ng ti\u00ea\u0323n ti\u0301n du\u0323ng.<\/p>\n
Kha\u0309 n\u0103ng na\u0300y la\u0300m d\u00e2\u0301y l\u00ean n\u00f4\u0303i lo l\u0103\u0301ng v\u00ea\u0300 vi\u00ea\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch<\/em> cu\u00f4\u0301i cu\u0300ng cu\u0303ng se\u0303 d\u00e2\u0303n \u0111\u00ea\u0301n si\u00eau la\u0323m pha\u0301t<\/em> (hyperinflation). \u0110i\u00ea\u0300u na\u0300y co\u0301 th\u01b0\u0323c s\u01b0\u0323 co\u0301 ly\u0301 kh\u00f4ng? Friedman \u0111a\u0303 t\u01b0\u0300ng co\u0301 c\u00e2u no\u0301i n\u00f4\u0309i ti\u00ea\u0301ng r\u0103\u0300ng trong th\u01a1\u0300i ky\u0300 suy thoa\u0301i s\u00e2u (depression) va\u0300 co\u0301 gia\u0309m pha\u0301t (deflation), chu\u0301ng ta n\u00ean tha\u0309 nh\u01b0\u0303ng \u0111\u00f4\u0300ng \u0111\u00f4 la t\u01b0\u0300 tr\u01b0\u0323c th\u0103ng xu\u00f4\u0301ng cho d\u00e2n chu\u0301ng nh\u0103\u0323t va\u0300 chi ti\u00eau. Gia\u0309 s\u01b0\u0309 T\u00f4\u0309ng th\u00f4\u0301ng Donald Trump ra l\u00ea\u0323nh tha\u0309 10 tri\u00ea\u0323u \u0111\u00f4 la t\u01b0\u0300 tr\u01b0\u0323c th\u0103ng theo nh\u01b0 \u0111\u00ea\u0300 nghi\u0323 cu\u0309a Friedman, ta\u0301c \u0111\u00f4\u0323ng co\u0301 th\u00ea\u0309 se\u0303 chuy\u00ea\u0309n tha\u0300nh s\u01b0\u0301c c\u00e2\u0300u va\u0300 va\u0300o hoa\u0323t \u0111\u00f4\u0323ng cu\u0309a n\u00ea\u0300n kinh t\u00ea\u0301 th\u01b0\u0323c \u2013 gia t\u0103ng sa\u0309n xu\u00e2\u0301t ke\u0301o theo, k\u00ea\u0301t cu\u0323c la\u0323m pha\u0301t se\u0303 r\u00e2\u0301t nho\u0309 ho\u0103\u0323c kh\u00f4ng xa\u0309y ra. Nh\u01b0ng gia\u0309 s\u01b0\u0309 quy\u00ea\u0301t \u0111i\u0323nh na\u0300y la\u0300 tha\u0309 1 tri\u00ea\u0323u ty\u0309 \u0111\u00f4 la thi\u0300 ro\u0303 ra\u0300ng se\u0303 co\u0301 si\u00eau la\u0323m pha\u0301t. Nh\u01b0 v\u00e2\u0323y, ta\u0301c \u0111\u00f4\u0323ng cu\u0309a vi\u00ea\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch va\u0300o la\u0323m pha\u0301t se\u0303 phu\u0323 thu\u00f4\u0323c va\u0300o quy m\u00f4 cu\u0309a no\u0301<\/em>.<\/p>\n
V\u00ea\u0300 ta\u0301c \u0111\u00f4\u0323ng da\u0300i ha\u0323n \u0111\u00f4\u0301i v\u01a1\u0301i ba\u0309ng c\u00e2n \u0111\u00f4\u0301i ta\u0300i sa\u0309n cu\u0309a ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng thi\u0300 sao? Trong ca\u0301c h\u00ea\u0323 th\u00f4\u0301ng ta\u0300i chi\u0301nh va\u0300 ng\u00e2n ha\u0300ng hi\u00ea\u0323n \u0111a\u0323i kh\u00f4ng s\u01b0\u0309 du\u0323ng nhi\u00ea\u0300u ti\u00ea\u0300n m\u0103\u0323t, ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng kh\u00f4ng tr\u01b0\u0323c ti\u00ea\u0301p ta\u0323o ti\u00ea\u0300n ma\u0300 ca\u0301c ca\u0301 nh\u00e2n va\u0300 c\u00f4ng ty trong n\u00ea\u0300n kinh t\u00ea\u0301 th\u01b0\u0323c n\u0103\u0301m gi\u01b0\u0303 (ti\u00ea\u0300n m\u0103\u0323t trong l\u01b0u th\u00f4ng). Nh\u01b0\u0303ng gi\u0300 ma\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ta\u0323o ra \u0111o\u0301 la\u0300 c\u01a1 s\u01a1\u0309 ti\u00ea\u0300n (monetary base) \u0111\u01b0\u01a1\u0323c ca\u0301c ng\u00e2n ha\u0300ng th\u01b0\u01a1ng ma\u0323i gi\u01b0\u0303 d\u01b0\u01a1\u0301i da\u0323ng ta\u0300i sa\u0309n d\u01b0\u0323 tr\u01b0\u0303 (reserve assets). K\u00ea\u0301t qua\u0309 la\u0300, ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng chi\u0309 se\u0303 pha\u0309i tra\u0309 la\u0303i cho ca\u0301c khoa\u0309n d\u01b0\u0303 tr\u01b0\u0303 na\u0300y. Do v\u00e2\u0323y, ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng co\u0301 th\u00ea\u0309 se\u0303 chi\u0323u loa\u0323i chi phi\u0301 na\u0300y khi ma\u0300 ho\u0323 ta\u0323o ra nga\u0300y ca\u0300ng nhi\u00ea\u0300u ti\u00ea\u0300n h\u01a1n.<\/p>\n
Nh\u01b0ng ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng co\u0301 th\u00ea\u0309 ta\u0323o ti\u00ea\u0300n ma\u0300 kh\u00f4ng chi\u0323u chi phi\u0301 qua\u0301 nhi\u00ea\u0300u th\u00f4ng qua ca\u0301ch tra\u0309 la\u0303i \u01a1\u0309 m\u01b0\u0301c zero hay ti\u00ea\u0323m c\u00e2\u0323n zero, th\u00e2\u0323m chi\u0301 la\u0300 \u01a1\u0309 m\u01b0\u0301c la\u0303i su\u00e2\u0301t chi\u0301nh sa\u0301ch d\u01b0\u01a1ng m\u00f4\u0323t chu\u0301t cho ca\u0301c khoa\u0309n d\u01b0\u0323 tr\u01b0\u0303 ky\u0301 g\u01b0\u0309i cu\u0309a ng\u00e2n ha\u0300ng th\u01b0\u01a1ng ma\u0323i. \u0110\u00e2y co\u0301 th\u00ea\u0309 la\u0300 s\u01b0\u0323 kha\u0301c bi\u00ea\u0323t v\u00ea\u0300 chi phi\u0301 danh nghi\u0303a ma\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng ca\u0301c n\u01b0\u01a1\u0301c ti\u00ean ti\u00ea\u0301n va\u0300 ca\u0301c n\u01b0\u01a1\u0301c \u0111ang pha\u0301t tri\u00ea\u0309n ga\u0301nh chi\u0323u. B\u01a1\u0309i vi\u0300 \u01a1\u0309 ca\u0301c n\u01b0\u01a1\u0301c \u0111ang pha\u0301t tri\u00ea\u0309n, m\u01b0\u0301c \u201csa\u0300n la\u0303i su\u00e2\u0301t\u201d ng\u0103n ca\u0309n la\u0303i su\u00e2\u0301t chi\u0301nh sa\u0301ch ti\u00ea\u0323m c\u00e2\u0323n zero (nh\u01a1\u0301 la\u0323i ngang b\u0103\u0300ng la\u0303i su\u00e2\u0301t co\u0301 phi\u0301 bu\u0300 ru\u0309i ro qu\u00f4\u0301c gia va\u0300 ty\u0309 l\u00ea\u0323 m\u00e2\u0301t gia\u0301 n\u00f4\u0323i t\u00ea\u0323).<\/p>\n
Vi\u0300 v\u00e2\u0323y v\u00ea\u0300 m\u0103\u0323t ky\u0303 thu\u00e2\u0323t, ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch co\u0301 th\u00ea\u0309 kha\u0309 di\u0303, nh\u00e2\u0301t la\u0300 \u01a1\u0309 ca\u0301c n\u01b0\u01a1\u0301c ti\u00ean ti\u00ea\u0301n v\u01a1\u0301i m\u0103\u0323t b\u0103\u0300ng la\u0303i su\u00e2\u0301t chi\u0301nh sa\u0301ch ti\u00ea\u0323m c\u00e2\u0323n zero. V\u00e2\u0301n \u0111\u00ea\u0300 co\u0300n la\u0323i la\u0300 nh\u01b0\u0303ng nha\u0300 ch\u01b0\u0301c tra\u0301ch ta\u0300i kho\u0301a va\u0300 ti\u00ea\u0300n t\u00ea\u0323 c\u00e2\u0300n \u201cth\u00f4ng minh\u201d \u0111\u00ea\u0309 co\u0301 th\u00ea\u0309 cho\u0323n ra li\u00ea\u0300u l\u01b0\u01a1\u0323ng \u201cphu\u0300 h\u01a1\u0323p\u201d. H\u00e2\u0300u h\u00ea\u0301t nh\u01b0\u0303ng ng\u01b0\u01a1\u0300i \u0111\u01b0\u0301ng \u0111\u00e2\u0300u ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng to\u0309 ra ch\u00e2\u0300n ch\u01b0\u0300 vi\u0300 ho\u0323 s\u01a1\u0323 r\u0103\u0300ng vi\u00ea\u0323c ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch m\u00f4\u0323t khi \u0111\u01b0\u01a1\u0323c cho phe\u0301p th\u01b0\u0323c hi\u00ea\u0323n se\u0303 co\u0301 th\u00ea\u0309 tr\u01a1\u0309 n\u00ean qua\u0301 m\u01b0\u0301c ki\u00ea\u0309m soa\u0301t. Nh\u00e2\u0301t la\u0300 khi ti\u0300nh tra\u0323ng \u0111a\u0323i di\u0323ch COVID-19 co\u0301 th\u00ea\u0309 ke\u0301o da\u0300i va\u0300 kinh t\u00ea\u0301 suy gia\u0309m nghi\u00eam tro\u0323ng.<\/p>\n
Tuy nhi\u00ean, \u01a1\u0309 ca\u0301c qu\u00f4\u0301c gia, chi\u0301nh phu\u0309 co\u0301 th\u00ea\u0309 v\u00e2\u0323n ha\u0300nh ti\u0300nh tra\u0323ng th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch l\u01a1\u0301n va\u0300 ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng co\u0301 th\u00ea\u0309 th\u01b0\u0323c hi\u00ea\u0323n vi\u00eac ph\u00f4\u0301i h\u01a1\u0323p ta\u0300i tr\u01a1\u0323 kha\u0309 di\u0303 v\u01a1\u0301i m\u01b0\u0301c la\u0303i zero v\u01a1\u0301i hy vo\u0323ng la\u0300 ca\u0301c ca\u0301ch v\u00e2\u0323n ha\u0300nh na\u0300y se\u0303 \u0111\u01b0\u01a1\u0323c \u0111a\u0309o ng\u01b0\u01a1\u0323c m\u00f4\u0323t khi t\u00f4\u0301c \u0111\u00f4\u0323 t\u0103ng tr\u01b0\u01a1\u0309ng kinh t\u00ea\u0301 phu\u0323c h\u00f4\u0300i va\u0300 ty\u0309 l\u00ea\u0323 la\u0323m pha\u0301t trong t\u00e2\u0300m ki\u00ea\u0309m soa\u0301t.<\/p>\n
M\u00f4\u0323t kha\u0309 n\u0103ng co\u0301 th\u00ea\u0309 xa\u0309y ra co\u0301 ti\u0301nh nghi\u0323ch ly\u0301 \u0111o\u0301 la\u0300 trong tr\u01b0\u01a1\u0300ng h\u01a1\u0323p ma\u0300 ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng va\u0300 ca\u0301c nha\u0300 hoa\u0323ch \u0111i\u0323nh chi\u0301nh sa\u0301ch co\u0301 \u0111\u01b0\u01a1\u0323c s\u01b0\u0323 ti\u0301n nhi\u00ea\u0323m va\u0300 \u0111\u00f4\u0323 tin c\u00e2\u0323y qua\u0301 cao. Ng\u01b0\u01a1\u0300i d\u00e2n va\u0300 ca\u0301c c\u00f4ng ty tin t\u01b0\u01a1\u0309ng va\u0300o l\u01a1\u0300i h\u01b0\u0301a cu\u0309a ca\u0301c nha\u0300 hoa\u0323ch \u0111i\u0323nh chi\u0301nh sa\u0301ch la\u0300 se\u0303 kh\u00f4ng bao gi\u01a1\u0300 cho phe\u0301p ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t, ca\u0301c v\u00e2\u0323n ha\u0300nh n\u01a1\u0301i lo\u0309ng \u0111i\u0323nh l\u01b0\u01a1\u0323ng QE se\u0303 \u0111\u01b0\u01a1\u0323c bi\u0300nh th\u01b0\u01a1\u0300ng ho\u0301a, n\u01a1\u0323 c\u00f4ng m\u01a1\u0301i \u0111\u01b0\u01a1\u0323c hoa\u0300n tra\u0309. \u0110i\u00ea\u0300u \u0111o\u0301 co\u0301 nghi\u0303a la\u0300 khi kinh t\u00ea\u0301 h\u00f4\u0300i phu\u0323c, m\u0103\u0323t b\u0103\u0300ng la\u0303i su\u00e2\u0301t se\u0303 la\u0323i t\u0103ng l\u00ean, thu\u00ea\u0301 se\u0303 \u0111\u01b0\u01a1\u0323c \u0111i\u00ea\u0300u chi\u0309nh cao h\u01a1n….Nh\u01b0\u0303ng d\u01b0\u0323 \u0111oa\u0301n v\u00ea\u0300 ga\u0301nh n\u0103\u0323ng nh\u01b0 v\u00e2\u0323y co\u0301 th\u00ea\u0309 ki\u00ea\u0300m ne\u0301n ti\u00eau du\u0300ng va\u0300 \u0111\u00e2\u0300u t\u01b0 hi\u00ea\u0323n ta\u0323i.<\/p>\n
Thay l\u01a1\u0300i k\u00ea\u0301t<\/strong><\/p>\n
Th\u01b0\u0323c t\u00ea\u0301 co\u0301 ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch hay kh\u00f4ng v\u00e2\u0303n tu\u0300y thu\u00f4\u0323c va\u0300o l\u01b0\u0323a cho\u0323n cu\u0309a ca\u0301c nha\u0300
\n\u0111i\u00ea\u0300u ha\u0300nh. Andrew Bailey, Th\u00f4\u0301ng \u0111\u00f4\u0301c Ng\u00e2n ha\u0300ng Trung \u01b0\u01a1ng Anh (BOE), \u0111a\u0303 \u0111\u01b0a ra l\u00e2\u0323p lu\u00e2\u0323n va\u0300o nga\u0300y 5\/4\/2020 r\u0103\u0300ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a ro\u0303 ra\u0300ng la\u0300 \u201ckh\u00f4ng phu\u0300 h\u01a1\u0323p v\u01a1\u0301i vi\u00ea\u0323c theo \u0111u\u00f4\u0309i mu\u0323c ti\u00eau la\u0323m pha\u0301t cu\u0309a m\u00f4\u0323t ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u0111\u00f4\u0323c l\u00e2\u0323p\u201d. Nh\u01b0ng Ben Bernanke, c\u01b0\u0323u Chu\u0309 ti\u0323ch Cu\u0323c D\u01b0\u0323 tr\u01b0\u0303 Li\u00ean bang Hoa Ky\u0300 (Fed) thi\u0300 cho r\u0103\u0300ng \u0111i\u00ea\u0300u \u0111o\u0301 la\u0300 kh\u00f4ng \u0111u\u0301ng, \u00f4ng \u0111\u00ea\u0300 xu\u00e2\u0301t ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u0111\u00f4\u0323c l\u00e2\u0323p n\u00ean xa\u0301c \u0111i\u0323nh m\u00f4\u0323t li\u00ea\u0300u l\u01b0\u01a1\u0323ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a nh\u00e2\u0301t \u0111i\u0323nh na\u0300o \u0111o\u0301 trong khi chi\u0301nh phu\u0309 quy\u00ea\u0301t \u0111i\u0323nh ca\u0301ch th\u01b0\u0301c chi ti\u00eau s\u00f4\u0301 ti\u00ea\u0300n na\u0300y. V\u00ea\u0300 c\u01a1 ch\u00ea\u0301, ca\u0301c ng\u00e2n ha\u0300ng trung \u01b0\u01a1ng \u0111\u00f4\u0323c l\u00e2\u0323p co\u0301 th\u00ea\u0309 th\u01b0\u0323c hi\u00ea\u0323n ca\u0301c quy\u00ea\u0301t \u0111i\u0323nh c\u00f4ng khai v\u00ea\u0300 l\u01b0\u01a1\u0323ng ti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t l\u00e2u da\u0300i co\u0301 ti\u0301nh t\u00f4\u0301i \u01b0u. Nh\u01b0ng du\u0300 co\u0301 hay kh\u00f4ng \u201cti\u00ea\u0300n t\u00ea\u0323 ho\u0301a th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch\u201d, thi\u0300 m\u00f4\u0323t ty\u0309 ph\u00e2\u0300n \u0111a\u0301ng k\u00ea\u0309 cu\u0309a vi\u00ea\u0323c v\u00e2\u0323n ha\u0300nh ca\u0301c go\u0301i n\u01a1\u0301i lo\u0309ng \u0111i\u0323nh l\u01b0\u01a1\u0323ng (QE) hi\u00ea\u0323n nay co\u0301 th\u00ea\u0309 se\u0303 pha\u0309i xem xe\u0301t \u0111\u00ea\u0301n kha\u0309 n\u0103ng ta\u0300i tr\u01a1\u0323 cho ca\u0301c khoa\u0309n th\u00e2m hu\u0323t ng\u00e2n sa\u0301ch nga\u0300y ca\u0300ng gia t\u0103ng \u01a1\u0309 hi\u00ea\u0323n ta\u0323i va\u0300 trong t\u01b0\u01a1ng lai khi vi\u00ea\u0323c ki\u00ea\u0309m soa\u0301t \u0111a\u0323i di\u0323ch COVID-19 v\u00e2\u0303n ch\u01b0a co\u0301 d\u00e2\u0301u hi\u00ea\u0323u kha\u0309 quan \u2013 ca\u0309 \u01a1\u0309 n\u01b0\u01a1\u0301c gia\u0300u va\u0300 n\u01b0\u01a1\u0301c nghe\u0300o.<\/p>\n
Ta\u0300i li\u00ea\u0323u tham kha\u0309o<\/strong><\/p>\n
Adair Turner (04\/2020), Monetary Finance is Here, Chuy\u00ean trang Project Syndicate: https:\/\/www.project-syndicate.org\/.<\/p>\n
Adair Turner (2013), Debt, Money, and Mephistopheles: How Do We Get Out of This Mess?, Group of Thirty, Occasional Paper No. 87, Washington, D.C, May.<\/p>\n
Andolfatto, D., and L. Li (2013), Is the Fed Monetizing Government Debt?, Federal Reserve Bank of St. Louis Economic Synopses, 2013, No. 5.<\/p>\n
Aris Protopapadakis and Jeremy J. Siegel (1986), Are Government Deficits Monetized?, Federal Reserve Bank of Philadelphia.<\/p>\n
Biagio Bossone (04\/2020), The Monetization of Fiscal Deficits: What is it Exactly?<\/p>\n
https:\/\/vietnamnet.vn\/vn\/tuanvietnam\/tieudiem\/viet-nam-dua-ra-cac-goi-ho-tro-chua-tung-cotien-le-639912.html<\/p>\n","protected":false},"excerpt":{"rendered":"COVID-19 VA\u0300 TI\u00ca\u0300N T\u00ca\u0323 HO\u0301A TH\u00c2M HU\u0323T NG\u00c2N SA\u0301CH Ch\u00e2u V\u0103n Tha\u0300nh Gia\u0309ng vi\u00ean Khoa Kinh t\u00ea\u0301, Tr\u01b0\u01a1\u0300ng \u0110a\u0323i ho\u0323c Kinh t\u00ea\u0301 TP. HCM, email: thanhcv@dotv.vn. Ba\u0300i vi\u00ea\u0301t nga\u0300y 22\/05\/2020 (T\u1ea3i v\u1ec1). \u01a0\u0309 nhi\u00ea\u0300u qu\u00f4\u0301c gia, chi\u0301nh phu\u0309 \u0111ang xoay s\u01a1\u0309 \u01b0\u0301ng pho\u0301 tr\u01b0\u01a1\u0301c k\u00ea\u0301t cu\u0323c kinh t\u00ea\u0301 t\u00ea\u0323 ha\u0323i do \u0111a\u0323i di\u0323ch COVID-19 g\u00e2y","protected":false},"author":1,"featured_media":6082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[184,107],"tags":[],"acf":[],"lang":"vi","translations":{"vi":6080},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/6080"}],"collection":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/comments?post=6080"}],"version-history":[{"count":4,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/6080\/revisions"}],"predecessor-version":[{"id":6086,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/6080\/revisions\/6086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/media\/6082"}],"wp:attachment":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/media?parent=6080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/categories?post=6080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/tags?post=6080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}