Slide 1
Ch 5: IU TIT V GIM ST H THNG TI CHNHCh 5: IU TIT V GIM ST H THNG
TI CHNHTHT BI TH TRNG TI CHNH - S QUY NH IU TIT KHU VC TI CHNHIU
TIT V GIM ST KHU VC TI CHNHCC M HNH KHNG HONG XU HNG THAY I QUY NH
TI CHNH TNG LAII. THT BI TH TRNG TI CHNH V S QUY NH IU TIT KHU VC
TI CHNH
1. TNG QUAN V TH TRNG TI CHNH
KHI NIMTh trng ti chnh l ni din ra cc hot ng mua bn cc loi giy t
c gi, ni gp g ca cc ngun cung v cu v vn qua hnh thnh nn gi mua v bn
cc loi c phiu, tri phiu, k phiu, tn phiu, hnh thnh nn gi c cc loi
vn u t.C S HNH THNH TH TRNG TI CHNH
PHN LOI
Thi gian vn ng ca vn: th trng tin t v th trng vn.Cch thc huy ng
vn: th trng cc cng c n v th trng vn c phiu. Nu cn c vo c cu t chc:
th trng s cp v th trng th cpCHC NNG CA TH TRNG TI CHNH
2. THT BI CA TH TRNG TI CHNHTHT BI CA TH TRNG TI CHNHTht bi th
trng ti chnh l tnh trng khi th trng ti chnh khng thc hin c chc nng
phn b ngun lc ca mnh mt cch hiu qu.NHN DIN S BT N TRONG TH TRNG
S mt cn i trong bng cn i k ton
S gia tng li sutNHN DIN S BT N TRONG TH TRNG
S suy gim trong khu vc phi ti chnh dn n s thay i gi ti snS gia
tng tnh trng khng chc chn3. NGUYN NHN THT BI TH TRNG TI CHNH
KHI KHNG C S CAN THIP CA CHNH PHLa chn bt li c to ra bi tnh bt
cn xng ca thng tinTm l liVn ngi y thc v i dinV kha cnh ngoi ngKHI C
S CAN THIP QU SU CA CHNH PH
Thng tin hn ch Kim sot hn ch i vi nhng phn ng ca t nhnKim sot hn
ch i vi b my hnh chnh quan liuNhng hn ch do cc qu trnh chnh tr p
t4. V sao phi c s iu tit v gim st h thng ti chnh?
S IU TIT V GIM ST H THNG TI CHNHII. IU TIT GIM ST H THNG TI CHNH
1. Th no l iu tit v gim st HTTC?M hnh gim st theo th ch
M hnh gim st theo th chM hnh gim st theo th chM hnh gim st theo
chc nng
M hnh gim st theo chc nngM hnh gim st theo chc nngM hnh gim st
lng nh
M hnh gim st lng nhM hnh gim st hp nhtH thng gim st ca
SingaporeChnh sch tin t u t v Nghin cuNgun lc doanh nghip v tin tCh
o MarketingGim st thn trngPht trin v quan h i ngoiCng ty Bo him tin
gi SingaporeC quan qun l tin t SingaporeB Ti chnh (MOF)Ngn hngBo
himChng khonM hnh gim st hp nhtM hnh gim st hp nhtNguyn tc gim st2.
Nhng quy nh khu vc ti chnh v hn ch Mng li an ton ca Chnh ph
Mng li an ton ca Chnh phHn ch nm gi ti snYu cu v vnYU CU V VNT l
n byYu cu vn da trn ri roHnh ng khc phc kp thiVn thpD sp Tham gia
hot ng ri ro caoGim st ti chnhLA CHN TIU CCCp phpM hnh CAMELSRI RO
O CGim stnh gi h thng qun l ri roYu cu cng b thng tinBo v ngi tiu
dng o lut Bo v Ngi tiu dng (1969) o lut v Tn dng Cng bng (1974) o
lut v C hi Tn dng Cng bng (1974)o lut Ti u t Cng ng (1977)Nhng hn
ch v cnh tranhGim st v m so vi gim st vi mIII. Cc m hnh khng hong
ti chnh xu hng ci cch iu tit v gim st ti chnhCC M HNH KHNG HONGTI
CHNHM hnh KHth h th ba(Kaminsky v Reinhart - 1999)M hnh KHth h th
hai(Obstfeld-1994-1995)M hnh KH th h th nht(P.Krugman -1979)M hnh
KHth h th t(Cnh bo KH TT xy ra)M HNH KHNG HONG TH H TH NHTThm ht
ngn schTi tr bngpht hnh thm tinSc p ln t gi c nhNHTW bn d tr ngoi t
htr t giD tr suy gimTn cngu cKhng hongtin t
M HNH KHNG HONG TH H TH HAIK vng th trng CP c th ri b t gi cnh
thc hin chnh schkhc (nh gim tht nghip)Cc nh u cTn cngng ni tTn cng
xy ra to k vng ngni t c th ph giv lm tng li sutChnh phThy li sut
tng ln,gy nh hng xu ntng trng v tnh trngtht nghip nn thni t giK vng
xoay vngKhng hong xy ra, khng phi do yu t kinh tcn bn, m do th trng
k vng nh vyM HNH KHNG HONG TH H TH BAH thng ti chnh ni a- Tp trung
vo ngn hng- Gim st yu km- Tm l liDng vn ncngoi chy voN mnh gi ngoi
tk hn ngn gia tng Chnh sch kinh t v mT gi hi oi c nhPhn b vn sai
lch- u t qu mc- Bong bng gi ti sn- Tham nhngTnh hnh kinh t v m- T
gi hi i thc bnng gi.- Thm ht thng migia tng.Tnh hnh ti chnh- T l n
kh i cao- Mt cn xng v k hngia ti sn n v tisn cKhng hongM HNH KHNG
HONG TH H TH TNhn cng gi rTch lu t bnPht trin cng nghGia tng li
nhun siu ngch ca FDILn sng ton cu hoT do thng miDng chy FDILi sut
gimLn sng tit kim ton cuKhng hong ti chnh ton cuNH v DN ph snCc pht
kin ti chnh: CDO, CDS, MBS, ABS...Th trng ti chnhBong bng gi BSBt n
v giHng ro th chThiu ht lng thc2. iu tit v gim st khi khng hong
(khng hong ti chnh 2008 M)Nguyn nhn gy rakhng hongTh nht:- S bng n
cabong bng nh .- Gim st ti chnhthiu hon thin.Th hai:- S bt cn xng
thng tin.- Th trng hng ha,th trng ti chnh,th trng a c pht trin trn
c snhu cu o.
* Mt s nguyn nhn gy ra khng hong:* S iu tit ca chnh ph khi khng
hong din ra:- Sau khi bong bng nh v, cc c nhn gp trong vic tr n,dn
n vic nhiu t chc tn dng cho vay mua nh gp kh khn v khng thu hi c
n.S iu tit caChnh
phThng9/2008Thng8/2007Thng12/2007Thng3/2008Thng9/20073. Xu hng ci
cch iu tit v gim st khu vc ti chnh trong tng laiXu hng la chn v iu
chnh m hnh gim stXu hng tng cng ccchun mc gim stiu chnh phng thc
gim stCi cch iu tit v gim st ti chnh trn th giiPht trin c ch gim
stcc tp on ti chnhGim st ti chnh hp nht l m hnh c nhiu nc hng n
nhiu hn trong s 4 m hnh gim st.Xu hng la chn v iu chnh m hnh gim
stNc Anh chuyn t m hnh gim st hp nht sang m hnh gim st lng nhC 3
nguyn nhn c bn l gii cho xu hng ny.Cc chun mc gim st h thng ti chnh
tip tc pht trin da trn cc chun mc quc t c khuyn ngh bi cc t chc quc
t.
Cc chun mc gim st h thng ngn hng c c bit ch trng tng cng mnh m
hn.Xu hng tng cng cc chun mc gim stPhng thc gim st c iu chnh theo
hng tng cng vai tr ca gim st thn trng v m i vi h thng ti chnh.iu
chnh phng thc gim stPht trin c ch gim st cc tp on ti chnhnh hng cho
Vit NamXu hng ci cch chungYu cu vi cc c quan chc nngXu hng ci cch
chung p dng m hnh gim st hp nht.Tng cng cc chun mc gim st an ton h
thng ti chnh.Tng bc p dng cc chun mc Basel II v III ti Vit Nam.Cu
trc qun l ti chnh Vit Nam
Thit lp mt c ch gim st an ton v m th trng ti chnh => Thit lp
mt c ch phi hp gia cc c quan gim st => tng hiu qu phi hp, pht
huy tnh c lp ca c quan gim st
Yu cu vi cc c quan chc nngUBGS s tng cng hot ng gim st thng qua
vic thu hp cc chun mc trong nc v quc t, xy dng v p dng cc ch tiu
gim st, cc ngng cnh bo an ton v m, cc m hnh nh lng
