Huang din BUtiC VAO THI TRUUNG QU6C TE - lib

RANDY CHARLES EPPING35Huang dinBUtiC VAO THI TRUUNGQU6C TE74 khai niem cd banve kinh to th6 giOiBien dich : TS. Nguygn Van Quy30012?Ha NUL 1995L

Ile cap fib nhiing khai niem co ban nhth cua kinh t6 hien diti,"Hitting din buds vat) thi fruiting (wag te. cho ban m(it bdctranh Man cuc ire cac hog dung kinh ti hang ngay tren thegioi, lam thay dtii each nhin can ban d6i vdi den kinh to theRandy Charles Epping la cOng dan My hien dang slingZurich. Ong a nhieu nam lam viec trong nganh tai chinhquiac te b cunng vi quan ly cac Ngan hang dau to cua My ve.Chau au tai Gio-ne-vo. Luan don va Zurich. Ong C1411 bangthat sib Dai hoc quan he qu6c to Yale. Ong cling dau that siit Dai hoc Sorbone cUa Phap va Cu nhan O Dui hoc NotreDame. Ong not thOng than 5 ngOn nga : Anh, Phap, BO DaoNha va Tay Ban Nha.

MUC LIJC1. Nen kinh te the giei la gi?2. Su giau co tren the gidi duoc xac djnh hang each nao?3. Kinh M vi and la gi?4. Thuong mai quOc te lit gi?5. Thum but va thiing du thuong mai lit gi?6. S6 hau nucic ngoai cO the glit) gi elm nen kinh te?7. Tien te gilt) gi cho thuong mil qu6c te?8. CO nhu ng thing tien chi yeu nao tren the giOd?9. DOng den duoc tha n6i la the nao?10. Ty gin hiii doai hoot (Jong nhu the nao?II. GNP la gi?12. Lam phat tinh hu6ng den nen kinh te the gich nhu thenao?13. Cac nen kinh te the gidi dinIc so sanh col nhau nhu thenao?14. Cung dog tMn te la gi?15. Ngrin hang trung long 15 gi?16. Lai suat (limit sit dung de dieu chinh nen kinh to nhuthe nao?17 Ngotti thuong door, khuyen .khich nhu the nao?18. Han ngiich. thug nhap khau vit trta cap lit gi?19. Thant hat ngan sach anh hiking the nail den than, butngotti thuong?20. Tai sou ctic cOng tv duoc vied la Ltd., Inc.. GmbH viiS.A.?71. Win sit him la iii?

22. Bang tang ket tai sari la gi?23. Bang quyet town 16 lai la gi?24. Tong gia tri tai san rang duac xac dinh nhu the nao?25. So sanh queic to cac cOng ty nhu the nao?26. Mua lai ed pilaff de kiem soat cOng ty nhu the nao?27. Dau to quoc to duac so sanh nhu the Mo?28. Chi so ed phieu la gi?29. ate nha clau to mua c6 phieu dm nude ngoai nhu theLao?30. Nhang rei ro cua cfauiu quoc to Ia gi?31. Quy van so hau la gi?32. So pha san khan nhau nhu the nao tren the gidi?33. Thi taking van la gi?34. Trai phieu la gi?35. Trai phial dltac mua ban nhu the nao?36. Deng den Chau Au va dal phieu Chau Au la gi?37. Ctich xep hang de danh gia dau to nhu the nao?38. Vang duac sv dung nhu the Mao trong dau to glide te?39. Nhang wing cu tai chinh phat sinh Ia gi?40. Quyen duac vu tien mua ban la gi?41. Quyen chon mua va quyen chart ban la gi?42. Quyen chon tien to la gi?43. Gig)/ bao darn la M?44. Ai dau to vao thi truing the gidi?45. Nhang luc long nao clang sau so tilting nhat kinh to:hau Au?46. COng ding Chau Au la gi?47. Ctic nen kinh to lee hoach chuyen sang kinh te. thirudnn nhu the nao?48. Nen kinh to vanh dal Thai Binh Duong la gi?3

49: Nhat Ban Inc la gi?50. Hiep udc finking mai to do Bac my IA gi?51. The" gidi thit ba la gi?52. Nguyen nhan (Jai ngheo cua thd gidi thu ba la gi?53. No dm the gidi tha ba do dau ?54. Cai gi gay ra cuoc khung hoang nO qu6c te?55. Sieu lam phat IA gi?56. Ai hi hoi nhieu nhat bdi the Ice hooch kinh to khac khei?57. CO thd lam gi de thim ddy so phat tridn cua the gidtha ba?58. Hop tac kinh to quac td co thd dude khmen khich nhtthe nao?59. Lam thd nao tranli dude cac cuOc chitin trantthuong moi?60. Cac nean hang phat tridn khu saw la gi?61. Ngan hang thd gidi WB va quy tien to qu6c to IMF IA gi?62. Phan tham nhang dm it kinh td the gidi la gi?63. Rita sach clang tien la gi?64. Tai khoan o ngan hang Thuy Si hoot Ong nhu thtnao?65. Noi tranh thud la gi?66. Bon RA phom queic to tr6n bi khdi tei nhu thd nao?67. Cho den la gi?68. Nen kinh to the gidi anh huang ddn mdi truang nhunao?69. Quyen 6 nhiem la gi?70. Dante ddi no lay to nhien In gi ?71. Trang phat va khuydn khich ve kinh to duac sit dungde' bao ye: mth twang nhu thd nao?To din thuat nga4

MO DAUDd c6 dac nhang guyed Binh dung den trong kinh doanhhay nu to can phai c6 nhang hieu biet co ban ve kinh M thegidi -flat la trong b6i canh qua te hien nay, khi ma cluing tasang hudng tOi mot nen kinh te man au, va khOng cOn naaThing nen kinh te tan tai dOc lap.Hang ngay, chUng ta thuong nghe nal nhieu ve nen kinh togidi. Nhang cum ta hay nhang tieu cre nhu "kap dinhcinh te, "24 gib ve thuong mai qua te, "chien tranh thuong-nai" v.v... khOng ateng xuat hien tit' bao chi, dai phat thanhra tren vb tuyen truyen hinh.Phai chang chUng ta cam nhan rang nen kinh te the gidi1-6 thanh nOt nhan t6 quen thac trong clOi sang Wane ngay.Fie chi& clang he brio tha nap khdu danh thric chUng tatao budi sang cho tO1i khan tien ma cluing ta long clau to raluOc ngoai, cuOc song caa chUng ta ngay tang chiu anhwag taeu hon c6a sti pat trien kinh to va chinh tri trenhe gidi. DU ban la ai - nha chuyen Man hay ngubi not tro,Igubi.lam rang hay sinh yien - ban cling can phai c6 nhangau brat co ban ye nen kinh to the gidi.Nen kinh to the giOi et-mg khOng phai la qua phew tap so:6i nen kinh to trong nude ma cluing ta flap ac hang ngay.46 a ye phitc tap nal vi no bao gam nhieu loai tien te, flaniga va he theing chinh tri khac nhau. Nhe a cac hieu beet co)an ve nen kinh te the giOi chung ta se a car: guyed dinh vamg xu tat hon. VOi su thew ay ca cac c5 tri hieu bier ye:inh te, cac nha chinh tri dan an phai dua ra dua cac quyet

dinh kinh to ngay cang hOp ly hon, huOng tdi mot the gidiphen vinh va an 'wan hon trong tuong lai.Cu6n sach duoc viet vOi mot van phong nhe nhang va dehieu, khOng co cac do thi va nhang phuong trinh roc rth. Carsill lieu dua ra luOn di clang vOi vi du de lam rO nghia "huongdan bade vao thi truong quec te" gin') ban aim duoc nhanghien Net co ban chef. khong di vao ly Juan cao xa, va de cartai cac khai niem thueng gap nhat trong their song hang ngay.DU rang se la hop ly neu doc cac muc theo trinh W to datWI alai neon thch, nhung ban clang co the chon doe rierqtang nave cang nhu cO the doe cac muc theo mot trinh to baky. 0 cudi sach co Oran to yang dung cho tra eau nhanh satnay, khi ban gap cac to hay cac thuat ngill la tren boo chi, talieu hay trong cOng vise hang ngay.Ban hay nhil rang nen kinh the the giOi cO the hien duoc mocach khOng phai qua khO khan. MOt khi da co cac hien Met ciban, nn kinh the giOi se tre nen day hap clan, not ma calmien dat va the vung dan cu xa la cO nhang anh hueng Ian nhalhet sac lei cuon vOi tat di thong ta. Tat ca cO the duoc giathich mot each don gian, va nhu vay, ban hay tan dung cudisach nay.

1. Nen kinh t6 th6gifii la gi?Xet cho ding, tat ca chung ta deu ta bb phan oh nen kinhto the gidi.Khi chung ta tieing ea phe nhap khan hay cacao nang vimmai sang, khi chUng ta sU dung ctau video san xthit tit nudengoai, hoac khi chung ta di du lich ra nude ngoai vao nheingnthay nghi la chUng da tham gia vao cac hoot clang thuongmai va tai chinh quOc to cilia mth the gidi khOng ngung Oattrien.KhOng phai chi khi tieu thing hang ngoai thi chUng ta mdi(flax coi la b0 phan caa nen kinh to the gidi. Cac khoan tienlai cua quy huu tri hay tam quy dai hoc nha claw to ra nudenizoai eh le hien clang dupe sU (icing ct6 tra cho nguoi ve huuhay xay dung cac khu ky the xd. Dau to nude ngoai vao cackhu cling nghiep dia phuoniz clang tar) ra viec lam cho ban vacho gia dinh chung ta. Dan ngay ca cac van china vien thenkinh. nhfing ngurli chi ky cac hop clang di thi (Du b nudengoth, clang la 110 phan dm nen kinh to theNen kinh to the gidi duos tao nen th Ell -1011g talc Ong quaDi theta nheing con nguOi, theta cac doanh nghiep, giaa cacChinh phi], vot qua cac ranh gidi qudc gia, thaw chi vuotqua ca cac ranh gidi phap K. bleu chung ta mua ma tuy haytham gia clan tranh chang ma thy- gulp cho nguei Boliviatrong viec thay coy thudc phien b5ng coy luting thue, thichUng ta dal tres thanh mot b0 phan dm nen kinh to the giOi.Chung ta cling sU dung nen kinh to the gidi de dat cac muctieu chinh tri hay mix tieu sinh tiara khi chUng ta tip dung cacbien phap kinh to de dem tranh chung phan biet chifing teichay chang giert hai cac dan ca voi. Ve co ban. brit cu coi giOmen qua the bien gidi, cho dil d6 la hang hon. ditch vu hay

su chuyen von chau tu, deu Ia by phlan eau thanh nen kinh tothe gieti. Nhap khriu theft: an, xuat khan 0 tO, cfau tu von ranude ngoai, kinh doanh dich vu nhu dien anh hay du lich,cling deu dOng gap vao hoat dOng kinh to th5 gidi.2. Su giau co tren the giin xac dinh b5ng each nap?Su giau co cua mpt quell gia co the dupe vele dinh tot nhiltbang each nhin vao ngudi clan cent nude (JO. KhO co th5 duavho Nit Ici,/ mpt con s6 nao cua thong ke de' xet (loan. PhaiChang nude CO-et la giau co han nude Brazin ben vi hp e6 thunhap dau nguei cao lion? Phai Chang nguoi Phap silting honmtuni Nhat heti vi hp co so lupng may ctiertthoai tren ctau hpgia dinh la nhieu hon'? Phai Chang ngudi Y sudng han ngudiCanada heti vi ho bet kiem dupe nhieu then hon?CO nhieu each de? xac dinh su gitiu co. Cie nha kinh teldinh nghia su giau co nhu la cai ma eon ng gigdupe nhu eel phial. Nit Ong :Pan. nhung nhieu ngudi lai nhintruck tien vao mac thu nhap. Tuy nhien, viec so sanh macluang i7 cac nude Mick nhau thi. Gang giong nhu so sanh quatact voi qua cam, bOi vi mac luang 0 men nuOc dupe tra bangecic Sing tien khcic nhau. Chung ta can phai chuyen d6i bangmot each nao do cal ma moi nguiti kiem dupe thanh mpt donvi do Chung.Mat each chuv5n cleii then luang la truck het so sanh gia tricem die citing then cem ne: quite gia kheic nhau. Thing thilltng(lieu nay dupe thus hien hang viee set dung cad ty gia hen(Men, nhung chi se cho ta Net gia tri cent mpt ding then dupetinh man so vai eau cliing hien khae.Ty gia hell dual dude talc dinh bib die thi trilling MN (Joditren the gidi phial anh eac quan di5m thi trilling cua tinhhinh kinh to chinh tri eim men quill gia. Bang each su dung bigia heti docii. tien luang tinh bang Yen 0 Tokyo eit the dupe8

chuyen del thlinh Dola My de al the so sanh duoc salt mileluring d Los Angeles Mac c6 the dude chuyen thanh FrancPhilp de cd the so sanh vdi muc luong d Paris.Do mile song thay dei kha nhieu to nude nay sang nudekhac nen khd co the chi don gian sit dung t9 gia hot doili dechuyen del i mite luting. Neu nhu met can he d Tokyo dal hon3 Ian so vdi i5 Los Angeles hay 6 Paris, thi mite luting cao honNhdt khOng nhtit thiet ce nghia la ding nhan Nhdt song khagin hon so vdi ceng nhan O My hay 6 Philp.Den khi, dieu coy nghia hon la xem mile Wong et") the muaduoc bao nhieu o mei nude. Sim mua cua dbng luong cho tahiet eet bao nhieu hang hoil va dich vu dive su co the mua(11.10C. Do do, viee so sanh gin ca cut) met nhem hang hod vadid) vu 6 cac nude vdi nhan se cho ta met ty gia trao den tineay hon -throe get la so sanh site mua (purchasing powerparity PPP). Ty gia trao deli theo so sanh site mua PPP duoctinh town thong qua su theo dOi gin ca dm cite mat hang tieuMing hang ngay va nhilng khoan khac nhu du lich trongnhting ky right, OtO, hart hiem, tien thug nhu it can nude khilenhau.Bang viee Iva then met gin hang hoa va dich vu nhu vayva tinh town gid ea cua chting 6 dm nude khdc nhau tren thegidi, cluing ta co the so sanh talc nina hay gin tit thuc sit cuading luong nude nay so vdi nude klic.Mae Ma met nude cel the giau ce hon ve [norm tien ma mencOng dan [lam gia hay kiem duet:, thi ve mat din him can phatxem men nguei co the lam doe gi vdi su giau co dO.3. Kinh t6 vi mA la gi?Kinh to vi nun dem Itri cho chung ta met cat nhin hart quiltvi tinh hinh kinh M cna mOt quite gia. Viet nghien cern nhang9

hanh vi cua cac nha clOanh nghiep va nhang nguoi tieudung don le dote goi la kinh to vi m6. Muc tieu cua kinh te vime la xem xet tat cu cac xu the cha nen kinh te, chang hannhu mac sic dung nhan Ong, mac tang trueng kinh te, cancan thanh man va lam phat. Viec nghien eau nen kinh te thegidi chic yeu la phan tich Citing quan kinh to vi m6.Gieing nhu t6c do ciOncz co doe dieu chinh beti long sungang nhien lieu, kinh to vi mO bi anh huOng chU yen bea chinhsach ties te kiem scat luting cung Ling teen te cua queic gia vaheti chinh sach tai khod kiem soett thu va chi cha chinh phic.Viec kiem scat On kinh to time chat nam trong tay cuangan hang trung uong va cua chinh pha, boi vi, chi c6 chinhphi va ngan hang trung uong c6 the kiem scat doe 'Ongteen te de nap cho nen kinh te.Chinh sach tien te cua mot ode gia cling nhu vice kiemspat long teen luu thing la thu0e chat: nang cua ngan hangtrung uong. Ngan hang nha nude D&, Ngan hang nha nudeAnh va Ngan hang Nhat Ban deu dieu chinh luting cung lingteen te theo nhang mac tieu ve co ban la &it-1g nhu Guy dutril lien hang caa My nharn day manh tang truing kinh te vakiem scat lam phewGidng nhu mot riguiti lai xe su dung bet Oar' gia tee detang giarn tag do gin, xe, ngan hang trung uong kiem scat nenkinh te bang each gia giant long cung ling teen te. ThOng quanhang quy dinh chat the cung (nig teen te nhu mQt cling cvthew day nen kinh te, ngan hang trung uong gift cho nen kinhte kite' bi been dOng qua mac.Chinh sach tien te tho chat giOng nhu mot tea choi danhd6. Khang en se lieu MI6 c6 the nei cho ta biet nen kinh teclang tang truOng nhanh den mac nab, va gang khOng en caigi cho ta Met nen kinh te se dap ang duce nhang thay ddii c6the xtly ra theo thane hay theca nam nhanh den mac nao.Ngan hang trung long dung "mOt mat" de then dOi nit dO10

lam phat c6 the being ra do nnn kinh qua mina, cent "mat"kia theo dOi tac do that nghiep c6 the tang nhanh do nenkinh to suy giam.Nen kinh te cung en the kiem sant duoc bang etieu chinhchinh skit tai khoa, bang nhang khoan thu chi caa chinhphi". Mac di" ngan hang trung ming kiem sofa luting cung ungden to dm mot gale gia, nhung viec thu chi maa chinh phitcung anh huong rat len den tang truOng kinh to cita dat nudc.Cung nhu tinh hinh kinh tg cfm mat gia dinh bi anh huOngobi nhung khoan nen rniṢ cha me kiem duac, "sac khoth" kinhtg cua (mac gia chin anh huong cua cac chinh sach tai kholtcua chinh phi!, ehiing ban nhu thug, chi tieu va vay misty' centchinh pha.Cho dit tat hay xau di naa thi nhung anh hultna kinh tocha yea deli \Jai anent saint hang naity cua chana to nhu lamphat va that nghiep truOtt tien la ket qua caa nhung queerdinh 6 ram vi mO.4. Thttong mai quiic to la gi?Khi Thuy Si xuat khan socola tdi Honduras, thi Thuy Si ce5the sir dung set den d6 de nhap kha'u chu6i cem Hondurashoac dg tra den Thu m6 cho Co-oet. Y trung co ban tiethuong mai queic tg va dau to quete to la don gian. Mai motnudc khi san xueit ra hang hoa va dich vu, thi c6 the tieu Minatrong nudc hoac xuat khan ra nudcSp khan nhau chit yeti Oita thuong nghiep trong nudc vathuong mai (mac to la viec set claim narmi to de tra cho hangholt va dich vu khi chuyan qua Hen nail quite tg. Mac MInhanh thuong mai man cau thong thuong duac tinh theo(fang dola M9 , nhung ban than viee Mien ban vein ktho theoca men nhOm ngoai to khtic. Mat dau video dm Nhat doethanh town hang chang franc nap 6 Paris. dm kinh ram Phap11

du® trA bang dela My b Seattle. Caphe Brain, phim anh cat:My, va oto dm Dim duec ban ra tren the gidi bang nharqlong tien khac nhau thing han nhu deng kron Dan Macthay ding ringit cam Malaixia..Bat Ic9 Met quOc gia nho nhap khu hay xuat khdu hanghoa va dich vu thi deu c6 su Man chuyen Men : Ben quay treYe nude xuat khgu va tien chay ra klden nude nhhp khuBuell ban va clau to la met con dueng 616, va cling yeti hangrho thuong mai Mt thi6u, thuong mai gm& to va dau to lamcho mot nguoi kham khi hon.Trong met nen kinh to town tau gin ket yet nhau, nguoitieu thing c6 nhung co het de mua nhung sin phgm tett ghatvet gia cat hop 19 nhait. Bang viec ind rang thi truoniz, chinkphU cho phep came dan cam minh san xuat va xuat khgu t5tca nhung loai hang hoa ma nguoi dan cho la tot nhat va nhapkhu nhfing this con lit ditcle chon tit nhung khu vuc khac camthe gait.Met sd can tro trong thuong mai se xuat hien Nit cat lacnao khi hat nude c6 su khac biet ve luat phap. Tuy nhien, khimet cm& gia ban ye Men kinh to cua mirth bang each dunglen nhung hang rho thuong mai nhan tao, thi thuong dart denkgt qua gay thiet hal cho tat cat, ke ca cho nhung nguoi nom oben trong can hang rao bho ye.CuO'c dai khang holing kinh ter nhung [tam 1930, chainghan, da Ian ra khap the gidi khi My quyet djnh dung len hangrho thuong mai de boo he cho gag nha san xu5t trong nude.Khi gag nu& kligic bi lOi keo vao, den thuong mai suy sup,th5t nghiep gia tang, thi ca the gidi d5 chim van man giatJoan suy thogii kinh to mien mien.12

5. Thant hit vA thong du thming mai la gi?Cling tuOng to nhu mot doanh nghigp, mai qudc gia cleu[Mai Theo den nhung luring vao va luting ra dm hang hoa vadich vu va hg thong thanh toan cent ma. Vao then diem miencUa mei chu kyt, men nu& deu phai xem xet can can thuongmai dm minh va dem tu quee to the gidi nhung khoan dau tuhang each nay hay each khac.Se do so deing nhat ye' thuong mai met nuile la can canthuong mai ‘O hang hoa. NO chi tinh den nhung hang_ hoa"him hinh" nhu dau video, rudu yang, xe may. Bain ban eachang hoA hem hinh nOi Chung duOc guy vg can can thuongmai. cho dia nO bao gbm nhOng hang boa him hinh, nhungalit co the dove chat len may hay, tau thug hay mat loaiphuong tien gao thting nao khac ntia de van chuyen to nuOcnay sang nude khac.Tai khoan hign hinh la men se do thuong mm tot hon benvi nnotti hang holt hem hinh no dm bao gbm ca xugit nhapkhitu dich vv. CO the kheng that hie nhiem nhung nhieunu& da kiem Mate rat nhieu tien nho xuat kheu hang hon"vta hinh'' nhu dich vu ngein hang, kiem torin va du lich. Vi dunhu mat nguen di du lich nuec ngoai "mua" dich vu khach sannha hang dung nhu each met nguin UM, Ming it trong nuOcmux met do clang nhap khan. Phim Anh va dich vu ngan hangMing phai diroc tra tien giong nhu dei vei bao gao.Tai khoan hign hanh cho Chung to Met nhung queic gia naoclang huOn hon cO lai, clang kiem duoc mot khogin thging dutrong tai khoan yang lai vOi khoiln tien tai ngan hang vao thenctie'm cu6i nam. va nhung (luau gia nao clang huOn ban thua16. nhap khau nhieu hon nen khetu, clang chiu mat khoanthieu but tai khoan yang lai, hay la clang phAi chi nhieu honthu.13

Thum hut vh thing du thuong mai dude can bang nhophan chenh tech dude thanh toan. Vi du, mat nude co khorindu thou tai khoan hien hanh cO the sit dung s6 den du ra dedau tu ra nude ngohi hay 65 the tich luy du din ngoai te. MOtnude dang bi thieu but tai khoan hien hhnh can phai timkiem 6 nude ngoai nhting khoan vay cho ciau to hay buocphai silk du till rieng ctia minh de tra cho khoan nhap sieu.Tat ea nhang khorin thanh man va ehuyen tien nay dude b6sung vac) tai khoan van chit mai nudc.S6 do day du nhat ve timing mai dila mat nude dude gpila can can thanh toan. NO bao gam khang chi cric thanh twin6 nude 'mord ma dm Om hang hod, dich vu, va tat en cadkhoan ehuyen den qua hien gidi. Can can thanh toan cOng tatea cric khohn mile 6 thi khoan hien hanii va tai khoan van.Soi vi man b0 vied bubn ban hang hod va dich vu dueic canbane Nal cac khoan chuyen tied quad te, can can thanh manse phai hang khOng vao thii diem cued cua chu Icy ke toan.Mai qua chid)), mai chi& WO, mai khoan da' tu va thanhman di qua bien gidi quac gia deu dude dui vao bao erio cuedcling nay ye thuong mai gait: re v3 clau tit - tac la can canthanh man.6. Sit htiu nu& ngoai eft the ghip gi chit n6n kinh te r.Nhang quoc gia vii nen kinh M and (feu phan nan vii nhaurang died duy nhdt toi to hon chum tu nude [Trial la khang cadad to nude ngoai.Khi ngudi My chi trich ngudi Nhat ve vied "clang mua hanude WI' va nam trong tay nhang hat ding sari ea gia tri lin,hay khi ngudi Phrip phe phan ngudi My ve vied "dung muahet nude Phap dang kiem soar nhfIng COng ty caa Phaphay tham chi ea Disneyland Chau Au, thi ho dri c6 tinh 16 di14

mOt trong nhung din co ban dm thuong mai quec to la4uyen to do nu tu ra nude ngoai. -Thvc chat, dau tu nude ngoai la IC& qua cin thong duthuong mai. !Chi mot queic gia lam viec het site minh xuatkhdu nhieu hon nap khdu thi no se dat den ket qua la sitdung luong den thOng du de nu to vao thi truing the gin.56 Lien nay c6 the sit dung de mua bat cif cal gi tit cOng traiden bat dOng son hay ca cOng i ty o nude ngoai. Chang hanMy da di qua trinh lich sit lau dai vie viec tu vao cacquec gia khac mot khi thuong mai c& thong du. Tuy nhien,khi nude My bat nu c6 tham but thuong mai sin nhung nom80 thi nguei My 'Thai chi ra hang 4 dela cho nhung hang hodnude ngoai vao My, chang han nu video. S6 den d6 tre laiMy nhu au tu nude ngoai vao nen kinh to My.MSc du co nhitng chi trich ve sv tiep nhan nhung nguindau tu nay nhung chink viec nu tu do da gitip cho nen kinhto My rat cairn trong hoat ding thuong mai va tao nen nhieucOng an viec lam mdi cho cOng nhan My.Vi c6 met Mii lo so rat to nhien la cac ngianh thing nghiepchin luoc co the roi vao tay nguOi nude ngoai, nen nu Mtcac nude ke ca My da ban hanh cac lust ngan cam viec adhim dm nguei nude ngoai ddi vdi mOt s6 nganh cOng nghiepco ky thuat cao va nhiing linh vile thuOc quan sv. Minghan the vie dau tu nude ngoai trong cac nganh khac cua denkinh to thuong khOng bi dat ra. Cac queic gia vet can canthuong mai tham but c6 the kien loi nhe sv ganh dua cuanguei nude ngoai lam cho cac nganh san xuat cua ho c6 tinhcanh tranh hon tren thi thing pi& te. Mac Si din naykhOng phai a clang gi, viec giam hoat ding thuong mai va.clau to cO the gay thiet hai nhu nhau cho nguin tiAu thing vanguoi sanNeu mOt quite gia co n1-fling han the ve dAu tu nude ngoinithi viec lam va nhing khoan tiAn von can thigt thuOng icuyen15

mat di vi bi chuyen sang cac queic gia khac ca nen kinh to mohon.7. Tien to glop gi cho thuong moi quoc tgTrai ngtthc voi dieu ma nhieu nguOi tin.dei la lien to tithesu khOng lam cho qua dot quay trim : nen kinh th town cauboat dOng tren co so buOn ban hang boa va dich vu. Tuynhien, nal khOng c6 Men thi hoot dOng thuong mai se rtit kithkhan. Ta tha hinh dung xem viec gal dau tay sang Philp vadui d6 duoc thanh loan khi chuyen tau cho phomat tiep theocap b en hay có qua nhieu "dau tay va to phai c6 gang booquan chting de danh cho nam sau. Va bao nhieu dau tay thimai thong eing vai gia tri cha mat mieng phomat ?Vin de nay dune pi quy& bang each sit dung men Mid gido bleu till gia mi. Cal [JO duoc gui la Men. Mot mac, mot yenhay mat bang... ten gel khOng quan trong. Nhung diing trenbeing kim loaf hay bang gray thew day thuong mai theo baeach : chUng duoc sit dung nhu mot vat trung gian de traodeli, chUng van gia doe gia tri khi tich tra tit nam nay sangnam khac va chUng dung nhu meat don vi ke toan. MiringTang Men so khai la vO so va chuoi hat da duoc dung thingnhu vai tre am Men gidy , the tin dung va su chuyen khakidien to (Ma ngan hang ma ngity ham nay dang duoc set dung.Dieu co ban ih den lam cho hoat (long thuong mai doe dieuhanh tat hon. Dith thy cO the duoc ban de kiem Men, s6 tiendo co the duoc sa dung de mua phomat hoac cac san phamklthe. Ngoni vier sit dung nhu mot vat trung gian trong traodeli, Men can throe sh dung nhu mot vat trung gian cho moihoat thing giao dich hang hoii va dich vu cle tao nen nen kinhTien to cbn duoc sit dung de tich tra to nam nay sang namkhac. Ngudi san xuat thin thy muffin mua phomat vao ngily16

;uai Icy thi chat than khOng the bao quan duoc dau thy,:thing se laying c6 gin tri len khi dung vao then diem can banTuy nhien, bang viec ban dau thy de thu chthc tienthtimg ngubi san ?mat co the ngAi va chb dol. Ntning khoan:fen nay co the de danh hoac cb the clAu to thu lai nhuen dei„ifi (la gin tri danh nghia min (fang tien can bang van lamAin, them chi vuOt len Iran lam phar.Cu6i cling, tien c6 the duck sn dung nhu mot don vi keLoan. NO cho phep hang hod va dich vu throe danh gin bangmot don vi do Wong chung. Tien to cho chung ta Net baonhibu dau thy Wong Ung-voi gra tri nth mot mieng phomat.N6 thing cho cluing ta biet bao nhieu tau thong ling \Jai gin tri21.1a mot ye may bay va bao nhieu 6 benh mi kep thit mai cOthe tra cho mat ran cat tOc. Tien to cho phep tat ca hang hodva dich vu co the duos Hen thi dude clang cac set do dimechurin thin va thuong mai quoc to tr6 nen vO ding de dang.FA! .• 17- .•eio

Cfic .dbng tin chO y6u trén the gioi :Qu6c gia 'Tien teGM tri (so don vi trCn mel USD)-1980 1985 1990Kenya Shilling 7,6 . 14,7 24,0Morocco Dirham 4,3 , 9,6 8,0Senegal CFA franc 227,0 378,0 . 254,4Nam phi Rand 0,7 2,6 4,3CHAU MYAchentina Peso 1,954 0,8 5,583Brazil Cruzeiro 65,3 10,400 170,02Canada Dollar 1,2 1,4 1,2Mexico Peso 23,1 457,5 2,941My Dollar 1,0 1,0 1,0CHAU AAustralia Dollar 0,9 1,5 1,3Hongkong Dollar 5,1 7,8 7,8An DO Rupee 7,9 12,1 17,8Nhat Yen 203,2 201,0 135,6New Zlaland Dollar 1 2.0 1,7Chau Au18

Qutic giaTien toGia hi (so don vi tren met USD)1980 1985 1990Ao Shilling 13,8 17,3 10,5Bi Franc 31,6 50,4 31,0Anh Pound • 0,4 0,7 0,5Dan Mach Krone 6,0 9,0 5,8Cong Singchew AuECU 1,1 0,7Phen Lan Markka 3,8 5 ,4 3,6Phap Franc 4,6 7,6 5,1Due Mark 2,0 2,5 1,5Hy Lap Drachma 46,0 148,2 156,3Italy Lira 929,0 1,683 1,128Netherland Guilder 2,1 2,8 1,7Nauy Krone 5,2 7,636 Dao Nha Escudo 63,1 158,7 32,3ay Ban Nha Peseta 79,2 154,5 95,2Thuy Dien Krona 4,4 7,6 5,6Thuy Si Franc 1,8 2,1 1,3719

On& giaTien toTRUNG DONGGni tri (s6 don vi tren mOf USD)1980 1985 1990Ai Cap Pound 0,7 1,3 2,9!rad Dinar 0,3 - 0,3 0,3Iran Rial 70,0 84,2 64,7Israel Shad 7,5 1,383 2,1Arab Saudi Riga' 3,3 3,6 3.7Th6 Nhg Ke Li ra 89,2 579,1 2,8748. CO nhfing ofbng tien chit yen, nao trenTien to inna cac nen kinh to chu chat tren the gidi co ten gva ngubn g6c nuit phut da dung nhu chinh dat nude dm cluingDola dude sit dung 6 nhieu nuOc : My, Canada, AustrilinO duoc dat ten xuat phut to (tong buc dupe chic trong suthin trung e6 6 mat Chung lung nhu thuoc viing Bohemiaten gpi la "Joachimsthal". Cung nhu mot mieng xuc xich dusari xufit tai Frankfurt thi duoc gig la Frankfurt, nhung db:Lien xit Joachimsthal duoc goi la "Joachimsthal" hay don gi.la "Thaler" va trong tieng Anh no dude goi In "dollar".DIOng bang duoc sit dung o Anh, Ai Cap, Li Bang va ms6 nude khac co xugt xit la trong luting tinh then you(bang) duoc sit dung de: mac Binh gia tri d6ng ben then luokim loaf buy nhu yang hay sterling. Penny cling cO ngubn ggiang nhu to "cam d6", duOc tim thgy trong cue cum tit nhieu grim itb (pawn shop) va ve ngubn g6c cO nghia la tchfip. MQt penny giong nhu bat kV dinng tien to nao chinh20

"the chap" mot gia tri. O Italia va Th6 Nhi Ky thi flan toroc gpi ,la lira (Sing lia), nguZin g6c tieng latin libra coihia la "bang", nitc la Gang duOc dat ten then trong lutingMg ban vac.O Tay . Ban Nha nghia cUa tit "trong luting" la peso. NOtioc sU dung, de mO ta Sing ben dua tren khei 'Wing nheitnh cua vang hoac hang. &Ong tien yang truth: kia duoc goipeso de um va ding tien bac duoc gpi la peso de plata. 6Ily Ban Nha thi tien duoc goi Fa peseta nghia la diing pesoIP. Tit peso duoc sit dung de dat ten cho Lien to cUa ticroc net tieng Tay Ran Nha O My la tinh.O Dan Mach, Nauy, tU chi vuong mien la "krone" va ithey Dien la "krona". Dic dau, krone va krona duoc su dung6 hien Men do vua vii nu hoiing cho due cf.) khiic vuongien hohne gin tren thing tien. Ngay nay, hinh vuong mien dafoe thay the hang Neu trong khac, nhung ten gpi cUa noin duoc giU ladFranc dupe su dung 6 Phew, Thuy Si, Bi va O mOt s6 nudelanh dia khac. NO en )(Wit xis tit nhitmg ching tier' so khaidoe su clang 6 Philp cO ten lit "franconium rese" nghia 1a'tia (dm nguoi Phap".Dieing tien citing nhu dat nude cfm nO dupe mang ten erniett trong nhung chUng toe dau Men dinh cu tren vimg dO,lung toc Franks.Dung mark cria Due va Sing mitrkka am Phan Lan duocit nitutan tit cat mieng nhe, chang duOc cat ra thanh nhungOng Men de chi khli lung kim loiti quY chUn trong db. Dinglark DUc then tieng Due duoc gpi lit deutsche mark thuongti tat Ia D-mark.Ding ben 6 Amp Saudi va Qatar duoc gpi la rival vitan thi duoc goi la rial. Chung xueit xu tit chu Real the()eng Tay Ban Nha ma to nay Ili hat raiutim tit tieng latin laen gnu gne to (Tong tren xua lit "royal".

Diing diva dcgdc sit dung 6 Irk, Co-oet va cac nude khabat nguem to chit "dinarius". O An DO, Pakistan va mOt snude tren den lye dia thi tien te duyc got la rupi.(6 Indonesithi gyi la rupiah). NO dua tren to dm viing Sanskrit co nghila "bac dug".Nguen Trung Queic then thuyng co goi tien te la "Yiarnghia la "trOn" hoax la "vat trim nha".Ten nen te gin nguin Nhat la Yen va tien M caa nguiTrung yu6c la Yian, ca hai to nay deu duesc bat ngu6n tngOn ngit cua nguei Trung Qu6c c6 dal.9. liong tien duoc tha nun la the nao?Ngoai nhitng nguen keo kiet kern [lieu bit nhu EheneezeScrooge thi khOng myt ai muCin gut tien cho den khi theCac Mai tien duty: sit dung de mua hang hoa va dich vu ctrong nude va ngoai nude va gia tri cna cluing duoc - xac dinbang nhieu each. Trude kia gia tri cua Men te dune on dinnhd sy can thiep cita chinh phi) hoac duyc gan yeti gia tri nadO. Dieu nay gib day khOng cOn can thief nua, vi dud Mdollar nam trong tay nguOi nuOc ngoni cO the ducm chuyeddi ra yang cho den nam 1971. Ban vi yang nay dam hao chcite loai Men to 1Mon luOn cO gia tri ed dinh duyc 'chc dinh heluyng yang du trong kat cfia mai qudc gia.Vim rtheing Ham 30. phan lOn gag qudc gia da he hanyang, khi iuyng yang dy khOng du du MIN cac chinh phchap nhan mat he thCing ti gia h(ii (Joni en dinh. trong de n ;He theing tQ gia c6 dinh nhan lao da and cluOng di den methi truing tien te to do khi hiep dinh Smithsonian ye ty gihei cime cii dinh N s u p ski vao nam 1973 va gag ding tie

chi yeu dm the gidi da" dubc phep tha not to do tren cac thitrueng quric ie.Gia tri cua cac (tong den chn yOu tren the gidi nhu dollarMy, franc Thuy Si, yen Nhat khOng din co dinh rata. nhung[tube phep tha nSi tv do tren cac thi truethe ngoai to the gidi.Clang nhu ye di xem hen nhac yao buoi toIciaa bud' dien daban het ye, thi gia tri nth &dig den duck: tha ndi to do setang len khi nhu eau Tang tien del tang.lenTien to la mot loaf hang hoz; higm, n6 tuanrheo luat cungeriu mien la chinh phtr khOng bat dau in qua nhieu den.Chang han khi mbi nguei muein mua mot gian stereo dmNhat thi "gift" chit &Ong yen Nhat se c6 khuynh Inning tanglen. Gilt tri ilia Jong yen Nhat tang len khi nhang nguei nhepkhau tren the gidi mua yen Nhat bang dola, bang bang Anhhbac franc de tra tied cho gian stereo hien dai va cac de) choithen he cua Nhat, Thong to nhu vay, neu nguili Italia quyetdinh sit dung tien eh° viec di nghi et Florida thi (Jiang liraItalia se hi mat gici khi ne duce: ban tren thi truong ngoai tode mua dola va de tra cho ao phOng "chubt Mickey" hay dOmint ye vat) tham the gidi Disney.He th6ng the ndi tit do van khOng lam cho cac chinh phnthen khOng the dOng den gin di tien to dm nude minh thOngqua viec mua ban tren thi trudng me.He thong hien hanh dOi khi duoc goi la "tha ndi khOngthulan khiet", dua den su can thiep dinh Icy ci'm ngan hangtrung gong cho die eking den khOng thay ddi gia triqua nhanh hay khOng ehech ra klieg "hanh fang" xac dinhdude nhu tang they done he thOng tren to chau Au.Tuy nhien, giong nhu viec e6 gang the nett dOng ACV caanude, viec can thiep van thi di:Ong queic to la khOng de clang.Do sO luOng Idn eau loci den to dude mua ban thang ngityden thi tritong nitocti heti qudc te, su can thiep cUa nefin hangtruthg ming thueng chi [hanh tong trong viec lam chain qua23

trinh tang hay giam kheng the tranh khdi cua dbng tien duPtha not tv do.10.115, gia h6i doiti host dOng nhu thg nap?Neu nhu tat ca cac nude tren the gidi sit dung ding mQ&Ong tien thi hoat dbng thudtm mai queic M se ad nen diBang hOn. Nhung lai khOng phai nhu vay : mot nha san xuabia Copenhagen main duQc tra bang curon Dan Mach vmOt nha sanuat do so mi Hbng Kong mu& clik)c tra ban .Tien to mang gibing nhu bia vh tio so mi, co gilt tri nhadinh. Dieu khtic biet duy nhat la thing tier: nay c6 the Melhien gilt tri cua minh bang Jiang tien khac. Gin tri Mang FranPhap es') the tinh bang dbng dola My, bang dbng bang Anh vbang yen Nhat. Ty gin hoi chain thay dot Ong ngay va lodedupc cap nhap trong cac ngan hang va cite van phOng ngot:hdi tren khap the gidi.Thi trireme ngoai hfii tren the gidi kiem sotit gia tritown be cite dbng teen chit yeah Khi giti tri cim mot dbng tiestang len thi gia tri cim Bong nen kirk lai giant Khi don.franc Phap tang Oa so vdi Meng dola My thi rite la dbng dohMy giam giti so vdi dbng franc Phap. Deng the dbng thanPhap co the giam giti so itch dbng bang Anh. Ngoai h6i lobslam dude trao doff mitt each lien tue 24 gib trong mQt nga.vdi mac cues: buOn ban Oita hang tram trung tam tai chinltren kW the gidi, to Xingapo tin San Fransico, tit Oslo tdBuenos Aires.Nhung thi trudng nay dupe nen vdi nhau bang phtlelne tiesdien tit. Ciac ngan hang va cac "van phOng hiii dohi" theca detown be thl trudng lien ngan hang de dat ty gia cho Ong ngalam co sn de khach du rich din teen cat ho ra ngoai te.24

Bat ky ai khi ra nu& ngoai deu c6 the nh5n thay ty aia hdidoni ca mot so chenh lech nhe giUa viec mua hoc ban bat camOt diing den nao. Mac chenh lech giva ty gia mua va banboo dam cho cac ngan hang, cac van pheng hdi dodikhoan 101 nhuan nhO khi thoc hien viec chuyen deli tit dgngden nay ra &Ong den khac. Bang vai tan trao di ddi lai, motkhach du lid!' kern guyet doan se nhan ten do Oat mat khoanchenh lech vet va den hoa tieing cho viec ddi den.Cac thi trunng net-tat heii do dinh gia tri cua mOt &Ong denbang each nao? Gidng nhu dig thi dual -1g khab, thi truOngngoai tigi cling tuan thee guy lust cung cau. Neu nhieuthuong gia mudn mua crone dola My thi gia tri ciia n6 se tanglen, Mc la se can tang them cac dung den khac de mua dudedOla.Gia chuyen ddi bi anh huOng bet cac so kien kinh te, chinhtri va ddi khi beti ski &au co den to caa cac thuong nhan. Cacnha kinh doanh ngoai to calla oieing nhu cac nha kinh doanhIlia gao hay thit Ion, dOi khi "danh cuOc" rang den se tang gia.Neu Di sok giam xudng 6 Tokyo, cat: thuong gia se dd xevho ban yen de mua dola. Neu nen kinh to Thuy. Dien vUngyang thi &Mg curon c6 the tang gia. Neu r6i loan chinh di dedos nen kinh to Duc, gia tri dung mark se hi suy giam thi cacnha clau to ban ding mark va mua cac dling den ma hit chorang thong 6n dinh hon.Trong giai door' kinh to suy thoai, the giCii thugnu sit dungmOt so dung tin de tang dO an town. {Chi chinh tri va xa hOiGO nhung bien dOng de doa cac creme den tren the gait, cac •nha kinh doanh va dau to thuOng vii \tang mua ngay cac(tong den manh nhu dOla My va curon Thuy. Dien. Ho byvont+ se gift duty:, giti tri den cua minh trong thhi gian hiendOng nay.11. GNP la gi?25

o tat ca cac nude to Ba Lan tai Peru va to New Zealandtai Nigeria, viec san /chat hang hoa va dich vu cung cap thfican, quian ao, nha 6 cre nguoi dan et') the ton tai va vuon len.Mqt s6 nude san )(Wart nhangnguyen lieu phong phu nhuthan, gO, trong khi cac nude khae .san xuat, cher tao cac locihang hod nhu they va xe OtO. Met s6 nude tap trung vao sanxuat cac loyi hang boa nhu gao ho, trong khi cac nudekhae san neat cac dich vn nhu phim anti, bao hiem hoAc lamdich vu ngan hang. MO só loai hang hoa dich vu khOng tieuthy trong nude ma ban cho nude khaic nhu hang xuat kh2u.San Wong cna nen kinh to eau mot nude duck Wie dinhhang tang s6 hang hoa va dich vu ma nude de san xuat ra.Khi tang ngay tang nhieu hang boa va dich vu duct san xuatra, nen kinh to tang phat trien Nth each tot nhat de do su phattriOn dO la dime tien de do gia tri ena tat ca nhung gi mua vehoAc ban ra. Mac du each clang tien khOng phai la each duy'nhat de tinh san luong efia nen kinh Le, nhung no la each denhat cOng gia tri nhung qua tau, cam, nhung chic CnO,may tinh, bOng dd... ma mOt nude san xuat trong men nam.Gia tri hang tien cila tat ca cite hang.hoa va dich vu nay e6the Ong lai vdi nhau va so sanh yeti cac nude khae. BOi vihau het cac nude sit dung &Ong tien rieng cua minh, nen tonggia tri d6 cba moi nude du6c ehuyen dCii qua ty gia ngoai h6ide so sanh vdi nude khitc, ehAng hyn clang yen Nhat co theddi ra &Ong dOla My de so sanh nen kinh to Nhat vdi nenkinh My.S6 do hoat dOng kinh to bar) Om tat ca hang hod va dich vuducx mua.hoAc ban trong mOt nude trong mOt nam goi la Wingsan phiim trong nude (Gross Domestic Product) (GDP). GDP dohoat (tong kinh to cua mOt nude nhu chic dong 116 toe ctO do thede) cith mOt chi& xe OtO. IChi mOt nude san nen tang nhieu hanghoA, dich vu thi then do co nghia la sy hoat dOng cUa nen kinh te"tang toe. Hay nOi each khae IA GDP tang len. Nen kinh te khoe26

manh se tang trtiOng viing elide trong nhieu thang hode nhieunam. Khi su tang trudng Ming lai Mac di 'cueing, thi ca thenOi nen kinh to dang trong tinh tang suy thodi.Khi the boat dOng kinh to cua nheing nguoi dan cua motnude 6 nude ngoili duOc gem vao GDP, thi tao ra mOt s6 dotong the rang hon ve toan bo the boat dOng kinh to dm nudedc) tut tong san phdm quae gia hoac GNP (Gross NationalProduct). Ca hai so do it nhieu deu nOi ve cling mOt chuyen :GDP tap trung \Mid san xuat trong nude dm hang hod vadich vu, ne chi bao gom hoat dOng cha nen kinh to trong Mengidi qudc gia, trong khi dd GNP bao Om ea hoat dOngthuong mai va clau to (mac te bao gam moi loaf hang hod vadich vu to xugt khdu phim anh va dia compact beg thu nhdpto nudc ngoai va du Lich ra nude ngoai.GNP va GDP tinh man moi hang hon. va dich vg hop phapma mot nen kinh to san xugt ra. Mot nguoi ming dan ban rauteoi, mOt nha buOn xe 6t6 ban nth:mg chic xe thOng dung,nha tho ban mOt guyen sach mai, nguai tho min Mc, giaithuong gem melt dO vat hoac la nguai eau hO 6 sang bier) bandich vu cua ininh - tat ca deu clang gOp cho hoat dOng enanen kinh to khi sac dinh GNP va GDP. Trong qua trinh sapxugt, mai khi gia tri tin to tang Lem, thi GDP va GNP dm'nude dd cling tang12. Lam phat anh httong deen den kinh tg thg giai nhu thgmin?ThOne thuang. nheing dein hien cua mOt nen kinh te manhclang den nhung tin vui cho thi throng the gieg. Khi the nhamay san xugt het cOng su6t va s6 ngubi that nghiep giamdot nude se Chao den tin nay vOi sit hai [Ong, dinhninh rang veg su phat then kinh to nhu the MO nguei se tranen kheim khil hon.27

Nhung sau sv hoang loan ve tinh trang lam phat du dOicua nhang thap k9 qua, khi gia tang ngoai sy kiem soat, canchinh phu va ngtan hang trung 'Jong da nhan ra rang mot nenkinh to tang truOng qua nhanh c6 the la mot digit thi te. Meisti giam that nghiep, cac cOng ty butic phat tra luting cao honcho cac cOng nhan "doa be viec" va gin dm hang hoa va dichvu clang cao len de bet cho chi phi tang len. Lam Oat thuningo Mae cao nhat trong theti gian kinh to c6 Wen dOng lan nhukhitng hexing nang luting, chitin tranh, hoc khang hoang veno, hay khi bi thieu but hang Ma va dich vu thiet yeti.CEic nude den theo den (PM higu elm lam phat hang viec quartsat gia ca cUitt mot nheim hone mot "gig" hang holt tigu clang sindich vu. NO duoc goi la chi s6 gia tiCu thing (Consumer priceindex -CPI) o My va chi se gin ban le (Retail price index -APT,o Anh.Lam phat la sv tang len cua ty le phew tram trong gia cacua mot "gig" hang boa va dich vy qua mot thOi gian nhaidinh. Giam philt la su suy giam cac !oat gia nay va thuOng reithiem xay ra, bOi vi cac ding ty va nheing ngueti lam cOngkhOng elm phep gin cent ho va tien luting hi ha )(Ming.Khi nen kinh to phat trien nhanh, lam phiit bat dau tang v .hang hoa va dich vu. dat tria cao kitte -1g can nhac ct mua mOiset luong GO hart san phtim. Vigc tang gia thueng them Ida)cOng nhan din tang luong de theo kip lam phat.Ket qua thOng thining 1E1 mot gni mang Juan qunin cent setang ludng va MA, ma ket cue la lam ten hai Ten haw hgt MgIlgtioi, dac biet nheing ngudi cO thu nhap cd dinh, nhittn .khOng duoc digit chinh theo sv tang gia. ThOng thffiting. khcac chinh phu va ngan hang trung Hong nhan thay dau hieslam phat, ho ed gang lam cho nen kinh to phat trien chum laiHo "phanh" lam pi:it lai bang each tang lai suit. Dieu nab28

lam cho tat en cac hoat dOng nhu mua ot6 mdi hoac xay dungnha may inch trd nen dat hon. Lai suat cao Min se khongkhuyen khich cac doanh nghiep va nguesi tieu dung sit dungLien va clan ten giam bdt viec lam, lam chum sit phut trimkinh' t6.Thi truong quac te theo clOi [Sr le lam phut cila mai nuderat can than: lubn luOn tim kiem the dau hieu vita s1 phialtrie'n kinh t6 On dinh va ty le lam phut thap. Cac nha dau tuqune to nhu cac qu5„, tro cap va ngan hang, Wan chuyen hangty va din khi hang ngan DOla, Mac, Yen, khap the giditrong mOt ngay, tim kiem khoan loi nhuan cao that, chodam tu man minh.Vial mite lam philt va lai suat phu hop, mOt nude cei thethu but manh vein dam tu va tien to nude ngoin. Tuy nhien,khi nen kinh to eina mot nude phut then qua n6ng va ch yenhu lam phut se tang nhanh, cac nha dau tu quiic to sechuyen mot each nhanh nhat tien ena ho ra nude ngoai vadau tu quy hen ena minh vtio mOt nude eh nen kinh to phutthen On dinh va ty le lam phut eh the du down trude doe.13. Cae nen kinh to tren thg gioi dupe so sanh viii nhau nhuthg nun?Neu mOt nude nh6 nhu Ireland hay Srilanka gianh duoctin ea cac huy chuong yang tai the van hen mim he thi dieunay c6 y nghia nhieu hon chien Hating tuong tu ena the nudeIan nhu Thing Queic hotie My. Thong tu nhu vay, kh6 maclimb gia duoc tuu kinh to tin bat ley mitt nude nao, n6ukhOng nhin vao quy mO va ngubri lue ma nude do cO none.Chang may cO ich khi so sanh s6 lieu thong ke kinh t6 cimthe queic gia khan nhau hang viee sit dung nhimg con s6 theo(Tong nOi te. Lieu eh nghia gi khi nOi rang none main 198029

Lien xe da chi phi hon 40 ngan -t9 ialp mot nam cho chi phiquan su ciia ho. Dieu nay c6 quan he nhu the nao tei chi phicac nuOc khac nth Song Rup khOng duric su dung ?De so sanh the nude tren the gidi, thong ke kinh to phaiducic dat trong quan he tdi quy mb kinh te hoax phai quyve mot don vi do luting chung Chap nhen dale. Thi du chi phiquan su cila Lien x6 nam 1980 ce the so sanh vrii chi phiquan sit cua cac nude khac hang each dat n6 trong mdi lienhe vdi quy mb cua Wan Men kinh to do bang GDP hoac GNP.Khi d6, Li& rang Lien x0 da chi phi 20% GDP cho quasi su,so vdi My chi 8% GDP cho quan su thong cling mot giai downse c6 y nghia day rIfi.GDP thuong duric sit' dung de so sanh milt: chi mile tieucua cac nude khric nhau bOi vi no the hien mite sari xuat nordia cUri hang hoa va dich vu. GDP di ich trong viec so sanhsan luting ern cac nuOc besi vi n6 khOng bao gem cac phanheat ctOng yak to cua Wit Men kinh to nhu xuat khan va dauto nude ngoai, nhung thic thou dua vao trong GNP.Tuy nhien, ea GDP lan GNP deu khOng xac dinh duoc -daydu quy mg, cua mot nen kinh UV. Chu heat (long khOng hopphap nhu buOn ban ma tug, mai dam, khOng bao gib. duck:brio cao va do d6 kh6ng nam trong cac chi so chinh thilc nay.Ngoai ra, cac tong viec khOng lay luau nhu not tro hoctong viec tinh nguyen 6 cac berth vien, truOng hoc khOngduoc tinh vao day, bei vi khOng cb su tra Men cho viec tao racac hang hog va dich vu nay. MOt deit nude ma di Ong bb vaba me deu di lam viec se cO GNP lOn hon, do phai tra tignthug ngudi lam the dich vu ye sinh nha cita va chain s6c irehang ngay so vCii GNP dm mOt nude b dO b6 me 6 nha vakhOng phai thue ngubi lam viec nha.Mac du ea GDP va GNP khOng pliai la each xac dinhhohn Mo ve quy m6 cUa nen kinh to cua mot nude, nhungchimg van la nhung con s1 Mit nhat ma chung to c6 de so30

sanh hoat dOng kinh Ye efia cac nude {Mac nhau, to hay nudenho, nude giau hay nude ngheo.14. Cung ling tan to la gi?Tat ca cac nen kinh to tren the gidi cleu duoc kiem smatbang cung Ung then to - giong nhu trO choi trong de nhfingnguai choi chi ducle cung cap mot men then dE mua va bancac ngOi nha, khach san va tai san a nude ngoai. Thi du,luting cung -then to cha tr6 choi nay bao' gbm then mat cotrong tay cua ngudi choi va s6 then ho danh ducte qua viecmua ban.. Mot nen kinh to hien dai dua hen co so sU dung &Ong hen.Do vay, Wong cung Ong tien to cUa mot nthic quy& dinh sit nenkinh to hi the phat then nhanh den mite nao. Neu ngan hangtrung uong tang cung tien te, nguai tieu dung va cac thuong giaeh them then de chi tieu cho hang hod va dich vu.GM-rig nhu kich thigh tre chili Ma tren bang viec tang khdiOng hen sari ag de tra cho nhOng nguai choi, mot nu& cothe khuyen khich ski phat then kinh to bang viec tang cung(Mg then to gSm hen trong luu thong va then sari eh gift nganhang ce the nit ra hang see. Sit luting "hep" nay cha cungthen to thuang duoc goi la Ml. NhOm tien "de nap can" naythuong duoc gpi la "then to manh", no khuyen khich viec tieuthu cua phan lan cfm ngugh tieu dung va doanh nghiep va vithe kich thigh manh tang truong kinh Ca. Cac con s6 khac chacung Ong then to caa mOt nude bao cac quy khOngduoc sari sang elm lam nhu then gai cd ky han va cac khoanclau to dai han. Cac con s6 "tong hoe" nay duOc gpi la M2 ,M3 via M4 hoac L.Nei chung, khi cac doanh nghiep va cac ca nhan co it thenhon trong tay thi hoat env kinh to se suy3'

Ngan hang trung uong luOn luem han che tang cung tren tode kheing che su phat Dien kinh te va kiem scat lam phat.TM du trung trd choi nen tren, %Jai luong den it hon tren ban,nhang nguoi choi se tra it tien hon khi mua tai san city nhUngnguoi choi khac.Trong nen kinh te, tien it thuOng don tdi su di 'cueing dmnen kinh te. }Chi tien khOng sari, tY IC lai suit ce khuynhhating tang len, the IA gia caa tien tang len va ne 66 nen dathon khi vay. Neu nguoi kinh doanh va nguoi tieu dung phaichi phi nhfeu hon khi vay thi ho se giam chi tieu di. Bangeach nay, viec kiem_ scat cung tien to elm phep ngan hangtrung uong Edam duoc lam phat.Cung ting trail to cung CO the tang de kich thich hoar dOngkinh te. Neu nguoi choi trong tra choi tren duoc them tienthi ket qua c6 the du doan (Roc : nen kinh to tang tic vangubi choi hat dau mua va han veil mac gia cao va ngay dingcao hon. Viec tang khdi long 6en to thueng don den ka quatang truong nhanh va gram lam phat.15. Ngan hang trung uong la gi?GiCing nhu min nimbi lai xe can than luOn de mgt trenduong va dat tay tren vb lang, tat di cac ngan hang trunguong cua cac quire gia den nuhien eau du lieu kinh to rat thantrung va (lieu chinh cung ung tien to nham gin cho nen kinhto then met huOng di Ming.Thay vi nhan tien gui va tien cho vay nhu cling viec thOngthrame cfra cac ngan hang, nuan hang trung uong nhu Cue dutit) lien bang My (Federal Reserve) hoac ngan hang NhatBan kiem scat nen kinh to Ming each tang hoac Om maccung tien. Vigc quay nhanh may in tien khOng pi -1M la eachduy AMU de ngan hang trung wing tang mac cung tien cho32

nen kinh te. Thuc te, trong cac nen kinh te hien dai sO tiengiay va Wen kim khi dune Oat hanh chi chiem met t9 le phantram rat nh6, thuOng la dudi 10% trong King luong den.Ngan hang trung acing thuOng chi in va dua tien de thoA mannhu &Au hang ngay caa doanh nghiep va ngueli lieu dung. Thidu, Cnc du Ire Lien bang My -co met be phAn in the nganphi& de thay cho the Sing tien clec "dung man" trong luuthOng.Ben vi han het se tien hien thei khOng phai la gi khacngoai cac khoan tier kiem hoac gUi vao tai khoan ciaa nganhang dia phuong, nen each c6 hieu qua nhat de ngan hangtrung uong de clang dieu chinh nen kinh te la tang hoac giamtien cho vay va tin gui ngan hang. Khi ngan hang co tien chothe khach hang vay, nen kinh te tang truing.. Khi ngan hangbuOc phai ngUng cho vay thi nen kinh to changMot khi cci khach hang gni tin vim flan hang dia phuongthi ngan hang do lai c6 nen cho vay tiep. Thi du, 100 USDduck: gni \Tao met ngan hang O San Fransico thi no se khOngnam khOng a de Ian. San khi tap hop mdi khoan gin nhOthanh mot khoan "tich trer, ngan hang co the cho vay, lamtang cung tien te ma khOng can in them met clang tin mdinao. Khi cac khoan ciao vay nay duoc tra lai ngan hang thi Iaithat hien mon tien lOn hon san sang cho cac khoan vay mdiva cung tren te lai tang. Mac cung teen de cho vay ciaa nganhang chi hi giOi han bbi luong tin gni va mile du tril bat buOcdo ngan hang trung uong an Binh.Ngan hang trung uong luein sU dung mix du trU bat buocde kiem soat cung den te. Khi mot ngan hang bi yeu eau phaigift se luong nhait dinh ben guy cUa minh tren du tat vii nganhang , trung uong, chang han 10% se e'en gni, n6 khOng duc.: kphep cho khach hang vay lai khoan teen nay. Khi ngan hangtrung uong quyet dinh tang cung den te. ne ce the giam mixdu tra bat buee Nth cho phep cac ngan hang e6 the sU dungnhieu han den cUa minh cho the doanh nghiep va nizuei tieu33

clang vay. Viec nay lam tang cung (mg Wen nhankTchang dohieu ang nhan rang : khi cac khoan vay mdi dua vao nen kinhre, tien gin se tang va cac ngan hang co th8m tien de cho vay,tao them cac khoan tien giti mdi, cung cap them tien cho cackhoan vay tiep theo.Mot cach khac de lieu chinh cung ung tien la tang giamlai suat. Khi.ngan hang trung uong thy rang nen kinh te tangtruang qua cham hoac khOng tang truOng thi no c6 the giamlai swat d6i vdi cac khoan cho cac ngan hang trong nude vay.Khi cac ngan hang &Mc phep nhan nthang khoan tien re honto ngan hang trung uong, ho cia the cho doanh righiep vangueli tieu dung vay nhe lai hon, tao ra su khuyen khich quantrong de kinh to phatNguoc lai, neu nen kinh c6 cac dau hieu Oat trie'n quaming, ngan hang trung wing c6 the tang lAi,suat tien cho vay,nhit do ham bat su tang truOng kinh te.C6 le, ngoan muc nhat la tang hoac giam cung ang tienthOng qua cac hoat dOng cud thi trueng me), noi ngan hangtrung uong ban hoac mua mot só luong Idn chung khoan, nhutrai phieu kho bac chinh phu. Bang viec mua mot s6 WongIdn chung khoan to mot .ncan hang hoac cling ty. chUngkhoan, ngan hang trung uong se born tien vao nen kinh te boivi n6 su dung cac quy tien trudc do von khOng thuOc tongcung den. Tien duoc su dung de mua trai phieu sau d6 se trethanh den sin ce de' nem hang cho cac doanh nghiep vatieu thing vay.nue chat, ngan hang trung thing luOn luOn tao ra den, n6tune [fen ra de mua trai phieu tren thi truelng me. DU sitdung sec, tra tien mat hay chi ghi vao raj khoan O ngan hangtrung uong thi cac quy tfen de mua tren thi truong me clingdeu tham gia vao lacing cung tien.KhOng gieing nhu nhUng nguCli chai khac trot-1g nen kinh te,Ngan hang trung, uong khOng the cau vien tien to cac nguon34

khac. NO co the don gian la in them 'Men hoac su dung tindung mkt catch thuc su kheing han the vii caingan hangtrong he thong. Mot khi cac khoan thanh town gem ngan hangtrung wing ditoc dua vao nen kinh te, thi khoan Men nay setro thanh met 1)0 phhn eita cung tin te, kith thigh cac doanhnghigp va nguoi tieu dung tang boat &Mg kinh tg cua minh.CEng nhu vay, khi ngan hang trung ining ban cac nal phigutren thi tuning ma, tien tra tit cac ngan hang va cling tychiing khoan se bign ingit vao trong "16 den" dm vem tranngan hang trung ming, tic Ia chuygn nguoc to nen kinh te van!inn hang trung flingMet sai lam trong [than quyet cha nein hang trung wingco hhu qua nghiem trong cho bat cu men ai trong nen kinhNeu ngan hang trung uong de cho nen kinh tg mo rang quanhanh bang viec duy tri qua nhieu tien trong km thOng, n6 c6th6 gay ra lam phut. Ngu no lam chilm nen kinh tg bang viecrut khoi luu tilting qua nhieu nen, thi suy thoai kinh te c6 th6xay ra, don tai that nghiep va thu hep san xuat.Ngan hang trung wing cung ling tien cho nen kinh te nhieuhen mci Egan hang tigt kiem trong nwic. Ngclai viec pligi hopchinh such tien re, no thtic hien chin nang giam sat he thongngtin hang. trong da s6 truing hop nO boat dOng dOc lap viichinh phi] nham duy tri su On djnh Gila nen kinh te.Float dung va truth nhiem cua the ngan hhnu trung 'Jongkhtic nhau to nude nay sang runic khac. Vi du, Ngan hangAnh quit chiu thigh nhigm in tign cling nhu giam sat hethong ngan hang va ph6i hop chinh sach tien te. 6 my, cactroth nhiem cua ngan hang trung wing duos phan chia gitlacac co quan khac nhau. Kho bac My vay den gin chinh phi]thOng qua mai phi6u kho bac va phut Minh tien giay trong khiCuc du nil lien bang chat troth nhigm ve chinh sash tien tova giant sat viec in tien tai b0 phan in va due Men.35

Ngan hang trung uong Phap in va phat hanh tien; Kho bacPhap ra guy& dinh ve chinh sach tfen to va Maim sat cac nganhank. d Mac, ngan hang trung uong goi la NOM hang beybang c6 chinh sach kiern soat tien to nghiem nget, han thecung tien to nham kiem soat lam phat.Giong nhu nbieu ngan hang trung uong tren the. gidi nganhang Nhat Ban hoat Ong nhu mot Ong chit nha bang amchinh phi]. Hoat thing nay la nguen thu nhep chinh cita nganhang bet vi ngan hang thu duoc phi khi phat hanh cac seccua chinh pha va quart ly tien goi bang ngoai te. Men so nganhang trung uong nhu ngan. hang quoIc gia Thuy Si them chiphan nao thu0c so him caa cat; co &mg.Trong thOi ky tai chinh hem loan, ngan hang trung uongtang hoat Jong nhu ngubi cho vay, cung cap tai trO de cheingdo dm that bai cue cac ngan hang nham duy tri su On dinhtrong he Hieing tai chinh. Trong nhang thbi Icy kluing hoangqueic te, cac ngan hang trung uong dei khi phai nhO den"ngan hang trung uong" cUa minh. D6 la ngan hang thanhtown queic to (BIS - Bank for International Settlements) duocdot tai Basel Thuy Si. Ngoai viec to va.1 va giam sat hoar(hang caa cOng &Ong ngan hang, BIS co the' cung cap cackhotin tai tro tam th?i dO dot ph6 vdi that bai trong he thOngngan hang. BIS thueng cung cap cac khoan von ngan han goila dm khotin vay bac cau bridge loans). Khoan nay duoc tralai ngay khi men khoan von dai han duoc thu xep.Cac ngan hang trung uong cling sU dung Ngan hang thanhtodn quOc to chuyen tai tro tOi ngan hang trung uong khat;tren Man the gidi. Vi du chinh phu Phap cO thC sU dung BISd6 de dang thanh toan cho ngfin hang trung uong Nigeriahoac Ngan hang Nhet Ban co the' sit dung BIS cheyen den MICue du tin Lien bang my.Ctic thanh man queic to nay (Moe xi) 19 Ong nhu cacthanh man Mut ngtm hang bang tech ghi co hoec ghi no 636

ngan hang trung uong hoc nhu -viec del sec ra tien mat taicac ngan hang kink. He thong ghi c6 cho mot tai khoin va;hi no cho mot tai khohn khac tao nen mot phuong themthanh Man cac tai khohn ma khOng can c6 su giao than teenmot each true tiep to mot nguen dan hay mot ngan hang taimot nguin dan hay mot ngan hang khac. Theo each nay, nganhang thanh town guile to d6ng vai trO min ngan hang trunggong caa cac ngan hhng trung uong tren the gidi.L6. Litt suit chute sit dung de dieu chinh den kinh to nhu thgIgo?Trong nen kinh to thi truthng to do, nguoi tieu (Rugg va cacioanh nghiep cp the lam hau nhu bat cif viec g'i'ho mu6nhien la hp tra tien cho viec de. Do do, bang viec dieu chinhan cilia teen, tire lai suat, nitan hang trung uong cO kha nangray anh huong tdi su phat trien kinh te.Trong mot nude chuyen ehe chinh phu oh the nen met:ach don gian vOi than dan la chinh phi' muon ho lam gi.nIhung trong cac runic c6 thi truOng to do, nguen tieu clang va:ac doanh nghiep dupe khuyen khich tang hoc giam hoattong kinh to cua minh thong qua nhieu bien phap uu dal:huyen khich kinh to khhc nhau. Vi du, bang viec tang linuat ngan han, ngan hang trung uong khting khuyen khichigan hang cho vay teen, giam se luong tien san ce de doanhighiep mo rong san neat va ruguin tieu dung chi tieu. Cungihu why, hang viec ha thnp Iai suat, ngan hang trung wing ehh6 khuyen khich cac hoat dchng kinhCat ngan hhng thuOng mon teen tit ngan hang trunglong de' cho nguOi tieu dung va cac doanh nghiep vay.ngan hang hung thing quyet dinh thay del ti le chiet.hau va Iai sant del vai cite khoan nO cho cac ngein hang37

vay thi lai suit trong town queic hau nhu ludn phai dieu chinhtheo. Ty le lai suit cua cac khan vay gied cac ngan hang 6My gdi IA lai suit lien bang, 6 chau Au goi la lei suit lienngan hang, c6 khuynh hudng tang len mai khi cac ngan hangphai chi phi them de vay den cho chinh minh.Tat ca cac tyle Di suat nay deu lien quan chat the vdinhau, bei vi tien gi6ng nhu Mau het cac hang hoa khdc, c6 thetrao del cho nhau. Cac ngan hang va the ea nhan se tdi batcu cho nao c6 lai suat thap de vay tile la noi Men re nhat, dodO se thay lai suit 6 Wasington se anh huimg tdi lai suet6 Xingapo.Trong tat Oa cac thi trudng tien te qt.& te, lai suit trOthanh "nhip tim" cua hoat dOnd kinh te, (lieu chinh se tangtwang town cau. Do do, ngudi tieu dung va cac doanh nghiepcidi min nude cO the bi anh huOng true tip bei cac quyetdinh cua ngan hang trung uong 6 met nude khac. Tien Salt tonude ngoai cO the ehay vac) ao at trong mot thdi diem hoarc6 the hi keo ra ngoai rat nhanh neu lai suat khong duoc duytri cho phU hop vdi the nude khac trong nen kinh to the gidi.17. Ngoui thuung dune khuy6n khich nhu th6 ell)?Khi m6i nude duoc lam cai ma ho lam tot °het, eheng hancho ngudi Phap lao vao thei trang, ngudi Nhat - vao cth diennduoi My - vao ve may bay thi nen kinh M the gidi thinhvuOng. Vdi 41 do thuong mai, bat cu ai san nee ra san phemtot nhlit vdi gia re nhat deu ce the ban cite san phalli nay trentown the gidi, mang lai loi ich cho ndudi tieu dimg 6 khap noi.Bang vies khuyen khich ngoai thuong, the nude da dua cacnha san twat cua minh vao cube canh tranh (pejo td, dieu naycd the tie thAnh them hoa doi vdi nhfeu ceng ty quan ly kern.Dieu nay cO the din tdi tarn rigieng san mat va be khend nhamay. Tuv nhien. ve dai tem, canh tranh vdi nude nodal38

thudng buoe the cOng ty hoat dOng CO hieu qua hon va c6kha nang canh tranh tot hon gicip Tat nude tit thanh Witthanh vien thanh cOng va c6 kha Wang kigm ldi cha nen kinhto toan eau.Ty do thuong mai dim tree khai niem the thi truesng m6vdi mot "san chaff" chung, cab ding ty trong nude c6 the' canhtranh ding khai vdi the cOng ty 6 nude khae de. ban hang hoadm ho 6 cac thi truing nude ngoai.Khi main khuyen khich mOt ban hang thuong mai mdi,chinh phi.1 ge be) cac han chg va hang rap thug quan cua thitruing trong nude. Su hao hiep nay con-duoe goi la qui chgt6i hue cm& 6 My, dude cianh cho cac Sac ma cac chinhsach kinh chinh tri dm n6 dude xem la ximg clang huonequi che tdi hue qu6c. Cale nude ed the khuyen khich ngoaithuong bang vigc cho phep ngudi nhap khdu va xuat kheiutrao d61 cac loai hang hod. Vi du de" khile phut su thigu their'tarn thdi mot 86 ding tien manh 6 Lien XO, hang Pepsi-Colachi bugn cac db ugn nhe nhu rudu V6t-ca, rbi sau do ban dethu lay Dela, Yen, hoac Mae 6 phuong Tay.Khi mudn khuygn khich xuat khdu, mot nude do e6 thg.duara the bien phap tittle ddy de tao ra the san pham ea site canhtranh bon tren thi truing the gidi. Met set nude lai cho vay hohictro cap cho khich hang nude ngoai mua hang hoa va dich vucua the nude do thOng qua the ngan hang xuat nhap khdu donha nude tro ghip. Nhane ngan hang xuat nhap khdu nay cungcap the khoan Pay nhe Iai - dupe Api la tin dung 'mat Itheiu nhamkhuyen khich xuat kheiu. Nhang khotin cho vay nay &di khi biphe phan la qua da , khi khuyen khich xuat khdu gay phi teal chonhang ngudi san xuat 6 the nude khac.DOi khi the nude mudn khuygn khich nhap khan hang huhva dich vu nude ngoai giam NM site ep elude tg do mat canddi thuong mai. Vi du, khi Due va Nhat bi phg phan la c6 56du thuong mai qua On vho nam 1980. hp da thuc hien the39

ien phap duOc gpi la "su ellen chinh to ben ngoai" de tang• nh5p khdu.Mot each khac khuyen khich nh5p khdu Ia Mo ra mOt•"clihich" cho nen kinh to bang each giam lai suat, khuyen khichviec mua hang trong not dia ya d ngoai nuOc. IDOng den reluOn loon co nghia la se ban them dUcle nhieu loci hang hodnhu v6 tuyen ya 6 tO. 6 cac nude nhu Doc , ndi ma nhieu mathang lieu dung dupe nh5p khdu, thi viec ha thdp ty le Jai:mat co the khuyen khich nhap khdu moi tha tit gao VietNam tai dung cu the due the than Canada.M0t each kink d khuyen khich nhap khdu co le la Ombrit hang rao van hoz', co . the han the viec mua hang nudengoai. Vi du chinh phu Nhat da thuc hien mot chuong trinhtrong nam 1980 de thuyet phut nguOi - Nhnt mua nhieu honnem sem phdm cua nude ngoai (nhu thit be) cUa My) de cógang giam bdt su de doa trimg phat thuong mai to du: den tacngoai thuong khac.18. Han ngach, thud AO khdu va trn cap 19 gi?Giong nhu phan 16n the aloe chitin tranh, chin tranhthuong mai co the mang lai nhung thay del kinh M ya chinhtri theo huOng mong muOn, nhung ve dai han hau het moingubi Seu phai chin dung ke ea nhung nimbi tueng nhu (Alientranh thuong mai la de giUp hp. Vi du : mot hang xe d tokinh doanh khOng co hieu qua thuong dal hOi han the nhapkhan to nude ngoai, yeti by Yong gill gia 0 to eau ma khOngphai cal tien chat luting O tO. Cu .& ding, mot se- quilt giakhac co the tra dun lai bang each han etre hoat (Mpg thuongmai dm hp. Nhiang ngubi tie ti dilly va cac nha doanh nghiertrong cac cm& gia do deu buOc phai mua nhung san phdiftrong tunic kem chat luting ya oat. Nhang han the tronethuong mai cO the hao ye sa cho lam viec trong nhung nuanl -4 0

cOng nghiep ktuing c6 hieu qua, nhung toan bO nen kinh terthi bi tan thuong vi canh tranh kern tren thi truang glide td.Nhang cOng ep chung nhfit han che nhhp khdu hanghoa dm nude ngoai va dich vu la han ngach (cO-ta), thugnhhp khdu va the khoan trO cap. Khi mot guide gia hp dhtban ngach thi n6 ban che dupe kited lacing hang hod nudcngohi GO the nhhp khdu vao. Thug nhap khdu la mot locithus danh vao hang hod nhhp khgu, lam tang gia hang . hoanhhp khdu. Chinh pita clang cd the sir dung sCi E'en ma ngudithing thud nOp tro cap cho the nha san xuat trong nude,lam cho gin al cha hang holt trong nude giant xudng hon sovdi hang hoa nhap khdu.GiCing nhu nhung bug tuning ngan giatt eac nude lang giengthu dich nhau hang rho thuong mai, thiging duoc met gategia hp dat don phuong vi Ili ich rieng de han ehg so luringbang hoh sun co chit nude ngobi tran nghp vao thi trudngtrong nude. Nhang hang Cao nay dOi khi durie dung len debao ve nhilt thdi cho ngubi San xuht trong nude khoi boatdOng canh tranh eth ngubi nude ngoai va cho hp thdi gian decai den thing nghe, van de la 6 chi) ngurii san xurit trong nuderat him khi dam by sinh cal tign san phalm hoc giam gia:tan phdm cha minh, elating nag hq cOn duoc bac) ve khOi su(truth tranh dia nguei nude ngoai bang hang rho thuong mai.Mhe du nhung han the' thuong mai ed gia tri kinh M dangngd, nhung chting !hi td ra en higu qua trong vies dem lai subin dCii ve mat ehinh tri va xa hOi. Vi du, sit to choi eth.ctiegarde gia khbng tin hanh thuong mai va kinh doanh vdi NamPhi dupe coi nhu tranh nhigm chap hanh quyet dinh du) tieuhe thCing phan bigt ehring tOc. Cam van thuong mai eg the COich trong vige bat buOc the quCic gia phai thay deli chinh sachvi plthrri nhan quien hohe the ding ude glide ts, nhung chikhi ed di] sei luring (pee gia tham gia thi vige phong toathuong mai mai ed higu qua.41

19. Than !nit nein sach anti hurling the. non deh than hvtngoai timing?Su s6i Ong mua hang boa nude ngoai cna ngubi tieu dungva cac nha kinh. doanh My trong soot nhilng MS 80 la doSong do la len gia mnnh men thi trubng quac 16. Cac xe o t6caa nguoi Thuy. Dien va nude khoang•tha nguni Phap MI nen rehon nhieu so vdi nhung san phdm cang loci ciaa my, va nhapkhdu nhieu hon xuat kheq dOi lac dui tdi 100 ty USD/nam,nhieu hon so vat tang gia tri dm Men kinh to cita phan Idn cacquec gia. Bi St can bang ngoai thuong nghiem trong mot Ian lado tinh mane tham but near' sach trien mien dm My.Tham but ngan sach khac vdi tham but ngoai this&nhung chUng the done Idn nhau, via nhieu khi huy hoai Menkinh te. Tham but ngan sach ctia chinh phu la s6 Men chi tieucua chinh phu vs qua khoan thu to thud, trong khi do thambut ngoaLthuong Si mot queic gia la khoan chenh tech donhap khAlinhieu hon xuat khan.Hau ha cac guide gia giai guy& tham but ngan sach ciaaminh bang each ban cling trai chinh phu. Mdc du cac chlingkhoan nay trudsc sau cane phai cluOc thanh town, nhung phanIan cac chinh phU deu cho rang se la su to sat ve chinh trtnett dOi hOi cac cu tri tra thud cao hon. Cac chinh phu duthich phat hanh them cOng trai de lay tien ml no. -Den thei han tra lai suet cOng trai, chinh phu thuong laiphat hanh them nhieu cOng trai nem, de MN han sau vao nonan. Neu nhung vay muon nay qua Idn, n6 cn the chin dennhung the done nehiem mine len town bo nen kinh Le.Bang viec vay Men de' ha dap tham but nean sach, chinhphi, day lai suat len cao. Lai suet can nay thu hat cac nhacan m nude nyoai dang, san tim loi nhuan can hon van. lam43

tang gia tri dm citing tin qudc gia de tren thi. trubng quite te.Nude khoang nhap khiiu khi dO tra nen khOng dat bang nudekhoang sari 'ak trong nude. Khi nhap khitu re hon va hangxuat khan khO ban hon tren thi trudng qudc to thi cac qudcgia hat dau bi tham but ngoai thuong.Tham but ngoai thuong Idn 6 My trong nhting nam SO lamot phan din chu ky khimg hoeing tham but ngan such clanden mitc k9 lye ve tham but ngoai thuong, glut) cho ngudiNhat va cac (lurk gia khde su dung thing Dela de mua clingtrai My. Ngudi Nhat dit ban clau video va dung lien de nivatrai phieu kho bac dm My, nhung trai phieu ma mitt ngaynao do ain't phi, My se phai thanh than lai cho hp.Vice mitt quite gia dung thong du ngotii thuong tie bit clapvim tham but ngan such cua chink phi, nude khac la diteuclang ngai va khOng the keo dai doge. Can ding cite nhit dauto nude ngoai se milt niem tin dot vdi mot qudc gia bi thambut ngan such yin tham but ngoai thuong trien mien .va khiden thdi han thanh roan mm khonn thi qudc gia chi tieuhoang phi se phiti tra ganh no. DOi khi -kat qua lit ding Tiensup d6 va suy thoni kinh t6. S6m hay mupn thi cac qudc giacling phai quyet chin) han elk chi tieu va kiem stint tham butngan such va tham but ngoai thuong.43

Che Ong ty tren the gitiiDude giaAnh,CanadaLoaicOng tyViettitat ten g9iMy Inc, Incorparated (ang ty hay to hop)Cong congTO nhAnPlc.Ltd.Public Limited Company (Ong tytroth nhiem Du han Ong Ong)Limited ((rich nhiem Mtn han)nap, Biang cOngTd nhanS.A.SarlSociete Anonyme (Cong ty vOdanh) Societe a responsabilitelimit& (o5ng ty troth nhiem himhan)Tay BanNha, MexicoS ASociedad Anonima (Ding ty vvOdanh)Brazil,E125 Dao NhaS .. ASociedad Anonima (COng ty vOdanh)NhAt Ltd. Limited (troth nhiem him hen)bilc, Thuy siGong tongTil nhanA.GGmbHAktiengesellschaft (Ong ty co pliantGesellschaft mit beschrankteHaftung Clang ty track nhiem himban)HU LanCOng cOngTo nhanN.VB.V.Naaniloze Vennootschap (COng tyVC) danh)Besloten Vennootschap (Cong ty -trach nhiem him han)Cong cOngSpASrl.Societyper Azioni (Cong ty vOdanh)Society a responsabilila limit&(Cong ty truth nhiem Htu han)Dan Mach ASS Akticselskab (Cong ty c6 ithan)44

20. Tai sao the cling ty du:0c vigt la : Ltd,. Inc., GmbH, honeS.A.?Ban chat ci)ach0 nghia tu ban la so huu tu nhan, va,m0tcling tytrach nhiem him han cho phep nguOi to so hau haunhu moi thit gi, to cac tea .nha chat trbi den cat dai truyenhinh, ma khOng chiu rat ro nao d6i vOi nhung tai san canhan ma ho khOng dem gap vao cOng ty, khi cOng ty bi phasan.Mpt nguOi nhu Henry Ford c6mudn hat dau kinhdoanh to mot xi nghiep nhd va chiu holm town trach nhiemvz tai san no , nhung mot khi n6 bat clau phat trien len thi secan phai hint) thanh mot xi nghiep hpp doanh hay la Mtnding ty. Vi du nhu cOng ty Ford Motor. Nhan td chit yentrong sO Min cOng ty la sit dam bao upi la "hitch nhiem huuhan", the at) so huu ding ty khOng bao gig phiti tra nhieuhon sgi then ma hp (tau tu vao cOng ty. Trach nhiem (Ma ho cehan. khi mitt cOng ty bi phi) sari thi the chi) cOng ty c6the khOng bao gig bi yeu eau thanh town nhung hoa don chuatra tien.Dieu xau nhat c6 thg xay ra vOi ngudi dau tu vao mine tyteach nhiem huu han la hi mat elm khoan dau tu ban claw caahp neu cOng ty thua 16. Bang viec han the rat ro ben ngoaicho cac c6 dOng, cOng ty Get the thu but vein chi phartena catnhit chau to thOng qua vies ban co phieu Flan la vay maim vcalai suit cao.Ten gqi cha cac. cOng ty then the gini [Man tinh sit bao damtract) nhiem him ban nay, nhung chit viet tat "GmbH" o Due,'Inc." 0 My. va "Ltd." phan lOn the queic gia net theng Anh chira rang hang la mpt cOng ty mach nhiem huu han va nhungnguoi clau tu vao cOng ty khOng bi mat mat gi ngoai sit tienma hp dau tu vao cant/ ty hang c6 phan (Ma hp). ''S.A" 0 cac45

quec gia not Bag Phap va tieng Tay Ban Nha cans du0c quyIn mach nhigm hau han bang viec Binh nghia cat cd dOng nhunhang nguoi vO danh. Bei vi lai Sigh dig cd thing cel the duocgill bi mat nen cac chit nQ cim mot cOng ty bi pha sari khOngco quyen theo hp de dOi nhang khoan nQ chua tra cuacling ty.Nhigu queic gia phan bigt re) rang, cOng ty cOng gong vOicalg ty to nhan bang nhang dau higu phan bit nhu A.G vaGmbH o Detc hay Plc vts Ltd o Anh. NOS chung, cac cOng tycling cOng la cac ding ty co so von kha IOn de co the buOnban ed phigu cua ho es gag so giao dich chung khoan trongkhi nhann cOng ty nhO khOng duoc tham gia charm khoanduos: coi la "cOng ty to nhan", Tway cd khi nhieu cd phieu ciaahp cci the do cac cOng ty cOng gene nam gill. Trong men vaiquite gia, mot cling ty lOn duos: coi la so hGu to nhan neu cdphigu caa ho khOng dupc ban ra cho quang dui danN44 la not it phan Mgt cOng ty gang cOng viii cOng ty to nhan,phan lOn cac cOng ty den mang ten cOng ty hay td hop.21. Viin sti htlu la gi?Quygn sO huu trong mot cons ty the hign 0 von se hau. Naduoc cluing nhan thOng qua uric co phieu, ghi nhan rangnguni nam phieu nay se him mot phan cOng ty.Khi cOng ty lam ra loi nhunn thi cac chu ses hau duoc chianhau lOi nhuan bang viec nhan mot khoan lai co phan hoacbang viec ban cac cd phieu Ma hp voi ein e'en cao hon sovOi sO teen ho ma ban dau.Khi cOng ty hi Iii, thi nhung khoan lai c6 phan bi niam bethoac bi cat vii _id cti phigu co xu huOng giam. Trues -1g hopyea nhat la cuing ty bi pha seam cac khosin no nhieu honnhang khoan co the thanh loan Mays. CO phigu trot nen vii46

pia tri va cac chih so hau se mat tat ca tin dau tu vao camety.Ctic c6 Ong dm cOne ty duck: tra tier' sau cUng, trudc do lhnhung nguei cling ang, flap thee la cac nha hang va sau Mkt laden nhung ngu leti cO trail phi6u. Dieu rid m 0 day la co the kittingwn gi de tra cho cac c6 deng sau khi (la thanh town het chonhime nimbi khac. Phan thtiOng chinh 111 khi cling ty kiem closenhieu 10i nhuan thi the c6 ding se cO tat ca. Gap van ca phan06 rid ro cao hon, nhung cang c6 nhieu co may de kiem (Moenhung khoan leiMoi khoan dau to deu co red ro 'that dinh, nhung cd phieunhin Chung dust xem la mile hiem hon so veli trai phieu -met khe u6c vay ma theo dO cling ty cam kart tra mot MongLien facing iing vao met HIM gian nhat dinh.Khac vOi thu nhap 6n dinh chit trai phieu. thu nhap to daue6 phan khOng Mate Het tru6c. BU Itti cho Nat nha (Mu tuthiu nhieu red ro .nay. thi van c6 phan lai cO khuynh huemekin lin loi nhuan cao hen dubi Bang c6 tut hohc duel dungLing aka tri khi cane ty day tri dust thu nhap cua minh. Giari cua c6 phieu thuOng tang va giant nhanh (Meng, trong khi16 thi trai phieu eh xu the en dinh hon. Ctic trai chi, la nhungThu no cilia cOng ty ea met khobn lai bag dam cho dau tu cuaninh, trong khi dO the c6 demg la nhung Chu se) hau co tat cathane rill ro va calyen loi hat nguen to quyen sOViet dau tu vdn cei phan queic to khOng N hurl the trongthan Ibri cac trung tam tai chinh lOn O Lutin Don. Nau hoca Tokyo. SO hall cei Malin c6 the ctli nghia la mem c6 phan:ha mst cua hang that: an 6 Matxcova hoac c6 the la hit phan!Oa [fen Ong nghiep sun xuat Mine "hung ra" 0 Thai Lan. NOling co the lh mitt phan sO hau chit mitt khitch sun it Rio deanciro hohc cua met chile tv sari xuat hOng den 0 Budapest./On eel philn eel nghia la quyen sit huu. mu quven sO hail hienley de duoc than nhem 6 leau het the (vac gig tren th6

22. Bang tong kgt tai san IA gi?Neu mot quiy ban nudc dila tren mot bat bien nhe cnadao Samoan dude coi la mot ding ty, thi bang tang ket taisan (BTKTS) cua no se bao gAm ahring this sau : thi sari codm no bao gbm dua va nhung nguyen lieu can thiet de phathe va ban nudc dna Ong vat tien mat co ming tay. Neunguoi ta co vay mon bat cif cal gi hoat clang thi ctic manno nay se plan coi nhu tai san no. Cal dm 1M sau khi tit nokh6i tai san ca se trd thanh von so him cua doanh nghiep nonire.Bing tAng Wei tai san cim cling ty trach nhiem hau hitt nudcdaa Gillion (chi nhanh tren dao Samoan)Tai san coTM san noTien mat :10 S lienkim toolIOSNo :Dan mnon109Hang hoS :10 qua dnaIOSTM sancri dinh :Dm ben 805Von sO kith90STong conelid san CO1005 Ring cOng no 1008Tat ca tai san co va net cua mot gong ty tham chi miltcOniz ty nhe nhu quay nudc dua b8n be Thai Binh Dining, coth8 giup ta hielu Tau la ciii ding ty no va dau a cal ma noBTKTS la bang thin tai phiic qua v'e tinh tiling dig mitt dingty tin mitt thbi diem nhat dinh. Bang TKTS dude lam thanh48

to hai cOt dat danh nhau. Ben cOt trai liet ke tat ca ultr -1g gino co nhu den mat va "cat tai san c6 dinh".duric goi la bAtOng san, nha xuang va thiet bi, bao gom -moi thu tri nha ciiava xe cho cho den dung cu, but chi va ,may photocopi. Danhsach nay duos dat ten la "tai san co". 0 cOt ben kia la danhsach no, bao Om tat ca nhnng trai quien d6i vdi tai San tangty tit cac chi) no den nhang nguoi so hail chi) tong ty. Hai cotnay phai cO tang s6 hoan town ngang bang, bat cu mot tat sannao chua bj . chi) no dpi deu thuOc quytn cOng ty.Khi cac co ding caa cOng ty nen vao ban de' xem xer hpthat su co bao nhieu, ho se nhin vao cac danh sach trenhaicOt cua BTKTS. Bang each Mc no caa 'Mt ding ty khei taisan co, cac c6 (Wing tinh v6n .sO him 66 May dupe can bapnhieu thmic ve hp sau khi tit cal nO cOng ty du® tra Mt.Day thuong du0c goi la gia trj ke loan. -Khi s6 no, chAng han nhu nhfing khodn vay.ta ngan hang,hat dau yuot qua mac tai san co cha cOng ty, cac co dOng cothO trei nen lo Icing va se ban c6 phieu cna ho, hp khOnganion chd den - ngny ma ding ty khOng the tra cluoc no, hibuOc phai tuyen be; pha san va giam von c6 phan toi maczero.Muc Bich dui ke twin la cung cap cho cac co dOng cuacOng ty bac tranh re rang ve tinh hinh tai chinh cOng ty."Bac anh chop nay" thuong duoc phat ra mOi nam minco the (Mit sit dung nhu mot cOng cu quail 12, cho phep(dieing to xem xet cOng ty lam an hieu qua nhu the ha°, valieu no co tru ducic trong kinh doanh nUa khOng.23. Bang spy& than 16 Iai IA gi?MO xi nghiep to mot t6 hop da queic gia cho den quay bannuOc dila 9 Nam Thai Binh During deu can men ban Ong Mtso lupe ve. tat ca mpi thu ma cling ty thu ve v9 chi tieu trong49

M9i thdi ky. T6ng quan ve nhUng hoat dOng hang nghy ctlacOng ty dupe goi lit bao cho thu nhap hoc bang quyet town Iblai (BQTLL).COng ty san 'mat va ban nude dila O 66 bin Nam Thai BinhDuong se hat (nu BQTLL bang tat ea nhung khoan ben thudune to viec ban san phaim. De xac Binh duoc loi nhuan maaminh, cOng ty can phai trit nhung khoan chi den ra khei phanraft nhap. Trude het phai nit chi phi phat sinh trong qua trinhsan xuat nude dua , khoan nay MIN goi la "chi phi hang hoaduoc ban" hay nguyen gia hang ban. Tiep theo lit loaf ra cackhoan chi phi nhu : tren Mona, hoc chi phi bao during tai san.Gnu chi phi khac nhu : lai suit tien vay, ding dupe khac trii.Sau Lima la khan hao, gin tri tai san c6 dinh nhu : maymOc, thief hi, dung cu. cling phai duoc tru ra khei khoan thunhap. Khaiu hao gay ra Miran IchO khan trong ke man, bdi vikhOng co each nao de xac: dinh chinh vie hao mOn thuc su vegia tri cua tai san cc) dinh trong mot khoang thdi gian. NhitucOng ty loi dung nhung kholin map and nay de giatm bat thunhap chiu thug trong nhung nam dau tien Sil clung tai san.Bang viac tri hotin nOp thug, chc cOng ty cO the ki6in dune lafmat men nhfing khothn thu nhap gift bti.MOt khi tat ca khoan chi phi dupe frit khei thu nhap, thiGantt ty c6 the thaiy duoc fling Iai Mac 16, rid Ia dieu ai clingbiet va rat quan tryng. NO chi can chAng ta Het cac tai san cOva cac khoan np HMI d6i nhu the nao trong nam.Mny cOng cu khac ghap xem xet hoat dOng cua cOng ty latheo dOi luting Oen mat. NO chinh Ia Muck do luting tien thucthu V90. tien thuc chi ra cua mot cOng ty trong swat mOt giaido anLuting tien mat Gila criOt colic ty hay dm col la bang liet keden mat, cO the loai trit duoc cac thU thuat ke man vh chothaw den kiem duoc time su ciia cOng ty. Mac du no khOngcho chimg ta hit loi nhuan elm cOng tv. nhung luting tier) ra50

vho den khi cho to alit)/ mot hue tranh re net ye so tien cent?,ty thou su Ideal duck:, bdi vi no loaf uv nhfing thU thuetman, chang han nhu : khau hao. Bang thu chi tien mat vabang quyet wan 16 lai Ih nhUng bang chi) chat de hieu duosthu nhap, chi phi vh loi nhuan cua bat Icy mOt to chuc nao, keca nhung t6 chitc khOrni vi 10i nhuan nhu quy bad trq chothing vat hoang da hoac Lien hop quite. Neu nhfing khoan loinhuan khOng duck: phan phdi cho can c6 dOng, thi bat ky mottd chile reao cling can ce) hang quyelt toan lei Iai do de thendeli clic hog dQng cba minh, xem c6 trung thus va c6 hienqua hay khOng.Bang quye't town tfi hii cua wing ty 'Erna nhitm htiu han nit&dna Gilligan (chi nhanh deo Samoan) chu ky mOt namThu nhap (tif ban nil& dila)Chi phi chu hang hoa da banOra cho hai dila)Car chi phi kluic(quanu cao tren hai bi6n)Icing Di"IluC (Thu6 sit:1i 33(.41I Lai rOnu50 USD10 USD10 USD30 USD10 USD20 USD24. Teing gia tri tai salt rung dime xAe dinh nhu the nag?Tdng gin Iri Uen bac cna mot cling tv hay miri cfi nhan hatki i1 min noi nba tri.rn the uidi dude goi lil tOrp gia tri tai sinimny. VI dutune sin rimy, cua null c5 ohm X.

claryc tinh man hang each cOng cac tai khoan nhu : nha ciia, 6tO, tai khogin ngan hang va tru di nheng khoan no, cam cg,hoA don, vay tin dung va nhiing khoan vay khac.Tgng gilt tri tai San rOng cua mot cOng ty duoc tinh Wancimg mot each nhu tren, bang each frit tai san ny khgi tai sanco. Trong bang tdng ket tai san thi Wing gia tri tai san rimecua mgt cOng ty doc gyi In On se him ciia cac c6 dOng. .Mgt van de nay sinh khi BTKTS cua mot cOng ty bay ghmca tai san ye) hinh nhu ten nhan hieu, van de nay khOng thexi( ly theo each that gieing nhu vdi cac tai san khac. Phan IOncac nhan vien man gyi gag tin san nay la uy tin dig cOng tyVi du : phan gig tang them throe gia dinh hoanggia tra de mua jai mgt trong nhCing loai deit cu cim ho 6Hunggari, co the dive nhan vien ke man goi la uy tin. Uy tincUa cOng ty cling co the la izia tri cUa nhan hieu hang hodhoac danh tieng Gila hang hay cac tin san v() hinh co the' dogban gigniz nhu cac loai tai san khilc.VI uy tin unit cong ty va nining tai san vO hinh rat krui dinhgig, nen cac nha phan ticli co xu hudng loaf nit chimg khi xiicdinh tai san thug cUa mot cOng ty. Thay vi don gian la cyngvao Cal san cO va tril di cac tai San no, dOi khi cling cO ich lala chi lay tai san co hOu hinh nhu tien mat, cOng trinh xilydung, thiet hi va trii di tai san no. Theo each nay, gig tri rOngdm tai san him hinh cna cOng ty thuOng cho mot su dank giakhzi than trong yee gin tri cUa cOng ty."fling gia tri tai san rung cling duitc pi la gin tri ke town,hal vi no chi ra chi gi ce) the con lai tren sd sach kg man nencOng ty hi giai the va phai ban tat cd cac tai san nhu : cOng trinhxay dung, may vi tint), trai phieu de thank town myi khoan noTian nhu holt don, vay ngan hang vii Mang tai san cam cg.Trong "tna choi sat nhap them tinh", cac cOng ty giao dich, meigigi shin vao tgng gia tri tai san rOng cua cOng ty de xem ce: thetae ra Imo nhieu loi nhuan to viec ban tai sari cO cua cOng ty.52

Tuy the`, mOt cOng ty c6 the c6 giii tri lOn hon tong gid tritai san rOng cha nO, dac biet, neu no cO tient nang manh de'phat trien, tieng tam tot tren khap the' gidi hoac c6 Ski thOngthao am hien tren thi truOng nurse ngoai.25. So sanh qu6c te. cac cOng ty film the alio?Gift ed phigu oh men cOng ty dua tren hat yi u t6 : cOng tyding gia bao nhieu va ne co the dem Ini bao nhieu thu nhaptrong nhfing nam UM. Gidng nhu viec thing cay an qua hangnam nhu tao, cam, thu nhap cua cOng ty dupe tinh wan vaothni diem can cua nam hunt dOng.Gia ea phieu cua cOng ty hinh thanh tren co so thu nhapcua cOng ty va thuaing the hien dual dang mOt t9 le (Doc guila "ty suht gih lai" (g/I). Khi thu nhap cua cOng ty tang len thigni c0 phieu se luOn tang len de cho so g/I o ink nhaitdinh, phu hop yen cite cOng ty khac trong cling mOt nganh. Vidu, mitt cOng ty \Fiji mot ty so g/I la 10/1 cO gin c

cao thu nhap. 5% tin von cua cOng ty Kirin Breweries dotap dohn Mitsubishi Mini gift co the thay (WOG trona giii e6phi6u, nhung no kheng nam trong hang ke thu nhap cilia dingty Mitsubishi. Do vay ty le g/I cua ngudi Nhat thudng cao hOnso vdi tieu chuan phuong tay.Mot thug to ke Wan khac khOng gieng nhau giva cac nudela van de khau hao. Khodn 16 We ly thuyet ma cat: ding ty cOthe bac) cao trong bang thong ke.v,e thug cila ho la cac tai sannhu : nha xraing, may mOc da khau hao het. 0 Nhat Ban, cacding ty su dung phuong phap "khriu hao nhanh" de bat Idinhu(tn trong cac nam dati tien sit dung tai san - mot phuongphiip nay khOng duty: phgp d phan Idn cac nude phuong Tay.Neu ngudi Nhat ap dung nhUng phuong Oki khau hao chaphuong Tay thi thu nhap bat) cap dm hp se tang len dingDO 15 ly do vi sao nhieu nha dhu to Iiin to minh lam bangphan tich cac ke khai tai chinh cUa cac ding ty trgn the gidi,tinh wan Iai thu nh5p dui ding ty nude ngoai theo nhiling guydjnh ye lee toan chung. Viec tinh lai nay thilOng dem lai ty leg/1 phi) hop yen ty le g/I cua cac wing ty khac trong nen kinkto the gidi.26. Mua lai cd phhn de' hien] sant ding ty nhu the nag ?MOt don My cho phep ngudi to cO the nang mOt trongluong Rin vdi met Ige tuong den nhe. Mua Iai c6 phan kiemsoat ceng ty (Leveraged Buyout LBO) cling tulin theo nguyenthe d6 : sit dung khorin dau to ban dilu tuong deii nhe dii vaymOt khuan tien Idn de mua c6 phan ki6m soat mOt cling ty.Chia khoii de cho bat ky LBO chinh la vice sit clung tiencua ngudi khac de mua Mug ty va sau de) thu hbi nhanhchung tien can thiet de tra het cac khoan vay nay. Dieu naythunng doe time hien bang each buOc cac nha quiin ly ban54

ha gia thi san va td chile lai cling ty. Mac tieu alga cdng lakiem duet nhieu 10i nhuan.Viec mua co phan lai de kiem goat Gang ty tao nen co hOitat cho met cOng ty tro thanh sa him that cac cd Mang, chitkhOng phai that the nha (man Iy. Vi du Cho tich cua mot nhabang khOng ducli so him nha bang, va mot giam dric nha maykhOng clime se him nha may. But lcy ai de ea dU luting cdphieu nhfit dinh mdi ea the gienh quyen kiem soat thing ty.Khi met nha driu tu hoac met nhorn the nha dau to nghi range6 the lam cho thing ty hoat Ong tot hon va kigrm duet nhileuties hon cho cac co dung, he rim each mua quyen kiem goatthing ty. Neu ban quail tri cUa thing ty ehong doi cac mac tieucaa cac c6 dung mdi thi vice mua ban nay tre thanh "kieuthen tinh Chu dich".Cite ehuyen gia ve LBO thueng mua nhiing thug ty duoedinh gia thalp hon gia tri cfm chting, va long eó nhfeu tai sanhoat (tong kem hieu qua nhu den mat, bat dong grin, hoacnhung tha khae. Bang thee giai tan cOng ty sits ban tat calnhung tai Fallen gin trong mitt qua trinh gpi la Chao go tai san,hp co the tra het eat: Liman no Ian ma hp da dung de mua clangty nay. Nhign trailing hop mua i?1 co phan kiem goat thing tyrat thanh cOng trong nhang, nam 80 khi duck: tai tr0 bang nhungtie'n chUng khotin, nhung chime khoan ea muc sinh 10i cao,math lai Iai suat cao cho the nha dau tu chap nhan ttii ro cUaLBO. Tuy nhien, neit LBO that bai thi Iai that nay khOng dudetra va nhung trai phieu tro nen killing co gia tri.Ban quan tri eim met cOng ty ea the ail gang tranh nhungnyubi tiep quart Chu dich cua minh, bang each td chile lai, banbet tai san vA mua Iai the c6 phieu, de tang gia the c6 phieueila acing ty. Ta ye bang nhung vien thuee dee co nghia lalam elm thing i ire nen khOng hap dfin hoac qua dat chonhung nguOi Inman then tinh ding ty. DOI khi nhitne nguniquan Iy quvet dinh tham gin van "thee. ehoi'' LBO•bang Onrung cua minh vdi phuong claim "neat kheng dinh lai duneJJ

thi tham gia vao cuOc", nhUng nguei quan 19 thu xep de kiemsoat duoc cOng ty cua ho barig catch vay mot luring tien lOn demua dit sa ce phieu kidm soat ding ty.Khi mua din bang nO the chap duoc tien hanh, thi cac c6&mg se khem kha hon va cudi ding cong ty co hieu qua honva co gia tri hon. Neu khOng thi cOng ty bi pha san.27. ifttu iu qufic tee duoc so shah Su thee So?So sanh dau tu cm& te, ginng nhu so sanh qua tao vat quacam IA cong viec de lam nan long. Viec dau tu vao ce phieucim Nhat co the so sanh nhu the nao vdi vier: mua bac nen?Gi6ng nhu mot qua tao hay qua cam co the duoc dinh giatheo trong luring cad no, mot vu dau tu qudc to co the duocdinh gia theo Mug 10i nhudn cita no, the la tang s6 den tanglen Ong vat lai co' phan hoc IA cac khoan thanh townCac quy deing gOp 0 cac truOng dai hoc, quy .huu tri, cacngan hang, cac cong ty baolifem va cac nha.dan tu ca nhanSil dung cac khoan sinh loi, de so sanh tang luong chnngkhoan tang len tit van d'au tu qudc re bang each nay, tat cacac cOng cu dau tu to cac c6 phieu va hang hod, den tai sannghe thudt va Mt ding san, co the du0c so sanh va dinh giabang viec xem set Mite sinh lot : ty IC tang gia tri trong motkhoang thin gian nhat dinh.Theo each nay, thi am tu vao met cei phieu cita Nhdt, sinh lotxap xi 1.000 phan tram trong 10 nam co the duoc cot la dem lai10i nhudn cao hon.so vdi quy cna thi truiing tien te My vet t9le"sinh 10i chi co 150% trong ding that k9. D6i vdi quy huu triCalifonia, thi khoan sinh lot chenh lech nay co nghia IA su khdcbid dM thanh toan it hay nhieu cho nhimg nguat huu tri. Tuynhien, khoan sinh loi nay chi la mot nhan td de xem set viecdinh gia dim tu qudc te. Quyet dinh cudi clang phat tinh den ridro va thud.56

Lam pfiat cling phai du0c tinh den .khi so sanh clau to.qutic te. Tien chi co gia tri khi dung mua hang hoa va djchvu. Khi gia ca tang thi tien mat gia. Vi du : de' c6 sQc muagi6ng nhau sau mOt thap loj lam Oat thi clau tu 10000$ vaonam 1980 se phai tang len 16410$ vao ram 1990, de' bat kipvcli ttic do tang gia.Vau tu 10000 USO trong Ong 10 nail' to tam 1980 den 1990co th‘ dem lai Ipi nhu0n tinh Ming 'Bola.M u tu qu6c teLoi nhuan10 namSinh Idi- CO phigu gem Nhilt $ 105580 955%- Nghg thuat thuOc trtiOng phai $ 87140 711%gay an biting- Cac c6 phieu qugic to khac$ 54870 448%nha u- C6 phieu mkt My (S va P500) $ 47590 375%- C6 phieu dm My (quy ghat $ 42030 320%trien va thu nh4p)- DO Om Trung Quoc • $ 41710 317%- Quy co phi6u va guy trai$ 36150 211%phiOu h6n hOp Lila My.- Trai phieu tlai hen kho beg My $ 33200 232%- Quy gem thi tinging Oen M. M9 S 25020 150%- Kim along $ 11600 76%- Nha S. 16530 65%- lam phut (chi so` gia lieu dung $ 16410 64%6 M9)- Vault nen S 7900 21%- Wu Sin dien Ming rung tay $ 7630 23%ctia My)- Dan m0 S 6600 34%- Bug nOn S 1700 83%57

28. Chi s6 c6 phigu la gi?Ngudi Mang clan kheing can thief xem xet 1110i cay Ina trencdnh Mang de May duce hat 16E1 Bang phat trien nhu the nao.Thuong chi xem set mot vai city de duo ra mot 9 kien ve totingthe vu mith clang phiit trien nhu the nao la Mi. Thong nt, motnha dau to khOng can phai xem xet tang c6 phieu dupe bande thay duoc thi trudnu van dOng the nao trong mOt ngay cuthe. Nhin Kern gia cfia mot nhOm nhO cac co phieu de lap ramot chi so bie'u thi town be thi truang chimg khoan la du.Med thi trueng chanu khoan kin c6 it nhat mot chi so` dethen den gia ca cfla mot nhOm cac eel phigu dui dien. Vi du :chi s6 binh quan cam/ nghiep Dow Jones cho Met gia dm 30CC; phial ndi tieng hang dau tai so giao dich chanu khoanNew York (NYSE), thi trueng chi:mg khoan Ion nhfit nudeMy. DOi khi Ming can xem xet mot chi so rang hon, the hienmac trung binh cua vai tram co phieu ce "tiding lacing". Vidu : chi 56 Stardard & Poor 500 phan finh su van dOng cua500 loai eel phieu Mule tai NYSE.Gia co phieu 6 tang nhorn hang duoc chi s6 hod. DOi vdnhilinu Gene, ty kin nhu IBM hay wing ty dien thoai va dien tinNhat thi su thay del gia c6 phieu cCia nhung cling ty nay duoctinh vOi trong so cao hon. Tuy nhien, cO nhilnu nizoai le nhucac chi 56 Nikkei-Down Jones 0 Toky6 Ia gia binh quan cCiamai loaf c6 phieu trong nhOm bfit Ice tam quan trong cha nOdOi vdi thi truelniz dn. Nhu vay, no khenu thuc su la mot chi56 ma la mot 56 trung binh.phan lOn cac nude, nhOm co' phial duck: mot ngan hanglOn, hay mild hang thOng tan nhu Dow Jones 6 New York'chpn ra de cung cap cho cac nha dau to min thuds do ve cachoot Ming cUa thi intone viio bat kir mot ngav cu the Mu). Vidu, 6 Nhat chi s6 Nikkei co ten to cac chu dau cua to boo taichinh hang dau Nhat Ban "The Nihon Keizai Shimbun".58

O London, ten dia chi so` c6 phi& kin la ten cila ten ohmot tit bao tai chinh hang dau, to The Financial Time (Tin-1ibao tai chinh), 6 Dim, chi so` FAZ et-mg bat ngubn til mot tohim tai chinh kin nhat t6 Frankfurter Algemeine Zeitung. Ophan lon dm nude chan Au kith:, met ngiin hang nhu CreditSuisse 6 Zurich hay Banca Commerciale Italiana 6 Milan deftco gift so lieu ye gag co phieu hang dau trong chi se co phiOumane ten ne.29. Cac nha dhu to mua c6 phiS cua nuoc ngodi nhu the. nan?Khi cac thi truting nude ngoai met Ong vai ire) del cluingsong nen kinh te the gidi, nhieu nha dau tu, ntim lay cac co10i tot hang each se hew cite co phieu nude ngoai. Cie nhaLau tu cm& te cci the mua cac c6 phieu ctia hail ha cac cOngy tren the gidi, ke'_ca nhung cOng ty 6 cac nen kinh dangthat then 6 Dong Au va Vien dOng.Mot phuong tittle de clau tu vao cac eerie ty nude ngoaiJon elan la mua cac co phieu tren thi trudng the gidi. Vi du,:6 phieu cna cOng ty Toyota 6 Nhtit, hoac cd phieu cUa (Mingy Club Med 6 Phap co the mua duoc 6 Tokyo hay 6 PariMing qua nhan vien mei gidi va gni vac) met tai khoan mOiidi 6 trong nude. Nhung gia c6 phieu cUa nude ngoai vanrive dinh 6 nude neoai, va cei tic van citme 'on hang ngoai te.De tranh nhung dieu Mt tien cua viec nam gift cei phieuang ngoai te, nhfeu cling ty cla dua ra ed phieu dm hp cluesiang clung nhOn dau tu tai cac s6 giao dich chting khotin dialiming men man the gidi. Toan hO viec thanh town gal c6Oa cac gitiy chting nhan nay, clinic xac dinh hang tien cuaudc sit tai, gione nhu cac the tin dung sit dung 6 nude ngoaiLIQC ghi hang tien ct& gia cua ngudi cam the59

Vdi MCIC gia caca ban nhu nhau, cac glary chting nhanc6 phieu nude ngoai trao cho ngUoi gift co cac quyen ddi vdied phan nude ngoai; khi co' phieu nude ngoai thay drii gia tri,gay chUng nhan cua ne dang luu 'Math 6 nude khac, dingthay del ve mat gia. tri. Vi du : the nha dau to Bac My co themua mot phieu ky quy tha My (American DepositoryReceipt -ADR) de co the quyen deli vdi co phan nude ngoai.Bang each nay, nguei mua mot ADR dOi vdi hang ToyotakhOng phai theo der gia c6 phieu tinh bang crong Yen vakhOng phai doe bao Nhat de theo di:a co phan. Gia cUa ADRduos tinh bang Dollar 6 cac thi trueng hoi dodi Bac 1145, Vacan khoin lai cO phan duoc ghi c6 bang Dollar true tip vaotai khoan cita chit so hem.Nhang rui ro tien to cling phai duoc xem xet, bei vi gia tricita to chting nhan ca phigu phu thuOc vao t9 gia hoi doar thadbng tien de. Xin quay tro lai vi du truck cua chting ta, neual phi& tha cOng ty Toyota giam swing thi mot nguei clan aCalifornia nAm gill mot ADR elm hang Toyota co the van dilai neu dang Yen tha Nhat tang gia so vdi clang Dollar Mt deMr dap cho mitc giam gia dm co phieu.Khi quyen se lulu (3 nude ngoai ve c6 phan bi cam hoargap-khd khan, cac nba dau tu thay vao d6, co the mua cac ccphan nhu alta Korea Fund thiet lap vao cac nam 80, chcpile() cac nha dau tu ngoai qudc duoc hureng loi cua thtrilling vein dang tang trude khi quyen se him co phan chc[Trial nude ngoai duos cOng nhan.Ngoai the co phieu truyen thing duoc dang ky, met stquOc gia, nhu Thuy si cho phep cac nha dau tu (mac to Imchnn the co phieu vet danh - nhang co phieu khOng del hedang kg ten chit sO llu, hay the gifiy cluing nhan du phanNhate to phial nay nine co c6 tile nhu cac c6 phieu {charMate Idiom cho phep cac nha dau tu bieu quy& trong cu0

;:dc cuOc hop ce ding va dua ra riang quyet dinh ve dieuhanh cOng ty.30. Nluing riii ro colt tau tit qu6c t6 la gi?Dau tu quec te IA ding viec kinh doanh mao hiem. Vi du,khi cac nen kinh te ceirtg.san 6 Deng Au chuyen sang nenkinh te thi truing tu do thi nhfing mao him tin dung dm hoda tang len vO ban va cac nha tu dau tien deu da that),gia tri Ohl dat cua ho. Tuy nhien, 6 cac nudc khac cac nhadau tu khOng dude may man cho lam khi co bien dOng chinhtri va nhung rei loan kinh to da day nhieu doanh nghiep teavtic pha. san.Dau tu quec te mang thee nhitng rui ro cling vOi nhungmay man. Cac nha dau tu nuOc ngoai, ke ca quy huu va quyhoc being dal hoc can xem xet than trong tinh hinh kinh te vachinh tri dm mai nuOc truck khi chervay hoac dau tu. Bangeach loaf be) hoac it nhat nhan hi& met se mao hiem, thi sumay man co the that su se den vei cac nha &Au us. Vi du, cacngan hang da tao ra mOn khoa hoc ve tinh town rei ro trenthi truing quec te. Khi cho vay tien, ho kitting chi can Ethicnhung rei ro truyen thong thei han cho vay, ty le lai suat vs_ma con tinh den nhung nguy hal phu nhu rai ro het doai vared ro chinhNhatig thay deli gia tri cua citing ngoai te to the dem lainhung khoan 10i nhuan bel sung, hoac chting co the lam matbet 10i nhuan caa clau tu quern te. Quy tro ghip cac qua phuva tre me cen 6 Ecot dau tu ben cua minh 6 Tokyo ce thethat)/ gid tri cac co phieu va trai phieu caa minh tang meteach dang ke 6 Vien ding. Nhung neu &Ong Yen hi mat giaso veh ding bang Anh 6 Edinburgh thi nhung mon tien kiemdu0c 6 nuOc .ngoai co the tro thanh met khoan 16 del vOinhung ngoai can tien 6 trong nuOc.61

Rui ro h6i doai cling co the tac dOng co chn cac nhadau tu. Mot vu dau tu cua My vao co phieu cua Uc co thethu dude lai clang ke neu Song DOla Uc tang len so vdi clangData My. Khoan 101 nhuan to mot do an dau to tinh bangngoai to manh dOi khi co the vuQt qua khoan 10i nhuan tinhbang n8i to cua chinh do an dau to dd.Cac khoan cho chinh phu va cac ding ty nude ngoai vayclang co rui ro hOi cloth, neu nguoi vay Ira nO bang mot clongtin khac. Neu t3 gia hiii dodi thay d6i, mot nha dau to có theduoc them hoac mat mot khoan loi ohuan khi no duoc thanhtoan bang &Ong tren cna cac chU no. Chinh vi 19 do nay nhi leukhoan cho cac nu& the gidi thu ba nhu Brazil va Mexico vay,da kheing dude tinh bang clang Wen tha nudc nay. Cac nganhang phuong Tay va Nhat Ban thuring thich cho vay bangdiing DOla, Yen, Mac de Minh cac rni ro hfii doai.Cac vu chau to quOc te thing co rt i ro chinh tri nen motchinh pho bi sup d6 hoac mot luat rani (Moe thong qua hanthe so thanh toan quiic te. Vi du : neu mot chinh phu duocbau mot each dan chU ma bi lat chi, thi cac thi trudng trongnude ca the rdi )(ming nhu mot Min drt khi tien dau to nu&ngoai bien khai nodc do.Sau khi tat ca cac rui ro c16 duoc phan tich, dau to queic toco the se dem lai IOi nhuan cho nguei dau tu. We sit dungthe co quan danh gia va the MIA phan tich chinh tri giup chocac nha dau to trong tinh man rui ro, nhung quyet dinh v@ 10i:nhuan va so` long tien dau to b4t Icy mot doanh vu nao thingphai (Iva tren nen tang cal nhan.31. Quf vdn s0 htiu la gi?Thay vi x6p Mt cit trong vao mot gin, the nha dau to guileto thuong dau to vao the quy von so him de phan tan. rui ro

cho nhieu loth cei phieu. V@ ban chat, cac guy von sO him chophep cac nha dau tu tranh dupe rai ro, mat toan by tien choTrait cOng ty bi pha san. QM guy nay bao gbm toan lap nhorncac chang khoan Ichtic nhau, nhu cac cd phieu vat cac guyendupe uu tien ma cac nha quan ly ban va inua cac guy chuyennghiPp mua hoac ban cho guy dO.Nhieu nha dau tu throe to thuOng mu6n danh guyen quy&Binh ve dau tu quy van sO hau nude ngoai cho cite nha quanly guy cO trinh dp cap, Met rO thi higu cua thi truOng va c6kha nang tranh dupe tae sal lam tot hon. Bang vice mua mptphan trong guy van sO him, nhu quy.Vidn thing hoac guy cdphigu phat tridn, cac nha crau tu cis the phial tan rfti ro ranhieu cOng ty. Neu bat Icy mpt cOng ty thupc guy vein sO himbi ohci sari thi raCii nha dau tu chi chili mpt khonn 16 tgi thidu,bei vi ho cOn cO Petri hie. 6 cac cOng ty kthic trong quy.Cac nha dau to v fink chinh tri vd xa hpi , nhu cac guytai nang cua truOng al hoc, cO the thich dau tu vac) cac guyse) him thong ang yea muc dish chinh tri va kinh to cal ho. Vidu, nhu yiec (tau tu guy vao cac (Prig ty bao ve mdi truOng cOthe la mdi quail tarn chrCnhang rignei mugn thuc hien cac muchen xa hOi hang se' tien ciia hp. .CO ntheu quy On sO him khac nhau san c6 cho cite nhadAu tu qugc td. (NV cd phan phat trign dau tu [rude hgt vaocac cd phan cha cac cOng ty mu6n gift lni 10i nhuhn kigmduc: va tap trung vao str Oat teen nhanh. Can quy cO phanthu nhhp dau to trudc hgt vao ale tong ty da thanh lap VAclang tra co Pic thuOng ky cho cite cn dOng. Kieu clAu to nayco le dupe mdi quan tarn can quy huu tri, vi nO can cO motkhoan thu nhfrp chi dinh tra lien huu tri. Quy qudc gia clanhcho cac nha dau tu co h(i tham gia Vac) su phfit then tae thitruOng nude ngoai vOi it nth ro.CO hai kieu eau true cUa guy von se) hau. Quy dau tu gidiran (dupe gpi la quy tin chap clau tu 0 Anh) co so cd phan63

san co han chg. Mot nha dhu to cc) th6 mua cac cd phi6utrong guy thOng nay qua cac thi trudng mO not ma gia ca cnachUng ducic xac dinh ben cung va cau. Trong mOt guy dau tukhOng gidi ban (ducic goi la mOt tin chap don d Anh) cac c6phheu mdi duoc phat hanh mot each don githn bat cu khi naomOt ngudi dau tu mai mutin tham gia va gia doe xac grit -1hbet gia tri cua cOng ty tai chinh thanigiavho guy c16.32. So pha san khac nhau nhu the' pan tren the gidi ?Thuat ngii pha san hat nguOn to thuc t6 dd vi) ena nhungthuong gia Y khOng cO kha nang tra duoc no due minh thentrung cd. MOt khi vier burin ban eta 61 d6 vet, thi thuong giakhOng th6 tiep tuc hoat dOng. Ngery nay, cOng ty Ora sanduoc lua chon hoac thanh ly tai san ce cent net ngay lap 'Ric,hoac ne co the duoc phep khOi phyc lai theo mOt khungpheip ly duoc giam sat.Trong he th6ng to ban chi) righla su cam do loi nhutein nhuca ca rdt hap din cat; nha dau tu vao su mao him mei. Cansu phei san thi tao ra mot dOng luc d6 bat buoc chic cling typhut hoat Wang nit hon. Ceic cC (Mu cua cOng ty chia xe vinhquang YE) su date den. Khi mot cOng ty tact ra Icsi nhuan, cacca deing hoac nhan doe cd tuc. hoac duoc huOng sit gia tanggia tri co phieu cua cOng ty. Khi mOt cOng ty 16 qua nhieu vakhOng Ira duoc no, no tuyen b6 pha san va cac c6 deing thytien dau tu cua minh bi6n mat do phai tit?' cho cac chi) nonhu cac nha cung ung cat mil s6 tien cu6i cling ma dingty dm.tinu itet cat nude tit ban chi] nghiti, cac cOng ty CO the bipha san etuoCkhuy6n khich de' c6 .tiang net tue hoat Ongdudi sit giant sat hop plitip nhelm tan ra du tien thanh meincho GAG chU no. Ching nhu khi seta cheat mOt chi& 6 tO hOng.

ie khOi phai dua ne ten bai phe thai, mQt doanh nghiep cefie hk)i phut nho too an tien hanh re' chne lai.Mat klilic, men cOng ty co the bi pha san bi buoc Ohlhanh ly, 6 dO tai san cO bi ban hoan Wan, tut la duoc thanhy de' en the tra it nheit mot phan no cAa cOng ty.3. ml trgong v6n la gi?Thay vi vay [fen true tiep cUa cat nglin hang, chi: chinh phOa nheng nguoi vay tien clang tin coy khac nhu car cOng ty vak td chile cm& te thuOng sit dung chi; thi qui:mg von theibi de vay ken bang each Oat hanh trai phieu va cac hinhtut vay no khac. Trong nhieu trai -1g hop, Bien phap nay (xito elk phep hp tang vim vOi chi phi thiip hon so yen viec hoty true tiep to ngan hang.Cie tin trirOng vdn quee to duoc se dung de phai himh vafen kin clking khoan efia the gioi va nhUng chi:mg to ebhang c6 men trung tam danh rieng cho thj truong vein.ping met loat ngan hang lien ket Bien town vOi nhau va cacem giao Bich dune dat 6 cac thanh phi; ken klie-) the gien,Tokyo vu Singapo tai Lein DOn va New York. Chc thj truOngn nay chi phuc vu met muc Bich : Win chuyen tien tit inking6in c6 ken tin nheing nguoi can teen.Cac cOng cu cho vay nn nay cO the duoc mua ban nhu cacsi hang hon khhc tren cac thi truong quec te, gin ma nguiny phai trk cho so teen vay chinh la IM sueit vay dirk xacih hen cung tau. Khi thieu tien cho vay, nheng riguin di vayai trh lai coo hon, khi luring Lien din dho thi lai giamOng.VOn, cua cai tich lily [Doc, tao eh co se) cho tat ca cac heatng kinh to trong kinh to thi trueng. Do de) cac thi truOngkhemg nen Inn vei may Mae. Nth nha xueng, nhimg the(35

cling dune goi lit von ma cOng ty clang de San xuat ra maymOc, dick vu.Cac thi truong von qu6c t€ lien ket nguOi vay va nguid chovay tits khap the gidi. Cac nha chau tu Wen thi trubng von thegidi, c6 the Ion nhu quy tr0 cap cho nguoi lam cOng cua chinhphu Anh, co the nhes nhu mot Men cho Thuy Sy vOi tai khoanchiing khoan o cac ngan hang chit phuong. Nhfing nguid chovay giIlin die ding ty, cac to chile va cac chinh phu nhu cOngty IBM, Ngan hang the gidi hoc Vuong queic Thuy Dien,dang hang ngay huctIng vao thi trueng On the gidi.Khi mess nha daau tu Thuy Sy mua trai phieu cua Nganhang phat trien chat Phi hoot mOt quy huu tri, Nhat Ban chautu vao trai phieu cua chinh phi, Australia, thi then dunechuyen to meit noi nay dm the gidi tbi mOt not khhc dm thegidi, not ma no GO the doe sit dung de pith trien hoac tangtruing. Trong nen kinh to lien ked man chu, nhilng riguiTh tierkiem khOng can phai cat toil, nO cet the dustc dem dau tuMeng qua cac thi trudng von de dune su dung co hies, quatren man the gidi.34. Triii phi& la gi?Kh Ong gieing nhu cti phieu, the hien su rid ro va may mancua vice sit him nit cOng ty, mot trai phieu don gian la mOtkhe u0c no not rang "TM, nguoi vay (long y tra cho anhnguoi giu trai phieu. mitt khoan then nhiit dinh tai mot thisdiem nhat (lints trong tuong lai".Mac cid, hau nhu hat cu ai gang co the [Mat Minh mat tranhung cac titi chile lOn nhu eau chinh phe va eau tar(loan la nhiing notriti vav Idn 'That trong cite thi truitng traphieu quite te. Thav vi duo vao min ngan hang Min (IC de vat6E ..1-i. in phat Ithnh chr hat [Mien de tang clue lien qua tae sto66

phat hanh cheing khoan 16n de' ban cho cac nggn hang va cacnha dhu tu khtic ten toan the gidi.Mot brit phieu la mot manh giay earn legt "t6i no anh"(IOU - I owe you) tao cho ngudi gig no quyen nhan mot setnen nao de) tai mOt thoi diem nao do. Ngueti vay hay ngudiphat hanh trai phigh co hai bon phan. Thit nhat : ngudi phathanh phai tra lai so ben ban nu da vay, so tin nay duoc goila von g6c. This hat, ngulti vay can phai tra lai sugt dish ky dethuOng cho nhang ngulti mua trai phieu de dau tu. Cackhotin thanh town ties lai nay cling dupe goi la phigu thuongtue la cac cuOng phigu nhe duoc gem vao trai phieu Crude day,khi chug co cac thi truong then to lam cho cac tO giay giao:Itch nhu vay trit nen khOng can thigt nem.• De xac Binh giti tri cut.' mOt 6E6 phigu can phai tinh town laiphai tra cho thOi gian tign tai act trai phieu va so sanh no voirnOt ty le lai swat cfau tu khac trong thuong truemg quOcGni cha trai phigu luOn duoc ndng len hoar gram xueingohan anh Chi truOnu. Ve co ban, cac trai phieu bam then ty ledi sudt. Mot trai phieu co lai suat tuong doi thap se dudean vgi gia hd hon khi cO cat: trai phieu co bit sulit cao duocThat Muth ra. Mew trai phieu cO muc Itii theip, co the hi ban/di gia 95% gia tri ban dau (Ma no, hoc bi ban phti gia nhamact cho no su hap dan can thigt de cash tranh tab cac !Galrai phieu khac. Bang each nit draft cho mot trai phigu, ngulbnua se nhan duoc men kholtn Iai cao hon cho s6 tin chin tu.nhu trO choi bap benh, khi mot ngudi len cao thi nguincia se phai xueing that).Cling nhu vay, khi tit le 1th swat ha xtaing, gia cna cacrai phieu hien co tang len. Trong thei ky lai swat giam,trai phieu co mac lai :mat cao se nhan thliy gia cue:hOng tang len cho tOi khi loi nhuan cunt chUng ngang bangdi cat trai phigu khac tren thi truOng ce cimg thdi giantoo han va rui ro. Gia cha mOt 6(6 phigu co the len cao67

han menh gia cita no nhu 105% chang han, de tao ra 10inhuan canh tranh vdi cac trai phigu khac tren thi truing.Ty le liii va gia cua mot trai phigu dau doe xac dinh bOiski rUi ro cua nth. Trai phieu cang riti ro cao thi lai suet tangcao de thu hitt nhOng ngubi .dau tu tham gia. Cac trai phieu,dac biet cac trai phigu cita chinh phn, duOc kern nhu khoandau tu tuong dgi an town. Trong baking 110p mat ding ty phasari phai tra hen cho cac trai chit va co ding thi trai chit seduoc tra dau tien. Mot chinh phu, trong truing hop thi tonhat, clang co the Inert Mon tra hat s6 trai phieu da phathanh thong qua deng tien quite gia bang mOlctich tart dongian - in them tien.Gia trai phial] luOn duoc dieu chinh cho prep chUng canhtranh vdi the du an dau tu khac trong town nen kinh tg va luOnluOn phan anh tinh hinh chinh tri, tien to va kinh to hien tai.35. Trai phieu duck mua ban nhu the nao?Trai phigu duoc mua ban khap the gidi. 24 gib mot ngay.thong thuong tai cac phong thuong mai .cim cac ngfin hang vvicac cong ty ehilng khoan„ duoc gan ndi vdi nhau bang hethong thong tin dien tit. Cac thi twong van qugc to Ion nhalthing tru sb tai Luan Don, Nem tate va Tokyo, nhung talc traphigu duOc giao (Pelt 0 hau hgt cac trung tam tai chinh trerthg giei, to Paris tei Bangkok, tit Abu Dhabi teti Vancouver.Vi le rat khO tim dime nhung nguei mua va ban trai phigunen cac nha dau tu thuong tim aap nhiing "thuong nharichuygn nghiep. IMO ho anth mua va ban trai phieu. Mac dimot vai giao dick trai phigu dien ra 0 not giao dich centkhai nhu so giao dich chting khoan, nhung hau hgt cdi&tilting khotin co thu nhap c6 dinh cua thg gi0i, tut ra cd‘trai phieu, duoc the ngan hang va cac cOng ty cheing khodibuen ban. Thi truing trai phigu gidng nhu bat ky met th68

ueng canh tranh nap khac 6 ch6 cac thuong Phan tao rafen bang viec mua re va ban dat. De mua va ban milt traiThieu, nha dau to di gap mot thuong nhan, nguei nay tao rahi qui:Mg bang hai gia : gia "dat" va gia "ban". Thuong nhanuo ra hen bang each mua CEIC trial phieu vdi gia dat thhp hon'a ban chtIng vOi gia cao hon. Su khae nhau gifta hai lohi giaiuoc goi la khoan chenh tech gia.Cac nha Mien ban trai phieu bi thi trueng bat bugs pheiiiit gia va m6 rung canh tranh. Mht se thi trueng canhranh nhau den mac gia dat va gia ban du® dinh gia satihau„clOi khi den mile 1/32 diem.Cac trai phieu thuOng duoc bubn hen thee gia tinh tren9 Ie % coa menh gia ban dhu. Khi gia die trai phieu loaf000 USD tang len 16/32 hoac 0,5%, thi gia tri cha ne tangen la 5 USD. Bei vi Ma ghe cha tred phieu va ty le lei suetha nO khOne thay ddi dime, nen yiec dieu chinh iria cuarai phieu se dem lai mht khohn loi nhuan mOi. Viec tinhDan loi nhuan cUa trai phieu rat phew tutu, nen hhu het cachuong nhan deu su dung may tinh de xac dinh xem eiiino se mang lai t•Si le lei suit trai phieu phi) hop yeti thaydi rim thi trueng.Trong cac thi trueng bon qudc te, mot s6 tree phieu, chiingan nhu cac trai phieu Kho bac M9, dune dung lam cac chih chi, yeu (Ma town bh thi truOne. Do s6 no khdng to dui:ho buc My, cac nha Thu to thueing thich sit dung thi takingay de mo reale vai 66 driu to va Mien ban ctia minh. ClicMilne khoan cua chinh pht1 My dupe coi la cac trai phieufloc loan chuyen tiit nhht tren the gini bei vi no cO the rimy:um ban tren phum vi queic to vdi s6 luong Ion tai bat Icy ti:5irem nho.thing tren chat] Au va trai phi6u clew Au IA gi?69

Trong theit ky chien tranh lanh, Lien XO khOng muein dequa nhieu du tril bang clang DO la My dudi su kiem spat citanha cam quyen My. De tranh tinh trang nay hp quay sang cacngan hang chair Au de' giti deng Dela 6 nude ngoai va nhungeking tien tich In] nay tro nen cri ten goi la &mg DO la chauAu. Ngay nay, bat eft met deng lien nho dude gift 6 nudengoai, thhin chi ngoai chau Au, cling dude gpi la met dengden chau Au, va (long Frang Phap dude giu trang cac tatkhoan cua ngan hang Wing KOng dude gra la Frani ,. chau Au.Trong nhfing nam 1970, thi Outing cac dong tien chau Auphat trieln ao at khi the nha sari xuat dhu lua Arap bat ehtMcLien XO bat dau hitt phan len s6 DO la kiem dude nho bandau 6 chau Au. Su du Mita On nude ngoiii can dupe demdau tu, vi vay the ngan hang hat dew phat hanh cac trai phieuhang Dila My, ngoili su kiem soat va dieu chinh cua chinhOh My. Chiang dude goi la cac &Ong tien chau Au Mai vicluing dude phat hanh ben ngoai nude chu nha cha derig tiendo. Sau do cac ngan Nine va cOnir ty chUng khoan bat (MuOat hanh trai phieu chau Au bang cac deng tien chili year cCiathe gidi nhu Yen Ntat, Mac Due, va hang Phap.Thi trunng trai phieu chau Au phat trien ram r0 vaonheng narn 80. Tien hat dau dude (16 yap cac thi truonh"nude ngoai" khOng bi dieu tret, din yeu vao. Lurin DOn notma thug va cac han the thuong mai 6 mile teii thieu. Cac nhadau tu con thich mot dieu nua la hau het cac trai phieu chauAu deu ve danh. KhOng giving nhu the tire phieu phai clangky, cac trai phieu vii danh cho phep cac nha dau tu dau tenva cei cu h0i mirth NM cap ve thu nhhp to lai trai phieu vdithe co quan thug dm nude minh.Khi the eeng ty My nhhn thay rang hp GO the ?hat hanhtrai phieu rc hon tren thi trudrig trai phieu chau Au va it hihan the hon d My. thi hoot Wing cur' trai phieu than Au itLuan DOn da hang len vudt hue.70

Ctic tong ty va cac chinh pho tren the gidi Mt dau phut hanhchting khotin cua ho vac) thi truOng trai phieu than Au vathuimg la vdi mite chi phi that) hon so vcii thi trueng nude ho.37. Cach xep hang cre dash gia Ou tu nhu thee nth-) ?Xem xet cac bao etio tai chinh cua cac cling ty va cac chinhMCI tren the gidi la cling viec khe khan deg vesi mot nhh dauxi khOng du trinh dO hien biet. Do vay, nhieu nha dau tuThai nha chy vao phan quye't cigt cac hang xep hang chuyenihnh gib thuc trong tai chinh cua nguili vay trong nen kinh tohe gidi.B5t ky mpt ai dem cho vay, dil l la cho cac ca nhtin, cling tylay cho met chinh phi] vay d2u can phai biet lieu natal vaysi khit nang trti lui tien khOng. Vi du, mot nha tu traiMien can phhi hiet lieu lin co dupe tra climg hen khOng vaieu tien du cho vay co dupc thanh town lui clay chi khOng.Cac hang xep hang sit dung cac he aging Ulm nhauhuilng dua tren care chit cai to A den D de' xep hang cacOng ty vii nguoi vay tren the gidi. Hai trong s6 nhang h5ngep hang On nhitt tren the gull la Dich vu Deu tu Moondy vatint; Standard va Pools. Ca hai deu dua ra xdp hang "AAA"ho nhang ngudi vay munh. Ciic khotin vay cua nhang nguoiav o hang "AAA" nhu my. Thuy Sy, Nhat hoar Ngan hang theidi dupe coi la cO as may tat [Min dt thanh wan di tier' vay vaen lai thing ky ham.Khi tinh trong tai chinh cua inOt nguiti di vav gap khOhim. thi cac hang nay ha dip riguili vat/ do de cac nha (Mu tuthOng tin ve ;Mang ria ro mai. Phan Idn cac guy quilt toWIC dim to vac dm wit phieu vdi 111L/C xep 111.11112 k1161 11111111117"i‘" 110111c "BBB" con Wipe gin In ''Cip de Mu al71

Khi ngudi di vay lam an thua 16 bat dau let hen thanh Mantier lai thi thil hang dm anh ta se tut among hang "C' hoac thaphon con hang "D" not len nguy co pha san. Thu hang aim ngudvay cling co the tang len nen tinh trang tai chinh cua anh ta.du0c cal thien. Vi du, khi 6 Mehice .13raxin bat &au tra du0cnhilng lchoan nO nang ne cua ratting nam 80, tha hang cloi vdcac m6n no hien tai va cac m6n no md1 da tang len 'Luang ling.Vi cac nha elan tu san sang chap nhan cac khoan thankman lai suat thap hon to nhung nguoi vay tat nhai n8n cacthe( hang du0c-cac cOng ty va chinh phti thug hien rat nghierrMc. Mot the( hang cao thuong co nghia la gia cua ngutin tiervay their). Nhang ngudi vay cO this. hang cao nhat nhu Thuy s'hoac Nhat ban co the phat hanh Ong trai vdi ty le lai suaithap hon nhung qu6c gia khac nhu Ecuador hay An DO athei hang tianhiem than hon.Dieu gbh yeti la thu hang cung cap cho the nha &au tu maieach danh gia rui ro cha moi vu dau tu. MM nguoi vay ciln&vdi rui ro tin dung lOn hon se nhan duoc phnn. thuOng lOrhem, thOng thuong la Judi dang lai suit cao hon.38. Yang (Woe sit dung nhu the nao trong dhu tu quiic tg?• Vang dupc mua va ban khap the gidi 6 Mu het tat ca cattrueng va bang the loai tint] to co the co nhu &Ong BarnAicap 6 Cairo hay deng dollar 6 so giao dich hang hoaKong hay Chicago. Mac du mot so viec buOn ban yang gieimnhu buOn ban ban cac hang hoe khac nhung phIan ldn vanedude budn bah nhaim mac dich dau tu.Cac nhh dau tu yang [Thai Ice to the ngan hang [rung Gong c(quyen lug manh me su dung yang de duy tri Sing lien cua nudeho den gag ca nhan mua yang vdi by vong rang nd se gia duoigia tri khi lam philt. Vai tr6 gin vang da thay d6i qua nhiei72

nam. Trudc khi cac ngan hang va cac cOng ty chiing khoanduoc lien ket vdi nhau bang he thong dien to thi yang daduoc sa dung nhu mot khoan dau tic 'gene, c6 thg chuyen del 6bat ky mot not nao tren the .gidi tai bat ky thai diem nao. Ngaynay, yang dueler coi nhu la mot "bilc tueing kien co"' mang lai choirk nha dau tu nai "an ndu" on dinh khi lam phat cao Va cac cOngcu tai chinh, nhu cac co phigu hoac traii phigu, bi mat Ifial tri. Khilam phat 6 mac kiem soar de6c thi yang bi mat di anh hao quangvi, khOng nhu hau het cac vu dau tu kha yang Icheng manglai lai stait. Lai nhuan duy nhat on the cei la su tang lai sre" mat giatri duet goi IA loi Munn tit vOn.CO mot vai each dau tu vao yang, gbm mua cei phieu 6:ac ding ty khai thilc yang va die quy tuong hit bang yang.Phan Itin cac cuOc dau tu vao Yang la mua ngay de chuygnlap bac dgn cac ngan hang ky that luu gia kim loai quy choaric nha dau tu. Viec mua yang duoc thuc hien tai the soLiao dich hang hod nhu Comex 6 Nau udc hay hau hgt cacvan hang mule to nhu Ngan hang Tin dung 6 Zurich, nalma viec buOn ban doe thuc hien bang digp to cho cackhach hang 6 khap tren the gidi.Tuy nhien, thay vi mua yang ngay de giao ngay, cac nhaiau tu (rang c6 the ky hop &Ong mua yang cho mot thei digmsong tuong lai. D6 la cac hop dbng tuong lai bei vi chimgJua tren co se giao hang dinh Try trong mane lai, thOng:huOng ha thang mitt Ian. Nhang hop citing vdi thOi han huhmat de pha hop vdi nhu eau cua ngurti mua va nguoi banlitoc goi la cac help dbng Inking tuong lai.Gia giao ngay va gin cite hop dbng tuong lai giong nhu motlua tre cuiv tren lung Ion, c6 xu hiking chuyein Ong theoif:Mg mot phuong Inring, nen gia ca eita n6 se tang hone giamheo gin maii talc kim loaf quy hiem klinc tren thi truang. NeuAil yang tra ngay tang len thi gia yang trong Wong lai se" tangen bang dung sit lugng dO. Nhin chung, gia cac kim loai quy73

hiem nhu yang, hat va bach kim c6 xu huOng tang len hoacgiam xuOng ding mot hit.39. Nhting ding cu tat chinh ph& sinh la gi?Dieu nay nghe co ve nhu mOt "ngtii nha lam bang bia",nhung qua to nhieu eking cu tai chinh trong nen kinh thegicii khOng dua vao gi ngnai gin tri caa nhung cOng ea taichinh khac. Ngay nay, khring the quiin 19 mot each c6 trachnhiern brit du su ctau to qudc to c6 y nghia nao ma kittinghien v6 nhung khiii niem phut sinh tai chinh nhu quyen uutien mua ban co phan, hop dung cO ky han Outing lai) va traoddi lai seat. Quyen uu tien mua ban có phan cho phep mOtnhit dau to mua hay ban met co phan nao d6 vdi mOt gia cfidinh van mot thei diem trong twang lai. NO 111.10C e9i CO laphut sinh boi vi gia tri caa nO doc gin tri ct7a mOt ddi phan cosa quyet clinh.Hop dbng tai chinh tuong lai la su than thuan mua motcOng Cu tai chinh, nhu mOt cd phieu hay mot trai phieu, vaomOt luc nao do trong trong lai vbi met gia tri c6 ctinh. Vi de,mOt hop erring twang lai cha cd phial chi' diet cho phep cacnha driu to thu loi to su tang chi sd di phial' bang each muatat ca cac cd phieu cha chrit. Gidng nhu men tuap dbng vevang se tang gia tri khi gin yang tang len, mot hop dbngtwang lai vOi ding ty Standard va Poor se tang giii tri khi chisd co phieu tang len.Tu tHOng co ban ve mot cuOc trao ddi cheo la ban tai maban ce) cid Itiy crii ma ban mu6n. Mot cued trao ddi cheo lamOt thod thurin thuong mai giaa hai hay nhieu d6i tat thuongIz cac ngan hang, de trim ddi tai san c6 hoac no nhu thanhman cac khoan tien tra Hi. Ye co ban, n6 cho phep cal haiben to duoc tai san vi) hen mat hp can cho nhang nhu churieng cua hp. Trong trunng hop cac ngan hang thi ctieu nay74

thubng co nghia la trao del hai men no nil lai Kith bodengoai to khac nhau. Vi du, mOt ngan hang choi nguoi tieudung vay tien vii mOt lai suat c6 dinh c6 the vay tien \Ai Disuat tha ndi hay lai suat thay ddi dinh ky. De loai tru maohiem trong viec vay va cho vay Wen vii hai mew lai sulk kinknhau, ngan hang tham gia vao met cuoc thod thuan trao delcheo lai suat vOi met to' chitc khac de chuyen mOt luting laisuat nay sang mOt tubing !di suat khac.40. Quyen dude du ten mua ban la gi?se luen luen co 10i khi de nge nhfing Iva chon ciaa chime ta,nic la gift 15y quyen chia khOng phai nghia vv, trong viec muahay ban men thu gi d6 trong tuong lai theo mot gia bao dam.Vao luc Oa ca dao don,, quyen du0c uu tien mua san phemtheo met giti bao darn la luen luOn co loi. Dieu nay cho phepchting ta duoc di khao giti khi biet rang dieing ta co the thvchien quyen mua ban ctila minh mot khi thiiy eel la hop ly. Solvicluing ta su dung quyen duoc uu tien mua ban chi khi no co loivi the cam; co nhieu quyen uu tien mua ban nhu chting ta canthi cane t6t. MOt chit so him neva dua c6 quyen duoc mua metcon ruwa thuan chUng mai voi mOt cal eia nao do co the sitdung quyen nay n6u con neva doat gen Kentucky Derby. MOtchn trang trui cUti d Newzealand co the thu loi nhufin to quyenban len bang met gia bao dam vac) cuCti vu.Tren cfic thi truing tai chinh chfing cO cal gi la khOng mattien; nhung quyen duoc uu tien mua ban nhu vay cline co gia.NguOi ban quyen nay phai duOc tra tien vi quyen nay ce theduOe sit thing. Mfit Dine neudi mua quyen clang phai chit, svnai ro neu khOng the sit dung quyen nay trong mOt khoangthdi elan da cho nhu vav se mat di den ban dau muaquyen nay. NOi chung. cin ma nguei nam quyen duoc thi Int lacat ma natin him +wen mat va ngu0c75

CO nhieu each de clanh gia mint quyen du0c uu tien muaban, nhung quyen nay thuc so phu thuec vao kha nang dunesu dung dm nO. Met quyen dude uu tien ma khOng con ai byvong su dung se rat re. Tuy nhien, met quyen se dat hon net,xugt hien met co hOi tot de sit dung no.Nguoi to co the tan ra cac thu quyen duoc uu tien cho batcu cai gi c6 tuong lai khOng chile than. Vi du, khOng ai bigtduec gia cd phieu se tang hay giam vi vny that be ding khi c6guyed] du0c uu tien ban hay mua co phan do neu gia ca daddOng then ding hueng. Gin tri cim mot quyen duet uu tienChu yeu phu thuoc vao su thay dei gia tin din met tai san cose, vi du nhu met c6 phan hay met !Gal hang hail.Hai yeu tei khtic anh hueng den gia tri can met quyen doeuu tien lh tinh de thay ddi (Su thay deli cha gia tai san co sO)- va thei han hieu lac (S6 thoi gian ma quyen nay cOn c6 giatri).Mot quyen duet: an tien dual vao met Rini thi san co so catinh thay doi cao, nhu met cd phan tan gia len xueinu thatthueng chAng han, thi s@ ding gia hon la quyen duet uu tiendun tren met tad san han nhu khOng c6 thay dCii gi ve uid tri.Tuong tu, met quyen duet; uu tien co the dune su dung trongvai nam thi se gia tri hon la quyen chi c6 the duoc sit dungtrong vat thang.Cac nhu dau to can phai than trong vOi cac quyen duce untien mua ban hni vi chimu, thay ddi nhien hon so vOi cac taisan co se ma chiing dua vain. Vi quyen duoc uu tien la quyenduec mua ban met se lag len cac cd phan chimg khatinhay tai sari co sO khtic, nen gilt cua .na thay (ICU nhanh honnhieu so vei thi trueng non chung.&IC quyen duty: uu tien mua ban bat nguen to cac xa hotnOng nghiep xa mut nun cac quyen duoc vu tien duel slangnhung than thuan mieng cho phep nOng Jan cheng he so duoslang ve gin cud ciic loot hitrT hoe nhu Ina mi hav nha. Trong76

nen kinh to the giei dang and rOng, cac thi truong quyen durscuu tien mua ban va quyen duoc uu tien mua ban qu6c daphat then manh bao ham v6 s6 cac mat hang, 1c6 ca cacquyen duet uu lien mua ban ngoai te, cd phieu nikiongoarvathem chi ca cac cOng co tai chinh khric nhu chi sei cd phieu,hop &Ong tuong lai va lafsuht.41. Quyen chon mua va quyen chon ban la gi ?Mua ban theo quyen niva ban dude chon dang mQt ngaycane mot chi phdi cac thi trueng the gidi va cac nha dau totren thi trueng the gicli duoc Mei chao Iva chon thodi mdinhang quyen chOn ve Inca thu, tit c6 phieu curl hang may tinhApple cho den dhu the cUa A Rhp Saudi va (long yen Nhetban. Vi du, mOt cOng ty ca phe c6 the mua nhaftg quyen chonve ca phe de bao ve chinh mink khei nhang Bien (Tong cilathi truesne khi Net rang trong truOne hqp xhu nhat ho chugchi mat mot s6 tien 111:1 ho trO ra de mua nhang quyen chonRic dull.Quyen chon mua (Call options) la quyen duric mua haydat mua mot Uhl nao JO vOi mot eiri nhat dinh va vao motthei diem nhdt dinh trong thong lai.Quyen chon ban (Put options) lh quyen duOc ban hay traotai gi chi vao tay ngued ban quyen chon nen nO khOng cOnBang gra naa.Nhfinv quyen chon phd hien nhat tren cac thi truang qudc tola Miring quyen ban hay guyed mua cd phieu. Vi du , cac quyenmua c6 phieu cho phep mua mot s6i luOng nhgt dinh c6 phieuera la cac di phial co so vdi gin nhat dinh trong met khoangthdi gian nhht dinh. Le tat nhien, quyen chon mua se tang giakhi gia cue cac co phieu co :eh tang len.77

Quyen than ban co phieu cho phep ban cac c6 phieu vdigia cd dinh nett gia cha chting Om di. Vi vay, cac quyenchon ban se tang gia tri khi gia tri cua cac di phial co sogiant xueing.Ai se mua quyen chon mua ? D6 la nhung nguoi nghtranggia cha tai san co sO se len. Neu gia co phieu len du cao thingoai co quyen chon mua co the thuc hien quyen mua c6phieu yen mot gia thap hon gia thi truing. Nguen to c6 theban lai nhOng c6 phieu nay tren thi truOng de kiem 10i. Matkhac, ngudi neim quyen chon mua con hien lye c6 the banquyen nay cho nguen khac vdi men lai ain't nao ct6 mirth loleing khi ve viec sth dung quyen nay.Ai mua quyen chon ban ? DO la nhitng ai nghi rang giacha tai san co sO se xu6ng thap. Neu gia mot c6 phieu xueingdu thap nguin giu mot quyen chon ban cO th6 mua nhung c6phieu o tren thi trUnnv va thuc hien quyen ban chUng vdi giacao hon. Nguen cO quyen chon ban can hieu lue cling co khiban quyen nay cho mot nguoi khac de kiem lai va tranh lolang khi viec sh dung quyen nay..Cat quyen chon mua va chon ban dem lai cho nha dau tunhfeu lai hon. Thay cho viec tieu teen mua hoac bannhung tai san cc set, cac nhh dau tu quyen chon mua va chonban co the bang mQt khoem tien dau tu kha ithe ma lai thudu0c lai kha kha net, thi truing van dOng dung huOng.42. Quy-en chcm tien to la gi ?Bat cu mot ai dinh di nude ngoai hay lam an 0 mot nudekhac moon Net loai ngoai to nao se c6 gia tri khi ctoitien.Cac quyen chon teen to cho phep cac nha dau tu, cacdoanh nvhiep hay cac thuong gia thu loi nhd gia tri cua ngoai78

te thay ddi. Bang cach mua ban cac quyen chon den te, nguoita cet the xac dinh du& mot each chinh xac hao nhieu FrancThuy si hay Yen Nhat ma mot dei la My et) the deft duoc taimot thei diem nhat dinh trong tuong lai.Cling gidng nhu cac quyen-chon Mak, quyen chon tien techo phep nguei ta co quyen, chit khOng phai nghia vu, muahay ban mot cal gi derveti gia. cd dinh. VA trong truang hopnay thii d6 la tien te. Nhilng quyen chon tien te thong dungnhat Mari vao gia cUa Franc Thiry si, Franc Pilaf), Mark Dyc,DOng bang Anh va Yen Nhat tinh bang do la my.Ch'ing nhu tat ea cac khoan dtau to den thi truong quoc re,exit quyen chon den d cri the duoc Su dung vac) viec &au co.NhUng nha dau to tin rang mot loaf den to se len gia c6 themua quyen chon va thu meat khoan den han neu ho dung. Neumot deing den tang gia, nguili gift quyen dupe uu tien mualoai den dO se thu duoc loi. Vi du, khi (long Mark Due tanggip gid bang do la cent no se tang va ngudi co quyen chonmua Mark Disc se cei loi.Tuong tit , neu mot dOng tien giiim gia, thi quyen chon bannO, se cai gia di hon. Quyen chon ban clang Franc Thuy si,thong ham cho phep nguei co quyen dot. ban Franc Thuy sivOi mot gia cal dinh trong along lai se rat gia tri nett FransThuy si giam gia tren thi during the giOi.Cac quyen chon tien te cling c6 the ctuoc sit dung de elatinglai nhfing thay khOng mong muein ve gia tri ngoyi te. Cetcnha xuat khan kiem tien aft khaip moi not tren the giei canphai Het rang Ici lai cUit ho nam trong ngoai te cua chinh hp.Vi dy. de khOng cho loi nhuan hi silt me besi Matting dao dOngtien te, meat nha may xuat kh6u o to 6 Did co the mua nhitingauyen chon den de bit lai "hang thay ct6i ve gin hang eachJot c6 dinh tv giii dOng Mark tai mot thOi diem nhat dinhFong taping ltd. Bang catich nay. cac quyen chon tien ae chothey nen kinh te the giti phat then.79

43. Gidy bau dam la gi ?6 phuOng tay ngay xua, met ngudi lam nghe can lung nhanthuOng cO the' hat met nguai sling ngoai Wing Only luat danghi truy dudi bang each nen "T01 cO lenh hat anh".Lenh bat denhu nhOng darn bao tai chinh e ch6 chung trao chonguni narn gia met se quyen nhat dinh. Trong khi nhung lenhhay nhung giay phep o bien giOi trao cho ngubi nam gillchUng quyen bat ai do , thi phan lee cac gig) , bae darn trongnew thi truang tai chinh the gien trao cho nguei Man gill quyenmua cac ce) phieu caa met cOng ty voi met gia nhat dinhtrong met thoi gian co gibi han. Cac giay hao darn mua c6phieu nay khac vOi nhung quyen uu tien mua ban di phieubinh thuOnA o 06 chung duffing duc: phat hanh talc tiep haltong ty, thOng thuene la k6t hop vOi met clot phat hanh traiphidu hay khi mua lai c6 phan de ki6m soar met doanhnghiep.Cric giay bac dam co the di kern met trai phieu, tao ramet deng luc khuyen khich cac nhlt clan at mua trai phieu veinhung lai suit thap hon. Vi du, nhieu cOng ty What da phathanh nhung trai phi6u ven cac giay bele darn mua ce phan grankern, tao ra cho cac nha dau to co hei mua c6 phan cua caccOng ty. Citing nhu cac quyen then duoc uu tien mua bankhac, cac giay bao dam dupe sa dung chi khi gia co phieutang qua "Ala inzueng", tut gia ma nguei dam day bele damtra cho c6 phieu.CM: giay bar) dam gidng nhu cac cues phieu e dui chi -1gco the -Each khOi cac trai phieu va dupe ban rieng re. Cac taliphieu dupe ban cUng vOi nhung giay bao darn duoc gei la"cum" tieng La tinh cO nghia la "NAV, vb nhung trai phieukhOng ce cac giay bac) dam duoc gel la "ex" tieng La tinh conghia la "khengMet each khac khien cho cac trai phieu tre nen hap clanhon IA cho !Thep (Mc nha clau tu "chuycn deiil trai phieu thanh$0

c( phieu cua cOng ty. Khac yeti mot gitiy bao dam co Orin cdthe Huh rni cho phep the phi' dliu tu quyen mua the cd phanbang teen rieng caa hp, men tear phieu c6 kha ruing chuy6nddi cho phep chuye'n ddi chinh trai phieu d6 vet mot gia codinh va vao mot then diem c6 dinh thanh men so 'Ong cophan nao (16 dm cone ty. Moe dich oh the giay bao dam vanhung trai phieu cO khet neing chuyen d6i la ban cho ctie nhadau to mot phan thueng trong tuong lai - thuang la dudidang the c0 phan cua cOng ty - vi hq da chap nhan tai suat[hap hon ddi viii the trai phieu cna cone ty. Hien nhien, mennude hay mpt t6 chile quCie to ma khOng ce.) bat cii milt cCiphieu ntto sc khOng bao gid c6 th6 phat hanh gieiy Ho damhay teen phieu cO kha nang trapTren the thi trudng quee Fe, the giay bao darn driOe muava ban bang nhieu loai teen klitie !Mau, nhung chi) yeti hangFranc Thuv s7, do la My va Yen Nhat. Vi du, nhieu giay bat)dam duoc Win tai set giao dich cluing khoan New York duocthe ding ty My tim kiem vein clau tu phat hanh bang ciet laMy cho nhitng , cOng ty sat nhap hay mua loi. Cac nha dati tumua nhung only ban dam e6 phan nay c6 quyen mutt the e6phan ciati (tang ty men sap nhap tai mot thin di0m trong tuongIai, gia sei rang the cd phtln nay se tre nen sinh loi nhieu hon.Gni tri thtic su ena mot giay bao darn Ilt yeu t6 thin gianeau no. Khi phat hanh giay bao darn de mua the c6 phieu thi •co heti cho the nha dal] tu dpi chit giti co cOng ty do dang mOphieu tang len. Nha dew tu chit sei dung men giAy btio damtang Ian the net Iii cling cei gia tri.44. Ai &au to vao thi Inking the gibe ?Khi mpi dieu da duoc nni vet dude thus hien thi chi cO haIv do de &au w vao thi truing qu6c to : San co. btio ve von vaham thane- khoan.81

Phan len cac nha dau tu trong this truong ea& tje la nhungnha dau co. Hp tin rang thi truong dang di ve met huOngnhat dinh va hq mua ban dip vao Icing tin do. Vi du, met quyhuu tri caa ITh Lan mua co phieu 6 se giao dich cluing khoanNew York Yen by Yong thu lai nhe su tang gia tren thi-truengMy. Tuy nhien, khOng ce cach nao de hit duec rang dieu gise xay ra va cac nha &cat' co khOng phai hao gib cling dengye' huOng di chuyen cu the hay mac de bin thien trong cacthi truilIng, the gidi, (Jac nha dim co chap nhan mao hiem. Neuthi truong thay del theo dung hiking thi hp se thu duck: lai.Neu khOng ho se 16.Hunt dQng quyet liet cua cac nha dau co ducc can bangbdi nhitne nguOi choi khac trong cac thi truong quo jc to nhucac nha bac lanh va butin ban chiing khoan, vin 'non timcach Minh raj ro.Khac vOi cac nha dau co, nhung nguin bao lanh khOng bietgia ca se di den dau, nhung ho main bac) ye minh khei saiD6i vOi met nguoi huu tri hitt 6 Canada, thi met eachcluing lai lam phat se la so huu met nhOi nha, thG se tang lengia tri trong khi gia tri luong huu thuc to giam dan. Cacnha xuat khdu co the bap ve nhung khoan thu nhap nhoai totrong tuong lai bang each mua quyen then tien te. Vai trO cuang.10i bao1anh la )(oil di rui ro bang viec dau tu de can bang vdicac khofin 16 tiem tang cua nhung khoan dau tu kik.Mat khac, nhang nguin buem chimg khohn vim di gang tandung nhang uu the caa su khan biet tren thi tru6ng vila timeach tranh rui M. Hp mua 6 met thi truong not gia re WI ban6 met thi truong khiic not ma gia dat hon. Vi du, met nguoidu lich ID& cO the tan dung un the tie jinn ca va su khac bietve trinh de hang each mua cac dia Compact Gila Due 6 NewYork va ban lai cho ban be 6 nuac minh. Nhung norin bail]chung khoan khOng gap rui ro hdi vi hp ban va mua tongmet Itic. tan dung nhung su kem hieu qua dm thi truong tren82

khap are giOi. Thuat ngfi ngudi buOn chimg khoan fling du0csa dung de mieu to nhttng chuyen gia mua va ban nhfingcOng ty bi dinh gia rd.Hoat dOng cUa ni:mg nguOi dau co, bag lanh va bu6nch ling khoan cling thuang lam cho-cac thi truOng e6 hieu qua-hon. Vi du, ndu cac thi truitng chi c6 cat.: nha bao lanh, gia ctithe tang va giam ngoai sit kiem soat. Cac nha dau co gilt chothi truong khei tr6 thanh "pti6 mot chleult hang each ban haymua bat Cif khi nag gia ca c6 ve hAp dAn. va cac nha buOnchting khorin gift cho tat ca cac thi trueng tren the gidi dunghop yen nhau bang each mua o not c6 gia qua thap va ban C)not khzic Ca gia qua cao.45. Nhting lug Wong nao dang sau sy thong nhfit kinh techau Aug _Thring nhrit mot luc dia vdi tren 35 nu& va gan nhu nganay ngOn writ, tien te, van hoa va he thong chinh tri khOngphai la viec de clang. Ngoai till nhang piai doan thong trinail riga) cua cac de" chd quan !at chau Au nhu de queic Lama hay eac horing de` Napoleon - Chau Au da hi chia cat bainhang hang rag chinh tri va sac trig Yung chac cu tuyet moino luc thong nhat. Vi du, nude Anh thuOng thich duy tri mOtquan he chat the %Lai cac thuoc dia ca Uhl thd gi6i hon la vOicat: nu& tang gieng Chau Au. Nhfing nude khac nhu Thuy sida GO gang hag ye nen chic 10p vat trung lap bang inci gia.Tuy nhidn, yap cuCii nhang nam 80, luc dia chau Au dabidn dui hoar) town bOi nhfing bidn clOng ve kinh to Ida chinhtri O cac nude cOng sfin cc) cria DEng Au va bOi quydt dinhthanh lap met thi trueng khOng cO hang rho thud quan trongcac nude kWh Thi TruOng Chung Tay Au.Bude chuyeTh nhanh cluing nay dm chau Au mot phan lado nhung luc Wong kinh to ben nuoni. Trong nhfing nam 80,Tay Au nhin ra nuOc ngoai va thay My clang too ra hang trieu83

viec lam va banh trileing anh huang nhanh chung a vanh daiThai Binh ducing. or vigil dOng, Nhat dang bung nd va da trathtmh ngn kinh to Ian this hai chit the gidi to do. NI& to sO bitut hau da day len mOt phong trao ddi mai nham thong nhCitkinh to chau Au.Cling luc dO, that hai ve kinh to dri thew dgy chc thanh vienDOng Au am khdi XO vier - USSR, Ba Ian, Hunggari, DOngDile, Bulgaria, Rumania vä Tip khtic - di den cOng cuOc chieach kinh to to Ian Mtge goi la Perestroka do Chu tich LienXO Mikhail Gorbachev khai xuang. Cac he thCing kinh to thitruing to do d5 tran van kh5p DOng Au vac) cuCii nhang nam80 clang vdi nhung thay ddi to Ian ve chinh tri va sal hOi.Ba nham Mule nhau (feu cling tam kiem mat lien mink ChauAu : cite thanh vien cua cOng done chair au (EC), cac nudc TayAu chua gia nhhp EC va citc nude cOng sari cu cua DOng Au.Hop nlaht the guile gia nay Ihi se tao ra mat khiii kinh to manhnhat tren the gidi. Vai dan s6 va. mOt Men kinh to rung cane vuotqua dan s6 va kinh to efia Nhat hay cha My, mot chau Au thanenhat se la mgt sieu cuang yae kinh ter .46. COng dOng Chau Au M gi ?Tong thong Philp Charles de Gaulle da time phan narrang khO cO the chi tri mot Milt nude sari man 385 loci phimat kik. nhau. Vhy ban hay thii hinh dung viec sap nhOrPhilp vdi mgt so nude chau Au khiic dd hinh thanh mat thtruang chung bao ghm nhigu ngOn ngii. van Ida, by ma'quan lieu bao cap va he thCing phiip luCit khac nhau. Tu:nhien, Cone dging chau Au (Eurpean Community - EC) chthanh tieing trong vide hop nhau mOt nhOm cite IILIOC Tay Atthanh mat lien minh kinh to va chinh tri dit ehn nhu mat OMma th ban dOi nav vg mot "Hop chfing gait:" dm Chau Au.84

EC duoc thafnh !Op bat dau M nom 1957 khi fi nude :Phap, Ha Lan, Italia. Luxembuurg va Tay Dim, ky ban hiepnem Rome nham thanh Ihp Ong cheng than va Uteri cern chauAu, ma ye sat, nay goi la COng denu kinh to Chau Au(European Economic Community - EEC).Ve nutiOn gee, EEC duOc thanh lap vei dung y la mot lienminh hal quan xoh be thud quan va cac cOta ve mriu dichuifla uric nude thanh vien.COng vdi viec me rang, ken nap them Anh, Ireland, Danmuch. Fly lap. Tay Ban Nha va Bo Drio Nha vao thhp ky 70va 80, EEC duoc Net den vdi chi ten CEng creng chau Au hayEC. N1Ot loot chc hiep dinh se chinh tri,, nemu nghiep va tiente kd ca chinh shch nOng nghiep chung - dam boo nhimucap Idn cho nOng flan Chau Au - da me) rang eau hiep -ban dau.Nham don ihn huh viec ke toan. nguei to da tao ra don vitien te Chau Au (European Currency Unit - ECU) vdi inerttri, chinh Mac doh men met "gid" ben te sao cho no tindinh hon bat CO [me then te nao. Ket qua la no da tr0 thanhmet clang Men 06 clung yei nhung mai phieu va thi khoanngain hang Mang thing "ECU".Thuc ra. the nude thhnh vien (Ma Con_ cfang Chau Au daquvet dinh Ming, eel thanh min lien minh kinh t@ va chinh trituong to nhu my hay Canada. Ho quy6t dinh rang each totnicht de khuydn khich su tang trueng thuong mai va kinh to" laxoa bb mai hang rho kinh te Mau cac nude thanh vien. Kdhough nham xort be mei hang rho deli vol luu [Ming hang hoh,su di chuyen cha con nmali, dich vu, vh hen te trong OngclOng clime bidt don met each ream khrip nhu chuong trinh"Chau Au 1992" - bidu trong cim no lug dd ce duos met chauAu (Inv sin', khiBang cacti xml be tat ca cac hang rito trong not be. EC setoo ra met thi truhng (Mum! thoe su it de chc tunic se duoc95

hudng moi uu the ve cat quy dinh tieu chat) tong nghiep, hethong tai chinh, giao thong van tai va thue. Khi hohn manchap thuan lien ket, cac nu& Cong dOng Chau Au da citing 9to lad St phan chit quyen queic gia caa hg de ce dude motcat gi c16 ma hp quan niem la co gia tri len hon nhieu : de lasew manh ve kinh. to va chinh tri.Mac da, mac dich chinh thew caa thi truong chung la xoa. be) hang rao thuong mai, nvudi to van e ngai rang EC se raydung mOt bac Mang bao ye hang luat phap ngan than buemban va canh tranh to nude ngolli vao. NOi lo sd ve mOt "phaodai Chau Au" da khien nhieu doi tae hinh thanh nhung kheiibuem ban riene caa ho. Trona khi My hudng Ye Canada va.chau My La tinh hinh thltnh mot thi trues rieng khOngco hang rho thi Nhat ban lai di theo hudng cling c8 nhungmoi quan he buOn ban vOi cac nude khac es Chau A.Nhang nude Chau Au da tranh khong gia nhap EC clang lobi gat ra ngoni trong sit "lanh nhat". Cac nude giau co nhatkhOng tham gia EC nhu : Ao, Phan Lan, Iceland, Nauy,Liechtenstein, Thuy Dien va Thuy si da thanh lap nhlinu caulac ho thuong mai to do rienv. Muc dich caa Them nay, duOcgoi la Hiep hei thuong mai to do Chau Au (European FreeTrade Association - EFTA) la thac day buOn ban bang eachxoa b6 thue quan va cOta ma khOng xam pham den doe lapJe chinh tri va quan so.Mac du cac he thong chinh tri clan chit to do va nhOng nenkinh to cOng nghiep tien den caa nhung nude nay clang lyraphai khien ho trd thhnh thanh vien cua Cong dOng Chau Au,nhung nhieu thanh vien dm EFTA sd rang ho se mat so dOclap quy gia ve chinh tri. MOt s6 nude nhu Thuy si coi quyenthanh vien EC nhu mOt sit de dtt nvhiem trong del yeti chinhsuch trung lap chinh thew ceet ho.Lac dau, mOt so nude EFTA quyet dinh xin lam thanhvien clay dO eat! COng dung Chau . Au. Met sit nude Ichae86

quyet .dinh c6 gang philt trien nhfing hiep dinh thuong mailac biet cho phep tiep can vOi thi trudng EC trong khi vangiu nguyen chinh sach trung lap VA dec lap cna ho. Rut cite,EFTA va EC da ky mot hiep nee de thanh lap mot thi trudng::hung m6 rOng - khu Nix kinh to chau Au (EuropeanEconomic Area - EEA) - xoa be hail het moi hang rho del3Oi cac nude thanh vien bao gem hau het Tay. Au.Cac nude Deng Au nhan thay nhiang canh dia de tre:Main thanh vien day du cim EC da bi Ulna trai - dot henMang dieth kien thuong mai the biet de buck vao thi trudngAeo be 6 phuong My. EC da tich cuc duic ddy 1tueng v'e toJo kinh to - diau se cho phep cac nude khac 6 Chau Au buenJan vdi EC ma klieng can phai cap cho hq quyen thanh vienlay du. Theo each nay, thay cho vies bi be ngoai "gianude killing thutic EC van cb the buen ban •vdi Ganglong chau Au ma kheng can phai tiep nhan them qua nhiauhanh vien mdi. Ngay nay EC dupc dtii thanh EU hay got tata COng dbng Chau Au.17. Cac non kinh to xa 1101 chit nghta chuygn sang kinh it thirudng nhu thg nao ?KM Lien bang X6 Viet ea va cac nude Deng Au rut ra:Mai chi) nghia cOng san vao cuei th3p ky 80, kich ban itauthat dm he Mt Mu bang kinh to chi) kheng phai chinh tri.AOt trong nhang than ma hp to sp nhat la buck chuye'n kinha UM khan to kinh to ke hoach sang kinh to thi trudng sephuong hat den to do chinh tri. ma ho mai dat dude. MaiSt) nay )(Mit phut to cupc clao chinh that bat cna On can yea 6 Lien bang Xe Viet vao nam 1991.Buec chuyen tä kinh to ke hoach sang kinh to thi trudnghong chi lh sit thay ddi mot hinh there cua chinh phi) maaan he co eau chinh tri, xu hdi va kinh to cling phai bien del.87

Mac du phut vu rat nhieu muc dich chinh tri khac nhau, chinghia gong san ye co ban lh mOt he thong kinh to khac ydchi, nghia tu ban. Thay cho vies de' cho ale thi trudng nnhung quyet dinh kinh to quan ctnang nen kinh togong sanquyen quyet dinh vao tay chinh quyen trung uong vdi by von,too ra mOt xa hig "cOng xa' quan binh hon.He th6ng XHCN dua nen hoc thuyet kinh to va xa heti d(Cite Mac phat trie'n vao the ky 19, dOi quyen lamb duo nhinudc thudc ve giai cal-) cOng nhan. Nen chuyen chinh vO salnay sau do co the tie tdi chi, nghia xa hOi khOng trung. Mmdich.la thay the su ktui dau va bat chug ena chn nghia tu bagbang "chit nghia gong On", mOt he thiing dua vao cOng delduoc phan quyen, va doi sting kinh duoc to chic thenguyen tag "lam theo nang lug, hudng theo nhu cau".Mac du Ice hough lion tap trung cna cat nutic XHCN d;dem lai st, phat trien kinh to manh me d mot sii nude - nhu (Lien hang X6 Viet vao nhung nom 20 va 30 vdi mile do con;nghiep hod nhanh - nhung no thudng dAn den su kern hie;qua trong mOt thrii gian dai va st, dinh tre kinh te. Cac nh;[Ye hoach hod tap trung chu trong xay dung clic nha may vainnghiep Idn nhu. nhung nha may can thep, gag nha may sicxuat ti to, xudng dOng tau, su dung hang trieu cOng nhicnhung lai thuting san xuat ra nhung san phAm kern chat Monve gay 6 nhiem mbi trueng. Cae nude cOng san DOng Au 6;nhan thay su giau eO va sac manh cila nhung ngudi lang glen .tu ban 6 phuong Tay - nhOng nude chi be xa the do phat the':nit khiem ton sau chien tranh cud ho.KhOng cung carp not hang hod da don tdi su sup dd enphan kin gag chinh phu cOng san vat, can nhimg nomNhung phai can lau mei co duoc st, thinh vuong ma ngudi tdri ham ho chit dpi, nhO cac he thong thi trudng tu do thathe. Trong n6 lug tu nhan hod gag nhanh cOng nghiep eaMai nude va xoa bO nhiing han the ye quyen sit him va d'anhieu nude DOng Au du phai triti qua suv thoai kinh t88

-ram trong. Budc chuy6n Ma hp to chit nghia cling scut sangnghia to ban thudng bi can Ire bet mot co sO ha tang tana, that nghiep ngay mot tang, lam phai tram trong va bat['Ong quan dithn trong nOi 130. BOi vi phan IOn nhUng nguaicOng cid song ca dia (Judi ch6 do chuyen che, ho khOngi6u ngay ca nhting Mt so clang nhat cua chu nghia to ban vaOa nen dan chit, va ho phai mien cueing to be ding vice dupeao dam OM Ipi xa hpi ddi ley lei Ma hen ve mix tangdOng kinh M to ban chi] nghia.Mot se nude lua chon he thong kinhlai ghep. Trongtot thdi ky qua dp, chinh phi] vita tao ra mot he thong baoi6m kinh te, vita chain chap cal each kinh to. Su ket hop naytit nghia to him va cha nghia xa hqi dupc khich 1e bOi hetOng kinh te thanh cOng cna cac nude Scandinavo nhu Thuy6n - nude cta c6 klai ming ket hop uu diem cna chi] nghiahpi vdi tinh Hang thing cua thi ticking to do.Mpt s6 nude lua chon di theo Mn chit nghia to ban va tieninh Nude chuy6n ngay lap Me sang chn nghia to ban. Muc Bicha ho la cai tit nhanh cluing nen kinh te- va xa hqi truck khi cacanti vien cua the do cam quyen truec kia ce co NU quay trdMm quyen, chang han nhu qua mot mew nett day cna clanLing hay mOt cuoc dad chinh. Mac du phai lieu IhM vdi su MtIn cna clan cluing va phai song nhieu nam trong su kh6 hanhth te, ptian kin Mc nude nay nhan they each duy nhat d6 mota hang thap ky quan Iy kinh te :cm ram la chuyen hoan maniy nen kinh te thi truiing to do vdi gin ca to do, to nhan hoeciting den cO Icha nang chuyen d6i. Trong nen kinh te thidng to do nay, ngudi clan va cac thi trailing duoc phep ra mpiyet JIM chit du vat va kluanhae di chang Ma. -Nign kinh tevanh dai Thai Binh Dthing la gi ?89

Trong han ba ngan Barn qua, the gidi da thay ddi trungtarn boat Ong chinh caa minh nhieu lan. Men kinh to the gidida tong tap trung a xung quanh Dia Trung Hai, not Ai Cap,Hy Lap va La Ma co nen kinh to phign thinh dim vao barnban dual-1g hien. CO thei, thuang mai va budnban queic to lainhfing phan lanh thd cua Trung Qu6c, An Do va TrungDOng thanh nth:mg trung tam giau co va quyen lac vd bo ben.Vol sa md rOng cilia Chau Au sang chau Mg sau chuyen dibin cim COLOmbo vao nam 1492 -va vdi sa tred day dm cacqu6c gia ham ban Ian la Anh, HA Lan, Tay Ban Nha va BaDao Nha - Dai Tay Duong da trd thanh trung tam bliOn barva thuong mai guar: ter. trong swot cutic cacti mang cOmnghiep, tinh kinh van tip tuc nhu vay boi vi Mg va cac barhang kinh doanh lon dm hp a Bac Au OA xay dime netnhung queic gia tien nen va giau co nhat tren the gidi do(theo bb Dai Tay ducing.Do su tang truong manh me cim Nhat Ban, va nhung nelkinh to khan dm Chau A va Thai Binh Duong sau thin chieithe gidi 2, ngudi Mg bat dau chuyen ski chu y sang Thai Binlduong va den hanh nhung hot dOng kinh M. ban thin cilad day. M9, Canada, Mexico, Chi Le, New Zealand, Ha:QuOc, Mang Ging, Thai Lan, Dai Loan, Singapore, TrunQudc va Nhat Ban da trd thanh nhung along gate budn batat ca cleu nam 6 vanh dai Thai Binh Duong. Vho cta-nhung nam 80, buOn ban giaa cac nude nay chiem gan nutdng luting buOn ban dm the gidi va cac nude vanh dai Th,Binh Duong dal tao ra mot phan len san lacing hang hoadich vu dm the gidi.Su tang truCing kinh to nhanh chang cua cac nudc vanh cl;Thai Binh Duong nhu Nhat Ban, Flong COng, Han OudcDai Loan cha yen (Iva vao swat khan. Bang each san xugthieu qua s6 !Ong kin hang tieu dung, nhung nude nay cthanh cOne trong yiec tao nen thane du mau (itch khdng I90

Vi du, Han Quac da quyet dinh tap trung san xuat hang tieuMing nhu tivi va dau video nhang this c(i the duOc ban chogidi tieu diing gran cd 6 Chau Au va. Bac My.Thanh cOng dm tang twang kinh to dinh hudng xuat khdula do Ittc luOng lao Ong re, can di cling vdi tien 60ky: thuatnhanh chOng va each tiep can hoan hao vdi nen thuung rhaithe gidi. Khi nhang nen kinh cOng nghiep hod cao nay ngaymot tro nen tien tien, thi su Oat then tiep theo b5t dau phi)thuoc ngay tang nhieu vao cac thi truOng va dich vu trongnude gi6ng nhu nhang tang gieng giau c6 cua ho 6 ben kia betThai Binh duong : Oc, New-Zealand va BacMy.Caw lac b0 cim cac the lye 6 vanh dai Thai Binh Duongthin dan mo rOng ra bao gbm c5 nheing nhOm nhu "ban conhe" cfm Chau A:Han Qudc, Singapore, Dai Loan va HiingCling. De tiing la nhung nude lac hau thu nhap thdp; "Boncon het" chi cei nhang Wen 60 nhanh cluing ve kinh vac) thapky 80 den mac ho dime dua vao mot nhOm chon loc trong sdcatnude the gidi thu ba vdi ten la nhimg nude cang nghiepboa mdi (Newly Industrialized Countries - . NICs).MOt nham khac bao gibm nhang nude Dong NamA phathen nhalih duoc goi la ASEAN, hay Hiep hoi cac queic giaDOng Nam A. Lien minh kinh va chinh tri nay bao g8m :3runei, Indonesia, Malaysia, Philipines, Singapore va Thaiana -dime thanh lap nham khuyen khich su 'Mat trien kinh tothuong mai trong cac nude thanh vier]. T6c do tang trudnginh to cua mot so nude ASEAN, ditc biat la Thai Lan va4alaysia nam trong s6 nhang ty le cao nhat tren the gidi.Khi nhan May rang nhang nen kinh to cUa minh con lau'di duel kip nhang nude cong nghiep khdng ro nhu Nhatan va My, cac nude phat then nhanh cua vanh dai Thaiinh Duong da n6 Inc rat nhieu (16 xixi b6 Mating hang rhoJOn ban. Ngay khi cac nude Tay Au hinh thanh thi truOnglung de kith thich su tang truOng kinh te. cac nude cOng

nghiep hod mdi cua vanh dai Thai Binh During chuyen sangTien minh thuong mai khu von de chia se varnhau nhfIng 10ithe ve kinh to va chink tri eda mot nen thuong mai quec tome Tong.49. Nlcat ban Inc. la gi?Thong 10i ky Men tha nen kinhchitin cua Nhat Banco the duldc 19 giai mot phan la do so lien minh gifia chinhphu va khu voc to nhan trong mot tei chin: kinh doanh khtingthuong ducic nhac den "Inc. Nhat Ban". Site manh kinh teecua Nhat ban dcia vao chinh sach trong thuong mai, vitakhuyen khich xuat khdu Iai vita tranh nhap khdu hang hoa vadich vu tit nude ngoai. Nhat Ban da lam cho nhieu d6i taekinh doanh bus tits bin thong du biter) ban to lan.Thong loi cim co may xugt khdu tha Nhat Ban phan kin lado no loe guile gia Judi so kie'm soar chat the dm BOThudng mai va COng nghiep quec to Nhat ban (Ministry forInternational Trade and Industry - MITI). Met so den thilcanh tranh nal rang c6 may xuat khdu cim Nhat Ban da hoatdung qua Mt, vim tan dung he thfing mau dich to do dm thevim gift mot loot cac hang rito mau dich ded yen nhapkhdu o trong nude. Nguin Nhat not rang phan con lui dm thegidi mua hang cim Nhat Ban don gin", chi vi hang hod dm hptot han va duoc ban yin gia sank tranh tren cac thi truang thegidi. I-19 cid sit dung lap luan lau dei : "Hay lam mot baychutit tot bon va the Si se tim during tai cita nha ban". ChatWong cao cim hang hoa Nhat Ban co the du0c giai thichphan nao boi quan diem lam an lau dai ma OM) Ion cargang _of Nhat Ban sit dung, khi phat then va sim that cac Sanphdm mdi. Nhieu ding ty my chilnu han nhu nhanu cOng tytrong neanh song nghiep O to da hi chi trich vi mai tim kiemthe khoan 10i nhuan nein han va kheng biet the() duiii vies92

nghien eau va phdt then dai hon - can thiet de dunnhang sanphem canh tranh vao thi trueng the gidi.Cdc san pit nude ngoai c6 mat tren thi truong Nhat Bancang c6 the' phat ddi met vdi nhang hang rao van hod an clanben trong. Vi du nhu, nhieu ngudi tieu clang Nhet Ban thentrong vdi nhang san phem nude ngoai, va hp cho rang chtingc6 chat Wong kern. Cling ce nhieu tang lop theo chink sachbao hp xuat phat to le thin dm nguin Nhet ve quyen so himcheo trong nhieu ngimh cOng nghiep, duck: gpi la Keiretsu -not ma met cong ty se mua san pham to cac ding ty khdctrong tap down dm n6 chd khOng nhap Wu hang re hon tonude ngoai.Tuy nhien ve met. Mu dai phen kin tilling du mat, dich keeh caa Nhat Biin ce the dude ly giiii bang tinh hieu qua va sucan Cu. Chang nito cac nudc . cOn c6 nhang luat le khac nhauthi chang do con ten tai nhang hang rho nao do. Thay vi datra nhang hang rho man dich hay lite phat In nhau, hop tatvdi tat ea nhang nguidi choi de tag ra rapt san choi bangpheng that su md can ddi vdi tat ca cac nude tren the gidi ladieu luOn luOn co loi hon ca.50. MO Mk diming man t0 do Brie My la gi?Nhang uu the cilia thuong mai to do dOi khi c6 ve rd ranghon o nhang nude ce inland khi hau va co sO he tang kinh to-at khac nhau.Ic My to dam My bac cue gia lanh den-Mang bin Men yang Carihe khi hau em diu , min khu Yu('niOn ban to do se la can thiet net] cac nude nay tan dung uuhe sac manh cha nhau. Vi du nhu, shay vi phai lang phi sitedo dpng qui gia va nhang nguiin tai nguyen de co gang triinghudi hay thluic la 0 vimg gia limb YuKon need' Canda totion het la nen nt-ff)p khau [Mang hang nay to cac nude tangretie am ap hon cici hp 0 phis93

MOt dieu co the khemg hdn ri) rang nhunrciang khOngphdi khOng dung la nhap khdu nhOng thief bi che tao toMexico hay B to to My cung khien cho nen kinh to CanadaIn) nen tot hon. Tuy nhien dieu nay chi dung khiCanada duck to do Xuat khdu hang hod va dich vu sang myCa Mexico. Bang viec xugt khdu cac san phdm co loi the earthtranh nhu go, dich Nat ngan hang, dung cu the thao va xi rdchief to trai city, ngudi Canada thu ditoc ngoai hal qui baucho phep hp nhap khdu chu6i va cac thiet bi che tao toMexico, thu6c la va a tei to My.Bang viec Id met hiep dinh mang tinh bucic ngodt vac nam1988, My va Canada dbng V do ho hohn toan nhung hang raothuong mai. Khi chinh phh Mexico nhan thay loi ich kinh tochinh tri cUa WA lien minh nhu the yen nhung ngudi kingvagieng phuong bac, cac Ice hoach da duOc vachra de thanh lapnen mot hiep dinh to do luau dich bac My (North AmericanFree Trade Agreement - NAFTA) trai did to YuKon denYucatan.Mdc dii plian Ion thuong mai bdic My da duck mien thudquan, nhung bang dine u6c dupc coi la de chile c6 cac cuocchi each thi tru6ng to do Nth de khich le hon nua cac hoatdOng kinh to vuot ra ngoai bien giOi. Vi dp nhu, thay vi tuckdi viec lam to tay dine nhan 6 My va Canada. ngudi to 'chi rarang met nen kinh to Mexico phAt then se tap nhieu viec lamhon cho ngudi clan trong nude, eiAm t9 le di cu ve phuongbac. Vao coda nhung nhung nam 80, -nhieu (hang ty d Dallas.Houston va Austin. Texas nhan thdy xucit khdu cua 'hp tangvet khi nen kinh he Mexico philt tridn, tao cOng an viec lamcho ca hai nuOc.Muc dich lau dhi trong viec thiinh Kip NAFTA lit son hitcac hhng rho milli dich Iran qui and teem the ei6i. KhOnggiOng nhu cau trite tam Chug Sing chin' Au- Dad cac hangrho IM,1 LI dich ChL/11 41 doi Val Cite nude nain91

kinh to cna ho, NAFTA chi tap trung vao vies xoti bet thathang rho trong nOi 60 va khOng tip dung mot abler' 'mac thitruong chung vdi cac ciao luat dude tieu chuAn hod clang vdisI di ehuyen to do dna clan elnIng to nude nay sang nudekhric.Dude khich le belt thanh cOng cua cac nude tang gieng en nenluau djeh to do et phuong bac, the nude khdc d tay bent thu deltheo phuong hudng tao dung hay phut hoi cac hien heti mauBich to do gOm : Mercosur b khu vac hinh non phia nam elmNam My, cong ude Andean. thi trueng chung Trung My vaCOng clemg Caribe (CARICOM). CO le mot thi truong khemg c6hang rao e6 the' se doe thiet lap 6 by ban eau trai dui tit namcue den bac the.51. Th6 gidi [hi ba la gi ?Thuat ngel the gidi thill ha dim tren to tuOng cho rang camthe gidi "thet nhat" vh "tht) hai" chive tao nen tel cac nude enthi trudng to do, va cite nude kit hoach hod tap trung vdinhang nen kinh to cOng nghiep tien nen. The gidi [Mat triennay dude coi la Olin Ion cac nude Tay Au va Detng Au congEthic nude New Zeland, Nhat, My va Canada. —Nguoi to nail rang nheing nude clang phat trieln va Wangnuheo - Tao thanh the gidi tau ha eet the chia thanh 3nhOm : Ctie nude phut trieln nhanh, cac nude clang phut trielnvua va Maing nude ngheo Mint co &ea kinh th hau nhu khemgOat trim gi ca.Dung dem danh shah cac nude the gidi tau ha la flitting nudedung phrit trim nhanh duac gpi la the nude cong nghiep boamdi (NIC). Danh sach etie nude hang Dula elm NIC bao gbm :Braxin. Argentina. HUng Cong. Israel, Mexico. Singapore, NamPhi. Han Quee. DM Loan. Thai Lan va Nam Tu. Nhang nude95

may man nay duoc coi la dang chudn bi not vao danh sachnhung nen kinh te tien tien can the gidi.Phan kin the gidi that ba lam thanh met nhOm dOng cacnudc dang phat then vdi toe dO trung binh bao gom da secac nudc 6 pilau' Phi, Nam A va my . La tinh. Nhana nudedOng dan nhat 6 trong thorn nay la An DO, Trung Queic,Indonesia VA Malaysia - Tat cal gep lai chiem hon naa dan sothe gidi.O tan cling danh sach la cac nude ngheo nhat the gidiphan kin 6 tren sa mac Sahara cam chat' Phi not co qua it tai—nguyen va tin bac den not ho hau nhu khOng phat then.Chang han nhu Xemalt , Xudang there sat kha -1g co mot chattai nguyen thien nhien nag de nen kinh to co the data vao dode phat trien. NhOm nay dOi khi doe goi la "TM gidi that to".Mac da the glint that ba bao gem 3/4 dan so the gidi va90% mile tang trudne dan so the gidi nhung no chi cung cap20% mac san xuat kinli to the gidi, va mac da the glen that banhieu tat nguyen thien nhian bao g8m trit luting dau ma Idn 6chat.' My La tinh chau A va Trung Deng - nhieu nguyen lieuthe to the gidi that ba dude cho den cam nudc giau hon vaphat then hon de tieu thy.52. Nguyen nhan d6i ngheo elm the glib thit ba la gi ?Nguyen Man d6i ngheo cam the gidi that ba co le chit yet,duoc de cho cac quyet dinh sat lam ve kinh to va chinh th,nhung met yeti to kh8ng kern phan quan trong la sat bang nodan se, khien cho nhieu nude dang phat then co dan s6 tanglen gap den chi trong vong man thdi gian naan 20 nam. Milctang nay phan kin la do thieu cac Bien philp sinh de. do chamsec y to duoc eat thien va ty le so sinh to vong Om.96

Su ngheo d6i cling cuc dm the gidi thfi ba da khien nhieubac cha me tao nen nhang gia dinh ngay mot dOng con vdi hy\tong rang con cal ho se lam viec vh tang thu nhap cho giadinh. Nhung nhang co hei ve kinh to thuOng 1a khOng có San 'va ket cuc la dua tre va cha me that nghiep cha cluing dichuyen den cac thhnh ph() von da qua &mg chic Gila the. gidithu ha met cuec dem klem viec lam killing c6 ket qua.Vho cugi nhang nam 80, phan IOn can nudc the gidi thu banhan thay ho clang 6 trong veng ludn quart dOi ngheo va nhanman va kheing nhin thlty met tia hy vong nao. Lan sane cacgia dinh ngheo tran van cac thanh ph6 kin cha the gidi thfl bada tao them cane thilnh cho co so ha tang kinh te. Cac khuvuc de thi ngay mat mo Fong nhu Bombay, Sao Paulo va_Thuong hai da trd thanh nhang trung tam ngheo doi va thatnghiep vdi nhang khu nha 6 chi* va khu dan cu thieu deit 0xung quanh cat trung tarn thanh phei phut tan qua mew va 6nhiem.Bi pith Ong no kheing lb, lam phut tram trong, dan sa thatnghiep netty met tang, nhieu nude the gidi this ha vac) (Meinhang narn 80 da dau tranh chi de gift cho nen kinh to cem hokhOng bi chim nghim. Trong nhieu trilling hop, khan:1 can saritin de dau to nen them chi ngay ca co so ha tang nhu duong sava cac he thong clip nudc cling hat &au hang. Giai phap chonhfeu chinh phi mang Omg ganh no dm the gidi thu ha dongain ta vay them no de duy tri luu thong tien le. Nhung nan lamphut thuong k& that hang viec tieu huy pilau 16n nhang no luenay, tao ra met [Miing cach ngay cling 16n Mita cac nude ngheonhat va giau nhlit the gidi thit ba.Trong khi nhieu nen kinh to 6 MyLa tinh, chau Phi vachau A tri tre. cuc nen kinh to cha nhang nudc clang phuttri6n nhanh 0 vanh dai Thai Binh Duong de phut tri6n tdimac tra thanh dei thi canh tranh vdi nen kinh t6 Nitlit Bantrong nhang nain 60. Thfing loi cia nhfeu nudc the gidi thu97

a do phat trinn, thoat khei den ngheo co the du0c 19 gidi chiyeru la do chinh sach kinh to en hien qua. Bang each sari xuatva xuat khOu dm mat hang cher tan co hien qua, cam nude nhuDai loan va Trieu tien da thu duoc nhOng khoan tien kittinglb 66. fel ho co the tai tau to vho nen kinh to dang tangtrueng gnu minh.53. NO dm that gidi thu ba do dau ?Trong suet nhung cuOc hung no 6au Ina vao thap ky 70• nhfing nude A ran co nhieu Mot lila dm yang Trung Deng dahudng tot the nha bang lOn cua the gidi wide het la My vachau Au de cat gift an man nhung dbng JO la mai thu dudeto Mtn ma.Nhang khotin tien co lai dang nm trong kat bac dm [Tanhang phuong thy nay can Mote quay yang, tic lh cho vay getJai de kiem 101. Math nhtt hang chi kiem duoc tien nhd demnhting khoan tien gui Ian to dau me nay, cho (the nude dangphat tri6n that) the gidi the ha vay. NhOng khoan no nay duocsn dang mOt phan de tea cho vice nhap khCiu ditu lita dangtang nen khOng ngting cha chinh nhUng nude nay.Diana then, etic man no vOi nhung .ti le lai suat tha nentrong co ye khOng can trO gi cac nude dang phtit trinn : !disuds thap. chant chi khOng bang en ti le lam phett. Vay Men Mcde Meng nhu chantz mat gi. Cac nude My la tinh vdi toe dOphat trinn nianh nhu Mexico va Brazil da co kha nang vayhang chuc ti dO la vdi lai sulit duoc mac en.Mug tieu gin gag chinh pith vay no la vay ding nhieu clangtAt trong "ire choi" : vay hen vat lilt that thap de by vong raydung co so ha tang mai va nhfing nganh tong nghiep mai sesitu xuat dh hang xuat khau du tra clu0c nhilng khoan nptrong tuong lai.98

.Vi du nhu Brazil trong suat nhitng nam 60 va 70 da ce mottrong nhung ti le tang trudng cao nhat the gidi. Nen kinh te*dm nude nay da san xuAt ra duoc met sir luong thang du thrtcphAmt quan do va hang the tao va da Mit len Cu mot nudengheo nan, kern phat then de trO thanh met nen kinh to thitaking Idn this tam dm the gidi. Dueing nhu Brazil da lamnen met kyr tich ve kinh ye. Nhung roi lai sat tang ch6ng matva gia dau li)a tang vot buoc (rat nude nay phai- vay themnhfeu nila de tra den nhap khdu dau lita va nhung lam lactrong quan ly kinh te, nit cue da din den ti le lam phat tangtoe va ciinh den kinh te.Mac du mot phan no dm the gidi thil ba duoc vay to cacchinh phu va cac to chew queic te nhu Ngan hang the gidi(WB) va Quy Oen te queic to _nhung phan Idn vanduoc vay to cac nha bang d Bac My, Nhat Ban va Tay Au.Nhung ngudi vay den chu yeu la cac chinh phu dm the gidifl] ba hay cac doanh nghiep do nha nude btho link, vi du nhutrong so 100 ti de la ma Mexico no vao cuoi nhUng nam 80,thi 70 % la duoc vay to cac ngan hang ngoai thuong va 30 %la to cac chinh phu va to chde nude nuodi. NguOi vay chinh lachinh plth Mexico - chiem qua nna se" no dm ea nude duelhinh tithe nhung khoan no trung va dai han. M6n no nganhan cOn lai do ca chinh phu va khu virc to nhan vay.KhOng phai tat ca no dm the gidi int; ba deu bang de) laMy nhung nhfing khoan chi vay khac nhau bang den FrancThuy. si, Mac Ditc, Bang Anh, va cac loai ben khalc thuOngthroe chuyen sang &Ong do la de cho cac con s6 no trO nen dehieu hon.54. Cal gi gay ra cut)c '

an vay nha bang inOt khoan tien kitting rO va ban kitting the.tra duoc n6 thi sau de nha bang se Op rag r6i.Vim can nhung nam 80, cac nha bang chau Au va My dacho the gidi thu ha vay nhUng khoan Ben kin da gap Ku: roito. Cac nude nh0 nhu Argentina, Brazil va Mexico da khOngthe tra du0c. nO. Trong nhieu trudng hop, eat: nude no thamchi khOng the tra ndi lai xuat chat nhung man no dm tem(long. Va met sd cac nha hang matt My da khOng co dU vonva dv trn bh dap nhting khoan no khO den nay. •Cac nude clang phat Bien da lao vao "Canh bac" trongnhung Man 1970. H9 da vay hang ti do la t6 the nha bangNhat ban va phuong Thy vdi by vong se thoat ra kheli eanhdOi ngheo. Nhung hp da thua bac. Van nhung nam 80, tagnude no dm the gidi thu ha nhan thay hq phai den mat vdihieu tang canh keo curt lilt :mat tang va s0 suy sap kinh todie nude pilau Bien lam my gram nhu eau va lam damn lamphat lai Ben qui met the gill. Cia cac mat hang nhu ca phe vadudng giam manh, lam giam thu nhhp to xuat khan curt nhieunude dang phat Bien. CM nude con no hi bupc phai vay themnhieu Ben hdn Mut de tra cho gia dau Ina va thanh man thekhoan no.Mac du mot so tien vay g6c da dupe Mang de "Idt tar cac(man chdc chinh phu va cac thuong gia, nhung phan lOn so tienthuc sv de throe chi cho the cOng trinh co set ha fang co girl trinhu he thOng dien va during sa. Bi kith (Ma cupc Malang hittingno Et 6 cho phan lOn so Men no nth the gidi thh ha sinh ra Ben"lung" &Oa chinh nhangmOn no d6. Nhung nude nay da phai mlnhang khoan tien lai cao vao thap ky 80 ma phan Idn la do Cuedv tru lien bang My tien Minh (tilting lai lam phat. Crle nude conno dm the gidi thO ha tiCp tnc vay them bdi vi hp khOng chiuchap nhan eanh bac chit hp da that bai.Vi du nhu Brazil [la c6 cang gift cho nen kinh te . cua hptOn tai trong nhung nam 80 cho da hp GO phai tra nhung100

khoan hen lai khaing le. Dat nude nay da xuat khdu nhieuloai hang hon tit ca phe va may bay cho Ten xe tang, gift)/ cloptao nen thOng du mau dich hang nom to 10 - 20 ti dO la My -dung thii ba tie s6 thong du mat, dich tren the gidi sau NhatBan va Tay Dire Nhung phan lOn nhung khoan thu nhap nayphai giti ra nude ngoili chi de tra lai cho hon 100 ti do la tienno - s6 no cao nhat trong the gidi clang phat trien. Tien duocchuyen ra nude ngolii thay vi ducts. dau to vim nen kinh tiBang suy you eita Brazil.Trude tinh hinh khOng the' vay them to nude nuoai Mita,chinh phii Brazil huge phai bat thiu tim kiein den O trongnude hang each vay no trong nude dudi hinh thilc trai phigucam chinh phu. De thu but nguei mua trai phieu trong nude,chinh phi Brazil cta phai tra loi suat cao nhieu khi hon ty lelam phat den vai phan tram. Vi du, vdi ty le lam phat diaphuong la 20% mat ham, chinh phi! da tra 25% lai soar chotrai phieu de ty Ie Iai suit thus. Ili 5%.Rut eve, chinh phi, Brazil bi buae phai vay tham chi nhieuno hon de tra ben laii dang tang len eiva khodn no nay. Tienno trong nude tang len bai vi nha nude thu thus khOng du detrang trai cho nhung chi tieu ngay cling tang chat minh.VOi vice vay them tien tren lung nhiing man no &Cie, vaindeno ngay tang COi te. Nhung ca cac nha hang lain cat nudecon no dm the gidi thu ba deu khOng muen chap nhan rangho khOng can san lien [Ma. Ntifing nude con no khOng chikhOng the tra duoc khoan no 060 ma trong nhieu truOng hoptham chi hit, can khOng the tra n6i tien lai. Cae khoan nO g6cva Iai tinh lai giOng nhu qua bang tuyet Ian xueing MSc, nhungngulti vay va cac nuan hang sa vao tinh the Icho zit55. Sieu lam phat IA gi ?101

Trong sueit thbi gian sieu lam phat 6 Argentina; khi citingWen bi mat gid tri vOi mot t6c c10 bao thing, thi nguoi to notcbia rang di Taxi re hon xe buyt bbi vi ve xe buyt dime travao lac IS xe khi ma Wen van cOn gia tri bang mot cdi gi do,cOn tien xe taxi durIc tra vao ltic xe khi ma tien da mathet gid tri. Sieu lam phat la mot sir bung no dm gid ca hanghod va dich sip la trieu chung cria mot nen kinh to khOngkiem soat du0c.Sieu lam phat da xay ra 6 tren khap the giOi, 6 Dac thai 16giaa hai cuQc chitin tranh the gidi : va sau dO 6 Israel va mots6 nude DOng Au. Nhung no bring len manh nhdt la 6 nhungnape con no My la tinh do chinh sach cua chinh phu co` gangthoa man nhOng nhu cat, thinh tri ma khOng tang thug.Khi mot chinh pha tieu xai baa bai phai vay them no-haydon gian la in them teen mOi, thi gia ca se tang b6i vi luringWen mai dO vao n'en kinh to nay. Su chtt doi lam phat Bienmat chi them dau vao lira sieu lam phat. Thtic ra luring va giagan lien vrii nhau tao thanh mot wing xoan 6c : Gra ca tangdan den nhu eau tang luting va Wong tang thi [Ian den gia lailen cao hon naa. Ban hay thu hinh dung vier. mua hang hodcho mot gia dinh hay mot MIA may khi . gia ca tang 200% motthanA. Ngay ca khi ming x6 s6 ding khOng the giiip du0c gikhi ma mot trieri hay mot ti Pesos khOng the tra ndi tien thuenha thang sau.Gia ca tang khi sieu lam pith nit cuc se lam Win hai dennhung nguai ngheo nhieu nhat, boi vi cang ngay hp cang phaichi nhieu hon trong Wing s6 thu nhap caa ho. Mot so nude algang chi so hod den luong va the dich vu xa hoi de theo kip lamphat nhung luring, tien va dich tit xa hOi hiem khi theo kip miretang gia, va sue mua giam stir Tham chi cho du luring cO tanglen tren danh nghia thi cai ma mon luting (JO se time ski muaduct - gia tri that cna n6 - co the giam. Sieu lam phat dac bietc6 hal cl6n nhung ai c6 ngtion thu nhap co dinh nhu nhung102

nguoi huu tri : khi 16a sinh hoat tang qua miic thi the khoantro cap co the tr6 thanh hoan Wan vei gia tri.Cite chinh pith thuOng to cited den hanh nhang biPn phapkinh te manh me cluing I5i sieu lam Oat, ben vi ho so nhtinghau qua Ve chinh tri cua cac ke hoach khdc kh6 hay tangthug. De lam yen long s6 luting lao dOng lOn trong bien thenha nude, chinh phet cO the vay tien de duy tri .cac nganhcOng nghiep quOc doanh khema hien qua hay giam bo mayquan lieu. NhUng chinh phi, 6 trong tinh tikIng nang gdnhthueng duy tri hoat dOng cna nen kinh to nhO tang themnution cung Una nen te, phut hanh them cOng trai nha nudchay than; tri in them gi5y b5c. Khi chinh phu khOng kiemsofa dune nen kinh te, thi vOng ludn qudn luting va gia ngaytang loanh quanh den mac !:hOug kiem soar56. Ai hi had nhieu nhnt bni cac keho4ch kinh khAc kh6De gild quyet cac vein de kinh te cua the glen this ha, nhieungini hang %/a chinh OM 6 cac nude giau quan niem rang motquOc gia dang trong tinh the khO khan nen xU sp nha mot thetheing nhat trong d6 nguoi giau va ngtthi ngheo deu pheti chiaxe ganti Ong dm nhung Ice hoach kinh te kh6 hanh. Van dela nhieu nude the gidi Mit ba bao gbm met nhOm thuOng luugiau en ‘.5 en met tang lap kheing 18 nhtling nguoi 6 day Nähei, 0 de tang 16p -thuong luu giau co thi ra quyet dinh kinhte con hau qua thi nhiling nguOi ngheo ganh chiu.Khi chinh phei cac nudc the gidi thu ha quyet dinh thatlung buoc bung, ganlv,nang thin:mg duck chuyen tit nhemthuong luu di vay tin sang Wan ngheo, phlin Ion trong sei hochug hat gib du0c huelnu loi gi to se; tien cho cac doanhnghiPp va chinh phi, cda the gidi thei ba vay., 4 vay ma naudiIn van veu eau ho giinh Pay trach nhiem trill no.103

NhiCu nude con nO, vdi su thac giuc cela cac td chile vientro queic to nhu Quy tien to elude td, da de ra nhung Ice hoach(lieu chinh co can de alai guyed vin de no nan dm mink.Theo phan Idn n1-II-mg ke hoach nay, nude mac nO Oa ganggiarn sue tieu thu hang hod trong nude nhu giay, nude cam...xuat khau nhieu hon nua. Xu5t khan tang Fa de thu nuoaito tra cho nhung men nQ qua han.Tuy nhien, d nheu nude mac nO, nhiang mat hang III hanthe thuong la quail trong nhat den veti su ton tai hang ngaycila fang lap dun ngheo. Vi du, nhieu ke hoach kinh to khdhanh eiam tro cap cna chinh phu ddi yen nhung mat hangtieu eking nhu thuc chain va giao them lam cho gia nhungloai nay ngay mOt deit JO. Chinh phd clang 'con be nhOng bienphap krein scat gia, cho phep girl cac san ph5in tang the()lam phat. Cling Iuc, han ehe duck: ap oat den vdi Wong tao raMen su cat giam luting CO hieu qua. Neu tin to bi pha gia,nhrip kheiu nhung mat hang chi, chin nhu li,a ml va nguyenlieu trd nen rat oat.Nhang ke hoach co eau Ni nen kinh te, chang han nhu kehoach do IMF de ra cO the nit cue cai thief' eu0c song chonhan dan etaa nhung nen kinh to rid gunk khdi no nan.Nhung tai trd nen cue ky kh6 khan cho nhung nude ngheoehiu dung nhfing ganh Ming ye lehe hanh kinh to trong mOtthdi an ngan. Bdi vi nhieu nude ngheo 6 the gidi the' baBang song d mete tam du an, su tang gia cac mat hang thietyeu la mot ganh nnng len hon nhieu den yin hp so yen winnude gem co. KhOnu qua MI6 khan neu thieu cai to lanh mei,nhung neu khOriu co thus pham ma be vao trong (SO thi quala cac ky vat WI.57. CO thg lam gi dg thtic dgy su phUt trign cda thg gidi thtiba?104

Su tang trudng kinh Tel khang the eiai quy& dude tat cacac van de dang ddi mat viii hang ty ngudi ngheo va suydinh during 6 the gidi thit ba. Ngudc lai , do the dd tangdein SO nhanh, nhung van de ho phai duong dau lai ngayGang tram trong hon.Nham cung cap nhung nhu yeu phgm cho nguai clan cart •minh nhu there pham, einem ao nha a, cac nude cham phattrien cilia the gidi thu ha can phai kich thich nen kinh to tdtre cua ho dang roi vao yang !thin quail caa su cham tangBiking va doanh thu xuat khan giarn sat. Mat trong nhungbuck dau ben de khuyen khich su phat then la elm no chothe gidi thd ha va cung cap them ngubn vein mdi sinhMiring nen kinh to dang hap hoi eda hd. Vao thap Icy/ 80, bbtrunng tai chinh My Nicholas Brady da de ra meit ke hoachnhu the. Ong da ken edi cac nem hang-thuong mai huy dimot phan sei no dm hd va cho vay them von mdi. Muc dichchinh cua kehoach Brady la khich le su tang truone kinh tothe gidi this ha.Ker hoach cna Brady cung keu gdi enc. Ngrin hang phatthen va cac qui Ian ena the gidi nhu Ngan hang the gidi(WB) va Qui tien to queic to (IMF) cung cap nhung khoilmvay then "du an Ian d2 tai thiet co sO ha tang caa the gidiUPI ha. Them vao dd. viec tiep Bic cho vay tien to cac nhahang Judi hinh tithe "nhiling khdan vay (lieu chinh" giCip choviec tra lai va gdc can nhung men no truce. Ve co ban kehoach Brady da keu goi mOt su chuyen giao vim sang cacnude dang phat trien.Mdt each khae de there day su phat then cilia the gidi thuba la tang cac nguen von philt then do cac ngan hang Oattrien trong khu vue cung cap vdi sir ITO tra eUit arc nude thattrien. Vi du nein hang phat then My da duck: that -1h io decunt, cap cho nhung nude clang phat then 0 Tay han can cackhoiln vay lai suet thap. Bang each nay vein to Cat guile gia105

giau co c6 the chuyen sang it phat glen hon dudi hinh thtic'tray de' phat then".Cac chinh phu chit no giau ed clang c6 the huy no vachap nhan men no do sa khOng bao gib phar tra loi. Vi duPhap trong thap kt 80 da gay& dinh xoa no cho phan Idnnhang khoan vay de' phat trie'n d6i vdi cat nude ehau Phi.Day la mot eel gang de kith thich so tang truOng kinh tohon naa 6 trong khu vac nay.Nhain giiip de hon nua nhung nude mac no trong the gidithu ba, cac nude giau c6 Ming c6 the thong qua cac t6 clinechuyen nghiap - nhu cOng ode Lome nham chuyen flittingkhoan vian trcl phat•trie'n to cOng &Mg chat] Au sang nhangnude nghto 6 the gidi thu ba, hay nhu cau lac be Pari la deglop do cac chinh pith cua cac nude mac no xin gia han hayhoari tra no cho den khi dieu kian kinh to cua ho tat hon.58.110p Vac kinh to quiic t( co the duQc khuyen khich nhuthe nal) ?Neu nhu HOi thing bao an Lien hop qudc ce the giai quyetnhOng (mac tranh chap va quan sa va chinh tri thi nhieu vande nay sinh trong thuong mai va dau to toan eau clang c6 thedate giai quyet then-1g qua sa gain do cna the nhOm va tdchile cm& te. MOt trong flitting nhOm tich cue nhat trong viahinh thanh mac tieu kinh to Chung la Td chile hop Me vaphat trier! kinh M (Organization for Economic Co-Operationand Development -• OECD). Ngoai vies cung cap nfaingthong ke va tai lieu ve Wan het the khia canh elm nen kinh t6the gidi, OECD cOn la mQt than dan de thao loin va ph6ihop chinh stich kinh te. OECD c6 try s6 chinh tai Pari - taphop the thanh vien giau en nhat dm nen kinh to the gidi brioghm phan Idn cac nude Tay Au, M9, Canada, He va New106

Zealand. \Jai 24 nude thanh vien OECD, nhenn nay den khiclog gpi tat la "G-24".Hop tac kinh to the gidi cang clog kith le qua cac napehop thuong dinh dinh ki ve kinh to nhu cupc hop thuOngdinh "G7" cna 7 curing quire kinh to manh nhat the gidi :My, Nhat, Dde, Y, Anh, Philp va Canada. Cupc hopthong dinh G7 hic clau nhu rapt dien dim kinh to donthuan, nhung sau de and Ong ra nhanh chOng bao tramnhfeu loaf vein de vetkinh te va chinh tri the gidi nhu caieach kinh to d Deng Au via bao ve mOi trireme.Viet cac nha chinh tri gap gd nhau thao loan ve nhungvan de kinh to la rat can thief ct6i vdi hoa binh the gidi beg vinhOng van kinh to dm the gidi khOng the tach khen nhungel* xung del s'e quail su sea chinh tri ya ngoe lai. Vi du nhuguy& dinh xam chiem CO oet cua Irk dan tdi cunt chitintranh vung Vinh vao 1991 cO Ong co chi, yeu la nhung yetit6 kinh to : tiep can tdi cac me dau cent CO oet ya van dehang Mi.An ninh the giei pho thupc vao su hinh thanh nhung nenkinh to hung manh vu do dinh. Nheine van cdt quec to pinictap nhu n nhieni mil dat , mat can den Ye man Bich Va no caathe gidi the: ha khOng phai luOn cluOc gidi quyet bAng nhitnghanh (tong don phuong del mei nude, ma thuong pho thupcvim , so Flop tat vdi nhau thOng qua cac nheim ya cac to chilete.59. Lam the. nao te tranh fluor car et* chitin tranh thing mui?Mac du men chitin tranh [Itong mai khOng Ong nhuchitin tranh quan sck nhung flung GA hai truOng hop connguoi deu !Thai chit, ton th6t. ea nhilng ngfilli ma cucdcChien tranh thuong mni do nham bao ve d6u tien.1 07

Nude nao cung deu mudn tip can vdi thi truong the gidi,nhung dOi khi xem ra deng chit Bien gidi cOn a clang hon laddi mat vdi su canh tranh manh me IA nude ngoai. Khi mot- nude dht ra nthIng hang the mau dich dieu nay nhanh Wingtre thanh mot euoc chien tranh thuong mai bOi vi cac nudetren the gidi se tra thu bang each dung len nthing hang raomau dich ;Ma chinh ho. G, i quyet cac ethic tranh chapthuong mai lh rat kh6 khan bdi vi dbi khi chung leo thangthanh cudc chien tranh kinh to toan cau hohc xung clOtquan sy thycGhn day the gidi (la rap cac bb rot chi phdi thuong mai goila GATT-Hiep dinh chung ve thue quan va mau dich. Con honeh mot hiep dinh, GATT la met Xei chile dupe Ming try sd benbd ho Genevo 0 Thuy si.T6 chhc nay cd hon mot tram thanhvien, bao gum hhu het cac nude cOng nehiep cha the gidi.GATT 'chin tritch nhiem giam sit thuong mai queie to giem enethanh vien va mo ra mot Bien clan nham giai quyet cac cigictranh chap. Gig thoil thuan thuong mai nhu vOng dam phanUruguay dude GATT td chthe dinh ky (16 sae dinh va khich lemau dich guile to tren qui mO man the Obi.60. Cac ngan hang phat trien khu vile la gi?Khi met ngan hhng Wing gieng quyet dinh cho vay MI sung ddsay dung nil& cua va chianti nghiep, thi ea cOng dbng (Moehuemg loi do boat demi kinh to tang len. Thong ty nhu vay, cacngan hang phat tries khu vye cUa thd gidi cung cap [Mangnguilin von phial tri6n cho nhfing nude can von. NhOne khohncho vay phat tridn nay lii cid nham chuyen Hen to cac nude giitusang chi: nude ngheo.CM: ngan hang !Mat trim khOng phai Ia nhung ngan hangnham hhdng loi nhuan thOng thuong: hn khOng nhan cackhoan tier, ghi truven thiing ma dupe thi tro hdi cac cam keh108

va nhting khoan vay Ian to ale nude phat trien nhu My, NhatBan va Thuy. Sy..Nhilng s6 lien nay sail do duet cho cac nudcTighe° vay vdi lAi suit Map. Cde khoan tien vay to cac nganhang phat then thuong c6 mQt thei han khOng phai tra Iai 2den 7 nam trudc khi nguOi vay\brit dau tra lai s6 no g6c. Dieunay bao dam cho mot du an, met dap thug dien chang han,thu dude tin trudc khi brit dau tra ho g6c.Ngan hang phat tri6n khu bile Idn nhat la Ngan hang phatthen xuyen My (Inter-American Development Bank - IADB)drit tai Washington. Duoc cac nude d My ban eau tai trO,1ADB dant, cho eat: du an phat then 0 cac nude ngheo eilaMy Latinh vay. Ngan hang phat then chau A (AsianDevelopment Bank - ADB) dupe thanh lap vao 1966 de tittleday su tang trudne kinh to mita chau A va khu vile Thai BinhDuong. Dat tru se chinh 0 Philippines, ADB cung dip nhiingkhoan cho vay d61 vdi cac du an nOng nghiep 0 nhang nudenhu Indonesia. Phillippines, Pakistan va Thai LanNgan hang phat then chau Phi (African Development Bank -AFDB) - ngan hang phitt hien nhO nhat dOng tai Abidjan 0 beBien Nga. ate khoan cho vay to ngan hang nay chO yreu &rocdinh the cac cOng trinh cOng cOng, giao dieing van tai, va ruingnghiep 6 nhting khu vile righeo nhat cua (Mau Phi.Ngiin hang dau to chilli Au (European Investment Bank -FIB) cung cap On elm cac du an dia phuong 6 Tay Au nhuDuring ham qua bin dieing han. Sau quyet dinh cua dienude DOng Au tham gia vao nen kinh ter thi truring to do.Ngan hang tai thiet va philt then chau Au (European Bankfor Reconstruction and Development - EBRD) duet: thanhPip it Luan Don vao 1990 de' cung car p nhting khoan vien troOat hien 6 at cho cac nude nhu Ba Lan, Hungary, Tiepkhac, Estonia. Latvia va Litva.61. Ngan hang the gitii VVB vA Quy tien to quec t6 IMF IA gi?109

Trong khi cai each nen kinh to kg beach hod tap trung, nenan chiang chAt vao cu6i th5p ky 80, chinh phia elm clang doandoan ket 6 Ba Lan da nhan dude nhieu khea.n cho vay len tophudng Tay, kg cd nhang khoan cho vay phdt trign va su tai trdto Ngan hang The giei va Quy den to Qudc te. Hai 46 chtic "chiem" nay deng tru se) doi dien nhau tren clang met ph6 6Washington nArn nhieu vai mei kg ca Om sat nen kinh to thegidi va dua ra su ho tro cuiii clang (lei; vdi nhang nen kinh to gapkh6 khan.Ngan hang tat thiet va Oat mien Quec to (InternationalBank for Reconstruction and Development - IBRD) condame goi Ia Ngan hang The gab (World Bank - WB) cap vientro plait teen cho nhang nude ngheo va cham Oat trig') CCMthe gidi. Quy tien to nude to (International Monetary Fund -IMF), tip trung vat) viec c6 van va cunt/ cap vein tam theicho nhang nude gap kh6 khan ve kinh te.Val MO chi, yeti cua Ngan hang The OM, ngan hang Oattrign lOn nhat am the gidi la giap de) nhang nude gyp khOkhan. Hoat deng diu tien efia ngan hang nay sau khi dutytranh lap d Washington vao 1945, D chuygn tien tit My vacite qudc gia khtic sang chilli Au clang dame tai thief sat] Dalchitin The gidi e) hai. Vi du, nhang khoan cho vay ciao tiendude sit dung de' xfiy dung lai Ha Lan, Dan Mach va Phap bichitin tranh tan pha. Hien nay Ngan, hang the gidi danh phanlen cat khotin vay cho cac nude 6 The gidi thu ba va nhandude met phan dang ke s6 tren gap quy cua tide qugc gia giaace ma vao thiii ky dau WB da he trd.Hieing nhu cac ngtin hang phat trie'n khu \Tue., WB nhandude tier) to cac nude thanh vien giau ea, va rbi Iai cho vay lai-vet Di suat thap tren cat this truang yen dm the gidi. Dieunay cho phep WB cho vay cac khotin tien vdi nhang Iai saltcue ky uu hi cho cac nuec khO khan.110

De giai guy& tihfing nguyen nhan co ban gay ra ngheo den dnhieu nudc dang Oat trien, WB thuOng dim vao IMF dekhuyen khich cac nude mac no tien hanh car each kin te. IMFcung ducfc cac nude thanh filen giau ca cap von . nhu Nhat Ban,Phap va M. T6 chew nay giam sat he thing tien to the gidiyahanh dang nhu men chat an [Gan cho Phang nen kinh to danggap rac roi.Gieing nhu mot bac sy ducfc mei den vao phut cuaiIMF thuOng doe de nghi lam song lai nhaing nen kinh tobenh hoan. Qua trinh "dieu chinh co cau" nay la budc thietyeti dau tien trudc khi nhan su grip dd phat, then to .cacngubn khac.Viec chap nhan mot ke hoach caa IMF thueng duric coinhu lu mot [au hieu chi ra rang nude do dang duoc chuan hi .de giai quyet nghiem tem nhang khei khan kinh te, don (Wangcho su tro van din ban to WB va cac ngu5nLieu thuac kinh to do IMF ke don thuong gay dau den. Vidu, IMF hay keu goi chinh pha mac no giam tro cap dal yennhfing nganh cling nghiep cua nhla nude lam an thua to vakien quyet ap dat nhang bien phap chat the cheing lam phatnhu tang giti cac mat hang va dich vu thigt ygu. Trong suatqua trinh ten thiet khO khan, IMF thuong cung cap nhangkhoan cho vay tam then de gill cho nen kinh to khOi clamnnhim,cho den khi vise cap van dai han hon co the duck: thu'rep.62. Niko tham nhfing elm nen kinh the th6 giai IA gi? 1Doi vdi cac doanh nghiep va chinh phu ef nhieu,nude trenthe gidi, tham nhang la mot each kiem song. ThanOnhung cOdu [mai dang : thieu Wit thu gi chi kieu nhu hoi to thi (panchinh phn 6 nhieu nude se khOne Icy duvet cho phep111

xurit nhap khan; the vi chit tich cling ty mu6n teen dune gnivao the tai khoan hi mat O ngan hang Thuy Sy truOc khi kybat en mot hop ciOng nao ; con cac sy quan quan dOi thi tochCii chuyen chit vu khi nth khOng co mot "man qua" bangden.Nhfing nguoi chap nhan chriyen nay cho rang luong cha hothcip va thu nhap phu them cilia ho nha hdi 10 thing giiing ynhu men hOi ban 6 met hieu an chap nhan mot mac luringthap brli vi biet rang phan lOn thu hhap cua mot nthy la nhacac khoan hoa hiOng.Deb vOi nhung nguoi to cac made taring deli trung thnc, thithuong kite) ca thd canh tranh 6 nude ngoai ma khOng binhu6m brin.MOt each de tranh tham nhung dcii voi nhungnude nay la de ra Into phrip ret rang cam cac cOng clan lienquan den he) 10 trong cac cuOc burin ban kinh doanh vdinude ngoai. Neu nguoi ngoai quric biet rang nude kia cantnguoi clan cua minh khOng throe dua heii lo , thi ho thuonicr sekhOng dOi hei nna. Vi du nhu My da phe chudn dao luatcluing to nan tham nhung nude ngoai del nghiem Ude trim h610 crude. te.Ole dao luat chdng hOi 10 khOng nhat thiet lam giam tinhcanh tranh cua mot nude tren cac thi truisms, quCic te. Trongnhieu truong hop, cac hang lam an 6 nude ngoai ca the tranhdune heti 10 bang each lam viler: chat the hon vai the din lacdia phuong nhOng nguoi da thiet rap duet the mdi quan hekinh doanh va gia dinh trong Gong dung dia phuong. Nhfinglien doanh dia phuong nay ce thd thgc so be; sung them kinhnghiern kinh doanh va mit ra nhung canh dm ma hai 10 eethe khOng ban gin and dune ca.63. Rita sach &Ong teen la gi?112

Bon tea pham qucic to can phai quay veng theo dinh kyMeng "dgng e'en ban thin" cia Chung de nhang dieng Men dethe (Wog se dung trong ngn kinh tg voi quy me len macheng met ai Met ducic qua khir bat hop phap cha Chung.Kg hoach lam sach tien la met qua trinh bign nheng mein MenOn kiem du0c met each Mt hOp phap thanh khoan tien "clangcinh trong". Vi du : met ten Men ma tuy co the ket thug metmay hoot dOng bang mat khoan Men mat Ion ma Mn can gui hay:ieu thing 0 noi khac. Bei vi s6 luOng 0 t6 sang trong va se can 1-10_76 quygn sO him to nhan ma ten Men may tuy c6 the mua hay saJung ma khOng tao ra su nghi ng0 Mao la khOng nhieu, cho nenMeng khoan thu nhap bat hop phap can Woe gui van met nhasang, de cO the sa dung duet trong tuong lai.Van (le then chet dCii vial Mit ky met ke hoach lam sachign Mao la dim tien vao cac tin khoan reed bang hop phap machong tan ra su chi y afar cac quail chile thi hanh phap Matidi saii qua Thu bat hop phap Ma se Men die Met kin tienrung met tai khogn hop phap, ill) ce the duct chuye'n rachap the glen ma can chinh quscen khOng the can thigp vaorum.Vigc chuyen tier] cha cac ngan hang qu6c to chi In nhemg:Inc then to ngan hang nay sang ngan hang khac huOng donngan hang (tat tien to tai khoan nay sang tai khoan khae.Fei thieu met ngay nhang bac then chuyen tign qudc to bangnay tinh thueng vuot qua 1000 ty de) la, do do rat khO cia thesoot ncii. Nhung hue Wen chuyen tien belt hop phap hoaan trong met be cac buc dign hop phap.Met can lam such tien phd bien la too ra hang tramtign gui nhO bei vi nheng khoan tien gig len phai baoao cho cac co quan thi hanh phap luat bigt. Mgt giai pilaf):hoc la Oen cac khoan tien giii bat hQp phap va hop phap:ao ych nhau, chuyen khoan tien thu duoc hat hOp phap quahung Malt ding kinh doiinh hop phap - ma cac hoot dopa113

nay sit chmg nha bang de bien thanh nhilng khoAn tien guihop phap Ion. Vi du : mot nha hang killing chap nhkn the tindung thueng giti nhilng khoan tin mkt lem vao cAc nhA bangm61 nghy. N,hilng Ian chuyen tin nay có the la mot ye boccho viec gin eke khoan tren bat hop phrip.Loai [fen ma pit len nhiing cuOc lam an Mt hop phap vaco lien quan den ma tuy bra chon la do la My. Dieu nay phannao giai Ahich t ai sao,qua nita so. giay bac My khOng thay xuathien trong Mn kink to My. Nhung vua ma tuy 6 Trung Deng,nhting tartritm Mon ban bat hop pith) 6 Wing Au va nhungke barn ban tin to 'cho den 6 My La tinh sit dung Sing do laMy vao nhting boat dOng phi phap cua hoDO la My chit yeu la to 20 hay 100 da trO thanh thtl nen to chuido tinh co Bong cua no • NO co the duoc dcii a hau khap-moimoitren thegibi ma khOngoaonen sit nghi ngo nao. do quy mb va sitdo dinh dm nen kinh My ma ding dO la my tr6 thanh thit Lienyeu thich nth phalli len nheing nguoi choi trong the nen kinh to"ngam" tha the giOi.64. Tai khoAn o ngan hang Thuy Sy hoot dOng nhu thenao?Thuy Sy la met trong it nude tren the gith dam bao hangphap lukt su hi mat that tai khoan ngan hang. Chung nao mamot khalch hang cilia inOt nha bang Thuy Sy chug lam motdieu gi doe coi lk bat hop phap 6 Thuy Sy, thi nha bang sekhOng tiet 10 tung tich cua khAch hang vdi bat cu mot ai.Vi du, trong sit& Dai chien The gidi diet hai, nhi leu giaBinh to Duc, Y va Phap hi chien tranh tan pha da gib climeso tien tidt kiem cha ho an toan hang each gui chang vaoMang ngan hang Thuy Sy. Nhieu ngudi than Au van coi cemOt tai khoan man hang 6 Zurich, Bael, Lugano hayGeneva lh met (tau hieu cua su an than ve tai chinh.114

mo mot tat khorlin hop phap.c6 danh s6 o mot ngan hangThuy Sg, win Mid la de Wing va thuOng khOng phai mat cOnggi hon ngoai viec den Thuy Sg, diem vao mOt so to khai va gigLien. Cac Ong chu ngan hang Thuy Sy duoc coi ra Bang tin vatren tat ca moi thu la su kin dim. Nhfing pham chfit nay dalam cho Thuy Sy fro thanh mot trong cac trung tarn nganhang gem the gidi. Nhung Song thei thong cling bien Thuy Scthanh mot trung tam rim fi len.Cie thi khoan nglin hang Thuy Sy hOu ich cho nhfinghooch rim tien hoi vi mOt khi tien duoc chuyen qua mOt nglinhang Thuy Sg thing kinh trong, thi no duoc chap nhan O khlipmeg not tren the gidi. Khi nguoi to phat hien ra rang mOt s6ngan hang Thuy Sy Bang giUp JO cho nhung hoat thing cUahon buOn lau ma tuy qu6c tO chinh quyen Thuy Sjrcu6i Ming(la quyet dinh cOng khai mpt s6 tai khoan bi mat co lien civanden nhung hoat dOng hat hop phap 0 nude ngoai.Tuy nhien, phan Idn nhung ngubi co tai khodri 6 nganhang Thuy sy khOng su dong chi-mg de lam sach sea fi len kiemduoc men cach hat hop phap. Ho chi mu6n s6 tien kiem duocmot each hop phap dm hp dude an man va thoat khOi sukiem soat va timer ma cua chinh phili nude ho. Cac Ong chnngan hang Thuy Sy khong tit 10 chc tai khoan cua nhungkluich hang hi buOc tOi tr6n thug( 0 que nha, bOi vi lau thug"khOng clime coi li bat hop phap 6 Thuy Sy : do chi la mOttOi dan su chef khOng phai hinh su.Nhung norli nudc ngoai - chUng nao ma ho con chua vipham luat phap Thuy Sy - thi con c6 the gui tier' 6 trong cactai khoan ngan hang Thuy Sy ma khOng cam thay lo so. Bonnguei va luting tam cO the su dung Sc! hao dam hi mat nayvao milt loot nhCing hoat Ong quOe to trong bong t6i. Trongtrueng hop nhung vu xi gang dan Iran contra vao thUp kg 80eluting hon. nhung cupc lam in hi mat Oh CIA Mg va cac115

thuong nhan buOn vu khi Iran da dude tra m6t pit bang sCtien do cac dac vu CIA gin 6 cac nha bang Thuy Sy.Nha diac tai Phillipine Ferdinand Marcos clang da- gignhang khoan tien bat hop phap Ion 6 cac nha bang Thuy S5trong nhang nam 70 va 80. Khi Ong to bi ph& truth, chinh phiPhillipine da keu goi thu hbi lai so nen nay va da ducic chintquyen Thuy Sy chap nhan. Sau m6t s6 In bi lam dung quyen b.mat We ngan hang b Thuy Sy, Chinh quyen Thuy. Sy da tuyen berang ho san sang tiert 10 bat cu Wit tai khoan nao c6 lien quarddn nhang hoat &Ong bat hOp phap quoc ter.65. Nisi trunk thud la gi?Thuat nga not tranh thug goi len trong tri tuOng tuong sitnhang cay CQ va nhang toi pham kha nghi nuoi quanh be bou6ng nuOc hoa qua.Tuy nhien, mix Bich cut "noi tranh thud" khOng phai dtkith thich alarm hoat Ong gait: td bat hop phap ma la dttao ra Wit mOi trinanti thud that) thu but cac ca nhan v?doanh nghidp vao cac trung tam kinh td. Phan IOn cac chintsuch mien giam thud danh cho clan chang thuSng duoc a I-dung es tren cac han ciao 6 Ca-ri-be va Thai Binh Duortihoax la 6 cac qu6c gia nhu 6 chat, Au va 6 Trung My.Cac qu6c gia nh6, nhu : Dao Cayman hoac Dna Man dantthud rat it hoax la khOng dtinh thud nhang nguoi nuOc ngoavao (16 hoat Ong kinh doanh. DO-la mot co hoi sinh 10do d6 mot so (trig ty va cac ca nhan khOng main ba qua. Vdy nhu mot sit cOng ty caa My lira chon dung ky dat try scchinh ctia ding ty 6 Delaware dd sir dung uu the We mac thtuthat° hon va nheing dOi h6i phap Is/ thuan 10i. Ntheu cOngqueic ter thank lap cac chi nhanh tren cac hen ciao nhO nhuNetherland Antilles cle huOng cac uu dui to cac quy dinlqv& ter va mac 'Owe.116

Nhieu cOng ty 6 Chau Au va. -Bac My cling da thanh 13pac chi nhanh 6 Netherland Antilles dd phat hanh trai phidu-en thi trueng . trai phidu chau Au NI -1ring hoat Ong kinhoanh 6 cac tido nay cho phep nhieu cOng ty tang luong tinen thi muting von gain to vdi nhung mix thud rthe nhat.MOt s6 ca nhan dung mush lap cOng ty nac danh dd.duoctiemg midn giam thud. Do do ho co the lea chon bat kyMang hop nao a 13p bao cao thu nhap thong qua cac Ong• dm ho 6 hai ngoai. Mac du (lieu nay la bat hOp phap d6i3i nudc hp, nhung 6 nOi tranh thud thi bat hop phap haytdng thi clang khOng co gi khac nhau.Mac chi cac chinh sach mien glum thus thu but mot so:tat dpng bat hop phap nhu rila tien, nhung phan Idn cac>at thing trong chinh sach mien glum thud 6 tren the` girl'3tin Wan pea hop vdi luat phap va cac quydinh quoc td.!. Bon VA pham q uric t6 trait hi khoi t6 nhu th6 min?Ke dao din vu cudp tau hoa Briggs ndi tidng cua Anhthotit khOi not gay ra ten au va chdy sang Rio vi bietng co the sting trong to do 6 dn. Chinh quyen Anh da tObat luc bei vi khOng co mot hiep dinh Oda Anh vaazil yen clan chuy3n giao nhung tOi pham nhu thd. MacBrazil da true xutit mot so ten tOi pham ra nuOlc ngoaichime phtli cleu xn an vi nhOnc hoat dOng toi tic cilianh nhung day la mpt trong s6 nhting nudc tren thd gidiOng trao ma tat ca cac tOi pham.TOi pham queic to hidin kin thoat dimc su trUng phat vdi toit nuien - mpt tpi rd rang la btit hop pluip 6 tat ca mpi runic11 the giOi. Phtin IOn nhung ke buOn ban ma tuy qutic techting1. co thd hi true xutit va nhieu nude nhu Colombia va MehicOgni tra nhOng tell huOn Du ma tuy de l chUng phiii chit] khoi117

tel 6 My. Hpda kt nhung hip dinh trao tra cho nhau bonbubn lau ma tut.Nhung luat phap khac nhau 6 cac nub(' Ude nhau co thecan tro cac chinh quyen ban theo va MIN tta cac tOi phamBang lam an trong nen kinh te" lien kelt town cau: CO thu hohntown hop phap 6 mOt nude - vi du nhu mua va ban ngoai to -lai edthe bi cam (loan nghiem ngat 6 mOt nude khac. Khimot nuisc kien quyet tra va.nbiang ten tqi pham hi kat tOi tonhung rub tra An 6 nuac ngoai thi litTcau xin cUa chting ciathe bi lam ngo. Cac chinh quyan nuitc ngoai thubng miencurling tra lai nhung nituth hi butic ICU bbi cac hash ("Ong maho khang coi de la tOi pham.Vi du, trein thud hi phat rat niling 6 MV nhung lai khOngcoi la mot tOi- clang bi true xuat 6 Thuy Sy. Mbt nguei MSsong 6 Thuy S9 hi kat tea troll thud cna. M9 thi d6 la mot ti)dank dan sit chit khOng phai la mot 'Ka hinh sir 6 Thuy Sy, vithubng khOng bi trao tra tie My.Khib td nhang 'ECU pham qu6c to se kh6 khan shat khcac dao luat ma ho hi kat tOi vi pham 6 nude minh lathan chi khOng ton tai 6 nu& ngoai. Trong khi viac buttban co phieu chui la brit hop pap sitai via mot s6 nuOinhu 6 Anh va My, chang ban, thi Wait nay duoc chap nhainhu la mot Mai kinh doanh khem kheo 6 cac nuOM khiic. Vdu, Wing Kling da thubng cho phep mot s6 nguOi maman kinh doanh nho nhung tin the ve thuong mai ma conchUng khOng hay Net. Chiang nao ma the nuOc connhung tap (pan va nhting dao luat khac nhau, mot s6 tipham quCic t@ se van c6 the troll trash duoc phap luat.67. Cho den la gi?Cite hang hod va dich vu hat hop phap hav him hop phMtit dOng vat co mow co bi tiet chUng va ngoiti to chi) den g118

diem va ma tuy, throe mua ban hang ngay lien mac cho dencua tile got.Vi du, 6 inning nuns c6 cac han chg ve Men te, cac cuOc.chuydn ddi tien tren thi Waring den rat pith dat. Khi t9 gia.chinh thgc than hon so yet gia tri thuc cua tien te, ngudi tabat dau Minn ban ben ngoai thi titiOng chinh that:. O Brazil,nguoi ta da cho phep ty gia cho den du0c cOng lid song songty gia trao ddi chinh there tren bao hang ngay :Nen kinn te the gieli cling man ngdp nhung hotit dont banmp phap hay "till truing xam" nhu chuyen va gui nhungMoan tien ki6m dude mot each hOp phap nhung khOng khaiinn ma dau dirt khen m kidm sorit cua chinh quyen nudeiha. VI du, nhung cling dan nghiem chinh Man theo phaputlit cua Y, Phrip WI my La tinh thuong hay ehuye'n tien vaotai khoan ngan hang 6 nude ngoai trong sudt nhung giailoan bat tin clan] cilia nen kinh to trong nude va nhung han therao ddi teen te.Su hinh thanh cad min Men kinh M ngam rust nhung vu:htlyen "teen xrim" can phai dar n kin mac du clung hop phap,la mO cua cho vO sei lam dung. Vi du 6 my va Chau Au, menMoan den hat hop phap kin thu to ma tub hay 101 ac en tdhue da tim during van nen kinh to xtim not no doe gain Inrung s6 nhOng lchnetn tien hop phap Idn den hen mot de) bitat Mao dO. Ngnia ta tinh sd luring tien tram doe chuyentren 1000 01 dO la met nam, nhieu hon ca GDP cem phanin cac nude. NO qua Inn deal mite cac nha hanh phap khOngto kiein soat ndi. Tien "den" holt trong chuy6n ddi tien 'cam.S. Nlen kinh t6 thg gbh anh huling dgn men Inning nhu thgno?Mac du dieu nay khOng OM ban gib cling re) rang nhungin het al& van de mni miring do eon mei tren the ogii gay119

nen deu la ket qua true tiep curt met quyet dinh kinhnhiem chAng han dang con ton tai bOi vi cac quec gia va caccOng ty se mat nhieu tren cho viec lam sach nhUng chat gaynhiem vi vay tot hon la de chimgvao nu& va khOng khi.Itheing met ai muen gay .0 nhiem, nhung ba] ve meitrueng cling nhu bat d i mot guy& dinh kinh to khac deu kelptheo su danh kinh te. Cac cOng ty, cac queic gia, thamchi ca nhang nguoi tieu dung phai quyet dinh ho da san sangbao nhieu de tra cho vied gig gin mOi truOng sach se ea tronglanh. Ve time chat, day la mot quyet dinh kinhCac nude cOng nghiep deli ialt yeti trai dat va nhung nguertai nguyen cua ne cif nhu the' chUng co san de ma thing vayHo phOt lb met khai niem kinh te co ban la tat ca cue yeti Usan xuat cho MI la oat dal, sue lao dOng hay khOng khi den Idnhiang hang hoa quy hiem va cO mot !Oh can phai duo vacnhu mot nhan tei trong tat ca inch hoht ctOng kinh doanh vinun quyet dinh kinh te. KhOng khi va nude sach met khi duenghi la stO tan, thi se hi kiet que.nhanh chOng bei clan so ngamet tang len va sa philt trien ding nghiep oat. Do de chtincan phai duet deii xu nhu vOi Wit cg met nguen tai nguyequy him nao khac.Mac du cac chinh phU va nhung nguoi tieu dung clang m(vai tr6 quan trong trong viec baoive mi>i trubng, cuCii ding tlthuOng la chinh hp lac dai clang cua nhung (Jiang luc kinhse buOc eau cOng ty va cac chinh phu thay del nhang tap tcva flitting chinh sach khOng lhnh manh vet mei queue Vi dikhi mot cOng ty hi buOc phai tra tfen vi o nhiem do no gay itcOng ty do se phai nghi "di nghi truck khi cle chat thvao khOng khi va nuOc. Va khi mot chinh phu bi buoc phtinh ca so kiet que cunt tai nguyen thien nhien vim trong tirman tong .th6 cac hoot dong kinh te, thong him_ de c6 "OEmOi truOng", thi Chinh phn de co the se suy di nghi Ihiviec lang phi tat nguyen rung quy ban vat chenua khoang san120

GitIng nhu tat ca cac linh vuc an nen kinh ter the gidi, bao14 mei truong khOng nen bi han che b6i nhiang hhng rho cilianal quoit. gia. NhOng chi ma mot nude lam de thay ddi menruOng lai cO mot tac (long del voi nhting nude khac. Da latha rung, pha huy tang ozone hay thai cac chat thai pining xadai duong thi mei met van de ICM ve 0 nhiem mei truangPe ban chat deu cO tinh qude te.•Bao ve va pheng ngna mai trueng khOng the chi treng cay3ao va Oho ph6 cho nhUng nen kinh ceng nghiep hien dai.NAuoi dan 6 the galii thii 3 dac biet bi Anh hueng bbi nhilingin de nhu su nOng len dm trai ni t va nan pha rime. Vi du,nhung vung dat thap cilia Bangladesh se la noidau tien hi:hiet hai do bat ky met su tang:mutt nude hien nho - he quaqua su ham nOng trai dat. Hon man, chi phi hao ye mei•ruOng rat cao ddi %fel nhung nude clang phat trien not manhieu mitiOn tai nguyen thien nhien hi can kiet va cO nhungkhu vuc renA len bi 0 nhiem do co gang ghat then kinhMot m6i trueng lanh manh ciang la met tieu chuan cnamet nen kinh M thinh sateng. Thuc vay, mot vai trong sonhung vu 0 nhiem mei trunng cO sac tan pha nhat tren thealai da xay ra 6 nhung nuOc c6 nen kinh be lac hau nhukhdi X6 Viet ca Deng Au. Neuec lat , ngurit to co the timthay met se nen kinh to clang nAhiep tien tien nAutan nude vakhOng khi sach se nhat tren the AMA nhu Canada vh ThuyDien. Bang each nhin nhan cac van de inek truhng then metquan diem quee te, re rang rang bao ve mOi truang is each duynhat de the gidi duy tri duce mac tang trilOng kinh M lank manhtrong Oiling nam sap Mi.69. Quyen 0 nhiem la gi?Met trong nhung van de khO khan nhat del vOi nen kinh tothe Lin:1i la lam the Mai tang duoc inue sting cho dan cu nitay19 1

mot tang ma khOng pha hity mei trueng. Nhieu Mick, ke ceMy, det quay sang mot he thong sang kien han the sir 6 nhiemtong the 6 bat ky mot -vung nao d6 va sau do cho phop ca.(nganh cOng nghiep dia phuong va cac cOng ty khac mua vaban nhUng quyen O nhiem giCia chinh tip vdi nhau.Nhieu nhenn mOi twang da dan dan ?mg hi) nhung hethOng nhu the bet vt ho dang co' gang het sic de giai quyeihai muc tieu ttiOng thing nhu khOng the dieu hob. dupc vdinhau : tang truang kinh to va met men M:mg trong sach.Dieu chit chat ddi vdi ker hoach quyen 6 nhiem la buoc carcOng ty va nhung nguei gay ra 6 nhiem khac phai giam carchat thai bang each co hieu qua hhat. Trong khi phai ct6i maivdi mot nhiem vu khO khan : giam cat: hoat (tong kinh t e degiam 6 nhiem, nhieu nude kitting the demgcita cac nha may say'mat hang hoa thret yeu nhv thuc pham, quiln ao, nha cua chcnhan thin nude hp. Mdc dit c6 ye nhu cOng bang khi buQc moinguOi giam mUc do 6 nhiem met each dieing nhau bang each ticcldt nhung han the len Stu ra cua met chat gay 0 nhiem, trongmot he thPng nhu the cac chinh phi, nit cuc se then tract "quyer(Doc gay 6 nhiem" cho tat ca cac co so san twat cho du chimehieu qua va hieu ich del vdi nen kinh to not chung hay khOng.Thay vi (lei h6i tat ca nhUng ai gay 6 nhiem phai giam darra cud ho, ke hoach quyen

guei gay 0 nhiem "xtiu" nay ngang kinh doanh hay it ra lalam can heat (long nth hi).Vi du, mat nha may sari xufit ghe day lam an ce hieu quaay ra it le nhiem tren mOt San pharn hon mOt Ma may khOng6 hieu qua. Thee hoach eliding 6 nhiem truyen thOna,hinh pha se han the sin xuat 6 ca hal nha may, the phep. eaha may cdi hieu qua In khOng hieu qua tip tut san xuat vittut gay 6 nhiem 6 nhung mile ctO thap hon. Bang eachu0c rat nä the cilia may giain 8 nhiem nhu nhau, chinh pitha trail "quyen" gay 6 nhiem cho tat ca, cho clii ho clang sanLicit ea hieu qua hay khOng.Neu quyen nay de the ban duoc, met nha may lam anhOng cO hieu qua ce the hi buOc phai giam 0 nhiem de diiiiy met sill tien; s6 Oen nay dthc tra bei mOt cOng ty lam an6 hith qua nham darn the heat Ong dm cOng ty kia. Clingtie hieu qua san de cO the sill dung nhang quyen 6 nhiemay de tang san xuat. Tiling sdi 6 nhiem van khOng tang;uyen 0 nhiem chi don gain la ducc chuyen to doanh nthiepay sang doanh nizhiep khfic.Nguyen tae tuong to duoc dp dung del Niel 6 nhiem qu6c Ca.!hang thii hay len khOng trung 6 tren clau Chicago cO the nilriding bang trfin mua axit 6 Quebec vit nhang tha chay ra ngubna& di Basel, Thuy Sy ce the ket cue va lam 6 nhiem Bien Bic. 0hiem khOng hit den nheing bien gicii guile gia, va nhang hie')inh quilt M. C6 the han the duck tang sdi d nhiem vä sau do saum: vied buOn ban quyen 0 nhiem de' phan be the quyen nayeng nen kinh M theKhOng mOt nuOc nail hay thing ty nail ea quyen 0 nhiemhung neu elm phth met se luong 6 nhiem han the thi vieshan bdi cac quyen d nhiem thee met each it ce hai nhat delei nen kinh to nOi chung la loi ich tha m6i nguOi. Mud dishnit boon ban quyen 6 nhiem khOng phai la 6 nhidm them123

Ma ma la san xuat c6 hieu qua hon vdi mot s6 luting flan chinhiem m6i truong.Trong mat s6 truang hop, tong se 6 nhiem m6i truiang ctthe thm su giant Chinh quyen mot thanh 06 hay mot nhOnmOi trueng co quan tam chang han c6 the mua nhimg quyennhiem to mot cling ty lam an khOng c6 hieu qua va quyet dintkhOng su dung den chling Ma, cat kg vao mot ngan keo, gianmac dO 6 nhiem cUa chring vdi mac ten hal t6i thieu dei sick sinxuat kinh to c6 hieu qua.70. "Danh 461 no 16y to nhien" IA gi ?Minh del no lay to nhien cho phep cac nha bang, catnhOm mei trueng va nInand nuec mac no lien ket vdi nhau dCMAD ve mot phhn clang gid cita men truong nhu mot khu rim&hay mot not an Mu cna thu rung hoang da.Ben vi nhieu nude ngheo them chi khOng c6 chi riduen tochinh de tra no nude moiri, nen kho ma c6 the khien ho nettien vao nrctine thia "xa xi" nhu biro toan nhiing cOng vien ttnhien hay nthand nisi brio ve dOng vat hoang da. Tuy nhiercac nhom biro ve mei truiang da vach ra mot phuong pharkheo leo de buoc nhang nude mac no ngheo nhu Colombiihay Peru bao ve di san thien nhien cua minh. I -I9 da tra chinude ngheo het no de den lay men cam ket bao ve dat dai gingia ve mat sink thin nhu rung ma, dam lay, hay nIning khu vacca nhieu thing vat hoang da song.Trong cac thi truOng tai chinh the gidi, nhieu mon no cUa thCgidi thu ba durtc ban vdi gni ha so sick gia tri g6c bei vi khOngmot ai by vong rang nheing nudc mac no ngheo cO the tra ducktat en no Man cua ho. No, gidng nhu bin ky mot cend cu tochinh nao khac c6 the duoc mua va ban tren thi truond m6. Vmot nha bang co the ban mot men no cho nha bang khilc124

giend het nhu mot at dO ban mQt trdi phieu hay mot gig)/ nokhac. MOt nguni mua mot mon no hy vong duoc nguoi vayglc tra lai s6 tin no. Tuy nhien, mot se mon nO dang ngodm cart nude Hifi 3 duoc ban vdi did bang 10% menh gia goecua chUng. Vi the mot nhOm mOi trudng co the mua motmart no clang nditt 100 trieu dd la vdi did 10 trieu.Mot khi mot nhom mOi truOng dung tren de mua khoan nonay tren thi trueng and yeti din bang mot phan nao dB so vdidin tri dee, thi ho tra lai n¢ hO nude mac no - nham tra hethay huy be sit rtirt - de dei lay nhfind nhuOng tn) ve meitraeng. Ctie nhem men truond thich each "danh ddi rid lay tonhien" hot vi ho co loi hon mua cac khoan no tit nhang nhhbang chit no, ten it hon nhieu so vdi did tri chinh tilde dmchring.Tat cat the ben co lien quan den mot khoan danh ddi nolay to nhien ve mat nao ctO deu eta the thu duoc loi. Nudemac no ket cue la cO duoc riot cOng vien to nhien vat Hen npthi gidm. Ctie nha bang quite to vui sudng thay rang se tren nokhO ctOi Ohm di cho JO rang ho chi lay lai dupe mot phhnPen. Va nhem mOi truOng da etithe btio ve duoc phith datquart frond yee sinh thai rain the gidi cho etie the he along lai.71. Ming phat vn Ichuyetn khich ve kinh to dupe sit dung (Tebdo vt• min truong nhu the min ?Tit "hung con %awn niii bi de doa diet chUng dm Chau Phiden nhCing cay en to hien dang curt rang nhiet ddi Amazon,tai nguven thien nhien khap the dial en the nhdn duoc mot hyvong mOi thong qua nhUng sit [rung ph?t vh khuven khich seekinh te. Vi du. mot khi nuttiti to nhdn ra rang rang va Ongt.'nt want, da tutV hau khi send CO gin tri hon la khi chef. thi125

con ngubi cuoi ding bat dau thay ddi hanh vi pha hoai mOitraang - va kinhCho ddn gan day, su tan pha rang, song ngOi va Ong thucvat hoang da tren thd gidi thuong dubc tin hanh nhan danhtidn bo kinh td. Nhieu co quan va chinh phil nhan thus duocthuc ter rang su tang trubng kinh to tau dai nhat thidt phaidua tren nhiing ngubn co kha nang tai tao Nth mot mOi trUonglanh manh.Vi du, rang nhiet ddi Amazon da bi tan pha vdi mOt thebao Mang trong thap 1

va cay chi b trong cac nude nhiet ddi, cac nude nay co the ddilay ngoai to quy No. Thu nhap to cay thuac va thoc pham tomOt rung nhiet ddi dang sang co the vuOt xa khoan 1¢i nhuanBang ngb cua viec dot rang. Va cu6i ding, ca the gidi se hitthe de dang bon nhieu.MOt each co hieu quA khac trong viec buOc mot chinh phu .hay mot ding ty. thay deli nhung thOi quen co hal elm maitrudng la de doa trimg phat ve kinh to nhu tay chay va Matinghan chg thuong mai. Vi du, su de doa tay chay kitting Oendung hang hod Gila ding ty pham lai tren cac thi trudng thegidi co the rat co hieu luc bdi vi ne tao ra mOt dOne luc kinhto ldn manh nhat : mat lai. Vi du, th6i quen phi hotii : ddphca bang !tn keo giet di nhieu ca con mOt each khang canthiet, chi duoc thay ddi chi sau khi nhung ngudi tieu diing dedo? tay chay ca hai cua cac cOng ty do.Cdc chinh phti cang cO the ap dat nhung han the maudich, nhit nhung lenh cam van, khOng cho phep nItO khanhang hoa to nhung nude co nhung tap tae de doa den maitrudng. Tuy nhien, nhung han the mau dich thudng c6 ketcm: la lam caw nude hi nham vao tem gian va dung len hangrao mat, dich cua rieng minh, can clang la lam phuong hai tatea nhang nguiti co lien quan. Nhung khi mot sd nude hop laide gin mot thong diep rO rang de doa trd toil thi thudnu Ia"nam dam" cUa nude kia thu lai.Nhung hiep dinh queic re tie NM ve mai trudng cang cO theco hieu lue trong viec thay ddi railing tap quan khang lanhmanh ve men trudng, nhung chi khi chang dupe h6 tro bdi sueep ve kinh to va chinh tri cua nude co lien quan. Vi du, nhunghiep dinh d cap Lien Hop °ode dim biet ca hieu lye khicluing d dudi dang mot nghi guy& cua Dai Hoi duoctat ca cac nude - thanh vien be phieu. Mac du nhiing nghiquyet nay thubnii la khOnu hat buOc, nhung su cuon¢ dp true60 la kheng Can thiet neu cd duoc au iing h¢ et:fa man theOM,137

Tuy nhien, giai phap tot nhgt thunng ditch: tim ra trong citehOi nghi qu6c not 'Mt ca cac nude co lien quan co the nen)(Ming ya tim kierm mot su thog thuan nigo do. Trenphuong dien, tuong lai cna mOi truOng phu thuOc vao su tangtrunng kinh to hop ly thOng qua so hOp tac Talc te.128

VIII - Ttr DIEN THCAT NGUDanh mile cac thuat ngU sau day glop cho viec tra cumthan tien cac tit ngU ve kinh to the gidi duoc sit dung trongthe cuOc nOi chuyen hay tren boo chi hang ngay. "TM khoanhie'n hanh la gi?", "mua lai co phan de kiem soot doanhnghiep nhu the Ma", Day la nhUng cau hot co the chung toda nhieu Ian to hoi minh. Tham chi sau khi tim ra cau travai tuan sau chUng to co the phai lilt tim trong tri nhO khithuat ngU xuat - hien trO lai. Phan tit Men thuat ngU nay segiup ban doc co the xem lai nhieu Ian de c6 throe cac thongtin can thiet.Bien lai gill tien dm My ,(American Depository Receipt -ADR). De moi viec trO nen de clang clai vdi 'cat: nha dau toMy muCin mua co phieu cua mOt cling ty nude ngoai, mOtNgan hang My mua cac co phigu dO va giU chUng tai Nganhang. NOM hang dO phat hanh mOt Men laithu tien goi lamot ADR, cho phelp nguei My c6 quyien dCii vOi co phieunuOc ngoai va vdi ce toe duoc tra bang do la My. Phan IonADR duoc mua ban O cac thi trudng cap hai.Bunn tien, va cluing khoan (Arbitrage). Khi c6 su khacMet vie gia cthi vOi cling mOt Mai sari phem 6 cac thi truOngkhatc nhau, min nguoi hubn tien va chfing khoan se mua seWong krin 6 noire va ban -chting 6 thi trueing dat. Viec hanhnghe buOn tien va chung khotin la don On va da chicle sudung tit nhieu the ky nay de kiem loi nhuan Vitt giU cho cac thitruenn c6 hieu qua. Gan day, cac chuyen gia "tiep main" theciting ty da sit dung ky xao buOn chtimg khotim mua cophan dm the cOng ty bi dtinh nit% thap hon gin tri thuc de banlai cluing vOi gia cao hon khi the tong ty nay duoc khOi phut.Tai sari (Asset). Tren hang Mug ket Let tai san. tai san cOla cac khoan cO dau dating. tai sari no la the khan cO dau am.129

Tai san cim cac ding ty bao gom tai san tai chinh nhu tienmot.va chfmg khodn, tad san co dinh nhu nhA cita va maymot, thi san vO hinh nhu 10i the kinh doanh, nhan hieu, bangphat minh sang the va ban quiet .).Thao gd tai san (Asset stripping). Khi mot cOng ty bi danhgia thap hon gia tri thac ma nguoi ta mua duoc, nguoi ta bantai san cua no thanh fling phan nh6 de thu duos so tien lanhon so tien da b6 ra mua toan 130 cOng ty. Thao gd tai san IAygu to then chat trong tit choi "tiep quan" cac cOng ty, o do.so 66n d6i ra ta tai san duoc sit dung de s het no cua cOngty khi muaCan can thanh than (Balance of Payments). Can canthanh toan cim mot nude phan anh toan bit ket qua dm hoatOng thuong mai quiic to ye hang hod, dich va va tien te. Gpila can can vi gia tri hang hod va dich vu cua mot nu& duocchuyen di can bang vdi so luong tien to duoc chuyen ve theochieu nguoc lai. Chang han, mot nude co xuat sieu hay xuatnhieu hon nhAp, se nhan so tien co duoc do so hang hod vadich vu ma au& do da chuyen ra nudc ngoai : ngoai thuongve hang hod va dich vu do bang tai khoan hien hanh se canbang vOi so tien duoc chuyen giao do bang tai khdan van.Bang tang kit tai San (Balance sheet). MO bang Ong kettai san bao gam danh mitt tat ca tai san co va tai .san no citacOng ty. N6 cung cap mot bite tranh so 130 ve tinh trang lam anciia cOng ty vao mot thoi diem cho truck. Khi tai san co dmcal-1g ty nhieti hon tai san no thi cac cti dOng se vui mitng. Cophan cOa hp hay la 1111./C chenh lech gala tai san cc) va tai san noduct gpi la vein co' phan cua cac co clang.Phil san (Bankruptcy). Khi mitt ding ty khOng tra duoc no,no tuyen be; pha san. (I) mot so nude, cac ding ty pha sandu0c tao co hoi khoi phut de tra het no. 0 Ant:, dieu naydu0c ggi la trach nhiem quan ly tai san va d my /we epi lavan de thu maai mot. Neu cOng ty khOng tim duoc giai phap130

khac, no se bi xoa s6. Tai san cna nO se cht0c bah de tra chocac chili no den mite c6 the tra duOc.Doi hang (Barter). Dei Wit hang hod nay lay mot hanghoc khac hay hang del hang cho phep cac thudng gia Barthclime khO khan khi cac !oat hen khOng the chuyen deli duOcIan nhau. Phan kin the nude phat trien, hang On hang lakhOng can thief, ben vi dung tien de mua ban hang hoa thi dehen nhieu. Tuy nhien, O nhu nude do duy tri ty gia ngoaihen c6 dinh, tien cua nude d6 se kh6 chuyen del to tien nude.ngoai. Trong truong hop nhu vay, hang del hang thuang laeach duy nhat cho ai muen lam an 6 cac nude (hien cac ngoaito manh nhu diing de) la My.Diem as ban (Basis point). Mot tram diem co ban se bangmot diem phan tram. Cac thi truong tint phieu da tre nen rattinh vi tdi muc ma mot phan to hay mot phan muoi sau eaumet phan tram tong khOng du de the hien mete tang len eilaloi nhuan. Lai nhuan en the nhich len tiling mot phan tramdm met phan tram hay la mot diem co ban. Mite tang rmitphan to cua mot phan tram trong lai swat cna trai phieu sehang hai muoi lam diem co ban.Thj truong dang giam/Thj &tieing dang tang (Bearmarket/Bull market).Min con gau, gam git va bi quan duoe dung de me) to motthi truong thine giam stn. MOt con be due clang xOng len,trong trung cho su lac quan va mot tin truong clang gia tang.Trai phieu vi) danh (Bearer bond). Cac trai phieu vet danhhay trai phieu mane loi nhuan nhien, la mot loai ening khoanco the chuyen giao cuei cling. Gian diep va luu manh quec tothich dor: ad bang loai trai phieu nay, bOi vi cluing c6 thii•dime del thanh tien mat ma khOng bi hOi han gi. Phan Idn•131

chting khoan qudc te duoc phAt hanh duOi Bang trail phieu v6danh va khOng can clang ky. Ngudi gee trai phi& nay c6 quyenthen day chi gia tri cua trai phieu vao ky han thanh toan Ongvdi tat ca den lai.Su d6 vd hin (Big - bang). Sau khi thi truong thing khoanLuan dem tan vO nom 1986, nguni to cho rang se c6 met so d6ve) kin trong hoot dOng awing mai VA tai chinh. Khi so do vetIon - Big Bang - cu6i ding da xay ra, phan ldn cat Ngan hangquOc to va cac nlia dau to da mua met khdi long ldn c6 phanCOng (long Tai chinh thanh pho va ho nhan ra la hp sap Stmot so luting e'en Ian do canh tranh ngay mot gia tang. So catgiam va ngring tre cac hoot dung da dien ra sau do.Hit'p dinh thuong mai song phuong (Bilateral tradeagreements). Hiep dinh thuong mai song phuong duoc hinhthanh giva hai nuOc nham mong muen di den mot thoa thuenye phuong dr& buOn ban hang hoa va dich vu. Nhfeu nuOccho la cac hang rao meu dich co the duoc xoa b6 chi khicac thoa thuen bao gem nhfeu nuOc hay hip dinh daphuong.Cho den, den kinh te. den (Black market, black economy).Cac cho den se plod trien bat ky d dau hang hod va dich vubi cam hoac kiern soat ngat ngheo. (1) mot s6 nude, cho denduoc ndi king voi it hoac khOng c6 so can thiep cua canh sat.cac nuOc ma tin to duoc kie'm soat mot each theo y meincea Nha NuOc thi gia cho den phan anh gia ca thud cua thitruOng. Nen kinh to den bao gem tat ca cac loaf giao dichbuOn ban nglim khOng hop phap, khOng chinh thitc.TIM phigu (Bond). Trai phieu la mOt tie giliy c6 the ddithanh tie'n, n6 cho phep mot Ong ty hoac mot Chinh ph('vay Wen trong mot khoang thei gian nao dO. Cac td giaynhu vay duce: gel la trai phieu va no cO the dem ban hoacmua girra cac nha dau tu. MOt ngurei nao dO se hum traiphieu se c6 quyen nhan met s6 'Wen g6c khi trai phieu132

duoc tra lai Lien. Them vao 86, phan IOn cac trai phieu deubao dam duoc tra lai dinh k9 bang s6 pan tram am gia trighi tren trai phieu. CO nhieu lohi trai phieu, bao gom cacthing khoan co thu nhap c6 dinh nhu trai phieu cua Kho baca My va 'oar trai phieu vdi lai swat tha not duoc xac dinh laimot cach dinh ky. CO lohi trai phieu kheng tra lai nhung duocban ra c6 tru chit khau de ban dam den thu hbi cao han chodu: nha dau tu khi trai phigu duoc tra lai Wen.Thi trdeng thdng khoan Pari (Bourse). Tii ngti borsePhdp co nghia la "purse" hay tai tign va trO thanh nghia cuathi truong chi:mg khoan the() nghia cha the gibi.Vay bac au (Bridge loan). Vay . bac tau cho phep ngubingUbi di vay nhan dime tren vay cho thbi gian ngan, cho denkhi cac khoan vay dai han duoc don xep. Quy tien to qugc to(IMF) va Ngan hang thanh man qutic to (BIS) thubng cungcap cac khoan vay bac chu cho cac nuric ngheo dang c6 gangsap xgp cac khoan vay vOi NgAn hang the gidi (WB) va cacchi cho vay did han khdc. Vay bac cau phai duoc tra hetngay sau khi nhan duoc cac khoan vay dai hamNgani mini glen (Broker). Giring nhu mot nhan vien chicho ve mua ban bat dOng san, lam eau ndi gala ngubi banva ngubi mua, nguoi m6i giOi 6 day duoc high] la ngubigina lam trung gian cho cac giao dich tai chinh va thubngnhan duoc mot khoan hoa hung can cu tren so luringchUng khoan du® mua ban. Mat khac, nguai ban co khohang boa co thd dem ban cho cac nha d'au tu. MOt s6 nganhhng d'au tu dOng ca hai Vat trO nOi Iran va khOng c6 gi -dang ngac nhien khi goi ho la ngubi moi giOi/nguoi banhang (broker/dealer).Bundesbank. Ngan hang Trung wing dm Duc, ngan hangBundesbank, chiu trach nhigm ve su an toan cua dong tincha Due va kigni seat so luring cung (ing den te. Ngan hangBundesbank thing 6 Frankfurt, thh d6 tai chinh caa We.133

Quyen duck uu tien mua (Call option). Quyen mua du0cuu tien la quyen duoc mua mot cai gi do theo mot gia that dinhtrong nth thoi gian that dinh. MOt nha clau tu khi nghi rang giaco phial se tang len nen anh ta mua mOt quyen duos uu tienmua. Khi gia chting khoan tang len thi gia tha quyen du0c uutien mua cang tang theo. Cac nha tu th6c te ce the muaquyen thy ckii vdi cac phuong nth chting khoan khac nhau nhuhang hod hQp dOng hang hoa va ngoai te.Thue lai vdn (Capital gains tax). LAI von la su gia tang giathi San nhu co' phieu hay bat dong san. MOt khoan dau tu vaoc6 phi& se cho mot khoan lai yin .neu gia phieu tang len.Lai vein thuong duoc danh thue vdi mac khac so veil thu nhapnhu tien iai do cho vay, c6 the, va thu nhap kiem dam.Thj truong 'Win (Capital tnarkets). -Thi inking thin la notdien ra su trao d6i hoax mot ninth cac trao deli ma 6 docac vat bao dam nhu nal phi& va cac phuong tien no daihan khac duoc mua va ban. Tren thi truong vein qu6c te,trai phieu kho bac tha my la loci dau tu phi bin nhat vico mac kha nang giao dich cao : no to thS mua va ban vdiquy mo Ian vat) bat ky hic nth, ngay hoac dem. Phan Idnviee mua ban tren thi truong cluing khoan khOng phai quatrao del chinh thac ma dien ra d cac pining mua ban dmcac ngan hang khiti p the gidi duoc lien lac vdi nhau bangmang dien to tao nen mOt thi truong quoc to Mt sac rungCiy thuong ph.4m/ cay Mang thdc (Cash crops/ foodcrops). "Dem cho rtht nguoi dang ddi mOt con ca, anh ta sean het ne trong mOt ngay- dem cho anh ta mOt can cau cr.)anh ta se kitting M doi riaa". d cac nudc dang phat [nen, caySan eau nnuai ming dan duck dung de nuOi sing chi co giadinh caa anh ta, duoc gal la cay luring thus. Cay tien khOngthe dem dung dude nhung co the dem ban de lay tien muaquart do, chili 6 vi cac thu khac.134

Lubng tan mat (Cash flow). Cach do nhanh nhat so luOnghen vao va ra cila -mot cOng ty trong met khoing thoi giancho truck du0c goi la liking tien met. NO cho to mot khai,niem rO rang ve s6 den kiem du0c thoc so cim mot cOng tybei vi no loaf 60 cac cOng co ke Man nhu so mat gia, chophep cOng ty giam tong 10i nhuen ductc ghi chep trong s6sach cria cOng ty de tra thue it hon. Lbbng hen met tach tatca cac yeti to do tha thuat ice toan too nen va xem set so benthuc so ma cOng ty kiem duoc.Ken kinh to ke hoach hoa tap trung (Centrally plannedeconomies). Trong mot nen kinh M ke hoach hofi tap trungmoi guy& dinh deu do cac quan cluk hanh chinh dim ra. Nhanude co quyen quyet dinh ai san xuat cei gi va san xuat baonhieu. Gia ca cling nhu phan bei cac ngubn tai nguyen cfmgduoc quyet dinh boi cac co quan trung acing. Mot tieu cua nola lam cho cac quyet dinh kinh to trO nen hop ly va ming banghon, tuy nhien lc& qua thuOng dan den la tang phi va thieuhieu qua. Nen kinh te ke hooch hoa tap trung ming dm goi laben kinh to chi huy hoac don gian la nen kinh te ke hooch.The City, Wall Street, Bahnhofstrasse. DO la mot ph5nLorin Don, not co phan lOn cac ngan hang va cac cling tychung khodn. Do do, Cone dong tai chinh nude Anh thuOngduck goi ten chung la Trung tam thuong nghiep va tai chinhcna Loan don. (City of London ). O Nfiu llOc, cac thi truengnay lay ten la "pho Wall" de not den Ong &Ong tai chinh diaphuong, trong khi do O Zurich lay ten la "Bahnhofstrasse" vaet Tokyo goi la "Kabuto-cho". Kht thanh phO Venice titthanh trung tam kinh M qufic te, cac Ngan hang deu detRialto. Vi vay, co cau nOi not beim cim ke cho vay tieing laitrong vo kich elk Shakespeare "Ngudi lat buon thanh Vien"la "co tin ttic gi ve Rialto khOng?"Kinh to tittc co dien (Classical economics) : Tit mike coban cua kinh to hoc co dien la mot nen kinh M luon lien den135

trang thai can bang. Ket Juan nay duoc neu ra boi AdamSmith, David Ricardo va John Stuart Mill,,Olguoi to cho rangkhi co qua nhieu ngu6i tim kiem viec lam thi hen luong segiam cho den khi moi ugliest deu co viec lam. Tuy nhien, JohnMaynard Keynes vao the ky 20 da chting Minh rang tinluong tren thuc to it khi giam. Dieu de tang co nghia la cacnha kinh te co" didn da ngam thita nhan mot gin dinh ve nenkinh te c6 du viec lam.Ngan hang thuong mai (Commercial bank) : Ngan hangthuong mai nhan teen gui va cho vay. O my va Nhat, cac nganhang thuong mai bi pbap luat cam kluing duoc tham gia vaocac host (hang (Eau to ngan hang nhu ky nhan bao dam cac c6phan thuong mai va c6 phieu. Su phan biet nay dang ngaytang giam clan va cac ngan hang thuong mai ngay nay clangduoc phep chuye'n cac dau to ngan hang vao linh vac matruck day bi cam. vao cac nam 80, chin trong 10 nganhang thuong mai Ion nhat the gidi la dm Nhat BAn.Hang hoi (Commodity) : Thuat ngii hang hod nay duocsi) dung a chi cac nguyen lieu the hoac cac san phgm dangnguyen thug nhu yang va che... Hang hoa loai nay de clang• duoc mua va ban tren thi truong the gidi bOi vi chung khadbng nhat. Vang tit Siberia cling nhu tit Nevada. Hang hodnhu vay co the mua -ban qua cac giao dich tut thbi va chuydngiao ngay lap Plc, hoac vdi quyen chon mua hoac mua va bannhung chuyen giao muon sau. Vi du khac ve cac hang hodloai nay IA 'Ong dm, bac, thiec, Platin, tint 136, dau this vat,va tat nhien la ca loai da day Ion kha n6i tieng.Thi truong chung, Cong &Mg Chau Au (The EuropeanCommunity EC, Common Market)_ Vdi tren 300 trieu misttieu dung, Thi truong chung chau Au EC da tit nen khu \ :ccthuong mai lOn nhgt the gidi. Truck day, no (Roc goi la Congdong kinh to chau Au, (European Economic Community -EEC), sau do la COng deng chau Au EC va nay la Lien hiep136

That Au - European Union - EU. TN trunng chung lien kattic nen kinh to Ian va giau co nhat dm Chau Au.Lui the so sanh (Comparative advantage )• : Thuyet 10ihe so sant) Elva tren mOt y ateng rat thoc te la neu mOttuac gidi v'e mot haat dOng nao d6 thi cac nude khac chdlen bat chuck lam theo. Bang each bud') ban hang hoa vaItch vu, mai nude ca the tap trung vao cai ma ne lam totthat. Theo thuyet nay, neu mOt nude gi6i ve san xuat -uau, no nen san twat ruOu cho tat ca mai ngudi. Cacluau khtic co the danh thei gian de lam banh my va phonot. Sau khi mua ban cac sari phfim (Ma nhau, mai nude.6 the ngbi xueing va thudng thfic mat bila an ngon hono va viec mai nude lam het MO thii.Chi s6 gin tieu dung (Consumer Price Index - CPI) : De:tem soot lam Oat, cac chinh phu theo dOi gift ea cna mOt 1.61.06) hang hofi va (Itch vu, de xem nhu mac chi tieu trungtinh cua mOt nguai tang len la bao nhieu sau mai thong. CPIWoe su dung de dreu chinh Itti ate thu nhap (26 Binh nhu tienHong huu, tien bao hiem x5 hat. U nude Anh, viec do muctiti ca sinh haat doe dua vao "chi s6 gift ban le, dm d mat6 nude khac thi doa vao "chi sd gift sinh hoat".TrAi phieu c6 the chuyen (nil (Convertible bond) : De lam:Ito tail phieu hay cac chung khoan them hilp den cac nha dau tu,not s6 cling ty cho phep cac trai phial, nay cri the chuyen d6i hocrao dai bang 'mat tha khtic ding gift ta. thueng la cac c6 phan centOng ty. Trong vOng den cua trai phieu, nguoi stfrhitu trai phiel, cohe chuyen dot, co quyen nhung khOng bat buOc phai ban talithieu de Iffy mat c6 ptian c6 dinh. BOi vi clay la mat quyen Grid')nua ban, nguoi dau to cet the. quyfIt dinh mat each ce loi nhuhuyen d6i trai phieu khi ma c6 rem cling ty zing clang yeti viechuyen dal nay.chinh him hop (Corporate finance ) t Khi mat (Xing tylay mOt Chinh phia can vay nen, ho thudng chay den cac137

ngan hang &au to do tim nguan tit; chinh tat nhat va gig renhat. Chi phi ton kern ma nguiti di vay phai chiu khi di timvan thuang duos bit lai do giam ductc giii vay. Muc dich cuecac nha co` van ye tai chinh hein hap la tim mat Mn hap horly gam cac trai phieu, vein so him, vat trao ddi va cite khoarvay, cho phep nguni di vay cc) duec van vay %di gia thap nhgt.SO hiOu chinh (Correction ) : Doi vOi nhang nguai by vongthi Inking tie)) tut tang len thi mat viec giam gia '

sanh Man khac nhu IM Mc do clau tu van ra nude ngoai. Taihohn hien hhnh cling bao gem the khohn ehuyen nhuong tuban nhu tin cha nguni di lao thing nude ngohi gii ve nha,auyen nhuOng chinh tilde nhu cac khoan thanh toan cua caci chile queie te va the khoan tra lai no nude ngoai.Datsu - sara ti ce the tit tieng Nhdt Ban nham chi the nhauan ly da bi anti huong cua phucng thy, ren h6 cOng ty de tulip nhung van gill leing trung thanh vdi ding ty. Nen kinh teien dai ena Nhdt Ban hien nay van tiep tut gill lai nhfing netuan he thee) kiEu phong kien dud' nhfeu hinh thus khdchau. Ngueli to cho rang ngudi lam cane van gill long thingsanh vdi mOt Ong chill cu duy nhat hay nguide lai ngudi chi,'an luOn nhd tdi ngubi lam cOng ci cua mink. Theo nghiaen Datsu - Sara c6 nghia la "rdi b6 thine ty".Tin phieu. Gihy n0 (debenture) lh bat ky mot trai phieuho chi duoc dam bac) bang uy tin cha thing ty philt hanh1 no. Day la mot 10Y (I owe you) co the dem ra de maca, mua , ban gida cac nha dau tu kthe nhau. Nardi mualay no holm town tin vho "king trung thuc va uy tin" dmmain phat Minh nieiy no la &ay nO cia ho se dune thank,an. Mot s6 gihy no chi doe thanh man sau khi cO quanhat Minh giay no thu (Moe het cac khoan no ma ho daho vay. Nh(mg tin phieu nay c6 su rid ro IOn nhat vi vay6 thubrig c6 Iai sueit klia cao.Ty le up (Debt ratio), ty le no Den vin sti hun (Equtyitio). Tinh trang kinh doanh elm mOt cOng ty duoc xec dinhit nhht bang each so sanh tyle Oita s6 tin ho no yen so tinp cO, hoc bang each so sanh ty le no vdi gib tri van so himo cac cd &mg clau tu. Chc chi sei t9 It no khac nhau deu cohung mOt 9 nghia co ban la nen t9 It nay cao ham 9 cOng tya vay no qua nhieu va co the se Op nhime khO khan trongiec tra Iai vay cho den ky han tra. Cane ty cO the lam cho ts,no dm hp tot hon hang each nil bet no hoac bang each139

tang van cua minh len - tut Id yeu tau cac cei ding dau tothem teen.3/41 no (default). Men queic gia hay men ding ty bi coi la y0nO khi hp khOng con khi rang tra np thing hnn. Khithong thuong trout tien ben np ter chin tri lai suit cho cac kyphieu, trai phieu. Neu khOng tim dupe cac giai phsipben no them chi to ch6i ca vide thanh town cac khoan riO go((so ben vay ban dau). MOt quoc gia v6 no se co nguy co maitat ca cac quan he thuong mai va tin dung ven hen ngoai.Thant but (deficit). Cai gi qua tot se khOng that, so than'but cho phep mist chinh phi) hay men quOc gia nao dO chtieu qua mac so yin thu nhap mia ho. Trong kinh to the gidco hai hinh thew tham but chinh : tham hot ngan sachtham but thuong mai. Tham but ngan sach cna chinh phi) xa)ra khi cac nguem thu thud khOng du bit dap.cho cac khohrchi tieu cOa chinh De bi) clap tham but ngan sach, themsthuong chinh phu phni philt Minh trai phieu va ban cho catca nhan hay tei chi; nham trang trai tham hpt. Tham huethuong mai ding don tren Geniis mOt nguyen tap : Men qua(gia yap plied tham- butthuong mai khi chi Lieu cho nhnp kMisvuot qua gia tri thu nhnp do xuat khan dem lai.Giant phut (Deflation) - Gienn phut la tinh trang kink rtchum lai. Neu t9 le lam phut hay tham but thuong mai GMmen gu6c gia qua cue, chinh phi) co the lam cho nen kinhbat tang thing bang Bien Oaf) tang thud va giam chi tieuTrong thin ks, giam ghat, sip lye phai chi tieu giam NM di, divay gia ca ngeing tang va mem nhnp khAu giam 'cueing. GisinOat curie can clan tin giam gisi - dieu nay trai ngupc vOi Ianphut.Mtic eau (Demand) : Muc eau la snot hit phan cent kinh tilien quan ten tieu Mang. Mile Call cho to hilt nguin Pep dun[hay Elvin kinh doanh se mini gi vOi muc girt di) cho. Cackinh to rat im ye enc. HOu du Owe goi li Oubng tong cung140

cau de giai thich mot each kha don gian ve sg thay ddi hanh vicua ngugi tieu dung va nha san rufit khi co sg thay dfii ve gia ca.Tu tuOng co ban cila luat cung - cau la : khi gia ca dangien se•khuyen khich tang mile cung hang hod va. dich vg, &Ong theimix cau cUa nguOi tieu dung lai giam diKhali ha() (Depreciation) : Khau hao la sg giam clan gid tridm mot tai san theo thoi gian. Cac co quan thu thug chophep cac cOng ty dog Om clan gia tri tai san ciaa ho nhunha xueng, may mot, xe ca, may copy... thOng qua cac so'sach ke toan. COng ty tinh mgc khau hao cho men phan cgachi phi san xuat - nhu vay mtic lai dank nghia cua cOng ty segiam di. Cac cOng ty co xu hueng tang mgc khau hao gangcan tang tot nham rut ngan thoi han khgu hao va giam mareckang thug.Suy thodi (Depression) : Tinh [rang tri trg ve kinh tokeo dai dugc ggi Fa mot cugc suy thoai. Tinh trang khUnghoang duoc nhan Met bang su giam silt fie san•xuat va nhucau. Hau qua cila khfing hoang la cac cOng ty bj pha sanva t9 le that .nghiep tang len. Mot trong nhieu nguyen nhandan toi khUng hoang la chitin tranh thuong mai tren thegigi, cugc dai khang hoang qugic re trong nhUng nam 30 ctathong to Ida rang rang nen kinh to the giOi da lien ket- ratchat the yeti nhau. Cac chinh pha co the tranh dugc !caccugc khang hang Men phap thuOng xuyen dua ra nhUngkhuyen khich can thiet nhu tang mile cung tien to hay Mangtang tieu cga chinhGiai quy (Deregulation) fGifli quy la viec xod 116 tat canhUng quy dinh han the dfii yea Float dOng cua cac cOng ty vacac dai 19 nham khuyen khich canh tranh va lam cho nenkinh to ce hieu qua hon. Khi giai quy dux thgc hien, tat cacac nganh cOng nghiep nhu hang khOng, van tai, dich vu buudien dugc phep to quy& dinh cac van de ve gia ca va thitaking, bdt anh hiking cga no doi vcii nguai tieu dung.fd i

PM gia dbng teen (Devaluation) : Khi chinh phu -gift ti giahoi doai 6 mac nao do kheng thay d6i se de clan tdi tinhtrang mat di kha nang gift etudc thuong main mire ctO cao.Khi cac nha dau co Mt dau ban den tren cac thi truOng thugkhai, chinh phn buOc phai can thiep bang can mua vao motmoo den Ion nham gift vtimg ti gia dbng tien. Khi chinh phongiing het trO cho dbng tien quec gia va chap nhan gia tridbng tien that) hon thi chinh phu tuy'en b6 phi) gia dbng tien.Trong chinh sack tha obi ti gia hei doai, chinh phit kittingphiti tuyen be phti gift long bac - dbng tien you se dan dangiam gia.Thu ntiftp giant dUn (Diminishing Returns). Giai doandau qua trinh san xunt hay tieu thing mot mat hang nao dothuong co mitt hoan von (hay thod man) cao hon so vdi alaidoan cuoi. Vi du, mot ngudi dei se khOng mulin mua miengMinh dat that hai hoac that ba nhu mieng banh dau hen.Trong cac xi nghiep, sit dung cac may mot moi thing chiu sutau dOng cila quy luat giam clan thu nhap. Khi nhang maydau tien duck: dua vim san twat, nang suit tang len nhanhch6ng. Nhung khi lap dit them may mac, nang stria van tanglen nhung Muting nhanh nhu truck. Nhu vay, thu nhap to cackhoan dau to mei them van bi giam dan.Lit suet chigt kidu (Discount Rate) : La ti le liii sugtma ngan hang Trung uong thu lei d5i yeti the khoan nq chocac ngan hang va anima tet chitc tai chinh khac vay. Laisugt chiet khgu thuong duet: coi la mitc lei chugn vi satthay dei lei suat nay se cho to met chi dan chinh sac ve xuhudng van Ong tha than tt) thi trueng tin dung. 0 my, ldisuat chiet khgu la ti le lai silk ma cue du oil Lien bangquy Binh obi vdi cac khoan von cho . ngan hang khtic vay.KhOng nen nham thuat nail nay vdi to "Di nOng" (FedFunds) - ti le Di ma cac ngan hang 6 M9 clot nhau dei voithe khoan vay Ming qUa deem.142

Cd tag (Dividend): La sP tin mat tra cho cac co clang chamat cOng ty. Khi men cOng ty thu throe 10i nhuan, hp se chiatra BAR: tiep cho cac Lai cleing hoac 1a dung 'de tai dau tu.Trong ca hal trtiOng hop nay, cac col dong deu co loi. Cac c6tut khOng duoc tra se lam tang them gia tri tai sari cha cOngty via gia tri cua cac cd phieu cfing se tang len Mang ung. Cacco the cling co the 6 ditch dang c6 phieu hay cac chimg khoankhac.Than cOng lao dOng (Division of labor) : thi banthis, neu6i lam Ranh my con ngu6i khiic san xuat n6n". Toanbig nen kinh to hien dai d cac nude cjeu dpa tren nguyen tacphan cOng lao Ong. Bei le khOng mot ai cO kha nang sanmint ra tat ca hang hoa ma ho can mot each cO hien qua, vivay cac cOng vice duoc phan chia cho the lao citing thee the kynring khilc nhau. Phan cOng lao dprig No dam rang mei cOngivie.c se duoc thitc hien mot each ea hieu qua hon.Chi s6 Dao gifin binh quan trong cling nghigp (Dow Jonesindustrial Average) : La chi so binh quart ve giii the co phieucUa 30 cOng ty hang Min tha My. Gia tri binh quan nay lamOt chi so guar' trong nhat vc xu the eith thi trueng chtingkhoan O MST. 30 cOng ty hang rthat trong danh sach "DOW"nay cO di the ding ty IBM, AT vg T, Geueral Motors.Ban pith gifi (Dumping) : La vice ban hang hoa vdi mucvia thap tic]] gia thanh san xuat. Day la mot mdnh khod kinhLinanli cua the cOng ty co the lye nham chiem (Mgt thi trueng.Muc dich tha nO la day cac d6i thu earth tranh ra khOi kinhJoanh, va sail do clot quyen thi trueng tang szia tuj, y.Thu rthfip (Earnings) : Thu nhap eth mot cOng ty chinh litIcii nhian. DO la hien s6 gitia tong doanh thu tril di tong chiphi san xuat. Gia tri thu nhtip cuoi clang dm lai duoc goi laAi time. Doi vdi moi cá nhan, thu nhep la town bb s6 tienugurii (JO dem ve nha - bao gem ea tien.lam ngoai giO va iron:huong.143

Kinh t6 bluing (Econometrics) : Lk mot . b0 mein khoa hocling dung thong ke hoc va hinh hoc de xay dung cac 19thuyet kinh te. Cac nha kinh to luring sit dung nhfeu mO hinhMan pink tap a mO phang cac tinh hoeing thuc to va thilnghiem Anh huOng tac dig khi thay doi cac yeti, to" nhu lai' surit, thus, &Au to len nen kinh tee.Hieu quA kinh to theo quy mO (Economies of scale) : Quymet san xuat tang len gia thanh binh quan se giam. DO clingla 19i the dm quy trinh sari xuat hang Mot. Y tueng ve sin xuathang loot da du9c ding ty o to Ford dp dung Ian clau ties vrioday chuyen -san xuat 6 to Model - Tar MUG gia phai chang. Viecgia tang sail xuat hang boat cho phep nhanh chOng hoan von dauto ban dau va moi don vi sin pham duoc sin xuat co hieu quahon.Don vi teen to chau Au (ECU - European Currency Unit) :COng cleing kinh tee chau Au da duki ra melt don vi Lien tochung de too thuan tien cho viec hach toan tar khoan dm hp.Girl tri cua Song ECU duoc xac Binh bAng gia tri dm tat cacac loci Oen cim cac nuac thin -1h vien COng Bong kinh to chauAu, ti) thing Rang cua Bi tOi dbng Peseta ce.a Tay Ban Nha.s6 co dan (Elasticity) : La mot thutic do ve mete dQthay d6i caa mit nhan to Mu) d6 trong tinh hoeing nhat dinhchotruOc. Vi du, N s6 co dan gia cua nhu cau cho ta biernhu clan doi veii mot san phain nao do se thay cloi bag nhieukhi gia cua san ph6m thay Liar Doi vOi cac mat hang cO he soco dan ve gia can, khach hang se do x0 di mua khi hang di)duoc ban ho - Oa. He so co dan c6 the dude Ai) dung de donhreu yen to kinh to - vi du nhu mire cung hay mac cau,flung thai can bhng (Equilibrium) : Kinh is hoc co diendua tren ly thuyet cho rang town be cac nhan 16 trong menOen kinh to deu eta xu huong dat tOi oink; thai can hang. Kitgirl cna mot san pherm khOng qua cao cling khOnit qua thripta col gin (16 dot toi rrong thai can beinEr vi mite cling barn144

alit eau san pham c16. Turing to nhu vay, khi den cOng - giftOa nhan lye - 6 mOt mac de) hop 11, to cot tien cOng d6 datrang thai can bang. Khi dO, lamphat va that nghiep clang datrang thdi can bang. Trang thai can bang con ten tai den vdi[alit tiet kiem, muc (tau to va cac yen to` kinh to khac.Yen so Hu (Equity) : Von set hau la von duoc quyen du0c0 hem. Cac c6 dung set him tai san trong cOng ty gang nhuhil nha so hau ngOi nha va cac tai san trong nha. Trong bangan den cua cOng ty, myc tai san ghi chep the gia tri can cdhan dm ding ty thuOc ve cac cd demg sau khi da kWh] tra diac khoan no. Gia tri thus tha mOt cOng ty - bang gia tri Man0 tai San caa no trit di the khoan neh - dude goi la von s6au cad cOng ty. .Diang dei la chau Au (Eurodollar) : NguOi My goi n6 IAOng de) la 6 nude nethi. DO 1a dO la dude gia trong cac taihoan clam tat ca the ngan hang nam ngoai nude my. Thuat61 nay cludc dua ra vac) nhang nam 1950, khi the nude aihieu (10 la - dac biet lb Lien XO - m6 the tai khan') 0 LuanMn nham gin the tai san ciaa ho khOi sit kiem soat caa chinhuyen My. Tien tei "Euro" cO the ap dyng ddi vdi bat kg motJai tien ritio dudc luu gia 6 ngoa.i lanh the; quOc gia phatanh ra n6. Deng teen chau Au khOng that thief phai dupe1i 0 chau Au. Deng Frang cba Phap gut trong tai khoan 6anada duck: goi la &Ong Ening chau Au (Euro Francs), citingen Nhat Ban gift tai Fibrig Kong cling gpi la Sing Yen chauu (Euro yen).Thi truing von chau Au (Eurbarkets) : Chi the thi truingtong ed han the nao deli vdi the loci ed phieu, trai phieu va[c fling en tai chinh khac. thi truing nay da bang nd trongim 1970 va 1980 chit yeu la 0 Luan DOn. Thi truing trailieu chain Au (Euro bond markets) chting han da tao raof thi miring yen kheing 10 ctei vdi tat eh cac foal dO la chauu ca nhang the loci tien khtic 6 tai khoan nude ngoai. Thi

truiing vai chat, Au da sem trO nen phi bien hen thi truengtrong nude vi chimg kheng bi rang buQc boi cac han thetrong nude. Them chi cac tap doan cim My cling Wen theyrang ho co the vay Ben 6 thi trueing nay re hon nhieu 6 My.Ty gia h6i duel (Exchange Rate) : Gia tri dm mei &OngOen tren the gidi duec xac dinh bang ti gia heii doai. Tien to -ding nhu bat ky met loaf hang hob nao khac - chi cO gia trikhi mei nguni muen mua ne. Ty gia hei deal cho to biet baonhieu Frang Plinio an met dO la My, hay bac) nhieu de la Mybang met clang bang Anh. -Cue dt.t tra lien bang (Federal Reserve)) Doi \Jai nude Mycue Du tru Lien bang thing vai tre nhu ngan hang trung uongne (pan lyt viec cung ling tien, then hon he thong ngan hang 'el'hoat dOng nhu met nguon cho vay gaol cling. NO kheng phibao cao mOt ai ngoai tre mat ban bao cao hang nam gai chiquec hpi. NO hoat Prig mot each deg lap. Cuc du tra lien hamcO 7 thanh vien va do Tang thong chi dinh.Chinh sach tai khoa (Fiscal Policy) : Chinh sach tai khia cep tali viec su dung cac ()Ilya dinh ve thud va chi tieu CU:Chinh phi de anh hueng den nen kinh Fe. Vi du, chinh phi;th6 tao ra su Ming n6 v5 kinh to bang viec tang chi tieu, nhidO tao them tong an viec lam va numg cao sari xuat.Win bay (Flight Capital) : Van bay chi Sing loaf van CUcac cling clan mot nude chuyen ra nuoc ngoai khi hp so rang liekinh to hay cac chinh sach trong nude c6 the lam St gia se yema hp vat ve. mdi tich ley (Igoe trong nhang nam tat Nguei Li()6 My La tinh lo so mile lam phat cao 6 nude ho nen tim mudela va gel cluing vao cac tai khoan 6 chau Au hay Bac IVnham tninh nhung chinh sach kiein scat trao doi ngoai heThOng tinging met (luau gia clang han the viec chuyen tiennudengoai thi ding kich thich yen bay.Trai phien có lei suit the ntii (FRN - Floating RaNote) : La met dam bao n¢ cO lei suet dupe dieu chinh the14“

ing thoi ky. Phan; tDn ca trai phieu vdi lai suet the not deu;la vao LIBOR - mac lei mat cua ngan hang qu6c Luan)On due ra - de' xac dinh mac lai suet trA cho ngildi gift galNhfeu ngan hang va nha clau to thich su On dinh ve giaA dm trai phieu safe lai suet the bei le khi lai suet thay6i lien toc thi gia cua trai phieu vdi lai suet c6 dinh clanghay ddi rat nhieu, trong khi cid gia cua trai phieu cd lai suethA nal van khi 6n dinh. vUng gia tri vdi nhfing ilaiuat dang phd bien, trai phieu vdi NI suit the nisi thay do)fen lei chit khang thay ddi gia trai phieu.Trao ddi ngoai het (Foreign Exchange) : Trao ddi ngoaiidi la men thi muting cua nhieu loaf tien khac nhati trong neninh to the girth Cac loai tien dude cho nhau ding gidngMu bat ky loai hang hoe nao khac va gia cna &Ong Lien nayluoc sac dinh bang cac loai den khac. VI du mot Ring Frang:hay Sy cO giti tri bang mot so luting nhat dinh clang YenThat Ban, mot de) la New Zealand ea gia tri bang mot Sdwing nao dd ding Mac Dim. Viec trao ddi mua ban ngoaiiii dien ra 24/24 gib in& ngay thaang la tren cac San Mien'an cua ngan hang duoc nee lien NAM cac ngan hang khac tren:hap the gidi bang mang thong tin dien tit.Thi trOng din sh . truck (Forward Markets) : Thi truangtinh trudc duos thanh lap de cho..phep cac nha kinh doanhItioc tra filen mua hang hod hay nhang sang cu tai chinh vaonot ngay trong tuong lai. Vi du mot nang dan trong lila my:6 the lam mot hop Song dat ban trudc vu min MIT sau vdinac giti nam nay. CA nguie mua va nguoi ban deli cam ketdo mac gia On dinh cho tai khi giao hang. KhOng gidng nhu:Cm hop &Ong twang lai duoc sit dung trong thi truong ngoaitfii vdi mac gia ca va thou han c6 dinh, hop deng dat :truck cehe ap dung cho tong mat hang cu the nham dap anp cac nhuiau khac nhau cua cac ddi tic nhu ban hang cna tong ty hay':ac to chilc tai chinh. CAC this trubng dat trade duos sit dung147

dirt vdi nhiq loam hang hod, cac looi Men, gag chting khoancac ding cu tai chinh khdc.NEn kink 4 thi truing to do (Free- Market ECOnornyLa nen kinh te ma moi quyet dinh den do thi truOng duaThi /roiling tonic cac nha San xuat phai dua ra nhung hahen tot vdi gia re den tay nguitf tieu dung. Kinh to thi bathto do &II tap vdi Men kinh to Ice hooch hod trong do nhuqtryetctinh kinh te ke en gin en va san :Mgt (feu do Nha nu:Friedman, Milton : "Hay de cho thi muting quy& dinVcii nhiect co Ming vien tren toan the OM, Milton FriedmanhiLkinh to hoc thuOc truOng doi Mic Chicago da lam dudi-lieu bon Mt ky nimbi Ma de de can nhung pan diemthi-truong to do. Trong hang thap ky "Beic Millie" naykheing nhung keu gpi mil Ong miati dich to do va cho nghiaban tren Loan the gidi. "Tit do Iua chin)" la mite tieu chidot hoc thuyet kinh to Friedman, neu nguei tieu dung duto do tuua nhung gi tot main va nguni san xuat dupe toban hafig 6 dau ho thigh thi the glen nay se la mOt ngOi nnit han cho tat cn mci nguni.Gino dick chuyen Icy (Futures) - Giao dich chuyen kycac hop dung mua Min hang lion hay nhung cOng co tin chiyin mOt gin cCi dinh se dupe chuyen giao va thanh town vmot ngay nheit dinh trong Wong hi. 136i vi thbi gian va ky htuan then nhung hop dung ktuic nhau nen giao Bich chugIcy co theduoc ap dung trong burin ban morn heir Giao dichuyen Icy tai chinh dupe sit dung it ChicagO van nam 19khi nheing nguei men OM nhau ra rang Men vii chtang kho:cum tiding nhu cac hang hoci khnc. Mgt cO the cluiig rounban cho sg.chuyen giao trong Ruing Jai.G7 - cau lac be: cela cac queic gia cOng nghiep 11nhat. G-7 la nhOm can 7 nude c6 nen kinh to thi trudng tokin nhau. Ho gnp git nhau then dinh kV de trao d6i ve nhu14S

Luc tieu, nhang van de chung v3 de' ph6i hOp chink ga.chinh te. Thtinh vien Itia chon cUa nhOm nay bao gom M9,Due, Phap, Anh, Y va Canada. Lanh dao coa ciietcpt&is giau aide thuong gap gO tai hQi nghi thuong dirth teitiehticti cite khu nghi mat sang trong hay tai thU JO cua eactimittOcitinhLy thuyett tilt dial (Game Theory) - Ly thuyet Per chili lanAt mach tiep can tail Icy nang cao khi xem xet phan tick theiin de trong do Nit ca cac mau thutin kE ca chitin valuting mai deli duttc dua vim sit ly. Ly thuyet Pit ehoi nOieng nhat cot chitin tranh la mOt trO choi c6 tong bang khOngc6 nghia la ben nay mat mat bao nhieu thi hen kia thu ctuOcby nhieu va tong gag gift tri mat va dupe bang khOng. Tuyhien (Mien tranh thuong mai en hail qua con xau hon so yetiMen tranh co tang bang khOng heti le tong so dm duct vaMt co th6 la s6 am, keit cue tat en cite ben tham gia'&4 Li binet hai. Khi mOt nuOc dank mat co ht i ban mOt san phamim ich ra thi tatting the gidi thi cc) nghia la ngudi tieu dungnudc Mule can° mat co hOi dupe sit dung hang hod dotGATT Lit "hiep Binh chung ve thue quan va thuong mai".3eneral Agreement on Tariffs and Trade- GATT) dog cacttk buOn ban lOn Pen the gidi hinh thanh ben MO hiOieneva tai Thuy Sy. DO khOng chi la mOt hiep dinh, de lalOt tit chile gitim sat va chi ciao buOn ban Oita the nudeItinh vien cua hip dinh. Muc dish caa GATT la loin beiting rho can trd del vdi thuong mai quoc to se hang hog,ich vu va to tuOng. Cac quite gia khi tranh luan Je thuongtai co the sit dung GATT de thoa thuan mQt gidi phiip, mirthhei cac cube chitin tranh thuong mai ma trong do tat ca cacen dew N ton that chit khOng chi rieng nhUng ngubi tieu Minginh clan.GDP, GNP - Tiing san phim meat nOi (GDP) 4a Wing sanhtim quCic gia (GNP) la chi tieu phan atilt gi5 tri 'king san149

luting cac hoot Ong trong nen kinh to cua mOt nudc. GDPphan anh toan bir) cac hoot dOng san xuht va dich vu nomtrong pham vi mot nudc. GNP bao gbm GDP va cac boatdong kinh doanh 6 nude ngoai cua mOt quec gia nhu xuatkhdu, nhap khdu va cac khoan thu nhap tit nudc ngoai khac.Ca GDP va GNP deu khOng phan anh day du town b0 cachoot Ong kinh te bdi le co nhieu hinh thlic boat dOng dakhOng dude bao cao, nhu hoat dong to thien, tong viec nOitry, khOng duysc tinh den, so huy hoai mOi truang va nan bubnFeu ma tuy. Mac du GDP va GNP chi dua ra udc tinh ve quymO cua mOt nen kinh te, nhung chung la nhfing chi chinhthe nhAt hi'CnHe só no (Gearing)-la tong gia tri cac khoan no cua motcOng ty so vdi vein cd phan cha cOng ty dd. He s6 no clingthuong duilc goi la ty le no. Gifing nhu mot chi& xe dap sficlang dia rang xich trudc Idn hon dia rang xich sau de lamcho xe di nhanh hon, mot cOng ty co the tang no de vein cacco dOng tang len. Nhung no khOng phai la dm troi cho, cOngty co the lam vao kW) khan neu ho khOng tra duoc la' wiltdung thai han. D6i vdi nhieu cOng ty, he s6 no duoc chapnhanla 1:1 - tong s6 no dm cOng ty khOng du0c cao hon giatri cd phan cua cac c6 dong. MIN so nhanh cOng nghiep nhhtdinh dOi khi chap nhan he so no la 2:1 - tong so no gap desigia tri c6 phdn cua cac co' dOng. He so no co the thay del deivei tong nude.Don lust Glass - Steagall (Glass - Steagall). 0 Nhht Ban,Anh va My cac ngan hang thuong mai khOng duoc phep phatharsh va basil ban chi -1g khoan, va ngan hang dau to khOngdoe nhan tien giti va cho vay. So tack biet gift cac hoatdOng cua ngan hang dau to va ngan hhng thuong mai da bat&au to thep k9 30 6 My, not da thOng qua dap lust Glass -Steagall del bao ye nhung khoan 6en gni ngan hank nhe khthibi mat trong viec bufm ban cluing khohn nhieu rid ro. TaiNhht Ban, so tach biet nay da duoc phiip quy hoa bang diet,150

ludt 65. Nhieu Liu& gia 6 chau Au, trii nude Anh, cho rangkh6ng c6 van cte gi khi unit ngan hang Pen hanh ca hai hoatdOng dau to va thuong mai. Cac ngan hang tong hop 6 Phap,Dtic va Thuy Sy cei the thac hien tat ca cac hoat Ong nay.Chile du yang (Golden Parachute) - Do so cOng ty c6 thebi phong ton tai san, bi cam cd do lam an thua 16, cac nhaquan tri tea ding ty dOi khi among linh troll gen ca khoantien luting kheing 16 duOc tido dam va den thuOng cent hp,phOng khi hp bi buoc phai thtdi viec. Hinh anh nay cling gieingnhu chic du OM nguin phi cOng ha dtit an Wan tren dinthan cilia hp - cac nha (man tri khi buQc phai thOi viec thi hpse rOi kh6i cOng ty vOi tien day rip trong tei. Viet.: nay tuy c6lam vita leng cac nha (man tri cOng ty song no buOc cac cdciOng ganh chit' MO hau qua rei ro.Thu tin xanh (Greenmail) - Trong cac cuOc mac ea muaban, din khi rat de lam cho dai the thay ddi y kin neu to denghi cho hp dude hitting mot khoari Tien thuong lOn. Thudsnizii nay de chi viec se dung nheng khuyecn khich \le tai chinh- vi du nhu viec mua lai cac cd phieu vdi gia khienderi the to bey dinh "chdi xau" d6i vOi cOng ty nhu chiemdoat thi truang, Iqi Mc hay tai san... •Giii gia (Hedge) - Gift gin la hanh vi tao ra nheng bienphap thong lai nheng thay ddi that thuong. Gin gia co thehang each mua hoac bap mot thu gi dO !ado ve GEM khakidau to khOng bi sac dOng xau cea thi truang. MOt cd &mg khinghi rang gid c6 phieu se ha thap, se tim each gild gia cdphieu hang viec mua quyen duct uu tien ban, cho phep cd&mg do van ban cluoc cd phieu vai gia cao khi Men thi.trubng chiing khoiin gia ha inning. Nhieu nha clau to gin giahang each mua cac tai san hien -vat nhu brit ("Ong san hoacyang de tranh mat gal khi lam phat.Ngitai giau thuc (High net worth individual) - Nimbi iziauthug la nguiii co rat nhieu tai san thus to va rat it no. Day la151

nhimg khach hang ma nhitu ngan hang mo mac duck: phucvu. Cac ngan hang tren the gidi da nhan ra nhOng 10i the khiho phuc vu cho cac ca nhan giau thnc su va ho dang thanhlap cac boat Mang ngan hang tu nhan tai hau het cac trungtam tai chinh lon. Cac ngan hang da Mo cac dich vu thuantien de" thod man cac nhu cau cua ode khach hang tieu xai lOnnay.Tien ming (hot money) - DO la cac khoan tien gui vaongan hang trong the' gian rat ngan - vi du nhu tien gui quadem. Tien clang gui vao cac ngan hang tren the gidi duciccot nhu khoan clau tu ngan han nham tiro kiem lai suatcao. Cac nhu clau tu thueng set dung hinh them gui tienming vi ho co the gui vao va rirt•ien ra nhanh thong nhamchuydn tien gui vao bat ky ngan hang nao tren the gidi colai suat cao hon - dieu nay khien cho cac chn ngan hang vacac bo truOng tai chinh rat ban tam.Sieu lam phut (Hyperinflation) - D6 la viec gieLca tangngoai su kiem sok, den khi tdi lion 1000% mot nam. Sieu lamphut thubna any ra trong nhane nude gap phai van de kinh tonghiem trong nhu o Dire vao nam 1920 khi chi tieu ngan suchlOn clan tdi tham but Ion, hay 6 chau My La tinh vao 1980 khirdi vao kheing hoeing nO.Chink such thay the nhap khan (import substitution) - lamot chinh such cua chinh phn nhfirn buOc nguoi tieu dungphai su dung cac hang hod va dich vu san auk trong nude.Chinh such nay da duoc thiic thi rat phd then tai cac nuacco nO nsn Mn 6 chau My La tinh vao thap k9 80. Muc tieucua chinh such nay la nham tiet kiem nguon du tru ngoaito quy Mem. Van de luu 9 6 day la nhieu nude khOng thenang cao nang suat, hieu qua san xueit neu hp khOng nhapkhdu may tinh Bien tit hay may keo chAng han, va nhu vaytoan be) nen kinh to plied (Wong dau vdi min khan hiem cactong cu san >mat co hieu qua. Hoat dOng tu do thucing mai152

luOn yap plied cac can tr6 nhu chinh sach thaythe nhap khaubait chi chaiic tieu clang hang Mai hoa, feet qua la cac nude apdung chinh sach nay chi san xuaf ra cac loci hang hod khOngcd kha nang canh tranh tren thi truong the gidi va kheing.fhemO rang xutit khaiu dude.Chinh sach thu nhap (Incomes Policy) la chinh sach kidmsoat lam phat bang cach giam thu nhap Ufa dung ciut ngubitieu dung. De' kidm soat lam phdt, cac nude thuoc thee gidithis ha thudnu sit dung chinh sach nay bang each gram tieu i, chinh sach thu nhap dung cna nhan clan. Did on dinh gia cathuting sit dung cac bien Oat nhu c6 dinh mix luong nham(in dinh thu 0110 MIA dung cna ngubi tieu dung.Lam Oat (Inflation) - la s6 phan tram tang giil trong matnen kinh te, NO thuong duoc do bang chi so gia cac mat hangtieu clang hay chi s6 gia tieu dung (CPI). Nhieu nha nganhang ldn coi lam phat la mOt tai hoa kinh ter lOn nhat tren thegidi va hp tim each chdng lam phat bang moi gia, them chidieu dO ce the clan tdi Ichiang hoang kinh te. Ttit ea moi thanhvien trong nen kinh ter tit nguoi tieu dung, nguei san xuat tdinguoi gia vie huu deu hi thua thiOt bat lam phat.Nguan kinh duanh cd hOi (Insider Trading) - Ngudikinh doanh co hOi trong mOt cOng ty la nhiang nguOi c6thd biet trudc dime tinh trang tai chinh va cac bi matkhac ciaa cOng ty. Nhes biet truOc cac thong tin not b0,hp kiem 10i bang each burin ban cd phidu va cac quyenItta chon mua ban cua cOng ty. 0 mot s6 nude nhu HongCOng, Phap va Thuy.S9, Minh dOng co hei not bia nayklidang duoc coi la met Minh vi pham phap. Nguoi co Maichi la nhang ngudi biert duoc glide cac thong tin ve airingty. "Dern trudc ducat an" ngu y cac nha kinh doanh co Mainoi ta) nay tin hanh cat: kinh doanh dam tien truck khicac nha (tau to nh6 hon bidt duoc co hOi de. Ngay naydo rap lac quoc to manh me. hanh vi kinh doanh co hqi153

du0c coi la bat hop phap tai hall het cac thi truenglOntren theNhting to chile din to (Institutional Investors). °etc tdchile dau to nhu cac cOng ty bao hiem hay cac guy him tri c6hang ti do la, yen, mac va bang de dau tu vao cac thi truongtren the giOi 0 moi then diem. Cac quy& dinh dau tu cea hethuang Ian at &au het cac the dau tu khac tren thi truong thegidi, ke ca cac quyet dinh dau tu eta cac chinh phu. Cac teichile dau tu IOn nheit tren the giOi la cea Nhat vi netkiem tich 1u9 cea Nhat rat cao da cho phep hinh thanh nguenvdn khdng le de dau tu viio cac thi truong tren the gidi.Thj trudng giao dich lien ngan hang (Interbank Market) -Cac khoan tin dung giao dich gifia cac ngan hang vOi nhauthuong chiu lei sued theip hon so vdi Iai suet ngoai thi truong.Mdc lei suet nen bo giaa cac ngan hang thueng duoc se dunglam can cu de xiic dinh lei sued d6i vOi cac khoan tin dungcho ben ngodi vay. Vi du nhu LIBOR (lei suet giao dich nOi150 ceia ngan hang Luan Den dua ra, doe coi nhu mac ledsuet co se de xac dinh lai suet khac tren man the giOi.Lien (loan phat tries qude t6 (International DevelopmentAssociation - IDA) - La mot chi nhanh ciia Ngan hang thegiOi c6 nhiem vu cho die nude ngheo nhat tren the giOi vaytin dung vOi nhang dieu kien Ong rai nhu khOng tinh lei vayva keo dai then gian tra nQ. Nguen to it nghi ten viec den nQddi vOi nhieu khoan cho vay nay. Quji cho vay nay ducic chinhphicceic nude thing gap.Tap does tai chinh qu6c t6 (International FinanceCorporation - IFC) - La met chi nhanh dui Ngan hang theLan c6 nhiem vu cho vay va gap von c6 pheni vao cac cOng tytu nhan tai cac nuOc clang phat trien.Quy tien to qu6c to (International Monetary Fund -IMF). Cac nude mac nQ tren the giOi yap Thai rat nhieuvan .de rat phut tap. Vi vay. Ngan hang the gidi va cac t6154

chac tai chinh quec to khzic chi deng y cho nhung nude macna vay cac khoan tin dung mdi nett cac nude nay chap nhanke Mach kinh to khac khei do Quy tien to quolc to de nghl.Quy tren to quac t€ ditc: thanh lap ciing mot lac vdi Nganhang the gidi nham dieu tier ty gia heti dodi tren the gidi,nhung hien nay duoc coi IA to chfic gift vai toe chn dao trongqua trinh cal each cc eau kinh to cua cac nudc no va cho vaycac khoan tin dung ngan han.Diu to (Investment) - Cac nha kinh to hoc silt dung thuatnail nay a dinh nghia mot hoat citing kinh to dee biet. Muacac fa; san sinh Ipi nhu cac nha may, trang thiet bi, nha . xuemgva phuong lien van tai. Theo nghia nay, dau tu la hoat (longnham tao (long lac cho phat trie'n kinh te.Ngan hang din tu (Investment Bank) - LA nhung Ong chlicite the gidi, cac ngan hang emu too My viz Nhat co nhiernOat hanh mdi cac chang khoan nhu trai phieu, c6 phieu vaban cho cac khach hang va dua vao cac tai khoan dm ho.Float dpng nay duoc coi la hanh vi mao hiem. VI vay, naM1930 my da ban hanh ciao Mat de tech 'wan hang dau tu rakhei ngan hang thuong mai. Chi c6 ngan hang thuong maimei co quyen nhan tin gai va cho vay (xem ciao luat Glass -Steagall). C Anh, ngan hang dau tu dupe goi Ia ngan hangkinh doanh. 0 cac nudc chau Au khac, cac "ngan hang henhop" dupe phep that hien cac ethic nang cua ngan hang dautu va thuong mai. Ngan hang dau tu cang duoc gpi la Tangcac chime khoan.Ban tay vh hinh (Invisible hand) - Thuat nga nay doAdam Smith dua ra vao the k9 mulch tam nham giai thich quatrinh thi trueng to tim ra giai (that co hieu qua nhat nhu therem net) to khOng can thigp vat) thi trudng. Han tay vo NMIcOa thi trueng nga y nOi tei viec hang trieu nguOi lieu clangva nha San >writ to minh guy& dinh die van de mot each hopIV [that trong qua trinh tim kiem Ini nhuan. Mpi ngudi se to155

tim ra cho minh cac quyet dinh thing nhat ma kitting can batky su chi clan nao eua nha nude hay nguoi kha.c.Thuong mai vo hinh (Invisible Trade) - Thuong mai v6hinh bao gom hoat Ong xuat nhap khan, cac dich vu nhudich vu ngan hang, bao hiem, mua ban cac thuong trinhtuyen hay phim anh, thanh toan !Ai suat va di tile cho diekhoan dau to nu& ngoai. Du lich la mot trong nhttng hoatdOng thuong mai v6 hinh quan acing nhat. Mot so qutic gianhu Disc hay Nhat Ban da gap phai thain but trong can canthuong mai v6 hinh trong du lich vi nguni Due va Nhat mangnhfeu tfen ra nudic ngoai khi di du lich.Lien doanh (Joint Venture) - Khi c6 til - hai ding ty tro lending so htiu mot ding ty nao do dupc goi la lien doanh. Decanh tranh, B nhang thi gyring nude ngoai khO khan, nhiduding ty tim krem lien doanh vOi mot ddi tac dia phuong ddtan dung kien thilc va ky narig ve thi truong not dia dm hp.Tien chting khoan (Junk Bonds) - Cde ding ty kheing c6 uytin cao thuring phai phat hanh trai phidu vOi mtic lai suat caonham thu but dupc mot ngutin vein can thidt cho pheu me rOngkinh doanh hay mua lai cac co so khac. Cac trial phidu c6 mucthu Nit dau to thtip hon binh ihudng nay goi la nen chlingkhoan. Czic ngan hang clau to c6 phat hanh trai phieu loin naythining goi china la chi:mg khoan lai cao.Tap dotal gia (Keiretsu) - La ti g6c Nhat Ban tiling ddto he thong c6 t6 eh& mot xich chat the cua mot trip doan gomnhieu tang lOp chi ban buOn va ban le hang hoa then mot machay mot nhan nao db. Hinh thlic tap down gia da cho phdpNhat Ban ngan chart c6 hieu qua vide nhap khdu cac hang hoacaa nude ngoai.Kinh to hoe Keynes (Keynesian Economics). JohnMaynard Keynes, nha kinh to he ngurii Anh, la mot trongnhang nhan vat dr anh hiking On nhat trong then Icy daikhring hoang. Y tuOng cid Keynes de vide sti dung chi tieu156

cilia chiral phu nham thong lai ktrang hoAng kinh to la mottrong nhung ding dap quan trong nhat vao kinh to hochien dal. Kinh td hoc Keynes tin tudng vao vise dieu chinhmac chi tieu (aka chinh phU de kiSm soat nen kinh tg :trong thei ky khiing hoang kinh nha nude phai tang bOichi va chiu dung tham but ngan salch, ngutie lai khi nen kinhis tang trueng qua nhanh thi nha nude phai giam chi ngan -sach va duy -tri boi thu ngan siich. Nhieu chinh tri gin da bithuygt phut mot each de clang befit y Wang tang bOi chi ngansach nhafn thtic tidy nen kinh td, nhung ho lai phan laitilling nay cent Keynes khi ho giam mac chi tieu trong giaiJoan kinh is dang cat canh phat trign.Outing tong Laffer (Laffer Curve) - Diaing tong Laffermo to m6i quan he gifla mint giam thug vii the dp tangtrudng kinh td. Y tudng don Man nay da duoc Ung hp rPng -raj 6 MS-/- trong thdi elan dau ct7a chinh quyen Riaan. Nhieungudi yeu eau chinh phi) giam thus va giai thoat elm ngudiJan khdi ganh Ming thud khoa. Logich van de la giam thudce thin; day tang truth-1g kinh is - tang trudne kinh talJong gap nhidu thud hon. Thy nhien mot dieu ma cac nhakinh td theo phai trong cung khong ngis tdi la aide no cUachinh pith da tang len gap del vao cuOi nhidm ky cUaThi trailing to do than toy (Laissez Faire) - Tilt nguyenwhirl tigng Phalli la "Hay dal ho to lam". Tit nay dung de' chi:hinh sach kl -renu can thidp vao thi trudng cart nha nude.Prong nen kinh thi trudnn thuan tuy, ngudi tieu dung vathe san xuat se tu tim ra cac geld oluip t6i uu phfi hop vdicac chi sld kinh to quan trong (Leading Economicndicators) - La nhung so lieu Mang ke do nha nude cOng b6Male sill dung de hoach dinh cac heat dpng kinh is trongwing lai. Cac chi sic nay bad Om tone mite ban le. san lueng!Orly righieri say (Ming nha b va hoat eking tai chinh.157

Tin thing tint (Letter of Credit) - Trong'hoat dihng thuongmai guide to hen nhap khdu thuong Sit dung tin dung thu de'khang dinh da cb San tien thanh than tra cho hang nhap.Phia cung Cap hang nude ngohi chi b6c hang riding tau khihq nhan du0c thu boo dam do mot ngan hang c6 uy tinchuyen tdi.Mua loi e8 phfin de idem sold Ong ty (Leveraged Buyout)- Mua lai cei phan de' kiem soot cOng ty la viec sh dung tien divay de mua lai mot cOng ty nao dO. Ben nun chi b6 mOtphlin nhe vein cua minh, con lai climg ben di vay mua laimOt doanh nghiep, to tay dm ban quail tri doanh nehiep.Viec mua nay keo theo con slit chierm dung von vac) thap ky80 da khien nhieu nguoi dupe Ica Itin nhu nhung nguOi c6 traiphi6u, nguni gia c6 phieu , cac Ong dal mdi va ca cac nganhang dau tu - cac ngan hang da duoc huOng le phi hoa }longrat Ion tra cho dich vu tu van cilia ho va le phi tra cho viecphat hanh cac tieu chUng khozln duoc (hang de tra cho ngudimua gin no. Chi cO mOt van de' la no nghp co, hp Ohl fhbmoi each de tra tien cho nhang khoan lai vay kh6ng Ib vanhfeu khi hp bi pha San.Tai san no (Liabilities) - Thi sari no la mot khoan no haymot khoan phai thanh town du duck: ghi nhan. Tren bang canddi tai san, miic tai san no nam phia hen phai va nO can d6iNara muc till san c6 nam phia ben trai. Gia tri v6n s6 him dmcac c6 deina la he sO beta tai san co va tai san no. Cac tai sanno hien hanh la so no pha tra trong vOng 12 thong trd xuong.Cac tai san no cO thbi han tra tren 12 thong goi la no dal han.Phunng tien dl thanh Man (Liquidity) - La cac ngu'On tatchinh sari c6 de' thanh town. Trong chinh sack Lien to queicgia, phuong tien de thanh man la du: phuong tien tai chinhma ngilin hang trung wing thu vao hay tung ra thi truOng bento (nhu den mat, trai phieu, Icy phi6u). Trong hang can dentai san cUa cOng ty. phuong tien dC thanh man la mac (10 kha158

nang cua cOng ty ce the kiem duOc tien mat de thanh Mari notha hp. Vi du, cet nhang tai san nao eci the ban lay tien matduoc. Tien di truing chang khoan, trai phial cling la motphuong tien de thanh town vi ngabi to ce the mua ban deBang mot s6 luOng lin cac trai phieu ma khOng anh huangden gia cna chang.Lai suit Lombad (Lombard Rate) - Ca mac lai suit dongtin hang Bundesbank va cac ngan hang chinh ciao. Dem quydinh cho cac khoan vay no th) the chap d6i vat cac ngan hangkhac. Khi vay tien, cac ngan hang thuOng ding ding trai aimchinh phO lam the chap a Ethan duoc lai silk Lombard uudui. Thuat nth( bar ngutin to dia daub Lombardia 6 gun Milan,phia bac nude Y, qua huong cua cac cho ngan hang dau US 6chau Au.Kinh to vi mb (Macroeconomics) - cOn gpi la "Bac tranhtown canh nth kinh te. La mot be men kinh to nghien cau cacyeu to` kinh to tong hop nhu mac tang trueng, ty le that nghiep,lam phut va chi tieu cita chinh phU. Nguoc lai vOi vi mela kinh to vi mb, cOn ggi la The tranh can canh". Nghien eau vehanh vi kinh to tha cac ca nhan va cOng ty.Can bien (Margin) - Phan lan nhfing nha mOi giOi chophep cac khach hang doe in6 tin khoan can hien nham muaduoc nhieu chung khotin hap so Lien hp co. Ngudi mea giii secho cac nha dau tu vay tren mua dig c6 phan hay cOng cutai chinh - va cheing duoc dung lam vat the' chap cho thekhotin ben vay. Nha dau tu cep phai tra lai cho s6 tien da vaykhi gia cita cac chang khoan giam xueing Judi mot mac naocac nth crau tu bate phili be them tien ra hoac ban di cacdoing khoan. Thbi han phai dOng them tien hay cac changkhoan dot: gpi la thOng hho can Hen.Ph5n tick can hien (Marginal Analysis) - La vies nghieneau Minh vi tai thili diem can hien hay hanh vi nit, con nguesi[loth nth cac cOng ty khi hq phai Ilia (thou lam the nag de dat159

dupe nhieu bon tii nhang chi ho dang cO. Vi du nhu u6ngthem mot ngum nude sau khi da an no se chung lam ngonmieng hon. Khi nguoi to cling tieu clang nhieu, tier kiemnhieu, chi tieu hay thu nhiip nhieu thi mile de) ich Ipi dem I5icling gram. Cling gieine nhu cae xu the giam dan gia tri Mule,chi s6 giam dan gia tri tieu dung can hien clanh gia giii tri tieudung se giam nhu the nem khi ben Mang tang len.Thuong ahem (Market maker) - Thuong nhan luOn oatgia mua - ban cho 0191 thu. Tren thi trudng chung khochbuOn ban c6 phieu hay trai phieu 6 My, gia ma nguoi burinbEn trai phieu tra dupe gpi dat gia, girt nay 1116n luOn thaphon so IA gia hp ban ra, gpi la "chao Cac among nhankiem ben nhi) chenh IPch gici mua va. ban.Cac Mac (Karl Marx) - La "cha de elm ehu nghia cOngsari". Cac Mac la nab nhh kinh nha triet hoc ve xahoi hpc ngueb Dim. The phrim chinh dal] tien cilia OngMet ye CNCS la "Tu ban". Trong tac phrim nay, Ong tienJoan su cho chung cha CNTB ve su hinh thanh mot hhth6ng kinh to XHCN dua tren tri6t 13? "lam the() nanghie, hueing theo nhu Quan diem den cue (Ma Ongve CNTB bat nguen tit tinh trong brit cOng nghiem trong6 Anh trong the ky 19. Mac keu gel "met the de chuyenchinh vO Sian" trong ctO giai cap cling nhan se thay thegiai cap to sari th6ng tri. The rang, curie each mang chi)nhung ngithi cling san eta khemg >My ra 6 eac nude cOngnghiep Phuong Tay nhilic da trong dpi, ma no da xayra 6 nude Nga ngheo nan va bi Men clang bOi nhang lhmdung am the de Stalin.Trung binh - Trung diem (Mean, Median) - I-hi thurit ngunay de bi nhAin 15n. Gin tri. hinh (van gpi la bung binh.Trung hinh hang trine cac s6 hang chia cho s6 s6 hang. Trunghinh dupe sU dung de tinh nhieu chi s6 nhu mac thu nheiphinh pan. NO cOn dupe su dung trong nhieu phan tich phtietap va trong nghien cuu su phrin 116 chc gia tri. Trung diem la160

met gia trj trong day s6 d de 50% se so hang theip hon ne va50% s6 s6 hang cao hon no.Chit nghia trong thrtang (Mercantilism) - La mOt chinhsach sU dung thOng du trong can can thuong mai de tich luytai san va quyen luc. Chinh sach nay coi trong xuat khdu honnhap khau. Nen kinh te trong thucing coi trong san )(At hangxuOt kheu hen san xuat hang tieu diing trong nude. Cac nudetheo cha nghia trong thuong - vi du nhu Nhat Ban trong thapIcy SO, cO mug tieu Ling trong nude thap, nhung lai cO ty leMet kiem va Lau to mule to rat coo.Ngan hang thttnng nut' (Merchant Banking) - O My, &nutu thuong mai la viec rigan hang clan tu sa dung Len caa hode dau tu vao cac du an caa khach hang. O My nguei to goicOng ty chUng khoan la nein hang dau tu, con 6 Anh goi lanuan hang thuongWI) nh6t va sat nhap (Mergers and acquisitions) la cacheat thing mua lai, ban di hay sat nhap gag cOng ty vOi nhau.Trong thOp ky 80. t) nhieu ngdon tai trp cho pher) gag cOngty va nhu dau to mua till de Ming cac cling ty hi dinh gietsau de met phan gin) ne rimy: sat nhap vao cac cOng ty khAcva phan kia hi ban cho cac chi dau tu kinh doanh khac.Kinh te" vi ma (Microeconomics) la hp mOn nghien ceiucac hoat thing dm ca nhan va cac ding ty trong mOt nenkinh re. Kinh te vi m0 Jet ngupc vei kinh te vi rn6 nghienciliu ye' cac chinh sach kinh te tang hpp. Kinh vi ma xemxet hhnh vi cua rung nizuoi va tang cOng ty kht xac dinh cacquyet dinh trong cac dieu kien kinh te khAc nhau.Chit nghia tliin 0 (Monetarism) La mOt phuong phapkinh te dm) tren ly luan cho rang viec thay Lei mug cung tiente cO the dupe van dune ct6 [dem seat min: tang oolong kinhte. Cac nhu thee chU nghia Lien to tin rang giam mac cungtier te la hien phap nit nhat de cheing lam phut. Khi teic (.10phut trier kinh td qua can, nedn Ming trung imng chi can161

giam mac cung den te, nhu vay lai xuat se tang len va the dOjihad trien kinh te bi chamTN truing tint' to (Money Market) Thi trueing tien te baogem tat ca cac khoan &au to den ngan han. NO gem cackhoan tien gui qua dem nhu tien gui qua cac ngan hang lienket, ng5n phieu hay gui uy th5c. Trong cac hoat dOng vay vacho vay ngan han nay, tien ducic mua va ban theo muc gincling lai su5t cna ne. Gia cua fien cung nhu tat ca cac loaihang hofi khan hiem kheic, ducc xac dinh theo meic cung tiente.lath ludng teen to cung drug (Money supply). Kheii luOngLien te cung trong . mot quec gia bao gbm nhieu thanhphan khac nhau, to tien xu cho tei tien giay va cac khoan tiengui ti6t kiem tin ngan hang. Khei luting tien to cung eng cheyen bao gem cac !gui tren xu, den giay dung luu therm trenthi treeing va cac khoan den gel ngan hang. Vi du nhu taikhodn giii kheine ky han ce the rut Wen bat cu khi nao can vacluing duet goi tat la Mi. Cac loai tien to khac throe gpi tatla M3 va M4. Vi du nhu den gui cO ky han vii tien detu to duihan.DOc quyen (Monopoly) - DOc quyen Id su kiem soar toanmOt linh yuc san xutit trong nen kinh ter. Mot nha san xueitduy that mot loai san pheim nao de co the loi dung dOcquyen de tang gia khOng him chg. CO rat it nheng (IN quyenthuc su. Cac nha San xuat dau lea thuoc khei OPEC cho ranghp du co dec quyen khi tang gia dau lea kha cao trong thap70, song cac nudc nhap dau da tim kiem cac nguennang luting khac d -6 thay the dau lea. D nhieu nuOc c6 luatchdng dOc quyen han the nhUng anti hueng cila dewquyen.ang ty Moody, va thug ty Standad va Poor (Mondy'sStandard & Poor's) - DO Fa hai cling ty dich vu dank gia ty letin dung len nh5t the giei ce try se dat tai NEW YORK. Ho162

cung cap cac phan tich cap nhat heat (long va tinh hinh taichinh cua cac cOng ty, cac queic gia va cac khach hang vay nomen Wan the' gidi. Bleu tuong chat along tuygt hao cua hi? la"AAA" chi gianh de trao cho cac khach vay no clang tin caynhgit tren the gidi nhu my, Ngan hang the gi6i, C6ng ty dinto IBM va Thuy si.Higp dinh Innu (Itch da phuong ( Mutilateral TradeAgreements) - Khi mot so .ct6i tiic kinh doanh thoa. thuan vdinhau ve mOt chinh such Mau dich chung thudng la theo cacquy Binh cgia higp dinh chung ve thug quan va mau dich(GAAT) thi dieu d6 co nghia rang cac khach hang c6 thechon duoc cac mat hang tot nhat co tren the gidi yea mitc giatot nhat. Mitc dich cua hiep dinh mau dich da phuong lanham b6 cac hang rao thuong mai. Thi trudng chungchat' Au la mot dien hinh thanh cOng nhat tren the gidihip dinh mau dich da phuong.Ging ty xuyen nude gia (Multinationals) - la nhang cOng tyheat dOng O nhieu nude khtic nhau, da fling la the gidi len anla bieu trong cua chi nghia de qutic to ban. Ngay nay caccOng ty xuyen quoc gia lai duoc nhieu nude mai chao de demlai von va cOng viec ma hy can. Vic xogt be hang rgto maudich - vi du nhu Masai thi twang chung chau Au da cho phepdua ra thi trueng mot san pham O nhieu nuOc khiic nhauding mga Mc. Cana ty xuyen pule gia GO Ira the trong vigcsan xuat vh ban san pham d nhieu nude cOng mot IncQuy da phuong (Mutual fund) - Guy da phuong hinhthanh do mua cac c6 phieu cia nhieu cane ty khac nhaunham tranh red ro nCu dau to wan ho von vac) mot Gang ty.Mot khaan trong tong van (Mu to da phuong la nit iva chonco the thay .the 116 trO nhau. Quy da phuong doe dinh giaMt eau trong heat dOng dgiu to qu6c to vi the nha dau to kh6c6 Meal kign tiep can day du cac thOng tin Ve d6i tile dau tova thi truitng mine ngorti.163

TM sin rOng (Net Assets) - la phan tai sari thutic sb hewthuc su cita cOng ty. Tai San rOng la gia tri can lai sau khi dalout nit cac khohn nQ to Ong gia tri tai san hien co nem clingty. Ctic co &mg coi tai san rOng la On so him cha ho trongding ty. hay du0c got la von en plitin dm co dOng.Cae nude men Ong nghi4 hoa (NIC - Newly IndustralizedCountries) - DO la car: nude trong the gidi thii ba da mayman tiep can dupe va gia nhap vho hang ugh cac nude phal•tnen. Brazil, Isathel, Hongkong, Philipin, Singapore, NairPhi, Han Queic, Dai Loan, Thai Lan va Nam Tu la nhungnude clang dau danh sach.bat clang ngfin hang ngoai ngach (Offshore Banking) -cac Hoat dong ngan hang khOng bj rang huoc boi the harthe va (lieu tint ninth! nude. De canh tranh wit cac trung tanngan hang ngoai ngach nhu 0 Bahamas, ()tic trung tam ngeirhang truyen thong nhu 0 NEW YORK da tranh lap cac co sedap ling nhu cat, mn) tai khoan mien thug cha cac khzclhang: Trung tarn ngan hang ngoai ngach )20m London) Luxemberu, Singapore ve Hongkong.Huai d'Ong thi flaking ma (Open Market Operations)Ngan hang trung uong thuring sit dung hoat (long thi truent.-mo de mua va ban chfing khonn. float dQng nay era tardung tat vies kiehn soat mite cung tien to bOi le long tiergni tai cac ngan hang trung thing - vi du nhu quy du trilien bang 0 My - kitting duoc coi la mOt b0 phan curt mil(cung tien tn. nhung khi ser tien nay duoc tong ra de muttrai phieu tren thi truimg me thi mein cung tien to se tanglen. NguQc lai. khi cac nem hang trung acing Min nilphieu ra thu tien mat ve thi mite cling den to giant diCtic trai phieu do ruitin hang trung thing mua ban tree thduring me) thunng la cac loaf cc-mg trai cua chink phO.Td chnc the node zuSt khan din Ina (OPECOrganization of Petroleum Exporting Countries) - cat164

ac 60 ctic nude xuat khriu dau I5a thanh lap nam 1960 nhamnh6i hop chinh sach cha phrin IOn cac nude san xuat clau liltden the gidi. Cueic kluing hotline dau Iua trong thap Icy 70 lah6u qua caw quy6t dinh do OPEC dim ra nham han the san;u5t va nang gilt dau lua. Thiinh vien cilia OPEC Om coArai) Saudi, Iran, frac, Co oet, cac bleu vuong qudc AramVenesuela, Nigieria, Libi, Indonexia, Algelric, Gabonva Equado.Ban ngoai quhy (Over -the - Counter OTC) la cac c6phlau dupe burin ban thong qua mang ludi may tinh dien tochit khOng Ora trong cac so giao dich thing khortn IOn. Cacc6 phial., OTC nay phrin lasn gitanh cho cac cOng ty nhti vi hokheng cO kha nting dap Gng nhu eau khat khe v@ tai chinh dedupe buOn ban qua he theing may tinh dien to nhu NASDAQmy,usm (thi trurine chung khoan ngolii daub mile) 0 Anh,va OTC va TOKYO "khi vim hai" 0 Nh5t.Burin Lai gal) dal (Par) - khi mot mil phiau hay mot edphiau e6 thu nh5p c6 dinh co gilt tri grip dOi gilt tri danhnghia cha Gibing - Nguin to goi la burin ban lai grip dOi (Di100%). D6i vdi phan IOn cac trai phiau lai grip dOi la 1000USD va dal vdi cac eCi phiau c6 thu nh5p c6 dinh la 100USD. Gia tri efla pban Ion trai phiau Nit) mOt cri phieu khOngon dinh 0 mile nay. Khi lai suit tang hay giam, OA the traiphiau clang chioe burin ban vdi mite gilt grip dOi danh nghiaering se tang len hay girun xuang so vdi mite gilt gap dial,nhtbn bao dam elm the trai phieu rid cO the' canh tranh chicleyen cac lo5i trhi phiau khtic tran thi trueng.Theo &au nguni (per capita) - Tiang la tinh et) nghia lamen khdu hoar met nguei. Day lh milt khai niem rat bendung khi so sail') theta cac nude vi tat eh the chi tieu itioc tinhBinh quail thee ifau ngigh. Vi du nguin tt d& sal Iam. khi chorang F3razin Iti nude cd m6n no lOn nhfit the gi di - Thy nhienneu tinh Binh (pan thee dau nguin vdi thin set la I10 triO,165

nguoi thi s6 nO binh quan dau nguesi cua Brazin thap han sovbi Argentina mac del so nO cha Argentina thap han, nhungdan s6 lai thap han nhieu so vdi Brazin.Thu nhhp quite gia dAu nguoi (Per capita GNP) - XemMile Thu nhap qu6c gia crdu nguoi la each tat nhat de danhgia mite giau c6 caa met nude. DO la tong gia tri cac sanph(im va dich vu clia met nude chia binh quan dau nguditrong met nam. VI du, nam 1988, thu nhap queie gia daunguai chit Nhat la 23300 USD/1 ngudi, dm my la 18.500U$D/ nguoi. Mac du mac san neat va dich vu cha My caohon Nhat, song mac binh quan dau ngudi cua NhAt lai caohon.t6 (Perestroika) - Nghia to tieng nga la co cacti lai kinhVito that) kj 80, khi nhhn ra rang nen kinh to Lien X6 hinan quan lieu blip nghet, T6ng hi thu Mikhain Gorbachop dakeu goi eai each kinh to vh goi dO la "co eau lai kinh m actieu 6 day la lam rho nen kinh to c6 hien qua hon bang eachphi tap trung boa nen kinh te. Luc dO mpi nguili cho rangLien xr3 se ehuyen sang nen kinh to thi :runny va thi trueng sequyet dinh phai san xueit va phan pheii cac %pion loi the ado.Dung thutic tri dOc (Poison pill) - La hhnh vi khi met clingty main to bao ve minh cheing lai vier hi mua lai hang eachsit dung cac muu meo tai chinh khien cho cOng ty CO ve nhunil \ho tinh trang tbi te. Vi du nhu tang Talc no kha caokhien cho cOng ty kh6ng hhp dAn ve thi chinh naa. Dungthu6c tri dee thuong thanh cOng trong vier giu cOng ty trongtay nhung nguOi chit g6c, nhung hp c6 the nhan thhy rangvier nay se lai c6 hai tea chinh cOng ty mot each khOng theseta chaa da)C.C6 phigu (Mc hia churl (Preferred Stock) - lh mat c6phhn c6 muc loi tire ce dinh. Tren nhieu phuong diem. c6phieu (Woe lua chon giOng nhu trai phieu cc) muc lai on dinh.C6 phieu duoc Iva chon rung 111 mat loci c6 phieu chinh trenl66

hi truong chang khodn, chi trill viec co phieu nay khOng c6tuyenb6 Olken. Neu cOng ty bi .pha san, c6 dOng c6 cei phiaubloc laa chon se duOc tra vein truck so vOi cac cei (Ring khac.Thi truong sO cap (Primary Market) - khi inch ducic phattanh cac trai phieu va c6 phieu duOc buOn ban tren thi truongo cap tar& tien sau do mch dutIc luu Meng binh thueng nhutac loai chi:mg khoan khac "da qua thit Mach". Thi truong so capioi vei trai phieu ton tai cho tOi khi trai phieu bat &au duOc tradi. Sau dO gal phi& duoc buOn ben tren thi truong thu cap. Thiroong so cap thuelng dien ra ben ngoai thi truong chiing khoan.Lai 5116 t Hu dai (Prime rate) - Lai ark uu dab IA Di suatman hang gianh cho cac khach hang cOng tac tot 414 cgato. Day la met cu chi truyen thong vOi khach vay - "itnao Mem, it huOng". cac khach hang it tin cey khac ctUa ngan:tang se phai Era lai cao hon cho cac khoan vay, mac lai nayIva tren mile lai uu dai. Ctic lai suet khac se giam xueing khiMic lai suet uu dai giamVan gac (principal) - La gia tri ban dau caa vein no (Doc tratong khi ngurti vay tra ha vein get. NguOi vay phai tra lab phangok data tra cho toi khi tra het van geic. Mot sO khoan chozay nhu cho cac nude thuOc the gidi thu ba vay - c6 the khOng:tao gib thu hbi lai dueic vein gOc, vi vay hen cho vay di gang 14ai cang nhileu lai cang Mt.Huy &Nig vein to nhan (Private placement) - Huy dOng'On tu nhan la viec phat hanh c6 phieu hay chi:mg khoan netgia tri nhe. NO khOng ctuoc coi nhu la huy dOng cOngtong. Ngilei to it den hen phai bac) cao ve cac khoan huy dOng/On tu nhan, cac khoan chang khoan nay &A hic khOng ctuocmon ban tren thi tutting mb. Ctic chang khoan nay thudngMot; ban the inch nhOm nhe cac to chnc chat tu."fa nhan hod (Privatization) - Tti nhan hoti la qua trinhtan cac cOng tv thugc quyen sO him cua chinh phn cho tuMan. Viec quOc hau hoti cac cOng ty vi dm nhu xi nehiep san167

xuat thep thuOng lam Om hieu qua san xuat va tieu ton cacngubn tai chinh kin chinh phit. Chinh pha ban al phan the xinghiep queic doanh cho tu nhan khi ho thay rang hieu quasan xuat dm xi nghiep se tang len sau khi tu nhan hod.Nang suit (Productitviy) - Nang suit Id chi so so sanh SanluOng san phgm hay dich tat du0c san xuat vOi the chi phi dauvao nhu lao ding, van hay Tat dai. Nang suit lao dung tanglen khi may mac chime si dung thay the (Jac cling viec lam thilding au& dO. Nang suit lao dOng king tang len nth moi,nguOi lain viec eet hieu qua hon, lam ra nhieu san phgmSac mua Mang . duong (Purchasing power parity - PPP).Gia tri tien to km cac nude khae nhau (bloc the dinh bangeach so sanh site mua cua chUng d6i vdi mot kh6i hiding earhang hod va dich vu utak dinh, gen la so sanh sue mua tuongclueing. Theo each nay, gin ttii nth ciong ben duoc xiic dinhchinh xae hon so vdi viec so sanh ty gia h6i dual. Vi du, tV ginheii &di cho Het 100 yen ftiong duong vdi may dO la My,nhung lai khOng cho ta hied vOi 100 yen ta co the mua duocnhung gi 8 Nhat Ban. Sue mua tuona during la min phuongphdp b6 xung de tinh gift tri chuyen dai dicing Ten gam cac nude.• CO ta (Quota) hay han ngach - la chi tieu ve xuat nhapkhgu mot loai hang hod nao do trong mot thoi gian nhatdinh. Khi Being muein me ciiin thi truing nOi dia cho maudich to do, chinh phu quy dinh han ngach nhdp khan nhamMilo 110 san xueit trong nude - do nhieu R do chua the thrilltranh vdi hang naoni queic. Chinh saki Quota thuong dim taihau qua lam gian silt mite sang clan cu do khema duoc huongthu cac hang hoii co chat !thug.Thaye't k9 vong hop ly (Rational Expectations) Nhieu nhitkinh to hien dai dth tren ly thuyet kV wing hop W cho rangmoi nguei se hank clOmi mOt each hop iy khi ho titnin dudeday du cac Meng tin can thiet. Tuy nhien trail thus to ninthnha san xunt hay [wool tieu clang khOng pith lain luen himh168

dring mot each hop 19. Mat Ichac, cac 19 thuyet kinh te duaOen thuyet k9 vong hap 4; tat chua hotin chink.Hoc thuygt kinh to ctia Rigan (Reaganomics) - chinh sachkinh 're dm Rigan trong thdp k9 80 nham tang tdc ch) tangtruOng kinh to My bang each giam thuS da bi deli thU canhtranh ung Cu vien tong thong Bush goi la eta thuyet kinh tee.Chinh sach nay cho rang viec cat giam thus se han ch6 chilieu cua chinh-phO va nhi) vay nen kinh is se duck: phut hidJo clau to to nhan tang len. Tren thuc thi chinh quyenRiga]) da cat giam cac chi tieu xa hoi, nhung lai tang chi tieuluck phOnd khieh cho no qudc gia cha My tang tai 3 ty d6 la.Gia tri thgc (Real values) - la giti tri duoc dieu chinh lai;au khi da loai tra lam Oat. Trong thrli Icy lam phat, do mixa ca tang nhanh nen rat kho so sash gig tri dank nghia vdiDieu chinh tat ca cac sr)" lieu thong ke dd inai hit lamThat cho phep to co thS so stinh gia trj thuc cud cac loai hangloft giLla cac theiNhting tat san se nhgn (Receivables) - "Dem cua trong6". Tren ban ke" toan tai san, nhung gia tri tai san ma cengy phtli vay mucin van duoc coi la tai san co cua cOng ty:ho hii khi chang du0c thanh loan tra het. Ctic tai san se'Than nay khi tra het no se to) thhnh nhung tai san thuc to:Oa cOng ty.Suy thofit kinh t6 (Recession) - Tinh hang kinh t6 tri treceo dai dugc gui la suy thodi kinh te. Nen kinh to the gich dard thanh mot he thong ngay tang Sing nhat nen suy thoaicinh too huh nude dS ]an sang nude khac. Giam sot cac chiieu kinh temhu teic do xay dung nha cua, hay giam tong ereri hang hod ban le la cac (Du hien (lair tien bd.° trade suyhoai kinh Khi mot nude fOi vao tong suy thodi tramrong, ty le that nghiep tang nhanh va lai suat thudng glum di.Thua thugn mua lai (Repurchase Agreements) - viec muarai phieu Nadi thod thuan ban lai chi:mg vat) mot thtli diem169

nao do sau nay goi IA Thoa Thuan mua lai. Thci han ban lwduoc an dinh truck goi la REPO. Day giting nhu cac khoartien gin ngan han. Khi ngan hang trung uong - vi du - Cut: ch.Mt lien bang 6 My - mu6ti ha lai suit hp mua lai cac Irkphieu tilting qua Thod thuan mua lai treriThi train-1g mO. Viecnay lam tang mtic cung tien te, tren thi trudng va nen nhiethan se lam Iai seat giam. Khi the nha kinh doanh trai .phietnhan thay ngan hang trung wing thuc hien REPO - mua latrai phial - ho du pan lai silk se gia.m xuang, vi vay ho dex6 di mua trai phieu.• Roan no (Rescheduling) - deii vdi cac con no khOng the tringay the khoan no, cac ngan hang dei khi buOc phai hoan tra ntcho ho. Hoan no da tit thanh hien trung phd bin d6i vdi cal(nudc thupc the gieti thu ba vi day la bien phap giop cho ca haben - ben no va ben cho vay - tranh khei tint: trang khOng th(tra ndi no. Neu khOng duoc Hoan no, ben no co the bi pha salva no se khOng duoc tra, cac ngan hang se kheing thu duoc ntva coi de IA viec thua 16 trong heat Ong ngan hang. •Tigt kiem (Savings) - Tiet kiem la mot phan thu nhatkhOng duoc tieu Ming. Vao thap ky Y va Nhat tiekiem tdi 1/3 thu nhap cUa ho, con nguiii My chi het kienduoc 1/2 mac do. Cac khoan Pet kiem thuang duoc chuyerthank v6n dau tu, vi vay nu& nao ce ti le ft& kiem cao se c(tdc do tang truong dai han cao.Tik kiCm va cho vay (Savings and loan - S & L) - Cac t(chile tai chinh cho vay Hen thuOng mua bat Ong san nha nhidm, van phOng. Tien cho vay lay to cac khoan tien gui Tiekiem cUa clan cluing o dia phuong. Viec thu but teen het kiende cho vay da lam vao kheing hoang trong thap ky 80, khi hp sidung cac khoan teen Pet kiem c6 bao darn cho cac nha bud]ban bat dung san lieu linh vay.Chang khofin (Securities) - la met cOng cu tai chinhChang khofin in tren giay been thi men gia tri nao de Ion Mt]170••

is tri to giay in. Trong boat Ong tai chinh qudc tee, chiinghobo bao gum cac c6 phieu, cling trai, trai phieu, s6 tietiem va ca hod don nO. Vi do IOU la mOt to cluing khoanho biet nguOi earn giay nay co mot gia tri tai san nao d6,Cuing la tien. Cluing khoan- co gia tri chUng nao ngurii muahung khoan con tin rang re Chang khoan se ducic thanhian dung vcii gia tri ghi tren chi Tit thap kg 80, cac ngan'ang bat clau Chang khoan hod phan kin cac tai san caa ho,5 nghia rang fat ca cac khoan cho vay va the chap deu du0chuyen thanh Chung khoan co the ducic mua ban va damhan tren thi truing (pole te.Ban de. tranh [ha eo hdi (Short selling) - Tai nhieu thi-u6ng, cac nha clau to ducic phep ban cac cgi phigu hayhdng khoan khOng thuric so him elm ho neu ho dursc dieing 9hdn tra lai cac di phieu nay vac) mOt thei diem nao chi sauay. Day goi Id Ban chiu. rigurii ban chiu co the ninon tamac c6 phieu dd ban va mua tra lai trong Prong lai. Khi dooan co phieu se sat gig, car nha dau to se ban co phieu der-anti ilia co NO va by vong se mua co phieu voi gia ha sauay de tra lai.Adam Smith (Smith, Adam) - La cha de cad kinh to hocien dai. Ong la ngurii Scotian c6 cfau 6c tien tien vao the kg9 va tin truing rang thi truing co the to hoan thien. Ong daua ra cac khai niem nhu " ban tay vO hinh"va "phan cling laoOng" de m6 to hoat thing dm nen kinh te thi truing to do.'rung tag phdm "Su giau en dm the guile gia", Ong da ddten tang cho he thing kinh to ban. Ten dm Ong da ducteat cho mot chuong trinh truyen hinh cOng cOng ve kinh to49 Ere to king nguOng m0 dui IA noel sang lap vi dai caainh to hoc hien dai.Cha nghia xa hdi (Socialism) - Thuat ng.0 CNXH throeanu de chi ni:mg he thing kinh te. - chinh tri nham muc tieuhan cOng hang tai san xa hoi. CO nhieu nude theowing XHCN thi truing nho Phap, Tay ban nha, Thuy. diem .171

Cac nude thueic khOi Lien xO theo du6i nen kinh to ke hoarhod tap trung cang la cac nudc theo CNXH. Thuat ngCNXH thuong bi Ian gida he thOng kinh to XHCN vdi nlnudc XHCN. Ngued My da nham Ian khi danh Jong CNXvdi chd nghia tong sari. Nhieu nudc to ban theo nen kinhthi truang to do lai do cac chinh phu xa hoi chu nghia lardao. Vi du, nu& Philp la mOt nudc to ban rat lich thiep vi Iludn bd phieu bau cho chinh phu xa hoi cha nghia.Quyhn rot ten dac bitt (Special. Drawing Right - SDRla mOt quyen sit dung cac chi:Eng chi thanh toan do quy denqudc to IMF dua ra nham b6 xung cho yang va the loai ofnhu do la My hay Mdc caa Dim trong thanh toan qu6c INhieu nudc da bat dau set dung chUng chi thanh toan nay nldu try ngoai to thay cho Ming dO Ia. Cac tat san va no ciNgan hang the gidi va quy then to the gidi dime quy dciiSDR de tranh nit Ian vdi cac loai den cua cac nude. SDclang dudc mua ban nhu cac loai tien khac. Gia tri dm chicchi nay duoc xac dinh tren gia tri dm 16 chong then chinh tothe gidi nhu dO la (My), yen (Nhat), mac (Due).Dau co (speculation)- cac .nha dau co hoat dOng tren Itruing hang hod va tien to nham muc dich don gilt la kietien. Tren thi truing queic to co ba loai hinh hoat dingnheing ngued dau co, nheng ngudi buOn ban ngoai to debao toan von va ngudi buOn chilng khoan. Cac Ma dauhoat dOng theo phuong cham - tim ra va budn ban nhengngudi khac child bietMua tra ngay (Spot Market) - la cac hoat dung mua btrao hang va tra ben ngay theo gia du dinh. Ngudc lai, mtra cham cho phep nhan hang hay tra Lien sau vdi meic giathe thay den.Lam phfit va dinh tre (Stagflation) - Kinh to dinh trelam phat cd the xay ra ding mOt luc khi tinh trans tri trelam vao lam phat. Hien tuond nay hiem khi xay ra bdi vi172

hat thuang la bie'u hien cna su being n6 kinh M va khi kinhdinh tre thi M le lam phat luOn giam xating. Tuy nhien, dOihi tinh trang tri tre )(au MI not nen kinh Mkhemg the phucof ngay ca khi co the thay dei Idn ye chinh sach kinh tdtam chi ap dung tang cuang lam phat gang khOng lam chois ea tang len.C6 phieu (Stock) - C6 phieu la quyen so hau trong mat5ng ty. Quyen so him nay duoc xatc dinh bang c6 phan. C6Ong hay can gin la chn co phan hay nguat mua c6 phan, hp5 quyen d6i vet cac loi nhuan va tai san cid ding ty. Cac coOng thue ban quan ly de (lieu hanh cOng ty, loi nhuan thuLI® dung de tai clau to nham tang gia tri c6 phan cua cac ceiOng hoac de tra di Etc cho cac c6 dOng. Thuat ngU cd phidutong tiring anh can c6 nghia nhang inn có trong kho.Win di phan hay van sa Min dm the c6 demgstockholder's Equity) - Do la von c6 phan caa cac c6 phieu,gia tri tai san dui cOng ty mit di tai san no dm ho. Toan beti san con lai sau khi ma town 150 no la van c6 phan (hay soau) cita cac c6 dOng. Tong van co Oki (hay van so hau)ay can duoc gpi la gia tri tai sanrang cua cOng ty.To cap (Subsidy) - la khoan tien nha nuOc cap cho cacoanh nghiep nham cho phep cac doanh nghidp nay c6 thetranh yeti cac san pharn dia nude ngoai. Phan Ion cac hinhInc tro cap bi chi midi vi tinh ch5t ban thuang khang c6 hieuua cua net. Vi du, tro cap nein nghiep thuang can tOi sll dungto dOng va dat dai kern hieu qua o nhieu nude. Cac nganh cOngghiep ctuoc nha nude bao trO - vi du nhu luyen kim, san xuat- deu phu thuoc vho cac lchoan tro cap mei co the' duy trioat thing duoc.Kinh to the() chn thuyei cung (Supply side) - Kinh to theohu thuydt cung cua tren quan diem cho rang cac nha sanuat ca kha rang thim chly tang tiding kinh to tat han so vdihit nude neu ho cluOc mien Om thud va giant bat su can178

thiep cua nha nudc. '‘11 tuOng chinh d day 1a khi nha san xuatang euong san 'mat, ho se thud them nhan cOng. Nhan conduoc tra tong nhieu hon va ho se tang mile tieu clang lerDoi ngu0c vdi kinh to theo thaya cung la kinh to theo chthuyet tail cho rang nha nude an tang chi ngan sach de kicthich phat men kinh te.Du thtla (hay thing du) (Surplus). Du [him la Liman c i duekhi dau vao- Ion hon dau ra. Vi du du thim thuong mai la khi gitri 'mat khdu cao hon gia tri nhap khdu. Du thiia ngan sach 1khi mitt thu ngan sach Idn hon mile chi ngan sach.I4i ich song phuong (Synergy) - "Anh gai lung toi, tOi g.lung anh". I4i ich song phuong la so ket hop the ky nang dcling co 10i.Trong thuong mai, loi ich song phuong Oat duoc deii vdiich kinh toan eau khi mai nude deli xuat khau cac san pit&ma ho co loi the so sanh cao. Loi ich song phuong cho phep m.nude &Cu co loi khi trao deli san phain dm hid vdi cac nude khaThin tinh (Takeover) - Them tinh mOt cOng ty la vakiem soat di] di phan a kheing the cOng ty de. - Vi du, eidau co cluing khoan co the vay s6 tin Idn de muaphan cua •thc ding ty co tinh trang tai chinh tat va tai sandanh gia thap. Sau khi gianh duoc qufen kiem soat cOngho tin hanh t6 chtic lai cOng...ty va ban di nhung tai san daanti gia than de tra den no da vay de mua co phan truem dTit sin hiu hinh ring (Tangible net worth) - la mot cadanh gia tai san trong cOng tac ke man. Gia tri tai san cOngduoc danh gia bang each xac dinh gia tri the bat .dOng san,san va no Mix co eaa cOng ty. Cac tai san vo hinh cua cOngnhu uy tin, nhan hang thuong mai, ten goi khOng dugs dua vlbang can d61 vdi tai saw huu hinh cua cane ty. Ten nhan dingIA tai san ve hinh vi nO co the duoc mua ban, nhung no khOthe hien bang the tai San co the nhu cOng so, may mac.174

Bit thud nizOp khtitt (Tariffs) - Bidu thug nhep khdu nhua hang rao thau dich de han the hang nhep lehau to cac nudechat vao. Mac du nhieu chinh phi] tuyen . be theo duos mucieu tu do thudng mai, nhung the tong - ty not dia thuonghuyet phut chinh phis bAo h0 hang not dia, thong 1a1 viecihep hang re va co chAt long cao hdn to nudc ngoai. Hangao thud. quan cho phep cac nha san xuat not .dia tieu thu'sloe san phdm tha ho ma khOng 61 hang ngoai re han canhranh. Tuy vay, chinh nguOi tieu dung lai bi thiet thee do buOcthat mua hang not dia vOi gia cao.Noi frank thud (Tax haven) - chi cac queic gia - thuong laac guide dais c6 it co so cOng nghiep dia phuong - kheinglanh thud thu nhap va loi the hoac danhthue rat chap. NhieuOng ty muen dan tu vao cac nudc nay nhu Bahamas hay daoayman - nham tranh khee Oat Mop thud` loi nhuen.Thi gioi this ba (Third World) - The gidi this ba bao gamac nudc ngheo va cac nude dang phat trim. Mth s6 nudehuOc the gidi this ba des dat mac ghat trien cao goi la cacude tong nghiep mei (NIC) va gia nhep nhOm cac nu6cOng nghiep phsit tridn. Cac nudc dm lai dang vat lOn deang cao san sat nham bao them cho dean dang tang lenua ho doe huOng su phbn vinh kinh to toi thidu. Cac nudcua ngheo va co tee do phat tridn rat thap des lac duoc goi laac nudc thuOc the gidi the tu.Can can rndu dich (Trade balance) - Can can meu dichas mot so nude it khi can bang. Can can mess dich la tongis trt that nhep khau hang hod, chua tinh tdi the khoanlanh toan dich vu va dais tu. Xuat nhep khdu, dich vu vaau tu gop lai gth la can dei tai khoan hien hanh.Ty le thdt nghkp (unemployment) - la ty le nguOi dang 0 00ire lao dOng khOng c6 viec lam. MOt se thong ke chi tinh setim viec lam la that nghiep, cac thong ke khae lai tinh cai ngoai hien chua lam viec. Nhieu nha kinh to coi that nghiep175

lam tang canh tranh vide lam, Om ap luc dei tang luong valcidm scat tluctgklam Oat.Han chd m -Ou (Itchy chin [tong (unilateral traderestrictions) - la chinh sach hang rao thud quan nha the docap cOta, danh thug nhhp do mot nude dua ra khOngsu thcia thuan [rude vdi cac ban hang dm hp. Nham tradila, CC; nude khac cling hp dung bin phiip han chd mhudich va tinh trang nay se clan tdi chitin tranh flicking mai. Caccluic nhu GATT (khdp dinh chung ve thud quan va mhudich) da co gang keu gpi cac nude tren thd gidi dat duck: cachidp dinh mOu dich da phuong nham tang cueng buOn banqueic td va nang cao kinh td town can.Thud gia tri gia tang (Value Added Tax - VAT) - la locithug tinh theo tang ding doan sari ?whit. Qua mai cOng (loansan such, gia tri caa san phdm duck: tang Idn va mac thud sedank tren gia tri san philm tang them do. Nguoc lai , thuddoanh thu clanh tren tong doanh thu ban hang va dp nguOitieu - clang phai tra. Thud gal tri gia tang do cac ben tham giasan xuat tra. VAT dupe ap dung cha ydu it cac nude cOngnghidp pith tridn nham diet, twa giinh nang ve thud giaa. nguOi san that va nguOi tieu clang.Quay suing (Velocity)- Day la thuht nga cua cac nha kinhtd dung dd mO to hoat thing kinh td lien quan toi mac cungtren td -"quay \Jiang tier) td". Mat nuOc dat thng san phhimqueic clan kin vdi mac cung tren td thhip dupe coi la nen kinhtd co lac di) quay vOng cao.V6ndOu ut moo hiem (Venture Capital) - la von clau tu vaocac nganh co tiem nang phat tridn cao. Chic cOng ty mei thanhIiip moon co tOc do philt tridn cao thuOng phai tin) the nguanvon clau tu mao hidm hay the nha clau tu cho vay the khoan tindung can thiett de dau tu vao cac du an co tinh mao hidm cao.Sa bin dOng (Volatility) - la su thay &Si vd gin ca hay thetham so khhc trong mOt giai Joan nat.) de. Mac bidn dOngbao gbm ca quy mi) va tan sugt bidn dOng. Vi du. gia c6phidu thay deli len swing that thuiing dupe gpi la su bidn176

done Inn yeMac hien deng;g4a,g6.,:phteru, traiphieu, gia ha g boa bay cac chi so khac la mgt nhan tfi cidxacdinh gal dm chung. Vi du, cac nha dau tu ed (Wan mainthu (Moe lOi nho dart tu van eau có phan c6 su bidn dOng.Lacing - gia leo thang (wage-price spiral) - l0ong - gialeo thang la toe de tang lam Oat can do lam van \kinglutin qutin : tang luring ken theo tang gin via tang gilt laiken theo tang luring. GiCing nhu cau chuyen gat cO trunchay trUng có truce, rat kho xac dinh nguyen nhan lam Oatdo tang luring hay do tang gin truck. Tim giai phap thoatkhoi Ong tang giii luting lai Gang khO honGiay ha° darn (warrant)- la gigy trao quyen cho khzichhang mua chi phan cua mot cong ty chhng han. Gigy bhodim) trong luht cha phuong Tay cho phep tho san eh quyenbat tOi phan clang hi truy nii. Gigy hao dam ye yang chophep khilch hang mua mot Mon yang nhat dinh vOi gia nhtitdinh. Nhieu quyen Mu dam duoc hp dung tren thi truingchung khoiin cho phep khach hang ca thg mua co' phieu vdieta uu dai. Cletc gifiy bao clam duoc phiit hanh met each rienghiet va doe dung khi mua yang, nunai to hay co phan vliphial hanh mot each han che. Nguoc Ipi, chfing chi ye quyenAloe uu tien mua ban citiOc phat Muth then nhu can.Thu6 khtlu trii (withholding tax) - la hint[ thtic thu thug thunhap to tien cOng truck khi tra cOng cha vein Mu tu. 0 nhieutube, loi tub eel phan ya lai xuat trai phidu phai chlu thud khauno cho phep nha nude thu duoc thud truce khi tien chui vanui cac nha dau tu.Loi the (Yield)- la khoan thu nhap tit vein chlu tu ha raduoc tinh then ts, le philn tram. TITO, phtv,j(kniim,9 le loi titc...th 8% nghia la khitch hang se duos tra lai{ cntnam cho den het Icy han 10 Min. TV le loi tile hang clama chi sot de so shrill cac khohn dau tu c6 !hi xuat, thei han vaMk dau tu khiic nhau. TV le loi tile hang nam duoc ap clungloii vai Mu het cac khohn dau tu tren the gidi.177

2000f kh6 14,5 x 20,5.Tai NM in Trilling DO McT6ng hop HaSo sullt bern : 54/NXBTIC.In song n4p lieu chigu acing 5nam 1995.