HỌC VIỆN HÀNH CHÍNH
VĂN PHÒNG ĐẠI DIỆN TẠI MIỀN TRUNG

TIỂU LUẬN
MÔN: NGÂN HÀNG THƯƠNG MẠI
Sự phối hợp điều hành các công cụ chính sách tiền tệ thực hiện mục tiêu
kiểm soát lạm phát và tác động đến hoạt động kinh doanh của NHTM
những vấn đề lý luận và thực tiễn hiện nay ở Việt Nam.
GVHD: PGS. TS. Nguyễn Đắc Hưng
Học viên: Lâm Thái Bảo Ngọc
Lớp CH TCNH 04C
Huế, 5/2012.
MỤC LỤC
 
 
 
 
 
 
!" 
#$%&"'%'&( 
)*+, 
)*&  
)/-0& 
)) 
1)2+0 #
3)+0 #
%4 #
-5( #
6%789/4 :
/4;$%'9%(%<% :

;B48@4+I6%<T%1%_-*"
^%<TG9;-8?4(%84+H;BNE
%\`1%_C^%<TG9;B4(%
8?(<T%9*
I.1.2 Các loại lạm phát
a. Lạm phát thấp
=C<%C%8@E-BM%%aZ#-H)<@Z*(MB
M
b. Lạm phát cao (Lạm phát phi mã)
=C<%C%8@E-BM%%(%8bLE
BM<T%-<F%[9\<%8c"O
$89*H<@&G aH+Hd(%%4+
H?(<T%-4Y-Eb8@(%L%M-*DY

$^%^-<F)&(^(%T%)9e%'&(
L%H)%+H%"([%I(%EY-d\-]%4e?%
\"[%<Tf%L<F%4EG8a-;%)?9%
%9&=[%<Td2<@%/(L9%d\-B%Y89&G%J
)7%89%b%-G9<%%)?d
%(?@89/g&;Y
c. Siêu lạm phát
!"9h+Gh\B^(%%YM%
d%+4%(?6%d-?%_/284"-<F
.N=B-?%_.-G84")9+H%<<T
=ij%-<(9C9%%aAZk("%_9C#
%9&^%YM%%-6 
I.1.3 Nguyên nhân gây ra lạm phát
a. Lạm phát do cầu kéo
H[1&1(K%H.%*.%%C9)7%
-B%\^e(I(%+-d\;%_4%Y/(K%)

(%<%6%(1&"*;9<@ +H<F%4(%<
6%M%"9%&"'%'&(
9&%&"'9)<F%4(%4+HN4\
8<FNC7;d\%_98<FN+YM%%C%%(?;4
+HrdG)%'9%(%<%<6%<F%4N@(%4+
HK%%87?(<T%&/4@p%<F%4
<6%N@\8/)7(%&d4ZZ(\^D")s%1
-d9M%(@12BtD%H)c@M%%("?(<T%\
89)-dC,M%"
h. Lạm phát đẻ ra lạm phát
&d\'8@)D/)&-d9')D(L\%
M%"%<T)'D-\D&%_9-]%4+6%.-?^%Ye
M%"')D(L-0&")s%.%*("
.%%9%de9%("+H+//%"\a-d%'&(

I.2 Công cụ và chính sách tiền tệ
I.2.1 Chính sách tiền tệ của Ngân hàng trung ương
a. Khái niệm
/49B(%E/+H8_69%'9%
(%<%6%N6%789/;^D8+G\
-4H+E<F%4%C%K--<F7"+H2B;-
<@(%a%T+u-?
OM%&%Y%844-4)%'9%(%<%N&H-?
I(%(<T%F%844M%"\+HNY-*"9%Y2E%q
%Y2E%e9%M%+Y"%]-*<\")s%
892+0\N-d.%*M%"e9%M%Y<F%8989$%<F
\+4+H(GNd%\%844Y%Y-\("?
(<T%4M%"\a-d9%Y";4+H\.%*%Y\4
+H(+p^(%(GNd%
b. Mục tiêu của chính sách tiền tệ

I.2.3 Các nội dung của chính sách tiền tệ
v//)7%
v/NY%E
v/-E8@%'9<@
II. Nhận thức và thực trạng về sự phối hợp điều hành các công cụ chính sách tiền
tệ thực hiện mục tiêu kiểm soát lạm phát và tác động đến hoạt động kinh doanh
của ngân hàng thương mại
II.1 Thực trạng của việc sử dụng các công cụ của chính sách tiền tệ nhằm kiểm
soát lạm phát những năm qua ở Việt Nam.
II.1.1 Dự trữ bắt buộc
I-4:Aj%'9%9<@-N&-?}$%'9%9<@
N&-?z)D(LQB/CZk89C#Ak("9B
4%J.C/)7%~I(%(<T%F*HB-]%NY(?%'
9%9<@N&H-?M%z)D(L("C#Ak89%'9%9<@(Y
CM%-dI("DH6%79&-<FQ-*J)7%aEMWVW8@
.%E4%'9%<%Y+%J"-HZZz-]%\M
WWZ9#ARz-]%89M8c-<FD1CZk/("E
4%J89%'9%
>*MWW:\%'9%9<@-dN&-?.%•z)D(LQ
B-E8@4%J+6%+u9#k\-E8@4%J9Uk<%
g%9-G9BT%)9\b)s-(YN4T+u+
1;(<%y^Qb\y^@p%K+G!D.-?
<8&d"(K%-'&9%--*J)7%6%79&"%'9%9
<@<-4+GdB1^^46H-B%\
<D-*&-;8(`-4+G+E<F%4<6%HBE/
)7%;%'9%<%<CM%8Ed;6%79&
I&"\aMZZV-H&\%'9%9<@-J)7%6%7)D
(LQBK7"%d*-49/4(%a%T+u
89---<FBE+HNY-?(%8+G<@
II.1.2 Tái chiết khấu

%'9%9<@O$-<F•EB<@SlS$O$+dZ+u
[C6%NN&-?}$%'9%9<@D%87?(<T%
6%N8/H+\C%f4%J\/H%'9%
9<@89%&Td%%Q+("?(<T%4-GD
/4NE%~
IaMWWR\O$-dL%-F-B%;?(<T%-
*/H+\%"%'9%I(%-dMWWR9W-F\M
WWU9#A-F-*(H\+E<F%(y%*9W\Az-]%(%-d
6%&YGVVz-]%\.C/)7%ZV:\Az-]%
>49&&8EK(%-?H9/`+4<%8&
d4(;(-?H9/N&(/H+-G-YY
989E%‚I&")?(<T%-*f/H+d+u
BM"+6%(6%74-Gy-0&D(-T;-B%?
(<T%;%'9%9<@$MWWV\%'9%9<@EF8@ƒB
I9/H79<T%2&"(H+\E)<(H-H
E%W„WWV9#:UV\Uz-]%
II.1.4 Lãi suất
I(<@MWW#\E%%'9%O$9E%%'9%B
\84Dd9BB;%'9%9<@=EN;%'
9%8@+H%9NE)898@)'y%9H%'9
<@'7\%'9%9"4-Gs-Q)%
9<@H8E^%'9%948&/)7%O^8&)c@
(*([%-H#EI%#„WVV-)<@%bY(%/
4O$K%$%?-?A#89%A„WWZ989%j
84%'9%$%'9%9<@\%'9%F2/)7%896%&9
/!D^9E%%'9%s%8@8)7%/
-%d*(Y898+4HL%M-d
Ia%L%#„WVW--<4%JH+"fE
9%%I%89%„WVWfE%fM%U\:k89:\k
<%4%JH+d+u#%89+6%d+u--<F

L%+HNYC%p6%79&sF8@-4+7G;<@
$MWW\C)D+HM%(<%+H9:\Ak\fE)D+H9
#Zk„M$%'9%9<@-+E%HC/)7%-E8@Y
E%%'9%9<@C#:\AkHNYDHM-d\CM%(<%
+HM%%*8@)D+H\C9U\Ak\4-)*89.
-?I"1fE-d\%'9%9<@g%f-<"489
<6%C#kC)D+H M\%'9%9<@g%
-496%79&1<%C<%D89-d)7%E
I&"EMWWA)C/)7%-d%'9%a
ZZZz %\%J%'9%(%<%<%\k"%'&‚O^8&8
2-?C/)7%9(*H-5D7"E%O
-496%79&fdNY+E%%'9%<%d8E-*
<;9<@`H_*@?(<T%4\-]%TdDEF
be%L6%7/)7%\?(<T%E-\ \s%
9/+
II.2 Giải pháp hoàn thiện chính sách tiền tệ trong việc kiểm soát lạm phát và
nâng cao hiệu quả hoạt động của ngân hàng thương mại
>G9/4y%YH96%7;
/4g%<EF-496%7-d
II.2.1 Dự trữ bắt buộc
6%7)D(LQBd<-G@(%8+G%49d
dG-B%-HY%'9%<89d)7%-*&N&4D-H
%C%4I&8&\+9)D(LQB+6%-<F(Y\y%<%
-<%8@B+YH89dG)c@^(%(%%dSL\
)D(LQBH/4)5\bL%& @89<T%2&"C
)D(Lg%e%'&"‚89.%'9%<%$<%
(<@^(%<&\*8E;4+H8c+@\
&"+YM%&-B%8EH\8%Yz)D(LQB(%
%-9&e‚(F"%]8E.C/)7%8&4+H
b+D%M%.%<%89zC+G

%'9%"(B%^CH+C%ad%-GF
89Y-YF/+9%
$"2-?CH+K%8@8&-<F/K%/
%'9%B%8@F;C%ad%\<%E-+6%8<F
NC4;8&%Q
=b+\%'9%(%<%*-?(‡88)7%/89
6%7H+\H+\d<8&C+//82
<%H\+uH89/y%9,%'9%9
<@8)7%6%7H+89H+L-GD
/4
II.2.3 Hoạt động thị trường mở
O4bg%<(%DH\?(<T%9B6%7N
([%-4H+E<F%4(%<6%89"N(DH-E
8@H94;%'9%(%<%I(%-4+<@
&*-<6%7?(<T%89-B%89M%<T%J)7%6%7
9&I&"-H&&-4+-G-<?(<T%89-B%
`</]I(<@H\88)7%6%7?(<T%-`p(<@
Q+6%f-E8@/H+9%&Y8@(H+89
C%f-*<;9<@\*Y91<%C-*6%
N-B%;%'9%9<@89%'9%<%\(%-dM%
<T%8(`;%'9%9<@(%894-G(H
/;89-dD(H/;8@%'9%
<%89.C+H1/?(<T%
=b+\*•
vƒ9/CN&H-B%?(<%sF8@
vI9f-?(<%
v$%'9%9<@9/H%'9%9<@<T%2&"\
-?+u8@T%Q
vS9E%s(a-G%'9%H9%
)?%Q\(G%878&<Fy-0&?(<T%"%'9%

2J-]%B(%NsF/8^8&-4f-]%
O$*--68@8N&-?/F-E8@8N&-?
/F-E8@4%JK%‰!P-G&E-8(`;6%7
(%8-49/4
Id\-4fsF8@)ˆH+H897"
/9B6%<T%;/;89%'9%9<@
(%T%@\)<@Df-;/;s%8@/
+\%'9%9<@eH7D/sF
8@^^89)ˆH+HKD7".-?489
(G+H;>Y%899<@(%a%T+u
II.2.5 Hạn mức tín dụng
I(%4+H?(<T%\-B%/)7%-d%8(`-4H<T%
2&"-E8@8%YN&HEN%LM%(<%+H89PD
898(B%/)7%%<TdG--HD(B%Y2+)89
-*<2'&)D%Y$%<FŠ/)7%9B(%L%C
N([%-GHDM%(<%+HN89D%M%;
O^8&6%7C/)7%d%_N([%8982-?C/
)7%9(*H-GD7"E%!%dg%%'&+d
+M%'9%<%8^H*dL%%Y‚(FHE-G9
%Y@L%+d+M%'9%<%
v$%'9%<%E+)-<FE\&-B%-<F48E
(%)'<"<@%%'9%<%fdG-<F
/H%'9%9<@+a8E$<8&'%-<F/M%
-B%\%8^d%Q8@F/(DH;a8E
v/;"%%'9%<%&-B%&+
891;-?;/;84C&-B%89-YY+)
!E&-B%-<F1f-?e&G%+-G-C%&"*
";/;
IDEL%%Y("8a-YYE%8a%y
%'9%<%-B%dNY