Bài toán giảm lãi suất để tăng tín dụng: Giải thế nào?

NGHIEN CQU - TRAO DO!

«"? - « Bai toan giam lai suat tie tang tin dung:

^jAl thA ifLCLO^ 1

Sau khung hoang tai chinh va suy thoai kinh te toan cau 2009, sue if cua

nen kinh te nuoc ta van bieu hien tinh trang khong can ddi ve co cau hang hda,

dich vu cung nhu co cau xuat - nhap khau va dac biet la lai suat ndi te cdn rat

cao ngay sau khi xda bd co che hd trg 4%. Sau 4 thang dau nam 2010, tdc do

tang tin dung chi dat khoang 4,85% so cudi nam 2009 (mdi b^ng 19,4% so vdi

gidi han kiem soat tdc do tang tin dung cho ca nam 2010 la 25%), trong dd tdc

do tang tin dung ndi te chi khoang xap xi 2% va tin dung ngoai te lai tang kha

cao tren 14%. Ca thi trudng tin dung (TTTD) va ca cac td chiic tin dung (TCTD)

dang can mdt sue hap thu vdn kha di nhat sao cho ha dugc lai suat du de cac

TCTD vin cd igi ma ngudi vay cung chap nhan dugc ?

V di bai todn ndi tren

trong bdi canh hien nay,

luc nay can phai giai bai

toan ha lai sud't theo ddng thdi 2

nhdm giai phap sau ddy: Thii nhdt,

tren thj trudng ddu ra ciia vdn d

TTTD cdn tie'p tue tra lai cac nhdn

td thj trudng eho co che' thj trudng

djnh doat la chinh de lpi dung qui

luat cung - cdu va qui luat canh

tranh ddy lai sudt xudng trong qud

trinh phdn phdi va phan phdi lai

vdn dau tu eho nen kinh te, ket

hop vdi viec sir dung nghiep vu

NHTW trong dieu tiet tdng cdu

phuang tien thanh toan lam "ddu

ngudn" cho ca che lan tda lai suat

tren TTTD; Thii hai, tren linh vuc

quan ly nha nude ve tai ehinh -

tien te, kien quyet sir dung quyen

luc nha nude bdng co che hanh

chinh de' true tiep tdc ddng, kiem

soat, giam sat cae ddi tupng quan

ly nhu: Td chiic thanh tra chd't

lupng tin dung; Triet de chdng dd

la hda, vang hda va ndi chung la

chdng lai sir xdm pham tinh ddc

Idp ciia nen tien te qudc gia ddc

lap; Diing tiem lire tai chinh tac

ddng vao tdng eung, tdng cdu.

DAP AN CHO THI TRUCING DAU

RA CIIA VON

Trong ddu tu tif ngdn sdeh nhd

nude NSNN (thi trudng 1), can gitr

vai trd dinh hudng, vdn mdi, uy

thac qua ngan hang thuong mai

(NHTM) vd chu yeu la "tieu thu"

hang xdy dung ea sd ha tdng, edng

trinh cOng... thdng qua ddu thdu,

thue, khoan, mua theo co che' thi

trudng blnh ddng, minh bach vdi

mpi thanh phdn kinh te.

Ddi vdi ddu tu tif TTTD, thi

NGUYEN DAI LAI

trudng chifng khodn (TTCK), ddu

tu nudc ngodi (thi trUdng 2): De

TTTC thuc hien dupe sii menh la

lire lupng chii yeu dau tu vdn cho

nen kinh te' thi nhat thiet phai tdn

trpng cdc qui ludt thj trudng tren thj

trudng dac biet nay. Lai sudt phai tu

do hda, phai tdn trpng qui luat blnh

thdng nhau giira cac thi trudng bd

phan ciia TTTC va chap nhdn cd

nhieu cap thj trudng ludn chuyen

vdn gdm: so cdp, cac cap thii cap,

thj trudng ban budn, thj trudng ban

le, thj trudng vdn theo viing... Mpi

su can thiep hanh ehinh thd bao vdo

cac diem nhay cam ndi tren deu ddn

de'n v6 bieu hda dien bien khach

quan eiia eac ddng ludn chuyen

ciing nhu cac dudng eong gid ea

tren TTTC. Mpi cudc canh tranh ve

gia ban bao gid cung ddn de'n giam

gia vd phdn Ipi thudng thupc ve ea 3

ben: ngudi mua, ngudi ban, va nen

kinh te' cd them nhieu viec lam.

m'i i,m\jmm

Can tiep tuc tra lai cae nhan to thi trudng cho TTTD tu dieu tiet

Kinh te va Dtt bao

So 10/2010

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