C1. Tong quan TCQT

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C1. Tong quan TCQT

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  • 1. 1 Nguyen Thi Hong Vinh TI CHNH QUC T Nguyen Thi Hong Vinh GII THIU MN HC Mc tiu Ni dung chnh iu kin cn thit Gio trnh v ti liu tham kho Phng php nh gi kt qu hc tp Nguyen Thi Hong Vinh GII THIU MN HC S n v hc trnh: 3 vht (45 tit) iu kin tin quyt: nghin cu mn Kinh t v m
  • 2. 2 Nguyen Thi Hong Vinh Mc tiu mn hc Gip Sinh Vin: Nm c kin thc c bn v cc kha cnh ti chnh-tin t quc t Hiu v phn tch c cc chnh sch kinh t m cc Chnh Ph c th p dng tc ng n cc dng lu chuyn ti chnh quc t. nh gi v phn tch cc hot ng kinh doanh u t trn cc th trng ti chnh v tc ng n cc dng lu chuyn TCQT. Nguyen Thi Hong Vinh Ni dung chnh C s h tng ca cc quan h tin t ti chnh quc t S bin ng ca t gi hi oi v tc ng ca n n dng lu chuyn TCQT Cc l thuyt v t gi S hnh thnh v pht trin ca cc th trng ti chnh quc t Nguyen Thi Hong Vinh Gio trnh v ti liu tham kho N.V.Tin, Gio trnh Ti chnh quc t, NXB Thng k, 2010 H Diu, Nguyn Vn Tin (2001) Gio trnh Ti chnh quc t. Hc vin Ngn hng. N.V.Tin, 2001, Ti chnh quc t hin i trong nn kinh t m, ti bn ln I, NXB Thng k Trn Ngc Th, Nguyn Ngc nh (2005) Gio trnh Ti chnh Quc t. i hc Kinh t TP.HCM. Moosa, I.M., 1998, International Finance: an analytical approach The McGraw-Hill Companies, INC., Australia Maurice D.Levi (1996) International Finance, Mc.Graw-Hill, Inc. Keith Pilbeam(1998), International Finance, Macmillan, London
  • 3. 3 Nguyen Thi Hong Vinh Phng php nh gi SV nh gi theo qu trnh: 30% (ln lp y , tham gia thuyt trnh, kim tra) Bi thi cui kha: 70% Hnh thc thi: trc nghim, cu hi tr li ngn, bi tp, tnh hung, Nguyen Thi Hong Vinh CHNG 1: TNG QUAN V TI CHNH QUC T 1. Khc bit gia TCQT v TC ni a? 2. Ti sao cn nghin cu TCQT ? 3. TCQT nghin cu vn g? Nguyen Thi Hong Vinh NI DUNG 1. i tng nghin cu ca TCQT 2. c trng ca TCQT 3. Tm quan trng ca TCQT 4. Ni dung nghin cu c th
  • 4. 4 Nguyen Thi Hong Vinh 1. i tng nghin cu ca TCQT TCQT nghin cu cc quan h ti chnh quc t pht sinh t cc lu chuyn quc t ca hng ha, dch v, ti sn v cc yu t sn xut nh vn, lao ng v k thut. Cc kha cnh tin t - ti chnh quc t Nguyen Thi Hong Vinh Kha cnh tin t quc t Gi tr ng tin quc gia Tng quan gi tr gia cc ng tin quc gia (t gi) S hnh thnh v s vn ng ca t gi trong i sng kinh t quc t Can thip t gi ca chnh ph Nguyen Thi Hong Vinh Kha cnh ti chnh quc t S vn ng ca cc dng vn quc t Mi lin h gia dng hng ha (thng mi) v dng vn (ti chnh) trong nn kinh t m Cc mi lin h gia t gi, li sut, v mc gi chung Cc hot ng kinh doanh tin t v ti chnh quc t
  • 5. 5 Nguyen Thi Hong Vinh 1. i tng nghin cu ca TCQT tm v m, TCQT nghin cu: - C s h tng ca cc quan h TCQT - Tc ng ca cc quan h TCQT n nn kinh t cc quc gia v h thng TCQT - Tc ng ca bin ng t gi ti cc quan h ti chnh v thng qua ti nn kinh t cc quc gia - Mi lin h gia cc chnh sch kinh t ca cc chnh ph v cc quan h TCQT Nguyen Thi Hong Vinh 1. i tng nghin cu ca TCQT tm vi m, TCQT nghin cu: - Cc hot ng huy ng vn v u t quc t ca cc doanh nghip; - Cc hot ng qun tr ri ro t gi ca cc doanh nghip. - Cc th trng ti chnh quc t c th: th trng tri phiu quc t, options, swaps Nguyen Thi Hong Vinh 2. c trng ca TCQT Ri ro hi oi Ri ro chnh tr S thiu hon ho ca th trng C hi kinh doanh ton cu
  • 6. 6 Nguyen Thi Hong Vinh Ri ro t gi hi oi Hy nhn din ri ro v t gi i vi hot ng sau: Xut khu Nhp khu u t i vay Nguyen Thi Hong Vinh Tnh hung Gi s bn mun mua 100 c phiu cng ty Toyota vi mc gi 10,000/1 c phiu v nm gi c phiu ny trong 1 nm. T gi hin ti l $1 = 100 v mc sinh li trn c phiu l 10% T gi thay i nh th no th bn s i mt vi ri ro t gi sau 1 nm? Nguyen Thi Hong Vinh Ri ro t gi hi ai - Ri ro do t gi hi oi bin ng bt li li nhun ca ng ngoi t c th bin mt - Gi s $1 = 100 v bn mua 100 c phiu ca Toyota vi mc gi 10,000/1 c phiu - Mt nm sau, nh u t thu c li 10% bng yen: 100,000 - Nhng nu ng yen gim gi $1 = 120, vic u t tht s thua l
  • 7. 7 Nguyen Thi Hong Vinh Ri ro chnh tr - Cc chnh ph c quyn iu chnh s bin ng ca hng ha, vn,v nhn lc xuyn bin gii. - Nhng lut ny c th thay i theo hng khng mong i Nguyen Thi Hong Vinh Th trng khng hon ho - Nhng gii hn lut php v s di chuyn ca hng ha, nhn lc v vn - Chi ph giao dch - Chi ph vn chuyn - Thu li tc Nguyen Thi Hong Vinh V d v th trng khng han ho Nestl pht hnh 2 loi c phiu l c phiu v danh v c phiu nh danh - Ngi nc ngoi ch c php mua c phiu v danh - Cng dn Thy S c mua c phiu nh danh - C phiu v danh t hn Vo 18/11/1988, Nestl bi b vic gii hn i vi ngi nc ngoi, cho php h nm gi c c phiu nh danh v v danh
  • 8. 8 Nguyen Thi Hong Vinh Gii hn s hu vn ca ngi nc ngoi ti Nestl 12,000 10,000 8,000 6,000 4,000 2,000 0 11 20 31 9 18 24 Source: Financial Times, November 26, 1988 p.1. Adapted with permission. SF Bearer share Registered share Nguyen Thi Hong Vinh V d v th trng khng han ho Sau , bin gi gia hai loi c phiu nhanh chng thu hp li - iu ny cho thy c mt s chuyn i ti sn t ngi s hu CP nc ngai sang ngi s hu CP Thy S Ngi nc ngoi nm gi c phiu v danh ca Nestl phi i mt vi ri ro chnh tr ca mt quc gia Tnh hung minh ha ca Nestl bao gm c tm quan trng ca th trng khng hon ho v nguy c ca ri ro chnh tr Nguyen Thi Hong Vinh Ton cu ha nn kinh t th gii S ni ln ca th trng ti chnh tan cu S ni ln ca ng Euro nh mt ng tin ton cu T do ha thng mi v lin kt kinh t T nhn ha
  • 9. 9 Nguyen Thi Hong Vinh S ni ln ca th trng ti chnh tan cu Bi b nhng quy nh trn th trng ti chnh cng vi pht trin cng ngh lm gim chi ph giao dch v chi ph thng tin, dn n: S i mi ti chnh, nh: - Th trng tin t options v futures - Tri phiu vi nhiu ng tin khc nhau - C phiu nim yt xuyn bin - Cc qu ti chnh quc t Nguyen Thi Hong Vinh S ni ln ca ng Euro nh mt ng tin ton cu Mt s kin quan trng trong lch s h thng tin t th gii Hn 300 triu ngi Chu u ca 22 quc gia ang s dng chung mt ng tin trong nhu cu hng ngy Vo thng 5 2004, hn 10 quc gia tham gia vo khi Chu u v s dng ng euro Phm vi giao dch ca ng euro c th tr nn rng ln hn la trong tng lai gn Nguyen Thi Hong Vinh Euro Area Austria Belgium Cyprus Czech Republic Estonia Finland France Germany Greece Hungary Ireland 22 Countries participating in the euro: Italy Latvia Lithuania Luxembourg Malta Poland Portugal Slovak Republic Slovenia Spain The Netherlands
  • 10. 10 Nguyen Thi Hong Vinh Gi tr ca ng Euro so vi la M Nguyen Thi Hong Vinh Tho lun Li ch v chi ph ca lin minh tin t? Nguyen Thi Hong Vinh Li ch v chi ph ca lin minh tin t Li ch Khuyn khch thng mi t vic gim chi ph v gim thiu nhng yu t khng lng c To lp 1 CSTT mi (hoc tng cng) .. V thm quyn tin t Chi ph Mt i tnh c lp ca CSTT a dng ho thng mi khi u tin thng mi dnh cho nhng i tc OCA Mt i ch quyn v ng tin (khi la ho) Qu trnh hi t/tng ng (lm pht, t l cn bng ngn sch v n chnh ph, v n nh t gi) v vic thc y s ng thun i hi s tham gia rt tch cc trc khi 1 ng tin chung c th ra i.
  • 11. 11 Nguyen Thi Hong Vinh S lin kt kinh t Trn 50 nm, thng mi quc t tng gp i, mc tng nhanh nh GDP th gii C s thay i ln trong thi ca nhiu chnh ph trn th gii khi c tm nhn m rng li ch v ng h t do ha thng mi nh mt cch chc chn nht em li s thnh vng cho cng dn ca h Nguyen Thi Hong Vinh Nguyen Thi Hong Vinh Nhng ch nng hin nay v hi nhp quc t Nhng c sc t bn ngoi v cch kim sot (hi nhp quc t ngn hng; cc lung vn vo VN; cc vn v mng th trng cho vay bt ng sn di tiu chun (sub-prime) ca M v ng USD ang yu i, gi du cao, kim sot vn) Tit kim d tha ton cu (do thiu ht u t vn ca Chu v nhng cng ty sn xut du m), dn ti nhng vn hc ba ca th trng tri phiu th gii (chnh lnh tn dng v chnh lch li tc tri phiu qu nh) Li ch v chi ph ca chnh sch ng RMB yu ca Trung quc (D tr ngoi t by gi l 2 nghn t USD, hnh thnh mt qu ti sn khng gii hn) ng tin chung ca Chu ? (Nhng khu vc tin t ti u, v vn la ha vi vic thnh lp ng tin chung v mt ngn hng trung ng mi)
  • 12. 12 Nguyen Thi Hong Vinh T do ho thng mi Hip nh chung v thng mi v thu quan (GATT) mt hip nh nhiu bn gia cc quc gia thnh vin gip gim nhng hng ro thu quan T chc thng mi th gii WTO c quyn cng c nhng lut thng mi quc t Vo ngy 1 thng 1 nm 2005, kt thc thi k hn ngch nhp khu hng dt y l mt s kin trong lch s XNK Nguyen Thi Hong Vinh MNCS Mt cng ty c thnh lp mt quc gia v sn xut, bn hng nhiu quc gia khc C khang 60 ngn MNCs trn th gii Nhiu MNCs thu ngun nguyn liu th t mt quc gia, vn ti chnh t quc gia khc, sn xut hng ha vi lao ng v trang thit b vn ti quc gia th ba v bn sn phm ca n ti th trng mt quc gi khc na Nguyen Thi Hong Vinh MNC cng ty M Cng ty con nc ngoi Mng li cng ty ton cu Th trng tin t quc t Th trng tri phiu quc t Th t