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  • 1. TRNG I HC NGN HNG TP. HCM KHOA K TON KIM TON ------ MN HC: TI CHNH QUC T GVHD: ThS. H TRUNG BU NHM IFT: 1. Nguyn Th Hi L (1-31) 2. L Vit San (32-44) 3. Nguyn Th Hng Hnh (45-52) 4. V Thin (53-60) 5. H Trong My (61-79)

2. CHNG 3: 3. C bn v Global market v Price Quy lut 1 gi, LOP Absolute - PPP Relative - PPP Phn tch m rng 4. TH TRNG HI OI TH TRNG HNG HA TH TRNG VN V TCHiu ng Fisher TH TRNG TNG TH TON CU 5. Th trng hng ha v dch v: ti sn thc c giao dch trong th trng hng ha. Th trng vn v ti chnh: ti sn ti chnh c giao dch trong th trng vn v ti chnh. Th trng hi oi: i ng tin nc ny sang ng tin nc khc thng qua vic giao lu kinh t. 3 th trng hp nht thnh 1 th trng tng th ton cu. V d: Vo lc 8h, 1/N nc Nga c thng tin chun b sp xy ra chin tranh. Lc 8h05: + TT hng ha: Gi ca nhng NVL thit yu tng mnh: vng, du th + TT chng khon: TT chng khon c, M, Nht gi rt mnh. + TT hi oi: Gi USD tng mnh (CHF/USD, JPY/USD) TH TRNG TNG TH TON CU 6. T gi Spot Gi c P Li sut i TH TRNG TNG TH TON CU TH TRNG HON HO 7. TH TRNG TNG TH TON CU Gi l tc phm ca tng tc cung cu trn th trng v chu tc ng bi nhiu yu t chi phi. => V vy phi lm cho gi sch v trong sng, c ngha l: - Khng c giao dch gia ngi bn v ngi mua. - Khng c nhng ro cn do con ngi to nn. V d nh: Hng ha i qua ca i bin gii khng b ng thu - Khng c khong cch gia cc quc gia. => TH TRNG CNH TRANH HON HO 8. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: Cnh tranh hon ho l cnh tranh trong mt m hnh kinh t c m t l mt mu kinh t th trng l tng, khng c ngi sn xut hay ngi tiu dng no c quyn hay kh nng khng ch c th trng, lm nh hng n gi c. Cnh tranh hon ho c cho l s dn n hiu qu kinh t cao. Nhng nghin cu v cc th trng cnh tranh hon ho cung cp c s cho hc thuyt v cung v cu. 9. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: Th trng cnh tranh hon ho l th trng m trong cc quyt nh mua hay bn ca tng ngi mua hay tng ngi bn ring l khng nh hng g n gi c trn th trng. Ch th kinh t ch l ngi chp nhn gi. Mc gi trn th trng c hnh thnh nh l kt qu tng tc chung ca tt c nhng ngi bn v ngi mua. 10. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: 4 c im ca th trng cnh tranh hon ho: Th nht, Numerous: nhiu ch th mua bn c quy m nh: - S lng cc ch th trong th trng l ln sao cho sn lng ca mi ch th l khng ng k so vi c ngnh ni chung. - Th phn ca mi ch th kinh t s rt nh v khng c kh nng chi phi gi c trn th trng bng cc quyt nh cung ng ca mnh. 11. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: ng cu i vi hng ha ca mi ch th kinh t s l mt ng nm ngang do bt k lng cung ca h l bao nhiu th h cng nhn c gi c nh. 12. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: Th 2, No Transaction Cost: Chi ph giao dch bng 0 - Chi ph l cc hao ph v ngun lc doanh nghip t c mt hoc nhng mc tiu c th. l s tin phi tr thc hin cc hot ng kinh t nh sn xut, giao dch nhm mua c cc loi hng ha dch v cn thit cho qu trnh sn xut kinh doanh. - Chi ph giao dch bng 0 c ngha l chi ph cn thit c th tin hnh tri chy cc giao dch kinh t (gm cc loi: chi ph tm kim v thng tin, chi ph m bo thc hin hp ng v cc chi ph khc) bng 0. 13. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: Th 3, No Barrier: T do giao dch v cnh tranh: - Trong th trng cnh tranh hon ho, cc ch th kinh t hon ton t do la chn gia nhp hay rt khi nn kinh t m khng c mt tr ngi php l no c hay khng c cc chi ph c bit no gn vi vic gia nhp. - Cc ch th trn th trng cnh tranh theo cc quy lut ca th trng m khng c s can thip ca cc ch th khc. Gi c ca sn phm c quyt nh bi quy lut cung cu trn th trng. Cung nhiu cu t s dn n gi gim, cung t cu nhiu s dn n gi tng. 14. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: Th 4, No intervention: Chnh ph khng can thip: khng can d vo c chnh sch kinh t v m v vi m. Trong nn kinh t khng c s xut hin ca chnh ph. - CS kinh t vi m lin quan ti nhng chnh sch c thit lp nhm sa cha nhng thng tin khng hon ho, yu t ngoi sinh, hng ho cng cng, thiu quyn s hu v c quyn. 15. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.1 Th trng cnh tranh hon ho: - CS kinh t v m: Chnh sch ti kho lin quan ti vic thay i chi tiu ca chnh ph, thu v thanh ton chuyn nhng (tr cp tht nghip, chi tr an sinh x hi, v chi tiu phc li). Chnh sch tin t lin quan ti vic s dng nhng thay i v lng cung tin tc ng ln mc hot ng kinh t. 16. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.2 Th trng hu hiu v thng tin: - Gi th trng chu tc ng bi nhiu yu t, trong c yu t tm l gy nhiu, lng on bin dng gi. Nn cn phi thm gi thit: ngi ra quyt nh l ngi duy l da trn thng tin, tc l khng c tm l, tnh cm c nhn, khng nhm mc ch li nhun v tha mn nhu cu tiu dng. - Ch ngha duy l: Tri thc ca con ngi do cm gic to ra, nhng khng hon ton ch da vo cm gic, m cn da vo kinh nghim, kh nng suy ngh (l tnh) ca con ngi. Cm gic ch to ra cc tri thc gin n ( nim gin n), cn l tnh mi to ra cc qui lut, cc tri thc khoa hc 17. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.2 Th trng hu hiu v phng din thng tin: Thng tin th trng d tip cn v khng tn ph: thng tin ra quyt nh phi min ph, bt k ngi no c nhu cu cng c th tip cn c. Thng tin phi y v c th nhn bit c mi lc mi ni. Ton b thng tin lin quan u c tch hp vo trong mc gi th trng: Gi l mt hm s tch hp th hin tt c cc thng tin lin quan trn th trng lp tc c khu hao vo trong gi trn th tng ( V d: vng, ngoi t, chng khon) 18. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.2 Th trng hu hiu v phng din thng tin: 19. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.2 Th trng hu hiu v phng din thng tin: Nhn nh ca mt s cng ty chng khon v din bin giao dch ngy 24/3/2014. Cng ty c phn chng khon KIS Vit Nam - KIS - Tm im ca th trng trong thi gian ti s tp trung vo cc s liu kinh t v m qu I/2014 sp c cng b. KIS k vng cc s liu v hot ng sn xut v tng trng GDP trong qu I s khi sc hn so vi cng k nm ngoi - Ngoi ra, cc thng tin h tr khc nh ni room cho khi ngoi v ma HC ang cn k vi trin vng kinh doanh lc quan s cng c nim tin ca nh u t. Theo , KIS tip tc lc quan v xu hng tng trng ca cc ch s trong tun ti. 20. I. TRNG THI CN BNG TH TRNG 1. Gi nh v mi trng th trng: 1.2 Th trng hu hiu v phng din thng tin: Cng ty Chng khon Bo Vit - BVSC - Tm im thng tin trong tun l vic ban hnh Thng t 09 ca NHNN cho php cc NHTM c tip tc c cu li n m khng phi chuyn nhm n n ht ngy 1/4/2015. Nh BVSC tng nh gi, y l thng tin rt quan trng c kh nng s h tr cho li nhun ngnh ngn hng trong ngn hn, t nht l trong nm 2014 khi sc p trch lp d phng ri ro y cho cc khon n xu c tm thi gim bt. 21. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.1 Dng cn bng th trng: 22. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.1 Dng cn bng th trng: C hai trng thi cn bng cung cu th trng l cn bng cc b v cn bng tng th. Cn bng th trng cc b: c im c bn ca vic nghin cu trng thi cn bng cc b l s dng cc ng cong cu v cung xy dng trn c s gi nh xc nh gi c v khi lng i tng nghin cu c th trn th trng. 23. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.1 Dng cn bng th trng: Cn bng th trng tng th: - L thuyt cn bng tng th l mt nhnh ca kinh t hc l thuyt, c xem l thuc kinh t vi m. L thuyt ny tm cch gii thch cung, cu v gi ca tng th mt nn kinh t vi rt nhiu th trng ca rt nhiu mt hng. L thuyt ny chng minh rng gi cn bng ca cc mt hng c tn ti, v rng khi gi th trng ca tt c cc mt hng t ti trng thi cn bng th nn kinh t t ti cn bng tng th. - L thuyt ny c tnh cht tru tng, nhng l mt l thuyt c ch nu xt cc gi cn bng trong di hn v nhn nhn gi tht nh l mt lch ca im cn bng. 24. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.1 Dng cn bng th trng: V D: Th trng nng sn Th trng nng sn ch l mt b phn ca h thng th trng nng nghip. Trn tt c cc th trng mua bn mi hng ho v yu t sn xut c lin quan n nhau th gi c mi th trng ny u c nh ra cng mt lc. Phn tch trng thi cn bng cc b gii hn vic nghin cu cn bng cung cu th trng ring l (v d th trng go, th trng hoa ...) 25. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.2 Trng thi cn bng th trng: Tng tc cung cu trn th trng: - Cung l ch kh nng cung cp mt loi hng ha no ca ngi bn, cn Cu l nhu cu mua v kh nng thanh ton cho mt hng ca ngi mua. Mi trng din ra nhng tng tc Cung-Cu c gi l th trng. Thng qua th trng, nhng tng tc Cung-Cu s quyt nh lng v gi ca mt hng cn trao i. - Xt Cung-Cu ca nn kinh t mt cch tng th, i vi tt c cc mt hng thay v vi mt mt hng nht nh). Khi lng hng mun mua vo (lng Cu) bng vi lng hng mun bn ra (lng Cung), ta ni th trng t trng thi cn bng. 26. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.2 Trng thi cn bng th trng: Trn th trng, ngi mua thng mun mua r, cn ngi bn thng mun bn t. Nhng nhm ngi ny c th ngh nhng mc gi khc nhau. Khng phi mc gi no cng em li s hi lng chung cho c ngi mua ln ngi bn. Trong trng thi khng c tho mn, khi coi mc gi hnh thnh trn th trng l thp so vi mc gi m mnh trng i, nh quy lut cung ch ra, ngi bn s phn ng bng cch ct gim sn lng cung ng. 27. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.2 Trng thi cn bng th trng: Ngc li, mt khi mc gi hnh thnh trn th trng c coi l cao so vi mc gi d kin, ph hp vi quy lut cu, ngi tiu dng s c xu hng ct gim lng hng ho m anh ta (hay ch ta) d nh mua. To ra mt s tng tc ln nhau gia ngi mua v ngi bn, gia cu v cung. Th trng s vn ng v mt trng thi cn bng, theo mt mc gi v mt mc sn lng cn bng s c xc lp. Gi cn bng l mc gi ti lng cu ng bng lng cung 28. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.2 Trng thi cn bng th trng: V D: CN BNG TH TRNG (E) 29. I. TRNG THI CN BNG TH TRNG 2. Trng thi cn bng th trng: 2.2 Trng thi cn bng th trng: - Nu th trng cha t ti trng thi cn bng, trong n s cha ng nhng p lc buc n phi thay i: gi c phi tng ln hay h xung lng cu dn dn phi khp vi lng cung. Ch khi t n im cn bng, th trng mi i n c trng thi tng i n nh. - Ni cch khc, th trng c xu hng t iu chnh t ti t