financial mathbook 122

10 CHNG1. MTSKHINIMVTINT32triultinli.Tlgiatinlivtingcl32chiacho2,tcl16%,vconsnycgillisut.Cnhiuqui ctnhli sutkhcnhau(choraktqukhngtngng), mchngtasbncthhntrongChng4. Khi ccnhkinhtni nli sutmkhng ni c th l tnh theo qui c no, th c hiu l tnh theo qui c li kp theonm,haycncgillisuttriphiu,haylisuthonvn.V li sut l gi ca cc sn phm n, nn s thay i ca n cng tun theo qui tccungcutrnth trngi vi ccsnphmn. Cthknmtsyutcnhhnglnnlisutnhsau:Lngcungtin. Khi lng cung tin c tng ln, th tc l lng cung cc snphmntngln, dnnxuhnggimli sut. HiungnycnhkinhtMiltonFriedmangi lhiungluthngtin(liquidityeffect). Tuynhin,stnglngcungtincngcthdnnxuhnglmphttrongtnglai,viunythlidnntrinvngtnglisuttrongtnglai.Khitltitkimtrongnccao,thtclcngcnhiutinchovayhn,vdolisutsthphn,sovinutltitkimthp.tngtrngkinht.Khimtnnkinhtangtronggiaionphttrinnhanh,ththngclisutcao,cnngclikhinnkinhtbchnglihoci vo suy thoi, th li sut s c xu hng gim thp xung. Qui lut kinh t nyc th c gii thch nh sau: khi nn kinh t pht trin nhanh, tc l c nhiu chi pht trin, v cc doanh nghip s mun c thm vn pht trin v nm btcc c hi , dn n cu v cc sn phm n tng ln. Ngc li, khi nn kinh ttronggiaiontrtr,thccdoanhnghipkhngnhnthynhiuchiphttrin, do t c nhu cu v vn pht trin, khin cho cu v n trn th trnggimxung,viunykolixutixung.Li sutthamchiucangnhngtrungng.Ngnhngtrungngthngtramtmcli sutgi lli sutthamchiu(referencerate), davoccngnhngthngmiiuchnhccmclisutnhnvayvchovaycamnh. Khi ngn hng trung ng tng/gim li sut tham chiu, th li sut cho vayvli suthuyngvncaccngnhngthngmi cngstng/gimtheo.(XemchitithnMc1.6).rirovn (default risk). T chc hay c nhn no c mc tn nhim (creditratinghaycreditscore)cngcao, tclccoi lcri rovncngthp,