2.2. CCSNPHMN 25bngmnhgi. Tnphiukhobcctnhthanhkhoncaonhttrongscccngccathtrngtintdochngcmuabnrngrinht.Loitnphiunycnglcngcthtrngtintantonnhtdokhngckhnngxyravn,vcnglmthchnhphcthintintrncholoitnphiuny.Phnlntnphiukhobcc cc trung gian ti chnh, c bit l cc ngn hng, nm gi. Ngn hng trung ngcaccncthngsdngvicmua/bntnphiukhobctrnthtrngmnhlmtcngciuhnhchnhschtint.Thngphiu (commercial papers) l mt cng c n ngn hn c cc ngn hnglnvcccngtylncuytncao, v dnhGeneral Electric, phthnh. Stngtrngcathtrngthngphiukhnnh:tngsdcathngphiutnghn1200%(t122tlan1544tla)trongkhongthigian19802005.Chngch tingi(certificatesofdeposit,vitttlCDs)lmtloicngcnchyudoccngnhngphthnh, ckhn(vi cckhnthngl3thng, 6thng, hoc l t 1 n 5 nm), c c bo him (k c khi ngn hng ph sn, th ngigiCDvnchonlitin),vbivycngantonnhltinmt.ivochitithnth cnhiuloi CDkhcnhau(4). Mtsloi CDcthcgiaodchtrnthtrngchngkhonthcp. Th trngchngch tingi (tnhringMnm2010l khong 2 nghn t USD) l mt ngun ln cc nh bng v cc trung tm ti chnhhuyngvn.Hnh2.1:Mtchngchtingimnhgi5$phthnhMnm1932Chp phiu ngn hng (bankers acceptances, vit tt l BAs) l mt loi hi phiudo cng ty pht hnh v c ngn hng chp nhn thanh ton bng cch nh du chpnhnlnhi phiu. Ntngtnhlmttmsccmbocangnhnglscthanhtontrongtnglai,vcsdngtrongccthngvmuabnquct(4)Xem: http://en.wikipedia.org/wiki/Certificate_of_deposit