Kiểm soát tín dụng góp phần đảm bảo an toàn vĩ mô- Thực tiễn tại một số quốc gia và Việt Nam

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Thông tin xuất bản: Tạp chí Khoa học và Đào tạo Ngân hàng (Tên mới: Tạp chí Kinh tế - Luật và Ngân hàng), 2024

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In the world, central banks have utilized credit control measures to enhance macroprudential,monetary, and other macro policies to achieve economic goals. Since 2011, the State Bank of Vietnam hasadopted credit control as an administrative measure, alongside its more conventional monetary policy tools(refinancing, interest rates, exchange rates, reserves requirements, and open market operations) to curbinflation at its annual target level. In its function, credit control (setting the credit growth targets) acts asan immediate target which assists the SBV in achieving its monetary policy targets and ensuring macroprudential and stability of the banking system. This Article discerns some stylized facts of Vietnam’s credit growth data and its time-varying co-volatility relationships with economic growth and inflation. Combinedwith a meta-analysis of some studies and reviews of monetary policy through the lens of both interestrate-based monetary policy as well as one monetary aggregate to qualitatively evaluate and analyze themanagement of credit growth instruments of the SBV from 2011 to the present. The Article concludes withstrategic proposals for the use of this measure in the coming time.Trên thế giới, việc kiểm soát tín dụng được xem là biện pháp sử dụngđể phối hợp giữa chính sách an toàn vĩ mô, tiền tệ và các chính sách vĩ môkhác nhằm thực hiện các mục tiêu kinh tế. Tại Việt Nam, từ năm 2011 đến nay,bên cạnh các công cụ chính sách tiền tệ chủ đạo là tái cấp vốn, lãi suất, tỷ giáhối đoái, dự trữ bắt buộc và nghiệp vụ thị trường mở, Ngân hàng Nhà nước ViệtNam đã sử dụng biện pháp kiểm soát tín dụng (giao chỉ tiêu tăng trưởng tíndụng) như một biện pháp bổ sung vừa góp phần đạt được các mục tiêu củachính sách tiền tệ, vừa đảm bảo an toàn vĩ mô và ổn định hệ thống ngân hàng.Bài viết sử dụng phương pháp nghiên cứu đặc tính thực nghiệm trên cơ sởbiến động chuỗi số liệu theo thời gian của tăng trưởng tín dụng, tín dụng/GDP, lạm phát, đồng thời kết hợp với các phương pháp phân tích, tổng hợp kết quảmột số nghiên cứu, lý thuyết kinh tế về điều hành chính sách tiền tệ theo giá(lãi suất) và khối lượng nhằm đánh giá, phân tích định tính việc điều hành côngcụ kiểm soát tín dụng của Ngân hàng Nhà nước Việt Nam trong giai đoạn từ2011 đến nay và đưa ra một số đề xuất phù hợp trong việc sử dụng biện phápnày thời gian tới

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