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5*!+5&Z8,<*]": "nbrd5!ZW&94(>fe%"9.! 5*= !CJ?<#H(8&1nH. !&9: ;8,h&c(7 !C!C+C!8\*?]( M@/D?1+\(1 W8&1,h&>[&7*<6/D+=H (&A: ;8&7H "68!8ZWO^?]?1&A"Ck +pWv/Cw&Z 8P!ZWw.!8.! 5*=!C"IHZ*fv*<^* \H (&A&8?7!/c\d?;8 (&Axn+\("6 (7: ;8,hjJ8&9GM*<68&1W&c7/C"9 .^5: H (&A!&>?5D "C8CO^?]= !C& *<&I"rYZW\*?]9+C6g!d, TLKNU!!*P . TLKLU&y\^(t,M&>[: 8&1= H. !&9: ;8*E9+C!"6&9&l^+C?<# (@: ,<*]"Z*f%&I: 8.! 5*!=+C!C="6 &9\*: ZW+C4("1J7: *'d589?@4<"C 86C(J&c/C8,<*]"C?8d5T (jJ?<# ( @U!"9C15*8.! 5*O^?]=!CJZ*f /=%,!+=8C,<O^!="6&9*'d5&IOX8 !%!r /C"6&9ZW\*/=%,h.p=?<#.(n8&1/'.C+C .!+\("6(7;8,h !% TU'I+"16 <Y="6(7;8/C mức doanh lợi theo quy mô của doanh nghiệpP!S/+PTU@"9.! 5*=!C &Z8!"9C!8O^?], ZW?8D"9"68&1?1 &A,!+=*jdT+=8+C*jd&cjdt>9&Z Un"6 (7!C!C,hO<( ?"C.! /c?1&AP!4("1!W c*C(8: &l9&Z # m phần trăm (m%),h/C"*jd: .!  Nhóm 2 – Cao học TCDN Đêm 2 – K20 Trang 6 Quốc tế 5*=!C&cjP!&l>9&Z <" m%c/D?.!  /c: .! 5*<"P!4("1n"6(7,hj%,!+="6Y 3&l>9&Z #8f9&Z +>C!8\*?]#D!8*/M #,<O^+C.p&@,M#/: *jd: .! 5*=!C xn+\(*jd<"j% m%&7*<6/D m%&l>9&Z #8 D! "6(7?1!C!C!"96%Mz TLLNU s!t"6(7;8;/5Z,!+=&9!y: *jd{,< /c T)U%M*<6: 8&1+C"6.! /cP!4("1 độ co giãn của cầu các hàng hoá nhập khẩus<Y="6(7;83; 8 (&A"68: .! 5*O^?],h (&A*E9+C!&9! : f!y@fC!y?8#/.! 5*,hJ/c?D @&c"6(7: k,I;8+C!8" d8dt8H(8!r [ (&A^jTz LLNU ) Nhân tố vĩ vô: Xét đến các nhân tố vĩ mô, một số nghiên cứu như Mann (1986) và Taylor (2002) đã nhận dạng một vài nhân tố ảnh hưởng tới hiệu ứng trung chuyển của tỷ giá theo mức độ vĩ mô. Đó là: quy mô của một quốc gia, độ mở của nền kinh tế, sự dai dẳng và bất ổn định của cú sốc tỷ giá, tính không ổn định của tổng cầu, môi trường lạm phát và môi trường chính sách tiền tệ. TUP! (TU trong một nước lớn56/D"*8: +5<" 8>5/"68!=dZ!C.!8@=<"T.!f@= <"U"6(7<"x==|<"8>5,h?1J<Y =8@=+C56(7J7/C!C!C TU Độ mở của nền kinh tếJ7&c&D.514 ;/5,<*]" !&A %"D4I@T!r/C;v\*?]U!A,<O^1W "9=J&9"YC !T (J;v\*?]C !!A,<O^U n"6(7;8C/= T)UP!(m&Z8P!ZW TLKFU!t tính bất định của cú sốc tỷ giáJ"I4 5;/5Z,!+=x5&>[8"6 8&}|H*j^&Z"C&7n/C*jM&%+C (&A @/c4<8!g!+\(@8CO^?]\^(tk,IC([ Nhóm 2 – Cao học TCDN Đêm 2 – K20 Trang 7 Quốc tế /C^Wv,hD@ (&A8,<*]" (+C!&Jv,h (&A8&1 +C(7, =wW&c+C4 ,8w+n+\("6(7,h<"r?8 @8.! 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 d1 - ,"/!D8B8C\*?]+C8C,<O^ F/ a6l565067359`1 GX.E"1nMl4(+P%x‡Bd !l"*'jC"*<6&](+C *'j*%,  Nhóm 2 – Cao học TCDN Đêm 2 – K20 Trang 10