{"id":10831,"date":"2012-01-25T09:33:29","date_gmt":"2012-01-25T07:33:29","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=10831"},"modified":"2012-01-25T09:33:39","modified_gmt":"2012-01-25T07:33:39","slug":"parasal-genisleme-ve-rekabet-kosullari","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/parasal-genisleme-ve-rekabet-kosullari\/","title":{"rendered":"Parasal Geni\u015fleme ve Rekabet Ko\u015fullar\u0131"},"content":{"rendered":"<p>IMF Ba\u015fkan\u0131&#8217;n\u0131n Euro B\u00f6lgesi krizine ili\u015fkin de\u011ferlendirmeleri olduk\u00e7a ilgin\u00e7, belli ki konuya k\u0131sa vadeli ve olduk\u00e7a dar bir a\u00e7\u0131dan bak\u0131yor. \u00c7\u00f6z\u00fcmde ba\u015far\u0131s\u0131z olunmas\u0131 durumunda 1930&#8217;lardaki b\u00fcy\u00fck bunal\u0131ma benzer bir d\u00f6neme girilirmi\u015f; Avrupa Kurtarma Fonu&#8217;nun b\u00fcy\u00fct\u00fclmesi, Avrupa Merkez Bankas\u0131&#8217;n\u0131n d\u00fc\u015f\u00fck faizi s\u00fcrd\u00fcrmesi ve Euro Ortak Tahvili \u00e7\u0131kar\u0131lmas\u0131 gerekli imi\u015f. \u015eahsen \u00f6ne s\u00fcr\u00fclen re\u00e7etenin k\u0131sa vadeden \u00f6te i\u015fe yaramayaca\u011f\u0131n\u0131, orta vadede ise k\u00fcresel sorun ve dengesizlikleri a\u011f\u0131rla\u015ft\u0131raca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyorum. Geli\u015fmi\u015f ekonomi kaynakl\u0131 parasal geni\u015flemenin, ba\u015fta geli\u015fmekte olan ekonomiler olmak \u00fczere k\u00fcresel d\u00fczeyde yarataca\u011f\u0131 orta-uzun vadeli olumsuzluklar\u0131n pek dikkate al\u0131nmad\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyorum&#8230;<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3112911\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Evet parasal geni\u015fleme t\u00fcm ekonomilerde bir rahatlama yarat\u0131yor; a\u011fr\u0131 kesici i\u015flevi g\u00f6rerek alg\u0131lamalar\u0131n farkl\u0131la\u015ft\u0131r\u0131lmas\u0131n\u0131 kolayla\u015ft\u0131r\u0131yor. \u00d6zellikle geli\u015fmekte olan ekonomilerde, gerek t\u00fcketim, gerekse yat\u0131r\u0131m harcamalar\u0131nda a\u015f\u0131r\u0131l\u0131k s\u0131n\u0131rlar\u0131n\u0131n zorlanmas\u0131n\u0131 te\u015fvik ediyor. S\u00fcrd\u00fcr\u00fclebilir olmayan bu durum bir yandan sermaye piyasalar\u0131n\u0131 balonla\u015fmaya ve emtia piyasalar\u0131n\u0131 enflasyon bask\u0131s\u0131 \u00fcreten e\u011filimlere zorluyor; di\u011fer yandan ileride at\u0131l oldu\u011fu anla\u015f\u0131lacak yat\u0131r\u0131mlara te\u015fvik ederek rekabet ko\u015fullar\u0131n\u0131 iyice olumsuzla\u015ft\u0131r\u0131yor, geli\u015fmekte olan ekonomiler gibi b\u00fcy\u00fcme potansiyelini t\u00fcketmeye, stok ve ak\u0131m \u015feklindeki de\u011fi\u015fkenler aras\u0131ndaki dengesizli\u011fi b\u00fcy\u00fctmeye ko\u015fuyor. Faaliyet gelirleri azal\u0131r iken bor\u00e7lar kontrols\u00fcz bir \u015fekilde b\u00fcy\u00fcyor, sorunlar a\u011f\u0131rla\u015f\u0131yor; ba\u015fka bir deyi\u015fle k\u00fcresel soruna k\u00fcresel bir \u00e7\u00f6z\u00fcm \u00fcretilemiyor, her ekonominin kendi ba\u015f\u0131n\u0131n \u00e7aresine bakmak zorunda kalaca\u011f\u0131 g\u00fcnler yakla\u015ft\u0131k\u00e7a y\u0131k\u0131c\u0131 bir ekonomik daralma ya\u015fanmas\u0131 olas\u0131l\u0131\u011f\u0131 g\u00fc\u00e7leniyor.<\/p>\n<p>Bug\u00fcn i\u00e7in geli\u015fmi\u015f ekonomilerdeki temel sorunun rekabet g\u00fcc\u00fcndeki kayba ba\u011fl\u0131 olarak faaliyet gelirlerinin erimesi oldu\u011fu ger\u00e7e\u011fi g\u00f6rmezden geliniyor. \u00c7\u00f6z\u00fcm diye \u00f6ne s\u00fcr\u00fclen veya uygulamaya giren yakla\u015f\u0131mlar ise faaliyet gelirlerindeki azalmay\u0131 terse \u00e7evirmiyor, tam aksine h\u0131zlandr\u0131yor. Zira k\u00fcresel ekonomide kurulu kapasite geli\u015fmekte olanlarda yo\u011funla\u015farak art\u0131yor, b\u00fcy\u00fcyen tasarruf a\u00e7\u0131\u011f\u0131na ra\u011fmen talep bu h\u0131za yeti\u015femiyor. Faaliyet gelirlerinde rekabet g\u00fcc\u00fc kayb\u0131na ba\u011fl\u0131 olarak ciddi azalmalar g\u00fcndeme geldi\u011finde neler ya\u015fanaca\u011f\u0131n\u0131 bug\u00fcnden d\u00fc\u015f\u00fcnmek gerekiyor. Sormak gerekiyor, parasal geni\u015flemeye ra\u011fmen geli\u015fmi\u015f ekonomilerdeki yat\u0131r\u0131m ve t\u00fcketim e\u011filimi neden artm\u0131yor? Geli\u015fmekte olanlarda bu tuza\u011fa d\u00fc\u015fer ise k\u00fcresel d\u00fczeyde ne t\u00fcr e\u011filimlerin etkisi belirleyici olacak? Geli\u015fmekte olanlar\u0131n da geli\u015fmi\u015fler gibi likidite tuza\u011f\u0131na d\u00fc\u015fmesini, korumac\u0131 e\u011filimlerin g\u00fc\u00e7lenmisini \u00f6nlemek ad\u0131na neden hi\u00e7bir \u015fey yap\u0131lm\u0131yor?..<\/p>\n<p>K\u00fcresel ekonominin daha sa\u011fl\u0131kl\u0131 oldu\u011fu d\u00f6nemlerde arz fazlas olan sekt\u00f6rlere yeni yat\u0131r\u0131m i\u00e7in krizi derinle\u015ftirmemek ad\u0131na kredi verilmezdi; bug\u00fcn veriliyor. \u00d6zellikle t\u00fcketim ve yat\u0131r\u0131m cephesinde hert\u00fcrl\u00fc a\u015f\u0131r\u0131l\u0131k, s\u00fcrd\u00fcr\u00fclebilir olmad\u0131\u011f\u0131 \u00e7ok iyi bilinmesine ra\u011fmen zorlan\u0131yor. Bu durumu T\u00fcrkiye \u00f6rne\u011finden net bir \u015fekilde g\u00f6r\u00fcyoruz. T\u00fcketim ve yat\u0131r\u0131mdaki a\u015f\u0131r\u0131l\u0131k yaln\u0131z banka kredilerini, kamu gelirlerini ve varl\u0131k de\u011ferlerini patlatmad\u0131; cari a\u00e7\u0131kta patlay\u0131nca risk alg\u0131lamas\u0131 olumsuzla\u015ft\u0131; korku b\u00fcy\u00fcd\u00fc. \u015eimdilik cari a\u00e7\u0131\u011f\u0131 finanse etmeye devam etsek bile rekabet ko\u015fullar\u0131 sorun yaratacak; bu sonuncuyu \u00f6nlemeye \u00e7al\u0131\u015fsak enflasyon ve faizler y\u00fckselecek&#8230; Belli ki bo\u015fa koysak dolmuyor, doluya koysak alm\u0131yor; a\u015f\u0131r\u0131l\u0131klar\u0131n a\u011f\u0131rla\u015ft\u0131rd\u0131\u011f\u0131 sorunlar ve dengesizlikler pe\u015fimizi b\u0131rakm\u0131yor&#8230;<\/p>\n<p>Geli\u015fmi\u015f ekonomilerdeki parasal geni\u015fleme k\u0131sa vadede k\u00fcresel ticaret hacmindeki daralmay\u0131 \u00f6nleyebilir, fakat orta-uzun vadede daha ciddi ve y\u0131k\u0131c\u0131 olumsuzluklar\u0131n da sebebi olur. K\u00fcresel kredi krizi 2000&#8217;li y\u0131llardaki parasal geni\u015flemenin bir sonucu idi, bundan sonrakilerin sonucu da farkl\u0131 olmayacak. \u00c7aresizlik ve a\u00e7g\u00f6zl\u00fcl\u00fc\u011f\u00fcn ortakl\u0131\u011f\u0131ndan iyi bir \u015feyler \u00e7\u0131kmayacak!..<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IMF Ba\u015fkan\u0131&#8217;n\u0131n Euro B\u00f6lgesi krizine ili\u015fkin de\u011ferlendirmeleri olduk\u00e7a ilgin\u00e7, belli ki konuya k\u0131sa vadeli ve olduk\u00e7a dar bir a\u00e7\u0131dan bak\u0131yor. \u00c7\u00f6z\u00fcmde ba\u015far\u0131s\u0131z olunmas\u0131 durumunda 1930&#8217;lardaki&hellip;<\/p>\n","protected":false},"author":21,"featured_media":931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=10831"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/931"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=10831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=10831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=10831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}