{"id":11035,"date":"2012-01-31T09:32:58","date_gmt":"2012-01-31T07:32:58","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=11035"},"modified":"2012-01-31T09:33:08","modified_gmt":"2012-01-31T07:33:08","slug":"para-politikasinda-yeni-arayislar-5","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/para-politikasinda-yeni-arayislar-5\/","title":{"rendered":"Para Politikas\u0131nda Yeni Aray\u0131\u015flar (5)"},"content":{"rendered":"<p>&#8220;Makro-sak\u0131ngan politika ara\u00e7 i\u015fe yaras\u0131n diye, di\u011fer politika arac\u0131 olan haftal\u0131k faizin g\u00fcc\u00fc azalt\u0131l\u0131yor.&#8221;<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2247719912\"><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>Cumartesi g\u00fcn\u00fc, TCMB\u2019nin, yeni para politikas\u0131 uygulamas\u0131 \u00e7er\u00e7evesinde, zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131 bir makro-sak\u0131ngan politika arac\u0131 olarak kulland\u0131\u011f\u0131n\u0131 belirttim. Ama\u00e7, h\u0131zl\u0131 kredi geni\u015flemesinden kaynaklanan finansal istikrars\u0131zl\u0131k riskini azaltmakt\u0131. O politika bir a\u00e7mazla kar\u015f\u0131la\u015ft\u0131: Bankalar kredi arz\u0131n\u0131 ayn\u0131 h\u0131zla artt\u0131rmaya devam etmek istiyorlarsa, TCMB\u2019nin zorunlu kar\u015f\u0131l\u0131k oran\u0131n\u0131 artt\u0131rarak el koydu\u011fu fonlar\u0131n\u0131 (mevduatlar\u0131n\u0131), TCMB\u2019den haftal\u0131k vadede bor\u00e7lanarak telafi edebilirlerdi. Zira el koyulan mevduat\u0131n vadesi \u00e7ok k\u0131sayd\u0131. TCMB ise di\u011fer politika arac\u0131 olan haftal\u0131k faiz oran\u0131n\u0131n, piyasada belirlenen faiz hadlerini etkileyebilmesi i\u00e7in, bankalar\u0131n talep etti\u011fi fonu bankalara vermek zorundayd\u0131. Yani, bir pencereden \u00e7ekti\u011fi paray\u0131 di\u011fer pencereden bankalara vermesi gerekiyordu.<br \/>\nBu a\u00e7mazdan iki yolla kurtulmak m\u00fcmk\u00fcn. Birincisi, enflasyon hedeflemesi rejiminde kalarak, \u2018do\u011fru\u2019, yani politika faizinin aya\u011f\u0131na dola\u015fmayacak makro-sak\u0131ngan politika arac\u0131n\u0131 bulup, onu kullanarak bu rejimi g\u00fc\u00e7lendirmek. \u0130kincisi, sadece finansal istikrara odaklan\u0131p, enflasyon hedeflemesinden vazge\u00e7mek ya da onu bir s\u00fcreli\u011fine ask\u0131ya almak. TCMB, bir s\u00fcredir ikinci yolu se\u00e7mi\u015f g\u00f6r\u00fcn\u00fcyor. \u00d6nce 15 Ekim 2010\u2019da faiz koridorunun alt s\u0131n\u0131r\u0131n\u0131 olu\u015fturan bankalardan bor\u00e7 alma faizini indirerek faiz koridorunu a\u015fa\u011f\u0131ya do\u011fru geni\u015fletti. 12 Kas\u0131m ve 17 Aral\u0131k 2010\u2019da alt s\u0131n\u0131r\u0131 belirgin bi\u00e7imde d\u00fc\u015f\u00fcrd\u00fc. \u00dcst s\u0131n\u0131rda ise ufak bir art\u0131\u015f oldu. Bu iki tarihte de politika faizi (repo faizi) d\u00fc\u015f\u00fcr\u00fcld\u00fc. 4 A\u011fustos 2011\u2019e kadar bu koridor ve politika faizi ile gelindi. Bu tarihler aras\u0131nda piyasada belirlenen faizin \u00f6nemli \u00f6l\u00e7\u00fcde dalgalanmas\u0131na izin verildi. Farkl\u0131 bir ifadeyle, bunca s\u00fcre, g\u00fcnl\u00fck olarak piyasa faizinin politika faizinden \u00f6nemli \u00f6l\u00e7\u00fcde sapmas\u0131 sa\u011fland\u0131.<br \/>\nPeki, piyasa faizinin bu \u00f6l\u00e7\u00fcde dalgalanmas\u0131na izin verilmesinin nedeni ne? \u015eu: Bankalar\u0131n TCMB\u2019den bor\u00e7lanma maliyetleri hakk\u0131nda belirsizlik yaratarak yukar\u0131da anlatt\u0131\u011f\u0131m a\u00e7maz\u0131 ortadan kald\u0131rmak; bankalar\u0131n TCMB\u2019den bor\u00e7 alarak kredi art\u0131\u015f\u0131n\u0131 s\u00fcrd\u00fcrmelerini engellemek. Kan\u0131t\u0131 TCMB yetkililerinin \u00e7e\u015fitli a\u00e7\u0131klamalar\u0131nda ve konu\u015fmalar\u0131nda var. Say\u0131n Erdem Ba\u015f\u00e7\u0131 ve Say\u0131n Hakan Kara\u2019n\u0131n ortakla\u015fa kaleme ald\u0131klar\u0131 bir makaleden (\u0130ktisat, \u0130\u015fletme ve Finans Dergisi, May\u0131s 2011 say\u0131s\u0131) al\u0131nt\u0131 yapay\u0131m:<br \/>\n\u201c&#8230;Zorunlu kar\u015f\u0131l\u0131klar\u0131n politika arac\u0131 olarak etkinli\u011finin artt\u0131r\u0131lmas\u0131 i\u00e7in\u2026 gecelik piyasadaki faiz oynakl\u0131\u011f\u0131n\u0131n kontroll\u00fc bir \u015fekilde dalgalanmas\u0131na ve dolay\u0131s\u0131yla faiz koridorunun daha aktif bir politika arac\u0131 olarak kullan\u0131lmas\u0131na olanak tan\u0131nm\u0131\u015ft\u0131r (sayfa 13). \u2026Normal \u015fartlarda, zorunlu kar\u015f\u0131l\u0131k uygulamas\u0131yla \u00e7ekilen likiditenin tamam\u0131n\u0131n merkez bankas\u0131 kaynaklar\u0131ndan kar\u015f\u0131land\u0131\u011f\u0131 varsay\u0131m\u0131 alt\u0131nda, zorunlu kar\u015f\u0131l\u0131k oranlar\u0131ndaki art\u0131\u015f\u0131n kredi davran\u0131\u015f\u0131 \u00fczerinde \u00f6nemli bir etkisinin olmamas\u0131 beklenir\u2026 Ancak pratikte durum \u00e7ok farkl\u0131 olabilmektedir. Bankalar, zorunlu kar\u015f\u0131l\u0131klar\u0131n artt\u0131r\u0131lmas\u0131 yoluyla ortaya \u00e7\u0131kan likidite a\u00e7\u0131\u011f\u0131n\u0131n tamam\u0131n\u0131 merkez bankas\u0131ndan bor\u00e7lanarak sa\u011flamalar\u0131 durumunda, ortaya \u00e7\u0131kan faiz riskini \u00fcstlenmek durumunda kalacakt\u0131r\u2026 Politika faizinin gelecekte izleyece\u011fi seyre dair belirsizli\u011fin y\u00fcksek olmas\u0131 durumunda, bankalar\u0131n k\u0131sa vadeli fonlamalar\u0131n\u0131 artt\u0131rmalar\u0131 durumunda maruz kald\u0131klar\u0131 faiz riski daha da belirgin hale gelebilecektir. Nitekim, TCMB\u2019nin Kas\u0131m 2010 d\u00f6neminden itibaren a\u00e7\u0131k olarak uygulamaya ba\u015flad\u0131\u011f\u0131 politika bile\u015fiminde k\u0131sa vadeli faizlerin tahmin edilebilirli\u011fi azalt\u0131larak zorunlu kar\u015f\u0131l\u0131klar\u0131n faiz riski kanal\u0131n\u0131n g\u00fc\u00e7lendirilmesi de ama\u00e7lanm\u0131\u015ft\u0131r (sayfa 15).\u201d<br \/>\nFaizi dalgaland\u0131rma uygulamas\u0131, halen s\u00fcr\u00fcyor. Politika faizi, piyasada belirlenen faizleri etkiledi\u011fi s\u00fcrece g\u00fc\u00e7l\u00fc. Ama piyasada belirlenen faizleri etkilemenin yolu, \u00f6ncelikle k\u0131sa vadeli piyasa faizinin politika faizine yak\u0131n bir yerde olu\u015fmas\u0131ndan ge\u00e7iyor. Oysa k\u0131sa vadeli piyasa faizinin, politika faizinden s\u00fcrekli olarak, farkl\u0131 y\u00f6n ve miktarlarda sapmas\u0131na izin veriliyor. K\u0131sacas\u0131, makro-sak\u0131ngan politika ara\u00e7 i\u015fe yaras\u0131n diye, di\u011fer politika arac\u0131 olan haftal\u0131k faizin g\u00fcc\u00fc azalt\u0131l\u0131yor. \u0130ki ara\u00e7 aras\u0131ndaki uyum nas\u0131l sa\u011flanacak? Dizinin son yaz\u0131s\u0131nda bu soruya yan\u0131t arayaca\u011f\u0131m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Makro-sak\u0131ngan politika ara\u00e7 i\u015fe yaras\u0131n diye, di\u011fer politika arac\u0131 olan haftal\u0131k faizin g\u00fcc\u00fc azalt\u0131l\u0131yor.&#8221; Cumartesi g\u00fcn\u00fc, TCMB\u2019nin, yeni para politikas\u0131 uygulamas\u0131 \u00e7er\u00e7evesinde, zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131&hellip;<\/p>\n","protected":false},"author":16,"featured_media":894,"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-11035","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\/11035","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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=11035"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/11035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/894"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=11035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=11035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=11035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}