{"id":11123,"date":"2012-02-02T09:01:33","date_gmt":"2012-02-02T07:01:33","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=11123"},"modified":"2012-02-02T09:01:44","modified_gmt":"2012-02-02T07:01:44","slug":"para-politikasinda-yeni-arayislar-son","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/para-politikasinda-yeni-arayislar-son\/","title":{"rendered":"Para Politikas\u0131nda Yeni Aray\u0131\u015flar (son)"},"content":{"rendered":"<p>&#8220;Finansal istikrar politika arac\u0131 ile fiyat istikrar\u0131 politika arac\u0131 aras\u0131ndaki uyumu sa\u011flamak i\u00e7in \u00e7e\u015fitli se\u00e7enekler var.&#8221;<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3920713640\"><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>S\u0131ra nihayet dizinin son yaz\u0131s\u0131na geldi. Sal\u0131 g\u00fcn\u00fc \u015f\u00f6yle bitirmi\u015ftim: \u201cPolitika 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?\u201d<\/p>\n<p>Bu sorunun yan\u0131t\u0131 a\u00e7\u0131s\u0131ndan, bu sefer \u2018k\u0131smen\u2019 de olsa bir laboratuvar deneyi sonucumuz var. Haziran 2011 i\u00e7inde Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu (BDDK) baz\u0131 kararlar ald\u0131. Bu kararlar bankalar\u0131n baz\u0131 tip krediler i\u00e7in tutmak zorunda olduklar\u0131 kar\u015f\u0131l\u0131k miktar\u0131 ile ilgiliydi. Bu kararlardan sonra kredi arz\u0131 art\u0131\u015f h\u0131z\u0131nda belirgin bir azalma ger\u00e7ekle\u015fti. Az \u00f6nce \u2018k\u0131smen\u2019 dedim. Nedeni \u015fu: Evet, kredi arz\u0131n\u0131n art\u0131\u015f h\u0131z\u0131nda bu karardan sonra azal\u0131\u015f ger\u00e7ekle\u015fti. Ama bu kararlardan yakla\u015f\u0131k iki ay sonra Euro B\u00f6lgesi olduk\u00e7a kar\u0131\u015ft\u0131 ve risk alma i\u015ftah\u0131 azald\u0131. Dolay\u0131s\u0131yla, kredi arz\u0131n\u0131n art\u0131\u015f h\u0131z\u0131ndaki yava\u015flaman\u0131n bir di\u011fer nedeni bu kar\u0131\u015f\u0131kl\u0131k olabilir. Gelin, yine de \u00e7ok \u015f\u00fcpheci olmayal\u0131m ve kredi arz\u0131n\u0131n art\u0131\u015f h\u0131z\u0131ndaki yava\u015flamada BDDK\u2019n\u0131n kararlar\u0131n\u0131n da etkili oldu\u011funu d\u00fc\u015f\u00fcnelim.<\/p>\n<p>Finansal istikrar\u0131 sa\u011flamaya y\u00f6nelik politika arac\u0131 ile fiyat istikrar\u0131n\u0131 sa\u011flamaya y\u00f6nelik politika arac\u0131 aras\u0131ndaki uyumu sa\u011flamak i\u00e7in \u00e7e\u015fitli se\u00e7enekler var. \u0130lk iki se\u00e7enek yukar\u0131daki laboratuvar deneyiminden \u00e7\u0131k\u0131yor. \u0130lki \u015fu: 2002-2010 aras\u0131nda enflasyonla m\u00fccadele a\u00e7\u0131s\u0131ndan genellikle ba\u015far\u0131l\u0131 oldu\u011fu belirtilebilecek klasik enflasyon hedeflemesi \u00e7er\u00e7evesini g\u00fc\u00e7lendirici ad\u0131mlar atmak gerekiyor. Bunun i\u00e7in de BDDK\u2019daki baz\u0131 yetkilerin TCMB\u2019ye devredilmesi d\u00fc\u015f\u00fcn\u00fclebilir. Bu durumda her bir banka i\u00e7in BDDK taraf\u0131ndan belirlenen sermaye gereksinimleri ile TCMB taraf\u0131ndan belirlenecek genel sermaye yeterlili\u011fi gereksinimlerinin uyumlula\u015ft\u0131r\u0131lmas\u0131 sorunu ortaya \u00e7\u0131kabilir. Bu sorun baz\u0131 ek d\u00fczenlemelerle a\u015f\u0131labilir. \u0130kinci ve daha radikal se\u00e7enek ise BDDK ile TCMB\u2019nin birle\u015fmesidir. Baz\u0131 \u00fclkelerde b\u00f6yle bir ayr\u0131m yok zaten.<\/p>\n<p>\u00dc\u00e7\u00fcnc\u00fc se\u00e7enek, stat\u00fckonun g\u00fc\u00e7lendirilerek korunmas\u0131d\u0131r. Bu \u00e7er\u00e7evede, BDDK ile TCMB\u2019nin kararlar\u0131n\u0131 uzla\u015farak almalar\u0131 d\u00fc\u015f\u00fcn\u00fclebilir. Bu durumda \u015fu sorular\u0131n yan\u0131tlanmas\u0131 gerekiyor: Hangi kurumun \u00f6nerdi\u011fi olacak? Uzla\u015fma, e\u011fer var\u0131labilirse, ara bir \u00e7\u00f6z\u00fcmde sa\u011flan\u0131rsa ne olacak? \u0130ki kurumun e\u015fg\u00fcd\u00fcm\u00fcn\u00fc h\u00fck\u00fcmetler mi sa\u011flayacak? B\u00f6yle bir kurumsal \u00e7er\u00e7evede hem Merkez Bankas\u0131\u2019n\u0131n ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131n hem de BDDK\u2019n\u0131n \u00f6zerkli\u011finin tehlikeye girmesi s\u00f6z konusu olabilir. \u0130lk iki se\u00e7enek bu a\u00e7\u0131dan bir risk ta\u015f\u0131m\u0131yor oysa.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Finansal istikrar politika arac\u0131 ile fiyat istikrar\u0131 politika arac\u0131 aras\u0131ndaki uyumu sa\u011flamak i\u00e7in \u00e7e\u015fitli se\u00e7enekler var.&#8221; S\u0131ra nihayet dizinin son yaz\u0131s\u0131na geldi. Sal\u0131 g\u00fcn\u00fc \u015f\u00f6yle&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-11123","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\/11123","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=11123"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/11123\/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=11123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=11123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=11123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}