{"id":11287,"date":"2012-02-06T09:00:17","date_gmt":"2012-02-06T07:00:17","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=11287"},"modified":"2012-02-06T09:56:37","modified_gmt":"2012-02-06T07:56:37","slug":"faiz-illuzyonu","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/faiz-illuzyonu\/","title":{"rendered":"Faiz \u0130ll\u00fczyonu"},"content":{"rendered":"<div>T\u00fcrk toplumunda son birka\u00e7 ayda en fazla tart\u0131\u015f\u0131lan ekonomi konular\u0131ndan birisi Merkez Bankas\u0131\u2019n\u0131n (TCMB) faiz art\u0131rmas\u0131na gerek olup olmad\u0131\u011f\u0131 konusuydu. Bu konuda iki farkl\u0131 g\u00f6r\u00fc\u015f vard\u0131: (1) Enflasyonun y\u00fckseli\u015fe ge\u00e7ti\u011fi bir a\u015famada bulundu\u011fumuza g\u00f6re TCMB\u2019nin faiz art\u0131rmas\u0131n\u0131n gerekli oldu\u011funu savunanlar, (2) B\u00fcy\u00fcmenin d\u00fc\u015fmesinin beklendi\u011fi bir ortamda ekonomiyi daha da daraltacak bir faiz art\u0131r\u0131m\u0131n\u0131n gerekli olmad\u0131\u011f\u0131n\u0131 savunanlar.<\/div>\n<p>Asl\u0131nda b\u00f6yle bir toparlama yapt\u0131\u011f\u0131ma bakmay\u0131n bamba\u015fka gerek\u00e7elerle ikisinin de lehinde ya da aleyhinde g\u00f6r\u00fc\u015fler \u00f6ne s\u00fcrenler de oldu. \u00d6rne\u011fin faizin art\u0131r\u0131lmas\u0131n\u0131 savunanlar\u0131 \u201cfaiz lobisi\u201d diye adland\u0131ranlar oldu. Ve bu yak\u0131\u015ft\u0131rma, komplo teorisini \u00e7ok seven T\u00fcrk milletinin b\u00fcy\u00fck \u00e7o\u011funlu\u011funca da benimsendi.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1536407784\"><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>Ben bu g\u00f6r\u00fc\u015flerden farkl\u0131bir g\u00f6r\u00fc\u015fe sahiptim en ba\u015f\u0131ndan beri. Ama faiz politikas\u0131n\u0131n, para politikas\u0131n\u0131n bir alt politikas\u0131 olmas\u0131 yani t\u00fcm\u00fcyle teknik bir konu olmas\u0131nedeniyle b\u00f6yle sloganla\u015ft\u0131r\u0131lmas\u0131na, kategorize edilmesine kar\u015f\u0131 \u00e7\u0131k\u0131yordum. \u00c7\u00fcnk\u00fc faiz art\u0131r\u0131lmas\u0131 d\u00fc\u015f\u00fcncesinin tart\u0131\u015f\u0131lmas\u0131na \u201cfaiz lobisi\u201dyak\u0131\u015ft\u0131rmas\u0131yla yani bilim d\u0131\u015f\u0131 bir tav\u0131rla kar\u015f\u0131 \u00e7\u0131k\u0131ld\u0131\u011f\u0131nda TCMB\u2019nin elini kolunu ba\u011flam\u0131\u015f oluyorduk. Yar\u0131n \u00f6b\u00fcr g\u00fcn gerekti\u011finde TCMB art\u0131k faiz art\u0131\u015f\u0131yapamayacak ve faiz lobisinin bask\u0131s\u0131 alt\u0131nda kald\u0131\u011f\u0131 korkusunu hep ta\u015f\u0131yacakt\u0131.<\/p>\n<div>Tekrar s\u00f6yl\u00fcyorum: Faiz konusunun, faizin art\u0131r\u0131lmas\u0131 veya d\u00fc\u015f\u00fcr\u00fclmesi konusunun, b\u00fct\u00fcn \u00f6teki konular gibi tart\u0131\u015f\u0131lmas\u0131 gerekir. Bu konuda hangi d\u00fc\u015f\u00fcnceyi \u00f6ne s\u00fcrerse s\u00fcrs\u00fcn insanlar\u0131n\u201cfaiz lobisi\u201d gibi yaftalarla damgalanmas\u0131 son derecede yanl\u0131\u015ft\u0131r. Faiz politikas\u0131 bilimsel bir konudur ve tart\u0131\u015f\u0131lmas\u0131 da o d\u00fczeyde yap\u0131lmal\u0131d\u0131r.<\/div>\n<p>\u015eimdi geliyorum konunun bir ba\u015fka yan\u0131na. TCMB, son \u00fc\u00e7 ay i\u00e7inde yani TL\u2019nin de\u011fer kaybetmeye ve enflasyonun yukar\u0131 do\u011fru hareketlenmeye ba\u015flamas\u0131ndan sonra faizi art\u0131rm\u0131\u015f m\u0131d\u0131r art\u0131rmam\u0131\u015fm\u0131d\u0131r?<\/p>\n<p>TCMB\u2019nin i\u015flemlerinde uygulad\u0131\u011f\u0131faizler \u015funlard\u0131r: (1) Bir haftal\u0131k repo faizi (5 A\u011fustos 2011\u2019den beri y\u00fczde 5,75\u2019dir. Son \u00fc\u00e7 ay i\u00e7inde artmam\u0131\u015ft\u0131r.) (2) Gecelik bor\u00e7 alma faizi (5 A\u011fustos 2011\u2019den beri y\u00fczde 5\u2019tir. Son \u00fc\u00e7 ay i\u00e7inde artmam\u0131\u015ft\u0131r.) Gecelik bor\u00e7 verme faizi (5 A\u011fustos 2011\u2019de y\u00fczde 9 olan bu faiz 21 Ekim 2011\u2019de y\u00fczde 1250\u2019ye y\u00fckseltilmi\u015ftir. Yani bu faiz son \u00fc\u00e7 i\u00e7inde artm\u0131\u015ft\u0131r.) (3) Ge\u00e7 likidite penceresi faizi (17 Aral\u0131k 2010\u2019da y\u00fczde 12 olan bu faiz 21 Ekim 2011\u2019de y\u00fczde 15,5\u2019a y\u00fckseltilmi\u015ftir. Yani son \u00fc\u00e7 ay i\u00e7inde ge\u00e7 likidite penceresinden bor\u00e7 verme faizi art\u0131r\u0131lm\u0131\u015ft\u0131r.)<\/p>\n<p>Demek ki TCMB bor\u00e7 verme i\u015flemlerinde uygulad\u0131\u011f\u0131 faizleri ciddi oranlarda art\u0131rm\u0131\u015ft\u0131r. Benim g\u00f6r\u00fc\u015f\u00fcm faizlerin art\u0131r\u0131lmas\u0131 gerekti\u011fini savunlarla da art\u0131r\u0131lmamas\u0131 gerekti\u011fini savunanlarla da paralel de\u011fildir. Ben, TCMB\u2019nin faizleri zaten gerektirdi\u011fi kadar art\u0131rd\u0131\u011f\u0131 kan\u0131s\u0131nday\u0131m.<\/p>\n<p>B\u00fct\u00fcn yan\u0131lg\u0131 TCMB\u2019nin repo faizini \u201cpolitika faizi\u201d olarak adland\u0131rmas\u0131ndan ve buna bakan insanlar\u0131n faizin art\u0131r\u0131lmad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnmesinden ibarettir. \u00d6zetle bu yanl\u0131\u015f tart\u0131\u015fma TCMB\u2019nin siyaset\u00e7ilerin bask\u0131s\u0131n\u0131 a\u015fabilmek i\u00e7in yaratt\u0131\u011f\u0131 ill\u00fczyonun bir sonucudur.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk toplumunda son birka\u00e7 ayda en fazla tart\u0131\u015f\u0131lan ekonomi konular\u0131ndan birisi Merkez Bankas\u0131\u2019n\u0131n (TCMB) faiz art\u0131rmas\u0131na gerek olup olmad\u0131\u011f\u0131 konusuydu. Bu konuda iki farkl\u0131 g\u00f6r\u00fc\u015f&hellip;<\/p>\n","protected":false},"author":12,"featured_media":917,"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-11287","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\/11287","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=11287"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/11287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/917"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=11287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=11287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=11287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}