{"id":11350,"date":"2012-02-07T15:34:57","date_gmt":"2012-02-07T13:34:57","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=11350"},"modified":"2012-02-07T15:35:16","modified_gmt":"2012-02-07T13:35:16","slug":"merkez-bankalarinin-aldigi-teminatlar-guclu-olmali","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/merkez-bankalarinin-aldigi-teminatlar-guclu-olmali\/","title":{"rendered":"Merkez Bankalar\u0131n\u0131n Ald\u0131\u011f\u0131 Teminatlar G\u00fc\u00e7l\u00fc Olmal\u0131"},"content":{"rendered":"<p>Yunanistan&#8217;\u0131n piyasaya olan bor\u00e7lar\u0131 iskontoya tabi tutuluyor. Buna kar\u015f\u0131l\u0131k Avrupa Merkez Bankas\u0131&#8217;n\u0131n (ECB) piyasadan ald\u0131\u011f\u0131 Yunanistan bonolar\u0131 bu uygulaman\u0131n d\u0131\u015f\u0131nda tutulmaya \u00e7al\u0131\u015f\u0131l\u0131yor. Garip de\u011fil mi? Bir ECB yetkilisi durumu \u015f\u00f6yle a\u00e7\u0131klad\u0131: &#8220;ECB&#8217;nin Yunanistan bor\u00e7lar\u0131n\u0131n iskonto d\u0131\u015f\u0131nda tutulmas\u0131n\u0131n nedeni, ECB&#8217;nin bu bonolar\u0131 para politikas\u0131 amac\u0131yla alm\u0131\u015f olmas\u0131ndan kaynaklan\u0131yor.&#8221; A\u00e7\u0131klama, &#8220;\u00f6zr\u00fc kabahatinden daha b\u00fcy\u00fck&#8221; nitelikte.<br \/>\nMerkez bankalar\u0131 ekonomik sisteme bankalar arac\u0131l\u0131\u011f\u0131yla para verirler. Bankalara bor\u00e7 verirler. Kar\u015f\u0131l\u0131\u011f\u0131nda kredi de\u011feri \u00e7ok y\u00fcksek teminatlar al\u0131rlar. Ulusal merkez bankalar\u0131 a\u00e7\u0131s\u0131ndan en y\u00fcksek kredi de\u011ferlili\u011fine sahip teminat, o \u00fclke hazinesinin \u00e7\u0131kard\u0131\u011f\u0131 bor\u00e7lanma senetleridir. Dolay\u0131s\u0131yla, ulusal merkez bankalar\u0131 hazinenin bor\u00e7lanma senetlerini teminat olarak kabul edip sistemdeki bankalara bor\u00e7 verirler.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3552071756\"><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><strong>KURALLAR DE\u011e\u0130\u015e\u0130NCE<\/strong><br \/>\nECB&#8217;de durum kar\u0131\u015f\u0131k. ECB parasal bir birli\u011fin merkez bankas\u0131. Tek bir ulusun de\u011fil, ECB, Euro kullanan \u00fclke say\u0131s\u0131 kadar hazine ile kar\u015f\u0131 kar\u015f\u0131ya. Teorik olarak \u00fcye t\u00fcm \u00fclkelerin hazinesi ECB a\u00e7\u0131s\u0131ndan muteber olmak durumunda. Ama uygulamada, t\u00fcm \u00fcye \u00fclkelerin hazinesi ayn\u0131 kredi de\u011ferlili\u011fine sahip de\u011fil. O nedenle, ECB&#8217;nin kurulu\u015funda ECB&#8217;nin teminat olarak kabul edebilece\u011fi hazine bor\u00e7lanma senetlerinin kredi de\u011ferlili\u011fine bir alt s\u0131n\u0131r kondu. &#8220;ECB ancak kredi derecesi A ve \u00fcst\u00fc olan \u00fclkelerin bor\u00e7lanma senetlerini teminata kabul edebilir ya da para politikas\u0131n\u0131n y\u00fcr\u00fct\u00fclmesine y\u00f6nelik olarak portf\u00f6y\u00fcne alabilir&#8221; dendi.<br \/>\nYunanistan&#8217;\u0131n &#8220;bor\u00e7 krizi&#8221; derinle\u015fince, g\u00fcn\u00fc kurtarmaya y\u00f6nelik olarak bu s\u0131n\u0131r \u00f6nce B d\u00fczeyine indirildi. Daha sonra bu s\u0131n\u0131r da kald\u0131r\u0131ld\u0131. B\u00fct\u00fcn bunlar &#8220;\u00dclkeler batmaz, zor duruma d\u00fc\u015febilirler&#8221; anlay\u0131\u015f\u0131yla yap\u0131ld\u0131. \u00dclkeler bor\u00e7lar\u0131n\u0131n tamam\u0131n\u0131 ya da bir b\u00f6l\u00fcm\u00fcn\u00fc \u00f6demeyebilirler olas\u0131l\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fclmedi. \u015eimdi, d\u00fc\u015f\u00fcn\u00fclmeyen olas\u0131l\u0131k ger\u00e7ek oldu. G\u00fcn\u00fc kurtaran politikalar\u0131n sonu\u00e7lar\u0131 g\u00f6r\u00fclmeye ba\u015fland\u0131.<\/p>\n<p><strong>\u00d6NEML\u0130 B\u0130R DERS<\/strong><br \/>\nPara otoritesinin itibar\u0131 ve Euro&#8217;nun gelece\u011fi a\u00e7\u0131s\u0131ndan, ECB&#8217;nin portf\u00f6y\u00fcndeki ve teminat deposundaki Yunanistan bor\u00e7lanma senetlerinin iskontoya konu olmamas\u0131 \u00e7ok do\u011fru. Ama Yunanistan bonolar\u0131n\u0131n iskontoya tabi tutulmas\u0131n\u0131n bu bonolar\u0131 ellerinde bulunduran kurum ya da ki\u015filere g\u00f6re farkl\u0131la\u015ft\u0131r\u0131lmas\u0131 ticari a\u00e7\u0131dan ayn\u0131 derecede yanl\u0131\u015f ve b\u00fcy\u00fck bir olas\u0131l\u0131kla hukuka ayk\u0131r\u0131.<br \/>\nYap\u0131lan iskontonun &#8220;iste\u011fe ba\u011fl\u0131&#8221; olmas\u0131 durumu kurtarm\u0131yor. ECB iskonto istemiyor, ama ticari bankalar iskontoyu kabul ediyorlar gibi bir yakla\u015f\u0131m ba\u015fka hukuki sorunlar\u0131 da beraberinde getiriyor. Yunanistan bonolar\u0131n\u0131n bir b\u00f6l\u00fcm\u00fc de, ticari bankalarda de\u011fil, yat\u0131r\u0131m fonlar\u0131n\u0131n portf\u00f6y\u00fcnde. Ticari bankalar, var olmalar\u0131n\u0131 devlete bor\u00e7lu olduklar\u0131ndan (\u00e7o\u011fu k\u00fcresel kriz d\u00f6neminde devlet taraf\u0131ndan kurtar\u0131ld\u0131), iskontoyu kabul edebilirler. Ama yat\u0131r\u0131m fonlar\u0131, yat\u0131r\u0131mc\u0131s\u0131ndan ba\u015fka hi\u00e7 kimseye bor\u00e7lu olmad\u0131\u011f\u0131ndan ECB gibi davranabilir. O takdirde, Yunanistan&#8217;\u0131n temerr\u00fcde d\u00fc\u015fmesi yeniden g\u00fcndeme gelebilir.<br \/>\nECB&#8217;nin i\u00e7ine d\u00fc\u015ft\u00fc\u011f\u00fc durum, merkez bankac\u0131l\u0131\u011f\u0131 konusunda bir ders niteli\u011finde. Merkez bankalar\u0131n\u0131n ald\u0131\u011f\u0131 teminatlar\u0131n g\u00fc\u00e7l\u00fc olmas\u0131n\u0131n \u00f6nemi daha iyi g\u00f6r\u00fclemezdi. Teminatlar\u0131 g\u00fc\u00e7l\u00fc olmayan merkez bankalar\u0131n\u0131n bankac\u0131l\u0131k sistemi yoluyla piyasalara verdi\u011fi likidite asl\u0131nda merkez bankalar\u0131n\u0131n helikopterden para atmalar\u0131ndan \u00e7ok da farkl\u0131 de\u011fil. ECB bu duruma d\u00fc\u015ft\u00fc. \u015eimdi bu durumdan kurtar\u0131lmaya \u00e7al\u0131\u015f\u0131l\u0131yor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yunanistan&#8217;\u0131n piyasaya olan bor\u00e7lar\u0131 iskontoya tabi tutuluyor. Buna kar\u015f\u0131l\u0131k Avrupa Merkez Bankas\u0131&#8217;n\u0131n (ECB) piyasadan ald\u0131\u011f\u0131 Yunanistan bonolar\u0131 bu uygulaman\u0131n d\u0131\u015f\u0131nda tutulmaya \u00e7al\u0131\u015f\u0131l\u0131yor. Garip de\u011fil mi?&hellip;<\/p>\n","protected":false},"author":675,"featured_media":9441,"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-11350","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\/11350","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\/675"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=11350"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/11350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/9441"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=11350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=11350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=11350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}