{"id":12058,"date":"2012-02-27T00:43:30","date_gmt":"2012-02-26T22:43:30","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=12058"},"modified":"2012-02-27T00:43:42","modified_gmt":"2012-02-26T22:43:42","slug":"buyumenin-finansal-kaynaklari","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/buyumenin-finansal-kaynaklari\/","title":{"rendered":"B\u00fcy\u00fcmenin Finansal Kaynaklar\u0131"},"content":{"rendered":"<p>T\u00fcrkiye\u2019de tasarruf oran\u0131n\u0131n d\u00fc\u015f\u00fck oldu\u011fu herkesin kabul etti\u011fi bir ger\u00e7ek. \u0130\u00e7 tasarruflar\u0131n milli gelire oran\u0131 y\u00fczde 20\u2019nin \u00fczerindeyken, \u015fimdi y\u00fczde 12 civar\u0131na geldi. Giderek daha fazla yetersiz hale gelen i\u00e7 tasarruflar kar\u015f\u0131s\u0131nda d\u0131\u015f tasarruflar\u0131 ithal edebildi\u011fimiz (cari i\u015flemler a\u00e7\u0131\u011f\u0131 verebildi\u011fimiz) \u00f6l\u00e7\u00fcde ekonomik b\u00fcy\u00fcmeye kaynak yaratabiliyoruz. Bu ger\u00e7e\u011fin bir ba\u015fka a\u00e7\u0131dan yans\u0131mas\u0131 T\u00fcrkiye\u2019de finansal sistemin ekonominin b\u00fcy\u00fckl\u00fc\u011f\u00fcne g\u00f6re g\u00f6reli olarak k\u00fc\u00e7\u00fck kalmas\u0131.<br \/>\nD\u00fcnyan\u0131n bir\u00e7ok ekonomisinde toplam bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc milli gelirin birka\u00e7 kat\u0131 iken T\u00fcrkiye\u2019de bu oran \u015fimdilerde 1-1\u2019e geldi. Bir ba\u015fka deyi\u015fle, v\u00fccut cekete g\u00f6re \u00e7ok b\u00fcy\u00fck ya da ceket v\u00fccuda g\u00f6re \u00e7ok k\u00fc\u00e7\u00fck. Bu v\u00fccut bu cekete s\u0131\u011fm\u0131yor, ceketi d\u0131\u015f finansman kaynaklar\u0131yla b\u00fcy\u00fctmeye \u00e7al\u0131\u015f\u0131yoruz. Bunu becerebildi\u011fimizde ekonomik b\u00fcy\u00fcme rekorlar k\u0131r\u0131yor, beceremedi\u011fimizde ekonomi o denli b\u00fcy\u00fcm\u00fcyor, hatta k\u00fc\u00e7\u00fclebiliyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-626132581\"><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>PASTADAN PAY ALAN DE\u011e\u0130\u015eT\u0130\u00a0<\/strong><br \/>\n2002 y\u0131l\u0131 ile 2011 y\u0131l\u0131 aras\u0131ndaki geli\u015fmelere bakt\u0131\u011f\u0131m\u0131zda bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn bilan\u00e7o yap\u0131s\u0131nda k\u00fc\u00e7\u00fcmsenmeyecek baz\u0131 yap\u0131sal d\u00f6n\u00fc\u015f\u00fcmler g\u00f6zleniyor. Bunlar\u0131n en \u00f6nemlilerinden biri T\u00fcrk Liras\u0131 tasarruf mevduat\u0131 ile t\u00fcketici kredileri aras\u0131ndaki ili\u015fki. Bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn en \u00f6nemli kayna\u011f\u0131 mevduatlar. Mevduatlar\u0131n en \u00f6nemli alt kalemi de tasarruf mevduatlar\u0131.<br \/>\nTarihsel olarak T\u00fcrkiye\u2019de hane halk\u0131 bankalara mevduat yapar (tasarruf mevduat\u0131), bankalar da bu yolla elde ettikleri kaynaklar\u0131 \u015firketlere kredi olarak kulland\u0131r\u0131rlard\u0131. Bu art\u0131k de\u011fi\u015fiyor. 2002 y\u0131l\u0131nda bankalardaki TL tasarruf mevduatlar\u0131n\u0131n y\u00fczde 20\u2019si t\u00fcketici kredileri olarak kulland\u0131r\u0131l\u0131rd\u0131. Bu oran 2011 y\u0131l\u0131nda y\u00fczde 80\u2019e ula\u015ft\u0131. Art\u0131k hane halk\u0131 kendi mevduat\u0131n\u0131 kendi kullanmaya ba\u015flad\u0131. \u015eirketlere bu pastadan kalan pay \u00e7ok azald\u0131 ve azalmaya da devam ediyor.<br \/>\nYabanc\u0131 para mevduatlar\u0131 bankalar i\u00e7in \u00f6nemli bir kaynak durumunda. Bankalardaki yabanc\u0131 para toplam mevduatlar\u0131 reel olarak 2002 y\u0131l\u0131ndan bu yana artm\u0131yor. Dolay\u0131s\u0131yla, bu kanaldan da bankalar\u0131n \u015firketlere kulland\u0131rabilecekleri ek kaynak yok say\u0131labilir.<br \/>\nKonuya bir ba\u015fka a\u00e7\u0131dan yakla\u015f\u0131rsak, enflasyonun d\u00fc\u015fmesi ve d\u00f6viz kurunun g\u00f6reli istikrar\u0131yla birlikte d\u00f6viz mevduat\u0131n\u0131n bankac\u0131l\u0131k sekt\u00f6r\u00fc a\u00e7\u0131s\u0131ndan ek bir kaynak olma i\u015flevini eskisi kadar g\u00f6rmedi\u011fi ortaya \u00e7\u0131k\u0131yor. TL tasarruf mevduat\u0131 reel olarak art\u0131yor, ama artan mevduattan daha fazlas\u0131n\u0131 hane halk\u0131 kendi kullan\u0131yor. TL mevduatlar\u0131n\u0131n nominal olarak daha h\u0131zl\u0131 artmas\u0131 ise g\u00f6reli olarak d\u00fc\u015f\u00fck olan enflasyon nedeniyle s\u0131n\u0131rl\u0131 kal\u0131yor.<\/p>\n<p><strong>TEK KAYNAK YURTDI\u015eI\u00a0<\/strong><br \/>\nBu durumda bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn reel sekt\u00f6r\u00fc desteklemesi i\u00e7in iki kaynak kal\u0131yor: banka bonolar\u0131 ve d\u0131\u015f bor\u00e7lanma. T\u00fcketici kredileri de reel sekt\u00f6r\u00fcn dolayl\u0131 olarak desteklenmesi anlam\u0131na gelir. T\u00fcketici kredileri i\u015fletme sermayesi ihtiyac\u0131n\u0131 azaltabilir, ama yat\u0131r\u0131m kredileri ihtiyac\u0131n\u0131 kar\u015f\u0131lamaktan uzak kal\u0131r. Bankalar\u0131n bono \u00e7\u0131karma yoluyla kaynak elde etmeleri b\u00fcy\u00fck \u00f6l\u00e7\u00fcde mevduat\u0131n ikamesi olarak d\u00fc\u015f\u00fcn\u00fclebilir. O halde, yat\u0131r\u0131m kredileri yoluyla bankalar\u0131n reel sekt\u00f6r\u00fc desteklemesi i\u00e7in d\u0131\u015f bor\u00e7lanmadan ba\u015fka ek kaynak yok gibi g\u00f6r\u00fcn\u00fcyor.<br \/>\nAsl\u0131nda bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn bilan\u00e7o yap\u0131s\u0131ndaki bu de\u011fi\u015fme T\u00fcrkiye\u2019de tasarruf oran\u0131n\u0131n d\u00fc\u015fmekte oldu\u011funun aynadaki yans\u0131mas\u0131. \u0130\u00e7 tasarruflar\u0131n milli gelire oran\u0131 d\u00fc\u015ft\u00fck\u00e7e reel sekt\u00f6r giderek daha fazla d\u0131\u015f tasarruflar yoluyla kendine kaynak yaratabiliyor. Y\u0131ldan y\u0131la farkl\u0131l\u0131klar g\u00f6sterse de, reel sekt\u00f6r ya kendisi do\u011frudan yurtd\u0131\u015f\u0131ndan bor\u00e7lan\u0131yor ya da bankalar yurtd\u0131\u015f\u0131ndan do\u011frudan bor\u00e7lan\u0131p bu kaynaklar\u0131 reel sekt\u00f6re kulland\u0131r\u0131yor. Ekonominin i\u00e7 tasarruflar yoluyla kendine kaynak yaratma kabiliyeti giderek azal\u0131yor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcrkiye\u2019de tasarruf oran\u0131n\u0131n d\u00fc\u015f\u00fck oldu\u011fu herkesin kabul etti\u011fi bir ger\u00e7ek. \u0130\u00e7 tasarruflar\u0131n milli gelire oran\u0131 y\u00fczde 20\u2019nin \u00fczerindeyken, \u015fimdi y\u00fczde 12 civar\u0131na geldi. Giderek daha&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-12058","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\/12058","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=12058"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/12058\/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=12058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=12058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=12058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}