{"id":12404,"date":"2012-03-05T13:50:38","date_gmt":"2012-03-05T11:50:38","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=12404"},"modified":"2012-03-05T13:50:48","modified_gmt":"2012-03-05T11:50:48","slug":"kurallar-degistirilmek-uzere-kondugunda","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/kurallar-degistirilmek-uzere-kondugunda\/","title":{"rendered":"Kurallar De\u011fi\u015ftirilmek \u00dczere Kondu\u011funda"},"content":{"rendered":"<p>Paray\u0131 para yapan en \u00f6nemli unsurlardan biri &#8220;paray\u0131 piyasalara arz etmenin kurallar\u0131d\u0131r&#8221;. Ekonomik birimler &#8220;paran\u0131n arz kurallar\u0131&#8221; \u00e7er\u00e7evesinde ilerideki d\u00f6nemlerde nas\u0131l ve hangi \u015fartlarda para arz\u0131n\u0131n de\u011fi\u015febilece\u011fine bak\u0131p \u00e7e\u015fitli ekonomik b\u00fcy\u00fckl\u00fckler konusunda beklentilerini olu\u015ftururlar.<br \/>\nParay\u0131 arz etme kurallar\u0131n\u0131n duruma g\u00f6re de\u011fi\u015ftirilebildi\u011fi bir ekonomide ekonomik birimlerin beklentileri etraf\u0131ndaki hata pay\u0131 y\u00fckseldi\u011finden para politikas\u0131n\u0131n etkinli\u011fi azal\u0131r. Enflasyon yaratma g\u00f6reli olarak daha kolay olur.<br \/>\nAvrupa Merkez Bankas\u0131 (ECB), kurulu\u015funda tespit edilen &#8220;para arz\u0131 kurallar\u0131&#8221; kitab\u0131n\u0131 rafa kald\u0131rd\u0131. Baz\u0131 kurallar\u0131 de\u011fi\u015ftirdi. Belki buna mecburdu denebilir. ECB mecburdu ya da de\u011fildi, ama Euro bu \u015fekilde \u00e7ok b\u00fcy\u00fck yara ald\u0131.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3430789374\"><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>PARA ARZI KURALLARI<\/strong><br \/>\n&#8220;Para arz\u0131 kurallar\u0131&#8221; terimi a\u00e7\u0131klamaya muhta\u00e7. Para otoritesinin devlete bor\u00e7 vermemesinin yasayla g\u00fcvenceye al\u0131nmas\u0131 bir para arz\u0131 kural\u0131d\u0131r. Ekonomik birimler a\u00e7\u0131s\u0131ndan b\u00f6yle bir kural para politikas\u0131 ile maliye politikas\u0131n\u0131n birbirinden ayr\u0131ld\u0131\u011f\u0131 anlam\u0131na gelir. Paran\u0131n istikrar\u0131n\u0131n \u00f6nceli\u011fi oldu\u011fu anla\u015f\u0131l\u0131r. ECB bu kural\u0131 bozdu. Kurulu\u015funda, para politikas\u0131n\u0131n gerekleri (para arz\u0131n\u0131 kontrol etmek) d\u0131\u015f\u0131nda, hi\u00e7bir \u00fcye devletin bonosunu alamayaca\u011f\u0131 karara ba\u011flanm\u0131\u015fken, ECB son iki y\u0131ld\u0131r piyasalardan bor\u00e7lanamayan \u00fcye devletlerin bonolar\u0131n\u0131 almaya ba\u015flad\u0131. Para arz\u0131 kurallar\u0131n\u0131n biri rafa kalkm\u0131\u015f oldu.<br \/>\nBilan\u00e7osunun sa\u011flaml\u0131\u011f\u0131n\u0131 korumaya y\u00f6nelik olarak kurulu\u015funda, &#8220;ECB, kredi notu A ve \u00fczeri olan \u00fcye \u00fclkelerin bonolar\u0131n\u0131 teminat kabul ederek bankalara bor\u00e7 verebilir&#8221; dendi. \u00d6nce Yunanistan, sonra \u0130rlanda ve Portekiz A olan kredi notlar\u0131n\u0131 kaybettiler. ECB de kural\u0131n\u0131 de\u011fi\u015ftirip temerr\u00fcde d\u00fc\u015fene kadar bu \u00fclkelerin bonolar\u0131n\u0131 teminat olarak kabul etme karar\u0131 ald\u0131.<br \/>\n\u00dc\u00e7 kredi derecelendirme kurulu\u015fundan ikisinin ayn\u0131 derecedeki notu ECB i\u00e7in \u00f6l\u00e7\u00fctt\u00fc. Ge\u00e7enlerde Yunanistan&#8217;\u0131n kredi notu iki derecelendirme kurulu\u015fu taraf\u0131ndan &#8220;D&#8221; d\u00fczeyine (se\u00e7ici temerr\u00fct) indirildi. ECB \u00f6n\u00fcm\u00fczdeki g\u00fcnlerde bu kural\u0131 da de\u011fi\u015ftirip ara d\u00f6nemde Yunanistan Merkez Bankas\u0131 yoluyla daha sonra da kendisi Yunanistan bonolar\u0131n\u0131 teminat olarak kabul etmeye devam edecek.<br \/>\nPara arz\u0131 kurallar\u0131 duruma g\u00f6re de\u011fi\u015ftirilebildi\u011finde, asl\u0131nda para arz\u0131 kural\u0131 yok demekle ayn\u0131 anlama geliyor. Kurallar\u0131 olmadan ya da kurallar\u0131 mu\u011flak olarak bas\u0131lan para er ay da ge\u00e7 enflasyon yarat\u0131r. ECB bu riski yaratt\u0131.<\/p>\n<p><strong>\u00d6RNEKLER<\/strong><br \/>\n\u0130ki sert faul yapt\u0131ktan sonra iki sar\u0131 kart g\u00f6ren futbolcu k\u0131rm\u0131z\u0131 kartla oyundan at\u0131l\u0131r. Bu, oyunun kural\u0131d\u0131r. Diyelim ki, ma\u00e7\u0131n ikinci yar\u0131s\u0131nda bu kural de\u011fi\u015ftirilip &#8220;D\u00f6rt sar\u0131 kart ald\u0131\u011f\u0131nda bir oyuncu k\u0131rm\u0131z\u0131 kartla oyundan at\u0131l\u0131r&#8221; dendi. Ma\u00e7\u0131n ikinci yar\u0131s\u0131nda sert faullerin say\u0131s\u0131 artmaz m\u0131? Para arz\u0131 kurallar\u0131 da i\u015fte b\u00f6yle bir \u015fey. Kurallar de\u011fi\u015firse, oyuncular\u0131n tepkisi de de\u011fi\u015fir.<br \/>\n1989 y\u0131l\u0131nda bir protokol yap\u0131l\u0131p Hazine&#8217;nin Merkez Bankas\u0131&#8217;ndan kulland\u0131\u011f\u0131 kredi miktar\u0131na bir \u00fcst limit getirildi. \u0130ki y\u0131la yak\u0131n bu kurala uyuldu. Ama, zaman\u0131n h\u00fck\u00fcmeti bu kural\u0131 yasaya monte etmeye yana\u015fmad\u0131. O d\u00f6nemde enflasyon y\u00fczde 60&#8217;lardan y\u00fczde 42&#8217;ye kadar indi, ama daha fazla inmedi. \u00c7\u00fcnk\u00fc, kural\u0131n kal\u0131c\u0131l\u0131\u011f\u0131 hakk\u0131nda belirsizlik vard\u0131. Kural ekonomik birimler g\u00f6z\u00fcnde inand\u0131r\u0131c\u0131 olamad\u0131. Nitekim, daha sonraki h\u00fck\u00fcmetler protokol\u00fc yok say\u0131p bor\u00e7lanmay\u0131 art\u0131rd\u0131lar. Enflasyon da yine y\u00fczde 60&#8217;lara \u00e7\u0131kt\u0131.<br \/>\nPara arz\u0131 kurallar\u0131 ne derece s\u0131k\u0131 ve inand\u0131r\u0131c\u0131ysa, kurallar \u00e7er\u00e7evesinde para politikas\u0131n\u0131n esnekli\u011fi o denli \u00e7ok olur. ECB \u015fimdi kolayca de\u011fi\u015ftirilebilen kurallar i\u00e7inde esnekli\u011fi giderek daralan bir para politikas\u0131 uygulamas\u0131 i\u00e7ine girdi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paray\u0131 para yapan en \u00f6nemli unsurlardan biri &#8220;paray\u0131 piyasalara arz etmenin kurallar\u0131d\u0131r&#8221;. Ekonomik birimler &#8220;paran\u0131n arz kurallar\u0131&#8221; \u00e7er\u00e7evesinde ilerideki d\u00f6nemlerde nas\u0131l ve hangi \u015fartlarda para&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-12404","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\/12404","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=12404"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/12404\/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=12404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=12404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=12404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}