{"id":13315,"date":"2012-03-25T15:35:30","date_gmt":"2012-03-25T13:35:30","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=13315"},"modified":"2012-03-25T15:35:41","modified_gmt":"2012-03-25T13:35:41","slug":"ozel-tasarruflar","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/ozel-tasarruflar\/","title":{"rendered":"\u00d6zel Tasarruflar"},"content":{"rendered":"<p>D\u00fcnya borsalar\u0131 haftay\u0131 ekside kapatt\u0131. Petrol fiyat\u0131 sakin; 124 dolar civar\u0131nda geziniyor. Parite ilgimi \u00e7ekiyor: son bakt\u0131\u011f\u0131mda tekrar 1.33\u2019e yakla\u015fm\u0131\u015ft\u0131. Mali piyasada oyun bitmez. Herkes euro b\u00f6lgesini ele\u015ftirir, ama gider euro al\u0131r!<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-512850520\"><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>\u0130\u00e7eride para piyasalar\u0131 kar\u0131\u015ft\u0131. \u00d6nce d\u00f6viz kuru k\u0131p\u0131rdad\u0131. D\u00f6viz sepeti 2.12 TL\u2019yi g\u00f6rd\u00fc. Anla\u015f\u0131lan Merkez Bankas\u0131 ho\u015fnut kalmam\u0131\u015f. Bankalar\u0131n TL likiditesini k\u0131st\u0131. Ortalama fonlama maliyetini artt\u0131rd\u0131.<\/p>\n<p>Piyasa gafil avland\u0131. Sal\u0131 toplanacak Para Politikas\u0131 Kurulundan faiz koridorunun \u00fcst s\u0131n\u0131r\u0131nda indirim bekliyordu (halen y\u00fczde 11). Ge\u00e7mi\u015fte oldu\u011fu gibi, Merkez Bankas\u0131 gene istedi\u011fini ald\u0131. Sepet kur 2.09 TL\u2019ye geriledi.<\/p>\n<p>Dilimde t\u00fcy bitti. Ekonomi y\u00f6netiminin eli g\u00fc\u00e7l\u00fcd\u00fcr. Hazine\u2019nin bor\u00e7lanma sorunu yoktur. Merkez Bankas\u0131 likiditenin mutlak hakimidir. 2011\u2019de TCMB\u2019nin kar rekoru k\u0131rmas\u0131 (8.5 milyar TL) mali piyasan\u0131n sinirini bence a\u00e7\u0131kl\u0131yor.<\/p>\n<p><strong>\u00d6zel tasarrufun bile\u015fenleri<\/strong><\/p>\n<p>Tasarruf bilmecesi ile devam ediyorum. D\u0131\u015f a\u00e7\u0131k bir makro dengesizli\u011fin sonucudur. Geri planda, ekonominin \u00fcretti\u011finden fazla harcamas\u0131 yatar. Yat\u0131r\u0131ma k\u0131yasla t\u00fcketim y\u00fcksek demektir. Milli gelir muhasebesinde tasarruf yetersizli\u011fi \u015feklinde tan\u0131mlan\u0131r.<\/p>\n<p>Ge\u00e7en yaz\u0131da uzun d\u00f6nemde kamu, \u00f6zel ve toplam tasarrufun seyrine bakt\u0131m. Yak\u0131n ge\u00e7mi\u015fte kamu tasarrufu artt\u0131. Ama \u00f6zel tasarruf \u00e7\u00f6kt\u00fc. Grafik \u00f6zetliyor. On y\u0131l \u00f6nce \u00f6zel tasarrufun milli gelire oran\u0131 y\u00fczde 25\u2019di. 2011\u2019de y\u00fczde 10.4\u2019a indi. \u00c7ok vahimdir. ABD\u2019nin alt\u0131ndad\u0131r. Yunanistan\u2019dan \u00e7ok uzak de\u011fildir.<\/p>\n<p>\u00d6zel tasarruflar neden \u00e7\u00f6kt\u00fc? Akla hemen t\u00fcketim geliyor. Fatura vatanda\u015f\u0131n m\u00fcsrifli\u011fine kesiliyor. \u00d6zel tasarruf vatanda\u015f\u0131n t\u00fcketmek yerine bankaya, alt\u0131na, konuta, vs. yat\u0131rd\u0131\u011f\u0131 gelirine indirgeniyor. \u201cHanehalk\u0131 tasarrufu\u201d denir.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2401149983\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\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>Ama \u00f6zel tasarrufun tek kayna\u011f\u0131 de\u011fildir. \u00dcretici firmalar\u0131n (\u015fah\u0131slar ve \u015firketler) net geliri sahiplere da\u011f\u0131t\u0131lan kar\u0131n \u00fczerindedir. Fark\u0131n bir k\u0131sm\u0131 mali sisteme girer. Yada do\u011frudan sermaye mallar\u0131na (makine, te\u00e7hizat, vs) d\u00f6n\u00fc\u015f\u00fcr. \u201cKurumsal corporate tasarruf\u201d denir.<\/p>\n<p>Dikkat: milli gelirin \u201cgayrisafi\u201d yat\u0131r\u0131m\u0131 \u00f6l\u00e7er. Eskiyen makinan\u0131n yenilenmesi yat\u0131r\u0131md\u0131r. Dolay\u0131s\u0131 ile \u201ckurumsal tasarrufa\u201d dahildir. Genellikle birikmi\u015f amortismanlar kullan\u0131l\u0131r. \u00d6rnek: 2011\u2019de trafi\u011fe 43 bin kamyon kaydoldu. Gayrisafi yat\u0131r\u0131md\u0131r. Kurumsal tasarrufa girer. Ama kamyon sto\u011fu sadece 2 bin artt\u0131.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/haber.gazetevatan.com\/Haber\/438857\/1\/Gundem\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>D\u00fcnya borsalar\u0131 haftay\u0131 ekside kapatt\u0131. Petrol fiyat\u0131 sakin; 124 dolar civar\u0131nda geziniyor. Parite ilgimi \u00e7ekiyor: son bakt\u0131\u011f\u0131mda tekrar 1.33\u2019e yakla\u015fm\u0131\u015ft\u0131. Mali piyasada oyun bitmez. Herkes&hellip;<\/p>\n","protected":false},"author":13,"featured_media":919,"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-13315","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\/13315","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=13315"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/919"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=13315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=13315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=13315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}