{"id":14293,"date":"2012-04-18T08:17:54","date_gmt":"2012-04-18T06:17:54","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14293"},"modified":"2012-04-18T08:18:13","modified_gmt":"2012-04-18T06:18:13","slug":"kuresel-kosullar-duzelmez-ise","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/kuresel-kosullar-duzelmez-ise\/","title":{"rendered":"K\u00fcresel Ko\u015fullar D\u00fczelmez \u0130se&#8230;"},"content":{"rendered":"<p>K\u00fcresel ko\u015fullar olumsuzla\u015ft\u0131k\u00e7a T\u00fcrkiye ekonomisinin hareket yetene\u011fi daral\u0131yor. Para ve maliye politikas\u0131 uygulamalar\u0131ndan umulan sonu\u00e7lar\u0131 almak, beklentileri y\u00f6nlendirmek ve belirsizlik art\u0131\u015f\u0131n\u0131 kontrol alt\u0131nda tutmak zorla\u015f\u0131yor. Gerek Merkez Bankas\u0131 ve di\u011fer d\u00fczenleyici kurumlar, gerekse siyasi irade s\u00f6z konusu ko\u015fullarda bir \u015feyler yapmaya \u00e7al\u0131\u015f\u0131yor, ancak ge\u00e7 kal\u0131nd\u0131\u011f\u0131 i\u00e7in yeterli olmuyor. K\u0131r\u0131lganl\u0131\u011f\u0131 art\u0131ran bu gidi\u015fat\u0131 daha iyi anlamak i\u00e7in \u00f6ncelikle para politikas\u0131 uygulamalar\u0131nda ya\u015fanan de\u011fi\u015fiklikleri ve olas\u0131 sonu\u00e7lar\u0131n\u0131 irdelemek gerekiyor. Aksi takdirde maliye politikas\u0131 uygulamalar\u0131nda ya\u015fanacak geli\u015fmeleri, yat\u0131r\u0131m ve tasarrufun te\u015fvikinde ortaya \u00e7\u0131kabilecek sonu\u00e7lar\u0131 \u00f6ng\u00f6rmek pek m\u00fcmk\u00fcn olam\u0131yor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-613566927\"><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>Para politikas\u0131 uygulamas\u0131nda faiz istikrar\u0131n\u0131 hedfleyen ve d\u00f6viz kurunu dalgalanmaya b\u0131rakan anlay\u0131\u015f yerini enflasyon bask\u0131lar\u0131 nedeniyle \u00f6ncelikle d\u00f6viz kuru istikrar\u0131n\u0131 g\u00f6zeten ve faizleri kademeli olarak dalgalanmaya izin veren bir yakla\u015f\u0131ma b\u0131rak\u0131yor. Ge\u00e7en y\u0131l\u0131n son \u00e7eyre\u011finde faiz koridorunun yukar\u0131 y\u00f6nde geni\u015flemesi, T\u00fcrk Liras\u0131&#8217;n\u0131n de\u011fer kayb\u0131n\u0131 \u00f6nleyici d\u00f6viz sat\u0131\u015f m\u00fcdahalelerinin daha hacimli hale gelmesi daha farkl\u0131 d\u00fc\u015f\u00fcnmeye izin vermiyor. Bu y\u0131l g\u00fcnl\u00fck bazda devreye giren normal veya istisnai g\u00fcn ayr\u0131m\u0131 da, k\u00fcresel d\u00fczeyde riskten ka\u00e7\u0131nma e\u011filiminin etkili oldu\u011fu d\u00f6nemlerde k\u0131sa vadeli faizlerin yukar\u0131 y\u00f6nde ve gerekti\u011fi oranda dalgalanmas\u0131na izin verilece\u011fini teyit ediyor. Durum b\u00f6yle olunca finansal istikrar kavram\u0131ndan uzakla\u015f\u0131lmas\u0131 da ka\u00e7\u0131n\u0131lmaz hale geliyor.<\/p>\n<p>T\u00fcrkiye ekonomisinin i\u00e7inde bulundu\u011fu ko\u015fullarda, T\u00fcrk Liras\u0131&#8217;n\u0131n daha fazla de\u011fer kayb\u0131na tahamm\u00fcl edemeyece\u011fi d\u00fc\u015f\u00fcn\u00fcl\u00fcyor olabilir. Enflasyon bask\u0131s\u0131n\u0131n artmas\u0131, d\u00f6viz cinsi bor\u00e7lar nedeniyle bilan\u00e7olar\u0131n y\u0131pranmas\u0131, bor\u00e7-alacak zincirinin k\u0131r\u0131lmas\u0131, paran\u0131n devir h\u0131z\u0131n\u0131n d\u00fc\u015fmesi, i\u00e7 talebin daralmas\u0131 gibi olumsuzluklardan ka\u00e7\u0131nmak ad\u0131na T\u00fcrk Liras\u0131&#8217;n\u0131n daha fazla de\u011fer kayb\u0131 istenmiyor. Sonu\u00e7ta para politikas\u0131 uygulamas\u0131 s\u0131k\u0131la\u015fmak zorunda kal\u0131yor. Merkez Bankas\u0131 d\u00f6viz rezervlerindeki erimeyi ve enflasyon bask\u0131s\u0131ndaki art\u0131\u015f\u0131 kontrol etmek ad\u0131na k\u0131sa vadeli faizleri y\u00fckseltmek zorunda kal\u0131yor. E\u011fer T\u00fcrk Liras\u0131 faiz koridorunun \u00fcst s\u0131n\u0131r\u0131ndaki gecelik oranlara ra\u011fmen de\u011fer kaybetmeye devam eder ise parasal s\u0131k\u0131la\u015fman\u0131n daha \u00fcst boyutlara t\u0131rmanaca\u011f\u0131 ve faizlerin son y\u0131llarda hi\u00e7 g\u00f6r\u00fclmemi\u015f oranlara t\u0131rmanabilece\u011fini hesaba katmak gerekiyor. Asl\u0131nda Merkez Bankas\u0131&#8217;n\u0131n yapmak istemedi\u011fi ancak mecbur kald\u0131\u011f\u0131 bir durum s\u00f6z konusu, e\u011fer b\u00fcy\u00fcyen likidite ihtiyac\u0131n\u0131 sabit oranla kar\u015f\u0131la\u015fa rezervlerinin s\u00fcratle eriyece\u011fini daha sonraki olumsuzlara kar\u015f\u0131 pek bir \u015fey yapamayaca\u011f\u0131n\u0131 biliyor. K\u00fcresel ko\u015fullar d\u00fczelir ise k\u0131sa vadeli faizler gerileyecek ve para politikas\u0131 gev\u015feyecek, yok e\u011fer d\u00fczelmez ise k\u0131sa vadeli faizler dalgal\u0131 bir \u015fekilde ne kadar gerekiyorsa o kadar y\u00fckselecek ve parasal s\u0131k\u0131la\u015fma e\u011filimi giderek g\u00fc\u00e7lenecek.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.dunya.com\/kuresel-kosullar-duzelmez-ise...-148067yy.htm\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>K\u00fcresel ko\u015fullar olumsuzla\u015ft\u0131k\u00e7a T\u00fcrkiye ekonomisinin hareket yetene\u011fi daral\u0131yor. Para ve maliye politikas\u0131 uygulamalar\u0131ndan umulan sonu\u00e7lar\u0131 almak, beklentileri y\u00f6nlendirmek ve belirsizlik art\u0131\u015f\u0131n\u0131 kontrol alt\u0131nda tutmak zorla\u015f\u0131yor.&hellip;<\/p>\n","protected":false},"author":21,"featured_media":931,"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-14293","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\/14293","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\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=14293"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/931"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=14293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}