{"id":15801,"date":"2012-05-24T07:54:26","date_gmt":"2012-05-24T05:54:26","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=15801"},"modified":"2012-05-24T07:54:46","modified_gmt":"2012-05-24T05:54:46","slug":"aman-dikkat-malzeme-yorgunlugu-neyin-olmasin","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/aman-dikkat-malzeme-yorgunlugu-neyin-olmasin\/","title":{"rendered":"Aman Dikkat: Malzeme Yorgunlu\u011fu Neyin Olmas\u0131n"},"content":{"rendered":"<p>S\u0131k kullan\u0131m nedeniyle politika arac\u0131m\u0131z (malzememiz) umar\u0131m malzeme yorgunlu\u011funa ya da metal yorgunlu\u011funa u\u011framaz.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-211340235\"><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>Her \u015fey nas\u0131l ba\u015flam\u0131\u015ft\u0131? K\u00fcresel kriz \u00f6ncesinde \u00e7o\u011fu \u00fclkede fiyat istikrar\u0131 \u00e7oktan sa\u011flanm\u0131\u015ft\u0131. Baz\u0131 \u00fclkelerde ise enflasyon d\u00fczeyleri olduk\u00e7a d\u00fc\u015fm\u00fc\u015f, b\u00f6ylelikle fiyat istikrar\u0131n\u0131n sa\u011flanmas\u0131na az kalm\u0131\u015ft\u0131. Oysa k\u00fcresel finansal kriz \u00e7\u0131kt\u0131. Fiyat istikrar\u0131na kar\u015f\u0131n \u00e7\u0131kt\u0131. Al\u0131nan ders a\u00e7\u0131kt\u0131: Salt fiyat istikrar\u0131na odaklanmak sorunlar\u0131 \u00e7\u00f6zm\u00fcyordu.<br \/>\nFinansal sekt\u00f6r\u00fcn ekonomiler h\u0131zla b\u00fcy\u00fcrken risk alma i\u015ftah\u0131 art\u0131yor. Ayn\u0131 olgu \u015firketlerin ve t\u00fcketicilerin davran\u0131\u015flar\u0131nda da g\u00f6zleniyor. Bu i\u015ftah art\u0131\u015f\u0131 mesela daha fazla kredi a\u00e7\u0131lmas\u0131na yol a\u00e7\u0131yor. Bu durumda t\u00fcketim ve yat\u0131r\u0131m daha da art\u0131yor. B\u00fcy\u00fcme oran\u0131 iyice y\u00fckseliyor; normalinin \u00fczerine \u00e7\u0131k\u0131yor. Ekonomiler yava\u015f b\u00fcy\u00fcrken ya da k\u00fc\u00e7\u00fcl\u00fcrken tam tersi ya\u015fan\u0131yor. Risk alma i\u015ftah\u0131 azal\u0131yor. B\u00fcy\u00fcme oran\u0131 normalinin daha da alt\u0131na iniyor.<\/p>\n<p><strong>Risk alma i\u015ftah\u0131\u00a0<\/strong><br \/>\nDolay\u0131s\u0131yla risk alma i\u015ftah\u0131ndaki paralel dalgalanmalar\u0131n piyasa ekonomilerinde g\u00f6zlenen dalgalanmalar\u0131 \u015fiddetlendirmesi s\u00f6z konusu. Bu nedenle makro finansal istikrar\u0131 sa\u011flaman\u0131n temel yolunun, ekonomideki dalgalanmalara paralel hareket eden risk alma i\u015ftah\u0131na \u00e7ekid\u00fczen vermekten ge\u00e7ti\u011fi daha \u00e7ok d\u00fc\u015f\u00fcn\u00fclmeye ba\u015fland\u0131 k\u00fcresel krizden sonra. \u0130yi d\u00f6nemlerde risk alma i\u015ftah\u0131n\u0131 azalt\u0131c\u0131,<br \/>\nk\u00f6t\u00fc g\u00fcnlerde ise artt\u0131r\u0131c\u0131 \u00f6nlemlere gereksinim oldu\u011fu g\u00f6r\u00fcld\u00fc.<br \/>\nHer \u015fey i\u015fte b\u00f6yle ba\u015flad\u0131. Merkez Bankas\u0131 (TCMB) art\u0131k iki temel amac\u0131 oldu\u011funu ilan etti: Fiyat istikrar\u0131 ve finansal istikrar. Bu ama\u00e7lara ula\u015fmak i\u00e7in sadece k\u0131sa vadeli faizleri de\u011fi\u015ftirmekle yetinmeyece\u011fini duyurdu. Makro sak\u0131ngan (makro ihtiyatl\u0131) ara\u00e7lar da kullanaca\u011f\u0131n\u0131 ilan etti. Bu \u00e7er\u00e7evede 2010\u2019un son iki ay\u0131 ile 2011\u2019in ilk yar\u0131s\u0131 aras\u0131ndaki d\u00f6nemde zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131 de\u011fi\u015ftirme yoluna gitti. Bu politikan\u0131n neden i\u015fe yaramad\u0131\u011f\u0131n\u0131, zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131 de\u011fi\u015ftirmek suretiyle elde edilmek istenen ama\u00e7lara ancak Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu\u2019nun elindeki ara\u00e7lar\u0131 kullanmas\u0131yla ula\u015f\u0131labildi\u011fini bu k\u00f6\u015fede \u00e7ok okudunuz.<br \/>\nPeki, \u015fimdi nereye geldik? \u2018K\u00fcrk\u00e7\u00fc d\u00fckk\u00e2n\u0131 benzeri\u2019ne geri d\u00f6nd\u00fck. TCMB\u2019nin uzunca bir s\u00fcredir faiz d\u0131\u015f\u0131nda bir ara\u00e7 kulland\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyor musunuz? K\u00fcrk\u00e7\u00fc d\u00fckk\u00e2n\u0131nda faiz en s\u0131k ayda bir de\u011fi\u015ftirilirdi. Genellikle de aylarca de\u011fi\u015fmezdi. \u2018K\u00fcrk\u00e7\u00fc d\u00fckk\u00e2n\u0131 benzeri\u2019nde ise her g\u00fcn k\u0131sa vadeli faiz TCMB\u2019ce de\u011fi\u015ftiriliyor. G\u00fcnl\u00fck olarak k\u0131sa vadeli faizin ne olaca\u011f\u0131n\u0131 bilmiyoruz. Ama k\u0131sa vadeli faizin dalgalanaca\u011f\u0131 aral\u0131\u011f\u0131 (faiz koridorunun alt ve \u00fcst s\u0131n\u0131rlar\u0131n\u0131) biliyoruz.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1088932&amp;Yazar=FATIH-OZATAY&amp;CategoryID=101\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S\u0131k kullan\u0131m nedeniyle politika arac\u0131m\u0131z (malzememiz) umar\u0131m malzeme yorgunlu\u011funa ya da metal yorgunlu\u011funa u\u011framaz. Her \u015fey nas\u0131l ba\u015flam\u0131\u015ft\u0131? K\u00fcresel kriz \u00f6ncesinde \u00e7o\u011fu \u00fclkede fiyat istikrar\u0131&hellip;<\/p>\n","protected":false},"author":16,"featured_media":894,"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-15801","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\/15801","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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=15801"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/15801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/894"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=15801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=15801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=15801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}