{"id":16117,"date":"2012-05-31T09:30:23","date_gmt":"2012-05-31T07:30:23","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=16117"},"modified":"2012-05-31T09:40:54","modified_gmt":"2012-05-31T07:40:54","slug":"yapilandirilmis-finansal-urunler-vii","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yapilandirilmis-finansal-urunler-vii\/","title":{"rendered":"Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler &#8211; VII"},"content":{"rendered":"<p><strong>Prof. Dr. Nurg\u00fcl Chambers **<\/strong><strong><br \/>\n<strong>Z. Eren Ko\u00e7yi\u011fit ***<\/strong><\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3393934037\"><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 align=\"center\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER VE T\u00dcRK\u0130YE\u2019DE KULLANIMI &#8211; II<\/strong><\/p>\n<p>Bu makale \u201cYap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler ve T\u00fcrkiye\u2019de Kullan\u0131m\u0131 \u2013 I\u201d makalesinin devam\u0131d\u0131r.<\/p>\n<p><strong>3.2.<\/strong><strong>Range Accrual (T\u00fcnel Mevduat)<\/strong><\/p>\n<p><strong>\u00a0<\/strong>T\u00fcnel mevduat, bankalar taraf\u0131ndan yat\u0131r\u0131mc\u0131lara sunulan ve %100 anapara korumas\u0131 sa\u011flayan bir yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn \u00e7e\u015fididir. Bu \u00fcr\u00fcnde yat\u0131r\u0131mc\u0131 cari d\u00f6viz kurunu dikkate al\u0131p belirli bir vade i\u00e7in alt ve \u00fcst limitler belirleyerek bir \u2018t\u00fcnel\u2019 olu\u015fturur. Vade s\u00fcresince d\u00f6viz kurunun bu t\u00fcnel i\u00e7inde kald\u0131\u011f\u0131 her g\u00fcn i\u00e7in yat\u0131r\u0131mc\u0131, \u00f6nceden belirlenmi\u015f bir opsiyon primi elde eder. Vade boyunca d\u00f6viz kurunun t\u00fcnelin d\u0131\u015f\u0131nda kald\u0131\u011f\u0131 g\u00fcnlerde ise bir kazan\u00e7 elde edemez. S\u00f6zkonusu \u00fcr\u00fcn\u00fcn %100 anapara korumal\u0131 olmas\u0131 nedeniyle, en k\u00f6t\u00fc olas\u0131l\u0131kla d\u00f6viz kuru vade boyunca t\u00fcnel d\u0131\u015f\u0131nda kalsa bile vade sonunda yat\u0131r\u0131mc\u0131 bir opsiyon primi kazanamaz ancak anaparas\u0131 herhangi bir kayba u\u011framaz.<\/p>\n<p>T\u00fcnel mevduat farkl\u0131 yat\u0131r\u0131mc\u0131lar\u0131n farkl\u0131 risk alg\u0131lama d\u00fczeylerine g\u00f6re haz\u0131rlanabilir. Risk alma d\u00fczeyi y\u00fcksek yat\u0131r\u0131mc\u0131lar daha dar, riskten ka\u00e7\u0131nan yat\u0131r\u0131mc\u0131lar ise daha geni\u015f t\u00fcneller se\u00e7ebilirler. DCD ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131klar\u0131nda anapara korumas\u0131 sa\u011flad\u0131klar\u0131 i\u00e7in daha az riskli bir \u00fcr\u00fcnd\u00fcr.<\/p>\n<p>T\u00fcnel mevduatlar\u0131n minimum kat\u0131l\u0131m tutarlar\u0131n\u0131n 1.000.000 $ dolay\u0131nda y\u00fcksek bir tutar olmas\u0131 nedeniyle, \u00f6zellikle \u00f6zel bankac\u0131l\u0131k m\u00fc\u015fterileri taraf\u0131ndan tercih edilir. T\u00fcnel mevduattan elde edilecek opsiyon prim kazanc\u0131 %10 stopaja tabidir.<\/p>\n<p>T\u00fcnel mevduat dayanak varl\u0131k olarak TL, $ veya EUR mevduat\u0131 \u00fczerine $\/TL, EUR\/TL veya EUR\/$ d\u00f6viz kurlar\u0131 esas al\u0131narak yap\u0131land\u0131r\u0131labilir.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-652501609\"><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>A\u015fa\u011f\u0131da bir t\u00fcnel mevduat \u00f6rne\u011fi bulunmaktad\u0131r.<\/p>\n<p><strong>Tablo 3:\u00a0 T\u00fcnel Mevduat \u00d6rne\u011fi<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"501\">\n<p align=\"center\"><strong>$\/TL T\u00fcnel Mevduat<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Tutar<\/td>\n<td valign=\"top\" width=\"304\">1.000.000 $<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Dayanak Varl\u0131k<\/td>\n<td valign=\"top\" width=\"304\">$\/TL<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Spot Fiyat<\/td>\n<td valign=\"top\" width=\"304\">1,5385<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Belirlenen T\u00fcnel<\/td>\n<td valign=\"top\" width=\"304\">1,5200 \u2013 1,5500<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Vade<\/td>\n<td valign=\"top\" width=\"304\">1 ay<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Opsiyon primi (%)<\/td>\n<td valign=\"top\" width=\"304\">10,00 (br\u00fct)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Vade s\u00fcresince 1 ayl\u0131k $ mevduat faizi br\u00fct %2,00\u2019dir.<\/p>\n<p><em>Faiz oran\u0131 ve opsiyon primi g\u00f6sterge niteli\u011findedir<\/em><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-124627042\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\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>Yukar\u0131daki tabloya g\u00f6re 1.000.000 $\u2019\u0131 olan bir yat\u0131r\u0131mc\u0131 $\/TL kuru \u00fczerinden cari piyasada kur 1,5385 TL iken 1,5200 \u2013 1,5500 \u00a0t\u00fcnelini 1 ayl\u0131k vade i\u00e7in belirlemi\u015f ve kurun t\u00fcnelin i\u00e7inde kald\u0131\u011f\u0131 her g\u00fcn i\u00e7in %10 opsiyon primi kazanma hakk\u0131n\u0131 elde etmi\u015ftir.<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n toplam prim kazanc\u0131 a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>Toplam Prim Kazanc\u0131 = \u00a0[Anapara x Opsiyon primi x T \/ 365]<\/p>\n<p>T = D\u00f6viz kurunun t\u00fcnel i\u00e7erisinde kald\u0131\u011f\u0131 g\u00fcn say\u0131s\u0131<\/p>\n<p>Tablo 3\u2019te yer alan t\u00fcnel mevduat \u00f6rne\u011fi ile ilgili olarak vade sonunda olu\u015fabilecek iki farkl\u0131 senaryo a\u015fa\u011f\u0131da verilmi\u015ftir.<\/p>\n<p><strong>Senaryo 1: <\/strong>Bir ayl\u0131k vade boyunca $\/TL kurunun Grafik 3\u2019deki gibi hareket etti\u011fi ve 17 g\u00fcn t\u00fcnel i\u00e7inde kald\u0131\u011f\u0131 varsay\u0131l\u0131rsa :<\/p>\n<p><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Grafik 3: $\/TL T\u00fcnel Mevduat \u00d6rne\u011fi: 1. Senaryo<\/strong><\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-16119\" title=\"senaryo1\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1.jpg\" alt=\"\" width=\"450\" height=\"464\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1.jpg 450w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-290x300.jpg 290w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Grafik 3: $\/TL T\u00fcnel Mevduat \u00d6rne\u011fi: 1. Senaryo\u00a0<\/strong><\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n t\u00fcnel mevduattan kazanc\u0131 a\u015fa\u011f\u0131da hesaplanm\u0131\u015ft\u0131r.<\/p>\n<p>Toplam Prim Kazanc\u0131 = \u00a0[1.000.000 x 0,10 x 17 \/365] = ~ 4.657 $<\/p>\n<p>Yat\u0131r\u0131mc\u0131 t\u00fcnel mevduat yerine $ vadeli mevduata paras\u0131n\u0131 yat\u0131rsayd\u0131 vade sonunda;<\/p>\n<p>Toplam Mevduat Kazanc\u0131 = [1.000.000 x 0,02 x 30 \/365] = ~ 1.643 $<\/p>\n<p>elde edecekti.<\/p>\n<p>Bu senaryoda yat\u0131r\u0131mc\u0131 t\u00fcnel mevduat \u00fcr\u00fcn\u00fc kullanarak vadeli mevduattan elde edebilece\u011fi kazanc\u0131n 3.014 $ fazlas\u0131n\u0131 elde etmi\u015ftir.<\/p>\n<p><strong>Senaryo 2: <\/strong>Bir ay boyunca $\/TL kurunun Grafik 4\u2019deki gibi hareket etti\u011fi ve t\u00fcnel i\u00e7inde hi\u00e7 kalmad\u0131\u011f\u0131 varsay\u0131l\u0131rsa:<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo21.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-16121\" title=\"senaryo2\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo21.jpg\" alt=\"\" width=\"452\" height=\"464\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo21.jpg 452w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo21-292x300.jpg 292w\" sizes=\"auto, (max-width: 452px) 100vw, 452px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Grafik 4 : $\/TL T\u00fcnel Mevduat \u00d6rne\u011fi: 2. Senaryo<\/strong><\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n t\u00fcnel mevduattan kazanc\u0131 a\u015fa\u011f\u0131daki gibidir.<\/p>\n<p>Toplam Prim Kazanc\u0131 = \u00a0[1.000.000 x 0,10 x 0\/365] = 0 $<\/p>\n<p>Yat\u0131r\u0131mc\u0131 t\u00fcnel mevduat yerine $ vadeli mevduata paras\u0131n\u0131 yat\u0131rsayd\u0131 vade sonunda;<\/p>\n<p>Toplam Mevduat Kazanc\u0131 = \u00a0[1.000.000 x 0,02 x 30 \/365] = ~ 1.643 $<\/p>\n<p>elde edecekti.<\/p>\n<p>Bu senaryoda yat\u0131r\u0131mc\u0131 t\u00fcnel mevduat \u00fcr\u00fcn\u00fcnden bir kazan\u00e7 elde edememi\u015ftir. Vadeli mevduattan 1.643 $ getiri elde etme \u015fans\u0131n\u0131 da ka\u00e7\u0131rm\u0131\u015ft\u0131r.<\/p>\n<p><strong>3.2.<\/strong><strong>Double No Touch (Riskli T\u00fcnel Mevduat)<\/strong><\/p>\n<p>Riskli t\u00fcnel mevduat \u00fcr\u00fcn\u00fcnde, t\u00fcnel mevduatta oldu\u011fu gibi d\u00f6viz kurlar\u0131 esas al\u0131narak bir t\u00fcnel belirlenir. Riskli t\u00fcnel mevduat\u0131n t\u00fcnel mevduattan tek fark\u0131; riskli t\u00fcnel mevduatta vade boyunca d\u00f6viz kuru <strong>bir kez bile<\/strong> t\u00fcnel d\u0131\u015f\u0131na \u00e7\u0131karsa vade sonunda yat\u0131r\u0131mc\u0131n\u0131n elde edece\u011fi prim kazanc\u0131 s\u0131f\u0131r olur. T\u00fcnel mevduatta ise d\u00f6viz kurunun t\u00fcnel i\u00e7inde kald\u0131\u011f\u0131 g\u00fcn say\u0131s\u0131 kadar yat\u0131r\u0131mc\u0131 opsiyon primi elde eder. Riskli t\u00fcnel mevduat da %100 anapara korumal\u0131 bir \u00fcr\u00fcnd\u00fcr.<\/p>\n<p>Vade sonunda riskli t\u00fcnel mevduat i\u00e7in yaln\u0131zca iki senaryo s\u00f6z konusudur.<\/p>\n<p>1)\u00a0E\u011fer d\u00f6viz kuru vade boyunca her g\u00fcn belirlenen t\u00fcnelde kal\u0131rsa, yat\u0131r\u0131mc\u0131 opsiyon primi elde eder.<\/p>\n<p>2)\u00a0E\u011fer d\u00f6viz kuru vade boyunca herhangi bir g\u00fcn (bir kez dahi olsa) belirlenen t\u00fcnel d\u0131\u015f\u0131na \u00e7\u0131karsa, yat\u0131r\u0131mc\u0131 vade sonunda hi\u00e7 prim elde edemez.<\/p>\n<p>Riskli t\u00fcnel mevduat yat\u0131r\u0131mc\u0131lar\u0131n farkl\u0131 risk alg\u0131lama d\u00fczeylerine g\u00f6re yap\u0131land\u0131r\u0131labilir. Risk i\u015ftah\u0131 y\u00fcksek yat\u0131r\u0131mc\u0131lar ayn\u0131 vade i\u00e7in daha dar, daha muhafazak\u00e2r yap\u0131daki yat\u0131r\u0131mc\u0131lar ayn\u0131 vade i\u00e7in daha geni\u015f bir t\u00fcnel belirleyebilir. DCD\u2019ye g\u00f6re daha az riskli olan riskli t\u00fcnel mevduat, t\u00fcnel mevduata g\u00f6re daha risklidir. Bu y\u00fczden ayn\u0131 vade ve t\u00fcnel seviyelerindeki bir t\u00fcnel ve bir riskli t\u00fcnel mevduattan, riskli t\u00fcnel mevduat\u0131n primi riskinin y\u00fcksek olmas\u0131 nedeniyle daha fazlad\u0131r.<\/p>\n<p>Riskli t\u00fcnel mevduatlar\u0131n minimum kat\u0131l\u0131m tutar\u0131n\u0131n ortalama 1.000.000 $ olmas\u0131 nedeniyle \u00f6zellikle \u00f6zel bankac\u0131l\u0131k m\u00fc\u015fterileri taraf\u0131ndan tercih edilir. Riskli t\u00fcnel mevduattan elde edilecek opsiyon prim kazanc\u0131 %10 stopaja tabidir. Riskli t\u00fcnel mevduat TL, $ veya EUR mevduat\u0131 \u00fczerine $\/TL, EUR\/TL veya EUR\/$ d\u00f6viz kurlar\u0131 dayanak varl\u0131k olarak al\u0131narak yap\u0131land\u0131r\u0131labilir.<\/p>\n<p>A\u015fa\u011f\u0131da bir riskli t\u00fcnel mevduat \u00f6rne\u011fi yer almaktad\u0131r.<\/p>\n<p><strong>Tablo 4 :\u00a0 Riskli T\u00fcnel Mevduat \u00d6rne\u011fi<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"501\">\n<p align=\"center\"><strong>$\/TL Riskli T\u00fcnel Mevduat<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Tutar<\/td>\n<td valign=\"top\" width=\"304\">1.000.000 $<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Dayanak Varl\u0131k<\/td>\n<td valign=\"top\" width=\"304\">$\/TL<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Spot Fiyat<\/td>\n<td valign=\"top\" width=\"304\">1,5385<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Belirlenen T\u00fcnel<\/td>\n<td valign=\"top\" width=\"304\">1,5200 \u2013 1,5500<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Vade<\/td>\n<td valign=\"top\" width=\"304\">1 ay<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"196\">Opsiyon primi (%)<\/td>\n<td valign=\"top\" width=\"304\">20,00 (br\u00fct)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Vade s\u00fcresince 1 ayl\u0131k $ mevduat faizi br\u00fct %2,00\u2019dir.<\/p>\n<p><em>Faiz oran\u0131 ve opsiyon primi g\u00f6sterge niteli\u011findedir.<\/em><\/p>\n<p>Yukar\u0131daki tabloya g\u00f6re 1.000.000 $\u2019\u0131 olan bir yat\u0131r\u0131mc\u0131 $\/TL kuru \u00fczerinden cari piyasada kur 1,5385 $\/TL iken 1,5200 \u2013 1,5500 $\/TL t\u00fcnelini 1 ayl\u0131k vade i\u00e7in belirlemi\u015f ve vade sonunda kurun her g\u00fcn t\u00fcnelin i\u00e7inde kalmas\u0131 durumunda, %20 opsiyon primi kazanma hakk\u0131n\u0131 elde etmi\u015ftir.<\/p>\n<p>E\u011fer d\u00f6viz kuru vade boyunca her g\u00fcn belirlenen t\u00fcnelin i\u00e7inde kal\u0131rsa, vade sonunda yat\u0131r\u0131mc\u0131n\u0131n toplam prim kazanc\u0131 a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>Toplam Prim Kazanc\u0131 = [Anapara x Opsiyon primi x T \/ 365]<\/p>\n<p>T = D\u00f6viz kurunun t\u00fcnel i\u00e7erisinde kald\u0131\u011f\u0131 g\u00fcn say\u0131s\u0131<\/p>\n<p>(Bu \u00fcr\u00fcnde t\u00fcnel i\u00e7inde kalan g\u00fcn say\u0131s\u0131 vadedir)<\/p>\n<p>Tablo 4\u2019te yer alan riskli t\u00fcnel mevduat \u00f6rne\u011fi i\u00e7in vade sonunda olu\u015fabilecek iki farkl\u0131 senaryo a\u015fa\u011f\u0131da verilmi\u015ftir.<\/p>\n<p><strong>Senaryo 1: <\/strong>Bir ay boyunca $\/TL kurunun Grafik 5\u2019deki gibi hareket etti\u011fi ve 30 g\u00fcn boyunca t\u00fcnel i\u00e7inde kald\u0131\u011f\u0131 varsay\u0131l\u0131rsa:<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-1.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-16122\" title=\"senaryo1-1\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-1.jpg\" alt=\"\" width=\"451\" height=\"463\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-1.jpg 451w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-1-292x300.jpg 292w\" sizes=\"auto, (max-width: 451px) 100vw, 451px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Grafik 5: $\/TL Riskli T\u00fcnel Mevduat \u00d6rne\u011fi: 1. Senaryo\u00a0<\/strong><\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n riskli t\u00fcnel mevduattan kazanc\u0131 :<\/p>\n<p>Toplam Prim Kazanc\u0131 = [1.000.000 x 0,20 x 30\/365] = ~ 16.438 $<\/p>\n<p>Yat\u0131r\u0131mc\u0131 riskli t\u00fcnel mevduat yerine $ vadeli mevduata paras\u0131n\u0131 yat\u0131rsayd\u0131 vade sonunda;<\/p>\n<p>Toplam Mevduat Kazanc\u0131 = [1.000.000 x 0,02 x 30 \/365] = ~ 1.643 $<\/p>\n<p>elde edecekti.<\/p>\n<p>Bu senaryoda yat\u0131r\u0131mc\u0131, riskli t\u00fcnel mevduat \u00fcr\u00fcn\u00fc kullanarak vadeli mevduata g\u00f6re 14.795 $ daha fazla kazan\u00e7 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<p><strong>Senaryo 2: <\/strong>Bir ay boyunca $\/TL kurunun Grafik 6\u2019da g\u00f6r\u00fcld\u00fc\u011f\u00fc gibi hareket etti\u011fi ve 17 g\u00fcn t\u00fcnel i\u00e7erisinde kald\u0131\u011f\u0131 varsay\u0131l\u0131rsa:<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-2.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-16123\" title=\"senaryo1-2\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-2.jpg\" alt=\"\" width=\"442\" height=\"453\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-2.jpg 442w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/05\/senaryo1-2-292x300.jpg 292w\" sizes=\"auto, (max-width: 442px) 100vw, 442px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Grafik 6 : $\/TL Riskli T\u00fcnel Mevduat \u00d6rne\u011fi: 2. Senaryo\u00a0<\/strong><\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n riskli t\u00fcnel mevduattan kazanc\u0131, vade s\u00fcresince d\u00f6viz kuru t\u00fcnel d\u0131\u015f\u0131na \u00e7\u0131kt\u0131\u011f\u0131 i\u00e7in s\u0131f\u0131r olacakt\u0131r.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 riskli t\u00fcnel mevduat yerine $ vadeli mevduata paras\u0131n\u0131 yat\u0131rsayd\u0131 vade sonunda;<\/p>\n<p>Toplam Mevduat Kazanc\u0131 = [1.000.000 x 0,02 x 30 \/365] = ~ 1.643 $<\/p>\n<p>elde edecekti.<\/p>\n<p>Bu senaryoda yat\u0131r\u0131mc\u0131 ne vadeli mevduattan ne de riskli t\u00fcnel mevduat \u00fcr\u00fcn\u00fcnden bir kazan\u00e7 elde edememi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/p>\n<p><strong>* Bu yaz\u0131<\/strong> <strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 VI yaz\u0131s\u0131n\u0131n devam\u0131d\u0131r.<\/strong><\/p>\n<p>** Marmara \u00dcniversitesi \u0130\u015fletme Fak\u00fcltesi \u00d6\u011fretim \u00dcyesi<\/p>\n<p>*** Bah\u00e7e\u015fehir \u00dcniversitesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc Doktora \u00d6\u011frencisi \u2013 z.eren.kocyigit@gmail.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prof. Dr. Nurg\u00fcl Chambers ** Z. Eren Ko\u00e7yi\u011fit *** YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER VE T\u00dcRK\u0130YE\u2019DE KULLANIMI &#8211; II Bu makale \u201cYap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler ve T\u00fcrkiye\u2019de Kullan\u0131m\u0131&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1016,"comment_status":"closed","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-16117","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\/16117","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=16117"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/16117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/1016"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=16117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=16117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=16117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}