{"id":16235,"date":"2012-06-03T21:01:20","date_gmt":"2012-06-03T19:01:20","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=16235"},"modified":"2012-06-03T21:01:29","modified_gmt":"2012-06-03T19:01:29","slug":"hazine-borclanmasi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/hazine-borclanmasi\/","title":{"rendered":"Hazine Bor\u00e7lanmas\u0131"},"content":{"rendered":"<div>Hazine (Hazine M\u00fcste\u015farl\u0131\u011f\u0131) ni\u00e7in bor\u00e7lan\u0131r? Hazine, b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131 kar\u015f\u0131lamak veya ge\u00e7mi\u015ften gelen ve bu y\u0131l\u0131n b\u00fct\u00e7esinde olu\u015fan faiz d\u0131\u015f\u0131 fazlan\u0131n kar\u015f\u0131layamayaca\u011f\u0131 bor\u00e7 geri \u00f6demelerini yapabilmek i\u00e7in bor\u00e7lan\u0131r. As\u0131l nedeni budur. Bir de \u00e7ok s\u0131k ba\u015fvurulmasa da para politikas\u0131na destek olmak \u00fczere maliye politikas\u0131n\u0131n bir arac\u0131 olarak piyasada olu\u015fan a\u015f\u0131r\u0131 likiditeyi \u00e7ekme konusunda Merkez Bankas\u0131\u2019na yard\u0131m amac\u0131yla bor\u00e7lanmaya gidilebilir.<\/div>\n<div><\/div>\n<div>As\u0131l olarak b\u00fct\u00e7e a\u00e7\u0131klar\u0131n\u0131 kar\u015f\u0131lamay\u0131 hedefleyen Hazine\u2019nin bor\u00e7lanma ihtiyac\u0131 i\u00e7in \u015f\u00f6yle bir denklem yaz\u0131labilir:<\/div>\n<div><\/div>\n<div>Hazinenin bor\u00e7lanma ihtiyac\u0131 = Cari y\u0131l\u0131n b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 + \u0130\u00e7 bor\u00e7 anapara ve faiz \u00f6demeleri + D\u0131\u015f bor\u00e7 anapara ve faiz \u00f6demeleri<\/div>\n<div><\/div>\n<div>Bu ihtiyac\u0131n nas\u0131l finanse edilece\u011fini g\u00f6stermek i\u00e7in de bir denklem yazmam\u0131z gerekirse \u015f\u00f6yle yazabiliriz:<\/div>\n<div><\/div>\n<div>Hazine finansman\u0131 = \u00a0\u0130\u00e7 bor\u00e7lanma + D\u0131\u015f bor\u00e7lanma + Di\u011fer finansman<\/div>\n<div><\/div>\n<div>Bu denklemde yer alan di\u011fer finansman kalemi i\u00e7inde faiz d\u0131\u015f\u0131 fazla, \u00f6zelle\u015ftirme gelirleri, \u0130ssizlik Sigortas\u0131 Fonundan yap\u0131lan aktar\u0131mlar, TMSF&#8217;den sa\u011flanan gelirler, devirli ve garantili bor\u00e7 geri d\u00f6n\u00fc\u015fleri, kasa ve banka de\u011fi\u015fimi ve kur fark\u0131 kalemleri yer almaktad\u0131r.<\/div>\n<div><\/div>\n<div>Hazine bor\u00e7lanmas\u0131 iki \u015fekilde yap\u0131l\u0131r: \u0130\u00e7 bor\u00e7lanma ve d\u0131\u015f bor\u00e7lanma. Her ikisi de g\u00fcn\u00fcm\u00fczde piyasadan tahvil veya bono ihrac\u0131yla yap\u0131lmaktad\u0131r. Yani Hazine ki\u015filere ya da kurumlara k\u00e2\u011f\u0131t satmakta ve kar\u015f\u0131l\u0131\u011f\u0131nda ald\u0131\u011f\u0131 paray\u0131 finansman ihtiyac\u0131nda kullanmaktad\u0131r.<\/div>\n<div><\/div>\n<div>A\u015fa\u011f\u0131da Hazine\u2019nin ge\u00e7en hafta i\u00e7inde a\u00e7\u0131klad\u0131\u011f\u0131 2012 y\u0131l\u0131 Haziran \u2013 Temmuz \u2013 A\u011fustos d\u00f6nemini kapsayan 3 ayl\u0131k finansman program\u0131n\u0131 bir tablo halinde sunuyorum.<\/div>\n<div><\/div>\n<div>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.mahfiegilmez.com\/2012\/06\/hazine-borclanmas.html\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hazine (Hazine M\u00fcste\u015farl\u0131\u011f\u0131) ni\u00e7in bor\u00e7lan\u0131r? Hazine, b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131 kar\u015f\u0131lamak veya ge\u00e7mi\u015ften gelen ve bu y\u0131l\u0131n b\u00fct\u00e7esinde olu\u015fan faiz d\u0131\u015f\u0131 fazlan\u0131n kar\u015f\u0131layamayaca\u011f\u0131 bor\u00e7 geri \u00f6demelerini yapabilmek&hellip;<\/p>\n","protected":false},"author":12,"featured_media":13098,"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-16235","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\/16235","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=16235"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/16235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/13098"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=16235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=16235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=16235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}