{"id":17242,"date":"2012-07-02T13:27:49","date_gmt":"2012-07-02T11:27:49","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=17242"},"modified":"2012-07-02T13:28:01","modified_gmt":"2012-07-02T11:28:01","slug":"finansal-istikrarsizligin-tohumlari","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/finansal-istikrarsizligin-tohumlari\/","title":{"rendered":"Finansal \u0130stikrars\u0131zl\u0131\u011f\u0131n Tohumlar\u0131"},"content":{"rendered":"<p>Bug\u00fcn para politikas\u0131n\u0131 zorlayan en \u00f6nemli unsurlardan biri T\u00fcrkiye&#8217;de yerle\u015fiklerin parasal varl\u0131klar\u0131n\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fcn\u00fc d\u00f6viz cinsinden tutmalar\u0131d\u0131r. Ge\u00e7mi\u015fte ya\u015fanan \u00e7ok y\u00fcksek enflasyon ortam\u0131nda parasal varl\u0131klar\u0131n reel de\u011ferinin korunabilmesi i\u00e7in d\u00f6vize d\u00f6nen yat\u0131r\u0131mc\u0131lar bu al\u0131\u015fkanl\u0131klar\u0131n\u0131 b\u0131rakamad\u0131lar. Son sekiz y\u0131ld\u0131r ortalama y\u0131ll\u0131k enflasyon tek hanelerde oldu\u011fu halde, \u015firketler ve hane halk\u0131 parasal varl\u0131klar\u0131n\u0131n yakla\u015f\u0131k \u00fc\u00e7te birini d\u00f6viz cinsinden tutuyorlar.<br \/>\nEkonomik birimlerin \u00fclkenin kendi paras\u0131 yan\u0131nda ba\u015fka \u00fclkelerin paralar\u0131na da yat\u0131r\u0131m yapmas\u0131na &#8220;para ikamesi&#8221; deniyor. Para ikamesi olgusu asl\u0131nda finansal istikrars\u0131zl\u0131\u011f\u0131n en \u00f6nemli nedenlerinden biri durumunda. Dikkat edilirse, T\u00fcrkiye ekonomisinin istikrars\u0131z olarak nitelenen d\u00f6nemlerinin hepsinde, d\u00f6viz kurlar\u0131 f\u0131rlam\u0131\u015ft\u0131r. Para ikamesi olgusu artm\u0131\u015ft\u0131r. Merkez Bankas\u0131&#8217;n\u0131n d\u00f6viz rezervleri azalm\u0131\u015ft\u0131r. Hatta, bankalardan mevduat \u00e7ekilmeleri dahi ya\u015fanm\u0131\u015ft\u0131r.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-685587859\"><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><strong>DO\u011eRU-YANLI\u015e<\/strong><br \/>\nPara ikamesi ayn\u0131 zamanda d\u00f6viz kurlar\u0131ndaki hareketlerin mal ve hizmet fiyatlar\u0131na yans\u0131mas\u0131n\u0131 tetikleyen \u00f6nemli etkenlerden bir durumunda. Para ikamesinin g\u00f6reli derecesi ile kurlardan enflasyona ge\u00e7i\u015f aras\u0131nda k\u00fc\u00e7\u00fcmsenmeyecek bir ili\u015fki var. Bu ili\u015fki simetrik de de\u011fil. Kurlar\u0131n f\u0131rlamas\u0131 durumunda enflasyonun artmas\u0131 h\u0131zl\u0131 ve y\u00fcksek oranda olabiliyor. Buna kar\u015f\u0131l\u0131k, kurlar\u0131n d\u00fc\u015fmesi enflasyona ayn\u0131 h\u0131z ve boyutta olumlu etki yapm\u0131yor.<br \/>\n1986 y\u0131l\u0131nda bankalardaki d\u00f6viz mevduatlar\u0131 \u00fczerinden Merkez Bankas\u0131 zorunlu kar\u015f\u0131l\u0131k almaya ba\u015flad\u0131. Ama\u00e7, bankalar\u0131n d\u00f6viz \u00fczerinden yapt\u0131\u011f\u0131 i\u015fleri d\u00fczenlemekten \u00e7ok, Merkez Bankas\u0131&#8217;na d\u00f6viz kazand\u0131rmakt\u0131. O d\u00f6nemden sonra bankac\u0131l\u0131k sisteminin Merkez Bankas\u0131&#8217;ndan olan d\u00f6viz alacaklar\u0131 d\u00fczenli olarak b\u00fcy\u00fcd\u00fc. Bu karar d\u00f6viz rezervlerini \u015fi\u015firmek a\u00e7\u0131s\u0131ndan do\u011fruydu. Ama, para politikas\u0131n\u0131n idaresi a\u00e7\u0131s\u0131ndan yanl\u0131\u015ft\u0131.<br \/>\nSon d\u00f6nemde bankalar\u0131n TL y\u00fck\u00fcml\u00fcl\u00fckleri \u00fczerinden Merkez Bankas\u0131&#8217;nda tutmalar\u0131 gereken TL zorunlu kar\u015f\u0131l\u0131klar\u0131n bir b\u00f6l\u00fcm\u00fcn\u00fcn de d\u00f6viz\/alt\u0131n \u00fczerinden tutulabilece\u011fi uygulamas\u0131 ba\u015flat\u0131ld\u0131. Bu uygulama da d\u00f6viz rezervlerinin \u015fi\u015firilmesi a\u00e7\u0131s\u0131ndan olumlu, ama para politikas\u0131n\u0131n idaresi a\u00e7\u0131s\u0131ndan yanl\u0131\u015f oldu. Para ikamesi olgusu te\u015fvik edildi. Merkez bankalar\u0131 para ikamesi yoluyla de\u011fil, kendi paralar\u0131n\u0131 basarak d\u00f6viz rezervlerini art\u0131r\u0131rlar. Aksi takdirde, para politikas\u0131n\u0131 ipotek alt\u0131na sokarlar.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.bloomberght.com\/ht-yazarlar\/ercan-kumcu\/1173938-finansal-istikrarsizligin-tohumlari\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bug\u00fcn para politikas\u0131n\u0131 zorlayan en \u00f6nemli unsurlardan biri T\u00fcrkiye&#8217;de yerle\u015fiklerin parasal varl\u0131klar\u0131n\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fcn\u00fc d\u00f6viz cinsinden tutmalar\u0131d\u0131r. Ge\u00e7mi\u015fte ya\u015fanan \u00e7ok y\u00fcksek enflasyon ortam\u0131nda parasal varl\u0131klar\u0131n&hellip;<\/p>\n","protected":false},"author":675,"featured_media":9441,"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-17242","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\/17242","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\/675"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=17242"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/17242\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/9441"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=17242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=17242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=17242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}