{"id":1777,"date":"2011-06-21T09:31:53","date_gmt":"2011-06-21T06:31:53","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=1777"},"modified":"2011-06-21T09:32:04","modified_gmt":"2011-06-21T06:32:04","slug":"finansal-istikrar-komitesi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/finansal-istikrar-komitesi\/","title":{"rendered":"Finansal \u0130stikrar Komitesi"},"content":{"rendered":"<p>Finansal \u0130stikrar Komitesi koordinasyon a\u00e7\u0131s\u0131ndan iyi bir fikir gibi g\u00f6r\u00fcnse de biraz de\u015fince hi\u00e7 de iyi bir fikir olma-d\u0131\u011f\u0131 g\u00f6r\u00fcn\u00fcyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4227167018\"><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>Se\u00e7imden birka\u00e7 hafta \u00f6nce Finansal \u0130stikrar Komitesi kuruldu\u011fu a\u00e7\u0131kland\u0131. Komite, bir istisna ile -kimse al\u0131nmas\u0131n diye- harf s\u0131ras\u0131na g\u00f6re, Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu (BDDK), Merkez Bankas\u0131 (MB), Sermaye Piyasas\u0131 Kurumu (SPK), Tasarruf Sigortas\u0131 Mevduat Fonu (TMSF) ve Hazine\u2019den (\u00e7ok \u015f\u00fck\u00fcr ki k\u0131saltmaya gerek yok) olu\u015fuyor. \u0130stisna, fark etti\u011finiz gibi Hazine\u2019ye ili\u015fkin. Nedeni basit: Aksi takdirde \u2018\u00e7ok \u015f\u00fck\u00fcr ki\u2019 demenin bir anlam\u0131 olmayacakt\u0131; siz de\u011ferli okuyucular\u0131ma k\u0131saltmalardan nefes nefese kald\u0131\u011f\u0131m izlenimi b\u0131rakmak i\u00e7in Hazine\u2019nin en sonda yer almas\u0131 gerekiyordu.<\/p>\n<p><strong>Koordineli uygulama <\/strong><br \/>\nSay\u0131n Ali Babacan, 21 May\u0131s g\u00fcn\u00fc \u0130stanbul\u2019da Fatih \u00dcniversitesi\u2019nde yapt\u0131\u011f\u0131 konu\u015fmada, bir gazetedeki habere g\u00f6re \u015f\u00f6yle demi\u015f: \u201cBundan b\u00f6yle bu kurumlar\u0131n ba\u015fkanlar\u0131 \u00f6nemli ekonomik konular\u0131 konu\u015fup tart\u0131\u015farak bir karar alacaklar ve bu karar\u0131 da koordineli bir \u015fekilde uygulayacaklar. Bu modeli ba\u015fta G-20 olmak \u00fczere bir\u00e7ok \u00fclkeye tavsiye edece\u011fiz.\u201d<br \/>\nBir taraftan bak\u0131nca \u00e7ok olumlu bir ad\u0131m gibi g\u00f6r\u00fcn\u00fcyor. MB\u2019nin 2010\u2019un ikinci yar\u0131s\u0131ndan bu yana ald\u0131\u011f\u0131 kararlar\u0131n etkili olmamas\u0131n\u0131n temel nedenlerinden biri BDDK\u2019n\u0131n devreye girmemesi. Oysa BDDK devreye girip, mesela bankalar\u0131n MB\u2019den k\u0131sa vadeli bor\u00e7lanmalar\u0131na bir s\u0131n\u0131r getirebilseydi, MB\u2019nin \u00e7abalar\u0131 biraz daha i\u015fe yarar hale gelecekti (\u2018biraz daha\u2019, \u00e7\u00fcnk\u00fc bu da yetmezdi: Maliye politikas\u0131 da s\u0131k\u0131la\u015ft\u0131r\u0131lmal\u0131yd\u0131). Dolay\u0131s\u0131yla b\u00f6yle bir komitenin kurulmas\u0131 en az\u0131ndan koordinasyon sorununun hafifleyece\u011fi anlam\u0131na geliyor.<br \/>\nAma bir saniye: Farkl\u0131 bir y\u00f6nden de bakmak m\u00fcmk\u00fcn. Komitede yer alan kurumlar\u0131n bir k\u0131sm\u0131 ba\u011f\u0131ms\u0131z kurumlar. Hazine ise devlet bakan\u0131na ya da ba\u015fbakan yard\u0131mc\u0131s\u0131na ba\u011fl\u0131. Ne olacak \u015fimdi? Diyelim ki MB politika faizini y\u00fckseltmek istiyor. Di\u011fer kurumlar ise bunun yap\u0131lmamas\u0131 gerekti\u011fini d\u00fc\u015f\u00fcn\u00fcyorlar. MB ne yapacak? Faizi artt\u0131racak m\u0131, artt\u0131rmayacak m\u0131?<\/p>\n<p><strong>Emir-komuta zinciri <\/strong><br \/>\n\u015e\u00f6yle d\u00fc\u015f\u00fcn\u00fcn: Yasa koyucu neden MB\u2019ye fiyat istikrar\u0131na ula\u015fmak hedefi vermi\u015f de Hazine\u2019ye vermemi\u015f? Bir anlam\u0131 olsa gerek. Demek ki MB\u2019nin alaca\u011f\u0131 kararlar\u0131n, di\u011fer kurumlar\u0131n alaca\u011f\u0131 kararlara k\u0131yasla fiyat istikrar\u0131na ula\u015f\u0131lmas\u0131 a\u00e7\u0131s\u0131ndan daha yararl\u0131 olaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnm\u00fc\u015f. Kendisine fiyat istikrar\u0131na ula\u015fmak g\u00f6revi verilen bir kurum, \u00e7ok farkl\u0131 g\u00f6revleri olan Hazine\u2019nin bak\u0131\u015f a\u00e7\u0131s\u0131 \u00e7er\u00e7evesinde mi hareket edecek?<br \/>\nBir farkl\u0131 olgu: MB\u2019nin Para Politikas\u0131 Kurulu\u2019nda Hazine temsilcisi de var ama oy kullanam\u0131yor ve toplant\u0131n\u0131n oy verme b\u00f6l\u00fcm\u00fcne kat\u0131lam\u0131yor. Neden? Yan\u0131t\u0131 basit: Yasa koyucu, MB\u2019yi, Hazine ve onun ba\u011fl\u0131 oldu\u011fu h\u00fck\u00fcmetten ba\u011f\u0131ms\u0131z k\u0131lmak istemi\u015f.<br \/>\nFinansal \u0130stikrar Komitesi koordinasyon a\u00e7\u0131s\u0131ndan iyi bir fikir gibi g\u00f6r\u00fcnse de biraz de\u015fince hi\u00e7 de iyi bir fikir olmad\u0131\u011f\u0131 g\u00f6r\u00fcn\u00fcyor. \u0130lgili bakan, zaten bu kurumlar\u0131n yetkililerini istedi\u011fi zaman bir araya getirip g\u00f6r\u00fc\u015f al\u0131\u015fveri\u015finde bulunabiliyordu. Bu yeterli de\u011filse, demek ki ama\u00e7 farkl\u0131: G\u00f6r\u00fc\u015f al\u0131\u015fveri\u015finin d\u0131\u015f\u0131nda bir nevi emir-komuta zincirinin \u00e7al\u0131\u015ft\u0131r\u0131lmas\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyor. Bu da hi\u00e7 iyi de\u011fil; ac\u0131s\u0131 \u015fimdi \u00e7\u0131kmaz ama \u00e7\u0131kaca\u011f\u0131 zaman ne yaz\u0131k ki gelebilir. K\u0131sa vadeli sermaye giri\u015flerinden neden korkuldu\u011funu d\u00fc\u015f\u00fcn\u00fcn; dan ne kastetti\u011fim hemen anla\u015f\u0131l\u0131r. \u015eu riskli d\u00f6nemde, di\u011fer y\u00fckselen piyasa ekonomilerine k\u0131yasla T\u00fcrkiye\u2019yi k\u00f6t\u00fc anlamda farkl\u0131la\u015ft\u0131rmaya ne gerek var?<\/p>\n<p><strong>Fatih \u00d6ZATAY<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finansal \u0130stikrar Komitesi koordinasyon a\u00e7\u0131s\u0131ndan iyi bir fikir gibi g\u00f6r\u00fcnse de biraz de\u015fince hi\u00e7 de iyi bir fikir olma-d\u0131\u011f\u0131 g\u00f6r\u00fcn\u00fcyor. Se\u00e7imden birka\u00e7 hafta \u00f6nce Finansal&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-1777","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\/1777","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=1777"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/1777\/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=1777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=1777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=1777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}