{"id":17889,"date":"2012-07-23T19:11:37","date_gmt":"2012-07-23T17:11:37","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=17889"},"modified":"2012-07-23T19:11:47","modified_gmt":"2012-07-23T17:11:47","slug":"para-politikasinin-durusu-2","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/para-politikasinin-durusu-2\/","title":{"rendered":"Para Politikas\u0131n\u0131n Duru\u015fu"},"content":{"rendered":"<p>\u00c7e\u015fitli a\u00e7\u0131lardan para politikas\u0131n\u0131n duru\u015funu irdeleyebiliriz. Do\u011fal olarak akla gelen ilk soru para politikas\u0131n\u0131n s\u0131k\u0131la\u015ft\u0131rma m\u0131 yoksa gev\u015feme y\u00f6n\u00fcnde mi oldu\u011fu. Cevap: Para politikas\u0131 gev\u015feme ve geni\u015fletme s\u00fcrecinde. Para politikas\u0131n\u0131n gev\u015femesi i\u00e7in mutlaka Merkez Bankas\u0131&#8217;n\u0131n politika faizini a\u015fa\u011f\u0131 \u00e7ekmesi gerekmiyor. \u00d6nemli olan k\u0131sa vadeli faizlerin hangi y\u00f6nde hareket etti\u011fi. Para bol olup gecelik vadede faizler d\u00fc\u015f\u00fcyorsa, para politikas\u0131 gev\u015feme y\u00f6n\u00fcnde bir duru\u015f sergiliyor demektir.<br \/>\nGecelik vadede repo oranlar\u0131 bir ara y\u00fczde 10&#8217;un \u00fczerindeydi. Son d\u00f6nemde bu faiz (gecelik repo faizi) y\u00fczde 6&#8217;n\u0131n alt\u0131na dahi geldi. Merkez Bankas\u0131&#8217;n\u0131n h\u00e2l\u00e2 politika faizi diye adland\u0131rd\u0131\u011f\u0131 faiz band\u0131n\u0131n alt s\u0131n\u0131r\u0131na (y\u00fczde 5.75) dayand\u0131.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1273679966\"><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>POL\u0130T\u0130KA FA\u0130Z\u0130 \u00d6NEML\u0130 M\u0130?<\/strong><br \/>\nMerkez Bankas\u0131 faiz band\u0131n\u0131 de\u011fi\u015ftirmedi. Yani, g\u00fcn\u00fcn birinde Merkez Bankas\u0131&#8217;n\u0131n bankalara verece\u011fi borcun faizi yine \u00e7ift hanede olabilir. D\u00f6viz kurlar\u0131ndaki geli\u015fmelere g\u00f6re, Merkez Bankas\u0131 bankalara verece\u011fi borcun faizini belirlemede elinin serbest olmas\u0131n\u0131 istiyor. Bu konuda \u00e7ok haks\u0131z de\u011fil.<br \/>\n&#8220;Politika faizi&#8221; kavram\u0131n\u0131n yeni uygulama \u00e7er\u00e7evesinde \u00f6nemi pek kalmad\u0131. Piyasada ger\u00e7ekle\u015fen faiz \u00fcst s\u0131n\u0131ra yak\u0131nken \u00fcst s\u0131n\u0131r \u00f6nemli oluyor. Faizler alt s\u0131n\u0131ra yak\u0131nken, koridorun alt s\u0131n\u0131r\u0131 \u00f6nemli oluyor. &#8220;Para politikas\u0131 gev\u015fiyor&#8221; demeden para politikas\u0131n\u0131 gev\u015fetmek m\u00fcmk\u00fcn. Tersi de do\u011fru. Dolay\u0131s\u0131yla, para politikas\u0131nda yap\u0131labilecek de\u011fi\u015fikli\u011fin haber yaratma ve beklentileri y\u00f6nlendirebilme g\u00fcc\u00fc azald\u0131.<br \/>\nK\u0131sa vadeli faizlerin ekonomide reel faaliyetleri ne kadar etkiledi\u011fi \u00e7ok iyi te\u015fhis edilebilen bir olgu de\u011fil. B\u00fcy\u00fck bir olas\u0131l\u0131kla k\u0131sa vadeli faizler ekonomik b\u00fcy\u00fcme a\u00e7\u0131s\u0131ndan \u00e7ok \u00f6nemli de\u011fil. \u00d6nemli olan, ekonomiye d\u00f6viz giri\u015flerinin miktar\u0131 ve buna ba\u011fl\u0131 olarak d\u00f6viz kurlar\u0131n\u0131n d\u00fczeyi ve kurlarda beklenen de\u011fi\u015fimin y\u00f6n\u00fc. Bu a\u00e7\u0131dan, k\u0131sa vadeli faizlerin d\u00fc\u015fmesi ekonomik b\u00fcy\u00fcmeye fazla bir katk\u0131 yapmayabilir, ama Merkez Bankas\u0131&#8217;n\u0131n devreye soktu\u011fu munzam kar\u015f\u0131l\u0131k uygulamas\u0131 ekonomik b\u00fcy\u00fcmeye katk\u0131 yapabilecek y\u00f6nde \u00e7al\u0131\u015f\u0131yor.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.bloomberght.com\/ht-yazarlar\/ercan-kumcu\/1185584-para-politikasinin-durusu\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00c7e\u015fitli a\u00e7\u0131lardan para politikas\u0131n\u0131n duru\u015funu irdeleyebiliriz. Do\u011fal olarak akla gelen ilk soru para politikas\u0131n\u0131n s\u0131k\u0131la\u015ft\u0131rma m\u0131 yoksa gev\u015feme y\u00f6n\u00fcnde mi oldu\u011fu. Cevap: Para politikas\u0131 gev\u015feme&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-17889","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\/17889","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=17889"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/17889\/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=17889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=17889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=17889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}