{"id":18144,"date":"2012-07-31T08:29:33","date_gmt":"2012-07-31T06:29:33","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=18144"},"modified":"2012-07-31T08:29:44","modified_gmt":"2012-07-31T06:29:44","slug":"en-kotu-geride-mi-kaliyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/en-kotu-geride-mi-kaliyor\/","title":{"rendered":"En K\u00f6t\u00fc Geride mi Kal\u0131yor?"},"content":{"rendered":"<p>Artan b\u00fct\u00e7e a\u00e7\u0131klar\u0131 ve y\u00fckselen bor\u00e7 nedeniyle mevcut maliye politikalar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olmad\u0131\u011f\u0131 alg\u0131s\u0131 yayg\u0131nla\u015ft\u0131.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2986709061\"><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>Per\u015fembe g\u00fcn\u00fc Avrupa Merkez Bankas\u0131 (ECB) Ba\u015fkan\u0131 Mario Draghi, baz\u0131 Avrupa \u00fclkelerinin devlet tahvillerinin faizlerinin olduk\u00e7a y\u00fcksek d\u00fczeylere gelmesinin, para politikas\u0131n\u0131n ekonomi \u00fczerine etkilerini zay\u0131flatt\u0131\u011f\u0131n\u0131 belirtti. ECB\u2019nin g\u00f6revleri aras\u0131nda para politikas\u0131n\u0131n ekonomiyi etkileme kanallar\u0131n\u0131 a\u00e7\u0131k tutman\u0131n da oldu\u011funu hat\u0131rlatt\u0131. Mesaj\u0131 netti: \u201cY\u00fckselen tahvil faizleri para politikas\u0131n\u0131n etkisini ortadan kald\u0131r\u0131yorsa, tahvil faizlerini d\u00fc\u015f\u00fcrmek \u00fczere harekete ge\u00e7erim. Meali; ikincil piyasada o tahvillerden faizleri kabul edilebilir bir d\u00fczeye d\u00fc\u015fene kadar sat\u0131n al\u0131r\u0131m.\u201d Avrupa\u2019daki geli\u015fmeleri yak\u0131ndan izleyen baz\u0131 uzmanlar bu a\u00e7\u0131klamay\u0131 gayet olumlu buldular. \u00dcstelik bu uzmanlar aras\u0131nda daha \u00f6nce at\u0131lan ad\u0131mlara \u015f\u00fcpheyle bakanlar da var. A\u00e7\u0131klaman\u0131n olumlu bulunmas\u0131n\u0131n nedenini anlamak i\u00e7in ya\u015fanan s\u00fcrece k\u0131saca bakmak gerekiyor.<\/p>\n<p><strong>Y\u00fcksek faiz sorunu\u00a0<\/strong><br \/>\nBirincisi, sorunlu \u00fclkelerin ya ba\u015ftan itibaren b\u00fct\u00e7eleri bozuktu ve kamu bor\u00e7lar\u0131 y\u00fcksekti (mesela \u0130talya) ya da bankac\u0131l\u0131k sekt\u00f6r\u00fcndeki sorunlar\u0131 \u2018\u00e7\u00f6zmeye\u2019 \u00e7al\u0131\u015f\u0131rken ba\u015flang\u0131\u00e7ta bozuk olmayan b\u00fct\u00e7elerini bozdular (mesela \u0130spanya). Sonu\u00e7ta artan b\u00fct\u00e7e a\u00e7\u0131klar\u0131 ve y\u00fckselen bor\u00e7 nedeniyle mevcut maliye politikalar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olmad\u0131\u011f\u0131 ve bu \u00fclkelerin bor\u00e7lar\u0131n\u0131 \u00f6demekte zorlanacaklar\u0131 alg\u0131s\u0131 yayg\u0131nla\u015ft\u0131. Bu \u00fclkelerin b\u00fct\u00e7e a\u00e7\u0131klar\u0131n\u0131 finanse etmeleri i\u00e7in satmaya \u00e7al\u0131\u015ft\u0131klar\u0131 devlet tahvillerini sat\u0131n almak i\u00e7in tasarruf sahipleri olduk\u00e7a y\u00fcksek faiz talep etmeye ba\u015flad\u0131lar.<br \/>\n\u0130kincisi, sorunlu \u00fclkelerin \u00f6ncelikle yapmas\u0131 gereken maliye politikalar\u0131n\u0131 s\u00fcrd\u00fcr\u00fclebilir bir yola sokmakt\u0131. Bunun yolu da b\u00fct\u00e7e disiplinine y\u00f6nelik uygulamalardan ge\u00e7iyordu. Ama kamu harcamalar\u0131n\u0131n k\u0131s\u0131lmas\u0131 ve vergilerin artt\u0131r\u0131lmas\u0131 toplam talebi azalt\u0131yordu. Bu nedenle de bu \u00fclkelerin b\u00fcy\u00fcmeyecekleri ve dolay\u0131s\u0131yla da bor\u00e7lar\u0131n\u0131 \u00f6demekte zorlanacaklar\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyordu. \u00d6yle olunca da ba\u015flang\u0131\u00e7taki noktaya geri d\u00f6n\u00fcl\u00fcyor ve bu \u00fclkelerin tahvillerini sat\u0131n almak i\u00e7in y\u00fcksek faiz talep ediliyordu. Y\u00fcksek faiz sorunlu \u00fclkelerin b\u00fct\u00e7e a\u00e7\u0131klar\u0131n\u0131 artt\u0131r\u0131yor ve sorunu a\u011f\u0131rla\u015ft\u0131r\u0131yordu.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1095775&amp;Yazar=FATIH-OZATAY&amp;CategoryID=101\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Artan b\u00fct\u00e7e a\u00e7\u0131klar\u0131 ve y\u00fckselen bor\u00e7 nedeniyle mevcut maliye politikalar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olmad\u0131\u011f\u0131 alg\u0131s\u0131 yayg\u0131nla\u015ft\u0131. Per\u015fembe g\u00fcn\u00fc Avrupa Merkez Bankas\u0131 (ECB) Ba\u015fkan\u0131 Mario Draghi, baz\u0131 Avrupa&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-18144","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\/18144","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=18144"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/18144\/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=18144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=18144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=18144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}