{"id":18912,"date":"2012-08-25T10:12:34","date_gmt":"2012-08-25T08:12:34","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=18912"},"modified":"2012-08-25T10:12:50","modified_gmt":"2012-08-25T08:12:50","slug":"ecb-tcmbden-ne-ogrenebilir","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/ecb-tcmbden-ne-ogrenebilir\/","title":{"rendered":"ECB, TCMB&#8217;den Ne \u00d6\u011frenebilir?"},"content":{"rendered":"<p>\u0130ktisat\u00e7\u0131lar\u0131n ECB&#8217;den yapmas\u0131n\u0131 istedikleri operasyon, \u00f6z\u00fcnde Merkez Bankas\u0131&#8217;n\u0131n 2001&#8217;de yapt\u0131\u011f\u0131 operasyona benziyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4021545763\"><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>2001 krizinden sonra uygulanmaya ba\u015flanan ekonomik program\u0131n temel ayaklar\u0131ndan birini, bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fc \u00f6nce aya\u011fa kald\u0131rma, sonra da g\u00fc\u00e7lendirme operasyonu olu\u015fturuyordu. Operasyonun \u00f6nemli bir k\u0131sm\u0131 kamu bankalar\u0131na y\u00f6nelikti. 1990\u2019l\u0131 y\u0131llar boyunca kamu bankalar\u0131, toplad\u0131klar\u0131 mevduat\u0131, maliyetinin \u00e7ok alt\u0131nda faizlerle, o zamanki h\u00fck\u00fcmetlerin tercihi sonucunda \u00e7ift\u00e7ilere ya da esnafa, kredi olarak vermi\u015flerdi. Asl\u0131nda do\u011fal bir siyasi tercih sonucunda ortaya \u00e7\u0131kan bu t\u00fcr desteklerin kamu b\u00fct\u00e7esinde yer almas\u0131 gerekirdi. Oysa birer b\u00fct\u00e7e harcamas\u0131 olmas\u0131 gereken bu destekler, kamu bankalar\u0131 yoluyla veriliyor ve sonu\u00e7ta kamu bankalar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde zarar ediyordu. Bu zararlar\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda Hazine onlara kaynak aktarm\u0131yor, b\u00f6ylelikle bozulmas\u0131 gereken b\u00fct\u00e7e dengeleri bozulmam\u0131\u015f (gibi) oluyor ancak kamu bankalar\u0131n\u0131n bilan\u00e7olar\u0131 giderek bozuluyordu.<br \/>\nS\u00fcre\u00e7 sonunda kamu bankalar\u0131 u\u00e7urumun e\u015fi\u011fine geldi. 2001 krizinden birka\u00e7 ay sonra uygulamaya konulan \u2018G\u00fc\u00e7l\u00fc Ekonomiye Ge\u00e7i\u015f\u2019 program\u0131 \u00e7er\u00e7evesinde Hazine, bu bankalara olan birikmi\u015f borcunu devlet tahvili vererek \u00f6dedi. 2000 sonunda kamu bor\u00e7 stokunun gayri safi yurti\u00e7i has\u0131laya (GSYH) oran\u0131 y\u00fczde 38.2 (o zaman mevcut olan GSYH kullan\u0131l\u0131rsa y\u00fczde 49.8) idi. 2001 sonunda ise bu oran y\u00fczde 74.1\u2019e (eski GSYH ile y\u00fczde 94.6) s\u0131\u00e7rad\u0131. Bor\u00e7 oran\u0131n\u0131n bir y\u0131lda neredeyse iki kat artmas\u0131n\u0131n en \u00f6nemli nedeni bu operasyondu. Dikkat ederseniz, T\u00fcrkiye\u2019de 2001 y\u0131l\u0131nda kamu bor\u00e7 stokundaki art\u0131\u015f\u0131n ana nedeni, bug\u00fcn b\u00fcy\u00fck sorunlarla u\u011fra\u015fan \u0130spanya\u2019n\u0131n kamu bor\u00e7 stokundaki art\u0131\u015f\u0131n ana nedeniyle b\u00fcy\u00fck \u00f6l\u00e7\u00fcde benzer.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1098152&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>\u0130ktisat\u00e7\u0131lar\u0131n ECB&#8217;den yapmas\u0131n\u0131 istedikleri operasyon, \u00f6z\u00fcnde Merkez Bankas\u0131&#8217;n\u0131n 2001&#8217;de yapt\u0131\u011f\u0131 operasyona benziyor. 2001 krizinden sonra uygulanmaya ba\u015flanan ekonomik program\u0131n temel ayaklar\u0131ndan birini, bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fc \u00f6nce&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-18912","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\/18912","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=18912"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/18912\/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=18912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=18912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=18912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}