{"id":19000,"date":"2012-08-28T08:38:55","date_gmt":"2012-08-28T06:38:55","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=19000"},"modified":"2012-08-28T08:39:32","modified_gmt":"2012-08-28T06:39:32","slug":"korkunun-ecele-faydasi-meselesi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/korkunun-ecele-faydasi-meselesi\/","title":{"rendered":"Korkunun Ecele Faydas\u0131 Meselesi"},"content":{"rendered":"<p>Avrupa bir s\u00fcre sonra kendini daha da k\u00f6t\u00fc bir durumda bulmaz m\u0131? B\u00f6yle olursa ortaya \u00e7\u0131kacak b\u00fcy\u00fck ECB zarar\u0131n\u0131 kim kar\u015f\u0131layacak?<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-544627593\"><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>Avrupa Merkez Bankas\u0131 (ECB), T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019n\u0131n (MB) 2001 krizinden sonra \u2018G\u00fc\u00e7l\u00fc Ekonomi Program\u0131\u2019n\u0131n uygulanmaya ba\u015flamas\u0131yla bir gecede yapt\u0131\u011f\u0131 devlet tahvili sat\u0131n alma operasyonunun benzerini neden yapam\u0131yor? Neden, y\u00fcksek risk alg\u0131lamas\u0131 nedeniyle faizleri olduk\u00e7a y\u00fcksek d\u00fczeylerde gezen ve \u0130talya ile \u0130spanya gibi \u00fclkelerin uygulad\u0131klar\u0131 s\u0131k\u0131 b\u00fct\u00e7e politikas\u0131n\u0131 temelinden dinamitleme \u00f6zelli\u011fi ta\u015f\u0131yan bu olguya bir son veremiyor?<br \/>\nK\u0131saca hat\u0131rlayal\u0131m bu operasyonu: \u2018G\u00fc\u00e7l\u00fc Ekonomiye Ge\u00e7i\u015f Program\u0131\u2019 y\u00fcr\u00fcrl\u00fc\u011fe sokulur sokulmaz, Hazine\u2019nin bir t\u00fcrl\u00fc \u00f6demedi\u011fi bor\u00e7lar\u0131 y\u00fcz\u00fcnden u\u00e7urumun e\u015fi\u011fine gelmi\u015f olan kamu bankalar\u0131n\u0131 aya\u011fa kald\u0131rmak i\u00e7in bu bankalara Hazine\u2019nin birikmi\u015f bor\u00e7lar\u0131 devlet tahvili verilerek \u00f6dendi. Ancak bu tahviller bankalarda durduk\u00e7a bir i\u015fe yaram\u0131yorlard\u0131. \u00c7\u00fcnk\u00fc bankalar\u0131n likidite ihtiyac\u0131 had safhadayd\u0131; ihtiyac\u0131 gidermek i\u00e7in tahvilleri satmalar\u0131 gerekiyordu. Satamazlarsa di\u011fer bankalara olan bor\u00e7lar\u0131n\u0131 \u00f6deyemeyecek ve t\u00fcm bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fc \u00e7\u00f6kertecek konuma geleceklerdi. Bu t\u00fcr y\u00fckl\u00fc al\u0131m yapabilecek, \u00fcstelik bu tahvilleri yok pahas\u0131na sat\u0131n almayacak tek kurum, MB idi. MB an\u0131nda tahvilleri sat\u0131n ald\u0131 ve sonu\u00e7ta bilan\u00e7osunda 2000 sonunda 1.5 milyar lira tutar\u0131nda olan devlet tahvili, 2001 sonunda 34.3 milyar liraya s\u0131\u00e7rad\u0131. 2001 milli gelirine oranla y\u00fczde 13,7\u2019lik bir art\u0131\u015fa kar\u015f\u0131 geliyor bu s\u0131\u00e7rama.<br \/>\nMB a\u00e7\u0131s\u0131ndan riski neydi bu operasyonun? Riskler, uygulanaca\u011f\u0131 s\u00f6z\u00fc verilen ekonomik program uygulanmaz, yani tekrar bozuk bir maliye politikas\u0131na d\u00f6n\u00fcl\u00fcrse ortaya \u00e7\u0131kacakt\u0131. Birincisi, MB, bozuk bir maliye politikas\u0131n\u0131n y\u00fcr\u00fct\u00fclmesine bol kep\u00e7e para basarak destek vermi\u015f olacakt\u0131; kredibilitesini yitirecekti. Daha do\u011frusu, \u00e7\u00f6ken d\u00f6viz kuru rejimi nedeniyle zaten dibe vurmu\u015f olan kredibilitesi, o d\u00fczeyde uzunca bir s\u00fcre kalacakt\u0131&#8230;<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1098412&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>Avrupa bir s\u00fcre sonra kendini daha da k\u00f6t\u00fc bir durumda bulmaz m\u0131? B\u00f6yle olursa ortaya \u00e7\u0131kacak b\u00fcy\u00fck ECB zarar\u0131n\u0131 kim kar\u015f\u0131layacak? Avrupa Merkez Bankas\u0131 (ECB),&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-19000","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\/19000","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=19000"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/19000\/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=19000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=19000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=19000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}