Ge\u00e7mi\u015fte para politikas\u0131yla maliye politikas\u0131n\u0131n hangisinin \u00f6ncelikli oldu\u011fu tart\u0131\u015f\u0131l\u0131rd\u0131. Son y\u0131llarda para politikas\u0131 olduk\u00e7a \u00f6ne ge\u00e7ti. Bunun temel nedenlerine bu blogda yay\u0131nlanan Para Politikas\u0131 Ni\u00e7in Maliye Politikas\u0131na Tercih Ediliyor ba\u015fl\u0131kl\u0131 yaz\u0131mda de\u011finmi\u015ftim (http:\/\/www.mahfiegilmez.com\/2012\/08\/para-politikas-nicin-maliye-politikasna.html<\/a>)<\/div>\n

K\u00fcresel krizin \u00e7\u0131k\u0131\u015f\u0131yla birlikte para politikas\u0131 birinci s\u0131radaki \u00f6nemini tart\u0131\u015f\u0131lmaz bi\u00e7imde kabul ettirdi ve maliye politikas\u0131n\u0131 kendisine yard\u0131m etmek \u00fczere y\u00f6netilen ikinci dereceden bir politika haline getirdi. \u00d6zellikle ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) ve Avrupa Merkez Bankas\u0131\u2019n\u0131n (AMB) parasal geni\u015fleme kararlar\u0131 ve bunlara dayanarak yapt\u0131klar\u0131 uygulamalar para politikas\u0131n\u0131 doruk noktas\u0131na ta\u015f\u0131d\u0131.<\/div>\n

K\u00fcresel krizin ba\u015flang\u0131c\u0131 kabul edilen 2007 y\u0131l\u0131 A\u011fustos ay\u0131nda 866 milyar dolar olan Fed\u2019in bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc QE3 olarak adland\u0131r\u0131lan bu son karar \u00f6ncesinde 2,9 trilyon dolara gelip dayanm\u0131\u015ft\u0131. Yani 5 y\u0131lda 3,3 kat b\u00fcy\u00fcm\u00fc\u015ft\u00fc. Fed\u2019in a\u00e7\u0131k piyasa i\u015flemleriyle (AP\u0130) sat\u0131n ald\u0131\u011f\u0131 ve elinde bulundurdu\u011fu k\u00e2\u011f\u0131tlar\u0131n toplam\u0131 2,6 trilyon dolara ula\u015fm\u0131\u015f bulunuyor. Bunun yakla\u015f\u0131k 844 milyar dolarl\u0131k b\u00f6l\u00fcm\u00fc tutsata (mortgage) dayal\u0131 k\u00e2\u011f\u0131tlardan olu\u015fuyor. Kabaca Fed, krizin \u00e7\u0131k\u0131\u015f\u0131ndan bu yana yapt\u0131\u011f\u0131 parasal geni\u015flemelerle bilan\u00e7osunu 2 trilyon dolar b\u00fcy\u00fctm\u00fc\u015f durumda. Bir ba\u015fka ifadeyle bast\u0131\u011f\u0131 paralarla bir yandan tutsata dayal\u0131 k\u00e2\u011f\u0131tlar\u0131 bir yandan da bankalar\u0131n ellerindeki tahvil ve bonolar\u0131 alarak kar\u015f\u0131l\u0131\u011f\u0131nda piyasaya para verdi. Bu, e\u011fer bu kadar b\u00fcy\u00fck boyutta bir sonu\u00e7 do\u011furmasa bir AP\u0130 i\u015flemi olarak g\u00f6r\u00fclebilirdi. Olay\u0131n anormalli\u011fi Fed\u2019in bilan\u00e7osunun 3,3 kat b\u00fcy\u00fcm\u00fc\u015f olmas\u0131d\u0131r.<\/div>\n

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Ayn\u0131 d\u00f6nemde (A\u011fustos 2007 \u2013 Eyl\u00fcl 2012) benzer parasal geni\u015fleme operasyonlar\u0131n\u0131 y\u00fcr\u00fcten AMB\u2019nin bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc de 1,2 trilyon Euro\u2019dan 2,7 kat artarak 3,2 trilyon Euro\u2019ya y\u00fckseldi.<\/div>\n

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