{"id":24681,"date":"2013-05-13T10:54:10","date_gmt":"2013-05-13T08:54:10","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=24681"},"modified":"2013-05-13T10:58:24","modified_gmt":"2013-05-13T08:58:24","slug":"ozel-sektor-dis-borc-riski-artarak-devam-ediyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/ozel-sektor-dis-borc-riski-artarak-devam-ediyor\/","title":{"rendered":"\u00d6zel Sekt\u00f6r D\u0131\u015f Bor\u00e7 Riski Artmaya Devam Ediyor"},"content":{"rendered":"<p>Merkez Bankas\u0131, 2013 y\u0131l\u0131 ilk \u00e7eyrek cari i\u015flemler dengesi rakamlar\u0131 bug\u00fcn a\u00e7\u0131kland\u0131. Buna g\u00f6re, Ocak\u00a0 &#8211; Mart d\u00f6neminde cari i\u015flemler dengesi, 15,9 milyar dolar a\u00e7\u0131k vererek y\u0131ll\u0131k bazda 47,1 milyar $\u2019a y\u00fckseldi. Do\u011frudan Yabanc\u0131 yat\u0131r\u0131mlar da, 1,355 milyar dolar, portf\u00f6y yat\u0131r\u0131mlar\u0131nda ise, 8,755 milyar dolar giri\u015f s\u00f6z konusu. Son \u00fc\u00e7 ayl\u0131k sermaye giri\u015flerini inceledi\u011fimizde, do\u011frudan yabanc\u0131 yat\u0131r\u0131mlar\u0131 hesaba katmad\u0131\u011f\u0131m\u0131z\u0131 varsayarsak, 25 milyar dolar\u0131 a\u015fan parasal sermaye giri\u015fi olmu\u015f durumda. Yukar\u0131 da ki veriler bize cari i\u015flemler a\u00e7\u0131\u011f\u0131n\u0131n, artan kredi hacmi ve parasal geni\u015fleme neticesiyle \u00e7ok rahat finanse edildi\u011fini g\u00f6stermekte. \u00c7ok kaba bir hesap ile T\u00fcrkiye, 2013 senesini % 7 civar\u0131nda cari i\u015flemler a\u00e7\u0131\u011f\u0131 ile kapatacak gibi. Ge\u00e7mi\u015fte, % 10 seviyelerinde ki\u00a0 cari a\u00e7\u0131\u011f\u0131 finanse eden T\u00fcrkiye, 2013 senesinde ki y\u00fcksek a\u00e7\u0131\u011f\u0131 muhtemelen ilk \u00e7eyrek de oldu\u011fu gibi y\u0131l\u0131n geri kalan aylar\u0131nda parasal geni\u015fleme \u00e7er\u00e7evesinde ki sermaye giri\u015fleri ile finanse edecek g\u00f6r\u00fcl\u00fcyor. Ancak,\u00a0 Do\u011frudan yat\u0131r\u0131mlar\u0131n ilk \u00e7eyrek de son derece d\u00fc\u015f\u00fck kald\u0131\u011f\u0131, hatta 2012 senesi ilk \u00fc\u00e7 ay\u0131na g\u00f6re 900 milyon $ geriledi\u011fi d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde ( 2012 senesi Ocak\u00a0 &#8211; Mart D\u00f6nemi Do\u011frudan Yabanc\u0131 Yat\u0131r\u0131mlar 2,275 milyar $ seviyesindeydi ) cari a\u00e7\u0131k da ki en \u00f6nemli riskin, finansman kalitesinde oldu\u011fu, \u00e7ok a\u00e7\u0131k kar\u015f\u0131m\u0131za \u00e7\u0131kmakta. 2002 y\u0131l\u0131nda 65 milyar $ olan \u00f6zel sekt\u00f6r d\u0131\u015f borcunun, 2012 y\u0131l sonunda 226 milyar $\u2019a y\u00fckselmesi, Banka d\u0131\u015f bor\u00e7lar\u0131n\u0131n ise, 11 milyar $\u2019dan 84 milyar $\u2019a ula\u015fmas\u0131, Cari\u00a0 A\u00e7\u0131k\/ GSYH oran\u0131nda ki y\u00fckselmenin \u00f6zel sekt\u00f6r d\u0131\u015f bor\u00e7 riskini artt\u0131rd\u0131\u011f\u0131n\u0131 dip not olarak belirtmekte fayda var. Dolay\u0131s\u0131 ile, cari a\u00e7\u0131\u011f\u0131n sadece portf\u00f6y giri\u015fi ile finansman\u0131n\u0131n, orta ve uzun vadede i\u00e7 talebe dayal\u0131 b\u00fcy\u00fcmenin de etkisi ile, hala \u00f6nemli bir risk te\u015fkil etti\u011fini unutmamak gerekiyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3984066494\"><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><a href=\"https:\/\/twitter.com\/drismetdemirkol\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">https:\/\/twitter.com\/drismetdemirkol<\/a><\/p>\n<p><a href=\"http:\/\/bigyatirim.blogspot.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/bigyatirim.blogspot.com\/<\/a><\/p>\n<p><i>Dr. \u0130smet DEM\u0130RKOL<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Merkez Bankas\u0131, 2013 y\u0131l\u0131 ilk \u00e7eyrek cari i\u015flemler dengesi rakamlar\u0131 bug\u00fcn a\u00e7\u0131kland\u0131. Buna g\u00f6re, Ocak\u00a0 &#8211; Mart d\u00f6neminde cari i\u015flemler dengesi, 15,9 milyar dolar a\u00e7\u0131k&hellip;<\/p>\n","protected":false},"author":7,"featured_media":24594,"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-24681","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\/24681","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=24681"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/24681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/24594"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=24681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=24681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=24681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}