{"id":24846,"date":"2013-05-17T16:19:33","date_gmt":"2013-05-17T14:19:33","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=24846"},"modified":"2013-05-17T16:19:33","modified_gmt":"2013-05-17T14:19:33","slug":"not-artisinin-yan-etkileri","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/not-artisinin-yan-etkileri\/","title":{"rendered":"Not Art\u0131\u015f\u0131n\u0131n Yan Etkileri"},"content":{"rendered":"<p>T\u00fcrkiye 21 y\u0131l aradan sonra en az iki derecelendirme kurulu\u015fundan \u201cyat\u0131r\u0131m yap\u0131labilir\u201d kredi notunu ald\u0131. Uzun vadede \u00fclke ekonomisi i\u00e7in olumlu olarak g\u00f6r\u00fclen bu not art\u0131\u015f\u0131n\u0131n baz\u0131 yan etkileri de var. The Wall Street Journal&#8217; dan Kerim Karakaya&#8217;n\u0131n haberine g\u00f6re\u00a0Merkez Bankas\u0131, ekonomilerin \u201cyat\u0131r\u0131m yap\u0131labilir\u201d kredi notundan nas\u0131l etkilendiklerini ara\u015ft\u0131rd\u0131\u011f\u0131 \u00e7al\u0131\u015fma ilgin\u00e7 sonu\u00e7lara ula\u015ft\u0131. 20 \u00fclkeyi ve 1990-2011 y\u0131llar\u0131n\u0131 kapsayan \u00e7al\u0131\u015fma, yat\u0131r\u0131m yap\u0131labilir \u00fclke stat\u00fcs\u00fcne ula\u015fan \u00fclkelerdeki geli\u015fmeleri ortaya koyuyor. Buna g\u00f6re, not art\u0131\u015f\u0131n\u0131n bir\u00e7ok yan etkisi bulunuyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-375297431\"><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>&#8211;\u00a0\u00dclkeye sermaye ak\u0131\u015f\u0131, not art\u0131\u015f\u0131ndan 4 \u00e7eyrek \u00f6nce h\u0131zlan\u0131yor. Not art\u0131\u015f\u0131n\u0131n ard\u0131ndan k\u0131sa s\u00fcreli bir duraklaman\u0131n ard\u0131ndan fon ak\u0131\u015flar\u0131 bu kez \u00f6ncesine g\u00f6re daha da h\u0131zlanarak devam ediyor. Merkez Bankas\u0131\u2019n\u0131n uzun s\u00fcredir fon ak\u0131\u015flar\u0131na kar\u015f\u0131 \u00f6nlem ald\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde bundan sonra i\u015finin daha da zorla\u015fma ihtimali bulunuyor.<\/p>\n<p>&#8211;\u00a0Not art\u0131\u015f\u0131n\u0131n gelmesinden 6-12 ay \u00f6ncesinde ortalama y\u00fczde 16\u2019ya yak\u0131n artan borsalar\u0131n performans\u0131 not art\u0131\u015f\u0131 yakla\u015ft\u0131k\u00e7a geriliyor. Hatta not art\u0131\u015f\u0131n\u0131n sonraki 3-6 ayda borsalar d\u00fc\u015f\u00fc\u015fe ge\u00e7iyor.<\/p>\n<p>&#8211;\u00a0Not art\u0131\u015f\u0131 \u00f6ncesi h\u0131zla gerileyen tahvil spreadleri, not art\u0131\u015f\u0131n\u0131n ard\u0131ndan bir miktar art\u0131yor.<\/p>\n<p>&#8211;\u00a0Yat\u0131r\u0131m yap\u0131labilir not \u00f6ncesi ve sonras\u0131nda do\u011frudan yat\u0131r\u0131mlarda belirgin bir de\u011fi\u015fim g\u00f6zlenmiyor.<\/p>\n<p>&#8211;\u00a0Not art\u0131\u015f\u0131 sonras\u0131 bor\u00e7lanman\u0131n maliyeti azalsa da vadesinde \u00f6nemli bir de\u011fi\u015fim olmuyor.<\/p>\n<p>&#8211;\u00a0Not art\u0131\u015f\u0131n\u0131n en olumsuz yan etkilerinden biri de bor\u00e7lanmadaki art\u0131\u015fta g\u00f6r\u00fcl\u00fcyor. 20 \u00fclkede not art\u0131\u015f\u0131ndan \u00f6nce d\u00fc\u015fen D\u0131\u015f Bor\u00e7 \/ Mili Gelir rasyosu, ard\u0131ndan h\u0131zla y\u00fckseliyor. Not art\u0131\u015f\u0131 geldi\u011fi anda ortalama y\u00fczde 35 d\u00fczeyinde olan rasyo, not art\u0131\u015f\u0131ndan sonraki 5 y\u0131lda y\u00fczde 42\u2019yi a\u015f\u0131yor.<\/p>\n<p>&#8211;\u00a0Merkez Bankas\u0131 ara\u015ft\u0131rmas\u0131 kredi notu art\u0131\u015f\u0131n\u0131n ard\u0131ndan yerel para birimlerinin dolar kar\u015f\u0131s\u0131nda de\u011fer kazand\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Buna g\u00f6re yat\u0131r\u0131m yap\u0131labilir kredi notundan sonraki 6-12 ayda para birimleri dolar kar\u015f\u0131s\u0131nda y\u00fczde 2\u2019 nin \u00fczerinde de\u011ferleniyor.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-626916821\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\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>&#8211;\u00a0Not art\u0131\u015f\u0131n en olumsuz etkilerinden biri de cari a\u00e7\u0131kta g\u00f6r\u00fcl\u00fcyor. Not art\u0131\u015f\u0131n\u0131n gelmesi ile birlikte artan cari a\u00e7\u0131k, 3 y\u0131l sonra zirveye \u00e7\u0131k\u0131yor. Buna g\u00f6re cari a\u00e7\u0131k \/ Milli gelir oran\u0131, \u00e7al\u0131\u015fan\u0131n kapsad\u0131\u011f\u0131 20 \u00fclkede ortalama y\u00fczde 3\u2019ten y\u00fczde 5\u2019in \u00fczerine \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcrkiye 21 y\u0131l aradan sonra en az iki derecelendirme kurulu\u015fundan \u201cyat\u0131r\u0131m yap\u0131labilir\u201d kredi notunu ald\u0131. Uzun vadede \u00fclke ekonomisi i\u00e7in olumlu olarak g\u00f6r\u00fclen bu not&hellip;<\/p>\n","protected":false},"author":2,"featured_media":21452,"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-24846","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\/24846","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=24846"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/24846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/21452"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=24846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=24846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=24846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}