{"id":405,"date":"2011-05-26T22:27:58","date_gmt":"2011-05-26T19:27:58","guid":{"rendered":"http:\/\/bilgeyatirimci.net\/?p=405"},"modified":"2011-06-04T19:43:43","modified_gmt":"2011-06-04T16:43:43","slug":"para-politikasi-ve-mali-piyasalar","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/para-politikasi-ve-mali-piyasalar\/","title":{"rendered":"Para politikas\u0131 ve mali piyasalar"},"content":{"rendered":"<p>K\u00fcresel kriz T\u00fcrkiye\u2019ye beklenmedik bir katk\u0131 yapt\u0131. Ekonomi bu b\u00fcy\u00fck s\u0131navdan y\u00fcz\u00fcn\u00fcn ak\u0131 ile \u00e7\u0131kt\u0131. Mali \u00e7alkant\u0131 ya\u015fanmad\u0131. Resesyon derin ama k\u0131sa oldu. Ard\u0131ndan rekor b\u00fcy\u00fcme geldi.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2032893261\"><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>2000 sonras\u0131nda ger\u00e7ekle\u015fen b\u00fcy\u00fck d\u00f6n\u00fc\u015f\u00fcm\u00fcn bu \u015fekilde tescili iktisat politikas\u0131 \u00e7er\u00e7evesine de yans\u0131d\u0131. \u00d6zellikle para politikas\u0131n\u0131n tasar\u0131m ve uygulanmas\u0131nda mali piyasalar\u0131n h\u00e2kimiyeti t\u00f6rp\u00fclendi. Merkez Bankas\u0131 g\u00fc\u00e7lendi.<\/p>\n<p>K\u0131saca hat\u0131rlatal\u0131m. Merkez Bankas\u0131\u2019n\u0131n siyasi iktidar\u0131n bask\u0131s\u0131ndan kurtulmas\u0131 ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n sadece bir aya\u011f\u0131d\u0131r. Di\u011feri ise mali piyasan\u0131n k\u0131sa d\u00f6nemli \u00e7\u0131karlar\u0131na kar\u015f\u0131 durabilmesidir. Ba\u011f\u0131ms\u0131zl\u0131k tan\u0131m\u0131nda en az ilki kadar \u00f6nemlidir.<\/p>\n<p>Bu olay\u0131n dikkatle analizi gerekiyor. Aksi takdirde Merkez Bankas\u0131\u2019n\u0131n yeni para politikas\u0131 anla\u015f\u0131lamaz. Kararlar\u0131 tahmin edilemez. Yanl\u0131\u015f hatta sa\u00e7ma gibi g\u00f6r\u00fcl\u00fcr. Tart\u0131\u015fmalar ger\u00e7ekten kopar. Ezber tekrar\u0131na d\u00f6n\u00fc\u015f\u00fcr.<\/p>\n<p><strong>De\u011fi\u015fen ko\u015fullar<\/strong><\/p>\n<p>Ne oldu? Biraz geriye gidelim. 1990\u2019lar\u0131n ba\u015f\u0131ndan itibaren para politikas\u0131n\u0131 Hazine\u2019nin bor\u00e7lanma stratejisi belirledi. Geri planda devasa kamu a\u00e7\u0131klar\u0131 yat\u0131yordu. Para politikas\u0131 buna uyum sa\u011flamaya mecburdu.<\/p>\n<p>Dolay\u0131s\u0131 ile Merkez Bankas\u0131 da, en az Hazine kadar, mali piyasalarla iyi ge\u00e7inmeye \u00e7al\u0131\u015ft\u0131. Piyasa oyuncular\u0131n\u0131 rahats\u0131z edecek politikalar uygulamaktan ka\u00e7\u0131nd\u0131. \u00c7eki\u015fmeye girmedi. Taleplerine anlay\u0131\u015fla yakla\u015ft\u0131.<\/p>\n<p>Merkez Bankas\u0131\u2019n\u0131n 2001\u2019de siyasi m\u00fcdahaleye kar\u015f\u0131 ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131 kazanmas\u0131 da bu ili\u015fkiyi de\u011fi\u015ftirmedi. 2001 krizinin yol a\u00e7t\u0131\u011f\u0131 a\u011f\u0131r travman\u0131n kurumun belle\u011finde b\u0131rakt\u0131\u011f\u0131 izleri de unutmayal\u0131m. Neticede mali piyasalar\u0131n para politikas\u0131 \u00fczerindeki g\u00fcc\u00fc s\u00fcrd\u00fc.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-636346360\"><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>Asl\u0131nda ko\u015fullar 2003\u2019ten itibaren h\u0131zla de\u011fi\u015fti. Ancak Merkez Bankas\u0131\u2019n\u0131n ancak 2010\u2019da ikna oldu\u011fu uygulamalar\u0131ndan anla\u015f\u0131l\u0131yor. Para politikas\u0131n\u0131n de\u011fi\u015fen ko\u015fullar\u0131 g\u00f6rmezden gelmekte \u0131srar\u0131n\u0131 ge\u00e7mi\u015fte \u00e7ok ele\u015ftirdim.<\/p>\n<p>Hangi ko\u015fullar? Anahtar kamu maliyesidir. T\u00fcm g\u00f6stergeler olumludur. B\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 k\u00fc\u00e7\u00fckt\u00fcr. Kamu bor\u00e7 oran\u0131 d\u00fc\u015f\u00fckt\u00fcr. D\u00f6vizle bor\u00e7 azd\u0131r. Velhas\u0131l Hazine\u2019nin bor\u00e7 \u00e7evirme diye bir sorunu yoktur. Para politikas\u0131n\u0131 \u00f6zg\u00fcrle\u015ftiren bu somut olgudur.<\/p>\n<p><strong>Ba\u011f\u0131ms\u0131zl\u0131k ilan\u0131<\/strong><\/p>\n<p>Laf\u0131 uzatmayal\u0131m. Ekonomi y\u00f6netimi \u201cyeni normal\u201d diyor. \u201cNormalle\u015fme\u201d s\u00f6zc\u00fc\u011f\u00fcn\u00fc ben de para politikas\u0131 ba\u011flam\u0131nda s\u0131k kulland\u0131m. Hazine ve Merkez Bankas\u0131\u2019n\u0131n mali piyasalara kar\u015f\u0131 ba\u011f\u0131ms\u0131zl\u0131k ilan\u0131n\u0131 simgeliyor.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-113633800\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\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>\u0130ki \u00f6rnek verelim. Biri piyasa oyuncular\u0131 ile ileti\u015fim y\u00f6nteminin de\u011fi\u015fmesidir. B\u00f6ylece y\u0131llard\u0131r s\u00fcren m\u00fcnferit randevu d\u00f6nemi kapand\u0131. \u00d6nceden saptanan tarihlerde m\u00fc\u015fterek sunum yap\u0131l\u0131yor.<\/p>\n<p>Di\u011feri Para Politikas\u0131 Kurulu\u2019nun d\u00fcn ald\u0131\u011f\u0131 karard\u0131r. Piyasa kar\u015f\u0131l\u0131k oran\u0131nda art\u0131\u015f bekledi. Ama kurul piyasa dedikodusuna hi\u00e7 ald\u0131rmadan bildi\u011fini okudu. Faiz ve kar\u015f\u0131l\u0131k oranlar\u0131n\u0131 de\u011fi\u015ftirmedi. Paran\u0131n patronunun kendisi oldu\u011funu tekrar hat\u0131rlatt\u0131.<\/p>\n<p>Son yaz\u0131mda \u201cd\u00fczeltme\u201d s\u00fcrecine giri\u015f yapt\u0131m. Bug\u00fcn anlat\u0131lan d\u00f6n\u00fc\u015f\u00fcm\u00fcn \u00f6zellikle \u201cyumu\u015fak ini\u015f\u201d senaryosu a\u00e7\u0131s\u0131ndan fevkalade \u00f6nemli sonu\u00e7lar\u0131 vard\u0131r. Analize devam edece\u011fim.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>K\u00fcresel kriz T\u00fcrkiye\u2019ye beklenmedik bir katk\u0131 yapt\u0131. Ekonomi bu b\u00fcy\u00fck s\u0131navdan y\u00fcz\u00fcn\u00fcn ak\u0131 ile \u00e7\u0131kt\u0131. Mali \u00e7alkant\u0131 ya\u015fanmad\u0131. Resesyon derin ama k\u0131sa oldu. Ard\u0131ndan rekor&hellip;<\/p>\n","protected":false},"author":13,"featured_media":919,"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-405","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\/405","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=405"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/919"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}