{"id":4453,"date":"2011-08-25T09:36:56","date_gmt":"2011-08-25T06:36:56","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=4453"},"modified":"2011-08-25T09:37:07","modified_gmt":"2011-08-25T06:37:07","slug":"dibs-faizi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/dibs-faizi\/","title":{"rendered":"D\u0130BS Faizi"},"content":{"rendered":"<p><strong>Kredi ile ilgili uyar\u0131lar bankalar\u0131n ellerindeki fonlar\u0131 Hazine k\u00e2\u011f\u0131tlar\u0131na y\u00f6nlendirmesine neden olunca faiz d\u00fc\u015ft\u00fc.\u00a0<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2393756061\"><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><strong><\/strong>Al\u0131m sat\u0131ma konu olan her mal\u0131n veya hizmetin bir fiyat\u0131 vard\u0131r. Bor\u00e7 verilebilir fonlar\u0131n bir s\u00fcreli\u011fine \u00f6d\u00fcn\u00e7 verilmesinin bedeli ise faizdir. Fiyat, bir nihai sat\u0131\u015f i\u015flemiyle ilgilidir. Oysa faiz \u00f6d\u00fcn\u00e7 alma ve verme i\u015flemiyle ilgilidir. Faize konu i\u015flemi daha \u00e7ok bir mal\u0131n veya hakk\u0131n kiralanmas\u0131na benzetebiliriz. Kira, mal ya da hakk\u0131n, sahibi taraf\u0131ndan bir s\u00fcreli\u011fine bir ba\u015fkas\u0131n\u0131n kullan\u0131m\u0131na sunulmas\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda al\u0131nan bedeldir. Faiz de tasarruf sahibinin, tasarruf etti\u011fi paray\u0131, bir s\u00fcreli\u011fine bir ba\u015fkas\u0131n\u0131n kullan\u0131m\u0131na sunmas\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda ald\u0131\u011f\u0131 bedeldir.<\/p>\n<p><strong>Fiyat ile faizin fark\u0131\u00a0<\/strong><\/p>\n<p><strong><\/strong>Fiyat ile faiz aras\u0131nda baz\u0131 g\u00f6r\u00fcn\u00fcr farklar vard\u0131r. (1) Fiyat, kesin bir al\u0131m sat\u0131m i\u015fleminde olu\u015fan bedeldir. Yani burada mal\u0131n sahibi de\u011fi\u015fmektedir. Faiz ise kullan\u0131m hakk\u0131n\u0131n ge\u00e7ici olarak devredilmesinin kar\u015f\u0131l\u0131\u011f\u0131nda al\u0131nan bedeldir. Yani mal\u0131n sahibi de\u011fi\u015fmemekte, ge\u00e7ici bir el de\u011fi\u015ftirme s\u00f6z konusu olmaktad\u0131r. (2) Bir mala olan talep artt\u0131\u011f\u0131nda (o mal\u0131n \u00fcretimi de ayn\u0131 h\u0131zla artmam\u0131\u015fsa ki bu genelde pek m\u00fcmk\u00fcn olmaz) fiyat y\u00fckselir, talep azald\u0131\u011f\u0131nda fiyat da d\u00fc\u015fer. Buna kar\u015f\u0131l\u0131k D\u0130BS\u2019lere talep artt\u0131\u011f\u0131nda faiz d\u00fc\u015fer, talep azald\u0131\u011f\u0131nda ise faiz y\u00fckselir.<\/p>\n<p>\u00d6nce iskontolu k\u00e2\u011f\u0131tlardan \u00f6rnek verelim. Diyelim ki Hazine 100 TL de\u011ferinde bir D\u0130BS k\u00e2\u011f\u0131d\u0131n\u0131 iskontolu olarak bir y\u0131ll\u0131k olarak sat\u0131\u015fa \u00e7\u0131kar\u0131yor. Yine diyelim ki bu k\u00e2\u011f\u0131t 90 TL\u2019ye sat\u0131ld\u0131. Bu durumda faiz [(100-90)\/90] hesab\u0131yla y\u00fczde 11 olarak bulunur. E\u011fer D\u0130BS\u2019ye talep artarsa bu durumda iskonto oranlar\u0131 d\u00fc\u015fer (\u00e7\u00fcnk\u00fc talipler daha az iskontoya raz\u0131 olmaya ba\u015flarlar.) Diyelim ki bu durumda 92 TL\u2019ye almaya raz\u0131 oldular. Bu durumda faiz [(100-92)\/92] y\u00fczde 8,7\u2019ye d\u00fc\u015fm\u00fc\u015f olur.<\/p>\n<p>\u015eimdi de \u00f6teki k\u00e2\u011f\u0131tlardan yani d\u00fcz faizden \u00f6rnek verelim. Elma ve faizi k\u0131yaslad\u0131\u011f\u0131m\u0131zda kar\u015f\u0131m\u0131za farkl\u0131 bir tablo \u00e7\u0131k\u0131yor. Elmaya talep artarsa fiyat\u0131 y\u00fckselir. Elma arz\u0131 artarsa fiyat\u0131 d\u00fc\u015fer. Ama k\u00e2\u011f\u0131da talep artarsa faizi d\u00fc\u015fer. \u00c7eli\u015fkili gibi g\u00f6r\u00fcnen bu durum asl\u0131nda normaldir. Faiz, bor\u00e7 verilebilir fonlar\u0131n fiyat\u0131d\u0131r. Yani burada mal (ya da \u00f6rne\u011fimizdeki elman\u0131n kar\u015f\u0131l\u0131\u011f\u0131) bor\u00e7 verilen fonlard\u0131r. Yani k\u00e2\u011f\u0131da talep artmas\u0131 demek bor\u00e7 verilebilir fonlar\u0131n Hazine k\u00e2\u011f\u0131tlar\u0131na y\u00f6nelmesi demektir ki bu durumda faiz d\u00fc\u015fer. Mal artm\u0131\u015f fiyat\u0131 d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bir kez daha vurgulamakta yarar var: Burada mal Hazine k\u00e2\u011f\u0131d\u0131 de\u011fildir, o yaln\u0131zca mal\u0131n kullan\u0131m\u0131na ili\u015fkin bir belgedir. Burada mal, bor\u00e7 verilebilir fonlard\u0131r. Fonlar\u0131n miktar\u0131 artm\u0131\u015fsa faizi de d\u00fc\u015fecektir.<\/p>\n<p><strong>Hazine faizlerinin d\u00fc\u015f\u00fck kalma nedeni<\/strong><strong>\u00a0<\/strong><\/p>\n<p>Son d\u00f6nemde \u00fc\u00e7 geli\u015fme ya\u015fand\u0131: (1) T\u00fcrkiye Cumhuriyeti Merkez Bankas\u0131 (TCMB), politika faizini d\u00fc\u015f\u00fcrd\u00fc. Bu faize kar\u015f\u0131 en duyarl\u0131 olan \u015fey Hazine k\u00e2\u011f\u0131tlar\u0131 oldu\u011fu i\u00e7in d\u0131\u015far\u0131daki s\u0131k\u0131nt\u0131lara kar\u015f\u0131n bu k\u00e2\u011f\u0131tlar\u0131n faizinin y\u00fckselmemesinin bir nedeni budur. (2) Bankalar\u0131n kredilerini artt\u0131rmamas\u0131 y\u00f6n\u00fcndeki uyar\u0131lar bankalar\u0131n ellerindeki fonlar\u0131 Hazine k\u00e2\u011f\u0131tlar\u0131na y\u00f6nlendirmesine yol a\u00e7\u0131nca Hazine k\u00e2\u011f\u0131tlar\u0131n\u0131n faizi de d\u00fc\u015f\u00fc\u015fe ge\u00e7ti. (3) K\u00fcresel sistemde ortaya \u00e7\u0131kan yeni kriz dalgas\u0131n\u0131n T\u00fcrkiye\u2019yi de az veya \u00e7ok etkilemesi olas\u0131l\u0131\u011f\u0131na kar\u015f\u0131 bankalar daha g\u00fcvenilir g\u00f6rd\u00fckleri Hazine k\u00e2\u011f\u0131tlar\u0131na y\u00f6neliyor. B\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n d\u00fc\u015fmesi nedeniyle Hazine\u2019nin bor\u00e7lanma ihtiyac\u0131 fazla olmad\u0131\u011f\u0131ndan talebi kar\u015f\u0131layacak kadar k\u00e2\u011f\u0131d\u0131 sat\u0131\u015fa sunmuyor. Bu durumda da faizler b\u00fct\u00fcn olumsuz geli\u015fmelere kar\u015f\u0131n fazla y\u00fckselmiyor.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4174545880\"><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","protected":false},"excerpt":{"rendered":"<p>Kredi ile ilgili uyar\u0131lar bankalar\u0131n ellerindeki fonlar\u0131 Hazine k\u00e2\u011f\u0131tlar\u0131na y\u00f6nlendirmesine neden olunca faiz d\u00fc\u015ft\u00fc.\u00a0 Al\u0131m sat\u0131ma konu olan her mal\u0131n veya hizmetin bir fiyat\u0131 vard\u0131r.&hellip;<\/p>\n","protected":false},"author":12,"featured_media":896,"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-4453","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\/4453","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=4453"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/4453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/896"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=4453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=4453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=4453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}