{"id":4813,"date":"2011-09-08T10:00:46","date_gmt":"2011-09-08T07:00:46","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=4813"},"modified":"2011-09-08T12:40:05","modified_gmt":"2011-09-08T09:40:05","slug":"merkez-bankasi%e2%80%99nin-faiz-araci-etkisizlestiriliyor-mu","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/merkez-bankasi%e2%80%99nin-faiz-araci-etkisizlestiriliyor-mu\/","title":{"rendered":"Merkez Bankas\u0131\u2019n\u0131n Faiz Arac\u0131 Etkisizle\u015ftiriliyor mu?"},"content":{"rendered":"<p>Yeni para politikas\u0131, Merkez Bankas\u0131\u2019n\u0131n temel arac\u0131n\u0131 giderek zay\u0131flatmakta m\u0131 oldu\u011fu sorusunu hep uyand\u0131rd\u0131 bende.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1447391229\"><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>2002 ba\u015f\u0131ndan k\u00fcresel krizin \u015fiddetlendi\u011fi 2008\u2019in son aylar\u0131na kadar Merkez Bankas\u0131\u2019n\u0131n temel politika arac\u0131 k\u0131sa vadeli faiz haddi idi. O d\u00f6nemde, bankac\u0131l\u0131k sisteminde fon fazlas\u0131 vard\u0131 ve dolay\u0131s\u0131yla bu k\u0131sa vadeli faiz, Merkez Bankas\u0131\u2019n\u0131n bankalardan gecelik vadede bor\u00e7 alma faiziydi. K\u00fcresel krizle birlikte, bankac\u0131l\u0131k sistemini rahatlatmak ve bankalar\u0131n birbirleriyle korkmadan al\u0131\u015fveri\u015f yapmalar\u0131n\u0131 sa\u011flamak \u00fczere farkl\u0131 ara\u00e7lar da devreye girdi.<\/p>\n<p><strong>2010 Kas\u0131m\u0131\u2019ndan bu yana de\u011fi\u015fti\u00a0\u00a0<\/strong><\/p>\n<p><strong><\/strong>Bu t\u00fcr ara\u00e7lar\u0131n t\u00fcm\u00fc ya da bir k\u0131sm\u0131, 2002-2008 d\u00f6neminde finansal sistemde gerginlik ya\u015fand\u0131\u011f\u0131nda (2004 ve 2006\u2019n\u0131n baz\u0131 aylar\u0131 mesela) da kullan\u0131lm\u0131\u015ft\u0131. Bu nedenle, ara\u00e7lar\u0131n \u00e7e\u015fitlenmesine kar\u015f\u0131n 2010\u2019un son aylar\u0131na kadar temel politika arac\u0131n\u0131n yine k\u0131sa vadeli faiz haddi oldu\u011funu belirtmek \u00e7ok yanl\u0131\u015f olmayacak. Bu sefer, sistemde fon eksikli\u011fi oldu\u011fu i\u00e7in temel politika faizi haftal\u0131k vadede Merkez Bankas\u0131\u2019n\u0131n bankalara verdi\u011fi borcun faizi (repo faizi) oldu.<\/p>\n<p>2010\u2019un kas\u0131m ay\u0131ndan bu yana ise Merkez Bankas\u0131 ba\u015fka bir para politikas\u0131 uyguluyor. Art\u0131k tek politika arac\u0131 k\u0131sa vadeli faiz de\u011fil. Zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131 ve faiz koridorunun geni\u015fli\u011fini (Merkez Bankas\u0131\u2019n\u0131n gecelik vadede bor\u00e7 verme faizi ile bor\u00e7 alma faizi aras\u0131ndaki fark) kullan\u0131yor.<\/p>\n<p>Merkez Bankas\u0131\u2019n\u0131n politika faizinin temel politika arac\u0131 olmas\u0131 olduk\u00e7a zahmetli bir s\u00fcre\u00e7te ger\u00e7ekle\u015fti. 2001 krizinden sonra bunu sa\u011flayabilmek i\u00e7in \u00e7ok say\u0131da d\u00fczenleme yap\u0131ld\u0131. Maliye politikas\u0131n\u0131n disiplinli olmas\u0131, Merkez Bankas\u0131\u2019n\u0131n \u00f6rt\u00fck enflasyon hedeflemesine ge\u00e7mesi ve bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fc aya\u011fa kald\u0131rmak i\u00e7in yap\u0131lanlar bu d\u00fczenlemelerin hayata ge\u00e7irilmesini kolayla\u015ft\u0131rd\u0131.<\/p>\n<p>Kas\u0131m 2010\u2019dan beri uygulanan yeni para politikas\u0131, Merkez Bankas\u0131\u2019n\u0131n bu temel arac\u0131n\u0131 giderek zay\u0131flatmakta m\u0131 oldu\u011fu sorusunu hep uyand\u0131rd\u0131 bende. S\u00f6z\u00fcn\u00fc etti\u011fim d\u00f6nemdeki yaz\u0131lar\u0131mda, bu soru \u00e7er\u00e7evesinde baz\u0131 olgulara de\u011findim. Mesela \u015fu: Bankalar\u0131n birbirleriyle yapt\u0131klar\u0131 i\u015flemlerde ortaya \u00e7\u0131kan faizin, Merkez Bankas\u0131\u2019n\u0131n politika faizinin yak\u0131n\u0131nda bir yerde olu\u015fmas\u0131 gerekiyor ki Merkez Bankas\u0131\u2019n\u0131n ald\u0131\u011f\u0131 faiz kararlar\u0131 mevduat ve kredi faizlerini etkileyebilsin. Oysa Kas\u0131m 2010\u2019dan sonra, Merkez Bankas\u0131, temelde d\u00f6viz kuruna ili\u015fkin kayg\u0131lar\u0131 nedeniyle bu faizin koridor i\u00e7inde b\u00fcy\u00fck dalgalanmalar g\u00f6stermesine ve kendi faizinden sapmas\u0131na izin verdi. Sonra da bildi\u011finiz gibi bu koridoru son derece geni\u015fletti (A\u011fustos 2011\u2019de ise tekrar daraltt\u0131).<\/p>\n<p><strong>Politika de\u011fi\u015fikli\u011fi mi?\u00a0<\/strong><\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-122971524\"><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><strong><\/strong>Pazartesi g\u00fcn\u00fc Merkez Bankas\u0131 Ankara\u2019da banka ekonomistlerine bir sunum yapt\u0131. Bankalar lira cinsinden y\u00fck\u00fcml\u00fcl\u00fcklerinin bir k\u0131sm\u0131n\u0131 Merkez Bankas\u0131\u2019nda lira cinsinden tutmak zorundalar. Y\u00fck\u00fcml\u00fcl\u00fcklerinin ne kadar\u0131n\u0131 Merkez Bankas\u0131\u2019nda tutacaklar\u0131n\u0131 zorunlu kar\u015f\u0131l\u0131k oran\u0131 belirliyor. Toplant\u0131da Merkez Bankas\u0131 yetkilileri bu y\u00fck\u00fcml\u00fcl\u00fcklerin bir k\u0131sm\u0131n\u0131n d\u00f6viz olarak tutulmas\u0131na izin verebileceklerini belirtmi\u015fler. D\u00fcn gazetelerin ekonomi sayfalar\u0131 bu haber ile doluydu.<\/p>\n<p>Zorunlu kar\u015f\u0131l\u0131k sistemi ile temel politika arac\u0131 olan faiz haddi aras\u0131nda bir ili\u015fki var. Bu nedenle, s\u00f6z\u00fc edilen olas\u0131 uygulama, yine ayn\u0131 soruyu, ama bu sefer daha g\u00fc\u00e7l\u00fc bi\u00e7imde zihnime yerle\u015ftirdi. Merkez Bankas\u0131 k\u0131sa vadeli faiz arac\u0131n\u0131 giderek etkisizle\u015ftiriyor mu? Ek soru: \u00d6yleyse, ortal\u0131k sakinle\u015fti\u011finde (Ne zaman? Birka\u00e7 y\u0131l sonra?), bu uygulama o zamanki para politikas\u0131 a\u00e7\u0131s\u0131ndan risk olu\u015fturur mu? Bundan sonra, ara s\u0131ra, bu sorular etraf\u0131nda dolanaca\u011f\u0131m.<\/p>\n<p>Fatih \u00d6ZATAY<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yeni para politikas\u0131, Merkez Bankas\u0131\u2019n\u0131n temel arac\u0131n\u0131 giderek zay\u0131flatmakta m\u0131 oldu\u011fu sorusunu hep uyand\u0131rd\u0131 bende. 2002 ba\u015f\u0131ndan k\u00fcresel krizin \u015fiddetlendi\u011fi 2008\u2019in son aylar\u0131na kadar Merkez&hellip;<\/p>\n","protected":false},"author":16,"featured_media":894,"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-4813","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\/4813","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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=4813"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/4813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/894"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=4813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=4813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=4813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}