{"id":50460,"date":"2017-07-13T12:41:03","date_gmt":"2017-07-13T09:41:03","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=50460"},"modified":"2017-07-15T12:42:03","modified_gmt":"2017-07-15T09:42:03","slug":"mahfi-egilmez-ic-borc-cevirme-orani-alarm-veriyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/mahfi-egilmez-ic-borc-cevirme-orani-alarm-veriyor\/","title":{"rendered":"Mahfi E\u011filmez &#8211;\u00a0\u0130\u00e7 Bor\u00e7 \u00c7evirme Oran\u0131 Alarm Veriyor"},"content":{"rendered":"<p><strong><em>Hazine\u2019nin bir d\u00f6nemde yapt\u0131\u011f\u0131 i\u00e7 bor\u00e7lanma toplam\u0131n\u0131 ayn\u0131 d\u00f6nemde yapt\u0131\u011f\u0131 i\u00e7 bor\u00e7 (anapara + faiz) \u00f6demeleri toplam\u0131na b\u00f6ld\u00fc\u011f\u00fcm\u00fczde bulaca\u011f\u0131m\u0131z oran bize i\u00e7 bor\u00e7 \u00e7evirme oran\u0131n\u0131 veriyor.<\/em><\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2174222944\"><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\u015fa\u011f\u0131daki tablo 2010 y\u0131l\u0131ndan bug\u00fcne kadarki i\u00e7 bor\u00e7 \u00f6demelerini, i\u00e7 bor\u00e7lanmay\u0131, i\u00e7 bor\u00e7 \u00e7evirme oran\u0131n\u0131 ve Hazinenin bu bor\u00e7lanmay\u0131 y\u00fcr\u00fctmek i\u00e7in \u00f6dedi\u011fi ortalama faizi g\u00f6steriyor (Kaynak:\u00a0<a href=\"http:\/\/www.hazine.gov.tr\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">www.hazine.gov.tr<\/a>)<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"13%\"><strong>Y\u0131llar<\/strong><\/td>\n<td width=\"16%\"><strong>\u0130\u00e7 Bor\u00e7 Servisi<\/strong><\/td>\n<td width=\"10%\"><strong>Anapara<\/strong><\/td>\n<td width=\"10%\"><strong>Faiz<\/strong><\/td>\n<td width=\"12%\"><strong>\u0130\u00e7 Bor\u00e7lanma<\/strong><\/td>\n<td width=\"19%\"><strong>\u0130\u00e7 Bor\u00e7 \u00c7evirme Oran\u0131 (%)<\/strong><\/td>\n<td width=\"16%\"><strong>Faiz Oran\u0131\u00a0 (%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2010<\/td>\n<td width=\"16%\">178,1<\/td>\n<td width=\"10%\">136,2<\/td>\n<td width=\"10%\">41,9<\/td>\n<td width=\"12%\">159,0<\/td>\n<td width=\"19%\">89,3<\/td>\n<td width=\"16%\">8,7<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2011<\/td>\n<td width=\"16%\">132,1<\/td>\n<td width=\"10%\">97,1<\/td>\n<td width=\"10%\">35,1<\/td>\n<td width=\"12%\">111,6<\/td>\n<td width=\"19%\">84,5<\/td>\n<td width=\"16%\">8,3<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2012<\/td>\n<td width=\"16%\">124,7<\/td>\n<td width=\"10%\">84,0<\/td>\n<td width=\"10%\">40,7<\/td>\n<td width=\"12%\">101,5<\/td>\n<td width=\"19%\">81,4<\/td>\n<td width=\"16%\">9,4<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2013<\/td>\n<td width=\"16%\">167,1<\/td>\n<td width=\"10%\">128,1<\/td>\n<td width=\"10%\">39,1<\/td>\n<td width=\"12%\">141,2<\/td>\n<td width=\"19%\">84,5<\/td>\n<td width=\"16%\">7,0<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2014<\/td>\n<td width=\"16%\">157,0<\/td>\n<td width=\"10%\">117,8<\/td>\n<td width=\"10%\">39,3<\/td>\n<td width=\"12%\">127,9<\/td>\n<td width=\"19%\">81,5<\/td>\n<td width=\"16%\">9,9<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2015<\/td>\n<td width=\"16%\">107,1<\/td>\n<td width=\"10%\">67,4<\/td>\n<td width=\"10%\">39,8<\/td>\n<td width=\"12%\">90,4<\/td>\n<td width=\"19%\">84,4<\/td>\n<td width=\"16%\">8,5<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2016<\/td>\n<td width=\"16%\">100,6<\/td>\n<td width=\"10%\">63,2<\/td>\n<td width=\"10%\">37,4<\/td>\n<td width=\"12%\">91,1<\/td>\n<td width=\"19%\">90,6<\/td>\n<td width=\"16%\">10,2<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2016 6 Ay<\/td>\n<td width=\"16%\">49,3<\/td>\n<td width=\"10%\">30,5<\/td>\n<td width=\"10%\">18,8<\/td>\n<td width=\"12%\">43,1<\/td>\n<td width=\"19%\">87,0<\/td>\n<td width=\"16%\">10,5<\/td>\n<\/tr>\n<tr>\n<td width=\"13%\">2017 6 Ay<\/td>\n<td width=\"16%\">54,0<\/td>\n<td width=\"10%\">35,3<\/td>\n<td width=\"10%\">18,7<\/td>\n<td width=\"12%\">61,7<\/td>\n<td width=\"19%\">114,3<\/td>\n<td width=\"16%\">10,3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>\u0130\u00e7 bor\u00e7 oran\u0131 hesaplamas\u0131n\u0131 denklem \u00fczerinden g\u00f6sterebilmek i\u00e7in 2017\u2019nin 6 ayl\u0131k sonu\u00e7lar\u0131n\u0131 alal\u0131m ve i\u00e7 bor\u00e7 \u00e7evrime oran\u0131 denklemimize uygulayal\u0131m:<\/p>\n<p>\u0130\u00e7 bor\u00e7 \u00e7evirme oran\u0131 = \u0130\u00e7 bor\u00e7lanma toplam\u0131 \/ \u0130\u00e7 bor\u00e7 (anapara + faiz \u00f6demeleri) toplam\u0131<\/p>\n<p>\u0130\u00e7 bor\u00e7 \u00e7evirme oran\u0131 (2017 ilk 6 ay) = 61,7 \/ 54,0 =\u00a0 114,3<\/p>\n<p>Tabloya bakarsak i\u00e7 bor\u00e7 \u00e7evirme oran\u0131n\u0131n 2016 y\u0131l\u0131n\u0131n ilk 6 ay\u0131na kadar s\u00fcrekli olarak 100\u2019\u00fcn alt\u0131nda kald\u0131\u011f\u0131n\u0131 yani Hazine\u2019nin piyasaya \u00f6dedi\u011fi bor\u00e7tan daha az\u0131n\u0131 bor\u00e7land\u0131\u011f\u0131n\u0131 ve bu yolla piyasaya para b\u0131rakt\u0131\u011f\u0131n\u0131 g\u00f6rebiliyoruz. Bu durumda faizler geriliyor ve \u00f6zel kesimin bor\u00e7lanma piyasas\u0131ndan yararlanma imk\u00e2n\u0131 art\u0131yor. Bu duruma \u00f6zel kesimin bor\u00e7lanma piyasas\u0131ndan yararlanma imk\u00e2n\u0131n\u0131n artmas\u0131 (crowding in etkisi) deniyor. 2017 y\u0131l\u0131n\u0131n ilk 6 ay\u0131nda olay tam tersine d\u00f6nm\u00fc\u015f bulunuyor. Hazine, i\u00e7 bor\u00e7 \u00e7evrime oran\u0131n\u0131 100\u2019\u00fcn \u00fczerine \u00e7\u0131karm\u0131\u015f yani piyasaya \u00f6dedi\u011finden daha fazlas\u0131n\u0131 piyasadan bor\u00e7lanm\u0131\u015f. \u0130\u00e7 bor\u00e7 \u00e7evrime oran\u0131n\u0131n y\u00fckselmesi sonucunda \u00f6zel kesim daha az bor\u00e7lan\u0131p daha az yat\u0131r\u0131m yap\u0131yor. \u00c7\u00fcnk\u00fc bor\u00e7 verilebilir fonlar\u0131n \u00e7o\u011funa kamu kesimi talip oluyor ve faizin de y\u00fckselmesine neden oluyor. Bu durumun ortaya \u00e7\u0131kmas\u0131na \u00f6zel kesimin bor\u00e7lanma piyasas\u0131ndan d\u0131\u015flanmas\u0131 (crowding out etkisi) ad\u0131 veriliyor.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <a href=\"http:\/\/www.mahfiegilmez.com\/2017\/07\/ic-borc-cevirme-oran-alarm-veriyor.html\" target=\"_blank\" rel=\"noopener nofollow external\" data-wpel-link=\"external\">TIKLAYINIZ<\/a>. (Mahfiegilmez.Com)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hazine\u2019nin bir d\u00f6nemde yapt\u0131\u011f\u0131 i\u00e7 bor\u00e7lanma toplam\u0131n\u0131 ayn\u0131 d\u00f6nemde yapt\u0131\u011f\u0131 i\u00e7 bor\u00e7 (anapara + faiz) \u00f6demeleri toplam\u0131na b\u00f6ld\u00fc\u011f\u00fcm\u00fczde bulaca\u011f\u0131m\u0131z oran bize i\u00e7 bor\u00e7 \u00e7evirme oran\u0131n\u0131&hellip;<\/p>\n","protected":false},"author":12,"featured_media":0,"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":[808,801,847],"class_list":["post-50460","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi","tag-mahfi-egilmez-yazilari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/50460","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=50460"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/50460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=50460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=50460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=50460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}