{"id":50623,"date":"2017-07-27T19:57:13","date_gmt":"2017-07-27T16:57:13","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=50623"},"modified":"2017-07-27T19:57:13","modified_gmt":"2017-07-27T16:57:13","slug":"cetin-unsalan-normali-mucize-gibi-satmak","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/cetin-unsalan-normali-mucize-gibi-satmak\/","title":{"rendered":"\u00c7etin \u00dcnsalan &#8211; Normali mucize gibi satmak"},"content":{"rendered":"<p><em><strong>Bu haftan\u0131n d\u00fcnya ve T\u00fcrkiye ekonomi a\u00e7\u0131s\u0131ndan iki beklenen verisi a\u00e7\u0131kland\u0131. Bunlardan birincisi FED\u2019in faiz karar\u0131yla ilgili tavr\u0131, di\u011feri de hemen akabinde Merkez Bankas\u0131\u2019n\u0131n faiz karar\u0131 idi.<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3135216378\"><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>Asl\u0131na bakarsan\u0131z sonu\u00e7lar\u0131 itibariyle beklenmedik bir foto\u011fraf ortaya \u00e7\u0131kmad\u0131. FED faizde bir art\u0131\u015fa gitmedi, \u00f6te yandan bilan\u00e7o s\u0131k\u0131la\u015ft\u0131rmas\u0131na gidece\u011fini vurgulad\u0131. \u015eu an itibariyle FED\u2019in bilan\u00e7oyu daraltmas\u0131, d\u00fcnya ticaretine daha b\u00fcy\u00fck etki yapaca\u011f\u0131ndan odaklanmam\u0131z gereken nokta bu.<\/p>\n<p>Avrupa Merkez Bankas\u0131\u2019n\u0131n da s\u00f6ylemlerin aksine, parasal geni\u015flemeyi s\u00fcrd\u00fcrebilecek performans\u0131 olmad\u0131\u011f\u0131n\u0131 bildi\u011fimizden, mevcut durumdan daha s\u0131k\u0131la\u015fan bir para piyasas\u0131 ger\u00e7e\u011fiyle kar\u015f\u0131 kar\u015f\u0131yay\u0131z.<\/p>\n<p>Bu durum bizim gibi y\u0131llarca bor\u00e7 stokunu artt\u0131rm\u0131\u015f ve gerek dolar, gerekse de avro kar\u015f\u0131s\u0131nda dezavantajl\u0131 durumda olan geli\u015fmekte olan \u00fclkeler a\u00e7\u0131s\u0131ndan s\u0131k\u0131nt\u0131l\u0131 bir durum. Fakat bug\u00fcn itibariyle bakarsan\u0131z, g\u00fcn\u00fc atlatm\u0131\u015f g\u00f6z\u00fck\u00fcyoruz.<\/p>\n<p>Nitekim Merkez Bankas\u0131 da faizleri sabit tutarak, ortaya \u00e7\u0131kan pozisyonu do\u011fru de\u011ferlendiren bir tav\u0131r sergiledi. Lakin s\u0131k\u0131\u015f\u0131 duru\u015fa devam mesaj\u0131 ile, Ekonomiden Sorumlu Ba\u015fbakan Yard\u0131mc\u0131s\u0131 Mehmet \u015eim\u015fek nezdinde ekonomi y\u00f6netiminin b\u00fct\u00e7eyi hedeflenin \u00f6tesinde a\u015f\u0131p, bor\u00e7lanma ihtiyac\u0131m\u0131z\u0131n \u015fiddetlenece\u011fine dair a\u00e7\u0131klamas\u0131 \u00e7eli\u015fki yarat\u0131yor.<\/p>\n<p>Esasen d\u00fcz mant\u0131kla yorumlarsak, ortadaki problem kar\u015f\u0131s\u0131nda s\u0131k\u0131 duru\u015f mesaj\u0131 anlaml\u0131. Fakat Maliye para arz\u0131n\u0131 artt\u0131rma e\u011filiminde iken, parasal s\u0131k\u0131 duru\u015f nas\u0131l sa\u011flanacak o bilinmiyor. Muhtemelen bankalar\u0131n bilan\u00e7osundaki riskli \u00fcr\u00fcnler ve teminatlar \u015fi\u015fecek. Bu piyasada normalle\u015fme g\u00f6r\u00fcnt\u00fcs\u00fc verirken de, bankalar\u0131n bilan\u00e7o sa\u011fl\u0131\u011f\u0131n\u0131 bozacak bir yakla\u015f\u0131md\u0131r.<\/p>\n<p>\u015eayet s\u00f6ylendi\u011fi gibi Merkez Bankas\u0131 da bankalar\u0131n riskini \u00fcstlenecek tahvil operasyonuna girerse sorunu \u00f6teleyip, riski b\u00fcy\u00fctece\u011fiz. Ne var ki bug\u00fcnk\u00fc foto\u011fraftan olaylar\u0131 yorumlarsak son geli\u015fmelerin hepsi riski sat\u0131n al\u0131nm\u0131\u015f, beklentilere uygun a\u00e7\u0131klamalardan ibaret.<\/p>\n<p>Anla\u015f\u0131lmaz olan ise, gerek FED\u2019in karar\u0131n\u0131, gerekse de Merkez Bankas\u0131\u2019n\u0131n faiz karar\u0131n\u0131 kamuoyuna satma \u015fekli. \u00c7\u00fcnk\u00fc ortada beklenmedik yok ya da piyasac\u0131lar\u0131n tabiriyle beklentilere uygun bir durum var.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3130505315\"><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>O zaman soru \u015fu: Bug\u00fcn itibariyle normal say\u0131labilecek tavr\u0131 neden mucize gibi satan bir finans piyasalar\u0131yla kar\u015f\u0131 kar\u015f\u0131yay\u0131z. Bu ne?<\/p>\n<p>Bence \u00e7ok uzun zamand\u0131r ba\u015fta yabanc\u0131lar olmak \u00fczere, finans piyasalar\u0131nda aranan risk satacak insan \u00f6zlemi devam ediyor. T\u00fcm iyimserlik pompalamalar\u0131na kar\u015f\u0131n kar\u015f\u0131l\u0131\u011f\u0131n\u0131 bulam\u0131yorlar ve ellerindeki riski satam\u0131yorlar.<\/p>\n<p>G\u00f6r\u00fcnen o ki, risk satmak ad\u0131na potansiyel yaratmak i\u00e7in hi\u00e7bir f\u0131rsat\u0131 ka\u00e7\u0131rm\u0131yorlar, ka\u00e7\u0131rmayacaklar. Benim anlamakta g\u00fc\u00e7l\u00fck \u00e7ekti\u011fim T\u00fcrkiye\u2019den yana olmas\u0131 gerekenlerin bu co\u015fkuyu artt\u0131rmak i\u00e7in neden \u00e7aba sarf etti\u011fidir. Yoksa risk satacak kesimin aras\u0131nda medya kurulu\u015flar\u0131ndan olanlar da m\u0131 var?<\/p>\n<p><a href=\"mailto:cetinunsalan@yahoo.com\">cetinunsalan@yahoo.com<\/a><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1497696481\"><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","protected":false},"excerpt":{"rendered":"<p>Bu haftan\u0131n d\u00fcnya ve T\u00fcrkiye ekonomi a\u00e7\u0131s\u0131ndan iki beklenen verisi a\u00e7\u0131kland\u0131. Bunlardan birincisi FED\u2019in faiz karar\u0131yla ilgili tavr\u0131, di\u011feri de hemen akabinde Merkez Bankas\u0131\u2019n\u0131n faiz&hellip;<\/p>\n","protected":false},"author":5,"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":[904,808,801],"class_list":["post-50623","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-cetin-unsalan-yazilari","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/50623","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=50623"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/50623\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=50623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=50623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=50623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}