{"id":5427,"date":"2011-09-22T10:03:14","date_gmt":"2011-09-22T07:03:14","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=5427"},"modified":"2011-09-22T10:03:23","modified_gmt":"2011-09-22T07:03:23","slug":"yeni-para-politikasi-nasil-olmali","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yeni-para-politikasi-nasil-olmali\/","title":{"rendered":"Yeni Para Politikas\u0131 Nas\u0131l Olmal\u0131?"},"content":{"rendered":"<p>Risk seven finansal sekt\u00f6r ve varl\u0131k fiyatlar\u0131nda balon, \u2018al\u0131\u015f\u0131lageldik\u2019 politikan\u0131n yeterli olmayaca\u011f\u0131 kan\u0131s\u0131n\u0131 yayg\u0131nla\u015ft\u0131rd\u0131.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1879411648\"><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>Bizim Merkez Bankas\u0131 sayesinde, k\u00fcresel krizde ortaya \u00e7\u0131kan sorunlara \u2018al\u0131\u015f\u0131lageldik\u2019 para politikas\u0131n\u0131n ne \u00f6l\u00e7\u00fcde \u00e7\u00f6z\u00fcm \u00fcretebilece\u011fi hakk\u0131nda tart\u0131\u015fma yapmaya ba\u015flad\u0131k T\u00fcrkiye\u2019de. Bunun olduk\u00e7a yararl\u0131 oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum. \u2018Al\u0131\u015f\u0131lageldik\u2019 para politikas\u0131ndan kastetti\u011fim, temel amac\u0131 fiyat istikrar\u0131 olan para politikas\u0131. \u00d6zellikle enflasyon hedeflemesi uygulayan \u00fclkelerin para politikalar\u0131 b\u00f6yle. Enflasyon hedeflemesi uygulamasa bile Avrupa Merkez Bankas\u0131\u2019n\u0131n para politikas\u0131 da b\u00f6yle. ABD Merkez Bankas\u0131 i\u00e7in de b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ge\u00e7erli bu.<\/p>\n<p>Salt fiyat istikrar\u0131na y\u00f6nelen, finansal istikrar\u0131 ise mikro d\u00fczenlemelere b\u0131rakan, ancak kriz d\u00f6nemlerinde ya da krize benzer d\u00f6nemlerde bankalar aras\u0131nda ortaya \u00e7\u0131kan (\u00e7\u0131kabilecek) bor\u00e7 al\u0131p vermeme e\u011filiminden kaynaklanan likidite sorunlar\u0131n\u0131n sermaye yetmezli\u011fi sorununa d\u00f6n\u00fc\u015fmemesi i\u00e7in finansal istikrar\u0131 \u00f6n plana \u00e7\u0131kar\u0131p bankalara destek \u00e7\u0131kan bir para politikas\u0131yd\u0131 \u2018al\u0131\u015f\u0131lageldik\u2019 para politikas\u0131. Finansal istikrardan sorumlu kurumlar genellikle merkez bankalar\u0131n\u0131n d\u0131\u015f\u0131na \u00e7\u0131kar\u0131lm\u0131\u015flard\u0131. T\u00fcrkiye\u2019de de b\u00f6yleydi. Fiyat istikrar\u0131n\u0131 temel ama\u00e7 olarak alan bir para politikas\u0131 sayesinde, \u00fcretim d\u00fczeyinin de potansiyel \u00fcretim d\u00fczeyine yak\u0131n bir yerde belirlenece\u011fi, farkl\u0131 bir ifadeyle \u00fcretim a\u00e7\u0131\u011f\u0131n\u0131n son derece d\u00fc\u015f\u00fck bir d\u00fczeyde ger\u00e7ekle\u015fece\u011fi d\u00fc\u015f\u00fcn\u00fcl\u00fcyordu. Ayr\u0131ca gelirlerini enflasyon kadar artt\u0131ramayan, dolay\u0131s\u0131yla al\u0131m g\u00fc\u00e7lerini koruyamayan \u00f6zellikle d\u00fc\u015f\u00fck gelir d\u00fczeyindeki insanlar\u0131n da yarar\u0131na olaca\u011f\u0131 hesaplan\u0131yordu bu t\u00fcr bir para politikas\u0131n\u0131n. Bu \u00e7er\u00e7eve, ba\u015fka olumlu ko\u015fullar\u0131n da yard\u0131m\u0131yla d\u00fcnyada enflasyonu son derece d\u00fc\u015f\u00fck bir d\u00fczeye indirdi. \u00dc\u00e7 haneli enflasyonla ya\u015famaya al\u0131\u015fm\u0131\u015f Latin Amerika \u00fclkeleri bile tek haneli enflasyonla tan\u0131\u015ft\u0131lar. K\u0131sacas\u0131, \u2018al\u0131\u015f\u0131lageldik\u2019 para politikas\u0131 enflasyonla m\u00fccadelede ba\u015far\u0131l\u0131 oldu.<\/p>\n<p>K\u00fcresel kriz geli\u015fmi\u015f \u00fclkelerdeki finansal kurumlar\u0131n ne denli riskli i\u015flere bula\u015ft\u0131\u011f\u0131n\u0131 ortaya \u00e7\u0131kard\u0131. O riskli i\u015fler d\u00f6n\u00fcp dola\u015f\u0131p t\u00fcm d\u00fcnyay\u0131 vurdu. H\u00e2l\u00e2 da kriz s\u00fcr\u00fcyor. O riskli i\u015flere bula\u015f\u0131lmas\u0131n\u0131 hem tetikleyen hem de riskli i\u015fler nedeniyle kendisi daha da palazlanan bir de varl\u0131k fiyat\u0131 balonu olu\u015fmu\u015ftu. Bu iki olgu (risk seven finansal sekt\u00f6r ve varl\u0131k fiyatlar\u0131nda balon), \u2018al\u0131\u015f\u0131lageldik\u2019 para politikas\u0131n\u0131n art\u0131k yeterli olmayaca\u011f\u0131 hakk\u0131ndaki kan\u0131lar\u0131 yayg\u0131nla\u015ft\u0131rd\u0131. \u0130ktisat\u00e7\u0131lar bir s\u00fcredir finansal istikrara fiyat istikrar\u0131 kadar \u00f6nem veren bir para politikas\u0131n\u0131n nas\u0131l olu\u015fturulabilece\u011fi hakk\u0131nda kafa yoruyorlar. Baz\u0131 \u00e7evreler bizim Merkez Bankas\u0131\u2019n\u0131n uygulamalar\u0131n\u0131 enflasyon hedeflemesinin d\u0131\u015f\u0131nda olmakla su\u00e7luyorlar. Oysa zaten Merkez Bankas\u0131 tam da bunu yapmak istiyor; al\u0131\u015f\u0131lageldik para politikas\u0131n\u0131n d\u0131\u015f\u0131na \u00e7\u0131kmak i\u00e7in aray\u0131\u015flara giri\u015fiyor. Bu anlamda, Merkez Bankas\u0131 d\u00fcnyadaki tart\u0131\u015fmalar\u0131 dikkate alarak uygulamaya giri\u015fen ilk merkez bankas\u0131 de\u011filse bile o grubun i\u00e7inde. Bug\u00fcne kadar yapt\u0131\u011f\u0131m t\u00fcm ele\u015ftiriler bir tarafa \u2013ki o ele\u015ftirilerin hakl\u0131 oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum- salt bu \u00f6nderlik nedeniyle Merkez Bankas\u0131\u2019n\u0131 kutlamak gerekiyor.<\/p>\n<p>Yeni para politikas\u0131n\u0131n nas\u0131l olmas\u0131 gerekti\u011fi hakk\u0131nda bir grup akademisyen ve uygulamac\u0131n\u0131n ortak d\u00fc\u015f\u00fcncelerini yans\u0131tan bir rapor sal\u0131 g\u00fcn\u00fc yay\u0131mland\u0131. Grup, on alt\u0131 tan\u0131nm\u0131\u015f isimden olu\u015fuyor. Ba\u015fl\u0131k \u015fu: Merkez bankac\u0131l\u0131\u011f\u0131n\u0131 yeniden d\u00fc\u015f\u00fcnmek (rethinking central banking). Rapora Brookings Enstit\u00fcs\u00fc\u2019n\u00fcn internet sayfas\u0131ndan (<a href=\"http:\/\/www.brookings.edu\/reports\/2011\/09_ciepr_central_banking.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.brookings.edu\/reports\/2011\/09_ciepr_central_banking.aspx<\/a>) ula\u015fabilirsiniz. Okumakta yarar var.<\/p>\n<p>Fatih \u00d6ZATAY<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Risk seven finansal sekt\u00f6r ve varl\u0131k fiyatlar\u0131nda balon, \u2018al\u0131\u015f\u0131lageldik\u2019 politikan\u0131n yeterli olmayaca\u011f\u0131 kan\u0131s\u0131n\u0131 yayg\u0131nla\u015ft\u0131rd\u0131. Bizim Merkez Bankas\u0131 sayesinde, k\u00fcresel krizde ortaya \u00e7\u0131kan sorunlara \u2018al\u0131\u015f\u0131lageldik\u2019 para&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-5427","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\/5427","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=5427"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/5427\/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=5427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=5427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=5427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}