{"id":54951,"date":"2018-06-14T15:16:19","date_gmt":"2018-06-14T12:16:19","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=54951"},"modified":"2018-06-16T01:17:42","modified_gmt":"2018-06-15T22:17:42","slug":"mahfi-egilmez-fedden-sonra-ecb-de-parasal-sikilastirmaya-basliyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/mahfi-egilmez-fedden-sonra-ecb-de-parasal-sikilastirmaya-basliyor\/","title":{"rendered":"Mahfi E\u011filmez &#8211; Fed&#8217;den Sonra ECB de Parasal S\u0131k\u0131la\u015ft\u0131rmaya Ba\u015fl\u0131yor"},"content":{"rendered":"<h2>Mahfi E\u011filmez&#8217;in bug\u00fcnk\u00fc yaz\u0131s\u0131<\/h2>\n<p>K\u00fcresel krizden hemen sonra krizin yaratt\u0131\u011f\u0131 ekonomik \u00e7\u00f6k\u00fc\u015f\u00fc toparlay\u0131p ekonomiyi yeniden canland\u0131rabilmek i\u00e7in parasal geni\u015fleme politikas\u0131 y\u00fcr\u00fcrl\u00fc\u011fe sokuldu. Bu uygulamaya ilk \u00f6nce ABD Merkez Bankas\u0131 (Fed) niceliksel gev\u015feme (quantitative easing \u2013 QE) ad\u0131n\u0131 verdi\u011fi bir programla ba\u015flad\u0131. Onu k\u0131sa bir arayla \u0130ngiltere Merkez Bankas\u0131 (BOE) ayn\u0131 adl\u0131 programla, biraz daha uzun bir arayla Avrupa Merkez Bankas\u0131 (ECB) varl\u0131k al\u0131m programlar\u0131 (asset purchase programmes &#8211; APP) adl\u0131 uygulamayla ve gecikmeli olarak da Japonya Merkez Bankas\u0131 (BOJ) varl\u0131k al\u0131m program\u0131 ad\u0131n\u0131 verdi\u011fi programla izledi. B\u00f6ylece d\u00fcnyan\u0131n en geli\u015fmi\u015f 4 ekonomisi k\u00fcresel krizi a\u015fmak i\u00e7in daha \u00f6nce Hazine veya kurumlar taraf\u0131ndan bor\u00e7lanmak amac\u0131yla piyasaya \u00e7\u0131kar\u0131lm\u0131\u015f olan uzun vadeli tahvilleri bedelini \u00f6deyerek sat\u0131n al\u0131p kar\u015f\u0131l\u0131\u011f\u0131nda piyasaya para vererek parasal geni\u015fleme yapmaya ve dolay\u0131s\u0131yla piyasaya likidite vermeye ba\u015flad\u0131lar.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3302309014\"><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>Fed, bu parasal geni\u015fleme program\u0131n\u0131 2014 y\u0131l\u0131n\u0131n Ekim ay\u0131nda sonland\u0131rd\u0131. Faiz art\u0131r\u0131mlar\u0131n\u0131n yan\u0131 s\u0131ra, likidite enjekte etmek i\u00e7in sat\u0131n ald\u0131\u011f\u0131 tahvillerden vadesi gelenleri 2017 y\u0131l\u0131n\u0131n Ekim ay\u0131ndan itibaren Hazine\u2019ye veya \u00e7\u0131karan kurumlara vererek paras\u0131n\u0131 tahsil etmeye ba\u015flad\u0131. B\u00f6ylece faiz art\u0131r\u0131mlar\u0131n\u0131n yan\u0131na likidite azaltma anlam\u0131nda parasal s\u0131k\u0131la\u015ft\u0131rmay\u0131 da eklemi\u015f oldu. 2017 y\u0131l\u0131nda bu yolla 30 milyar Dolar\u0131 piyasadan geri \u00e7ekti. 2018 y\u0131l\u0131nda 420 milyar Dolar, 2019 ve 2020 y\u0131llar\u0131nda y\u0131lda 600 milyar Dolar ve 2021 y\u0131l\u0131nda da 350 milyar Dolar olmak \u00fczere yakla\u015f\u0131k 4 y\u0131lda piyasadan \u00e7ekece\u011fi miktar toplam 2 trilyon Dolar\u0131 bulacak.<\/p>\n<p>Fed\u2019in faiz art\u0131r\u0131mlar\u0131n\u0131n yan\u0131nda bu \u015fekilde piyasadaki likiditeyi eksiltmesi d\u0131\u015f finansmana ihtiyac\u0131 olan geli\u015fme yolundaki \u00fclkelere y\u00f6nelik fon ak\u0131mlar\u0131n\u0131 iki nedenle \u00f6nemli \u00f6l\u00e7\u00fcde etkiliyor: (1) Likidite daral\u0131yor. (2) ABD\u2019de faiz oranlar\u0131n\u0131n y\u00fckselmesi bu fonlar\u0131n daha y\u00fcksek risklere katlanarak daha y\u00fcksek getiri i\u00e7in geli\u015fme yolundaki \u00fclkelere y\u00f6nelmesinin \u00e7ekicili\u011fini azalt\u0131yor.<\/p>\n<h6>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <a href=\"http:\/\/www.mahfiegilmez.com\/2018\/06\/fedden-sonra-ecb-de-parasal-sklastrmaya.html\" target=\"_blank\" rel=\"noopener nofollow external\" data-wpel-link=\"external\">TIKLAYINIZ<\/a>.<\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Mahfi E\u011filmez&#8217;in bug\u00fcnk\u00fc yaz\u0131s\u0131 K\u00fcresel krizden hemen sonra krizin yaratt\u0131\u011f\u0131 ekonomik \u00e7\u00f6k\u00fc\u015f\u00fc toparlay\u0131p ekonomiyi yeniden canland\u0131rabilmek i\u00e7in parasal geni\u015fleme politikas\u0131 y\u00fcr\u00fcrl\u00fc\u011fe sokuldu. Bu uygulamaya ilk&hellip;<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","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-54951","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\/54951","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=54951"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54951\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=54951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=54951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=54951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}