{"id":7737,"date":"2011-11-16T10:54:24","date_gmt":"2011-11-16T07:54:24","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=7737"},"modified":"2011-11-16T10:54:32","modified_gmt":"2011-11-16T07:54:32","slug":"parasal-genisleme-konusunda-algilamalar-farklilasiyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/parasal-genisleme-konusunda-algilamalar-farklilasiyor\/","title":{"rendered":"Parasal geni\u015fleme konusunda alg\u0131lamalar farkl\u0131la\u015f\u0131yor"},"content":{"rendered":"<p><strong><span style=\"color: #000000;\">Geli\u015fmi\u015f<\/span><\/strong>\u00a0ekonomilerde ya\u015fanan yap\u0131sal sorunlar nedeniyle kronikle\u015fme e\u011filimine giren parasal geni\u015fleme konusundaki kanaatlerin farkl\u0131la\u015fmaya ba\u015flad\u0131\u011f\u0131 dikkat \u00e7ekiyor. Zaman i\u00e7inde olumlu katk\u0131lar azal\u0131r iken, olumsuz olanlar\u0131n s\u0131k\u0131nt\u0131 yaratma boyutuna y\u00fckselmesi bu sonu\u00e7ta etkili oluyor. D\u0131\u015f finansman ihtiyac\u0131 olanlar veya ciddi boyutta menkul ve gayrimenkul \u015feklinde varl\u0131k riski ta\u015f\u0131yanlar k\u0131sa vadeli bir yakla\u015f\u0131mla bu durumu memnuniyetle kar\u015f\u0131l\u0131yor olabilirler. Fakat k\u00fcresel \u00f6l\u00e7ekte maliyet k\u00f6kenli enflasyon bask\u0131s\u0131 artt\u0131k\u00e7a ve yine risk alma ile ka\u00e7\u0131nma y\u00f6n\u00fcndeki e\u011filimler k\u00fcreselle\u015ferek tehlikeli dalgalanmalar yaratt\u0131k\u00e7a kafalar kar\u0131\u015f\u0131yor, g\u00fcven bunal\u0131m\u0131n\u0131n derinle\u015fmesini \u00f6nlemek giderek zorla\u015f\u0131yor. K\u0131sa vadede ya\u015fanan rahatlaman\u0131n orta vadede ciddi tehlikelere d\u00f6n\u00fc\u015fme potansiyelinin artmas\u0131 alg\u0131lamalar\u0131n farkl\u0131la\u015fmas\u0131nda etkili oluyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2323691845\"><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>As\u0131l \u00f6nemlisi parasal geni\u015flemenin geli\u015fmi\u015f ekonomiler a\u00e7\u0131s\u0131ndan umulan fayday\u0131 sa\u011flamad\u0131\u011f\u0131, geli\u015fmekte olanlar\u0131 ise daha sorunlu ve k\u0131r\u0131lgan hale getirdi\u011fi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde g\u00f6rmezden geliniyor.<\/p>\n<p>1990&#8217;larda Japonya&#8217;da ve 2000&#8217;li y\u0131llarda AB ve ABD&#8217;de ya\u015fanan parasal geni\u015flemelerin s\u00f6z konusu belgeleri durgunluktan kal\u0131c\u0131 olarak \u00e7\u0131kamad\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. 2008 y\u0131l\u0131 ve sonras\u0131nda ya\u015fanan geni\u015flemeler ise enflasyon bask\u0131s\u0131 yaratmak pahas\u0131na daralmay\u0131 \u00f6telemek ve varl\u0131k de\u011ferlerini korumak d\u0131\u015f\u0131nda bir i\u015fe yaramad\u0131. Geli\u015fmi\u015f ekonomi k\u00f6kenli parasal geni\u015flemeler hem sermaye ve emtia piyasalar\u0131n\u0131 y\u00fckseltti, hem de geli\u015fmekte olan ekonomilere y\u00f6nelik sermaye ak\u0131mlar\u0131n\u0131 normal say\u0131lamayacak d\u00fczeylerin \u00fczerine \u00e7\u0131kard\u0131. \u00c7ekirge s\u00fcr\u00fcs\u00fc gibi geli\u015fmekte olan ekonomilere y\u00f6nelen bu anormal boyutlu s\u0131cak para herhangi bir olumsuzluk da y\u00f6n de\u011fi\u015ftirmeye \u00e7al\u0131\u015farak y\u0131k\u0131c\u0131 dalgalanmalar yaratt\u0131. Giri\u015fte yerel paralar de\u011ferlendi, emtia fiyatlar\u0131ndaki art\u0131\u015flar ve i\u00e7 talep y\u00fckseli\u015fi \u00e7o\u011funda ciddi cari a\u00e7\u0131klar yaratt\u0131 ve enflasyon bask\u0131s\u0131 pek hissedilmedi; ancak \u00e7\u0131k\u0131\u015fta ise her \u015fey tersine d\u00f6nd\u00fc. S\u00f6z konusu ekonomilerde finansal piyasalar ile siyasi iradeler ve d\u00fczenleyici kurumlar aras\u0131nda ciddi g\u00f6r\u00fc\u015f farkl\u0131l\u0131klar\u0131 olu\u015fmaya ba\u015flad\u0131. Bir kesimin her \u015feyi k\u0131sa vadeli bak\u0131\u015f a\u00e7\u0131s\u0131 ile de\u011ferlendirmesi, di\u011ferlerinin ise bu s\u00fcre\u00e7te ortaya \u00e7\u0131kan k\u0131r\u0131lganl\u0131\u011f\u0131 g\u00f6rerek bir \u015feyler yapmaya \u00e7al\u0131\u015fmas\u0131 belirsizli\u011fin artmas\u0131na katk\u0131 yapt\u0131. Geli\u015fmekte olan ekonomilerden bir k\u0131sm\u0131n\u0131n a\u015f\u0131r\u0131ya ka\u00e7an sermaye hareketlerinin y\u0131k\u0131c\u0131l\u0131\u011f\u0131ndan ka\u00e7\u0131nmas\u0131 ve rekabet g\u00fcc\u00fcn\u00fc korumaya \u00e7al\u0131\u015fmas\u0131 di\u011ferlerini de etkileyerek bak\u0131\u015f a\u00e7\u0131lar\u0131n\u0131 de\u011fi\u015ftirdi; fakat finansal piyasalar bu durumu g\u00f6rmezden gelmeyi s\u00fcrd\u00fcrd\u00fc, hareket alan\u0131n\u0131n daralmakta oldu\u011funu g\u00f6rd\u00fck\u00e7e parasal geni\u015flemeyi zorlamaya devam etti, kendileri gibi d\u00fc\u015f\u00fcnmeyenleri ele\u015ftirerek y\u0131pratmay\u0131 al\u0131\u015fkanl\u0131k haline getirdi.<\/p>\n<p>B\u00fcy\u00fck bouytlu ve geli\u015fmi\u015f ekonomi kaynakl\u0131 yeni parasal geni\u015flemeler olup olmayaca\u011f\u0131n\u0131 bilmiyoruz, ancak finansal piyasalar\u0131n bu olas\u0131l\u0131\u011f\u0131 zorlad\u0131\u011f\u0131n\u0131 ve b\u00f6yle yapmaya devam edece\u011fini g\u00f6r\u00fcyoruz. E\u011fer ya\u015fanmaz ise k\u00fcresel boyutta ciddi bir ekonomik daralma ya\u015fanaca\u011f\u0131n\u0131 ve mevcut sorunlar\u0131n dayan\u0131lmaz \u00f6l\u00e7\u00fcde a\u011f\u0131rla\u015faca\u011f\u0131n\u0131 tahmin ediyoruz. Fakat bu olas\u0131l\u0131ktan ka\u00e7\u0131nmak ad\u0131na finansal piyasalar\u0131n tehdidine boyun e\u011filir ise evdeki hesaplar\u0131n \u00e7ar\u015f\u0131ya uymama ihtimalinin de \u00f6nemli \u00f6l\u00e7\u00fcde artt\u0131\u011f\u0131n\u0131 fark ediyoruz. Enflasyon bask\u0131s\u0131 tehlikeli bir t\u0131rman\u0131\u015f sergileyecek, zorunlu ihtiya\u00e7 d\u0131\u015f\u0131ndaki \u00fcr\u00fcnlere olan talep daralacak, yoksulluk s\u0131n\u0131r\u0131n\u0131n alt\u0131ndaki n\u00fcfusta \u00e7ok tehlikeli art\u0131\u015flar ya\u015fanacak, \u00f6zel sekt\u00f6r ve kamu kesimleri h\u0131zla y\u0131pranacak. Kimse b\u00f6yle bir tablonun riskini almayaca\u011f\u0131 i\u00e7in olas\u0131 parasal geni\u015flemeyi herkes kendini kurtarmak ve risklerini azaltmak i\u00e7in kullanmaya \u00e7al\u0131\u015facak. Sonras\u0131 ise \u00e7ok kar\u0131\u015f\u0131k&#8230;<\/p>\n<p>Parasal geni\u015fleme y\u0131k\u0131lmaya mahkum mevcut yap\u0131n\u0131n k\u0131r\u0131lganl\u0131\u011f\u0131n\u0131 art\u0131rma pahas\u0131na g\u00fcn\u00fc kurtarmak ve stat\u00fckoyu korumak d\u0131\u015f\u0131nda bir i\u015fe yaram\u0131yor. Her \u015feyin de\u011fi\u015fmek zorunda kalaca\u011f\u0131 ve olduk\u00e7a s\u0131k\u0131nt\u0131l\u0131 bir d\u00f6nem kap\u0131y\u0131 \u00e7almaya haz\u0131rlan\u0131yor. Parasal geni\u015fleme ya\u015fam ko\u015fullar\u0131 a\u011f\u0131rla\u015fan geni\u015f kesimlerin tepkisini k\u0131sa vadede azalt\u0131yor, fakat \u00e7ok daha b\u00fcy\u00fck patlamalar\u0131n altyap\u0131s\u0131n\u0131 da haz\u0131rl\u0131yor&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Geli\u015fmi\u015f\u00a0ekonomilerde ya\u015fanan yap\u0131sal sorunlar nedeniyle kronikle\u015fme e\u011filimine giren parasal geni\u015fleme konusundaki kanaatlerin farkl\u0131la\u015fmaya ba\u015flad\u0131\u011f\u0131 dikkat \u00e7ekiyor. Zaman i\u00e7inde olumlu katk\u0131lar azal\u0131r iken, olumsuz olanlar\u0131n s\u0131k\u0131nt\u0131&hellip;<\/p>\n","protected":false},"author":21,"featured_media":931,"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-7737","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\/7737","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\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=7737"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/7737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/931"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=7737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=7737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=7737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}