{"id":8449,"date":"2011-12-03T10:26:05","date_gmt":"2011-12-03T07:26:05","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=8449"},"modified":"2011-12-03T10:26:14","modified_gmt":"2011-12-03T07:26:14","slug":"bddk-ve-tcmb-birlestirilmeli-mi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/bddk-ve-tcmb-birlestirilmeli-mi\/","title":{"rendered":"BDDK ve TCMB Birle\u015ftirilmeli mi?"},"content":{"rendered":"<p>2010&#8217;un sonundan bu yana ya\u015fad\u0131klar\u0131m\u0131z \u00e7er\u00e7evesinde, BDDK ile MB&#8217;nin birle\u015ftirilmelerini tart\u0131\u015fmakta yarar var.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2590608651\"><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>K\u00fcresel krize giden s\u00fcre\u00e7te geli\u015fmi\u015f \u00fclkelerde uygulanan para politikas\u0131n\u0131n da rol oynad\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyor. Bu nedenle de para politikas\u0131 alan\u0131nda yeni akademik aray\u0131\u015flar s\u00fcr\u00fcyor. Parasal iktisat\u00e7\u0131lar\u0131n bir k\u0131sm\u0131 \u201cHem fiyat istikrar\u0131n\u0131 hem de finansal istikrar\u0131 ayn\u0131 anda g\u00f6zeten bir enflasyon hedeflemesi rejimi nas\u0131l olmal\u0131\u201d sorusunu yan\u0131tlamaya \u00e7al\u0131\u015f\u0131yorlar. \u015eimdiden birka\u00e7 tane kaliteli akademik \u00e7al\u0131\u015fma g\u00fcn \u0131\u015f\u0131\u011f\u0131na \u00e7\u0131kt\u0131 bile. \u2018Bir k\u0131sm\u0131\u2019 diyorum, zira baz\u0131 \u00e7al\u0131\u015fmalar kendilerini sadece enflasyon hedeflemesi rejimi ile s\u0131n\u0131rlamak durumunda de\u011filler. Bir ara bu \u00e7al\u0131\u015fmalar\u0131n ilk bulgular\u0131na de\u011finece\u011fim.<br \/>\nBu \u00e7al\u0131\u015fmalar bir tarafa, 2010\u2019un son aylar\u0131ndan bu yana T\u00fcrkiye\u2019de para politikas\u0131 alan\u0131nda olan biteni dikkate ald\u0131k\u00e7a, finansal istikrar ile fiyat istikrar\u0131n\u0131 birlikte g\u00f6zeten bir para politikas\u0131n\u0131n uygulanabilirli\u011fi a\u00e7\u0131s\u0131ndan mevcut kurumsal d\u00fczenlemenin ne denli i\u015fe yarar oldu\u011fu hakk\u0131nda zihnimde beliren soru say\u0131s\u0131 artmaya ba\u015flad\u0131.<\/p>\n<p><strong>Merkez ba\u015far\u0131s\u0131z oldu\u00a0<\/strong><br \/>\nLaf\u0131 hemen kurumsal d\u00fczenlemeye getirmeden bir soru atay\u0131m ortaya: Kredi arz\u0131ndaki h\u0131zl\u0131 art\u0131\u015f\u0131 \u00f6nlemek i\u00e7in Merkez Bankas\u0131 (MB) zorunlu kar\u015f\u0131l\u0131k oran\u0131n\u0131 hi\u00e7 artt\u0131rmasayd\u0131, yerine Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu\u2019nun (BDDK\u2019n\u0131n) alaca\u011f\u0131 kararlarla (sermaye kar\u015f\u0131l\u0131k oran\u0131n\u0131 ve baz\u0131 kredi t\u00fcrlerinin risk a\u011f\u0131rl\u0131\u011f\u0131n\u0131 artt\u0131rmak gibi) yetinilseydi ne olurdu? Sorunun yan\u0131t\u0131 bu k\u00f6\u015fede bu politika hakk\u0131nda defalarca \u00e7\u0131kan ve pratikte daha sonra do\u011frulanan yaz\u0131lardan a\u00e7\u0131k olmal\u0131: Gayet g\u00fczel olurdu.<br \/>\nMB\u2019nin zorunlu kar\u015f\u0131l\u0131k oran\u0131n\u0131 artt\u0131rma kararlar\u0131 kredi arz\u0131ndaki h\u0131zl\u0131 art\u0131\u015f\u0131 frenlemekte ba\u015far\u0131l\u0131 olmad\u0131. Bunu ya\u015fad\u0131klar\u0131m\u0131zdan biliyoruz. Kald\u0131 ki MB\u2019nin kendi sunumlar\u0131nda da bu ger\u00e7ek apa\u00e7\u0131k bi\u00e7imde yer al\u0131yor. Sunumlardaki kredi art\u0131\u015f h\u0131z\u0131 grafikleri, kredi arz\u0131ndaki art\u0131\u015f\u0131n ancak BDDK\u2019n\u0131n devreye girmesinden sonra yava\u015flamaya ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<br \/>\nBu iki kurumun ald\u0131\u011f\u0131 kararlar\u0131 ve bu kararlar\u0131n zamanlamas\u0131n\u0131 tart\u0131\u015fmak istemiyorum. \u201cO kurum do\u011fru yapt\u0131, \u00f6tekisi ise hatal\u0131yd\u0131\u201d gibi yarg\u0131lar bu a\u015famada beni ilgilendirmiyor. \u015e\u00f6yle d\u00fc\u015f\u00fcn\u00fcn: Diyelim ki kredi arz\u0131ndaki h\u0131zl\u0131 art\u0131\u015f\u0131 frenlemek iste\u011fi hem finansal istikrar\u0131 hem de fiyat istikrar\u0131n\u0131 sa\u011flamak amac\u0131 a\u00e7\u0131s\u0131ndan do\u011fruydu. MB\u2019nin yetkileri bu iste\u011fe uygun kararlar\u0131 almaya izin vermiyorsa ne olacak?<\/p>\n<p><strong>Yeni kurumlar olu\u015ftu\u00a0<\/strong><br \/>\nK\u00fcresel kriz \u00f6ncesindeki d\u00f6nemde merkez bankalar\u0131n\u0131n as\u0131l olarak fiyat istikrar\u0131n\u0131 g\u00f6zetmeleri gerekti\u011fi d\u00fc\u015f\u00fcn\u00fcl\u00fcyordu. Elbette merkez bankalar\u0131n\u0131n finansal istikrar\u0131 sa\u011flamakta da \u00f6nemli rol oynayabilecekleri kabul ediliyordu. Ama finansal istikrar\u0131n merkez bankas\u0131 d\u0131\u015f\u0131ndaki kurumlarca sa\u011flanmas\u0131nda bir sak\u0131nca olmad\u0131\u011f\u0131, hatta bunun daha iyi bir uygulama olaca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyordu. Bu saptamadan yola \u00e7\u0131karak \u00e7o\u011fu \u00fclkede bankac\u0131l\u0131k d\u00fczenleme ve denetleme yetkileri merkez bankalar\u0131n\u0131n d\u0131\u015f\u0131na \u00e7\u0131kar\u0131ld\u0131; temel g\u00f6revleri finansal istikrar\u0131 sa\u011flamak olan yeni kurumlar olu\u015fturuldu. Merkez bankalar\u0131n\u0131n bu alandaki rol\u00fc ikinci plana itildi. \u015eimdi t\u00fcm d\u00fcnyada bu kurumsal yap\u0131n\u0131n ne derece sa\u011fl\u0131kl\u0131 oldu\u011fu tart\u0131\u015f\u0131l\u0131yor.<br \/>\n2010\u2019un sonundan bu yana ya\u015fad\u0131klar\u0131m\u0131z \u00e7er\u00e7evesinde, BDDK ile MB\u2019nin (b\u00fct\u00fcn\u00fcyle ya da k\u0131smen) birle\u015ftirilmesini tart\u0131\u015fmakta yarar var.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2010&#8217;un sonundan bu yana ya\u015fad\u0131klar\u0131m\u0131z \u00e7er\u00e7evesinde, BDDK ile MB&#8217;nin birle\u015ftirilmelerini tart\u0131\u015fmakta yarar var. K\u00fcresel krize giden s\u00fcre\u00e7te geli\u015fmi\u015f \u00fclkelerde uygulanan para politikas\u0131n\u0131n da rol oynad\u0131\u011f\u0131&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-8449","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\/8449","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=8449"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/8449\/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=8449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=8449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=8449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}