{"id":9793,"date":"2012-01-04T09:10:09","date_gmt":"2012-01-04T07:10:09","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=9793"},"modified":"2012-01-04T09:10:18","modified_gmt":"2012-01-04T07:10:18","slug":"merkezin-isleri","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/merkezin-isleri\/","title":{"rendered":"Merkez&#8217;in \u0130\u015fleri"},"content":{"rendered":"<p>Merkez Bankas\u0131 y\u0131l\u0131n sonunda ba\u015flad\u0131\u011f\u0131 d\u00f6viz m\u00fcdahalesini yeni y\u0131lda da s\u00fcrd\u00fcr\u00fcyor. Kendi rezerv b\u00fcy\u00fckl\u00fc\u011f\u00fcne g\u00f6re yapt\u0131\u011f\u0131 m\u00fcdahalenin boyutu olduk\u00e7a b\u00fcy\u00fck. Bu biraz tedirginlik uyand\u0131r\u0131yor. Bu b\u00f6yle\u00a0 devam\u00a0 ederse\u00a0 i\u015fin karakolda bitece\u011finden \u00e7ekinenler\u00a0 var.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4028663136\"><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>TCMB hafta ba\u015f\u0131nda\u00a0 d\u00f6viz m\u00fcdahalesinin yan\u0131 s\u0131ra, bir dizi yeni \u00f6nlem de a\u00e7\u0131klad\u0131. Bu m\u00fcdahale setinin temel amac\u0131 parasal s\u0131k\u0131la\u015ft\u0131rma. Merkez &#8220;\u0130stisnai D\u00f6nemlerde uygulanacak Para Politikas\u0131na \u0130li\u015fkin Bas\u0131n Duyurusu&#8221; ba\u015fl\u0131\u011f\u0131 ile yapt\u0131\u011f\u0131 yar\u0131m sayfal\u0131k a\u00e7\u0131klama ile ek parasal s\u0131k\u0131la\u015ft\u0131rman\u0131n nas\u0131l yap\u0131laca\u011f\u0131n\u0131 a\u00e7\u0131kl\u0131\u011fa kavu\u015fturmak istedi. Ancak, \u00f6nceki uygulamalarda da oldu\u011fu gibi,\u00a0 bu a\u00e7\u0131klama yeteri kadar a\u00e7\u0131klay\u0131c\u0131 olmad\u0131.<\/p>\n<p>Yeni y\u0131l\u0131n ba\u015f\u0131nda Merkez&#8217;in i\u015fleri yine kar\u0131\u015f\u0131k gitti anlayaca\u011f\u0131n\u0131z. Merkez Bankas\u0131n\u0131n i\u015flerinin kar\u0131\u015f\u0131k gitmesine ve tepki \u00fcretmesine al\u0131\u015ft\u0131k say\u0131l\u0131r. San\u0131r\u0131m bu defa da b\u00f6yle oldu.<\/p>\n<p>*\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *<\/p>\n<p>Merkez Bankas\u0131&#8217;n\u0131n ana ilgi alan\u0131n\u0131n d\u0131\u015f\u0131nda kalan bir meseleyle ba\u015f\u0131 dertte.\u00a0 Asl\u0131nda Bankan\u0131n ana ilgi alan\u0131 bir seneyi a\u015fk\u0131n bir s\u00fcredir ikinci plana itildi gibi. Malum , Merkez\u00a0 Bankalar\u0131n\u0131n esas ilgi alan\u0131 enflasyon. Bizim Merkez Bankam\u0131z da uzunca s\u00fcre ana ilgi ve sorumluluk alan\u0131n\u0131 b\u00f6yle belirledi. Para politikas\u0131n\u0131 da buna g\u00f6re tasarlay\u0131p, y\u00fcr\u00fctt\u00fc.<\/p>\n<p>K\u00fcresel kriz bu ezberi bozdu. Bask\u0131lanan enflasyon ciddi bir sorun olmaktan \u00e7\u0131kt\u0131. Buna kar\u015f\u0131l\u0131k finansal istikrar tabloya dahil oldu.\u00a0 Ba\u015fka bir deyi\u015fle,\u00a0 Merkez Bankas\u0131 d\u00fcne kadar kendi ilgi ve sorumluluk alan\u0131 d\u0131\u015f\u0131nda kald\u0131\u011f\u0131n\u0131 s\u00f6yledi\u011fi\u00a0 &#8220;sermaye hareketi- d\u00f6viz kuru-cari a\u00e7\u0131k &#8221; aras\u0131ndaki ili\u015fki denkleminin istikrar a\u00e7\u0131s\u0131ndan \u00f6nemli oldu\u011funu kabul etti ve bu meseleyi sorumluluk alan\u0131na\u00a0 dahil etti.\u00a0 Para politikas\u0131 buna g\u00f6re yeniden tasarland\u0131. Bu durumda faiz enstr\u00fcman\u0131 daha \u00e7ok sermaye giri\u015fini cayd\u0131rmak amac\u0131yla kullan\u0131lmaya ba\u015fland\u0131. Enflasyon taraf\u0131 ise bankalar\u0131n mevduat kar\u015f\u0131l\u0131klar\u0131n\u0131 de\u011fi\u015ftirerek kredi talebini t\u00f6rp\u00fcleme y\u00f6ntemine emanet edildi.<\/p>\n<p>K\u0131sacas\u0131 ola\u011fan, al\u0131\u015f\u0131lm\u0131\u015f, Ortodoks para politikas\u0131ndan sap\u0131ld\u0131. Para\u00a0 politikas\u0131\u00a0 ihtiyati (prudential) ek tedbirlerle zenginle\u015ftirildi. Bana kal\u0131rsa yeni para politikas\u0131 d\u00f6nemin ko\u015fullar\u0131na uygun,\u00a0 maksada hizmet edecek nitelikteydi.<\/p>\n<p>Yeni politika uygun say\u0131l\u0131rd\u0131 ama dozu\u00a0 zaman i\u00e7inde y\u00fckselen tepkiler \u00fcretti. Ortodoks olmayan politikaya tepki de\u011fi\u015fik kanallardan geldi. D\u00fc\u015f\u00fck d\u00fczeye indirilen ve adeta oraya kilitlenen faizler y\u00fcksek faiz beklentisi i\u00e7inde olanlar\u0131n tepkisini \u00e7ekti. Ayn\u0131 uygulama para politikas\u0131n\u0131n temelde faiz ekseninde tasarlanmas\u0131 gerekti\u011fini d\u00fc\u015f\u00fcnenlerden de tepki g\u00f6rd\u00fc. Yeni politikan\u0131n beklenen etkilerini g\u00f6rece uzun s\u00fcrede g\u00f6sterecek olmas\u0131,\u00a0 \u00f6zellikle sermaye hareketi-d\u00f6viz kuru- cari a\u00e7\u0131k ekseninde bu etkinin baya\u011f\u0131 zaman almas\u0131 tepki \u00e7ekti. Bu arada Merkez Bankas\u0131n\u0131n kendisi de tepki \u00fcretimine ciddi katk\u0131 yapt\u0131. Ba\u015flang\u0131\u00e7ta s\u0131k ve ani y\u00f6n de\u011fi\u015ftirmesi yeni politikan\u0131n amac\u0131n\u0131n ve ara\u00e7lar\u0131n\u0131n anla\u015f\u0131l\u0131p, i\u00e7selle\u015ftirilmesini g\u00fc\u00e7le\u015ftirdi.\u00a0 Banka y\u00f6netiminin kendisini ve yeni politikas\u0131n\u0131 anlatmakta sergiledi\u011fi beceriksizlik ve isteksizlik de bu s\u00fcrece katk\u0131 yapt\u0131. Akt\u00f6rler Merkez Bankas\u0131n\u0131n i\u015flerini anla\u015f\u0131lmas\u0131 m\u00fcmk\u00fcn olmayan meseleler kategorisine soktu.\u00a0 Sonu\u00e7ta ekonomide ciddi bir belirsizlik alan\u0131 olu\u015ftu.\u00a0 Belirsizlik tepkileri katlayarak b\u00fcy\u00fctt\u00fc.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1724740555\"><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>*\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *<\/p>\n<p>Hafta ba\u015f\u0131nda devreye sokulan &#8220;\u0130stisnai D\u00f6nemlerde Uygulanacak Para Politikas\u0131&#8221; giri\u015fimi sanki mevcut belirsizli\u011fi daha da b\u00fcy\u00fctt\u00fc.\u00a0 Adeta yaraya tuz bas\u0131lm\u0131\u015f gibi oldu.<\/p>\n<p>Oysa yap\u0131lan i\u015f al\u0131\u015f\u0131lm\u0131\u015f Merkez Bankas\u0131 operasyonlar\u0131 a\u00e7\u0131s\u0131ndan \u00e7ok da karma\u015f\u0131k, anla\u015f\u0131lmaz\u00a0 bir i\u015f de\u011fil. As\u0131l mesele son haftalarda d\u00f6viz kurunda yukar\u0131ya do\u011fru oynakl\u0131\u011f\u0131n artm\u0131\u015f olmas\u0131. \u0130stisnai denilen durum bu.\u00a0 Merkez ba\u015f\u0131ndan beri finansal istikrars\u0131zl\u0131k olarak tan\u0131mlad\u0131\u011f\u0131 bu t\u00fcr oynakl\u0131\u011f\u0131n muhtelif kanallardan ekonomiye zarar verdi\u011fini d\u00fc\u015f\u00fcn\u00fcyor. Bunu engellemek, yani kuru makul bir d\u00fczeyde stabilize\u00a0 etmek\u00a0 i\u00e7in iki \u015fey yap\u0131lmas\u0131 gerekiyor. Bunlardan birisi d\u00f6viz talebindeki y\u00fckseli\u015fin cayd\u0131r\u0131lmas\u0131.\u00a0 TL fonlamas\u0131n\u0131n daraltma ve maliyetini y\u00fckseltme i\u015fi bunun i\u00e7in yap\u0131l\u0131yor.\u00a0 Ek\u00a0 parasal\u00a0 s\u0131k\u0131la\u015ft\u0131rma olarak tan\u0131mlanan giri\u015fim \u00f6z\u00fcnde\u00a0 bu.\u00a0 Bir de i\u015fin arz y\u00f6n\u00fc var. Oyna\u015fmay\u0131 s\u0131n\u0131rlamak i\u00e7in d\u00f6viz arz\u0131n\u0131 da beslemek gerekiyor. B\u00fcy\u00fck tutarlarda d\u00f6viz satarak d\u00f6viz piyasas\u0131na m\u00fcdahale edilmesinin nedeni de bu.<\/p>\n<p>G\u00f6rd\u00fc\u011f\u00fcn\u00fcz gibi Merkez Bankas\u0131&#8217;n\u0131n son i\u015fi basit. Anlatmas\u0131 zor herhalde ki bu kadar tepki \u00e7ekiyor.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2846152260\"><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>Merkez Bankas\u0131 y\u0131l\u0131n sonunda ba\u015flad\u0131\u011f\u0131 d\u00f6viz m\u00fcdahalesini yeni y\u0131lda da s\u00fcrd\u00fcr\u00fcyor. Kendi rezerv b\u00fcy\u00fckl\u00fc\u011f\u00fcne g\u00f6re yapt\u0131\u011f\u0131 m\u00fcdahalenin boyutu olduk\u00e7a b\u00fcy\u00fck. Bu biraz tedirginlik uyand\u0131r\u0131yor. Bu&hellip;<\/p>\n","protected":false},"author":15,"featured_media":901,"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-9793","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\/9793","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\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=9793"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/9793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/901"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=9793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=9793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=9793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}