{"status":true,"post":{"id":22806,"user_id":2,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 14:21:02","created_at":"2020-08-27T21:00:00.000000Z","updated_at":"2022-10-24T11:21:02.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":22806,"is_featured":0,"title":"\u00c7in s\u0131cak paraya neden y\u00fcz vermez?","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":null,"content":" \t\t\t\t\t \t\t\t\t\t

FAT\u0130H OKTAY<\/strong><\/strong><\/span>
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<\/strong><\/p>

\u00c7ok yak\u0131n zamana kadar g\u00f6t\u00fcr\u00fcp d\u00f6viz bozdurup \u00c7in\u2019de bankaya yat\u0131rmak, ki\u015fi ve kurulu\u015flara bor\u00e7 vermek, \u00fclke tahvil ve hisse senetlerine yat\u0131r\u0131m yapmak neredeyse olanaks\u0131zd\u0131. Son zamanlara kadar yabanc\u0131lar\u0131n \u00c7in finansal piyasalar\u0131na yat\u0131r\u0131m yapmas\u0131n\u0131n iki ana yolu vard\u0131. Birinci yol, B tipi denilen d\u00f6vizle fiyatlanm\u0131\u015f \u015firket hisse senetlerini almakt\u0131.<\/span>
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Bunlar k\u0131s\u0131tl\u0131 say\u0131da \u015firketin \u00e7\u0131kard\u0131\u011f\u0131, pahal\u0131, piyasas\u0131 s\u0131\u011f \u00fcr\u00fcnlerdi ve \u00e7ekicili\u011fi yoktu. \u0130kinci yol da yetkin kurumsal yat\u0131r\u0131mc\u0131 programlar\u0131yd\u0131. Bu programlar \u00e7er\u00e7evesinde, \u00e7ok zorlu ko\u015fullar\u0131 sa\u011flayan b\u00fcy\u00fck finansal kurulu\u015flara, bir toplam kota, giren paran\u0131n piyasa ve \u00fclkeden \u00e7\u0131k\u0131\u015f\u0131, yat\u0131r\u0131m alanlar\u0131 gibi konularda bir\u00e7ok k\u0131s\u0131tlamaya tabi olarak \u00fclke finansal piyasalar\u0131na yat\u0131r\u0131m yapma izni verilebiliyordu.<\/span>
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Sonu\u00e7 olarak, \u00fclkeye finansal yat\u0131r\u0131m i\u00e7in resmi olarak girebilen d\u00f6viz tutar\u0131 ihmal edilebilir d\u00fczeydeydi. Resmi olarak diyorum; \u00e7\u00fcnk\u00fc t\u00fcm k\u0131s\u0131tlamalara kar\u015f\u0131n gayri resmi olarak b\u00f6yle giri\u015fler oluyordu. <\/span>
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YATIRIM AKI\u015eLARI \u0130ST\u0130KRARSIZ<\/strong><\/span>
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Daha \u00f6nceki bir yaz\u0131da belirtti\u011fim gibi, \u00c7in 2009 y\u0131l\u0131 sonras\u0131nda, \u00fclke paras\u0131n\u0131 ABD dolar\u0131 gibi uluslararas\u0131 nitelikli bir para yapma \u00e7abalar\u0131 \u00e7er\u00e7evesinde, yabanc\u0131lar\u0131n \u00fclke finansal piyasalar\u0131nda yat\u0131r\u0131m yapma olanaklar\u0131n\u0131 giderek geni\u015fletiyor. Yabanc\u0131lar, \u00f6zellikle Hong Kong\u2019u \u00c7in hisse senedi ve tahvil piyasalar\u0131na ba\u011flayan yeni sistemler \u00fczerinden bu piyasalarda giderek artan tutarda yat\u0131r\u0131m yap\u0131yorlar. Ancak bu yat\u0131r\u0131mlar da, bir \u015firketin hisselerinin y\u00fczde ka\u00e7\u0131n\u0131n yabanc\u0131 elinde olabilece\u011fi, g\u00fcnl\u00fck olarak toplam ne kadar i\u015flem yap\u0131labilece\u011fi gibi k\u0131s\u0131tlamalara tabi bulunuyor.<\/span>
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\u00dclke y\u00f6netimi s\u0131cak paraya neden s\u0131cak bakm\u0131yor? Bunun ana nedeni, yabanc\u0131 finansal yat\u0131r\u0131m ak\u0131\u015flar\u0131n\u0131n istikrars\u0131z olmas\u0131, geli\u015fmi\u015f \u00fclke ekonomilerinin durumu ve yat\u0131r\u0131mc\u0131lar\u0131n risk alg\u0131lar\u0131n\u0131 etkileyen ko\u015fullara g\u00f6re h\u0131zla gelip h\u0131zla gidebilmeleri, dolay\u0131s\u0131yla da ev sahibi \u00fclke d\u00f6viz ve para piyasalar\u0131n\u0131 da istikrars\u0131zla\u015ft\u0131rmalar\u0131. \u00dclke ekonomisi bu t\u00fcr yat\u0131r\u0131mlara ba\u011f\u0131ml\u0131 duruma geldi\u011finde, risk alg\u0131s\u0131 ile ilgili olumsuz geli\u015fmelerin istikrars\u0131zl\u0131\u011f\u0131n \u00f6tesinde krize yol a\u00e7ma olas\u0131l\u0131\u011f\u0131 \u00c7in ekonomi y\u00f6netiminin bu konuda tedbirli olmas\u0131na yol a\u00e7\u0131yor.<\/span>

DI\u015e T\u0130CARET FAZLASI VER\u0130YOR<\/strong><\/span>
<\/span>
\u00c7in bunu d\u0131\u015f kaynak ihtiyac\u0131 olmad\u0131\u011f\u0131 i\u00e7in yapabiliyor; \u00c7in\u2019in ulusal tasarruflar\u0131 \u00fclke i\u00e7inde yap\u0131lan yat\u0131r\u0131mlar\u0131 kar\u015f\u0131lad\u0131\u011f\u0131 gibi d\u0131\u015f ticarette fazla vermesine olanak veriyor. Ayn\u0131 \u015feyi farkl\u0131 \u015fekilde s\u00f6ylersek, \u00c7in\u2019in toplam \u00fcretimi, \u00fclkedeki t\u00fcketim ve yat\u0131r\u0131m ihtiyac\u0131n\u0131 kar\u015f\u0131lad\u0131\u011f\u0131 gibi d\u0131\u015f ticaret fazlas\u0131 yoluyla yabanc\u0131lar\u0131n ihtiya\u00e7lar\u0131n\u0131 da kar\u015f\u0131l\u0131yor. Dolay\u0131s\u0131yla \u00c7in, yabanc\u0131 yat\u0131r\u0131mlar\u0131na mahk\u00fbm de\u011fil. \u00dclkelerin \u00fcretimleri kendi t\u00fcketim ve yat\u0131r\u0131mlar\u0131n\u0131 kar\u015f\u0131layamad\u0131\u011f\u0131nda d\u0131\u015f ticarette a\u00e7\u0131k olu\u015fuyor ve d\u0131\u015f finansmana mahk\u00fbm olunuyor. Bunu tasarruflar\u0131n yat\u0131r\u0131mlar\u0131 kar\u015f\u0131lamamas\u0131 olarak da ifade edebiliriz.<\/span>
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\u00c7in\u2019in ulusal tasarruf oran\u0131n\u0131n y\u00fcksekli\u011finde k\u00fclt\u00fcr, n\u00fcfus yap\u0131s\u0131, sosyal g\u00fcvenlik politikalar\u0131 gibi bir\u00e7ok etken rol oynuyor. Tasarruf oran\u0131 ve d\u0131\u015f ticaret yap\u0131s\u0131n\u0131n, 2000\u2019li y\u0131llarda \u00fclke yat\u0131r\u0131mlar\u0131n\u0131n \u00fcretim altyap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirici ve d\u00f6viz kazand\u0131r\u0131c\u0131 sekt\u00f6rlere yo\u011funla\u015ft\u0131r\u0131lmas\u0131 sonucunda iyice g\u00fc\u00e7lenmesiyle \u00c7in, piyasalar\u0131n\u0131 yabanc\u0131 finansal yat\u0131r\u0131mc\u0131lara adeta l\u00fctuf gibi a\u00e7an \u00fclke konumuna gelmi\u015f bulunuyor.<\/span>
<\/span><\/p> \t\t\t\t","slug":"cin-sicak-paraya-neden-yuz-vermez","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"\u00c7in s\u0131cak paraya neden y\u00fcz vermez?","meta_description":"FAT\u0130H OKTAY","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":1065,"cropped_1200x675":null,"user":{"id":2,"name":"FAT\u0130H","surname":"OKTAY","email":"ozansoy.tuna@akay.com","slug":"fatih-oktay","avatar":"\/front\/uploads\/avatar\/1733691600qSRn7kb3ZZVHU3t.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T14:51:22.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":22905,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":22806,"locale":"tr","category_id":73,"title":"\u00c7in s\u0131cak paraya neden y\u00fcz vermez?","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":null,"content":" \t\t\t\t\t \t\t\t\t\t

FAT\u0130H OKTAY<\/strong><\/strong><\/span>
<\/strong><\/p>

<\/strong><\/p>

\u00c7ok yak\u0131n zamana kadar g\u00f6t\u00fcr\u00fcp d\u00f6viz bozdurup \u00c7in\u2019de bankaya yat\u0131rmak, ki\u015fi ve kurulu\u015flara bor\u00e7 vermek, \u00fclke tahvil ve hisse senetlerine yat\u0131r\u0131m yapmak neredeyse olanaks\u0131zd\u0131. Son zamanlara kadar yabanc\u0131lar\u0131n \u00c7in finansal piyasalar\u0131na yat\u0131r\u0131m yapmas\u0131n\u0131n iki ana yolu vard\u0131. Birinci yol, B tipi denilen d\u00f6vizle fiyatlanm\u0131\u015f \u015firket hisse senetlerini almakt\u0131.<\/span>
<\/span>
Bunlar k\u0131s\u0131tl\u0131 say\u0131da \u015firketin \u00e7\u0131kard\u0131\u011f\u0131, pahal\u0131, piyasas\u0131 s\u0131\u011f \u00fcr\u00fcnlerdi ve \u00e7ekicili\u011fi yoktu. \u0130kinci yol da yetkin kurumsal yat\u0131r\u0131mc\u0131 programlar\u0131yd\u0131. Bu programlar \u00e7er\u00e7evesinde, \u00e7ok zorlu ko\u015fullar\u0131 sa\u011flayan b\u00fcy\u00fck finansal kurulu\u015flara, bir toplam kota, giren paran\u0131n piyasa ve \u00fclkeden \u00e7\u0131k\u0131\u015f\u0131, yat\u0131r\u0131m alanlar\u0131 gibi konularda bir\u00e7ok k\u0131s\u0131tlamaya tabi olarak \u00fclke finansal piyasalar\u0131na yat\u0131r\u0131m yapma izni verilebiliyordu.<\/span>
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Sonu\u00e7 olarak, \u00fclkeye finansal yat\u0131r\u0131m i\u00e7in resmi olarak girebilen d\u00f6viz tutar\u0131 ihmal edilebilir d\u00fczeydeydi. Resmi olarak diyorum; \u00e7\u00fcnk\u00fc t\u00fcm k\u0131s\u0131tlamalara kar\u015f\u0131n gayri resmi olarak b\u00f6yle giri\u015fler oluyordu. <\/span>
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YATIRIM AKI\u015eLARI \u0130ST\u0130KRARSIZ<\/strong><\/span>
<\/span>
Daha \u00f6nceki bir yaz\u0131da belirtti\u011fim gibi, \u00c7in 2009 y\u0131l\u0131 sonras\u0131nda, \u00fclke paras\u0131n\u0131 ABD dolar\u0131 gibi uluslararas\u0131 nitelikli bir para yapma \u00e7abalar\u0131 \u00e7er\u00e7evesinde, yabanc\u0131lar\u0131n \u00fclke finansal piyasalar\u0131nda yat\u0131r\u0131m yapma olanaklar\u0131n\u0131 giderek geni\u015fletiyor. Yabanc\u0131lar, \u00f6zellikle Hong Kong\u2019u \u00c7in hisse senedi ve tahvil piyasalar\u0131na ba\u011flayan yeni sistemler \u00fczerinden bu piyasalarda giderek artan tutarda yat\u0131r\u0131m yap\u0131yorlar. Ancak bu yat\u0131r\u0131mlar da, bir \u015firketin hisselerinin y\u00fczde ka\u00e7\u0131n\u0131n yabanc\u0131 elinde olabilece\u011fi, g\u00fcnl\u00fck olarak toplam ne kadar i\u015flem yap\u0131labilece\u011fi gibi k\u0131s\u0131tlamalara tabi bulunuyor.<\/span>
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\u00dclke y\u00f6netimi s\u0131cak paraya neden s\u0131cak bakm\u0131yor? Bunun ana nedeni, yabanc\u0131 finansal yat\u0131r\u0131m ak\u0131\u015flar\u0131n\u0131n istikrars\u0131z olmas\u0131, geli\u015fmi\u015f \u00fclke ekonomilerinin durumu ve yat\u0131r\u0131mc\u0131lar\u0131n risk alg\u0131lar\u0131n\u0131 etkileyen ko\u015fullara g\u00f6re h\u0131zla gelip h\u0131zla gidebilmeleri, dolay\u0131s\u0131yla da ev sahibi \u00fclke d\u00f6viz ve para piyasalar\u0131n\u0131 da istikrars\u0131zla\u015ft\u0131rmalar\u0131. \u00dclke ekonomisi bu t\u00fcr yat\u0131r\u0131mlara ba\u011f\u0131ml\u0131 duruma geldi\u011finde, risk alg\u0131s\u0131 ile ilgili olumsuz geli\u015fmelerin istikrars\u0131zl\u0131\u011f\u0131n \u00f6tesinde krize yol a\u00e7ma olas\u0131l\u0131\u011f\u0131 \u00c7in ekonomi y\u00f6netiminin bu konuda tedbirli olmas\u0131na yol a\u00e7\u0131yor.<\/span>

DI\u015e T\u0130CARET FAZLASI VER\u0130YOR<\/strong><\/span>
<\/span>
\u00c7in bunu d\u0131\u015f kaynak ihtiyac\u0131 olmad\u0131\u011f\u0131 i\u00e7in yapabiliyor; \u00c7in\u2019in ulusal tasarruflar\u0131 \u00fclke i\u00e7inde yap\u0131lan yat\u0131r\u0131mlar\u0131 kar\u015f\u0131lad\u0131\u011f\u0131 gibi d\u0131\u015f ticarette fazla vermesine olanak veriyor. Ayn\u0131 \u015feyi farkl\u0131 \u015fekilde s\u00f6ylersek, \u00c7in\u2019in toplam \u00fcretimi, \u00fclkedeki t\u00fcketim ve yat\u0131r\u0131m ihtiyac\u0131n\u0131 kar\u015f\u0131lad\u0131\u011f\u0131 gibi d\u0131\u015f ticaret fazlas\u0131 yoluyla yabanc\u0131lar\u0131n ihtiya\u00e7lar\u0131n\u0131 da kar\u015f\u0131l\u0131yor. Dolay\u0131s\u0131yla \u00c7in, yabanc\u0131 yat\u0131r\u0131mlar\u0131na mahk\u00fbm de\u011fil. \u00dclkelerin \u00fcretimleri kendi t\u00fcketim ve yat\u0131r\u0131mlar\u0131n\u0131 kar\u015f\u0131layamad\u0131\u011f\u0131nda d\u0131\u015f ticarette a\u00e7\u0131k olu\u015fuyor ve d\u0131\u015f finansmana mahk\u00fbm olunuyor. Bunu tasarruflar\u0131n yat\u0131r\u0131mlar\u0131 kar\u015f\u0131lamamas\u0131 olarak da ifade edebiliriz.<\/span>
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\u00c7in\u2019in ulusal tasarruf oran\u0131n\u0131n y\u00fcksekli\u011finde k\u00fclt\u00fcr, n\u00fcfus yap\u0131s\u0131, sosyal g\u00fcvenlik politikalar\u0131 gibi bir\u00e7ok etken rol oynuyor. Tasarruf oran\u0131 ve d\u0131\u015f ticaret yap\u0131s\u0131n\u0131n, 2000\u2019li y\u0131llarda \u00fclke yat\u0131r\u0131mlar\u0131n\u0131n \u00fcretim altyap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirici ve d\u00f6viz kazand\u0131r\u0131c\u0131 sekt\u00f6rlere yo\u011funla\u015ft\u0131r\u0131lmas\u0131 sonucunda iyice g\u00fc\u00e7lenmesiyle \u00c7in, piyasalar\u0131n\u0131 yabanc\u0131 finansal yat\u0131r\u0131mc\u0131lara adeta l\u00fctuf gibi a\u00e7an \u00fclke konumuna gelmi\u015f bulunuyor.<\/span>
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