{"status":true,"post":{"id":13025,"user_id":10,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-21 09:21:32","created_at":"2016-02-14T21:00:00.000000Z","updated_at":"2022-10-21T06:21:32.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":13025,"is_featured":0,"title":"Merkez bankalar\u0131na a\u015f\u0131r\u0131 ba\u011f\u0131ml\u0131l\u0131k s\u00fcr\u00fcyor","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<p><span class=\"large\">D\u00fcnya ekonomisinde ana belirleyici, geli\u015fmi\u015f \u00fclkelerin merkez bankalar\u0131n\u0131n uygulad\u0131klar\u0131 politikalar olmaya devam ediyor. Bunun temel nedeni, \u00f6zellikle geli\u015fmi\u015f \u00fclkelerin k\u00fcresel kriz sonras\u0131 kar\u015f\u0131la\u015ft\u0131\u011f\u0131 b\u00fcy\u00fcme ve deflasyon sorunlar\u0131n\u0131 kal\u0131c\u0131 olarak a\u015famam\u0131\u015f olmalar\u0131d\u0131r. Geli\u015fen \u00fclke merkez bankalar\u0131 da geli\u015fmi\u015f \u00fclke merkez bankalar\u0131na giderek daha ba\u011f\u0131ml\u0131 hale geliyor.<\/span><\/p>  <p><span class=\"large\"><strong>1. ABD MERKEZ BANKASI\u2019NIN FA\u0130Z ARTI\u015e S\u00dcREC\u0130 BEL\u0130RS\u0130Z<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel kriz sonras\u0131 geni\u015flemeci para politikas\u0131n\u0131 sona erdiren ilk \u00fclke ABD oldu. ABD\u2019de kal\u0131c\u0131 b\u00fcy\u00fcme sa\u011flan\u0131rken, i\u015fsizlik oran\u0131 da y\u00fczde 4.9\u2019a kadar indi. ABD Merkez Bankas\u0131 bu nedenle ge\u00e7en aral\u0131k ay\u0131nda faiz art\u0131\u015flar\u0131na ba\u015flad\u0131. 2016 y\u0131l\u0131nda da faizleri birka\u00e7 kez kademeli art\u0131rmas\u0131 bekleniyor. Ancak \u00c7in yava\u015flamas\u0131 ve petrol fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015fler ile ABD\u2019de enflasyonun zay\u0131f kalmas\u0131 faiz art\u0131\u015flar\u0131na ili\u015fkin belirsizlik olu\u015fturdu. \u00d6yle ki, 2016 y\u0131l\u0131nda hi\u00e7 faiz art\u0131\u015f\u0131 olamayaca\u011f\u0131na inananlar dahi bulunuyor. Faiz art\u0131\u015flar\u0131na ili\u015fkin \u00e7ok farkl\u0131 beklentiler olmas\u0131 da k\u00fcresel mali piyasalarda a\u015f\u0131r\u0131 dalgalanmalara yol a\u00e7\u0131yor. <\/span><\/p>  <p><span class=\"large\"><strong>2. AVRUPA MERKEZ BANKASI PARASAL GEN\u0130\u015eLEMEY\u0130 ARTIRACAK<\/strong><\/span><\/p>  <p><span class=\"large\">Avrupa Birli\u011fi parasal geni\u015fleme program\u0131n\u0131 halen s\u00fcrd\u00fcr\u00fcyor. Ancak i\u015fsizlik halen y\u00fczde 10 seviyesinin \u00fczerinde. Y\u00fczde 1.7 olarak beklenen ekonomik b\u00fcy\u00fcme olduk\u00e7a k\u0131r\u0131lgan. Ayr\u0131ca Avrupa genelinde deflasyon riski ve bask\u0131s\u0131 halen s\u00fcr\u00fcyor. Bu nedenle Avrupa Merkez Bankas\u0131 mart ay\u0131nda parasal geni\u015flemeyi art\u0131rma i\u015fareti verdi ve t\u00fcm ara\u00e7lar\u0131 kullanabilece\u011fini a\u00e7\u0131klad\u0131. Avrupa Merkez Bankas\u0131\u2019n\u0131n parasal geni\u015flemeyi art\u0131rmas\u0131 halinde Euro zay\u0131flarken, geli\u015fen \u00fclke para birimleri destek g\u00f6rebilecek.<\/span><\/p>  <p><span class=\"large\"><strong>3.<\/strong> <strong>JAPONYA MERKEZ BANKASI NEGAT\u0130F FA\u0130Z UYGULAMAYA BA\u015eLADI<\/strong><\/span><\/p>  <p><span class=\"large\">Japonya, 1991 y\u0131l\u0131ndan bu yana resesyonlar ve deflasyon ile m\u00fccadele ediyor. Uzun y\u0131llar bu m\u00fccadelede sadece maliye politikas\u0131n\u0131 kullanan Japonya, 2008 k\u00fcresel krizinden sonra para politikas\u0131n\u0131 da kullanmaya ba\u015flad\u0131. Japonya Merkez Bankas\u0131 kademeli olarak daha geni\u015fletici para politikas\u0131 uygulamas\u0131na kar\u015f\u0131n y\u00fczde 2 enflasyon oran\u0131n\u0131n uza\u011f\u0131nda kal\u0131n\u0131yor. Bu nedenle Japonya Merkez Bankas\u0131, 2016 y\u0131l\u0131nda para politikas\u0131nda bir ad\u0131m daha atarak bu kez eksi ve negatif faiz uygulamas\u0131na ba\u015flad\u0131. Japonya b\u00f6ylece para birimi yenin g\u00fc\u00e7lenmesini de engelleyerek \u00c7in gibi b\u00f6lgesel rakiplerine kar\u015f\u0131 rekabet g\u00fcc\u00fcn\u00fc korumaya \u00e7al\u0131\u015f\u0131yor.<\/span><\/p>  <p><span class=\"large\"><strong>4.<\/strong> <strong>\u00c7\u0130N MERKEZ BANKASI YUANDA \u0130ST\u0130KRAR SA\u011eLAMAYA \u00c7ALI\u015eIYOR<\/strong><\/span><\/p>  <p><span class=\"large\">Y\u00fczde 10\u2019lar \u00fczerinde b\u00fcy\u00fcyen \u00c7in\u2019de para birimi yuan kademeli olarak de\u011fer kazan\u0131yordu. Yuan, dolar kar\u015f\u0131s\u0131nda 9.50 seviyelerinden 6.20 seviyelerine kadar y\u00fckseldi. Ancak ekonomik b\u00fcy\u00fcmeye ili\u015fkin kayg\u0131lar ortaya \u00e7\u0131k\u0131nca yuan bu kez de\u011fer kaybetmeye ba\u015flad\u0131. \u00c7in halen para birimi i\u00e7in dar bir bant i\u00e7inde kalarak sabit kur politikas\u0131 izliyor. Sabit kur uygulamas\u0131na ra\u011fmen yuan, \u00c7in d\u0131\u015f\u0131nda h\u0131zla de\u011fer kaybetmeye ba\u015flay\u0131nca \u00c7in Merkez Bankas\u0131 yuan\u0131n de\u011ferini korumak i\u00e7in \u00f6nemli \u00f6l\u00e7\u00fcde d\u00f6viz rezervlerini kulland\u0131 ve rezervleri azald\u0131. Ancak yuanda halen kal\u0131c\u0131 bir istikrar sa\u011flanamad\u0131 ve b\u00fcy\u00fcmeye ili\u015fkin kayg\u0131lar yuan \u00fczerinde bask\u0131 olu\u015fturmaya devam edecek. <\/span><\/p>  <p><span class=\"large\"><strong>5. GEL\u0130\u015eEN \u00dcLKE MERKEZ BANKALARI NE YAPSIN?<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel ekonominin bu d\u00f6rt merkez bankas\u0131na artan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 nedeniyle geli\u015fen \u00fclke merkez bankalar\u0131n\u0131n kendi para politikalar\u0131n\u0131n etkinli\u011fi de s\u0131n\u0131rlan\u0131yor. Geli\u015fen \u00fclke merkez bankalar\u0131 bir yandan geli\u015fmi\u015f \u00fclke merkez bankalar\u0131n\u0131n ald\u0131klar\u0131 kararlar\u0131n olu\u015fturdu\u011fu k\u00fcresel dalgalanman\u0131n etkilerini y\u00f6netmeye \u00e7al\u0131\u015f\u0131rken, di\u011fer yandan kendi \u00fclkelerinde enflasyon, para birimlerinin de\u011fer kayb\u0131, sermaye \u00e7\u0131k\u0131\u015flar\u0131, d\u00f6viz rezervlerinde azalma ve b\u00fcy\u00fcme gibi hedefleri y\u00f6netmeye \u00e7al\u0131\u015f\u0131yorlar. Ancak bu hedefler \u00fczerinde k\u00fcresel etkiler daha belirleyici oluyor.<\/span><\/p>  <p><span class=\"large\"><strong>Son S\u00f6z;<\/strong> 2016 y\u0131l\u0131nda TC Merkez Bankas\u0131 kadar di\u011fer merkez bankalar\u0131n\u0131 da yak\u0131ndan izlemeye devam edece\u011fiz.<\/span><\/p>  \t\t\t\t","slug":"merkez-bankalarina-asiri-bagimlilik-suruyor","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"Merkez bankalar\u0131na a\u015f\u0131r\u0131 ba\u011f\u0131ml\u0131l\u0131k s\u00fcr\u00fcyor","meta_description":"Dr. Can G\u00fcrlesel","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":81,"cropped_1200x675":null,"user":{"id":10,"name":"CAN","surname":"G\u00dcRLESEL","email":"durmaz.umran@superposta.com","slug":"dr-can-gurlesel","avatar":"\/front\/uploads\/avatar\/17336916008P5QTYWdQ2pLpLn.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T09:51:00.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":13124,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":13025,"locale":"tr","category_id":73,"title":"Merkez bankalar\u0131na a\u015f\u0131r\u0131 ba\u011f\u0131ml\u0131l\u0131k s\u00fcr\u00fcyor","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<p><span class=\"large\">D\u00fcnya ekonomisinde ana belirleyici, geli\u015fmi\u015f \u00fclkelerin merkez bankalar\u0131n\u0131n uygulad\u0131klar\u0131 politikalar olmaya devam ediyor. Bunun temel nedeni, \u00f6zellikle geli\u015fmi\u015f \u00fclkelerin k\u00fcresel kriz sonras\u0131 kar\u015f\u0131la\u015ft\u0131\u011f\u0131 b\u00fcy\u00fcme ve deflasyon sorunlar\u0131n\u0131 kal\u0131c\u0131 olarak a\u015famam\u0131\u015f olmalar\u0131d\u0131r. Geli\u015fen \u00fclke merkez bankalar\u0131 da geli\u015fmi\u015f \u00fclke merkez bankalar\u0131na giderek daha ba\u011f\u0131ml\u0131 hale geliyor.<\/span><\/p>  <p><span class=\"large\"><strong>1. ABD MERKEZ BANKASI\u2019NIN FA\u0130Z ARTI\u015e S\u00dcREC\u0130 BEL\u0130RS\u0130Z<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel kriz sonras\u0131 geni\u015flemeci para politikas\u0131n\u0131 sona erdiren ilk \u00fclke ABD oldu. ABD\u2019de kal\u0131c\u0131 b\u00fcy\u00fcme sa\u011flan\u0131rken, i\u015fsizlik oran\u0131 da y\u00fczde 4.9\u2019a kadar indi. ABD Merkez Bankas\u0131 bu nedenle ge\u00e7en aral\u0131k ay\u0131nda faiz art\u0131\u015flar\u0131na ba\u015flad\u0131. 2016 y\u0131l\u0131nda da faizleri birka\u00e7 kez kademeli art\u0131rmas\u0131 bekleniyor. Ancak \u00c7in yava\u015flamas\u0131 ve petrol fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015fler ile ABD\u2019de enflasyonun zay\u0131f kalmas\u0131 faiz art\u0131\u015flar\u0131na ili\u015fkin belirsizlik olu\u015fturdu. \u00d6yle ki, 2016 y\u0131l\u0131nda hi\u00e7 faiz art\u0131\u015f\u0131 olamayaca\u011f\u0131na inananlar dahi bulunuyor. Faiz art\u0131\u015flar\u0131na ili\u015fkin \u00e7ok farkl\u0131 beklentiler olmas\u0131 da k\u00fcresel mali piyasalarda a\u015f\u0131r\u0131 dalgalanmalara yol a\u00e7\u0131yor. <\/span><\/p>  <p><span class=\"large\"><strong>2. AVRUPA MERKEZ BANKASI PARASAL GEN\u0130\u015eLEMEY\u0130 ARTIRACAK<\/strong><\/span><\/p>  <p><span class=\"large\">Avrupa Birli\u011fi parasal geni\u015fleme program\u0131n\u0131 halen s\u00fcrd\u00fcr\u00fcyor. Ancak i\u015fsizlik halen y\u00fczde 10 seviyesinin \u00fczerinde. Y\u00fczde 1.7 olarak beklenen ekonomik b\u00fcy\u00fcme olduk\u00e7a k\u0131r\u0131lgan. Ayr\u0131ca Avrupa genelinde deflasyon riski ve bask\u0131s\u0131 halen s\u00fcr\u00fcyor. Bu nedenle Avrupa Merkez Bankas\u0131 mart ay\u0131nda parasal geni\u015flemeyi art\u0131rma i\u015fareti verdi ve t\u00fcm ara\u00e7lar\u0131 kullanabilece\u011fini a\u00e7\u0131klad\u0131. Avrupa Merkez Bankas\u0131\u2019n\u0131n parasal geni\u015flemeyi art\u0131rmas\u0131 halinde Euro zay\u0131flarken, geli\u015fen \u00fclke para birimleri destek g\u00f6rebilecek.<\/span><\/p>  <p><span class=\"large\"><strong>3.<\/strong> <strong>JAPONYA MERKEZ BANKASI NEGAT\u0130F FA\u0130Z UYGULAMAYA BA\u015eLADI<\/strong><\/span><\/p>  <p><span class=\"large\">Japonya, 1991 y\u0131l\u0131ndan bu yana resesyonlar ve deflasyon ile m\u00fccadele ediyor. Uzun y\u0131llar bu m\u00fccadelede sadece maliye politikas\u0131n\u0131 kullanan Japonya, 2008 k\u00fcresel krizinden sonra para politikas\u0131n\u0131 da kullanmaya ba\u015flad\u0131. Japonya Merkez Bankas\u0131 kademeli olarak daha geni\u015fletici para politikas\u0131 uygulamas\u0131na kar\u015f\u0131n y\u00fczde 2 enflasyon oran\u0131n\u0131n uza\u011f\u0131nda kal\u0131n\u0131yor. Bu nedenle Japonya Merkez Bankas\u0131, 2016 y\u0131l\u0131nda para politikas\u0131nda bir ad\u0131m daha atarak bu kez eksi ve negatif faiz uygulamas\u0131na ba\u015flad\u0131. Japonya b\u00f6ylece para birimi yenin g\u00fc\u00e7lenmesini de engelleyerek \u00c7in gibi b\u00f6lgesel rakiplerine kar\u015f\u0131 rekabet g\u00fcc\u00fcn\u00fc korumaya \u00e7al\u0131\u015f\u0131yor.<\/span><\/p>  <p><span class=\"large\"><strong>4.<\/strong> <strong>\u00c7\u0130N MERKEZ BANKASI YUANDA \u0130ST\u0130KRAR SA\u011eLAMAYA \u00c7ALI\u015eIYOR<\/strong><\/span><\/p>  <p><span class=\"large\">Y\u00fczde 10\u2019lar \u00fczerinde b\u00fcy\u00fcyen \u00c7in\u2019de para birimi yuan kademeli olarak de\u011fer kazan\u0131yordu. Yuan, dolar kar\u015f\u0131s\u0131nda 9.50 seviyelerinden 6.20 seviyelerine kadar y\u00fckseldi. Ancak ekonomik b\u00fcy\u00fcmeye ili\u015fkin kayg\u0131lar ortaya \u00e7\u0131k\u0131nca yuan bu kez de\u011fer kaybetmeye ba\u015flad\u0131. \u00c7in halen para birimi i\u00e7in dar bir bant i\u00e7inde kalarak sabit kur politikas\u0131 izliyor. Sabit kur uygulamas\u0131na ra\u011fmen yuan, \u00c7in d\u0131\u015f\u0131nda h\u0131zla de\u011fer kaybetmeye ba\u015flay\u0131nca \u00c7in Merkez Bankas\u0131 yuan\u0131n de\u011ferini korumak i\u00e7in \u00f6nemli \u00f6l\u00e7\u00fcde d\u00f6viz rezervlerini kulland\u0131 ve rezervleri azald\u0131. Ancak yuanda halen kal\u0131c\u0131 bir istikrar sa\u011flanamad\u0131 ve b\u00fcy\u00fcmeye ili\u015fkin kayg\u0131lar yuan \u00fczerinde bask\u0131 olu\u015fturmaya devam edecek. <\/span><\/p>  <p><span class=\"large\"><strong>5. GEL\u0130\u015eEN \u00dcLKE MERKEZ BANKALARI NE YAPSIN?<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel ekonominin bu d\u00f6rt merkez bankas\u0131na artan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 nedeniyle geli\u015fen \u00fclke merkez bankalar\u0131n\u0131n kendi para politikalar\u0131n\u0131n etkinli\u011fi de s\u0131n\u0131rlan\u0131yor. Geli\u015fen \u00fclke merkez bankalar\u0131 bir yandan geli\u015fmi\u015f \u00fclke merkez bankalar\u0131n\u0131n ald\u0131klar\u0131 kararlar\u0131n olu\u015fturdu\u011fu k\u00fcresel dalgalanman\u0131n etkilerini y\u00f6netmeye \u00e7al\u0131\u015f\u0131rken, di\u011fer yandan kendi \u00fclkelerinde enflasyon, para birimlerinin de\u011fer kayb\u0131, sermaye \u00e7\u0131k\u0131\u015flar\u0131, d\u00f6viz rezervlerinde azalma ve b\u00fcy\u00fcme gibi hedefleri y\u00f6netmeye \u00e7al\u0131\u015f\u0131yorlar. Ancak bu hedefler \u00fczerinde k\u00fcresel etkiler daha belirleyici oluyor.<\/span><\/p>  <p><span class=\"large\"><strong>Son S\u00f6z;<\/strong> 2016 y\u0131l\u0131nda TC Merkez Bankas\u0131 kadar di\u011fer merkez bankalar\u0131n\u0131 da yak\u0131ndan izlemeye devam edece\u011fiz.<\/span><\/p>  \t\t\t\t","slug":"merkez-bankalarina-asiri-bagimlilik-suruyor","orjinalimage":null,"news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"Merkez bankalar\u0131na a\u015f\u0131r\u0131 ba\u011f\u0131ml\u0131l\u0131k s\u00fcr\u00fcyor","meta_description":"Dr. Can G\u00fcrlesel","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":81,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}