{"status":true,"post":{"id":13252,"user_id":10,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-21 09:23:47","created_at":"2016-03-13T21:00:00.000000Z","updated_at":"2022-10-21T06:23:47.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":13252,"is_featured":0,"title":"Merkez Bankas\u0131\u2019n\u0131n politika se\u00e7enekleri","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\">Fiyat istikrar\u0131n\u0131n sa\u011flanmas\u0131 ve korunmas\u0131 b\u00f6ylece b\u00fcy\u00fcme ve istihdam i\u00e7in uygun ko\u015fullar\u0131 olu\u015fturma g\u00f6revine sahip olan Merkez Banklar\u0131 i\u00e7in k\u00fcresel kriz sonras\u0131 d\u00f6nem olduk\u00e7a yo\u011fun ve tart\u0131\u015fmal\u0131 ge\u00e7ti. Ayn\u0131 d\u00f6nem T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 i\u00e7in de tart\u0131\u015fmal\u0131 bir d\u00f6nem olarak ya\u015fand\u0131. Merkez Bankalar\u0131na ili\u015fkin s\u00fcreci de\u011ferlendirelim ve politika se\u00e7enekleri i\u00e7in \u00f6nerilerde bulunal\u0131m.<\/span><\/p>  <p><span class=\"large\"><strong>1. MB\u2019N\u0130N G\u00d6REVLER\u0130N\u0130 HATIRLAYALIM<\/strong><\/span><\/p>  <p><span class=\"large\">Merkez Bankalar\u0131n\u0131n g\u00f6revi fiyat istikrar\u0131n\u0131n sa\u011flanmas\u0131 ve korunmas\u0131. Merkez Bankalar\u0131 fiyat istikrar\u0131n\u0131 sa\u011flayarak b\u00fcy\u00fcme ve istihdam i\u00e7in de uygun ko\u015fullar\u0131 sa\u011flam\u0131\u015f olur. Bu ko\u015fullar i\u00e7inde ekonomiler tam istihdam seviyesine ula\u015fmay\u0131 hedefler. Tam istihdam seviyesine ula\u015fm\u0131\u015f olup resesyona girmi\u015f \u00fclkelerin Merkez Bankalar\u0131 bu a\u015famada ekonomide b\u00fcy\u00fcmeyi h\u0131zland\u0131rmak ve tam istihdam seviyesine geri d\u00f6nmek g\u00f6revini de \u00fcstlenirler. Ancak enflasyonist ortamda yani enflasyon hedefin \u00fczerinde iken enflasyon yerine b\u00fcy\u00fcme veya istihdam \u00fcretme g\u00f6revini \u00fcstlenmesi ba\u015far\u0131 sa\u011flam\u0131yor. Tam istihdam seviyesine ula\u015fmam\u0131\u015f ve y\u00fcksek enflasyonlu \u00fclkelerde ise Merkez Bankalar\u0131n\u0131n \u00f6nceli\u011fi enflasyonu d\u00fc\u015f\u00fcrerek fiyat istikrar\u0131na ula\u015f\u0131lmas\u0131 oluyor.<\/span><\/p>  <p><span class=\"large\"><strong>2. K\u00dcRESEL KR\u0130Z HEPS\u0130N\u0130 ETK\u0130LED\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel kriz sonras\u0131 olu\u015fan ko\u015fullar i\u00e7inde Merkez Bankalar\u0131n\u0131n y\u00fck\u00fc veya g\u00f6revleri artt\u0131. Geli\u015fmi\u015f \u00fclke Merkez Bankalar\u0131 resesyondan \u00e7\u0131k\u0131\u015fa, \u00e7ok bor\u00e7lu \u00fclkeler i\u00e7in bor\u00e7lanma alan\u0131 yaratmaya, kal\u0131c\u0131 b\u00fcy\u00fcmeye d\u00f6n\u00fc\u015fe ve deflasyonu alt etmeye y\u00f6nelmi\u015fken, geli\u015fen \u00fclke Merkez Bankalar\u0131 daha \u00e7ok finansal istikrar\u0131 sa\u011flamaya \u00f6ncelik verdi. \u00c7\u00fcnk\u00fc geli\u015fmi\u015f \u00fclke Merkez Bankalar\u0131n\u0131n k\u00fcresel kriz sonras\u0131 uygulad\u0131klar\u0131 ve ola\u011fan olmayan geni\u015fletici para politikas\u0131 ile k\u00fcresel mali dalgalanmalar artt\u0131. Geli\u015fen \u00fclke Merkez Bankalar\u0131 da tsunami etkisi olu\u015fturan mali dalgalanmalar\u0131n etkilerini y\u00f6netmeye \u00e7al\u0131\u015f\u0131rken, enflasyonu ikinci plana b\u0131rakmak zorunda kald\u0131.<\/span><\/p>  <p><span class=\"large\"><strong>3. MB\u2019N\u0130N DE Y\u00dcK\u00dc ARTTI<\/strong><\/span><\/p>  <p><span class=\"large\">TC Merkez Bankas\u0131 2001 krizi sonras\u0131 ba\u011f\u0131ms\u0131zl\u0131k sa\u011flayan kanuni d\u00fczenleme ard\u0131ndan sadece fiyat istikrar\u0131na odaklanm\u0131\u015f, bunun i\u00e7in enflasyon hedeflemesi politikas\u0131n\u0131 kullanm\u0131\u015f ve enflasyonu 2006\u2019da tek haneye indirmi\u015fti. Ard\u0131ndan ya\u015fanan k\u00fcresel kriz sonras\u0131nda Merkez Bankas\u0131 sermaye giri\u015flerinin tehdit etti\u011fi finansal istikrara da odakland\u0131. 2011 y\u0131l\u0131ndan itibaren ise \u2018b\u00fcy\u00fcmede dengelenme\u2019 politikas\u0131 izleyerek ekonomik b\u00fcy\u00fcmeyi de do\u011frudan hedefleri i\u00e7ine ald\u0131. Merkez Bankas\u0131\u2019n\u0131n ayn\u0131 anda \u00fc\u00e7 hedefe birden y\u00f6nelmesi do\u011fal olarak esas i\u015flevi olan fiyat istikrar\u0131 sa\u011flanmas\u0131nda s\u0131k\u0131nt\u0131 do\u011furdu. Nitekim k\u00fcresel \u00f6l\u00e7ekte deflasyon ya\u015fan\u0131rken, T\u00fcrkiye\u2019de enflasyon h\u0131zla y\u00fckseldi, fiyat davran\u0131\u015flar\u0131 bozuldu.<\/span><\/p>  <p><span class=\"large\"><strong>4. F\u0130YAT \u0130ST\u0130KRARINA ODAKLANMALI<\/strong><\/span><\/p>  <p><span class=\"large\">TC Merkez Bankas\u0131\u2019n\u0131n \u00e7oklu hedef g\u00f6zetmesi enflasyonda ba\u015far\u0131l\u0131 olma \u015fans\u0131n\u0131 azalt\u0131yor. Y\u00fcksek enflasyon varken, finansal istikrar\u0131, daha d\u00fc\u015f\u00fck faizleri ve daha h\u0131zl\u0131 b\u00fcy\u00fcmeyi sa\u011flamak m\u00fcmk\u00fcn de\u011fil. Bu nedenle TC Merkez Bankas\u0131 yeniden enflasyon hedeflemesi politikas\u0131n\u0131 kullanarak fiyat istikrar\u0131na odaklanmal\u0131. Nitekim k\u00fcresel kriz sonras\u0131 olu\u015fan ola\u011fan\u00fcst\u00fc ko\u015fullar kademeli olarak ortadan kalk\u0131yor. TC Merkez Bankas\u0131 da kademeli olarak para politikas\u0131n\u0131 sadele\u015ftirmeli ve daha y\u00fcksek reel faizler uygulamaktan ka\u00e7\u0131nmamal\u0131d\u0131r.<\/span><\/p>  <p><span class=\"large\"><strong>Son S\u00f6z;<\/strong> Fiyat istikrar\u0131n\u0131 sa\u011flamadan s\u00fcrd\u00fcr\u00fclebilir ve h\u0131zl\u0131 b\u00fcy\u00fcmeyi sa\u011flamak m\u00fcmk\u00fcn de\u011fildir.<\/span><\/p>  \t\t\t\t","slug":"merkez-bankasinin-politika-secenekleri","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"Merkez Bankas\u0131\u2019n\u0131n politika se\u00e7enekleri","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":92,"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":13351,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":13252,"locale":"tr","category_id":73,"title":"Merkez Bankas\u0131\u2019n\u0131n politika se\u00e7enekleri","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\">Fiyat istikrar\u0131n\u0131n sa\u011flanmas\u0131 ve korunmas\u0131 b\u00f6ylece b\u00fcy\u00fcme ve istihdam i\u00e7in uygun ko\u015fullar\u0131 olu\u015fturma g\u00f6revine sahip olan Merkez Banklar\u0131 i\u00e7in k\u00fcresel kriz sonras\u0131 d\u00f6nem olduk\u00e7a yo\u011fun ve tart\u0131\u015fmal\u0131 ge\u00e7ti. Ayn\u0131 d\u00f6nem T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 i\u00e7in de tart\u0131\u015fmal\u0131 bir d\u00f6nem olarak ya\u015fand\u0131. Merkez Bankalar\u0131na ili\u015fkin s\u00fcreci de\u011ferlendirelim ve politika se\u00e7enekleri i\u00e7in \u00f6nerilerde bulunal\u0131m.<\/span><\/p>  <p><span class=\"large\"><strong>1. MB\u2019N\u0130N G\u00d6REVLER\u0130N\u0130 HATIRLAYALIM<\/strong><\/span><\/p>  <p><span class=\"large\">Merkez Bankalar\u0131n\u0131n g\u00f6revi fiyat istikrar\u0131n\u0131n sa\u011flanmas\u0131 ve korunmas\u0131. Merkez Bankalar\u0131 fiyat istikrar\u0131n\u0131 sa\u011flayarak b\u00fcy\u00fcme ve istihdam i\u00e7in de uygun ko\u015fullar\u0131 sa\u011flam\u0131\u015f olur. Bu ko\u015fullar i\u00e7inde ekonomiler tam istihdam seviyesine ula\u015fmay\u0131 hedefler. Tam istihdam seviyesine ula\u015fm\u0131\u015f olup resesyona girmi\u015f \u00fclkelerin Merkez Bankalar\u0131 bu a\u015famada ekonomide b\u00fcy\u00fcmeyi h\u0131zland\u0131rmak ve tam istihdam seviyesine geri d\u00f6nmek g\u00f6revini de \u00fcstlenirler. Ancak enflasyonist ortamda yani enflasyon hedefin \u00fczerinde iken enflasyon yerine b\u00fcy\u00fcme veya istihdam \u00fcretme g\u00f6revini \u00fcstlenmesi ba\u015far\u0131 sa\u011flam\u0131yor. Tam istihdam seviyesine ula\u015fmam\u0131\u015f ve y\u00fcksek enflasyonlu \u00fclkelerde ise Merkez Bankalar\u0131n\u0131n \u00f6nceli\u011fi enflasyonu d\u00fc\u015f\u00fcrerek fiyat istikrar\u0131na ula\u015f\u0131lmas\u0131 oluyor.<\/span><\/p>  <p><span class=\"large\"><strong>2. K\u00dcRESEL KR\u0130Z HEPS\u0130N\u0130 ETK\u0130LED\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel kriz sonras\u0131 olu\u015fan ko\u015fullar i\u00e7inde Merkez Bankalar\u0131n\u0131n y\u00fck\u00fc veya g\u00f6revleri artt\u0131. Geli\u015fmi\u015f \u00fclke Merkez Bankalar\u0131 resesyondan \u00e7\u0131k\u0131\u015fa, \u00e7ok bor\u00e7lu \u00fclkeler i\u00e7in bor\u00e7lanma alan\u0131 yaratmaya, kal\u0131c\u0131 b\u00fcy\u00fcmeye d\u00f6n\u00fc\u015fe ve deflasyonu alt etmeye y\u00f6nelmi\u015fken, geli\u015fen \u00fclke Merkez Bankalar\u0131 daha \u00e7ok finansal istikrar\u0131 sa\u011flamaya \u00f6ncelik verdi. \u00c7\u00fcnk\u00fc geli\u015fmi\u015f \u00fclke Merkez Bankalar\u0131n\u0131n k\u00fcresel kriz sonras\u0131 uygulad\u0131klar\u0131 ve ola\u011fan olmayan geni\u015fletici para politikas\u0131 ile k\u00fcresel mali dalgalanmalar artt\u0131. Geli\u015fen \u00fclke Merkez Bankalar\u0131 da tsunami etkisi olu\u015fturan mali dalgalanmalar\u0131n etkilerini y\u00f6netmeye \u00e7al\u0131\u015f\u0131rken, enflasyonu ikinci plana b\u0131rakmak zorunda kald\u0131.<\/span><\/p>  <p><span class=\"large\"><strong>3. MB\u2019N\u0130N DE Y\u00dcK\u00dc ARTTI<\/strong><\/span><\/p>  <p><span class=\"large\">TC Merkez Bankas\u0131 2001 krizi sonras\u0131 ba\u011f\u0131ms\u0131zl\u0131k sa\u011flayan kanuni d\u00fczenleme ard\u0131ndan sadece fiyat istikrar\u0131na odaklanm\u0131\u015f, bunun i\u00e7in enflasyon hedeflemesi politikas\u0131n\u0131 kullanm\u0131\u015f ve enflasyonu 2006\u2019da tek haneye indirmi\u015fti. Ard\u0131ndan ya\u015fanan k\u00fcresel kriz sonras\u0131nda Merkez Bankas\u0131 sermaye giri\u015flerinin tehdit etti\u011fi finansal istikrara da odakland\u0131. 2011 y\u0131l\u0131ndan itibaren ise \u2018b\u00fcy\u00fcmede dengelenme\u2019 politikas\u0131 izleyerek ekonomik b\u00fcy\u00fcmeyi de do\u011frudan hedefleri i\u00e7ine ald\u0131. Merkez Bankas\u0131\u2019n\u0131n ayn\u0131 anda \u00fc\u00e7 hedefe birden y\u00f6nelmesi do\u011fal olarak esas i\u015flevi olan fiyat istikrar\u0131 sa\u011flanmas\u0131nda s\u0131k\u0131nt\u0131 do\u011furdu. Nitekim k\u00fcresel \u00f6l\u00e7ekte deflasyon ya\u015fan\u0131rken, T\u00fcrkiye\u2019de enflasyon h\u0131zla y\u00fckseldi, fiyat davran\u0131\u015flar\u0131 bozuldu.<\/span><\/p>  <p><span class=\"large\"><strong>4. F\u0130YAT \u0130ST\u0130KRARINA ODAKLANMALI<\/strong><\/span><\/p>  <p><span class=\"large\">TC Merkez Bankas\u0131\u2019n\u0131n \u00e7oklu hedef g\u00f6zetmesi enflasyonda ba\u015far\u0131l\u0131 olma \u015fans\u0131n\u0131 azalt\u0131yor. Y\u00fcksek enflasyon varken, finansal istikrar\u0131, daha d\u00fc\u015f\u00fck faizleri ve daha h\u0131zl\u0131 b\u00fcy\u00fcmeyi sa\u011flamak m\u00fcmk\u00fcn de\u011fil. Bu nedenle TC Merkez Bankas\u0131 yeniden enflasyon hedeflemesi politikas\u0131n\u0131 kullanarak fiyat istikrar\u0131na odaklanmal\u0131. Nitekim k\u00fcresel kriz sonras\u0131 olu\u015fan ola\u011fan\u00fcst\u00fc ko\u015fullar kademeli olarak ortadan kalk\u0131yor. TC Merkez Bankas\u0131 da kademeli olarak para politikas\u0131n\u0131 sadele\u015ftirmeli ve daha y\u00fcksek reel faizler uygulamaktan ka\u00e7\u0131nmamal\u0131d\u0131r.<\/span><\/p>  <p><span class=\"large\"><strong>Son S\u00f6z;<\/strong> Fiyat istikrar\u0131n\u0131 sa\u011flamadan s\u00fcrd\u00fcr\u00fclebilir ve h\u0131zl\u0131 b\u00fcy\u00fcmeyi sa\u011flamak m\u00fcmk\u00fcn de\u011fildir.<\/span><\/p>  \t\t\t\t","slug":"merkez-bankasinin-politika-secenekleri","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 Bankas\u0131\u2019n\u0131n politika se\u00e7enekleri","meta_description":"Dr. Can G\u00fcrlesel","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":92,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}