{"status":true,"post":{"id":33698,"user_id":2,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 21:27:14","created_at":"2022-06-23T21:00:00.000000Z","updated_at":"2022-10-24T18:27:14.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":33698,"is_featured":0,"title":"ABD para politikalar\u0131, geli\u015fmekte olan \u00fclkeler ve \u00c7in","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 style=\"text-align: right;\"><span class=\"large\"><strong>FAT\u0130H OKTAY<\/strong><\/span><br><span class=\"large\"> <strong><\/strong><\/span><\/p>  <p><span class=\"large\">ABD ekonomisindeki daralma ve geni\u015flemelere kar\u015f\u0131 uygulanan para politikalar\u0131, \u00e7o\u011fu geli\u015fmekte olan ekonomi i\u00e7in b\u00fcy\u00fck bir istikrars\u0131zl\u0131k kayna\u011f\u0131 olu\u015fturuyor. ABD ekonomisinde kriz d\u00f6nemlerinde uygulanan parasal geni\u015fleme programlar\u0131 \u00e7er\u00e7evesinde faiz oranlar\u0131n\u0131n d\u00fc\u015fmesi, geli\u015fmekte olan \u00fclkelere do\u011fru b\u00fcy\u00fck boyutlu sermaye ak\u0131\u015flar\u0131na yol a\u00e7\u0131yor. Bu sermaye ak\u0131\u015flar\u0131 \u00fclke paralar\u0131n\u0131n de\u011ferlenmesi, \u00fclke faiz oranlar\u0131n\u0131n d\u00fc\u015fmesi, borsalar\u0131n\u0131n canlanmas\u0131na yol a\u00e7\u0131yor. Bu ko\u015fullar alt\u0131nda bu \u00fclkelerde yabanc\u0131 para cinsinden bor\u00e7lanma da y\u00fcksek d\u00fczeylere \u00e7\u0131k\u0131yor. ABD ekonomisinde krizden \u00e7\u0131k\u0131\u015f ba\u015flad\u0131\u011f\u0131nda parasal geni\u015fleme yava\u015flay\u0131p daralmaya d\u00f6n\u00fc\u015f\u00fcp faiz oranlar\u0131 artmaya ba\u015flay\u0131nca da, bu \u00fclkelerden sermaye \u00e7\u0131k\u0131\u015flar\u0131 ba\u015fl\u0131yor ve i\u015fler tersine d\u00f6n\u00fcyor. \u00dclke paras\u0131yla yap\u0131lm\u0131\u015f yat\u0131r\u0131mlar\u0131n d\u00f6vize d\u00f6n\u00fc\u015ft\u00fcr\u00fclerek \u00e7\u0131k\u0131\u015f\u0131, d\u00f6viz kurlar\u0131 ve faiz oranlar\u0131nda art\u0131\u015flara, hisse senedi fiyatlar\u0131nda da d\u00fc\u015f\u00fc\u015flere yol a\u00e7\u0131yor. D\u00f6viz kurundaki art\u0131\u015flar\u0131n, bolluk d\u00f6neminde artm\u0131\u015f olan d\u00f6viz cinsinden bor\u00e7lar\u0131n \u015firket ve bireylere olan y\u00fck\u00fcn\u00fc art\u0131rmas\u0131yla ekonomide daralma, d\u00f6viz y\u00fck\u00fcml\u00fcl\u00fcklerini kapatma \u00e7abas\u0131yla da d\u00f6viz cephesinde s\u0131k\u0131nt\u0131lar ba\u015fl\u0131yor.<\/span><\/p>  <p><span class=\"large\"><strong>PARASAL SIKILA\u015eMA<\/strong><\/span><\/p>  <p><span class=\"large\">1980\u2019lerdeki Latin Amerika krizi ve 1997 Asya finansal krizi bu dinamikler i\u00e7inde ya\u015fanm\u0131\u015ft\u0131. ABD ekonomisinde 2000 y\u0131l\u0131 krizi sonras\u0131nda ba\u015flayan ve 2008 krizinde iyice h\u0131zlanan parasal geni\u015flemenin 2013 y\u0131l\u0131ndan sonra durma s\u00fcrecine girmesiyle geli\u015fmekte olan ekonomiler i\u00e7in yine b\u00f6yle bir s\u00fcre\u00e7 ba\u015flam\u0131\u015f ama ABD ekonomisinin 2007 krizinden tam \u00e7\u0131kamamas\u0131 nedeniyle ivme kazanmam\u0131\u015ft\u0131. ABD para politikas\u0131n\u0131n ara hedefi bankalar aras\u0131 gecelik bor\u00e7lanma faizleri ancak 2016 y\u0131l\u0131 ba\u015flar\u0131nda y\u00fckselmeye ba\u015flam\u0131\u015f, bu sefer de bir s\u00fcre sonra Covid kriziyle parasal bolla\u015fma ve d\u00fc\u015f\u00fck faiz politikas\u0131na d\u00f6n\u00fclm\u00fc\u015ft\u00fc. \u015eimdi tam kapasiteye yak\u0131n durumdaki ABD ekonomisiyle ve ivmelenen enflasyon verileriyle, bu sefer kararl\u0131 bir parasal s\u0131k\u0131la\u015fmaya gidiliyor ve geli\u015fmekte olan ekonomiler i\u00e7in s\u0131k\u0131nt\u0131l\u0131 g\u00fcnler ba\u015fl\u0131yor.<\/span><\/p>  <p><span class=\"large\">\u00c7in ekonomisi, ABD ekonomisindeki bu dalgalanmalardan pek etkilenmiyor. Bunun bir nedeni, \u00e7ok yak\u0131n zamana kadar yabanc\u0131lar i\u00e7in d\u00f6viz bozdurup RMB sat\u0131n alman\u0131n, \u00c7in\u2019de bankaya yat\u0131rman\u0131n, ki\u015fi ve kurulu\u015flara bor\u00e7 vermenin, \u00fclke tahvil ve hisse senetlerine yat\u0131r\u0131m yapman\u0131n neredeyse olanaks\u0131z olmas\u0131yd\u0131. 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\u015fletiyorsa da \u00c7in ekonomisi h\u00e2l\u00e2 d\u0131\u015f kaynak hareketlerinden olduk\u00e7a yal\u0131t\u0131lm\u0131\u015f durumda. Dolay\u0131s\u0131yla bunlardan pek etkilenmiyor.<\/span><\/p>  <p><span class=\"large\"><strong>YATIRIM-TASARRUF DENGES\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">Ama i\u015fin esas s\u0131rr\u0131, yat\u0131r\u0131m-tasarruf veya \u00fcretim-harcama dengelerinde yat\u0131yor. \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 tan\u0131yor. Ayn\u0131 \u015feyi farkl\u0131 \u015fekilde s\u00f6ylersek, \u00c7in\u2019in toplam \u00fcretimi, \u00fclkedeki t\u00fcketim ve yat\u0131r\u0131m harcamalar\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 kayna\u011fa mahk\u00fbm de\u011fil.<\/span><\/p>  <p><span class=\"large\">\u00c7in gibi sermaye hareketi kontrol\u00fc uygulamasalar da geli\u015fmekte olan ekonomiler d\u0131\u015f kayna\u011fa ne kadar \u00e7ok ba\u011fl\u0131ysalar ABD ekonomisindeki sal\u0131n\u0131mlardan o kadar etkileniyorlar. Geli\u015fmekte olan ekonomiler i\u00e7in bu s\u0131k\u0131nt\u0131l\u0131 d\u00f6ng\u00fclerden kurtulman\u0131n yolu, \u00fclke ekonomilerinde kamu ve \u00f6zel sekt\u00f6r harcamalar\u0131n\u0131 \u00fcretim kapasitesi ve rekabet g\u00fcc\u00fcn\u00fc art\u0131racak alanlara y\u00f6nlendiren devlet politikalar\u0131ndan ge\u00e7iyor.<\/span><\/p>  \t\t\t\t","slug":"abd-para-politikalari-gelismekte-olan-ulkeler-ve-cin","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"ABD para politikalar\u0131, geli\u015fmekte olan \u00fclkeler ve \u00c7in","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":1077,"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":33797,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":33698,"locale":"tr","category_id":73,"title":"ABD para politikalar\u0131, geli\u015fmekte olan \u00fclkeler ve \u00c7in","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 style=\"text-align: right;\"><span class=\"large\"><strong>FAT\u0130H OKTAY<\/strong><\/span><br><span class=\"large\"> <strong><\/strong><\/span><\/p>  <p><span class=\"large\">ABD ekonomisindeki daralma ve geni\u015flemelere kar\u015f\u0131 uygulanan para politikalar\u0131, \u00e7o\u011fu geli\u015fmekte olan ekonomi i\u00e7in b\u00fcy\u00fck bir istikrars\u0131zl\u0131k kayna\u011f\u0131 olu\u015fturuyor. ABD ekonomisinde kriz d\u00f6nemlerinde uygulanan parasal geni\u015fleme programlar\u0131 \u00e7er\u00e7evesinde faiz oranlar\u0131n\u0131n d\u00fc\u015fmesi, geli\u015fmekte olan \u00fclkelere do\u011fru b\u00fcy\u00fck boyutlu sermaye ak\u0131\u015flar\u0131na yol a\u00e7\u0131yor. Bu sermaye ak\u0131\u015flar\u0131 \u00fclke paralar\u0131n\u0131n de\u011ferlenmesi, \u00fclke faiz oranlar\u0131n\u0131n d\u00fc\u015fmesi, borsalar\u0131n\u0131n canlanmas\u0131na yol a\u00e7\u0131yor. Bu ko\u015fullar alt\u0131nda bu \u00fclkelerde yabanc\u0131 para cinsinden bor\u00e7lanma da y\u00fcksek d\u00fczeylere \u00e7\u0131k\u0131yor. ABD ekonomisinde krizden \u00e7\u0131k\u0131\u015f ba\u015flad\u0131\u011f\u0131nda parasal geni\u015fleme yava\u015flay\u0131p daralmaya d\u00f6n\u00fc\u015f\u00fcp faiz oranlar\u0131 artmaya ba\u015flay\u0131nca da, bu \u00fclkelerden sermaye \u00e7\u0131k\u0131\u015flar\u0131 ba\u015fl\u0131yor ve i\u015fler tersine d\u00f6n\u00fcyor. \u00dclke paras\u0131yla yap\u0131lm\u0131\u015f yat\u0131r\u0131mlar\u0131n d\u00f6vize d\u00f6n\u00fc\u015ft\u00fcr\u00fclerek \u00e7\u0131k\u0131\u015f\u0131, d\u00f6viz kurlar\u0131 ve faiz oranlar\u0131nda art\u0131\u015flara, hisse senedi fiyatlar\u0131nda da d\u00fc\u015f\u00fc\u015flere yol a\u00e7\u0131yor. D\u00f6viz kurundaki art\u0131\u015flar\u0131n, bolluk d\u00f6neminde artm\u0131\u015f olan d\u00f6viz cinsinden bor\u00e7lar\u0131n \u015firket ve bireylere olan y\u00fck\u00fcn\u00fc art\u0131rmas\u0131yla ekonomide daralma, d\u00f6viz y\u00fck\u00fcml\u00fcl\u00fcklerini kapatma \u00e7abas\u0131yla da d\u00f6viz cephesinde s\u0131k\u0131nt\u0131lar ba\u015fl\u0131yor.<\/span><\/p>  <p><span class=\"large\"><strong>PARASAL SIKILA\u015eMA<\/strong><\/span><\/p>  <p><span class=\"large\">1980\u2019lerdeki Latin Amerika krizi ve 1997 Asya finansal krizi bu dinamikler i\u00e7inde ya\u015fanm\u0131\u015ft\u0131. ABD ekonomisinde 2000 y\u0131l\u0131 krizi sonras\u0131nda ba\u015flayan ve 2008 krizinde iyice h\u0131zlanan parasal geni\u015flemenin 2013 y\u0131l\u0131ndan sonra durma s\u00fcrecine girmesiyle geli\u015fmekte olan ekonomiler i\u00e7in yine b\u00f6yle bir s\u00fcre\u00e7 ba\u015flam\u0131\u015f ama ABD ekonomisinin 2007 krizinden tam \u00e7\u0131kamamas\u0131 nedeniyle ivme kazanmam\u0131\u015ft\u0131. ABD para politikas\u0131n\u0131n ara hedefi bankalar aras\u0131 gecelik bor\u00e7lanma faizleri ancak 2016 y\u0131l\u0131 ba\u015flar\u0131nda y\u00fckselmeye ba\u015flam\u0131\u015f, bu sefer de bir s\u00fcre sonra Covid kriziyle parasal bolla\u015fma ve d\u00fc\u015f\u00fck faiz politikas\u0131na d\u00f6n\u00fclm\u00fc\u015ft\u00fc. \u015eimdi tam kapasiteye yak\u0131n durumdaki ABD ekonomisiyle ve ivmelenen enflasyon verileriyle, bu sefer kararl\u0131 bir parasal s\u0131k\u0131la\u015fmaya gidiliyor ve geli\u015fmekte olan ekonomiler i\u00e7in s\u0131k\u0131nt\u0131l\u0131 g\u00fcnler ba\u015fl\u0131yor.<\/span><\/p>  <p><span class=\"large\">\u00c7in ekonomisi, ABD ekonomisindeki bu dalgalanmalardan pek etkilenmiyor. Bunun bir nedeni, \u00e7ok yak\u0131n zamana kadar yabanc\u0131lar i\u00e7in d\u00f6viz bozdurup RMB sat\u0131n alman\u0131n, \u00c7in\u2019de bankaya yat\u0131rman\u0131n, ki\u015fi ve kurulu\u015flara bor\u00e7 vermenin, \u00fclke tahvil ve hisse senetlerine yat\u0131r\u0131m yapman\u0131n neredeyse olanaks\u0131z olmas\u0131yd\u0131. 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\u015fletiyorsa da \u00c7in ekonomisi h\u00e2l\u00e2 d\u0131\u015f kaynak hareketlerinden olduk\u00e7a yal\u0131t\u0131lm\u0131\u015f durumda. Dolay\u0131s\u0131yla bunlardan pek etkilenmiyor.<\/span><\/p>  <p><span class=\"large\"><strong>YATIRIM-TASARRUF DENGES\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">Ama i\u015fin esas s\u0131rr\u0131, yat\u0131r\u0131m-tasarruf veya \u00fcretim-harcama dengelerinde yat\u0131yor. \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 tan\u0131yor. Ayn\u0131 \u015feyi farkl\u0131 \u015fekilde s\u00f6ylersek, \u00c7in\u2019in toplam \u00fcretimi, \u00fclkedeki t\u00fcketim ve yat\u0131r\u0131m harcamalar\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 kayna\u011fa mahk\u00fbm de\u011fil.<\/span><\/p>  <p><span class=\"large\">\u00c7in gibi sermaye hareketi kontrol\u00fc uygulamasalar da geli\u015fmekte olan ekonomiler d\u0131\u015f kayna\u011fa ne kadar \u00e7ok ba\u011fl\u0131ysalar ABD ekonomisindeki sal\u0131n\u0131mlardan o kadar etkileniyorlar. Geli\u015fmekte olan ekonomiler i\u00e7in bu s\u0131k\u0131nt\u0131l\u0131 d\u00f6ng\u00fclerden kurtulman\u0131n yolu, \u00fclke ekonomilerinde kamu ve \u00f6zel sekt\u00f6r harcamalar\u0131n\u0131 \u00fcretim kapasitesi ve rekabet g\u00fcc\u00fcn\u00fc art\u0131racak alanlara y\u00f6nlendiren devlet politikalar\u0131ndan ge\u00e7iyor.<\/span><\/p>  \t\t\t\t","slug":"abd-para-politikalari-gelismekte-olan-ulkeler-ve-cin","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":"ABD para politikalar\u0131, geli\u015fmekte olan \u00fclkeler ve \u00c7in","meta_description":"FAT\u0130H OKTAY","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":1077,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}