{"id":4619,"date":"2023-05-29T10:38:36","date_gmt":"2023-05-29T07:38:36","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=4619"},"modified":"2025-07-20T04:20:27","modified_gmt":"2025-07-20T01:20:27","slug":"abd-ingiltere-ve-almanyanin-para-politikalarina-yonelik-izlenimler","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/abd-ingiltere-ve-almanyanin-para-politikalarina-yonelik-izlenimler\/","title":{"rendered":"ABD, \u0130ngiltere ve Almanya\u2019n\u0131n Para Politikalar\u0131na Yo\u0308nelik \u0130zlenimler"},"content":{"rendered":"

ABD<\/h2>\n

ABD para politikalar\u0131<\/a>, Federal Rezerv Bankas\u0131 (FED)<\/a> taraf\u0131ndan yu\u0308ru\u0308tu\u0308lmektedir. Amerika\u2019da banka rezervlerinin kontrolu\u0308 temel olarak ac\u0327\u0131k piyasa is\u0327lemleriyle yap\u0131lmaktad\u0131r. FED genelde (DI\u0307BS) devlet ic\u0327 borc\u0327lanma senetlerini ikincil piyasalara kulland\u0131rmakta, faiz oranlar\u0131n\u0131 bozmadan rezervleri sisteme ekleme ya da sistemden c\u0327ekme olanag\u0306\u0131 bulmaktad\u0131r. DI\u0307BS\u2019 lerin dog\u0306rudan sat\u0131s\u0327lar\u0131 kal\u0131c\u0131 etki yaratt\u0131g\u0306\u0131ndan, genellikle y\u0131l ic\u0327inde piyasada on ya da daha az say\u0131da dog\u0306rudan sat\u0131s\u0327 yapmakta, gu\u0308nlu\u0308k likidite kontrolu\u0308nu\u0308 o\u0308zellikle repo ve ters repo is\u0327lemleriyle yu\u0308ru\u0308tmektedir (Akc\u0327ay, 1997, s. 43). ABD\u2019 de FED para politikas\u0131 uygulamas\u0131nda ac\u0327\u0131k piyasa is\u0327lemlerini esnek bir yap\u0131yla kullanmakta, bankac\u0131l\u0131k sisteminin rezerv seviyesini, k\u0131sa vadeli faiz oran\u0131 deg\u0306is\u0327imleriyle de para arz\u0131n\u0131 kontrol etmektedir. Para politikas\u0131 olarak zorunlu kars\u0327\u0131l\u0131klar arac\u0131n\u0131 da kullanan FED, iki haftal\u0131k do\u0308nemler itibariyle kars\u0327\u0131l\u0131k tutarlar\u0131n\u0131 hesaplamakta ve zorunlu kars\u0327\u0131l\u0131k oranlar\u0131n\u0131 nadiren deg\u0306is\u0327tirmekte, kredi faiz oran\u0131 olan reeskont oran\u0131 maliyetleri etkiledig\u0306inden, rezerv bankalar\u0131n\u0131n yo\u0308neticileri ile iki haftada bir toplanmakta belirlenen oranlar, kurulun onay\u0131 ile uygulanmaktad\u0131r (Akc\u0327ay, 1997, s. 48).<\/p>\n

Literatu\u0308rde, miktarsal genis\u0327leme politikas\u0131n\u0131 uygulayan ilk u\u0308lke Japonya olmakla birlikte, bu politikay\u0131 en etkin kullanan ve kullan\u0131m sonucunda verim alan u\u0308lkenin ABD oldug\u0306u go\u0308ru\u0308lmektedir. Bunun nedeni ise; Japonya Merkez Bankas\u0131n\u0131n uygulam\u0131s\u0327 oldug\u0306u parasal genis\u0327leme politikas\u0131 dog\u0306rultusunda yapm\u0131s\u0327 oldug\u0306u al\u0131mlar daha c\u0327ok kamu taraf\u0131ndan ihrac\u0327 edilen menkul k\u0131ymetler ve prestijli o\u0308zel sekto\u0308r varl\u0131klar\u0131 ile s\u0131n\u0131rl\u0131 kalmas\u0131d\u0131r. Oysaki FED parasal genis\u0327leme program\u0131n\u0131 u\u0308c\u0327 as\u0327amada uygulam\u0131s\u0327 ve uygulad\u0131g\u0306\u0131 miktar\u0131 piyasadan ald\u0131g\u0306\u0131 beklentiler ve olumlu do\u0308nu\u0308s\u0327ler neticesinde gerc\u0327ekles\u0327tirmis\u0327tir. 2008 y\u0131l\u0131nda Lehman Brother\u2019s (Ek 2) <\/em>c\u0327o\u0308ku\u0308s\u0327u\u0308nden sonra miktarsal genis\u0327leme politikas\u0131n\u0131 en etkin kullanan u\u0308lke konumunda olan ABD, bu su\u0308rec\u0327 ic\u0327erisinde QE1, QE2 ve QE3 (Ek 3) <\/em>olmak u\u0308zere c\u0327es\u0327itli zamanlarda ve miktarlarda uygulamaya koymus\u0327tur.<\/p>\n

QE1 program\u0131ndan istedig\u0306i sonucu alamayan FED, bu program\u0131n devam\u0131 nitelig\u0306inde Kas\u0131m 2010 tarihinde QE2 ad\u0131 verilen yeni bir parasal genis\u0327leme ile devam ederek <\/em>toplamda 600 milyar dolarl\u0131k tahvil al\u0131m\u0131 gerc\u0327ekles\u0327tirerek, ilgili program\u0131 2011 Temmuz tarihinde sonland\u0131rm\u0131s\u0327t\u0131r (Eg\u0306ilmez, 2012, s. 1).<\/p>\n

En son Eylu\u0308l 2012 tarihinde uygulamaya konulan QE3 kapsam\u0131nda ekonomi du\u0308zelene kadar her ay 40 milyar dolar ipoteg\u0306e dayal\u0131 tahvil ve 45 milyar dolar hazine tahvili alarak toplamda 85 milyar dolarl\u0131k varl\u0131k al\u0131m\u0131 yaparak miktarsal genis\u0327leme program\u0131n\u0131 sonland\u0131rm\u0131s\u0327t\u0131r. Bu uygulanan program neticesinde FED bilanc\u0327osunun aktif bu\u0308yu\u0308klu\u0308g\u0306u\u0308 3 kat artarak yaklas\u0327\u0131k 4, 5 trilyon dolara yu\u0308kselmis\u0327tir (Eg\u0306ilmez, 2012, s. 1).<\/p>\n

Bununla birlikte, FED 2016 Ekim ay\u0131 toplant\u0131 sonucunda QE3 program\u0131n\u0131n ay sonunda sonlanacag\u0306\u0131n\u0131, politika faizini kayda deg\u0306er bir su\u0308re daha 0-0,25 aras\u0131nda tutacag\u0306\u0131n\u0131 belirtmis\u0327tir. Yap\u0131lan Federal Ac\u0327\u0131k Piyasa Komitesi sonucunda ayr\u0131ca, ABD ekonomisinin o\u0308lc\u0327u\u0308lu\u0308 bir bu\u0308yu\u0308me go\u0308sterdig\u0306i, is\u0327gu\u0308cu\u0308 piyasas\u0131n\u0131n da gu\u0308c\u0327lu\u0308 istihdam art\u0131s\u0327\u0131 ve du\u0308s\u0327en is\u0327sizlik oran\u0131yla biraz daha iyiles\u0327tig\u0306ini belirterek parasal genis\u0327leme politikas\u0131na son s\u0327eklini sunuldug\u0306u go\u0308ru\u0308lmektedir.<\/p>\n

FED toplant\u0131lar\u0131nda da bu\u0308yu\u0308k bir o\u0308neme haiz olan enflasyon rakamlar\u0131 ilerleyen do\u0308nemlerde yol go\u0308sterici bir veri olarak kabul edilebilecektir. Bununla beraber, niceliksel genis\u0327lemenin yaratm\u0131s\u0327 oldug\u0306u likidite bollug\u0306unun yeni bir balon yarat\u0131p yaratmayacag\u0306\u0131 ise uygulayacak politikalar ve piyasalara duyulan gu\u0308venin yeniden tesis edilmesi ileilerleyen do\u0308nemlerde go\u0308zlemlenebileceg\u0306i deg\u0306erlendirilmektedir.<\/p>\n

I\u0307ngiltere<\/h2>\n

I\u0307ngiltere mali disiplini genel olarak, derin finansal piyasalar, pozitif reel faiz oranlar\u0131, likidite ac\u0327\u0131k ve fazlalar\u0131n\u0131 dengeleyici iskonto kurumlar\u0131, nihai bas\u0327vuru kaynag\u0306\u0131 olarak reeskont kredileri, du\u0308s\u0327u\u0308k oranl\u0131 mevduat munzam kars\u0327\u0131l\u0131klar\u0131 ve etkin olarak kullan\u0131lan ac\u0327\u0131k piyasa is\u0327lemlerinden olus\u0327maktad\u0131r (Akc\u0327ay, 1997, s. 37).<\/p>\n

I\u0307ngiltere BoE (Bank of England)<\/a>, para politikas\u0131 amac\u0327lar\u0131na ulas\u0327mada ac\u0327\u0131k piyasa is\u0327lemlerini en etkin bir s\u0327ekilde kullan\u0131rken zorunlu kars\u0327\u0131l\u0131k uygulamas\u0131n\u0131 en du\u0308s\u0327u\u0308k seviyede tutmakta, reeskont kredilerini ve faiz oranlar\u0131n\u0131 sistemde politika deg\u0306is\u0327iklerine yo\u0308n vermek ic\u0327in kullanmaktad\u0131r (Akc\u0327ay, 1997, s. 37).<\/p>\n

I\u0307ngiltere 1973 y\u0131l\u0131 bas\u0327lang\u0131c\u0131 ile para stoku (M3) tabanl\u0131 istikrar politikas\u0131 uygulam\u0131s\u0327t\u0131r. 1980\u2019de ilan edilen Orta Vadeli Mali Strateji Program\u0131 kapsam\u0131nda 1980- 1981 do\u0308nemi %7-11 aral\u0131g\u0306\u0131nda hedeflenen M3 art\u0131s\u0327 h\u0131z\u0131n\u0131n 1983-1984 do\u0308neminde %4-8 aral\u0131g\u0306\u0131na du\u0308s\u0327u\u0308ru\u0308lmesi o\u0308ngo\u0308ru\u0308lmu\u0308s\u0327tu\u0308r. Parasal gelir ve parasal bu\u0308yu\u0308klu\u0308kler aras\u0131ndaki ilis\u0327kinin zay\u0131flamas\u0131 sonucu so\u0308z konusu hedef sag\u0306lanamam\u0131s\u0327 ve 1986 y\u0131l\u0131 ile parasal hedefleme politikas\u0131 terkedilmis\u0327tir. 1987 y\u0131l\u0131 itibariyle informel s\u0327ekilde do\u0308viz kurun parasal c\u0327\u0131pa olarak kullanan I\u0307ngiltere, bu programla da bas\u0327ar\u0131 elde edememis\u0327tir. 1990 Ekim\u2019de Avrupa do\u0308viz kuru mekanizmas\u0131na dahil olunmas\u0131 ile formel olarak do\u0308viz kuru hedeflemesi uygulan\u0131r olmus\u0327tur (Yig\u0306it, 2006, s. 55-59).<\/p>\n

1992 Eylu\u0308l\u2019u\u0308n de Kara C\u0327ars\u0327amba olarak bilinen do\u0308viz kuru krizi sonucunda Paund %10 oran\u0131nda devalu\u0308e edilmis\u0327 ve do\u0308viz kuru mekanizmas\u0131na da\u0302hil olan u\u0308lkelerin faiz oranlar\u0131n\u0131 yu\u0308kseltmelerine yol ac\u0327m\u0131s\u0327t\u0131r. I\u0307ngiltere ise faiz oranlar\u0131n\u0131 artt\u0131rmam\u0131s\u0327 ve Avrupa do\u0308viz kuru mekanizmas\u0131ndan d\u0131s\u0327lanarak Paund\u2019u dalgalanmaya b\u0131rakm\u0131s\u0327t\u0131r. Bu durumkars\u0327\u0131s\u0131nda I\u0307ngiltere, para politikalar\u0131na olan gu\u0308veni tekrar tahsis etmek ve alternatif parasal bir c\u0327\u0131pa sag\u0306lamak ad\u0131na Yeni Zelanda ve Kanada\u2019n\u0131n bas\u0327ar\u0131 elde ettig\u0306i enflasyon hedeflemesi stratejisine olumlu yaklas\u0327m\u0131s\u0327 ve 8 Ekim 1992 tarihinde enflasyon hedeflemesi stratejisine gec\u0327tig\u0306ini ac\u0327\u0131klam\u0131s\u0327t\u0131r (Bernanke, 1999). TU\u0308FE\u2019den ipotek faizleri c\u0327\u0131kar\u0131lmas\u0131 ile elde edilen endekse %1-4 aral\u0131g\u0306\u0131nda hedef koyan I\u0307ngiltere Merkez Bankas\u0131 1993 S\u0327ubat\u2019ta ilk enflasyon raporunu yay\u0131nlam\u0131s\u0327 ve y\u0131lda do\u0308rt sefer yay\u0131nlamak suretiyle geleceg\u0306e yo\u0308nelik enflasyon tahminlerini de kamuoyu ile paylas\u0327m\u0131s\u0327t\u0131r (Yig\u0306it, 2006, s. 55-59).<\/p>\n

Bankalar\u0131n k\u0131sa vadeli borc\u0327lanmalar\u0131n\u0131 gerc\u0327ekles\u0327tirildig\u0306i para piyasalar\u0131 bu iletim mekanizmas\u0131n\u0131n o\u0308nemli bir parc\u0327as\u0131d\u0131r. Ancak, 2008\u20132009 finansal krizinde bankalar aras\u0131 para piyasalar\u0131 ciddi bir s\u0327ekilde bozulmus\u0327 ve Merkez Bankas\u0131\u2019nca politika faiz oranlar\u0131n\u0131n alt s\u0131n\u0131r\u0131n\u0131 du\u0308s\u0327u\u0308ru\u0308lerek geleneksel para politikas\u0131 arac\u0327lar\u0131 yog\u0306un bir s\u0327ekilde kullan\u0131lm\u0131s\u0327t\u0131r (Akt; Y\u0131lmaz, 2015, s. 36; Bank of England, 2013).<\/p>\n

Bu eksende kald\u0131rac\u0327 oran\u0131 art\u0131r\u0131l\u0131rken, faiz oran\u0131 %15\u2019 ten %5 \u2018e gerilemesi firmalar\u0131n daha fazla borc\u0327lanmas\u0131 sorununu ortaya c\u0327\u0131karm\u0131s\u0327 kald\u0131rac\u0327 oran\u0131n\u0131 daha da artmas\u0131na sebep oldug\u0306u gibi varl\u0131k fiyatlar\u0131nda keskin du\u0308s\u0327u\u0308s\u0327 ve belirsizlik ortam\u0131 yaratarak iflaslara yol ac\u0327m\u0131s\u0327t\u0131r. Bu do\u0308nemde I\u0307ngiltere gecelik faiz oran\u0131n\u0131 %3\u2019ten %5\u2019e yu\u0308kseltmis\u0327 bankalar aras\u0131 borc\u0327 vermeyi kolaylas\u0327t\u0131rarak piyasadaki likiditeyi art\u0131rm\u0131s\u0327t\u0131r. Uygulad\u0131g\u0306\u0131 para politikalar\u0131yla piyasaya mu\u0308dahale etmis\u0327tir (Ku\u0308c\u0327u\u0308kbak\u0131rc\u0131, 2019, s. 40).<\/p>\n

2009 Y\u0131l\u0131nda GSYI\u0307H %4,9 daralan I\u0307ngiltere<\/a> 2010 y\u0131l\u0131nda resesyondan c\u0327\u0131km\u0131s\u0327, du\u0308nya enerji sekto\u0308ru\u0308nde ki fiyatlar\u0131n gerilemesiyle u\u0308lke ekonomisi iyiles\u0327me su\u0308recine girmesine rag\u0306men s\u0131k\u0131 para politikas\u0131 uygulamas\u0131 devam etmis\u0327tir.<\/p>\n

I\u0307ngiltere Merkez Bankas\u0131, genel olarak olag\u0306an zamanlarda geleneksel para politikas\u0131 arac\u0327lar\u0131ndan k\u0131sa vadeli faiz oran\u0131n\u0131 kullanmaktad\u0131r. Merkez bankas\u0131 likiditeyi ve faiz oranlar\u0131n\u0131 deg\u0306is\u0327tirmek amac\u0327l\u0131 ac\u0327\u0131k piyasa is\u0327lemlerini kullanmaktad\u0131r. Bunun yan\u0131 s\u0131ra faiz oranlar\u0131yla banka kredileri ve mevduat oranlar\u0131 deg\u0306is\u0327tirilebilmektedir (Y\u0131lmaz,2015, s. 37).<\/p>\n

AB u\u0308yelig\u0306inden ayr\u0131lma karar\u0131 alan I\u0307ngiltere komisyonla go\u0308ru\u0308s\u0327melerine devam etmektedir, asl\u0131nda ortak para birimine gec\u0327memis\u0327 olmas\u0131 birlig\u0306e kars\u0327\u0131 mesafeli durus\u0327u Brexit karar\u0131n\u0131n gec\u0327mis\u0327ini olus\u0327turmaktad\u0131r (Aras ve Gu\u0308nar, 2018, s. 94).<\/p>\n

Avrupa Birlig\u0306i\u2019nden ayr\u0131lma karar\u0131, u\u0308ye u\u0308lkeler ac\u0327\u0131s\u0131ndan, sosyal, ku\u0308ltu\u0308rel, politik ve ekonomik birc\u0327ok etkileri olacak, oldukc\u0327a o\u0308nemli bir ad\u0131md\u0131r. Nitekim, IMF Du\u0308nya Ekonomik Go\u0308ru\u0308nu\u0308m Raporu\u2019nda (Ekim, 2016, s. 20) Brexit referandumunu takiben olus\u0327an ekonomik, politik ve kurumsal belirsizlig\u0306in, I\u0307ngiltere ve o\u0308zellikle gelis\u0327mis\u0327 Euro- Bo\u0308lgesi ekonomileri ic\u0327in birc\u0327ok negatif makroekonomik sonuc\u0327 dog\u0306uracag\u0306\u0131 endis\u0327esine yer verilmis\u0327 ve izleyen do\u0308nemde Euro-Bo\u0308lgesi ve I\u0307ngiltere\u2019de bu\u0308yu\u0308menin yavas\u0327layacag\u0306\u0131 tahmin edilmis\u0327tir (K\u0131lc\u0131, 2018, s. 2).<\/p>\n

I\u0307ngiltere merkez bankas\u0131 (BoE), 2017 y\u0131l\u0131nda, on y\u0131l aradan sonra ilk faiz art\u0131rarak politika faiz oran\u0131n\u0131 %0,25\u2019ten %0,50\u2019ye yu\u0308kselterek varl\u0131k al\u0131m hedeflerini sabit tutacag\u0306\u0131n\u0131 ve faiz karar\u0131n\u0131n ard\u0131ndan istihdam ve enflasyon rakamlar\u0131ndaki mevcut durumun yan\u0131 s\u0131ra ekonomik bu\u0308yu\u0308me h\u0131z\u0131n\u0131n da ayn\u0131 seyretmesinin hedeflendig\u0306ini ac\u0327\u0131klayan banka, Brexit (Ek 4) <\/em>su\u0308recine rag\u0306men, ku\u0308resel talebin olumlu seyredeceg\u0306ini vurgulasa da bu su\u0308rec\u0327te ekonominin desteklenmesi gerektig\u0306inin alt\u0131n\u0131 c\u0327izmis\u0327tir (Aras ve Gu\u0308nar, 2018, s. 94).<\/p>\n

Almanya<\/h2>\n

Birinci du\u0308nya savas\u0327\u0131 sonras\u0131nda, Almanya\u2019da kars\u0327\u0131las\u0327\u0131lan hiper enflasyon sonras\u0131nda bir tak\u0131m stabilizasyon programlar\u0131 belirlenmis\u0327 ve Reichsbank hu\u0308ku\u0308metten bag\u0306\u0131ms\u0131z oldug\u0306u yasal olarak ortaya konmus\u0327tur. Fakat 1939 y\u0131l\u0131nda Hitler Hu\u0308ku\u0308meti bu karar\u0131 bozarak bankan\u0131n bag\u0306\u0131ms\u0131zl\u0131g\u0306\u0131 konusunda at\u0131lan ileriye do\u0308nu\u0308k ad\u0131mlar\u0131 geri alm\u0131s\u0327t\u0131r. Sonuc\u0327ta gerc\u0327ekles\u0327en bu olaylar sonucunda hiper enflasyonun daha da artmas\u0131 bag\u0306\u0131ms\u0131zl\u0131k konusunun o\u0308nemini k\u0131sa su\u0308rede fark ettirmis\u0327tir.<\/p>\n

1945 y\u0131l\u0131nda Hitler Hu\u0308ku\u0308metinin y\u0131k\u0131lmas\u0131ndan sonra u\u0308lkenin hiper enflasyonundan sorumlu tutulan Reichbank\u2019\u0131n kapat\u0131lm\u0131s\u0327, onun yerine 1957 y\u0131l\u0131nda Bundesbank kurulmus\u0327tur. Sermayesi bu\u0308tu\u0308nu\u0308yle kamuya ait olmas\u0131na kars\u0327\u0131n Bundesbank adeta bag\u0306\u0131ms\u0131zl\u0131k kavram\u0131yla o\u0308zdes\u0327les\u0327mis\u0327tir. Para politikas\u0131n\u0131n formu\u0308lasyonu, para arz\u0131n\u0131n du\u0308zenlenmesi, hedeflerin sec\u0327imi ve hu\u0308ku\u0308mete kredi sag\u0306lama gibi c\u0327ok genis\u0327 yetki sahibi oldug\u0306u so\u0308ylenmektedir.<\/p>\n

Bundesbank, parlamentonun denetiminden bag\u0306\u0131ms\u0131zd\u0131r. Fakat, faaliyetlerinin sonuc\u0327lar\u0131yla ilgili rapor haz\u0131rlamakla yu\u0308ku\u0308mlu\u0308du\u0308r. Ayr\u0131ca hu\u0308ku\u0308mete kaynak sag\u0306lamak amac\u0131yla verilecek kredi limitleri, yasa ile Bundesbank taraf\u0131ndan c\u0327ok kat\u0131 bir s\u0327ekilde s\u0131n\u0131rland\u0131r\u0131lm\u0131s\u0327t\u0131r. Bankan\u0131n hu\u0308ku\u0308mete 6 milyar marktan daha fazla kredi ac\u0327mas\u0131 mu\u0308mku\u0308n deg\u0306ildir.<\/p>\n

Bundesbank para politikas\u0131 arac\u0327lar\u0131n\u0131n sec\u0327iminde ve kullan\u0131lmas\u0131nda, piyasaya mu\u0308dahale arac\u0327lar\u0131n\u0131n belirlenmesinde ve faiz hadlerinin saptanmas\u0131nda yasa ile tam bag\u0306\u0131ms\u0131zl\u0131g\u0306a sahiptir. Ayr\u0131ca, kurumsal bag\u0306\u0131ms\u0131zl\u0131g\u0306\u0131n yan\u0131 s\u0131ra, fonksiyonel bag\u0306\u0131ms\u0131zl\u0131g\u0306a da sahiptir. Gerekli arac\u0327lar\u0131n kullan\u0131m\u0131nda tek bas\u0327\u0131na yetkili oldug\u0306u ic\u0327in konjonktu\u0308re uygun olarak arac\u0327lar\u0131 deg\u0306is\u0327tirip, ekonomik s\u0327artlara uygun arac\u0327 sec\u0327imine gidebilmektedir (Ayd\u0131n, 2014, s. 1167).<\/p>\n

Alman Hu\u0308ku\u0308meti, Merkez Bankas\u0131\u2019na dog\u0306rudan mu\u0308dahalede bulunamamaktad\u0131r. Hu\u0308ku\u0308met maliye politikas\u0131ndan sorumluyken, Bundesbank para politikas\u0131n\u0131n yu\u0308ru\u0308tu\u0308lmesinden sorumludur. Fakat zaman zaman Merkez Bankas\u0131n\u0131n maliye politikas\u0131 u\u0308zerinde etkileri go\u0308ru\u0308lse de hu\u0308ku\u0308metin para politikas\u0131 u\u0308zerinde etkisi go\u0308ru\u0308lmemektedir (Ayd\u0131n, 2014, s. 1167) Bundesbank, gu\u0308nlu\u0308k rezerv yo\u0308netiminde en az aktiviteye sahiptir, repo ihaleleriyle genelde gu\u0308nlu\u0308k likidite ihtiyac\u0327lar\u0131 kars\u0327\u0131lanmakta olup repo ihalesinde teklif edeceg\u0306i o\u0308nceden belirleyerek is\u0327lemlerini gerc\u0327ekles\u0327tirme, zaman zaman ihaledeki faiz oran\u0131n\u0131 sabitleyerek politika o\u0308nceliklerini yo\u0308nlendirmektedir (Akc\u0327ay, 1997, s. 54).<\/p>\n

Reeskont kredilerini para politikas\u0131 arac\u0131 olarak kullanan banka o\u0308nemsiz miktarda DI\u0307BS stoku bulunduran banka parasal taban\u0131 etkilemek amac\u0131yla o\u0308zellikle merkez bankas\u0131 kredileriyle repo is\u0327lemlerini kullanmaktad\u0131r (Akc\u0327ay, 1997, s. 54).<\/p>\n

Almanya\u2019da bankalara tan\u0131nan reeskont kredisi kotalar\u0131 tamamen kullan\u0131ld\u0131g\u0306\u0131 ic\u0327in bankalar\u0131n olag\u0306anu\u0308stu\u0308 rezerv hareketlerine rastlanmamaktad\u0131r. Bundesbank, bu kotalar\u0131n u\u0308zerindeki kredi taleplerinde oldukc\u0327a yu\u0308ksek faiz oran\u0131 uygulamaktad\u0131r. Lombard Kredileri olarak adland\u0131r\u0131lan bu krediler, k\u0131sa do\u0308nem faiz art\u0131s\u0327lar\u0131n\u0131n o\u0308nlemektedir (Akc\u0327ay, 1997, s. 55).<\/p>\n

Avrupa Birlig\u0306i kurucu u\u0308yesi olan Almanya, Avrupa ortak para birimi olan Euro\u2019yu, 1 Ocak 2002 tarihinde resmen kullanmaya bas\u0327lad\u0131. Euro sistemi veya Euro alan\u0131, bir ekonomik ve parasal birlik alan\u0131d\u0131r. Benzer parasal birlik olus\u0327umlar ile k\u0131yasland\u0131g\u0306\u0131nda Euro alan\u0131, yaln\u0131zca ortak para biriminin kullan\u0131ld\u0131g\u0306\u0131 ve ortak para politikas\u0131n\u0131n gec\u0327erli oldug\u0306u parasal birlik alan\u0131 deg\u0306il, ayr\u0131ca u\u0308ye u\u0308lkeler aras\u0131nda makroekonomi politikalar\u0131n\u0131 koordine ederek ve yak\u0131nlas\u0327t\u0131rarak, ekonomi politikalar\u0131 aras\u0131nda uyum sag\u0306lama yo\u0308nu\u0308nde oldukc\u0327a ileri bir ekonomik birliktir (Akt; Ayd\u0131n, 2014, s. 1167; Akc\u0327ay, 2006, s. 3).<\/p>\n

Euro para biriminin son derece istikrarl\u0131 bir seyir izledig\u0306i so\u0308ylenebilir. Kur istikrar\u0131, uzun do\u0308nemde yat\u0131r\u0131m kararlar\u0131 ve bu\u0308yu\u0308me perspektifi ac\u0327\u0131s\u0131ndan son derece o\u0308nemli bir fakto\u0308rdu\u0308r. Bu anlamda istikrarl\u0131 bir Euro para birimi AB u\u0308lkelerinin ekonomileri ic\u0327in o\u0308nemli avantajlar\u0131 beraberinde getirmektedir. Almanya ic\u0327in de ayn\u0131 olumlu etkilerin so\u0308z konusu oldug\u0306u go\u0308ru\u0308lmektedir. Alman para birimi Mark tarihsel olarak istikrarl\u0131 olmas\u0131yla bilinir. Almanya, 1999 y\u0131l\u0131nda para ve kur politikas\u0131 konusunda sorumlulug\u0306u tamamen AMB\u2019 ye b\u0131rakm\u0131s\u0327t\u0131r. 1 Ocak 1999 y\u0131l\u0131nda elektronik bic\u0327imde kullan\u0131lmaya bas\u0327lanan Euro 1 Ocak 2002\u2019de ka\u0302g\u0306\u0131t para ve ufakl\u0131klar\u0131n dolas\u0327\u0131ma girmesi ile fiilen eski paralar\u0131n yerini almaya bas\u0327lam\u0131s\u0327t\u0131r (Akt; Ayd\u0131n, 2014, s. 116; Mumcu, 2011, s. 111).<\/p>\n","protected":false},"excerpt":{"rendered":"

ABD ABD para politikalar\u0131, Federal Rezerv Bankas\u0131 (FED) taraf\u0131ndan yu\u0308ru\u0308tu\u0308lmektedir. Amerika\u2019da banka rezervlerinin kontrolu\u0308 temel olarak ac\u0327\u0131k piyasa is\u0327lemleriyle yap\u0131lmaktad\u0131r. FED genelde (DI\u0307BS) devlet ic\u0327 borc\u0327lanma senetlerini ikincil piyasalara kulland\u0131rmakta, faiz oranlar\u0131n\u0131 bozmadan rezervleri sisteme ekleme ya da sistemden c\u0327ekme olanag\u0306\u0131 bulmaktad\u0131r. DI\u0307BS\u2019 lerin dog\u0306rudan sat\u0131s\u0327lar\u0131 kal\u0131c\u0131 etki yaratt\u0131g\u0306\u0131ndan, genellikle y\u0131l ic\u0327inde piyasada on ya<\/p>\n","protected":false},"author":12,"featured_media":4620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,47],"tags":[188,410,409,408],"class_list":{"0":"post-4619","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jeoekonomik-makro-veriler","8":"category-makro-ekonomik-analizler","9":"tag-abd","10":"tag-almanya","11":"tag-ingiltere","12":"tag-para-politikasi"},"better_featured_image":{"id":4620,"alt_text":"ABD Makro Ekonomi Politikalar\u0131","caption":"","description":"","media_type":"image","media_details":{"width":880,"height":880,"file":"2023\/05\/ABD-Makro-Ekonomi-Politikalari.jpg","filesize":134688,"sizes":{"medium":{"file":"ABD-Makro-Ekonomi-Politikalari-300x300.jpg","width":300,"height":300,"mime-type":"image\/jpeg","filesize":20245,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari-300x300.jpg"},"thumbnail":{"file":"ABD-Makro-Ekonomi-Politikalari-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":13357,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari-150x150.jpg"},"medium_large":{"file":"ABD-Makro-Ekonomi-Politikalari-768x768.jpg","width":768,"height":768,"mime-type":"image\/jpeg","filesize":58154,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari-768x768.jpg"},"bunyad-small":{"file":"ABD-Makro-Ekonomi-Politikalari-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":13357,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari-150x150.jpg"},"bunyad-medium":{"file":"ABD-Makro-Ekonomi-Politikalari-450x450.jpg","width":450,"height":450,"mime-type":"image\/jpeg","filesize":29826,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari-450x450.jpg"},"bunyad-768":{"file":"ABD-Makro-Ekonomi-Politikalari-768x768.jpg","width":768,"height":768,"mime-type":"image\/jpeg","filesize":58154,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari-768x768.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1","keywords":[]}},"post":4619,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/05\/ABD-Makro-Ekonomi-Politikalari.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/comments?post=4619"}],"version-history":[{"count":1,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4619\/revisions"}],"predecessor-version":[{"id":4621,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4619\/revisions\/4621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/4620"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=4619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=4619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=4619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}