{"id":4790,"date":"2023-09-26T09:37:39","date_gmt":"2023-09-26T06:37:39","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=4790"},"modified":"2025-08-20T12:46:44","modified_gmt":"2025-08-20T09:46:44","slug":"likidite-tuzagi","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/likidite-tuzagi\/","title":{"rendered":"Likidite Tuza\u011f\u0131"},"content":{"rendered":"

Likidite tuza\u011f\u0131 para politikas\u0131nda g\u00f6r\u00fclen bir \u00f6zel durumdur. Para talebinin faiz haddine sonsuz duyarl\u0131 olmas\u0131d\u0131r. Bu \u00f6zel durumda faiz haddi s\u0131f\u0131rd\u0131r veya s\u0131f\u0131ra yak\u0131n bir de\u011ferdedir. Dolay\u0131s\u0131yla para arz\u0131 art\u0131nca, ki\u015filer para arz\u0131ndaki art\u0131\u015f\u0131n t\u00fcm\u00fcn\u00fc talep ederler yani para arz\u0131ndaki art\u0131\u015f\u0131n t\u00fcm\u00fcn\u00fc ellerinde ve vadesiz mevduat hesab\u0131nda tutmak isterler. Yani para arz\u0131ndaki art\u0131\u015f sonucu, para piyasas\u0131nda bir arz fazlas\u0131, tahvil piyasas\u0131nda da bir tahvil fazlas\u0131 ortaya \u00e7\u0131kmaz. Bu sebepten dolay\u0131 faiz haddi de\u011fi\u015fmez. Para talep e\u011frisinin \u00e7ok d\u00fc\u015f\u00fck bir faiz haddi \u00fczerinden sonsuz esnek oldu\u011fu bu \u00f6zel durumda, LM e\u011frisi de (para piyasas\u0131n\u0131n dengede oldu\u011fu faiz ve reel gelir d\u00fczeylerini g\u00f6steren e\u011fri) ayn\u0131 faiz haddi \u00fczerinden sonsuz esnektir. Likidite etkisinin olmad\u0131\u011f\u0131 ( para arz\u0131ndaki art\u0131\u015f\u0131n faiz haddini \u2013 LM e\u011frisinin konumunu de\u011fi\u015ftiremedi\u011fi) bu \u00f6zel durumda, para politikas\u0131 hi\u00e7 etkin de\u011fildir. Keynes bu durumu k\u0131saca likidite tuza\u011f\u0131 olarak adland\u0131rm\u0131\u015ft\u0131r. Daha basit bir anlat\u0131mla faiz haddi beklenen minimum faiz haddine e\u015fit olunca ki\u015filer faiz haddinin y\u00fckselece\u011fini ve buna ba\u011fl\u0131 olarak servetlerini konsol olarak tutarlarsa negatif getiri elde edeceklerini d\u00fc\u015f\u00fcn\u00fcrler. Bu y\u00fczden faiz haddi minimum d\u00fczeyde iken servetlerini konsol \u015feklinde de\u011fil para olarak muhafaza ederler. \u0130\u015fte bu durum likidite tuza\u011f\u0131d\u0131r. Likidite etkisinin ve buna ba\u011fl\u0131 olarak has\u0131la etkisinin s\u0131f\u0131r oldu\u011fu bu \u00f6zel durum a\u015fa\u011f\u0131daki grafikte g\u00f6sterilmi\u015ftir<\/p>\n

\"Likidite<\/p>\n

Likidite tuza\u011f\u0131n\u0131n<\/a> yak\u0131n tarihteki en b\u00fcy\u00fck \u00f6rne\u011fi Japonya\u2019da ya\u015fanm\u0131\u015ft\u0131r. Japon Merkez Bankas\u0131 niceliksel gev\u015feme y\u00f6ntemini kullanarak 90l\u0131 y\u0131llarda durgunlu\u011fa giren ekonomilerini canland\u0131rmak istemi\u015flerdir. Bu d\u00f6nemde faizler s\u0131f\u0131ra yak\u0131n seyrediyordu. Ancak Keynes\u2019in \u00f6ng\u00f6rd\u00fc\u011f\u00fc gibi likidite tuza\u011f\u0131<\/a> sorunu ile kar\u015f\u0131la\u015ft\u0131lar ve Japonya\u2019da ya\u015fayan halk ellerine ge\u00e7en paray\u0131 harcamamaya karar verdi. Japon halk\u0131n\u0131n bu karar\u0131 yakla\u015f\u0131k 30 y\u0131ld\u0131r devam ediyor. Japon ekonomisinde faizler s\u0131f\u0131r civar\u0131nda seyrediyor.\u00a0 Ancak Japon halk\u0131 ellerine ge\u00e7en paray\u0131 harcamamaya ve tasarruf etmeye devam ediyor. Likidite tuza\u011f\u0131na 2008 y\u0131l\u0131nda ba\u015flayan k\u00fcresel krizle birlikte ABD Merkez Bankas\u0131 (FED) ve Avrupa Merkez Bankas\u0131 \u2019da d\u00fc\u015f\u00fcyor ve gerek ABD gerek Avrupa t\u0131pk\u0131 Japonya gibi s\u0131f\u0131r civar\u0131nda seyreden faiz oranlar\u0131 sebebiyle likidite tuza\u011f\u0131na d\u00fc\u015fm\u00fc\u015f olduklar\u0131n\u0131 g\u00f6steriyorlar.<\/p>\n

1. Likidite Tuza\u011f\u0131n\u0131n Teorik \u00c7er\u00e7evesi<\/strong><\/h3>\n

Likidite tuza\u011f\u0131, Keynesyen iktisat teorisinin para politikas\u0131 etkinli\u011fi konusundaki en kritik kavramlar\u0131ndan biridir. Normal \u015fartlar alt\u0131nda para arz\u0131ndaki art\u0131\u015f, faiz oranlar\u0131n\u0131n d\u00fc\u015fmesine yol a\u00e7ar ve bu da yat\u0131r\u0131mlar\u0131 art\u0131rarak toplam talebi canland\u0131r\u0131r. Ancak likidite tuza\u011f\u0131 durumunda bu mekanizma \u00e7al\u0131\u015fmaz \u00e7\u00fcnk\u00fc:<\/p>\n

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    Faiz oranlar\u0131 zaten s\u0131f\u0131ra veya s\u0131f\u0131ra \u00e7ok yak\u0131nd\u0131r.<\/p>\n<\/li>\n

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    Para arz\u0131ndaki art\u0131\u015f tahvil piyasas\u0131na y\u00f6nelmez, do\u011frudan nakit talebi<\/strong> olarak elde tutulur.<\/p>\n<\/li>\n

  • \n

    Faiz oranlar\u0131n\u0131n daha fazla d\u00fc\u015fece\u011fine dair beklenti olmad\u0131\u011f\u0131ndan, bireyler ek likiditeyi harcamak yerine biriktirmeyi tercih eder.<\/p>\n<\/li>\n<\/ul>\n

    Bu durumda LM e\u011frisi yatay bir h\u00e2l al\u0131r<\/strong>, yani para arz\u0131ndaki de\u011fi\u015fimler faiz oran\u0131n\u0131 ve has\u0131lay\u0131 etkilemez. Para politikas\u0131n\u0131n etkinli\u011fi s\u0131f\u0131ra yak\u0131n olur.<\/p>\n

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    2. Keynesyen Bak\u0131\u015f A\u00e7\u0131s\u0131 ve Yat\u0131r\u0131m Davran\u0131\u015f\u0131<\/strong><\/h3>\n

    Keynes\u2019e g\u00f6re, likidite tuza\u011f\u0131 durumunda faiz oranlar\u0131n\u0131n d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc yat\u0131r\u0131m harcamalar\u0131n\u0131n artmas\u0131na yetmez. \u00c7\u00fcnk\u00fc ekonomik belirsizlikler ve beklentiler, yat\u0131r\u0131mc\u0131lar\u0131n risk alma i\u015ftah\u0131n\u0131 s\u0131n\u0131rlayabilir.<\/p>\n

    \u00d6rne\u011fin, bir firma d\u00fc\u015f\u00fck faiz oranlar\u0131 nedeniyle krediye eri\u015febilse bile, gelecekteki talebin zay\u0131f olaca\u011f\u0131 beklentisi yat\u0131r\u0131mlar\u0131n ertelenmesine yol a\u00e7abilir. B\u00f6ylece, para arz\u0131ndaki art\u0131\u015f reel sekt\u00f6rde beklenen geni\u015flemeyi sa\u011flayamaz.<\/p>\n

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    3. Likidite Tuza\u011f\u0131n\u0131n Ekonomik Etkileri<\/strong><\/h3>\n

    Likidite tuza\u011f\u0131n\u0131n etkileri hem mikro hem makro d\u00fczeyde hissedilir:<\/p>\n

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      Toplam Talep Zay\u0131flar:<\/strong> Faiz oranlar\u0131n\u0131n d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc yat\u0131r\u0131m ve t\u00fcketimi te\u015fvik etmez, dolay\u0131s\u0131yla toplam talep yeterince artmaz.<\/p>\n<\/li>\n

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      Deflasyon Riski:<\/strong> Harcama e\u011filiminin d\u00fc\u015fmesi fiyatlar \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 olu\u015fturur, bu da deflasyonist bir k\u0131s\u0131r d\u00f6ng\u00fc yaratabilir.<\/p>\n<\/li>\n

    • \n

      Beklentiler Bozulur:<\/strong> Ekonomik belirsizlikler derinle\u015fir, hanehalk\u0131 ve firmalar tasarruf e\u011filimini daha da art\u0131r\u0131r.<\/p>\n<\/li>\n

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      Politika Etkisizli\u011fi:<\/strong> Para politikas\u0131 ara\u00e7lar\u0131 (\u00f6rne\u011fin faiz indirimi) anlam\u0131n\u0131 yitirir, ekonomi \u201cparasal geni\u015flemeye ra\u011fmen durgunluk\u201d ya\u015far.<\/p>\n<\/li>\n<\/ul>\n

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      4. Tarihsel \u00d6rnekler<\/strong><\/h3>\n

      a) Japonya (1990\u2019lar Sonras\u0131)<\/strong><\/h4>\n

      1990\u2019lar\u0131n ba\u015f\u0131nda Japonya\u2019da ya\u015fanan varl\u0131k balonunun patlamas\u0131yla uzun s\u00fcreli bir durgunluk d\u00f6nemi ba\u015flam\u0131\u015ft\u0131r. Japon Merkez Bankas\u0131, faizleri s\u0131f\u0131ra yak\u0131n seviyelere indirerek parasal geni\u015fleme politikalar\u0131 uygulam\u0131\u015f, ancak halk\u0131n harcama yerine tasarrufu tercih etmesi nedeniyle sonu\u00e7 al\u0131namam\u0131\u015ft\u0131r. Bu durum yakla\u015f\u0131k 30 y\u0131ld\u0131r<\/strong> devam etmekte ve Japonya \u201ckay\u0131p on y\u0131llar\u201d olarak adland\u0131r\u0131lan s\u00fcreci ya\u015famaktad\u0131r.<\/p>\n

      b) 2008 K\u00fcresel Krizi<\/strong><\/h4>\n

      2008 k\u00fcresel finansal krizi sonras\u0131nda ABD, Avrupa ve di\u011fer geli\u015fmi\u015f ekonomilerde faiz oranlar\u0131 s\u0131f\u0131r civar\u0131na inmi\u015f, merkez bankalar\u0131 b\u00fcy\u00fck \u00f6l\u00e7ekli parasal geni\u015fleme programlar\u0131 uygulam\u0131\u015ft\u0131r. Ancak belirsizliklerin y\u00fcksek olmas\u0131, i\u015fsizlik oranlar\u0131n\u0131n artmas\u0131 ve beklentilerin bozulmas\u0131 nedeniyle ek likidite reel ekonomiye yeterince yans\u0131mam\u0131\u015ft\u0131r.<\/p>\n

      c) Avrupa Bor\u00e7 Krizi<\/strong><\/h4>\n

      2010 sonras\u0131 d\u00f6nemde \u00f6zellikle G\u00fcney Avrupa \u00fclkelerinde ya\u015fanan bor\u00e7 krizleri, Avrupa Merkez Bankas\u0131\u2019n\u0131n d\u00fc\u015f\u00fck faiz politikalar\u0131n\u0131 s\u0131n\u0131rl\u0131 etkiyle sonu\u00e7land\u0131rm\u0131\u015ft\u0131r. Mali disiplin bask\u0131s\u0131 alt\u0131ndaki \u00fclkelerde tasarruf e\u011filimi g\u00fc\u00e7lenmi\u015f, yat\u0131r\u0131mlar durma noktas\u0131na gelmi\u015ftir.<\/p>\n

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      5. Para Politikas\u0131 Ara\u00e7lar\u0131n\u0131n Etkisizli\u011fi<\/strong><\/h3>\n

      Likidite tuza\u011f\u0131 ko\u015fullar\u0131nda geleneksel para politikas\u0131 ara\u00e7lar\u0131 yetersiz kal\u0131r. Faiz oranlar\u0131n\u0131 daha fazla d\u00fc\u015f\u00fcrmek m\u00fcmk\u00fcn olmad\u0131\u011f\u0131ndan, merkez bankalar\u0131n\u0131n politika esnekli\u011fi azal\u0131r.<\/p>\n

      Bu noktada, iktisat literat\u00fcr\u00fcnde \u00fc\u00e7 temel yakla\u015f\u0131m \u00f6ne \u00e7\u0131kar:<\/p>\n

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      1. \n

        Niceliksel Geni\u015fleme (Quantitative Easing – QE):<\/strong>
        Merkez bankalar\u0131n\u0131n uzun vadeli tahvil ve varl\u0131k al\u0131mlar\u0131yla piyasaya ek likidite sa\u011flamas\u0131d\u0131r. Ancak likidite tuza\u011f\u0131 ko\u015fullar\u0131nda bu y\u00f6ntem talebi s\u0131n\u0131rl\u0131 \u00f6l\u00e7\u00fcde canland\u0131rabilir.<\/p>\n<\/li>\n

      2. \n

        \u0130leriye D\u00f6n\u00fck Rehberlik (Forward Guidance):<\/strong>
        Merkez bankalar\u0131n\u0131n, uzun s\u00fcre d\u00fc\u015f\u00fck faiz politikas\u0131na devam edeceklerini a\u00e7\u0131klayarak beklentileri y\u00f6netmeye \u00e7al\u0131\u015fmas\u0131d\u0131r.<\/p>\n<\/li>\n

      3. \n

        Hedefli Mali Politikalar:<\/strong>
        Para politikas\u0131n\u0131n etkisiz kald\u0131\u011f\u0131 durumda maliye politikas\u0131 devreye girer. Kamu harcamalar\u0131, transfer \u00f6demeleri ve vergi indirimleri yoluyla toplam talep desteklenir.<\/p>\n<\/li>\n<\/ol>\n

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        6. Maliye Politikas\u0131 ile Etkin M\u00fcdahale<\/strong><\/h3>\n

        Likidite tuza\u011f\u0131 d\u00f6nemlerinde, para politikas\u0131n\u0131n s\u0131n\u0131rl\u0131 etkisi nedeniyle maliye politikas\u0131<\/strong> daha kritik bir rol \u00fcstlenir.<\/p>\n

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          Kamu Harcamalar\u0131n\u0131n Art\u0131r\u0131lmas\u0131:<\/strong> Altyap\u0131 yat\u0131r\u0131mlar\u0131 ve kamu istihdam programlar\u0131, toplam talebi do\u011frudan destekler.<\/p>\n<\/li>\n

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          Hedeflenmi\u015f Vergi Te\u015fvikleri:<\/strong> T\u00fcketim e\u011filimi y\u00fcksek kesimlere sa\u011flanan vergi indirimleri, piyasaya nakit ak\u0131\u015f\u0131n\u0131 h\u0131zland\u0131r\u0131r.<\/p>\n<\/li>\n

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          Transfer \u00d6demeleri:<\/strong> Gelir d\u00fczeyi d\u00fc\u015f\u00fck gruplara yap\u0131lan do\u011frudan nakit transferleri, tasarruf yerine harcama e\u011filimini art\u0131r\u0131r.<\/p>\n<\/li>\n<\/ul>\n

          Bu sayede maliye politikas\u0131, \u00f6zel sekt\u00f6r\u00fcn harcama e\u011filiminin d\u00fc\u015f\u00fck oldu\u011fu d\u00f6nemlerde talep yarat\u0131c\u0131 bir rol \u00fcstlenir.<\/p>\n

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          7. G\u00fcn\u00fcm\u00fczde Likidite Tuza\u011f\u0131 Riski<\/strong><\/h3>\n

          Son y\u0131llarda, \u00f6zellikle pandemi sonras\u0131 d\u00f6nemde geli\u015fmi\u015f ekonomilerde yeniden likidite tuza\u011f\u0131 tart\u0131\u015fmalar\u0131 g\u00fcndeme gelmi\u015ftir.<\/p>\n

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            COVID-19 Sonras\u0131 D\u00f6nem:<\/strong> Merkez bankalar\u0131 faizleri tarihi d\u00fc\u015f\u00fck seviyelere indirip b\u00fcy\u00fck \u00f6l\u00e7ekli parasal geni\u015fleme programlar\u0131 ba\u015flatt\u0131. Ancak belirsizlik, kapanmalar ve gelece\u011fe dair kayg\u0131lar nedeniyle harcamalar beklenen \u00f6l\u00e7\u00fcde artmad\u0131.<\/p>\n<\/li>\n

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            Enflasyonist Bask\u0131lar:<\/strong> 2022 sonras\u0131 d\u00f6nemde artan k\u00fcresel enflasyon, likidite tuza\u011f\u0131 riskini karma\u015f\u0131k h\u00e2le getirdi. D\u00fc\u015f\u00fck faiz politikalar\u0131yla talep canland\u0131r\u0131l\u0131rken, arz k\u0131s\u0131tlar\u0131 fiyatlar\u0131 y\u00fckseltti ve politika yap\u0131c\u0131lar daha zor kararlarla kar\u015f\u0131la\u015ft\u0131.<\/p>\n<\/li>\n<\/ul>\n

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            8. Sonu\u00e7<\/strong><\/h3>\n

            Likidite tuza\u011f\u0131, d\u00fc\u015f\u00fck faiz ortamlar\u0131nda para politikas\u0131n\u0131n etkinli\u011finin kayboldu\u011fu, ekonomik durgunlu\u011fun parasal geni\u015fleme ile a\u015f\u0131lamad\u0131\u011f\u0131 \u00f6zel bir durumdur. Japonya \u00f6rne\u011finde oldu\u011fu gibi uzun s\u00fcreli durgunluklara neden olabilen bu durum, modern ekonomi y\u00f6netiminde kritik bir sorun olarak varl\u0131\u011f\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/p>\n

            Bu ba\u011flamda:<\/p>\n

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            • \n

              Para politikas\u0131 tek ba\u015f\u0131na yeterli de\u011fildir, maliye politikas\u0131yla desteklenmelidir.<\/p>\n<\/li>\n

            • \n

              Beklentilerin y\u00f6netilmesi, g\u00fcven ortam\u0131n\u0131n sa\u011flanmas\u0131 ve gelir politikalar\u0131n\u0131n hedeflenmesi, likidite tuza\u011f\u0131ndan \u00e7\u0131k\u0131\u015f i\u00e7in kilit \u00f6neme sahiptir.<\/p>\n<\/li>\n

            • \n

              K\u00fcresel \u00f6l\u00e7ekte ya\u015fanan krizler, likidite tuza\u011f\u0131 tart\u0131\u015fmalar\u0131n\u0131 daha da \u00f6nemli h\u00e2le getirmi\u015ftir.<\/p>\n<\/li>\n<\/ul>\n

              Dolay\u0131s\u0131yla, likidite tuza\u011f\u0131 yaln\u0131zca parasal bir fenomen de\u011fil; ayn\u0131 zamanda beklentiler, davran\u0131\u015fsal fakt\u00f6rler ve maliye politikalar\u0131n\u0131n uyumu ile do\u011frudan ba\u011flant\u0131l\u0131 bir makroekonomik olgudur.<\/p>\n","protected":false},"excerpt":{"rendered":"

              Likidite tuza\u011f\u0131 para politikas\u0131nda g\u00f6r\u00fclen bir \u00f6zel durumdur. Para talebinin faiz haddine sonsuz duyarl\u0131 olmas\u0131d\u0131r. Bu \u00f6zel durumda faiz haddi s\u0131f\u0131rd\u0131r veya s\u0131f\u0131ra yak\u0131n bir de\u011ferdedir. Dolay\u0131s\u0131yla para arz\u0131 art\u0131nca, ki\u015filer para arz\u0131ndaki art\u0131\u015f\u0131n t\u00fcm\u00fcn\u00fc talep ederler yani para arz\u0131ndaki art\u0131\u015f\u0131n t\u00fcm\u00fcn\u00fc ellerinde ve vadesiz mevduat hesab\u0131nda tutmak isterler. Yani para arz\u0131ndaki art\u0131\u015f sonucu, para<\/p>\n","protected":false},"author":12,"featured_media":4791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,47],"tags":[228,334],"class_list":{"0":"post-4790","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-faiz","10":"tag-keynesyen-iktisat"},"better_featured_image":{"id":4791,"alt_text":"Likidite Tuza\u011f\u0131 Grafi\u011fi","caption":"","description":"","media_type":"image","media_details":{"width":457,"height":308,"file":"2023\/09\/Likidite-Tuzagi.jpg","filesize":14049,"sizes":{"medium":{"file":"Likidite-Tuzagi-300x202.jpg","width":300,"height":202,"mime-type":"image\/jpeg","filesize":4544,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/09\/Likidite-Tuzagi-300x202.jpg"},"thumbnail":{"file":"Likidite-Tuzagi-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":2343,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/09\/Likidite-Tuzagi-150x150.jpg"},"bunyad-small":{"file":"Likidite-Tuzagi-150x101.jpg","width":150,"height":101,"mime-type":"image\/jpeg","filesize":1714,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/09\/Likidite-Tuzagi-150x101.jpg"},"bunyad-medium":{"file":"Likidite-Tuzagi-450x303.jpg","width":450,"height":303,"mime-type":"image\/jpeg","filesize":7502,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/09\/Likidite-Tuzagi-450x303.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":4790,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/09\/Likidite-Tuzagi.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4790","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=4790"}],"version-history":[{"count":4,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4790\/revisions"}],"predecessor-version":[{"id":5581,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4790\/revisions\/5581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/4791"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=4790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=4790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=4790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}