{"id":4959,"date":"2023-11-02T09:37:49","date_gmt":"2023-11-02T06:37:49","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=4959"},"modified":"2025-08-14T19:34:34","modified_gmt":"2025-08-14T16:34:34","slug":"uclu-acmaz","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/uclu-acmaz\/","title":{"rendered":"\u00dc\u00e7l\u00fc A\u00e7maz"},"content":{"rendered":"<p>\u00dc\u00e7l\u00fc a\u00e7maz kavram\u0131 para politikalar\u0131n\u0131 belli k\u0131s\u0131tlar ve mukayeseli \u00e7eli\u015fkiler \u00fczerinden de\u011ferlendiren bir kavramd\u0131r. Uluslararas\u0131 sermaye ak\u0131\u015fkanl\u0131\u011f\u0131n\u0131n ve sabit kur sisteminin var oldu\u011fu bir ekonomide para politikas\u0131n\u0131n etkin olmad\u0131\u011f\u0131n\u0131 ( uluslararas\u0131 sermaye ak\u0131\u015fkanl\u0131\u011f\u0131n\u0131n ve sabit kur sisteminin oldu\u011fu bir ekonomide merkez bankas\u0131n\u0131n ba\u011f\u0131ms\u0131z bir para politikas\u0131 izlemesinin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131n\u0131 ) de\u011ferlendirirsek, iktisat politikas\u0131n\u0131 y\u00f6netenlerin<\/p>\n<ul>\n<li>Uluslararas\u0131 sermaye ak\u0131\u015fkanl\u0131\u011f\u0131na<\/li>\n<li>Sabit d\u00f6viz kuru sistemine<\/li>\n<li>Ba\u011f\u0131ms\u0131z ( ulusal hedeflere y\u00f6nelik ) bir<a href=\"https:\/\/datakapital.com\/blog\/etiket\/para-politikasi\/\"> para politikas\u0131na<\/a> sahip olan bir iktisat politikas\u0131 izlemeleri m\u00fcmk\u00fcn de\u011fildir.<\/li>\n<\/ul>\n<p>\u0130ktisat politikas\u0131n\u0131 y\u00f6netenler s\u00f6z konusu \u00fc\u00e7 politika arac\u0131ndan ikisini se\u00e7mek zorundad\u0131rlar. Bu ba\u011flamda iktisat politikas\u0131n\u0131 y\u00f6netenlerin izleyebilecekleri \u00fc\u00e7 alternatif politika vard\u0131r: 1 ve 2, 1 ve 3, 2 ve 3. \u0130stikrar politikas\u0131 &#8211; kriz y\u00f6netimi tart\u0131\u015fmalar\u0131nda \u00f6n plana \u00e7\u0131kan bu hususa, birbirleriyle ba\u011fda\u015fmayan s\u00f6z konusu \u00fc\u00e7 politika arac\u0131 aras\u0131ndan bir se\u00e7im yapmak gerekti\u011finden, a\u00e7maz yerine <strong><em>\u2018\u00fc\u00e7l\u00fc a\u00e7maz\u2019<\/em><\/strong> denir.<\/p>\n<p>Ba\u011fda\u015fmayan \u00fc\u00e7l\u00fc diye de nitelendirilen \u00fc\u00e7l\u00fc a\u00e7maz olgusu a\u015fa\u011f\u0131daki grafikteki gibi g\u00f6sterilir;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4960\" src=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir.jpg\" alt=\"\u00dc\u00e7l\u00fc A\u00e7maz Grafi\u011fi\" width=\"637\" height=\"436\" title=\"\" srcset=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir.jpg 637w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-300x205.jpg 300w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-150x103.jpg 150w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-450x308.jpg 450w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/p>\n<p>\u00dc\u00e7l\u00fc a\u00e7maz durumuna T\u00fcrkiye \u00fczerinden bakacak olursak, T\u00fcrkiye y\u0131llar boyunca hep sermaye hareketlerini kontrol alt\u0131nda tutmu\u015f ve bununla beraber sabit kur sistemi ve ba\u011f\u0131ms\u0131z para politikas\u0131 uygulam\u0131\u015ft\u0131r. 1980 y\u0131l\u0131ndan sonra sermaye hareketlerini kontrol alt\u0131nda tutmay\u0131 b\u0131rakm\u0131\u015f dalgal\u0131 d\u00f6viz kuru ve ba\u011f\u0131ms\u0131z para politikas\u0131 uygulamaya ba\u015flam\u0131\u015ft\u0131r. Bug\u00fcnde yine ayn\u0131 model uygulanmaya devam etmektedir. \u00dc\u00e7l\u00fc a\u00e7maz i\u00e7in d\u00fcnya \u00e7ap\u0131nda \u00f6rnek verecek olursak ABD, yukar\u0131da anlat\u0131lan \u00fc\u00e7 se\u00e7enekten sermaye hareketlerinin serbest olmas\u0131n\u0131 ve ba\u011f\u0131ms\u0131z para politikas\u0131 uygulamay\u0131 se\u00e7ti\u011fi i\u00e7in dalgal\u0131 d\u00f6viz kuru sistemi uygulamaktad\u0131r. B\u00f6yle bir durumda sahip oldu\u011funuz dolarlar\u0131 herhangi bir \u00fclkenin paras\u0131yla de\u011fi\u015ftirmek istedi\u011finiz zaman kur FED taraf\u0131ndan belirlenmez. Kur piyasada belirlenir.<\/p>\n<p>T\u00fcrkiye ve ABD \u00f6rne\u011finden farkl\u0131 olarak Euro b\u00f6lgesi \u00fclkeleri sermaye hareketlerinin serbestli\u011fini ve sabit d\u00f6viz kuru rejimini yani kendi ulusal paralar\u0131 yerine Euro\u2019yu kabul etmi\u015f olduklar\u0131 i\u00e7in kendi \u00fclkelerinde ba\u011f\u0131ms\u0131z bir para politikas\u0131 izleyemezler. Euro b\u00f6lgesi \u00fclkeleri i\u00e7in para politikas\u0131n\u0131 Avrupa Merkez Bankas\u0131 belirler. Bu \u00fclkelerde belirlenen bu politikaya uymak durumundad\u0131rlar.<\/p>\n<p>\u00dc\u00e7l\u00fc a\u00e7maz\u0131n politika birle\u015fenleri genellikle ekonomik farkl\u0131l\u0131klar ve politika \u00f6nceliklerine g\u00f6re belirlenmektedir.<a href=\"https:\/\/tcmbblog.org\/wps\/wcm\/connect\/blog\/tr\/main+menu\/analizler\/makroihtiyati+bir+arac+olarak+dongusel+sermaye+tamponu\" target=\"_blank\" rel=\"noopener\"> Sermaye tamponlar\u0131na<\/a> ili\u015fkin makro ihtiyati tedbirlerin \u00f6ncelik kazand\u0131\u011f\u0131 bir ekonomide para politikas\u0131 ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131 ve sabit kur rejimi tercih edilebilir. Geni\u015fleme ve yabanc\u0131 kaynak ak\u0131\u015f\u0131n\u0131n \u00f6ncelik oldu\u011fu bir ekonomide ise ba\u011f\u0131ms\u0131z para politikalar\u0131 ve serbest sermaye hareketleri tercih edilecektir.<\/p>\n<p data-start=\"211\" data-end=\"555\">\u00dc\u00e7l\u00fc a\u00e7maz (impossible trinity) uluslararas\u0131 iktisatta politika tercihlerini s\u0131n\u0131rlayan en temel \u00e7er\u00e7evelerden biridir. Kavram, Mundell\u2013Fleming modeli \u00fczerine in\u015fa edilmi\u015ftir ve \u00f6zellikle k\u00fcreselle\u015fmenin h\u0131z kazand\u0131\u011f\u0131 d\u00f6nemde, sermaye hareketlerinin giderek daha serbest hale gelmesiyle birlikte daha g\u00f6r\u00fcn\u00fcr bir tart\u0131\u015fma alan\u0131na d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p data-start=\"557\" data-end=\"686\"><strong data-start=\"557\" data-end=\"580\">1) Teorik Arka Plan<\/strong><br data-start=\"580\" data-end=\"583\" \/>\u00dc\u00e7l\u00fc a\u00e7maz, iktisat politikas\u0131 yap\u0131c\u0131lar\u0131n\u0131n ayn\u0131 anda \u00fc\u00e7 hedefi ger\u00e7ekle\u015ftiremeyeceklerini vurgular:<\/p>\n<ul data-start=\"687\" data-end=\"787\">\n<li data-start=\"687\" data-end=\"729\">\n<p data-start=\"689\" data-end=\"729\">Sermaye hareketlerinin tam serbestli\u011fi<\/p>\n<\/li>\n<li data-start=\"730\" data-end=\"758\">\n<p data-start=\"732\" data-end=\"758\">Sabit d\u00f6viz kuru sistemi<\/p>\n<\/li>\n<li data-start=\"759\" data-end=\"787\">\n<p data-start=\"761\" data-end=\"787\">Ba\u011f\u0131ms\u0131z para politikas\u0131<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"789\" data-end=\"1137\">Bunlardan yaln\u0131zca ikisi ayn\u0131 anda s\u00fcrd\u00fcr\u00fclebilir, \u00fc\u00e7\u00fcnc\u00fcs\u00fcnden vazge\u00e7mek gerekir. \u00d6rne\u011fin hem sermaye hareketlerinin serbestli\u011fi hem de sabit d\u00f6viz kuru tercih edilirse, para politikas\u0131 otomatik olarak ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131 yitirir \u00e7\u00fcnk\u00fc merkez bankas\u0131 d\u00f6viz kurunu savunmak i\u00e7in faiz oranlar\u0131n\u0131 k\u00fcresel sermaye ak\u0131mlar\u0131na g\u00f6re ayarlamak zorunda kal\u0131r.<\/p>\n<p data-start=\"1139\" data-end=\"1167\"><strong data-start=\"1139\" data-end=\"1165\">2) Tarihsel Deneyimler<\/strong><\/p>\n<ul data-start=\"1168\" data-end=\"1770\">\n<li data-start=\"1168\" data-end=\"1400\">\n<p data-start=\"1170\" data-end=\"1400\"><strong data-start=\"1170\" data-end=\"1208\">Bretton Woods Sistemi (1944\u20131971):<\/strong> Bu d\u00f6nemde \u00fclkeler sermaye hareketlerini kontrol alt\u0131nda tutarak sabit kur sistemi ve ba\u011f\u0131ms\u0131z para politikas\u0131 uygulam\u0131\u015flard\u0131r. Sermaye kontrolleri bu \u00fc\u00e7l\u00fcden feragat edilen unsur olmu\u015ftur.<\/p>\n<\/li>\n<li data-start=\"1401\" data-end=\"1555\">\n<p data-start=\"1403\" data-end=\"1555\"><strong data-start=\"1403\" data-end=\"1420\">1970 sonras\u0131:<\/strong> Sermaye hareketleri giderek serbestle\u015fmi\u015f, sabit kur sistemleri k\u0131r\u0131lganla\u015fm\u0131\u015f ve bir\u00e7ok \u00fclke dalgal\u0131 kura ge\u00e7mek zorunda kalm\u0131\u015ft\u0131r.<\/p>\n<\/li>\n<li data-start=\"1556\" data-end=\"1770\">\n<p data-start=\"1558\" data-end=\"1770\"><strong data-start=\"1558\" data-end=\"1580\">Asya Krizi (1997):<\/strong> Sermaye hareketlerinin serbestli\u011fi ile sabit kur sistemini birlikte y\u00fcr\u00fcten Asya \u00fclkeleri, sermaye \u00e7\u0131k\u0131\u015flar\u0131n\u0131n bask\u0131s\u0131 alt\u0131nda para politikalar\u0131n\u0131 kaybederek ciddi krizler ya\u015fam\u0131\u015flard\u0131r.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1772\" data-end=\"2319\"><strong data-start=\"1772\" data-end=\"1793\">3) T\u00fcrkiye \u00d6rne\u011fi<\/strong><br data-start=\"1793\" data-end=\"1796\" \/>T\u00fcrkiye 1980\u2019lere kadar sermaye kontrollerini s\u00fcrd\u00fcrm\u00fc\u015f, bu sayede hem sabit kur hem de ba\u011f\u0131ms\u0131z para politikas\u0131 uygulayabilmi\u015ftir. 1980 sonras\u0131 liberalizasyon politikalar\u0131 ile sermaye hareketlerini serbest b\u0131rakm\u0131\u015f ve bunun sonucunda dalgal\u0131 kur rejimi ile ba\u011f\u0131ms\u0131z para politikas\u0131n\u0131 tercih etmi\u015ftir. Bug\u00fcn de T\u00fcrkiye\u2019nin para politikas\u0131 \u00e7er\u00e7evesi, kurun piyasa ko\u015fullar\u0131nda belirlenmesine dayanmaktad\u0131r. Ancak y\u00fcksek oynakl\u0131k d\u00f6nemlerinde kur \u00fczerindeki bask\u0131, para politikas\u0131n\u0131n ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131na g\u00f6lge d\u00fc\u015f\u00fcrebilmektedir.<\/p>\n<p data-start=\"2321\" data-end=\"2816\"><strong data-start=\"2321\" data-end=\"2354\">4) ABD ve Euro B\u00f6lgesi \u00d6rne\u011fi<\/strong><br data-start=\"2354\" data-end=\"2357\" \/>ABD, serbest sermaye hareketleri ile ba\u011f\u0131ms\u0131z para politikas\u0131n\u0131 bir arada y\u00fcr\u00fctmekte ve dalgal\u0131 kur sistemini tercih etmektedir. Bu sayede FED, i\u00e7 ekonomik hedeflere y\u00f6nelik faiz kararlar\u0131n\u0131 ba\u011f\u0131ms\u0131z bi\u00e7imde alabilmektedir. Euro B\u00f6lgesi ise farkl\u0131 bir yol se\u00e7mi\u015f, ortak para birimi sayesinde sermaye hareketlerinin serbestli\u011fi ve sabit kur rejimini tercih etmi\u015f, ancak bunun kar\u015f\u0131l\u0131\u011f\u0131nda \u00fcye \u00fclkeler ulusal para politikas\u0131 ba\u011f\u0131ms\u0131zl\u0131klar\u0131n\u0131 kaybetmi\u015flerdir.<\/p>\n<p data-start=\"2818\" data-end=\"2962\"><strong data-start=\"2818\" data-end=\"2858\">5) Politika Tercihleri ve \u00d6ncelikler<\/strong><br data-start=\"2858\" data-end=\"2861\" \/>\u00dclkelerin hangi iki unsuru tercih edecekleri, ekonomik \u00f6nceliklere ve k\u0131r\u0131lganl\u0131klara g\u00f6re de\u011fi\u015fir:<\/p>\n<ul data-start=\"2963\" data-end=\"3315\">\n<li data-start=\"2963\" data-end=\"3075\">\n<p data-start=\"2965\" data-end=\"3075\"><strong data-start=\"2965\" data-end=\"2996\">Finansal istikrar \u00f6nceli\u011fi:<\/strong> Sermaye kontrolleriyle sabit kur ve ba\u011f\u0131ms\u0131z para politikas\u0131 s\u00fcrd\u00fcr\u00fclebilir.<\/p>\n<\/li>\n<li data-start=\"3076\" data-end=\"3196\">\n<p data-start=\"3078\" data-end=\"3196\"><strong data-start=\"3078\" data-end=\"3111\">K\u00fcresel entegrasyon \u00f6nceli\u011fi:<\/strong> Sermaye serbestli\u011fi ile ba\u011f\u0131ms\u0131z para politikas\u0131 benimsenir, ancak kur dalgalan\u0131r.<\/p>\n<\/li>\n<li data-start=\"3197\" data-end=\"3315\">\n<p data-start=\"3199\" data-end=\"3315\"><strong data-start=\"3199\" data-end=\"3226\">Kur istikrar\u0131 \u00f6nceli\u011fi:<\/strong> Sermaye serbestli\u011fi ile sabit kur tercih edilir, ba\u011f\u0131ms\u0131z para politikas\u0131 feda edilir.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3317\" data-end=\"3812\"><strong data-start=\"3317\" data-end=\"3326\">Sonu\u00e7<\/strong><br data-start=\"3326\" data-end=\"3329\" \/>\u00dc\u00e7l\u00fc a\u00e7maz, k\u00fcresel ekonomiyle entegrasyon d\u00fczeyine g\u00f6re \u00fclkelerin para politikas\u0131 manevra alanlar\u0131n\u0131 belirleyen temel kurald\u0131r. \u0130stikrar politikalar\u0131, kriz y\u00f6netimi ve uzun vadeli b\u00fcy\u00fcme stratejilerinde, hangi iki hedefin tercih edilece\u011fi \u00fclkenin ekonomik yap\u0131s\u0131na, d\u0131\u015fa a\u00e7\u0131kl\u0131k derecesine ve siyasal tercihine g\u00f6re \u015fekillenir. Bu nedenle \u00fc\u00e7l\u00fc a\u00e7maz yaln\u0131zca teknik bir iktisat kavram\u0131 de\u011fil, ayn\u0131 zamanda politika ekonomisinin merkezinde yer alan stratejik bir se\u00e7im problemidir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00dc\u00e7l\u00fc a\u00e7maz kavram\u0131 para politikalar\u0131n\u0131 belli k\u0131s\u0131tlar ve mukayeseli \u00e7eli\u015fkiler \u00fczerinden de\u011ferlendiren bir kavramd\u0131r. Uluslararas\u0131 sermaye ak\u0131\u015fkanl\u0131\u011f\u0131n\u0131n ve sabit kur sisteminin var oldu\u011fu bir ekonomide para politikas\u0131n\u0131n etkin olmad\u0131\u011f\u0131n\u0131 ( uluslararas\u0131 sermaye ak\u0131\u015fkanl\u0131\u011f\u0131n\u0131n ve sabit kur sisteminin oldu\u011fu bir ekonomide merkez bankas\u0131n\u0131n ba\u011f\u0131ms\u0131z bir para politikas\u0131 izlemesinin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131n\u0131 ) de\u011ferlendirirsek, iktisat politikas\u0131n\u0131 y\u00f6netenlerin Uluslararas\u0131<\/p>\n","protected":false},"author":12,"featured_media":4960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,47],"tags":[408],"class_list":{"0":"post-4959","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-para-politikasi"},"better_featured_image":{"id":4960,"alt_text":"\u00dc\u00e7l\u00fc A\u00e7maz Grafi\u011fi","caption":"","description":"","media_type":"image","media_details":{"width":637,"height":436,"file":"2023\/11\/Uclu-Acmaz-Nedir.jpg","filesize":25247,"sizes":{"medium":{"file":"Uclu-Acmaz-Nedir-300x205.jpg","width":300,"height":205,"mime-type":"image\/jpeg","filesize":4928,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-300x205.jpg"},"thumbnail":{"file":"Uclu-Acmaz-Nedir-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":2732,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-150x150.jpg"},"bunyad-small":{"file":"Uclu-Acmaz-Nedir-150x103.jpg","width":150,"height":103,"mime-type":"image\/jpeg","filesize":1913,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-150x103.jpg"},"bunyad-medium":{"file":"Uclu-Acmaz-Nedir-450x308.jpg","width":450,"height":308,"mime-type":"image\/jpeg","filesize":8956,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir-450x308.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":4959,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/11\/Uclu-Acmaz-Nedir.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4959","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=4959"}],"version-history":[{"count":2,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4959\/revisions"}],"predecessor-version":[{"id":5549,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4959\/revisions\/5549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/4960"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=4959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=4959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=4959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}