\u0130ngiltere merkezli Financial Times<\/strong> gazetesi, “T\u00fcrkiye ekonomisinin<\/strong> dayan\u0131kl\u0131l\u0131\u011f\u0131, en k\u00f6t\u00fc endi\u015feleri bile bo\u015fa \u00e7\u0131kard\u0131” ba\u015fl\u0131kl\u0131 bir analiz yaz\u0131s\u0131 yay\u0131mlad\u0131. Analizde, uzun s\u00fcredir ba\u015fta d\u00f6vizdeki \u00e7alkant\u0131 olmak \u00fczere \u00e7e\u015fitli tehditler sebebiyle \u00e7\u00f6kece\u011fi tahmin edilen T\u00fcrkiye ekonomisinin nas\u0131l ayakta kald\u0131\u011f\u0131 incelendi. Londra merkezli yat\u0131r\u0131m \u015firketi FIM Partners’ta yat\u0131r\u0131m dan\u0131\u015fman\u0131 olarak g\u00f6rev yapan Frances Balcells’in kaleme ald\u0131\u011f\u0131 analiz, “2011-2013’te uyar\u0131lar yap\u0131l\u0131yordu; ‘T\u00fcrk Liras\u0131’n\u0131n dolar kar\u015f\u0131s\u0131ndaki de\u011feri iki liray\u0131 ge\u00e7erse ekonomi \u00e7\u00f6ker’ deniyordu” s\u00f6zleriyle ba\u015fl\u0131yor: “\u0130ki lira a\u015f\u0131ld\u0131\u011f\u0131nda, \u00e7\u00f6kme s\u0131n\u0131r\u0131 \u00fc\u00e7ten be\u015fe \u00e7\u0131kt\u0131. \u015eu anda dolar 13 lira. Ekonomi hala ayakta duruyor.” ifadelerine yer verdi. Yat\u0131r\u0131m uzman\u0131 Balcells, bu dayan\u0131kl\u0131l\u0131kta rol oynayan unsurlar\u0131 \u015fu \u015fekilde a\u00e7\u0131klad\u0131: “Birincisi bu y\u0131l\u0131n ba\u015far\u0131na kadar, T\u00fcrk yetkililer sermaye \u00e7\u0131k\u0131\u015flar\u0131 ve para birimindeki zay\u0131fl\u0131k kar\u015f\u0131s\u0131nda daima yapt\u0131klar\u0131 politikalar\u0131 hayata ge\u00e7irdi; gecikmeli ve \u00f6rt\u00fcl\u00fc bir tav\u0131rla olsa da faiz art\u0131rd\u0131. Ekonomiyi y\u00fckseli\u015f ve d\u00fc\u015f\u00fc\u015f d\u00f6ng\u00fcs\u00fcyle idare ettirmek sistemi uzun bir s\u00fcre s\u00fcrd\u00fc. Bu da ekonomik akt\u00f6rlere, ekonomik dengesizliklere kar\u015f\u0131 tampon yaratma f\u0131rsat\u0131 verdi. Bankalar bilan\u00e7olar\u0131n\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde d\u00f6vizde tutup ani dalgalanmalara kar\u015f\u0131 kendilerini g\u00fcvenceye ald\u0131.”<\/p>\n

\u015ea\u015f\u0131rt\u0131c\u0131 derecede dayan\u0131kl\u0131 bir ekonomi<\/h2>\n

“D\u00f6viz mevduatlar\u0131n\u0131 art\u0131rd\u0131klar\u0131 ve d\u00fc\u015f\u00fck miktarda d\u00f6viz kredileri oldu\u011fu i\u00e7in bankalar\u0131n fazladan dolar\u0131 oldu. Dolay\u0131s\u0131yla ucuz lira fonlamas\u0131n\u0131 elde edebilmek i\u00e7in d\u00f6vizle bor\u00e7 vermeye devam ettiler. Kendilerine bir g\u00fcvenlik mekanizmas\u0131 daha yaratt\u0131lar.”\u00a0Yazara g\u00f6re zamanla dayan\u0131kl\u0131l\u0131k kazanan sadece bankalar de\u011fildi. Dolarizasyon artt\u0131k\u00e7a haneler dolar cinsinden varl\u0131klar biriktirmeye ba\u015flad\u0131; ayn\u0131 zamanda d\u00f6viz cinsinden bor\u00e7lar\u0131 da yoktu. Bu da bankalar\u0131n hanelere d\u00f6viz cinsinden bor\u00e7 vermesinin yasak olmas\u0131ndan kaynakland\u0131. B\u00f6ylece hanehalklar\u0131 da d\u00f6viz riskine kar\u015f\u0131 daha daha dayan\u0131kl\u0131 hale geldi. Yazar, ge\u00e7en zamanla birlikte “d\u0131\u015f bor\u00e7 zincirinde en zay\u0131f halka” olarak tan\u0131mlad\u0131\u011f\u0131 T\u00fcrk \u015firketlerinin de bor\u00e7 seviyelerini azalt\u0131p olumlu bir k\u0131sa vadeli d\u00f6viz al\u0131m-sat\u0131m pozisyonuna girdiklerini ifade etti. “\u00c7o\u011fumuzun bekledi\u011finden uzun olsa da T\u00fcrkiye ekonomisinde \u015fa\u015f\u0131rt\u0131c\u0131 derecede dayan\u0131kl\u0131 bir yolculuk oldu. T\u00fcrkler ayn\u0131 zamanda, y\u00fcksek enflasyon ve sat\u0131n alma g\u00fcc\u00fcnde d\u00fc\u015f\u00fc\u015f ya\u015fad\u0131” ifadelerini kulland\u0131.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u0130ngiltere merkezli Financial Times gazetesi, “T\u00fcrkiye ekonomisinin dayan\u0131kl\u0131l\u0131\u011f\u0131, en k\u00f6t\u00fc endi\u015feleri bile bo\u015fa \u00e7\u0131kard\u0131” ba\u015fl\u0131kl\u0131 bir analiz yaz\u0131s\u0131 yay\u0131mlad\u0131. Analizde,…<\/p>\n","protected":false},"author":2,"featured_media":53579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4595],"tags":[1315,3030],"yoast_head":"\n