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borรงlDQPD IDL]OHULQL EDQNDFร Oร N VLVWHPL NDQDOร \OD HWNLOHPHN VXUHWL\OH ย UHWLPL

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HWNLOHPH NDQDOODUร ILQDQVDO DNWDUร P PHNDQL]PDVร RODUDN ELOLQPHNWHGLU

3DUD SROLWLNDVร QGD DNWDUร P PHNDQL]PDVร \DQL ILQDQVDO DNWDUร P

PHNDQL]PDVร Qร Q LรบOH\LรบLQGH Eย \ย N PHEODรทOร |GHPH VLVWHPOHUL GLNNDW รงekmektedir. Para otoritesi, likidite yรถnetimi รงerรงevesinde fiyat dรผzeyini

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|GHPH VLVWHPLQLQ Wย Uย |]HOOLNOH Jย Q LoL YH JHFHOLN SDUD SL\DVDODUร Qร Q JHOLรบPH

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VLVWHPOHUL DUDVร QGD GRรทUXGDQ EDรทODQWร ROGXรทXQX LIDGH HWPHNWHGLU รฒ รง ร ?ยช ยฟ ยฅ ยฆ ย yยด ย ยฏ ย Rยด ยณ ย ย ย ย ยชQย ย ย ยฏ ยญ ยฐ ยญ ยฐ&ย ย ยฐ ย ย QยฑQย ยฏ ยฑQย ยน ย ยก ย ย ย ย Gย ย ย ย ย ย \ยบ ย ยซ ย ย ย ยช&ยง ย ยฏ ย ยฎ ยกQย ย ยฏ ย ยซร ยก ยฐ ย ยซ ย ยช ย ย ยฆ ยญ ยฏ ยข รฒรฒ

ยธ ยธ

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$NWDUร P Vย UHoOHULQLQ GRรทDVร YH JHFLNPH \DSร ODUร E|\OHFH PHUNH]

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HGLOHELOLUOLรทL

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-RKQVRQ V

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JHQHOLQH Kร ]OD \D\ร ODELOPHNWHGLU

Bu nedenle รถdeme sistemleri gรผnรผmรผzde: (NRQRPLQLQ ILQDQVDO DOW\DSร Vร Qร Q |QHPOL ELU \DSร WDรบร

g]HOOLNOH SDUD SROLWLNDVร \ROX\OD HWNLQ ELU HNRQRPL \|QHWLPL LoLQ zorunlu bir araรง,

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ILQDQVDO VLVWHPLQ LVWLNUDUร Qร WHKOLNH\H DWPD RODVร Oร รทร YDUGร U %X QHGHQOH GH

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OLNLGLWH SHQFHUHVL´ X\JXODPDVÕQÕ V UG UPHNWHGLU *Ho OLNLGLWH SHQFHUHVLQGHQ

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kotasyonundan borç verebilmektedir %XQXQ DQODPÕ 7&0% 9 Í £ Í à

Bölüm, 5. madde)’de: ³ %DQNDFÕOÕN VLVWHPLQLQ JHQHOLQH \D\ÕOPÕú ELU OLNLGLWH LKWL\DFÕ KDOLQGH ILQDQVDO LVWLNUDUVÕ]OÕ÷ÕQ |Q QH JHoLOHELOHFHN ROPDVÕ VLVWHPLN ELU VRUXQ \RN LNHQ EHOOL ELU EDQNDQÕQ OLNLGLWH SUREOHPL ROPDVÕ KDOLQGH LVH VRUXQGDQ NDPX RWRULWHOHUinin çok daha çabuk haberdar edilmeleri ve sorunun lokalize ë edilerek çözülmesinin imkan dahiline girmesi... .”

úHNOLQGH LIDGH HGLOPHNWHGLU

gGHPH VLVWHPOHULQLQ SDUD SROLWLNDVÕ DoÕVÕQGDQ ELU GL÷HU |QHPL |GHPH

VLVWHPOHULQGHNL GH÷LúLNOLNOHULQ SDUD WDOHELQGH YH\D SDUD DU]ÕQGD WDKPLQ

HGLOHPH\HQ ND\PDODUD QHGHQ ROPDVÕGÕU %X QHGHQOH |GHPH VLVWHPOHULQGH

RUWD\D oÕNDQ GH÷LúLNOLNOHUGH SDUD SROLWLNDVÕ EHOLUOHPH\H \|QHOLN RODVÕ HWNLOHULQGHQ GROD\Õ

3DUD SROLWLNDVÕ KHGHIL YH DUDo EHOLUOHPH

Ara hedef veya gösterge dH÷LúNHQOHULQ VHoLPL YH \RUXPODQPDVÕ

3DUD SROLWLNDVÕ DUDoODUÕQÕQ GL]D\QÕ

3DUD SROLWLNDVÕ DNWDUÕP PHNDQL]PDVÕQGDQ ROXúDQ

G|UW WHPHO DODQ ]HULQGH GXUXOPDOÕGÕU

3DUD DU] YH WDOHELQL HWNLOHPHN ]HUH WLFDUL EDQNDODUÕQ PHUNH] EDQNDVÕ

E Q\HVLQGH WXWPDVÕ JHUHNHQ ³]RUXQOX NDUúÕOÕN´ G ]H\OHULQLQ GH÷LúWLULOPHVL

DoÕN SL\DVD LúOHPOHUL EDQNDODUDUDVÕ SDUD SL\DVDVÕQGDNL NÕVD YDGHOL IDL]

RUDQODUÕQÕQ GH÷LúWLULOPHVL JLEL \|QWHPOHU SDUD SROLWLNDVÕ X\JXODPDVÕQGD òè

Bkz. TCMB, 2003 (Bölüm D/Madde 32).

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SL\DVD WDEDQOร \DNODรบร Pร WHPVLO HWPHNWHGLU YH EX \DNODรบร PODUร Q HWNLQ VRQXo

YHUPHVL LoLQ Jย QOย N SDUD DNร รบODUร Qร Q SDUD SL\DVDVร QD HWNLOHULQLQ WDKPLQ

HGLOHELOGLรทL PXWDEDNDWร Q D\Qร Jย Q \DSร OGร รทร Jย YHQLOLU Eย \ย N PHEODรทOร |GHPH

VLVWHPOHULQH LKWL\Do GX\XOPDNWDGร U 6KHSSDUG V 0HUNH] EDQNDODUร QGD |GHPH sistemlerine

yรถnelik

reformlar

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ROXรบDELOPHNWHGLU %X GXUXPGD PHUNH] EDQNDODUร OLNLGLWH \|QHWLPLQH RGDNOร

SDUD SROLWLNDVร X\JXODPDODUร QGD GDKD HVQHN ROPDN ]RUXQGD NDOPDNWDGร U

(WNLQ oDOร รบPD\DQ |GHPH VLVWHPOHULQGH OLNLGLWH \|QHWLPL VRUXQOX ROPDNWDGร U

0HUNH] EDQNDVร EDQNDODUD NDUรบร Oร รทร ROPD\DQ NUHGLOHU YHUPHN GXUXPXQGD

NDOPDNWD HNRQRPLQLQ NDSDVLWHVL Dรบร ODELOPHNWHGLU %LU 57*6 VLVWHPLQGH

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IDL] RUDQODUร QD J|UH LNLQFLO ELU URO R\QDPDNWDGร U %X QHGHQOH Nร VD YDGHOL IDL]

RUDQODUร PXWDEDNDW VLVWHPLQGHNL LรบOHPOHUGHQ YH PHUNH] EDQNDODUร Qร Q ILQDQVDO

VHNW|UOH LOJLOL ]RUOD\ร Fร Gย ]HQOHPHOHULQGHQ |QHPOL RUDQGD HWNLOHQPHNWHGLU

%DQNDODUDUDVร SL\DVDODUGD JHoLFL OLNLGLWH LKWL\DoODUร PHUNH] EDQNDODUร QFD

NDUรบร ODQGร รทร ]DPDQ EDQNDODUDUDVร IDL] RUDQODUร ID]OD GDOJDODQPDPDNWDGร U

%DQNDODUร Q PHUNH] EDQNDODUร QGDNL EDNL\HOHUL ]RUXQOX NDUรบร Oร N YH

GLVSRQLELOLWH RUDQODUร GDKLOLQGHGLU 3DUD SROLWLNDVร DPDoODUร QD XODรบร OPDVร

Doร Vร QGDQ EDQNDODUร Q PHUNH] EDQNDVร QGDQ NUHGL DOPDVร \OD EDQNDODUDUDVร

SDUD SL\DVDVร QGDQ ERUoODQPDVร IDUNOร VRQXo \DUDWPDNWDGร U .UHGL JHQLรบOHPHVL VLVWHPH HN OLNLGLWH VDรทODUNHQ SDUD SL\DVDODUร QGDQ ERUoODQPD

VLVWHPGH ]DWHQ YDU RODQ SDUDQร Q \HQLGHQ GDรทร Wร OPDVร QD QHGHQ ROPDNWD

GROD\ร Vร \OD SDUD VWRNX VDELW NDOPDNWD YH IDL] RUDQODUร ย ]HULQGHNL EDVNร

DUWPDNWDGร U

3DUD SROLWLNDODUร YH |GHPH VLVWHPOHUL DUDVร QGDNL LOLรบNL NRQXVXQGD

WHRULN YH DPSLULN SHN oRN oDOร รบPD \DSร OPDVร QD JHUHN ROGXรทXQD Vร N Vร N GLNNDW รงekilmektedir. Greenspan (1996, s.695)โ de de รถdeme sistemleri ile ilgili

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Eย Q\HVLQGH EDUร QGร UGร รทร QGDQ EDKVHGLOPHNWHGLU

gGHPH 6LVWHPOHULQGHNL *HOLúPHOHU 0HUNH] %DQNDFÕOÕ÷Õ

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EDQNDFÕOÕ÷ÕQÕQ JHOHFH÷LQH RODVÕ HWNLOHULQL VRUJXODGÕNODUÕ oDOÕúPDODUÕQGDQ VRQUD

bu konuda pek çok yeni oDOÕúPD \DSÕOPDNWDGÕU dDOÕúPDODUGDNL RUWDN QRNWD

|GHPH YH PXWDEDNDW WHNQRORMLVLQGHNL \HQL JHOLúPHOHULQ PHUNH] EDQNDVÕQÕQ

HNRQRPLGHNL NÕVD YDGHOL IDL] RUDQODUÕQÕ HWNLOHPHGH NXOODQGÕ÷Õ SDUDVDO WDEDQ

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