{"id":38584,"date":"2020-11-15T15:25:00","date_gmt":"2020-11-15T15:25:00","guid":{"rendered":"https:\/\/cryptonews.com\/tr\/?p=38584"},"modified":"2023-06-26T11:13:17","modified_gmt":"2023-06-26T11:13:17","slug":"koronavirus-pandemisinde-her-ulke-sihirli-para-agacini-salla-3491","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/tr\/exclusives\/koronavirus-pandemisinde-her-ulke-sihirli-para-agacini-salla-3491\/","title":{"rendered":"Koronavir\u00fcs Pandemisinde Her \u00dclke Sihirli Para A\u011fac\u0131n\u0131 Sallayam\u0131yor"},"content":{"rendered":"<p><i>Shamel Azmeh, <b>Manchester &Uuml;niversitesi<\/b> (University of Manchester) <b>K&uuml;resel Kalk&#305;nma Enstit&uuml;s&uuml;<\/b>&#8216;nde Uluslararas&#305; Kalk&#305;nma alan&#305;nda &ouml;&#287;retim &uuml;yesi.<\/i><br>\n____<\/p><figure><img decoding=\"async\" src=\"https:\/\/cimg.co\/w\/articles-attachments\/1\/5fb\/0ed2b1d583.jpg\" sizes=\"(min-width: 640px) 720px, 100vw\" srcset=\"https:\/\/cimg.co\/w\/articles-attachments\/1\/5fb\/0ed2b1d583.jpg 300w, https:\/\/cimg.co\/w\/articles-attachments\/2\/5fb\/0ed2b1d583.jpg 600w, https:\/\/cimg.co\/w\/articles-attachments\/3\/5fb\/0ed2b1d583.jpg 720w, https:\/\/cimg.co\/w\/articles-attachments\/4\/5fb\/0ed2b1d583.jpg 900w, https:\/\/cimg.co\/w\/articles-attachments\/0\/5fb\/0ed2b1d583.jpg 1197w\" alt=\"\" class=\"content-img\"><figcaption>Kaynak: Adobe\/Alona<\/figcaption><\/figure><p>COVID, d&uuml;nya &ccedil;ap&#305;nda toplumlar&#305; tahrip etmeye devam ediyor ve kilit mesele, h&uuml;k&uuml;metlerin bununla nas&#305;l sava&#351;abilece&#287;idir. Ekonomilerin bozulmas&#305;yla h&uuml;k&uuml;metler, &#351;irketleri kurtarmak, sa&#287;l&#305;k &ouml;nlemlerinin maliyetini kar&#351;&#305;lamak ve i&#351;&ccedil;ilerin maa&#351;lar&#305;n&#305; finanse etmek &uuml;zere harcamalar&#305;n&#305; art&#305;rmak i&ccedil;in devreye giriyor. <\/p><p>COVID&#8217;den &ouml;nce, insanlar devletin di&#287;er hizmetler ve refah &ouml;nlemlerinin yan&#305; s&#305;ra &uuml;cretsiz sa&#287;l&#305;k hizmeti ve &uuml;cretsiz e&#287;itim sunabilmesi gerekti&#287;ini savunurken, standart bir siyasi tepki, devlet kaynaklar&#305;n&#305;n s&#305;n&#305;rl&#305; oldu&#287;uydu. 2017&#8217;de bir hem&#351;irenin maa&#351;&#305;n&#305;n 2009 seviyesine g&ouml;re neden artmad&#305;&#287;&#305;n&#305; sordu&#287;unda, o zamanki &#304;ngiliz ba&#351;bakan&#305; Theresa May, &#8220;&#304;nsanlar&#305;n istedi&#287;i her &#351;eyi aniden sa&#287;layan, sallayabilece&#287;imiz sihirli bir para a&#287;ac&#305; yok&#8221; <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/politics\/theresa-may-nurse-magic-money-tree-bbcqt-question-time-pay-rise-eight-years-election-latest-a7770576.html\">dedi<\/a>. <\/p><div class=\"tweet tweetContainer\"><blockquote class=\"twitter-tweet\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">.@Theresa_May tells a nurse who says she earns the same as they did in 2009 that sadly there &#8216;isn&#8217;t a magic money t&hellip; <a href=\"https:\/\/t.co\/OeO6WuSirD\">https:\/\/t.co\/OeO6WuSirD<\/a><\/p>&mdash; BBC Question Time (@bbcquestiontime) <a href=\"https:\/\/twitter.com\/bbcquestiontime\/status\/870732339155836928\"><\/a><\/blockquote><script>!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=\"\/\/platform.twitter.com\/widgets.js\";fjs.parentNode.insertBefore(js,fjs);}}(document,\"script\",\"twitter-wjs\");<\/script><\/div><p>Birka&ccedil; y&#305;l sonra, h&uuml;k&uuml;met sadece milyonlar&#305;n &uuml;cretini &ouml;deyebilmekle kalmad&#305;, ayn&#305; zamanda binlerce firma i&ccedil;in kurtarma paketleri olu&#351;turdu ve insanlara restoranlarda <a href=\"https:\/\/www.theguardian.com\/business\/2020\/sep\/04\/eat-out-to-help-out-sees-diners-claim-100m-cut-price-meals-in-august\">yemek yemeleri<\/a> i&ccedil;in kuponlar teklif etti. Baz&#305; Avrupa &uuml;lkekeri de pandemiye yan&#305;t olarak milyonlarca i&#351;&ccedil;inin &uuml;cretlerinin sigortalanmas&#305; i&ccedil;in benzeri g&ouml;r&uuml;lmemi&#351; bir ad&#305;m att&#305;.<\/p><p>&#304;ngiliz devleti ve di&#287;erleri, vergilerden elde edilen gelirlerin &ccedil;&ouml;kt&uuml;&#287;&uuml; bir d&ouml;nemde harcamalarda nas&#305;l b&ouml;yle radikal bir art&#305;&#351; yapabilir?<\/p><h2 id=\"sihirli-para-agaci\">&lsquo;Sihirli para a&#287;ac&#305;&rsquo;<\/h2><span class=\"replacer\"><\/span><p>Bunun cevab&#305; bor&ccedil; piyasas&#305;nda yat&#305;yor. Ge&ccedil;ti&#287;imiz birka&ccedil; ay i&ccedil;inde d&uuml;nyadaki h&uuml;k&uuml;metler, pandeminin maliyetlerini kar&#351;&#305;lamak i&ccedil;in bor&ccedil;lanmalar&#305;n&#305; &ouml;nemli &ouml;l&ccedil;&uuml;de art&#305;rd&#305;lar. Belirsiz ekonomik d&ouml;nemlerde kredi maliyetinin artmas&#305; mant&#305;kl&#305; g&ouml;r&uuml;nebilir. Ancak ger&ccedil;ek &#351;u ki, &ouml;zellikle hisse senedi piyasalar&#305; istikrars&#305;z ve de&#287;i&#351;ken bir hal ald&#305;k&ccedil;a, sermaye, ekonomik gerileme d&ouml;nemlerinde genellikle daha g&uuml;venli olan <a href=\"https:\/\/www.investopedia.com\/terms\/s\/sovereign-debt.asp#:%7E:text=Sovereign%20debt%20is%20a%20central,issuing%20country's%20growth%20and%20development\">devlet borcuna<\/a> gidiyor.<\/p><p>Son aylarda, bor&ccedil; verenler bulmak i&ccedil;in &ccedil;aba sarfetmek veya bor&ccedil; i&ccedil;in daha fazla &ouml;deme yapmak zorunda kalmak yerine, b&uuml;y&uuml;k ekonomilerin h&uuml;k&uuml;metleri tarihsel olarak d&uuml;&#351;&uuml;k oranlarda krediyle bo&#287;u&#351;uyorlar. Ekim ay&#305;nda, &#351;imdiye kadar bor&ccedil; piyasas&#305;nda k&uuml;&ccedil;&uuml;k bir oyuncu olan AB (bor&ccedil;lanma &ccedil;o&#287;unlukla &uuml;ye devletlerin ulusal h&uuml;k&uuml;metleri taraf&#305;ndan yap&#305;ld&#305;&#287;&#305; i&ccedil;in), May&#305;s ay&#305;nda olu&#351;turulan <a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2020\/05\/19\/covid-19-council-reaches-political-agreement-on-temporary-support-to-mitigate-unemployment-risks-in-an-emergency-sure\/\">SURE program&#305;<\/a> (Acil Durumlarda &#304;&#351;sizlik Riskini Azaltmak &#304;&ccedil;in Destek) arac&#305;l&#305;&#287;&#305;yla COVID ile m&uuml;cadele &ccedil;abalar&#305;n&#305;n bir par&ccedil;as&#305; olarak b&uuml;y&uuml;k bir bor&ccedil;lanma kampanyas&#305; ba&#351;latt&#305;.<\/p><p>17 milyar euro de&#287;erindeki ilk tahvil sat&#305;&#351;&#305;, baz&#305;lar&#305;n&#305;n &ldquo;<a href=\"https:\/\/www.ft.com\/content\/e3553b68-22c8-487c-a7c0-7e1c6dc0ec4b\">a&#351;&#305;r&#305; talep<\/a>&#8221; olarak nitelendirdi&#287;i tahvil ile kar&#351;&#305;land&#305; ve yat&#305;r&#305;mc&#305;lar bunlar&#305; sat&#305;n almak i&ccedil;in toplam 233 milyar ABD Dolar&#305; teklif verdi. Bu yo&#287;un rekabet, on y&#305;lda -%0.26 getiri sunan tahviller i&ccedil;indi, yani tahvili vadeye kadar elinde tutan bir yat&#305;r&#305;mc&#305;n&#305;n bug&uuml;n &ouml;dedi&#287;inden daha az alaca&#287;&#305; anlam&#305;na geliyor. <\/p><p>AB, bor&ccedil; almak i&ccedil;in etkin bir &#351;ekilde &ouml;deme yap&#305;lan tek bor&ccedil;lu de&#287;il. Geli&#351;mi&#351; ekonomilerin &ccedil;o&#287;u, son y&#305;llarda ve aylarda negatif oranlarda bor&ccedil; <a href=\"https:\/\/www.ft.com\/content\/3d576f71-6833-4a55-8b8c-f4abfb0ca172\">satmaktad&#305;r<\/a>. Baz&#305; &uuml;lkeler i&ccedil;in bu de&#287;i&#351;im dramatik oldu. Daha &ouml;nce g&ouml;rece riskli olarak g&ouml;r&uuml;len ve b&uuml;y&uuml;k bir bor&ccedil; krizi ge&ccedil;iren Yunanistan ile birlikte &#304;spanya ve &#304;talya gibi &uuml;lkeler bile art&#305;k &ccedil;ok d&uuml;&#351;&uuml;k oranlarda bor&ccedil;lanman&#305;n tad&#305;n&#305; &ccedil;&#305;kar&#305;yor.<\/p><p>Bu olgunun nedeni, bu tahviller ba&#351;lang&#305;&ccedil;ta &ldquo;geleneksel&rdquo; piyasa akt&ouml;rleri taraf&#305;ndan sat&#305;n al&#305;n&#305;rken, merkez bankalar&#305;n&#305;n bu tahvilleri piyasada dola&#351;t&#305;r&#305;lmalar&#305;n&#305;n ard&#305;ndan b&uuml;y&uuml;k miktarlarda sat&#305;n almalar&#305;d&#305;r. Birka&ccedil; y&#305;ld&#305;r, Avrupa Merkez Bankas&#305; (ECB), Avrupa devlet tahvillerinin aktif bir al&#305;c&#305;s&#305; olmu&#351;tur; do&#287;rudan h&uuml;k&uuml;metlerden de&#287;il, ikincil piyasadan (bu tahvilleri daha &ouml;nce sat&#305;n alan yat&#305;r&#305;mc&#305;lardan) alm&#305;&#351;t&#305;r. Bu ECB varl&#305;k sat&#305;n alma program&#305;, COVID krizini a&#351;maya yard&#305;mc&#305; olmak i&ccedil;in geni&#351;letildi ve ECB, 2020&#8217;nin ba&#351;&#305;ndan Eyl&uuml;l ay&#305;na kadar devlet tahvillerine 676 milyar euro <a href=\"https:\/\/www.wsj.com\/articles\/european-central-bank-smothers-government-bond-market-11599830877\">harcad&#305;<\/a><\/p><p>Ba&#351;l&#305;ca geli&#351;mi&#351; ekonomilerdeki <a href=\"https:\/\/www.brookings.edu\/research\/fed-response-to-covid19\/\">di&#287;er<\/a> merkez bankalar&#305; da ayn&#305; stratejiyi izliyor. Bu merkez bankalar&#305;, ikincil piyasadaki tahvillere olan talebin g&uuml;&ccedil;l&uuml; kalaca&#287;&#305;n&#305; bilerek bu programlar arac&#305;l&#305;&#287;&#305;yla yat&#305;r&#305;mc&#305;lar&#305; devlet tahvili almaya devam etmeye te&#351;vik ediyor.<\/p><h2 id=\"yoksul-ulkeler\">Yoksul &uuml;lkeler<\/h2><span class=\"replacer\"><\/span><p>Bununla birlikte, bor&ccedil; piyasas&#305;nda herkes benzer bir konuma sahip de&#287;il. Yat&#305;r&#305;mc&#305;lar zengin ekonomileri paralar&#305;n&#305; almak i&ccedil;in kovalarken, durum daha fakir &uuml;lkeler i&ccedil;in tamamen farkl&#305;d&#305;r. Bir&ccedil;ok fakir &uuml;lke kredi piyasas&#305;na s&#305;n&#305;rl&#305; eri&#351;ime sahiptir ve bunun yerine D&uuml;nya Bankas&#305; gibi kamu bor&ccedil; verenlerine bel ba&#287;lamaktad&#305;r.<\/p><p>Son y&#305;llarda artan say&#305;da geli&#351;mekte olan &uuml;lkenin &ouml;zel bor&ccedil; verenlerden d&#305;&#351; bor&ccedil;lanmalar&#305;n&#305; <a href=\"https:\/\/www.ft.com\/content\/8c232df6-4451-11ea-abea-0c7a29cd66fe\">art&#305;rmas&#305;yla<\/a> bu durum de&#287;i&#351;meye ba&#351;lad&#305;. Bununla birlikte, geli&#351;mekte olan &uuml;lkeler, yap&#305;sal olarak daha zengin emsallerinden daha zay&#305;f bir konumdad&#305;r. Sermaye piyasalar&#305;n&#305;n daha k&uuml;&ccedil;&uuml;k &ouml;l&ccedil;ekli olmas&#305;, d&#305;&#351;ar&#305;ndan sa&#287;lanan finansmana daha ba&#287;&#305;ml&#305; olduklar&#305; anlam&#305;na gelir. Bu ba&#287;&#305;ml&#305;l&#305;k, geli&#351;mekte olan &uuml;lkelerin d&ouml;viz cinsinden para toplamaya bel ba&#287;lad&#305;klar&#305; anlam&#305;na gelir ve bu da ekonomileri i&ccedil;in riski art&#305;r&#305;r.<\/p><p>Geli&#351;mekte olan bir&ccedil;ok &uuml;lke, daha y&uuml;ksek bir emtia y&uuml;zdesi ile daha az &ccedil;e&#351;itlendirilmi&#351; ihracata sahip oldu&#287;u i&ccedil;in son aylarda emtialardaki fiyat <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2020\/04\/23\/most-commodity-prices-to-drop-in-2020-as-coronavirus-depresses-demand-and-disrupts-supply\">d&uuml;&#351;&uuml;&#351;&uuml;<\/a> bu riskleri art&#305;rm&#305;&#351;t&#305;r. Sonu&ccedil; olarak, geli&#351;mekte olan &uuml;lkeler, daha zengin ekonomilere k&#305;yasla &ouml;nemli &ouml;l&ccedil;&uuml;de daha y&uuml;ksek bir bor&ccedil;lanma maliyetiyle kar&#351;&#305; kar&#351;&#305;yad&#305;r.<\/p><p>Endonezya, Kolombiya, Hindistan ve Filipinler gibi birka&ccedil; b&uuml;y&uuml;k geli&#351;mekte olan &uuml;lke, b&uuml;y&uuml;yen bir a&ccedil;&#305;&#287;&#305; finanse etmek &uuml;zere devlet tahvili almak i&ccedil;in geli&#351;mi&#351; ekonomiler taraf&#305;ndan benimsenen politikay&#305; izlemeye <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-29\/copying-rich-world-s-virus-plan-is-big-risk-for-emerging-markets\">ba&#351;lad&#305;lar.<\/a>. Bununla birlikte, sermaye giri&#351;lerindeki d&uuml;&#351;&uuml;&#351;, sermaye ka&ccedil;&#305;&#351;&#305; ve d&ouml;viz krizleri dahil olmak &uuml;zere, bunu yapman&#305;n riskleri daha zengin ekonomilerden daha y&uuml;ksektir. Derecelendirme kurulu&#351;u S&amp;P Global Ratings taraf&#305;ndan haz&#305;rlanan bir <a href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/200914-em-central-banks-risk-reputations-with-bond-buying-programs-11638740\">rapor<\/a>, bu iki ekonomi aras&#305;ndaki farklar&#305; g&ouml;zler &ouml;n&uuml;ne serdi:<\/p><blockquote>\n<p>Geli&#351;mi&#351; &uuml;lkeler tipik olarak derin yerel sermaye piyasalar&#305;na, g&uuml;&ccedil;l&uuml; kamu kurumlar&#305;na (ba&#287;&#305;ms&#305;z merkez bankalar&#305; dahil), d&uuml;&#351;&uuml;k ve istikrarl&#305; enflasyona ve ekonomi politikalar&#305;nda &#351;effafl&#305;k ve &ouml;ng&ouml;r&uuml;lebilirli&#287;e sahiptir. Bu &ouml;zellikler, merkez bankalar&#305;n&#305;n yat&#305;r&#305;mc&#305; g&uuml;venini kaybetmeden, daha y&uuml;ksek enflasyon korkusu yaratmadan ya da sermaye ka&ccedil;&#305;&#351;&#305;n&#305; tetiklemeden b&uuml;y&uuml;k devlet tahvillerini elinde tutmas&#305;na izin verir. Di&#287;er yandan, daha az g&uuml;venilir kamu kurumlar&#305;na ve daha az parasal, d&ouml;viz kuru ve mali esnekli&#287;e sahip devletlerin daha y&uuml;ksek enflasyon riskini idare etmeden mali a&ccedil;&#305;klar&#305; paraya &ccedil;evirme kapasiteleri daha azd&#305;r. Bu, son on y&#305;l&#305;n baz&#305; d&ouml;nemlerinde Arjantin&#8217;de g&ouml;r&uuml;ld&uuml;&#287;&uuml; &uuml;zere, b&uuml;y&uuml;k sermaye ka&ccedil;&#305;&#351;lar&#305;n&#305; tetikleyebilir, para biriminin de&#287;erini d&uuml;&#351;&uuml;rebilir ve yurt i&ccedil;i faiz oranlar&#305;n&#305;n y&uuml;kselmesine neden olabilir. <\/p>\n<\/blockquote><p>Piyasan&#305;n &#351;u ana kadar geli&#351;mekte olan &uuml;lkelerin bu yakla&#351;&#305;m&#305;na tepkisi bast&#305;r&#305;l&#305;rken, raporda bu durumun de&#287;i&#351;ebilece&#287;i &ouml;ne s&uuml;r&uuml;ld&uuml;. Bunu yapan geli&#351;mekte olan &uuml;lkeler, &ldquo;parasal esnekli&#287;i ve ekonomik istikrar&#305; zay&#305;flatabilir, bu da &uuml;lke notunun d&uuml;&#351;&uuml;r&uuml;lmesi olas&#305;l&#305;&#287;&#305;n&#305; art&#305;rabilir&rdquo;.<\/p><h2 id=\"notun-dusurulmesi\">Notun d&uuml;&#351;&uuml;r&uuml;lmesi<\/h2><span class=\"replacer\"><\/span><p>Son aylarda, derecelendirme kurulu&#351;lar&#305; taraf&#305;ndan notlar&#305;n&#305;n d&uuml;&#351;&uuml;r&uuml;lmesi, bir&ccedil;ok ekonominin daha y&uuml;ksek bor&ccedil;lanma maliyetleriyle kar&#351;&#305; kar&#351;&#305;ya kalmas&#305;yla birlikte bu t&uuml;r d&uuml;&#351;&uuml;&#351;ler, geli&#351;mekte olan &uuml;lkelerin kar&#351;&#305; kar&#351;&#305;ya oldu&#287;u &ouml;nemli bir <a href=\"https:\/\/qz.com\/africa\/1850033\/coronavirus-moodys-fitch-downgrades-devastating-for-africa\/\">risk<\/a> olmu&#351;tur. Bu d&uuml;&#351;&uuml;&#351;ler, Botsvana i&ccedil;in <a href=\"https:\/\/www.diamonds.net\/News\/NewsItem.aspx?ArticleID=64900&amp;ArticleTitle=Market+Slump+Prompts+Botswana+Downgrade\">elmas<\/a> ve Nijerya i&ccedil;in <a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/fitch-downgrades-nigeria-amid-oil-price-slump-pandemic-shock-57921342\">petrolde<\/a> oldu&#287;u gibi, genellikle emtia fiyatlar&#305; ve ihracat&#305;ndaki d&uuml;&#351;&uuml;&#351;le ba&#287;lant&#305;l&#305;yd&#305;.<\/p><p>Temmuz ay&#305;nda, Etiyopya, Pakistan, Kamerun, Senegal ve Fildi&#351;i Sahilleri&#8217;nin D&uuml;nya Bankas&#305; onayl&#305; bir G20 bor&ccedil; ask&#305;ya alma giri&#351;imine kat&#305;lmas&#305;n&#305;n ard&#305;ndan, derecelendirme kurulu&#351;u Moody&#8217;s, bu &uuml;lkeler taraf&#305;ndan ihra&ccedil; edilen tahvillerin baz&#305; geli&#351;mekte olan ekonomilerin &#8220;piyasaya olumsuz sinyal&#8221; g&ouml;ndermemek iin giri&#351;imden ka&ccedil;&#305;nmas&#305;na neden olmas&#305;yla, bu plana kat&#305;lman&#305;n yat&#305;r&#305;mc&#305;lar i&ccedil;in riski <a href=\"https:\/\/www.ft.com\/content\/7d51d373-c12e-4440-a408-e61a939e3a3c\">art&#305;rd&#305;&#287;&#305;n&#305;<\/a> &ouml;ne s&uuml;rerek bu &uuml;lkelere kar&#351;&#305; harekete ge&ccedil;ti. Zambiya &#8220;COVID borcunda temerr&uuml;de&#8221; d&uuml;&#351;menin <a href=\"https:\/\/www.ft.com\/content\/e56c2a34-16e4-4974-9df8-a72c092c5ee2\">e&#351;i&#287;inde<\/a> olan ilk &uuml;lke ve di&#287;er geli&#351;mekte olan &uuml;lkeler de &ouml;n&uuml;m&uuml;zdeki aylarda benzer bir durumla kar&#351;&#305;la&#351;abilir.<\/p><p>Bu dinamiklerin bir sonucu olarak, bir&ccedil;ok geli&#351;mekte olan &uuml;lke, ekonomik olarak maliyetli sa&#287;l&#305;k &ouml;nlemlerinden vazge&ccedil;me ya da ciddi mali ve ekonomik krizlerle kar&#351;&#305; kar&#351;&#305;ya kalma gibi zor bir se&ccedil;imle kar&#351;&#305; kar&#351;&#305;yad&#305;r. Krediye eri&#351;im, h&uuml;k&uuml;metlerin pandemiye yan&#305;t verme kabiliyetinde belirleyici bir fakt&ouml;r haline geldi. Ucuz krediye eri&#351;imin bir sonucu olarak, geli&#351;mi&#351; ekonomiler pandeminin sosyal ve ekonomik etkilerini s&#305;n&#305;rlarken &#351;u ana kadar bu t&uuml;r sa&#287;l&#305;k &ouml;nlemleri alabilmi&#351;tir. Geli&#351;mekte olan bir&ccedil;ok &uuml;lke bu l&uuml;kse sahip de&#287;il. Herkes sihirli para a&#287;ac&#305;n&#305;n dallar&#305;n&#305; sallayamaz.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"The Conversation\" width=\"1\" height=\"1\" style=\"border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important\" class=\" lazyload\" data-src=\"https:\/\/counter.theconversation.com\/content\/149376\/count.gif?distributor=republish-lightbox-basic\" data-srcset=\"\"><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https:\/\/theconversation.com\/republishing-guidelines --><\/p><p>Bu makale <a href=\"https:\/\/theconversation.com\">The Conversation<\/a>&#8216;dan Creative Commons lisans&#305;yla yeniden yay&#305;nlanm&#305;&#351;t&#305;r. Orijinal makaleyi <a href=\"https:\/\/theconversation.com\/how-countries-are-raising-debt-to-fight-covid-and-why-developing-nations-face-tougher-choices-149376\">buradan<\/a> okuyabilirsiniz.<\/p><p>___<\/p><p><b>Daha fazlas&#305; i&ccedil;in:<\/b> <br>\n<a href=\"https:\/\/cryptonews.com\/tr\/exclusives\/kapitalizm-ve-koronavirus-krizi-yaklasan-donusum-ler-3427\/\">Kapitalizm ve Koronavir&uuml;s Krizi: Yakla&#351;an D&ouml;n&uuml;&#351;&uuml;m(ler)<\/a><br>\n<a href=\"https:\/\/cryptonews.com\/tr\/exclusives\/bugun-brrrlayan-para-basma-makineleri-yarin-nasil-daha-yukse-2649\/\">Bug&uuml;n BRRRlayan Para Basma Makineleri Yar&#305;n Nas&#305;l Daha Y&uuml;ksek Vergilere Yol A&ccedil;abilir<\/a><br>\n<a href=\"https:\/\/cryptonews.com\/tr\/exclusives\/bitcoin-e-karsi-modern-para-teorisi-1835\/\">Bitcoin&#8217;e Kar&#351;&#305; Modern Para Teorisi<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Shamel Azmeh, Manchester &Uuml;niversitesi (University of Manchester) K&uuml;resel Kalk&#305;nma Enstit&uuml;s&uuml;&#8216;nde Uluslararas&#305; Kalk&#305;nma alan&#305;nda &ouml;&#287;retim &uuml;yesi. ____Kaynak: Adobe\/AlonaCOVID, d&uuml;nya &ccedil;ap&#305;nda toplumlar&#305; tahrip etmeye devam ediyor ve kilit mesele, h&uuml;k&uuml;metlerin bununla nas&#305;l sava&#351;abilece&#287;idir. Ekonomilerin bozulmas&#305;yla h&uuml;k&uuml;metler, &#351;irketleri kurtarmak, sa&#287;l&#305;k &ouml;nlemlerinin maliyetini kar&#351;&#305;lamak ve i&#351;&ccedil;ilerin maa&#351;lar&#305;n&#305; finanse etmek &uuml;zere harcamalar&#305;n&#305; art&#305;rmak i&ccedil;in devreye giriyor. COVID&#8217;den &ouml;nce, insanlar devletin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,4],"tags":[],"editors":[187,188],"sponsored_companies":[],"class_list":["post-38584","post","type-post","status-publish","format-standard","hentry","category-exclusives","category-opinions","editors-shamel-azmeh","editors-university-of-manchester"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Koronavir\u00fcs Pandemisinde Her \u00dclke Sihirli Para A\u011fac\u0131n\u0131 Sallayam\u0131yor - Cryptonews<\/title>\n<meta name=\"description\" content=\"COVID, d\u00fcnya \u00e7ap\u0131nda toplumlar\u0131 tahrip etmeye devam ediyor ve kilit mesele, h\u00fck\u00fcmetlerin bununla nas\u0131l sava\u015fabilece\u011fidir. Ekonomilerin bozulmas\u0131yla h\u00fck\u00fcmetler, \u015firketleri kurtarmak, sa\u011fl\u0131k \u00f6nlemlerinin maliyetini kar\u015f\u0131lamak ve i\u015f\u00e7ilerin maa\u015flar\u0131n\u0131 finanse etmek \u00fczere harcamalar\u0131n\u0131 art\u0131rmak i\u00e7in devreye giriyor.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/tr\/exclusives\/koronavirus-pandemisinde-her-ulke-sihirli-para-agacini-salla-3491\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Koronavir\u00fcs Pandemisinde Her \u00dclke Sihirli Para A\u011fac\u0131n\u0131 Sallayam\u0131yor - Cryptonews\" \/>\n<meta property=\"og:description\" content=\"COVID, d\u00fcnya \u00e7ap\u0131nda toplumlar\u0131 tahrip etmeye devam ediyor ve kilit mesele, h\u00fck\u00fcmetlerin bununla nas\u0131l sava\u015fabilece\u011fidir. Ekonomilerin bozulmas\u0131yla h\u00fck\u00fcmetler, \u015firketleri kurtarmak, sa\u011fl\u0131k \u00f6nlemlerinin maliyetini kar\u015f\u0131lamak ve i\u015f\u00e7ilerin maa\u015flar\u0131n\u0131 finanse etmek \u00fczere harcamalar\u0131n\u0131 art\u0131rmak i\u00e7in devreye giriyor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/tr\/exclusives\/koronavirus-pandemisinde-her-ulke-sihirli-para-agacini-salla-3491\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews T\u00fcrk\u00e7e\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-15T15:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-26T11:13:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cimg.co\/w\/articles-attachments\/1\/5fb\/0ed2b1d583.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Koronavir\u00fcs Pandemisinde Her \u00dclke Sihirli Para A\u011fac\u0131n\u0131 Sallayam\u0131yor - Cryptonews\" \/>\n<meta name=\"twitter:description\" content=\"COVID, d\u00fcnya \u00e7ap\u0131nda toplumlar\u0131 tahrip etmeye devam ediyor ve kilit mesele, h\u00fck\u00fcmetlerin bununla nas\u0131l sava\u015fabilece\u011fidir. 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