Krize Köklü Çözüm Önerisi: Tek Dünya Parası

Dünya ekonomilerinin "1929 buhranından daha derin" bir kriz içinde olduğu hususu giderek kabul görmekte, böylesine derin bir kriz sonucunda uluslararası finansal sistemde bazı köklü dönüşümlerin yaşanmasının kaçınılmaz olduğu daha fazla dillendirilmektedir. Önemli dönüşüm, rezerv para birimi (RPB) konusunda olacaktır. Zira krizin derinleşmesinin mü- sebbibi, mevcut RPB'nin güven ve istikrar gibi temel fonksiyonları sağlamakta zorlanmasıdır. Dolardan sonraki RPB'nin ne olacağı konusunda tartışmalar artmaktadır. Euro'nun veya SDR'ın sonraki RPB olup olamayacağı yanında, Renminbi'nin alternatif olabileceği tartışmalarına rastlanmaktadır. Çalışmanın amacı, mevcut krize köklü çözüm alternatifi olarak gündeme getirilen Tek Dünya Parası (Single Global Currency, SGC) önerisinin faydalarına dikkat çekmek ve Türk- çe literatürde konunun tartışılmasını sağlamaktır. Tek ülkenin milli parası olmayan SGC, SDR'dan daha geniş tabanlı, global dünyayı temsil eden ve uluslarüstü bir merkez bankası tarafından yönetilen bir RPB'dir. Çalışmalar, SGC'nin yaratılabilmesi halinde büyük faydalar sağlayabileceğini göstermektedir. Uluslararası ticarette açık-fazla kavramı ortadan kalkacağı gibi, ülkelerin rezerv tutma ihtiyacı olmayacaktır. Mevcut 150'ye yakın para birimi arasındaki dönüşüm maliyetlerinden kaynaklanan etkinlik kaybını ortadan kaldıracaktır ki sadece bunun yıllık kazancının dahi 400 milyar dolardan fazla olacağı hesaplanmaktadır. TDP ile uluslararası ticaret ve verimlilikte ciddi artışlar sağlanabilecek, hepsinden önemlisi yaşadığımız türden krizler olmayacaktır

A Fundamental Solution to Financial Crises Problem: Single Global Currency

It is getting accepted by more people that current financial crises (or Great Recession of 2008) is fundamentally much deeper than the Great Depression of 1929. Such a great crisis will eventually create some fundamental changes in the world’s financial architecture. Its obvious that one of the major transformations will occur in the world’s reserve currency (RC) system. One of the main reason of current “worldwide contagious” crisis is lack of a trustful reserve currency system, which can provide all functions of a RC properly. As a result of this deficiency, probability of the Euro’s, the SDR’s, even Renminbi’s chances as the world’s next RC is become one of the hot topics among the economists. The aim of this study is to introduce the notion of the Single Global Currency (SGC) system in Turkish financial economics literature. By the end of this global crisis, it is going to be understood by more people that ultimate future of the world’s RC system is a SGC. The studies show that as a supra-national currency, the SGC is beneficiary for all people who need a functioning RC. In that system, there are no CA deficits or trade imbalances and FX fluctuations problems, by definition It is estimated that only annual transaction cost of current multi FX system is more than USD 400 bn annually. It is obvious that in a world with SGC, not only financial markets but all economies will function more efficiently and the term of international currency crises will be a historic concept, belongs to the “age of financial terror” which starts in the 1970’s, (since collapse of Bretton Woods system) and will last until the replacement of current system with the SGC

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