An Alternative Solution to The Euro Crisis; Gold as Collateral

Yıl 2014, Cilt: 3 Sayı: 7, 129 - 143, 14.08.2014

Esra N Kılcı

Öz

The European debt and banking crisis, leaving almost five years behind, has been still continuing by escalating. As the financial strains and concerns on government bonds has spread to the banking sector which has the vast majority of government bonds in their portfolios, there have been experienced severe blockages in bond issue and especially in short-term lending. This crisis has become as a major crisis which threatens all countries in Euro-area as well as the countries which appears relatively weak. As crisis continues and is expected to be converted a structural crisis with real-estate problems recently, we have the key question in front of us; on the one hand, the countries are in a situation to promote the growth in order to pay down debt and make their economies stronger, and on the other hand how can they maintain their economic austerity policies. There have been proposed several solutions to this dilemma since the beginning of the crisis and some of these solutions have been focused on, in especially 2012, selling of the gold reserves held by European central banks or using gold reserves to collateralise new government debt. Considering that some of the countries adversely affected by the crisis, such as Italy and Portugal has substantial amount of these gold reserves, it has been mostly believed by economists and politicians that these solutions could help alleviate the ongoing crisis in last years. In this study, the role of gold in economy and monetary system is analyzed by touching many points and evaluating the proposals in related to gold reserves made in order to alleviate the effects of crisis.

Anahtar Kelimeler

Debt crisis, Euro area, Gold, Collateral

Euro Krizine Alternatif Bir Çözüm; Teminat Olarak Altın

Öz

Yaklaşık beş yılı geride bırakan Avrupa borç ve bankacılık krizi kötüleşerek devam etmektedir. Devlet tahvillerindeki sıkıntılar ve kaygılar, bu tahvillerin büyük bir kısmını portföylerinde bulunduran bankacılık sektörüne sıçradıkça, tahvil ihracı ve özellikle kısa dönemli borçlanmada şiddetli tıkanmalar yaşanmıştır. Bu kriz, zaman içerisinde, diğerlerine nazaran daha zayıf ülkelerle birlikte, Euro bölgesi içerisindeki tüm ülkeleri tehdit eder hale gelmiştir.Kriz devam ederken ve son günlerde, emlak krizini de içeren yapısal bir krize dönüşeceği düşünülürken, önemli bir soru karşımıza çıkmıştır; ekonomik büyümeyi sağlayabilmek için borçlarını azaltmak ve ekonomilerini güçlü hale getirmek zorunda bulunan ülkeler, ekonomik tasarruf programlarına nasıl devam edeceklerdir.Krizin başlangıcından bu yana, bu ikileme yönelik çeşitli çözümler önerilmiş olup; bu çözümlerin bir kısmı, özellikle 2012 yılında, Euro bölgesi ülkeleri merkez bankalarının sahip olduğu altın rezervlerinin satılması veya tahvil ihracında teminat olarak kullanılmasına odaklanmıştır. Krizden zarar gören İtalya ve Portekiz gibi ülkelerin büyük miktarlarda altın rezervine sahip olduğu gözönüne alındığında, ekonomist ve politikacılar tarafından, altına dayalı geliştirilen bu çözüm önerileriyle, devam eden krizin şiddetinin hafifletilebileceği fikri ortaya atılmıştır.Bu çalışmada, altının ekonomi ve parasal sistem içerisindeki rolü analiz edilerek, süregelen krizi yatıştırabilmek için, altın rezervlerine ilişkin önerilen çözüm yolları incelenmiştir.

Anahtar Kelimeler

Borç krizi, Euro bölgesi, Altın, Teminat

Kaynakça

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