NG Dergi - Sayı 58

KISA KISA/ %ñ='(1 +$%(5/(5 .h7$+<$¶'$.ð <(1ð YATIRIMIN STARTINI 9(5'ð .D\VHUL¶GH KL]PHWH VXQGXNODUÎ ¶QFÎ PDîD]D LOH ELUOLNWH .WDK\D¶GDNL \HQL IDEULND \DWÎUÎPÎQÎQ VWDUWÎQÎ YHUGLNOHULQL ND\GHGHQ (UNDQ *UDO ³&XPKXUEDìNDQÎPÎ] 6D\ÎQ 5HFHS 7D\\LS (UGRîDQ¶ÎQ HNRQRPL SROLWLNDODUÎQD \|Q YHULUNHQ EL]OHUH LVWLNDPHW RODUDN oL]GLîL HQ |QHPOL NRQXODU \DWÎUÎP LVWLKGDP UHWLP YH LKUDFDW %L]OHU GH WDP EX YL]\RQD X\JXQ RODUDN oDOÎìPD\D GHYDP HGL\RUX] 7DELL EX \DWÎUÎP NDUDUODUÎQÎ DOÎUNHQ ONHPL]H PLOOHWLPL]H YH HNRQRPLPL]H GX\GXîXPX] JYHQ EL]OHUH FHVDUHW YHUL\RU´ GHGL (5.$1 *h5$/ µ¶7h5.ð<( 6(5$0ð. h5(7ð0ð1'( AVRUPA’DA 2. SIRAYA <h.6(/'ð <(1ð <$7,5,0,0,= 'ð-ð7$/ 9( <(ìð/ 'g1hìh0h1 0ð+(1. 7$ì/$5,1'$1 %ð5ð 2/$&$.´ \ÎOÎQGDQ EX \DQD 7UNL\H¶GHNL HQ E\N VHUDPLNOHUL UHWWLNOHULQL V|\OH\HQ *UDO PDîD]D DoÎOÎìÎQGD \HQL \DWÎUÎPÎQ GHWD\ODUÎQÎ ìX V|]OHUOH DoÎNODGÎ ³<HQL \DWÎUÎPÎPÎ]OD EX NH] GDKD E\N HEDWODUGD UHWHFHîLPL] VHUDPLNOHUOH \LQH DGÎPÎ]GDQ V|] HWWLUHFHîL] ñWDO\DQ 6DFPL ILUPDVÎ\OD JHUoHNOHìWLUGLîLPL] LìELUOLîL\OH GQ\DGD VDGHFH VD\ÎOÎ ILUPDODU WDUDIÎQGDQ UHWLOHELOHQ [ FP YH [ FP E\NOîQGHNL NDWPD GHîHUOL UQOHUOH KHP Lo SD]DUD KL]PHW YHUHFHN KHP GH XOXVODUDUDVÎ SL\DVDODUGDNL PDUND JFP] GDKD GD DUWÎUDFDîÎ] %X IDEULNDPÎ] D\QÎ ]DPDQGD VDQD\LPL]GHNL GLMLWDO YH \HìLO G|QìPQ PLKHQN WDìODUÎQGDQ ELU WDQHVL RODFDNWÎU 6ÎIÎU NDUERQ VDOÎQÎPÎ KHGHIL\OH oHYUHFL RWRPDV\RQ DOW \DSÎVÎ\OD ONHPL]GHNL 6DQD\L 'HYULPL¶QLQ |QFV ELU WHVLVL HNRQRPLPL]H ND]DQGÎUDUDN VRQ G|UW \ÎO LoLQGH WRSODP PLO\RQ DYUROXN \DWÎUÎPOD NLìL\H GRîUXGDQ LVWLKGDP VDîODPDQÎQ JXUXUXQX \DìÎ\RUX] %XUDGDQ ELU PMGH\L GH YHUPHN LVWL\RUXP 7UNL\H VHUDPLN UHWLPLQGH ñWDO\D¶\Î JHoHUHN ñVSDQ\D¶QÎQ DUGÎQGDQ 6ÎUD\D \NVHOGL ´ *h5$/ ³(1 .5ð7ð. 'g1(0/(5'( %ð/( <$7,5,0'$1 9$=*(d0('ð. 9$=*(d0ð<258=´ 7UN VDQD\LFLOHUL RODUDN 7UNL\H HNRQRPLVLQH GX\GXNODUÎ JYHQOH HQ NULWLN YH HQ ]RU ]DPDQODUGD ELOH \DWÎUÎP \DSPDNWDQ YH LVWLKGDP \DUDWPDNWDQ YD]JHoPHGLNOHULQL V|\OH\HQ *UDO NRQX\D LOLìNLQ ìX DoÎNODPDGD EXOXQGX ³g]HOOLNOH SDQGHPL G|QHPLQGH KNPHWLPL]LQ DOPÎì ROGXîX \HULQGH WHGELUOHUOH LKUDFDWÎPÎ]GD EDìOD\DQ KÎ]OÎ \NVHOLì 7UN VDQD\LVLQL GQ\DGD V|] VDKLEL KDOLQH JHWLUGL ñìWH WDP EX QRNWDGD EL]OHU GH 1* $LOHVL RODUDN \DWÎUÎPODUÎPÎ]D DUD YHUPHGHQ GHYDP HWWLN 3DQGHPL G|QHPLQGH LVH KHP WXUL]P KHP GH VHUDPLN VHNW|UQH \|QHOLN \DWÎUÎPODUÎPÎ]D GHYDP HWWLN $QWDO\D¶GD PLO\RQ DYUROXN \DWÎUÎPOD 1* 3KDVDOLV RWHOLPL]L DoWÎN %HONL GH R G|QHPGH DoÎODQ WHN WXUL]P WHVLVL\GLN <LQH D\QÎ G|QHPGH 6DSDQFD¶GDNL LNLQFL RWHOLPL] RODQ 1* (QMR\¶X PLO\RQ DYUROXN ELU \DWÎUÎPOD WXUL]PH ND]DQGÎUGÎN %X VHQH $îXVWRV =DIHU %D\UDPÎ¶QGD 6D\ÎQ &XPKXUEDìNDQÎPÎ]ÎQ XîXUOX HOOHUL\OH PLO\RQ DYUROXN \DWÎUÎPOD LQìD HWWLîLPL] \HQL VHUDPLN IDEULNDPÎ]Î HNRQRPL\H ND]DQGÎUGÎN´ )87%2/ 6$+$6, %h<h./hîh1'( ñWDO\DQ 6DFPL LìELUOLîLQGH PLO\RQ DYUR \DWÎUÎPOD KD\DWD JHoLULOHFHN 1* .WDK\D 6HUDPLN¶LQ IDEULNDVÎQGD GQ\DQÎQ HQ E\N HEDWOÎ [ FP WHN SDUoD VHUDPLNOHUL .WDK\D¶GD UHWLOHFHN IXWERO VDKDVÎ E\NOîQGH \ÎOOÎN PLO\RQ PHWUHNDUH NDSDVLWHVL\OH 6DQD\L 'HYULPL¶QLQ |QFV ELU WHVLV RODUDN WDPDPHQ RWRPDV\RQD GD\DOÎ GRQDQÎPD VDKLS ELU IDEULND RODFDN .HQGL HQHUMLVLQL UHWHUHN oHYUHFL NLPOLîL\OH IDDOL\HW J|VWHUHFHN G|QP NDSDOÎ DODQD VDKLS IDEULNDQÎQ oDWÎVÎQD NXUXODFDN P:¶OÎN *(6 VLVWHPL\OH NHQGL HQHUMLVLQL UHWHELOHFHN )DEULNDQÎQ UHWLPLQLQ \DUÎVÎ LKUDo HGLOHFHN ¶Q VRQXQGD IDDOL\HWH JHoPHVL EHNOHQHQ IDEULND 7UNL\H HNRQRPLVLQH PLO\RQ DYUR G|YL] ND]DQGÎUDFDN