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    <pre style="white-space:pre-line"><code>Bireysel Emeklilik Sistemi 2012 GeliÅŸim Raporu
    3- EMEKLÄ°LÄ°K YATIRIM FONLARI

    3.1 DÃ¼nyada Emeklilik FonlarÄ±

                                                                                                                                                            G.1

    SeÃ§ilmiÅŸ OECD Ãœlkelerinde Ekonominin Boyutuna GÃ¶re
    Emeklilik YatÄ±rÄ±m FonlarÄ±nÄ±n Ã–nemi

                                      Hollanda                                                                                                 2011
                                        Ä°zlanda                                                                                                2010
                                                                                                                                               2009
                                    Avustralya
                                       Ä°ngiltere       20 40 60 80 100 120 140
                                                                                 GSYH'ya OranÄ± (%)
                                     Finlandiya
                           AÄŸÄ±rlÄ±klÄ± Ortalama
              Amerika BirleÅŸik Devletleri

                                        Kanada
                                               Åili

                                   Danimarka
                                         Ä°rlanda

                              Basit Ortalama
                                       Japonya

                                 Yeni Zelanda
                                        Polonya
                                       Meksika
                                        Ä°spanya
                                        Portekiz
                                         NorveÃ§

                           Ã‡ek Cumhuriyeti
                                       Almanya

                                     Avusturya
                                           Ä°talya
                                            Kore

                                   Macaristan

                                        TÃ¼rkiye

                                                    0

    Kaynak: OECD Pension Market in Focus7, Issue 8, Issue 9
    Grafikte, 2011, 2010 ve 2009 yÄ±llarÄ± iÃ§in verisi olan Ã¼lkelere yer verilmiÅŸtir.

    OECD Ã¼lkelerindeki emeklilik fonu varlÄ±klarÄ±nÄ±n Gayri Safi YurtiÃ§i HasÄ±la (GSYH)â€™ya oranÄ±nÄ±n aÄŸÄ±rlÄ±klÄ± ortalamasÄ± 2009 yÄ±lÄ±nda %67,1 iken

    2011 yÄ±lÄ±nda %72,4 olarak gerÃ§ekleÅŸmiÅŸtir. Hollanda 2011 yÄ±lÄ±nda da %138 ile emeklilik varlÄ±klarÄ±nÄ±n GSYHâ€™ya oranÄ± en yÃ¼ksek olan

    Ã¼lkedir.

    Ã–zel emeklilik sistemlerinin Ã¶nemi, birikmiÅŸ varlÄ±klarÄ±n piyasa deÄŸerinin ekonominin bÃ¼yÃ¼klÃ¼ÄŸÃ¼ne oranÄ±na bakÄ±larak deÄŸerlendirilebilir.

    YatÄ±rÄ±mlarÄ±n bÃ¼yÃ¼klÃ¼ÄŸÃ¼, bireylerin yÃ¼ksek fayda saÄŸlama yeteneklerini arttÄ±racaktÄ±r.

    2011 yÄ±lÄ±nda sadece Ã¼Ã§ OECD Ã¼lkesinde emeklilik varlÄ±klarÄ±nÄ±n GSYHâ€™ya oranÄ± %100â€™Ã¼n Ã¼zerine Ã§Ä±kmÄ±ÅŸtÄ±r; Hollanda (%138), Ä°zlanda

    (%129) ve Ä°sviÃ§re (%111, grafikte yer verilmemiÅŸtir). Bu Ã¼lkelere ek olarak, Avustralya (%92,8), Ä°ngiltere (%88,2) ve Finlandiyaâ€™ya

    (%75,0) ait varlÄ±k oranlarÄ± da %72,4 aÄŸÄ±rlÄ±klÄ± OECD varlÄ±k oranÄ±nÄ±n Ã¼zerinde gerÃ§ekleÅŸmiÅŸtir. Otuz Ã¼Ã§ Ã¼lke arasÄ±ndan (grafikte sadece

    verileri mevcut olan yirmi dÃ¶rt tanesine yer verilmiÅŸtir) sadece on Ã¼Ã§Ã¼nÃ¼n emeklilik varlÄ±klarÄ±nÄ±n GSYHâ€™ya oranÄ± %20â€™nin Ã¼zerindedir.

    %20, emeklilik fon pazarÄ±nÄ±n OECDâ€™nin olgun pazar tanÄ±mÄ±nda deÄŸerlendirilmesi iÃ§in belirlenen minimum orandÄ±r. TÃ¼rkiyeâ€™de ise bu
                                                                                                                                                            G.2
    oran sadece %2,2 olarak gerÃ§ekleÅŸmiÅŸtir.
    2011 yÄ±lÄ±nda emeklilik birikmiÅŸ varlÄ±klarÄ±ndaki dengeli bÃ¼yÃ¼meye SeÃ§ilmiÅŸ OECD Ãœlkelerinde

    karÅŸÄ±lÄ±k, emeklilik fonu varlÄ±klarÄ±nda 20,1 trilyon USD ile rekor                Emeklilik FonlarÄ± VarlÄ±k
    bÃ¼yÃ¼me gerÃ§ekleÅŸmiÅŸtir. Ä°ngiltereâ€™nin bu toplam iÃ§indeki payÄ± diÄŸer              ToplamÄ±nÄ±n Ãœlkelere DaÄŸÄ±lÄ±mÄ± (%)
    OECD Ã¼lkelerine ait emeklilik fonlarÄ±ndaki hÄ±zlÄ± bÃ¼yÃ¼menin bir

    sonucu olarak, 2001 yÄ±lÄ±ndan bu yana %14,1 puan azalmÄ±ÅŸtÄ±r. Mutlak                            Ä°sviÃ§re  DiÄŸer
    anlamda Amerika BirleÅŸik Devletleri (ABD) 10,6 trilyon USD fon                                 %3,5    %7,0
    varlÄ±ÄŸÄ± ile OECD Ã¼lkeleri iÃ§indeki en bÃ¼yÃ¼k emeklilik fonu pazarÄ±na                   Kanada
    sahiptir. Ancak ABDâ€™nin OECD emeklilik fon varlÄ±klarÄ± iÃ§indeki payÄ±                    %5,6
    2001 yÄ±lÄ±nda %67,3 seviyesinde iken 2011 yÄ±lÄ±nda %53,2 seviyesine
    inmiÅŸtir. BÃ¼yÃ¼k emeklilik fon sistemi ile OECD Ã¼lkeleri iÃ§inde yer alan          Hollanda                                                         ABD
    Ä°ngiltere 2,1 trilyon USD fon varlÄ±ÄŸÄ± ve %10,7 pazar payÄ±na sahiptir.              %5,8                                                          %53,2
    Pazar paylarÄ±na gÃ¶re Ä°ngiltereâ€™yi izleyen Ã¼lkeler sÄ±rasÄ±yla Japonya (1,5
    trilyon USD, %7,4), Avustralya (1,3 trilyon USD, %6,7), Hollanda                 Avustralya  Japonya
    (1,2 trilyon USD, %5,8), Kanada (1,1 trilyon USD, %5,6) ve Ä°sviÃ§re                  %6,7      %7,4
    (0,7 trilyon USD, %3,5)â€™dir. Geri kalan 19 Ã¼lkenin 2011 yÄ±lÄ± toplam                                  Ä°ngiltere
                                                                                                          %10,7

    fon varlÄ±ÄŸÄ± yaklaÅŸÄ±k 1,4 trilyon USD iken, bu Ã¼lkelerin toplam pazar

    payÄ± %7â€™dir.

                                                                                     Kaynak: OECD Pension Market in Focus, Issue 9

60</code></pre>
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