, Columnist
Currency That Matters Most Is Still the U.S. Dollar
Turkey’s economic crisis is the same as the rest of the emerging markets’: U.S. interest rates rise and lure away investment.
The dollar reigns.
Photographer: Kostas Tsironis/Bloomberg
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Turkey is grabbing headlines, but its financial troubles aren’t unique.
The underlying driver of Turkey’s economic crisis is not the detention of an American pastor or President Recep Tayyip Erdogan’s opposition to higher interest rates. It’s the steady upward march of U.S. interest rates.