Since late 2021, the Turkish economy has been shattering conventional economic expectations. With deeply negative real interest rates, high inflation, a large and persistent current account deficit, an external debt stock exceeding 50 percent of GDP, and a central bank…

Since 2018, the Turkish lira has suffered repeated devaluation shocks, increasing rates of loan default and unemployment. These have only been compounded by the pandemic and the Russian invasian of Ukraine—this week, inflation rates in Turkey have skyrocketed to nearly…