Municipality workers in protective suits spray disinfectant at the iconic Grand Bazaar in Istanbul amid the coronavirus pandemic. Photo: AP Municipality workers in protective suits spray disinfectant at the iconic Grand Bazaar in Istanbul amid the coronavirus pandemic. Photo: AP
Municipality workers in protective suits spray disinfectant at the iconic Grand Bazaar in Istanbul amid the coronavirus pandemic. Photo: AP
Selva Demiralp
Opinion

Opinion

Macroscope by Selva Demiralp and Şebnem Kalemli-Özcan

How the pandemic and dollarisation have deepened Turkey’s economic crisis

  • The abundant global dollar liquidity created by low US interest rates implied easy access to foreign exchange for emerging-market banks, including lower borrowing costs. However, this hasn’t necessarily benefited Turkey

Municipality workers in protective suits spray disinfectant at the iconic Grand Bazaar in Istanbul amid the coronavirus pandemic. Photo: AP Municipality workers in protective suits spray disinfectant at the iconic Grand Bazaar in Istanbul amid the coronavirus pandemic. Photo: AP
Municipality workers in protective suits spray disinfectant at the iconic Grand Bazaar in Istanbul amid the coronavirus pandemic. Photo: AP
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Selva Demiralp

Selva Demiralp

Selva Demiralp, professor of economics and chair of economic research at Koç University, is director of the Koç University-TUSIAD economic research forum.

Şebnem Kalemli-Özcan

Şebnem Kalemli-Özcan

Şebnem Kalemli-Özcan, a former senior policy adviser at the International Monetary Fund, is professor of economics at the University of Maryland, College Park.