The tragedy of Turkey’s deepening currency crisis is that it was largely self-inflicted. Though fiscal vulnerabilities had mounted for some time, it was the concentration of decision-making in the hands of President Recep Tayyip Erdogan, a man of highly unorthodox economic views, that caused markets to turn aggressively against the lira. Yet, with the global fiscal and monetary backdrop changing, what is happening in Turkey may crystallise a notable shift in investor attitudes. Other emerging markets — and some developed countries — could now be tested.
土耳其不斷加劇的貨幣危機的悲劇在于，它在很大程度上是自己造成的。雖然一段時間以來，財政脆弱性在不斷加深，但市場之所以大舉狙擊里拉，是因為決策大權集中在總統雷杰普?塔伊普?埃爾多安(Recep Tayyip Erdogan)——他對經濟持高度非正統觀點——的手中。然而，隨著全球財政和貨幣背景的變化，土耳其正在發生的悲劇可能會導致投資者態度發生顯著變化。其他新興市場——以及一些發達國家——現在可能會面臨考驗。