How US Fed is unintentionally squeezing developing economies
WASHINGTON — President Recep Tayyip Erdogan is blaming the United States for Turkey’s financial crisis, ignoring homegrown problems like high debts, raging inflation and his own erratic policies.
Yet one of the threats facing Turkey and other emerging-market countries really is made-in-America: By ratcheting up U.S. interest rates, the Federal Reserve has — unintentionally — led investors to pull money out of emerging markets like Turkey, strengthened the dollar’s value and made it harder for foreign companies to repay their dollar-denominated debts.
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