Chartbook #63: Turkey's financial crisis

Version: 4 (current) | Updated: 11/13/2025, 6:22:44 AM

Added description

Description

Chartbook #63: Turkey's Financial Crisis

Overview

Chartbook #63 is a text‑based newsletter published on 24 December 2021 by Adam Tooze, a senior fellow at the Institute for the Study of International Finance. The document is part of the “Chartbook” series, which delivers concise, data‑driven analyses of contemporary economic events. The newsletter is written in English and is available as a web page (file 45002294.chartbook‑63‑turkeys‑financial‑crisis.html) through the PINAX archival system.

Background

The newsletter was produced in the context of Turkey’s sharp currency depreciation and escalating inflation that began in September 2021. Tooze, a noted economic historian, draws on recent data from the Central Bank of Turkey, IMF reports, and commentary from market observers such as Mohamed El Erian. The publication was issued by the institution “test‑tooze” and is catalogued under the PINAX repository, which aggregates contemporary economic commentary.

Contents

The text analyzes the run on the Turkish Lira, noting its fall to beyond 18 lira per U.S. dollar—effectively a 50 % devaluation in two months. It examines the interplay of fiscal mismanagement, political instability, and external shocks, and how these factors have amplified inflation and pressured the central bank’s policy stance. The newsletter discusses the implications for Turkey’s position at the crossroads of the Eastern Mediterranean, Western Asia, the Middle East, and Europe, and considers the broader geopolitical ramifications of the crisis.

Scope

The newsletter focuses exclusively on Turkey’s financial crisis as of late 2021, covering economic and political dimensions, exchange‑rate dynamics, inflation, central‑bank policy, and interest‑rate decisions. It does not address other countries’ crises or broader global macroeconomic trends beyond the contextual backdrop of Turkey’s regional significance. The coverage is confined to the period surrounding the September 2021 currency shock and its immediate aftermath.

Entities

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Entity Relationships

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Raw Cheimarros Data

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@file_46305606_imf_in_argentina_carlyle_on_jesus -> mentions -> @thomas_carlyle {context: "Carlyle quote on Jesus"}  

@file_46310133_top_links_46_trade_winds_brazils -> mentions -> @brazil {context: "Brazil's lost decade"}  

Metadata

Version History (4 versions)

  • ✓ v4 (current) · 11/13/2025, 6:22:44 AM
    "Added description"
  • v3 · 11/13/2025, 6:14:39 AM · View this version
    "Added knowledge graph extraction"
  • v2 · 11/13/2025, 5:55:03 AM · View this version
    "Added PINAX metadata"
  • v1 · 11/13/2025, 5:39:10 AM · View this version
    "Alphabetical chunk 7/15 (40 files)"

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