Turkey has some similarities with the Asian crisis countries back in the 1990s, but also important differences. When emerging-market crisis typologies are updated to reflect the events of 2018, Turkey should enter into the pantheon on its own, not just as a sub-category of “Asian” crises. It arguably will be the first emerging market crisis where cross-currency hedges played a critical role in allowing the build-up of vulnerability, as they allowed the banks to turn dollar funding into lira lending.
The U.S. government responds to scores of disasters each year, coordinating closely with state, local, and foreign partners. However, more frequent and severe storms, fires, and floods are straining resources.