If it does not, another currency crisis, possibly accompanied by a balance of payments crisis, appears likely, and the near future seems bleak.

Source: https://www.counterpunch.org/2023/05/10/the-facts-of-earthquakes-in-turkey/

This makes the task of fighting inflation harder in emerging markets, while at the same time adversely impacting individual countries' balance of payments as they have more exposure to the greenback compared to more developed markets.

Source: https://seekingalpha.com/article/4583732-istb-short-term-bonds-useful-certain-conditions?source=feed_all_articles