The crisis of the Turkish lira may well reflect the numerous factors that are putting pressure on emerging economies, rather than being the cause of last week’s turmoil, some analysts tell Central Banking.

After the lira plummeted by more than 22% against the US dollar between August 8 and 13, the currencies of Argentina, India or South Africa followed suit. Some central banks have reacted by tightening monetary policy and intervening in forex markets, as fears of contagion have spread around