Introduction

Turkish voters returned to the polls this weekend to choose a president. The runoff vote is uncharted territory for Turkey, which moved in 2017 to an executive presidency from a parliamentary democracy. Erdogan's unexpectedly strong first round has put pressure on the Turkish lira and knocked other Turkish assets ahead of this week's runoff vote. Exacerbating the economic stress in Turkey is the vast damage caused by the powerful earthquakes that destroyed large parts of southern Turkey in February.