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International

What central banks can do when shocks come from outside

Addressing external shocks: central bank strategies

External shocks—ranging from commodity-price spikes, wars, and pandemics to foreign monetary tightening and sudden stops of capital—pose immediate and diverse challenges for central banks. The appropriate response depends on the shock’s nature (demand, supply, financial, or exter...

Economy

Istanbul, in Turkey: What makes a retail concept scalable across diverse neighborhoods

Expanding retail in Istanbul: adapting concepts to local diversity

Istanbul is a megacity of contrasts: dense historic cores, high-tourist corridors, modern business districts, sprawling suburban neighborhoods, and two continents linked by ferries and bridges. These contrasts create a mosaic of consumer behaviors, footfall patterns, rent levels,...