The UK has several features of a classic emerging-market crisis:

* import dependence
* a chronic trade deficit
* a crashing currency (and maybe a little capital flight)

But it has managed to avoid some classic mistakes:

* foreign-currency borrowing
* a pegged exchange rate

— Noah Smith 🐇🇺🇸🇺🇦 (@Noahpinion) September 27, 2022