Online First Journal of Money, Credit and Banking Online 12 Nov 2025How Do Rising U.S. Interest Rates Affect Emerging and Developing Economies? It DependsCarlos Arteta · Steven Kamin · Franz U. RuchThis paper examines how the effects of rising U.S. interest rates on emerging market and developing economies (EMDEs) depend on the underlying source of the interest rate increase. Specifically, it …