Forthcoming Journal of Money, Credit and Banking Online 1 Nov 2025How Do Rising U.S. Interest Rates Affect Emerging and Developing Economies? It DependsCarlos Arteta · Steven Kamin · Franz U. RuchLayer 1 — Overview Research Question This 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 …