Revisiting EM FX debt risks

With FX debt burdens relatively low in most major EMs, the risk of debt crises triggered by rising US interest rates and a stronger dollar looks limited. Vulnerabilities are generally limited to frontier markets and the usual suspects like Turkey and Argentina. For the bigger EMs, local currency debt burdens are the bigger cause for concern.

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.
By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.

Already a client or trialist? Log in to read this.