Indeed, rising interest rates in the United States and the ensuing likely rise in the value of the dollar could, it is feared, wreak havoc among emerging markets’ governments, financial institutions, corporations, and even households. Because all have borrowed trillions of dollars in the last few years, they will now face an increase in the real local-currency value of these debts, while rising US rates will push emerging markets’ domestic interest rates higher, thus increasing debt-service costs further.
事实上，人们担心，美国利率的上升以及美元价值的继续上升可能重创新兴市场政府、金融机构、公司甚至家庭。在过去几年中，所有这些部门借入了数以万亿计的美元，如今，它们将面临债务实际本币价值的上升，而与此同时，美国利率的升高将进一步推高新兴市场国内利率，从而进一步增加债务维持负担。