On the other hand, it is also possible to say that, due to the worldwide rise in long-term interest rates, which was triggered by a rise in U.S. long-term interest rates, the “crowding out” effect of the U.S. fiscal policy has been produced on a global scale.
Ultimately, if negative effects — such as (1) the downward pressure exerted by the worldwide rise in longterm interest rates on each economy and (2) the destabilization of financial markets caused by an outflow of funds from emerging markets in response to the appreciation of the U.S. dollar — outweigh the positive effects of the U.S. fiscal policy on each economy, this could cause a negative impact on the global economy as a whole.