On balance the literature12 tells us that, when looking at the impact through this narrow lens, falling rates are beneficial in reducing inequality, particularly income inequality in the short-run, while raising rates can work against it.
The widespread flight to quality and liquidity gave rise to a severe tightening of credit conditions in the affected countries: equity prices fell sharply; yields on bonds rose to extremely high levels, followed by soaring interest rates in general, and exchange market pressures intensified as exchange rates went in an uncontrollable tumble.