Clearly, the current circumstances are different given that most emerging markets now have robust and credible macroeconomic frameworks, with monetary policy focused on price stability, contained fiscal deficits, a large fraction of their debt denominated in domestic currencies, and high levels of foreign exchange reserves.
However, many emerging and developed economies are still heavily burdened by the debt resulting from generous fiscal support policies during the pandemic. Therefore,  1/4  BIS - Central bankers' speeches  high interest rates could have a strong negative impact on those economies where the debt to GDP ratio is larger.