Case Study: How US Fed Tightening Cycles Have Historically Impacted Emerging Markets

When the US Federal Reserve raises rates, the shock does not stay in America. This case study walks through the major Fed tightening episodes since 1979, from the Volcker shock and the Latin American debt crisis, through the 1994 bond rout and the Asian financial crisis, to the 2013 taper tantrum, the 2015 to 2018 cycle and the fast 2022 to 2023 hikes. For each, it traces how tighter dollar money reached emerging markets through rate differentials, the dollar, capital flows and commodity prices, and why some countries broke while others held. India's own experience runs through every chapter, and the course closes with a vulnerability scorecard you can apply to India and its peers before the next cycle. Built for macro-focused investors, fund managers and senior finance professionals.