Many countries have issued substantial $US-denominated debt as they attempted to keep their economies afloat during the COVID pandemic. The US had also had extremely low-interest rates.
Now that the US economy is heating up, the US will soon begin raising interest rates.
What might be the impact of this (rising US interest rates) on the debt burdens and foreign reserves of countries that have taken on substantial $-denominated debt for:
a) countries that have a floating exchange rate,
and also for
b) countries that have a currency pegged to the dollar?