Clearly, political risk (e.g., Turkey, Brazil, etc.) plays a role. Yet, these effects were felt across many markets for which the political situation appears to be more stable. First, ignoring the recent crisis, what was the role of the trajectory of Fed interest rate normalization from 2013 to 2018 in engendering these broader responses? Second, during that pre-COVID crisis period, EM currency weakness hit hard EM "companies in construction, real estate, and energy ..., and the banks that finance them have also felt the pain," according to an FT article from that time. Many of these banks are foreign, residing outside the emerging world in industrialized countries. Why is EM currency weakness an especially acute problem for some global banks?