The recent rise in interest rates worldwide has reignited the debate over its implications for emerging market economies. This column uses data for the euro area to examine whether interest rate increases in advanced economies trigger capital outflows from emerging market debt securities. The authors find no consistent evidence of spillovers to capital flows through emerging market bond holdings except for those linked to the changes in the shares held by investment funds, which appear to be the most active investors. Information shocks induce very different responses in investment fund behaviour than traditional monetary shocks. […]