The study looked at how changes in US interest rates affect short-term interest rates in seven emerging countries. The results show that US interest rate changes do impact emerging markets, but the effects differ between Latin America and Asia. Capital controls don't effectively shield emerging countries from global interest rate changes. Changes in the US yield curve also influence interest rates in emerging markets, including those caused by specific US policies like the "twist" policy. The study includes a detailed analysis of how these factors played out in Chile.