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Interest rates have risen rapidly in many advanced economies over the last two years, leading to a monetary squeeze. The impact of this squeeze varies across countries due to factors such as private debt levels, the distribution of debt, and the average maturity of fixed rate debt. The UK, Italy, and Germany are expected to be the hardest hit economies, while Korea and Japan will be the least affected. Other indicators of the monetary squeeze include money and credit growth, changes in bank credit standards, quantitative tightening, and property price changes. Overall, the findings suggest downside risks to growth in Italy, Spain, and Australia, while supporting positive GDP forecasts for Korea and Japan. [Extracted from the article]