Global debt has hit a record level in the first quarter of this year, mainly driven by emerging markets, raising questions of whether there will be another financial crisis in the near future.

Global debt levels hit a new record high of $313 trillion in 2023, with developing economies scaling a fresh peak for the ratio of debt to their gross domestic product, a study showed.

IIF pointed out that there’s a long-standing pattern of sovereign yields moving together, especially in the U.S., U.K., Germany and France, “reflecting the deep interconnections among these ...