Why is debt increasing so much in emerging countries?

We look at emerging countries as a whole other than China. The debt ratio has risen considerably in these countries and this is now creating economic fragility. But why is the debt ratio rising so much in these countries? Because, as in OECD countries, monetary policy is very expansionary with low interest rates relative to growth; Because fiscal policies are also expansionary; Because capital inflows to emerging countries from OECD countries are increas ing liquidity and lending capacity in emerging countries, contributing to low interest rates.