For decades, investors in advanced economies (AEs) have shaped the evolution of global markets. Research shows that advanced economy investors tend to hold diversified portfolios that include significant investments in equities. Over the past decade, these pools of wealth have been growing at a much slower rate than emerging economies (EMs). With their rapid growth, emerging market economies are becoming important factors that shape global financial systems. More important, the integration of emerging market economies into the global economy has a significant impact on international financial markets. This month, we take a look at just what that means and how global spillovers from these market economies can impact other countries.