Global financial integration affects how well countries in emerging Europe and Asia are catching up economically. Asian countries have been saving more money than they spend, while European countries are borrowing more than they earn. The study shows that having strong and connected financial markets helps countries borrow money from other places. The level of financial connections within specific groups of countries, like the euro area and the United States, also plays a big role in how well countries are doing economically. Additionally, saving money for emergencies is important for countries to keep their economies stable.