Emily is a seasoned portfolio manager at a global investment firm. She is currently reviewing the international equity allocation of her client’s portfolio, focusing on the implications of global economic integration. The client’s current portfolio includes significant allocations in both developed markets (DMs) and emerging markets (EMs). Given recent changes in the global economic landscape, such as trade agreements, currency fluctuations, and geopolitical events, Emily is considering the impact of these factors on the risk-return profile of her client’s international equity exposure.

As part of her analysis, Emily needs to evaluate how to adequately reflect global integration in her asset allocation strategy, ensuring that her investment decisions align with the evolving relationships between markets worldwide. She is particularly interested in understanding the interactions between DMs and EMs and how these can affect her overall asset allocation decision.

Which of the following approaches should Emily prioritize to effectively integrate global economic conditions into her asset allocation strategy?