| The global financial crisis of 2007-2009 has prompted economists, academicians, and scholars to study the cause, effects, and impacts of such a far-reaching catastrophe. The central phenomenon of crisis contagion is the inability to identify and mitigate the transmission through infected pathways to global economies. There is a lack of knowledge and gaps in the literature on financial contagion, economic integration, and global interdependence. This paper acknowledges U.S. investment banks as the creator of financial pathogens. What is not known is after its transmission is the extent of impact on emerging economies. The purpose of this study was to explore and identify the central phenomenon of financial contagion and its impact on the emerging economies of the Association of South East Asian Nations and the Union of South American nations. This qualitative cross comparison meta-analysis in conjunction with the complex interdependence theory explored and identified the transmission of crisis contagion through financial pathways to the ASEAN and UNASUR member states. The benchmark of systematic review and meta-analysis was created by the Preferred Reporting Items for Systematic Review and Meta-Analyses Organization. As such, this study implemented the specific steps required for data collection and analysis. Thus the findings of this research was the use of floating currencies, compliance with Shari'ah Economic Law and the lack of direct usage of Western financial pathways aided in the mitigation and lack of dissemination of financial pathogens. As a result, the study recommends that further research is required on adopting certain tenets of Shari'ah Economic Law specifically as it pertains to global and domestic financial transactions. Further analyses of the Eastern model would assist in creating a dialogue with Western economists, academicians, scholars, and both governmental and corporate leaders to assist in strengthening the global economic system. |
