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Interdependence of Nordic and Baltic Stock Markets

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Author Info
Ulf Nielsson () (Columbia University, Department of Economics)

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Abstract

The interdependence of the Nordic and Baltic stock markets is explored in lightof increased merger activity of stock exchanges over the sample period, 1996–2006. Theresults show surprisingly little interdependence between the Nordic and Baltic stock indices.In the short run, the response of each market to a shock in another is insignificant.In the longer term there is limited evidence of integration and only weak indication ofconvergence within the sample period. The stock markets seem no more integrated thanthey were at the outset of recent merger activity, suggesting that the levels of cooperationbetween the Nordic and Baltic exchanges have not been deep enough to produce increasedinterdependence.

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File URL: http://www.biceps.org/files/BJE_Winter_Spring_2007.pdf
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Publisher Info
Article provided by Baltic International Centre for Economic Policy Studies in its journal Baltic Journal of Economics.

Volume (Year): 6 (2007)
Issue (Month): 2 (January)
Pages: 9-28
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Handle: RePEc:bic:journl:v:6:y:2007:i:2:p:9-28

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Related research
Keywords: Interdependence; integration; convergence; stock exchange merger; stock markets;

Find related papers by JEL classification:
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

References listed on IDEAS
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  1. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124. [Downloadable!] (restricted)
  2. Clark, Colin W, 1973. "Profit Maximization and the Extinction of Animal Species," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 950-61, July-Aug.. [Downloadable!] (restricted)
  3. David Finnoff & John Tschirhart, 2003. "Protecting an Endangered Species While Harvesting Its Prey in a General Equilibrium Ecosystem Model," Land Economics, University of Wisconsin Press, vol. 79(2), pages 160-180. [Downloadable!] (restricted)
  4. Hoekstra, Jeljer & van den Bergh, Jeroen C.J.M., 2005. "Harvesting and conservation in a predator-prey system," Journal of Economic Dynamics and Control, Elsevier, vol. 29(6), pages 1097-1120, June. [Downloadable!] (restricted)
  5. Alexander, Robert R., 2000. "Modelling species extinction: the case for non-consumptive values," Ecological Economics, Elsevier, vol. 35(2), pages 259-269, November. [Downloadable!] (restricted)
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