Most econometric studies of equity market integration suggest that national markets are increasingly becoming part of a global equity market. As regards the extent of this integration, however, the results are often inconclusive. Further analysis calls for a closer scrutiny of the basic requirements for perfect integration. This paper presents an analysis of market segmentation in terms of existing regulatory and informational wedges, based on conditions in the Nordic welfare states. It is found that no barriers remain to cross-border equity market transactions, nor consequently to the perfect global integration of Nordic equity markets in a capital-flow perspective. However, certain residual cross-border tax wedges do challenge the view of perfect equity market integration. Further, continuing cross-border information gaps for small and medium-sized companies indicate the presence of a two-tier equity market integration.
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Length: 35 pages Date of creation: 2000 Date of revision: Handle: RePEc:fth:iniesr:526
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Find related papers by JEL classification: F30 - International Economics - - International Finance - - - General F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration G15 - Financial Economics - - General Financial Markets - - - International Financial Markets G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
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