Egil Matsen () (Department of Economics, Norwegian University of Science and Technology) Øystein Thøgersen () (Deptartment of Economics, Norwegian School of Economics and Business Administration, and SNF, Norway.)
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The cross-country correlations between annual per capita consumption growth in the Nordic countries (Denmark, Finland, Norway and Sweden) during the period 1973-1996 are much lower than predicted by the basic theory of international financial integration. Capturing that the consumption behavior of parts of the population may be myopic and that some external consumption risks may be uninsured, this paper attempts to shed light on this observation. We find some evidence of myopic consumption behavior in Denmark, Finland and Sweden. Taking this into account, the financial markets of the Nordic economies seem to be well integrated. It proves hard to identify uninsured external consumption risks at the aggregate level.
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Paper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number
1502.
Find related papers by JEL classification: F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Canova, Fabio & Ravn, Morten O, 1996.
"International Consumption Risk Sharing,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(3), pages 573-601, August.
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