Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211747 
Year of Publication: 
1995
Series/Report no.: 
Bank of Finland Discussion Papers No. 34/1995
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper examines the relationships between financial and nonfinancial variables in three Nordic countries (Finland, Norway and Sweden).We try to find out whether there exists some kind of dichotomy between these two sets of variables, both in terms of levels of variables and the respective volatilities.In particular, we scrutinize the role of the stock market (stock prices and stock market turnover) in this respect.The analysis makes use of standard time series analytical tools, cointegration analysis, analysis of Granger causality and cross-spectral analysis.The results of these empirical analyses suggest that, although the behaviour of the financial variables has been quite similar, there are important differences between these three countries.Still, in all countries important relationships between these sets of variables are detected.However, in most cases causality seems to be bidirectional or instantaneous.
Persistent Identifier of the first edition: 
ISBN: 
951-686-486-4
Document Type: 
Working Paper

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