Scandinavian Working Papers in Economics

Working Paper Series,
Uppsala University, Department of Economics

No 1999:6: Consumption and Capital Mobility in the Nordic Countries

Sara Lindberg
Additional contact information
Sara Lindberg: Department of Economics, Postal: Uppsala University, P.O. Box 513, SE-751 20 Uppsala, Sweden

Abstract: I use a consumption-based test to examine the importance of income constraints and the degree of capital mobility across the Nordic countries over the period 1968-96. In particular, I explore the effects of financial deregulation of the 1980s. The estimating equation is derived along the lines of Bayoumi and MacDonald (1995). The results indicate that Nordic financial markets are highly integrated, but that the consumption behavior of a significant part of the Nordic population is constrained by income. There is no evidence that financial deregulation altered the consumption behavior of households or increased the degree of capital mobility across countries.

Keywords: Consumer behavior; international capital mobility; financial deregulation

JEL-codes: E21; F36

26 pages, March 10, 1999

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