This paper investigates the effects of the ongoing changes in industrial structures arising from technology evolution and financial liberalization on the correlations of international equity markets. Results point to the greater influence of industry structures on the international co-movements...

For many observers the beginning of a dynamic economic and stock market upswing in the U.S. in the mid 1990s marked the start of a new era, the times of the new economy. This phenomenon has been under intense discussion ever since - both in the political arena as well as among scientists....