Given the different speed at which national borders have shrunk, one would expect a greater degree of convergence for asset prices than for goods and factor prices. The available evidence seems to support this contention.
While there is ample evidence that assets with similar risk characteristics yield very similarly returns in international financial markets, prices of similar goods and services are still quite different across countries. For instance, many observers have pointed out that long-term real interest rates in the major currencies have converged to very similar (low) levels, particularly since 2000.