Existing Lyapunov methods for verifying stability of linear interconnected systems provide either non-conservative but non-tractable global conditions, or tractable but conservative local conditions. In this paper we provide non-conservative and tractable stability tests for general linear interconnected systems. Firstly, we exploit the concept of a finite-time Lyapunov function to derive a global stability test that can be implemented efficiently by parallelization. Secondly, the same concept is further employed to derive local, dissipativity-type conditions, that can be formulated as a set of distributed linear matrix inequalities. Thirdly, an assessment of all stability tests for linear interconnected systems in terms of complexity, scal...