Price integration for domestic and imported sawlogs and pulpwood in Finland: an update

Kuuluvainen, Jari; Korhonen, Jaana; Xu, Dan; Toppinen, Anne

doi:10.1080/02827581.2017.1327614

Cited by 8 publications

(4 citation statements)

References 28 publications

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“…For instance, the integration of Finnish roundwood markets were evaluated by Toppinen and Toivonen [5] who studied the integration of monthly stumpage prices between 1985 and 1996 for pine and spruce sawlogs and pulpwood in four regions of Finland and concluded that only the pine sawlog markets are integrated. Twenty years later, Kuuluvainen et al [6] investigated the linkages between domestic and import markets for coniferous sawlogs and pulpwood in Finland using monthly stumpage prices from 2002 to 2014 and found that the domestic and imported markets were cointegrated. The integration of Norwegian roundwood markets have also been studied [7,8].…”

Section: Previous Researchmentioning

confidence: 99%

A Cointegration Analysis of the Nordic Roundwood Markets

Eriksson

Lundmark

2020

Forests

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The integration of the Nordic timber markets has been analysed to provide market information to various decision-makers, e.g., climate and industrial policies and investment decisions. This study addresses the interlinkage between Nordic (Sweden, Norway and Finland) roundwood markets (Scots pine (Pinus sylvestris L.)) and Norway spruce ((Picea abies L.) sawlogs and pulpwood). In total, eleven markets were analysed using quarterly data over the period 2006Q1–2017Q4 where various unit root and stationary tests were performed together with Johansen’s cointegration test. In addition, directional causality analyses between the integrated markets were also performed. The results show that the law-of-one-price (LOP) hypothesis can be rejected for most of the studied markets and that no individual market emerges as the price-leader. Only the Swedish and Norwegian pine sawlog markets are integrated suggesting a single market for both countries. Price affecting national and forest-related policies as well as investments in the forestry sector, forest industries, bioenergy sector and other forest product using sectors, will not disperse into a larger international market structure; instead, the price effect will be national and more likely have a more profound effect.

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Section: Previous Researchmentioning

confidence: 99%

A Cointegration Analysis of the Nordic Roundwood Markets

Eriksson

Lundmark

2020

Forests

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“…The similarities, and some differences, between coniferous pulpwood and sawlog markets may invite one to analyze both product markets together, especially where pulpwood and sawlogs are produced jointly and investigate the role of factors driving individual and global markets. Kuuluvainen et al (2017) attempted to find a single model to analyze Finnish sawlog and pulpwood prices and, while the results did not yield easily to interpretation, pointed out the importance of continued research in this area.…”

Section: Discussionmentioning

confidence: 99%

“…More recently, price integration of domestic and imported sawlogs and pulpwood in Finland was analyzed (Kuuluvainen et al 2017). The results indicate that prices of imported and domestic sawlogs and pulpwood were closely connected during [2002][2003][2004][2005][2006][2007][2008][2009][2010][2011][2012][2013][2014] and that domestic prices influenced import prices.…”

Section: Introductionmentioning

confidence: 99%

The Law of One Price in global coniferous sawlog markets

Olmos¹,

Siry²

2018

Silva Fenn.

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“…Recently, similar modeling approaches have been applied e.g. by Kuuluvainen et al (2018) , who studied price integration between domestic and imported saw logs in Finland. The annual price model is then given by ln (p τ ) − ln (p τ −1…”

Section: Appendix B Harvesting Revenues and Costs Under Stochastic Pr...mentioning

confidence: 99%