Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
A Cointegration Analysis of the Nordic Roundwood Markets
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.
A Cointegration Analysis of the Nordic Roundwood Markets
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.
A Cointegration Analysis of the Nordic Roundwood Markets
Victoria Eriksson (Autor:in) / Robert Lundmark (Autor:in)
2020
Aufsatz (Zeitschrift)
Elektronische Ressource
Unbekannt
sawlogs , pulpwood , forest , unit root , stationarity , time-series , Plant ecology , QK900-989
Metadata by DOAJ is licensed under CC BY-SA 1.0
The Dynamics of Beech Roundwood Prices in Selected Central European Markets
| DOAJ | 2020
Construction with small-diameter roundwood
| Tema Archiv | 2001
Roundwood Poles in Spatial Structural Arrangements
| British Library Conference Proceedings | 1995
Strength grading for small diameter roundwood
| UB Braunschweig | 1998
COINTEGRATION BETWEEN U.S. WHEAT MARKETS
| Online Contents | 1993