Transmission of price changes in sawnwood and sawlog markets of the new and old EU member countries |
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Authors: | Riitta Hänninen Anne Toppinen Ritva Toivonen |
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Institution: | (1) Finnish Forest Research Institute, Unioninkatu 40 A, 00170 Helsinki, Finland;(2) Finnish Forest Research Institute, Yliopistokatu 6, 80100 Joensuu, Finland;(3) Pellervo Economic Research Institute, Eerikinkatu 28 A, 00180 Helsinki, Finland |
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Abstract: | In the European sawnwood markets, competition is tight between producer countries, with the new EU countries gradually gaining
larger market shares. This paper focuses on the pass-through of sawnwood prices to supplier countries’ national roundwood
prices. Price-change effects on market shares are known to be large, but not so much is known about the timing and duration
of price transmission between competitor countries. Our empirical analysis concerns the exports of four large sawnwood supplier
countries in Europe (Finland, Austria, Estonia and the Czech Republic) to German markets, using quarterly panel data for 1995–2003.
The transmission process was found to differ between countries, and the relationship was most clearly detectable between Finnish
sawlog and sawnwood prices. Results based on seemingly unrelated regression analysis indicated that price transmission exhibits
similarities between old (i.e. Austria, Finland) and new EU member countries (Estonia, Czech Republic). Overall developments
in both sawnwood and sawlog prices displayed convergence in the study period, which indicates that deepening integration in
European markets is also detectable in the forest sector.
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Keywords: | Sawnwood Sawlog Price transmission Panel unit root tests Market integration Europe |
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