文章基本信息

标题：EMU AND FOREST PRODUCTS PRICING AND EUROPE
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作者：Hanninen, Riitta ; Laaksonen-Craig, Susanna ; Toppinen, Anne 等
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2000
期号：SUPPL
出版社：Food Distribution Research Society
摘要：In previous literature, the degree of exchange rate pass-through to importing country'scurrency has often been found to be incomplete, which supports the idea of imperfectcompetition in the forest products markets. In this study, exchange rate pass-through isexamined by employing a mark-up model for the UK and German pulp and newsprintmarkets for 1986–97. Two specifications are compared, one where exchange rates inimporting countries are employed and the other that attributes for the fact that US dollar islargely used in pricing for forest industry products in Europe. In contrast to previousstudies, our estimates indicate very low degrees of pass-through, which is consistent withcompetitive European markets for pulp and paper. Consequently, depreciations ofexchange rates are found to be mainly transmitted to variable mark-ups over wood pricesrather than to prices in importer's currency. Furthermore, the use of the US dollarnominated pricing is found to have practically no effect at all on this result.
关键词：exchange rate; pass-through; pricing currency; pulp; newsprint; stumpage;prices; cointegration