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 Agribusiness
印刷版ISSN：0738-8950
出版年度：2000
期号：suppl
出版社：Journal of Agribusiness
摘要：In previous literature, the degree of exchange rate pass-through to importing countrys currency has often been found to be incomplete, which supports the idea of imperfect competition in the forest products markets. In this study, exchange rate pass-through is examined by employing a mark-up model for the UK and German pulp and newsprint markets for 198697. Two specifications are compared, one where exchange rates in importing countries are employed and the other that attributes for the fact that US dollar is largely used in pricing for forest industry products in Europe. In contrast to previous studies, our estimates indicate very low degrees of pass-through, which is consistent with competitive European markets for pulp and paper. Consequently, depreciations of exchange rates are found to be mainly transmitted to variable mark-ups over wood prices rather than to prices in importers currency. Furthermore, the use of the US dollar nominated 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