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The Effects of Exchange Rate Volatility on U.S. Forest Commodities Exports

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Abstract:



This article addresses the impact of exchange rate volatility on U.S. exports of four forest commodities. Exchange rate volatility is measured by the standard deviation of the growth rate of real effective exchange rate of the U.S. dollar. The nonstationarity of individual time series is explicitly taken into account by employing multivariate cointegration analysis and error correction models. The results show that exchange rate volatility has a negative impact on U.S. exports in the long term, but short-term dynamics vary for different commodities. A stable currency policy in the long run helps promote U.S. exports of forest commodities, although some commodities may benefit from exchange rate volatility in the short term. FOR. SCI. 49(5):807–814.

Keywords: International trade; chips; environmental management; forest; forest management; forest resources; forestry; forestry research; forestry science; logs; natural resource management; natural resources; pulp; time-series analysis

Document Type: Miscellaneous

Affiliations: 1: Assistant Professor Department of Forestry, Mississippi State University, Mississippi State, MS, 58102, 2: Professor School of Forestry and Wildlife Sciences, Auburn University, Auburn, AL, 36849, Phone: 334-844-1067; Fax: 334-844-1084 zhangdw@auburn.edu

Publication date: 2003-10-01

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2015 Impact Factor: 1.702
    Ranking: 16 of 66 in forestry

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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