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Market Performance of the Government-Controlled but Market-Based Stumpage System of Ontario

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The market performance of the government-controlled stumpage system of Ontario is investigated by examining the relationships between the stumpage prices and the market prices of end products (lumber, composites, and pulp) produced from standing timber, using monthly data from June 1995 to Feb. 2005. The long-run equilibrium relationship between the stumpage price and the relevant market price is tested using Johansen's multivariate co-integration approach. In addition, the Granger-causality between the stumpage price and the relevant market price is also analyzed. Test results indicate that the Ontario stumpage system is working well with respect to the stumpage prices of SPF (spruce, pine, fir) for softwood lumber and pulp, while there is a need for changes and modifications in terms of revising different parameters of the system with respect to stumpage prices of SPF for composites, and stumpage prices of red pine and white pine timber for lumber. Test results are inconclusive for the stumpage price of red pine and white pine for composites.
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Keywords: Granger-causality; Johansen's multivariate co-integration approach; Ontario; long-run market equilibrium relationship; market-based stumpage system; stumpage price

Document Type: Research Article

Affiliations: Shashi Kant, Faculty of Forestry, University of Toronto, 33 Willcocks Street, Toronto, Ontario M5S 3B3, Canada—Phone: (416) 978-6196; [email protected], Fax: (416) 978-3834

Publication date: 2006-08-01

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    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.
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