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Integration in the Norwegian pulpwood market: domestic prices versus external trade

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Pulpwood from Norway spruce (Picea abies (L.) Karst) traded domestically in Norway, imported to Norway, or exported from Norway is investigated with respect to commodity homogeneity and market integration. The prices imply that pulpwood from Norway spruce is a homogenous commodity, and the three price series are analyzed with respect to market integration. Using the cointegration estimator two cointegrating vectors are found within the system, and the weak Law of One Price can be imposed on domestic- and import prices. Imports are weakly exogenous to the two other variables, indicating that international pulpwood prices leads the domestic market.
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Keywords: Composite Commodity Theorem; Law of One Price; cointegration; long-run equilibrium; market integration; weak exogeneity

Document Type: Research Article

Affiliations: Department of Forest Sciences, Agricultural University of Norway, Norway

Publication date: 2002-12-01

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