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Monetary union and forest products trade – The case of the euro

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  • Buongiorno, Joseph

Abstract

The objective of this study was to determine if the establishment of a monetary union in European countries had affected the international trade of forest products between the euro-using countries. A differential gravity model of bilateral trade flows was developed and estimated with panel data for the bilateral trade between 12 euro countries from 1988 to 2013, for commodity groups HS44 (wood and articles of wood), HS47 (pulp of wood, fibrous cellulosic material, waste, etc.), HS48 (paper and paperboard), and their sum. The parameters were estimated by ordinary least squares and fixed-effects methods. The results showed a positive or neutral effect of the euro on trade, for all products and countries, with both estimation methods. According to the most general result, the introduction of the euro had increased the average annual rate of growth of the bilateral trade of forest products by 6.5±1.3% from 2002 to 2013.

Suggested Citation

  • Buongiorno, Joseph, 2015. "Monetary union and forest products trade – The case of the euro," Journal of Forest Economics, Elsevier, vol. 21(4), pages 238-249.
    • Handle: RePEc:eee:foreco:v:21:y:2015:i:4:p:238-249
    DOI: 10.1016/j.jfe.2015.09.005
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    Cited by:

    1. Zhang, Daowei & Nguyen, Ly, 2018. "Tariff and U.S. Paper Products Trade," 2018 Annual Meeting, February 2-6, 2018, Jacksonville, Florida 266771, Southern Agricultural Economics Association.
    2. Robert Lundmark, 2018. "Analysis and projection of global iron ore trade: a panel data gravity model approach," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 31(1), pages 191-202, May.
    3. Kanieski da Silva, Bruno & Boys, Kathryn A. & Cubbage, Frederick W., 2016. "Forest Stewardship Standards: Voluntary Governance As A Trade Facilitation Strategy?," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 236191, Agricultural and Applied Economics Association.
    4. Álvarez-Díaz, Marcos & González-Gómez, Manuel & Otero-Giráldez, María Soledad, 2018. "Main determinants of export-oriented bleached eucalyptus kraft pulp (BEKP) demand from the north-western regions of Spain," Forest Policy and Economics, Elsevier, vol. 96(C), pages 112-119.
    5. Palakiyèm Kpemoua, 2023. "Effects of the dynamic of regional integration on West Africa's trade [Effets de la dynamique de l'intégration régionale sur le commerce bilatéral en Afrique de l'Ouest]," Post-Print hal-04178262, HAL.

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    More about this item

    Keywords

    Europe; International trade; Forest products; Euro; Gravity;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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