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Do Forest Assets Hedge Inflation?

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  • Courtland L. Washburn
  • Clark S. Binkley
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    Abstract

    Forest assets are commonly viewed as good hedges against inflation. The view is based largely, however, on anecdotal evidence rather than empirical analysis. This paper examines the historical relationship between forestry returns and inflation. The results suggest that forests in the U.S. West and South have been superior hedges against higher-than-anticipated inflation; forests in the Northeast have been less effective inflation hedges. The results also indicate that western and southern forests have been overvalued during periods of relatively high expected inflation. Markets for forests in the Northeast, however, have been relatively efficient processors of inflation expectations.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 69 (1993)
    Issue (Month): 3 ()
    Pages: 215-224

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    Handle: RePEc:uwp:landec:v:69:y:1993:i:3:p:215-224

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. Fulli-Lemaire, Nicolas, 2013. "Alternative inflation hedging strategies for ALM," MPRA Paper 43755, University Library of Munich, Germany.
    2. Sadorsky, Perry & Henriques, Irene, 2001. "Multifactor risk and the stock returns of Canadian paper and forest products companies," Forest Policy and Economics, Elsevier, vol. 3(3-4), pages 199-208, November.
    3. Sun, Changyou, 2013. "On the market risk of securitized timberlands," Journal of Forest Economics, Elsevier, vol. 19(2), pages 110-127.
    4. Fulli-Lemaire, Nicolas, 2012. "A Dynamic Inflation Hedging Trading Strategy Using a CPPI," MPRA Paper 42851, University Library of Munich, Germany, revised 13 Nov 2012.
    5. Ian Keay, 2007. "Resource Rents and their Impact on Institutional and Economic Development," Working Papers 1143, Queen's University, Department of Economics.
    6. Hyytiainen, Kari & Penttinen, Markku, 2008. "Applying portfolio optimisation to the harvesting decisions of non-industrial private forest owners," Forest Policy and Economics, Elsevier, vol. 10(3), pages 151-160, January.

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