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The Finnish roundwood market: an econometric analysis

Author

Listed:
  • Jari Kuuluvainen

    (The Finnish Forest Research Institute)

  • Lauri Hetemäki

    (The Finnish Forest Research Institute)

  • Pekka Ollonqvist

    (The Finnish Forest Research Institute)

  • Ville Ovaskainen

    (The Finnish Forest Research Institute)

  • Heikki Pajuoja

    (The Finnish Forest Research Institute)

  • Jorma Salo

    (The Finnish Forest Research Institute)

  • Heikki Seppälä

    (The Finnish Forest Research Institute)

  • Mikko Tervo

    (The Finnish Forest Research Institute)

Abstract

The present study investigates the determination of the aggregate supply of and demand for saw logs and pulpwood in Finland using annual data from 1965 to 1985. Raw material is purchased in competitive markets from private nonindustrial forest owners. The equilibrium assumptions seem to work rather well in both markets, in spite of the fact that, particularly in the pulpwood trade, recommended stumpage price agreements have been concluded for most of the years. Both supply and demand react to prices, and cross elasticities of supply between saw logs and pulpwood are positive or zero. When only pulpwood originating from thinning stands is used as the dependent variable in the pulpwood trade, supply and demand elasticities for pulpwood increase and cross elasticity of pulpwood supply with respect to the price of saw logs becomes negative.

Suggested Citation

  • Jari Kuuluvainen & Lauri Hetemäki & Pekka Ollonqvist & Ville Ovaskainen & Heikki Pajuoja & Jorma Salo & Heikki Seppälä & Mikko Tervo, 1988. "The Finnish roundwood market: an econometric analysis," Finnish Economic Papers, Finnish Economic Association, vol. 1(2), pages 191-204, Autumn.
    • Handle: RePEc:fep:journl:v:1:y:1988:i:2:p:191-204
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    Cited by:

    1. Forsman, Pentti & Heinonen, Tarja, 1988. "Dynamic models of the roundwood market in Finland," Bank of Finland Research Discussion Papers 31/1988, Bank of Finland.
    2. Kuuluvainen, Jari & Korhonen, Jaana & Wang, Lanhui & Toppinen, Anne, 2021. "Wood market cartel in Finland 1997–2004: Analyzing price effects using the indicator approach," Forest Policy and Economics, Elsevier, vol. 124(C).

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