How integrated are tropical timber markets?
The tropical timber market is characterized by multiple species, multiple products, and regional patterns of trade and production. In such a market, finding a representative price is a difficult and perhaps an irrelevant task. So Varangis conducted tests to see whether prices from different species, products, and regions move together, at least in the long run. If they do, the use of a representative price may be appropriate. The analysis could also be seen as a test of whether the Asian and African/European markets are interdependent.
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