Export price and exchange rate effects in European roundwood markets
نویسندگان
چکیده
Historically, devaluations have played a major role in the economies of the Nordic countries. Within the European Monetary Union (EMU), national exchange rate policy can no longer be used to improve competitiveness of exporting industries, and adjustment pressures caused by changes in international demand and prices by are put on factor markets. In this study price linkages are compared between coniferous sawlog markets in Finland and Austria and their major sawnwood export market, Germany. Using Johansen’s cointegration analysis and monthly data for 1986-97 we established a closer linkage between the German and Austrian markets than that for the Finnish and German markets.
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