The Finnish roundwood market: an econometric analysis

Jari Kuuluvainen, Lauri Hetemäki, Pekka Ollonqvist, Ville Ovaskainen, Heikki Pajuoja, Jorma Salo, Heikki Seppälä and Mikko Tervo
Additional contact information
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

Finnish Economic Papers, 1988, vol. 1, issue 2, 191-204

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.

Date: 1988
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