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Dynamics of Wood Pulp Production: Evidence from OECD Countries

Forests, 2017-04, Vol.8 (4), p.107 [Peer Reviewed Journal]

Copyright MDPI AG 2017 ;ISSN: 1999-4907 ;EISSN: 1999-4907 ;DOI: 10.3390/f8040107

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  • Title:
    Dynamics of Wood Pulp Production: Evidence from OECD Countries
  • Author: Jaunky, Vishal Chandr ; Lundmark, Robert
  • Subjects: Cointegration analysis ; cross-sectional dependence ; Cross-sections ; Economic forecasting ; Economic models ; Economic sectors ; Economics ; Forest conservation ; Forest management ; Integration ; Nationalekonomi ; production shocks ; Pulp ; pulp production ; Purchasing power parity ; structural breaks ; unit root tests ; Wood pulp
  • Is Part Of: Forests, 2017-04, Vol.8 (4), p.107
  • Description: This paper investigates whether shocks to pulp for paper production for 17 Organisation for Economic Co-Operation and Development (OECD) members over the period 1980-2012 are transitory or permanent. A variety of univariate and panel data unit root tests are employed. The presence of structural breaks is taken into account when performing those tests. Based on the Narayan-Popp univariate unit root test, wood production series for approximately 64.71% of countries is found to follow a non-stationary process. However, univariate unit root tests tend to have low power when the time span is relatively short. Consequently, three generations of panel unit root tests are considered. Cross-sectional dependence is detected. The first generation of unit roots do not effectively control for cross-sectional dependence, while the second and third generations do. The third generation accounts mainly for cross-sectional co-integration. As a confirmatory analysis, both unit root tests that tests for the null of non-stationarity and stationarity are considered. Most of the panel unit root tests point towards a non-stationary process. Hence, while these shocks can be transmitted to other economic sectors, past behaviours of wood production cannot be used for forecasting purposes. Forest conservation policies can have a permanent impact on pulp for paper production.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 1999-4907
    EISSN: 1999-4907
    DOI: 10.3390/f8040107
  • Source: ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
    DOAJ Directory of Open Access Journals
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