The integration of the Nordic timber markets has been analysed to provide market information to various decision-makers, e.g., climate and industrial policies and investment decisions. This study addresses the interlinkage between Nordic (Sweden, Norway and Finland) roundwood markets (Scots pine (Pinus sylvestris L.)) and Norway spruce ((Picea abies L.) sawlogs and pulpwood). In total, eleven markets were analysed using quarterly data over the period 2006Q1–2017Q4 where various unit root and stationary tests were performed together with Johansen’s cointegration test. In addition, directional causality analyses between the integrated markets were also performed. The results show that the law-of-one-price (LOP) hypothesis can be rejected for most of the studied markets and that no individual market emerges as the price-leader. Only the Swedish and Norwegian pine sawlog markets are integrated suggesting a single market for both countries. Price affecting national and forest-related policies as well as investments in the forestry sector, forest industries, bioenergy sector and other forest product using sectors, will not disperse into a larger international market structure; instead, the price effect will be national and more likely have a more profound effect.

中文翻译：

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北欧圆木市场的协整分析

对北欧木材市场的整合进行了分析，以向各种决策者提供市场信息，例如气候和产业政策以及投资决策。这项研究解决了北欧（瑞典，挪威和芬兰）圆木市场（苏格兰松树（Pinus sylvestris L.））和挪威云杉（（Picea abies）之间的相互联系。L.）锯木和纸浆木。总共，使用2006年1季度至2017年4季度的季度数据对11个市场进行了分析，其中进行了各种单位根和固定检验以及Johansen的协整检验。此外，还对综合市场之间的定向因果关系进行了分析。结果表明，大多数研究的市场都可以拒绝一价定律（LOP）假设，并且没有任何一个市场成为价格领导者。只有瑞典和挪威的松木锯材市场整合在一起，表明这两个国家的市场单一。影响国家和森林相关政策的价格以及对林业部门，森林工业，生物能源部门和其他森林产品使用部门的投资，不会分散到更大的国际市场结构中；代替，