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Publication | Conference contributions

Price cointegration in the Austrian wood fuel market,

Published 2014

Citation: Kristöfel C, Morawetz UB, Schmid E, Strasser C. Price cointegration in the Austrian wood fuel market, 22nd European Biomass Conference 2014, 23rd-26th of June 2014, Hamburg, Germany. p 1330-1335.

Abstract

The wood fuel market is connected to the forest­based industry in various ways: the sawmill by­ products such as sawdust and wood chips are usually used as raw material in the panel, pulp and paper industry and are increasingly pelletized to supply the energy commodity market. Hence, the question arises whether or not prices of these woody biomass commodities are integrated. Threshold cointegration and asymmetric error correction models are used to analyze the price dynamics between roundwood, wood pellets and sawmill by­ products. Results indicate that a statistical significant price transmission between sawmill by­products and wood pellets, but wood pellet and roundwood prices are not integrated. The price transmission between wood pellets and sawdust as well as wood chips is asymmetric. The Granger Causality test reveals that the prices of sawdust and wood chips depend on the price of wood pellets.


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