Are There Efficiency Gains from the Removal of Natural Resource Export Restrictions? Evidence from British Columbia | Zendy

Fooks Jacob R. | Zendy; Dundas Steven J. | Zendy; Awokuse Titus O. | Zendy

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Are There Efficiency Gains from the Removal of Natural Resource Export Restrictions? Evidence from British Columbia

Author(s) -

Fooks Jacob R.,

Dundas Steven J.,

Awokuse Titus O.

Publication year - 2013

Publication title -

the world economy

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.594

H-Index - 68

eISSN - 1467-9701

pISSN - 0378-5920

DOI - 10.1111/twec.12041

Subject(s) - economics , error correction model , natural resource , econometric model , agricultural economics , econometrics , economy , natural resource economics , cointegration , ecology , biology

Log export bans ( LEB s) are a popular development tool utilised by developing nations with sizable endowments of timber; however, the actual impact of these policies is debatable. B ritish C olumbia has a developed forestry sector and still maintains a LEB . This trade restriction continually creates conflicts with C anada's international trade partners, including the U nited S tates. This paper examines the efficiency implications of a hypothetical removal of roundwood export restrictions in British Columbia using roundwood price and quantity data from 1995 to 2008. A time‐series econometric approach is utilised to determine supply and demand elasticities for B ritish C olumbia's roundwood. Empirical results from a vector error correction model suggest that a removal of export restrictions will generate an overall increase of approximately $347.91 million US dollars per year to B ritish C olumbia's forest economy.

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