期刊名称：Pertanika Journal of Social Sciences & Humanities
印刷版ISSN：0128-7702
电子版ISSN：2231-8534
出版年度：1995
卷号：3
期号：2
出版社：Universiti Putra Malaysia
摘要：Trade theory often postulates the existence of a representative price, that is, a single price that prevails in all markets. This is known as the Law of One Price (LOP). In this paper the empirical validity of LOP was tested using the recently developed co-integration method for timber exports. Monthly data for the period January 1985 to December 1992 were used to analyse the long-run equilibrium relationship. Empirically, we found the exchange rate pass-through on the exports to be complete for all timber products and markets. The results obtained suggest that the data are consistent with the LOP as a long-run relationship. We conclude that the markets for tropical forest products are generally competitive.
关键词：Pass-through problem; agricultural products; exchange rates; law o f one price
