Abstract
Summary This paper analyses the effects of price and market size variables on the investment propensities in the pulp and paper industry. A panel of 15 European countries in the time period 1988-1997 is used in the regression analysis. We find the wages, the USD/ECU exchange rate, the price of paper and the installed production capacity to be the main determinants of large investments in this industry. Our measure of market size has no - or only very small - effects.
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