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Biblioteca (s) : |
INIA Las Brujas. |
Fecha : |
04/03/2020 |
Actualizado : |
04/03/2020 |
Tipo de producción científica : |
Artículos en Revistas Indexadas Internacionales |
Autor : |
CUBBAGE, F.; KANIESKI, B.; RUBILAR, R.; BUSSONI, A.; OLMOS, V. M.; BALMELLI, G.; MAC DONAGH, P.; LORD, R.; HERNÁNDEZ, C.; ZHANG, P.; HUANG, J.; KORHONENK, J.; YAO, R.; HALL, P.; DELL LA TORRE, R.; DÍAZ-BALTEIRO, L.; CARRERO, O.; MONGES, E.; THU, H.T.T.; FREY, G.; HOWARD, M.; CHAVET, M.; MOCHAN, S.; HOEFLICH, V.A.; CHUDY, R.; MAASS, D.; CHIZMAR, S.; ABT, R. |
Afiliación : |
FREDERICK CUBBAGE, Department of Forestry and Environmental Resources, North Carolina State University, Raleigh, NC, United States; BRUNO KANIESKI, Department of Forestry and Environmental Resources, North Carolina State University, Raleigh, NC, United States; RAFAEL RUBILAR, Cooperativa de Productividad Forestal, Departamento de Silvicultura, Facultad de Ciencias Forestales, Universidad de Concepción, Concepción, Chile; ADRIANA BUSSONI, Facultad de Agronomia, Universidad de la República, Montevideo, Uruguay; VIRGINIA MORALES OLMOS, Departamento de Ciencias Económicas, Universidad de la República, Tacuarembó, Uruguay; GUSTAVO DANIEL BALMELLI HERNANDEZ, INIA (Instituto Nacional de Investigación Agropecuaria), Uruguay; PATRICIO MAC DONAGH, Facultad de Ciencias Forestales, Universidad Nacional de Misiones, Eldorado, Misiones, Argentina; ROGER LORD, Mason, Bruce & Girard, Inc., Portland, OR, United States; CARMELO HERNÁNDEZ, Commisión Nacional Forestal, Guadalajara, Mexico; PU ZHANG, Institute of Desertification Studies, Chinese Academy of Forestry, Beijing, China; JIN HUANG, Abt Associates, Bethesda, MD, United States; JAANA KORHONEN, Department of Forest Sciences, University of Helsinki, Finland; RICHARD YAO, Scion (New Zealand Forest Research Institute Ltd.), Rotorua, New Zealand; PETER HALL, Scion (New Zealand Forest Research Institute Ltd.), Rotorua, New Zealand; RAFAEL DELL LA TORRE, ArborGen Inc., Ridgeville, SC, United States; LUIS DÍAZ-BALTEIRO, Universidad Politécnica de Madrid. E.T.S. de Ingeniería de Montes, Forestal y del Medio Natural, Madrid, Spain; OMAR CARRERO, Facultad de Ciencias Forestales, Universidad de Los Andes, Mérida, Venezuela; ELIZABETH MONGES, Universidad Nacional de Asunción, Asunción, Paraguay; HA TRAN THI THU, Research Institute for Forest Ecology and Environment, Vietnamese Academy for Forest Sciences, Hanoi, Viet Nam; GREGORY FREY, USDA Forest Service, Southern Research Station, Research Triangle Park, NC, United States; MIKE HOWARD, Fractal Forest Africa, Umhlali, South Africa; MICHAEL CHAVET, Woodilee Consultancy Ltd, Glasgow, Scotland, United Kingdom; SHAUN MOCHAN, Woodilee Consultancy Ltd, Glasgow, Scotland, United Kingdom; VICTOR ALFONSO HOEFLICH, Departamento de Economia Rural e Extensão, Universidade Federal do Paraná, Curitiba, PR, Brazil; RAFAL CHUDY, Forest Business Analytics Sp. z o.o., ?ód?, Poland; DAVID MAASS, Forestry Consultant, Bluffton, SC and Westbrook, ME, United States; STEPHANIE CHIZMAR, Department of Forestry and Environmental Resources, North Carolina State University, Raleigh, NC, United States; ROBERT ABT, Department of Forestry and Environmental Resources, North Carolina State University, Raleigh, NC, United States. |
Título : |
Global timber investments, 2005 to 2017. |
Fecha de publicación : |
2020 |
Fuente / Imprenta : |
Forest Policy and Economics, March 2020, Volume 112, Article number 102082. OPEN ACCESS. Doi: https://doi.org/10.1016/j.forpol.2019.102082 |
ISSN : |
1389-9341 |
DOI : |
10.1016/j.forpol.2019.102082 |
Idioma : |
Inglés |
Notas : |
Article history: Received 26 April 2019 / Revised 4 November 2019 / Accepted 13 December 2019 / Available online 7 February 2020.
Corresponding author: Frederick Cubbage - email:fred_cubbage@ncsu.edu
This research was partially funded by the Southern Forest Resource Assessment Consortium (SOFAC) at North Carolina State University, United States , as well as by the time and salaries provided to each of the co-authors by their respective organizations. |
Contenido : |
ABSTRACT.
We estimated timber investment returns for 22 countries and 54 species/management regimes in 2017, for a range of global timber plantation species and countries at the stand level, using capital budgeting criteria, without land costs, at a real discount rate of 8%. Returns were estimated for the principal plantation countries in the Americas?Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, Paraguay, Mexico, and the United States?as well as New Zealand, Australia, South Africa, China, Vietnam, Laos, Spain, Finland, Poland, Scotland, and France. South American plantation growth rates and their concomitant returns were generally greater, at more than 12% Internal Rates of Return (IRRs), as were those in China, Vietnam, and Laos. These IRRs were followed by those for plantations in southern hemisphere countries of Australia and New Zealand and in Mexico, with IRRs around 8%. Temperate forest plantations in the U.S. and Europe returned less, from 4% to 8%, but those countries have less financial risk, better timber markets, and more infrastructure. Returns to most planted species in all countries except Asia have decreased from 2005 to 2017. If land costs were included in calculating the overall timberland investment returns, the IRRs would decrease from 3 three percentage points less for loblolly pine in the U.S. South to 8 percentage points less for eucalypts in Brazil. © 2020 The Authors |
Palabras claves : |
Benchmarking; Global trends; Internal rates of return; Land expectation value; Timber investments. |
Asunto categoría : |
K01 Ciencias forestales - Aspectos generales |
URL : |
https://www.sciencedirect.com/science/article/pii/S1389934119302564/pdfft?md5=fc04003afa99feda8af4cda48c80cfb1&pid=1-s2.0-S1389934119302564-main.pdf
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Marc : |
LEADER 03324naa a2200541 a 4500 001 1060888 005 2020-03-04 008 2020 bl uuuu u00u1 u #d 022 $a1389-9341 024 7 $a10.1016/j.forpol.2019.102082$2DOI 100 1 $aCUBBAGE, F. 245 $aGlobal timber investments, 2005 to 2017.$h[electronic resource] 260 $c2020 500 $aArticle history: Received 26 April 2019 / Revised 4 November 2019 / Accepted 13 December 2019 / Available online 7 February 2020. Corresponding author: Frederick Cubbage - email:fred_cubbage@ncsu.edu This research was partially funded by the Southern Forest Resource Assessment Consortium (SOFAC) at North Carolina State University, United States , as well as by the time and salaries provided to each of the co-authors by their respective organizations. 520 $aABSTRACT. We estimated timber investment returns for 22 countries and 54 species/management regimes in 2017, for a range of global timber plantation species and countries at the stand level, using capital budgeting criteria, without land costs, at a real discount rate of 8%. Returns were estimated for the principal plantation countries in the Americas?Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, Paraguay, Mexico, and the United States?as well as New Zealand, Australia, South Africa, China, Vietnam, Laos, Spain, Finland, Poland, Scotland, and France. South American plantation growth rates and their concomitant returns were generally greater, at more than 12% Internal Rates of Return (IRRs), as were those in China, Vietnam, and Laos. These IRRs were followed by those for plantations in southern hemisphere countries of Australia and New Zealand and in Mexico, with IRRs around 8%. Temperate forest plantations in the U.S. and Europe returned less, from 4% to 8%, but those countries have less financial risk, better timber markets, and more infrastructure. Returns to most planted species in all countries except Asia have decreased from 2005 to 2017. If land costs were included in calculating the overall timberland investment returns, the IRRs would decrease from 3 three percentage points less for loblolly pine in the U.S. South to 8 percentage points less for eucalypts in Brazil. © 2020 The Authors 653 $aBenchmarking 653 $aGlobal trends 653 $aInternal rates of return 653 $aLand expectation value 653 $aTimber investments 700 1 $aKANIESKI, B. 700 1 $aRUBILAR, R. 700 1 $aBUSSONI, A. 700 1 $aOLMOS, V. M. 700 1 $aBALMELLI, G. 700 1 $aMAC DONAGH, P. 700 1 $aLORD, R. 700 1 $aHERNÁNDEZ, C. 700 1 $aZHANG, P. 700 1 $aHUANG, J. 700 1 $aKORHONENK, J. 700 1 $aYAO, R. 700 1 $aHALL, P. 700 1 $aDELL LA TORRE, R. 700 1 $aDÍAZ-BALTEIRO, L. 700 1 $aCARRERO, O. 700 1 $aMONGES, E. 700 1 $aTHU, H.T.T. 700 1 $aFREY, G. 700 1 $aHOWARD, M. 700 1 $aCHAVET, M. 700 1 $aMOCHAN, S. 700 1 $aHOEFLICH, V.A. 700 1 $aCHUDY, R. 700 1 $aMAASS, D. 700 1 $aCHIZMAR, S. 700 1 $aABT, R. 773 $tForest Policy and Economics, March 2020, Volume 112, Article number 102082. OPEN ACCESS. Doi: https://doi.org/10.1016/j.forpol.2019.102082
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Registro original : |
INIA Las Brujas (LB) |
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Biblioteca (s) : |
INIA Tacuarembó. |
Fecha actual : |
16/10/2014 |
Actualizado : |
15/10/2019 |
Tipo de producción científica : |
Artículos en Revistas Indexadas Internacionales |
Circulación / Nivel : |
Internacional - -- |
Autor : |
CUBBAGE, F.; KOESBANDANA, S.; MAC DONAGH, P.; RUBILAR, R.; BALMELLI, G.; MORALES OLMOS, V.; DE LA TORRE, R.; MURARA, M.; HOEFLICH, V.A.; KOTZE, H.; GONZALEZ, R.; CARRERO, O.; FREY, G.; ADAMS, T.; TURNER, J.; LORD, R.; HUANG, J.; MACINTYRE, C.; MCGINLEY, K.; ABT, R.; PHILLIPS, R. |
Afiliación : |
FREDERICK CUBBAGE, Forestry and Environmental Resources, North Carolina State University, USA; SADHARGA KOESBANDANA, Forestry and Environmental Resources, North Carolina State University, USA; PATRICIO MAC DONAGH, Universidad Nacional de Misiones (UNAM), Misiones, Argentina; RAFAEL RUBILAR, Universidad de Concepción, Concepcioón, Chile; GUSTAVO DANIEL BALMELLI HERNANDEZ, Instituto Nacional de Investigación Agropecuaria (INIA), Uruguay; VIRGINIA MORALES OLMOS, Weyerhaeuser Company, Melo, Uruguay; RAFAEL DE LA TORRE, CellFor, USA; MAURO MURARA, Universidade do Contestado, Santa Catarina, Brasil; VITOR AFONSO HOEFLICH, Universidade Federal do Paraná, Curitiba, Paraná, Brasil; HEYNZ KOTZE, Komatiland Forests (Pty) Ltd, South Africa; RONALDS GONZALEZ, Forestry and Environmental Resources, North Carolina State University, USA; OMAR CARRERO, Forestry and Environmental Resources, North Carolina State University, USA; GREGORY FREY, World Bank, Washington, DC, USA; THOMAS ADAMS, New Zealand Forest Research Institute Ltd., New Zealand; JAMES TURNER, New Zealand Forest Research Institute Ltd., New Zealand; ROGER LORD, Mason, Bruce, & Girard, Oregon, USA; JIN HUANG, Abt Associates, USA; CHARLES MACINTYRE, Forestry and Environmental Resources, North Carolina State University, USA; KATHLEEN MCGINLEY, n International Institute of Tropical Forestry, USDA Forest Service, USA; ROBERT ABT, Forestry and Environmental Resources, North Carolina State University, USA; RICHARD PHILLIPS, Forestry and Environmental Resources, North Carolina State University, USA. |
Título : |
Global timber investments, wood costs, regulation, and risk. |
Fecha de publicación : |
2010 |
Fuente / Imprenta : |
Biomass and Bioenergy, 2010, v. 34, no. 12, p. 1667-1678 |
DOI : |
10.1016/j.biombioe.2010.05.008 |
Idioma : |
Inglés |
Notas : |
Article history: Received 10 November 2009 / Received in revised form 31 March 2010 / Accepted 31 May 2010. / Available online 29 June 2010. |
Contenido : |
We estimated financial returns and wood production costs in 2008 for the primary timber plantation species. Excluding land costs, returns for exotic plantations in almost all of South America e Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, and Paraguay e were substantial. Eucalyptus species returns were generally greater than those for Pinus species in each country, with most having Internal Rates of Return (IRRs) of 20% per year or more, as did teak. Pinus species in South America were generally closer to 15%, except in Argentina, where they were 20%. IRRs were less, but still attractive for plantations of coniferous or deciduous species in China, South Africa, New Zealand, Indonesia, and the United States, ranging from 7% to 12%. Costs of wood production at the cost of capital of 8% per year were generally cheapest for countries with high rates of return and for pulpwood fiber production, which would favor vertically integrated firms in Latin America. But wood costs at stumpage market prices were much greater, making net wood costs for open market wood more similar among countries. In the Americas, Chile and Brazil had the most regulatory components of sustainable forest management, followed by Misiones, Argentina and Oregon in the U.S. |
Palabras claves : |
EUCALYPTUS; FINANCIAL MODELS; FOREST PLANTATIONS; INVESTMENT RETURNS; PINUS; RISK. |
Thesagro : |
FORESTACIÓN. |
Asunto categoría : |
K10 Producción forestal |
URL : |
http://www.ainfo.inia.uy/digital/bitstream/item/3567/1/Balmelli-2010-Biomass.pdf
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Marc : |
LEADER 02586naa a2200469 a 4500 001 1051156 005 2019-10-15 008 2010 bl uuuu u00u1 u #d 024 7 $a10.1016/j.biombioe.2010.05.008$2DOI 100 1 $aCUBBAGE, F. 245 $aGlobal timber investments, wood costs, regulation, and risk. 260 $c2010 500 $aArticle history: Received 10 November 2009 / Received in revised form 31 March 2010 / Accepted 31 May 2010. / Available online 29 June 2010. 520 $aWe estimated financial returns and wood production costs in 2008 for the primary timber plantation species. Excluding land costs, returns for exotic plantations in almost all of South America e Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, and Paraguay e were substantial. Eucalyptus species returns were generally greater than those for Pinus species in each country, with most having Internal Rates of Return (IRRs) of 20% per year or more, as did teak. Pinus species in South America were generally closer to 15%, except in Argentina, where they were 20%. IRRs were less, but still attractive for plantations of coniferous or deciduous species in China, South Africa, New Zealand, Indonesia, and the United States, ranging from 7% to 12%. Costs of wood production at the cost of capital of 8% per year were generally cheapest for countries with high rates of return and for pulpwood fiber production, which would favor vertically integrated firms in Latin America. But wood costs at stumpage market prices were much greater, making net wood costs for open market wood more similar among countries. In the Americas, Chile and Brazil had the most regulatory components of sustainable forest management, followed by Misiones, Argentina and Oregon in the U.S. 650 $aFORESTACIÓN 653 $aEUCALYPTUS 653 $aFINANCIAL MODELS 653 $aFOREST PLANTATIONS 653 $aINVESTMENT RETURNS 653 $aPINUS 653 $aRISK 700 1 $aKOESBANDANA, S. 700 1 $aMAC DONAGH, P. 700 1 $aRUBILAR, R. 700 1 $aBALMELLI, G. 700 1 $aMORALES OLMOS, V. 700 1 $aDE LA TORRE, R. 700 1 $aMURARA, M. 700 1 $aHOEFLICH, V.A. 700 1 $aKOTZE, H. 700 1 $aGONZALEZ, R. 700 1 $aCARRERO, O. 700 1 $aFREY, G. 700 1 $aADAMS, T. 700 1 $aTURNER, J. 700 1 $aLORD, R. 700 1 $aHUANG, J. 700 1 $aMACINTYRE, C. 700 1 $aMCGINLEY, K. 700 1 $aABT, R. 700 1 $aPHILLIPS, R. 773 $tBiomass and Bioenergy, 2010$gv. 34, no. 12, p. 1667-1678
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