Cointegration trends among the NAFTA equity markets
Bibliographic record
Abstract
Las recientes políticas de liberalización económica y financiera han \nincrementado la internacionalización de los mercados emergentes. Una \natrevida estrategia implementada por México constituye el Tratado de Libre \nComercio de los Países de Norte América (TLCAN, NAFTA por sus siglas en \ninglés). Además de incrementos en el comercio y en las inversiones, este \ntratado debería haber fortalecido los vínculos entre le mercados accionarios \nde Canadá, Estados Unidos y México. El presente estudio analiza la “primera \ngeneration” de integración entre dichos mercados aplicando la técnica de \ncointegración de Johansen. También examina la integración entre los mercados \ndel NAFTA y el mercado de capitales mundial. La evidencia empírica sugiere un \nproceso de integración cambiante en el tiempo entre los mercados accionarios \nde los socios del NAFTA. La integración de los mercados de capital del NAFTA \ncon el mercado de capitales mundial evidencia una segmentación moderada y \ntambién cambiante en el tiempo.____________________________________________Recent economic and financial liberalization policies have increased the \ninternationalization of emerging markets. A daring strategy undertaken by \nMexico constituted the North America Free Trade Agreement (NAFTA); in \naddition to increased trade and investments, it should have led to stronger links \namong the equity markets from Canada, United States and Mexico. This study \ntests a “first generation” financial integration among those markets, applying \nJohansen’s cointegration technique. It also examines integration between the \nNAFTA markets and the world capital market. Results evidence a time-varying \nintegration process among NAFTA equity markets. Integration of the NAFTA \ncapital markets to the world capital market evidences a mild segmentation and \na time-varying integration as well.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.006 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.003 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.007 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".