Country Risk Ratings and Stock Market Movements: Evidence from Emerging Economy
Bibliographic record
Abstract
The empirically relationship between Saudi Arabia’s country risk ratings; political, economic, and financial components and its stock market movements is examine from both short and long-run perspectives in this paper. The Autoregressive Distributed Lag (ARDL) methodology is the main instrument of investigation to explore their interdependencies. We find that the country credit risk ratings have a close association with the Saudi Arabia stock market movements. The financial risk factor displays the highest level of sensitivity among all the credit risk ratings. It is sensitive to both economic risk rating and the stock market returns. This development implies that financial risk indicators such as foreign debt servicing, current account balance and exchange rate stability among others should be considered before any strategic investment decision in the country. There is reduced or insignificant political risk sensitivity to other variables. This shows that political risk rating issues are relatively the least considered in Saudi Arabia as shown in this study.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
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 teacher head, 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".