Dynamics between stock price and exchange rates in Australia, Canada and New Zealand.
Bibliographic record
Abstract
Our study examines the long and short run relationships between stock market performances and exchange rates of three commodity-export dependent countries namely Australia, Canada and New Zealand, after their adoption of a floating exchange rate. This provides an additional outlook and further insights into the contending issue of the presence of any causal relationship between foreign exchange markets and stock markets. We investigate the existence and direction of the causal relationship between stock prices and exchange rates, using daily data that spans across three normal periods and two crisis periods, namely the 1987 and 1997 financial crisis. Employing Augmented Dickey-Fuller test, cointegrating VAR test and Granger Causality test, our study ascertained a positive causality between the two variables. A long-run relationship was found to be absent for both Australia and Canada but apparent for New Zealand. The direction of causality returned a spectrum of varying results, but Australia and New Zealand generally purported the portfolio balance theory.
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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 | 0.000 | 0.002 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.002 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 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 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".