Tendencias co-integradoras entre los mercados de capital de los países miembros de NAFTA
Bibliographic record
Abstract
Las recientes políticas de liberalización económica y financiera han incrementado la internacionalización de los mercados emergentes. Una atrevida estrategia implementada por México constituye el Tratado de Libre Comercio de los Países de Norte América (TLCAN, NAFTA por sus siglas en inglés). Además de incrementos en el comercio y en las inversiones, este tratado debería haber fortalecido los vínculos entre le mercados accionarios de Canadá, Estados Unidos y México. El presente estudio analiza la “primera generation” de integración entre dichos mercados aplicando la técnica de cointegración de Johansen. También examina la integración entre los mercados del NAFTA y el mercado de capitales mundial. La evidencia empírica sugiere un proceso de integración cambiante en el tiempo entre los mercados accionarios de los socios del NAFTA. La integración de los mercados de capital del NAFTA con el mercado de capitales mundial evidencia una segmentación moderada y también cambiante en el tiempo.____________________________________________Recent economic and financial liberalization policies have increased the internationalization of emerging markets. A daring strategy undertaken by Mexico constituted the North America Free Trade Agreement (NAFTA); in addition to increased trade and investments, it should have led to stronger links among the equity markets from Canada, United States and Mexico. This study tests a “first generation” financial integration among those markets, applying Johansen’s cointegration technique. It also examines integration between the NAFTA markets and the world capital market. Results evidence a time-varying integration process among NAFTA equity markets. Integration of the NAFTA capital markets to the world capital market evidences a mild segmentation and a time-varying integration as well.
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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 | 0.000 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.001 | 0.001 |
| 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".