Does the ninth phase of translation include dynamic linking?

[Brian Bi]

All external entity references are resolved. Library components are linked to satisfy external references to entities not defined in the current translation. All such translator output is collected into a program image which contains information needed for execution in its execution environment.

Does this end with static linking, e.g., when a.out is produced, or does it also involve dynamic linking that occurs when the program is run, since that pulls in additional translated code from external libraries and incorporates it into the complete, final program image?

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Brian Bi