id	sid	tid	token	lemma	pos
ape-1673	1	1	microsoft	microsoft	PROPN
ape-1673	1	2	word	word	NOUN
ape-1673	1	3	ape-v1n2-p141.doc	ape-v1n2-p141.doc	PROPN
ape-1673	1	4	advances	advance	VERB
ape-1673	1	5	in	in	ADP
ape-1673	1	6	politics	politic	NOUN
ape-1673	1	7	and	and	CCONJ
ape-1673	1	8	economic	economic	PROPN
ape-1673	1	9	issn	issn	PROPN
ape-1673	1	10	2576	2576	NUM
ape-1673	1	11	-	-	SYM
ape-1673	1	12	1382	1382	NUM
ape-1673	1	13	(	(	PUNCT
ape-1673	1	14	print	print	NOUN
ape-1673	1	15	)	)	PUNCT
ape-1673	1	16	issn	issn	PROPN
ape-1673	1	17	2576	2576	NUM
ape-1673	1	18	-	-	SYM
ape-1673	1	19	1390	1390	NUM
ape-1673	1	20	(	(	PUNCT
ape-1673	1	21	online	online	ADJ
ape-1673	1	22	)	)	PUNCT
ape-1673	1	23	vol	vol	NOUN
ape-1673	1	24	.	.	PROPN
ape-1673	2	1	1	1	NUM
ape-1673	2	2	,	,	PUNCT
ape-1673	2	3	no	no	INTJ
ape-1673	2	4	.	.	NOUN
ape-1673	2	5	2	2	NUM
ape-1673	2	6	,	,	PUNCT
ape-1673	2	7	2018	2018	NUM
ape-1673	2	8	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	2	9	141	141	NUM
ape-1673	2	10	original	original	ADJ
ape-1673	2	11	paper	paper	NOUN
ape-1673	2	12	bank	bank	NOUN
ape-1673	2	13	excess	excess	ADJ
ape-1673	2	14	liquidity	liquidity	NOUN
ape-1673	2	15	and	and	CCONJ
ape-1673	2	16	economic	economic	ADJ
ape-1673	2	17	growth	growth	NOUN
ape-1673	2	18	in	in	ADP
ape-1673	2	19	waemu	waemu	NOUN
ape-1673	2	20	countries	country	NOUN
ape-1673	2	21	:	:	PUNCT
ape-1673	2	22	a	a	DET
ape-1673	2	23	panel	panel	NOUN
ape-1673	2	24	data	datum	NOUN
ape-1673	2	25	approach	approach	NOUN
ape-1673	2	26	prao	prao	PROPN
ape-1673	2	27	yao	yao	PROPN
ape-1673	2	28	séraphin1	séraphin1	PROPN
ape-1673	2	29	*	*	PROPN
ape-1673	2	30	1	1	NUM
ape-1673	2	31	department	department	NOUN
ape-1673	2	32	of	of	ADP
ape-1673	2	33	economic	economic	ADJ
ape-1673	2	34	sciences	sciences	PROPN
ape-1673	2	35	and	and	CCONJ
ape-1673	2	36	development	development	NOUN
ape-1673	2	37	,	,	PUNCT
ape-1673	2	38	alassane	alassane	NOUN
ape-1673	2	39	ouattara	ouattara	NOUN
ape-1673	2	40	university	university	NOUN
ape-1673	2	41	,	,	PUNCT
ape-1673	2	42	bouaké	bouaké	NOUN
ape-1673	2	43	,	,	PUNCT
ape-1673	2	44	ivory	ivory	PROPN
ape-1673	2	45	coast	coast	PROPN
ape-1673	2	46	*	*	PUNCT
ape-1673	2	47	prao	prao	PROPN
ape-1673	2	48	yao	yao	PROPN
ape-1673	2	49	séraphin	séraphin	PROPN
ape-1673	2	50	,	,	PUNCT
ape-1673	2	51	department	department	NOUN
ape-1673	2	52	of	of	ADP
ape-1673	2	53	economic	economic	PROPN
ape-1673	2	54	sciences	sciences	PROPN
ape-1673	2	55	and	and	CCONJ
ape-1673	2	56	development	development	NOUN
ape-1673	2	57	,	,	PUNCT
ape-1673	2	58	alassane	alassane	NOUN
ape-1673	2	59	ouattara	ouattara	NOUN
ape-1673	2	60	university	university	NOUN
ape-1673	2	61	,	,	PUNCT
ape-1673	2	62	bouaké	bouaké	NOUN
ape-1673	2	63	,	,	PUNCT
ape-1673	2	64	ivory	ivory	PROPN
ape-1673	2	65	coast	coast	PROPN
ape-1673	2	66	received	receive	VERB
ape-1673	2	67	:	:	PUNCT
ape-1673	2	68	october	october	PROPN
ape-1673	2	69	10	10	NUM
ape-1673	2	70	,	,	PUNCT
ape-1673	2	71	2018	2018	NUM
ape-1673	2	72	accepted	accept	VERB
ape-1673	2	73	:	:	PUNCT
ape-1673	2	74	october	october	PROPN
ape-1673	2	75	30	30	NUM
ape-1673	2	76	,	,	PUNCT
ape-1673	2	77	2018	2018	NUM
ape-1673	2	78	online	online	ADV
ape-1673	2	79	published	publish	VERB
ape-1673	2	80	:	:	PUNCT
ape-1673	2	81	november	november	PROPN
ape-1673	2	82	6	6	NUM
ape-1673	2	83	,	,	PUNCT
ape-1673	2	84	2018	2018	NUM
ape-1673	2	85	doi:10.22158	doi:10.22158	NOUN
ape-1673	2	86	/	/	SYM
ape-1673	2	87	ape.v1n2p141	ape.v1n2p141	NOUN
ape-1673	2	88	url	url	NOUN
ape-1673	2	89	:	:	PUNCT
ape-1673	2	90	http://dx.doi.org/10.22158/ape.v1n2p141	http://dx.doi.org/10.22158/ape.v1n2p141	ADJ
ape-1673	2	91	abstract	abstract	NOUN
ape-1673	2	92	this	this	DET
ape-1673	2	93	paper	paper	NOUN
ape-1673	2	94	provides	provide	VERB
ape-1673	2	95	an	an	DET
ape-1673	2	96	empirical	empirical	ADJ
ape-1673	2	97	assessment	assessment	NOUN
ape-1673	2	98	of	of	ADP
ape-1673	2	99	the	the	DET
ape-1673	2	100	relationship	relationship	NOUN
ape-1673	2	101	between	between	ADP
ape-1673	2	102	banking	banking	NOUN
ape-1673	2	103	,	,	PUNCT
ape-1673	2	104	liquidity	liquidity	NOUN
ape-1673	2	105	,	,	PUNCT
ape-1673	2	106	investment	investment	NOUN
ape-1673	2	107	,	,	PUNCT
ape-1673	2	108	terms	term	NOUN
ape-1673	2	109	of	of	ADP
ape-1673	2	110	trade	trade	NOUN
ape-1673	2	111	,	,	PUNCT
ape-1673	2	112	bank	bank	NOUN
ape-1673	2	113	solvency	solvency	NOUN
ape-1673	2	114	ratio	ratio	NOUN
ape-1673	2	115	,	,	PUNCT
ape-1673	2	116	financial	financial	ADJ
ape-1673	2	117	development	development	NOUN
ape-1673	2	118	and	and	CCONJ
ape-1673	2	119	economic	economic	ADJ
ape-1673	2	120	growth	growth	NOUN
ape-1673	2	121	in	in	ADP
ape-1673	2	122	the	the	DET
ape-1673	2	123	waemu	waemu	PROPN
ape-1673	2	124	zone	zone	PROPN
ape-1673	2	125	.	.	PUNCT
ape-1673	3	1	the	the	DET
ape-1673	3	2	analysis	analysis	NOUN
ape-1673	3	3	focuses	focus	VERB
ape-1673	3	4	on	on	ADP
ape-1673	3	5	7	7	NUM
ape-1673	3	6	countries	country	NOUN
ape-1673	3	7	of	of	ADP
ape-1673	3	8	the	the	DET
ape-1673	3	9	west	west	ADJ
ape-1673	3	10	african	african	ADJ
ape-1673	3	11	economic	economic	ADJ
ape-1673	3	12	and	and	CCONJ
ape-1673	3	13	monetary	monetary	ADJ
ape-1673	3	14	union	union	NOUN
ape-1673	3	15	(	(	PUNCT
ape-1673	3	16	waemu	waemu	PROPN
ape-1673	3	17	)	)	PUNCT
ape-1673	3	18	and	and	CCONJ
ape-1673	3	19	covers	cover	VERB
ape-1673	3	20	the	the	DET
ape-1673	3	21	period	period	NOUN
ape-1673	3	22	1994	1994	NUM
ape-1673	3	23	-	-	SYM
ape-1673	3	24	2015	2015	NUM
ape-1673	3	25	.	.	PUNCT
ape-1673	4	1	using	use	VERB
ape-1673	4	2	the	the	DET
ape-1673	4	3	panel	panel	NOUN
ape-1673	4	4	data	datum	NOUN
ape-1673	4	5	approach	approach	NOUN
ape-1673	4	6	,	,	PUNCT
ape-1673	4	7	we	we	PRON
ape-1673	4	8	show	show	VERB
ape-1673	4	9	that	that	SCONJ
ape-1673	4	10	economic	economic	ADJ
ape-1673	4	11	growth	growth	NOUN
ape-1673	4	12	is	be	AUX
ape-1673	4	13	positively	positively	ADV
ape-1673	4	14	related	relate	VERB
ape-1673	4	15	with	with	ADP
ape-1673	4	16	banking	banking	NOUN
ape-1673	4	17	on	on	ADP
ape-1673	4	18	liquidity	liquidity	NOUN
ape-1673	4	19	.	.	PUNCT
ape-1673	5	1	in	in	ADP
ape-1673	5	2	addition	addition	NOUN
ape-1673	5	3	,	,	PUNCT
ape-1673	5	4	the	the	DET
ape-1673	5	5	results	result	NOUN
ape-1673	5	6	highlight	highlight	VERB
ape-1673	5	7	the	the	DET
ape-1673	5	8	impact	impact	NOUN
ape-1673	5	9	of	of	ADP
ape-1673	5	10	bank	bank	NOUN
ape-1673	5	11	liquidity	liquidity	NOUN
ape-1673	5	12	on	on	ADP
ape-1673	5	13	economic	economic	ADJ
ape-1673	5	14	growth	growth	NOUN
ape-1673	5	15	but	but	CCONJ
ape-1673	5	16	mitigate	mitigate	VERB
ape-1673	5	17	when	when	SCONJ
ape-1673	5	18	it	it	PRON
ape-1673	5	19	is	be	AUX
ape-1673	5	20	associated	associate	VERB
ape-1673	5	21	with	with	ADP
ape-1673	5	22	the	the	DET
ape-1673	5	23	investment	investment	NOUN
ape-1673	5	24	.	.	PUNCT
ape-1673	6	1	keywords	keyword	VERB
ape-1673	6	2	bank	bank	NOUN
ape-1673	6	3	,	,	PUNCT
ape-1673	6	4	excess	excess	ADJ
ape-1673	6	5	liquidity	liquidity	NOUN
ape-1673	6	6	,	,	PUNCT
ape-1673	6	7	economic	economic	ADJ
ape-1673	6	8	growth	growth	NOUN
ape-1673	6	9	,	,	PUNCT
ape-1673	6	10	west	west	PROPN
ape-1673	6	11	africa	africa	PROPN
ape-1673	6	12	1	1	NUM
ape-1673	6	13	.	.	PUNCT
ape-1673	6	14	introduction	introduction	NOUN
ape-1673	6	15	since	since	SCONJ
ape-1673	6	16	the	the	DET
ape-1673	6	17	work	work	NOUN
ape-1673	6	18	of	of	ADP
ape-1673	6	19	mckinnon	mckinnon	PROPN
ape-1673	6	20	(	(	PUNCT
ape-1673	6	21	1973	1973	NUM
ape-1673	6	22	)	)	PUNCT
ape-1673	6	23	and	and	CCONJ
ape-1673	6	24	shaw	shaw	PROPN
ape-1673	6	25	(	(	PUNCT
ape-1673	6	26	1973	1973	NUM
ape-1673	6	27	)	)	PUNCT
ape-1673	6	28	,	,	PUNCT
ape-1673	6	29	the	the	DET
ape-1673	6	30	relationship	relationship	NOUN
ape-1673	6	31	between	between	ADP
ape-1673	6	32	financial	financial	ADJ
ape-1673	6	33	development	development	NOUN
ape-1673	6	34	and	and	CCONJ
ape-1673	6	35	economic	economic	ADJ
ape-1673	6	36	growth	growth	NOUN
ape-1673	6	37	has	have	AUX
ape-1673	6	38	gained	gain	VERB
ape-1673	6	39	renewed	renew	VERB
ape-1673	6	40	interest	interest	NOUN
ape-1673	6	41	.	.	PUNCT
ape-1673	7	1	empirically	empirically	ADV
ape-1673	7	2	,	,	PUNCT
ape-1673	7	3	the	the	DET
ape-1673	7	4	meaning	meaning	NOUN
ape-1673	7	5	and/or	and/or	CCONJ
ape-1673	7	6	magnitude	magnitude	NOUN
ape-1673	7	7	of	of	ADP
ape-1673	7	8	the	the	DET
ape-1673	7	9	relationship	relationship	NOUN
ape-1673	7	10	between	between	ADP
ape-1673	7	11	financial	financial	ADJ
ape-1673	7	12	development	development	NOUN
ape-1673	7	13	and	and	CCONJ
ape-1673	7	14	growth	growth	NOUN
ape-1673	7	15	may	may	AUX
ape-1673	7	16	depend	depend	VERB
ape-1673	7	17	on	on	ADP
ape-1673	7	18	income	income	NOUN
ape-1673	7	19	level	level	NOUN
ape-1673	7	20	(	(	PUNCT
ape-1673	7	21	deida	deida	PROPN
ape-1673	7	22	&	&	CCONJ
ape-1673	7	23	fattouth	fattouth	PROPN
ape-1673	7	24	,	,	PUNCT
ape-1673	7	25	2002	2002	NUM
ape-1673	7	26	)	)	PUNCT
ape-1673	7	27	or	or	CCONJ
ape-1673	7	28	financial	financial	ADJ
ape-1673	7	29	development	development	NOUN
ape-1673	7	30	(	(	PUNCT
ape-1673	7	31	shen	shen	PROPN
ape-1673	7	32	&	&	CCONJ
ape-1673	7	33	lee	lee	PROPN
ape-1673	7	34	,	,	PUNCT
ape-1673	7	35	2006	2006	NUM
ape-1673	7	36	)	)	PUNCT
ape-1673	7	37	.	.	PUNCT
ape-1673	8	1	huang	huang	PROPN
ape-1673	8	2	and	and	CCONJ
ape-1673	8	3	lin	lin	PROPN
ape-1673	8	4	(	(	PUNCT
ape-1673	8	5	2009	2009	NUM
ape-1673	8	6	)	)	PUNCT
ape-1673	8	7	find	find	VERB
ape-1673	8	8	an	an	DET
ape-1673	8	9	insignificant	insignificant	ADJ
ape-1673	8	10	correlation	correlation	NOUN
ape-1673	8	11	between	between	ADP
ape-1673	8	12	financial	financial	ADJ
ape-1673	8	13	development	development	NOUN
ape-1673	8	14	and	and	CCONJ
ape-1673	8	15	economic	economic	ADJ
ape-1673	8	16	growth	growth	NOUN
ape-1673	8	17	in	in	ADP
ape-1673	8	18	low	low	ADJ
ape-1673	8	19	-	-	PUNCT
ape-1673	8	20	income	income	NOUN
ape-1673	8	21	countries	country	NOUN
ape-1673	8	22	,	,	PUNCT
ape-1673	8	23	while	while	SCONJ
ape-1673	8	24	this	this	DET
ape-1673	8	25	relationship	relationship	NOUN
ape-1673	8	26	is	be	AUX
ape-1673	8	27	positive	positive	ADJ
ape-1673	8	28	and	and	CCONJ
ape-1673	8	29	robust	robust	ADJ
ape-1673	8	30	in	in	ADP
ape-1673	8	31	the	the	DET
ape-1673	8	32	case	case	NOUN
ape-1673	8	33	of	of	ADP
ape-1673	8	34	high	high	ADJ
ape-1673	8	35	-	-	PUNCT
ape-1673	8	36	income	income	NOUN
ape-1673	8	37	countries	country	NOUN
ape-1673	8	38	.	.	PUNCT
ape-1673	9	1	a	a	DET
ape-1673	9	2	world	world	NOUN
ape-1673	9	3	bank	bank	NOUN
ape-1673	9	4	study	study	NOUN
ape-1673	9	5	has	have	AUX
ape-1673	9	6	shown	show	VERB
ape-1673	9	7	that	that	SCONJ
ape-1673	9	8	despite	despite	SCONJ
ape-1673	9	9	the	the	DET
ape-1673	9	10	low	low	ADJ
ape-1673	9	11	level	level	NOUN
ape-1673	9	12	of	of	ADP
ape-1673	9	13	development	development	NOUN
ape-1673	9	14	of	of	ADP
ape-1673	9	15	the	the	DET
ape-1673	9	16	banking	banking	NOUN
ape-1673	9	17	sector	sector	NOUN
ape-1673	9	18	in	in	ADP
ape-1673	9	19	african	african	ADJ
ape-1673	9	20	countries	country	NOUN
ape-1673	9	21	,	,	PUNCT
ape-1673	9	22	it	it	PRON
ape-1673	9	23	is	be	AUX
ape-1673	9	24	excessively	excessively	ADV
ape-1673	9	25	liquid	liquid	ADJ
ape-1673	9	26	(	(	PUNCT
ape-1673	9	27	honohan	honohan	NOUN
ape-1673	9	28	&	&	CCONJ
ape-1673	9	29	beck	beck	PROPN
ape-1673	9	30	,	,	PUNCT
ape-1673	9	31	2007	2007	NUM
ape-1673	9	32	)	)	PUNCT
ape-1673	9	33	.	.	PUNCT
ape-1673	10	1	but	but	CCONJ
ape-1673	10	2	if	if	SCONJ
ape-1673	10	3	a	a	DET
ape-1673	10	4	bank	bank	NOUN
ape-1673	10	5	’s	’s	PART
ape-1673	10	6	performance	performance	NOUN
ape-1673	10	7	stems	stem	VERB
ape-1673	10	8	from	from	ADP
ape-1673	10	9	its	its	PRON
ape-1673	10	10	liquidity	liquidity	NOUN
ape-1673	10	11	situation	situation	NOUN
ape-1673	10	12	(	(	PUNCT
ape-1673	10	13	goldstein	goldstein	PROPN
ape-1673	10	14	&	&	CCONJ
ape-1673	10	15	pauzner	pauzner	PROPN
ape-1673	10	16	,	,	PUNCT
ape-1673	10	17	2005	2005	NUM
ape-1673	10	18	)	)	PUNCT
ape-1673	10	19	,	,	PUNCT
ape-1673	10	20	it	it	PRON
ape-1673	10	21	is	be	AUX
ape-1673	10	22	possible	possible	ADJ
ape-1673	10	23	to	to	PART
ape-1673	10	24	assume	assume	VERB
ape-1673	10	25	that	that	SCONJ
ape-1673	10	26	the	the	DET
ape-1673	10	27	bank	bank	NOUN
ape-1673	10	28	’s	’s	PART
ape-1673	10	29	performance	performance	NOUN
ape-1673	10	30	factors	factor	NOUN
ape-1673	10	31	are	be	AUX
ape-1673	10	32	those	those	PRON
ape-1673	10	33	of	of	ADP
ape-1673	10	34	bank	bank	NOUN
ape-1673	10	35	over	over	ADP
ape-1673	10	36	liquidity	liquidity	NOUN
ape-1673	10	37	.	.	PUNCT
ape-1673	11	1	this	this	DET
ape-1673	11	2	one	one	NOUN
ape-1673	11	3	can	can	AUX
ape-1673	11	4	be	be	AUX
ape-1673	11	5	defined	define	VERB
ape-1673	11	6	as	as	ADP
ape-1673	11	7	an	an	DET
ape-1673	11	8	excess	excess	NOUN
ape-1673	11	9	of	of	ADP
ape-1673	11	10	bank	bank	NOUN
ape-1673	11	11	cash	cash	NOUN
ape-1673	11	12	held	hold	VERB
ape-1673	11	13	beyond	beyond	ADP
ape-1673	11	14	what	what	PRON
ape-1673	11	15	is	be	AUX
ape-1673	11	16	needed	need	VERB
ape-1673	11	17	to	to	PART
ape-1673	11	18	cope	cope	VERB
ape-1673	11	19	with	with	ADP
ape-1673	11	20	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	11	21	advances	advance	NOUN
ape-1673	11	22	in	in	ADP
ape-1673	11	23	politics	politic	NOUN
ape-1673	11	24	and	and	CCONJ
ape-1673	11	25	economic	economic	ADJ
ape-1673	11	26	vol	vol	NOUN
ape-1673	11	27	.	.	PROPN
ape-1673	12	1	1	1	NUM
ape-1673	12	2	,	,	PUNCT
ape-1673	12	3	no	no	INTJ
ape-1673	12	4	.	.	NOUN
ape-1673	12	5	2	2	NUM
ape-1673	12	6	,	,	PUNCT
ape-1673	12	7	2018	2018	NUM
ape-1673	12	8	142	142	NUM
ape-1673	12	9	published	publish	VERB
ape-1673	12	10	by	by	ADP
ape-1673	12	11	scholink	scholink	PROPN
ape-1673	12	12	inc	inc	PROPN
ape-1673	12	13	.	.	PROPN
ape-1673	12	14	withdrawals	withdrawal	NOUN
ape-1673	12	15	of	of	ADP
ape-1673	12	16	economic	economic	ADJ
ape-1673	12	17	agents	agent	NOUN
ape-1673	12	18	(	(	PUNCT
ape-1673	12	19	saxegaard	saxegaard	ADV
ape-1673	12	20	,	,	PUNCT
ape-1673	12	21	2006	2006	NUM
ape-1673	12	22	)	)	PUNCT
ape-1673	12	23	.	.	PUNCT
ape-1673	13	1	according	accord	VERB
ape-1673	13	2	to	to	ADP
ape-1673	13	3	doumbia	doumbia	PROPN
ape-1673	13	4	(	(	PUNCT
ape-1673	13	5	2011	2011	NUM
ape-1673	13	6	)	)	PUNCT
ape-1673	13	7	,	,	PUNCT
ape-1673	13	8	the	the	DET
ape-1673	13	9	excess	excess	ADJ
ape-1673	13	10	liquidity	liquidity	NOUN
ape-1673	13	11	of	of	ADP
ape-1673	13	12	waemu	waemu	PROPN
ape-1673	13	13	banks	bank	NOUN
ape-1673	13	14	can	can	AUX
ape-1673	13	15	be	be	AUX
ape-1673	13	16	explained	explain	VERB
ape-1673	13	17	by	by	ADP
ape-1673	13	18	three	three	NUM
ape-1673	13	19	main	main	ADJ
ape-1673	13	20	factors	factor	NOUN
ape-1673	13	21	,	,	PUNCT
ape-1673	13	22	namely	namely	ADV
ape-1673	13	23	the	the	DET
ape-1673	13	24	constraints	constraint	NOUN
ape-1673	13	25	related	relate	VERB
ape-1673	13	26	to	to	ADP
ape-1673	13	27	the	the	DET
ape-1673	13	28	defense	defense	NOUN
ape-1673	13	29	of	of	ADP
ape-1673	13	30	parity	parity	NOUN
ape-1673	13	31	of	of	ADP
ape-1673	13	32	the	the	DET
ape-1673	13	33	cfa	cfa	PROPN
ape-1673	13	34	franc	franc	PROPN
ape-1673	13	35	(	(	PUNCT
ape-1673	13	36	note	note	NOUN
ape-1673	13	37	1	1	NUM
ape-1673	13	38	)	)	PUNCT
ape-1673	13	39	,	,	PUNCT
ape-1673	13	40	the	the	DET
ape-1673	13	41	inflow	inflow	NOUN
ape-1673	13	42	of	of	ADP
ape-1673	13	43	capital	capital	NOUN
ape-1673	13	44	and	and	CCONJ
ape-1673	13	45	the	the	DET
ape-1673	13	46	high	high	ADJ
ape-1673	13	47	level	level	NOUN
ape-1673	13	48	of	of	ADP
ape-1673	13	49	interest	interest	NOUN
ape-1673	13	50	rate	rate	NOUN
ape-1673	13	51	.	.	PUNCT
ape-1673	14	1	this	this	DET
ape-1673	14	2	excess	excess	ADJ
ape-1673	14	3	liquidity	liquidity	NOUN
ape-1673	14	4	of	of	ADP
ape-1673	14	5	banks	bank	NOUN
ape-1673	14	6	results	result	VERB
ape-1673	14	7	in	in	ADP
ape-1673	14	8	insufficient	insufficient	ADJ
ape-1673	14	9	loans	loan	NOUN
ape-1673	14	10	.	.	PUNCT
ape-1673	15	1	in	in	ADP
ape-1673	15	2	the	the	DET
ape-1673	15	3	waemu	waemu	NOUN
ape-1673	15	4	zone	zone	NOUN
ape-1673	15	5	,	,	PUNCT
ape-1673	15	6	on	on	ADP
ape-1673	15	7	average	average	ADJ
ape-1673	15	8	,	,	PUNCT
ape-1673	15	9	during	during	ADP
ape-1673	15	10	the	the	DET
ape-1673	15	11	period	period	NOUN
ape-1673	15	12	1991	1991	NUM
ape-1673	15	13	to	to	ADP
ape-1673	15	14	2006	2006	NUM
ape-1673	15	15	,	,	PUNCT
ape-1673	15	16	the	the	DET
ape-1673	15	17	banking	banking	NOUN
ape-1673	15	18	sectors	sector	NOUN
ape-1673	15	19	of	of	ADP
ape-1673	15	20	the	the	DET
ape-1673	15	21	different	different	ADJ
ape-1673	15	22	countries	country	NOUN
ape-1673	15	23	held	hold	VERB
ape-1673	15	24	excess	excess	ADJ
ape-1673	15	25	liquidity	liquidity	NOUN
ape-1673	15	26	ranging	range	VERB
ape-1673	15	27	from	from	ADP
ape-1673	15	28	0.8	0.8	NUM
ape-1673	15	29	%	%	NOUN
ape-1673	15	30	to	to	ADP
ape-1673	15	31	more	more	ADJ
ape-1673	15	32	than	than	ADP
ape-1673	15	33	3.7	3.7	NUM
ape-1673	15	34	%	%	NOUN
ape-1673	15	35	as	as	ADP
ape-1673	15	36	a	a	DET
ape-1673	15	37	proportion	proportion	NOUN
ape-1673	15	38	of	of	ADP
ape-1673	15	39	gdp	gdp	NOUN
ape-1673	15	40	.	.	PUNCT
ape-1673	16	1	in	in	ADP
ape-1673	16	2	a	a	DET
ape-1673	16	3	context	context	NOUN
ape-1673	16	4	of	of	ADP
ape-1673	16	5	an	an	DET
ape-1673	16	6	embryonic	embryonic	ADJ
ape-1673	16	7	(	(	PUNCT
ape-1673	16	8	note	note	NOUN
ape-1673	16	9	2	2	NUM
ape-1673	16	10	)	)	PUNCT
ape-1673	16	11	financial	financial	ADJ
ape-1673	16	12	market	market	NOUN
ape-1673	16	13	where	where	SCONJ
ape-1673	16	14	there	there	PRON
ape-1673	16	15	are	be	VERB
ape-1673	16	16	no	no	DET
ape-1673	16	17	compartments	compartment	NOUN
ape-1673	16	18	for	for	ADP
ape-1673	16	19	very	very	ADV
ape-1673	16	20	small	small	ADJ
ape-1673	16	21	and	and	CCONJ
ape-1673	16	22	medium	medium	ADJ
ape-1673	16	23	-	-	PUNCT
ape-1673	16	24	sized	sized	ADJ
ape-1673	16	25	companies	company	NOUN
ape-1673	16	26	.	.	PUNCT
ape-1673	17	1	these	these	DET
ape-1673	17	2	companies	company	NOUN
ape-1673	17	3	are	be	AUX
ape-1673	17	4	the	the	DET
ape-1673	17	5	most	most	ADV
ape-1673	17	6	rationed	ration	VERB
ape-1673	17	7	in	in	ADP
ape-1673	17	8	terms	term	NOUN
ape-1673	17	9	of	of	ADP
ape-1673	17	10	credit	credit	NOUN
ape-1673	17	11	(	(	PUNCT
ape-1673	17	12	miesel	miesel	PROPN
ape-1673	17	13	&	&	CCONJ
ape-1673	17	14	mvogo	mvogo	PROPN
ape-1673	17	15	,	,	PUNCT
ape-1673	17	16	2007	2007	NUM
ape-1673	17	17	)	)	PUNCT
ape-1673	17	18	.	.	PUNCT
ape-1673	18	1	but	but	CCONJ
ape-1673	18	2	over	over	ADP
ape-1673	18	3	the	the	DET
ape-1673	18	4	last	last	ADJ
ape-1673	18	5	decade	decade	NOUN
ape-1673	18	6	,	,	PUNCT
ape-1673	18	7	waemu	waemu	PROPN
ape-1673	18	8	countries	country	NOUN
ape-1673	18	9	have	have	AUX
ape-1673	18	10	recorded	record	VERB
ape-1673	18	11	relatively	relatively	ADV
ape-1673	18	12	high	high	ADJ
ape-1673	18	13	growth	growth	NOUN
ape-1673	18	14	rates	rate	NOUN
ape-1673	18	15	.	.	PUNCT
ape-1673	19	1	according	accord	VERB
ape-1673	19	2	to	to	ADP
ape-1673	19	3	the	the	DET
ape-1673	19	4	report	report	NOUN
ape-1673	19	5	of	of	ADP
ape-1673	19	6	the	the	DET
ape-1673	19	7	banque	banque	PROPN
ape-1673	19	8	de	de	X
ape-1673	19	9	france	france	PROPN
ape-1673	19	10	(	(	PUNCT
ape-1673	19	11	2015	2015	NUM
ape-1673	19	12	)	)	PUNCT
ape-1673	19	13	,	,	PUNCT
ape-1673	19	14	the	the	DET
ape-1673	19	15	real	real	ADJ
ape-1673	19	16	gdp	gdp	NOUN
ape-1673	19	17	growth	growth	NOUN
ape-1673	19	18	rate	rate	NOUN
ape-1673	19	19	in	in	ADP
ape-1673	19	20	the	the	DET
ape-1673	19	21	zone	zone	NOUN
ape-1673	19	22	is	be	AUX
ape-1673	19	23	6	6	NUM
ape-1673	19	24	%	%	NOUN
ape-1673	19	25	in	in	ADP
ape-1673	19	26	2013	2013	NUM
ape-1673	19	27	compared	compare	VERB
ape-1673	19	28	to	to	ADP
ape-1673	19	29	3	3	NUM
ape-1673	19	30	%	%	NOUN
ape-1673	19	31	for	for	ADP
ape-1673	19	32	the	the	DET
ape-1673	19	33	world	world	NOUN
ape-1673	19	34	,	,	PUNCT
ape-1673	19	35	6.5	6.5	NUM
ape-1673	19	36	%	%	NOUN
ape-1673	19	37	in	in	ADP
ape-1673	19	38	2014	2014	NUM
ape-1673	19	39	and	and	CCONJ
ape-1673	19	40	7	7	NUM
ape-1673	19	41	%	%	NOUN
ape-1673	19	42	in	in	ADP
ape-1673	19	43	2015	2015	NUM
ape-1673	19	44	.	.	PUNCT
ape-1673	20	1	the	the	DET
ape-1673	20	2	result	result	NOUN
ape-1673	20	3	is	be	AUX
ape-1673	20	4	that	that	SCONJ
ape-1673	20	5	the	the	DET
ape-1673	20	6	good	good	ADJ
ape-1673	20	7	macroeconomic	macroeconomic	ADJ
ape-1673	20	8	performance	performance	NOUN
ape-1673	20	9	of	of	ADP
ape-1673	20	10	the	the	DET
ape-1673	20	11	zone	zone	NOUN
ape-1673	20	12	contrasts	contrast	VERB
ape-1673	20	13	with	with	ADP
ape-1673	20	14	the	the	DET
ape-1673	20	15	weak	weak	ADJ
ape-1673	20	16	bank	bank	NOUN
ape-1673	20	17	financing	financing	NOUN
ape-1673	20	18	of	of	ADP
ape-1673	20	19	the	the	DET
ape-1673	20	20	activity	activity	NOUN
ape-1673	20	21	.	.	PUNCT
ape-1673	21	1	the	the	DET
ape-1673	21	2	economic	economic	ADJ
ape-1673	21	3	growth	growth	NOUN
ape-1673	21	4	of	of	ADP
ape-1673	21	5	the	the	DET
ape-1673	21	6	countries	country	NOUN
ape-1673	21	7	of	of	ADP
ape-1673	21	8	the	the	DET
ape-1673	21	9	union	union	NOUN
ape-1673	21	10	is	be	AUX
ape-1673	21	11	therefore	therefore	ADV
ape-1673	21	12	achieved	achieve	VERB
ape-1673	21	13	in	in	ADP
ape-1673	21	14	a	a	DET
ape-1673	21	15	context	context	NOUN
ape-1673	21	16	of	of	ADP
ape-1673	21	17	bank	bank	NOUN
ape-1673	21	18	excess	excess	ADJ
ape-1673	21	19	liquidity	liquidity	NOUN
ape-1673	21	20	.	.	PUNCT
ape-1673	22	1	this	this	PRON
ape-1673	22	2	raises	raise	VERB
ape-1673	22	3	the	the	DET
ape-1673	22	4	question	question	NOUN
ape-1673	22	5	of	of	ADP
ape-1673	22	6	what	what	PRON
ape-1673	22	7	is	be	AUX
ape-1673	22	8	the	the	DET
ape-1673	22	9	impact	impact	NOUN
ape-1673	22	10	of	of	ADP
ape-1673	22	11	bank	bank	NOUN
ape-1673	22	12	over	over	ADP
ape-1673	22	13	-	-	PUNCT
ape-1673	22	14	liquidity	liquidity	NOUN
ape-1673	22	15	on	on	ADP
ape-1673	22	16	the	the	DET
ape-1673	22	17	economic	economic	ADJ
ape-1673	22	18	growth	growth	NOUN
ape-1673	22	19	of	of	ADP
ape-1673	22	20	waemu	waemu	PROPN
ape-1673	22	21	member	member	NOUN
ape-1673	22	22	states	state	NOUN
ape-1673	22	23	?	?	PUNCT
ape-1673	23	1	therefore	therefore	ADV
ape-1673	23	2	,	,	PUNCT
ape-1673	23	3	the	the	DET
ape-1673	23	4	general	general	ADJ
ape-1673	23	5	objective	objective	NOUN
ape-1673	23	6	of	of	ADP
ape-1673	23	7	this	this	DET
ape-1673	23	8	study	study	NOUN
ape-1673	23	9	is	be	AUX
ape-1673	23	10	to	to	PART
ape-1673	23	11	analyze	analyze	VERB
ape-1673	23	12	the	the	DET
ape-1673	23	13	impact	impact	NOUN
ape-1673	23	14	of	of	ADP
ape-1673	23	15	bank	bank	NOUN
ape-1673	23	16	over	over	ADP
ape-1673	23	17	-	-	PUNCT
ape-1673	23	18	liquidity	liquidity	NOUN
ape-1673	23	19	on	on	ADP
ape-1673	23	20	the	the	DET
ape-1673	23	21	economic	economic	ADJ
ape-1673	23	22	growth	growth	NOUN
ape-1673	23	23	of	of	ADP
ape-1673	23	24	the	the	DET
ape-1673	23	25	countries	country	NOUN
ape-1673	23	26	of	of	ADP
ape-1673	23	27	the	the	DET
ape-1673	23	28	union	union	NOUN
ape-1673	23	29	.	.	PUNCT
ape-1673	24	1	we	we	PRON
ape-1673	24	2	assume	assume	VERB
ape-1673	24	3	that	that	SCONJ
ape-1673	24	4	bank	bank	NOUN
ape-1673	24	5	over	over	ADP
ape-1673	24	6	-	-	PUNCT
ape-1673	24	7	liquidity	liquidity	NOUN
ape-1673	24	8	has	have	VERB
ape-1673	24	9	a	a	DET
ape-1673	24	10	positive	positive	ADJ
ape-1673	24	11	impact	impact	NOUN
ape-1673	24	12	on	on	ADP
ape-1673	24	13	economic	economic	ADJ
ape-1673	24	14	growth	growth	NOUN
ape-1673	24	15	in	in	ADP
ape-1673	24	16	waemu	waemu	PROPN
ape-1673	24	17	countries	country	NOUN
ape-1673	24	18	.	.	PUNCT
ape-1673	25	1	in	in	ADP
ape-1673	25	2	addition	addition	NOUN
ape-1673	25	3	,	,	PUNCT
ape-1673	25	4	financial	financial	ADJ
ape-1673	25	5	development	development	NOUN
ape-1673	25	6	is	be	AUX
ape-1673	25	7	beneficial	beneficial	ADJ
ape-1673	25	8	to	to	ADP
ape-1673	25	9	economic	economic	ADJ
ape-1673	25	10	growth	growth	NOUN
ape-1673	25	11	.	.	PUNCT
ape-1673	26	1	methodologically	methodologically	ADV
ape-1673	26	2	,	,	PUNCT
ape-1673	26	3	we	we	PRON
ape-1673	26	4	apply	apply	VERB
ape-1673	26	5	a	a	DET
ape-1673	26	6	panel	panel	NOUN
ape-1673	26	7	error	error	NOUN
ape-1673	26	8	correction	correction	NOUN
ape-1673	26	9	model	model	NOUN
ape-1673	26	10	with	with	ADP
ape-1673	26	11	an	an	DET
ape-1673	26	12	interactive	interactive	ADJ
ape-1673	26	13	variable	variable	NOUN
ape-1673	26	14	.	.	PUNCT
ape-1673	27	1	this	this	DET
ape-1673	27	2	article	article	NOUN
ape-1673	27	3	contributes	contribute	VERB
ape-1673	27	4	to	to	ADP
ape-1673	27	5	the	the	DET
ape-1673	27	6	empirical	empirical	ADJ
ape-1673	27	7	literature	literature	NOUN
ape-1673	27	8	on	on	ADP
ape-1673	27	9	finance	finance	NOUN
ape-1673	27	10	and	and	CCONJ
ape-1673	27	11	growth	growth	NOUN
ape-1673	27	12	by	by	ADP
ape-1673	27	13	studying	study	VERB
ape-1673	27	14	the	the	DET
ape-1673	27	15	relationship	relationship	NOUN
ape-1673	27	16	between	between	ADP
ape-1673	27	17	bank	bank	NOUN
ape-1673	27	18	over	over	ADP
ape-1673	27	19	-	-	PUNCT
ape-1673	27	20	liquidity	liquidity	NOUN
ape-1673	27	21	and	and	CCONJ
ape-1673	27	22	economic	economic	ADJ
ape-1673	27	23	growth	growth	NOUN
ape-1673	27	24	in	in	ADP
ape-1673	27	25	waemu	waemu	PROPN
ape-1673	27	26	countries	country	NOUN
ape-1673	27	27	over	over	ADP
ape-1673	27	28	the	the	DET
ape-1673	27	29	period	period	NOUN
ape-1673	27	30	1994	1994	NUM
ape-1673	27	31	-	-	SYM
ape-1673	27	32	2015	2015	NUM
ape-1673	27	33	.	.	PUNCT
ape-1673	28	1	the	the	DET
ape-1673	28	2	results	result	NOUN
ape-1673	28	3	obtained	obtain	VERB
ape-1673	28	4	suggest	suggest	VERB
ape-1673	28	5	a	a	DET
ape-1673	28	6	positive	positive	ADJ
ape-1673	28	7	correlation	correlation	NOUN
ape-1673	28	8	between	between	ADP
ape-1673	28	9	bank	bank	NOUN
ape-1673	28	10	over	over	ADP
ape-1673	28	11	-	-	PUNCT
ape-1673	28	12	liquidity	liquidity	NOUN
ape-1673	28	13	and	and	CCONJ
ape-1673	28	14	economic	economic	ADJ
ape-1673	28	15	growth	growth	NOUN
ape-1673	28	16	.	.	PUNCT
ape-1673	29	1	however	however	ADV
ape-1673	29	2	,	,	PUNCT
ape-1673	29	3	the	the	DET
ape-1673	29	4	association	association	NOUN
ape-1673	29	5	between	between	ADP
ape-1673	29	6	bank	bank	PROPN
ape-1673	29	7	over	over	ADP
ape-1673	29	8	-	-	PUNCT
ape-1673	29	9	liquidity	liquidity	NOUN
ape-1673	29	10	and	and	CCONJ
ape-1673	29	11	investment	investment	NOUN
ape-1673	29	12	has	have	VERB
ape-1673	29	13	a	a	DET
ape-1673	29	14	negative	negative	ADJ
ape-1673	29	15	impact	impact	NOUN
ape-1673	29	16	on	on	ADP
ape-1673	29	17	economic	economic	ADJ
ape-1673	29	18	growth	growth	NOUN
ape-1673	29	19	.	.	PUNCT
ape-1673	30	1	this	this	DET
ape-1673	30	2	article	article	NOUN
ape-1673	30	3	is	be	AUX
ape-1673	30	4	organized	organize	VERB
ape-1673	30	5	as	as	SCONJ
ape-1673	30	6	follows	follow	VERB
ape-1673	30	7	:	:	PUNCT
ape-1673	30	8	section	section	NOUN
ape-1673	30	9	2	2	NUM
ape-1673	30	10	is	be	AUX
ape-1673	30	11	devoted	devote	VERB
ape-1673	30	12	to	to	ADP
ape-1673	30	13	reviewing	review	VERB
ape-1673	30	14	the	the	DET
ape-1673	30	15	literature	literature	NOUN
ape-1673	30	16	on	on	ADP
ape-1673	30	17	the	the	DET
ape-1673	30	18	contribution	contribution	NOUN
ape-1673	30	19	of	of	ADP
ape-1673	30	20	the	the	DET
ape-1673	30	21	banking	banking	NOUN
ape-1673	30	22	sector	sector	NOUN
ape-1673	30	23	to	to	ADP
ape-1673	30	24	economic	economic	ADJ
ape-1673	30	25	growth	growth	NOUN
ape-1673	30	26	.	.	PUNCT
ape-1673	31	1	section	section	NOUN
ape-1673	31	2	3	3	NUM
ape-1673	31	3	will	will	AUX
ape-1673	31	4	introduce	introduce	VERB
ape-1673	31	5	the	the	DET
ape-1673	31	6	methodology	methodology	NOUN
ape-1673	31	7	of	of	ADP
ape-1673	31	8	the	the	DET
ape-1673	31	9	study	study	NOUN
ape-1673	31	10	.	.	PUNCT
ape-1673	32	1	section	section	NOUN
ape-1673	32	2	4	4	NUM
ape-1673	32	3	will	will	AUX
ape-1673	32	4	discuss	discuss	VERB
ape-1673	32	5	the	the	DET
ape-1673	32	6	empirical	empirical	ADJ
ape-1673	32	7	results	result	NOUN
ape-1673	32	8	,	,	PUNCT
ape-1673	32	9	particularly	particularly	ADV
ape-1673	32	10	the	the	DET
ape-1673	32	11	econometric	econometric	ADJ
ape-1673	32	12	analysis	analysis	NOUN
ape-1673	32	13	of	of	ADP
ape-1673	32	14	the	the	DET
ape-1673	32	15	relationship	relationship	NOUN
ape-1673	32	16	between	between	ADP
ape-1673	32	17	bank	bank	NOUN
ape-1673	32	18	excess	excess	ADJ
ape-1673	32	19	liquidity	liquidity	NOUN
ape-1673	32	20	and	and	CCONJ
ape-1673	32	21	economic	economic	ADJ
ape-1673	32	22	growth	growth	NOUN
ape-1673	32	23	.	.	PUNCT
ape-1673	33	1	2	2	X
ape-1673	33	2	.	.	X
ape-1673	33	3	literature	literature	NOUN
ape-1673	33	4	review	review	NOUN
ape-1673	33	5	in	in	ADP
ape-1673	33	6	this	this	DET
ape-1673	33	7	section	section	NOUN
ape-1673	33	8	,	,	PUNCT
ape-1673	33	9	we	we	PRON
ape-1673	33	10	successively	successively	ADV
ape-1673	33	11	address	address	VERB
ape-1673	33	12	the	the	DET
ape-1673	33	13	review	review	NOUN
ape-1673	33	14	of	of	ADP
ape-1673	33	15	theoretical	theoretical	ADJ
ape-1673	33	16	literature	literature	NOUN
ape-1673	33	17	and	and	CCONJ
ape-1673	33	18	the	the	DET
ape-1673	33	19	review	review	NOUN
ape-1673	33	20	of	of	ADP
ape-1673	33	21	empirical	empirical	ADJ
ape-1673	33	22	literature	literature	NOUN
ape-1673	33	23	.	.	PUNCT
ape-1673	34	1	2.1	2.1	NUM
ape-1673	34	2	the	the	DET
ape-1673	34	3	theoretical	theoretical	ADJ
ape-1673	34	4	literature	literature	NOUN
ape-1673	34	5	review	review	NOUN
ape-1673	34	6	since	since	SCONJ
ape-1673	34	7	the	the	DET
ape-1673	34	8	pioneering	pioneering	ADJ
ape-1673	34	9	studies	study	NOUN
ape-1673	34	10	of	of	ADP
ape-1673	34	11	bagehot	bagehot	NOUN
ape-1673	34	12	(	(	PUNCT
ape-1673	34	13	1873	1873	NUM
ape-1673	34	14	)	)	PUNCT
ape-1673	34	15	and	and	CCONJ
ape-1673	34	16	schumpeter	schumpeter	NOUN
ape-1673	34	17	(	(	PUNCT
ape-1673	34	18	1911	1911	NUM
ape-1673	34	19	)	)	PUNCT
ape-1673	34	20	,	,	PUNCT
ape-1673	34	21	financial	financial	ADJ
ape-1673	34	22	intermediation	intermediation	NOUN
ape-1673	34	23	has	have	AUX
ape-1673	34	24	been	be	AUX
ape-1673	34	25	seen	see	VERB
ape-1673	34	26	as	as	ADP
ape-1673	34	27	a	a	DET
ape-1673	34	28	factor	factor	NOUN
ape-1673	34	29	in	in	ADP
ape-1673	34	30	draining	drain	VERB
ape-1673	34	31	funds	fund	NOUN
ape-1673	34	32	into	into	ADP
ape-1673	34	33	productive	productive	ADJ
ape-1673	34	34	investments	investment	NOUN
ape-1673	34	35	(	(	PUNCT
ape-1673	34	36	gurley	gurley	PROPN
ape-1673	34	37	&	&	CCONJ
ape-1673	34	38	shaw	shaw	PROPN
ape-1673	34	39	,	,	PUNCT
ape-1673	34	40	1955	1955	NUM
ape-1673	34	41	;	;	PUNCT
ape-1673	34	42	goldsmith	goldsmith	NOUN
ape-1673	34	43	,	,	PUNCT
ape-1673	34	44	1969	1969	NUM
ape-1673	34	45	)	)	PUNCT
ape-1673	34	46	.	.	PUNCT
ape-1673	35	1	in	in	ADP
ape-1673	35	2	his	his	PRON
ape-1673	35	3	work	work	NOUN
ape-1673	35	4	on	on	ADP
ape-1673	35	5	britain	britain	PROPN
ape-1673	35	6	,	,	PUNCT
ape-1673	35	7	goldsmith	goldsmith	PROPN
ape-1673	35	8	(	(	PUNCT
ape-1673	35	9	1969	1969	NUM
ape-1673	35	10	)	)	PUNCT
ape-1673	35	11	concludes	conclude	VERB
ape-1673	35	12	that	that	SCONJ
ape-1673	35	13	there	there	PRON
ape-1673	35	14	is	be	VERB
ape-1673	35	15	a	a	DET
ape-1673	35	16	positive	positive	ADJ
ape-1673	35	17	relationship	relationship	NOUN
ape-1673	35	18	between	between	ADP
ape-1673	35	19	the	the	DET
ape-1673	35	20	financial	financial	ADJ
ape-1673	35	21	sector	sector	NOUN
ape-1673	35	22	and	and	CCONJ
ape-1673	35	23	the	the	DET
ape-1673	35	24	level	level	NOUN
ape-1673	35	25	of	of	ADP
ape-1673	35	26	economic	economic	ADJ
ape-1673	35	27	development	development	NOUN
ape-1673	35	28	over	over	ADP
ape-1673	35	29	the	the	DET
ape-1673	35	30	period	period	NOUN
ape-1673	35	31	1860	1860	NUM
ape-1673	35	32	-	-	SYM
ape-1673	35	33	1963	1963	NUM
ape-1673	35	34	.	.	PUNCT
ape-1673	36	1	inspired	inspire	VERB
ape-1673	36	2	by	by	ADP
ape-1673	36	3	the	the	DET
ape-1673	36	4	theory	theory	NOUN
ape-1673	36	5	of	of	ADP
ape-1673	36	6	endogenous	endogenous	ADJ
ape-1673	36	7	growth	growth	NOUN
ape-1673	36	8	,	,	PUNCT
ape-1673	36	9	king	king	NOUN
ape-1673	36	10	and	and	CCONJ
ape-1673	36	11	levine	levine	PROPN
ape-1673	36	12	(	(	PUNCT
ape-1673	36	13	1993	1993	NUM
ape-1673	36	14	)	)	PUNCT
ape-1673	36	15	emphasize	emphasize	VERB
ape-1673	36	16	the	the	DET
ape-1673	36	17	importance	importance	NOUN
ape-1673	36	18	of	of	ADP
ape-1673	36	19	financial	financial	ADJ
ape-1673	36	20	sector	sector	NOUN
ape-1673	36	21	-	-	PUNCT
ape-1673	36	22	led	lead	VERB
ape-1673	36	23	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	36	24	advances	advance	NOUN
ape-1673	36	25	in	in	ADP
ape-1673	36	26	politics	politic	NOUN
ape-1673	36	27	and	and	CCONJ
ape-1673	36	28	economic	economic	ADJ
ape-1673	36	29	vol	vol	NOUN
ape-1673	36	30	.	.	PROPN
ape-1673	37	1	1	1	NUM
ape-1673	37	2	,	,	PUNCT
ape-1673	37	3	no	no	INTJ
ape-1673	37	4	.	.	NOUN
ape-1673	37	5	2	2	NUM
ape-1673	37	6	,	,	PUNCT
ape-1673	37	7	2018	2018	NUM
ape-1673	37	8	143	143	NUM
ape-1673	37	9	published	publish	VERB
ape-1673	37	10	by	by	ADP
ape-1673	37	11	scholink	scholink	PROPN
ape-1673	37	12	inc	inc	PROPN
ape-1673	37	13	.	.	PROPN
ape-1673	37	14	innovation	innovation	PROPN
ape-1673	37	15	,	,	PUNCT
ape-1673	37	16	through	through	ADP
ape-1673	37	17	the	the	DET
ape-1673	37	18	pace	pace	NOUN
ape-1673	37	19	of	of	ADP
ape-1673	37	20	capital	capital	NOUN
ape-1673	37	21	accumulation	accumulation	NOUN
ape-1673	37	22	and	and	CCONJ
ape-1673	37	23	factor	factor	NOUN
ape-1673	37	24	productivity	productivity	NOUN
ape-1673	37	25	.	.	PUNCT
ape-1673	38	1	according	accord	VERB
ape-1673	38	2	to	to	ADP
ape-1673	38	3	these	these	DET
ape-1673	38	4	authors	author	NOUN
ape-1673	38	5	,	,	PUNCT
ape-1673	38	6	financial	financial	ADJ
ape-1673	38	7	systems	system	NOUN
ape-1673	38	8	make	make	VERB
ape-1673	38	9	it	it	PRON
ape-1673	38	10	possible	possible	ADJ
ape-1673	38	11	to	to	PART
ape-1673	38	12	channel	channel	VERB
ape-1673	38	13	savings	saving	NOUN
ape-1673	38	14	towards	towards	ADP
ape-1673	38	15	more	more	ADV
ape-1673	38	16	productive	productive	ADJ
ape-1673	38	17	uses	use	NOUN
ape-1673	38	18	on	on	ADP
ape-1673	38	19	the	the	DET
ape-1673	38	20	one	one	NUM
ape-1673	38	21	hand	hand	NOUN
ape-1673	38	22	and	and	CCONJ
ape-1673	38	23	to	to	PART
ape-1673	38	24	diversify	diversify	VERB
ape-1673	38	25	the	the	DET
ape-1673	38	26	various	various	ADJ
ape-1673	38	27	risks	risk	NOUN
ape-1673	38	28	associated	associate	VERB
ape-1673	38	29	with	with	ADP
ape-1673	38	30	productive	productive	ADJ
ape-1673	38	31	activity	activity	NOUN
ape-1673	38	32	on	on	ADP
ape-1673	38	33	the	the	DET
ape-1673	38	34	other	other	ADJ
ape-1673	38	35	.	.	PUNCT
ape-1673	39	1	through	through	ADP
ape-1673	39	2	the	the	DET
ape-1673	39	3	various	various	ADJ
ape-1673	39	4	services	service	NOUN
ape-1673	39	5	it	it	PRON
ape-1673	39	6	provides	provide	VERB
ape-1673	39	7	,	,	PUNCT
ape-1673	39	8	the	the	DET
ape-1673	39	9	financial	financial	ADJ
ape-1673	39	10	sector	sector	NOUN
ape-1673	39	11	plays	play	VERB
ape-1673	39	12	an	an	DET
ape-1673	39	13	indispensable	indispensable	ADJ
ape-1673	39	14	role	role	NOUN
ape-1673	39	15	in	in	ADP
ape-1673	39	16	economic	economic	ADJ
ape-1673	39	17	growth	growth	NOUN
ape-1673	39	18	by	by	ADP
ape-1673	39	19	contributing	contribute	VERB
ape-1673	39	20	to	to	ADP
ape-1673	39	21	the	the	DET
ape-1673	39	22	improvement	improvement	NOUN
ape-1673	39	23	of	of	ADP
ape-1673	39	24	productivity	productivity	NOUN
ape-1673	39	25	under	under	ADP
ape-1673	39	26	the	the	DET
ape-1673	39	27	influence	influence	NOUN
ape-1673	39	28	of	of	ADP
ape-1673	39	29	financial	financial	ADJ
ape-1673	39	30	innovation	innovation	NOUN
ape-1673	39	31	(	(	PUNCT
ape-1673	39	32	eschenbach	eschenbach	NOUN
ape-1673	39	33	,	,	PUNCT
ape-1673	39	34	2004	2004	NUM
ape-1673	39	35	)	)	PUNCT
ape-1673	39	36	.	.	PUNCT
ape-1673	40	1	but	but	CCONJ
ape-1673	40	2	financial	financial	ADJ
ape-1673	40	3	liberalization	liberalization	NOUN
ape-1673	40	4	policies	policy	NOUN
ape-1673	40	5	that	that	PRON
ape-1673	40	6	were	be	AUX
ape-1673	40	7	supposed	suppose	VERB
ape-1673	40	8	to	to	PART
ape-1673	40	9	allow	allow	VERB
ape-1673	40	10	developing	develop	VERB
ape-1673	40	11	countries	country	NOUN
ape-1673	40	12	to	to	PART
ape-1673	40	13	finance	finance	VERB
ape-1673	40	14	their	their	PRON
ape-1673	40	15	development	development	NOUN
ape-1673	40	16	have	have	AUX
ape-1673	40	17	led	lead	VERB
ape-1673	40	18	to	to	ADP
ape-1673	40	19	financial	financial	ADJ
ape-1673	40	20	underdevelopment	underdevelopment	NOUN
ape-1673	40	21	characterized	characterize	VERB
ape-1673	40	22	by	by	ADP
ape-1673	40	23	a	a	DET
ape-1673	40	24	situation	situation	NOUN
ape-1673	40	25	of	of	ADP
ape-1673	40	26	over	over	ADP
ape-1673	40	27	liquidity	liquidity	NOUN
ape-1673	40	28	in	in	ADP
ape-1673	40	29	the	the	DET
ape-1673	40	30	financial	financial	ADJ
ape-1673	40	31	and	and	CCONJ
ape-1673	40	32	banking	banking	NOUN
ape-1673	40	33	sector	sector	NOUN
ape-1673	40	34	(	(	PUNCT
ape-1673	40	35	hugon	hugon	NOUN
ape-1673	40	36	,	,	PUNCT
ape-1673	40	37	2007	2007	NUM
ape-1673	40	38	)	)	PUNCT
ape-1673	40	39	.	.	PUNCT
ape-1673	41	1	if	if	SCONJ
ape-1673	41	2	excessive	excessive	ADJ
ape-1673	41	3	liquidity	liquidity	NOUN
ape-1673	41	4	holding	holding	NOUN
ape-1673	41	5	by	by	ADP
ape-1673	41	6	financial	financial	ADJ
ape-1673	41	7	intermediaries	intermediary	NOUN
ape-1673	41	8	is	be	AUX
ape-1673	41	9	aimed	aim	VERB
ape-1673	41	10	at	at	ADP
ape-1673	41	11	reducing	reduce	VERB
ape-1673	41	12	two	two	NUM
ape-1673	41	13	major	major	ADJ
ape-1673	41	14	risks	risk	NOUN
ape-1673	41	15	of	of	ADP
ape-1673	41	16	microeconomic	microeconomic	ADJ
ape-1673	41	17	crisis	crisis	NOUN
ape-1673	41	18	linked	link	VERB
ape-1673	41	19	to	to	ADP
ape-1673	41	20	their	their	PRON
ape-1673	41	21	activity	activity	NOUN
ape-1673	41	22	,	,	PUNCT
ape-1673	41	23	namely	namely	ADV
ape-1673	41	24	:	:	PUNCT
ape-1673	41	25	a	a	DET
ape-1673	41	26	liquidity	liquidity	NOUN
ape-1673	41	27	crisis	crisis	NOUN
ape-1673	41	28	and	and	CCONJ
ape-1673	41	29	a	a	DET
ape-1673	41	30	solvency	solvency	NOUN
ape-1673	41	31	crisis	crisis	NOUN
ape-1673	41	32	,	,	PUNCT
ape-1673	41	33	however	however	ADV
ape-1673	41	34	,	,	PUNCT
ape-1673	41	35	it	it	PRON
ape-1673	41	36	hinders	hinder	VERB
ape-1673	41	37	the	the	DET
ape-1673	41	38	economic	economic	ADJ
ape-1673	41	39	circuit	circuit	NOUN
ape-1673	41	40	(	(	PUNCT
ape-1673	41	41	doumbia	doumbia	PROPN
ape-1673	41	42	,	,	PUNCT
ape-1673	41	43	2011	2011	NUM
ape-1673	41	44	)	)	PUNCT
ape-1673	41	45	.	.	PUNCT
ape-1673	42	1	the	the	DET
ape-1673	42	2	link	link	NOUN
ape-1673	42	3	between	between	ADP
ape-1673	42	4	the	the	DET
ape-1673	42	5	development	development	NOUN
ape-1673	42	6	of	of	ADP
ape-1673	42	7	the	the	DET
ape-1673	42	8	banking	banking	NOUN
ape-1673	42	9	sector	sector	NOUN
ape-1673	42	10	and	and	CCONJ
ape-1673	42	11	economic	economic	ADJ
ape-1673	42	12	growth	growth	NOUN
ape-1673	42	13	could	could	AUX
ape-1673	42	14	be	be	AUX
ape-1673	42	15	the	the	DET
ape-1673	42	16	result	result	NOUN
ape-1673	42	17	of	of	ADP
ape-1673	42	18	bank	bank	NOUN
ape-1673	42	19	optimization	optimization	NOUN
ape-1673	42	20	behavior	behavior	NOUN
ape-1673	42	21	in	in	ADP
ape-1673	42	22	a	a	DET
ape-1673	42	23	risky	risky	ADJ
ape-1673	42	24	context	context	NOUN
ape-1673	42	25	.	.	PUNCT
ape-1673	43	1	indeed	indeed	ADV
ape-1673	43	2	,	,	PUNCT
ape-1673	43	3	in	in	ADP
ape-1673	43	4	a	a	DET
ape-1673	43	5	general	general	ADJ
ape-1673	43	6	context	context	NOUN
ape-1673	43	7	of	of	ADP
ape-1673	43	8	information	information	NOUN
ape-1673	43	9	asymmetry	asymmetry	NOUN
ape-1673	43	10	,	,	PUNCT
ape-1673	43	11	risk	risk	NOUN
ape-1673	43	12	is	be	AUX
ape-1673	43	13	the	the	DET
ape-1673	43	14	main	main	ADJ
ape-1673	43	15	concern	concern	NOUN
ape-1673	43	16	of	of	ADP
ape-1673	43	17	the	the	DET
ape-1673	43	18	bank	bank	NOUN
ape-1673	43	19	which	which	PRON
ape-1673	43	20	has	have	VERB
ape-1673	43	21	an	an	DET
ape-1673	43	22	imperfect	imperfect	ADJ
ape-1673	43	23	readability	readability	NOUN
ape-1673	43	24	of	of	ADP
ape-1673	43	25	its	its	PRON
ape-1673	43	26	customers	customer	NOUN
ape-1673	43	27	.	.	PUNCT
ape-1673	44	1	thus	thus	ADV
ape-1673	44	2	,	,	PUNCT
ape-1673	44	3	risk	risk	NOUN
ape-1673	44	4	is	be	AUX
ape-1673	44	5	the	the	DET
ape-1673	44	6	most	most	ADV
ape-1673	44	7	studied	study	VERB
ape-1673	44	8	factor	factor	NOUN
ape-1673	44	9	in	in	ADP
ape-1673	44	10	the	the	DET
ape-1673	44	11	banking	banking	NOUN
ape-1673	44	12	sector	sector	NOUN
ape-1673	44	13	and	and	CCONJ
ape-1673	44	14	credit	credit	NOUN
ape-1673	44	15	risk	risk	NOUN
ape-1673	44	16	is	be	AUX
ape-1673	44	17	the	the	DET
ape-1673	44	18	most	most	ADV
ape-1673	44	19	important	important	ADJ
ape-1673	44	20	for	for	ADP
ape-1673	44	21	a	a	DET
ape-1673	44	22	bank	bank	NOUN
ape-1673	44	23	.	.	PUNCT
ape-1673	45	1	the	the	PRON
ape-1673	45	2	lower	low	ADJ
ape-1673	45	3	a	a	DET
ape-1673	45	4	bank	bank	NOUN
ape-1673	45	5	’s	’s	PART
ape-1673	45	6	own	own	ADJ
ape-1673	45	7	funds	fund	NOUN
ape-1673	45	8	are	be	AUX
ape-1673	45	9	compared	compare	VERB
ape-1673	45	10	to	to	ADP
ape-1673	45	11	its	its	PRON
ape-1673	45	12	customer	customer	NOUN
ape-1673	45	13	receivables	receivables	NOUN
ape-1673	45	14	,	,	PUNCT
ape-1673	45	15	the	the	PRON
ape-1673	45	16	greater	great	ADJ
ape-1673	45	17	the	the	DET
ape-1673	45	18	credit	credit	NOUN
ape-1673	45	19	risk	risk	NOUN
ape-1673	45	20	and	and	CCONJ
ape-1673	45	21	the	the	PRON
ape-1673	45	22	greater	great	ADJ
ape-1673	45	23	the	the	DET
ape-1673	45	24	probability	probability	NOUN
ape-1673	45	25	that	that	SCONJ
ape-1673	45	26	the	the	DET
ape-1673	45	27	bank	bank	NOUN
ape-1673	45	28	will	will	AUX
ape-1673	45	29	not	not	PART
ape-1673	45	30	be	be	AUX
ape-1673	45	31	over	over	ADP
ape-1673	45	32	-	-	PUNCT
ape-1673	45	33	liquid	liquid	ADJ
ape-1673	45	34	or	or	CCONJ
ape-1673	45	35	efficient	efficient	ADJ
ape-1673	45	36	(	(	PUNCT
ape-1673	45	37	greuning	greuning	NOUN
ape-1673	45	38	&	&	CCONJ
ape-1673	45	39	bratanovic	bratanovic	ADJ
ape-1673	45	40	,	,	PUNCT
ape-1673	45	41	2004	2004	NUM
ape-1673	45	42	)	)	PUNCT
ape-1673	45	43	in	in	ADP
ape-1673	45	44	so	so	ADV
ape-1673	45	45	far	far	ADV
ape-1673	45	46	as	as	SCONJ
ape-1673	45	47	the	the	DET
ape-1673	45	48	own	own	ADJ
ape-1673	45	49	funds	fund	NOUN
ape-1673	45	50	would	would	AUX
ape-1673	45	51	not	not	PART
ape-1673	45	52	be	be	AUX
ape-1673	45	53	able	able	ADJ
ape-1673	45	54	to	to	PART
ape-1673	45	55	support	support	VERB
ape-1673	45	56	any	any	DET
ape-1673	45	57	unpaid	unpaid	ADJ
ape-1673	45	58	debts	debt	NOUN
ape-1673	45	59	.	.	PUNCT
ape-1673	46	1	2.2	2.2	NUM
ape-1673	46	2	the	the	DET
ape-1673	46	3	empirical	empirical	ADJ
ape-1673	46	4	literature	literature	NOUN
ape-1673	46	5	review	review	NOUN
ape-1673	46	6	empirically	empirically	ADV
ape-1673	46	7	,	,	PUNCT
ape-1673	46	8	several	several	ADJ
ape-1673	46	9	studies	study	NOUN
ape-1673	46	10	have	have	AUX
ape-1673	46	11	focused	focus	VERB
ape-1673	46	12	on	on	ADP
ape-1673	46	13	the	the	DET
ape-1673	46	14	determinants	determinant	NOUN
ape-1673	46	15	of	of	ADP
ape-1673	46	16	bank	bank	NOUN
ape-1673	46	17	excess	excess	ADJ
ape-1673	46	18	liquidity	liquidity	NOUN
ape-1673	46	19	.	.	PUNCT
ape-1673	47	1	they	they	PRON
ape-1673	47	2	can	can	AUX
ape-1673	47	3	be	be	AUX
ape-1673	47	4	grouped	group	VERB
ape-1673	47	5	into	into	ADP
ape-1673	47	6	two	two	NUM
ape-1673	47	7	categories	category	NOUN
ape-1673	47	8	:	:	PUNCT
ape-1673	47	9	the	the	DET
ape-1673	47	10	first	first	ADJ
ape-1673	47	11	insisting	insisting	NOUN
ape-1673	47	12	on	on	ADP
ape-1673	47	13	the	the	DET
ape-1673	47	14	voluntary	voluntary	ADJ
ape-1673	47	15	holding	holding	NOUN
ape-1673	47	16	of	of	ADP
ape-1673	47	17	excess	excess	ADJ
ape-1673	47	18	liquidity	liquidity	NOUN
ape-1673	47	19	and	and	CCONJ
ape-1673	47	20	the	the	DET
ape-1673	47	21	second	second	ADJ
ape-1673	47	22	on	on	ADP
ape-1673	47	23	exogenous	exogenous	ADJ
ape-1673	47	24	causes	cause	NOUN
ape-1673	47	25	in	in	ADP
ape-1673	47	26	the	the	DET
ape-1673	47	27	banking	banking	NOUN
ape-1673	47	28	sector	sector	NOUN
ape-1673	47	29	.	.	PUNCT
ape-1673	48	1	regarding	regard	VERB
ape-1673	48	2	the	the	DET
ape-1673	48	3	first	first	ADJ
ape-1673	48	4	,	,	PUNCT
ape-1673	48	5	ouédraogo	ouédraogo	NOUN
ape-1673	48	6	(	(	PUNCT
ape-1673	48	7	2011	2011	NUM
ape-1673	48	8	)	)	PUNCT
ape-1673	48	9	,	,	PUNCT
ape-1673	48	10	indicates	indicate	VERB
ape-1673	48	11	that	that	SCONJ
ape-1673	48	12	a	a	DET
ape-1673	48	13	liquidity	liquidity	NOUN
ape-1673	48	14	level	level	NOUN
ape-1673	48	15	of	of	ADP
ape-1673	48	16	1	1	NUM
ape-1673	48	17	%	%	NOUN
ape-1673	48	18	(	(	PUNCT
ape-1673	48	19	compared	compare	VERB
ape-1673	48	20	to	to	ADP
ape-1673	48	21	the	the	DET
ape-1673	48	22	deposit	deposit	NOUN
ape-1673	48	23	)	)	PUNCT
ape-1673	48	24	is	be	AUX
ape-1673	48	25	accompanied	accompany	VERB
ape-1673	48	26	by	by	ADP
ape-1673	48	27	a	a	DET
ape-1673	48	28	decrease	decrease	NOUN
ape-1673	48	29	of	of	ADP
ape-1673	48	30	1.75	1.75	NUM
ape-1673	48	31	%	%	NOUN
ape-1673	48	32	of	of	ADP
ape-1673	48	33	the	the	DET
ape-1673	48	34	supply	supply	NOUN
ape-1673	48	35	of	of	ADP
ape-1673	48	36	credit	credit	NOUN
ape-1673	48	37	and	and	CCONJ
ape-1673	48	38	2.24	2.24	NUM
ape-1673	48	39	%	%	NOUN
ape-1673	48	40	%	%	NOUN
ape-1673	48	41	of	of	ADP
ape-1673	48	42	loans	loan	NOUN
ape-1673	48	43	to	to	ADP
ape-1673	48	44	the	the	DET
ape-1673	48	45	private	private	ADJ
ape-1673	48	46	sector	sector	NOUN
ape-1673	48	47	in	in	ADP
ape-1673	48	48	waemu	waemu	NOUN
ape-1673	48	49	,	,	PUNCT
ape-1673	48	50	highlighting	highlight	VERB
ape-1673	48	51	a	a	DET
ape-1673	48	52	crowding	crowd	VERB
ape-1673	48	53	out	out	ADP
ape-1673	48	54	effect	effect	NOUN
ape-1673	48	55	.	.	PUNCT
ape-1673	49	1	in	in	ADP
ape-1673	49	2	addition	addition	NOUN
ape-1673	49	3	,	,	PUNCT
ape-1673	49	4	banks	bank	NOUN
ape-1673	49	5	tend	tend	VERB
ape-1673	49	6	to	to	PART
ape-1673	49	7	overestimate	overestimate	VERB
ape-1673	49	8	the	the	DET
ape-1673	49	9	risk	risk	NOUN
ape-1673	49	10	associated	associate	VERB
ape-1673	49	11	with	with	ADP
ape-1673	49	12	the	the	DET
ape-1673	49	13	financing	financing	NOUN
ape-1673	49	14	of	of	ADP
ape-1673	49	15	a	a	DET
ape-1673	49	16	large	large	ADJ
ape-1673	49	17	proportion	proportion	NOUN
ape-1673	49	18	of	of	ADP
ape-1673	49	19	companies	company	NOUN
ape-1673	49	20	,	,	PUNCT
ape-1673	49	21	which	which	PRON
ape-1673	49	22	results	result	VERB
ape-1673	49	23	in	in	ADP
ape-1673	49	24	insufficient	insufficient	ADJ
ape-1673	49	25	lending	lending	NOUN
ape-1673	49	26	vis	vis	X
ape-1673	49	27	-	-	PUNCT
ape-1673	49	28	à	à	X
ape-1673	49	29	-	-	NOUN
ape-1673	49	30	vis	vis	X
ape-1673	49	31	deposits	deposit	NOUN
ape-1673	49	32	and	and	CCONJ
ape-1673	49	33	,	,	PUNCT
ape-1673	49	34	therefore	therefore	ADV
ape-1673	49	35	,	,	PUNCT
ape-1673	49	36	increased	increase	VERB
ape-1673	49	37	liquidity	liquidity	NOUN
ape-1673	49	38	.	.	PUNCT
ape-1673	50	1	beyond	beyond	ADP
ape-1673	50	2	the	the	DET
ape-1673	50	3	required	require	VERB
ape-1673	50	4	threshold	threshold	NOUN
ape-1673	50	5	(	(	PUNCT
ape-1673	50	6	doumbia	doumbia	PROPN
ape-1673	50	7	,	,	PUNCT
ape-1673	50	8	2011	2011	NUM
ape-1673	50	9	)	)	PUNCT
ape-1673	50	10	.	.	PUNCT
ape-1673	51	1	based	base	VERB
ape-1673	51	2	on	on	ADP
ape-1673	51	3	a	a	DET
ape-1673	51	4	modified	modify	VERB
ape-1673	51	5	klein	klein	PROPN
ape-1673	51	6	model	model	PROPN
ape-1673	51	7	(	(	PUNCT
ape-1673	51	8	1971	1971	NUM
ape-1673	51	9	)	)	PUNCT
ape-1673	51	10	,	,	PUNCT
ape-1673	51	11	from	from	ADP
ape-1673	51	12	a	a	DET
ape-1673	51	13	sample	sample	NOUN
ape-1673	51	14	of	of	ADP
ape-1673	51	15	eight	eight	NUM
ape-1673	51	16	developing	develop	VERB
ape-1673	51	17	countries	country	NOUN
ape-1673	51	18	,	,	PUNCT
ape-1673	51	19	khemraj	khemraj	ADJ
ape-1673	51	20	(	(	PUNCT
ape-1673	51	21	2008	2008	NUM
ape-1673	51	22	)	)	PUNCT
ape-1673	51	23	attributes	attribute	VERB
ape-1673	51	24	the	the	DET
ape-1673	51	25	causes	cause	NOUN
ape-1673	51	26	of	of	ADP
ape-1673	51	27	excess	excess	ADJ
ape-1673	51	28	liquidity	liquidity	NOUN
ape-1673	51	29	to	to	ADP
ape-1673	51	30	the	the	DET
ape-1673	51	31	oligopolistic	oligopolistic	ADJ
ape-1673	51	32	structure	structure	NOUN
ape-1673	51	33	of	of	ADP
ape-1673	51	34	the	the	DET
ape-1673	51	35	banking	banking	NOUN
ape-1673	51	36	system	system	NOUN
ape-1673	51	37	.	.	PUNCT
ape-1673	52	1	the	the	DET
ape-1673	52	2	high	high	ADJ
ape-1673	52	3	levels	level	NOUN
ape-1673	52	4	of	of	ADP
ape-1673	52	5	interest	interest	NOUN
ape-1673	52	6	rates	rate	NOUN
ape-1673	52	7	on	on	ADP
ape-1673	52	8	loans	loan	NOUN
ape-1673	52	9	could	could	AUX
ape-1673	52	10	be	be	AUX
ape-1673	52	11	explained	explain	VERB
ape-1673	52	12	by	by	ADP
ape-1673	52	13	the	the	DET
ape-1673	52	14	oligopolistic	oligopolistic	ADJ
ape-1673	52	15	structure	structure	NOUN
ape-1673	52	16	of	of	ADP
ape-1673	52	17	the	the	DET
ape-1673	52	18	banking	banking	NOUN
ape-1673	52	19	system	system	NOUN
ape-1673	52	20	.	.	PUNCT
ape-1673	53	1	on	on	ADP
ape-1673	53	2	the	the	DET
ape-1673	53	3	second	second	NOUN
ape-1673	53	4	,	,	PUNCT
ape-1673	53	5	the	the	DET
ape-1673	53	6	causes	cause	NOUN
ape-1673	53	7	of	of	ADP
ape-1673	53	8	excess	excess	ADJ
ape-1673	53	9	liquidity	liquidity	NOUN
ape-1673	53	10	are	be	AUX
ape-1673	53	11	perceived	perceive	VERB
ape-1673	53	12	as	as	ADP
ape-1673	53	13	the	the	DET
ape-1673	53	14	result	result	NOUN
ape-1673	53	15	of	of	ADP
ape-1673	53	16	the	the	DET
ape-1673	53	17	reluctance	reluctance	NOUN
ape-1673	53	18	of	of	ADP
ape-1673	53	19	commercial	commercial	ADJ
ape-1673	53	20	banks	bank	NOUN
ape-1673	53	21	in	in	ADP
ape-1673	53	22	a	a	DET
ape-1673	53	23	context	context	NOUN
ape-1673	53	24	marked	mark	VERB
ape-1673	53	25	by	by	ADP
ape-1673	53	26	the	the	DET
ape-1673	53	27	respect	respect	NOUN
ape-1673	53	28	of	of	ADP
ape-1673	53	29	regulatory	regulatory	ADJ
ape-1673	53	30	prudential	prudential	ADJ
ape-1673	53	31	standards	standard	NOUN
ape-1673	53	32	.	.	PUNCT
ape-1673	54	1	in	in	ADP
ape-1673	54	2	the	the	DET
ape-1673	54	3	case	case	NOUN
ape-1673	54	4	of	of	ADP
ape-1673	54	5	the	the	DET
ape-1673	54	6	central	central	ADJ
ape-1673	54	7	african	african	ADJ
ape-1673	54	8	economic	economic	ADJ
ape-1673	54	9	community	community	NOUN
ape-1673	54	10	(	(	PUNCT
ape-1673	54	11	cemac	cemac	NUM
ape-1673	54	12	)	)	PUNCT
ape-1673	54	13	,	,	PUNCT
ape-1673	54	14	beguy	beguy	NOUN
ape-1673	54	15	(	(	PUNCT
ape-1673	54	16	2014	2014	NUM
ape-1673	54	17	)	)	PUNCT
ape-1673	54	18	identifies	identify	VERB
ape-1673	54	19	as	as	ADP
ape-1673	54	20	causes	cause	NOUN
ape-1673	54	21	of	of	ADP
ape-1673	54	22	bank	bank	NOUN
ape-1673	54	23	excess	excess	ADJ
ape-1673	54	24	liquidity	liquidity	NOUN
ape-1673	54	25	,	,	PUNCT
ape-1673	54	26	the	the	DET
ape-1673	54	27	precaution	precaution	NOUN
ape-1673	54	28	of	of	ADP
ape-1673	54	29	commercial	commercial	ADJ
ape-1673	54	30	banks	bank	NOUN
ape-1673	54	31	and	and	CCONJ
ape-1673	54	32	other	other	ADJ
ape-1673	54	33	exogenous	exogenous	ADJ
ape-1673	54	34	factors	factor	NOUN
ape-1673	54	35	,	,	PUNCT
ape-1673	54	36	including	include	VERB
ape-1673	54	37	soaring	soar	VERB
ape-1673	54	38	oil	oil	NOUN
ape-1673	54	39	prices	price	NOUN
ape-1673	54	40	.	.	PUNCT
ape-1673	55	1	using	use	VERB
ape-1673	55	2	vector	vector	NOUN
ape-1673	55	3	autoreg	autoreg	PROPN
ape-1673	55	4	ression	ression	NOUN
ape-1673	55	5	(	(	PUNCT
ape-1673	55	6	var	var	NOUN
ape-1673	55	7	)	)	PUNCT
ape-1673	55	8	model	model	NOUN
ape-1673	55	9	and	and	CCONJ
ape-1673	55	10	a	a	DET
ape-1673	55	11	bootstrap	bootstrap	NOUN
ape-1673	55	12	technique	technique	NOUN
ape-1673	55	13	,	,	PUNCT
ape-1673	55	14	kamgna	kamgna	PROPN
ape-1673	55	15	and	and	CCONJ
ape-1673	55	16	ndambendia	ndambendia	PROPN
ape-1673	55	17	(	(	PUNCT
ape-1673	55	18	2008	2008	NUM
ape-1673	55	19	)	)	PUNCT
ape-1673	55	20	indicate	indicate	VERB
ape-1673	55	21	in	in	ADP
ape-1673	55	22	the	the	DET
ape-1673	55	23	case	case	NOUN
ape-1673	55	24	of	of	ADP
ape-1673	55	25	cemac	cemac	ADJ
ape-1673	55	26	,	,	PUNCT
ape-1673	55	27	a	a	DET
ape-1673	55	28	heterogeneity	heterogeneity	NOUN
ape-1673	55	29	of	of	ADP
ape-1673	55	30	the	the	DET
ape-1673	55	31	causes	cause	NOUN
ape-1673	55	32	of	of	ADP
ape-1673	55	33	bank	bank	NOUN
ape-1673	55	34	over	over	ADP
ape-1673	55	35	-	-	PUNCT
ape-1673	55	36	liquidity	liquidity	NOUN
ape-1673	55	37	.	.	PUNCT
ape-1673	56	1	in	in	ADP
ape-1673	56	2	addition	addition	NOUN
ape-1673	56	3	to	to	ADP
ape-1673	56	4	the	the	DET
ape-1673	56	5	non	non	NOUN
ape-1673	56	6	-	-	NOUN
ape-1673	56	7	significance	significance	NOUN
ape-1673	56	8	of	of	ADP
ape-1673	56	9	certain	certain	ADJ
ape-1673	56	10	factors	factor	NOUN
ape-1673	56	11	,	,	PUNCT
ape-1673	56	12	the	the	DET
ape-1673	56	13	factors	factor	NOUN
ape-1673	56	14	behind	behind	ADP
ape-1673	56	15	the	the	DET
ape-1673	56	16	excess	excess	ADJ
ape-1673	56	17	liquidity	liquidity	NOUN
ape-1673	56	18	in	in	ADP
ape-1673	56	19	the	the	DET
ape-1673	56	20	cemac	cemac	NOUN
ape-1673	56	21	differ	differ	VERB
ape-1673	56	22	from	from	ADP
ape-1673	56	23	one	one	NUM
ape-1673	56	24	country	country	NOUN
ape-1673	56	25	to	to	ADP
ape-1673	56	26	another	another	PRON
ape-1673	56	27	.	.	PUNCT
ape-1673	57	1	only	only	ADV
ape-1673	57	2	credit	credit	NOUN
ape-1673	57	3	to	to	ADP
ape-1673	57	4	the	the	DET
ape-1673	57	5	private	private	ADJ
ape-1673	57	6	sector	sector	NOUN
ape-1673	57	7	reduces	reduce	VERB
ape-1673	57	8	excess	excess	ADJ
ape-1673	57	9	liquidity	liquidity	NOUN
ape-1673	57	10	,	,	PUNCT
ape-1673	57	11	the	the	DET
ape-1673	57	12	cost	cost	NOUN
ape-1673	57	13	of	of	ADP
ape-1673	57	14	credit	credit	NOUN
ape-1673	57	15	,	,	PUNCT
ape-1673	57	16	credit	credit	NOUN
ape-1673	57	17	to	to	PART
ape-1673	57	18	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	VERB
ape-1673	57	19	advances	advance	NOUN
ape-1673	57	20	in	in	ADP
ape-1673	57	21	politics	politic	NOUN
ape-1673	57	22	and	and	CCONJ
ape-1673	57	23	economic	economic	ADJ
ape-1673	57	24	vol	vol	NOUN
ape-1673	57	25	.	.	PROPN
ape-1673	58	1	1	1	NUM
ape-1673	58	2	,	,	PUNCT
ape-1673	58	3	no	no	INTJ
ape-1673	58	4	.	.	NOUN
ape-1673	58	5	2	2	NUM
ape-1673	58	6	,	,	PUNCT
ape-1673	58	7	2018	2018	NUM
ape-1673	58	8	144	144	NUM
ape-1673	58	9	published	publish	VERB
ape-1673	58	10	by	by	ADP
ape-1673	58	11	scholink	scholink	PROPN
ape-1673	58	12	inc	inc	PROPN
ape-1673	58	13	.	.	PROPN
ape-1673	58	14	government	government	NOUN
ape-1673	58	15	and	and	CCONJ
ape-1673	58	16	paid	pay	VERB
ape-1673	58	17	deposits	deposit	NOUN
ape-1673	58	18	are	be	AUX
ape-1673	58	19	certainly	certainly	ADV
ape-1673	58	20	significant	significant	ADJ
ape-1673	58	21	,	,	PUNCT
ape-1673	58	22	but	but	CCONJ
ape-1673	58	23	do	do	AUX
ape-1673	58	24	not	not	PART
ape-1673	58	25	have	have	VERB
ape-1673	58	26	the	the	DET
ape-1673	58	27	expected	expect	VERB
ape-1673	58	28	sign	sign	NOUN
ape-1673	58	29	.	.	PUNCT
ape-1673	59	1	in	in	ADP
ape-1673	59	2	terms	term	NOUN
ape-1673	59	3	of	of	ADP
ape-1673	59	4	the	the	DET
ape-1673	59	5	implications	implication	NOUN
ape-1673	59	6	of	of	ADP
ape-1673	59	7	bank	bank	NOUN
ape-1673	59	8	excess	excess	ADJ
ape-1673	59	9	liquidity	liquidity	NOUN
ape-1673	59	10	on	on	ADP
ape-1673	59	11	the	the	DET
ape-1673	59	12	real	real	ADJ
ape-1673	59	13	economy	economy	NOUN
ape-1673	59	14	and	and	CCONJ
ape-1673	59	15	monetary	monetary	ADJ
ape-1673	59	16	policy	policy	NOUN
ape-1673	59	17	,	,	PUNCT
ape-1673	59	18	studies	study	NOUN
ape-1673	59	19	are	be	AUX
ape-1673	59	20	not	not	PART
ape-1673	59	21	lacking	lack	VERB
ape-1673	59	22	.	.	PUNCT
ape-1673	60	1	agénor	agénor	PROPN
ape-1673	60	2	and	and	CCONJ
ape-1673	60	3	el	el	PROPN
ape-1673	60	4	aynaoui	aynaoui	PROPN
ape-1673	60	5	(	(	PUNCT
ape-1673	60	6	2009	2009	NUM
ape-1673	60	7	)	)	PUNCT
ape-1673	60	8	studied	study	VERB
ape-1673	60	9	the	the	DET
ape-1673	60	10	implications	implication	NOUN
ape-1673	60	11	of	of	ADP
ape-1673	60	12	bank	bank	NOUN
ape-1673	60	13	excess	excess	ADJ
ape-1673	60	14	liquidity	liquidity	NOUN
ape-1673	60	15	on	on	ADP
ape-1673	60	16	the	the	DET
ape-1673	60	17	effectiveness	effectiveness	NOUN
ape-1673	60	18	of	of	ADP
ape-1673	60	19	monetary	monetary	ADJ
ape-1673	60	20	policy	policy	NOUN
ape-1673	60	21	in	in	ADP
ape-1673	60	22	a	a	DET
ape-1673	60	23	simple	simple	ADJ
ape-1673	60	24	model	model	NOUN
ape-1673	60	25	with	with	ADP
ape-1673	60	26	imperfections	imperfection	NOUN
ape-1673	60	27	in	in	ADP
ape-1673	60	28	the	the	DET
ape-1673	60	29	credit	credit	NOUN
ape-1673	60	30	market	market	NOUN
ape-1673	60	31	.	.	PUNCT
ape-1673	61	1	they	they	PRON
ape-1673	61	2	show	show	VERB
ape-1673	61	3	that	that	SCONJ
ape-1673	61	4	in	in	ADP
ape-1673	61	5	situations	situation	NOUN
ape-1673	61	6	of	of	ADP
ape-1673	61	7	bank	bank	NOUN
ape-1673	61	8	over	over	ADP
ape-1673	61	9	-	-	PUNCT
ape-1673	61	10	liquidity	liquidity	NOUN
ape-1673	61	11	,	,	PUNCT
ape-1673	61	12	the	the	DET
ape-1673	61	13	effectiveness	effectiveness	NOUN
ape-1673	61	14	of	of	ADP
ape-1673	61	15	monetary	monetary	ADJ
ape-1673	61	16	policy	policy	NOUN
ape-1673	61	17	is	be	AUX
ape-1673	61	18	diminished	diminish	VERB
ape-1673	61	19	.	.	PUNCT
ape-1673	62	1	barik	barik	PROPN
ape-1673	62	2	et	et	PROPN
ape-1673	62	3	al	al	PROPN
ape-1673	62	4	.	.	PROPN
ape-1673	63	1	(	(	PUNCT
ape-1673	63	2	2012	2012	NUM
ape-1673	63	3	)	)	PUNCT
ape-1673	63	4	analyze	analyze	VERB
ape-1673	63	5	the	the	DET
ape-1673	63	6	causes	cause	NOUN
ape-1673	63	7	of	of	ADP
ape-1673	63	8	excess	excess	ADJ
ape-1673	63	9	liquidity	liquidity	NOUN
ape-1673	63	10	in	in	ADP
ape-1673	63	11	the	the	DET
ape-1673	63	12	indonesian	indonesian	ADJ
ape-1673	63	13	banking	banking	NOUN
ape-1673	63	14	sector	sector	NOUN
ape-1673	63	15	and	and	CCONJ
ape-1673	63	16	its	its	PRON
ape-1673	63	17	impact	impact	NOUN
ape-1673	63	18	on	on	ADP
ape-1673	63	19	monetary	monetary	ADJ
ape-1673	63	20	policy	policy	NOUN
ape-1673	63	21	.	.	PUNCT
ape-1673	64	1	adopting	adopt	VERB
ape-1673	64	2	a	a	DET
ape-1673	64	3	t	t	NOUN
ape-1673	64	4	-	-	PUNCT
ape-1673	64	5	var	var	NOUN
ape-1673	64	6	modeling	modeling	NOUN
ape-1673	64	7	approach	approach	NOUN
ape-1673	64	8	over	over	ADP
ape-1673	64	9	the	the	DET
ape-1673	64	10	period	period	NOUN
ape-1673	64	11	2000	2000	NUM
ape-1673	64	12	-	-	SYM
ape-1673	64	13	2010	2010	NUM
ape-1673	64	14	,	,	PUNCT
ape-1673	64	15	they	they	PRON
ape-1673	64	16	conclude	conclude	VERB
ape-1673	64	17	that	that	SCONJ
ape-1673	64	18	the	the	DET
ape-1673	64	19	excess	excess	ADJ
ape-1673	64	20	liquidity	liquidity	NOUN
ape-1673	64	21	of	of	ADP
ape-1673	64	22	banks	bank	NOUN
ape-1673	64	23	in	in	ADP
ape-1673	64	24	indonesia	indonesia	PROPN
ape-1673	64	25	is	be	AUX
ape-1673	64	26	justified	justify	VERB
ape-1673	64	27	by	by	ADP
ape-1673	64	28	precautionary	precautionary	ADJ
ape-1673	64	29	grounds	ground	NOUN
ape-1673	64	30	.	.	PUNCT
ape-1673	65	1	indeed	indeed	ADV
ape-1673	65	2	,	,	PUNCT
ape-1673	65	3	the	the	DET
ape-1673	65	4	volatility	volatility	NOUN
ape-1673	65	5	of	of	ADP
ape-1673	65	6	deposits	deposit	NOUN
ape-1673	65	7	and	and	CCONJ
ape-1673	65	8	that	that	PRON
ape-1673	65	9	of	of	ADP
ape-1673	65	10	growth	growth	NOUN
ape-1673	65	11	as	as	ADV
ape-1673	65	12	well	well	ADV
ape-1673	65	13	as	as	ADP
ape-1673	65	14	the	the	DET
ape-1673	65	15	cost	cost	NOUN
ape-1673	65	16	of	of	ADP
ape-1673	65	17	resources	resource	NOUN
ape-1673	65	18	for	for	ADP
ape-1673	65	19	banks	bank	NOUN
ape-1673	65	20	,	,	PUNCT
ape-1673	65	21	explain	explain	VERB
ape-1673	65	22	the	the	DET
ape-1673	65	23	excessive	excessive	ADJ
ape-1673	65	24	holding	holding	NOUN
ape-1673	65	25	of	of	ADP
ape-1673	65	26	liquidity	liquidity	NOUN
ape-1673	65	27	.	.	PUNCT
ape-1673	66	1	in	in	ADP
ape-1673	66	2	addition	addition	NOUN
ape-1673	66	3	,	,	PUNCT
ape-1673	66	4	they	they	PRON
ape-1673	66	5	show	show	VERB
ape-1673	66	6	that	that	SCONJ
ape-1673	66	7	in	in	ADP
ape-1673	66	8	excess	excess	ADJ
ape-1673	66	9	liquidity	liquidity	NOUN
ape-1673	66	10	,	,	PUNCT
ape-1673	66	11	the	the	DET
ape-1673	66	12	effectiveness	effectiveness	NOUN
ape-1673	66	13	of	of	ADP
ape-1673	66	14	monetary	monetary	ADJ
ape-1673	66	15	policy	policy	NOUN
ape-1673	66	16	in	in	ADP
ape-1673	66	17	controlling	control	VERB
ape-1673	66	18	inflation	inflation	NOUN
ape-1673	66	19	is	be	AUX
ape-1673	66	20	reduced	reduce	VERB
ape-1673	66	21	.	.	PUNCT
ape-1673	67	1	using	use	VERB
ape-1673	67	2	vector	vector	NOUN
ape-1673	67	3	autoregression	autoregression	NOUN
ape-1673	67	4	(	(	PUNCT
ape-1673	67	5	var	var	NOUN
ape-1673	67	6	)	)	PUNCT
ape-1673	67	7	model	model	NOUN
ape-1673	67	8	over	over	ADP
ape-1673	67	9	the	the	DET
ape-1673	67	10	period	period	NOUN
ape-1673	67	11	2000	2000	NUM
ape-1673	67	12	to	to	ADP
ape-1673	67	13	2012	2012	NUM
ape-1673	67	14	,	,	PUNCT
ape-1673	67	15	jayaraman	jayaraman	NOUN
ape-1673	67	16	et	et	PROPN
ape-1673	67	17	al	al	PROPN
ape-1673	67	18	.	.	PROPN
ape-1673	68	1	(	(	PUNCT
ape-1673	68	2	2012	2012	NUM
ape-1673	68	3	)	)	PUNCT
ape-1673	68	4	examine	examine	VERB
ape-1673	68	5	the	the	DET
ape-1673	68	6	effects	effect	NOUN
ape-1673	68	7	of	of	ADP
ape-1673	68	8	excess	excess	ADJ
ape-1673	68	9	liquidity	liquidity	NOUN
ape-1673	68	10	on	on	ADP
ape-1673	68	11	interest	interest	NOUN
ape-1673	68	12	rates	rate	NOUN
ape-1673	68	13	on	on	ADP
ape-1673	68	14	loans	loan	NOUN
ape-1673	68	15	,	,	PUNCT
ape-1673	68	16	the	the	DET
ape-1673	68	17	share	share	NOUN
ape-1673	68	18	of	of	ADP
ape-1673	68	19	loans	loan	NOUN
ape-1673	68	20	in	in	ADP
ape-1673	68	21	gdp	gdp	PROPN
ape-1673	68	22	,	,	PUNCT
ape-1673	68	23	the	the	DET
ape-1673	68	24	exchange	exchange	NOUN
ape-1673	68	25	rate	rate	NOUN
ape-1673	68	26	and	and	CCONJ
ape-1673	68	27	the	the	DET
ape-1673	68	28	general	general	ADJ
ape-1673	68	29	price	price	NOUN
ape-1673	68	30	level	level	NOUN
ape-1673	68	31	in	in	ADP
ape-1673	68	32	the	the	DET
ape-1673	68	33	fiji	fiji	PROPN
ape-1673	68	34	islands	island	NOUN
ape-1673	68	35	.	.	PUNCT
ape-1673	69	1	the	the	DET
ape-1673	69	2	results	result	NOUN
ape-1673	69	3	indicate	indicate	VERB
ape-1673	69	4	a	a	DET
ape-1673	69	5	negative	negative	ADJ
ape-1673	69	6	relationship	relationship	NOUN
ape-1673	69	7	between	between	ADP
ape-1673	69	8	excess	excess	ADJ
ape-1673	69	9	bank	bank	NOUN
ape-1673	69	10	liquidity	liquidity	NOUN
ape-1673	69	11	and	and	CCONJ
ape-1673	69	12	loan	loan	NOUN
ape-1673	69	13	rates	rate	NOUN
ape-1673	69	14	.	.	PUNCT
ape-1673	70	1	a	a	DET
ape-1673	70	2	positive	positive	ADJ
ape-1673	70	3	shock	shock	NOUN
ape-1673	70	4	to	to	ADP
ape-1673	70	5	liquidity	liquidity	NOUN
ape-1673	70	6	strengthens	strengthen	VERB
ape-1673	70	7	the	the	DET
ape-1673	70	8	level	level	NOUN
ape-1673	70	9	of	of	ADP
ape-1673	70	10	lending	lending	NOUN
ape-1673	70	11	and	and	CCONJ
ape-1673	70	12	causes	cause	VERB
ape-1673	70	13	a	a	DET
ape-1673	70	14	depreciation	depreciation	NOUN
ape-1673	70	15	of	of	ADP
ape-1673	70	16	the	the	DET
ape-1673	70	17	local	local	ADJ
ape-1673	70	18	currency	currency	NOUN
ape-1673	70	19	.	.	PUNCT
ape-1673	71	1	however	however	ADV
ape-1673	71	2	,	,	PUNCT
ape-1673	71	3	the	the	DET
ape-1673	71	4	excess	excess	ADJ
ape-1673	71	5	bank	bank	NOUN
ape-1673	71	6	liquidity	liquidity	NOUN
ape-1673	71	7	does	do	AUX
ape-1673	71	8	not	not	PART
ape-1673	71	9	significantly	significantly	ADV
ape-1673	71	10	explain	explain	VERB
ape-1673	71	11	the	the	DET
ape-1673	71	12	level	level	NOUN
ape-1673	71	13	of	of	ADP
ape-1673	71	14	inflation	inflation	NOUN
ape-1673	71	15	,	,	PUNCT
ape-1673	71	16	especially	especially	ADV
ape-1673	71	17	in	in	ADP
ape-1673	71	18	the	the	DET
ape-1673	71	19	short	short	ADJ
ape-1673	71	20	and	and	CCONJ
ape-1673	71	21	medium	medium	ADJ
ape-1673	71	22	term	term	NOUN
ape-1673	71	23	.	.	PUNCT
ape-1673	72	1	3	3	X
ape-1673	72	2	.	.	X
ape-1673	72	3	methodology	methodology	NOUN
ape-1673	72	4	and	and	CCONJ
ape-1673	72	5	data	datum	NOUN
ape-1673	72	6	in	in	ADP
ape-1673	72	7	this	this	DET
ape-1673	72	8	section	section	NOUN
ape-1673	72	9	,	,	PUNCT
ape-1673	72	10	we	we	PRON
ape-1673	72	11	present	present	VERB
ape-1673	72	12	the	the	DET
ape-1673	72	13	specification	specification	NOUN
ape-1673	72	14	of	of	ADP
ape-1673	72	15	the	the	DET
ape-1673	72	16	model	model	NOUN
ape-1673	72	17	and	and	CCONJ
ape-1673	72	18	the	the	DET
ape-1673	72	19	methodology	methodology	NOUN
ape-1673	72	20	of	of	ADP
ape-1673	72	21	the	the	DET
ape-1673	72	22	research	research	NOUN
ape-1673	72	23	.	.	PUNCT
ape-1673	73	1	3.1	3.1	NUM
ape-1673	73	2	model	model	NOUN
ape-1673	73	3	specification	specification	NOUN
ape-1673	73	4	in	in	ADP
ape-1673	73	5	econometric	econometric	ADJ
ape-1673	73	6	form	form	NOUN
ape-1673	73	7	,	,	PUNCT
ape-1673	73	8	the	the	DET
ape-1673	73	9	regression	regression	NOUN
ape-1673	73	10	model	model	NOUN
ape-1673	73	11	is	be	AUX
ape-1673	73	12	as	as	SCONJ
ape-1673	73	13	follows	follow	VERB
ape-1673	73	14	:	:	PUNCT
ape-1673	73	15	1	1	NUM
ape-1673	73	16	2	2	NUM
ape-1673	73	17	3	3	NUM
ape-1673	73	18	4	4	NUM
ape-1673	73	19	5	5	NUM
ape-1673	73	20	6	6	NUM
ape-1673	73	21	(	(	PUNCT
ape-1673	73	22	)	)	PUNCT
ape-1673	73	23	(	(	PUNCT
ape-1673	73	24	/	/	SYM
ape-1673	73	25	)	)	PUNCT
ape-1673	73	26	it	it	PRON
ape-1673	74	1	it	it	PRON
ape-1673	75	1	it	it	PRON
ape-1673	76	1	it	it	PRON
ape-1673	77	1	it	it	PRON
ape-1673	78	1	it	it	PRON
ape-1673	79	1	it	it	PRON
ape-1673	80	1	it	it	PRON
ape-1673	80	2	ittcpib	ittcpib	ADJ
ape-1673	80	3	rali	rali	PROPN
ape-1673	80	4	inv	inv	VERB
ape-1673	80	5	rali	rali	PROPN
ape-1673	80	6	inv	inv	VERB
ape-1673	80	7	te	te	ADP
ape-1673	80	8	fp	fp	X
ape-1673	80	9	eng	eng	PROPN
ape-1673	80	10	idf	idf	NOUN
ape-1673	80	11			PROPN
ape-1673	80	12			PROPN
ape-1673	80	13			PROPN
ape-1673	80	14			PROPN
ape-1673	80	15			PROPN
ape-1673	80	16			PROPN
ape-1673	80	17			PROPN
ape-1673	80	18			ADV
ape-1673	80	19			VERB
ape-1673	80	20			PROPN
ape-1673	80	21			PROPN
ape-1673	80	22			PROPN
ape-1673	80	23			PROPN
ape-1673	80	24			PUNCT
ape-1673	80	25			X
ape-1673	80	26	(	(	PUNCT
ape-1673	80	27	1	1	X
ape-1673	80	28	)	)	PUNCT
ape-1673	80	29	where	where	SCONJ
ape-1673	80	30	tcpib	tcpib	NOUN
ape-1673	80	31	is	be	AUX
ape-1673	80	32	the	the	DET
ape-1673	80	33	gross	gross	ADJ
ape-1673	80	34	domestic	domestic	ADJ
ape-1673	80	35	product	product	NOUN
ape-1673	80	36	growth	growth	NOUN
ape-1673	80	37	rate	rate	NOUN
ape-1673	80	38	,	,	PUNCT
ape-1673	80	39	rali	rali	VERB
ape-1673	80	40	the	the	DET
ape-1673	80	41	excess	excess	ADJ
ape-1673	80	42	liquidity	liquidity	NOUN
ape-1673	80	43	ratio	ratio	NOUN
ape-1673	80	44	(	(	PUNCT
ape-1673	80	45	rali	rali	PROPN
ape-1673	80	46	)	)	PUNCT
ape-1673	80	47	proposed	propose	VERB
ape-1673	80	48	by	by	ADP
ape-1673	80	49	wanda	wanda	PROPN
ape-1673	80	50	(	(	PUNCT
ape-1673	80	51	2007	2007	NUM
ape-1673	80	52	)	)	PUNCT
ape-1673	80	53	,	,	PUNCT
ape-1673	80	54	inv	inv	VERB
ape-1673	80	55	,	,	PUNCT
ape-1673	80	56	gross	gross	ADJ
ape-1673	80	57	fixed	fix	VERB
ape-1673	80	58	capital	capital	NOUN
ape-1673	80	59	formation	formation	NOUN
ape-1673	80	60	as	as	ADP
ape-1673	80	61	a	a	DET
ape-1673	80	62	ratio	ratio	NOUN
ape-1673	80	63	of	of	ADP
ape-1673	80	64	gdp	gdp	PROPN
ape-1673	80	65	,	,	PUNCT
ape-1673	80	66	te	te	ADP
ape-1673	80	67	,	,	PUNCT
ape-1673	80	68	terms	term	NOUN
ape-1673	80	69	of	of	ADP
ape-1673	80	70	trade	trade	NOUN
ape-1673	80	71	,	,	PUNCT
ape-1673	80	72	solvency	solvency	NOUN
ape-1673	80	73	ratio	ratio	NOUN
ape-1673	80	74	and	and	CCONJ
ape-1673	80	75	idf	idf	PROPN
ape-1673	80	76	,	,	PUNCT
ape-1673	80	77	a	a	DET
ape-1673	80	78	financial	financial	ADJ
ape-1673	80	79	development	development	NOUN
ape-1673	80	80	index	index	NOUN
ape-1673	80	81	and	and	CCONJ
ape-1673	80	82	ralixinv	ralixinv	VERB
ape-1673	80	83	,	,	PUNCT
ape-1673	80	84	a	a	DET
ape-1673	80	85	multiplicative	multiplicative	ADJ
ape-1673	80	86	variable	variable	NOUN
ape-1673	80	87	to	to	PART
ape-1673	80	88	capture	capture	VERB
ape-1673	80	89	the	the	DET
ape-1673	80	90	conditioning	conditioning	NOUN
ape-1673	80	91	effect	effect	NOUN
ape-1673	80	92	of	of	ADP
ape-1673	80	93	private	private	ADJ
ape-1673	80	94	investment	investment	NOUN
ape-1673	80	95	on	on	ADP
ape-1673	80	96	bank	bank	NOUN
ape-1673	80	97	excess	excess	ADJ
ape-1673	80	98	liquidity	liquidity	NOUN
ape-1673	80	99	and	and	CCONJ
ape-1673	80	100	economic	economic	ADJ
ape-1673	80	101	activity	activity	NOUN
ape-1673	80	102	.	.	PUNCT
ape-1673	81	1	the	the	DET
ape-1673	81	2	variables	variable	NOUN
ape-1673	81	3	are	be	AUX
ape-1673	81	4	summarized	summarize	VERB
ape-1673	81	5	in	in	ADP
ape-1673	81	6	the	the	DET
ape-1673	81	7	table	table	NOUN
ape-1673	81	8	below	below	ADV
ape-1673	81	9	.	.	PUNCT
ape-1673	82	1	table	table	NOUN
ape-1673	82	2	1	1	NUM
ape-1673	82	3	.	.	PUNCT
ape-1673	83	1	summary	summary	NOUN
ape-1673	83	2	of	of	ADP
ape-1673	83	3	study	study	NOUN
ape-1673	83	4	variables	variable	NOUN
ape-1673	83	5	and	and	CCONJ
ape-1673	83	6	expected	expect	VERB
ape-1673	83	7	signs	sign	NOUN
ape-1673	83	8	endogenous	endogenous	ADJ
ape-1673	83	9	variable	variable	NOUN
ape-1673	83	10	:	:	PUNCT
ape-1673	83	11	tcpib	tcpib	ADJ
ape-1673	83	12	:	:	PUNCT
ape-1673	83	13	gdp	gdp	NOUN
ape-1673	83	14	growth	growth	NOUN
ape-1673	83	15	rate	rate	NOUN
ape-1673	83	16	exogenous	exogenous	ADJ
ape-1673	83	17	variables	variable	NOUN
ape-1673	83	18	description	description	NOUN
ape-1673	83	19	of	of	ADP
ape-1673	83	20	variables	variable	NOUN
ape-1673	83	21	expected	expect	VERB
ape-1673	83	22	signs	sign	NOUN
ape-1673	83	23	rali	rali	VERB
ape-1673	83	24	over	over	ADP
ape-1673	83	25	-	-	PUNCT
ape-1673	83	26	liquidity	liquidity	NOUN
ape-1673	83	27	ratio	ratio	NOUN
ape-1673	83	28	+	+	CCONJ
ape-1673	83	29	inv	inv	VERB
ape-1673	83	30	private	private	ADJ
ape-1673	83	31	investment	investment	NOUN
ape-1673	83	32	+	+	CCONJ
ape-1673	83	33	rali×inv	rali×inv	NOUN
ape-1673	83	34	interaction	interaction	NOUN
ape-1673	83	35	variable	variable	NOUN
ape-1673	83	36	+	+	CCONJ
ape-1673	83	37	idf	idf	PROPN
ape-1673	83	38	financial	financial	PROPN
ape-1673	83	39	development	development	PROPN
ape-1673	83	40	index	index	NOUN
ape-1673	83	41	+	+	CCONJ
ape-1673	83	42	te	te	ADP
ape-1673	83	43	terms	term	NOUN
ape-1673	83	44	of	of	ADP
ape-1673	83	45	the	the	DET
ape-1673	83	46	exchange	exchange	NOUN
ape-1673	83	47	fp	fp	PROPN
ape-1673	83	48	/	/	SYM
ape-1673	83	49	eng	eng	PROPN
ape-1673	83	50	solvency	solvency	NOUN
ape-1673	83	51	ratio	ratio	NOUN
ape-1673	83	52	+	+	CCONJ
ape-1673	83	53	source	source	NOUN
ape-1673	83	54	:	:	PUNCT
ape-1673	83	55	author	author	NOUN
ape-1673	83	56	’s	’s	PART
ape-1673	83	57	presentation	presentation	NOUN
ape-1673	83	58	.	.	PUNCT
ape-1673	84	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	84	2	advances	advance	NOUN
ape-1673	84	3	in	in	ADP
ape-1673	84	4	politics	politic	NOUN
ape-1673	84	5	and	and	CCONJ
ape-1673	84	6	economic	economic	ADJ
ape-1673	84	7	vol	vol	NOUN
ape-1673	84	8	.	.	PROPN
ape-1673	85	1	1	1	NUM
ape-1673	85	2	,	,	PUNCT
ape-1673	85	3	no	no	INTJ
ape-1673	85	4	.	.	NOUN
ape-1673	85	5	2	2	NUM
ape-1673	85	6	,	,	PUNCT
ape-1673	85	7	2018	2018	NUM
ape-1673	85	8	145	145	NUM
ape-1673	85	9	published	publish	VERB
ape-1673	85	10	by	by	ADP
ape-1673	85	11	scholink	scholink	PROPN
ape-1673	85	12	inc	inc	PROPN
ape-1673	85	13	.	.	PROPN
ape-1673	85	14	3.2	3.2	NUM
ape-1673	85	15	the	the	DET
ape-1673	85	16	panel	panel	NOUN
ape-1673	85	17	estimation	estimation	NOUN
ape-1673	85	18	our	our	PRON
ape-1673	85	19	study	study	NOUN
ape-1673	85	20	was	be	AUX
ape-1673	85	21	performed	perform	VERB
ape-1673	85	22	using	use	VERB
ape-1673	85	23	the	the	DET
ape-1673	85	24	panel	panel	NOUN
ape-1673	85	25	data	datum	NOUN
ape-1673	85	26	,	,	PUNCT
ape-1673	85	27	under	under	ADP
ape-1673	85	28	their	their	PRON
ape-1673	85	29	double	double	ADJ
ape-1673	85	30	dimensions	dimension	NOUN
ape-1673	85	31	,	,	PUNCT
ape-1673	85	32	including	include	VERB
ape-1673	85	33	an	an	DET
ape-1673	85	34	individual	individual	ADJ
ape-1673	85	35	dimension	dimension	NOUN
ape-1673	85	36	and	and	CCONJ
ape-1673	85	37	temporal	temporal	ADJ
ape-1673	85	38	dimension	dimension	NOUN
ape-1673	85	39	.	.	PUNCT
ape-1673	86	1	the	the	DET
ape-1673	86	2	panel	panel	NOUN
ape-1673	86	3	data	datum	NOUN
ape-1673	86	4	,	,	PUNCT
ape-1673	86	5	by	by	ADP
ape-1673	86	6	this	this	DET
ape-1673	86	7	feature	feature	NOUN
ape-1673	86	8	,	,	PUNCT
ape-1673	86	9	proved	prove	VERB
ape-1673	86	10	so	so	ADV
ape-1673	86	11	particularly	particularly	ADV
ape-1673	86	12	suited	suited	ADJ
ape-1673	86	13	whenever	whenever	SCONJ
ape-1673	86	14	you	you	PRON
ape-1673	86	15	want	want	VERB
ape-1673	86	16	to	to	PART
ape-1673	86	17	estimate	estimate	VERB
ape-1673	86	18	models	model	NOUN
ape-1673	86	19	and	and	CCONJ
ape-1673	86	20	test	test	VERB
ape-1673	86	21	underlying	underlie	VERB
ape-1673	86	22	theories	theory	NOUN
ape-1673	86	23	(	(	PUNCT
ape-1673	86	24	nerlove	nerlove	NOUN
ape-1673	86	25	&	&	CCONJ
ape-1673	86	26	balestra	balestra	PROPN
ape-1673	86	27	,	,	PUNCT
ape-1673	86	28	1995	1995	NUM
ape-1673	86	29	)	)	PUNCT
ape-1673	86	30	.	.	PUNCT
ape-1673	87	1	therefore	therefore	ADV
ape-1673	87	2	,	,	PUNCT
ape-1673	87	3	the	the	DET
ape-1673	87	4	model	model	NOUN
ape-1673	87	5	(	(	PUNCT
ape-1673	87	6	1	1	X
ape-1673	87	7	)	)	PUNCT
ape-1673	87	8	can	can	AUX
ape-1673	87	9	be	be	AUX
ape-1673	87	10	again	again	ADV
ape-1673	87	11	specified	specify	VERB
ape-1673	87	12	as	as	SCONJ
ape-1673	87	13	follows	follow	VERB
ape-1673	87	14	:	:	PUNCT
ape-1673	87	15	1	1	NUM
ape-1673	87	16	2	2	NUM
ape-1673	87	17	3	3	NUM
ape-1673	87	18	4	4	NUM
ape-1673	87	19	5	5	NUM
ape-1673	87	20	6	6	NUM
ape-1673	87	21	(	(	PUNCT
ape-1673	87	22	)	)	PUNCT
ape-1673	88	1	(	(	PUNCT
ape-1673	88	2	/	/	SYM
ape-1673	88	3	)	)	PUNCT
ape-1673	88	4	it	it	PRON
ape-1673	88	5	it	it	PRON
ape-1673	89	1	it	it	PRON
ape-1673	90	1	it	it	PRON
ape-1673	91	1	it	it	PRON
ape-1673	92	1	it	it	PRON
ape-1673	93	1	it	it	PRON
ape-1673	94	1	it	it	PRON
ape-1673	94	2	ittcpib	ittcpib	ADJ
ape-1673	94	3	rali	rali	PROPN
ape-1673	94	4	inv	inv	VERB
ape-1673	94	5	rali	rali	PROPN
ape-1673	94	6	inv	inv	VERB
ape-1673	94	7	te	te	ADP
ape-1673	94	8	fp	fp	X
ape-1673	94	9	eng	eng	PROPN
ape-1673	94	10	idf	idf	NOUN
ape-1673	94	11			PROPN
ape-1673	94	12			PROPN
ape-1673	94	13			PROPN
ape-1673	94	14			PROPN
ape-1673	94	15			PROPN
ape-1673	94	16			PROPN
ape-1673	94	17			PROPN
ape-1673	94	18			ADV
ape-1673	94	19			VERB
ape-1673	94	20			PROPN
ape-1673	94	21			PROPN
ape-1673	94	22			PROPN
ape-1673	94	23			PROPN
ape-1673	94	24			PUNCT
ape-1673	94	25			X
ape-1673	94	26	(	(	PUNCT
ape-1673	94	27	2	2	NUM
ape-1673	94	28	)	)	PUNCT
ape-1673	94	29	with	with	ADP
ape-1673	94	30	i	i	PROPN
ape-1673	94	31	=	=	NOUN
ape-1673	94	32	1	1	NUM
ape-1673	94	33	,	,	PUNCT
ape-1673	94	34	..........	..........	PROPN
ape-1673	94	35	t	t	PROPN
ape-1673	94	36	,	,	PUNCT
ape-1673	94	37	t	t	NOUN
ape-1673	94	38	=	=	SYM
ape-1673	94	39	1	1	NUM
ape-1673	94	40	,	,	PUNCT
ape-1673	94	41	.......	.......	PUNCT
ape-1673	94	42	22	22	NUM
ape-1673	94	43	;	;	PUNCT
ape-1673	94	44	x1it	x1it	PUNCT
ape-1673	94	45	,	,	PUNCT
ape-1673	94	46	the	the	DET
ape-1673	94	47	value	value	NOUN
ape-1673	94	48	of	of	ADP
ape-1673	94	49	the	the	DET
ape-1673	94	50	j	j	PROPN
ape-1673	94	51	-	-	PUNCT
ape-1673	94	52	ième	ième	PROPN
ape-1673	94	53	variable	variable	NOUN
ape-1673	94	54	for	for	ADP
ape-1673	94	55	i	i	PROPN
ape-1673	94	56	-	-	PUNCT
ape-1673	94	57	ième	ième	PROPN
ape-1673	94	58	unit	unit	NOUN
ape-1673	94	59	to	to	ADP
ape-1673	94	60	the	the	DET
ape-1673	94	61	period	period	NOUN
ape-1673	94	62	t	t	PROPN
ape-1673	94	63	,	,	PUNCT
ape-1673	94	64	j	j	PROPN
ape-1673	94	65	=	=	SYM
ape-1673	94	66	1	1	PROPN
ape-1673	94	67	,	,	PUNCT
ape-1673	94	68	......	......	PUNCT
ape-1673	95	1	7	7	X
ape-1673	95	2	.	.	X
ape-1673	95	3	k	k	PROPN
ape-1673	95	4	is	be	AUX
ape-1673	95	5	the	the	DET
ape-1673	95	6	number	number	NOUN
ape-1673	95	7	of	of	ADP
ape-1673	95	8	explanatory	explanatory	ADJ
ape-1673	95	9	variables	variable	NOUN
ape-1673	95	10	model	model	NOUN
ape-1673	95	11	and	and	CCONJ
ape-1673	95	12	αit	αit	NOUN
ape-1673	95	13	,	,	PUNCT
ape-1673	95	14	βi	βi	PRON
ape-1673	95	15	,	,	PUNCT
ape-1673	95	16	the	the	DET
ape-1673	95	17	coefficients	coefficient	NOUN
ape-1673	95	18	of	of	ADP
ape-1673	95	19	exogenous	exogenous	ADJ
ape-1673	95	20	variables	variable	NOUN
ape-1673	95	21	for	for	ADP
ape-1673	95	22	the	the	DET
ape-1673	95	23	individual	individual	ADJ
ape-1673	95	24	i.	i.	NOUN
ape-1673	95	25	finally	finally	ADV
ape-1673	95	26	,	,	PUNCT
ape-1673	95	27	μit	μit	NOUN
ape-1673	95	28	is	be	AUX
ape-1673	95	29	the	the	DET
ape-1673	95	30	term	term	NOUN
ape-1673	95	31	errors	error	NOUN
ape-1673	95	32	for	for	ADP
ape-1673	95	33	the	the	DET
ape-1673	95	34	individual	individual	ADJ
ape-1673	95	35	i	i	PROPN
ape-1673	95	36	on	on	ADP
ape-1673	95	37	the	the	DET
ape-1673	95	38	datet	datet	NOUN
ape-1673	95	39	.	.	PUNCT
ape-1673	96	1	this	this	DET
ape-1673	96	2	model	model	NOUN
ape-1673	96	3	assumes	assume	VERB
ape-1673	96	4	that	that	SCONJ
ape-1673	96	5	each	each	DET
ape-1673	96	6	individual	individual	NOUN
ape-1673	96	7	has	have	VERB
ape-1673	96	8	a	a	DET
ape-1673	96	9	specific	specific	ADJ
ape-1673	96	10	behavior	behavior	NOUN
ape-1673	96	11	,	,	PUNCT
ape-1673	96	12	which	which	PRON
ape-1673	96	13	is	be	AUX
ape-1673	96	14	differentiated	differentiate	VERB
ape-1673	96	15	from	from	ADP
ape-1673	96	16	one	one	NUM
ape-1673	96	17	period	period	NOUN
ape-1673	96	18	to	to	ADP
ape-1673	96	19	another	another	PRON
ape-1673	96	20	.	.	PUNCT
ape-1673	97	1	denuded	denude	VERB
ape-1673	97	2	of	of	ADP
ape-1673	97	3	any	any	DET
ape-1673	97	4	economic	economic	ADJ
ape-1673	97	5	interest	interest	NOUN
ape-1673	97	6	,	,	PUNCT
ape-1673	97	7	the	the	DET
ape-1673	97	8	model	model	NOUN
ape-1673	97	9	becomes	become	VERB
ape-1673	97	10	interesting	interesting	ADJ
ape-1673	97	11	once	once	SCONJ
ape-1673	97	12	it	it	PRON
ape-1673	97	13	imposes	impose	VERB
ape-1673	97	14	identifying	identify	VERB
ape-1673	97	15	restrictions	restriction	NOUN
ape-1673	97	16	,	,	PUNCT
ape-1673	97	17	which	which	PRON
ape-1673	97	18	correspond	correspond	VERB
ape-1673	97	19	to	to	ADP
ape-1673	97	20	the	the	DET
ape-1673	97	21	different	different	ADJ
ape-1673	97	22	hypotheses	hypothesis	NOUN
ape-1673	97	23	that	that	SCONJ
ape-1673	97	24	one	one	NOUN
ape-1673	97	25	wishes	wish	VERB
ape-1673	97	26	to	to	PART
ape-1673	97	27	test	test	VERB
ape-1673	97	28	.	.	PUNCT
ape-1673	98	1	the	the	DET
ape-1673	98	2	economic	economic	ADJ
ape-1673	98	3	literature	literature	PROPN
ape-1673	98	4	most	most	ADV
ape-1673	98	5	often	often	ADV
ape-1673	98	6	uses	use	VERB
ape-1673	98	7	three	three	NUM
ape-1673	98	8	hypotheses	hypothesis	NOUN
ape-1673	98	9	that	that	SCONJ
ape-1673	98	10	we	we	PRON
ape-1673	98	11	present	present	VERB
ape-1673	98	12	in	in	ADP
ape-1673	98	13	our	our	PRON
ape-1673	98	14	study	study	NOUN
ape-1673	98	15	.	.	PUNCT
ape-1673	99	1	first	first	ADV
ape-1673	99	2	the	the	DET
ape-1673	99	3	homogeneous	homogeneous	ADJ
ape-1673	99	4	model	model	NOUN
ape-1673	99	5	.	.	PUNCT
ape-1673	100	1	this	this	DET
ape-1673	100	2	type	type	NOUN
ape-1673	100	3	of	of	ADP
ape-1673	100	4	model	model	NOUN
ape-1673	100	5	assumes	assume	VERB
ape-1673	100	6	the	the	DET
ape-1673	100	7	presence	presence	NOUN
ape-1673	100	8	of	of	ADP
ape-1673	100	9	uniform	uniform	ADJ
ape-1673	100	10	behavior	behavior	NOUN
ape-1673	100	11	between	between	ADP
ape-1673	100	12	individuals	individual	NOUN
ape-1673	100	13	.	.	PUNCT
ape-1673	101	1	estimating	estimate	VERB
ape-1673	101	2	model	model	NOUN
ape-1673	101	3	returns	return	NOUN
ape-1673	101	4	to	to	PART
ape-1673	101	5	be	be	AUX
ape-1673	101	6	applied	apply	VERB
ape-1673	101	7	simply	simply	ADV
ape-1673	101	8	the	the	DET
ape-1673	101	9	ordinary	ordinary	ADJ
ape-1673	101	10	least	least	ADJ
ape-1673	101	11	squares	square	NOUN
ape-1673	101	12	(	(	PUNCT
ape-1673	101	13	ols	ol	NOUN
ape-1673	101	14	)	)	PUNCT
ape-1673	101	15	on	on	ADP
ape-1673	101	16	all	all	DET
ape-1673	101	17	the	the	DET
ape-1673	101	18	data	datum	NOUN
ape-1673	101	19	set	set	VERB
ape-1673	101	20	end	end	NOUN
ape-1673	101	21	-	-	PUNCT
ape-1673	101	22	to	to	ADP
ape-1673	101	23	-	-	PUNCT
ape-1673	101	24	end	end	NOUN
ape-1673	101	25	without	without	ADP
ape-1673	101	26	worrying	worry	VERB
ape-1673	101	27	their	their	PRON
ape-1673	101	28	specific	specific	ADJ
ape-1673	101	29	nature	nature	NOUN
ape-1673	101	30	or	or	CCONJ
ape-1673	101	31	that	that	PRON
ape-1673	101	32	of	of	ADP
ape-1673	101	33	hazard	hazard	NOUN
ape-1673	101	34	and	and	CCONJ
ape-1673	101	35	.	.	PUNCT
ape-1673	102	1	in	in	ADP
ape-1673	102	2	this	this	DET
ape-1673	102	3	model	model	NOUN
ape-1673	102	4	,	,	PUNCT
ape-1673	102	5	all	all	DET
ape-1673	102	6	coefficients	coefficient	NOUN
ape-1673	102	7	are	be	AUX
ape-1673	102	8	identical	identical	ADJ
ape-1673	102	9	.	.	PUNCT
ape-1673	103	1	in	in	ADP
ape-1673	103	2	this	this	DET
ape-1673	103	3	case	case	NOUN
ape-1673	103	4	we	we	PRON
ape-1673	103	5	can	can	AUX
ape-1673	103	6	write	write	VERB
ape-1673	103	7	:	:	PUNCT
ape-1673	103	8	it	it	PRON
ape-1673	103	9	follows	follow	VERB
ape-1673	103	10	that	that	SCONJ
ape-1673	103	11	our	our	PRON
ape-1673	103	12	model	model	NOUN
ape-1673	103	13	is	be	AUX
ape-1673	103	14	given	give	VERB
ape-1673	103	15	by	by	ADP
ape-1673	103	16	:	:	PUNCT
ape-1673	103	17	(	(	PUNCT
ape-1673	103	18	3	3	X
ape-1673	103	19	)	)	PUNCT
ape-1673	103	20	if	if	SCONJ
ape-1673	103	21	one	one	PRON
ape-1673	103	22	assumes	assume	VERB
ape-1673	103	23	the	the	DET
ape-1673	103	24	existence	existence	NOUN
ape-1673	103	25	of	of	ADP
ape-1673	103	26	difference	difference	NOUN
ape-1673	103	27	of	of	ADP
ape-1673	103	28	behavior	behavior	NOUN
ape-1673	103	29	between	between	ADP
ape-1673	103	30	individuals	individual	NOUN
ape-1673	103	31	,	,	PUNCT
ape-1673	103	32	then	then	ADV
ape-1673	103	33	this	this	DET
ape-1673	103	34	model	model	NOUN
ape-1673	103	35	is	be	AUX
ape-1673	103	36	no	no	PRON
ape-1673	103	37	more	more	ADV
ape-1673	103	38	suitable	suitable	ADJ
ape-1673	103	39	.	.	PUNCT
ape-1673	104	1	then	then	ADV
ape-1673	104	2	,	,	PUNCT
ape-1673	104	3	the	the	DET
ape-1673	104	4	individual	individual	ADJ
ape-1673	104	5	effect	effect	NOUN
ape-1673	104	6	model	model	NOUN
ape-1673	104	7	which	which	PRON
ape-1673	104	8	assumes	assume	VERB
ape-1673	104	9	that	that	SCONJ
ape-1673	104	10	the	the	DET
ape-1673	104	11	individual	individual	ADJ
ape-1673	104	12	estimates	estimate	NOUN
ape-1673	104	13	differ	differ	VERB
ape-1673	104	14	only	only	ADV
ape-1673	104	15	in	in	ADP
ape-1673	104	16	the	the	DET
ape-1673	104	17	constant	constant	NOUN
ape-1673	104	18	.	.	PUNCT
ape-1673	105	1	we	we	PRON
ape-1673	105	2	distinguish	distinguish	VERB
ape-1673	105	3	in	in	ADP
ape-1673	105	4	this	this	DET
ape-1673	105	5	case	case	NOUN
ape-1673	105	6	the	the	DET
ape-1673	105	7	fixed	fix	VERB
ape-1673	105	8	-	-	PUNCT
ape-1673	105	9	effect	effect	NOUN
ape-1673	105	10	model	model	NOUN
ape-1673	105	11	where	where	SCONJ
ape-1673	105	12	the	the	DET
ape-1673	105	13	individual	individual	ADJ
ape-1673	105	14	effect	effect	NOUN
ape-1673	105	15	is	be	AUX
ape-1673	105	16	constant	constant	ADJ
ape-1673	105	17	over	over	ADP
ape-1673	105	18	time	time	NOUN
ape-1673	105	19	and	and	CCONJ
ape-1673	105	20	the	the	DET
ape-1673	105	21	random	random	ADJ
ape-1673	105	22	-	-	PUNCT
ape-1673	105	23	effect	effect	NOUN
ape-1673	105	24	model	model	NOUN
ape-1673	105	25	where	where	SCONJ
ape-1673	105	26	the	the	DET
ape-1673	105	27	constant	constant	ADJ
ape-1673	105	28	term	term	NOUN
ape-1673	105	29	is	be	AUX
ape-1673	105	30	a	a	DET
ape-1673	105	31	random	random	ADJ
ape-1673	105	32	variable	variable	NOUN
ape-1673	105	33	.	.	PUNCT
ape-1673	106	1	concerning	concern	VERB
ape-1673	106	2	the	the	DET
ape-1673	106	3	fixed	fix	VERB
ape-1673	106	4	effects	effect	NOUN
ape-1673	106	5	model	model	NOUN
ape-1673	106	6	,	,	PUNCT
ape-1673	106	7	it	it	PRON
ape-1673	106	8	takes	take	VERB
ape-1673	106	9	into	into	ADP
ape-1673	106	10	account	account	NOUN
ape-1673	106	11	the	the	DET
ape-1673	106	12	heterogeneity	heterogeneity	NOUN
ape-1673	106	13	of	of	ADP
ape-1673	106	14	the	the	DET
ape-1673	106	15	behaviors	behavior	NOUN
ape-1673	106	16	of	of	ADP
ape-1673	106	17	the	the	DET
ape-1673	106	18	individuals	individual	NOUN
ape-1673	106	19	composing	compose	VERB
ape-1673	106	20	the	the	DET
ape-1673	106	21	sample	sample	NOUN
ape-1673	106	22	by	by	ADP
ape-1673	106	23	considering	consider	VERB
ape-1673	106	24	that	that	SCONJ
ape-1673	106	25	the	the	DET
ape-1673	106	26	equations	equation	NOUN
ape-1673	106	27	that	that	PRON
ape-1673	106	28	govern	govern	VERB
ape-1673	106	29	the	the	DET
ape-1673	106	30	relations	relation	NOUN
ape-1673	106	31	the	the	DET
ape-1673	106	32	explained	explain	VERB
ape-1673	106	33	variable	variable	NOUN
ape-1673	106	34	and	and	CCONJ
ape-1673	106	35	the	the	DET
ape-1673	106	36	explanatory	explanatory	ADJ
ape-1673	106	37	variables	variable	NOUN
ape-1673	106	38	,	,	PUNCT
ape-1673	106	39	stand	stand	VERB
ape-1673	106	40	out	out	ADP
ape-1673	106	41	,	,	PUNCT
ape-1673	106	42	from	from	ADP
ape-1673	106	43	an	an	DET
ape-1673	106	44	individual	individual	NOUN
ape-1673	106	45	to	to	ADP
ape-1673	106	46	another	another	PRON
ape-1673	106	47	by	by	ADP
ape-1673	106	48	a	a	DET
ape-1673	106	49	constant	constant	NOUN
ape-1673	106	50	.	.	PUNCT
ape-1673	107	1	therefore	therefore	ADV
ape-1673	107	2	,	,	PUNCT
ape-1673	107	3	the	the	DET
ape-1673	107	4	method	method	NOUN
ape-1673	107	5	of	of	ADP
ape-1673	107	6	estimating	estimate	VERB
ape-1673	107	7	the	the	DET
ape-1673	107	8	parameters	parameter	NOUN
ape-1673	107	9	depends	depend	VERB
ape-1673	107	10	on	on	ADP
ape-1673	107	11	the	the	DET
ape-1673	107	12	structure	structure	NOUN
ape-1673	107	13	of	of	ADP
ape-1673	107	14	the	the	DET
ape-1673	107	15	error	error	NOUN
ape-1673	107	16	terms	term	NOUN
ape-1673	107	17	.	.	PUNCT
ape-1673	108	1	if	if	SCONJ
ape-1673	108	2	the	the	DET
ape-1673	108	3	errors	error	NOUN
ape-1673	108	4	are	be	AUX
ape-1673	108	5	homoscedastic	homoscedastic	ADJ
ape-1673	108	6	,	,	PUNCT
ape-1673	108	7	not	not	PART
ape-1673	108	8	auto	auto	NOUN
ape-1673	108	9	correlated	correlate	VERB
ape-1673	108	10	in	in	ADP
ape-1673	108	11	the	the	DET
ape-1673	108	12	temporal	temporal	ADJ
ape-1673	108	13	dimension	dimension	NOUN
ape-1673	108	14	and	and	CCONJ
ape-1673	108	15	in	in	ADP
ape-1673	108	16	the	the	DET
ape-1673	108	17	individual	individual	ADJ
ape-1673	108	18	dimension	dimension	NOUN
ape-1673	108	19	,	,	PUNCT
ape-1673	108	20	the	the	DET
ape-1673	108	21	mco	mco	PROPN
ape-1673	108	22	method	method	NOUN
ape-1673	108	23	on	on	ADP
ape-1673	108	24	the	the	DET
ape-1673	108	25	dummy	dummy	ADJ
ape-1673	108	26	variables	variable	NOUN
ape-1673	108	27	(	(	PUNCT
ape-1673	108	28	lsdv	lsdv	NOUN
ape-1673	108	29	=	=	SYM
ape-1673	108	30	least	least	ADJ
ape-1673	108	31	square	square	ADJ
ape-1673	108	32	dummy	dummy	ADJ
ape-1673	108	33	variable	variable	NOUN
ape-1673	108	34	)	)	PUNCT
ape-1673	108	35	or	or	CCONJ
ape-1673	108	36	the	the	PRON
ape-1673	108	37	within	within	ADP
ape-1673	108	38	estimators	estimator	NOUN
ape-1673	108	39	is	be	AUX
ape-1673	108	40	used	use	VERB
ape-1673	108	41	.	.	PUNCT
ape-1673	109	1	on	on	ADP
ape-1673	109	2	the	the	DET
ape-1673	109	3	other	other	ADJ
ape-1673	109	4	hand	hand	NOUN
ape-1673	109	5	,	,	PUNCT
ape-1673	109	6	if	if	SCONJ
ape-1673	109	7	the	the	DET
ape-1673	109	8	errors	error	NOUN
ape-1673	109	9	are	be	AUX
ape-1673	109	10	heteroscedastic	heteroscedastic	ADJ
ape-1673	109	11	and/or	and/or	CCONJ
ape-1673	109	12	auto	auto	NOUN
ape-1673	109	13	correlated	correlate	VERB
ape-1673	109	14	in	in	ADP
ape-1673	109	15	the	the	DET
ape-1673	109	16	temporal	temporal	ADJ
ape-1673	109	17	dimension	dimension	NOUN
ape-1673	109	18	but	but	CCONJ
ape-1673	109	19	independent	independent	ADJ
ape-1673	109	20	in	in	ADP
ape-1673	109	21	the	the	DET
ape-1673	109	22	individual	individual	ADJ
ape-1673	109	23	dimension	dimension	NOUN
ape-1673	109	24	,	,	PUNCT
ape-1673	109	25	we	we	PRON
ape-1673	109	26	use	use	VERB
ape-1673	109	27	the	the	DET
ape-1673	109	28	generalized	generalized	ADJ
ape-1673	109	29	least	least	ADJ
ape-1673	109	30	squares	square	NOUN
ape-1673	109	31	(	(	PUNCT
ape-1673	109	32	gcm	gcm	PROPN
ape-1673	109	33	)	)	PUNCT
ape-1673	109	34	method	method	NOUN
ape-1673	109	35	on	on	ADP
ape-1673	109	36	the	the	DET
ape-1673	109	37	dummy	dummy	ADJ
ape-1673	109	38	variables	variable	NOUN
ape-1673	109	39	(	(	PUNCT
ape-1673	109	40	lsdv	lsdv	NOUN
ape-1673	109	41	)	)	PUNCT
ape-1673	109	42	or	or	CCONJ
ape-1673	109	43	the	the	PRON
ape-1673	109	44	within	within	ADP
ape-1673	109	45	estimators	estimator	NOUN
ape-1673	109	46	.	.	PUNCT
ape-1673	110	1	in	in	ADP
ape-1673	110	2	the	the	DET
ape-1673	110	3	case	case	NOUN
ape-1673	110	4	where	where	SCONJ
ape-1673	110	5	the	the	DET
ape-1673	110	6	systematic	systematic	ADJ
ape-1673	110	7	effects	effect	NOUN
ape-1673	110	8	are	be	AUX
ape-1673	110	9	represented	represent	VERB
ape-1673	110	10	by	by	ADP
ape-1673	110	11	the	the	DET
ape-1673	110	12	ordinates	ordinate	NOUN
ape-1673	110	13	at	at	ADP
ape-1673	110	14	the	the	DET
ape-1673	110	15	origin	origin	NOUN
ape-1673	110	16	αi	αi	VERB
ape-1673	110	17	for	for	SCONJ
ape-1673	110	18	each	each	DET
ape-1673	110	19	individual	individual	ADJ
ape-1673	110	20	one	one	PRON
ape-1673	110	21	can	can	AUX
ape-1673	110	22	write	write	VERB
ape-1673	110	23	the	the	DET
ape-1673	110	24	hypotheses	hypothesis	NOUN
ape-1673	110	25	in	in	ADP
ape-1673	110	26	the	the	DET
ape-1673	110	27	following	following	ADJ
ape-1673	110	28	way	way	NOUN
ape-1673	110	29	:	:	PUNCT
ape-1673	110	30	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	110	31	advances	advance	VERB
ape-1673	110	32	in	in	ADP
ape-1673	110	33	politics	politic	NOUN
ape-1673	110	34	and	and	CCONJ
ape-1673	110	35	economic	economic	ADJ
ape-1673	110	36	vol	vol	NOUN
ape-1673	110	37	.	.	PROPN
ape-1673	111	1	1	1	NUM
ape-1673	111	2	,	,	PUNCT
ape-1673	111	3	no	no	INTJ
ape-1673	111	4	.	.	NOUN
ape-1673	111	5	2	2	NUM
ape-1673	111	6	,	,	PUNCT
ape-1673	111	7	2018	2018	NUM
ape-1673	111	8	146	146	NUM
ape-1673	111	9	published	publish	VERB
ape-1673	111	10	by	by	ADP
ape-1673	111	11	scholink	scholink	PROPN
ape-1673	111	12	inc	inc	PROPN
ape-1673	111	13	.	.	PUNCT
ape-1673	112	1	the	the	DET
ape-1673	112	2	equation	equation	NOUN
ape-1673	112	3	is	be	AUX
ape-1673	112	4	also	also	ADV
ape-1673	112	5	given	give	VERB
ape-1673	112	6	by	by	ADP
ape-1673	112	7	:	:	PUNCT
ape-1673	112	8	(	(	PUNCT
ape-1673	112	9	4	4	X
ape-1673	112	10	)	)	PUNCT
ape-1673	112	11	in	in	ADP
ape-1673	112	12	the	the	DET
ape-1673	112	13	absence	absence	NOUN
ape-1673	112	14	of	of	ADP
ape-1673	112	15	structural	structural	ADJ
ape-1673	112	16	specificity	specificity	NOUN
ape-1673	112	17	of	of	ADP
ape-1673	112	18	the	the	DET
ape-1673	112	19	endogenous	endogenous	ADJ
ape-1673	112	20	variable	variable	NOUN
ape-1673	112	21	that	that	PRON
ape-1673	112	22	differs	differ	VERB
ape-1673	112	23	according	accord	VERB
ape-1673	112	24	to	to	ADP
ape-1673	112	25	individuals	individual	NOUN
ape-1673	112	26	,	,	PUNCT
ape-1673	112	27	it	it	PRON
ape-1673	112	28	is	be	AUX
ape-1673	112	29	possible	possible	ADJ
ape-1673	112	30	to	to	PART
ape-1673	112	31	retain	retain	VERB
ape-1673	112	32	another	another	DET
ape-1673	112	33	hypothesis	hypothesis	NOUN
ape-1673	112	34	:	:	PUNCT
ape-1673	112	35	that	that	PRON
ape-1673	112	36	of	of	ADP
ape-1673	112	37	the	the	DET
ape-1673	112	38	random	random	ADJ
ape-1673	112	39	effect	effect	NOUN
ape-1673	112	40	.	.	PUNCT
ape-1673	113	1	the	the	DET
ape-1673	113	2	random	random	ADJ
ape-1673	113	3	effect	effect	NOUN
ape-1673	113	4	model	model	NOUN
ape-1673	113	5	assumes	assume	VERB
ape-1673	113	6	that	that	SCONJ
ape-1673	113	7	the	the	DET
ape-1673	113	8	relationship	relationship	NOUN
ape-1673	113	9	between	between	ADP
ape-1673	113	10	the	the	DET
ape-1673	113	11	variable	variable	NOUN
ape-1673	113	12	to	to	PART
ape-1673	113	13	be	be	AUX
ape-1673	113	14	explained	explain	VERB
ape-1673	113	15	and	and	CCONJ
ape-1673	113	16	the	the	DET
ape-1673	113	17	explanatory	explanatory	ADJ
ape-1673	113	18	variables	variable	NOUN
ape-1673	113	19	are	be	AUX
ape-1673	113	20	no	no	ADV
ape-1673	113	21	longer	long	ADV
ape-1673	113	22	fixed	fix	VERB
ape-1673	113	23	but	but	CCONJ
ape-1673	113	24	random	random	ADJ
ape-1673	113	25	.	.	PUNCT
ape-1673	114	1	the	the	DET
ape-1673	114	2	individual	individual	ADJ
ape-1673	114	3	effect	effect	NOUN
ape-1673	114	4	(	(	PUNCT
ape-1673	114	5	constant	constant	ADJ
ape-1673	114	6	)	)	PUNCT
ape-1673	114	7	is	be	AUX
ape-1673	114	8	no	no	ADV
ape-1673	114	9	longer	long	ADV
ape-1673	114	10	a	a	DET
ape-1673	114	11	fixed	fixed	ADJ
ape-1673	114	12	but	but	CCONJ
ape-1673	114	13	random	random	ADJ
ape-1673	114	14	parameter	parameter	NOUN
ape-1673	114	15	.	.	PUNCT
ape-1673	115	1	this	this	DET
ape-1673	115	2	model	model	NOUN
ape-1673	115	3	can	can	AUX
ape-1673	115	4	be	be	AUX
ape-1673	115	5	written	write	VERB
ape-1673	115	6	as	as	SCONJ
ape-1673	115	7	follows	follow	VERB
ape-1673	115	8	:	:	PUNCT
ape-1673	115	9	the	the	DET
ape-1673	115	10	equation	equation	NOUN
ape-1673	115	11	is	be	AUX
ape-1673	115	12	also	also	ADV
ape-1673	115	13	given	give	VERB
ape-1673	115	14	by	by	ADP
ape-1673	115	15	:	:	PUNCT
ape-1673	115	16	(	(	PUNCT
ape-1673	115	17	5	5	X
ape-1673	115	18	)	)	PUNCT
ape-1673	115	19	the	the	DET
ape-1673	115	20	hausman	hausman	ADJ
ape-1673	115	21	test	test	NOUN
ape-1673	115	22	is	be	AUX
ape-1673	115	23	a	a	DET
ape-1673	115	24	specification	specification	NOUN
ape-1673	115	25	test	test	NOUN
ape-1673	115	26	that	that	PRON
ape-1673	115	27	determines	determine	VERB
ape-1673	115	28	whether	whether	SCONJ
ape-1673	115	29	the	the	DET
ape-1673	115	30	coefficients	coefficient	NOUN
ape-1673	115	31	of	of	ADP
ape-1673	115	32	the	the	DET
ape-1673	115	33	two	two	NUM
ape-1673	115	34	estimates	estimate	NOUN
ape-1673	115	35	(	(	PUNCT
ape-1673	115	36	fixed	fixed	ADJ
ape-1673	115	37	and	and	CCONJ
ape-1673	115	38	random	random	ADJ
ape-1673	115	39	)	)	PUNCT
ape-1673	115	40	are	be	AUX
ape-1673	115	41	statistically	statistically	ADV
ape-1673	115	42	different	different	ADJ
ape-1673	115	43	.	.	PUNCT
ape-1673	116	1	the	the	DET
ape-1673	116	2	statistic	statistic	NOUN
ape-1673	116	3	of	of	ADP
ape-1673	116	4	this	this	DET
ape-1673	116	5	test	test	NOUN
ape-1673	116	6	is	be	AUX
ape-1673	116	7	a	a	DET
ape-1673	116	8	chi	chi	NOUN
ape-1673	116	9	-	-	PUNCT
ape-1673	116	10	square	square	NOUN
ape-1673	116	11	with	with	ADP
ape-1673	116	12	k	k	PROPN
ape-1673	116	13	degree	degree	NOUN
ape-1673	116	14	of	of	ADP
ape-1673	116	15	freedom	freedom	NOUN
ape-1673	116	16	.	.	PUNCT
ape-1673	117	1	if	if	SCONJ
ape-1673	117	2	the	the	DET
ape-1673	117	3	probability	probability	NOUN
ape-1673	117	4	of	of	ADP
ape-1673	117	5	the	the	DET
ape-1673	117	6	test	test	NOUN
ape-1673	117	7	is	be	AUX
ape-1673	117	8	less	less	ADJ
ape-1673	117	9	than	than	ADP
ape-1673	117	10	5	5	NUM
ape-1673	117	11	%	%	NOUN
ape-1673	117	12	,	,	PUNCT
ape-1673	117	13	then	then	ADV
ape-1673	117	14	the	the	DET
ape-1673	117	15	within	within	ADJ
ape-1673	117	16	estimators	estimator	NOUN
ape-1673	117	17	are	be	AUX
ape-1673	117	18	unbiased	unbiased	ADJ
ape-1673	117	19	.	.	PUNCT
ape-1673	118	1	in	in	ADP
ape-1673	118	2	the	the	DET
ape-1673	118	3	opposite	opposite	ADJ
ape-1673	118	4	case	case	NOUN
ape-1673	118	5	,	,	PUNCT
ape-1673	118	6	we	we	PRON
ape-1673	118	7	will	will	AUX
ape-1673	118	8	retain	retain	VERB
ape-1673	118	9	the	the	DET
ape-1673	118	10	mcg	mcg	NOUN
ape-1673	118	11	estimators	estimator	NOUN
ape-1673	118	12	or	or	CCONJ
ape-1673	118	13	the	the	DET
ape-1673	118	14	random	random	ADJ
ape-1673	118	15	effect	effect	NOUN
ape-1673	118	16	model	model	NOUN
ape-1673	118	17	.	.	PUNCT
ape-1673	119	1	3.3	3.3	NUM
ape-1673	119	2	stationarity	stationarity	NOUN
ape-1673	119	3	and	and	CCONJ
ape-1673	119	4	co	co	NOUN
ape-1673	119	5	-	-	NOUN
ape-1673	119	6	integration	integration	NOUN
ape-1673	119	7	test	test	NOUN
ape-1673	119	8	the	the	DET
ape-1673	119	9	robustness	robustness	NOUN
ape-1673	119	10	of	of	ADP
ape-1673	119	11	the	the	DET
ape-1673	119	12	results	result	NOUN
ape-1673	119	13	depend	depend	VERB
ape-1673	119	14	on	on	ADP
ape-1673	119	15	the	the	DET
ape-1673	119	16	compliance	compliance	NOUN
ape-1673	119	17	with	with	ADP
ape-1673	119	18	the	the	DET
ape-1673	119	19	characteristics	characteristic	NOUN
ape-1673	119	20	stochastic	stochastic	ADJ
ape-1673	119	21	series	series	NOUN
ape-1673	119	22	.	.	PUNCT
ape-1673	120	1	to	to	PART
ape-1673	120	2	do	do	VERB
ape-1673	120	3	this	this	PRON
ape-1673	120	4	,	,	PUNCT
ape-1673	120	5	should	should	AUX
ape-1673	120	6	be	be	AUX
ape-1673	120	7	applied	apply	VERB
ape-1673	120	8	the	the	DET
ape-1673	120	9	stationarity	stationarity	NOUN
ape-1673	120	10	tests	test	NOUN
ape-1673	120	11	and	and	CCONJ
ape-1673	120	12	if	if	SCONJ
ape-1673	120	13	any	any	DET
ape-1673	120	14	,	,	PUNCT
ape-1673	120	15	co	co	NOUN
ape-1673	120	16	-	-	NOUN
ape-1673	120	17	integration	integration	NOUN
ape-1673	120	18	test	test	NOUN
ape-1673	120	19	.	.	PUNCT
ape-1673	121	1	i	i	PRON
ape-1673	121	2	)	)	PUNCT
ape-1673	121	3	study	study	NOUN
ape-1673	121	4	of	of	ADP
ape-1673	121	5	the	the	DET
ape-1673	121	6	stationarity	stationarity	NOUN
ape-1673	121	7	there	there	PRON
ape-1673	121	8	is	be	VERB
ape-1673	121	9	stationarity	stationarity	NOUN
ape-1673	121	10	of	of	ADP
ape-1673	121	11	the	the	DET
ape-1673	121	12	variables	variable	NOUN
ape-1673	121	13	if	if	SCONJ
ape-1673	121	14	the	the	DET
ape-1673	121	15	characteristics	characteristic	NOUN
ape-1673	121	16	(	(	PUNCT
ape-1673	121	17	expectancy	expectancy	NOUN
ape-1673	121	18	and	and	CCONJ
ape-1673	121	19	variance	variance	NOUN
ape-1673	121	20	)	)	PUNCT
ape-1673	121	21	are	be	AUX
ape-1673	121	22	not	not	PART
ape-1673	121	23	modified	modify	VERB
ape-1673	121	24	over	over	ADP
ape-1673	121	25	time	time	NOUN
ape-1673	121	26	.	.	PUNCT
ape-1673	122	1	it	it	PRON
ape-1673	122	2	is	be	AUX
ape-1673	122	3	difficult	difficult	ADJ
ape-1673	122	4	,	,	PUNCT
ape-1673	122	5	if	if	SCONJ
ape-1673	122	6	not	not	PART
ape-1673	122	7	impossible	impossible	ADJ
ape-1673	122	8	,	,	PUNCT
ape-1673	122	9	to	to	PART
ape-1673	122	10	clearly	clearly	ADV
ape-1673	122	11	identify	identify	VERB
ape-1673	122	12	the	the	DET
ape-1673	122	13	stochastic	stochastic	ADJ
ape-1673	122	14	characteristics	characteristic	NOUN
ape-1673	122	15	of	of	ADP
ape-1673	122	16	a	a	DET
ape-1673	122	17	series	series	NOUN
ape-1673	122	18	if	if	SCONJ
ape-1673	122	19	it	it	PRON
ape-1673	122	20	is	be	AUX
ape-1673	122	21	not	not	PART
ape-1673	122	22	stationary	stationary	ADJ
ape-1673	122	23	.	.	PUNCT
ape-1673	123	1	in	in	ADP
ape-1673	123	2	panel	panel	NOUN
ape-1673	123	3	,	,	PUNCT
ape-1673	123	4	the	the	DET
ape-1673	123	5	most	most	ADV
ape-1673	123	6	widely	widely	ADV
ape-1673	123	7	used	use	VERB
ape-1673	123	8	test	test	NOUN
ape-1673	123	9	to	to	PART
ape-1673	123	10	analyze	analyze	VERB
ape-1673	123	11	the	the	DET
ape-1673	123	12	stationarity	stationarity	NOUN
ape-1673	123	13	of	of	ADP
ape-1673	123	14	the	the	DET
ape-1673	123	15	variables	variable	NOUN
ape-1673	123	16	is	be	AUX
ape-1673	123	17	that	that	PRON
ape-1673	123	18	of	of	ADP
ape-1673	123	19	im	im	NOUN
ape-1673	123	20	-	-	PUNCT
ape-1673	123	21	pesaran	pesaran	VERB
ape-1673	123	22	and	and	CCONJ
ape-1673	123	23	shin	shin	NOUN
ape-1673	123	24	(	(	PUNCT
ape-1673	123	25	2003	2003	NUM
ape-1673	123	26	)	)	PUNCT
ape-1673	123	27	(	(	PUNCT
ape-1673	123	28	when	when	SCONJ
ape-1673	123	29	the	the	DET
ape-1673	123	30	intertemporal	intertemporal	ADJ
ape-1673	123	31	dimension	dimension	NOUN
ape-1673	123	32	is	be	AUX
ape-1673	123	33	weak	weak	ADJ
ape-1673	123	34	)	)	PUNCT
ape-1673	123	35	and	and	CCONJ
ape-1673	123	36	levin	levin	PROPN
ape-1673	123	37	lin	lin	PROPN
ape-1673	123	38	and	and	CCONJ
ape-1673	123	39	chu	chu	PROPN
ape-1673	123	40	(	(	PUNCT
ape-1673	123	41	2002	2002	NUM
ape-1673	123	42	)	)	PUNCT
ape-1673	123	43	.	.	PUNCT
ape-1673	124	1	ii	ii	PROPN
ape-1673	124	2	)	)	PUNCT
ape-1673	124	3	the	the	DET
ape-1673	124	4	co	co	NOUN
ape-1673	124	5	-	-	NOUN
ape-1673	124	6	integration	integration	NOUN
ape-1673	124	7	test	test	NOUN
ape-1673	124	8	co	co	NOUN
ape-1673	124	9	-	-	NOUN
ape-1673	124	10	integration	integration	NOUN
ape-1673	124	11	makes	make	VERB
ape-1673	124	12	it	it	PRON
ape-1673	124	13	possible	possible	ADJ
ape-1673	124	14	to	to	PART
ape-1673	124	15	identify	identify	VERB
ape-1673	124	16	the	the	DET
ape-1673	124	17	true	true	ADJ
ape-1673	124	18	relationship	relationship	NOUN
ape-1673	124	19	between	between	ADP
ape-1673	124	20	two	two	NUM
ape-1673	124	21	variables	variable	NOUN
ape-1673	124	22	by	by	ADP
ape-1673	124	23	searching	search	VERB
ape-1673	124	24	for	for	ADP
ape-1673	124	25	the	the	DET
ape-1673	124	26	existence	existence	NOUN
ape-1673	124	27	of	of	ADP
ape-1673	124	28	a	a	DET
ape-1673	124	29	co	co	ADJ
ape-1673	124	30	-	-	ADJ
ape-1673	124	31	integrating	integrating	ADJ
ape-1673	124	32	vector	vector	NOUN
ape-1673	124	33	and	and	CCONJ
ape-1673	124	34	eliminating	eliminate	VERB
ape-1673	124	35	its	its	PRON
ape-1673	124	36	effect	effect	NOUN
ape-1673	124	37	,	,	PUNCT
ape-1673	124	38	if	if	SCONJ
ape-1673	124	39	any	any	PRON
ape-1673	124	40	.	.	PUNCT
ape-1673	125	1	co	co	NOUN
ape-1673	125	2	-	-	NOUN
ape-1673	125	3	integration	integration	NOUN
ape-1673	125	4	tests	test	NOUN
ape-1673	125	5	can	can	AUX
ape-1673	125	6	detect	detect	VERB
ape-1673	125	7	the	the	DET
ape-1673	125	8	presence	presence	NOUN
ape-1673	125	9	of	of	ADP
ape-1673	125	10	a	a	DET
ape-1673	125	11	long	long	ADJ
ape-1673	125	12	-	-	PUNCT
ape-1673	125	13	term	term	NOUN
ape-1673	125	14	relationship	relationship	NOUN
ape-1673	125	15	between	between	ADP
ape-1673	125	16	variables	variable	NOUN
ape-1673	125	17	.	.	PUNCT
ape-1673	126	1	however	however	ADV
ape-1673	126	2	,	,	PUNCT
ape-1673	126	3	it	it	PRON
ape-1673	126	4	is	be	AUX
ape-1673	126	5	very	very	ADV
ape-1673	126	6	interesting	interesting	ADJ
ape-1673	126	7	to	to	PART
ape-1673	126	8	know	know	VERB
ape-1673	126	9	the	the	DET
ape-1673	126	10	evolution	evolution	NOUN
ape-1673	126	11	in	in	ADP
ape-1673	126	12	the	the	DET
ape-1673	126	13	short	short	ADJ
ape-1673	126	14	and	and	CCONJ
ape-1673	126	15	medium	medium	ADJ
ape-1673	126	16	term	term	NOUN
ape-1673	126	17	of	of	ADP
ape-1673	126	18	this	this	DET
ape-1673	126	19	relationship	relationship	NOUN
ape-1673	126	20	.	.	PUNCT
ape-1673	127	1	the	the	DET
ape-1673	127	2	tool	tool	NOUN
ape-1673	127	3	required	require	VERB
ape-1673	127	4	for	for	ADP
ape-1673	127	5	this	this	DET
ape-1673	127	6	purpose	purpose	NOUN
ape-1673	127	7	is	be	AUX
ape-1673	127	8	the	the	DET
ape-1673	127	9	error	error	NOUN
ape-1673	127	10	correction	correction	NOUN
ape-1673	127	11	model	model	NOUN
ape-1673	127	12	(	(	PUNCT
ape-1673	127	13	ecm	ecm	PROPN
ape-1673	127	14	)	)	PUNCT
ape-1673	127	15	.	.	PUNCT
ape-1673	128	1	this	this	DET
ape-1673	128	2	type	type	NOUN
ape-1673	128	3	of	of	ADP
ape-1673	128	4	model	model	NOUN
ape-1673	128	5	makes	make	VERB
ape-1673	128	6	it	it	PRON
ape-1673	128	7	possible	possible	ADJ
ape-1673	128	8	to	to	PART
ape-1673	128	9	highlight	highlight	VERB
ape-1673	128	10	how	how	SCONJ
ape-1673	128	11	the	the	DET
ape-1673	128	12	short	short	ADJ
ape-1673	128	13	-	-	PUNCT
ape-1673	128	14	term	term	NOUN
ape-1673	128	15	dynamics	dynamic	NOUN
ape-1673	128	16	of	of	ADP
ape-1673	128	17	the	the	DET
ape-1673	128	18	variables	variable	NOUN
ape-1673	128	19	of	of	ADP
ape-1673	128	20	the	the	DET
ape-1673	128	21	system	system	NOUN
ape-1673	128	22	is	be	AUX
ape-1673	128	23	influenced	influence	VERB
ape-1673	128	24	by	by	ADP
ape-1673	128	25	the	the	DET
ape-1673	128	26	long	long	ADJ
ape-1673	128	27	-	-	PUNCT
ape-1673	128	28	term	term	NOUN
ape-1673	128	29	equilibrium	equilibrium	NOUN
ape-1673	128	30	.	.	PUNCT
ape-1673	129	1	thus	thus	ADV
ape-1673	129	2	,	,	PUNCT
ape-1673	129	3	when	when	SCONJ
ape-1673	129	4	the	the	DET
ape-1673	129	5	series	series	NOUN
ape-1673	129	6	are	be	AUX
ape-1673	129	7	co	co	ADJ
ape-1673	129	8	-	-	VERB
ape-1673	129	9	integrated	integrated	ADJ
ape-1673	129	10	,	,	PUNCT
ape-1673	129	11	their	their	PRON
ape-1673	129	12	relationship	relationship	NOUN
ape-1673	129	13	has	have	VERB
ape-1673	129	14	to	to	PART
ape-1673	129	15	be	be	AUX
ape-1673	129	16	estimated	estimate	VERB
ape-1673	129	17	through	through	ADP
ape-1673	129	18	an	an	DET
ape-1673	129	19	error	error	NOUN
ape-1673	129	20	correction	correction	NOUN
ape-1673	129	21	model	model	NOUN
ape-1673	129	22	.	.	PUNCT
ape-1673	130	1	for	for	ADP
ape-1673	130	2	the	the	DET
ape-1673	130	3	co	co	NOUN
ape-1673	130	4	-	-	NOUN
ape-1673	130	5	integration	integration	NOUN
ape-1673	130	6	test	test	NOUN
ape-1673	130	7	we	we	PRON
ape-1673	130	8	adopt	adopt	VERB
ape-1673	130	9	the	the	DET
ape-1673	130	10	tests	test	NOUN
ape-1673	130	11	proposed	propose	VERB
ape-1673	130	12	by	by	ADP
ape-1673	130	13	westerlund	westerlund	NOUN
ape-1673	130	14	(	(	PUNCT
ape-1673	130	15	2007	2007	NUM
ape-1673	130	16	)	)	PUNCT
ape-1673	130	17	to	to	PART
ape-1673	130	18	test	test	VERB
ape-1673	130	19	the	the	DET
ape-1673	130	20	long	long	ADJ
ape-1673	130	21	-	-	PUNCT
ape-1673	130	22	term	term	NOUN
ape-1673	130	23	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	130	24	advances	advance	NOUN
ape-1673	130	25	in	in	ADP
ape-1673	130	26	politics	politic	NOUN
ape-1673	130	27	and	and	CCONJ
ape-1673	130	28	economic	economic	ADJ
ape-1673	130	29	vol	vol	NOUN
ape-1673	130	30	.	.	PROPN
ape-1673	131	1	1	1	NUM
ape-1673	131	2	,	,	PUNCT
ape-1673	131	3	no	no	INTJ
ape-1673	131	4	.	.	NOUN
ape-1673	131	5	2	2	NUM
ape-1673	131	6	,	,	PUNCT
ape-1673	131	7	2018	2018	NUM
ape-1673	131	8	147	147	NUM
ape-1673	131	9	published	publish	VERB
ape-1673	131	10	by	by	ADP
ape-1673	131	11	scholink	scholink	PROPN
ape-1673	131	12	inc	inc	PROPN
ape-1673	131	13	.	.	PROPN
ape-1673	131	14	relationship	relationship	NOUN
ape-1673	131	15	between	between	ADP
ape-1673	131	16	private	private	ADJ
ape-1673	131	17	investment	investment	NOUN
ape-1673	131	18	and	and	CCONJ
ape-1673	131	19	bank	bank	NOUN
ape-1673	131	20	excess	excess	ADJ
ape-1673	131	21	liquidity	liquidity	NOUN
ape-1673	131	22	.	.	PUNCT
ape-1673	132	1	indeed	indeed	ADV
ape-1673	132	2	,	,	PUNCT
ape-1673	132	3	westerlund	westerlund	PROPN
ape-1673	132	4	(	(	PUNCT
ape-1673	132	5	2007	2007	NUM
ape-1673	132	6	)	)	PUNCT
ape-1673	132	7	developed	develop	VERB
ape-1673	132	8	four	four	NUM
ape-1673	132	9	co	co	NOUN
ape-1673	132	10	-	-	NOUN
ape-1673	132	11	integration	integration	NOUN
ape-1673	132	12	tests	test	NOUN
ape-1673	132	13	that	that	PRON
ape-1673	132	14	are	be	AUX
ape-1673	132	15	based	base	VERB
ape-1673	132	16	on	on	ADP
ape-1673	132	17	the	the	DET
ape-1673	132	18	structural	structural	ADJ
ape-1673	132	19	dynamics	dynamic	NOUN
ape-1673	132	20	of	of	ADP
ape-1673	132	21	relationships	relationship	NOUN
ape-1673	132	22	and	and	CCONJ
ape-1673	132	23	not	not	PART
ape-1673	132	24	on	on	ADP
ape-1673	132	25	residuals	residual	NOUN
ape-1673	132	26	.	.	PUNCT
ape-1673	133	1	this	this	PRON
ape-1673	133	2	is	be	AUX
ape-1673	133	3	to	to	PART
ape-1673	133	4	test	test	VERB
ape-1673	133	5	the	the	DET
ape-1673	133	6	null	null	ADJ
ape-1673	133	7	hypothesis	hypothesis	NOUN
ape-1673	133	8	of	of	ADP
ape-1673	133	9	non	non	ADJ
ape-1673	133	10	-	-	ADJ
ape-1673	133	11	co	co	NOUN
ape-1673	133	12	-	-	NOUN
ape-1673	133	13	integration	integration	NOUN
ape-1673	133	14	by	by	ADP
ape-1673	133	15	checking	check	VERB
ape-1673	133	16	whether	whether	SCONJ
ape-1673	133	17	the	the	DET
ape-1673	133	18	error	error	NOUN
ape-1673	133	19	correction	correction	NOUN
ape-1673	133	20	term	term	NOUN
ape-1673	133	21	in	in	ADP
ape-1673	133	22	the	the	DET
ape-1673	133	23	error	error	NOUN
ape-1673	133	24	correction	correction	NOUN
ape-1673	133	25	model	model	NOUN
ape-1673	133	26	constructed	construct	VERB
ape-1673	133	27	for	for	ADP
ape-1673	133	28	this	this	DET
ape-1673	133	29	purpose	purpose	NOUN
ape-1673	133	30	is	be	AUX
ape-1673	133	31	significantly	significantly	ADV
ape-1673	133	32	equal	equal	ADJ
ape-1673	133	33	to	to	ADP
ape-1673	133	34	zero	zero	NUM
ape-1673	133	35	.	.	PUNCT
ape-1673	134	1	the	the	DET
ape-1673	134	2	first	first	ADJ
ape-1673	134	3	two	two	NUM
ape-1673	134	4	tests	test	NOUN
ape-1673	134	5	(	(	PUNCT
ape-1673	134	6	gt	gt	PROPN
ape-1673	134	7	and	and	CCONJ
ape-1673	134	8	ga	ga	PROPN
ape-1673	134	9	)	)	PUNCT
ape-1673	134	10	test	test	NOUN
ape-1673	134	11	the	the	DET
ape-1673	134	12	existence	existence	NOUN
ape-1673	134	13	alternative	alternative	NOUN
ape-1673	134	14	of	of	ADP
ape-1673	134	15	at	at	ADV
ape-1673	134	16	least	least	ADV
ape-1673	134	17	one	one	NUM
ape-1673	134	18	individual	individual	NOUN
ape-1673	134	19	for	for	ADP
ape-1673	134	20	which	which	PRON
ape-1673	134	21	the	the	DET
ape-1673	134	22	variables	variable	NOUN
ape-1673	134	23	are	be	AUX
ape-1673	134	24	co	co	ADJ
ape-1673	134	25	-	-	VERB
ape-1673	134	26	integrated	integrated	ADJ
ape-1673	134	27	.	.	PUNCT
ape-1673	135	1	the	the	DET
ape-1673	135	2	last	last	ADJ
ape-1673	135	3	two	two	NUM
ape-1673	135	4	tests	test	NOUN
ape-1673	135	5	(	(	PUNCT
ape-1673	135	6	pt	pt	NOUN
ape-1673	135	7	and	and	CCONJ
ape-1673	135	8	pa	pa	PROPN
ape-1673	135	9	)	)	PUNCT
ape-1673	135	10	test	test	NOUN
ape-1673	135	11	the	the	DET
ape-1673	135	12	null	null	ADJ
ape-1673	135	13	hypothesis	hypothesis	NOUN
ape-1673	135	14	of	of	ADP
ape-1673	135	15	no	no	DET
ape-1673	135	16	co	co	NOUN
ape-1673	135	17	-	-	NOUN
ape-1673	135	18	integration	integration	NOUN
ape-1673	135	19	against	against	ADP
ape-1673	135	20	the	the	DET
ape-1673	135	21	alternative	alternative	ADJ
ape-1673	135	22	hypothesis	hypothesis	NOUN
ape-1673	135	23	that	that	PRON
ape-1673	135	24	the	the	DET
ape-1673	135	25	panel	panel	NOUN
ape-1673	135	26	as	as	ADP
ape-1673	135	27	a	a	DET
ape-1673	135	28	whole	whole	NOUN
ape-1673	135	29	is	be	AUX
ape-1673	135	30	co	co	VERB
ape-1673	135	31	-	-	VERB
ape-1673	135	32	integrated	integrated	ADJ
ape-1673	135	33	.	.	PUNCT
ape-1673	136	1	3.4	3.4	NUM
ape-1673	136	2	data	datum	NOUN
ape-1673	136	3	and	and	CCONJ
ape-1673	136	4	descriptive	descriptive	ADJ
ape-1673	136	5	in	in	ADP
ape-1673	136	6	this	this	DET
ape-1673	136	7	sub	sub	NOUN
ape-1673	136	8	-	-	NOUN
ape-1673	136	9	section	section	NOUN
ape-1673	136	10	,	,	PUNCT
ape-1673	136	11	we	we	PRON
ape-1673	136	12	first	first	ADV
ape-1673	136	13	present	present	VERB
ape-1673	136	14	the	the	DET
ape-1673	136	15	source	source	NOUN
ape-1673	136	16	of	of	ADP
ape-1673	136	17	the	the	DET
ape-1673	136	18	data	datum	NOUN
ape-1673	136	19	and	and	CCONJ
ape-1673	136	20	,	,	PUNCT
ape-1673	136	21	secondly	secondly	ADV
ape-1673	136	22	,	,	PUNCT
ape-1673	136	23	the	the	DET
ape-1673	136	24	different	different	ADJ
ape-1673	136	25	statistical	statistical	ADJ
ape-1673	136	26	characteristics	characteristic	NOUN
ape-1673	136	27	of	of	ADP
ape-1673	136	28	our	our	PRON
ape-1673	136	29	study	study	NOUN
ape-1673	136	30	variables	variable	NOUN
ape-1673	136	31	i	i	NOUN
ape-1673	136	32	)	)	PUNCT
ape-1673	136	33	data	datum	NOUN
ape-1673	136	34	sources	source	NOUN
ape-1673	136	35	our	our	PRON
ape-1673	136	36	study	study	NOUN
ape-1673	136	37	will	will	AUX
ape-1673	136	38	be	be	AUX
ape-1673	136	39	conducted	conduct	VERB
ape-1673	136	40	from	from	ADP
ape-1673	136	41	a	a	DET
ape-1673	136	42	panel	panel	NOUN
ape-1673	136	43	of	of	ADP
ape-1673	136	44	seven	seven	NUM
ape-1673	136	45	waemu	waemu	NOUN
ape-1673	136	46	countries	country	NOUN
ape-1673	136	47	over	over	ADP
ape-1673	136	48	the	the	DET
ape-1673	136	49	period	period	NOUN
ape-1673	136	50	(	(	PUNCT
ape-1673	136	51	1994	1994	NUM
ape-1673	136	52	-	-	SYM
ape-1673	136	53	2015	2015	NUM
ape-1673	136	54	)	)	PUNCT
ape-1673	136	55	and	and	CCONJ
ape-1673	136	56	the	the	DET
ape-1673	136	57	choice	choice	NOUN
ape-1673	136	58	of	of	ADP
ape-1673	136	59	this	this	DET
ape-1673	136	60	period	period	NOUN
ape-1673	136	61	is	be	AUX
ape-1673	136	62	related	relate	VERB
ape-1673	136	63	to	to	ADP
ape-1673	136	64	the	the	DET
ape-1673	136	65	availability	availability	NOUN
ape-1673	136	66	of	of	ADP
ape-1673	136	67	data	datum	NOUN
ape-1673	136	68	.	.	PUNCT
ape-1673	137	1	togo	togo	PROPN
ape-1673	137	2	is	be	AUX
ape-1673	137	3	excluded	exclude	VERB
ape-1673	137	4	from	from	ADP
ape-1673	137	5	the	the	DET
ape-1673	137	6	study	study	NOUN
ape-1673	137	7	for	for	ADP
ape-1673	137	8	reasons	reason	NOUN
ape-1673	137	9	of	of	ADP
ape-1673	137	10	lack	lack	NOUN
ape-1673	137	11	of	of	ADP
ape-1673	137	12	data	datum	NOUN
ape-1673	137	13	.	.	PUNCT
ape-1673	138	1	data	datum	NOUN
ape-1673	138	2	from	from	ADP
ape-1673	138	3	the	the	DET
ape-1673	138	4	study	study	NOUN
ape-1673	138	5	come	come	VERB
ape-1673	138	6	mainly	mainly	ADV
ape-1673	138	7	from	from	ADP
ape-1673	138	8	the	the	DET
ape-1673	138	9	world	world	PROPN
ape-1673	138	10	bank	bank	PROPN
ape-1673	138	11	(	(	PUNCT
ape-1673	138	12	wdi	wdi	PROPN
ape-1673	138	13	)	)	PUNCT
ape-1673	138	14	,	,	PUNCT
ape-1673	138	15	the	the	DET
ape-1673	138	16	international	international	ADJ
ape-1673	138	17	monetary	monetary	ADJ
ape-1673	138	18	fund	fund	NOUN
ape-1673	138	19	(	(	PUNCT
ape-1673	138	20	imf	imf	PROPN
ape-1673	138	21	data	data	PROPN
ape-1673	138	22	base	base	PROPN
ape-1673	138	23	)	)	PUNCT
ape-1673	138	24	and	and	CCONJ
ape-1673	138	25	the	the	DET
ape-1673	138	26	central	central	ADJ
ape-1673	138	27	bank	bank	NOUN
ape-1673	138	28	of	of	ADP
ape-1673	138	29	west	west	ADJ
ape-1673	138	30	african	african	ADJ
ape-1673	138	31	states	state	NOUN
ape-1673	138	32	(	(	PUNCT
ape-1673	138	33	bceao	bceao	PROPN
ape-1673	138	34	)	)	PUNCT
ape-1673	138	35	which	which	PRON
ape-1673	138	36	publishes	publish	VERB
ape-1673	138	37	information	information	NOUN
ape-1673	138	38	on	on	ADP
ape-1673	138	39	the	the	DET
ape-1673	138	40	rate	rate	NOUN
ape-1673	138	41	member	member	NOUN
ape-1673	138	42	countries	country	NOUN
ape-1673	138	43	and	and	CCONJ
ape-1673	138	44	financial	financial	ADJ
ape-1673	138	45	data	datum	NOUN
ape-1673	138	46	on	on	ADP
ape-1673	138	47	states	state	NOUN
ape-1673	138	48	and	and	CCONJ
ape-1673	138	49	financial	financial	ADJ
ape-1673	138	50	institutions	institution	NOUN
ape-1673	138	51	.	.	PUNCT
ape-1673	139	1	thus	thus	ADV
ape-1673	139	2	,	,	PUNCT
ape-1673	139	3	panel	panel	NOUN
ape-1673	139	4	data	datum	NOUN
ape-1673	139	5	will	will	AUX
ape-1673	139	6	be	be	AUX
ape-1673	139	7	processed	process	VERB
ape-1673	139	8	according	accord	VERB
ape-1673	139	9	to	to	ADP
ape-1673	139	10	the	the	DET
ape-1673	139	11	usual	usual	ADJ
ape-1673	139	12	panel	panel	NOUN
ape-1673	139	13	data	datum	NOUN
ape-1673	139	14	methodology	methodology	NOUN
ape-1673	139	15	that	that	PRON
ape-1673	139	16	is	be	AUX
ape-1673	139	17	,	,	PUNCT
ape-1673	139	18	stationarity	stationarity	NOUN
ape-1673	139	19	analysis	analysis	NOUN
ape-1673	139	20	,	,	PUNCT
ape-1673	139	21	co	co	NOUN
ape-1673	139	22	-	-	NOUN
ape-1673	139	23	integration	integration	NOUN
ape-1673	139	24	,	,	PUNCT
ape-1673	139	25	application	application	NOUN
ape-1673	139	26	of	of	ADP
ape-1673	139	27	the	the	DET
ape-1673	139	28	presence	presence	NOUN
ape-1673	139	29	of	of	ADP
ape-1673	139	30	specific	specific	ADJ
ape-1673	139	31	effects	effect	NOUN
ape-1673	139	32	test	test	NOUN
ape-1673	139	33	and	and	CCONJ
ape-1673	139	34	the	the	DET
ape-1673	139	35	hausman	hausman	ADJ
ape-1673	139	36	test	test	NOUN
ape-1673	139	37	to	to	PART
ape-1673	139	38	discriminate	discriminate	VERB
ape-1673	139	39	between	between	ADP
ape-1673	139	40	the	the	DET
ape-1673	139	41	fixed	fix	VERB
ape-1673	139	42	effects	effect	NOUN
ape-1673	139	43	model	model	NOUN
ape-1673	139	44	and	and	CCONJ
ape-1673	139	45	the	the	DET
ape-1673	139	46	random	random	ADJ
ape-1673	139	47	effects	effect	NOUN
ape-1673	139	48	model	model	NOUN
ape-1673	139	49	.	.	PUNCT
ape-1673	140	1	ii	ii	PROPN
ape-1673	140	2	)	)	PUNCT
ape-1673	140	3	descriptive	descriptive	ADJ
ape-1673	140	4	statistics	statistic	NOUN
ape-1673	140	5	table	table	NOUN
ape-1673	140	6	2	2	NUM
ape-1673	140	7	below	below	ADV
ape-1673	140	8	gives	give	VERB
ape-1673	140	9	us	we	PRON
ape-1673	140	10	the	the	DET
ape-1673	140	11	statistical	statistical	ADJ
ape-1673	140	12	description	description	NOUN
ape-1673	140	13	of	of	ADP
ape-1673	140	14	the	the	DET
ape-1673	140	15	variables	variable	NOUN
ape-1673	140	16	used	use	VERB
ape-1673	140	17	in	in	ADP
ape-1673	140	18	the	the	DET
ape-1673	140	19	realization	realization	NOUN
ape-1673	140	20	of	of	ADP
ape-1673	140	21	our	our	PRON
ape-1673	140	22	study	study	NOUN
ape-1673	140	23	.	.	PUNCT
ape-1673	141	1	the	the	DET
ape-1673	141	2	analysis	analysis	NOUN
ape-1673	141	3	in	in	ADP
ape-1673	141	4	the	the	DET
ape-1673	141	5	table	table	NOUN
ape-1673	141	6	shows	show	VERB
ape-1673	141	7	that	that	SCONJ
ape-1673	141	8	the	the	DET
ape-1673	141	9	average	average	ADJ
ape-1673	141	10	growth	growth	NOUN
ape-1673	141	11	rate	rate	NOUN
ape-1673	141	12	of	of	ADP
ape-1673	141	13	gdp	gdp	NOUN
ape-1673	141	14	is	be	AUX
ape-1673	141	15	at	at	ADP
ape-1673	141	16	a	a	DET
ape-1673	141	17	low	low	ADJ
ape-1673	141	18	level	level	NOUN
ape-1673	141	19	,	,	PUNCT
ape-1673	141	20	around	around	ADP
ape-1673	141	21	4	4	NUM
ape-1673	141	22	%	%	NOUN
ape-1673	141	23	over	over	ADP
ape-1673	141	24	the	the	DET
ape-1673	141	25	study	study	NOUN
ape-1673	141	26	period	period	NOUN
ape-1673	141	27	,	,	PUNCT
ape-1673	141	28	far	far	ADV
ape-1673	141	29	below	below	ADP
ape-1673	141	30	the	the	DET
ape-1673	141	31	7	7	NUM
ape-1673	141	32	%	%	NOUN
ape-1673	141	33	required	require	VERB
ape-1673	141	34	to	to	PART
ape-1673	141	35	achieve	achieve	VERB
ape-1673	141	36	the	the	DET
ape-1673	141	37	sustainable	sustainable	ADJ
ape-1673	141	38	development	development	NOUN
ape-1673	141	39	goals	goal	NOUN
ape-1673	141	40	.	.	PUNCT
ape-1673	142	1	private	private	ADJ
ape-1673	142	2	investment	investment	NOUN
ape-1673	142	3	as	as	ADP
ape-1673	142	4	a	a	DET
ape-1673	142	5	percentage	percentage	NOUN
ape-1673	142	6	of	of	ADP
ape-1673	142	7	gross	gross	ADJ
ape-1673	142	8	domestic	domestic	ADJ
ape-1673	142	9	product	product	NOUN
ape-1673	142	10	(	(	PUNCT
ape-1673	142	11	gdp	gdp	NOUN
ape-1673	142	12	)	)	PUNCT
ape-1673	142	13	does	do	AUX
ape-1673	142	14	not	not	PART
ape-1673	142	15	exceed	exceed	VERB
ape-1673	142	16	20	20	NUM
ape-1673	142	17	%	%	NOUN
ape-1673	142	18	,	,	PUNCT
ape-1673	142	19	averaging	average	VERB
ape-1673	142	20	18.65	18.65	NUM
ape-1673	142	21	%	%	NOUN
ape-1673	142	22	.	.	PUNCT
ape-1673	143	1	this	this	DET
ape-1673	143	2	level	level	NOUN
ape-1673	143	3	of	of	ADP
ape-1673	143	4	investment	investment	NOUN
ape-1673	143	5	is	be	AUX
ape-1673	143	6	below	below	ADP
ape-1673	143	7	the	the	DET
ape-1673	143	8	level	level	NOUN
ape-1673	143	9	set	set	VERB
ape-1673	143	10	by	by	ADP
ape-1673	143	11	eca	eca	NOUN
ape-1673	143	12	and	and	CCONJ
ape-1673	143	13	recently	recently	ADV
ape-1673	143	14	by	by	ADP
ape-1673	143	15	the	the	DET
ape-1673	143	16	clarke	clarke	PROPN
ape-1673	143	17	(	(	PUNCT
ape-1673	143	18	2013	2013	NUM
ape-1673	143	19	)	)	PUNCT
ape-1673	143	20	study	study	NOUN
ape-1673	143	21	which	which	PRON
ape-1673	143	22	is	be	AUX
ape-1673	143	23	25	25	NUM
ape-1673	143	24	%	%	NOUN
ape-1673	143	25	.	.	PUNCT
ape-1673	144	1	on	on	ADP
ape-1673	144	2	average	average	ADJ
ape-1673	144	3	,	,	PUNCT
ape-1673	144	4	the	the	DET
ape-1673	144	5	banks	bank	NOUN
ape-1673	144	6	of	of	ADP
ape-1673	144	7	the	the	DET
ape-1673	144	8	union	union	NOUN
ape-1673	144	9	are	be	AUX
ape-1673	144	10	strong	strong	ADJ
ape-1673	144	11	in	in	ADP
ape-1673	144	12	terms	term	NOUN
ape-1673	144	13	of	of	ADP
ape-1673	144	14	compliance	compliance	NOUN
ape-1673	144	15	with	with	ADP
ape-1673	144	16	prudential	prudential	ADJ
ape-1673	144	17	standards	standard	NOUN
ape-1673	144	18	,	,	PUNCT
ape-1673	144	19	the	the	DET
ape-1673	144	20	ratio	ratio	NOUN
ape-1673	144	21	cooke	cooke	PROPN
ape-1673	144	22	(	(	PUNCT
ape-1673	144	23	1.054	1.054	NUM
ape-1673	144	24	)	)	PUNCT
ape-1673	144	25	,	,	PUNCT
ape-1673	144	26	exceeding	exceed	VERB
ape-1673	144	27	8	8	NUM
ape-1673	144	28	%	%	NOUN
ape-1673	144	29	of	of	ADP
ape-1673	144	30	basel	basel	PROPN
ape-1673	144	31	1	1	NUM
ape-1673	144	32	.	.	PUNCT
ape-1673	145	1	on	on	ADP
ape-1673	145	2	the	the	DET
ape-1673	145	3	other	other	ADJ
ape-1673	145	4	hand	hand	NOUN
ape-1673	145	5	the	the	DET
ape-1673	145	6	financial	financial	ADJ
ape-1673	145	7	depth	depth	NOUN
ape-1673	145	8	remains	remain	VERB
ape-1673	145	9	low	low	ADJ
ape-1673	145	10	with	with	ADP
ape-1673	145	11	an	an	DET
ape-1673	145	12	average	average	NOUN
ape-1673	145	13	of	of	ADP
ape-1673	145	14	0.17	0.17	NUM
ape-1673	145	15	.	.	PUNCT
ape-1673	146	1	on	on	ADP
ape-1673	146	2	average	average	ADJ
ape-1673	146	3	,	,	PUNCT
ape-1673	146	4	however	however	ADV
ape-1673	146	5	,	,	PUNCT
ape-1673	146	6	waemu	waemu	PROPN
ape-1673	146	7	banks	bank	NOUN
ape-1673	146	8	are	be	AUX
ape-1673	146	9	liquid	liquid	ADJ
ape-1673	146	10	with	with	ADP
ape-1673	146	11	a	a	DET
ape-1673	146	12	liquidity	liquidity	NOUN
ape-1673	146	13	ratio	ratio	NOUN
ape-1673	146	14	of	of	ADP
ape-1673	146	15	around	around	ADP
ape-1673	146	16	1.3483	1.3483	NUM
ape-1673	146	17	on	on	ADP
ape-1673	146	18	average	average	ADJ
ape-1673	146	19	over	over	ADP
ape-1673	146	20	the	the	DET
ape-1673	146	21	study	study	NOUN
ape-1673	146	22	period	period	NOUN
ape-1673	146	23	.	.	PUNCT
ape-1673	147	1	table	table	NOUN
ape-1673	147	2	2	2	NUM
ape-1673	147	3	.	.	PUNCT
ape-1673	147	4	description	description	NOUN
ape-1673	147	5	of	of	ADP
ape-1673	147	6	variables	variable	NOUN
ape-1673	147	7	variables	variable	VERB
ape-1673	147	8	observations	observation	NOUN
ape-1673	147	9	average	average	ADJ
ape-1673	147	10	standar	standar	NOUN
ape-1673	147	11	deviation	deviation	NOUN
ape-1673	147	12	minimum	minimum	ADJ
ape-1673	147	13	maximum	maximum	NOUN
ape-1673	147	14	inv	inv	ADJ
ape-1673	147	15	154	154	NUM
ape-1673	147	16	18.6467	18.6467	NUM
ape-1673	147	17	7.8029	7.8029	NUM
ape-1673	147	18	4.0072	4.0072	NUM
ape-1673	147	19	38.8954	38.8954	NUM
ape-1673	147	20	rali	rali	ADJ
ape-1673	147	21	154	154	NUM
ape-1673	147	22	1.3483	1.3483	NUM
ape-1673	147	23	0.6465	0.6465	NUM
ape-1673	147	24	0.8409	0.8409	NUM
ape-1673	147	25	4.8218	4.8218	NUM
ape-1673	147	26	idf	idf	PROPN
ape-1673	147	27	154	154	NUM
ape-1673	147	28	0.1795	0.1795	NUM
ape-1673	147	29	0.0549	0.0549	NUM
ape-1673	147	30	0.0486	0.0486	NUM
ape-1673	147	31	0.3587	0.3587	NUM
ape-1673	147	32	fp	fp	NOUN
ape-1673	147	33	/	/	SYM
ape-1673	147	34	eng	eng	PROPN
ape-1673	147	35	154	154	NUM
ape-1673	147	36	1.0547	1.0547	NUM
ape-1673	147	37	0.3974	0.3974	NUM
ape-1673	147	38	0.3817	0.3817	NUM
ape-1673	147	39	2.2728	2.2728	NUM
ape-1673	147	40	te	te	ADP
ape-1673	147	41	154	154	NUM
ape-1673	147	42	114.5149	114.5149	NUM
ape-1673	147	43	24.9872	24.9872	NUM
ape-1673	147	44	65.9527	65.9527	NUM
ape-1673	147	45	193.8547	193.8547	NUM
ape-1673	147	46	tcpib	tcpib	ADJ
ape-1673	147	47	154	154	NUM
ape-1673	147	48	3.9211	3.9211	NUM
ape-1673	147	49	4.5364	4.5364	NUM
ape-1673	147	50	-28.0999	-28.0999	SYM
ape-1673	147	51	14.6612	14.6612	NUM
ape-1673	147	52	source	source	NOUN
ape-1673	147	53	:	:	PUNCT
ape-1673	147	54	author	author	NOUN
ape-1673	147	55	’s	’s	PART
ape-1673	147	56	estimation	estimation	NOUN
ape-1673	147	57	.	.	PUNCT
ape-1673	148	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	148	2	advances	advance	VERB
ape-1673	148	3	in	in	ADP
ape-1673	148	4	politics	politic	NOUN
ape-1673	148	5	and	and	CCONJ
ape-1673	148	6	economic	economic	ADJ
ape-1673	148	7	vol	vol	NOUN
ape-1673	148	8	.	.	PROPN
ape-1673	149	1	1	1	NUM
ape-1673	149	2	,	,	PUNCT
ape-1673	149	3	no	no	INTJ
ape-1673	149	4	.	.	NOUN
ape-1673	149	5	2	2	NUM
ape-1673	149	6	,	,	PUNCT
ape-1673	149	7	2018	2018	NUM
ape-1673	149	8	148	148	NUM
ape-1673	149	9	published	publish	VERB
ape-1673	149	10	by	by	ADP
ape-1673	149	11	scholink	scholink	PROPN
ape-1673	149	12	inc	inc	PROPN
ape-1673	149	13	.	.	PUNCT
ape-1673	150	1	the	the	DET
ape-1673	150	2	terms	term	NOUN
ape-1673	150	3	of	of	ADP
ape-1673	150	4	trade	trade	NOUN
ape-1673	150	5	,	,	PUNCT
ape-1673	150	6	at	at	ADP
ape-1673	150	7	114.51	114.51	NUM
ape-1673	150	8	on	on	ADP
ape-1673	150	9	average	average	ADJ
ape-1673	150	10	,	,	PUNCT
ape-1673	150	11	are	be	AUX
ape-1673	150	12	typical	typical	ADJ
ape-1673	150	13	of	of	ADP
ape-1673	150	14	most	most	ADJ
ape-1673	150	15	developing	develop	VERB
ape-1673	150	16	economies	economy	NOUN
ape-1673	150	17	,	,	PUNCT
ape-1673	150	18	indicating	indicate	VERB
ape-1673	150	19	that	that	SCONJ
ape-1673	150	20	economies	economy	NOUN
ape-1673	150	21	are	be	AUX
ape-1673	150	22	highly	highly	ADV
ape-1673	150	23	foreign	foreign	ADJ
ape-1673	150	24	,	,	PUNCT
ape-1673	150	25	making	make	VERB
ape-1673	150	26	it	it	PRON
ape-1673	150	27	vulnerable	vulnerable	ADJ
ape-1673	150	28	to	to	ADP
ape-1673	150	29	external	external	ADJ
ape-1673	150	30	shocks	shock	NOUN
ape-1673	150	31	.	.	PUNCT
ape-1673	151	1	4	4	X
ape-1673	151	2	.	.	X
ape-1673	151	3	empirical	empirical	ADJ
ape-1673	151	4	results	result	NOUN
ape-1673	151	5	the	the	DET
ape-1673	151	6	purpose	purpose	NOUN
ape-1673	151	7	of	of	ADP
ape-1673	151	8	this	this	DET
ape-1673	151	9	section	section	NOUN
ape-1673	151	10	will	will	AUX
ape-1673	151	11	be	be	AUX
ape-1673	151	12	to	to	PART
ape-1673	151	13	present	present	VERB
ape-1673	151	14	the	the	DET
ape-1673	151	15	results	result	NOUN
ape-1673	151	16	of	of	ADP
ape-1673	151	17	the	the	DET
ape-1673	151	18	different	different	ADJ
ape-1673	151	19	econometric	econometric	ADJ
ape-1673	151	20	tests	test	NOUN
ape-1673	151	21	as	as	ADV
ape-1673	151	22	well	well	ADV
ape-1673	151	23	as	as	ADP
ape-1673	151	24	the	the	DET
ape-1673	151	25	results	result	NOUN
ape-1673	151	26	of	of	ADP
ape-1673	151	27	the	the	DET
ape-1673	151	28	estimation	estimation	NOUN
ape-1673	151	29	of	of	ADP
ape-1673	151	30	our	our	PRON
ape-1673	151	31	model	model	NOUN
ape-1673	151	32	,	,	PUNCT
ape-1673	151	33	then	then	ADV
ape-1673	151	34	their	their	PRON
ape-1673	151	35	statistical	statistical	ADJ
ape-1673	151	36	and	and	CCONJ
ape-1673	151	37	economic	economic	ADJ
ape-1673	151	38	interpretations	interpretation	NOUN
ape-1673	151	39	.	.	PUNCT
ape-1673	152	1	4.1	4.1	NUM
ape-1673	152	2	results	result	NOUN
ape-1673	152	3	of	of	ADP
ape-1673	152	4	stationary	stationary	ADJ
ape-1673	152	5	test	test	NOUN
ape-1673	152	6	and	and	CCONJ
ape-1673	152	7	co	co	NOUN
ape-1673	152	8	-	-	NOUN
ape-1673	152	9	integration	integration	VERB
ape-1673	152	10	the	the	DET
ape-1673	152	11	results	result	NOUN
ape-1673	152	12	of	of	ADP
ape-1673	152	13	the	the	DET
ape-1673	152	14	tests	test	NOUN
ape-1673	152	15	developed	develop	VERB
ape-1673	152	16	by	by	ADP
ape-1673	152	17	levin	levin	PROPN
ape-1673	152	18	lin	lin	PROPN
ape-1673	152	19	and	and	CCONJ
ape-1673	152	20	chu	chu	PROPN
ape-1673	152	21	(	(	PUNCT
ape-1673	152	22	2002	2002	NUM
ape-1673	152	23	)	)	PUNCT
ape-1673	152	24	and	and	CCONJ
ape-1673	152	25	those	those	PRON
ape-1673	152	26	of	of	ADP
ape-1673	152	27	i	i	PRON
ape-1673	152	28	m	m	VERB
ape-1673	152	29	pesaran	pesaran	ADJ
ape-1673	152	30	and	and	CCONJ
ape-1673	152	31	shin	shin	NOUN
ape-1673	152	32	(	(	PUNCT
ape-1673	152	33	2003	2003	NUM
ape-1673	152	34	)	)	PUNCT
ape-1673	152	35	are	be	AUX
ape-1673	152	36	given	give	VERB
ape-1673	152	37	in	in	ADP
ape-1673	152	38	table	table	NOUN
ape-1673	152	39	5	5	NUM
ape-1673	152	40	.	.	PUNCT
ape-1673	152	41	table	table	NOUN
ape-1673	152	42	5	5	NUM
ape-1673	152	43	.	.	PUNCT
ape-1673	152	44	results	result	NOUN
ape-1673	152	45	of	of	ADP
ape-1673	152	46	unit	unit	NOUN
ape-1673	152	47	root	root	NOUN
ape-1673	152	48	tests	test	NOUN
ape-1673	152	49	in	in	ADP
ape-1673	152	50	panel	panel	NOUN
ape-1673	152	51	variables	variable	VERB
ape-1673	152	52	ips	ips	PROPN
ape-1673	152	53	llc	llc	PROPN
ape-1673	152	54	coef	coef	PROPN
ape-1673	153	1	p	p	ADJ
ape-1673	153	2	-	-	PUNCT
ape-1673	153	3	value	value	NOUN
ape-1673	153	4	coef	coef	NOUN
ape-1673	153	5	p	p	NOUN
ape-1673	153	6	-	-	PUNCT
ape-1673	153	7	value	value	NOUN
ape-1673	153	8	tcpib	tcpib	ADJ
ape-1673	153	9	-6.1988	-6.1988	ADJ
ape-1673	153	10	0.0000	0.0000	NUM
ape-1673	153	11	-3.4806	-3.4806	X
ape-1673	153	12	0.0003	0.0003	NUM
ape-1673	153	13	rali	rali	ADJ
ape-1673	153	14	-3.4204	-3.4204	NOUN
ape-1673	153	15	0.0003	0.0003	NUM
ape-1673	153	16	-3.9213	-3.9213	NOUN
ape-1673	153	17	0.0000	0.0000	NUM
ape-1673	153	18	inv	inv	VERB
ape-1673	153	19	0.2705	0.2705	NUM
ape-1673	153	20	0.6066	0.6066	NUM
ape-1673	153	21	-0.3080	-0.3080	NOUN
ape-1673	153	22	0.3790	0.3790	NUM
ape-1673	153	23	te	te	ADP
ape-1673	153	24	-0.8471	-0.8471	NOUN
ape-1673	153	25	0.1985	0.1985	NUM
ape-1673	153	26	-1.9441	-1.9441	NOUN
ape-1673	153	27	0.0259	0.0259	NUM
ape-1673	153	28	idf	idf	PROPN
ape-1673	153	29	1.0802	1.0802	NUM
ape-1673	153	30	0.4237	0.4237	NUM
ape-1673	153	31	-0.9100	-0.9100	VERB
ape-1673	153	32	0.1814	0.1814	NUM
ape-1673	153	33	fp	fp	X
ape-1673	153	34	/	/	SYM
ape-1673	153	35	eng	eng	PROPN
ape-1673	153	36	-2.4720	-2.4720	NOUN
ape-1673	153	37	0.0067	0.0067	NUM
ape-1673	153	38	-2.4926	-2.4926	NOUN
ape-1673	153	39	0.0063	0.0063	NUM
ape-1673	153	40	rali×inv	rali×inv	NUM
ape-1673	153	41	dtcpib	dtcpib	ADJ
ape-1673	153	42	-8.1663	-8.1663	NOUN
ape-1673	153	43	0,000	0,000	NUM
ape-1673	153	44	-8.0813	-8.0813	NOUN
ape-1673	153	45	0.0000	0.0000	NUM
ape-1673	153	46	drali	drali	ADJ
ape-1673	153	47	-6.8197	-6.8197	NOUN
ape-1673	153	48	0,0000	0,0000	NUM
ape-1673	153	49	-6.6697	-6.6697	NOUN
ape-1673	154	1	0.0000	0.0000	NUM
ape-1673	154	2	dinv	dinv	ADJ
ape-1673	154	3	-6.7676	-6.7676	NOUN
ape-1673	154	4	0.0000	0.0000	NUM
ape-1673	154	5	-3.8117	-3.8117	VERB
ape-1673	154	6	0.0001	0.0001	NUM
ape-1673	154	7	drali×dinv	drali×dinv	PROPN
ape-1673	154	8	dte	dte	PROPN
ape-1673	154	9	-6.1455	-6.1455	VERB
ape-1673	154	10	0.0000	0.0000	NUM
ape-1673	154	11	-6.1111	-6.1111	NOUN
ape-1673	154	12	0.0000	0.0000	NUM
ape-1673	154	13	dfp	dfp	NOUN
ape-1673	154	14	/	/	SYM
ape-1673	154	15	eng	eng	PROPN
ape-1673	154	16	-6.9208	-6.9208	VERB
ape-1673	154	17	0.0000	0.0000	NUM
ape-1673	154	18	-7.7176	-7.7176	NOUN
ape-1673	154	19	0.0000	0.0000	NUM
ape-1673	154	20	didf	didf	PROPN
ape-1673	154	21	-6.4275	-6.4275	PROPN
ape-1673	154	22	0,0000	0,0000	NUM
ape-1673	154	23	-4.6839	-4.6839	NOUN
ape-1673	155	1	0.0000	0.0000	NUM
ape-1673	155	2	source	source	NOUN
ape-1673	155	3	:	:	PUNCT
ape-1673	155	4	author	author	NOUN
ape-1673	155	5	’s	’s	PART
ape-1673	155	6	estimation	estimation	NOUN
ape-1673	155	7	.	.	PUNCT
ape-1673	156	1	as	as	ADP
ape-1673	156	2	a	a	DET
ape-1673	156	3	result	result	NOUN
ape-1673	156	4	,	,	PUNCT
ape-1673	156	5	the	the	DET
ape-1673	156	6	rali	rali	PROPN
ape-1673	156	7	,	,	PUNCT
ape-1673	156	8	tcpib	tcpib	ADJ
ape-1673	156	9	and	and	CCONJ
ape-1673	156	10	fp	fp	PROPN
ape-1673	156	11	/	/	SYM
ape-1673	156	12	eng	eng	PROPN
ape-1673	156	13	variables	variable	NOUN
ape-1673	156	14	are	be	AUX
ape-1673	156	15	stationary	stationary	ADJ
ape-1673	156	16	in	in	ADP
ape-1673	156	17	level	level	NOUN
ape-1673	156	18	according	accord	VERB
ape-1673	156	19	to	to	ADP
ape-1673	156	20	the	the	DET
ape-1673	156	21	results	result	NOUN
ape-1673	156	22	of	of	ADP
ape-1673	156	23	the	the	DET
ape-1673	156	24	llc	llc	PROPN
ape-1673	156	25	and	and	CCONJ
ape-1673	156	26	ips	ips	PROPN
ape-1673	156	27	test	test	NOUN
ape-1673	156	28	.	.	PUNCT
ape-1673	157	1	as	as	ADP
ape-1673	157	2	for	for	ADP
ape-1673	157	3	the	the	DET
ape-1673	157	4	te	te	PROPN
ape-1673	157	5	variable	variable	NOUN
ape-1673	157	6	,	,	PUNCT
ape-1673	157	7	the	the	DET
ape-1673	157	8	two	two	NUM
ape-1673	157	9	tests	test	NOUN
ape-1673	157	10	indicate	indicate	VERB
ape-1673	157	11	contradictory	contradictory	ADJ
ape-1673	157	12	results	result	NOUN
ape-1673	157	13	.	.	PUNCT
ape-1673	158	1	indeed	indeed	ADV
ape-1673	158	2	,	,	PUNCT
ape-1673	158	3	te	te	X
ape-1673	158	4	is	be	AUX
ape-1673	158	5	level	level	ADJ
ape-1673	158	6	stationary	stationary	ADJ
ape-1673	158	7	according	accord	VERB
ape-1673	158	8	to	to	ADP
ape-1673	158	9	the	the	DET
ape-1673	158	10	llc	llc	PROPN
ape-1673	158	11	test	test	NOUN
ape-1673	158	12	,	,	PUNCT
ape-1673	158	13	while	while	SCONJ
ape-1673	158	14	the	the	DET
ape-1673	158	15	ips	ips	PROPN
ape-1673	158	16	test	test	NOUN
ape-1673	158	17	indicates	indicate	VERB
ape-1673	158	18	a	a	DET
ape-1673	158	19	contrary	contrary	ADJ
ape-1673	158	20	result	result	NOUN
ape-1673	158	21	.	.	PUNCT
ape-1673	159	1	the	the	DET
ape-1673	159	2	variables	variable	NOUN
ape-1673	159	3	inv	inv	VERB
ape-1673	159	4	and	and	CCONJ
ape-1673	159	5	idf	idf	PROPN
ape-1673	159	6	are	be	AUX
ape-1673	159	7	not	not	PART
ape-1673	159	8	stationary	stationary	ADJ
ape-1673	159	9	according	accord	VERB
ape-1673	159	10	to	to	ADP
ape-1673	159	11	the	the	DET
ape-1673	159	12	two	two	NUM
ape-1673	159	13	tests	test	NOUN
ape-1673	159	14	.	.	PUNCT
ape-1673	160	1	in	in	ADP
ape-1673	160	2	first	first	ADJ
ape-1673	160	3	difference	difference	NOUN
ape-1673	160	4	,	,	PUNCT
ape-1673	160	5	the	the	DET
ape-1673	160	6	unit	unit	NOUN
ape-1673	160	7	root	root	NOUN
ape-1673	160	8	hypothesis	hypothesis	NOUN
ape-1673	160	9	is	be	AUX
ape-1673	160	10	rejected	reject	VERB
ape-1673	160	11	by	by	ADP
ape-1673	160	12	the	the	DET
ape-1673	160	13	two	two	NUM
ape-1673	160	14	tests	test	NOUN
ape-1673	160	15	for	for	ADP
ape-1673	160	16	all	all	DET
ape-1673	160	17	the	the	DET
ape-1673	160	18	analysis	analysis	NOUN
ape-1673	160	19	variables	variable	NOUN
ape-1673	160	20	.	.	PUNCT
ape-1673	161	1	it	it	PRON
ape-1673	161	2	follows	follow	VERB
ape-1673	161	3	that	that	SCONJ
ape-1673	161	4	all	all	DET
ape-1673	161	5	the	the	DET
ape-1673	161	6	panel	panel	NOUN
ape-1673	161	7	series	series	NOUN
ape-1673	161	8	are	be	AUX
ape-1673	161	9	integrated	integrate	VERB
ape-1673	161	10	of	of	ADP
ape-1673	161	11	order	order	NOUN
ape-1673	161	12	1	1	NUM
ape-1673	161	13	according	accord	VERB
ape-1673	161	14	to	to	ADP
ape-1673	161	15	the	the	DET
ape-1673	161	16	tests	test	NOUN
ape-1673	161	17	of	of	ADP
ape-1673	161	18	levin	levin	PROPN
ape-1673	161	19	lin	lin	PROPN
ape-1673	161	20	and	and	CCONJ
ape-1673	161	21	chu	chu	PROPN
ape-1673	161	22	(	(	PUNCT
ape-1673	161	23	2002	2002	NUM
ape-1673	161	24	)	)	PUNCT
ape-1673	161	25	and	and	CCONJ
ape-1673	162	1	i	i	PRON
ape-1673	162	2	m	m	VERB
ape-1673	162	3	pesaran	pesaran	ADJ
ape-1673	162	4	and	and	CCONJ
ape-1673	162	5	shin	shin	NOUN
ape-1673	162	6	.	.	PUNCT
ape-1673	163	1	for	for	ADP
ape-1673	163	2	the	the	DET
ape-1673	163	3	co	co	NOUN
ape-1673	163	4	-	-	NOUN
ape-1673	163	5	integration	integration	NOUN
ape-1673	163	6	test	test	NOUN
ape-1673	163	7	,	,	PUNCT
ape-1673	163	8	as	as	SCONJ
ape-1673	163	9	mentioned	mention	VERB
ape-1673	163	10	above	above	ADV
ape-1673	163	11	,	,	PUNCT
ape-1673	163	12	we	we	PRON
ape-1673	163	13	adopt	adopt	VERB
ape-1673	163	14	the	the	DET
ape-1673	163	15	test	test	NOUN
ape-1673	163	16	proposed	propose	VERB
ape-1673	163	17	by	by	ADP
ape-1673	163	18	westerlund	westerlund	NOUN
ape-1673	163	19	(	(	PUNCT
ape-1673	163	20	2007	2007	NUM
ape-1673	163	21	)	)	PUNCT
ape-1673	163	22	and	and	CCONJ
ape-1673	163	23	the	the	DET
ape-1673	163	24	results	result	NOUN
ape-1673	163	25	obtained	obtain	VERB
ape-1673	163	26	are	be	AUX
ape-1673	163	27	recorded	record	VERB
ape-1673	163	28	in	in	ADP
ape-1673	163	29	table	table	NOUN
ape-1673	163	30	6	6	NUM
ape-1673	163	31	.	.	PUNCT
ape-1673	163	32	table	table	NOUN
ape-1673	163	33	6	6	NUM
ape-1673	163	34	.	.	PUNCT
ape-1673	163	35	panel	panel	NOUN
ape-1673	163	36	co	co	NOUN
ape-1673	163	37	-	-	NOUN
ape-1673	163	38	integration	integration	NOUN
ape-1673	163	39	test	test	NOUN
ape-1673	163	40	result	result	NOUN
ape-1673	163	41	(	(	PUNCT
ape-1673	163	42	westerlund	westerlund	PROPN
ape-1673	163	43	,	,	PUNCT
ape-1673	163	44	2007	2007	NUM
ape-1673	163	45	)	)	PUNCT
ape-1673	163	46	tests	test	VERB
ape-1673	163	47	tcpib	tcpib	ADV
ape-1673	163	48	et	et	NOUN
ape-1673	163	49	te	te	PROPN
ape-1673	163	50	tcpib	tcpib	PROPN
ape-1673	163	51	et	et	NOUN
ape-1673	163	52	fp	fp	PROPN
ape-1673	163	53	/	/	SYM
ape-1673	163	54	eng	eng	PROPN
ape-1673	164	1	tcpib	tcpib	PROPN
ape-1673	164	2	et	et	PROPN
ape-1673	164	3	idf	idf	PROPN
ape-1673	164	4	coef	coef	PROPN
ape-1673	165	1	p	p	ADJ
ape-1673	165	2	-	-	PUNCT
ape-1673	165	3	value	value	NOUN
ape-1673	165	4	coef	coef	NOUN
ape-1673	165	5	p	p	NOUN
ape-1673	165	6	-	-	PUNCT
ape-1673	165	7	value	value	NOUN
ape-1673	165	8	coef	coef	NOUN
ape-1673	165	9	p	p	NOUN
ape-1673	165	10	-	-	PUNCT
ape-1673	165	11	value	value	NOUN
ape-1673	165	12	gt	gt	NOUN
ape-1673	165	13	-7.164	-7.164	NOUN
ape-1673	165	14	0.000	0.000	NUM
ape-1673	165	15	-5.218	-5.218	NOUN
ape-1673	165	16	0.000	0.000	NUM
ape-1673	165	17	-7.641	-7.641	SYM
ape-1673	165	18	0.000	0.000	NUM
ape-1673	165	19	ga	ga	NOUN
ape-1673	166	1	-26.412	-26.412	PUNCT
ape-1673	167	1	0.000	0.000	NUM
ape-1673	167	2	-29.820	-29.820	NOUN
ape-1673	168	1	0.000	0.000	NUM
ape-1673	168	2	-25.549	-25.549	NOUN
ape-1673	168	3	0.000	0.000	NUM
ape-1673	168	4	pt	pt	PROPN
ape-1673	168	5	-6.504	-6.504	NUM
ape-1673	168	6	0.005	0.005	NUM
ape-1673	168	7	-8.579	-8.579	NUM
ape-1673	168	8	0.000	0.000	NUM
ape-1673	168	9	-8.886	-8.886	SYM
ape-1673	168	10	0.000	0.000	NUM
ape-1673	168	11	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	168	12	advances	advance	NOUN
ape-1673	168	13	in	in	ADP
ape-1673	168	14	politics	politic	NOUN
ape-1673	168	15	and	and	CCONJ
ape-1673	168	16	economic	economic	ADJ
ape-1673	168	17	vol	vol	NOUN
ape-1673	168	18	.	.	PROPN
ape-1673	169	1	1	1	NUM
ape-1673	169	2	,	,	PUNCT
ape-1673	169	3	no	no	INTJ
ape-1673	169	4	.	.	NOUN
ape-1673	169	5	2	2	NUM
ape-1673	169	6	,	,	PUNCT
ape-1673	169	7	2018	2018	NUM
ape-1673	169	8	149	149	NUM
ape-1673	169	9	published	publish	VERB
ape-1673	169	10	by	by	ADP
ape-1673	169	11	scholink	scholink	PROPN
ape-1673	169	12	inc	inc	PROPN
ape-1673	169	13	.	.	PUNCT
ape-1673	170	1	pa	pa	PROPN
ape-1673	170	2	-24.256	-24.256	PROPN
ape-1673	171	1	0.000	0.000	NUM
ape-1673	172	1	-34.262	-34.262	PROPN
ape-1673	172	2	0.000	0.000	NUM
ape-1673	172	3	-25.097	-25.097	SYM
ape-1673	172	4	0.000	0.000	NUM
ape-1673	172	5	source	source	NOUN
ape-1673	172	6	:	:	PUNCT
ape-1673	172	7	author	author	NOUN
ape-1673	172	8	’s	’s	PART
ape-1673	172	9	estimation	estimation	NOUN
ape-1673	172	10	.	.	PUNCT
ape-1673	173	1	the	the	DET
ape-1673	173	2	results	result	NOUN
ape-1673	173	3	indicate	indicate	VERB
ape-1673	173	4	that	that	SCONJ
ape-1673	173	5	the	the	DET
ape-1673	173	6	non	non	ADJ
ape-1673	173	7	-	-	ADJ
ape-1673	173	8	co	co	ADJ
ape-1673	173	9	-	-	NOUN
ape-1673	173	10	integration	integration	NOUN
ape-1673	173	11	hypothesis	hypothesis	NOUN
ape-1673	173	12	can	can	AUX
ape-1673	173	13	be	be	AUX
ape-1673	173	14	rejected	reject	VERB
ape-1673	173	15	at	at	ADP
ape-1673	173	16	the	the	DET
ape-1673	173	17	1	1	NUM
ape-1673	173	18	%	%	NOUN
ape-1673	173	19	threshold	threshold	NOUN
ape-1673	173	20	for	for	ADP
ape-1673	173	21	all	all	DET
ape-1673	173	22	the	the	DET
ape-1673	173	23	variables	variable	NOUN
ape-1673	173	24	of	of	ADP
ape-1673	173	25	the	the	DET
ape-1673	173	26	panel	panel	NOUN
ape-1673	173	27	,	,	PUNCT
ape-1673	173	28	taken	take	VERB
ape-1673	173	29	as	as	ADP
ape-1673	173	30	a	a	DET
ape-1673	173	31	whole	whole	NOUN
ape-1673	173	32	,	,	PUNCT
ape-1673	173	33	with	with	ADP
ape-1673	173	34	regard	regard	NOUN
ape-1673	173	35	to	to	ADP
ape-1673	173	36	the	the	DET
ape-1673	173	37	statistics	statistic	NOUN
ape-1673	173	38	pt	pt	PROPN
ape-1673	173	39	and	and	CCONJ
ape-1673	173	40	pa	pa	PROPN
ape-1673	173	41	.	.	PROPN
ape-1673	173	42	which	which	PRON
ape-1673	173	43	means	mean	VERB
ape-1673	173	44	the	the	DET
ape-1673	173	45	variables	variable	NOUN
ape-1673	173	46	admit	admit	VERB
ape-1673	173	47	a	a	DET
ape-1673	173	48	dynamic	dynamic	ADJ
ape-1673	173	49	specification	specification	NOUN
ape-1673	173	50	of	of	ADP
ape-1673	173	51	type	type	NOUN
ape-1673	173	52	error	error	NOUN
ape-1673	173	53	correction	correction	NOUN
ape-1673	173	54	.	.	PUNCT
ape-1673	174	1	in	in	ADP
ape-1673	174	2	addition	addition	NOUN
ape-1673	174	3	,	,	PUNCT
ape-1673	174	4	the	the	DET
ape-1673	174	5	hypothesis	hypothesis	NOUN
ape-1673	174	6	of	of	ADP
ape-1673	174	7	the	the	DET
ape-1673	174	8	existence	existence	NOUN
ape-1673	174	9	of	of	ADP
ape-1673	174	10	a	a	DET
ape-1673	174	11	long	long	ADJ
ape-1673	174	12	-	-	PUNCT
ape-1673	174	13	term	term	NOUN
ape-1673	174	14	relationship	relationship	NOUN
ape-1673	174	15	between	between	ADP
ape-1673	174	16	the	the	DET
ape-1673	174	17	series	series	NOUN
ape-1673	174	18	is	be	AUX
ape-1673	174	19	validated	validate	VERB
ape-1673	174	20	.	.	PUNCT
ape-1673	175	1	therefore	therefore	ADV
ape-1673	175	2	,	,	PUNCT
ape-1673	175	3	the	the	DET
ape-1673	175	4	error	error	NOUN
ape-1673	175	5	correction	correction	NOUN
ape-1673	175	6	model	model	NOUN
ape-1673	175	7	can	can	AUX
ape-1673	175	8	be	be	AUX
ape-1673	175	9	adopted	adopt	VERB
ape-1673	175	10	for	for	ADP
ape-1673	175	11	the	the	DET
ape-1673	175	12	entire	entire	ADJ
ape-1673	175	13	panel	panel	NOUN
ape-1673	175	14	.	.	PUNCT
ape-1673	176	1	4.2	4.2	NUM
ape-1673	176	2	specification	specification	NOUN
ape-1673	176	3	tests	test	NOUN
ape-1673	176	4	of	of	ADP
ape-1673	176	5	individual	individual	ADJ
ape-1673	176	6	effects	effect	NOUN
ape-1673	176	7	we	we	PRON
ape-1673	176	8	first	first	ADV
ape-1673	176	9	test	test	VERB
ape-1673	176	10	the	the	DET
ape-1673	176	11	homogeneous	homogeneous	ADJ
ape-1673	176	12	or	or	CCONJ
ape-1673	176	13	heterogeneous	heterogeneous	ADJ
ape-1673	176	14	specification	specification	NOUN
ape-1673	176	15	of	of	ADP
ape-1673	176	16	the	the	DET
ape-1673	176	17	data	data	NOUN
ape-1673	176	18	generating	generating	NOUN
ape-1673	176	19	process	process	NOUN
ape-1673	176	20	.	.	PUNCT
ape-1673	177	1	it	it	PRON
ape-1673	177	2	will	will	AUX
ape-1673	177	3	be	be	AUX
ape-1673	177	4	a	a	DET
ape-1673	177	5	question	question	NOUN
ape-1673	177	6	of	of	ADP
ape-1673	177	7	testing	test	VERB
ape-1673	177	8	the	the	DET
ape-1673	177	9	equality	equality	NOUN
ape-1673	177	10	of	of	ADP
ape-1673	177	11	the	the	DET
ape-1673	177	12	coefficients	coefficient	NOUN
ape-1673	177	13	of	of	ADP
ape-1673	177	14	the	the	DET
ape-1673	177	15	studied	studied	ADJ
ape-1673	177	16	model	model	NOUN
ape-1673	177	17	in	in	ADP
ape-1673	177	18	the	the	DET
ape-1673	177	19	individual	individual	ADJ
ape-1673	177	20	dimension	dimension	NOUN
ape-1673	177	21	.	.	PUNCT
ape-1673	178	1	this	this	PRON
ape-1673	178	2	amounts	amount	VERB
ape-1673	178	3	to	to	ADP
ape-1673	178	4	determining	determine	VERB
ape-1673	178	5	from	from	ADP
ape-1673	178	6	the	the	DET
ape-1673	178	7	specification	specification	NOUN
ape-1673	178	8	tests	test	NOUN
ape-1673	178	9	,	,	PUNCT
ape-1673	178	10	if	if	SCONJ
ape-1673	178	11	one	one	PRON
ape-1673	178	12	is	be	AUX
ape-1673	178	13	entitled	entitle	VERB
ape-1673	178	14	to	to	PART
ape-1673	178	15	assume	assume	VERB
ape-1673	178	16	that	that	SCONJ
ape-1673	178	17	the	the	DET
ape-1673	178	18	theoretical	theoretical	ADJ
ape-1673	178	19	model	model	NOUN
ape-1673	178	20	studied	study	VERB
ape-1673	178	21	is	be	AUX
ape-1673	178	22	perfectly	perfectly	ADV
ape-1673	178	23	identical	identical	ADJ
ape-1673	178	24	for	for	ADP
ape-1673	178	25	all	all	DET
ape-1673	178	26	individuals	individual	NOUN
ape-1673	178	27	.	.	PUNCT
ape-1673	179	1	the	the	DET
ape-1673	179	2	rejection	rejection	NOUN
ape-1673	179	3	of	of	ADP
ape-1673	179	4	the	the	DET
ape-1673	179	5	null	null	ADJ
ape-1673	179	6	hypothesis	hypothesis	NOUN
ape-1673	179	7	of	of	ADP
ape-1673	179	8	no	no	DET
ape-1673	179	9	individual	individual	ADJ
ape-1673	179	10	effects	effect	NOUN
ape-1673	179	11	(	(	PUNCT
ape-1673	179	12	prob	prob	INTJ
ape-1673	179	13	>	>	X
ape-1673	179	14	f	f	PROPN
ape-1673	179	15	=	=	SYM
ape-1673	179	16	0.0002	0.0002	NUM
ape-1673	179	17	)	)	PUNCT
ape-1673	179	18	in	in	ADP
ape-1673	179	19	this	this	DET
ape-1673	179	20	study	study	NOUN
ape-1673	179	21	leads	lead	VERB
ape-1673	179	22	to	to	ADP
ape-1673	179	23	the	the	DET
ape-1673	179	24	hausman	hausman	ADJ
ape-1673	179	25	test	test	NOUN
ape-1673	179	26	to	to	PART
ape-1673	179	27	discriminate	discriminate	VERB
ape-1673	179	28	between	between	ADP
ape-1673	179	29	the	the	DET
ape-1673	179	30	fixed	fix	VERB
ape-1673	179	31	and	and	CCONJ
ape-1673	179	32	the	the	DET
ape-1673	179	33	random	random	ADJ
ape-1673	179	34	effects	effect	NOUN
ape-1673	179	35	model	model	NOUN
ape-1673	179	36	.	.	PUNCT
ape-1673	180	1	table	table	NOUN
ape-1673	180	2	7	7	NUM
ape-1673	180	3	.	.	PUNCT
ape-1673	180	4	table	table	NOUN
ape-1673	180	5	7	7	NUM
ape-1673	180	6	.	.	PUNCT
ape-1673	180	7	result	result	NOUN
ape-1673	180	8	of	of	ADP
ape-1673	180	9	the	the	DET
ape-1673	180	10	specific	specific	ADJ
ape-1673	180	11	effect	effect	NOUN
ape-1673	180	12	test	test	NOUN
ape-1673	180	13	and	and	CCONJ
ape-1673	180	14	the	the	DET
ape-1673	180	15	housman	housman	PROPN
ape-1673	180	16	test	test	NOUN
ape-1673	180	17	specific	specific	ADJ
ape-1673	180	18	effect	effect	NOUN
ape-1673	180	19	test	test	NOUN
ape-1673	180	20	prob	prob	NOUN
ape-1673	180	21	>	>	X
ape-1673	180	22	f	f	PROPN
ape-1673	181	1	=	=	SYM
ape-1673	181	2	0.0002	0.0002	NUM
ape-1673	181	3	hausman	hausman	ADJ
ape-1673	181	4	test	test	NOUN
ape-1673	181	5	prob	prob	PROPN
ape-1673	181	6	>	>	X
ape-1673	181	7	chi2	chi2	PROPN
ape-1673	181	8	=	=	SYM
ape-1673	181	9	0.3812	0.3812	NUM
ape-1673	181	10	source	source	NOUN
ape-1673	181	11	:	:	PUNCT
ape-1673	181	12	author	author	NOUN
ape-1673	181	13	’s	’s	PART
ape-1673	181	14	estimation	estimation	NOUN
ape-1673	181	15	.	.	PUNCT
ape-1673	181	16	indicates	indicate	VERB
ape-1673	181	17	that	that	SCONJ
ape-1673	181	18	the	the	DET
ape-1673	181	19	results	result	NOUN
ape-1673	181	20	obtained	obtain	VERB
ape-1673	181	21	lead	lead	NOUN
ape-1673	181	22	to	to	PART
ape-1673	181	23	accept	accept	VERB
ape-1673	181	24	the	the	DET
ape-1673	181	25	null	null	ADJ
ape-1673	181	26	hypothesis	hypothesis	NOUN
ape-1673	181	27	,	,	PUNCT
ape-1673	181	28	therefore	therefore	ADV
ape-1673	181	29	to	to	ADP
ape-1673	181	30	the	the	DET
ape-1673	181	31	estimation	estimation	NOUN
ape-1673	181	32	of	of	ADP
ape-1673	181	33	the	the	DET
ape-1673	181	34	random	random	ADJ
ape-1673	181	35	effects	effect	NOUN
ape-1673	181	36	model	model	NOUN
ape-1673	181	37	.	.	PUNCT
ape-1673	182	1	now	now	ADV
ape-1673	182	2	we	we	PRON
ape-1673	182	3	can	can	AUX
ape-1673	182	4	estimate	estimate	VERB
ape-1673	182	5	our	our	PRON
ape-1673	182	6	2	2	NUM
ape-1673	182	7	-	-	PUNCT
ape-1673	182	8	step	step	NOUN
ape-1673	182	9	panel	panel	NOUN
ape-1673	182	10	error	error	NOUN
ape-1673	182	11	correction	correction	NOUN
ape-1673	182	12	model	model	NOUN
ape-1673	182	13	.	.	PUNCT
ape-1673	183	1	the	the	DET
ape-1673	183	2	first	first	ADJ
ape-1673	183	3	step	step	NOUN
ape-1673	183	4	is	be	AUX
ape-1673	183	5	to	to	PART
ape-1673	183	6	estimate	estimate	VERB
ape-1673	183	7	the	the	DET
ape-1673	183	8	short	short	ADJ
ape-1673	183	9	-	-	PUNCT
ape-1673	183	10	term	term	NOUN
ape-1673	183	11	relationship	relationship	NOUN
ape-1673	183	12	while	while	SCONJ
ape-1673	183	13	the	the	DET
ape-1673	183	14	second	second	ADJ
ape-1673	183	15	step	step	NOUN
ape-1673	183	16	is	be	AUX
ape-1673	183	17	dedicated	dedicate	VERB
ape-1673	183	18	to	to	ADP
ape-1673	183	19	long	long	ADJ
ape-1673	183	20	-	-	PUNCT
ape-1673	183	21	term	term	NOUN
ape-1673	183	22	dynamics	dynamic	NOUN
ape-1673	183	23	.	.	PUNCT
ape-1673	184	1	4.3	4.3	NUM
ape-1673	184	2	analysis	analysis	NOUN
ape-1673	184	3	and	and	CCONJ
ape-1673	184	4	interpretation	interpretation	NOUN
ape-1673	184	5	of	of	ADP
ape-1673	184	6	results	result	NOUN
ape-1673	184	7	here	here	ADV
ape-1673	184	8	we	we	PRON
ape-1673	184	9	proceed	proceed	VERB
ape-1673	184	10	to	to	ADP
ape-1673	184	11	analyzes	analyze	NOUN
ape-1673	184	12	and	and	CCONJ
ape-1673	184	13	interpretations	interpretation	NOUN
ape-1673	184	14	of	of	ADP
ape-1673	184	15	the	the	DET
ape-1673	184	16	results	result	NOUN
ape-1673	184	17	of	of	ADP
ape-1673	184	18	the	the	DET
ape-1673	184	19	estimation	estimation	NOUN
ape-1673	184	20	of	of	ADP
ape-1673	184	21	the	the	DET
ape-1673	184	22	short	short	ADJ
ape-1673	184	23	-	-	PUNCT
ape-1673	184	24	term	term	NOUN
ape-1673	184	25	relationship	relationship	NOUN
ape-1673	184	26	and	and	CCONJ
ape-1673	184	27	the	the	DET
ape-1673	184	28	long	long	ADJ
ape-1673	184	29	-	-	PUNCT
ape-1673	184	30	term	term	NOUN
ape-1673	184	31	one	one	NUM
ape-1673	184	32	.	.	PUNCT
ape-1673	185	1	concerning	concern	VERB
ape-1673	185	2	the	the	DET
ape-1673	185	3	short	short	ADJ
ape-1673	185	4	-	-	PUNCT
ape-1673	185	5	term	term	NOUN
ape-1673	185	6	dynamics	dynamic	NOUN
ape-1673	185	7	,	,	PUNCT
ape-1673	185	8	the	the	DET
ape-1673	185	9	results	result	NOUN
ape-1673	185	10	of	of	ADP
ape-1673	185	11	the	the	DET
ape-1673	185	12	mce	mce	PROPN
ape-1673	185	13	estimation	estimation	NOUN
ape-1673	185	14	of	of	ADP
ape-1673	185	15	the	the	DET
ape-1673	185	16	short	short	ADJ
ape-1673	185	17	-	-	PUNCT
ape-1673	185	18	term	term	NOUN
ape-1673	185	19	relationship	relationship	NOUN
ape-1673	185	20	between	between	ADP
ape-1673	185	21	economic	economic	ADJ
ape-1673	185	22	growth	growth	NOUN
ape-1673	185	23	and	and	CCONJ
ape-1673	185	24	excess	excess	ADJ
ape-1673	185	25	liquidity	liquidity	NOUN
ape-1673	185	26	are	be	AUX
ape-1673	185	27	summarized	summarize	VERB
ape-1673	185	28	in	in	ADP
ape-1673	185	29	table	table	NOUN
ape-1673	185	30	3	3	NUM
ape-1673	185	31	.	.	PUNCT
ape-1673	186	1	tests	test	NOUN
ape-1673	186	2	tcpib	tcpib	ADJ
ape-1673	186	3	et	et	PROPN
ape-1673	186	4	rali	rali	PROPN
ape-1673	186	5	tcpib	tcpib	PROPN
ape-1673	186	6	et	et	PROPN
ape-1673	186	7	inv	inv	VERB
ape-1673	186	8	tcpib	tcpib	ADJ
ape-1673	186	9	et	et	PROPN
ape-1673	186	10	rali×inv	rali×inv	PROPN
ape-1673	186	11	coef	coef	PROPN
ape-1673	186	12	p	p	ADJ
ape-1673	186	13	-	-	PUNCT
ape-1673	186	14	value	value	NOUN
ape-1673	186	15	coef	coef	NOUN
ape-1673	186	16	p	p	NOUN
ape-1673	186	17	-	-	PUNCT
ape-1673	186	18	value	value	NOUN
ape-1673	186	19	coef	coef	NOUN
ape-1673	186	20	p	p	NOUN
ape-1673	186	21	-	-	PUNCT
ape-1673	186	22	value	value	NOUN
ape-1673	186	23	gt	gt	PROPN
ape-1673	186	24	-6.188	-6.188	NUM
ape-1673	186	25	0.000	0.000	NUM
ape-1673	186	26	-5.742	-5.742	SYM
ape-1673	187	1	0.000	0.000	NUM
ape-1673	187	2	-5.563	-5.563	X
ape-1673	187	3	0.000	0.000	NUM
ape-1673	187	4	ga	ga	PROPN
ape-1673	187	5	-17.316	-17.316	NOUN
ape-1673	187	6	0.000	0.000	NUM
ape-1673	187	7	-23.193	-23.193	NUM
ape-1673	187	8	0.000	0.000	NUM
ape-1673	187	9	-11.572	-11.572	PROPN
ape-1673	187	10	0.024	0.024	NUM
ape-1673	187	11	pt	pt	PROPN
ape-1673	187	12	-13.106	-13.106	PROPN
ape-1673	187	13	0.000	0.000	NUM
ape-1673	187	14	-7.949	-7.949	X
ape-1673	187	15	0.000	0.000	NUM
ape-1673	187	16	-12.354	-12.354	NUM
ape-1673	188	1	0.000	0.000	NUM
ape-1673	188	2	pa	pa	PROPN
ape-1673	188	3	-28.136	-28.136	NOUN
ape-1673	188	4	0.000	0.000	NUM
ape-1673	189	1	-25.893	-25.893	NUM
ape-1673	189	2	0.000	0.000	NUM
ape-1673	189	3	-9.237	-9.237	SYM
ape-1673	189	4	0.005	0.005	NUM
ape-1673	189	5	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	189	6	advances	advance	NOUN
ape-1673	189	7	in	in	ADP
ape-1673	189	8	politics	politic	NOUN
ape-1673	189	9	and	and	CCONJ
ape-1673	189	10	economic	economic	ADJ
ape-1673	189	11	vol	vol	NOUN
ape-1673	189	12	.	.	PROPN
ape-1673	190	1	1	1	NUM
ape-1673	190	2	,	,	PUNCT
ape-1673	190	3	no	no	INTJ
ape-1673	190	4	.	.	NOUN
ape-1673	190	5	2	2	NUM
ape-1673	190	6	,	,	PUNCT
ape-1673	190	7	2018	2018	NUM
ape-1673	190	8	150	150	NUM
ape-1673	190	9	published	publish	VERB
ape-1673	190	10	by	by	ADP
ape-1673	190	11	scholink	scholink	PROPN
ape-1673	190	12	inc	inc	PROPN
ape-1673	190	13	.	.	PROPN
ape-1673	190	14	table	table	PROPN
ape-1673	190	15	8	8	NUM
ape-1673	190	16	.	.	PUNCT
ape-1673	191	1	results	result	NOUN
ape-1673	191	2	of	of	ADP
ape-1673	191	3	the	the	DET
ape-1673	191	4	short	short	ADJ
ape-1673	191	5	-	-	PUNCT
ape-1673	191	6	term	term	NOUN
ape-1673	191	7	relationship	relationship	NOUN
ape-1673	191	8	between	between	ADP
ape-1673	191	9	economic	economic	ADJ
ape-1673	191	10	growth	growth	NOUN
ape-1673	191	11	and	and	CCONJ
ape-1673	191	12	bank	bank	NOUN
ape-1673	191	13	excess	excess	ADJ
ape-1673	191	14	liquidity	liquidity	NOUN
ape-1673	191	15	endogenous	endogenous	ADJ
ape-1673	191	16	variables	variable	NOUN
ape-1673	191	17	growth	growth	NOUN
ape-1673	191	18	rate	rate	NOUN
ape-1673	191	19	(	(	PUNCT
ape-1673	191	20	tcpib	tcpib	ADJ
ape-1673	191	21	)	)	PUNCT
ape-1673	191	22	esplanatory	esplanatory	NOUN
ape-1673	191	23	variables	variable	NOUN
ape-1673	191	24	coefficients	coefficient	VERB
ape-1673	191	25	p	p	NOUN
ape-1673	191	26	-	-	PUNCT
ape-1673	191	27	value	value	NOUN
ape-1673	191	28	dte	dte	PROPN
ape-1673	191	29	-0.00255	-0.00255	NOUN
ape-1673	191	30	0.918	0.918	NUM
ape-1673	191	31	dfpeng	dfpeng	NOUN
ape-1673	191	32	-1.43312	-1.43312	PROPN
ape-1673	191	33	0.161	0.161	NUM
ape-1673	191	34	didf	didf	PROPN
ape-1673	191	35	-3.17799	-3.17799	NOUN
ape-1673	191	36	0.753	0.753	NUM
ape-1673	191	37	drali	drali	VERB
ape-1673	191	38	0.29829	0.29829	NUM
ape-1673	191	39	0.082	0.082	NUM
ape-1673	191	40	dinv	dinv	NOUN
ape-1673	191	41	0.16564	0.16564	NUM
ape-1673	191	42	0.090	0.090	NUM
ape-1673	191	43	dinv×rali	dinv×rali	VERB
ape-1673	191	44	-0.24438	-0.24438	NOUN
ape-1673	191	45	0.082	0.082	NUM
ape-1673	191	46	constante	constante	NOUN
ape-1673	191	47	0.70765	0.70765	NUM
ape-1673	191	48	0.716	0.716	NUM
ape-1673	191	49	source	source	NOUN
ape-1673	191	50	:	:	PUNCT
ape-1673	191	51	author	author	NOUN
ape-1673	191	52	’s	’s	PART
ape-1673	191	53	estimation	estimation	NOUN
ape-1673	191	54	.	.	PUNCT
ape-1673	192	1	it	it	PRON
ape-1673	192	2	follows	follow	VERB
ape-1673	192	3	that	that	SCONJ
ape-1673	192	4	in	in	ADP
ape-1673	192	5	the	the	DET
ape-1673	192	6	short	short	ADJ
ape-1673	192	7	term	term	NOUN
ape-1673	192	8	,	,	PUNCT
ape-1673	192	9	only	only	ADV
ape-1673	192	10	three	three	NUM
ape-1673	192	11	explanatory	explanatory	ADJ
ape-1673	192	12	variables	variable	NOUN
ape-1673	192	13	are	be	AUX
ape-1673	192	14	significant	significant	ADJ
ape-1673	192	15	.	.	PUNCT
ape-1673	193	1	bank	bank	NOUN
ape-1673	193	2	excess	excess	ADJ
ape-1673	193	3	liquidity	liquidity	NOUN
ape-1673	193	4	is	be	AUX
ape-1673	193	5	statistically	statistically	ADV
ape-1673	193	6	significant	significant	ADJ
ape-1673	193	7	at	at	ADP
ape-1673	193	8	the	the	DET
ape-1673	193	9	10	10	NUM
ape-1673	193	10	%	%	NOUN
ape-1673	193	11	level	level	NOUN
ape-1673	193	12	with	with	ADP
ape-1673	193	13	a	a	DET
ape-1673	193	14	positive	positive	ADJ
ape-1673	193	15	coefficient	coefficient	NOUN
ape-1673	193	16	as	as	ADV
ape-1673	193	17	well	well	ADV
ape-1673	193	18	as	as	ADP
ape-1673	193	19	private	private	ADJ
ape-1673	193	20	investment	investment	NOUN
ape-1673	193	21	.	.	PUNCT
ape-1673	194	1	the	the	DET
ape-1673	194	2	multiplicative	multiplicative	ADJ
ape-1673	194	3	variable	variable	NOUN
ape-1673	194	4	has	have	VERB
ape-1673	194	5	a	a	DET
ape-1673	194	6	negative	negative	ADJ
ape-1673	194	7	and	and	CCONJ
ape-1673	194	8	significant	significant	ADJ
ape-1673	194	9	coefficient	coefficient	NOUN
ape-1673	194	10	at	at	ADP
ape-1673	194	11	the	the	DET
ape-1673	194	12	10	10	NUM
ape-1673	194	13	%	%	NOUN
ape-1673	194	14	threshold	threshold	NOUN
ape-1673	194	15	.	.	PUNCT
ape-1673	195	1	as	as	ADP
ape-1673	195	2	a	a	DET
ape-1673	195	3	result	result	NOUN
ape-1673	195	4	,	,	PUNCT
ape-1673	195	5	bank	bank	NOUN
ape-1673	195	6	excess	excess	ADJ
ape-1673	195	7	liquidity	liquidity	NOUN
ape-1673	195	8	has	have	VERB
ape-1673	195	9	a	a	DET
ape-1673	195	10	positive	positive	ADJ
ape-1673	195	11	effect	effect	NOUN
ape-1673	195	12	on	on	ADP
ape-1673	195	13	economic	economic	ADJ
ape-1673	195	14	growth	growth	NOUN
ape-1673	195	15	but	but	CCONJ
ape-1673	195	16	is	be	AUX
ape-1673	195	17	reduced	reduce	VERB
ape-1673	195	18	when	when	SCONJ
ape-1673	195	19	private	private	ADJ
ape-1673	195	20	investment	investment	NOUN
ape-1673	195	21	is	be	AUX
ape-1673	195	22	taken	take	VERB
ape-1673	195	23	into	into	ADP
ape-1673	195	24	account	account	NOUN
ape-1673	195	25	.	.	PUNCT
ape-1673	196	1	regarding	regard	VERB
ape-1673	196	2	the	the	DET
ape-1673	196	3	long	long	ADJ
ape-1673	196	4	-	-	PUNCT
ape-1673	196	5	term	term	NOUN
ape-1673	196	6	dynamics	dynamic	NOUN
ape-1673	196	7	,	,	PUNCT
ape-1673	196	8	the	the	DET
ape-1673	196	9	results	result	NOUN
ape-1673	196	10	are	be	AUX
ape-1673	196	11	shown	show	VERB
ape-1673	196	12	in	in	ADP
ape-1673	196	13	table	table	NOUN
ape-1673	196	14	4	4	NUM
ape-1673	196	15	.	.	PUNCT
ape-1673	196	16	table	table	NOUN
ape-1673	196	17	4	4	NUM
ape-1673	196	18	.	.	PUNCT
ape-1673	196	19	results	result	NOUN
ape-1673	196	20	of	of	ADP
ape-1673	196	21	the	the	DET
ape-1673	196	22	long	long	ADJ
ape-1673	196	23	-	-	PUNCT
ape-1673	196	24	term	term	NOUN
ape-1673	196	25	relationship	relationship	NOUN
ape-1673	196	26	between	between	ADP
ape-1673	196	27	economic	economic	ADJ
ape-1673	196	28	growth	growth	NOUN
ape-1673	196	29	and	and	CCONJ
ape-1673	196	30	bank	bank	NOUN
ape-1673	196	31	excess	excess	ADJ
ape-1673	196	32	liquidity	liquidity	NOUN
ape-1673	196	33	endogenous	endogenous	ADJ
ape-1673	196	34	variables	variable	NOUN
ape-1673	196	35	:	:	PUNCT
ape-1673	196	36	growth	growth	NOUN
ape-1673	196	37	rate	rate	NOUN
ape-1673	196	38	(	(	PUNCT
ape-1673	196	39	tcpib	tcpib	ADJ
ape-1673	196	40	)	)	PUNCT
ape-1673	196	41	explanatory	explanatory	ADJ
ape-1673	196	42	variable	variable	ADJ
ape-1673	196	43	coefficients	coefficient	VERB
ape-1673	196	44	p	p	NOUN
ape-1673	196	45	-	-	PUNCT
ape-1673	196	46	value	value	NOUN
ape-1673	196	47	te	te	X
ape-1673	196	48	-0.00112	-0.00112	VERB
ape-1673	196	49	0.943	0.943	NUM
ape-1673	196	50	fpeng	fpeng	PROPN
ape-1673	196	51	-0.98861	-0.98861	PROPN
ape-1673	196	52	0.296	0.296	NUM
ape-1673	196	53	idf	idf	PROPN
ape-1673	196	54	15.82892	15.82892	NUM
ape-1673	196	55	0.037	0.037	NUM
ape-1673	196	56	rali	rali	NUM
ape-1673	196	57	0.17667	0.17667	NUM
ape-1673	196	58	0.864	0.864	NUM
ape-1673	196	59	inv	inv	VERB
ape-1673	196	60	0.05502	0.05502	NUM
ape-1673	196	61	0.655	0.655	NUM
ape-1673	196	62	inv*d	inv*d	NOUN
ape-1673	196	63	rali	rali	NUM
ape-1673	196	64	0.00583	0.00583	NUM
ape-1673	196	65	0.951	0.951	NUM
ape-1673	196	66	constante	constante	NOUN
ape-1673	196	67	0.70765	0.70765	NUM
ape-1673	196	68	0.716	0.716	NUM
ape-1673	196	69	source	source	NOUN
ape-1673	196	70	:	:	PUNCT
ape-1673	196	71	author	author	NOUN
ape-1673	196	72	’s	’s	PART
ape-1673	196	73	estimation	estimation	NOUN
ape-1673	196	74	.	.	PUNCT
ape-1673	197	1	in	in	ADP
ape-1673	197	2	the	the	DET
ape-1673	197	3	long	long	ADJ
ape-1673	197	4	term	term	NOUN
ape-1673	197	5	,	,	PUNCT
ape-1673	197	6	it	it	PRON
ape-1673	197	7	follows	follow	VERB
ape-1673	197	8	that	that	SCONJ
ape-1673	197	9	the	the	DET
ape-1673	197	10	financial	financial	ADJ
ape-1673	197	11	development	development	NOUN
ape-1673	197	12	(	(	PUNCT
ape-1673	197	13	idf	idf	PROPN
ape-1673	197	14	)	)	PUNCT
ape-1673	197	15	measured	measure	VERB
ape-1673	197	16	by	by	ADP
ape-1673	197	17	the	the	DET
ape-1673	197	18	liquidity	liquidity	NOUN
ape-1673	197	19	rate	rate	NOUN
ape-1673	197	20	of	of	ADP
ape-1673	197	21	the	the	DET
ape-1673	197	22	economy	economy	NOUN
ape-1673	197	23	,	,	PUNCT
ape-1673	197	24	is	be	AUX
ape-1673	197	25	the	the	DET
ape-1673	197	26	only	only	ADJ
ape-1673	197	27	variable	variable	NOUN
ape-1673	197	28	of	of	ADP
ape-1673	197	29	the	the	DET
ape-1673	197	30	model	model	NOUN
ape-1673	197	31	which	which	PRON
ape-1673	197	32	presents	present	VERB
ape-1673	197	33	a	a	DET
ape-1673	197	34	statistical	statistical	ADJ
ape-1673	197	35	significance	significance	NOUN
ape-1673	197	36	at	at	ADP
ape-1673	197	37	the	the	DET
ape-1673	197	38	threshold	threshold	NOUN
ape-1673	197	39	of	of	ADP
ape-1673	197	40	5	5	NUM
ape-1673	197	41	%	%	NOUN
ape-1673	197	42	.	.	PUNCT
ape-1673	198	1	4.4	4.4	NUM
ape-1673	198	2	verification	verification	NOUN
ape-1673	198	3	of	of	ADP
ape-1673	198	4	assumptions	assumption	NOUN
ape-1673	198	5	and	and	CCONJ
ape-1673	198	6	economic	economic	ADJ
ape-1673	198	7	implications	implication	NOUN
ape-1673	198	8	at	at	ADP
ape-1673	198	9	this	this	DET
ape-1673	198	10	stage	stage	NOUN
ape-1673	198	11	of	of	ADP
ape-1673	198	12	the	the	DET
ape-1673	198	13	study	study	NOUN
ape-1673	198	14	,	,	PUNCT
ape-1673	198	15	it	it	PRON
ape-1673	198	16	is	be	AUX
ape-1673	198	17	good	good	ADJ
ape-1673	198	18	to	to	PART
ape-1673	198	19	invalidate	invalidate	VERB
ape-1673	198	20	or	or	CCONJ
ape-1673	198	21	validate	validate	VERB
ape-1673	198	22	the	the	DET
ape-1673	198	23	hypotheses	hypothesis	NOUN
ape-1673	198	24	postulated	postulate	VERB
ape-1673	198	25	.	.	PUNCT
ape-1673	199	1	the	the	DET
ape-1673	199	2	study	study	NOUN
ape-1673	199	3	found	find	VERB
ape-1673	199	4	a	a	DET
ape-1673	199	5	positive	positive	ADJ
ape-1673	199	6	effect	effect	NOUN
ape-1673	199	7	of	of	ADP
ape-1673	199	8	bank	bank	NOUN
ape-1673	199	9	over	over	ADP
ape-1673	199	10	-	-	PUNCT
ape-1673	199	11	liquidity	liquidity	NOUN
ape-1673	199	12	on	on	ADP
ape-1673	199	13	economic	economic	ADJ
ape-1673	199	14	growth	growth	NOUN
ape-1673	199	15	even	even	ADV
ape-1673	199	16	though	though	SCONJ
ape-1673	199	17	private	private	ADJ
ape-1673	199	18	investments	investment	NOUN
ape-1673	199	19	reduce	reduce	VERB
ape-1673	199	20	this	this	DET
ape-1673	199	21	positive	positive	ADJ
ape-1673	199	22	impact	impact	NOUN
ape-1673	199	23	in	in	ADP
ape-1673	199	24	the	the	DET
ape-1673	199	25	short	short	ADJ
ape-1673	199	26	term	term	NOUN
ape-1673	199	27	.	.	PUNCT
ape-1673	200	1	as	as	ADP
ape-1673	200	2	a	a	DET
ape-1673	200	3	result	result	NOUN
ape-1673	200	4	,	,	PUNCT
ape-1673	200	5	our	our	PRON
ape-1673	200	6	first	first	ADJ
ape-1673	200	7	hypothesis	hypothesis	NOUN
ape-1673	200	8	is	be	AUX
ape-1673	200	9	verified	verify	VERB
ape-1673	200	10	.	.	PUNCT
ape-1673	201	1	the	the	DET
ape-1673	201	2	study	study	NOUN
ape-1673	201	3	also	also	ADV
ape-1673	201	4	concludes	conclude	VERB
ape-1673	201	5	that	that	SCONJ
ape-1673	201	6	our	our	PRON
ape-1673	201	7	financial	financial	ADJ
ape-1673	201	8	development	development	NOUN
ape-1673	201	9	indicator	indicator	NOUN
ape-1673	201	10	exerts	exert	VERB
ape-1673	201	11	a	a	DET
ape-1673	201	12	statistically	statistically	ADV
ape-1673	201	13	significant	significant	ADJ
ape-1673	201	14	influence	influence	NOUN
ape-1673	201	15	at	at	ADP
ape-1673	201	16	the	the	DET
ape-1673	201	17	5	5	NUM
ape-1673	201	18	%	%	NOUN
ape-1673	201	19	threshold	threshold	NOUN
ape-1673	201	20	on	on	ADP
ape-1673	201	21	long	long	ADJ
ape-1673	201	22	-	-	PUNCT
ape-1673	201	23	term	term	NOUN
ape-1673	201	24	economic	economic	ADJ
ape-1673	201	25	growth	growth	NOUN
ape-1673	201	26	,	,	PUNCT
ape-1673	201	27	confirming	confirm	VERB
ape-1673	201	28	our	our	PRON
ape-1673	201	29	second	second	ADJ
ape-1673	201	30	hypothesis	hypothesis	NOUN
ape-1673	201	31	.	.	PUNCT
ape-1673	202	1	but	but	CCONJ
ape-1673	202	2	in	in	ADP
ape-1673	202	3	the	the	DET
ape-1673	202	4	long	long	ADJ
ape-1673	202	5	run	run	NOUN
ape-1673	202	6	there	there	PRON
ape-1673	202	7	is	be	VERB
ape-1673	202	8	no	no	DET
ape-1673	202	9	relationship	relationship	NOUN
ape-1673	202	10	between	between	ADP
ape-1673	202	11	economic	economic	ADJ
ape-1673	202	12	growth	growth	NOUN
ape-1673	202	13	and	and	CCONJ
ape-1673	202	14	bank	bank	NOUN
ape-1673	202	15	over	over	ADP
ape-1673	202	16	-	-	PUNCT
ape-1673	202	17	liquidity	liquidity	NOUN
ape-1673	202	18	.	.	PUNCT
ape-1673	203	1	as	as	ADP
ape-1673	203	2	a	a	DET
ape-1673	203	3	result	result	NOUN
ape-1673	203	4	,	,	PUNCT
ape-1673	203	5	our	our	PRON
ape-1673	203	6	hypothesis	hypothesis	NOUN
ape-1673	203	7	1	1	NUM
ape-1673	203	8	is	be	AUX
ape-1673	203	9	verified	verify	VERB
ape-1673	203	10	.	.	PUNCT
ape-1673	204	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	204	2	advances	advance	NOUN
ape-1673	204	3	in	in	ADP
ape-1673	204	4	politics	politic	NOUN
ape-1673	204	5	and	and	CCONJ
ape-1673	204	6	economic	economic	ADJ
ape-1673	204	7	vol	vol	NOUN
ape-1673	204	8	.	.	PROPN
ape-1673	205	1	1	1	NUM
ape-1673	205	2	,	,	PUNCT
ape-1673	205	3	no	no	INTJ
ape-1673	205	4	.	.	NOUN
ape-1673	205	5	2	2	NUM
ape-1673	205	6	,	,	PUNCT
ape-1673	205	7	2018	2018	NUM
ape-1673	205	8	151	151	NUM
ape-1673	205	9	published	publish	VERB
ape-1673	205	10	by	by	ADP
ape-1673	205	11	scholink	scholink	PROPN
ape-1673	205	12	inc	inc	PROPN
ape-1673	205	13	.	.	PROPN
ape-1673	205	14	5	5	NUM
ape-1673	205	15	.	.	X
ape-1673	206	1	conclusion	conclusion	NOUN
ape-1673	206	2	and	and	CCONJ
ape-1673	206	3	implications	implication	NOUN
ape-1673	206	4	of	of	ADP
ape-1673	206	5	economic	economic	ADJ
ape-1673	206	6	policies	policy	NOUN
ape-1673	206	7	the	the	DET
ape-1673	206	8	objective	objective	NOUN
ape-1673	206	9	of	of	ADP
ape-1673	206	10	this	this	DET
ape-1673	206	11	study	study	NOUN
ape-1673	206	12	was	be	AUX
ape-1673	206	13	to	to	PART
ape-1673	206	14	analyze	analyze	VERB
ape-1673	206	15	the	the	DET
ape-1673	206	16	impact	impact	NOUN
ape-1673	206	17	of	of	ADP
ape-1673	206	18	bank	bank	NOUN
ape-1673	206	19	over	over	ADP
ape-1673	206	20	-	-	PUNCT
ape-1673	206	21	liquidity	liquidity	NOUN
ape-1673	206	22	on	on	ADP
ape-1673	206	23	the	the	DET
ape-1673	206	24	economic	economic	ADJ
ape-1673	206	25	growth	growth	NOUN
ape-1673	206	26	of	of	ADP
ape-1673	206	27	the	the	DET
ape-1673	206	28	waemu	waemu	NOUN
ape-1673	206	29	countries	country	NOUN
ape-1673	206	30	.	.	PUNCT
ape-1673	207	1	on	on	ADP
ape-1673	207	2	panel	panel	NOUN
ape-1673	207	3	data	datum	NOUN
ape-1673	207	4	from	from	ADP
ape-1673	207	5	seven	seven	NUM
ape-1673	207	6	countries	country	NOUN
ape-1673	207	7	over	over	ADP
ape-1673	207	8	the	the	DET
ape-1673	207	9	period	period	NOUN
ape-1673	207	10	from	from	ADP
ape-1673	207	11	1994	1994	NUM
ape-1673	207	12	to	to	ADP
ape-1673	207	13	2015	2015	NUM
ape-1673	207	14	,	,	PUNCT
ape-1673	207	15	the	the	DET
ape-1673	207	16	results	result	NOUN
ape-1673	207	17	indicate	indicate	VERB
ape-1673	207	18	that	that	SCONJ
ape-1673	207	19	bank	bank	NOUN
ape-1673	207	20	excess	excess	ADJ
ape-1673	207	21	liquidity	liquidity	NOUN
ape-1673	207	22	has	have	VERB
ape-1673	207	23	a	a	DET
ape-1673	207	24	positive	positive	ADJ
ape-1673	207	25	impact	impact	NOUN
ape-1673	207	26	on	on	ADP
ape-1673	207	27	economic	economic	ADJ
ape-1673	207	28	growth	growth	NOUN
ape-1673	207	29	.	.	PUNCT
ape-1673	208	1	considering	consider	VERB
ape-1673	208	2	bank	bank	NOUN
ape-1673	208	3	excess	excess	ADJ
ape-1673	208	4	liquidity	liquidity	NOUN
ape-1673	208	5	as	as	ADP
ape-1673	208	6	an	an	DET
ape-1673	208	7	indicator	indicator	NOUN
ape-1673	208	8	of	of	ADP
ape-1673	208	9	banking	banking	NOUN
ape-1673	208	10	performance	performance	NOUN
ape-1673	208	11	,	,	PUNCT
ape-1673	208	12	it	it	PRON
ape-1673	208	13	follows	follow	VERB
ape-1673	208	14	that	that	SCONJ
ape-1673	208	15	the	the	PRON
ape-1673	208	16	more	more	ADV
ape-1673	208	17	efficient	efficient	ADJ
ape-1673	208	18	they	they	PRON
ape-1673	208	19	are	be	AUX
ape-1673	208	20	,	,	PUNCT
ape-1673	208	21	the	the	PRON
ape-1673	208	22	more	more	ADV
ape-1673	208	23	the	the	DET
ape-1673	208	24	economy	economy	NOUN
ape-1673	208	25	benefits	benefit	VERB
ape-1673	208	26	.	.	PUNCT
ape-1673	209	1	the	the	DET
ape-1673	209	2	positive	positive	ADJ
ape-1673	209	3	influence	influence	NOUN
ape-1673	209	4	of	of	ADP
ape-1673	209	5	bank	bank	NOUN
ape-1673	209	6	excess	excess	ADJ
ape-1673	209	7	liquidity	liquidity	NOUN
ape-1673	209	8	on	on	ADP
ape-1673	209	9	the	the	DET
ape-1673	209	10	economic	economic	ADJ
ape-1673	209	11	growth	growth	NOUN
ape-1673	209	12	of	of	ADP
ape-1673	209	13	countries	country	NOUN
ape-1673	209	14	could	could	AUX
ape-1673	209	15	also	also	ADV
ape-1673	209	16	be	be	AUX
ape-1673	209	17	explained	explain	VERB
ape-1673	209	18	by	by	ADP
ape-1673	209	19	the	the	DET
ape-1673	209	20	recycling	recycling	NOUN
ape-1673	209	21	of	of	ADP
ape-1673	209	22	banking	banking	NOUN
ape-1673	209	23	resources	resource	NOUN
ape-1673	209	24	through	through	ADP
ape-1673	209	25	the	the	DET
ape-1673	209	26	underwriting	underwriting	NOUN
ape-1673	209	27	of	of	ADP
ape-1673	209	28	government	government	NOUN
ape-1673	209	29	securities	security	NOUN
ape-1673	209	30	.	.	PUNCT
ape-1673	210	1	indeed	indeed	ADV
ape-1673	210	2	,	,	PUNCT
ape-1673	210	3	to	to	PART
ape-1673	210	4	guard	guard	VERB
ape-1673	210	5	against	against	ADP
ape-1673	210	6	credit	credit	NOUN
ape-1673	210	7	risk	risk	NOUN
ape-1673	210	8	,	,	PUNCT
ape-1673	210	9	commercial	commercial	ADJ
ape-1673	210	10	banks	bank	NOUN
ape-1673	210	11	have	have	VERB
ape-1673	210	12	a	a	DET
ape-1673	210	13	strong	strong	ADJ
ape-1673	210	14	preference	preference	NOUN
ape-1673	210	15	for	for	ADP
ape-1673	210	16	public	public	ADJ
ape-1673	210	17	securities	security	NOUN
ape-1673	210	18	in	in	ADP
ape-1673	210	19	waemu	waemu	NOUN
ape-1673	210	20	.	.	PUNCT
ape-1673	211	1	in	in	ADP
ape-1673	211	2	doing	do	VERB
ape-1673	211	3	so	so	ADV
ape-1673	211	4	,	,	PUNCT
ape-1673	211	5	the	the	DET
ape-1673	211	6	state	state	NOUN
ape-1673	211	7	with	with	ADP
ape-1673	211	8	more	more	ADJ
ape-1673	211	9	resources	resource	NOUN
ape-1673	211	10	undertakes	undertake	VERB
ape-1673	211	11	investments	investment	NOUN
ape-1673	211	12	in	in	ADP
ape-1673	211	13	infrastructure	infrastructure	NOUN
ape-1673	211	14	which	which	PRON
ape-1673	211	15	increases	increase	VERB
ape-1673	211	16	the	the	DET
ape-1673	211	17	overall	overall	ADJ
ape-1673	211	18	demand	demand	NOUN
ape-1673	211	19	and	and	CCONJ
ape-1673	211	20	production	production	NOUN
ape-1673	211	21	.	.	PUNCT
ape-1673	212	1	however	however	ADV
ape-1673	212	2	,	,	PUNCT
ape-1673	212	3	the	the	DET
ape-1673	212	4	positive	positive	ADJ
ape-1673	212	5	impact	impact	NOUN
ape-1673	212	6	of	of	ADP
ape-1673	212	7	banking	banking	NOUN
ape-1673	212	8	performance	performance	NOUN
ape-1673	212	9	on	on	ADP
ape-1673	212	10	economic	economic	ADJ
ape-1673	212	11	growth	growth	NOUN
ape-1673	212	12	is	be	AUX
ape-1673	212	13	thwarted	thwart	VERB
ape-1673	212	14	by	by	ADP
ape-1673	212	15	the	the	DET
ape-1673	212	16	relationship	relationship	NOUN
ape-1673	212	17	between	between	ADP
ape-1673	212	18	bank	bank	NOUN
ape-1673	212	19	excess	excess	ADJ
ape-1673	212	20	liquidity	liquidity	NOUN
ape-1673	212	21	and	and	CCONJ
ape-1673	212	22	investment	investment	NOUN
ape-1673	212	23	.	.	PUNCT
ape-1673	213	1	by	by	ADP
ape-1673	213	2	equating	equate	VERB
ape-1673	213	3	investment	investment	NOUN
ape-1673	213	4	with	with	ADP
ape-1673	213	5	gross	gross	ADJ
ape-1673	213	6	fixed	fix	VERB
ape-1673	213	7	capital	capital	NOUN
ape-1673	213	8	formation	formation	NOUN
ape-1673	213	9	,	,	PUNCT
ape-1673	213	10	it	it	PRON
ape-1673	213	11	follows	follow	VERB
ape-1673	213	12	that	that	SCONJ
ape-1673	213	13	only	only	ADV
ape-1673	213	14	long	long	ADJ
ape-1673	213	15	-	-	PUNCT
ape-1673	213	16	term	term	NOUN
ape-1673	213	17	financing	financing	NOUN
ape-1673	213	18	is	be	AUX
ape-1673	213	19	profitable	profitable	ADJ
ape-1673	213	20	for	for	ADP
ape-1673	213	21	capital	capital	NOUN
ape-1673	213	22	accumulation	accumulation	NOUN
ape-1673	213	23	.	.	PUNCT
ape-1673	214	1	in	in	ADP
ape-1673	214	2	the	the	DET
ape-1673	214	3	waemu	waemu	PROPN
ape-1673	214	4	zone	zone	NOUN
ape-1673	214	5	,	,	PUNCT
ape-1673	214	6	however	however	ADV
ape-1673	214	7	,	,	PUNCT
ape-1673	214	8	banks	bank	NOUN
ape-1673	214	9	prefer	prefer	VERB
ape-1673	214	10	to	to	PART
ape-1673	214	11	finance	finance	VERB
ape-1673	214	12	the	the	DET
ape-1673	214	13	trade	trade	NOUN
ape-1673	214	14	and	and	CCONJ
ape-1673	214	15	wholesale	wholesale	ADJ
ape-1673	214	16	sector	sector	NOUN
ape-1673	214	17	(	(	PUNCT
ape-1673	214	18	import	import	NOUN
ape-1673	214	19	-	-	PUNCT
ape-1673	214	20	export	export	NOUN
ape-1673	214	21	,	,	PUNCT
ape-1673	214	22	etc	etc	X
ape-1673	214	23	.	.	X
ape-1673	214	24	)	)	PUNCT
ape-1673	214	25	mainly	mainly	ADV
ape-1673	214	26	by	by	ADP
ape-1673	214	27	granting	grant	VERB
ape-1673	214	28	short	short	ADJ
ape-1673	214	29	-	-	PUNCT
ape-1673	214	30	term	term	NOUN
ape-1673	214	31	and	and	CCONJ
ape-1673	214	32	low	low	ADJ
ape-1673	214	33	-	-	PUNCT
ape-1673	214	34	value	value	NOUN
ape-1673	214	35	credits	credit	NOUN
ape-1673	214	36	.	.	PUNCT
ape-1673	215	1	as	as	ADP
ape-1673	215	2	a	a	DET
ape-1673	215	3	result	result	NOUN
ape-1673	215	4	,	,	PUNCT
ape-1673	215	5	there	there	PRON
ape-1673	215	6	is	be	VERB
ape-1673	215	7	a	a	DET
ape-1673	215	8	need	need	NOUN
ape-1673	215	9	to	to	PART
ape-1673	215	10	loosen	loosen	VERB
ape-1673	215	11	credit	credit	NOUN
ape-1673	215	12	risk	risk	NOUN
ape-1673	215	13	constraints	constraint	NOUN
ape-1673	215	14	.	.	PUNCT
ape-1673	216	1	establishing	establish	VERB
ape-1673	216	2	credit	credit	NOUN
ape-1673	216	3	bureaus	bureaus	NOUN
ape-1673	216	4	,	,	PUNCT
ape-1673	216	5	improving	improve	VERB
ape-1673	216	6	the	the	DET
ape-1673	216	7	institutional	institutional	ADJ
ape-1673	216	8	and	and	CCONJ
ape-1673	216	9	macroeconomic	macroeconomic	ADJ
ape-1673	216	10	framework	framework	NOUN
ape-1673	216	11	could	could	AUX
ape-1673	216	12	reduce	reduce	VERB
ape-1673	216	13	banks	bank	NOUN
ape-1673	216	14	’	’	PART
ape-1673	216	15	aversion	aversion	NOUN
ape-1673	216	16	to	to	ADP
ape-1673	216	17	credit	credit	NOUN
ape-1673	216	18	risk	risk	NOUN
ape-1673	216	19	.	.	PUNCT
ape-1673	217	1	to	to	ADP
ape-1673	217	2	this	this	PRON
ape-1673	217	3	must	must	AUX
ape-1673	217	4	be	be	AUX
ape-1673	217	5	added	add	VERB
ape-1673	217	6	the	the	DET
ape-1673	217	7	improvement	improvement	NOUN
ape-1673	217	8	of	of	ADP
ape-1673	217	9	the	the	DET
ape-1673	217	10	institutional	institutional	ADJ
ape-1673	217	11	framework	framework	NOUN
ape-1673	217	12	to	to	PART
ape-1673	217	13	promote	promote	VERB
ape-1673	217	14	a	a	DET
ape-1673	217	15	policy	policy	NOUN
ape-1673	217	16	of	of	ADP
ape-1673	217	17	capital	capital	NOUN
ape-1673	217	18	accumulation	accumulation	NOUN
ape-1673	217	19	.	.	PUNCT
ape-1673	218	1	in	in	ADP
ape-1673	218	2	the	the	DET
ape-1673	218	3	long	long	ADJ
ape-1673	218	4	run	run	NOUN
ape-1673	218	5	,	,	PUNCT
ape-1673	218	6	it	it	PRON
ape-1673	218	7	should	should	AUX
ape-1673	218	8	also	also	ADV
ape-1673	218	9	be	be	AUX
ape-1673	218	10	noted	note	VERB
ape-1673	218	11	that	that	SCONJ
ape-1673	218	12	the	the	DET
ape-1673	218	13	liquidity	liquidity	NOUN
ape-1673	218	14	of	of	ADP
ape-1673	218	15	the	the	DET
ape-1673	218	16	economy	economy	NOUN
ape-1673	218	17	positively	positively	ADV
ape-1673	218	18	influences	influence	VERB
ape-1673	218	19	economic	economic	ADJ
ape-1673	218	20	growth	growth	NOUN
ape-1673	218	21	.	.	PUNCT
ape-1673	219	1	a	a	DET
ape-1673	219	2	policy	policy	NOUN
ape-1673	219	3	of	of	ADP
ape-1673	219	4	making	make	VERB
ape-1673	219	5	available	available	ADJ
ape-1673	219	6	and	and	CCONJ
ape-1673	219	7	managing	manage	VERB
ape-1673	219	8	monetary	monetary	ADJ
ape-1673	219	9	resources	resource	NOUN
ape-1673	219	10	is	be	AUX
ape-1673	219	11	necessary	necessary	ADJ
ape-1673	219	12	to	to	PART
ape-1673	219	13	stimulate	stimulate	VERB
ape-1673	219	14	economic	economic	ADJ
ape-1673	219	15	growth	growth	NOUN
ape-1673	219	16	.	.	PUNCT
ape-1673	220	1	references	reference	NOUN
ape-1673	220	2	agénor	agénor	PROPN
ape-1673	220	3	,	,	PUNCT
ape-1673	220	4	p.	p.	PROPN
ape-1673	220	5	r.	r.	PROPN
ape-1673	220	6	,	,	PUNCT
ape-1673	220	7	&	&	CCONJ
ape-1673	220	8	aynaoui	aynaoui	PROPN
ape-1673	220	9	,	,	PUNCT
ape-1673	220	10	k.	k.	PROPN
ape-1673	220	11	e.	e.	PROPN
ape-1673	220	12	l.	l.	PROPN
ape-1673	220	13	(	(	PUNCT
ape-1673	220	14	2010	2010	NUM
ape-1673	220	15	)	)	PUNCT
ape-1673	220	16	.	.	PUNCT
ape-1673	221	1	excess	excess	ADJ
ape-1673	221	2	liquidity	liquidity	NOUN
ape-1673	221	3	,	,	PUNCT
ape-1673	221	4	bank	bank	NOUN
ape-1673	221	5	pricing	pricing	NOUN
ape-1673	221	6	rules	rule	NOUN
ape-1673	221	7	,	,	PUNCT
ape-1673	221	8	and	and	CCONJ
ape-1673	221	9	monetary	monetary	ADJ
ape-1673	221	10	policy	policy	NOUN
ape-1673	221	11	.	.	PUNCT
ape-1673	222	1	journal	journal	NOUN
ape-1673	222	2	of	of	ADP
ape-1673	222	3	banking	banking	NOUN
ape-1673	222	4	&	&	CCONJ
ape-1673	222	5	finance	finance	PROPN
ape-1673	222	6	,	,	PUNCT
ape-1673	222	7	34(5	34(5	PROPN
ape-1673	222	8	)	)	PUNCT
ape-1673	222	9	,	,	PUNCT
ape-1673	222	10	923	923	NUM
ape-1673	222	11	-	-	SYM
ape-1673	222	12	933	933	NUM
ape-1673	222	13	.	.	PUNCT
ape-1673	223	1	https://doi.org/10.1016/j.jbankfin.2009.10.003	https://doi.org/10.1016/j.jbankfin.2009.10.003	PROPN
ape-1673	223	2	bagehot	bagehot	NOUN
ape-1673	223	3	,	,	PUNCT
ape-1673	223	4	w.	w.	PROPN
ape-1673	223	5	(	(	PUNCT
ape-1673	223	6	1873	1873	NUM
ape-1673	223	7	)	)	PUNCT
ape-1673	223	8	.	.	PUNCT
ape-1673	224	1	lombard	lombard	PROPN
ape-1673	224	2	street	street	PROPN
ape-1673	224	3	:	:	PUNCT
ape-1673	224	4	a	a	DET
ape-1673	224	5	description	description	NOUN
ape-1673	224	6	of	of	ADP
ape-1673	224	7	the	the	DET
ape-1673	224	8	money	money	NOUN
ape-1673	224	9	market	market	NOUN
ape-1673	224	10	.	.	PUNCT
ape-1673	225	1	in	in	ADP
ape-1673	225	2	londres	londre	NOUN
ape-1673	225	3	,	,	PUNCT
ape-1673	225	4	and	and	CCONJ
ape-1673	225	5	h.	h.	PROPN
ape-1673	225	6	s.	s.	PROPN
ape-1673	225	7	king	king	PROPN
ape-1673	225	8	.	.	PUNCT
ape-1673	226	1	banque	banque	PROPN
ape-1673	226	2	de	de	PROPN
ape-1673	226	3	france	france	PROPN
ape-1673	226	4	:	:	PUNCT
ape-1673	226	5	rapport	rapport	PROPN
ape-1673	226	6	global	global	PROPN
ape-1673	226	7	de	de	PROPN
ape-1673	226	8	la	la	PROPN
ape-1673	226	9	zone	zone	NOUN
ape-1673	226	10	franc	franc	PROPN
ape-1673	226	11	2015	2015	NUM
ape-1673	226	12	.	.	PUNCT
ape-1673	227	1	barik	barik	PROPN
ape-1673	227	2	,	,	PUNCT
ape-1673	227	3	b.	b.	PROPN
ape-1673	227	4	,	,	PUNCT
ape-1673	227	5	nur	nur	PROPN
ape-1673	227	6	,	,	PUNCT
ape-1673	227	7	a.	a.	NOUN
ape-1673	227	8	,	,	PUNCT
ape-1673	227	9	&	&	CCONJ
ape-1673	227	10	wahyu	wahyu	PROPN
ape-1673	227	11	,	,	PUNCT
ape-1673	227	12	a.	a.	PROPN
ape-1673	227	13	w.	w.	PROPN
ape-1673	227	14	(	(	PUNCT
ape-1673	227	15	2012	2012	NUM
ape-1673	227	16	)	)	PUNCT
ape-1673	227	17	.	.	PUNCT
ape-1673	228	1	the	the	DET
ape-1673	228	2	impact	impact	NOUN
ape-1673	228	3	of	of	ADP
ape-1673	228	4	excess	excess	ADJ
ape-1673	228	5	liquidity	liquidity	NOUN
ape-1673	228	6	on	on	ADP
ape-1673	228	7	monetary	monetary	ADJ
ape-1673	228	8	policy	policy	NOUN
ape-1673	228	9	.	.	PUNCT
ape-1673	229	1	bulletin	bulletin	NOUN
ape-1673	229	2	of	of	ADP
ape-1673	229	3	monetary	monetary	ADJ
ape-1673	229	4	economics	economic	NOUN
ape-1673	229	5	and	and	CCONJ
ape-1673	229	6	banking	banking	NOUN
ape-1673	229	7	,	,	PUNCT
ape-1673	229	8	january(2012	january(2012	NOUN
ape-1673	229	9	)	)	PUNCT
ape-1673	229	10	.	.	PUNCT
ape-1673	230	1	beguy	beguy	NOUN
ape-1673	230	2	,	,	PUNCT
ape-1673	230	3	o.	o.	PROPN
ape-1673	230	4	(	(	PUNCT
ape-1673	230	5	2014	2014	NUM
ape-1673	230	6	)	)	PUNCT
ape-1673	230	7	.	.	PUNCT
ape-1673	231	1	trois	trois	PROPN
ape-1673	231	2	essais	essais	PROPN
ape-1673	231	3	sur	sur	PROPN
ape-1673	231	4	la	la	PROPN
ape-1673	231	5	surliquidité	surliquidité	NOUN
ape-1673	231	6	bancaire	bancaire	NOUN
ape-1673	231	7	dans	dans	PROPN
ape-1673	231	8	la	la	PROPN
ape-1673	231	9	communauté	communauté	PROPN
ape-1673	231	10	economique	economique	PROPN
ape-1673	231	11	et	et	PROPN
ape-1673	231	12	monétaire	monétaire	PROPN
ape-1673	231	13	d’afrique	d’afrique	ADJ
ape-1673	231	14	centrale	centrale	NOUN
ape-1673	231	15	(	(	PUNCT
ape-1673	231	16	cemac	cemac	NUM
ape-1673	231	17	)	)	PUNCT
ape-1673	231	18	.	.	PUNCT
ape-1673	232	1	economies	economy	NOUN
ape-1673	232	2	et	et	NOUN
ape-1673	232	3	finance	finance	NOUN
ape-1673	232	4	,	,	PUNCT
ape-1673	232	5	université	université	PROPN
ape-1673	232	6	d’auvergne	d’auvergne	PROPN
ape-1673	232	7	-	-	PUNCT
ape-1673	232	8	clermont	clermont	NOUN
ape-1673	232	9	-	-	PUNCT
ape-1673	232	10	ferrand	ferrand	NOUN
ape-1673	232	11	,	,	PUNCT
ape-1673	232	12	i(2012	i(2012	PROPN
ape-1673	232	13	)	)	PUNCT
ape-1673	232	14	.	.	PUNCT
ape-1673	233	1	clarke	clarke	PROPN
ape-1673	233	2	,	,	PUNCT
ape-1673	233	3	d.	d.	PROPN
ape-1673	233	4	(	(	PUNCT
ape-1673	233	5	2013	2013	NUM
ape-1673	233	6	)	)	PUNCT
ape-1673	233	7	.	.	PUNCT
ape-1673	234	1	africa	africa	PROPN
ape-1673	234	2	2050	2050	NUM
ape-1673	234	3	:	:	PUNCT
ape-1673	234	4	economic	economic	ADJ
ape-1673	234	5	revolution	revolution	NOUN
ape-1673	234	6	.	.	PUNCT
ape-1673	235	1	in	in	ADP
ape-1673	235	2	global	global	ADJ
ape-1673	235	3	:	:	PUNCT
ape-1673	235	4	the	the	DET
ape-1673	235	5	international	international	ADJ
ape-1673	235	6	briefing	briefing	NOUN
ape-1673	235	7	second	second	ADJ
ape-1673	235	8	quarter	quarter	NOUN
ape-1673	235	9	(	(	PUNCT
ape-1673	235	10	pp	pp	ADJ
ape-1673	235	11	.	.	PUNCT
ape-1673	235	12	18	18	NUM
ape-1673	235	13	-	-	SYM
ape-1673	235	14	19	19	NUM
ape-1673	235	15	)	)	PUNCT
ape-1673	235	16	.	.	PUNCT
ape-1673	236	1	retrieved	retrieve	VERB
ape-1673	236	2	from	from	ADP
ape-1673	236	3	http://www.global-briefing.org/global	http://www.global-briefing.org/global	ADJ
ape-1673	236	4	_	_	PRON
ape-1673	236	5	deidda	deidda	PROPN
ape-1673	236	6	,	,	PUNCT
ape-1673	236	7	l.	l.	PROPN
ape-1673	236	8	,	,	PUNCT
ape-1673	236	9	&	&	CCONJ
ape-1673	236	10	fattouh	fattouh	PROPN
ape-1673	236	11	,	,	PUNCT
ape-1673	236	12	b.	b.	PROPN
ape-1673	236	13	(	(	PUNCT
ape-1673	236	14	2002	2002	NUM
ape-1673	236	15	)	)	PUNCT
ape-1673	236	16	.	.	PUNCT
ape-1673	237	1	non	non	ADJ
ape-1673	237	2	-	-	ADJ
ape-1673	237	3	linearity	linearity	NOUN
ape-1673	237	4	between	between	ADP
ape-1673	237	5	finance	finance	NOUN
ape-1673	237	6	and	and	CCONJ
ape-1673	237	7	growth	growth	NOUN
ape-1673	237	8	.	.	PUNCT
ape-1673	238	1	economics	economic	NOUN
ape-1673	238	2	letters	letter	NOUN
ape-1673	238	3	,	,	PUNCT
ape-1673	238	4	74	74	NUM
ape-1673	238	5	,	,	PUNCT
ape-1673	238	6	339	339	NUM
ape-1673	238	7	-	-	SYM
ape-1673	238	8	345	345	NUM
ape-1673	238	9	.	.	PUNCT
ape-1673	239	1	https://doi.org/10.1016/s0165-1765(01)00571-7	https://doi.org/10.1016/s0165-1765(01)00571-7	PROPN
ape-1673	239	2	doumbia	doumbia	PROPN
ape-1673	239	3	,	,	PUNCT
ape-1673	239	4	s.	s.	PROPN
ape-1673	239	5	(	(	PUNCT
ape-1673	239	6	2011	2011	NUM
ape-1673	239	7	)	)	PUNCT
ape-1673	239	8	.	.	PUNCT
ape-1673	240	1	surliquidité	surliquidité	NOUN
ape-1673	240	2	bancaire	bancaire	PROPN
ape-1673	240	3	et	et	NOUN
ape-1673	240	4	sous	sous	ADJ
ape-1673	240	5	-	-	PUNCT
ape-1673	240	6	financement	financement	ADJ
ape-1673	240	7	de	de	X
ape-1673	240	8	l’économie	l’économie	NOUN
ape-1673	240	9	:	:	PUNCT
ape-1673	240	10	une	une	PROPN
ape-1673	240	11	analyse	analyse	PROPN
ape-1673	240	12	du	du	PROPN
ape-1673	240	13	paradoxe	paradoxe	PROPN
ape-1673	240	14	de	de	X
ape-1673	240	15	l’uemo	l’uemo	PROPN
ape-1673	240	16	.	.	PUNCT
ape-1673	241	1	revue	revue	PROPN
ape-1673	241	2	du	du	PROPN
ape-1673	241	3	tiers	tier	NOUN
ape-1673	241	4	monde	monde	PROPN
ape-1673	241	5	,	,	PUNCT
ape-1673	241	6	1(205	1(205	NUM
ape-1673	241	7	)	)	PUNCT
ape-1673	241	8	,	,	PUNCT
ape-1673	241	9	151	151	NUM
ape-1673	241	10	-	-	SYM
ape-1673	241	11	170	170	NUM
ape-1673	241	12	.	.	PUNCT
ape-1673	242	1	https://doi.org/10.3917/rtm.205.0151	https://doi.org/10.3917/rtm.205.0151	PROPN
ape-1673	242	2	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	242	3	advances	advance	VERB
ape-1673	242	4	in	in	ADP
ape-1673	242	5	politics	politic	NOUN
ape-1673	242	6	and	and	CCONJ
ape-1673	242	7	economic	economic	ADJ
ape-1673	242	8	vol	vol	NOUN
ape-1673	242	9	.	.	PROPN
ape-1673	243	1	1	1	NUM
ape-1673	243	2	,	,	PUNCT
ape-1673	243	3	no	no	INTJ
ape-1673	243	4	.	.	NOUN
ape-1673	243	5	2	2	NUM
ape-1673	243	6	,	,	PUNCT
ape-1673	243	7	2018	2018	NUM
ape-1673	243	8	152	152	NUM
ape-1673	243	9	published	publish	VERB
ape-1673	243	10	by	by	ADP
ape-1673	243	11	scholink	scholink	PROPN
ape-1673	243	12	inc	inc	PROPN
ape-1673	243	13	.	.	PROPN
ape-1673	243	14	eschenbach	eschenbach	PROPN
ape-1673	243	15	,	,	PUNCT
ape-1673	243	16	f.	f.	PROPN
ape-1673	243	17	(	(	PUNCT
ape-1673	243	18	2004	2004	NUM
ape-1673	243	19	)	)	PUNCT
ape-1673	243	20	.	.	PUNCT
ape-1673	244	1	finance	finance	NOUN
ape-1673	244	2	and	and	CCONJ
ape-1673	244	3	growth	growth	NOUN
ape-1673	244	4	:	:	PUNCT
ape-1673	244	5	a	a	DET
ape-1673	244	6	survey	survey	NOUN
ape-1673	244	7	of	of	ADP
ape-1673	244	8	the	the	DET
ape-1673	244	9	theoretical	theoretical	ADJ
ape-1673	244	10	and	and	CCONJ
ape-1673	244	11	empirical	empirical	ADJ
ape-1673	244	12	literature	literature	NOUN
ape-1673	244	13	.	.	PUNCT
ape-1673	245	1	timbergen	timbergen	PROPN
ape-1673	245	2	institute	institute	PROPN
ape-1673	245	3	discussion	discussion	PROPN
ape-1673	245	4	paper	paper	NOUN
ape-1673	245	5	,	,	PUNCT
ape-1673	245	6	039(2	039(2	NUM
ape-1673	245	7	)	)	PUNCT
ape-1673	245	8	.	.	PUNCT
ape-1673	246	1	https://doi.org/10.2139/ssrn.530123	https://doi.org/10.2139/ssrn.530123	NOUN
ape-1673	246	2	goldsmith	goldsmith	PROPN
ape-1673	246	3	,	,	PUNCT
ape-1673	246	4	r.	r.	PROPN
ape-1673	246	5	r.	r.	PROPN
ape-1673	246	6	(	(	PUNCT
ape-1673	246	7	1969	1969	NUM
ape-1673	246	8	)	)	PUNCT
ape-1673	246	9	.	.	PUNCT
ape-1673	247	1	financial	financial	ADJ
ape-1673	247	2	structure	structure	NOUN
ape-1673	247	3	and	and	CCONJ
ape-1673	247	4	development	development	NOUN
ape-1673	247	5	.	.	PUNCT
ape-1673	248	1	yale	yale	PROPN
ape-1673	248	2	university	university	PROPN
ape-1673	248	3	press	press	NOUN
ape-1673	248	4	,	,	PUNCT
ape-1673	248	5	new	new	ADJ
ape-1673	248	6	haven	haven	NOUN
ape-1673	248	7	.	.	PUNCT
ape-1673	249	1	goldstein	goldstein	PROPN
ape-1673	249	2	,	,	PUNCT
ape-1673	249	3	i.	i.	PROPN
ape-1673	249	4	,	,	PUNCT
ape-1673	249	5	&	&	CCONJ
ape-1673	249	6	pauzner	pauzner	PROPN
ape-1673	249	7	,	,	PUNCT
ape-1673	249	8	a.	a.	NOUN
ape-1673	249	9	(	(	PUNCT
ape-1673	249	10	2	2	NUM
ape-1673	249	11	0	0	NUM
ape-1673	249	12	0	0	NUM
ape-1673	249	13	5	5	NUM
ape-1673	249	14	)	)	PUNCT
ape-1673	249	15	.	.	PUNCT
ape-1673	250	1	demand	demand	NOUN
ape-1673	250	2	-	-	PUNCT
ape-1673	250	3	deposit	deposit	NOUN
ape-1673	250	4	contracts	contract	NOUN
ape-1673	250	5	and	and	CCONJ
ape-1673	250	6	the	the	DET
ape-1673	250	7	probability	probability	NOUN
ape-1673	250	8	of	of	ADP
ape-1673	250	9	bank	bank	NOUN
ape-1673	250	10	runs	run	NOUN
ape-1673	250	11	.	.	PUNCT
ape-1673	251	1	the	the	DET
ape-1673	251	2	journal	journal	PROPN
ape-1673	251	3	of	of	ADP
ape-1673	251	4	finance	finance	NOUN
ape-1673	251	5	,	,	PUNCT
ape-1673	251	6	lx(3	lx(3	NOUN
ape-1673	251	7	)	)	PUNCT
ape-1673	251	8	,	,	PUNCT
ape-1673	251	9	1293	1293	NUM
ape-1673	251	10	-	-	SYM
ape-1673	251	11	1327	1327	NUM
ape-1673	251	12	.	.	PUNCT
ape-1673	252	1	greuning	greune	VERB
ape-1673	252	2	,	,	PUNCT
ape-1673	252	3	h.	h.	PROPN
ape-1673	252	4	v.	v.	PROPN
ape-1673	252	5	,	,	PUNCT
ape-1673	252	6	&	&	CCONJ
ape-1673	252	7	bratanovic	bratanovic	PROPN
ape-1673	252	8	,	,	PUNCT
ape-1673	252	9	s.	s.	PROPN
ape-1673	252	10	b.	b.	PROPN
ape-1673	252	11	(	(	PUNCT
ape-1673	252	12	2004	2004	NUM
ape-1673	252	13	)	)	PUNCT
ape-1673	252	14	.	.	PUNCT
ape-1673	253	1	analyseet	analyseet	PROPN
ape-1673	253	2	gestion	gestion	PROPN
ape-1673	253	3	durisque	durisque	PROPN
ape-1673	253	4	bancaire	bancaire	NOUN
ape-1673	253	5	(	(	PUNCT
ape-1673	253	6	p.	p.	NOUN
ape-1673	253	7	384	384	NUM
ape-1673	253	8	)	)	PUNCT
ape-1673	253	9	.	.	PUNCT
ape-1673	254	1	premièreéd	premièreéd	PROPN
ape-1673	254	2	.	.	PUNCT
ape-1673	255	1	eska	eska	PROPN
ape-1673	255	2	.	.	PUNCT
ape-1673	256	1	gurley	gurley	PROPN
ape-1673	256	2	,	,	PUNCT
ape-1673	256	3	g.	g.	PROPN
ape-1673	256	4	,	,	PUNCT
ape-1673	256	5	&	&	CCONJ
ape-1673	256	6	shaw	shaw	PROPN
ape-1673	256	7	,	,	PUNCT
ape-1673	256	8	e.	e.	PROPN
ape-1673	256	9	(	(	PUNCT
ape-1673	256	10	1955	1955	NUM
ape-1673	256	11	)	)	PUNCT
ape-1673	256	12	.	.	PUNCT
ape-1673	257	1	financial	financial	ADJ
ape-1673	257	2	aspects	aspect	NOUN
ape-1673	257	3	of	of	ADP
ape-1673	257	4	economic	economic	ADJ
ape-1673	257	5	development	development	NOUN
ape-1673	257	6	.	.	PUNCT
ape-1673	258	1	american	american	PROPN
ape-1673	258	2	economic	economic	PROPN
ape-1673	258	3	review	review	PROPN
ape-1673	258	4	,	,	PUNCT
ape-1673	258	5	45	45	NUM
ape-1673	258	6	,	,	PUNCT
ape-1673	258	7	515	515	NUM
ape-1673	258	8	-	-	SYM
ape-1673	258	9	538	538	NUM
ape-1673	258	10	.	.	PUNCT
ape-1673	259	1	honohan	honohan	NOUN
ape-1673	259	2	,	,	PUNCT
ape-1673	259	3	p.	p.	PROPN
ape-1673	259	4	,	,	PUNCT
ape-1673	259	5	&	&	CCONJ
ape-1673	259	6	beck	beck	PROPN
ape-1673	259	7	,	,	PUNCT
ape-1673	259	8	t.	t.	PROPN
ape-1673	259	9	(	(	PUNCT
ape-1673	259	10	2007	2007	NUM
ape-1673	259	11	)	)	PUNCT
ape-1673	259	12	.	.	PUNCT
ape-1673	260	1	making	make	VERB
ape-1673	260	2	finance	finance	NOUN
ape-1673	260	3	work	work	NOUN
ape-1673	260	4	for	for	ADP
ape-1673	260	5	africa	africa	PROPN
ape-1673	260	6	.	.	PUNCT
ape-1673	261	1	washington	washington	PROPN
ape-1673	261	2	,	,	PUNCT
ape-1673	261	3	dc	dc	PROPN
ape-1673	261	4	:	:	PUNCT
ape-1673	261	5	theworld	theworld	PROPN
ape-1673	261	6	bank	bank	PROPN
ape-1673	261	7	,	,	PUNCT
ape-1673	261	8	2007	2007	NUM
ape-1673	261	9	.	.	PUNCT
ape-1673	262	1	https://doi.org/10.1596/978-0-8213-6909-8	https://doi.org/10.1596/978-0-8213-6909-8	PROPN
ape-1673	262	2	huang	huang	PROPN
ape-1673	262	3	,	,	PUNCT
ape-1673	262	4	h.	h.	PROPN
ape-1673	262	5	,	,	PUNCT
ape-1673	262	6	&	&	CCONJ
ape-1673	262	7	lin	lin	PROPN
ape-1673	262	8	,	,	PUNCT
ape-1673	262	9	s.	s.	PROPN
ape-1673	262	10	(	(	PUNCT
ape-1673	262	11	2009	2009	NUM
ape-1673	262	12	)	)	PUNCT
ape-1673	262	13	.	.	PUNCT
ape-1673	263	1	non	non	ADJ
ape-1673	263	2	-	-	ADJ
ape-1673	263	3	linear	linear	ADJ
ape-1673	263	4	finance	finance	NOUN
ape-1673	263	5	-	-	PUNCT
ape-1673	263	6	growth	growth	NOUN
ape-1673	263	7	nexus	nexus	NOUN
ape-1673	263	8	:	:	PUNCT
ape-1673	263	9	a	a	DET
ape-1673	263	10	thre	thre	NOUN
ape-1673	263	11	shold	shold	VERB
ape-1673	263	12	with	with	ADP
ape-1673	263	13	instrumental	instrumental	ADJ
ape-1673	263	14	variable	variable	ADJ
ape-1673	263	15	approach	approach	NOUN
ape-1673	263	16	.	.	PUNCT
ape-1673	264	1	economics	economic	NOUN
ape-1673	264	2	of	of	ADP
ape-1673	264	3	transition	transition	NOUN
ape-1673	264	4	,	,	PUNCT
ape-1673	264	5	17(3	17(3	NUM
ape-1673	264	6	)	)	PUNCT
ape-1673	264	7	,	,	PUNCT
ape-1673	264	8	439	439	NUM
ape-1673	264	9	-	-	SYM
ape-1673	264	10	466	466	NUM
ape-1673	264	11	.	.	PUNCT
ape-1673	264	12	https://doi.org/10.1111/j.1468-0351.2009.00360.x	https://doi.org/10.1111/j.1468-0351.2009.00360.x	PROPN
ape-1673	264	13	hugon	hugon	NOUN
ape-1673	264	14	,	,	PUNCT
ape-1673	264	15	p.	p.	NOUN
ape-1673	264	16	(	(	PUNCT
ape-1673	264	17	2007	2007	NUM
ape-1673	264	18	)	)	PUNCT
ape-1673	264	19	.	.	PUNCT
ape-1673	265	1	rentabilité	rentabilité	PROPN
ape-1673	265	2	du	du	PROPN
ape-1673	265	3	secteur	secteur	PROPN
ape-1673	265	4	bancaire	bancaire	PROPN
ape-1673	265	5	et	et	PROPN
ape-1673	265	6	défaillances	défaillance	NOUN
ape-1673	265	7	du	du	PROPN
ape-1673	265	8	financement	financement	PROPN
ape-1673	265	9	du	du	PROPN
ape-1673	265	10	développement	développement	PROPN
ape-1673	265	11	:	:	PUNCT
ape-1673	265	12	le	le	X
ape-1673	265	13	cas	cas	X
ape-1673	265	14	de	de	X
ape-1673	265	15	la	la	PROPN
ape-1673	265	16	cemac	cemac	ADJ
ape-1673	265	17	.	.	PUNCT
ape-1673	266	1	revue	revue	NOUN
ape-1673	266	2	tiers	tier	NOUN
ape-1673	266	3	monde	monde	ADJ
ape-1673	266	4	,	,	PUNCT
ape-1673	266	5	4(192	4(192	NUM
ape-1673	266	6	)	)	PUNCT
ape-1673	266	7	.	.	PUNCT
ape-1673	267	1	https://doi.org/10.3917/rtm.192.0771	https://doi.org/10.3917/rtm.192.0771	PROPN
ape-1673	268	1	i	i	PRON
ape-1673	268	2	m	m	PROPN
ape-1673	268	3	,	,	PUNCT
ape-1673	268	4	k.	k.	PROPN
ape-1673	268	5	s.	s.	PROPN
ape-1673	268	6	,	,	PUNCT
ape-1673	268	7	pesaran	pesaran	VERB
ape-1673	268	8	,	,	PUNCT
ape-1673	268	9	h.	h.	PROPN
ape-1673	268	10	m.	m.	PROPN
ape-1673	268	11	,	,	PUNCT
ape-1673	268	12	&	&	CCONJ
ape-1673	268	13	shin	shin	PROPN
ape-1673	268	14	,	,	PUNCT
ape-1673	268	15	y.	y.	PROPN
ape-1673	268	16	(	(	PUNCT
ape-1673	268	17	2003	2003	NUM
ape-1673	268	18	)	)	PUNCT
ape-1673	268	19	.	.	PUNCT
ape-1673	269	1	testing	test	VERB
ape-1673	269	2	for	for	ADP
ape-1673	269	3	unit	unit	NOUN
ape-1673	269	4	roots	root	NOUN
ape-1673	269	5	in	in	ADP
ape-1673	269	6	heterogeneous	heterogeneous	ADJ
ape-1673	269	7	panels	panel	NOUN
ape-1673	269	8	.	.	PUNCT
ape-1673	270	1	journal	journal	PROPN
ape-1673	270	2	of	of	ADP
ape-1673	270	3	econometrics	econometric	NOUN
ape-1673	270	4	,	,	PUNCT
ape-1673	270	5	115	115	NUM
ape-1673	270	6	,	,	PUNCT
ape-1673	270	7	53	53	NUM
ape-1673	270	8	-	-	SYM
ape-1673	270	9	74	74	NUM
ape-1673	270	10	.	.	PUNCT
ape-1673	271	1	https://doi.org/10.1016/s0304-4076(03)00092-7	https://doi.org/10.1016/s0304-4076(03)00092-7	PROPN
ape-1673	271	2	jayaraman	jayaraman	NOUN
ape-1673	271	3	,	,	PUNCT
ape-1673	271	4	t.	t.	PROPN
ape-1673	271	5	k.	k.	PROPN
ape-1673	271	6	,	,	PUNCT
ape-1673	271	7	&	&	CCONJ
ape-1673	271	8	choong	choong	PROPN
ape-1673	271	9	,	,	PUNCT
ape-1673	271	10	c.	c.	PROPN
ape-1673	271	11	k.	k.	PROPN
ape-1673	271	12	(	(	PUNCT
ape-1673	271	13	2012	2012	NUM
ape-1673	271	14	)	)	PUNCT
ape-1673	271	15	.	.	PUNCT
ape-1673	272	1	implications	implication	NOUN
ape-1673	272	2	of	of	ADP
ape-1673	272	3	excess	excess	ADJ
ape-1673	272	4	liquidity	liquidity	NOUN
ape-1673	272	5	in	in	ADP
ape-1673	272	6	fiji	fiji	PROPN
ape-1673	272	7	’s	’s	PART
ape-1673	272	8	banking	banking	NOUN
ape-1673	272	9	system	system	NOUN
ape-1673	272	10	:	:	PUNCT
ape-1673	272	11	an	an	DET
ape-1673	272	12	empirical	empirical	ADJ
ape-1673	272	13	study	study	NOUN
ape-1673	272	14	.	.	PUNCT
ape-1673	273	1	in	in	ADP
ape-1673	273	2	school	school	NOUN
ape-1673	273	3	of	of	ADP
ape-1673	273	4	economics	economic	NOUN
ape-1673	273	5	working	working	NOUN
ape-1673	273	6	paper	paper	NOUN
ape-1673	273	7	.	.	PUNCT
ape-1673	274	1	university	university	NOUN
ape-1673	274	2	of	of	ADP
ape-1673	274	3	the	the	DET
ape-1673	274	4	south	south	PROPN
ape-1673	274	5	pacific	pacific	PROPN
ape-1673	274	6	suva	suva	PROPN
ape-1673	274	7	.	.	PUNCT
ape-1673	275	1	kamgna	kamgna	PROPN
ape-1673	275	2	,	,	PUNCT
ape-1673	275	3	s.	s.	PROPN
ape-1673	275	4	y.	y.	PROPN
ape-1673	275	5	,	,	PUNCT
ape-1673	275	6	&	&	CCONJ
ape-1673	275	7	ndambedia	ndambedia	PROPN
ape-1673	275	8	,	,	PUNCT
ape-1673	275	9	h.	h.	PROPN
ape-1673	275	10	(	(	PUNCT
ape-1673	275	11	2008	2008	NUM
ape-1673	275	12	)	)	PUNCT
ape-1673	275	13	.	.	PUNCT
ape-1673	276	1	excess	excess	ADJ
ape-1673	276	2	liquidity	liquidity	NOUN
ape-1673	276	3	and	and	CCONJ
ape-1673	276	4	monetary	monetary	ADJ
ape-1673	276	5	policy	policy	NOUN
ape-1673	276	6	effectiveness	effectiveness	NOUN
ape-1673	276	7	:	:	PUNCT
ape-1673	276	8	the	the	DET
ape-1673	276	9	case	case	NOUN
ape-1673	276	10	of	of	ADP
ape-1673	276	11	cemac	cemac	VERB
ape-1673	276	12	countries	country	NOUN
ape-1673	276	13	.	.	PUNCT
ape-1673	277	1	mpra	mpra	PROPN
ape-1673	277	2	paper	paper	PROPN
ape-1673	277	3	,	,	PUNCT
ape-1673	277	4	9599	9599	NUM
ape-1673	277	5	.	.	PUNCT
ape-1673	278	1	khemraj	khemraj	ADJ
ape-1673	278	2	,	,	PUNCT
ape-1673	278	3	t.	t.	PROPN
ape-1673	278	4	(	(	PUNCT
ape-1673	278	5	2008	2008	NUM
ape-1673	278	6	)	)	PUNCT
ape-1673	278	7	.	.	PUNCT
ape-1673	279	1	excess	excess	ADJ
ape-1673	279	2	liquidity	liquidity	NOUN
ape-1673	279	3	,	,	PUNCT
ape-1673	279	4	oligopolistic	oligopolistic	ADJ
ape-1673	279	5	loan	loan	NOUN
ape-1673	279	6	markets	market	NOUN
ape-1673	279	7	and	and	CCONJ
ape-1673	279	8	monetary	monetary	ADJ
ape-1673	279	9	policy	policy	NOUN
ape-1673	279	10	in	in	ADP
ape-1673	279	11	ldcs	ldc	NOUN
ape-1673	279	12	.	.	PUNCT
ape-1673	280	1	in	in	ADP
ape-1673	280	2	un	un	PROPN
ape-1673	280	3	/	/	SYM
ape-1673	280	4	desa	desa	NOUN
ape-1673	280	5	working	work	VERB
ape-1673	280	6	(	(	PUNCT
ape-1673	280	7	no	no	INTJ
ape-1673	280	8	.	.	NOUN
ape-1673	280	9	64	64	NUM
ape-1673	280	10	)	)	PUNCT
ape-1673	280	11	.	.	PUNCT
ape-1673	281	1	king	king	PROPN
ape-1673	281	2	,	,	PUNCT
ape-1673	281	3	r.	r.	PROPN
ape-1673	281	4	,	,	PUNCT
ape-1673	281	5	&	&	CCONJ
ape-1673	281	6	levine	levine	PROPN
ape-1673	281	7	,	,	PUNCT
ape-1673	281	8	r.	r.	PROPN
ape-1673	281	9	(	(	PUNCT
ape-1673	281	10	1993a	1993a	NUM
ape-1673	281	11	)	)	PUNCT
ape-1673	281	12	.	.	PUNCT
ape-1673	282	1	finance	finance	NOUN
ape-1673	282	2	and	and	CCONJ
ape-1673	282	3	growth	growth	NOUN
ape-1673	282	4	:	:	PUNCT
ape-1673	282	5	schumpeter	schumpeter	NOUN
ape-1673	282	6	might	might	AUX
ape-1673	282	7	be	be	AUX
ape-1673	282	8	right	right	ADJ
ape-1673	282	9	?	?	PUNCT
ape-1673	283	1	the	the	DET
ape-1673	283	2	quarterly	quarterly	ADJ
ape-1673	283	3	journal	journal	NOUN
ape-1673	283	4	of	of	ADP
ape-1673	283	5	economics	economic	NOUN
ape-1673	283	6	,	,	PUNCT
ape-1673	283	7	108	108	NUM
ape-1673	283	8	,	,	PUNCT
ape-1673	283	9	717	717	NUM
ape-1673	283	10	-	-	SYM
ape-1673	283	11	737	737	NUM
ape-1673	283	12	.	.	PUNCT
ape-1673	284	1	https://doi.org/10.2307/2118406	https://doi.org/10.2307/2118406	ADJ
ape-1673	284	2	king	king	NOUN
ape-1673	284	3	,	,	PUNCT
ape-1673	284	4	r.	r.	PROPN
ape-1673	284	5	,	,	PUNCT
ape-1673	284	6	&	&	CCONJ
ape-1673	284	7	levine	levine	PROPN
ape-1673	284	8	,	,	PUNCT
ape-1673	284	9	r.	r.	PROPN
ape-1673	284	10	(	(	PUNCT
ape-1673	284	11	1993b	1993b	NUM
ape-1673	284	12	)	)	PUNCT
ape-1673	284	13	.	.	PUNCT
ape-1673	285	1	financial	financial	ADJ
ape-1673	285	2	intermediation	intermediation	NOUN
ape-1673	285	3	and	and	CCONJ
ape-1673	285	4	economic	economic	ADJ
ape-1673	285	5	development	development	NOUN
ape-1673	285	6	.	.	PUNCT
ape-1673	286	1	journal	journal	PROPN
ape-1673	286	2	of	of	ADP
ape-1673	286	3	monetary	monetary	ADJ
ape-1673	286	4	economics	economic	NOUN
ape-1673	286	5	,	,	PUNCT
ape-1673	286	6	32(3	32(3	NUM
ape-1673	286	7	)	)	PUNCT
ape-1673	286	8	,	,	PUNCT
ape-1673	286	9	513	513	NUM
ape-1673	286	10	-	-	SYM
ape-1673	286	11	542	542	NUM
ape-1673	286	12	.	.	PUNCT
ape-1673	287	1	https://doi.org/10.1016/0304-3932(93)90028-e	https://doi.org/10.1016/0304-3932(93)90028-e	PROPN
ape-1673	287	2	klein	klein	PROPN
ape-1673	287	3	,	,	PUNCT
ape-1673	287	4	m.	m.	NOUN
ape-1673	287	5	a.	a.	PROPN
ape-1673	287	6	(	(	PUNCT
ape-1673	287	7	1971	1971	NUM
ape-1673	287	8	)	)	PUNCT
ape-1673	287	9	.	.	PUNCT
ape-1673	288	1	a	a	DET
ape-1673	288	2	theory	theory	NOUN
ape-1673	288	3	of	of	ADP
ape-1673	288	4	the	the	DET
ape-1673	288	5	banking	banking	NOUN
ape-1673	288	6	firm	firm	NOUN
ape-1673	288	7	.	.	PUNCT
ape-1673	289	1	journal	journal	NOUN
ape-1673	289	2	of	of	ADP
ape-1673	289	3	money	money	NOUN
ape-1673	289	4	,	,	PUNCT
ape-1673	289	5	credit	credit	NOUN
ape-1673	289	6	and	and	CCONJ
ape-1673	289	7	banking	banking	NOUN
ape-1673	289	8	,	,	PUNCT
ape-1673	289	9	3(2	3(2	NUM
ape-1673	289	10	)	)	PUNCT
ape-1673	289	11	,	,	PUNCT
ape-1673	289	12	205	205	NUM
ape-1673	289	13	-	-	SYM
ape-1673	289	14	218	218	NUM
ape-1673	289	15	.	.	PUNCT
ape-1673	290	1	https://doi.org/10.2307/1991279	https://doi.org/10.2307/1991279	PROPN
ape-1673	290	2	levin	levin	PROPN
ape-1673	290	3	,	,	PUNCT
ape-1673	290	4	a.	a.	PROPN
ape-1673	290	5	,	,	PUNCT
ape-1673	290	6	lin	lin	PROPN
ape-1673	290	7	,	,	PUNCT
ape-1673	290	8	c.-f	c.-f	NOUN
ape-1673	290	9	.	.	PUNCT
ape-1673	290	10	,	,	PUNCT
ape-1673	290	11	&	&	CCONJ
ape-1673	290	12	chu	chu	PROPN
ape-1673	290	13	,	,	PUNCT
ape-1673	290	14	c.	c.	PROPN
ape-1673	290	15	s.	s.	PROPN
ape-1673	290	16	j.	j.	PROPN
ape-1673	290	17	(	(	PUNCT
ape-1673	290	18	2002	2002	NUM
ape-1673	290	19	)	)	PUNCT
ape-1673	290	20	.	.	PUNCT
ape-1673	291	1	unit	unit	NOUN
ape-1673	291	2	root	root	PROPN
ape-1673	291	3	test	test	NOUN
ape-1673	291	4	in	in	ADP
ape-1673	291	5	panel	panel	NOUN
ape-1673	291	6	data	datum	NOUN
ape-1673	291	7	:	:	PUNCT
ape-1673	291	8	asymptotic	asymptotic	ADJ
ape-1673	291	9	and	and	CCONJ
ape-1673	291	10	finite	finite	ADJ
ape-1673	291	11	sample	sample	NOUN
ape-1673	291	12	properties	property	NOUN
ape-1673	291	13	.	.	PUNCT
ape-1673	292	1	journal	journal	PROPN
ape-1673	292	2	of	of	ADP
ape-1673	292	3	econometrics	econometric	NOUN
ape-1673	292	4	,	,	PUNCT
ape-1673	292	5	108	108	NUM
ape-1673	292	6	,	,	PUNCT
ape-1673	292	7	1	1	NUM
ape-1673	292	8	-	-	SYM
ape-1673	292	9	24	24	NUM
ape-1673	292	10	.	.	PUNCT
ape-1673	293	1	https://doi.org/10.1016/s0304-4076(01)00098-7	https://doi.org/10.1016/s0304-4076(01)00098-7	PROPN
ape-1673	293	2	mckinnon	mckinnon	PROPN
ape-1673	293	3	,	,	PUNCT
ape-1673	293	4	r.	r.	PROPN
ape-1673	293	5	(	(	PUNCT
ape-1673	293	6	1973	1973	NUM
ape-1673	293	7	)	)	PUNCT
ape-1673	293	8	.	.	PUNCT
ape-1673	294	1	money	money	NOUN
ape-1673	294	2	and	and	CCONJ
ape-1673	294	3	capital	capital	NOUN
ape-1673	294	4	in	in	ADP
ape-1673	294	5	economy	economy	NOUN
ape-1673	294	6	developpment	developpment	NOUN
ape-1673	294	7	.	.	PUNCT
ape-1673	295	1	the	the	DET
ape-1673	295	2	brookoing	brookoe	VERB
ape-1673	295	3	institution	institution	NOUN
ape-1673	295	4	,	,	PUNCT
ape-1673	295	5	washington	washington	PROPN
ape-1673	295	6	dc	dc	PROPN
ape-1673	295	7	.	.	PUNCT
ape-1673	296	1	meisel	meisel	PROPN
ape-1673	296	2	,	,	PUNCT
ape-1673	296	3	l.	l.	PROPN
ape-1673	296	4	,	,	PUNCT
ape-1673	296	5	&	&	CCONJ
ape-1673	296	6	mvogo	mvogo	PROPN
ape-1673	296	7	,	,	PUNCT
ape-1673	296	8	j.	j.	PROPN
ape-1673	296	9	p.	p.	PROPN
ape-1673	296	10	(	(	PUNCT
ape-1673	296	11	2007	2007	NUM
ape-1673	296	12	)	)	PUNCT
ape-1673	296	13	.	.	PUNCT
ape-1673	297	1	quelle	quelle	PROPN
ape-1673	297	2	politique	politique	X
ape-1673	297	3	de	de	X
ape-1673	297	4	développement	développement	PROPN
ape-1673	297	5	financier	financier	NOUN
ape-1673	297	6	en	en	PROPN
ape-1673	297	7	zone	zone	NOUN
ape-1673	297	8	franc	franc	NOUN
ape-1673	297	9	?	?	PUNCT
ape-1673	298	1	agence	agence	PROPN
ape-1673	298	2	française	française	PROPN
ape-1673	298	3	de	de	X
ape-1673	298	4	développement	développement	X
ape-1673	298	5	(	(	PUNCT
ape-1673	298	6	afd	afd	PROPN
ape-1673	298	7	)	)	PUNCT
ape-1673	298	8	,	,	PUNCT
ape-1673	298	9	23	23	NUM
ape-1673	298	10	.	.	PUNCT
ape-1673	299	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-1673	299	2	advances	advance	NOUN
ape-1673	299	3	in	in	ADP
ape-1673	299	4	politics	politic	NOUN
ape-1673	299	5	and	and	CCONJ
ape-1673	299	6	economic	economic	ADJ
ape-1673	299	7	vol	vol	NOUN
ape-1673	299	8	.	.	PROPN
ape-1673	300	1	1	1	NUM
ape-1673	300	2	,	,	PUNCT
ape-1673	300	3	no	no	INTJ
ape-1673	300	4	.	.	NOUN
ape-1673	300	5	2	2	NUM
ape-1673	300	6	,	,	PUNCT
ape-1673	300	7	2018	2018	NUM
ape-1673	300	8	153	153	NUM
ape-1673	300	9	published	publish	VERB
ape-1673	300	10	by	by	ADP
ape-1673	300	11	scholink	scholink	PROPN
ape-1673	300	12	inc	inc	PROPN
ape-1673	300	13	.	.	PROPN
ape-1673	300	14	nerlove	nerlove	PROPN
ape-1673	300	15	,	,	PUNCT
ape-1673	300	16	m.	m.	NOUN
ape-1673	300	17	,	,	PUNCT
ape-1673	300	18	&	&	CCONJ
ape-1673	300	19	balestra	balestra	PROPN
ape-1673	300	20	,	,	PUNCT
ape-1673	300	21	p.	p.	NOUN
ape-1673	300	22	(	(	PUNCT
ape-1673	300	23	1996	1996	NUM
ape-1673	300	24	)	)	PUNCT
ape-1673	300	25	.	.	PUNCT
ape-1673	301	1	formulation	formulation	NOUN
ape-1673	301	2	end	end	NOUN
ape-1673	301	3	estimation	estimation	NOUN
ape-1673	301	4	of	of	ADP
ape-1673	301	5	econometric	econometric	ADJ
ape-1673	301	6	models	model	NOUN
ape-1673	301	7	for	for	ADP
ape-1673	301	8	panel	panel	NOUN
ape-1673	301	9	data	datum	NOUN
ape-1673	301	10	.	.	PUNCT
ape-1673	302	1	in	in	ADP
ape-1673	302	2	l.	l.	PROPN
ape-1673	302	3	matyas	matyas	PROPN
ape-1673	302	4	,	,	PUNCT
ape-1673	302	5	&	&	CCONJ
ape-1673	302	6	p.	p.	NOUN
ape-1673	302	7	sevestre	sevestre	NOUN
ape-1673	302	8	(	(	PUNCT
ape-1673	302	9	eds	ed	NOUN
ape-1673	302	10	.	.	PUNCT
ape-1673	302	11	)	)	PUNCT
ape-1673	302	12	,	,	PUNCT
ape-1673	302	13	the	the	DET
ape-1673	302	14	econometrics	econometric	NOUN
ape-1673	302	15	of	of	ADP
ape-1673	302	16	panel	panel	NOUN
ape-1673	302	17	data	datum	NOUN
ape-1673	302	18	:	:	PUNCT
ape-1673	302	19	a	a	DET
ape-1673	302	20	handbook	handbook	NOUN
ape-1673	302	21	of	of	ADP
ape-1673	302	22	the	the	DET
ape-1673	302	23	theory	theory	NOUN
ape-1673	302	24	with	with	ADP
ape-1673	302	25	applications	application	NOUN
ape-1673	302	26	(	(	PUNCT
ape-1673	302	27	pp	pp	ADJ
ape-1673	302	28	.	.	PUNCT
ape-1673	302	29	3	3	NUM
ape-1673	302	30	-	-	SYM
ape-1673	302	31	22	22	NUM
ape-1673	302	32	)	)	PUNCT
ape-1673	302	33	.	.	PUNCT
ape-1673	303	1	https://doi.org/10.1007/978-94-009-0137-7_1	https://doi.org/10.1007/978-94-009-0137-7_1	PROPN
ape-1673	303	2	ouédraogo	ouédraogo	PROPN
ape-1673	303	3	,	,	PUNCT
ape-1673	303	4	s.	s.	PROPN
ape-1673	303	5	(	(	PUNCT
ape-1673	303	6	2011	2011	NUM
ape-1673	303	7	)	)	PUNCT
ape-1673	303	8	.	.	PUNCT
ape-1673	304	1	banques	banques	PROPN
ape-1673	304	2	et	et	PROPN
ape-1673	304	3	transmission	transmission	NOUN
ape-1673	304	4	monétaire	monétaire	PROPN
ape-1673	304	5	dans	dans	PROPN
ape-1673	304	6	l’uemoa	l’uemoa	PROPN
ape-1673	304	7	:	:	PUNCT
ape-1673	304	8	effets	effets	X
ape-1673	304	9	des	des	PROPN
ape-1673	304	10	bilans	bilan	NOUN
ape-1673	304	11	bancaires	bancaires	X
ape-1673	304	12	de	de	X
ape-1673	304	13	la	la	PROPN
ape-1673	304	14	concentration	concentration	NOUN
ape-1673	304	15	bancaire	bancaire	NOUN
ape-1673	304	16	et	et	PROPN
ape-1673	304	17	de	de	X
ape-1673	304	18	l’excès	l’excès	PROPN
ape-1673	304	19	de	de	X
ape-1673	304	20	liquidité	liquidité	X
ape-1673	304	21	bancaire	bancaire	NOUN
ape-1673	304	22	sur	sur	PROPN
ape-1673	304	23	l’efficacité	l’efficacité	NOUN
ape-1673	304	24	de	de	X
ape-1673	304	25	la	la	X
ape-1673	304	26	politique	politique	PROPN
ape-1673	304	27	monétaire	monétaire	PROPN
ape-1673	304	28	de	de	X
ape-1673	304	29	la	la	PROPN
ape-1673	304	30	bceao	bceao	PROPN
ape-1673	304	31	.	.	PUNCT
ape-1673	305	1	economies	economy	NOUN
ape-1673	305	2	et	et	NOUN
ape-1673	305	3	finances	finance	NOUN
ape-1673	305	4	.	.	PUNCT
ape-1673	306	1	in	in	ADP
ape-1673	306	2	université	université	PROPN
ape-1673	306	3	d’auvergne	d’auvergne	PROPN
ape-1673	306	4	-	-	PUNCT
ape-1673	306	5	clermont	clermont	PROPN
ape-1673	306	6	ferrand	ferrand	PROPN
ape-1673	306	7	i.	i.	PROPN
ape-1673	306	8	saxegaard	saxegaard	PROPN
ape-1673	306	9	,	,	PUNCT
ape-1673	306	10	m.	m.	NOUN
ape-1673	306	11	(	(	PUNCT
ape-1673	306	12	2006	2006	NUM
ape-1673	306	13	)	)	PUNCT
ape-1673	306	14	.	.	PUNCT
ape-1673	307	1	excess	excess	ADJ
ape-1673	307	2	liquidity	liquidity	NOUN
ape-1673	307	3	and	and	CCONJ
ape-1673	307	4	effectiveness	effectiveness	NOUN
ape-1673	307	5	of	of	ADP
ape-1673	307	6	monetary	monetary	ADJ
ape-1673	307	7	policy	policy	NOUN
ape-1673	307	8	:	:	PUNCT
ape-1673	307	9	evidence	evidence	NOUN
ape-1673	307	10	from	from	ADP
ape-1673	307	11	sub	sub	ADJ
ape-1673	307	12	-	-	ADJ
ape-1673	307	13	saharan	saharan	ADJ
ape-1673	307	14	africa	africa	PROPN
ape-1673	307	15	.	.	PUNCT
ape-1673	308	1	in	in	ADP
ape-1673	308	2	imf	imf	PROPN
ape-1673	308	3	working	working	PROPN
ape-1673	308	4	paper	paper	NOUN
ape-1673	308	5	(	(	PUNCT
ape-1673	308	6	no	no	INTJ
ape-1673	308	7	.	.	PUNCT
ape-1673	308	8	06/115	06/115	NUM
ape-1673	308	9	)	)	PUNCT
ape-1673	308	10	.	.	PUNCT
ape-1673	309	1	https://doi.org/10.5089/9781451863758.001	https://doi.org/10.5089/9781451863758.001	NUM
ape-1673	309	2	schumpeter	schumpeter	NOUN
ape-1673	309	3	,	,	PUNCT
ape-1673	309	4	j.	j.	PROPN
ape-1673	309	5	a.	a.	PROPN
ape-1673	309	6	(	(	PUNCT
ape-1673	309	7	1911	1911	NUM
ape-1673	309	8	)	)	PUNCT
ape-1673	309	9	.	.	PUNCT
ape-1673	310	1	the	the	DET
ape-1673	310	2	theory	theory	NOUN
ape-1673	310	3	of	of	ADP
ape-1673	310	4	economic	economic	ADJ
ape-1673	310	5	development	development	NOUN
ape-1673	310	6	.	.	PUNCT
ape-1673	311	1	harvard	harvard	PROPN
ape-1673	311	2	university	university	PROPN
ape-1673	311	3	press	press	PROPN
ape-1673	311	4	,	,	PUNCT
ape-1673	311	5	cambridge	cambridge	PROPN
ape-1673	311	6	.	.	PROPN
ape-1673	311	7	shaw	shaw	PROPN
ape-1673	311	8	,	,	PUNCT
ape-1673	311	9	e.	e.	PROPN
ape-1673	311	10	(	(	PUNCT
ape-1673	311	11	1973	1973	NUM
ape-1673	311	12	)	)	PUNCT
ape-1673	311	13	.	.	PUNCT
ape-1673	312	1	financial	financial	ADJ
ape-1673	312	2	deepening	deepen	VERB
ape-1673	312	3	in	in	ADP
ape-1673	312	4	economic	economic	ADJ
ape-1673	312	5	development	development	NOUN
ape-1673	312	6	.	.	PUNCT
ape-1673	313	1	new	new	PROPN
ape-1673	313	2	york	york	PROPN
ape-1673	313	3	:	:	PUNCT
ape-1673	313	4	oxford	oxford	PROPN
ape-1673	313	5	university	university	PROPN
ape-1673	313	6	press	press	NOUN
ape-1673	313	7	.	.	PUNCT
ape-1673	314	1	shen	shen	PROPN
ape-1673	314	2	,	,	PUNCT
ape-1673	314	3	c.	c.	PROPN
ape-1673	314	4	,	,	PUNCT
ape-1673	314	5	&	&	CCONJ
ape-1673	314	6	lee	lee	PROPN
ape-1673	314	7	,	,	PUNCT
ape-1673	314	8	c.	c.	PROPN
ape-1673	314	9	(	(	PUNCT
ape-1673	314	10	2006	2006	NUM
ape-1673	314	11	)	)	PUNCT
ape-1673	314	12	.	.	PUNCT
ape-1673	315	1	same	same	ADJ
ape-1673	315	2	financial	financial	ADJ
ape-1673	315	3	development	development	NOUN
ape-1673	315	4	yet	yet	CCONJ
ape-1673	315	5	different	different	ADJ
ape-1673	315	6	economic	economic	ADJ
ape-1673	315	7	growth	growth	NOUN
ape-1673	315	8	:	:	PUNCT
ape-1673	315	9	why	why	SCONJ
ape-1673	315	10	?	?	PUNCT
ape-1673	316	1	journal	journal	NOUN
ape-1673	316	2	of	of	ADP
ape-1673	316	3	money	money	NOUN
ape-1673	316	4	credit	credit	NOUN
ape-1673	316	5	and	and	CCONJ
ape-1673	316	6	banking	banking	NOUN
ape-1673	316	7	,	,	PUNCT
ape-1673	316	8	8	8	NUM
ape-1673	316	9	,	,	PUNCT
ape-1673	316	10	1907	1907	NUM
ape-1673	316	11	-	-	SYM
ape-1673	316	12	1944	1944	NUM
ape-1673	316	13	.	.	PUNCT
ape-1673	317	1	https://doi.org/10.1353/mcb.2006.0095	https://doi.org/10.1353/mcb.2006.0095	PROPN
ape-1673	317	2	wanda	wanda	PROPN
ape-1673	317	3	,	,	PUNCT
ape-1673	317	4	r.	r.	PROPN
ape-1673	317	5	(	(	PUNCT
ape-1673	317	6	2007	2007	NUM
ape-1673	317	7	)	)	PUNCT
ape-1673	317	8	.	.	PUNCT
ape-1673	318	1	risques	risque	NOUN
ape-1673	318	2	,	,	PUNCT
ape-1673	318	3	comportements	comportement	NOUN
ape-1673	318	4	bancaires	bancaire	VERB
ape-1673	318	5	et	et	PROPN
ape-1673	318	6	déterminants	déterminant	NOUN
ape-1673	318	7	de	de	X
ape-1673	318	8	la	la	PROPN
ape-1673	318	9	surliquidité	surliquidité	NOUN
ape-1673	318	10	.	.	PUNCT
ape-1673	319	1	la	la	PROPN
ape-1673	319	2	revue	revue	PROPN
ape-1673	319	3	des	des	PROPN
ape-1673	319	4	sciences	sciences	PROPN
ape-1673	319	5	de	de	X
ape-1673	319	6	gestion	gestion	PROPN
ape-1673	319	7	,	,	PUNCT
ape-1673	319	8	6	6	NUM
ape-1673	319	9	,	,	PUNCT
ape-1673	319	10	93	93	NUM
ape-1673	319	11	-	-	SYM
ape-1673	319	12	102	102	NUM
ape-1673	319	13	.	.	PUNCT
ape-1673	320	1	https://doi.org/10.3917/rsg.228.0093	https://doi.org/10.3917/rsg.228.0093	ADV
ape-1673	320	2	westerlund	westerlund	PROPN
ape-1673	320	3	,	,	PUNCT
ape-1673	320	4	j.	j.	PROPN
ape-1673	320	5	(	(	PUNCT
ape-1673	320	6	2007	2007	NUM
ape-1673	320	7	)	)	PUNCT
ape-1673	320	8	.	.	PUNCT
ape-1673	321	1	testing	test	VERB
ape-1673	321	2	for	for	ADP
ape-1673	321	3	error	error	NOUN
ape-1673	321	4	correction	correction	NOUN
ape-1673	321	5	in	in	ADP
ape-1673	321	6	panel	panel	NOUN
ape-1673	321	7	data	datum	NOUN
ape-1673	321	8	.	.	PUNCT
ape-1673	322	1	oxford	oxford	ADJ
ape-1673	322	2	bulletin	bulletin	NOUN
ape-1673	322	3	of	of	ADP
ape-1673	322	4	economics	economic	NOUN
ape-1673	322	5	and	and	CCONJ
ape-1673	322	6	statistics	statistic	NOUN
ape-1673	322	7	,	,	PUNCT
ape-1673	322	8	69	69	NUM
ape-1673	322	9	,	,	PUNCT
ape-1673	322	10	709	709	NUM
ape-1673	322	11	-	-	SYM
ape-1673	322	12	748	748	NUM
ape-1673	322	13	.	.	PUNCT
ape-1673	323	1	https://doi.org/10.1111/j.1468-0084.2007.00477.x	https://doi.org/10.1111/j.1468-0084.2007.00477.x	PROPN
ape-1673	323	2	notes	note	NOUN
ape-1673	323	3	note	note	VERB
ape-1673	323	4	1	1	X
ape-1673	323	5	.	.	PUNCT
ape-1673	324	1	the	the	DET
ape-1673	324	2	cfa	cfa	PROPN
ape-1673	324	3	franc	franc	PROPN
ape-1673	324	4	is	be	AUX
ape-1673	324	5	the	the	DET
ape-1673	324	6	currency	currency	NOUN
ape-1673	324	7	of	of	ADP
ape-1673	324	8	the	the	DET
ape-1673	324	9	eight	eight	NUM
ape-1673	324	10	countries	country	NOUN
ape-1673	324	11	in	in	ADP
ape-1673	324	12	the	the	DET
ape-1673	324	13	waemu	waemu	PROPN
ape-1673	324	14	zone	zone	NOUN
ape-1673	324	15	,	,	PUNCT
ape-1673	324	16	namely	namely	ADV
ape-1673	324	17	côte	côte	PROPN
ape-1673	324	18	d’ivoire	d’ivoire	PROPN
ape-1673	324	19	,	,	PUNCT
ape-1673	324	20	togo	togo	PROPN
ape-1673	324	21	,	,	PUNCT
ape-1673	324	22	burkina	burkina	PROPN
ape-1673	324	23	faso	faso	PROPN
ape-1673	324	24	,	,	PUNCT
ape-1673	324	25	mali	mali	PROPN
ape-1673	324	26	,	,	PUNCT
ape-1673	324	27	sénégal	sénégal	PROPN
ape-1673	324	28	,	,	PUNCT
ape-1673	324	29	benin	benin	PROPN
ape-1673	324	30	and	and	CCONJ
ape-1673	324	31	guinée	guinée	ADJ
ape-1673	324	32	-	-	PUNCT
ape-1673	324	33	bissau	bissau	NOUN
ape-1673	324	34	.	.	PUNCT
ape-1673	325	1	note	note	NOUN
ape-1673	325	2	2	2	NUM
ape-1673	325	3	.	.	PUNCT
ape-1673	325	4	financial	financial	ADJ
ape-1673	325	5	markets	market	NOUN
ape-1673	325	6	in	in	ADP
ape-1673	325	7	sub	sub	ADJ
ape-1673	325	8	-	-	ADJ
ape-1673	325	9	saharan	saharan	ADJ
ape-1673	325	10	african	african	ADJ
ape-1673	325	11	countries	country	NOUN
ape-1673	325	12	are	be	AUX
ape-1673	325	13	embryonic	embryonic	ADJ
ape-1673	325	14	,	,	PUNCT
ape-1673	325	15	with	with	ADP
ape-1673	325	16	bond	bond	NOUN
ape-1673	325	17	markets	market	NOUN
ape-1673	325	18	dominated	dominate	VERB
ape-1673	325	19	by	by	ADP
ape-1673	325	20	sovereign	sovereign	ADJ
ape-1673	325	21	bond	bond	NOUN
ape-1673	325	22	issuance	issuance	NOUN
ape-1673	325	23	,	,	PUNCT
ape-1673	325	24	private	private	ADJ
ape-1673	325	25	bond	bond	NOUN
ape-1673	325	26	markets	market	NOUN
ape-1673	325	27	and	and	CCONJ
ape-1673	325	28	stock	stock	NOUN
ape-1673	325	29	markets	market	NOUN
ape-1673	325	30	reserved	reserve	VERB
ape-1673	325	31	for	for	ADP
ape-1673	325	32	a	a	DET
ape-1673	325	33	few	few	ADJ
ape-1673	325	34	large	large	ADJ
ape-1673	325	35	companies	company	NOUN
ape-1673	325	36	.	.	PUNCT