id	sid	tid	token	lemma	pos
aijbe-34	1	1	american	american	PROPN
aijbe-34	1	2	interdisciplinary	interdisciplinary	PROPN
aijbe-34	1	3	journal	journal	NOUN
aijbe-34	1	4	of	of	ADP
aijbe-34	1	5	business	business	NOUN
aijbe-34	1	6	and	and	CCONJ
aijbe-34	1	7	economics	economic	NOUN
aijbe-34	1	8	issn	issn	PROPN
aijbe-34	1	9	:	:	PUNCT
aijbe-34	1	10	2837	2837	NUM
aijbe-34	1	11	-	-	SYM
aijbe-34	1	12	1909|	1909|	NUM
aijbe-34	1	13	impact	impact	NOUN
aijbe-34	1	14	factor	factor	NOUN
aijbe-34	1	15	:	:	PUNCT
aijbe-34	1	16	6.72	6.72	NUM
aijbe-34	1	17	volume	volume	NOUN
aijbe-34	1	18	.	.	PUNCT
aijbe-34	2	1	10	10	NUM
aijbe-34	2	2	,	,	PUNCT
aijbe-34	2	3	number	number	NOUN
aijbe-34	2	4	2	2	NUM
aijbe-34	2	5	;	;	PUNCT
aijbe-34	2	6	april	april	PROPN
aijbe-34	2	7	-	-	PUNCT
aijbe-34	2	8	june	june	PROPN
aijbe-34	2	9	,	,	PUNCT
aijbe-34	2	10	2023	2023	NUM
aijbe-34	2	11	;	;	PUNCT
aijbe-34	2	12	published	publish	VERB
aijbe-34	2	13	by	by	ADP
aijbe-34	2	14	:	:	PUNCT
aijbe-34	2	15	scientific	scientific	ADJ
aijbe-34	2	16	and	and	CCONJ
aijbe-34	2	17	academic	academic	ADJ
aijbe-34	2	18	development	development	PROPN
aijbe-34	2	19	institute	institute	PROPN
aijbe-34	2	20	(	(	PUNCT
aijbe-34	2	21	sadi	sadi	PROPN
aijbe-34	2	22	)	)	PUNCT
aijbe-34	2	23	8933	8933	NUM
aijbe-34	3	1	willis	willis	PROPN
aijbe-34	3	2	ave	ave	PROPN
aijbe-34	3	3	los	los	PROPN
aijbe-34	3	4	angeles	angeles	PROPN
aijbe-34	3	5	,	,	PUNCT
aijbe-34	3	6	california	california	PROPN
aijbe-34	3	7	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADV
aijbe-34	4	1	|	|	ADV
aijbe-34	4	2	editorial@sadipub.com	editorial@sadipub.com	X
aijbe-34	4	3	40	40	NUM
aijbe-34	4	4	american	american	ADJ
aijbe-34	4	5	interdisciplinary	interdisciplinary	ADJ
aijbe-34	4	6	journal	journal	NOUN
aijbe-34	4	7	of	of	ADP
aijbe-34	4	8	business	business	NOUN
aijbe-34	4	9	and	and	CCONJ
aijbe-34	4	10	economics	economic	NOUN
aijbe-34	4	11	|	|	ADV
aijbe-34	4	12	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	X
aijbe-34	4	13	exploring	explore	VERB
aijbe-34	4	14	the	the	DET
aijbe-34	4	15	relative	relative	ADJ
aijbe-34	4	16	significance	significance	NOUN
aijbe-34	4	17	of	of	ADP
aijbe-34	4	18	banking	banking	NOUN
aijbe-34	4	19	and	and	CCONJ
aijbe-34	4	20	stock	stock	NOUN
aijbe-34	4	21	market	market	NOUN
aijbe-34	4	22	development	development	NOUN
aijbe-34	4	23	in	in	ADP
aijbe-34	4	24	promoting	promote	VERB
aijbe-34	4	25	economic	economic	ADJ
aijbe-34	4	26	growth	growth	NOUN
aijbe-34	4	27	in	in	ADP
aijbe-34	4	28	developing	develop	VERB
aijbe-34	4	29	countries	country	NOUN
aijbe-34	4	30	levin	levin	PROPN
aijbe-34	4	31	h.	h.	PROPN
aijbe-34	4	32	institute	institute	PROPN
aijbe-34	4	33	of	of	ADP
aijbe-34	4	34	islamic	islamic	PROPN
aijbe-34	4	35	banking	banking	PROPN
aijbe-34	4	36	and	and	CCONJ
aijbe-34	4	37	finance	finance	NOUN
aijbe-34	4	38	,	,	PUNCT
aijbe-34	4	39	international	international	ADJ
aijbe-34	4	40	islamic	islamic	PROPN
aijbe-34	4	41	university	university	PROPN
aijbe-34	4	42	malaysia	malaysia	PROPN
aijbe-34	4	43	50400	50400	NUM
aijbe-34	4	44	kuala	kuala	PROPN
aijbe-34	4	45	lumpur	lumpur	PROPN
aijbe-34	4	46	,	,	PUNCT
aijbe-34	4	47	malaysia	malaysia	PROPN
aijbe-34	4	48	abstract	abstract	NOUN
aijbe-34	4	49	:	:	PUNCT
aijbe-34	4	50	this	this	DET
aijbe-34	4	51	study	study	NOUN
aijbe-34	4	52	investigates	investigate	VERB
aijbe-34	4	53	the	the	DET
aijbe-34	4	54	relative	relative	ADJ
aijbe-34	4	55	contributions	contribution	NOUN
aijbe-34	4	56	of	of	ADP
aijbe-34	4	57	banking	banking	NOUN
aijbe-34	4	58	sector	sector	NOUN
aijbe-34	4	59	and	and	CCONJ
aijbe-34	4	60	stock	stock	NOUN
aijbe-34	4	61	market	market	NOUN
aijbe-34	4	62	development	development	NOUN
aijbe-34	4	63	on	on	ADP
aijbe-34	4	64	the	the	DET
aijbe-34	4	65	economic	economic	ADJ
aijbe-34	4	66	growth	growth	NOUN
aijbe-34	4	67	of	of	ADP
aijbe-34	4	68	developing	develop	VERB
aijbe-34	4	69	countries	country	NOUN
aijbe-34	4	70	.	.	PUNCT
aijbe-34	5	1	using	use	VERB
aijbe-34	5	2	panel	panel	NOUN
aijbe-34	5	3	data	datum	NOUN
aijbe-34	5	4	from	from	ADP
aijbe-34	5	5	20	20	NUM
aijbe-34	5	6	developing	develop	VERB
aijbe-34	5	7	countries	country	NOUN
aijbe-34	5	8	over	over	ADP
aijbe-34	5	9	the	the	DET
aijbe-34	5	10	period	period	NOUN
aijbe-34	5	11	1989	1989	NUM
aijbe-34	5	12	to	to	ADP
aijbe-34	5	13	2010	2010	NUM
aijbe-34	5	14	,	,	PUNCT
aijbe-34	5	15	the	the	DET
aijbe-34	5	16	study	study	NOUN
aijbe-34	5	17	adopts	adopt	VERB
aijbe-34	5	18	panel	panel	NOUN
aijbe-34	5	19	co	co	NOUN
aijbe-34	5	20	-	-	NOUN
aijbe-34	5	21	integration	integration	NOUN
aijbe-34	5	22	and	and	CCONJ
aijbe-34	5	23	fully	fully	ADV
aijbe-34	5	24	modified	modify	VERB
aijbe-34	5	25	ordinary	ordinary	ADJ
aijbe-34	5	26	least	least	ADJ
aijbe-34	5	27	squares	square	NOUN
aijbe-34	5	28	techniques	technique	NOUN
aijbe-34	5	29	to	to	PART
aijbe-34	5	30	analyze	analyze	VERB
aijbe-34	5	31	the	the	DET
aijbe-34	5	32	data	datum	NOUN
aijbe-34	5	33	.	.	PUNCT
aijbe-34	6	1	the	the	DET
aijbe-34	6	2	results	result	NOUN
aijbe-34	6	3	indicate	indicate	VERB
aijbe-34	6	4	that	that	SCONJ
aijbe-34	6	5	intermediated	intermediate	VERB
aijbe-34	6	6	funds	fund	NOUN
aijbe-34	6	7	have	have	VERB
aijbe-34	6	8	a	a	DET
aijbe-34	6	9	more	more	ADV
aijbe-34	6	10	significant	significant	ADJ
aijbe-34	6	11	contribution	contribution	NOUN
aijbe-34	6	12	to	to	ADP
aijbe-34	6	13	the	the	DET
aijbe-34	6	14	growth	growth	NOUN
aijbe-34	6	15	process	process	NOUN
aijbe-34	6	16	than	than	ADP
aijbe-34	6	17	the	the	DET
aijbe-34	6	18	stock	stock	NOUN
aijbe-34	6	19	market	market	NOUN
aijbe-34	6	20	,	,	PUNCT
aijbe-34	6	21	and	and	CCONJ
aijbe-34	6	22	banks	bank	NOUN
aijbe-34	6	23	and	and	CCONJ
aijbe-34	6	24	stock	stock	NOUN
aijbe-34	6	25	markets	market	NOUN
aijbe-34	6	26	are	be	AUX
aijbe-34	6	27	substitutes	substitute	NOUN
aijbe-34	6	28	rather	rather	ADV
aijbe-34	6	29	than	than	ADP
aijbe-34	6	30	compliments	compliment	NOUN
aijbe-34	6	31	in	in	ADP
aijbe-34	6	32	financing	finance	VERB
aijbe-34	6	33	economic	economic	ADJ
aijbe-34	6	34	activities	activity	NOUN
aijbe-34	6	35	in	in	ADP
aijbe-34	6	36	these	these	DET
aijbe-34	6	37	countries	country	NOUN
aijbe-34	6	38	.	.	PUNCT
aijbe-34	7	1	in	in	ADP
aijbe-34	7	2	addition	addition	NOUN
aijbe-34	7	3	,	,	PUNCT
aijbe-34	7	4	the	the	DET
aijbe-34	7	5	study	study	NOUN
aijbe-34	7	6	finds	find	VERB
aijbe-34	7	7	a	a	DET
aijbe-34	7	8	strong	strong	ADJ
aijbe-34	7	9	positive	positive	ADJ
aijbe-34	7	10	influence	influence	NOUN
aijbe-34	7	11	of	of	ADP
aijbe-34	7	12	financial	financial	ADJ
aijbe-34	7	13	development	development	NOUN
aijbe-34	7	14	on	on	ADP
aijbe-34	7	15	economic	economic	ADJ
aijbe-34	7	16	growth	growth	NOUN
aijbe-34	7	17	.	.	PUNCT
aijbe-34	8	1	the	the	DET
aijbe-34	8	2	findings	finding	NOUN
aijbe-34	8	3	highlight	highlight	VERB
aijbe-34	8	4	the	the	DET
aijbe-34	8	5	importance	importance	NOUN
aijbe-34	8	6	of	of	ADP
aijbe-34	8	7	deepening	deepen	VERB
aijbe-34	8	8	and	and	CCONJ
aijbe-34	8	9	strengthening	strengthen	VERB
aijbe-34	8	10	the	the	DET
aijbe-34	8	11	financial	financial	ADJ
aijbe-34	8	12	systems	system	NOUN
aijbe-34	8	13	of	of	ADP
aijbe-34	8	14	developing	develop	VERB
aijbe-34	8	15	countries	country	NOUN
aijbe-34	8	16	and	and	CCONJ
aijbe-34	8	17	promoting	promote	VERB
aijbe-34	8	18	financial	financial	ADJ
aijbe-34	8	19	integration	integration	NOUN
aijbe-34	8	20	locally	locally	ADV
aijbe-34	8	21	and	and	CCONJ
aijbe-34	8	22	across	across	ADP
aijbe-34	8	23	borders	border	NOUN
aijbe-34	8	24	.	.	PUNCT
aijbe-34	9	1	keywords	keyword	NOUN
aijbe-34	9	2	:	:	PUNCT
aijbe-34	9	3	banks	bank	NOUN
aijbe-34	9	4	,	,	PUNCT
aijbe-34	9	5	stock	stock	NOUN
aijbe-34	9	6	market	market	NOUN
aijbe-34	9	7	,	,	PUNCT
aijbe-34	9	8	development	development	NOUN
aijbe-34	9	9	,	,	PUNCT
aijbe-34	9	10	developing	develop	VERB
aijbe-34	9	11	countries	country	NOUN
aijbe-34	9	12	,	,	PUNCT
aijbe-34	9	13	panel	panel	NOUN
aijbe-34	9	14	co	co	NOUN
aijbe-34	9	15	-	-	NOUN
aijbe-34	9	16	integration	integration	NOUN
aijbe-34	9	17	,	,	PUNCT
aijbe-34	9	18	economic	economic	ADJ
aijbe-34	9	19	growth	growth	NOUN
aijbe-34	9	20	introduction	introduction	NOUN
aijbe-34	9	21	:	:	PUNCT
aijbe-34	9	22	the	the	DET
aijbe-34	9	23	role	role	NOUN
aijbe-34	9	24	of	of	ADP
aijbe-34	9	25	financial	financial	ADJ
aijbe-34	9	26	sector	sector	NOUN
aijbe-34	9	27	development	development	NOUN
aijbe-34	9	28	in	in	ADP
aijbe-34	9	29	enhancing	enhance	VERB
aijbe-34	9	30	economic	economic	ADJ
aijbe-34	9	31	growth	growth	NOUN
aijbe-34	9	32	has	have	AUX
aijbe-34	9	33	been	be	AUX
aijbe-34	9	34	a	a	DET
aijbe-34	9	35	widely	widely	ADV
aijbe-34	9	36	debated	debate	VERB
aijbe-34	9	37	issue	issue	NOUN
aijbe-34	9	38	in	in	ADP
aijbe-34	9	39	recent	recent	ADJ
aijbe-34	9	40	years	year	NOUN
aijbe-34	9	41	.	.	PUNCT
aijbe-34	10	1	various	various	ADJ
aijbe-34	10	2	studies	study	NOUN
aijbe-34	10	3	have	have	AUX
aijbe-34	10	4	explored	explore	VERB
aijbe-34	10	5	the	the	DET
aijbe-34	10	6	nexus	nexus	NOUN
aijbe-34	10	7	between	between	ADP
aijbe-34	10	8	financial	financial	ADJ
aijbe-34	10	9	sector	sector	NOUN
aijbe-34	10	10	development	development	NOUN
aijbe-34	10	11	and	and	CCONJ
aijbe-34	10	12	economic	economic	ADJ
aijbe-34	10	13	growth	growth	NOUN
aijbe-34	10	14	,	,	PUNCT
aijbe-34	10	15	and	and	CCONJ
aijbe-34	10	16	the	the	DET
aijbe-34	10	17	results	result	NOUN
aijbe-34	10	18	have	have	AUX
aijbe-34	10	19	been	be	AUX
aijbe-34	10	20	mixed	mix	VERB
aijbe-34	10	21	.	.	PUNCT
aijbe-34	11	1	while	while	SCONJ
aijbe-34	11	2	some	some	DET
aijbe-34	11	3	studies	study	NOUN
aijbe-34	11	4	suggest	suggest	VERB
aijbe-34	11	5	a	a	DET
aijbe-34	11	6	significant	significant	ADJ
aijbe-34	11	7	positive	positive	ADJ
aijbe-34	11	8	relationship	relationship	NOUN
aijbe-34	11	9	,	,	PUNCT
aijbe-34	11	10	others	other	NOUN
aijbe-34	11	11	find	find	VERB
aijbe-34	11	12	no	no	DET
aijbe-34	11	13	significant	significant	ADJ
aijbe-34	11	14	relationship	relationship	NOUN
aijbe-34	11	15	or	or	CCONJ
aijbe-34	11	16	even	even	ADV
aijbe-34	11	17	a	a	DET
aijbe-34	11	18	negative	negative	ADJ
aijbe-34	11	19	one	one	NUM
aijbe-34	11	20	.	.	PUNCT
aijbe-34	12	1	the	the	DET
aijbe-34	12	2	specifics	specific	NOUN
aijbe-34	12	3	of	of	ADP
aijbe-34	12	4	the	the	DET
aijbe-34	12	5	relationship	relationship	NOUN
aijbe-34	12	6	between	between	ADP
aijbe-34	12	7	financial	financial	ADJ
aijbe-34	12	8	sector	sector	NOUN
aijbe-34	12	9	development	development	NOUN
aijbe-34	12	10	and	and	CCONJ
aijbe-34	12	11	economic	economic	ADJ
aijbe-34	12	12	growth	growth	NOUN
aijbe-34	12	13	vary	vary	VERB
aijbe-34	12	14	across	across	ADP
aijbe-34	12	15	countries	country	NOUN
aijbe-34	12	16	due	due	ADP
aijbe-34	12	17	to	to	ADP
aijbe-34	12	18	differences	difference	NOUN
aijbe-34	12	19	in	in	ADP
aijbe-34	12	20	financial	financial	ADJ
aijbe-34	12	21	systems	system	NOUN
aijbe-34	12	22	,	,	PUNCT
aijbe-34	12	23	institutional	institutional	ADJ
aijbe-34	12	24	frameworks	framework	NOUN
aijbe-34	12	25	,	,	PUNCT
aijbe-34	12	26	and	and	CCONJ
aijbe-34	12	27	economic	economic	ADJ
aijbe-34	12	28	conditions	condition	NOUN
aijbe-34	12	29	.	.	PUNCT
aijbe-34	13	1	developing	develop	VERB
aijbe-34	13	2	countries	country	NOUN
aijbe-34	13	3	,	,	PUNCT
aijbe-34	13	4	in	in	ADP
aijbe-34	13	5	particular	particular	ADJ
aijbe-34	13	6	,	,	PUNCT
aijbe-34	13	7	face	face	VERB
aijbe-34	13	8	significant	significant	ADJ
aijbe-34	13	9	challenges	challenge	NOUN
aijbe-34	13	10	in	in	ADP
aijbe-34	13	11	financing	finance	VERB
aijbe-34	13	12	economic	economic	ADJ
aijbe-34	13	13	activities	activity	NOUN
aijbe-34	13	14	,	,	PUNCT
aijbe-34	13	15	especially	especially	ADV
aijbe-34	13	16	through	through	ADP
aijbe-34	13	17	the	the	DET
aijbe-34	13	18	banking	banking	NOUN
aijbe-34	13	19	and	and	CCONJ
aijbe-34	13	20	stock	stock	NOUN
aijbe-34	13	21	markets	market	NOUN
aijbe-34	13	22	.	.	PUNCT
aijbe-34	14	1	these	these	DET
aijbe-34	14	2	challenges	challenge	NOUN
aijbe-34	14	3	have	have	AUX
aijbe-34	14	4	prompted	prompt	VERB
aijbe-34	14	5	policymakers	policymaker	NOUN
aijbe-34	14	6	to	to	PART
aijbe-34	14	7	implement	implement	VERB
aijbe-34	14	8	reforms	reform	NOUN
aijbe-34	14	9	aimed	aim	VERB
aijbe-34	14	10	at	at	ADP
aijbe-34	14	11	deepening	deepen	VERB
aijbe-34	14	12	and	and	CCONJ
aijbe-34	14	13	strengthening	strengthen	VERB
aijbe-34	14	14	the	the	DET
aijbe-34	14	15	financial	financial	ADJ
aijbe-34	14	16	systems	system	NOUN
aijbe-34	14	17	of	of	ADP
aijbe-34	14	18	these	these	DET
aijbe-34	14	19	countries	country	NOUN
aijbe-34	14	20	.	.	PUNCT
aijbe-34	15	1	nevertheless	nevertheless	ADV
aijbe-34	15	2	,	,	PUNCT
aijbe-34	15	3	there	there	PRON
aijbe-34	15	4	are	be	VERB
aijbe-34	15	5	still	still	ADV
aijbe-34	15	6	unresolved	unresolved	ADJ
aijbe-34	15	7	issues	issue	NOUN
aijbe-34	15	8	in	in	ADP
aijbe-34	15	9	the	the	DET
aijbe-34	15	10	finance	finance	NOUN
aijbe-34	15	11	-	-	PUNCT
aijbe-34	15	12	growth	growth	NOUN
aijbe-34	15	13	literature	literature	NOUN
aijbe-34	15	14	,	,	PUNCT
aijbe-34	15	15	particularly	particularly	ADV
aijbe-34	15	16	in	in	ADP
aijbe-34	15	17	the	the	DET
aijbe-34	15	18	context	context	NOUN
aijbe-34	15	19	of	of	ADP
aijbe-34	15	20	developing	develop	VERB
aijbe-34	15	21	countries	country	NOUN
aijbe-34	15	22	.	.	PUNCT
aijbe-34	16	1	this	this	DET
aijbe-34	16	2	study	study	NOUN
aijbe-34	16	3	seeks	seek	VERB
aijbe-34	16	4	to	to	PART
aijbe-34	16	5	contribute	contribute	VERB
aijbe-34	16	6	to	to	ADP
aijbe-34	16	7	this	this	DET
aijbe-34	16	8	literature	literature	NOUN
aijbe-34	16	9	by	by	ADP
aijbe-34	16	10	examining	examine	VERB
aijbe-34	16	11	the	the	DET
aijbe-34	16	12	relative	relative	ADJ
aijbe-34	16	13	contributions	contribution	NOUN
aijbe-34	16	14	of	of	ADP
aijbe-34	16	15	banking	banking	NOUN
aijbe-34	16	16	sector	sector	NOUN
aijbe-34	16	17	and	and	CCONJ
aijbe-34	16	18	stock	stock	NOUN
aijbe-34	16	19	market	market	NOUN
aijbe-34	16	20	development	development	NOUN
aijbe-34	16	21	to	to	ADP
aijbe-34	16	22	economic	economic	ADJ
aijbe-34	16	23	growth	growth	NOUN
aijbe-34	16	24	in	in	ADP
aijbe-34	16	25	developing	develop	VERB
aijbe-34	16	26	countries	country	NOUN
aijbe-34	16	27	.	.	PUNCT
aijbe-34	17	1	the	the	DET
aijbe-34	17	2	study	study	NOUN
aijbe-34	17	3	uses	use	VERB
aijbe-34	17	4	a	a	DET
aijbe-34	17	5	panel	panel	NOUN
aijbe-34	17	6	dataset	dataset	VERB
aijbe-34	17	7	of	of	ADP
aijbe-34	17	8	20	20	NUM
aijbe-34	17	9	developing	develop	VERB
aijbe-34	17	10	countries	country	NOUN
aijbe-34	17	11	over	over	ADP
aijbe-34	17	12	the	the	DET
aijbe-34	17	13	period	period	NOUN
aijbe-34	17	14	1989	1989	NUM
aijbe-34	17	15	to	to	ADP
aijbe-34	17	16	2010	2010	NUM
aijbe-34	17	17	,	,	PUNCT
aijbe-34	17	18	employing	employ	VERB
aijbe-34	17	19	panel	panel	NOUN
aijbe-34	17	20	co	co	NOUN
aijbe-34	17	21	-	-	NOUN
aijbe-34	17	22	integration	integration	NOUN
aijbe-34	17	23	and	and	CCONJ
aijbe-34	17	24	fully	fully	ADV
aijbe-34	17	25	modified	modify	VERB
aijbe-34	17	26	mailto:editorial@sadipub.com	mailto:editorial@sadipub.com	PROPN
aijbe-34	17	27	levin	levin	PROPN
aijbe-34	17	28	h.	h.	PROPN
aijbe-34	17	29	(	(	PUNCT
aijbe-34	17	30	2023	2023	NUM
aijbe-34	17	31	)	)	PUNCT
aijbe-34	17	32	41	41	NUM
aijbe-34	17	33	american	american	ADJ
aijbe-34	17	34	interdisciplinary	interdisciplinary	ADJ
aijbe-34	17	35	journal	journal	NOUN
aijbe-34	17	36	of	of	ADP
aijbe-34	17	37	business	business	NOUN
aijbe-34	17	38	and	and	CCONJ
aijbe-34	17	39	economics	economic	NOUN
aijbe-34	17	40	|	|	ADV
aijbe-34	17	41	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADV
aijbe-34	17	42	ordinary	ordinary	ADJ
aijbe-34	17	43	least	least	ADJ
aijbe-34	17	44	squares	square	NOUN
aijbe-34	17	45	techniques	technique	NOUN
aijbe-34	17	46	to	to	PART
aijbe-34	17	47	analyze	analyze	VERB
aijbe-34	17	48	the	the	DET
aijbe-34	17	49	data	datum	NOUN
aijbe-34	17	50	.	.	PUNCT
aijbe-34	18	1	the	the	DET
aijbe-34	18	2	study	study	NOUN
aijbe-34	18	3	provides	provide	VERB
aijbe-34	18	4	insights	insight	NOUN
aijbe-34	18	5	into	into	ADP
aijbe-34	18	6	the	the	DET
aijbe-34	18	7	extent	extent	NOUN
aijbe-34	18	8	to	to	PART
aijbe-34	18	9	which	which	PRON
aijbe-34	18	10	intermediated	intermediate	VERB
aijbe-34	18	11	funds	fund	NOUN
aijbe-34	18	12	and	and	CCONJ
aijbe-34	18	13	stock	stock	NOUN
aijbe-34	18	14	markets	market	NOUN
aijbe-34	18	15	contribute	contribute	VERB
aijbe-34	18	16	to	to	ADP
aijbe-34	18	17	the	the	DET
aijbe-34	18	18	growth	growth	NOUN
aijbe-34	18	19	process	process	NOUN
aijbe-34	18	20	in	in	ADP
aijbe-34	18	21	developing	develop	VERB
aijbe-34	18	22	countries	country	NOUN
aijbe-34	18	23	,	,	PUNCT
aijbe-34	18	24	as	as	ADV
aijbe-34	18	25	well	well	ADV
aijbe-34	18	26	as	as	ADP
aijbe-34	18	27	the	the	DET
aijbe-34	18	28	relationship	relationship	NOUN
aijbe-34	18	29	between	between	ADP
aijbe-34	18	30	banks	bank	NOUN
aijbe-34	18	31	and	and	CCONJ
aijbe-34	18	32	stock	stock	NOUN
aijbe-34	18	33	markets	market	NOUN
aijbe-34	18	34	in	in	ADP
aijbe-34	18	35	financing	finance	VERB
aijbe-34	18	36	economic	economic	ADJ
aijbe-34	18	37	activities	activity	NOUN
aijbe-34	18	38	.	.	PUNCT
aijbe-34	19	1	the	the	DET
aijbe-34	19	2	findings	finding	NOUN
aijbe-34	19	3	of	of	ADP
aijbe-34	19	4	this	this	DET
aijbe-34	19	5	study	study	NOUN
aijbe-34	19	6	have	have	VERB
aijbe-34	19	7	significant	significant	ADJ
aijbe-34	19	8	implications	implication	NOUN
aijbe-34	19	9	for	for	ADP
aijbe-34	19	10	policymakers	policymaker	NOUN
aijbe-34	19	11	and	and	CCONJ
aijbe-34	19	12	provide	provide	VERB
aijbe-34	19	13	insights	insight	NOUN
aijbe-34	19	14	into	into	ADP
aijbe-34	19	15	the	the	DET
aijbe-34	19	16	ways	way	NOUN
aijbe-34	19	17	in	in	ADP
aijbe-34	19	18	which	which	PRON
aijbe-34	19	19	developing	develop	VERB
aijbe-34	19	20	countries	country	NOUN
aijbe-34	19	21	can	can	AUX
aijbe-34	19	22	deepen	deepen	VERB
aijbe-34	19	23	and	and	CCONJ
aijbe-34	19	24	strengthen	strengthen	VERB
aijbe-34	19	25	their	their	PRON
aijbe-34	19	26	financial	financial	ADJ
aijbe-34	19	27	systems	system	NOUN
aijbe-34	19	28	to	to	PART
aijbe-34	19	29	promote	promote	VERB
aijbe-34	19	30	economic	economic	ADJ
aijbe-34	19	31	growth	growth	NOUN
aijbe-34	19	32	.	.	PUNCT
aijbe-34	20	1	2.0	2.0	NUM
aijbe-34	20	2	literature	literature	NOUN
aijbe-34	20	3	review	review	NOUN
aijbe-34	20	4	in	in	ADP
aijbe-34	20	5	a	a	DET
aijbe-34	20	6	pioneer	pioneer	NOUN
aijbe-34	20	7	work	work	NOUN
aijbe-34	20	8	,	,	PUNCT
aijbe-34	20	9	king	king	NOUN
aijbe-34	20	10	and	and	CCONJ
aijbe-34	20	11	levine	levine	PROPN
aijbe-34	20	12	(	(	PUNCT
aijbe-34	20	13	1993	1993	NUM
aijbe-34	20	14	)	)	PUNCT
aijbe-34	20	15	investigate	investigate	VERB
aijbe-34	20	16	the	the	DET
aijbe-34	20	17	finance	finance	NOUN
aijbe-34	20	18	-	-	PUNCT
aijbe-34	20	19	growth	growth	NOUN
aijbe-34	20	20	relationship	relationship	NOUN
aijbe-34	20	21	in	in	ADP
aijbe-34	20	22	a	a	DET
aijbe-34	20	23	cross	cross	ADJ
aijbe-34	20	24	-	-	ADJ
aijbe-34	20	25	country	country	ADJ
aijbe-34	20	26	study	study	NOUN
aijbe-34	20	27	involving	involve	VERB
aijbe-34	20	28	80	80	NUM
aijbe-34	20	29	countries	country	NOUN
aijbe-34	20	30	and	and	CCONJ
aijbe-34	20	31	found	find	VERB
aijbe-34	20	32	that	that	SCONJ
aijbe-34	20	33	financial	financial	ADJ
aijbe-34	20	34	development	development	NOUN
aijbe-34	20	35	is	be	AUX
aijbe-34	20	36	strongly	strongly	ADV
aijbe-34	20	37	associated	associate	VERB
aijbe-34	20	38	with	with	ADP
aijbe-34	20	39	real	real	ADJ
aijbe-34	20	40	per	per	X
aijbe-34	20	41	capita	capita	X
aijbe-34	20	42	gdp	gdp	NOUN
aijbe-34	20	43	growth	growth	NOUN
aijbe-34	20	44	,	,	PUNCT
aijbe-34	20	45	the	the	DET
aijbe-34	20	46	rate	rate	NOUN
aijbe-34	20	47	of	of	ADP
aijbe-34	20	48	physical	physical	ADJ
aijbe-34	20	49	capital	capital	NOUN
aijbe-34	20	50	accumulation	accumulation	NOUN
aijbe-34	20	51	and	and	CCONJ
aijbe-34	20	52	improvements	improvement	NOUN
aijbe-34	20	53	in	in	ADP
aijbe-34	20	54	the	the	DET
aijbe-34	20	55	efficiency	efficiency	NOUN
aijbe-34	20	56	with	with	ADP
aijbe-34	20	57	which	which	PRON
aijbe-34	20	58	economies	economy	NOUN
aijbe-34	20	59	employ	employ	VERB
aijbe-34	20	60	physical	physical	ADJ
aijbe-34	20	61	capital	capital	NOUN
aijbe-34	20	62	.	.	PUNCT
aijbe-34	21	1	this	this	DET
aijbe-34	21	2	finding	finding	NOUN
aijbe-34	21	3	is	be	AUX
aijbe-34	21	4	further	far	ADV
aijbe-34	21	5	reinforced	reinforce	VERB
aijbe-34	21	6	by	by	ADP
aijbe-34	21	7	levine	levine	PROPN
aijbe-34	21	8	and	and	CCONJ
aijbe-34	21	9	zervos	zervos	PROPN
aijbe-34	21	10	(	(	PUNCT
aijbe-34	21	11	1998	1998	NUM
aijbe-34	21	12	)	)	PUNCT
aijbe-34	21	13	who	who	PRON
aijbe-34	21	14	found	find	VERB
aijbe-34	21	15	that	that	SCONJ
aijbe-34	21	16	both	both	PRON
aijbe-34	21	17	stock	stock	NOUN
aijbe-34	21	18	market	market	NOUN
aijbe-34	21	19	liquidity	liquidity	NOUN
aijbe-34	21	20	and	and	CCONJ
aijbe-34	21	21	banking	banking	NOUN
aijbe-34	21	22	development	development	NOUN
aijbe-34	21	23	positively	positively	ADV
aijbe-34	21	24	predict	predict	VERB
aijbe-34	21	25	growth	growth	NOUN
aijbe-34	21	26	,	,	PUNCT
aijbe-34	21	27	capital	capital	NOUN
aijbe-34	21	28	accumulation	accumulation	NOUN
aijbe-34	21	29	and	and	CCONJ
aijbe-34	21	30	productivity	productivity	NOUN
aijbe-34	21	31	even	even	ADV
aijbe-34	21	32	after	after	ADP
aijbe-34	21	33	controlling	control	VERB
aijbe-34	21	34	for	for	ADP
aijbe-34	21	35	economic	economic	ADJ
aijbe-34	21	36	and	and	CCONJ
aijbe-34	21	37	political	political	ADJ
aijbe-34	21	38	factors	factor	NOUN
aijbe-34	21	39	.	.	PUNCT
aijbe-34	22	1	their	their	PRON
aijbe-34	22	2	results	result	NOUN
aijbe-34	22	3	also	also	ADV
aijbe-34	22	4	revealed	reveal	VERB
aijbe-34	22	5	that	that	SCONJ
aijbe-34	22	6	stock	stock	NOUN
aijbe-34	22	7	markets	market	NOUN
aijbe-34	22	8	provide	provide	VERB
aijbe-34	22	9	different	different	ADJ
aijbe-34	22	10	category	category	NOUN
aijbe-34	22	11	of	of	ADP
aijbe-34	22	12	financial	financial	ADJ
aijbe-34	22	13	services	service	NOUN
aijbe-34	22	14	from	from	ADP
aijbe-34	22	15	banks	bank	NOUN
aijbe-34	22	16	.	.	PUNCT
aijbe-34	23	1	in	in	ADP
aijbe-34	23	2	another	another	DET
aijbe-34	23	3	perspective	perspective	NOUN
aijbe-34	23	4	,	,	PUNCT
aijbe-34	23	5	rioja	rioja	NOUN
aijbe-34	23	6	and	and	CCONJ
aijbe-34	23	7	valev	valev	ADJ
aijbe-34	23	8	(	(	PUNCT
aijbe-34	23	9	2003	2003	NUM
aijbe-34	23	10	)	)	PUNCT
aijbe-34	23	11	investigate	investigate	VERB
aijbe-34	23	12	the	the	DET
aijbe-34	23	13	effects	effect	NOUN
aijbe-34	23	14	of	of	ADP
aijbe-34	23	15	financial	financial	ADJ
aijbe-34	23	16	development	development	NOUN
aijbe-34	23	17	on	on	ADP
aijbe-34	23	18	the	the	DET
aijbe-34	23	19	sources	source	NOUN
aijbe-34	23	20	of	of	ADP
aijbe-34	23	21	growth	growth	NOUN
aijbe-34	23	22	in	in	ADP
aijbe-34	23	23	countries	country	NOUN
aijbe-34	23	24	belonging	belong	VERB
aijbe-34	23	25	to	to	ADP
aijbe-34	23	26	different	different	ADJ
aijbe-34	23	27	income	income	NOUN
aijbe-34	23	28	group	group	NOUN
aijbe-34	23	29	.	.	PUNCT
aijbe-34	24	1	the	the	DET
aijbe-34	24	2	results	result	NOUN
aijbe-34	24	3	showed	show	VERB
aijbe-34	24	4	that	that	SCONJ
aijbe-34	24	5	finance	finance	NOUN
aijbe-34	24	6	has	have	VERB
aijbe-34	24	7	a	a	DET
aijbe-34	24	8	strong	strong	ADJ
aijbe-34	24	9	positive	positive	ADJ
aijbe-34	24	10	influence	influence	NOUN
aijbe-34	24	11	on	on	ADP
aijbe-34	24	12	productivity	productivity	NOUN
aijbe-34	24	13	growth	growth	NOUN
aijbe-34	24	14	primarily	primarily	ADV
aijbe-34	24	15	in	in	ADP
aijbe-34	24	16	higher	high	ADJ
aijbe-34	24	17	income	income	NOUN
aijbe-34	24	18	economies	economy	NOUN
aijbe-34	24	19	,	,	PUNCT
aijbe-34	24	20	whereas	whereas	SCONJ
aijbe-34	24	21	in	in	ADP
aijbe-34	24	22	lower	low	ADJ
aijbe-34	24	23	income	income	NOUN
aijbe-34	24	24	economies	economy	NOUN
aijbe-34	24	25	,	,	PUNCT
aijbe-34	24	26	the	the	DET
aijbe-34	24	27	effect	effect	NOUN
aijbe-34	24	28	occurs	occur	VERB
aijbe-34	24	29	primarily	primarily	ADV
aijbe-34	24	30	through	through	ADP
aijbe-34	24	31	capital	capital	NOUN
aijbe-34	24	32	accumulation	accumulation	NOUN
aijbe-34	24	33	.	.	PUNCT
aijbe-34	25	1	this	this	PRON
aijbe-34	25	2	has	have	AUX
aijbe-34	25	3	revealed	reveal	VERB
aijbe-34	25	4	that	that	SCONJ
aijbe-34	25	5	financial	financial	ADJ
aijbe-34	25	6	intermediaries	intermediary	NOUN
aijbe-34	25	7	in	in	ADP
aijbe-34	25	8	the	the	DET
aijbe-34	25	9	developing	develop	VERB
aijbe-34	25	10	countries	country	NOUN
aijbe-34	25	11	lack	lack	VERB
aijbe-34	25	12	the	the	DET
aijbe-34	25	13	capacity	capacity	NOUN
aijbe-34	25	14	to	to	PART
aijbe-34	25	15	effectively	effectively	ADV
aijbe-34	25	16	select	select	VERB
aijbe-34	25	17	and	and	CCONJ
aijbe-34	25	18	monitor	monitor	VERB
aijbe-34	25	19	most	most	ADV
aijbe-34	25	20	profitable	profitable	ADJ
aijbe-34	25	21	investments	investment	NOUN
aijbe-34	25	22	,	,	PUNCT
aijbe-34	25	23	rather	rather	ADV
aijbe-34	25	24	some	some	DET
aijbe-34	25	25	social	social	ADJ
aijbe-34	25	26	and	and	CCONJ
aijbe-34	25	27	political	political	ADJ
aijbe-34	25	28	parameters	parameter	NOUN
aijbe-34	25	29	are	be	AUX
aijbe-34	25	30	used	use	VERB
aijbe-34	25	31	in	in	ADP
aijbe-34	25	32	providing	provide	VERB
aijbe-34	25	33	funding	funding	NOUN
aijbe-34	25	34	.	.	PUNCT
aijbe-34	26	1	this	this	PRON
aijbe-34	26	2	might	might	AUX
aijbe-34	26	3	lead	lead	VERB
aijbe-34	26	4	to	to	ADP
aijbe-34	26	5	moral	moral	ADJ
aijbe-34	26	6	hazard	hazard	NOUN
aijbe-34	26	7	and	and	CCONJ
aijbe-34	26	8	financial	financial	ADJ
aijbe-34	26	9	instability	instability	NOUN
aijbe-34	26	10	,	,	PUNCT
aijbe-34	26	11	which	which	PRON
aijbe-34	26	12	may	may	AUX
aijbe-34	26	13	stifle	stifle	VERB
aijbe-34	26	14	the	the	DET
aijbe-34	26	15	contribution	contribution	NOUN
aijbe-34	26	16	of	of	ADP
aijbe-34	26	17	finance	finance	NOUN
aijbe-34	26	18	to	to	ADP
aijbe-34	26	19	growth	growth	NOUN
aijbe-34	26	20	or	or	CCONJ
aijbe-34	26	21	even	even	ADV
aijbe-34	26	22	making	make	VERB
aijbe-34	26	23	financial	financial	ADJ
aijbe-34	26	24	development	development	NOUN
aijbe-34	26	25	to	to	PART
aijbe-34	26	26	adversely	adversely	ADV
aijbe-34	26	27	affect	affect	VERB
aijbe-34	26	28	growth	growth	NOUN
aijbe-34	26	29	.	.	PUNCT
aijbe-34	27	1	this	this	DET
aijbe-34	27	2	finding	finding	NOUN
aijbe-34	27	3	is	be	AUX
aijbe-34	27	4	further	far	ADV
aijbe-34	27	5	supported	support	VERB
aijbe-34	27	6	by	by	ADP
aijbe-34	27	7	dufrenot	dufrenot	PROPN
aijbe-34	27	8	,	,	PUNCT
aijbe-34	27	9	mignon	mignon	NOUN
aijbe-34	27	10	,	,	PUNCT
aijbe-34	27	11	and	and	CCONJ
aijbe-34	27	12	peguin	peguin	NOUN
aijbe-34	27	13	-	-	PUNCT
aijbe-34	27	14	feisolle	feisolle	NOUN
aijbe-34	27	15	(	(	PUNCT
aijbe-34	27	16	2010	2010	NUM
aijbe-34	27	17	)	)	PUNCT
aijbe-34	27	18	.	.	PUNCT
aijbe-34	28	1	they	they	PRON
aijbe-34	28	2	found	find	VERB
aijbe-34	28	3	that	that	SCONJ
aijbe-34	28	4	,	,	PUNCT
aijbe-34	28	5	while	while	SCONJ
aijbe-34	28	6	financial	financial	ADJ
aijbe-34	28	7	intermediation	intermediation	NOUN
aijbe-34	28	8	is	be	AUX
aijbe-34	28	9	a	a	DET
aijbe-34	28	10	positive	positive	ADJ
aijbe-34	28	11	determinant	determinant	NOUN
aijbe-34	28	12	of	of	ADP
aijbe-34	28	13	growth	growth	NOUN
aijbe-34	28	14	in	in	ADP
aijbe-34	28	15	developed	develop	VERB
aijbe-34	28	16	countries	country	NOUN
aijbe-34	28	17	,	,	PUNCT
aijbe-34	28	18	it	it	PRON
aijbe-34	28	19	acts	act	VERB
aijbe-34	28	20	negatively	negatively	ADV
aijbe-34	28	21	on	on	ADP
aijbe-34	28	22	the	the	DET
aijbe-34	28	23	economic	economic	ADJ
aijbe-34	28	24	growth	growth	NOUN
aijbe-34	28	25	of	of	ADP
aijbe-34	28	26	developing	develop	VERB
aijbe-34	28	27	countries	country	NOUN
aijbe-34	28	28	.	.	PUNCT
aijbe-34	29	1	in	in	ADP
aijbe-34	29	2	contrast	contrast	NOUN
aijbe-34	29	3	,	,	PUNCT
aijbe-34	29	4	baliamoune	baliamoune	NOUN
aijbe-34	29	5	-	-	PUNCT
aijbe-34	29	6	lutz	lutz	NOUN
aijbe-34	29	7	(	(	PUNCT
aijbe-34	29	8	2010	2010	NUM
aijbe-34	29	9	)	)	PUNCT
aijbe-34	29	10	found	find	VERB
aijbe-34	29	11	that	that	SCONJ
aijbe-34	29	12	there	there	PRON
aijbe-34	29	13	was	be	VERB
aijbe-34	29	14	no	no	DET
aijbe-34	29	15	strong	strong	ADJ
aijbe-34	29	16	evidence	evidence	NOUN
aijbe-34	29	17	that	that	SCONJ
aijbe-34	29	18	finance	finance	NOUN
aijbe-34	29	19	leads	lead	VERB
aijbe-34	29	20	economic	economic	ADJ
aijbe-34	29	21	development	development	NOUN
aijbe-34	29	22	in	in	ADP
aijbe-34	29	23	18	18	NUM
aijbe-34	29	24	sub	sub	ADJ
aijbe-34	29	25	-	-	ADJ
aijbe-34	29	26	saharan	saharan	ADJ
aijbe-34	29	27	africa	africa	PROPN
aijbe-34	29	28	(	(	PUNCT
aijbe-34	29	29	ssa	ssa	NOUN
aijbe-34	29	30	)	)	PUNCT
aijbe-34	29	31	countries	country	NOUN
aijbe-34	29	32	.	.	PUNCT
aijbe-34	30	1	on	on	ADP
aijbe-34	30	2	the	the	DET
aijbe-34	30	3	other	other	ADJ
aijbe-34	30	4	hand	hand	NOUN
aijbe-34	30	5	,	,	PUNCT
aijbe-34	30	6	kiran	kiran	PROPN
aijbe-34	30	7	,	,	PUNCT
aijbe-34	30	8	yavuz	yavuz	PROPN
aijbe-34	30	9	and	and	CCONJ
aijbe-34	30	10	güriş	güriş	PROPN
aijbe-34	30	11	(	(	PUNCT
aijbe-34	30	12	2009	2009	NUM
aijbe-34	30	13	)	)	PUNCT
aijbe-34	30	14	investigate	investigate	VERB
aijbe-34	30	15	the	the	DET
aijbe-34	30	16	long	long	ADV
aijbe-34	30	17	-	-	PUNCT
aijbe-34	30	18	run	run	NOUN
aijbe-34	30	19	relationship	relationship	NOUN
aijbe-34	30	20	between	between	ADP
aijbe-34	30	21	financial	financial	ADJ
aijbe-34	30	22	development	development	NOUN
aijbe-34	30	23	and	and	CCONJ
aijbe-34	30	24	economic	economic	ADJ
aijbe-34	30	25	growth	growth	NOUN
aijbe-34	30	26	in	in	ADP
aijbe-34	30	27	10	10	NUM
aijbe-34	30	28	emerging	emerge	VERB
aijbe-34	30	29	countries	country	NOUN
aijbe-34	30	30	for	for	ADP
aijbe-34	30	31	the	the	DET
aijbe-34	30	32	period	period	NOUN
aijbe-34	30	33	1968	1968	NUM
aijbe-34	30	34	to	to	ADP
aijbe-34	30	35	2007	2007	NUM
aijbe-34	30	36	.	.	PUNCT
aijbe-34	31	1	employing	employ	VERB
aijbe-34	31	2	the	the	DET
aijbe-34	31	3	panel	panel	NOUN
aijbe-34	31	4	co	co	ADJ
aijbe-34	31	5	-	-	NOUN
aijbe-34	31	6	integration	integration	NOUN
aijbe-34	31	7	technique	technique	NOUN
aijbe-34	31	8	and	and	CCONJ
aijbe-34	31	9	fully	fully	ADV
aijbe-34	31	10	modified	modify	VERB
aijbe-34	31	11	ols	ol	NOUN
aijbe-34	31	12	the	the	DET
aijbe-34	31	13	study	study	NOUN
aijbe-34	31	14	finds	find	VERB
aijbe-34	31	15	that	that	SCONJ
aijbe-34	31	16	financial	financial	ADJ
aijbe-34	31	17	development	development	NOUN
aijbe-34	31	18	has	have	VERB
aijbe-34	31	19	a	a	DET
aijbe-34	31	20	significant	significant	ADJ
aijbe-34	31	21	positive	positive	ADJ
aijbe-34	31	22	influence	influence	NOUN
aijbe-34	31	23	on	on	ADP
aijbe-34	31	24	economic	economic	ADJ
aijbe-34	31	25	growth	growth	NOUN
aijbe-34	31	26	.	.	PUNCT
aijbe-34	32	1	similarly	similarly	ADV
aijbe-34	32	2	,	,	PUNCT
aijbe-34	32	3	in	in	ADP
aijbe-34	32	4	africa	africa	PROPN
aijbe-34	32	5	,	,	PUNCT
aijbe-34	32	6	ahmed	ahmed	PROPN
aijbe-34	32	7	(	(	PUNCT
aijbe-34	32	8	2010	2010	NUM
aijbe-34	32	9	)	)	PUNCT
aijbe-34	32	10	employed	employ	VERB
aijbe-34	32	11	the	the	DET
aijbe-34	32	12	same	same	ADJ
aijbe-34	32	13	set	set	NOUN
aijbe-34	32	14	of	of	ADP
aijbe-34	32	15	techniques	technique	NOUN
aijbe-34	32	16	and	and	CCONJ
aijbe-34	32	17	finds	find	VERB
aijbe-34	32	18	a	a	DET
aijbe-34	32	19	long	long	ADV
aijbe-34	32	20	-	-	PUNCT
aijbe-34	32	21	run	run	VERB
aijbe-34	32	22	equilibrium	equilibrium	NOUN
aijbe-34	32	23	relationship	relationship	NOUN
aijbe-34	32	24	between	between	ADP
aijbe-34	32	25	financial	financial	ADJ
aijbe-34	32	26	development	development	NOUN
aijbe-34	32	27	and	and	CCONJ
aijbe-34	32	28	economic	economic	ADJ
aijbe-34	32	29	growth	growth	NOUN
aijbe-34	32	30	;	;	PUNCT
aijbe-34	32	31	furthermore	furthermore	ADV
aijbe-34	32	32	,	,	PUNCT
aijbe-34	32	33	financial	financial	ADJ
aijbe-34	32	34	development	development	NOUN
aijbe-34	32	35	is	be	AUX
aijbe-34	32	36	found	find	VERB
aijbe-34	32	37	to	to	PART
aijbe-34	32	38	cause	cause	VERB
aijbe-34	32	39	economic	economic	ADJ
aijbe-34	32	40	growth	growth	NOUN
aijbe-34	32	41	.	.	PUNCT
aijbe-34	33	1	on	on	ADP
aijbe-34	33	2	whether	whether	SCONJ
aijbe-34	33	3	stock	stock	NOUN
aijbe-34	33	4	markets	market	NOUN
aijbe-34	33	5	and	and	CCONJ
aijbe-34	33	6	banks	bank	NOUN
aijbe-34	33	7	are	be	AUX
aijbe-34	33	8	compliments	compliment	NOUN
aijbe-34	33	9	or	or	CCONJ
aijbe-34	33	10	substitute	substitute	NOUN
aijbe-34	33	11	,	,	PUNCT
aijbe-34	33	12	dey	dey	PROPN
aijbe-34	33	13	(	(	PUNCT
aijbe-34	33	14	2007	2007	NUM
aijbe-34	33	15	)	)	PUNCT
aijbe-34	33	16	found	find	VERB
aijbe-34	33	17	that	that	SCONJ
aijbe-34	33	18	bank	bank	NOUN
aijbe-34	33	19	credit	credit	NOUN
aijbe-34	33	20	and	and	CCONJ
aijbe-34	33	21	stock	stock	NOUN
aijbe-34	33	22	market	market	NOUN
aijbe-34	33	23	liquidity	liquidity	NOUN
aijbe-34	33	24	are	be	AUX
aijbe-34	33	25	inversely	inversely	ADV
aijbe-34	33	26	related	related	ADJ
aijbe-34	33	27	and	and	CCONJ
aijbe-34	33	28	they	they	PRON
aijbe-34	33	29	substitute	substitute	VERB
aijbe-34	33	30	each	each	DET
aijbe-34	33	31	other	other	ADJ
aijbe-34	33	32	in	in	ADP
aijbe-34	33	33	providing	provide	VERB
aijbe-34	33	34	external	external	ADJ
aijbe-34	33	35	financing	financing	NOUN
aijbe-34	33	36	to	to	ADP
aijbe-34	33	37	firms	firm	NOUN
aijbe-34	33	38	.	.	PUNCT
aijbe-34	34	1	these	these	DET
aijbe-34	34	2	conflicting	conflicting	ADJ
aijbe-34	34	3	findings	finding	NOUN
aijbe-34	34	4	suggest	suggest	VERB
aijbe-34	34	5	that	that	SCONJ
aijbe-34	34	6	there	there	PRON
aijbe-34	34	7	are	be	VERB
aijbe-34	34	8	still	still	ADV
aijbe-34	34	9	unresolved	unresolved	ADJ
aijbe-34	34	10	issues	issue	NOUN
aijbe-34	34	11	in	in	ADP
aijbe-34	34	12	the	the	DET
aijbe-34	34	13	financegrowth	financegrowth	NOUN
aijbe-34	34	14	literature	literature	NOUN
aijbe-34	34	15	,	,	PUNCT
aijbe-34	34	16	especially	especially	ADV
aijbe-34	34	17	in	in	ADP
aijbe-34	34	18	the	the	DET
aijbe-34	34	19	context	context	NOUN
aijbe-34	34	20	of	of	ADP
aijbe-34	34	21	the	the	DET
aijbe-34	34	22	developing	develop	VERB
aijbe-34	34	23	countries	country	NOUN
aijbe-34	34	24	.	.	PUNCT
aijbe-34	35	1	more	more	ADV
aijbe-34	35	2	so	so	ADV
aijbe-34	35	3	,	,	PUNCT
aijbe-34	35	4	the	the	DET
aijbe-34	35	5	afore	afore	NOUN
aijbe-34	35	6	reviewed	review	VERB
aijbe-34	35	7	studies	study	NOUN
aijbe-34	35	8	were	be	AUX
aijbe-34	35	9	silent	silent	ADJ
aijbe-34	35	10	on	on	ADP
aijbe-34	35	11	the	the	DET
aijbe-34	35	12	relative	relative	ADJ
aijbe-34	35	13	importance	importance	NOUN
aijbe-34	35	14	of	of	ADP
aijbe-34	35	15	bank	bank	NOUN
aijbe-34	35	16	and	and	CCONJ
aijbe-34	35	17	stock	stock	NOUN
aijbe-34	35	18	market	market	NOUN
aijbe-34	35	19	development	development	NOUN
aijbe-34	35	20	to	to	ADP
aijbe-34	35	21	growth	growth	NOUN
aijbe-34	35	22	and	and	CCONJ
aijbe-34	35	23	whether	whether	SCONJ
aijbe-34	35	24	the	the	DET
aijbe-34	35	25	increasing	increase	VERB
aijbe-34	35	26	role	role	NOUN
aijbe-34	35	27	of	of	ADP
aijbe-34	35	28	stock	stock	NOUN
aijbe-34	35	29	market	market	NOUN
aijbe-34	35	30	in	in	ADP
aijbe-34	35	31	developing	develop	VERB
aijbe-34	35	32	countries	country	NOUN
aijbe-34	35	33	is	be	AUX
aijbe-34	35	34	at	at	ADP
aijbe-34	35	35	the	the	DET
aijbe-34	35	36	expense	expense	NOUN
aijbe-34	35	37	of	of	ADP
aijbe-34	35	38	banks	bank	NOUN
aijbe-34	35	39	or	or	CCONJ
aijbe-34	35	40	it	it	PRON
aijbe-34	35	41	is	be	AUX
aijbe-34	35	42	just	just	ADV
aijbe-34	35	43	complimenting	compliment	VERB
aijbe-34	35	44	it	it	PRON
aijbe-34	35	45	.	.	PUNCT
aijbe-34	36	1	this	this	DET
aijbe-34	36	2	study	study	NOUN
aijbe-34	36	3	is	be	AUX
aijbe-34	36	4	an	an	DET
aijbe-34	36	5	attempt	attempt	NOUN
aijbe-34	36	6	to	to	PART
aijbe-34	36	7	fill	fill	VERB
aijbe-34	36	8	the	the	DET
aijbe-34	36	9	literature	literature	NOUN
aijbe-34	36	10	gap	gap	NOUN
aijbe-34	36	11	by	by	ADP
aijbe-34	36	12	using	use	VERB
aijbe-34	36	13	more	more	ADJ
aijbe-34	36	14	recent	recent	ADJ
aijbe-34	36	15	methods	method	NOUN
aijbe-34	36	16	and	and	CCONJ
aijbe-34	36	17	wider	wide	ADJ
aijbe-34	36	18	dataset	dataset	NOUN
aijbe-34	36	19	involving	involve	VERB
aijbe-34	36	20	several	several	ADJ
aijbe-34	36	21	developing	develop	VERB
aijbe-34	36	22	countries	country	NOUN
aijbe-34	36	23	.	.	PUNCT
aijbe-34	37	1	levin	levin	PROPN
aijbe-34	37	2	h.	h.	PROPN
aijbe-34	37	3	(	(	PUNCT
aijbe-34	37	4	2023	2023	NUM
aijbe-34	37	5	)	)	PUNCT
aijbe-34	37	6	42	42	NUM
aijbe-34	37	7	american	american	ADJ
aijbe-34	37	8	interdisciplinary	interdisciplinary	ADJ
aijbe-34	37	9	journal	journal	NOUN
aijbe-34	37	10	of	of	ADP
aijbe-34	37	11	business	business	NOUN
aijbe-34	37	12	and	and	CCONJ
aijbe-34	37	13	economics	economic	NOUN
aijbe-34	38	1	|	|	ADV
aijbe-34	38	2	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	CCONJ
aijbe-34	38	3	3.0	3.0	NUM
aijbe-34	38	4	data	datum	NOUN
aijbe-34	38	5	and	and	CCONJ
aijbe-34	38	6	methodology	methodology	NOUN
aijbe-34	38	7	based	base	VERB
aijbe-34	38	8	on	on	ADP
aijbe-34	38	9	the	the	DET
aijbe-34	38	10	extant	extant	ADJ
aijbe-34	38	11	literature	literature	NOUN
aijbe-34	38	12	and	and	CCONJ
aijbe-34	38	13	insight	insight	NOUN
aijbe-34	38	14	from	from	ADP
aijbe-34	38	15	the	the	DET
aijbe-34	38	16	endogenous	endogenous	ADJ
aijbe-34	38	17	growth	growth	NOUN
aijbe-34	38	18	model	model	NOUN
aijbe-34	38	19	,	,	PUNCT
aijbe-34	38	20	the	the	DET
aijbe-34	38	21	following	follow	VERB
aijbe-34	38	22	model	model	NOUN
aijbe-34	38	23	is	be	AUX
aijbe-34	38	24	specified	specify	VERB
aijbe-34	38	25	to	to	PART
aijbe-34	38	26	investigate	investigate	VERB
aijbe-34	38	27	the	the	DET
aijbe-34	38	28	relationship	relationship	NOUN
aijbe-34	38	29	between	between	ADP
aijbe-34	38	30	financial	financial	ADJ
aijbe-34	38	31	development	development	NOUN
aijbe-34	38	32	and	and	CCONJ
aijbe-34	38	33	economic	economic	ADJ
aijbe-34	38	34	growth	growth	NOUN
aijbe-34	38	35	in	in	ADP
aijbe-34	38	36	developing	develop	VERB
aijbe-34	38	37	countries	country	NOUN
aijbe-34	38	38	:	:	PUNCT
aijbe-34	38	39	lngdpit	lngdpit	PROPN
aijbe-34	38	40	1i	1i	NUM
aijbe-34	38	41	lnfdit	lnfdit	NOUN
aijbe-34	38	42	2i	2i	NUM
aijbe-34	38	43	lngfcfit	lngfcfit	NOUN
aijbe-34	38	44	3i	3i	NOUN
aijbe-34	38	45	lncvit	lncvit	ADJ
aijbe-34	38	46	(	(	PUNCT
aijbe-34	38	47	1	1	NUM
aijbe-34	38	48	)	)	PUNCT
aijbe-34	38	49	where	where	SCONJ
aijbe-34	38	50	gdp	gdp	NOUN
aijbe-34	38	51	is	be	AUX
aijbe-34	38	52	the	the	DET
aijbe-34	38	53	real	real	ADJ
aijbe-34	38	54	gdp	gdp	NOUN
aijbe-34	38	55	,	,	PUNCT
aijbe-34	38	56	fd	fd	PROPN
aijbe-34	38	57	is	be	AUX
aijbe-34	38	58	a	a	DET
aijbe-34	38	59	vector	vector	NOUN
aijbe-34	38	60	of	of	ADP
aijbe-34	38	61	financial	financial	ADJ
aijbe-34	38	62	development	development	NOUN
aijbe-34	38	63	indicators	indicator	NOUN
aijbe-34	38	64	,	,	PUNCT
aijbe-34	38	65	gfcf	gfcf	PROPN
aijbe-34	38	66	is	be	AUX
aijbe-34	38	67	gross	gross	ADJ
aijbe-34	38	68	fixed	fix	VERB
aijbe-34	38	69	capital	capital	NOUN
aijbe-34	38	70	formation	formation	NOUN
aijbe-34	38	71	,	,	PUNCT
aijbe-34	38	72	cv	cv	PROPN
aijbe-34	38	73	is	be	AUX
aijbe-34	38	74	a	a	DET
aijbe-34	38	75	vector	vector	NOUN
aijbe-34	38	76	of	of	ADP
aijbe-34	38	77	control	control	NOUN
aijbe-34	38	78	variables	variable	NOUN
aijbe-34	38	79	;	;	PUNCT
aijbe-34	38	80	all	all	PRON
aijbe-34	38	81	are	be	AUX
aijbe-34	38	82	in	in	ADP
aijbe-34	38	83	natural	natural	ADJ
aijbe-34	38	84	log	log	NOUN
aijbe-34	38	85	,	,	PUNCT
aijbe-34	38	86	the	the	DET
aijbe-34	38	87	disturbance	disturbance	NOUN
aijbe-34	38	88	term	term	NOUN
aijbe-34	38	89	it	it	PRON
aijbe-34	38	90	is	be	AUX
aijbe-34	38	91	assumed	assume	VERB
aijbe-34	38	92	to	to	PART
aijbe-34	38	93	be	be	AUX
aijbe-34	38	94	white	white	ADJ
aijbe-34	38	95	noise	noise	NOUN
aijbe-34	38	96	and	and	CCONJ
aijbe-34	38	97	follows	follow	VERB
aijbe-34	38	98	a	a	DET
aijbe-34	38	99	one	one	NUM
aijbe-34	38	100	-	-	PUNCT
aijbe-34	38	101	way	way	NOUN
aijbe-34	38	102	error	error	NOUN
aijbe-34	38	103	component	component	NOUN
aijbe-34	38	104	model.eight	model.eight	NUM
aijbe-34	38	105	different	different	ADJ
aijbe-34	38	106	specifications	specification	NOUN
aijbe-34	38	107	of	of	ADP
aijbe-34	38	108	the	the	DET
aijbe-34	38	109	above	above	ADJ
aijbe-34	38	110	model	model	NOUN
aijbe-34	38	111	were	be	AUX
aijbe-34	38	112	estimated	estimate	VERB
aijbe-34	38	113	.	.	PUNCT
aijbe-34	39	1	the	the	DET
aijbe-34	39	2	first	first	ADJ
aijbe-34	39	3	four	four	NUM
aijbe-34	39	4	measure	measure	NOUN
aijbe-34	39	5	the	the	DET
aijbe-34	39	6	independent	independent	ADJ
aijbe-34	39	7	effects	effect	NOUN
aijbe-34	39	8	of	of	ADP
aijbe-34	39	9	broad	broad	ADJ
aijbe-34	39	10	money	money	NOUN
aijbe-34	39	11	,	,	PUNCT
aijbe-34	39	12	bank	bank	NOUN
aijbe-34	39	13	credit	credit	NOUN
aijbe-34	39	14	,	,	PUNCT
aijbe-34	39	15	stock	stock	NOUN
aijbe-34	39	16	market	market	NOUN
aijbe-34	39	17	capitalization	capitalization	NOUN
aijbe-34	39	18	and	and	CCONJ
aijbe-34	39	19	stock	stock	NOUN
aijbe-34	39	20	market	market	NOUN
aijbe-34	39	21	turnover	turnover	NOUN
aijbe-34	39	22	on	on	ADP
aijbe-34	39	23	economic	economic	ADJ
aijbe-34	39	24	growth	growth	NOUN
aijbe-34	39	25	.	.	PUNCT
aijbe-34	40	1	the	the	DET
aijbe-34	40	2	fifth	fifth	ADJ
aijbe-34	40	3	and	and	CCONJ
aijbe-34	40	4	sixth	sixth	ADJ
aijbe-34	40	5	specifications	specification	NOUN
aijbe-34	40	6	measure	measure	VERB
aijbe-34	40	7	the	the	DET
aijbe-34	40	8	contemporaneous	contemporaneous	ADJ
aijbe-34	40	9	effect	effect	NOUN
aijbe-34	40	10	of	of	ADP
aijbe-34	40	11	banking	banking	NOUN
aijbe-34	40	12	sector	sector	NOUN
aijbe-34	40	13	and	and	CCONJ
aijbe-34	40	14	stock	stock	NOUN
aijbe-34	40	15	market	market	NOUN
aijbe-34	40	16	development	development	NOUN
aijbe-34	40	17	on	on	ADP
aijbe-34	40	18	economic	economic	ADJ
aijbe-34	40	19	growth	growth	NOUN
aijbe-34	40	20	.	.	PUNCT
aijbe-34	41	1	the	the	DET
aijbe-34	41	2	last	last	ADJ
aijbe-34	41	3	two	two	NUM
aijbe-34	41	4	specifications	specification	NOUN
aijbe-34	41	5	,	,	PUNCT
aijbe-34	41	6	involve	involve	VERB
aijbe-34	41	7	the	the	DET
aijbe-34	41	8	interactive	interactive	ADJ
aijbe-34	41	9	terms	term	NOUN
aijbe-34	41	10	of	of	ADP
aijbe-34	41	11	banking	banking	NOUN
aijbe-34	41	12	and	and	CCONJ
aijbe-34	41	13	stock	stock	NOUN
aijbe-34	41	14	market	market	NOUN
aijbe-34	41	15	development	development	NOUN
aijbe-34	41	16	.	.	PUNCT
aijbe-34	42	1	it	it	PRON
aijbe-34	42	2	is	be	AUX
aijbe-34	42	3	used	use	VERB
aijbe-34	42	4	to	to	PART
aijbe-34	42	5	investigate	investigate	VERB
aijbe-34	42	6	whether	whether	SCONJ
aijbe-34	42	7	they	they	PRON
aijbe-34	42	8	are	be	AUX
aijbe-34	42	9	substituting	substitute	VERB
aijbe-34	42	10	or	or	CCONJ
aijbe-34	42	11	complimenting	compliment	VERB
aijbe-34	42	12	each	each	DET
aijbe-34	42	13	other	other	ADJ
aijbe-34	42	14	.	.	PUNCT
aijbe-34	43	1	the	the	DET
aijbe-34	43	2	financial	financial	ADJ
aijbe-34	43	3	development	development	NOUN
aijbe-34	43	4	indicators	indicator	NOUN
aijbe-34	43	5	used	use	VERB
aijbe-34	43	6	are	be	AUX
aijbe-34	43	7	ratio	ratio	NOUN
aijbe-34	43	8	of	of	ADP
aijbe-34	43	9	broad	broad	ADJ
aijbe-34	43	10	money	money	NOUN
aijbe-34	43	11	to	to	ADP
aijbe-34	43	12	gdp	gdp	PROPN
aijbe-34	43	13	(	(	PUNCT
aijbe-34	43	14	bmg	bmg	PROPN
aijbe-34	43	15	)	)	PUNCT
aijbe-34	43	16	and	and	CCONJ
aijbe-34	43	17	ratio	ratio	NOUN
aijbe-34	43	18	of	of	ADP
aijbe-34	43	19	private	private	ADJ
aijbe-34	43	20	credit	credit	NOUN
aijbe-34	43	21	by	by	ADP
aijbe-34	43	22	the	the	DET
aijbe-34	43	23	banking	banking	NOUN
aijbe-34	43	24	sector	sector	NOUN
aijbe-34	43	25	to	to	ADP
aijbe-34	43	26	gdp	gdp	PROPN
aijbe-34	43	27	(	(	PUNCT
aijbe-34	43	28	crd	crd	PROPN
aijbe-34	43	29	)	)	PUNCT
aijbe-34	43	30	.	.	PUNCT
aijbe-34	44	1	the	the	DET
aijbe-34	44	2	bmg	bmg	NOUN
aijbe-34	44	3	is	be	AUX
aijbe-34	44	4	used	use	VERB
aijbe-34	44	5	to	to	PART
aijbe-34	44	6	measure	measure	VERB
aijbe-34	44	7	the	the	DET
aijbe-34	44	8	overall	overall	ADJ
aijbe-34	44	9	financial	financial	ADJ
aijbe-34	44	10	depth	depth	NOUN
aijbe-34	44	11	of	of	ADP
aijbe-34	44	12	the	the	DET
aijbe-34	44	13	economy	economy	NOUN
aijbe-34	44	14	or	or	CCONJ
aijbe-34	44	15	the	the	DET
aijbe-34	44	16	level	level	NOUN
aijbe-34	44	17	of	of	ADP
aijbe-34	44	18	monetization	monetization	NOUN
aijbe-34	44	19	in	in	ADP
aijbe-34	44	20	the	the	DET
aijbe-34	44	21	economy	economy	NOUN
aijbe-34	44	22	.	.	PUNCT
aijbe-34	45	1	however	however	ADV
aijbe-34	45	2	,	,	PUNCT
aijbe-34	45	3	in	in	ADP
aijbe-34	45	4	developing	develop	VERB
aijbe-34	45	5	countries	country	NOUN
aijbe-34	45	6	,	,	PUNCT
aijbe-34	45	7	where	where	SCONJ
aijbe-34	45	8	a	a	DET
aijbe-34	45	9	large	large	ADJ
aijbe-34	45	10	component	component	NOUN
aijbe-34	45	11	of	of	ADP
aijbe-34	45	12	the	the	DET
aijbe-34	45	13	broad	broad	ADJ
aijbe-34	45	14	money	money	NOUN
aijbe-34	45	15	stock	stock	NOUN
aijbe-34	45	16	is	be	AUX
aijbe-34	45	17	currency	currency	NOUN
aijbe-34	45	18	held	hold	VERB
aijbe-34	45	19	outside	outside	ADP
aijbe-34	45	20	the	the	DET
aijbe-34	45	21	banking	banking	NOUN
aijbe-34	45	22	sector	sector	NOUN
aijbe-34	45	23	,	,	PUNCT
aijbe-34	45	24	broad	broad	ADJ
aijbe-34	45	25	money	money	NOUN
aijbe-34	45	26	is	be	AUX
aijbe-34	45	27	less	less	ADV
aijbe-34	45	28	indicative	indicative	ADJ
aijbe-34	45	29	of	of	ADP
aijbe-34	45	30	the	the	DET
aijbe-34	45	31	degree	degree	NOUN
aijbe-34	45	32	of	of	ADP
aijbe-34	45	33	financial	financial	ADJ
aijbe-34	45	34	intermediation	intermediation	NOUN
aijbe-34	45	35	by	by	ADP
aijbe-34	45	36	banking	banking	NOUN
aijbe-34	45	37	institutions	institution	NOUN
aijbe-34	45	38	(	(	PUNCT
aijbe-34	45	39	esso	esso	PROPN
aijbe-34	45	40	,	,	PUNCT
aijbe-34	45	41	2010	2010	NUM
aijbe-34	45	42	)	)	PUNCT
aijbe-34	45	43	.	.	PUNCT
aijbe-34	46	1	mckinnon	mckinnon	PROPN
aijbe-34	46	2	(	(	PUNCT
aijbe-34	46	3	1973	1973	NUM
aijbe-34	46	4	)	)	PUNCT
aijbe-34	46	5	hypothesis	hypothesis	NOUN
aijbe-34	46	6	however	however	ADV
aijbe-34	46	7	,	,	PUNCT
aijbe-34	46	8	posits	posit	VERB
aijbe-34	46	9	that	that	SCONJ
aijbe-34	46	10	in	in	ADP
aijbe-34	46	11	developing	develop	VERB
aijbe-34	46	12	countries	country	NOUN
aijbe-34	46	13	,	,	PUNCT
aijbe-34	46	14	a	a	DET
aijbe-34	46	15	broadly	broadly	ADV
aijbe-34	46	16	defined	define	VERB
aijbe-34	46	17	demand	demand	NOUN
aijbe-34	46	18	for	for	ADP
aijbe-34	46	19	money	money	NOUN
aijbe-34	46	20	complements	complement	VERB
aijbe-34	46	21	the	the	DET
aijbe-34	46	22	demand	demand	NOUN
aijbe-34	46	23	for	for	ADP
aijbe-34	46	24	physical	physical	ADJ
aijbe-34	46	25	capital	capital	NOUN
aijbe-34	46	26	.	.	PUNCT
aijbe-34	47	1	this	this	DET
aijbe-34	47	2	position	position	NOUN
aijbe-34	47	3	is	be	AUX
aijbe-34	47	4	derived	derive	VERB
aijbe-34	47	5	from	from	ADP
aijbe-34	47	6	an	an	DET
aijbe-34	47	7	outside	outside	ADJ
aijbe-34	47	8	money	money	NOUN
aijbe-34	47	9	model	model	NOUN
aijbe-34	47	10	in	in	ADP
aijbe-34	47	11	which	which	PRON
aijbe-34	47	12	economic	economic	ADJ
aijbe-34	47	13	units	unit	NOUN
aijbe-34	47	14	are	be	AUX
aijbe-34	47	15	constrained	constrain	VERB
aijbe-34	47	16	to	to	ADP
aijbe-34	47	17	self	self	NOUN
aijbe-34	47	18	-	-	PUNCT
aijbe-34	47	19	finance	finance	NOUN
aijbe-34	47	20	and	and	CCONJ
aijbe-34	47	21	there	there	PRON
aijbe-34	47	22	are	be	VERB
aijbe-34	47	23	considerable	considerable	ADJ
aijbe-34	47	24	indivisibilities	indivisibilitie	NOUN
aijbe-34	47	25	in	in	ADP
aijbe-34	47	26	investment	investment	NOUN
aijbe-34	47	27	.	.	PUNCT
aijbe-34	48	1	therefore	therefore	ADV
aijbe-34	48	2	,	,	PUNCT
aijbe-34	48	3	cash	cash	NOUN
aijbe-34	48	4	balance	balance	NOUN
aijbe-34	48	5	holdings	holding	NOUN
aijbe-34	48	6	are	be	AUX
aijbe-34	48	7	positively	positively	ADV
aijbe-34	48	8	related	relate	VERB
aijbe-34	48	9	to	to	ADP
aijbe-34	48	10	the	the	DET
aijbe-34	48	11	propensity	propensity	NOUN
aijbe-34	48	12	to	to	PART
aijbe-34	48	13	invest	invest	VERB
aijbe-34	48	14	,	,	PUNCT
aijbe-34	48	15	this	this	PRON
aijbe-34	48	16	informs	inform	VERB
aijbe-34	48	17	the	the	DET
aijbe-34	48	18	choice	choice	NOUN
aijbe-34	48	19	of	of	ADP
aijbe-34	48	20	this	this	DET
aijbe-34	48	21	indicator	indicator	NOUN
aijbe-34	48	22	in	in	ADP
aijbe-34	48	23	this	this	DET
aijbe-34	48	24	study	study	NOUN
aijbe-34	48	25	.	.	PUNCT
aijbe-34	49	1	specifically	specifically	ADV
aijbe-34	49	2	,	,	PUNCT
aijbe-34	49	3	banking	banking	NOUN
aijbe-34	49	4	sector	sector	NOUN
aijbe-34	49	5	development	development	NOUN
aijbe-34	49	6	is	be	AUX
aijbe-34	49	7	measured	measure	VERB
aijbe-34	49	8	by	by	ADP
aijbe-34	49	9	the	the	DET
aijbe-34	49	10	ratio	ratio	NOUN
aijbe-34	49	11	of	of	ADP
aijbe-34	49	12	private	private	ADJ
aijbe-34	49	13	credit	credit	NOUN
aijbe-34	49	14	by	by	ADP
aijbe-34	49	15	deposit	deposit	NOUN
aijbe-34	49	16	money	money	NOUN
aijbe-34	49	17	bank	bank	PROPN
aijbe-34	49	18	to	to	ADP
aijbe-34	49	19	gdp	gdp	NOUN
aijbe-34	49	20	;	;	PUNCT
aijbe-34	49	21	it	it	PRON
aijbe-34	49	22	is	be	AUX
aijbe-34	49	23	included	include	VERB
aijbe-34	49	24	to	to	PART
aijbe-34	49	25	reflect	reflect	VERB
aijbe-34	49	26	the	the	DET
aijbe-34	49	27	actual	actual	ADJ
aijbe-34	49	28	financial	financial	ADJ
aijbe-34	49	29	intermediation	intermediation	NOUN
aijbe-34	49	30	activity	activity	NOUN
aijbe-34	49	31	of	of	ADP
aijbe-34	49	32	commercial	commercial	ADJ
aijbe-34	49	33	banks	bank	NOUN
aijbe-34	49	34	.	.	PUNCT
aijbe-34	50	1	two	two	NUM
aijbe-34	50	2	indicators	indicator	NOUN
aijbe-34	50	3	of	of	ADP
aijbe-34	50	4	stock	stock	NOUN
aijbe-34	50	5	market	market	NOUN
aijbe-34	50	6	development	development	NOUN
aijbe-34	50	7	are	be	AUX
aijbe-34	50	8	employed	employ	VERB
aijbe-34	50	9	,	,	PUNCT
aijbe-34	50	10	namely	namely	ADV
aijbe-34	50	11	market	market	NOUN
aijbe-34	50	12	capitalization	capitalization	NOUN
aijbe-34	50	13	(	(	PUNCT
aijbe-34	50	14	mcp	mcp	PROPN
aijbe-34	50	15	)	)	PUNCT
aijbe-34	50	16	and	and	CCONJ
aijbe-34	50	17	stock	stock	NOUN
aijbe-34	50	18	traded	trade	VERB
aijbe-34	50	19	(	(	PUNCT
aijbe-34	50	20	str	str	NOUN
aijbe-34	50	21	)	)	PUNCT
aijbe-34	50	22	both	both	PRON
aijbe-34	50	23	as	as	ADP
aijbe-34	50	24	ratios	ratio	NOUN
aijbe-34	50	25	of	of	ADP
aijbe-34	50	26	gdp	gdp	NOUN
aijbe-34	50	27	,	,	PUNCT
aijbe-34	50	28	representing	represent	VERB
aijbe-34	50	29	the	the	DET
aijbe-34	50	30	size	size	NOUN
aijbe-34	50	31	and	and	CCONJ
aijbe-34	50	32	liquidity	liquidity	NOUN
aijbe-34	50	33	of	of	ADP
aijbe-34	50	34	the	the	DET
aijbe-34	50	35	stock	stock	NOUN
aijbe-34	50	36	market	market	NOUN
aijbe-34	50	37	,	,	PUNCT
aijbe-34	50	38	respectively.the	respectively.the	DET
aijbe-34	50	39	first	first	ADV
aijbe-34	50	40	equals	equal	VERB
aijbe-34	50	41	the	the	DET
aijbe-34	50	42	value	value	NOUN
aijbe-34	50	43	of	of	ADP
aijbe-34	50	44	the	the	DET
aijbe-34	50	45	shares	share	NOUN
aijbe-34	50	46	of	of	ADP
aijbe-34	50	47	listed	list	VERB
aijbe-34	50	48	companies	company	NOUN
aijbe-34	50	49	on	on	ADP
aijbe-34	50	50	domestic	domestic	ADJ
aijbe-34	50	51	exchanges	exchange	NOUN
aijbe-34	50	52	;	;	PUNCT
aijbe-34	50	53	it	it	PRON
aijbe-34	50	54	reflects	reflect	VERB
aijbe-34	50	55	the	the	DET
aijbe-34	50	56	ability	ability	NOUN
aijbe-34	50	57	to	to	PART
aijbe-34	50	58	mobilize	mobilize	VERB
aijbe-34	50	59	capital	capital	NOUN
aijbe-34	50	60	and	and	CCONJ
aijbe-34	50	61	diversify	diversify	ADJ
aijbe-34	50	62	risk	risk	NOUN
aijbe-34	50	63	,	,	PUNCT
aijbe-34	50	64	whilethe	whilethe	DET
aijbe-34	50	65	second	second	ADJ
aijbe-34	50	66	indicator	indicator	NOUN
aijbe-34	50	67	measures	measure	VERB
aijbe-34	50	68	the	the	DET
aijbe-34	50	69	activity	activity	NOUN
aijbe-34	50	70	of	of	ADP
aijbe-34	50	71	the	the	DET
aijbe-34	50	72	stock	stock	NOUN
aijbe-34	50	73	market	market	NOUN
aijbe-34	50	74	trading	trading	NOUN
aijbe-34	50	75	volume	volume	NOUN
aijbe-34	50	76	relative	relative	ADJ
aijbe-34	50	77	to	to	ADP
aijbe-34	50	78	the	the	DET
aijbe-34	50	79	size	size	NOUN
aijbe-34	50	80	of	of	ADP
aijbe-34	50	81	the	the	DET
aijbe-34	50	82	economy	economy	NOUN
aijbe-34	50	83	,	,	PUNCT
aijbe-34	50	84	thus	thus	ADV
aijbe-34	50	85	,	,	PUNCT
aijbe-34	50	86	it	it	PRON
aijbe-34	50	87	reflectsthe	reflectsthe	VERB
aijbe-34	50	88	liquidity	liquidity	NOUN
aijbe-34	50	89	that	that	SCONJ
aijbe-34	50	90	stock	stock	NOUN
aijbe-34	50	91	market	market	NOUN
aijbe-34	50	92	provide	provide	VERB
aijbe-34	50	93	to	to	ADP
aijbe-34	50	94	economic	economic	ADJ
aijbe-34	50	95	agents	agent	NOUN
aijbe-34	50	96	(	(	PUNCT
aijbe-34	50	97	mohtadi	mohtadi	NOUN
aijbe-34	50	98	&	&	CCONJ
aijbe-34	50	99	agarwal	agarwal	PROPN
aijbe-34	50	100	,	,	PUNCT
aijbe-34	50	101	2004	2004	NUM
aijbe-34	50	102	)	)	PUNCT
aijbe-34	50	103	.	.	PUNCT
aijbe-34	51	1	gross	gross	ADJ
aijbe-34	51	2	fixed	fix	VERB
aijbe-34	51	3	capital	capital	NOUN
aijbe-34	51	4	formation	formation	NOUN
aijbe-34	51	5	is	be	AUX
aijbe-34	51	6	used	use	VERB
aijbe-34	51	7	as	as	ADP
aijbe-34	51	8	a	a	DET
aijbe-34	51	9	proxy	proxy	NOUN
aijbe-34	51	10	for	for	ADP
aijbe-34	51	11	capital	capital	NOUN
aijbe-34	51	12	accumulation	accumulation	NOUN
aijbe-34	51	13	.	.	PUNCT
aijbe-34	52	1	furthermore	furthermore	ADV
aijbe-34	52	2	,	,	PUNCT
aijbe-34	52	3	some	some	DET
aijbe-34	52	4	variables	variable	NOUN
aijbe-34	52	5	are	be	AUX
aijbe-34	52	6	included	include	VERB
aijbe-34	52	7	in	in	ADP
aijbe-34	52	8	the	the	DET
aijbe-34	52	9	model	model	NOUN
aijbe-34	52	10	to	to	PART
aijbe-34	52	11	control	control	VERB
aijbe-34	52	12	for	for	ADP
aijbe-34	52	13	the	the	DET
aijbe-34	52	14	possible	possible	ADJ
aijbe-34	52	15	effects	effect	NOUN
aijbe-34	52	16	of	of	ADP
aijbe-34	52	17	other	other	ADJ
aijbe-34	52	18	growth	growth	NOUN
aijbe-34	52	19	determining	determine	VERB
aijbe-34	52	20	factorsin	factorsin	ADJ
aijbe-34	52	21	order	order	NOUN
aijbe-34	52	22	to	to	PART
aijbe-34	52	23	avoid	avoid	VERB
aijbe-34	52	24	misspecification	misspecification	NOUN
aijbe-34	52	25	bias	bias	NOUN
aijbe-34	52	26	.	.	PUNCT
aijbe-34	53	1	these	these	DET
aijbe-34	53	2	variables	variable	NOUN
aijbe-34	53	3	are	be	AUX
aijbe-34	53	4	total	total	ADJ
aijbe-34	53	5	government	government	NOUN
aijbe-34	53	6	expenditure	expenditure	NOUN
aijbe-34	53	7	(	(	PUNCT
aijbe-34	53	8	tge	tge	VERB
aijbe-34	53	9	)	)	PUNCT
aijbe-34	53	10	and	and	CCONJ
aijbe-34	53	11	trade	trade	NOUN
aijbe-34	53	12	openness	openness	NOUN
aijbe-34	53	13	(	(	PUNCT
aijbe-34	53	14	opn	opn	PROPN
aijbe-34	53	15	)	)	PUNCT
aijbe-34	53	16	.	.	PUNCT
aijbe-34	54	1	government	government	NOUN
aijbe-34	54	2	expenditure	expenditure	NOUN
aijbe-34	54	3	may	may	AUX
aijbe-34	54	4	lead	lead	VERB
aijbe-34	54	5	to	to	ADP
aijbe-34	54	6	budget	budget	NOUN
aijbe-34	54	7	deficit	deficit	NOUN
aijbe-34	54	8	,	,	PUNCT
aijbe-34	54	9	which	which	PRON
aijbe-34	54	10	if	if	SCONJ
aijbe-34	54	11	financed	finance	VERB
aijbe-34	54	12	by	by	ADP
aijbe-34	54	13	borrowing	borrow	VERB
aijbe-34	54	14	from	from	ADP
aijbe-34	54	15	the	the	DET
aijbe-34	54	16	financial	financial	ADJ
aijbe-34	54	17	system	system	NOUN
aijbe-34	54	18	and	and	CCONJ
aijbe-34	54	19	has	have	VERB
aijbe-34	54	20	the	the	DET
aijbe-34	54	21	potential	potential	NOUN
aijbe-34	54	22	of	of	ADP
aijbe-34	54	23	crowding	crowd	VERB
aijbe-34	54	24	-	-	PUNCT
aijbe-34	54	25	out	out	ADP
aijbe-34	54	26	private	private	ADJ
aijbe-34	54	27	investment	investment	NOUN
aijbe-34	54	28	and	and	CCONJ
aijbe-34	54	29	hence	hence	ADV
aijbe-34	54	30	negatively	negatively	ADV
aijbe-34	54	31	affects	affect	VERB
aijbe-34	54	32	growth	growth	NOUN
aijbe-34	54	33	.	.	PUNCT
aijbe-34	55	1	alternatively	alternatively	ADV
aijbe-34	55	2	,	,	PUNCT
aijbe-34	55	3	government	government	NOUN
aijbe-34	55	4	spending	spending	NOUN
aijbe-34	55	5	if	if	SCONJ
aijbe-34	55	6	effectively	effectively	ADV
aijbe-34	55	7	carried	carry	VERB
aijbe-34	55	8	-	-	PUNCT
aijbe-34	55	9	out	out	NOUN
aijbe-34	55	10	,	,	PUNCT
aijbe-34	55	11	may	may	AUX
aijbe-34	55	12	contribute	contribute	VERB
aijbe-34	55	13	positively	positively	ADV
aijbe-34	55	14	to	to	ADP
aijbe-34	55	15	growth.trade	growth.trade	NOUN
aijbe-34	55	16	openness	openness	NOUN
aijbe-34	55	17	may	may	AUX
aijbe-34	55	18	contribute	contribute	VERB
aijbe-34	55	19	positively	positively	ADV
aijbe-34	55	20	to	to	ADP
aijbe-34	55	21	economic	economic	ADJ
aijbe-34	55	22	growth	growth	NOUN
aijbe-34	55	23	by	by	ADP
aijbe-34	55	24	providing	provide	VERB
aijbe-34	55	25	domestic	domestic	ADJ
aijbe-34	55	26	entrepreneurs	entrepreneur	NOUN
aijbe-34	55	27	access	access	NOUN
aijbe-34	55	28	to	to	ADP
aijbe-34	55	29	foreign	foreign	ADJ
aijbe-34	55	30	markets	market	NOUN
aijbe-34	55	31	.	.	PUNCT
aijbe-34	56	1	data	datum	NOUN
aijbe-34	56	2	utilized	utilize	VERB
aijbe-34	56	3	in	in	ADP
aijbe-34	56	4	this	this	DET
aijbe-34	56	5	research	research	NOUN
aijbe-34	56	6	is	be	AUX
aijbe-34	56	7	on	on	ADP
aijbe-34	56	8	annual	annual	ADJ
aijbe-34	56	9	basis	basis	NOUN
aijbe-34	56	10	and	and	CCONJ
aijbe-34	56	11	in	in	ADP
aijbe-34	56	12	2005	2005	NUM
aijbe-34	56	13	constant	constant	ADJ
aijbe-34	56	14	us	us	PROPN
aijbe-34	56	15	dollars	dollar	NOUN
aijbe-34	56	16	(	(	PUNCT
aijbe-34	56	17	usd	usd	NOUN
aijbe-34	56	18	)	)	PUNCT
aijbe-34	56	19	,	,	PUNCT
aijbe-34	56	20	covering	cover	VERB
aijbe-34	56	21	the	the	DET
aijbe-34	56	22	period	period	NOUN
aijbe-34	56	23	from	from	ADP
aijbe-34	56	24	1989	1989	NUM
aijbe-34	56	25	to	to	ADP
aijbe-34	56	26	2010	2010	NUM
aijbe-34	56	27	for	for	ADP
aijbe-34	56	28	each	each	DET
aijbe-34	56	29	country	country	NOUN
aijbe-34	56	30	,	,	PUNCT
aijbe-34	56	31	hence	hence	ADV
aijbe-34	56	32	constituting	constitute	VERB
aijbe-34	56	33	a	a	DET
aijbe-34	56	34	balanced	balanced	ADJ
aijbe-34	56	35	panel	panel	NOUN
aijbe-34	56	36	.	.	PUNCT
aijbe-34	57	1	the	the	DET
aijbe-34	57	2	data	datum	NOUN
aijbe-34	57	3	is	be	AUX
aijbe-34	57	4	obtained	obtain	VERB
aijbe-34	57	5	from	from	ADP
aijbe-34	57	6	the	the	DET
aijbe-34	57	7	world	world	PROPN
aijbe-34	57	8	development	development	PROPN
aijbe-34	57	9	indicatorsand	indicatorsand	PROPN
aijbe-34	57	10	global	global	PROPN
aijbe-34	57	11	financial	financial	PROPN
aijbe-34	57	12	development	development	PROPN
aijbe-34	57	13	databaseof	databaseof	VERB
aijbe-34	57	14	the	the	DET
aijbe-34	57	15	world	world	NOUN
aijbe-34	57	16	bank.the	bank.the	DET
aijbe-34	57	17	list	list	NOUN
aijbe-34	57	18	of	of	ADP
aijbe-34	57	19	the	the	DET
aijbe-34	57	20	countries	country	NOUN
aijbe-34	57	21	considered	consider	VERB
aijbe-34	57	22	in	in	ADP
aijbe-34	57	23	this	this	DET
aijbe-34	57	24	study	study	NOUN
aijbe-34	57	25	and	and	CCONJ
aijbe-34	57	26	descriptive	descriptive	ADJ
aijbe-34	57	27	statistics	statistic	NOUN
aijbe-34	57	28	of	of	ADP
aijbe-34	57	29	the	the	DET
aijbe-34	57	30	variables	variable	NOUN
aijbe-34	57	31	are	be	AUX
aijbe-34	57	32	contained	contain	VERB
aijbe-34	57	33	in	in	ADP
aijbe-34	57	34	appendices1	appendices1	NOUN
aijbe-34	57	35	and	and	CCONJ
aijbe-34	57	36	2	2	NUM
aijbe-34	57	37	respectively	respectively	ADV
aijbe-34	57	38	.	.	PUNCT
aijbe-34	58	1	0	0	PUNCT
aijbe-34	59	1	i	i	PRON
aijbe-34	59	2	it	it	PRON
aijbe-34	59	3	levin	levin	PROPN
aijbe-34	59	4	h.	h.	PROPN
aijbe-34	59	5	(	(	PUNCT
aijbe-34	59	6	2023	2023	NUM
aijbe-34	59	7	)	)	PUNCT
aijbe-34	59	8	43	43	NUM
aijbe-34	59	9	american	american	ADJ
aijbe-34	59	10	interdisciplinary	interdisciplinary	ADJ
aijbe-34	59	11	journal	journal	NOUN
aijbe-34	59	12	of	of	ADP
aijbe-34	59	13	business	business	NOUN
aijbe-34	59	14	and	and	CCONJ
aijbe-34	59	15	economics	economic	NOUN
aijbe-34	59	16	|	|	ADV
aijbe-34	59	17	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	X
aijbe-34	59	18	to	to	PART
aijbe-34	59	19	estimate	estimate	VERB
aijbe-34	59	20	the	the	DET
aijbe-34	59	21	long	long	ADJ
aijbe-34	59	22	run	run	NOUN
aijbe-34	59	23	relationship	relationship	NOUN
aijbe-34	59	24	between	between	ADP
aijbe-34	59	25	financial	financial	ADJ
aijbe-34	59	26	development	development	NOUN
aijbe-34	59	27	and	and	CCONJ
aijbe-34	59	28	economic	economic	ADJ
aijbe-34	59	29	growth	growth	NOUN
aijbe-34	59	30	in	in	ADP
aijbe-34	59	31	the	the	DET
aijbe-34	59	32	panel	panel	NOUN
aijbe-34	59	33	of	of	ADP
aijbe-34	59	34	20	20	NUM
aijbe-34	59	35	countries	country	NOUN
aijbe-34	59	36	over	over	ADP
aijbe-34	59	37	the	the	DET
aijbe-34	59	38	period	period	NOUN
aijbe-34	59	39	1989	1989	NUM
aijbe-34	59	40	to	to	ADP
aijbe-34	59	41	2010	2010	NUM
aijbe-34	59	42	panel	panel	NOUN
aijbe-34	59	43	co	co	NOUN
aijbe-34	59	44	-	-	NOUN
aijbe-34	59	45	integration	integration	NOUN
aijbe-34	59	46	test	test	NOUN
aijbe-34	59	47	is	be	AUX
aijbe-34	59	48	adopted	adopt	VERB
aijbe-34	59	49	.	.	PUNCT
aijbe-34	60	1	generally	generally	ADV
aijbe-34	60	2	,	,	PUNCT
aijbe-34	60	3	panel	panel	NOUN
aijbe-34	60	4	co	co	NOUN
aijbe-34	60	5	-	-	NOUN
aijbe-34	60	6	integration	integration	NOUN
aijbe-34	60	7	involves	involve	VERB
aijbe-34	60	8	three	three	NUM
aijbe-34	60	9	stages	stage	NOUN
aijbe-34	60	10	;	;	PUNCT
aijbe-34	60	11	firstly	firstly	ADV
aijbe-34	60	12	,	,	PUNCT
aijbe-34	60	13	panel	panel	NOUN
aijbe-34	60	14	unit	unit	NOUN
aijbe-34	60	15	root	root	NOUN
aijbe-34	60	16	tests	test	VERB
aijbe-34	60	17	panel	panel	NOUN
aijbe-34	60	18	co	co	NOUN
aijbe-34	60	19	-	-	NOUN
aijbe-34	60	20	integration	integration	NOUN
aijbe-34	60	21	test	test	NOUN
aijbe-34	60	22	and	and	CCONJ
aijbe-34	60	23	estimation	estimation	NOUN
aijbe-34	60	24	of	of	ADP
aijbe-34	60	25	long	long	ADJ
aijbe-34	60	26	run	run	NOUN
aijbe-34	60	27	coefficients	coefficient	NOUN
aijbe-34	60	28	.	.	PUNCT
aijbe-34	61	1	the	the	DET
aijbe-34	61	2	levin	levin	PROPN
aijbe-34	61	3	and	and	CCONJ
aijbe-34	61	4	lin	lin	PROPN
aijbe-34	61	5	(	(	PUNCT
aijbe-34	61	6	1993	1993	NUM
aijbe-34	61	7	)	)	PUNCT
aijbe-34	61	8	and	and	CCONJ
aijbe-34	61	9	levin	levin	PROPN
aijbe-34	61	10	,	,	PUNCT
aijbe-34	61	11	lin	lin	PROPN
aijbe-34	61	12	and	and	CCONJ
aijbe-34	61	13	chu	chu	PROPN
aijbe-34	61	14	(	(	PUNCT
aijbe-34	61	15	2002	2002	NUM
aijbe-34	61	16	)	)	PUNCT
aijbe-34	61	17	panel	panel	NOUN
aijbe-34	61	18	unit	unit	NOUN
aijbe-34	61	19	root	root	PROPN
aijbe-34	61	20	test	test	NOUN
aijbe-34	61	21	-llc	-llc	NOUN
aijbe-34	61	22	,	,	PUNCT
aijbe-34	61	23	i	i	PRON
aijbe-34	61	24	m	m	PROPN
aijbe-34	61	25	,	,	PUNCT
aijbe-34	61	26	pesaran	pesaran	NOUN
aijbe-34	61	27	and	and	CCONJ
aijbe-34	61	28	shin	shin	NOUN
aijbe-34	61	29	(	(	PUNCT
aijbe-34	61	30	2003	2003	NUM
aijbe-34	61	31	)	)	PUNCT
aijbe-34	61	32	–	–	PUNCT
aijbe-34	61	33	ips	ip	NOUN
aijbe-34	61	34	,	,	PUNCT
aijbe-34	61	35	breitung	breitung	NOUN
aijbe-34	61	36	(	(	PUNCT
aijbe-34	61	37	2000	2000	NUM
aijbe-34	61	38	)	)	PUNCT
aijbe-34	61	39	and	and	CCONJ
aijbe-34	61	40	maddala	maddala	NOUN
aijbe-34	61	41	and	and	CCONJ
aijbe-34	61	42	wu	wu	PROPN
aijbe-34	61	43	(	(	PUNCT
aijbe-34	61	44	1999	1999	NUM
aijbe-34	61	45	)	)	PUNCT
aijbe-34	61	46	-mw	-mw	VERB
aijbe-34	61	47	the	the	DET
aijbe-34	61	48	advantage	advantage	NOUN
aijbe-34	61	49	of	of	ADP
aijbe-34	61	50	mw	mw	PROPN
aijbe-34	61	51	test	test	NOUN
aijbe-34	61	52	over	over	ADP
aijbe-34	61	53	ips	ips	PROPN
aijbe-34	61	54	is	be	AUX
aijbe-34	61	55	that	that	SCONJ
aijbe-34	61	56	its	its	PRON
aijbe-34	61	57	value	value	NOUN
aijbe-34	61	58	does	do	AUX
aijbe-34	61	59	not	not	PART
aijbe-34	61	60	depend	depend	VERB
aijbe-34	61	61	on	on	ADP
aijbe-34	61	62	different	different	ADJ
aijbe-34	61	63	lag	lag	NOUN
aijbe-34	61	64	lengths	length	NOUN
aijbe-34	61	65	in	in	ADP
aijbe-34	61	66	the	the	DET
aijbe-34	61	67	individual	individual	ADJ
aijbe-34	61	68	adf	adf	PROPN
aijbe-34	61	69	regressions	regression	NOUN
aijbe-34	61	70	(	(	PUNCT
aijbe-34	61	71	kiran	kiran	PROPN
aijbe-34	61	72	,	,	PUNCT
aijbe-34	61	73	yavuz	yavuz	PROPN
aijbe-34	61	74	&	&	CCONJ
aijbe-34	61	75	güriş	güriş	PROPN
aijbe-34	61	76	,	,	PUNCT
aijbe-34	61	77	2009	2009	NUM
aijbe-34	61	78	;	;	PUNCT
aijbe-34	61	79	bangake	bangake	NOUN
aijbe-34	61	80	&	&	CCONJ
aijbe-34	61	81	eggoh	eggoh	PROPN
aijbe-34	61	82	,	,	PUNCT
aijbe-34	61	83	2010	2010	NUM
aijbe-34	61	84	)	)	PUNCT
aijbe-34	61	85	.	.	PUNCT
aijbe-34	62	1	residual	residual	ADJ
aijbe-34	62	2	-	-	PUNCT
aijbe-34	62	3	based	base	VERB
aijbe-34	62	4	panel	panel	NOUN
aijbe-34	62	5	co	co	NOUN
aijbe-34	62	6	-	-	NOUN
aijbe-34	62	7	integration	integration	NOUN
aijbe-34	62	8	test	test	NOUN
aijbe-34	62	9	by	by	ADP
aijbe-34	62	10	pedroni	pedroni	NOUN
aijbe-34	62	11	(	(	PUNCT
aijbe-34	62	12	1999	1999	NUM
aijbe-34	62	13	,	,	PUNCT
aijbe-34	62	14	2000	2000	NUM
aijbe-34	62	15	&	&	CCONJ
aijbe-34	62	16	2004	2004	NUM
aijbe-34	62	17	)	)	PUNCT
aijbe-34	62	18	is	be	AUX
aijbe-34	62	19	adopted	adopt	VERB
aijbe-34	62	20	.	.	PUNCT
aijbe-34	63	1	the	the	DET
aijbe-34	63	2	test	test	NOUN
aijbe-34	63	3	takes	take	VERB
aijbe-34	63	4	into	into	ADP
aijbe-34	63	5	account	account	NOUN
aijbe-34	63	6	the	the	DET
aijbe-34	63	7	heterogeneity	heterogeneity	NOUN
aijbe-34	63	8	of	of	ADP
aijbe-34	63	9	the	the	DET
aijbe-34	63	10	cross	cross	ADJ
aijbe-34	63	11	-	-	ADJ
aijbe-34	63	12	section	section	ADJ
aijbe-34	63	13	units	unit	NOUN
aijbe-34	63	14	,	,	PUNCT
aijbe-34	63	15	by	by	ADP
aijbe-34	63	16	using	use	VERB
aijbe-34	63	17	idiosyncratic	idiosyncratic	ADJ
aijbe-34	63	18	parameters	parameter	NOUN
aijbe-34	63	19	,	,	PUNCT
aijbe-34	63	20	which	which	PRON
aijbe-34	63	21	are	be	AUX
aijbe-34	63	22	allowed	allow	VERB
aijbe-34	63	23	to	to	PART
aijbe-34	63	24	vary	vary	VERB
aijbe-34	63	25	across	across	ADP
aijbe-34	63	26	the	the	DET
aijbe-34	63	27	cross	cross	NOUN
aijbe-34	63	28	-	-	ADJ
aijbe-34	63	29	section	section	ADJ
aijbe-34	63	30	unitsthe	unitsthe	ADJ
aijbe-34	63	31	test	test	NOUN
aijbe-34	63	32	considers	consider	VERB
aijbe-34	63	33	the	the	DET
aijbe-34	63	34	following	follow	VERB
aijbe-34	63	35	regression	regression	NOUN
aijbe-34	63	36	equation	equation	NOUN
aijbe-34	63	37	:	:	PUNCT
aijbe-34	63	38	yit	yit	NOUN
aijbe-34	64	1	i	i	PRON
aijbe-34	64	2	it	it	PRON
aijbe-34	64	3	1i	1i	VERB
aijbe-34	64	4	x1i	x1i	PROPN
aijbe-34	64	5	,	,	PUNCT
aijbe-34	64	6	t	t	PROPN
aijbe-34	64	7	2i	2i	NUM
aijbe-34	64	8	x2i	x2i	PROPN
aijbe-34	64	9	,	,	PUNCT
aijbe-34	64	10	t	t	PROPN
aijbe-34	64	11	...	...	PUNCT
aijbe-34	64	12	mi	mi	PROPN
aijbe-34	64	13	xmi	xmi	PROPN
aijbe-34	64	14	,	,	PUNCT
aijbe-34	64	15	t	t	PROPN
aijbe-34	64	16	ei	ei	PROPN
aijbe-34	64	17	,	,	PUNCT
aijbe-34	64	18	t	t	PROPN
aijbe-34	64	19	(	(	PUNCT
aijbe-34	64	20	2	2	NUM
aijbe-34	64	21	)	)	PUNCT
aijbe-34	64	22	t	t	NOUN
aijbe-34	64	23	1	1	NUM
aijbe-34	64	24	...	...	PUNCT
aijbe-34	64	25	t	t	PROPN
aijbe-34	64	26	,	,	PUNCT
aijbe-34	64	27	i	i	PRON
aijbe-34	64	28	1	1	NUM
aijbe-34	64	29	...	...	PUNCT
aijbe-34	64	30	n	n	X
aijbe-34	64	31	where	where	SCONJ
aijbe-34	64	32	t	t	PROPN
aijbe-34	64	33	is	be	AUX
aijbe-34	64	34	the	the	DET
aijbe-34	64	35	number	number	NOUN
aijbe-34	64	36	of	of	ADP
aijbe-34	64	37	observations	observation	NOUN
aijbe-34	64	38	over	over	ADP
aijbe-34	64	39	time	time	NOUN
aijbe-34	64	40	;	;	PUNCT
aijbe-34	64	41	n	n	PRON
aijbe-34	64	42	represents	represent	VERB
aijbe-34	64	43	number	number	NOUN
aijbe-34	64	44	of	of	ADP
aijbe-34	64	45	cross	cross	NOUN
aijbe-34	64	46	section	section	NOUN
aijbe-34	64	47	units	unit	NOUN
aijbe-34	64	48	(	(	PUNCT
aijbe-34	64	49	countries	country	NOUN
aijbe-34	64	50	)	)	PUNCT
aijbe-34	64	51	;	;	PUNCT
aijbe-34	64	52	m	m	VERB
aijbe-34	64	53	is	be	AUX
aijbe-34	64	54	the	the	DET
aijbe-34	64	55	number	number	NOUN
aijbe-34	64	56	of	of	ADP
aijbe-34	64	57	the	the	DET
aijbe-34	64	58	regression	regression	NOUN
aijbe-34	64	59	variables	variable	NOUN
aijbe-34	64	60	;	;	PUNCT
aijbe-34	64	61	y	y	PROPN
aijbe-34	64	62	and	and	CCONJ
aijbe-34	64	63	x	x	PRON
aijbe-34	64	64	are	be	AUX
aijbe-34	64	65	assumed	assume	VERB
aijbe-34	64	66	to	to	PART
aijbe-34	64	67	be	be	AUX
aijbe-34	64	68	integrated	integrate	VERB
aijbe-34	64	69	of	of	ADP
aijbe-34	64	70	order	order	NOUN
aijbe-34	64	71	one	one	NUM
aijbe-34	64	72	and	and	CCONJ
aijbe-34	64	73	αi	αi	PROPN
aijbe-34	64	74	varies	vary	VERB
aijbe-34	64	75	across	across	ADP
aijbe-34	64	76	individual	individual	ADJ
aijbe-34	64	77	countries	country	NOUN
aijbe-34	64	78	in	in	ADP
aijbe-34	64	79	the	the	DET
aijbe-34	64	80	panel	panel	NOUN
aijbe-34	64	81	.	.	PUNCT
aijbe-34	65	1	the	the	DET
aijbe-34	65	2	residual	residual	ADJ
aijbe-34	65	3	,	,	PUNCT
aijbe-34	65	4	which	which	PRON
aijbe-34	65	5	is	be	AUX
aijbe-34	65	6	to	to	PART
aijbe-34	65	7	be	be	AUX
aijbe-34	65	8	tested	test	VERB
aijbe-34	65	9	for	for	ADP
aijbe-34	65	10	stationarity	stationarity	NOUN
aijbe-34	65	11	is	be	AUX
aijbe-34	65	12	given	give	VERB
aijbe-34	65	13	by	by	ADP
aijbe-34	65	14	:	:	PUNCT
aijbe-34	65	15	eit	eit	PROPN
aijbe-34	65	16	eit	eit	PROPN
aijbe-34	65	17	1	1	NUM
aijbe-34	65	18	uit	uit	NOUN
aijbe-34	65	19	or	or	CCONJ
aijbe-34	65	20	by	by	ADP
aijbe-34	65	21	the	the	DET
aijbe-34	65	22	following	following	ADJ
aijbe-34	65	23	augmented	augment	VERB
aijbe-34	65	24	equation	equation	NOUN
aijbe-34	65	25	:	:	PUNCT
aijbe-34	65	26	(	(	PUNCT
aijbe-34	65	27	3	3	X
aijbe-34	65	28	)	)	PUNCT
aijbe-34	65	29	pi	pi	NOUN
aijbe-34	66	1	eit	eit	INTJ
aijbe-34	67	1	i	i	PRON
aijbe-34	67	2	eit	eit	VERB
aijbe-34	68	1	1	1	NUM
aijbe-34	68	2	ij	ij	INTJ
aijbe-34	68	3	eit	eit	PROPN
aijbe-34	69	1	j	j	PROPN
aijbe-34	69	2	vit	vit	NOUN
aijbe-34	69	3	(	(	PUNCT
aijbe-34	69	4	4	4	NUM
aijbe-34	69	5	)	)	PUNCT
aijbe-34	69	6	j	j	NOUN
aijbe-34	69	7	1	1	NUM
aijbe-34	69	8	the	the	DET
aijbe-34	69	9	study	study	NOUN
aijbe-34	69	10	adopted	adopt	VERB
aijbe-34	69	11	the	the	DET
aijbe-34	69	12	pedroni	pedroni	NOUN
aijbe-34	69	13	(	(	PUNCT
aijbe-34	69	14	2000	2000	NUM
aijbe-34	69	15	;	;	PUNCT
aijbe-34	69	16	2001	2001	NUM
aijbe-34	69	17	)	)	PUNCT
aijbe-34	69	18	fully	fully	ADV
aijbe-34	69	19	modified	modify	VERB
aijbe-34	69	20	ols	ol	NOUN
aijbe-34	69	21	(	(	PUNCT
aijbe-34	69	22	fmols	fmol	NOUN
aijbe-34	69	23	)	)	PUNCT
aijbe-34	69	24	estimator	estimator	NOUN
aijbe-34	69	25	,	,	PUNCT
aijbe-34	69	26	which	which	PRON
aijbe-34	69	27	is	be	AUX
aijbe-34	69	28	based	base	VERB
aijbe-34	69	29	on	on	ADP
aijbe-34	69	30	the	the	DET
aijbe-34	69	31	correction	correction	NOUN
aijbe-34	69	32	of	of	ADP
aijbe-34	69	33	the	the	DET
aijbe-34	69	34	dependent	dependent	ADJ
aijbe-34	69	35	variable	variable	NOUN
aijbe-34	69	36	using	use	VERB
aijbe-34	69	37	the	the	DET
aijbe-34	69	38	long‐run	long‐run	ADJ
aijbe-34	69	39	covariance	covariance	NOUN
aijbe-34	69	40	matrices	matrix	NOUN
aijbe-34	69	41	in	in	ADP
aijbe-34	69	42	order	order	NOUN
aijbe-34	69	43	to	to	PART
aijbe-34	69	44	remove	remove	VERB
aijbe-34	69	45	the	the	DET
aijbe-34	69	46	nuisance	nuisance	ADJ
aijbe-34	69	47	parameters	parameter	NOUN
aijbe-34	69	48	and	and	CCONJ
aijbe-34	69	49	then	then	ADV
aijbe-34	69	50	applies	apply	VERB
aijbe-34	69	51	the	the	DET
aijbe-34	69	52	standard	standard	ADJ
aijbe-34	69	53	ols	ol	NOUN
aijbe-34	69	54	estimation	estimation	NOUN
aijbe-34	69	55	technique	technique	NOUN
aijbe-34	69	56	to	to	ADP
aijbe-34	69	57	the	the	DET
aijbe-34	69	58	corrected	correct	VERB
aijbe-34	69	59	variables	variable	NOUN
aijbe-34	69	60	.	.	PUNCT
aijbe-34	70	1	this	this	DET
aijbe-34	70	2	method	method	NOUN
aijbe-34	70	3	has	have	VERB
aijbe-34	70	4	many	many	ADJ
aijbe-34	70	5	advantages	advantage	NOUN
aijbe-34	70	6	,	,	PUNCT
aijbe-34	70	7	among	among	ADP
aijbe-34	70	8	them	they	PRON
aijbe-34	70	9	are	be	AUX
aijbe-34	70	10	;	;	PUNCT
aijbe-34	70	11	it	it	PRON
aijbe-34	70	12	accounts	account	VERB
aijbe-34	70	13	for	for	ADP
aijbe-34	70	14	the	the	DET
aijbe-34	70	15	serial	serial	ADJ
aijbe-34	70	16	correlation	correlation	NOUN
aijbe-34	70	17	and	and	CCONJ
aijbe-34	70	18	endogeneity	endogeneity	NOUN
aijbe-34	70	19	in	in	ADP
aijbe-34	70	20	the	the	DET
aijbe-34	70	21	regressors	regressor	NOUN
aijbe-34	70	22	that	that	PRON
aijbe-34	70	23	are	be	AUX
aijbe-34	70	24	usually	usually	ADV
aijbe-34	70	25	present	present	ADJ
aijbe-34	70	26	when	when	SCONJ
aijbe-34	70	27	long	long	ADV
aijbe-34	70	28	-	-	PUNCT
aijbe-34	70	29	run	run	NOUN
aijbe-34	70	30	relationship	relationship	NOUN
aijbe-34	70	31	exists	exist	VERB
aijbe-34	70	32	.	.	PUNCT
aijbe-34	71	1	in	in	ADP
aijbe-34	71	2	addition	addition	NOUN
aijbe-34	71	3	,	,	PUNCT
aijbe-34	71	4	it	it	PRON
aijbe-34	71	5	tackles	tackle	VERB
aijbe-34	71	6	the	the	DET
aijbe-34	71	7	problems	problem	NOUN
aijbe-34	71	8	of	of	ADP
aijbe-34	71	9	nonstationarity	nonstationarity	NOUN
aijbe-34	71	10	in	in	ADP
aijbe-34	71	11	regressors	regressor	NOUN
aijbe-34	71	12	and	and	CCONJ
aijbe-34	71	13	simultaneity	simultaneity	NOUN
aijbe-34	71	14	bias	bias	NOUN
aijbe-34	71	15	as	as	ADV
aijbe-34	71	16	well	well	ADV
aijbe-34	71	17	as	as	ADP
aijbe-34	71	18	generates	generate	VERB
aijbe-34	71	19	consistent	consistent	ADJ
aijbe-34	71	20	estimates	estimate	NOUN
aijbe-34	71	21	of	of	ADP
aijbe-34	71	22	the	the	DET
aijbe-34	71	23	β	β	PROPN
aijbe-34	71	24	parameters	parameter	NOUN
aijbe-34	71	25	in	in	ADP
aijbe-34	71	26	small	small	ADJ
aijbe-34	71	27	samples	sample	NOUN
aijbe-34	71	28	(	(	PUNCT
aijbe-34	71	29	christopoulos	christopoulos	PROPN
aijbe-34	71	30	&	&	CCONJ
aijbe-34	71	31	tsionas	tsiona	NOUN
aijbe-34	71	32	,	,	PUNCT
aijbe-34	71	33	2003	2003	NUM
aijbe-34	71	34	;	;	PUNCT
aijbe-34	71	35	kiran	kiran	PROPN
aijbe-34	71	36	,	,	PUNCT
aijbe-34	71	37	yavuz	yavuz	PROPN
aijbe-34	71	38	&	&	CCONJ
aijbe-34	71	39	güriş	güriş	PROPN
aijbe-34	71	40	,	,	PUNCT
aijbe-34	71	41	2009	2009	NUM
aijbe-34	71	42	)	)	PUNCT
aijbe-34	71	43	.	.	PUNCT
aijbe-34	72	1	4	4	X
aijbe-34	72	2	.	.	NOUN
aijbe-34	72	3	results	result	NOUN
aijbe-34	72	4	and	and	CCONJ
aijbe-34	72	5	discussions	discussion	NOUN
aijbe-34	72	6	4.1	4.1	NUM
aijbe-34	72	7	results	result	VERB
aijbe-34	72	8	the	the	DET
aijbe-34	72	9	results	result	NOUN
aijbe-34	72	10	of	of	ADP
aijbe-34	72	11	the	the	DET
aijbe-34	72	12	panel	panel	NOUN
aijbe-34	72	13	unit	unit	NOUN
aijbe-34	72	14	root	root	NOUN
aijbe-34	72	15	tests	test	NOUN
aijbe-34	72	16	at	at	ADP
aijbe-34	72	17	the	the	DET
aijbe-34	72	18	levels	level	NOUN
aijbe-34	72	19	of	of	ADP
aijbe-34	72	20	the	the	DET
aijbe-34	72	21	variables	variable	NOUN
aijbe-34	72	22	are	be	AUX
aijbe-34	72	23	presented	present	VERB
aijbe-34	72	24	in	in	ADP
aijbe-34	72	25	table	table	NOUN
aijbe-34	72	26	1	1	NUM
aijbe-34	72	27	.	.	PUNCT
aijbe-34	72	28	deterministic	deterministic	ADJ
aijbe-34	72	29	trend	trend	NOUN
aijbe-34	72	30	and	and	CCONJ
aijbe-34	72	31	individual	individual	ADJ
aijbe-34	72	32	effects	effect	NOUN
aijbe-34	72	33	(	(	PUNCT
aijbe-34	72	34	intercept	intercept	NOUN
aijbe-34	72	35	)	)	PUNCT
aijbe-34	72	36	are	be	AUX
aijbe-34	72	37	included	include	VERB
aijbe-34	72	38	in	in	ADP
aijbe-34	72	39	the	the	DET
aijbe-34	72	40	tests	test	NOUN
aijbe-34	72	41	,	,	PUNCT
aijbe-34	72	42	going	go	VERB
aijbe-34	72	43	by	by	ADP
aijbe-34	72	44	the	the	DET
aijbe-34	72	45	plot	plot	NOUN
aijbe-34	72	46	of	of	ADP
aijbe-34	72	47	the	the	DET
aijbe-34	72	48	variables	variable	NOUN
aijbe-34	72	49	,	,	PUNCT
aijbe-34	72	50	which	which	PRON
aijbe-34	72	51	shows	show	VERB
aijbe-34	72	52	the	the	DET
aijbe-34	72	53	presence	presence	NOUN
aijbe-34	72	54	of	of	ADP
aijbe-34	72	55	linear	linear	ADJ
aijbe-34	72	56	trend	trend	NOUN
aijbe-34	72	57	and	and	CCONJ
aijbe-34	72	58	intercept	intercept	NOUN
aijbe-34	72	59	.	.	PUNCT
aijbe-34	73	1	generally	generally	ADV
aijbe-34	73	2	,	,	PUNCT
aijbe-34	73	3	the	the	DET
aijbe-34	73	4	null	null	ADJ
aijbe-34	73	5	hypothesis	hypothesis	NOUN
aijbe-34	73	6	of	of	ADP
aijbe-34	73	7	unit	unit	NOUN
aijbe-34	73	8	root	root	NOUN
aijbe-34	73	9	could	could	AUX
aijbe-34	73	10	not	not	PART
aijbe-34	73	11	be	be	AUX
aijbe-34	73	12	rejected	reject	VERB
aijbe-34	73	13	at	at	ADP
aijbe-34	73	14	5	5	NUM
aijbe-34	73	15	%	%	NOUN
aijbe-34	73	16	,	,	PUNCT
aijbe-34	73	17	implying	imply	VERB
aijbe-34	73	18	that	that	SCONJ
aijbe-34	73	19	the	the	DET
aijbe-34	73	20	variables	variable	NOUN
aijbe-34	73	21	are	be	AUX
aijbe-34	73	22	not	not	PART
aijbe-34	73	23	stationary	stationary	ADJ
aijbe-34	73	24	at	at	ADP
aijbe-34	73	25	levels	level	NOUN
aijbe-34	73	26	.	.	PUNCT
aijbe-34	74	1	however	however	ADV
aijbe-34	74	2	,	,	PUNCT
aijbe-34	74	3	there	there	PRON
aijbe-34	74	4	is	be	VERB
aijbe-34	74	5	an	an	DET
aijbe-34	74	6	exception	exception	NOUN
aijbe-34	74	7	in	in	ADP
aijbe-34	74	8	the	the	DET
aijbe-34	74	9	cases	case	NOUN
aijbe-34	74	10	of	of	ADP
aijbe-34	74	11	lcrd	lcrd	NOUN
aijbe-34	74	12	,	,	PUNCT
aijbe-34	74	13	lgfcf	lgfcf	ADJ
aijbe-34	74	14	and	and	CCONJ
aijbe-34	74	15	lmcp	lmcp	PROPN
aijbe-34	74	16	,	,	PUNCT
aijbe-34	74	17	which	which	PRON
aijbe-34	74	18	were	be	AUX
aijbe-34	74	19	respectively	respectively	ADV
aijbe-34	74	20	reported	report	VERB
aijbe-34	74	21	to	to	PART
aijbe-34	74	22	be	be	AUX
aijbe-34	74	23	stationary	stationary	ADJ
aijbe-34	74	24	by	by	ADP
aijbe-34	74	25	the	the	DET
aijbe-34	74	26	mw	mw	PROPN
aijbe-34	74	27	,	,	PUNCT
aijbe-34	74	28	llc	llc	PROPN
aijbe-34	74	29	and	and	CCONJ
aijbe-34	74	30	ips	ips	NOUN
aijbe-34	74	31	tests	test	NOUN
aijbe-34	74	32	.	.	PUNCT
aijbe-34	75	1	but	but	CCONJ
aijbe-34	75	2	given	give	VERB
aijbe-34	75	3	the	the	DET
aijbe-34	75	4	weaknesses	weakness	NOUN
aijbe-34	75	5	of	of	ADP
aijbe-34	75	6	these	these	DET
aijbe-34	75	7	tests	test	NOUN
aijbe-34	75	8	as	as	SCONJ
aijbe-34	75	9	highlighted	highlight	VERB
aijbe-34	75	10	earlier	early	ADV
aijbe-34	75	11	and	and	CCONJ
aijbe-34	75	12	that	that	SCONJ
aijbe-34	75	13	in	in	ADP
aijbe-34	75	14	all	all	DET
aijbe-34	75	15	the	the	DET
aijbe-34	75	16	three	three	NUM
aijbe-34	75	17	cases	case	NOUN
aijbe-34	75	18	,	,	PUNCT
aijbe-34	75	19	the	the	DET
aijbe-34	75	20	other	other	ADJ
aijbe-34	75	21	three	three	NUM
aijbe-34	75	22	tests	test	NOUN
aijbe-34	75	23	reported	report	VERB
aijbe-34	75	24	the	the	DET
aijbe-34	75	25	variables	variable	NOUN
aijbe-34	75	26	to	to	PART
aijbe-34	75	27	be	be	AUX
aijbe-34	75	28	non	non	ADJ
aijbe-34	75	29	-	-	ADJ
aijbe-34	75	30	stationary	stationary	ADJ
aijbe-34	75	31	,	,	PUNCT
aijbe-34	75	32	the	the	DET
aijbe-34	75	33	variables	variable	NOUN
aijbe-34	75	34	are	be	AUX
aijbe-34	75	35	considered	consider	VERB
aijbe-34	75	36	to	to	PART
aijbe-34	75	37	be	be	AUX
aijbe-34	75	38	non	non	ADJ
aijbe-34	75	39	-	-	ADJ
aijbe-34	75	40	stationary	stationary	ADJ
aijbe-34	75	41	at	at	ADP
aijbe-34	75	42	levels	level	NOUN
aijbe-34	75	43	.	.	PUNCT
aijbe-34	76	1	table1.results	table1.result	NOUN
aijbe-34	76	2	of	of	ADP
aijbe-34	76	3	panel	panel	NOUN
aijbe-34	76	4	unit	unit	NOUN
aijbe-34	76	5	root	root	PROPN
aijbe-34	76	6	test	test	NOUN
aijbe-34	76	7	at	at	ADP
aijbe-34	76	8	levels	level	NOUN
aijbe-34	76	9	variables	variable	VERB
aijbe-34	76	10	common	common	ADJ
aijbe-34	76	11	unit	unit	NOUN
aijbe-34	76	12	root	root	NOUN
aijbe-34	76	13	process	process	NOUN
aijbe-34	76	14	individual	individual	ADJ
aijbe-34	76	15	unit	unit	NOUN
aijbe-34	76	16	root	root	NOUN
aijbe-34	76	17	process	process	NOUN
aijbe-34	76	18	llc	llc	PROPN
aijbe-34	76	19	breitung	breitung	VERB
aijbe-34	76	20	ips	ips	PROPN
aijbe-34	76	21	mw	mw	PROPN
aijbe-34	76	22	lbmg	lbmg	PROPN
aijbe-34	76	23	-0.314	-0.314	VERB
aijbe-34	76	24	0.482	0.482	NUM
aijbe-34	76	25	0.703	0.703	NUM
aijbe-34	76	26	35.530	35.530	NUM
aijbe-34	76	27	lcrd	lcrd	NOUN
aijbe-34	76	28	1.227	1.227	NUM
aijbe-34	76	29	1.257	1.257	NUM
aijbe-34	76	30	-0.251	-0.251	NUM
aijbe-34	77	1	66.935	66.935	NUM
aijbe-34	77	2	*	*	PUNCT
aijbe-34	77	3	*	*	PUNCT
aijbe-34	77	4	*	*	PUNCT
aijbe-34	77	5	levin	levin	PROPN
aijbe-34	77	6	h.	h.	PROPN
aijbe-34	77	7	(	(	PUNCT
aijbe-34	77	8	2023	2023	NUM
aijbe-34	77	9	)	)	PUNCT
aijbe-34	77	10	44	44	NUM
aijbe-34	77	11	american	american	ADJ
aijbe-34	77	12	interdisciplinary	interdisciplinary	ADJ
aijbe-34	77	13	journal	journal	NOUN
aijbe-34	77	14	of	of	ADP
aijbe-34	77	15	business	business	NOUN
aijbe-34	77	16	and	and	CCONJ
aijbe-34	77	17	economics	economic	NOUN
aijbe-34	77	18	|	|	ADV
aijbe-34	77	19	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	PUNCT
aijbe-34	77	20	lgdp	lgdp	NOUN
aijbe-34	77	21	-0.164	-0.164	NOUN
aijbe-34	77	22	1.893	1.893	NUM
aijbe-34	77	23	0.438	0.438	NUM
aijbe-34	77	24	45.876	45.876	NUM
aijbe-34	77	25	lgfcf	lgfcf	ADJ
aijbe-34	77	26	-3.482	-3.482	PROPN
aijbe-34	77	27	*	*	PUNCT
aijbe-34	77	28	*	*	PUNCT
aijbe-34	77	29	*	*	PUNCT
aijbe-34	77	30	-0.837	-0.837	PUNCT
aijbe-34	77	31	2.974	2.974	NUM
aijbe-34	77	32	29.688	29.688	NUM
aijbe-34	77	33	lmcp	lmcp	ADJ
aijbe-34	77	34	-0.244	-0.244	X
aijbe-34	77	35	-1.283	-1.283	NOUN
aijbe-34	77	36	-1.665	-1.665	NOUN
aijbe-34	77	37	*	*	PUNCT
aijbe-34	77	38	*	*	NOUN
aijbe-34	77	39	51.354	51.354	NUM
aijbe-34	77	40	lopn	lopn	VERB
aijbe-34	77	41	0.170	0.170	NUM
aijbe-34	77	42	0.045	0.045	NUM
aijbe-34	77	43	-1.042	-1.042	NUM
aijbe-34	77	44	51.423	51.423	NUM
aijbe-34	77	45	lstr	lstr	NOUN
aijbe-34	77	46	-0.013	-0.013	PUNCT
aijbe-34	77	47	-0.643	-0.643	X
aijbe-34	77	48	-0.914	-0.914	PUNCT
aijbe-34	77	49	50.003	50.003	NUM
aijbe-34	77	50	ltge	ltge	VERB
aijbe-34	77	51	0.815	0.815	NUM
aijbe-34	77	52	-1.311	-1.311	NUM
aijbe-34	77	53	4.836	4.836	NUM
aijbe-34	77	54	15.297	15.297	NUM
aijbe-34	77	55	note	note	NOUN
aijbe-34	77	56	:	:	PUNCT
aijbe-34	77	57	*	*	PUNCT
aijbe-34	77	58	*	*	PUNCT
aijbe-34	77	59	*	*	PUNCT
aijbe-34	77	60	,	,	PUNCT
aijbe-34	77	61	*	*	PUNCT
aijbe-34	77	62	*	*	PUNCT
aijbe-34	77	63	and	and	CCONJ
aijbe-34	77	64	*	*	PUNCT
aijbe-34	77	65	denote	denote	NOUN
aijbe-34	77	66	statistical	statistical	ADJ
aijbe-34	77	67	significance	significance	NOUN
aijbe-34	77	68	at	at	ADP
aijbe-34	77	69	1	1	NUM
aijbe-34	77	70	%	%	NOUN
aijbe-34	77	71	,	,	PUNCT
aijbe-34	77	72	5	5	NUM
aijbe-34	77	73	%	%	NOUN
aijbe-34	77	74	and	and	CCONJ
aijbe-34	77	75	10	10	NUM
aijbe-34	77	76	%	%	NOUN
aijbe-34	77	77	,	,	PUNCT
aijbe-34	77	78	respectively	respectively	ADV
aijbe-34	77	79	.	.	PUNCT
aijbe-34	78	1	selection	selection	NOUN
aijbe-34	78	2	of	of	ADP
aijbe-34	78	3	lag	lag	NOUN
aijbe-34	78	4	length	length	NOUN
aijbe-34	78	5	is	be	AUX
aijbe-34	78	6	based	base	VERB
aijbe-34	78	7	on	on	ADP
aijbe-34	78	8	schwarz	schwarz	PROPN
aijbe-34	78	9	information	information	NOUN
aijbe-34	78	10	criteria	criterion	NOUN
aijbe-34	78	11	.	.	PUNCT
aijbe-34	79	1	upon	upon	SCONJ
aijbe-34	79	2	taking	take	VERB
aijbe-34	79	3	the	the	DET
aijbe-34	79	4	first	first	ADJ
aijbe-34	79	5	difference	difference	NOUN
aijbe-34	79	6	of	of	ADP
aijbe-34	79	7	the	the	DET
aijbe-34	79	8	variables	variable	NOUN
aijbe-34	79	9	,	,	PUNCT
aijbe-34	79	10	the	the	DET
aijbe-34	79	11	null	null	ADJ
aijbe-34	79	12	hypothesis	hypothesis	NOUN
aijbe-34	79	13	of	of	ADP
aijbe-34	79	14	unit	unit	NOUN
aijbe-34	79	15	root	root	NOUN
aijbe-34	79	16	was	be	AUX
aijbe-34	79	17	unanimously	unanimously	ADV
aijbe-34	79	18	rejected	reject	VERB
aijbe-34	79	19	by	by	ADP
aijbe-34	79	20	all	all	DET
aijbe-34	79	21	the	the	DET
aijbe-34	79	22	tests	test	NOUN
aijbe-34	79	23	at	at	ADP
aijbe-34	79	24	1	1	NUM
aijbe-34	79	25	%	%	NOUN
aijbe-34	79	26	,	,	PUNCT
aijbe-34	79	27	thus	thus	ADV
aijbe-34	79	28	,	,	PUNCT
aijbe-34	79	29	the	the	DET
aijbe-34	79	30	variables	variable	NOUN
aijbe-34	79	31	turned	turn	VERB
aijbe-34	79	32	out	out	ADP
aijbe-34	79	33	to	to	PART
aijbe-34	79	34	have	have	VERB
aijbe-34	79	35	no	no	DET
aijbe-34	79	36	unit	unit	NOUN
aijbe-34	79	37	rootas	roota	NOUN
aijbe-34	79	38	reported	report	VERB
aijbe-34	79	39	in	in	ADP
aijbe-34	79	40	table	table	NOUN
aijbe-34	79	41	2	2	NUM
aijbe-34	79	42	.	.	PUNCT
aijbe-34	80	1	this	this	PRON
aijbe-34	80	2	means	mean	VERB
aijbe-34	80	3	that	that	SCONJ
aijbe-34	80	4	,	,	PUNCT
aijbe-34	80	5	all	all	DET
aijbe-34	80	6	the	the	DET
aijbe-34	80	7	variables	variable	NOUN
aijbe-34	80	8	are	be	AUX
aijbe-34	80	9	stationary	stationary	ADJ
aijbe-34	80	10	at	at	ADP
aijbe-34	80	11	first	first	ADJ
aijbe-34	80	12	difference	difference	NOUN
aijbe-34	80	13	and	and	CCONJ
aijbe-34	80	14	hence	hence	ADV
aijbe-34	80	15	,	,	PUNCT
aijbe-34	80	16	integrated	integrate	VERB
aijbe-34	80	17	of	of	ADP
aijbe-34	80	18	order	order	NOUN
aijbe-34	80	19	one	one	NUM
aijbe-34	80	20	.	.	PUNCT
aijbe-34	81	1	consequently	consequently	ADV
aijbe-34	81	2	,	,	PUNCT
aijbe-34	81	3	the	the	DET
aijbe-34	81	4	basis	basis	NOUN
aijbe-34	81	5	toinvestigate	toinvestigate	VERB
aijbe-34	81	6	the	the	DET
aijbe-34	81	7	existence	existence	NOUN
aijbe-34	81	8	of	of	ADP
aijbe-34	81	9	long	long	ADJ
aijbe-34	81	10	run	run	NOUN
aijbe-34	81	11	relationship	relationship	NOUN
aijbe-34	81	12	through	through	ADP
aijbe-34	81	13	panel	panel	NOUN
aijbe-34	81	14	co	co	NOUN
aijbe-34	81	15	-	-	NOUN
aijbe-34	81	16	integration	integration	NOUN
aijbe-34	81	17	test	test	NOUN
aijbe-34	81	18	is	be	AUX
aijbe-34	81	19	provided	provide	VERB
aijbe-34	81	20	.	.	PUNCT
aijbe-34	82	1	table	table	NOUN
aijbe-34	82	2	2.results	2.results	NUM
aijbe-34	82	3	of	of	ADP
aijbe-34	82	4	panel	panel	NOUN
aijbe-34	82	5	unit	unit	NOUN
aijbe-34	82	6	root	root	NOUN
aijbe-34	82	7	test	test	NOUN
aijbe-34	82	8	at	at	ADP
aijbe-34	82	9	first	first	ADJ
aijbe-34	82	10	difference	difference	NOUN
aijbe-34	82	11	variable	variable	ADJ
aijbe-34	82	12	common	common	ADJ
aijbe-34	82	13	unit	unit	NOUN
aijbe-34	82	14	root	root	NOUN
aijbe-34	82	15	process	process	NOUN
aijbe-34	82	16	individual	individual	ADJ
aijbe-34	82	17	unit	unit	NOUN
aijbe-34	82	18	root	root	NOUN
aijbe-34	82	19	process	process	NOUN
aijbe-34	82	20	llc	llc	PROPN
aijbe-34	82	21	breitung	breitung	VERB
aijbe-34	82	22	ips	ips	PROPN
aijbe-34	82	23	mw	mw	X
aijbe-34	82	24	lbmg	lbmg	NOUN
aijbe-34	82	25	-11.838	-11.838	PUNCT
aijbe-34	82	26	*	*	PUNCT
aijbe-34	82	27	*	*	PUNCT
aijbe-34	82	28	*	*	PUNCT
aijbe-34	82	29	-8.663	-8.663	PUNCT
aijbe-34	82	30	*	*	PUNCT
aijbe-34	82	31	*	*	PUNCT
aijbe-34	82	32	*	*	PUNCT
aijbe-34	82	33	-12.817	-12.817	X
aijbe-34	82	34	*	*	PUNCT
aijbe-34	82	35	*	*	PUNCT
aijbe-34	82	36	*	*	PUNCT
aijbe-34	82	37	202.433	202.433	NUM
aijbe-34	82	38	*	*	PUNCT
aijbe-34	82	39	*	*	PUNCT
aijbe-34	82	40	*	*	PUNCT
aijbe-34	82	41	lcrd	lcrd	NOUN
aijbe-34	82	42	-7.465	-7.465	VERB
aijbe-34	82	43	*	*	PUNCT
aijbe-34	82	44	*	*	PUNCT
aijbe-34	82	45	*	*	PUNCT
aijbe-34	82	46	-5.086	-5.086	PUNCT
aijbe-34	82	47	*	*	PUNCT
aijbe-34	82	48	*	*	PUNCT
aijbe-34	82	49	*	*	PUNCT
aijbe-34	82	50	-10.615	-10.615	NOUN
aijbe-34	82	51	*	*	PUNCT
aijbe-34	82	52	*	*	PUNCT
aijbe-34	82	53	*	*	PUNCT
aijbe-34	83	1	172.129	172.129	NUM
aijbe-34	83	2	*	*	PUNCT
aijbe-34	83	3	*	*	PUNCT
aijbe-34	83	4	*	*	PUNCT
aijbe-34	83	5	lgdp	lgdp	NOUN
aijbe-34	83	6	-10.170	-10.170	PUNCT
aijbe-34	83	7	*	*	PUNCT
aijbe-34	83	8	*	*	PUNCT
aijbe-34	83	9	*	*	PUNCT
aijbe-34	83	10	-5.333	-5.333	PUNCT
aijbe-34	83	11	*	*	PUNCT
aijbe-34	83	12	*	*	PUNCT
aijbe-34	83	13	*	*	PUNCT
aijbe-34	83	14	-8.466	-8.466	PUNCT
aijbe-34	83	15	*	*	PUNCT
aijbe-34	83	16	*	*	PUNCT
aijbe-34	83	17	*	*	PUNCT
aijbe-34	83	18	137.850	137.850	NUM
aijbe-34	83	19	*	*	PUNCT
aijbe-34	83	20	*	*	PUNCT
aijbe-34	83	21	*	*	PUNCT
aijbe-34	83	22	lgfcf	lgfcf	ADJ
aijbe-34	83	23	-10.162	-10.162	PUNCT
aijbe-34	83	24	*	*	PUNCT
aijbe-34	83	25	*	*	PUNCT
aijbe-34	83	26	*	*	PUNCT
aijbe-34	83	27	-7.345	-7.345	PUNCT
aijbe-34	83	28	*	*	PUNCT
aijbe-34	83	29	*	*	PUNCT
aijbe-34	83	30	*	*	PUNCT
aijbe-34	84	1	-8.458	-8.458	ADJ
aijbe-34	84	2	*	*	PUNCT
aijbe-34	84	3	*	*	PUNCT
aijbe-34	84	4	*	*	PUNCT
aijbe-34	85	1	136.748	136.748	NUM
aijbe-34	85	2	*	*	PUNCT
aijbe-34	85	3	*	*	PUNCT
aijbe-34	85	4	*	*	PUNCT
aijbe-34	85	5	lmcp	lmcp	ADJ
aijbe-34	85	6	-11.480	-11.480	PUNCT
aijbe-34	86	1	*	*	PUNCT
aijbe-34	86	2	*	*	PUNCT
aijbe-34	86	3	*	*	PUNCT
aijbe-34	86	4	-8.368	-8.368	PUNCT
aijbe-34	87	1	*	*	PUNCT
aijbe-34	87	2	*	*	PUNCT
aijbe-34	87	3	*	*	PUNCT
aijbe-34	87	4	-10.257	-10.257	NOUN
aijbe-34	87	5	*	*	PUNCT
aijbe-34	87	6	*	*	PUNCT
aijbe-34	87	7	*	*	PUNCT
aijbe-34	87	8	164.668	164.668	NUM
aijbe-34	87	9	*	*	PUNCT
aijbe-34	87	10	*	*	PUNCT
aijbe-34	87	11	*	*	PUNCT
aijbe-34	87	12	lopn	lopn	VERB
aijbe-34	87	13	-13.209	-13.209	NOUN
aijbe-34	87	14	*	*	PUNCT
aijbe-34	87	15	*	*	PUNCT
aijbe-34	87	16	*	*	PUNCT
aijbe-34	87	17	-3.264	-3.264	NOUN
aijbe-34	88	1	*	*	PUNCT
aijbe-34	88	2	*	*	PUNCT
aijbe-34	88	3	*	*	NOUN
aijbe-34	89	1	-10.127	-10.127	PUNCT
aijbe-34	89	2	*	*	PUNCT
aijbe-34	89	3	*	*	PUNCT
aijbe-34	89	4	*	*	PUNCT
aijbe-34	89	5	161.404	161.404	NUM
aijbe-34	89	6	*	*	PUNCT
aijbe-34	89	7	*	*	PUNCT
aijbe-34	89	8	*	*	PUNCT
aijbe-34	89	9	lstr	lstr	PROPN
aijbe-34	89	10	-10.513	-10.513	PROPN
aijbe-34	89	11	*	*	PUNCT
aijbe-34	89	12	*	*	PUNCT
aijbe-34	89	13	*	*	PUNCT
aijbe-34	89	14	-4.723	-4.723	ADJ
aijbe-34	89	15	*	*	PUNCT
aijbe-34	89	16	*	*	PUNCT
aijbe-34	89	17	*	*	NOUN
aijbe-34	89	18	-11.344	-11.344	VERB
aijbe-34	89	19	*	*	PUNCT
aijbe-34	89	20	*	*	PUNCT
aijbe-34	89	21	*	*	PUNCT
aijbe-34	89	22	187.615	187.615	NUM
aijbe-34	89	23	*	*	PUNCT
aijbe-34	89	24	*	*	PUNCT
aijbe-34	89	25	*	*	PUNCT
aijbe-34	89	26	ltge	ltge	VERB
aijbe-34	89	27	-11.228	-11.228	PROPN
aijbe-34	89	28	*	*	PUNCT
aijbe-34	89	29	*	*	PUNCT
aijbe-34	89	30	*	*	PUNCT
aijbe-34	90	1	-5.300	-5.300	PUNCT
aijbe-34	90	2	*	*	PUNCT
aijbe-34	90	3	*	*	PUNCT
aijbe-34	90	4	*	*	PUNCT
aijbe-34	91	1	-12.611	-12.611	PUNCT
aijbe-34	91	2	*	*	PUNCT
aijbe-34	91	3	*	*	PUNCT
aijbe-34	91	4	*	*	PUNCT
aijbe-34	91	5	202.262	202.262	NUM
aijbe-34	91	6	*	*	PUNCT
aijbe-34	91	7	*	*	PUNCT
aijbe-34	91	8	*	*	NOUN
aijbe-34	91	9	notes	note	NOUN
aijbe-34	91	10	:	:	PUNCT
aijbe-34	91	11	*	*	PUNCT
aijbe-34	91	12	*	*	PUNCT
aijbe-34	91	13	*	*	PUNCT
aijbe-34	91	14	,	,	PUNCT
aijbe-34	91	15	*	*	PUNCT
aijbe-34	91	16	*	*	PUNCT
aijbe-34	91	17	and	and	CCONJ
aijbe-34	91	18	*	*	AUX
aijbe-34	91	19	denote	denote	NOUN
aijbe-34	91	20	statistical	statistical	ADJ
aijbe-34	91	21	significance	significance	NOUN
aijbe-34	91	22	at	at	ADP
aijbe-34	91	23	1	1	NUM
aijbe-34	91	24	%	%	NOUN
aijbe-34	91	25	,	,	PUNCT
aijbe-34	91	26	5	5	NUM
aijbe-34	91	27	%	%	NOUN
aijbe-34	91	28	and	and	CCONJ
aijbe-34	91	29	10	10	NUM
aijbe-34	91	30	%	%	NOUN
aijbe-34	91	31	,	,	PUNCT
aijbe-34	91	32	respectively	respectively	ADV
aijbe-34	91	33	.	.	PUNCT
aijbe-34	92	1	selection	selection	NOUN
aijbe-34	92	2	of	of	ADP
aijbe-34	92	3	lag	lag	NOUN
aijbe-34	92	4	length	length	NOUN
aijbe-34	92	5	is	be	AUX
aijbe-34	92	6	based	base	VERB
aijbe-34	92	7	on	on	ADP
aijbe-34	92	8	schwarz	schwarz	PROPN
aijbe-34	92	9	information	information	NOUN
aijbe-34	92	10	criteria	criterion	NOUN
aijbe-34	92	11	.	.	PUNCT
aijbe-34	93	1	the	the	DET
aijbe-34	93	2	results	result	NOUN
aijbe-34	93	3	of	of	ADP
aijbe-34	93	4	the	the	DET
aijbe-34	93	5	pedroni	pedroni	NOUN
aijbe-34	93	6	panel	panel	NOUN
aijbe-34	93	7	co	co	NOUN
aijbe-34	93	8	-	-	NOUN
aijbe-34	93	9	integration	integration	NOUN
aijbe-34	93	10	tests	test	NOUN
aijbe-34	93	11	for	for	ADP
aijbe-34	93	12	the	the	DET
aijbe-34	93	13	various	various	ADJ
aijbe-34	93	14	specifications	specification	NOUN
aijbe-34	93	15	statedearlier	statedearlier	NOUN
aijbe-34	93	16	are	be	AUX
aijbe-34	93	17	contained	contain	VERB
aijbe-34	93	18	in	in	ADP
aijbe-34	93	19	tables	table	NOUN
aijbe-34	93	20	three	three	NUM
aijbe-34	93	21	and	and	CCONJ
aijbe-34	93	22	four	four	NUM
aijbe-34	93	23	.	.	PUNCT
aijbe-34	94	1	like	like	INTJ
aijbe-34	94	2	in	in	ADP
aijbe-34	94	3	the	the	DET
aijbe-34	94	4	case	case	NOUN
aijbe-34	94	5	of	of	ADP
aijbe-34	94	6	the	the	DET
aijbe-34	94	7	unit	unit	NOUN
aijbe-34	94	8	root	root	NOUN
aijbe-34	94	9	tests	test	NOUN
aijbe-34	94	10	,	,	PUNCT
aijbe-34	94	11	deterministic	deterministic	ADJ
aijbe-34	94	12	trend	trend	NOUN
aijbe-34	94	13	and	and	CCONJ
aijbe-34	94	14	individual	individual	ADJ
aijbe-34	94	15	effects	effect	NOUN
aijbe-34	94	16	are	be	AUX
aijbe-34	94	17	also	also	ADV
aijbe-34	94	18	included	include	VERB
aijbe-34	94	19	in	in	ADP
aijbe-34	94	20	the	the	DET
aijbe-34	94	21	co	co	NOUN
aijbe-34	94	22	-	-	NOUN
aijbe-34	94	23	integration	integration	NOUN
aijbe-34	94	24	tests	test	NOUN
aijbe-34	94	25	;	;	PUNCT
aijbe-34	94	26	this	this	PRON
aijbe-34	94	27	is	be	AUX
aijbe-34	94	28	because	because	SCONJ
aijbe-34	94	29	including	include	VERB
aijbe-34	94	30	time	time	NOUN
aijbe-34	94	31	specific	specific	ADJ
aijbe-34	94	32	effects	effect	NOUN
aijbe-34	94	33	makes	make	VERB
aijbe-34	94	34	the	the	DET
aijbe-34	94	35	pedroni	pedroni	ADJ
aijbe-34	94	36	panel	panel	NOUN
aijbe-34	94	37	cointegration	cointegration	NOUN
aijbe-34	94	38	tests	test	VERB
aijbe-34	94	39	more	more	ADV
aijbe-34	94	40	powerful	powerful	ADJ
aijbe-34	94	41	(	(	PUNCT
aijbe-34	94	42	carlsson	carlsson	PROPN
aijbe-34	94	43	,	,	PUNCT
aijbe-34	94	44	lyhagen	lyhagen	PROPN
aijbe-34	94	45	&	&	CCONJ
aijbe-34	94	46	österholm	österholm	PROPN
aijbe-34	94	47	,	,	PUNCT
aijbe-34	94	48	2007	2007	NUM
aijbe-34	94	49	)	)	PUNCT
aijbe-34	94	50	.	.	PUNCT
aijbe-34	95	1	table	table	NOUN
aijbe-34	95	2	3.results	3.results	NUM
aijbe-34	95	3	of	of	ADP
aijbe-34	95	4	pedroni	pedroni	PROPN
aijbe-34	95	5	panel	panel	NOUN
aijbe-34	95	6	co	co	NOUN
aijbe-34	95	7	-	-	NOUN
aijbe-34	95	8	integration	integration	NOUN
aijbe-34	95	9	tests	test	NOUN
aijbe-34	95	10	for	for	ADP
aijbe-34	95	11	banking	banking	NOUN
aijbe-34	95	12	and	and	CCONJ
aijbe-34	95	13	stock	stock	NOUN
aijbe-34	95	14	market	market	NOUN
aijbe-34	95	15	independent	independent	ADJ
aijbe-34	95	16	models	model	NOUN
aijbe-34	95	17	levin	levin	PROPN
aijbe-34	95	18	h.	h.	PROPN
aijbe-34	95	19	(	(	PUNCT
aijbe-34	95	20	2023	2023	NUM
aijbe-34	95	21	)	)	PUNCT
aijbe-34	95	22	45	45	NUM
aijbe-34	95	23	american	american	ADJ
aijbe-34	95	24	interdisciplinary	interdisciplinary	ADJ
aijbe-34	95	25	journal	journal	NOUN
aijbe-34	95	26	of	of	ADP
aijbe-34	95	27	business	business	NOUN
aijbe-34	95	28	and	and	CCONJ
aijbe-34	95	29	economics	economic	NOUN
aijbe-34	96	1	|	|	ADV
aijbe-34	96	2	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADP
aijbe-34	96	3	private	private	ADJ
aijbe-34	96	4	credit	credit	NOUN
aijbe-34	96	5	market	market	NOUN
aijbe-34	96	6	broad	broad	ADJ
aijbe-34	96	7	money	money	NOUN
aijbe-34	96	8	capitalisation	capitalisation	NOUN
aijbe-34	96	9	stock	stock	NOUN
aijbe-34	96	10	turnover	turnover	NOUN
aijbe-34	96	11	statistic	statistic	NOUN
aijbe-34	96	12	ρ	ρ	PROPN
aijbe-34	96	13	value	value	NOUN
aijbe-34	96	14	statistic	statistic	NOUN
aijbe-34	96	15	ρ	ρ	PROPN
aijbe-34	96	16	statistic	statistic	PROPN
aijbe-34	96	17	value	value	NOUN
aijbe-34	96	18	ρ	ρ	NOUN
aijbe-34	96	19	value	value	NOUN
aijbe-34	96	20	statistic	statistic	NOUN
aijbe-34	96	21	ρ	ρ	PROPN
aijbe-34	96	22	value	value	NOUN
aijbe-34	96	23	levin	levin	PROPN
aijbe-34	96	24	h.	h.	PROPN
aijbe-34	96	25	(	(	PUNCT
aijbe-34	96	26	2023	2023	NUM
aijbe-34	96	27	)	)	PUNCT
aijbe-34	96	28	american	american	ADJ
aijbe-34	96	29	interdisciplinary	interdisciplinary	ADJ
aijbe-34	96	30	journal	journal	NOUN
aijbe-34	96	31	of	of	ADP
aijbe-34	96	32	business	business	NOUN
aijbe-34	96	33	and	and	CCONJ
aijbe-34	96	34	economics	economic	NOUN
aijbe-34	97	1	|	|	ADV
aijbe-34	98	1	46	46	NUM
aijbe-34	98	2	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADJ
aijbe-34	98	3	panel	panel	NOUN
aijbe-34	98	4	statistics	statistic	VERB
aijbe-34	98	5	within	within	ADP
aijbe-34	98	6	-	-	PUNCT
aijbe-34	98	7	dimension	dimension	NOUN
aijbe-34	98	8	panel	panel	NOUN
aijbe-34	98	9	v	v	ADP
aijbe-34	98	10	statistic	statistic	NOUN
aijbe-34	98	11	26.589	26.589	NUM
aijbe-34	98	12	*	*	PUNCT
aijbe-34	98	13	*	*	PUNCT
aijbe-34	98	14	*	*	PUNCT
aijbe-34	98	15	0.000	0.000	NUM
aijbe-34	98	16	27.700	27.700	NUM
aijbe-34	98	17	*	*	PUNCT
aijbe-34	98	18	*	*	PUNCT
aijbe-34	98	19	*	*	PUNCT
aijbe-34	98	20	0.000	0.000	NUM
aijbe-34	98	21	21.153	21.153	NUM
aijbe-34	98	22	*	*	PUNCT
aijbe-34	98	23	*	*	PUNCT
aijbe-34	98	24	*	*	PUNCT
aijbe-34	98	25	0.000	0.000	NUM
aijbe-34	98	26	23.938	23.938	NUM
aijbe-34	98	27	*	*	PUNCT
aijbe-34	98	28	*	*	PUNCT
aijbe-34	98	29	*	*	PUNCT
aijbe-34	98	30	0.000	0.000	NUM
aijbe-34	98	31	panel	panel	NOUN
aijbe-34	98	32	rho	rho	ADJ
aijbe-34	98	33	statistic	statistic	NOUN
aijbe-34	98	34	1.997	1.997	NUM
aijbe-34	98	35	0.977	0.977	NUM
aijbe-34	98	36	1.764	1.764	NUM
aijbe-34	98	37	0.961	0.961	NUM
aijbe-34	98	38	2.500	2.500	NUM
aijbe-34	98	39	0.994	0.994	NUM
aijbe-34	98	40	1.602	1.602	NUM
aijbe-34	98	41	0.946	0.946	NUM
aijbe-34	98	42	panel	panel	NOUN
aijbe-34	98	43	pp	pp	ADP
aijbe-34	98	44	statistic	statistic	NOUN
aijbe-34	98	45	-3.137	-3.137	NOUN
aijbe-34	98	46	*	*	PUNCT
aijbe-34	98	47	*	*	PUNCT
aijbe-34	98	48	*	*	X
aijbe-34	98	49	0.001	0.001	NUM
aijbe-34	98	50	-3.733	-3.733	NUM
aijbe-34	98	51	*	*	PUNCT
aijbe-34	98	52	*	*	PUNCT
aijbe-34	98	53	*	*	PUNCT
aijbe-34	98	54	0.000	0.000	NUM
aijbe-34	98	55	-1.786	-1.786	PROPN
aijbe-34	98	56	*	*	PUNCT
aijbe-34	98	57	*	*	PUNCT
aijbe-34	98	58	0.037	0.037	NUM
aijbe-34	98	59	-3.313	-3.313	ADJ
aijbe-34	98	60	*	*	PUNCT
aijbe-34	98	61	*	*	PUNCT
aijbe-34	98	62	*	*	X
aijbe-34	98	63	0.001	0.001	NUM
aijbe-34	98	64	panel	panel	NOUN
aijbe-34	98	65	adf	adf	PROPN
aijbe-34	98	66	statistic	statistic	NOUN
aijbe-34	98	67	-3.006	-3.006	NOUN
aijbe-34	98	68	*	*	PUNCT
aijbe-34	98	69	*	*	PUNCT
aijbe-34	98	70	*	*	X
aijbe-34	98	71	0.001	0.001	NUM
aijbe-34	98	72	-3.623	-3.623	NOUN
aijbe-34	98	73	*	*	PUNCT
aijbe-34	98	74	*	*	PUNCT
aijbe-34	98	75	*	*	PUNCT
aijbe-34	98	76	0.000	0.000	NUM
aijbe-34	98	77	-2.105	-2.105	PROPN
aijbe-34	98	78	*	*	PUNCT
aijbe-34	98	79	*	*	PROPN
aijbe-34	98	80	0.018	0.018	NUM
aijbe-34	98	81	-4.256	-4.256	PUNCT
aijbe-34	98	82	*	*	PUNCT
aijbe-34	98	83	*	*	PUNCT
aijbe-34	98	84	*	*	PUNCT
aijbe-34	98	85	0.000	0.000	NUM
aijbe-34	98	86	group	group	NOUN
aijbe-34	98	87	statistics	statistic	NOUN
aijbe-34	98	88	between	between	ADP
aijbe-34	98	89	dimension	dimension	NOUN
aijbe-34	98	90	group	group	NOUN
aijbe-34	98	91	rho	rho	NOUN
aijbe-34	98	92	statistic	statistic	NOUN
aijbe-34	98	93	3.987	3.987	NUM
aijbe-34	98	94	1.000	1.000	NUM
aijbe-34	98	95	4.190	4.190	NUM
aijbe-34	98	96	1.000	1.000	NUM
aijbe-34	98	97	4.443	4.443	NUM
aijbe-34	98	98	1.000	1.000	NUM
aijbe-34	98	99	3.994	3.994	NUM
aijbe-34	98	100	1.000	1.000	NUM
aijbe-34	98	101	group	group	NOUN
aijbe-34	98	102	pp	pp	ADP
aijbe-34	98	103	statistic	statistic	NOUN
aijbe-34	98	104	-4.340	-4.340	NOUN
aijbe-34	98	105	*	*	PUNCT
aijbe-34	98	106	*	*	PUNCT
aijbe-34	98	107	*	*	PUNCT
aijbe-34	98	108	0.000	0.000	NUM
aijbe-34	98	109	-1.933	-1.933	NOUN
aijbe-34	98	110	*	*	PUNCT
aijbe-34	98	111	*	*	X
aijbe-34	98	112	0.027	0.027	NUM
aijbe-34	98	113	-1.789	-1.789	NOUN
aijbe-34	98	114	*	*	X
aijbe-34	98	115	*	*	NOUN
aijbe-34	98	116	0.037	0.037	NUM
aijbe-34	98	117	-1.720	-1.720	NOUN
aijbe-34	98	118	*	*	PUNCT
aijbe-34	98	119	*	*	PROPN
aijbe-34	98	120	0.043	0.043	NUM
aijbe-34	98	121	group	group	NOUN
aijbe-34	98	122	adf	adf	PROPN
aijbe-34	98	123	statistic	statistic	NOUN
aijbe-34	98	124	-3.588	-3.588	PUNCT
aijbe-34	98	125	*	*	PUNCT
aijbe-34	98	126	*	*	PUNCT
aijbe-34	98	127	*	*	PUNCT
aijbe-34	98	128	0.000	0.000	NUM
aijbe-34	98	129	-2.268	-2.268	PUNCT
aijbe-34	98	130	*	*	PUNCT
aijbe-34	98	131	*	*	PROPN
aijbe-34	98	132	0.012	0.012	NUM
aijbe-34	98	133	-2.938	-2.938	NOUN
aijbe-34	98	134	*	*	PUNCT
aijbe-34	98	135	*	*	PUNCT
aijbe-34	98	136	*	*	X
aijbe-34	98	137	0.002	0.002	NUM
aijbe-34	98	138	-3.774	-3.774	NOUN
aijbe-34	98	139	*	*	PUNCT
aijbe-34	98	140	*	*	PUNCT
aijbe-34	98	141	*	*	PUNCT
aijbe-34	98	142	0.000	0.000	NUM
aijbe-34	98	143	note	note	NOUN
aijbe-34	98	144	:	:	PUNCT
aijbe-34	98	145	*	*	PUNCT
aijbe-34	98	146	*	*	PUNCT
aijbe-34	98	147	*	*	PUNCT
aijbe-34	98	148	,	,	PUNCT
aijbe-34	98	149	*	*	PUNCT
aijbe-34	98	150	*	*	PUNCT
aijbe-34	98	151	and	and	CCONJ
aijbe-34	98	152	*	*	PUNCT
aijbe-34	98	153	denote	denote	NOUN
aijbe-34	98	154	statistical	statistical	ADJ
aijbe-34	98	155	significance	significance	NOUN
aijbe-34	98	156	at	at	ADP
aijbe-34	98	157	1	1	NUM
aijbe-34	98	158	%	%	NOUN
aijbe-34	98	159	,	,	PUNCT
aijbe-34	98	160	5	5	NUM
aijbe-34	98	161	%	%	NOUN
aijbe-34	98	162	and	and	CCONJ
aijbe-34	98	163	10	10	NUM
aijbe-34	98	164	%	%	NOUN
aijbe-34	98	165	,	,	PUNCT
aijbe-34	98	166	respectively	respectively	ADV
aijbe-34	98	167	.	.	PUNCT
aijbe-34	99	1	the	the	DET
aijbe-34	99	2	results	result	NOUN
aijbe-34	99	3	in	in	ADP
aijbe-34	99	4	table	table	NOUN
aijbe-34	99	5	3	3	NUM
aijbe-34	99	6	,	,	PUNCT
aijbe-34	99	7	revealed	reveal	VERB
aijbe-34	99	8	that	that	SCONJ
aijbe-34	99	9	three	three	NUM
aijbe-34	99	10	of	of	ADP
aijbe-34	99	11	the	the	DET
aijbe-34	99	12	five	five	NUM
aijbe-34	99	13	within	within	ADP
aijbe-34	99	14	dimension	dimension	NOUN
aijbe-34	99	15	and	and	CCONJ
aijbe-34	99	16	two	two	NUM
aijbe-34	99	17	of	of	ADP
aijbe-34	99	18	the	the	DET
aijbe-34	99	19	three	three	NUM
aijbe-34	99	20	between	between	ADP
aijbe-34	99	21	dimension	dimension	NOUN
aijbe-34	99	22	pedroni	pedroni	PROPN
aijbe-34	99	23	panel	panel	NOUN
aijbe-34	99	24	co	co	NOUN
aijbe-34	99	25	-	-	NOUN
aijbe-34	99	26	integration	integration	NOUN
aijbe-34	99	27	tests	test	NOUN
aijbe-34	99	28	,	,	PUNCT
aijbe-34	99	29	have	have	AUX
aijbe-34	99	30	rejected	reject	VERB
aijbe-34	99	31	the	the	DET
aijbe-34	99	32	null	null	ADJ
aijbe-34	99	33	hypothesis	hypothesis	NOUN
aijbe-34	99	34	of	of	ADP
aijbe-34	99	35	no	no	DET
aijbe-34	99	36	co	co	NOUN
aijbe-34	99	37	-	-	NOUN
aijbe-34	99	38	integration	integration	NOUN
aijbe-34	99	39	.	.	PUNCT
aijbe-34	100	1	therefore	therefore	ADV
aijbe-34	100	2	,	,	PUNCT
aijbe-34	100	3	we	we	PRON
aijbe-34	100	4	can	can	AUX
aijbe-34	100	5	deduce	deduce	VERB
aijbe-34	100	6	that	that	SCONJ
aijbe-34	100	7	a	a	DET
aijbe-34	100	8	long	long	ADJ
aijbe-34	100	9	run	run	NOUN
aijbe-34	100	10	equilibrium	equilibrium	NOUN
aijbe-34	100	11	relationship	relationship	NOUN
aijbe-34	100	12	exists	exist	VERB
aijbe-34	100	13	between	between	ADP
aijbe-34	100	14	economic	economic	ADJ
aijbe-34	100	15	growth	growth	NOUN
aijbe-34	100	16	on	on	ADP
aijbe-34	100	17	one	one	NUM
aijbe-34	100	18	hand	hand	NOUN
aijbe-34	100	19	and	and	CCONJ
aijbe-34	100	20	monetary	monetary	ADJ
aijbe-34	100	21	,	,	PUNCT
aijbe-34	100	22	banking	banking	NOUN
aijbe-34	100	23	and	and	CCONJ
aijbe-34	100	24	stock	stock	NOUN
aijbe-34	100	25	market	market	NOUN
aijbe-34	100	26	development	development	NOUN
aijbe-34	100	27	represented	represent	VERB
aijbe-34	100	28	by	by	ADP
aijbe-34	100	29	broad	broad	ADJ
aijbe-34	100	30	money	money	NOUN
aijbe-34	100	31	,	,	PUNCT
aijbe-34	100	32	private	private	ADJ
aijbe-34	100	33	credit	credit	NOUN
aijbe-34	100	34	,	,	PUNCT
aijbe-34	100	35	market	market	NOUN
aijbe-34	100	36	capitalization	capitalization	NOUN
aijbe-34	100	37	and	and	CCONJ
aijbe-34	100	38	market	market	NOUN
aijbe-34	100	39	turnover	turnover	NOUN
aijbe-34	100	40	as	as	ADV
aijbe-34	100	41	well	well	ADV
aijbe-34	100	42	as	as	ADP
aijbe-34	100	43	other	other	ADJ
aijbe-34	100	44	control	control	NOUN
aijbe-34	100	45	variables	variable	NOUN
aijbe-34	100	46	on	on	ADP
aijbe-34	100	47	the	the	DET
aijbe-34	100	48	other	other	ADJ
aijbe-34	100	49	hand	hand	NOUN
aijbe-34	100	50	.	.	PUNCT
aijbe-34	101	1	table	table	NOUN
aijbe-34	101	2	4.results	4.result	NOUN
aijbe-34	101	3	of	of	ADP
aijbe-34	101	4	pedroni	pedroni	PROPN
aijbe-34	101	5	panel	panel	NOUN
aijbe-34	101	6	co	co	NOUN
aijbe-34	101	7	-	-	NOUN
aijbe-34	101	8	integration	integration	NOUN
aijbe-34	101	9	tests	test	NOUN
aijbe-34	101	10	for	for	ADP
aijbe-34	101	11	concurrent	concurrent	ADJ
aijbe-34	101	12	banking	banking	NOUN
aijbe-34	101	13	and	and	CCONJ
aijbe-34	101	14	stock	stock	NOUN
aijbe-34	101	15	market	market	NOUN
aijbe-34	101	16	models	model	NOUN
aijbe-34	101	17	crd*mcp	crd*mcp	VERB
aijbe-34	101	18	crd*str	crd*str	PROPN
aijbe-34	101	19	crd	crd	PROPN
aijbe-34	101	20	&	&	CCONJ
aijbe-34	101	21	mcp	mcp	PROPN
aijbe-34	101	22	crd	crd	PROPN
aijbe-34	101	23	&	&	CCONJ
aijbe-34	101	24	str	str	PROPN
aijbe-34	101	25	statistic	statistic	PROPN
aijbe-34	101	26	ρ	ρ	PROPN
aijbe-34	101	27	value	value	NOUN
aijbe-34	101	28	statistic	statistic	NOUN
aijbe-34	101	29	ρ	ρ	PROPN
aijbe-34	101	30	ρ	ρ	PROPN
aijbe-34	101	31	statistic	statistic	NOUN
aijbe-34	101	32	value	value	NOUN
aijbe-34	101	33	value	value	NOUN
aijbe-34	101	34	statistic	statistic	NOUN
aijbe-34	101	35	ρ	ρ	PROPN
aijbe-34	101	36	value	value	NOUN
aijbe-34	101	37	panel	panel	NOUN
aijbe-34	101	38	statistics	statistic	VERB
aijbe-34	101	39	within	within	ADP
aijbe-34	101	40	-	-	PUNCT
aijbe-34	101	41	dimension	dimension	NOUN
aijbe-34	101	42	panel	panel	NOUN
aijbe-34	101	43	v	v	NOUN
aijbe-34	101	44	-	-	PUNCT
aijbe-34	101	45	statistic	statistic	ADJ
aijbe-34	101	46	21.153	21.153	NUM
aijbe-34	101	47	*	*	PUNCT
aijbe-34	101	48	*	*	PUNCT
aijbe-34	101	49	*	*	PUNCT
aijbe-34	101	50	0.000	0.000	NUM
aijbe-34	101	51	23.938	23.938	NUM
aijbe-34	101	52	0.000	0.000	NUM
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aijbe-34	101	54	*	*	PUNCT
aijbe-34	101	55	*	*	PUNCT
aijbe-34	101	56	*	*	PUNCT
aijbe-34	101	57	0.000	0.000	NUM
aijbe-34	101	58	27.301	27.301	NUM
aijbe-34	101	59	*	*	PUNCT
aijbe-34	101	60	*	*	PUNCT
aijbe-34	101	61	*	*	PUNCT
aijbe-34	101	62	0.000	0.000	NUM
aijbe-34	101	63	panel	panel	NOUN
aijbe-34	101	64	rho	rho	NOUN
aijbe-34	101	65	statistic	statistic	NOUN
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aijbe-34	101	67	0.994	0.994	NUM
aijbe-34	101	68	1.602	1.602	NUM
aijbe-34	101	69	0.946	0.946	NUM
aijbe-34	101	70	2.845	2.845	NUM
aijbe-34	101	71	0.998	0.998	NUM
aijbe-34	101	72	2.569	2.569	NUM
aijbe-34	101	73	0.995	0.995	NUM
aijbe-34	101	74	panel	panel	NOUN
aijbe-34	101	75	pp	pp	ADJ
aijbe-34	101	76	-	-	PUNCT
aijbe-34	101	77	statistic	statistic	NOUN
aijbe-34	101	78	-1.786	-1.786	NOUN
aijbe-34	101	79	*	*	PUNCT
aijbe-34	101	80	*	*	NOUN
aijbe-34	101	81	0.037	0.037	NUM
aijbe-34	101	82	-3.31	-3.31	NOUN
aijbe-34	101	83	*	*	PUNCT
aijbe-34	101	84	*	*	PUNCT
aijbe-34	101	85	*	*	X
aijbe-34	101	86	0.001	0.001	NUM
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aijbe-34	101	88	*	*	PUNCT
aijbe-34	101	89	*	*	PUNCT
aijbe-34	101	90	*	*	X
aijbe-34	101	91	0.001	0.001	NUM
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aijbe-34	101	93	*	*	PUNCT
aijbe-34	101	94	*	*	PUNCT
aijbe-34	101	95	*	*	X
aijbe-34	101	96	0.001	0.001	NUM
aijbe-34	101	97	panel	panel	NOUN
aijbe-34	101	98	adf	adf	PROPN
aijbe-34	101	99	statistic	statistic	NOUN
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aijbe-34	101	101	*	*	PUNCT
aijbe-34	101	102	*	*	PROPN
aijbe-34	102	1	0.018	0.018	NUM
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aijbe-34	102	3	*	*	PUNCT
aijbe-34	102	4	*	*	PUNCT
aijbe-34	102	5	*	*	PUNCT
aijbe-34	102	6	0.000	0.000	NUM
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aijbe-34	103	2	*	*	PUNCT
aijbe-34	103	3	*	*	PUNCT
aijbe-34	103	4	*	*	PUNCT
aijbe-34	103	5	0.000	0.000	NUM
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aijbe-34	103	7	*	*	PUNCT
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aijbe-34	103	9	*	*	PUNCT
aijbe-34	103	10	0.000	0.000	NUM
aijbe-34	103	11	group	group	NOUN
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aijbe-34	103	13	between	between	ADP
aijbe-34	103	14	-	-	PUNCT
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aijbe-34	103	20	1.000	1.000	NUM
aijbe-34	103	21	3.994	3.994	NUM
aijbe-34	103	22	1.000	1.000	NUM
aijbe-34	103	23	4.878	4.878	NUM
aijbe-34	103	24	1.000	1.000	NUM
aijbe-34	103	25	4.672	4.672	NUM
aijbe-34	103	26	1.000	1.000	NUM
aijbe-34	103	27	group	group	NOUN
aijbe-34	103	28	pp	pp	ADP
aijbe-34	103	29	statistic	statistic	NOUN
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aijbe-34	103	31	*	*	NOUN
aijbe-34	103	32	*	*	NOUN
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aijbe-34	103	35	*	*	PUNCT
aijbe-34	103	36	*	*	PROPN
aijbe-34	103	37	0.043	0.043	NUM
aijbe-34	103	38	-4.775	-4.775	NOUN
aijbe-34	103	39	*	*	PUNCT
aijbe-34	103	40	*	*	PUNCT
aijbe-34	103	41	*	*	PUNCT
aijbe-34	103	42	0.000	0.000	NUM
aijbe-34	104	1	-3.667	-3.667	NOUN
aijbe-34	104	2	*	*	PUNCT
aijbe-34	104	3	*	*	PUNCT
aijbe-34	104	4	*	*	PUNCT
aijbe-34	104	5	0.000	0.000	NUM
aijbe-34	104	6	group	group	NOUN
aijbe-34	104	7	adf	adf	PROPN
aijbe-34	104	8	statistic	statistic	NOUN
aijbe-34	104	9	-2.938	-2.938	NOUN
aijbe-34	104	10	*	*	PUNCT
aijbe-34	104	11	*	*	PUNCT
aijbe-34	104	12	*	*	PUNCT
aijbe-34	104	13	0.002	0.002	NUM
aijbe-34	104	14	3.774	3.774	NUM
aijbe-34	104	15	*	*	PUNCT
aijbe-34	104	16	*	*	PUNCT
aijbe-34	104	17	*	*	PUNCT
aijbe-34	104	18	0.000	0.000	NUM
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aijbe-34	104	20	*	*	PUNCT
aijbe-34	104	21	*	*	PUNCT
aijbe-34	104	22	*	*	PUNCT
aijbe-34	104	23	0.000	0.000	NUM
aijbe-34	104	24	-4.738	-4.738	NOUN
aijbe-34	104	25	*	*	PUNCT
aijbe-34	104	26	*	*	PUNCT
aijbe-34	104	27	*	*	PUNCT
aijbe-34	104	28	0.000	0.000	NUM
aijbe-34	104	29	levin	levin	PROPN
aijbe-34	104	30	h.	h.	PROPN
aijbe-34	104	31	(	(	PUNCT
aijbe-34	104	32	2023	2023	NUM
aijbe-34	104	33	)	)	PUNCT
aijbe-34	104	34	american	american	ADJ
aijbe-34	104	35	interdisciplinary	interdisciplinary	ADJ
aijbe-34	104	36	journal	journal	NOUN
aijbe-34	104	37	of	of	ADP
aijbe-34	104	38	business	business	NOUN
aijbe-34	104	39	and	and	CCONJ
aijbe-34	104	40	economics	economic	NOUN
aijbe-34	104	41	|	|	ADV
aijbe-34	104	42	47	47	NUM
aijbe-34	104	43	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	X
aijbe-34	104	44	notes	note	VERB
aijbe-34	104	45	:	:	PUNCT
aijbe-34	104	46	crd*mcp	crd*mcp	VERB
aijbe-34	104	47	and	and	CCONJ
aijbe-34	104	48	crd*str	crd*str	NOUN
aijbe-34	104	49	are	be	AUX
aijbe-34	104	50	models	model	NOUN
aijbe-34	104	51	involving	involve	VERB
aijbe-34	104	52	the	the	DET
aijbe-34	104	53	interactive	interactive	ADJ
aijbe-34	104	54	terms	term	NOUN
aijbe-34	104	55	(	(	PUNCT
aijbe-34	104	56	product	product	NOUN
aijbe-34	104	57	of	of	ADP
aijbe-34	104	58	)	)	PUNCT
aijbe-34	104	59	private	private	ADJ
aijbe-34	104	60	credit	credit	NOUN
aijbe-34	104	61	and	and	CCONJ
aijbe-34	104	62	market	market	NOUN
aijbe-34	104	63	capitalisation	capitalisation	NOUN
aijbe-34	104	64	and	and	CCONJ
aijbe-34	104	65	stock	stock	NOUN
aijbe-34	104	66	turnover	turnover	NOUN
aijbe-34	104	67	ratio	ratio	NOUN
aijbe-34	104	68	respectively	respectively	ADV
aijbe-34	104	69	,	,	PUNCT
aijbe-34	104	70	while	while	SCONJ
aijbe-34	104	71	crd&mcp	crd&mcp	ADV
aijbe-34	104	72	and	and	CCONJ
aijbe-34	104	73	crd&str	crd&str	NOUN
aijbe-34	104	74	are	be	AUX
aijbe-34	104	75	models	model	NOUN
aijbe-34	104	76	simultanously	simultanously	ADV
aijbe-34	104	77	involving	involve	VERB
aijbe-34	104	78	private	private	ADJ
aijbe-34	104	79	credit	credit	NOUN
aijbe-34	104	80	and	and	CCONJ
aijbe-34	104	81	each	each	PRON
aijbe-34	104	82	of	of	ADP
aijbe-34	104	83	market	market	NOUN
aijbe-34	104	84	capitalisation	capitalisation	NOUN
aijbe-34	104	85	and	and	CCONJ
aijbe-34	104	86	stock	stock	NOUN
aijbe-34	104	87	turnover	turnover	NOUN
aijbe-34	104	88	respectively	respectively	ADV
aijbe-34	104	89	.	.	PUNCT
aijbe-34	105	1	*	*	PUNCT
aijbe-34	106	1	*	*	PUNCT
aijbe-34	106	2	*	*	PUNCT
aijbe-34	106	3	,	,	PUNCT
aijbe-34	106	4	*	*	PUNCT
aijbe-34	106	5	*	*	PUNCT
aijbe-34	106	6	and	and	CCONJ
aijbe-34	106	7	*	*	PUNCT
aijbe-34	106	8	denote	denote	NOUN
aijbe-34	106	9	statistical	statistical	ADJ
aijbe-34	106	10	significance	significance	NOUN
aijbe-34	106	11	at	at	ADP
aijbe-34	106	12	1	1	NUM
aijbe-34	106	13	%	%	NOUN
aijbe-34	106	14	,	,	PUNCT
aijbe-34	106	15	5	5	NUM
aijbe-34	106	16	%	%	NOUN
aijbe-34	106	17	and	and	CCONJ
aijbe-34	106	18	10	10	NUM
aijbe-34	106	19	%	%	NOUN
aijbe-34	106	20	,	,	PUNCT
aijbe-34	106	21	respectively	respectively	ADV
aijbe-34	106	22	.	.	PUNCT
aijbe-34	107	1	similarly	similarly	ADV
aijbe-34	107	2	,	,	PUNCT
aijbe-34	107	3	table	table	NOUN
aijbe-34	107	4	4	4	NUM
aijbe-34	107	5	shows	show	VERB
aijbe-34	107	6	that	that	SCONJ
aijbe-34	107	7	majority	majority	NOUN
aijbe-34	107	8	of	of	ADP
aijbe-34	107	9	the	the	DET
aijbe-34	107	10	seven	seven	NUM
aijbe-34	107	11	pedroni	pedroni	NOUN
aijbe-34	107	12	panel	panel	NOUN
aijbe-34	107	13	co	co	NOUN
aijbe-34	107	14	-	-	NOUN
aijbe-34	107	15	integration	integration	NOUN
aijbe-34	107	16	tests	test	NOUN
aijbe-34	107	17	reject	reject	VERB
aijbe-34	107	18	the	the	DET
aijbe-34	107	19	null	null	ADJ
aijbe-34	107	20	hypothesis	hypothesis	NOUN
aijbe-34	107	21	of	of	ADP
aijbe-34	107	22	no	no	DET
aijbe-34	107	23	co	co	NOUN
aijbe-34	107	24	-	-	NOUN
aijbe-34	107	25	integration	integration	NOUN
aijbe-34	107	26	at	at	ADP
aijbe-34	107	27	1	1	NUM
aijbe-34	107	28	%	%	NOUN
aijbe-34	107	29	or	or	CCONJ
aijbe-34	107	30	5	5	NUM
aijbe-34	107	31	%	%	NOUN
aijbe-34	107	32	level	level	NOUN
aijbe-34	107	33	of	of	ADP
aijbe-34	107	34	significance	significance	NOUN
aijbe-34	107	35	.	.	PUNCT
aijbe-34	108	1	this	this	PRON
aijbe-34	108	2	means	mean	VERB
aijbe-34	108	3	the	the	DET
aijbe-34	108	4	long	long	ADJ
aijbe-34	108	5	run	run	NOUN
aijbe-34	108	6	relationship	relationship	NOUN
aijbe-34	108	7	between	between	ADP
aijbe-34	108	8	economic	economic	ADJ
aijbe-34	108	9	growth	growth	NOUN
aijbe-34	108	10	and	and	CCONJ
aijbe-34	108	11	the	the	DET
aijbe-34	108	12	various	various	ADJ
aijbe-34	108	13	measures	measure	NOUN
aijbe-34	108	14	of	of	ADP
aijbe-34	108	15	financial	financial	ADJ
aijbe-34	108	16	development	development	NOUN
aijbe-34	108	17	in	in	ADP
aijbe-34	108	18	developing	develop	VERB
aijbe-34	108	19	countries	country	NOUN
aijbe-34	108	20	is	be	AUX
aijbe-34	108	21	robust	robust	ADJ
aijbe-34	108	22	irrespective	irrespective	ADV
aijbe-34	108	23	of	of	ADP
aijbe-34	108	24	whether	whether	SCONJ
aijbe-34	108	25	banks	bank	NOUN
aijbe-34	108	26	and/or	and/or	CCONJ
aijbe-34	108	27	stock	stock	NOUN
aijbe-34	108	28	market	market	NOUN
aijbe-34	108	29	are	be	AUX
aijbe-34	108	30	considered	consider	VERB
aijbe-34	108	31	independently	independently	ADV
aijbe-34	108	32	or	or	CCONJ
aijbe-34	108	33	jointly	jointly	ADV
aijbe-34	108	34	.	.	PUNCT
aijbe-34	109	1	however	however	ADV
aijbe-34	109	2	,	,	PUNCT
aijbe-34	109	3	the	the	DET
aijbe-34	109	4	results	result	NOUN
aijbe-34	109	5	from	from	ADP
aijbe-34	109	6	both	both	DET
aijbe-34	109	7	tables	table	NOUN
aijbe-34	109	8	have	have	AUX
aijbe-34	109	9	shown	show	VERB
aijbe-34	109	10	thatpanel	thatpanel	NOUN
aijbe-34	109	11	rho	rho	NOUN
aijbe-34	109	12	and	and	CCONJ
aijbe-34	109	13	group	group	NOUN
aijbe-34	109	14	rho	rho	NOUN
aijbe-34	109	15	-	-	PUNCT
aijbe-34	109	16	tests	test	NOUN
aijbe-34	109	17	consistently	consistently	ADV
aijbe-34	109	18	accept	accept	VERB
aijbe-34	109	19	the	the	DET
aijbe-34	109	20	null	null	NOUN
aijbe-34	109	21	of	of	ADP
aijbe-34	109	22	no	no	DET
aijbe-34	109	23	co	co	NOUN
aijbe-34	109	24	-	-	NOUN
aijbe-34	109	25	integration	integration	NOUN
aijbe-34	109	26	.	.	PUNCT
aijbe-34	110	1	but	but	CCONJ
aijbe-34	110	2	this	this	PRON
aijbe-34	110	3	is	be	AUX
aijbe-34	110	4	not	not	PART
aijbe-34	110	5	worrisome	worrisome	ADJ
aijbe-34	110	6	;	;	PUNCT
aijbe-34	110	7	since	since	SCONJ
aijbe-34	110	8	a	a	DET
aijbe-34	110	9	monte	monte	PROPN
aijbe-34	110	10	carlo	carlo	PROPN
aijbe-34	110	11	simulation	simulation	PROPN
aijbe-34	110	12	by	by	ADP
aijbe-34	110	13	pedroni	pedroni	NOUN
aijbe-34	110	14	(	(	PUNCT
aijbe-34	110	15	2004	2004	NUM
aijbe-34	110	16	)	)	PUNCT
aijbe-34	110	17	shows	show	VERB
aijbe-34	110	18	that	that	SCONJ
aijbe-34	110	19	the	the	DET
aijbe-34	110	20	two	two	NUM
aijbe-34	110	21	tests	test	NOUN
aijbe-34	110	22	tend	tend	VERB
aijbe-34	110	23	to	to	PART
aijbe-34	110	24	underestimate	underestimate	VERB
aijbe-34	110	25	the	the	DET
aijbe-34	110	26	rejection	rejection	NOUN
aijbe-34	110	27	of	of	ADP
aijbe-34	110	28	the	the	DET
aijbe-34	110	29	null	null	NOUN
aijbe-34	110	30	when	when	SCONJ
aijbe-34	110	31	n	n	NUM
aijbe-34	110	32	and	and	CCONJ
aijbe-34	110	33	t	t	PROPN
aijbe-34	110	34	are	be	AUX
aijbe-34	110	35	small	small	ADJ
aijbe-34	110	36	.	.	PUNCT
aijbe-34	111	1	therefore	therefore	ADV
aijbe-34	111	2	,	,	PUNCT
aijbe-34	111	3	we	we	PRON
aijbe-34	111	4	conclude	conclude	VERB
aijbe-34	111	5	that	that	PRON
aijbe-34	111	6	long	long	ADJ
aijbe-34	111	7	run	run	NOUN
aijbe-34	111	8	relationship	relationship	NOUN
aijbe-34	111	9	exists	exist	VERB
aijbe-34	111	10	between	between	ADP
aijbe-34	111	11	the	the	DET
aijbe-34	111	12	variables	variable	NOUN
aijbe-34	111	13	and	and	CCONJ
aijbe-34	111	14	thus	thus	ADV
aijbe-34	111	15	proceed	proceed	VERB
aijbe-34	111	16	to	to	PART
aijbe-34	111	17	estimate	estimate	VERB
aijbe-34	111	18	the	the	DET
aijbe-34	111	19	long	long	ADJ
aijbe-34	111	20	run	run	NOUN
aijbe-34	111	21	coefficients	coefficient	NOUN
aijbe-34	111	22	.	.	PUNCT
aijbe-34	112	1	the	the	DET
aijbe-34	112	2	long	long	ADJ
aijbe-34	112	3	run	run	NOUN
aijbe-34	112	4	coefficients	coefficient	NOUN
aijbe-34	112	5	of	of	ADP
aijbe-34	112	6	the	the	DET
aijbe-34	112	7	co	co	NOUN
aijbe-34	112	8	-	-	NOUN
aijbe-34	112	9	integratingvector	integratingvector	ADJ
aijbe-34	112	10	are	be	AUX
aijbe-34	112	11	estimated	estimate	VERB
aijbe-34	112	12	using	use	VERB
aijbe-34	112	13	the	the	DET
aijbe-34	112	14	fmols	fmol	NOUN
aijbe-34	112	15	estimator	estimator	NOUN
aijbe-34	112	16	for	for	ADP
aijbe-34	112	17	the	the	DET
aijbe-34	112	18	various	various	ADJ
aijbe-34	112	19	specifications	specification	NOUN
aijbe-34	112	20	;	;	PUNCT
aijbe-34	112	21	the	the	DET
aijbe-34	112	22	results	result	NOUN
aijbe-34	112	23	are	be	AUX
aijbe-34	112	24	presented	present	VERB
aijbe-34	112	25	in	in	ADP
aijbe-34	112	26	table	table	NOUN
aijbe-34	112	27	5	5	NUM
aijbe-34	112	28	.	.	PUNCT
aijbe-34	113	1	in	in	ADP
aijbe-34	113	2	all	all	DET
aijbe-34	113	3	cases	case	NOUN
aijbe-34	113	4	the	the	DET
aijbe-34	113	5	dependent	dependent	ADJ
aijbe-34	113	6	variable	variable	NOUN
aijbe-34	113	7	is	be	AUX
aijbe-34	113	8	real	real	ADJ
aijbe-34	113	9	gdp.in	gdp.in	PROPN
aijbe-34	113	10	the	the	DET
aijbe-34	113	11	first	first	ADJ
aijbe-34	113	12	model	model	NOUN
aijbe-34	113	13	(	(	PUNCT
aijbe-34	113	14	involving	involve	VERB
aijbe-34	113	15	bank	bank	NOUN
aijbe-34	113	16	private	private	ADJ
aijbe-34	113	17	credit	credit	NOUN
aijbe-34	113	18	)	)	PUNCT
aijbe-34	113	19	presented	present	VERB
aijbe-34	113	20	in	in	ADP
aijbe-34	113	21	panel	panel	NOUN
aijbe-34	113	22	one	one	NUM
aijbe-34	113	23	of	of	ADP
aijbe-34	113	24	table	table	NOUN
aijbe-34	113	25	5	5	NUM
aijbe-34	113	26	,	,	PUNCT
aijbe-34	113	27	it	it	PRON
aijbe-34	113	28	is	be	AUX
aijbe-34	113	29	clear	clear	ADJ
aijbe-34	113	30	that	that	SCONJ
aijbe-34	113	31	private	private	ADJ
aijbe-34	113	32	credit	credit	NOUN
aijbe-34	113	33	is	be	AUX
aijbe-34	113	34	significantly	significantly	ADV
aijbe-34	113	35	contributing	contribute	VERB
aijbe-34	113	36	to	to	ADP
aijbe-34	113	37	economic	economic	ADJ
aijbe-34	113	38	growth	growth	NOUN
aijbe-34	113	39	,	,	PUNCT
aijbe-34	113	40	with	with	ADP
aijbe-34	113	41	every	every	DET
aijbe-34	113	42	1	1	NUM
aijbe-34	113	43	%	%	NOUN
aijbe-34	113	44	increase	increase	NOUN
aijbe-34	113	45	in	in	ADP
aijbe-34	113	46	private	private	ADJ
aijbe-34	113	47	credit	credit	NOUN
aijbe-34	113	48	resulting	result	VERB
aijbe-34	113	49	into	into	ADP
aijbe-34	113	50	0.36	0.36	NUM
aijbe-34	113	51	%	%	NOUN
aijbe-34	113	52	increase	increase	NOUN
aijbe-34	113	53	in	in	ADP
aijbe-34	113	54	real	real	ADJ
aijbe-34	113	55	gdp	gdp	NOUN
aijbe-34	113	56	.	.	PUNCT
aijbe-34	114	1	the	the	DET
aijbe-34	114	2	other	other	ADJ
aijbe-34	114	3	variables	variable	NOUN
aijbe-34	114	4	in	in	ADP
aijbe-34	114	5	the	the	DET
aijbe-34	114	6	model	model	NOUN
aijbe-34	114	7	are	be	AUX
aijbe-34	114	8	equally	equally	ADV
aijbe-34	114	9	important	important	ADJ
aijbe-34	114	10	for	for	ADP
aijbe-34	114	11	growth	growth	NOUN
aijbe-34	114	12	,	,	PUNCT
aijbe-34	114	13	as	as	SCONJ
aijbe-34	114	14	a	a	DET
aijbe-34	114	15	percentage	percentage	NOUN
aijbe-34	114	16	increase	increase	NOUN
aijbe-34	114	17	in	in	ADP
aijbe-34	114	18	gross	gross	ADJ
aijbe-34	114	19	fixed	fix	VERB
aijbe-34	114	20	capital	capital	NOUN
aijbe-34	114	21	formation	formation	NOUN
aijbe-34	114	22	and	and	CCONJ
aijbe-34	114	23	trade	trade	NOUN
aijbe-34	114	24	openness	openness	NOUN
aijbe-34	114	25	are	be	AUX
aijbe-34	114	26	causing	cause	VERB
aijbe-34	114	27	real	real	ADJ
aijbe-34	114	28	gdp	gdp	NOUN
aijbe-34	114	29	to	to	PART
aijbe-34	114	30	increase	increase	VERB
aijbe-34	114	31	by	by	ADP
aijbe-34	114	32	0.21	0.21	NUM
aijbe-34	114	33	%	%	NOUN
aijbe-34	114	34	and	and	CCONJ
aijbe-34	114	35	0.52	0.52	NUM
aijbe-34	114	36	%	%	NOUN
aijbe-34	114	37	respectively	respectively	ADV
aijbe-34	114	38	.	.	PUNCT
aijbe-34	115	1	the	the	DET
aijbe-34	115	2	only	only	ADJ
aijbe-34	115	3	exception	exception	NOUN
aijbe-34	115	4	is	be	AUX
aijbe-34	115	5	government	government	NOUN
aijbe-34	115	6	expenditure	expenditure	NOUN
aijbe-34	115	7	,	,	PUNCT
aijbe-34	115	8	which	which	PRON
aijbe-34	115	9	turnout	turnout	VERB
aijbe-34	115	10	to	to	PART
aijbe-34	115	11	have	have	VERB
aijbe-34	115	12	negative	negative	ADJ
aijbe-34	115	13	influence	influence	NOUN
aijbe-34	115	14	on	on	ADP
aijbe-34	115	15	growth	growth	NOUN
aijbe-34	115	16	,	,	PUNCT
aijbe-34	115	17	though	though	SCONJ
aijbe-34	115	18	in	in	ADP
aijbe-34	115	19	negligible	negligible	ADJ
aijbe-34	115	20	amount	amount	NOUN
aijbe-34	115	21	compared	compare	VERB
aijbe-34	115	22	to	to	ADP
aijbe-34	115	23	other	other	ADJ
aijbe-34	115	24	variables	variable	NOUN
aijbe-34	115	25	in	in	ADP
aijbe-34	115	26	the	the	DET
aijbe-34	115	27	model	model	NOUN
aijbe-34	115	28	.	.	PUNCT
aijbe-34	116	1	the	the	DET
aijbe-34	116	2	positive	positive	ADJ
aijbe-34	116	3	effect	effect	NOUN
aijbe-34	116	4	of	of	ADP
aijbe-34	116	5	financial	financial	ADJ
aijbe-34	116	6	development	development	NOUN
aijbe-34	116	7	on	on	ADP
aijbe-34	116	8	growth	growth	NOUN
aijbe-34	116	9	is	be	AUX
aijbe-34	116	10	even	even	ADV
aijbe-34	116	11	higher	high	ADJ
aijbe-34	116	12	when	when	SCONJ
aijbe-34	116	13	the	the	DET
aijbe-34	116	14	ratio	ratio	NOUN
aijbe-34	116	15	of	of	ADP
aijbe-34	116	16	broad	broad	ADJ
aijbe-34	116	17	money	money	NOUN
aijbe-34	116	18	to	to	ADP
aijbe-34	116	19	gdp	gdp	NOUN
aijbe-34	116	20	is	be	AUX
aijbe-34	116	21	used	use	VERB
aijbe-34	116	22	as	as	ADP
aijbe-34	116	23	a	a	DET
aijbe-34	116	24	proxy	proxy	NOUN
aijbe-34	116	25	for	for	ADP
aijbe-34	116	26	financial	financial	ADJ
aijbe-34	116	27	development	development	NOUN
aijbe-34	116	28	.	.	PUNCT
aijbe-34	117	1	the	the	DET
aijbe-34	117	2	results	result	NOUN
aijbe-34	117	3	in	in	ADP
aijbe-34	117	4	panel	panel	NOUN
aijbe-34	117	5	one	one	NUM
aijbe-34	117	6	of	of	ADP
aijbe-34	117	7	table	table	NOUN
aijbe-34	117	8	5	5	NUM
aijbe-34	117	9	,	,	PUNCT
aijbe-34	117	10	show	show	VERB
aijbe-34	117	11	that	that	SCONJ
aijbe-34	117	12	a	a	DET
aijbe-34	117	13	1	1	NUM
aijbe-34	117	14	%	%	NOUN
aijbe-34	117	15	increase	increase	NOUN
aijbe-34	117	16	in	in	ADP
aijbe-34	117	17	broad	broad	ADJ
aijbe-34	117	18	money	money	NOUN
aijbe-34	117	19	will	will	AUX
aijbe-34	117	20	lead	lead	VERB
aijbe-34	117	21	to	to	ADP
aijbe-34	117	22	0.56	0.56	NUM
aijbe-34	117	23	%	%	NOUN
aijbe-34	117	24	increase	increase	NOUN
aijbe-34	117	25	in	in	ADP
aijbe-34	117	26	real	real	ADJ
aijbe-34	117	27	gdp	gdp	NOUN
aijbe-34	117	28	,	,	PUNCT
aijbe-34	117	29	which	which	PRON
aijbe-34	117	30	is	be	AUX
aijbe-34	117	31	0.20	0.20	NUM
aijbe-34	117	32	%	%	NOUN
aijbe-34	117	33	larger	large	ADJ
aijbe-34	117	34	than	than	ADP
aijbe-34	117	35	the	the	DET
aijbe-34	117	36	effect	effect	NOUN
aijbe-34	117	37	of	of	ADP
aijbe-34	117	38	private	private	ADJ
aijbe-34	117	39	credit.the	credit.the	PRON
aijbe-34	117	40	same	same	ADJ
aijbe-34	117	41	goes	go	VERB
aijbe-34	117	42	for	for	ADP
aijbe-34	117	43	gross	gross	ADJ
aijbe-34	117	44	fixed	fix	VERB
aijbe-34	117	45	capital	capital	NOUN
aijbe-34	117	46	formation	formation	NOUN
aijbe-34	117	47	,	,	PUNCT
aijbe-34	117	48	which	which	PRON
aijbe-34	117	49	contribute	contribute	VERB
aijbe-34	117	50	0.25	0.25	NUM
aijbe-34	117	51	%	%	NOUN
aijbe-34	117	52	to	to	ADP
aijbe-34	117	53	gdp	gdp	NOUN
aijbe-34	117	54	for	for	ADP
aijbe-34	117	55	every	every	DET
aijbe-34	117	56	percentage	percentage	NOUN
aijbe-34	117	57	increase	increase	NOUN
aijbe-34	117	58	.	.	PUNCT
aijbe-34	118	1	these	these	DET
aijbe-34	118	2	phenomena	phenomenon	NOUN
aijbe-34	118	3	have	have	AUX
aijbe-34	118	4	implied	imply	VERB
aijbe-34	118	5	that	that	SCONJ
aijbe-34	118	6	to	to	ADP
aijbe-34	118	7	a	a	DET
aijbe-34	118	8	large	large	ADJ
aijbe-34	118	9	extent	extent	NOUN
aijbe-34	118	10	,	,	PUNCT
aijbe-34	118	11	investment	investment	NOUN
aijbe-34	118	12	in	in	ADP
aijbe-34	118	13	developing	develop	VERB
aijbe-34	118	14	countries	country	NOUN
aijbe-34	118	15	is	be	AUX
aijbe-34	118	16	selffinanced	selffinance	VERB
aijbe-34	118	17	.	.	PUNCT
aijbe-34	119	1	however	however	ADV
aijbe-34	119	2	,	,	PUNCT
aijbe-34	119	3	the	the	DET
aijbe-34	119	4	effect	effect	NOUN
aijbe-34	119	5	of	of	ADP
aijbe-34	119	6	trade	trade	NOUN
aijbe-34	119	7	openness	openness	NOUN
aijbe-34	119	8	is	be	AUX
aijbe-34	119	9	suppressed	suppress	VERB
aijbe-34	119	10	and	and	CCONJ
aijbe-34	119	11	government	government	NOUN
aijbe-34	119	12	expenditure	expenditure	NOUN
aijbe-34	119	13	is	be	AUX
aijbe-34	119	14	no	no	ADV
aijbe-34	119	15	longer	long	ADV
aijbe-34	119	16	having	have	VERB
aijbe-34	119	17	any	any	DET
aijbe-34	119	18	impact	impact	NOUN
aijbe-34	119	19	on	on	ADP
aijbe-34	119	20	gdp	gdp	NOUN
aijbe-34	119	21	.	.	PUNCT
aijbe-34	120	1	both	both	DET
aijbe-34	120	2	indicators	indicator	NOUN
aijbe-34	120	3	of	of	ADP
aijbe-34	120	4	stock	stock	NOUN
aijbe-34	120	5	market	market	NOUN
aijbe-34	120	6	development	development	NOUN
aijbe-34	120	7	,	,	PUNCT
aijbe-34	120	8	that	that	PRON
aijbe-34	120	9	is	be	AUX
aijbe-34	120	10	market	market	NOUN
aijbe-34	120	11	capitalization	capitalization	NOUN
aijbe-34	120	12	and	and	CCONJ
aijbe-34	120	13	stock	stock	NOUN
aijbe-34	120	14	turnover	turnover	NOUN
aijbe-34	120	15	are	be	AUX
aijbe-34	120	16	also	also	ADV
aijbe-34	120	17	significantly	significantly	ADV
aijbe-34	120	18	influencing	influence	VERB
aijbe-34	120	19	real	real	ADJ
aijbe-34	120	20	gdp	gdp	NOUN
aijbe-34	120	21	,	,	PUNCT
aijbe-34	120	22	but	but	CCONJ
aijbe-34	120	23	to	to	ADP
aijbe-34	120	24	a	a	DET
aijbe-34	120	25	lesser	less	ADJ
aijbe-34	120	26	degree	degree	NOUN
aijbe-34	120	27	than	than	ADP
aijbe-34	120	28	private	private	ADJ
aijbe-34	120	29	credit	credit	NOUN
aijbe-34	120	30	and	and	CCONJ
aijbe-34	120	31	broad	broad	ADJ
aijbe-34	120	32	money	money	NOUN
aijbe-34	120	33	.	.	PUNCT
aijbe-34	121	1	from	from	ADP
aijbe-34	121	2	the	the	DET
aijbe-34	121	3	results	result	NOUN
aijbe-34	121	4	in	in	ADP
aijbe-34	121	5	panel	panel	NOUN
aijbe-34	121	6	two	two	NUM
aijbe-34	121	7	of	of	ADP
aijbe-34	121	8	table	table	NOUN
aijbe-34	121	9	5	5	NUM
aijbe-34	121	10	,	,	PUNCT
aijbe-34	121	11	a	a	DET
aijbe-34	121	12	1	1	NUM
aijbe-34	121	13	%	%	NOUN
aijbe-34	121	14	increase	increase	NOUN
aijbe-34	121	15	in	in	ADP
aijbe-34	121	16	market	market	NOUN
aijbe-34	121	17	capitalization	capitalization	NOUN
aijbe-34	121	18	leads	lead	VERB
aijbe-34	121	19	to	to	ADP
aijbe-34	121	20	0.13	0.13	NUM
aijbe-34	121	21	%	%	NOUN
aijbe-34	121	22	increase	increase	NOUN
aijbe-34	121	23	in	in	ADP
aijbe-34	121	24	real	real	ADJ
aijbe-34	121	25	gdp	gdp	NOUN
aijbe-34	121	26	.	.	PUNCT
aijbe-34	122	1	on	on	ADP
aijbe-34	122	2	the	the	DET
aijbe-34	122	3	other	other	ADJ
aijbe-34	122	4	hand	hand	NOUN
aijbe-34	122	5	,	,	PUNCT
aijbe-34	122	6	stock	stock	NOUN
aijbe-34	122	7	turnover	turnover	NOUN
aijbe-34	122	8	,	,	PUNCT
aijbe-34	122	9	brings	bring	VERB
aijbe-34	122	10	about	about	ADV
aijbe-34	122	11	only	only	ADV
aijbe-34	122	12	0.06	0.06	NUM
aijbe-34	122	13	%	%	NOUN
aijbe-34	122	14	increase	increase	NOUN
aijbe-34	122	15	in	in	ADP
aijbe-34	122	16	real	real	ADJ
aijbe-34	122	17	gdp	gdp	NOUN
aijbe-34	122	18	,	,	PUNCT
aijbe-34	122	19	this	this	PRON
aijbe-34	122	20	is	be	AUX
aijbe-34	122	21	indicative	indicative	ADJ
aijbe-34	122	22	of	of	ADP
aijbe-34	122	23	low	low	ADJ
aijbe-34	122	24	activities	activity	NOUN
aijbe-34	122	25	in	in	ADP
aijbe-34	122	26	the	the	DET
aijbe-34	122	27	stock	stock	NOUN
aijbe-34	122	28	market	market	NOUN
aijbe-34	122	29	of	of	ADP
aijbe-34	122	30	developing	develop	VERB
aijbe-34	122	31	countries	country	NOUN
aijbe-34	122	32	.	.	PUNCT
aijbe-34	123	1	other	other	ADJ
aijbe-34	123	2	variables	variable	NOUN
aijbe-34	123	3	in	in	ADP
aijbe-34	123	4	the	the	DET
aijbe-34	123	5	stock	stock	NOUN
aijbe-34	123	6	market	market	NOUN
aijbe-34	123	7	models	model	NOUN
aijbe-34	123	8	exhibit	exhibit	VERB
aijbe-34	123	9	about	about	ADP
aijbe-34	123	10	the	the	DET
aijbe-34	123	11	same	same	ADJ
aijbe-34	123	12	pattern	pattern	NOUN
aijbe-34	123	13	as	as	ADP
aijbe-34	123	14	in	in	ADP
aijbe-34	123	15	the	the	DET
aijbe-34	123	16	broad	broad	ADJ
aijbe-34	123	17	money	money	NOUN
aijbe-34	123	18	and	and	CCONJ
aijbe-34	123	19	private	private	ADJ
aijbe-34	123	20	credit	credit	NOUN
aijbe-34	123	21	models	model	NOUN
aijbe-34	123	22	.	.	PUNCT
aijbe-34	124	1	trade	trade	NOUN
aijbe-34	124	2	openness	openness	NOUN
aijbe-34	124	3	is	be	AUX
aijbe-34	124	4	still	still	ADV
aijbe-34	124	5	making	make	VERB
aijbe-34	124	6	tremendous	tremendous	ADJ
aijbe-34	124	7	positive	positive	ADJ
aijbe-34	124	8	contribution	contribution	NOUN
aijbe-34	124	9	to	to	ADP
aijbe-34	124	10	gdp	gdp	NOUN
aijbe-34	124	11	(	(	PUNCT
aijbe-34	124	12	0.40	0.40	NUM
aijbe-34	124	13	%	%	NOUN
aijbe-34	124	14	and	and	CCONJ
aijbe-34	124	15	0.57	0.57	NUM
aijbe-34	124	16	%	%	NOUN
aijbe-34	124	17	,	,	PUNCT
aijbe-34	124	18	respectively	respectively	ADV
aijbe-34	124	19	)	)	PUNCT
aijbe-34	124	20	and	and	CCONJ
aijbe-34	124	21	government	government	NOUN
aijbe-34	124	22	expenditure	expenditure	NOUN
aijbe-34	124	23	exert	exert	VERB
aijbe-34	124	24	negative	negative	ADJ
aijbe-34	124	25	influence	influence	NOUN
aijbe-34	124	26	in	in	ADP
aijbe-34	124	27	only	only	ADV
aijbe-34	124	28	the	the	DET
aijbe-34	124	29	stock	stock	NOUN
aijbe-34	124	30	turnover	turnover	NOUN
aijbe-34	124	31	model	model	NOUN
aijbe-34	124	32	.	.	PUNCT
aijbe-34	125	1	the	the	DET
aijbe-34	125	2	effect	effect	NOUN
aijbe-34	125	3	of	of	ADP
aijbe-34	125	4	gross	gross	ADJ
aijbe-34	125	5	fixed	fix	VERB
aijbe-34	125	6	capital	capital	NOUN
aijbe-34	125	7	formation	formation	NOUN
aijbe-34	125	8	is	be	AUX
aijbe-34	125	9	very	very	ADV
aijbe-34	125	10	insignificant	insignificant	ADJ
aijbe-34	125	11	in	in	ADP
aijbe-34	125	12	the	the	DET
aijbe-34	125	13	market	market	NOUN
aijbe-34	125	14	capitalization	capitalization	NOUN
aijbe-34	125	15	model	model	NOUN
aijbe-34	125	16	,	,	PUNCT
aijbe-34	125	17	but	but	CCONJ
aijbe-34	125	18	slightly	slightly	ADV
aijbe-34	125	19	significant	significant	ADJ
aijbe-34	125	20	in	in	ADP
aijbe-34	125	21	the	the	DET
aijbe-34	125	22	stock	stock	NOUN
aijbe-34	125	23	turnover	turnover	NOUN
aijbe-34	125	24	model	model	NOUN
aijbe-34	125	25	.	.	PUNCT
aijbe-34	126	1	table	table	NOUN
aijbe-34	126	2	5.long	5.long	NUM
aijbe-34	126	3	run	run	NOUN
aijbe-34	126	4	estimates	estimate	NOUN
aijbe-34	126	5	using	use	VERB
aijbe-34	126	6	fmols	fmol	NOUN
aijbe-34	126	7	banking	banking	NOUN
aijbe-34	126	8	and	and	CCONJ
aijbe-34	126	9	monetary	monetary	ADJ
aijbe-34	126	10	sectors	sector	NOUN
aijbe-34	126	11	variables	variable	NOUN
aijbe-34	126	12	coefficient	coefficient	VERB
aijbe-34	126	13	t	t	PROPN
aijbe-34	126	14	-	-	PUNCT
aijbe-34	126	15	stat	stat	NOUN
aijbe-34	126	16	ρ	ρ	NOUN
aijbe-34	126	17	-	-	PUNCT
aijbe-34	126	18	value	value	NOUN
aijbe-34	126	19	variables	variable	NOUN
aijbe-34	126	20	coefficient	coefficient	VERB
aijbe-34	126	21	t	t	PROPN
aijbe-34	126	22	-	-	PUNCT
aijbe-34	126	23	stat	stat	NOUN
aijbe-34	126	24	ρ	ρ	NOUN
aijbe-34	126	25	-	-	PUNCT
aijbe-34	126	26	value	value	NOUN
aijbe-34	126	27	lcrd	lcrd	NOUN
aijbe-34	126	28	0.361	0.361	NUM
aijbe-34	126	29	*	*	PUNCT
aijbe-34	126	30	*	*	PUNCT
aijbe-34	126	31	*	*	PUNCT
aijbe-34	126	32	8.241	8.241	NUM
aijbe-34	126	33	0.000	0.000	NUM
aijbe-34	126	34	lbmg	lbmg	NOUN
aijbe-34	126	35	0.564	0.564	NUM
aijbe-34	126	36	*	*	PUNCT
aijbe-34	126	37	*	*	PUNCT
aijbe-34	126	38	*	*	PUNCT
aijbe-34	126	39	7.587	7.587	NUM
aijbe-34	126	40	0.000	0.000	NUM
aijbe-34	126	41	lgfcf	lgfcf	ADV
aijbe-34	126	42	0.211	0.211	NUM
aijbe-34	126	43	*	*	PUNCT
aijbe-34	126	44	*	*	PUNCT
aijbe-34	126	45	*	*	PUNCT
aijbe-34	126	46	2.775	2.775	NUM
aijbe-34	126	47	0.006	0.006	NUM
aijbe-34	126	48	lgfcf	lgfcf	NOUN
aijbe-34	126	49	0.252	0.252	NUM
aijbe-34	126	50	*	*	PUNCT
aijbe-34	126	51	*	*	PUNCT
aijbe-34	126	52	*	*	PUNCT
aijbe-34	126	53	3.185	3.185	NUM
aijbe-34	126	54	0.002	0.002	NUM
aijbe-34	126	55	ltge	ltge	VERB
aijbe-34	126	56	-0.116	-0.116	NOUN
aijbe-34	126	57	*	*	PUNCT
aijbe-34	126	58	-1.836	-1.836	PROPN
aijbe-34	126	59	0.067	0.067	NUM
aijbe-34	126	60	ltge	ltge	VERB
aijbe-34	126	61	-0.066	-0.066	PROPN
aijbe-34	126	62	-0.991	-0.991	PUNCT
aijbe-34	126	63	0.322	0.322	NUM
aijbe-34	126	64	levin	levin	PROPN
aijbe-34	126	65	h.	h.	PROPN
aijbe-34	126	66	(	(	PUNCT
aijbe-34	126	67	2023	2023	NUM
aijbe-34	126	68	)	)	PUNCT
aijbe-34	126	69	american	american	ADJ
aijbe-34	126	70	interdisciplinary	interdisciplinary	ADJ
aijbe-34	126	71	journal	journal	NOUN
aijbe-34	126	72	of	of	ADP
aijbe-34	126	73	business	business	NOUN
aijbe-34	126	74	and	and	CCONJ
aijbe-34	126	75	economics	economic	NOUN
aijbe-34	126	76	|	|	ADV
aijbe-34	126	77	48	48	NUM
aijbe-34	126	78	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADV
aijbe-34	126	79	lopn	lopn	VERB
aijbe-34	126	80	0.515	0.515	NUM
aijbe-34	126	81	*	*	PUNCT
aijbe-34	126	82	*	*	PUNCT
aijbe-34	126	83	*	*	PUNCT
aijbe-34	126	84	8.976	8.976	NUM
aijbe-34	126	85	0.000	0.000	NUM
aijbe-34	126	86	lopn	lopn	VERB
aijbe-34	126	87	0.392	0.392	NUM
aijbe-34	126	88	*	*	PUNCT
aijbe-34	126	89	*	*	PUNCT
aijbe-34	126	90	*	*	PUNCT
aijbe-34	126	91	6.133	6.133	NUM
aijbe-34	126	92	0.000	0.000	NUM
aijbe-34	126	93	stock	stock	NOUN
aijbe-34	126	94	markets	market	NOUN
aijbe-34	126	95	lmcp	lmcp	VERB
aijbe-34	126	96	0.131	0.131	NUM
aijbe-34	126	97	*	*	PUNCT
aijbe-34	126	98	*	*	PUNCT
aijbe-34	126	99	*	*	PUNCT
aijbe-34	126	100	5.542	5.542	NUM
aijbe-34	126	101	0.000	0.000	NUM
aijbe-34	126	102	lstr	lstr	NOUN
aijbe-34	126	103	0.057	0.057	NUM
aijbe-34	126	104	*	*	PUNCT
aijbe-34	126	105	*	*	PUNCT
aijbe-34	126	106	*	*	PUNCT
aijbe-34	126	107	2.891	2.891	NUM
aijbe-34	126	108	0.004	0.004	NUM
aijbe-34	126	109	lgfcf	lgfcf	VERB
aijbe-34	127	1	0.000	0.000	NUM
aijbe-34	127	2	*	*	PUNCT
aijbe-34	127	3	*	*	PUNCT
aijbe-34	127	4	*	*	PUNCT
aijbe-34	127	5	2.983	2.983	NUM
aijbe-34	127	6	0.003	0.003	NUM
aijbe-34	127	7	lgfcf	lgfcf	NOUN
aijbe-34	127	8	0.169	0.169	NUM
aijbe-34	127	9	*	*	NOUN
aijbe-34	127	10	1.848	1.848	NUM
aijbe-34	127	11	0.065	0.065	NUM
aijbe-34	127	12	ltge	ltge	VERB
aijbe-34	127	13	-0.017	-0.017	X
aijbe-34	127	14	-0.242	-0.242	PUNCT
aijbe-34	127	15	0.809	0.809	NUM
aijbe-34	127	16	ltge	ltge	VERB
aijbe-34	127	17	-0.172	-0.172	NOUN
aijbe-34	127	18	*	*	NOUN
aijbe-34	127	19	*	*	PUNCT
aijbe-34	127	20	-2.385	-2.385	PUNCT
aijbe-34	127	21	0.018	0.018	NUM
aijbe-34	127	22	lopn	lopn	VERB
aijbe-34	127	23	0.402	0.402	NUM
aijbe-34	127	24	*	*	PUNCT
aijbe-34	127	25	*	*	PUNCT
aijbe-34	127	26	*	*	PUNCT
aijbe-34	127	27	6.036	6.036	NUM
aijbe-34	127	28	0.000	0.000	NUM
aijbe-34	127	29	lopn	lopn	VERB
aijbe-34	127	30	0.570	0.570	NUM
aijbe-34	127	31	*	*	PUNCT
aijbe-34	127	32	*	*	PUNCT
aijbe-34	127	33	*	*	PUNCT
aijbe-34	127	34	8.658	8.658	NUM
aijbe-34	127	35	0.000	0.000	NUM
aijbe-34	127	36	banks	bank	NOUN
aijbe-34	127	37	and	and	CCONJ
aijbe-34	127	38	stock	stock	NOUN
aijbe-34	127	39	market	market	NOUN
aijbe-34	127	40	concurrent	concurrent	NOUN
aijbe-34	127	41	lcrd	lcrd	VERB
aijbe-34	127	42	0.291	0.291	NUM
aijbe-34	127	43	*	*	PUNCT
aijbe-34	127	44	*	*	PUNCT
aijbe-34	127	45	*	*	PUNCT
aijbe-34	127	46	6.600	6.600	NUM
aijbe-34	127	47	0.000	0.000	NUM
aijbe-34	127	48	lcrd	lcrd	NOUN
aijbe-34	127	49	0.364	0.364	NUM
aijbe-34	127	50	*	*	PUNCT
aijbe-34	127	51	*	*	PUNCT
aijbe-34	127	52	*	*	PUNCT
aijbe-34	127	53	8.327	8.327	NUM
aijbe-34	127	54	0.000	0.000	NUM
aijbe-34	127	55	lmcp	lmcp	NOUN
aijbe-34	127	56	0.093	0.093	NUM
aijbe-34	127	57	*	*	PUNCT
aijbe-34	127	58	*	*	PUNCT
aijbe-34	127	59	*	*	PUNCT
aijbe-34	127	60	4.178	4.178	NUM
aijbe-34	127	61	0.000	0.000	NUM
aijbe-34	127	62	lstr	lstr	NOUN
aijbe-34	127	63	0.018	0.018	NUM
aijbe-34	127	64	1.074	1.074	NUM
aijbe-34	127	65	0.284	0.284	NUM
aijbe-34	127	66	lgfcf	lgfcf	ADV
aijbe-34	127	67	0.153	0.153	NUM
aijbe-34	127	68	*	*	PUNCT
aijbe-34	127	69	*	*	PUNCT
aijbe-34	127	70	2.057	2.057	NUM
aijbe-34	127	71	0.040	0.040	NUM
aijbe-34	127	72	lgfcf	lgfcf	VERB
aijbe-34	127	73	0.176	0.176	NUM
aijbe-34	127	74	*	*	PUNCT
aijbe-34	127	75	*	*	PUNCT
aijbe-34	127	76	2.258	2.258	NUM
aijbe-34	127	77	0.025	0.025	NUM
aijbe-34	127	78	ltge	ltge	VERB
aijbe-34	127	79	-0.017	-0.017	PUNCT
aijbe-34	127	80	-0.276	-0.276	NOUN
aijbe-34	127	81	0.783	0.783	NUM
aijbe-34	127	82	ltge	ltge	ADJ
aijbe-34	127	83	-0.125	-0.125	PROPN
aijbe-34	127	84	*	*	PUNCT
aijbe-34	127	85	*	*	PUNCT
aijbe-34	128	1	-2.032	-2.032	NUM
aijbe-34	128	2	0.043	0.043	NUM
aijbe-34	128	3	lopn	lopn	VERB
aijbe-34	128	4	0.385	0.385	NUM
aijbe-34	128	5	*	*	PUNCT
aijbe-34	128	6	*	*	PUNCT
aijbe-34	128	7	*	*	PUNCT
aijbe-34	129	1	6.319	6.319	NUM
aijbe-34	129	2	0.000	0.000	NUM
aijbe-34	129	3	lopn	lopn	VERB
aijbe-34	129	4	0.499	0.499	NUM
aijbe-34	129	5	*	*	PUNCT
aijbe-34	129	6	*	*	PUNCT
aijbe-34	129	7	*	*	PUNCT
aijbe-34	129	8	8.865	8.865	NUM
aijbe-34	129	9	0.000	0.000	NUM
aijbe-34	129	10	banks	bank	NOUN
aijbe-34	129	11	and	and	CCONJ
aijbe-34	129	12	stock	stock	NOUN
aijbe-34	129	13	market	market	NOUN
aijbe-34	129	14	interaction	interaction	NOUN
aijbe-34	129	15	lcrd*lmcp	lcrd*lmcp	NOUN
aijbe-34	129	16	-0.083	-0.083	PROPN
aijbe-34	129	17	*	*	PUNCT
aijbe-34	129	18	*	*	PUNCT
aijbe-34	129	19	*	*	PUNCT
aijbe-34	129	20	-8.538	-8.538	PUNCT
aijbe-34	129	21	0.000	0.000	NUM
aijbe-34	129	22	lcrd*lstr	lcrd*lstr	NOUN
aijbe-34	130	1	-0.065	-0.065	NOUN
aijbe-34	130	2	*	*	PUNCT
aijbe-34	130	3	*	*	PUNCT
aijbe-34	130	4	*	*	PUNCT
aijbe-34	131	1	-7.049	-7.049	INTJ
aijbe-34	131	2	0.000	0.000	NUM
aijbe-34	132	1	lgfcf	lgfcf	ADV
aijbe-34	132	2	0.164	0.164	NUM
aijbe-34	132	3	*	*	PUNCT
aijbe-34	132	4	*	*	PROPN
aijbe-34	132	5	2.205	2.205	NUM
aijbe-34	132	6	0.028	0.028	NUM
aijbe-34	132	7	lgfcf	lgfcf	NOUN
aijbe-34	132	8	0.060	0.060	NUM
aijbe-34	132	9	0.720	0.720	NUM
aijbe-34	132	10	0.472	0.472	NUM
aijbe-34	132	11	ltge	ltge	VERB
aijbe-34	132	12	0.036	0.036	NUM
aijbe-34	132	13	0.566	0.566	NUM
aijbe-34	132	14	0.571	0.571	NUM
aijbe-34	132	15	ltge	ltge	VERB
aijbe-34	132	16	-0.099	-0.099	PUNCT
aijbe-34	132	17	-1.498	-1.498	NOUN
aijbe-34	132	18	0.135	0.135	NUM
aijbe-34	132	19	lopn	lopn	VERB
aijbe-34	132	20	0.389	0.389	NUM
aijbe-34	132	21	*	*	PUNCT
aijbe-34	132	22	*	*	PUNCT
aijbe-34	132	23	*	*	PUNCT
aijbe-34	133	1	6.656	6.656	NUM
aijbe-34	133	2	0.000	0.000	NUM
aijbe-34	133	3	lopn	lopn	VERB
aijbe-34	133	4	0.523	0.523	NUM
aijbe-34	133	5	*	*	PUNCT
aijbe-34	133	6	*	*	PUNCT
aijbe-34	133	7	*	*	PUNCT
aijbe-34	133	8	8.806	8.806	NUM
aijbe-34	133	9	0.000	0.000	NUM
aijbe-34	133	10	notes	note	NOUN
aijbe-34	133	11	:	:	PUNCT
aijbe-34	133	12	the	the	DET
aijbe-34	133	13	coefficient	coefficient	NOUN
aijbe-34	133	14	of	of	ADP
aijbe-34	133	15	lgfcf	lgfcf	NOUN
aijbe-34	133	16	in	in	ADP
aijbe-34	133	17	the	the	DET
aijbe-34	133	18	lmcp	lmcp	PROPN
aijbe-34	133	19	model	model	NOUN
aijbe-34	133	20	is	be	AUX
aijbe-34	133	21	0.000000000010	0.000000000010	NUM
aijbe-34	133	22	and	and	CCONJ
aijbe-34	133	23	can	can	AUX
aijbe-34	133	24	not	not	PART
aijbe-34	133	25	be	be	AUX
aijbe-34	133	26	contained	contain	VERB
aijbe-34	133	27	in	in	ADP
aijbe-34	133	28	the	the	DET
aijbe-34	133	29	column	column	NOUN
aijbe-34	133	30	,	,	PUNCT
aijbe-34	133	31	this	this	PRON
aijbe-34	133	32	is	be	AUX
aijbe-34	133	33	why	why	SCONJ
aijbe-34	133	34	0.000	0.000	NUM
aijbe-34	133	35	is	be	AUX
aijbe-34	133	36	written	write	VERB
aijbe-34	133	37	.	.	PUNCT
aijbe-34	134	1	*	*	PUNCT
aijbe-34	135	1	*	*	PUNCT
aijbe-34	135	2	*	*	PUNCT
aijbe-34	135	3	,	,	PUNCT
aijbe-34	135	4	*	*	PUNCT
aijbe-34	135	5	*	*	PUNCT
aijbe-34	135	6	and	and	CCONJ
aijbe-34	135	7	*	*	PUNCT
aijbe-34	135	8	denote	denote	NOUN
aijbe-34	135	9	statistical	statistical	ADJ
aijbe-34	135	10	significance	significance	NOUN
aijbe-34	135	11	at	at	ADP
aijbe-34	135	12	1	1	NUM
aijbe-34	135	13	%	%	NOUN
aijbe-34	135	14	,	,	PUNCT
aijbe-34	135	15	5	5	NUM
aijbe-34	135	16	%	%	NOUN
aijbe-34	135	17	and	and	CCONJ
aijbe-34	135	18	10	10	NUM
aijbe-34	135	19	%	%	NOUN
aijbe-34	135	20	,	,	PUNCT
aijbe-34	135	21	respectively	respectively	ADV
aijbe-34	135	22	.	.	PUNCT
aijbe-34	136	1	in	in	ADP
aijbe-34	136	2	the	the	DET
aijbe-34	136	3	above	above	ADJ
aijbe-34	136	4	models	model	NOUN
aijbe-34	136	5	,	,	PUNCT
aijbe-34	136	6	roles	role	NOUN
aijbe-34	136	7	of	of	ADP
aijbe-34	136	8	banks	bank	NOUN
aijbe-34	136	9	and	and	CCONJ
aijbe-34	136	10	stock	stock	NOUN
aijbe-34	136	11	market	market	NOUN
aijbe-34	136	12	to	to	ADP
aijbe-34	136	13	economic	economic	ADJ
aijbe-34	136	14	growth	growth	NOUN
aijbe-34	136	15	are	be	AUX
aijbe-34	136	16	treated	treat	VERB
aijbe-34	136	17	independently	independently	ADV
aijbe-34	136	18	.	.	PUNCT
aijbe-34	137	1	however	however	ADV
aijbe-34	137	2	,	,	PUNCT
aijbe-34	137	3	in	in	ADP
aijbe-34	137	4	reality	reality	NOUN
aijbe-34	137	5	the	the	DET
aijbe-34	137	6	two	two	NUM
aijbe-34	137	7	runs	run	NOUN
aijbe-34	137	8	concurrently	concurrently	ADV
aijbe-34	137	9	in	in	ADP
aijbe-34	137	10	financing	finance	VERB
aijbe-34	137	11	real	real	ADJ
aijbe-34	137	12	economic	economic	ADJ
aijbe-34	137	13	activities	activity	NOUN
aijbe-34	137	14	.	.	PUNCT
aijbe-34	138	1	in	in	ADP
aijbe-34	138	2	most	most	ADJ
aijbe-34	138	3	cases	case	NOUN
aijbe-34	138	4	firms	firm	NOUN
aijbe-34	138	5	do	do	AUX
aijbe-34	138	6	not	not	PART
aijbe-34	138	7	restrict	restrict	VERB
aijbe-34	138	8	their	their	PRON
aijbe-34	138	9	sources	source	NOUN
aijbe-34	138	10	of	of	ADP
aijbe-34	138	11	external	external	ADJ
aijbe-34	138	12	finance	finance	NOUN
aijbe-34	138	13	to	to	ADP
aijbe-34	138	14	either	either	PRON
aijbe-34	138	15	banks	bank	NOUN
aijbe-34	138	16	or	or	CCONJ
aijbe-34	138	17	stock	stock	NOUN
aijbe-34	138	18	market	market	NOUN
aijbe-34	138	19	alone	alone	ADV
aijbe-34	138	20	,	,	PUNCT
aijbe-34	138	21	they	they	PRON
aijbe-34	138	22	rather	rather	ADV
aijbe-34	138	23	explore	explore	VERB
aijbe-34	138	24	both	both	DET
aijbe-34	138	25	sources	source	NOUN
aijbe-34	138	26	.	.	PUNCT
aijbe-34	139	1	based	base	VERB
aijbe-34	139	2	on	on	ADP
aijbe-34	139	3	this	this	DET
aijbe-34	139	4	assumption	assumption	NOUN
aijbe-34	139	5	,	,	PUNCT
aijbe-34	139	6	models	model	NOUN
aijbe-34	139	7	were	be	AUX
aijbe-34	139	8	estimated	estimate	VERB
aijbe-34	139	9	that	that	SCONJ
aijbe-34	139	10	combine	combine	VERB
aijbe-34	139	11	bank	bank	NOUN
aijbe-34	139	12	credit	credit	NOUN
aijbe-34	139	13	on	on	ADP
aijbe-34	139	14	one	one	NUM
aijbe-34	139	15	hand	hand	NOUN
aijbe-34	139	16	and	and	CCONJ
aijbe-34	139	17	market	market	NOUN
aijbe-34	139	18	capitalization	capitalization	NOUN
aijbe-34	139	19	and	and	CCONJ
aijbe-34	139	20	turnover	turnover	NOUN
aijbe-34	139	21	on	on	ADP
aijbe-34	139	22	the	the	DET
aijbe-34	139	23	other	other	ADJ
aijbe-34	139	24	hand	hand	NOUN
aijbe-34	139	25	.	.	PUNCT
aijbe-34	140	1	the	the	DET
aijbe-34	140	2	results	result	NOUN
aijbe-34	140	3	in	in	ADP
aijbe-34	140	4	panel	panel	NOUN
aijbe-34	140	5	three	three	NUM
aijbe-34	140	6	of	of	ADP
aijbe-34	140	7	table	table	NOUN
aijbe-34	140	8	5	5	NUM
aijbe-34	140	9	,	,	PUNCT
aijbe-34	140	10	revealed	reveal	VERB
aijbe-34	140	11	that	that	SCONJ
aijbe-34	140	12	banks	bank	NOUN
aijbe-34	140	13	still	still	ADV
aijbe-34	140	14	dominate	dominate	VERB
aijbe-34	140	15	the	the	DET
aijbe-34	140	16	financing	financing	NOUN
aijbe-34	140	17	of	of	ADP
aijbe-34	140	18	real	real	ADJ
aijbe-34	140	19	economic	economic	ADJ
aijbe-34	140	20	activities	activity	NOUN
aijbe-34	140	21	;	;	PUNCT
aijbe-34	140	22	a	a	DET
aijbe-34	140	23	1	1	NUM
aijbe-34	140	24	%	%	NOUN
aijbe-34	140	25	increase	increase	NOUN
aijbe-34	140	26	in	in	ADP
aijbe-34	140	27	bank	bank	NOUN
aijbe-34	140	28	private	private	ADJ
aijbe-34	140	29	credit	credit	NOUN
aijbe-34	140	30	accounts	account	VERB
aijbe-34	140	31	for	for	ADP
aijbe-34	140	32	0.29	0.29	NUM
aijbe-34	140	33	%	%	NOUN
aijbe-34	140	34	increase	increase	NOUN
aijbe-34	140	35	in	in	ADP
aijbe-34	140	36	real	real	ADJ
aijbe-34	140	37	gdp	gdp	NOUN
aijbe-34	140	38	as	as	ADP
aijbe-34	140	39	against	against	ADP
aijbe-34	140	40	mere	mere	ADJ
aijbe-34	140	41	0.09	0.09	NUM
aijbe-34	140	42	%	%	NOUN
aijbe-34	140	43	by	by	ADP
aijbe-34	140	44	market	market	NOUN
aijbe-34	140	45	capitalization	capitalization	NOUN
aijbe-34	140	46	.	.	PUNCT
aijbe-34	141	1	the	the	DET
aijbe-34	141	2	effect	effect	NOUN
aijbe-34	141	3	of	of	ADP
aijbe-34	141	4	banks	bank	NOUN
aijbe-34	141	5	become	become	VERB
aijbe-34	141	6	even	even	ADV
aijbe-34	141	7	more	more	ADV
aijbe-34	141	8	domineering	domineering	ADJ
aijbe-34	141	9	,	,	PUNCT
aijbe-34	141	10	when	when	SCONJ
aijbe-34	141	11	stock	stock	NOUN
aijbe-34	141	12	market	market	NOUN
aijbe-34	141	13	development	development	NOUN
aijbe-34	141	14	is	be	AUX
aijbe-34	141	15	represented	represent	VERB
aijbe-34	141	16	by	by	ADP
aijbe-34	141	17	market	market	NOUN
aijbe-34	141	18	turnover	turnover	NOUN
aijbe-34	141	19	ratio	ratio	NOUN
aijbe-34	141	20	,	,	PUNCT
aijbe-34	141	21	which	which	PRON
aijbe-34	141	22	turn	turn	VERB
aijbe-34	141	23	out	out	ADP
aijbe-34	141	24	to	to	PART
aijbe-34	141	25	have	have	VERB
aijbe-34	141	26	no	no	DET
aijbe-34	141	27	significant	significant	ADJ
aijbe-34	141	28	influence	influence	NOUN
aijbe-34	141	29	on	on	ADP
aijbe-34	141	30	real	real	ADJ
aijbe-34	141	31	gdp	gdp	NOUN
aijbe-34	141	32	.	.	PUNCT
aijbe-34	142	1	having	having	AUX
aijbe-34	142	2	been	be	AUX
aijbe-34	142	3	able	able	ADJ
aijbe-34	142	4	to	to	PART
aijbe-34	142	5	ascertain	ascertain	VERB
aijbe-34	142	6	the	the	DET
aijbe-34	142	7	relative	relative	ADJ
aijbe-34	142	8	significance	significance	NOUN
aijbe-34	142	9	of	of	ADP
aijbe-34	142	10	banks	bank	NOUN
aijbe-34	142	11	and	and	CCONJ
aijbe-34	142	12	stock	stock	NOUN
aijbe-34	142	13	market	market	NOUN
aijbe-34	142	14	to	to	ADP
aijbe-34	142	15	real	real	PROPN
aijbe-34	142	16	gdp	gdp	NOUN
aijbe-34	142	17	,	,	PUNCT
aijbe-34	142	18	the	the	DET
aijbe-34	142	19	next	next	ADJ
aijbe-34	142	20	task	task	NOUN
aijbe-34	142	21	is	be	AUX
aijbe-34	142	22	to	to	PART
aijbe-34	142	23	find	find	VERB
aijbe-34	142	24	out	out	ADP
aijbe-34	142	25	whether	whether	SCONJ
aijbe-34	142	26	bank	bank	NOUN
aijbe-34	142	27	and	and	CCONJ
aijbe-34	142	28	stock	stock	NOUN
aijbe-34	142	29	market	market	NOUN
aijbe-34	142	30	are	be	AUX
aijbe-34	142	31	compliments	compliment	NOUN
aijbe-34	142	32	or	or	CCONJ
aijbe-34	142	33	substitutes	substitute	NOUN
aijbe-34	142	34	.	.	PUNCT
aijbe-34	143	1	this	this	PRON
aijbe-34	143	2	is	be	AUX
aijbe-34	143	3	very	very	ADV
aijbe-34	143	4	relevant	relevant	ADJ
aijbe-34	143	5	,	,	PUNCT
aijbe-34	143	6	because	because	SCONJ
aijbe-34	143	7	stock	stock	NOUN
aijbe-34	143	8	markets	market	NOUN
aijbe-34	143	9	in	in	ADP
aijbe-34	143	10	many	many	ADJ
aijbe-34	143	11	developing	develop	VERB
aijbe-34	143	12	countries	country	NOUN
aijbe-34	143	13	came	come	VERB
aijbe-34	143	14	into	into	ADP
aijbe-34	143	15	existence	existence	NOUN
aijbe-34	143	16	much	much	ADV
aijbe-34	143	17	later	later	ADV
aijbe-34	143	18	than	than	ADP
aijbe-34	143	19	banks	bank	NOUN
aijbe-34	143	20	,	,	PUNCT
aijbe-34	143	21	which	which	PRON
aijbe-34	143	22	means	mean	VERB
aijbe-34	143	23	they	they	PRON
aijbe-34	143	24	either	either	CCONJ
aijbe-34	143	25	take	take	VERB
aijbe-34	143	26	away	away	ADV
aijbe-34	143	27	some	some	DET
aijbe-34	143	28	part	part	NOUN
aijbe-34	143	29	of	of	ADP
aijbe-34	143	30	the	the	DET
aijbe-34	143	31	market	market	NOUN
aijbe-34	143	32	share	share	NOUN
aijbe-34	143	33	of	of	ADP
aijbe-34	143	34	banks	bank	NOUN
aijbe-34	143	35	or	or	CCONJ
aijbe-34	143	36	compliment	compliment	VERB
aijbe-34	143	37	them	they	PRON
aijbe-34	143	38	in	in	ADP
aijbe-34	143	39	providing	provide	VERB
aijbe-34	143	40	finance	finance	NOUN
aijbe-34	143	41	to	to	ADP
aijbe-34	143	42	the	the	DET
aijbe-34	143	43	private	private	ADJ
aijbe-34	143	44	sector	sector	NOUN
aijbe-34	143	45	.	.	PUNCT
aijbe-34	144	1	the	the	DET
aijbe-34	144	2	results	result	NOUN
aijbe-34	144	3	in	in	ADP
aijbe-34	144	4	panel	panel	NOUN
aijbe-34	144	5	four	four	NUM
aijbe-34	144	6	of	of	ADP
aijbe-34	144	7	table	table	NOUN
aijbe-34	144	8	5	5	NUM
aijbe-34	144	9	,	,	PUNCT
aijbe-34	144	10	shows	show	VERB
aijbe-34	144	11	thatthe	thatthe	NOUN
aijbe-34	144	12	interactive	interactive	ADJ
aijbe-34	144	13	term	term	NOUN
aijbe-34	144	14	of	of	ADP
aijbe-34	144	15	both	both	DET
aijbe-34	144	16	bank	bank	NOUN
aijbe-34	144	17	private	private	ADJ
aijbe-34	144	18	credit	credit	NOUN
aijbe-34	144	19	and	and	CCONJ
aijbe-34	144	20	market	market	NOUN
aijbe-34	144	21	capitalization	capitalization	NOUN
aijbe-34	144	22	as	as	ADV
aijbe-34	144	23	well	well	ADV
aijbe-34	144	24	as	as	ADP
aijbe-34	144	25	stock	stock	NOUN
aijbe-34	144	26	turnover	turnover	NOUN
aijbe-34	144	27	,	,	PUNCT
aijbe-34	144	28	are	be	AUX
aijbe-34	144	29	negative	negative	ADJ
aijbe-34	144	30	and	and	CCONJ
aijbe-34	144	31	statistically	statistically	ADV
aijbe-34	144	32	significant	significant	ADJ
aijbe-34	144	33	.	.	PUNCT
aijbe-34	145	1	this	this	PRON
aijbe-34	145	2	means	mean	VERB
aijbe-34	145	3	that	that	SCONJ
aijbe-34	145	4	bank	bank	NOUN
aijbe-34	145	5	and	and	CCONJ
aijbe-34	145	6	stock	stock	NOUN
aijbe-34	145	7	market	market	NOUN
aijbe-34	145	8	in	in	ADP
aijbe-34	145	9	developing	develop	VERB
aijbe-34	145	10	countries	country	NOUN
aijbe-34	145	11	are	be	AUX
aijbe-34	145	12	substitutes	substitute	NOUN
aijbe-34	145	13	,	,	PUNCT
aijbe-34	145	14	rather	rather	ADV
aijbe-34	145	15	than	than	ADP
aijbe-34	145	16	compliments	compliment	NOUN
aijbe-34	145	17	.	.	PUNCT
aijbe-34	146	1	4.2	4.2	NUM
aijbe-34	146	2	discussions	discussion	NOUN
aijbe-34	146	3	of	of	ADP
aijbe-34	146	4	findings	finding	NOUN
aijbe-34	146	5	from	from	ADP
aijbe-34	146	6	the	the	DET
aijbe-34	146	7	empirical	empirical	ADJ
aijbe-34	146	8	results	result	NOUN
aijbe-34	146	9	presented	present	VERB
aijbe-34	146	10	and	and	CCONJ
aijbe-34	146	11	analyzed	analyze	VERB
aijbe-34	146	12	in	in	ADP
aijbe-34	146	13	the	the	DET
aijbe-34	146	14	previous	previous	ADJ
aijbe-34	146	15	section	section	NOUN
aijbe-34	146	16	,	,	PUNCT
aijbe-34	146	17	broad	broad	ADJ
aijbe-34	146	18	money	money	NOUN
aijbe-34	146	19	appeared	appear	VERB
aijbe-34	146	20	to	to	PART
aijbe-34	146	21	be	be	AUX
aijbe-34	146	22	the	the	DET
aijbe-34	146	23	most	most	ADV
aijbe-34	146	24	influential	influential	ADJ
aijbe-34	146	25	contributor	contributor	NOUN
aijbe-34	146	26	to	to	ADP
aijbe-34	146	27	real	real	ADJ
aijbe-34	146	28	gdp	gdp	NOUN
aijbe-34	146	29	,	,	PUNCT
aijbe-34	146	30	above	above	ADP
aijbe-34	146	31	other	other	ADJ
aijbe-34	146	32	financial	financial	ADJ
aijbe-34	146	33	development	development	NOUN
aijbe-34	146	34	indicators	indicator	NOUN
aijbe-34	146	35	.	.	PUNCT
aijbe-34	147	1	this	this	PRON
aijbe-34	147	2	implied	imply	VERB
aijbe-34	147	3	that	that	SCONJ
aijbe-34	147	4	selffinance	selffinance	NOUN
aijbe-34	147	5	still	still	ADV
aijbe-34	147	6	dominates	dominate	VERB
aijbe-34	147	7	the	the	DET
aijbe-34	147	8	economies	economy	NOUN
aijbe-34	147	9	of	of	ADP
aijbe-34	147	10	many	many	ADJ
aijbe-34	147	11	developing	develop	VERB
aijbe-34	147	12	countries	country	NOUN
aijbe-34	147	13	,	,	PUNCT
aijbe-34	147	14	thereby	thereby	ADV
aijbe-34	147	15	conforming	conform	VERB
aijbe-34	147	16	to	to	ADP
aijbe-34	147	17	the	the	DET
aijbe-34	147	18	mckinnon	mckinnon	PROPN
aijbe-34	147	19	(	(	PUNCT
aijbe-34	147	20	1973	1973	NUM
aijbe-34	147	21	)	)	PUNCT
aijbe-34	147	22	hypothesis	hypothesis	NOUN
aijbe-34	147	23	.	.	PUNCT
aijbe-34	148	1	according	accord	VERB
aijbe-34	148	2	to	to	ADP
aijbe-34	148	3	this	this	DET
aijbe-34	148	4	hypothesis	hypothesis	NOUN
aijbe-34	148	5	,	,	PUNCT
aijbe-34	148	6	economic	economic	ADJ
aijbe-34	148	7	units	unit	NOUN
aijbe-34	148	8	are	be	AUX
aijbe-34	148	9	constrained	constrain	VERB
aijbe-34	148	10	to	to	ADP
aijbe-34	148	11	self	self	NOUN
aijbe-34	148	12	-	-	PUNCT
aijbe-34	148	13	finance	finance	NOUN
aijbe-34	148	14	in	in	ADP
aijbe-34	148	15	developing	develop	VERB
aijbe-34	148	16	countries	country	NOUN
aijbe-34	148	17	,	,	PUNCT
aijbe-34	148	18	which	which	PRON
aijbe-34	148	19	are	be	AUX
aijbe-34	148	20	characterized	characterize	VERB
aijbe-34	148	21	by	by	ADP
aijbe-34	148	22	small	small	ADJ
aijbe-34	148	23	-	-	PUNCT
aijbe-34	148	24	sized	sized	ADJ
aijbe-34	148	25	private	private	ADJ
aijbe-34	148	26	firms	firm	NOUN
aijbe-34	148	27	.	.	PUNCT
aijbe-34	149	1	under	under	ADP
aijbe-34	149	2	this	this	DET
aijbe-34	149	3	condition	condition	NOUN
aijbe-34	149	4	,	,	PUNCT
aijbe-34	149	5	money	money	NOUN
aijbe-34	149	6	plays	play	VERB
aijbe-34	149	7	an	an	DET
aijbe-34	149	8	levin	levin	PROPN
aijbe-34	149	9	h.	h.	PROPN
aijbe-34	149	10	(	(	PUNCT
aijbe-34	149	11	2023	2023	NUM
aijbe-34	149	12	)	)	PUNCT
aijbe-34	149	13	american	american	ADJ
aijbe-34	149	14	interdisciplinary	interdisciplinary	ADJ
aijbe-34	149	15	journal	journal	NOUN
aijbe-34	149	16	of	of	ADP
aijbe-34	149	17	business	business	NOUN
aijbe-34	149	18	and	and	CCONJ
aijbe-34	149	19	economics	economic	NOUN
aijbe-34	150	1	|	|	ADV
aijbe-34	150	2	49	49	NUM
aijbe-34	150	3	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADV
aijbe-34	150	4	important	important	ADJ
aijbe-34	150	5	role	role	NOUN
aijbe-34	150	6	in	in	ADP
aijbe-34	150	7	increasing	increase	VERB
aijbe-34	150	8	the	the	DET
aijbe-34	150	9	amount	amount	NOUN
aijbe-34	150	10	of	of	ADP
aijbe-34	150	11	physical	physical	ADJ
aijbe-34	150	12	investment	investment	NOUN
aijbe-34	150	13	,	,	PUNCT
aijbe-34	150	14	therefore	therefore	ADV
aijbe-34	150	15	,	,	PUNCT
aijbe-34	150	16	cash	cash	NOUN
aijbe-34	150	17	balances	balance	NOUN
aijbe-34	150	18	holdings	holding	NOUN
aijbe-34	150	19	are	be	AUX
aijbe-34	150	20	positively	positively	ADV
aijbe-34	150	21	related	relate	VERB
aijbe-34	150	22	to	to	ADP
aijbe-34	150	23	propensity	propensity	NOUN
aijbe-34	150	24	to	to	PART
aijbe-34	150	25	invest	invest	VERB
aijbe-34	150	26	.	.	PUNCT
aijbe-34	151	1	moreover	moreover	ADV
aijbe-34	151	2	,	,	PUNCT
aijbe-34	151	3	banks	bank	NOUN
aijbe-34	151	4	appeared	appear	VERB
aijbe-34	151	5	to	to	PART
aijbe-34	151	6	greatly	greatly	ADV
aijbe-34	151	7	play	play	VERB
aijbe-34	151	8	more	more	ADJ
aijbe-34	151	9	roles	role	NOUN
aijbe-34	151	10	in	in	ADP
aijbe-34	151	11	influencing	influence	VERB
aijbe-34	151	12	real	real	ADJ
aijbe-34	151	13	gdp	gdp	NOUN
aijbe-34	151	14	than	than	ADP
aijbe-34	151	15	stock	stock	NOUN
aijbe-34	151	16	market	market	NOUN
aijbe-34	151	17	.	.	PUNCT
aijbe-34	152	1	this	this	PRON
aijbe-34	152	2	shows	show	VERB
aijbe-34	152	3	that	that	SCONJ
aijbe-34	152	4	banks	bank	NOUN
aijbe-34	152	5	still	still	ADV
aijbe-34	152	6	dominate	dominate	VERB
aijbe-34	152	7	the	the	DET
aijbe-34	152	8	financial	financial	ADJ
aijbe-34	152	9	system	system	NOUN
aijbe-34	152	10	of	of	ADP
aijbe-34	152	11	developing	develop	VERB
aijbe-34	152	12	countries	country	NOUN
aijbe-34	152	13	;	;	PUNCT
aijbe-34	152	14	the	the	DET
aijbe-34	152	15	obvious	obvious	ADJ
aijbe-34	152	16	reason	reason	NOUN
aijbe-34	152	17	for	for	ADP
aijbe-34	152	18	this	this	PRON
aijbe-34	152	19	might	might	AUX
aijbe-34	152	20	be	be	AUX
aijbe-34	152	21	that	that	SCONJ
aijbe-34	152	22	the	the	DET
aijbe-34	152	23	real	real	ADJ
aijbe-34	152	24	sectors	sector	NOUN
aijbe-34	152	25	in	in	ADP
aijbe-34	152	26	developing	develop	VERB
aijbe-34	152	27	countries	country	NOUN
aijbe-34	152	28	are	be	AUX
aijbe-34	152	29	dominated	dominate	VERB
aijbe-34	152	30	by	by	ADP
aijbe-34	152	31	small	small	ADJ
aijbe-34	152	32	and	and	CCONJ
aijbe-34	152	33	medium	medium	ADJ
aijbe-34	152	34	scale	scale	NOUN
aijbe-34	152	35	enterprises	enterprise	NOUN
aijbe-34	152	36	,	,	PUNCT
aijbe-34	152	37	which	which	PRON
aijbe-34	152	38	can	can	AUX
aijbe-34	152	39	not	not	PART
aijbe-34	152	40	access	access	VERB
aijbe-34	152	41	the	the	DET
aijbe-34	152	42	stock	stock	NOUN
aijbe-34	152	43	market	market	NOUN
aijbe-34	152	44	.	.	PUNCT
aijbe-34	153	1	this	this	DET
aijbe-34	153	2	result	result	NOUN
aijbe-34	153	3	confirmed	confirm	VERB
aijbe-34	153	4	kronberger	kronberger	PROPN
aijbe-34	153	5	(	(	PUNCT
aijbe-34	153	6	2002	2002	NUM
aijbe-34	153	7	)	)	PUNCT
aijbe-34	153	8	and	and	CCONJ
aijbe-34	153	9	baliamoune	baliamoune	NOUN
aijbe-34	153	10	-	-	PUNCT
aijbe-34	153	11	lutz	lutz	NOUN
aijbe-34	153	12	(	(	PUNCT
aijbe-34	153	13	2010	2010	NUM
aijbe-34	153	14	)	)	PUNCT
aijbe-34	153	15	assertions	assertion	NOUN
aijbe-34	153	16	that	that	SCONJ
aijbe-34	153	17	the	the	DET
aijbe-34	153	18	financial	financial	ADJ
aijbe-34	153	19	systems	system	NOUN
aijbe-34	153	20	of	of	ADP
aijbe-34	153	21	developing	develop	VERB
aijbe-34	153	22	countries	country	NOUN
aijbe-34	153	23	are	be	AUX
aijbe-34	153	24	dominated	dominate	VERB
aijbe-34	153	25	by	by	ADP
aijbe-34	153	26	banks	bank	NOUN
aijbe-34	153	27	,	,	PUNCT
aijbe-34	153	28	hence	hence	ADV
aijbe-34	153	29	the	the	DET
aijbe-34	153	30	bulk	bulk	NOUN
aijbe-34	153	31	of	of	ADP
aijbe-34	153	32	investment	investment	NOUN
aijbe-34	153	33	financingis	financingis	NOUN
aijbe-34	153	34	sourced	source	VERB
aijbe-34	153	35	from	from	ADP
aijbe-34	153	36	the	the	DET
aijbe-34	153	37	banking	banking	NOUN
aijbe-34	153	38	sector	sector	NOUN
aijbe-34	153	39	.	.	PUNCT
aijbe-34	154	1	market	market	NOUN
aijbe-34	154	2	capitalization	capitalization	NOUN
aijbe-34	154	3	is	be	AUX
aijbe-34	154	4	also	also	ADV
aijbe-34	154	5	found	find	VERB
aijbe-34	154	6	to	to	PART
aijbe-34	154	7	be	be	AUX
aijbe-34	154	8	more	more	ADV
aijbe-34	154	9	significant	significant	ADJ
aijbe-34	154	10	in	in	ADP
aijbe-34	154	11	influencing	influence	VERB
aijbe-34	154	12	real	real	ADJ
aijbe-34	154	13	gdp	gdp	NOUN
aijbe-34	154	14	than	than	ADP
aijbe-34	154	15	market	market	NOUN
aijbe-34	154	16	turnover	turnover	NOUN
aijbe-34	154	17	.	.	PUNCT
aijbe-34	155	1	this	this	PRON
aijbe-34	155	2	is	be	AUX
aijbe-34	155	3	indicative	indicative	ADJ
aijbe-34	155	4	of	of	ADP
aijbe-34	155	5	the	the	DET
aijbe-34	155	6	fact	fact	NOUN
aijbe-34	155	7	that	that	SCONJ
aijbe-34	155	8	there	there	PRON
aijbe-34	155	9	are	be	VERB
aijbe-34	155	10	low	low	ADJ
aijbe-34	155	11	activities	activity	NOUN
aijbe-34	155	12	in	in	ADP
aijbe-34	155	13	the	the	DET
aijbe-34	155	14	stock	stock	NOUN
aijbe-34	155	15	markets	market	NOUN
aijbe-34	155	16	of	of	ADP
aijbe-34	155	17	many	many	ADJ
aijbe-34	155	18	developing	develop	VERB
aijbe-34	155	19	countries	country	NOUN
aijbe-34	155	20	.	.	PUNCT
aijbe-34	156	1	most	most	ADJ
aijbe-34	156	2	of	of	ADP
aijbe-34	156	3	the	the	DET
aijbe-34	156	4	stock	stock	NOUN
aijbe-34	156	5	markets	market	NOUN
aijbe-34	156	6	in	in	ADP
aijbe-34	156	7	developing	develop	VERB
aijbe-34	156	8	countries	country	NOUN
aijbe-34	156	9	were	be	AUX
aijbe-34	156	10	established	establish	VERB
aijbe-34	156	11	recently	recently	ADV
aijbe-34	156	12	,	,	PUNCT
aijbe-34	156	13	therefore	therefore	ADV
aijbe-34	156	14	,	,	PUNCT
aijbe-34	156	15	the	the	DET
aijbe-34	156	16	stock	stock	NOUN
aijbe-34	156	17	market	market	NOUN
aijbe-34	156	18	capitalisation	capitalisation	NOUN
aijbe-34	156	19	largely	largely	ADV
aijbe-34	156	20	represents	represent	VERB
aijbe-34	156	21	initial	initial	ADJ
aijbe-34	156	22	public	public	ADJ
aijbe-34	156	23	offerings	offering	NOUN
aijbe-34	156	24	by	by	ADP
aijbe-34	156	25	private	private	ADJ
aijbe-34	156	26	firms	firm	NOUN
aijbe-34	156	27	and	and	CCONJ
aijbe-34	156	28	in	in	ADP
aijbe-34	156	29	some	some	DET
aijbe-34	156	30	cases	case	NOUN
aijbe-34	156	31	by	by	ADP
aijbe-34	156	32	privatized	privatized	ADJ
aijbe-34	156	33	public	public	ADJ
aijbe-34	156	34	enterprises	enterprise	NOUN
aijbe-34	156	35	.	.	PUNCT
aijbe-34	157	1	thus	thus	ADV
aijbe-34	157	2	,	,	PUNCT
aijbe-34	157	3	market	market	NOUN
aijbe-34	157	4	capitalisation	capitalisation	NOUN
aijbe-34	157	5	tends	tend	VERB
aijbe-34	157	6	to	to	PART
aijbe-34	157	7	have	have	VERB
aijbe-34	157	8	more	more	ADJ
aijbe-34	157	9	effect	effect	NOUN
aijbe-34	157	10	on	on	ADP
aijbe-34	157	11	real	real	ADJ
aijbe-34	157	12	gdp	gdp	NOUN
aijbe-34	157	13	than	than	ADP
aijbe-34	157	14	stock	stock	NOUN
aijbe-34	157	15	turnover	turnover	NOUN
aijbe-34	157	16	.	.	PUNCT
aijbe-34	158	1	the	the	DET
aijbe-34	158	2	individual	individual	ADJ
aijbe-34	158	3	contribution	contribution	NOUN
aijbe-34	158	4	of	of	ADP
aijbe-34	158	5	banks	bank	NOUN
aijbe-34	158	6	to	to	ADP
aijbe-34	158	7	real	real	ADJ
aijbe-34	158	8	gdp	gdp	NOUN
aijbe-34	158	9	is	be	AUX
aijbe-34	158	10	not	not	PART
aijbe-34	158	11	significantly	significantly	ADV
aijbe-34	158	12	improved	improve	VERB
aijbe-34	158	13	when	when	SCONJ
aijbe-34	158	14	stock	stock	NOUN
aijbe-34	158	15	market	market	NOUN
aijbe-34	158	16	was	be	AUX
aijbe-34	158	17	introduced	introduce	VERB
aijbe-34	158	18	and	and	CCONJ
aijbe-34	158	19	vice	vice	ADV
aijbe-34	158	20	versa	versa	ADV
aijbe-34	158	21	.	.	PUNCT
aijbe-34	159	1	in	in	ADP
aijbe-34	159	2	the	the	DET
aijbe-34	159	3	case	case	NOUN
aijbe-34	159	4	of	of	ADP
aijbe-34	159	5	stock	stock	NOUN
aijbe-34	159	6	market	market	NOUN
aijbe-34	159	7	,	,	PUNCT
aijbe-34	159	8	the	the	DET
aijbe-34	159	9	introduction	introduction	NOUN
aijbe-34	159	10	of	of	ADP
aijbe-34	159	11	banks	bank	NOUN
aijbe-34	159	12	even	even	ADV
aijbe-34	159	13	reduces	reduce	VERB
aijbe-34	159	14	its	its	PRON
aijbe-34	159	15	contribution	contribution	NOUN
aijbe-34	159	16	to	to	ADP
aijbe-34	159	17	real	real	ADJ
aijbe-34	159	18	gdp	gdp	NOUN
aijbe-34	159	19	.	.	PUNCT
aijbe-34	160	1	this	this	PRON
aijbe-34	160	2	is	be	AUX
aijbe-34	160	3	indicative	indicative	ADJ
aijbe-34	160	4	to	to	ADP
aijbe-34	160	5	the	the	DET
aijbe-34	160	6	fact	fact	NOUN
aijbe-34	160	7	that	that	SCONJ
aijbe-34	160	8	the	the	DET
aijbe-34	160	9	two	two	NUM
aijbe-34	160	10	are	be	AUX
aijbe-34	160	11	not	not	PART
aijbe-34	160	12	compliments	compliment	NOUN
aijbe-34	160	13	.	.	PUNCT
aijbe-34	161	1	in	in	ADP
aijbe-34	161	2	fact	fact	NOUN
aijbe-34	161	3	,	,	PUNCT
aijbe-34	161	4	the	the	DET
aijbe-34	161	5	results	result	NOUN
aijbe-34	161	6	clearly	clearly	ADV
aijbe-34	161	7	suggest	suggest	VERB
aijbe-34	161	8	that	that	SCONJ
aijbe-34	161	9	banks	bank	NOUN
aijbe-34	161	10	and	and	CCONJ
aijbe-34	161	11	stock	stock	NOUN
aijbe-34	161	12	market	market	NOUN
aijbe-34	161	13	are	be	AUX
aijbe-34	161	14	substitute	substitute	ADJ
aijbe-34	161	15	rather	rather	ADV
aijbe-34	161	16	than	than	ADP
aijbe-34	161	17	compliment	compliment	NOUN
aijbe-34	161	18	.	.	PUNCT
aijbe-34	162	1	this	this	PRON
aijbe-34	162	2	confirmed	confirm	VERB
aijbe-34	162	3	the	the	DET
aijbe-34	162	4	findings	finding	NOUN
aijbe-34	162	5	of	of	ADP
aijbe-34	162	6	dey	dey	PROPN
aijbe-34	162	7	(	(	PUNCT
aijbe-34	162	8	2007	2007	NUM
aijbe-34	162	9	)	)	PUNCT
aijbe-34	162	10	and	and	CCONJ
aijbe-34	162	11	contradicts	contradict	VERB
aijbe-34	162	12	the	the	DET
aijbe-34	162	13	findings	finding	NOUN
aijbe-34	162	14	of	of	ADP
aijbe-34	162	15	boyd	boyd	PROPN
aijbe-34	162	16	and	and	CCONJ
aijbe-34	162	17	smith	smith	PROPN
aijbe-34	162	18	(	(	PUNCT
aijbe-34	162	19	1998).overall	1998).overall	NUM
aijbe-34	162	20	,	,	PUNCT
aijbe-34	162	21	the	the	DET
aijbe-34	162	22	findings	finding	NOUN
aijbe-34	162	23	of	of	ADP
aijbe-34	162	24	this	this	DET
aijbe-34	162	25	study	study	NOUN
aijbe-34	162	26	revealed	reveal	VERB
aijbe-34	162	27	that	that	SCONJ
aijbe-34	162	28	financial	financial	ADJ
aijbe-34	162	29	development	development	NOUN
aijbe-34	162	30	in	in	ADP
aijbe-34	162	31	the	the	DET
aijbe-34	162	32	form	form	NOUN
aijbe-34	162	33	of	of	ADP
aijbe-34	162	34	monetary	monetary	ADJ
aijbe-34	162	35	,	,	PUNCT
aijbe-34	162	36	banks	bank	NOUN
aijbe-34	162	37	and	and	CCONJ
aijbe-34	162	38	stock	stock	NOUN
aijbe-34	162	39	market	market	NOUN
aijbe-34	162	40	development	development	NOUN
aijbe-34	162	41	are	be	AUX
aijbe-34	162	42	positively	positively	ADV
aijbe-34	162	43	influencing	influence	VERB
aijbe-34	162	44	real	real	ADJ
aijbe-34	162	45	gdp	gdp	NOUN
aijbe-34	162	46	in	in	ADP
aijbe-34	162	47	developing	develop	VERB
aijbe-34	162	48	countries	country	NOUN
aijbe-34	162	49	.	.	PUNCT
aijbe-34	163	1	these	these	DET
aijbe-34	163	2	results	result	NOUN
aijbe-34	163	3	confirmed	confirm	VERB
aijbe-34	163	4	the	the	DET
aijbe-34	163	5	findings	finding	NOUN
aijbe-34	163	6	of	of	ADP
aijbe-34	163	7	levine	levine	PROPN
aijbe-34	163	8	and	and	CCONJ
aijbe-34	163	9	zervos	zervos	PROPN
aijbe-34	163	10	(	(	PUNCT
aijbe-34	163	11	1998	1998	NUM
aijbe-34	163	12	)	)	PUNCT
aijbe-34	163	13	and	and	CCONJ
aijbe-34	163	14	kiran	kiran	PROPN
aijbe-34	163	15	,	,	PUNCT
aijbe-34	163	16	yavuz	yavuz	PROPN
aijbe-34	163	17	and	and	CCONJ
aijbe-34	163	18	güriş	güriş	PROPN
aijbe-34	163	19	(	(	PUNCT
aijbe-34	163	20	2009	2009	NUM
aijbe-34	163	21	)	)	PUNCT
aijbe-34	163	22	.	.	PUNCT
aijbe-34	164	1	conclusionand	conclusionand	NOUN
aijbe-34	164	2	recommendations	recommendation	NOUN
aijbe-34	164	3	the	the	DET
aijbe-34	164	4	study	study	NOUN
aijbe-34	164	5	concluded	conclude	VERB
aijbe-34	164	6	that	that	SCONJ
aijbe-34	164	7	the	the	DET
aijbe-34	164	8	overall	overall	ADJ
aijbe-34	164	9	depth	depth	NOUN
aijbe-34	164	10	of	of	ADP
aijbe-34	164	11	the	the	DET
aijbe-34	164	12	financial	financial	ADJ
aijbe-34	164	13	sector	sector	NOUN
aijbe-34	164	14	represented	represent	VERB
aijbe-34	164	15	by	by	ADP
aijbe-34	164	16	broad	broad	ADJ
aijbe-34	164	17	money	money	NOUN
aijbe-34	164	18	is	be	AUX
aijbe-34	164	19	the	the	DET
aijbe-34	164	20	most	most	ADV
aijbe-34	164	21	significant	significant	ADJ
aijbe-34	164	22	contributor	contributor	NOUN
aijbe-34	164	23	to	to	ADP
aijbe-34	164	24	growth	growth	NOUN
aijbe-34	164	25	;	;	PUNCT
aijbe-34	164	26	meaning	mean	VERB
aijbe-34	164	27	that	that	SCONJ
aijbe-34	164	28	self	self	NOUN
aijbe-34	164	29	-	-	PUNCT
aijbe-34	164	30	finance	finance	NOUN
aijbe-34	164	31	still	still	ADV
aijbe-34	164	32	largely	largely	ADV
aijbe-34	164	33	constitutes	constitute	VERB
aijbe-34	164	34	the	the	DET
aijbe-34	164	35	mode	mode	NOUN
aijbe-34	164	36	of	of	ADP
aijbe-34	164	37	financing	finance	VERB
aijbe-34	164	38	real	real	ADJ
aijbe-34	164	39	economic	economic	ADJ
aijbe-34	164	40	activities	activity	NOUN
aijbe-34	164	41	,	,	PUNCT
aijbe-34	164	42	which	which	PRON
aijbe-34	164	43	are	be	AUX
aijbe-34	164	44	majorly	majorly	ADV
aijbe-34	164	45	in	in	ADP
aijbe-34	164	46	the	the	DET
aijbe-34	164	47	form	form	NOUN
aijbe-34	164	48	of	of	ADP
aijbe-34	164	49	small	small	ADJ
aijbe-34	164	50	and	and	CCONJ
aijbe-34	164	51	medium	medium	ADJ
aijbe-34	164	52	enterprises	enterprise	NOUN
aijbe-34	164	53	.	.	PUNCT
aijbe-34	165	1	on	on	ADP
aijbe-34	165	2	the	the	DET
aijbe-34	165	3	relative	relative	ADJ
aijbe-34	165	4	importance	importance	NOUN
aijbe-34	165	5	of	of	ADP
aijbe-34	165	6	banks	bank	NOUN
aijbe-34	165	7	and	and	CCONJ
aijbe-34	165	8	stock	stock	NOUN
aijbe-34	165	9	market	market	NOUN
aijbe-34	165	10	,	,	PUNCT
aijbe-34	165	11	the	the	DET
aijbe-34	165	12	study	study	NOUN
aijbe-34	165	13	found	find	VERB
aijbe-34	165	14	that	that	SCONJ
aijbe-34	165	15	the	the	DET
aijbe-34	165	16	banking	banking	NOUN
aijbe-34	165	17	sector	sector	NOUN
aijbe-34	165	18	is	be	AUX
aijbe-34	165	19	to	to	ADP
aijbe-34	165	20	a	a	DET
aijbe-34	165	21	large	large	ADJ
aijbe-34	165	22	extent	extent	NOUN
aijbe-34	165	23	relatively	relatively	ADV
aijbe-34	165	24	more	more	ADV
aijbe-34	165	25	significant	significant	ADJ
aijbe-34	165	26	in	in	ADP
aijbe-34	165	27	financing	finance	VERB
aijbe-34	165	28	real	real	ADJ
aijbe-34	165	29	gdp	gdp	NOUN
aijbe-34	165	30	than	than	ADP
aijbe-34	165	31	the	the	DET
aijbe-34	165	32	stock	stock	NOUN
aijbe-34	165	33	market	market	NOUN
aijbe-34	165	34	.	.	PUNCT
aijbe-34	166	1	this	this	PRON
aijbe-34	166	2	has	have	AUX
aijbe-34	166	3	confirmed	confirm	VERB
aijbe-34	166	4	the	the	DET
aijbe-34	166	5	claim	claim	NOUN
aijbe-34	166	6	that	that	SCONJ
aijbe-34	166	7	the	the	DET
aijbe-34	166	8	financial	financial	ADJ
aijbe-34	166	9	systems	system	NOUN
aijbe-34	166	10	of	of	ADP
aijbe-34	166	11	developing	develop	VERB
aijbe-34	166	12	countries	country	NOUN
aijbe-34	166	13	are	be	AUX
aijbe-34	166	14	dominated	dominate	VERB
aijbe-34	166	15	by	by	ADP
aijbe-34	166	16	banks	bank	NOUN
aijbe-34	166	17	,	,	PUNCT
aijbe-34	166	18	with	with	ADP
aijbe-34	166	19	the	the	DET
aijbe-34	166	20	stock	stock	NOUN
aijbe-34	166	21	market	market	NOUN
aijbe-34	166	22	gradually	gradually	ADV
aijbe-34	166	23	catching	catch	VERB
aijbe-34	166	24	up	up	ADP
aijbe-34	166	25	.	.	PUNCT
aijbe-34	167	1	the	the	DET
aijbe-34	167	2	stock	stock	NOUN
aijbe-34	167	3	markets	market	NOUN
aijbe-34	167	4	of	of	ADP
aijbe-34	167	5	developing	develop	VERB
aijbe-34	167	6	countries	country	NOUN
aijbe-34	167	7	are	be	AUX
aijbe-34	167	8	also	also	ADV
aijbe-34	167	9	found	find	VERB
aijbe-34	167	10	to	to	PART
aijbe-34	167	11	have	have	VERB
aijbe-34	167	12	low	low	ADJ
aijbe-34	167	13	activities	activity	NOUN
aijbe-34	167	14	,	,	PUNCT
aijbe-34	167	15	as	as	SCONJ
aijbe-34	167	16	market	market	NOUN
aijbe-34	167	17	capitalization	capitalization	NOUN
aijbe-34	167	18	plays	play	VERB
aijbe-34	167	19	significantly	significantly	ADV
aijbe-34	167	20	more	more	ADJ
aijbe-34	167	21	role	role	NOUN
aijbe-34	167	22	than	than	ADP
aijbe-34	167	23	stock	stock	NOUN
aijbe-34	167	24	turnover	turnover	NOUN
aijbe-34	167	25	.	.	PUNCT
aijbe-34	168	1	moreover	moreover	ADV
aijbe-34	168	2	,	,	PUNCT
aijbe-34	168	3	banks	bank	NOUN
aijbe-34	168	4	and	and	CCONJ
aijbe-34	168	5	stock	stock	NOUN
aijbe-34	168	6	markets	market	NOUN
aijbe-34	168	7	are	be	AUX
aijbe-34	168	8	found	find	VERB
aijbe-34	168	9	to	to	PART
aijbe-34	168	10	be	be	AUX
aijbe-34	168	11	substitutes	substitute	NOUN
aijbe-34	168	12	,	,	PUNCT
aijbe-34	168	13	rather	rather	ADV
aijbe-34	168	14	than	than	ADP
aijbe-34	168	15	compliments	compliment	NOUN
aijbe-34	168	16	;	;	PUNCT
aijbe-34	168	17	meaning	mean	VERB
aijbe-34	168	18	that	that	SCONJ
aijbe-34	168	19	they	they	PRON
aijbe-34	168	20	are	be	AUX
aijbe-34	168	21	competing	compete	VERB
aijbe-34	168	22	for	for	ADP
aijbe-34	168	23	both	both	PRON
aijbe-34	168	24	savers	saver	NOUN
aijbe-34	168	25	funds	fund	NOUN
aijbe-34	168	26	and	and	CCONJ
aijbe-34	168	27	investment	investment	NOUN
aijbe-34	168	28	opportunities	opportunity	NOUN
aijbe-34	168	29	to	to	PART
aijbe-34	168	30	finance	finance	VERB
aijbe-34	168	31	;	;	PUNCT
aijbe-34	168	32	this	this	PRON
aijbe-34	168	33	will	will	AUX
aijbe-34	168	34	lead	lead	VERB
aijbe-34	168	35	to	to	ADP
aijbe-34	168	36	efficiency	efficiency	NOUN
aijbe-34	168	37	in	in	ADP
aijbe-34	168	38	the	the	DET
aijbe-34	168	39	activities	activity	NOUN
aijbe-34	168	40	of	of	ADP
aijbe-34	168	41	both	both	PRON
aijbe-34	168	42	.	.	PUNCT
aijbe-34	169	1	it	it	PRON
aijbe-34	169	2	also	also	ADV
aijbe-34	169	3	suggests	suggest	VERB
aijbe-34	169	4	that	that	SCONJ
aijbe-34	169	5	the	the	DET
aijbe-34	169	6	introduction	introduction	NOUN
aijbe-34	169	7	of	of	ADP
aijbe-34	169	8	stock	stock	NOUN
aijbe-34	169	9	markets	market	NOUN
aijbe-34	169	10	in	in	ADP
aijbe-34	169	11	developing	develop	VERB
aijbe-34	169	12	countries	country	NOUN
aijbe-34	169	13	is	be	AUX
aijbe-34	169	14	gradually	gradually	ADV
aijbe-34	169	15	diversifying	diversify	VERB
aijbe-34	169	16	their	their	PRON
aijbe-34	169	17	financial	financial	ADJ
aijbe-34	169	18	system	system	NOUN
aijbe-34	169	19	and	and	CCONJ
aijbe-34	169	20	lessening	lessen	VERB
aijbe-34	169	21	the	the	DET
aijbe-34	169	22	traditional	traditional	ADJ
aijbe-34	169	23	dominance	dominance	NOUN
aijbe-34	169	24	of	of	ADP
aijbe-34	169	25	the	the	DET
aijbe-34	169	26	banking	banking	NOUN
aijbe-34	169	27	system	system	NOUN
aijbe-34	169	28	.	.	PUNCT
aijbe-34	170	1	the	the	DET
aijbe-34	170	2	policy	policy	NOUN
aijbe-34	170	3	implication	implication	NOUN
aijbe-34	170	4	of	of	ADP
aijbe-34	170	5	these	these	DET
aijbe-34	170	6	findings	finding	NOUN
aijbe-34	170	7	is	be	AUX
aijbe-34	170	8	that	that	SCONJ
aijbe-34	170	9	financial	financial	ADJ
aijbe-34	170	10	reforms	reform	NOUN
aijbe-34	170	11	should	should	AUX
aijbe-34	170	12	be	be	AUX
aijbe-34	170	13	implemented	implement	VERB
aijbe-34	170	14	across	across	ADP
aijbe-34	170	15	the	the	DET
aijbe-34	170	16	board	board	NOUN
aijbe-34	170	17	that	that	PRON
aijbe-34	170	18	is	be	AUX
aijbe-34	170	19	in	in	ADP
aijbe-34	170	20	all	all	DET
aijbe-34	170	21	the	the	DET
aijbe-34	170	22	sectors	sector	NOUN
aijbe-34	170	23	of	of	ADP
aijbe-34	170	24	the	the	DET
aijbe-34	170	25	financial	financial	ADJ
aijbe-34	170	26	system	system	NOUN
aijbe-34	170	27	as	as	ADP
aijbe-34	170	28	against	against	ADP
aijbe-34	170	29	selective	selective	ADJ
aijbe-34	170	30	policy	policy	NOUN
aijbe-34	170	31	.	.	PUNCT
aijbe-34	171	1	this	this	PRON
aijbe-34	171	2	will	will	AUX
aijbe-34	171	3	ensure	ensure	VERB
aijbe-34	171	4	that	that	SCONJ
aijbe-34	171	5	the	the	DET
aijbe-34	171	6	real	real	ADJ
aijbe-34	171	7	economy	economy	NOUN
aijbe-34	171	8	gets	get	VERB
aijbe-34	171	9	the	the	DET
aijbe-34	171	10	best	good	ADJ
aijbe-34	171	11	from	from	ADP
aijbe-34	171	12	the	the	DET
aijbe-34	171	13	financial	financial	ADJ
aijbe-34	171	14	system	system	NOUN
aijbe-34	171	15	.	.	PUNCT
aijbe-34	172	1	references	reference	NOUN
aijbe-34	172	2	ahmed	ahmed	PROPN
aijbe-34	172	3	,	,	PUNCT
aijbe-34	172	4	a.	a.	PROPN
aijbe-34	172	5	d.	d.	PROPN
aijbe-34	172	6	(	(	PUNCT
aijbe-34	172	7	2010	2010	NUM
aijbe-34	172	8	)	)	PUNCT
aijbe-34	172	9	.	.	PUNCT
aijbe-34	173	1	financial	financial	ADJ
aijbe-34	173	2	liberalisation	liberalisation	NOUN
aijbe-34	173	3	,	,	PUNCT
aijbe-34	173	4	financial	financial	ADJ
aijbe-34	173	5	development	development	NOUN
aijbe-34	173	6	and	and	CCONJ
aijbe-34	173	7	growth	growth	NOUN
aijbe-34	173	8	linkages	linkage	NOUN
aijbe-34	173	9	in	in	ADP
aijbe-34	173	10	sub	sub	ADJ
aijbe-34	173	11	-	-	ADJ
aijbe-34	173	12	saharan	saharan	ADJ
aijbe-34	173	13	african	african	ADJ
aijbe-34	173	14	countries.studies	countries.studie	NOUN
aijbe-34	173	15	in	in	ADP
aijbe-34	173	16	economics	economic	NOUN
aijbe-34	173	17	and	and	CCONJ
aijbe-34	173	18	finance.27(4	finance.27(4	ADJ
aijbe-34	173	19	):	):	PUNCT
aijbe-34	173	20	314	314	NUM
aijbe-34	173	21	-	-	SYM
aijbe-34	173	22	339	339	NUM
aijbe-34	173	23	.	.	PUNCT
aijbe-34	174	1	allen	allen	PROPN
aijbe-34	174	2	,	,	PUNCT
aijbe-34	174	3	f.	f.	PROPN
aijbe-34	174	4	&	&	CCONJ
aijbe-34	174	5	gale	gale	PROPN
aijbe-34	174	6	,	,	PUNCT
aijbe-34	174	7	d.	d.	PROPN
aijbe-34	174	8	(	(	PUNCT
aijbe-34	174	9	2000	2000	NUM
aijbe-34	174	10	)	)	PUNCT
aijbe-34	174	11	.	.	PUNCT
aijbe-34	175	1	comparing	compare	VERB
aijbe-34	175	2	financial	financial	ADJ
aijbe-34	175	3	systems	system	NOUN
aijbe-34	175	4	.	.	PUNCT
aijbe-34	176	1	cambridge	cambridge	PROPN
aijbe-34	176	2	,	,	PUNCT
aijbe-34	176	3	ma	ma	PROPN
aijbe-34	176	4	:	:	PUNCT
aijbe-34	176	5	mit	mit	PROPN
aijbe-34	176	6	press	press	NOUN
aijbe-34	176	7	.	.	PUNCT
aijbe-34	177	1	bailey	bailey	NOUN
aijbe-34	177	2	,	,	PUNCT
aijbe-34	177	3	o.	o.	PROPN
aijbe-34	177	4	(	(	PUNCT
aijbe-34	177	5	2010	2010	NUM
aijbe-34	177	6	)	)	PUNCT
aijbe-34	177	7	.	.	PUNCT
aijbe-34	178	1	developments	development	NOUN
aijbe-34	178	2	in	in	ADP
aijbe-34	178	3	emerging	emerge	VERB
aijbe-34	178	4	equity	equity	NOUN
aijbe-34	178	5	markets	market	NOUN
aijbe-34	178	6	.	.	PUNCT
aijbe-34	179	1	bulletin	bulletin	NOUN
aijbe-34	179	2	,	,	PUNCT
aijbe-34	179	3	december	december	PROPN
aijbe-34	179	4	quarter	quarter	NOUN
aijbe-34	179	5	,	,	PUNCT
aijbe-34	179	6	2010	2010	NUM
aijbe-34	179	7	,	,	PUNCT
aijbe-34	179	8	reserve	reserve	PROPN
aijbe-34	179	9	bank	bank	PROPN
aijbe-34	179	10	of	of	ADP
aijbe-34	179	11	australia	australia	PROPN
aijbe-34	179	12	.	.	PUNCT
aijbe-34	180	1	levin	levin	PROPN
aijbe-34	180	2	h.	h.	PROPN
aijbe-34	180	3	(	(	PUNCT
aijbe-34	180	4	2023	2023	NUM
aijbe-34	180	5	)	)	PUNCT
aijbe-34	180	6	american	american	ADJ
aijbe-34	180	7	interdisciplinary	interdisciplinary	ADJ
aijbe-34	180	8	journal	journal	NOUN
aijbe-34	180	9	of	of	ADP
aijbe-34	180	10	business	business	NOUN
aijbe-34	180	11	and	and	CCONJ
aijbe-34	180	12	economics	economic	NOUN
aijbe-34	180	13	|	|	ADV
aijbe-34	180	14	50	50	NUM
aijbe-34	180	15	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	X
aijbe-34	180	16	baliamoune	baliamoune	NOUN
aijbe-34	180	17	-	-	PUNCT
aijbe-34	180	18	lutz	lutz	NOUN
aijbe-34	180	19	,	,	PUNCT
aijbe-34	180	20	m.	m.	NOUN
aijbe-34	180	21	(	(	PUNCT
aijbe-34	180	22	2010).financial	2010).financial	ADJ
aijbe-34	180	23	development	development	NOUN
aijbe-34	180	24	and	and	CCONJ
aijbe-34	180	25	income	income	NOUN
aijbe-34	180	26	in	in	ADP
aijbe-34	180	27	developing	develop	VERB
aijbe-34	180	28	countries	country	NOUN
aijbe-34	180	29	.	.	PUNCT
aijbe-34	181	1	international	international	ADJ
aijbe-34	181	2	centre	centre	NOUN
aijbe-34	181	3	for	for	ADP
aijbe-34	181	4	economic	economic	ADJ
aijbe-34	181	5	research	research	NOUN
aijbe-34	181	6	,	,	PUNCT
aijbe-34	181	7	working	work	VERB
aijbe-34	181	8	paper	paper	NOUN
aijbe-34	181	9	no	no	INTJ
aijbe-34	181	10	.	.	PUNCT
aijbe-34	182	1	9/2010	9/2010	NOUN
aijbe-34	182	2	.	.	PUNCT
aijbe-34	183	1	baltagi	baltagi	PROPN
aijbe-34	183	2	,	,	PUNCT
aijbe-34	183	3	b.	b.	PROPN
aijbe-34	183	4	(	(	PUNCT
aijbe-34	183	5	2005	2005	NUM
aijbe-34	183	6	)	)	PUNCT
aijbe-34	183	7	.	.	PUNCT
aijbe-34	184	1	econometric	econometric	ADJ
aijbe-34	184	2	analysis	analysis	NOUN
aijbe-34	184	3	of	of	ADP
aijbe-34	184	4	panel	panel	NOUN
aijbe-34	184	5	data	datum	NOUN
aijbe-34	184	6	,	,	PUNCT
aijbe-34	184	7	3rd	3rd	ADJ
aijbe-34	184	8	ed	ed	NOUN
aijbe-34	184	9	.	.	PUNCT
aijbe-34	185	1	john	john	PROPN
aijbe-34	185	2	wiley	wiley	PROPN
aijbe-34	185	3	and	and	CCONJ
aijbe-34	185	4	sons	son	NOUN
aijbe-34	185	5	,	,	PUNCT
aijbe-34	185	6	england	england	PROPN
aijbe-34	185	7	.	.	PUNCT
aijbe-34	186	1	bangake	bangake	PROPN
aijbe-34	186	2	,	,	PUNCT
aijbe-34	186	3	c.	c.	PROPN
aijbe-34	186	4	&	&	CCONJ
aijbe-34	186	5	eggoh	eggoh	PROPN
aijbe-34	186	6	.	.	PUNCT
aijbe-34	187	1	j.	j.	PROPN
aijbe-34	187	2	c.	c.	PROPN
aijbe-34	187	3	(	(	PUNCT
aijbe-34	187	4	2010	2010	NUM
aijbe-34	187	5	)	)	PUNCT
aijbe-34	187	6	.	.	PUNCT
aijbe-34	188	1	finance	finance	NOUN
aijbe-34	188	2	-	-	PUNCT
aijbe-34	188	3	growth	growth	NOUN
aijbe-34	188	4	link	link	NOUN
aijbe-34	188	5	in	in	ADP
aijbe-34	188	6	oecd	oecd	PROPN
aijbe-34	188	7	countries	country	NOUN
aijbe-34	188	8	:	:	PUNCT
aijbe-34	188	9	evidence	evidence	NOUN
aijbe-34	188	10	from	from	ADP
aijbe-34	188	11	panel	panel	NOUN
aijbe-34	188	12	causality	causality	NOUN
aijbe-34	188	13	and	and	CCONJ
aijbe-34	188	14	co	co	NOUN
aijbe-34	188	15	-	-	NOUN
aijbe-34	188	16	integration	integration	NOUN
aijbe-34	188	17	tests	test	NOUN
aijbe-34	188	18	.	.	PUNCT
aijbe-34	189	1	brussels	brussels	PROPN
aijbe-34	189	2	economic	economic	PROPN
aijbe-34	189	3	review	review	PROPN
aijbe-34	189	4	,	,	PUNCT
aijbe-34	189	5	53(3/4	53(3/4	NUM
aijbe-34	189	6	)	)	PUNCT
aijbe-34	189	7	,	,	PUNCT
aijbe-34	189	8	375	375	NUM
aijbe-34	189	9	-	-	SYM
aijbe-34	189	10	392	392	NUM
aijbe-34	189	11	.	.	PUNCT
aijbe-34	189	12	boyd	boyd	PROPN
aijbe-34	189	13	,	,	PUNCT
aijbe-34	189	14	j.	j.	PROPN
aijbe-34	189	15	h.	h.	PROPN
aijbe-34	189	16	&	&	CCONJ
aijbe-34	189	17	prescott	prescott	PROPN
aijbe-34	189	18	,	,	PUNCT
aijbe-34	189	19	e.	e.	PROPN
aijbe-34	189	20	c.(1986	c.(1986	PROPN
aijbe-34	189	21	)	)	PUNCT
aijbe-34	189	22	.	.	PUNCT
aijbe-34	190	1	financial	financial	ADJ
aijbe-34	190	2	intermediary-coalitions.journal	intermediary-coalitions.journal	PROPN
aijbe-34	190	3	of	of	ADP
aijbe-34	190	4	economics	economic	NOUN
aijbe-34	190	5	theory	theory	NOUN
aijbe-34	190	6	,	,	PUNCT
aijbe-34	190	7	38	38	NUM
aijbe-34	190	8	(	(	PUNCT
aijbe-34	190	9	2	2	NUM
aijbe-34	190	10	)	)	PUNCT
aijbe-34	190	11	,	,	PUNCT
aijbe-34	190	12	211	211	NUM
aijbe-34	190	13	-	-	SYM
aijbe-34	190	14	32	32	NUM
aijbe-34	190	15	.	.	PUNCT
aijbe-34	191	1	boyd	boyd	PROPN
aijbe-34	191	2	.	.	PUNCT
aijbe-34	192	1	j.	j.	PROPN
aijbe-34	192	2	h.	h.	PROPN
aijbe-34	192	3	&	&	CCONJ
aijbe-34	192	4	smith	smith	PROPN
aijbe-34	192	5	,	,	PUNCT
aijbe-34	192	6	b.	b.	PROPN
aijbe-34	192	7	d.	d.	PROPN
aijbe-34	192	8	(	(	PUNCT
aijbe-34	192	9	1998	1998	NUM
aijbe-34	192	10	)	)	PUNCT
aijbe-34	192	11	.	.	PUNCT
aijbe-34	193	1	the	the	DET
aijbe-34	193	2	evolution	evolution	NOUN
aijbe-34	193	3	of	of	ADP
aijbe-34	193	4	debt	debt	NOUN
aijbe-34	193	5	and	and	CCONJ
aijbe-34	193	6	equity	equity	NOUN
aijbe-34	193	7	market	market	NOUN
aijbe-34	193	8	in	in	ADP
aijbe-34	193	9	economic	economic	ADJ
aijbe-34	193	10	development.economic	development.economic	PROPN
aijbe-34	193	11	theory	theory	NOUN
aijbe-34	193	12	,	,	PUNCT
aijbe-34	193	13	12	12	NUM
aijbe-34	193	14	,	,	PUNCT
aijbe-34	193	15	519	519	NUM
aijbe-34	193	16	-	-	SYM
aijbe-34	193	17	560	560	NUM
aijbe-34	193	18	breitung	breitung	NOUN
aijbe-34	193	19	,	,	PUNCT
aijbe-34	193	20	j.	j.	PROPN
aijbe-34	193	21	(	(	PUNCT
aijbe-34	193	22	2000	2000	NUM
aijbe-34	193	23	)	)	PUNCT
aijbe-34	193	24	.	.	PUNCT
aijbe-34	194	1	the	the	DET
aijbe-34	194	2	local	local	ADJ
aijbe-34	194	3	power	power	NOUN
aijbe-34	194	4	of	of	ADP
aijbe-34	194	5	some	some	DET
aijbe-34	194	6	unit	unit	NOUN
aijbe-34	194	7	root	root	NOUN
aijbe-34	194	8	tests	test	NOUN
aijbe-34	194	9	for	for	ADP
aijbe-34	194	10	panel	panel	NOUN
aijbe-34	194	11	data	datum	NOUN
aijbe-34	194	12	.	.	PUNCT
aijbe-34	195	1	in	in	ADP
aijbe-34	195	2	b.	b.	PROPN
aijbe-34	195	3	baltagi	baltagi	PROPN
aijbe-34	195	4	(	(	PUNCT
aijbe-34	195	5	ed	ed	NOUN
aijbe-34	195	6	.	.	PUNCT
aijbe-34	195	7	)	)	PUNCT
aijbe-34	195	8	,	,	PUNCT
aijbe-34	195	9	nonstationary	nonstationary	ADJ
aijbe-34	195	10	panels	panel	NOUN
aijbe-34	195	11	,	,	PUNCT
aijbe-34	195	12	panel	panel	NOUN
aijbe-34	195	13	co	co	NOUN
aijbe-34	195	14	-	-	NOUN
aijbe-34	195	15	integration	integration	NOUN
aijbe-34	195	16	,	,	PUNCT
aijbe-34	195	17	and	and	CCONJ
aijbe-34	195	18	dynamic	dynamic	ADJ
aijbe-34	195	19	panels	panel	NOUN
aijbe-34	195	20	,	,	PUNCT
aijbe-34	195	21	advances	advance	NOUN
aijbe-34	195	22	in	in	ADP
aijbe-34	195	23	econometrics	econometric	NOUN
aijbe-34	195	24	,	,	PUNCT
aijbe-34	195	25	15	15	NUM
aijbe-34	195	26	,	,	PUNCT
aijbe-34	195	27	jai	jai	PROPN
aijbe-34	195	28	,	,	PUNCT
aijbe-34	195	29	amsterdam	amsterdam	PROPN
aijbe-34	195	30	,	,	PUNCT
aijbe-34	195	31	161	161	NUM
aijbe-34	195	32	-	-	SYM
aijbe-34	195	33	178	178	NUM
aijbe-34	195	34	.	.	PUNCT
aijbe-34	196	1	carlsson	carlsson	PROPN
aijbe-34	196	2	,	,	PUNCT
aijbe-34	196	3	m.	m.	NOUN
aijbe-34	196	4	,	,	PUNCT
aijbe-34	196	5	lyhagen	lyhagen	PROPN
aijbe-34	196	6	,	,	PUNCT
aijbe-34	196	7	j.	j.	PROPN
aijbe-34	196	8	&	&	CCONJ
aijbe-34	196	9	österholm	österholm	PROPN
aijbe-34	196	10	,	,	PUNCT
aijbe-34	196	11	p.	p.	NOUN
aijbe-34	196	12	(	(	PUNCT
aijbe-34	196	13	2007).testing	2007).testing	NOUN
aijbe-34	196	14	for	for	ADP
aijbe-34	196	15	purchasing	purchase	VERB
aijbe-34	196	16	power	power	NOUN
aijbe-34	196	17	parity	parity	NOUN
aijbe-34	196	18	in	in	ADP
aijbe-34	196	19	co	co	ADJ
aijbe-34	196	20	-	-	ADJ
aijbe-34	196	21	integrated	integrate	VERB
aijbe-34	196	22	panels.imf	panels.imf	NOUN
aijbe-34	196	23	working	working	NOUN
aijbe-34	196	24	paper	paper	NOUN
aijbe-34	196	25	,	,	PUNCT
aijbe-34	196	26	wp/07/287	wp/07/287	PROPN
aijbe-34	196	27	.	.	PUNCT
aijbe-34	197	1	chou	chou	NOUN
aijbe-34	197	2	,	,	PUNCT
aijbe-34	197	3	y.	y.	PROPN
aijbe-34	197	4	k.	k.	PROPN
aijbe-34	197	5	and	and	CCONJ
aijbe-34	197	6	chin	chin	PROPN
aijbe-34	197	7	,	,	PUNCT
aijbe-34	197	8	m.	m.	NOUN
aijbe-34	197	9	s.	s.	PROPN
aijbe-34	197	10	(	(	PUNCT
aijbe-34	197	11	2001	2001	NUM
aijbe-34	197	12	)	)	PUNCT
aijbe-34	197	13	.	.	PUNCT
aijbe-34	198	1	human	human	ADJ
aijbe-34	198	2	capital	capital	NOUN
aijbe-34	198	3	,	,	PUNCT
aijbe-34	198	4	financial	financial	ADJ
aijbe-34	198	5	innovations	innovation	NOUN
aijbe-34	198	6	and	and	CCONJ
aijbe-34	198	7	growth	growth	NOUN
aijbe-34	198	8	:	:	PUNCT
aijbe-34	198	9	a	a	DET
aijbe-34	198	10	theoretical	theoretical	ADJ
aijbe-34	198	11	approach	approach	NOUN
aijbe-34	198	12	.	.	PUNCT
aijbe-34	199	1	research	research	NOUN
aijbe-34	199	2	paper	paper	NOUN
aijbe-34	199	3	number	number	NOUN
aijbe-34	199	4	836	836	NUM
aijbe-34	199	5	,	,	PUNCT
aijbe-34	199	6	department	department	NOUN
aijbe-34	199	7	of	of	ADP
aijbe-34	199	8	economics	economic	NOUN
aijbe-34	199	9	,	,	PUNCT
aijbe-34	199	10	the	the	DET
aijbe-34	199	11	university	university	NOUN
aijbe-34	199	12	of	of	ADP
aijbe-34	199	13	melbourne	melbourne	PROPN
aijbe-34	199	14	.	.	PUNCT
aijbe-34	200	1	christopoulos	christopoulos	PROPN
aijbe-34	200	2	,	,	PUNCT
aijbe-34	200	3	d.	d.	PROPN
aijbe-34	200	4	k.	k.	PROPN
aijbe-34	200	5	&	&	CCONJ
aijbe-34	200	6	tsionas	tsionas	PROPN
aijbe-34	200	7	,	,	PUNCT
aijbe-34	200	8	e.	e.	PROPN
aijbe-34	200	9	g.	g.	PROPN
aijbe-34	200	10	(	(	PUNCT
aijbe-34	200	11	2003	2003	NUM
aijbe-34	200	12	)	)	PUNCT
aijbe-34	200	13	.	.	PUNCT
aijbe-34	201	1	financial	financial	ADJ
aijbe-34	201	2	development	development	NOUN
aijbe-34	201	3	and	and	CCONJ
aijbe-34	201	4	economic	economic	ADJ
aijbe-34	201	5	growth	growth	NOUN
aijbe-34	201	6	:	:	PUNCT
aijbe-34	201	7	evidence	evidence	NOUN
aijbe-34	201	8	from	from	ADP
aijbe-34	201	9	panel	panel	NOUN
aijbe-34	201	10	unit	unit	NOUN
aijbe-34	201	11	root	root	NOUN
aijbe-34	201	12	and	and	CCONJ
aijbe-34	201	13	co	co	NOUN
aijbe-34	201	14	-	-	NOUN
aijbe-34	201	15	integration	integration	NOUN
aijbe-34	201	16	test	test	NOUN
aijbe-34	201	17	.	.	PUNCT
aijbe-34	202	1	journal	journal	NOUN
aijbe-34	202	2	of	of	ADP
aijbe-34	202	3	development	development	NOUN
aijbe-34	202	4	economics.issue	economics.issue	PROPN
aijbe-34	202	5	7	7	NUM
aijbe-34	202	6	,	,	PUNCT
aijbe-34	202	7	55	55	NUM
aijbe-34	202	8	-	-	SYM
aijbe-34	202	9	74	74	NUM
aijbe-34	202	10	.	.	PUNCT
aijbe-34	203	1	dey	dey	PROPN
aijbe-34	203	2	,	,	PUNCT
aijbe-34	203	3	m.	m.	PROPN
aijbe-34	203	4	k.	k.	PROPN
aijbe-34	203	5	(	(	PUNCT
aijbe-34	203	6	n.d	n.d	PROPN
aijbe-34	203	7	.	.	PROPN
aijbe-34	203	8	)	)	PUNCT
aijbe-34	203	9	.	.	PUNCT
aijbe-34	204	1	are	be	AUX
aijbe-34	204	2	banks	bank	NOUN
aijbe-34	204	3	and	and	CCONJ
aijbe-34	204	4	stock	stock	NOUN
aijbe-34	204	5	markets	market	NOUN
aijbe-34	204	6	compliments	compliment	NOUN
aijbe-34	204	7	or	or	CCONJ
aijbe-34	204	8	substitutes	substitute	NOUN
aijbe-34	204	9	?	?	PUNCT
aijbe-34	205	1	morgan	morgan	PROPN
aijbe-34	205	2	state	state	PROPN
aijbe-34	205	3	university	university	PROPN
aijbe-34	205	4	,	,	PUNCT
aijbe-34	205	5	baltimore	baltimore	PROPN
aijbe-34	205	6	dufrenot	dufrenot	PROPN
aijbe-34	205	7	,	,	PUNCT
aijbe-34	205	8	g.	g.	NOUN
aijbe-34	205	9	,	,	PUNCT
aijbe-34	205	10	mignon	mignon	NOUN
aijbe-34	205	11	,	,	PUNCT
aijbe-34	205	12	v.	v.	PROPN
aijbe-34	205	13	&	&	CCONJ
aijbe-34	205	14	penguin	penguin	NOUN
aijbe-34	205	15	-	-	PUNCT
aijbe-34	205	16	feissolle	feissolle	NOUN
aijbe-34	205	17	,	,	PUNCT
aijbe-34	205	18	a.	a.	NOUN
aijbe-34	205	19	(	(	PUNCT
aijbe-34	205	20	2010	2010	NUM
aijbe-34	205	21	)	)	PUNCT
aijbe-34	205	22	.	.	PUNCT
aijbe-34	206	1	testing	test	VERB
aijbe-34	206	2	the	the	DET
aijbe-34	206	3	finance	finance	NOUN
aijbe-34	206	4	-	-	PUNCT
aijbe-34	206	5	growth	growth	NOUN
aijbe-34	206	6	link	link	NOUN
aijbe-34	206	7	:	:	PUNCT
aijbe-34	206	8	is	be	AUX
aijbe-34	206	9	there	there	PRON
aijbe-34	206	10	a	a	DET
aijbe-34	206	11	difference	difference	NOUN
aijbe-34	206	12	between	between	ADP
aijbe-34	206	13	the	the	DET
aijbe-34	206	14	developed	developed	ADJ
aijbe-34	206	15	and	and	CCONJ
aijbe-34	206	16	developing	develop	VERB
aijbe-34	206	17	countries	country	NOUN
aijbe-34	206	18	?	?	PUNCT
aijbe-34	207	1	document	document	NOUN
aijbe-34	207	2	de	de	X
aijbe-34	207	3	travail	travail	X
aijbe-34	207	4	no	no	NOUN
aijbe-34	207	5	.	.	PUNCT
aijbe-34	207	6	2010	2010	NUM
aijbe-34	207	7	-	-	SYM
aijbe-34	207	8	44	44	NUM
aijbe-34	207	9	.	.	PUNCT
aijbe-34	208	1	esso	esso	PROPN
aijbe-34	208	2	,	,	PUNCT
aijbe-34	208	3	(	(	PUNCT
aijbe-34	208	4	2010	2010	NUM
aijbe-34	208	5	)	)	PUNCT
aijbe-34	208	6	.	.	PUNCT
aijbe-34	209	1	re	re	VERB
aijbe-34	209	2	-	-	VERB
aijbe-34	209	3	examining	examine	VERB
aijbe-34	209	4	the	the	DET
aijbe-34	209	5	finance	finance	NOUN
aijbe-34	209	6	-	-	PUNCT
aijbe-34	209	7	growth	growth	NOUN
aijbe-34	209	8	nexus	nexus	NOUN
aijbe-34	209	9	:	:	PUNCT
aijbe-34	209	10	structural	structural	ADJ
aijbe-34	209	11	break	break	NOUN
aijbe-34	209	12	,	,	PUNCT
aijbe-34	209	13	threshold	threshold	NOUN
aijbe-34	209	14	cointegration	cointegration	NOUN
aijbe-34	209	15	and	and	CCONJ
aijbe-34	209	16	causality	causality	NOUN
aijbe-34	209	17	evidence	evidence	NOUN
aijbe-34	209	18	from	from	ADP
aijbe-34	209	19	the	the	DET
aijbe-34	209	20	ecowas.journal	ecowas.journal	ADJ
aijbe-34	209	21	of	of	ADP
aijbe-34	209	22	economic	economic	ADJ
aijbe-34	209	23	development	development	NOUN
aijbe-34	209	24	.	.	PUNCT
aijbe-34	210	1	35(3	35(3	NUM
aijbe-34	210	2	):	):	PUNCT
aijbe-34	210	3	57	57	NUM
aijbe-34	210	4	-	-	SYM
aijbe-34	210	5	79	79	NUM
aijbe-34	210	6	.	.	PUNCT
aijbe-34	211	1	i	i	PRON
aijbe-34	211	2	m	m	PROPN
aijbe-34	211	3	,	,	PUNCT
aijbe-34	211	4	k.	k.	PROPN
aijbe-34	211	5	,	,	PUNCT
aijbe-34	211	6	pesaran	pesaran	NOUN
aijbe-34	211	7	,	,	PUNCT
aijbe-34	211	8	h.	h.	PROPN
aijbe-34	211	9	,	,	PUNCT
aijbe-34	211	10	&	&	CCONJ
aijbe-34	211	11	shin	shin	PROPN
aijbe-34	211	12	,	,	PUNCT
aijbe-34	211	13	y.	y.	PROPN
aijbe-34	211	14	(	(	PUNCT
aijbe-34	211	15	2003	2003	NUM
aijbe-34	211	16	)	)	PUNCT
aijbe-34	211	17	.	.	PUNCT
aijbe-34	212	1	testing	test	VERB
aijbe-34	212	2	for	for	ADP
aijbe-34	212	3	unit	unit	NOUN
aijbe-34	212	4	roots	root	NOUN
aijbe-34	212	5	in	in	ADP
aijbe-34	212	6	heterogeneous	heterogeneous	ADJ
aijbe-34	212	7	panels.journal	panels.journal	PROPN
aijbe-34	212	8	of	of	ADP
aijbe-34	212	9	econometrics	econometric	NOUN
aijbe-34	212	10	,	,	PUNCT
aijbe-34	212	11	115	115	NUM
aijbe-34	212	12	,	,	PUNCT
aijbe-34	212	13	53	53	NUM
aijbe-34	212	14	-	-	SYM
aijbe-34	212	15	74	74	NUM
aijbe-34	212	16	.	.	PUNCT
aijbe-34	213	1	kao	kao	PROPN
aijbe-34	213	2	,	,	PUNCT
aijbe-34	213	3	c.	c.	PROPN
aijbe-34	213	4	(	(	PUNCT
aijbe-34	213	5	1999	1999	NUM
aijbe-34	213	6	)	)	PUNCT
aijbe-34	213	7	.	.	PUNCT
aijbe-34	214	1	spurious	spurious	ADJ
aijbe-34	214	2	regression	regression	NOUN
aijbe-34	214	3	and	and	CCONJ
aijbe-34	214	4	residual	residual	ADJ
aijbe-34	214	5	-	-	PUNCT
aijbe-34	214	6	based	base	VERB
aijbe-34	214	7	tests	test	NOUN
aijbe-34	214	8	for	for	ADP
aijbe-34	214	9	co	co	NOUN
aijbe-34	214	10	-	-	NOUN
aijbe-34	214	11	integration	integration	NOUN
aijbe-34	214	12	in	in	ADP
aijbe-34	214	13	panel	panel	NOUN
aijbe-34	214	14	data.journal	data.journal	ADJ
aijbe-34	214	15	of	of	ADP
aijbe-34	214	16	econometrics	econometric	NOUN
aijbe-34	214	17	,	,	PUNCT
aijbe-34	214	18	90	90	NUM
aijbe-34	214	19	,	,	PUNCT
aijbe-34	214	20	1	1	NUM
aijbe-34	214	21	-	-	SYM
aijbe-34	214	22	44	44	NUM
aijbe-34	214	23	.	.	PUNCT
aijbe-34	215	1	king	king	PROPN
aijbe-34	215	2	,	,	PUNCT
aijbe-34	215	3	r.g	r.g	PROPN
aijbe-34	215	4	.	.	PROPN
aijbe-34	215	5	,	,	PUNCT
aijbe-34	215	6	&	&	CCONJ
aijbe-34	215	7	levine	levine	PROPN
aijbe-34	215	8	,	,	PUNCT
aijbe-34	215	9	r.	r.	PROPN
aijbe-34	215	10	(	(	PUNCT
aijbe-34	215	11	1993	1993	NUM
aijbe-34	215	12	)	)	PUNCT
aijbe-34	215	13	.	.	PUNCT
aijbe-34	216	1	finance	finance	NOUN
aijbe-34	216	2	and	and	CCONJ
aijbe-34	216	3	growth	growth	NOUN
aijbe-34	216	4	:	:	PUNCT
aijbe-34	216	5	schumpeter	schumpeter	NOUN
aijbe-34	216	6	might	might	AUX
aijbe-34	216	7	be	be	AUX
aijbe-34	216	8	right	right	ADJ
aijbe-34	216	9	.	.	PUNCT
aijbe-34	217	1	thequarterly	thequarterly	ADV
aijbe-34	217	2	journal	journal	NOUN
aijbe-34	217	3	of	of	ADP
aijbe-34	217	4	economics.108(3	economics.108(3	PROPN
aijbe-34	217	5	)	)	PUNCT
aijbe-34	217	6	,	,	PUNCT
aijbe-34	217	7	717	717	NUM
aijbe-34	217	8	-	-	SYM
aijbe-34	217	9	737	737	NUM
aijbe-34	217	10	.	.	PUNCT
aijbe-34	218	1	kiran	kiran	PROPN
aijbe-34	218	2	,	,	PUNCT
aijbe-34	218	3	b.	b.	PROPN
aijbe-34	218	4	,	,	PUNCT
aijbe-34	218	5	yavuz	yavuz	PROPN
aijbe-34	218	6	,	,	PUNCT
aijbe-34	218	7	n.	n.	PROPN
aijbe-34	218	8	c.	c.	PROPN
aijbe-34	218	9	&	&	CCONJ
aijbe-34	218	10	güriş.b	güriş.b	PROPN
aijbe-34	218	11	.	.	PUNCT
aijbe-34	219	1	(	(	PUNCT
aijbe-34	219	2	2009	2009	NUM
aijbe-34	219	3	)	)	PUNCT
aijbe-34	219	4	.	.	PUNCT
aijbe-34	220	1	financial	financial	ADJ
aijbe-34	220	2	development	development	NOUN
aijbe-34	220	3	and	and	CCONJ
aijbe-34	220	4	economic	economic	ADJ
aijbe-34	220	5	growth	growth	NOUN
aijbe-34	220	6	:	:	PUNCT
aijbe-34	220	7	a	a	DET
aijbe-34	220	8	panel	panel	NOUN
aijbe-34	220	9	data	data	VERB
aijbe-34	220	10	analysis	analysis	NOUN
aijbe-34	220	11	of	of	ADP
aijbe-34	220	12	emerging	emerge	VERB
aijbe-34	220	13	countries	country	NOUN
aijbe-34	220	14	.	.	PUNCT
aijbe-34	221	1	international	international	ADJ
aijbe-34	221	2	research	research	PROPN
aijbe-34	221	3	journal	journal	NOUN
aijbe-34	221	4	of	of	ADP
aijbe-34	221	5	finance	finance	NOUN
aijbe-34	221	6	and	and	CCONJ
aijbe-34	221	7	economics	economic	NOUN
aijbe-34	221	8	,	,	PUNCT
aijbe-34	221	9	issue	issue	NOUN
aijbe-34	221	10	30	30	NUM
aijbe-34	221	11	,	,	PUNCT
aijbe-34	221	12	87	87	NUM
aijbe-34	221	13	-	-	SYM
aijbe-34	221	14	94	94	NUM
aijbe-34	221	15	.	.	PUNCT
aijbe-34	222	1	kronberger	kronberger	PROPN
aijbe-34	222	2	,	,	PUNCT
aijbe-34	222	3	r.	r.	PROPN
aijbe-34	222	4	(	(	PUNCT
aijbe-34	222	5	2002	2002	NUM
aijbe-34	222	6	)	)	PUNCT
aijbe-34	222	7	.	.	PUNCT
aijbe-34	223	1	a	a	DET
aijbe-34	223	2	cost	cost	NOUN
aijbe-34	223	3	-	-	PUNCT
aijbe-34	223	4	benefit	benefit	NOUN
aijbe-34	223	5	analysis	analysis	NOUN
aijbe-34	223	6	of	of	ADP
aijbe-34	223	7	a	a	DET
aijbe-34	223	8	monetary	monetary	ADJ
aijbe-34	223	9	union	union	NOUN
aijbe-34	223	10	for	for	ADP
aijbe-34	223	11	mercosur	mercosur	PROPN
aijbe-34	223	12	with	with	ADP
aijbe-34	223	13	particular	particular	ADJ
aijbe-34	223	14	emphasis	emphasis	NOUN
aijbe-34	223	15	on	on	ADP
aijbe-34	223	16	the	the	DET
aijbe-34	223	17	optimum	optimum	ADJ
aijbe-34	223	18	currency	currency	NOUN
aijbe-34	223	19	area	area	NOUN
aijbe-34	223	20	theory.integration	theory.integration	NOUN
aijbe-34	223	21	&	&	CCONJ
aijbe-34	223	22	trade	trade	NOUN
aijbe-34	223	23	,	,	PUNCT
aijbe-34	223	24	no	no	INTJ
aijbe-34	223	25	.	.	PROPN
aijbe-34	223	26	16	16	NUM
aijbe-34	223	27	(	(	PUNCT
aijbe-34	223	28	january	january	PROPN
aijbe-34	223	29	–	–	PUNCT
aijbe-34	223	30	june	june	PROPN
aijbe-34	223	31	,	,	PUNCT
aijbe-34	223	32	2002	2002	NUM
aijbe-34	223	33	)	)	PUNCT
aijbe-34	223	34	,	,	PUNCT
aijbe-34	223	35	intal	intal	ADJ
aijbe-34	223	36	inter	inter	ADJ
aijbe-34	223	37	-	-	ADJ
aijbe-34	223	38	american	american	PROPN
aijbe-34	223	39	development	development	PROPN
aijbe-34	223	40	bank	bank	PROPN
aijbe-34	223	41	,	,	PUNCT
aijbe-34	223	42	buenos	buenos	PROPN
aijbe-34	223	43	aires	aires	PROPN
aijbe-34	223	44	.	.	PUNCT
aijbe-34	224	1	levin	levin	PROPN
aijbe-34	224	2	,	,	PUNCT
aijbe-34	224	3	a.	a.	PROPN
aijbe-34	224	4	,	,	PUNCT
aijbe-34	224	5	&	&	CCONJ
aijbe-34	224	6	lin	lin	PROPN
aijbe-34	224	7	,	,	PUNCT
aijbe-34	224	8	c.	c.	PROPN
aijbe-34	224	9	f.	f.	PROPN
aijbe-34	224	10	(	(	PUNCT
aijbe-34	224	11	1993	1993	NUM
aijbe-34	224	12	)	)	PUNCT
aijbe-34	224	13	.	.	PUNCT
aijbe-34	225	1	unit	unit	NOUN
aijbe-34	225	2	root	root	NOUN
aijbe-34	225	3	tests	test	NOUN
aijbe-34	225	4	in	in	ADP
aijbe-34	225	5	panel	panel	NOUN
aijbe-34	225	6	data	datum	NOUN
aijbe-34	225	7	:	:	PUNCT
aijbe-34	225	8	new	new	ADJ
aijbe-34	225	9	results	result	NOUN
aijbe-34	225	10	.	.	PUNCT
aijbe-34	226	1	discussion	discussion	NOUN
aijbe-34	226	2	paper	paper	NOUN
aijbe-34	226	3	,	,	PUNCT
aijbe-34	226	4	department	department	NOUN
aijbe-34	226	5	of	of	ADP
aijbe-34	226	6	economics	economic	NOUN
aijbe-34	226	7	,	,	PUNCT
aijbe-34	226	8	uc	uc	PROPN
aijbe-34	226	9	-	-	PROPN
aijbe-34	226	10	san	san	PROPN
aijbe-34	226	11	diego	diego	PROPN
aijbe-34	226	12	.	.	PUNCT
aijbe-34	227	1	levin	levin	PROPN
aijbe-34	227	2	,	,	PUNCT
aijbe-34	227	3	a.	a.	PROPN
aijbe-34	227	4	,	,	PUNCT
aijbe-34	227	5	lin	lin	PROPN
aijbe-34	227	6	,	,	PUNCT
aijbe-34	227	7	c.	c.	PROPN
aijbe-34	227	8	,	,	PUNCT
aijbe-34	227	9	&	&	CCONJ
aijbe-34	227	10	chu	chu	PROPN
aijbe-34	227	11	,	,	PUNCT
aijbe-34	227	12	c.	c.	PROPN
aijbe-34	227	13	(	(	PUNCT
aijbe-34	227	14	2002	2002	NUM
aijbe-34	227	15	)	)	PUNCT
aijbe-34	227	16	.	.	PUNCT
aijbe-34	228	1	unit	unit	NOUN
aijbe-34	228	2	root	root	PROPN
aijbe-34	228	3	test	test	NOUN
aijbe-34	228	4	in	in	ADP
aijbe-34	228	5	panel	panel	NOUN
aijbe-34	228	6	data	datum	NOUN
aijbe-34	228	7	:	:	PUNCT
aijbe-34	228	8	asymptotic	asymptotic	ADJ
aijbe-34	228	9	and	and	CCONJ
aijbe-34	228	10	finite	finite	ADJ
aijbe-34	228	11	sample	sample	NOUN
aijbe-34	228	12	properties	property	NOUN
aijbe-34	228	13	.	.	PUNCT
aijbe-34	229	1	journal	journal	PROPN
aijbe-34	229	2	of	of	ADP
aijbe-34	229	3	econometrics	econometric	NOUN
aijbe-34	229	4	,	,	PUNCT
aijbe-34	229	5	108	108	NUM
aijbe-34	229	6	(	(	PUNCT
aijbe-34	229	7	1	1	NUM
aijbe-34	229	8	)	)	PUNCT
aijbe-34	229	9	,	,	PUNCT
aijbe-34	229	10	1	1	NUM
aijbe-34	229	11	-	-	SYM
aijbe-34	229	12	24	24	NUM
aijbe-34	229	13	.	.	PUNCT
aijbe-34	230	1	levine	levine	PROPN
aijbe-34	230	2	,	,	PUNCT
aijbe-34	230	3	r.	r.	PROPN
aijbe-34	230	4	&	&	CCONJ
aijbe-34	230	5	zervos	zervos	PROPN
aijbe-34	230	6	,	,	PUNCT
aijbe-34	230	7	s.	s.	PROPN
aijbe-34	230	8	(	(	PUNCT
aijbe-34	230	9	1998	1998	NUM
aijbe-34	230	10	)	)	PUNCT
aijbe-34	230	11	.	.	PUNCT
aijbe-34	231	1	stock	stock	NOUN
aijbe-34	231	2	markets	market	NOUN
aijbe-34	231	3	,	,	PUNCT
aijbe-34	231	4	banks	bank	NOUN
aijbe-34	231	5	,	,	PUNCT
aijbe-34	231	6	and	and	CCONJ
aijbe-34	231	7	economic	economic	ADJ
aijbe-34	231	8	growth.american	growth.american	NUM
aijbe-34	231	9	economic	economic	ADJ
aijbe-34	231	10	review	review	NOUN
aijbe-34	231	11	,	,	PUNCT
aijbe-34	231	12	88	88	NUM
aijbe-34	231	13	,	,	PUNCT
aijbe-34	231	14	537	537	NUM
aijbe-34	231	15	-	-	SYM
aijbe-34	231	16	558	558	NUM
aijbe-34	231	17	.	.	PUNCT
aijbe-34	232	1	levin	levin	PROPN
aijbe-34	232	2	h.	h.	PROPN
aijbe-34	232	3	(	(	PUNCT
aijbe-34	232	4	2023	2023	NUM
aijbe-34	232	5	)	)	PUNCT
aijbe-34	232	6	american	american	ADJ
aijbe-34	232	7	interdisciplinary	interdisciplinary	ADJ
aijbe-34	232	8	journal	journal	NOUN
aijbe-34	232	9	of	of	ADP
aijbe-34	232	10	business	business	NOUN
aijbe-34	232	11	and	and	CCONJ
aijbe-34	232	12	economics	economic	NOUN
aijbe-34	232	13	|	|	ADV
aijbe-34	232	14	51	51	NUM
aijbe-34	232	15	https://sadipub.com/journals/index.php/aijbe	https://sadipub.com/journals/index.php/aijbe	ADJ
aijbe-34	232	16	maddala	maddala	NOUN
aijbe-34	232	17	,	,	PUNCT
aijbe-34	232	18	g.	g.	PROPN
aijbe-34	232	19	,	,	PUNCT
aijbe-34	232	20	&	&	CCONJ
aijbe-34	232	21	wu	wu	PROPN
aijbe-34	232	22	,	,	PUNCT
aijbe-34	232	23	s.	s.	PROPN
aijbe-34	232	24	(	(	PUNCT
aijbe-34	232	25	1999	1999	NUM
aijbe-34	232	26	)	)	PUNCT
aijbe-34	232	27	.	.	PUNCT
aijbe-34	233	1	a	a	DET
aijbe-34	233	2	comparative	comparative	ADJ
aijbe-34	233	3	study	study	NOUN
aijbe-34	233	4	of	of	ADP
aijbe-34	233	5	unit	unit	NOUN
aijbe-34	233	6	root	root	NOUN
aijbe-34	233	7	tests	test	NOUN
aijbe-34	233	8	with	with	ADP
aijbe-34	233	9	panel	panel	NOUN
aijbe-34	233	10	data	datum	NOUN
aijbe-34	233	11	and	and	CCONJ
aijbe-34	233	12	a	a	DET
aijbe-34	233	13	new	new	ADJ
aijbe-34	233	14	simple	simple	ADJ
aijbe-34	233	15	test	test	NOUN
aijbe-34	233	16	.	.	PUNCT
aijbe-34	234	1	oxford	oxford	ADJ
aijbe-34	234	2	bulletin	bulletin	NOUN
aijbe-34	234	3	of	of	ADP
aijbe-34	234	4	economics	economic	NOUN
aijbe-34	234	5	and	and	CCONJ
aijbe-34	234	6	statistics	statistic	NOUN
aijbe-34	234	7	,	,	PUNCT
aijbe-34	234	8	61	61	NUM
aijbe-34	234	9	,	,	PUNCT
aijbe-34	234	10	631652	631652	NUM
aijbe-34	234	11	.	.	PUNCT
aijbe-34	235	1	mckinnon	mckinnon	PROPN
aijbe-34	235	2	,	,	PUNCT
aijbe-34	235	3	r	r	NOUN
aijbe-34	235	4	,	,	PUNCT
aijbe-34	235	5	(	(	PUNCT
aijbe-34	235	6	1973	1973	NUM
aijbe-34	235	7	)	)	PUNCT
aijbe-34	235	8	money	money	NOUN
aijbe-34	235	9	and	and	CCONJ
aijbe-34	235	10	capital	capital	NOUN
aijbe-34	235	11	in	in	ADP
aijbe-34	235	12	economic	economic	ADJ
aijbe-34	235	13	development.washington	development.washington	PROPN
aijbe-34	235	14	:	:	PUNCT
aijbe-34	235	15	the	the	DET
aijbe-34	235	16	brookings	brookings	PROPN
aijbe-34	235	17	institute	institute	PROPN
aijbe-34	235	18	.	.	PUNCT
aijbe-34	236	1	mohtadi	mohtadi	PROPN
aijbe-34	236	2	,	,	PUNCT
aijbe-34	236	3	h.	h.	PROPN
aijbe-34	236	4	&	&	CCONJ
aijbe-34	236	5	agarwal	agarwal	PROPN
aijbe-34	236	6	,	,	PUNCT
aijbe-34	236	7	s.	s.	PROPN
aijbe-34	236	8	(	(	PUNCT
aijbe-34	236	9	2004	2004	NUM
aijbe-34	236	10	)	)	PUNCT
aijbe-34	236	11	.	.	PUNCT
aijbe-34	237	1	stock	stock	NOUN
aijbe-34	237	2	market	market	NOUN
aijbe-34	237	3	development	development	NOUN
aijbe-34	237	4	and	and	CCONJ
aijbe-34	237	5	economic	economic	ADJ
aijbe-34	237	6	growth	growth	NOUN
aijbe-34	237	7	:	:	PUNCT
aijbe-34	237	8	evidence	evidence	NOUN
aijbe-34	237	9	from	from	ADP
aijbe-34	237	10	developing	develop	VERB
aijbe-34	237	11	countries	country	NOUN
aijbe-34	237	12	,	,	PUNCT
aijbe-34	237	13	oxford	oxford	PROPN
aijbe-34	237	14	university	university	PROPN
aijbe-34	237	15	press	press	NOUN
aijbe-34	237	16	,	,	PUNCT
aijbe-34	237	17	new	new	PROPN
aijbe-34	237	18	york	york	PROPN
aijbe-34	237	19	.	.	PUNCT
aijbe-34	238	1	odhaimbo	odhaimbo	PROPN
aijbe-34	238	2	,	,	PUNCT
aijbe-34	238	3	n.	n.	NOUN
aijbe-34	238	4	m.	m.	NOUN
aijbe-34	238	5	(	(	PUNCT
aijbe-34	238	6	2010	2010	NUM
aijbe-34	238	7	)	)	PUNCT
aijbe-34	238	8	.	.	PUNCT
aijbe-34	239	1	are	be	AUX
aijbe-34	239	2	banks	bank	NOUN
aijbe-34	239	3	and	and	CCONJ
aijbe-34	239	4	stock	stock	NOUN
aijbe-34	239	5	markets	market	NOUN
aijbe-34	239	6	positively	positively	ADV
aijbe-34	239	7	related	relate	VERB
aijbe-34	239	8	?	?	PUNCT
aijbe-34	240	1	empirical	empirical	ADJ
aijbe-34	240	2	evidence	evidence	NOUN
aijbe-34	240	3	from	from	ADP
aijbe-34	240	4	south	south	PROPN
aijbe-34	240	5	africa	africa	PROPN
aijbe-34	240	6	.	.	PUNCT
aijbe-34	241	1	the	the	DET
aijbe-34	241	2	journal	journal	NOUN
aijbe-34	241	3	applied	apply	VERB
aijbe-34	241	4	business	business	NOUN
aijbe-34	241	5	research	research	NOUN
aijbe-34	241	6	,	,	PUNCT
aijbe-34	241	7	26(6),17	26(6),17	NUM
aijbe-34	241	8	-	-	SYM
aijbe-34	241	9	26	26	NUM
aijbe-34	241	10	.	.	PUNCT
aijbe-34	241	11	pedroni	pedroni	NOUN
aijbe-34	241	12	,	,	PUNCT
aijbe-34	241	13	p.	p.	NOUN
aijbe-34	241	14	(	(	PUNCT
aijbe-34	241	15	1999	1999	NUM
aijbe-34	241	16	)	)	PUNCT
aijbe-34	241	17	.	.	PUNCT
aijbe-34	242	1	critical	critical	ADJ
aijbe-34	242	2	values	value	NOUN
aijbe-34	242	3	for	for	ADP
aijbe-34	242	4	co	co	NOUN
aijbe-34	242	5	-	-	NOUN
aijbe-34	242	6	integration	integration	NOUN
aijbe-34	242	7	tests	test	NOUN
aijbe-34	242	8	in	in	ADP
aijbe-34	242	9	heterogeneous	heterogeneous	ADJ
aijbe-34	242	10	panels	panel	NOUN
aijbe-34	242	11	with	with	ADP
aijbe-34	242	12	multiple	multiple	ADJ
aijbe-34	242	13	regressors	regressor	NOUN
aijbe-34	242	14	.	.	PUNCT
aijbe-34	243	1	oxford	oxford	ADJ
aijbe-34	243	2	bulletin	bulletin	NOUN
aijbe-34	243	3	of	of	ADP
aijbe-34	243	4	economics	economic	NOUN
aijbe-34	243	5	and	and	CCONJ
aijbe-34	243	6	statistics	statistic	NOUN
aijbe-34	243	7	,	,	PUNCT
aijbe-34	243	8	61	61	NUM
aijbe-34	243	9	,	,	PUNCT
aijbe-34	243	10	653670	653670	NUM
aijbe-34	243	11	.	.	PUNCT
aijbe-34	244	1	pedroni	pedroni	NOUN
aijbe-34	244	2	,	,	PUNCT
aijbe-34	244	3	p.	p.	NOUN
aijbe-34	244	4	(	(	PUNCT
aijbe-34	244	5	2000	2000	NUM
aijbe-34	244	6	)	)	PUNCT
aijbe-34	244	7	.	.	PUNCT
aijbe-34	245	1	fully	fully	ADV
aijbe-34	245	2	modified	modify	VERB
aijbe-34	245	3	ols	ol	NOUN
aijbe-34	245	4	for	for	ADP
aijbe-34	245	5	heterogeneous	heterogeneous	ADJ
aijbe-34	245	6	co	co	ADJ
aijbe-34	245	7	-	-	ADJ
aijbe-34	245	8	integrated	integrated	ADJ
aijbe-34	245	9	panels	panel	NOUN
aijbe-34	245	10	.	.	PUNCT
aijbe-34	246	1	advances	advance	NOUN
aijbe-34	246	2	in	in	ADP
aijbe-34	246	3	econometrics	econometric	NOUN
aijbe-34	246	4	,	,	PUNCT
aijbe-34	246	5	15	15	NUM
aijbe-34	246	6	,	,	PUNCT
aijbe-34	246	7	93	93	NUM
aijbe-34	246	8	-	-	SYM
aijbe-34	246	9	130	130	NUM
aijbe-34	246	10	.	.	PUNCT
aijbe-34	246	11	pedroni	pedroni	NOUN
aijbe-34	246	12	,	,	PUNCT
aijbe-34	246	13	p.	p.	NOUN
aijbe-34	246	14	(	(	PUNCT
aijbe-34	246	15	2001	2001	NUM
aijbe-34	246	16	)	)	PUNCT
aijbe-34	246	17	.	.	PUNCT
aijbe-34	247	1	purchasing	purchase	VERB
aijbe-34	247	2	power	power	NOUN
aijbe-34	247	3	parity	parity	NOUN
aijbe-34	247	4	tests	test	NOUN
aijbe-34	247	5	in	in	ADP
aijbe-34	247	6	co	co	ADJ
aijbe-34	247	7	-	-	ADJ
aijbe-34	247	8	integrated	integrated	ADJ
aijbe-34	247	9	panels	panel	NOUN
aijbe-34	247	10	.	.	PUNCT
aijbe-34	248	1	review	review	NOUN
aijbe-34	248	2	of	of	ADP
aijbe-34	248	3	economics	economic	NOUN
aijbe-34	248	4	and	and	CCONJ
aijbe-34	248	5	statistics	statistic	NOUN
aijbe-34	248	6	,	,	PUNCT
aijbe-34	248	7	83	83	NUM
aijbe-34	248	8	,	,	PUNCT
aijbe-34	248	9	727	727	NUM
aijbe-34	248	10	-	-	SYM
aijbe-34	248	11	731	731	NUM
aijbe-34	248	12	.	.	PUNCT
aijbe-34	249	1	pedroni	pedroni	NOUN
aijbe-34	249	2	,	,	PUNCT
aijbe-34	249	3	p.	p.	NOUN
aijbe-34	249	4	(	(	PUNCT
aijbe-34	249	5	2004	2004	NUM
aijbe-34	249	6	)	)	PUNCT
aijbe-34	249	7	.	.	PUNCT
aijbe-34	250	1	panel	panel	NOUN
aijbe-34	250	2	cointegration	cointegration	NOUN
aijbe-34	250	3	:	:	PUNCT
aijbe-34	250	4	asymptotic	asymptotic	ADJ
aijbe-34	250	5	and	and	CCONJ
aijbe-34	250	6	finite	finite	ADJ
aijbe-34	250	7	sample	sample	NOUN
aijbe-34	250	8	properties	property	NOUN
aijbe-34	250	9	of	of	ADP
aijbe-34	250	10	pooled	pool	VERB
aijbe-34	250	11	time	time	NOUN
aijbe-34	250	12	series	series	NOUN
aijbe-34	250	13	tests	test	VERB
aijbe-34	250	14	with	with	ADP
aijbe-34	250	15	an	an	DET
aijbe-34	250	16	application	application	NOUN
aijbe-34	250	17	to	to	ADP
aijbe-34	250	18	ppp	ppp	PROPN
aijbe-34	250	19	hypothesis	hypothesis	NOUN
aijbe-34	250	20	.	.	PUNCT
aijbe-34	251	1	econometric	econometric	PROPN
aijbe-34	251	2	theory	theory	NOUN
aijbe-34	251	3	,	,	PUNCT
aijbe-34	251	4	20(3	20(3	NOUN
aijbe-34	251	5	)	)	PUNCT
aijbe-34	251	6	,	,	PUNCT
aijbe-34	251	7	597	597	NUM
aijbe-34	251	8	-	-	SYM
aijbe-34	251	9	625	625	NUM
aijbe-34	251	10	.	.	PUNCT
aijbe-34	252	1	rajan	rajan	PROPN
aijbe-34	252	2	,	,	PUNCT
aijbe-34	252	3	r.g	r.g	PROPN
aijbe-34	252	4	.	.	PROPN
aijbe-34	252	5	&	&	CCONJ
aijbe-34	252	6	zingales	zingales	PROPN
aijbe-34	252	7	,	,	PUNCT
aijbe-34	252	8	l.	l.	PROPN
aijbe-34	252	9	(	(	PUNCT
aijbe-34	252	10	1998).financial	1998).financial	NUM
aijbe-34	252	11	dependence	dependence	NOUN
aijbe-34	252	12	and	and	CCONJ
aijbe-34	252	13	growth	growth	NOUN
aijbe-34	252	14	.	.	PUNCT
aijbe-34	253	1	the	the	DET
aijbe-34	253	2	american	american	PROPN
aijbe-34	253	3	economic	economic	PROPN
aijbe-34	253	4	review	review	PROPN
aijbe-34	253	5	.	.	PUNCT
aijbe-34	254	1	88(3	88(3	NUM
aijbe-34	254	2	):	):	PUNCT
aijbe-34	254	3	559	559	NUM
aijbe-34	254	4	-	-	SYM
aijbe-34	254	5	586	586	NUM
aijbe-34	254	6	.	.	PUNCT
aijbe-34	255	1	rioja	rioja	PROPN
aijbe-34	255	2	f.	f.	PROPN
aijbe-34	255	3	&	&	CCONJ
aijbe-34	255	4	valev	valev	PROPN
aijbe-34	255	5	n.	n.	PROPN
aijbe-34	255	6	(	(	PUNCT
aijbe-34	255	7	2003	2003	NUM
aijbe-34	255	8	)	)	PUNCT
aijbe-34	255	9	.	.	PUNCT
aijbe-34	256	1	does	do	AUX
aijbe-34	256	2	one	one	NUM
aijbe-34	256	3	size	size	NOUN
aijbe-34	256	4	fit	fit	VERB
aijbe-34	256	5	all	all	PRON
aijbe-34	256	6	?	?	PUNCT
aijbe-34	257	1	a	a	DET
aijbe-34	257	2	re	re	NOUN
aijbe-34	257	3	-	-	NOUN
aijbe-34	257	4	examination	examination	NOUN
aijbe-34	257	5	of	of	ADP
aijbe-34	257	6	the	the	DET
aijbe-34	257	7	finance	finance	NOUN
aijbe-34	257	8	and	and	CCONJ
aijbe-34	257	9	growth	growth	NOUN
aijbe-34	257	10	relationship	relationship	NOUN
aijbe-34	257	11	.	.	PUNCT
aijbe-34	258	1	social	social	ADJ
aijbe-34	258	2	science	science	PROPN
aijbe-34	258	3	research	research	NOUN
aijbe-34	258	4	network	network	NOUN
aijbe-34	258	5	.	.	PUNCT