id	sid	tid	token	lemma	pos
ajird-1381	1	1	american	american	PROPN
ajird-1381	1	2	journal	journal	PROPN
ajird-1381	1	3	of	of	ADP
ajird-1381	1	4	interdisciplinary	interdisciplinary	ADJ
ajird-1381	1	5	research	research	NOUN
ajird-1381	1	6	and	and	CCONJ
ajird-1381	1	7	development	development	NOUN
ajird-1381	1	8	issn	issn	PROPN
ajird-1381	1	9	online	online	NOUN
ajird-1381	1	10	:	:	PUNCT
ajird-1381	1	11	2771	2771	NUM
ajird-1381	1	12	-	-	SYM
ajird-1381	1	13	8948	8948	NUM
ajird-1381	1	14	website	website	NOUN
ajird-1381	1	15	:	:	PUNCT
ajird-1381	1	16	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1381	1	17	volume	volume	NOUN
ajird-1381	1	18	35	35	NUM
ajird-1381	1	19	,	,	PUNCT
ajird-1381	1	20	december	december	PROPN
ajird-1381	1	21	2024	2024	NUM
ajird-1381	1	22	1	1	NUM
ajird-1381	1	23	|	|	ADV
ajird-1381	1	24	p	p	X
ajird-1381	1	25	a	a	DET
ajird-1381	1	26	g	g	NOUN
ajird-1381	1	27	e	e	NOUN
ajird-1381	1	28	the	the	DET
ajird-1381	1	29	impact	impact	NOUN
ajird-1381	1	30	of	of	ADP
ajird-1381	1	31	central	central	ADJ
ajird-1381	1	32	bank	bank	NOUN
ajird-1381	1	33	digital	digital	ADJ
ajird-1381	1	34	currencies	currency	NOUN
ajird-1381	1	35	on	on	ADP
ajird-1381	1	36	bank	bank	NOUN
ajird-1381	1	37	balance	balance	NOUN
ajird-1381	1	38	sheets	sheet	NOUN
ajird-1381	1	39	tursunova	tursunova	NOUN
ajird-1381	1	40	ibodat	ibodat	VERB
ajird-1381	1	41	xo`jayor	xo`jayor	PROPN
ajird-1381	1	42	qizi	qizi	PROPN
ajird-1381	1	43	leading	lead	VERB
ajird-1381	1	44	economist	economist	NOUN
ajird-1381	1	45	of	of	ADP
ajird-1381	1	46	the	the	DET
ajird-1381	1	47	central	central	ADJ
ajird-1381	1	48	bank	bank	NOUN
ajird-1381	1	49	of	of	ADP
ajird-1381	1	50	the	the	DET
ajird-1381	1	51	republic	republic	NOUN
ajird-1381	1	52	of	of	ADP
ajird-1381	1	53	uzbekistan	uzbekistan	PROPN
ajird-1381	1	54	,	,	PUNCT
ajird-1381	1	55	independent	independent	ADJ
ajird-1381	1	56	researcher	researcher	NOUN
ajird-1381	1	57	at	at	ADP
ajird-1381	1	58	tashkent	tashkent	PROPN
ajird-1381	1	59	state	state	PROPN
ajird-1381	1	60	university	university	PROPN
ajird-1381	1	61	of	of	ADP
ajird-1381	1	62	economics	economic	NOUN
ajird-1381	1	63	.	.	PUNCT
ajird-1381	2	1	gmail	gmail	NOUN
ajird-1381	2	2	:	:	PUNCT
ajird-1381	3	1	tursunovaibodat97@gmail.com	tursunovaibodat97@gmail.com	PROPN
ajird-1381	3	2	abstract	abstract	ADJ
ajird-1381	3	3	this	this	DET
ajird-1381	3	4	article	article	NOUN
ajird-1381	3	5	reveals	reveal	VERB
ajird-1381	3	6	statistical	statistical	ADJ
ajird-1381	3	7	and	and	CCONJ
ajird-1381	3	8	analytical	analytical	ADJ
ajird-1381	3	9	data	datum	NOUN
ajird-1381	3	10	related	relate	VERB
ajird-1381	3	11	to	to	ADP
ajird-1381	3	12	the	the	DET
ajird-1381	3	13	impact	impact	NOUN
ajird-1381	3	14	of	of	ADP
ajird-1381	3	15	the	the	DET
ajird-1381	3	16	issuance	issuance	NOUN
ajird-1381	3	17	of	of	ADP
ajird-1381	3	18	cbdc	cbdc	NOUN
ajird-1381	3	19	on	on	ADP
ajird-1381	3	20	the	the	DET
ajird-1381	3	21	balance	balance	NOUN
ajird-1381	3	22	sheet	sheet	NOUN
ajird-1381	3	23	of	of	ADP
ajird-1381	3	24	the	the	DET
ajird-1381	3	25	banking	banking	NOUN
ajird-1381	3	26	system	system	NOUN
ajird-1381	3	27	and	and	CCONJ
ajird-1381	3	28	its	its	PRON
ajird-1381	3	29	liquidity	liquidity	NOUN
ajird-1381	3	30	and	and	CCONJ
ajird-1381	3	31	money	money	NOUN
ajird-1381	3	32	circulation	circulation	NOUN
ajird-1381	3	33	.	.	PUNCT
ajird-1381	4	1	keywords	keyword	NOUN
ajird-1381	4	2	:	:	PUNCT
ajird-1381	4	3	digital	digital	ADJ
ajird-1381	4	4	currency	currency	NOUN
ajird-1381	4	5	,	,	PUNCT
ajird-1381	4	6	cbdc	cbdc	VERB
ajird-1381	4	7	,	,	PUNCT
ajird-1381	4	8	structural	structural	ADJ
ajird-1381	4	9	current	current	ADJ
ajird-1381	4	10	surplus	surplus	NOUN
ajird-1381	4	11	,	,	PUNCT
ajird-1381	4	12	structural	structural	ADJ
ajird-1381	4	13	liquidity	liquidity	NOUN
ajird-1381	4	14	deficit	deficit	NOUN
ajird-1381	4	15	,	,	PUNCT
ajird-1381	4	16	correspondent	correspondent	NOUN
ajird-1381	4	17	accounts	account	NOUN
ajird-1381	4	18	,	,	PUNCT
ajird-1381	4	19	liquidity	liquidity	NOUN
ajird-1381	4	20	provision	provision	NOUN
ajird-1381	4	21	and	and	CCONJ
ajird-1381	4	22	absorption	absorption	NOUN
ajird-1381	4	23	operations	operation	NOUN
ajird-1381	4	24	,	,	PUNCT
ajird-1381	4	25	inflation	inflation	NOUN
ajird-1381	4	26	,	,	PUNCT
ajird-1381	4	27	velocity	velocity	NOUN
ajird-1381	4	28	of	of	ADP
ajird-1381	4	29	money	money	NOUN
ajird-1381	4	30	,	,	PUNCT
ajird-1381	4	31	seigniorage	seigniorage	NOUN
ajird-1381	4	32	,	,	PUNCT
ajird-1381	4	33	omos	omos	PROPN
ajird-1381	4	34	(	(	PUNCT
ajird-1381	4	35	open	open	ADJ
ajird-1381	4	36	market	market	NOUN
ajird-1381	4	37	operations	operation	NOUN
ajird-1381	4	38	)	)	PUNCT
ajird-1381	4	39	.	.	PUNCT
ajird-1381	5	1	introduction	introduction	NOUN
ajird-1381	5	2	when	when	SCONJ
ajird-1381	5	3	focusing	focus	VERB
ajird-1381	5	4	on	on	ADP
ajird-1381	5	5	the	the	DET
ajird-1381	5	6	impact	impact	NOUN
ajird-1381	5	7	of	of	ADP
ajird-1381	5	8	central	central	ADJ
ajird-1381	5	9	bank	bank	NOUN
ajird-1381	5	10	digital	digital	ADJ
ajird-1381	5	11	currencies	currency	NOUN
ajird-1381	5	12	on	on	ADP
ajird-1381	5	13	the	the	DET
ajird-1381	5	14	macroeconomic	macroeconomic	ADJ
ajird-1381	5	15	environment	environment	NOUN
ajird-1381	5	16	,	,	PUNCT
ajird-1381	5	17	it	it	PRON
ajird-1381	5	18	is	be	AUX
ajird-1381	5	19	difficult	difficult	ADJ
ajird-1381	5	20	to	to	PART
ajird-1381	5	21	separate	separate	VERB
ajird-1381	5	22	them	they	PRON
ajird-1381	5	23	from	from	ADP
ajird-1381	5	24	the	the	DET
ajird-1381	5	25	important	important	ADJ
ajird-1381	5	26	aspects	aspect	NOUN
ajird-1381	5	27	of	of	ADP
ajird-1381	5	28	the	the	DET
ajird-1381	5	29	banking	banking	NOUN
ajird-1381	5	30	sector	sector	NOUN
ajird-1381	5	31	,	,	PUNCT
ajird-1381	5	32	as	as	SCONJ
ajird-1381	5	33	the	the	DET
ajird-1381	5	34	launch	launch	NOUN
ajird-1381	5	35	of	of	ADP
ajird-1381	5	36	a	a	DET
ajird-1381	5	37	digital	digital	ADJ
ajird-1381	5	38	currency	currency	NOUN
ajird-1381	5	39	can	can	AUX
ajird-1381	5	40	affect	affect	VERB
ajird-1381	5	41	the	the	DET
ajird-1381	5	42	transmission	transmission	NOUN
ajird-1381	5	43	mechanism	mechanism	NOUN
ajird-1381	5	44	of	of	ADP
ajird-1381	5	45	monetary	monetary	ADJ
ajird-1381	5	46	policy	policy	NOUN
ajird-1381	5	47	,	,	PUNCT
ajird-1381	5	48	financial	financial	ADJ
ajird-1381	5	49	stability	stability	NOUN
ajird-1381	5	50	,	,	PUNCT
ajird-1381	5	51	liquidity	liquidity	NOUN
ajird-1381	5	52	and	and	CCONJ
ajird-1381	5	53	profitability	profitability	NOUN
ajird-1381	5	54	of	of	ADP
ajird-1381	5	55	the	the	DET
ajird-1381	5	56	banking	banking	NOUN
ajird-1381	5	57	sector	sector	NOUN
ajird-1381	5	58	,	,	PUNCT
ajird-1381	5	59	absorption	absorption	NOUN
ajird-1381	5	60	operations	operation	NOUN
ajird-1381	5	61	.	.	PUNCT
ajird-1381	6	1	it	it	PRON
ajird-1381	6	2	should	should	AUX
ajird-1381	6	3	be	be	AUX
ajird-1381	6	4	noted	note	VERB
ajird-1381	6	5	that	that	SCONJ
ajird-1381	6	6	the	the	DET
ajird-1381	6	7	issuance	issuance	NOUN
ajird-1381	6	8	of	of	ADP
ajird-1381	6	9	a	a	DET
ajird-1381	6	10	digital	digital	ADJ
ajird-1381	6	11	currency	currency	NOUN
ajird-1381	6	12	does	do	AUX
ajird-1381	6	13	not	not	PART
ajird-1381	6	14	technically	technically	ADV
ajird-1381	6	15	mean	mean	VERB
ajird-1381	6	16	a	a	DET
ajird-1381	6	17	direct	direct	ADJ
ajird-1381	6	18	expansion	expansion	NOUN
ajird-1381	6	19	of	of	ADP
ajird-1381	6	20	the	the	DET
ajird-1381	6	21	money	money	NOUN
ajird-1381	6	22	supply	supply	NOUN
ajird-1381	6	23	,	,	PUNCT
ajird-1381	6	24	but	but	CCONJ
ajird-1381	6	25	rather	rather	ADV
ajird-1381	6	26	a	a	DET
ajird-1381	6	27	structural	structural	ADJ
ajird-1381	6	28	change	change	NOUN
ajird-1381	6	29	in	in	ADP
ajird-1381	6	30	the	the	DET
ajird-1381	6	31	liabilities	liability	NOUN
ajird-1381	6	32	of	of	ADP
ajird-1381	6	33	the	the	DET
ajird-1381	6	34	central	central	ADJ
ajird-1381	6	35	bank	bank	NOUN
ajird-1381	6	36	(	(	PUNCT
ajird-1381	6	37	cash	cash	NOUN
ajird-1381	6	38	and	and	CCONJ
ajird-1381	6	39	reserves	reserve	NOUN
ajird-1381	6	40	)	)	PUNCT
ajird-1381	6	41	.	.	PUNCT
ajird-1381	7	1	analysis	analysis	NOUN
ajird-1381	7	2	and	and	CCONJ
ajird-1381	7	3	results	result	VERB
ajird-1381	7	4	the	the	DET
ajird-1381	7	5	partial	partial	ADJ
ajird-1381	7	6	replacement	replacement	NOUN
ajird-1381	7	7	of	of	ADP
ajird-1381	7	8	cash	cash	NOUN
ajird-1381	7	9	in	in	ADP
ajird-1381	7	10	circulation	circulation	NOUN
ajird-1381	7	11	with	with	ADP
ajird-1381	7	12	digital	digital	ADJ
ajird-1381	7	13	currency	currency	NOUN
ajird-1381	7	14	affects	affect	VERB
ajird-1381	7	15	only	only	ADV
ajird-1381	7	16	the	the	DET
ajird-1381	7	17	composition	composition	NOUN
ajird-1381	7	18	of	of	ADP
ajird-1381	7	19	the	the	DET
ajird-1381	7	20	liabilities	liability	NOUN
ajird-1381	7	21	of	of	ADP
ajird-1381	7	22	the	the	DET
ajird-1381	7	23	central	central	ADJ
ajird-1381	7	24	bank	bank	NOUN
ajird-1381	7	25	:	:	PUNCT
ajird-1381	7	26	the	the	DET
ajird-1381	7	27	share	share	NOUN
ajird-1381	7	28	of	of	ADP
ajird-1381	7	29	issued	issue	VERB
ajird-1381	7	30	cash	cash	NOUN
ajird-1381	7	31	decreases	decrease	NOUN
ajird-1381	7	32	,	,	PUNCT
ajird-1381	7	33	and	and	CCONJ
ajird-1381	7	34	the	the	DET
ajird-1381	7	35	share	share	NOUN
ajird-1381	7	36	of	of	ADP
ajird-1381	7	37	issued	issue	VERB
ajird-1381	7	38	digital	digital	ADJ
ajird-1381	7	39	currencies	currency	NOUN
ajird-1381	7	40	increases	increase	NOUN
ajird-1381	7	41	.	.	PUNCT
ajird-1381	8	1	at	at	ADP
ajird-1381	8	2	the	the	DET
ajird-1381	8	3	same	same	ADJ
ajird-1381	8	4	time	time	NOUN
ajird-1381	8	5	,	,	PUNCT
ajird-1381	8	6	the	the	DET
ajird-1381	8	7	balance	balance	NOUN
ajird-1381	8	8	sheets	sheet	NOUN
ajird-1381	8	9	of	of	ADP
ajird-1381	8	10	credit	credit	NOUN
ajird-1381	8	11	institutions	institution	NOUN
ajird-1381	8	12	do	do	AUX
ajird-1381	8	13	not	not	PART
ajird-1381	8	14	change	change	VERB
ajird-1381	8	15	:	:	PUNCT
ajird-1381	8	16	the	the	DET
ajird-1381	8	17	volume	volume	NOUN
ajird-1381	8	18	of	of	ADP
ajird-1381	8	19	balances	balance	NOUN
ajird-1381	8	20	on	on	ADP
ajird-1381	8	21	customer	customer	NOUN
ajird-1381	8	22	accounts	account	NOUN
ajird-1381	8	23	decreases	decrease	NOUN
ajird-1381	8	24	,	,	PUNCT
ajird-1381	8	25	and	and	CCONJ
ajird-1381	8	26	the	the	DET
ajird-1381	8	27	volume	volume	NOUN
ajird-1381	8	28	of	of	ADP
ajird-1381	8	29	funds	fund	NOUN
ajird-1381	8	30	on	on	ADP
ajird-1381	8	31	correspondent	correspondent	NOUN
ajird-1381	8	32	accounts	account	NOUN
ajird-1381	8	33	of	of	ADP
ajird-1381	8	34	banks	bank	NOUN
ajird-1381	8	35	decreases	decrease	VERB
ajird-1381	8	36	.	.	PUNCT
ajird-1381	9	1	this	this	PRON
ajird-1381	9	2	,	,	PUNCT
ajird-1381	9	3	in	in	ADP
ajird-1381	9	4	turn	turn	NOUN
ajird-1381	9	5	,	,	PUNCT
ajird-1381	9	6	affects	affect	VERB
ajird-1381	9	7	the	the	DET
ajird-1381	9	8	liquidity	liquidity	NOUN
ajird-1381	9	9	of	of	ADP
ajird-1381	9	10	the	the	DET
ajird-1381	9	11	banking	banking	NOUN
ajird-1381	9	12	sector	sector	NOUN
ajird-1381	9	13	,	,	PUNCT
ajird-1381	9	14	in	in	ADP
ajird-1381	9	15	particular	particular	ADJ
ajird-1381	9	16	,	,	PUNCT
ajird-1381	9	17	leads	lead	VERB
ajird-1381	9	18	to	to	ADP
ajird-1381	9	19	a	a	DET
ajird-1381	9	20	decrease	decrease	NOUN
ajird-1381	9	21	in	in	ADP
ajird-1381	9	22	the	the	DET
ajird-1381	9	23	size	size	NOUN
ajird-1381	9	24	of	of	ADP
ajird-1381	9	25	the	the	DET
ajird-1381	9	26	structural	structural	ADJ
ajird-1381	9	27	current	current	ADJ
ajird-1381	9	28	surplus	surplus	NOUN
ajird-1381	9	29	and	and	CCONJ
ajird-1381	9	30	even	even	ADV
ajird-1381	9	31	a	a	DET
ajird-1381	9	32	structural	structural	ADJ
ajird-1381	9	33	liquidity	liquidity	NOUN
ajird-1381	9	34	deficit	deficit	NOUN
ajird-1381	9	35	.	.	PUNCT
ajird-1381	10	1	however	however	ADV
ajird-1381	10	2	,	,	PUNCT
ajird-1381	10	3	the	the	DET
ajird-1381	10	4	potential	potential	ADJ
ajird-1381	10	5	impact	impact	NOUN
ajird-1381	10	6	on	on	ADP
ajird-1381	10	7	bank	bank	NOUN
ajird-1381	10	8	liquidity	liquidity	NOUN
ajird-1381	10	9	will	will	AUX
ajird-1381	10	10	gradually	gradually	ADV
ajird-1381	10	11	increase	increase	VERB
ajird-1381	10	12	as	as	SCONJ
ajird-1381	10	13	the	the	DET
ajird-1381	10	14	cbdc	cbdc	NOUN
ajird-1381	10	15	spreads	spread	VERB
ajird-1381	10	16	in	in	ADP
ajird-1381	10	17	circulation	circulation	NOUN
ajird-1381	10	18	.	.	PUNCT
ajird-1381	11	1	the	the	DET
ajird-1381	11	2	current	current	ADJ
ajird-1381	11	3	system	system	NOUN
ajird-1381	11	4	of	of	ADP
ajird-1381	11	5	monetary	monetary	ADJ
ajird-1381	11	6	policy	policy	NOUN
ajird-1381	11	7	instruments	instrument	NOUN
ajird-1381	11	8	provides	provide	VERB
ajird-1381	11	9	the	the	DET
ajird-1381	11	10	level	level	NOUN
ajird-1381	11	11	of	of	ADP
ajird-1381	11	12	liquidity	liquidity	NOUN
ajird-1381	11	13	required	require	VERB
ajird-1381	11	14	by	by	ADP
ajird-1381	11	15	banks	bank	NOUN
ajird-1381	11	16	(	(	PUNCT
ajird-1381	11	17	through	through	ADP
ajird-1381	11	18	the	the	DET
ajird-1381	11	19	central	central	ADJ
ajird-1381	11	20	bank	bank	NOUN
ajird-1381	11	21	's	's	PART
ajird-1381	11	22	liquidity	liquidity	NOUN
ajird-1381	11	23	provision	provision	NOUN
ajird-1381	11	24	and	and	CCONJ
ajird-1381	11	25	absorption	absorption	NOUN
ajird-1381	11	26	operations	operation	NOUN
ajird-1381	11	27	)	)	PUNCT
ajird-1381	11	28	,	,	PUNCT
ajird-1381	11	29	thereby	thereby	ADV
ajird-1381	11	30	creating	create	VERB
ajird-1381	11	31	conditions	condition	NOUN
ajird-1381	11	32	for	for	ADP
ajird-1381	11	33	the	the	DET
ajird-1381	11	34	formation	formation	NOUN
ajird-1381	11	35	of	of	ADP
ajird-1381	11	36	money	money	NOUN
ajird-1381	11	37	market	market	NOUN
ajird-1381	11	38	rates	rate	NOUN
ajird-1381	11	39	close	close	ADJ
ajird-1381	11	40	to	to	ADP
ajird-1381	11	41	the	the	DET
ajird-1381	11	42	key	key	ADJ
ajird-1381	11	43	rate	rate	NOUN
ajird-1381	11	44	.	.	PUNCT
ajird-1381	12	1	thus	thus	ADV
ajird-1381	12	2	,	,	PUNCT
ajird-1381	12	3	the	the	DET
ajird-1381	12	4	introduction	introduction	NOUN
ajird-1381	12	5	of	of	ADP
ajird-1381	12	6	a	a	DET
ajird-1381	12	7	digital	digital	ADJ
ajird-1381	12	8	currency	currency	NOUN
ajird-1381	12	9	will	will	AUX
ajird-1381	12	10	not	not	PART
ajird-1381	12	11	significantly	significantly	ADV
ajird-1381	12	12	affect	affect	VERB
ajird-1381	12	13	the	the	DET
ajird-1381	12	14	achievement	achievement	NOUN
ajird-1381	12	15	of	of	ADP
ajird-1381	12	16	the	the	DET
ajird-1381	12	17	operational	operational	ADJ
ajird-1381	12	18	objective	objective	NOUN
ajird-1381	12	19	of	of	ADP
ajird-1381	12	20	monetary	monetary	ADJ
ajird-1381	12	21	policy	policy	NOUN
ajird-1381	12	22	.	.	PUNCT
ajird-1381	13	1	american	american	ADJ
ajird-1381	13	2	journal	journal	PROPN
ajird-1381	13	3	of	of	ADP
ajird-1381	13	4	interdisciplinary	interdisciplinary	ADJ
ajird-1381	13	5	research	research	NOUN
ajird-1381	13	6	and	and	CCONJ
ajird-1381	13	7	development	development	NOUN
ajird-1381	13	8	issn	issn	PROPN
ajird-1381	13	9	online	online	NOUN
ajird-1381	13	10	:	:	PUNCT
ajird-1381	13	11	2771	2771	NUM
ajird-1381	13	12	-	-	SYM
ajird-1381	13	13	8948	8948	NUM
ajird-1381	13	14	website	website	NOUN
ajird-1381	13	15	:	:	PUNCT
ajird-1381	13	16	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1381	13	17	volume	volume	NOUN
ajird-1381	13	18	35	35	NUM
ajird-1381	13	19	,	,	PUNCT
ajird-1381	13	20	december	december	PROPN
ajird-1381	13	21	2024	2024	NUM
ajird-1381	13	22	2	2	NUM
ajird-1381	14	1	|	|	ADV
ajird-1381	14	2	p	p	X
ajird-1381	14	3	a	a	DET
ajird-1381	14	4	g	g	NOUN
ajird-1381	14	5	e	e	NOUN
ajird-1381	14	6	table	table	NOUN
ajird-1381	14	7	1	1	NUM
ajird-1381	14	8	.	.	PUNCT
ajird-1381	14	9	balance	balance	NOUN
ajird-1381	14	10	sheet	sheet	NOUN
ajird-1381	14	11	impact	impact	NOUN
ajird-1381	14	12	of	of	ADP
ajird-1381	14	13	cash	cash	NOUN
ajird-1381	14	14	swap	swap	NOUN
ajird-1381	14	15	for	for	ADP
ajird-1381	14	16	cbdc	cbdc	NOUN
ajird-1381	14	17	household	household	NOUN
ajird-1381	14	18	balance	balance	NOUN
ajird-1381	14	19	commercial	commercial	ADJ
ajird-1381	14	20	bank	bank	NOUN
ajird-1381	14	21	balance	balance	PROPN
ajird-1381	14	22	central	central	PROPN
ajird-1381	14	23	bank	bank	NOUN
ajird-1381	14	24	balance	balance	NOUN
ajird-1381	14	25	cash	cash	NOUN
ajird-1381	14	26	payments	payment	NOUN
ajird-1381	14	27	require	require	VERB
ajird-1381	14	28	physical	physical	ADJ
ajird-1381	14	29	proximity	proximity	NOUN
ajird-1381	14	30	for	for	ADP
ajird-1381	14	31	the	the	DET
ajird-1381	14	32	payer	payer	NOUN
ajird-1381	14	33	to	to	PART
ajird-1381	14	34	transfer	transfer	VERB
ajird-1381	14	35	value	value	NOUN
ajird-1381	14	36	to	to	ADP
ajird-1381	14	37	the	the	DET
ajird-1381	14	38	recipient	recipient	NOUN
ajird-1381	14	39	,	,	PUNCT
ajird-1381	14	40	and	and	CCONJ
ajird-1381	14	41	there	there	PRON
ajird-1381	14	42	are	be	VERB
ajird-1381	14	43	delays	delay	NOUN
ajird-1381	14	44	between	between	ADP
ajird-1381	14	45	the	the	DET
ajird-1381	14	46	time	time	NOUN
ajird-1381	14	47	the	the	DET
ajird-1381	14	48	cash	cash	NOUN
ajird-1381	14	49	is	be	AUX
ajird-1381	14	50	received	receive	VERB
ajird-1381	14	51	and	and	CCONJ
ajird-1381	14	52	the	the	DET
ajird-1381	14	53	time	time	NOUN
ajird-1381	14	54	it	it	PRON
ajird-1381	14	55	is	be	AUX
ajird-1381	14	56	transferred	transfer	VERB
ajird-1381	14	57	to	to	ADP
ajird-1381	14	58	the	the	DET
ajird-1381	14	59	banking	banking	NOUN
ajird-1381	14	60	system	system	NOUN
ajird-1381	14	61	.	.	PUNCT
ajird-1381	15	1	in	in	ADP
ajird-1381	15	2	contrast	contrast	NOUN
ajird-1381	15	3	,	,	PUNCT
ajird-1381	15	4	since	since	SCONJ
ajird-1381	15	5	cbdcs	cbdc	NOUN
ajird-1381	15	6	are	be	AUX
ajird-1381	15	7	digital	digital	ADJ
ajird-1381	15	8	,	,	PUNCT
ajird-1381	15	9	transactions	transaction	NOUN
ajird-1381	15	10	can	can	AUX
ajird-1381	15	11	be	be	AUX
ajird-1381	15	12	made	make	VERB
ajird-1381	15	13	remotely	remotely	ADV
ajird-1381	15	14	and	and	CCONJ
ajird-1381	15	15	the	the	DET
ajird-1381	15	16	recipient	recipient	NOUN
ajird-1381	15	17	’s	’s	PART
ajird-1381	15	18	digital	digital	ADJ
ajird-1381	15	19	wallet	wallet	NOUN
ajird-1381	15	20	is	be	AUX
ajird-1381	15	21	credited	credit	VERB
ajird-1381	15	22	immediately	immediately	ADV
ajird-1381	15	23	.	.	PUNCT
ajird-1381	16	1	such	such	ADJ
ajird-1381	16	2	rapid	rapid	ADJ
ajird-1381	16	3	turnover	turnover	NOUN
ajird-1381	16	4	of	of	ADP
ajird-1381	16	5	payments	payment	NOUN
ajird-1381	16	6	can	can	AUX
ajird-1381	16	7	lead	lead	VERB
ajird-1381	16	8	to	to	ADP
ajird-1381	16	9	a	a	DET
ajird-1381	16	10	structural	structural	ADJ
ajird-1381	16	11	increase	increase	NOUN
ajird-1381	16	12	in	in	ADP
ajird-1381	16	13	the	the	DET
ajird-1381	16	14	velocity	velocity	NOUN
ajird-1381	16	15	of	of	ADP
ajird-1381	16	16	money	money	NOUN
ajird-1381	16	17	or	or	CCONJ
ajird-1381	16	18	to	to	ADP
ajird-1381	16	19	instability	instability	NOUN
ajird-1381	16	20	in	in	ADP
ajird-1381	16	21	the	the	DET
ajird-1381	16	22	velocity	velocity	NOUN
ajird-1381	16	23	of	of	ADP
ajird-1381	16	24	money	money	NOUN
ajird-1381	16	25	.	.	PUNCT
ajird-1381	17	1	the	the	DET
ajird-1381	17	2	instability	instability	NOUN
ajird-1381	17	3	of	of	ADP
ajird-1381	17	4	the	the	DET
ajird-1381	17	5	velocity	velocity	NOUN
ajird-1381	17	6	of	of	ADP
ajird-1381	17	7	money	money	NOUN
ajird-1381	17	8	affects	affect	VERB
ajird-1381	17	9	the	the	DET
ajird-1381	17	10	relationship	relationship	NOUN
ajird-1381	17	11	between	between	ADP
ajird-1381	17	12	money	money	NOUN
ajird-1381	17	13	,	,	PUNCT
ajird-1381	17	14	inflation	inflation	NOUN
ajird-1381	17	15	and	and	CCONJ
ajird-1381	17	16	gdp	gdp	NOUN
ajird-1381	17	17	and	and	CCONJ
ajird-1381	17	18	reduces	reduce	VERB
ajird-1381	17	19	the	the	DET
ajird-1381	17	20	effectiveness	effectiveness	NOUN
ajird-1381	17	21	of	of	ADP
ajird-1381	17	22	monetary	monetary	ADJ
ajird-1381	17	23	targeting	targeting	NOUN
ajird-1381	17	24	regimes	regime	NOUN
ajird-1381	17	25	.	.	PUNCT
ajird-1381	18	1	monetary	monetary	ADJ
ajird-1381	18	2	targeting	targeting	NOUN
ajird-1381	18	3	regimes	regime	NOUN
ajird-1381	18	4	are	be	AUX
ajird-1381	18	5	based	base	VERB
ajird-1381	18	6	on	on	ADP
ajird-1381	18	7	a	a	DET
ajird-1381	18	8	fixed	fix	VERB
ajird-1381	18	9	relationship	relationship	NOUN
ajird-1381	18	10	between	between	ADP
ajird-1381	18	11	an	an	DET
ajird-1381	18	12	intermediate	intermediate	ADJ
ajird-1381	18	13	target	target	NOUN
ajird-1381	18	14	(	(	PUNCT
ajird-1381	18	15	money	money	NOUN
ajird-1381	18	16	supply	supply	NOUN
ajird-1381	18	17	)	)	PUNCT
ajird-1381	18	18	and	and	CCONJ
ajird-1381	18	19	a	a	DET
ajird-1381	18	20	policy	policy	NOUN
ajird-1381	18	21	objective	objective	NOUN
ajird-1381	18	22	(	(	PUNCT
ajird-1381	18	23	inflation	inflation	NOUN
ajird-1381	18	24	)	)	PUNCT
ajird-1381	18	25	.	.	PUNCT
ajird-1381	19	1	the	the	DET
ajird-1381	19	2	instability	instability	NOUN
ajird-1381	19	3	of	of	ADP
ajird-1381	19	4	the	the	DET
ajird-1381	19	5	velocity	velocity	NOUN
ajird-1381	19	6	of	of	ADP
ajird-1381	19	7	money	money	NOUN
ajird-1381	19	8	means	mean	VERB
ajird-1381	19	9	that	that	SCONJ
ajird-1381	19	10	the	the	DET
ajird-1381	19	11	relationship	relationship	NOUN
ajird-1381	19	12	between	between	ADP
ajird-1381	19	13	money	money	NOUN
ajird-1381	19	14	and	and	CCONJ
ajird-1381	19	15	inflation	inflation	NOUN
ajird-1381	19	16	is	be	AUX
ajird-1381	19	17	no	no	ADV
ajird-1381	19	18	longer	long	ADV
ajird-1381	19	19	predictable	predictable	ADJ
ajird-1381	19	20	,	,	PUNCT
ajird-1381	19	21	and	and	CCONJ
ajird-1381	19	22	achieving	achieve	VERB
ajird-1381	19	23	the	the	DET
ajird-1381	19	24	intermediate	intermediate	ADJ
ajird-1381	19	25	target	target	NOUN
ajird-1381	19	26	(	(	PUNCT
ajird-1381	19	27	broad	broad	ADJ
ajird-1381	19	28	money	money	NOUN
ajird-1381	19	29	)	)	PUNCT
ajird-1381	19	30	may	may	AUX
ajird-1381	19	31	not	not	PART
ajird-1381	19	32	produce	produce	VERB
ajird-1381	19	33	the	the	DET
ajird-1381	19	34	desired	desire	VERB
ajird-1381	19	35	result	result	NOUN
ajird-1381	19	36	on	on	ADP
ajird-1381	19	37	the	the	DET
ajird-1381	19	38	target	target	NOUN
ajird-1381	19	39	variable	variable	NOUN
ajird-1381	19	40	(	(	PUNCT
ajird-1381	19	41	inflation	inflation	NOUN
ajird-1381	19	42	)	)	PUNCT
ajird-1381	19	43	.	.	PUNCT
ajird-1381	20	1	indeed	indeed	ADV
ajird-1381	20	2	,	,	PUNCT
ajird-1381	20	3	this	this	DET
ajird-1381	20	4	distortion	distortion	NOUN
ajird-1381	20	5	in	in	ADP
ajird-1381	20	6	the	the	DET
ajird-1381	20	7	relationship	relationship	NOUN
ajird-1381	20	8	between	between	ADP
ajird-1381	20	9	monetary	monetary	ADJ
ajird-1381	20	10	aggregates	aggregate	NOUN
ajird-1381	20	11	and	and	CCONJ
ajird-1381	20	12	target	target	NOUN
ajird-1381	20	13	variables	variable	NOUN
ajird-1381	20	14	,	,	PUNCT
ajird-1381	20	15	such	such	ADJ
ajird-1381	20	16	as	as	ADP
ajird-1381	20	17	inflation	inflation	NOUN
ajird-1381	20	18	and	and	CCONJ
ajird-1381	20	19	nominal	nominal	ADJ
ajird-1381	20	20	income	income	NOUN
ajird-1381	20	21	,	,	PUNCT
ajird-1381	20	22	is	be	AUX
ajird-1381	20	23	part	part	NOUN
ajird-1381	20	24	of	of	ADP
ajird-1381	20	25	the	the	DET
ajird-1381	20	26	reason	reason	NOUN
ajird-1381	20	27	why	why	SCONJ
ajird-1381	20	28	many	many	ADJ
ajird-1381	20	29	countries	country	NOUN
ajird-1381	20	30	have	have	AUX
ajird-1381	20	31	moved	move	VERB
ajird-1381	20	32	to	to	ADP
ajird-1381	20	33	it	it	PRON
ajird-1381	20	34	regimes	regime	VERB
ajird-1381	20	35	.	.	PUNCT
ajird-1381	21	1	a	a	DET
ajird-1381	21	2	structural	structural	ADJ
ajird-1381	21	3	change	change	NOUN
ajird-1381	21	4	in	in	ADP
ajird-1381	21	5	the	the	DET
ajird-1381	21	6	velocity	velocity	NOUN
ajird-1381	21	7	of	of	ADP
ajird-1381	21	8	money	money	NOUN
ajird-1381	21	9	means	mean	VERB
ajird-1381	21	10	that	that	SCONJ
ajird-1381	21	11	the	the	DET
ajird-1381	21	12	relationship	relationship	NOUN
ajird-1381	21	13	between	between	ADP
ajird-1381	21	14	money	money	NOUN
ajird-1381	21	15	and	and	CCONJ
ajird-1381	21	16	inflation	inflation	NOUN
ajird-1381	21	17	can	can	AUX
ajird-1381	21	18	still	still	ADV
ajird-1381	21	19	be	be	AUX
ajird-1381	21	20	stable	stable	ADJ
ajird-1381	21	21	and	and	CCONJ
ajird-1381	21	22	predictable	predictable	ADJ
ajird-1381	21	23	,	,	PUNCT
ajird-1381	21	24	but	but	CCONJ
ajird-1381	21	25	an	an	DET
ajird-1381	21	26	increase	increase	NOUN
ajird-1381	21	27	in	in	ADP
ajird-1381	21	28	the	the	DET
ajird-1381	21	29	velocity	velocity	NOUN
ajird-1381	21	30	can	can	AUX
ajird-1381	21	31	indicate	indicate	VERB
ajird-1381	21	32	high	high	ADJ
ajird-1381	21	33	inflation	inflation	NOUN
ajird-1381	21	34	.	.	PUNCT
ajird-1381	22	1	if	if	SCONJ
ajird-1381	22	2	the	the	DET
ajird-1381	22	3	quantity	quantity	NOUN
ajird-1381	22	4	of	of	ADP
ajird-1381	22	5	money	money	NOUN
ajird-1381	22	6	(	(	PUNCT
ajird-1381	22	7	m	m	NOUN
ajird-1381	22	8	)	)	PUNCT
ajird-1381	22	9	or	or	CCONJ
ajird-1381	22	10	the	the	DET
ajird-1381	22	11	velocity	velocity	NOUN
ajird-1381	22	12	of	of	ADP
ajird-1381	22	13	money	money	NOUN
ajird-1381	22	14	(	(	PUNCT
ajird-1381	22	15	v	v	NOUN
ajird-1381	22	16	)	)	PUNCT
ajird-1381	22	17	,	,	PUNCT
ajird-1381	22	18	or	or	CCONJ
ajird-1381	22	19	a	a	DET
ajird-1381	22	20	combination	combination	NOUN
ajird-1381	22	21	of	of	ADP
ajird-1381	22	22	both	both	PRON
ajird-1381	22	23	,	,	PUNCT
ajird-1381	22	24	increases	increase	VERB
ajird-1381	22	25	faster	fast	ADV
ajird-1381	22	26	than	than	ADP
ajird-1381	22	27	real	real	ADJ
ajird-1381	22	28	gdp	gdp	NOUN
ajird-1381	22	29	,	,	PUNCT
ajird-1381	22	30	prices	price	NOUN
ajird-1381	22	31	will	will	AUX
ajird-1381	22	32	increase	increase	VERB
ajird-1381	22	33	in	in	ADP
ajird-1381	22	34	proportion	proportion	NOUN
ajird-1381	22	35	to	to	ADP
ajird-1381	22	36	how	how	SCONJ
ajird-1381	22	37	much	much	ADJ
ajird-1381	22	38	the	the	DET
ajird-1381	22	39	mv	mv	PROPN
ajird-1381	22	40	exceeds	exceed	VERB
ajird-1381	22	41	the	the	DET
ajird-1381	22	42	growth	growth	NOUN
ajird-1381	22	43	of	of	ADP
ajird-1381	22	44	output	output	NOUN
ajird-1381	22	45	.	.	PUNCT
ajird-1381	23	1	countries	country	NOUN
ajird-1381	23	2	using	use	VERB
ajird-1381	23	3	it	it	PRON
ajird-1381	23	4	regimes	regime	NOUN
ajird-1381	23	5	will	will	AUX
ajird-1381	23	6	have	have	VERB
ajird-1381	23	7	to	to	PART
ajird-1381	23	8	carry	carry	VERB
ajird-1381	23	9	out	out	ADP
ajird-1381	23	10	additional	additional	ADJ
ajird-1381	23	11	monetary	monetary	ADJ
ajird-1381	23	12	operations	operation	NOUN
ajird-1381	23	13	to	to	PART
ajird-1381	23	14	achieve	achieve	VERB
ajird-1381	23	15	a	a	DET
ajird-1381	23	16	desired	desire	VERB
ajird-1381	23	17	level	level	NOUN
ajird-1381	23	18	of	of	ADP
ajird-1381	23	19	inflation	inflation	NOUN
ajird-1381	23	20	.	.	PUNCT
ajird-1381	24	1	cbdcs	cbdcs	PROPN
ajird-1381	24	2	also	also	ADV
ajird-1381	24	3	have	have	VERB
ajird-1381	24	4	the	the	DET
ajird-1381	24	5	potential	potential	NOUN
ajird-1381	24	6	to	to	PART
ajird-1381	24	7	affect	affect	VERB
ajird-1381	24	8	central	central	ADJ
ajird-1381	24	9	banks	bank	NOUN
ajird-1381	24	10	’	’	PART
ajird-1381	24	11	seigniorage	seigniorage	NOUN
ajird-1381	24	12	revenues	revenue	NOUN
ajird-1381	24	13	,	,	PUNCT
ajird-1381	24	14	due	due	ADP
ajird-1381	24	15	to	to	ADP
ajird-1381	24	16	their	their	PRON
ajird-1381	24	17	potential	potential	NOUN
ajird-1381	24	18	to	to	PART
ajird-1381	24	19	change	change	VERB
ajird-1381	24	20	the	the	DET
ajird-1381	24	21	relative	relative	ADJ
ajird-1381	24	22	cost	cost	NOUN
ajird-1381	24	23	function	function	NOUN
ajird-1381	24	24	of	of	ADP
ajird-1381	24	25	issuing	issue	VERB
ajird-1381	24	26	currency	currency	NOUN
ajird-1381	24	27	.	.	PUNCT
ajird-1381	25	1	cbdcs	cbdcs	PROPN
ajird-1381	25	2	can	can	AUX
ajird-1381	25	3	reduce	reduce	VERB
ajird-1381	25	4	the	the	DET
ajird-1381	25	5	operational	operational	ADJ
ajird-1381	25	6	costs	cost	NOUN
ajird-1381	25	7	associated	associate	VERB
ajird-1381	25	8	with	with	ADP
ajird-1381	25	9	printing	printing	NOUN
ajird-1381	25	10	,	,	PUNCT
ajird-1381	25	11	storing	storing	NOUN
ajird-1381	25	12	,	,	PUNCT
ajird-1381	25	13	and	and	CCONJ
ajird-1381	25	14	transporting	transport	VERB
ajird-1381	25	15	banknotes	banknote	NOUN
ajird-1381	25	16	,	,	PUNCT
ajird-1381	25	17	but	but	CCONJ
ajird-1381	25	18	they	they	PRON
ajird-1381	25	19	may	may	AUX
ajird-1381	25	20	also	also	ADV
ajird-1381	25	21	introduce	introduce	VERB
ajird-1381	25	22	new	new	ADJ
ajird-1381	25	23	costs	cost	NOUN
ajird-1381	25	24	and	and	CCONJ
ajird-1381	25	25	change	change	VERB
ajird-1381	25	26	the	the	DET
ajird-1381	25	27	demand	demand	NOUN
ajird-1381	25	28	for	for	ADP
ajird-1381	25	29	cash	cash	NOUN
ajird-1381	25	30	.	.	PUNCT
ajird-1381	26	1	depending	depend	VERB
ajird-1381	26	2	on	on	ADP
ajird-1381	26	3	the	the	DET
ajird-1381	26	4	direction	direction	NOUN
ajird-1381	26	5	of	of	ADP
ajird-1381	26	6	changes	change	NOUN
ajird-1381	26	7	in	in	ADP
ajird-1381	26	8	seigniorage	seigniorage	NOUN
ajird-1381	26	9	income	income	NOUN
ajird-1381	26	10	,	,	PUNCT
ajird-1381	26	11	central	central	ADJ
ajird-1381	26	12	banks	bank	NOUN
ajird-1381	26	13	can	can	AUX
ajird-1381	26	14	increase	increase	VERB
ajird-1381	26	15	or	or	CCONJ
ajird-1381	26	16	decrease	decrease	VERB
ajird-1381	26	17	their	their	PRON
ajird-1381	26	18	reliance	reliance	NOUN
ajird-1381	26	19	on	on	ADP
ajird-1381	26	20	assets	asset	NOUN
ajird-1381	26	21	liabilities	liability	NOUN
ajird-1381	26	22	deposits	deposit	VERB
ajird-1381	26	23	others	other	NOUN
ajird-1381	26	24	cbdc	cbdc	VERB
ajird-1381	26	25	+100	+100	SYM
ajird-1381	26	26	digital	digital	ADJ
ajird-1381	26	27	cash	cash	NOUN
ajird-1381	26	28	cash	cash	NOUN
ajird-1381	26	29	-100	-100	PRON
ajird-1381	26	30	fiat	fiat	NOUN
ajird-1381	26	31	money	money	NOUN
ajird-1381	26	32	balance	balance	NOUN
ajird-1381	26	33	of	of	ADP
ajird-1381	26	34	operations	operation	NOUN
ajird-1381	26	35	0	0	NUM
ajird-1381	26	36	local	local	ADJ
ajird-1381	26	37	currency	currency	NOUN
ajird-1381	26	38	balance	balance	NOUN
ajird-1381	26	39	of	of	ADP
ajird-1381	26	40	operations	operation	NOUN
ajird-1381	26	41	0	0	NUM
ajird-1381	26	42	local	local	ADJ
ajird-1381	26	43	currency	currency	NOUN
ajird-1381	26	44	assets	asset	NOUN
ajird-1381	26	45	liabilities	liability	NOUN
ajird-1381	26	46	loans	loan	NOUN
ajird-1381	26	47	deposits	deposit	NOUN
ajird-1381	26	48	reserve	reserve	NOUN
ajird-1381	26	49	accounts	account	NOUN
ajird-1381	26	50	at	at	ADP
ajird-1381	26	51	cb	cb	PROPN
ajird-1381	26	52	cb	cb	PROPN
ajird-1381	26	53	loans	loan	VERB
ajird-1381	26	54	others	other	NOUN
ajird-1381	26	55	capital	capital	NOUN
ajird-1381	26	56	balance	balance	NOUN
ajird-1381	26	57	of	of	ADP
ajird-1381	26	58	operations	operation	NOUN
ajird-1381	26	59	0	0	NUM
ajird-1381	26	60	local	local	ADJ
ajird-1381	26	61	currency	currency	NOUN
ajird-1381	26	62	balance	balance	NOUN
ajird-1381	26	63	of	of	ADP
ajird-1381	26	64	operations	operation	NOUN
ajird-1381	26	65	0	0	NUM
ajird-1381	26	66	local	local	ADJ
ajird-1381	26	67	currency	currency	NOUN
ajird-1381	26	68	assets	asset	NOUN
ajird-1381	26	69	liabilities	liability	NOUN
ajird-1381	26	70	cb	cb	PROPN
ajird-1381	26	71	operations	operations	PROPN
ajird-1381	26	72	commercial	commercial	PROPN
ajird-1381	26	73	bank	bank	PROPN
ajird-1381	26	74	reserve	reserve	PROPN
ajird-1381	26	75	accounts	account	VERB
ajird-1381	26	76	others	other	NOUN
ajird-1381	26	77	cbdc	cbdc	VERB
ajird-1381	26	78	+100	+100	PUNCT
ajird-1381	26	79	digital	digital	ADJ
ajird-1381	26	80	cash	cash	NOUN
ajird-1381	26	81	cash	cash	NOUN
ajird-1381	26	82	-100	-100	PRON
ajird-1381	26	83	fiat	fiat	NOUN
ajird-1381	26	84	money	money	NOUN
ajird-1381	26	85	balance	balance	NOUN
ajird-1381	26	86	of	of	ADP
ajird-1381	26	87	operations	operation	NOUN
ajird-1381	26	88	0	0	NUM
ajird-1381	26	89	local	local	ADJ
ajird-1381	26	90	currency	currency	NOUN
ajird-1381	26	91	balance	balance	NOUN
ajird-1381	26	92	of	of	ADP
ajird-1381	26	93	operations	operation	NOUN
ajird-1381	26	94	0	0	NUM
ajird-1381	26	95	local	local	ADJ
ajird-1381	26	96	currency	currency	NOUN
ajird-1381	26	97	american	american	PROPN
ajird-1381	26	98	journal	journal	PROPN
ajird-1381	26	99	of	of	ADP
ajird-1381	26	100	interdisciplinary	interdisciplinary	ADJ
ajird-1381	26	101	research	research	NOUN
ajird-1381	26	102	and	and	CCONJ
ajird-1381	26	103	development	development	NOUN
ajird-1381	26	104	issn	issn	PROPN
ajird-1381	26	105	online	online	NOUN
ajird-1381	26	106	:	:	PUNCT
ajird-1381	26	107	2771	2771	NUM
ajird-1381	26	108	-	-	SYM
ajird-1381	26	109	8948	8948	NUM
ajird-1381	26	110	website	website	NOUN
ajird-1381	26	111	:	:	PUNCT
ajird-1381	26	112	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1381	26	113	volume	volume	NOUN
ajird-1381	26	114	35	35	NUM
ajird-1381	26	115	,	,	PUNCT
ajird-1381	26	116	december	december	PROPN
ajird-1381	26	117	2024	2024	NUM
ajird-1381	26	118	3	3	NUM
ajird-1381	26	119	|	|	ADV
ajird-1381	26	120	p	p	X
ajird-1381	26	121	a	a	DET
ajird-1381	26	122	g	g	NOUN
ajird-1381	26	123	e	e	NOUN
ajird-1381	26	124	the	the	DET
ajird-1381	26	125	government	government	NOUN
ajird-1381	26	126	for	for	ADP
ajird-1381	26	127	operational	operational	ADJ
ajird-1381	26	128	financing	financing	NOUN
ajird-1381	26	129	,	,	PUNCT
ajird-1381	26	130	and	and	CCONJ
ajird-1381	26	131	changes	change	NOUN
ajird-1381	26	132	in	in	ADP
ajird-1381	26	133	seigniorage	seigniorage	NOUN
ajird-1381	26	134	income	income	NOUN
ajird-1381	26	135	affect	affect	VERB
ajird-1381	26	136	the	the	DET
ajird-1381	26	137	central	central	ADJ
ajird-1381	26	138	bank	bank	NOUN
ajird-1381	26	139	’s	’s	PART
ajird-1381	26	140	independence	independence	NOUN
ajird-1381	26	141	in	in	ADP
ajird-1381	26	142	formulating	formulate	VERB
ajird-1381	26	143	and	and	CCONJ
ajird-1381	26	144	implementing	implement	VERB
ajird-1381	26	145	monetary	monetary	ADJ
ajird-1381	26	146	policy	policy	NOUN
ajird-1381	26	147	.	.	PUNCT
ajird-1381	27	1	financing	financing	NOUN
ajird-1381	27	2	cbdc	cbdc	VERB
ajird-1381	27	3	through	through	ADP
ajird-1381	27	4	a	a	DET
ajird-1381	27	5	reduction	reduction	NOUN
ajird-1381	27	6	in	in	ADP
ajird-1381	27	7	deposits	deposit	NOUN
ajird-1381	27	8	affects	affect	VERB
ajird-1381	27	9	monetary	monetary	ADJ
ajird-1381	27	10	policy	policy	NOUN
ajird-1381	27	11	through	through	ADP
ajird-1381	27	12	its	its	PRON
ajird-1381	27	13	impact	impact	NOUN
ajird-1381	27	14	on	on	ADP
ajird-1381	27	15	deposit	deposit	NOUN
ajird-1381	27	16	intermediation	intermediation	NOUN
ajird-1381	27	17	and	and	CCONJ
ajird-1381	27	18	through	through	ADP
ajird-1381	27	19	increased	increase	VERB
ajird-1381	27	20	volatility	volatility	NOUN
ajird-1381	27	21	in	in	ADP
ajird-1381	27	22	commercial	commercial	ADJ
ajird-1381	27	23	bank	bank	NOUN
ajird-1381	27	24	reserves	reserve	NOUN
ajird-1381	27	25	at	at	ADP
ajird-1381	27	26	the	the	DET
ajird-1381	27	27	central	central	ADJ
ajird-1381	27	28	bank	bank	NOUN
ajird-1381	27	29	when	when	SCONJ
ajird-1381	27	30	customers	customer	NOUN
ajird-1381	27	31	finance	finance	VERB
ajird-1381	27	32	their	their	PRON
ajird-1381	27	33	cbdc	cbdc	NOUN
ajird-1381	27	34	wallets	wallet	NOUN
ajird-1381	27	35	by	by	ADP
ajird-1381	27	36	reducing	reduce	VERB
ajird-1381	27	37	their	their	PRON
ajird-1381	27	38	deposits	deposit	NOUN
ajird-1381	27	39	,	,	PUNCT
ajird-1381	27	40	commercial	commercial	ADJ
ajird-1381	27	41	bank	bank	NOUN
ajird-1381	27	42	deposit	deposit	NOUN
ajird-1381	27	43	liabilities	liability	NOUN
ajird-1381	27	44	decrease	decrease	NOUN
ajird-1381	27	45	and	and	CCONJ
ajird-1381	27	46	,	,	PUNCT
ajird-1381	27	47	on	on	ADP
ajird-1381	27	48	the	the	DET
ajird-1381	27	49	asset	asset	NOUN
ajird-1381	27	50	side	side	NOUN
ajird-1381	27	51	,	,	PUNCT
ajird-1381	27	52	commercial	commercial	ADJ
ajird-1381	27	53	bank	bank	NOUN
ajird-1381	27	54	reserves	reserve	NOUN
ajird-1381	27	55	decrease	decrease	VERB
ajird-1381	27	56	with	with	ADP
ajird-1381	27	57	the	the	DET
ajird-1381	27	58	central	central	PROPN
ajird-1381	27	59	bank	bank	NOUN
ajird-1381	27	60	’s	’s	PART
ajird-1381	27	61	decrease	decrease	NOUN
ajird-1381	27	62	,	,	PUNCT
ajird-1381	27	63	thus	thus	ADV
ajird-1381	27	64	reducing	reduce	VERB
ajird-1381	27	65	the	the	DET
ajird-1381	27	66	total	total	ADJ
ajird-1381	27	67	size	size	NOUN
ajird-1381	27	68	of	of	ADP
ajird-1381	27	69	the	the	DET
ajird-1381	27	70	commercial	commercial	ADJ
ajird-1381	27	71	bank	bank	PROPN
ajird-1381	27	72	’s	’s	PART
ajird-1381	27	73	balance	balance	NOUN
ajird-1381	27	74	sheet	sheet	NOUN
ajird-1381	27	75	(	(	PUNCT
ajird-1381	27	76	table	table	NOUN
ajird-1381	27	77	2	2	NUM
ajird-1381	27	78	)	)	PUNCT
ajird-1381	27	79	.	.	PUNCT
ajird-1381	28	1	for	for	ADP
ajird-1381	28	2	the	the	DET
ajird-1381	28	3	central	central	ADJ
ajird-1381	28	4	bank	bank	NOUN
ajird-1381	28	5	,	,	PUNCT
ajird-1381	28	6	replacing	replace	VERB
ajird-1381	28	7	bank	bank	NOUN
ajird-1381	28	8	deposits	deposit	NOUN
ajird-1381	28	9	with	with	ADP
ajird-1381	28	10	cbdcs	cbdc	NOUN
ajird-1381	28	11	simply	simply	ADV
ajird-1381	28	12	changes	change	VERB
ajird-1381	28	13	the	the	DET
ajird-1381	28	14	liability	liability	NOUN
ajird-1381	28	15	composition	composition	NOUN
ajird-1381	28	16	of	of	ADP
ajird-1381	28	17	its	its	PRON
ajird-1381	28	18	balance	balance	NOUN
ajird-1381	28	19	sheet	sheet	NOUN
ajird-1381	28	20	,	,	PUNCT
ajird-1381	28	21	as	as	SCONJ
ajird-1381	28	22	the	the	DET
ajird-1381	28	23	decrease	decrease	NOUN
ajird-1381	28	24	in	in	ADP
ajird-1381	28	25	commercial	commercial	ADJ
ajird-1381	28	26	bank	bank	NOUN
ajird-1381	28	27	reserves	reserve	NOUN
ajird-1381	28	28	is	be	AUX
ajird-1381	28	29	offset	offset	VERB
ajird-1381	28	30	by	by	ADP
ajird-1381	28	31	a	a	DET
ajird-1381	28	32	corresponding	corresponding	ADJ
ajird-1381	28	33	increase	increase	NOUN
ajird-1381	28	34	in	in	ADP
ajird-1381	28	35	cbdcs	cbdc	NOUN
ajird-1381	28	36	.	.	PUNCT
ajird-1381	29	1	the	the	DET
ajird-1381	29	2	household	household	NOUN
ajird-1381	29	3	balance	balance	NOUN
ajird-1381	29	4	sheet	sheet	NOUN
ajird-1381	29	5	only	only	ADV
ajird-1381	29	6	records	record	VERB
ajird-1381	29	7	changes	change	NOUN
ajird-1381	29	8	in	in	ADP
ajird-1381	29	9	the	the	DET
ajird-1381	29	10	composition	composition	NOUN
ajird-1381	29	11	of	of	ADP
ajird-1381	29	12	assets	asset	NOUN
ajird-1381	29	13	.	.	PUNCT
ajird-1381	30	1	table	table	NOUN
ajird-1381	30	2	2	2	NUM
ajird-1381	30	3	.	.	PUNCT
ajird-1381	30	4	balance	balance	NOUN
ajird-1381	30	5	sheet	sheet	NOUN
ajird-1381	30	6	impact	impact	NOUN
ajird-1381	30	7	of	of	ADP
ajird-1381	30	8	replacing	replace	VERB
ajird-1381	30	9	bank	bank	NOUN
ajird-1381	30	10	deposits	deposit	NOUN
ajird-1381	30	11	with	with	ADP
ajird-1381	30	12	cbdc	cbdc	NOUN
ajird-1381	30	13	household	household	NOUN
ajird-1381	30	14	balance	balance	NOUN
ajird-1381	30	15	commercial	commercial	ADJ
ajird-1381	30	16	bank	bank	NOUN
ajird-1381	30	17	balance	balance	PROPN
ajird-1381	30	18	central	central	PROPN
ajird-1381	30	19	bank	bank	NOUN
ajird-1381	30	20	balance	balance	NOUN
ajird-1381	30	21	cbdcs	cbdc	NOUN
ajird-1381	30	22	in	in	ADP
ajird-1381	30	23	digital	digital	ADJ
ajird-1381	30	24	wallets	wallet	NOUN
ajird-1381	30	25	are	be	AUX
ajird-1381	30	26	held	hold	VERB
ajird-1381	30	27	on	on	ADP
ajird-1381	30	28	the	the	DET
ajird-1381	30	29	central	central	PROPN
ajird-1381	30	30	bank	bank	PROPN
ajird-1381	30	31	’s	’s	PART
ajird-1381	30	32	book	book	NOUN
ajird-1381	30	33	and	and	CCONJ
ajird-1381	30	34	are	be	AUX
ajird-1381	30	35	not	not	PART
ajird-1381	30	36	available	available	ADJ
ajird-1381	30	37	for	for	ADP
ajird-1381	30	38	lending	lending	NOUN
ajird-1381	30	39	by	by	ADP
ajird-1381	30	40	commercial	commercial	ADJ
ajird-1381	30	41	banks	bank	NOUN
ajird-1381	30	42	.	.	PUNCT
ajird-1381	31	1	all	all	PRON
ajird-1381	31	2	else	else	ADV
ajird-1381	31	3	being	be	AUX
ajird-1381	31	4	equal	equal	ADJ
ajird-1381	31	5	,	,	PUNCT
ajird-1381	31	6	a	a	DET
ajird-1381	31	7	decline	decline	NOUN
ajird-1381	31	8	in	in	ADP
ajird-1381	31	9	bank	bank	NOUN
ajird-1381	31	10	deposits	deposit	NOUN
ajird-1381	31	11	and	and	CCONJ
ajird-1381	31	12	,	,	PUNCT
ajird-1381	31	13	consequently	consequently	ADV
ajird-1381	31	14	,	,	PUNCT
ajird-1381	31	15	a	a	DET
ajird-1381	31	16	decline	decline	NOUN
ajird-1381	31	17	in	in	ADP
ajird-1381	31	18	commercial	commercial	ADJ
ajird-1381	31	19	bank	bank	NOUN
ajird-1381	31	20	reserves	reserve	NOUN
ajird-1381	31	21	would	would	AUX
ajird-1381	31	22	reduce	reduce	VERB
ajird-1381	31	23	banks	bank	NOUN
ajird-1381	31	24	’	’	PART
ajird-1381	31	25	lending	lending	NOUN
ajird-1381	31	26	to	to	ADP
ajird-1381	31	27	the	the	DET
ajird-1381	31	28	economy	economy	NOUN
ajird-1381	31	29	.	.	PUNCT
ajird-1381	32	1	this	this	PRON
ajird-1381	32	2	could	could	AUX
ajird-1381	32	3	increase	increase	VERB
ajird-1381	32	4	the	the	DET
ajird-1381	32	5	cost	cost	NOUN
ajird-1381	32	6	of	of	ADP
ajird-1381	32	7	bank	bank	NOUN
ajird-1381	32	8	lending	lending	NOUN
ajird-1381	32	9	,	,	PUNCT
ajird-1381	32	10	which	which	PRON
ajird-1381	32	11	in	in	ADP
ajird-1381	32	12	turn	turn	NOUN
ajird-1381	32	13	could	could	AUX
ajird-1381	32	14	reduce	reduce	VERB
ajird-1381	32	15	the	the	DET
ajird-1381	32	16	demand	demand	NOUN
ajird-1381	32	17	for	for	ADP
ajird-1381	32	18	credit	credit	NOUN
ajird-1381	32	19	.	.	PUNCT
ajird-1381	33	1	since	since	SCONJ
ajird-1381	33	2	traditional	traditional	ADJ
ajird-1381	33	3	monetary	monetary	ADJ
ajird-1381	33	4	policy	policy	NOUN
ajird-1381	33	5	relies	rely	VERB
ajird-1381	33	6	on	on	ADP
ajird-1381	33	7	the	the	DET
ajird-1381	33	8	ability	ability	NOUN
ajird-1381	33	9	of	of	ADP
ajird-1381	33	10	central	central	ADJ
ajird-1381	33	11	banks	bank	NOUN
ajird-1381	33	12	’	’	PART
ajird-1381	33	13	policy	policy	NOUN
ajird-1381	33	14	rates	rate	NOUN
ajird-1381	33	15	to	to	PART
ajird-1381	33	16	influence	influence	VERB
ajird-1381	33	17	the	the	DET
ajird-1381	33	18	amount	amount	NOUN
ajird-1381	33	19	of	of	ADP
ajird-1381	33	20	credit	credit	NOUN
ajird-1381	33	21	that	that	PRON
ajird-1381	33	22	banks	bank	NOUN
ajird-1381	33	23	provide	provide	VERB
ajird-1381	33	24	to	to	ADP
ajird-1381	33	25	the	the	DET
ajird-1381	33	26	economy	economy	NOUN
ajird-1381	33	27	(	(	PUNCT
ajird-1381	33	28	households	household	NOUN
ajird-1381	33	29	and	and	CCONJ
ajird-1381	33	30	businesses	business	NOUN
ajird-1381	33	31	)	)	PUNCT
ajird-1381	33	32	,	,	PUNCT
ajird-1381	33	33	a	a	DET
ajird-1381	33	34	decline	decline	NOUN
ajird-1381	33	35	in	in	ADP
ajird-1381	33	36	bank	bank	NOUN
ajird-1381	33	37	credit	credit	NOUN
ajird-1381	33	38	would	would	AUX
ajird-1381	33	39	reduce	reduce	VERB
ajird-1381	33	40	the	the	DET
ajird-1381	33	41	importance	importance	NOUN
ajird-1381	33	42	of	of	ADP
ajird-1381	33	43	bank	bank	NOUN
ajird-1381	33	44	lending	lending	NOUN
ajird-1381	33	45	in	in	ADP
ajird-1381	33	46	the	the	DET
ajird-1381	33	47	overall	overall	ADJ
ajird-1381	33	48	transmission	transmission	NOUN
ajird-1381	33	49	of	of	ADP
ajird-1381	33	50	monetary	monetary	ADJ
ajird-1381	33	51	policy	policy	NOUN
ajird-1381	33	52	.	.	PUNCT
ajird-1381	34	1	deposit	deposit	NOUN
ajird-1381	34	2	intermediation	intermediation	NOUN
ajird-1381	34	3	can	can	AUX
ajird-1381	34	4	also	also	ADV
ajird-1381	34	5	affect	affect	VERB
ajird-1381	34	6	monetary	monetary	ADJ
ajird-1381	34	7	policy	policy	NOUN
ajird-1381	34	8	through	through	ADP
ajird-1381	34	9	the	the	DET
ajird-1381	34	10	financial	financial	ADJ
ajird-1381	34	11	stability	stability	NOUN
ajird-1381	34	12	risk	risk	NOUN
ajird-1381	34	13	channel	channel	NOUN
ajird-1381	34	14	.	.	PUNCT
ajird-1381	35	1	while	while	SCONJ
ajird-1381	35	2	deposits	deposit	NOUN
ajird-1381	35	3	can	can	AUX
ajird-1381	35	4	be	be	AUX
ajird-1381	35	5	withdrawn	withdraw	VERB
ajird-1381	35	6	at	at	ADP
ajird-1381	35	7	any	any	DET
ajird-1381	35	8	time	time	NOUN
ajird-1381	35	9	,	,	PUNCT
ajird-1381	35	10	loans	loan	NOUN
ajird-1381	35	11	are	be	AUX
ajird-1381	35	12	contractual	contractual	ADJ
ajird-1381	35	13	and	and	CCONJ
ajird-1381	35	14	can	can	AUX
ajird-1381	35	15	not	not	PART
ajird-1381	35	16	be	be	AUX
ajird-1381	35	17	repaid	repay	VERB
ajird-1381	35	18	early	early	ADV
ajird-1381	35	19	.	.	PUNCT
ajird-1381	36	1	a	a	DET
ajird-1381	36	2	sudden	sudden	ADV
ajird-1381	36	3	large	large	ADJ
ajird-1381	36	4	withdrawal	withdrawal	NOUN
ajird-1381	36	5	of	of	ADP
ajird-1381	36	6	deposits	deposit	NOUN
ajird-1381	36	7	could	could	AUX
ajird-1381	36	8	therefore	therefore	ADV
ajird-1381	36	9	create	create	VERB
ajird-1381	36	10	liquidity	liquidity	NOUN
ajird-1381	36	11	risk	risk	NOUN
ajird-1381	36	12	that	that	PRON
ajird-1381	36	13	could	could	AUX
ajird-1381	36	14	lead	lead	VERB
ajird-1381	36	15	to	to	ADP
ajird-1381	36	16	bank	bank	NOUN
ajird-1381	36	17	insolvency	insolvency	NOUN
ajird-1381	36	18	.	.	PUNCT
ajird-1381	37	1	stress	stress	NOUN
ajird-1381	37	2	in	in	ADP
ajird-1381	37	3	the	the	DET
ajird-1381	37	4	banking	banking	NOUN
ajird-1381	37	5	system	system	NOUN
ajird-1381	37	6	could	could	AUX
ajird-1381	37	7	lead	lead	VERB
ajird-1381	37	8	to	to	ADP
ajird-1381	37	9	market	market	NOUN
ajird-1381	37	10	segmentation	segmentation	NOUN
ajird-1381	37	11	as	as	SCONJ
ajird-1381	37	12	healthy	healthy	ADJ
ajird-1381	37	13	banks	bank	NOUN
ajird-1381	37	14	avoid	avoid	VERB
ajird-1381	37	15	providing	provide	VERB
ajird-1381	37	16	liquidity	liquidity	NOUN
ajird-1381	37	17	to	to	ADP
ajird-1381	37	18	weak	weak	ADJ
ajird-1381	37	19	banks	bank	NOUN
ajird-1381	37	20	,	,	PUNCT
ajird-1381	37	21	weakening	weaken	VERB
ajird-1381	37	22	the	the	DET
ajird-1381	37	23	assets	asset	NOUN
ajird-1381	37	24	liabilities	liability	NOUN
ajird-1381	37	25	deposits	deposit	NOUN
ajird-1381	37	26	-100	-100	ADP
ajird-1381	37	27	local	local	ADJ
ajird-1381	37	28	currency	currency	NOUN
ajird-1381	37	29	others	other	NOUN
ajird-1381	37	30	cbdc	cbdc	VERB
ajird-1381	37	31	+100	+100	SYM
ajird-1381	37	32	digital	digital	ADJ
ajird-1381	37	33	cash	cash	NOUN
ajird-1381	37	34	cash	cash	NOUN
ajird-1381	37	35	balance	balance	NOUN
ajird-1381	37	36	of	of	ADP
ajird-1381	37	37	operations	operation	NOUN
ajird-1381	37	38	0	0	NUM
ajird-1381	37	39	local	local	ADJ
ajird-1381	37	40	currency	currency	NOUN
ajird-1381	37	41	balance	balance	NOUN
ajird-1381	37	42	of	of	ADP
ajird-1381	37	43	operations	operation	NOUN
ajird-1381	37	44	0	0	NUM
ajird-1381	37	45	local	local	ADJ
ajird-1381	37	46	currency	currency	NOUN
ajird-1381	37	47	assets	asset	NOUN
ajird-1381	37	48	liabilities	liability	NOUN
ajird-1381	37	49	loans	loan	NOUN
ajird-1381	37	50	deposits	deposit	NOUN
ajird-1381	37	51	-100	-100	ADP
ajird-1381	37	52	local	local	ADJ
ajird-1381	37	53	currency	currency	NOUN
ajird-1381	37	54	deposits	deposit	NOUN
ajird-1381	37	55	cb	cb	PROPN
ajird-1381	37	56	reserve	reserve	PROPN
ajird-1381	37	57	accounts	account	VERB
ajird-1381	38	1	-100	-100	ADP
ajird-1381	38	2	local	local	ADJ
ajird-1381	38	3	currency	currency	NOUN
ajird-1381	38	4	cb	cb	PROPN
ajird-1381	38	5	loans	loan	VERB
ajird-1381	38	6	others	other	NOUN
ajird-1381	38	7	capital	capital	NOUN
ajird-1381	38	8	balance	balance	NOUN
ajird-1381	38	9	of	of	ADP
ajird-1381	38	10	operations	operation	NOUN
ajird-1381	38	11	-100	-100	ADP
ajird-1381	38	12	local	local	ADJ
ajird-1381	38	13	currency	currency	NOUN
ajird-1381	38	14	balance	balance	NOUN
ajird-1381	38	15	of	of	ADP
ajird-1381	38	16	operations	operation	NOUN
ajird-1381	38	17	-100	-100	ADP
ajird-1381	38	18	local	local	ADJ
ajird-1381	38	19	currency	currency	NOUN
ajird-1381	38	20	assets	asset	NOUN
ajird-1381	38	21	liabilities	liability	NOUN
ajird-1381	38	22	cb	cb	PROPN
ajird-1381	38	23	operations	operations	PROPN
ajird-1381	38	24	commercial	commercial	PROPN
ajird-1381	38	25	bank	bank	PROPN
ajird-1381	38	26	reserve	reserve	PROPN
ajird-1381	38	27	accounts	account	VERB
ajird-1381	38	28	-100	-100	ADP
ajird-1381	38	29	local	local	ADJ
ajird-1381	38	30	currency	currency	NOUN
ajird-1381	38	31	others	other	NOUN
ajird-1381	38	32	cbdc	cbdc	VERB
ajird-1381	38	33	+100	+100	SYM
ajird-1381	38	34	digital	digital	ADJ
ajird-1381	38	35	cash	cash	NOUN
ajird-1381	38	36	cash	cash	NOUN
ajird-1381	38	37	balance	balance	NOUN
ajird-1381	38	38	of	of	ADP
ajird-1381	38	39	operations	operation	NOUN
ajird-1381	38	40	0	0	NUM
ajird-1381	38	41	local	local	ADJ
ajird-1381	38	42	currency	currency	NOUN
ajird-1381	38	43	balance	balance	NOUN
ajird-1381	38	44	of	of	ADP
ajird-1381	38	45	operations	operation	NOUN
ajird-1381	38	46	0	0	NUM
ajird-1381	38	47	local	local	ADJ
ajird-1381	38	48	currency	currency	NOUN
ajird-1381	38	49	american	american	PROPN
ajird-1381	38	50	journal	journal	PROPN
ajird-1381	38	51	of	of	ADP
ajird-1381	38	52	interdisciplinary	interdisciplinary	ADJ
ajird-1381	38	53	research	research	NOUN
ajird-1381	38	54	and	and	CCONJ
ajird-1381	38	55	development	development	NOUN
ajird-1381	38	56	issn	issn	PROPN
ajird-1381	38	57	online	online	NOUN
ajird-1381	38	58	:	:	PUNCT
ajird-1381	38	59	2771	2771	NUM
ajird-1381	38	60	-	-	SYM
ajird-1381	38	61	8948	8948	NUM
ajird-1381	38	62	website	website	NOUN
ajird-1381	38	63	:	:	PUNCT
ajird-1381	38	64	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1381	38	65	volume	volume	NOUN
ajird-1381	38	66	35	35	NUM
ajird-1381	38	67	,	,	PUNCT
ajird-1381	38	68	december	december	PROPN
ajird-1381	38	69	2024	2024	NUM
ajird-1381	38	70	4	4	NUM
ajird-1381	38	71	|	|	ADV
ajird-1381	38	72	p	p	X
ajird-1381	38	73	a	a	DET
ajird-1381	38	74	g	g	NOUN
ajird-1381	38	75	e	e	NOUN
ajird-1381	38	76	transmission	transmission	NOUN
ajird-1381	38	77	of	of	ADP
ajird-1381	38	78	monetary	monetary	ADJ
ajird-1381	38	79	policy	policy	NOUN
ajird-1381	38	80	through	through	ADP
ajird-1381	38	81	the	the	DET
ajird-1381	38	82	interest	interest	NOUN
ajird-1381	38	83	rate	rate	NOUN
ajird-1381	38	84	channel	channel	PROPN
ajird-1381	38	85	,	,	PUNCT
ajird-1381	38	86	which	which	PRON
ajird-1381	38	87	is	be	AUX
ajird-1381	38	88	important	important	ADJ
ajird-1381	38	89	for	for	ADP
ajird-1381	38	90	countries	country	NOUN
ajird-1381	38	91	with	with	ADP
ajird-1381	38	92	it	it	PRON
ajird-1381	38	93	regimes	regime	VERB
ajird-1381	38	94	.	.	PUNCT
ajird-1381	39	1	the	the	DET
ajird-1381	39	2	exchange	exchange	NOUN
ajird-1381	39	3	of	of	ADP
ajird-1381	39	4	bank	bank	NOUN
ajird-1381	39	5	deposits	deposit	NOUN
ajird-1381	39	6	for	for	ADP
ajird-1381	39	7	cbdcs	cbdc	NOUN
ajird-1381	39	8	could	could	AUX
ajird-1381	39	9	also	also	ADV
ajird-1381	39	10	lead	lead	VERB
ajird-1381	39	11	to	to	ADP
ajird-1381	39	12	volatility	volatility	NOUN
ajird-1381	39	13	in	in	ADP
ajird-1381	39	14	commercial	commercial	ADJ
ajird-1381	39	15	bank	bank	NOUN
ajird-1381	39	16	reserves	reserve	NOUN
ajird-1381	39	17	,	,	PUNCT
ajird-1381	39	18	which	which	PRON
ajird-1381	39	19	would	would	AUX
ajird-1381	39	20	complicate	complicate	VERB
ajird-1381	39	21	the	the	DET
ajird-1381	39	22	liquidity	liquidity	NOUN
ajird-1381	39	23	management	management	NOUN
ajird-1381	39	24	capabilities	capability	NOUN
ajird-1381	39	25	of	of	ADP
ajird-1381	39	26	both	both	PRON
ajird-1381	39	27	commercial	commercial	ADJ
ajird-1381	39	28	banks	bank	NOUN
ajird-1381	39	29	and	and	CCONJ
ajird-1381	39	30	the	the	DET
ajird-1381	39	31	central	central	ADJ
ajird-1381	39	32	bank	bank	NOUN
ajird-1381	39	33	.	.	PUNCT
ajird-1381	40	1	if	if	SCONJ
ajird-1381	40	2	deposit	deposit	NOUN
ajird-1381	40	3	transfers	transfer	NOUN
ajird-1381	40	4	to	to	ADP
ajird-1381	40	5	cbdcs	cbdc	NOUN
ajird-1381	40	6	are	be	AUX
ajird-1381	40	7	large	large	ADJ
ajird-1381	40	8	,	,	PUNCT
ajird-1381	40	9	frequent	frequent	ADJ
ajird-1381	40	10	,	,	PUNCT
ajird-1381	40	11	and	and	CCONJ
ajird-1381	40	12	unpredictable	unpredictable	ADJ
ajird-1381	40	13	,	,	PUNCT
ajird-1381	40	14	commercial	commercial	ADJ
ajird-1381	40	15	bank	bank	NOUN
ajird-1381	40	16	reserves	reserve	NOUN
ajird-1381	40	17	at	at	ADP
ajird-1381	40	18	the	the	DET
ajird-1381	40	19	central	central	ADJ
ajird-1381	40	20	bank	bank	NOUN
ajird-1381	40	21	(	(	PUNCT
ajird-1381	40	22	autonomous	autonomous	ADJ
ajird-1381	40	23	factors	factor	NOUN
ajird-1381	40	24	)	)	PUNCT
ajird-1381	40	25	could	could	AUX
ajird-1381	40	26	become	become	VERB
ajird-1381	40	27	highly	highly	ADV
ajird-1381	40	28	volatile	volatile	ADJ
ajird-1381	40	29	and	and	CCONJ
ajird-1381	40	30	affect	affect	VERB
ajird-1381	40	31	monetary	monetary	ADJ
ajird-1381	40	32	policy	policy	NOUN
ajird-1381	40	33	through	through	ADP
ajird-1381	40	34	multiple	multiple	ADJ
ajird-1381	40	35	mutually	mutually	ADV
ajird-1381	40	36	reinforcing	reinforce	VERB
ajird-1381	40	37	channels	channel	NOUN
ajird-1381	40	38	.	.	PUNCT
ajird-1381	41	1	central	central	ADJ
ajird-1381	41	2	banks	bank	NOUN
ajird-1381	41	3	need	need	VERB
ajird-1381	41	4	to	to	PART
ajird-1381	41	5	accurately	accurately	ADV
ajird-1381	41	6	forecast	forecast	VERB
ajird-1381	41	7	the	the	DET
ajird-1381	41	8	inflows	inflow	NOUN
ajird-1381	41	9	and	and	CCONJ
ajird-1381	41	10	outflows	outflow	NOUN
ajird-1381	41	11	of	of	ADP
ajird-1381	41	12	funds	fund	NOUN
ajird-1381	41	13	into	into	ADP
ajird-1381	41	14	the	the	DET
ajird-1381	41	15	commercial	commercial	ADJ
ajird-1381	41	16	banking	banking	NOUN
ajird-1381	41	17	system	system	NOUN
ajird-1381	41	18	in	in	ADP
ajird-1381	41	19	relation	relation	NOUN
ajird-1381	41	20	to	to	ADP
ajird-1381	41	21	the	the	DET
ajird-1381	41	22	functioning	functioning	NOUN
ajird-1381	41	23	of	of	ADP
ajird-1381	41	24	the	the	DET
ajird-1381	41	25	payment	payment	NOUN
ajird-1381	41	26	system	system	NOUN
ajird-1381	41	27	,	,	PUNCT
ajird-1381	41	28	enabling	enable	VERB
ajird-1381	41	29	them	they	PRON
ajird-1381	41	30	to	to	PART
ajird-1381	41	31	achieve	achieve	VERB
ajird-1381	41	32	monetary	monetary	ADJ
ajird-1381	41	33	policy	policy	NOUN
ajird-1381	41	34	targets	target	NOUN
ajird-1381	41	35	,	,	PUNCT
ajird-1381	41	36	in	in	ADP
ajird-1381	41	37	particular	particular	ADJ
ajird-1381	41	38	short	short	ADJ
ajird-1381	41	39	-	-	PUNCT
ajird-1381	41	40	term	term	NOUN
ajird-1381	41	41	interest	interest	NOUN
ajird-1381	41	42	rates	rate	NOUN
ajird-1381	41	43	.	.	PUNCT
ajird-1381	42	1	the	the	DET
ajird-1381	42	2	significant	significant	ADJ
ajird-1381	42	3	volatility	volatility	NOUN
ajird-1381	42	4	of	of	ADP
ajird-1381	42	5	commercial	commercial	ADJ
ajird-1381	42	6	bank	bank	NOUN
ajird-1381	42	7	reserves	reserve	NOUN
ajird-1381	42	8	makes	make	VERB
ajird-1381	42	9	it	it	PRON
ajird-1381	42	10	difficult	difficult	ADJ
ajird-1381	42	11	to	to	PART
ajird-1381	42	12	forecast	forecast	VERB
ajird-1381	42	13	the	the	DET
ajird-1381	42	14	components	component	NOUN
ajird-1381	42	15	of	of	ADP
ajird-1381	42	16	the	the	DET
ajird-1381	42	17	balance	balance	NOUN
ajird-1381	42	18	sheet	sheet	NOUN
ajird-1381	42	19	for	for	ADP
ajird-1381	42	20	the	the	DET
ajird-1381	42	21	purpose	purpose	NOUN
ajird-1381	42	22	of	of	ADP
ajird-1381	42	23	accurately	accurately	ADV
ajird-1381	42	24	determining	determine	VERB
ajird-1381	42	25	the	the	DET
ajird-1381	42	26	size	size	NOUN
ajird-1381	42	27	and	and	CCONJ
ajird-1381	42	28	frequency	frequency	NOUN
ajird-1381	42	29	of	of	ADP
ajird-1381	42	30	central	central	PROPN
ajird-1381	42	31	bank	bank	PROPN
ajird-1381	42	32	omos	omos	PROPN
ajird-1381	42	33	.	.	PUNCT
ajird-1381	43	1	•	•	NUM
ajird-1381	43	2	the	the	DET
ajird-1381	43	3	volatility	volatility	NOUN
ajird-1381	43	4	of	of	ADP
ajird-1381	43	5	commercial	commercial	ADJ
ajird-1381	43	6	bank	bank	NOUN
ajird-1381	43	7	reserves	reserve	NOUN
ajird-1381	43	8	may	may	AUX
ajird-1381	43	9	lead	lead	VERB
ajird-1381	43	10	commercial	commercial	ADJ
ajird-1381	43	11	banks	bank	NOUN
ajird-1381	43	12	to	to	PART
ajird-1381	43	13	hold	hold	VERB
ajird-1381	43	14	significantly	significantly	ADV
ajird-1381	43	15	larger	large	ADJ
ajird-1381	43	16	reserves	reserve	NOUN
ajird-1381	43	17	to	to	PART
ajird-1381	43	18	meet	meet	VERB
ajird-1381	43	19	not	not	PART
ajird-1381	43	20	only	only	ADV
ajird-1381	43	21	daily	daily	ADJ
ajird-1381	43	22	payment	payment	NOUN
ajird-1381	43	23	flows	flow	NOUN
ajird-1381	43	24	but	but	CCONJ
ajird-1381	43	25	also	also	ADV
ajird-1381	43	26	potential	potential	ADJ
ajird-1381	43	27	flows	flow	NOUN
ajird-1381	43	28	from	from	ADP
ajird-1381	43	29	additional	additional	ADJ
ajird-1381	43	30	deposit	deposit	NOUN
ajird-1381	43	31	withdrawals	withdrawal	NOUN
ajird-1381	43	32	to	to	ADP
ajird-1381	43	33	finance	finance	NOUN
ajird-1381	43	34	cbdcs	cbdc	NOUN
ajird-1381	43	35	,	,	PUNCT
ajird-1381	43	36	especially	especially	ADV
ajird-1381	43	37	in	in	ADP
ajird-1381	43	38	stressed	stressed	ADJ
ajird-1381	43	39	market	market	NOUN
ajird-1381	43	40	conditions	condition	NOUN
ajird-1381	43	41	.	.	PUNCT
ajird-1381	44	1	the	the	DET
ajird-1381	44	2	need	need	NOUN
ajird-1381	44	3	to	to	PART
ajird-1381	44	4	hold	hold	VERB
ajird-1381	44	5	high	high	ADJ
ajird-1381	44	6	liquidity	liquidity	NOUN
ajird-1381	44	7	buffers	buffer	NOUN
ajird-1381	44	8	reduces	reduce	VERB
ajird-1381	44	9	the	the	DET
ajird-1381	44	10	funds	fund	NOUN
ajird-1381	44	11	available	available	ADJ
ajird-1381	44	12	for	for	ADP
ajird-1381	44	13	longterm	longterm	NOUN
ajird-1381	44	14	lending	lending	NOUN
ajird-1381	44	15	and	and	CCONJ
ajird-1381	44	16	weakens	weaken	VERB
ajird-1381	44	17	the	the	DET
ajird-1381	44	18	credit	credit	NOUN
ajird-1381	44	19	channel	channel	NOUN
ajird-1381	44	20	.	.	PUNCT
ajird-1381	45	1	•	•	NUM
ajird-1381	45	2	liquidity	liquidity	NOUN
ajird-1381	45	3	accumulation	accumulation	NOUN
ajird-1381	45	4	may	may	AUX
ajird-1381	45	5	also	also	ADV
ajird-1381	45	6	affect	affect	VERB
ajird-1381	45	7	the	the	DET
ajird-1381	45	8	transmission	transmission	NOUN
ajird-1381	45	9	of	of	ADP
ajird-1381	45	10	policy	policy	NOUN
ajird-1381	45	11	rate	rate	NOUN
ajird-1381	45	12	changes	change	NOUN
ajird-1381	45	13	to	to	ADP
ajird-1381	45	14	interbank	interbank	NOUN
ajird-1381	45	15	markets	market	NOUN
ajird-1381	45	16	,	,	PUNCT
ajird-1381	45	17	which	which	PRON
ajird-1381	45	18	is	be	AUX
ajird-1381	45	19	central	central	ADJ
ajird-1381	45	20	to	to	ADP
ajird-1381	45	21	the	the	DET
ajird-1381	45	22	effectiveness	effectiveness	NOUN
ajird-1381	45	23	of	of	ADP
ajird-1381	45	24	it	it	PRON
ajird-1381	45	25	regimes	regime	VERB
ajird-1381	45	26	.	.	PUNCT
ajird-1381	46	1	for	for	ADP
ajird-1381	46	2	any	any	DET
ajird-1381	46	3	given	give	VERB
ajird-1381	46	4	policy	policy	NOUN
ajird-1381	46	5	rate	rate	NOUN
ajird-1381	46	6	,	,	PUNCT
ajird-1381	46	7	banks	bank	NOUN
ajird-1381	46	8	may	may	AUX
ajird-1381	46	9	have	have	VERB
ajird-1381	46	10	to	to	PART
ajird-1381	46	11	offer	offer	VERB
ajird-1381	46	12	higher	high	ADJ
ajird-1381	46	13	deposit	deposit	NOUN
ajird-1381	46	14	rates	rate	NOUN
ajird-1381	46	15	than	than	ADP
ajird-1381	46	16	others	other	NOUN
ajird-1381	46	17	or	or	CCONJ
ajird-1381	46	18	raise	raise	VERB
ajird-1381	46	19	more	more	ADJ
ajird-1381	46	20	funds	fund	NOUN
ajird-1381	46	21	from	from	ADP
ajird-1381	46	22	higher	high	ADJ
ajird-1381	46	23	-	-	PUNCT
ajird-1381	46	24	cost	cost	NOUN
ajird-1381	46	25	or	or	CCONJ
ajird-1381	46	26	more	more	ADV
ajird-1381	46	27	volatile	volatile	ADJ
ajird-1381	46	28	sources	source	NOUN
ajird-1381	46	29	,	,	PUNCT
ajird-1381	46	30	which	which	PRON
ajird-1381	46	31	can	can	AUX
ajird-1381	46	32	lead	lead	VERB
ajird-1381	46	33	to	to	ADP
ajird-1381	46	34	higher	high	ADJ
ajird-1381	46	35	lending	lending	NOUN
ajird-1381	46	36	rates	rate	NOUN
ajird-1381	46	37	and	and	CCONJ
ajird-1381	46	38	lower	low	ADJ
ajird-1381	46	39	credit	credit	NOUN
ajird-1381	46	40	to	to	ADP
ajird-1381	46	41	the	the	DET
ajird-1381	46	42	private	private	ADJ
ajird-1381	46	43	sector	sector	NOUN
ajird-1381	46	44	.	.	PUNCT
ajird-1381	47	1	if	if	SCONJ
ajird-1381	47	2	commercial	commercial	ADJ
ajird-1381	47	3	banks	bank	NOUN
ajird-1381	47	4	decide	decide	VERB
ajird-1381	47	5	not	not	PART
ajird-1381	47	6	to	to	PART
ajird-1381	47	7	reduce	reduce	VERB
ajird-1381	47	8	their	their	PRON
ajird-1381	47	9	asset	asset	NOUN
ajird-1381	47	10	base	base	NOUN
ajird-1381	47	11	in	in	ADP
ajird-1381	47	12	response	response	NOUN
ajird-1381	47	13	to	to	ADP
ajird-1381	47	14	falling	fall	VERB
ajird-1381	47	15	deposits	deposit	NOUN
ajird-1381	47	16	,	,	PUNCT
ajird-1381	47	17	and	and	CCONJ
ajird-1381	47	18	the	the	DET
ajird-1381	47	19	interbank	interbank	NOUN
ajird-1381	47	20	market	market	NOUN
ajird-1381	47	21	does	do	AUX
ajird-1381	47	22	not	not	PART
ajird-1381	47	23	quickly	quickly	ADV
ajird-1381	47	24	redistribute	redistribute	VERB
ajird-1381	47	25	liquidity	liquidity	NOUN
ajird-1381	47	26	through	through	ADP
ajird-1381	47	27	the	the	DET
ajird-1381	47	28	banking	banking	NOUN
ajird-1381	47	29	system	system	NOUN
ajird-1381	47	30	in	in	ADP
ajird-1381	47	31	response	response	NOUN
ajird-1381	47	32	to	to	ADP
ajird-1381	47	33	the	the	DET
ajird-1381	47	34	shock	shock	NOUN
ajird-1381	47	35	,	,	PUNCT
ajird-1381	47	36	banks	bank	NOUN
ajird-1381	47	37	with	with	ADP
ajird-1381	47	38	a	a	DET
ajird-1381	47	39	cash	cash	NOUN
ajird-1381	47	40	shortage	shortage	NOUN
ajird-1381	47	41	will	will	AUX
ajird-1381	47	42	be	be	AUX
ajird-1381	47	43	forced	force	VERB
ajird-1381	47	44	to	to	PART
ajird-1381	47	45	resort	resort	VERB
ajird-1381	47	46	to	to	ADP
ajird-1381	47	47	central	central	ADJ
ajird-1381	47	48	bank	bank	NOUN
ajird-1381	47	49	financing	financing	NOUN
ajird-1381	47	50	.	.	PUNCT
ajird-1381	48	1	the	the	DET
ajird-1381	48	2	central	central	PROPN
ajird-1381	48	3	bank	bank	NOUN
ajird-1381	48	4	's	's	PART
ajird-1381	48	5	balance	balance	NOUN
ajird-1381	48	6	sheet	sheet	NOUN
ajird-1381	48	7	,	,	PUNCT
ajird-1381	48	8	in	in	ADP
ajird-1381	48	9	this	this	DET
ajird-1381	48	10	case	case	NOUN
ajird-1381	48	11	,	,	PUNCT
ajird-1381	48	12	increases	increase	NOUN
ajird-1381	48	13	by	by	ADP
ajird-1381	48	14	the	the	DET
ajird-1381	48	15	same	same	ADJ
ajird-1381	48	16	amount	amount	NOUN
ajird-1381	48	17	.	.	PUNCT
ajird-1381	49	1	the	the	DET
ajird-1381	49	2	composition	composition	NOUN
ajird-1381	49	3	of	of	ADP
ajird-1381	49	4	the	the	DET
ajird-1381	49	5	central	central	ADJ
ajird-1381	49	6	bank	bank	NOUN
ajird-1381	49	7	's	's	PART
ajird-1381	49	8	assets	asset	NOUN
ajird-1381	49	9	and	and	CCONJ
ajird-1381	49	10	liabilities	liability	NOUN
ajird-1381	49	11	changes	change	NOUN
ajird-1381	49	12	as	as	SCONJ
ajird-1381	49	13	follows	follow	VERB
ajird-1381	49	14	:	:	PUNCT
ajird-1381	49	15	on	on	ADP
ajird-1381	49	16	the	the	DET
ajird-1381	49	17	asset	asset	NOUN
ajird-1381	49	18	side	side	NOUN
ajird-1381	49	19	,	,	PUNCT
ajird-1381	49	20	claims	claim	NOUN
ajird-1381	49	21	on	on	ADP
ajird-1381	49	22	commercial	commercial	ADJ
ajird-1381	49	23	banks	bank	NOUN
ajird-1381	49	24	increase	increase	VERB
ajird-1381	49	25	,	,	PUNCT
ajird-1381	49	26	and	and	CCONJ
ajird-1381	49	27	on	on	ADP
ajird-1381	49	28	the	the	DET
ajird-1381	49	29	liability	liability	NOUN
ajird-1381	49	30	side	side	NOUN
ajird-1381	49	31	,	,	PUNCT
ajird-1381	49	32	currency	currency	NOUN
ajird-1381	49	33	in	in	ADP
ajird-1381	49	34	circulation	circulation	NOUN
ajird-1381	49	35	increases	increase	NOUN
ajird-1381	49	36	by	by	ADP
ajird-1381	49	37	a	a	DET
ajird-1381	49	38	corresponding	corresponding	ADJ
ajird-1381	49	39	amount	amount	NOUN
ajird-1381	49	40	.	.	PUNCT
ajird-1381	50	1	the	the	DET
ajird-1381	50	2	commercial	commercial	ADJ
ajird-1381	50	3	bank	bank	NOUN
ajird-1381	50	4	's	's	PART
ajird-1381	50	5	balance	balance	NOUN
ajird-1381	50	6	sheet	sheet	NOUN
ajird-1381	50	7	returns	return	NOUN
ajird-1381	50	8	to	to	ADP
ajird-1381	50	9	its	its	PRON
ajird-1381	50	10	previous	previous	ADJ
ajird-1381	50	11	level	level	NOUN
ajird-1381	50	12	(	(	PUNCT
ajird-1381	50	13	table	table	NOUN
ajird-1381	50	14	3	3	NUM
ajird-1381	50	15	)	)	PUNCT
ajird-1381	50	16	.	.	PUNCT
ajird-1381	51	1	american	american	PROPN
ajird-1381	51	2	journal	journal	PROPN
ajird-1381	51	3	of	of	ADP
ajird-1381	51	4	interdisciplinary	interdisciplinary	ADJ
ajird-1381	51	5	research	research	NOUN
ajird-1381	51	6	and	and	CCONJ
ajird-1381	51	7	development	development	NOUN
ajird-1381	51	8	issn	issn	PROPN
ajird-1381	51	9	online	online	NOUN
ajird-1381	51	10	:	:	PUNCT
ajird-1381	51	11	2771	2771	NUM
ajird-1381	51	12	-	-	SYM
ajird-1381	51	13	8948	8948	NUM
ajird-1381	51	14	website	website	NOUN
ajird-1381	51	15	:	:	PUNCT
ajird-1381	51	16	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1381	51	17	volume	volume	NOUN
ajird-1381	51	18	35	35	NUM
ajird-1381	51	19	,	,	PUNCT
ajird-1381	51	20	december	december	PROPN
ajird-1381	51	21	2024	2024	NUM
ajird-1381	51	22	5	5	NUM
ajird-1381	51	23	|	|	ADV
ajird-1381	51	24	p	p	X
ajird-1381	51	25	a	a	DET
ajird-1381	51	26	g	g	NOUN
ajird-1381	51	27	e	e	NOUN
ajird-1381	51	28	table	table	NOUN
ajird-1381	51	29	3	3	NUM
ajird-1381	51	30	.	.	PUNCT
ajird-1381	51	31	impact	impact	NOUN
ajird-1381	51	32	of	of	ADP
ajird-1381	51	33	central	central	ADJ
ajird-1381	51	34	bank	bank	NOUN
ajird-1381	51	35	operations	operation	NOUN
ajird-1381	51	36	on	on	ADP
ajird-1381	51	37	the	the	DET
ajird-1381	51	38	balance	balance	NOUN
ajird-1381	51	39	sheet	sheet	NOUN
ajird-1381	51	40	to	to	PART
ajird-1381	51	41	offset	offset	VERB
ajird-1381	51	42	the	the	DET
ajird-1381	51	43	decline	decline	NOUN
ajird-1381	51	44	in	in	ADP
ajird-1381	51	45	deposits	deposit	NOUN
ajird-1381	51	46	household	household	NOUN
ajird-1381	51	47	balance	balance	NOUN
ajird-1381	51	48	commercial	commercial	ADJ
ajird-1381	51	49	bank	bank	NOUN
ajird-1381	51	50	balance	balance	PROPN
ajird-1381	51	51	central	central	PROPN
ajird-1381	51	52	bank	bank	PROPN
ajird-1381	51	53	balance	balance	PROPN
ajird-1381	51	54	w	w	NOUN
ajird-1381	51	55	-	-	PUNCT
ajird-1381	51	56	cbdcs	cbdc	NOUN
ajird-1381	51	57	are	be	AUX
ajird-1381	51	58	like	like	ADP
ajird-1381	51	59	reserves	reserve	NOUN
ajird-1381	51	60	and	and	CCONJ
ajird-1381	51	61	do	do	AUX
ajird-1381	51	62	not	not	PART
ajird-1381	51	63	affect	affect	VERB
ajird-1381	51	64	the	the	DET
ajird-1381	51	65	implementation	implementation	NOUN
ajird-1381	51	66	of	of	ADP
ajird-1381	51	67	monetary	monetary	ADJ
ajird-1381	51	68	policy	policy	NOUN
ajird-1381	51	69	or	or	CCONJ
ajird-1381	51	70	the	the	DET
ajird-1381	51	71	transmission	transmission	NOUN
ajird-1381	51	72	of	of	ADP
ajird-1381	51	73	balance	balance	NOUN
ajird-1381	51	74	sheet	sheet	NOUN
ajird-1381	51	75	effects	effect	NOUN
ajird-1381	51	76	.	.	PUNCT
ajird-1381	52	1	rather	rather	ADV
ajird-1381	52	2	,	,	PUNCT
ajird-1381	52	3	w	w	NOUN
ajird-1381	52	4	-	-	PUNCT
ajird-1381	52	5	cbdcs	cbdc	NOUN
ajird-1381	52	6	affect	affect	VERB
ajird-1381	52	7	monetary	monetary	ADJ
ajird-1381	52	8	policy	policy	NOUN
ajird-1381	52	9	by	by	ADP
ajird-1381	52	10	improving	improve	VERB
ajird-1381	52	11	the	the	DET
ajird-1381	52	12	efficiency	efficiency	NOUN
ajird-1381	52	13	of	of	ADP
ajird-1381	52	14	the	the	DET
ajird-1381	52	15	payment	payment	NOUN
ajird-1381	52	16	system	system	NOUN
ajird-1381	52	17	and	and	CCONJ
ajird-1381	52	18	causing	cause	VERB
ajird-1381	52	19	changes	change	NOUN
ajird-1381	52	20	in	in	ADP
ajird-1381	52	21	the	the	DET
ajird-1381	52	22	market	market	NOUN
ajird-1381	52	23	structure	structure	NOUN
ajird-1381	52	24	.	.	PUNCT
ajird-1381	53	1	when	when	SCONJ
ajird-1381	53	2	a	a	DET
ajird-1381	53	3	central	central	ADJ
ajird-1381	53	4	bank	bank	NOUN
ajird-1381	53	5	issues	issue	NOUN
ajird-1381	53	6	w	w	NOUN
ajird-1381	53	7	-	-	PUNCT
ajird-1381	53	8	cbdcs	cbdcs	ADJ
ajird-1381	53	9	,	,	PUNCT
ajird-1381	53	10	financial	financial	ADJ
ajird-1381	53	11	intermediaries	intermediary	NOUN
ajird-1381	53	12	can	can	AUX
ajird-1381	53	13	“	"	PUNCT
ajird-1381	53	14	pay	pay	VERB
ajird-1381	53	15	”	"	PUNCT
ajird-1381	53	16	them	they	PRON
ajird-1381	53	17	by	by	ADP
ajird-1381	53	18	transferring	transfer	VERB
ajird-1381	53	19	their	their	PRON
ajird-1381	53	20	u	u	NOUN
ajird-1381	53	21	-	-	NOUN
ajird-1381	53	22	mbrs	mbrs	ADJ
ajird-1381	53	23	in	in	ADP
ajird-1381	53	24	the	the	DET
ajird-1381	53	25	rtgs	rtgs	NOUN
ajird-1381	53	26	system	system	NOUN
ajird-1381	53	27	from	from	ADP
ajird-1381	53	28	reserve	reserve	NOUN
ajird-1381	53	29	balances	balance	NOUN
ajird-1381	53	30	.	.	PUNCT
ajird-1381	54	1	thus	thus	ADV
ajird-1381	54	2	,	,	PUNCT
ajird-1381	54	3	the	the	DET
ajird-1381	54	4	composition	composition	NOUN
ajird-1381	54	5	of	of	ADP
ajird-1381	54	6	the	the	DET
ajird-1381	54	7	liabilities	liability	NOUN
ajird-1381	54	8	of	of	ADP
ajird-1381	54	9	the	the	DET
ajird-1381	54	10	central	central	PROPN
ajird-1381	54	11	bank	bank	PROPN
ajird-1381	54	12	’s	’s	PART
ajird-1381	54	13	balance	balance	NOUN
ajird-1381	54	14	sheet	sheet	NOUN
ajird-1381	54	15	changes	change	NOUN
ajird-1381	54	16	with	with	ADP
ajird-1381	54	17	the	the	DET
ajird-1381	54	18	increase	increase	NOUN
ajird-1381	54	19	in	in	ADP
ajird-1381	54	20	w	w	NOUN
ajird-1381	54	21	-	-	PUNCT
ajird-1381	54	22	cbdcs	cbdc	NOUN
ajird-1381	54	23	,	,	PUNCT
ajird-1381	54	24	which	which	PRON
ajird-1381	54	25	is	be	AUX
ajird-1381	54	26	offset	offset	VERB
ajird-1381	54	27	by	by	ADP
ajird-1381	54	28	the	the	DET
ajird-1381	54	29	reduction	reduction	NOUN
ajird-1381	54	30	in	in	ADP
ajird-1381	54	31	commercial	commercial	ADJ
ajird-1381	54	32	banks	bank	NOUN
ajird-1381	54	33	’	’	PART
ajird-1381	54	34	reserves	reserve	NOUN
ajird-1381	54	35	.	.	PUNCT
ajird-1381	55	1	the	the	DET
ajird-1381	55	2	equivalent	equivalent	ADJ
ajird-1381	55	3	changes	change	NOUN
ajird-1381	55	4	in	in	ADP
ajird-1381	55	5	the	the	DET
ajird-1381	55	6	composition	composition	NOUN
ajird-1381	55	7	of	of	ADP
ajird-1381	55	8	assets	asset	NOUN
ajird-1381	55	9	are	be	AUX
ajird-1381	55	10	recorded	record	VERB
ajird-1381	55	11	on	on	ADP
ajird-1381	55	12	the	the	DET
ajird-1381	55	13	balance	balance	NOUN
ajird-1381	55	14	sheets	sheet	NOUN
ajird-1381	55	15	of	of	ADP
ajird-1381	55	16	financial	financial	ADJ
ajird-1381	55	17	intermediaries	intermediary	NOUN
ajird-1381	55	18	(	(	PUNCT
ajird-1381	55	19	table	table	NOUN
ajird-1381	55	20	4	4	NUM
ajird-1381	55	21	)	)	PUNCT
ajird-1381	55	22	.	.	PUNCT
ajird-1381	56	1	once	once	ADV
ajird-1381	56	2	issued	issue	VERB
ajird-1381	56	3	,	,	PUNCT
ajird-1381	56	4	w	w	NOUN
ajird-1381	56	5	-	-	PUNCT
ajird-1381	56	6	cbdcs	cbdcs	NOUN
ajird-1381	56	7	can	can	AUX
ajird-1381	56	8	be	be	AUX
ajird-1381	56	9	transferred	transfer	VERB
ajird-1381	56	10	between	between	ADP
ajird-1381	56	11	financial	financial	ADJ
ajird-1381	56	12	intermediaries	intermediary	NOUN
ajird-1381	56	13	on	on	ADP
ajird-1381	56	14	the	the	DET
ajird-1381	56	15	dlt	dlt	PROPN
ajird-1381	56	16	platform	platform	NOUN
ajird-1381	56	17	without	without	ADP
ajird-1381	56	18	affecting	affect	VERB
ajird-1381	56	19	the	the	DET
ajird-1381	56	20	balance	balance	NOUN
ajird-1381	56	21	sheets	sheet	NOUN
ajird-1381	56	22	of	of	ADP
ajird-1381	56	23	central	central	ADJ
ajird-1381	56	24	banks	bank	NOUN
ajird-1381	56	25	.	.	PUNCT
ajird-1381	57	1	intraday	intraday	NOUN
ajird-1381	57	2	w	w	NOUN
ajird-1381	57	3	-	-	PUNCT
ajird-1381	57	4	cbdcs	cbdcs	PROPN
ajird-1381	57	5	(	(	PUNCT
ajird-1381	57	6	issued	issue	VERB
ajird-1381	57	7	on	on	ADP
ajird-1381	57	8	a	a	DET
ajird-1381	57	9	business	business	NOUN
ajird-1381	57	10	day	day	NOUN
ajird-1381	57	11	and	and	CCONJ
ajird-1381	57	12	redeemed	redeem	VERB
ajird-1381	57	13	every	every	DET
ajird-1381	57	14	night	night	NOUN
ajird-1381	57	15	)	)	PUNCT
ajird-1381	57	16	do	do	AUX
ajird-1381	57	17	not	not	PART
ajird-1381	57	18	affect	affect	VERB
ajird-1381	57	19	the	the	DET
ajird-1381	57	20	size	size	NOUN
ajird-1381	57	21	of	of	ADP
ajird-1381	57	22	the	the	DET
ajird-1381	57	23	central	central	PROPN
ajird-1381	57	24	bank	bank	PROPN
ajird-1381	57	25	’s	’s	PART
ajird-1381	57	26	balance	balance	NOUN
ajird-1381	57	27	sheet	sheet	NOUN
ajird-1381	57	28	.	.	PUNCT
ajird-1381	58	1	since	since	SCONJ
ajird-1381	58	2	the	the	DET
ajird-1381	58	3	w	w	NOUN
ajird-1381	58	4	-	-	PUNCT
ajird-1381	58	5	cbdc	cbdc	NOUN
ajird-1381	58	6	is	be	AUX
ajird-1381	58	7	aimed	aim	VERB
ajird-1381	58	8	at	at	ADP
ajird-1381	58	9	facilitating	facilitate	VERB
ajird-1381	58	10	interbank	interbank	NOUN
ajird-1381	58	11	settlements	settlement	NOUN
ajird-1381	58	12	and	and	CCONJ
ajird-1381	58	13	other	other	ADJ
ajird-1381	58	14	financial	financial	ADJ
ajird-1381	58	15	transactions	transaction	NOUN
ajird-1381	58	16	between	between	ADP
ajird-1381	58	17	financial	financial	ADJ
ajird-1381	58	18	institutions	institution	NOUN
ajird-1381	58	19	,	,	PUNCT
ajird-1381	58	20	it	it	PRON
ajird-1381	58	21	will	will	AUX
ajird-1381	58	22	not	not	PART
ajird-1381	58	23	lead	lead	VERB
ajird-1381	58	24	to	to	ADP
ajird-1381	58	25	the	the	DET
ajird-1381	58	26	disintermediation	disintermediation	NOUN
ajird-1381	58	27	of	of	ADP
ajird-1381	58	28	deposits	deposit	NOUN
ajird-1381	58	29	or	or	CCONJ
ajird-1381	58	30	the	the	DET
ajird-1381	58	31	digitalization	digitalization	NOUN
ajird-1381	58	32	of	of	ADP
ajird-1381	58	33	operations	operation	NOUN
ajird-1381	58	34	.	.	PUNCT
ajird-1381	59	1	table	table	NOUN
ajird-1381	59	2	4	4	NUM
ajird-1381	59	3	.	.	PUNCT
ajird-1381	59	4	balance	balance	NOUN
ajird-1381	59	5	sheet	sheet	NOUN
ajird-1381	59	6	adjusted	adjust	VERB
ajird-1381	59	7	with	with	ADP
ajird-1381	59	8	w	w	NOUN
ajird-1381	59	9	-	-	PUNCT
ajird-1381	59	10	cbdc	cbdc	NOUN
ajird-1381	59	11	participation	participation	NOUN
ajird-1381	59	12	assets	asset	NOUN
ajird-1381	59	13	liabilities	liability	NOUN
ajird-1381	59	14	deposits	deposit	VERB
ajird-1381	59	15	-100	-100	ADP
ajird-1381	59	16	local	local	ADJ
ajird-1381	59	17	currency	currency	NOUN
ajird-1381	59	18	deposits	deposit	VERB
ajird-1381	59	19	others	other	NOUN
ajird-1381	59	20	cbdc	cbdc	VERB
ajird-1381	59	21	+100	+100	SYM
ajird-1381	59	22	digital	digital	ADJ
ajird-1381	59	23	cash	cash	NOUN
ajird-1381	59	24	cash	cash	NOUN
ajird-1381	59	25	balance	balance	NOUN
ajird-1381	59	26	of	of	ADP
ajird-1381	59	27	operations	operation	NOUN
ajird-1381	59	28	0	0	NUM
ajird-1381	59	29	local	local	ADJ
ajird-1381	59	30	currency	currency	NOUN
ajird-1381	59	31	balance	balance	NOUN
ajird-1381	59	32	of	of	ADP
ajird-1381	59	33	operations	operation	NOUN
ajird-1381	59	34	0	0	NUM
ajird-1381	59	35	local	local	ADJ
ajird-1381	59	36	currency	currency	NOUN
ajird-1381	59	37	assets	asset	NOUN
ajird-1381	59	38	liabilities	liability	NOUN
ajird-1381	59	39	loans	loan	NOUN
ajird-1381	59	40	deposits	deposit	NOUN
ajird-1381	59	41	-100	-100	ADP
ajird-1381	59	42	local	local	ADJ
ajird-1381	59	43	currency	currency	NOUN
ajird-1381	59	44	deposits	deposit	NOUN
ajird-1381	59	45	reserve	reserve	NOUN
ajird-1381	59	46	accounts	account	NOUN
ajird-1381	59	47	at	at	ADP
ajird-1381	59	48	cb	cb	PROPN
ajird-1381	59	49	-100	-100	PROPN
ajird-1381	59	50	local	local	ADJ
ajird-1381	59	51	currency	currency	NOUN
ajird-1381	59	52	+100	+100	CCONJ
ajird-1381	59	53	digital	digital	ADJ
ajird-1381	59	54	cash	cash	NOUN
ajird-1381	59	55	cb	cb	PROPN
ajird-1381	59	56	loans	loan	NOUN
ajird-1381	59	57	+100	+100	ADP
ajird-1381	59	58	digital	digital	ADJ
ajird-1381	59	59	cash	cash	NOUN
ajird-1381	59	60	others	other	NOUN
ajird-1381	59	61	capital	capital	NOUN
ajird-1381	59	62	balance	balance	NOUN
ajird-1381	59	63	of	of	ADP
ajird-1381	59	64	operations	operation	NOUN
ajird-1381	59	65	0	0	NUM
ajird-1381	59	66	local	local	ADJ
ajird-1381	59	67	currency	currency	NOUN
ajird-1381	59	68	balance	balance	NOUN
ajird-1381	59	69	of	of	ADP
ajird-1381	59	70	operations	operation	NOUN
ajird-1381	59	71	0	0	NUM
ajird-1381	59	72	local	local	ADJ
ajird-1381	59	73	currency	currency	NOUN
ajird-1381	59	74	assets	asset	NOUN
ajird-1381	59	75	liabilities	liability	NOUN
ajird-1381	59	76	cb	cb	PROPN
ajird-1381	59	77	operations	operation	NOUN
ajird-1381	59	78	+100	+100	ADP
ajird-1381	59	79	local	local	ADJ
ajird-1381	59	80	currency	currency	NOUN
ajird-1381	59	81	commercial	commercial	PROPN
ajird-1381	59	82	bank	bank	PROPN
ajird-1381	59	83	reserve	reserve	PROPN
ajird-1381	59	84	accounts	account	VERB
ajird-1381	59	85	-100	-100	ADP
ajird-1381	59	86	local	local	ADJ
ajird-1381	59	87	currency	currency	NOUN
ajird-1381	59	88	+100	+100	CCONJ
ajird-1381	59	89	digital	digital	ADJ
ajird-1381	59	90	cash	cash	NOUN
ajird-1381	59	91	others	other	NOUN
ajird-1381	59	92	cbdc	cbdc	VERB
ajird-1381	59	93	+100	+100	SYM
ajird-1381	59	94	digital	digital	ADJ
ajird-1381	59	95	cash	cash	NOUN
ajird-1381	59	96	cash	cash	NOUN
ajird-1381	59	97	balance	balance	NOUN
ajird-1381	59	98	of	of	ADP
ajird-1381	59	99	operations	operation	NOUN
ajird-1381	59	100	+100	+100	CCONJ
ajird-1381	59	101	local	local	ADJ
ajird-1381	59	102	currency	currency	NOUN
ajird-1381	59	103	balance	balance	NOUN
ajird-1381	59	104	of	of	ADP
ajird-1381	59	105	operations	operation	NOUN
ajird-1381	59	106	+100	+100	ADP
ajird-1381	59	107	local	local	ADJ
ajird-1381	59	108	currency	currency	NOUN
ajird-1381	59	109	american	american	PROPN
ajird-1381	59	110	journal	journal	PROPN
ajird-1381	59	111	of	of	ADP
ajird-1381	59	112	interdisciplinary	interdisciplinary	ADJ
ajird-1381	59	113	research	research	NOUN
ajird-1381	59	114	and	and	CCONJ
ajird-1381	59	115	development	development	NOUN
ajird-1381	59	116	issn	issn	PROPN
ajird-1381	59	117	online	online	NOUN
ajird-1381	59	118	:	:	PUNCT
ajird-1381	59	119	2771	2771	NUM
ajird-1381	59	120	-	-	SYM
ajird-1381	59	121	8948	8948	NUM
ajird-1381	59	122	website	website	NOUN
ajird-1381	59	123	:	:	PUNCT
ajird-1381	59	124	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1381	59	125	volume	volume	NOUN
ajird-1381	59	126	35	35	NUM
ajird-1381	59	127	,	,	PUNCT
ajird-1381	59	128	december	december	PROPN
ajird-1381	59	129	2024	2024	NUM
ajird-1381	59	130	6	6	NUM
ajird-1381	59	131	|	|	ADV
ajird-1381	59	132	p	p	X
ajird-1381	59	133	a	a	DET
ajird-1381	59	134	g	g	NOUN
ajird-1381	59	135	e	e	NOUN
ajird-1381	59	136	conclusion	conclusion	NOUN
ajird-1381	59	137	to	to	PART
ajird-1381	59	138	limit	limit	VERB
ajird-1381	59	139	liquidity	liquidity	NOUN
ajird-1381	59	140	risks	risk	NOUN
ajird-1381	59	141	,	,	PUNCT
ajird-1381	59	142	the	the	DET
ajird-1381	59	143	central	central	ADJ
ajird-1381	59	144	bank	bank	NOUN
ajird-1381	59	145	will	will	AUX
ajird-1381	59	146	also	also	ADV
ajird-1381	59	147	consider	consider	VERB
ajird-1381	59	148	the	the	DET
ajird-1381	59	149	possibility	possibility	NOUN
ajird-1381	59	150	of	of	ADP
ajird-1381	59	151	using	use	VERB
ajird-1381	59	152	“	"	PUNCT
ajird-1381	59	153	bank	bank	NOUN
ajird-1381	59	154	restrictions	restriction	NOUN
ajird-1381	59	155	”	"	PUNCT
ajird-1381	59	156	mechanisms	mechanism	NOUN
ajird-1381	59	157	when	when	SCONJ
ajird-1381	59	158	conducting	conduct	VERB
ajird-1381	59	159	operations	operation	NOUN
ajird-1381	59	160	with	with	ADP
ajird-1381	59	161	digital	digital	ADJ
ajird-1381	59	162	currencies	currency	NOUN
ajird-1381	59	163	.	.	PUNCT
ajird-1381	60	1	in	in	ADP
ajird-1381	60	2	particular	particular	ADJ
ajird-1381	60	3	,	,	PUNCT
ajird-1381	60	4	the	the	DET
ajird-1381	60	5	regulator	regulator	NOUN
ajird-1381	60	6	will	will	AUX
ajird-1381	60	7	be	be	AUX
ajird-1381	60	8	able	able	ADJ
ajird-1381	60	9	to	to	PART
ajird-1381	60	10	prevent	prevent	VERB
ajird-1381	60	11	and	and	CCONJ
ajird-1381	60	12	regulate	regulate	VERB
ajird-1381	60	13	large	large	ADJ
ajird-1381	60	14	-	-	PUNCT
ajird-1381	60	15	scale	scale	NOUN
ajird-1381	60	16	“	"	PUNCT
ajird-1381	60	17	digital	digital	ADJ
ajird-1381	60	18	flight	flight	NOUN
ajird-1381	60	19	”	"	PUNCT
ajird-1381	60	20	by	by	ADP
ajird-1381	60	21	setting	set	VERB
ajird-1381	60	22	the	the	DET
ajird-1381	60	23	maximum	maximum	ADJ
ajird-1381	60	24	possible	possible	ADJ
ajird-1381	60	25	amount	amount	NOUN
ajird-1381	60	26	of	of	ADP
ajird-1381	60	27	cbdc	cbdc	NOUN
ajird-1381	60	28	ownership	ownership	NOUN
ajird-1381	60	29	per	per	ADP
ajird-1381	60	30	account	account	NOUN
ajird-1381	60	31	or	or	CCONJ
ajird-1381	60	32	negative	negative	ADJ
ajird-1381	60	33	rates	rate	NOUN
ajird-1381	60	34	on	on	ADP
ajird-1381	60	35	cbdc	cbdc	NOUN
ajird-1381	60	36	balances	balance	NOUN
ajird-1381	60	37	.	.	PUNCT
ajird-1381	61	1	in	in	ADP
ajird-1381	61	2	this	this	DET
ajird-1381	61	3	regard	regard	NOUN
ajird-1381	61	4	,	,	PUNCT
ajird-1381	61	5	the	the	DET
ajird-1381	61	6	most	most	ADV
ajird-1381	61	7	optimal	optimal	ADJ
ajird-1381	61	8	option	option	NOUN
ajird-1381	61	9	is	be	AUX
ajird-1381	61	10	to	to	PART
ajird-1381	61	11	develop	develop	VERB
ajird-1381	61	12	cbdc	cbdc	NOUN
ajird-1381	61	13	in	in	ADP
ajird-1381	61	14	an	an	DET
ajird-1381	61	15	interest	interest	NOUN
ajird-1381	61	16	-	-	PUNCT
ajird-1381	61	17	free	free	ADJ
ajird-1381	61	18	form	form	NOUN
ajird-1381	61	19	in	in	ADP
ajird-1381	61	20	order	order	NOUN
ajird-1381	61	21	to	to	PART
ajird-1381	61	22	minimize	minimize	VERB
ajird-1381	61	23	the	the	DET
ajird-1381	61	24	significant	significant	ADJ
ajird-1381	61	25	impact	impact	NOUN
ajird-1381	61	26	of	of	ADP
ajird-1381	61	27	digital	digital	ADJ
ajird-1381	61	28	currency	currency	NOUN
ajird-1381	61	29	issuance	issuance	NOUN
ajird-1381	61	30	on	on	ADP
ajird-1381	61	31	financial	financial	ADJ
ajird-1381	61	32	stability	stability	NOUN
ajird-1381	61	33	and	and	CCONJ
ajird-1381	61	34	the	the	DET
ajird-1381	61	35	mechanisms	mechanism	NOUN
ajird-1381	61	36	for	for	ADP
ajird-1381	61	37	implementing	implement	VERB
ajird-1381	61	38	and	and	CCONJ
ajird-1381	61	39	conducting	conduct	VERB
ajird-1381	61	40	monetary	monetary	ADJ
ajird-1381	61	41	policy	policy	NOUN
ajird-1381	61	42	.	.	PUNCT
ajird-1381	62	1	in	in	ADP
ajird-1381	62	2	general	general	ADJ
ajird-1381	62	3	,	,	PUNCT
ajird-1381	62	4	the	the	DET
ajird-1381	62	5	creation	creation	NOUN
ajird-1381	62	6	of	of	ADP
ajird-1381	62	7	an	an	DET
ajird-1381	62	8	additional	additional	ADJ
ajird-1381	62	9	payment	payment	NOUN
ajird-1381	62	10	infrastructure	infrastructure	NOUN
ajird-1381	62	11	for	for	ADP
ajird-1381	62	12	digital	digital	ADJ
ajird-1381	62	13	currencies	currency	NOUN
ajird-1381	62	14	plays	play	VERB
ajird-1381	62	15	an	an	DET
ajird-1381	62	16	important	important	ADJ
ajird-1381	62	17	role	role	NOUN
ajird-1381	62	18	in	in	ADP
ajird-1381	62	19	maintaining	maintain	VERB
ajird-1381	62	20	financial	financial	ADJ
ajird-1381	62	21	stability	stability	NOUN
ajird-1381	62	22	,	,	PUNCT
ajird-1381	62	23	contributing	contribute	VERB
ajird-1381	62	24	to	to	ADP
ajird-1381	62	25	the	the	DET
ajird-1381	62	26	stability	stability	NOUN
ajird-1381	62	27	,	,	PUNCT
ajird-1381	62	28	reliability	reliability	NOUN
ajird-1381	62	29	and	and	CCONJ
ajird-1381	62	30	uninterrupted	uninterrupted	ADJ
ajird-1381	62	31	operation	operation	NOUN
ajird-1381	62	32	of	of	ADP
ajird-1381	62	33	the	the	DET
ajird-1381	62	34	payment	payment	NOUN
ajird-1381	62	35	system	system	NOUN
ajird-1381	62	36	in	in	ADP
ajird-1381	62	37	the	the	DET
ajird-1381	62	38	country	country	NOUN
ajird-1381	62	39	,	,	PUNCT
ajird-1381	62	40	as	as	ADV
ajird-1381	62	41	well	well	ADV
ajird-1381	62	42	as	as	ADP
ajird-1381	62	43	the	the	DET
ajird-1381	62	44	implementation	implementation	NOUN
ajird-1381	62	45	of	of	ADP
ajird-1381	62	46	monetary	monetary	ADJ
ajird-1381	62	47	settlements	settlement	NOUN
ajird-1381	62	48	in	in	ADP
ajird-1381	62	49	the	the	DET
ajird-1381	62	50	country	country	NOUN
ajird-1381	62	51	.	.	PUNCT
ajird-1381	63	1	references	reference	NOUN
ajird-1381	63	2	1	1	NUM
ajird-1381	63	3	.	.	PUNCT
ajird-1381	63	4	accenture	accenture	NOUN
ajird-1381	63	5	.	.	PUNCT
ajird-1381	64	1	2021	2021	NUM
ajird-1381	64	2	.	.	PUNCT
ajird-1381	65	1	cbdc	cbdc	VERB
ajird-1381	65	2	for	for	ADP
ajird-1381	65	3	retail	retail	NOUN
ajird-1381	65	4	,	,	PUNCT
ajird-1381	65	5	wholesale	wholesale	ADJ
ajird-1381	65	6	and	and	CCONJ
ajird-1381	65	7	international	international	ADJ
ajird-1381	65	8	payments	payment	NOUN
ajird-1381	65	9	.	.	PUNCT
ajird-1381	66	1	blog	blog	NOUN
ajird-1381	66	2	by	by	ADP
ajird-1381	66	3	ousmène	ousmène	PROPN
ajird-1381	66	4	jacques	jacques	PROPN
ajird-1381	66	5	mandeng	mandeng	PROPN
ajird-1381	66	6	,	,	PUNCT
ajird-1381	66	7	senior	senior	ADJ
ajird-1381	66	8	advisor	advisor	NOUN
ajird-1381	66	9	,	,	PUNCT
ajird-1381	66	10	global	global	PROPN
ajird-1381	66	11	blockchain	blockchain	PROPN
ajird-1381	66	12	technology	technology	PROPN
ajird-1381	66	13	.	.	PUNCT
ajird-1381	67	1	2	2	X
ajird-1381	67	2	.	.	X
ajird-1381	67	3	andolfatto	andolfatto	PROPN
ajird-1381	67	4	,	,	PUNCT
ajird-1381	67	5	d.	d.	PROPN
ajird-1381	67	6	2021	2021	NUM
ajird-1381	67	7	.	.	PUNCT
ajird-1381	68	1	"	"	PUNCT
ajird-1381	68	2	assessing	assess	VERB
ajird-1381	68	3	the	the	DET
ajird-1381	68	4	impact	impact	NOUN
ajird-1381	68	5	of	of	ADP
ajird-1381	68	6	central	central	ADJ
ajird-1381	68	7	bank	bank	NOUN
ajird-1381	68	8	digital	digital	ADJ
ajird-1381	68	9	currency	currency	NOUN
ajird-1381	68	10	on	on	ADP
ajird-1381	68	11	private	private	ADJ
ajird-1381	68	12	banks	bank	NOUN
ajird-1381	68	13	,	,	PUNCT
ajird-1381	68	14	"	"	PUNCT
ajird-1381	68	15	the	the	DET
ajird-1381	68	16	economic	economic	ADJ
ajird-1381	68	17	journal	journal	NOUN
ajird-1381	68	18	,	,	PUNCT
ajird-1381	68	19	royal	royal	ADJ
ajird-1381	68	20	economic	economic	ADJ
ajird-1381	68	21	society	society	NOUN
ajird-1381	68	22	,	,	PUNCT
ajird-1381	68	23	vol	vol	NOUN
ajird-1381	68	24	.	.	PROPN
ajird-1381	68	25	131(634	131(634	NUM
ajird-1381	68	26	)	)	PUNCT
ajird-1381	68	27	,	,	PUNCT
ajird-1381	68	28	pages	page	VERB
ajird-1381	68	29	525	525	NUM
ajird-1381	68	30	-	-	SYM
ajird-1381	68	31	540	540	NUM
ajird-1381	68	32	.	.	PUNCT
ajird-1381	69	1	3	3	X
ajird-1381	69	2	.	.	X
ajird-1381	69	3	bank	bank	PROPN
ajird-1381	69	4	for	for	ADP
ajird-1381	69	5	international	international	ADJ
ajird-1381	69	6	settlements	settlement	NOUN
ajird-1381	69	7	(	(	PUNCT
ajird-1381	69	8	bis	bis	ADJ
ajird-1381	69	9	)	)	PUNCT
ajird-1381	69	10	.	.	PUNCT
ajird-1381	70	1	2020	2020	NUM
ajird-1381	70	2	.	.	PUNCT
ajird-1381	71	1	central	central	PROPN
ajird-1381	71	2	bank	bank	PROPN
ajird-1381	71	3	digital	digital	ADJ
ajird-1381	71	4	currencies	currency	NOUN
ajird-1381	71	5	:	:	PUNCT
ajird-1381	71	6	foundational	foundational	ADJ
ajird-1381	71	7	principles	principle	NOUN
ajird-1381	71	8	and	and	CCONJ
ajird-1381	71	9	core	core	NOUN
ajird-1381	71	10	features	feature	NOUN
ajird-1381	71	11	.	.	PUNCT
ajird-1381	72	1	bis	bis	ADJ
ajird-1381	72	2	website	website	NOUN
ajird-1381	72	3	(	(	PUNCT
ajird-1381	72	4	www.bis.org	www.bis.org	PROPN
ajird-1381	72	5	)	)	PUNCT
ajird-1381	72	6	—	—	PUNCT
ajird-1381	72	7	bis	bis	ADJ
ajird-1381	72	8	.	.	PUNCT
ajird-1381	72	9	2021a	2021a	NUM
ajird-1381	72	10	.	.	PUNCT
ajird-1381	73	1	central	central	ADJ
ajird-1381	73	2	bank	bank	PROPN
ajird-1381	73	3	digital	digital	ADJ
ajird-1381	73	4	currencies	currency	NOUN
ajird-1381	73	5	:	:	PUNCT
ajird-1381	73	6	user	user	NOUN
ajird-1381	73	7	needs	need	NOUN
ajird-1381	73	8	and	and	CCONJ
ajird-1381	73	9	adoption	adoption	NOUN
ajird-1381	73	10	.	.	PUNCT
ajird-1381	74	1	september	september	PROPN
ajird-1381	74	2	2021	2021	NUM
ajird-1381	74	3	—	—	PUNCT
ajird-1381	74	4	bis	bis	ADJ
ajird-1381	74	5	.	.	PUNCT
ajird-1381	74	6	2021b	2021b	NUM
ajird-1381	74	7	.	.	PUNCT
ajird-1381	75	1	central	central	ADJ
ajird-1381	75	2	bank	bank	PROPN
ajird-1381	75	3	digital	digital	ADJ
ajird-1381	75	4	currencies	currency	NOUN
ajird-1381	75	5	for	for	ADP
ajird-1381	75	6	cross	cross	ADJ
ajird-1381	75	7	-	-	ADJ
ajird-1381	75	8	border	border	ADJ
ajird-1381	75	9	payments	payment	NOUN
ajird-1381	75	10	.	.	PUNCT
ajird-1381	76	1	july	july	PROPN
ajird-1381	76	2	2021	2021	NUM
ajird-1381	76	3	.	.	PUNCT
ajird-1381	77	1	report	report	VERB
ajird-1381	77	2	to	to	ADP
ajird-1381	77	3	the	the	DET
ajird-1381	77	4	g20	g20	PROPN
ajird-1381	77	5	.	.	PUNCT
ajird-1381	78	1	bis	bis	PROPN
ajird-1381	78	2	,	,	PUNCT
ajird-1381	78	3	cpmi	cpmi	NOUN
ajird-1381	78	4	,	,	PUNCT
ajird-1381	78	5	innovation	innovation	NOUN
ajird-1381	78	6	hub	hub	PROPN
ajird-1381	78	7	,	,	PUNCT
ajird-1381	78	8	imf	imf	PROPN
ajird-1381	78	9	,	,	PUNCT
ajird-1381	78	10	and	and	CCONJ
ajird-1381	78	11	world	world	PROPN
ajird-1381	78	12	bank4	bank4	PROPN
ajird-1381	78	13	—	—	PUNCT
ajird-1381	78	14	bis	bis	PROPN
ajird-1381	78	15	.	.	PUNCT
ajird-1381	78	16	2021c	2021c	NUM
ajird-1381	78	17	.	.	PUNCT
ajird-1381	79	1	cbdcs	cbdcs	PROPN
ajird-1381	79	2	:	:	PUNCT
ajird-1381	79	3	an	an	DET
ajird-1381	79	4	opportunity	opportunity	NOUN
ajird-1381	79	5	for	for	ADP
ajird-1381	79	6	the	the	DET
ajird-1381	79	7	monetary	monetary	ADJ
ajird-1381	79	8	system	system	NOUN
ajird-1381	79	9	.	.	PUNCT
ajird-1381	80	1	bis	bis	PROPN
ajird-1381	80	2	annual	annual	ADJ
ajird-1381	80	3	economic	economic	ADJ
ajird-1381	80	4	report	report	NOUN
ajird-1381	80	5	23	23	NUM
ajird-1381	80	6	june	june	PROPN
ajird-1381	80	7	2021	2021	NUM
ajird-1381	80	8	—	—	PUNCT
ajird-1381	80	9	bis	bis	ADJ
ajird-1381	80	10	.	.	PUNCT
ajird-1381	80	11	2022a	2022a	NUM
ajird-1381	80	12	.	.	PUNCT
ajird-1381	81	1	options	option	NOUN
ajird-1381	81	2	for	for	ADP
ajird-1381	81	3	access	access	NOUN
ajird-1381	81	4	to	to	ADP
ajird-1381	81	5	and	and	CCONJ
ajird-1381	81	6	interoperability	interoperability	NOUN
ajird-1381	81	7	of	of	ADP
ajird-1381	81	8	cbdcs	cbdc	NOUN
ajird-1381	81	9	for	for	ADP
ajird-1381	81	10	cross	cross	ADJ
ajird-1381	81	11	-	-	ADJ
ajird-1381	81	12	border	border	ADJ
ajird-1381	81	13	payments	payment	NOUN
ajird-1381	81	14	:	:	PUNCT
ajird-1381	81	15	report	report	NOUN
ajird-1381	81	16	to	to	ADP
ajird-1381	81	17	the	the	DET
ajird-1381	81	18	g20	g20	NOUN
ajird-1381	81	19	.	.	PUNCT
ajird-1381	82	1	july	july	PROPN
ajird-1381	82	2	2022	2022	NUM
ajird-1381	82	3	.	.	PUNCT
ajird-1381	83	1	4	4	NUM
ajird-1381	83	2	.	.	X
ajird-1381	83	3	bordo	bordo	PROPN
ajird-1381	84	1	d	d	PROPN
ajird-1381	84	2	m	m	PROPN
ajird-1381	84	3	,	,	PUNCT
ajird-1381	84	4	levin	levin	PROPN
ajird-1381	84	5	t	t	PROPN
ajird-1381	84	6	a.	a.	PROPN
ajird-1381	84	7	2017	2017	NUM
ajird-1381	84	8	.	.	PUNCT
ajird-1381	85	1	central	central	PROPN
ajird-1381	85	2	bank	bank	PROPN
ajird-1381	85	3	digital	digital	ADJ
ajird-1381	85	4	currency	currency	NOUN
ajird-1381	85	5	and	and	CCONJ
ajird-1381	85	6	the	the	DET
ajird-1381	85	7	future	future	NOUN
ajird-1381	85	8	of	of	ADP
ajird-1381	85	9	monetary	monetary	ADJ
ajird-1381	85	10	policy	policy	NOUN
ajird-1381	85	11	.	.	PUNCT
ajird-1381	86	1	nber	nber	PROPN
ajird-1381	86	2	working	work	VERB
ajird-1381	86	3	5	5	NUM
ajird-1381	86	4	.	.	PUNCT
ajird-1381	86	5	paper	paper	NOUN
ajird-1381	86	6	series	series	NOUN
ajird-1381	86	7	23711	23711	NUM
ajird-1381	86	8	.	.	PUNCT
ajird-1381	87	1	http://www.nber.org/papers/w23711	http://www.nber.org/papers/w23711	VERB
ajird-1381	87	2	6	6	NUM
ajird-1381	87	3	.	.	PUNCT
ajird-1381	87	4	carapella	carapella	PROPN
ajird-1381	87	5	f.	f.	PROPN
ajird-1381	87	6	,	,	PUNCT
ajird-1381	87	7	and	and	CCONJ
ajird-1381	87	8	flemming	flemme	VERB
ajird-1381	87	9	j.	j.	PROPN
ajird-1381	87	10	2020	2020	PROPN
ajird-1381	87	11	.	.	PUNCT
ajird-1381	88	1	central	central	PROPN
ajird-1381	88	2	bank	bank	PROPN
ajird-1381	88	3	digital	digital	ADJ
ajird-1381	88	4	currency	currency	NOUN
ajird-1381	88	5	:	:	PUNCT
ajird-1381	88	6	a	a	DET
ajird-1381	88	7	literature	literature	NOUN
ajird-1381	88	8	review	review	NOUN
ajird-1381	88	9	.	.	PUNCT
ajird-1381	89	1	feds	fed	NOUN
ajird-1381	89	2	notes	note	NOUN
ajird-1381	89	3	.	.	PUNCT
ajird-1381	90	1	november	november	PROPN
ajird-1381	90	2	09	09	NUM
ajird-1381	90	3	,	,	PUNCT
ajird-1381	90	4	2020	2020	NUM
ajird-1381	90	5	.	.	PUNCT