id	sid	tid	token	lemma	pos
arjefm-1061	1	1	american	american	PROPN
arjefm-1061	1	2	research	research	PROPN
arjefm-1061	1	3	journal	journal	PROPN
arjefm-1061	1	4	of	of	ADP
arjefm-1061	1	5	economics	economic	NOUN
arjefm-1061	1	6	,	,	PUNCT
arjefm-1061	1	7	finance	finance	NOUN
arjefm-1061	1	8	and	and	CCONJ
arjefm-1061	1	9	management	management	NOUN
arjefm-1061	1	10	volume	volume	NOUN
arjefm-1061	1	11	12	12	NUM
arjefm-1061	1	12	issue	issue	NOUN
arjefm-1061	1	13	2	2	NUM
arjefm-1061	1	14	,	,	PUNCT
arjefm-1061	1	15	april	april	PROPN
arjefm-1061	1	16	-	-	PUNCT
arjefm-1061	1	17	june	june	PROPN
arjefm-1061	1	18	2024	2024	NUM
arjefm-1061	1	19	issn	issn	PROPN
arjefm-1061	1	20	:	:	PUNCT
arjefm-1061	1	21	2836	2836	NUM
arjefm-1061	1	22	-	-	SYM
arjefm-1061	1	23	9416	9416	NUM
arjefm-1061	1	24	impact	impact	NOUN
arjefm-1061	1	25	factor	factor	NOUN
arjefm-1061	1	26	:	:	PUNCT
arjefm-1061	1	27	5.57	5.57	NUM
arjefm-1061	1	28	journal	journal	NOUN
arjefm-1061	1	29	homepage	homepage	NOUN
arjefm-1061	1	30	:	:	PUNCT
arjefm-1061	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	1	32	,	,	PUNCT
arjefm-1061	1	33	email	email	NOUN
arjefm-1061	1	34	:	:	PUNCT
arjefm-1061	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	1	36	official	official	ADJ
arjefm-1061	1	37	journal	journal	PROPN
arjefm-1061	1	38	of	of	ADP
arjefm-1061	1	39	america	america	PROPN
arjefm-1061	1	40	serial	serial	PROPN
arjefm-1061	1	41	publication	publication	NOUN
arjefm-1061	1	42	american	american	PROPN
arjefm-1061	1	43	research	research	PROPN
arjefm-1061	1	44	journal	journal	PROPN
arjefm-1061	1	45	of	of	ADP
arjefm-1061	1	46	economics	economic	NOUN
arjefm-1061	1	47	,	,	PUNCT
arjefm-1061	1	48	finance	finance	NOUN
arjefm-1061	1	49	and	and	CCONJ
arjefm-1061	1	50	management	management	NOUN
arjefm-1061	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	1	52	,	,	PUNCT
arjefm-1061	1	53	email	email	NOUN
arjefm-1061	1	54	:	:	PUNCT
arjefm-1061	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	2	1	1	1	NUM
arjefm-1061	2	2	|	|	ADV
arjefm-1061	2	3	p	p	X
arjefm-1061	2	4	a	a	DET
arjefm-1061	2	5	g	g	NOUN
arjefm-1061	2	6	e	e	NOUN
arjefm-1061	2	7	the	the	DET
arjefm-1061	2	8	nexus	nexus	NOUN
arjefm-1061	2	9	between	between	ADP
arjefm-1061	2	10	budget	budget	NOUN
arjefm-1061	2	11	deficit	deficit	NOUN
arjefm-1061	2	12	and	and	CCONJ
arjefm-1061	2	13	exchange	exchange	NOUN
arjefm-1061	2	14	rate	rate	NOUN
arjefm-1061	2	15	unification	unification	NOUN
arjefm-1061	2	16	in	in	ADP
arjefm-1061	2	17	nigeria	nigeria	PROPN
arjefm-1061	2	18	1okereke	1okereke	PROPN
arjefm-1061	2	19	samuel	samuel	PROPN
arjefm-1061	2	20	felix	felix	PROPN
arjefm-1061	2	21	,	,	PUNCT
arjefm-1061	2	22	2onyia	2onyia	NUM
arjefm-1061	2	23	chinedu	chinedu	NOUN
arjefm-1061	2	24	callistus	callistus	NOUN
arjefm-1061	2	25	and	and	CCONJ
arjefm-1061	2	26	3agada	3agada	NUM
arjefm-1061	2	27	aloysius	aloysius	NOUN
arjefm-1061	2	28	ezike	ezike	ADJ
arjefm-1061	2	29	1department	1department	NUM
arjefm-1061	2	30	of	of	ADP
arjefm-1061	2	31	economics	economic	NOUN
arjefm-1061	2	32	and	and	CCONJ
arjefm-1061	2	33	development	development	NOUN
arjefm-1061	2	34	studies	study	NOUN
arjefm-1061	2	35	,	,	PUNCT
arjefm-1061	2	36	federal	federal	ADJ
arjefm-1061	2	37	university	university	PROPN
arjefm-1061	2	38	of	of	ADP
arjefm-1061	2	39	dutsin	dutsin	PROPN
arjefm-1061	2	40	-	-	PUNCT
arjefm-1061	2	41	ma	ma	PROPN
arjefm-1061	2	42	,	,	PUNCT
arjefm-1061	2	43	katsina	katsina	PROPN
arjefm-1061	2	44	state	state	PROPN
arjefm-1061	2	45	,	,	PUNCT
arjefm-1061	2	46	nigeria	nigeria	PROPN
arjefm-1061	2	47	.	.	PUNCT
arjefm-1061	3	1	2department	2department	NUM
arjefm-1061	3	2	of	of	ADP
arjefm-1061	3	3	banking	banking	NOUN
arjefm-1061	3	4	and	and	CCONJ
arjefm-1061	3	5	finance	finance	NOUN
arjefm-1061	3	6	,	,	PUNCT
arjefm-1061	3	7	enugu	enugu	PROPN
arjefm-1061	3	8	state	state	PROPN
arjefm-1061	3	9	university	university	PROPN
arjefm-1061	3	10	of	of	ADP
arjefm-1061	3	11	science	science	NOUN
arjefm-1061	3	12	and	and	CCONJ
arjefm-1061	3	13	technology	technology	NOUN
arjefm-1061	3	14	enugu	enugu	PROPN
arjefm-1061	3	15	state	state	PROPN
arjefm-1061	3	16	,	,	PUNCT
arjefm-1061	3	17	nigeria	nigeria	PROPN
arjefm-1061	3	18	.	.	PUNCT
arjefm-1061	4	1	3department	3department	NUM
arjefm-1061	4	2	of	of	ADP
arjefm-1061	4	3	business	business	NOUN
arjefm-1061	4	4	administration	administration	NOUN
arjefm-1061	4	5	,	,	PUNCT
arjefm-1061	4	6	cosmopolitan	cosmopolitan	PROPN
arjefm-1061	4	7	international	international	ADJ
arjefm-1061	4	8	business	business	NOUN
arjefm-1061	4	9	school	school	NOUN
arjefm-1061	4	10	,	,	PUNCT
arjefm-1061	4	11	abuja	abuja	PROPN
arjefm-1061	4	12	,	,	PUNCT
arjefm-1061	4	13	nigeria	nigeria	PROPN
arjefm-1061	4	14	.	.	PUNCT
arjefm-1061	5	1	*	*	PUNCT
arjefm-1061	5	2	corresponding	correspond	VERB
arjefm-1061	5	3	author	author	NOUN
arjefm-1061	5	4	:	:	PUNCT
arjefm-1061	5	5	chinedu.onyia@esut	chinedu.onyia@esut	PROPN
arjefm-1061	5	6	,	,	PUNCT
arjefm-1061	5	7	edu.ng	edu.ng	PROPN
arjefm-1061	5	8	*	*	SYM
arjefm-1061	5	9	2	2	NUM
arjefm-1061	5	10	doi	doi	NOUN
arjefm-1061	5	11	:	:	PUNCT
arjefm-1061	5	12	https://doi.org/	https://doi.org/	VERB
arjefm-1061	5	13	10.5281	10.5281	NUM
arjefm-1061	5	14	/	/	SYM
arjefm-1061	5	15	zenodo.11085310	zenodo.11085310	ADJ
arjefm-1061	5	16	abstract	abstract	NOUN
arjefm-1061	5	17	:	:	PUNCT
arjefm-1061	5	18	the	the	DET
arjefm-1061	5	19	paper	paper	NOUN
arjefm-1061	5	20	examined	examine	VERB
arjefm-1061	5	21	the	the	DET
arjefm-1061	5	22	effect	effect	NOUN
arjefm-1061	5	23	of	of	ADP
arjefm-1061	5	24	exchange	exchange	NOUN
arjefm-1061	5	25	rate	rate	NOUN
arjefm-1061	5	26	unification	unification	NOUN
arjefm-1061	5	27	on	on	ADP
arjefm-1061	5	28	budget	budget	NOUN
arjefm-1061	5	29	deficit	deficit	NOUN
arjefm-1061	5	30	in	in	ADP
arjefm-1061	5	31	nigeria	nigeria	PROPN
arjefm-1061	5	32	.	.	PUNCT
arjefm-1061	6	1	using	use	VERB
arjefm-1061	6	2	time	time	NOUN
arjefm-1061	6	3	series	series	PROPN
arjefm-1061	6	4	data	datum	NOUN
arjefm-1061	6	5	from	from	ADP
arjefm-1061	6	6	secondary	secondary	ADJ
arjefm-1061	6	7	sources	source	NOUN
arjefm-1061	6	8	covering	cover	VERB
arjefm-1061	6	9	the	the	DET
arjefm-1061	6	10	period	period	NOUN
arjefm-1061	6	11	1981	1981	NUM
arjefm-1061	6	12	and	and	CCONJ
arjefm-1061	6	13	2022	2022	NUM
arjefm-1061	6	14	and	and	CCONJ
arjefm-1061	6	15	the	the	DET
arjefm-1061	6	16	ardl	ardl	NOUN
arjefm-1061	6	17	bound	bind	VERB
arjefm-1061	6	18	test	test	NOUN
arjefm-1061	6	19	technique	technique	NOUN
arjefm-1061	6	20	,	,	PUNCT
arjefm-1061	6	21	the	the	DET
arjefm-1061	6	22	study	study	NOUN
arjefm-1061	6	23	found	find	VERB
arjefm-1061	6	24	evidence	evidence	NOUN
arjefm-1061	6	25	of	of	ADP
arjefm-1061	6	26	a	a	DET
arjefm-1061	6	27	long	long	ADV
arjefm-1061	6	28	-	-	PUNCT
arjefm-1061	6	29	run	run	VERB
arjefm-1061	6	30	equilibrium	equilibrium	NOUN
arjefm-1061	6	31	relationship	relationship	NOUN
arjefm-1061	6	32	between	between	ADP
arjefm-1061	6	33	budget	budget	NOUN
arjefm-1061	6	34	deficit	deficit	NOUN
arjefm-1061	6	35	and	and	CCONJ
arjefm-1061	6	36	the	the	DET
arjefm-1061	6	37	official	official	ADJ
arjefm-1061	6	38	exchange	exchange	NOUN
arjefm-1061	6	39	rate	rate	NOUN
arjefm-1061	6	40	.	.	PUNCT
arjefm-1061	7	1	the	the	DET
arjefm-1061	7	2	estimated	estimate	VERB
arjefm-1061	7	3	unrestricted	unrestricted	ADJ
arjefm-1061	7	4	ardl	ardl	NOUN
arjefm-1061	7	5	error	error	NOUN
arjefm-1061	7	6	correction	correction	NOUN
arjefm-1061	7	7	model	model	NOUN
arjefm-1061	7	8	revealed	reveal	VERB
arjefm-1061	7	9	that	that	SCONJ
arjefm-1061	7	10	current	current	ADJ
arjefm-1061	7	11	official	official	ADJ
arjefm-1061	7	12	exchange	exchange	NOUN
arjefm-1061	7	13	rate	rate	NOUN
arjefm-1061	7	14	which	which	PRON
arjefm-1061	7	15	served	serve	VERB
arjefm-1061	7	16	as	as	ADP
arjefm-1061	7	17	the	the	DET
arjefm-1061	7	18	unified	unified	ADJ
arjefm-1061	7	19	exchange	exchange	NOUN
arjefm-1061	7	20	rate	rate	NOUN
arjefm-1061	7	21	in	in	ADP
arjefm-1061	7	22	the	the	DET
arjefm-1061	7	23	paper	paper	NOUN
arjefm-1061	7	24	has	have	VERB
arjefm-1061	7	25	a	a	DET
arjefm-1061	7	26	negative	negative	ADJ
arjefm-1061	7	27	but	but	CCONJ
arjefm-1061	7	28	insignificant	insignificant	ADJ
arjefm-1061	7	29	effect	effect	NOUN
arjefm-1061	7	30	on	on	ADP
arjefm-1061	7	31	budget	budget	NOUN
arjefm-1061	7	32	deficit	deficit	NOUN
arjefm-1061	7	33	.	.	PUNCT
arjefm-1061	8	1	however	however	ADV
arjefm-1061	8	2	,	,	PUNCT
arjefm-1061	8	3	one	one	NUM
arjefm-1061	8	4	period	period	NOUN
arjefm-1061	8	5	lagged	lag	VERB
arjefm-1061	8	6	(	(	PUNCT
arjefm-1061	8	7	past	past	ADJ
arjefm-1061	8	8	)	)	PUNCT
arjefm-1061	8	9	value	value	NOUN
arjefm-1061	8	10	of	of	ADP
arjefm-1061	8	11	official	official	ADJ
arjefm-1061	8	12	exchange	exchange	NOUN
arjefm-1061	8	13	rate	rate	NOUN
arjefm-1061	8	14	exert	exert	VERB
arjefm-1061	8	15	a	a	DET
arjefm-1061	8	16	negative	negative	ADJ
arjefm-1061	8	17	influence	influence	NOUN
arjefm-1061	8	18	on	on	ADP
arjefm-1061	8	19	budget	budget	NOUN
arjefm-1061	8	20	deficit	deficit	NOUN
arjefm-1061	8	21	in	in	ADP
arjefm-1061	8	22	nigeria	nigeria	PROPN
arjefm-1061	8	23	.	.	PUNCT
arjefm-1061	9	1	implying	imply	VERB
arjefm-1061	9	2	that	that	DET
arjefm-1061	9	3	increase	increase	NOUN
arjefm-1061	9	4	in	in	ADP
arjefm-1061	9	5	past	past	ADJ
arjefm-1061	9	6	official	official	ADJ
arjefm-1061	9	7	exchange	exchange	NOUN
arjefm-1061	9	8	rate	rate	NOUN
arjefm-1061	9	9	(	(	PUNCT
arjefm-1061	9	10	depreciation	depreciation	NOUN
arjefm-1061	9	11	of	of	ADP
arjefm-1061	9	12	domestic	domestic	ADJ
arjefm-1061	9	13	currency	currency	NOUN
arjefm-1061	9	14	)	)	PUNCT
arjefm-1061	9	15	compounded	compound	VERB
arjefm-1061	9	16	the	the	DET
arjefm-1061	9	17	problem	problem	NOUN
arjefm-1061	9	18	of	of	ADP
arjefm-1061	9	19	budget	budget	NOUN
arjefm-1061	9	20	deficit	deficit	NOUN
arjefm-1061	9	21	in	in	ADP
arjefm-1061	9	22	nigeria	nigeria	PROPN
arjefm-1061	9	23	.	.	PUNCT
arjefm-1061	10	1	the	the	DET
arjefm-1061	10	2	paper	paper	NOUN
arjefm-1061	10	3	found	find	VERB
arjefm-1061	10	4	that	that	SCONJ
arjefm-1061	10	5	budget	budget	NOUN
arjefm-1061	10	6	deficit	deficit	NOUN
arjefm-1061	10	7	in	in	ADP
arjefm-1061	10	8	nigeria	nigeria	PROPN
arjefm-1061	10	9	is	be	AUX
arjefm-1061	10	10	higher	high	ADJ
arjefm-1061	10	11	during	during	ADP
arjefm-1061	10	12	years	year	NOUN
arjefm-1061	10	13	the	the	DET
arjefm-1061	10	14	country	country	NOUN
arjefm-1061	10	15	practiced	practice	VERB
arjefm-1061	10	16	multiple	multiple	ADJ
arjefm-1061	10	17	exchange	exchange	NOUN
arjefm-1061	10	18	rate	rate	NOUN
arjefm-1061	10	19	than	than	ADP
arjefm-1061	10	20	periods	period	NOUN
arjefm-1061	10	21	of	of	ADP
arjefm-1061	10	22	single	single	ADJ
arjefm-1061	10	23	(	(	PUNCT
arjefm-1061	10	24	unified	unified	ADJ
arjefm-1061	10	25	)	)	PUNCT
arjefm-1061	10	26	exchange	exchange	NOUN
arjefm-1061	10	27	rate	rate	NOUN
arjefm-1061	10	28	system	system	NOUN
arjefm-1061	10	29	.	.	PUNCT
arjefm-1061	11	1	the	the	DET
arjefm-1061	11	2	study	study	NOUN
arjefm-1061	11	3	,	,	PUNCT
arjefm-1061	11	4	recommended	recommend	VERB
arjefm-1061	11	5	the	the	DET
arjefm-1061	11	6	need	need	NOUN
arjefm-1061	11	7	to	to	PART
arjefm-1061	11	8	encourage	encourage	VERB
arjefm-1061	11	9	more	more	ADJ
arjefm-1061	11	10	local	local	ADJ
arjefm-1061	11	11	productions	production	NOUN
arjefm-1061	11	12	to	to	PART
arjefm-1061	11	13	curb	curb	VERB
arjefm-1061	11	14	importation	importation	NOUN
arjefm-1061	11	15	of	of	ADP
arjefm-1061	11	16	goods	good	NOUN
arjefm-1061	11	17	that	that	PRON
arjefm-1061	11	18	can	can	AUX
arjefm-1061	11	19	be	be	AUX
arjefm-1061	11	20	easily	easily	ADV
arjefm-1061	11	21	produced	produce	VERB
arjefm-1061	11	22	locally	locally	ADV
arjefm-1061	11	23	.	.	PUNCT
arjefm-1061	12	1	this	this	PRON
arjefm-1061	12	2	can	can	AUX
arjefm-1061	12	3	start	start	VERB
arjefm-1061	12	4	with	with	ADP
arjefm-1061	12	5	policy	policy	NOUN
arjefm-1061	12	6	reforms	reform	NOUN
arjefm-1061	12	7	in	in	ADP
arjefm-1061	12	8	power	power	NOUN
arjefm-1061	12	9	,	,	PUNCT
arjefm-1061	12	10	infrastructure	infrastructure	NOUN
arjefm-1061	12	11	,	,	PUNCT
arjefm-1061	12	12	taxes	taxis	NOUN
arjefm-1061	12	13	,	,	PUNCT
arjefm-1061	12	14	etc	etc	X
arjefm-1061	12	15	,	,	PUNCT
arjefm-1061	12	16	to	to	PART
arjefm-1061	12	17	improve	improve	VERB
arjefm-1061	12	18	the	the	DET
arjefm-1061	12	19	manufacturing	manufacturing	NOUN
arjefm-1061	12	20	sector	sector	NOUN
arjefm-1061	12	21	and	and	CCONJ
arjefm-1061	12	22	local	local	ADJ
arjefm-1061	12	23	production	production	NOUN
arjefm-1061	12	24	making	make	VERB
arjefm-1061	12	25	it	it	PRON
arjefm-1061	12	26	competitive	competitive	ADJ
arjefm-1061	12	27	.	.	PUNCT
arjefm-1061	13	1	this	this	PRON
arjefm-1061	13	2	will	will	AUX
arjefm-1061	13	3	reduce	reduce	VERB
arjefm-1061	13	4	the	the	DET
arjefm-1061	13	5	demand	demand	NOUN
arjefm-1061	13	6	for	for	ADP
arjefm-1061	13	7	dollars	dollar	NOUN
arjefm-1061	13	8	especially	especially	ADV
arjefm-1061	13	9	in	in	ADP
arjefm-1061	13	10	the	the	DET
arjefm-1061	13	11	black	black	ADJ
arjefm-1061	13	12	market	market	NOUN
arjefm-1061	13	13	by	by	ADP
arjefm-1061	13	14	importers	importer	NOUN
arjefm-1061	13	15	in	in	ADP
arjefm-1061	13	16	a	a	DET
arjefm-1061	13	17	bid	bid	NOUN
arjefm-1061	13	18	to	to	PART
arjefm-1061	13	19	import	import	VERB
arjefm-1061	13	20	goods	good	NOUN
arjefm-1061	13	21	,	,	PUNCT
arjefm-1061	13	22	and	and	CCONJ
arjefm-1061	13	23	boost	boost	VERB
arjefm-1061	13	24	revenue	revenue	NOUN
arjefm-1061	13	25	to	to	ADP
arjefm-1061	13	26	the	the	DET
arjefm-1061	13	27	economy	economy	NOUN
arjefm-1061	13	28	.	.	PUNCT
arjefm-1061	14	1	keywords	keyword	NOUN
arjefm-1061	14	2	:	:	PUNCT
arjefm-1061	14	3	official	official	ADJ
arjefm-1061	14	4	exchange	exchange	NOUN
arjefm-1061	14	5	rate	rate	NOUN
arjefm-1061	14	6	,	,	PUNCT
arjefm-1061	14	7	budget	budget	NOUN
arjefm-1061	14	8	deficit	deficit	NOUN
arjefm-1061	14	9	,	,	PUNCT
arjefm-1061	14	10	ardl	ardl	NOUN
arjefm-1061	14	11	bound	bind	VERB
arjefm-1061	14	12	test	test	NOUN
arjefm-1061	14	13	.	.	PUNCT
arjefm-1061	15	1	1	1	X
arjefm-1061	15	2	.	.	X
arjefm-1061	15	3	introduction	introduction	NOUN
arjefm-1061	15	4	governments	government	NOUN
arjefm-1061	15	5	,	,	PUNCT
arjefm-1061	15	6	both	both	PRON
arjefm-1061	15	7	in	in	ADP
arjefm-1061	15	8	developed	developed	ADJ
arjefm-1061	15	9	and	and	CCONJ
arjefm-1061	15	10	developing	develop	VERB
arjefm-1061	15	11	nations	nation	NOUN
arjefm-1061	15	12	,	,	PUNCT
arjefm-1061	15	13	engage	engage	VERB
arjefm-1061	15	14	in	in	ADP
arjefm-1061	15	15	numerous	numerous	ADJ
arjefm-1061	15	16	activities	activity	NOUN
arjefm-1061	15	17	and	and	CCONJ
arjefm-1061	15	18	offer	offer	VERB
arjefm-1061	15	19	diverse	diverse	ADJ
arjefm-1061	15	20	services	service	NOUN
arjefm-1061	15	21	to	to	ADP
arjefm-1061	15	22	their	their	PRON
arjefm-1061	15	23	citizens	citizen	NOUN
arjefm-1061	15	24	through	through	ADP
arjefm-1061	15	25	budget	budget	NOUN
arjefm-1061	15	26	allocations	allocation	NOUN
arjefm-1061	15	27	.	.	PUNCT
arjefm-1061	16	1	these	these	DET
arjefm-1061	16	2	services	service	NOUN
arjefm-1061	16	3	encompass	encompass	VERB
arjefm-1061	16	4	economic	economic	ADJ
arjefm-1061	16	5	and	and	CCONJ
arjefm-1061	16	6	social	social	ADJ
arjefm-1061	16	7	infrastructure	infrastructure	NOUN
arjefm-1061	16	8	provision	provision	NOUN
arjefm-1061	16	9	,	,	PUNCT
arjefm-1061	16	10	defense	defense	NOUN
arjefm-1061	16	11	,	,	PUNCT
arjefm-1061	16	12	law	law	NOUN
arjefm-1061	16	13	enforcement	enforcement	NOUN
arjefm-1061	16	14	,	,	PUNCT
arjefm-1061	16	15	establishment	establishment	NOUN
arjefm-1061	16	16	of	of	ADP
arjefm-1061	16	17	pension	pension	NOUN
arjefm-1061	16	18	schemes	scheme	NOUN
arjefm-1061	16	19	,	,	PUNCT
arjefm-1061	16	20	and	and	CCONJ
arjefm-1061	16	21	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	16	22	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	16	23	american	american	PROPN
arjefm-1061	16	24	research	research	PROPN
arjefm-1061	16	25	journal	journal	PROPN
arjefm-1061	16	26	of	of	ADP
arjefm-1061	16	27	economics	economic	NOUN
arjefm-1061	16	28	,	,	PUNCT
arjefm-1061	16	29	finance	finance	NOUN
arjefm-1061	16	30	and	and	CCONJ
arjefm-1061	16	31	management	management	NOUN
arjefm-1061	16	32	volume	volume	NOUN
arjefm-1061	16	33	12	12	NUM
arjefm-1061	16	34	issue	issue	NOUN
arjefm-1061	16	35	2	2	NUM
arjefm-1061	16	36	,	,	PUNCT
arjefm-1061	16	37	april	april	PROPN
arjefm-1061	16	38	-	-	PUNCT
arjefm-1061	16	39	june	june	PROPN
arjefm-1061	16	40	2024	2024	NUM
arjefm-1061	16	41	issn	issn	PROPN
arjefm-1061	16	42	:	:	PUNCT
arjefm-1061	16	43	2836	2836	NUM
arjefm-1061	16	44	-	-	SYM
arjefm-1061	16	45	9416	9416	NUM
arjefm-1061	16	46	impact	impact	NOUN
arjefm-1061	16	47	factor	factor	NOUN
arjefm-1061	16	48	:	:	PUNCT
arjefm-1061	16	49	5.57	5.57	NUM
arjefm-1061	16	50	journal	journal	NOUN
arjefm-1061	16	51	homepage	homepage	NOUN
arjefm-1061	16	52	:	:	PUNCT
arjefm-1061	16	53	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	16	54	,	,	PUNCT
arjefm-1061	16	55	email	email	NOUN
arjefm-1061	16	56	:	:	PUNCT
arjefm-1061	16	57	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	16	58	official	official	ADJ
arjefm-1061	16	59	journal	journal	PROPN
arjefm-1061	16	60	of	of	ADP
arjefm-1061	16	61	america	america	PROPN
arjefm-1061	16	62	serial	serial	PROPN
arjefm-1061	16	63	publication	publication	NOUN
arjefm-1061	16	64	american	american	PROPN
arjefm-1061	16	65	research	research	PROPN
arjefm-1061	16	66	journal	journal	PROPN
arjefm-1061	16	67	of	of	ADP
arjefm-1061	16	68	economics	economic	NOUN
arjefm-1061	16	69	,	,	PUNCT
arjefm-1061	16	70	finance	finance	NOUN
arjefm-1061	16	71	and	and	CCONJ
arjefm-1061	16	72	management	management	NOUN
arjefm-1061	16	73	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	16	74	,	,	PUNCT
arjefm-1061	16	75	email	email	NOUN
arjefm-1061	16	76	:	:	PUNCT
arjefm-1061	17	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	17	2	2	2	NUM
arjefm-1061	18	1	|	|	ADV
arjefm-1061	18	2	p	p	X
arjefm-1061	18	3	a	a	DET
arjefm-1061	18	4	g	g	NOUN
arjefm-1061	18	5	e	e	NOUN
arjefm-1061	18	6	more	more	ADJ
arjefm-1061	18	7	.	.	PUNCT
arjefm-1061	19	1	the	the	DET
arjefm-1061	19	2	degree	degree	NOUN
arjefm-1061	19	3	of	of	ADP
arjefm-1061	19	4	government	government	NOUN
arjefm-1061	19	5	involvement	involvement	NOUN
arjefm-1061	19	6	in	in	ADP
arjefm-1061	19	7	service	service	NOUN
arjefm-1061	19	8	provision	provision	NOUN
arjefm-1061	19	9	varies	vary	VERB
arjefm-1061	19	10	over	over	ADP
arjefm-1061	19	11	time	time	NOUN
arjefm-1061	19	12	and	and	CCONJ
arjefm-1061	19	13	across	across	ADP
arjefm-1061	19	14	regions	region	NOUN
arjefm-1061	19	15	,	,	PUNCT
arjefm-1061	19	16	influenced	influence	VERB
arjefm-1061	19	17	by	by	ADP
arjefm-1061	19	18	the	the	DET
arjefm-1061	19	19	prevailing	prevail	VERB
arjefm-1061	19	20	political	political	ADJ
arjefm-1061	19	21	and	and	CCONJ
arjefm-1061	19	22	economic	economic	ADJ
arjefm-1061	19	23	ideologies	ideology	NOUN
arjefm-1061	19	24	within	within	ADP
arjefm-1061	19	25	a	a	DET
arjefm-1061	19	26	society	society	NOUN
arjefm-1061	19	27	,	,	PUNCT
arjefm-1061	19	28	as	as	ADV
arjefm-1061	19	29	well	well	ADV
arjefm-1061	19	30	as	as	ADP
arjefm-1061	19	31	its	its	PRON
arjefm-1061	19	32	evolving	evolve	VERB
arjefm-1061	19	33	needs	need	NOUN
arjefm-1061	19	34	and	and	CCONJ
arjefm-1061	19	35	aspirations	aspiration	NOUN
arjefm-1061	19	36	(	(	PUNCT
arjefm-1061	19	37	abeng	abeng	NOUN
arjefm-1061	19	38	&	&	CCONJ
arjefm-1061	19	39	alehile	alehile	PROPN
arjefm-1061	19	40	,	,	PUNCT
arjefm-1061	19	41	2012	2012	NUM
arjefm-1061	19	42	)	)	PUNCT
arjefm-1061	19	43	.	.	PUNCT
arjefm-1061	20	1	this	this	DET
arjefm-1061	20	2	collective	collective	ADJ
arjefm-1061	20	3	performance	performance	NOUN
arjefm-1061	20	4	constitutes	constitute	VERB
arjefm-1061	20	5	the	the	DET
arjefm-1061	20	6	fiscal	fiscal	ADJ
arjefm-1061	20	7	behavior	behavior	NOUN
arjefm-1061	20	8	of	of	ADP
arjefm-1061	20	9	the	the	DET
arjefm-1061	20	10	government	government	NOUN
arjefm-1061	20	11	,	,	PUNCT
arjefm-1061	20	12	a	a	DET
arjefm-1061	20	13	concept	concept	NOUN
arjefm-1061	20	14	characterized	characterize	VERB
arjefm-1061	20	15	by	by	ADP
arjefm-1061	20	16	the	the	DET
arjefm-1061	20	17	dual	dual	ADJ
arjefm-1061	20	18	process	process	NOUN
arjefm-1061	20	19	of	of	ADP
arjefm-1061	20	20	allocating	allocate	VERB
arjefm-1061	20	21	expenditures	expenditure	NOUN
arjefm-1061	20	22	while	while	SCONJ
arjefm-1061	20	23	simultaneously	simultaneously	ADV
arjefm-1061	20	24	generating	generate	VERB
arjefm-1061	20	25	revenues	revenue	NOUN
arjefm-1061	20	26	to	to	PART
arjefm-1061	20	27	finance	finance	VERB
arjefm-1061	20	28	them	they	PRON
arjefm-1061	20	29	.	.	PUNCT
arjefm-1061	21	1	hence	hence	ADV
arjefm-1061	21	2	,	,	PUNCT
arjefm-1061	21	3	the	the	DET
arjefm-1061	21	4	government	government	NOUN
arjefm-1061	21	5	's	's	PART
arjefm-1061	21	6	fiscal	fiscal	ADJ
arjefm-1061	21	7	behavior	behavior	NOUN
arjefm-1061	21	8	is	be	AUX
arjefm-1061	21	9	encapsulated	encapsulate	VERB
arjefm-1061	21	10	by	by	ADP
arjefm-1061	21	11	its	its	PRON
arjefm-1061	21	12	revenue	revenue	NOUN
arjefm-1061	21	13	and	and	CCONJ
arjefm-1061	21	14	expenditure	expenditure	NOUN
arjefm-1061	21	15	plans	plan	NOUN
arjefm-1061	21	16	,	,	PUNCT
arjefm-1061	21	17	which	which	PRON
arjefm-1061	21	18	form	form	VERB
arjefm-1061	21	19	the	the	DET
arjefm-1061	21	20	core	core	ADJ
arjefm-1061	21	21	components	component	NOUN
arjefm-1061	21	22	of	of	ADP
arjefm-1061	21	23	its	its	PRON
arjefm-1061	21	24	budgetary	budgetary	ADJ
arjefm-1061	21	25	framework	framework	NOUN
arjefm-1061	21	26	.	.	PUNCT
arjefm-1061	22	1	however	however	ADV
arjefm-1061	22	2	,	,	PUNCT
arjefm-1061	22	3	when	when	SCONJ
arjefm-1061	22	4	expenditures	expenditure	NOUN
arjefm-1061	22	5	surpass	surpass	VERB
arjefm-1061	22	6	revenues	revenue	NOUN
arjefm-1061	22	7	,	,	PUNCT
arjefm-1061	22	8	it	it	PRON
arjefm-1061	22	9	results	result	VERB
arjefm-1061	22	10	in	in	ADP
arjefm-1061	22	11	fiscal	fiscal	ADJ
arjefm-1061	22	12	deficits	deficit	NOUN
arjefm-1061	22	13	(	(	PUNCT
arjefm-1061	22	14	aladejare	aladejare	NOUN
arjefm-1061	22	15	,	,	PUNCT
arjefm-1061	22	16	2014	2014	NUM
arjefm-1061	22	17	)	)	PUNCT
arjefm-1061	22	18	.	.	PUNCT
arjefm-1061	23	1	this	this	DET
arjefm-1061	23	2	fiscal	fiscal	ADJ
arjefm-1061	23	3	conduct	conduct	NOUN
arjefm-1061	23	4	aligns	align	VERB
arjefm-1061	23	5	with	with	ADP
arjefm-1061	23	6	the	the	DET
arjefm-1061	23	7	principles	principle	NOUN
arjefm-1061	23	8	outlined	outline	VERB
arjefm-1061	23	9	by	by	ADP
arjefm-1061	23	10	keynes	keynes	PROPN
arjefm-1061	23	11	in	in	ADP
arjefm-1061	23	12	1936	1936	NUM
arjefm-1061	23	13	,	,	PUNCT
arjefm-1061	23	14	suggesting	suggest	VERB
arjefm-1061	23	15	that	that	SCONJ
arjefm-1061	23	16	augmenting	augment	VERB
arjefm-1061	23	17	government	government	NOUN
arjefm-1061	23	18	spending	spending	NOUN
arjefm-1061	23	19	and/or	and/or	CCONJ
arjefm-1061	23	20	reducing	reduce	VERB
arjefm-1061	23	21	taxes	taxis	NOUN
arjefm-1061	23	22	are	be	AUX
arjefm-1061	23	23	effective	effective	ADJ
arjefm-1061	23	24	means	mean	NOUN
arjefm-1061	23	25	of	of	ADP
arjefm-1061	23	26	attaining	attain	VERB
arjefm-1061	23	27	broader	broad	ADJ
arjefm-1061	23	28	macroeconomic	macroeconomic	ADJ
arjefm-1061	23	29	goals	goal	NOUN
arjefm-1061	23	30	such	such	ADJ
arjefm-1061	23	31	as	as	ADP
arjefm-1061	23	32	robust	robust	ADJ
arjefm-1061	23	33	economic	economic	ADJ
arjefm-1061	23	34	growth	growth	NOUN
arjefm-1061	23	35	,	,	PUNCT
arjefm-1061	23	36	minimal	minimal	ADJ
arjefm-1061	23	37	inflation	inflation	NOUN
arjefm-1061	23	38	,	,	PUNCT
arjefm-1061	23	39	low	low	ADJ
arjefm-1061	23	40	unemployment	unemployment	NOUN
arjefm-1061	23	41	rates	rate	NOUN
arjefm-1061	23	42	,	,	PUNCT
arjefm-1061	23	43	and	and	CCONJ
arjefm-1061	23	44	a	a	DET
arjefm-1061	23	45	robust	robust	ADJ
arjefm-1061	23	46	balance	balance	NOUN
arjefm-1061	23	47	of	of	ADP
arjefm-1061	23	48	payments	payment	NOUN
arjefm-1061	23	49	position	position	NOUN
arjefm-1061	23	50	.	.	PUNCT
arjefm-1061	24	1	these	these	DET
arjefm-1061	24	2	objectives	objective	NOUN
arjefm-1061	24	3	are	be	AUX
arjefm-1061	24	4	achieved	achieve	VERB
arjefm-1061	24	5	by	by	ADP
arjefm-1061	24	6	stimulating	stimulate	VERB
arjefm-1061	24	7	aggregate	aggregate	ADJ
arjefm-1061	24	8	demand	demand	NOUN
arjefm-1061	24	9	and	and	CCONJ
arjefm-1061	24	10	investment	investment	NOUN
arjefm-1061	24	11	.	.	PUNCT
arjefm-1061	25	1	in	in	ADP
arjefm-1061	25	2	the	the	DET
arjefm-1061	25	3	context	context	NOUN
arjefm-1061	25	4	of	of	ADP
arjefm-1061	25	5	developing	develop	VERB
arjefm-1061	25	6	nations	nation	NOUN
arjefm-1061	25	7	like	like	ADP
arjefm-1061	25	8	nigeria	nigeria	PROPN
arjefm-1061	25	9	,	,	PUNCT
arjefm-1061	25	10	escalating	escalate	VERB
arjefm-1061	25	11	government	government	NOUN
arjefm-1061	25	12	expenditures	expenditure	NOUN
arjefm-1061	25	13	have	have	AUX
arjefm-1061	25	14	become	become	VERB
arjefm-1061	25	15	a	a	DET
arjefm-1061	25	16	recurring	recur	VERB
arjefm-1061	25	17	feature	feature	NOUN
arjefm-1061	25	18	in	in	ADP
arjefm-1061	25	19	annual	annual	ADJ
arjefm-1061	25	20	budgetary	budgetary	ADJ
arjefm-1061	25	21	schemes	scheme	NOUN
arjefm-1061	25	22	,	,	PUNCT
arjefm-1061	25	23	resulting	result	VERB
arjefm-1061	25	24	in	in	ADP
arjefm-1061	25	25	persistent	persistent	ADJ
arjefm-1061	25	26	budget	budget	NOUN
arjefm-1061	25	27	deficits	deficit	NOUN
arjefm-1061	25	28	.	.	PUNCT
arjefm-1061	26	1	this	this	DET
arjefm-1061	26	2	trend	trend	NOUN
arjefm-1061	26	3	represents	represent	VERB
arjefm-1061	26	4	a	a	DET
arjefm-1061	26	5	significant	significant	ADJ
arjefm-1061	26	6	developmental	developmental	ADJ
arjefm-1061	26	7	hurdle	hurdle	NOUN
arjefm-1061	26	8	in	in	ADP
arjefm-1061	26	9	nigeria	nigeria	PROPN
arjefm-1061	26	10	's	's	PART
arjefm-1061	26	11	fiscal	fiscal	ADJ
arjefm-1061	26	12	landscape	landscape	NOUN
arjefm-1061	26	13	(	(	PUNCT
arjefm-1061	26	14	world	world	PROPN
arjefm-1061	26	15	bank	bank	NOUN
arjefm-1061	26	16	,	,	PUNCT
arjefm-1061	26	17	2022	2022	NUM
arjefm-1061	26	18	)	)	PUNCT
arjefm-1061	26	19	available	available	ADJ
arjefm-1061	26	20	statistics	statistic	NOUN
arjefm-1061	26	21	shows	show	VERB
arjefm-1061	26	22	that	that	SCONJ
arjefm-1061	26	23	the	the	DET
arjefm-1061	26	24	percentage	percentage	NOUN
arjefm-1061	26	25	share	share	NOUN
arjefm-1061	26	26	of	of	ADP
arjefm-1061	26	27	budget	budget	NOUN
arjefm-1061	26	28	deficit	deficit	NOUN
arjefm-1061	26	29	/	/	SYM
arjefm-1061	26	30	surplus	surplus	NOUN
arjefm-1061	26	31	to	to	ADP
arjefm-1061	26	32	gdp	gdp	NOUN
arjefm-1061	26	33	and	and	CCONJ
arjefm-1061	26	34	the	the	DET
arjefm-1061	26	35	corresponding	corresponding	ADJ
arjefm-1061	26	36	average	average	ADJ
arjefm-1061	26	37	official	official	ADJ
arjefm-1061	26	38	exchange	exchange	NOUN
arjefm-1061	26	39	rate	rate	NOUN
arjefm-1061	26	40	(	(	PUNCT
arjefm-1061	26	41	₦	₦	X
arjefm-1061	26	42	/us$	/us$	PUNCT
arjefm-1061	26	43	)	)	PUNCT
arjefm-1061	26	44	from	from	ADP
arjefm-1061	26	45	1981	1981	NUM
arjefm-1061	26	46	to	to	ADP
arjefm-1061	26	47	2021	2021	NUM
arjefm-1061	26	48	in	in	ADP
arjefm-1061	26	49	nigeria	nigeria	PROPN
arjefm-1061	26	50	.	.	PUNCT
arjefm-1061	27	1	statistics	statistic	NOUN
arjefm-1061	27	2	from	from	ADP
arjefm-1061	27	3	the	the	DET
arjefm-1061	27	4	(	(	PUNCT
arjefm-1061	27	5	central	central	ADJ
arjefm-1061	27	6	bank	bank	NOUN
arjefm-1061	27	7	of	of	ADP
arjefm-1061	27	8	nigeria	nigeria	PROPN
arjefm-1061	27	9	,	,	PUNCT
arjefm-1061	27	10	2022	2022	NUM
arjefm-1061	27	11	)	)	PUNCT
arjefm-1061	27	12	depicts	depict	VERB
arjefm-1061	27	13	that	that	DET
arjefm-1061	27	14	percentage	percentage	NOUN
arjefm-1061	27	15	share	share	NOUN
arjefm-1061	27	16	of	of	ADP
arjefm-1061	27	17	budget	budget	NOUN
arjefm-1061	27	18	deficit	deficit	NOUN
arjefm-1061	27	19	to	to	ADP
arjefm-1061	27	20	gdp	gdp	NOUN
arjefm-1061	27	21	stood	stand	VERB
arjefm-1061	27	22	at	at	ADP
arjefm-1061	27	23	2.8	2.8	NUM
arjefm-1061	27	24	%	%	NOUN
arjefm-1061	27	25	in	in	ADP
arjefm-1061	27	26	1981	1981	NUM
arjefm-1061	27	27	,	,	PUNCT
arjefm-1061	27	28	-6.1	-6.1	ADJ
arjefm-1061	27	29	%	%	NOUN
arjefm-1061	27	30	in	in	ADP
arjefm-1061	27	31	1991	1991	NUM
arjefm-1061	27	32	,	,	PUNCT
arjefm-1061	27	33	-2.7	-2.7	NOUN
arjefm-1061	27	34	%	%	NOUN
arjefm-1061	27	35	in	in	ADP
arjefm-1061	27	36	2001	2001	NUM
arjefm-1061	27	37	,	,	PUNCT
arjefm-1061	27	38	-1.8	-1.8	NUM
arjefm-1061	27	39	%	%	NOUN
arjefm-1061	27	40	in	in	ADP
arjefm-1061	27	41	2011	2011	NUM
arjefm-1061	27	42	and	and	CCONJ
arjefm-1061	27	43	-4.1	-4.1	ADJ
arjefm-1061	27	44	%	%	NOUN
arjefm-1061	27	45	in	in	ADP
arjefm-1061	27	46	2021	2021	NUM
arjefm-1061	27	47	,	,	PUNCT
arjefm-1061	27	48	while	while	SCONJ
arjefm-1061	27	49	the	the	DET
arjefm-1061	27	50	average	average	ADJ
arjefm-1061	27	51	official	official	ADJ
arjefm-1061	27	52	exchange	exchange	NOUN
arjefm-1061	27	53	rate	rate	NOUN
arjefm-1061	27	54	(	(	PUNCT
arjefm-1061	27	55	₦	₦	X
arjefm-1061	27	56	/us$	/us$	PUNCT
arjefm-1061	27	57	)	)	PUNCT
arjefm-1061	27	58	stood	stand	VERB
arjefm-1061	27	59	at	at	ADP
arjefm-1061	27	60	0.61	0.61	NUM
arjefm-1061	27	61	in	in	ADP
arjefm-1061	27	62	1981	1981	NUM
arjefm-1061	27	63	,	,	PUNCT
arjefm-1061	27	64	9.91	9.91	NUM
arjefm-1061	27	65	in	in	ADP
arjefm-1061	27	66	1991	1991	NUM
arjefm-1061	27	67	,	,	PUNCT
arjefm-1061	27	68	111.95	111.95	NUM
arjefm-1061	27	69	in	in	ADP
arjefm-1061	27	70	2001	2001	NUM
arjefm-1061	27	71	,	,	PUNCT
arjefm-1061	27	72	153.86	153.86	NUM
arjefm-1061	27	73	in	in	ADP
arjefm-1061	27	74	2011	2011	NUM
arjefm-1061	27	75	and	and	CCONJ
arjefm-1061	27	76	425.9	425.9	NUM
arjefm-1061	27	77	in	in	ADP
arjefm-1061	27	78	2021	2021	NUM
arjefm-1061	27	79	,	,	PUNCT
arjefm-1061	27	80	(	(	PUNCT
arjefm-1061	27	81	cbn	cbn	PROPN
arjefm-1061	27	82	,	,	PUNCT
arjefm-1061	27	83	2022	2022	NUM
arjefm-1061	27	84	)	)	PUNCT
arjefm-1061	27	85	.	.	PUNCT
arjefm-1061	28	1	thus	thus	ADV
arjefm-1061	28	2	,	,	PUNCT
arjefm-1061	28	3	during	during	ADP
arjefm-1061	28	4	this	this	DET
arjefm-1061	28	5	period	period	NOUN
arjefm-1061	28	6	,	,	PUNCT
arjefm-1061	28	7	nigeria	nigeria	PROPN
arjefm-1061	28	8	has	have	AUX
arjefm-1061	28	9	witnessed	witness	VERB
arjefm-1061	28	10	38	38	NUM
arjefm-1061	28	11	years	year	NOUN
arjefm-1061	28	12	of	of	ADP
arjefm-1061	28	13	budget	budget	NOUN
arjefm-1061	28	14	deficits	deficit	NOUN
arjefm-1061	28	15	,	,	PUNCT
arjefm-1061	28	16	with	with	ADP
arjefm-1061	28	17	only	only	ADV
arjefm-1061	28	18	2	2	NUM
arjefm-1061	28	19	years	year	NOUN
arjefm-1061	28	20	of	of	ADP
arjefm-1061	28	21	surplus	surplus	ADJ
arjefm-1061	28	22	fiscal	fiscal	ADJ
arjefm-1061	28	23	operations	operation	NOUN
arjefm-1061	28	24	,	,	PUNCT
arjefm-1061	28	25	and	and	CCONJ
arjefm-1061	28	26	this	this	PRON
arjefm-1061	28	27	has	have	AUX
arjefm-1061	28	28	persisted	persist	VERB
arjefm-1061	28	29	alongside	alongside	ADP
arjefm-1061	28	30	dual	dual	ADJ
arjefm-1061	28	31	exchange	exchange	NOUN
arjefm-1061	28	32	rates	rate	NOUN
arjefm-1061	28	33	,	,	PUNCT
arjefm-1061	28	34	thereby	thereby	ADV
arjefm-1061	28	35	causing	cause	VERB
arjefm-1061	28	36	untold	untold	ADJ
arjefm-1061	28	37	hardship	hardship	NOUN
arjefm-1061	28	38	to	to	ADP
arjefm-1061	28	39	many	many	ADJ
arjefm-1061	28	40	nigerians	nigerians	PROPN
arjefm-1061	28	41	,	,	PUNCT
arjefm-1061	28	42	(	(	PUNCT
arjefm-1061	28	43	wosowei	wosowei	NOUN
arjefm-1061	28	44	2013	2013	NUM
arjefm-1061	28	45	)	)	PUNCT
arjefm-1061	28	46	.	.	PUNCT
arjefm-1061	29	1	budget	budget	NOUN
arjefm-1061	29	2	deficits	deficit	NOUN
arjefm-1061	29	3	have	have	AUX
arjefm-1061	29	4	been	be	AUX
arjefm-1061	29	5	blamed	blame	VERB
arjefm-1061	29	6	mostly	mostly	ADV
arjefm-1061	29	7	for	for	ADP
arjefm-1061	29	8	much	much	ADJ
arjefm-1061	29	9	of	of	ADP
arjefm-1061	29	10	the	the	DET
arjefm-1061	29	11	economic	economic	ADJ
arjefm-1061	29	12	crisis	crisis	NOUN
arjefm-1061	29	13	in	in	ADP
arjefm-1061	29	14	the	the	DET
arjefm-1061	29	15	nigerian	nigerian	ADJ
arjefm-1061	29	16	economy	economy	NOUN
arjefm-1061	29	17	for	for	ADP
arjefm-1061	29	18	many	many	ADJ
arjefm-1061	29	19	years	year	NOUN
arjefm-1061	29	20	resulting	result	VERB
arjefm-1061	29	21	in	in	ADP
arjefm-1061	29	22	debt	debt	NOUN
arjefm-1061	29	23	crisis	crisis	NOUN
arjefm-1061	29	24	,	,	PUNCT
arjefm-1061	29	25	poor	poor	ADJ
arjefm-1061	29	26	economic	economic	ADJ
arjefm-1061	29	27	performance	performance	NOUN
arjefm-1061	29	28	,	,	PUNCT
arjefm-1061	29	29	and	and	CCONJ
arjefm-1061	29	30	foreign	foreign	ADJ
arjefm-1061	29	31	exchange	exchange	NOUN
arjefm-1061	29	32	problems	problem	NOUN
arjefm-1061	29	33	(	(	PUNCT
arjefm-1061	29	34	ezeabasili	ezeabasili	NOUN
arjefm-1061	29	35	,	,	PUNCT
arjefm-1061	29	36	et	et	PROPN
arjefm-1061	29	37	al	al	PROPN
arjefm-1061	29	38	,	,	PUNCT
arjefm-1061	29	39	2012	2012	NUM
arjefm-1061	29	40	)	)	PUNCT
arjefm-1061	29	41	.	.	PUNCT
arjefm-1061	30	1	as	as	ADP
arjefm-1061	30	2	a	a	DET
arjefm-1061	30	3	result	result	NOUN
arjefm-1061	30	4	,	,	PUNCT
arjefm-1061	30	5	the	the	DET
arjefm-1061	30	6	current	current	ADJ
arjefm-1061	30	7	administration	administration	NOUN
arjefm-1061	30	8	in	in	ADP
arjefm-1061	30	9	nigeria	nigeria	PROPN
arjefm-1061	30	10	is	be	AUX
arjefm-1061	30	11	hinged	hinge	VERB
arjefm-1061	30	12	on	on	ADP
arjefm-1061	30	13	exchange	exchange	NOUN
arjefm-1061	30	14	rate	rate	NOUN
arjefm-1061	30	15	unification	unification	NOUN
arjefm-1061	30	16	amidst	amidst	ADP
arjefm-1061	30	17	rising	rise	VERB
arjefm-1061	30	18	fiscal	fiscal	ADJ
arjefm-1061	30	19	deficit	deficit	NOUN
arjefm-1061	30	20	.	.	PUNCT
arjefm-1061	31	1	the	the	DET
arjefm-1061	31	2	dual	dual	ADJ
arjefm-1061	31	3	exchange	exchange	NOUN
arjefm-1061	31	4	rate	rate	NOUN
arjefm-1061	31	5	system	system	NOUN
arjefm-1061	31	6	which	which	PRON
arjefm-1061	31	7	also	also	ADV
arjefm-1061	31	8	allows	allow	VERB
arjefm-1061	31	9	both	both	DET
arjefm-1061	31	10	fixed	fix	VERB
arjefm-1061	31	11	and	and	CCONJ
arjefm-1061	31	12	floating	float	VERB
arjefm-1061	31	13	rates	rate	NOUN
arjefm-1061	31	14	in	in	ADP
arjefm-1061	31	15	the	the	DET
arjefm-1061	31	16	market	market	NOUN
arjefm-1061	31	17	was	be	AUX
arjefm-1061	31	18	adopted	adopt	VERB
arjefm-1061	31	19	in	in	ADP
arjefm-1061	31	20	nigeria	nigeria	PROPN
arjefm-1061	31	21	in	in	ADP
arjefm-1061	31	22	september	september	PROPN
arjefm-1061	31	23	,	,	PUNCT
arjefm-1061	31	24	1986	1986	NUM
arjefm-1061	31	25	,	,	PUNCT
arjefm-1061	31	26	and	and	CCONJ
arjefm-1061	31	27	this	this	PRON
arjefm-1061	31	28	has	have	AUX
arjefm-1061	31	29	been	be	AUX
arjefm-1061	31	30	in	in	ADP
arjefm-1061	31	31	place	place	NOUN
arjefm-1061	31	32	till	till	SCONJ
arjefm-1061	31	33	2023	2023	NUM
arjefm-1061	31	34	,	,	PUNCT
arjefm-1061	31	35	(	(	PUNCT
arjefm-1061	31	36	cbn	cbn	PROPN
arjefm-1061	31	37	,	,	PUNCT
arjefm-1061	31	38	2021	2021	NUM
arjefm-1061	31	39	)	)	PUNCT
arjefm-1061	31	40	.	.	PUNCT
arjefm-1061	32	1	in	in	ADP
arjefm-1061	32	2	june	june	PROPN
arjefm-1061	32	3	,	,	PUNCT
arjefm-1061	32	4	2023	2023	NUM
arjefm-1061	32	5	,	,	PUNCT
arjefm-1061	32	6	the	the	DET
arjefm-1061	32	7	central	central	ADJ
arjefm-1061	32	8	bank	bank	PROPN
arjefm-1061	32	9	of	of	ADP
arjefm-1061	32	10	nigeria	nigeria	PROPN
arjefm-1061	32	11	came	come	VERB
arjefm-1061	32	12	up	up	ADP
arjefm-1061	32	13	with	with	ADP
arjefm-1061	32	14	a	a	DET
arjefm-1061	32	15	policy	policy	NOUN
arjefm-1061	32	16	to	to	PART
arjefm-1061	32	17	unify	unify	VERB
arjefm-1061	32	18	the	the	DET
arjefm-1061	32	19	multiple	multiple	ADJ
arjefm-1061	32	20	exchange	exchange	NOUN
arjefm-1061	32	21	rates	rate	NOUN
arjefm-1061	32	22	into	into	ADP
arjefm-1061	32	23	a	a	DET
arjefm-1061	32	24	single	single	ADJ
arjefm-1061	32	25	exchange	exchange	NOUN
arjefm-1061	32	26	rate	rate	NOUN
arjefm-1061	32	27	system	system	NOUN
arjefm-1061	32	28	,	,	PUNCT
arjefm-1061	32	29	with	with	ADP
arjefm-1061	32	30	transactions	transaction	NOUN
arjefm-1061	32	31	to	to	PART
arjefm-1061	32	32	hold	hold	VERB
arjefm-1061	32	33	on	on	ADP
arjefm-1061	32	34	investors	investor	NOUN
arjefm-1061	32	35	and	and	CCONJ
arjefm-1061	32	36	exporters	exporter	NOUN
arjefm-1061	32	37	(	(	PUNCT
arjefm-1061	32	38	i&e	i&e	PROPN
arjefm-1061	32	39	)	)	PUNCT
arjefm-1061	32	40	window	window	NOUN
arjefm-1061	32	41	.	.	PUNCT
arjefm-1061	33	1	the	the	DET
arjefm-1061	33	2	dual	dual	ADJ
arjefm-1061	33	3	exchange	exchange	NOUN
arjefm-1061	33	4	rates	rate	NOUN
arjefm-1061	33	5	have	have	AUX
arjefm-1061	33	6	had	have	VERB
arjefm-1061	33	7	several	several	ADJ
arjefm-1061	33	8	adverse	adverse	ADJ
arjefm-1061	33	9	effects	effect	NOUN
arjefm-1061	33	10	on	on	ADP
arjefm-1061	33	11	nigeria	nigeria	PROPN
arjefm-1061	33	12	’s	’s	PART
arjefm-1061	33	13	economy	economy	NOUN
arjefm-1061	33	14	,	,	PUNCT
arjefm-1061	33	15	it	it	PRON
arjefm-1061	33	16	has	have	AUX
arjefm-1061	33	17	created	create	VERB
arjefm-1061	33	18	economic	economic	ADJ
arjefm-1061	33	19	distortions	distortion	NOUN
arjefm-1061	33	20	of	of	ADP
arjefm-1061	33	21	which	which	PRON
arjefm-1061	33	22	individuals	individual	NOUN
arjefm-1061	33	23	and	and	CCONJ
arjefm-1061	33	24	businesses	business	NOUN
arjefm-1061	33	25	engage	engage	VERB
arjefm-1061	33	26	in	in	ADP
arjefm-1061	33	27	speculative	speculative	ADJ
arjefm-1061	33	28	activities	activity	NOUN
arjefm-1061	33	29	and	and	CCONJ
arjefm-1061	33	30	also	also	ADV
arjefm-1061	33	31	take	take	VERB
arjefm-1061	33	32	advantage	advantage	NOUN
arjefm-1061	33	33	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1061	33	34	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	34	1	american	american	PROPN
arjefm-1061	34	2	research	research	PROPN
arjefm-1061	34	3	journal	journal	PROPN
arjefm-1061	34	4	of	of	ADP
arjefm-1061	34	5	economics	economic	NOUN
arjefm-1061	34	6	,	,	PUNCT
arjefm-1061	34	7	finance	finance	NOUN
arjefm-1061	34	8	and	and	CCONJ
arjefm-1061	34	9	management	management	NOUN
arjefm-1061	34	10	volume	volume	NOUN
arjefm-1061	34	11	12	12	NUM
arjefm-1061	34	12	issue	issue	NOUN
arjefm-1061	34	13	2	2	NUM
arjefm-1061	34	14	,	,	PUNCT
arjefm-1061	34	15	april	april	PROPN
arjefm-1061	34	16	-	-	PUNCT
arjefm-1061	34	17	june	june	PROPN
arjefm-1061	34	18	2024	2024	NUM
arjefm-1061	34	19	issn	issn	PROPN
arjefm-1061	34	20	:	:	PUNCT
arjefm-1061	34	21	2836	2836	NUM
arjefm-1061	34	22	-	-	SYM
arjefm-1061	34	23	9416	9416	NUM
arjefm-1061	34	24	impact	impact	NOUN
arjefm-1061	34	25	factor	factor	NOUN
arjefm-1061	34	26	:	:	PUNCT
arjefm-1061	34	27	5.57	5.57	NUM
arjefm-1061	34	28	journal	journal	NOUN
arjefm-1061	34	29	homepage	homepage	NOUN
arjefm-1061	34	30	:	:	PUNCT
arjefm-1061	34	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	34	32	,	,	PUNCT
arjefm-1061	34	33	email	email	NOUN
arjefm-1061	34	34	:	:	PUNCT
arjefm-1061	34	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	34	36	official	official	ADJ
arjefm-1061	34	37	journal	journal	PROPN
arjefm-1061	34	38	of	of	ADP
arjefm-1061	34	39	america	america	PROPN
arjefm-1061	34	40	serial	serial	PROPN
arjefm-1061	34	41	publication	publication	NOUN
arjefm-1061	34	42	american	american	PROPN
arjefm-1061	34	43	research	research	PROPN
arjefm-1061	34	44	journal	journal	PROPN
arjefm-1061	34	45	of	of	ADP
arjefm-1061	34	46	economics	economic	NOUN
arjefm-1061	34	47	,	,	PUNCT
arjefm-1061	34	48	finance	finance	NOUN
arjefm-1061	34	49	and	and	CCONJ
arjefm-1061	34	50	management	management	NOUN
arjefm-1061	34	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	34	52	,	,	PUNCT
arjefm-1061	34	53	email	email	NOUN
arjefm-1061	34	54	:	:	PUNCT
arjefm-1061	34	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	35	1	3	3	NUM
arjefm-1061	36	1	|	|	ADV
arjefm-1061	36	2	p	p	X
arjefm-1061	36	3	a	a	DET
arjefm-1061	36	4	g	g	NOUN
arjefm-1061	36	5	e	e	NOUN
arjefm-1061	36	6	of	of	ADP
arjefm-1061	36	7	the	the	DET
arjefm-1061	36	8	rate	rate	NOUN
arjefm-1061	36	9	differentials	differential	NOUN
arjefm-1061	36	10	to	to	PART
arjefm-1061	36	11	make	make	VERB
arjefm-1061	36	12	profits	profit	NOUN
arjefm-1061	36	13	,	,	PUNCT
arjefm-1061	36	14	(	(	PUNCT
arjefm-1061	36	15	cbn	cbn	PROPN
arjefm-1061	36	16	,	,	PUNCT
arjefm-1061	36	17	2023	2023	NUM
arjefm-1061	36	18	)	)	PUNCT
arjefm-1061	36	19	.	.	PUNCT
arjefm-1061	37	1	these	these	DET
arjefm-1061	37	2	practices	practice	NOUN
arjefm-1061	37	3	have	have	AUX
arjefm-1061	37	4	resulted	result	VERB
arjefm-1061	37	5	in	in	ADP
arjefm-1061	37	6	an	an	DET
arjefm-1061	37	7	inefficient	inefficient	ADJ
arjefm-1061	37	8	allocation	allocation	NOUN
arjefm-1061	37	9	of	of	ADP
arjefm-1061	37	10	resources	resource	NOUN
arjefm-1061	37	11	and	and	CCONJ
arjefm-1061	37	12	hindered	hinder	VERB
arjefm-1061	37	13	economic	economic	ADJ
arjefm-1061	37	14	growth	growth	NOUN
arjefm-1061	37	15	.	.	PUNCT
arjefm-1061	38	1	however	however	ADV
arjefm-1061	38	2	,	,	PUNCT
arjefm-1061	38	3	there	there	PRON
arjefm-1061	38	4	exists	exist	VERB
arjefm-1061	38	5	a	a	DET
arjefm-1061	38	6	divergence	divergence	NOUN
arjefm-1061	38	7	of	of	ADP
arjefm-1061	38	8	opinions	opinion	NOUN
arjefm-1061	38	9	regarding	regard	VERB
arjefm-1061	38	10	the	the	DET
arjefm-1061	38	11	impact	impact	NOUN
arjefm-1061	38	12	of	of	ADP
arjefm-1061	38	13	exchange	exchange	NOUN
arjefm-1061	38	14	rate	rate	NOUN
arjefm-1061	38	15	unification	unification	NOUN
arjefm-1061	38	16	on	on	ADP
arjefm-1061	38	17	budget	budget	NOUN
arjefm-1061	38	18	deficits	deficit	NOUN
arjefm-1061	38	19	.	.	PUNCT
arjefm-1061	39	1	one	one	NUM
arjefm-1061	39	2	perspective	perspective	NOUN
arjefm-1061	39	3	argues	argue	VERB
arjefm-1061	39	4	that	that	SCONJ
arjefm-1061	39	5	over	over	ADP
arjefm-1061	39	6	time	time	NOUN
arjefm-1061	39	7	,	,	PUNCT
arjefm-1061	39	8	unifying	unify	VERB
arjefm-1061	39	9	the	the	DET
arjefm-1061	39	10	exchange	exchange	NOUN
arjefm-1061	39	11	rate	rate	NOUN
arjefm-1061	39	12	could	could	AUX
arjefm-1061	39	13	result	result	VERB
arjefm-1061	39	14	in	in	ADP
arjefm-1061	39	15	the	the	DET
arjefm-1061	39	16	government	government	NOUN
arjefm-1061	39	17	's	's	PART
arjefm-1061	39	18	foreign	foreign	ADJ
arjefm-1061	39	19	exchange	exchange	NOUN
arjefm-1061	39	20	revenue	revenue	NOUN
arjefm-1061	39	21	surpassing	surpass	VERB
arjefm-1061	39	22	its	its	PRON
arjefm-1061	39	23	foreign	foreign	ADJ
arjefm-1061	39	24	currency	currency	NOUN
arjefm-1061	39	25	obligations	obligation	NOUN
arjefm-1061	39	26	.	.	PUNCT
arjefm-1061	40	1	onyekpere	onyekpere	ADV
arjefm-1061	40	2	(	(	PUNCT
arjefm-1061	40	3	2023	2023	NUM
arjefm-1061	40	4	)	)	PUNCT
arjefm-1061	40	5	suggests	suggest	VERB
arjefm-1061	40	6	that	that	SCONJ
arjefm-1061	40	7	exchange	exchange	NOUN
arjefm-1061	40	8	rate	rate	NOUN
arjefm-1061	40	9	unification	unification	NOUN
arjefm-1061	40	10	would	would	AUX
arjefm-1061	40	11	ensure	ensure	VERB
arjefm-1061	40	12	that	that	SCONJ
arjefm-1061	40	13	any	any	DET
arjefm-1061	40	14	foreign	foreign	ADJ
arjefm-1061	40	15	exchange	exchange	NOUN
arjefm-1061	40	16	income	income	NOUN
arjefm-1061	40	17	received	receive	VERB
arjefm-1061	40	18	by	by	ADP
arjefm-1061	40	19	the	the	DET
arjefm-1061	40	20	government	government	NOUN
arjefm-1061	40	21	would	would	AUX
arjefm-1061	40	22	now	now	ADV
arjefm-1061	40	23	be	be	AUX
arjefm-1061	40	24	monetized	monetize	VERB
arjefm-1061	40	25	at	at	ADP
arjefm-1061	40	26	the	the	DET
arjefm-1061	40	27	new	new	ADJ
arjefm-1061	40	28	unified	unified	ADJ
arjefm-1061	40	29	rate	rate	NOUN
arjefm-1061	40	30	,	,	PUNCT
arjefm-1061	40	31	which	which	PRON
arjefm-1061	40	32	is	be	AUX
arjefm-1061	40	33	significantly	significantly	ADV
arjefm-1061	40	34	higher	high	ADJ
arjefm-1061	40	35	than	than	ADP
arjefm-1061	40	36	the	the	DET
arjefm-1061	40	37	previous	previous	ADJ
arjefm-1061	40	38	rate	rate	NOUN
arjefm-1061	40	39	sanctioned	sanction	VERB
arjefm-1061	40	40	by	by	ADP
arjefm-1061	40	41	the	the	DET
arjefm-1061	40	42	central	central	ADJ
arjefm-1061	40	43	bank	bank	PROPN
arjefm-1061	40	44	of	of	ADP
arjefm-1061	40	45	nigeria	nigeria	PROPN
arjefm-1061	40	46	.	.	PUNCT
arjefm-1061	41	1	this	this	PRON
arjefm-1061	41	2	would	would	AUX
arjefm-1061	41	3	consequently	consequently	ADV
arjefm-1061	41	4	increase	increase	VERB
arjefm-1061	41	5	the	the	DET
arjefm-1061	41	6	resources	resource	NOUN
arjefm-1061	41	7	available	available	ADJ
arjefm-1061	41	8	to	to	ADP
arjefm-1061	41	9	the	the	DET
arjefm-1061	41	10	government	government	NOUN
arjefm-1061	41	11	for	for	ADP
arjefm-1061	41	12	developmental	developmental	ADJ
arjefm-1061	41	13	initiatives	initiative	NOUN
arjefm-1061	41	14	.	.	PUNCT
arjefm-1061	42	1	moreover	moreover	ADV
arjefm-1061	42	2	,	,	PUNCT
arjefm-1061	42	3	the	the	DET
arjefm-1061	42	4	resources	resource	NOUN
arjefm-1061	42	5	previously	previously	ADV
arjefm-1061	42	6	allocated	allocate	VERB
arjefm-1061	42	7	to	to	PART
arjefm-1061	42	8	subsidize	subsidize	VERB
arjefm-1061	42	9	those	those	PRON
arjefm-1061	42	10	who	who	PRON
arjefm-1061	42	11	obtained	obtain	VERB
arjefm-1061	42	12	foreign	foreign	ADJ
arjefm-1061	42	13	exchange	exchange	NOUN
arjefm-1061	42	14	at	at	ADP
arjefm-1061	42	15	the	the	DET
arjefm-1061	42	16	cbn	cbn	PROPN
arjefm-1061	42	17	-	-	PUNCT
arjefm-1061	42	18	imposed	impose	VERB
arjefm-1061	42	19	rate	rate	NOUN
arjefm-1061	42	20	would	would	AUX
arjefm-1061	42	21	no	no	ADV
arjefm-1061	42	22	longer	long	ADV
arjefm-1061	42	23	be	be	AUX
arjefm-1061	42	24	expended	expend	VERB
arjefm-1061	42	25	on	on	ADP
arjefm-1061	42	26	wasteful	wasteful	ADJ
arjefm-1061	42	27	expenditure	expenditure	NOUN
arjefm-1061	42	28	.	.	PUNCT
arjefm-1061	43	1	conversely	conversely	ADV
arjefm-1061	43	2	,	,	PUNCT
arjefm-1061	43	3	other	other	ADJ
arjefm-1061	43	4	scholars	scholar	NOUN
arjefm-1061	43	5	such	such	ADJ
arjefm-1061	43	6	as	as	ADP
arjefm-1061	43	7	ozili	ozili	NOUN
arjefm-1061	43	8	(	(	PUNCT
arjefm-1061	43	9	2024	2024	NUM
arjefm-1061	43	10	)	)	PUNCT
arjefm-1061	43	11	argue	argue	VERB
arjefm-1061	43	12	that	that	SCONJ
arjefm-1061	43	13	the	the	DET
arjefm-1061	43	14	unification	unification	NOUN
arjefm-1061	43	15	of	of	ADP
arjefm-1061	43	16	the	the	DET
arjefm-1061	43	17	exchange	exchange	NOUN
arjefm-1061	43	18	rate	rate	NOUN
arjefm-1061	43	19	could	could	AUX
arjefm-1061	43	20	elevate	elevate	VERB
arjefm-1061	43	21	the	the	DET
arjefm-1061	43	22	naira	naira	NUM
arjefm-1061	43	23	value	value	NOUN
arjefm-1061	43	24	of	of	ADP
arjefm-1061	43	25	foreign	foreign	ADJ
arjefm-1061	43	26	debts	debt	NOUN
arjefm-1061	43	27	,	,	PUNCT
arjefm-1061	43	28	as	as	SCONJ
arjefm-1061	43	29	both	both	CCONJ
arjefm-1061	43	30	federal	federal	ADJ
arjefm-1061	43	31	and	and	CCONJ
arjefm-1061	43	32	state	state	NOUN
arjefm-1061	43	33	governments	government	NOUN
arjefm-1061	43	34	rely	rely	VERB
arjefm-1061	43	35	on	on	ADP
arjefm-1061	43	36	borrowing	borrow	VERB
arjefm-1061	43	37	from	from	ADP
arjefm-1061	43	38	foreign	foreign	ADJ
arjefm-1061	43	39	creditors	creditor	NOUN
arjefm-1061	43	40	to	to	PART
arjefm-1061	43	41	finance	finance	VERB
arjefm-1061	43	42	their	their	PRON
arjefm-1061	43	43	budgetary	budgetary	ADJ
arjefm-1061	43	44	requirements	requirement	NOUN
arjefm-1061	43	45	.	.	PUNCT
arjefm-1061	44	1	consequently	consequently	ADV
arjefm-1061	44	2	,	,	PUNCT
arjefm-1061	44	3	governments	government	NOUN
arjefm-1061	44	4	would	would	AUX
arjefm-1061	44	5	need	need	VERB
arjefm-1061	44	6	to	to	PART
arjefm-1061	44	7	allocate	allocate	VERB
arjefm-1061	44	8	more	more	ADJ
arjefm-1061	44	9	naira	naira	NOUN
arjefm-1061	44	10	to	to	PART
arjefm-1061	44	11	service	service	VERB
arjefm-1061	44	12	or	or	CCONJ
arjefm-1061	44	13	repay	repay	VERB
arjefm-1061	44	14	these	these	DET
arjefm-1061	44	15	debts	debt	NOUN
arjefm-1061	44	16	.	.	PUNCT
arjefm-1061	45	1	the	the	DET
arjefm-1061	45	2	implication	implication	NOUN
arjefm-1061	45	3	of	of	ADP
arjefm-1061	45	4	exchange	exchange	NOUN
arjefm-1061	45	5	rate	rate	NOUN
arjefm-1061	45	6	unification	unification	NOUN
arjefm-1061	45	7	is	be	AUX
arjefm-1061	45	8	that	that	SCONJ
arjefm-1061	45	9	in	in	ADP
arjefm-1061	45	10	nigeria	nigeria	PROPN
arjefm-1061	45	11	,	,	PUNCT
arjefm-1061	45	12	being	be	AUX
arjefm-1061	45	13	an	an	DET
arjefm-1061	45	14	import	import	NOUN
arjefm-1061	45	15	-	-	PUNCT
arjefm-1061	45	16	dependent	dependent	ADJ
arjefm-1061	45	17	economy	economy	NOUN
arjefm-1061	45	18	,	,	PUNCT
arjefm-1061	45	19	the	the	DET
arjefm-1061	45	20	cost	cost	NOUN
arjefm-1061	45	21	of	of	ADP
arjefm-1061	45	22	goods	good	NOUN
arjefm-1061	45	23	and	and	CCONJ
arjefm-1061	45	24	services	service	NOUN
arjefm-1061	45	25	imported	import	VERB
arjefm-1061	45	26	into	into	ADP
arjefm-1061	45	27	the	the	DET
arjefm-1061	45	28	country	country	NOUN
arjefm-1061	45	29	,	,	PUNCT
arjefm-1061	45	30	previously	previously	ADV
arjefm-1061	45	31	funded	fund	VERB
arjefm-1061	45	32	at	at	ADP
arjefm-1061	45	33	the	the	DET
arjefm-1061	45	34	lower	low	ADJ
arjefm-1061	45	35	exchange	exchange	NOUN
arjefm-1061	45	36	rate	rate	NOUN
arjefm-1061	45	37	,	,	PUNCT
arjefm-1061	45	38	would	would	AUX
arjefm-1061	45	39	now	now	ADV
arjefm-1061	45	40	escalate	escalate	VERB
arjefm-1061	45	41	due	due	ADP
arjefm-1061	45	42	to	to	ADP
arjefm-1061	45	43	the	the	DET
arjefm-1061	45	44	increased	increase	VERB
arjefm-1061	45	45	naira	naira	NOUN
arjefm-1061	45	46	requirement	requirement	NOUN
arjefm-1061	45	47	for	for	ADP
arjefm-1061	45	48	imports	import	NOUN
arjefm-1061	45	49	.	.	PUNCT
arjefm-1061	46	1	this	this	DET
arjefm-1061	46	2	scenario	scenario	NOUN
arjefm-1061	46	3	is	be	AUX
arjefm-1061	46	4	likely	likely	ADJ
arjefm-1061	46	5	to	to	PART
arjefm-1061	46	6	instigate	instigate	VERB
arjefm-1061	46	7	an	an	DET
arjefm-1061	46	8	inflationary	inflationary	ADJ
arjefm-1061	46	9	spiral	spiral	ADJ
arjefm-1061	46	10	effect	effect	NOUN
arjefm-1061	46	11	(	(	PUNCT
arjefm-1061	46	12	gray	gray	ADJ
arjefm-1061	46	13	2021	2021	NUM
arjefm-1061	46	14	;	;	PUNCT
arjefm-1061	46	15	sanusi	sanusi	NOUN
arjefm-1061	46	16	,	,	PUNCT
arjefm-1061	46	17	2010	2010	NUM
arjefm-1061	46	18	)	)	PUNCT
arjefm-1061	46	19	.	.	PUNCT
arjefm-1061	47	1	nevertheless	nevertheless	ADV
arjefm-1061	47	2	,	,	PUNCT
arjefm-1061	47	3	the	the	DET
arjefm-1061	47	4	country	country	NOUN
arjefm-1061	47	5	do	do	AUX
arjefm-1061	47	6	not	not	PART
arjefm-1061	47	7	have	have	VERB
arjefm-1061	47	8	an	an	DET
arjefm-1061	47	9	immediate	immediate	ADJ
arjefm-1061	47	10	source	source	NOUN
arjefm-1061	47	11	of	of	ADP
arjefm-1061	47	12	increasing	increase	VERB
arjefm-1061	47	13	foreign	foreign	ADJ
arjefm-1061	47	14	exchange	exchange	NOUN
arjefm-1061	47	15	supply	supply	NOUN
arjefm-1061	47	16	considering	consider	VERB
arjefm-1061	47	17	the	the	DET
arjefm-1061	47	18	backlog	backlog	NOUN
arjefm-1061	47	19	of	of	ADP
arjefm-1061	47	20	unmet	unmet	NOUN
arjefm-1061	47	21	foreign	foreign	ADJ
arjefm-1061	47	22	exchange	exchange	NOUN
arjefm-1061	47	23	demand	demand	NOUN
arjefm-1061	47	24	and	and	CCONJ
arjefm-1061	47	25	associated	associated	ADJ
arjefm-1061	47	26	obligations	obligation	NOUN
arjefm-1061	47	27	as	as	ADV
arjefm-1061	47	28	well	well	ADV
arjefm-1061	47	29	as	as	ADP
arjefm-1061	47	30	estimates	estimate	NOUN
arjefm-1061	47	31	of	of	ADP
arjefm-1061	47	32	future	future	ADJ
arjefm-1061	47	33	foreign	foreign	ADJ
arjefm-1061	47	34	exchange	exchange	NOUN
arjefm-1061	47	35	demand	demand	NOUN
arjefm-1061	47	36	for	for	ADP
arjefm-1061	47	37	the	the	DET
arjefm-1061	47	38	years	year	NOUN
arjefm-1061	47	39	ahead	ahead	ADV
arjefm-1061	47	40	.	.	PUNCT
arjefm-1061	48	1	therefore	therefore	ADV
arjefm-1061	48	2	,	,	PUNCT
arjefm-1061	48	3	there	there	PRON
arjefm-1061	48	4	is	be	VERB
arjefm-1061	48	5	the	the	DET
arjefm-1061	48	6	danger	danger	NOUN
arjefm-1061	48	7	of	of	ADP
arjefm-1061	48	8	the	the	DET
arjefm-1061	48	9	market	market	NOUN
arjefm-1061	48	10	facilitating	facilitate	VERB
arjefm-1061	48	11	a	a	DET
arjefm-1061	48	12	free	free	ADJ
arjefm-1061	48	13	fall	fall	NOUN
arjefm-1061	48	14	of	of	ADP
arjefm-1061	48	15	the	the	DET
arjefm-1061	48	16	naira	naira	NUM
arjefm-1061	48	17	which	which	PRON
arjefm-1061	48	18	will	will	AUX
arjefm-1061	48	19	depreciate	depreciate	VERB
arjefm-1061	48	20	the	the	DET
arjefm-1061	48	21	currency	currency	NOUN
arjefm-1061	48	22	to	to	ADP
arjefm-1061	48	23	an	an	DET
arjefm-1061	48	24	unimaginable	unimaginable	ADJ
arjefm-1061	48	25	level	level	NOUN
arjefm-1061	48	26	leading	lead	VERB
arjefm-1061	48	27	to	to	ADP
arjefm-1061	48	28	price	price	NOUN
arjefm-1061	48	29	instability	instability	NOUN
arjefm-1061	48	30	,	,	PUNCT
arjefm-1061	48	31	inflation	inflation	NOUN
arjefm-1061	48	32	and	and	CCONJ
arjefm-1061	48	33	uncertainty	uncertainty	NOUN
arjefm-1061	48	34	in	in	ADP
arjefm-1061	48	35	the	the	DET
arjefm-1061	48	36	economy	economy	NOUN
arjefm-1061	48	37	,	,	PUNCT
arjefm-1061	48	38	(	(	PUNCT
arjefm-1061	48	39	ozili	ozili	NOUN
arjefm-1061	48	40	,	,	PUNCT
arjefm-1061	48	41	2024	2024	NUM
arjefm-1061	48	42	)	)	PUNCT
arjefm-1061	48	43	.	.	PUNCT
arjefm-1061	49	1	although	although	SCONJ
arjefm-1061	49	2	,	,	PUNCT
arjefm-1061	49	3	the	the	DET
arjefm-1061	49	4	issue	issue	NOUN
arjefm-1061	49	5	of	of	ADP
arjefm-1061	49	6	budget	budget	NOUN
arjefm-1061	49	7	deficit	deficit	NOUN
arjefm-1061	49	8	has	have	AUX
arjefm-1061	49	9	been	be	AUX
arjefm-1061	49	10	a	a	DET
arjefm-1061	49	11	thorn	thorn	NOUN
arjefm-1061	49	12	in	in	ADP
arjefm-1061	49	13	the	the	DET
arjefm-1061	49	14	flesh	flesh	NOUN
arjefm-1061	49	15	of	of	ADP
arjefm-1061	49	16	policy	policy	NOUN
arjefm-1061	49	17	makers	maker	NOUN
arjefm-1061	49	18	in	in	ADP
arjefm-1061	49	19	the	the	DET
arjefm-1061	49	20	country	country	NOUN
arjefm-1061	49	21	,	,	PUNCT
arjefm-1061	49	22	but	but	CCONJ
arjefm-1061	49	23	part	part	NOUN
arjefm-1061	49	24	of	of	ADP
arjefm-1061	49	25	the	the	DET
arjefm-1061	49	26	perennial	perennial	ADJ
arjefm-1061	49	27	policy	policy	NOUN
arjefm-1061	49	28	challenges	challenge	NOUN
arjefm-1061	49	29	facing	face	VERB
arjefm-1061	49	30	nigeria	nigeria	PROPN
arjefm-1061	49	31	,	,	PUNCT
arjefm-1061	49	32	are	be	AUX
arjefm-1061	49	33	multiple	multiple	ADJ
arjefm-1061	49	34	exchange	exchange	NOUN
arjefm-1061	49	35	rates	rate	NOUN
arjefm-1061	49	36	and	and	CCONJ
arjefm-1061	49	37	the	the	DET
arjefm-1061	49	38	free	free	ADJ
arjefm-1061	49	39	fall	fall	NOUN
arjefm-1061	49	40	of	of	ADP
arjefm-1061	49	41	the	the	DET
arjefm-1061	49	42	naira	naira	NOUN
arjefm-1061	49	43	and	and	CCONJ
arjefm-1061	49	44	how	how	SCONJ
arjefm-1061	49	45	to	to	PART
arjefm-1061	49	46	control	control	VERB
arjefm-1061	49	47	it	it	PRON
arjefm-1061	49	48	.	.	PUNCT
arjefm-1061	50	1	the	the	DET
arjefm-1061	50	2	challenge	challenge	NOUN
arjefm-1061	50	3	of	of	ADP
arjefm-1061	50	4	having	have	VERB
arjefm-1061	50	5	multiple	multiple	ADJ
arjefm-1061	50	6	exchange	exchange	NOUN
arjefm-1061	50	7	rates	rate	NOUN
arjefm-1061	50	8	amidst	amidst	ADP
arjefm-1061	50	9	currency	currency	NOUN
arjefm-1061	50	10	depreciation	depreciation	NOUN
arjefm-1061	50	11	has	have	VERB
arjefm-1061	50	12	both	both	CCONJ
arjefm-1061	50	13	monetary	monetary	ADJ
arjefm-1061	50	14	and	and	CCONJ
arjefm-1061	50	15	fiscal	fiscal	ADJ
arjefm-1061	50	16	policy	policy	NOUN
arjefm-1061	50	17	implications	implication	NOUN
arjefm-1061	50	18	.	.	PUNCT
arjefm-1061	51	1	fiscal	fiscal	ADJ
arjefm-1061	51	2	deficit	deficit	NOUN
arjefm-1061	51	3	may	may	AUX
arjefm-1061	51	4	be	be	AUX
arjefm-1061	51	5	unavoidable	unavoidable	ADJ
arjefm-1061	51	6	in	in	ADP
arjefm-1061	51	7	the	the	DET
arjefm-1061	51	8	developmental	developmental	ADJ
arjefm-1061	51	9	process	process	NOUN
arjefm-1061	51	10	;	;	PUNCT
arjefm-1061	51	11	however	however	ADV
arjefm-1061	51	12	,	,	PUNCT
arjefm-1061	51	13	it	it	PRON
arjefm-1061	51	14	is	be	AUX
arjefm-1061	51	15	the	the	DET
arjefm-1061	51	16	level	level	NOUN
arjefm-1061	51	17	,	,	PUNCT
arjefm-1061	51	18	magnitude	magnitude	NOUN
arjefm-1061	51	19	and	and	CCONJ
arjefm-1061	51	20	the	the	DET
arjefm-1061	51	21	tendency	tendency	NOUN
arjefm-1061	51	22	to	to	PART
arjefm-1061	51	23	stabilize	stabilize	VERB
arjefm-1061	51	24	the	the	DET
arjefm-1061	51	25	value	value	NOUN
arjefm-1061	51	26	of	of	ADP
arjefm-1061	51	27	the	the	DET
arjefm-1061	51	28	naira	naira	NOUN
arjefm-1061	51	29	that	that	PRON
arjefm-1061	51	30	have	have	AUX
arjefm-1061	51	31	galvanized	galvanize	VERB
arjefm-1061	51	32	empirical	empirical	ADJ
arjefm-1061	51	33	assessment	assessment	NOUN
arjefm-1061	51	34	of	of	ADP
arjefm-1061	51	35	the	the	DET
arjefm-1061	51	36	relationship	relationship	NOUN
arjefm-1061	51	37	between	between	ADP
arjefm-1061	51	38	fiscal	fiscal	ADJ
arjefm-1061	51	39	deficits	deficit	NOUN
arjefm-1061	51	40	and	and	CCONJ
arjefm-1061	51	41	exchange	exchange	NOUN
arjefm-1061	51	42	rate	rate	NOUN
arjefm-1061	51	43	unification	unification	NOUN
arjefm-1061	51	44	,	,	PUNCT
arjefm-1061	51	45	(	(	PUNCT
arjefm-1061	51	46	oladipo	oladipo	NOUN
arjefm-1061	51	47	and	and	CCONJ
arjefm-1061	51	48	akinbobola	akinbobola	PROPN
arjefm-1061	51	49	,	,	PUNCT
arjefm-1061	51	50	2011	2011	NUM
arjefm-1061	51	51	)	)	PUNCT
arjefm-1061	51	52	.	.	PUNCT
arjefm-1061	52	1	from	from	ADP
arjefm-1061	52	2	the	the	DET
arjefm-1061	52	3	foregoing	foregoing	NOUN
arjefm-1061	52	4	,	,	PUNCT
arjefm-1061	52	5	the	the	DET
arjefm-1061	52	6	study	study	NOUN
arjefm-1061	52	7	aimed	aim	VERB
arjefm-1061	52	8	at	at	ADP
arjefm-1061	52	9	investigating	investigate	VERB
arjefm-1061	52	10	the	the	DET
arjefm-1061	52	11	following	following	ADJ
arjefm-1061	52	12	objectives	objective	NOUN
arjefm-1061	52	13	.	.	PUNCT
arjefm-1061	53	1	i.	i.	PROPN
arjefm-1061	53	2	examine	examine	VERB
arjefm-1061	53	3	if	if	SCONJ
arjefm-1061	53	4	budget	budget	NOUN
arjefm-1061	53	5	deficit	deficit	NOUN
arjefm-1061	53	6	differ	differ	VERB
arjefm-1061	53	7	between	between	ADP
arjefm-1061	53	8	period	period	NOUN
arjefm-1061	53	9	of	of	ADP
arjefm-1061	53	10	dual	dual	ADJ
arjefm-1061	53	11	exchange	exchange	NOUN
arjefm-1061	53	12	rate	rate	NOUN
arjefm-1061	53	13	system	system	NOUN
arjefm-1061	53	14	and	and	CCONJ
arjefm-1061	53	15	that	that	PRON
arjefm-1061	53	16	of	of	ADP
arjefm-1061	53	17	single	single	ADJ
arjefm-1061	53	18	exchange	exchange	NOUN
arjefm-1061	53	19	rate	rate	NOUN
arjefm-1061	53	20	system	system	NOUN
arjefm-1061	53	21	.	.	PUNCT
arjefm-1061	54	1	ii	ii	PROPN
arjefm-1061	54	2	.	.	PROPN
arjefm-1061	54	3	investigate	investigate	VERB
arjefm-1061	54	4	the	the	DET
arjefm-1061	54	5	impact	impact	NOUN
arjefm-1061	54	6	of	of	ADP
arjefm-1061	54	7	the	the	DET
arjefm-1061	54	8	official	official	ADJ
arjefm-1061	54	9	exchange	exchange	NOUN
arjefm-1061	54	10	rate	rate	NOUN
arjefm-1061	54	11	on	on	ADP
arjefm-1061	54	12	budget	budget	NOUN
arjefm-1061	54	13	deficit	deficit	NOUN
arjefm-1061	54	14	.	.	PUNCT
arjefm-1061	55	1	following	follow	VERB
arjefm-1061	55	2	the	the	DET
arjefm-1061	55	3	introduction	introduction	NOUN
arjefm-1061	55	4	,	,	PUNCT
arjefm-1061	55	5	the	the	DET
arjefm-1061	55	6	rest	rest	NOUN
arjefm-1061	55	7	of	of	ADP
arjefm-1061	55	8	the	the	DET
arjefm-1061	55	9	paper	paper	NOUN
arjefm-1061	55	10	is	be	AUX
arjefm-1061	55	11	structured	structure	VERB
arjefm-1061	55	12	as	as	SCONJ
arjefm-1061	55	13	follows	follow	VERB
arjefm-1061	55	14	.	.	PUNCT
arjefm-1061	56	1	section	section	NOUN
arjefm-1061	56	2	2	2	NUM
arjefm-1061	56	3	deals	deal	NOUN
arjefm-1061	56	4	with	with	ADP
arjefm-1061	56	5	the	the	DET
arjefm-1061	56	6	literature	literature	PROPN
arjefm-1061	56	7	review	review	PROPN
arjefm-1061	56	8	.	.	PUNCT
arjefm-1061	57	1	methodology	methodology	NOUN
arjefm-1061	57	2	is	be	AUX
arjefm-1061	57	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	57	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	57	5	american	american	PROPN
arjefm-1061	57	6	research	research	PROPN
arjefm-1061	57	7	journal	journal	PROPN
arjefm-1061	57	8	of	of	ADP
arjefm-1061	57	9	economics	economic	NOUN
arjefm-1061	57	10	,	,	PUNCT
arjefm-1061	57	11	finance	finance	NOUN
arjefm-1061	57	12	and	and	CCONJ
arjefm-1061	57	13	management	management	NOUN
arjefm-1061	57	14	volume	volume	NOUN
arjefm-1061	57	15	12	12	NUM
arjefm-1061	57	16	issue	issue	NOUN
arjefm-1061	57	17	2	2	NUM
arjefm-1061	57	18	,	,	PUNCT
arjefm-1061	57	19	april	april	PROPN
arjefm-1061	57	20	-	-	PUNCT
arjefm-1061	57	21	june	june	PROPN
arjefm-1061	57	22	2024	2024	NUM
arjefm-1061	57	23	issn	issn	PROPN
arjefm-1061	57	24	:	:	PUNCT
arjefm-1061	57	25	2836	2836	NUM
arjefm-1061	57	26	-	-	SYM
arjefm-1061	57	27	9416	9416	NUM
arjefm-1061	57	28	impact	impact	NOUN
arjefm-1061	57	29	factor	factor	NOUN
arjefm-1061	57	30	:	:	PUNCT
arjefm-1061	57	31	5.57	5.57	NUM
arjefm-1061	57	32	journal	journal	NOUN
arjefm-1061	57	33	homepage	homepage	NOUN
arjefm-1061	57	34	:	:	PUNCT
arjefm-1061	57	35	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	57	36	,	,	PUNCT
arjefm-1061	57	37	email	email	NOUN
arjefm-1061	57	38	:	:	PUNCT
arjefm-1061	57	39	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	57	40	official	official	ADJ
arjefm-1061	57	41	journal	journal	PROPN
arjefm-1061	57	42	of	of	ADP
arjefm-1061	57	43	america	america	PROPN
arjefm-1061	57	44	serial	serial	PROPN
arjefm-1061	57	45	publication	publication	NOUN
arjefm-1061	57	46	american	american	PROPN
arjefm-1061	57	47	research	research	PROPN
arjefm-1061	57	48	journal	journal	PROPN
arjefm-1061	57	49	of	of	ADP
arjefm-1061	57	50	economics	economic	NOUN
arjefm-1061	57	51	,	,	PUNCT
arjefm-1061	57	52	finance	finance	NOUN
arjefm-1061	57	53	and	and	CCONJ
arjefm-1061	57	54	management	management	NOUN
arjefm-1061	57	55	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	57	56	,	,	PUNCT
arjefm-1061	57	57	email	email	NOUN
arjefm-1061	57	58	:	:	PUNCT
arjefm-1061	57	59	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	58	1	4	4	NUM
arjefm-1061	59	1	|	|	ADV
arjefm-1061	59	2	p	p	X
arjefm-1061	59	3	a	a	DET
arjefm-1061	59	4	g	g	NOUN
arjefm-1061	59	5	e	e	NOUN
arjefm-1061	59	6	covered	cover	VERB
arjefm-1061	59	7	in	in	ADP
arjefm-1061	59	8	section	section	NOUN
arjefm-1061	59	9	3	3	NUM
arjefm-1061	59	10	.	.	PUNCT
arjefm-1061	60	1	the	the	DET
arjefm-1061	60	2	estimated	estimate	VERB
arjefm-1061	60	3	results	result	NOUN
arjefm-1061	60	4	and	and	CCONJ
arjefm-1061	60	5	discussion	discussion	NOUN
arjefm-1061	60	6	are	be	AUX
arjefm-1061	60	7	dealt	deal	VERB
arjefm-1061	60	8	with	with	ADP
arjefm-1061	60	9	in	in	ADP
arjefm-1061	60	10	section	section	NOUN
arjefm-1061	60	11	4	4	NUM
arjefm-1061	60	12	.	.	PUNCT
arjefm-1061	61	1	the	the	DET
arjefm-1061	61	2	paper	paper	NOUN
arjefm-1061	61	3	is	be	AUX
arjefm-1061	61	4	concluded	conclude	VERB
arjefm-1061	61	5	in	in	ADP
arjefm-1061	61	6	section	section	NOUN
arjefm-1061	61	7	5	5	NUM
arjefm-1061	61	8	2	2	NUM
arjefm-1061	61	9	.	.	PUNCT
arjefm-1061	62	1	literature	literature	NOUN
arjefm-1061	62	2	review	review	VERB
arjefm-1061	62	3	2.1	2.1	NUM
arjefm-1061	62	4	theoretical	theoretical	ADJ
arjefm-1061	62	5	literature	literature	NOUN
arjefm-1061	62	6	2.1.1	2.1.1	NUM
arjefm-1061	62	7	the	the	DET
arjefm-1061	62	8	keynesian	keynesian	ADJ
arjefm-1061	62	9	theory	theory	NOUN
arjefm-1061	62	10	keynesian	keynesian	ADJ
arjefm-1061	62	11	theory	theory	NOUN
arjefm-1061	62	12	suggests	suggest	VERB
arjefm-1061	62	13	that	that	SCONJ
arjefm-1061	62	14	a	a	DET
arjefm-1061	62	15	budget	budget	NOUN
arjefm-1061	62	16	deficit	deficit	NOUN
arjefm-1061	62	17	will	will	AUX
arjefm-1061	62	18	have	have	VERB
arjefm-1061	62	19	a	a	DET
arjefm-1061	62	20	positive	positive	ADJ
arjefm-1061	62	21	influence	influence	NOUN
arjefm-1061	62	22	on	on	ADP
arjefm-1061	62	23	an	an	DET
arjefm-1061	62	24	economy	economy	NOUN
arjefm-1061	62	25	’s	’s	PART
arjefm-1061	62	26	real	real	ADJ
arjefm-1061	62	27	growth	growth	NOUN
arjefm-1061	62	28	rate	rate	NOUN
arjefm-1061	62	29	(	(	PUNCT
arjefm-1061	62	30	keynes	keynes	PROPN
arjefm-1061	62	31	1936	1936	NUM
arjefm-1061	62	32	)	)	PUNCT
arjefm-1061	62	33	.	.	PUNCT
arjefm-1061	63	1	this	this	DET
arjefm-1061	63	2	fiscal	fiscal	ADJ
arjefm-1061	63	3	behaviour	behaviour	NOUN
arjefm-1061	63	4	is	be	AUX
arjefm-1061	63	5	in	in	ADP
arjefm-1061	63	6	line	line	NOUN
arjefm-1061	63	7	with	with	ADP
arjefm-1061	63	8	the	the	DET
arjefm-1061	63	9	theory	theory	NOUN
arjefm-1061	63	10	of	of	ADP
arjefm-1061	63	11	(	(	PUNCT
arjefm-1061	63	12	keynes	keyne	NOUN
arjefm-1061	63	13	1936	1936	NUM
arjefm-1061	63	14	)	)	PUNCT
arjefm-1061	63	15	,	,	PUNCT
arjefm-1061	63	16	opined	opine	VERB
arjefm-1061	63	17	that	that	SCONJ
arjefm-1061	63	18	increased	increase	VERB
arjefm-1061	63	19	government	government	NOUN
arjefm-1061	63	20	spending	spending	NOUN
arjefm-1061	63	21	and/or	and/or	CCONJ
arjefm-1061	63	22	cutting	cut	VERB
arjefm-1061	63	23	taxes	taxis	NOUN
arjefm-1061	63	24	are	be	AUX
arjefm-1061	63	25	instrumental	instrumental	ADJ
arjefm-1061	63	26	tools	tool	NOUN
arjefm-1061	63	27	to	to	PART
arjefm-1061	63	28	achieving	achieve	VERB
arjefm-1061	63	29	the	the	DET
arjefm-1061	63	30	overall	overall	ADJ
arjefm-1061	63	31	macroeconomic	macroeconomic	ADJ
arjefm-1061	63	32	objectives	objective	NOUN
arjefm-1061	63	33	of	of	ADP
arjefm-1061	63	34	high	high	ADJ
arjefm-1061	63	35	economic	economic	ADJ
arjefm-1061	63	36	growth	growth	NOUN
arjefm-1061	63	37	rate	rate	NOUN
arjefm-1061	63	38	,	,	PUNCT
arjefm-1061	63	39	low	low	ADJ
arjefm-1061	63	40	inflation	inflation	NOUN
arjefm-1061	63	41	,	,	PUNCT
arjefm-1061	63	42	low	low	ADJ
arjefm-1061	63	43	unemployment	unemployment	NOUN
arjefm-1061	63	44	rate	rate	NOUN
arjefm-1061	63	45	as	as	ADV
arjefm-1061	63	46	well	well	ADV
arjefm-1061	63	47	as	as	ADP
arjefm-1061	63	48	a	a	DET
arjefm-1061	63	49	virile	virile	NOUN
arjefm-1061	63	50	balance	balance	NOUN
arjefm-1061	63	51	of	of	ADP
arjefm-1061	63	52	payments	payment	NOUN
arjefm-1061	63	53	position	position	NOUN
arjefm-1061	63	54	through	through	ADP
arjefm-1061	63	55	increased	increase	VERB
arjefm-1061	63	56	aggregate	aggregate	ADJ
arjefm-1061	63	57	demand	demand	NOUN
arjefm-1061	63	58	and	and	CCONJ
arjefm-1061	63	59	investment	investment	NOUN
arjefm-1061	63	60	,	,	PUNCT
arjefm-1061	63	61	(	(	PUNCT
arjefm-1061	63	62	sabr	sabr	PROPN
arjefm-1061	63	63	,	,	PUNCT
arjefm-1061	63	64	ahmed	ahmed	PROPN
arjefm-1061	63	65	&	&	CCONJ
arjefm-1061	63	66	khan	khan	PROPN
arjefm-1061	63	67	2021	2021	NUM
arjefm-1061	63	68	)	)	PUNCT
arjefm-1061	63	69	.	.	PUNCT
arjefm-1061	64	1	2.1.2	2.1.2	NUM
arjefm-1061	64	2	the	the	DET
arjefm-1061	64	3	mundell	mundell	ADJ
arjefm-1061	64	4	-	-	PUNCT
arjefm-1061	64	5	fleming	fleming	NOUN
arjefm-1061	64	6	model	model	NOUN
arjefm-1061	64	7	the	the	DET
arjefm-1061	64	8	mundell	mundell	ADJ
arjefm-1061	64	9	-	-	PUNCT
arjefm-1061	64	10	fleming	fleme	VERB
arjefm-1061	64	11	model	model	NOUN
arjefm-1061	64	12	,	,	PUNCT
arjefm-1061	64	13	devised	devise	VERB
arjefm-1061	64	14	by	by	ADP
arjefm-1061	64	15	robert	robert	PROPN
arjefm-1061	64	16	mundell	mundell	PROPN
arjefm-1061	64	17	(	(	PUNCT
arjefm-1061	64	18	1968	1968	NUM
arjefm-1061	64	19	)	)	PUNCT
arjefm-1061	64	20	and	and	CCONJ
arjefm-1061	64	21	marcus	marcus	PROPN
arjefm-1061	64	22	fleming	fleming	PROPN
arjefm-1061	64	23	(	(	PUNCT
arjefm-1061	64	24	1967	1967	NUM
arjefm-1061	64	25	)	)	PUNCT
arjefm-1061	64	26	,	,	PUNCT
arjefm-1061	64	27	extends	extend	VERB
arjefm-1061	64	28	the	the	DET
arjefm-1061	64	29	investment	investment	NOUN
arjefm-1061	64	30	savings	saving	NOUN
arjefm-1061	64	31	–	–	PUNCT
arjefm-1061	64	32	liquidity	liquidity	NOUN
arjefm-1061	64	33	preference	preference	NOUN
arjefm-1061	64	34	money	money	NOUN
arjefm-1061	64	35	supply	supply	NOUN
arjefm-1061	64	36	(	(	PUNCT
arjefm-1061	64	37	is	be	AUX
arjefm-1061	64	38	-	-	PUNCT
arjefm-1061	64	39	lm	lm	ADJ
arjefm-1061	64	40	)	)	PUNCT
arjefm-1061	64	41	model	model	NOUN
arjefm-1061	64	42	.	.	PUNCT
arjefm-1061	65	1	this	this	DET
arjefm-1061	65	2	model	model	NOUN
arjefm-1061	65	3	illustrates	illustrate	VERB
arjefm-1061	65	4	the	the	DET
arjefm-1061	65	5	short	short	ADJ
arjefm-1061	65	6	-	-	PUNCT
arjefm-1061	65	7	term	term	NOUN
arjefm-1061	65	8	dynamics	dynamic	NOUN
arjefm-1061	65	9	in	in	ADP
arjefm-1061	65	10	a	a	DET
arjefm-1061	65	11	small	small	ADJ
arjefm-1061	65	12	open	open	ADJ
arjefm-1061	65	13	economy	economy	NOUN
arjefm-1061	65	14	,	,	PUNCT
arjefm-1061	65	15	interrelating	interrelate	VERB
arjefm-1061	65	16	the	the	DET
arjefm-1061	65	17	nominal	nominal	ADJ
arjefm-1061	65	18	exchange	exchange	NOUN
arjefm-1061	65	19	rate	rate	NOUN
arjefm-1061	65	20	,	,	PUNCT
arjefm-1061	65	21	interest	interest	NOUN
arjefm-1061	65	22	rate	rate	NOUN
arjefm-1061	65	23	,	,	PUNCT
arjefm-1061	65	24	and	and	CCONJ
arjefm-1061	65	25	output	output	NOUN
arjefm-1061	65	26	.	.	PUNCT
arjefm-1061	66	1	it	it	PRON
arjefm-1061	66	2	posits	posit	VERB
arjefm-1061	66	3	a	a	DET
arjefm-1061	66	4	direct	direct	ADJ
arjefm-1061	66	5	link	link	NOUN
arjefm-1061	66	6	between	between	ADP
arjefm-1061	66	7	the	the	DET
arjefm-1061	66	8	budget	budget	NOUN
arjefm-1061	66	9	deficit	deficit	NOUN
arjefm-1061	66	10	and	and	CCONJ
arjefm-1061	66	11	current	current	ADJ
arjefm-1061	66	12	account	account	NOUN
arjefm-1061	66	13	deficit	deficit	NOUN
arjefm-1061	66	14	,	,	PUNCT
arjefm-1061	66	15	with	with	ADP
arjefm-1061	66	16	causation	causation	NOUN
arjefm-1061	66	17	from	from	ADP
arjefm-1061	66	18	the	the	DET
arjefm-1061	66	19	former	former	ADJ
arjefm-1061	66	20	to	to	ADP
arjefm-1061	66	21	the	the	DET
arjefm-1061	66	22	latter	latter	ADJ
arjefm-1061	66	23	(	(	PUNCT
arjefm-1061	66	24	sanni	sanni	PROPN
arjefm-1061	66	25	,	,	PUNCT
arjefm-1061	66	26	gaiya	gaiya	PROPN
arjefm-1061	66	27	,	,	PUNCT
arjefm-1061	66	28	ipinjolu	ipinjolu	NOUN
arjefm-1061	66	29	,	,	PUNCT
arjefm-1061	66	30	aliyu	aliyu	NOUN
arjefm-1061	66	31	,	,	PUNCT
arjefm-1061	66	32	&	&	CCONJ
arjefm-1061	66	33	okafor	okafor	PROPN
arjefm-1061	66	34	,	,	PUNCT
arjefm-1061	66	35	2022	2022	NUM
arjefm-1061	66	36	)	)	PUNCT
arjefm-1061	66	37	.	.	PUNCT
arjefm-1061	67	1	according	accord	VERB
arjefm-1061	67	2	to	to	ADP
arjefm-1061	67	3	the	the	DET
arjefm-1061	67	4	model	model	NOUN
arjefm-1061	67	5	,	,	PUNCT
arjefm-1061	67	6	an	an	DET
arjefm-1061	67	7	increase	increase	NOUN
arjefm-1061	67	8	in	in	ADP
arjefm-1061	67	9	the	the	DET
arjefm-1061	67	10	budget	budget	NOUN
arjefm-1061	67	11	deficit	deficit	NOUN
arjefm-1061	67	12	boosts	boost	VERB
arjefm-1061	67	13	domestic	domestic	ADJ
arjefm-1061	67	14	absorption	absorption	NOUN
arjefm-1061	67	15	and	and	CCONJ
arjefm-1061	67	16	aggregate	aggregate	ADJ
arjefm-1061	67	17	demand	demand	NOUN
arjefm-1061	67	18	,	,	PUNCT
arjefm-1061	67	19	exerting	exert	VERB
arjefm-1061	67	20	upward	upward	ADJ
arjefm-1061	67	21	pressure	pressure	NOUN
arjefm-1061	67	22	on	on	ADP
arjefm-1061	67	23	domestic	domestic	ADJ
arjefm-1061	67	24	interest	interest	NOUN
arjefm-1061	67	25	rates	rate	NOUN
arjefm-1061	67	26	compared	compare	VERB
arjefm-1061	67	27	to	to	ADP
arjefm-1061	67	28	global	global	ADJ
arjefm-1061	67	29	rates	rate	NOUN
arjefm-1061	67	30	(	(	PUNCT
arjefm-1061	67	31	sanni	sanni	PROPN
arjefm-1061	67	32	,	,	PUNCT
arjefm-1061	67	33	et	et	PROPN
arjefm-1061	67	34	al	al	PROPN
arjefm-1061	67	35	.	.	PROPN
arjefm-1061	67	36	,	,	PUNCT
arjefm-1061	67	37	2022	2022	NUM
arjefm-1061	67	38	)	)	PUNCT
arjefm-1061	67	39	.	.	PUNCT
arjefm-1061	68	1	consequently	consequently	ADV
arjefm-1061	68	2	,	,	PUNCT
arjefm-1061	68	3	the	the	DET
arjefm-1061	68	4	elevated	elevated	ADJ
arjefm-1061	68	5	domestic	domestic	ADJ
arjefm-1061	68	6	interest	interest	NOUN
arjefm-1061	68	7	rates	rate	NOUN
arjefm-1061	68	8	attract	attract	VERB
arjefm-1061	68	9	foreign	foreign	ADJ
arjefm-1061	68	10	capital	capital	NOUN
arjefm-1061	68	11	inflows	inflow	NOUN
arjefm-1061	68	12	,	,	PUNCT
arjefm-1061	68	13	leading	lead	VERB
arjefm-1061	68	14	to	to	ADP
arjefm-1061	68	15	increased	increase	VERB
arjefm-1061	68	16	demand	demand	NOUN
arjefm-1061	68	17	for	for	ADP
arjefm-1061	68	18	domestic	domestic	ADJ
arjefm-1061	68	19	currency	currency	NOUN
arjefm-1061	68	20	and	and	CCONJ
arjefm-1061	68	21	currency	currency	NOUN
arjefm-1061	68	22	appreciation	appreciation	NOUN
arjefm-1061	68	23	.	.	PUNCT
arjefm-1061	69	1	this	this	PRON
arjefm-1061	69	2	,	,	PUNCT
arjefm-1061	69	3	in	in	ADP
arjefm-1061	69	4	turn	turn	NOUN
arjefm-1061	69	5	,	,	PUNCT
arjefm-1061	69	6	raises	raise	VERB
arjefm-1061	69	7	the	the	DET
arjefm-1061	69	8	cost	cost	NOUN
arjefm-1061	69	9	of	of	ADP
arjefm-1061	69	10	domestic	domestic	ADJ
arjefm-1061	69	11	goods	good	NOUN
arjefm-1061	69	12	relative	relative	ADJ
arjefm-1061	69	13	to	to	ADP
arjefm-1061	69	14	foreign	foreign	ADJ
arjefm-1061	69	15	goods	good	NOUN
arjefm-1061	69	16	,	,	PUNCT
arjefm-1061	69	17	thereby	thereby	ADV
arjefm-1061	69	18	expanding	expand	VERB
arjefm-1061	69	19	the	the	DET
arjefm-1061	69	20	trade	trade	NOUN
arjefm-1061	69	21	deficit	deficit	NOUN
arjefm-1061	69	22	(	(	PUNCT
arjefm-1061	69	23	onafowokan	onafowokan	PROPN
arjefm-1061	69	24	&	&	CCONJ
arjefm-1061	69	25	owoye	owoye	PROPN
arjefm-1061	69	26	,	,	PUNCT
arjefm-1061	69	27	2006	2006	NUM
arjefm-1061	69	28	)	)	PUNCT
arjefm-1061	69	29	.	.	PUNCT
arjefm-1061	70	1	2.2	2.2	NUM
arjefm-1061	70	2	empirical	empirical	ADJ
arjefm-1061	70	3	literature	literature	NOUN
arjefm-1061	70	4	eldepcy	eldepcy	ADV
arjefm-1061	70	5	(	(	PUNCT
arjefm-1061	70	6	2022	2022	NUM
arjefm-1061	70	7	)	)	PUNCT
arjefm-1061	70	8	explored	explore	VERB
arjefm-1061	70	9	the	the	DET
arjefm-1061	70	10	causal	causal	ADJ
arjefm-1061	70	11	relationship	relationship	NOUN
arjefm-1061	70	12	between	between	ADP
arjefm-1061	70	13	different	different	ADJ
arjefm-1061	70	14	methods	method	NOUN
arjefm-1061	70	15	of	of	ADP
arjefm-1061	70	16	financing	finance	VERB
arjefm-1061	70	17	budget	budget	NOUN
arjefm-1061	70	18	deficits	deficit	NOUN
arjefm-1061	70	19	and	and	CCONJ
arjefm-1061	70	20	the	the	DET
arjefm-1061	70	21	real	real	ADJ
arjefm-1061	70	22	exchange	exchange	NOUN
arjefm-1061	70	23	rate	rate	NOUN
arjefm-1061	70	24	in	in	ADP
arjefm-1061	70	25	egypt	egypt	PROPN
arjefm-1061	70	26	over	over	ADP
arjefm-1061	70	27	the	the	DET
arjefm-1061	70	28	period	period	NOUN
arjefm-1061	70	29	1975	1975	NUM
arjefm-1061	70	30	to	to	ADP
arjefm-1061	70	31	2020	2020	NUM
arjefm-1061	70	32	.	.	PUNCT
arjefm-1061	71	1	employing	employ	VERB
arjefm-1061	71	2	the	the	DET
arjefm-1061	71	3	structural	structural	ADJ
arjefm-1061	71	4	vector	vector	NOUN
arjefm-1061	71	5	autoregressive	autoregressive	ADJ
arjefm-1061	71	6	(	(	PUNCT
arjefm-1061	71	7	svar	svar	NOUN
arjefm-1061	71	8	)	)	PUNCT
arjefm-1061	71	9	technique	technique	NOUN
arjefm-1061	71	10	with	with	ADP
arjefm-1061	71	11	a	a	DET
arjefm-1061	71	12	variable	variable	ADJ
arjefm-1061	71	13	lag	lag	NOUN
arjefm-1061	71	14	structure	structure	NOUN
arjefm-1061	71	15	,	,	PUNCT
arjefm-1061	71	16	the	the	DET
arjefm-1061	71	17	study	study	NOUN
arjefm-1061	71	18	revealed	reveal	VERB
arjefm-1061	71	19	that	that	SCONJ
arjefm-1061	71	20	the	the	DET
arjefm-1061	71	21	money	money	NOUN
arjefm-1061	71	22	supply	supply	NOUN
arjefm-1061	71	23	ratio	ratio	NOUN
arjefm-1061	71	24	to	to	ADP
arjefm-1061	71	25	gdp	gdp	NOUN
arjefm-1061	71	26	significantly	significantly	ADV
arjefm-1061	71	27	influenced	influence	VERB
arjefm-1061	71	28	fluctuations	fluctuation	NOUN
arjefm-1061	71	29	in	in	ADP
arjefm-1061	71	30	the	the	DET
arjefm-1061	71	31	real	real	ADJ
arjefm-1061	71	32	exchange	exchange	NOUN
arjefm-1061	71	33	rate	rate	NOUN
arjefm-1061	71	34	in	in	ADP
arjefm-1061	71	35	the	the	DET
arjefm-1061	71	36	short	short	ADJ
arjefm-1061	71	37	and	and	CCONJ
arjefm-1061	71	38	medium	medium	ADJ
arjefm-1061	71	39	terms	term	NOUN
arjefm-1061	71	40	.	.	PUNCT
arjefm-1061	72	1	additionally	additionally	ADV
arjefm-1061	72	2	,	,	PUNCT
arjefm-1061	72	3	the	the	DET
arjefm-1061	72	4	study	study	NOUN
arjefm-1061	72	5	found	find	VERB
arjefm-1061	72	6	that	that	SCONJ
arjefm-1061	72	7	non	non	ADJ
arjefm-1061	72	8	-	-	ADJ
arjefm-1061	72	9	bank	bank	ADJ
arjefm-1061	72	10	financing	financing	NOUN
arjefm-1061	72	11	,	,	PUNCT
arjefm-1061	72	12	as	as	SCONJ
arjefm-1061	72	13	indicated	indicate	VERB
arjefm-1061	72	14	by	by	ADP
arjefm-1061	72	15	the	the	DET
arjefm-1061	72	16	real	real	ADJ
arjefm-1061	72	17	interest	interest	NOUN
arjefm-1061	72	18	rate	rate	NOUN
arjefm-1061	72	19	,	,	PUNCT
arjefm-1061	72	20	played	play	VERB
arjefm-1061	72	21	a	a	DET
arjefm-1061	72	22	minor	minor	ADJ
arjefm-1061	72	23	role	role	NOUN
arjefm-1061	72	24	in	in	ADP
arjefm-1061	72	25	these	these	DET
arjefm-1061	72	26	fluctuations	fluctuation	NOUN
arjefm-1061	72	27	,	,	PUNCT
arjefm-1061	72	28	suggesting	suggest	VERB
arjefm-1061	72	29	an	an	DET
arjefm-1061	72	30	increasing	increase	VERB
arjefm-1061	72	31	reliance	reliance	NOUN
arjefm-1061	72	32	on	on	ADP
arjefm-1061	72	33	local	local	ADJ
arjefm-1061	72	34	bank	bank	NOUN
arjefm-1061	72	35	financing	financing	NOUN
arjefm-1061	72	36	for	for	ADP
arjefm-1061	72	37	budget	budget	NOUN
arjefm-1061	72	38	deficit	deficit	NOUN
arjefm-1061	72	39	funding	funding	NOUN
arjefm-1061	72	40	during	during	ADP
arjefm-1061	72	41	the	the	DET
arjefm-1061	72	42	study	study	NOUN
arjefm-1061	72	43	period	period	NOUN
arjefm-1061	72	44	.	.	PUNCT
arjefm-1061	73	1	furthermore	furthermore	ADV
arjefm-1061	73	2	,	,	PUNCT
arjefm-1061	73	3	the	the	DET
arjefm-1061	73	4	analysis	analysis	NOUN
arjefm-1061	73	5	revealed	reveal	VERB
arjefm-1061	73	6	a	a	DET
arjefm-1061	73	7	substantial	substantial	ADJ
arjefm-1061	73	8	reliance	reliance	NOUN
arjefm-1061	73	9	on	on	ADP
arjefm-1061	73	10	local	local	ADJ
arjefm-1061	73	11	sources	source	NOUN
arjefm-1061	73	12	,	,	PUNCT
arjefm-1061	73	13	particularly	particularly	ADV
arjefm-1061	73	14	local	local	ADJ
arjefm-1061	73	15	bank	bank	NOUN
arjefm-1061	73	16	financing	financing	NOUN
arjefm-1061	73	17	,	,	PUNCT
arjefm-1061	73	18	to	to	PART
arjefm-1061	73	19	cover	cover	VERB
arjefm-1061	73	20	the	the	DET
arjefm-1061	73	21	budget	budget	NOUN
arjefm-1061	73	22	deficit	deficit	NOUN
arjefm-1061	73	23	.	.	PUNCT
arjefm-1061	74	1	domestic	domestic	ADJ
arjefm-1061	74	2	non	non	ADJ
arjefm-1061	74	3	-	-	ADJ
arjefm-1061	74	4	banking	banking	ADJ
arjefm-1061	74	5	sources	source	NOUN
arjefm-1061	74	6	showed	show	VERB
arjefm-1061	74	7	comparatively	comparatively	ADV
arjefm-1061	74	8	less	less	ADJ
arjefm-1061	74	9	influence	influence	NOUN
arjefm-1061	74	10	on	on	ADP
arjefm-1061	74	11	real	real	ADJ
arjefm-1061	74	12	exchange	exchange	NOUN
arjefm-1061	74	13	rate	rate	NOUN
arjefm-1061	74	14	fluctuations	fluctuation	NOUN
arjefm-1061	74	15	and	and	CCONJ
arjefm-1061	74	16	,	,	PUNCT
arjefm-1061	74	17	consequently	consequently	ADV
arjefm-1061	74	18	,	,	PUNCT
arjefm-1061	74	19	on	on	ADP
arjefm-1061	74	20	the	the	DET
arjefm-1061	74	21	value	value	NOUN
arjefm-1061	74	22	of	of	ADP
arjefm-1061	74	23	the	the	DET
arjefm-1061	74	24	egyptian	egyptian	ADJ
arjefm-1061	74	25	pound	pound	NOUN
arjefm-1061	74	26	relative	relative	ADJ
arjefm-1061	74	27	to	to	ADP
arjefm-1061	74	28	the	the	DET
arjefm-1061	74	29	us	us	PROPN
arjefm-1061	74	30	dollar	dollar	NOUN
arjefm-1061	74	31	.	.	PUNCT
arjefm-1061	75	1	sanni	sanni	PROPN
arjefm-1061	75	2	,	,	PUNCT
arjefm-1061	75	3	gaiya	gaiya	PROPN
arjefm-1061	75	4	,	,	PUNCT
arjefm-1061	75	5	ipinjolu	ipinjolu	NOUN
arjefm-1061	75	6	,	,	PUNCT
arjefm-1061	75	7	aliyu	aliyu	NOUN
arjefm-1061	75	8	,	,	PUNCT
arjefm-1061	75	9	and	and	CCONJ
arjefm-1061	75	10	okafor	okafor	PROPN
arjefm-1061	75	11	(	(	PUNCT
arjefm-1061	75	12	2022	2022	NUM
arjefm-1061	75	13	)	)	PUNCT
arjefm-1061	75	14	examined	examine	VERB
arjefm-1061	75	15	the	the	DET
arjefm-1061	75	16	role	role	NOUN
arjefm-1061	75	17	of	of	ADP
arjefm-1061	75	18	exchange	exchange	NOUN
arjefm-1061	75	19	rate	rate	NOUN
arjefm-1061	75	20	in	in	ADP
arjefm-1061	75	21	nigeria	nigeria	PROPN
arjefm-1061	75	22	's	's	PART
arjefm-1061	75	23	twin	twin	ADJ
arjefm-1061	75	24	deficits	deficit	NOUN
arjefm-1061	75	25	hypothesis	hypothesis	NOUN
arjefm-1061	75	26	from	from	ADP
arjefm-1061	75	27	1981	1981	NUM
arjefm-1061	75	28	to	to	ADP
arjefm-1061	75	29	2019	2019	NUM
arjefm-1061	75	30	.	.	PUNCT
arjefm-1061	76	1	employing	employ	VERB
arjefm-1061	76	2	the	the	DET
arjefm-1061	76	3	ardl	ardl	NOUN
arjefm-1061	76	4	model	model	NOUN
arjefm-1061	76	5	for	for	ADP
arjefm-1061	76	6	data	datum	NOUN
arjefm-1061	76	7	analysis	analysis	NOUN
arjefm-1061	76	8	,	,	PUNCT
arjefm-1061	76	9	the	the	DET
arjefm-1061	76	10	study	study	NOUN
arjefm-1061	76	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	76	12	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	76	13	american	american	PROPN
arjefm-1061	76	14	research	research	PROPN
arjefm-1061	76	15	journal	journal	PROPN
arjefm-1061	76	16	of	of	ADP
arjefm-1061	76	17	economics	economic	NOUN
arjefm-1061	76	18	,	,	PUNCT
arjefm-1061	76	19	finance	finance	NOUN
arjefm-1061	76	20	and	and	CCONJ
arjefm-1061	76	21	management	management	NOUN
arjefm-1061	76	22	volume	volume	NOUN
arjefm-1061	76	23	12	12	NUM
arjefm-1061	76	24	issue	issue	NOUN
arjefm-1061	76	25	2	2	NUM
arjefm-1061	76	26	,	,	PUNCT
arjefm-1061	76	27	april	april	PROPN
arjefm-1061	76	28	-	-	PUNCT
arjefm-1061	76	29	june	june	PROPN
arjefm-1061	76	30	2024	2024	NUM
arjefm-1061	76	31	issn	issn	PROPN
arjefm-1061	76	32	:	:	PUNCT
arjefm-1061	76	33	2836	2836	NUM
arjefm-1061	76	34	-	-	SYM
arjefm-1061	76	35	9416	9416	NUM
arjefm-1061	76	36	impact	impact	NOUN
arjefm-1061	76	37	factor	factor	NOUN
arjefm-1061	76	38	:	:	PUNCT
arjefm-1061	76	39	5.57	5.57	NUM
arjefm-1061	76	40	journal	journal	NOUN
arjefm-1061	76	41	homepage	homepage	NOUN
arjefm-1061	76	42	:	:	PUNCT
arjefm-1061	76	43	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	76	44	,	,	PUNCT
arjefm-1061	76	45	email	email	NOUN
arjefm-1061	76	46	:	:	PUNCT
arjefm-1061	76	47	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	76	48	official	official	ADJ
arjefm-1061	76	49	journal	journal	PROPN
arjefm-1061	76	50	of	of	ADP
arjefm-1061	76	51	america	america	PROPN
arjefm-1061	76	52	serial	serial	PROPN
arjefm-1061	76	53	publication	publication	NOUN
arjefm-1061	76	54	american	american	PROPN
arjefm-1061	76	55	research	research	PROPN
arjefm-1061	76	56	journal	journal	PROPN
arjefm-1061	76	57	of	of	ADP
arjefm-1061	76	58	economics	economic	NOUN
arjefm-1061	76	59	,	,	PUNCT
arjefm-1061	76	60	finance	finance	NOUN
arjefm-1061	76	61	and	and	CCONJ
arjefm-1061	76	62	management	management	NOUN
arjefm-1061	76	63	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	76	64	,	,	PUNCT
arjefm-1061	76	65	email	email	NOUN
arjefm-1061	76	66	:	:	PUNCT
arjefm-1061	76	67	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	77	1	5	5	NUM
arjefm-1061	78	1	|	|	ADV
arjefm-1061	78	2	p	p	X
arjefm-1061	78	3	a	a	DET
arjefm-1061	78	4	g	g	NOUN
arjefm-1061	78	5	e	e	NOUN
arjefm-1061	78	6	uncovered	uncover	VERB
arjefm-1061	78	7	a	a	DET
arjefm-1061	78	8	bidirectional	bidirectional	ADJ
arjefm-1061	78	9	causal	causal	NOUN
arjefm-1061	78	10	relationship	relationship	NOUN
arjefm-1061	78	11	between	between	ADP
arjefm-1061	78	12	the	the	DET
arjefm-1061	78	13	current	current	ADJ
arjefm-1061	78	14	account	account	NOUN
arjefm-1061	78	15	deficit	deficit	NOUN
arjefm-1061	78	16	and	and	CCONJ
arjefm-1061	78	17	fiscal	fiscal	ADJ
arjefm-1061	78	18	deficit	deficit	NOUN
arjefm-1061	78	19	.	.	PUNCT
arjefm-1061	79	1	furthermore	furthermore	ADV
arjefm-1061	79	2	,	,	PUNCT
arjefm-1061	79	3	it	it	PRON
arjefm-1061	79	4	was	be	AUX
arjefm-1061	79	5	found	find	VERB
arjefm-1061	79	6	that	that	SCONJ
arjefm-1061	79	7	there	there	PRON
arjefm-1061	79	8	exists	exist	VERB
arjefm-1061	79	9	a	a	DET
arjefm-1061	79	10	positive	positive	ADJ
arjefm-1061	79	11	correlation	correlation	NOUN
arjefm-1061	79	12	between	between	ADP
arjefm-1061	79	13	the	the	DET
arjefm-1061	79	14	current	current	ADJ
arjefm-1061	79	15	account	account	NOUN
arjefm-1061	79	16	balance	balance	NOUN
arjefm-1061	79	17	and	and	CCONJ
arjefm-1061	79	18	fiscal	fiscal	ADJ
arjefm-1061	79	19	balance	balance	NOUN
arjefm-1061	79	20	during	during	ADP
arjefm-1061	79	21	periods	period	NOUN
arjefm-1061	79	22	of	of	ADP
arjefm-1061	79	23	both	both	DET
arjefm-1061	79	24	exchange	exchange	NOUN
arjefm-1061	79	25	rate	rate	NOUN
arjefm-1061	79	26	appreciation	appreciation	NOUN
arjefm-1061	79	27	and	and	CCONJ
arjefm-1061	79	28	depreciation	depreciation	NOUN
arjefm-1061	79	29	,	,	PUNCT
arjefm-1061	79	30	both	both	CCONJ
arjefm-1061	79	31	in	in	ADP
arjefm-1061	79	32	the	the	DET
arjefm-1061	79	33	short	short	ADJ
arjefm-1061	79	34	and	and	CCONJ
arjefm-1061	79	35	long	long	ADJ
arjefm-1061	79	36	terms	term	NOUN
arjefm-1061	79	37	.	.	PUNCT
arjefm-1061	80	1	these	these	DET
arjefm-1061	80	2	findings	finding	NOUN
arjefm-1061	80	3	solidify	solidify	VERB
arjefm-1061	80	4	the	the	DET
arjefm-1061	80	5	significance	significance	NOUN
arjefm-1061	80	6	of	of	ADP
arjefm-1061	80	7	the	the	DET
arjefm-1061	80	8	exchange	exchange	NOUN
arjefm-1061	80	9	rate	rate	NOUN
arjefm-1061	80	10	in	in	ADP
arjefm-1061	80	11	the	the	DET
arjefm-1061	80	12	twin	twin	ADJ
arjefm-1061	80	13	deficits	deficit	NOUN
arjefm-1061	80	14	hypothesis	hypothesis	NOUN
arjefm-1061	80	15	within	within	ADP
arjefm-1061	80	16	the	the	DET
arjefm-1061	80	17	nigerian	nigerian	ADJ
arjefm-1061	80	18	context	context	NOUN
arjefm-1061	80	19	.	.	PUNCT
arjefm-1061	81	1	sabr	sabr	PROPN
arjefm-1061	81	2	,	,	PUNCT
arjefm-1061	81	3	ahmed	ahmed	PROPN
arjefm-1061	81	4	&	&	CCONJ
arjefm-1061	81	5	khan	khan	PROPN
arjefm-1061	81	6	(	(	PUNCT
arjefm-1061	81	7	2021	2021	NUM
arjefm-1061	81	8	)	)	PUNCT
arjefm-1061	81	9	explored	explore	VERB
arjefm-1061	81	10	the	the	DET
arjefm-1061	81	11	impact	impact	NOUN
arjefm-1061	81	12	of	of	ADP
arjefm-1061	81	13	budget	budget	NOUN
arjefm-1061	81	14	deficits	deficit	NOUN
arjefm-1061	81	15	on	on	ADP
arjefm-1061	81	16	economic	economic	ADJ
arjefm-1061	81	17	growth	growth	NOUN
arjefm-1061	81	18	in	in	ADP
arjefm-1061	81	19	iraq	iraq	PROPN
arjefm-1061	81	20	spanning	span	VERB
arjefm-1061	81	21	from	from	ADP
arjefm-1061	81	22	1980	1980	NUM
arjefm-1061	81	23	to	to	ADP
arjefm-1061	81	24	2018	2018	NUM
arjefm-1061	81	25	.	.	PUNCT
arjefm-1061	82	1	utilizing	utilize	VERB
arjefm-1061	82	2	the	the	DET
arjefm-1061	82	3	autoregressive	autoregressive	ADJ
arjefm-1061	82	4	distributed	distribute	VERB
arjefm-1061	82	5	lag	lag	NOUN
arjefm-1061	82	6	(	(	PUNCT
arjefm-1061	82	7	ardl	ardl	NOUN
arjefm-1061	82	8	)	)	PUNCT
arjefm-1061	82	9	model	model	NOUN
arjefm-1061	82	10	for	for	ADP
arjefm-1061	82	11	regression	regression	NOUN
arjefm-1061	82	12	analysis	analysis	NOUN
arjefm-1061	82	13	,	,	PUNCT
arjefm-1061	82	14	the	the	DET
arjefm-1061	82	15	findings	finding	NOUN
arjefm-1061	82	16	indicated	indicate	VERB
arjefm-1061	82	17	a	a	DET
arjefm-1061	82	18	positive	positive	ADJ
arjefm-1061	82	19	short	short	ADJ
arjefm-1061	82	20	-	-	PUNCT
arjefm-1061	82	21	term	term	NOUN
arjefm-1061	82	22	influence	influence	NOUN
arjefm-1061	82	23	of	of	ADP
arjefm-1061	82	24	budget	budget	NOUN
arjefm-1061	82	25	deficits	deficit	NOUN
arjefm-1061	82	26	on	on	ADP
arjefm-1061	82	27	economic	economic	ADJ
arjefm-1061	82	28	growth	growth	NOUN
arjefm-1061	82	29	,	,	PUNCT
arjefm-1061	82	30	contrasting	contrast	VERB
arjefm-1061	82	31	with	with	ADP
arjefm-1061	82	32	a	a	DET
arjefm-1061	82	33	negative	negative	ADJ
arjefm-1061	82	34	long	long	ADJ
arjefm-1061	82	35	-	-	PUNCT
arjefm-1061	82	36	term	term	NOUN
arjefm-1061	82	37	impact	impact	NOUN
arjefm-1061	82	38	.	.	PUNCT
arjefm-1061	83	1	ayinde	ayinde	PROPN
arjefm-1061	83	2	&	&	CCONJ
arjefm-1061	83	3	bankole	bankole	PROPN
arjefm-1061	83	4	(	(	PUNCT
arjefm-1061	83	5	2021	2021	NUM
arjefm-1061	83	6	)	)	PUNCT
arjefm-1061	83	7	scrutinized	scrutinize	VERB
arjefm-1061	83	8	fiscal	fiscal	ADJ
arjefm-1061	83	9	dominance	dominance	NOUN
arjefm-1061	83	10	and	and	CCONJ
arjefm-1061	83	11	exchange	exchange	NOUN
arjefm-1061	83	12	rate	rate	NOUN
arjefm-1061	83	13	stability	stability	NOUN
arjefm-1061	83	14	in	in	ADP
arjefm-1061	83	15	nigeria	nigeria	PROPN
arjefm-1061	83	16	,	,	PUNCT
arjefm-1061	83	17	utilizing	utilize	VERB
arjefm-1061	83	18	quarterly	quarterly	ADJ
arjefm-1061	83	19	data	datum	NOUN
arjefm-1061	83	20	from	from	ADP
arjefm-1061	83	21	the	the	DET
arjefm-1061	83	22	first	first	ADJ
arjefm-1061	83	23	quarter	quarter	NOUN
arjefm-1061	83	24	of	of	ADP
arjefm-1061	83	25	1981	1981	NUM
arjefm-1061	83	26	to	to	ADP
arjefm-1061	83	27	the	the	DET
arjefm-1061	83	28	fourth	fourth	ADJ
arjefm-1061	83	29	quarter	quarter	NOUN
arjefm-1061	83	30	of	of	ADP
arjefm-1061	83	31	2018	2018	NUM
arjefm-1061	83	32	.	.	PUNCT
arjefm-1061	84	1	employing	employ	VERB
arjefm-1061	84	2	the	the	DET
arjefm-1061	84	3	structural	structural	ADJ
arjefm-1061	84	4	vector	vector	NOUN
arjefm-1061	84	5	autoregression	autoregression	NOUN
arjefm-1061	84	6	(	(	PUNCT
arjefm-1061	84	7	svar	svar	NOUN
arjefm-1061	84	8	)	)	PUNCT
arjefm-1061	84	9	technique	technique	NOUN
arjefm-1061	84	10	,	,	PUNCT
arjefm-1061	84	11	the	the	DET
arjefm-1061	84	12	study	study	NOUN
arjefm-1061	84	13	aimed	aim	VERB
arjefm-1061	84	14	to	to	PART
arjefm-1061	84	15	analyze	analyze	VERB
arjefm-1061	84	16	the	the	DET
arjefm-1061	84	17	study	study	NOUN
arjefm-1061	84	18	's	's	PART
arjefm-1061	84	19	objective	objective	NOUN
arjefm-1061	84	20	and	and	CCONJ
arjefm-1061	84	21	examine	examine	VERB
arjefm-1061	84	22	the	the	DET
arjefm-1061	84	23	shock	shock	NOUN
arjefm-1061	84	24	transmission	transmission	NOUN
arjefm-1061	84	25	effects	effect	NOUN
arjefm-1061	84	26	of	of	ADP
arjefm-1061	84	27	budget	budget	NOUN
arjefm-1061	84	28	deficit	deficit	NOUN
arjefm-1061	84	29	and	and	CCONJ
arjefm-1061	84	30	public	public	ADJ
arjefm-1061	84	31	debt	debt	NOUN
arjefm-1061	84	32	on	on	ADP
arjefm-1061	84	33	exchange	exchange	NOUN
arjefm-1061	84	34	rate	rate	NOUN
arjefm-1061	84	35	movements	movement	NOUN
arjefm-1061	84	36	in	in	ADP
arjefm-1061	84	37	nigeria	nigeria	PROPN
arjefm-1061	84	38	.	.	PUNCT
arjefm-1061	85	1	additionally	additionally	ADV
arjefm-1061	85	2	,	,	PUNCT
arjefm-1061	85	3	the	the	DET
arjefm-1061	85	4	study	study	NOUN
arjefm-1061	85	5	employed	employ	VERB
arjefm-1061	85	6	the	the	DET
arjefm-1061	85	7	autoregressive	autoregressive	ADJ
arjefm-1061	85	8	distributed	distribute	VERB
arjefm-1061	85	9	lag	lag	NOUN
arjefm-1061	85	10	(	(	PUNCT
arjefm-1061	85	11	ardl	ardl	NOUN
arjefm-1061	85	12	)	)	PUNCT
arjefm-1061	85	13	model	model	NOUN
arjefm-1061	85	14	for	for	ADP
arjefm-1061	85	15	a	a	DET
arjefm-1061	85	16	robust	robust	ADJ
arjefm-1061	85	17	test	test	NOUN
arjefm-1061	85	18	to	to	PART
arjefm-1061	85	19	analyze	analyze	VERB
arjefm-1061	85	20	the	the	DET
arjefm-1061	85	21	shock	shock	NOUN
arjefm-1061	85	22	transmission	transmission	NOUN
arjefm-1061	85	23	effects	effect	NOUN
arjefm-1061	85	24	of	of	ADP
arjefm-1061	85	25	fiscal	fiscal	ADJ
arjefm-1061	85	26	dominance	dominance	NOUN
arjefm-1061	85	27	components	component	NOUN
arjefm-1061	85	28	on	on	ADP
arjefm-1061	85	29	exchange	exchange	NOUN
arjefm-1061	85	30	rate	rate	NOUN
arjefm-1061	85	31	movements	movement	NOUN
arjefm-1061	85	32	in	in	ADP
arjefm-1061	85	33	nigeria	nigeria	PROPN
arjefm-1061	85	34	.	.	PUNCT
arjefm-1061	86	1	granger	granger	PROPN
arjefm-1061	86	2	causality	causality	PROPN
arjefm-1061	86	3	tests	test	NOUN
arjefm-1061	86	4	were	be	AUX
arjefm-1061	86	5	also	also	ADV
arjefm-1061	86	6	conducted	conduct	VERB
arjefm-1061	86	7	to	to	PART
arjefm-1061	86	8	trace	trace	VERB
arjefm-1061	86	9	the	the	DET
arjefm-1061	86	10	direction	direction	NOUN
arjefm-1061	86	11	of	of	ADP
arjefm-1061	86	12	causality	causality	NOUN
arjefm-1061	86	13	among	among	ADP
arjefm-1061	86	14	fiscal	fiscal	ADJ
arjefm-1061	86	15	deficit	deficit	NOUN
arjefm-1061	86	16	components	component	NOUN
arjefm-1061	86	17	and	and	CCONJ
arjefm-1061	86	18	exchange	exchange	NOUN
arjefm-1061	86	19	rates	rate	NOUN
arjefm-1061	86	20	.	.	PUNCT
arjefm-1061	87	1	results	result	NOUN
arjefm-1061	87	2	revealed	reveal	VERB
arjefm-1061	87	3	a	a	DET
arjefm-1061	87	4	bi	bi	ADJ
arjefm-1061	87	5	-	-	ADJ
arjefm-1061	87	6	directional	directional	ADJ
arjefm-1061	87	7	causal	causal	ADJ
arjefm-1061	87	8	relationship	relationship	NOUN
arjefm-1061	87	9	between	between	ADP
arjefm-1061	87	10	budget	budget	NOUN
arjefm-1061	87	11	deficits	deficit	NOUN
arjefm-1061	87	12	and	and	CCONJ
arjefm-1061	87	13	changes	change	NOUN
arjefm-1061	87	14	in	in	ADP
arjefm-1061	87	15	exchange	exchange	NOUN
arjefm-1061	87	16	rates	rate	NOUN
arjefm-1061	87	17	in	in	ADP
arjefm-1061	87	18	nigeria	nigeria	PROPN
arjefm-1061	87	19	,	,	PUNCT
arjefm-1061	87	20	while	while	SCONJ
arjefm-1061	87	21	public	public	ADJ
arjefm-1061	87	22	debt	debt	NOUN
arjefm-1061	87	23	did	do	AUX
arjefm-1061	87	24	not	not	PART
arjefm-1061	87	25	granger	granger	NOUN
arjefm-1061	87	26	cause	cause	VERB
arjefm-1061	87	27	exchange	exchange	NOUN
arjefm-1061	87	28	rate	rate	NOUN
arjefm-1061	87	29	movements	movement	NOUN
arjefm-1061	87	30	.	.	PUNCT
arjefm-1061	88	1	structural	structural	ADJ
arjefm-1061	88	2	vector	vector	NOUN
arjefm-1061	88	3	autoregression	autoregression	NOUN
arjefm-1061	88	4	estimations	estimation	NOUN
arjefm-1061	88	5	suggested	suggest	VERB
arjefm-1061	88	6	that	that	SCONJ
arjefm-1061	88	7	exchange	exchange	NOUN
arjefm-1061	88	8	rate	rate	NOUN
arjefm-1061	88	9	movements	movement	NOUN
arjefm-1061	88	10	in	in	ADP
arjefm-1061	88	11	nigeria	nigeria	PROPN
arjefm-1061	88	12	responded	respond	VERB
arjefm-1061	88	13	solely	solely	ADV
arjefm-1061	88	14	to	to	ADP
arjefm-1061	88	15	the	the	DET
arjefm-1061	88	16	shock	shock	NOUN
arjefm-1061	88	17	effects	effect	NOUN
arjefm-1061	88	18	of	of	ADP
arjefm-1061	88	19	financial	financial	ADJ
arjefm-1061	88	20	openness	openness	NOUN
arjefm-1061	88	21	,	,	PUNCT
arjefm-1061	88	22	while	while	SCONJ
arjefm-1061	88	23	ardl	ardl	NOUN
arjefm-1061	88	24	results	result	NOUN
arjefm-1061	88	25	revealed	reveal	VERB
arjefm-1061	88	26	that	that	SCONJ
arjefm-1061	88	27	both	both	CCONJ
arjefm-1061	88	28	public	public	ADJ
arjefm-1061	88	29	debt	debt	NOUN
arjefm-1061	88	30	and	and	CCONJ
arjefm-1061	88	31	budget	budget	NOUN
arjefm-1061	88	32	deficits	deficit	NOUN
arjefm-1061	88	33	had	have	VERB
arjefm-1061	88	34	destabilizing	destabilizing	ADJ
arjefm-1061	88	35	effects	effect	NOUN
arjefm-1061	88	36	on	on	ADP
arjefm-1061	88	37	exchange	exchange	NOUN
arjefm-1061	88	38	rates	rate	NOUN
arjefm-1061	88	39	in	in	ADP
arjefm-1061	88	40	nigeria	nigeria	PROPN
arjefm-1061	88	41	.	.	PUNCT
arjefm-1061	89	1	nwosa	nwosa	PROPN
arjefm-1061	89	2	(	(	PUNCT
arjefm-1061	89	3	2017	2017	NUM
arjefm-1061	89	4	)	)	PUNCT
arjefm-1061	89	5	examined	examine	VERB
arjefm-1061	89	6	the	the	DET
arjefm-1061	89	7	relationship	relationship	NOUN
arjefm-1061	89	8	between	between	ADP
arjefm-1061	89	9	fiscal	fiscal	ADJ
arjefm-1061	89	10	policy	policy	NOUN
arjefm-1061	89	11	and	and	CCONJ
arjefm-1061	89	12	exchange	exchange	NOUN
arjefm-1061	89	13	rate	rate	NOUN
arjefm-1061	89	14	movements	movement	NOUN
arjefm-1061	89	15	in	in	ADP
arjefm-1061	89	16	nigeria	nigeria	PROPN
arjefm-1061	89	17	for	for	ADP
arjefm-1061	89	18	the	the	DET
arjefm-1061	89	19	period	period	NOUN
arjefm-1061	89	20	1980	1980	NUM
arjefm-1061	89	21	to	to	ADP
arjefm-1061	89	22	2015	2015	NUM
arjefm-1061	89	23	.	.	PUNCT
arjefm-1061	90	1	employing	employ	VERB
arjefm-1061	90	2	ordinary	ordinary	ADJ
arjefm-1061	90	3	least	least	ADJ
arjefm-1061	90	4	squares	square	NOUN
arjefm-1061	90	5	(	(	PUNCT
arjefm-1061	90	6	ols	ol	NOUN
arjefm-1061	90	7	)	)	PUNCT
arjefm-1061	90	8	,	,	PUNCT
arjefm-1061	90	9	the	the	DET
arjefm-1061	90	10	study	study	NOUN
arjefm-1061	90	11	found	find	VERB
arjefm-1061	90	12	that	that	SCONJ
arjefm-1061	90	13	fiscal	fiscal	ADJ
arjefm-1061	90	14	policy	policy	NOUN
arjefm-1061	90	15	variables	variable	NOUN
arjefm-1061	90	16	were	be	AUX
arjefm-1061	90	17	statistically	statistically	ADV
arjefm-1061	90	18	significant	significant	ADJ
arjefm-1061	90	19	in	in	ADP
arjefm-1061	90	20	influencing	influence	VERB
arjefm-1061	90	21	exchange	exchange	NOUN
arjefm-1061	90	22	rates	rate	NOUN
arjefm-1061	90	23	in	in	ADP
arjefm-1061	90	24	nigeria	nigeria	PROPN
arjefm-1061	90	25	.	.	PUNCT
arjefm-1061	91	1	this	this	PRON
arjefm-1061	91	2	implies	imply	VERB
arjefm-1061	91	3	that	that	SCONJ
arjefm-1061	91	4	fiscal	fiscal	ADJ
arjefm-1061	91	5	policy	policy	NOUN
arjefm-1061	91	6	variables	variable	NOUN
arjefm-1061	91	7	play	play	VERB
arjefm-1061	91	8	a	a	DET
arjefm-1061	91	9	significant	significant	ADJ
arjefm-1061	91	10	role	role	NOUN
arjefm-1061	91	11	in	in	ADP
arjefm-1061	91	12	determining	determine	VERB
arjefm-1061	91	13	exchange	exchange	NOUN
arjefm-1061	91	14	rate	rate	NOUN
arjefm-1061	91	15	movements	movement	NOUN
arjefm-1061	91	16	in	in	ADP
arjefm-1061	91	17	nigeria	nigeria	PROPN
arjefm-1061	91	18	.	.	PUNCT
arjefm-1061	92	1	consequently	consequently	ADV
arjefm-1061	92	2	,	,	PUNCT
arjefm-1061	92	3	the	the	DET
arjefm-1061	92	4	study	study	NOUN
arjefm-1061	92	5	recommended	recommend	VERB
arjefm-1061	92	6	prudent	prudent	ADJ
arjefm-1061	92	7	management	management	NOUN
arjefm-1061	92	8	of	of	ADP
arjefm-1061	92	9	revenue	revenue	NOUN
arjefm-1061	92	10	,	,	PUNCT
arjefm-1061	92	11	expenditure	expenditure	NOUN
arjefm-1061	92	12	,	,	PUNCT
arjefm-1061	92	13	and	and	CCONJ
arjefm-1061	92	14	debt	debt	NOUN
arjefm-1061	92	15	to	to	PART
arjefm-1061	92	16	reduce	reduce	VERB
arjefm-1061	92	17	exchange	exchange	NOUN
arjefm-1061	92	18	rate	rate	NOUN
arjefm-1061	92	19	depreciation	depreciation	NOUN
arjefm-1061	92	20	and	and	CCONJ
arjefm-1061	92	21	ensure	ensure	VERB
arjefm-1061	92	22	exchange	exchange	NOUN
arjefm-1061	92	23	rate	rate	NOUN
arjefm-1061	92	24	stability	stability	NOUN
arjefm-1061	92	25	.	.	PUNCT
arjefm-1061	93	1	sanusi	sanusi	PROPN
arjefm-1061	93	2	and	and	CCONJ
arjefm-1061	93	3	akinlo	akinlo	PROPN
arjefm-1061	93	4	(	(	PUNCT
arjefm-1061	93	5	2016	2016	NUM
arjefm-1061	93	6	)	)	PUNCT
arjefm-1061	93	7	explored	explore	VERB
arjefm-1061	93	8	the	the	DET
arjefm-1061	93	9	potential	potential	ADJ
arjefm-1061	93	10	presence	presence	NOUN
arjefm-1061	93	11	of	of	ADP
arjefm-1061	93	12	fiscal	fiscal	ADJ
arjefm-1061	93	13	dominance	dominance	NOUN
arjefm-1061	93	14	in	in	ADP
arjefm-1061	93	15	nigeria	nigeria	PROPN
arjefm-1061	93	16	spanning	span	VERB
arjefm-1061	93	17	from	from	ADP
arjefm-1061	93	18	1986	1986	NUM
arjefm-1061	93	19	to	to	ADP
arjefm-1061	93	20	2013	2013	NUM
arjefm-1061	93	21	,	,	PUNCT
arjefm-1061	93	22	employing	employ	VERB
arjefm-1061	93	23	structural	structural	ADJ
arjefm-1061	93	24	var	var	NOUN
arjefm-1061	93	25	analysis	analysis	NOUN
arjefm-1061	93	26	.	.	PUNCT
arjefm-1061	94	1	the	the	DET
arjefm-1061	94	2	study	study	NOUN
arjefm-1061	94	3	's	's	PART
arjefm-1061	94	4	findings	finding	NOUN
arjefm-1061	94	5	indicated	indicate	VERB
arjefm-1061	94	6	that	that	SCONJ
arjefm-1061	94	7	shocks	shock	NOUN
arjefm-1061	94	8	to	to	ADP
arjefm-1061	94	9	government	government	NOUN
arjefm-1061	94	10	fiscal	fiscal	ADJ
arjefm-1061	94	11	deficits	deficit	NOUN
arjefm-1061	94	12	did	do	AUX
arjefm-1061	94	13	not	not	PART
arjefm-1061	94	14	elicit	elicit	VERB
arjefm-1061	94	15	a	a	DET
arjefm-1061	94	16	response	response	NOUN
arjefm-1061	94	17	from	from	ADP
arjefm-1061	94	18	the	the	DET
arjefm-1061	94	19	growth	growth	NOUN
arjefm-1061	94	20	of	of	ADP
arjefm-1061	94	21	the	the	DET
arjefm-1061	94	22	monetary	monetary	ADJ
arjefm-1061	94	23	base	base	NOUN
arjefm-1061	94	24	.	.	PUNCT
arjefm-1061	95	1	furthermore	furthermore	ADV
arjefm-1061	95	2	,	,	PUNCT
arjefm-1061	95	3	the	the	DET
arjefm-1061	95	4	results	result	NOUN
arjefm-1061	95	5	revealed	reveal	VERB
arjefm-1061	95	6	the	the	DET
arjefm-1061	95	7	absence	absence	NOUN
arjefm-1061	95	8	of	of	ADP
arjefm-1061	95	9	causality	causality	NOUN
arjefm-1061	95	10	running	run	VERB
arjefm-1061	95	11	from	from	ADP
arjefm-1061	95	12	fiscal	fiscal	ADJ
arjefm-1061	95	13	deficits	deficit	NOUN
arjefm-1061	95	14	to	to	ADP
arjefm-1061	95	15	the	the	DET
arjefm-1061	95	16	growth	growth	NOUN
arjefm-1061	95	17	of	of	ADP
arjefm-1061	95	18	the	the	DET
arjefm-1061	95	19	monetary	monetary	ADJ
arjefm-1061	95	20	base	base	NOUN
arjefm-1061	95	21	in	in	ADP
arjefm-1061	95	22	nigeria	nigeria	PROPN
arjefm-1061	95	23	.	.	PUNCT
arjefm-1061	96	1	as	as	ADP
arjefm-1061	96	2	a	a	DET
arjefm-1061	96	3	conclusion	conclusion	NOUN
arjefm-1061	96	4	,	,	PUNCT
arjefm-1061	96	5	the	the	DET
arjefm-1061	96	6	study	study	NOUN
arjefm-1061	96	7	inferred	infer	VERB
arjefm-1061	96	8	that	that	SCONJ
arjefm-1061	96	9	there	there	PRON
arjefm-1061	96	10	was	be	VERB
arjefm-1061	96	11	no	no	DET
arjefm-1061	96	12	evidence	evidence	NOUN
arjefm-1061	96	13	of	of	ADP
arjefm-1061	96	14	fiscal	fiscal	ADJ
arjefm-1061	96	15	dominance	dominance	NOUN
arjefm-1061	96	16	in	in	ADP
arjefm-1061	96	17	nigeria	nigeria	PROPN
arjefm-1061	96	18	during	during	ADP
arjefm-1061	96	19	the	the	DET
arjefm-1061	96	20	investigated	investigated	ADJ
arjefm-1061	96	21	period	period	NOUN
arjefm-1061	96	22	.	.	PUNCT
arjefm-1061	97	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1061	98	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	99	1	american	american	PROPN
arjefm-1061	99	2	research	research	PROPN
arjefm-1061	99	3	journal	journal	PROPN
arjefm-1061	99	4	of	of	ADP
arjefm-1061	99	5	economics	economic	NOUN
arjefm-1061	99	6	,	,	PUNCT
arjefm-1061	99	7	finance	finance	NOUN
arjefm-1061	99	8	and	and	CCONJ
arjefm-1061	99	9	management	management	NOUN
arjefm-1061	99	10	volume	volume	NOUN
arjefm-1061	99	11	12	12	NUM
arjefm-1061	99	12	issue	issue	NOUN
arjefm-1061	99	13	2	2	NUM
arjefm-1061	99	14	,	,	PUNCT
arjefm-1061	99	15	april	april	PROPN
arjefm-1061	99	16	-	-	PUNCT
arjefm-1061	99	17	june	june	PROPN
arjefm-1061	99	18	2024	2024	NUM
arjefm-1061	99	19	issn	issn	PROPN
arjefm-1061	99	20	:	:	PUNCT
arjefm-1061	99	21	2836	2836	NUM
arjefm-1061	99	22	-	-	SYM
arjefm-1061	99	23	9416	9416	NUM
arjefm-1061	99	24	impact	impact	NOUN
arjefm-1061	99	25	factor	factor	NOUN
arjefm-1061	99	26	:	:	PUNCT
arjefm-1061	99	27	5.57	5.57	NUM
arjefm-1061	99	28	journal	journal	NOUN
arjefm-1061	99	29	homepage	homepage	NOUN
arjefm-1061	99	30	:	:	PUNCT
arjefm-1061	99	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	99	32	,	,	PUNCT
arjefm-1061	99	33	email	email	NOUN
arjefm-1061	99	34	:	:	PUNCT
arjefm-1061	100	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	100	2	official	official	ADJ
arjefm-1061	100	3	journal	journal	PROPN
arjefm-1061	100	4	of	of	ADP
arjefm-1061	100	5	america	america	PROPN
arjefm-1061	100	6	serial	serial	PROPN
arjefm-1061	100	7	publication	publication	NOUN
arjefm-1061	100	8	american	american	PROPN
arjefm-1061	100	9	research	research	PROPN
arjefm-1061	100	10	journal	journal	PROPN
arjefm-1061	100	11	of	of	ADP
arjefm-1061	100	12	economics	economic	NOUN
arjefm-1061	100	13	,	,	PUNCT
arjefm-1061	100	14	finance	finance	NOUN
arjefm-1061	100	15	and	and	CCONJ
arjefm-1061	100	16	management	management	NOUN
arjefm-1061	100	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	100	18	,	,	PUNCT
arjefm-1061	100	19	email	email	NOUN
arjefm-1061	100	20	:	:	PUNCT
arjefm-1061	100	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	101	1	6	6	NUM
arjefm-1061	101	2	|	|	ADV
arjefm-1061	101	3	p	p	X
arjefm-1061	101	4	a	a	DET
arjefm-1061	101	5	g	g	PROPN
arjefm-1061	101	6	e	e	X
arjefm-1061	101	7	osuka	osuka	PROPN
arjefm-1061	101	8	and	and	CCONJ
arjefm-1061	101	9	achinihu	achinihu	PROPN
arjefm-1061	101	10	(	(	PUNCT
arjefm-1061	101	11	2014	2014	NUM
arjefm-1061	101	12	)	)	PUNCT
arjefm-1061	101	13	investigated	investigate	VERB
arjefm-1061	101	14	whether	whether	SCONJ
arjefm-1061	101	15	a	a	DET
arjefm-1061	101	16	long	long	ADV
arjefm-1061	101	17	-	-	PUNCT
arjefm-1061	101	18	run	run	NOUN
arjefm-1061	101	19	relationship	relationship	NOUN
arjefm-1061	101	20	exists	exist	VERB
arjefm-1061	101	21	between	between	ADP
arjefm-1061	101	22	budget	budget	NOUN
arjefm-1061	101	23	deficits	deficit	NOUN
arjefm-1061	101	24	and	and	CCONJ
arjefm-1061	101	25	other	other	ADJ
arjefm-1061	101	26	macroeconomic	macroeconomic	ADJ
arjefm-1061	101	27	variables	variable	NOUN
arjefm-1061	101	28	in	in	ADP
arjefm-1061	101	29	nigeria	nigeria	PROPN
arjefm-1061	101	30	over	over	ADP
arjefm-1061	101	31	the	the	DET
arjefm-1061	101	32	period	period	NOUN
arjefm-1061	101	33	1981	1981	NUM
arjefm-1061	101	34	-	-	SYM
arjefm-1061	101	35	2012	2012	NUM
arjefm-1061	101	36	.	.	PUNCT
arjefm-1061	102	1	the	the	DET
arjefm-1061	102	2	macroeconomic	macroeconomic	ADJ
arjefm-1061	102	3	variables	variable	NOUN
arjefm-1061	102	4	considered	consider	VERB
arjefm-1061	102	5	were	be	AUX
arjefm-1061	102	6	gross	gross	ADJ
arjefm-1061	102	7	domestic	domestic	ADJ
arjefm-1061	102	8	product	product	NOUN
arjefm-1061	102	9	(	(	PUNCT
arjefm-1061	102	10	gdp	gdp	NOUN
arjefm-1061	102	11	)	)	PUNCT
arjefm-1061	102	12	,	,	PUNCT
arjefm-1061	102	13	interest	interest	NOUN
arjefm-1061	102	14	rate	rate	NOUN
arjefm-1061	102	15	,	,	PUNCT
arjefm-1061	102	16	nominal	nominal	ADJ
arjefm-1061	102	17	exchange	exchange	NOUN
arjefm-1061	102	18	rate	rate	NOUN
arjefm-1061	102	19	,	,	PUNCT
arjefm-1061	102	20	and	and	CCONJ
arjefm-1061	102	21	inflation	inflation	NOUN
arjefm-1061	102	22	rate	rate	NOUN
arjefm-1061	102	23	.	.	PUNCT
arjefm-1061	103	1	employing	employ	VERB
arjefm-1061	103	2	the	the	DET
arjefm-1061	103	3	granger	granger	PROPN
arjefm-1061	103	4	causality	causality	PROPN
arjefm-1061	103	5	test	test	NOUN
arjefm-1061	103	6	,	,	PUNCT
arjefm-1061	103	7	the	the	DET
arjefm-1061	103	8	study	study	NOUN
arjefm-1061	103	9	's	's	PART
arjefm-1061	103	10	findings	finding	NOUN
arjefm-1061	103	11	unveiled	unveil	VERB
arjefm-1061	103	12	a	a	DET
arjefm-1061	103	13	unidirectional	unidirectional	ADJ
arjefm-1061	103	14	granger	granger	NOUN
arjefm-1061	103	15	-	-	PUNCT
arjefm-1061	103	16	causality	causality	NOUN
arjefm-1061	103	17	between	between	ADP
arjefm-1061	103	18	budget	budget	NOUN
arjefm-1061	103	19	deficits	deficit	NOUN
arjefm-1061	103	20	and	and	CCONJ
arjefm-1061	103	21	gdp	gdp	NOUN
arjefm-1061	103	22	,	,	PUNCT
arjefm-1061	103	23	with	with	ADP
arjefm-1061	103	24	gdp	gdp	PROPN
arjefm-1061	103	25	granger	granger	NOUN
arjefm-1061	103	26	-	-	PUNCT
arjefm-1061	103	27	causing	cause	VERB
arjefm-1061	103	28	budget	budget	NOUN
arjefm-1061	103	29	deficits	deficit	NOUN
arjefm-1061	103	30	.	.	PUNCT
arjefm-1061	104	1	however	however	ADV
arjefm-1061	104	2	,	,	PUNCT
arjefm-1061	104	3	the	the	DET
arjefm-1061	104	4	test	test	NOUN
arjefm-1061	104	5	for	for	ADP
arjefm-1061	104	6	causality	causality	NOUN
arjefm-1061	104	7	revealed	reveal	VERB
arjefm-1061	104	8	no	no	DET
arjefm-1061	104	9	causality	causality	NOUN
arjefm-1061	104	10	between	between	ADP
arjefm-1061	104	11	deficits	deficit	NOUN
arjefm-1061	104	12	and	and	CCONJ
arjefm-1061	104	13	interest	interest	NOUN
arjefm-1061	104	14	rate	rate	NOUN
arjefm-1061	104	15	,	,	PUNCT
arjefm-1061	104	16	budget	budget	NOUN
arjefm-1061	104	17	deficits	deficit	NOUN
arjefm-1061	104	18	and	and	CCONJ
arjefm-1061	104	19	inflation	inflation	NOUN
arjefm-1061	104	20	,	,	PUNCT
arjefm-1061	104	21	and	and	CCONJ
arjefm-1061	104	22	budget	budget	NOUN
arjefm-1061	104	23	deficits	deficit	NOUN
arjefm-1061	104	24	and	and	CCONJ
arjefm-1061	104	25	nominal	nominal	ADJ
arjefm-1061	104	26	exchange	exchange	NOUN
arjefm-1061	104	27	rate	rate	NOUN
arjefm-1061	104	28	.	.	PUNCT
arjefm-1061	105	1	virkola	virkola	NOUN
arjefm-1061	105	2	(	(	PUNCT
arjefm-1061	105	3	2014	2014	NUM
arjefm-1061	105	4	)	)	PUNCT
arjefm-1061	105	5	examined	examine	VERB
arjefm-1061	105	6	the	the	DET
arjefm-1061	105	7	effects	effect	NOUN
arjefm-1061	105	8	of	of	ADP
arjefm-1061	105	9	discretionary	discretionary	ADJ
arjefm-1061	105	10	fiscal	fiscal	ADJ
arjefm-1061	105	11	policy	policy	NOUN
arjefm-1061	105	12	shocks	shock	NOUN
arjefm-1061	105	13	under	under	ADP
arjefm-1061	105	14	various	various	ADJ
arjefm-1061	105	15	exchange	exchange	NOUN
arjefm-1061	105	16	rate	rate	NOUN
arjefm-1061	105	17	regimes	regime	NOUN
arjefm-1061	105	18	,	,	PUNCT
arjefm-1061	105	19	utilizing	utilize	VERB
arjefm-1061	105	20	a	a	DET
arjefm-1061	105	21	structural	structural	ADJ
arjefm-1061	105	22	vector	vector	NOUN
arjefm-1061	105	23	autoregressive	autoregressive	ADJ
arjefm-1061	105	24	(	(	PUNCT
arjefm-1061	105	25	svar	svar	NOUN
arjefm-1061	105	26	)	)	PUNCT
arjefm-1061	105	27	model	model	NOUN
arjefm-1061	105	28	.	.	PUNCT
arjefm-1061	106	1	the	the	DET
arjefm-1061	106	2	study	study	NOUN
arjefm-1061	106	3	disclosed	disclose	VERB
arjefm-1061	106	4	that	that	SCONJ
arjefm-1061	106	5	discretionary	discretionary	ADJ
arjefm-1061	106	6	fiscal	fiscal	ADJ
arjefm-1061	106	7	policy	policy	NOUN
arjefm-1061	106	8	exhibits	exhibit	VERB
arjefm-1061	106	9	greater	great	ADJ
arjefm-1061	106	10	effectiveness	effectiveness	NOUN
arjefm-1061	106	11	under	under	ADP
arjefm-1061	106	12	a	a	DET
arjefm-1061	106	13	fixed	fix	VERB
arjefm-1061	106	14	exchange	exchange	NOUN
arjefm-1061	106	15	rate	rate	NOUN
arjefm-1061	106	16	regime	regime	NOUN
arjefm-1061	106	17	compared	compare	VERB
arjefm-1061	106	18	to	to	ADP
arjefm-1061	106	19	a	a	DET
arjefm-1061	106	20	floating	float	VERB
arjefm-1061	106	21	exchange	exchange	NOUN
arjefm-1061	106	22	rate	rate	NOUN
arjefm-1061	106	23	regime	regime	NOUN
arjefm-1061	106	24	.	.	PUNCT
arjefm-1061	107	1	additionally	additionally	ADV
arjefm-1061	107	2	,	,	PUNCT
arjefm-1061	107	3	the	the	DET
arjefm-1061	107	4	study	study	NOUN
arjefm-1061	107	5	's	's	PART
arjefm-1061	107	6	results	result	NOUN
arjefm-1061	107	7	indicated	indicate	VERB
arjefm-1061	107	8	evidence	evidence	NOUN
arjefm-1061	107	9	that	that	PRON
arjefm-1061	107	10	unanticipated	unanticipate	VERB
arjefm-1061	107	11	fiscal	fiscal	ADJ
arjefm-1061	107	12	policy	policy	NOUN
arjefm-1061	107	13	shocks	shock	NOUN
arjefm-1061	107	14	have	have	AUX
arjefm-1061	107	15	a	a	DET
arjefm-1061	107	16	larger	large	ADJ
arjefm-1061	107	17	expansionary	expansionary	ADJ
arjefm-1061	107	18	effect	effect	NOUN
arjefm-1061	107	19	on	on	ADP
arjefm-1061	107	20	output	output	NOUN
arjefm-1061	107	21	than	than	ADP
arjefm-1061	107	22	in	in	ADP
arjefm-1061	107	23	the	the	DET
arjefm-1061	107	24	baseline	baseline	PROPN
arjefm-1061	107	25	scenario	scenario	NOUN
arjefm-1061	107	26	.	.	PUNCT
arjefm-1061	108	1	this	this	DET
arjefm-1061	108	2	study	study	NOUN
arjefm-1061	108	3	tried	try	VERB
arjefm-1061	108	4	to	to	PART
arjefm-1061	108	5	unravel	unravel	VERB
arjefm-1061	108	6	if	if	SCONJ
arjefm-1061	108	7	there	there	PRON
arjefm-1061	108	8	is	be	VERB
arjefm-1061	108	9	a	a	DET
arjefm-1061	108	10	strong	strong	ADJ
arjefm-1061	108	11	and	and	CCONJ
arjefm-1061	108	12	statistical	statistical	ADJ
arjefm-1061	108	13	relationship	relationship	NOUN
arjefm-1061	108	14	between	between	ADP
arjefm-1061	108	15	budget	budget	NOUN
arjefm-1061	108	16	deficit	deficit	NOUN
arjefm-1061	108	17	and	and	CCONJ
arjefm-1061	108	18	exchange	exchange	NOUN
arjefm-1061	108	19	rate	rate	NOUN
arjefm-1061	108	20	unification	unification	NOUN
arjefm-1061	108	21	in	in	ADP
arjefm-1061	108	22	nigeria	nigeria	PROPN
arjefm-1061	108	23	.	.	PUNCT
arjefm-1061	109	1	however	however	ADV
arjefm-1061	109	2	,	,	PUNCT
arjefm-1061	109	3	this	this	DET
arjefm-1061	109	4	study	study	NOUN
arjefm-1061	109	5	will	will	AUX
arjefm-1061	109	6	deviate	deviate	VERB
arjefm-1061	109	7	from	from	ADP
arjefm-1061	109	8	other	other	ADJ
arjefm-1061	109	9	studies	study	NOUN
arjefm-1061	109	10	that	that	PRON
arjefm-1061	109	11	have	have	AUX
arjefm-1061	109	12	mainly	mainly	ADV
arjefm-1061	109	13	examined	examine	VERB
arjefm-1061	109	14	the	the	DET
arjefm-1061	109	15	impact	impact	NOUN
arjefm-1061	109	16	of	of	ADP
arjefm-1061	109	17	budget	budget	NOUN
arjefm-1061	109	18	deficit	deficit	NOUN
arjefm-1061	109	19	on	on	ADP
arjefm-1061	109	20	exchange	exchange	NOUN
arjefm-1061	109	21	rate	rate	NOUN
arjefm-1061	109	22	by	by	ADP
arjefm-1061	109	23	examining	examine	VERB
arjefm-1061	109	24	the	the	DET
arjefm-1061	109	25	effect	effect	NOUN
arjefm-1061	109	26	of	of	ADP
arjefm-1061	109	27	using	use	VERB
arjefm-1061	109	28	the	the	DET
arjefm-1061	109	29	official	official	ADJ
arjefm-1061	109	30	exchange	exchange	NOUN
arjefm-1061	109	31	rate	rate	NOUN
arjefm-1061	109	32	on	on	ADP
arjefm-1061	109	33	budget	budget	NOUN
arjefm-1061	109	34	deficit	deficit	NOUN
arjefm-1061	109	35	in	in	ADP
arjefm-1061	109	36	nigeria	nigeria	PROPN
arjefm-1061	109	37	.	.	PUNCT
arjefm-1061	110	1	the	the	DET
arjefm-1061	110	2	study	study	NOUN
arjefm-1061	110	3	also	also	ADV
arjefm-1061	110	4	used	use	VERB
arjefm-1061	110	5	a	a	DET
arjefm-1061	110	6	dummy	dummy	NOUN
arjefm-1061	110	7	as	as	ADP
arjefm-1061	110	8	a	a	DET
arjefm-1061	110	9	fixed	fix	VERB
arjefm-1061	110	10	regressor	regressor	NOUN
arjefm-1061	110	11	dividing	divide	VERB
arjefm-1061	110	12	exchange	exchange	NOUN
arjefm-1061	110	13	rate	rate	NOUN
arjefm-1061	110	14	periods	period	NOUN
arjefm-1061	110	15	(	(	PUNCT
arjefm-1061	110	16	assigned	assign	VERB
arjefm-1061	110	17	as	as	ADP
arjefm-1061	110	18	1	1	NUM
arjefm-1061	110	19	)	)	PUNCT
arjefm-1061	110	20	and	and	CCONJ
arjefm-1061	110	21	single	single	ADJ
arjefm-1061	110	22	exchange	exchange	NOUN
arjefm-1061	110	23	rate	rate	NOUN
arjefm-1061	110	24	periods	period	NOUN
arjefm-1061	110	25	(	(	PUNCT
arjefm-1061	110	26	assigned	assign	VERB
arjefm-1061	110	27	as	as	ADP
arjefm-1061	110	28	0	0	NUM
arjefm-1061	110	29	)	)	PUNCT
arjefm-1061	110	30	into	into	ADP
arjefm-1061	110	31	multiple	multiple	ADJ
arjefm-1061	110	32	exchange	exchange	NOUN
arjefm-1061	110	33	rate	rate	NOUN
arjefm-1061	110	34	periods	period	NOUN
arjefm-1061	110	35	–	–	PUNCT
arjefm-1061	110	36	(	(	PUNCT
arjefm-1061	110	37	assigned	assign	VERB
arjefm-1061	110	38	1	1	NUM
arjefm-1061	110	39	)	)	PUNCT
arjefm-1061	110	40	and	and	CCONJ
arjefm-1061	110	41	single	single	ADJ
arjefm-1061	110	42	exchange	exchange	NOUN
arjefm-1061	110	43	rate	rate	NOUN
arjefm-1061	110	44	period	period	NOUN
arjefm-1061	110	45	–	–	PUNCT
arjefm-1061	110	46	(	(	PUNCT
arjefm-1061	110	47	assigned	assign	VERB
arjefm-1061	110	48	0	0	NUM
arjefm-1061	110	49	)	)	PUNCT
arjefm-1061	110	50	,	,	PUNCT
arjefm-1061	110	51	to	to	PART
arjefm-1061	110	52	examine	examine	VERB
arjefm-1061	110	53	how	how	SCONJ
arjefm-1061	110	54	budget	budget	NOUN
arjefm-1061	110	55	deficit	deficit	NOUN
arjefm-1061	110	56	responds	respond	VERB
arjefm-1061	110	57	to	to	ADP
arjefm-1061	110	58	the	the	DET
arjefm-1061	110	59	periods	period	NOUN
arjefm-1061	110	60	in	in	ADP
arjefm-1061	110	61	nigeria	nigeria	PROPN
arjefm-1061	110	62	.	.	PUNCT
arjefm-1061	111	1	this	this	PRON
arjefm-1061	111	2	is	be	AUX
arjefm-1061	111	3	different	different	ADJ
arjefm-1061	111	4	from	from	ADP
arjefm-1061	111	5	studies	study	NOUN
arjefm-1061	111	6	that	that	PRON
arjefm-1061	111	7	have	have	AUX
arjefm-1061	111	8	mostly	mostly	ADV
arjefm-1061	111	9	used	use	VERB
arjefm-1061	111	10	the	the	DET
arjefm-1061	111	11	real	real	ADJ
arjefm-1061	111	12	exchange	exchange	NOUN
arjefm-1061	111	13	rate	rate	NOUN
arjefm-1061	111	14	without	without	ADP
arjefm-1061	111	15	assigning	assign	VERB
arjefm-1061	111	16	such	such	ADJ
arjefm-1061	111	17	fixed	fixed	ADJ
arjefm-1061	111	18	regressor	regressor	NOUN
arjefm-1061	111	19	.	.	PUNCT
arjefm-1061	112	1	moreover	moreover	ADV
arjefm-1061	112	2	,	,	PUNCT
arjefm-1061	112	3	the	the	DET
arjefm-1061	112	4	study	study	NOUN
arjefm-1061	112	5	treatment	treatment	NOUN
arjefm-1061	112	6	of	of	ADP
arjefm-1061	112	7	the	the	DET
arjefm-1061	112	8	subject	subject	NOUN
arjefm-1061	112	9	matter	matter	NOUN
arjefm-1061	112	10	differs	differ	VERB
arjefm-1061	112	11	from	from	ADP
arjefm-1061	112	12	past	past	ADJ
arjefm-1061	112	13	studies	study	NOUN
arjefm-1061	112	14	with	with	ADP
arjefm-1061	112	15	a	a	DET
arjefm-1061	112	16	sample	sample	NOUN
arjefm-1061	112	17	which	which	PRON
arjefm-1061	112	18	comprises	comprise	VERB
arjefm-1061	112	19	broad	broad	ADJ
arjefm-1061	112	20	longitudinal	longitudinal	ADJ
arjefm-1061	112	21	data	datum	NOUN
arjefm-1061	112	22	set	set	VERB
arjefm-1061	112	23	spanning	span	VERB
arjefm-1061	112	24	1981	1981	NUM
arjefm-1061	112	25	-	-	SYM
arjefm-1061	112	26	2022	2022	NUM
arjefm-1061	112	27	.	.	PUNCT
arjefm-1061	113	1	this	this	PRON
arjefm-1061	113	2	is	be	AUX
arjefm-1061	113	3	because	because	SCONJ
arjefm-1061	113	4	this	this	DET
arjefm-1061	113	5	period	period	NOUN
arjefm-1061	113	6	produced	produce	VERB
arjefm-1061	113	7	bouts	bout	NOUN
arjefm-1061	113	8	of	of	ADP
arjefm-1061	113	9	large	large	ADJ
arjefm-1061	113	10	fiscal	fiscal	ADJ
arjefm-1061	113	11	deficits	deficit	NOUN
arjefm-1061	113	12	and	and	CCONJ
arjefm-1061	113	13	mixture	mixture	NOUN
arjefm-1061	113	14	of	of	ADP
arjefm-1061	113	15	single	single	ADJ
arjefm-1061	113	16	and	and	CCONJ
arjefm-1061	113	17	multiple	multiple	ADJ
arjefm-1061	113	18	exchange	exchange	NOUN
arjefm-1061	113	19	rate	rate	NOUN
arjefm-1061	113	20	systems	system	NOUN
arjefm-1061	113	21	.	.	PUNCT
arjefm-1061	114	1	the	the	DET
arjefm-1061	114	2	study	study	NOUN
arjefm-1061	114	3	period	period	NOUN
arjefm-1061	114	4	also	also	ADV
arjefm-1061	114	5	corresponds	correspond	VERB
arjefm-1061	114	6	to	to	ADP
arjefm-1061	114	7	and	and	CCONJ
arjefm-1061	114	8	witnessed	witness	VERB
arjefm-1061	114	9	regimes	regime	NOUN
arjefm-1061	114	10	of	of	ADP
arjefm-1061	114	11	economic	economic	ADJ
arjefm-1061	114	12	reforms	reform	NOUN
arjefm-1061	114	13	in	in	ADP
arjefm-1061	114	14	nigeria	nigeria	PROPN
arjefm-1061	114	15	.	.	PUNCT
arjefm-1061	115	1	3	3	X
arjefm-1061	115	2	.	.	X
arjefm-1061	115	3	methodology	methodology	NOUN
arjefm-1061	115	4	3.1	3.1	NUM
arjefm-1061	115	5	.	.	PUNCT
arjefm-1061	115	6	data	datum	NOUN
arjefm-1061	115	7	sources	source	NOUN
arjefm-1061	115	8	and	and	CCONJ
arjefm-1061	115	9	description	description	NOUN
arjefm-1061	115	10	of	of	ADP
arjefm-1061	115	11	variables	variable	NOUN
arjefm-1061	115	12	the	the	DET
arjefm-1061	115	13	study	study	NOUN
arjefm-1061	115	14	uses	use	VERB
arjefm-1061	115	15	time	time	NOUN
arjefm-1061	115	16	series	series	PROPN
arjefm-1061	115	17	annual	annual	ADJ
arjefm-1061	115	18	data	datum	NOUN
arjefm-1061	115	19	covering	cover	VERB
arjefm-1061	115	20	the	the	DET
arjefm-1061	115	21	period	period	NOUN
arjefm-1061	115	22	1981–2022	1981–2022	NUM
arjefm-1061	115	23	,	,	PUNCT
arjefm-1061	115	24	obtained	obtain	VERB
arjefm-1061	115	25	from	from	ADP
arjefm-1061	115	26	the	the	DET
arjefm-1061	115	27	central	central	ADJ
arjefm-1061	115	28	bank	bank	PROPN
arjefm-1061	115	29	of	of	ADP
arjefm-1061	115	30	nigeria	nigeria	PROPN
arjefm-1061	115	31	statistical	statistical	ADJ
arjefm-1061	115	32	bulletin	bulletin	NOUN
arjefm-1061	115	33	(	(	PUNCT
arjefm-1061	115	34	cbn	cbn	PROPN
arjefm-1061	115	35	,	,	PUNCT
arjefm-1061	115	36	2022	2022	NUM
arjefm-1061	115	37	)	)	PUNCT
arjefm-1061	115	38	.	.	PUNCT
arjefm-1061	116	1	the	the	DET
arjefm-1061	116	2	dependent	dependent	ADJ
arjefm-1061	116	3	variable	variable	NOUN
arjefm-1061	116	4	is	be	AUX
arjefm-1061	116	5	the	the	DET
arjefm-1061	116	6	ratio	ratio	NOUN
arjefm-1061	116	7	of	of	ADP
arjefm-1061	116	8	budget	budget	NOUN
arjefm-1061	116	9	deficit	deficit	NOUN
arjefm-1061	116	10	to	to	ADP
arjefm-1061	116	11	gdp	gdp	PROPN
arjefm-1061	116	12	,	,	PUNCT
arjefm-1061	116	13	the	the	DET
arjefm-1061	116	14	independent	independent	ADJ
arjefm-1061	116	15	variables	variable	NOUN
arjefm-1061	116	16	are	be	AUX
arjefm-1061	116	17	official	official	ADJ
arjefm-1061	116	18	exchange	exchange	NOUN
arjefm-1061	116	19	rate	rate	NOUN
arjefm-1061	116	20	(	(	PUNCT
arjefm-1061	116	21	naira	naira	PROPN
arjefm-1061	116	22	per	per	ADP
arjefm-1061	116	23	us	us	PROPN
arjefm-1061	116	24	dollar	dollar	NOUN
arjefm-1061	116	25	)	)	PUNCT
arjefm-1061	116	26	the	the	DET
arjefm-1061	116	27	official	official	ADJ
arjefm-1061	116	28	exchange	exchange	NOUN
arjefm-1061	116	29	rate	rate	NOUN
arjefm-1061	116	30	is	be	AUX
arjefm-1061	116	31	used	use	VERB
arjefm-1061	116	32	to	to	PART
arjefm-1061	116	33	represent	represent	VERB
arjefm-1061	116	34	exchange	exchange	NOUN
arjefm-1061	116	35	rate	rate	NOUN
arjefm-1061	116	36	unification	unification	NOUN
arjefm-1061	116	37	,	,	PUNCT
arjefm-1061	116	38	growth	growth	NOUN
arjefm-1061	116	39	rate	rate	NOUN
arjefm-1061	116	40	of	of	ADP
arjefm-1061	116	41	gdp	gdp	NOUN
arjefm-1061	116	42	,	,	PUNCT
arjefm-1061	116	43	trade	trade	NOUN
arjefm-1061	116	44	to	to	ADP
arjefm-1061	116	45	gdp	gdp	NOUN
arjefm-1061	116	46	ratio	ratio	NOUN
arjefm-1061	116	47	,	,	PUNCT
arjefm-1061	116	48	debt	debt	NOUN
arjefm-1061	116	49	service	service	NOUN
arjefm-1061	116	50	to	to	ADP
arjefm-1061	116	51	gdp	gdp	NOUN
arjefm-1061	116	52	ratio	ratio	NOUN
arjefm-1061	116	53	and	and	CCONJ
arjefm-1061	116	54	a	a	DET
arjefm-1061	116	55	dummy	dummy	ADJ
arjefm-1061	116	56	variable	variable	NOUN
arjefm-1061	116	57	indicating	indicate	VERB
arjefm-1061	116	58	periods	period	NOUN
arjefm-1061	116	59	of	of	ADP
arjefm-1061	116	60	dual	dual	ADJ
arjefm-1061	116	61	exchange	exchange	NOUN
arjefm-1061	116	62	rate	rate	NOUN
arjefm-1061	116	63	system	system	NOUN
arjefm-1061	116	64	and	and	CCONJ
arjefm-1061	116	65	period	period	NOUN
arjefm-1061	116	66	of	of	ADP
arjefm-1061	116	67	single	single	ADJ
arjefm-1061	116	68	exchange	exchange	NOUN
arjefm-1061	116	69	rate	rate	NOUN
arjefm-1061	116	70	system	system	NOUN
arjefm-1061	116	71	.	.	PUNCT
arjefm-1061	117	1	3.2	3.2	NUM
arjefm-1061	117	2	.	.	PUNCT
arjefm-1061	117	3	model	model	NOUN
arjefm-1061	117	4	specification	specification	NOUN
arjefm-1061	117	5	and	and	CCONJ
arjefm-1061	117	6	estimation	estimation	NOUN
arjefm-1061	117	7	procedure	procedure	NOUN
arjefm-1061	117	8	in	in	ADP
arjefm-1061	117	9	other	other	ADJ
arjefm-1061	117	10	to	to	PART
arjefm-1061	117	11	capture	capture	VERB
arjefm-1061	117	12	the	the	DET
arjefm-1061	117	13	effect	effect	NOUN
arjefm-1061	117	14	of	of	ADP
arjefm-1061	117	15	exchange	exchange	NOUN
arjefm-1061	117	16	rate	rate	NOUN
arjefm-1061	117	17	unification	unification	NOUN
arjefm-1061	117	18	on	on	ADP
arjefm-1061	117	19	budget	budget	NOUN
arjefm-1061	117	20	deficit	deficit	NOUN
arjefm-1061	117	21	in	in	ADP
arjefm-1061	117	22	nigeria	nigeria	PROPN
arjefm-1061	117	23	,	,	PUNCT
arjefm-1061	117	24	the	the	DET
arjefm-1061	117	25	study	study	NOUN
arjefm-1061	117	26	adopted	adopt	VERB
arjefm-1061	117	27	a	a	DET
arjefm-1061	117	28	modified	modify	VERB
arjefm-1061	117	29	form	form	NOUN
arjefm-1061	117	30	of	of	ADP
arjefm-1061	117	31	the	the	DET
arjefm-1061	117	32	model	model	NOUN
arjefm-1061	117	33	of	of	ADP
arjefm-1061	117	34	(	(	PUNCT
arjefm-1061	117	35	eldepcy	eldepcy	ADJ
arjefm-1061	117	36	,	,	PUNCT
arjefm-1061	117	37	2022	2022	NUM
arjefm-1061	117	38	)	)	PUNCT
arjefm-1061	117	39	and	and	CCONJ
arjefm-1061	117	40	is	be	AUX
arjefm-1061	117	41	specified	specify	VERB
arjefm-1061	117	42	as	as	ADP
arjefm-1061	117	43	:	:	PUNCT
arjefm-1061	117	44	bdeft	bdeft	PROPN
arjefm-1061	117	45	=	=	PUNCT
arjefm-1061	118	1	β0	β0	PROPN
arjefm-1061	118	2	+	+	NOUN
arjefm-1061	118	3	β1dum+β2exch+β3top+	β1dum+β2exch+β3top+	NOUN
arjefm-1061	118	4	β4gdpgr	β4gdpgr	NOUN
arjefm-1061	119	1	+	+	X
arjefm-1061	119	2	µt	µt	X
arjefm-1061	119	3	(	(	PUNCT
arjefm-1061	119	4	1	1	NUM
arjefm-1061	119	5	)	)	PUNCT
arjefm-1061	119	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-1061	119	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	120	1	american	american	PROPN
arjefm-1061	120	2	research	research	PROPN
arjefm-1061	120	3	journal	journal	PROPN
arjefm-1061	120	4	of	of	ADP
arjefm-1061	120	5	economics	economic	NOUN
arjefm-1061	120	6	,	,	PUNCT
arjefm-1061	120	7	finance	finance	NOUN
arjefm-1061	120	8	and	and	CCONJ
arjefm-1061	120	9	management	management	NOUN
arjefm-1061	120	10	volume	volume	NOUN
arjefm-1061	120	11	12	12	NUM
arjefm-1061	120	12	issue	issue	NOUN
arjefm-1061	120	13	2	2	NUM
arjefm-1061	120	14	,	,	PUNCT
arjefm-1061	120	15	april	april	PROPN
arjefm-1061	120	16	-	-	PUNCT
arjefm-1061	120	17	june	june	PROPN
arjefm-1061	120	18	2024	2024	NUM
arjefm-1061	120	19	issn	issn	PROPN
arjefm-1061	120	20	:	:	PUNCT
arjefm-1061	120	21	2836	2836	NUM
arjefm-1061	120	22	-	-	SYM
arjefm-1061	120	23	9416	9416	NUM
arjefm-1061	120	24	impact	impact	NOUN
arjefm-1061	120	25	factor	factor	NOUN
arjefm-1061	120	26	:	:	PUNCT
arjefm-1061	120	27	5.57	5.57	NUM
arjefm-1061	120	28	journal	journal	NOUN
arjefm-1061	120	29	homepage	homepage	NOUN
arjefm-1061	120	30	:	:	PUNCT
arjefm-1061	120	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	120	32	,	,	PUNCT
arjefm-1061	120	33	email	email	NOUN
arjefm-1061	120	34	:	:	PUNCT
arjefm-1061	121	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	121	2	official	official	ADJ
arjefm-1061	121	3	journal	journal	PROPN
arjefm-1061	121	4	of	of	ADP
arjefm-1061	121	5	america	america	PROPN
arjefm-1061	121	6	serial	serial	PROPN
arjefm-1061	121	7	publication	publication	NOUN
arjefm-1061	121	8	american	american	PROPN
arjefm-1061	121	9	research	research	PROPN
arjefm-1061	121	10	journal	journal	PROPN
arjefm-1061	121	11	of	of	ADP
arjefm-1061	121	12	economics	economic	NOUN
arjefm-1061	121	13	,	,	PUNCT
arjefm-1061	121	14	finance	finance	NOUN
arjefm-1061	121	15	and	and	CCONJ
arjefm-1061	121	16	management	management	NOUN
arjefm-1061	121	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	121	18	,	,	PUNCT
arjefm-1061	121	19	email	email	NOUN
arjefm-1061	121	20	:	:	PUNCT
arjefm-1061	121	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	121	22	7	7	NUM
arjefm-1061	122	1	|	|	ADV
arjefm-1061	122	2	p	p	X
arjefm-1061	122	3	a	a	DET
arjefm-1061	122	4	g	g	NOUN
arjefm-1061	122	5	e	e	NOUN
arjefm-1061	122	6	where	where	SCONJ
arjefm-1061	122	7	bdef	bdef	NOUN
arjefm-1061	122	8	represents	represent	VERB
arjefm-1061	122	9	budget	budget	NOUN
arjefm-1061	122	10	deficit	deficit	NOUN
arjefm-1061	122	11	;	;	PUNCT
arjefm-1061	122	12	dum	dum	NOUN
arjefm-1061	122	13	stands	stand	VERB
arjefm-1061	122	14	for	for	ADP
arjefm-1061	122	15	dummy	dummy	ADJ
arjefm-1061	122	16	representing	represent	VERB
arjefm-1061	122	17	exchange	exchange	NOUN
arjefm-1061	122	18	rate	rate	NOUN
arjefm-1061	122	19	system	system	NOUN
arjefm-1061	122	20	–	–	PUNCT
arjefm-1061	122	21	1	1	NUM
arjefm-1061	122	22	for	for	ADP
arjefm-1061	122	23	years	year	NOUN
arjefm-1061	122	24	of	of	ADP
arjefm-1061	122	25	dual	dual	ADJ
arjefm-1061	122	26	system	system	NOUN
arjefm-1061	122	27	and	and	CCONJ
arjefm-1061	122	28	0	0	NUM
arjefm-1061	122	29	for	for	ADP
arjefm-1061	122	30	years	year	NOUN
arjefm-1061	122	31	of	of	ADP
arjefm-1061	122	32	single	single	ADJ
arjefm-1061	122	33	system	system	NOUN
arjefm-1061	122	34	.	.	PUNCT
arjefm-1061	123	1	exch	exch	PROPN
arjefm-1061	123	2	denotes	denotes	PROPN
arjefm-1061	123	3	official	official	ADJ
arjefm-1061	123	4	real	real	ADJ
arjefm-1061	123	5	exchange	exchange	NOUN
arjefm-1061	123	6	rate	rate	NOUN
arjefm-1061	123	7	;	;	PUNCT
arjefm-1061	123	8	top	top	NOUN
arjefm-1061	123	9	represents	represent	VERB
arjefm-1061	123	10	trade	trade	NOUN
arjefm-1061	123	11	to	to	ADP
arjefm-1061	123	12	gdp	gdp	NOUN
arjefm-1061	123	13	ratio	ratio	NOUN
arjefm-1061	123	14	(	(	PUNCT
arjefm-1061	123	15	trade	trade	NOUN
arjefm-1061	123	16	openness	openness	NOUN
arjefm-1061	123	17	)	)	PUNCT
arjefm-1061	123	18	;	;	PUNCT
arjefm-1061	123	19	gdpgr	gdpgr	NOUN
arjefm-1061	123	20	denotes	denote	NOUN
arjefm-1061	123	21	growth	growth	NOUN
arjefm-1061	123	22	rate	rate	NOUN
arjefm-1061	123	23	of	of	ADP
arjefm-1061	123	24	gdp	gdp	NOUN
arjefm-1061	123	25	(	(	PUNCT
arjefm-1061	123	26	a	a	DET
arjefm-1061	123	27	control	control	NOUN
arjefm-1061	123	28	variable	variable	NOUN
arjefm-1061	123	29	)	)	PUNCT
arjefm-1061	123	30	;	;	PUNCT
arjefm-1061	123	31	and	and	CCONJ
arjefm-1061	123	32	µ	µ	ADP
arjefm-1061	123	33	the	the	DET
arjefm-1061	123	34	error	error	NOUN
arjefm-1061	123	35	term	term	NOUN
arjefm-1061	123	36	,	,	PUNCT
arjefm-1061	123	37	respectively	respectively	ADV
arjefm-1061	123	38	.	.	PUNCT
arjefm-1061	124	1	a	a	PRON
arjefm-1061	124	2	priori	priori	ADV
arjefm-1061	124	3	,	,	PUNCT
arjefm-1061	124	4	favourable	favourable	ADJ
arjefm-1061	124	5	exchange	exchange	NOUN
arjefm-1061	124	6	rate	rate	NOUN
arjefm-1061	124	7	will	will	AUX
arjefm-1061	124	8	decrease	decrease	VERB
arjefm-1061	124	9	the	the	DET
arjefm-1061	124	10	budget	budget	NOUN
arjefm-1061	124	11	deficit	deficit	NOUN
arjefm-1061	124	12	,	,	PUNCT
arjefm-1061	124	13	while	while	SCONJ
arjefm-1061	124	14	an	an	DET
arjefm-1061	124	15	unfavourable	unfavourable	ADJ
arjefm-1061	124	16	exchange	exchange	NOUN
arjefm-1061	124	17	rate	rate	NOUN
arjefm-1061	124	18	will	will	AUX
arjefm-1061	124	19	increase	increase	VERB
arjefm-1061	124	20	the	the	DET
arjefm-1061	124	21	deficit	deficit	NOUN
arjefm-1061	124	22	.	.	PUNCT
arjefm-1061	125	1	the	the	DET
arjefm-1061	125	2	study	study	NOUN
arjefm-1061	125	3	adopted	adopt	VERB
arjefm-1061	125	4	the	the	DET
arjefm-1061	125	5	autoregressive	autoregressive	ADJ
arjefm-1061	125	6	distributed	distribute	VERB
arjefm-1061	125	7	lag	lag	NOUN
arjefm-1061	125	8	(	(	PUNCT
arjefm-1061	125	9	hereafter	hereafter	ADV
arjefm-1061	125	10	ardl	ardl	NOUN
arjefm-1061	125	11	)	)	PUNCT
arjefm-1061	125	12	bounds	bound	VERB
arjefm-1061	125	13	testing	test	VERB
arjefm-1061	125	14	approach	approach	NOUN
arjefm-1061	125	15	(	(	PUNCT
arjefm-1061	125	16	pesaran	pesaran	NOUN
arjefm-1061	125	17	et	et	PROPN
arjefm-1061	125	18	al	al	PROPN
arjefm-1061	125	19	.	.	PROPN
arjefm-1061	125	20	,	,	PUNCT
arjefm-1061	125	21	2001	2001	NUM
arjefm-1061	125	22	)	)	PUNCT
arjefm-1061	125	23	for	for	ADP
arjefm-1061	125	24	the	the	DET
arjefm-1061	125	25	analysis	analysis	NOUN
arjefm-1061	125	26	of	of	ADP
arjefm-1061	125	27	the	the	DET
arjefm-1061	125	28	data	datum	NOUN
arjefm-1061	125	29	in	in	ADP
arjefm-1061	125	30	nigeria	nigeria	PROPN
arjefm-1061	125	31	.	.	PUNCT
arjefm-1061	126	1	one	one	NUM
arjefm-1061	126	2	of	of	ADP
arjefm-1061	126	3	the	the	DET
arjefm-1061	126	4	advantages	advantage	NOUN
arjefm-1061	126	5	of	of	ADP
arjefm-1061	126	6	the	the	DET
arjefm-1061	126	7	ardl	ardl	NOUN
arjefm-1061	126	8	model	model	NOUN
arjefm-1061	126	9	,	,	PUNCT
arjefm-1061	126	10	according	accord	VERB
arjefm-1061	126	11	to	to	ADP
arjefm-1061	126	12	(	(	PUNCT
arjefm-1061	126	13	iyoboyi	iyoboyi	PROPN
arjefm-1061	126	14	,	,	PUNCT
arjefm-1061	126	15	okereke	okereke	ADJ
arjefm-1061	126	16	&	&	CCONJ
arjefm-1061	126	17	musa	musa	PROPN
arjefm-1061	126	18	-	-	PUNCT
arjefm-1061	126	19	pedro	pedro	PROPN
arjefm-1061	126	20	,	,	PUNCT
arjefm-1061	126	21	2018	2018	NUM
arjefm-1061	126	22	)	)	PUNCT
arjefm-1061	126	23	is	be	AUX
arjefm-1061	126	24	that	that	SCONJ
arjefm-1061	126	25	it	it	PRON
arjefm-1061	126	26	does	do	AUX
arjefm-1061	126	27	not	not	PART
arjefm-1061	126	28	require	require	VERB
arjefm-1061	126	29	pre	pre	ADJ
arjefm-1061	126	30	-	-	ADJ
arjefm-1061	126	31	testing	test	VERB
arjefm-1061	126	32	the	the	DET
arjefm-1061	126	33	variables	variable	NOUN
arjefm-1061	126	34	.	.	PUNCT
arjefm-1061	127	1	however	however	ADV
arjefm-1061	127	2	,	,	PUNCT
arjefm-1061	127	3	it	it	PRON
arjefm-1061	127	4	is	be	AUX
arjefm-1061	127	5	important	important	ADJ
arjefm-1061	127	6	to	to	PART
arjefm-1061	127	7	make	make	VERB
arjefm-1061	127	8	sure	sure	ADJ
arjefm-1061	127	9	that	that	SCONJ
arjefm-1061	127	10	the	the	DET
arjefm-1061	127	11	variables	variable	NOUN
arjefm-1061	127	12	are	be	AUX
arjefm-1061	127	13	not	not	PART
arjefm-1061	127	14	integrated	integrate	VERB
arjefm-1061	127	15	of	of	ADP
arjefm-1061	127	16	order	order	NOUN
arjefm-1061	127	17	2	2	NUM
arjefm-1061	127	18	,	,	PUNCT
arjefm-1061	127	19	which	which	PRON
arjefm-1061	127	20	violates	violate	VERB
arjefm-1061	127	21	the	the	DET
arjefm-1061	127	22	use	use	NOUN
arjefm-1061	127	23	of	of	ADP
arjefm-1061	127	24	the	the	DET
arjefm-1061	127	25	ardl	ardl	NOUN
arjefm-1061	127	26	technique	technique	NOUN
arjefm-1061	127	27	,	,	PUNCT
arjefm-1061	127	28	(	(	PUNCT
arjefm-1061	127	29	iyoboyi	iyoboyi	PROPN
arjefm-1061	127	30	,	,	PUNCT
arjefm-1061	127	31	okereke	okereke	PROPN
arjefm-1061	127	32	&	&	CCONJ
arjefm-1061	127	33	musa	musa	PROPN
arjefm-1061	127	34	-	-	PUNCT
arjefm-1061	127	35	pedro	pedro	PROPN
arjefm-1061	127	36	,	,	PUNCT
arjefm-1061	127	37	2018	2018	NUM
arjefm-1061	127	38	)	)	PUNCT
arjefm-1061	127	39	.	.	PUNCT
arjefm-1061	128	1	this	this	PRON
arjefm-1061	128	2	necessitated	necessitate	VERB
arjefm-1061	128	3	the	the	DET
arjefm-1061	128	4	test	test	NOUN
arjefm-1061	128	5	for	for	ADP
arjefm-1061	128	6	stationarity	stationarity	NOUN
arjefm-1061	128	7	of	of	ADP
arjefm-1061	128	8	the	the	DET
arjefm-1061	128	9	series	series	NOUN
arjefm-1061	128	10	using	use	VERB
arjefm-1061	128	11	the	the	DET
arjefm-1061	128	12	augmented	augment	VERB
arjefm-1061	128	13	dickey	dickey	PROPN
arjefm-1061	128	14	fuller	full	ADJ
arjefm-1061	128	15	(	(	PUNCT
arjefm-1061	128	16	adf	adf	NOUN
arjefm-1061	128	17	)	)	PUNCT
arjefm-1061	128	18	.	.	PUNCT
arjefm-1061	129	1	thus	thus	ADV
arjefm-1061	129	2	,	,	PUNCT
arjefm-1061	129	3	the	the	DET
arjefm-1061	129	4	ardl	ardl	NOUN
arjefm-1061	129	5	model	model	NOUN
arjefm-1061	129	6	of	of	ADP
arjefm-1061	129	7	the	the	DET
arjefm-1061	129	8	specification	specification	NOUN
arjefm-1061	129	9	in	in	ADP
arjefm-1061	129	10	equation	equation	NOUN
arjefm-1061	129	11	1	1	NUM
arjefm-1061	129	12	is	be	AUX
arjefm-1061	129	13	presented	present	VERB
arjefm-1061	129	14	as	as	SCONJ
arjefm-1061	129	15	follows	follow	VERB
arjefm-1061	129	16	:	:	PUNCT
arjefm-1061	129	17	∆bdeft	∆bdeft	ADV
arjefm-1061	129	18	=	=	SYM
arjefm-1061	129	19	β0	β0	PROPN
arjefm-1061	130	1	+	+	CCONJ
arjefm-1061	130	2			PROPN
arjefm-1061	131	1			NUM
arjefm-1061	132	1	n	n	CCONJ
arjefm-1061	132	2	i	i	PROPN
arjefm-1061	132	3	1	1	NUM
arjefm-1061	132	4	β1i∆bdeft-1	β1i∆bdeft-1	VERB
arjefm-1061	132	5	+	+	CCONJ
arjefm-1061	132	6			X
arjefm-1061	133	1			NUM
arjefm-1061	134	1	n	n	INTJ
arjefm-1061	134	2	i	i	NOUN
arjefm-1061	134	3	1	1	X
arjefm-1061	134	4	β2i∆excht-1	β2i∆excht-1	VERB
arjefm-1061	135	1	+	+	X
arjefm-1061	135	2			X
arjefm-1061	135	3			NUM
arjefm-1061	135	4	n	n	INTJ
arjefm-1061	135	5	i	i	PRON
arjefm-1061	135	6	1	1	NUM
arjefm-1061	135	7	β3i∆topt-1	β3i∆topt-1	VERB
arjefm-1061	135	8	+	+	NUM
arjefm-1061	135	9			X
arjefm-1061	136	1			NUM
arjefm-1061	136	2	n	n	CCONJ
arjefm-1061	136	3	i	i	PROPN
arjefm-1061	136	4	1	1	NUM
arjefm-1061	136	5	β4i∆gdpgrt-1	β4i∆gdpgrt-1	VERB
arjefm-1061	136	6	+	+	NUM
arjefm-1061	136	7	β5idumt+	β5idumt+	ADJ
arjefm-1061	136	8	µ	µ	X
arjefm-1061	136	9	(	(	PUNCT
arjefm-1061	136	10	2	2	NUM
arjefm-1061	136	11	)	)	PUNCT
arjefm-1061	136	12	where	where	SCONJ
arjefm-1061	136	13	n	n	PRON
arjefm-1061	136	14	is	be	AUX
arjefm-1061	136	15	the	the	DET
arjefm-1061	136	16	lag	lag	NOUN
arjefm-1061	136	17	length	length	NOUN
arjefm-1061	136	18	.	.	PUNCT
arjefm-1061	137	1	the	the	DET
arjefm-1061	137	2	unrestricted	unrestricted	ADJ
arjefm-1061	137	3	error	error	NOUN
arjefm-1061	137	4	correction	correction	NOUN
arjefm-1061	137	5	model	model	NOUN
arjefm-1061	137	6	arising	arise	VERB
arjefm-1061	137	7	from	from	ADP
arjefm-1061	137	8	equation	equation	NOUN
arjefm-1061	137	9	2	2	NUM
arjefm-1061	137	10	is	be	AUX
arjefm-1061	137	11	specified	specify	VERB
arjefm-1061	137	12	as	as	SCONJ
arjefm-1061	137	13	follows	follow	VERB
arjefm-1061	137	14	:	:	PUNCT
arjefm-1061	137	15	∆bdeft	∆bdeft	ADV
arjefm-1061	138	1	=	=	SYM
arjefm-1061	138	2	β0	β0	PROPN
arjefm-1061	139	1	+	+	CCONJ
arjefm-1061	139	2			PROPN
arjefm-1061	140	1			NUM
arjefm-1061	141	1	n	n	CCONJ
arjefm-1061	141	2	i	i	PROPN
arjefm-1061	141	3	1	1	NUM
arjefm-1061	141	4	β1i∆bdeft-1	β1i∆bdeft-1	VERB
arjefm-1061	141	5	+	+	CCONJ
arjefm-1061	141	6			X
arjefm-1061	142	1			NUM
arjefm-1061	143	1	n	n	INTJ
arjefm-1061	143	2	i	i	NOUN
arjefm-1061	143	3	1	1	X
arjefm-1061	143	4	β2i∆excht-1	β2i∆excht-1	VERB
arjefm-1061	144	1	+	+	X
arjefm-1061	144	2			X
arjefm-1061	144	3			NUM
arjefm-1061	144	4	n	n	INTJ
arjefm-1061	144	5	i	i	PRON
arjefm-1061	144	6	1	1	NUM
arjefm-1061	144	7	β3i∆topt-1	β3i∆topt-1	VERB
arjefm-1061	144	8	+	+	NUM
arjefm-1061	144	9			X
arjefm-1061	145	1			NUM
arjefm-1061	145	2	n	n	CCONJ
arjefm-1061	145	3	i	i	PROPN
arjefm-1061	145	4	1	1	NUM
arjefm-1061	145	5	β4i∆gdpgrt-1	β4i∆gdpgrt-1	VERB
arjefm-1061	145	6	+	+	NUM
arjefm-1061	145	7	β5idumt+	β5idumt+	ADJ
arjefm-1061	145	8	δ1bdeft-1	δ1bdeft-1	X
arjefm-1061	146	1	+	+	CCONJ
arjefm-1061	146	2	δ2excht-1	δ2excht-1	VERB
arjefm-1061	146	3	+	+	CCONJ
arjefm-1061	146	4	δ3topt-1	δ3topt-1	ADJ
arjefm-1061	146	5	+	+	CCONJ
arjefm-1061	146	6	δ4gdpgrt-1	δ4gdpgrt-1	X
arjefm-1061	146	7	+	+	CCONJ
arjefm-1061	146	8	β6ecmt-1	β6ecmt-1	PROPN
arjefm-1061	146	9	+	+	NUM
arjefm-1061	146	10	µ	µ	X
arjefm-1061	146	11	(	(	PUNCT
arjefm-1061	146	12	3	3	NUM
arjefm-1061	146	13	)	)	PUNCT
arjefm-1061	146	14	where	where	SCONJ
arjefm-1061	146	15	the	the	DET
arjefm-1061	146	16	parameters	parameter	NOUN
arjefm-1061	146	17	βi	βi	X
arjefm-1061	146	18	=	=	SYM
arjefm-1061	146	19	1	1	NUM
arjefm-1061	146	20	,	,	PUNCT
arjefm-1061	146	21	2,	2,	NUM
arjefm-1061	146	22	…	…	NUM
arjefm-1061	146	23	,4	,4	PUNCT
arjefm-1061	146	24	are	be	AUX
arjefm-1061	146	25	the	the	DET
arjefm-1061	146	26	short	short	ADJ
arjefm-1061	146	27	-	-	PUNCT
arjefm-1061	146	28	run	run	VERB
arjefm-1061	146	29	dynamic	dynamic	ADJ
arjefm-1061	146	30	coefficients	coefficient	NOUN
arjefm-1061	146	31	,	,	PUNCT
arjefm-1061	146	32	the	the	DET
arjefm-1061	146	33	parameters	parameter	NOUN
arjefm-1061	146	34	δi	δi	VERB
arjefm-1061	146	35	=	=	SYM
arjefm-1061	146	36	1	1	NUM
arjefm-1061	146	37	,	,	PUNCT
arjefm-1061	146	38	2	2	NUM
arjefm-1061	146	39	,	,	PUNCT
arjefm-1061	146	40	…	…	PUNCT
arjefm-1061	146	41	,	,	PUNCT
arjefm-1061	146	42	4	4	NUM
arjefm-1061	146	43	are	be	AUX
arjefm-1061	146	44	the	the	DET
arjefm-1061	146	45	long	long	ADV
arjefm-1061	146	46	-	-	PUNCT
arjefm-1061	146	47	run	run	NOUN
arjefm-1061	146	48	multipliers	multiplier	NOUN
arjefm-1061	146	49	,	,	PUNCT
arjefm-1061	146	50	and	and	CCONJ
arjefm-1061	146	51	ecm	ecm	NOUN
arjefm-1061	146	52	denotes	denote	VERB
arjefm-1061	146	53	the	the	DET
arjefm-1061	146	54	speed	speed	NOUN
arjefm-1061	146	55	of	of	ADP
arjefm-1061	146	56	adjustment	adjustment	NOUN
arjefm-1061	146	57	.	.	PUNCT
arjefm-1061	147	1	the	the	DET
arjefm-1061	147	2	tests	test	NOUN
arjefm-1061	147	3	confirming	confirm	VERB
arjefm-1061	147	4	the	the	DET
arjefm-1061	147	5	reliability	reliability	NOUN
arjefm-1061	147	6	of	of	ADP
arjefm-1061	147	7	the	the	DET
arjefm-1061	147	8	estimations	estimation	NOUN
arjefm-1061	147	9	in	in	ADP
arjefm-1061	147	10	the	the	DET
arjefm-1061	147	11	study	study	NOUN
arjefm-1061	147	12	include	include	VERB
arjefm-1061	147	13	the	the	DET
arjefm-1061	147	14	goodness	goodness	NOUN
arjefm-1061	147	15	-	-	PUNCT
arjefm-1061	147	16	of	of	ADP
arjefm-1061	147	17	-	-	PUNCT
arjefm-1061	147	18	fit	fit	NOUN
arjefm-1061	147	19	,	,	PUNCT
arjefm-1061	147	20	the	the	DET
arjefm-1061	147	21	joint	joint	ADJ
arjefm-1061	147	22	significance	significance	NOUN
arjefm-1061	147	23	of	of	ADP
arjefm-1061	147	24	the	the	DET
arjefm-1061	147	25	independent	independent	ADJ
arjefm-1061	147	26	variables	variable	NOUN
arjefm-1061	147	27	,	,	PUNCT
arjefm-1061	147	28	serial	serial	ADJ
arjefm-1061	147	29	correlation	correlation	NOUN
arjefm-1061	147	30	,	,	PUNCT
arjefm-1061	147	31	and	and	CCONJ
arjefm-1061	147	32	tests	test	NOUN
arjefm-1061	147	33	for	for	ADP
arjefm-1061	147	34	heteroskedasticity	heteroskedasticity	NOUN
arjefm-1061	147	35	,	,	PUNCT
arjefm-1061	147	36	specification	specification	NOUN
arjefm-1061	147	37	error	error	NOUN
arjefm-1061	147	38	(	(	PUNCT
arjefm-1061	147	39	bias	bias	NOUN
arjefm-1061	147	40	)	)	PUNCT
arjefm-1061	147	41	,	,	PUNCT
arjefm-1061	147	42	and	and	CCONJ
arjefm-1061	147	43	stability	stability	NOUN
arjefm-1061	147	44	.	.	PUNCT
arjefm-1061	148	1	4	4	X
arjefm-1061	148	2	.	.	NOUN
arjefm-1061	148	3	results	result	NOUN
arjefm-1061	148	4	and	and	CCONJ
arjefm-1061	148	5	discussion	discussion	NOUN
arjefm-1061	148	6	table	table	NOUN
arjefm-1061	148	7	1	1	NUM
arjefm-1061	148	8	:	:	PUNCT
arjefm-1061	148	9	unit	unit	NOUN
arjefm-1061	148	10	root	root	PROPN
arjefm-1061	148	11	test	test	PROPN
arjefm-1061	148	12	results	result	NOUN
arjefm-1061	148	13	source	source	NOUN
arjefm-1061	148	14	:	:	PUNCT
arjefm-1061	148	15	authors	author	NOUN
arjefm-1061	148	16	’	'	PUNCT
arjefm-1061	148	17	computations	computation	NOUN
arjefm-1061	148	18	variables	variable	NOUN
arjefm-1061	148	19	augmented	augment	VERB
arjefm-1061	148	20	dickey	dickey	PROPN
arjefm-1061	148	21	fuller	full	ADJ
arjefm-1061	148	22	phillips	phillips	PROPN
arjefm-1061	148	23	perron	perron	PROPN
arjefm-1061	148	24	levels	levels	PROPN
arjefm-1061	148	25	test	test	NOUN
arjefm-1061	148	26	stat	stat	NOUN
arjefm-1061	148	27	.	.	PUNCT
arjefm-1061	149	1	5	5	NUM
arjefm-1061	149	2	%	%	NOUN
arjefm-1061	149	3	critical	critical	ADJ
arjefm-1061	149	4	values	value	NOUN
arjefm-1061	149	5	test	test	NOUN
arjefm-1061	149	6	stat	stat	NOUN
arjefm-1061	149	7	.	.	PUNCT
arjefm-1061	150	1	5	5	NUM
arjefm-1061	150	2	%	%	NOUN
arjefm-1061	150	3	critical	critical	ADJ
arjefm-1061	150	4	values	value	NOUN
arjefm-1061	150	5	bdeficit	bdeficit	VERB
arjefm-1061	150	6	-1.909574	-1.909574	NOUN
arjefm-1061	150	7	-1.949097	-1.949097	VERB
arjefm-1061	150	8	-1.913185	-1.913185	PROPN
arjefm-1061	151	1	-1.949097	-1.949097	PROPN
arjefm-1061	152	1	exch	exch	PROPN
arjefm-1061	152	2	4.716190	4.716190	NUM
arjefm-1061	152	3	-1.949097	-1.949097	VERB
arjefm-1061	152	4	5.211985	5.211985	NUM
arjefm-1061	152	5	-1.949097	-1.949097	NOUN
arjefm-1061	152	6	openes	opene	NOUN
arjefm-1061	152	7	-2.397300	-2.397300	PROPN
arjefm-1061	152	8	-2.935001	-2.935001	PROPN
arjefm-1061	152	9	-2.397300	-2.397300	PROPN
arjefm-1061	152	10	-2.935001	-2.935001	PROPN
arjefm-1061	152	11	gdpgr	gdpgr	PROPN
arjefm-1061	152	12	-3.203694	-3.203694	PROPN
arjefm-1061	152	13	-2.936942	-2.936942	PROPN
arjefm-1061	152	14	-4.333019	-4.333019	PUNCT
arjefm-1061	153	1	-2.935001	-2.935001	PROPN
arjefm-1061	153	2	1st	1st	ADJ
arjefm-1061	153	3	difference	difference	NOUN
arjefm-1061	153	4	δbdeficit	δbdeficit	ADJ
arjefm-1061	153	5	-7.010574	-7.010574	NOUN
arjefm-1061	153	6	-1.949319	-1.949319	PROPN
arjefm-1061	153	7	-6.978945	-6.978945	PROPN
arjefm-1061	153	8	-1.949319	-1.949319	PROPN
arjefm-1061	153	9	δexch	δexch	PROPN
arjefm-1061	153	10	-4.211353	-4.211353	PROPN
arjefm-1061	153	11	-2.936942	-2.936942	PROPN
arjefm-1061	153	12	-4.125444	-4.125444	PROPN
arjefm-1061	153	13	-2.936942	-2.936942	PROPN
arjefm-1061	153	14	δopenes	δopene	NOUN
arjefm-1061	153	15	-5.148831	-5.148831	X
arjefm-1061	153	16	-3.557759	-3.557759	PROPN
arjefm-1061	153	17	-9.268690	-9.268690	PROPN
arjefm-1061	153	18	-1.949319	-1.949319	PROPN
arjefm-1061	154	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	154	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	155	1	american	american	PROPN
arjefm-1061	155	2	research	research	PROPN
arjefm-1061	155	3	journal	journal	PROPN
arjefm-1061	155	4	of	of	ADP
arjefm-1061	155	5	economics	economic	NOUN
arjefm-1061	155	6	,	,	PUNCT
arjefm-1061	155	7	finance	finance	NOUN
arjefm-1061	155	8	and	and	CCONJ
arjefm-1061	155	9	management	management	NOUN
arjefm-1061	155	10	volume	volume	NOUN
arjefm-1061	155	11	12	12	NUM
arjefm-1061	155	12	issue	issue	NOUN
arjefm-1061	155	13	2	2	NUM
arjefm-1061	155	14	,	,	PUNCT
arjefm-1061	155	15	april	april	PROPN
arjefm-1061	155	16	-	-	PUNCT
arjefm-1061	155	17	june	june	PROPN
arjefm-1061	155	18	2024	2024	NUM
arjefm-1061	155	19	issn	issn	PROPN
arjefm-1061	155	20	:	:	PUNCT
arjefm-1061	155	21	2836	2836	NUM
arjefm-1061	155	22	-	-	SYM
arjefm-1061	155	23	9416	9416	NUM
arjefm-1061	155	24	impact	impact	NOUN
arjefm-1061	155	25	factor	factor	NOUN
arjefm-1061	155	26	:	:	PUNCT
arjefm-1061	155	27	5.57	5.57	NUM
arjefm-1061	155	28	journal	journal	NOUN
arjefm-1061	155	29	homepage	homepage	NOUN
arjefm-1061	155	30	:	:	PUNCT
arjefm-1061	155	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	155	32	,	,	PUNCT
arjefm-1061	155	33	email	email	NOUN
arjefm-1061	155	34	:	:	PUNCT
arjefm-1061	156	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	156	2	official	official	ADJ
arjefm-1061	156	3	journal	journal	PROPN
arjefm-1061	156	4	of	of	ADP
arjefm-1061	156	5	america	america	PROPN
arjefm-1061	156	6	serial	serial	PROPN
arjefm-1061	156	7	publication	publication	NOUN
arjefm-1061	156	8	american	american	PROPN
arjefm-1061	156	9	research	research	PROPN
arjefm-1061	156	10	journal	journal	PROPN
arjefm-1061	156	11	of	of	ADP
arjefm-1061	156	12	economics	economic	NOUN
arjefm-1061	156	13	,	,	PUNCT
arjefm-1061	156	14	finance	finance	NOUN
arjefm-1061	156	15	and	and	CCONJ
arjefm-1061	156	16	management	management	NOUN
arjefm-1061	156	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	156	18	,	,	PUNCT
arjefm-1061	156	19	email	email	NOUN
arjefm-1061	156	20	:	:	PUNCT
arjefm-1061	156	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	156	22	8	8	NUM
arjefm-1061	157	1	|	|	ADV
arjefm-1061	157	2	p	p	X
arjefm-1061	157	3	a	a	DET
arjefm-1061	157	4	g	g	NOUN
arjefm-1061	157	5	e	e	NOUN
arjefm-1061	157	6	from	from	ADP
arjefm-1061	157	7	table	table	NOUN
arjefm-1061	157	8	1	1	NUM
arjefm-1061	157	9	,	,	PUNCT
arjefm-1061	157	10	the	the	DET
arjefm-1061	157	11	hypothesis	hypothesis	NOUN
arjefm-1061	157	12	of	of	ADP
arjefm-1061	157	13	no	no	DET
arjefm-1061	157	14	unit	unit	NOUN
arjefm-1061	157	15	root	root	NOUN
arjefm-1061	157	16	is	be	AUX
arjefm-1061	157	17	rejected	reject	VERB
arjefm-1061	157	18	for	for	ADP
arjefm-1061	157	19	budget	budget	NOUN
arjefm-1061	157	20	deficit	deficit	NOUN
arjefm-1061	157	21	,	,	PUNCT
arjefm-1061	157	22	exchange	exchange	NOUN
arjefm-1061	157	23	rate	rate	NOUN
arjefm-1061	157	24	,	,	PUNCT
arjefm-1061	157	25	and	and	CCONJ
arjefm-1061	157	26	trade	trade	NOUN
arjefm-1061	157	27	openness	openness	NOUN
arjefm-1061	157	28	at	at	ADP
arjefm-1061	157	29	levels	level	NOUN
arjefm-1061	157	30	but	but	CCONJ
arjefm-1061	157	31	accepted	accept	VERB
arjefm-1061	157	32	for	for	ADP
arjefm-1061	157	33	growth	growth	NOUN
arjefm-1061	157	34	rate	rate	NOUN
arjefm-1061	157	35	of	of	ADP
arjefm-1061	157	36	gdp	gdp	NOUN
arjefm-1061	157	37	.	.	PUNCT
arjefm-1061	158	1	thus	thus	ADV
arjefm-1061	158	2	,	,	PUNCT
arjefm-1061	158	3	budget	budget	NOUN
arjefm-1061	158	4	deficit	deficit	NOUN
arjefm-1061	158	5	,	,	PUNCT
arjefm-1061	158	6	exchange	exchange	NOUN
arjefm-1061	158	7	rate	rate	NOUN
arjefm-1061	158	8	,	,	PUNCT
arjefm-1061	158	9	and	and	CCONJ
arjefm-1061	158	10	trade	trade	NOUN
arjefm-1061	158	11	openness	openness	NOUN
arjefm-1061	158	12	have	have	VERB
arjefm-1061	158	13	a	a	DET
arjefm-1061	158	14	unit	unit	NOUN
arjefm-1061	158	15	root	root	NOUN
arjefm-1061	158	16	using	use	VERB
arjefm-1061	158	17	both	both	CCONJ
arjefm-1061	158	18	the	the	DET
arjefm-1061	158	19	adf	adf	PROPN
arjefm-1061	158	20	and	and	CCONJ
arjefm-1061	158	21	pp	pp	PROPN
arjefm-1061	158	22	unit	unit	NOUN
arjefm-1061	158	23	root	root	NOUN
arjefm-1061	158	24	test	test	NOUN
arjefm-1061	158	25	techniques	technique	NOUN
arjefm-1061	158	26	and	and	CCONJ
arjefm-1061	158	27	thus	thus	ADV
arjefm-1061	158	28	are	be	AUX
arjefm-1061	158	29	integrated	integrate	VERB
arjefm-1061	158	30	of	of	ADP
arjefm-1061	158	31	order	order	NOUN
arjefm-1061	158	32	1	1	X
arjefm-1061	158	33	.	.	PUNCT
arjefm-1061	159	1	this	this	PRON
arjefm-1061	159	2	implies	imply	VERB
arjefm-1061	159	3	that	that	SCONJ
arjefm-1061	159	4	budget	budget	NOUN
arjefm-1061	159	5	deficit	deficit	NOUN
arjefm-1061	159	6	,	,	PUNCT
arjefm-1061	159	7	exchange	exchange	NOUN
arjefm-1061	159	8	rate	rate	NOUN
arjefm-1061	159	9	,	,	PUNCT
arjefm-1061	159	10	and	and	CCONJ
arjefm-1061	159	11	trade	trade	NOUN
arjefm-1061	159	12	openness	openness	NOUN
arjefm-1061	159	13	are	be	AUX
arjefm-1061	159	14	i(1	i(1	NOUN
arjefm-1061	159	15	)	)	PUNCT
arjefm-1061	159	16	variables	variable	NOUN
arjefm-1061	159	17	while	while	SCONJ
arjefm-1061	159	18	growth	growth	NOUN
arjefm-1061	159	19	rate	rate	NOUN
arjefm-1061	159	20	of	of	ADP
arjefm-1061	159	21	gdp	gdp	NOUN
arjefm-1061	159	22	is	be	AUX
arjefm-1061	159	23	i(0	i(0	PROPN
arjefm-1061	159	24	)	)	PUNCT
arjefm-1061	159	25	variable	variable	NOUN
arjefm-1061	159	26	,	,	PUNCT
arjefm-1061	159	27	which	which	PRON
arjefm-1061	159	28	necessitated	necessitate	VERB
arjefm-1061	159	29	the	the	DET
arjefm-1061	159	30	adoption	adoption	NOUN
arjefm-1061	159	31	of	of	ADP
arjefm-1061	159	32	the	the	DET
arjefm-1061	159	33	ardl	ardl	NOUN
arjefm-1061	159	34	technique	technique	NOUN
arjefm-1061	159	35	and	and	CCONJ
arjefm-1061	159	36	the	the	DET
arjefm-1061	159	37	bound	bound	ADJ
arjefm-1061	159	38	test	test	NOUN
arjefm-1061	159	39	for	for	ADP
arjefm-1061	159	40	cointegration	cointegration	NOUN
arjefm-1061	159	41	.	.	PUNCT
arjefm-1061	160	1	to	to	PART
arjefm-1061	160	2	avoid	avoid	VERB
arjefm-1061	160	3	spurious	spurious	ADJ
arjefm-1061	160	4	regression	regression	NOUN
arjefm-1061	160	5	,	,	PUNCT
arjefm-1061	160	6	the	the	DET
arjefm-1061	160	7	test	test	NOUN
arjefm-1061	160	8	of	of	ADP
arjefm-1061	160	9	cointegration	cointegration	NOUN
arjefm-1061	160	10	was	be	AUX
arjefm-1061	160	11	conducted	conduct	VERB
arjefm-1061	160	12	and	and	CCONJ
arjefm-1061	160	13	the	the	DET
arjefm-1061	160	14	results	result	NOUN
arjefm-1061	160	15	shown	show	VERB
arjefm-1061	160	16	in	in	ADP
arjefm-1061	160	17	table	table	NOUN
arjefm-1061	160	18	2	2	NUM
arjefm-1061	160	19	.	.	PUNCT
arjefm-1061	160	20	table	table	NOUN
arjefm-1061	160	21	2	2	NUM
arjefm-1061	160	22	:	:	PUNCT
arjefm-1061	160	23	cointegration	cointegration	NOUN
arjefm-1061	160	24	test	test	NOUN
arjefm-1061	160	25	result	result	PROPN
arjefm-1061	160	26	test	test	NOUN
arjefm-1061	160	27	statistics	statistic	NOUN
arjefm-1061	160	28	value	value	NOUN
arjefm-1061	161	1	k	k	PROPN
arjefm-1061	161	2	f	f	X
arjefm-1061	161	3	-	-	PUNCT
arjefm-1061	161	4	statistics	statistic	VERB
arjefm-1061	161	5	4.543206	4.543206	NUM
arjefm-1061	161	6	3	3	NUM
arjefm-1061	161	7	critical	critical	ADJ
arjefm-1061	161	8	bound	bind	VERB
arjefm-1061	161	9	values	value	NOUN
arjefm-1061	161	10	significance	significance	NOUN
arjefm-1061	161	11	(	(	PUNCT
arjefm-1061	161	12	%	%	INTJ
arjefm-1061	161	13	)	)	PUNCT
arjefm-1061	161	14	lower	low	ADJ
arjefm-1061	161	15	bound	bind	VERB
arjefm-1061	161	16	upper	upper	ADJ
arjefm-1061	161	17	bound	bind	VERB
arjefm-1061	161	18	10	10	NUM
arjefm-1061	161	19	2.37	2.37	NUM
arjefm-1061	161	20	3.2	3.2	NUM
arjefm-1061	161	21	5	5	NUM
arjefm-1061	161	22	2.79	2.79	NUM
arjefm-1061	161	23	3.67	3.67	NUM
arjefm-1061	161	24	1	1	NUM
arjefm-1061	161	25	3.65	3.65	NUM
arjefm-1061	161	26	4.66	4.66	NUM
arjefm-1061	161	27	source	source	NOUN
arjefm-1061	161	28	:	:	PUNCT
arjefm-1061	161	29	authors	author	NOUN
arjefm-1061	161	30	’	'	PUNCT
arjefm-1061	161	31	computations	computation	VERB
arjefm-1061	161	32	the	the	DET
arjefm-1061	161	33	hypothesis	hypothesis	NOUN
arjefm-1061	161	34	of	of	ADP
arjefm-1061	161	35	no	no	DET
arjefm-1061	161	36	cointegration	cointegration	NOUN
arjefm-1061	161	37	is	be	AUX
arjefm-1061	161	38	strongly	strongly	ADV
arjefm-1061	161	39	rejected	reject	VERB
arjefm-1061	161	40	for	for	ADP
arjefm-1061	161	41	the	the	DET
arjefm-1061	161	42	series	series	NOUN
arjefm-1061	161	43	as	as	SCONJ
arjefm-1061	161	44	shown	show	VERB
arjefm-1061	161	45	from	from	ADP
arjefm-1061	161	46	from	from	ADP
arjefm-1061	161	47	table	table	NOUN
arjefm-1061	161	48	2	2	NUM
arjefm-1061	161	49	;	;	PUNCT
arjefm-1061	161	50	the	the	DET
arjefm-1061	161	51	computed	computed	ADJ
arjefm-1061	161	52	f	f	PROPN
arjefm-1061	161	53	-	-	PUNCT
arjefm-1061	161	54	statistics	statistic	NOUN
arjefm-1061	161	55	(	(	PUNCT
arjefm-1061	161	56	4.54	4.54	NUM
arjefm-1061	161	57	)	)	PUNCT
arjefm-1061	161	58	is	be	AUX
arjefm-1061	161	59	higher	high	ADJ
arjefm-1061	161	60	than	than	ADP
arjefm-1061	161	61	the	the	DET
arjefm-1061	161	62	upper	upper	ADJ
arjefm-1061	161	63	bounds	bound	NOUN
arjefm-1061	161	64	of	of	ADP
arjefm-1061	161	65	the	the	DET
arjefm-1061	161	66	critical	critical	ADJ
arjefm-1061	161	67	values	value	NOUN
arjefm-1061	161	68	at	at	ADP
arjefm-1061	161	69	the	the	DET
arjefm-1061	161	70	5	5	NUM
arjefm-1061	161	71	%	%	NOUN
arjefm-1061	161	72	level	level	NOUN
arjefm-1061	161	73	of	of	ADP
arjefm-1061	161	74	significance	significance	NOUN
arjefm-1061	161	75	,	,	PUNCT
arjefm-1061	161	76	respectively	respectively	ADV
arjefm-1061	161	77	.	.	PUNCT
arjefm-1061	162	1	the	the	DET
arjefm-1061	162	2	results	result	NOUN
arjefm-1061	162	3	suggest	suggest	VERB
arjefm-1061	162	4	that	that	SCONJ
arjefm-1061	162	5	there	there	PRON
arjefm-1061	162	6	exists	exist	VERB
arjefm-1061	162	7	a	a	DET
arjefm-1061	162	8	long	long	ADV
arjefm-1061	162	9	-	-	PUNCT
arjefm-1061	162	10	run	run	NOUN
arjefm-1061	162	11	relationship	relationship	NOUN
arjefm-1061	162	12	between	between	ADP
arjefm-1061	162	13	budget	budget	NOUN
arjefm-1061	162	14	deficit	deficit	NOUN
arjefm-1061	162	15	and	and	CCONJ
arjefm-1061	162	16	the	the	DET
arjefm-1061	162	17	independent	independent	ADJ
arjefm-1061	162	18	variables	variable	NOUN
arjefm-1061	162	19	employed	employ	VERB
arjefm-1061	162	20	in	in	ADP
arjefm-1061	162	21	the	the	DET
arjefm-1061	162	22	study	study	NOUN
arjefm-1061	162	23	.	.	PUNCT
arjefm-1061	163	1	thus	thus	ADV
arjefm-1061	163	2	,	,	PUNCT
arjefm-1061	163	3	the	the	DET
arjefm-1061	163	4	bound	bind	VERB
arjefm-1061	163	5	test	test	NOUN
arjefm-1061	163	6	indicates	indicate	VERB
arjefm-1061	163	7	a	a	DET
arjefm-1061	163	8	long	long	ADV
arjefm-1061	163	9	-	-	PUNCT
arjefm-1061	163	10	run	run	VERB
arjefm-1061	163	11	equilibrium	equilibrium	NOUN
arjefm-1061	163	12	relationship	relationship	NOUN
arjefm-1061	163	13	.	.	PUNCT
arjefm-1061	164	1	the	the	DET
arjefm-1061	164	2	estimated	estimate	VERB
arjefm-1061	164	3	short	short	ADJ
arjefm-1061	164	4	-	-	PUNCT
arjefm-1061	164	5	run	run	NOUN
arjefm-1061	164	6	effect	effect	NOUN
arjefm-1061	164	7	of	of	ADP
arjefm-1061	164	8	adopting	adopt	VERB
arjefm-1061	164	9	the	the	DET
arjefm-1061	164	10	official	official	ADJ
arjefm-1061	164	11	exchange	exchange	NOUN
arjefm-1061	164	12	rate	rate	NOUN
arjefm-1061	164	13	as	as	ADP
arjefm-1061	164	14	a	a	DET
arjefm-1061	164	15	unified	unified	ADJ
arjefm-1061	164	16	one	one	NOUN
arjefm-1061	164	17	and	and	CCONJ
arjefm-1061	164	18	other	other	ADJ
arjefm-1061	164	19	independent	independent	ADJ
arjefm-1061	164	20	variables	variable	NOUN
arjefm-1061	164	21	on	on	ADP
arjefm-1061	164	22	budget	budget	NOUN
arjefm-1061	164	23	deficit	deficit	NOUN
arjefm-1061	164	24	is	be	AUX
arjefm-1061	164	25	presented	present	VERB
arjefm-1061	164	26	in	in	ADP
arjefm-1061	164	27	table	table	NOUN
arjefm-1061	164	28	3	3	NUM
arjefm-1061	164	29	table	table	NOUN
arjefm-1061	164	30	3	3	NUM
arjefm-1061	164	31	:	:	PUNCT
arjefm-1061	164	32	short	short	ADJ
arjefm-1061	164	33	run	run	NOUN
arjefm-1061	164	34	ardl	ardl	NOUN
arjefm-1061	164	35	estimated	estimate	VERB
arjefm-1061	164	36	coefficients	coefficient	NOUN
arjefm-1061	164	37	variable	variable	ADJ
arjefm-1061	164	38	coefficient	coefficient	NOUN
arjefm-1061	164	39	std	std	NOUN
arjefm-1061	164	40	.	.	NOUN
arjefm-1061	164	41	error	error	NOUN
arjefm-1061	164	42	t	t	NOUN
arjefm-1061	164	43	-	-	PUNCT
arjefm-1061	164	44	statistic	statistic	NOUN
arjefm-1061	164	45	p	p	NOUN
arjefm-1061	164	46	-	-	PUNCT
arjefm-1061	164	47	value	value	NOUN
arjefm-1061	164	48	∆cdef(-1	∆cdef(-1	NUM
arjefm-1061	164	49	)	)	PUNCT
arjefm-1061	164	50	0.548560	0.548560	NUM
arjefm-1061	164	51	*	*	PUNCT
arjefm-1061	165	1	*	*	PUNCT
arjefm-1061	165	2	*	*	PUNCT
arjefm-1061	165	3	0.116536	0.116536	NUM
arjefm-1061	165	4	4.707223	4.707223	NUM
arjefm-1061	165	5	0.0001	0.0001	NUM
arjefm-1061	165	6	∆exch	∆exch	NUM
arjefm-1061	165	7	-0.006075	-0.006075	VERB
arjefm-1061	165	8	0.009123	0.009123	NUM
arjefm-1061	165	9	-0.665840	-0.665840	NOUN
arjefm-1061	166	1	0.5116	0.5116	NUM
arjefm-1061	166	2	∆exch(-1	∆exch(-1	NUM
arjefm-1061	166	3	)	)	PUNCT
arjefm-1061	166	4	0.035947	0.035947	NUM
arjefm-1061	166	5	*	*	PUNCT
arjefm-1061	166	6	*	*	PUNCT
arjefm-1061	166	7	*	*	PUNCT
arjefm-1061	166	8	0.009608	0.009608	NUM
arjefm-1061	166	9	3.741228	3.741228	NUM
arjefm-1061	166	10	0.0010	0.0010	NUM
arjefm-1061	166	11	∆opnes	∆opne	NOUN
arjefm-1061	166	12	-0.074105	-0.074105	NOUN
arjefm-1061	166	13	*	*	PUNCT
arjefm-1061	166	14	*	*	PUNCT
arjefm-1061	166	15	*	*	PUNCT
arjefm-1061	166	16	0.021204	0.021204	NUM
arjefm-1061	166	17	-3.494927	-3.494927	NOUN
arjefm-1061	166	18	0.0018	0.0018	NUM
arjefm-1061	166	19	∆opnes(-1	∆opnes(-1	NUM
arjefm-1061	166	20	)	)	PUNCT
arjefm-1061	166	21	-0.041852	-0.041852	NOUN
arjefm-1061	166	22	*	*	PUNCT
arjefm-1061	166	23	0.021535	0.021535	NUM
arjefm-1061	166	24	-1.943481	-1.943481	NOUN
arjefm-1061	166	25	0.0633	0.0633	NUM
arjefm-1061	166	26	∆opnes(-2	∆opnes(-2	NUM
arjefm-1061	166	27	)	)	PUNCT
arjefm-1061	166	28	-0.062911	-0.062911	NOUN
arjefm-1061	166	29	*	*	PUNCT
arjefm-1061	166	30	*	*	PUNCT
arjefm-1061	166	31	*	*	PUNCT
arjefm-1061	166	32	0.020397	0.020397	NUM
arjefm-1061	166	33	-3.084300	-3.084300	NOUN
arjefm-1061	166	34	0.0049	0.0049	NUM
arjefm-1061	166	35	∆opnes(-3	∆opnes(-3	NUM
arjefm-1061	166	36	)	)	PUNCT
arjefm-1061	166	37	-0.045188	-0.045188	NOUN
arjefm-1061	166	38	*	*	PUNCT
arjefm-1061	167	1	*	*	PROPN
arjefm-1061	168	1	0.019596	0.019596	NUM
arjefm-1061	168	2	-2.305998	-2.305998	NOUN
arjefm-1061	168	3	0.0297	0.0297	NUM
arjefm-1061	168	4	∆gdpgr	∆gdpgr	NUM
arjefm-1061	168	5	0.014112	0.014112	NUM
arjefm-1061	168	6	0.040888	0.040888	NUM
arjefm-1061	168	7	0.345133	0.345133	NUM
arjefm-1061	168	8	0.7329	0.7329	NUM
arjefm-1061	168	9	∆dummy	∆dummy	NUM
arjefm-1061	168	10	-0.847607	-0.847607	NOUN
arjefm-1061	168	11	*	*	PUNCT
arjefm-1061	168	12	*	*	PUNCT
arjefm-1061	168	13	0.295989	0.295989	NUM
arjefm-1061	168	14	-2.863647	-2.863647	X
arjefm-1061	168	15	0.0084	0.0084	NUM
arjefm-1061	168	16	ecm(-1	ecm(-1	ADJ
arjefm-1061	168	17	)	)	PUNCT
arjefm-1061	168	18	-0.451440	-0.451440	NOUN
arjefm-1061	168	19	*	*	PUNCT
arjefm-1061	168	20	*	*	PUNCT
arjefm-1061	168	21	*	*	PUNCT
arjefm-1061	168	22	0.087944	0.087944	NUM
arjefm-1061	168	23	-5.133283	-5.133283	NOUN
arjefm-1061	168	24	0.0000	0.0000	NUM
arjefm-1061	168	25	diagnostics	diagnostic	NOUN
arjefm-1061	168	26	test	test	NOUN
arjefm-1061	168	27	r2	r2	PROPN
arjefm-1061	168	28	0.608346	0.608346	NUM
arjefm-1061	168	29	dw	dw	NOUN
arjefm-1061	168	30	:	:	PUNCT
arjefm-1061	168	31	2.20747	2.20747	NUM
arjefm-1061	168	32	bg	bg	NOUN
arjefm-1061	168	33	lm	lm	PROPN
arjefm-1061	168	34	test	test	NOUN
arjefm-1061	168	35	:	:	PUNCT
arjefm-1061	168	36	1.269827(0.5300	1.269827(0.5300	X
arjefm-1061	168	37	)	)	PUNCT
arjefm-1061	168	38	bpg	bpg	PROPN
arjefm-1061	168	39	test	test	NOUN
arjefm-1061	168	40	:	:	PUNCT
arjefm-1061	168	41	12.41963(0.4126	12.41963(0.4126	X
arjefm-1061	168	42	)	)	PUNCT
arjefm-1061	168	43	j	j	PROPN
arjefm-1061	168	44	-	-	PUNCT
arjefm-1061	168	45	b	b	PROPN
arjefm-1061	168	46	test	test	NOUN
arjefm-1061	168	47	:	:	PUNCT
arjefm-1061	168	48	2.450821	2.450821	NUM
arjefm-1061	168	49	(	(	PUNCT
arjefm-1061	168	50	0.293637	0.293637	NUM
arjefm-1061	168	51	)	)	PUNCT
arjefm-1061	168	52	source	source	NOUN
arjefm-1061	168	53	:	:	PUNCT
arjefm-1061	168	54	authors	author	NOUN
arjefm-1061	168	55	’	'	PUNCT
arjefm-1061	168	56	computations	computation	NOUN
arjefm-1061	168	57	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	168	58	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	169	1	american	american	PROPN
arjefm-1061	169	2	research	research	PROPN
arjefm-1061	169	3	journal	journal	PROPN
arjefm-1061	169	4	of	of	ADP
arjefm-1061	169	5	economics	economic	NOUN
arjefm-1061	169	6	,	,	PUNCT
arjefm-1061	169	7	finance	finance	NOUN
arjefm-1061	169	8	and	and	CCONJ
arjefm-1061	169	9	management	management	NOUN
arjefm-1061	169	10	volume	volume	NOUN
arjefm-1061	169	11	12	12	NUM
arjefm-1061	169	12	issue	issue	NOUN
arjefm-1061	169	13	2	2	NUM
arjefm-1061	169	14	,	,	PUNCT
arjefm-1061	169	15	april	april	PROPN
arjefm-1061	169	16	-	-	PUNCT
arjefm-1061	169	17	june	june	PROPN
arjefm-1061	169	18	2024	2024	NUM
arjefm-1061	169	19	issn	issn	PROPN
arjefm-1061	169	20	:	:	PUNCT
arjefm-1061	169	21	2836	2836	NUM
arjefm-1061	169	22	-	-	SYM
arjefm-1061	169	23	9416	9416	NUM
arjefm-1061	169	24	impact	impact	NOUN
arjefm-1061	169	25	factor	factor	NOUN
arjefm-1061	169	26	:	:	PUNCT
arjefm-1061	169	27	5.57	5.57	NUM
arjefm-1061	169	28	journal	journal	NOUN
arjefm-1061	169	29	homepage	homepage	NOUN
arjefm-1061	169	30	:	:	PUNCT
arjefm-1061	169	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	169	32	,	,	PUNCT
arjefm-1061	169	33	email	email	NOUN
arjefm-1061	169	34	:	:	PUNCT
arjefm-1061	169	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	169	36	official	official	ADJ
arjefm-1061	169	37	journal	journal	PROPN
arjefm-1061	169	38	of	of	ADP
arjefm-1061	169	39	america	america	PROPN
arjefm-1061	169	40	serial	serial	PROPN
arjefm-1061	169	41	publication	publication	NOUN
arjefm-1061	169	42	american	american	PROPN
arjefm-1061	169	43	research	research	PROPN
arjefm-1061	169	44	journal	journal	PROPN
arjefm-1061	169	45	of	of	ADP
arjefm-1061	169	46	economics	economic	NOUN
arjefm-1061	169	47	,	,	PUNCT
arjefm-1061	169	48	finance	finance	NOUN
arjefm-1061	169	49	and	and	CCONJ
arjefm-1061	169	50	management	management	NOUN
arjefm-1061	169	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	169	52	,	,	PUNCT
arjefm-1061	169	53	email	email	NOUN
arjefm-1061	169	54	:	:	PUNCT
arjefm-1061	169	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	170	1	9	9	NUM
arjefm-1061	171	1	|	|	ADV
arjefm-1061	171	2	p	p	X
arjefm-1061	171	3	a	a	DET
arjefm-1061	171	4	g	g	NOUN
arjefm-1061	171	5	e	e	NOUN
arjefm-1061	171	6	4.2	4.2	NUM
arjefm-1061	171	7	discussion	discussion	NOUN
arjefm-1061	171	8	of	of	ADP
arjefm-1061	171	9	results	result	NOUN
arjefm-1061	171	10	one	one	NUM
arjefm-1061	171	11	period	period	NOUN
arjefm-1061	171	12	lagged	lag	VERB
arjefm-1061	171	13	value	value	NOUN
arjefm-1061	171	14	of	of	ADP
arjefm-1061	171	15	budget	budget	NOUN
arjefm-1061	171	16	deficit	deficit	NOUN
arjefm-1061	171	17	has	have	VERB
arjefm-1061	171	18	a	a	DET
arjefm-1061	171	19	statistically	statistically	ADV
arjefm-1061	171	20	significant	significant	ADJ
arjefm-1061	171	21	positive	positive	ADJ
arjefm-1061	171	22	impact	impact	NOUN
arjefm-1061	171	23	on	on	ADP
arjefm-1061	171	24	budget	budget	NOUN
arjefm-1061	171	25	deficit	deficit	NOUN
arjefm-1061	171	26	at	at	ADP
arjefm-1061	171	27	the	the	DET
arjefm-1061	171	28	5	5	NUM
arjefm-1061	171	29	%	%	NOUN
arjefm-1061	171	30	significant	significant	ADJ
arjefm-1061	171	31	level	level	NOUN
arjefm-1061	171	32	.	.	PUNCT
arjefm-1061	172	1	this	this	PRON
arjefm-1061	172	2	means	mean	VERB
arjefm-1061	172	3	that	that	SCONJ
arjefm-1061	172	4	past	past	ADJ
arjefm-1061	172	5	levels	level	NOUN
arjefm-1061	172	6	of	of	ADP
arjefm-1061	172	7	budget	budget	NOUN
arjefm-1061	172	8	deficit	deficit	NOUN
arjefm-1061	172	9	tend	tend	VERB
arjefm-1061	172	10	to	to	PART
arjefm-1061	172	11	contribute	contribute	VERB
arjefm-1061	172	12	to	to	ADP
arjefm-1061	172	13	the	the	DET
arjefm-1061	172	14	current	current	ADJ
arjefm-1061	172	15	level	level	NOUN
arjefm-1061	172	16	of	of	ADP
arjefm-1061	172	17	budget	budget	NOUN
arjefm-1061	172	18	deficit	deficit	NOUN
arjefm-1061	172	19	in	in	ADP
arjefm-1061	172	20	nigeria	nigeria	PROPN
arjefm-1061	172	21	,	,	PUNCT
arjefm-1061	172	22	which	which	PRON
arjefm-1061	172	23	is	be	AUX
arjefm-1061	172	24	expected	expect	VERB
arjefm-1061	172	25	;	;	PUNCT
arjefm-1061	172	26	given	give	VERB
arjefm-1061	172	27	that	that	SCONJ
arjefm-1061	172	28	the	the	DET
arjefm-1061	172	29	deficit	deficit	NOUN
arjefm-1061	172	30	accumulates	accumulate	VERB
arjefm-1061	172	31	unless	unless	SCONJ
arjefm-1061	172	32	it	it	PRON
arjefm-1061	172	33	is	be	AUX
arjefm-1061	172	34	cleared	clear	VERB
arjefm-1061	172	35	.	.	PUNCT
arjefm-1061	173	1	current	current	ADJ
arjefm-1061	173	2	official	official	ADJ
arjefm-1061	173	3	exchange	exchange	NOUN
arjefm-1061	173	4	rate	rate	NOUN
arjefm-1061	173	5	(	(	PUNCT
arjefm-1061	173	6	unified	unified	ADJ
arjefm-1061	173	7	exchange	exchange	NOUN
arjefm-1061	173	8	rate	rate	NOUN
arjefm-1061	173	9	)	)	PUNCT
arjefm-1061	173	10	has	have	VERB
arjefm-1061	173	11	no	no	DET
arjefm-1061	173	12	significant	significant	ADJ
arjefm-1061	173	13	effect	effect	NOUN
arjefm-1061	173	14	on	on	ADP
arjefm-1061	173	15	budget	budget	NOUN
arjefm-1061	173	16	deficit	deficit	NOUN
arjefm-1061	173	17	at	at	ADP
arjefm-1061	173	18	the	the	DET
arjefm-1061	173	19	5	5	NUM
arjefm-1061	173	20	%	%	NOUN
arjefm-1061	173	21	level	level	NOUN
arjefm-1061	173	22	,	,	PUNCT
arjefm-1061	173	23	but	but	CCONJ
arjefm-1061	173	24	has	have	VERB
arjefm-1061	173	25	negative	negative	ADJ
arjefm-1061	173	26	relationship	relationship	NOUN
arjefm-1061	173	27	with	with	ADP
arjefm-1061	173	28	budget	budget	NOUN
arjefm-1061	173	29	deficit	deficit	NOUN
arjefm-1061	173	30	.	.	PUNCT
arjefm-1061	174	1	however	however	ADV
arjefm-1061	174	2	,	,	PUNCT
arjefm-1061	174	3	and	and	CCONJ
arjefm-1061	174	4	one	one	NUM
arjefm-1061	174	5	period	period	NOUN
arjefm-1061	174	6	-	-	PUNCT
arjefm-1061	174	7	lagged	lag	VERB
arjefm-1061	174	8	coefficients	coefficient	NOUN
arjefm-1061	174	9	of	of	ADP
arjefm-1061	174	10	official	official	ADJ
arjefm-1061	174	11	exchange	exchange	NOUN
arjefm-1061	174	12	rate	rate	NOUN
arjefm-1061	174	13	exert	exert	VERB
arjefm-1061	174	14	a	a	DET
arjefm-1061	174	15	negative	negative	ADJ
arjefm-1061	174	16	influence	influence	NOUN
arjefm-1061	174	17	on	on	ADP
arjefm-1061	174	18	budget	budget	NOUN
arjefm-1061	174	19	deficit	deficit	NOUN
arjefm-1061	174	20	in	in	ADP
arjefm-1061	174	21	nigeria	nigeria	PROPN
arjefm-1061	174	22	.	.	PUNCT
arjefm-1061	175	1	thus	thus	ADV
arjefm-1061	175	2	,	,	PUNCT
arjefm-1061	175	3	a	a	DET
arjefm-1061	175	4	one	one	NUM
arjefm-1061	175	5	unit	unit	NOUN
arjefm-1061	175	6	rise	rise	VERB
arjefm-1061	175	7	in	in	ADP
arjefm-1061	175	8	past	past	ADJ
arjefm-1061	175	9	official	official	ADJ
arjefm-1061	175	10	exchange	exchange	NOUN
arjefm-1061	175	11	rate	rate	NOUN
arjefm-1061	175	12	(	(	PUNCT
arjefm-1061	175	13	depreciation	depreciation	NOUN
arjefm-1061	175	14	of	of	ADP
arjefm-1061	175	15	domestic	domestic	ADJ
arjefm-1061	175	16	currency	currency	NOUN
arjefm-1061	175	17	)	)	PUNCT
arjefm-1061	175	18	leads	lead	VERB
arjefm-1061	175	19	to	to	ADP
arjefm-1061	175	20	0.03	0.03	NUM
arjefm-1061	175	21	increases	increase	NOUN
arjefm-1061	175	22	in	in	ADP
arjefm-1061	175	23	budget	budget	NOUN
arjefm-1061	175	24	deficit	deficit	NOUN
arjefm-1061	175	25	in	in	ADP
arjefm-1061	175	26	nigeria	nigeria	PROPN
arjefm-1061	175	27	.	.	PUNCT
arjefm-1061	176	1	increase	increase	VERB
arjefm-1061	176	2	in	in	ADP
arjefm-1061	176	3	past	past	ADJ
arjefm-1061	176	4	official	official	ADJ
arjefm-1061	176	5	exchange	exchange	NOUN
arjefm-1061	176	6	rate	rate	NOUN
arjefm-1061	176	7	has	have	AUX
arjefm-1061	176	8	been	be	AUX
arjefm-1061	176	9	contributing	contribute	VERB
arjefm-1061	176	10	to	to	PART
arjefm-1061	176	11	increase	increase	VERB
arjefm-1061	176	12	in	in	ADP
arjefm-1061	176	13	budget	budget	NOUN
arjefm-1061	176	14	deficit	deficit	NOUN
arjefm-1061	176	15	which	which	PRON
arjefm-1061	176	16	could	could	AUX
arjefm-1061	176	17	be	be	AUX
arjefm-1061	176	18	attributed	attribute	VERB
arjefm-1061	176	19	to	to	ADP
arjefm-1061	176	20	the	the	DET
arjefm-1061	176	21	dual	dual	ADJ
arjefm-1061	176	22	exchange	exchange	NOUN
arjefm-1061	176	23	rate	rate	NOUN
arjefm-1061	176	24	practiced	practice	VERB
arjefm-1061	176	25	in	in	ADP
arjefm-1061	176	26	these	these	DET
arjefm-1061	176	27	past	past	ADJ
arjefm-1061	176	28	periods	period	NOUN
arjefm-1061	176	29	.	.	PUNCT
arjefm-1061	177	1	as	as	SCONJ
arjefm-1061	177	2	shown	show	VERB
arjefm-1061	177	3	in	in	ADP
arjefm-1061	177	4	table	table	NOUN
arjefm-1061	177	5	3	3	NUM
arjefm-1061	177	6	,	,	PUNCT
arjefm-1061	177	7	current	current	ADJ
arjefm-1061	177	8	values	value	NOUN
arjefm-1061	177	9	of	of	ADP
arjefm-1061	177	10	trade	trade	NOUN
arjefm-1061	177	11	openness	openness	NOUN
arjefm-1061	177	12	and	and	CCONJ
arjefm-1061	177	13	past	past	ADJ
arjefm-1061	177	14	trade	trade	NOUN
arjefm-1061	177	15	openness	openness	NOUN
arjefm-1061	177	16	all	all	PRON
arjefm-1061	177	17	have	have	VERB
arjefm-1061	177	18	significant	significant	ADJ
arjefm-1061	177	19	negative	negative	ADJ
arjefm-1061	177	20	effect	effect	NOUN
arjefm-1061	177	21	on	on	ADP
arjefm-1061	177	22	budget	budget	NOUN
arjefm-1061	177	23	deficit	deficit	NOUN
arjefm-1061	177	24	.	.	PUNCT
arjefm-1061	178	1	this	this	PRON
arjefm-1061	178	2	is	be	AUX
arjefm-1061	178	3	consistent	consistent	ADJ
arjefm-1061	178	4	with	with	ADP
arjefm-1061	178	5	a	a	DET
arjefm-1061	178	6	priori	priori	ADJ
arjefm-1061	178	7	expectation	expectation	NOUN
arjefm-1061	178	8	.	.	PUNCT
arjefm-1061	179	1	thus	thus	ADV
arjefm-1061	179	2	,	,	PUNCT
arjefm-1061	179	3	higher	high	ADJ
arjefm-1061	179	4	openness	openness	NOUN
arjefm-1061	179	5	to	to	ADP
arjefm-1061	179	6	trade	trade	NOUN
arjefm-1061	179	7	will	will	AUX
arjefm-1061	179	8	have	have	VERB
arjefm-1061	179	9	a	a	DET
arjefm-1061	179	10	decrease	decrease	NOUN
arjefm-1061	179	11	in	in	ADP
arjefm-1061	179	12	official	official	ADJ
arjefm-1061	179	13	exchange	exchange	NOUN
arjefm-1061	179	14	rate	rate	NOUN
arjefm-1061	179	15	(	(	PUNCT
arjefm-1061	179	16	appreciation	appreciation	NOUN
arjefm-1061	179	17	of	of	ADP
arjefm-1061	179	18	domestic	domestic	ADJ
arjefm-1061	179	19	currency	currency	NOUN
arjefm-1061	179	20	)	)	PUNCT
arjefm-1061	179	21	.	.	PUNCT
arjefm-1061	180	1	a	a	DET
arjefm-1061	180	2	unit	unit	NOUN
arjefm-1061	180	3	rise	rise	VERB
arjefm-1061	180	4	in	in	ADP
arjefm-1061	180	5	trade	trade	NOUN
arjefm-1061	180	6	openness	openness	NOUN
arjefm-1061	180	7	is	be	AUX
arjefm-1061	180	8	associated	associate	VERB
arjefm-1061	180	9	with	with	ADP
arjefm-1061	180	10	approximately	approximately	ADV
arjefm-1061	180	11	0.074	0.074	NUM
arjefm-1061	180	12	decrease	decrease	NOUN
arjefm-1061	180	13	in	in	ADP
arjefm-1061	180	14	exchange	exchange	NOUN
arjefm-1061	180	15	rate	rate	NOUN
arjefm-1061	180	16	.	.	PUNCT
arjefm-1061	181	1	the	the	DET
arjefm-1061	181	2	fixed	fix	VERB
arjefm-1061	181	3	regressor	regressor	NOUN
arjefm-1061	181	4	which	which	PRON
arjefm-1061	181	5	is	be	AUX
arjefm-1061	181	6	the	the	DET
arjefm-1061	181	7	dummy	dummy	ADJ
arjefm-1061	181	8	variable	variable	NOUN
arjefm-1061	181	9	representing	represent	VERB
arjefm-1061	181	10	periods	period	NOUN
arjefm-1061	181	11	of	of	ADP
arjefm-1061	181	12	single	single	ADJ
arjefm-1061	181	13	and	and	CCONJ
arjefm-1061	181	14	dual	dual	ADJ
arjefm-1061	181	15	exchange	exchange	NOUN
arjefm-1061	181	16	rate	rate	NOUN
arjefm-1061	181	17	practices	practice	NOUN
arjefm-1061	181	18	is	be	AUX
arjefm-1061	181	19	negative	negative	ADJ
arjefm-1061	181	20	and	and	CCONJ
arjefm-1061	181	21	significant	significant	ADJ
arjefm-1061	181	22	.	.	PUNCT
arjefm-1061	182	1	given	give	VERB
arjefm-1061	182	2	that	that	SCONJ
arjefm-1061	182	3	the	the	DET
arjefm-1061	182	4	coefficient	coefficient	NOUN
arjefm-1061	182	5	of	of	ADP
arjefm-1061	182	6	the	the	DET
arjefm-1061	182	7	dummy	dummy	NOUN
arjefm-1061	182	8	is	be	AUX
arjefm-1061	182	9	negative	negative	ADJ
arjefm-1061	182	10	,	,	PUNCT
arjefm-1061	182	11	it	it	PRON
arjefm-1061	182	12	means	mean	VERB
arjefm-1061	182	13	that	that	SCONJ
arjefm-1061	182	14	the	the	DET
arjefm-1061	182	15	country	country	NOUN
arjefm-1061	182	16	suffered	suffer	VERB
arjefm-1061	182	17	more	more	ADJ
arjefm-1061	182	18	budget	budget	NOUN
arjefm-1061	182	19	deficit	deficit	NOUN
arjefm-1061	182	20	during	during	ADP
arjefm-1061	182	21	periods	period	NOUN
arjefm-1061	182	22	of	of	ADP
arjefm-1061	182	23	dual	dual	ADJ
arjefm-1061	182	24	exchange	exchange	NOUN
arjefm-1061	182	25	rate	rate	NOUN
arjefm-1061	182	26	than	than	ADP
arjefm-1061	182	27	periods	period	NOUN
arjefm-1061	182	28	of	of	ADP
arjefm-1061	182	29	single	single	ADJ
arjefm-1061	182	30	(	(	PUNCT
arjefm-1061	182	31	unified	unified	ADJ
arjefm-1061	182	32	)	)	PUNCT
arjefm-1061	182	33	exchange	exchange	NOUN
arjefm-1061	182	34	rate	rate	NOUN
arjefm-1061	182	35	system	system	NOUN
arjefm-1061	182	36	.	.	PUNCT
arjefm-1061	183	1	the	the	DET
arjefm-1061	183	2	speed	speed	NOUN
arjefm-1061	183	3	of	of	ADP
arjefm-1061	183	4	adjustment	adjustment	NOUN
arjefm-1061	183	5	(	(	PUNCT
arjefm-1061	183	6	ecm	ecm	PROPN
arjefm-1061	183	7	)	)	PUNCT
arjefm-1061	183	8	is	be	AUX
arjefm-1061	183	9	correctly	correctly	ADV
arjefm-1061	183	10	signed	sign	VERB
arjefm-1061	183	11	and	and	CCONJ
arjefm-1061	183	12	significant	significant	ADJ
arjefm-1061	183	13	at	at	ADP
arjefm-1061	183	14	5	5	NUM
arjefm-1061	183	15	%	%	NOUN
arjefm-1061	183	16	level	level	NOUN
arjefm-1061	183	17	,	,	PUNCT
arjefm-1061	183	18	which	which	PRON
arjefm-1061	183	19	affirms	affirm	VERB
arjefm-1061	183	20	the	the	DET
arjefm-1061	183	21	existence	existence	NOUN
arjefm-1061	183	22	of	of	ADP
arjefm-1061	183	23	cointegration	cointegration	NOUN
arjefm-1061	183	24	between	between	ADP
arjefm-1061	183	25	budget	budget	NOUN
arjefm-1061	183	26	deficit	deficit	NOUN
arjefm-1061	183	27	and	and	CCONJ
arjefm-1061	183	28	exchange	exchange	NOUN
arjefm-1061	183	29	rate	rate	NOUN
arjefm-1061	183	30	unification	unification	NOUN
arjefm-1061	183	31	and	and	CCONJ
arjefm-1061	183	32	alongside	alongside	ADP
arjefm-1061	183	33	other	other	ADJ
arjefm-1061	183	34	variables	variable	NOUN
arjefm-1061	183	35	employed	employ	VERB
arjefm-1061	183	36	in	in	ADP
arjefm-1061	183	37	the	the	DET
arjefm-1061	183	38	study	study	NOUN
arjefm-1061	183	39	.	.	PUNCT
arjefm-1061	184	1	the	the	DET
arjefm-1061	184	2	speed	speed	NOUN
arjefm-1061	184	3	of	of	ADP
arjefm-1061	184	4	adjustment	adjustment	NOUN
arjefm-1061	184	5	is	be	AUX
arjefm-1061	184	6	low	low	ADJ
arjefm-1061	184	7	(	(	PUNCT
arjefm-1061	184	8	approximately	approximately	ADV
arjefm-1061	184	9	45	45	NUM
arjefm-1061	184	10	%	%	NOUN
arjefm-1061	184	11	)	)	PUNCT
arjefm-1061	184	12	.	.	PUNCT
arjefm-1061	185	1	the	the	DET
arjefm-1061	185	2	postestimation	postestimation	NOUN
arjefm-1061	185	3	diagnostics	diagnostic	NOUN
arjefm-1061	185	4	indicate	indicate	VERB
arjefm-1061	185	5	that	that	SCONJ
arjefm-1061	185	6	about	about	ADP
arjefm-1061	185	7	61	61	NUM
arjefm-1061	185	8	%	%	NOUN
arjefm-1061	185	9	variation	variation	NOUN
arjefm-1061	185	10	in	in	ADP
arjefm-1061	185	11	budget	budget	NOUN
arjefm-1061	185	12	deficit	deficit	NOUN
arjefm-1061	185	13	is	be	AUX
arjefm-1061	185	14	accounted	account	VERB
arjefm-1061	185	15	for	for	ADP
arjefm-1061	185	16	by	by	ADP
arjefm-1061	185	17	changes	change	NOUN
arjefm-1061	185	18	in	in	ADP
arjefm-1061	185	19	the	the	DET
arjefm-1061	185	20	independent	independent	ADJ
arjefm-1061	185	21	variables	variable	NOUN
arjefm-1061	185	22	used	use	VERB
arjefm-1061	185	23	in	in	ADP
arjefm-1061	185	24	the	the	DET
arjefm-1061	185	25	study	study	NOUN
arjefm-1061	185	26	.	.	PUNCT
arjefm-1061	186	1	the	the	DET
arjefm-1061	186	2	f	f	NOUN
arjefm-1061	186	3	-	-	PUNCT
arjefm-1061	186	4	statistic	statistic	NOUN
arjefm-1061	186	5	indicates	indicate	VERB
arjefm-1061	186	6	that	that	SCONJ
arjefm-1061	186	7	all	all	DET
arjefm-1061	186	8	the	the	DET
arjefm-1061	186	9	regressors	regressor	NOUN
arjefm-1061	186	10	employed	employ	VERB
arjefm-1061	186	11	in	in	ADP
arjefm-1061	186	12	the	the	DET
arjefm-1061	186	13	study	study	NOUN
arjefm-1061	186	14	are	be	AUX
arjefm-1061	186	15	jointly	jointly	ADV
arjefm-1061	186	16	statistically	statistically	ADV
arjefm-1061	186	17	significant	significant	ADJ
arjefm-1061	186	18	at	at	ADP
arjefm-1061	186	19	5	5	NUM
arjefm-1061	186	20	%	%	NOUN
arjefm-1061	186	21	in	in	ADP
arjefm-1061	186	22	explaining	explain	VERB
arjefm-1061	186	23	changes	change	NOUN
arjefm-1061	186	24	in	in	ADP
arjefm-1061	186	25	budget	budget	NOUN
arjefm-1061	186	26	deficit	deficit	NOUN
arjefm-1061	186	27	.	.	PUNCT
arjefm-1061	187	1	the	the	DET
arjefm-1061	187	2	ardl	ardl	NOUN
arjefm-1061	187	3	requires	require	VERB
arjefm-1061	187	4	the	the	DET
arjefm-1061	187	5	lagged	lagged	NOUN
arjefm-1061	187	6	of	of	ADP
arjefm-1061	187	7	the	the	DET
arjefm-1061	187	8	dependent	dependent	ADJ
arjefm-1061	187	9	variable	variable	NOUN
arjefm-1061	187	10	appears	appear	VERB
arjefm-1061	187	11	as	as	ADP
arjefm-1061	187	12	regression	regression	NOUN
arjefm-1061	187	13	in	in	ADP
arjefm-1061	187	14	the	the	DET
arjefm-1061	187	15	model	model	NOUN
arjefm-1061	187	16	,	,	PUNCT
arjefm-1061	187	17	necessitated	necessitate	VERB
arjefm-1061	187	18	the	the	DET
arjefm-1061	187	19	interpretation	interpretation	NOUN
arjefm-1061	187	20	of	of	ADP
arjefm-1061	187	21	the	the	DET
arjefm-1061	187	22	breusch	breusch	NOUN
arjefm-1061	187	23	-	-	PUNCT
arjefm-1061	187	24	godfrey	godfrey	NOUN
arjefm-1061	187	25	(	(	PUNCT
arjefm-1061	187	26	bg	bg	PROPN
arjefm-1061	187	27	)	)	PUNCT
arjefm-1061	187	28	statistic	statistic	NOUN
arjefm-1061	187	29	for	for	ADP
arjefm-1061	187	30	the	the	DET
arjefm-1061	187	31	test	test	NOUN
arjefm-1061	187	32	of	of	ADP
arjefm-1061	187	33	autocorrelation	autocorrelation	NOUN
arjefm-1061	187	34	.	.	PUNCT
arjefm-1061	188	1	from	from	ADP
arjefm-1061	188	2	the	the	DET
arjefm-1061	188	3	estimated	estimate	VERB
arjefm-1061	188	4	results	result	NOUN
arjefm-1061	188	5	in	in	ADP
arjefm-1061	188	6	table	table	NOUN
arjefm-1061	188	7	2	2	NUM
arjefm-1061	188	8	,	,	PUNCT
arjefm-1061	188	9	the	the	DET
arjefm-1061	188	10	null	null	ADJ
arjefm-1061	188	11	hypothesis	hypothesis	NOUN
arjefm-1061	188	12	of	of	ADP
arjefm-1061	188	13	no	no	DET
arjefm-1061	188	14	serial	serial	ADJ
arjefm-1061	188	15	autocorrelation	autocorrelation	NOUN
arjefm-1061	188	16	is	be	AUX
arjefm-1061	188	17	accepted	accept	VERB
arjefm-1061	188	18	,	,	PUNCT
arjefm-1061	188	19	given	give	VERB
arjefm-1061	188	20	the	the	DET
arjefm-1061	188	21	non	non	ADJ
arjefm-1061	188	22	-	-	ADJ
arjefm-1061	188	23	statistically	statistically	ADV
arjefm-1061	188	24	significant	significant	ADJ
arjefm-1061	188	25	value	value	NOUN
arjefm-1061	188	26	of	of	ADP
arjefm-1061	188	27	the	the	DET
arjefm-1061	188	28	bg	bg	PROPN
arjefm-1061	188	29	test	test	NOUN
arjefm-1061	188	30	.	.	PUNCT
arjefm-1061	189	1	moreover	moreover	ADV
arjefm-1061	189	2	,	,	PUNCT
arjefm-1061	189	3	the	the	DET
arjefm-1061	189	4	residuals	residual	NOUN
arjefm-1061	189	5	in	in	ADP
arjefm-1061	189	6	the	the	DET
arjefm-1061	189	7	estimated	estimate	VERB
arjefm-1061	189	8	model	model	NOUN
arjefm-1061	189	9	are	be	AUX
arjefm-1061	189	10	normally	normally	ADV
arjefm-1061	189	11	distributed	distribute	VERB
arjefm-1061	189	12	,	,	PUNCT
arjefm-1061	189	13	as	as	SCONJ
arjefm-1061	189	14	shown	show	VERB
arjefm-1061	189	15	by	by	ADP
arjefm-1061	189	16	the	the	DET
arjefm-1061	189	17	jb	jb	PROPN
arjefm-1061	189	18	test	test	PROPN
arjefm-1061	189	19	statistic	statistic	NOUN
arjefm-1061	189	20	which	which	PRON
arjefm-1061	189	21	is	be	AUX
arjefm-1061	189	22	not	not	PART
arjefm-1061	189	23	statistically	statistically	ADV
arjefm-1061	189	24	significant	significant	ADJ
arjefm-1061	189	25	.	.	PUNCT
arjefm-1061	190	1	also	also	ADV
arjefm-1061	190	2	,	,	PUNCT
arjefm-1061	190	3	the	the	DET
arjefm-1061	190	4	residuals	residual	NOUN
arjefm-1061	190	5	are	be	AUX
arjefm-1061	190	6	homoscedastic	homoscedastic	ADJ
arjefm-1061	190	7	,	,	PUNCT
arjefm-1061	190	8	as	as	SCONJ
arjefm-1061	190	9	shown	show	VERB
arjefm-1061	190	10	by	by	ADP
arjefm-1061	190	11	the	the	DET
arjefm-1061	190	12	non	non	ADJ
arjefm-1061	190	13	-	-	ADJ
arjefm-1061	190	14	significant	significant	ADJ
arjefm-1061	190	15	bpg	bpg	PROPN
arjefm-1061	190	16	test	test	NOUN
arjefm-1061	190	17	result	result	NOUN
arjefm-1061	190	18	;	;	PUNCT
arjefm-1061	190	19	in	in	ADP
arjefm-1061	190	20	addition	addition	NOUN
arjefm-1061	190	21	the	the	DET
arjefm-1061	190	22	model	model	NOUN
arjefm-1061	190	23	passes	pass	VERB
arjefm-1061	190	24	the	the	DET
arjefm-1061	190	25	test	test	NOUN
arjefm-1061	190	26	for	for	ADP
arjefm-1061	190	27	specification	specification	NOUN
arjefm-1061	190	28	bias	bias	NOUN
arjefm-1061	190	29	as	as	SCONJ
arjefm-1061	190	30	indicated	indicate	VERB
arjefm-1061	190	31	by	by	ADP
arjefm-1061	190	32	the	the	DET
arjefm-1061	190	33	reset	reset	ADJ
arjefm-1061	190	34	test	test	NOUN
arjefm-1061	190	35	statistic	statistic	NOUN
arjefm-1061	190	36	.	.	PUNCT
arjefm-1061	191	1	4.3	4.3	NUM
arjefm-1061	191	2	stability	stability	NOUN
arjefm-1061	191	3	tests	test	NOUN
arjefm-1061	191	4	testing	test	VERB
arjefm-1061	191	5	the	the	DET
arjefm-1061	191	6	stability	stability	NOUN
arjefm-1061	191	7	of	of	ADP
arjefm-1061	191	8	the	the	DET
arjefm-1061	191	9	estimated	estimate	VERB
arjefm-1061	191	10	model	model	NOUN
arjefm-1061	191	11	,	,	PUNCT
arjefm-1061	191	12	the	the	DET
arjefm-1061	191	13	paper	paper	NOUN
arjefm-1061	191	14	used	use	VERB
arjefm-1061	191	15	the	the	DET
arjefm-1061	191	16	cumulative	cumulative	ADJ
arjefm-1061	191	17	sum	sum	NOUN
arjefm-1061	191	18	of	of	ADP
arjefm-1061	191	19	recursive	recursive	ADJ
arjefm-1061	191	20	(	(	PUNCT
arjefm-1061	191	21	cusum	cusum	NOUN
arjefm-1061	191	22	)	)	PUNCT
arjefm-1061	191	23	and	and	CCONJ
arjefm-1061	191	24	the	the	DET
arjefm-1061	191	25	cumulative	cumulative	ADJ
arjefm-1061	191	26	sum	sum	NOUN
arjefm-1061	191	27	of	of	ADP
arjefm-1061	191	28	the	the	DET
arjefm-1061	191	29	squares	square	NOUN
arjefm-1061	191	30	of	of	ADP
arjefm-1061	191	31	recursive	recursive	ADJ
arjefm-1061	191	32	residuals	residual	NOUN
arjefm-1061	191	33	(	(	PUNCT
arjefm-1061	191	34	cusumsq	cusumsq	ADV
arjefm-1061	191	35	)	)	PUNCT
arjefm-1061	191	36	.	.	PUNCT
arjefm-1061	192	1	the	the	DET
arjefm-1061	192	2	results	result	NOUN
arjefm-1061	192	3	are	be	AUX
arjefm-1061	192	4	presented	present	VERB
arjefm-1061	192	5	graphically	graphically	ADV
arjefm-1061	192	6	in	in	ADP
arjefm-1061	192	7	figures	figure	NOUN
arjefm-1061	192	8	1	1	NUM
arjefm-1061	192	9	and	and	CCONJ
arjefm-1061	192	10	2	2	NUM
arjefm-1061	192	11	.	.	PUNCT
arjefm-1061	193	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	193	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	194	1	american	american	PROPN
arjefm-1061	194	2	research	research	PROPN
arjefm-1061	194	3	journal	journal	PROPN
arjefm-1061	194	4	of	of	ADP
arjefm-1061	194	5	economics	economic	NOUN
arjefm-1061	194	6	,	,	PUNCT
arjefm-1061	194	7	finance	finance	NOUN
arjefm-1061	194	8	and	and	CCONJ
arjefm-1061	194	9	management	management	NOUN
arjefm-1061	194	10	volume	volume	NOUN
arjefm-1061	194	11	12	12	NUM
arjefm-1061	194	12	issue	issue	NOUN
arjefm-1061	194	13	2	2	NUM
arjefm-1061	194	14	,	,	PUNCT
arjefm-1061	194	15	april	april	PROPN
arjefm-1061	194	16	-	-	PUNCT
arjefm-1061	194	17	june	june	PROPN
arjefm-1061	194	18	2024	2024	NUM
arjefm-1061	194	19	issn	issn	PROPN
arjefm-1061	194	20	:	:	PUNCT
arjefm-1061	194	21	2836	2836	NUM
arjefm-1061	194	22	-	-	SYM
arjefm-1061	194	23	9416	9416	NUM
arjefm-1061	194	24	impact	impact	NOUN
arjefm-1061	194	25	factor	factor	NOUN
arjefm-1061	194	26	:	:	PUNCT
arjefm-1061	194	27	5.57	5.57	NUM
arjefm-1061	194	28	journal	journal	NOUN
arjefm-1061	194	29	homepage	homepage	NOUN
arjefm-1061	194	30	:	:	PUNCT
arjefm-1061	194	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	194	32	,	,	PUNCT
arjefm-1061	194	33	email	email	NOUN
arjefm-1061	194	34	:	:	PUNCT
arjefm-1061	195	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	195	2	official	official	ADJ
arjefm-1061	195	3	journal	journal	PROPN
arjefm-1061	195	4	of	of	ADP
arjefm-1061	195	5	america	america	PROPN
arjefm-1061	195	6	serial	serial	PROPN
arjefm-1061	195	7	publication	publication	NOUN
arjefm-1061	195	8	american	american	PROPN
arjefm-1061	195	9	research	research	PROPN
arjefm-1061	195	10	journal	journal	PROPN
arjefm-1061	195	11	of	of	ADP
arjefm-1061	195	12	economics	economic	NOUN
arjefm-1061	195	13	,	,	PUNCT
arjefm-1061	195	14	finance	finance	NOUN
arjefm-1061	195	15	and	and	CCONJ
arjefm-1061	195	16	management	management	NOUN
arjefm-1061	195	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	195	18	,	,	PUNCT
arjefm-1061	195	19	email	email	NOUN
arjefm-1061	195	20	:	:	PUNCT
arjefm-1061	195	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	196	1	10	10	NUM
arjefm-1061	197	1	|	|	ADV
arjefm-1061	197	2	p	p	X
arjefm-1061	197	3	a	a	DET
arjefm-1061	197	4	g	g	NOUN
arjefm-1061	197	5	e	e	NOUN
arjefm-1061	197	6	-15	-15	PUNCT
arjefm-1061	197	7	-10	-10	PUNCT
arjefm-1061	198	1	-5	-5	NOUN
arjefm-1061	198	2	0	0	NUM
arjefm-1061	199	1	5	5	NUM
arjefm-1061	199	2	10	10	NUM
arjefm-1061	199	3	15	15	NUM
arjefm-1061	199	4	98	98	NUM
arjefm-1061	199	5	00	00	NUM
arjefm-1061	199	6	02	02	NUM
arjefm-1061	199	7	04	04	NUM
arjefm-1061	199	8	06	06	NUM
arjefm-1061	199	9	08	08	NUM
arjefm-1061	199	10	10	10	NUM
arjefm-1061	199	11	12	12	NUM
arjefm-1061	199	12	14	14	NUM
arjefm-1061	199	13	16	16	NUM
arjefm-1061	199	14	18	18	NUM
arjefm-1061	199	15	20	20	NUM
arjefm-1061	199	16	22	22	NUM
arjefm-1061	199	17	cusum	cusum	NOUN
arjefm-1061	199	18	5	5	NUM
arjefm-1061	199	19	%	%	NOUN
arjefm-1061	199	20	significance	significance	NOUN
arjefm-1061	199	21	figure1	figure1	PROPN
arjefm-1061	199	22	:	:	PUNCT
arjefm-1061	199	23	the	the	DET
arjefm-1061	199	24	cumulative	cumulative	ADJ
arjefm-1061	199	25	sum	sum	NOUN
arjefm-1061	199	26	of	of	ADP
arjefm-1061	199	27	recursive	recursive	ADJ
arjefm-1061	199	28	(	(	PUNCT
arjefm-1061	199	29	cusum	cusum	NOUN
arjefm-1061	199	30	)	)	PUNCT
arjefm-1061	200	1	-0.4	-0.4	NUM
arjefm-1061	201	1	-0.2	-0.2	NOUN
arjefm-1061	201	2	0.0	0.0	NUM
arjefm-1061	201	3	0.2	0.2	NUM
arjefm-1061	201	4	0.4	0.4	NUM
arjefm-1061	201	5	0.6	0.6	NUM
arjefm-1061	201	6	0.8	0.8	NUM
arjefm-1061	201	7	1.0	1.0	NUM
arjefm-1061	201	8	1.2	1.2	NUM
arjefm-1061	201	9	1.4	1.4	NUM
arjefm-1061	201	10	98	98	NUM
arjefm-1061	201	11	00	00	NUM
arjefm-1061	201	12	02	02	NUM
arjefm-1061	201	13	04	04	NUM
arjefm-1061	201	14	06	06	NUM
arjefm-1061	201	15	08	08	NUM
arjefm-1061	201	16	10	10	NUM
arjefm-1061	201	17	12	12	NUM
arjefm-1061	201	18	14	14	NUM
arjefm-1061	201	19	16	16	NUM
arjefm-1061	201	20	18	18	NUM
arjefm-1061	201	21	20	20	NUM
arjefm-1061	201	22	22	22	NUM
arjefm-1061	201	23	cusum	cusum	NOUN
arjefm-1061	201	24	of	of	ADP
arjefm-1061	201	25	squares	square	NOUN
arjefm-1061	201	26	5	5	NUM
arjefm-1061	201	27	%	%	NOUN
arjefm-1061	201	28	significance	significance	NOUN
arjefm-1061	201	29	figure2	figure2	NOUN
arjefm-1061	201	30	:	:	PUNCT
arjefm-1061	201	31	the	the	DET
arjefm-1061	201	32	cumulative	cumulative	ADJ
arjefm-1061	201	33	sum	sum	NOUN
arjefm-1061	201	34	of	of	ADP
arjefm-1061	201	35	the	the	DET
arjefm-1061	201	36	squares	square	NOUN
arjefm-1061	201	37	of	of	ADP
arjefm-1061	201	38	recursive	recursive	ADJ
arjefm-1061	201	39	residuals	residual	NOUN
arjefm-1061	201	40	(	(	PUNCT
arjefm-1061	201	41	cusumsq	cusumsq	SYM
arjefm-1061	201	42	)	)	PUNCT
arjefm-1061	201	43	figures	figure	NOUN
arjefm-1061	201	44	1	1	NUM
arjefm-1061	201	45	and	and	CCONJ
arjefm-1061	201	46	2	2	NUM
arjefm-1061	201	47	indicate	indicate	VERB
arjefm-1061	201	48	that	that	SCONJ
arjefm-1061	201	49	the	the	DET
arjefm-1061	201	50	curves	curve	NOUN
arjefm-1061	201	51	do	do	AUX
arjefm-1061	201	52	not	not	PART
arjefm-1061	201	53	cross	cross	VERB
arjefm-1061	201	54	the	the	DET
arjefm-1061	201	55	5	5	NUM
arjefm-1061	201	56	%	%	NOUN
arjefm-1061	201	57	critical	critical	ADJ
arjefm-1061	201	58	lines	line	NOUN
arjefm-1061	201	59	,	,	PUNCT
arjefm-1061	201	60	implying	imply	VERB
arjefm-1061	201	61	that	that	SCONJ
arjefm-1061	201	62	the	the	DET
arjefm-1061	201	63	estimated	estimate	VERB
arjefm-1061	201	64	coefficients	coefficient	NOUN
arjefm-1061	201	65	within	within	ADP
arjefm-1061	201	66	the	the	DET
arjefm-1061	201	67	period	period	NOUN
arjefm-1061	201	68	covered	cover	VERB
arjefm-1061	201	69	in	in	ADP
arjefm-1061	201	70	the	the	DET
arjefm-1061	201	71	study	study	NOUN
arjefm-1061	201	72	are	be	AUX
arjefm-1061	201	73	stable	stable	ADJ
arjefm-1061	201	74	.	.	PUNCT
arjefm-1061	202	1	thus	thus	ADV
arjefm-1061	202	2	,	,	PUNCT
arjefm-1061	202	3	meaning	mean	VERB
arjefm-1061	202	4	that	that	SCONJ
arjefm-1061	202	5	the	the	DET
arjefm-1061	202	6	estimated	estimate	VERB
arjefm-1061	202	7	parameters	parameter	NOUN
arjefm-1061	202	8	are	be	AUX
arjefm-1061	202	9	stable	stable	ADJ
arjefm-1061	202	10	and	and	CCONJ
arjefm-1061	202	11	consistent	consistent	ADJ
arjefm-1061	202	12	.	.	PUNCT
arjefm-1061	203	1	thus	thus	ADV
arjefm-1061	203	2	,	,	PUNCT
arjefm-1061	203	3	the	the	DET
arjefm-1061	203	4	empirical	empirical	ADJ
arjefm-1061	203	5	results	result	NOUN
arjefm-1061	203	6	would	would	AUX
arjefm-1061	203	7	be	be	AUX
arjefm-1061	203	8	reliable	reliable	ADJ
arjefm-1061	203	9	for	for	ADP
arjefm-1061	203	10	policy	policy	NOUN
arjefm-1061	203	11	recommendation	recommendation	NOUN
arjefm-1061	203	12	and	and	CCONJ
arjefm-1061	203	13	base	base	NOUN
arjefm-1061	203	14	on	on	ADP
arjefm-1061	203	15	the	the	DET
arjefm-1061	203	16	findings	finding	NOUN
arjefm-1061	203	17	of	of	ADP
arjefm-1061	203	18	this	this	DET
arjefm-1061	203	19	paper	paper	NOUN
arjefm-1061	203	20	,	,	PUNCT
arjefm-1061	203	21	the	the	DET
arjefm-1061	203	22	paper	paper	NOUN
arjefm-1061	203	23	made	make	VERB
arjefm-1061	203	24	the	the	DET
arjefm-1061	203	25	following	follow	VERB
arjefm-1061	203	26	recommendations	recommendation	NOUN
arjefm-1061	203	27	.	.	PUNCT
arjefm-1061	204	1	the	the	DET
arjefm-1061	204	2	study	study	NOUN
arjefm-1061	204	3	revealed	reveal	VERB
arjefm-1061	204	4	that	that	SCONJ
arjefm-1061	204	5	nigeria	nigeria	PROPN
arjefm-1061	204	6	experienced	experience	VERB
arjefm-1061	204	7	higher	high	ADJ
arjefm-1061	204	8	budget	budget	NOUN
arjefm-1061	204	9	deficits	deficit	NOUN
arjefm-1061	204	10	during	during	ADP
arjefm-1061	204	11	periods	period	NOUN
arjefm-1061	204	12	characterized	characterize	VERB
arjefm-1061	204	13	by	by	ADP
arjefm-1061	204	14	multiple	multiple	ADJ
arjefm-1061	204	15	exchange	exchange	NOUN
arjefm-1061	204	16	rate	rate	NOUN
arjefm-1061	204	17	regimes	regime	NOUN
arjefm-1061	204	18	compared	compare	VERB
arjefm-1061	204	19	to	to	ADP
arjefm-1061	204	20	times	time	NOUN
arjefm-1061	204	21	when	when	SCONJ
arjefm-1061	204	22	a	a	DET
arjefm-1061	204	23	single	single	ADJ
arjefm-1061	204	24	,	,	PUNCT
arjefm-1061	204	25	unified	unified	ADJ
arjefm-1061	204	26	exchange	exchange	NOUN
arjefm-1061	204	27	rate	rate	NOUN
arjefm-1061	204	28	system	system	NOUN
arjefm-1061	204	29	was	be	AUX
arjefm-1061	204	30	in	in	ADP
arjefm-1061	204	31	place	place	NOUN
arjefm-1061	204	32	.	.	PUNCT
arjefm-1061	205	1	consequently	consequently	ADV
arjefm-1061	205	2	,	,	PUNCT
arjefm-1061	205	3	there	there	PRON
arjefm-1061	205	4	is	be	VERB
arjefm-1061	205	5	a	a	DET
arjefm-1061	205	6	pressing	press	VERB
arjefm-1061	205	7	need	need	NOUN
arjefm-1061	205	8	to	to	PART
arjefm-1061	205	9	promote	promote	VERB
arjefm-1061	205	10	local	local	ADJ
arjefm-1061	205	11	manufacturing	manufacturing	NOUN
arjefm-1061	205	12	to	to	PART
arjefm-1061	205	13	reduce	reduce	VERB
arjefm-1061	205	14	reliance	reliance	NOUN
arjefm-1061	205	15	on	on	ADP
arjefm-1061	205	16	imported	import	VERB
arjefm-1061	205	17	goods	good	NOUN
arjefm-1061	205	18	that	that	PRON
arjefm-1061	205	19	could	could	AUX
arjefm-1061	205	20	be	be	AUX
arjefm-1061	205	21	domestically	domestically	ADV
arjefm-1061	205	22	produced	produce	VERB
arjefm-1061	205	23	.	.	PUNCT
arjefm-1061	206	1	initiating	initiate	VERB
arjefm-1061	206	2	structural	structural	ADJ
arjefm-1061	206	3	reforms	reform	NOUN
arjefm-1061	206	4	in	in	ADP
arjefm-1061	206	5	areas	area	NOUN
arjefm-1061	206	6	such	such	ADJ
arjefm-1061	206	7	as	as	ADP
arjefm-1061	206	8	power	power	NOUN
arjefm-1061	206	9	,	,	PUNCT
arjefm-1061	206	10	infrastructure	infrastructure	NOUN
arjefm-1061	206	11	,	,	PUNCT
arjefm-1061	206	12	and	and	CCONJ
arjefm-1061	206	13	taxation	taxation	NOUN
arjefm-1061	206	14	is	be	AUX
arjefm-1061	206	15	crucial	crucial	ADJ
arjefm-1061	206	16	to	to	PART
arjefm-1061	206	17	enhance	enhance	VERB
arjefm-1061	206	18	the	the	DET
arjefm-1061	206	19	competitiveness	competitiveness	NOUN
arjefm-1061	206	20	of	of	ADP
arjefm-1061	206	21	the	the	DET
arjefm-1061	206	22	manufacturing	manufacturing	NOUN
arjefm-1061	206	23	sector	sector	NOUN
arjefm-1061	206	24	.	.	PUNCT
arjefm-1061	207	1	this	this	DET
arjefm-1061	207	2	strategy	strategy	NOUN
arjefm-1061	207	3	would	would	AUX
arjefm-1061	207	4	diminish	diminish	VERB
arjefm-1061	207	5	the	the	DET
arjefm-1061	207	6	demand	demand	NOUN
arjefm-1061	207	7	for	for	ADP
arjefm-1061	207	8	foreign	foreign	ADJ
arjefm-1061	207	9	currency	currency	NOUN
arjefm-1061	207	10	,	,	PUNCT
arjefm-1061	207	11	particularly	particularly	ADV
arjefm-1061	207	12	in	in	ADP
arjefm-1061	207	13	the	the	DET
arjefm-1061	207	14	informal	informal	ADJ
arjefm-1061	207	15	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	207	16	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	207	17	american	american	PROPN
arjefm-1061	207	18	research	research	PROPN
arjefm-1061	207	19	journal	journal	PROPN
arjefm-1061	207	20	of	of	ADP
arjefm-1061	207	21	economics	economic	NOUN
arjefm-1061	207	22	,	,	PUNCT
arjefm-1061	207	23	finance	finance	NOUN
arjefm-1061	207	24	and	and	CCONJ
arjefm-1061	207	25	management	management	NOUN
arjefm-1061	207	26	volume	volume	NOUN
arjefm-1061	207	27	12	12	NUM
arjefm-1061	207	28	issue	issue	NOUN
arjefm-1061	207	29	2	2	NUM
arjefm-1061	207	30	,	,	PUNCT
arjefm-1061	207	31	april	april	PROPN
arjefm-1061	207	32	-	-	PUNCT
arjefm-1061	207	33	june	june	PROPN
arjefm-1061	207	34	2024	2024	NUM
arjefm-1061	207	35	issn	issn	PROPN
arjefm-1061	207	36	:	:	PUNCT
arjefm-1061	207	37	2836	2836	NUM
arjefm-1061	207	38	-	-	SYM
arjefm-1061	207	39	9416	9416	NUM
arjefm-1061	207	40	impact	impact	NOUN
arjefm-1061	207	41	factor	factor	NOUN
arjefm-1061	207	42	:	:	PUNCT
arjefm-1061	207	43	5.57	5.57	NUM
arjefm-1061	207	44	journal	journal	NOUN
arjefm-1061	207	45	homepage	homepage	NOUN
arjefm-1061	207	46	:	:	PUNCT
arjefm-1061	207	47	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	207	48	,	,	PUNCT
arjefm-1061	207	49	email	email	NOUN
arjefm-1061	207	50	:	:	PUNCT
arjefm-1061	207	51	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	207	52	official	official	ADJ
arjefm-1061	207	53	journal	journal	PROPN
arjefm-1061	207	54	of	of	ADP
arjefm-1061	207	55	america	america	PROPN
arjefm-1061	207	56	serial	serial	PROPN
arjefm-1061	207	57	publication	publication	NOUN
arjefm-1061	207	58	american	american	PROPN
arjefm-1061	207	59	research	research	PROPN
arjefm-1061	207	60	journal	journal	PROPN
arjefm-1061	207	61	of	of	ADP
arjefm-1061	207	62	economics	economic	NOUN
arjefm-1061	207	63	,	,	PUNCT
arjefm-1061	207	64	finance	finance	NOUN
arjefm-1061	207	65	and	and	CCONJ
arjefm-1061	207	66	management	management	NOUN
arjefm-1061	207	67	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	207	68	,	,	PUNCT
arjefm-1061	207	69	email	email	NOUN
arjefm-1061	207	70	:	:	PUNCT
arjefm-1061	208	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	208	2	11	11	NUM
arjefm-1061	209	1	|	|	ADV
arjefm-1061	209	2	p	p	X
arjefm-1061	209	3	a	a	DET
arjefm-1061	209	4	g	g	NOUN
arjefm-1061	209	5	e	e	NOUN
arjefm-1061	209	6	(	(	PUNCT
arjefm-1061	209	7	black	black	ADJ
arjefm-1061	209	8	)	)	PUNCT
arjefm-1061	209	9	market	market	NOUN
arjefm-1061	209	10	,	,	PUNCT
arjefm-1061	209	11	as	as	SCONJ
arjefm-1061	209	12	importers	importer	NOUN
arjefm-1061	209	13	seek	seek	VERB
arjefm-1061	209	14	to	to	PART
arjefm-1061	209	15	import	import	VERB
arjefm-1061	209	16	goods	good	NOUN
arjefm-1061	209	17	.	.	PUNCT
arjefm-1061	210	1	ultimately	ultimately	ADV
arjefm-1061	210	2	,	,	PUNCT
arjefm-1061	210	3	such	such	ADJ
arjefm-1061	210	4	measures	measure	NOUN
arjefm-1061	210	5	would	would	AUX
arjefm-1061	210	6	augment	augment	VERB
arjefm-1061	210	7	revenue	revenue	NOUN
arjefm-1061	210	8	for	for	ADP
arjefm-1061	210	9	the	the	DET
arjefm-1061	210	10	economy	economy	NOUN
arjefm-1061	210	11	and	and	CCONJ
arjefm-1061	210	12	reduce	reduce	VERB
arjefm-1061	210	13	budget	budget	NOUN
arjefm-1061	210	14	deficit	deficit	NOUN
arjefm-1061	210	15	.	.	PUNCT
arjefm-1061	211	1	furthermore	furthermore	ADV
arjefm-1061	211	2	,	,	PUNCT
arjefm-1061	211	3	the	the	DET
arjefm-1061	211	4	research	research	NOUN
arjefm-1061	211	5	identified	identify	VERB
arjefm-1061	211	6	that	that	SCONJ
arjefm-1061	211	7	a	a	DET
arjefm-1061	211	8	one	one	NUM
arjefm-1061	211	9	-	-	PUNCT
arjefm-1061	211	10	period	period	NOUN
arjefm-1061	211	11	lag	lag	NOUN
arjefm-1061	211	12	in	in	ADP
arjefm-1061	211	13	the	the	DET
arjefm-1061	211	14	exchange	exchange	NOUN
arjefm-1061	211	15	rate	rate	NOUN
arjefm-1061	211	16	had	have	VERB
arjefm-1061	211	17	a	a	DET
arjefm-1061	211	18	detrimental	detrimental	ADJ
arjefm-1061	211	19	impact	impact	NOUN
arjefm-1061	211	20	on	on	ADP
arjefm-1061	211	21	nigeria	nigeria	PROPN
arjefm-1061	211	22	's	's	PART
arjefm-1061	211	23	budget	budget	NOUN
arjefm-1061	211	24	deficit	deficit	NOUN
arjefm-1061	211	25	,	,	PUNCT
arjefm-1061	211	26	suggesting	suggest	VERB
arjefm-1061	211	27	that	that	SCONJ
arjefm-1061	211	28	the	the	DET
arjefm-1061	211	29	existence	existence	NOUN
arjefm-1061	211	30	of	of	ADP
arjefm-1061	211	31	multiple	multiple	ADJ
arjefm-1061	211	32	exchange	exchange	NOUN
arjefm-1061	211	33	rates	rate	NOUN
arjefm-1061	211	34	may	may	AUX
arjefm-1061	211	35	have	have	AUX
arjefm-1061	211	36	undermined	undermine	VERB
arjefm-1061	211	37	investor	investor	NOUN
arjefm-1061	211	38	confidence	confidence	NOUN
arjefm-1061	211	39	.	.	PUNCT
arjefm-1061	212	1	therefore	therefore	ADV
arjefm-1061	212	2	,	,	PUNCT
arjefm-1061	212	3	nigeria	nigeria	PROPN
arjefm-1061	212	4	requires	require	VERB
arjefm-1061	212	5	a	a	DET
arjefm-1061	212	6	substantial	substantial	ADJ
arjefm-1061	212	7	influx	influx	NOUN
arjefm-1061	212	8	of	of	ADP
arjefm-1061	212	9	foreign	foreign	ADJ
arjefm-1061	212	10	currency	currency	NOUN
arjefm-1061	212	11	into	into	ADP
arjefm-1061	212	12	the	the	DET
arjefm-1061	212	13	official	official	ADJ
arjefm-1061	212	14	foreign	foreign	ADJ
arjefm-1061	212	15	exchange	exchange	NOUN
arjefm-1061	212	16	market	market	NOUN
arjefm-1061	212	17	to	to	PART
arjefm-1061	212	18	fulfill	fulfill	VERB
arjefm-1061	212	19	the	the	DET
arjefm-1061	212	20	demand	demand	NOUN
arjefm-1061	212	21	for	for	ADP
arjefm-1061	212	22	foreign	foreign	ADJ
arjefm-1061	212	23	currency	currency	NOUN
arjefm-1061	212	24	.	.	PUNCT
arjefm-1061	213	1	encouraging	encourage	VERB
arjefm-1061	213	2	efforts	effort	NOUN
arjefm-1061	213	3	to	to	PART
arjefm-1061	213	4	unify	unify	VERB
arjefm-1061	213	5	the	the	DET
arjefm-1061	213	6	exchange	exchange	NOUN
arjefm-1061	213	7	rate	rate	NOUN
arjefm-1061	213	8	is	be	AUX
arjefm-1061	213	9	imperative	imperative	ADJ
arjefm-1061	213	10	to	to	PART
arjefm-1061	213	11	attract	attract	VERB
arjefm-1061	213	12	foreign	foreign	ADJ
arjefm-1061	213	13	investors	investor	NOUN
arjefm-1061	213	14	to	to	ADP
arjefm-1061	213	15	nigeria	nigeria	PRON
arjefm-1061	213	16	,	,	PUNCT
arjefm-1061	213	17	thereby	thereby	ADV
arjefm-1061	213	18	injecting	inject	VERB
arjefm-1061	213	19	foreign	foreign	ADJ
arjefm-1061	213	20	currency	currency	NOUN
arjefm-1061	213	21	into	into	ADP
arjefm-1061	213	22	the	the	DET
arjefm-1061	213	23	market	market	NOUN
arjefm-1061	213	24	and	and	CCONJ
arjefm-1061	213	25	ultimately	ultimately	ADV
arjefm-1061	213	26	generating	generate	VERB
arjefm-1061	213	27	revenue	revenue	NOUN
arjefm-1061	213	28	that	that	PRON
arjefm-1061	213	29	could	could	AUX
arjefm-1061	213	30	alleviate	alleviate	VERB
arjefm-1061	213	31	deficits	deficit	NOUN
arjefm-1061	213	32	in	in	ADP
arjefm-1061	213	33	the	the	DET
arjefm-1061	213	34	economy	economy	NOUN
arjefm-1061	213	35	.	.	PUNCT
arjefm-1061	214	1	5	5	X
arjefm-1061	214	2	.	.	X
arjefm-1061	214	3	conclusions	conclusion	NOUN
arjefm-1061	214	4	the	the	DET
arjefm-1061	214	5	paper	paper	NOUN
arjefm-1061	214	6	examined	examine	VERB
arjefm-1061	214	7	the	the	DET
arjefm-1061	214	8	effect	effect	NOUN
arjefm-1061	214	9	of	of	ADP
arjefm-1061	214	10	exchange	exchange	NOUN
arjefm-1061	214	11	rate	rate	NOUN
arjefm-1061	214	12	unification	unification	NOUN
arjefm-1061	214	13	on	on	ADP
arjefm-1061	214	14	budget	budget	NOUN
arjefm-1061	214	15	deficit	deficit	NOUN
arjefm-1061	214	16	in	in	ADP
arjefm-1061	214	17	nigeria	nigeria	PROPN
arjefm-1061	214	18	.	.	PUNCT
arjefm-1061	215	1	using	use	VERB
arjefm-1061	215	2	time	time	NOUN
arjefm-1061	215	3	series	series	PROPN
arjefm-1061	215	4	data	datum	NOUN
arjefm-1061	215	5	from	from	ADP
arjefm-1061	215	6	secondary	secondary	ADJ
arjefm-1061	215	7	sources	source	NOUN
arjefm-1061	215	8	covering	cover	VERB
arjefm-1061	215	9	the	the	DET
arjefm-1061	215	10	period	period	NOUN
arjefm-1061	215	11	1981	1981	NUM
arjefm-1061	215	12	and	and	CCONJ
arjefm-1061	215	13	2022	2022	NUM
arjefm-1061	215	14	and	and	CCONJ
arjefm-1061	215	15	the	the	DET
arjefm-1061	215	16	ardl	ardl	NOUN
arjefm-1061	215	17	bound	bind	VERB
arjefm-1061	215	18	test	test	NOUN
arjefm-1061	215	19	technique	technique	NOUN
arjefm-1061	215	20	,	,	PUNCT
arjefm-1061	215	21	the	the	DET
arjefm-1061	215	22	study	study	NOUN
arjefm-1061	215	23	found	find	VERB
arjefm-1061	215	24	evidence	evidence	NOUN
arjefm-1061	215	25	of	of	ADP
arjefm-1061	215	26	a	a	DET
arjefm-1061	215	27	long	long	ADV
arjefm-1061	215	28	-	-	PUNCT
arjefm-1061	215	29	run	run	VERB
arjefm-1061	215	30	equilibrium	equilibrium	NOUN
arjefm-1061	215	31	relationship	relationship	NOUN
arjefm-1061	215	32	between	between	ADP
arjefm-1061	215	33	budget	budget	NOUN
arjefm-1061	215	34	deficit	deficit	NOUN
arjefm-1061	215	35	and	and	CCONJ
arjefm-1061	215	36	the	the	DET
arjefm-1061	215	37	official	official	ADJ
arjefm-1061	215	38	exchange	exchange	NOUN
arjefm-1061	215	39	rate	rate	NOUN
arjefm-1061	215	40	.	.	PUNCT
arjefm-1061	216	1	the	the	DET
arjefm-1061	216	2	estimated	estimate	VERB
arjefm-1061	216	3	unrestricted	unrestricted	ADJ
arjefm-1061	216	4	ardl	ardl	NOUN
arjefm-1061	216	5	error	error	NOUN
arjefm-1061	216	6	correction	correction	NOUN
arjefm-1061	216	7	model	model	NOUN
arjefm-1061	216	8	revealed	reveal	VERB
arjefm-1061	216	9	that	that	SCONJ
arjefm-1061	216	10	current	current	ADJ
arjefm-1061	216	11	official	official	ADJ
arjefm-1061	216	12	exchange	exchange	NOUN
arjefm-1061	216	13	rate	rate	NOUN
arjefm-1061	216	14	which	which	PRON
arjefm-1061	216	15	served	serve	VERB
arjefm-1061	216	16	as	as	ADP
arjefm-1061	216	17	the	the	DET
arjefm-1061	216	18	unified	unified	ADJ
arjefm-1061	216	19	exchange	exchange	NOUN
arjefm-1061	216	20	rate	rate	NOUN
arjefm-1061	216	21	in	in	ADP
arjefm-1061	216	22	the	the	DET
arjefm-1061	216	23	paper	paper	NOUN
arjefm-1061	216	24	has	have	VERB
arjefm-1061	216	25	a	a	DET
arjefm-1061	216	26	negative	negative	ADJ
arjefm-1061	216	27	but	but	CCONJ
arjefm-1061	216	28	insignificant	insignificant	ADJ
arjefm-1061	216	29	effect	effect	NOUN
arjefm-1061	216	30	on	on	ADP
arjefm-1061	216	31	budget	budget	NOUN
arjefm-1061	216	32	deficit	deficit	NOUN
arjefm-1061	216	33	.	.	PUNCT
arjefm-1061	217	1	however	however	ADV
arjefm-1061	217	2	,	,	PUNCT
arjefm-1061	217	3	one	one	NUM
arjefm-1061	217	4	period	period	NOUN
arjefm-1061	217	5	lagged	lag	VERB
arjefm-1061	217	6	(	(	PUNCT
arjefm-1061	217	7	past	past	ADJ
arjefm-1061	217	8	)	)	PUNCT
arjefm-1061	217	9	value	value	NOUN
arjefm-1061	217	10	of	of	ADP
arjefm-1061	217	11	official	official	ADJ
arjefm-1061	217	12	exchange	exchange	NOUN
arjefm-1061	217	13	rate	rate	NOUN
arjefm-1061	217	14	exert	exert	VERB
arjefm-1061	217	15	a	a	DET
arjefm-1061	217	16	negative	negative	ADJ
arjefm-1061	217	17	influence	influence	NOUN
arjefm-1061	217	18	on	on	ADP
arjefm-1061	217	19	budget	budget	NOUN
arjefm-1061	217	20	deficit	deficit	NOUN
arjefm-1061	217	21	in	in	ADP
arjefm-1061	217	22	nigeria	nigeria	PROPN
arjefm-1061	217	23	.	.	PUNCT
arjefm-1061	218	1	implying	imply	VERB
arjefm-1061	218	2	that	that	DET
arjefm-1061	218	3	increase	increase	NOUN
arjefm-1061	218	4	in	in	ADP
arjefm-1061	218	5	past	past	ADJ
arjefm-1061	218	6	official	official	ADJ
arjefm-1061	218	7	exchange	exchange	NOUN
arjefm-1061	218	8	rate	rate	NOUN
arjefm-1061	218	9	(	(	PUNCT
arjefm-1061	218	10	depreciation	depreciation	NOUN
arjefm-1061	218	11	of	of	ADP
arjefm-1061	218	12	domestic	domestic	ADJ
arjefm-1061	218	13	currency	currency	NOUN
arjefm-1061	218	14	)	)	PUNCT
arjefm-1061	218	15	compounded	compound	VERB
arjefm-1061	218	16	the	the	DET
arjefm-1061	218	17	problem	problem	NOUN
arjefm-1061	218	18	of	of	ADP
arjefm-1061	218	19	budget	budget	NOUN
arjefm-1061	218	20	deficit	deficit	NOUN
arjefm-1061	218	21	in	in	ADP
arjefm-1061	218	22	nigeria	nigeria	PROPN
arjefm-1061	218	23	.	.	PUNCT
arjefm-1061	219	1	also	also	ADV
arjefm-1061	219	2	,	,	PUNCT
arjefm-1061	219	3	the	the	DET
arjefm-1061	219	4	country	country	NOUN
arjefm-1061	219	5	suffered	suffer	VERB
arjefm-1061	219	6	more	more	ADJ
arjefm-1061	219	7	budget	budget	NOUN
arjefm-1061	219	8	deficit	deficit	NOUN
arjefm-1061	219	9	during	during	ADP
arjefm-1061	219	10	periods	period	NOUN
arjefm-1061	219	11	of	of	ADP
arjefm-1061	219	12	dual	dual	ADJ
arjefm-1061	219	13	exchange	exchange	NOUN
arjefm-1061	219	14	rate	rate	NOUN
arjefm-1061	219	15	than	than	ADP
arjefm-1061	219	16	periods	period	NOUN
arjefm-1061	219	17	of	of	ADP
arjefm-1061	219	18	single	single	ADJ
arjefm-1061	219	19	(	(	PUNCT
arjefm-1061	219	20	unified	unified	ADJ
arjefm-1061	219	21	)	)	PUNCT
arjefm-1061	219	22	exchange	exchange	NOUN
arjefm-1061	219	23	rate	rate	NOUN
arjefm-1061	219	24	system	system	NOUN
arjefm-1061	219	25	.	.	PUNCT
arjefm-1061	220	1	based	base	VERB
arjefm-1061	220	2	on	on	ADP
arjefm-1061	220	3	the	the	DET
arjefm-1061	220	4	results	result	NOUN
arjefm-1061	220	5	,	,	PUNCT
arjefm-1061	220	6	there	there	PRON
arjefm-1061	220	7	is	be	VERB
arjefm-1061	220	8	the	the	DET
arjefm-1061	220	9	need	need	NOUN
arjefm-1061	220	10	to	to	PART
arjefm-1061	220	11	unify	unify	VERB
arjefm-1061	220	12	the	the	DET
arjefm-1061	220	13	exchange	exchange	NOUN
arjefm-1061	220	14	rate	rate	NOUN
arjefm-1061	220	15	in	in	ADP
arjefm-1061	220	16	nigeria	nigeria	PROPN
arjefm-1061	220	17	and	and	CCONJ
arjefm-1061	220	18	attract	attract	VERB
arjefm-1061	220	19	the	the	DET
arjefm-1061	220	20	needed	need	VERB
arjefm-1061	220	21	appreciation	appreciation	NOUN
arjefm-1061	220	22	and	and	CCONJ
arjefm-1061	220	23	loss	loss	NOUN
arjefm-1061	220	24	of	of	ADP
arjefm-1061	220	25	revenue	revenue	NOUN
arjefm-1061	220	26	if	if	SCONJ
arjefm-1061	220	27	the	the	DET
arjefm-1061	220	28	country	country	NOUN
arjefm-1061	220	29	is	be	AUX
arjefm-1061	220	30	poised	poise	VERB
arjefm-1061	220	31	towards	towards	ADP
arjefm-1061	220	32	reduction	reduction	NOUN
arjefm-1061	220	33	of	of	ADP
arjefm-1061	220	34	budget	budget	NOUN
arjefm-1061	220	35	deficit	deficit	NOUN
arjefm-1061	220	36	experienced	experience	VERB
arjefm-1061	220	37	in	in	ADP
arjefm-1061	220	38	the	the	DET
arjefm-1061	220	39	country	country	NOUN
arjefm-1061	220	40	.	.	PUNCT
arjefm-1061	221	1	references	reference	NOUN
arjefm-1061	221	2	abeng	abeng	PROPN
arjefm-1061	221	3	,	,	PUNCT
arjefm-1061	221	4	m.	m.	NOUN
arjefm-1061	221	5	o	o	NOUN
arjefm-1061	221	6	and	and	CCONJ
arjefm-1061	221	7	alehile	alehile	ADJ
arjefm-1061	221	8	,	,	PUNCT
arjefm-1061	221	9	k.	k.	PROPN
arjefm-1061	221	10	s	s	PART
arjefm-1061	221	11	(	(	PUNCT
arjefm-1061	221	12	2012	2012	NUM
arjefm-1061	221	13	)	)	PUNCT
arjefm-1061	221	14	,	,	PUNCT
arjefm-1061	221	15	macroeconomic	macroeconomic	ADJ
arjefm-1061	221	16	shocks	shock	NOUN
arjefm-1061	221	17	and	and	CCONJ
arjefm-1061	221	18	fiscal	fiscal	ADJ
arjefm-1061	221	19	deficit	deficit	NOUN
arjefm-1061	221	20	behaviour	behaviour	NOUN
arjefm-1061	221	21	in	in	ADP
arjefm-1061	221	22	nigeria	nigeria	PROPN
arjefm-1061	221	23	:	:	PUNCT
arjefm-1061	221	24	a	a	DET
arjefm-1061	221	25	vecm	vecm	NOUN
arjefm-1061	221	26	approach	approach	VERB
arjefm-1061	221	27	.	.	PUNCT
arjefm-1061	222	1	central	central	ADJ
arjefm-1061	222	2	bank	bank	PROPN
arjefm-1061	222	3	of	of	ADP
arjefm-1061	222	4	nigeria	nigeria	PROPN
arjefm-1061	222	5	economic	economic	ADJ
arjefm-1061	222	6	and	and	CCONJ
arjefm-1061	222	7	financial	financial	ADJ
arjefm-1061	222	8	review	review	NOUN
arjefm-1061	222	9	.	.	PUNCT
arjefm-1061	223	1	50	50	NUM
arjefm-1061	223	2	(	(	PUNCT
arjefm-1061	223	3	1	1	NUM
arjefm-1061	223	4	):	):	PUNCT
arjefm-1061	223	5	2758	2758	NUM
arjefm-1061	223	6	.	.	PUNCT
arjefm-1061	224	1	aladejare	aladejare	PROPN
arjefm-1061	224	2	,	,	PUNCT
arjefm-1061	224	3	s.	s.	PROPN
arjefm-1061	224	4	a	a	PRON
arjefm-1061	224	5	(	(	PUNCT
arjefm-1061	224	6	2014	2014	NUM
arjefm-1061	224	7	)	)	PUNCT
arjefm-1061	224	8	,	,	PUNCT
arjefm-1061	224	9	evaluation	evaluation	NOUN
arjefm-1061	224	10	of	of	ADP
arjefm-1061	224	11	government	government	NOUN
arjefm-1061	224	12	income	income	NOUN
arjefm-1061	224	13	-	-	PUNCT
arjefm-1061	224	14	spending	spend	VERB
arjefm-1061	224	15	hypothesis	hypothesis	NOUN
arjefm-1061	224	16	nexus	nexus	NOUN
arjefm-1061	224	17	in	in	ADP
arjefm-1061	224	18	nigeria	nigeria	PROPN
arjefm-1061	224	19	:	:	PUNCT
arjefm-1061	224	20	application	application	NOUN
arjefm-1061	224	21	of	of	ADP
arjefm-1061	224	22	the	the	DET
arjefm-1061	224	23	bound	bound	ADJ
arjefm-1061	224	24	test	test	NOUN
arjefm-1061	224	25	approach	approach	NOUN
arjefm-1061	224	26	.	.	PUNCT
arjefm-1061	225	1	american	american	PROPN
arjefm-1061	225	2	journal	journal	PROPN
arjefm-1061	225	3	of	of	ADP
arjefm-1061	225	4	business	business	NOUN
arjefm-1061	225	5	,	,	PUNCT
arjefm-1061	225	6	economics	economic	NOUN
arjefm-1061	225	7	and	and	CCONJ
arjefm-1061	225	8	management	management	NOUN
arjefm-1061	225	9	;	;	PUNCT
arjefm-1061	225	10	2(1	2(1	NUM
arjefm-1061	225	11	):	):	PUNCT
arjefm-1061	225	12	28	28	NUM
arjefm-1061	225	13	-	-	SYM
arjefm-1061	225	14	40	40	NUM
arjefm-1061	225	15	.	.	PUNCT
arjefm-1061	226	1	ayinde	ayinde	NOUN
arjefm-1061	226	2	,	,	PUNCT
arjefm-1061	226	3	t.	t.	PROPN
arjefm-1061	226	4	o.	o.	PROPN
arjefm-1061	226	5	&	&	CCONJ
arjefm-1061	226	6	bankole	bankole	PROPN
arjefm-1061	226	7	,	,	PUNCT
arjefm-1061	226	8	a.	a.	PROPN
arjefm-1061	226	9	s.	s.	PROPN
arjefm-1061	226	10	(	(	PUNCT
arjefm-1061	226	11	2021	2021	NUM
arjefm-1061	226	12	)	)	PUNCT
arjefm-1061	226	13	.	.	PUNCT
arjefm-1061	227	1	fiscal	fiscal	ADJ
arjefm-1061	227	2	dominance	dominance	NOUN
arjefm-1061	227	3	and	and	CCONJ
arjefm-1061	227	4	exchange	exchange	NOUN
arjefm-1061	227	5	rate	rate	NOUN
arjefm-1061	227	6	stability	stability	NOUN
arjefm-1061	227	7	in	in	ADP
arjefm-1061	227	8	nigeria	nigeria	PROPN
arjefm-1061	227	9	.	.	PUNCT
arjefm-1061	228	1	future	future	ADJ
arjefm-1061	228	2	business	business	NOUN
arjefm-1061	228	3	journal	journal	NOUN
arjefm-1061	228	4	,	,	PUNCT
arjefm-1061	228	5	7(1)34:1	7(1)34:1	NUM
arjefm-1061	228	6	-	-	SYM
arjefm-1061	228	7	15	15	NUM
arjefm-1061	228	8	.	.	PUNCT
arjefm-1061	229	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1061	229	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-1061	230	1	american	american	PROPN
arjefm-1061	230	2	research	research	PROPN
arjefm-1061	230	3	journal	journal	PROPN
arjefm-1061	230	4	of	of	ADP
arjefm-1061	230	5	economics	economic	NOUN
arjefm-1061	230	6	,	,	PUNCT
arjefm-1061	230	7	finance	finance	NOUN
arjefm-1061	230	8	and	and	CCONJ
arjefm-1061	230	9	management	management	NOUN
arjefm-1061	230	10	volume	volume	NOUN
arjefm-1061	230	11	12	12	NUM
arjefm-1061	230	12	issue	issue	NOUN
arjefm-1061	230	13	2	2	NUM
arjefm-1061	230	14	,	,	PUNCT
arjefm-1061	230	15	april	april	PROPN
arjefm-1061	230	16	-	-	PUNCT
arjefm-1061	230	17	june	june	PROPN
arjefm-1061	230	18	2024	2024	NUM
arjefm-1061	230	19	issn	issn	PROPN
arjefm-1061	230	20	:	:	PUNCT
arjefm-1061	230	21	2836	2836	NUM
arjefm-1061	230	22	-	-	SYM
arjefm-1061	230	23	9416	9416	NUM
arjefm-1061	230	24	impact	impact	NOUN
arjefm-1061	230	25	factor	factor	NOUN
arjefm-1061	230	26	:	:	PUNCT
arjefm-1061	230	27	5.57	5.57	NUM
arjefm-1061	230	28	journal	journal	NOUN
arjefm-1061	230	29	homepage	homepage	NOUN
arjefm-1061	230	30	:	:	PUNCT
arjefm-1061	230	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	230	32	,	,	PUNCT
arjefm-1061	230	33	email	email	NOUN
arjefm-1061	230	34	:	:	PUNCT
arjefm-1061	231	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-1061	231	2	official	official	ADJ
arjefm-1061	231	3	journal	journal	PROPN
arjefm-1061	231	4	of	of	ADP
arjefm-1061	231	5	america	america	PROPN
arjefm-1061	231	6	serial	serial	PROPN
arjefm-1061	231	7	publication	publication	NOUN
arjefm-1061	231	8	american	american	PROPN
arjefm-1061	231	9	research	research	PROPN
arjefm-1061	231	10	journal	journal	PROPN
arjefm-1061	231	11	of	of	ADP
arjefm-1061	231	12	economics	economic	NOUN
arjefm-1061	231	13	,	,	PUNCT
arjefm-1061	231	14	finance	finance	NOUN
arjefm-1061	231	15	and	and	CCONJ
arjefm-1061	231	16	management	management	NOUN
arjefm-1061	231	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-1061	231	18	,	,	PUNCT
arjefm-1061	231	19	email	email	NOUN
arjefm-1061	231	20	:	:	PUNCT
arjefm-1061	231	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	232	1	12	12	NUM
arjefm-1061	233	1	|	|	ADV
arjefm-1061	233	2	p	p	X
arjefm-1061	233	3	a	a	DET
arjefm-1061	233	4	g	g	NOUN
arjefm-1061	233	5	e	e	PROPN
arjefm-1061	233	6	central	central	PROPN
arjefm-1061	233	7	bank	bank	PROPN
arjefm-1061	233	8	of	of	ADP
arjefm-1061	233	9	nigeria	nigeria	PROPN
arjefm-1061	233	10	(	(	PUNCT
arjefm-1061	233	11	2023	2023	NUM
arjefm-1061	233	12	)	)	PUNCT
arjefm-1061	233	13	.	.	PUNCT
arjefm-1061	234	1	operational	operational	ADJ
arjefm-1061	234	2	changes	change	NOUN
arjefm-1061	234	3	to	to	ADP
arjefm-1061	234	4	the	the	DET
arjefm-1061	234	5	foreign	foreign	ADJ
arjefm-1061	234	6	exchange	exchange	NOUN
arjefm-1061	234	7	market	market	NOUN
arjefm-1061	234	8	,	,	PUNCT
arjefm-1061	234	9	central	central	ADJ
arjefm-1061	234	10	bank	bank	PROPN
arjefm-1061	234	11	of	of	ADP
arjefm-1061	234	12	nigeria	nigeria	PROPN
arjefm-1061	234	13	publication	publication	PROPN
arjefm-1061	234	14	.	.	PUNCT
arjefm-1061	235	1	available	available	ADJ
arjefm-1061	235	2	at	at	ADP
arjefm-1061	235	3	https://www.cbn.gov.ng/out/2023/ccd/operational%20changes%20to%20fx%20marke	https://www.cbn.gov.ng/out/2023/ccd/operational%20changes%20to%20fx%20marke	PROPN
arjefm-1061	235	4	t.pdf	t.pdf	PROPN
arjefm-1061	235	5	.	.	PUNCT
arjefm-1061	236	1	eldepcy	eldepcy	PROPN
arjefm-1061	236	2	,	,	PUNCT
arjefm-1061	236	3	m.	m.	NOUN
arjefm-1061	236	4	a.	a.	NOUN
arjefm-1061	236	5	(	(	PUNCT
arjefm-1061	236	6	2022	2022	NUM
arjefm-1061	236	7	)	)	PUNCT
arjefm-1061	236	8	.	.	PUNCT
arjefm-1061	237	1	the	the	DET
arjefm-1061	237	2	budget	budget	NOUN
arjefm-1061	237	3	deficit	deficit	NOUN
arjefm-1061	237	4	financing	financing	NOUN
arjefm-1061	237	5	impact	impact	NOUN
arjefm-1061	237	6	on	on	ADP
arjefm-1061	237	7	the	the	DET
arjefm-1061	237	8	real	real	ADJ
arjefm-1061	237	9	exchange	exchange	NOUN
arjefm-1061	237	10	rate	rate	NOUN
arjefm-1061	237	11	in	in	ADP
arjefm-1061	237	12	egypt	egypt	PROPN
arjefm-1061	237	13	(	(	PUNCT
arjefm-1061	237	14	19752020	19752020	NUM
arjefm-1061	237	15	)	)	PUNCT
arjefm-1061	237	16	.	.	PUNCT
arjefm-1061	238	1	international	international	ADJ
arjefm-1061	238	2	journal	journal	PROPN
arjefm-1061	238	3	of	of	ADP
arjefm-1061	238	4	economics	economic	NOUN
arjefm-1061	238	5	and	and	CCONJ
arjefm-1061	238	6	finance	finance	NOUN
arjefm-1061	238	7	,	,	PUNCT
arjefm-1061	238	8	14(3	14(3	NUM
arjefm-1061	238	9	):	):	PUNCT
arjefm-1061	238	10	84	84	NUM
arjefm-1061	238	11	-	-	SYM
arjefm-1061	238	12	99	99	NUM
arjefm-1061	238	13	.	.	PUNCT
arjefm-1061	239	1	ezeabasili	ezeabasili	PROPN
arjefm-1061	239	2	v.n	v.n	PROPN
arjefm-1061	239	3	,	,	PUNCT
arjefm-1061	239	4	mojekwu	mojekwu	NOUN
arjefm-1061	239	5	j.n	j.n	PROPN
arjefm-1061	239	6	and	and	CCONJ
arjefm-1061	239	7	herbert	herbert	PROPN
arjefm-1061	239	8	w.e	w.e	PROPN
arjefm-1061	239	9	,	,	PUNCT
arjefm-1061	239	10	(	(	PUNCT
arjefm-1061	239	11	2012	2012	NUM
arjefm-1061	239	12	)	)	PUNCT
arjefm-1061	239	13	.	.	PUNCT
arjefm-1061	240	1	an	an	DET
arjefm-1061	240	2	empirical	empirical	ADJ
arjefm-1061	240	3	analysis	analysis	NOUN
arjefm-1061	240	4	of	of	ADP
arjefm-1061	240	5	fiscal	fiscal	ADJ
arjefm-1061	240	6	deficits	deficit	NOUN
arjefm-1061	240	7	and	and	CCONJ
arjefm-1061	240	8	inflation	inflation	NOUN
arjefm-1061	240	9	in	in	ADP
arjefm-1061	240	10	nigeria	nigeria	PROPN
arjefm-1061	240	11	.	.	PUNCT
arjefm-1061	241	1	international	international	ADJ
arjefm-1061	241	2	business	business	NOUN
arjefm-1061	241	3	and	and	CCONJ
arjefm-1061	241	4	management	management	NOUN
arjefm-1061	241	5	.	.	PUNCT
arjefm-1061	242	1	4(1	4(1	NOUN
arjefm-1061	242	2	):	):	PUNCT
arjefm-1061	242	3	105	105	NUM
arjefm-1061	242	4	-	-	SYM
arjefm-1061	242	5	120	120	NUM
arjefm-1061	242	6	.	.	PUNCT
arjefm-1061	243	1	fleming	fleming	PROPN
arjefm-1061	243	2	,	,	PUNCT
arjefm-1061	243	3	j.	j.	PROPN
arjefm-1061	243	4	m.	m.	PROPN
arjefm-1061	243	5	(	(	PUNCT
arjefm-1061	243	6	1962	1962	NUM
arjefm-1061	243	7	)	)	PUNCT
arjefm-1061	243	8	.	.	PUNCT
arjefm-1061	244	1	domestic	domestic	ADJ
arjefm-1061	244	2	financial	financial	ADJ
arjefm-1061	244	3	policies	policy	NOUN
arjefm-1061	244	4	under	under	ADP
arjefm-1061	244	5	fixed	fix	VERB
arjefm-1061	244	6	and	and	CCONJ
arjefm-1061	244	7	under	under	ADP
arjefm-1061	244	8	floating	float	VERB
arjefm-1061	244	9	exchange	exchange	NOUN
arjefm-1061	244	10	rates	rate	NOUN
arjefm-1061	244	11	.	.	PUNCT
arjefm-1061	245	1	staff	staff	NOUN
arjefm-1061	245	2	papers	paper	NOUN
arjefm-1061	245	3	,	,	PUNCT
arjefm-1061	245	4	9(3	9(3	NUM
arjefm-1061	245	5	)	)	PUNCT
arjefm-1061	245	6	,	,	PUNCT
arjefm-1061	245	7	369	369	NUM
arjefm-1061	245	8	-	-	SYM
arjefm-1061	245	9	380	380	NUM
arjefm-1061	245	10	.	.	PUNCT
arjefm-1061	246	1	gray	gray	ADJ
arjefm-1061	246	2	,	,	PUNCT
arjefm-1061	246	3	m.	m.	NOUN
arjefm-1061	246	4	s.	s.	PROPN
arjefm-1061	246	5	t.	t.	PROPN
arjefm-1061	246	6	(	(	PUNCT
arjefm-1061	246	7	2021	2021	NUM
arjefm-1061	246	8	)	)	PUNCT
arjefm-1061	246	9	.	.	PUNCT
arjefm-1061	247	1	recognizing	recognize	VERB
arjefm-1061	247	2	reality	reality	NOUN
arjefm-1061	247	3	-	-	PUNCT
arjefm-1061	247	4	unification	unification	NOUN
arjefm-1061	247	5	of	of	ADP
arjefm-1061	247	6	official	official	ADJ
arjefm-1061	247	7	and	and	CCONJ
arjefm-1061	247	8	parallel	parallel	ADJ
arjefm-1061	247	9	market	market	NOUN
arjefm-1061	247	10	exchange	exchange	NOUN
arjefm-1061	247	11	rates	rate	NOUN
arjefm-1061	247	12	.	.	PUNCT
arjefm-1061	248	1	international	international	ADJ
arjefm-1061	248	2	monetary	monetary	ADJ
arjefm-1061	248	3	fund	fund	NOUN
arjefm-1061	248	4	(	(	PUNCT
arjefm-1061	248	5	imf	imf	PROPN
arjefm-1061	248	6	)	)	PUNCT
arjefm-1061	248	7	working	work	VERB
arjefm-1061	248	8	papers	paper	NOUN
arjefm-1061	248	9	,	,	PUNCT
arjefm-1061	248	10	wp/21/25	wp/21/25	NOUN
arjefm-1061	248	11	mundell	mundell	PROPN
arjefm-1061	248	12	,	,	PUNCT
arjefm-1061	248	13	r.	r.	PROPN
arjefm-1061	248	14	(	(	PUNCT
arjefm-1061	248	15	1968	1968	NUM
arjefm-1061	248	16	)	)	PUNCT
arjefm-1061	248	17	.	.	PUNCT
arjefm-1061	249	1	inflation	inflation	NOUN
arjefm-1061	249	2	and	and	CCONJ
arjefm-1061	249	3	real	real	ADJ
arjefm-1061	249	4	interest	interest	NOUN
arjefm-1061	249	5	.	.	PUNCT
arjefm-1061	250	1	journal	journal	NOUN
arjefm-1061	250	2	of	of	ADP
arjefm-1061	250	3	political	political	ADJ
arjefm-1061	250	4	economy	economy	NOUN
arjefm-1061	250	5	,	,	PUNCT
arjefm-1061	250	6	71(3	71(3	NUM
arjefm-1061	250	7	)	)	PUNCT
arjefm-1061	250	8	,	,	PUNCT
arjefm-1061	250	9	280283	280283	NUM
arjefm-1061	250	10	.	.	PUNCT
arjefm-1061	251	1	nwosa	nwosa	PROPN
arjefm-1061	251	2	,	,	PUNCT
arjefm-1061	251	3	p.	p.	PROPN
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arjefm-1061	251	5	(	(	PUNCT
arjefm-1061	251	6	2017	2017	NUM
arjefm-1061	251	7	)	)	PUNCT
arjefm-1061	251	8	.	.	PUNCT
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arjefm-1061	252	2	policy	policy	NOUN
arjefm-1061	252	3	and	and	CCONJ
arjefm-1061	252	4	exchange	exchange	NOUN
arjefm-1061	252	5	rate	rate	NOUN
arjefm-1061	252	6	movement	movement	NOUN
arjefm-1061	252	7	in	in	ADP
arjefm-1061	252	8	nigeria	nigeria	PROPN
arjefm-1061	252	9	.	.	PUNCT
arjefm-1061	253	1	acta	acta	PROPN
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arjefm-1061	253	4	.	.	PUNCT
arjefm-1061	254	1	œconomica	œconomica	PROPN
arjefm-1061	254	2	,	,	PUNCT
arjefm-1061	254	3	13(3	13(3	NUM
arjefm-1061	254	4	):	):	PUNCT
arjefm-1061	254	5	115	115	NUM
arjefm-1061	254	6	-	-	SYM
arjefm-1061	254	7	127	127	NUM
arjefm-1061	254	8	oladipo	oladipo	NOUN
arjefm-1061	254	9	,	,	PUNCT
arjefm-1061	254	10	s.	s.	PROPN
arjefm-1061	254	11	o.	o.	PROPN
arjefm-1061	254	12	and	and	CCONJ
arjefm-1061	254	13	akinbobola	akinbobola	PROPN
arjefm-1061	254	14	,	,	PUNCT
arjefm-1061	254	15	t.	t.	PROPN
arjefm-1061	254	16	o.	o.	PROPN
arjefm-1061	254	17	(	(	PUNCT
arjefm-1061	254	18	2011	2011	NUM
arjefm-1061	254	19	)	)	PUNCT
arjefm-1061	254	20	budget	budget	NOUN
arjefm-1061	254	21	deficit	deficit	NOUN
arjefm-1061	254	22	and	and	CCONJ
arjefm-1061	254	23	inflation	inflation	NOUN
arjefm-1061	254	24	in	in	ADP
arjefm-1061	254	25	nigeria	nigeria	PROPN
arjefm-1061	254	26	:	:	PUNCT
arjefm-1061	254	27	a	a	DET
arjefm-1061	254	28	causal	causal	ADJ
arjefm-1061	254	29	relationship	relationship	NOUN
arjefm-1061	254	30	.	.	PUNCT
arjefm-1061	255	1	journal	journal	NOUN
arjefm-1061	255	2	of	of	ADP
arjefm-1061	255	3	emerging	emerge	VERB
arjefm-1061	255	4	trends	trend	NOUN
arjefm-1061	255	5	in	in	ADP
arjefm-1061	255	6	economics	economic	NOUN
arjefm-1061	255	7	and	and	CCONJ
arjefm-1061	255	8	management	management	NOUN
arjefm-1061	255	9	sciences	science	NOUN
arjefm-1061	255	10	(	(	PUNCT
arjefm-1061	255	11	jetems	jetem	NOUN
arjefm-1061	255	12	)	)	PUNCT
arjefm-1061	255	13	2	2	NUM
arjefm-1061	255	14	(	(	PUNCT
arjefm-1061	255	15	1	1	NUM
arjefm-1061	255	16	):	):	PUNCT
arjefm-1061	255	17	1	1	NUM
arjefm-1061	255	18	-	-	SYM
arjefm-1061	255	19	8	8	NUM
arjefm-1061	255	20	.	.	PUNCT
arjefm-1061	255	21	onafowokan	onafowokan	PROPN
arjefm-1061	255	22	,	,	PUNCT
arjefm-1061	255	23	o.	o.	PROPN
arjefm-1061	255	24	a.	a.	PROPN
arjefm-1061	255	25	,	,	PUNCT
arjefm-1061	255	26	&	&	CCONJ
arjefm-1061	255	27	owoye	owoye	PROPN
arjefm-1061	255	28	,	,	PUNCT
arjefm-1061	255	29	o.	o.	PROPN
arjefm-1061	255	30	(	(	PUNCT
arjefm-1061	255	31	2006	2006	NUM
arjefm-1061	255	32	)	)	PUNCT
arjefm-1061	255	33	.	.	PUNCT
arjefm-1061	256	1	an	an	DET
arjefm-1061	256	2	empirical	empirical	ADJ
arjefm-1061	256	3	investigation	investigation	NOUN
arjefm-1061	256	4	of	of	ADP
arjefm-1061	256	5	budget	budget	NOUN
arjefm-1061	256	6	and	and	CCONJ
arjefm-1061	256	7	trade	trade	NOUN
arjefm-1061	256	8	deficits	deficit	NOUN
arjefm-1061	256	9	:	:	PUNCT
arjefm-1061	256	10	the	the	DET
arjefm-1061	256	11	case	case	NOUN
arjefm-1061	256	12	of	of	ADP
arjefm-1061	256	13	nigeria	nigeria	PROPN
arjefm-1061	256	14	.	.	PUNCT
arjefm-1061	257	1	journal	journal	PROPN
arjefm-1061	257	2	of	of	ADP
arjefm-1061	257	3	developing	develop	VERB
arjefm-1061	257	4	areas	area	NOUN
arjefm-1061	257	5	,	,	PUNCT
arjefm-1061	257	6	39(2	39(2	NUM
arjefm-1061	257	7	)	)	PUNCT
arjefm-1061	257	8	,	,	PUNCT
arjefm-1061	257	9	153174	153174	NUM
arjefm-1061	257	10	.	.	PUNCT
arjefm-1061	258	1	osuka	osuka	PROPN
arjefm-1061	258	2	,	,	PUNCT
arjefm-1061	258	3	b.	b.	PROPN
arjefm-1061	258	4	o	o	PROPN
arjefm-1061	258	5	and	and	CCONJ
arjefm-1061	258	6	achinihu	achinihu	PROPN
arjefm-1061	258	7	,	,	PUNCT
arjefm-1061	258	8	j.c	j.c	PROPN
arjefm-1061	258	9	(	(	PUNCT
arjefm-1061	258	10	2014	2014	NUM
arjefm-1061	258	11	)	)	PUNCT
arjefm-1061	258	12	,	,	PUNCT
arjefm-1061	258	13	the	the	DET
arjefm-1061	258	14	impact	impact	NOUN
arjefm-1061	258	15	of	of	ADP
arjefm-1061	258	16	budget	budget	NOUN
arjefm-1061	258	17	deficits	deficit	NOUN
arjefm-1061	258	18	on	on	ADP
arjefm-1061	258	19	macro	macro	ADJ
arjefm-1061	258	20	-	-	ADJ
arjefm-1061	258	21	economic	economic	ADJ
arjefm-1061	258	22	variables	variable	NOUN
arjefm-1061	258	23	in	in	ADP
arjefm-1061	258	24	the	the	DET
arjefm-1061	258	25	nigerian	nigerian	ADJ
arjefm-1061	258	26	economy	economy	NOUN
arjefm-1061	258	27	(	(	PUNCT
arjefm-1061	258	28	1981	1981	NUM
arjefm-1061	258	29	–	–	PUNCT
arjefm-1061	258	30	2012	2012	NUM
arjefm-1061	258	31	)	)	PUNCT
arjefm-1061	258	32	.	.	PUNCT
arjefm-1061	259	1	international	international	ADJ
arjefm-1061	259	2	journal	journal	PROPN
arjefm-1061	259	3	for	for	ADP
arjefm-1061	259	4	innovation	innovation	NOUN
arjefm-1061	259	5	education	education	NOUN
arjefm-1061	259	6	and	and	CCONJ
arjefm-1061	259	7	research,2(11	research,2(11	NOUN
arjefm-1061	259	8	)	)	PUNCT
arjefm-1061	259	9	.	.	PUNCT
arjefm-1061	260	1	ozili	ozili	PROPN
arjefm-1061	260	2	,	,	PUNCT
arjefm-1061	260	3	p.k	p.k	PROPN
arjefm-1061	260	4	.	.	PROPN
arjefm-1061	260	5	(	(	PUNCT
arjefm-1061	260	6	2024	2024	NUM
arjefm-1061	260	7	)	)	PUNCT
arjefm-1061	260	8	.	.	PUNCT
arjefm-1061	261	1	exchange	exchange	NOUN
arjefm-1061	261	2	rate	rate	NOUN
arjefm-1061	261	3	unification	unification	NOUN
arjefm-1061	261	4	in	in	ADP
arjefm-1061	261	5	nigeria	nigeria	PROPN
arjefm-1061	261	6	:	:	PUNCT
arjefm-1061	261	7	benefits	benefit	NOUN
arjefm-1061	261	8	and	and	CCONJ
arjefm-1061	261	9	implications	implication	NOUN
arjefm-1061	261	10	.	.	PUNCT
arjefm-1061	262	1	recent	recent	ADJ
arjefm-1061	262	2	developments	development	NOUN
arjefm-1061	262	3	in	in	ADP
arjefm-1061	262	4	financial	financial	ADJ
arjefm-1061	262	5	management	management	NOUN
arjefm-1061	262	6	and	and	CCONJ
arjefm-1061	262	7	economics	economic	NOUN
arjefm-1061	262	8	.	.	PUNCT
arjefm-1061	263	1	igi	igi	PROPN
arjefm-1061	263	2	global	global	PROPN
arjefm-1061	263	3	.	.	PUNCT
arjefm-1061	264	1	pesaran	pesaran	PROPN
arjefm-1061	264	2	,	,	PUNCT
arjefm-1061	264	3	m.	m.	PROPN
arjefm-1061	264	4	h.	h.	PROPN
arjefm-1061	264	5	,	,	PUNCT
arjefm-1061	264	6	shin	shin	PROPN
arjefm-1061	264	7	,	,	PUNCT
arjefm-1061	264	8	y.	y.	PROPN
arjefm-1061	264	9	&	&	CCONJ
arjefm-1061	264	10	smith	smith	PROPN
arjefm-1061	264	11	,	,	PUNCT
arjefm-1061	264	12	r.	r.	PROPN
arjefm-1061	264	13	(	(	PUNCT
arjefm-1061	264	14	2001	2001	NUM
arjefm-1061	264	15	)	)	PUNCT
arjefm-1061	264	16	.	.	PUNCT
arjefm-1061	265	1	bound	bind	VERB
arjefm-1061	265	2	testing	testing	NOUN
arjefm-1061	265	3	approaches	approach	NOUN
arjefm-1061	265	4	to	to	ADP
arjefm-1061	265	5	the	the	DET
arjefm-1061	265	6	analysis	analysis	NOUN
arjefm-1061	265	7	of	of	ADP
arjefm-1061	265	8	level	level	NOUN
arjefm-1061	265	9	relationship	relationship	NOUN
arjefm-1061	265	10	.	.	PUNCT
arjefm-1061	266	1	journal	journal	PROPN
arjefm-1061	266	2	of	of	ADP
arjefm-1061	266	3	applied	applied	ADJ
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arjefm-1061	266	5	,	,	PUNCT
arjefm-1061	266	6	16(3	16(3	NOUN
arjefm-1061	266	7	)	)	PUNCT
arjefm-1061	266	8	,	,	PUNCT
arjefm-1061	266	9	289	289	NUM
arjefm-1061	266	10	-	-	SYM
arjefm-1061	266	11	326	326	NUM
arjefm-1061	266	12	.	.	PUNCT
arjefm-1061	267	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1061	267	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1061	267	3	https://www.cbn.gov.ng/out/2023/ccd/operational%20changes%20to%20fx%20market.pdf	https://www.cbn.gov.ng/out/2023/ccd/operational%20changes%20to%20fx%20market.pdf	PROPN
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arjefm-1061	267	10	,	,	PUNCT
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arjefm-1061	267	12	and	and	CCONJ
arjefm-1061	267	13	management	management	NOUN
arjefm-1061	267	14	volume	volume	NOUN
arjefm-1061	267	15	12	12	NUM
arjefm-1061	267	16	issue	issue	NOUN
arjefm-1061	267	17	2	2	NUM
arjefm-1061	267	18	,	,	PUNCT
arjefm-1061	267	19	april	april	PROPN
arjefm-1061	267	20	-	-	PUNCT
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arjefm-1061	267	22	2024	2024	NUM
arjefm-1061	267	23	issn	issn	PROPN
arjefm-1061	267	24	:	:	PUNCT
arjefm-1061	267	25	2836	2836	NUM
arjefm-1061	267	26	-	-	SYM
arjefm-1061	267	27	9416	9416	NUM
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arjefm-1061	267	29	factor	factor	NOUN
arjefm-1061	267	30	:	:	PUNCT
arjefm-1061	267	31	5.57	5.57	NUM
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arjefm-1061	267	34	:	:	PUNCT
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arjefm-1061	267	46	american	american	PROPN
arjefm-1061	267	47	research	research	PROPN
arjefm-1061	267	48	journal	journal	PROPN
arjefm-1061	267	49	of	of	ADP
arjefm-1061	267	50	economics	economic	NOUN
arjefm-1061	267	51	,	,	PUNCT
arjefm-1061	267	52	finance	finance	NOUN
arjefm-1061	267	53	and	and	CCONJ
arjefm-1061	267	54	management	management	NOUN
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arjefm-1061	267	56	,	,	PUNCT
arjefm-1061	267	57	email	email	NOUN
arjefm-1061	267	58	:	:	PUNCT
arjefm-1061	267	59	contact@americaserial.com	contact@americaserial.com	X
arjefm-1061	267	60	13	13	NUM
arjefm-1061	268	1	|	|	ADV
arjefm-1061	268	2	p	p	X
arjefm-1061	268	3	a	a	DET
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arjefm-1061	268	5	e	e	NOUN
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arjefm-1061	268	7	,	,	PUNCT
arjefm-1061	268	8	s.	s.	PROPN
arjefm-1061	268	9	g.	g.	PROPN
arjefm-1061	268	10	,	,	PUNCT
arjefm-1061	268	11	ahmed	ahmed	PROPN
arjefm-1061	268	12	,	,	PUNCT
arjefm-1061	268	13	y.	y.	PROPN
arjefm-1061	268	14	a.	a.	PROPN
arjefm-1061	268	15	&	&	CCONJ
arjefm-1061	268	16	khan	khan	PROPN
arjefm-1061	268	17	,	,	PUNCT
arjefm-1061	268	18	t.	t.	PROPN
arjefm-1061	268	19	m.	m.	PROPN
arjefm-1061	268	20	n.	n.	PROPN
arjefm-1061	268	21	(	(	PUNCT
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arjefm-1061	268	23	)	)	PUNCT
arjefm-1061	268	24	.	.	PUNCT
arjefm-1061	269	1	government	government	NOUN
arjefm-1061	269	2	budget	budget	NOUN
arjefm-1061	269	3	deficit	deficit	NOUN
arjefm-1061	269	4	and	and	CCONJ
arjefm-1061	269	5	economic	economic	ADJ
arjefm-1061	269	6	growth	growth	NOUN
arjefm-1061	269	7	:	:	PUNCT
arjefm-1061	269	8	evidence	evidence	NOUN
arjefm-1061	269	9	from	from	ADP
arjefm-1061	269	10	iraq	iraq	PROPN
arjefm-1061	269	11	1980	1980	NUM
arjefm-1061	269	12	-	-	SYM
arjefm-1061	269	13	2018	2018	NUM
arjefm-1061	269	14	.	.	PUNCT
arjefm-1061	270	1	arab	arab	PROPN
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arjefm-1061	270	4	administration	administration	PROPN
arjefm-1061	270	5	,	,	PUNCT
arjefm-1061	270	6	41(1	41(1	NUM
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arjefm-1061	270	9	-	-	SYM
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arjefm-1061	270	11	.	.	PUNCT
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arjefm-1061	271	3	g.	g.	PROPN
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arjefm-1061	271	5	,	,	PUNCT
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arjefm-1061	271	7	,	,	PUNCT
arjefm-1061	271	8	b.	b.	PROPN
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arjefm-1061	271	10	,	,	PUNCT
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arjefm-1061	271	12	,	,	PUNCT
arjefm-1061	271	13	o.	o.	PROPN
arjefm-1061	271	14	a.	a.	PROPN
arjefm-1061	271	15	,	,	PUNCT
arjefm-1061	271	16	aliyu	aliyu	PROPN
arjefm-1061	271	17	,	,	PUNCT
arjefm-1061	271	18	v.	v.	PROPN
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arjefm-1061	271	20	,	,	PUNCT
arjefm-1061	271	21	and	and	CCONJ
arjefm-1061	271	22	okafor	okafor	PROPN
arjefm-1061	271	23	,	,	PUNCT
arjefm-1061	271	24	s.	s.	PROPN
arjefm-1061	271	25	n.	n.	PROPN
arjefm-1061	271	26	(	(	PUNCT
arjefm-1061	271	27	2022	2022	NUM
arjefm-1061	271	28	)	)	PUNCT
arjefm-1061	271	29	.	.	PUNCT
arjefm-1061	272	1	twin	twin	ADJ
arjefm-1061	272	2	deficits	deficit	NOUN
arjefm-1061	272	3	in	in	ADP
arjefm-1061	272	4	nigeria	nigeria	PROPN
arjefm-1061	272	5	:	:	PUNCT
arjefm-1061	272	6	where	where	SCONJ
arjefm-1061	272	7	does	do	AUX
arjefm-1061	272	8	the	the	DET
arjefm-1061	272	9	exchange	exchange	NOUN
arjefm-1061	272	10	rate	rate	NOUN
arjefm-1061	272	11	fit	fit	ADJ
arjefm-1061	272	12	?	?	PUNCT
arjefm-1061	273	1	central	central	ADJ
arjefm-1061	273	2	bank	bank	PROPN
arjefm-1061	273	3	of	of	ADP
arjefm-1061	273	4	nigeria	nigeria	PROPN
arjefm-1061	273	5	economic	economic	ADJ
arjefm-1061	273	6	and	and	CCONJ
arjefm-1061	273	7	financial	financial	ADJ
arjefm-1061	273	8	review	review	NOUN
arjefm-1061	273	9	60(1	60(1	NUM
arjefm-1061	273	10	):	):	PUNCT
arjefm-1061	273	11	67	67	NUM
arjefm-1061	273	12	-	-	SYM
arjefm-1061	273	13	91	91	NUM
arjefm-1061	273	14	.	.	PUNCT
arjefm-1061	274	1	sanusi	sanusi	NOUN
arjefm-1061	274	2	,	,	PUNCT
arjefm-1061	274	3	a.	a.	PROPN
arjefm-1061	274	4	r.	r.	PROPN
arjefm-1061	274	5	(	(	PUNCT
arjefm-1061	274	6	2010	2010	NUM
arjefm-1061	274	7	)	)	PUNCT
arjefm-1061	274	8	.	.	PUNCT
arjefm-1061	275	1	successful	successful	ADJ
arjefm-1061	275	2	exchange	exchange	NOUN
arjefm-1061	275	3	rate	rate	NOUN
arjefm-1061	275	4	unification	unification	NOUN
arjefm-1061	275	5	in	in	ADP
arjefm-1061	275	6	a	a	DET
arjefm-1061	275	7	high	high	ADJ
arjefm-1061	275	8	inflation	inflation	NOUN
arjefm-1061	275	9	environment	environment	NOUN
arjefm-1061	275	10	:	:	PUNCT
arjefm-1061	275	11	lessons	lesson	NOUN
arjefm-1061	275	12	from	from	ADP
arjefm-1061	275	13	the	the	DET
arjefm-1061	275	14	ghanaian	ghanaian	ADJ
arjefm-1061	275	15	economic	economic	ADJ
arjefm-1061	275	16	reforms	reform	NOUN
arjefm-1061	275	17	of	of	ADP
arjefm-1061	275	18	1983	1983	NUM
arjefm-1061	275	19	-	-	SYM
arjefm-1061	275	20	2006	2006	NUM
arjefm-1061	275	21	.	.	PUNCT
arjefm-1061	276	1	abuja	abuja	PROPN
arjefm-1061	276	2	journal	journal	PROPN
arjefm-1061	276	3	of	of	ADP
arjefm-1061	276	4	administration	administration	NOUN
arjefm-1061	276	5	and	and	CCONJ
arjefm-1061	276	6	management	management	NOUN
arjefm-1061	276	7	,	,	PUNCT
arjefm-1061	276	8	7(2	7(2	NUM
arjefm-1061	276	9	)	)	PUNCT
arjefm-1061	276	10	.	.	PUNCT
arjefm-1061	277	1	sanusi	sanusi	PROPN
arjefm-1061	277	2	,	,	PUNCT
arjefm-1061	277	3	k.	k.	PROPN
arjefm-1061	277	4	a	a	PROPN
arjefm-1061	277	5	&	&	CCONJ
arjefm-1061	277	6	akinlo	akinlo	PROPN
arjefm-1061	277	7	,	,	PUNCT
arjefm-1061	277	8	a.	a.	PROPN
arjefm-1061	277	9	e.	e.	PROPN
arjefm-1061	277	10	(	(	PUNCT
arjefm-1061	277	11	2016	2016	NUM
arjefm-1061	277	12	)	)	PUNCT
arjefm-1061	277	13	investigating	investigate	VERB
arjefm-1061	277	14	fiscal	fiscal	ADJ
arjefm-1061	277	15	dominance	dominance	NOUN
arjefm-1061	277	16	in	in	ADP
arjefm-1061	277	17	nigeria	nigeria	PROPN
arjefm-1061	277	18	.	.	PUNCT
arjefm-1061	278	1	journal	journal	PROPN
arjefm-1061	278	2	of	of	ADP
arjefm-1061	278	3	sustainable	sustainable	ADJ
arjefm-1061	278	4	development	development	NOUN
arjefm-1061	278	5	;	;	PUNCT
arjefm-1061	278	6	9(1	9(1	NUM
arjefm-1061	278	7	):	):	PUNCT
arjefm-1061	278	8	125	125	NUM
arjefm-1061	278	9	-	-	SYM
arjefm-1061	278	10	131	131	NUM
arjefm-1061	278	11	.	.	PUNCT
arjefm-1061	279	1	virkola	virkola	PROPN
arjefm-1061	279	2	,	,	PUNCT
arjefm-1061	279	3	t.	t.	PROPN
arjefm-1061	279	4	(	(	PUNCT
arjefm-1061	279	5	2014	2014	NUM
arjefm-1061	279	6	)	)	PUNCT
arjefm-1061	279	7	.	.	PUNCT
arjefm-1061	280	1	exchange	exchange	NOUN
arjefm-1061	280	2	rate	rate	NOUN
arjefm-1061	280	3	regime	regime	NOUN
arjefm-1061	280	4	,	,	PUNCT
arjefm-1061	280	5	fiscal	fiscal	ADJ
arjefm-1061	280	6	foresight	foresight	NOUN
arjefm-1061	280	7	and	and	CCONJ
arjefm-1061	280	8	the	the	DET
arjefm-1061	280	9	effectiveness	effectiveness	NOUN
arjefm-1061	280	10	of	of	ADP
arjefm-1061	280	11	fiscal	fiscal	ADJ
arjefm-1061	280	12	policy	policy	NOUN
arjefm-1061	280	13	in	in	ADP
arjefm-1061	280	14	a	a	DET
arjefm-1061	280	15	small	small	ADJ
arjefm-1061	280	16	open	open	ADJ
arjefm-1061	280	17	economy	economy	NOUN
arjefm-1061	280	18	.	.	PUNCT
arjefm-1061	281	1	etla	etla	NOUN
arjefm-1061	281	2	reports	report	VERB
arjefm-1061	281	3	no	no	DET
arjefm-1061	281	4	20	20	NUM
arjefm-1061	281	5	.	.	PUNCT
arjefm-1061	282	1	http://pub.etla.fi/etlaraportit-reports20.pdf	http://pub.etla.fi/etlaraportit-reports20.pdf	PROPN
arjefm-1061	282	2	world	world	PROPN
arjefm-1061	282	3	bank	bank	PROPN
arjefm-1061	282	4	group	group	NOUN
arjefm-1061	282	5	(	(	PUNCT
arjefm-1061	282	6	2022	2022	NUM
arjefm-1061	282	7	)	)	PUNCT
arjefm-1061	282	8	nigeria	nigeria	PROPN
arjefm-1061	282	9	development	development	NOUN
arjefm-1061	282	10	update	update	NOUN
arjefm-1061	282	11	,	,	PUNCT
arjefm-1061	282	12	december	december	PROPN
arjefm-1061	282	13	2022	2022	NUM
arjefm-1061	282	14	.	.	PUNCT
arjefm-1061	283	1	available	available	ADJ
arjefm-1061	283	2	at	at	ADP
arjefm-1061	283	3	https://thedocs.worldbank.org/en/doc/74e2f8585c426106f79f30a7b5fbc8790360012022/o	https://thedocs.worldbank.org/en/doc/74e2f8585c426106f79f30a7b5fbc8790360012022/o	PROPN
arjefm-1061	283	4	riginal	riginal	ADJ
arjefm-1061	283	5	/	/	SYM
arjefm-1061	283	6	world	world	NOUN
arjefm-1061	283	7	-	-	PUNCT
arjefm-1061	283	8	bank	bank	NOUN
arjefm-1061	283	9	-	-	PUNCT
arjefm-1061	283	10	nigeria	nigeria	PROPN
arjefm-1061	283	11	-	-	PUNCT
arjefm-1061	283	12	development	development	NOUN
arjefm-1061	283	13	-	-	PUNCT
arjefm-1061	283	14	update	update	NOUN
arjefm-1061	283	15	-	-	PUNCT
arjefm-1061	283	16	december-2022	december-2022	NOUN
arjefm-1061	283	17	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-1061	283	18	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-1061	284	1	http://pub.etla.fi/etla-%60	http://pub.etla.fi/etla-%60	PROPN