id	sid	tid	token	lemma	pos
arjefm-60	1	1	american	american	PROPN
arjefm-60	1	2	research	research	PROPN
arjefm-60	1	3	journal	journal	PROPN
arjefm-60	1	4	of	of	ADP
arjefm-60	1	5	economics	economic	NOUN
arjefm-60	1	6	,	,	PUNCT
arjefm-60	1	7	finance	finance	NOUN
arjefm-60	1	8	and	and	CCONJ
arjefm-60	1	9	management	management	NOUN
arjefm-60	1	10	volume	volume	NOUN
arjefm-60	1	11	10	10	NUM
arjefm-60	1	12	issue	issue	NOUN
arjefm-60	1	13	1	1	NUM
arjefm-60	1	14	,	,	PUNCT
arjefm-60	1	15	january	january	PROPN
arjefm-60	1	16	-	-	PUNCT
arjefm-60	1	17	march	march	PROPN
arjefm-60	1	18	2022	2022	NUM
arjefm-60	1	19	issn	issn	NOUN
arjefm-60	1	20	:	:	PUNCT
arjefm-60	1	21	2836	2836	NUM
arjefm-60	1	22	-	-	SYM
arjefm-60	1	23	9416	9416	NUM
arjefm-60	1	24	impact	impact	NOUN
arjefm-60	1	25	factor	factor	NOUN
arjefm-60	1	26	:	:	PUNCT
arjefm-60	1	27	4.85	4.85	NUM
arjefm-60	1	28	journal	journal	NOUN
arjefm-60	1	29	homepage	homepage	NOUN
arjefm-60	1	30	:	:	PUNCT
arjefm-60	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	1	32	,	,	PUNCT
arjefm-60	1	33	email	email	NOUN
arjefm-60	1	34	:	:	PUNCT
arjefm-60	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	1	36	official	official	ADJ
arjefm-60	1	37	journal	journal	PROPN
arjefm-60	1	38	of	of	ADP
arjefm-60	1	39	america	america	PROPN
arjefm-60	1	40	serial	serial	PROPN
arjefm-60	1	41	publication	publication	NOUN
arjefm-60	1	42	american	american	PROPN
arjefm-60	1	43	research	research	PROPN
arjefm-60	1	44	journal	journal	PROPN
arjefm-60	1	45	of	of	ADP
arjefm-60	1	46	economics	economic	NOUN
arjefm-60	1	47	,	,	PUNCT
arjefm-60	1	48	finance	finance	NOUN
arjefm-60	1	49	and	and	CCONJ
arjefm-60	1	50	management	management	NOUN
arjefm-60	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	1	52	,	,	PUNCT
arjefm-60	1	53	email	email	NOUN
arjefm-60	1	54	:	:	PUNCT
arjefm-60	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	2	1	13	13	NUM
arjefm-60	3	1	|	|	ADV
arjefm-60	3	2	p	p	X
arjefm-60	3	3	a	a	DET
arjefm-60	3	4	g	g	NOUN
arjefm-60	3	5	e	e	NOUN
arjefm-60	3	6	banking	banking	NOUN
arjefm-60	3	7	liquidity	liquidity	NOUN
arjefm-60	3	8	paradox	paradox	NOUN
arjefm-60	3	9	:	:	PUNCT
arjefm-60	3	10	insights	insight	NOUN
arjefm-60	3	11	from	from	ADP
arjefm-60	3	12	an	an	DET
arjefm-60	3	13	optimal	optimal	ADJ
arjefm-60	3	14	reserve	reserve	NOUN
arjefm-60	3	15	model	model	NOUN
arjefm-60	3	16	omer	omer	PROPN
arjefm-60	3	17	kouakou	kouakou	PROPN
arjefm-60	3	18	economics	economics	PROPN
arjefm-60	3	19	department	department	PROPN
arjefm-60	3	20	,	,	PUNCT
arjefm-60	3	21	alassane	alassane	NOUN
arjefm-60	3	22	ouattara	ouattara	NOUN
arjefm-60	3	23	bouaké	bouaké	PROPN
arjefm-60	3	24	university	university	PROPN
arjefm-60	3	25	.	.	PUNCT
arjefm-60	4	1	abstract	abstract	ADJ
arjefm-60	4	2	:	:	PUNCT
arjefm-60	4	3	the	the	DET
arjefm-60	4	4	banking	banking	NOUN
arjefm-60	4	5	liquidity	liquidity	NOUN
arjefm-60	4	6	paradox	paradox	NOUN
arjefm-60	4	7	,	,	PUNCT
arjefm-60	4	8	characterized	characterize	VERB
arjefm-60	4	9	by	by	ADP
arjefm-60	4	10	excessively	excessively	ADV
arjefm-60	4	11	liquid	liquid	ADJ
arjefm-60	4	12	banks	bank	NOUN
arjefm-60	4	13	despite	despite	SCONJ
arjefm-60	4	14	the	the	DET
arjefm-60	4	15	insufficient	insufficient	ADJ
arjefm-60	4	16	supply	supply	NOUN
arjefm-60	4	17	of	of	ADP
arjefm-60	4	18	business	business	NOUN
arjefm-60	4	19	loans	loan	NOUN
arjefm-60	4	20	,	,	PUNCT
arjefm-60	4	21	is	be	AUX
arjefm-60	4	22	a	a	DET
arjefm-60	4	23	persistent	persistent	ADJ
arjefm-60	4	24	concern	concern	NOUN
arjefm-60	4	25	in	in	ADP
arjefm-60	4	26	sub	sub	ADJ
arjefm-60	4	27	-	-	ADJ
arjefm-60	4	28	saharan	saharan	ADJ
arjefm-60	4	29	africa	africa	PROPN
arjefm-60	4	30	(	(	PUNCT
arjefm-60	4	31	ssa	ssa	PROPN
arjefm-60	4	32	)	)	PUNCT
arjefm-60	4	33	.	.	PUNCT
arjefm-60	5	1	this	this	DET
arjefm-60	5	2	paradox	paradox	NOUN
arjefm-60	5	3	stems	stem	VERB
arjefm-60	5	4	from	from	ADP
arjefm-60	5	5	both	both	CCONJ
arjefm-60	5	6	involuntary	involuntary	ADJ
arjefm-60	5	7	and	and	CCONJ
arjefm-60	5	8	voluntary	voluntary	ADJ
arjefm-60	5	9	factors	factor	NOUN
arjefm-60	5	10	influencing	influence	VERB
arjefm-60	5	11	commercial	commercial	ADJ
arjefm-60	5	12	banks	bank	NOUN
arjefm-60	5	13	'	'	PART
arjefm-60	5	14	excess	excess	ADJ
arjefm-60	5	15	reserve	reserve	NOUN
arjefm-60	5	16	holdings	holding	NOUN
arjefm-60	5	17	.	.	PUNCT
arjefm-60	6	1	involuntary	involuntary	ADJ
arjefm-60	6	2	causes	cause	NOUN
arjefm-60	6	3	include	include	VERB
arjefm-60	6	4	substantial	substantial	ADJ
arjefm-60	6	5	foreign	foreign	ADJ
arjefm-60	6	6	currency	currency	NOUN
arjefm-60	6	7	inflows	inflow	NOUN
arjefm-60	6	8	resulting	result	VERB
arjefm-60	6	9	from	from	ADP
arjefm-60	6	10	exports	export	NOUN
arjefm-60	6	11	of	of	ADP
arjefm-60	6	12	commodities	commodity	NOUN
arjefm-60	6	13	like	like	ADP
arjefm-60	6	14	oil	oil	NOUN
arjefm-60	6	15	,	,	PUNCT
arjefm-60	6	16	coffee	coffee	NOUN
arjefm-60	6	17	,	,	PUNCT
arjefm-60	6	18	and	and	CCONJ
arjefm-60	6	19	cocoa	cocoa	NOUN
arjefm-60	6	20	.	.	PUNCT
arjefm-60	7	1	these	these	DET
arjefm-60	7	2	export	export	NOUN
arjefm-60	7	3	revenues	revenue	NOUN
arjefm-60	7	4	significantly	significantly	ADV
arjefm-60	7	5	boost	boost	VERB
arjefm-60	7	6	bank	bank	NOUN
arjefm-60	7	7	liquidity	liquidity	NOUN
arjefm-60	7	8	,	,	PUNCT
arjefm-60	7	9	a	a	DET
arjefm-60	7	10	phenomenon	phenomenon	NOUN
arjefm-60	7	11	observed	observe	VERB
arjefm-60	7	12	in	in	ADP
arjefm-60	7	13	regions	region	NOUN
arjefm-60	7	14	like	like	ADP
arjefm-60	7	15	cemac	cemac	VERB
arjefm-60	7	16	.	.	PUNCT
arjefm-60	8	1	additionally	additionally	ADV
arjefm-60	8	2	,	,	PUNCT
arjefm-60	8	3	factors	factor	NOUN
arjefm-60	8	4	such	such	ADJ
arjefm-60	8	5	as	as	ADP
arjefm-60	8	6	accumulating	accumulate	VERB
arjefm-60	8	7	foreign	foreign	ADJ
arjefm-60	8	8	exchange	exchange	NOUN
arjefm-60	8	9	reserves	reserve	NOUN
arjefm-60	8	10	to	to	PART
arjefm-60	8	11	maintain	maintain	VERB
arjefm-60	8	12	currency	currency	NOUN
arjefm-60	8	13	stability	stability	NOUN
arjefm-60	8	14	in	in	ADP
arjefm-60	8	15	fixed	fix	VERB
arjefm-60	8	16	parity	parity	NOUN
arjefm-60	8	17	monetary	monetary	ADJ
arjefm-60	8	18	zones	zone	NOUN
arjefm-60	8	19	,	,	PUNCT
arjefm-60	8	20	remittances	remittance	NOUN
arjefm-60	8	21	from	from	ADP
arjefm-60	8	22	migrants	migrant	NOUN
arjefm-60	8	23	,	,	PUNCT
arjefm-60	8	24	official	official	ADJ
arjefm-60	8	25	development	development	NOUN
arjefm-60	8	26	aid	aid	NOUN
arjefm-60	8	27	,	,	PUNCT
arjefm-60	8	28	and	and	CCONJ
arjefm-60	8	29	debt	debt	NOUN
arjefm-60	8	30	relief	relief	NOUN
arjefm-60	8	31	initiatives	initiative	NOUN
arjefm-60	8	32	like	like	ADP
arjefm-60	8	33	the	the	DET
arjefm-60	8	34	heavily	heavily	ADV
arjefm-60	8	35	indebted	indebted	ADJ
arjefm-60	8	36	poor	poor	ADJ
arjefm-60	8	37	countries	country	NOUN
arjefm-60	8	38	initiative	initiative	NOUN
arjefm-60	8	39	(	(	PUNCT
arjefm-60	8	40	hipc	hipc	PROPN
arjefm-60	8	41	)	)	PUNCT
arjefm-60	8	42	contribute	contribute	VERB
arjefm-60	8	43	to	to	ADP
arjefm-60	8	44	increased	increase	VERB
arjefm-60	8	45	bank	bank	NOUN
arjefm-60	8	46	liquidity	liquidity	NOUN
arjefm-60	8	47	.	.	PUNCT
arjefm-60	9	1	furthermore	furthermore	ADV
arjefm-60	9	2	,	,	PUNCT
arjefm-60	9	3	the	the	DET
arjefm-60	9	4	repatriation	repatriation	NOUN
arjefm-60	9	5	of	of	ADP
arjefm-60	9	6	capital	capital	NOUN
arjefm-60	9	7	after	after	ADP
arjefm-60	9	8	currency	currency	NOUN
arjefm-60	9	9	devaluation	devaluation	NOUN
arjefm-60	9	10	and	and	CCONJ
arjefm-60	9	11	the	the	DET
arjefm-60	9	12	establishment	establishment	NOUN
arjefm-60	9	13	of	of	ADP
arjefm-60	9	14	regional	regional	ADJ
arjefm-60	9	15	stock	stock	NOUN
arjefm-60	9	16	exchanges	exchange	NOUN
arjefm-60	9	17	amplify	amplify	VERB
arjefm-60	9	18	capital	capital	NOUN
arjefm-60	9	19	inflows	inflow	NOUN
arjefm-60	9	20	.	.	PUNCT
arjefm-60	10	1	voluntary	voluntary	ADJ
arjefm-60	10	2	factors	factor	NOUN
arjefm-60	10	3	also	also	ADV
arjefm-60	10	4	play	play	VERB
arjefm-60	10	5	a	a	DET
arjefm-60	10	6	role	role	NOUN
arjefm-60	10	7	,	,	PUNCT
arjefm-60	10	8	including	include	VERB
arjefm-60	10	9	restrictions	restriction	NOUN
arjefm-60	10	10	on	on	ADP
arjefm-60	10	11	central	central	ADJ
arjefm-60	10	12	banks	bank	NOUN
arjefm-60	10	13	financing	finance	VERB
arjefm-60	10	14	national	national	ADJ
arjefm-60	10	15	treasuries	treasury	NOUN
arjefm-60	10	16	,	,	PUNCT
arjefm-60	10	17	as	as	ADV
arjefm-60	10	18	well	well	ADV
arjefm-60	10	19	as	as	ADP
arjefm-60	10	20	monetary	monetary	ADJ
arjefm-60	10	21	policies	policy	NOUN
arjefm-60	10	22	associated	associate	VERB
arjefm-60	10	23	with	with	ADP
arjefm-60	10	24	mandatory	mandatory	ADJ
arjefm-60	10	25	reserves	reserve	NOUN
arjefm-60	10	26	.	.	PUNCT
arjefm-60	11	1	this	this	DET
arjefm-60	11	2	article	article	NOUN
arjefm-60	11	3	delves	delve	VERB
arjefm-60	11	4	into	into	ADP
arjefm-60	11	5	the	the	DET
arjefm-60	11	6	intricate	intricate	ADJ
arjefm-60	11	7	web	web	NOUN
arjefm-60	11	8	of	of	ADP
arjefm-60	11	9	involuntary	involuntary	ADJ
arjefm-60	11	10	and	and	CCONJ
arjefm-60	11	11	voluntary	voluntary	ADJ
arjefm-60	11	12	influences	influence	NOUN
arjefm-60	11	13	driving	drive	VERB
arjefm-60	11	14	the	the	DET
arjefm-60	11	15	banking	banking	NOUN
arjefm-60	11	16	liquidity	liquidity	NOUN
arjefm-60	11	17	paradox	paradox	NOUN
arjefm-60	11	18	in	in	ADP
arjefm-60	11	19	ssa	ssa	NOUN
arjefm-60	11	20	,	,	PUNCT
arjefm-60	11	21	shedding	shed	VERB
arjefm-60	11	22	light	light	NOUN
arjefm-60	11	23	on	on	ADP
arjefm-60	11	24	the	the	DET
arjefm-60	11	25	complexities	complexity	NOUN
arjefm-60	11	26	of	of	ADP
arjefm-60	11	27	the	the	DET
arjefm-60	11	28	region	region	NOUN
arjefm-60	11	29	's	's	PART
arjefm-60	11	30	financial	financial	ADJ
arjefm-60	11	31	landscape	landscape	NOUN
arjefm-60	11	32	.	.	PUNCT
arjefm-60	12	1	keywords	keyword	NOUN
arjefm-60	12	2	:	:	PUNCT
arjefm-60	12	3	banking	bank	VERB
arjefm-60	12	4	liquidity	liquidity	NOUN
arjefm-60	12	5	paradox	paradox	NOUN
arjefm-60	12	6	,	,	PUNCT
arjefm-60	12	7	sub	sub	ADJ
arjefm-60	12	8	-	-	ADJ
arjefm-60	12	9	saharan	saharan	ADJ
arjefm-60	12	10	africa	africa	PROPN
arjefm-60	12	11	(	(	PUNCT
arjefm-60	12	12	ssa	ssa	PROPN
arjefm-60	12	13	)	)	PUNCT
arjefm-60	12	14	,	,	PUNCT
arjefm-60	12	15	excess	excess	ADJ
arjefm-60	12	16	reserves	reserve	NOUN
arjefm-60	12	17	,	,	PUNCT
arjefm-60	12	18	capital	capital	NOUN
arjefm-60	12	19	inflows	inflow	NOUN
arjefm-60	12	20	,	,	PUNCT
arjefm-60	12	21	monetary	monetary	ADJ
arjefm-60	12	22	policy	policy	NOUN
arjefm-60	12	23	,	,	PUNCT
arjefm-60	12	24	financial	financial	ADJ
arjefm-60	12	25	landscape	landscape	NOUN
arjefm-60	12	26	.	.	PUNCT
arjefm-60	13	1	1	1	X
arjefm-60	13	2	.	.	X
arjefm-60	13	3	introduction	introduction	NOUN
arjefm-60	13	4	the	the	DET
arjefm-60	13	5	question	question	NOUN
arjefm-60	13	6	of	of	ADP
arjefm-60	13	7	the	the	DET
arjefm-60	13	8	banking	banking	NOUN
arjefm-60	13	9	liquidity	liquidity	NOUN
arjefm-60	13	10	paradox	paradox	NOUN
arjefm-60	13	11	in	in	ADP
arjefm-60	13	12	the	the	DET
arjefm-60	13	13	banking	banking	NOUN
arjefm-60	13	14	system	system	NOUN
arjefm-60	13	15	concerns	concern	VERB
arjefm-60	13	16	the	the	DET
arjefm-60	13	17	insufficient	insufficient	ADJ
arjefm-60	13	18	supply	supply	NOUN
arjefm-60	13	19	of	of	ADP
arjefm-60	13	20	business	business	NOUN
arjefm-60	13	21	loans	loan	NOUN
arjefm-60	13	22	by	by	ADP
arjefm-60	13	23	banks	bank	NOUN
arjefm-60	13	24	,	,	PUNCT
arjefm-60	13	25	which	which	PRON
arjefm-60	13	26	are	be	AUX
arjefm-60	13	27	nevertheless	nevertheless	ADV
arjefm-60	13	28	excessively	excessively	ADV
arjefm-60	13	29	liquid	liquid	ADJ
arjefm-60	13	30	.	.	PUNCT
arjefm-60	14	1	this	this	DET
arjefm-60	14	2	shortfall	shortfall	NOUN
arjefm-60	14	3	in	in	ADP
arjefm-60	14	4	the	the	DET
arjefm-60	14	5	global	global	ADJ
arjefm-60	14	6	supply	supply	NOUN
arjefm-60	14	7	of	of	ADP
arjefm-60	14	8	loanable	loanable	ADJ
arjefm-60	14	9	funds	fund	NOUN
arjefm-60	14	10	has	have	AUX
arjefm-60	14	11	been	be	AUX
arjefm-60	14	12	variously	variously	ADV
arjefm-60	14	13	interpreted	interpret	VERB
arjefm-60	14	14	.	.	PUNCT
arjefm-60	15	1	in	in	ADP
arjefm-60	15	2	general	general	ADJ
arjefm-60	15	3	,	,	PUNCT
arjefm-60	15	4	the	the	DET
arjefm-60	15	5	causes	cause	NOUN
arjefm-60	15	6	of	of	ADP
arjefm-60	15	7	excess	excess	ADJ
arjefm-60	15	8	liquidity	liquidity	NOUN
arjefm-60	15	9	in	in	ADP
arjefm-60	15	10	the	the	DET
arjefm-60	15	11	countries	country	NOUN
arjefm-60	15	12	of	of	ADP
arjefm-60	15	13	sub	sub	ADJ
arjefm-60	15	14	-	-	ADJ
arjefm-60	15	15	saharan	saharan	ADJ
arjefm-60	15	16	africa	africa	PROPN
arjefm-60	15	17	(	(	PUNCT
arjefm-60	15	18	ssa	ssa	PROPN
arjefm-60	15	19	)	)	PUNCT
arjefm-60	15	20	are	be	AUX
arjefm-60	15	21	grouped	group	VERB
arjefm-60	15	22	into	into	ADP
arjefm-60	15	23	two	two	NUM
arjefm-60	15	24	categories	category	NOUN
arjefm-60	15	25	:	:	PUNCT
arjefm-60	15	26	involuntary	involuntary	ADJ
arjefm-60	15	27	causes	cause	NOUN
arjefm-60	15	28	and	and	CCONJ
arjefm-60	15	29	voluntary	voluntary	ADJ
arjefm-60	15	30	causes	cause	NOUN
arjefm-60	15	31	of	of	ADP
arjefm-60	15	32	excess	excess	ADJ
arjefm-60	15	33	reserve	reserve	NOUN
arjefm-60	15	34	holding	hold	VERB
arjefm-60	15	35	by	by	ADP
arjefm-60	15	36	commercial	commercial	ADJ
arjefm-60	15	37	banks	bank	NOUN
arjefm-60	15	38	(	(	PUNCT
arjefm-60	15	39	agénor	agénor	NOUN
arjefm-60	15	40	,	,	PUNCT
arjefm-60	15	41	aizenmann	aizenmann	NOUN
arjefm-60	15	42	and	and	CCONJ
arjefm-60	15	43	hoffmaister	hoffmaister	NOUN
arjefm-60	15	44	,	,	PUNCT
arjefm-60	15	45	2004	2004	NUM
arjefm-60	15	46	)	)	PUNCT
arjefm-60	15	47	.	.	PUNCT
arjefm-60	16	1	the	the	DET
arjefm-60	16	2	involuntary	involuntary	ADJ
arjefm-60	16	3	detention	detention	NOUN
arjefm-60	16	4	of	of	ADP
arjefm-60	16	5	excess	excess	ADJ
arjefm-60	16	6	liquidity	liquidity	NOUN
arjefm-60	16	7	is	be	AUX
arjefm-60	16	8	explained	explain	VERB
arjefm-60	16	9	by	by	ADP
arjefm-60	16	10	large	large	ADJ
arjefm-60	16	11	inflows	inflow	NOUN
arjefm-60	16	12	of	of	ADP
arjefm-60	16	13	foreign	foreign	ADJ
arjefm-60	16	14	currency	currency	NOUN
arjefm-60	16	15	generated	generate	VERB
arjefm-60	16	16	by	by	ADP
arjefm-60	16	17	the	the	DET
arjefm-60	16	18	exports	export	NOUN
arjefm-60	16	19	of	of	ADP
arjefm-60	16	20	certain	certain	ADJ
arjefm-60	16	21	commodities	commodity	NOUN
arjefm-60	16	22	such	such	ADJ
arjefm-60	16	23	as	as	ADP
arjefm-60	16	24	oil	oil	NOUN
arjefm-60	16	25	,	,	PUNCT
arjefm-60	16	26	coffee	coffee	NOUN
arjefm-60	16	27	,	,	PUNCT
arjefm-60	16	28	cocoa	cocoa	NOUN
arjefm-60	16	29	,	,	PUNCT
arjefm-60	16	30	etc	etc	X
arjefm-60	16	31	.	.	X
arjefm-60	16	32	the	the	DET
arjefm-60	16	33	revenues	revenue	NOUN
arjefm-60	16	34	from	from	ADP
arjefm-60	16	35	these	these	DET
arjefm-60	16	36	exports	export	NOUN
arjefm-60	16	37	inflate	inflate	VERB
arjefm-60	16	38	the	the	DET
arjefm-60	16	39	liquidity	liquidity	NOUN
arjefm-60	16	40	of	of	ADP
arjefm-60	16	41	banks	bank	NOUN
arjefm-60	16	42	as	as	SCONJ
arjefm-60	16	43	studies	study	NOUN
arjefm-60	16	44	show	show	VERB
arjefm-60	16	45	it	it	PRON
arjefm-60	16	46	for	for	ADP
arjefm-60	16	47	the	the	DET
arjefm-60	16	48	cemac	cemac	NOUN
arjefm-60	16	49	zone	zone	NOUN
arjefm-60	16	50	(	(	PUNCT
arjefm-60	16	51	beguy	beguy	NOUN
arjefm-60	16	52	,	,	PUNCT
arjefm-60	16	53	2012	2012	NUM
arjefm-60	16	54	;	;	PUNCT
arjefm-60	16	55	doumbia	doumbia	PROPN
arjefm-60	16	56	,	,	PUNCT
arjefm-60	16	57	2011	2011	NUM
arjefm-60	16	58	)	)	PUNCT
arjefm-60	16	59	.	.	PUNCT
arjefm-60	17	1	other	other	ADJ
arjefm-60	17	2	sources	source	NOUN
arjefm-60	17	3	of	of	ADP
arjefm-60	17	4	increased	increase	VERB
arjefm-60	17	5	bank	bank	NOUN
arjefm-60	17	6	liquidity	liquidity	NOUN
arjefm-60	17	7	are	be	AUX
arjefm-60	17	8	:	:	PUNCT
arjefm-60	17	9	the	the	DET
arjefm-60	17	10	accumulation	accumulation	NOUN
arjefm-60	17	11	of	of	ADP
arjefm-60	17	12	foreign	foreign	ADJ
arjefm-60	17	13	exchange	exchange	NOUN
arjefm-60	17	14	reserves	reserve	NOUN
arjefm-60	17	15	to	to	PART
arjefm-60	17	16	defend	defend	VERB
arjefm-60	17	17	the	the	DET
arjefm-60	17	18	parity	parity	NOUN
arjefm-60	17	19	in	in	ADP
arjefm-60	17	20	fixed	fix	VERB
arjefm-60	17	21	parity	parity	NOUN
arjefm-60	17	22	monetary	monetary	ADJ
arjefm-60	17	23	zones	zone	NOUN
arjefm-60	17	24	via	via	ADP
arjefm-60	17	25	the	the	DET
arjefm-60	17	26	internal	internal	ADJ
arjefm-60	17	27	and	and	CCONJ
arjefm-60	17	28	external	external	ADJ
arjefm-60	17	29	stability	stability	NOUN
arjefm-60	17	30	of	of	ADP
arjefm-60	17	31	the	the	DET
arjefm-60	17	32	value	value	NOUN
arjefm-60	17	33	of	of	ADP
arjefm-60	17	34	the	the	DET
arjefm-60	17	35	currency	currency	NOUN
arjefm-60	17	36	(	(	PUNCT
arjefm-60	17	37	doumbia	doumbia	PROPN
arjefm-60	17	38	,	,	PUNCT
arjefm-60	17	39	2009	2009	NUM
arjefm-60	17	40	)	)	PUNCT
arjefm-60	17	41	,	,	PUNCT
arjefm-60	17	42	the	the	DET
arjefm-60	17	43	influx	influx	NOUN
arjefm-60	17	44	of	of	ADP
arjefm-60	17	45	funds	fund	NOUN
arjefm-60	17	46	from	from	ADP
arjefm-60	17	47	migrants	migrant	NOUN
arjefm-60	17	48	,	,	PUNCT
arjefm-60	17	49	official	official	ADJ
arjefm-60	17	50	development	development	NOUN
arjefm-60	17	51	aid	aid	NOUN
arjefm-60	17	52	,	,	PUNCT
arjefm-60	17	53	the	the	DET
arjefm-60	17	54	cancellation	cancellation	NOUN
arjefm-60	17	55	of	of	ADP
arjefm-60	17	56	the	the	DET
arjefm-60	17	57	debt	debt	NOUN
arjefm-60	17	58	of	of	ADP
arjefm-60	17	59	certain	certain	ADJ
arjefm-60	17	60	countries	country	NOUN
arjefm-60	17	61	following	follow	VERB
arjefm-60	17	62	the	the	DET
arjefm-60	17	63	heavily	heavily	ADV
arjefm-60	17	64	indebted	indebted	ADJ
arjefm-60	17	65	poor	poor	ADJ
arjefm-60	17	66	countries	country	NOUN
arjefm-60	17	67	initiative	initiative	NOUN
arjefm-60	17	68	(	(	PUNCT
arjefm-60	17	69	hipc	hipc	NOUN
arjefm-60	17	70	initiative	initiative	NOUN
arjefm-60	17	71	)	)	PUNCT
arjefm-60	17	72	,	,	PUNCT
arjefm-60	17	73	the	the	DET
arjefm-60	17	74	repatriation	repatriation	NOUN
arjefm-60	17	75	of	of	ADP
arjefm-60	17	76	capital	capital	NOUN
arjefm-60	17	77	after	after	ADP
arjefm-60	17	78	the	the	DET
arjefm-60	17	79	devaluation	devaluation	NOUN
arjefm-60	17	80	.	.	PUNCT
arjefm-60	18	1	other	other	ADJ
arjefm-60	18	2	factors	factor	NOUN
arjefm-60	18	3	contribute	contribute	VERB
arjefm-60	18	4	to	to	ADP
arjefm-60	18	5	the	the	DET
arjefm-60	18	6	influx	influx	NOUN
arjefm-60	18	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	18	8	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	18	9	american	american	PROPN
arjefm-60	18	10	research	research	PROPN
arjefm-60	18	11	journal	journal	PROPN
arjefm-60	18	12	of	of	ADP
arjefm-60	18	13	economics	economic	NOUN
arjefm-60	18	14	,	,	PUNCT
arjefm-60	18	15	finance	finance	NOUN
arjefm-60	18	16	and	and	CCONJ
arjefm-60	18	17	management	management	NOUN
arjefm-60	18	18	volume	volume	NOUN
arjefm-60	18	19	10	10	NUM
arjefm-60	18	20	issue	issue	NOUN
arjefm-60	18	21	1	1	NUM
arjefm-60	18	22	,	,	PUNCT
arjefm-60	18	23	january	january	PROPN
arjefm-60	18	24	-	-	PUNCT
arjefm-60	18	25	march	march	PROPN
arjefm-60	18	26	2022	2022	NUM
arjefm-60	18	27	issn	issn	NOUN
arjefm-60	18	28	:	:	PUNCT
arjefm-60	18	29	2836	2836	NUM
arjefm-60	18	30	-	-	SYM
arjefm-60	18	31	9416	9416	NUM
arjefm-60	18	32	impact	impact	NOUN
arjefm-60	18	33	factor	factor	NOUN
arjefm-60	18	34	:	:	PUNCT
arjefm-60	18	35	4.85	4.85	NUM
arjefm-60	18	36	journal	journal	NOUN
arjefm-60	18	37	homepage	homepage	NOUN
arjefm-60	18	38	:	:	PUNCT
arjefm-60	18	39	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	18	40	,	,	PUNCT
arjefm-60	18	41	email	email	NOUN
arjefm-60	18	42	:	:	PUNCT
arjefm-60	18	43	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	18	44	official	official	ADJ
arjefm-60	18	45	journal	journal	PROPN
arjefm-60	18	46	of	of	ADP
arjefm-60	18	47	america	america	PROPN
arjefm-60	18	48	serial	serial	PROPN
arjefm-60	18	49	publication	publication	NOUN
arjefm-60	18	50	american	american	PROPN
arjefm-60	18	51	research	research	PROPN
arjefm-60	18	52	journal	journal	PROPN
arjefm-60	18	53	of	of	ADP
arjefm-60	18	54	economics	economic	NOUN
arjefm-60	18	55	,	,	PUNCT
arjefm-60	18	56	finance	finance	NOUN
arjefm-60	18	57	and	and	CCONJ
arjefm-60	18	58	management	management	NOUN
arjefm-60	18	59	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	18	60	,	,	PUNCT
arjefm-60	18	61	email	email	NOUN
arjefm-60	18	62	:	:	PUNCT
arjefm-60	19	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	19	2	14	14	NUM
arjefm-60	20	1	|	|	ADV
arjefm-60	20	2	p	p	X
arjefm-60	20	3	a	a	DET
arjefm-60	20	4	g	g	NOUN
arjefm-60	20	5	e	e	PROPN
arjefm-60	20	6	of	of	ADP
arjefm-60	20	7	capital	capital	NOUN
arjefm-60	20	8	:	:	PUNCT
arjefm-60	20	9	the	the	DET
arjefm-60	20	10	establishment	establishment	NOUN
arjefm-60	20	11	of	of	ADP
arjefm-60	20	12	regional	regional	ADJ
arjefm-60	20	13	stock	stock	NOUN
arjefm-60	20	14	exchanges	exchange	NOUN
arjefm-60	20	15	,	,	PUNCT
arjefm-60	20	16	the	the	DET
arjefm-60	20	17	prohibition	prohibition	NOUN
arjefm-60	20	18	of	of	ADP
arjefm-60	20	19	the	the	DET
arjefm-60	20	20	financing	financing	NOUN
arjefm-60	20	21	of	of	ADP
arjefm-60	20	22	national	national	ADJ
arjefm-60	20	23	treasuries	treasury	NOUN
arjefm-60	20	24	by	by	ADP
arjefm-60	20	25	the	the	DET
arjefm-60	20	26	central	central	ADJ
arjefm-60	20	27	banks	bank	NOUN
arjefm-60	20	28	and	and	CCONJ
arjefm-60	20	29	the	the	DET
arjefm-60	20	30	monetary	monetary	ADJ
arjefm-60	20	31	policy	policy	NOUN
arjefm-60	20	32	resulting	result	VERB
arjefm-60	20	33	from	from	ADP
arjefm-60	20	34	the	the	DET
arjefm-60	20	35	play	play	NOUN
arjefm-60	20	36	of	of	ADP
arjefm-60	20	37	mandatory	mandatory	ADJ
arjefm-60	20	38	reserves	reserve	NOUN
arjefm-60	20	39	.	.	PUNCT
arjefm-60	21	1	the	the	DET
arjefm-60	21	2	involuntary	involuntary	ADJ
arjefm-60	21	3	detention	detention	NOUN
arjefm-60	21	4	of	of	ADP
arjefm-60	21	5	excess	excess	ADJ
arjefm-60	21	6	liquidity	liquidity	NOUN
arjefm-60	21	7	is	be	AUX
arjefm-60	21	8	explained	explain	VERB
arjefm-60	21	9	partly	partly	ADV
arjefm-60	21	10	by	by	ADP
arjefm-60	21	11	the	the	DET
arjefm-60	21	12	underdeveloped	underdeveloped	ADJ
arjefm-60	21	13	nature	nature	NOUN
arjefm-60	21	14	of	of	ADP
arjefm-60	21	15	their	their	PRON
arjefm-60	21	16	financial	financial	ADJ
arjefm-60	21	17	market	market	NOUN
arjefm-60	21	18	.	.	PUNCT
arjefm-60	22	1	for	for	ADP
arjefm-60	22	2	example	example	NOUN
arjefm-60	22	3	,	,	PUNCT
arjefm-60	22	4	in	in	ADP
arjefm-60	22	5	a	a	DET
arjefm-60	22	6	context	context	NOUN
arjefm-60	22	7	of	of	ADP
arjefm-60	22	8	administered	administer	VERB
arjefm-60	22	9	interest	interest	NOUN
arjefm-60	22	10	rates	rate	NOUN
arjefm-60	22	11	,	,	PUNCT
arjefm-60	22	12	banks	bank	NOUN
arjefm-60	22	13	are	be	AUX
arjefm-60	22	14	reluctant	reluctant	ADJ
arjefm-60	22	15	to	to	PART
arjefm-60	22	16	grant	grant	VERB
arjefm-60	22	17	loans	loan	NOUN
arjefm-60	22	18	that	that	PRON
arjefm-60	22	19	increase	increase	VERB
arjefm-60	22	20	the	the	DET
arjefm-60	22	21	risks	risk	NOUN
arjefm-60	22	22	of	of	ADP
arjefm-60	22	23	insolvency	insolvency	NOUN
arjefm-60	22	24	,	,	PUNCT
arjefm-60	22	25	instability	instability	NOUN
arjefm-60	22	26	and	and	CCONJ
arjefm-60	22	27	non	non	ADJ
arjefm-60	22	28	-	-	ADJ
arjefm-60	22	29	bankable	bankable	ADJ
arjefm-60	22	30	projects	project	NOUN
arjefm-60	22	31	(	(	PUNCT
arjefm-60	22	32	eboué	eboué	PROPN
arjefm-60	22	33	,	,	PUNCT
arjefm-60	22	34	1990	1990	NUM
arjefm-60	22	35	,	,	PUNCT
arjefm-60	22	36	1998b	1998b	NUM
arjefm-60	22	37	)	)	PUNCT
arjefm-60	22	38	.	.	PUNCT
arjefm-60	23	1	this	this	DET
arjefm-60	23	2	results	result	NOUN
arjefm-60	23	3	in	in	ADP
arjefm-60	23	4	credit	credit	NOUN
arjefm-60	23	5	rationing	ration	VERB
arjefm-60	23	6	like	like	ADP
arjefm-60	23	7	the	the	DET
arjefm-60	23	8	one	one	NOUN
arjefm-60	23	9	studied	study	VERB
arjefm-60	23	10	by	by	ADP
arjefm-60	23	11	modigliani	modigliani	PROPN
arjefm-60	23	12	and	and	CCONJ
arjefm-60	23	13	jaffee	jaffee	PROPN
arjefm-60	23	14	(	(	PUNCT
arjefm-60	23	15	1969	1969	NUM
arjefm-60	23	16	)	)	PUNCT
arjefm-60	23	17	.	.	PUNCT
arjefm-60	24	1	the	the	DET
arjefm-60	24	2	excess	excess	ADJ
arjefm-60	24	3	liquidity	liquidity	NOUN
arjefm-60	24	4	resulting	result	VERB
arjefm-60	24	5	from	from	ADP
arjefm-60	24	6	credit	credit	NOUN
arjefm-60	24	7	rationing	rationing	NOUN
arjefm-60	24	8	can	can	AUX
arjefm-60	24	9	also	also	ADV
arjefm-60	24	10	be	be	AUX
arjefm-60	24	11	explained	explain	VERB
arjefm-60	24	12	by	by	ADP
arjefm-60	24	13	information	information	NOUN
arjefm-60	24	14	problems	problem	NOUN
arjefm-60	24	15	between	between	ADP
arjefm-60	24	16	lenders	lender	NOUN
arjefm-60	24	17	and	and	CCONJ
arjefm-60	24	18	borrowers	borrower	NOUN
arjefm-60	24	19	(	(	PUNCT
arjefm-60	24	20	stiglitz	stiglitz	PROPN
arjefm-60	24	21	and	and	CCONJ
arjefm-60	24	22	weiss	weiss	PROPN
arjefm-60	24	23	,	,	PUNCT
arjefm-60	24	24	1981	1981	NUM
arjefm-60	24	25	)	)	PUNCT
arjefm-60	24	26	.	.	PUNCT
arjefm-60	25	1	these	these	DET
arjefm-60	25	2	information	information	NOUN
arjefm-60	25	3	problems	problem	NOUN
arjefm-60	25	4	manifest	manifest	VERB
arjefm-60	25	5	themselves	themselves	PRON
arjefm-60	25	6	in	in	ADP
arjefm-60	25	7	the	the	DET
arjefm-60	25	8	form	form	NOUN
arjefm-60	25	9	of	of	ADP
arjefm-60	25	10	asymmetric	asymmetric	ADJ
arjefm-60	25	11	information	information	NOUN
arjefm-60	25	12	:	:	PUNCT
arjefm-60	25	13	the	the	DET
arjefm-60	25	14	bank	bank	NOUN
arjefm-60	25	15	does	do	AUX
arjefm-60	25	16	not	not	PART
arjefm-60	25	17	know	know	VERB
arjefm-60	25	18	the	the	DET
arjefm-60	25	19	real	real	ADJ
arjefm-60	25	20	quality	quality	NOUN
arjefm-60	25	21	of	of	ADP
arjefm-60	25	22	the	the	DET
arjefm-60	25	23	projects	project	NOUN
arjefm-60	25	24	(	(	PUNCT
arjefm-60	25	25	stiglitz	stiglitz	PROPN
arjefm-60	25	26	and	and	CCONJ
arjefm-60	25	27	weiss	weiss	PROPN
arjefm-60	25	28	,	,	PUNCT
arjefm-60	25	29	1981	1981	NUM
arjefm-60	25	30	)	)	PUNCT
arjefm-60	25	31	or	or	CCONJ
arjefm-60	25	32	in	in	ADP
arjefm-60	25	33	the	the	DET
arjefm-60	25	34	form	form	NOUN
arjefm-60	25	35	of	of	ADP
arjefm-60	25	36	symmetrical	symmetrical	ADJ
arjefm-60	25	37	ignorance	ignorance	NOUN
arjefm-60	25	38	(	(	PUNCT
arjefm-60	25	39	stiglitz	stiglitz	NOUN
arjefm-60	25	40	and	and	CCONJ
arjefm-60	25	41	emran	emran	ADJ
arjefm-60	25	42	,	,	PUNCT
arjefm-60	25	43	2007	2007	NUM
arjefm-60	25	44	):	):	PUNCT
arjefm-60	25	45	the	the	DET
arjefm-60	25	46	borrowers	borrower	NOUN
arjefm-60	25	47	themselves	themselves	PRON
arjefm-60	25	48	even	even	ADV
arjefm-60	25	49	ignore	ignore	VERB
arjefm-60	25	50	the	the	DET
arjefm-60	25	51	quality	quality	NOUN
arjefm-60	25	52	of	of	ADP
arjefm-60	25	53	their	their	PRON
arjefm-60	25	54	projects	project	NOUN
arjefm-60	25	55	.	.	PUNCT
arjefm-60	26	1	this	this	DET
arjefm-60	26	2	behavior	behavior	NOUN
arjefm-60	26	3	of	of	ADP
arjefm-60	26	4	the	the	DET
arjefm-60	26	5	banks	bank	NOUN
arjefm-60	26	6	is	be	AUX
arjefm-60	26	7	all	all	DET
arjefm-60	26	8	the	the	DET
arjefm-60	26	9	more	more	ADV
arjefm-60	26	10	marked	mark	VERB
arjefm-60	26	11	as	as	SCONJ
arjefm-60	26	12	the	the	DET
arjefm-60	26	13	lending	lending	NOUN
arjefm-60	26	14	rates	rate	NOUN
arjefm-60	26	15	(	(	PUNCT
arjefm-60	26	16	cost	cost	NOUN
arjefm-60	26	17	of	of	ADP
arjefm-60	26	18	credit	credit	NOUN
arjefm-60	26	19	)	)	PUNCT
arjefm-60	26	20	are	be	AUX
arjefm-60	26	21	very	very	ADV
arjefm-60	26	22	high	high	ADJ
arjefm-60	26	23	.	.	PUNCT
arjefm-60	27	1	this	this	PRON
arjefm-60	27	2	increases	increase	VERB
arjefm-60	27	3	the	the	DET
arjefm-60	27	4	borrower	borrower	NOUN
arjefm-60	27	5	's	's	PART
arjefm-60	27	6	probability	probability	NOUN
arjefm-60	27	7	of	of	ADP
arjefm-60	27	8	default	default	NOUN
arjefm-60	27	9	,	,	PUNCT
arjefm-60	27	10	the	the	DET
arjefm-60	27	11	default	default	NOUN
arjefm-60	27	12	rate	rate	NOUN
arjefm-60	27	13	and	and	CCONJ
arjefm-60	27	14	the	the	DET
arjefm-60	27	15	reserve	reserve	NOUN
arjefm-60	27	16	rate	rate	NOUN
arjefm-60	27	17	(	(	PUNCT
arjefm-60	27	18	vo	vo	NOUN
arjefm-60	27	19	thi	thi	PROPN
arjefm-60	27	20	,	,	PUNCT
arjefm-60	27	21	2005	2005	NUM
arjefm-60	27	22	,	,	PUNCT
arjefm-60	27	23	prao	prao	NOUN
arjefm-60	27	24	,	,	PUNCT
arjefm-60	27	25	2012	2012	NUM
arjefm-60	27	26	)	)	PUNCT
arjefm-60	27	27	.	.	PUNCT
arjefm-60	28	1	banks	bank	NOUN
arjefm-60	28	2	are	be	AUX
arjefm-60	28	3	therefore	therefore	ADV
arjefm-60	28	4	becoming	become	VERB
arjefm-60	28	5	very	very	ADV
arjefm-60	28	6	cautious	cautious	ADJ
arjefm-60	28	7	about	about	ADP
arjefm-60	28	8	loans	loan	NOUN
arjefm-60	28	9	granted	grant	VERB
arjefm-60	28	10	.	.	PUNCT
arjefm-60	29	1	other	other	ADJ
arjefm-60	29	2	factors	factor	NOUN
arjefm-60	29	3	that	that	PRON
arjefm-60	29	4	increase	increase	VERB
arjefm-60	29	5	credit	credit	NOUN
arjefm-60	29	6	rationing	ration	VERB
arjefm-60	29	7	are	be	AUX
arjefm-60	29	8	the	the	DET
arjefm-60	29	9	weak	weak	ADJ
arjefm-60	29	10	legal	legal	ADJ
arjefm-60	29	11	,	,	PUNCT
arjefm-60	29	12	judicial	judicial	ADJ
arjefm-60	29	13	and	and	CCONJ
arjefm-60	29	14	regulatory	regulatory	ADJ
arjefm-60	29	15	framework	framework	NOUN
arjefm-60	29	16	(	(	PUNCT
arjefm-60	29	17	sacerdoti	sacerdoti	NOUN
arjefm-60	29	18	,	,	PUNCT
arjefm-60	29	19	2005	2005	NUM
arjefm-60	29	20	)	)	PUNCT
arjefm-60	29	21	,	,	PUNCT
arjefm-60	29	22	the	the	DET
arjefm-60	29	23	lack	lack	NOUN
arjefm-60	29	24	of	of	ADP
arjefm-60	29	25	bankable	bankable	ADJ
arjefm-60	29	26	projects	project	NOUN
arjefm-60	29	27	,	,	PUNCT
arjefm-60	29	28	gaps	gap	NOUN
arjefm-60	29	29	in	in	ADP
arjefm-60	29	30	accounting	accounting	NOUN
arjefm-60	29	31	standards	standard	NOUN
arjefm-60	29	32	,	,	PUNCT
arjefm-60	29	33	and	and	CCONJ
arjefm-60	29	34	the	the	DET
arjefm-60	29	35	existence	existence	NOUN
arjefm-60	29	36	of	of	ADP
arjefm-60	29	37	a	a	DET
arjefm-60	29	38	poorly	poorly	ADV
arjefm-60	29	39	developed	develop	VERB
arjefm-60	29	40	justice	justice	NOUN
arjefm-60	29	41	system	system	NOUN
arjefm-60	29	42	(	(	PUNCT
arjefm-60	29	43	doumbia	doumbia	PROPN
arjefm-60	29	44	,	,	PUNCT
arjefm-60	29	45	2011	2011	NUM
arjefm-60	29	46	)	)	PUNCT
arjefm-60	29	47	.	.	PUNCT
arjefm-60	30	1	the	the	DET
arjefm-60	30	2	reduction	reduction	NOUN
arjefm-60	30	3	of	of	ADP
arjefm-60	30	4	these	these	DET
arjefm-60	30	5	uncertainties	uncertainty	NOUN
arjefm-60	30	6	involves	involve	VERB
arjefm-60	30	7	the	the	DET
arjefm-60	30	8	production	production	NOUN
arjefm-60	30	9	of	of	ADP
arjefm-60	30	10	reliable	reliable	ADJ
arjefm-60	30	11	accounting	accounting	NOUN
arjefm-60	30	12	documents	document	NOUN
arjefm-60	30	13	,	,	PUNCT
arjefm-60	30	14	the	the	DET
arjefm-60	30	15	development	development	NOUN
arjefm-60	30	16	of	of	ADP
arjefm-60	30	17	the	the	DET
arjefm-60	30	18	clientagent	clientagent	ADJ
arjefm-60	30	19	relationship	relationship	NOUN
arjefm-60	30	20	via	via	ADP
arjefm-60	30	21	proximity	proximity	NOUN
arjefm-60	30	22	and	and	CCONJ
arjefm-60	30	23	trust	trust	NOUN
arjefm-60	30	24	,	,	PUNCT
arjefm-60	30	25	an	an	DET
arjefm-60	30	26	update	update	NOUN
arjefm-60	30	27	of	of	ADP
arjefm-60	30	28	accounting	accounting	NOUN
arjefm-60	30	29	and	and	CCONJ
arjefm-60	30	30	auditing	auditing	NOUN
arjefm-60	30	31	standards	standard	NOUN
arjefm-60	30	32	.	.	PUNCT
arjefm-60	31	1	excess	excess	ADJ
arjefm-60	31	2	liquidity	liquidity	NOUN
arjefm-60	31	3	,	,	PUNCT
arjefm-60	31	4	linked	link	VERB
arjefm-60	31	5	to	to	ADP
arjefm-60	31	6	the	the	DET
arjefm-60	31	7	holding	holding	NOUN
arjefm-60	31	8	of	of	ADP
arjefm-60	31	9	voluntary	voluntary	ADJ
arjefm-60	31	10	liquidity	liquidity	NOUN
arjefm-60	31	11	,	,	PUNCT
arjefm-60	31	12	is	be	AUX
arjefm-60	31	13	also	also	ADV
arjefm-60	31	14	justified	justify	VERB
arjefm-60	31	15	by	by	ADP
arjefm-60	31	16	the	the	DET
arjefm-60	31	17	high	high	ADJ
arjefm-60	31	18	level	level	NOUN
arjefm-60	31	19	of	of	ADP
arjefm-60	31	20	deposits	deposit	NOUN
arjefm-60	31	21	by	by	ADP
arjefm-60	31	22	governments	government	NOUN
arjefm-60	31	23	in	in	ADP
arjefm-60	31	24	some	some	DET
arjefm-60	31	25	countries	country	NOUN
arjefm-60	31	26	and	and	CCONJ
arjefm-60	31	27	by	by	ADP
arjefm-60	31	28	deficient	deficient	ADJ
arjefm-60	31	29	loans	loan	NOUN
arjefm-60	31	30	(	(	PUNCT
arjefm-60	31	31	saxegaard	saxegaard	ADV
arjefm-60	31	32	,	,	PUNCT
arjefm-60	31	33	2006	2006	NUM
arjefm-60	31	34	)	)	PUNCT
arjefm-60	31	35	.	.	PUNCT
arjefm-60	32	1	the	the	DET
arjefm-60	32	2	voluntary	voluntary	ADJ
arjefm-60	32	3	holding	holding	NOUN
arjefm-60	32	4	of	of	ADP
arjefm-60	32	5	liquidity	liquidity	NOUN
arjefm-60	32	6	meets	meet	VERB
arjefm-60	32	7	the	the	DET
arjefm-60	32	8	desire	desire	NOUN
arjefm-60	32	9	of	of	ADP
arjefm-60	32	10	secondary	secondary	ADJ
arjefm-60	32	11	banks	bank	NOUN
arjefm-60	32	12	facing	face	VERB
arjefm-60	32	13	growing	grow	VERB
arjefm-60	32	14	uncertainty	uncertainty	NOUN
arjefm-60	32	15	to	to	PART
arjefm-60	32	16	avoid	avoid	VERB
arjefm-60	32	17	potential	potential	ADJ
arjefm-60	32	18	risks	risk	NOUN
arjefm-60	32	19	.	.	PUNCT
arjefm-60	33	1	this	this	DET
arjefm-60	33	2	precautionary	precautionary	ADJ
arjefm-60	33	3	banking	banking	NOUN
arjefm-60	33	4	behavior	behavior	NOUN
arjefm-60	33	5	resulting	result	VERB
arjefm-60	33	6	in	in	ADP
arjefm-60	33	7	excess	excess	ADJ
arjefm-60	33	8	liquidity	liquidity	NOUN
arjefm-60	33	9	has	have	VERB
arjefm-60	33	10	various	various	ADJ
arjefm-60	33	11	consequences	consequence	NOUN
arjefm-60	33	12	,	,	PUNCT
arjefm-60	33	13	particularly	particularly	ADV
arjefm-60	33	14	with	with	ADP
arjefm-60	33	15	regard	regard	NOUN
arjefm-60	33	16	to	to	ADP
arjefm-60	33	17	the	the	DET
arjefm-60	33	18	effectiveness	effectiveness	NOUN
arjefm-60	33	19	of	of	ADP
arjefm-60	33	20	monetary	monetary	ADJ
arjefm-60	33	21	policy	policy	NOUN
arjefm-60	33	22	.	.	PUNCT
arjefm-60	34	1	nissanke	nissanke	NOUN
arjefm-60	34	2	and	and	CCONJ
arjefm-60	34	3	aryeetey	aryeetey	PROPN
arjefm-60	34	4	(	(	PUNCT
arjefm-60	34	5	1998	1998	NUM
arjefm-60	34	6	)	)	PUNCT
arjefm-60	34	7	show	show	VERB
arjefm-60	34	8	that	that	SCONJ
arjefm-60	34	9	bank	bank	NOUN
arjefm-60	34	10	excess	excess	ADJ
arjefm-60	34	11	liquidity	liquidity	NOUN
arjefm-60	34	12	weakens	weaken	VERB
arjefm-60	34	13	the	the	DET
arjefm-60	34	14	transmission	transmission	NOUN
arjefm-60	34	15	mechanism	mechanism	NOUN
arjefm-60	34	16	of	of	ADP
arjefm-60	34	17	monetary	monetary	ADJ
arjefm-60	34	18	policy	policy	NOUN
arjefm-60	34	19	.	.	PUNCT
arjefm-60	35	1	more	more	ADV
arjefm-60	35	2	specifically	specifically	ADV
arjefm-60	35	3	,	,	PUNCT
arjefm-60	35	4	it	it	PRON
arjefm-60	35	5	becomes	become	VERB
arjefm-60	35	6	difficult	difficult	ADJ
arjefm-60	35	7	,	,	PUNCT
arjefm-60	35	8	in	in	ADP
arjefm-60	35	9	the	the	DET
arjefm-60	35	10	presence	presence	NOUN
arjefm-60	35	11	of	of	ADP
arjefm-60	35	12	excess	excess	ADJ
arjefm-60	35	13	liquidity	liquidity	NOUN
arjefm-60	35	14	,	,	PUNCT
arjefm-60	35	15	to	to	PART
arjefm-60	35	16	regulate	regulate	VERB
arjefm-60	35	17	the	the	DET
arjefm-60	35	18	money	money	NOUN
arjefm-60	35	19	supply	supply	NOUN
arjefm-60	35	20	via	via	ADP
arjefm-60	35	21	the	the	DET
arjefm-60	35	22	reserve	reserve	PROPN
arjefm-60	35	23	requirement	requirement	NOUN
arjefm-60	35	24	ratio	ratio	NOUN
arjefm-60	35	25	and	and	CCONJ
arjefm-60	35	26	the	the	DET
arjefm-60	35	27	monetary	monetary	ADJ
arjefm-60	35	28	multiplier	multiplier	NOUN
arjefm-60	35	29	.	.	PUNCT
arjefm-60	36	1	saxegaard	saxegaard	PROPN
arjefm-60	36	2	(	(	PUNCT
arjefm-60	36	3	2006	2006	NUM
arjefm-60	36	4	)	)	PUNCT
arjefm-60	36	5	tests	test	VERB
arjefm-60	36	6	this	this	DET
arjefm-60	36	7	result	result	NOUN
arjefm-60	36	8	for	for	ADP
arjefm-60	36	9	a	a	DET
arjefm-60	36	10	sample	sample	NOUN
arjefm-60	36	11	of	of	ADP
arjefm-60	36	12	ssa	ssa	PROPN
arjefm-60	36	13	countries	country	NOUN
arjefm-60	36	14	.	.	PUNCT
arjefm-60	37	1	his	his	PRON
arjefm-60	37	2	study	study	NOUN
arjefm-60	37	3	suggests	suggest	VERB
arjefm-60	37	4	that	that	SCONJ
arjefm-60	37	5	liquidity	liquidity	NOUN
arjefm-60	37	6	weakens	weaken	VERB
arjefm-60	37	7	the	the	DET
arjefm-60	37	8	ability	ability	NOUN
arjefm-60	37	9	of	of	ADP
arjefm-60	37	10	monetary	monetary	ADJ
arjefm-60	37	11	authorities	authority	NOUN
arjefm-60	37	12	to	to	PART
arjefm-60	37	13	influence	influence	VERB
arjefm-60	37	14	the	the	DET
arjefm-60	37	15	conditions	condition	NOUN
arjefm-60	37	16	of	of	ADP
arjefm-60	37	17	demand	demand	NOUN
arjefm-60	37	18	in	in	ADP
arjefm-60	37	19	these	these	DET
arjefm-60	37	20	countries	country	NOUN
arjefm-60	37	21	.	.	PUNCT
arjefm-60	38	1	agénor	agénor	PROPN
arjefm-60	38	2	,	,	PUNCT
arjefm-60	38	3	aizenmann	aizenmann	PROPN
arjefm-60	38	4	and	and	CCONJ
arjefm-60	38	5	hoffmaister	hoffmaister	NOUN
arjefm-60	38	6	(	(	PUNCT
arjefm-60	38	7	2004	2004	NUM
arjefm-60	38	8	)	)	PUNCT
arjefm-60	38	9	obtain	obtain	VERB
arjefm-60	38	10	similar	similar	ADJ
arjefm-60	38	11	results	result	NOUN
arjefm-60	38	12	.	.	PUNCT
arjefm-60	39	1	ideas	idea	NOUN
arjefm-60	39	2	are	be	AUX
arjefm-60	39	3	proposed	propose	VERB
arjefm-60	39	4	to	to	PART
arjefm-60	39	5	absorb	absorb	VERB
arjefm-60	39	6	the	the	DET
arjefm-60	39	7	excess	excess	ADJ
arjefm-60	39	8	bank	bank	NOUN
arjefm-60	39	9	liquidity	liquidity	NOUN
arjefm-60	39	10	by	by	ADP
arjefm-60	39	11	minimizing	minimize	VERB
arjefm-60	39	12	the	the	DET
arjefm-60	39	13	uncertainties	uncertainty	NOUN
arjefm-60	39	14	that	that	PRON
arjefm-60	39	15	cause	cause	VERB
arjefm-60	39	16	the	the	DET
arjefm-60	39	17	precautionary	precautionary	ADJ
arjefm-60	39	18	behavior	behavior	NOUN
arjefm-60	39	19	of	of	ADP
arjefm-60	39	20	banks	bank	NOUN
arjefm-60	39	21	.	.	PUNCT
arjefm-60	40	1	beguy	beguy	NOUN
arjefm-60	40	2	(	(	PUNCT
arjefm-60	40	3	2012	2012	NUM
arjefm-60	40	4	)	)	PUNCT
arjefm-60	40	5	proposes	propose	VERB
arjefm-60	40	6	the	the	DET
arjefm-60	40	7	establishment	establishment	NOUN
arjefm-60	40	8	by	by	ADP
arjefm-60	40	9	the	the	DET
arjefm-60	40	10	state	state	NOUN
arjefm-60	40	11	of	of	ADP
arjefm-60	40	12	a	a	DET
arjefm-60	40	13	guarantee	guarantee	NOUN
arjefm-60	40	14	fund	fund	NOUN
arjefm-60	40	15	allowing	allow	VERB
arjefm-60	40	16	banks	bank	NOUN
arjefm-60	40	17	to	to	PART
arjefm-60	40	18	recover	recover	VERB
arjefm-60	40	19	part	part	NOUN
arjefm-60	40	20	of	of	ADP
arjefm-60	40	21	their	their	PRON
arjefm-60	40	22	debts	debt	NOUN
arjefm-60	40	23	in	in	ADP
arjefm-60	40	24	the	the	DET
arjefm-60	40	25	event	event	NOUN
arjefm-60	40	26	of	of	ADP
arjefm-60	40	27	default	default	NOUN
arjefm-60	40	28	.	.	PUNCT
arjefm-60	41	1	in	in	ADP
arjefm-60	41	2	doing	do	VERB
arjefm-60	41	3	so	so	ADV
arjefm-60	41	4	,	,	PUNCT
arjefm-60	41	5	this	this	DET
arjefm-60	41	6	guarantee	guarantee	NOUN
arjefm-60	41	7	fund	fund	NOUN
arjefm-60	41	8	absorbs	absorb	VERB
arjefm-60	41	9	the	the	DET
arjefm-60	41	10	banks	bank	NOUN
arjefm-60	41	11	'	'	PART
arjefm-60	41	12	excess	excess	ADJ
arjefm-60	41	13	liquidity	liquidity	NOUN
arjefm-60	41	14	.	.	PUNCT
arjefm-60	42	1	for	for	ADP
arjefm-60	42	2	some	some	PRON
arjefm-60	42	3	,	,	PUNCT
arjefm-60	42	4	this	this	PRON
arjefm-60	42	5	entails	entail	VERB
arjefm-60	42	6	a	a	DET
arjefm-60	42	7	good	good	ADJ
arjefm-60	42	8	restructuring	restructuring	NOUN
arjefm-60	42	9	of	of	ADP
arjefm-60	42	10	the	the	DET
arjefm-60	42	11	judicial	judicial	ADJ
arjefm-60	42	12	system	system	NOUN
arjefm-60	42	13	in	in	ADP
arjefm-60	42	14	terms	term	NOUN
arjefm-60	42	15	of	of	ADP
arjefm-60	42	16	efficiency	efficiency	NOUN
arjefm-60	42	17	to	to	PART
arjefm-60	42	18	encourage	encourage	VERB
arjefm-60	42	19	banks	bank	NOUN
arjefm-60	42	20	to	to	PART
arjefm-60	42	21	increase	increase	VERB
arjefm-60	42	22	business	business	NOUN
arjefm-60	42	23	loans	loan	NOUN
arjefm-60	42	24	(	(	PUNCT
arjefm-60	42	25	pagano	pagano	NOUN
arjefm-60	42	26	and	and	CCONJ
arjefm-60	42	27	bianco	bianco	NOUN
arjefm-60	42	28	,	,	PUNCT
arjefm-60	42	29	2005	2005	NUM
arjefm-60	42	30	)	)	PUNCT
arjefm-60	42	31	.	.	PUNCT
arjefm-60	43	1	another	another	DET
arjefm-60	43	2	measure	measure	NOUN
arjefm-60	43	3	according	accord	VERB
arjefm-60	43	4	to	to	ADP
arjefm-60	43	5	beguy	beguy	NOUN
arjefm-60	43	6	(	(	PUNCT
arjefm-60	43	7	2012	2012	NUM
arjefm-60	43	8	)	)	PUNCT
arjefm-60	43	9	is	be	AUX
arjefm-60	43	10	the	the	DET
arjefm-60	43	11	tax	tax	NOUN
arjefm-60	43	12	bonus	bonus	NOUN
arjefm-60	43	13	.	.	PUNCT
arjefm-60	44	1	indeed	indeed	ADV
arjefm-60	44	2	,	,	PUNCT
arjefm-60	44	3	for	for	ADP
arjefm-60	44	4	him	he	PRON
arjefm-60	44	5	the	the	DET
arjefm-60	44	6	state	state	NOUN
arjefm-60	44	7	can	can	AUX
arjefm-60	44	8	encourage	encourage	VERB
arjefm-60	44	9	the	the	DET
arjefm-60	44	10	banks	bank	NOUN
arjefm-60	44	11	to	to	PART
arjefm-60	44	12	grant	grant	VERB
arjefm-60	44	13	the	the	DET
arjefm-60	44	14	credits	credit	NOUN
arjefm-60	44	15	by	by	ADP
arjefm-60	44	16	the	the	DET
arjefm-60	44	17	implementation	implementation	NOUN
arjefm-60	44	18	of	of	ADP
arjefm-60	44	19	a	a	DET
arjefm-60	44	20	fiscal	fiscal	ADJ
arjefm-60	44	21	bonus	bonus	NOUN
arjefm-60	44	22	,	,	PUNCT
arjefm-60	44	23	to	to	ADP
arjefm-60	44	24	those	those	PRON
arjefm-60	44	25	who	who	PRON
arjefm-60	44	26	will	will	AUX
arjefm-60	44	27	commit	commit	VERB
arjefm-60	44	28	the	the	DET
arjefm-60	44	29	most	most	ADJ
arjefm-60	44	30	to	to	ADP
arjefm-60	44	31	the	the	DET
arjefm-60	44	32	financing	financing	NOUN
arjefm-60	44	33	of	of	ADP
arjefm-60	44	34	the	the	DET
arjefm-60	44	35	private	private	ADJ
arjefm-60	44	36	sector	sector	NOUN
arjefm-60	44	37	.	.	PUNCT
arjefm-60	45	1	thus	thus	ADV
arjefm-60	45	2	,	,	PUNCT
arjefm-60	45	3	works	work	VERB
arjefm-60	45	4	that	that	PRON
arjefm-60	45	5	address	address	VERB
arjefm-60	45	6	the	the	DET
arjefm-60	45	7	issue	issue	NOUN
arjefm-60	45	8	of	of	ADP
arjefm-60	45	9	voluntary	voluntary	ADJ
arjefm-60	45	10	excess	excess	ADJ
arjefm-60	45	11	liquidity	liquidity	NOUN
arjefm-60	45	12	have	have	AUX
arjefm-60	45	13	explained	explain	VERB
arjefm-60	45	14	it	it	PRON
arjefm-60	45	15	essentially	essentially	ADV
arjefm-60	45	16	by	by	ADP
arjefm-60	45	17	the	the	DET
arjefm-60	45	18	risky	risky	ADJ
arjefm-60	45	19	environment	environment	NOUN
arjefm-60	45	20	faced	face	VERB
arjefm-60	45	21	by	by	ADP
arjefm-60	45	22	risk	risk	NOUN
arjefm-60	45	23	averse	averse	ADJ
arjefm-60	45	24	banks	bank	NOUN
arjefm-60	45	25	.	.	PUNCT
arjefm-60	46	1	these	these	DET
arjefm-60	46	2	uncertainties	uncertainty	NOUN
arjefm-60	46	3	are	be	AUX
arjefm-60	46	4	due	due	ADJ
arjefm-60	46	5	to	to	ADP
arjefm-60	46	6	financial	financial	ADJ
arjefm-60	46	7	markets	market	NOUN
arjefm-60	46	8	imperfections	imperfection	NOUN
arjefm-60	46	9	,	,	PUNCT
arjefm-60	46	10	information	information	NOUN
arjefm-60	46	11	asymmetries	asymmetry	NOUN
arjefm-60	46	12	,	,	PUNCT
arjefm-60	46	13	weak	weak	ADJ
arjefm-60	46	14	judicial	judicial	ADJ
arjefm-60	46	15	and	and	CCONJ
arjefm-60	46	16	regulatory	regulatory	ADJ
arjefm-60	46	17	framework	framework	NOUN
arjefm-60	46	18	,	,	PUNCT
arjefm-60	46	19	etc	etc	X
arjefm-60	46	20	.	.	X
arjefm-60	47	1	our	our	PRON
arjefm-60	47	2	objective	objective	NOUN
arjefm-60	47	3	,	,	PUNCT
arjefm-60	47	4	in	in	ADP
arjefm-60	47	5	this	this	DET
arjefm-60	47	6	paper	paper	NOUN
arjefm-60	47	7	,	,	PUNCT
arjefm-60	47	8	is	be	AUX
arjefm-60	47	9	to	to	PART
arjefm-60	47	10	show	show	VERB
arjefm-60	47	11	that	that	SCONJ
arjefm-60	47	12	,	,	PUNCT
arjefm-60	47	13	whatever	whatever	PRON
arjefm-60	47	14	the	the	DET
arjefm-60	47	15	degree	degree	NOUN
arjefm-60	47	16	of	of	ADP
arjefm-60	47	17	uncertainty	uncertainty	NOUN
arjefm-60	47	18	(	(	PUNCT
arjefm-60	47	19	low	low	ADJ
arjefm-60	47	20	uncertainty	uncertainty	NOUN
arjefm-60	47	21	or	or	CCONJ
arjefm-60	47	22	high	high	ADJ
arjefm-60	47	23	uncertainty	uncertainty	NOUN
arjefm-60	47	24	)	)	PUNCT
arjefm-60	47	25	,	,	PUNCT
arjefm-60	47	26	excess	excess	ADJ
arjefm-60	47	27	liquidity	liquidity	NOUN
arjefm-60	47	28	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	47	29	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	47	30	american	american	PROPN
arjefm-60	47	31	research	research	PROPN
arjefm-60	47	32	journal	journal	PROPN
arjefm-60	47	33	of	of	ADP
arjefm-60	47	34	economics	economic	NOUN
arjefm-60	47	35	,	,	PUNCT
arjefm-60	47	36	finance	finance	NOUN
arjefm-60	47	37	and	and	CCONJ
arjefm-60	47	38	management	management	NOUN
arjefm-60	47	39	volume	volume	NOUN
arjefm-60	47	40	10	10	NUM
arjefm-60	47	41	issue	issue	NOUN
arjefm-60	47	42	1	1	NUM
arjefm-60	47	43	,	,	PUNCT
arjefm-60	47	44	january	january	PROPN
arjefm-60	47	45	-	-	PUNCT
arjefm-60	47	46	march	march	PROPN
arjefm-60	47	47	2022	2022	NUM
arjefm-60	47	48	issn	issn	NOUN
arjefm-60	47	49	:	:	PUNCT
arjefm-60	47	50	2836	2836	NUM
arjefm-60	47	51	-	-	SYM
arjefm-60	47	52	9416	9416	NUM
arjefm-60	47	53	impact	impact	NOUN
arjefm-60	47	54	factor	factor	NOUN
arjefm-60	47	55	:	:	PUNCT
arjefm-60	47	56	4.85	4.85	NUM
arjefm-60	47	57	journal	journal	NOUN
arjefm-60	47	58	homepage	homepage	NOUN
arjefm-60	47	59	:	:	PUNCT
arjefm-60	47	60	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	47	61	,	,	PUNCT
arjefm-60	47	62	email	email	NOUN
arjefm-60	47	63	:	:	PUNCT
arjefm-60	47	64	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	47	65	official	official	ADJ
arjefm-60	47	66	journal	journal	PROPN
arjefm-60	47	67	of	of	ADP
arjefm-60	47	68	america	america	PROPN
arjefm-60	47	69	serial	serial	PROPN
arjefm-60	47	70	publication	publication	NOUN
arjefm-60	47	71	american	american	PROPN
arjefm-60	47	72	research	research	PROPN
arjefm-60	47	73	journal	journal	PROPN
arjefm-60	47	74	of	of	ADP
arjefm-60	47	75	economics	economic	NOUN
arjefm-60	47	76	,	,	PUNCT
arjefm-60	47	77	finance	finance	NOUN
arjefm-60	47	78	and	and	CCONJ
arjefm-60	47	79	management	management	NOUN
arjefm-60	47	80	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	47	81	,	,	PUNCT
arjefm-60	47	82	email	email	NOUN
arjefm-60	47	83	:	:	PUNCT
arjefm-60	48	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	48	2	15	15	NUM
arjefm-60	49	1	|	|	ADV
arjefm-60	49	2	p	p	NOUN
arjefm-60	49	3	a	a	DET
arjefm-60	49	4	g	g	NOUN
arjefm-60	49	5	e	e	NOUN
arjefm-60	49	6	may	may	AUX
arjefm-60	49	7	appear	appear	VERB
arjefm-60	49	8	.	.	PUNCT
arjefm-60	50	1	this	this	PRON
arjefm-60	50	2	is	be	AUX
arjefm-60	50	3	the	the	DET
arjefm-60	50	4	case	case	NOUN
arjefm-60	50	5	when	when	SCONJ
arjefm-60	50	6	expected	expect	VERB
arjefm-60	50	7	portfolio	portfolio	NOUN
arjefm-60	50	8	return	return	NOUN
arjefm-60	50	9	of	of	ADP
arjefm-60	50	10	the	the	DET
arjefm-60	50	11	risk	risk	NOUN
arjefm-60	50	12	neutral	neutral	ADJ
arjefm-60	50	13	bank	bank	NOUN
arjefm-60	50	14	is	be	AUX
arjefm-60	50	15	sufficiently	sufficiently	ADV
arjefm-60	50	16	low	low	ADJ
arjefm-60	50	17	.	.	PUNCT
arjefm-60	51	1	to	to	PART
arjefm-60	51	2	address	address	VERB
arjefm-60	51	3	this	this	DET
arjefm-60	51	4	issue	issue	NOUN
arjefm-60	51	5	,	,	PUNCT
arjefm-60	51	6	we	we	PRON
arjefm-60	51	7	take	take	VERB
arjefm-60	51	8	over	over	ADP
arjefm-60	51	9	a	a	DET
arjefm-60	51	10	theoretical	theoretical	ADJ
arjefm-60	51	11	analysis	analysis	NOUN
arjefm-60	51	12	,	,	PUNCT
arjefm-60	51	13	unlike	unlike	ADP
arjefm-60	51	14	most	most	ADJ
arjefm-60	51	15	of	of	ADP
arjefm-60	51	16	the	the	DET
arjefm-60	51	17	studies	study	NOUN
arjefm-60	51	18	about	about	ADP
arjefm-60	51	19	excess	excess	ADJ
arjefm-60	51	20	liquidity	liquidity	NOUN
arjefm-60	51	21	that	that	PRON
arjefm-60	51	22	use	use	VERB
arjefm-60	51	23	empirical	empirical	ADJ
arjefm-60	51	24	analysis	analysis	NOUN
arjefm-60	51	25	.	.	PUNCT
arjefm-60	52	1	more	more	ADV
arjefm-60	52	2	precisely	precisely	ADV
arjefm-60	52	3	,	,	PUNCT
arjefm-60	52	4	we	we	PRON
arjefm-60	52	5	develop	develop	VERB
arjefm-60	52	6	a	a	DET
arjefm-60	52	7	model	model	NOUN
arjefm-60	52	8	of	of	ADP
arjefm-60	52	9	optimal	optimal	ADJ
arjefm-60	52	10	behavior	behavior	NOUN
arjefm-60	52	11	of	of	ADP
arjefm-60	52	12	the	the	DET
arjefm-60	52	13	bank	bank	NOUN
arjefm-60	52	14	.	.	PUNCT
arjefm-60	53	1	this	this	DET
arjefm-60	53	2	model	model	NOUN
arjefm-60	53	3	is	be	AUX
arjefm-60	53	4	an	an	DET
arjefm-60	53	5	adaptation	adaptation	NOUN
arjefm-60	53	6	of	of	ADP
arjefm-60	53	7	baumol	baumol	PROPN
arjefm-60	53	8	's	's	PART
arjefm-60	53	9	(	(	PUNCT
arjefm-60	53	10	1952	1952	NUM
arjefm-60	53	11	)	)	PUNCT
arjefm-60	53	12	optimal	optimal	ADJ
arjefm-60	53	13	cash	cash	NOUN
arjefm-60	53	14	model	model	NOUN
arjefm-60	53	15	.	.	PUNCT
arjefm-60	54	1	the	the	DET
arjefm-60	54	2	rest	rest	NOUN
arjefm-60	54	3	of	of	ADP
arjefm-60	54	4	the	the	DET
arjefm-60	54	5	article	article	NOUN
arjefm-60	54	6	is	be	AUX
arjefm-60	54	7	structured	structure	VERB
arjefm-60	54	8	as	as	SCONJ
arjefm-60	54	9	follows	follow	VERB
arjefm-60	54	10	:	:	PUNCT
arjefm-60	54	11	section	section	NOUN
arjefm-60	54	12	2	2	NUM
arjefm-60	54	13	models	model	NOUN
arjefm-60	54	14	the	the	DET
arjefm-60	54	15	optimal	optimal	ADJ
arjefm-60	54	16	behavior	behavior	NOUN
arjefm-60	54	17	of	of	ADP
arjefm-60	54	18	a	a	DET
arjefm-60	54	19	risk	risk	NOUN
arjefm-60	54	20	-	-	PUNCT
arjefm-60	54	21	neutral	neutral	ADJ
arjefm-60	54	22	bank	bank	NOUN
arjefm-60	54	23	.	.	PUNCT
arjefm-60	55	1	then	then	ADV
arjefm-60	55	2	,	,	PUNCT
arjefm-60	55	3	in	in	ADP
arjefm-60	55	4	section	section	NOUN
arjefm-60	55	5	3	3	NUM
arjefm-60	55	6	,	,	PUNCT
arjefm-60	55	7	the	the	DET
arjefm-60	55	8	hypothesis	hypothesis	NOUN
arjefm-60	55	9	of	of	ADP
arjefm-60	55	10	a	a	DET
arjefm-60	55	11	risk	risk	NOUN
arjefm-60	55	12	-	-	PUNCT
arjefm-60	55	13	averse	averse	ADJ
arjefm-60	55	14	bank	bank	NOUN
arjefm-60	55	15	makes	make	VERB
arjefm-60	55	16	it	it	PRON
arjefm-60	55	17	possible	possible	ADJ
arjefm-60	55	18	to	to	PART
arjefm-60	55	19	highlight	highlight	VERB
arjefm-60	55	20	the	the	DET
arjefm-60	55	21	main	main	ADJ
arjefm-60	55	22	role	role	NOUN
arjefm-60	55	23	of	of	ADP
arjefm-60	55	24	uncertainties	uncertainty	NOUN
arjefm-60	55	25	in	in	ADP
arjefm-60	55	26	absorbing	absorb	VERB
arjefm-60	55	27	the	the	DET
arjefm-60	55	28	excess	excess	ADJ
arjefm-60	55	29	banking	banking	NOUN
arjefm-60	55	30	liquidity	liquidity	NOUN
arjefm-60	55	31	.	.	PUNCT
arjefm-60	56	1	section	section	NOUN
arjefm-60	56	2	4	4	NUM
arjefm-60	56	3	concludes	conclude	VERB
arjefm-60	56	4	the	the	DET
arjefm-60	56	5	paper	paper	NOUN
arjefm-60	56	6	.	.	PUNCT
arjefm-60	57	1	2	2	X
arjefm-60	57	2	.	.	X
arjefm-60	57	3	the	the	DET
arjefm-60	57	4	optimal	optimal	ADJ
arjefm-60	57	5	behavior	behavior	NOUN
arjefm-60	57	6	of	of	ADP
arjefm-60	57	7	the	the	DET
arjefm-60	57	8	risk	risk	NOUN
arjefm-60	57	9	neutral	neutral	ADJ
arjefm-60	57	10	bank	bank	PROPN
arjefm-60	57	11	2.1	2.1	NUM
arjefm-60	57	12	.	.	PUNCT
arjefm-60	58	1	the	the	DET
arjefm-60	58	2	assomptions	assomption	NOUN
arjefm-60	58	3	a	a	DET
arjefm-60	58	4	risk	risk	NOUN
arjefm-60	58	5	-	-	PUNCT
arjefm-60	58	6	neutral	neutral	ADJ
arjefm-60	58	7	bank	bank	NOUN
arjefm-60	58	8	realigns	realign	VERB
arjefm-60	58	9	its	its	PRON
arjefm-60	58	10	portfolio	portfolio	NOUN
arjefm-60	58	11	once	once	SCONJ
arjefm-60	58	12	a	a	DET
arjefm-60	58	13	period	period	NOUN
arjefm-60	58	14	and	and	CCONJ
arjefm-60	58	15	is	be	AUX
arjefm-60	58	16	assumed	assume	VERB
arjefm-60	58	17	to	to	PART
arjefm-60	58	18	invest	invest	VERB
arjefm-60	58	19	its	its	PRON
arjefm-60	58	20	total	total	ADJ
arjefm-60	58	21	fund	fund	NOUN
arjefm-60	58	22	𝑇	𝑇	PROPN
arjefm-60	58	23	in	in	ADP
arjefm-60	58	24	two	two	NUM
arjefm-60	58	25	types	type	NOUN
arjefm-60	58	26	of	of	ADP
arjefm-60	58	27	assets	asset	NOUN
arjefm-60	58	28	(	(	PUNCT
arjefm-60	58	29	loans	loan	NOUN
arjefm-60	58	30	and	and	CCONJ
arjefm-60	58	31	risk	risk	NOUN
arjefm-60	58	32	-	-	PUNCT
arjefm-60	58	33	free	free	ADJ
arjefm-60	58	34	securities	security	NOUN
arjefm-60	58	35	)	)	PUNCT
arjefm-60	58	36	.	.	PUNCT
arjefm-60	59	1	the	the	DET
arjefm-60	59	2	bank	bank	NOUN
arjefm-60	59	3	decides	decide	VERB
arjefm-60	59	4	how	how	SCONJ
arjefm-60	59	5	much	much	ADJ
arjefm-60	59	6	of	of	ADP
arjefm-60	59	7	its	its	PRON
arjefm-60	59	8	portfolio	portfolio	NOUN
arjefm-60	59	9	to	to	PART
arjefm-60	59	10	allocate	allocate	VERB
arjefm-60	59	11	to	to	ADP
arjefm-60	59	12	loans	loan	NOUN
arjefm-60	59	13	risk	risk	NOUN
arjefm-60	59	14	-	-	PUNCT
arjefm-60	59	15	free	free	ADJ
arjefm-60	59	16	securities	security	NOUN
arjefm-60	59	17	(	(	PUNCT
arjefm-60	59	18	𝑦𝑖𝑡	𝑦𝑖𝑡	NOUN
arjefm-60	59	19	)	)	PUNCT
arjefm-60	59	20	and	and	CCONJ
arjefm-60	59	21	liquidity	liquidity	NOUN
arjefm-60	59	22	in	in	ADP
arjefm-60	59	23	order	order	NOUN
arjefm-60	59	24	to	to	PART
arjefm-60	59	25	maximize	maximize	VERB
arjefm-60	59	26	its	its	PRON
arjefm-60	59	27	profit	profit	NOUN
arjefm-60	59	28	(	(	PUNCT
arjefm-60	59	29	𝛱𝑖𝑡	𝛱𝑖𝑡	PROPN
arjefm-60	59	30	)	)	PUNCT
arjefm-60	59	31	.	.	PUNCT
arjefm-60	60	1	loans	loan	NOUN
arjefm-60	60	2	,	,	PUNCT
arjefm-60	60	3	if	if	SCONJ
arjefm-60	60	4	they	they	PRON
arjefm-60	60	5	generate	generate	VERB
arjefm-60	60	6	a	a	DET
arjefm-60	60	7	higher	high	ADJ
arjefm-60	60	8	expected	expect	VERB
arjefm-60	60	9	return	return	NOUN
arjefm-60	60	10	than	than	ADP
arjefm-60	60	11	that	that	PRON
arjefm-60	60	12	of	of	ADP
arjefm-60	60	13	risk	risk	NOUN
arjefm-60	60	14	-	-	PUNCT
arjefm-60	60	15	free	free	ADJ
arjefm-60	60	16	securities	security	NOUN
arjefm-60	60	17	,	,	PUNCT
arjefm-60	60	18	also	also	ADV
arjefm-60	60	19	induce	induce	VERB
arjefm-60	60	20	more	more	ADJ
arjefm-60	60	21	risk	risk	NOUN
arjefm-60	60	22	.	.	PUNCT
arjefm-60	61	1	loans	loan	NOUN
arjefm-60	61	2	have	have	VERB
arjefm-60	61	3	two	two	NUM
arjefm-60	61	4	types	type	NOUN
arjefm-60	61	5	of	of	ADP
arjefm-60	61	6	risk	risk	NOUN
arjefm-60	61	7	:	:	PUNCT
arjefm-60	61	8	market	market	NOUN
arjefm-60	61	9	risk	risk	NOUN
arjefm-60	61	10	and	and	CCONJ
arjefm-60	61	11	default	default	NOUN
arjefm-60	61	12	risk	risk	NOUN
arjefm-60	61	13	(	(	PUNCT
arjefm-60	61	14	credit	credit	NOUN
arjefm-60	61	15	risk	risk	NOUN
arjefm-60	61	16	)	)	PUNCT
arjefm-60	61	17	.	.	PUNCT
arjefm-60	62	1	loan	loan	NOUN
arjefm-60	62	2	yields	yield	NOUN
arjefm-60	62	3	(	(	PUNCT
arjefm-60	62	4	𝑟𝑐𝑖𝑡	𝑟𝑐𝑖𝑡	NOUN
arjefm-60	62	5	)	)	PUNCT
arjefm-60	62	6	and	and	CCONJ
arjefm-60	62	7	security	security	NOUN
arjefm-60	62	8	assets	asset	NOUN
arjefm-60	62	9	(	(	PUNCT
arjefm-60	62	10	𝑟𝑠𝑖𝑡	𝑟𝑠𝑖𝑡	NOUN
arjefm-60	62	11	)	)	PUNCT
arjefm-60	62	12	,	,	PUNCT
arjefm-60	62	13	the	the	DET
arjefm-60	62	14	two	two	NUM
arjefm-60	62	15	types	type	NOUN
arjefm-60	62	16	of	of	ADP
arjefm-60	62	17	assets	asset	NOUN
arjefm-60	62	18	that	that	PRON
arjefm-60	62	19	compose	compose	VERB
arjefm-60	62	20	the	the	DET
arjefm-60	62	21	bank	bank	NOUN
arjefm-60	62	22	portfolio	portfolio	NOUN
arjefm-60	62	23	,	,	PUNCT
arjefm-60	62	24	are	be	AUX
arjefm-60	62	25	:	:	PUNCT
arjefm-60	62	26	𝑖	𝑖	PRON
arjefm-60	62	27	,	,	PUNCT
arjefm-60	62	28	∀𝑡	∀𝑡	PROPN
arjefm-60	62	29	,	,	PUNCT
arjefm-60	62	30	𝑟𝑠𝑖𝑡	𝑟𝑠𝑖𝑡	PROPN
arjefm-60	62	31	=	=	SYM
arjefm-60	62	32	𝑟𝑓	𝑟𝑓	PROPN
arjefm-60	62	33	(	(	PUNCT
arjefm-60	62	34	1	1	NUM
arjefm-60	62	35	)	)	PUNCT
arjefm-60	62	36	∀𝑖	∀𝑖	PROPN
arjefm-60	62	37	,	,	PUNCT
arjefm-60	62	38	∀𝑡	∀𝑡	PROPN
arjefm-60	62	39	,	,	PUNCT
arjefm-60	62	40	𝑟𝑐𝑖𝑡	𝑟𝑐𝑖𝑡	NOUN
arjefm-60	62	41	=	=	SYM
arjefm-60	62	42	𝑟𝑓	𝑟𝑓	PROPN
arjefm-60	62	43	+	+	X
arjefm-60	63	1	𝜌	𝜌	X
arjefm-60	63	2	+	+	X
arjefm-60	63	3	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	63	4	(	(	PUNCT
arjefm-60	63	5	2	2	NUM
arjefm-60	63	6	)	)	PUNCT
arjefm-60	63	7	where	where	SCONJ
arjefm-60	63	8	𝑟𝑓	𝑟𝑓	X
arjefm-60	63	9	:	:	PUNCT
arjefm-60	63	10	risk	risk	VERB
arjefm-60	63	11	free	free	ADJ
arjefm-60	63	12	interest	interest	NOUN
arjefm-60	63	13	rate	rate	NOUN
arjefm-60	63	14	;	;	PUNCT
arjefm-60	63	15	:	:	PUNCT
arjefm-60	63	16	market	market	NOUN
arjefm-60	63	17	risk	risk	NOUN
arjefm-60	63	18	premium	premium	NOUN
arjefm-60	63	19	;	;	PUNCT
arjefm-60	63	20	is	be	AUX
arjefm-60	63	21	an	an	DET
arjefm-60	63	22	idiosyncratic	idiosyncratic	ADJ
arjefm-60	63	23	shock	shock	NOUN
arjefm-60	63	24	that	that	PRON
arjefm-60	63	25	affects	affect	VERB
arjefm-60	63	26	the	the	DET
arjefm-60	63	27	bank	bank	NOUN
arjefm-60	63	28	at	at	ADP
arjefm-60	63	29	period	period	NOUN
arjefm-60	63	30	.	.	PUNCT
arjefm-60	64	1	noting	note	VERB
arjefm-60	64	2	𝑥𝑖𝑡	𝑥𝑖𝑡	PRON
arjefm-60	64	3	the	the	DET
arjefm-60	64	4	proportion	proportion	NOUN
arjefm-60	64	5	of	of	ADP
arjefm-60	64	6	the	the	DET
arjefm-60	64	7	portfolio	portfolio	NOUN
arjefm-60	64	8	invested	invest	VERB
arjefm-60	64	9	in	in	ADP
arjefm-60	64	10	loans	loan	NOUN
arjefm-60	64	11	by	by	ADP
arjefm-60	64	12	bank	bank	NOUN
arjefm-60	64	13	in	in	ADP
arjefm-60	64	14	period	period	NOUN
arjefm-60	64	15	and	and	CCONJ
arjefm-60	64	16	(	(	PUNCT
arjefm-60	64	17	1	1	NUM
arjefm-60	64	18	−	−	PROPN
arjefm-60	64	19	𝑥𝑖𝑡	𝑥𝑖𝑡	PROPN
arjefm-60	64	20	)	)	PUNCT
arjefm-60	64	21	the	the	DET
arjefm-60	64	22	proportion	proportion	NOUN
arjefm-60	64	23	of	of	ADP
arjefm-60	64	24	the	the	DET
arjefm-60	64	25	portfolio	portfolio	NOUN
arjefm-60	64	26	invested	invest	VERB
arjefm-60	64	27	in	in	ADP
arjefm-60	64	28	securities	security	NOUN
arjefm-60	64	29	,	,	PUNCT
arjefm-60	64	30	the	the	DET
arjefm-60	64	31	return	return	NOUN
arjefm-60	64	32	of	of	ADP
arjefm-60	64	33	the	the	DET
arjefm-60	64	34	bank	bank	NOUN
arjefm-60	64	35	portfolio	portfolio	NOUN
arjefm-60	64	36	is	be	AUX
arjefm-60	64	37	determined	determine	VERB
arjefm-60	64	38	as	as	SCONJ
arjefm-60	64	39	follows	follow	VERB
arjefm-60	64	40	:	:	PUNCT
arjefm-60	64	41	∀𝑖	∀𝑖	NUM
arjefm-60	64	42	,	,	PUNCT
arjefm-60	64	43	∀𝑡	∀𝑡	PROPN
arjefm-60	64	44	,	,	PUNCT
arjefm-60	64	45	𝑅𝑖𝑡	𝑅𝑖𝑡	PROPN
arjefm-60	64	46	=	=	NOUN
arjefm-60	64	47	𝑥𝑖𝑡𝑟𝑐𝑖𝑡	𝑥𝑖𝑡𝑟𝑐𝑖𝑡	NOUN
arjefm-60	64	48	+	+	CCONJ
arjefm-60	64	49	(	(	PUNCT
arjefm-60	64	50	1	1	NUM
arjefm-60	64	51	−	−	PROPN
arjefm-60	64	52	𝑥𝑖𝑡)𝑠𝑖𝑡.	𝑥𝑖𝑡)𝑠𝑖𝑡.	PROPN
arjefm-60	64	53	this	this	DET
arjefm-60	64	54	expression	expression	NOUN
arjefm-60	64	55	comes	come	VERB
arjefm-60	64	56	down	down	ADP
arjefm-60	64	57	to	to	ADP
arjefm-60	64	58	:	:	PUNCT
arjefm-60	64	59	the	the	DET
arjefm-60	64	60	bank	bank	NOUN
arjefm-60	64	61	,	,	PUNCT
arjefm-60	64	62	supposedly	supposedly	ADV
arjefm-60	64	63	risk	risk	NOUN
arjefm-60	64	64	neutral	neutral	ADJ
arjefm-60	64	65	,	,	PUNCT
arjefm-60	64	66	optimizes	optimize	VERB
arjefm-60	64	67	its	its	PRON
arjefm-60	64	68	profit	profit	NOUN
arjefm-60	64	69	.	.	PUNCT
arjefm-60	65	1	we	we	PRON
arjefm-60	65	2	notice	notice	VERB
arjefm-60	65	3	𝐶𝑖	𝐶𝑖	PROPN
arjefm-60	65	4	:	:	PUNCT
arjefm-60	65	5	the	the	DET
arjefm-60	65	6	volume	volume	NOUN
arjefm-60	65	7	of	of	ADP
arjefm-60	65	8	bank	bank	NOUN
arjefm-60	65	9	loans	loan	NOUN
arjefm-60	65	10	granted	grant	VERB
arjefm-60	65	11	by	by	ADP
arjefm-60	65	12	the	the	DET
arjefm-60	65	13	bank	bank	NOUN
arjefm-60	65	14	at	at	ADP
arjefm-60	65	15	;	;	PUNCT
arjefm-60	66	1	𝐴𝑖𝑡	𝐴𝑖𝑡	PROPN
arjefm-60	66	2	:	:	PUNCT
arjefm-60	66	3	the	the	DET
arjefm-60	66	4	volume	volume	NOUN
arjefm-60	66	5	of	of	ADP
arjefm-60	66	6	security	security	NOUN
arjefm-60	66	7	assets	asset	NOUN
arjefm-60	66	8	;	;	PUNCT
arjefm-60	66	9	𝑖𝐶	𝑖𝐶	NOUN
arjefm-60	66	10	:	:	PUNCT
arjefm-60	66	11	the	the	DET
arjefm-60	66	12	cost	cost	NOUN
arjefm-60	66	13	of	of	ADP
arjefm-60	66	14	the	the	DET
arjefm-60	66	15	bank	bank	NOUN
arjefm-60	66	16	loan	loan	NOUN
arjefm-60	66	17	(	(	PUNCT
arjefm-60	66	18	interest	interest	NOUN
arjefm-60	66	19	rate	rate	NOUN
arjefm-60	66	20	)	)	PUNCT
arjefm-60	66	21	;	;	PUNCT
arjefm-60	66	22	𝑖𝑀𝑀	𝑖𝑀𝑀	NUM
arjefm-60	66	23	:	:	PUNCT
arjefm-60	66	24	the	the	DET
arjefm-60	66	25	cost	cost	NOUN
arjefm-60	66	26	of	of	ADP
arjefm-60	66	27	refinancing	refinance	VERB
arjefm-60	66	28	on	on	ADP
arjefm-60	66	29	the	the	DET
arjefm-60	66	30	money	money	NOUN
arjefm-60	66	31	market	market	NOUN
arjefm-60	66	32	;	;	PUNCT
arjefm-60	66	33	𝑅𝐸𝐹𝑖𝑡	𝑅𝐸𝐹𝑖𝑡	PROPN
arjefm-60	66	34	:	:	PUNCT
arjefm-60	66	35	the	the	DET
arjefm-60	66	36	refinancing	refinancing	NOUN
arjefm-60	66	37	of	of	ADP
arjefm-60	66	38	bank	bank	NOUN
arjefm-60	66	39	with	with	ADP
arjefm-60	66	40	the	the	DET
arjefm-60	66	41	central	central	ADJ
arjefm-60	66	42	bank	bank	NOUN
arjefm-60	66	43	in	in	ADP
arjefm-60	66	44	.	.	PUNCT
arjefm-60	67	1	the	the	DET
arjefm-60	67	2	profit	profit	NOUN
arjefm-60	67	3	of	of	ADP
arjefm-60	67	4	the	the	DET
arjefm-60	67	5	bank	bank	NOUN
arjefm-60	67	6	is	be	AUX
arjefm-60	67	7	the	the	DET
arjefm-60	67	8	difference	difference	NOUN
arjefm-60	67	9	between	between	ADP
arjefm-60	67	10	its	its	PRON
arjefm-60	67	11	total	total	ADJ
arjefm-60	67	12	revenue	revenue	NOUN
arjefm-60	67	13	and	and	CCONJ
arjefm-60	67	14	its	its	PRON
arjefm-60	67	15	total	total	ADJ
arjefm-60	67	16	cost	cost	NOUN
arjefm-60	67	17	:	:	PUNCT
arjefm-60	67	18	•	•	NUM
arjefm-60	67	19	total	total	NOUN
arjefm-60	67	20	revenue	revenue	NOUN
arjefm-60	67	21	:	:	PUNCT
arjefm-60	67	22	revenues	revenue	NOUN
arjefm-60	67	23	from	from	ADP
arjefm-60	67	24	bank	bank	NOUN
arjefm-60	67	25	loans	loan	NOUN
arjefm-60	67	26	(	(	PUNCT
arjefm-60	67	27	𝑖𝐶𝐶𝑖𝑡	𝑖𝐶𝐶𝑖𝑡	NUM
arjefm-60	67	28	)	)	PUNCT
arjefm-60	67	29	and	and	CCONJ
arjefm-60	67	30	capital	capital	NOUN
arjefm-60	67	31	gains	gain	NOUN
arjefm-60	67	32	reported	report	VERB
arjefm-60	67	33	by	by	ADP
arjefm-60	67	34	the	the	DET
arjefm-60	67	35	investment	investment	NOUN
arjefm-60	67	36	of	of	ADP
arjefm-60	67	37	security	security	NOUN
arjefm-60	67	38	assets	asset	NOUN
arjefm-60	67	39	(	(	PUNCT
arjefm-60	67	40	𝑟𝑓𝐴𝑖𝑡	𝑟𝑓𝐴𝑖𝑡	NOUN
arjefm-60	67	41	)	)	PUNCT
arjefm-60	67	42	;	;	PUNCT
arjefm-60	67	43	•	•	X
arjefm-60	67	44	the	the	DET
arjefm-60	67	45	total	total	ADJ
arjefm-60	67	46	cost	cost	NOUN
arjefm-60	67	47	is	be	AUX
arjefm-60	67	48	the	the	DET
arjefm-60	67	49	sum	sum	NOUN
arjefm-60	67	50	of	of	ADP
arjefm-60	67	51	the	the	DET
arjefm-60	67	52	total	total	ADJ
arjefm-60	67	53	refinancing	refinancing	NOUN
arjefm-60	67	54	cost	cost	NOUN
arjefm-60	67	55	(	(	PUNCT
arjefm-60	67	56	𝑖𝑀𝑀𝑅𝐸𝐹𝑖𝑡	𝑖𝑀𝑀𝑅𝐸𝐹𝑖𝑡	ADV
arjefm-60	67	57	)	)	PUNCT
arjefm-60	67	58	and	and	CCONJ
arjefm-60	67	59	the	the	DET
arjefm-60	67	60	total	total	ADJ
arjefm-60	67	61	cost	cost	NOUN
arjefm-60	67	62	of	of	ADP
arjefm-60	67	63	holding	hold	VERB
arjefm-60	67	64	the	the	DET
arjefm-60	67	65	liquidity	liquidity	NOUN
arjefm-60	67	66	(	(	PUNCT
arjefm-60	67	67	𝐶𝑇𝐿	𝐶𝑇𝐿	PROPN
arjefm-60	67	68	)	)	PUNCT
arjefm-60	67	69	.	.	PUNCT
arjefm-60	68	1	the	the	DET
arjefm-60	68	2	profit	profit	NOUN
arjefm-60	68	3	of	of	ADP
arjefm-60	68	4	the	the	DET
arjefm-60	68	5	bank	bank	NOUN
arjefm-60	68	6	at	at	ADP
arjefm-60	68	7	period	period	NOUN
arjefm-60	68	8	is	be	AUX
arjefm-60	68	9	written	write	VERB
arjefm-60	68	10	:	:	PUNCT
arjefm-60	68	11	to	to	PART
arjefm-60	68	12	determine	determine	VERB
arjefm-60	68	13	the	the	DET
arjefm-60	68	14	total	total	ADJ
arjefm-60	68	15	cost	cost	NOUN
arjefm-60	68	16	of	of	ADP
arjefm-60	68	17	holding	hold	VERB
arjefm-60	68	18	liquidity	liquidity	NOUN
arjefm-60	68	19	,	,	PUNCT
arjefm-60	68	20	we	we	PRON
arjefm-60	68	21	draw	draw	VERB
arjefm-60	68	22	on	on	ADP
arjefm-60	68	23	baumol	baumol	PROPN
arjefm-60	68	24	's	's	PART
arjefm-60	68	25	optimal	optimal	ADJ
arjefm-60	68	26	cash	cash	NOUN
arjefm-60	68	27	management	management	NOUN
arjefm-60	68	28	model	model	NOUN
arjefm-60	68	29	(	(	PUNCT
arjefm-60	68	30	1952	1952	NUM
arjefm-60	68	31	)	)	PUNCT
arjefm-60	68	32	,	,	PUNCT
arjefm-60	68	33	which	which	PRON
arjefm-60	68	34	we	we	PRON
arjefm-60	68	35	adapt	adapt	VERB
arjefm-60	68	36	to	to	ADP
arjefm-60	68	37	banking	banking	NOUN
arjefm-60	68	38	behavior	behavior	NOUN
arjefm-60	68	39	.	.	PUNCT
arjefm-60	69	1	a	a	DET
arjefm-60	69	2	bank	bank	NOUN
arjefm-60	69	3	must	must	AUX
arjefm-60	69	4	therefore	therefore	ADV
arjefm-60	69	5	hold	hold	VERB
arjefm-60	69	6	at	at	ADP
arjefm-60	69	7	all	all	DET
arjefm-60	69	8	times	time	NOUN
arjefm-60	69	9	a	a	DET
arjefm-60	69	10	level	level	NOUN
arjefm-60	69	11	of	of	ADP
arjefm-60	69	12	liquidity	liquidity	NOUN
arjefm-60	69	13	such	such	ADJ
arjefm-60	69	14	that	that	SCONJ
arjefm-60	69	15	it	it	PRON
arjefm-60	69	16	is	be	AUX
arjefm-60	69	17	not	not	PART
arjefm-60	69	18	short	short	ADJ
arjefm-60	69	19	of	of	ADP
arjefm-60	69	20	cash	cash	NOUN
arjefm-60	69	21	.	.	PUNCT
arjefm-60	70	1	indeed	indeed	ADV
arjefm-60	70	2	,	,	PUNCT
arjefm-60	70	3	it	it	PRON
arjefm-60	70	4	must	must	AUX
arjefm-60	70	5	at	at	ADP
arjefm-60	70	6	all	all	DET
arjefm-60	70	7	times	time	NOUN
arjefm-60	70	8	satisfy	satisfy	VERB
arjefm-60	70	9	the	the	DET
arjefm-60	70	10	withdrawals	withdrawal	NOUN
arjefm-60	70	11	of	of	ADP
arjefm-60	70	12	funds	fund	NOUN
arjefm-60	70	13	from	from	ADP
arjefm-60	70	14	its	its	PRON
arjefm-60	70	15	customers	customer	NOUN
arjefm-60	70	16	either	either	CCONJ
arjefm-60	70	17	at	at	ADP
arjefm-60	70	18	the	the	DET
arjefm-60	70	19	counters	counter	NOUN
arjefm-60	70	20	or	or	CCONJ
arjefm-60	70	21	automated	automate	VERB
arjefm-60	70	22	teller	teller	NOUN
arjefm-60	70	23	machines	machine	NOUN
arjefm-60	70	24	(	(	PUNCT
arjefm-60	70	25	atms	atms	PROPN
arjefm-60	70	26	)	)	PUNCT
arjefm-60	70	27	.	.	PUNCT
arjefm-60	71	1	insufficient	insufficient	ADJ
arjefm-60	71	2	liquidity	liquidity	NOUN
arjefm-60	71	3	can	can	AUX
arjefm-60	71	4	lead	lead	VERB
arjefm-60	71	5	to	to	ADP
arjefm-60	71	6	insolvency	insolvency	NOUN
arjefm-60	71	7	of	of	ADP
arjefm-60	71	8	the	the	DET
arjefm-60	71	9	bank	bank	NOUN
arjefm-60	71	10	.	.	PUNCT
arjefm-60	72	1	at	at	ADP
arjefm-60	72	2	the	the	DET
arjefm-60	72	3	same	same	ADJ
arjefm-60	72	4	time	time	NOUN
arjefm-60	72	5	,	,	PUNCT
arjefm-60	72	6	however	however	ADV
arjefm-60	72	7	,	,	PUNCT
arjefm-60	72	8	this	this	DET
arjefm-60	72	9	amount	amount	NOUN
arjefm-60	72	10	of	of	ADP
arjefm-60	72	11	liquidity	liquidity	NOUN
arjefm-60	72	12	should	should	AUX
arjefm-60	72	13	not	not	PART
arjefm-60	72	14	be	be	AUX
arjefm-60	72	15	too	too	ADV
arjefm-60	72	16	large	large	ADJ
arjefm-60	72	17	,	,	PUNCT
arjefm-60	72	18	because	because	SCONJ
arjefm-60	72	19	there	there	PRON
arjefm-60	72	20	is	be	VERB
arjefm-60	72	21	an	an	DET
arjefm-60	72	22	option	option	NOUN
arjefm-60	72	23	cost	cost	NOUN
arjefm-60	72	24	to	to	ADP
arjefm-60	72	25	holding	hold	VERB
arjefm-60	72	26	it	it	PRON
arjefm-60	72	27	:	:	PUNCT
arjefm-60	72	28	the	the	DET
arjefm-60	72	29	rate	rate	NOUN
arjefm-60	72	30	of	of	ADP
arjefm-60	72	31	return	return	NOUN
arjefm-60	72	32	on	on	ADP
arjefm-60	72	33	the	the	DET
arjefm-60	72	34	investments	investment	NOUN
arjefm-60	72	35	in	in	ADP
arjefm-60	72	36	which	which	PRON
arjefm-60	72	37	it	it	PRON
arjefm-60	72	38	could	could	AUX
arjefm-60	72	39	be	be	AUX
arjefm-60	72	40	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	72	41	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	72	42	american	american	PROPN
arjefm-60	72	43	research	research	PROPN
arjefm-60	72	44	journal	journal	PROPN
arjefm-60	72	45	of	of	ADP
arjefm-60	72	46	economics	economic	NOUN
arjefm-60	72	47	,	,	PUNCT
arjefm-60	72	48	finance	finance	NOUN
arjefm-60	72	49	and	and	CCONJ
arjefm-60	72	50	management	management	NOUN
arjefm-60	72	51	volume	volume	NOUN
arjefm-60	72	52	10	10	NUM
arjefm-60	72	53	issue	issue	NOUN
arjefm-60	72	54	1	1	NUM
arjefm-60	72	55	,	,	PUNCT
arjefm-60	72	56	january	january	PROPN
arjefm-60	72	57	-	-	PUNCT
arjefm-60	72	58	march	march	PROPN
arjefm-60	72	59	2022	2022	NUM
arjefm-60	72	60	issn	issn	NOUN
arjefm-60	72	61	:	:	PUNCT
arjefm-60	72	62	2836	2836	NUM
arjefm-60	72	63	-	-	SYM
arjefm-60	72	64	9416	9416	NUM
arjefm-60	72	65	impact	impact	NOUN
arjefm-60	72	66	factor	factor	NOUN
arjefm-60	72	67	:	:	PUNCT
arjefm-60	72	68	4.85	4.85	NUM
arjefm-60	72	69	journal	journal	NOUN
arjefm-60	72	70	homepage	homepage	NOUN
arjefm-60	72	71	:	:	PUNCT
arjefm-60	72	72	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	72	73	,	,	PUNCT
arjefm-60	72	74	email	email	NOUN
arjefm-60	72	75	:	:	PUNCT
arjefm-60	72	76	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	72	77	official	official	ADJ
arjefm-60	72	78	journal	journal	PROPN
arjefm-60	72	79	of	of	ADP
arjefm-60	72	80	america	america	PROPN
arjefm-60	72	81	serial	serial	PROPN
arjefm-60	72	82	publication	publication	NOUN
arjefm-60	72	83	american	american	PROPN
arjefm-60	72	84	research	research	PROPN
arjefm-60	72	85	journal	journal	PROPN
arjefm-60	72	86	of	of	ADP
arjefm-60	72	87	economics	economic	NOUN
arjefm-60	72	88	,	,	PUNCT
arjefm-60	72	89	finance	finance	NOUN
arjefm-60	72	90	and	and	CCONJ
arjefm-60	72	91	management	management	NOUN
arjefm-60	72	92	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	72	93	,	,	PUNCT
arjefm-60	72	94	email	email	NOUN
arjefm-60	72	95	:	:	PUNCT
arjefm-60	73	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	73	2	16	16	NUM
arjefm-60	74	1	|	|	ADV
arjefm-60	74	2	p	p	X
arjefm-60	74	3	a	a	DET
arjefm-60	74	4	g	g	NOUN
arjefm-60	74	5	e	e	NOUN
arjefm-60	74	6	invested	invest	VERB
arjefm-60	74	7	.	.	PUNCT
arjefm-60	75	1	it	it	PRON
arjefm-60	75	2	is	be	AUX
arjefm-60	75	3	assumed	assume	VERB
arjefm-60	75	4	that	that	SCONJ
arjefm-60	75	5	the	the	DET
arjefm-60	75	6	cash	cash	NOUN
arjefm-60	75	7	flows	flow	NOUN
arjefm-60	75	8	of	of	ADP
arjefm-60	75	9	the	the	DET
arjefm-60	75	10	bank	bank	NOUN
arjefm-60	75	11	are	be	AUX
arjefm-60	75	12	certain	certain	ADJ
arjefm-60	75	13	,	,	PUNCT
arjefm-60	75	14	liquidity	liquidity	NOUN
arjefm-60	75	15	outflows	outflow	NOUN
arjefm-60	75	16	are	be	AUX
arjefm-60	75	17	at	at	ADP
arjefm-60	75	18	a	a	DET
arjefm-60	75	19	constant	constant	ADJ
arjefm-60	75	20	rate	rate	NOUN
arjefm-60	75	21	.	.	PUNCT
arjefm-60	76	1	the	the	DET
arjefm-60	76	2	average	average	ADJ
arjefm-60	76	3	liquidity	liquidity	NOUN
arjefm-60	76	4	held	hold	VERB
arjefm-60	76	5	by	by	ADP
arjefm-60	76	6	the	the	DET
arjefm-60	76	7	bank	bank	NOUN
arjefm-60	76	8	is	be	AUX
arjefm-60	76	9	𝐿/2	𝐿/2	PUNCT
arjefm-60	76	10	(	(	PUNCT
arjefm-60	76	11	with	with	ADP
arjefm-60	76	12	:	:	PUNCT
arjefm-60	76	13	bank	bank	NOUN
arjefm-60	76	14	liquidity	liquidity	NOUN
arjefm-60	76	15	at	at	ADP
arjefm-60	76	16	the	the	DET
arjefm-60	76	17	beginning	beginning	NOUN
arjefm-60	76	18	of	of	ADP
arjefm-60	76	19	the	the	DET
arjefm-60	76	20	period	period	NOUN
arjefm-60	76	21	)	)	PUNCT
arjefm-60	76	22	.	.	PUNCT
arjefm-60	77	1	the	the	DET
arjefm-60	77	2	bank	bank	NOUN
arjefm-60	77	3	's	's	PART
arjefm-60	77	4	assets	asset	NOUN
arjefm-60	77	5	portfolio	portfolio	NOUN
arjefm-60	77	6	(	(	PUNCT
arjefm-60	77	7	loans	loan	NOUN
arjefm-60	77	8	,	,	PUNCT
arjefm-60	77	9	security	security	NOUN
arjefm-60	77	10	assets	asset	NOUN
arjefm-60	77	11	)	)	PUNCT
arjefm-60	77	12	can	can	AUX
arjefm-60	77	13	be	be	AUX
arjefm-60	77	14	used	use	VERB
arjefm-60	77	15	to	to	PART
arjefm-60	77	16	regenerate	regenerate	VERB
arjefm-60	77	17	bank	bank	NOUN
arjefm-60	77	18	liquidity	liquidity	NOUN
arjefm-60	77	19	when	when	SCONJ
arjefm-60	77	20	needed	need	VERB
arjefm-60	77	21	.	.	PUNCT
arjefm-60	78	1	when	when	SCONJ
arjefm-60	78	2	liquidity	liquidity	NOUN
arjefm-60	78	3	becomes	become	VERB
arjefm-60	78	4	insufficient	insufficient	ADJ
arjefm-60	78	5	,	,	PUNCT
arjefm-60	78	6	the	the	DET
arjefm-60	78	7	bank	bank	NOUN
arjefm-60	78	8	sells	sell	VERB
arjefm-60	78	9	part	part	NOUN
arjefm-60	78	10	of	of	ADP
arjefm-60	78	11	its	its	PRON
arjefm-60	78	12	portfolio	portfolio	NOUN
arjefm-60	78	13	at	at	ADP
arjefm-60	78	14	the	the	DET
arjefm-60	78	15	beginning	beginning	NOUN
arjefm-60	78	16	of	of	ADP
arjefm-60	78	17	the	the	DET
arjefm-60	78	18	period	period	NOUN
arjefm-60	78	19	to	to	PART
arjefm-60	78	20	bring	bring	VERB
arjefm-60	78	21	liquidity	liquidity	NOUN
arjefm-60	78	22	back	back	ADV
arjefm-60	78	23	to	to	ADP
arjefm-60	78	24	the	the	DET
arjefm-60	78	25	desired	desire	VERB
arjefm-60	78	26	level	level	NOUN
arjefm-60	78	27	.	.	PUNCT
arjefm-60	79	1	in	in	ADP
arjefm-60	79	2	doing	do	VERB
arjefm-60	79	3	so	so	ADV
arjefm-60	79	4	,	,	PUNCT
arjefm-60	79	5	it	it	PRON
arjefm-60	79	6	regenerates	regenerate	VERB
arjefm-60	79	7	its	its	PRON
arjefm-60	79	8	liquidity	liquidity	NOUN
arjefm-60	79	9	in	in	ADP
arjefm-60	79	10	the	the	DET
arjefm-60	79	11	next	next	ADJ
arjefm-60	79	12	period	period	NOUN
arjefm-60	79	13	.	.	PUNCT
arjefm-60	80	1	the	the	DET
arjefm-60	80	2	rate	rate	NOUN
arjefm-60	80	3	of	of	ADP
arjefm-60	80	4	decline	decline	NOUN
arjefm-60	80	5	in	in	ADP
arjefm-60	80	6	liquidity	liquidity	NOUN
arjefm-60	80	7	is	be	AUX
arjefm-60	80	8	constant	constant	ADJ
arjefm-60	80	9	over	over	ADP
arjefm-60	80	10	a	a	DET
arjefm-60	80	11	period	period	NOUN
arjefm-60	80	12	.	.	PUNCT
arjefm-60	81	1	each	each	DET
arjefm-60	81	2	conversion	conversion	NOUN
arjefm-60	81	3	of	of	ADP
arjefm-60	81	4	securities	security	NOUN
arjefm-60	81	5	into	into	ADP
arjefm-60	81	6	cash	cash	NOUN
arjefm-60	81	7	corresponds	correspond	NOUN
arjefm-60	81	8	to	to	ADP
arjefm-60	81	9	transaction	transaction	NOUN
arjefm-60	81	10	costs	cost	NOUN
arjefm-60	81	11	(	(	PUNCT
arjefm-60	81	12	commission	commission	NOUN
arjefm-60	81	13	paid	pay	VERB
arjefm-60	81	14	by	by	ADP
arjefm-60	81	15	the	the	DET
arjefm-60	81	16	bank	bank	NOUN
arjefm-60	81	17	to	to	ADP
arjefm-60	81	18	its	its	PRON
arjefm-60	81	19	broker	broker	NOUN
arjefm-60	81	20	for	for	ADP
arjefm-60	81	21	the	the	DET
arjefm-60	81	22	sale	sale	NOUN
arjefm-60	81	23	of	of	ADP
arjefm-60	81	24	securities	security	NOUN
arjefm-60	81	25	,	,	PUNCT
arjefm-60	81	26	time	time	NOUN
arjefm-60	81	27	spent	spend	VERB
arjefm-60	81	28	by	by	ADP
arjefm-60	81	29	the	the	DET
arjefm-60	81	30	bank	bank	NOUN
arjefm-60	81	31	on	on	ADP
arjefm-60	81	32	such	such	ADJ
arjefm-60	81	33	transactions	transaction	NOUN
arjefm-60	81	34	)	)	PUNCT
arjefm-60	81	35	.	.	PUNCT
arjefm-60	82	1	therefore	therefore	ADV
arjefm-60	82	2	,	,	PUNCT
arjefm-60	82	3	the	the	PRON
arjefm-60	82	4	lower	low	ADJ
arjefm-60	82	5	the	the	DET
arjefm-60	82	6	bank	bank	NOUN
arjefm-60	82	7	liquidity	liquidity	NOUN
arjefm-60	82	8	,	,	PUNCT
arjefm-60	82	9	the	the	PRON
arjefm-60	82	10	higher	high	ADJ
arjefm-60	82	11	the	the	DET
arjefm-60	82	12	number	number	NOUN
arjefm-60	82	13	of	of	ADP
arjefm-60	82	14	conversions	conversion	NOUN
arjefm-60	82	15	and	and	CCONJ
arjefm-60	82	16	the	the	PRON
arjefm-60	82	17	higher	high	ADJ
arjefm-60	82	18	the	the	DET
arjefm-60	82	19	transaction	transaction	NOUN
arjefm-60	82	20	costs	cost	NOUN
arjefm-60	82	21	of	of	ADP
arjefm-60	82	22	the	the	DET
arjefm-60	82	23	bank	bank	NOUN
arjefm-60	82	24	.	.	PUNCT
arjefm-60	83	1	let	let	AUX
arjefm-60	83	2	be	be	AUX
arjefm-60	83	3	the	the	DET
arjefm-60	83	4	fixed	fix	VERB
arjefm-60	83	5	costs	cost	NOUN
arjefm-60	83	6	that	that	PRON
arjefm-60	83	7	the	the	DET
arjefm-60	83	8	bank	bank	NOUN
arjefm-60	83	9	incurs	incur	VERB
arjefm-60	83	10	each	each	DET
arjefm-60	83	11	time	time	NOUN
arjefm-60	83	12	it	it	PRON
arjefm-60	83	13	converts	convert	VERB
arjefm-60	83	14	securities	security	NOUN
arjefm-60	83	15	into	into	ADP
arjefm-60	83	16	money	money	NOUN
arjefm-60	83	17	.	.	PUNCT
arjefm-60	84	1	we	we	PRON
arjefm-60	84	2	have	have	VERB
arjefm-60	84	3	:	:	PUNCT
arjefm-60	84	4	𝐹	𝐹	PROPN
arjefm-60	84	5	=	=	SYM
arjefm-60	84	6	𝑓𝐶𝐶𝑖𝑡	𝑓𝐶𝐶𝑖𝑡	PROPN
arjefm-60	84	7	+	+	CCONJ
arjefm-60	84	8	𝑓𝐴𝐴𝑖𝑡	𝑓𝐴𝐴𝑖𝑡	PROPN
arjefm-60	84	9	,	,	PUNCT
arjefm-60	84	10	where	where	SCONJ
arjefm-60	84	11	𝑓𝐶	𝑓𝐶	NOUN
arjefm-60	84	12	are	be	AUX
arjefm-60	84	13	the	the	DET
arjefm-60	84	14	fixed	fix	VERB
arjefm-60	84	15	costs	cost	NOUN
arjefm-60	84	16	related	relate	VERB
arjefm-60	84	17	to	to	ADP
arjefm-60	84	18	the	the	DET
arjefm-60	84	19	conversion	conversion	NOUN
arjefm-60	84	20	of	of	ADP
arjefm-60	84	21	risky	risky	ADJ
arjefm-60	84	22	securities	security	NOUN
arjefm-60	84	23	into	into	ADP
arjefm-60	84	24	money	money	NOUN
arjefm-60	84	25	and	and	CCONJ
arjefm-60	84	26	𝑓𝐴	𝑓𝐴	NOUN
arjefm-60	84	27	are	be	AUX
arjefm-60	84	28	the	the	DET
arjefm-60	84	29	fixed	fix	VERB
arjefm-60	84	30	costs	cost	NOUN
arjefm-60	84	31	related	relate	VERB
arjefm-60	84	32	to	to	ADP
arjefm-60	84	33	the	the	DET
arjefm-60	84	34	conversion	conversion	NOUN
arjefm-60	84	35	of	of	ADP
arjefm-60	84	36	safe	safe	ADJ
arjefm-60	84	37	securities	security	NOUN
arjefm-60	84	38	into	into	ADP
arjefm-60	84	39	money	money	NOUN
arjefm-60	84	40	.	.	PUNCT
arjefm-60	85	1	during	during	ADP
arjefm-60	85	2	a	a	DET
arjefm-60	85	3	period	period	NOUN
arjefm-60	85	4	,	,	PUNCT
arjefm-60	85	5	the	the	DET
arjefm-60	85	6	total	total	ADJ
arjefm-60	85	7	transaction	transaction	NOUN
arjefm-60	85	8	costs	cost	NOUN
arjefm-60	85	9	of	of	ADP
arjefm-60	85	10	a	a	DET
arjefm-60	85	11	bank	bank	NOUN
arjefm-60	85	12	related	relate	VERB
arjefm-60	85	13	to	to	ADP
arjefm-60	85	14	the	the	DET
arjefm-60	85	15	management	management	NOUN
arjefm-60	85	16	of	of	ADP
arjefm-60	85	17	its	its	PRON
arjefm-60	85	18	liquidity	liquidity	NOUN
arjefm-60	85	19	are	be	AUX
arjefm-60	85	20	the	the	DET
arjefm-60	85	21	product	product	NOUN
arjefm-60	85	22	of	of	ADP
arjefm-60	85	23	the	the	DET
arjefm-60	85	24	number	number	NOUN
arjefm-60	85	25	of	of	ADP
arjefm-60	85	26	conversions	conversion	NOUN
arjefm-60	85	27	that	that	PRON
arjefm-60	85	28	multiplies	multiply	VERB
arjefm-60	85	29	the	the	DET
arjefm-60	85	30	fixed	fix	VERB
arjefm-60	85	31	costs	cost	NOUN
arjefm-60	85	32	per	per	ADP
arjefm-60	85	33	conversion	conversion	NOUN
arjefm-60	85	34	.	.	PUNCT
arjefm-60	86	1	with	with	ADP
arjefm-60	86	2	the	the	DET
arjefm-60	86	3	additional	additional	ADJ
arjefm-60	86	4	assumption	assumption	NOUN
arjefm-60	86	5	that	that	SCONJ
arjefm-60	86	6	the	the	DET
arjefm-60	86	7	total	total	ADJ
arjefm-60	86	8	fund	fund	NOUN
arjefm-60	86	9	the	the	DET
arjefm-60	86	10	bank	bank	NOUN
arjefm-60	86	11	must	must	AUX
arjefm-60	86	12	have	have	VERB
arjefm-60	86	13	at	at	ADP
arjefm-60	86	14	period	period	NOUN
arjefm-60	86	15	is	be	AUX
arjefm-60	86	16	a	a	DET
arjefm-60	86	17	multiple	multiple	NOUN
arjefm-60	86	18	of	of	ADP
arjefm-60	86	19	deposits	deposit	NOUN
arjefm-60	86	20	it	it	PRON
arjefm-60	86	21	has	have	VERB
arjefm-60	86	22	in	in	ADP
arjefm-60	86	23	its	its	PRON
arjefm-60	86	24	reserves	reserve	NOUN
arjefm-60	86	25	,	,	PUNCT
arjefm-60	86	26	.	.	PUNCT
arjefm-60	87	1	thus	thus	ADV
arjefm-60	87	2	,	,	PUNCT
arjefm-60	87	3	we	we	PRON
arjefm-60	87	4	have	have	VERB
arjefm-60	87	5	:	:	PUNCT
arjefm-60	87	6	in	in	ADP
arjefm-60	87	7	addition	addition	NOUN
arjefm-60	87	8	,	,	PUNCT
arjefm-60	87	9	the	the	DET
arjefm-60	87	10	holding	holding	NOUN
arjefm-60	87	11	of	of	ADP
arjefm-60	87	12	liquidity	liquidity	NOUN
arjefm-60	87	13	also	also	ADV
arjefm-60	87	14	includes	include	VERB
arjefm-60	87	15	an	an	DET
arjefm-60	87	16	option	option	NOUN
arjefm-60	87	17	cost	cost	NOUN
arjefm-60	87	18	.	.	PUNCT
arjefm-60	88	1	cash	cash	NOUN
arjefm-60	88	2	does	do	AUX
arjefm-60	88	3	not	not	PART
arjefm-60	88	4	pay	pay	VERB
arjefm-60	88	5	any	any	DET
arjefm-60	88	6	interest	interest	NOUN
arjefm-60	88	7	.	.	PUNCT
arjefm-60	89	1	the	the	DET
arjefm-60	89	2	option	option	NOUN
arjefm-60	89	3	cost	cost	NOUN
arjefm-60	89	4	related	relate	VERB
arjefm-60	89	5	to	to	ADP
arjefm-60	89	6	the	the	DET
arjefm-60	89	7	holding	holding	NOUN
arjefm-60	89	8	of	of	ADP
arjefm-60	89	9	cash	cash	NOUN
arjefm-60	89	10	therefore	therefore	ADV
arjefm-60	89	11	corresponds	correspond	VERB
arjefm-60	89	12	to	to	ADP
arjefm-60	89	13	the	the	DET
arjefm-60	89	14	interest	interest	NOUN
arjefm-60	89	15	income	income	NOUN
arjefm-60	89	16	sacrificed	sacrifice	VERB
arjefm-60	89	17	as	as	ADP
arjefm-60	89	18	a	a	DET
arjefm-60	89	19	result	result	NOUN
arjefm-60	89	20	of	of	ADP
arjefm-60	89	21	the	the	DET
arjefm-60	89	22	conversion	conversion	NOUN
arjefm-60	89	23	of	of	ADP
arjefm-60	89	24	securities	security	NOUN
arjefm-60	89	25	into	into	ADP
arjefm-60	89	26	cash	cash	NOUN
arjefm-60	89	27	.	.	PUNCT
arjefm-60	90	1	if	if	SCONJ
arjefm-60	90	2	𝑅𝑖𝑡	𝑅𝑖𝑡	PROPN
arjefm-60	90	3	is	be	AUX
arjefm-60	90	4	the	the	DET
arjefm-60	90	5	rate	rate	NOUN
arjefm-60	90	6	of	of	ADP
arjefm-60	90	7	return	return	NOUN
arjefm-60	90	8	on	on	ADP
arjefm-60	90	9	the	the	DET
arjefm-60	90	10	bank	bank	NOUN
arjefm-60	90	11	portfolio	portfolio	NOUN
arjefm-60	90	12	from	from	ADP
arjefm-60	90	13	which	which	PRON
arjefm-60	90	14	the	the	DET
arjefm-60	90	15	cash	cash	NOUN
arjefm-60	90	16	is	be	AUX
arjefm-60	90	17	generated	generate	VERB
arjefm-60	90	18	,	,	PUNCT
arjefm-60	90	19	and	and	CCONJ
arjefm-60	90	20	since	since	SCONJ
arjefm-60	90	21	the	the	DET
arjefm-60	90	22	average	average	ADJ
arjefm-60	90	23	annual	annual	ADJ
arjefm-60	90	24	cash	cash	NOUN
arjefm-60	90	25	position	position	NOUN
arjefm-60	90	26	of	of	ADP
arjefm-60	90	27	the	the	DET
arjefm-60	90	28	bank	bank	NOUN
arjefm-60	90	29	is	be	AUX
arjefm-60	90	30	(	(	PUNCT
arjefm-60	90	31	𝐿/2	𝐿/2	NOUN
arjefm-60	90	32	)	)	PUNCT
arjefm-60	90	33	,	,	PUNCT
arjefm-60	90	34	the	the	DET
arjefm-60	90	35	option	option	NOUN
arjefm-60	90	36	cost	cost	NOUN
arjefm-60	90	37	of	of	ADP
arjefm-60	90	38	holding	hold	VERB
arjefm-60	90	39	the	the	DET
arjefm-60	90	40	liquidity	liquidity	NOUN
arjefm-60	90	41	is	be	AUX
arjefm-60	90	42	as	as	SCONJ
arjefm-60	90	43	follows	follow	VERB
arjefm-60	90	44	:	:	PUNCT
arjefm-60	90	45	the	the	DET
arjefm-60	90	46	total	total	ADJ
arjefm-60	90	47	cost	cost	NOUN
arjefm-60	90	48	of	of	ADP
arjefm-60	90	49	holding	hold	VERB
arjefm-60	90	50	the	the	DET
arjefm-60	90	51	liquidity	liquidity	NOUN
arjefm-60	90	52	(	(	PUNCT
arjefm-60	90	53	𝐶𝑇𝐿	𝐶𝑇𝐿	PROPN
arjefm-60	90	54	)	)	PUNCT
arjefm-60	90	55	is	be	AUX
arjefm-60	90	56	the	the	DET
arjefm-60	90	57	sum	sum	NOUN
arjefm-60	90	58	of	of	ADP
arjefm-60	90	59	the	the	DET
arjefm-60	90	60	transaction	transaction	NOUN
arjefm-60	90	61	cost	cost	NOUN
arjefm-60	90	62	and	and	CCONJ
arjefm-60	90	63	the	the	DET
arjefm-60	90	64	option	option	NOUN
arjefm-60	90	65	cost	cost	NOUN
arjefm-60	90	66	:	:	PUNCT
arjefm-60	90	67	2.2	2.2	NUM
arjefm-60	90	68	.	.	PUNCT
arjefm-60	91	1	the	the	DET
arjefm-60	91	2	optimization	optimization	NOUN
arjefm-60	91	3	program	program	NOUN
arjefm-60	91	4	of	of	ADP
arjefm-60	91	5	the	the	DET
arjefm-60	91	6	risk	risk	NOUN
arjefm-60	91	7	-	-	PUNCT
arjefm-60	91	8	neutral	neutral	ADJ
arjefm-60	91	9	bank	bank	NOUN
arjefm-60	91	10	the	the	DET
arjefm-60	91	11	profit	profit	NOUN
arjefm-60	91	12	of	of	ADP
arjefm-60	91	13	the	the	DET
arjefm-60	91	14	bank	bank	NOUN
arjefm-60	91	15	becomes	become	VERB
arjefm-60	91	16	:	:	PUNCT
arjefm-60	91	17	we	we	PRON
arjefm-60	91	18	can	can	AUX
arjefm-60	91	19	refine	refine	VERB
arjefm-60	91	20	this	this	DET
arjefm-60	91	21	expression	expression	NOUN
arjefm-60	91	22	of	of	ADP
arjefm-60	91	23	the	the	DET
arjefm-60	91	24	bank	bank	NOUN
arjefm-60	91	25	profit	profit	NOUN
arjefm-60	91	26	.	.	PUNCT
arjefm-60	92	1	to	to	PART
arjefm-60	92	2	do	do	VERB
arjefm-60	92	3	this	this	PRON
arjefm-60	92	4	,	,	PUNCT
arjefm-60	92	5	we	we	PRON
arjefm-60	92	6	start	start	VERB
arjefm-60	92	7	from	from	ADP
arjefm-60	92	8	the	the	DET
arjefm-60	92	9	fact	fact	NOUN
arjefm-60	92	10	that	that	SCONJ
arjefm-60	92	11	the	the	DET
arjefm-60	92	12	refinancing	refinancing	NOUN
arjefm-60	92	13	of	of	ADP
arjefm-60	92	14	bank	bank	PROPN
arjefm-60	92	15	𝑖	𝑖	PROPN
arjefm-60	92	16	with	with	ADP
arjefm-60	92	17	the	the	DET
arjefm-60	92	18	central	central	ADJ
arjefm-60	92	19	bank	bank	NOUN
arjefm-60	92	20	is	be	AUX
arjefm-60	92	21	the	the	DET
arjefm-60	92	22	difference	difference	NOUN
arjefm-60	92	23	between	between	ADP
arjefm-60	92	24	,	,	PUNCT
arjefm-60	92	25	on	on	ADP
arjefm-60	92	26	the	the	DET
arjefm-60	92	27	one	one	NUM
arjefm-60	92	28	hand	hand	NOUN
arjefm-60	92	29	,	,	PUNCT
arjefm-60	92	30	the	the	DET
arjefm-60	92	31	sum	sum	NOUN
arjefm-60	92	32	of	of	ADP
arjefm-60	92	33	banknotes	banknote	NOUN
arjefm-60	92	34	in	in	ADP
arjefm-60	92	35	circulation	circulation	NOUN
arjefm-60	92	36	of	of	ADP
arjefm-60	92	37	the	the	DET
arjefm-60	92	38	bank	bank	NOUN
arjefm-60	92	39	(	(	PUNCT
arjefm-60	92	40	𝐵𝑖𝑡	𝐵𝑖𝑡	PROPN
arjefm-60	92	41	)	)	PUNCT
arjefm-60	92	42	,	,	PUNCT
arjefm-60	92	43	the	the	DET
arjefm-60	92	44	reserve	reserve	NOUN
arjefm-60	92	45	requirements	requirement	NOUN
arjefm-60	92	46	of	of	ADP
arjefm-60	92	47	bank	bank	NOUN
arjefm-60	92	48	(	(	PUNCT
arjefm-60	92	49	𝑅𝑂𝑖𝑡	𝑅𝑂𝑖𝑡	PROPN
arjefm-60	92	50	)	)	PUNCT
arjefm-60	92	51	and	and	CCONJ
arjefm-60	92	52	,	,	PUNCT
arjefm-60	92	53	on	on	ADP
arjefm-60	92	54	the	the	DET
arjefm-60	92	55	other	other	ADJ
arjefm-60	92	56	hand	hand	NOUN
arjefm-60	92	57	,	,	PUNCT
arjefm-60	92	58	the	the	DET
arjefm-60	92	59	sum	sum	NOUN
arjefm-60	92	60	of	of	ADP
arjefm-60	92	61	the	the	DET
arjefm-60	92	62	value	value	NOUN
arjefm-60	92	63	of	of	ADP
arjefm-60	92	64	the	the	DET
arjefm-60	92	65	gold	gold	NOUN
arjefm-60	92	66	and	and	CCONJ
arjefm-60	92	67	currencies	currency	NOUN
arjefm-60	92	68	of	of	ADP
arjefm-60	92	69	the	the	DET
arjefm-60	92	70	bank	bank	NOUN
arjefm-60	92	71	(	(	PUNCT
arjefm-60	92	72	𝑂𝐷𝑖𝑡	𝑂𝐷𝑖𝑡	PROPN
arjefm-60	92	73	)	)	PUNCT
arjefm-60	92	74	and	and	CCONJ
arjefm-60	92	75	the	the	DET
arjefm-60	92	76	net	net	ADJ
arjefm-60	92	77	loans	loan	NOUN
arjefm-60	92	78	of	of	ADP
arjefm-60	92	79	the	the	DET
arjefm-60	92	80	bank	bank	NOUN
arjefm-60	92	81	to	to	ADP
arjefm-60	92	82	the	the	DET
arjefm-60	92	83	treasury	treasury	NOUN
arjefm-60	92	84	(	(	PUNCT
arjefm-60	92	85	𝑇𝑖𝑡	𝑇𝑖𝑡	NOUN
arjefm-60	92	86	)	)	PUNCT
arjefm-60	92	87	.	.	PUNCT
arjefm-60	93	1	so	so	ADV
arjefm-60	93	2	:	:	PUNCT
arjefm-60	93	3	𝑅𝐸𝐹𝑖𝑡	𝑅𝐸𝐹𝑖𝑡	PROPN
arjefm-60	93	4	=	=	SYM
arjefm-60	93	5	𝐵𝑖𝑡	𝐵𝑖𝑡	PROPN
arjefm-60	93	6	+	+	CCONJ
arjefm-60	93	7	𝑅𝑂𝑖𝑡	𝑅𝑂𝑖𝑡	PROPN
arjefm-60	93	8	−	−	PUNCT
arjefm-60	93	9	𝑂𝐷𝑖𝑡	𝑂𝐷𝑖𝑡	PROPN
arjefm-60	93	10	−	−	PROPN
arjefm-60	94	1	𝑇𝑖	𝑇𝑖	INTJ
arjefm-60	94	2	.	.	PUNCT
arjefm-60	95	1	in	in	ADP
arjefm-60	95	2	addition	addition	NOUN
arjefm-60	95	3	,	,	PUNCT
arjefm-60	95	4	it	it	PRON
arjefm-60	95	5	is	be	AUX
arjefm-60	95	6	assumed	assume	VERB
arjefm-60	95	7	that	that	SCONJ
arjefm-60	95	8	the	the	DET
arjefm-60	95	9	deposits	deposit	NOUN
arjefm-60	95	10	of	of	ADP
arjefm-60	95	11	bank	bank	NOUN
arjefm-60	95	12	with	with	ADP
arjefm-60	95	13	the	the	DET
arjefm-60	95	14	central	central	ADJ
arjefm-60	95	15	bank	bank	NOUN
arjefm-60	95	16	consist	consist	VERB
arjefm-60	95	17	only	only	ADV
arjefm-60	95	18	of	of	ADP
arjefm-60	95	19	reserve	reserve	NOUN
arjefm-60	95	20	requirements	requirement	NOUN
arjefm-60	95	21	𝑅𝑂𝑖𝑡	𝑅𝑂𝑖𝑡	ADP
arjefm-60	95	22	whose	whose	DET
arjefm-60	95	23	rate	rate	NOUN
arjefm-60	95	24	is	be	AUX
arjefm-60	95	25	such	such	ADJ
arjefm-60	95	26	that	that	SCONJ
arjefm-60	95	27	𝑅𝑂𝑖𝑡	𝑅𝑂𝑖𝑡	PROPN
arjefm-60	95	28	=	=	PUNCT
arjefm-60	95	29	𝑟𝐷𝑖𝑡.	𝑟𝐷𝑖𝑡.	VERB
arjefm-60	95	30	the	the	DET
arjefm-60	95	31	net	net	ADJ
arjefm-60	95	32	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	95	33	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	95	34	american	american	PROPN
arjefm-60	95	35	research	research	PROPN
arjefm-60	95	36	journal	journal	PROPN
arjefm-60	95	37	of	of	ADP
arjefm-60	95	38	economics	economic	NOUN
arjefm-60	95	39	,	,	PUNCT
arjefm-60	95	40	finance	finance	NOUN
arjefm-60	95	41	and	and	CCONJ
arjefm-60	95	42	management	management	NOUN
arjefm-60	95	43	volume	volume	NOUN
arjefm-60	95	44	10	10	NUM
arjefm-60	95	45	issue	issue	NOUN
arjefm-60	95	46	1	1	NUM
arjefm-60	95	47	,	,	PUNCT
arjefm-60	95	48	january	january	PROPN
arjefm-60	95	49	-	-	PUNCT
arjefm-60	95	50	march	march	PROPN
arjefm-60	95	51	2022	2022	NUM
arjefm-60	95	52	issn	issn	NOUN
arjefm-60	95	53	:	:	PUNCT
arjefm-60	95	54	2836	2836	NUM
arjefm-60	95	55	-	-	SYM
arjefm-60	95	56	9416	9416	NUM
arjefm-60	95	57	impact	impact	NOUN
arjefm-60	95	58	factor	factor	NOUN
arjefm-60	95	59	:	:	PUNCT
arjefm-60	95	60	4.85	4.85	NUM
arjefm-60	95	61	journal	journal	NOUN
arjefm-60	95	62	homepage	homepage	NOUN
arjefm-60	95	63	:	:	PUNCT
arjefm-60	95	64	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	95	65	,	,	PUNCT
arjefm-60	95	66	email	email	NOUN
arjefm-60	95	67	:	:	PUNCT
arjefm-60	95	68	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	95	69	official	official	ADJ
arjefm-60	95	70	journal	journal	PROPN
arjefm-60	95	71	of	of	ADP
arjefm-60	95	72	america	america	PROPN
arjefm-60	95	73	serial	serial	PROPN
arjefm-60	95	74	publication	publication	NOUN
arjefm-60	95	75	american	american	PROPN
arjefm-60	95	76	research	research	PROPN
arjefm-60	95	77	journal	journal	PROPN
arjefm-60	95	78	of	of	ADP
arjefm-60	95	79	economics	economic	NOUN
arjefm-60	95	80	,	,	PUNCT
arjefm-60	95	81	finance	finance	NOUN
arjefm-60	95	82	and	and	CCONJ
arjefm-60	95	83	management	management	NOUN
arjefm-60	95	84	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	95	85	,	,	PUNCT
arjefm-60	95	86	email	email	NOUN
arjefm-60	95	87	:	:	PUNCT
arjefm-60	96	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	96	2	17	17	NUM
arjefm-60	97	1	|	|	ADV
arjefm-60	97	2	p	p	X
arjefm-60	97	3	a	a	DET
arjefm-60	97	4	g	g	NOUN
arjefm-60	97	5	e	e	NOUN
arjefm-60	97	6	contribution	contribution	NOUN
arjefm-60	97	7	of	of	ADP
arjefm-60	97	8	the	the	DET
arjefm-60	97	9	bank	bank	NOUN
arjefm-60	97	10	to	to	ADP
arjefm-60	97	11	the	the	DET
arjefm-60	97	12	treasure	treasure	NOUN
arjefm-60	97	13	at	at	ADP
arjefm-60	97	14	period	period	NOUN
arjefm-60	97	15	t	t	PROPN
arjefm-60	97	16	is	be	AUX
arjefm-60	97	17	:	:	PUNCT
arjefm-60	97	18	𝑇	𝑇	PROPN
arjefm-60	97	19	=	=	SYM
arjefm-60	97	20	𝐹𝑀𝐸𝑖𝑡	𝐹𝑀𝐸𝑖𝑡	NUM
arjefm-60	98	1	−	−	NOUN
arjefm-60	98	2	𝐶𝐶𝑃𝑖𝑡	𝐶𝐶𝑃𝑖𝑡	PROPN
arjefm-60	98	3	with	with	ADP
arjefm-60	98	4	𝐶𝐶𝑃	𝐶𝐶𝑃	PROPN
arjefm-60	98	5	:	:	PUNCT
arjefm-60	98	6	total	total	ADJ
arjefm-60	98	7	postal	postal	ADJ
arjefm-60	98	8	check	check	NOUN
arjefm-60	98	9	accounts	account	NOUN
arjefm-60	98	10	,	,	PUNCT
arjefm-60	98	11	hence	hence	ADV
arjefm-60	98	12	𝑅𝐸𝐹𝑖𝑡	𝑅𝐸𝐹𝑖𝑡	PROPN
arjefm-60	98	13	=	=	SYM
arjefm-60	98	14	𝐵𝑖𝑡	𝐵𝑖𝑡	PROPN
arjefm-60	98	15	+	+	CCONJ
arjefm-60	98	16	𝑟𝐷𝑖𝑡	𝑟𝐷𝑖𝑡	PROPN
arjefm-60	98	17	−	−	PROPN
arjefm-60	98	18	𝑂𝐷𝑖𝑡	𝑂𝐷𝑖𝑡	PROPN
arjefm-60	98	19	−	−	PROPN
arjefm-60	98	20	𝐹𝑀𝐸𝑖𝑡	𝐹𝑀𝐸𝑖𝑡	NUM
arjefm-60	98	21	+	+	CCONJ
arjefm-60	98	22	𝐶𝐶𝑃𝑖𝑡.	𝐶𝐶𝑃𝑖𝑡.	ADJ
arjefm-60	98	23	finally	finally	ADV
arjefm-60	98	24	,	,	PUNCT
arjefm-60	98	25	knowing	know	VERB
arjefm-60	98	26	that	that	SCONJ
arjefm-60	98	27	the	the	DET
arjefm-60	98	28	money	money	NOUN
arjefm-60	98	29	supply	supply	NOUN
arjefm-60	98	30	created	create	VERB
arjefm-60	98	31	by	by	ADP
arjefm-60	98	32	the	the	DET
arjefm-60	98	33	bank	bank	NOUN
arjefm-60	98	34	in	in	ADP
arjefm-60	98	35	(	(	PUNCT
arjefm-60	98	36	𝑀𝑖𝑡	𝑀𝑖𝑡	PROPN
arjefm-60	98	37	)	)	PUNCT
arjefm-60	98	38	is	be	AUX
arjefm-60	98	39	the	the	DET
arjefm-60	98	40	sum	sum	NOUN
arjefm-60	98	41	of	of	ADP
arjefm-60	98	42	bank	bank	NOUN
arjefm-60	98	43	loans	loan	NOUN
arjefm-60	98	44	𝐶𝑖𝑡	𝐶𝑖𝑡	PROPN
arjefm-60	98	45	,	,	PUNCT
arjefm-60	98	46	the	the	DET
arjefm-60	98	47	monetary	monetary	ADJ
arjefm-60	98	48	financing	financing	NOUN
arjefm-60	98	49	of	of	ADP
arjefm-60	98	50	the	the	DET
arjefm-60	98	51	treasury	treasury	PROPN
arjefm-60	98	52	𝐹𝑀𝐸𝑖𝑡	𝐹𝑀𝐸𝑖𝑡	NUM
arjefm-60	98	53	and	and	CCONJ
arjefm-60	98	54	the	the	DET
arjefm-60	98	55	value	value	NOUN
arjefm-60	98	56	of	of	ADP
arjefm-60	98	57	gold	gold	NOUN
arjefm-60	98	58	and	and	CCONJ
arjefm-60	98	59	currencies	currency	NOUN
arjefm-60	98	60	𝑂𝐷𝑖𝑡	𝑂𝐷𝑖𝑡	NUM
arjefm-60	98	61	;	;	PUNCT
arjefm-60	98	62	we	we	PRON
arjefm-60	98	63	obtain	obtain	VERB
arjefm-60	98	64	𝑀𝑖𝑡	𝑀𝑖𝑡	PROPN
arjefm-60	98	65	=	=	SYM
arjefm-60	98	66	𝐶𝑖𝑡	𝐶𝑖𝑡	PROPN
arjefm-60	98	67	+	+	NUM
arjefm-60	98	68	𝐹𝑀𝐸𝑖𝑡	𝐹𝑀𝐸𝑖𝑡	NUM
arjefm-60	98	69	+	+	CCONJ
arjefm-60	98	70	𝑂𝐷𝑖𝑡	𝑂𝐷𝑖𝑡	PROPN
arjefm-60	98	71	⇒	⇒	VERB
arjefm-60	98	72	−𝑂𝐷𝑖𝑡	−𝑂𝐷𝑖𝑡	PROPN
arjefm-60	98	73	−	−	PROPN
arjefm-60	98	74	𝐹𝑀𝐸𝑖𝑡	𝐹𝑀𝐸𝑖𝑡	NUM
arjefm-60	99	1	=	=	SYM
arjefm-60	100	1	𝐶𝑖𝑡	𝐶𝑖𝑡	PROPN
arjefm-60	100	2	−	−	PROPN
arjefm-60	100	3	𝑀𝑖𝑡.	𝑀𝑖𝑡.	PROPN
arjefm-60	100	4	because	because	SCONJ
arjefm-60	100	5	of	of	ADP
arjefm-60	100	6	this	this	PRON
arjefm-60	100	7	,	,	PUNCT
arjefm-60	100	8	𝑅𝐸𝐹𝑖𝑡	𝑅𝐸𝐹𝑖𝑡	PROPN
arjefm-60	100	9	=	=	SYM
arjefm-60	100	10	𝐵𝑖𝑡	𝐵𝑖𝑡	PROPN
arjefm-60	100	11	+	+	CCONJ
arjefm-60	100	12	𝑟𝐷𝑖𝑡	𝑟𝐷𝑖𝑡	PROPN
arjefm-60	100	13	+	+	PROPN
arjefm-60	100	14	𝐶𝑖𝑡	𝐶𝑖𝑡	PROPN
arjefm-60	100	15	−	−	PROPN
arjefm-60	100	16	𝑀𝑖𝑡	𝑀𝑖𝑡	PROPN
arjefm-60	100	17	+	+	CCONJ
arjefm-60	100	18	𝐶𝐶𝑃𝑖𝑡.	𝐶𝐶𝑃𝑖𝑡.	ADJ
arjefm-60	100	19	it	it	PRON
arjefm-60	100	20	is	be	AUX
arjefm-60	100	21	assumed	assume	VERB
arjefm-60	100	22	,	,	PUNCT
arjefm-60	100	23	moreover	moreover	ADV
arjefm-60	100	24	,	,	PUNCT
arjefm-60	100	25	that	that	SCONJ
arjefm-60	100	26	the	the	DET
arjefm-60	100	27	bank	bank	NOUN
arjefm-60	100	28	bears	bear	VERB
arjefm-60	100	29	interest	interest	NOUN
arjefm-60	100	30	on	on	ADP
arjefm-60	100	31	deposits	deposit	NOUN
arjefm-60	100	32	with	with	ADP
arjefm-60	100	33	𝑖𝐷	𝑖𝐷	PROPN
arjefm-60	100	34	the	the	DET
arjefm-60	100	35	interest	interest	NOUN
arjefm-60	100	36	rate	rate	NOUN
arjefm-60	100	37	on	on	ADP
arjefm-60	100	38	deposits	deposit	NOUN
arjefm-60	100	39	,	,	PUNCT
arjefm-60	100	40	and	and	CCONJ
arjefm-60	100	41	some	some	DET
arjefm-60	100	42	variable	variable	ADJ
arjefm-60	100	43	costs	cost	NOUN
arjefm-60	100	44	whose	whose	DET
arjefm-60	100	45	growth	growth	NOUN
arjefm-60	100	46	rate	rate	NOUN
arjefm-60	100	47	increases	increase	NOUN
arjefm-60	100	48	with	with	ADP
arjefm-60	100	49	the	the	DET
arjefm-60	100	50	activity	activity	NOUN
arjefm-60	100	51	of	of	ADP
arjefm-60	100	52	banks	bank	NOUN
arjefm-60	100	53	(	(	PUNCT
arjefm-60	100	54	here	here	ADV
arjefm-60	100	55	measured	measure	VERB
arjefm-60	100	56	by	by	ADP
arjefm-60	100	57	the	the	DET
arjefm-60	100	58	distributed	distribute	VERB
arjefm-60	100	59	credit	credit	NOUN
arjefm-60	100	60	):	):	PUNCT
arjefm-60	100	61	𝐶𝑉𝑖𝑡	𝐶𝑉𝑖𝑡	PROPN
arjefm-60	100	62	=	=	PUNCT
arjefm-60	100	63	𝑔𝐶𝑖𝑡2	𝑔𝐶𝑖𝑡2	PROPN
arjefm-60	100	64	.	.	PUNCT
arjefm-60	101	1	let	let	VERB
arjefm-60	101	2	us	we	PRON
arjefm-60	101	3	define	define	VERB
arjefm-60	101	4	the	the	DET
arjefm-60	101	5	following	follow	VERB
arjefm-60	101	6	ratios	ratio	NOUN
arjefm-60	101	7	:	:	PUNCT
arjefm-60	101	8	and	and	CCONJ
arjefm-60	101	9	.	.	PUNCT
arjefm-60	102	1	we	we	PRON
arjefm-60	102	2	can	can	AUX
arjefm-60	102	3	write	write	VERB
arjefm-60	102	4	:	:	PUNCT
arjefm-60	103	1	𝐵𝑖𝑡	𝐵𝑖𝑡	PROPN
arjefm-60	103	2	+	+	CCONJ
arjefm-60	103	3	𝑟𝐷𝑖𝑡	𝑟𝐷𝑖𝑡	PROPN
arjefm-60	103	4	+	+	PROPN
arjefm-60	103	5	𝐶𝑖𝑡	𝐶𝑖𝑡	PROPN
arjefm-60	103	6	−	−	PROPN
arjefm-60	103	7	𝑀𝑖𝑡	𝑀𝑖𝑡	PROPN
arjefm-60	103	8	+	+	CCONJ
arjefm-60	103	9	𝐶𝐶𝑃𝑖𝑡	𝐶𝐶𝑃𝑖𝑡	PROPN
arjefm-60	103	10	=	=	SYM
arjefm-60	103	11	𝑝′𝑀𝑖𝑡	𝑝′𝑀𝑖𝑡	NOUN
arjefm-60	103	12	+	+	NUM
arjefm-60	103	13	𝑟𝑝𝑀𝑖𝑡	𝑟𝑝𝑀𝑖𝑡	X
arjefm-60	104	1	+	+	PUNCT
arjefm-60	104	2	𝐶𝑖𝑡	𝐶𝑖𝑡	PROPN
arjefm-60	104	3	−	−	PROPN
arjefm-60	104	4	𝑀𝑖𝑡	𝑀𝑖𝑡	PROPN
arjefm-60	104	5	+	+	CCONJ
arjefm-60	104	6	1	1	NUM
arjefm-60	104	7	−	−	PROPN
arjefm-60	104	8	𝑝	𝑝	NOUN
arjefm-60	104	9	−	−	PROPN
arjefm-60	104	10	𝑝′	𝑝′	NUM
arjefm-60	104	11	′	′	NUM
arjefm-60	104	12	.	.	PUNCT
arjefm-60	105	1	remembering	remember	VERB
arjefm-60	105	2	that	that	SCONJ
arjefm-60	105	3	𝐹	𝐹	PROPN
arjefm-60	105	4	=	=	SYM
arjefm-60	105	5	𝑓𝐶𝐶𝑖𝑡	𝑓𝐶𝐶𝑖𝑡	PROPN
arjefm-60	105	6	+	+	CCONJ
arjefm-60	105	7	𝑓𝐴𝐴𝑖𝑡	𝑓𝐴𝐴𝑖𝑡	NOUN
arjefm-60	105	8	,	,	PUNCT
arjefm-60	105	9	,	,	PUNCT
arjefm-60	105	10	and	and	CCONJ
arjefm-60	105	11	𝑇𝑖𝑡	𝑇𝑖𝑡	PROPN
arjefm-60	105	12	=	=	PUNCT
arjefm-60	105	13	𝑥𝑖𝑡𝐶𝑖𝑡	𝑥𝑖𝑡𝐶𝑖𝑡	PROPN
arjefm-60	105	14	+	+	CCONJ
arjefm-60	105	15	𝑦𝑖𝑡𝐴𝑖𝑡+(1	𝑦𝑖𝑡𝐴𝑖𝑡+(1	PROPN
arjefm-60	105	16	−	−	PROPN
arjefm-60	105	17	𝑥𝑖𝑡	𝑥𝑖𝑡	PROPN
arjefm-60	106	1	−	−	PROPN
arjefm-60	106	2	𝑦𝑖𝑡)𝐿𝑖𝑡	𝑦𝑖𝑡)𝐿𝑖𝑡	PROPN
arjefm-60	106	3	,	,	PUNCT
arjefm-60	106	4	the	the	DET
arjefm-60	106	5	bank	bank	NOUN
arjefm-60	106	6	profit	profit	NOUN
arjefm-60	106	7	is	be	AUX
arjefm-60	106	8	written	write	VERB
arjefm-60	106	9	:	:	PUNCT
arjefm-60	106	10	finally	finally	ADV
arjefm-60	106	11	,	,	PUNCT
arjefm-60	106	12	after	after	ADP
arjefm-60	106	13	some	some	DET
arjefm-60	106	14	refittings	refitting	NOUN
arjefm-60	106	15	,	,	PUNCT
arjefm-60	106	16	the	the	DET
arjefm-60	106	17	expression	expression	NOUN
arjefm-60	106	18	of	of	ADP
arjefm-60	106	19	the	the	DET
arjefm-60	106	20	bank	bank	NOUN
arjefm-60	106	21	profit	profit	NOUN
arjefm-60	106	22	is	be	AUX
arjefm-60	106	23	refined	refine	VERB
arjefm-60	106	24	as	as	SCONJ
arjefm-60	106	25	follows	follow	VERB
arjefm-60	106	26	:	:	PUNCT
arjefm-60	106	27	the	the	DET
arjefm-60	106	28	bank	bank	NOUN
arjefm-60	106	29	chooses	choose	VERB
arjefm-60	106	30	the	the	DET
arjefm-60	106	31	triplet	triplet	NOUN
arjefm-60	106	32	so	so	SCONJ
arjefm-60	106	33	as	as	SCONJ
arjefm-60	106	34	to	to	PART
arjefm-60	106	35	maximize	maximize	VERB
arjefm-60	106	36	the	the	DET
arjefm-60	106	37	profit	profit	NOUN
arjefm-60	106	38	.	.	PUNCT
arjefm-60	107	1	the	the	DET
arjefm-60	107	2	first	first	ADJ
arjefm-60	107	3	order	order	NOUN
arjefm-60	107	4	conditions	condition	NOUN
arjefm-60	107	5	give	give	VERB
arjefm-60	107	6	the	the	DET
arjefm-60	107	7	following	follow	VERB
arjefm-60	107	8	results	result	NOUN
arjefm-60	107	9	:	:	PUNCT
arjefm-60	107	10	the	the	DET
arjefm-60	107	11	resolution	resolution	NOUN
arjefm-60	107	12	of	of	ADP
arjefm-60	107	13	the	the	DET
arjefm-60	107	14	system	system	NOUN
arjefm-60	107	15	formed	form	VERB
arjefm-60	107	16	by	by	ADP
arjefm-60	107	17	the	the	DET
arjefm-60	107	18	three	three	NUM
arjefm-60	107	19	equations	equation	NOUN
arjefm-60	107	20	,	,	PUNCT
arjefm-60	107	21	and	and	CCONJ
arjefm-60	107	22	leads	lead	VERB
arjefm-60	107	23	to	to	ADP
arjefm-60	107	24	the	the	DET
arjefm-60	107	25	optimal	optimal	ADJ
arjefm-60	107	26	level	level	NOUN
arjefm-60	107	27	of	of	ADP
arjefm-60	107	28	credit	credit	NOUN
arjefm-60	107	29	supply	supply	NOUN
arjefm-60	107	30	,	,	PUNCT
arjefm-60	107	31	the	the	DET
arjefm-60	107	32	optimal	optimal	ADJ
arjefm-60	107	33	liquidity	liquidity	NOUN
arjefm-60	107	34	holding	holding	NOUN
arjefm-60	107	35	and	and	CCONJ
arjefm-60	107	36	the	the	DET
arjefm-60	107	37	optimal	optimal	ADJ
arjefm-60	107	38	demand	demand	NOUN
arjefm-60	107	39	for	for	ADP
arjefm-60	107	40	security	security	NOUN
arjefm-60	107	41	assets	asset	NOUN
arjefm-60	107	42	.	.	PUNCT
arjefm-60	108	1	we	we	PRON
arjefm-60	108	2	determine	determine	VERB
arjefm-60	108	3	the	the	DET
arjefm-60	108	4	liquidity	liquidity	NOUN
arjefm-60	108	5	ratio	ratio	NOUN
arjefm-60	108	6	defined	define	VERB
arjefm-60	108	7	here	here	ADV
arjefm-60	108	8	as	as	ADP
arjefm-60	108	9	the	the	DET
arjefm-60	108	10	ratio	ratio	NOUN
arjefm-60	108	11	of	of	ADP
arjefm-60	108	12	the	the	DET
arjefm-60	108	13	optimal	optimal	ADJ
arjefm-60	108	14	liquidity	liquidity	NOUN
arjefm-60	108	15	to	to	ADP
arjefm-60	108	16	the	the	DET
arjefm-60	108	17	optimal	optimal	ADJ
arjefm-60	108	18	credit	credit	NOUN
arjefm-60	108	19	.	.	PUNCT
arjefm-60	109	1	from	from	ADP
arjefm-60	109	2	the	the	DET
arjefm-60	109	3	equation	equation	NOUN
arjefm-60	109	4	(	(	PUNCT
arjefm-60	109	5	12	12	NUM
arjefm-60	109	6	)	)	PUNCT
arjefm-60	109	7	,	,	PUNCT
arjefm-60	109	8	we	we	PRON
arjefm-60	109	9	obtain	obtain	VERB
arjefm-60	109	10	:	:	PUNCT
arjefm-60	109	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	109	12	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	109	13	american	american	PROPN
arjefm-60	109	14	research	research	PROPN
arjefm-60	109	15	journal	journal	PROPN
arjefm-60	109	16	of	of	ADP
arjefm-60	109	17	economics	economic	NOUN
arjefm-60	109	18	,	,	PUNCT
arjefm-60	109	19	finance	finance	NOUN
arjefm-60	109	20	and	and	CCONJ
arjefm-60	109	21	management	management	NOUN
arjefm-60	109	22	volume	volume	NOUN
arjefm-60	109	23	10	10	NUM
arjefm-60	109	24	issue	issue	NOUN
arjefm-60	109	25	1	1	NUM
arjefm-60	109	26	,	,	PUNCT
arjefm-60	109	27	january	january	PROPN
arjefm-60	109	28	-	-	PUNCT
arjefm-60	109	29	march	march	PROPN
arjefm-60	109	30	2022	2022	NUM
arjefm-60	109	31	issn	issn	NOUN
arjefm-60	109	32	:	:	PUNCT
arjefm-60	109	33	2836	2836	NUM
arjefm-60	109	34	-	-	SYM
arjefm-60	109	35	9416	9416	NUM
arjefm-60	109	36	impact	impact	NOUN
arjefm-60	109	37	factor	factor	NOUN
arjefm-60	109	38	:	:	PUNCT
arjefm-60	109	39	4.85	4.85	NUM
arjefm-60	109	40	journal	journal	NOUN
arjefm-60	109	41	homepage	homepage	NOUN
arjefm-60	109	42	:	:	PUNCT
arjefm-60	109	43	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	109	44	,	,	PUNCT
arjefm-60	109	45	email	email	NOUN
arjefm-60	109	46	:	:	PUNCT
arjefm-60	110	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	110	2	official	official	ADJ
arjefm-60	110	3	journal	journal	PROPN
arjefm-60	110	4	of	of	ADP
arjefm-60	110	5	america	america	PROPN
arjefm-60	110	6	serial	serial	PROPN
arjefm-60	110	7	publication	publication	NOUN
arjefm-60	110	8	american	american	PROPN
arjefm-60	110	9	research	research	PROPN
arjefm-60	110	10	journal	journal	PROPN
arjefm-60	110	11	of	of	ADP
arjefm-60	110	12	economics	economic	NOUN
arjefm-60	110	13	,	,	PUNCT
arjefm-60	110	14	finance	finance	NOUN
arjefm-60	110	15	and	and	CCONJ
arjefm-60	110	16	management	management	NOUN
arjefm-60	110	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	110	18	,	,	PUNCT
arjefm-60	110	19	email	email	NOUN
arjefm-60	110	20	:	:	PUNCT
arjefm-60	110	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	111	1	18	18	NUM
arjefm-60	112	1	|	|	ADV
arjefm-60	112	2	p	p	X
arjefm-60	112	3	a	a	DET
arjefm-60	112	4	g	g	NOUN
arjefm-60	112	5	e	e	NOUN
arjefm-60	112	6	knowing	know	VERB
arjefm-60	112	7	that	that	SCONJ
arjefm-60	112	8	,	,	PUNCT
arjefm-60	112	9	it	it	PRON
arjefm-60	112	10	follows	follow	VERB
arjefm-60	112	11	:	:	PUNCT
arjefm-60	112	12	in	in	ADP
arjefm-60	112	13	this	this	DET
arjefm-60	112	14	expression	expression	NOUN
arjefm-60	112	15	,	,	PUNCT
arjefm-60	112	16	the	the	DET
arjefm-60	112	17	term	term	NOUN
arjefm-60	112	18	𝑦𝑖𝑡/𝑥𝑖𝑡	𝑦𝑖𝑡/𝑥𝑖𝑡	PROPN
arjefm-60	112	19	contains	contain	VERB
arjefm-60	112	20	the	the	DET
arjefm-60	112	21	monetary	monetary	ADJ
arjefm-60	112	22	variables	variable	NOUN
arjefm-60	113	1	𝑖𝐶	𝑖𝐶	NOUN
arjefm-60	113	2	,	,	PUNCT
arjefm-60	113	3	𝑖𝑀𝑀	𝑖𝑀𝑀	NUM
arjefm-60	113	4	,	,	PUNCT
arjefm-60	113	5	𝑟	𝑟	X
arjefm-60	113	6	,	,	PUNCT
arjefm-60	113	7	𝑝	𝑝	PROPN
arjefm-60	113	8	,	,	PUNCT
arjefm-60	113	9	𝑖𝐷	𝑖𝐷	NOUN
arjefm-60	113	10	through	through	ADV
arjefm-60	113	11	,	,	PUNCT
arjefm-60	113	12	so	so	SCONJ
arjefm-60	113	13	that	that	SCONJ
arjefm-60	113	14	the	the	DET
arjefm-60	113	15	following	follow	VERB
arjefm-60	113	16	proposition	proposition	NOUN
arjefm-60	113	17	holds	hold	VERB
arjefm-60	113	18	:	:	PUNCT
arjefm-60	113	19	proposition	proposition	NOUN
arjefm-60	113	20	1	1	NUM
arjefm-60	113	21	:	:	PUNCT
arjefm-60	113	22	the	the	DET
arjefm-60	113	23	liquidity	liquidity	NOUN
arjefm-60	113	24	ratio	ratio	NOUN
arjefm-60	113	25	depends	depend	VERB
arjefm-60	113	26	on	on	ADP
arjefm-60	113	27	financial	financial	ADJ
arjefm-60	113	28	parameters	parameter	NOUN
arjefm-60	113	29	,	,	PUNCT
arjefm-60	113	30	namely	namely	ADV
arjefm-60	113	31	𝑥𝑖𝑡	𝑥𝑖𝑡	PROPN
arjefm-60	113	32	,	,	PUNCT
arjefm-60	113	33	𝑦𝑖𝑡	𝑦𝑖𝑡	NOUN
arjefm-60	113	34	,	,	PUNCT
arjefm-60	113	35	𝑓𝐶,𝐴,𝑟𝑓	𝑓𝐶,𝐴,𝑟𝑓	PROPN
arjefm-60	113	36	,	,	PUNCT
arjefm-60	113	37	𝜌.	𝜌.	NOUN
arjefm-60	113	38	it	it	PRON
arjefm-60	113	39	depends	depend	VERB
arjefm-60	113	40	also	also	ADV
arjefm-60	113	41	on	on	ADP
arjefm-60	113	42	the	the	DET
arjefm-60	113	43	monetary	monetary	ADJ
arjefm-60	113	44	variables	variable	NOUN
arjefm-60	114	1	𝑖𝐶	𝑖𝐶	NOUN
arjefm-60	114	2	,	,	PUNCT
arjefm-60	114	3	𝑖𝑀𝑀	𝑖𝑀𝑀	NUM
arjefm-60	114	4	,	,	PUNCT
arjefm-60	114	5	𝑟	𝑟	X
arjefm-60	114	6	,	,	PUNCT
arjefm-60	114	7	𝑝	𝑝	NOUN
arjefm-60	114	8	,	,	PUNCT
arjefm-60	114	9	𝑖𝐷.	𝑖𝐷.	PROPN
arjefm-60	114	10	formally	formally	ADV
arjefm-60	114	11	:	:	PUNCT
arjefm-60	114	12	now	now	ADV
arjefm-60	114	13	let	let	VERB
arjefm-60	114	14	's	us	PRON
arjefm-60	114	15	introduce	introduce	VERB
arjefm-60	114	16	the	the	DET
arjefm-60	114	17	liquidity	liquidity	NOUN
arjefm-60	114	18	ratio	ratio	NOUN
arjefm-60	114	19	threshold	threshold	NOUN
arjefm-60	114	20	.	.	PUNCT
arjefm-60	115	1	this	this	PRON
arjefm-60	115	2	is	be	AUX
arjefm-60	115	3	the	the	DET
arjefm-60	115	4	liquidity	liquidity	NOUN
arjefm-60	115	5	ratio	ratio	NOUN
arjefm-60	115	6	defined	define	VERB
arjefm-60	115	7	normatively	normatively	ADV
arjefm-60	115	8	as	as	ADP
arjefm-60	115	9	the	the	DET
arjefm-60	115	10	threshold	threshold	NOUN
arjefm-60	115	11	beyond	beyond	ADP
arjefm-60	115	12	which	which	PRON
arjefm-60	115	13	there	there	PRON
arjefm-60	115	14	is	be	VERB
arjefm-60	115	15	bank	bank	NOUN
arjefm-60	115	16	excess	excess	ADJ
arjefm-60	115	17	liquidity	liquidity	NOUN
arjefm-60	115	18	.	.	PUNCT
arjefm-60	116	1	formally	formally	ADV
arjefm-60	116	2	,	,	PUNCT
arjefm-60	116	3	there	there	PRON
arjefm-60	116	4	is	be	VERB
arjefm-60	116	5	bank	bank	NOUN
arjefm-60	116	6	excess	excess	ADJ
arjefm-60	116	7	liquidity	liquidity	NOUN
arjefm-60	116	8	,	,	PUNCT
arjefm-60	116	9	that	that	ADV
arjefm-60	116	10	is	is	ADV
arjefm-60	116	11	,	,	PUNCT
arjefm-60	116	12	,	,	PUNCT
arjefm-60	116	13	when	when	SCONJ
arjefm-60	116	14	:	:	PUNCT
arjefm-60	116	15	where	where	SCONJ
arjefm-60	116	16	,	,	PUNCT
arjefm-60	116	17	the	the	DET
arjefm-60	116	18	return	return	NOUN
arjefm-60	116	19	of	of	ADP
arjefm-60	116	20	the	the	DET
arjefm-60	116	21	banking	banking	NOUN
arjefm-60	116	22	portfolio	portfolio	NOUN
arjefm-60	116	23	of	of	ADP
arjefm-60	116	24	loans	loan	NOUN
arjefm-60	116	25	and	and	CCONJ
arjefm-60	116	26	securities	security	NOUN
arjefm-60	116	27	.	.	PUNCT
arjefm-60	117	1	can	can	AUX
arjefm-60	117	2	be	be	AUX
arjefm-60	117	3	interpreted	interpret	VERB
arjefm-60	117	4	as	as	ADP
arjefm-60	117	5	the	the	DET
arjefm-60	117	6	cost	cost	NOUN
arjefm-60	117	7	of	of	ADP
arjefm-60	117	8	converting	convert	VERB
arjefm-60	117	9	into	into	ADP
arjefm-60	117	10	liquidity	liquidity	NOUN
arjefm-60	117	11	a	a	DET
arjefm-60	117	12	portfolio	portfolio	NOUN
arjefm-60	117	13	consisting	consist	VERB
arjefm-60	117	14	of	of	ADP
arjefm-60	117	15	a	a	DET
arjefm-60	117	16	credit	credit	NOUN
arjefm-60	117	17	unit	unit	NOUN
arjefm-60	117	18	and	and	CCONJ
arjefm-60	117	19	the	the	DET
arjefm-60	117	20	corresponding	corresponding	ADJ
arjefm-60	117	21	number	number	NOUN
arjefm-60	117	22	of	of	ADP
arjefm-60	117	23	security	security	NOUN
arjefm-60	117	24	assets	asset	NOUN
arjefm-60	117	25	.	.	PUNCT
arjefm-60	118	1	can	can	AUX
arjefm-60	118	2	be	be	AUX
arjefm-60	118	3	interpreted	interpret	VERB
arjefm-60	118	4	as	as	ADP
arjefm-60	118	5	the	the	DET
arjefm-60	118	6	number	number	NOUN
arjefm-60	118	7	of	of	ADP
arjefm-60	118	8	securities	security	NOUN
arjefm-60	118	9	held	hold	VERB
arjefm-60	118	10	in	in	ADP
arjefm-60	118	11	the	the	DET
arjefm-60	118	12	portfolio	portfolio	NOUN
arjefm-60	118	13	(	(	PUNCT
arjefm-60	118	14	proportion	proportion	NOUN
arjefm-60	118	15	of	of	ADP
arjefm-60	118	16	credits	credit	NOUN
arjefm-60	118	17	and	and	CCONJ
arjefm-60	118	18	corresponding	corresponding	ADJ
arjefm-60	118	19	proportion	proportion	NOUN
arjefm-60	118	20	of	of	ADP
arjefm-60	118	21	security	security	NOUN
arjefm-60	118	22	securities	security	NOUN
arjefm-60	118	23	)	)	PUNCT
arjefm-60	118	24	.	.	PUNCT
arjefm-60	119	1	the	the	DET
arjefm-60	119	2	product	product	NOUN
arjefm-60	119	3	of	of	ADP
arjefm-60	119	4	these	these	DET
arjefm-60	119	5	two	two	NUM
arjefm-60	119	6	terms	term	NOUN
arjefm-60	119	7	is	be	AUX
arjefm-60	119	8	then	then	ADV
arjefm-60	119	9	nothing	nothing	PRON
arjefm-60	119	10	other	other	ADJ
arjefm-60	119	11	than	than	ADP
arjefm-60	119	12	the	the	DET
arjefm-60	119	13	total	total	ADJ
arjefm-60	119	14	cost	cost	NOUN
arjefm-60	119	15	of	of	ADP
arjefm-60	119	16	converting	convert	VERB
arjefm-60	119	17	the	the	DET
arjefm-60	119	18	bank	bank	NOUN
arjefm-60	119	19	's	's	PART
arjefm-60	119	20	portfolio	portfolio	NOUN
arjefm-60	119	21	into	into	ADP
arjefm-60	119	22	liquidity	liquidity	NOUN
arjefm-60	119	23	.	.	PUNCT
arjefm-60	120	1	is	be	AUX
arjefm-60	120	2	the	the	DET
arjefm-60	120	3	average	average	ADJ
arjefm-60	120	4	conversion	conversion	NOUN
arjefm-60	120	5	cost	cost	NOUN
arjefm-60	120	6	and	and	CCONJ
arjefm-60	120	7	is	be	AUX
arjefm-60	120	8	the	the	DET
arjefm-60	120	9	average	average	ADJ
arjefm-60	120	10	return	return	NOUN
arjefm-60	120	11	over	over	ADP
arjefm-60	120	12	the	the	DET
arjefm-60	120	13	period	period	NOUN
arjefm-60	120	14	.	.	PUNCT
arjefm-60	121	1	when	when	SCONJ
arjefm-60	121	2	this	this	DET
arjefm-60	121	3	cost	cost	NOUN
arjefm-60	121	4	is	be	AUX
arjefm-60	121	5	too	too	ADV
arjefm-60	121	6	high	high	ADJ
arjefm-60	121	7	,	,	PUNCT
arjefm-60	121	8	which	which	PRON
arjefm-60	121	9	is	be	AUX
arjefm-60	121	10	higher	high	ADJ
arjefm-60	121	11	than	than	ADP
arjefm-60	121	12	the	the	DET
arjefm-60	121	13	average	average	ADJ
arjefm-60	121	14	yield	yield	NOUN
arjefm-60	121	15	of	of	ADP
arjefm-60	121	16	the	the	DET
arjefm-60	121	17	banking	banking	NOUN
arjefm-60	121	18	portfolio	portfolio	NOUN
arjefm-60	121	19	,	,	PUNCT
arjefm-60	121	20	the	the	DET
arjefm-60	121	21	bank	bank	NOUN
arjefm-60	121	22	prefers	prefer	VERB
arjefm-60	121	23	to	to	PART
arjefm-60	121	24	keep	keep	VERB
arjefm-60	121	25	a	a	DET
arjefm-60	121	26	lot	lot	NOUN
arjefm-60	121	27	of	of	ADP
arjefm-60	121	28	liquidity	liquidity	NOUN
arjefm-60	121	29	.	.	PUNCT
arjefm-60	122	1	otherwise	otherwise	ADV
arjefm-60	122	2	,	,	PUNCT
arjefm-60	122	3	when	when	SCONJ
arjefm-60	122	4	the	the	DET
arjefm-60	122	5	average	average	ADJ
arjefm-60	122	6	yield	yield	NOUN
arjefm-60	122	7	of	of	ADP
arjefm-60	122	8	the	the	DET
arjefm-60	122	9	banking	banking	NOUN
arjefm-60	122	10	portfolio	portfolio	NOUN
arjefm-60	122	11	over	over	ADP
arjefm-60	122	12	the	the	DET
arjefm-60	122	13	period	period	NOUN
arjefm-60	122	14	is	be	AUX
arjefm-60	122	15	higher	high	ADJ
arjefm-60	122	16	than	than	ADP
arjefm-60	122	17	the	the	DET
arjefm-60	122	18	average	average	ADJ
arjefm-60	122	19	cost	cost	NOUN
arjefm-60	122	20	of	of	ADP
arjefm-60	122	21	conversion	conversion	NOUN
arjefm-60	122	22	,	,	PUNCT
arjefm-60	122	23	the	the	DET
arjefm-60	122	24	bank	bank	NOUN
arjefm-60	122	25	is	be	AUX
arjefm-60	122	26	encouraged	encourage	VERB
arjefm-60	122	27	to	to	PART
arjefm-60	122	28	invest	invest	VERB
arjefm-60	122	29	its	its	PRON
arjefm-60	122	30	funds	fund	NOUN
arjefm-60	122	31	to	to	PART
arjefm-60	122	32	grant	grant	VERB
arjefm-60	122	33	more	more	ADJ
arjefm-60	122	34	loans	loan	NOUN
arjefm-60	122	35	and	and	CCONJ
arjefm-60	122	36	acquire	acquire	VERB
arjefm-60	122	37	more	more	ADJ
arjefm-60	122	38	securities	security	NOUN
arjefm-60	122	39	.	.	PUNCT
arjefm-60	123	1	this	this	PRON
arjefm-60	123	2	results	result	VERB
arjefm-60	123	3	in	in	ADP
arjefm-60	123	4	a	a	DET
arjefm-60	123	5	decrease	decrease	NOUN
arjefm-60	123	6	in	in	ADP
arjefm-60	123	7	liquidity	liquidity	NOUN
arjefm-60	123	8	:	:	PUNCT
arjefm-60	123	9	from	from	ADP
arjefm-60	123	10	these	these	DET
arjefm-60	123	11	results	result	NOUN
arjefm-60	123	12	follows	follow	VERB
arjefm-60	123	13	the	the	DET
arjefm-60	123	14	proposition	proposition	NOUN
arjefm-60	123	15	2	2	NUM
arjefm-60	123	16	:	:	PUNCT
arjefm-60	123	17	proposition	proposition	NOUN
arjefm-60	123	18	2	2	NUM
arjefm-60	123	19	:	:	PUNCT
arjefm-60	123	20	the	the	DET
arjefm-60	123	21	bank	bank	NOUN
arjefm-60	123	22	has	have	VERB
arjefm-60	123	23	excess	excess	ADJ
arjefm-60	123	24	liquidity	liquidity	NOUN
arjefm-60	123	25	when	when	SCONJ
arjefm-60	123	26	the	the	DET
arjefm-60	123	27	financial	financial	ADJ
arjefm-60	123	28	market	market	NOUN
arjefm-60	123	29	is	be	AUX
arjefm-60	123	30	underperforming	underperform	VERB
arjefm-60	123	31	with	with	ADP
arjefm-60	123	32	respect	respect	NOUN
arjefm-60	123	33	to	to	ADP
arjefm-60	123	34	investments	investment	NOUN
arjefm-60	123	35	in	in	ADP
arjefm-60	123	36	securities	security	NOUN
arjefm-60	123	37	and/or	and/or	CCONJ
arjefm-60	123	38	loans	loan	NOUN
arjefm-60	123	39	:	:	PUNCT
arjefm-60	123	40	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	123	41	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	124	1	american	american	PROPN
arjefm-60	124	2	research	research	PROPN
arjefm-60	124	3	journal	journal	PROPN
arjefm-60	124	4	of	of	ADP
arjefm-60	124	5	economics	economic	NOUN
arjefm-60	124	6	,	,	PUNCT
arjefm-60	124	7	finance	finance	NOUN
arjefm-60	124	8	and	and	CCONJ
arjefm-60	124	9	management	management	NOUN
arjefm-60	124	10	volume	volume	NOUN
arjefm-60	124	11	10	10	NUM
arjefm-60	124	12	issue	issue	NOUN
arjefm-60	124	13	1	1	NUM
arjefm-60	124	14	,	,	PUNCT
arjefm-60	124	15	january	january	PROPN
arjefm-60	124	16	-	-	PUNCT
arjefm-60	124	17	march	march	PROPN
arjefm-60	124	18	2022	2022	NUM
arjefm-60	124	19	issn	issn	NOUN
arjefm-60	124	20	:	:	PUNCT
arjefm-60	124	21	2836	2836	NUM
arjefm-60	124	22	-	-	SYM
arjefm-60	124	23	9416	9416	NUM
arjefm-60	124	24	impact	impact	NOUN
arjefm-60	124	25	factor	factor	NOUN
arjefm-60	124	26	:	:	PUNCT
arjefm-60	124	27	4.85	4.85	NUM
arjefm-60	124	28	journal	journal	NOUN
arjefm-60	124	29	homepage	homepage	NOUN
arjefm-60	124	30	:	:	PUNCT
arjefm-60	124	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	124	32	,	,	PUNCT
arjefm-60	124	33	email	email	NOUN
arjefm-60	124	34	:	:	PUNCT
arjefm-60	124	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	124	36	official	official	ADJ
arjefm-60	124	37	journal	journal	PROPN
arjefm-60	124	38	of	of	ADP
arjefm-60	124	39	america	america	PROPN
arjefm-60	124	40	serial	serial	PROPN
arjefm-60	124	41	publication	publication	NOUN
arjefm-60	124	42	american	american	PROPN
arjefm-60	124	43	research	research	PROPN
arjefm-60	124	44	journal	journal	PROPN
arjefm-60	124	45	of	of	ADP
arjefm-60	124	46	economics	economic	NOUN
arjefm-60	124	47	,	,	PUNCT
arjefm-60	124	48	finance	finance	NOUN
arjefm-60	124	49	and	and	CCONJ
arjefm-60	124	50	management	management	NOUN
arjefm-60	124	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	124	52	,	,	PUNCT
arjefm-60	124	53	email	email	NOUN
arjefm-60	124	54	:	:	PUNCT
arjefm-60	124	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	125	1	19	19	NUM
arjefm-60	126	1	|	|	ADV
arjefm-60	126	2	p	p	NOUN
arjefm-60	126	3	a	a	DET
arjefm-60	126	4	g	g	NOUN
arjefm-60	126	5	e	e	NOUN
arjefm-60	126	6	this	this	DET
arjefm-60	126	7	excess	excess	ADJ
arjefm-60	126	8	liquidity	liquidity	NOUN
arjefm-60	126	9	is	be	AUX
arjefm-60	126	10	absorbed	absorb	VERB
arjefm-60	126	11	in	in	ADP
arjefm-60	126	12	two	two	NUM
arjefm-60	126	13	cases	case	NOUN
arjefm-60	126	14	:	:	PUNCT
arjefm-60	126	15	•	•	PUNCT
arjefm-60	126	16	𝑅𝑖𝑡	𝑅𝑖𝑡	NOUN
arjefm-60	126	17	increases	increase	VERB
arjefm-60	126	18	,	,	PUNCT
arjefm-60	126	19	that	that	ADV
arjefm-60	126	20	is	is	ADV
arjefm-60	126	21	,	,	PUNCT
arjefm-60	126	22	when	when	SCONJ
arjefm-60	126	23	the	the	DET
arjefm-60	126	24	risk	risk	NOUN
arjefm-60	126	25	-	-	PUNCT
arjefm-60	126	26	free	free	ADJ
arjefm-60	126	27	rate	rate	NOUN
arjefm-60	126	28	𝑟𝑓	𝑟𝑓	X
arjefm-60	126	29	and/or	and/or	CCONJ
arjefm-60	126	30	the	the	DET
arjefm-60	126	31	market	market	NOUN
arjefm-60	126	32	risk	risk	NOUN
arjefm-60	126	33	premium	premium	NOUN
arjefm-60	126	34	(	(	PUNCT
arjefm-60	126	35	here	here	ADV
arjefm-60	126	36	,	,	PUNCT
arjefm-60	126	37	the	the	DET
arjefm-60	126	38	yield	yield	NOUN
arjefm-60	126	39	on	on	ADP
arjefm-60	126	40	loans	loan	NOUN
arjefm-60	126	41	)	)	PUNCT
arjefm-60	126	42	increases	increase	NOUN
arjefm-60	126	43	,	,	PUNCT
arjefm-60	126	44	ceteris	ceteris	NOUN
arjefm-60	126	45	paribus	paribus	NOUN
arjefm-60	126	46	;	;	PUNCT
arjefm-60	126	47	cf	cf	X
arjefm-60	126	48	.	.	PUNCT
arjefm-60	127	1	equation	equation	NOUN
arjefm-60	127	2	(	(	PUNCT
arjefm-60	127	3	3	3	NUM
arjefm-60	127	4	):	):	PUNCT
arjefm-60	127	5	;	;	PUNCT
arjefm-60	127	6	•	•	CCONJ
arjefm-60	127	7	the	the	DET
arjefm-60	127	8	fixed	fix	VERB
arjefm-60	127	9	costs	cost	NOUN
arjefm-60	127	10	related	relate	VERB
arjefm-60	127	11	to	to	ADP
arjefm-60	127	12	the	the	DET
arjefm-60	127	13	conversion	conversion	NOUN
arjefm-60	127	14	of	of	ADP
arjefm-60	127	15	safe	safe	ADJ
arjefm-60	127	16	securities	security	NOUN
arjefm-60	127	17	into	into	ADP
arjefm-60	127	18	liquidity	liquidity	NOUN
arjefm-60	127	19	,	,	PUNCT
arjefm-60	127	20	𝑓𝐴	𝑓𝐴	NOUN
arjefm-60	127	21	,	,	PUNCT
arjefm-60	127	22	and	and	CCONJ
arjefm-60	127	23	the	the	DET
arjefm-60	127	24	fixed	fix	VERB
arjefm-60	127	25	costs	cost	NOUN
arjefm-60	127	26	related	relate	VERB
arjefm-60	127	27	to	to	ADP
arjefm-60	127	28	the	the	DET
arjefm-60	127	29	conversion	conversion	NOUN
arjefm-60	127	30	of	of	ADP
arjefm-60	127	31	debt	debt	NOUN
arjefm-60	127	32	securities	security	NOUN
arjefm-60	127	33	into	into	ADP
arjefm-60	127	34	liquidity	liquidity	NOUN
arjefm-60	127	35	,	,	PUNCT
arjefm-60	127	36	𝑓𝐶	𝑓𝐶	NOUN
arjefm-60	127	37	,	,	PUNCT
arjefm-60	127	38	fall	fall	NOUN
arjefm-60	127	39	,	,	PUNCT
arjefm-60	127	40	ceteris	ceteris	NOUN
arjefm-60	127	41	paribus	paribus	NOUN
arjefm-60	127	42	.	.	PUNCT
arjefm-60	128	1	in	in	ADP
arjefm-60	128	2	the	the	DET
arjefm-60	128	3	model	model	NOUN
arjefm-60	128	4	of	of	ADP
arjefm-60	128	5	the	the	DET
arjefm-60	128	6	risk	risk	NOUN
arjefm-60	128	7	-	-	PUNCT
arjefm-60	128	8	neutral	neutral	ADJ
arjefm-60	128	9	bank	bank	NOUN
arjefm-60	128	10	developed	develop	VERB
arjefm-60	128	11	above	above	ADV
arjefm-60	128	12	,	,	PUNCT
arjefm-60	128	13	bank	bank	NOUN
arjefm-60	128	14	excess	excess	ADJ
arjefm-60	128	15	liquidity	liquidity	NOUN
arjefm-60	128	16	results	result	NOUN
arjefm-60	128	17	from	from	ADP
arjefm-60	128	18	the	the	DET
arjefm-60	128	19	optimal	optimal	ADJ
arjefm-60	128	20	behavior	behavior	NOUN
arjefm-60	128	21	of	of	ADP
arjefm-60	128	22	the	the	DET
arjefm-60	128	23	bank	bank	NOUN
arjefm-60	128	24	which	which	PRON
arjefm-60	128	25	optimizes	optimize	VERB
arjefm-60	128	26	its	its	PRON
arjefm-60	128	27	profits	profit	NOUN
arjefm-60	128	28	.	.	PUNCT
arjefm-60	129	1	excess	excess	ADJ
arjefm-60	129	2	liquidity	liquidity	NOUN
arjefm-60	129	3	is	be	AUX
arjefm-60	129	4	a	a	DET
arjefm-60	129	5	sign	sign	NOUN
arjefm-60	129	6	that	that	SCONJ
arjefm-60	129	7	the	the	DET
arjefm-60	129	8	financial	financial	ADJ
arjefm-60	129	9	market	market	NOUN
arjefm-60	129	10	is	be	AUX
arjefm-60	129	11	not	not	PART
arjefm-60	129	12	providing	provide	VERB
arjefm-60	129	13	the	the	DET
arjefm-60	129	14	right	right	ADJ
arjefm-60	129	15	incentives	incentive	NOUN
arjefm-60	129	16	for	for	ADP
arjefm-60	129	17	investment	investment	NOUN
arjefm-60	129	18	in	in	ADP
arjefm-60	129	19	securities	security	NOUN
arjefm-60	129	20	or	or	CCONJ
arjefm-60	129	21	loan	loan	NOUN
arjefm-60	129	22	financing	financing	NOUN
arjefm-60	129	23	.	.	PUNCT
arjefm-60	130	1	whatever	whatever	PRON
arjefm-60	130	2	the	the	DET
arjefm-60	130	3	degree	degree	NOUN
arjefm-60	130	4	of	of	ADP
arjefm-60	130	5	economic	economic	ADJ
arjefm-60	130	6	uncertainty	uncertainty	NOUN
arjefm-60	130	7	(	(	PUNCT
arjefm-60	130	8	low	low	ADJ
arjefm-60	130	9	uncertainty	uncertainty	NOUN
arjefm-60	130	10	or	or	CCONJ
arjefm-60	130	11	high	high	ADJ
arjefm-60	130	12	uncertainty	uncertainty	NOUN
arjefm-60	130	13	)	)	PUNCT
arjefm-60	130	14	,	,	PUNCT
arjefm-60	130	15	there	there	PRON
arjefm-60	130	16	is	be	VERB
arjefm-60	130	17	excess	excess	ADJ
arjefm-60	130	18	liquidity	liquidity	NOUN
arjefm-60	130	19	when	when	SCONJ
arjefm-60	130	20	the	the	DET
arjefm-60	130	21	total	total	ADJ
arjefm-60	130	22	cost	cost	NOUN
arjefm-60	130	23	of	of	ADP
arjefm-60	130	24	conversion	conversion	NOUN
arjefm-60	130	25	in	in	ADP
arjefm-60	130	26	liquidity	liquidity	NOUN
arjefm-60	130	27	of	of	ADP
arjefm-60	130	28	securities	security	NOUN
arjefm-60	130	29	per	per	ADP
arjefm-60	130	30	unit	unit	NOUN
arjefm-60	130	31	of	of	ADP
arjefm-60	130	32	credit	credit	NOUN
arjefm-60	130	33	granted	grant	VERB
arjefm-60	130	34	is	be	AUX
arjefm-60	130	35	greater	great	ADJ
arjefm-60	130	36	than	than	ADP
arjefm-60	130	37	the	the	DET
arjefm-60	130	38	expected	expect	VERB
arjefm-60	130	39	return	return	NOUN
arjefm-60	130	40	of	of	ADP
arjefm-60	130	41	the	the	DET
arjefm-60	130	42	bank	bank	NOUN
arjefm-60	130	43	portfolio	portfolio	NOUN
arjefm-60	130	44	.	.	PUNCT
arjefm-60	131	1	so	so	ADV
arjefm-60	131	2	the	the	DET
arjefm-60	131	3	ultimate	ultimate	ADJ
arjefm-60	131	4	determinant	determinant	NOUN
arjefm-60	131	5	of	of	ADP
arjefm-60	131	6	the	the	DET
arjefm-60	131	7	optimal	optimal	ADJ
arjefm-60	131	8	excess	excess	ADJ
arjefm-60	131	9	liquidity	liquidity	NOUN
arjefm-60	131	10	here	here	ADV
arjefm-60	131	11	is	be	AUX
arjefm-60	131	12	not	not	PART
arjefm-60	131	13	the	the	DET
arjefm-60	131	14	uncertainty	uncertainty	NOUN
arjefm-60	131	15	but	but	CCONJ
arjefm-60	131	16	the	the	DET
arjefm-60	131	17	low	low	ADJ
arjefm-60	131	18	expected	expected	ADJ
arjefm-60	131	19	return	return	NOUN
arjefm-60	131	20	of	of	ADP
arjefm-60	131	21	the	the	DET
arjefm-60	131	22	bank	bank	NOUN
arjefm-60	131	23	portfolio	portfolio	NOUN
arjefm-60	131	24	.	.	PUNCT
arjefm-60	132	1	the	the	DET
arjefm-60	132	2	level	level	NOUN
arjefm-60	132	3	of	of	ADP
arjefm-60	132	4	economic	economic	ADJ
arjefm-60	132	5	uncertainty	uncertainty	NOUN
arjefm-60	132	6	explains	explain	VERB
arjefm-60	132	7	indirectly	indirectly	ADV
arjefm-60	132	8	the	the	DET
arjefm-60	132	9	bank	bank	NOUN
arjefm-60	132	10	’s	’s	PART
arjefm-60	132	11	optimal	optimal	ADJ
arjefm-60	132	12	excess	excess	ADJ
arjefm-60	132	13	liquidity	liquidity	NOUN
arjefm-60	132	14	,	,	PUNCT
arjefm-60	132	15	through	through	ADP
arjefm-60	132	16	the	the	DET
arjefm-60	132	17	idiosyncratic	idiosyncratic	ADJ
arjefm-60	132	18	shock	shock	NOUN
arjefm-60	132	19	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	132	20	contained	contain	VERB
arjefm-60	132	21	in	in	ADP
arjefm-60	132	22	the	the	DET
arjefm-60	132	23	bank	bank	NOUN
arjefm-60	132	24	’s	’s	PART
arjefm-60	132	25	portfolio	portfolio	NOUN
arjefm-60	132	26	return	return	VERB
arjefm-60	132	27	the	the	DET
arjefm-60	132	28	main	main	ADJ
arjefm-60	132	29	role	role	NOUN
arjefm-60	132	30	played	play	VERB
arjefm-60	132	31	by	by	ADP
arjefm-60	132	32	the	the	DET
arjefm-60	132	33	economic	economic	ADJ
arjefm-60	132	34	uncertainty	uncertainty	NOUN
arjefm-60	132	35	appears	appear	VERB
arjefm-60	132	36	in	in	ADP
arjefm-60	132	37	a	a	DET
arjefm-60	132	38	context	context	NOUN
arjefm-60	132	39	of	of	ADP
arjefm-60	132	40	high	high	ADJ
arjefm-60	132	41	expected	expect	VERB
arjefm-60	132	42	return	return	NOUN
arjefm-60	132	43	of	of	ADP
arjefm-60	132	44	the	the	DET
arjefm-60	132	45	bank	bank	NOUN
arjefm-60	132	46	portfolio	portfolio	NOUN
arjefm-60	132	47	.	.	PUNCT
arjefm-60	133	1	in	in	ADP
arjefm-60	133	2	this	this	DET
arjefm-60	133	3	case	case	NOUN
arjefm-60	133	4	,	,	PUNCT
arjefm-60	133	5	the	the	DET
arjefm-60	133	6	excess	excess	ADJ
arjefm-60	133	7	liquidity	liquidity	NOUN
arjefm-60	133	8	is	be	AUX
arjefm-60	133	9	absorbed	absorb	VERB
arjefm-60	133	10	by	by	ADP
arjefm-60	133	11	the	the	DET
arjefm-60	133	12	economy	economy	NOUN
arjefm-60	133	13	.	.	PUNCT
arjefm-60	134	1	more	more	ADV
arjefm-60	134	2	precisely	precisely	ADV
arjefm-60	134	3	,	,	PUNCT
arjefm-60	134	4	the	the	DET
arjefm-60	134	5	bank	bank	NOUN
arjefm-60	134	6	reallocates	reallocate	VERB
arjefm-60	134	7	the	the	DET
arjefm-60	134	8	excess	excess	ADJ
arjefm-60	134	9	liquidity	liquidity	NOUN
arjefm-60	134	10	by	by	ADP
arjefm-60	134	11	reassigning	reassign	VERB
arjefm-60	134	12	the	the	DET
arjefm-60	134	13	proportion	proportion	NOUN
arjefm-60	134	14	of	of	ADP
arjefm-60	134	15	credit	credit	NOUN
arjefm-60	134	16	and	and	CCONJ
arjefm-60	134	17	safe	safe	ADJ
arjefm-60	134	18	securities	security	NOUN
arjefm-60	134	19	in	in	ADP
arjefm-60	134	20	its	its	PRON
arjefm-60	134	21	portfolio	portfolio	NOUN
arjefm-60	134	22	.	.	PUNCT
arjefm-60	135	1	either	either	CCONJ
arjefm-60	135	2	the	the	DET
arjefm-60	135	3	bank	bank	NOUN
arjefm-60	135	4	increases	increase	VERB
arjefm-60	135	5	the	the	DET
arjefm-60	135	6	proportion	proportion	NOUN
arjefm-60	135	7	of	of	ADP
arjefm-60	135	8	loans	loan	NOUN
arjefm-60	135	9	deemed	deem	VERB
arjefm-60	135	10	to	to	PART
arjefm-60	135	11	be	be	AUX
arjefm-60	135	12	riskier	risky	ADJ
arjefm-60	135	13	or	or	CCONJ
arjefm-60	135	14	it	it	PRON
arjefm-60	135	15	increases	increase	VERB
arjefm-60	135	16	the	the	DET
arjefm-60	135	17	proportion	proportion	NOUN
arjefm-60	135	18	of	of	ADP
arjefm-60	135	19	safe	safe	ADJ
arjefm-60	135	20	securities	security	NOUN
arjefm-60	135	21	.	.	PUNCT
arjefm-60	136	1	such	such	DET
arjefm-60	136	2	a	a	DET
arjefm-60	136	3	reassignment	reassignment	NOUN
arjefm-60	136	4	requires	require	VERB
arjefm-60	136	5	lifting	lift	VERB
arjefm-60	136	6	the	the	DET
arjefm-60	136	7	hypothesis	hypothesis	NOUN
arjefm-60	136	8	of	of	ADP
arjefm-60	136	9	a	a	DET
arjefm-60	136	10	risk	risk	NOUN
arjefm-60	136	11	-	-	PUNCT
arjefm-60	136	12	neutral	neutral	ADJ
arjefm-60	136	13	bank	bank	NOUN
arjefm-60	136	14	.	.	PUNCT
arjefm-60	137	1	hence	hence	ADV
arjefm-60	137	2	,	,	PUNCT
arjefm-60	137	3	it	it	PRON
arjefm-60	137	4	is	be	AUX
arjefm-60	137	5	assumed	assume	VERB
arjefm-60	137	6	that	that	SCONJ
arjefm-60	137	7	the	the	DET
arjefm-60	137	8	bank	bank	NOUN
arjefm-60	137	9	is	be	AUX
arjefm-60	137	10	risk	risk	NOUN
arjefm-60	137	11	averse	averse	ADJ
arjefm-60	137	12	,	,	PUNCT
arjefm-60	137	13	and	and	CCONJ
arjefm-60	137	14	we	we	PRON
arjefm-60	137	15	show	show	VERB
arjefm-60	137	16	how	how	SCONJ
arjefm-60	137	17	the	the	DET
arjefm-60	137	18	uncertainty	uncertainty	NOUN
arjefm-60	137	19	affects	affect	VERB
arjefm-60	137	20	the	the	DET
arjefm-60	137	21	proportions	proportion	NOUN
arjefm-60	137	22	of	of	ADP
arjefm-60	137	23	loans	loan	NOUN
arjefm-60	137	24	and	and	CCONJ
arjefm-60	137	25	safe	safe	ADJ
arjefm-60	137	26	securities	security	NOUN
arjefm-60	137	27	in	in	ADP
arjefm-60	137	28	the	the	DET
arjefm-60	137	29	bank	bank	NOUN
arjefm-60	137	30	’s	’s	PART
arjefm-60	137	31	portfolio	portfolio	NOUN
arjefm-60	137	32	.	.	PUNCT
arjefm-60	138	1	3	3	X
arjefm-60	138	2	.	.	X
arjefm-60	138	3	the	the	DET
arjefm-60	138	4	optimal	optimal	ADJ
arjefm-60	138	5	behavior	behavior	NOUN
arjefm-60	138	6	of	of	ADP
arjefm-60	138	7	the	the	DET
arjefm-60	138	8	risk	risk	NOUN
arjefm-60	138	9	averse	averse	ADJ
arjefm-60	138	10	bank	bank	PROPN
arjefm-60	138	11	3.1	3.1	NUM
arjefm-60	138	12	.	.	PUNCT
arjefm-60	139	1	the	the	DET
arjefm-60	139	2	assumptions	assumption	NOUN
arjefm-60	139	3	the	the	DET
arjefm-60	139	4	objective	objective	NOUN
arjefm-60	139	5	-	-	PUNCT
arjefm-60	139	6	function	function	NOUN
arjefm-60	139	7	of	of	ADP
arjefm-60	139	8	the	the	DET
arjefm-60	139	9	risk	risk	NOUN
arjefm-60	139	10	averse	averse	ADJ
arjefm-60	139	11	bank	bank	NOUN
arjefm-60	139	12	is	be	AUX
arjefm-60	139	13	the	the	DET
arjefm-60	139	14	expected	expect	VERB
arjefm-60	139	15	utility	utility	NOUN
arjefm-60	139	16	of	of	ADP
arjefm-60	139	17	its	its	PRON
arjefm-60	139	18	profit	profit	NOUN
arjefm-60	139	19	𝑈(𝛱𝑖𝑡	𝑈(𝛱𝑖𝑡	PROPN
arjefm-60	139	20	)	)	PUNCT
arjefm-60	139	21	.	.	PUNCT
arjefm-60	140	1	as	as	SCONJ
arjefm-60	140	2	the	the	DET
arjefm-60	140	3	degree	degree	NOUN
arjefm-60	140	4	of	of	ADP
arjefm-60	140	5	uncertainty	uncertainty	NOUN
arjefm-60	140	6	in	in	ADP
arjefm-60	140	7	the	the	DET
arjefm-60	140	8	economy	economy	NOUN
arjefm-60	140	9	grows	grow	VERB
arjefm-60	140	10	,	,	PUNCT
arjefm-60	140	11	it	it	PRON
arjefm-60	140	12	becomes	become	VERB
arjefm-60	140	13	increasingly	increasingly	ADV
arjefm-60	140	14	difficult	difficult	ADJ
arjefm-60	140	15	to	to	PART
arjefm-60	140	16	determine	determine	VERB
arjefm-60	140	17	the	the	DET
arjefm-60	140	18	optimal	optimal	ADJ
arjefm-60	140	19	rate	rate	NOUN
arjefm-60	140	20	of	of	ADP
arjefm-60	140	21	return	return	NOUN
arjefm-60	140	22	on	on	ADP
arjefm-60	140	23	loans	loan	NOUN
arjefm-60	140	24	.	.	PUNCT
arjefm-60	141	1	this	this	PRON
arjefm-60	141	2	pushes	push	VERB
arjefm-60	141	3	the	the	DET
arjefm-60	141	4	bank	bank	NOUN
arjefm-60	141	5	to	to	PART
arjefm-60	141	6	use	use	VERB
arjefm-60	141	7	an	an	DET
arjefm-60	141	8	informative	informative	ADJ
arjefm-60	141	9	signal	signal	NOUN
arjefm-60	141	10	to	to	PART
arjefm-60	141	11	try	try	VERB
arjefm-60	141	12	to	to	PART
arjefm-60	141	13	predict	predict	VERB
arjefm-60	141	14	this	this	DET
arjefm-60	141	15	optimal	optimal	ADJ
arjefm-60	141	16	rate	rate	NOUN
arjefm-60	141	17	of	of	ADP
arjefm-60	141	18	return	return	NOUN
arjefm-60	141	19	on	on	ADP
arjefm-60	141	20	loans	loan	NOUN
arjefm-60	141	21	.	.	PUNCT
arjefm-60	142	1	in	in	ADP
arjefm-60	142	2	other	other	ADJ
arjefm-60	142	3	words	word	NOUN
arjefm-60	142	4	,	,	PUNCT
arjefm-60	142	5	in	in	ADP
arjefm-60	142	6	times	time	NOUN
arjefm-60	142	7	of	of	ADP
arjefm-60	142	8	great	great	ADJ
arjefm-60	142	9	economic	economic	ADJ
arjefm-60	142	10	uncertainty	uncertainty	NOUN
arjefm-60	142	11	(	(	PUNCT
arjefm-60	142	12	experience	experience	NOUN
arjefm-60	142	13	of	of	ADP
arjefm-60	142	14	crisis	crisis	NOUN
arjefm-60	142	15	,	,	PUNCT
arjefm-60	142	16	restructuring	restructuring	NOUN
arjefm-60	142	17	of	of	ADP
arjefm-60	142	18	the	the	DET
arjefm-60	142	19	banking	banking	NOUN
arjefm-60	142	20	system	system	NOUN
arjefm-60	142	21	,	,	PUNCT
arjefm-60	142	22	instability	instability	NOUN
arjefm-60	142	23	of	of	ADP
arjefm-60	142	24	deposits	deposit	NOUN
arjefm-60	142	25	,	,	PUNCT
arjefm-60	142	26	informational	informational	ADJ
arjefm-60	142	27	asymmetry	asymmetry	NOUN
arjefm-60	142	28	,	,	PUNCT
arjefm-60	142	29	symmetrical	symmetrical	ADJ
arjefm-60	142	30	ignorance	ignorance	NOUN
arjefm-60	142	31	,	,	PUNCT
arjefm-60	142	32	weak	weak	ADJ
arjefm-60	142	33	legal	legal	ADJ
arjefm-60	142	34	,	,	PUNCT
arjefm-60	142	35	judicial	judicial	ADJ
arjefm-60	142	36	and	and	CCONJ
arjefm-60	142	37	regulatory	regulatory	ADJ
arjefm-60	142	38	framework	framework	NOUN
arjefm-60	142	39	,	,	PUNCT
arjefm-60	142	40	etc	etc	X
arjefm-60	142	41	.	.	X
arjefm-60	142	42	)	)	PUNCT
arjefm-60	142	43	,	,	PUNCT
arjefm-60	142	44	signals	signal	NOUN
arjefm-60	142	45	coming	come	VERB
arjefm-60	142	46	from	from	ADP
arjefm-60	142	47	the	the	DET
arjefm-60	142	48	market	market	NOUN
arjefm-60	142	49	are	be	AUX
arjefm-60	142	50	ambiguous	ambiguous	ADJ
arjefm-60	142	51	.	.	PUNCT
arjefm-60	143	1	hence	hence	ADV
arjefm-60	143	2	the	the	DET
arjefm-60	143	3	banks	bank	NOUN
arjefm-60	143	4	use	use	VERB
arjefm-60	143	5	the	the	DET
arjefm-60	143	6	expectation	expectation	NOUN
arjefm-60	143	7	of	of	ADP
arjefm-60	143	8	loan	loan	NOUN
arjefm-60	143	9	return	return	NOUN
arjefm-60	143	10	conditional	conditional	ADJ
arjefm-60	143	11	on	on	ADP
arjefm-60	143	12	the	the	DET
arjefm-60	143	13	perceived	perceive	VERB
arjefm-60	143	14	signal	signal	NOUN
arjefm-60	143	15	,	,	PUNCT
arjefm-60	143	16	to	to	PART
arjefm-60	143	17	predict	predict	VERB
arjefm-60	143	18	this	this	DET
arjefm-60	143	19	optimal	optimal	ADJ
arjefm-60	143	20	return	return	NOUN
arjefm-60	143	21	.	.	PUNCT
arjefm-60	144	1	we	we	PRON
arjefm-60	144	2	know	know	VERB
arjefm-60	144	3	that	that	SCONJ
arjefm-60	144	4	the	the	DET
arjefm-60	144	5	return	return	NOUN
arjefm-60	144	6	of	of	ADP
arjefm-60	144	7	the	the	DET
arjefm-60	144	8	portfolio	portfolio	NOUN
arjefm-60	144	9	of	of	ADP
arjefm-60	144	10	bank	bank	PROPN
arjefm-60	144	11	in	in	ADP
arjefm-60	144	12	period	period	NOUN
arjefm-60	144	13	depends	depend	VERB
arjefm-60	144	14	largely	largely	ADV
arjefm-60	144	15	on	on	ADP
arjefm-60	144	16	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	144	17	which	which	PRON
arjefm-60	144	18	is	be	AUX
arjefm-60	144	19	realized	realize	VERB
arjefm-60	144	20	only	only	ADV
arjefm-60	144	21	at	at	ADP
arjefm-60	144	22	the	the	DET
arjefm-60	144	23	end	end	NOUN
arjefm-60	144	24	of	of	ADP
arjefm-60	144	25	the	the	DET
arjefm-60	144	26	period	period	NOUN
arjefm-60	144	27	.	.	PUNCT
arjefm-60	145	1	however	however	ADV
arjefm-60	145	2	,	,	PUNCT
arjefm-60	145	3	it	it	PRON
arjefm-60	145	4	is	be	AUX
arjefm-60	145	5	at	at	ADP
arjefm-60	145	6	the	the	DET
arjefm-60	145	7	beginning	beginning	NOUN
arjefm-60	145	8	of	of	ADP
arjefm-60	145	9	the	the	DET
arjefm-60	145	10	period	period	NOUN
arjefm-60	145	11	t	t	NUM
arjefm-60	145	12	that	that	PRON
arjefm-60	145	13	each	each	DET
arjefm-60	145	14	bank	bank	NOUN
arjefm-60	145	15	determines	determine	VERB
arjefm-60	145	16	the	the	DET
arjefm-60	145	17	composition	composition	NOUN
arjefm-60	145	18	of	of	ADP
arjefm-60	145	19	its	its	PRON
arjefm-60	145	20	portfolio	portfolio	NOUN
arjefm-60	145	21	.	.	PUNCT
arjefm-60	146	1	it	it	PRON
arjefm-60	146	2	does	do	VERB
arjefm-60	146	3	so	so	ADV
arjefm-60	146	4	according	accord	VERB
arjefm-60	146	5	to	to	ADP
arjefm-60	146	6	the	the	DET
arjefm-60	146	7	imperfect	imperfect	ADJ
arjefm-60	146	8	information	information	NOUN
arjefm-60	146	9	available	available	ADJ
arjefm-60	146	10	to	to	ADP
arjefm-60	146	11	it	it	PRON
arjefm-60	146	12	.	.	PUNCT
arjefm-60	147	1	at	at	ADP
arjefm-60	147	2	period	period	NOUN
arjefm-60	147	3	,	,	PUNCT
arjefm-60	147	4	the	the	DET
arjefm-60	147	5	bank	bank	NOUN
arjefm-60	147	6	observes	observe	VERB
arjefm-60	147	7	an	an	DET
arjefm-60	147	8	imperfect	imperfect	ADJ
arjefm-60	147	9	signal	signal	NOUN
arjefm-60	147	10	𝑆𝑖𝑡	𝑆𝑖𝑡	PROPN
arjefm-60	147	11	allowing	allow	VERB
arjefm-60	147	12	it	it	PRON
arjefm-60	147	13	to	to	PART
arjefm-60	147	14	predict	predict	VERB
arjefm-60	147	15	the	the	DET
arjefm-60	147	16	value	value	NOUN
arjefm-60	147	17	that	that	PRON
arjefm-60	147	18	will	will	AUX
arjefm-60	147	19	take	take	VERB
arjefm-60	147	20	the	the	DET
arjefm-60	147	21	variable	variable	NOUN
arjefm-60	147	22	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	147	23	at	at	ADP
arjefm-60	147	24	the	the	DET
arjefm-60	147	25	end	end	NOUN
arjefm-60	147	26	of	of	ADP
arjefm-60	147	27	the	the	DET
arjefm-60	147	28	period	period	NOUN
arjefm-60	147	29	.	.	PUNCT
arjefm-60	148	1	this	this	DET
arjefm-60	148	2	observed	observed	ADJ
arjefm-60	148	3	signal	signal	NOUN
arjefm-60	148	4	,	,	PUNCT
arjefm-60	148	5	different	different	ADJ
arjefm-60	148	6	for	for	ADP
arjefm-60	148	7	each	each	DET
arjefm-60	148	8	bank	bank	NOUN
arjefm-60	148	9	,	,	PUNCT
arjefm-60	148	10	is	be	AUX
arjefm-60	148	11	composed	compose	VERB
arjefm-60	148	12	of	of	ADP
arjefm-60	148	13	a	a	DET
arjefm-60	148	14	heterogeneous	heterogeneous	ADJ
arjefm-60	148	15	noise	noise	NOUN
arjefm-60	148	16	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	148	17	and	and	CCONJ
arjefm-60	148	18	a	a	DET
arjefm-60	148	19	homogeneous	homogeneous	ADJ
arjefm-60	148	20	noise	noise	NOUN
arjefm-60	148	21	𝜐𝑡	𝜐𝑡	ADP
arjefm-60	148	22	whose	whose	DET
arjefm-60	148	23	intensity	intensity	NOUN
arjefm-60	148	24	varies	vary	VERB
arjefm-60	148	25	from	from	ADP
arjefm-60	148	26	one	one	NUM
arjefm-60	148	27	period	period	NOUN
arjefm-60	148	28	to	to	ADP
arjefm-60	148	29	another	another	PRON
arjefm-60	148	30	.	.	PUNCT
arjefm-60	149	1	the	the	DET
arjefm-60	149	2	homogeneous	homogeneous	ADJ
arjefm-60	149	3	noise	noise	NOUN
arjefm-60	149	4	𝜐𝑡	𝜐𝑡	ADP
arjefm-60	149	5	,	,	PUNCT
arjefm-60	149	6	unlike	unlike	ADP
arjefm-60	149	7	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	149	8	,	,	PUNCT
arjefm-60	149	9	is	be	AUX
arjefm-60	149	10	an	an	DET
arjefm-60	149	11	aggregate	aggregate	ADJ
arjefm-60	149	12	shock	shock	NOUN
arjefm-60	149	13	.	.	PUNCT
arjefm-60	150	1	it	it	PRON
arjefm-60	150	2	is	be	AUX
arjefm-60	150	3	assumed	assume	VERB
arjefm-60	150	4	to	to	PART
arjefm-60	150	5	be	be	AUX
arjefm-60	150	6	uncorrelated	uncorrelate	VERB
arjefm-60	150	7	with	with	ADP
arjefm-60	150	8	𝜀𝑖𝑡.	𝜀𝑖𝑡.	NOUN
arjefm-60	150	9	formally	formally	ADV
arjefm-60	150	10	,	,	PUNCT
arjefm-60	150	11	we	we	PRON
arjefm-60	150	12	have	have	VERB
arjefm-60	150	13	:	:	PUNCT
arjefm-60	150	14	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	150	15	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	150	16	american	american	PROPN
arjefm-60	150	17	research	research	PROPN
arjefm-60	150	18	journal	journal	PROPN
arjefm-60	150	19	of	of	ADP
arjefm-60	150	20	economics	economic	NOUN
arjefm-60	150	21	,	,	PUNCT
arjefm-60	150	22	finance	finance	NOUN
arjefm-60	150	23	and	and	CCONJ
arjefm-60	150	24	management	management	NOUN
arjefm-60	150	25	volume	volume	NOUN
arjefm-60	150	26	10	10	NUM
arjefm-60	150	27	issue	issue	NOUN
arjefm-60	150	28	1	1	NUM
arjefm-60	150	29	,	,	PUNCT
arjefm-60	150	30	january	january	PROPN
arjefm-60	150	31	-	-	PUNCT
arjefm-60	150	32	march	march	PROPN
arjefm-60	150	33	2022	2022	NUM
arjefm-60	150	34	issn	issn	NOUN
arjefm-60	150	35	:	:	PUNCT
arjefm-60	150	36	2836	2836	NUM
arjefm-60	150	37	-	-	SYM
arjefm-60	150	38	9416	9416	NUM
arjefm-60	150	39	impact	impact	NOUN
arjefm-60	150	40	factor	factor	NOUN
arjefm-60	150	41	:	:	PUNCT
arjefm-60	150	42	4.85	4.85	NUM
arjefm-60	150	43	journal	journal	NOUN
arjefm-60	150	44	homepage	homepage	NOUN
arjefm-60	150	45	:	:	PUNCT
arjefm-60	150	46	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	150	47	,	,	PUNCT
arjefm-60	150	48	email	email	NOUN
arjefm-60	150	49	:	:	PUNCT
arjefm-60	150	50	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	150	51	official	official	ADJ
arjefm-60	150	52	journal	journal	PROPN
arjefm-60	150	53	of	of	ADP
arjefm-60	150	54	america	america	PROPN
arjefm-60	150	55	serial	serial	PROPN
arjefm-60	150	56	publication	publication	NOUN
arjefm-60	150	57	american	american	PROPN
arjefm-60	150	58	research	research	PROPN
arjefm-60	150	59	journal	journal	PROPN
arjefm-60	150	60	of	of	ADP
arjefm-60	150	61	economics	economic	NOUN
arjefm-60	150	62	,	,	PUNCT
arjefm-60	150	63	finance	finance	NOUN
arjefm-60	150	64	and	and	CCONJ
arjefm-60	150	65	management	management	NOUN
arjefm-60	150	66	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	150	67	,	,	PUNCT
arjefm-60	150	68	email	email	NOUN
arjefm-60	150	69	:	:	PUNCT
arjefm-60	151	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	151	2	20	20	NUM
arjefm-60	152	1	|	|	ADV
arjefm-60	152	2	p	p	X
arjefm-60	152	3	a	a	DET
arjefm-60	152	4	g	g	NOUN
arjefm-60	152	5	e	e	NOUN
arjefm-60	152	6	in	in	ADP
arjefm-60	152	7	the	the	DET
arjefm-60	152	8	absence	absence	NOUN
arjefm-60	152	9	of	of	ADP
arjefm-60	152	10	perfect	perfect	ADJ
arjefm-60	152	11	information	information	NOUN
arjefm-60	152	12	,	,	PUNCT
arjefm-60	152	13	if	if	SCONJ
arjefm-60	152	14	𝜐𝑡	𝜐𝑡	ADJ
arjefm-60	152	15	increases	increase	NOUN
arjefm-60	152	16	,	,	PUNCT
arjefm-60	152	17	the	the	DET
arjefm-60	152	18	bank	bank	NOUN
arjefm-60	152	19	observes	observe	VERB
arjefm-60	152	20	that	that	SCONJ
arjefm-60	152	21	𝑆𝑖𝑡	𝑆𝑖𝑡	PROPN
arjefm-60	152	22	increases	increase	NOUN
arjefm-60	152	23	,	,	PUNCT
arjefm-60	152	24	which	which	PRON
arjefm-60	152	25	causes	cause	VERB
arjefm-60	152	26	an	an	DET
arjefm-60	152	27	increase	increase	NOUN
arjefm-60	152	28	of	of	ADP
arjefm-60	152	29	the	the	DET
arjefm-60	152	30	uncertainty	uncertainty	NOUN
arjefm-60	152	31	on	on	ADP
arjefm-60	152	32	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	152	33	and	and	CCONJ
arjefm-60	152	34	therefore	therefore	ADV
arjefm-60	152	35	on	on	ADP
arjefm-60	152	36	the	the	DET
arjefm-60	152	37	yield	yield	NOUN
arjefm-60	152	38	of	of	ADP
arjefm-60	152	39	the	the	DET
arjefm-60	152	40	portfolio	portfolio	NOUN
arjefm-60	152	41	𝑅𝑖𝑡.	𝑅𝑖𝑡.	PROPN
arjefm-60	152	42	in	in	ADP
arjefm-60	152	43	other	other	ADJ
arjefm-60	152	44	words	word	NOUN
arjefm-60	152	45	,	,	PUNCT
arjefm-60	152	46	when	when	SCONJ
arjefm-60	152	47	the	the	DET
arjefm-60	152	48	degree	degree	NOUN
arjefm-60	152	49	of	of	ADP
arjefm-60	152	50	uncertainty	uncertainty	NOUN
arjefm-60	152	51	in	in	ADP
arjefm-60	152	52	the	the	DET
arjefm-60	152	53	economy	economy	NOUN
arjefm-60	152	54	increases	increase	NOUN
arjefm-60	152	55	,	,	PUNCT
arjefm-60	152	56	the	the	DET
arjefm-60	152	57	noise	noise	NOUN
arjefm-60	152	58	in	in	ADP
arjefm-60	152	59	the	the	DET
arjefm-60	152	60	signal	signal	NOUN
arjefm-60	152	61	also	also	ADV
arjefm-60	152	62	increases	increase	VERB
arjefm-60	152	63	and	and	CCONJ
arjefm-60	152	64	it	it	PRON
arjefm-60	152	65	becomes	become	VERB
arjefm-60	152	66	more	more	ADV
arjefm-60	152	67	and	and	CCONJ
arjefm-60	152	68	more	more	ADV
arjefm-60	152	69	difficult	difficult	ADJ
arjefm-60	152	70	to	to	PART
arjefm-60	152	71	determine	determine	VERB
arjefm-60	152	72	the	the	DET
arjefm-60	152	73	true	true	ADJ
arjefm-60	152	74	value	value	NOUN
arjefm-60	152	75	of	of	ADP
arjefm-60	152	76	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	152	77	as	as	ADV
arjefm-60	152	78	well	well	ADV
arjefm-60	152	79	as	as	ADP
arjefm-60	152	80	the	the	DET
arjefm-60	152	81	optimal	optimal	ADJ
arjefm-60	152	82	rate	rate	NOUN
arjefm-60	152	83	of	of	ADP
arjefm-60	152	84	return	return	NOUN
arjefm-60	152	85	of	of	ADP
arjefm-60	152	86	the	the	DET
arjefm-60	152	87	loans	loan	NOUN
arjefm-60	152	88	.	.	PUNCT
arjefm-60	153	1	but	but	CCONJ
arjefm-60	153	2	the	the	DET
arjefm-60	153	3	bank	bank	NOUN
arjefm-60	153	4	has	have	VERB
arjefm-60	153	5	no	no	DET
arjefm-60	153	6	other	other	ADJ
arjefm-60	153	7	choice	choice	NOUN
arjefm-60	153	8	:	:	PUNCT
arjefm-60	153	9	to	to	PART
arjefm-60	153	10	forecast	forecast	VERB
arjefm-60	153	11	𝑙𝑖𝑡	𝑙𝑖𝑡	PROPN
arjefm-60	153	12	,	,	PUNCT
arjefm-60	153	13	it	it	PRON
arjefm-60	153	14	needs	need	VERB
arjefm-60	153	15	information	information	NOUN
arjefm-60	153	16	about	about	ADP
arjefm-60	153	17	𝜀𝑖𝑡.	𝜀𝑖𝑡.	NOUN
arjefm-60	153	18	the	the	DET
arjefm-60	153	19	best	good	ADJ
arjefm-60	153	20	prediction	prediction	NOUN
arjefm-60	153	21	of	of	ADP
arjefm-60	153	22	𝜀𝑖𝑡	𝜀𝑖𝑡	PROPN
arjefm-60	153	23	is	be	AUX
arjefm-60	153	24	its	its	PRON
arjefm-60	153	25	expected	expect	VERB
arjefm-60	153	26	unconditional	unconditional	ADJ
arjefm-60	153	27	value	value	NOUN
arjefm-60	153	28	(	(	PUNCT
arjefm-60	153	29	𝜀𝑖𝑡	𝜀𝑖𝑡	PROPN
arjefm-60	153	30	)	)	PUNCT
arjefm-60	153	31	,	,	PUNCT
arjefm-60	153	32	which	which	PRON
arjefm-60	153	33	is	be	AUX
arjefm-60	153	34	equal	equal	ADJ
arjefm-60	153	35	to	to	ADP
arjefm-60	153	36	.	.	PUNCT
arjefm-60	154	1	but	but	CCONJ
arjefm-60	154	2	observation	observation	NOUN
arjefm-60	154	3	of	of	ADP
arjefm-60	154	4	the	the	DET
arjefm-60	154	5	signal	signal	NOUN
arjefm-60	154	6	𝑆𝑖𝑡	𝑆𝑖𝑡	PROPN
arjefm-60	154	7	can	can	AUX
arjefm-60	154	8	allow	allow	VERB
arjefm-60	154	9	the	the	DET
arjefm-60	154	10	bank	bank	NOUN
arjefm-60	154	11	to	to	PART
arjefm-60	154	12	improve	improve	VERB
arjefm-60	154	13	this	this	DET
arjefm-60	154	14	prediction	prediction	NOUN
arjefm-60	154	15	by	by	ADP
arjefm-60	154	16	using	use	VERB
arjefm-60	154	17	the	the	DET
arjefm-60	154	18	expected	expect	VERB
arjefm-60	154	19	value	value	NOUN
arjefm-60	154	20	of	of	ADP
arjefm-60	154	21	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	154	22	conditional	conditional	NOUN
arjefm-60	154	23	on	on	ADP
arjefm-60	154	24	the	the	DET
arjefm-60	154	25	received	receive	VERB
arjefm-60	154	26	signal	signal	NOUN
arjefm-60	154	27	(	(	PUNCT
arjefm-60	154	28	𝜀𝑖𝑡/𝑆𝑖𝑡	𝜀𝑖𝑡/𝑆𝑖𝑡	PROPN
arjefm-60	154	29	)	)	PUNCT
arjefm-60	154	30	.	.	PUNCT
arjefm-60	155	1	the	the	DET
arjefm-60	155	2	informative	informative	ADJ
arjefm-60	155	3	nature	nature	NOUN
arjefm-60	155	4	of	of	ADP
arjefm-60	155	5	this	this	DET
arjefm-60	155	6	signal	signal	NOUN
arjefm-60	155	7	implies	imply	VERB
arjefm-60	155	8	that	that	SCONJ
arjefm-60	155	9	(	(	PUNCT
arjefm-60	155	10	𝜀𝑖𝑡/𝑆𝑖𝑡	𝜀𝑖𝑡/𝑆𝑖𝑡	PROPN
arjefm-60	155	11	)	)	PUNCT
arjefm-60	155	12	≠	≠	PROPN
arjefm-60	155	13	0	0	X
arjefm-60	155	14	.	.	PUNCT
arjefm-60	155	15	suppose	suppose	VERB
arjefm-60	155	16	,	,	PUNCT
arjefm-60	155	17	like	like	ADP
arjefm-60	155	18	baum	baum	PROPN
arjefm-60	155	19	and	and	CCONJ
arjefm-60	155	20	al	al	PROPN
arjefm-60	155	21	(	(	PUNCT
arjefm-60	155	22	2002	2002	NUM
arjefm-60	155	23	)	)	PUNCT
arjefm-60	155	24	,	,	PUNCT
arjefm-60	155	25	that	that	SCONJ
arjefm-60	155	26	this	this	DET
arjefm-60	155	27	conditional	conditional	ADJ
arjefm-60	155	28	expectation	expectation	NOUN
arjefm-60	155	29	is	be	AUX
arjefm-60	155	30	a	a	DET
arjefm-60	155	31	proportion	proportion	NOUN
arjefm-60	155	32	3.2	3.2	NUM
arjefm-60	155	33	.	.	PUNCT
arjefm-60	156	1	the	the	DET
arjefm-60	156	2	optimization	optimization	NOUN
arjefm-60	156	3	program	program	NOUN
arjefm-60	156	4	of	of	ADP
arjefm-60	156	5	the	the	DET
arjefm-60	156	6	risk	risk	NOUN
arjefm-60	156	7	averse	averse	ADJ
arjefm-60	156	8	bank	bank	NOUN
arjefm-60	156	9	with	with	ADP
arjefm-60	156	10	this	this	DET
arjefm-60	156	11	justification	justification	NOUN
arjefm-60	156	12	of	of	ADP
arjefm-60	156	13	the	the	DET
arjefm-60	156	14	choice	choice	NOUN
arjefm-60	156	15	of	of	ADP
arjefm-60	156	16	conditional	conditional	ADJ
arjefm-60	156	17	expectation	expectation	NOUN
arjefm-60	156	18	in	in	ADP
arjefm-60	156	19	the	the	DET
arjefm-60	156	20	bank	bank	NOUN
arjefm-60	156	21	's	's	PART
arjefm-60	156	22	program	program	NOUN
arjefm-60	156	23	,	,	PUNCT
arjefm-60	156	24	it	it	PRON
arjefm-60	156	25	follows	follow	VERB
arjefm-60	156	26	that	that	SCONJ
arjefm-60	156	27	the	the	DET
arjefm-60	156	28	objective	objective	NOUN
arjefm-60	156	29	-	-	PUNCT
arjefm-60	156	30	function	function	NOUN
arjefm-60	156	31	of	of	ADP
arjefm-60	156	32	the	the	DET
arjefm-60	156	33	bank	bank	NOUN
arjefm-60	156	34	is	be	AUX
arjefm-60	156	35	the	the	DET
arjefm-60	156	36	expected	expect	VERB
arjefm-60	156	37	utility	utility	NOUN
arjefm-60	156	38	of	of	ADP
arjefm-60	156	39	the	the	DET
arjefm-60	156	40	conditional	conditional	ADJ
arjefm-60	156	41	profit	profit	NOUN
arjefm-60	156	42	to	to	ADP
arjefm-60	156	43	the	the	DET
arjefm-60	156	44	perceived	perceive	VERB
arjefm-60	156	45	informative	informative	ADJ
arjefm-60	156	46	signal	signal	NOUN
arjefm-60	156	47	,	,	PUNCT
arjefm-60	156	48	as	as	ADP
arjefm-60	156	49	in	in	ADP
arjefm-60	156	50	calmès	calmès	NOUN
arjefm-60	156	51	and	and	CCONJ
arjefm-60	156	52	salazar	salazar	NOUN
arjefm-60	156	53	(	(	PUNCT
arjefm-60	156	54	2006	2006	NUM
arjefm-60	156	55	)	)	PUNCT
arjefm-60	156	56	.	.	PUNCT
arjefm-60	157	1	it	it	PRON
arjefm-60	157	2	will	will	AUX
arjefm-60	157	3	be	be	AUX
arjefm-60	157	4	noted	note	VERB
arjefm-60	157	5	𝐸(𝛱𝑖𝑡/𝑆𝑖𝑡	𝐸(𝛱𝑖𝑡/𝑆𝑖𝑡	NOUN
arjefm-60	157	6	)	)	PUNCT
arjefm-60	157	7	.	.	PUNCT
arjefm-60	158	1	some	some	DET
arjefm-60	158	2	restrictions	restriction	NOUN
arjefm-60	158	3	on	on	ADP
arjefm-60	158	4	the	the	DET
arjefm-60	158	5	utility	utility	NOUN
arjefm-60	158	6	function	function	NOUN
arjefm-60	158	7	or	or	CCONJ
arjefm-60	158	8	on	on	ADP
arjefm-60	158	9	the	the	DET
arjefm-60	158	10	prior	prior	ADJ
arjefm-60	158	11	distribution	distribution	NOUN
arjefm-60	158	12	of	of	ADP
arjefm-60	158	13	random	random	ADJ
arjefm-60	158	14	yields	yield	NOUN
arjefm-60	158	15	make	make	VERB
arjefm-60	158	16	it	it	PRON
arjefm-60	158	17	possible	possible	ADJ
arjefm-60	158	18	to	to	PART
arjefm-60	158	19	write	write	VERB
arjefm-60	158	20	the	the	DET
arjefm-60	158	21	objectivefunction	objectivefunction	NOUN
arjefm-60	158	22	above	above	ADV
arjefm-60	158	23	as	as	ADP
arjefm-60	158	24	a	a	DET
arjefm-60	158	25	mean	mean	ADJ
arjefm-60	158	26	-	-	PUNCT
arjefm-60	158	27	variance	variance	NOUN
arjefm-60	158	28	function	function	NOUN
arjefm-60	158	29	(	(	PUNCT
arjefm-60	158	30	tobin	tobin	NOUN
arjefm-60	158	31	,	,	PUNCT
arjefm-60	158	32	1958	1958	NUM
arjefm-60	158	33	;	;	PUNCT
arjefm-60	158	34	markowitz	markowitz	PROPN
arjefm-60	158	35	,	,	PUNCT
arjefm-60	158	36	1959	1959	NUM
arjefm-60	158	37	;	;	PUNCT
arjefm-60	158	38	levy	levy	NOUN
arjefm-60	158	39	-	-	PUNCT
arjefm-60	158	40	markowitz	markowitz	NOUN
arjefm-60	158	41	,	,	PUNCT
arjefm-60	158	42	1979	1979	NUM
arjefm-60	158	43	)	)	PUNCT
arjefm-60	158	44	.	.	PUNCT
arjefm-60	159	1	thus	thus	ADV
arjefm-60	159	2	,	,	PUNCT
arjefm-60	159	3	by	by	ADP
arjefm-60	159	4	noting	note	VERB
arjefm-60	159	5	,	,	PUNCT
arjefm-60	159	6	the	the	DET
arjefm-60	159	7	degree	degree	NOUN
arjefm-60	159	8	of	of	ADP
arjefm-60	159	9	bank	bank	NOUN
arjefm-60	159	10	aversion	aversion	NOUN
arjefm-60	159	11	to	to	AUX
arjefm-60	159	12	risk	risk	NOUN
arjefm-60	159	13	,	,	PUNCT
arjefm-60	159	14	we	we	PRON
arjefm-60	159	15	can	can	AUX
arjefm-60	159	16	write	write	VERB
arjefm-60	159	17	the	the	DET
arjefm-60	159	18	expected	expect	VERB
arjefm-60	159	19	utility	utility	NOUN
arjefm-60	159	20	of	of	ADP
arjefm-60	159	21	the	the	DET
arjefm-60	159	22	conditional	conditional	ADJ
arjefm-60	159	23	profit	profit	NOUN
arjefm-60	159	24	of	of	ADP
arjefm-60	159	25	bank	bank	NOUN
arjefm-60	159	26	at	at	ADP
arjefm-60	159	27	period	period	NOUN
arjefm-60	159	28	,	,	PUNCT
arjefm-60	159	29	as	as	SCONJ
arjefm-60	159	30	follows	follow	VERB
arjefm-60	159	31	:	:	PUNCT
arjefm-60	159	32	the	the	DET
arjefm-60	159	33	expected	expect	VERB
arjefm-60	159	34	return	return	NOUN
arjefm-60	159	35	of	of	ADP
arjefm-60	159	36	the	the	DET
arjefm-60	159	37	portfolio	portfolio	NOUN
arjefm-60	159	38	of	of	ADP
arjefm-60	159	39	the	the	DET
arjefm-60	159	40	bank	bank	NOUN
arjefm-60	159	41	at	at	ADP
arjefm-60	159	42	period	period	NOUN
arjefm-60	159	43	conditional	conditional	ADJ
arjefm-60	159	44	on	on	ADP
arjefm-60	159	45	the	the	DET
arjefm-60	159	46	received	receive	VERB
arjefm-60	159	47	signal	signal	NOUN
arjefm-60	159	48	is	be	AUX
arjefm-60	159	49	thus	thus	ADV
arjefm-60	159	50	written	write	VERB
arjefm-60	159	51	:	:	PUNCT
arjefm-60	159	52	𝜆𝑡𝑆𝑖𝑡	𝜆𝑡𝑆𝑖𝑡	PROPN
arjefm-60	159	53	)	)	PUNCT
arjefm-60	160	1	(	(	PUNCT
arjefm-60	160	2	22	22	X
arjefm-60	160	3	)	)	PUNCT
arjefm-60	160	4	it	it	PRON
arjefm-60	160	5	is	be	AUX
arjefm-60	160	6	shown	show	VERB
arjefm-60	160	7	that	that	SCONJ
arjefm-60	160	8	the	the	DET
arjefm-60	160	9	conditional	conditional	ADJ
arjefm-60	160	10	variance	variance	NOUN
arjefm-60	160	11	of	of	ADP
arjefm-60	160	12	the	the	DET
arjefm-60	160	13	return	return	NOUN
arjefm-60	160	14	of	of	ADP
arjefm-60	160	15	this	this	DET
arjefm-60	160	16	banking	banking	NOUN
arjefm-60	160	17	portfolio	portfolio	NOUN
arjefm-60	160	18	is	be	AUX
arjefm-60	160	19	(	(	PUNCT
arjefm-60	160	20	proof	proof	NOUN
arjefm-60	160	21	in	in	ADP
arjefm-60	160	22	appendix	appendix	ADJ
arjefm-60	160	23	a1	a1	NOUN
arjefm-60	160	24	):	):	PUNCT
arjefm-60	160	25	the	the	DET
arjefm-60	160	26	objective	objective	ADJ
arjefm-60	160	27	function	function	NOUN
arjefm-60	160	28	of	of	ADP
arjefm-60	160	29	the	the	DET
arjefm-60	160	30	bank	bank	NOUN
arjefm-60	160	31	is	be	AUX
arjefm-60	160	32	then	then	ADV
arjefm-60	160	33	written	write	VERB
arjefm-60	160	34	:	:	PUNCT
arjefm-60	160	35	maximizing	maximize	VERB
arjefm-60	160	36	with	with	ADP
arjefm-60	160	37	respect	respect	NOUN
arjefm-60	160	38	to	to	ADP
arjefm-60	160	39	,	,	PUNCT
arjefm-60	160	40	the	the	DET
arjefm-60	160	41	first	first	ADJ
arjefm-60	160	42	order	order	NOUN
arjefm-60	160	43	conditions	condition	NOUN
arjefm-60	160	44	are	be	AUX
arjefm-60	160	45	(	(	PUNCT
arjefm-60	160	46	proof	proof	NOUN
arjefm-60	160	47	in	in	ADP
arjefm-60	160	48	appendix	appendix	ADJ
arjefm-60	160	49	a2	a2	NOUN
arjefm-60	160	50	):	):	PUNCT
arjefm-60	160	51	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	160	52	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	160	53	american	american	PROPN
arjefm-60	160	54	research	research	PROPN
arjefm-60	160	55	journal	journal	PROPN
arjefm-60	160	56	of	of	ADP
arjefm-60	160	57	economics	economic	NOUN
arjefm-60	160	58	,	,	PUNCT
arjefm-60	160	59	finance	finance	NOUN
arjefm-60	160	60	and	and	CCONJ
arjefm-60	160	61	management	management	NOUN
arjefm-60	160	62	volume	volume	NOUN
arjefm-60	160	63	10	10	NUM
arjefm-60	160	64	issue	issue	NOUN
arjefm-60	160	65	1	1	NUM
arjefm-60	160	66	,	,	PUNCT
arjefm-60	160	67	january	january	PROPN
arjefm-60	160	68	-	-	PUNCT
arjefm-60	160	69	march	march	PROPN
arjefm-60	160	70	2022	2022	NUM
arjefm-60	160	71	issn	issn	NOUN
arjefm-60	160	72	:	:	PUNCT
arjefm-60	160	73	2836	2836	NUM
arjefm-60	160	74	-	-	SYM
arjefm-60	160	75	9416	9416	NUM
arjefm-60	160	76	impact	impact	NOUN
arjefm-60	160	77	factor	factor	NOUN
arjefm-60	160	78	:	:	PUNCT
arjefm-60	160	79	4.85	4.85	NUM
arjefm-60	160	80	journal	journal	NOUN
arjefm-60	160	81	homepage	homepage	NOUN
arjefm-60	160	82	:	:	PUNCT
arjefm-60	160	83	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	160	84	,	,	PUNCT
arjefm-60	160	85	email	email	NOUN
arjefm-60	160	86	:	:	PUNCT
arjefm-60	160	87	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	160	88	official	official	ADJ
arjefm-60	160	89	journal	journal	PROPN
arjefm-60	160	90	of	of	ADP
arjefm-60	160	91	america	america	PROPN
arjefm-60	160	92	serial	serial	PROPN
arjefm-60	160	93	publication	publication	NOUN
arjefm-60	160	94	american	american	PROPN
arjefm-60	160	95	research	research	PROPN
arjefm-60	160	96	journal	journal	PROPN
arjefm-60	160	97	of	of	ADP
arjefm-60	160	98	economics	economic	NOUN
arjefm-60	160	99	,	,	PUNCT
arjefm-60	160	100	finance	finance	NOUN
arjefm-60	160	101	and	and	CCONJ
arjefm-60	160	102	management	management	NOUN
arjefm-60	160	103	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	160	104	,	,	PUNCT
arjefm-60	160	105	email	email	NOUN
arjefm-60	160	106	:	:	PUNCT
arjefm-60	160	107	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	160	108	21	21	NUM
arjefm-60	161	1	|	|	ADV
arjefm-60	161	2	p	p	X
arjefm-60	161	3	a	a	DET
arjefm-60	161	4	g	g	NOUN
arjefm-60	161	5	e	e	ADP
arjefm-60	161	6	3.3	3.3	NUM
arjefm-60	161	7	.	.	PUNCT
arjefm-60	162	1	absorption	absorption	NOUN
arjefm-60	162	2	of	of	ADP
arjefm-60	162	3	excess	excess	ADJ
arjefm-60	162	4	liquidity	liquidity	NOUN
arjefm-60	162	5	in	in	ADP
arjefm-60	162	6	a	a	DET
arjefm-60	162	7	context	context	NOUN
arjefm-60	162	8	of	of	ADP
arjefm-60	162	9	uncertainty	uncertainty	NOUN
arjefm-60	162	10	let	let	VERB
arjefm-60	162	11	us	we	PRON
arjefm-60	162	12	now	now	ADV
arjefm-60	162	13	show	show	VERB
arjefm-60	162	14	that	that	SCONJ
arjefm-60	162	15	economic	economic	ADJ
arjefm-60	162	16	uncertainty	uncertainty	NOUN
arjefm-60	162	17	is	be	AUX
arjefm-60	162	18	also	also	ADV
arjefm-60	162	19	reflected	reflect	VERB
arjefm-60	162	20	in	in	ADP
arjefm-60	162	21	a	a	DET
arjefm-60	162	22	decrease	decrease	NOUN
arjefm-60	162	23	in	in	ADP
arjefm-60	162	24	the	the	DET
arjefm-60	162	25	supply	supply	NOUN
arjefm-60	162	26	of	of	ADP
arjefm-60	162	27	funds	fund	NOUN
arjefm-60	162	28	of	of	ADP
arjefm-60	162	29	the	the	DET
arjefm-60	162	30	bank	bank	NOUN
arjefm-60	162	31	.	.	PUNCT
arjefm-60	163	1	for	for	ADP
arjefm-60	163	2	this	this	PRON
arjefm-60	163	3	,	,	PUNCT
arjefm-60	163	4	we	we	PRON
arjefm-60	163	5	determine	determine	VERB
arjefm-60	163	6	the	the	DET
arjefm-60	163	7	direction	direction	NOUN
arjefm-60	163	8	of	of	ADP
arjefm-60	163	9	the	the	DET
arjefm-60	163	10	relationship	relationship	NOUN
arjefm-60	163	11	between	between	ADP
arjefm-60	163	12	the	the	DET
arjefm-60	163	13	homogeneous	homogeneous	ADJ
arjefm-60	163	14	aggregate	aggregate	ADJ
arjefm-60	163	15	shock	shock	NOUN
arjefm-60	163	16	and	and	CCONJ
arjefm-60	163	17	the	the	DET
arjefm-60	163	18	proportion	proportion	NOUN
arjefm-60	163	19	of	of	ADP
arjefm-60	163	20	loans	loan	NOUN
arjefm-60	163	21	in	in	ADP
arjefm-60	163	22	the	the	DET
arjefm-60	163	23	bank	bank	NOUN
arjefm-60	163	24	's	's	PART
arjefm-60	163	25	portfolio	portfolio	NOUN
arjefm-60	163	26	:	:	PUNCT
arjefm-60	163	27	when	when	SCONJ
arjefm-60	163	28	the	the	DET
arjefm-60	163	29	degree	degree	NOUN
arjefm-60	163	30	of	of	ADP
arjefm-60	163	31	uncertainty	uncertainty	NOUN
arjefm-60	163	32	in	in	ADP
arjefm-60	163	33	the	the	DET
arjefm-60	163	34	economy	economy	NOUN
arjefm-60	163	35	𝜎𝜐2𝑡	𝜎𝜐2𝑡	NOUN
arjefm-60	163	36	increases	increase	VERB
arjefm-60	163	37	,	,	PUNCT
arjefm-60	163	38	the	the	DET
arjefm-60	163	39	proportion	proportion	NOUN
arjefm-60	163	40	𝑥𝑖𝑡	𝑥𝑖𝑡	PROPN
arjefm-60	163	41	of	of	ADP
arjefm-60	163	42	funds	fund	NOUN
arjefm-60	163	43	invested	invest	VERB
arjefm-60	163	44	in	in	ADP
arjefm-60	163	45	loans	loan	NOUN
arjefm-60	163	46	decreases	decrease	NOUN
arjefm-60	163	47	in	in	ADP
arjefm-60	163	48	favor	favor	NOUN
arjefm-60	163	49	of	of	ADP
arjefm-60	163	50	safe	safe	ADJ
arjefm-60	163	51	securities	security	NOUN
arjefm-60	163	52	.	.	PUNCT
arjefm-60	164	1	indeed	indeed	ADV
arjefm-60	164	2	,	,	PUNCT
arjefm-60	164	3	with	with	ADP
arjefm-60	164	4	the	the	DET
arjefm-60	164	5	increase	increase	NOUN
arjefm-60	164	6	of	of	ADP
arjefm-60	164	7	the	the	DET
arjefm-60	164	8	noise	noise	NOUN
arjefm-60	164	9	in	in	ADP
arjefm-60	164	10	the	the	DET
arjefm-60	164	11	signal	signal	NOUN
arjefm-60	164	12	,	,	PUNCT
arjefm-60	164	13	it	it	PRON
arjefm-60	164	14	becomes	become	VERB
arjefm-60	164	15	more	more	ADV
arjefm-60	164	16	and	and	CCONJ
arjefm-60	164	17	more	more	ADV
arjefm-60	164	18	difficult	difficult	ADJ
arjefm-60	164	19	to	to	PART
arjefm-60	164	20	determine	determine	VERB
arjefm-60	164	21	the	the	DET
arjefm-60	164	22	true	true	ADJ
arjefm-60	164	23	value	value	NOUN
arjefm-60	164	24	of	of	ADP
arjefm-60	164	25	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	164	26	as	as	ADV
arjefm-60	164	27	well	well	ADV
arjefm-60	164	28	as	as	ADP
arjefm-60	164	29	the	the	DET
arjefm-60	164	30	optimal	optimal	ADJ
arjefm-60	164	31	rate	rate	NOUN
arjefm-60	164	32	of	of	ADP
arjefm-60	164	33	return	return	NOUN
arjefm-60	164	34	of	of	ADP
arjefm-60	164	35	the	the	DET
arjefm-60	164	36	loans	loan	NOUN
arjefm-60	164	37	.	.	PUNCT
arjefm-60	165	1	in	in	ADP
arjefm-60	165	2	this	this	DET
arjefm-60	165	3	case	case	NOUN
arjefm-60	165	4	,	,	PUNCT
arjefm-60	165	5	when	when	SCONJ
arjefm-60	165	6	the	the	DET
arjefm-60	165	7	risk	risk	NOUN
arjefm-60	165	8	perceived	perceive	VERB
arjefm-60	165	9	by	by	ADP
arjefm-60	165	10	the	the	DET
arjefm-60	165	11	bank	bank	NOUN
arjefm-60	165	12	exceeds	exceed	VERB
arjefm-60	165	13	a	a	DET
arjefm-60	165	14	signal	signal	NOUN
arjefm-60	165	15	that	that	SCONJ
arjefm-60	165	16	it	it	PRON
arjefm-60	165	17	considers	consider	VERB
arjefm-60	165	18	acceptable	acceptable	ADJ
arjefm-60	165	19	,	,	PUNCT
arjefm-60	165	20	it	it	PRON
arjefm-60	165	21	is	be	AUX
arjefm-60	165	22	encouraged	encourage	VERB
arjefm-60	165	23	to	to	PART
arjefm-60	165	24	lower	lower	VERB
arjefm-60	165	25	the	the	DET
arjefm-60	165	26	proportion	proportion	NOUN
arjefm-60	165	27	of	of	ADP
arjefm-60	165	28	funds	fund	NOUN
arjefm-60	165	29	invested	invest	VERB
arjefm-60	165	30	in	in	ADP
arjefm-60	165	31	loans	loan	NOUN
arjefm-60	165	32	and	and	CCONJ
arjefm-60	165	33	to	to	PART
arjefm-60	165	34	increase	increase	VERB
arjefm-60	165	35	that	that	PRON
arjefm-60	165	36	invested	invest	VERB
arjefm-60	165	37	in	in	ADP
arjefm-60	165	38	safe	safe	ADJ
arjefm-60	165	39	securities	security	NOUN
arjefm-60	165	40	.	.	PUNCT
arjefm-60	166	1	it	it	PRON
arjefm-60	166	2	is	be	AUX
arjefm-60	166	3	also	also	ADV
arjefm-60	166	4	possible	possible	ADJ
arjefm-60	166	5	to	to	PART
arjefm-60	166	6	evaluate	evaluate	VERB
arjefm-60	166	7	the	the	DET
arjefm-60	166	8	impact	impact	NOUN
arjefm-60	166	9	of	of	ADP
arjefm-60	166	10	uncertainty	uncertainty	NOUN
arjefm-60	166	11	on	on	ADP
arjefm-60	166	12	the	the	DET
arjefm-60	166	13	variance	variance	NOUN
arjefm-60	166	14	of	of	ADP
arjefm-60	166	15	the	the	DET
arjefm-60	166	16	ratio	ratio	NOUN
arjefm-60	166	17	of	of	ADP
arjefm-60	166	18	loans	loan	NOUN
arjefm-60	166	19	to	to	ADP
arjefm-60	166	20	banks	bank	NOUN
arjefm-60	166	21	'	'	PART
arjefm-60	166	22	assets	asset	NOUN
arjefm-60	166	23	:	:	PUNCT
arjefm-60	166	24	as	as	ADP
arjefm-60	166	25	the	the	DET
arjefm-60	166	26	level	level	NOUN
arjefm-60	166	27	of	of	ADP
arjefm-60	166	28	uncertainty	uncertainty	NOUN
arjefm-60	166	29	in	in	ADP
arjefm-60	166	30	the	the	DET
arjefm-60	166	31	economy	economy	NOUN
arjefm-60	166	32	increases	increase	NOUN
arjefm-60	166	33	,	,	PUNCT
arjefm-60	166	34	so	so	ADV
arjefm-60	166	35	does	do	VERB
arjefm-60	166	36	the	the	DET
arjefm-60	166	37	variance	variance	NOUN
arjefm-60	166	38	in	in	ADP
arjefm-60	166	39	the	the	DET
arjefm-60	166	40	ratio	ratio	NOUN
arjefm-60	166	41	of	of	ADP
arjefm-60	166	42	loans	loan	NOUN
arjefm-60	166	43	to	to	ADP
arjefm-60	166	44	total	total	ADJ
arjefm-60	166	45	assets	asset	NOUN
arjefm-60	166	46	.	.	PUNCT
arjefm-60	167	1	in	in	ADP
arjefm-60	167	2	this	this	DET
arjefm-60	167	3	case	case	NOUN
arjefm-60	167	4	,	,	PUNCT
arjefm-60	167	5	the	the	DET
arjefm-60	167	6	bank	bank	NOUN
arjefm-60	167	7	reallocates	reallocate	VERB
arjefm-60	167	8	the	the	DET
arjefm-60	167	9	excess	excess	ADJ
arjefm-60	167	10	liquidity	liquidity	NOUN
arjefm-60	167	11	by	by	ADP
arjefm-60	167	12	reassigning	reassign	VERB
arjefm-60	167	13	the	the	DET
arjefm-60	167	14	proportion	proportion	NOUN
arjefm-60	167	15	of	of	ADP
arjefm-60	167	16	credit	credit	NOUN
arjefm-60	167	17	and	and	CCONJ
arjefm-60	167	18	safe	safe	ADJ
arjefm-60	167	19	securities	security	NOUN
arjefm-60	167	20	in	in	ADP
arjefm-60	167	21	its	its	PRON
arjefm-60	167	22	portfolio	portfolio	NOUN
arjefm-60	167	23	.	.	PUNCT
arjefm-60	168	1	more	more	ADV
arjefm-60	168	2	precisely	precisely	ADV
arjefm-60	168	3	,	,	PUNCT
arjefm-60	168	4	the	the	DET
arjefm-60	168	5	bank	bank	NOUN
arjefm-60	168	6	decreases	decrease	VERB
arjefm-60	168	7	the	the	DET
arjefm-60	168	8	proportion	proportion	NOUN
arjefm-60	168	9	of	of	ADP
arjefm-60	168	10	loans	loan	NOUN
arjefm-60	168	11	deemed	deem	VERB
arjefm-60	168	12	to	to	PART
arjefm-60	168	13	be	be	AUX
arjefm-60	168	14	riskier	risky	ADJ
arjefm-60	168	15	and	and	CCONJ
arjefm-60	168	16	increases	increase	VERB
arjefm-60	168	17	the	the	DET
arjefm-60	168	18	proportion	proportion	NOUN
arjefm-60	168	19	of	of	ADP
arjefm-60	168	20	safe	safe	ADJ
arjefm-60	168	21	securities	security	NOUN
arjefm-60	168	22	.	.	PUNCT
arjefm-60	169	1	these	these	DET
arjefm-60	169	2	theoretical	theoretical	ADJ
arjefm-60	169	3	results	result	NOUN
arjefm-60	169	4	are	be	AUX
arjefm-60	169	5	consistent	consistent	ADJ
arjefm-60	169	6	with	with	ADP
arjefm-60	169	7	the	the	DET
arjefm-60	169	8	results	result	NOUN
arjefm-60	169	9	of	of	ADP
arjefm-60	169	10	various	various	ADJ
arjefm-60	169	11	empirical	empirical	ADJ
arjefm-60	169	12	studies	study	NOUN
arjefm-60	169	13	(	(	PUNCT
arjefm-60	169	14	sigouin	sigouin	NOUN
arjefm-60	169	15	,	,	PUNCT
arjefm-60	169	16	2003	2003	NUM
arjefm-60	169	17	;	;	PUNCT
arjefm-60	169	18	calmès	calmès	NOUN
arjefm-60	169	19	,	,	PUNCT
arjefm-60	169	20	2004	2004	NUM
arjefm-60	169	21	;	;	PUNCT
arjefm-60	169	22	beguy	beguy	NOUN
arjefm-60	169	23	,	,	PUNCT
arjefm-60	169	24	2012	2012	NUM
arjefm-60	169	25	)	)	PUNCT
arjefm-60	169	26	.	.	PUNCT
arjefm-60	170	1	the	the	DET
arjefm-60	170	2	excess	excess	ADJ
arjefm-60	170	3	liquidity	liquidity	NOUN
arjefm-60	170	4	does	do	AUX
arjefm-60	170	5	not	not	PART
arjefm-60	170	6	systematically	systematically	ADV
arjefm-60	170	7	go	go	VERB
arjefm-60	170	8	to	to	ADP
arjefm-60	170	9	the	the	DET
arjefm-60	170	10	financing	financing	NOUN
arjefm-60	170	11	of	of	ADP
arjefm-60	170	12	the	the	DET
arjefm-60	170	13	economy	economy	NOUN
arjefm-60	170	14	.	.	PUNCT
arjefm-60	171	1	it	it	PRON
arjefm-60	171	2	can	can	AUX
arjefm-60	171	3	be	be	AUX
arjefm-60	171	4	mainly	mainly	ADV
arjefm-60	171	5	invested	invest	VERB
arjefm-60	171	6	in	in	ADP
arjefm-60	171	7	safe	safe	ADJ
arjefm-60	171	8	securities	security	NOUN
arjefm-60	171	9	.	.	PUNCT
arjefm-60	172	1	we	we	PRON
arjefm-60	172	2	summarize	summarize	VERB
arjefm-60	172	3	theses	theses	DET
arjefm-60	172	4	results	result	NOUN
arjefm-60	172	5	in	in	ADP
arjefm-60	172	6	the	the	DET
arjefm-60	172	7	following	follow	VERB
arjefm-60	172	8	proposition	proposition	NOUN
arjefm-60	172	9	.	.	PUNCT
arjefm-60	173	1	proposition	proposition	NOUN
arjefm-60	173	2	3	3	NUM
arjefm-60	173	3	:	:	PUNCT
arjefm-60	173	4	in	in	ADP
arjefm-60	173	5	a	a	DET
arjefm-60	173	6	context	context	NOUN
arjefm-60	173	7	of	of	ADP
arjefm-60	173	8	high	high	ADJ
arjefm-60	173	9	expected	expect	VERB
arjefm-60	173	10	return	return	NOUN
arjefm-60	173	11	of	of	ADP
arjefm-60	173	12	the	the	DET
arjefm-60	173	13	bank	bank	NOUN
arjefm-60	173	14	portfolio	portfolio	NOUN
arjefm-60	173	15	,	,	PUNCT
arjefm-60	173	16	when	when	SCONJ
arjefm-60	173	17	the	the	DET
arjefm-60	173	18	degree	degree	NOUN
arjefm-60	173	19	of	of	ADP
arjefm-60	173	20	uncertainty	uncertainty	NOUN
arjefm-60	173	21	in	in	ADP
arjefm-60	173	22	the	the	DET
arjefm-60	173	23	economy	economy	NOUN
arjefm-60	173	24	increases	increase	NOUN
arjefm-60	173	25	,	,	PUNCT
arjefm-60	173	26	the	the	DET
arjefm-60	173	27	proportion	proportion	NOUN
arjefm-60	173	28	𝑥𝑖𝑡	𝑥𝑖𝑡	PROPN
arjefm-60	173	29	of	of	ADP
arjefm-60	173	30	funds	fund	NOUN
arjefm-60	173	31	invested	invest	VERB
arjefm-60	173	32	in	in	ADP
arjefm-60	173	33	loans	loan	NOUN
arjefm-60	173	34	decreases	decrease	NOUN
arjefm-60	173	35	in	in	ADP
arjefm-60	173	36	favor	favor	NOUN
arjefm-60	173	37	of	of	ADP
arjefm-60	173	38	securities	security	NOUN
arjefm-60	173	39	security	security	NOUN
arjefm-60	173	40	.	.	PUNCT
arjefm-60	174	1	as	as	ADP
arjefm-60	174	2	the	the	DET
arjefm-60	174	3	level	level	NOUN
arjefm-60	174	4	of	of	ADP
arjefm-60	174	5	uncertainty	uncertainty	NOUN
arjefm-60	174	6	in	in	ADP
arjefm-60	174	7	the	the	DET
arjefm-60	174	8	economy	economy	NOUN
arjefm-60	174	9	increases	increase	NOUN
arjefm-60	174	10	,	,	PUNCT
arjefm-60	174	11	so	so	ADV
arjefm-60	174	12	does	do	VERB
arjefm-60	174	13	the	the	DET
arjefm-60	174	14	variance	variance	NOUN
arjefm-60	174	15	in	in	ADP
arjefm-60	174	16	the	the	DET
arjefm-60	174	17	ratio	ratio	NOUN
arjefm-60	174	18	of	of	ADP
arjefm-60	174	19	loans	loan	NOUN
arjefm-60	174	20	to	to	ADP
arjefm-60	174	21	total	total	ADJ
arjefm-60	174	22	assets	asset	NOUN
arjefm-60	174	23	.	.	PUNCT
arjefm-60	175	1	this	this	PRON
arjefm-60	175	2	means	mean	VERB
arjefm-60	175	3	that	that	SCONJ
arjefm-60	175	4	banks	bank	NOUN
arjefm-60	175	5	tend	tend	VERB
arjefm-60	175	6	to	to	PART
arjefm-60	175	7	choose	choose	VERB
arjefm-60	175	8	portfolios	portfolio	NOUN
arjefm-60	175	9	that	that	PRON
arjefm-60	175	10	are	be	AUX
arjefm-60	175	11	similar	similar	ADJ
arjefm-60	175	12	in	in	ADP
arjefm-60	175	13	terms	term	NOUN
arjefm-60	175	14	of	of	ADP
arjefm-60	175	15	asset	asset	NOUN
arjefm-60	175	16	allocation	allocation	NOUN
arjefm-60	175	17	.	.	PUNCT
arjefm-60	176	1	this	this	PRON
arjefm-60	176	2	leads	lead	VERB
arjefm-60	176	3	to	to	ADP
arjefm-60	176	4	a	a	DET
arjefm-60	176	5	decrease	decrease	NOUN
arjefm-60	176	6	in	in	ADP
arjefm-60	176	7	the	the	DET
arjefm-60	176	8	overall	overall	ADJ
arjefm-60	176	9	supply	supply	NOUN
arjefm-60	176	10	of	of	ADP
arjefm-60	176	11	funds	fund	NOUN
arjefm-60	176	12	on	on	ADP
arjefm-60	176	13	the	the	DET
arjefm-60	176	14	market	market	NOUN
arjefm-60	176	15	.	.	PUNCT
arjefm-60	177	1	4	4	X
arjefm-60	177	2	.	.	X
arjefm-60	177	3	concluding	conclude	VERB
arjefm-60	177	4	remarks	remark	NOUN
arjefm-60	177	5	in	in	ADP
arjefm-60	177	6	this	this	DET
arjefm-60	177	7	paper	paper	NOUN
arjefm-60	177	8	,	,	PUNCT
arjefm-60	177	9	we	we	PRON
arjefm-60	177	10	have	have	AUX
arjefm-60	177	11	developed	develop	VERB
arjefm-60	177	12	a	a	DET
arjefm-60	177	13	theoretical	theoretical	ADJ
arjefm-60	177	14	model	model	NOUN
arjefm-60	177	15	in	in	ADP
arjefm-60	177	16	which	which	PRON
arjefm-60	177	17	excess	excess	ADJ
arjefm-60	177	18	banking	banking	NOUN
arjefm-60	177	19	liquidity	liquidity	NOUN
arjefm-60	177	20	results	result	VERB
arjefm-60	177	21	from	from	ADP
arjefm-60	177	22	an	an	DET
arjefm-60	177	23	optimal	optimal	ADJ
arjefm-60	177	24	behavior	behavior	NOUN
arjefm-60	177	25	of	of	ADP
arjefm-60	177	26	a	a	DET
arjefm-60	177	27	risk	risk	NOUN
arjefm-60	177	28	neutral	neutral	ADJ
arjefm-60	177	29	profit	profit	NOUN
arjefm-60	177	30	-	-	PUNCT
arjefm-60	177	31	maximizing	maximize	VERB
arjefm-60	177	32	bank	bank	NOUN
arjefm-60	177	33	.	.	PUNCT
arjefm-60	178	1	whatever	whatever	PRON
arjefm-60	178	2	the	the	DET
arjefm-60	178	3	degree	degree	NOUN
arjefm-60	178	4	of	of	ADP
arjefm-60	178	5	economic	economic	ADJ
arjefm-60	178	6	uncertainty	uncertainty	NOUN
arjefm-60	178	7	(	(	PUNCT
arjefm-60	178	8	low	low	ADJ
arjefm-60	178	9	uncertainty	uncertainty	NOUN
arjefm-60	178	10	or	or	CCONJ
arjefm-60	178	11	high	high	ADJ
arjefm-60	178	12	uncertainty	uncertainty	NOUN
arjefm-60	178	13	)	)	PUNCT
arjefm-60	178	14	,	,	PUNCT
arjefm-60	178	15	there	there	PRON
arjefm-60	178	16	is	be	VERB
arjefm-60	178	17	excess	excess	ADJ
arjefm-60	178	18	liquidity	liquidity	NOUN
arjefm-60	178	19	if	if	SCONJ
arjefm-60	178	20	the	the	DET
arjefm-60	178	21	expected	expect	VERB
arjefm-60	178	22	return	return	NOUN
arjefm-60	178	23	of	of	ADP
arjefm-60	178	24	the	the	DET
arjefm-60	178	25	banking	banking	NOUN
arjefm-60	178	26	portfolio	portfolio	NOUN
arjefm-60	178	27	(	(	PUNCT
arjefm-60	178	28	safe	safe	ADJ
arjefm-60	178	29	securities	security	NOUN
arjefm-60	178	30	,	,	PUNCT
arjefm-60	178	31	loan	loan	NOUN
arjefm-60	178	32	financing	financing	NOUN
arjefm-60	178	33	,	,	PUNCT
arjefm-60	178	34	etc	etc	X
arjefm-60	178	35	.	.	X
arjefm-60	178	36	)	)	PUNCT
arjefm-60	178	37	is	be	AUX
arjefm-60	178	38	too	too	ADV
arjefm-60	178	39	low	low	ADJ
arjefm-60	178	40	.	.	PUNCT
arjefm-60	179	1	in	in	ADP
arjefm-60	179	2	order	order	NOUN
arjefm-60	179	3	to	to	PART
arjefm-60	179	4	overcome	overcome	VERB
arjefm-60	179	5	the	the	DET
arjefm-60	179	6	excess	excess	ADJ
arjefm-60	179	7	liquidity	liquidity	NOUN
arjefm-60	179	8	in	in	ADP
arjefm-60	179	9	countries	country	NOUN
arjefm-60	179	10	facing	face	VERB
arjefm-60	179	11	a	a	DET
arjefm-60	179	12	subfinancing	subfinancing	NOUN
arjefm-60	179	13	of	of	ADP
arjefm-60	179	14	the	the	DET
arjefm-60	179	15	economy	economy	NOUN
arjefm-60	179	16	,	,	PUNCT
arjefm-60	179	17	the	the	DET
arjefm-60	179	18	regulator	regulator	NOUN
arjefm-60	179	19	can	can	AUX
arjefm-60	179	20	implement	implement	VERB
arjefm-60	179	21	incentive	incentive	NOUN
arjefm-60	179	22	measures	measure	NOUN
arjefm-60	179	23	that	that	PRON
arjefm-60	179	24	reinforce	reinforce	VERB
arjefm-60	179	25	the	the	DET
arjefm-60	179	26	return	return	NOUN
arjefm-60	179	27	of	of	ADP
arjefm-60	179	28	bank	bank	NOUN
arjefm-60	179	29	portfolios	portfolio	NOUN
arjefm-60	179	30	.	.	PUNCT
arjefm-60	180	1	put	put	VERB
arjefm-60	180	2	another	another	DET
arjefm-60	180	3	way	way	NOUN
arjefm-60	180	4	,	,	PUNCT
arjefm-60	180	5	an	an	DET
arjefm-60	180	6	economic	economic	ADJ
arjefm-60	180	7	policy	policy	NOUN
arjefm-60	180	8	implication	implication	NOUN
arjefm-60	180	9	is	be	AUX
arjefm-60	180	10	that	that	SCONJ
arjefm-60	180	11	the	the	DET
arjefm-60	180	12	absorption	absorption	NOUN
arjefm-60	180	13	of	of	ADP
arjefm-60	180	14	excess	excess	ADJ
arjefm-60	180	15	liquidity	liquidity	NOUN
arjefm-60	180	16	does	do	AUX
arjefm-60	180	17	not	not	PART
arjefm-60	180	18	only	only	ADV
arjefm-60	180	19	go	go	VERB
arjefm-60	180	20	through	through	ADP
arjefm-60	180	21	policies	policy	NOUN
arjefm-60	180	22	aimed	aim	VERB
arjefm-60	180	23	at	at	ADP
arjefm-60	180	24	minimizing	minimize	VERB
arjefm-60	180	25	uncertainty	uncertainty	NOUN
arjefm-60	180	26	but	but	CCONJ
arjefm-60	180	27	especially	especially	ADV
arjefm-60	180	28	by	by	ADP
arjefm-60	180	29	measures	measure	NOUN
arjefm-60	180	30	to	to	PART
arjefm-60	180	31	strengthen	strengthen	VERB
arjefm-60	180	32	financial	financial	ADJ
arjefm-60	180	33	market	market	NOUN
arjefm-60	180	34	incentives	incentive	NOUN
arjefm-60	180	35	for	for	ADP
arjefm-60	180	36	bank	bank	NOUN
arjefm-60	180	37	portfolios	portfolio	NOUN
arjefm-60	180	38	.	.	PUNCT
arjefm-60	181	1	examples	example	NOUN
arjefm-60	181	2	of	of	ADP
arjefm-60	181	3	such	such	ADJ
arjefm-60	181	4	measures	measure	NOUN
arjefm-60	181	5	are	be	AUX
arjefm-60	181	6	:	:	PUNCT
arjefm-60	181	7	setting	set	VERB
arjefm-60	181	8	a	a	DET
arjefm-60	181	9	satisfactory	satisfactory	ADJ
arjefm-60	181	10	level	level	NOUN
arjefm-60	181	11	of	of	ADP
arjefm-60	181	12	credit	credit	NOUN
arjefm-60	181	13	cost	cost	NOUN
arjefm-60	181	14	for	for	ADP
arjefm-60	181	15	banks	bank	NOUN
arjefm-60	181	16	through	through	ADP
arjefm-60	181	17	monetary	monetary	ADJ
arjefm-60	181	18	policy	policy	NOUN
arjefm-60	181	19	;	;	PUNCT
arjefm-60	181	20	setting	set	VERB
arjefm-60	181	21	a	a	DET
arjefm-60	181	22	satisfactory	satisfactory	ADJ
arjefm-60	181	23	level	level	NOUN
arjefm-60	181	24	of	of	ADP
arjefm-60	181	25	risk	risk	NOUN
arjefm-60	181	26	free	free	ADJ
arjefm-60	181	27	rate	rate	NOUN
arjefm-60	181	28	;	;	PUNCT
arjefm-60	181	29	reduced	reduce	VERB
arjefm-60	181	30	costs	cost	NOUN
arjefm-60	181	31	of	of	ADP
arjefm-60	181	32	bank	bank	NOUN
arjefm-60	181	33	deposits	deposit	NOUN
arjefm-60	181	34	;	;	PUNCT
arjefm-60	181	35	reduced	reduce	VERB
arjefm-60	181	36	fixed	fix	VERB
arjefm-60	181	37	costs	cost	NOUN
arjefm-60	181	38	related	relate	VERB
arjefm-60	181	39	to	to	ADP
arjefm-60	181	40	the	the	DET
arjefm-60	181	41	conversion	conversion	NOUN
arjefm-60	181	42	of	of	ADP
arjefm-60	181	43	safe	safe	ADJ
arjefm-60	181	44	securities	security	NOUN
arjefm-60	181	45	into	into	ADP
arjefm-60	181	46	liquidity	liquidity	NOUN
arjefm-60	181	47	;	;	PUNCT
arjefm-60	181	48	reduces	reduce	VERB
arjefm-60	181	49	fixed	fix	VERB
arjefm-60	181	50	costs	cost	NOUN
arjefm-60	181	51	related	relate	VERB
arjefm-60	181	52	to	to	ADP
arjefm-60	181	53	the	the	DET
arjefm-60	181	54	conversion	conversion	NOUN
arjefm-60	181	55	of	of	ADP
arjefm-60	181	56	debt	debt	NOUN
arjefm-60	181	57	securities	security	NOUN
arjefm-60	181	58	into	into	ADP
arjefm-60	181	59	liquidity	liquidity	NOUN
arjefm-60	181	60	;	;	PUNCT
arjefm-60	181	61	etc	etc	X
arjefm-60	181	62	.	.	X
arjefm-60	182	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	182	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	183	1	american	american	PROPN
arjefm-60	183	2	research	research	PROPN
arjefm-60	183	3	journal	journal	PROPN
arjefm-60	183	4	of	of	ADP
arjefm-60	183	5	economics	economic	NOUN
arjefm-60	183	6	,	,	PUNCT
arjefm-60	183	7	finance	finance	NOUN
arjefm-60	183	8	and	and	CCONJ
arjefm-60	183	9	management	management	NOUN
arjefm-60	183	10	volume	volume	NOUN
arjefm-60	183	11	10	10	NUM
arjefm-60	183	12	issue	issue	NOUN
arjefm-60	183	13	1	1	NUM
arjefm-60	183	14	,	,	PUNCT
arjefm-60	183	15	january	january	PROPN
arjefm-60	183	16	-	-	PUNCT
arjefm-60	183	17	march	march	PROPN
arjefm-60	183	18	2022	2022	NUM
arjefm-60	183	19	issn	issn	NOUN
arjefm-60	183	20	:	:	PUNCT
arjefm-60	183	21	2836	2836	NUM
arjefm-60	183	22	-	-	SYM
arjefm-60	183	23	9416	9416	NUM
arjefm-60	183	24	impact	impact	NOUN
arjefm-60	183	25	factor	factor	NOUN
arjefm-60	183	26	:	:	PUNCT
arjefm-60	183	27	4.85	4.85	NUM
arjefm-60	183	28	journal	journal	NOUN
arjefm-60	183	29	homepage	homepage	NOUN
arjefm-60	183	30	:	:	PUNCT
arjefm-60	183	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	183	32	,	,	PUNCT
arjefm-60	183	33	email	email	NOUN
arjefm-60	183	34	:	:	PUNCT
arjefm-60	184	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	184	2	official	official	ADJ
arjefm-60	184	3	journal	journal	PROPN
arjefm-60	184	4	of	of	ADP
arjefm-60	184	5	america	america	PROPN
arjefm-60	184	6	serial	serial	PROPN
arjefm-60	184	7	publication	publication	NOUN
arjefm-60	184	8	american	american	PROPN
arjefm-60	184	9	research	research	PROPN
arjefm-60	184	10	journal	journal	PROPN
arjefm-60	184	11	of	of	ADP
arjefm-60	184	12	economics	economic	NOUN
arjefm-60	184	13	,	,	PUNCT
arjefm-60	184	14	finance	finance	NOUN
arjefm-60	184	15	and	and	CCONJ
arjefm-60	184	16	management	management	NOUN
arjefm-60	184	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	184	18	,	,	PUNCT
arjefm-60	184	19	email	email	NOUN
arjefm-60	184	20	:	:	PUNCT
arjefm-60	184	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	185	1	22	22	NUM
arjefm-60	186	1	|	|	ADV
arjefm-60	186	2	p	p	X
arjefm-60	186	3	a	a	DET
arjefm-60	186	4	g	g	NOUN
arjefm-60	186	5	e	e	NOUN
arjefm-60	186	6	in	in	ADP
arjefm-60	186	7	our	our	PRON
arjefm-60	186	8	model	model	NOUN
arjefm-60	186	9	,	,	PUNCT
arjefm-60	186	10	the	the	DET
arjefm-60	186	11	uncertainties	uncertainty	NOUN
arjefm-60	186	12	play	play	VERB
arjefm-60	186	13	an	an	DET
arjefm-60	186	14	active	active	ADJ
arjefm-60	186	15	role	role	NOUN
arjefm-60	186	16	in	in	ADP
arjefm-60	186	17	a	a	DET
arjefm-60	186	18	context	context	NOUN
arjefm-60	186	19	of	of	ADP
arjefm-60	186	20	high	high	ADJ
arjefm-60	186	21	expected	expect	VERB
arjefm-60	186	22	return	return	NOUN
arjefm-60	186	23	of	of	ADP
arjefm-60	186	24	the	the	DET
arjefm-60	186	25	bank	bank	NOUN
arjefm-60	186	26	portfolio	portfolio	NOUN
arjefm-60	186	27	.	.	PUNCT
arjefm-60	187	1	in	in	ADP
arjefm-60	187	2	this	this	DET
arjefm-60	187	3	case	case	NOUN
arjefm-60	187	4	,	,	PUNCT
arjefm-60	187	5	the	the	DET
arjefm-60	187	6	excess	excess	ADJ
arjefm-60	187	7	liquidity	liquidity	NOUN
arjefm-60	187	8	decreases	decrease	NOUN
arjefm-60	187	9	but	but	CCONJ
arjefm-60	187	10	it	it	PRON
arjefm-60	187	11	is	be	AUX
arjefm-60	187	12	not	not	PART
arjefm-60	187	13	systematically	systematically	ADV
arjefm-60	187	14	oriented	orient	VERB
arjefm-60	187	15	towards	towards	ADP
arjefm-60	187	16	the	the	DET
arjefm-60	187	17	financing	financing	NOUN
arjefm-60	187	18	of	of	ADP
arjefm-60	187	19	the	the	DET
arjefm-60	187	20	economy	economy	NOUN
arjefm-60	187	21	.	.	PUNCT
arjefm-60	188	1	in	in	ADP
arjefm-60	188	2	order	order	NOUN
arjefm-60	188	3	to	to	PART
arjefm-60	188	4	drain	drain	VERB
arjefm-60	188	5	excess	excess	ADJ
arjefm-60	188	6	liquidity	liquidity	NOUN
arjefm-60	188	7	towards	towards	ADP
arjefm-60	188	8	the	the	DET
arjefm-60	188	9	financing	financing	NOUN
arjefm-60	188	10	of	of	ADP
arjefm-60	188	11	private	private	ADJ
arjefm-60	188	12	sector	sector	NOUN
arjefm-60	188	13	of	of	ADP
arjefm-60	188	14	the	the	DET
arjefm-60	188	15	economy	economy	NOUN
arjefm-60	188	16	,	,	PUNCT
arjefm-60	188	17	the	the	DET
arjefm-60	188	18	regulator	regulator	NOUN
arjefm-60	188	19	should	should	AUX
arjefm-60	188	20	enforce	enforce	VERB
arjefm-60	188	21	measures	measure	NOUN
arjefm-60	188	22	that	that	PRON
arjefm-60	188	23	minimize	minimize	VERB
arjefm-60	188	24	the	the	DET
arjefm-60	188	25	economic	economic	ADJ
arjefm-60	188	26	uncertainties	uncertainty	NOUN
arjefm-60	188	27	.	.	PUNCT
arjefm-60	189	1	knowing	know	VERB
arjefm-60	189	2	that	that	SCONJ
arjefm-60	189	3	uncertainty	uncertainty	NOUN
arjefm-60	189	4	increases	increase	VERB
arjefm-60	189	5	the	the	DET
arjefm-60	189	6	credit	credit	NOUN
arjefm-60	189	7	risk	risk	NOUN
arjefm-60	189	8	,	,	PUNCT
arjefm-60	189	9	the	the	DET
arjefm-60	189	10	regulator	regulator	NOUN
arjefm-60	189	11	can	can	AUX
arjefm-60	189	12	apply	apply	VERB
arjefm-60	189	13	measures	measure	NOUN
arjefm-60	189	14	to	to	PART
arjefm-60	189	15	control	control	VERB
arjefm-60	189	16	credit	credit	NOUN
arjefm-60	189	17	risk	risk	NOUN
arjefm-60	189	18	so	so	SCONJ
arjefm-60	189	19	that	that	SCONJ
arjefm-60	189	20	the	the	DET
arjefm-60	189	21	excess	excess	ADJ
arjefm-60	189	22	liquidity	liquidity	NOUN
arjefm-60	189	23	is	be	AUX
arjefm-60	189	24	oriented	orient	VERB
arjefm-60	189	25	more	more	ADV
arjefm-60	189	26	on	on	ADP
arjefm-60	189	27	financing	finance	VERB
arjefm-60	189	28	the	the	DET
arjefm-60	189	29	economy	economy	NOUN
arjefm-60	189	30	than	than	ADP
arjefm-60	189	31	on	on	ADP
arjefm-60	189	32	investing	invest	VERB
arjefm-60	189	33	in	in	ADP
arjefm-60	189	34	safe	safe	ADJ
arjefm-60	189	35	securities	security	NOUN
arjefm-60	189	36	.	.	PUNCT
arjefm-60	190	1	such	such	ADJ
arjefm-60	190	2	measures	measure	NOUN
arjefm-60	190	3	concern	concern	VERB
arjefm-60	190	4	the	the	DET
arjefm-60	190	5	development	development	NOUN
arjefm-60	190	6	of	of	ADP
arjefm-60	190	7	insurance	insurance	NOUN
arjefm-60	190	8	products	product	NOUN
arjefm-60	190	9	(	(	PUNCT
arjefm-60	190	10	credit	credit	NOUN
arjefm-60	190	11	insurance	insurance	NOUN
arjefm-60	190	12	,	,	PUNCT
arjefm-60	190	13	credit	credit	NOUN
arjefm-60	190	14	derivatives	derivative	NOUN
arjefm-60	190	15	,	,	PUNCT
arjefm-60	190	16	etc	etc	X
arjefm-60	190	17	.	.	X
arjefm-60	190	18	)	)	PUNCT
arjefm-60	190	19	,	,	PUNCT
arjefm-60	190	20	the	the	DET
arjefm-60	190	21	establishment	establishment	NOUN
arjefm-60	190	22	of	of	ADP
arjefm-60	190	23	specific	specific	ADJ
arjefm-60	190	24	guarantee	guarantee	NOUN
arjefm-60	190	25	funds	fund	NOUN
arjefm-60	190	26	that	that	PRON
arjefm-60	190	27	can	can	AUX
arjefm-60	190	28	absorb	absorb	VERB
arjefm-60	190	29	the	the	DET
arjefm-60	190	30	banks	bank	NOUN
arjefm-60	190	31	'	'	PART
arjefm-60	190	32	excess	excess	ADJ
arjefm-60	190	33	liquidity	liquidity	NOUN
arjefm-60	190	34	by	by	ADP
arjefm-60	190	35	allowing	allow	VERB
arjefm-60	190	36	them	they	PRON
arjefm-60	190	37	to	to	PART
arjefm-60	190	38	recover	recover	VERB
arjefm-60	190	39	a	a	DET
arjefm-60	190	40	portion	portion	NOUN
arjefm-60	190	41	of	of	ADP
arjefm-60	190	42	their	their	PRON
arjefm-60	190	43	receivables	receivables	NOUN
arjefm-60	190	44	in	in	ADP
arjefm-60	190	45	the	the	DET
arjefm-60	190	46	event	event	NOUN
arjefm-60	190	47	of	of	ADP
arjefm-60	190	48	default	default	NOUN
arjefm-60	190	49	.	.	PUNCT
arjefm-60	191	1	another	another	DET
arjefm-60	191	2	measure	measure	NOUN
arjefm-60	191	3	is	be	AUX
arjefm-60	191	4	the	the	DET
arjefm-60	191	5	tax	tax	NOUN
arjefm-60	191	6	bonus	bonus	NOUN
arjefm-60	191	7	which	which	PRON
arjefm-60	191	8	encourages	encourage	VERB
arjefm-60	191	9	,	,	PUNCT
arjefm-60	191	10	via	via	ADP
arjefm-60	191	11	tax	tax	NOUN
arjefm-60	191	12	give	give	NOUN
arjefm-60	191	13	aways	away	NOUN
arjefm-60	191	14	,	,	PUNCT
arjefm-60	191	15	banks	bank	NOUN
arjefm-60	191	16	that	that	PRON
arjefm-60	191	17	are	be	AUX
arjefm-60	191	18	more	more	ADV
arjefm-60	191	19	involved	involved	ADJ
arjefm-60	191	20	in	in	ADP
arjefm-60	191	21	the	the	DET
arjefm-60	191	22	financing	financing	NOUN
arjefm-60	191	23	of	of	ADP
arjefm-60	191	24	the	the	DET
arjefm-60	191	25	economy	economy	NOUN
arjefm-60	191	26	.	.	PUNCT
arjefm-60	192	1	an	an	DET
arjefm-60	192	2	extension	extension	NOUN
arjefm-60	192	3	of	of	ADP
arjefm-60	192	4	this	this	DET
arjefm-60	192	5	work	work	NOUN
arjefm-60	192	6	could	could	AUX
arjefm-60	192	7	be	be	AUX
arjefm-60	192	8	to	to	PART
arjefm-60	192	9	empirically	empirically	ADV
arjefm-60	192	10	test	test	VERB
arjefm-60	192	11	the	the	DET
arjefm-60	192	12	hypothesis	hypothesis	NOUN
arjefm-60	192	13	that	that	PRON
arjefm-60	192	14	,	,	PUNCT
arjefm-60	192	15	for	for	ADP
arjefm-60	192	16	banks	bank	NOUN
arjefm-60	192	17	considered	consider	VERB
arjefm-60	192	18	to	to	PART
arjefm-60	192	19	hold	hold	VERB
arjefm-60	192	20	excess	excess	ADJ
arjefm-60	192	21	liquidity	liquidity	NOUN
arjefm-60	192	22	,	,	PUNCT
arjefm-60	192	23	one	one	PRON
arjefm-60	192	24	would	would	AUX
arjefm-60	192	25	expect	expect	VERB
arjefm-60	192	26	to	to	PART
arjefm-60	192	27	find	find	VERB
arjefm-60	192	28	that	that	SCONJ
arjefm-60	192	29	the	the	DET
arjefm-60	192	30	expected	expect	VERB
arjefm-60	192	31	return	return	NOUN
arjefm-60	192	32	on	on	ADP
arjefm-60	192	33	their	their	PRON
arjefm-60	192	34	banking	banking	NOUN
arjefm-60	192	35	portfolio	portfolio	NOUN
arjefm-60	192	36	is	be	AUX
arjefm-60	192	37	low	low	ADJ
arjefm-60	192	38	.	.	PUNCT
arjefm-60	193	1	and	and	CCONJ
arjefm-60	193	2	for	for	ADP
arjefm-60	193	3	the	the	DET
arjefm-60	193	4	others	other	NOUN
arjefm-60	193	5	,	,	PUNCT
arjefm-60	193	6	the	the	DET
arjefm-60	193	7	expected	expect	VERB
arjefm-60	193	8	return	return	NOUN
arjefm-60	193	9	on	on	ADP
arjefm-60	193	10	their	their	PRON
arjefm-60	193	11	banking	banking	NOUN
arjefm-60	193	12	portfolio	portfolio	NOUN
arjefm-60	193	13	is	be	AUX
arjefm-60	193	14	sufficiently	sufficiently	ADV
arjefm-60	193	15	high	high	ADJ
arjefm-60	193	16	.	.	PUNCT
arjefm-60	194	1	further	further	ADJ
arjefm-60	194	2	study	study	NOUN
arjefm-60	194	3	is	be	AUX
arjefm-60	194	4	expected	expect	VERB
arjefm-60	194	5	in	in	ADP
arjefm-60	194	6	the	the	DET
arjefm-60	194	7	future	future	NOUN
arjefm-60	194	8	.	.	PUNCT
arjefm-60	195	1	references	reference	NOUN
arjefm-60	195	2	agenor	agenor	NOUN
arjefm-60	195	3	p.-r	p.-r	PROPN
arjefm-60	195	4	.	.	PUNCT
arjefm-60	195	5	,	,	PUNCT
arjefm-60	195	6	aizenman	aizenman	NOUN
arjefm-60	195	7	j.	j.	PROPN
arjefm-60	195	8	,	,	PUNCT
arjefm-60	195	9	hoffmaister	hoffmaister	PROPN
arjefm-60	195	10	a.w	a.w	PROPN
arjefm-60	195	11	.	.	PROPN
arjefm-60	195	12	,	,	PUNCT
arjefm-60	195	13	2004	2004	NUM
arjefm-60	195	14	,	,	PUNCT
arjefm-60	195	15	«	«	PUNCT
arjefm-60	195	16	the	the	DET
arjefm-60	195	17	credit	credit	NOUN
arjefm-60	195	18	crunch	crunch	NOUN
arjefm-60	195	19	in	in	ADP
arjefm-60	195	20	east	east	PROPN
arjefm-60	195	21	asia	asia	PROPN
arjefm-60	195	22	:	:	PUNCT
arjefm-60	195	23	what	what	PRON
arjefm-60	195	24	can	can	AUX
arjefm-60	195	25	bank	bank	VERB
arjefm-60	195	26	excess	excess	ADJ
arjefm-60	195	27	liquid	liquid	ADJ
arjefm-60	195	28	assets	asset	NOUN
arjefm-60	195	29	tell	tell	VERB
arjefm-60	195	30	us	we	PRON
arjefm-60	195	31	?	?	PUNCT
arjefm-60	196	1	»	»	PUNCT
arjefm-60	196	2	,	,	PUNCT
arjefm-60	196	3	journal	journal	NOUN
arjefm-60	196	4	of	of	ADP
arjefm-60	196	5	international	international	ADJ
arjefm-60	196	6	money	money	NOUN
arjefm-60	196	7	and	and	CCONJ
arjefm-60	196	8	finance	finance	NOUN
arjefm-60	196	9	,	,	PUNCT
arjefm-60	196	10	vol	vol	NOUN
arjefm-60	196	11	.	.	PROPN
arjefm-60	196	12	23	23	NUM
arjefm-60	196	13	,	,	PUNCT
arjefm-60	196	14	pp	pp	ADJ
arjefm-60	196	15	.	.	PUNCT
arjefm-60	197	1	27	27	NUM
arjefm-60	197	2	–	–	SYM
arjefm-60	197	3	49	49	NUM
arjefm-60	197	4	.	.	PUNCT
arjefm-60	198	1	aryeetey	aryeetey	PROPN
arjefm-60	198	2	e.	e.	PROPN
arjefm-60	198	3	,	,	PUNCT
arjefm-60	198	4	1998	1998	NUM
arjefm-60	198	5	,	,	PUNCT
arjefm-60	198	6	«	«	PUNCT
arjefm-60	198	7	informal	informal	ADJ
arjefm-60	198	8	finance	finance	NOUN
arjefm-60	198	9	for	for	ADP
arjefm-60	198	10	private	private	ADJ
arjefm-60	198	11	sector	sector	NOUN
arjefm-60	198	12	development	development	NOUN
arjefm-60	198	13	in	in	ADP
arjefm-60	198	14	africa	africa	PROPN
arjefm-60	198	15	»	»	PUNCT
arjefm-60	198	16	,	,	PUNCT
arjefm-60	198	17	economic	economic	ADJ
arjefm-60	198	18	research	research	NOUN
arjefm-60	198	19	papers	paper	NOUN
arjefm-60	198	20	41	41	NUM
arjefm-60	198	21	,	,	PUNCT
arjefm-60	198	22	bad	bad	ADJ
arjefm-60	198	23	.	.	PUNCT
arjefm-60	199	1	baum	baum	PROPN
arjefm-60	199	2	,	,	PUNCT
arjefm-60	199	3	c.f	c.f	PROPN
arjefm-60	199	4	.	.	PROPN
arjefm-60	199	5	,	,	PUNCT
arjefm-60	199	6	m.	m.	NOUN
arjefm-60	199	7	caglayanet	caglayanet	PROPN
arjefm-60	199	8	n.	n.	PROPN
arjefm-60	200	1	ozhan	ozhan	PROPN
arjefm-60	200	2	(	(	PUNCT
arjefm-60	200	3	2002	2002	NUM
arjefm-60	200	4	)	)	PUNCT
arjefm-60	200	5	,	,	PUNCT
arjefm-60	200	6	“	"	PUNCT
arjefm-60	200	7	the	the	DET
arjefm-60	200	8	impact	impact	NOUN
arjefm-60	200	9	of	of	ADP
arjefm-60	200	10	macroeconomic	macroeconomic	ADJ
arjefm-60	200	11	uncertainty	uncertainty	NOUN
arjefm-60	200	12	on	on	ADP
arjefm-60	200	13	bank	bank	NOUN
arjefm-60	200	14	lending	lending	NOUN
arjefm-60	200	15	behavior	behavior	NOUN
arjefm-60	200	16	”	"	PUNCT
arjefm-60	200	17	,	,	PUNCT
arjefm-60	200	18	document	document	NOUN
arjefm-60	200	19	de	de	X
arjefm-60	200	20	travail	travail	NOUN
arjefm-60	200	21	.	.	PUNCT
arjefm-60	201	1	baumol	baumol	PROPN
arjefm-60	201	2	,	,	PUNCT
arjefm-60	201	3	w.j	w.j	PROPN
arjefm-60	201	4	.	.	PROPN
arjefm-60	201	5	(	(	PUNCT
arjefm-60	201	6	1952	1952	NUM
arjefm-60	201	7	)	)	PUNCT
arjefm-60	201	8	,	,	PUNCT
arjefm-60	201	9	«	«	PUNCT
arjefm-60	201	10	the	the	DET
arjefm-60	201	11	transactions	transaction	NOUN
arjefm-60	201	12	demand	demand	NOUN
arjefm-60	201	13	for	for	ADP
arjefm-60	201	14	cash	cash	NOUN
arjefm-60	201	15	:	:	PUNCT
arjefm-60	201	16	an	an	DET
arjefm-60	201	17	inventory	inventory	NOUN
arjefm-60	201	18	theoretic	theoretic	NOUN
arjefm-60	201	19	approach	approach	NOUN
arjefm-60	201	20	»	»	NOUN
arjefm-60	201	21	,	,	PUNCT
arjefm-60	201	22	quarterly	quarterly	ADJ
arjefm-60	201	23	journal	journal	NOUN
arjefm-60	201	24	of	of	ADP
arjefm-60	201	25	economics	economic	NOUN
arjefm-60	201	26	,	,	PUNCT
arjefm-60	201	27	lxvi	lxvi	PROPN
arjefm-60	201	28	,	,	PUNCT
arjefm-60	201	29	(	(	PUNCT
arjefm-60	201	30	nov	nov	NOUN
arjefm-60	201	31	)	)	PUNCT
arjefm-60	201	32	,	,	PUNCT
arjefm-60	201	33	pp	pp	ADP
arjefm-60	201	34	.	.	PUNCT
arjefm-60	202	1	545	545	NUM
arjefm-60	202	2	-	-	SYM
arjefm-60	202	3	556	556	NUM
arjefm-60	202	4	.	.	PUNCT
arjefm-60	203	1	beguy	beguy	NOUN
arjefm-60	203	2	,	,	PUNCT
arjefm-60	203	3	o.	o.	PROPN
arjefm-60	203	4	(	(	PUNCT
arjefm-60	203	5	2012	2012	NUM
arjefm-60	203	6	)	)	PUNCT
arjefm-60	203	7	,	,	PUNCT
arjefm-60	203	8	«	«	PUNCT
arjefm-60	203	9	trois	trois	PROPN
arjefm-60	203	10	essais	essais	PROPN
arjefm-60	203	11	sur	sur	PROPN
arjefm-60	203	12	la	la	PROPN
arjefm-60	203	13	surliquidité	surliquidité	NOUN
arjefm-60	203	14	bancaire	bancaire	NOUN
arjefm-60	203	15	dans	dans	PROPN
arjefm-60	203	16	la	la	PROPN
arjefm-60	203	17	communauté	communauté	PROPN
arjefm-60	203	18	économique	économique	PROPN
arjefm-60	203	19	et	et	PROPN
arjefm-60	203	20	monétaire	monétaire	PROPN
arjefm-60	203	21	d'afrique	d'afrique	X
arjefm-60	203	22	centrale	centrale	X
arjefm-60	203	23	(	(	PUNCT
arjefm-60	203	24	cemac	cemac	NUM
arjefm-60	203	25	)	)	PUNCT
arjefm-60	203	26	»	»	ADV
arjefm-60	203	27	.	.	PUNCT
arjefm-60	204	1	thèse	thèse	PROPN
arjefm-60	204	2	de	de	X
arjefm-60	204	3	doctorat	doctorat	PROPN
arjefm-60	204	4	unique	unique	ADJ
arjefm-60	204	5	de	de	X
arjefm-60	204	6	sciences	sciences	X
arjefm-60	204	7	économiques	économique	NOUN
arjefm-60	204	8	soutenue	soutenue	VERB
arjefm-60	204	9	à	à	X
arjefm-60	204	10	l’université	l’université	NOUN
arjefm-60	204	11	d'auvergne	d'auvergne	NOUN
arjefm-60	204	12	clermont	clermont	NOUN
arjefm-60	204	13	-	-	PUNCT
arjefm-60	204	14	ferrand	ferrand	NOUN
arjefm-60	204	15	i.	i.	PROPN
arjefm-60	204	16	calmès	calmès	PROPN
arjefm-60	204	17	,	,	PUNCT
arjefm-60	204	18	c.	c.	PROPN
arjefm-60	204	19	,	,	PUNCT
arjefm-60	204	20	2004	2004	NUM
arjefm-60	204	21	,	,	PUNCT
arjefm-60	204	22	«	«	PUNCT
arjefm-60	204	23	regulatory	regulatory	ADJ
arjefm-60	204	24	changes	change	NOUN
arjefm-60	204	25	and	and	CCONJ
arjefm-60	204	26	financial	financial	ADJ
arjefm-60	204	27	structure	structure	NOUN
arjefm-60	204	28	:	:	PUNCT
arjefm-60	204	29	the	the	DET
arjefm-60	204	30	case	case	NOUN
arjefm-60	204	31	of	of	ADP
arjefm-60	204	32	canada	canada	PROPN
arjefm-60	204	33	»	»	PUNCT
arjefm-60	204	34	,	,	PUNCT
arjefm-60	204	35	swiss	swiss	ADJ
arjefm-60	204	36	journal	journal	NOUN
arjefm-60	204	37	of	of	ADP
arjefm-60	204	38	economics	economic	NOUN
arjefm-60	204	39	and	and	CCONJ
arjefm-60	204	40	statistics	statistic	NOUN
arjefm-60	204	41	(	(	PUNCT
arjefm-60	204	42	sjes	sjes	ADV
arjefm-60	204	43	)	)	PUNCT
arjefm-60	204	44	,	,	PUNCT
arjefm-60	204	45	vol	vol	NOUN
arjefm-60	204	46	.	.	PROPN
arjefm-60	205	1	140	140	NUM
arjefm-60	205	2	(	(	PUNCT
arjefm-60	205	3	i	i	NOUN
arjefm-60	205	4	)	)	PUNCT
arjefm-60	205	5	,	,	PUNCT
arjefm-60	206	1	pp	pp	PROPN
arjefm-60	206	2	.	.	PUNCT
arjefm-60	207	1	1	1	NUM
arjefm-60	207	2	-	-	SYM
arjefm-60	207	3	35	35	NUM
arjefm-60	207	4	,	,	PUNCT
arjefm-60	207	5	march	march	PROPN
arjefm-60	207	6	.	.	PUNCT
arjefm-60	208	1	calmès	calmès	PROPN
arjefm-60	208	2	,	,	PUNCT
arjefm-60	208	3	c.	c.	PROPN
arjefm-60	208	4	et	et	PROPN
arjefm-60	208	5	salazar	salazar	PROPN
arjefm-60	208	6	,	,	PUNCT
arjefm-60	208	7	j.	j.	PROPN
arjefm-60	208	8	(	(	PUNCT
arjefm-60	208	9	2006	2006	NUM
arjefm-60	208	10	)	)	PUNCT
arjefm-60	208	11	,	,	PUNCT
arjefm-60	208	12	«	«	PUNCT
arjefm-60	208	13	variance	variance	NOUN
arjefm-60	208	14	macroéconomique	macroéconomique	NOUN
arjefm-60	208	15	conditionnelle	conditionnelle	PROPN
arjefm-60	208	16	et	et	PROPN
arjefm-60	208	17	mesure	mesure	X
arjefm-60	208	18	de	de	ADP
arjefm-60	208	19	dispersion	dispersion	PROPN
arjefm-60	208	20	des	des	PROPN
arjefm-60	208	21	actifs	actifs	PROPN
arjefm-60	208	22	dans	dans	PROPN
arjefm-60	208	23	les	les	PROPN
arjefm-60	208	24	portefeuilles	portefeuille	NOUN
arjefm-60	208	25	bancaires	bancaire	VERB
arjefm-60	208	26	»	»	X
arjefm-60	208	27	pp	pp	ADV
arjefm-60	208	28	.	.	PUNCT
arjefm-60	209	1	688	688	NUM
arjefm-60	209	2	-	-	SYM
arjefm-60	209	3	700	700	NUM
arjefm-60	209	4	,	,	PUNCT
arjefm-60	209	5	in	in	ADP
arjefm-60	209	6	f.-é	f.-é	PROPN
arjefm-60	209	7	.	.	PUNCT
arjefm-60	210	1	racicot	racicot	PROPN
arjefm-60	210	2	et	et	PROPN
arjefm-60	210	3	r.	r.	PROPN
arjefm-60	210	4	théoret	théoret	PROPN
arjefm-60	210	5	,	,	PUNCT
arjefm-60	210	6	«	«	PUNCT
arjefm-60	210	7	finance	finance	NOUN
arjefm-60	210	8	computationnelle	computationnelle	NOUN
arjefm-60	210	9	et	et	NOUN
arjefm-60	210	10	gestion	gestion	PROPN
arjefm-60	210	11	des	des	X
arjefm-60	210	12	risques	risques	PROPN
arjefm-60	210	13	»	»	NOUN
arjefm-60	210	14	,	,	PUNCT
arjefm-60	210	15	presses	press	NOUN
arjefm-60	210	16	de	de	ADP
arjefm-60	210	17	l’université	l’université	NOUN
arjefm-60	210	18	du	du	X
arjefm-60	210	19	québec	québec	NOUN
arjefm-60	210	20	.	.	PUNCT
arjefm-60	211	1	doumbia	doumbia	PROPN
arjefm-60	211	2	,	,	PUNCT
arjefm-60	211	3	s.	s.	PROPN
arjefm-60	211	4	,	,	PUNCT
arjefm-60	211	5	2011	2011	NUM
arjefm-60	211	6	,	,	PUNCT
arjefm-60	211	7	«	«	PUNCT
arjefm-60	211	8	surliquidité	surliquidité	NOUN
arjefm-60	211	9	bancaire	bancaire	NOUN
arjefm-60	211	10	et	et	NOUN
arjefm-60	211	11	«	«	PUNCT
arjefm-60	211	12	sous	sous	ADJ
arjefm-60	211	13	-	-	PUNCT
arjefm-60	211	14	financement	financement	ADJ
arjefm-60	211	15	de	de	X
arjefm-60	211	16	l'économie	l'économie	PROPN
arjefm-60	211	17	»	»	X
arjefm-60	211	18	.	.	PUNCT
arjefm-60	212	1	une	une	PROPN
arjefm-60	212	2	analyse	analyse	PROPN
arjefm-60	212	3	du	du	PROPN
arjefm-60	212	4	paradoxe	paradoxe	PROPN
arjefm-60	212	5	de	de	X
arjefm-60	212	6	l'uemoa	l'uemoa	PROPN
arjefm-60	212	7	»	»	PART
arjefm-60	212	8	,	,	PUNCT
arjefm-60	212	9	revue	revue	NOUN
arjefm-60	212	10	tiers	tier	NOUN
arjefm-60	212	11	monde	monde	ADJ
arjefm-60	212	12	,	,	PUNCT
arjefm-60	212	13	vol	vol	NOUN
arjefm-60	212	14	.	.	NOUN
arjefm-60	212	15	205	205	NUM
arjefm-60	212	16	,	,	PUNCT
arjefm-60	212	17	no	no	INTJ
arjefm-60	212	18	.	.	NOUN
arjefm-60	212	19	1	1	NUM
arjefm-60	212	20	,	,	PUNCT
arjefm-60	212	21	pp	pp	ADJ
arjefm-60	212	22	.	.	PUNCT
arjefm-60	213	1	151	151	NUM
arjefm-60	213	2	-	-	SYM
arjefm-60	213	3	170	170	NUM
arjefm-60	213	4	.	.	PUNCT
arjefm-60	214	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	214	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-60	215	1	american	american	PROPN
arjefm-60	215	2	research	research	PROPN
arjefm-60	215	3	journal	journal	PROPN
arjefm-60	215	4	of	of	ADP
arjefm-60	215	5	economics	economic	NOUN
arjefm-60	215	6	,	,	PUNCT
arjefm-60	215	7	finance	finance	NOUN
arjefm-60	215	8	and	and	CCONJ
arjefm-60	215	9	management	management	NOUN
arjefm-60	215	10	volume	volume	NOUN
arjefm-60	215	11	10	10	NUM
arjefm-60	215	12	issue	issue	NOUN
arjefm-60	215	13	1	1	NUM
arjefm-60	215	14	,	,	PUNCT
arjefm-60	215	15	january	january	PROPN
arjefm-60	215	16	-	-	PUNCT
arjefm-60	215	17	march	march	PROPN
arjefm-60	215	18	2022	2022	NUM
arjefm-60	215	19	issn	issn	NOUN
arjefm-60	215	20	:	:	PUNCT
arjefm-60	215	21	2836	2836	NUM
arjefm-60	215	22	-	-	SYM
arjefm-60	215	23	9416	9416	NUM
arjefm-60	215	24	impact	impact	NOUN
arjefm-60	215	25	factor	factor	NOUN
arjefm-60	215	26	:	:	PUNCT
arjefm-60	215	27	4.85	4.85	NUM
arjefm-60	215	28	journal	journal	NOUN
arjefm-60	215	29	homepage	homepage	NOUN
arjefm-60	215	30	:	:	PUNCT
arjefm-60	215	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	215	32	,	,	PUNCT
arjefm-60	215	33	email	email	NOUN
arjefm-60	215	34	:	:	PUNCT
arjefm-60	216	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	216	2	official	official	ADJ
arjefm-60	216	3	journal	journal	PROPN
arjefm-60	216	4	of	of	ADP
arjefm-60	216	5	america	america	PROPN
arjefm-60	216	6	serial	serial	PROPN
arjefm-60	216	7	publication	publication	NOUN
arjefm-60	216	8	american	american	PROPN
arjefm-60	216	9	research	research	PROPN
arjefm-60	216	10	journal	journal	PROPN
arjefm-60	216	11	of	of	ADP
arjefm-60	216	12	economics	economic	NOUN
arjefm-60	216	13	,	,	PUNCT
arjefm-60	216	14	finance	finance	NOUN
arjefm-60	216	15	and	and	CCONJ
arjefm-60	216	16	management	management	NOUN
arjefm-60	216	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	216	18	,	,	PUNCT
arjefm-60	216	19	email	email	NOUN
arjefm-60	216	20	:	:	PUNCT
arjefm-60	216	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	217	1	23	23	NUM
arjefm-60	218	1	|	|	ADV
arjefm-60	218	2	p	p	NOUN
arjefm-60	218	3	a	a	DET
arjefm-60	218	4	g	g	PROPN
arjefm-60	218	5	e	e	PROPN
arjefm-60	218	6	eboue	eboue	PROPN
arjefm-60	218	7	c.	c.	PROPN
arjefm-60	218	8	(	(	PUNCT
arjefm-60	218	9	1990	1990	NUM
arjefm-60	218	10	):	):	PUNCT
arjefm-60	218	11	"	"	PUNCT
arjefm-60	218	12	les	les	X
arjefm-60	218	13	effets	effets	X
arjefm-60	218	14	macro	macro	NOUN
arjefm-60	218	15	-	-	NOUN
arjefm-60	218	16	économiques	économiques	X
arjefm-60	218	17	de	de	X
arjefm-60	218	18	la	la	PROPN
arjefm-60	218	19	répression	répression	PROPN
arjefm-60	218	20	financière	financière	PROPN
arjefm-60	218	21	dans	dans	PROPN
arjefm-60	218	22	les	les	PROPN
arjefm-60	218	23	pays	pay	VERB
arjefm-60	218	24	en	en	X
arjefm-60	218	25	développement	développement	PROPN
arjefm-60	218	26	"	"	PUNCT
arjefm-60	218	27	economie	economie	PROPN
arjefm-60	218	28	appliquée	appliquée	PROPN
arjefm-60	218	29	,	,	PUNCT
arjefm-60	218	30	tome	tome	NOUN
arjefm-60	218	31	lxiii	lxiii	ADJ
arjefm-60	218	32	,	,	PUNCT
arjefm-60	218	33	n	n	CCONJ
arjefm-60	218	34	°	°	NUM
arjefm-60	218	35	4	4	NUM
arjefm-60	218	36	,	,	PUNCT
arjefm-60	218	37	pp	pp	ADJ
arjefm-60	218	38	.	.	PUNCT
arjefm-60	219	1	93	93	NUM
arjefm-60	219	2	-	-	SYM
arjefm-60	219	3	117	117	NUM
arjefm-60	219	4	.	.	PUNCT
arjefm-60	219	5	eboue	eboue	PROPN
arjefm-60	219	6	c.	c.	PROPN
arjefm-60	219	7	(	(	PUNCT
arjefm-60	219	8	1998	1998	NUM
arjefm-60	219	9	)	)	PUNCT
arjefm-60	219	10	:	:	PUNCT
arjefm-60	219	11	"	"	PUNCT
arjefm-60	219	12	la	la	DET
arjefm-60	219	13	libéralisation	libéralisation	NOUN
arjefm-60	219	14	financière	financière	PROPN
arjefm-60	219	15	dans	dans	PROPN
arjefm-60	219	16	les	les	PROPN
arjefm-60	219	17	pays	pay	VERB
arjefm-60	219	18	en	en	ADP
arjefm-60	219	19	développement	développement	X
arjefm-60	219	20	–	–	PUNCT
arjefm-60	219	21	une	une	PROPN
arjefm-60	219	22	évaluation	évaluation	NOUN
arjefm-60	219	23	préliminaire	préliminaire	PROPN
arjefm-60	219	24	du	du	PROPN
arjefm-60	219	25	cas	cas	PROPN
arjefm-60	219	26	africain	africain	PROPN
arjefm-60	219	27	"	"	PUNCT
arjefm-60	219	28	,	,	PUNCT
arjefm-60	219	29	gestion	gestion	PROPN
arjefm-60	219	30	macro	macro	NOUN
arjefm-60	219	31	-	-	PROPN
arjefm-60	219	32	économique	économique	ADJ
arjefm-60	219	33	,	,	PUNCT
arjefm-60	219	34	nouvelles	nouvelles	X
arjefm-60	219	35	approches	approches	X
arjefm-60	219	36	et	et	PROPN
arjefm-60	219	37	enjeux	enjeux	PROPN
arjefm-60	219	38	de	de	PROPN
arjefm-60	219	39	politique	politique	PROPN
arjefm-60	219	40	économique	économique	PROPN
arjefm-60	219	41	,	,	PUNCT
arjefm-60	219	42	abidjan	abidjan	PROPN
arjefm-60	219	43	,	,	PUNCT
arjefm-60	219	44	octobre	octobre	PROPN
arjefm-60	219	45	1998	1998	NUM
arjefm-60	219	46	.	.	PUNCT
arjefm-60	220	1	emran	emran	PROPN
arjefm-60	220	2	,	,	PUNCT
arjefm-60	220	3	m.s	m.s	PROPN
arjefm-60	220	4	.	.	PROPN
arjefm-60	220	5	et	et	PROPN
arjefm-60	220	6	stiglitz	stiglitz	PROPN
arjefm-60	220	7	,	,	PUNCT
arjefm-60	220	8	j.e	j.e	PROPN
arjefm-60	220	9	.	.	PROPN
arjefm-60	220	10	(	(	PUNCT
arjefm-60	220	11	2007	2007	NUM
arjefm-60	220	12	)	)	PUNCT
arjefm-60	220	13	,	,	PUNCT
arjefm-60	220	14	“	"	PUNCT
arjefm-60	220	15	financial	financial	ADJ
arjefm-60	220	16	liberalization	liberalization	NOUN
arjefm-60	220	17	,	,	PUNCT
arjefm-60	220	18	financial	financial	ADJ
arjefm-60	220	19	restraint	restraint	NOUN
arjefm-60	220	20	,	,	PUNCT
arjefm-60	220	21	and	and	CCONJ
arjefm-60	220	22	entrepreneurial	entrepreneurial	ADJ
arjefm-60	220	23	development	development	NOUN
arjefm-60	220	24	»	»	PUNCT
arjefm-60	220	25	,	,	PUNCT
arjefm-60	220	26	http://cid.harvard.edu/neudc07docs/neudc07_s5_p02_emran.pdf	http://cid.harvard.edu/neudc07docs/neudc07_s5_p02_emran.pdf	PROPN
arjefm-60	220	27	.	.	PUNCT
arjefm-60	221	1	jaffee	jaffee	PROPN
arjefm-60	221	2	,	,	PUNCT
arjefm-60	221	3	d.m	d.m	PROPN
arjefm-60	221	4	.	.	PROPN
arjefm-60	221	5	,	,	PUNCT
arjefm-60	221	6	modigliani	modigliani	PROPN
arjefm-60	221	7	,	,	PUNCT
arjefm-60	221	8	f.	f.	PROPN
arjefm-60	221	9	(	(	PUNCT
arjefm-60	221	10	1969	1969	NUM
arjefm-60	221	11	)	)	PUNCT
arjefm-60	221	12	,	,	PUNCT
arjefm-60	221	13	“	"	PUNCT
arjefm-60	221	14	a	a	DET
arjefm-60	221	15	theory	theory	NOUN
arjefm-60	221	16	and	and	CCONJ
arjefm-60	221	17	test	test	NOUN
arjefm-60	221	18	of	of	ADP
arjefm-60	221	19	credit	credit	NOUN
arjefm-60	221	20	rationing	rationing	NOUN
arjefm-60	221	21	”	"	PUNCT
arjefm-60	221	22	,	,	PUNCT
arjefm-60	221	23	american	american	PROPN
arjefm-60	221	24	economic	economic	PROPN
arjefm-60	221	25	review	review	PROPN
arjefm-60	221	26	,	,	PUNCT
arjefm-60	221	27	vol	vol	NOUN
arjefm-60	221	28	.	.	PROPN
arjefm-60	221	29	59	59	NUM
arjefm-60	221	30	,	,	PUNCT
arjefm-60	221	31	issue	issue	NOUN
arjefm-60	221	32	5	5	NUM
arjefm-60	221	33	,	,	PUNCT
arjefm-60	221	34	850	850	NUM
arjefm-60	221	35	-	-	SYM
arjefm-60	221	36	72	72	NUM
arjefm-60	221	37	.	.	PUNCT
arjefm-60	222	1	jappelli	jappelli	PROPN
arjefm-60	222	2	,	,	PUNCT
arjefm-60	222	3	t.	t.	PROPN
arjefm-60	222	4	,	,	PUNCT
arjefm-60	222	5	pagano	pagano	NOUN
arjefm-60	222	6	,	,	PUNCT
arjefm-60	222	7	m.	m.	NOUN
arjefm-60	222	8	and	and	CCONJ
arjefm-60	222	9	bianco	bianco	PROPN
arjefm-60	222	10	,	,	PUNCT
arjefm-60	222	11	m.	m.	NOUN
arjefm-60	222	12	,	,	PUNCT
arjefm-60	222	13	2005	2005	NUM
arjefm-60	222	14	,	,	PUNCT
arjefm-60	222	15	«	«	PUNCT
arjefm-60	222	16	courts	court	NOUN
arjefm-60	222	17	and	and	CCONJ
arjefm-60	222	18	banks	bank	NOUN
arjefm-60	222	19	:	:	PUNCT
arjefm-60	222	20	effects	effect	NOUN
arjefm-60	222	21	of	of	ADP
arjefm-60	222	22	judicial	judicial	ADJ
arjefm-60	222	23	enforcement	enforcement	NOUN
arjefm-60	222	24	on	on	ADP
arjefm-60	222	25	credit	credit	NOUN
arjefm-60	222	26	markets	market	NOUN
arjefm-60	222	27	”	"	PUNCT
arjefm-60	222	28	,	,	PUNCT
arjefm-60	222	29	journal	journal	NOUN
arjefm-60	222	30	of	of	ADP
arjefm-60	222	31	money	money	NOUN
arjefm-60	222	32	,	,	PUNCT
arjefm-60	222	33	credit	credit	NOUN
arjefm-60	222	34	and	and	CCONJ
arjefm-60	222	35	banking	banking	NOUN
arjefm-60	222	36	,	,	PUNCT
arjefm-60	222	37	vol	vol	NOUN
arjefm-60	222	38	.	.	PROPN
arjefm-60	222	39	37	37	NUM
arjefm-60	222	40	,	,	PUNCT
arjefm-60	222	41	issue	issue	NOUN
arjefm-60	222	42	2	2	NUM
arjefm-60	222	43	,	,	PUNCT
arjefm-60	222	44	pp	pp	ADJ
arjefm-60	222	45	.	.	PUNCT
arjefm-60	223	1	223	223	NUM
arjefm-60	223	2	-	-	SYM
arjefm-60	223	3	244	244	NUM
arjefm-60	223	4	.	.	PUNCT
arjefm-60	224	1	levy	levy	NOUN
arjefm-60	224	2	,	,	PUNCT
arjefm-60	224	3	h.	h.	PROPN
arjefm-60	224	4	,	,	PUNCT
arjefm-60	224	5	markowitz	markowitz	PROPN
arjefm-60	224	6	,	,	PUNCT
arjefm-60	224	7	h.m	h.m	PROPN
arjefm-60	224	8	.	.	PROPN
arjefm-60	224	9	(	(	PUNCT
arjefm-60	224	10	1979	1979	NUM
arjefm-60	224	11	)	)	PUNCT
arjefm-60	224	12	,	,	PUNCT
arjefm-60	224	13	“	"	PUNCT
arjefm-60	224	14	approximating	approximate	VERB
arjefm-60	224	15	expected	expect	VERB
arjefm-60	224	16	utility	utility	NOUN
arjefm-60	224	17	by	by	ADP
arjefm-60	224	18	a	a	DET
arjefm-60	224	19	function	function	NOUN
arjefm-60	224	20	of	of	ADP
arjefm-60	224	21	mean	mean	NOUN
arjefm-60	224	22	and	and	CCONJ
arjefm-60	224	23	variance	variance	NOUN
arjefm-60	224	24	”	"	PUNCT
arjefm-60	224	25	,	,	PUNCT
arjefm-60	224	26	american	american	PROPN
arjefm-60	224	27	economic	economic	PROPN
arjefm-60	224	28	review	review	PROPN
arjefm-60	224	29	,	,	PUNCT
arjefm-60	224	30	vol	vol	NOUN
arjefm-60	224	31	.	.	PROPN
arjefm-60	225	1	69	69	NUM
arjefm-60	225	2	,	,	PUNCT
arjefm-60	226	1	no	no	INTJ
arjefm-60	226	2	.	.	NOUN
arjefm-60	226	3	3	3	NUM
arjefm-60	226	4	(	(	PUNCT
arjefm-60	226	5	june	june	PROPN
arjefm-60	226	6	)	)	PUNCT
arjefm-60	226	7	,	,	PUNCT
arjefm-60	227	1	pp	pp	PROPN
arjefm-60	227	2	.	.	PUNCT
arjefm-60	228	1	308	308	NUM
arjefm-60	228	2	-	-	SYM
arjefm-60	228	3	317	317	NUM
arjefm-60	228	4	.	.	PUNCT
arjefm-60	229	1	markowitz	markowitz	PROPN
arjefm-60	229	2	,	,	PUNCT
arjefm-60	229	3	h.m	h.m	PROPN
arjefm-60	229	4	.	.	PROPN
arjefm-60	229	5	(	(	PUNCT
arjefm-60	229	6	1952	1952	NUM
arjefm-60	229	7	)	)	PUNCT
arjefm-60	229	8	,	,	PUNCT
arjefm-60	229	9	“	"	PUNCT
arjefm-60	229	10	portfolio	portfolio	NOUN
arjefm-60	229	11	selection	selection	NOUN
arjefm-60	229	12	”	"	PUNCT
arjefm-60	229	13	,	,	PUNCT
arjefm-60	229	14	journal	journal	NOUN
arjefm-60	229	15	of	of	ADP
arjefm-60	229	16	finance	finance	NOUN
arjefm-60	229	17	,	,	PUNCT
arjefm-60	229	18	march	march	PROPN
arjefm-60	229	19	,	,	PUNCT
arjefm-60	229	20	p.77	p.77	NOUN
arjefm-60	229	21	-	-	PUNCT
arjefm-60	229	22	91	91	NUM
arjefm-60	229	23	.	.	PUNCT
arjefm-60	230	1	markowitz	markowitz	PROPN
arjefm-60	230	2	,	,	PUNCT
arjefm-60	230	3	h.m	h.m	PROPN
arjefm-60	230	4	.	.	PROPN
arjefm-60	230	5	(	(	PUNCT
arjefm-60	230	6	1959	1959	NUM
arjefm-60	230	7	)	)	PUNCT
arjefm-60	230	8	,	,	PUNCT
arjefm-60	230	9	“	"	PUNCT
arjefm-60	230	10	portfolio	portfolio	NOUN
arjefm-60	230	11	selection	selection	NOUN
arjefm-60	230	12	:	:	PUNCT
arjefm-60	230	13	efficient	efficient	ADJ
arjefm-60	230	14	diversification	diversification	NOUN
arjefm-60	230	15	of	of	ADP
arjefm-60	230	16	investment	investment	NOUN
arjefm-60	230	17	”	"	PUNCT
arjefm-60	230	18	,	,	PUNCT
arjefm-60	230	19	new	new	PROPN
arjefm-60	230	20	york	york	PROPN
arjefm-60	230	21	,	,	PUNCT
arjefm-60	230	22	wiley	wiley	PROPN
arjefm-60	230	23	.	.	PUNCT
arjefm-60	230	24	nissanke	nissanke	PROPN
arjefm-60	230	25	,	,	PUNCT
arjefm-60	230	26	m.	m.	NOUN
arjefm-60	230	27	and	and	CCONJ
arjefm-60	230	28	e.	e.	PROPN
arjefm-60	230	29	aryeetey	aryeetey	PROPN
arjefm-60	230	30	1998	1998	NUM
arjefm-60	230	31	.	.	PUNCT
arjefm-60	231	1	“	"	PUNCT
arjefm-60	231	2	financial	financial	ADJ
arjefm-60	231	3	integration	integration	NOUN
arjefm-60	231	4	and	and	CCONJ
arjefm-60	231	5	development	development	NOUN
arjefm-60	231	6	,	,	PUNCT
arjefm-60	231	7	liberalization	liberalization	NOUN
arjefm-60	231	8	and	and	CCONJ
arjefm-60	231	9	reform	reform	NOUN
arjefm-60	231	10	in	in	ADP
arjefm-60	231	11	sub	sub	ADJ
arjefm-60	231	12	-	-	ADJ
arjefm-60	231	13	saharan	saharan	ADJ
arjefm-60	231	14	africa	africa	PROPN
arjefm-60	231	15	”	"	PUNCT
arjefm-60	231	16	,	,	PUNCT
arjefm-60	231	17	odi	odi	NOUN
arjefm-60	231	18	and	and	CCONJ
arjefm-60	231	19	routledge	routledge	PROPN
arjefm-60	231	20	,	,	PUNCT
arjefm-60	231	21	london	london	PROPN
arjefm-60	231	22	.	.	PUNCT
arjefm-60	232	1	sacerdoti	sacerdoti	PROPN
arjefm-60	232	2	,	,	PUNCT
arjefm-60	232	3	e.	e.	PROPN
arjefm-60	232	4	(	(	PUNCT
arjefm-60	232	5	2005	2005	NUM
arjefm-60	232	6	)	)	PUNCT
arjefm-60	232	7	,	,	PUNCT
arjefm-60	232	8	«	«	PUNCT
arjefm-60	232	9	access	access	NOUN
arjefm-60	232	10	to	to	ADP
arjefm-60	232	11	bank	bank	NOUN
arjefm-60	232	12	credit	credit	NOUN
arjefm-60	232	13	in	in	ADP
arjefm-60	232	14	sub	sub	ADJ
arjefm-60	232	15	-	-	ADJ
arjefm-60	232	16	saharan	saharan	ADJ
arjefm-60	232	17	africa	africa	PROPN
arjefm-60	232	18	:	:	PUNCT
arjefm-60	232	19	key	key	ADJ
arjefm-60	232	20	issues	issue	NOUN
arjefm-60	232	21	and	and	CCONJ
arjefm-60	232	22	reform	reform	NOUN
arjefm-60	232	23	strategies	strategy	NOUN
arjefm-60	232	24	”	"	PUNCT
arjefm-60	232	25	,	,	PUNCT
arjefm-60	232	26	imf	imf	PROPN
arjefm-60	232	27	working	working	PROPN
arjefm-60	232	28	paper	paper	NOUN
arjefm-60	232	29	wp/05/166	wp/05/166	PROPN
arjefm-60	232	30	,	,	PUNCT
arjefm-60	232	31	38	38	NUM
arjefm-60	232	32	p.	p.	NOUN
arjefm-60	232	33	saxegaard	saxegaard	PROPN
arjefm-60	232	34	m.	m.	NOUN
arjefm-60	232	35	,	,	PUNCT
arjefm-60	232	36	2006	2006	NUM
arjefm-60	232	37	,	,	PUNCT
arjefm-60	232	38	«	«	PUNCT
arjefm-60	232	39	excess	excess	ADJ
arjefm-60	232	40	liquidity	liquidity	NOUN
arjefm-60	232	41	and	and	CCONJ
arjefm-60	232	42	effectiveness	effectiveness	NOUN
arjefm-60	232	43	of	of	ADP
arjefm-60	232	44	monetary	monetary	ADJ
arjefm-60	232	45	policy	policy	NOUN
arjefm-60	232	46	:	:	PUNCT
arjefm-60	232	47	evidence	evidence	NOUN
arjefm-60	232	48	from	from	ADP
arjefm-60	232	49	subsaharan	subsaharan	PROPN
arjefm-60	232	50	africa	africa	PROPN
arjefm-60	232	51	»	»	PUNCT
arjefm-60	232	52	,	,	PUNCT
arjefm-60	232	53	imf	imf	PROPN
arjefm-60	232	54	working	working	PROPN
arjefm-60	232	55	paper	paper	NOUN
arjefm-60	232	56	,	,	PUNCT
arjefm-60	232	57	wp/06/115	wp/06/115	PROPN
arjefm-60	232	58	,	,	PUNCT
arjefm-60	232	59	washington	washington	PROPN
arjefm-60	232	60	d.c	d.c	PROPN
arjefm-60	232	61	.	.	PROPN
arjefm-60	232	62	,	,	PUNCT
arjefm-60	232	63	fmi	fmi	PROPN
arjefm-60	232	64	.	.	PROPN
arjefm-60	232	65	sigouin	sigouin	PROPN
arjefm-60	232	66	,	,	PUNCT
arjefm-60	232	67	c.	c.	PROPN
arjefm-60	232	68	(	(	PUNCT
arjefm-60	232	69	2003	2003	NUM
arjefm-60	232	70	)	)	PUNCT
arjefm-60	232	71	,	,	PUNCT
arjefm-60	232	72	«	«	PUNCT
arjefm-60	232	73	investment	investment	NOUN
arjefm-60	232	74	decisions	decision	NOUN
arjefm-60	232	75	,	,	PUNCT
arjefm-60	232	76	financial	financial	ADJ
arjefm-60	232	77	flows	flow	NOUN
arjefm-60	232	78	,	,	PUNCT
arjefm-60	232	79	and	and	CCONJ
arjefm-60	232	80	self	self	NOUN
arjefm-60	232	81	-	-	PUNCT
arjefm-60	232	82	enforcing	enforce	VERB
arjefm-60	232	83	contracts	contract	NOUN
arjefm-60	232	84	»	»	NOUN
arjefm-60	232	85	,	,	PUNCT
arjefm-60	232	86	international	international	ADJ
arjefm-60	232	87	economic	economic	ADJ
arjefm-60	232	88	review	review	NOUN
arjefm-60	232	89	,	,	PUNCT
arjefm-60	232	90	vol	vol	NOUN
arjefm-60	232	91	.	.	PUNCT
arjefm-60	233	1	44	44	NUM
arjefm-60	233	2	,	,	PUNCT
arjefm-60	233	3	n	n	CCONJ
arjefm-60	233	4	°	°	NUM
arjefm-60	233	5	4	4	NUM
arjefm-60	233	6	,	,	PUNCT
arjefm-60	233	7	p	p	NOUN
arjefm-60	233	8	.1359	.1359	PROPN
arjefm-60	233	9	-	-	SYM
arjefm-60	233	10	1382	1382	NUM
arjefm-60	233	11	.	.	PUNCT
arjefm-60	234	1	stiglitz	stiglitz	PROPN
arjefm-60	234	2	,	,	PUNCT
arjefm-60	234	3	j.e	j.e	PROPN
arjefm-60	234	4	.	.	PROPN
arjefm-60	234	5	,	,	PUNCT
arjefm-60	234	6	weiss	weiss	PROPN
arjefm-60	234	7	,	,	PUNCT
arjefm-60	234	8	a.	a.	NOUN
arjefm-60	234	9	,	,	PUNCT
arjefm-60	234	10	1981	1981	NUM
arjefm-60	234	11	,	,	PUNCT
arjefm-60	234	12	“	"	PUNCT
arjefm-60	234	13	credit	credit	NOUN
arjefm-60	234	14	rationing	rationing	NOUN
arjefm-60	234	15	in	in	ADP
arjefm-60	234	16	markets	market	NOUN
arjefm-60	234	17	with	with	ADP
arjefm-60	234	18	imperfect	imperfect	ADJ
arjefm-60	234	19	information	information	NOUN
arjefm-60	234	20	”	"	PUNCT
arjefm-60	234	21	,	,	PUNCT
arjefm-60	234	22	american	american	PROPN
arjefm-60	234	23	economic	economic	PROPN
arjefm-60	234	24	review	review	PROPN
arjefm-60	234	25	,	,	PUNCT
arjefm-60	234	26	vol	vol	NOUN
arjefm-60	234	27	.	.	PROPN
arjefm-60	234	28	71	71	NUM
arjefm-60	234	29	,	,	PUNCT
arjefm-60	234	30	no	no	INTJ
arjefm-60	234	31	.	.	NOUN
arjefm-60	234	32	3	3	NUM
arjefm-60	234	33	(	(	PUNCT
arjefm-60	234	34	june	june	PROPN
arjefm-60	234	35	)	)	PUNCT
arjefm-60	234	36	,	,	PUNCT
arjefm-60	234	37	pp	pp	PROPN
arjefm-60	234	38	.	.	PUNCT
arjefm-60	235	1	393	393	NUM
arjefm-60	235	2	-	-	SYM
arjefm-60	235	3	410	410	NUM
arjefm-60	235	4	.	.	PUNCT
arjefm-60	236	1	tobin	tobin	PROPN
arjefm-60	236	2	,	,	PUNCT
arjefm-60	236	3	j.	j.	PROPN
arjefm-60	236	4	(	(	PUNCT
arjefm-60	236	5	1958	1958	NUM
arjefm-60	236	6	)	)	PUNCT
arjefm-60	236	7	,	,	PUNCT
arjefm-60	236	8	“	"	PUNCT
arjefm-60	236	9	liquidity	liquidity	NOUN
arjefm-60	236	10	preference	preference	NOUN
arjefm-60	236	11	as	as	ADP
arjefm-60	236	12	behavior	behavior	NOUN
arjefm-60	236	13	toward	toward	ADP
arjefm-60	236	14	risk	risk	NOUN
arjefm-60	236	15	”	"	PUNCT
arjefm-60	236	16	,	,	PUNCT
arjefm-60	236	17	review	review	NOUN
arjefm-60	236	18	of	of	ADP
arjefm-60	236	19	economic	economic	ADJ
arjefm-60	236	20	studies	study	NOUN
arjefm-60	236	21	,	,	PUNCT
arjefm-60	236	22	frebruary	frebruary	NOUN
arjefm-60	236	23	,	,	PUNCT
arjefm-60	236	24	25	25	NUM
arjefm-60	236	25	,	,	PUNCT
arjefm-60	236	26	p.	p.	NOUN
arjefm-60	236	27	6586	6586	NUM
arjefm-60	236	28	.	.	PUNCT
arjefm-60	237	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	237	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	238	1	http://cid.harvard.edu/neudc07docs/neudc07_s5_p02_emran.pdf	http://cid.harvard.edu/neudc07docs/neudc07_s5_p02_emran.pdf	PROPN
arjefm-60	238	2	american	american	PROPN
arjefm-60	238	3	research	research	PROPN
arjefm-60	238	4	journal	journal	PROPN
arjefm-60	238	5	of	of	ADP
arjefm-60	238	6	economics	economic	NOUN
arjefm-60	238	7	,	,	PUNCT
arjefm-60	238	8	finance	finance	NOUN
arjefm-60	238	9	and	and	CCONJ
arjefm-60	238	10	management	management	NOUN
arjefm-60	238	11	volume	volume	NOUN
arjefm-60	238	12	10	10	NUM
arjefm-60	238	13	issue	issue	NOUN
arjefm-60	238	14	1	1	NUM
arjefm-60	238	15	,	,	PUNCT
arjefm-60	238	16	january	january	PROPN
arjefm-60	238	17	-	-	PUNCT
arjefm-60	238	18	march	march	PROPN
arjefm-60	238	19	2022	2022	NUM
arjefm-60	238	20	issn	issn	NOUN
arjefm-60	238	21	:	:	PUNCT
arjefm-60	238	22	2836	2836	NUM
arjefm-60	238	23	-	-	SYM
arjefm-60	238	24	9416	9416	NUM
arjefm-60	238	25	impact	impact	NOUN
arjefm-60	238	26	factor	factor	NOUN
arjefm-60	238	27	:	:	PUNCT
arjefm-60	238	28	4.85	4.85	NUM
arjefm-60	238	29	journal	journal	NOUN
arjefm-60	238	30	homepage	homepage	NOUN
arjefm-60	238	31	:	:	PUNCT
arjefm-60	238	32	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	238	33	,	,	PUNCT
arjefm-60	238	34	email	email	NOUN
arjefm-60	238	35	:	:	PUNCT
arjefm-60	238	36	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-60	238	37	official	official	ADJ
arjefm-60	238	38	journal	journal	PROPN
arjefm-60	238	39	of	of	ADP
arjefm-60	238	40	america	america	PROPN
arjefm-60	238	41	serial	serial	PROPN
arjefm-60	238	42	publication	publication	NOUN
arjefm-60	238	43	american	american	PROPN
arjefm-60	238	44	research	research	PROPN
arjefm-60	238	45	journal	journal	PROPN
arjefm-60	238	46	of	of	ADP
arjefm-60	238	47	economics	economic	NOUN
arjefm-60	238	48	,	,	PUNCT
arjefm-60	238	49	finance	finance	NOUN
arjefm-60	238	50	and	and	CCONJ
arjefm-60	238	51	management	management	NOUN
arjefm-60	238	52	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	238	53	,	,	PUNCT
arjefm-60	238	54	email	email	NOUN
arjefm-60	238	55	:	:	PUNCT
arjefm-60	238	56	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	239	1	24	24	NUM
arjefm-60	240	1	|	|	ADV
arjefm-60	240	2	p	p	X
arjefm-60	240	3	a	a	DET
arjefm-60	240	4	g	g	PROPN
arjefm-60	240	5	e	e	PROPN
arjefm-60	240	6	tsiang	tsiang	PROPN
arjefm-60	240	7	,	,	PUNCT
arjefm-60	240	8	s.c	s.c	PROPN
arjefm-60	240	9	.	.	PROPN
arjefm-60	240	10	(	(	PUNCT
arjefm-60	240	11	1972	1972	NUM
arjefm-60	240	12	)	)	PUNCT
arjefm-60	240	13	,	,	PUNCT
arjefm-60	240	14	“	"	PUNCT
arjefm-60	240	15	the	the	DET
arjefm-60	240	16	rationale	rationale	NOUN
arjefm-60	240	17	of	of	ADP
arjefm-60	240	18	the	the	DET
arjefm-60	240	19	mean	mean	ADJ
arjefm-60	240	20	-	-	PUNCT
arjefm-60	240	21	standard	standard	ADJ
arjefm-60	240	22	deviation	deviation	NOUN
arjefm-60	240	23	analysis	analysis	NOUN
arjefm-60	240	24	,	,	PUNCT
arjefm-60	240	25	skewness	skewness	NOUN
arjefm-60	240	26	preference	preference	NOUN
arjefm-60	240	27	,	,	PUNCT
arjefm-60	240	28	and	and	CCONJ
arjefm-60	240	29	the	the	DET
arjefm-60	240	30	demand	demand	NOUN
arjefm-60	240	31	for	for	ADP
arjefm-60	240	32	money	money	NOUN
arjefm-60	240	33	”	"	PUNCT
arjefm-60	240	34	,	,	PUNCT
arjefm-60	240	35	american	american	PROPN
arjefm-60	240	36	economic	economic	PROPN
arjefm-60	240	37	review	review	PROPN
arjefm-60	240	38	,	,	PUNCT
arjefm-60	240	39	vol	vol	NOUN
arjefm-60	240	40	.	.	PROPN
arjefm-60	240	41	62	62	NUM
arjefm-60	240	42	,	,	PUNCT
arjefm-60	240	43	issue	issue	NOUN
arjefm-60	240	44	3	3	NUM
arjefm-60	240	45	,	,	PUNCT
arjefm-60	240	46	354	354	NUM
arjefm-60	240	47	-	-	SYM
arjefm-60	240	48	71	71	NUM
arjefm-60	240	49	.	.	PUNCT
arjefm-60	241	1	tsiang	tsiang	PROPN
arjefm-60	241	2	,	,	PUNCT
arjefm-60	241	3	s.c	s.c	PROPN
arjefm-60	241	4	.	.	PROPN
arjefm-60	241	5	(	(	PUNCT
arjefm-60	241	6	1974	1974	NUM
arjefm-60	241	7	)	)	PUNCT
arjefm-60	241	8	,	,	PUNCT
arjefm-60	241	9	“	"	PUNCT
arjefm-60	241	10	the	the	DET
arjefm-60	241	11	rationale	rationale	NOUN
arjefm-60	241	12	of	of	ADP
arjefm-60	241	13	the	the	DET
arjefm-60	241	14	mean	mean	ADJ
arjefm-60	241	15	-	-	PUNCT
arjefm-60	241	16	standard	standard	ADJ
arjefm-60	241	17	deviation	deviation	NOUN
arjefm-60	241	18	analysis	analysis	NOUN
arjefm-60	241	19	:	:	PUNCT
arjefm-60	241	20	reply	reply	NOUN
arjefm-60	241	21	and	and	CCONJ
arjefm-60	241	22	errata	errata	VERB
arjefm-60	241	23	for	for	ADP
arjefm-60	241	24	the	the	DET
arjefm-60	241	25	original	original	ADJ
arjefm-60	241	26	article	article	NOUN
arjefm-60	241	27	”	"	PUNCT
arjefm-60	241	28	,	,	PUNCT
arjefm-60	241	29	american	american	PROPN
arjefm-60	241	30	economic	economic	PROPN
arjefm-60	241	31	review	review	PROPN
arjefm-60	241	32	,	,	PUNCT
arjefm-60	241	33	vol	vol	NOUN
arjefm-60	241	34	.	.	PROPN
arjefm-60	241	35	64	64	NUM
arjefm-60	241	36	,	,	PUNCT
arjefm-60	241	37	442	442	NUM
arjefm-60	241	38	-	-	SYM
arjefm-60	241	39	450	450	NUM
arjefm-60	241	40	.	.	PUNCT
arjefm-60	242	1	vo	vo	PROPN
arjefm-60	242	2	thi	thi	PROPN
arjefm-60	242	3	phuong	phuong	PROPN
arjefm-60	242	4	.	.	PUNCT
arjefm-60	243	1	nga	nga	PROPN
arjefm-60	243	2	,	,	PUNCT
arjefm-60	243	3	2005	2005	NUM
arjefm-60	243	4	,	,	PUNCT
arjefm-60	243	5	«	«	PUNCT
arjefm-60	243	6	conséquences	conséquences	X
arjefm-60	243	7	de	de	PROPN
arjefm-60	243	8	bâle	bâle	PROPN
arjefm-60	243	9	ii	ii	PROPN
arjefm-60	243	10	sur	sur	PROPN
arjefm-60	243	11	la	la	PROPN
arjefm-60	243	12	tarification	tarification	PROPN
arjefm-60	243	13	et	et	NOUN
arjefm-60	243	14	la	la	X
arjefm-60	243	15	distribution	distribution	NOUN
arjefm-60	243	16	des	des	X
arjefm-60	243	17	crédits	crédit	NOUN
arjefm-60	243	18	»	»	X
arjefm-60	243	19	,	,	PUNCT
arjefm-60	243	20	banque	banque	PROPN
arjefm-60	243	21	et	et	PROPN
arjefm-60	243	22	marchés	marchés	PROPN
arjefm-60	243	23	,	,	PUNCT
arjefm-60	243	24	n	n	CCONJ
arjefm-60	243	25	°	°	NUM
arjefm-60	243	26	78	78	NUM
arjefm-60	243	27	,	,	PUNCT
arjefm-60	243	28	p.	p.	NOUN
arjefm-60	243	29	4651	4651	NUM
arjefm-60	243	30	.	.	PUNCT
arjefm-60	244	1	appendix	appendix	VERB
arjefm-60	244	2	a1	a1	NOUN
arjefm-60	244	3	let	let	VERB
arjefm-60	244	4	’s	’s	NOUN
arjefm-60	244	5	prove	prove	VERB
arjefm-60	244	6	that	that	PRON
arjefm-60	244	7	.	.	PUNCT
arjefm-60	245	1	the	the	DET
arjefm-60	245	2	return	return	NOUN
arjefm-60	245	3	of	of	ADP
arjefm-60	245	4	the	the	DET
arjefm-60	245	5	banking	banking	NOUN
arjefm-60	245	6	portfolio	portfolio	NOUN
arjefm-60	245	7	is	be	AUX
arjefm-60	245	8	so	so	SCONJ
arjefm-60	245	9	that	that	SCONJ
arjefm-60	245	10	the	the	DET
arjefm-60	245	11	conditional	conditional	ADJ
arjefm-60	245	12	variance	variance	NOUN
arjefm-60	245	13	of	of	ADP
arjefm-60	245	14	𝜀𝑖𝑡	𝜀𝑖𝑡	PROPN
arjefm-60	245	15	is	be	AUX
arjefm-60	245	16	:	:	PUNCT
arjefm-60	245	17	we	we	PRON
arjefm-60	245	18	have	have	VERB
arjefm-60	245	19	𝑉𝑎(𝑟𝑓/𝑆𝑖𝑡	𝑉𝑎(𝑟𝑓/𝑆𝑖𝑡	NOUN
arjefm-60	245	20	)	)	PUNCT
arjefm-60	246	1	=	=	SYM
arjefm-60	246	2	0	0	PUNCT
arjefm-60	247	1	since	since	SCONJ
arjefm-60	247	2	𝑟𝑓	𝑟𝑓	NUM
arjefm-60	247	3	is	be	AUX
arjefm-60	247	4	certain	certain	ADJ
arjefm-60	247	5	and	and	CCONJ
arjefm-60	247	6	𝑉𝑎𝑟(𝜌/𝑆𝑖𝑡	𝑉𝑎𝑟(𝜌/𝑆𝑖𝑡	PUNCT
arjefm-60	247	7	)	)	PUNCT
arjefm-60	248	1	=	=	SYM
arjefm-60	248	2	0	0	PUNCT
arjefm-60	248	3	since	since	SCONJ
arjefm-60	248	4	is	be	AUX
arjefm-60	248	5	constant	constant	ADJ
arjefm-60	248	6	,	,	PUNCT
arjefm-60	248	7	so	so	SCONJ
arjefm-60	248	8	that	that	SCONJ
arjefm-60	248	9	:	:	PUNCT
arjefm-60	248	10	∀𝑖	∀𝑖	NUM
arjefm-60	248	11	,	,	PUNCT
arjefm-60	248	12	∀𝑡	∀𝑡	PROPN
arjefm-60	248	13	,	,	PUNCT
arjefm-60	248	14	𝑉𝑎(𝑅𝑖𝑡/𝑆𝑖𝑡	𝑉𝑎(𝑅𝑖𝑡/𝑆𝑖𝑡	NUM
arjefm-60	248	15	)	)	PUNCT
arjefm-60	249	1	=	=	SYM
arjefm-60	249	2	𝑥𝑖𝑡2𝑉𝑎𝑟	𝑥𝑖𝑡2𝑉𝑎𝑟	NOUN
arjefm-60	249	3	(	(	PUNCT
arjefm-60	249	4	𝜀𝑖𝑡/𝑆𝑖𝑡	𝜀𝑖𝑡/𝑆𝑖𝑡	PROPN
arjefm-60	249	5	)	)	PUNCT
arjefm-60	249	6	(	(	PUNCT
arjefm-60	249	7	𝐴1	𝐴1	PROPN
arjefm-60	249	8	.	.	PUNCT
arjefm-60	250	1	as	as	SCONJ
arjefm-60	250	2	the	the	DET
arjefm-60	250	3	conditional	conditional	ADJ
arjefm-60	250	4	expectation	expectation	NOUN
arjefm-60	250	5	of	of	ADP
arjefm-60	250	6	𝜀𝑖𝑡	𝜀𝑖𝑡	PROPN
arjefm-60	250	7	is	be	AUX
arjefm-60	250	8	a	a	DET
arjefm-60	250	9	proportion	proportion	NOUN
arjefm-60	250	10	𝜆𝑡	𝜆𝑡	ADP
arjefm-60	250	11	of	of	ADP
arjefm-60	250	12	the	the	DET
arjefm-60	250	13	signal	signal	PROPN
arjefm-60	250	14	𝑆𝑖𝑡	𝑆𝑖𝑡	PROPN
arjefm-60	250	15	,	,	PUNCT
arjefm-60	250	16	namely	namely	ADV
arjefm-60	250	17	(	(	PUNCT
arjefm-60	250	18	𝜀𝑖𝑡/𝑆𝑖𝑡	𝜀𝑖𝑡/𝑆𝑖𝑡	PROPN
arjefm-60	250	19	)	)	PUNCT
arjefm-60	250	20	=	=	SYM
arjefm-60	250	21	𝜆𝑡𝑆𝑖𝑡	𝜆𝑡𝑆𝑖𝑡	PROPN
arjefm-60	250	22	,	,	PUNCT
arjefm-60	250	23	the	the	DET
arjefm-60	250	24	conditional	conditional	ADJ
arjefm-60	250	25	variance	variance	NOUN
arjefm-60	250	26	of	of	ADP
arjefm-60	250	27	𝜀𝑖𝑡	𝜀𝑖𝑡	PROPN
arjefm-60	250	28	is	be	AUX
arjefm-60	250	29	a	a	DET
arjefm-60	250	30	proportion	proportion	NOUN
arjefm-60	250	31	𝜆𝑡	𝜆𝑡	ADP
arjefm-60	250	32	of	of	ADP
arjefm-60	250	33	its	its	PRON
arjefm-60	250	34	unconditional	unconditional	ADJ
arjefm-60	250	35	variance	variance	NOUN
arjefm-60	250	36	:	:	PUNCT
arjefm-60	250	37	𝑉𝑎𝑟	𝑉𝑎𝑟	PROPN
arjefm-60	250	38	𝜀𝑖𝑡/𝑆𝑖𝑡	𝜀𝑖𝑡/𝑆𝑖𝑡	PROPN
arjefm-60	250	39	)	)	PUNCT
arjefm-60	250	40	=	=	SYM
arjefm-60	250	41	𝜆𝑡𝑉𝑎𝑟	𝜆𝑡𝑉𝑎𝑟	NOUN
arjefm-60	250	42	(	(	PUNCT
arjefm-60	250	43	𝜀𝑖𝑡	𝜀𝑖𝑡	X
arjefm-60	250	44	)	)	PUNCT
arjefm-60	250	45	=	=	SYM
arjefm-60	251	1	𝜆𝑡𝜎𝜀2𝑡	𝜆𝑡𝜎𝜀2𝑡	NOUN
arjefm-60	251	2	(	(	PUNCT
arjefm-60	251	3	𝐴1.3	𝐴1.3	PROPN
arjefm-60	251	4	)	)	PUNCT
arjefm-60	251	5	finally	finally	ADV
arjefm-60	251	6	:	:	PUNCT
arjefm-60	251	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	251	8	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-60	251	9	25	25	NUM
arjefm-60	251	10	american	american	PROPN
arjefm-60	251	11	research	research	PROPN
arjefm-60	251	12	journal	journal	PROPN
arjefm-60	251	13	of	of	ADP
arjefm-60	251	14	economics	economic	NOUN
arjefm-60	251	15	,	,	PUNCT
arjefm-60	251	16	finance	finance	NOUN
arjefm-60	251	17	and	and	CCONJ
arjefm-60	251	18	management	management	NOUN
arjefm-60	251	19	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-60	251	20	,	,	PUNCT
arjefm-60	251	21	email	email	NOUN
arjefm-60	251	22	:	:	PUNCT
arjefm-60	251	23	contact@americaserial.com	contact@americaserial.com	X
arjefm-60	252	1	25	25	NUM
arjefm-60	253	1	|	|	ADV
arjefm-60	253	2	p	p	ADP
arjefm-60	253	3	a	a	DET
arjefm-60	253	4	g	g	PROPN
arjefm-60	253	5	e	e	PROPN
arjefm-60	253	6	journal	journal	NOUN
arjefm-60	253	7	of	of	ADP
arjefm-60	253	8	finance	finance	NOUN
arjefm-60	253	9	and	and	CCONJ
arjefm-60	253	10	bank	bank	NOUN
arjefm-60	253	11	management	management	NOUN
arjefm-60	253	12	,	,	PUNCT
arjefm-60	253	13	vol	vol	NOUN
arjefm-60	253	14	.	.	PROPN
arjefm-60	254	1	6	6	NUM
arjefm-60	254	2	,	,	PUNCT
arjefm-60	254	3	no	no	INTJ
arjefm-60	254	4	.	.	NOUN
arjefm-60	254	5	1	1	NUM
arjefm-60	254	6	,	,	PUNCT
arjefm-60	254	7	june	june	PROPN
arjefm-60	254	8	2018	2018	NUM
arjefm-60	254	9	appendix	appendix	NOUN
arjefm-60	254	10	a2	a2	PROPN
arjefm-60	254	11	maximizing	maximize	VERB
arjefm-60	254	12	the	the	DET
arjefm-60	254	13	objective	objective	ADJ
arjefm-60	254	14	function	function	NOUN
arjefm-60	254	15	of	of	ADP
arjefm-60	254	16	the	the	DET
arjefm-60	254	17	bank	bank	NOUN
arjefm-60	254	18	with	with	ADP
arjefm-60	254	19	respect	respect	NOUN
arjefm-60	254	20	to	to	ADP
arjefm-60	254	21	𝑥𝑖𝑡	𝑥𝑖𝑡	PROPN
arjefm-60	254	22	,	,	PUNCT
arjefm-60	254	23	the	the	DET
arjefm-60	254	24	first	first	ADJ
arjefm-60	254	25	order	order	NOUN
arjefm-60	254	26	condition	condition	NOUN
arjefm-60	254	27	gives	give	VERB
arjefm-60	254	28	:	:	PUNCT
arjefm-60	254	29	from	from	ADP
arjefm-60	254	30	equation	equation	NOUN
arjefm-60	254	31	a2.1	a2.1	NOUN
arjefm-60	254	32	,	,	PUNCT
arjefm-60	254	33	we	we	PRON
arjefm-60	254	34	obtain	obtain	VERB
arjefm-60	254	35	:	:	PUNCT
arjefm-60	254	36	we	we	PRON
arjefm-60	254	37	have	have	AUX
arjefm-60	254	38	since	since	SCONJ
arjefm-60	254	39	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
arjefm-60	254	40	⊥	⊥	PROPN
arjefm-60	254	41	𝜐𝑡.	𝜐𝑡.	NOUN
arjefm-60	254	42	thus	thus	ADV
arjefm-60	254	43	:	:	PUNCT
arjefm-60	254	44	finally	finally	ADV
arjefm-60	254	45	:	:	PUNCT
arjefm-60	254	46	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X