id	sid	tid	token	lemma	pos
arjefm-70	1	1	american	american	PROPN
arjefm-70	1	2	research	research	PROPN
arjefm-70	1	3	journal	journal	PROPN
arjefm-70	1	4	of	of	ADP
arjefm-70	1	5	economics	economic	NOUN
arjefm-70	1	6	,	,	PUNCT
arjefm-70	1	7	finance	finance	NOUN
arjefm-70	1	8	and	and	CCONJ
arjefm-70	1	9	management	management	NOUN
arjefm-70	1	10	volume	volume	NOUN
arjefm-70	1	11	10	10	NUM
arjefm-70	1	12	issue	issue	NOUN
arjefm-70	1	13	3	3	NUM
arjefm-70	1	14	,	,	PUNCT
arjefm-70	1	15	july	july	PROPN
arjefm-70	1	16	-	-	PUNCT
arjefm-70	1	17	september	september	PROPN
arjefm-70	1	18	2022	2022	NUM
arjefm-70	1	19	issn	issn	NOUN
arjefm-70	1	20	:	:	PUNCT
arjefm-70	1	21	2836	2836	NUM
arjefm-70	1	22	-	-	SYM
arjefm-70	1	23	9416	9416	NUM
arjefm-70	1	24	impact	impact	NOUN
arjefm-70	1	25	factor	factor	NOUN
arjefm-70	1	26	:	:	PUNCT
arjefm-70	1	27	4.85	4.85	NUM
arjefm-70	1	28	journal	journal	NOUN
arjefm-70	1	29	homepage	homepage	NOUN
arjefm-70	1	30	:	:	PUNCT
arjefm-70	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	1	32	,	,	PUNCT
arjefm-70	1	33	email	email	NOUN
arjefm-70	1	34	:	:	PUNCT
arjefm-70	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	1	36	official	official	ADJ
arjefm-70	1	37	journal	journal	PROPN
arjefm-70	1	38	of	of	ADP
arjefm-70	1	39	america	america	PROPN
arjefm-70	1	40	serial	serial	PROPN
arjefm-70	1	41	publication	publication	NOUN
arjefm-70	1	42	american	american	PROPN
arjefm-70	1	43	research	research	PROPN
arjefm-70	1	44	journal	journal	PROPN
arjefm-70	1	45	of	of	ADP
arjefm-70	1	46	economics	economic	NOUN
arjefm-70	1	47	,	,	PUNCT
arjefm-70	1	48	finance	finance	NOUN
arjefm-70	1	49	and	and	CCONJ
arjefm-70	1	50	management	management	NOUN
arjefm-70	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	1	52	,	,	PUNCT
arjefm-70	1	53	email	email	NOUN
arjefm-70	1	54	:	:	PUNCT
arjefm-70	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	2	1	18	18	NUM
arjefm-70	3	1	|	|	ADV
arjefm-70	3	2	p	p	X
arjefm-70	3	3	a	a	DET
arjefm-70	3	4	g	g	NOUN
arjefm-70	3	5	e	e	NOUN
arjefm-70	3	6	examining	examine	VERB
arjefm-70	3	7	the	the	DET
arjefm-70	3	8	impact	impact	NOUN
arjefm-70	3	9	of	of	ADP
arjefm-70	3	10	interest	interest	NOUN
arjefm-70	3	11	rate	rate	NOUN
arjefm-70	3	12	liberalization	liberalization	NOUN
arjefm-70	3	13	on	on	ADP
arjefm-70	3	14	private	private	ADJ
arjefm-70	3	15	sector	sector	NOUN
arjefm-70	3	16	credit	credit	NOUN
arjefm-70	3	17	in	in	ADP
arjefm-70	3	18	the	the	DET
arjefm-70	3	19	waemu	waemu	PROPN
arjefm-70	3	20	region	region	PROPN
arjefm-70	3	21	dr	dr	PROPN
arjefm-70	3	22	.	.	PROPN
arjefm-70	3	23	seraphin	seraphin	PROPN
arjefm-70	3	24	a.	a.	PROPN
arjefm-70	3	25	prao	prao	PROPN
arjefm-70	3	26	and	and	CCONJ
arjefm-70	3	27	dr	dr	PROPN
arjefm-70	3	28	.	.	PROPN
arjefm-70	3	29	eugene	eugene	PROPN
arjefm-70	3	30	kamalan	kamalan	PROPN
arjefm-70	3	31	professors	professor	NOUN
arjefm-70	3	32	-	-	NOUN
arjefm-70	3	33	researchers	researcher	NOUN
arjefm-70	3	34	at	at	ADP
arjefm-70	3	35	alassane	alassane	ADJ
arjefm-70	3	36	ouattara	ouattara	NOUN
arjefm-70	3	37	university	university	NOUN
arjefm-70	3	38	,	,	PUNCT
arjefm-70	3	39	ivory	ivory	PROPN
arjefm-70	3	40	coast	coast	PROPN
arjefm-70	3	41	abstract	abstract	PROPN
arjefm-70	3	42	:	:	PUNCT
arjefm-70	3	43	the	the	DET
arjefm-70	3	44	financing	financing	NOUN
arjefm-70	3	45	policies	policy	NOUN
arjefm-70	3	46	of	of	ADP
arjefm-70	3	47	african	african	ADJ
arjefm-70	3	48	countries	country	NOUN
arjefm-70	3	49	'	'	PART
arjefm-70	3	50	development	development	NOUN
arjefm-70	3	51	have	have	AUX
arjefm-70	3	52	historically	historically	ADV
arjefm-70	3	53	been	be	AUX
arjefm-70	3	54	rooted	root	VERB
arjefm-70	3	55	in	in	ADP
arjefm-70	3	56	keynesian	keynesian	ADJ
arjefm-70	3	57	economic	economic	ADJ
arjefm-70	3	58	theory	theory	NOUN
arjefm-70	3	59	,	,	PUNCT
arjefm-70	3	60	with	with	ADP
arjefm-70	3	61	low	low	ADJ
arjefm-70	3	62	-	-	PUNCT
arjefm-70	3	63	interest	interest	NOUN
arjefm-70	3	64	rates	rate	NOUN
arjefm-70	3	65	and	and	CCONJ
arjefm-70	3	66	government	government	NOUN
arjefm-70	3	67	control	control	NOUN
arjefm-70	3	68	over	over	ADP
arjefm-70	3	69	the	the	DET
arjefm-70	3	70	financial	financial	ADJ
arjefm-70	3	71	system	system	NOUN
arjefm-70	3	72	aimed	aim	VERB
arjefm-70	3	73	at	at	ADP
arjefm-70	3	74	stimulating	stimulate	VERB
arjefm-70	3	75	investment	investment	NOUN
arjefm-70	3	76	and	and	CCONJ
arjefm-70	3	77	economic	economic	ADJ
arjefm-70	3	78	growth	growth	NOUN
arjefm-70	3	79	.	.	PUNCT
arjefm-70	4	1	however	however	ADV
arjefm-70	4	2	,	,	PUNCT
arjefm-70	4	3	these	these	DET
arjefm-70	4	4	policies	policy	NOUN
arjefm-70	4	5	have	have	AUX
arjefm-70	4	6	often	often	ADV
arjefm-70	4	7	resulted	result	VERB
arjefm-70	4	8	in	in	ADP
arjefm-70	4	9	low	low	ADJ
arjefm-70	4	10	or	or	CCONJ
arjefm-70	4	11	even	even	ADV
arjefm-70	4	12	negative	negative	ADJ
arjefm-70	4	13	real	real	ADJ
arjefm-70	4	14	interest	interest	NOUN
arjefm-70	4	15	rates	rate	NOUN
arjefm-70	4	16	.	.	PUNCT
arjefm-70	5	1	this	this	DET
arjefm-70	5	2	study	study	NOUN
arjefm-70	5	3	draws	draw	VERB
arjefm-70	5	4	on	on	ADP
arjefm-70	5	5	the	the	DET
arjefm-70	5	6	seminal	seminal	ADJ
arjefm-70	5	7	works	work	NOUN
arjefm-70	5	8	of	of	ADP
arjefm-70	5	9	mckinnon	mckinnon	PROPN
arjefm-70	5	10	(	(	PUNCT
arjefm-70	5	11	1973	1973	NUM
arjefm-70	5	12	)	)	PUNCT
arjefm-70	5	13	and	and	CCONJ
arjefm-70	5	14	shaw	shaw	PROPN
arjefm-70	5	15	(	(	PUNCT
arjefm-70	5	16	1973	1973	NUM
arjefm-70	5	17	)	)	PUNCT
arjefm-70	5	18	to	to	PART
arjefm-70	5	19	argue	argue	VERB
arjefm-70	5	20	that	that	SCONJ
arjefm-70	5	21	financial	financial	ADJ
arjefm-70	5	22	repression	repression	NOUN
arjefm-70	5	23	is	be	AUX
arjefm-70	5	24	a	a	DET
arjefm-70	5	25	key	key	ADJ
arjefm-70	5	26	factor	factor	NOUN
arjefm-70	5	27	hindering	hinder	VERB
arjefm-70	5	28	economic	economic	ADJ
arjefm-70	5	29	growth	growth	NOUN
arjefm-70	5	30	in	in	ADP
arjefm-70	5	31	developing	develop	VERB
arjefm-70	5	32	nations	nation	NOUN
arjefm-70	5	33	.	.	PUNCT
arjefm-70	6	1	financial	financial	ADJ
arjefm-70	6	2	repression	repression	NOUN
arjefm-70	6	3	discourages	discourage	VERB
arjefm-70	6	4	savings	saving	NOUN
arjefm-70	6	5	due	due	ADP
arjefm-70	6	6	to	to	ADP
arjefm-70	6	7	their	their	PRON
arjefm-70	6	8	poor	poor	ADJ
arjefm-70	6	9	performance	performance	NOUN
arjefm-70	6	10	and	and	CCONJ
arjefm-70	6	11	inhibits	inhibit	VERB
arjefm-70	6	12	the	the	DET
arjefm-70	6	13	efficient	efficient	ADJ
arjefm-70	6	14	allocation	allocation	NOUN
arjefm-70	6	15	of	of	ADP
arjefm-70	6	16	capital	capital	NOUN
arjefm-70	6	17	by	by	ADP
arjefm-70	6	18	financial	financial	ADJ
arjefm-70	6	19	intermediaries	intermediary	NOUN
arjefm-70	6	20	.	.	PUNCT
arjefm-70	7	1	to	to	PART
arjefm-70	7	2	foster	foster	VERB
arjefm-70	7	3	economic	economic	ADJ
arjefm-70	7	4	growth	growth	NOUN
arjefm-70	7	5	,	,	PUNCT
arjefm-70	7	6	a	a	DET
arjefm-70	7	7	shift	shift	NOUN
arjefm-70	7	8	towards	towards	ADP
arjefm-70	7	9	financial	financial	ADJ
arjefm-70	7	10	liberalization	liberalization	NOUN
arjefm-70	7	11	is	be	AUX
arjefm-70	7	12	recommended	recommend	VERB
arjefm-70	7	13	.	.	PUNCT
arjefm-70	8	1	this	this	PRON
arjefm-70	8	2	entails	entail	VERB
arjefm-70	8	3	removing	remove	VERB
arjefm-70	8	4	interest	interest	NOUN
arjefm-70	8	5	rate	rate	NOUN
arjefm-70	8	6	caps	cap	NOUN
arjefm-70	8	7	,	,	PUNCT
arjefm-70	8	8	reducing	reduce	VERB
arjefm-70	8	9	compulsory	compulsory	ADJ
arjefm-70	8	10	setasides	setaside	NOUN
arjefm-70	8	11	,	,	PUNCT
arjefm-70	8	12	and	and	CCONJ
arjefm-70	8	13	eliminating	eliminate	VERB
arjefm-70	8	14	directed	direct	VERB
arjefm-70	8	15	credit	credit	NOUN
arjefm-70	8	16	programs	program	NOUN
arjefm-70	8	17	,	,	PUNCT
arjefm-70	8	18	thereby	thereby	ADV
arjefm-70	8	19	allowing	allow	VERB
arjefm-70	8	20	financial	financial	ADJ
arjefm-70	8	21	markets	market	NOUN
arjefm-70	8	22	to	to	PART
arjefm-70	8	23	operate	operate	VERB
arjefm-70	8	24	freely	freely	ADV
arjefm-70	8	25	and	and	CCONJ
arjefm-70	8	26	determine	determine	VERB
arjefm-70	8	27	credit	credit	NOUN
arjefm-70	8	28	distribution	distribution	NOUN
arjefm-70	8	29	based	base	VERB
arjefm-70	8	30	on	on	ADP
arjefm-70	8	31	market	market	NOUN
arjefm-70	8	32	dynamics	dynamic	NOUN
arjefm-70	8	33	.	.	PUNCT
arjefm-70	9	1	this	this	DET
arjefm-70	9	2	research	research	NOUN
arjefm-70	9	3	sheds	shed	VERB
arjefm-70	9	4	light	light	NOUN
arjefm-70	9	5	on	on	ADP
arjefm-70	9	6	the	the	DET
arjefm-70	9	7	detrimental	detrimental	ADJ
arjefm-70	9	8	impact	impact	NOUN
arjefm-70	9	9	of	of	ADP
arjefm-70	9	10	financial	financial	ADJ
arjefm-70	9	11	repression	repression	NOUN
arjefm-70	9	12	on	on	ADP
arjefm-70	9	13	economic	economic	ADJ
arjefm-70	9	14	development	development	NOUN
arjefm-70	9	15	in	in	ADP
arjefm-70	9	16	african	african	ADJ
arjefm-70	9	17	countries	country	NOUN
arjefm-70	9	18	and	and	CCONJ
arjefm-70	9	19	advocates	advocate	NOUN
arjefm-70	9	20	for	for	ADP
arjefm-70	9	21	policy	policy	NOUN
arjefm-70	9	22	changes	change	NOUN
arjefm-70	9	23	that	that	PRON
arjefm-70	9	24	prioritize	prioritize	VERB
arjefm-70	9	25	financial	financial	ADJ
arjefm-70	9	26	market	market	NOUN
arjefm-70	9	27	autonomy	autonomy	NOUN
arjefm-70	9	28	and	and	CCONJ
arjefm-70	9	29	efficiency	efficiency	NOUN
arjefm-70	9	30	.	.	PUNCT
arjefm-70	10	1	keywords	keyword	NOUN
arjefm-70	10	2	:	:	PUNCT
arjefm-70	10	3	financial	financial	ADJ
arjefm-70	10	4	repression	repression	NOUN
arjefm-70	10	5	,	,	PUNCT
arjefm-70	10	6	economic	economic	ADJ
arjefm-70	10	7	development	development	NOUN
arjefm-70	10	8	,	,	PUNCT
arjefm-70	10	9	financial	financial	ADJ
arjefm-70	10	10	liberalization	liberalization	NOUN
arjefm-70	10	11	,	,	PUNCT
arjefm-70	10	12	interest	interest	NOUN
arjefm-70	10	13	rate	rate	NOUN
arjefm-70	10	14	caps	cap	NOUN
arjefm-70	10	15	,	,	PUNCT
arjefm-70	10	16	african	african	ADJ
arjefm-70	10	17	countries	country	NOUN
arjefm-70	10	18	.	.	PUNCT
arjefm-70	11	1	1	1	X
arjefm-70	11	2	.	.	X
arjefm-70	11	3	introduction	introduction	NOUN
arjefm-70	11	4	from	from	ADP
arjefm-70	11	5	independence	independence	NOUN
arjefm-70	11	6	,	,	PUNCT
arjefm-70	11	7	the	the	DET
arjefm-70	11	8	financing	financing	NOUN
arjefm-70	11	9	policies	policy	NOUN
arjefm-70	11	10	of	of	ADP
arjefm-70	11	11	african	african	ADJ
arjefm-70	11	12	countries	country	NOUN
arjefm-70	11	13	development	development	NOUN
arjefm-70	11	14	were	be	AUX
arjefm-70	11	15	defined	define	VERB
arjefm-70	11	16	in	in	ADP
arjefm-70	11	17	a	a	DET
arjefm-70	11	18	theoretical	theoretical	ADJ
arjefm-70	11	19	background	background	NOUN
arjefm-70	11	20	inspired	inspire	VERB
arjefm-70	11	21	by	by	ADP
arjefm-70	11	22	keynesian	keynesian	ADJ
arjefm-70	11	23	economies	economy	NOUN
arjefm-70	11	24	.	.	PUNCT
arjefm-70	12	1	interest	interest	NOUN
arjefm-70	12	2	rates	rate	NOUN
arjefm-70	12	3	were	be	AUX
arjefm-70	12	4	capped	cap	VERB
arjefm-70	12	5	at	at	ADP
arjefm-70	12	6	a	a	DET
arjefm-70	12	7	very	very	ADV
arjefm-70	12	8	low	low	ADJ
arjefm-70	12	9	level	level	NOUN
arjefm-70	12	10	in	in	ADP
arjefm-70	12	11	order	order	NOUN
arjefm-70	12	12	to	to	PART
arjefm-70	12	13	foster	foster	VERB
arjefm-70	12	14	investment	investment	NOUN
arjefm-70	12	15	and	and	CCONJ
arjefm-70	12	16	economic	economic	ADJ
arjefm-70	12	17	growth	growth	NOUN
arjefm-70	12	18	.	.	PUNCT
arjefm-70	13	1	hence	hence	ADV
arjefm-70	13	2	,	,	PUNCT
arjefm-70	13	3	the	the	DET
arjefm-70	13	4	government	government	NOUN
arjefm-70	13	5	controlled	control	VERB
arjefm-70	13	6	the	the	DET
arjefm-70	13	7	entirety	entirety	NOUN
arjefm-70	13	8	of	of	ADP
arjefm-70	13	9	the	the	DET
arjefm-70	13	10	financial	financial	ADJ
arjefm-70	13	11	system	system	NOUN
arjefm-70	13	12	and	and	CCONJ
arjefm-70	13	13	managed	manage	VERB
arjefm-70	13	14	the	the	DET
arjefm-70	13	15	development	development	NOUN
arjefm-70	13	16	strategy	strategy	NOUN
arjefm-70	13	17	of	of	ADP
arjefm-70	13	18	its	its	PRON
arjefm-70	13	19	economy	economy	NOUN
arjefm-70	13	20	.	.	PUNCT
arjefm-70	14	1	the	the	DET
arjefm-70	14	2	results	result	NOUN
arjefm-70	14	3	of	of	ADP
arjefm-70	14	4	these	these	DET
arjefm-70	14	5	policies	policy	NOUN
arjefm-70	14	6	led	lead	VERB
arjefm-70	14	7	to	to	ADP
arjefm-70	14	8	low	low	ADJ
arjefm-70	14	9	–	–	PUNCT
arjefm-70	14	10	and	and	CCONJ
arjefm-70	14	11	even	even	ADV
arjefm-70	14	12	negative	negative	ADJ
arjefm-70	14	13	–	–	PUNCT
arjefm-70	14	14	real	real	ADJ
arjefm-70	14	15	interest	interest	NOUN
arjefm-70	14	16	rates	rate	NOUN
arjefm-70	14	17	.	.	PUNCT
arjefm-70	15	1	the	the	DET
arjefm-70	15	2	works	work	NOUN
arjefm-70	15	3	of	of	ADP
arjefm-70	15	4	mckinnon	mckinnon	PROPN
arjefm-70	15	5	(	(	PUNCT
arjefm-70	15	6	1973	1973	NUM
arjefm-70	15	7	)	)	PUNCT
arjefm-70	15	8	and	and	CCONJ
arjefm-70	15	9	shaw	shaw	PROPN
arjefm-70	15	10	(	(	PUNCT
arjefm-70	15	11	1973	1973	NUM
arjefm-70	15	12	)	)	PUNCT
arjefm-70	15	13	identified	identify	VERB
arjefm-70	15	14	financial	financial	ADJ
arjefm-70	15	15	repressions	repression	NOUN
arjefm-70	15	16	the	the	DET
arjefm-70	15	17	principal	principal	ADJ
arjefm-70	15	18	cause	cause	NOUN
arjefm-70	15	19	of	of	ADP
arjefm-70	15	20	low	low	ADJ
arjefm-70	15	21	performances	performance	NOUN
arjefm-70	15	22	in	in	ADP
arjefm-70	15	23	terms	term	NOUN
arjefm-70	15	24	of	of	ADP
arjefm-70	15	25	economic	economic	ADJ
arjefm-70	15	26	growth	growth	NOUN
arjefm-70	15	27	in	in	ADP
arjefm-70	15	28	developing	develop	VERB
arjefm-70	15	29	countries	country	NOUN
arjefm-70	15	30	.	.	PUNCT
arjefm-70	16	1	according	accord	VERB
arjefm-70	16	2	to	to	ADP
arjefm-70	16	3	the	the	DET
arjefm-70	16	4	authors	author	NOUN
arjefm-70	16	5	,	,	PUNCT
arjefm-70	16	6	financial	financial	ADJ
arjefm-70	16	7	repression	repression	NOUN
arjefm-70	16	8	impedes	impede	VERB
arjefm-70	16	9	economic	economic	ADJ
arjefm-70	16	10	development	development	NOUN
arjefm-70	16	11	in	in	ADP
arjefm-70	16	12	many	many	ADJ
arjefm-70	16	13	ways	way	NOUN
arjefm-70	16	14	.	.	PUNCT
arjefm-70	17	1	first	first	ADV
arjefm-70	17	2	,	,	PUNCT
arjefm-70	17	3	savings	saving	NOUN
arjefm-70	17	4	are	be	AUX
arjefm-70	17	5	discouraged	discourage	VERB
arjefm-70	17	6	because	because	SCONJ
arjefm-70	17	7	of	of	ADP
arjefm-70	17	8	their	their	PRON
arjefm-70	17	9	low	low	ADJ
arjefm-70	17	10	performance	performance	NOUN
arjefm-70	17	11	.	.	PUNCT
arjefm-70	18	1	secondly	secondly	ADV
arjefm-70	18	2	,	,	PUNCT
arjefm-70	18	3	financial	financial	ADJ
arjefm-70	18	4	intermediaries	intermediary	NOUN
arjefm-70	18	5	are	be	AUX
arjefm-70	18	6	not	not	PART
arjefm-70	18	7	encouraged	encourage	VERB
arjefm-70	18	8	to	to	PART
arjefm-70	18	9	effectively	effectively	ADV
arjefm-70	18	10	spread	spread	VERB
arjefm-70	18	11	savings	saving	NOUN
arjefm-70	18	12	.	.	PUNCT
arjefm-70	19	1	logically	logically	ADV
arjefm-70	19	2	,	,	PUNCT
arjefm-70	19	3	economic	economic	ADJ
arjefm-70	19	4	growth	growth	NOUN
arjefm-70	19	5	is	be	AUX
arjefm-70	19	6	fostered	foster	VERB
arjefm-70	19	7	by	by	ADP
arjefm-70	19	8	adopting	adopt	VERB
arjefm-70	19	9	a	a	DET
arjefm-70	19	10	financial	financial	ADJ
arjefm-70	19	11	liberalization	liberalization	NOUN
arjefm-70	19	12	policy	policy	NOUN
arjefm-70	19	13	,	,	PUNCT
arjefm-70	19	14	because	because	SCONJ
arjefm-70	19	15	in	in	ADP
arjefm-70	19	16	interest	interest	NOUN
arjefm-70	19	17	rates	rate	NOUN
arjefm-70	19	18	increase	increase	VERB
arjefm-70	19	19	will	will	AUX
arjefm-70	19	20	facilitate	facilitate	VERB
arjefm-70	19	21	savings	saving	NOUN
arjefm-70	19	22	mobilization	mobilization	NOUN
arjefm-70	19	23	and	and	CCONJ
arjefm-70	19	24	more	more	ADV
arjefm-70	19	25	effective	effective	ADJ
arjefm-70	19	26	capital	capital	NOUN
arjefm-70	19	27	distribution	distribution	NOUN
arjefm-70	19	28	.	.	PUNCT
arjefm-70	20	1	therefore	therefore	ADV
arjefm-70	20	2	,	,	PUNCT
arjefm-70	20	3	governments	government	NOUN
arjefm-70	20	4	should	should	AUX
arjefm-70	20	5	cut	cut	VERB
arjefm-70	20	6	out	out	ADP
arjefm-70	20	7	interest	interest	NOUN
arjefm-70	20	8	rates	rate	NOUN
arjefm-70	20	9	caps	cap	NOUN
arjefm-70	20	10	,	,	PUNCT
arjefm-70	20	11	reduce	reduce	VERB
arjefm-70	20	12	compulsory	compulsory	ADJ
arjefm-70	20	13	set	set	NOUN
arjefm-70	20	14	-	-	PUNCT
arjefm-70	20	15	asides	aside	NOUN
arjefm-70	20	16	and	and	CCONJ
arjefm-70	20	17	abolish	abolish	VERB
arjefm-70	20	18	directed	direct	VERB
arjefm-70	20	19	credit	credit	NOUN
arjefm-70	20	20	programs	program	NOUN
arjefm-70	20	21	.	.	PUNCT
arjefm-70	21	1	it	it	PRON
arjefm-70	21	2	is	be	AUX
arjefm-70	21	3	about	about	ADP
arjefm-70	21	4	“	"	PUNCT
arjefm-70	21	5	freeing	free	VERB
arjefm-70	21	6	”	"	PUNCT
arjefm-70	21	7	financial	financial	ADJ
arjefm-70	21	8	markets	market	NOUN
arjefm-70	21	9	from	from	ADP
arjefm-70	21	10	any	any	DET
arjefm-70	21	11	intervention	intervention	NOUN
arjefm-70	21	12	and	and	CCONJ
arjefm-70	21	13	allowing	allow	VERB
arjefm-70	21	14	the	the	DET
arjefm-70	21	15	market	market	NOUN
arjefm-70	21	16	to	to	PART
arjefm-70	21	17	determine	determine	VERB
arjefm-70	21	18	credit	credit	NOUN
arjefm-70	21	19	distribution	distribution	NOUN
arjefm-70	21	20	.	.	PUNCT
arjefm-70	22	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	22	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	23	1	american	american	PROPN
arjefm-70	23	2	research	research	PROPN
arjefm-70	23	3	journal	journal	PROPN
arjefm-70	23	4	of	of	ADP
arjefm-70	23	5	economics	economic	NOUN
arjefm-70	23	6	,	,	PUNCT
arjefm-70	23	7	finance	finance	NOUN
arjefm-70	23	8	and	and	CCONJ
arjefm-70	23	9	management	management	NOUN
arjefm-70	23	10	volume	volume	NOUN
arjefm-70	23	11	10	10	NUM
arjefm-70	23	12	issue	issue	NOUN
arjefm-70	23	13	3	3	NUM
arjefm-70	23	14	,	,	PUNCT
arjefm-70	23	15	july	july	PROPN
arjefm-70	23	16	-	-	PUNCT
arjefm-70	23	17	september	september	PROPN
arjefm-70	23	18	2022	2022	NUM
arjefm-70	23	19	issn	issn	NOUN
arjefm-70	23	20	:	:	PUNCT
arjefm-70	23	21	2836	2836	NUM
arjefm-70	23	22	-	-	SYM
arjefm-70	23	23	9416	9416	NUM
arjefm-70	23	24	impact	impact	NOUN
arjefm-70	23	25	factor	factor	NOUN
arjefm-70	23	26	:	:	PUNCT
arjefm-70	23	27	4.85	4.85	NUM
arjefm-70	23	28	journal	journal	NOUN
arjefm-70	23	29	homepage	homepage	NOUN
arjefm-70	23	30	:	:	PUNCT
arjefm-70	23	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	23	32	,	,	PUNCT
arjefm-70	23	33	email	email	NOUN
arjefm-70	23	34	:	:	PUNCT
arjefm-70	24	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	24	2	official	official	ADJ
arjefm-70	24	3	journal	journal	PROPN
arjefm-70	24	4	of	of	ADP
arjefm-70	24	5	america	america	PROPN
arjefm-70	24	6	serial	serial	PROPN
arjefm-70	24	7	publication	publication	NOUN
arjefm-70	24	8	american	american	PROPN
arjefm-70	24	9	research	research	PROPN
arjefm-70	24	10	journal	journal	PROPN
arjefm-70	24	11	of	of	ADP
arjefm-70	24	12	economics	economic	NOUN
arjefm-70	24	13	,	,	PUNCT
arjefm-70	24	14	finance	finance	NOUN
arjefm-70	24	15	and	and	CCONJ
arjefm-70	24	16	management	management	NOUN
arjefm-70	24	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	24	18	,	,	PUNCT
arjefm-70	24	19	email	email	NOUN
arjefm-70	24	20	:	:	PUNCT
arjefm-70	24	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	25	1	19	19	NUM
arjefm-70	26	1	|	|	ADV
arjefm-70	26	2	p	p	NOUN
arjefm-70	26	3	a	a	DET
arjefm-70	26	4	g	g	NOUN
arjefm-70	26	5	e	e	NOUN
arjefm-70	26	6	under	under	ADP
arjefm-70	26	7	the	the	DET
arjefm-70	26	8	auspices	auspex	NOUN
arjefm-70	26	9	of	of	ADP
arjefm-70	26	10	the	the	DET
arjefm-70	26	11	big	big	ADJ
arjefm-70	26	12	financial	financial	ADJ
arjefm-70	26	13	institutions	institution	NOUN
arjefm-70	27	1	,	,	PUNCT
arjefm-70	27	2	the	the	DET
arjefm-70	27	3	majority	majority	NOUN
arjefm-70	27	4	of	of	ADP
arjefm-70	27	5	sub	sub	ADJ
arjefm-70	27	6	-	-	ADJ
arjefm-70	27	7	saharan	saharan	ADJ
arjefm-70	27	8	economies	economy	NOUN
arjefm-70	27	9	initiated	initiate	VERB
arjefm-70	27	10	financial	financial	ADJ
arjefm-70	27	11	liberalization	liberalization	NOUN
arjefm-70	27	12	programs	program	NOUN
arjefm-70	27	13	from	from	ADP
arjefm-70	27	14	the	the	DET
arjefm-70	27	15	1980s	1980s	NUM
arjefm-70	27	16	.	.	PUNCT
arjefm-70	28	1	apart	apart	ADV
arjefm-70	28	2	from	from	ADP
arjefm-70	28	3	interest	interest	NOUN
arjefm-70	28	4	rates	rate	NOUN
arjefm-70	28	5	liberalization	liberalization	NOUN
arjefm-70	28	6	,	,	PUNCT
arjefm-70	28	7	many	many	ADJ
arjefm-70	28	8	other	other	ADJ
arjefm-70	28	9	measures	measure	NOUN
arjefm-70	28	10	were	be	AUX
arjefm-70	28	11	implemented	implement	VERB
arjefm-70	28	12	in	in	ADP
arjefm-70	28	13	africa	africa	PROPN
arjefm-70	28	14	as	as	ADP
arjefm-70	28	15	part	part	NOUN
arjefm-70	28	16	of	of	ADP
arjefm-70	28	17	financial	financial	ADJ
arjefm-70	28	18	reforms	reform	NOUN
arjefm-70	28	19	(	(	PUNCT
arjefm-70	28	20	bank	bank	NOUN
arjefm-70	28	21	restructuring	restructuring	NOUN
arjefm-70	28	22	,	,	PUNCT
arjefm-70	28	23	abolition	abolition	NOUN
arjefm-70	28	24	of	of	ADP
arjefm-70	28	25	direct	direct	ADJ
arjefm-70	28	26	monetary	monetary	ADJ
arjefm-70	28	27	control	control	NOUN
arjefm-70	28	28	,	,	PUNCT
arjefm-70	28	29	strengthening	strengthen	VERB
arjefm-70	28	30	supervision	supervision	NOUN
arjefm-70	28	31	)	)	PUNCT
arjefm-70	28	32	.	.	PUNCT
arjefm-70	29	1	nevertheless	nevertheless	ADV
arjefm-70	29	2	,	,	PUNCT
arjefm-70	29	3	monetarist	monetarist	ADJ
arjefm-70	29	4	neoliberal	neoliberal	ADJ
arjefm-70	29	5	policies	policy	NOUN
arjefm-70	29	6	did	do	AUX
arjefm-70	29	7	not	not	PART
arjefm-70	29	8	bring	bring	VERB
arjefm-70	29	9	a	a	DET
arjefm-70	29	10	miracle	miracle	NOUN
arjefm-70	29	11	solution	solution	NOUN
arjefm-70	29	12	to	to	ADP
arjefm-70	29	13	economic	economic	ADJ
arjefm-70	29	14	development	development	NOUN
arjefm-70	29	15	.	.	PUNCT
arjefm-70	30	1	reinhart	reinhart	PROPN
arjefm-70	30	2	and	and	CCONJ
arjefm-70	30	3	tokatlidis	tokatlidis	PROPN
arjefm-70	30	4	(	(	PUNCT
arjefm-70	30	5	2003	2003	NUM
arjefm-70	30	6	)	)	PUNCT
arjefm-70	30	7	,	,	PUNCT
arjefm-70	30	8	talking	talk	VERB
arjefm-70	30	9	about	about	ADP
arjefm-70	30	10	sub	sub	ADJ
arjefm-70	30	11	-	-	ADJ
arjefm-70	30	12	saharan	saharan	ADJ
arjefm-70	30	13	africa	africa	PROPN
arjefm-70	30	14	,	,	PUNCT
arjefm-70	30	15	claimed	claim	VERB
arjefm-70	30	16	that	that	SCONJ
arjefm-70	30	17	financial	financial	ADJ
arjefm-70	30	18	reforms	reform	NOUN
arjefm-70	30	19	had	have	VERB
arjefm-70	30	20	only	only	ADV
arjefm-70	30	21	slight	slight	ADJ
arjefm-70	30	22	effects	effect	NOUN
arjefm-70	30	23	on	on	ADP
arjefm-70	30	24	economies	economy	NOUN
arjefm-70	30	25	.	.	PUNCT
arjefm-70	31	1	the	the	DET
arjefm-70	31	2	main	main	ADJ
arjefm-70	31	3	reason	reason	NOUN
arjefm-70	31	4	of	of	ADP
arjefm-70	31	5	that	that	DET
arjefm-70	31	6	failure	failure	NOUN
arjefm-70	31	7	is	be	AUX
arjefm-70	31	8	the	the	DET
arjefm-70	31	9	existence	existence	NOUN
arjefm-70	31	10	of	of	ADP
arjefm-70	31	11	imperfect	imperfect	ADJ
arjefm-70	31	12	and	and	CCONJ
arjefm-70	31	13	incomplete	incomplete	ADJ
arjefm-70	31	14	markets	market	NOUN
arjefm-70	31	15	,	,	PUNCT
arjefm-70	31	16	asymmetric	asymmetric	ADJ
arjefm-70	31	17	information	information	NOUN
arjefm-70	31	18	and	and	CCONJ
arjefm-70	31	19	an	an	DET
arjefm-70	31	20	unstable	unstable	ADJ
arjefm-70	31	21	economic	economic	ADJ
arjefm-70	31	22	environment	environment	NOUN
arjefm-70	31	23	,	,	PUNCT
arjefm-70	31	24	not	not	PART
arjefm-70	31	25	conducive	conducive	ADJ
arjefm-70	31	26	to	to	ADP
arjefm-70	31	27	the	the	DET
arjefm-70	31	28	private	private	ADJ
arjefm-70	31	29	sector.after	sector.after	ADP
arjefm-70	31	30	more	more	ADJ
arjefm-70	31	31	than	than	ADP
arjefm-70	31	32	two	two	NUM
arjefm-70	31	33	decades	decade	NOUN
arjefm-70	31	34	of	of	ADP
arjefm-70	31	35	liberalization	liberalization	NOUN
arjefm-70	31	36	in	in	ADP
arjefm-70	31	37	waemu	waemu	NOUN
arjefm-70	31	38	,	,	PUNCT
arjefm-70	31	39	globally	globally	ADV
arjefm-70	31	40	,	,	PUNCT
arjefm-70	31	41	the	the	DET
arjefm-70	31	42	situation	situation	NOUN
arjefm-70	31	43	of	of	ADP
arjefm-70	31	44	banks	bank	NOUN
arjefm-70	31	45	in	in	ADP
arjefm-70	31	46	the	the	DET
arjefm-70	31	47	banking	banking	NOUN
arjefm-70	31	48	system	system	NOUN
arjefm-70	31	49	is	be	AUX
arjefm-70	31	50	satisfying	satisfy	VERB
arjefm-70	31	51	.	.	PUNCT
arjefm-70	32	1	the	the	DET
arjefm-70	32	2	bank	bank	NOUN
arjefm-70	32	3	credit	credit	NOUN
arjefm-70	32	4	to	to	ADP
arjefm-70	32	5	gdp	gdp	NOUN
arjefm-70	32	6	ratio	ratio	NOUN
arjefm-70	32	7	went	go	VERB
arjefm-70	32	8	from	from	ADP
arjefm-70	32	9	11.63	11.63	NUM
arjefm-70	32	10	%	%	NOUN
arjefm-70	32	11	in	in	ADP
arjefm-70	32	12	2001	2001	NUM
arjefm-70	32	13	to	to	ADP
arjefm-70	32	14	26.73	26.73	NUM
arjefm-70	32	15	%	%	NOUN
arjefm-70	32	16	in	in	ADP
arjefm-70	32	17	2013	2013	NUM
arjefm-70	32	18	(	(	PUNCT
arjefm-70	32	19	bei	bei	NOUN
arjefm-70	32	20	,	,	PUNCT
arjefm-70	32	21	2016	2016	NUM
arjefm-70	32	22	)	)	PUNCT
arjefm-70	32	23	.	.	PUNCT
arjefm-70	33	1	between	between	ADP
arjefm-70	33	2	2001	2001	NUM
arjefm-70	33	3	and	and	CCONJ
arjefm-70	33	4	2007	2007	NUM
arjefm-70	33	5	,	,	PUNCT
arjefm-70	33	6	the	the	DET
arjefm-70	33	7	average	average	ADJ
arjefm-70	33	8	annual	annual	ADJ
arjefm-70	33	9	growth	growth	NOUN
arjefm-70	33	10	rate	rate	NOUN
arjefm-70	33	11	of	of	ADP
arjefm-70	33	12	credits	credit	NOUN
arjefm-70	33	13	ratio	ratio	NOUN
arjefm-70	33	14	was	be	AUX
arjefm-70	33	15	at	at	ADP
arjefm-70	33	16	13.7	13.7	NUM
arjefm-70	33	17	%	%	NOUN
arjefm-70	33	18	.	.	PUNCT
arjefm-70	34	1	in	in	ADP
arjefm-70	34	2	the	the	DET
arjefm-70	34	3	meantime	meantime	NOUN
arjefm-70	34	4	,	,	PUNCT
arjefm-70	34	5	the	the	DET
arjefm-70	34	6	average	average	ADJ
arjefm-70	34	7	real	real	ADJ
arjefm-70	34	8	interest	interest	NOUN
arjefm-70	34	9	rate	rate	NOUN
arjefm-70	34	10	of	of	ADP
arjefm-70	34	11	bank	bank	NOUN
arjefm-70	34	12	credits	credit	NOUN
arjefm-70	34	13	settled	settle	VERB
arjefm-70	34	14	at	at	ADP
arjefm-70	34	15	13.7	13.7	NUM
arjefm-70	34	16	%	%	NOUN
arjefm-70	34	17	in	in	ADP
arjefm-70	34	18	the	the	DET
arjefm-70	34	19	union	union	NOUN
arjefm-70	34	20	,	,	PUNCT
arjefm-70	34	21	against	against	ADP
arjefm-70	34	22	5.81	5.81	NUM
arjefm-70	34	23	%	%	NOUN
arjefm-70	34	24	in	in	ADP
arjefm-70	34	25	morocco	morocco	PROPN
arjefm-70	34	26	.	.	PUNCT
arjefm-70	35	1	from	from	ADP
arjefm-70	35	2	the	the	DET
arjefm-70	35	3	preceding	preceding	NOUN
arjefm-70	35	4	,	,	PUNCT
arjefm-70	35	5	the	the	DET
arjefm-70	35	6	central	central	ADJ
arjefm-70	35	7	issue	issue	NOUN
arjefm-70	35	8	of	of	ADP
arjefm-70	35	9	this	this	DET
arjefm-70	35	10	study	study	NOUN
arjefm-70	35	11	is	be	AUX
arjefm-70	35	12	around	around	ADP
arjefm-70	35	13	the	the	DET
arjefm-70	35	14	following	follow	VERB
arjefm-70	35	15	fundamental	fundamental	ADJ
arjefm-70	35	16	question	question	NOUN
arjefm-70	35	17	:	:	PUNCT
arjefm-70	35	18	in	in	ADP
arjefm-70	35	19	what	what	DET
arjefm-70	35	20	ways	way	NOUN
arjefm-70	35	21	does	do	AUX
arjefm-70	35	22	interest	interest	NOUN
arjefm-70	35	23	rate	rate	NOUN
arjefm-70	35	24	liberalization	liberalization	NOUN
arjefm-70	35	25	stimulate	stimulate	VERB
arjefm-70	35	26	credit	credit	NOUN
arjefm-70	35	27	to	to	ADP
arjefm-70	35	28	the	the	DET
arjefm-70	35	29	private	private	ADJ
arjefm-70	35	30	sector	sector	NOUN
arjefm-70	35	31	in	in	ADP
arjefm-70	35	32	the	the	DET
arjefm-70	35	33	waemu	waemu	PROPN
arjefm-70	35	34	zone	zone	NOUN
arjefm-70	35	35	?	?	PUNCT
arjefm-70	36	1	hence	hence	ADV
arjefm-70	36	2	,	,	PUNCT
arjefm-70	36	3	the	the	DET
arjefm-70	36	4	general	general	ADJ
arjefm-70	36	5	objective	objective	NOUN
arjefm-70	36	6	of	of	ADP
arjefm-70	36	7	this	this	DET
arjefm-70	36	8	study	study	NOUN
arjefm-70	36	9	is	be	AUX
arjefm-70	36	10	to	to	PART
arjefm-70	36	11	analyze	analyze	VERB
arjefm-70	36	12	the	the	DET
arjefm-70	36	13	effect	effect	NOUN
arjefm-70	36	14	of	of	ADP
arjefm-70	36	15	interest	interest	NOUN
arjefm-70	36	16	rate	rate	NOUN
arjefm-70	36	17	liberalization	liberalization	NOUN
arjefm-70	36	18	on	on	ADP
arjefm-70	36	19	credit	credit	NOUN
arjefm-70	36	20	supply	supply	NOUN
arjefm-70	36	21	to	to	ADP
arjefm-70	36	22	the	the	DET
arjefm-70	36	23	private	private	ADJ
arjefm-70	36	24	sector	sector	NOUN
arjefm-70	36	25	in	in	ADP
arjefm-70	36	26	the	the	DET
arjefm-70	36	27	waemu	waemu	PROPN
arjefm-70	36	28	zone	zone	NOUN
arjefm-70	36	29	.	.	PUNCT
arjefm-70	37	1	specifically	specifically	ADV
arjefm-70	37	2	,	,	PUNCT
arjefm-70	37	3	on	on	ADP
arjefm-70	37	4	the	the	DET
arjefm-70	37	5	one	one	NUM
arjefm-70	37	6	hand	hand	NOUN
arjefm-70	37	7	,	,	PUNCT
arjefm-70	37	8	we	we	PRON
arjefm-70	37	9	will	will	AUX
arjefm-70	37	10	examine	examine	VERB
arjefm-70	37	11	the	the	DET
arjefm-70	37	12	effect	effect	NOUN
arjefm-70	37	13	of	of	ADP
arjefm-70	37	14	financial	financial	ADJ
arjefm-70	37	15	repression	repression	NOUN
arjefm-70	37	16	on	on	ADP
arjefm-70	37	17	bank	bank	NOUN
arjefm-70	37	18	credit	credit	NOUN
arjefm-70	37	19	supply	supply	NOUN
arjefm-70	37	20	to	to	ADP
arjefm-70	37	21	the	the	DET
arjefm-70	37	22	private	private	ADJ
arjefm-70	37	23	sector	sector	NOUN
arjefm-70	37	24	in	in	ADP
arjefm-70	37	25	the	the	DET
arjefm-70	37	26	face	face	NOUN
arjefm-70	37	27	of	of	ADP
arjefm-70	37	28	credit	credit	NOUN
arjefm-70	37	29	request	request	NOUN
arjefm-70	37	30	.	.	PUNCT
arjefm-70	38	1	on	on	ADP
arjefm-70	38	2	the	the	DET
arjefm-70	38	3	other	other	ADJ
arjefm-70	38	4	hand	hand	NOUN
arjefm-70	38	5	,	,	PUNCT
arjefm-70	38	6	we	we	PRON
arjefm-70	38	7	will	will	AUX
arjefm-70	38	8	appreciate	appreciate	VERB
arjefm-70	38	9	the	the	DET
arjefm-70	38	10	impact	impact	NOUN
arjefm-70	38	11	of	of	ADP
arjefm-70	38	12	financial	financial	ADJ
arjefm-70	38	13	savings	saving	NOUN
arjefm-70	38	14	on	on	ADP
arjefm-70	38	15	banks	bank	NOUN
arjefm-70	38	16	’	'	PUNCT
arjefm-70	38	17	capacity	capacity	NOUN
arjefm-70	38	18	to	to	PART
arjefm-70	38	19	supply	supply	VERB
arjefm-70	38	20	bank	bank	NOUN
arjefm-70	38	21	credit	credit	NOUN
arjefm-70	38	22	.	.	PUNCT
arjefm-70	39	1	in	in	ADP
arjefm-70	39	2	relation	relation	NOUN
arjefm-70	39	3	with	with	ADP
arjefm-70	39	4	our	our	PRON
arjefm-70	39	5	objectives	objective	NOUN
arjefm-70	39	6	,	,	PUNCT
arjefm-70	39	7	we	we	PRON
arjefm-70	39	8	formulated	formulate	VERB
arjefm-70	39	9	the	the	DET
arjefm-70	39	10	two	two	NUM
arjefm-70	39	11	following	follow	VERB
arjefm-70	39	12	hypotheses	hypothesis	NOUN
arjefm-70	39	13	.	.	PUNCT
arjefm-70	40	1	first	first	ADV
arjefm-70	40	2	of	of	ADP
arjefm-70	40	3	all	all	PRON
arjefm-70	40	4	,	,	PUNCT
arjefm-70	40	5	financing	finance	VERB
arjefm-70	40	6	the	the	DET
arjefm-70	40	7	economy	economy	NOUN
arjefm-70	40	8	increases	increase	VERB
arjefm-70	40	9	when	when	SCONJ
arjefm-70	40	10	the	the	DET
arjefm-70	40	11	level	level	NOUN
arjefm-70	40	12	of	of	ADP
arjefm-70	40	13	financial	financial	ADJ
arjefm-70	40	14	repression	repression	NOUN
arjefm-70	40	15	decreases	decrease	VERB
arjefm-70	40	16	.	.	PUNCT
arjefm-70	41	1	second	second	ADV
arjefm-70	41	2	of	of	ADP
arjefm-70	41	3	all	all	PRON
arjefm-70	41	4	,	,	PUNCT
arjefm-70	41	5	an	an	DET
arjefm-70	41	6	increase	increase	NOUN
arjefm-70	41	7	of	of	ADP
arjefm-70	41	8	financial	financial	ADJ
arjefm-70	41	9	savings	saving	NOUN
arjefm-70	41	10	is	be	AUX
arjefm-70	41	11	favorable	favorable	ADJ
arjefm-70	41	12	to	to	ADP
arjefm-70	41	13	credit	credit	NOUN
arjefm-70	41	14	supply	supply	NOUN
arjefm-70	41	15	to	to	ADP
arjefm-70	41	16	the	the	DET
arjefm-70	41	17	private	private	ADJ
arjefm-70	41	18	sector	sector	NOUN
arjefm-70	41	19	.	.	PUNCT
arjefm-70	42	1	interests	interest	NOUN
arjefm-70	42	2	and	and	CCONJ
arjefm-70	42	3	stakes	stake	NOUN
arjefm-70	42	4	do	do	AUX
arjefm-70	42	5	not	not	PART
arjefm-70	42	6	lack	lack	VERB
arjefm-70	42	7	in	in	ADP
arjefm-70	42	8	this	this	DET
arjefm-70	42	9	study	study	NOUN
arjefm-70	42	10	.	.	PUNCT
arjefm-70	43	1	in	in	ADP
arjefm-70	43	2	fact	fact	NOUN
arjefm-70	43	3	,	,	PUNCT
arjefm-70	43	4	the	the	DET
arjefm-70	43	5	constraints	constraint	NOUN
arjefm-70	43	6	of	of	ADP
arjefm-70	43	7	financing	finance	VERB
arjefm-70	43	8	the	the	DET
arjefm-70	43	9	economy	economy	NOUN
arjefm-70	43	10	remain	remain	VERB
arjefm-70	43	11	a	a	DET
arjefm-70	43	12	central	central	ADJ
arjefm-70	43	13	issue	issue	NOUN
arjefm-70	43	14	in	in	ADP
arjefm-70	43	15	sub	sub	ADJ
arjefm-70	43	16	-	-	ADJ
arjefm-70	43	17	saharan	saharan	ADJ
arjefm-70	43	18	africa	africa	PROPN
arjefm-70	43	19	,	,	PUNCT
arjefm-70	43	20	particularly	particularly	ADV
arjefm-70	43	21	in	in	ADP
arjefm-70	43	22	the	the	DET
arjefm-70	43	23	waemu	waemu	NOUN
arjefm-70	43	24	countries	country	NOUN
arjefm-70	43	25	where	where	SCONJ
arjefm-70	43	26	those	those	DET
arjefm-70	43	27	constraints	constraint	NOUN
arjefm-70	43	28	imply	imply	VERB
arjefm-70	43	29	excess	excess	ADJ
arjefm-70	43	30	bank	bank	NOUN
arjefm-70	43	31	liquidity	liquidity	NOUN
arjefm-70	43	32	.	.	PUNCT
arjefm-70	44	1	the	the	DET
arjefm-70	44	2	study	study	NOUN
arjefm-70	44	3	contributes	contribute	VERB
arjefm-70	44	4	in	in	ADP
arjefm-70	44	5	moving	move	VERB
arjefm-70	44	6	forward	forward	ADV
arjefm-70	44	7	the	the	DET
arjefm-70	44	8	literature	literature	NOUN
arjefm-70	44	9	on	on	ADP
arjefm-70	44	10	the	the	DET
arjefm-70	44	11	link	link	NOUN
arjefm-70	44	12	between	between	ADP
arjefm-70	44	13	interest	interest	NOUN
arjefm-70	44	14	rates	rate	NOUN
arjefm-70	44	15	and	and	CCONJ
arjefm-70	44	16	bank	bank	NOUN
arjefm-70	44	17	credit	credit	NOUN
arjefm-70	44	18	supply	supply	NOUN
arjefm-70	44	19	in	in	ADP
arjefm-70	44	20	the	the	DET
arjefm-70	44	21	waemu	waemu	PROPN
arjefm-70	44	22	zone	zone	NOUN
arjefm-70	44	23	.	.	PUNCT
arjefm-70	45	1	at	at	ADP
arjefm-70	45	2	the	the	DET
arjefm-70	45	3	methodological	methodological	ADJ
arjefm-70	45	4	level	level	NOUN
arjefm-70	45	5	,	,	PUNCT
arjefm-70	45	6	the	the	DET
arjefm-70	45	7	study	study	NOUN
arjefm-70	45	8	adopts	adopt	VERB
arjefm-70	45	9	the	the	DET
arjefm-70	45	10	pool	pool	NOUN
arjefm-70	45	11	mean	mean	NOUN
arjefm-70	45	12	group	group	NOUN
arjefm-70	45	13	(	(	PUNCT
arjefm-70	45	14	pmg	pmg	PROPN
arjefm-70	45	15	)	)	PUNCT
arjefm-70	45	16	and	and	CCONJ
arjefm-70	45	17	mean	mean	ADJ
arjefm-70	45	18	group	group	NOUN
arjefm-70	45	19	(	(	PUNCT
arjefm-70	45	20	mg	mg	NOUN
arjefm-70	45	21	)	)	PUNCT
arjefm-70	45	22	methods	method	NOUN
arjefm-70	45	23	respectively	respectively	ADV
arjefm-70	45	24	proposed	propose	VERB
arjefm-70	45	25	by	by	ADP
arjefm-70	45	26	pesaran	pesaran	PROPN
arjefm-70	45	27	et	et	PROPN
arjefm-70	45	28	al	al	PROPN
arjefm-70	45	29	.	.	PROPN
arjefm-70	46	1	(	(	PUNCT
arjefm-70	46	2	1999	1999	NUM
arjefm-70	46	3	)	)	PUNCT
arjefm-70	46	4	and	and	CCONJ
arjefm-70	46	5	pesaran	pesaran	NOUN
arjefm-70	46	6	and	and	CCONJ
arjefm-70	46	7	smith	smith	PROPN
arjefm-70	46	8	(	(	PUNCT
arjefm-70	46	9	1995	1995	NUM
arjefm-70	46	10	)	)	PUNCT
arjefm-70	46	11	.	.	PUNCT
arjefm-70	47	1	the	the	DET
arjefm-70	47	2	advantage	advantage	NOUN
arjefm-70	47	3	of	of	ADP
arjefm-70	47	4	these	these	DET
arjefm-70	47	5	estimation	estimation	NOUN
arjefm-70	47	6	methods	method	NOUN
arjefm-70	47	7	is	be	AUX
arjefm-70	47	8	the	the	DET
arjefm-70	47	9	introduction	introduction	NOUN
arjefm-70	47	10	of	of	ADP
arjefm-70	47	11	heterogeneity	heterogeneity	NOUN
arjefm-70	47	12	in	in	ADP
arjefm-70	47	13	coefficients	coefficient	NOUN
arjefm-70	47	14	dynamics	dynamic	NOUN
arjefm-70	47	15	.	.	PUNCT
arjefm-70	48	1	by	by	ADP
arjefm-70	48	2	using	use	VERB
arjefm-70	48	3	the	the	DET
arjefm-70	48	4	pmg	pmg	PROPN
arjefm-70	48	5	method	method	NOUN
arjefm-70	48	6	,	,	PUNCT
arjefm-70	48	7	the	the	DET
arjefm-70	48	8	article	article	NOUN
arjefm-70	48	9	highlights	highlight	VERB
arjefm-70	48	10	the	the	DET
arjefm-70	48	11	convergence	convergence	NOUN
arjefm-70	48	12	of	of	ADP
arjefm-70	48	13	long	long	ADJ
arjefm-70	48	14	-	-	PUNCT
arjefm-70	48	15	term	term	NOUN
arjefm-70	48	16	determinants	determinant	NOUN
arjefm-70	48	17	on	on	ADP
arjefm-70	48	18	credit	credit	NOUN
arjefm-70	48	19	supply	supply	NOUN
arjefm-70	48	20	within	within	ADP
arjefm-70	48	21	the	the	DET
arjefm-70	48	22	union	union	NOUN
arjefm-70	48	23	,	,	PUNCT
arjefm-70	48	24	while	while	SCONJ
arjefm-70	48	25	the	the	DET
arjefm-70	48	26	short	short	ADJ
arjefm-70	48	27	-	-	PUNCT
arjefm-70	48	28	term	term	NOUN
arjefm-70	48	29	dynamics	dynamic	NOUN
arjefm-70	48	30	remain	remain	VERB
arjefm-70	48	31	heterogeneous	heterogeneous	ADJ
arjefm-70	48	32	.	.	PUNCT
arjefm-70	49	1	this	this	DET
arjefm-70	49	2	hypothesis	hypothesis	NOUN
arjefm-70	49	3	seems	seem	VERB
arjefm-70	49	4	reasonable	reasonable	ADJ
arjefm-70	49	5	for	for	ADP
arjefm-70	49	6	the	the	DET
arjefm-70	49	7	waemu	waemu	PROPN
arjefm-70	49	8	countries	country	NOUN
arjefm-70	49	9	sharing	share	VERB
arjefm-70	49	10	the	the	DET
arjefm-70	49	11	same	same	ADJ
arjefm-70	49	12	monetary	monetary	ADJ
arjefm-70	49	13	policy	policy	NOUN
arjefm-70	49	14	and	and	CCONJ
arjefm-70	49	15	aiming	aim	VERB
arjefm-70	49	16	at	at	ADP
arjefm-70	49	17	the	the	DET
arjefm-70	49	18	convergence	convergence	NOUN
arjefm-70	49	19	of	of	ADP
arjefm-70	49	20	their	their	PRON
arjefm-70	49	21	economies	economy	NOUN
arjefm-70	49	22	in	in	ADP
arjefm-70	49	23	the	the	DET
arjefm-70	49	24	long	long	ADJ
arjefm-70	49	25	run	run	NOUN
arjefm-70	49	26	.	.	PUNCT
arjefm-70	50	1	however	however	ADV
arjefm-70	50	2	,	,	PUNCT
arjefm-70	50	3	the	the	DET
arjefm-70	50	4	study	study	NOUN
arjefm-70	50	5	can	can	AUX
arjefm-70	50	6	not	not	PART
arjefm-70	50	7	be	be	AUX
arjefm-70	50	8	done	do	VERB
arjefm-70	50	9	a	a	DET
arjefm-70	50	10	priori	priori	ADV
arjefm-70	50	11	,	,	PUNCT
arjefm-70	50	12	it	it	PRON
arjefm-70	50	13	must	must	AUX
arjefm-70	50	14	be	be	AUX
arjefm-70	50	15	empirically	empirically	ADV
arjefm-70	50	16	tested	test	VERB
arjefm-70	50	17	.	.	PUNCT
arjefm-70	51	1	we	we	PRON
arjefm-70	51	2	used	use	VERB
arjefm-70	51	3	annual	annual	ADJ
arjefm-70	51	4	data	datum	NOUN
arjefm-70	51	5	over	over	ADP
arjefm-70	51	6	the	the	DET
arjefm-70	51	7	period	period	NOUN
arjefm-70	51	8	from	from	ADP
arjefm-70	51	9	1982	1982	NUM
arjefm-70	51	10	to	to	ADP
arjefm-70	51	11	2015	2015	NUM
arjefm-70	51	12	.	.	PUNCT
arjefm-70	52	1	the	the	DET
arjefm-70	52	2	choice	choice	NOUN
arjefm-70	52	3	of	of	ADP
arjefm-70	52	4	this	this	DET
arjefm-70	52	5	period	period	NOUN
arjefm-70	52	6	is	be	AUX
arjefm-70	52	7	according	accord	VERB
arjefm-70	52	8	to	to	ADP
arjefm-70	52	9	the	the	DET
arjefm-70	52	10	availability	availability	NOUN
arjefm-70	52	11	of	of	ADP
arjefm-70	52	12	data	datum	NOUN
arjefm-70	52	13	.	.	PUNCT
arjefm-70	53	1	the	the	DET
arjefm-70	53	2	present	present	ADJ
arjefm-70	53	3	article	article	NOUN
arjefm-70	53	4	is	be	AUX
arjefm-70	53	5	organized	organize	VERB
arjefm-70	53	6	in	in	ADP
arjefm-70	53	7	the	the	DET
arjefm-70	53	8	following	following	ADJ
arjefm-70	53	9	way	way	NOUN
arjefm-70	53	10	:	:	PUNCT
arjefm-70	53	11	section	section	NOUN
arjefm-70	53	12	2	2	NUM
arjefm-70	53	13	is	be	AUX
arjefm-70	53	14	dedicated	dedicate	VERB
arjefm-70	53	15	to	to	ADP
arjefm-70	53	16	the	the	DET
arjefm-70	53	17	literature	literature	NOUN
arjefm-70	53	18	review	review	NOUN
arjefm-70	53	19	of	of	ADP
arjefm-70	53	20	the	the	DET
arjefm-70	53	21	relationship	relationship	NOUN
arjefm-70	53	22	between	between	ADP
arjefm-70	53	23	interest	interest	NOUN
arjefm-70	53	24	rate	rate	NOUN
arjefm-70	53	25	liberalization	liberalization	NOUN
arjefm-70	53	26	and	and	CCONJ
arjefm-70	53	27	bank	bank	NOUN
arjefm-70	53	28	credit	credit	NOUN
arjefm-70	53	29	supply	supply	NOUN
arjefm-70	53	30	to	to	ADP
arjefm-70	53	31	the	the	DET
arjefm-70	53	32	private	private	ADJ
arjefm-70	53	33	sector	sector	NOUN
arjefm-70	53	34	.	.	PUNCT
arjefm-70	54	1	section	section	NOUN
arjefm-70	54	2	3	3	NUM
arjefm-70	54	3	will	will	AUX
arjefm-70	54	4	present	present	VERB
arjefm-70	54	5	the	the	DET
arjefm-70	54	6	methodology	methodology	NOUN
arjefm-70	54	7	of	of	ADP
arjefm-70	54	8	the	the	DET
arjefm-70	54	9	study	study	NOUN
arjefm-70	54	10	.	.	PUNCT
arjefm-70	55	1	section	section	NOUN
arjefm-70	55	2	4	4	NUM
arjefm-70	55	3	presents	present	VERB
arjefm-70	55	4	data	datum	NOUN
arjefm-70	55	5	source	source	NOUN
arjefm-70	55	6	and	and	CCONJ
arjefm-70	55	7	variables	variable	NOUN
arjefm-70	55	8	description	description	NOUN
arjefm-70	55	9	.	.	PUNCT
arjefm-70	56	1	section	section	NOUN
arjefm-70	56	2	5	5	NUM
arjefm-70	56	3	will	will	AUX
arjefm-70	56	4	speak	speak	VERB
arjefm-70	56	5	about	about	ADP
arjefm-70	56	6	empirical	empirical	ADJ
arjefm-70	56	7	results	result	NOUN
arjefm-70	56	8	,	,	PUNCT
arjefm-70	56	9	particularly	particularly	ADV
arjefm-70	56	10	those	those	PRON
arjefm-70	56	11	of	of	ADP
arjefm-70	56	12	the	the	DET
arjefm-70	56	13	econometric	econometric	ADJ
arjefm-70	56	14	analysis	analysis	NOUN
arjefm-70	56	15	of	of	ADP
arjefm-70	56	16	the	the	DET
arjefm-70	56	17	relationship	relationship	NOUN
arjefm-70	56	18	between	between	ADP
arjefm-70	56	19	interest	interest	NOUN
arjefm-70	56	20	rate	rate	NOUN
arjefm-70	56	21	liberalization	liberalization	NOUN
arjefm-70	56	22	and	and	CCONJ
arjefm-70	56	23	bank	bank	NOUN
arjefm-70	56	24	credit	credit	NOUN
arjefm-70	56	25	supply	supply	NOUN
arjefm-70	56	26	to	to	ADP
arjefm-70	56	27	the	the	DET
arjefm-70	56	28	private	private	ADJ
arjefm-70	56	29	sector	sector	NOUN
arjefm-70	56	30	.	.	PUNCT
arjefm-70	57	1	section	section	NOUN
arjefm-70	57	2	6	6	NUM
arjefm-70	57	3	is	be	AUX
arjefm-70	57	4	devoted	devote	VERB
arjefm-70	57	5	to	to	ADP
arjefm-70	57	6	the	the	DET
arjefm-70	57	7	conclusion	conclusion	NOUN
arjefm-70	57	8	of	of	ADP
arjefm-70	57	9	the	the	DET
arjefm-70	57	10	study	study	NOUN
arjefm-70	57	11	.	.	PUNCT
arjefm-70	58	1	2	2	X
arjefm-70	58	2	.	.	X
arjefm-70	58	3	literature	literature	NOUN
arjefm-70	58	4	review	review	PROPN
arjefm-70	58	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	58	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	58	7	american	american	PROPN
arjefm-70	58	8	research	research	PROPN
arjefm-70	58	9	journal	journal	PROPN
arjefm-70	58	10	of	of	ADP
arjefm-70	58	11	economics	economic	NOUN
arjefm-70	58	12	,	,	PUNCT
arjefm-70	58	13	finance	finance	NOUN
arjefm-70	58	14	and	and	CCONJ
arjefm-70	58	15	management	management	NOUN
arjefm-70	58	16	volume	volume	NOUN
arjefm-70	58	17	10	10	NUM
arjefm-70	58	18	issue	issue	NOUN
arjefm-70	58	19	3	3	NUM
arjefm-70	58	20	,	,	PUNCT
arjefm-70	58	21	july	july	PROPN
arjefm-70	58	22	-	-	PUNCT
arjefm-70	58	23	september	september	PROPN
arjefm-70	58	24	2022	2022	NUM
arjefm-70	58	25	issn	issn	NOUN
arjefm-70	58	26	:	:	PUNCT
arjefm-70	58	27	2836	2836	NUM
arjefm-70	58	28	-	-	SYM
arjefm-70	58	29	9416	9416	NUM
arjefm-70	58	30	impact	impact	NOUN
arjefm-70	58	31	factor	factor	NOUN
arjefm-70	58	32	:	:	PUNCT
arjefm-70	58	33	4.85	4.85	NUM
arjefm-70	58	34	journal	journal	NOUN
arjefm-70	58	35	homepage	homepage	NOUN
arjefm-70	58	36	:	:	PUNCT
arjefm-70	58	37	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	58	38	,	,	PUNCT
arjefm-70	58	39	email	email	NOUN
arjefm-70	58	40	:	:	PUNCT
arjefm-70	58	41	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	58	42	official	official	ADJ
arjefm-70	58	43	journal	journal	PROPN
arjefm-70	58	44	of	of	ADP
arjefm-70	58	45	america	america	PROPN
arjefm-70	58	46	serial	serial	PROPN
arjefm-70	58	47	publication	publication	NOUN
arjefm-70	58	48	american	american	PROPN
arjefm-70	58	49	research	research	PROPN
arjefm-70	58	50	journal	journal	PROPN
arjefm-70	58	51	of	of	ADP
arjefm-70	58	52	economics	economic	NOUN
arjefm-70	58	53	,	,	PUNCT
arjefm-70	58	54	finance	finance	NOUN
arjefm-70	58	55	and	and	CCONJ
arjefm-70	58	56	management	management	NOUN
arjefm-70	58	57	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	58	58	,	,	PUNCT
arjefm-70	58	59	email	email	NOUN
arjefm-70	58	60	:	:	PUNCT
arjefm-70	58	61	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	59	1	20	20	NUM
arjefm-70	60	1	|	|	ADV
arjefm-70	60	2	p	p	X
arjefm-70	60	3	a	a	DET
arjefm-70	60	4	g	g	NOUN
arjefm-70	60	5	e	e	NOUN
arjefm-70	60	6	this	this	DET
arjefm-70	60	7	section	section	NOUN
arjefm-70	60	8	revisits	revisit	VERB
arjefm-70	60	9	the	the	DET
arjefm-70	60	10	theoretical	theoretical	ADJ
arjefm-70	60	11	and	and	CCONJ
arjefm-70	60	12	empirical	empirical	ADJ
arjefm-70	60	13	literature	literature	NOUN
arjefm-70	60	14	on	on	ADP
arjefm-70	60	15	the	the	DET
arjefm-70	60	16	relationship	relationship	NOUN
arjefm-70	60	17	between	between	ADP
arjefm-70	60	18	interest	interest	NOUN
arjefm-70	60	19	rate	rate	NOUN
arjefm-70	60	20	liberalization	liberalization	NOUN
arjefm-70	60	21	and	and	CCONJ
arjefm-70	60	22	bank	bank	NOUN
arjefm-70	60	23	credit	credit	NOUN
arjefm-70	60	24	.	.	PUNCT
arjefm-70	61	1	but	but	CCONJ
arjefm-70	61	2	before	before	ADP
arjefm-70	61	3	that	that	PRON
arjefm-70	61	4	,	,	PUNCT
arjefm-70	61	5	we	we	PRON
arjefm-70	61	6	examine	examine	VERB
arjefm-70	61	7	the	the	DET
arjefm-70	61	8	impact	impact	NOUN
arjefm-70	61	9	of	of	ADP
arjefm-70	61	10	interest	interest	NOUN
arjefm-70	61	11	rates	rate	NOUN
arjefm-70	61	12	liberalization	liberalization	NOUN
arjefm-70	61	13	.	.	PUNCT
arjefm-70	62	1	2.1	2.1	NUM
arjefm-70	62	2	.	.	PUNCT
arjefm-70	63	1	theoretical	theoretical	ADJ
arjefm-70	63	2	literature	literature	PROPN
arjefm-70	63	3	review	review	NOUN
arjefm-70	63	4	of	of	ADP
arjefm-70	63	5	the	the	DET
arjefm-70	63	6	impact	impact	NOUN
arjefm-70	63	7	of	of	ADP
arjefm-70	63	8	interest	interest	NOUN
arjefm-70	63	9	rate	rate	NOUN
arjefm-70	63	10	liberalization	liberalization	NOUN
arjefm-70	63	11	“	"	PUNCT
arjefm-70	63	12	financial	financial	ADJ
arjefm-70	63	13	repression	repression	NOUN
arjefm-70	63	14	”	"	PUNCT
arjefm-70	63	15	compels	compel	VERB
arjefm-70	63	16	banks	bank	NOUN
arjefm-70	63	17	to	to	PART
arjefm-70	63	18	set	set	VERB
arjefm-70	63	19	low	low	ADJ
arjefm-70	63	20	–	–	PUNCT
arjefm-70	63	21	and	and	CCONJ
arjefm-70	63	22	sometimes	sometimes	ADV
arjefm-70	63	23	negative	negative	ADJ
arjefm-70	63	24	–	–	PUNCT
arjefm-70	63	25	interest	interest	NOUN
arjefm-70	63	26	rates	rate	NOUN
arjefm-70	63	27	(	(	PUNCT
arjefm-70	63	28	mckinnon	mckinnon	NOUN
arjefm-70	63	29	,	,	PUNCT
arjefm-70	63	30	1973	1973	NUM
arjefm-70	63	31	)	)	PUNCT
arjefm-70	63	32	.	.	PUNCT
arjefm-70	64	1	it	it	PRON
arjefm-70	64	2	discourages	discourage	VERB
arjefm-70	64	3	savings	saving	NOUN
arjefm-70	64	4	and	and	CCONJ
arjefm-70	64	5	is	be	AUX
arjefm-70	64	6	harmful	harmful	ADJ
arjefm-70	64	7	to	to	ADP
arjefm-70	64	8	the	the	DET
arjefm-70	64	9	accumulation	accumulation	NOUN
arjefm-70	64	10	of	of	ADP
arjefm-70	64	11	the	the	DET
arjefm-70	64	12	production	production	NOUN
arjefm-70	64	13	capital	capital	NOUN
arjefm-70	64	14	.	.	PUNCT
arjefm-70	65	1	the	the	DET
arjefm-70	65	2	analysis	analysis	NOUN
arjefm-70	65	3	of	of	ADP
arjefm-70	65	4	mckinnon	mckinnon	PROPN
arjefm-70	65	5	and	and	CCONJ
arjefm-70	65	6	shaw	shaw	PROPN
arjefm-70	65	7	aims	aim	VERB
arjefm-70	65	8	at	at	ADP
arjefm-70	65	9	showing	show	VERB
arjefm-70	65	10	that	that	SCONJ
arjefm-70	65	11	within	within	ADP
arjefm-70	65	12	the	the	DET
arjefm-70	65	13	framework	framework	NOUN
arjefm-70	65	14	of	of	ADP
arjefm-70	65	15	a	a	DET
arjefm-70	65	16	financially	financially	ADV
arjefm-70	65	17	repressed	repressed	ADJ
arjefm-70	65	18	economy	economy	NOUN
arjefm-70	65	19	,	,	PUNCT
arjefm-70	65	20	setting	set	VERB
arjefm-70	65	21	rates	rate	NOUN
arjefm-70	65	22	below	below	ADP
arjefm-70	65	23	their	their	PRON
arjefm-70	65	24	equilibrium	equilibrium	NOUN
arjefm-70	65	25	value	value	NOUN
arjefm-70	65	26	reduces	reduce	VERB
arjefm-70	65	27	savings	saving	NOUN
arjefm-70	65	28	(	(	PUNCT
arjefm-70	65	29	reduction	reduction	NOUN
arjefm-70	65	30	of	of	ADP
arjefm-70	65	31	bank	bank	NOUN
arjefm-70	65	32	deposits	deposit	NOUN
arjefm-70	65	33	)	)	PUNCT
arjefm-70	65	34	for	for	ADP
arjefm-70	65	35	the	the	DET
arjefm-70	65	36	benefit	benefit	NOUN
arjefm-70	65	37	of	of	ADP
arjefm-70	65	38	current	current	ADJ
arjefm-70	65	39	consumption	consumption	NOUN
arjefm-70	65	40	.	.	PUNCT
arjefm-70	66	1	such	such	DET
arjefm-70	66	2	a	a	DET
arjefm-70	66	3	measure	measure	NOUN
arjefm-70	66	4	reduces	reduce	VERB
arjefm-70	66	5	the	the	DET
arjefm-70	66	6	quantity	quantity	NOUN
arjefm-70	66	7	of	of	ADP
arjefm-70	66	8	funds	fund	NOUN
arjefm-70	66	9	available	available	ADJ
arjefm-70	66	10	for	for	ADP
arjefm-70	66	11	investments	investment	NOUN
arjefm-70	66	12	,	,	PUNCT
arjefm-70	66	13	which	which	PRON
arjefm-70	66	14	is	be	AUX
arjefm-70	66	15	a	a	DET
arjefm-70	66	16	consequence	consequence	NOUN
arjefm-70	66	17	of	of	ADP
arjefm-70	66	18	the	the	DET
arjefm-70	66	19	reduction	reduction	NOUN
arjefm-70	66	20	of	of	ADP
arjefm-70	66	21	bank	bank	NOUN
arjefm-70	66	22	deposits	deposit	NOUN
arjefm-70	66	23	.	.	PUNCT
arjefm-70	67	1	conversely	conversely	ADV
arjefm-70	67	2	,	,	PUNCT
arjefm-70	67	3	interest	interest	NOUN
arjefm-70	67	4	rate	rate	NOUN
arjefm-70	67	5	liberalization	liberalization	NOUN
arjefm-70	67	6	favorably	favorably	ADV
arjefm-70	67	7	acts	act	VERB
arjefm-70	67	8	on	on	ADP
arjefm-70	67	9	savings	saving	NOUN
arjefm-70	67	10	.	.	PUNCT
arjefm-70	68	1	it	it	PRON
arjefm-70	68	2	ensures	ensure	VERB
arjefm-70	68	3	better	well	ADJ
arjefm-70	68	4	mobilization	mobilization	NOUN
arjefm-70	68	5	of	of	ADP
arjefm-70	68	6	resources	resource	NOUN
arjefm-70	68	7	and	and	CCONJ
arjefm-70	68	8	increased	increase	VERB
arjefm-70	68	9	investments	investment	NOUN
arjefm-70	68	10	.	.	PUNCT
arjefm-70	69	1	thus	thus	ADV
arjefm-70	69	2	,	,	PUNCT
arjefm-70	69	3	it	it	PRON
arjefm-70	69	4	permits	permit	VERB
arjefm-70	69	5	income	income	NOUN
arjefm-70	69	6	growth	growth	NOUN
arjefm-70	69	7	and	and	CCONJ
arjefm-70	69	8	economic	economic	ADJ
arjefm-70	69	9	development	development	NOUN
arjefm-70	69	10	.	.	PUNCT
arjefm-70	70	1	according	accord	VERB
arjefm-70	70	2	to	to	ADP
arjefm-70	70	3	financial	financial	ADJ
arjefm-70	70	4	liberalization	liberalization	NOUN
arjefm-70	70	5	theoreticians	theoretician	NOUN
arjefm-70	70	6	,	,	PUNCT
arjefm-70	70	7	underdeveloped	underdeveloped	ADJ
arjefm-70	70	8	countries	country	NOUN
arjefm-70	70	9	suffer	suffer	VERB
arjefm-70	70	10	less	less	ADJ
arjefm-70	70	11	from	from	ADP
arjefm-70	70	12	lack	lack	NOUN
arjefm-70	70	13	of	of	ADP
arjefm-70	70	14	financial	financial	ADJ
arjefm-70	70	15	resources	resource	NOUN
arjefm-70	70	16	than	than	ADP
arjefm-70	70	17	from	from	ADP
arjefm-70	70	18	a	a	DET
arjefm-70	70	19	banking	banking	NOUN
arjefm-70	70	20	intermediation	intermediation	NOUN
arjefm-70	70	21	which	which	PRON
arjefm-70	70	22	is	be	AUX
arjefm-70	70	23	now	now	ADV
arjefm-70	70	24	ineffective	ineffective	ADJ
arjefm-70	70	25	due	due	ADP
arjefm-70	70	26	to	to	ADP
arjefm-70	70	27	distortions	distortion	NOUN
arjefm-70	70	28	associated	associate	VERB
arjefm-70	70	29	with	with	ADP
arjefm-70	70	30	the	the	DET
arjefm-70	70	31	administration	administration	NOUN
arjefm-70	70	32	of	of	ADP
arjefm-70	70	33	interest	interest	NOUN
arjefm-70	70	34	rates	rate	NOUN
arjefm-70	70	35	.	.	PUNCT
arjefm-70	71	1	in	in	ADP
arjefm-70	71	2	addition	addition	NOUN
arjefm-70	71	3	,	,	PUNCT
arjefm-70	71	4	the	the	DET
arjefm-70	71	5	model	model	NOUN
arjefm-70	71	6	of	of	ADP
arjefm-70	71	7	shaw	shaw	PROPN
arjefm-70	71	8	(	(	PUNCT
arjefm-70	71	9	1973	1973	NUM
arjefm-70	71	10	)	)	PUNCT
arjefm-70	71	11	is	be	AUX
arjefm-70	71	12	based	base	VERB
arjefm-70	71	13	on	on	ADP
arjefm-70	71	14	a	a	DET
arjefm-70	71	15	debt	debt	NOUN
arjefm-70	71	16	-	-	PUNCT
arjefm-70	71	17	intermediation	intermediation	NOUN
arjefm-70	71	18	financial	financial	ADJ
arjefm-70	71	19	system	system	NOUN
arjefm-70	71	20	.	.	PUNCT
arjefm-70	72	1	it	it	PRON
arjefm-70	72	2	is	be	AUX
arjefm-70	72	3	a	a	DET
arjefm-70	72	4	model	model	NOUN
arjefm-70	72	5	in	in	ADP
arjefm-70	72	6	which	which	PRON
arjefm-70	72	7	investors	investor	NOUN
arjefm-70	72	8	are	be	AUX
arjefm-70	72	9	not	not	PART
arjefm-70	72	10	compelled	compel	VERB
arjefm-70	72	11	to	to	ADP
arjefm-70	72	12	auto	auto	NOUN
arjefm-70	72	13	financing	financing	NOUN
arjefm-70	72	14	,	,	PUNCT
arjefm-70	72	15	but	but	CCONJ
arjefm-70	72	16	financial	financial	ADJ
arjefm-70	72	17	intermediaries	intermediary	NOUN
arjefm-70	72	18	fully	fully	ADV
arjefm-70	72	19	play	play	VERB
arjefm-70	72	20	their	their	PRON
arjefm-70	72	21	role	role	NOUN
arjefm-70	72	22	of	of	ADP
arjefm-70	72	23	turning	turn	VERB
arjefm-70	72	24	savings	saving	NOUN
arjefm-70	72	25	to	to	ADP
arjefm-70	72	26	investments	investment	NOUN
arjefm-70	72	27	.	.	PUNCT
arjefm-70	73	1	the	the	DET
arjefm-70	73	2	initial	initial	ADJ
arjefm-70	73	3	models	model	NOUN
arjefm-70	73	4	of	of	ADP
arjefm-70	73	5	mckinnon	mckinnon	PROPN
arjefm-70	73	6	and	and	CCONJ
arjefm-70	73	7	shaw	shaw	PROPN
arjefm-70	73	8	were	be	AUX
arjefm-70	73	9	taken	take	VERB
arjefm-70	73	10	up	up	ADP
arjefm-70	73	11	and	and	CCONJ
arjefm-70	73	12	enriched	enrich	VERB
arjefm-70	73	13	by	by	ADP
arjefm-70	73	14	a	a	DET
arjefm-70	73	15	great	great	ADJ
arjefm-70	73	16	number	number	NOUN
arjefm-70	73	17	of	of	ADP
arjefm-70	73	18	authors	author	NOUN
arjefm-70	73	19	(	(	PUNCT
arjefm-70	73	20	kapur	kapur	PROPN
arjefm-70	73	21	,	,	PUNCT
arjefm-70	73	22	1976	1976	NUM
arjefm-70	73	23	;	;	PUNCT
arjefm-70	73	24	fry	fry	NOUN
arjefm-70	73	25	,	,	PUNCT
arjefm-70	73	26	1978	1978	NUM
arjefm-70	73	27	;	;	PUNCT
arjefm-70	73	28	galbis	galbis	PROPN
arjefm-70	73	29	,	,	PUNCT
arjefm-70	73	30	1977	1977	NUM
arjefm-70	73	31	;	;	PUNCT
arjefm-70	73	32	mathieson	mathieson	PROPN
arjefm-70	73	33	,	,	PUNCT
arjefm-70	73	34	1979	1979	NUM
arjefm-70	73	35	)	)	PUNCT
arjefm-70	73	36	.	.	PUNCT
arjefm-70	74	1	the	the	DET
arjefm-70	74	2	mckinnon	mckinnon	PROPN
arjefm-70	74	3	/	/	SYM
arjefm-70	74	4	shaw	shaw	PROPN
arjefm-70	74	5	approach	approach	NOUN
arjefm-70	74	6	was	be	AUX
arjefm-70	74	7	questioned	question	VERB
arjefm-70	74	8	by	by	ADP
arjefm-70	74	9	post	post	NOUN
arjefm-70	74	10	keynesians	keynesian	NOUN
arjefm-70	74	11	and	and	CCONJ
arjefm-70	74	12	neostructuralists	neostructuralist	NOUN
arjefm-70	74	13	.	.	PUNCT
arjefm-70	75	1	the	the	DET
arjefm-70	75	2	interest	interest	NOUN
arjefm-70	75	3	rate	rate	NOUN
arjefm-70	75	4	liberalization	liberalization	NOUN
arjefm-70	75	5	approach	approach	NOUN
arjefm-70	75	6	neglected	neglect	VERB
arjefm-70	75	7	many	many	ADJ
arjefm-70	75	8	of	of	ADP
arjefm-70	75	9	the	the	DET
arjefm-70	75	10	most	most	ADV
arjefm-70	75	11	distinctive	distinctive	ADJ
arjefm-70	75	12	foundations	foundation	NOUN
arjefm-70	75	13	of	of	ADP
arjefm-70	75	14	developing	develop	VERB
arjefm-70	75	15	economies	economy	NOUN
arjefm-70	75	16	.	.	PUNCT
arjefm-70	76	1	the	the	DET
arjefm-70	76	2	first	first	ADJ
arjefm-70	76	3	foundation	foundation	NOUN
arjefm-70	76	4	is	be	AUX
arjefm-70	76	5	highlighted	highlight	VERB
arjefm-70	76	6	by	by	ADP
arjefm-70	76	7	post	post	NOUN
arjefm-70	76	8	keynesians	keynesian	NOUN
arjefm-70	76	9	(	(	PUNCT
arjefm-70	76	10	burckett	burckett	NOUN
arjefm-70	76	11	and	and	CCONJ
arjefm-70	76	12	dutt	dutt	PROPN
arjefm-70	76	13	,	,	PUNCT
arjefm-70	76	14	1991	1991	NUM
arjefm-70	76	15	)	)	PUNCT
arjefm-70	76	16	.	.	PUNCT
arjefm-70	77	1	according	accord	VERB
arjefm-70	77	2	to	to	ADP
arjefm-70	77	3	these	these	DET
arjefm-70	77	4	authors	author	NOUN
arjefm-70	77	5	,	,	PUNCT
arjefm-70	77	6	interest	interest	NOUN
arjefm-70	77	7	rates	rate	NOUN
arjefm-70	77	8	increase	increase	VERB
arjefm-70	77	9	does	do	AUX
arjefm-70	77	10	not	not	PART
arjefm-70	77	11	forcefully	forcefully	ADV
arjefm-70	77	12	lead	lead	VERB
arjefm-70	77	13	to	to	ADP
arjefm-70	77	14	credit	credit	NOUN
arjefm-70	77	15	and	and	CCONJ
arjefm-70	77	16	investments	investment	NOUN
arjefm-70	77	17	increase	increase	NOUN
arjefm-70	77	18	.	.	PUNCT
arjefm-70	78	1	indeed	indeed	ADV
arjefm-70	78	2	,	,	PUNCT
arjefm-70	78	3	according	accord	VERB
arjefm-70	78	4	to	to	ADP
arjefm-70	78	5	keynesian	keynesian	ADJ
arjefm-70	78	6	concepts	concept	NOUN
arjefm-70	78	7	,	,	PUNCT
arjefm-70	78	8	they	they	PRON
arjefm-70	78	9	consider	consider	VERB
arjefm-70	78	10	that	that	DET
arjefm-70	78	11	investment	investment	NOUN
arjefm-70	78	12	does	do	AUX
arjefm-70	78	13	not	not	PART
arjefm-70	78	14	depend	depend	VERB
arjefm-70	78	15	on	on	ADP
arjefm-70	78	16	the	the	DET
arjefm-70	78	17	amount	amount	NOUN
arjefm-70	78	18	of	of	ADP
arjefm-70	78	19	deposits	deposit	NOUN
arjefm-70	78	20	but	but	CCONJ
arjefm-70	78	21	rather	rather	ADV
arjefm-70	78	22	on	on	ADP
arjefm-70	78	23	the	the	DET
arjefm-70	78	24	anticipated	anticipate	VERB
arjefm-70	78	25	demand	demand	NOUN
arjefm-70	78	26	.	.	PUNCT
arjefm-70	79	1	hence	hence	ADV
arjefm-70	79	2	,	,	PUNCT
arjefm-70	79	3	interest	interest	NOUN
arjefm-70	79	4	rates	rate	NOUN
arjefm-70	79	5	increase	increase	VERB
arjefm-70	79	6	would	would	AUX
arjefm-70	79	7	definitely	definitely	ADV
arjefm-70	79	8	lead	lead	VERB
arjefm-70	79	9	to	to	ADP
arjefm-70	79	10	savings	saving	NOUN
arjefm-70	79	11	increase	increase	NOUN
arjefm-70	79	12	,	,	PUNCT
arjefm-70	79	13	but	but	CCONJ
arjefm-70	79	14	also	also	ADV
arjefm-70	79	15	to	to	ADP
arjefm-70	79	16	consumption	consumption	NOUN
arjefm-70	79	17	reduction	reduction	NOUN
arjefm-70	79	18	since	since	SCONJ
arjefm-70	79	19	the	the	DET
arjefm-70	79	20	substitution	substitution	NOUN
arjefm-70	79	21	effect	effect	NOUN
arjefm-70	79	22	outweighs	outweigh	VERB
arjefm-70	79	23	the	the	DET
arjefm-70	79	24	income	income	NOUN
arjefm-70	79	25	effect	effect	NOUN
arjefm-70	79	26	.	.	PUNCT
arjefm-70	80	1	in	in	ADP
arjefm-70	80	2	other	other	ADJ
arjefm-70	80	3	words	word	NOUN
arjefm-70	80	4	,	,	PUNCT
arjefm-70	80	5	if	if	SCONJ
arjefm-70	80	6	savings	saving	NOUN
arjefm-70	80	7	remunerations	remuneration	NOUN
arjefm-70	80	8	consistent	consistent	ADJ
arjefm-70	80	9	enough	enough	ADV
arjefm-70	80	10	,	,	PUNCT
arjefm-70	80	11	households	household	NOUN
arjefm-70	80	12	are	be	AUX
arjefm-70	80	13	prompted	prompt	VERB
arjefm-70	80	14	to	to	PART
arjefm-70	80	15	assign	assign	VERB
arjefm-70	80	16	a	a	DET
arjefm-70	80	17	part	part	NOUN
arjefm-70	80	18	of	of	ADP
arjefm-70	80	19	their	their	PRON
arjefm-70	80	20	consumptions	consumption	NOUN
arjefm-70	80	21	for	for	ADP
arjefm-70	80	22	the	the	DET
arjefm-70	80	23	benefit	benefit	NOUN
arjefm-70	80	24	of	of	ADP
arjefm-70	80	25	increasing	increase	VERB
arjefm-70	80	26	their	their	PRON
arjefm-70	80	27	savings	saving	NOUN
arjefm-70	80	28	.	.	PUNCT
arjefm-70	81	1	so	so	ADV
arjefm-70	81	2	,	,	PUNCT
arjefm-70	81	3	according	accord	VERB
arjefm-70	81	4	to	to	ADP
arjefm-70	81	5	the	the	DET
arjefm-70	81	6	post	post	NOUN
arjefm-70	81	7	keynesians	keynesian	NOUN
arjefm-70	81	8	,	,	PUNCT
arjefm-70	81	9	interest	interest	NOUN
arjefm-70	81	10	rate	rate	NOUN
arjefm-70	81	11	liberalization	liberalization	NOUN
arjefm-70	81	12	leads	lead	VERB
arjefm-70	81	13	to	to	ADP
arjefm-70	81	14	economic	economic	ADJ
arjefm-70	81	15	slowdown	slowdown	NOUN
arjefm-70	81	16	due	due	ADP
arjefm-70	81	17	to	to	ADP
arjefm-70	81	18	investments	investment	NOUN
arjefm-70	81	19	reduction	reduction	NOUN
arjefm-70	81	20	induced	induce	VERB
arjefm-70	81	21	by	by	ADP
arjefm-70	81	22	the	the	DET
arjefm-70	81	23	reduction	reduction	NOUN
arjefm-70	81	24	of	of	ADP
arjefm-70	81	25	global	global	ADJ
arjefm-70	81	26	demand	demand	NOUN
arjefm-70	81	27	.	.	PUNCT
arjefm-70	82	1	in	in	ADP
arjefm-70	82	2	addition	addition	NOUN
arjefm-70	82	3	,	,	PUNCT
arjefm-70	82	4	interest	interest	NOUN
arjefm-70	82	5	rates	rate	NOUN
arjefm-70	82	6	increase	increase	VERB
arjefm-70	82	7	following	follow	VERB
arjefm-70	82	8	financial	financial	ADJ
arjefm-70	82	9	liberalization	liberalization	NOUN
arjefm-70	82	10	will	will	AUX
arjefm-70	82	11	weigh	weigh	VERB
arjefm-70	82	12	down	down	ADP
arjefm-70	82	13	the	the	DET
arjefm-70	82	14	cost	cost	NOUN
arjefm-70	82	15	of	of	ADP
arjefm-70	82	16	credit	credit	NOUN
arjefm-70	82	17	(	(	PUNCT
arjefm-70	82	18	davidson	davidson	NOUN
arjefm-70	82	19	,	,	PUNCT
arjefm-70	82	20	1986	1986	NUM
arjefm-70	82	21	)	)	PUNCT
arjefm-70	82	22	.	.	PUNCT
arjefm-70	83	1	the	the	DET
arjefm-70	83	2	second	second	ADJ
arjefm-70	83	3	one	one	NOUN
arjefm-70	83	4	is	be	AUX
arjefm-70	83	5	related	relate	VERB
arjefm-70	83	6	to	to	ADP
arjefm-70	83	7	asymmetric	asymmetric	ADJ
arjefm-70	83	8	information	information	NOUN
arjefm-70	83	9	suitable	suitable	ADJ
arjefm-70	83	10	for	for	ADP
arjefm-70	83	11	financial	financial	ADJ
arjefm-70	83	12	markets	market	NOUN
arjefm-70	83	13	(	(	PUNCT
arjefm-70	83	14	stiglitz	stiglitz	PROPN
arjefm-70	83	15	and	and	CCONJ
arjefm-70	83	16	weiss	weiss	PROPN
arjefm-70	83	17	,	,	PUNCT
arjefm-70	83	18	1981	1981	NUM
arjefm-70	83	19	)	)	PUNCT
arjefm-70	83	20	.	.	PUNCT
arjefm-70	84	1	according	accord	VERB
arjefm-70	84	2	to	to	ADP
arjefm-70	84	3	these	these	DET
arjefm-70	84	4	two	two	NUM
arjefm-70	84	5	authors	author	NOUN
arjefm-70	84	6	,	,	PUNCT
arjefm-70	84	7	the	the	DET
arjefm-70	84	8	mckinnon	mckinnon	PROPN
arjefm-70	84	9	/	/	SYM
arjefm-70	84	10	shaw	shaw	PROPN
arjefm-70	84	11	approach	approach	NOUN
arjefm-70	84	12	does	do	AUX
arjefm-70	84	13	not	not	PART
arjefm-70	84	14	take	take	VERB
arjefm-70	84	15	into	into	ADP
arjefm-70	84	16	account	account	NOUN
arjefm-70	84	17	market	market	NOUN
arjefm-70	84	18	imperfections	imperfection	NOUN
arjefm-70	84	19	.	.	PUNCT
arjefm-70	85	1	in	in	ADP
arjefm-70	85	2	this	this	DET
arjefm-70	85	3	criticism	criticism	NOUN
arjefm-70	85	4	,	,	PUNCT
arjefm-70	85	5	they	they	PRON
arjefm-70	85	6	pay	pay	VERB
arjefm-70	85	7	particular	particular	ADJ
arjefm-70	85	8	attention	attention	NOUN
arjefm-70	85	9	to	to	ADP
arjefm-70	85	10	the	the	DET
arjefm-70	85	11	microeconomic	microeconomic	ADJ
arjefm-70	85	12	foundations	foundation	NOUN
arjefm-70	85	13	of	of	ADP
arjefm-70	85	14	macroeconomic	macroeconomic	ADJ
arjefm-70	85	15	policies	policy	NOUN
arjefm-70	85	16	.	.	PUNCT
arjefm-70	86	1	the	the	DET
arjefm-70	86	2	authors	author	NOUN
arjefm-70	86	3	show	show	VERB
arjefm-70	86	4	that	that	SCONJ
arjefm-70	86	5	imbalances	imbalance	NOUN
arjefm-70	86	6	on	on	ADP
arjefm-70	86	7	the	the	DET
arjefm-70	86	8	credit	credit	NOUN
arjefm-70	86	9	market	market	NOUN
arjefm-70	86	10	do	do	AUX
arjefm-70	86	11	not	not	PART
arjefm-70	86	12	only	only	ADV
arjefm-70	86	13	come	come	VERB
arjefm-70	86	14	from	from	ADP
arjefm-70	86	15	governments	government	NOUN
arjefm-70	86	16	’	'	PUNCT
arjefm-70	86	17	intervention	intervention	NOUN
arjefm-70	86	18	but	but	CCONJ
arjefm-70	86	19	also	also	ADV
arjefm-70	86	20	from	from	ADP
arjefm-70	86	21	the	the	DET
arjefm-70	86	22	adverse	adverse	ADJ
arjefm-70	86	23	selection	selection	NOUN
arjefm-70	86	24	and	and	CCONJ
arjefm-70	86	25	incentive	incentive	NOUN
arjefm-70	86	26	effects	effect	NOUN
arjefm-70	86	27	.	.	PUNCT
arjefm-70	87	1	they	they	PRON
arjefm-70	87	2	consider	consider	VERB
arjefm-70	87	3	that	that	PRON
arjefm-70	87	4	,	,	PUNCT
arjefm-70	87	5	in	in	ADP
arjefm-70	87	6	a	a	DET
arjefm-70	87	7	context	context	NOUN
arjefm-70	87	8	of	of	ADP
arjefm-70	87	9	information	information	NOUN
arjefm-70	87	10	asymmetry	asymmetry	NOUN
arjefm-70	87	11	,	,	PUNCT
arjefm-70	87	12	it	it	PRON
arjefm-70	87	13	is	be	AUX
arjefm-70	87	14	difficult	difficult	ADJ
arjefm-70	87	15	for	for	SCONJ
arjefm-70	87	16	interest	interest	NOUN
arjefm-70	87	17	rate	rate	NOUN
arjefm-70	87	18	liberalization	liberalization	NOUN
arjefm-70	87	19	to	to	PART
arjefm-70	87	20	effectively	effectively	ADV
arjefm-70	87	21	operate	operate	VERB
arjefm-70	87	22	through	through	ADP
arjefm-70	87	23	enhanced	enhance	VERB
arjefm-70	87	24	resource	resource	NOUN
arjefm-70	87	25	allocation	allocation	NOUN
arjefm-70	87	26	and	and	CCONJ
arjefm-70	87	27	steering	steering	NOUN
arjefm-70	87	28	of	of	ADP
arjefm-70	87	29	savings	saving	NOUN
arjefm-70	87	30	towards	towards	ADP
arjefm-70	87	31	more	more	ADJ
arjefm-70	87	32	productive	productive	ADJ
arjefm-70	87	33	sectors	sector	NOUN
arjefm-70	87	34	.	.	PUNCT
arjefm-70	88	1	the	the	DET
arjefm-70	88	2	third	third	ADJ
arjefm-70	88	3	foundation	foundation	NOUN
arjefm-70	88	4	is	be	AUX
arjefm-70	88	5	related	relate	VERB
arjefm-70	88	6	to	to	ADP
arjefm-70	88	7	the	the	DET
arjefm-70	88	8	existence	existence	NOUN
arjefm-70	88	9	of	of	ADP
arjefm-70	88	10	the	the	DET
arjefm-70	88	11	informal	informal	ADJ
arjefm-70	88	12	sector	sector	NOUN
arjefm-70	88	13	(	(	PUNCT
arjefm-70	88	14	taylor	taylor	PROPN
arjefm-70	88	15	,	,	PUNCT
arjefm-70	88	16	1983	1983	NUM
arjefm-70	88	17	;	;	PUNCT
arjefm-70	88	18	van	van	PROPN
arjefm-70	88	19	winjbergen	winjbergen	NOUN
arjefm-70	88	20	,	,	PUNCT
arjefm-70	88	21	1983	1983	NUM
arjefm-70	88	22	)	)	PUNCT
arjefm-70	88	23	.	.	PUNCT
arjefm-70	89	1	this	this	DET
arjefm-70	89	2	criticismtakes	criticismtake	VERB
arjefm-70	89	3	into	into	ADP
arjefm-70	89	4	account	account	NOUN
arjefm-70	89	5	the	the	DET
arjefm-70	89	6	existence	existence	NOUN
arjefm-70	89	7	of	of	ADP
arjefm-70	89	8	informal	informal	ADJ
arjefm-70	89	9	financial	financial	ADJ
arjefm-70	89	10	markets	market	NOUN
arjefm-70	89	11	and	and	CCONJ
arjefm-70	89	12	their	their	PRON
arjefm-70	89	13	greater	great	ADJ
arjefm-70	89	14	effectiveness	effectiveness	NOUN
arjefm-70	89	15	in	in	ADP
arjefm-70	89	16	terms	term	NOUN
arjefm-70	89	17	of	of	ADP
arjefm-70	89	18	resource	resource	NOUN
arjefm-70	89	19	allocation	allocation	NOUN
arjefm-70	89	20	.	.	PUNCT
arjefm-70	90	1	interest	interest	NOUN
arjefm-70	90	2	rates	rate	NOUN
arjefm-70	90	3	increase	increase	VERB
arjefm-70	90	4	in	in	ADP
arjefm-70	90	5	the	the	DET
arjefm-70	90	6	formal	formal	ADJ
arjefm-70	90	7	sector	sector	NOUN
arjefm-70	90	8	leads	lead	VERB
arjefm-70	90	9	to	to	ADP
arjefm-70	90	10	interest	interest	NOUN
arjefm-70	90	11	rates	rate	NOUN
arjefm-70	90	12	increase	increase	VERB
arjefm-70	90	13	in	in	ADP
arjefm-70	90	14	the	the	DET
arjefm-70	90	15	informal	informal	ADJ
arjefm-70	90	16	sector	sector	NOUN
arjefm-70	90	17	,	,	PUNCT
arjefm-70	90	18	which	which	PRON
arjefm-70	90	19	brings	bring	VERB
arjefm-70	90	20	about	about	ADP
arjefm-70	90	21	higher	high	ADJ
arjefm-70	90	22	investment	investment	NOUN
arjefm-70	90	23	credit	credit	NOUN
arjefm-70	90	24	and	and	CCONJ
arjefm-70	90	25	,	,	PUNCT
arjefm-70	90	26	therefore	therefore	ADV
arjefm-70	90	27	,	,	PUNCT
arjefm-70	90	28	an	an	DET
arjefm-70	90	29	increase	increase	NOUN
arjefm-70	90	30	of	of	ADP
arjefm-70	90	31	the	the	DET
arjefm-70	90	32	general	general	ADJ
arjefm-70	90	33	price	price	NOUN
arjefm-70	90	34	level	level	NOUN
arjefm-70	90	35	(	(	PUNCT
arjefm-70	90	36	cost	cost	NOUN
arjefm-70	90	37	-	-	PUNCT
arjefm-70	90	38	push	push	NOUN
arjefm-70	90	39	inflation	inflation	NOUN
arjefm-70	90	40	)	)	PUNCT
arjefm-70	90	41	.	.	PUNCT
arjefm-70	91	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	92	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	93	1	american	american	PROPN
arjefm-70	93	2	research	research	PROPN
arjefm-70	93	3	journal	journal	PROPN
arjefm-70	93	4	of	of	ADP
arjefm-70	93	5	economics	economic	NOUN
arjefm-70	93	6	,	,	PUNCT
arjefm-70	93	7	finance	finance	NOUN
arjefm-70	93	8	and	and	CCONJ
arjefm-70	93	9	management	management	NOUN
arjefm-70	93	10	volume	volume	NOUN
arjefm-70	93	11	10	10	NUM
arjefm-70	93	12	issue	issue	NOUN
arjefm-70	93	13	3	3	NUM
arjefm-70	93	14	,	,	PUNCT
arjefm-70	93	15	july	july	PROPN
arjefm-70	93	16	-	-	PUNCT
arjefm-70	93	17	september	september	PROPN
arjefm-70	93	18	2022	2022	NUM
arjefm-70	93	19	issn	issn	NOUN
arjefm-70	93	20	:	:	PUNCT
arjefm-70	93	21	2836	2836	NUM
arjefm-70	93	22	-	-	SYM
arjefm-70	93	23	9416	9416	NUM
arjefm-70	93	24	impact	impact	NOUN
arjefm-70	93	25	factor	factor	NOUN
arjefm-70	93	26	:	:	PUNCT
arjefm-70	93	27	4.85	4.85	NUM
arjefm-70	93	28	journal	journal	NOUN
arjefm-70	93	29	homepage	homepage	NOUN
arjefm-70	93	30	:	:	PUNCT
arjefm-70	93	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	93	32	,	,	PUNCT
arjefm-70	93	33	email	email	NOUN
arjefm-70	93	34	:	:	PUNCT
arjefm-70	94	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	94	2	official	official	ADJ
arjefm-70	94	3	journal	journal	PROPN
arjefm-70	94	4	of	of	ADP
arjefm-70	94	5	america	america	PROPN
arjefm-70	94	6	serial	serial	PROPN
arjefm-70	94	7	publication	publication	NOUN
arjefm-70	94	8	american	american	PROPN
arjefm-70	94	9	research	research	PROPN
arjefm-70	94	10	journal	journal	PROPN
arjefm-70	94	11	of	of	ADP
arjefm-70	94	12	economics	economic	NOUN
arjefm-70	94	13	,	,	PUNCT
arjefm-70	94	14	finance	finance	NOUN
arjefm-70	94	15	and	and	CCONJ
arjefm-70	94	16	management	management	NOUN
arjefm-70	94	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	94	18	,	,	PUNCT
arjefm-70	94	19	email	email	NOUN
arjefm-70	94	20	:	:	PUNCT
arjefm-70	94	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	95	1	21	21	NUM
arjefm-70	96	1	|	|	ADV
arjefm-70	96	2	p	p	X
arjefm-70	96	3	a	a	DET
arjefm-70	96	4	g	g	NOUN
arjefm-70	96	5	e	e	ADP
arjefm-70	96	6	2.2	2.2	NUM
arjefm-70	96	7	.	.	PUNCT
arjefm-70	97	1	empirical	empirical	ADJ
arjefm-70	97	2	literature	literature	PROPN
arjefm-70	97	3	review	review	NOUN
arjefm-70	97	4	on	on	ADP
arjefm-70	97	5	the	the	DET
arjefm-70	97	6	relationship	relationship	NOUN
arjefm-70	97	7	between	between	ADP
arjefm-70	97	8	interest	interest	NOUN
arjefm-70	97	9	rate	rate	NOUN
arjefm-70	97	10	and	and	CCONJ
arjefm-70	97	11	bank	bank	NOUN
arjefm-70	97	12	credit	credit	NOUN
arjefm-70	97	13	there	there	PRON
arjefm-70	97	14	are	be	VERB
arjefm-70	97	15	a	a	DET
arjefm-70	97	16	considerable	considerable	ADJ
arjefm-70	97	17	number	number	NOUN
arjefm-70	97	18	of	of	ADP
arjefm-70	97	19	empirical	empirical	ADJ
arjefm-70	97	20	studies	study	NOUN
arjefm-70	97	21	to	to	PART
arjefm-70	97	22	confirm	confirm	VERB
arjefm-70	97	23	or	or	CCONJ
arjefm-70	97	24	infirm	infirm	ADJ
arjefm-70	97	25	mckinnon	mckinnon	PROPN
arjefm-70	97	26	/	/	SYM
arjefm-70	97	27	shaw	shaw	PROPN
arjefm-70	97	28	hypotheses	hypothesis	NOUN
arjefm-70	97	29	.	.	PUNCT
arjefm-70	98	1	demirgüç	demirgüç	PROPN
arjefm-70	98	2	-	-	PUNCT
arjefm-70	98	3	kunt	kunt	PROPN
arjefm-70	98	4	and	and	CCONJ
arjefm-70	98	5	detragiache	detragiache	PROPN
arjefm-70	98	6	(	(	PUNCT
arjefm-70	98	7	1998	1998	NUM
arjefm-70	98	8	)	)	PUNCT
arjefm-70	98	9	brought	bring	VERB
arjefm-70	98	10	to	to	PART
arjefm-70	98	11	notice	notice	VERB
arjefm-70	98	12	that	that	SCONJ
arjefm-70	98	13	interest	interest	NOUN
arjefm-70	98	14	rate	rate	NOUN
arjefm-70	98	15	liberalization	liberalization	NOUN
arjefm-70	98	16	policies	policy	NOUN
arjefm-70	98	17	exacerbated	exacerbate	VERB
arjefm-70	98	18	competition	competition	NOUN
arjefm-70	98	19	between	between	ADP
arjefm-70	98	20	banks	bank	NOUN
arjefm-70	98	21	,	,	PUNCT
arjefm-70	98	22	which	which	PRON
arjefm-70	98	23	incites	incite	VERB
arjefm-70	98	24	to	to	PART
arjefm-70	98	25	take	take	VERB
arjefm-70	98	26	a	a	DET
arjefm-70	98	27	lot	lot	NOUN
arjefm-70	98	28	of	of	ADP
arjefm-70	98	29	risks	risk	NOUN
arjefm-70	98	30	,	,	PUNCT
arjefm-70	98	31	thereby	thereby	ADV
arjefm-70	98	32	leading	lead	VERB
arjefm-70	98	33	to	to	ADP
arjefm-70	98	34	serious	serious	ADJ
arjefm-70	98	35	financial	financial	ADJ
arjefm-70	98	36	crises	crisis	NOUN
arjefm-70	98	37	.	.	PUNCT
arjefm-70	99	1	in	in	ADP
arjefm-70	99	2	the	the	DET
arjefm-70	99	3	same	same	ADJ
arjefm-70	99	4	logic	logic	NOUN
arjefm-70	99	5	,	,	PUNCT
arjefm-70	99	6	guillaumont	guillaumont	VERB
arjefm-70	99	7	and	and	CCONJ
arjefm-70	99	8	kpodar	kpodar	PROPN
arjefm-70	99	9	(	(	PUNCT
arjefm-70	99	10	2006	2006	NUM
arjefm-70	99	11	)	)	PUNCT
arjefm-70	99	12	show	show	VERB
arjefm-70	99	13	that	that	SCONJ
arjefm-70	99	14	interest	interest	NOUN
arjefm-70	99	15	rate	rate	NOUN
arjefm-70	99	16	liberalization	liberalization	NOUN
arjefm-70	99	17	positively	positively	ADV
arjefm-70	99	18	influences	influence	VERB
arjefm-70	99	19	economic	economic	ADJ
arjefm-70	99	20	growth	growth	NOUN
arjefm-70	99	21	.	.	PUNCT
arjefm-70	100	1	however	however	ADV
arjefm-70	100	2	,	,	PUNCT
arjefm-70	100	3	the	the	DET
arjefm-70	100	4	latter	latter	ADJ
arjefm-70	100	5	in	in	ADP
arjefm-70	100	6	penalized	penalize	VERB
arjefm-70	100	7	by	by	ADP
arjefm-70	100	8	the	the	DET
arjefm-70	100	9	financial	financial	ADJ
arjefm-70	100	10	instability	instability	NOUN
arjefm-70	100	11	deriving	derive	VERB
arjefm-70	100	12	from	from	ADP
arjefm-70	100	13	it	it	PRON
arjefm-70	100	14	.	.	PUNCT
arjefm-70	101	1	conversely	conversely	ADV
arjefm-70	101	2	,	,	PUNCT
arjefm-70	101	3	in	in	ADP
arjefm-70	101	4	the	the	DET
arjefm-70	101	5	case	case	NOUN
arjefm-70	101	6	of	of	ADP
arjefm-70	101	7	developing	develop	VERB
arjefm-70	101	8	countries	country	NOUN
arjefm-70	101	9	,	,	PUNCT
arjefm-70	101	10	giovannini	giovannini	X
arjefm-70	101	11	(	(	PUNCT
arjefm-70	101	12	1983	1983	NUM
arjefm-70	101	13	,	,	PUNCT
arjefm-70	101	14	1985	1985	NUM
arjefm-70	101	15	)	)	PUNCT
arjefm-70	101	16	finds	find	VERB
arjefm-70	101	17	that	that	SCONJ
arjefm-70	101	18	savings	saving	NOUN
arjefm-70	101	19	do	do	AUX
arjefm-70	101	20	not	not	PART
arjefm-70	101	21	significantly	significantly	ADV
arjefm-70	101	22	answer	answer	VERB
arjefm-70	101	23	to	to	ADP
arjefm-70	101	24	real	real	ADJ
arjefm-70	101	25	interest	interest	NOUN
arjefm-70	101	26	rate	rate	NOUN
arjefm-70	101	27	increase	increase	NOUN
arjefm-70	101	28	.	.	PUNCT
arjefm-70	102	1	according	accord	VERB
arjefm-70	102	2	to	to	ADP
arjefm-70	102	3	greene	greene	PROPN
arjefm-70	102	4	and	and	CCONJ
arjefm-70	102	5	vallanueva	vallanueva	NOUN
arjefm-70	102	6	(	(	PUNCT
arjefm-70	102	7	1991	1991	NUM
arjefm-70	102	8	)	)	PUNCT
arjefm-70	102	9	,	,	PUNCT
arjefm-70	102	10	interest	interest	NOUN
arjefm-70	102	11	rates	rate	NOUN
arjefm-70	102	12	increase	increase	VERB
arjefm-70	102	13	reduced	reduce	VERB
arjefm-70	102	14	investments	investment	NOUN
arjefm-70	102	15	in	in	ADP
arjefm-70	102	16	thirty	thirty	NUM
arjefm-70	102	17	three	three	NUM
arjefm-70	102	18	developing	develop	VERB
arjefm-70	102	19	countries	country	NOUN
arjefm-70	102	20	.	.	PUNCT
arjefm-70	103	1	demetriades	demetriade	NOUN
arjefm-70	103	2	and	and	CCONJ
arjefm-70	103	3	devereux	devereux	PROPN
arjefm-70	103	4	(	(	PUNCT
arjefm-70	103	5	1992	1992	NUM
arjefm-70	103	6	)	)	PUNCT
arjefm-70	103	7	also	also	ADV
arjefm-70	103	8	reach	reach	VERB
arjefm-70	103	9	a	a	DET
arjefm-70	103	10	similar	similar	ADJ
arjefm-70	103	11	conclusion	conclusion	NOUN
arjefm-70	103	12	on	on	ADP
arjefm-70	103	13	a	a	DET
arjefm-70	103	14	sample	sample	NOUN
arjefm-70	103	15	of	of	ADP
arjefm-70	103	16	sixty	sixty	NUM
arjefm-70	103	17	four	four	NUM
arjefm-70	103	18	developing	develop	VERB
arjefm-70	103	19	countries	country	NOUN
arjefm-70	103	20	.	.	PUNCT
arjefm-70	104	1	in	in	ADP
arjefm-70	104	2	the	the	DET
arjefm-70	104	3	same	same	ADJ
arjefm-70	104	4	vein	vein	NOUN
arjefm-70	104	5	,	,	PUNCT
arjefm-70	104	6	the	the	DET
arjefm-70	104	7	study	study	NOUN
arjefm-70	104	8	of	of	ADP
arjefm-70	104	9	nadem	nadem	PROPN
arjefm-70	104	10	,	,	PUNCT
arjefm-70	104	11	al	al	PROPN
arjefm-70	104	12	.	.	PROPN
arjefm-70	105	1	(	(	PUNCT
arjefm-70	105	2	2016	2016	NUM
arjefm-70	105	3	)	)	PUNCT
arjefm-70	105	4	on	on	ADP
arjefm-70	105	5	credit	credit	NOUN
arjefm-70	105	6	supply	supply	NOUN
arjefm-70	105	7	in	in	ADP
arjefm-70	105	8	pakistan	pakistan	PROPN
arjefm-70	105	9	revealed	reveal	VERB
arjefm-70	105	10	a	a	DET
arjefm-70	105	11	harmful	harmful	ADJ
arjefm-70	105	12	effect	effect	NOUN
arjefm-70	105	13	of	of	ADP
arjefm-70	105	14	interest	interest	NOUN
arjefm-70	105	15	rate	rate	NOUN
arjefm-70	105	16	raise	raise	VERB
arjefm-70	105	17	on	on	ADP
arjefm-70	105	18	credit	credit	NOUN
arjefm-70	105	19	to	to	ADP
arjefm-70	105	20	the	the	DET
arjefm-70	105	21	private	private	ADJ
arjefm-70	105	22	sector	sector	NOUN
arjefm-70	105	23	,	,	PUNCT
arjefm-70	105	24	both	both	PRON
arjefm-70	105	25	in	in	ADP
arjefm-70	105	26	the	the	DET
arjefm-70	105	27	short	short	ADJ
arjefm-70	105	28	and	and	CCONJ
arjefm-70	105	29	long	long	ADJ
arjefm-70	105	30	run	run	NOUN
arjefm-70	105	31	.	.	PUNCT
arjefm-70	106	1	in	in	ADP
arjefm-70	106	2	africa	africa	PROPN
arjefm-70	106	3	,	,	PUNCT
arjefm-70	106	4	empirical	empirical	ADJ
arjefm-70	106	5	studies	study	NOUN
arjefm-70	106	6	do	do	AUX
arjefm-70	106	7	not	not	PART
arjefm-70	106	8	lack	lack	VERB
arjefm-70	106	9	.	.	PUNCT
arjefm-70	107	1	mwega	mwega	NOUN
arjefm-70	107	2	and	and	CCONJ
arjefm-70	107	3	ngola	ngola	PROPN
arjefm-70	107	4	(	(	PUNCT
arjefm-70	107	5	1991	1991	NUM
arjefm-70	107	6	)	)	PUNCT
arjefm-70	107	7	used	use	VERB
arjefm-70	107	8	kenyan	kenyan	ADJ
arjefm-70	107	9	data	datum	NOUN
arjefm-70	107	10	to	to	PART
arjefm-70	107	11	test	test	VERB
arjefm-70	107	12	the	the	DET
arjefm-70	107	13	relationship	relationship	NOUN
arjefm-70	107	14	between	between	ADP
arjefm-70	107	15	interest	interest	NOUN
arjefm-70	107	16	rates	rate	NOUN
arjefm-70	107	17	and	and	CCONJ
arjefm-70	107	18	savings	saving	NOUN
arjefm-70	107	19	.	.	PUNCT
arjefm-70	108	1	the	the	DET
arjefm-70	108	2	results	result	NOUN
arjefm-70	108	3	reveal	reveal	VERB
arjefm-70	108	4	that	that	SCONJ
arjefm-70	108	5	real	real	ADJ
arjefm-70	108	6	lending	lending	NOUN
arjefm-70	108	7	rate	rate	NOUN
arjefm-70	108	8	has	have	VERB
arjefm-70	108	9	marginal	marginal	ADJ
arjefm-70	108	10	influence	influence	NOUN
arjefm-70	108	11	on	on	ADP
arjefm-70	108	12	savings	saving	NOUN
arjefm-70	108	13	in	in	ADP
arjefm-70	108	14	kenya	kenya	PROPN
arjefm-70	108	15	.	.	PUNCT
arjefm-70	109	1	they	they	PRON
arjefm-70	109	2	also	also	ADV
arjefm-70	109	3	noticed	notice	VERB
arjefm-70	109	4	that	that	SCONJ
arjefm-70	109	5	high	high	ADJ
arjefm-70	109	6	interest	interest	NOUN
arjefm-70	109	7	rates	rate	NOUN
arjefm-70	109	8	impede	impede	VERB
arjefm-70	109	9	credit	credit	NOUN
arjefm-70	109	10	request	request	NOUN
arjefm-70	109	11	and	and	CCONJ
arjefm-70	109	12	therefore	therefore	ADV
arjefm-70	109	13	impede	impede	VERB
arjefm-70	109	14	investment	investment	NOUN
arjefm-70	109	15	.	.	PUNCT
arjefm-70	110	1	on	on	ADP
arjefm-70	110	2	a	a	DET
arjefm-70	110	3	sample	sample	NOUN
arjefm-70	110	4	of	of	ADP
arjefm-70	110	5	thirty	thirty	NUM
arjefm-70	110	6	african	african	ADJ
arjefm-70	110	7	countries	country	NOUN
arjefm-70	110	8	,	,	PUNCT
arjefm-70	110	9	diery	diery	NOUN
arjefm-70	110	10	and	and	CCONJ
arjefm-70	110	11	yasim	yasim	NOUN
arjefm-70	110	12	(	(	PUNCT
arjefm-70	110	13	1993	1993	NUM
arjefm-70	110	14	)	)	PUNCT
arjefm-70	110	15	indicate	indicate	VERB
arjefm-70	110	16	that	that	SCONJ
arjefm-70	110	17	the	the	DET
arjefm-70	110	18	real	real	ADJ
arjefm-70	110	19	interest	interest	NOUN
arjefm-70	110	20	rate	rate	NOUN
arjefm-70	110	21	on	on	ADP
arjefm-70	110	22	deposits	deposit	NOUN
arjefm-70	110	23	has	have	VERB
arjefm-70	110	24	a	a	DET
arjefm-70	110	25	positive	positive	ADJ
arjefm-70	110	26	and	and	CCONJ
arjefm-70	110	27	significant	significant	ADJ
arjefm-70	110	28	impact	impact	NOUN
arjefm-70	110	29	on	on	ADP
arjefm-70	110	30	savings	saving	NOUN
arjefm-70	110	31	.	.	PUNCT
arjefm-70	111	1	moreover	moreover	ADV
arjefm-70	111	2	,	,	PUNCT
arjefm-70	111	3	they	they	PRON
arjefm-70	111	4	find	find	VERB
arjefm-70	111	5	that	that	SCONJ
arjefm-70	111	6	savings	saving	NOUN
arjefm-70	111	7	have	have	VERB
arjefm-70	111	8	a	a	DET
arjefm-70	111	9	strong	strong	ADJ
arjefm-70	111	10	impact	impact	NOUN
arjefm-70	111	11	on	on	ADP
arjefm-70	111	12	investment	investment	NOUN
arjefm-70	111	13	,	,	PUNCT
arjefm-70	111	14	but	but	CCONJ
arjefm-70	111	15	interest	interest	NOUN
arjefm-70	111	16	rates	rate	NOUN
arjefm-70	111	17	have	have	VERB
arjefm-70	111	18	a	a	DET
arjefm-70	111	19	negative	negative	ADJ
arjefm-70	111	20	impact	impact	NOUN
arjefm-70	111	21	on	on	ADP
arjefm-70	111	22	the	the	DET
arjefm-70	111	23	latter	latter	ADJ
arjefm-70	111	24	.	.	PUNCT
arjefm-70	112	1	in	in	ADP
arjefm-70	112	2	nigeria	nigeria	PROPN
arjefm-70	112	3	,	,	PUNCT
arjefm-70	112	4	onwumere	onwumere	ADV
arjefm-70	112	5	et	et	PROPN
arjefm-70	112	6	al	al	PROPN
arjefm-70	112	7	.	.	PROPN
arjefm-70	113	1	(	(	PUNCT
arjefm-70	113	2	2012	2012	NUM
arjefm-70	113	3	)	)	PUNCT
arjefm-70	113	4	find	find	VERB
arjefm-70	113	5	that	that	SCONJ
arjefm-70	113	6	interest	interest	NOUN
arjefm-70	113	7	rate	rate	NOUN
arjefm-70	113	8	liberalization	liberalization	NOUN
arjefm-70	113	9	had	have	VERB
arjefm-70	113	10	a	a	DET
arjefm-70	113	11	non	non	ADJ
arjefm-70	113	12	-	-	ADJ
arjefm-70	113	13	significant	significant	ADJ
arjefm-70	113	14	impact	impact	NOUN
arjefm-70	113	15	of	of	ADP
arjefm-70	113	16	savings	saving	NOUN
arjefm-70	113	17	but	but	CCONJ
arjefm-70	113	18	a	a	DET
arjefm-70	113	19	robust	robust	ADJ
arjefm-70	113	20	and	and	CCONJ
arjefm-70	113	21	negative	negative	ADJ
arjefm-70	113	22	impact	impact	NOUN
arjefm-70	113	23	on	on	ADP
arjefm-70	113	24	investment	investment	NOUN
arjefm-70	113	25	.	.	PUNCT
arjefm-70	114	1	consequently	consequently	ADV
arjefm-70	114	2	,	,	PUNCT
arjefm-70	114	3	yazid	yazid	PROPN
arjefm-70	114	4	(	(	PUNCT
arjefm-70	114	5	2007	2007	NUM
arjefm-70	114	6	)	)	PUNCT
arjefm-70	114	7	find	find	VERB
arjefm-70	114	8	a	a	DET
arjefm-70	114	9	lowly	lowly	ADJ
arjefm-70	114	10	significant	significant	ADJ
arjefm-70	114	11	and	and	CCONJ
arjefm-70	114	12	negative	negative	ADJ
arjefm-70	114	13	relationship	relationship	NOUN
arjefm-70	114	14	between	between	ADP
arjefm-70	114	15	financial	financial	ADJ
arjefm-70	114	16	liberalization	liberalization	NOUN
arjefm-70	114	17	and	and	CCONJ
arjefm-70	114	18	household	household	NOUN
arjefm-70	114	19	savings	saving	NOUN
arjefm-70	114	20	in	in	ADP
arjefm-70	114	21	algeria	algeria	PROPN
arjefm-70	114	22	.	.	PUNCT
arjefm-70	115	1	according	accord	VERB
arjefm-70	115	2	to	to	ADP
arjefm-70	115	3	this	this	DET
arjefm-70	115	4	author	author	NOUN
arjefm-70	115	5	,	,	PUNCT
arjefm-70	115	6	financial	financial	ADJ
arjefm-70	115	7	liberalization	liberalization	NOUN
arjefm-70	115	8	reduced	reduce	VERB
arjefm-70	115	9	household	household	NOUN
arjefm-70	115	10	savings	saving	NOUN
arjefm-70	115	11	.	.	PUNCT
arjefm-70	116	1	this	this	DET
arjefm-70	116	2	result	result	NOUN
arjefm-70	116	3	is	be	AUX
arjefm-70	116	4	explained	explain	VERB
arjefm-70	116	5	by	by	ADP
arjefm-70	116	6	the	the	DET
arjefm-70	116	7	fact	fact	NOUN
arjefm-70	116	8	that	that	SCONJ
arjefm-70	116	9	liberalization	liberalization	NOUN
arjefm-70	116	10	allowed	allow	VERB
arjefm-70	116	11	households	household	NOUN
arjefm-70	116	12	’	'	PUNCT
arjefm-70	116	13	easier	easy	ADJ
arjefm-70	116	14	access	access	NOUN
arjefm-70	116	15	to	to	ADP
arjefm-70	116	16	consumer	consumer	NOUN
arjefm-70	116	17	credit	credit	NOUN
arjefm-70	116	18	.	.	PUNCT
arjefm-70	117	1	3	3	X
arjefm-70	117	2	.	.	X
arjefm-70	117	3	methodology	methodology	NOUN
arjefm-70	117	4	in	in	ADP
arjefm-70	117	5	this	this	DET
arjefm-70	117	6	section	section	NOUN
arjefm-70	117	7	,	,	PUNCT
arjefm-70	117	8	we	we	PRON
arjefm-70	117	9	firstly	firstly	ADV
arjefm-70	117	10	present	present	VERB
arjefm-70	117	11	the	the	DET
arjefm-70	117	12	model	model	NOUN
arjefm-70	117	13	specification	specification	NOUN
arjefm-70	117	14	and	and	CCONJ
arjefm-70	117	15	secondly	secondly	ADV
arjefm-70	117	16	,	,	PUNCT
arjefm-70	117	17	the	the	DET
arjefm-70	117	18	pmg	pmg	PROPN
arjefm-70	117	19	estimation	estimation	PROPN
arjefm-70	117	20	methodology	methodology	NOUN
arjefm-70	117	21	.	.	PUNCT
arjefm-70	118	1	3.1	3.1	NUM
arjefm-70	118	2	.	.	PUNCT
arjefm-70	118	3	model	model	NOUN
arjefm-70	118	4	specification	specification	NOUN
arjefm-70	118	5	the	the	DET
arjefm-70	118	6	model	model	NOUN
arjefm-70	118	7	to	to	PART
arjefm-70	118	8	estimate	estimate	VERB
arjefm-70	118	9	in	in	ADP
arjefm-70	118	10	this	this	DET
arjefm-70	118	11	paper	paper	NOUN
arjefm-70	118	12	can	can	AUX
arjefm-70	118	13	be	be	AUX
arjefm-70	118	14	specified	specify	VERB
arjefm-70	118	15	in	in	ADP
arjefm-70	118	16	the	the	DET
arjefm-70	118	17	following	following	ADJ
arjefm-70	118	18	way	way	NOUN
arjefm-70	118	19	:	:	PUNCT
arjefm-70	118	20	(	(	PUNCT
arjefm-70	118	21	1	1	X
arjefm-70	118	22	)	)	PUNCT
arjefm-70	118	23	where	where	SCONJ
arjefm-70	118	24	is	be	AUX
arjefm-70	118	25	the	the	DET
arjefm-70	118	26	bank	bank	NOUN
arjefm-70	118	27	credit	credit	NOUN
arjefm-70	118	28	granted	grant	VERB
arjefm-70	118	29	to	to	ADP
arjefm-70	118	30	the	the	DET
arjefm-70	118	31	private	private	ADJ
arjefm-70	118	32	sector	sector	NOUN
arjefm-70	118	33	to	to	ADP
arjefm-70	118	34	gdp	gdp	PROPN
arjefm-70	118	35	,	,	PUNCT
arjefm-70	118	36	the	the	DET
arjefm-70	118	37	bank	bank	NOUN
arjefm-70	118	38	lending	lending	NOUN
arjefm-70	118	39	rates	rate	NOUN
arjefm-70	118	40	in	in	ADP
arjefm-70	118	41	annual	annual	ADJ
arjefm-70	118	42	percentage	percentage	NOUN
arjefm-70	118	43	,	,	PUNCT
arjefm-70	118	44	is	be	AUX
arjefm-70	118	45	a	a	DET
arjefm-70	118	46	financial	financial	ADJ
arjefm-70	118	47	repression	repression	NOUN
arjefm-70	118	48	indicator	indicator	NOUN
arjefm-70	118	49	measured	measure	VERB
arjefm-70	118	50	by	by	ADP
arjefm-70	118	51	banks	bank	NOUN
arjefm-70	118	52	’	’	PART
arjefm-70	118	53	reserves	reserve	NOUN
arjefm-70	118	54	in	in	ADP
arjefm-70	118	55	the	the	DET
arjefm-70	118	56	m2	m2	PROPN
arjefm-70	118	57	money	money	NOUN
arjefm-70	118	58	supply	supply	NOUN
arjefm-70	118	59	percentage	percentage	NOUN
arjefm-70	118	60	,	,	PUNCT
arjefm-70	118	61	a	a	DET
arjefm-70	118	62	financial	financial	ADJ
arjefm-70	118	63	savings	saving	NOUN
arjefm-70	118	64	indicator	indicator	NOUN
arjefm-70	118	65	measured	measure	VERB
arjefm-70	118	66	by	by	ADP
arjefm-70	118	67	the	the	DET
arjefm-70	118	68	volume	volume	NOUN
arjefm-70	118	69	of	of	ADP
arjefm-70	118	70	deposits	deposit	NOUN
arjefm-70	118	71	in	in	ADP
arjefm-70	118	72	gdp	gdp	NOUN
arjefm-70	118	73	percentage	percentage	NOUN
arjefm-70	118	74	,	,	PUNCT
arjefm-70	118	75	the	the	DET
arjefm-70	118	76	non	non	ADJ
arjefm-70	118	77	-	-	ADJ
arjefm-70	118	78	performing	performing	ADJ
arjefm-70	118	79	loans	loan	NOUN
arjefm-70	118	80	measured	measure	VERB
arjefm-70	118	81	by	by	ADP
arjefm-70	118	82	delinquent	delinquent	ADJ
arjefm-70	118	83	credits	credit	NOUN
arjefm-70	118	84	in	in	ADP
arjefm-70	118	85	credit	credit	NOUN
arjefm-70	118	86	granted	grant	VERB
arjefm-70	118	87	percentage	percentage	NOUN
arjefm-70	118	88	,	,	PUNCT
arjefm-70	118	89	,	,	PUNCT
arjefm-70	118	90	the	the	DET
arjefm-70	118	91	consumer	consumer	NOUN
arjefm-70	118	92	price	price	NOUN
arjefm-70	118	93	index	index	NOUN
arjefm-70	118	94	and	and	CCONJ
arjefm-70	118	95	the	the	DET
arjefm-70	118	96	budget	budget	NOUN
arjefm-70	118	97	deficit	deficit	NOUN
arjefm-70	118	98	measured	measure	VERB
arjefm-70	118	99	by	by	ADP
arjefm-70	118	100	the	the	DET
arjefm-70	118	101	gap	gap	NOUN
arjefm-70	118	102	between	between	ADP
arjefm-70	118	103	public	public	ADJ
arjefm-70	118	104	revenues	revenue	NOUN
arjefm-70	118	105	and	and	CCONJ
arjefm-70	118	106	expenditures	expenditure	NOUN
arjefm-70	118	107	.	.	PUNCT
arjefm-70	119	1	3.2	3.2	NUM
arjefm-70	119	2	.	.	PUNCT
arjefm-70	120	1	the	the	DET
arjefm-70	120	2	pooled	pool	VERB
arjefm-70	120	3	mean	mean	PROPN
arjefm-70	120	4	group	group	NOUN
arjefm-70	120	5	estimation	estimation	NOUN
arjefm-70	120	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	120	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	120	8	american	american	PROPN
arjefm-70	120	9	research	research	PROPN
arjefm-70	120	10	journal	journal	PROPN
arjefm-70	120	11	of	of	ADP
arjefm-70	120	12	economics	economic	NOUN
arjefm-70	120	13	,	,	PUNCT
arjefm-70	120	14	finance	finance	NOUN
arjefm-70	120	15	and	and	CCONJ
arjefm-70	120	16	management	management	NOUN
arjefm-70	120	17	volume	volume	NOUN
arjefm-70	120	18	10	10	NUM
arjefm-70	120	19	issue	issue	NOUN
arjefm-70	120	20	3	3	NUM
arjefm-70	120	21	,	,	PUNCT
arjefm-70	120	22	july	july	PROPN
arjefm-70	120	23	-	-	PUNCT
arjefm-70	120	24	september	september	PROPN
arjefm-70	120	25	2022	2022	NUM
arjefm-70	120	26	issn	issn	NOUN
arjefm-70	120	27	:	:	PUNCT
arjefm-70	120	28	2836	2836	NUM
arjefm-70	120	29	-	-	SYM
arjefm-70	120	30	9416	9416	NUM
arjefm-70	120	31	impact	impact	NOUN
arjefm-70	120	32	factor	factor	NOUN
arjefm-70	120	33	:	:	PUNCT
arjefm-70	120	34	4.85	4.85	NUM
arjefm-70	120	35	journal	journal	NOUN
arjefm-70	120	36	homepage	homepage	NOUN
arjefm-70	120	37	:	:	PUNCT
arjefm-70	120	38	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	120	39	,	,	PUNCT
arjefm-70	120	40	email	email	NOUN
arjefm-70	120	41	:	:	PUNCT
arjefm-70	121	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	121	2	official	official	ADJ
arjefm-70	121	3	journal	journal	PROPN
arjefm-70	121	4	of	of	ADP
arjefm-70	121	5	america	america	PROPN
arjefm-70	121	6	serial	serial	PROPN
arjefm-70	121	7	publication	publication	NOUN
arjefm-70	121	8	american	american	PROPN
arjefm-70	121	9	research	research	PROPN
arjefm-70	121	10	journal	journal	PROPN
arjefm-70	121	11	of	of	ADP
arjefm-70	121	12	economics	economic	NOUN
arjefm-70	121	13	,	,	PUNCT
arjefm-70	121	14	finance	finance	NOUN
arjefm-70	121	15	and	and	CCONJ
arjefm-70	121	16	management	management	NOUN
arjefm-70	121	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	121	18	,	,	PUNCT
arjefm-70	121	19	email	email	NOUN
arjefm-70	121	20	:	:	PUNCT
arjefm-70	121	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	122	1	22	22	NUM
arjefm-70	123	1	|	|	ADV
arjefm-70	123	2	p	p	X
arjefm-70	123	3	a	a	DET
arjefm-70	123	4	g	g	NOUN
arjefm-70	123	5	e	e	NOUN
arjefm-70	123	6	the	the	DET
arjefm-70	123	7	estimation	estimation	NOUN
arjefm-70	123	8	technique	technique	NOUN
arjefm-70	123	9	chosen	choose	VERB
arjefm-70	123	10	is	be	AUX
arjefm-70	123	11	the	the	DET
arjefm-70	123	12	one	one	NOUN
arjefm-70	123	13	proposed	propose	VERB
arjefm-70	123	14	by	by	ADP
arjefm-70	123	15	pesaran	pesaran	PROPN
arjefm-70	123	16	et	et	PROPN
arjefm-70	123	17	al	al	PROPN
arjefm-70	123	18	.	.	PROPN
arjefm-70	124	1	(	(	PUNCT
arjefm-70	124	2	1999	1999	NUM
arjefm-70	124	3	)	)	PUNCT
arjefm-70	124	4	,	,	PUNCT
arjefm-70	124	5	the	the	DET
arjefm-70	124	6	pmg	pmg	PROPN
arjefm-70	124	7	estimator	estimator	NOUN
arjefm-70	124	8	.	.	PUNCT
arjefm-70	125	1	following	follow	VERB
arjefm-70	125	2	pesaran	pesaran	VERB
arjefm-70	125	3	et	et	PROPN
arjefm-70	125	4	al	al	PROPN
arjefm-70	125	5	.	.	PROPN
arjefm-70	126	1	(	(	PUNCT
arjefm-70	126	2	1999	1999	NUM
arjefm-70	126	3	)	)	PUNCT
arjefm-70	126	4	,	,	PUNCT
arjefm-70	126	5	eq.(1	eq.(1	NUM
arjefm-70	126	6	)	)	PUNCT
arjefm-70	126	7	can	can	AUX
arjefm-70	126	8	be	be	AUX
arjefm-70	126	9	seen	see	VERB
arjefm-70	126	10	as	as	ADP
arjefm-70	126	11	an	an	DET
arjefm-70	126	12	autoregressive	autoregressive	ADJ
arjefm-70	126	13	distributed	distribute	VERB
arjefm-70	126	14	lag	lag	NOUN
arjefm-70	126	15	(	(	PUNCT
arjefm-70	126	16	ardl	ardl	NOUN
arjefm-70	126	17	)	)	PUNCT
arjefm-70	126	18	model	model	NOUN
arjefm-70	126	19	whose	whose	DET
arjefm-70	126	20	form	form	NOUN
arjefm-70	126	21	is	be	AUX
arjefm-70	126	22	:	:	PUNCT
arjefm-70	126	23	is	be	AUX
arjefm-70	126	24	a	a	DET
arjefm-70	126	25	vector	vector	NOUN
arjefm-70	126	26	of	of	ADP
arjefm-70	126	27	explanatory	explanatory	ADJ
arjefm-70	126	28	variables	variable	NOUN
arjefm-70	126	29	;	;	PUNCT
arjefm-70	126	30	is	be	AUX
arjefm-70	126	31	represents	represent	VERB
arjefm-70	126	32	the	the	DET
arjefm-70	126	33	fixed	fix	VERB
arjefm-70	126	34	effect	effect	NOUN
arjefm-70	126	35	(	(	PUNCT
arjefm-70	126	36	country	country	NOUN
arjefm-70	126	37	)	)	PUNCT
arjefm-70	126	38	.	.	PUNCT
arjefm-70	127	1	the	the	DET
arjefm-70	127	2	following	follow	VERB
arjefm-70	127	3	long	long	ADJ
arjefm-70	127	4	term	term	NOUN
arjefm-70	127	5	if	if	SCONJ
arjefm-70	127	6	variables	variable	NOUN
arjefm-70	127	7	are	be	AUX
arjefm-70	127	8	co	co	ADJ
arjefm-70	127	9	-	-	VERB
arjefm-70	127	10	integrated	integrated	ADJ
arjefm-70	127	11	,	,	PUNCT
arjefm-70	127	12	then	then	ADV
arjefm-70	127	13	the	the	DET
arjefm-70	127	14	term	term	NOUN
arjefm-70	127	15	is	be	AUX
arjefm-70	127	16	a	a	DET
arjefm-70	127	17	stationary	stationary	ADJ
arjefm-70	127	18	process	process	NOUN
arjefm-70	127	19	.	.	PUNCT
arjefm-70	128	1	in	in	ADP
arjefm-70	128	2	that	that	DET
arjefm-70	128	3	case	case	NOUN
arjefm-70	128	4	,	,	PUNCT
arjefm-70	128	5	the	the	DET
arjefm-70	128	6	model	model	NOUN
arjefm-70	128	7	can	can	AUX
arjefm-70	128	8	be	be	AUX
arjefm-70	128	9	respecified	respecifie	VERB
arjefm-70	128	10	under	under	ADP
arjefm-70	128	11	the	the	DET
arjefm-70	128	12	form	form	NOUN
arjefm-70	128	13	of	of	ADP
arjefm-70	128	14	an	an	DET
arjefm-70	128	15	error	error	NOUN
arjefm-70	128	16	-	-	PUNCT
arjefm-70	128	17	correction	correction	NOUN
arjefm-70	128	18	model	model	NOUN
arjefm-70	128	19	in	in	ADP
arjefm-70	128	20	which	which	PRON
arjefm-70	128	21	the	the	DET
arjefm-70	128	22	short	short	ADJ
arjefm-70	128	23	-	-	PUNCT
arjefm-70	128	24	term	term	NOUN
arjefm-70	128	25	dynamics	dynamic	NOUN
arjefm-70	128	26	is	be	AUX
arjefm-70	128	27	influenced	influence	VERB
arjefm-70	128	28	by	by	ADP
arjefm-70	128	29	the	the	DET
arjefm-70	128	30	long	long	ADJ
arjefm-70	128	31	-	-	PUNCT
arjefm-70	128	32	term	term	NOUN
arjefm-70	128	33	relationship	relationship	NOUN
arjefm-70	128	34	gap	gap	NOUN
arjefm-70	128	35	:	:	PUNCT
arjefm-70	128	36	where	where	SCONJ
arjefm-70	128	37	is	be	AUX
arjefm-70	128	38	the	the	DET
arjefm-70	128	39	coefficient	coefficient	NOUN
arjefm-70	128	40	of	of	ADP
arjefm-70	128	41	adjustment	adjustment	NOUN
arjefm-70	128	42	,	,	PUNCT
arjefm-70	128	43	is	be	AUX
arjefm-70	128	44	the	the	DET
arjefm-70	128	45	vector	vector	NOUN
arjefm-70	128	46	of	of	ADP
arjefm-70	128	47	long	long	ADJ
arjefm-70	128	48	-	-	PUNCT
arjefm-70	128	49	term	term	NOUN
arjefm-70	128	50	coefficients	coefficient	NOUN
arjefm-70	128	51	and	and	CCONJ
arjefm-70	128	52	is	be	AUX
arjefm-70	128	53	the	the	DET
arjefm-70	128	54	variation	variation	NOUN
arjefm-70	128	55	operator	operator	NOUN
arjefm-70	128	56	between	between	ADP
arjefm-70	128	57	two	two	NUM
arjefm-70	128	58	successive	successive	ADJ
arjefm-70	128	59	dates	date	NOUN
arjefm-70	128	60	.	.	PUNCT
arjefm-70	129	1	we	we	PRON
arjefm-70	129	2	expect	expect	VERB
arjefm-70	129	3	that	that	SCONJ
arjefm-70	129	4	one	one	NUM
arjefm-70	129	5	of	of	ADP
arjefm-70	129	6	the	the	DET
arjefm-70	129	7	advantages	advantage	NOUN
arjefm-70	129	8	of	of	ADP
arjefm-70	129	9	ardl	ardl	NOUN
arjefm-70	129	10	models	model	NOUN
arjefm-70	129	11	is	be	AUX
arjefm-70	129	12	that	that	PRON
arjefm-70	129	13	short	short	ADJ
arjefm-70	129	14	where	where	SCONJ
arjefm-70	129	15	a	a	DET
arjefm-70	129	16	vector	vector	NOUN
arjefm-70	129	17	of	of	ADP
arjefm-70	129	18	coefficients	coefficient	NOUN
arjefm-70	129	19	;	;	PUNCT
arjefm-70	129	20	ascalar	ascalar	PROPN
arjefm-70	129	21	and	and	CCONJ
arjefm-70	129	22	relation	relation	NOUN
arjefm-70	129	23	ship	ship	NOUN
arjefm-70	129	24	is	be	AUX
arjefm-70	129	25	derived	derive	VERB
arjefm-70	129	26	from	from	ADP
arjefm-70	129	27	this	this	DET
arjefm-70	129	28	model	model	NOUN
arjefm-70	129	29	:	:	PUNCT
arjefm-70	130	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	130	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	131	1	american	american	PROPN
arjefm-70	131	2	research	research	PROPN
arjefm-70	131	3	journal	journal	PROPN
arjefm-70	131	4	of	of	ADP
arjefm-70	131	5	economics	economic	NOUN
arjefm-70	131	6	,	,	PUNCT
arjefm-70	131	7	finance	finance	NOUN
arjefm-70	131	8	and	and	CCONJ
arjefm-70	131	9	management	management	NOUN
arjefm-70	131	10	volume	volume	NOUN
arjefm-70	131	11	10	10	NUM
arjefm-70	131	12	issue	issue	NOUN
arjefm-70	131	13	3	3	NUM
arjefm-70	131	14	,	,	PUNCT
arjefm-70	131	15	july	july	PROPN
arjefm-70	131	16	-	-	PUNCT
arjefm-70	131	17	september	september	PROPN
arjefm-70	131	18	2022	2022	NUM
arjefm-70	131	19	issn	issn	NOUN
arjefm-70	131	20	:	:	PUNCT
arjefm-70	131	21	2836	2836	NUM
arjefm-70	131	22	-	-	SYM
arjefm-70	131	23	9416	9416	NUM
arjefm-70	131	24	impact	impact	NOUN
arjefm-70	131	25	factor	factor	NOUN
arjefm-70	131	26	:	:	PUNCT
arjefm-70	131	27	4.85	4.85	NUM
arjefm-70	131	28	journal	journal	NOUN
arjefm-70	131	29	homepage	homepage	NOUN
arjefm-70	131	30	:	:	PUNCT
arjefm-70	131	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	131	32	,	,	PUNCT
arjefm-70	131	33	email	email	NOUN
arjefm-70	131	34	:	:	PUNCT
arjefm-70	132	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	132	2	official	official	ADJ
arjefm-70	132	3	journal	journal	PROPN
arjefm-70	132	4	of	of	ADP
arjefm-70	132	5	america	america	PROPN
arjefm-70	132	6	serial	serial	PROPN
arjefm-70	132	7	publication	publication	NOUN
arjefm-70	132	8	american	american	PROPN
arjefm-70	132	9	research	research	PROPN
arjefm-70	132	10	journal	journal	PROPN
arjefm-70	132	11	of	of	ADP
arjefm-70	132	12	economics	economic	NOUN
arjefm-70	132	13	,	,	PUNCT
arjefm-70	132	14	finance	finance	NOUN
arjefm-70	132	15	and	and	CCONJ
arjefm-70	132	16	management	management	NOUN
arjefm-70	132	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	132	18	,	,	PUNCT
arjefm-70	132	19	email	email	NOUN
arjefm-70	132	20	:	:	PUNCT
arjefm-70	132	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	133	1	23	23	NUM
arjefm-70	134	1	|	|	ADV
arjefm-70	134	2	p	p	X
arjefm-70	134	3	a	a	DET
arjefm-70	134	4	g	g	PROPN
arjefm-70	134	5	e	e	NOUN
arjefm-70	134	6	estimator	estimator	NOUN
arjefm-70	134	7	allows	allow	VERB
arjefm-70	134	8	heterogeneity	heterogeneity	NOUN
arjefm-70	134	9	both	both	CCONJ
arjefm-70	134	10	in	in	ADP
arjefm-70	134	11	short	short	ADJ
arjefm-70	134	12	-	-	PUNCT
arjefm-70	134	13	term	term	NOUN
arjefm-70	134	14	parameters	parameter	NOUN
arjefm-70	134	15	and	and	CCONJ
arjefm-70	134	16	long	long	ADJ
arjefm-70	134	17	-	-	PUNCT
arjefm-70	134	18	term	term	NOUN
arjefm-70	134	19	coefficients	coefficient	NOUN
arjefm-70	134	20	.	.	PUNCT
arjefm-70	135	1	the	the	DET
arjefm-70	135	2	mg	mg	PROPN
arjefm-70	135	3	estimator	estimator	NOUN
arjefm-70	135	4	estimates	estimate	VERB
arjefm-70	135	5	the	the	DET
arjefm-70	135	6	equation	equation	NOUN
arjefm-70	135	7	for	for	ADP
arjefm-70	135	8	each	each	DET
arjefm-70	135	9	country	country	NOUN
arjefm-70	135	10	of	of	ADP
arjefm-70	135	11	the	the	DET
arjefm-70	135	12	sample	sample	NOUN
arjefm-70	135	13	and	and	CCONJ
arjefm-70	135	14	then	then	ADV
arjefm-70	135	15	calculates	calculate	VERB
arjefm-70	135	16	the	the	DET
arjefm-70	135	17	unweighted	unweighted	ADJ
arjefm-70	135	18	means	mean	NOUN
arjefm-70	135	19	of	of	ADP
arjefm-70	135	20	coefficients	coefficient	NOUN
arjefm-70	135	21	on	on	ADP
arjefm-70	135	22	the	the	DET
arjefm-70	135	23	whole	whole	ADJ
arjefm-70	135	24	panel	panel	NOUN
arjefm-70	135	25	.	.	PUNCT
arjefm-70	136	1	the	the	DET
arjefm-70	136	2	homogeneity	homogeneity	NOUN
arjefm-70	136	3	hypothesis	hypothesis	NOUN
arjefm-70	136	4	of	of	ADP
arjefm-70	136	5	long	long	ADJ
arjefm-70	136	6	-	-	PUNCT
arjefm-70	136	7	term	term	NOUN
arjefm-70	136	8	coefficients	coefficient	NOUN
arjefm-70	136	9	is	be	AUX
arjefm-70	136	10	empirically	empirically	ADV
arjefm-70	136	11	tested	test	VERB
arjefm-70	136	12	.	.	PUNCT
arjefm-70	137	1	to	to	ADP
arjefm-70	137	2	this	this	DET
arjefm-70	137	3	end	end	NOUN
arjefm-70	137	4	,	,	PUNCT
arjefm-70	137	5	one	one	NUM
arjefm-70	137	6	recourses	recourse	NOUN
arjefm-70	137	7	to	to	ADP
arjefm-70	137	8	a	a	DET
arjefm-70	137	9	hausman	hausman	ADJ
arjefm-70	137	10	test	test	NOUN
arjefm-70	137	11	applied	apply	VERB
arjefm-70	137	12	to	to	ADP
arjefm-70	137	13	the	the	DET
arjefm-70	137	14	difference	difference	NOUN
arjefm-70	137	15	between	between	ADP
arjefm-70	137	16	mg	mg	PROPN
arjefm-70	137	17	and	and	CCONJ
arjefm-70	137	18	pmg	pmg	PROPN
arjefm-70	137	19	estimators	estimator	NOUN
arjefm-70	137	20	.	.	PUNCT
arjefm-70	138	1	under	under	ADP
arjefm-70	138	2	the	the	DET
arjefm-70	138	3	null	null	ADJ
arjefm-70	138	4	hypothesis	hypothesis	NOUN
arjefm-70	138	5	,	,	PUNCT
arjefm-70	138	6	this	this	DET
arjefm-70	138	7	difference	difference	NOUN
arjefm-70	138	8	is	be	AUX
arjefm-70	138	9	not	not	PART
arjefm-70	138	10	significant	significant	ADJ
arjefm-70	138	11	,	,	PUNCT
arjefm-70	138	12	and	and	CCONJ
arjefm-70	138	13	then	then	ADV
arjefm-70	138	14	the	the	DET
arjefm-70	138	15	pmg	pmg	PROPN
arjefm-70	138	16	estimator	estimator	NOUN
arjefm-70	138	17	in	in	ADP
arjefm-70	138	18	preferable	preferable	ADJ
arjefm-70	138	19	.	.	PUNCT
arjefm-70	139	1	4	4	X
arjefm-70	139	2	.	.	X
arjefm-70	139	3	data	datum	NOUN
arjefm-70	139	4	and	and	CCONJ
arjefm-70	139	5	variables	variable	NOUN
arjefm-70	139	6	description	description	NOUN
arjefm-70	139	7	the	the	DET
arjefm-70	139	8	empirical	empirical	ADJ
arjefm-70	139	9	study	study	NOUN
arjefm-70	139	10	uses	use	VERB
arjefm-70	139	11	the	the	DET
arjefm-70	139	12	annual	annual	ADJ
arjefm-70	139	13	data	datum	NOUN
arjefm-70	139	14	of	of	ADP
arjefm-70	139	15	7	7	NUM
arjefm-70	139	16	waemu	waemu	NOUN
arjefm-70	139	17	countries	country	NOUN
arjefm-70	139	18	excepting	except	VERB
arjefm-70	139	19	guinea	guinea	NOUN
arjefm-70	139	20	bissau	bissau	NOUN
arjefm-70	139	21	.	.	PUNCT
arjefm-70	140	1	the	the	DET
arjefm-70	140	2	countries	country	NOUN
arjefm-70	140	3	are	be	AUX
arjefm-70	140	4	cote	cote	PROPN
arjefm-70	140	5	d’ivoire	d’ivoire	NOUN
arjefm-70	140	6	,	,	PUNCT
arjefm-70	140	7	senegal	senegal	NOUN
arjefm-70	140	8	,	,	PUNCT
arjefm-70	140	9	niger	niger	PROPN
arjefm-70	140	10	,	,	PUNCT
arjefm-70	140	11	mali	mali	PROPN
arjefm-70	140	12	,	,	PUNCT
arjefm-70	140	13	burkina	burkina	PROPN
arjefm-70	140	14	faso	faso	PROPN
arjefm-70	140	15	,	,	PUNCT
arjefm-70	140	16	togo	togo	PROPN
arjefm-70	140	17	and	and	CCONJ
arjefm-70	140	18	benin	benin	PROPN
arjefm-70	140	19	.	.	PUNCT
arjefm-70	141	1	the	the	DET
arjefm-70	141	2	study	study	NOUN
arjefm-70	141	3	data	datum	NOUN
arjefm-70	141	4	come	come	VERB
arjefm-70	141	5	principally	principally	ADV
arjefm-70	141	6	from	from	ADP
arjefm-70	141	7	two	two	NUM
arjefm-70	141	8	major	major	ADJ
arjefm-70	141	9	sources	source	NOUN
arjefm-70	141	10	:	:	PUNCT
arjefm-70	141	11	bceao	bceao	PROPN
arjefm-70	141	12	and	and	CCONJ
arjefm-70	141	13	the	the	DET
arjefm-70	141	14	world	world	PROPN
arjefm-70	141	15	bank	bank	PROPN
arjefm-70	141	16	’s	’s	PART
arjefm-70	141	17	world	world	PROPN
arjefm-70	141	18	development	development	PROPN
arjefm-70	141	19	indicator	indicator	PROPN
arjefm-70	141	20	(	(	PUNCT
arjefm-70	141	21	wdi	wdi	PROPN
arjefm-70	141	22	)	)	PUNCT
arjefm-70	141	23	.	.	PUNCT
arjefm-70	142	1	the	the	DET
arjefm-70	142	2	study	study	NOUN
arjefm-70	142	3	is	be	AUX
arjefm-70	142	4	on	on	ADP
arjefm-70	142	5	the	the	DET
arjefm-70	142	6	1982	1982	NUM
arjefm-70	142	7	-	-	SYM
arjefm-70	142	8	2015	2015	NUM
arjefm-70	142	9	period	period	NOUN
arjefm-70	142	10	with34	with34	VERB
arjefm-70	142	11	observations	observation	NOUN
arjefm-70	142	12	.	.	PUNCT
arjefm-70	143	1	the	the	DET
arjefm-70	143	2	descriptive	descriptive	ADJ
arjefm-70	143	3	statistics	statistic	NOUN
arjefm-70	143	4	of	of	ADP
arjefm-70	143	5	all	all	DET
arjefm-70	143	6	variables	variable	NOUN
arjefm-70	143	7	are	be	AUX
arjefm-70	143	8	consigned	consign	VERB
arjefm-70	143	9	in	in	ADP
arjefm-70	143	10	table	table	NOUN
arjefm-70	143	11	1	1	NUM
arjefm-70	143	12	.	.	PUNCT
arjefm-70	144	1	in	in	ADP
arjefm-70	144	2	this	this	DET
arjefm-70	144	3	table	table	NOUN
arjefm-70	144	4	,	,	PUNCT
arjefm-70	144	5	one	one	NUM
arjefm-70	144	6	notices	notice	VERB
arjefm-70	144	7	that	that	SCONJ
arjefm-70	144	8	the	the	DET
arjefm-70	144	9	average	average	ADJ
arjefm-70	144	10	interest	interest	NOUN
arjefm-70	144	11	rate	rate	NOUN
arjefm-70	144	12	is	be	AUX
arjefm-70	144	13	11.31	11.31	NUM
arjefm-70	144	14	%	%	NOUN
arjefm-70	144	15	on	on	ADP
arjefm-70	144	16	the	the	DET
arjefm-70	144	17	period	period	NOUN
arjefm-70	144	18	of	of	ADP
arjefm-70	144	19	study	study	NOUN
arjefm-70	144	20	.	.	PUNCT
arjefm-70	145	1	that	that	DET
arjefm-70	145	2	rate	rate	NOUN
arjefm-70	145	3	indicates	indicate	VERB
arjefm-70	145	4	high	high	ADJ
arjefm-70	145	5	cost	cost	NOUN
arjefm-70	145	6	of	of	ADP
arjefm-70	145	7	credit	credit	NOUN
arjefm-70	145	8	in	in	ADP
arjefm-70	145	9	the	the	DET
arjefm-70	145	10	waemu	waemu	PROPN
arjefm-70	145	11	zone	zone	NOUN
arjefm-70	145	12	.	.	PUNCT
arjefm-70	146	1	in	in	ADP
arjefm-70	146	2	the	the	DET
arjefm-70	146	3	meantime	meantime	NOUN
arjefm-70	146	4	,	,	PUNCT
arjefm-70	146	5	credit	credit	NOUN
arjefm-70	146	6	granted	grant	VERB
arjefm-70	146	7	to	to	ADP
arjefm-70	146	8	the	the	DET
arjefm-70	146	9	private	private	ADJ
arjefm-70	146	10	sector	sector	NOUN
arjefm-70	146	11	as	as	ADP
arjefm-70	146	12	related	relate	VERB
arjefm-70	146	13	to	to	ADP
arjefm-70	146	14	gdp	gdp	NOUN
arjefm-70	146	15	has	have	VERB
arjefm-70	146	16	a	a	DET
arjefm-70	146	17	mean	mean	NOUN
arjefm-70	146	18	of	of	ADP
arjefm-70	146	19	17.65	17.65	NUM
arjefm-70	146	20	%	%	NOUN
arjefm-70	146	21	.	.	PUNCT
arjefm-70	147	1	this	this	DET
arjefm-70	147	2	very	very	ADV
arjefm-70	147	3	low	low	ADJ
arjefm-70	147	4	level	level	NOUN
arjefm-70	147	5	can	can	AUX
arjefm-70	147	6	be	be	AUX
arjefm-70	147	7	associated	associate	VERB
arjefm-70	147	8	to	to	ADP
arjefm-70	147	9	the	the	DET
arjefm-70	147	10	very	very	ADV
arjefm-70	147	11	high	high	ADJ
arjefm-70	147	12	cost	cost	NOUN
arjefm-70	147	13	of	of	ADP
arjefm-70	147	14	credit	credit	NOUN
arjefm-70	147	15	in	in	ADP
arjefm-70	147	16	the	the	DET
arjefm-70	147	17	zone	zone	NOUN
arjefm-70	147	18	.	.	PUNCT
arjefm-70	148	1	table	table	NOUN
arjefm-70	148	2	2	2	NUM
arjefm-70	148	3	shows	show	VERB
arjefm-70	148	4	high	high	ADJ
arjefm-70	148	5	correlation	correlation	NOUN
arjefm-70	148	6	between	between	ADP
arjefm-70	148	7	explanatory	explanatory	ADJ
arjefm-70	148	8	variables	variable	NOUN
arjefm-70	148	9	.	.	PUNCT
arjefm-70	149	1	of	of	ADP
arjefm-70	149	2	all	all	DET
arjefm-70	149	3	those	those	DET
arjefm-70	149	4	variables	variable	NOUN
arjefm-70	149	5	,	,	PUNCT
arjefm-70	149	6	the	the	DET
arjefm-70	149	7	pair	pair	NOUN
arjefm-70	149	8	bank	bank	NOUN
arjefm-70	149	9	deposits	deposit	NOUN
arjefm-70	149	10	(	(	PUNCT
arjefm-70	149	11	dep	dep	NOUN
arjefm-70	149	12	)	)	PUNCT
arjefm-70	149	13	and	and	CCONJ
arjefm-70	149	14	consumer	consumer	NOUN
arjefm-70	149	15	price	price	NOUN
arjefm-70	149	16	index	index	NOUN
arjefm-70	149	17	(	(	PUNCT
arjefm-70	149	18	cip	cip	NOUN
arjefm-70	149	19	)	)	PUNCT
arjefm-70	149	20	presents	present	VERB
arjefm-70	149	21	the	the	DET
arjefm-70	149	22	higher	high	ADJ
arjefm-70	149	23	correlation	correlation	NOUN
arjefm-70	149	24	coefficient	coefficient	NOUN
arjefm-70	149	25	(	(	PUNCT
arjefm-70	149	26	0.63	0.63	NUM
arjefm-70	149	27	)	)	PUNCT
arjefm-70	149	28	,	,	PUNCT
arjefm-70	149	29	but	but	CCONJ
arjefm-70	149	30	below	below	ADP
arjefm-70	149	31	0.8	0.8	NUM
arjefm-70	149	32	.	.	PUNCT
arjefm-70	150	1	the	the	DET
arjefm-70	150	2	pairs	pair	NOUN
arjefm-70	150	3	bank	bank	NOUN
arjefm-70	150	4	credit	credit	NOUN
arjefm-70	150	5	to	to	ADP
arjefm-70	150	6	the	the	DET
arjefm-70	150	7	private	private	ADJ
arjefm-70	150	8	sector	sector	NOUN
arjefm-70	150	9	(	(	PUNCT
arjefm-70	150	10	cred	cred	ADJ
arjefm-70	150	11	)	)	PUNCT
arjefm-70	150	12	and	and	CCONJ
arjefm-70	150	13	bank	bank	NOUN
arjefm-70	150	14	deposits	deposit	NOUN
arjefm-70	150	15	(	(	PUNCT
arjefm-70	150	16	dep	dep	NOUN
arjefm-70	150	17	)	)	PUNCT
arjefm-70	150	18	,	,	PUNCT
arjefm-70	150	19	then	then	ADV
arjefm-70	150	20	lending	lending	NOUN
arjefm-70	150	21	rate	rate	NOUN
arjefm-70	150	22	(	(	PUNCT
arjefm-70	150	23	r	r	NOUN
arjefm-70	150	24	)	)	PUNCT
arjefm-70	150	25	and	and	CCONJ
arjefm-70	150	26	non	non	ADJ
arjefm-70	150	27	-	-	ADJ
arjefm-70	150	28	performing	performing	ADJ
arjefm-70	150	29	loans	loan	NOUN
arjefm-70	150	30	(	(	PUNCT
arjefm-70	150	31	npl	npl	NOUN
arjefm-70	150	32	)	)	PUNCT
arjefm-70	150	33	respectively	respectively	ADV
arjefm-70	150	34	present	present	ADJ
arjefm-70	150	35	correlation	correlation	NOUN
arjefm-70	150	36	coefficients	coefficient	NOUN
arjefm-70	150	37	of	of	ADP
arjefm-70	150	38	0.34	0.34	NUM
arjefm-70	150	39	and	and	CCONJ
arjefm-70	150	40	0.44	0.44	NUM
arjefm-70	150	41	.	.	PUNCT
arjefm-70	151	1	the	the	DET
arjefm-70	151	2	inclusion	inclusion	NOUN
arjefm-70	151	3	of	of	ADP
arjefm-70	151	4	explanatory	explanatory	ADJ
arjefm-70	151	5	variables	variable	NOUN
arjefm-70	151	6	in	in	ADP
arjefm-70	151	7	our	our	PRON
arjefm-70	151	8	model	model	NOUN
arjefm-70	151	9	is	be	AUX
arjefm-70	151	10	thus	thus	ADV
arjefm-70	151	11	justified	justify	VERB
arjefm-70	151	12	in	in	ADP
arjefm-70	151	13	addition	addition	NOUN
arjefm-70	151	14	with	with	ADP
arjefm-70	151	15	their	their	PRON
arjefm-70	151	16	theoretical	theoretical	ADJ
arjefm-70	151	17	interest	interest	NOUN
arjefm-70	151	18	.	.	PUNCT
arjefm-70	152	1	table	table	NOUN
arjefm-70	152	2	1	1	NUM
arjefm-70	152	3	.	.	PUNCT
arjefm-70	153	1	descriptive	descriptive	ADJ
arjefm-70	153	2	statistics	statistic	NOUN
arjefm-70	153	3	variables	variable	NOUN
arjefm-70	153	4	obs	obs	PROPN
arjefm-70	153	5	.	.	PUNCT
arjefm-70	154	1	mean	mean	PROPN
arjefm-70	154	2	std.dev	std.dev	PROPN
arjefm-70	154	3	.	.	PUNCT
arjefm-70	155	1	min	min	PROPN
arjefm-70	155	2	max	max	PROPN
arjefm-70	155	3	bank	bank	PROPN
arjefm-70	155	4	credit	credit	NOUN
arjefm-70	155	5	to	to	ADP
arjefm-70	155	6	private	private	ADJ
arjefm-70	155	7	sector	sector	NOUN
arjefm-70	155	8	(	(	PUNCT
arjefm-70	155	9	cred	cred	ADJ
arjefm-70	155	10	)	)	PUNCT
arjefm-70	155	11	financial	financial	ADJ
arjefm-70	155	12	repression	repression	NOUN
arjefm-70	155	13	(	(	PUNCT
arjefm-70	155	14	fr	fr	NOUN
arjefm-70	155	15	)	)	PUNCT
arjefm-70	155	16	bank	bank	NOUN
arjefm-70	155	17	deposits	deposit	NOUN
arjefm-70	155	18	(	(	PUNCT
arjefm-70	155	19	dep	dep	NOUN
arjefm-70	155	20	)	)	PUNCT
arjefm-70	155	21	lending	lending	NOUN
arjefm-70	155	22	rate	rate	NOUN
arjefm-70	155	23	(	(	PUNCT
arjefm-70	155	24	r	r	NOUN
arjefm-70	155	25	)	)	PUNCT
arjefm-70	155	26	238	238	NUM
arjefm-70	155	27	17.65622	17.65622	NUM
arjefm-70	155	28	8.290538	8.290538	NUM
arjefm-70	155	29	3.302083	3.302083	NUM
arjefm-70	155	30	46.2638	46.2638	NUM
arjefm-70	155	31	233	233	NUM
arjefm-70	155	32	14.58288	14.58288	NUM
arjefm-70	155	33	11.54087	11.54087	NUM
arjefm-70	155	34	0.1493967	0.1493967	NUM
arjefm-70	155	35	68.7819	68.7819	NUM
arjefm-70	155	36	229	229	NUM
arjefm-70	155	37	15.21742	15.21742	NUM
arjefm-70	155	38	9.725433	9.725433	NUM
arjefm-70	155	39	2.751303	2.751303	NUM
arjefm-70	155	40	47.6188	47.6188	NUM
arjefm-70	155	41	238	238	NUM
arjefm-70	155	42	11.31017	11.31017	NUM
arjefm-70	155	43	2.852473	2.852473	NUM
arjefm-70	155	44	0.85	0.85	NUM
arjefm-70	155	45	18.779	18.779	NUM
arjefm-70	155	46	232	232	NUM
arjefm-70	155	47	5.303428	5.303428	NUM
arjefm-70	155	48	3.001261	3.001261	NUM
arjefm-70	155	49	0.2529732	0.2529732	NUM
arjefm-70	155	50	17.80329	17.80329	NUM
arjefm-70	155	51	term	term	NOUN
arjefm-70	155	52	and	and	CCONJ
arjefm-70	155	53	long	long	ADJ
arjefm-70	155	54	term	term	NOUN
arjefm-70	155	55	indicators	indicator	NOUN
arjefm-70	155	56	are	be	AUX
arjefm-70	155	57	jointly	jointly	ADV
arjefm-70	155	58	estimated	estimate	VERB
arjefm-70	155	59	.	.	PUNCT
arjefm-70	156	1	moreover	moreover	ADV
arjefm-70	156	2	,	,	PUNCT
arjefm-70	156	3	these	these	DET
arjefm-70	156	4	models	model	NOUN
arjefm-70	156	5	allow	allow	VERB
arjefm-70	156	6	the	the	DET
arjefm-70	156	7	presence	presence	NOUN
arjefm-70	156	8	of	of	ADP
arjefm-70	156	9	variables	variable	NOUN
arjefm-70	156	10	that	that	PRON
arjefm-70	156	11	can	can	AUX
arjefm-70	156	12	be	be	AUX
arjefm-70	156	13	integrated	integrate	VERB
arjefm-70	156	14	in	in	ADP
arjefm-70	156	15	different	different	ADJ
arjefm-70	156	16	orders	order	NOUN
arjefm-70	156	17	,	,	PUNCT
arjefm-70	156	18	and	and	CCONJ
arjefm-70	156	19	,	,	PUNCT
arjefm-70	156	20	or	or	CCONJ
arjefm-70	156	21	co	co	VERB
arjefm-70	156	22	integrated	integrate	VERB
arjefm-70	156	23	(	(	PUNCT
arjefm-70	156	24	pesaran	pesaran	VERB
arjefm-70	156	25	et	et	PROPN
arjefm-70	156	26	shin	shin	PROPN
arjefm-70	156	27	,	,	PUNCT
arjefm-70	156	28	1999	1999	NUM
arjefm-70	156	29	)	)	PUNCT
arjefm-70	156	30	.	.	PUNCT
arjefm-70	157	1	th	th	X
arjefm-70	157	2	e	e	PROPN
arjefm-70	157	3	pmg	pmg	PROPN
arjefm-70	157	4	estimator	estimator	PROPN
arjefm-70	157	5	allows	allow	VERB
arjefm-70	157	6	short	short	ADJ
arjefm-70	157	7	term	term	NOUN
arjefm-70	157	8	coefficients	coefficient	NOUN
arjefm-70	157	9	and	and	CCONJ
arjefm-70	157	10	the	the	DET
arjefm-70	157	11	adjustment	adjustment	NOUN
arjefm-70	157	12	coefficient	coefficient	NOUN
arjefm-70	157	13	to	to	PART
arjefm-70	157	14	vary	vary	VERB
arjefm-70	157	15	according	accord	VERB
arjefm-70	157	16	to	to	ADP
arjefm-70	157	17	the	the	DET
arjefm-70	157	18	countries	country	NOUN
arjefm-70	157	19	,	,	PUNCT
arjefm-70	157	20	but	but	CCONJ
arjefm-70	157	21	long	long	ADJ
arjefm-70	157	22	term	term	NOUN
arjefm-70	157	23	coefficients	coefficient	NOUN
arjefm-70	157	24	are	be	AUX
arjefm-70	157	25	identical	identical	ADJ
arjefm-70	157	26	for	for	ADP
arjefm-70	157	27	all	all	DET
arjefm-70	157	28	countries	country	NOUN
arjefm-70	157	29	(	(	PUNCT
arjefm-70	157	30	in	in	ADP
arjefm-70	157	31	this	this	DET
arjefm-70	157	32	study	study	NOUN
arjefm-70	157	33	,	,	PUNCT
arjefm-70	157	34	the	the	DET
arjefm-70	157	35	pmg	pmg	PROPN
arjefm-70	157	36	estimator	estimator	NOUN
arjefm-70	157	37	is	be	AUX
arjefm-70	157	38	based	base	VERB
arjefm-70	157	39	on	on	ADP
arjefm-70	157	40	the	the	DET
arjefm-70	157	41	following	follow	VERB
arjefm-70	157	42	error	error	NOUN
arjefm-70	157	43	corre	corre	PROPN
arjefm-70	157	44	ction	ction	NOUN
arjefm-70	157	45	model	model	NOUN
arjefm-70	157	46	:	:	PUNCT
arjefm-70	157	47	where	where	SCONJ
arjefm-70	157	48	it	it	PRON
arjefm-70	157	49	was	be	AUX
arjefm-70	157	50	shown	show	VERB
arjefm-70	157	51	that	that	SCONJ
arjefm-70	157	52	imposing	impose	VERB
arjefm-70	157	53	an	an	DET
arjefm-70	157	54	identical	identical	ADJ
arjefm-70	157	55	coefficient	coefficient	NOUN
arjefm-70	157	56	to	to	ADP
arjefm-70	157	57	the	the	DET
arjefm-70	157	58	restoring	restore	VERB
arjefm-70	157	59	force	force	NOUN
arjefm-70	157	60	could	could	AUX
arjefm-70	157	61	lead	lead	VERB
arjefm-70	157	62	to	to	ADP
arjefm-70	157	63	bias	bias	VERB
arjefm-70	157	64	(	(	PUNCT
arjefm-70	157	65	kiviet	kiviet	NOUN
arjefm-70	157	66	,	,	PUNCT
arjefm-70	157	67	1995	1995	NUM
arjefm-70	157	68	)	)	PUNCT
arjefm-70	157	69	.	.	PUNCT
arjefm-70	158	1	the	the	DET
arjefm-70	158	2	mg	mg	PROPN
arjefm-70	158	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	158	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	158	5	american	american	PROPN
arjefm-70	158	6	research	research	PROPN
arjefm-70	158	7	journal	journal	PROPN
arjefm-70	158	8	of	of	ADP
arjefm-70	158	9	economics	economic	NOUN
arjefm-70	158	10	,	,	PUNCT
arjefm-70	158	11	finance	finance	NOUN
arjefm-70	158	12	and	and	CCONJ
arjefm-70	158	13	management	management	NOUN
arjefm-70	158	14	volume	volume	NOUN
arjefm-70	158	15	10	10	NUM
arjefm-70	158	16	issue	issue	NOUN
arjefm-70	158	17	3	3	NUM
arjefm-70	158	18	,	,	PUNCT
arjefm-70	158	19	july	july	PROPN
arjefm-70	158	20	-	-	PUNCT
arjefm-70	158	21	september	september	PROPN
arjefm-70	158	22	2022	2022	NUM
arjefm-70	158	23	issn	issn	NOUN
arjefm-70	158	24	:	:	PUNCT
arjefm-70	158	25	2836	2836	NUM
arjefm-70	158	26	-	-	SYM
arjefm-70	158	27	9416	9416	NUM
arjefm-70	158	28	impact	impact	NOUN
arjefm-70	158	29	factor	factor	NOUN
arjefm-70	158	30	:	:	PUNCT
arjefm-70	158	31	4.85	4.85	NUM
arjefm-70	158	32	journal	journal	NOUN
arjefm-70	158	33	homepage	homepage	NOUN
arjefm-70	158	34	:	:	PUNCT
arjefm-70	158	35	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	158	36	,	,	PUNCT
arjefm-70	158	37	email	email	NOUN
arjefm-70	158	38	:	:	PUNCT
arjefm-70	159	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	159	2	official	official	ADJ
arjefm-70	159	3	journal	journal	PROPN
arjefm-70	159	4	of	of	ADP
arjefm-70	159	5	america	america	PROPN
arjefm-70	159	6	serial	serial	PROPN
arjefm-70	159	7	publication	publication	NOUN
arjefm-70	159	8	american	american	PROPN
arjefm-70	159	9	research	research	PROPN
arjefm-70	159	10	journal	journal	PROPN
arjefm-70	159	11	of	of	ADP
arjefm-70	159	12	economics	economic	NOUN
arjefm-70	159	13	,	,	PUNCT
arjefm-70	159	14	finance	finance	NOUN
arjefm-70	159	15	and	and	CCONJ
arjefm-70	159	16	management	management	NOUN
arjefm-70	159	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	159	18	,	,	PUNCT
arjefm-70	159	19	email	email	NOUN
arjefm-70	159	20	:	:	PUNCT
arjefm-70	159	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	160	1	24	24	NUM
arjefm-70	161	1	|	|	ADV
arjefm-70	161	2	p	p	X
arjefm-70	161	3	a	a	DET
arjefm-70	161	4	g	g	NOUN
arjefm-70	161	5	e	e	NOUN
arjefm-70	161	6	table	table	NOUN
arjefm-70	161	7	2	2	NUM
arjefm-70	161	8	.	.	X
arjefm-70	161	9	matrix	matrix	NOUN
arjefm-70	161	10	of	of	ADP
arjefm-70	161	11	pearson	pearson	PROPN
arjefm-70	161	12	correlation	correlation	NOUN
arjefm-70	161	13	coefficients	coefficient	NOUN
arjefm-70	161	14	cred	cre	VERB
arjefm-70	161	15	r	r	NOUN
arjefm-70	161	16	fr	fr	PROPN
arjefm-70	161	17	dep	dep	PROPN
arjefm-70	161	18	cpi	cpi	PROPN
arjefm-70	161	19	npl	npl	PROPN
arjefm-70	161	20	db	db	PROPN
arjefm-70	161	21	note	note	NOUN
arjefm-70	161	22	:	:	PUNCT
arjefm-70	161	23	*	*	PUNCT
arjefm-70	161	24	5	5	NUM
arjefm-70	161	25	%	%	NOUN
arjefm-70	161	26	threshold	threshold	NOUN
arjefm-70	161	27	significance	significance	NOUN
arjefm-70	161	28	5	5	NUM
arjefm-70	161	29	.	.	PUNCT
arjefm-70	162	1	empirical	empirical	ADJ
arjefm-70	162	2	results	result	NOUN
arjefm-70	162	3	the	the	DET
arjefm-70	162	4	empirical	empirical	ADJ
arjefm-70	162	5	analysis	analysis	NOUN
arjefm-70	162	6	follows	follow	VERB
arjefm-70	162	7	the	the	DET
arjefm-70	162	8	subsequent	subsequent	ADJ
arjefm-70	162	9	approach	approach	NOUN
arjefm-70	162	10	.	.	PUNCT
arjefm-70	163	1	firstly	firstly	ADV
arjefm-70	163	2	,	,	PUNCT
arjefm-70	163	3	we	we	PRON
arjefm-70	163	4	apply	apply	VERB
arjefm-70	163	5	unit	unit	NOUN
arjefm-70	163	6	roots	root	NOUN
arjefm-70	163	7	tests	test	NOUN
arjefm-70	163	8	to	to	ADP
arjefm-70	163	9	the	the	DET
arjefm-70	163	10	series	series	NOUN
arjefm-70	163	11	in	in	ADP
arjefm-70	163	12	order	order	NOUN
arjefm-70	163	13	to	to	PART
arjefm-70	163	14	study	study	VERB
arjefm-70	163	15	the	the	DET
arjefm-70	163	16	stationarity	stationarity	NOUN
arjefm-70	163	17	of	of	ADP
arjefm-70	163	18	variables	variable	NOUN
arjefm-70	163	19	.	.	PUNCT
arjefm-70	164	1	second	second	ADJ
arjefm-70	164	2	,	,	PUNCT
arjefm-70	164	3	we	we	PRON
arjefm-70	164	4	estimate	estimate	VERB
arjefm-70	164	5	long	long	ADJ
arjefm-70	164	6	-	-	PUNCT
arjefm-70	164	7	term	term	NOUN
arjefm-70	164	8	coefficients	coefficient	NOUN
arjefm-70	164	9	with	with	ADP
arjefm-70	164	10	the	the	DET
arjefm-70	164	11	pmg	pmg	PROPN
arjefm-70	164	12	estimator	estimator	NOUN
arjefm-70	164	13	.	.	PUNCT
arjefm-70	165	1	the	the	DET
arjefm-70	165	2	integration	integration	NOUN
arjefm-70	165	3	order	order	NOUN
arjefm-70	165	4	of	of	ADP
arjefm-70	165	5	variables	variable	NOUN
arjefm-70	165	6	is	be	AUX
arjefm-70	165	7	tested	test	VERB
arjefm-70	165	8	according	accord	VERB
arjefm-70	165	9	to	to	ADP
arjefm-70	165	10	the	the	DET
arjefm-70	165	11	tests	test	NOUN
arjefm-70	165	12	of	of	ADP
arjefm-70	165	13	i	i	PRON
arjefm-70	165	14	m	m	PROPN
arjefm-70	165	15	,	,	PUNCT
arjefm-70	165	16	peseran	peseran	NOUN
arjefm-70	165	17	and	and	CCONJ
arjefm-70	165	18	shin	shin	NOUN
arjefm-70	165	19	(	(	PUNCT
arjefm-70	165	20	ips	ips	PROPN
arjefm-70	165	21	,	,	PUNCT
arjefm-70	165	22	2003	2003	NUM
arjefm-70	165	23	)	)	PUNCT
arjefm-70	165	24	.	.	PUNCT
arjefm-70	166	1	the	the	DET
arjefm-70	166	2	null	null	ADJ
arjefm-70	166	3	hypothesis	hypothesis	NOUN
arjefm-70	166	4	of	of	ADP
arjefm-70	166	5	the	the	DET
arjefm-70	166	6	test	test	NOUN
arjefm-70	166	7	assumes	assume	VERB
arjefm-70	166	8	that	that	SCONJ
arjefm-70	166	9	all	all	DET
arjefm-70	166	10	series	serie	NOUN
arjefm-70	166	11	are	be	AUX
arjefm-70	166	12	non	non	ADJ
arjefm-70	166	13	-	-	ADJ
arjefm-70	166	14	stationary	stationary	ADJ
arjefm-70	166	15	against	against	ADP
arjefm-70	166	16	the	the	DET
arjefm-70	166	17	alternative	alternative	ADJ
arjefm-70	166	18	hypothesis	hypothesis	NOUN
arjefm-70	166	19	which	which	PRON
arjefm-70	166	20	states	state	VERB
arjefm-70	166	21	that	that	SCONJ
arjefm-70	166	22	only	only	ADV
arjefm-70	166	23	one	one	NUM
arjefm-70	166	24	fraction	fraction	NOUN
arjefm-70	166	25	of	of	ADP
arjefm-70	166	26	series	series	NOUN
arjefm-70	166	27	is	be	AUX
arjefm-70	166	28	stationary	stationary	ADJ
arjefm-70	166	29	.	.	PUNCT
arjefm-70	167	1	the	the	DET
arjefm-70	167	2	test	test	NOUN
arjefm-70	167	3	results	result	NOUN
arjefm-70	167	4	summarized	summarize	VERB
arjefm-70	167	5	in	in	ADP
arjefm-70	167	6	table	table	NOUN
arjefm-70	167	7	3	3	NUM
arjefm-70	167	8	show	show	VERB
arjefm-70	167	9	that	that	SCONJ
arjefm-70	167	10	at	at	ADP
arjefm-70	167	11	the	the	DET
arjefm-70	167	12	5	5	NUM
arjefm-70	167	13	%	%	NOUN
arjefm-70	167	14	threshold	threshold	NOUN
arjefm-70	167	15	,	,	PUNCT
arjefm-70	167	16	the	the	DET
arjefm-70	167	17	null	null	ADJ
arjefm-70	167	18	hypothesis	hypothesis	NOUN
arjefm-70	167	19	confirming	confirm	VERB
arjefm-70	167	20	the	the	DET
arjefm-70	167	21	presence	presence	NOUN
arjefm-70	167	22	of	of	ADP
arjefm-70	167	23	unit	unit	NOUN
arjefm-70	167	24	root	root	NOUN
arjefm-70	167	25	can	can	AUX
arjefm-70	167	26	not	not	PART
arjefm-70	167	27	be	be	AUX
arjefm-70	167	28	rejected	reject	VERB
arjefm-70	167	29	for	for	ADP
arjefm-70	167	30	all	all	DET
arjefm-70	167	31	level	level	NOUN
arjefm-70	167	32	variables	variable	NOUN
arjefm-70	167	33	.	.	PUNCT
arjefm-70	168	1	these	these	DET
arjefm-70	168	2	results	result	NOUN
arjefm-70	168	3	show	show	VERB
arjefm-70	168	4	that	that	SCONJ
arjefm-70	168	5	credit	credit	NOUN
arjefm-70	168	6	to	to	ADP
arjefm-70	168	7	private	private	ADJ
arjefm-70	168	8	sector	sector	NOUN
arjefm-70	168	9	(	(	PUNCT
arjefm-70	168	10	cred	cred	ADJ
arjefm-70	168	11	)	)	PUNCT
arjefm-70	168	12	,	,	PUNCT
arjefm-70	168	13	deposits	deposit	NOUN
arjefm-70	168	14	(	(	PUNCT
arjefm-70	168	15	dep	dep	NOUN
arjefm-70	168	16	)	)	PUNCT
arjefm-70	168	17	and	and	CCONJ
arjefm-70	168	18	inflation	inflation	NOUN
arjefm-70	168	19	(	(	PUNCT
arjefm-70	168	20	cpi	cpi	PROPN
arjefm-70	168	21	)	)	PUNCT
arjefm-70	168	22	are	be	AUX
arjefm-70	168	23	not	not	PART
arjefm-70	168	24	stationary	stationary	ADJ
arjefm-70	168	25	in	in	ADP
arjefm-70	168	26	level	level	NOUN
arjefm-70	168	27	.	.	PUNCT
arjefm-70	169	1	however	however	ADV
arjefm-70	169	2	,	,	PUNCT
arjefm-70	169	3	variables	variable	NOUN
arjefm-70	169	4	are	be	AUX
arjefm-70	169	5	all	all	ADV
arjefm-70	169	6	stationary	stationary	ADJ
arjefm-70	169	7	in	in	ADP
arjefm-70	169	8	first	first	ADJ
arjefm-70	169	9	difference	difference	NOUN
arjefm-70	169	10	;	;	PUNCT
arjefm-70	169	11	they	they	PRON
arjefm-70	169	12	are	be	AUX
arjefm-70	169	13	i(0	i(0	PROPN
arjefm-70	169	14	)	)	PUNCT
arjefm-70	169	15	and	and	CCONJ
arjefm-70	169	16	i(1	i(1	NOUN
arjefm-70	169	17	)	)	PUNCT
arjefm-70	169	18	.	.	PUNCT
arjefm-70	170	1	this	this	PRON
arjefm-70	170	2	implies	imply	VERB
arjefm-70	170	3	that	that	SCONJ
arjefm-70	170	4	there	there	PRON
arjefm-70	170	5	is	be	VERB
arjefm-70	170	6	a	a	DET
arjefm-70	170	7	presumption	presumption	NOUN
arjefm-70	170	8	of	of	ADP
arjefm-70	170	9	cointegration	cointegration	NOUN
arjefm-70	170	10	relationship	relationship	NOUN
arjefm-70	170	11	between	between	ADP
arjefm-70	170	12	the	the	DET
arjefm-70	170	13	different	different	ADJ
arjefm-70	170	14	variables	variable	NOUN
arjefm-70	170	15	.	.	PUNCT
arjefm-70	171	1	we	we	PRON
arjefm-70	171	2	apply	apply	VERB
arjefm-70	171	3	the	the	DET
arjefm-70	171	4	co	co	NOUN
arjefm-70	171	5	-	-	NOUN
arjefm-70	171	6	integration	integration	NOUN
arjefm-70	171	7	test	test	NOUN
arjefm-70	171	8	of	of	ADP
arjefm-70	171	9	pedroni	pedroni	NOUN
arjefm-70	171	10	(	(	PUNCT
arjefm-70	171	11	1999	1999	NUM
arjefm-70	171	12	)	)	PUNCT
arjefm-70	171	13	and	and	CCONJ
arjefm-70	171	14	the	the	DET
arjefm-70	171	15	results	result	NOUN
arjefm-70	171	16	are	be	AUX
arjefm-70	171	17	consigned	consign	VERB
arjefm-70	171	18	in	in	ADP
arjefm-70	171	19	table	table	NOUN
arjefm-70	171	20	4	4	NUM
arjefm-70	171	21	.	.	PUNCT
arjefm-70	171	22	over	over	ADP
arjefm-70	171	23	all	all	DET
arjefm-70	171	24	variables	variable	NOUN
arjefm-70	171	25	,	,	PUNCT
arjefm-70	171	26	on	on	ADP
arjefm-70	171	27	the	the	DET
arjefm-70	171	28	seven	seven	NUM
arjefm-70	171	29	statistics	statistic	NOUN
arjefm-70	171	30	,	,	PUNCT
arjefm-70	171	31	four	four	NUM
arjefm-70	171	32	are	be	AUX
arjefm-70	171	33	in	in	ADP
arjefm-70	171	34	favor	favor	NOUN
arjefm-70	171	35	of	of	ADP
arjefm-70	171	36	the	the	DET
arjefm-70	171	37	existence	existence	NOUN
arjefm-70	171	38	of	of	ADP
arjefm-70	171	39	a	a	DET
arjefm-70	171	40	long	long	ADJ
arjefm-70	171	41	-	-	PUNCT
arjefm-70	171	42	term	term	NOUN
arjefm-70	171	43	relationship	relationship	NOUN
arjefm-70	171	44	between	between	ADP
arjefm-70	171	45	credit	credit	NOUN
arjefm-70	171	46	supply	supply	NOUN
arjefm-70	171	47	and	and	CCONJ
arjefm-70	171	48	other	other	ADJ
arjefm-70	171	49	variables	variable	NOUN
arjefm-70	171	50	.	.	PUNCT
arjefm-70	172	1	this	this	PRON
arjefm-70	172	2	suggests	suggest	VERB
arjefm-70	172	3	that	that	SCONJ
arjefm-70	172	4	variables	variable	NOUN
arjefm-70	172	5	are	be	AUX
arjefm-70	172	6	co	co	ADJ
arjefm-70	172	7	-	-	VERB
arjefm-70	172	8	integrated	integrated	ADJ
arjefm-70	172	9	and	and	CCONJ
arjefm-70	172	10	we	we	PRON
arjefm-70	172	11	will	will	AUX
arjefm-70	172	12	use	use	VERB
arjefm-70	172	13	an	an	DET
arjefm-70	172	14	error	error	NOUN
arjefm-70	172	15	-	-	PUNCT
arjefm-70	172	16	correction	correction	NOUN
arjefm-70	172	17	model	model	NOUN
arjefm-70	172	18	to	to	PART
arjefm-70	172	19	estimate	estimate	VERB
arjefm-70	172	20	the	the	DET
arjefm-70	172	21	long	long	ADJ
arjefm-70	172	22	term	term	NOUN
arjefm-70	172	23	relationship1	relationship1	PROPN
arjefm-70	172	24	.	.	PUNCT
arjefm-70	173	1	once	once	SCONJ
arjefm-70	173	2	the	the	DET
arjefm-70	173	3	presence	presence	NOUN
arjefm-70	173	4	of	of	ADP
arjefm-70	173	5	co	co	NOUN
arjefm-70	173	6	-	-	NOUN
arjefm-70	173	7	integration	integration	NOUN
arjefm-70	173	8	is	be	AUX
arjefm-70	173	9	detected	detect	VERB
arjefm-70	173	10	,	,	PUNCT
arjefm-70	173	11	the	the	DET
arjefm-70	173	12	objective	objective	NOUN
arjefm-70	173	13	following	follow	VERB
arjefm-70	173	14	is	be	AUX
arjefm-70	173	15	to	to	PART
arjefm-70	173	16	estimate	estimate	VERB
arjefm-70	173	17	the	the	DET
arjefm-70	173	18	long	long	ADJ
arjefm-70	173	19	-	-	PUNCT
arjefm-70	173	20	term	term	NOUN
arjefm-70	173	21	relationships	relationship	NOUN
arjefm-70	173	22	between	between	ADP
arjefm-70	173	23	variables	variable	NOUN
arjefm-70	173	24	.	.	PUNCT
arjefm-70	174	1	table3	table3	PROPN
arjefm-70	174	2	.	.	PUNCT
arjefm-70	175	1	results	result	NOUN
arjefm-70	175	2	of	of	ADP
arjefm-70	175	3	panel	panel	NOUN
arjefm-70	175	4	unit	unit	NOUN
arjefm-70	175	5	root	root	NOUN
arjefm-70	175	6	tests	test	NOUN
arjefm-70	175	7	with	with	ADP
arjefm-70	175	8	im	im	PRON
arjefm-70	175	9	,	,	PUNCT
arjefm-70	175	10	pesaran	pesaran	ADJ
arjefm-70	175	11	and	and	CCONJ
arjefm-70	175	12	shin	shin	NOUN
arjefm-70	175	13	(	(	PUNCT
arjefm-70	175	14	2003	2003	NUM
arjefm-70	175	15	)	)	PUNCT
arjefm-70	175	16	1	1	NUM
arjefm-70	175	17	pedroni	pedroni	NOUN
arjefm-70	175	18	(	(	PUNCT
arjefm-70	175	19	1999	1999	NUM
arjefm-70	175	20	)	)	PUNCT
arjefm-70	175	21	shows	show	VERB
arjefm-70	175	22	that	that	SCONJ
arjefm-70	175	23	the	the	DET
arjefm-70	175	24	statistics	statistic	NOUN
arjefm-70	175	25	panel	panel	PROPN
arjefm-70	175	26	-	-	PUNCT
arjefm-70	175	27	adf	adf	PROPN
arjefm-70	175	28	and	and	CCONJ
arjefm-70	175	29	group	group	NOUN
arjefm-70	175	30	-	-	PUNCT
arjefm-70	175	31	adf	adf	PROPN
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arjefm-70	175	33	better	well	ADJ
arjefm-70	175	34	finite	finite	VERB
arjefm-70	175	35	distance	distance	NOUN
arjefm-70	175	36	properties	property	NOUN
arjefm-70	175	37	than	than	ADP
arjefm-70	175	38	other	other	ADJ
arjefm-70	175	39	tests	test	NOUN
arjefm-70	175	40	statistics	statistic	NOUN
arjefm-70	175	41	.	.	PUNCT
arjefm-70	176	1	budget	budget	NOUN
arjefm-70	176	2	deficit	deficit	NOUN
arjefm-70	176	3	(	(	PUNCT
arjefm-70	176	4	db	db	NOUN
arjefm-70	176	5	)	)	PUNCT
arjefm-70	176	6	consumer	consumer	NOUN
arjefm-70	176	7	price	price	NOUN
arjefm-70	176	8	index	index	NOUN
arjefm-70	176	9	(	(	PUNCT
arjefm-70	176	10	cpi	cpi	NOUN
arjefm-70	176	11	)	)	PUNCT
arjefm-70	176	12	non	non	ADJ
arjefm-70	176	13	performing	perform	VERB
arjefm-70	176	14	loans	loan	NOUN
arjefm-70	176	15	(	(	PUNCT
arjefm-70	176	16	npl	npl	NOUN
arjefm-70	176	17	)	)	PUNCT
arjefm-70	176	18	238	238	NUM
arjefm-70	176	19	74.10916	74.10916	NUM
arjefm-70	176	20	24.1144	24.1144	NUM
arjefm-70	176	21	31.19	31.19	NUM
arjefm-70	176	22	116.06	116.06	NUM
arjefm-70	176	23	226	226	NUM
arjefm-70	176	24	11.68508	11.68508	NUM
arjefm-70	176	25	11.60192	11.60192	NUM
arjefm-70	176	26	0.7622925	0.7622925	NUM
arjefm-70	176	27	61.75492	61.75492	NUM
arjefm-70	176	28	cred	cre	VERB
arjefm-70	176	29	r	r	NOUN
arjefm-70	176	30	fr	fr	PROPN
arjefm-70	176	31	dep	dep	PROPN
arjefm-70	176	32	cpi	cpi	PROPN
arjefm-70	176	33	npl	npl	PROPN
arjefm-70	176	34	db	db	PROPN
arjefm-70	176	35	1.00	1.00	NUM
arjefm-70	176	36	-0.2939	-0.2939	NUM
arjefm-70	176	37	*	*	NUM
arjefm-70	176	38	1.00	1.00	NUM
arjefm-70	176	39	-0.1194	-0.1194	NOUN
arjefm-70	176	40	-0.1627	-0.1627	NOUN
arjefm-70	176	41	1.00	1.00	NUM
arjefm-70	176	42	0.3460	0.3460	NUM
arjefm-70	176	43	*	*	PUNCT
arjefm-70	176	44	-0.1213	-0.1213	NOUN
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arjefm-70	176	47	-0.1487	-0.1487	NOUN
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arjefm-70	177	3	*	*	PUNCT
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arjefm-70	178	11	-0.4721	-0.4721	PROPN
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arjefm-70	178	19	0.0433	0.0433	NUM
arjefm-70	178	20	1.00	1.00	NUM
arjefm-70	178	21	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-70	178	22	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
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arjefm-70	178	26	of	of	ADP
arjefm-70	178	27	economics	economic	NOUN
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arjefm-70	178	31	management	management	NOUN
arjefm-70	178	32	volume	volume	NOUN
arjefm-70	178	33	10	10	NUM
arjefm-70	178	34	issue	issue	NOUN
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arjefm-70	178	43	2836	2836	NUM
arjefm-70	178	44	-	-	SYM
arjefm-70	178	45	9416	9416	NUM
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arjefm-70	178	48	:	:	PUNCT
arjefm-70	178	49	4.85	4.85	NUM
arjefm-70	178	50	journal	journal	NOUN
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arjefm-70	178	52	:	:	PUNCT
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arjefm-70	178	54	,	,	PUNCT
arjefm-70	178	55	email	email	NOUN
arjefm-70	178	56	:	:	PUNCT
arjefm-70	178	57	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	178	58	official	official	ADJ
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arjefm-70	178	72	management	management	NOUN
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arjefm-70	178	74	,	,	PUNCT
arjefm-70	178	75	email	email	NOUN
arjefm-70	178	76	:	:	PUNCT
arjefm-70	178	77	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	179	1	25	25	NUM
arjefm-70	180	1	|	|	ADV
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arjefm-70	184	1	0.000	0.000	NUM
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arjefm-70	184	30	(	(	PUNCT
arjefm-70	184	31	1	1	NUM
arjefm-70	184	32	%	%	NOUN
arjefm-70	184	33	)	)	PUNCT
arjefm-70	184	34	.	.	PUNCT
arjefm-70	185	1	the	the	DET
arjefm-70	185	2	choice	choice	NOUN
arjefm-70	185	3	of	of	ADP
arjefm-70	185	4	lags	lag	NOUN
arjefm-70	185	5	is	be	AUX
arjefm-70	185	6	based	base	VERB
arjefm-70	185	7	on	on	ADP
arjefm-70	185	8	the	the	DET
arjefm-70	185	9	akaike	akaike	ADJ
arjefm-70	185	10	info	info	NOUN
arjefm-70	185	11	criterion	criterion	NOUN
arjefm-70	185	12	.	.	PUNCT
arjefm-70	186	1	source	source	NOUN
arjefm-70	186	2	:	:	PUNCT
arjefm-70	186	3	auther	auther	PROPN
arjefm-70	186	4	’s	’s	PROPN
arjefm-70	186	5	computation	computation	NOUN
arjefm-70	186	6	note	note	NOUN
arjefm-70	186	7	:	:	PUNCT
arjefm-70	186	8	*	*	PUNCT
arjefm-70	186	9	(	(	PUNCT
arjefm-70	186	10	*	*	PUNCT
arjefm-70	186	11	*	*	PUNCT
arjefm-70	186	12	)	)	PUNCT
arjefm-70	186	13	shows	show	VERB
arjefm-70	186	14	the	the	DET
arjefm-70	186	15	test	test	NOUN
arjefm-70	186	16	significance	significance	NOUN
arjefm-70	186	17	at	at	ADP
arjefm-70	186	18	the	the	DET
arjefm-70	186	19	10	10	NUM
arjefm-70	186	20	%	%	NOUN
arjefm-70	186	21	threshold	threshold	NOUN
arjefm-70	186	22	(	(	PUNCT
arjefm-70	186	23	5	5	NUM
arjefm-70	186	24	%	%	NOUN
arjefm-70	186	25	)	)	PUNCT
arjefm-70	186	26	.	.	PUNCT
arjefm-70	187	1	the	the	DET
arjefm-70	187	2	choice	choice	NOUN
arjefm-70	187	3	of	of	ADP
arjefm-70	187	4	lags	lag	NOUN
arjefm-70	187	5	is	be	AUX
arjefm-70	187	6	based	base	VERB
arjefm-70	187	7	on	on	ADP
arjefm-70	187	8	the	the	DET
arjefm-70	187	9	akaike	akaike	ADJ
arjefm-70	187	10	info	info	NOUN
arjefm-70	187	11	criterion	criterion	NOUN
arjefm-70	187	12	.	.	PUNCT
arjefm-70	188	1	the	the	DET
arjefm-70	188	2	pmg	pmg	PROPN
arjefm-70	188	3	and	and	CCONJ
arjefm-70	188	4	mg	mg	PROPN
arjefm-70	188	5	estimates	estimate	NOUN
arjefm-70	188	6	are	be	AUX
arjefm-70	188	7	consigned	consign	VERB
arjefm-70	188	8	in	in	ADP
arjefm-70	188	9	table	table	NOUN
arjefm-70	188	10	6	6	NUM
arjefm-70	188	11	.	.	PUNCT
arjefm-70	189	1	the	the	DET
arjefm-70	189	2	hausman	hausman	PROPN
arjefm-70	189	3	test	test	NOUN
arjefm-70	189	4	presented	present	VERB
arjefm-70	189	5	in	in	ADP
arjefm-70	189	6	table	table	NOUN
arjefm-70	189	7	5	5	NUM
arjefm-70	189	8	shows	show	VERB
arjefm-70	189	9	that	that	SCONJ
arjefm-70	189	10	the	the	DET
arjefm-70	189	11	homogeneity	homogeneity	NOUN
arjefm-70	189	12	hypothesis	hypothesis	NOUN
arjefm-70	189	13	of	of	ADP
arjefm-70	189	14	long	long	ADJ
arjefm-70	189	15	-	-	PUNCT
arjefm-70	189	16	term	term	NOUN
arjefm-70	189	17	coefficients	coefficient	NOUN
arjefm-70	189	18	can	can	AUX
arjefm-70	189	19	not	not	PART
arjefm-70	189	20	be	be	AUX
arjefm-70	189	21	rejected	reject	VERB
arjefm-70	189	22	,	,	PUNCT
arjefm-70	189	23	which	which	PRON
arjefm-70	189	24	means	mean	VERB
arjefm-70	189	25	that	that	SCONJ
arjefm-70	189	26	pmg	pmg	PROPN
arjefm-70	189	27	estimations	estimation	NOUN
arjefm-70	189	28	are	be	AUX
arjefm-70	189	29	the	the	DET
arjefm-70	189	30	most	most	ADV
arjefm-70	189	31	appropriate	appropriate	ADJ
arjefm-70	189	32	ones	one	NOUN
arjefm-70	189	33	.	.	PUNCT
arjefm-70	190	1	this	this	DET
arjefm-70	190	2	result	result	NOUN
arjefm-70	190	3	was	be	AUX
arjefm-70	190	4	expected	expect	VERB
arjefm-70	190	5	a	a	DET
arjefm-70	190	6	priori	priori	NOUN
arjefm-70	190	7	and	and	CCONJ
arjefm-70	190	8	reasonable	reasonable	ADJ
arjefm-70	190	9	for	for	ADP
arjefm-70	190	10	waemu	waemu	NOUN
arjefm-70	190	11	countries	country	NOUN
arjefm-70	190	12	that	that	PRON
arjefm-70	190	13	share	share	VERB
arjefm-70	190	14	the	the	DET
arjefm-70	190	15	same	same	ADJ
arjefm-70	190	16	monetary	monetary	ADJ
arjefm-70	190	17	policy	policy	NOUN
arjefm-70	190	18	and	and	CCONJ
arjefm-70	190	19	aim	aim	VERB
arjefm-70	190	20	at	at	ADP
arjefm-70	190	21	the	the	DET
arjefm-70	190	22	convergence	convergence	NOUN
arjefm-70	190	23	of	of	ADP
arjefm-70	190	24	their	their	PRON
arjefm-70	190	25	economies	economy	NOUN
arjefm-70	190	26	in	in	ADP
arjefm-70	190	27	the	the	DET
arjefm-70	190	28	long	long	ADJ
arjefm-70	190	29	run2	run2	NOUN
arjefm-70	190	30	.	.	PUNCT
arjefm-70	191	1	in	in	ADP
arjefm-70	191	2	that	that	DET
arjefm-70	191	3	case	case	NOUN
arjefm-70	191	4	,	,	PUNCT
arjefm-70	191	5	the	the	DET
arjefm-70	191	6	results	result	NOUN
arjefm-70	191	7	interpretation	interpretation	NOUN
arjefm-70	191	8	will	will	AUX
arjefm-70	191	9	be	be	AUX
arjefm-70	191	10	on	on	ADP
arjefm-70	191	11	the	the	DET
arjefm-70	191	12	pmg	pmg	PROPN
arjefm-70	191	13	method	method	PROPN
arjefm-70	191	14	.	.	PUNCT
arjefm-70	192	1	table	table	NOUN
arjefm-70	192	2	5	5	NUM
arjefm-70	192	3	:	:	PUNCT
arjefm-70	192	4	hausman	hausman	ADJ
arjefm-70	192	5	test	test	NOUN
arjefm-70	192	6	result	result	PROPN
arjefm-70	192	7	variables	variable	VERB
arjefm-70	192	8	coefficients	coefficient	NOUN
arjefm-70	192	9	difference	difference	NOUN
arjefm-70	192	10	(	(	PUNCT
arjefm-70	192	11	b	b	NOUN
arjefm-70	192	12	-	-	PUNCT
arjefm-70	192	13	b	b	NOUN
arjefm-70	192	14	)	)	PUNCT
arjefm-70	193	1	mg	mg	PROPN
arjefm-70	194	1	(	(	PUNCT
arjefm-70	194	2	b	b	NOUN
arjefm-70	194	3	)	)	PUNCT
arjefm-70	194	4	pmg	pmg	PROPN
arjefm-70	194	5	(	(	PUNCT
arjefm-70	194	6	b	b	NOUN
arjefm-70	194	7	)	)	PUNCT
arjefm-70	194	8	lr	lr	PROPN
arjefm-70	194	9	-0.670	-0.670	X
arjefm-70	194	10	-0.733	-0.733	PUNCT
arjefm-70	194	11	0.063	0.063	NUM
arjefm-70	194	12	lfr	lfr	NOUN
arjefm-70	194	13	0.007	0.007	NUM
arjefm-70	194	14	-0.210	-0.210	NOUN
arjefm-70	194	15	0.217	0.217	NUM
arjefm-70	194	16	ldep	ldep	NOUN
arjefm-70	194	17	0.567	0.567	NUM
arjefm-70	194	18	0.509	0.509	NUM
arjefm-70	194	19	0.058	0.058	NUM
arjefm-70	194	20	lcpi	lcpi	NOUN
arjefm-70	194	21	-0.838	-0.838	NUM
arjefm-70	194	22	-0.702	-0.702	PUNCT
arjefm-70	194	23	-0.136	-0.136	PROPN
arjefm-70	194	24	lnpl	lnpl	PROPN
arjefm-70	194	25	-0.159	-0.159	PRON
arjefm-70	194	26	-0.416	-0.416	NUM
arjefm-70	194	27	0.257	0.257	NUM
arjefm-70	194	28	ldb	ldb	PROPN
arjefm-70	194	29	-0.108	-0.108	PUNCT
arjefm-70	194	30	-0.066	-0.066	PUNCT
arjefm-70	194	31	-0.042	-0.042	PUNCT
arjefm-70	194	32	2	2	NUM
arjefm-70	194	33	mg	mg	NOUN
arjefm-70	194	34	estimators	estimator	NOUN
arjefm-70	194	35	only	only	ADV
arjefm-70	194	36	give	give	VERB
arjefm-70	194	37	coherent	coherent	ADJ
arjefm-70	194	38	results	result	NOUN
arjefm-70	194	39	when	when	SCONJ
arjefm-70	194	40	the	the	DET
arjefm-70	194	41	panel	panel	NOUN
arjefm-70	194	42	dimension	dimension	NOUN
arjefm-70	194	43	approaches	approach	NOUN
arjefm-70	194	44	infinity	infinity	NOUN
arjefm-70	194	45	(	(	PUNCT
arjefm-70	194	46	pesaran	pesaran	NOUN
arjefm-70	194	47	and	and	CCONJ
arjefm-70	194	48	smith	smith	PROPN
arjefm-70	194	49	,	,	PUNCT
arjefm-70	194	50	1995	1995	NUM
arjefm-70	194	51	)	)	PUNCT
arjefm-70	194	52	.	.	PUNCT
arjefm-70	195	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	196	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	197	1	american	american	PROPN
arjefm-70	197	2	research	research	PROPN
arjefm-70	197	3	journal	journal	PROPN
arjefm-70	197	4	of	of	ADP
arjefm-70	197	5	economics	economic	NOUN
arjefm-70	197	6	,	,	PUNCT
arjefm-70	197	7	finance	finance	NOUN
arjefm-70	197	8	and	and	CCONJ
arjefm-70	197	9	management	management	NOUN
arjefm-70	197	10	volume	volume	NOUN
arjefm-70	197	11	10	10	NUM
arjefm-70	197	12	issue	issue	NOUN
arjefm-70	197	13	3	3	NUM
arjefm-70	197	14	,	,	PUNCT
arjefm-70	197	15	july	july	PROPN
arjefm-70	197	16	-	-	PUNCT
arjefm-70	197	17	september	september	PROPN
arjefm-70	197	18	2022	2022	NUM
arjefm-70	197	19	issn	issn	NOUN
arjefm-70	197	20	:	:	PUNCT
arjefm-70	197	21	2836	2836	NUM
arjefm-70	197	22	-	-	SYM
arjefm-70	197	23	9416	9416	NUM
arjefm-70	197	24	impact	impact	NOUN
arjefm-70	197	25	factor	factor	NOUN
arjefm-70	197	26	:	:	PUNCT
arjefm-70	197	27	4.85	4.85	NUM
arjefm-70	197	28	journal	journal	NOUN
arjefm-70	197	29	homepage	homepage	NOUN
arjefm-70	197	30	:	:	PUNCT
arjefm-70	197	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	197	32	,	,	PUNCT
arjefm-70	197	33	email	email	NOUN
arjefm-70	197	34	:	:	PUNCT
arjefm-70	198	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	198	2	official	official	ADJ
arjefm-70	198	3	journal	journal	PROPN
arjefm-70	198	4	of	of	ADP
arjefm-70	198	5	america	america	PROPN
arjefm-70	198	6	serial	serial	PROPN
arjefm-70	198	7	publication	publication	NOUN
arjefm-70	198	8	american	american	PROPN
arjefm-70	198	9	research	research	PROPN
arjefm-70	198	10	journal	journal	PROPN
arjefm-70	198	11	of	of	ADP
arjefm-70	198	12	economics	economic	NOUN
arjefm-70	198	13	,	,	PUNCT
arjefm-70	198	14	finance	finance	NOUN
arjefm-70	198	15	and	and	CCONJ
arjefm-70	198	16	management	management	NOUN
arjefm-70	198	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	198	18	,	,	PUNCT
arjefm-70	198	19	email	email	NOUN
arjefm-70	198	20	:	:	PUNCT
arjefm-70	198	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	199	1	26	26	NUM
arjefm-70	200	1	|	|	ADV
arjefm-70	200	2	p	p	X
arjefm-70	200	3	a	a	DET
arjefm-70	200	4	g	g	NOUN
arjefm-70	200	5	e	e	NOUN
arjefm-70	200	6	chi2(6	chi2(6	PROPN
arjefm-70	200	7	)	)	PUNCT
arjefm-70	200	8	=	=	PUNCT
arjefm-70	201	1	(	(	PUNCT
arjefm-70	201	2	b	b	X
arjefm-70	201	3	-	-	PUNCT
arjefm-70	201	4	b)'[(v_b	b)'[(v_b	NOUN
arjefm-70	201	5	-	-	PUNCT
arjefm-70	201	6	v_b)^(-1)](b	v_b)^(-1)](b	NOUN
arjefm-70	201	7	-	-	PUNCT
arjefm-70	201	8	b	b	NOUN
arjefm-70	201	9	)	)	PUNCT
arjefm-70	201	10	=	=	SYM
arjefm-70	201	11	12.05	12.05	NUM
arjefm-70	201	12	prob	prob	NOUN
arjefm-70	201	13	>	>	X
arjefm-70	201	14	chi2	chi2	PROPN
arjefm-70	201	15	=	=	NOUN
arjefm-70	201	16	0.0609	0.0609	NUM
arjefm-70	201	17	source	source	NOUN
arjefm-70	201	18	:	:	PUNCT
arjefm-70	201	19	auther	auther	PROPN
arjefm-70	201	20	’s	’s	PROPN
arjefm-70	201	21	computation	computation	NOUN
arjefm-70	201	22	note	note	NOUN
arjefm-70	201	23	:	:	PUNCT
arjefm-70	201	24	the	the	DET
arjefm-70	201	25	hausman	hausman	ADJ
arjefm-70	201	26	test	test	NOUN
arjefm-70	201	27	is	be	AUX
arjefm-70	201	28	applied	apply	VERB
arjefm-70	201	29	to	to	ADP
arjefm-70	201	30	the	the	DET
arjefm-70	201	31	difference	difference	NOUN
arjefm-70	201	32	between	between	ADP
arjefm-70	201	33	mg	mg	PROPN
arjefm-70	201	34	and	and	CCONJ
arjefm-70	201	35	pmg	pmg	PROPN
arjefm-70	201	36	.	.	PUNCT
arjefm-70	202	1	under	under	ADP
arjefm-70	202	2	the	the	DET
arjefm-70	202	3	null	null	ADJ
arjefm-70	202	4	hypothesis	hypothesis	NOUN
arjefm-70	202	5	,	,	PUNCT
arjefm-70	202	6	the	the	DET
arjefm-70	202	7	difference	difference	NOUN
arjefm-70	202	8	between	between	ADP
arjefm-70	202	9	the	the	DET
arjefm-70	202	10	estimated	estimate	VERB
arjefm-70	202	11	mg	mg	PROPN
arjefm-70	202	12	and	and	CCONJ
arjefm-70	202	13	pmg	pmg	PROPN
arjefm-70	202	14	coefficients	coefficient	NOUN
arjefm-70	202	15	is	be	AUX
arjefm-70	202	16	not	not	PART
arjefm-70	202	17	significant	significant	ADJ
arjefm-70	202	18	and	and	CCONJ
arjefm-70	202	19	pmg	pmg	PROPN
arjefm-70	202	20	is	be	AUX
arjefm-70	202	21	more	more	ADV
arjefm-70	202	22	effective	effective	ADJ
arjefm-70	202	23	.	.	PUNCT
arjefm-70	203	1	the	the	DET
arjefm-70	203	2	test	test	NOUN
arjefm-70	203	3	probability	probability	NOUN
arjefm-70	203	4	is	be	AUX
arjefm-70	203	5	superior	superior	ADJ
arjefm-70	203	6	to	to	ADP
arjefm-70	203	7	the	the	DET
arjefm-70	203	8	5	5	NUM
arjefm-70	203	9	%	%	NOUN
arjefm-70	203	10	threshold	threshold	NOUN
arjefm-70	203	11	.	.	PUNCT
arjefm-70	204	1	the	the	DET
arjefm-70	204	2	pmg	pmg	PROPN
arjefm-70	204	3	estimator	estimator	PROPN
arjefm-70	204	4	,	,	PUNCT
arjefm-70	204	5	the	the	DET
arjefm-70	204	6	effective	effective	ADJ
arjefm-70	204	7	estimator	estimator	NOUN
arjefm-70	204	8	under	under	ADP
arjefm-70	204	9	the	the	DET
arjefm-70	204	10	null	null	ADJ
arjefm-70	204	11	hypothesis	hypothesis	NOUN
arjefm-70	204	12	,	,	PUNCT
arjefm-70	204	13	is	be	AUX
arjefm-70	204	14	preferred	prefer	VERB
arjefm-70	204	15	.	.	PUNCT
arjefm-70	205	1	most	most	ADJ
arjefm-70	205	2	long	long	ADJ
arjefm-70	205	3	-	-	PUNCT
arjefm-70	205	4	term	term	NOUN
arjefm-70	205	5	effects	effect	NOUN
arjefm-70	205	6	have	have	VERB
arjefm-70	205	7	the	the	DET
arjefm-70	205	8	same	same	ADJ
arjefm-70	205	9	sign	sign	NOUN
arjefm-70	205	10	in	in	ADP
arjefm-70	205	11	the	the	DET
arjefm-70	205	12	two	two	NUM
arjefm-70	205	13	regressions	regression	NOUN
arjefm-70	205	14	,	,	PUNCT
arjefm-70	205	15	but	but	CCONJ
arjefm-70	205	16	their	their	PRON
arjefm-70	205	17	scale	scale	NOUN
arjefm-70	205	18	is	be	AUX
arjefm-70	205	19	varying	vary	VERB
arjefm-70	205	20	.	.	PUNCT
arjefm-70	206	1	in	in	ADP
arjefm-70	206	2	the	the	DET
arjefm-70	206	3	“	"	PUNCT
arjefm-70	206	4	pmg	pmg	PROPN
arjefm-70	206	5	estimators	estimator	NOUN
arjefm-70	206	6	”	"	PUNCT
arjefm-70	206	7	regression	regression	NOUN
arjefm-70	206	8	where	where	SCONJ
arjefm-70	206	9	7	7	NUM
arjefm-70	206	10	countries	country	NOUN
arjefm-70	206	11	are	be	AUX
arjefm-70	206	12	compelled	compel	VERB
arjefm-70	206	13	to	to	PART
arjefm-70	206	14	have	have	VERB
arjefm-70	206	15	the	the	DET
arjefm-70	206	16	same	same	ADJ
arjefm-70	206	17	long	long	ADJ
arjefm-70	206	18	-	-	PUNCT
arjefm-70	206	19	term	term	NOUN
arjefm-70	206	20	relationship	relationship	NOUN
arjefm-70	206	21	,	,	PUNCT
arjefm-70	206	22	longterm	longterm	ADJ
arjefm-70	206	23	coefficients	coefficient	NOUN
arjefm-70	206	24	are	be	AUX
arjefm-70	206	25	practically	practically	ADV
arjefm-70	206	26	all	all	ADV
arjefm-70	206	27	significant	significant	ADJ
arjefm-70	206	28	.	.	PUNCT
arjefm-70	207	1	the	the	DET
arjefm-70	207	2	estimates	estimate	NOUN
arjefm-70	207	3	seem	seem	VERB
arjefm-70	207	4	satisfying	satisfy	VERB
arjefm-70	207	5	.	.	PUNCT
arjefm-70	208	1	the	the	DET
arjefm-70	208	2	coefficient	coefficient	NOUN
arjefm-70	208	3	values	value	NOUN
arjefm-70	208	4	obtained	obtain	VERB
arjefm-70	208	5	are	be	AUX
arjefm-70	208	6	nearly	nearly	ADV
arjefm-70	208	7	all	all	ADV
arjefm-70	208	8	significant	significant	ADJ
arjefm-70	208	9	,	,	PUNCT
arjefm-70	208	10	except	except	SCONJ
arjefm-70	208	11	public	public	ADJ
arjefm-70	208	12	expenditures	expenditure	NOUN
arjefm-70	208	13	.	.	PUNCT
arjefm-70	209	1	the	the	DET
arjefm-70	209	2	phi	phi	NOUN
arjefm-70	209	3	adjustment	adjustment	NOUN
arjefm-70	209	4	coefficient	coefficient	NOUN
arjefm-70	209	5	is	be	AUX
arjefm-70	209	6	statistically	statistically	ADV
arjefm-70	209	7	significant	significant	ADJ
arjefm-70	209	8	at	at	ADP
arjefm-70	209	9	the	the	DET
arjefm-70	209	10	1	1	NUM
arjefm-70	209	11	%	%	NOUN
arjefm-70	209	12	threshold	threshold	NOUN
arjefm-70	209	13	.	.	PUNCT
arjefm-70	210	1	this	this	PRON
arjefm-70	210	2	confirms	confirm	VERB
arjefm-70	210	3	the	the	DET
arjefm-70	210	4	existence	existence	NOUN
arjefm-70	210	5	of	of	ADP
arjefm-70	210	6	the	the	DET
arjefm-70	210	7	long	long	ADJ
arjefm-70	210	8	-	-	PUNCT
arjefm-70	210	9	term	term	NOUN
arjefm-70	210	10	relationship	relationship	NOUN
arjefm-70	210	11	between	between	ADP
arjefm-70	210	12	variables	variable	NOUN
arjefm-70	210	13	.	.	PUNCT
arjefm-70	211	1	phi	phi	NOUN
arjefm-70	211	2	is	be	AUX
arjefm-70	211	3	equal	equal	ADJ
arjefm-70	211	4	to	to	ADP
arjefm-70	211	5	-0.311	-0.311	NUM
arjefm-70	211	6	,	,	PUNCT
arjefm-70	211	7	which	which	PRON
arjefm-70	211	8	implies	imply	VERB
arjefm-70	211	9	that	that	SCONJ
arjefm-70	211	10	an	an	DET
arjefm-70	211	11	imbalance	imbalance	NOUN
arjefm-70	211	12	coming	come	VERB
arjefm-70	211	13	after	after	SCONJ
arjefm-70	211	14	a	a	DET
arjefm-70	211	15	shock	shock	NOUN
arjefm-70	211	16	is	be	AUX
arjefm-70	211	17	completely	completely	ADV
arjefm-70	211	18	corrected	correct	VERB
arjefm-70	211	19	in	in	ADP
arjefm-70	211	20	the	the	DET
arjefm-70	211	21	first	first	ADJ
arjefm-70	211	22	term	term	NOUN
arjefm-70	211	23	of	of	ADP
arjefm-70	211	24	the	the	DET
arjefm-70	211	25	fourth	fourth	ADJ
arjefm-70	211	26	year	year	NOUN
arjefm-70	211	27	following	follow	VERB
arjefm-70	211	28	a	a	DET
arjefm-70	211	29	31.1	31.1	NUM
arjefm-70	211	30	%	%	NOUN
arjefm-70	211	31	rate	rate	NOUN
arjefm-70	211	32	per	per	ADP
arjefm-70	211	33	year	year	NOUN
arjefm-70	211	34	.	.	PUNCT
arjefm-70	212	1	table	table	NOUN
arjefm-70	212	2	6	6	NUM
arjefm-70	212	3	.	.	PUNCT
arjefm-70	213	1	estimates	estimate	NOUN
arjefm-70	213	2	of	of	ADP
arjefm-70	213	3	the	the	DET
arjefm-70	213	4	long	long	ADJ
arjefm-70	213	5	-	-	PUNCT
arjefm-70	213	6	term	term	NOUN
arjefm-70	213	7	relationship	relationship	NOUN
arjefm-70	213	8	variables	variable	NOUN
arjefm-70	213	9	pmg	pmg	PROPN
arjefm-70	213	10	mg	mg	PROPN
arjefm-70	213	11	coef	coef	PROPN
arjefm-70	213	12	.	.	PUNCT
arjefm-70	214	1	s.e	s.e	PROPN
arjefm-70	214	2	p	p	ADJ
arjefm-70	214	3	-	-	PUNCT
arjefm-70	214	4	value	value	NOUN
arjefm-70	214	5	coef	coef	NOUN
arjefm-70	214	6	.	.	PUNCT
arjefm-70	215	1	s.e	s.e	PROPN
arjefm-70	215	2	p	p	NOUN
arjefm-70	215	3	-	-	PUNCT
arjefm-70	215	4	value	value	NOUN
arjefm-70	215	5	lr	lr	NOUN
arjefm-70	215	6	-0.733	-0.733	PUNCT
arjefm-70	215	7	*	*	PUNCT
arjefm-70	216	1	*	*	PUNCT
arjefm-70	216	2	0.080	0.080	NUM
arjefm-70	216	3	0.000	0.000	NUM
arjefm-70	216	4	-0.670	-0.670	PUNCT
arjefm-70	216	5	*	*	X
arjefm-70	216	6	0.277	0.277	NUM
arjefm-70	216	7	0.016	0.016	NUM
arjefm-70	216	8	lfr	lfr	PROPN
arjefm-70	216	9	-0.210	-0.210	NOUN
arjefm-70	216	10	*	*	PUNCT
arjefm-70	216	11	*	*	NOUN
arjefm-70	216	12	0.030	0.030	NUM
arjefm-70	216	13	0.000	0.000	NUM
arjefm-70	216	14	-0.007	-0.007	PUNCT
arjefm-70	216	15	0.085	0.085	NUM
arjefm-70	216	16	0.929	0.929	NUM
arjefm-70	216	17	ldep	ldep	NOUN
arjefm-70	216	18	0.509	0.509	NUM
arjefm-70	216	19	*	*	PUNCT
arjefm-70	216	20	*	*	PUNCT
arjefm-70	216	21	0.075	0.075	NUM
arjefm-70	216	22	0.000	0.000	NUM
arjefm-70	216	23	0.567	0.567	NUM
arjefm-70	216	24	0.298	0.298	NUM
arjefm-70	216	25	0.057	0.057	NUM
arjefm-70	216	26	lcpi	lcpi	NOUN
arjefm-70	216	27	-0.702	-0.702	NOUN
arjefm-70	216	28	*	*	NOUN
arjefm-70	216	29	*	*	NOUN
arjefm-70	216	30	0.183	0.183	NUM
arjefm-70	216	31	0.000	0.000	NUM
arjefm-70	216	32	-0.838	-0.838	NUM
arjefm-70	216	33	0.588	0.588	NUM
arjefm-70	216	34	0.155	0.155	NUM
arjefm-70	216	35	lnpl	lnpl	NOUN
arjefm-70	216	36	-0.416	-0.416	PROPN
arjefm-70	216	37	*	*	PUNCT
arjefm-70	216	38	*	*	NOUN
arjefm-70	216	39	0.036	0.036	NUM
arjefm-70	216	40	0.000	0.000	NUM
arjefm-70	216	41	-0.159	-0.159	NUM
arjefm-70	216	42	0.145	0.145	NUM
arjefm-70	216	43	0.273	0.273	NUM
arjefm-70	216	44	ldb	ldb	PROPN
arjefm-70	216	45	-0.066	-0.066	PROPN
arjefm-70	216	46	0.043	0.043	NUM
arjefm-70	216	47	0.131	0.131	NUM
arjefm-70	216	48	-0.108	-0.108	PROPN
arjefm-70	217	1	0.281	0.281	NUM
arjefm-70	217	2	0.699	0.699	NUM
arjefm-70	217	3	coef	coef	PROPN
arjefm-70	217	4	.	.	PUNCT
arjefm-70	217	5	of	of	ADP
arjefm-70	217	6	adjustment	adjustment	NOUN
arjefm-70	217	7	phi	phi	NOUN
arjefm-70	217	8	-0.311	-0.311	NOUN
arjefm-70	217	9	*	*	PUNCT
arjefm-70	217	10	*	*	NOUN
arjefm-70	217	11	0.120	0.120	NUM
arjefm-70	217	12	0.010	0.010	NUM
arjefm-70	217	13	-0.571	-0.571	NOUN
arjefm-70	217	14	*	*	PUNCT
arjefm-70	217	15	*	*	NOUN
arjefm-70	217	16	0.102	0.102	NUM
arjefm-70	217	17	0.000	0.000	NUM
arjefm-70	217	18	-0.004	-0.004	PUNCT
arjefm-70	217	19	-0.054	-0.054	NUM
arjefm-70	217	20	0.050	0.050	NUM
arjefm-70	217	21	-1.332	-1.332	NOUN
arjefm-70	217	22	*	*	PUNCT
arjefm-70	217	23	*	*	PUNCT
arjefm-70	217	24	0.100	0.100	NUM
arjefm-70	217	25	*	*	PUNCT
arjefm-70	217	26	*	*	NOUN
arjefm-70	217	27	0.004	0.004	NUM
arjefm-70	217	28	0.103	0.103	NUM
arjefm-70	217	29	0.028	0.028	NUM
arjefm-70	217	30	0.068	0.068	NUM
arjefm-70	217	31	0.209	0.209	NUM
arjefm-70	217	32	0.028	0.028	NUM
arjefm-70	217	33	0.029	0.029	NUM
arjefm-70	217	34	0.966	0.966	NUM
arjefm-70	217	35	0.056	0.056	NUM
arjefm-70	217	36	0.465	0.465	NUM
arjefm-70	217	37	0.000	0.000	NUM
arjefm-70	217	38	0.000	0.000	NUM
arjefm-70	217	39	0.881	0.881	NUM
arjefm-70	217	40	0.118	0.118	NUM
arjefm-70	217	41	-0.020	-0.020	NOUN
arjefm-70	217	42	-0.127	-0.127	NOUN
arjefm-70	217	43	-1.002	-1.002	NOUN
arjefm-70	217	44	*	*	PROPN
arjefm-70	217	45	*	*	PROPN
arjefm-70	217	46	0.082	0.082	NUM
arjefm-70	217	47	0.042	0.042	NUM
arjefm-70	217	48	0.105	0.105	NUM
arjefm-70	217	49	0.034	0.034	NUM
arjefm-70	217	50	0.079	0.079	NUM
arjefm-70	217	51	0.274	0.274	NUM
arjefm-70	217	52	0.050	0.050	NUM
arjefm-70	217	53	0.063	0.063	NUM
arjefm-70	217	54	0.261	0.261	NUM
arjefm-70	217	55	0.553	0.553	NUM
arjefm-70	217	56	0.110	0.110	NUM
arjefm-70	217	57	0.000	0.000	NUM
arjefm-70	217	58	0.101	0.101	NUM
arjefm-70	217	59	0.501	0.501	NUM
arjefm-70	217	60	source	source	NOUN
arjefm-70	217	61	:	:	PUNCT
arjefm-70	217	62	auther	auther	PROPN
arjefm-70	217	63	’s	’s	PROPN
arjefm-70	217	64	computation	computation	NOUN
arjefm-70	217	65	note	note	NOUN
arjefm-70	217	66	:	:	PUNCT
arjefm-70	217	67	the	the	DET
arjefm-70	217	68	upper	upper	ADJ
arjefm-70	217	69	pad	pad	NOUN
arjefm-70	217	70	shows	show	VERB
arjefm-70	217	71	long	long	ADJ
arjefm-70	217	72	-	-	PUNCT
arjefm-70	217	73	term	term	NOUN
arjefm-70	217	74	coefficients	coefficient	NOUN
arjefm-70	217	75	and	and	CCONJ
arjefm-70	217	76	the	the	DET
arjefm-70	217	77	lower	low	ADJ
arjefm-70	217	78	pad	pad	NOUN
arjefm-70	217	79	shows	show	VERB
arjefm-70	217	80	short	short	ADJ
arjefm-70	217	81	-	-	PUNCT
arjefm-70	217	82	term	term	NOUN
arjefm-70	217	83	coefficients	coefficient	NOUN
arjefm-70	217	84	.	.	PUNCT
arjefm-70	218	1	*	*	PUNCT
arjefm-70	218	2	(	(	PUNCT
arjefm-70	218	3	*	*	PUNCT
arjefm-70	218	4	*	*	PUNCT
arjefm-70	218	5	)	)	PUNCT
arjefm-70	218	6	shows	show	VERB
arjefm-70	218	7	the	the	DET
arjefm-70	218	8	non	non	NOUN
arjefm-70	218	9	-	-	NOUN
arjefm-70	218	10	rejection	rejection	NOUN
arjefm-70	218	11	of	of	ADP
arjefm-70	218	12	the	the	DET
arjefm-70	218	13	long	long	ADJ
arjefm-70	218	14	-	-	PUNCT
arjefm-70	218	15	term	term	NOUN
arjefm-70	218	16	coefficients	coefficient	NOUN
arjefm-70	218	17	’	'	PUNCT
arjefm-70	218	18	null	null	ADJ
arjefm-70	218	19	hypothesis	hypothesis	NOUN
arjefm-70	218	20	of	of	ADP
arjefm-70	218	21	homogeneity	homogeneity	NOUN
arjefm-70	218	22	at	at	ADP
arjefm-70	218	23	the	the	DET
arjefm-70	218	24	5	5	NUM
arjefm-70	218	25	%	%	NOUN
arjefm-70	218	26	threshold	threshold	NOUN
arjefm-70	218	27	(	(	PUNCT
arjefm-70	218	28	1	1	NUM
arjefm-70	218	29	%	%	NOUN
arjefm-70	218	30	)	)	PUNCT
arjefm-70	218	31	.	.	PUNCT
arjefm-70	219	1	in	in	ADP
arjefm-70	219	2	the	the	DET
arjefm-70	219	3	long	long	ADJ
arjefm-70	219	4	run	run	NOUN
arjefm-70	219	5	,	,	PUNCT
arjefm-70	219	6	the	the	DET
arjefm-70	219	7	repression	repression	NOUN
arjefm-70	219	8	level	level	NOUN
arjefm-70	219	9	has	have	VERB
arjefm-70	219	10	a	a	DET
arjefm-70	219	11	significant	significant	ADJ
arjefm-70	219	12	and	and	CCONJ
arjefm-70	219	13	negative	negative	ADJ
arjefm-70	219	14	impact	impact	NOUN
arjefm-70	219	15	on	on	ADP
arjefm-70	219	16	credit	credit	NOUN
arjefm-70	219	17	to	to	ADP
arjefm-70	219	18	the	the	DET
arjefm-70	219	19	private	private	ADJ
arjefm-70	219	20	sector	sector	NOUN
arjefm-70	219	21	.	.	PUNCT
arjefm-70	220	1	this	this	PRON
arjefm-70	220	2	means	mean	VERB
arjefm-70	220	3	that	that	SCONJ
arjefm-70	220	4	an	an	DET
arjefm-70	220	5	increase	increase	NOUN
arjefm-70	220	6	of	of	ADP
arjefm-70	220	7	the	the	DET
arjefm-70	220	8	banks	bank	NOUN
arjefm-70	220	9	’	’	PART
arjefm-70	220	10	reserves	reserve	NOUN
arjefm-70	220	11	ratio	ratio	NOUN
arjefm-70	220	12	on	on	ADP
arjefm-70	220	13	money	money	NOUN
arjefm-70	220	14	supply	supply	NOUN
arjefm-70	220	15	would	would	AUX
arjefm-70	220	16	reduce	reduce	VERB
arjefm-70	220	17	bank	bank	NOUN
arjefm-70	220	18	loans	loan	NOUN
arjefm-70	220	19	possibilities	possibility	NOUN
arjefm-70	220	20	.	.	PUNCT
arjefm-70	221	1	according	accord	VERB
arjefm-70	221	2	to	to	ADP
arjefm-70	221	3	mckinnon	mckinnon	PROPN
arjefm-70	221	4	(	(	PUNCT
arjefm-70	221	5	1973	1973	NUM
arjefm-70	221	6	)	)	PUNCT
arjefm-70	221	7	,	,	PUNCT
arjefm-70	221	8	the	the	PRON
arjefm-70	221	9	higher	high	ADJ
arjefm-70	221	10	that	that	SCONJ
arjefm-70	221	11	ratio	ratio	NOUN
arjefm-70	221	12	,	,	PUNCT
arjefm-70	221	13	the	the	DET
arjefm-70	221	14	more	more	ADV
arjefm-70	221	15	“	"	PUNCT
arjefm-70	221	16	financially	financially	ADV
arjefm-70	221	17	repressed	repress	VERB
arjefm-70	221	18	”	"	PUNCT
arjefm-70	221	19	the	the	DET
arjefm-70	221	20	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	221	21	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	221	22	american	american	PROPN
arjefm-70	221	23	research	research	PROPN
arjefm-70	221	24	journal	journal	PROPN
arjefm-70	221	25	of	of	ADP
arjefm-70	221	26	economics	economic	NOUN
arjefm-70	221	27	,	,	PUNCT
arjefm-70	221	28	finance	finance	NOUN
arjefm-70	221	29	and	and	CCONJ
arjefm-70	221	30	management	management	NOUN
arjefm-70	221	31	volume	volume	NOUN
arjefm-70	221	32	10	10	NUM
arjefm-70	221	33	issue	issue	NOUN
arjefm-70	221	34	3	3	NUM
arjefm-70	221	35	,	,	PUNCT
arjefm-70	221	36	july	july	PROPN
arjefm-70	221	37	-	-	PUNCT
arjefm-70	221	38	september	september	PROPN
arjefm-70	221	39	2022	2022	NUM
arjefm-70	221	40	issn	issn	NOUN
arjefm-70	221	41	:	:	PUNCT
arjefm-70	221	42	2836	2836	NUM
arjefm-70	221	43	-	-	SYM
arjefm-70	221	44	9416	9416	NUM
arjefm-70	221	45	impact	impact	NOUN
arjefm-70	221	46	factor	factor	NOUN
arjefm-70	221	47	:	:	PUNCT
arjefm-70	221	48	4.85	4.85	NUM
arjefm-70	221	49	journal	journal	NOUN
arjefm-70	221	50	homepage	homepage	NOUN
arjefm-70	221	51	:	:	PUNCT
arjefm-70	221	52	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	221	53	,	,	PUNCT
arjefm-70	221	54	email	email	NOUN
arjefm-70	221	55	:	:	PUNCT
arjefm-70	221	56	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	221	57	official	official	ADJ
arjefm-70	221	58	journal	journal	PROPN
arjefm-70	221	59	of	of	ADP
arjefm-70	221	60	america	america	PROPN
arjefm-70	221	61	serial	serial	PROPN
arjefm-70	221	62	publication	publication	NOUN
arjefm-70	221	63	american	american	PROPN
arjefm-70	221	64	research	research	PROPN
arjefm-70	221	65	journal	journal	PROPN
arjefm-70	221	66	of	of	ADP
arjefm-70	221	67	economics	economic	NOUN
arjefm-70	221	68	,	,	PUNCT
arjefm-70	221	69	finance	finance	NOUN
arjefm-70	221	70	and	and	CCONJ
arjefm-70	221	71	management	management	NOUN
arjefm-70	221	72	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	221	73	,	,	PUNCT
arjefm-70	221	74	email	email	NOUN
arjefm-70	221	75	:	:	PUNCT
arjefm-70	221	76	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	222	1	27	27	NUM
arjefm-70	223	1	|	|	ADV
arjefm-70	223	2	p	p	NOUN
arjefm-70	223	3	a	a	DET
arjefm-70	223	4	g	g	PROPN
arjefm-70	223	5	e	e	NOUN
arjefm-70	223	6	bank	bank	NOUN
arjefm-70	223	7	system	system	NOUN
arjefm-70	223	8	is	be	AUX
arjefm-70	223	9	.	.	PUNCT
arjefm-70	224	1	financial	financial	ADJ
arjefm-70	224	2	repression	repression	NOUN
arjefm-70	224	3	is	be	AUX
arjefm-70	224	4	thus	thus	ADV
arjefm-70	224	5	harmful	harmful	ADJ
arjefm-70	224	6	to	to	ADP
arjefm-70	224	7	credit	credit	NOUN
arjefm-70	224	8	activity	activity	NOUN
arjefm-70	224	9	in	in	ADP
arjefm-70	224	10	the	the	DET
arjefm-70	224	11	waemu	waemu	PROPN
arjefm-70	224	12	zone	zone	NOUN
arjefm-70	224	13	.	.	PUNCT
arjefm-70	225	1	concerning	concern	VERB
arjefm-70	225	2	the	the	DET
arjefm-70	225	3	effect	effect	NOUN
arjefm-70	225	4	of	of	ADP
arjefm-70	225	5	lending	lending	NOUN
arjefm-70	225	6	rate	rate	NOUN
arjefm-70	225	7	on	on	ADP
arjefm-70	225	8	bank	bank	NOUN
arjefm-70	225	9	credit	credit	NOUN
arjefm-70	225	10	supply	supply	NOUN
arjefm-70	225	11	to	to	ADP
arjefm-70	225	12	the	the	DET
arjefm-70	225	13	private	private	ADJ
arjefm-70	225	14	sector	sector	NOUN
arjefm-70	225	15	,	,	PUNCT
arjefm-70	225	16	the	the	DET
arjefm-70	225	17	former	former	NOUN
arjefm-70	225	18	does	do	AUX
arjefm-70	225	19	not	not	PART
arjefm-70	225	20	have	have	VERB
arjefm-70	225	21	the	the	DET
arjefm-70	225	22	expected	expect	VERB
arjefm-70	225	23	sign	sign	NOUN
arjefm-70	225	24	.	.	PUNCT
arjefm-70	226	1	indeed	indeed	ADV
arjefm-70	226	2	,	,	PUNCT
arjefm-70	226	3	interest	interest	NOUN
arjefm-70	226	4	rates	rate	NOUN
arjefm-70	226	5	increase	increase	AUX
arjefm-70	226	6	negatively	negatively	ADV
arjefm-70	226	7	affects	affect	VERB
arjefm-70	226	8	credit	credit	NOUN
arjefm-70	226	9	supply	supply	NOUN
arjefm-70	226	10	.	.	PUNCT
arjefm-70	227	1	the	the	DET
arjefm-70	227	2	higher	high	ADJ
arjefm-70	227	3	credit	credit	NOUN
arjefm-70	227	4	costs	cost	NOUN
arjefm-70	227	5	,	,	PUNCT
arjefm-70	227	6	the	the	PRON
arjefm-70	227	7	less	less	ADJ
arjefm-70	227	8	banks	bank	NOUN
arjefm-70	227	9	are	be	AUX
arjefm-70	227	10	able	able	ADJ
arjefm-70	227	11	to	to	PART
arjefm-70	227	12	finance	finance	VERB
arjefm-70	227	13	the	the	DET
arjefm-70	227	14	activity	activity	NOUN
arjefm-70	227	15	.	.	PUNCT
arjefm-70	228	1	high	high	ADJ
arjefm-70	228	2	credit	credit	NOUN
arjefm-70	228	3	costs	cost	NOUN
arjefm-70	228	4	discourage	discourage	VERB
arjefm-70	228	5	credit	credit	NOUN
arjefm-70	228	6	request	request	NOUN
arjefm-70	228	7	which	which	PRON
arjefm-70	228	8	,	,	PUNCT
arjefm-70	228	9	as	as	ADP
arjefm-70	228	10	a	a	DET
arjefm-70	228	11	last	last	ADJ
arjefm-70	228	12	resort	resort	NOUN
arjefm-70	228	13	,	,	PUNCT
arjefm-70	228	14	negatively	negatively	ADV
arjefm-70	228	15	impacts	impact	NOUN
arjefm-70	228	16	on	on	ADP
arjefm-70	228	17	bank	bank	NOUN
arjefm-70	228	18	financing	financing	NOUN
arjefm-70	228	19	of	of	ADP
arjefm-70	228	20	the	the	DET
arjefm-70	228	21	economy	economy	NOUN
arjefm-70	228	22	.	.	PUNCT
arjefm-70	229	1	at	at	ADP
arjefm-70	229	2	a	a	DET
arjefm-70	229	3	given	give	VERB
arjefm-70	229	4	level	level	NOUN
arjefm-70	229	5	of	of	ADP
arjefm-70	229	6	the	the	DET
arjefm-70	229	7	lending	lending	NOUN
arjefm-70	229	8	rate	rate	NOUN
arjefm-70	229	9	,	,	PUNCT
arjefm-70	229	10	market	market	NOUN
arjefm-70	229	11	balance	balance	NOUN
arjefm-70	229	12	might	might	AUX
arjefm-70	229	13	be	be	AUX
arjefm-70	229	14	characterized	characterize	VERB
arjefm-70	229	15	by	by	ADP
arjefm-70	229	16	credit	credit	NOUN
arjefm-70	229	17	rationing	rationing	NOUN
arjefm-70	229	18	.	.	PUNCT
arjefm-70	230	1	imperfections	imperfection	NOUN
arjefm-70	230	2	and	and	CCONJ
arjefm-70	230	3	the	the	DET
arjefm-70	230	4	oligopolistic	oligopolistic	ADJ
arjefm-70	230	5	structure	structure	NOUN
arjefm-70	230	6	of	of	ADP
arjefm-70	230	7	credit	credit	NOUN
arjefm-70	230	8	market	market	NOUN
arjefm-70	230	9	begin	begin	VERB
arjefm-70	230	10	the	the	DET
arjefm-70	230	11	expected	expect	VERB
arjefm-70	230	12	advantages	advantage	NOUN
arjefm-70	230	13	of	of	ADP
arjefm-70	230	14	liberalization	liberalization	NOUN
arjefm-70	230	15	.	.	PUNCT
arjefm-70	231	1	this	this	DET
arjefm-70	231	2	result	result	NOUN
arjefm-70	231	3	is	be	AUX
arjefm-70	231	4	in	in	ADP
arjefm-70	231	5	conformity	conformity	NOUN
arjefm-70	231	6	with	with	ADP
arjefm-70	231	7	that	that	PRON
arjefm-70	231	8	of	of	ADP
arjefm-70	231	9	tanimoune	tanimoune	NOUN
arjefm-70	231	10	(	(	PUNCT
arjefm-70	231	11	2001	2001	NUM
arjefm-70	231	12	)	)	PUNCT
arjefm-70	231	13	who	who	PRON
arjefm-70	231	14	shows	show	VERB
arjefm-70	231	15	that	that	SCONJ
arjefm-70	231	16	interest	interest	NOUN
arjefm-70	231	17	rates	rate	NOUN
arjefm-70	231	18	liberalization	liberalization	NOUN
arjefm-70	231	19	did	do	AUX
arjefm-70	231	20	not	not	PART
arjefm-70	231	21	favor	favor	VERB
arjefm-70	231	22	firms	firm	NOUN
arjefm-70	231	23	’	'	PUNCT
arjefm-70	231	24	access	access	NOUN
arjefm-70	231	25	to	to	ADP
arjefm-70	231	26	credit	credit	NOUN
arjefm-70	231	27	in	in	ADP
arjefm-70	231	28	the	the	DET
arjefm-70	231	29	waemu	waemu	PROPN
arjefm-70	231	30	zone	zone	PROPN
arjefm-70	231	31	.	.	PUNCT
arjefm-70	232	1	as	as	ADP
arjefm-70	232	2	for	for	ADP
arjefm-70	232	3	bank	bank	NOUN
arjefm-70	232	4	savings	saving	NOUN
arjefm-70	232	5	,	,	PUNCT
arjefm-70	232	6	it	it	PRON
arjefm-70	232	7	has	have	VERB
arjefm-70	232	8	a	a	DET
arjefm-70	232	9	significant	significant	ADJ
arjefm-70	232	10	and	and	CCONJ
arjefm-70	232	11	positive	positive	ADJ
arjefm-70	232	12	effect	effect	NOUN
arjefm-70	232	13	on	on	ADP
arjefm-70	232	14	credit	credit	NOUN
arjefm-70	232	15	to	to	ADP
arjefm-70	232	16	the	the	DET
arjefm-70	232	17	private	private	ADJ
arjefm-70	232	18	sector	sector	NOUN
arjefm-70	232	19	in	in	ADP
arjefm-70	232	20	the	the	DET
arjefm-70	232	21	zone	zone	NOUN
arjefm-70	232	22	.	.	PUNCT
arjefm-70	233	1	bank	bank	NOUN
arjefm-70	233	2	deposits	deposit	NOUN
arjefm-70	233	3	increase	increase	NOUN
arjefm-70	233	4	is	be	AUX
arjefm-70	233	5	favorable	favorable	ADJ
arjefm-70	233	6	to	to	ADP
arjefm-70	233	7	bank	bank	NOUN
arjefm-70	233	8	financing	financing	NOUN
arjefm-70	233	9	of	of	ADP
arjefm-70	233	10	the	the	DET
arjefm-70	233	11	activity	activity	NOUN
arjefm-70	233	12	in	in	ADP
arjefm-70	233	13	the	the	DET
arjefm-70	233	14	union	union	NOUN
arjefm-70	233	15	.	.	PUNCT
arjefm-70	234	1	liquidity	liquidity	NOUN
arjefm-70	234	2	management	management	NOUN
arjefm-70	234	3	seems	seem	VERB
arjefm-70	234	4	to	to	PART
arjefm-70	234	5	be	be	AUX
arjefm-70	234	6	an	an	DET
arjefm-70	234	7	important	important	ADJ
arjefm-70	234	8	factor	factor	NOUN
arjefm-70	234	9	in	in	ADP
arjefm-70	234	10	credit	credit	NOUN
arjefm-70	234	11	decisions	decision	NOUN
arjefm-70	234	12	for	for	ADP
arjefm-70	234	13	the	the	DET
arjefm-70	234	14	private	private	ADJ
arjefm-70	234	15	sector	sector	NOUN
arjefm-70	234	16	in	in	ADP
arjefm-70	234	17	the	the	DET
arjefm-70	234	18	waemu	waemu	PROPN
arjefm-70	234	19	zone	zone	PROPN
arjefm-70	234	20	.	.	PUNCT
arjefm-70	235	1	this	this	DET
arjefm-70	235	2	result	result	NOUN
arjefm-70	235	3	was	be	AUX
arjefm-70	235	4	highlighted	highlight	VERB
arjefm-70	235	5	in	in	ADP
arjefm-70	235	6	the	the	DET
arjefm-70	235	7	study	study	NOUN
arjefm-70	235	8	of	of	ADP
arjefm-70	235	9	saxegaard	saxegaard	NOUN
arjefm-70	235	10	(	(	PUNCT
arjefm-70	235	11	2006	2006	NUM
arjefm-70	235	12	)	)	PUNCT
arjefm-70	235	13	;	;	PUNCT
arjefm-70	235	14	according	accord	VERB
arjefm-70	235	15	to	to	ADP
arjefm-70	235	16	him	he	PRON
arjefm-70	235	17	,	,	PUNCT
arjefm-70	235	18	the	the	DET
arjefm-70	235	19	“	"	PUNCT
arjefm-70	235	20	willful	willful	ADJ
arjefm-70	235	21	excess	excess	ADJ
arjefm-70	235	22	liquidity	liquidity	NOUN
arjefm-70	235	23	”	"	PUNCT
arjefm-70	235	24	of	of	ADP
arjefm-70	235	25	the	the	DET
arjefm-70	235	26	union	union	NOUN
arjefm-70	235	27	’s	’s	PART
arjefm-70	235	28	banks	bank	NOUN
arjefm-70	235	29	is	be	AUX
arjefm-70	235	30	the	the	DET
arjefm-70	235	31	consequence	consequence	NOUN
arjefm-70	235	32	of	of	ADP
arjefm-70	235	33	the	the	DET
arjefm-70	235	34	sociopolitical	sociopolitical	ADJ
arjefm-70	235	35	instability	instability	NOUN
arjefm-70	235	36	observed	observe	VERB
arjefm-70	235	37	in	in	ADP
arjefm-70	235	38	the	the	DET
arjefm-70	235	39	zone	zone	NOUN
arjefm-70	235	40	.	.	PUNCT
arjefm-70	236	1	furthermore	furthermore	ADV
arjefm-70	236	2	,	,	PUNCT
arjefm-70	236	3	the	the	DET
arjefm-70	236	4	results	result	NOUN
arjefm-70	236	5	show	show	VERB
arjefm-70	236	6	that	that	SCONJ
arjefm-70	236	7	inflation	inflation	NOUN
arjefm-70	236	8	is	be	AUX
arjefm-70	236	9	harmful	harmful	ADJ
arjefm-70	236	10	to	to	PART
arjefm-70	236	11	bank	bank	VERB
arjefm-70	236	12	credit	credit	NOUN
arjefm-70	236	13	to	to	ADP
arjefm-70	236	14	the	the	DET
arjefm-70	236	15	private	private	ADJ
arjefm-70	236	16	sector	sector	NOUN
arjefm-70	236	17	.	.	PUNCT
arjefm-70	237	1	indeed	indeed	ADV
arjefm-70	237	2	,	,	PUNCT
arjefm-70	237	3	for	for	ADP
arjefm-70	237	4	given	give	VERB
arjefm-70	237	5	and	and	CCONJ
arjefm-70	237	6	fixed	fix	VERB
arjefm-70	237	7	real	real	ADJ
arjefm-70	237	8	interest	interest	NOUN
arjefm-70	237	9	rates	rate	NOUN
arjefm-70	237	10	,	,	PUNCT
arjefm-70	237	11	inflation	inflation	NOUN
arjefm-70	237	12	increase	increase	NOUN
arjefm-70	237	13	demands	demand	VERB
arjefm-70	237	14	an	an	DET
arjefm-70	237	15	increase	increase	NOUN
arjefm-70	237	16	of	of	ADP
arjefm-70	237	17	nominal	nominal	ADJ
arjefm-70	237	18	interest	interest	NOUN
arjefm-70	237	19	rates	rate	NOUN
arjefm-70	237	20	.	.	PUNCT
arjefm-70	238	1	the	the	DET
arjefm-70	238	2	consequence	consequence	NOUN
arjefm-70	238	3	would	would	AUX
arjefm-70	238	4	be	be	AUX
arjefm-70	238	5	weighing	weigh	VERB
arjefm-70	238	6	down	down	ADP
arjefm-70	238	7	credit	credit	NOUN
arjefm-70	238	8	cost	cost	NOUN
arjefm-70	238	9	and	and	CCONJ
arjefm-70	238	10	discouraging	discourage	VERB
arjefm-70	238	11	companies	company	NOUN
arjefm-70	238	12	from	from	ADP
arjefm-70	238	13	borrowing	borrow	VERB
arjefm-70	238	14	.	.	PUNCT
arjefm-70	239	1	most	most	ADJ
arjefm-70	239	2	theories	theory	NOUN
arjefm-70	239	3	are	be	AUX
arjefm-70	239	4	conclusive	conclusive	ADJ
arjefm-70	239	5	enough	enough	ADV
arjefm-70	239	6	on	on	ADP
arjefm-70	239	7	the	the	DET
arjefm-70	239	8	harmful	harmful	ADJ
arjefm-70	239	9	effect	effect	NOUN
arjefm-70	239	10	of	of	ADP
arjefm-70	239	11	inflation	inflation	NOUN
arjefm-70	239	12	on	on	ADP
arjefm-70	239	13	credit	credit	NOUN
arjefm-70	239	14	.	.	PUNCT
arjefm-70	240	1	about	about	ADP
arjefm-70	240	2	the	the	DET
arjefm-70	240	3	effect	effect	NOUN
arjefm-70	240	4	of	of	ADP
arjefm-70	240	5	non	non	ADJ
arjefm-70	240	6	-	-	ADJ
arjefm-70	240	7	performing	performing	ADJ
arjefm-70	240	8	loans	loan	NOUN
arjefm-70	240	9	,	,	PUNCT
arjefm-70	240	10	it	it	PRON
arjefm-70	240	11	is	be	AUX
arjefm-70	240	12	in	in	ADP
arjefm-70	240	13	conformity	conformity	NOUN
arjefm-70	240	14	with	with	ADP
arjefm-70	240	15	our	our	PRON
arjefm-70	240	16	expectation	expectation	NOUN
arjefm-70	240	17	.	.	PUNCT
arjefm-70	241	1	the	the	DET
arjefm-70	241	2	impact	impact	NOUN
arjefm-70	241	3	of	of	ADP
arjefm-70	241	4	nonperforming	nonperforme	VERB
arjefm-70	241	5	loans	loan	NOUN
arjefm-70	241	6	on	on	ADP
arjefm-70	241	7	credit	credit	NOUN
arjefm-70	241	8	to	to	ADP
arjefm-70	241	9	the	the	DET
arjefm-70	241	10	private	private	ADJ
arjefm-70	241	11	sector	sector	NOUN
arjefm-70	241	12	seems	seem	VERB
arjefm-70	241	13	very	very	ADV
arjefm-70	241	14	significant	significant	ADJ
arjefm-70	241	15	and	and	CCONJ
arjefm-70	241	16	negative	negative	ADJ
arjefm-70	241	17	in	in	ADP
arjefm-70	241	18	the	the	DET
arjefm-70	241	19	long	long	ADJ
arjefm-70	241	20	run	run	NOUN
arjefm-70	241	21	.	.	PUNCT
arjefm-70	242	1	bad	bad	ADJ
arjefm-70	242	2	credits	credit	NOUN
arjefm-70	242	3	have	have	VERB
arjefm-70	242	4	a	a	DET
arjefm-70	242	5	crowding	crowd	VERB
arjefm-70	242	6	-	-	PUNCT
arjefm-70	242	7	out	out	ADP
arjefm-70	242	8	effect	effect	NOUN
arjefm-70	242	9	on	on	ADP
arjefm-70	242	10	private	private	ADJ
arjefm-70	242	11	investments	investment	NOUN
arjefm-70	242	12	financing	financing	NOUN
arjefm-70	242	13	.	.	PUNCT
arjefm-70	243	1	indeed	indeed	ADV
arjefm-70	243	2	,	,	PUNCT
arjefm-70	243	3	the	the	DET
arjefm-70	243	4	more	more	ADV
arjefm-70	243	5	doubtful	doubtful	ADJ
arjefm-70	243	6	debts	debt	NOUN
arjefm-70	243	7	banks	bank	NOUN
arjefm-70	243	8	have	have	AUX
arjefm-70	243	9	,	,	PUNCT
arjefm-70	243	10	the	the	PRON
arjefm-70	243	11	less	less	ADV
arjefm-70	243	12	they	they	PRON
arjefm-70	243	13	are	be	AUX
arjefm-70	243	14	able	able	ADJ
arjefm-70	243	15	to	to	PART
arjefm-70	243	16	offer	offer	VERB
arjefm-70	243	17	new	new	ADJ
arjefm-70	243	18	credits	credit	NOUN
arjefm-70	243	19	,	,	PUNCT
arjefm-70	243	20	which	which	PRON
arjefm-70	243	21	reduces	reduce	VERB
arjefm-70	243	22	credit	credit	NOUN
arjefm-70	243	23	offer	offer	NOUN
arjefm-70	243	24	at	at	ADP
arjefm-70	243	25	the	the	DET
arjefm-70	243	26	macroeconomic	macroeconomic	ADJ
arjefm-70	243	27	level	level	NOUN
arjefm-70	243	28	.	.	PUNCT
arjefm-70	244	1	the	the	DET
arjefm-70	244	2	effect	effect	NOUN
arjefm-70	244	3	of	of	ADP
arjefm-70	244	4	budget	budget	NOUN
arjefm-70	244	5	deficit	deficit	NOUN
arjefm-70	244	6	is	be	AUX
arjefm-70	244	7	not	not	PART
arjefm-70	244	8	significant	significant	ADJ
arjefm-70	244	9	,	,	PUNCT
arjefm-70	244	10	which	which	PRON
arjefm-70	244	11	means	mean	VERB
arjefm-70	244	12	that	that	SCONJ
arjefm-70	244	13	it	it	PRON
arjefm-70	244	14	is	be	AUX
arjefm-70	244	15	not	not	PART
arjefm-70	244	16	possible	possible	ADJ
arjefm-70	244	17	on	on	ADP
arjefm-70	244	18	the	the	DET
arjefm-70	244	19	period	period	NOUN
arjefm-70	244	20	of	of	ADP
arjefm-70	244	21	study	study	NOUN
arjefm-70	244	22	to	to	PART
arjefm-70	244	23	mention	mention	VERB
arjefm-70	244	24	the	the	DET
arjefm-70	244	25	notion	notion	NOUN
arjefm-70	244	26	of	of	ADP
arjefm-70	244	27	“	"	PUNCT
arjefm-70	244	28	crowding	crowd	VERB
arjefm-70	244	29	-	-	PUNCT
arjefm-70	244	30	out	out	ADP
arjefm-70	244	31	effect	effect	NOUN
arjefm-70	244	32	”	"	PUNCT
arjefm-70	244	33	between	between	ADP
arjefm-70	244	34	the	the	DET
arjefm-70	244	35	public	public	ADJ
arjefm-70	244	36	sector	sector	NOUN
arjefm-70	244	37	and	and	CCONJ
arjefm-70	244	38	the	the	DET
arjefm-70	244	39	private	private	ADJ
arjefm-70	244	40	sector	sector	NOUN
arjefm-70	244	41	.	.	PUNCT
arjefm-70	245	1	public	public	ADJ
arjefm-70	245	2	expenditures	expenditure	NOUN
arjefm-70	245	3	might	might	AUX
arjefm-70	245	4	be	be	AUX
arjefm-70	245	5	complementary	complementary	ADJ
arjefm-70	245	6	with	with	ADP
arjefm-70	245	7	private	private	ADJ
arjefm-70	245	8	investments	investment	NOUN
arjefm-70	245	9	.	.	PUNCT
arjefm-70	246	1	6	6	X
arjefm-70	246	2	.	.	X
arjefm-70	246	3	concluding	conclude	VERB
arjefm-70	246	4	remarks	remark	NOUN
arjefm-70	246	5	in	in	ADP
arjefm-70	246	6	this	this	DET
arjefm-70	246	7	study	study	NOUN
arjefm-70	246	8	,	,	PUNCT
arjefm-70	246	9	our	our	PRON
arjefm-70	246	10	objective	objective	NOUN
arjefm-70	246	11	was	be	AUX
arjefm-70	246	12	to	to	PART
arjefm-70	246	13	analyze	analyze	VERB
arjefm-70	246	14	the	the	DET
arjefm-70	246	15	effect	effect	NOUN
arjefm-70	246	16	of	of	ADP
arjefm-70	246	17	interest	interest	NOUN
arjefm-70	246	18	rates	rate	NOUN
arjefm-70	246	19	liberalization	liberalization	VERB
arjefm-70	246	20	on	on	ADP
arjefm-70	246	21	bank	bank	NOUN
arjefm-70	246	22	credit	credit	NOUN
arjefm-70	246	23	to	to	ADP
arjefm-70	246	24	the	the	DET
arjefm-70	246	25	private	private	ADJ
arjefm-70	246	26	sector	sector	NOUN
arjefm-70	246	27	in	in	ADP
arjefm-70	246	28	the	the	DET
arjefm-70	246	29	waemu	waemu	NOUN
arjefm-70	246	30	zone	zone	NOUN
arjefm-70	246	31	,	,	PUNCT
arjefm-70	246	32	on	on	ADP
arjefm-70	246	33	the	the	DET
arjefm-70	246	34	period	period	NOUN
arjefm-70	246	35	from	from	ADP
arjefm-70	246	36	1982	1982	NUM
arjefm-70	246	37	to	to	ADP
arjefm-70	246	38	2015	2015	NUM
arjefm-70	246	39	.	.	PUNCT
arjefm-70	247	1	to	to	ADP
arjefm-70	247	2	this	this	DET
arjefm-70	247	3	end	end	NOUN
arjefm-70	247	4	,	,	PUNCT
arjefm-70	247	5	we	we	PRON
arjefm-70	247	6	estimated	estimate	VERB
arjefm-70	247	7	a	a	DET
arjefm-70	247	8	panel	panel	NOUN
arjefm-70	247	9	data	datum	NOUN
arjefm-70	247	10	model	model	NOUN
arjefm-70	247	11	between	between	ADP
arjefm-70	247	12	six	six	NUM
arjefm-70	247	13	explanatory	explanatory	ADJ
arjefm-70	247	14	variables	variable	NOUN
arjefm-70	247	15	and	and	CCONJ
arjefm-70	247	16	bank	bank	NOUN
arjefm-70	247	17	credit	credit	NOUN
arjefm-70	247	18	granted	grant	VERB
arjefm-70	247	19	to	to	ADP
arjefm-70	247	20	the	the	DET
arjefm-70	247	21	private	private	ADJ
arjefm-70	247	22	sector	sector	NOUN
arjefm-70	247	23	related	relate	VERB
arjefm-70	247	24	to	to	ADP
arjefm-70	247	25	gdp	gdp	NOUN
arjefm-70	247	26	.	.	PUNCT
arjefm-70	248	1	the	the	DET
arjefm-70	248	2	results	result	NOUN
arjefm-70	248	3	show	show	VERB
arjefm-70	248	4	that	that	SCONJ
arjefm-70	248	5	financial	financial	ADJ
arjefm-70	248	6	repression	repression	NOUN
arjefm-70	248	7	reduction	reduction	NOUN
arjefm-70	248	8	,	,	PUNCT
arjefm-70	248	9	especially	especially	ADV
arjefm-70	248	10	the	the	DET
arjefm-70	248	11	reduction	reduction	NOUN
arjefm-70	248	12	of	of	ADP
arjefm-70	248	13	compulsory	compulsory	ADJ
arjefm-70	248	14	setasides	setaside	NOUN
arjefm-70	248	15	imposed	impose	VERB
arjefm-70	248	16	to	to	ADP
arjefm-70	248	17	african	african	ADJ
arjefm-70	248	18	banks	bank	NOUN
arjefm-70	248	19	,	,	PUNCT
arjefm-70	248	20	is	be	AUX
arjefm-70	248	21	favorable	favorable	ADJ
arjefm-70	248	22	to	to	ADP
arjefm-70	248	23	bank	bank	NOUN
arjefm-70	248	24	financing	financing	NOUN
arjefm-70	248	25	of	of	ADP
arjefm-70	248	26	the	the	DET
arjefm-70	248	27	private	private	ADJ
arjefm-70	248	28	sector	sector	NOUN
arjefm-70	248	29	.	.	PUNCT
arjefm-70	249	1	the	the	DET
arjefm-70	249	2	same	same	ADJ
arjefm-70	249	3	applies	apply	VERB
arjefm-70	249	4	for	for	ADP
arjefm-70	249	5	the	the	DET
arjefm-70	249	6	reduction	reduction	NOUN
arjefm-70	249	7	of	of	ADP
arjefm-70	249	8	non	non	ADJ
arjefm-70	249	9	-	-	ADJ
arjefm-70	249	10	performing	performing	ADJ
arjefm-70	249	11	loans	loan	NOUN
arjefm-70	249	12	and	and	CCONJ
arjefm-70	249	13	credit	credit	NOUN
arjefm-70	249	14	cost	cost	NOUN
arjefm-70	249	15	.	.	PUNCT
arjefm-70	250	1	likewise	likewise	ADV
arjefm-70	250	2	,	,	PUNCT
arjefm-70	250	3	fighting	fight	VERB
arjefm-70	250	4	inflation	inflation	NOUN
arjefm-70	250	5	is	be	AUX
arjefm-70	250	6	favorable	favorable	ADJ
arjefm-70	250	7	to	to	ADP
arjefm-70	250	8	bank	bank	NOUN
arjefm-70	250	9	financing	financing	NOUN
arjefm-70	250	10	of	of	ADP
arjefm-70	250	11	the	the	DET
arjefm-70	250	12	activity	activity	NOUN
arjefm-70	250	13	.	.	PUNCT
arjefm-70	251	1	in	in	ADP
arjefm-70	251	2	sum	sum	NOUN
arjefm-70	251	3	,	,	PUNCT
arjefm-70	251	4	these	these	DET
arjefm-70	251	5	results	result	NOUN
arjefm-70	251	6	provide	provide	VERB
arjefm-70	251	7	a	a	DET
arjefm-70	251	8	given	give	VERB
arjefm-70	251	9	number	number	NOUN
arjefm-70	251	10	of	of	ADP
arjefm-70	251	11	implications	implication	NOUN
arjefm-70	251	12	in	in	ADP
arjefm-70	251	13	terms	term	NOUN
arjefm-70	251	14	of	of	ADP
arjefm-70	251	15	policies	policy	NOUN
arjefm-70	251	16	.	.	PUNCT
arjefm-70	252	1	first	first	ADV
arjefm-70	252	2	of	of	ADP
arjefm-70	252	3	all	all	PRON
arjefm-70	252	4	,	,	PUNCT
arjefm-70	252	5	the	the	DET
arjefm-70	252	6	accommodative	accommodative	ADJ
arjefm-70	252	7	policy	policy	NOUN
arjefm-70	252	8	started	start	VERB
arjefm-70	252	9	by	by	ADP
arjefm-70	252	10	the	the	DET
arjefm-70	252	11	central	central	ADJ
arjefm-70	252	12	bank	bank	PROPN
arjefm-70	252	13	of	of	ADP
arjefm-70	252	14	west	west	ADJ
arjefm-70	252	15	african	african	ADJ
arjefm-70	252	16	states	state	NOUN
arjefm-70	252	17	(	(	PUNCT
arjefm-70	252	18	bceao	bceao	PROPN
arjefm-70	252	19	)	)	PUNCT
arjefm-70	252	20	should	should	AUX
arjefm-70	252	21	be	be	AUX
arjefm-70	252	22	pursued	pursue	VERB
arjefm-70	252	23	.	.	PUNCT
arjefm-70	253	1	bceao	bceao	PROPN
arjefm-70	253	2	should	should	AUX
arjefm-70	253	3	reduce	reduce	VERB
arjefm-70	253	4	its	its	PRON
arjefm-70	253	5	compulsory	compulsory	ADJ
arjefm-70	253	6	set	set	NOUN
arjefm-70	253	7	-	-	PUNCT
arjefm-70	253	8	asides	aside	NOUN
arjefm-70	253	9	rates	rate	NOUN
arjefm-70	253	10	in	in	ADP
arjefm-70	253	11	order	order	NOUN
arjefm-70	253	12	to	to	PART
arjefm-70	253	13	encourage	encourage	VERB
arjefm-70	253	14	bank	bank	NOUN
arjefm-70	253	15	credit	credit	NOUN
arjefm-70	253	16	to	to	ADP
arjefm-70	253	17	the	the	DET
arjefm-70	253	18	private	private	ADJ
arjefm-70	253	19	sector	sector	NOUN
arjefm-70	253	20	.	.	PUNCT
arjefm-70	254	1	moreover	moreover	ADV
arjefm-70	254	2	,	,	PUNCT
arjefm-70	254	3	bank	bank	NOUN
arjefm-70	254	4	risk	risk	NOUN
arjefm-70	254	5	control	control	NOUN
arjefm-70	254	6	is	be	AUX
arjefm-70	254	7	useful	useful	ADJ
arjefm-70	254	8	in	in	ADP
arjefm-70	254	9	increasing	increase	VERB
arjefm-70	254	10	banks	bank	NOUN
arjefm-70	254	11	’	'	PUNCT
arjefm-70	254	12	share	share	NOUN
arjefm-70	254	13	in	in	ADP
arjefm-70	254	14	financing	finance	VERB
arjefm-70	254	15	the	the	DET
arjefm-70	254	16	activity	activity	NOUN
arjefm-70	254	17	.	.	PUNCT
arjefm-70	255	1	secondly	secondly	ADV
arjefm-70	255	2	,	,	PUNCT
arjefm-70	255	3	macroeconomic	macroeconomic	ADJ
arjefm-70	255	4	stability	stability	NOUN
arjefm-70	255	5	is	be	AUX
arjefm-70	255	6	an	an	DET
arjefm-70	255	7	important	important	ADJ
arjefm-70	255	8	requirement	requirement	NOUN
arjefm-70	255	9	for	for	ADP
arjefm-70	255	10	the	the	DET
arjefm-70	255	11	bank	bank	NOUN
arjefm-70	255	12	financing	financing	NOUN
arjefm-70	255	13	of	of	ADP
arjefm-70	255	14	the	the	DET
arjefm-70	255	15	activity	activity	NOUN
arjefm-70	255	16	.	.	PUNCT
arjefm-70	256	1	a	a	DET
arjefm-70	256	2	future	future	ADJ
arjefm-70	256	3	study	study	NOUN
arjefm-70	256	4	could	could	AUX
arjefm-70	256	5	be	be	AUX
arjefm-70	256	6	dedicated	dedicate	VERB
arjefm-70	256	7	to	to	ADP
arjefm-70	256	8	determining	determine	VERB
arjefm-70	256	9	the	the	DET
arjefm-70	256	10	threshold	threshold	NOUN
arjefm-70	256	11	from	from	ADP
arjefm-70	256	12	which	which	PRON
arjefm-70	256	13	inflation	inflation	NOUN
arjefm-70	256	14	negatively	negatively	ADV
arjefm-70	256	15	acts	act	VERB
arjefm-70	256	16	on	on	ADP
arjefm-70	256	17	bank	bank	NOUN
arjefm-70	256	18	credit	credit	NOUN
arjefm-70	256	19	supply	supply	NOUN
arjefm-70	256	20	to	to	ADP
arjefm-70	256	21	the	the	DET
arjefm-70	256	22	private	private	ADJ
arjefm-70	256	23	sector	sector	NOUN
arjefm-70	256	24	.	.	PUNCT
arjefm-70	257	1	references	reference	NOUN
arjefm-70	257	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	257	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	257	4	american	american	PROPN
arjefm-70	257	5	research	research	PROPN
arjefm-70	257	6	journal	journal	PROPN
arjefm-70	257	7	of	of	ADP
arjefm-70	257	8	economics	economic	NOUN
arjefm-70	257	9	,	,	PUNCT
arjefm-70	257	10	finance	finance	NOUN
arjefm-70	257	11	and	and	CCONJ
arjefm-70	257	12	management	management	NOUN
arjefm-70	257	13	volume	volume	NOUN
arjefm-70	257	14	10	10	NUM
arjefm-70	257	15	issue	issue	NOUN
arjefm-70	257	16	3	3	NUM
arjefm-70	257	17	,	,	PUNCT
arjefm-70	257	18	july	july	PROPN
arjefm-70	257	19	-	-	PUNCT
arjefm-70	257	20	september	september	PROPN
arjefm-70	257	21	2022	2022	NUM
arjefm-70	257	22	issn	issn	NOUN
arjefm-70	257	23	:	:	PUNCT
arjefm-70	257	24	2836	2836	NUM
arjefm-70	257	25	-	-	SYM
arjefm-70	257	26	9416	9416	NUM
arjefm-70	257	27	impact	impact	NOUN
arjefm-70	257	28	factor	factor	NOUN
arjefm-70	257	29	:	:	PUNCT
arjefm-70	257	30	4.85	4.85	NUM
arjefm-70	257	31	journal	journal	NOUN
arjefm-70	257	32	homepage	homepage	NOUN
arjefm-70	257	33	:	:	PUNCT
arjefm-70	257	34	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	257	35	,	,	PUNCT
arjefm-70	257	36	email	email	NOUN
arjefm-70	257	37	:	:	PUNCT
arjefm-70	257	38	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	257	39	official	official	ADJ
arjefm-70	257	40	journal	journal	PROPN
arjefm-70	257	41	of	of	ADP
arjefm-70	257	42	america	america	PROPN
arjefm-70	257	43	serial	serial	PROPN
arjefm-70	257	44	publication	publication	NOUN
arjefm-70	257	45	american	american	PROPN
arjefm-70	257	46	research	research	PROPN
arjefm-70	257	47	journal	journal	PROPN
arjefm-70	257	48	of	of	ADP
arjefm-70	257	49	economics	economic	NOUN
arjefm-70	257	50	,	,	PUNCT
arjefm-70	257	51	finance	finance	NOUN
arjefm-70	257	52	and	and	CCONJ
arjefm-70	257	53	management	management	NOUN
arjefm-70	257	54	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	257	55	,	,	PUNCT
arjefm-70	257	56	email	email	NOUN
arjefm-70	257	57	:	:	PUNCT
arjefm-70	257	58	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	258	1	28	28	NUM
arjefm-70	259	1	|	|	ADV
arjefm-70	259	2	p	p	X
arjefm-70	259	3	a	a	DET
arjefm-70	259	4	g	g	PROPN
arjefm-70	259	5	e	e	PROPN
arjefm-70	259	6	banque	banque	PROPN
arjefm-70	259	7	européenne	européenne	PROPN
arjefm-70	259	8	d’investissement	d’investissement	PROPN
arjefm-70	259	9	(	(	PUNCT
arjefm-70	259	10	2016	2016	NUM
arjefm-70	259	11	)	)	PUNCT
arjefm-70	259	12	.	.	PUNCT
arjefm-70	260	1	tendances	tendances	PROPN
arjefm-70	260	2	récentes	récentes	PROPN
arjefm-70	260	3	dans	dans	PROPN
arjefm-70	260	4	le	le	PROPN
arjefm-70	260	5	secteur	secteur	PROPN
arjefm-70	260	6	bancaire	bancaire	PROPN
arjefm-70	260	7	en	en	PROPN
arjefm-70	260	8	afrique	afrique	PROPN
arjefm-70	260	9	subsaharienne	subsaharienne	PROPN
arjefm-70	260	10	:	:	PUNCT
arjefm-70	260	11	du	du	PROPN
arjefm-70	260	12	financement	financement	PROPN
arjefm-70	260	13	à	à	X
arjefm-70	260	14	l’investissement	l’investissement	PROPN
arjefm-70	260	15	.	.	PUNCT
arjefm-70	261	1	rapport	rapport	PROPN
arjefm-70	261	2	de	de	X
arjefm-70	261	3	mars	mars	PROPN
arjefm-70	261	4	2016	2016	NUM
arjefm-70	261	5	burkett	burkett	PROPN
arjefm-70	261	6	,	,	PUNCT
arjefm-70	261	7	p.	p.	NOUN
arjefm-70	261	8	and	and	CCONJ
arjefm-70	261	9	dutt	dutt	PROPN
arjefm-70	261	10	,	,	PUNCT
arjefm-70	261	11	a.	a.	PROPN
arjefm-70	261	12	k.	k.	PROPN
arjefm-70	261	13	(	(	PUNCT
arjefm-70	261	14	1991	1991	NUM
arjefm-70	261	15	)	)	PUNCT
arjefm-70	261	16	.	.	PUNCT
arjefm-70	262	1	interest	interest	NOUN
arjefm-70	262	2	rate	rate	NOUN
arjefm-70	262	3	policy	policy	NOUN
arjefm-70	262	4	effective	effective	ADJ
arjefm-70	262	5	demand	demand	NOUN
arjefm-70	262	6	and	and	CCONJ
arjefm-70	262	7	growth	growth	NOUN
arjefm-70	262	8	in	in	ADP
arjefm-70	262	9	ldc	ldc	PROPN
arjefm-70	262	10	's	's	PART
arjefm-70	262	11	.	.	PUNCT
arjefm-70	263	1	international	international	ADJ
arjefm-70	263	2	review	review	NOUN
arjefm-70	263	3	of	of	ADP
arjefm-70	263	4	applied	applied	ADJ
arjefm-70	263	5	economics	economic	NOUN
arjefm-70	263	6	,	,	PUNCT
arjefm-70	263	7	5(2	5(2	NUM
arjefm-70	263	8	)	)	PUNCT
arjefm-70	263	9	,	,	PUNCT
arjefm-70	263	10	127	127	NUM
arjefm-70	263	11	-	-	SYM
arjefm-70	263	12	153	153	NUM
arjefm-70	263	13	.	.	PUNCT
arjefm-70	264	1	davidson	davidson	PROPN
arjefm-70	264	2	,	,	PUNCT
arjefm-70	264	3	p.	p.	NOUN
arjefm-70	264	4	(	(	PUNCT
arjefm-70	264	5	1986	1986	NUM
arjefm-70	264	6	)	)	PUNCT
arjefm-70	264	7	.	.	PUNCT
arjefm-70	265	1	finance	finance	NOUN
arjefm-70	265	2	,	,	PUNCT
arjefm-70	265	3	funding	funding	NOUN
arjefm-70	265	4	,	,	PUNCT
arjefm-70	265	5	saving	saving	NOUN
arjefm-70	265	6	and	and	CCONJ
arjefm-70	265	7	investment	investment	NOUN
arjefm-70	265	8	.	.	PUNCT
arjefm-70	266	1	journal	journal	NOUN
arjefm-70	266	2	of	of	ADP
arjefm-70	266	3	post	post	PROPN
arjefm-70	266	4	keynesian	keynesian	ADJ
arjefm-70	266	5	economics	economic	NOUN
arjefm-70	266	6	,	,	PUNCT
arjefm-70	266	7	9(1	9(1	NUM
arjefm-70	266	8	)	)	PUNCT
arjefm-70	266	9	,	,	PUNCT
arjefm-70	266	10	101	101	NUM
arjefm-70	266	11	-	-	SYM
arjefm-70	266	12	110	110	NUM
arjefm-70	266	13	.	.	PUNCT
arjefm-70	267	1	demetriades	demetriade	NOUN
arjefm-70	267	2	,	,	PUNCT
arjefm-70	267	3	p.	p.	NOUN
arjefm-70	267	4	and	and	CCONJ
arjefm-70	267	5	devereux	devereux	PROPN
arjefm-70	267	6	,	,	PUNCT
arjefm-70	267	7	m.	m.	NOUN
arjefm-70	267	8	(	(	PUNCT
arjefm-70	267	9	1992	1992	NUM
arjefm-70	267	10	)	)	PUNCT
arjefm-70	267	11	.	.	PUNCT
arjefm-70	268	1	investment	investment	NOUN
arjefm-70	268	2	and	and	CCONJ
arjefm-70	268	3	financial	financial	ADJ
arjefm-70	268	4	repression	repression	NOUN
arjefm-70	268	5	:	:	PUNCT
arjefm-70	268	6	theory	theory	NOUN
arjefm-70	268	7	and	and	CCONJ
arjefm-70	268	8	evidence	evidence	NOUN
arjefm-70	268	9	from	from	ADP
arjefm-70	268	10	63	63	NUM
arjefm-70	268	11	ldc	ldc	PROPN
arjefm-70	268	12	's	's	PART
arjefm-70	268	13	.	.	PUNCT
arjefm-70	269	1	working	work	VERB
arjefm-70	269	2	paper	paper	NOUN
arjefm-70	269	3	92	92	NUM
arjefm-70	269	4	-	-	SYM
arjefm-70	269	5	16	16	NUM
arjefm-70	269	6	,	,	PUNCT
arjefm-70	269	7	keele	keele	PROPN
arjefm-70	269	8	university	university	PROPN
arjefm-70	269	9	.	.	PUNCT
arjefm-70	270	1	demirgüc	demirgüc	PROPN
arjefm-70	270	2	-	-	PUNCT
arjefm-70	270	3	kunt	kunt	PROPN
arjefm-70	270	4	,	,	PUNCT
arjefm-70	270	5	a.and	a.and	CCONJ
arjefm-70	270	6	detragiache	detragiache	PROPN
arjefm-70	270	7	,	,	PUNCT
arjefm-70	270	8	e.	e.	PROPN
arjefm-70	270	9	(	(	PUNCT
arjefm-70	270	10	1998	1998	NUM
arjefm-70	270	11	)	)	PUNCT
arjefm-70	270	12	.	.	PUNCT
arjefm-70	271	1	determinants	determinant	NOUN
arjefm-70	271	2	of	of	ADP
arjefm-70	271	3	banking	banking	NOUN
arjefm-70	271	4	crises	crisis	NOUN
arjefm-70	271	5	in	in	ADP
arjefm-70	271	6	developed	develop	VERB
arjefm-70	271	7	and	and	CCONJ
arjefm-70	271	8	developing	develop	VERB
arjefm-70	271	9	countries	country	NOUN
arjefm-70	271	10	.	.	PUNCT
arjefm-70	272	1	imf	imf	PROPN
arjefm-70	272	2	staff	staff	NOUN
arjefm-70	272	3	papers	paper	NOUN
arjefm-70	272	4	,	,	PUNCT
arjefm-70	272	5	45(1	45(1	NOUN
arjefm-70	272	6	)	)	PUNCT
arjefm-70	272	7	.	.	PUNCT
arjefm-70	273	1	diery	diery	NOUN
arjefm-70	273	2	,	,	PUNCT
arjefm-70	273	3	s.	s.	PROPN
arjefm-70	273	4	and	and	CCONJ
arjefm-70	273	5	yasim	yasim	PROPN
arjefm-70	273	6	,	,	PUNCT
arjefm-70	273	7	e.	e.	PROPN
arjefm-70	273	8	h.	h.	PROPN
arjefm-70	273	9	(	(	PUNCT
arjefm-70	273	10	1993	1993	NUM
arjefm-70	273	11	)	)	PUNCT
arjefm-70	273	12	.	.	PUNCT
arjefm-70	274	1	financial	financial	ADJ
arjefm-70	274	2	liberalization	liberalization	NOUN
arjefm-70	274	3	in	in	ADP
arjefm-70	274	4	africa	africa	PROPN
arjefm-70	274	5	.	.	PUNCT
arjefm-70	275	1	world	world	PROPN
arjefm-70	275	2	development	development	PROPN
arjefm-70	275	3	,	,	PUNCT
arjefm-70	275	4	21(11	21(11	NUM
arjefm-70	275	5	)	)	PUNCT
arjefm-70	275	6	,	,	PUNCT
arjefm-70	275	7	18671881	18671881	NUM
arjefm-70	275	8	.	.	PUNCT
arjefm-70	276	1	fry	fry	PROPN
arjefm-70	276	2	,	,	PUNCT
arjefm-70	276	3	m.	m.	NOUN
arjefm-70	276	4	j.	j.	PROPN
arjefm-70	276	5	(	(	PUNCT
arjefm-70	276	6	1978	1978	NUM
arjefm-70	276	7	)	)	PUNCT
arjefm-70	276	8	.	.	PUNCT
arjefm-70	277	1	money	money	NOUN
arjefm-70	277	2	and	and	CCONJ
arjefm-70	277	3	capital	capital	NOUN
arjefm-70	277	4	or	or	CCONJ
arjefm-70	277	5	financial	financial	ADJ
arjefm-70	277	6	deepening	deepening	NOUN
arjefm-70	277	7	in	in	ADP
arjefm-70	277	8	economic	economic	ADJ
arjefm-70	277	9	development	development	NOUN
arjefm-70	277	10	.	.	PUNCT
arjefm-70	278	1	journal	journal	NOUN
arjefm-70	278	2	of	of	ADP
arjefm-70	278	3	money	money	NOUN
arjefm-70	278	4	,	,	PUNCT
arjefm-70	278	5	banking	banking	NOUN
arjefm-70	278	6	and	and	CCONJ
arjefm-70	278	7	credit	credit	NOUN
arjefm-70	278	8	,	,	PUNCT
arjefm-70	278	9	10(4	10(4	NUM
arjefm-70	278	10	)	)	PUNCT
arjefm-70	278	11	,	,	PUNCT
arjefm-70	278	12	464	464	NUM
arjefm-70	278	13	-	-	SYM
arjefm-70	278	14	475	475	NUM
arjefm-70	278	15	.	.	PUNCT
arjefm-70	279	1	galbis	galbis	PROPN
arjefm-70	279	2	,	,	PUNCT
arjefm-70	279	3	v.	v.	PROPN
arjefm-70	279	4	(	(	PUNCT
arjefm-70	279	5	1977	1977	NUM
arjefm-70	279	6	)	)	PUNCT
arjefm-70	279	7	.	.	PUNCT
arjefm-70	280	1	financial	financial	ADJ
arjefm-70	280	2	intermediation	intermediation	NOUN
arjefm-70	280	3	and	and	CCONJ
arjefm-70	280	4	economic	economic	ADJ
arjefm-70	280	5	growth	growth	NOUN
arjefm-70	280	6	in	in	ADP
arjefm-70	280	7	less	less	ADV
arjefm-70	280	8	-	-	PUNCT
arjefm-70	280	9	developed	develop	VERB
arjefm-70	280	10	countries	country	NOUN
arjefm-70	280	11	:	:	PUNCT
arjefm-70	280	12	a	a	DET
arjefm-70	280	13	theoritical	theoritical	ADJ
arjefm-70	280	14	approach	approach	NOUN
arjefm-70	280	15	.	.	PUNCT
arjefm-70	281	1	journal	journal	PROPN
arjefm-70	281	2	of	of	ADP
arjefm-70	281	3	development	development	NOUN
arjefm-70	281	4	economics	economic	NOUN
arjefm-70	281	5	,	,	PUNCT
arjefm-70	281	6	13	13	NUM
arjefm-70	281	7	,	,	PUNCT
arjefm-70	281	8	58	58	NUM
arjefm-70	281	9	-	-	SYM
arjefm-70	281	10	72	72	NUM
arjefm-70	281	11	.	.	PUNCT
arjefm-70	282	1	giovannini	giovannini	PROPN
arjefm-70	282	2	,	,	PUNCT
arjefm-70	282	3	a.	a.	NOUN
arjefm-70	282	4	(	(	PUNCT
arjefm-70	282	5	1983	1983	NUM
arjefm-70	282	6	)	)	PUNCT
arjefm-70	282	7	.	.	PUNCT
arjefm-70	283	1	the	the	DET
arjefm-70	283	2	interest	interest	NOUN
arjefm-70	283	3	elasticity	elasticity	NOUN
arjefm-70	283	4	of	of	ADP
arjefm-70	283	5	saving	save	VERB
arjefm-70	283	6	in	in	ADP
arjefm-70	283	7	developing	develop	VERB
arjefm-70	283	8	countries	country	NOUN
arjefm-70	283	9	:	:	PUNCT
arjefm-70	283	10	the	the	DET
arjefm-70	283	11	existing	exist	VERB
arjefm-70	283	12	evidence	evidence	NOUN
arjefm-70	283	13	.	.	PUNCT
arjefm-70	284	1	world	world	NOUN
arjefm-70	284	2	development	development	PROPN
arjefm-70	284	3	,	,	PUNCT
arjefm-70	284	4	11(7	11(7	NUM
arjefm-70	284	5	)	)	PUNCT
arjefm-70	284	6	,	,	PUNCT
arjefm-70	284	7	601	601	NUM
arjefm-70	284	8	-	-	SYM
arjefm-70	284	9	607	607	NUM
arjefm-70	284	10	.	.	PUNCT
arjefm-70	285	1	givannini	givannini	NOUN
arjefm-70	285	2	,	,	PUNCT
arjefm-70	285	3	a.	a.	NOUN
arjefm-70	285	4	(	(	PUNCT
arjefm-70	285	5	1985	1985	NUM
arjefm-70	285	6	)	)	PUNCT
arjefm-70	285	7	.	.	PUNCT
arjefm-70	286	1	savings	saving	NOUN
arjefm-70	286	2	and	and	CCONJ
arjefm-70	286	3	the	the	DET
arjefm-70	286	4	real	real	ADJ
arjefm-70	286	5	interest	interest	NOUN
arjefm-70	286	6	in	in	ADP
arjefm-70	286	7	ldc	ldc	PROPN
arjefm-70	286	8	's	's	PART
arjefm-70	286	9	.	.	PUNCT
arjefm-70	286	10	journal	journal	PROPN
arjefm-70	286	11	of	of	ADP
arjefm-70	286	12	development	development	NOUN
arjefm-70	286	13	economics	economic	NOUN
arjefm-70	286	14	,	,	PUNCT
arjefm-70	286	15	197217	197217	NUM
arjefm-70	286	16	.	.	PUNCT
arjefm-70	287	1	greene	greene	PROPN
arjefm-70	287	2	,	,	PUNCT
arjefm-70	287	3	j.	j.	PROPN
arjefm-70	287	4	,	,	PUNCT
arjefm-70	287	5	&	&	CCONJ
arjefm-70	287	6	villanueva	villanueva	PROPN
arjefm-70	287	7	,	,	PUNCT
arjefm-70	287	8	d.	d.	PROPN
arjefm-70	287	9	(	(	PUNCT
arjefm-70	287	10	1991	1991	NUM
arjefm-70	287	11	)	)	PUNCT
arjefm-70	287	12	.	.	PUNCT
arjefm-70	288	1	private	private	ADJ
arjefm-70	288	2	investment	investment	NOUN
arjefm-70	288	3	in	in	ADP
arjefm-70	288	4	developing	develop	VERB
arjefm-70	288	5	countries	country	NOUN
arjefm-70	288	6	.	.	PUNCT
arjefm-70	289	1	imf	imf	PROPN
arjefm-70	289	2	staff	staff	NOUN
arjefm-70	289	3	papers	paper	NOUN
arjefm-70	289	4	,	,	PUNCT
arjefm-70	289	5	38(1	38(1	NUM
arjefm-70	289	6	)	)	PUNCT
arjefm-70	289	7	,	,	PUNCT
arjefm-70	289	8	33	33	NUM
arjefm-70	289	9	-	-	SYM
arjefm-70	289	10	58	58	NUM
arjefm-70	289	11	.	.	PUNCT
arjefm-70	290	1	guillaumont	guillaumont	VERB
arjefm-70	290	2	,	,	PUNCT
arjefm-70	290	3	s.	s.	PROPN
arjefm-70	290	4	and	and	CCONJ
arjefm-70	290	5	kpodar	kpodar	PROPN
arjefm-70	290	6	,	,	PUNCT
arjefm-70	290	7	k.	k.	PROPN
arjefm-70	290	8	(	(	PUNCT
arjefm-70	290	9	2006	2006	NUM
arjefm-70	290	10	)	)	PUNCT
arjefm-70	290	11	.	.	PUNCT
arjefm-70	291	1	developpement	developpement	PROPN
arjefm-70	291	2	financier	financier	NOUN
arjefm-70	291	3	,	,	PUNCT
arjefm-70	291	4	instabilté	instabilté	PROPN
arjefm-70	291	5	financière	financière	PROPN
arjefm-70	291	6	et	et	PROPN
arjefm-70	291	7	croissance	croissance	PROPN
arjefm-70	291	8	économique	économique	PROPN
arjefm-70	291	9	.	.	PUNCT
arjefm-70	292	1	economie	economie	PROPN
arjefm-70	292	2	&	&	CCONJ
arjefm-70	292	3	prévision	prévision	PROPN
arjefm-70	292	4	(	(	PUNCT
arjefm-70	292	5	174	174	NUM
arjefm-70	292	6	)	)	PUNCT
arjefm-70	292	7	,	,	PUNCT
arjefm-70	292	8	87	87	NUM
arjefm-70	292	9	-	-	SYM
arjefm-70	292	10	111	111	NUM
arjefm-70	292	11	.	.	PUNCT
arjefm-70	293	1	i	i	PRON
arjefm-70	293	2	m	m	PROPN
arjefm-70	293	3	,	,	PUNCT
arjefm-70	293	4	k.	k.	PROPN
arjefm-70	293	5	s.	s.	PROPN
arjefm-70	293	6	,	,	PUNCT
arjefm-70	293	7	pesaran	pesaran	VERB
arjefm-70	293	8	,	,	PUNCT
arjefm-70	293	9	m.	m.	NOUN
arjefm-70	293	10	h.	h.	PROPN
arjefm-70	293	11	and	and	CCONJ
arjefm-70	293	12	shin	shin	PROPN
arjefm-70	293	13	,	,	PUNCT
arjefm-70	293	14	y.	y.	PROPN
arjefm-70	293	15	(	(	PUNCT
arjefm-70	293	16	2003	2003	NUM
arjefm-70	293	17	)	)	PUNCT
arjefm-70	293	18	.	.	PUNCT
arjefm-70	294	1	testing	test	VERB
arjefm-70	294	2	for	for	ADP
arjefm-70	294	3	unit	unit	NOUN
arjefm-70	294	4	roots	root	NOUN
arjefm-70	294	5	in	in	ADP
arjefm-70	294	6	heterogeneous	heterogeneous	ADJ
arjefm-70	294	7	panels	panel	NOUN
arjefm-70	294	8	.	.	PUNCT
arjefm-70	295	1	journal	journal	PROPN
arjefm-70	295	2	of	of	ADP
arjefm-70	295	3	econometrics	econometric	NOUN
arjefm-70	295	4	,	,	PUNCT
arjefm-70	295	5	115(1	115(1	NUM
arjefm-70	295	6	)	)	PUNCT
arjefm-70	295	7	,	,	PUNCT
arjefm-70	295	8	53	53	NUM
arjefm-70	295	9	-	-	SYM
arjefm-70	295	10	74	74	NUM
arjefm-70	295	11	.	.	PUNCT
arjefm-70	296	1	kapur	kapur	PROPN
arjefm-70	296	2	,	,	PUNCT
arjefm-70	296	3	b.	b.	PROPN
arjefm-70	296	4	k.	k.	PROPN
arjefm-70	296	5	(	(	PUNCT
arjefm-70	296	6	1976	1976	NUM
arjefm-70	296	7	)	)	PUNCT
arjefm-70	296	8	.	.	PUNCT
arjefm-70	297	1	alternative	alternative	ADJ
arjefm-70	297	2	stabilisation	stabilisation	NOUN
arjefm-70	297	3	policies	policy	NOUN
arjefm-70	297	4	for	for	ADP
arjefm-70	297	5	less	less	ADJ
arjefm-70	297	6	developed	developed	ADJ
arjefm-70	297	7	countries	country	NOUN
arjefm-70	297	8	.	.	PUNCT
arjefm-70	298	1	journal	journal	NOUN
arjefm-70	298	2	of	of	ADP
arjefm-70	298	3	political	political	ADJ
arjefm-70	298	4	economy	economy	NOUN
arjefm-70	298	5	,	,	PUNCT
arjefm-70	298	6	84(4	84(4	NUM
arjefm-70	298	7	)	)	PUNCT
arjefm-70	298	8	,	,	PUNCT
arjefm-70	298	9	777	777	NUM
arjefm-70	298	10	-	-	SYM
arjefm-70	298	11	795	795	NUM
arjefm-70	298	12	.	.	PUNCT
arjefm-70	299	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	299	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-70	300	1	american	american	PROPN
arjefm-70	300	2	research	research	PROPN
arjefm-70	300	3	journal	journal	PROPN
arjefm-70	300	4	of	of	ADP
arjefm-70	300	5	economics	economic	NOUN
arjefm-70	300	6	,	,	PUNCT
arjefm-70	300	7	finance	finance	NOUN
arjefm-70	300	8	and	and	CCONJ
arjefm-70	300	9	management	management	NOUN
arjefm-70	300	10	volume	volume	NOUN
arjefm-70	300	11	10	10	NUM
arjefm-70	300	12	issue	issue	NOUN
arjefm-70	300	13	3	3	NUM
arjefm-70	300	14	,	,	PUNCT
arjefm-70	300	15	july	july	PROPN
arjefm-70	300	16	-	-	PUNCT
arjefm-70	300	17	september	september	PROPN
arjefm-70	300	18	2022	2022	NUM
arjefm-70	300	19	issn	issn	NOUN
arjefm-70	300	20	:	:	PUNCT
arjefm-70	300	21	2836	2836	NUM
arjefm-70	300	22	-	-	SYM
arjefm-70	300	23	9416	9416	NUM
arjefm-70	300	24	impact	impact	NOUN
arjefm-70	300	25	factor	factor	NOUN
arjefm-70	300	26	:	:	PUNCT
arjefm-70	300	27	4.85	4.85	NUM
arjefm-70	300	28	journal	journal	NOUN
arjefm-70	300	29	homepage	homepage	NOUN
arjefm-70	300	30	:	:	PUNCT
arjefm-70	300	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	300	32	,	,	PUNCT
arjefm-70	300	33	email	email	NOUN
arjefm-70	300	34	:	:	PUNCT
arjefm-70	301	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	301	2	official	official	ADJ
arjefm-70	301	3	journal	journal	PROPN
arjefm-70	301	4	of	of	ADP
arjefm-70	301	5	america	america	PROPN
arjefm-70	301	6	serial	serial	PROPN
arjefm-70	301	7	publication	publication	NOUN
arjefm-70	301	8	american	american	PROPN
arjefm-70	301	9	research	research	PROPN
arjefm-70	301	10	journal	journal	PROPN
arjefm-70	301	11	of	of	ADP
arjefm-70	301	12	economics	economic	NOUN
arjefm-70	301	13	,	,	PUNCT
arjefm-70	301	14	finance	finance	NOUN
arjefm-70	301	15	and	and	CCONJ
arjefm-70	301	16	management	management	NOUN
arjefm-70	301	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	301	18	,	,	PUNCT
arjefm-70	301	19	email	email	NOUN
arjefm-70	301	20	:	:	PUNCT
arjefm-70	301	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-70	302	1	29	29	NUM
arjefm-70	303	1	|	|	ADV
arjefm-70	303	2	p	p	X
arjefm-70	303	3	a	a	DET
arjefm-70	303	4	g	g	NOUN
arjefm-70	303	5	e	e	NOUN
arjefm-70	303	6	kiviet	kiviet	PROPN
arjefm-70	303	7	,	,	PUNCT
arjefm-70	303	8	j.f	j.f	PROPN
arjefm-70	303	9	.	.	PROPN
arjefm-70	303	10	(	(	PUNCT
arjefm-70	303	11	1995	1995	NUM
arjefm-70	303	12	)	)	PUNCT
arjefm-70	303	13	.	.	PUNCT
arjefm-70	304	1	on	on	ADP
arjefm-70	304	2	bias	bias	NOUN
arjefm-70	304	3	,	,	PUNCT
arjefm-70	304	4	inconsistency	inconsistency	NOUN
arjefm-70	304	5	and	and	CCONJ
arjefm-70	304	6	efficiency	efficiency	NOUN
arjefm-70	304	7	of	of	ADP
arjefm-70	304	8	various	various	ADJ
arjefm-70	304	9	estimators	estimator	NOUN
arjefm-70	304	10	in	in	ADP
arjefm-70	304	11	dynamic	dynamic	ADJ
arjefm-70	304	12	panel	panel	NOUN
arjefm-70	304	13	models.journal	models.journal	ADJ
arjefm-70	304	14	of	of	ADP
arjefm-70	304	15	econometrics	econometric	NOUN
arjefm-70	304	16	,	,	PUNCT
arjefm-70	304	17	vol	vol	NOUN
arjefm-70	304	18	.	.	PROPN
arjefm-70	304	19	68	68	NUM
arjefm-70	304	20	,	,	PUNCT
arjefm-70	304	21	53	53	NUM
arjefm-70	304	22	-	-	SYM
arjefm-70	304	23	87	87	NUM
arjefm-70	304	24	.	.	PUNCT
arjefm-70	304	25	mathieson	mathieson	PROPN
arjefm-70	304	26	,	,	PUNCT
arjefm-70	304	27	d.	d.	PROPN
arjefm-70	304	28	j.	j.	PROPN
arjefm-70	304	29	(	(	PUNCT
arjefm-70	304	30	1979	1979	NUM
arjefm-70	304	31	)	)	PUNCT
arjefm-70	304	32	.	.	PUNCT
arjefm-70	305	1	financial	financial	ADJ
arjefm-70	305	2	reform	reform	NOUN
arjefm-70	305	3	and	and	CCONJ
arjefm-70	305	4	capital	capital	NOUN
arjefm-70	305	5	flows	flow	NOUN
arjefm-70	305	6	in	in	ADP
arjefm-70	305	7	a	a	DET
arjefm-70	305	8	developing	develop	VERB
arjefm-70	305	9	economy	economy	NOUN
arjefm-70	305	10	.	.	PUNCT
arjefm-70	306	1	imf	imf	PROPN
arjefm-70	306	2	staff	staff	NOUN
arjefm-70	306	3	papers	paper	NOUN
arjefm-70	306	4	,	,	PUNCT
arjefm-70	306	5	26(3	26(3	NUM
arjefm-70	306	6	)	)	PUNCT
arjefm-70	306	7	,	,	PUNCT
arjefm-70	306	8	450	450	NUM
arjefm-70	306	9	-	-	SYM
arjefm-70	306	10	489	489	NUM
arjefm-70	306	11	.	.	PUNCT
arjefm-70	307	1	mckinnon	mckinnon	PROPN
arjefm-70	307	2	,	,	PUNCT
arjefm-70	307	3	r.	r.	PROPN
arjefm-70	307	4	i.	i.	PROPN
arjefm-70	307	5	(	(	PUNCT
arjefm-70	307	6	1973	1973	NUM
arjefm-70	307	7	)	)	PUNCT
arjefm-70	307	8	.	.	PUNCT
arjefm-70	308	1	money	money	NOUN
arjefm-70	308	2	and	and	CCONJ
arjefm-70	308	3	capital	capital	NOUN
arjefm-70	308	4	in	in	ADP
arjefm-70	308	5	economic	economic	ADJ
arjefm-70	308	6	development	development	NOUN
arjefm-70	308	7	.	.	PUNCT
arjefm-70	309	1	washington	washington	PROPN
arjefm-70	309	2	dc	dc	PROPN
arjefm-70	309	3	:	:	PUNCT
arjefm-70	309	4	brookings	brookings	PROPN
arjefm-70	309	5	instiution	instiution	PROPN
arjefm-70	309	6	.	.	PUNCT
arjefm-70	310	1	mwega	mwega	PROPN
arjefm-70	310	2	,	,	PUNCT
arjefm-70	310	3	f.	f.	PROPN
arjefm-70	310	4	and	and	CCONJ
arjefm-70	310	5	ngola	ngola	PROPN
arjefm-70	310	6	,	,	PUNCT
arjefm-70	310	7	s.	s.	PROPN
arjefm-70	310	8	(	(	PUNCT
arjefm-70	310	9	1991	1991	NUM
arjefm-70	310	10	)	)	PUNCT
arjefm-70	310	11	.	.	PUNCT
arjefm-70	311	1	the	the	DET
arjefm-70	311	2	role	role	NOUN
arjefm-70	311	3	of	of	ADP
arjefm-70	311	4	interest	interest	NOUN
arjefm-70	311	5	rates	rate	NOUN
arjefm-70	311	6	in	in	ADP
arjefm-70	311	7	the	the	DET
arjefm-70	311	8	mobilization	mobilization	NOUN
arjefm-70	311	9	of	of	ADP
arjefm-70	311	10	private	private	ADJ
arjefm-70	311	11	savings	saving	NOUN
arjefm-70	311	12	in	in	ADP
arjefm-70	311	13	africa	africa	PROPN
arjefm-70	311	14	:	:	PUNCT
arjefm-70	311	15	a	a	DET
arjefm-70	311	16	case	case	NOUN
arjefm-70	311	17	study	study	NOUN
arjefm-70	311	18	of	of	ADP
arjefm-70	311	19	kenya	kenya	PROPN
arjefm-70	311	20	.	.	PUNCT
arjefm-70	312	1	journal	journal	PROPN
arjefm-70	312	2	of	of	ADP
arjefm-70	312	3	economics	economic	NOUN
arjefm-70	312	4	and	and	CCONJ
arjefm-70	312	5	finance	finance	NOUN
arjefm-70	312	6	,	,	PUNCT
arjefm-70	312	7	1(1	1(1	NUM
arjefm-70	312	8	)	)	PUNCT
arjefm-70	312	9	,	,	PUNCT
arjefm-70	312	10	1	1	NUM
arjefm-70	312	11	-	-	SYM
arjefm-70	312	12	14	14	NUM
arjefm-70	312	13	.	.	PUNCT
arjefm-70	313	1	naddem	naddem	PROPN
arjefm-70	313	2	,	,	PUNCT
arjefm-70	313	3	a.	a.	PROPN
arjefm-70	313	4	,	,	PUNCT
arjefm-70	313	5	khalil	khalil	PROPN
arjefm-70	313	6	,	,	PUNCT
arjefm-70	313	7	j.	j.	PROPN
arjefm-70	313	8	and	and	CCONJ
arjefm-70	313	9	irfan	irfan	PROPN
arjefm-70	313	10	,	,	PUNCT
arjefm-70	313	11	u.	u.	PROPN
arjefm-70	313	12	(	(	PUNCT
arjefm-70	313	13	2016	2016	NUM
arjefm-70	313	14	)	)	PUNCT
arjefm-70	313	15	.	.	PUNCT
arjefm-70	314	1	impact	impact	NOUN
arjefm-70	314	2	of	of	ADP
arjefm-70	314	3	interest	interest	NOUN
arjefm-70	314	4	rate	rate	NOUN
arjefm-70	314	5	on	on	ADP
arjefm-70	314	6	private	private	ADJ
arjefm-70	314	7	sector	sector	NOUN
arjefm-70	314	8	credit	credit	NOUN
arjefm-70	314	9	:	:	PUNCT
arjefm-70	314	10	evidence	evidence	NOUN
arjefm-70	314	11	from	from	ADP
arjefm-70	314	12	pakistan	pakistan	PROPN
arjefm-70	314	13	.	.	PUNCT
arjefm-70	315	1	jinnah	jinnah	PROPN
arjefm-70	315	2	business	business	PROPN
arjefm-70	315	3	review	review	PROPN
arjefm-70	315	4	,	,	PUNCT
arjefm-70	315	5	4(1	4(1	NOUN
arjefm-70	315	6	)	)	PUNCT
arjefm-70	315	7	,	,	PUNCT
arjefm-70	315	8	47	47	NUM
arjefm-70	315	9	-	-	SYM
arjefm-70	315	10	52	52	NUM
arjefm-70	315	11	.	.	PUNCT
arjefm-70	316	1	onwumere	onwumere	PROPN
arjefm-70	316	2	,	,	PUNCT
arjefm-70	316	3	j.	j.	PROPN
arjefm-70	316	4	,	,	PUNCT
arjefm-70	316	5	okore	okore	ADV
arjefm-70	316	6	,	,	PUNCT
arjefm-70	316	7	a.	a.	NOUN
arjefm-70	316	8	and	and	CCONJ
arjefm-70	316	9	imo	imo	ADV
arjefm-70	316	10	,	,	PUNCT
arjefm-70	316	11	g.	g.	PROPN
arjefm-70	316	12	(	(	PUNCT
arjefm-70	316	13	2012	2012	NUM
arjefm-70	316	14	)	)	PUNCT
arjefm-70	316	15	.	.	PUNCT
arjefm-70	317	1	the	the	DET
arjefm-70	317	2	impact	impact	NOUN
arjefm-70	317	3	of	of	ADP
arjefm-70	317	4	interest	interest	NOUN
arjefm-70	317	5	rate	rate	NOUN
arjefm-70	317	6	liberalization	liberalization	NOUN
arjefm-70	317	7	on	on	ADP
arjefm-70	317	8	savings	saving	NOUN
arjefm-70	317	9	and	and	CCONJ
arjefm-70	317	10	investment	investment	NOUN
arjefm-70	317	11	:	:	PUNCT
arjefm-70	317	12	evidence	evidence	NOUN
arjefm-70	317	13	from	from	ADP
arjefm-70	317	14	nigeria	nigeria	PROPN
arjefm-70	317	15	.	.	PUNCT
arjefm-70	318	1	journal	journal	PROPN
arjefm-70	318	2	of	of	ADP
arjefm-70	318	3	finance	finance	NOUN
arjefm-70	318	4	and	and	CCONJ
arjefm-70	318	5	accounting	accounting	NOUN
arjefm-70	318	6	,	,	PUNCT
arjefm-70	318	7	3(10	3(10	NUM
arjefm-70	318	8	)	)	PUNCT
arjefm-70	318	9	,	,	PUNCT
arjefm-70	318	10	130	130	NUM
arjefm-70	318	11	-	-	SYM
arjefm-70	318	12	136	136	NUM
arjefm-70	318	13	.	.	PUNCT
arjefm-70	319	1	pedroni	pedroni	NOUN
arjefm-70	319	2	,	,	PUNCT
arjefm-70	319	3	p.	p.	NOUN
arjefm-70	319	4	(	(	PUNCT
arjefm-70	319	5	1999	1999	NUM
arjefm-70	319	6	)	)	PUNCT
arjefm-70	319	7	.	.	PUNCT
arjefm-70	320	1	critical	critical	ADJ
arjefm-70	320	2	values	value	NOUN
arjefm-70	320	3	for	for	ADP
arjefm-70	320	4	coinegration	coinegration	NOUN
arjefm-70	320	5	tests	test	NOUN
arjefm-70	320	6	in	in	ADP
arjefm-70	320	7	heterogeneous	heterogeneous	ADJ
arjefm-70	320	8	panels	panel	NOUN
arjefm-70	320	9	with	with	ADP
arjefm-70	320	10	multiple	multiple	ADJ
arjefm-70	320	11	regressors	regressor	NOUN
arjefm-70	320	12	.	.	PUNCT
arjefm-70	321	1	oxford	oxford	ADJ
arjefm-70	321	2	bulletin	bulletin	NOUN
arjefm-70	321	3	of	of	ADP
arjefm-70	321	4	economics	economic	NOUN
arjefm-70	321	5	and	and	CCONJ
arjefm-70	321	6	statistics	statistic	NOUN
arjefm-70	321	7	,	,	PUNCT
arjefm-70	321	8	61	61	NUM
arjefm-70	321	9	,	,	PUNCT
arjefm-70	321	10	653	653	NUM
arjefm-70	321	11	-	-	SYM
arjefm-70	321	12	670	670	NUM
arjefm-70	321	13	.	.	PUNCT
arjefm-70	322	1	pesaran	pesaran	PROPN
arjefm-70	322	2	,	,	PUNCT
arjefm-70	322	3	m.	m.	PROPN
arjefm-70	322	4	h.	h.	PROPN
arjefm-70	322	5	,	,	PUNCT
arjefm-70	322	6	&	&	CCONJ
arjefm-70	322	7	smith	smith	PROPN
arjefm-70	322	8	,	,	PUNCT
arjefm-70	322	9	r.	r.	PROPN
arjefm-70	322	10	p.	p.	PROPN
arjefm-70	322	11	(	(	PUNCT
arjefm-70	322	12	1995	1995	NUM
arjefm-70	322	13	)	)	PUNCT
arjefm-70	322	14	.	.	PUNCT
arjefm-70	323	1	estimating	estimate	VERB
arjefm-70	323	2	long	long	ADV
arjefm-70	323	3	-	-	PUNCT
arjefm-70	323	4	run	run	NOUN
arjefm-70	323	5	relationship	relationship	NOUN
arjefm-70	323	6	from	from	ADP
arjefm-70	323	7	dynamic	dynamic	ADJ
arjefm-70	323	8	heterogeneous	heterogeneous	ADJ
arjefm-70	323	9	panel	panel	NOUN
arjefm-70	323	10	.	.	PUNCT
arjefm-70	324	1	journal	journal	PROPN
arjefm-70	324	2	of	of	ADP
arjefm-70	324	3	econometrics	econometric	NOUN
arjefm-70	324	4	,	,	PUNCT
arjefm-70	324	5	68(1	68(1	NOUN
arjefm-70	324	6	)	)	PUNCT
arjefm-70	324	7	,	,	PUNCT
arjefm-70	324	8	79	79	NUM
arjefm-70	324	9	-	-	SYM
arjefm-70	324	10	113	113	NUM
arjefm-70	324	11	.	.	PUNCT
arjefm-70	325	1	pesaran	pesaran	VERB
arjefm-70	325	2	,	,	PUNCT
arjefm-70	325	3	m.	m.	PROPN
arjefm-70	325	4	h.	h.	PROPN
arjefm-70	325	5	,	,	PUNCT
arjefm-70	325	6	shin	shin	PROPN
arjefm-70	325	7	,	,	PUNCT
arjefm-70	325	8	y.	y.	PROPN
arjefm-70	325	9	,	,	PUNCT
arjefm-70	325	10	&	&	CCONJ
arjefm-70	325	11	smith	smith	PROPN
arjefm-70	325	12	,	,	PUNCT
arjefm-70	325	13	r.	r.	PROPN
arjefm-70	325	14	p.	p.	PROPN
arjefm-70	325	15	(	(	PUNCT
arjefm-70	325	16	1999	1999	NUM
arjefm-70	325	17	)	)	PUNCT
arjefm-70	325	18	.	.	PUNCT
arjefm-70	326	1	pooled	pool	VERB
arjefm-70	326	2	mean	mean	PROPN
arjefm-70	326	3	group	group	NOUN
arjefm-70	326	4	estimation	estimation	NOUN
arjefm-70	326	5	of	of	ADP
arjefm-70	326	6	dynamic	dynamic	ADJ
arjefm-70	326	7	heterogeneous	heterogeneous	ADJ
arjefm-70	326	8	panels	panel	NOUN
arjefm-70	326	9	.	.	PUNCT
arjefm-70	327	1	journal	journal	PROPN
arjefm-70	327	2	of	of	ADP
arjefm-70	327	3	american	american	PROPN
arjefm-70	327	4	statistical	statistical	ADJ
arjefm-70	327	5	association	association	NOUN
arjefm-70	327	6	,	,	PUNCT
arjefm-70	327	7	94(446	94(446	NOUN
arjefm-70	327	8	)	)	PUNCT
arjefm-70	327	9	,	,	PUNCT
arjefm-70	327	10	621	621	NUM
arjefm-70	327	11	-	-	SYM
arjefm-70	327	12	634	634	NUM
arjefm-70	327	13	.	.	PUNCT
arjefm-70	328	1	reinhart	reinhart	PROPN
arjefm-70	328	2	c.	c.	PROPN
arjefm-70	328	3	et	et	PROPN
arjefm-70	328	4	tokatlidis	tokatlidis	PROPN
arjefm-70	328	5	i.	i.	PROPN
arjefm-70	328	6	(	(	PUNCT
arjefm-70	328	7	2003	2003	NUM
arjefm-70	328	8	)	)	PUNCT
arjefm-70	328	9	,	,	PUNCT
arjefm-70	328	10	financial	financial	ADJ
arjefm-70	328	11	liberalization	liberalization	NOUN
arjefm-70	328	12	:	:	PUNCT
arjefm-70	328	13	the	the	DET
arjefm-70	328	14	african	african	ADJ
arjefm-70	328	15	experience	experience	NOUN
arjefm-70	328	16	,	,	PUNCT
arjefm-70	328	17	journal	journal	NOUN
arjefm-70	328	18	of	of	ADP
arjefm-70	328	19	african	african	ADJ
arjefm-70	328	20	economies	economy	NOUN
arjefm-70	328	21	,	,	PUNCT
arjefm-70	328	22	vol	vol	NOUN
arjefm-70	328	23	.	.	PROPN
arjefm-70	328	24	12	12	NUM
arjefm-70	328	25	,	,	PUNCT
arjefm-70	328	26	octobre	octobre	PROPN
arjefm-70	328	27	2003	2003	NUM
arjefm-70	328	28	,	,	PUNCT
arjefm-70	328	29	p.	p.	NOUN
arjefm-70	328	30	53	53	NUM
arjefm-70	328	31	-	-	SYM
arjefm-70	328	32	88	88	NUM
arjefm-70	328	33	.	.	PUNCT
arjefm-70	329	1	saxegaard	saxegaard	ADJ
arjefm-70	329	2	,	,	PUNCT
arjefm-70	329	3	m.	m.	NOUN
arjefm-70	329	4	(	(	PUNCT
arjefm-70	329	5	2006	2006	NUM
arjefm-70	329	6	)	)	PUNCT
arjefm-70	329	7	.	.	PUNCT
arjefm-70	330	1	excess	excess	ADJ
arjefm-70	330	2	liquidity	liquidity	NOUN
arjefm-70	330	3	and	and	CCONJ
arjefm-70	330	4	effectiveness	effectiveness	NOUN
arjefm-70	330	5	of	of	ADP
arjefm-70	330	6	monetary	monetary	ADJ
arjefm-70	330	7	policy	policy	NOUN
arjefm-70	330	8	:	:	PUNCT
arjefm-70	330	9	evidence	evidence	NOUN
arjefm-70	330	10	from	from	ADP
arjefm-70	330	11	subsaharan	subsaharan	PROPN
arjefm-70	330	12	africa	africa	PROPN
arjefm-70	330	13	.	.	PUNCT
arjefm-70	331	1	imf	imf	PROPN
arjefm-70	331	2	working	working	PROPN
arjefm-70	331	3	paper	paper	PROPN
arjefm-70	331	4	no	no	INTJ
arjefm-70	331	5	.	.	PUNCT
arjefm-70	332	1	06/115	06/115	PROPN
arjefm-70	332	2	shaw	shaw	PROPN
arjefm-70	332	3	,	,	PUNCT
arjefm-70	332	4	e.	e.	PROPN
arjefm-70	332	5	s.	s.	PROPN
arjefm-70	332	6	(	(	PUNCT
arjefm-70	332	7	1973	1973	NUM
arjefm-70	332	8	)	)	PUNCT
arjefm-70	332	9	.	.	PUNCT
arjefm-70	333	1	financial	financial	ADJ
arjefm-70	333	2	deepening	deepen	VERB
arjefm-70	333	3	in	in	ADP
arjefm-70	333	4	economic	economic	ADJ
arjefm-70	333	5	growth	growth	NOUN
arjefm-70	333	6	.	.	PUNCT
arjefm-70	334	1	new	new	PROPN
arjefm-70	334	2	york	york	PROPN
arjefm-70	334	3	:	:	PUNCT
arjefm-70	334	4	oxford	oxford	PROPN
arjefm-70	334	5	university	university	PROPN
arjefm-70	334	6	press	press	NOUN
arjefm-70	334	7	.	.	PUNCT
arjefm-70	335	1	stiglitz	stiglitz	PROPN
arjefm-70	335	2	,	,	PUNCT
arjefm-70	335	3	j.	j.	PROPN
arjefm-70	335	4	and	and	CCONJ
arjefm-70	335	5	weiss	weiss	PROPN
arjefm-70	335	6	,	,	PUNCT
arjefm-70	335	7	a.	a.	NOUN
arjefm-70	335	8	(	(	PUNCT
arjefm-70	335	9	1981	1981	NUM
arjefm-70	335	10	)	)	PUNCT
arjefm-70	335	11	.	.	PUNCT
arjefm-70	336	1	credit	credit	NOUN
arjefm-70	336	2	rationing	ration	VERB
arjefm-70	336	3	in	in	ADP
arjefm-70	336	4	markets	market	NOUN
arjefm-70	336	5	with	with	ADP
arjefm-70	336	6	imperfect	imperfect	ADJ
arjefm-70	336	7	information	information	NOUN
arjefm-70	336	8	.	.	PUNCT
arjefm-70	337	1	american	american	PROPN
arjefm-70	337	2	economic	economic	PROPN
arjefm-70	337	3	review	review	PROPN
arjefm-70	337	4	,	,	PUNCT
arjefm-70	337	5	71(3	71(3	NUM
arjefm-70	337	6	)	)	PUNCT
arjefm-70	337	7	,	,	PUNCT
arjefm-70	337	8	393	393	NUM
arjefm-70	337	9	-	-	SYM
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arjefm-70	337	11	.	.	PUNCT
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arjefm-70	338	2	,	,	PUNCT
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arjefm-70	338	4	o.	o.	NOUN
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arjefm-70	338	6	2001	2001	NUM
arjefm-70	338	7	)	)	PUNCT
arjefm-70	338	8	.	.	PUNCT
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arjefm-70	339	2	de	de	X
arjefm-70	339	3	la	la	X
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arjefm-70	339	5	financière	financière	PROPN
arjefm-70	339	6	sur	sur	PROPN
arjefm-70	339	7	l'intermédiation	l'intermédiation	PROPN
arjefm-70	339	8	bancaire	bancaire	PROPN
arjefm-70	339	9	dans	dans	PROPN
arjefm-70	339	10	l’uemoa	l’uemoa	PROPN
arjefm-70	339	11	:	:	PUNCT
arjefm-70	339	12	essai	essai	PROPN
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arjefm-70	339	16	de	de	PROPN
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arjefm-70	340	4	.	.	PUNCT
arjefm-70	341	1	taylor	taylor	PROPN
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arjefm-70	341	6	)	)	PUNCT
arjefm-70	341	7	.	.	PUNCT
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arjefm-70	342	5	models	model	NOUN
arjefm-70	342	6	for	for	ADP
arjefm-70	342	7	the	the	DET
arjefm-70	342	8	third	third	ADJ
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arjefm-70	342	10	.	.	PUNCT
arjefm-70	343	1	new	new	PROPN
arjefm-70	343	2	york	york	PROPN
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arjefm-70	343	4	basic	basic	ADJ
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arjefm-70	344	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
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arjefm-70	345	6	,	,	PUNCT
arjefm-70	345	7	finance	finance	NOUN
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arjefm-70	345	10	volume	volume	NOUN
arjefm-70	345	11	10	10	NUM
arjefm-70	345	12	issue	issue	NOUN
arjefm-70	345	13	3	3	NUM
arjefm-70	345	14	,	,	PUNCT
arjefm-70	345	15	july	july	PROPN
arjefm-70	345	16	-	-	PUNCT
arjefm-70	345	17	september	september	PROPN
arjefm-70	345	18	2022	2022	NUM
arjefm-70	345	19	issn	issn	NOUN
arjefm-70	345	20	:	:	PUNCT
arjefm-70	345	21	2836	2836	NUM
arjefm-70	345	22	-	-	SYM
arjefm-70	345	23	9416	9416	NUM
arjefm-70	345	24	impact	impact	NOUN
arjefm-70	345	25	factor	factor	NOUN
arjefm-70	345	26	:	:	PUNCT
arjefm-70	345	27	4.85	4.85	NUM
arjefm-70	345	28	journal	journal	NOUN
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arjefm-70	345	30	:	:	PUNCT
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arjefm-70	345	32	,	,	PUNCT
arjefm-70	345	33	email	email	NOUN
arjefm-70	345	34	:	:	PUNCT
arjefm-70	346	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-70	346	2	official	official	ADJ
arjefm-70	346	3	journal	journal	PROPN
arjefm-70	346	4	of	of	ADP
arjefm-70	346	5	america	america	PROPN
arjefm-70	346	6	serial	serial	PROPN
arjefm-70	346	7	publication	publication	NOUN
arjefm-70	346	8	american	american	PROPN
arjefm-70	346	9	research	research	PROPN
arjefm-70	346	10	journal	journal	PROPN
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arjefm-70	346	12	economics	economic	NOUN
arjefm-70	346	13	,	,	PUNCT
arjefm-70	346	14	finance	finance	NOUN
arjefm-70	346	15	and	and	CCONJ
arjefm-70	346	16	management	management	NOUN
arjefm-70	346	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-70	346	18	,	,	PUNCT
arjefm-70	346	19	email	email	NOUN
arjefm-70	346	20	:	:	PUNCT
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arjefm-70	347	1	30	30	NUM
arjefm-70	348	1	|	|	ADV
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arjefm-70	348	3	a	a	DET
arjefm-70	348	4	g	g	NOUN
arjefm-70	348	5	e	e	NOUN
arjefm-70	348	6	wijnbergen	wijnbergen	NOUN
arjefm-70	348	7	,	,	PUNCT
arjefm-70	348	8	v.	v.	ADP
arjefm-70	348	9	s.	s.	PROPN
arjefm-70	348	10	(	(	PUNCT
arjefm-70	348	11	1983	1983	NUM
arjefm-70	348	12	)	)	PUNCT
arjefm-70	348	13	.	.	PUNCT
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arjefm-70	349	2	rate	rate	NOUN
arjefm-70	349	3	management	management	NOUN
arjefm-70	349	4	in	in	ADP
arjefm-70	349	5	ldc	ldc	PROPN
arjefm-70	349	6	's	's	PART
arjefm-70	349	7	.	.	PUNCT
arjefm-70	349	8	journal	journal	PROPN
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arjefm-70	349	11	economics	economic	NOUN
arjefm-70	349	12	,	,	PUNCT
arjefm-70	349	13	12(3	12(3	NUM
arjefm-70	349	14	)	)	PUNCT
arjefm-70	349	15	,	,	PUNCT
arjefm-70	349	16	433	433	NUM
arjefm-70	349	17	-	-	SYM
arjefm-70	349	18	452	452	NUM
arjefm-70	349	19	.	.	PUNCT
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arjefm-70	350	8	.	.	PUNCT
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arjefm-70	351	2	financière	financière	PROPN
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arjefm-70	351	7	:	:	PUNCT
arjefm-70	351	8	quel(s	quel(s	NOUN
arjefm-70	351	9	)	)	PUNCT
arjefm-70	351	10	lien(s	lien(s	PROPN
arjefm-70	351	11	)	)	PUNCT
arjefm-70	351	12	?	?	PUNCT
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arjefm-70	352	2	cread	cread	ADV
arjefm-70	352	3	(	(	PUNCT
arjefm-70	352	4	81	81	NUM
arjefm-70	352	5	-	-	SYM
arjefm-70	352	6	82	82	NUM
arjefm-70	352	7	)	)	PUNCT
arjefm-70	352	8	,	,	PUNCT
arjefm-70	352	9	171	171	NUM
arjefm-70	352	10	-	-	SYM
arjefm-70	352	11	198	198	NUM
arjefm-70	352	12	.	.	PUNCT
arjefm-70	353	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-70	353	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X