id	sid	tid	token	lemma	pos
arjefm-80	1	1	american	american	PROPN
arjefm-80	1	2	research	research	PROPN
arjefm-80	1	3	journal	journal	PROPN
arjefm-80	1	4	of	of	ADP
arjefm-80	1	5	economics	economic	NOUN
arjefm-80	1	6	,	,	PUNCT
arjefm-80	1	7	finance	finance	NOUN
arjefm-80	1	8	and	and	CCONJ
arjefm-80	1	9	management	management	NOUN
arjefm-80	1	10	volume	volume	NOUN
arjefm-80	1	11	11	11	NUM
arjefm-80	1	12	issue	issue	NOUN
arjefm-80	1	13	2	2	NUM
arjefm-80	1	14	,	,	PUNCT
arjefm-80	1	15	april	april	PROPN
arjefm-80	1	16	-	-	PUNCT
arjefm-80	1	17	june	june	PROPN
arjefm-80	1	18	2023	2023	NUM
arjefm-80	1	19	issn	issn	PROPN
arjefm-80	1	20	:	:	PUNCT
arjefm-80	1	21	2836	2836	NUM
arjefm-80	1	22	-	-	SYM
arjefm-80	1	23	9416	9416	NUM
arjefm-80	1	24	impact	impact	NOUN
arjefm-80	1	25	factor	factor	NOUN
arjefm-80	1	26	:	:	PUNCT
arjefm-80	1	27	5.57	5.57	NUM
arjefm-80	1	28	journal	journal	NOUN
arjefm-80	1	29	homepage	homepage	NOUN
arjefm-80	1	30	:	:	PUNCT
arjefm-80	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	1	32	,	,	PUNCT
arjefm-80	1	33	email	email	NOUN
arjefm-80	1	34	:	:	PUNCT
arjefm-80	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	1	36	official	official	ADJ
arjefm-80	1	37	journal	journal	PROPN
arjefm-80	1	38	of	of	ADP
arjefm-80	1	39	america	america	PROPN
arjefm-80	1	40	serial	serial	PROPN
arjefm-80	1	41	publication	publication	NOUN
arjefm-80	1	42	american	american	PROPN
arjefm-80	1	43	research	research	PROPN
arjefm-80	1	44	journal	journal	PROPN
arjefm-80	1	45	of	of	ADP
arjefm-80	1	46	economics	economic	NOUN
arjefm-80	1	47	,	,	PUNCT
arjefm-80	1	48	finance	finance	NOUN
arjefm-80	1	49	and	and	CCONJ
arjefm-80	1	50	management	management	NOUN
arjefm-80	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	1	52	,	,	PUNCT
arjefm-80	1	53	email	email	NOUN
arjefm-80	1	54	:	:	PUNCT
arjefm-80	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	2	1	1	1	NUM
arjefm-80	2	2	|	|	ADV
arjefm-80	2	3	p	p	X
arjefm-80	2	4	a	a	DET
arjefm-80	2	5	g	g	NOUN
arjefm-80	2	6	e	e	NOUN
arjefm-80	2	7	the	the	DET
arjefm-80	2	8	nexus	nexus	NOUN
arjefm-80	2	9	of	of	ADP
arjefm-80	2	10	government	government	NOUN
arjefm-80	2	11	expenditure	expenditure	NOUN
arjefm-80	2	12	and	and	CCONJ
arjefm-80	2	13	financing	financing	NOUN
arjefm-80	2	14	mechanisms	mechanism	NOUN
arjefm-80	2	15	:	:	PUNCT
arjefm-80	2	16	insights	insight	NOUN
arjefm-80	2	17	from	from	ADP
arjefm-80	2	18	ghana	ghana	PROPN
arjefm-80	2	19	dr	dr	PROPN
arjefm-80	2	20	.	.	PROPN
arjefm-80	2	21	esi	esi	PROPN
arjefm-80	2	22	ama	ama	PROPN
arjefm-80	2	23	anaman	anaman	PROPN
arjefm-80	2	24	department	department	PROPN
arjefm-80	2	25	of	of	ADP
arjefm-80	2	26	banking	banking	NOUN
arjefm-80	2	27	and	and	CCONJ
arjefm-80	2	28	finance	finance	NOUN
arjefm-80	2	29	,	,	PUNCT
arjefm-80	2	30	school	school	NOUN
arjefm-80	2	31	of	of	ADP
arjefm-80	2	32	business	business	NOUN
arjefm-80	2	33	,	,	PUNCT
arjefm-80	2	34	university	university	NOUN
arjefm-80	2	35	of	of	ADP
arjefm-80	2	36	education	education	NOUN
arjefm-80	2	37	,	,	PUNCT
arjefm-80	2	38	winneba	winneba	PROPN
arjefm-80	2	39	,	,	PUNCT
arjefm-80	2	40	ghana	ghana	PROPN
arjefm-80	2	41	abstract	abstract	NOUN
arjefm-80	2	42	:	:	PUNCT
arjefm-80	2	43	government	government	NOUN
arjefm-80	2	44	expenditure	expenditure	NOUN
arjefm-80	2	45	is	be	AUX
arjefm-80	2	46	a	a	DET
arjefm-80	2	47	pivotal	pivotal	ADJ
arjefm-80	2	48	driver	driver	NOUN
arjefm-80	2	49	of	of	ADP
arjefm-80	2	50	economic	economic	ADJ
arjefm-80	2	51	growth	growth	NOUN
arjefm-80	2	52	globally	globally	ADV
arjefm-80	2	53	,	,	PUNCT
arjefm-80	2	54	facilitating	facilitate	VERB
arjefm-80	2	55	infrastructure	infrastructure	NOUN
arjefm-80	2	56	development	development	NOUN
arjefm-80	2	57	and	and	CCONJ
arjefm-80	2	58	institutional	institutional	ADJ
arjefm-80	2	59	support	support	NOUN
arjefm-80	2	60	.	.	PUNCT
arjefm-80	3	1	however	however	ADV
arjefm-80	3	2	,	,	PUNCT
arjefm-80	3	3	the	the	DET
arjefm-80	3	4	financing	financing	NOUN
arjefm-80	3	5	channels	channel	NOUN
arjefm-80	3	6	for	for	ADP
arjefm-80	3	7	these	these	DET
arjefm-80	3	8	expenditures	expenditure	NOUN
arjefm-80	3	9	play	play	VERB
arjefm-80	3	10	a	a	DET
arjefm-80	3	11	crucial	crucial	ADJ
arjefm-80	3	12	role	role	NOUN
arjefm-80	3	13	in	in	ADP
arjefm-80	3	14	shaping	shape	VERB
arjefm-80	3	15	economic	economic	ADJ
arjefm-80	3	16	trajectories	trajectory	NOUN
arjefm-80	3	17	.	.	PUNCT
arjefm-80	4	1	this	this	DET
arjefm-80	4	2	paper	paper	NOUN
arjefm-80	4	3	delves	delve	VERB
arjefm-80	4	4	into	into	ADP
arjefm-80	4	5	the	the	DET
arjefm-80	4	6	intricate	intricate	ADJ
arjefm-80	4	7	relationship	relationship	NOUN
arjefm-80	4	8	between	between	ADP
arjefm-80	4	9	government	government	NOUN
arjefm-80	4	10	expenditure	expenditure	NOUN
arjefm-80	4	11	and	and	CCONJ
arjefm-80	4	12	its	its	PRON
arjefm-80	4	13	financing	financing	NOUN
arjefm-80	4	14	modes	mode	NOUN
arjefm-80	4	15	.	.	PUNCT
arjefm-80	5	1	while	while	SCONJ
arjefm-80	5	2	conventional	conventional	ADJ
arjefm-80	5	3	wisdom	wisdom	NOUN
arjefm-80	5	4	dictates	dictate	VERB
arjefm-80	5	5	that	that	SCONJ
arjefm-80	5	6	government	government	NOUN
arjefm-80	5	7	spending	spending	NOUN
arjefm-80	5	8	should	should	AUX
arjefm-80	5	9	primarily	primarily	ADV
arjefm-80	5	10	rely	rely	VERB
arjefm-80	5	11	on	on	ADP
arjefm-80	5	12	direct	direct	ADJ
arjefm-80	5	13	and	and	CCONJ
arjefm-80	5	14	indirect	indirect	ADJ
arjefm-80	5	15	taxes	taxis	NOUN
arjefm-80	5	16	,	,	PUNCT
arjefm-80	5	17	as	as	ADV
arjefm-80	5	18	well	well	ADV
arjefm-80	5	19	as	as	ADP
arjefm-80	5	20	nontax	nontax	ADJ
arjefm-80	5	21	revenues	revenue	NOUN
arjefm-80	5	22	,	,	PUNCT
arjefm-80	5	23	many	many	ADJ
arjefm-80	5	24	developing	develop	VERB
arjefm-80	5	25	nations	nation	NOUN
arjefm-80	5	26	resort	resort	VERB
arjefm-80	5	27	to	to	ADP
arjefm-80	5	28	borrowing	borrow	VERB
arjefm-80	5	29	to	to	PART
arjefm-80	5	30	bridge	bridge	VERB
arjefm-80	5	31	budgetary	budgetary	ADJ
arjefm-80	5	32	shortfalls	shortfall	NOUN
arjefm-80	5	33	.	.	PUNCT
arjefm-80	6	1	this	this	DET
arjefm-80	6	2	paper	paper	NOUN
arjefm-80	6	3	explores	explore	VERB
arjefm-80	6	4	the	the	DET
arjefm-80	6	5	dynamics	dynamic	NOUN
arjefm-80	6	6	of	of	ADP
arjefm-80	6	7	these	these	DET
arjefm-80	6	8	financing	financing	NOUN
arjefm-80	6	9	methods	method	NOUN
arjefm-80	6	10	and	and	CCONJ
arjefm-80	6	11	their	their	PRON
arjefm-80	6	12	mutual	mutual	ADJ
arjefm-80	6	13	influences	influence	NOUN
arjefm-80	6	14	.	.	PUNCT
arjefm-80	7	1	it	it	PRON
arjefm-80	7	2	sheds	shed	VERB
arjefm-80	7	3	light	light	NOUN
arjefm-80	7	4	on	on	ADP
arjefm-80	7	5	the	the	DET
arjefm-80	7	6	challenges	challenge	NOUN
arjefm-80	7	7	faced	face	VERB
arjefm-80	7	8	by	by	ADP
arjefm-80	7	9	governments	government	NOUN
arjefm-80	7	10	in	in	ADP
arjefm-80	7	11	balancing	balance	VERB
arjefm-80	7	12	their	their	PRON
arjefm-80	7	13	budgets	budget	NOUN
arjefm-80	7	14	and	and	CCONJ
arjefm-80	7	15	underscores	underscore	VERB
arjefm-80	7	16	the	the	DET
arjefm-80	7	17	imperative	imperative	NOUN
arjefm-80	7	18	of	of	ADP
arjefm-80	7	19	sustainable	sustainable	ADJ
arjefm-80	7	20	fiscal	fiscal	ADJ
arjefm-80	7	21	policies	policy	NOUN
arjefm-80	7	22	.	.	PUNCT
arjefm-80	8	1	keywords	keyword	NOUN
arjefm-80	8	2	:	:	PUNCT
arjefm-80	8	3	government	government	NOUN
arjefm-80	8	4	expenditure	expenditure	NOUN
arjefm-80	8	5	,	,	PUNCT
arjefm-80	8	6	financing	financing	NOUN
arjefm-80	8	7	channels	channel	NOUN
arjefm-80	8	8	,	,	PUNCT
arjefm-80	8	9	economic	economic	ADJ
arjefm-80	8	10	growth	growth	NOUN
arjefm-80	8	11	,	,	PUNCT
arjefm-80	8	12	fiscal	fiscal	ADJ
arjefm-80	8	13	policies	policy	NOUN
arjefm-80	8	14	developing	develop	VERB
arjefm-80	8	15	nations	nation	NOUN
arjefm-80	8	16	introduction	introduction	NOUN
arjefm-80	8	17	throughout	throughout	ADP
arjefm-80	8	18	the	the	DET
arjefm-80	8	19	world	world	NOUN
arjefm-80	8	20	,	,	PUNCT
arjefm-80	8	21	government	government	NOUN
arjefm-80	8	22	expenditure	expenditure	NOUN
arjefm-80	8	23	remains	remain	VERB
arjefm-80	8	24	an	an	DET
arjefm-80	8	25	avenue	avenue	NOUN
arjefm-80	8	26	that	that	PRON
arjefm-80	8	27	provides	provide	VERB
arjefm-80	8	28	a	a	DET
arjefm-80	8	29	strong	strong	ADJ
arjefm-80	8	30	impetus	impetus	NOUN
arjefm-80	8	31	for	for	ADP
arjefm-80	8	32	spurring	spur	VERB
arjefm-80	8	33	economic	economic	ADJ
arjefm-80	8	34	growth	growth	NOUN
arjefm-80	8	35	and	and	CCONJ
arjefm-80	8	36	indeed	indeed	ADV
arjefm-80	8	37	it	it	PRON
arjefm-80	8	38	is	be	AUX
arjefm-80	8	39	the	the	DET
arjefm-80	8	40	government	government	NOUN
arjefm-80	8	41	expenditure	expenditure	NOUN
arjefm-80	8	42	outlays	outlay	NOUN
arjefm-80	8	43	in	in	ADP
arjefm-80	8	44	every	every	DET
arjefm-80	8	45	economy	economy	NOUN
arjefm-80	8	46	that	that	PRON
arjefm-80	8	47	enable	enable	VERB
arjefm-80	8	48	the	the	DET
arjefm-80	8	49	state	state	NOUN
arjefm-80	8	50	to	to	PART
arjefm-80	8	51	create	create	VERB
arjefm-80	8	52	the	the	DET
arjefm-80	8	53	necessary	necessary	ADJ
arjefm-80	8	54	infrastructure	infrastructure	NOUN
arjefm-80	8	55	and	and	CCONJ
arjefm-80	8	56	the	the	DET
arjefm-80	8	57	relevant	relevant	ADJ
arjefm-80	8	58	institutional	institutional	ADJ
arjefm-80	8	59	mechanisms	mechanism	NOUN
arjefm-80	8	60	to	to	PART
arjefm-80	8	61	support	support	VERB
arjefm-80	8	62	the	the	DET
arjefm-80	8	63	multiplicity	multiplicity	NOUN
arjefm-80	8	64	of	of	ADP
arjefm-80	8	65	economic	economic	ADJ
arjefm-80	8	66	activities	activity	NOUN
arjefm-80	8	67	across	across	ADP
arjefm-80	8	68	the	the	DET
arjefm-80	8	69	spectrum	spectrum	NOUN
arjefm-80	8	70	.	.	PUNCT
arjefm-80	9	1	whilst	whilst	SCONJ
arjefm-80	9	2	it	it	PRON
arjefm-80	9	3	is	be	AUX
arjefm-80	9	4	recognized	recognize	VERB
arjefm-80	9	5	that	that	SCONJ
arjefm-80	9	6	the	the	DET
arjefm-80	9	7	government	government	NOUN
arjefm-80	9	8	expenditure	expenditure	NOUN
arjefm-80	9	9	is	be	AUX
arjefm-80	9	10	critical	critical	ADJ
arjefm-80	9	11	in	in	ADP
arjefm-80	9	12	every	every	DET
arjefm-80	9	13	economy	economy	NOUN
arjefm-80	9	14	,	,	PUNCT
arjefm-80	9	15	it	it	PRON
arjefm-80	9	16	must	must	AUX
arjefm-80	9	17	also	also	ADV
arjefm-80	9	18	be	be	AUX
arjefm-80	9	19	noted	note	VERB
arjefm-80	9	20	that	that	SCONJ
arjefm-80	9	21	such	such	ADJ
arjefm-80	9	22	expenditures	expenditure	NOUN
arjefm-80	9	23	are	be	AUX
arjefm-80	9	24	usually	usually	ADV
arjefm-80	9	25	greatly	greatly	ADV
arjefm-80	9	26	influenced	influence	VERB
arjefm-80	9	27	by	by	ADP
arjefm-80	9	28	the	the	DET
arjefm-80	9	29	financing	financing	NOUN
arjefm-80	9	30	channels	channel	NOUN
arjefm-80	9	31	through	through	ADP
arjefm-80	9	32	which	which	PRON
arjefm-80	9	33	the	the	DET
arjefm-80	9	34	expenditures	expenditure	NOUN
arjefm-80	9	35	are	be	AUX
arjefm-80	9	36	derived	derive	VERB
arjefm-80	9	37	.	.	PUNCT
arjefm-80	10	1	much	much	ADV
arjefm-80	10	2	as	as	SCONJ
arjefm-80	10	3	it	it	PRON
arjefm-80	10	4	is	be	AUX
arjefm-80	10	5	true	true	ADJ
arjefm-80	10	6	that	that	SCONJ
arjefm-80	10	7	the	the	DET
arjefm-80	10	8	trajectory	trajectory	NOUN
arjefm-80	10	9	of	of	ADP
arjefm-80	10	10	government	government	NOUN
arjefm-80	10	11	expenditure	expenditure	NOUN
arjefm-80	10	12	has	have	AUX
arjefm-80	10	13	riposte	riposte	VERB
arjefm-80	10	14	on	on	ADP
arjefm-80	10	15	the	the	DET
arjefm-80	10	16	various	various	ADJ
arjefm-80	10	17	financing	financing	NOUN
arjefm-80	10	18	modes	mode	NOUN
arjefm-80	10	19	,	,	PUNCT
arjefm-80	10	20	it	it	PRON
arjefm-80	10	21	is	be	AUX
arjefm-80	10	22	also	also	ADV
arjefm-80	10	23	equally	equally	ADV
arjefm-80	10	24	an	an	DET
arjefm-80	10	25	established	establish	VERB
arjefm-80	10	26	fact	fact	NOUN
arjefm-80	10	27	that	that	SCONJ
arjefm-80	10	28	these	these	DET
arjefm-80	10	29	financing	financing	NOUN
arjefm-80	10	30	modes	mode	NOUN
arjefm-80	10	31	can	can	AUX
arjefm-80	10	32	affect	affect	VERB
arjefm-80	10	33	each	each	DET
arjefm-80	10	34	other	other	ADJ
arjefm-80	10	35	.in	.in	PUNCT
arjefm-80	10	36	the	the	DET
arjefm-80	10	37	literature	literature	NOUN
arjefm-80	10	38	,	,	PUNCT
arjefm-80	10	39	there	there	PRON
arjefm-80	10	40	is	be	VERB
arjefm-80	10	41	seem	seem	ADJ
arjefm-80	10	42	to	to	PART
arjefm-80	10	43	be	be	AUX
arjefm-80	10	44	a	a	DET
arjefm-80	10	45	general	general	ADJ
arjefm-80	10	46	view	view	NOUN
arjefm-80	10	47	that	that	SCONJ
arjefm-80	10	48	government	government	NOUN
arjefm-80	10	49	expenditure	expenditure	NOUN
arjefm-80	10	50	must	must	AUX
arjefm-80	10	51	as	as	ADV
arjefm-80	10	52	much	much	ADV
arjefm-80	10	53	as	as	ADP
arjefm-80	10	54	possible	possible	ADJ
arjefm-80	10	55	be	be	AUX
arjefm-80	10	56	financed	finance	VERB
arjefm-80	10	57	from	from	ADP
arjefm-80	10	58	the	the	DET
arjefm-80	10	59	conventional	conventional	ADJ
arjefm-80	10	60	sourcesdirect	sourcesdirect	ADJ
arjefm-80	10	61	and	and	CCONJ
arjefm-80	10	62	indirect	indirect	ADJ
arjefm-80	10	63	tax	tax	NOUN
arjefm-80	10	64	as	as	ADV
arjefm-80	10	65	well	well	ADV
arjefm-80	10	66	as	as	ADP
arjefm-80	10	67	non	non	ADJ
arjefm-80	10	68	-	-	ADJ
arjefm-80	10	69	tax	tax	ADJ
arjefm-80	10	70	revenues	revenue	NOUN
arjefm-80	10	71	.	.	PUNCT
arjefm-80	11	1	however	however	ADV
arjefm-80	11	2	,	,	PUNCT
arjefm-80	11	3	in	in	ADP
arjefm-80	11	4	the	the	DET
arjefm-80	11	5	developing	develop	VERB
arjefm-80	11	6	world	world	NOUN
arjefm-80	11	7	especially	especially	ADV
arjefm-80	11	8	,	,	PUNCT
arjefm-80	11	9	it	it	PRON
arjefm-80	11	10	has	have	AUX
arjefm-80	11	11	become	become	VERB
arjefm-80	11	12	customary	customary	ADJ
arjefm-80	11	13	to	to	PART
arjefm-80	11	14	leverage	leverage	VERB
arjefm-80	11	15	on	on	ADP
arjefm-80	11	16	borrowing	borrowing	NOUN
arjefm-80	11	17	modes	mode	NOUN
arjefm-80	11	18	as	as	ADP
arjefm-80	11	19	a	a	DET
arjefm-80	11	20	way	way	NOUN
arjefm-80	11	21	of	of	ADP
arjefm-80	11	22	meeting	meet	VERB
arjefm-80	11	23	the	the	DET
arjefm-80	11	24	government	government	NOUN
arjefm-80	11	25	expenditure	expenditure	NOUN
arjefm-80	11	26	levels	level	NOUN
arjefm-80	11	27	required	require	VERB
arjefm-80	11	28	in	in	ADP
arjefm-80	11	29	the	the	DET
arjefm-80	11	30	budget	budget	NOUN
arjefm-80	11	31	plans	plan	NOUN
arjefm-80	11	32	as	as	ADP
arjefm-80	11	33	the	the	DET
arjefm-80	11	34	conventional	conventional	ADJ
arjefm-80	11	35	revenue	revenue	NOUN
arjefm-80	11	36	raising	raising	NOUN
arjefm-80	11	37	mechanisms	mechanism	NOUN
arjefm-80	11	38	always	always	ADV
arjefm-80	11	39	fall	fall	VERB
arjefm-80	11	40	way	way	ADV
arjefm-80	11	41	short	short	ADV
arjefm-80	11	42	of	of	ADP
arjefm-80	11	43	the	the	DET
arjefm-80	11	44	intended	intend	VERB
arjefm-80	11	45	targets	target	NOUN
arjefm-80	11	46	sufficient	sufficient	ADJ
arjefm-80	11	47	enough	enough	ADV
arjefm-80	11	48	for	for	SCONJ
arjefm-80	11	49	the	the	DET
arjefm-80	11	50	government	government	NOUN
arjefm-80	11	51	operations	operation	NOUN
arjefm-80	11	52	to	to	PART
arjefm-80	11	53	be	be	AUX
arjefm-80	11	54	pursued	pursue	VERB
arjefm-80	11	55	seamlessly	seamlessly	ADV
arjefm-80	11	56	.	.	PUNCT
arjefm-80	12	1	within	within	ADP
arjefm-80	12	2	these	these	DET
arjefm-80	12	3	contexts	contexts	NOUN
arjefm-80	12	4	,	,	PUNCT
arjefm-80	12	5	there	there	PRON
arjefm-80	12	6	has	have	AUX
arjefm-80	12	7	emerged	emerge	VERB
arjefm-80	12	8	a	a	DET
arjefm-80	12	9	strand	strand	NOUN
arjefm-80	12	10	of	of	ADP
arjefm-80	12	11	empirical	empirical	ADJ
arjefm-80	12	12	research	research	NOUN
arjefm-80	12	13	which	which	PRON
arjefm-80	12	14	seeks	seek	VERB
arjefm-80	12	15	to	to	PART
arjefm-80	12	16	examine	examine	VERB
arjefm-80	12	17	the	the	DET
arjefm-80	12	18	fiscal	fiscal	ADJ
arjefm-80	12	19	behaviours	behaviour	NOUN
arjefm-80	12	20	of	of	ADP
arjefm-80	12	21	governments	government	NOUN
arjefm-80	12	22	and	and	CCONJ
arjefm-80	12	23	in	in	ADP
arjefm-80	12	24	particular	particular	ADJ
arjefm-80	12	25	how	how	SCONJ
arjefm-80	12	26	the	the	DET
arjefm-80	12	27	availability	availability	NOUN
arjefm-80	12	28	of	of	ADP
arjefm-80	12	29	the	the	DET
arjefm-80	12	30	borrowing	borrowing	NOUN
arjefm-80	12	31	modes	mode	NOUN
arjefm-80	12	32	dampens	dampen	VERB
arjefm-80	12	33	the	the	DET
arjefm-80	12	34	resolve	resolve	NOUN
arjefm-80	12	35	of	of	ADP
arjefm-80	12	36	the	the	DET
arjefm-80	12	37	fiscal	fiscal	ADJ
arjefm-80	12	38	authorities	authority	NOUN
arjefm-80	12	39	to	to	PART
arjefm-80	12	40	be	be	AUX
arjefm-80	12	41	up	up	ADV
arjefm-80	12	42	and	and	CCONJ
arjefm-80	12	43	doing	do	VERB
arjefm-80	12	44	and	and	CCONJ
arjefm-80	12	45	maximize	maximize	VERB
arjefm-80	12	46	revenues	revenue	NOUN
arjefm-80	12	47	.	.	PUNCT
arjefm-80	13	1	this	this	PRON
arjefm-80	13	2	is	be	AUX
arjefm-80	13	3	wellarticulated	wellarticulate	VERB
arjefm-80	13	4	in	in	ADP
arjefm-80	13	5	the	the	DET
arjefm-80	13	6	early	early	ADJ
arjefm-80	13	7	studies	study	NOUN
arjefm-80	13	8	in	in	ADP
arjefm-80	13	9	fiscal	fiscal	ADJ
arjefm-80	13	10	behaviours	behaviour	NOUN
arjefm-80	13	11	;	;	PUNCT
arjefm-80	13	12	griffin	griffin	PROPN
arjefm-80	13	13	(	(	PUNCT
arjefm-80	13	14	1970	1970	NUM
arjefm-80	13	15	)	)	PUNCT
arjefm-80	13	16	,	,	PUNCT
arjefm-80	13	17	heller	heller	NOUN
arjefm-80	13	18	(	(	PUNCT
arjefm-80	13	19	1975	1975	NUM
arjefm-80	13	20	)	)	PUNCT
arjefm-80	13	21	and	and	CCONJ
arjefm-80	13	22	mosley	mosley	VERB
arjefm-80	13	23	et	et	NOUN
arjefm-80	13	24	al.(1987	al.(1987	PROPN
arjefm-80	13	25	)	)	PUNCT
arjefm-80	13	26	etc	etc	X
arjefm-80	13	27	.	.	X
arjefm-80	13	28	one	one	NUM
arjefm-80	13	29	important	important	ADJ
arjefm-80	13	30	aspect	aspect	NOUN
arjefm-80	13	31	of	of	ADP
arjefm-80	13	32	this	this	DET
arjefm-80	13	33	discussion	discussion	NOUN
arjefm-80	13	34	centers	center	NOUN
arjefm-80	13	35	on	on	ADP
arjefm-80	13	36	the	the	DET
arjefm-80	13	37	aid	aid	NOUN
arjefm-80	13	38	effect	effect	NOUN
arjefm-80	13	39	on	on	ADP
arjefm-80	13	40	the	the	DET
arjefm-80	13	41	other	other	ADJ
arjefm-80	13	42	financing	financing	NOUN
arjefm-80	13	43	modes	mode	NOUN
arjefm-80	13	44	and	and	CCONJ
arjefm-80	13	45	government	government	NOUN
arjefm-80	13	46	expenditure	expenditure	NOUN
arjefm-80	13	47	itself	itself	PRON
arjefm-80	13	48	.	.	PUNCT
arjefm-80	14	1	according	accord	VERB
arjefm-80	14	2	to	to	ADP
arjefm-80	14	3	osei	osei	PROPN
arjefm-80	14	4	,	,	PUNCT
arjefm-80	14	5	morrissey	morrissey	PROPN
arjefm-80	14	6	and	and	CCONJ
arjefm-80	14	7	lloyd	lloyd	PROPN
arjefm-80	14	8	(	(	PUNCT
arjefm-80	14	9	2005	2005	NUM
arjefm-80	14	10	)	)	PUNCT
arjefm-80	14	11	,	,	PUNCT
arjefm-80	14	12	studies	study	NOUN
arjefm-80	14	13	on	on	ADP
arjefm-80	14	14	the	the	DET
arjefm-80	14	15	effects	effect	NOUN
arjefm-80	14	16	of	of	ADP
arjefm-80	14	17	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	14	18	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	14	19	american	american	PROPN
arjefm-80	14	20	research	research	PROPN
arjefm-80	14	21	journal	journal	PROPN
arjefm-80	14	22	of	of	ADP
arjefm-80	14	23	economics	economic	NOUN
arjefm-80	14	24	,	,	PUNCT
arjefm-80	14	25	finance	finance	NOUN
arjefm-80	14	26	and	and	CCONJ
arjefm-80	14	27	management	management	NOUN
arjefm-80	14	28	volume	volume	NOUN
arjefm-80	14	29	11	11	NUM
arjefm-80	14	30	issue	issue	NOUN
arjefm-80	14	31	2	2	NUM
arjefm-80	14	32	,	,	PUNCT
arjefm-80	14	33	april	april	PROPN
arjefm-80	14	34	-	-	PUNCT
arjefm-80	14	35	june	june	PROPN
arjefm-80	14	36	2023	2023	NUM
arjefm-80	14	37	issn	issn	PROPN
arjefm-80	14	38	:	:	PUNCT
arjefm-80	14	39	2836	2836	NUM
arjefm-80	14	40	-	-	SYM
arjefm-80	14	41	9416	9416	NUM
arjefm-80	14	42	impact	impact	NOUN
arjefm-80	14	43	factor	factor	NOUN
arjefm-80	14	44	:	:	PUNCT
arjefm-80	14	45	5.57	5.57	NUM
arjefm-80	14	46	journal	journal	NOUN
arjefm-80	14	47	homepage	homepage	NOUN
arjefm-80	14	48	:	:	PUNCT
arjefm-80	14	49	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	14	50	,	,	PUNCT
arjefm-80	14	51	email	email	NOUN
arjefm-80	14	52	:	:	PUNCT
arjefm-80	14	53	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	14	54	official	official	ADJ
arjefm-80	14	55	journal	journal	PROPN
arjefm-80	14	56	of	of	ADP
arjefm-80	14	57	america	america	PROPN
arjefm-80	14	58	serial	serial	PROPN
arjefm-80	14	59	publication	publication	NOUN
arjefm-80	14	60	american	american	PROPN
arjefm-80	14	61	research	research	PROPN
arjefm-80	14	62	journal	journal	PROPN
arjefm-80	14	63	of	of	ADP
arjefm-80	14	64	economics	economic	NOUN
arjefm-80	14	65	,	,	PUNCT
arjefm-80	14	66	finance	finance	NOUN
arjefm-80	14	67	and	and	CCONJ
arjefm-80	14	68	management	management	NOUN
arjefm-80	14	69	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	14	70	,	,	PUNCT
arjefm-80	14	71	email	email	NOUN
arjefm-80	14	72	:	:	PUNCT
arjefm-80	14	73	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	15	1	2	2	NUM
arjefm-80	15	2	|	|	ADV
arjefm-80	15	3	p	p	X
arjefm-80	15	4	a	a	DET
arjefm-80	15	5	g	g	NOUN
arjefm-80	15	6	e	e	NOUN
arjefm-80	15	7	aid	aid	NOUN
arjefm-80	15	8	on	on	ADP
arjefm-80	15	9	fiscal	fiscal	ADJ
arjefm-80	15	10	behaviour	behaviour	NOUN
arjefm-80	15	11	can	can	AUX
arjefm-80	15	12	generally	generally	ADV
arjefm-80	15	13	be	be	AUX
arjefm-80	15	14	categorized	categorize	VERB
arjefm-80	15	15	into	into	ADP
arjefm-80	15	16	those	those	PRON
arjefm-80	15	17	which	which	PRON
arjefm-80	15	18	direct	direct	VERB
arjefm-80	15	19	their	their	PRON
arjefm-80	15	20	attention	attention	NOUN
arjefm-80	15	21	at	at	ADP
arjefm-80	15	22	investigating	investigate	VERB
arjefm-80	15	23	the	the	DET
arjefm-80	15	24	effects	effect	NOUN
arjefm-80	15	25	of	of	ADP
arjefm-80	15	26	aid	aid	NOUN
arjefm-80	15	27	on	on	ADP
arjefm-80	15	28	the	the	DET
arjefm-80	15	29	composition	composition	NOUN
arjefm-80	15	30	of	of	ADP
arjefm-80	15	31	government	government	NOUN
arjefm-80	15	32	expenditure	expenditure	NOUN
arjefm-80	15	33	and	and	CCONJ
arjefm-80	15	34	those	those	PRON
arjefm-80	15	35	which	which	PRON
arjefm-80	15	36	in	in	ADP
arjefm-80	15	37	addition	addition	NOUN
arjefm-80	15	38	to	to	ADP
arjefm-80	15	39	examining	examine	VERB
arjefm-80	15	40	the	the	DET
arjefm-80	15	41	effect	effect	NOUN
arjefm-80	15	42	of	of	ADP
arjefm-80	15	43	aid	aid	NOUN
arjefm-80	15	44	on	on	ADP
arjefm-80	15	45	the	the	DET
arjefm-80	15	46	allocation	allocation	NOUN
arjefm-80	15	47	of	of	ADP
arjefm-80	15	48	government	government	NOUN
arjefm-80	15	49	expenditures	expenditure	NOUN
arjefm-80	15	50	also	also	ADV
arjefm-80	15	51	assess	assess	VERB
arjefm-80	15	52	aid	aid	NOUN
arjefm-80	15	53	effect	effect	NOUN
arjefm-80	15	54	on	on	ADP
arjefm-80	15	55	tax	tax	NOUN
arjefm-80	15	56	effort	effort	NOUN
arjefm-80	15	57	and	and	CCONJ
arjefm-80	15	58	government	government	NOUN
arjefm-80	15	59	borrowing	borrowing	NOUN
arjefm-80	15	60	.	.	PUNCT
arjefm-80	16	1	in	in	ADP
arjefm-80	16	2	ghana	ghana	PROPN
arjefm-80	16	3	,	,	PUNCT
arjefm-80	16	4	just	just	ADV
arjefm-80	16	5	as	as	SCONJ
arjefm-80	16	6	in	in	ADP
arjefm-80	16	7	a	a	DET
arjefm-80	16	8	lot	lot	NOUN
arjefm-80	16	9	of	of	ADP
arjefm-80	16	10	the	the	DET
arjefm-80	16	11	developing	develop	VERB
arjefm-80	16	12	countries	country	NOUN
arjefm-80	16	13	,	,	PUNCT
arjefm-80	16	14	the	the	DET
arjefm-80	16	15	pressure	pressure	NOUN
arjefm-80	16	16	on	on	ADP
arjefm-80	16	17	successive	successive	ADJ
arjefm-80	16	18	governments	government	NOUN
arjefm-80	16	19	to	to	PART
arjefm-80	16	20	meet	meet	VERB
arjefm-80	16	21	the	the	DET
arjefm-80	16	22	aspirations	aspiration	NOUN
arjefm-80	16	23	of	of	ADP
arjefm-80	16	24	the	the	DET
arjefm-80	16	25	citizenry	citizenry	NOUN
arjefm-80	16	26	has	have	AUX
arjefm-80	16	27	meant	mean	VERB
arjefm-80	16	28	that	that	SCONJ
arjefm-80	16	29	government	government	NOUN
arjefm-80	16	30	has	have	VERB
arjefm-80	16	31	to	to	PART
arjefm-80	16	32	go	go	VERB
arjefm-80	16	33	out	out	ADP
arjefm-80	16	34	of	of	ADP
arjefm-80	16	35	the	the	DET
arjefm-80	16	36	way	way	NOUN
arjefm-80	16	37	to	to	PART
arjefm-80	16	38	find	find	VERB
arjefm-80	16	39	the	the	DET
arjefm-80	16	40	needed	need	VERB
arjefm-80	16	41	resources	resource	NOUN
arjefm-80	16	42	to	to	PART
arjefm-80	16	43	ensure	ensure	VERB
arjefm-80	16	44	that	that	SCONJ
arjefm-80	16	45	programmes	programme	NOUN
arjefm-80	16	46	and	and	CCONJ
arjefm-80	16	47	projects	project	NOUN
arjefm-80	16	48	are	be	AUX
arjefm-80	16	49	duly	duly	ADV
arjefm-80	16	50	executed	execute	VERB
arjefm-80	16	51	even	even	ADV
arjefm-80	16	52	against	against	ADP
arjefm-80	16	53	the	the	DET
arjefm-80	16	54	backdrop	backdrop	NOUN
arjefm-80	16	55	of	of	ADP
arjefm-80	16	56	insufficient	insufficient	ADJ
arjefm-80	16	57	revenue	revenue	NOUN
arjefm-80	16	58	generated	generate	VERB
arjefm-80	16	59	and	and	CCONJ
arjefm-80	16	60	this	this	DET
arjefm-80	16	61	situation	situation	NOUN
arjefm-80	16	62	has	have	AUX
arjefm-80	16	63	persisted	persist	VERB
arjefm-80	16	64	for	for	ADP
arjefm-80	16	65	a	a	DET
arjefm-80	16	66	long	long	ADJ
arjefm-80	16	67	time	time	NOUN
arjefm-80	16	68	.	.	PUNCT
arjefm-80	17	1	there	there	PRON
arjefm-80	17	2	are	be	VERB
arjefm-80	17	3	some	some	PRON
arjefm-80	17	4	who	who	PRON
arjefm-80	17	5	believe	believe	VERB
arjefm-80	17	6	strongly	strongly	ADV
arjefm-80	17	7	that	that	SCONJ
arjefm-80	17	8	this	this	PRON
arjefm-80	17	9	has	have	AUX
arjefm-80	17	10	continued	continue	VERB
arjefm-80	17	11	to	to	PART
arjefm-80	17	12	exist	exist	VERB
arjefm-80	17	13	because	because	SCONJ
arjefm-80	17	14	of	of	ADP
arjefm-80	17	15	the	the	DET
arjefm-80	17	16	opportunity	opportunity	NOUN
arjefm-80	17	17	which	which	PRON
arjefm-80	17	18	is	be	AUX
arjefm-80	17	19	always	always	ADV
arjefm-80	17	20	open	open	ADJ
arjefm-80	17	21	for	for	SCONJ
arjefm-80	17	22	the	the	DET
arjefm-80	17	23	government	government	NOUN
arjefm-80	17	24	to	to	PART
arjefm-80	17	25	look	look	VERB
arjefm-80	17	26	anywhere	anywhere	ADV
arjefm-80	17	27	to	to	PART
arjefm-80	17	28	fund	fund	VERB
arjefm-80	17	29	its	its	PRON
arjefm-80	17	30	activities	activity	NOUN
arjefm-80	17	31	even	even	ADV
arjefm-80	17	32	though	though	SCONJ
arjefm-80	17	33	government	government	NOUN
arjefm-80	17	34	could	could	AUX
arjefm-80	17	35	be	be	AUX
arjefm-80	17	36	more	more	ADV
arjefm-80	17	37	prudent	prudent	ADJ
arjefm-80	17	38	in	in	ADP
arjefm-80	17	39	staying	stay	VERB
arjefm-80	17	40	reasonably	reasonably	ADV
arjefm-80	17	41	within	within	ADP
arjefm-80	17	42	its	its	PRON
arjefm-80	17	43	revenues	revenue	NOUN
arjefm-80	17	44	limits	limit	NOUN
arjefm-80	17	45	or	or	CCONJ
arjefm-80	17	46	aggressively	aggressively	ADV
arjefm-80	17	47	pursuing	pursue	VERB
arjefm-80	17	48	the	the	DET
arjefm-80	17	49	much	much	ADV
arjefm-80	17	50	needed	need	VERB
arjefm-80	17	51	tax	tax	NOUN
arjefm-80	17	52	reforms	reform	NOUN
arjefm-80	17	53	which	which	PRON
arjefm-80	17	54	could	could	AUX
arjefm-80	17	55	result	result	VERB
arjefm-80	17	56	in	in	ADP
arjefm-80	17	57	enhanced	enhance	VERB
arjefm-80	17	58	revenue	revenue	NOUN
arjefm-80	17	59	collection	collection	NOUN
arjefm-80	17	60	.	.	PUNCT
arjefm-80	18	1	a	a	DET
arjefm-80	18	2	number	number	NOUN
arjefm-80	18	3	of	of	ADP
arjefm-80	18	4	questions	question	NOUN
arjefm-80	18	5	thus	thus	ADV
arjefm-80	18	6	arise	arise	VERB
arjefm-80	18	7	.	.	PUNCT
arjefm-80	19	1	does	do	AUX
arjefm-80	19	2	the	the	DET
arjefm-80	19	3	availability	availability	NOUN
arjefm-80	19	4	of	of	ADP
arjefm-80	19	5	other	other	ADJ
arjefm-80	19	6	government	government	NOUN
arjefm-80	19	7	expenditure	expenditure	NOUN
arjefm-80	19	8	financing	financing	NOUN
arjefm-80	19	9	modes	mode	NOUN
arjefm-80	19	10	encourage	encourage	VERB
arjefm-80	19	11	government	government	NOUN
arjefm-80	19	12	to	to	PART
arjefm-80	19	13	continue	continue	VERB
arjefm-80	19	14	to	to	PART
arjefm-80	19	15	increase	increase	VERB
arjefm-80	19	16	expenditure	expenditure	NOUN
arjefm-80	19	17	?	?	PUNCT
arjefm-80	20	1	do	do	AUX
arjefm-80	20	2	aid	aid	NOUN
arjefm-80	20	3	and	and	CCONJ
arjefm-80	20	4	borrowing	borrow	VERB
arjefm-80	20	5	dampen	dampen	NOUN
arjefm-80	20	6	tax	tax	NOUN
arjefm-80	20	7	revenue	revenue	NOUN
arjefm-80	20	8	generation	generation	NOUN
arjefm-80	20	9	?	?	PUNCT
arjefm-80	21	1	do	do	VERB
arjefm-80	21	2	grants	grant	NOUN
arjefm-80	21	3	and	and	CCONJ
arjefm-80	21	4	borrowing	borrow	VERB
arjefm-80	21	5	trigger	trigger	NOUN
arjefm-80	21	6	differential	differential	ADJ
arjefm-80	21	7	fiscal	fiscal	ADJ
arjefm-80	21	8	behaviour	behaviour	NOUN
arjefm-80	21	9	by	by	ADP
arjefm-80	21	10	government	government	NOUN
arjefm-80	21	11	?	?	PUNCT
arjefm-80	22	1	again	again	ADV
arjefm-80	22	2	,	,	PUNCT
arjefm-80	22	3	how	how	SCONJ
arjefm-80	22	4	does	do	AUX
arjefm-80	22	5	the	the	DET
arjefm-80	22	6	availability	availability	NOUN
arjefm-80	22	7	of	of	ADP
arjefm-80	22	8	the	the	DET
arjefm-80	22	9	non	non	ADJ
arjefm-80	22	10	-	-	ADJ
arjefm-80	22	11	tax	tax	ADJ
arjefm-80	22	12	government	government	NOUN
arjefm-80	22	13	expenditure	expenditure	NOUN
arjefm-80	22	14	financing	financing	NOUN
arjefm-80	22	15	modes	mode	NOUN
arjefm-80	22	16	influence	influence	VERB
arjefm-80	22	17	the	the	DET
arjefm-80	22	18	allocation	allocation	NOUN
arjefm-80	22	19	of	of	ADP
arjefm-80	22	20	government	government	NOUN
arjefm-80	22	21	expenditure	expenditure	NOUN
arjefm-80	22	22	?	?	PUNCT
arjefm-80	23	1	gleaning	glean	VERB
arjefm-80	23	2	the	the	DET
arjefm-80	23	3	literature	literature	NOUN
arjefm-80	23	4	,	,	PUNCT
arjefm-80	23	5	it	it	PRON
arjefm-80	23	6	is	be	AUX
arjefm-80	23	7	obvious	obvious	ADJ
arjefm-80	23	8	that	that	SCONJ
arjefm-80	23	9	contemporary	contemporary	ADJ
arjefm-80	23	10	studies	study	NOUN
arjefm-80	23	11	in	in	ADP
arjefm-80	23	12	this	this	DET
arjefm-80	23	13	arena	arena	NOUN
arjefm-80	23	14	have	have	AUX
arjefm-80	23	15	moved	move	VERB
arjefm-80	23	16	forward	forward	ADV
arjefm-80	23	17	the	the	DET
arjefm-80	23	18	frontiers	frontier	NOUN
arjefm-80	23	19	of	of	ADP
arjefm-80	23	20	knowledge	knowledge	NOUN
arjefm-80	23	21	established	establish	VERB
arjefm-80	23	22	by	by	ADP
arjefm-80	23	23	the	the	DET
arjefm-80	23	24	earlier	early	ADJ
arjefm-80	23	25	ones	one	NOUN
arjefm-80	23	26	,	,	PUNCT
arjefm-80	23	27	eg	eg	NOUN
arjefm-80	23	28	griffin	griffin	PROPN
arjefm-80	23	29	(	(	PUNCT
arjefm-80	23	30	1970	1970	NUM
arjefm-80	23	31	)	)	PUNCT
arjefm-80	23	32	,	,	PUNCT
arjefm-80	23	33	heller	heller	NOUN
arjefm-80	23	34	(	(	PUNCT
arjefm-80	23	35	1975	1975	NUM
arjefm-80	23	36	)	)	PUNCT
arjefm-80	23	37	and	and	CCONJ
arjefm-80	23	38	mosley	mosley	VERB
arjefm-80	23	39	et	et	PROPN
arjefm-80	23	40	al	al	PROPN
arjefm-80	23	41	(	(	PUNCT
arjefm-80	23	42	1987	1987	NUM
arjefm-80	23	43	)	)	PUNCT
arjefm-80	23	44	and	and	CCONJ
arjefm-80	23	45	khilji	khilji	ADJ
arjefm-80	23	46	and	and	CCONJ
arjefm-80	23	47	zampelli	zampelli	PROPN
arjefm-80	23	48	(	(	PUNCT
arjefm-80	23	49	1994	1994	NUM
arjefm-80	23	50	)	)	PUNCT
arjefm-80	23	51	.	.	PUNCT
arjefm-80	24	1	the	the	DET
arjefm-80	24	2	most	most	ADV
arjefm-80	24	3	recent	recent	ADJ
arjefm-80	24	4	study	study	NOUN
arjefm-80	24	5	conducted	conduct	VERB
arjefm-80	24	6	within	within	ADP
arjefm-80	24	7	the	the	DET
arjefm-80	24	8	ethiopian	ethiopian	ADJ
arjefm-80	24	9	context	context	NOUN
arjefm-80	24	10	by	by	ADP
arjefm-80	24	11	mascagni	mascagni	NOUN
arjefm-80	24	12	and	and	CCONJ
arjefm-80	24	13	timmis	timmis	PROPN
arjefm-80	24	14	(	(	PUNCT
arjefm-80	24	15	2014	2014	NUM
arjefm-80	24	16	)	)	PUNCT
arjefm-80	24	17	develops	develop	VERB
arjefm-80	24	18	a	a	DET
arjefm-80	24	19	model	model	NOUN
arjefm-80	24	20	of	of	ADP
arjefm-80	24	21	fiscal	fiscal	ADJ
arjefm-80	24	22	behaviour	behaviour	NOUN
arjefm-80	24	23	encompassing	encompass	VERB
arjefm-80	24	24	tax	tax	NOUN
arjefm-80	24	25	and	and	CCONJ
arjefm-80	24	26	non	non	ADJ
arjefm-80	24	27	-	-	ADJ
arjefm-80	24	28	tax	tax	ADJ
arjefm-80	24	29	revenues	revenue	NOUN
arjefm-80	24	30	,	,	PUNCT
arjefm-80	24	31	government	government	NOUN
arjefm-80	24	32	expenditure	expenditure	NOUN
arjefm-80	24	33	,	,	PUNCT
arjefm-80	24	34	grants	grant	NOUN
arjefm-80	24	35	and	and	CCONJ
arjefm-80	24	36	loans	loan	NOUN
arjefm-80	24	37	which	which	PRON
arjefm-80	24	38	modifies	modify	VERB
arjefm-80	24	39	osei	osei	PROPN
arjefm-80	24	40	et	et	PROPN
arjefm-80	24	41	al	al	PROPN
arjefm-80	24	42	(	(	PUNCT
arjefm-80	24	43	2005	2005	NUM
arjefm-80	24	44	)	)	PUNCT
arjefm-80	24	45	and	and	CCONJ
arjefm-80	24	46	lloyd	lloyd	PROPN
arjefm-80	24	47	et	et	PROPN
arjefm-80	24	48	al	al	PROPN
arjefm-80	24	49	(	(	PUNCT
arjefm-80	24	50	2009	2009	NUM
arjefm-80	24	51	)	)	PUNCT
arjefm-80	24	52	which	which	PRON
arjefm-80	24	53	include	include	VERB
arjefm-80	24	54	government	government	NOUN
arjefm-80	24	55	(	(	PUNCT
arjefm-80	24	56	capital	capital	NOUN
arjefm-80	24	57	and	and	CCONJ
arjefm-80	24	58	recurrent	recurrent	NOUN
arjefm-80	24	59	)	)	PUNCT
arjefm-80	24	60	,	,	PUNCT
arjefm-80	24	61	total	total	ADJ
arjefm-80	24	62	tax	tax	NOUN
arjefm-80	24	63	revenue	revenue	NOUN
arjefm-80	24	64	and	and	CCONJ
arjefm-80	24	65	domestic	domestic	ADJ
arjefm-80	24	66	borrowing	borrowing	NOUN
arjefm-80	24	67	for	for	ADP
arjefm-80	24	68	the	the	DET
arjefm-80	24	69	former	former	ADJ
arjefm-80	24	70	and	and	CCONJ
arjefm-80	24	71	foreign	foreign	ADJ
arjefm-80	24	72	financing	financing	NOUN
arjefm-80	24	73	,	,	PUNCT
arjefm-80	24	74	capital	capital	NOUN
arjefm-80	24	75	expenditure	expenditure	NOUN
arjefm-80	24	76	,	,	PUNCT
arjefm-80	24	77	recurrent	recurrent	ADJ
arjefm-80	24	78	expenditure	expenditure	NOUN
arjefm-80	24	79	,	,	PUNCT
arjefm-80	24	80	tax	tax	NOUN
arjefm-80	24	81	revenue	revenue	NOUN
arjefm-80	24	82	and	and	CCONJ
arjefm-80	24	83	domestic	domestic	ADJ
arjefm-80	24	84	borrowing	borrowing	NOUN
arjefm-80	24	85	in	in	ADP
arjefm-80	24	86	the	the	DET
arjefm-80	24	87	case	case	NOUN
arjefm-80	24	88	of	of	ADP
arjefm-80	24	89	the	the	DET
arjefm-80	24	90	latter	latter	ADJ
arjefm-80	24	91	.	.	PUNCT
arjefm-80	25	1	in	in	ADP
arjefm-80	25	2	these	these	DET
arjefm-80	25	3	studies	study	NOUN
arjefm-80	25	4	,	,	PUNCT
arjefm-80	25	5	the	the	DET
arjefm-80	25	6	researchers	researcher	NOUN
arjefm-80	25	7	did	do	AUX
arjefm-80	25	8	not	not	PART
arjefm-80	25	9	avert	avert	VERB
arjefm-80	25	10	their	their	PRON
arjefm-80	25	11	minds	mind	NOUN
arjefm-80	25	12	to	to	ADP
arjefm-80	25	13	the	the	DET
arjefm-80	25	14	fact	fact	NOUN
arjefm-80	25	15	that	that	SCONJ
arjefm-80	25	16	the	the	DET
arjefm-80	25	17	dynamics	dynamic	NOUN
arjefm-80	25	18	may	may	AUX
arjefm-80	25	19	not	not	PART
arjefm-80	25	20	possibly	possibly	ADV
arjefm-80	25	21	be	be	AUX
arjefm-80	25	22	the	the	DET
arjefm-80	25	23	same	same	ADJ
arjefm-80	25	24	if	if	SCONJ
arjefm-80	25	25	the	the	DET
arjefm-80	25	26	tax	tax	NOUN
arjefm-80	25	27	financing	financing	NOUN
arjefm-80	25	28	source	source	NOUN
arjefm-80	25	29	is	be	AUX
arjefm-80	25	30	disaggregated	disaggregate	VERB
arjefm-80	25	31	into	into	ADP
arjefm-80	25	32	direct	direct	ADJ
arjefm-80	25	33	and	and	CCONJ
arjefm-80	25	34	indirect	indirect	ADJ
arjefm-80	25	35	tax	tax	NOUN
arjefm-80	25	36	channels	channel	NOUN
arjefm-80	25	37	.	.	PUNCT
arjefm-80	26	1	in	in	ADP
arjefm-80	26	2	other	other	ADJ
arjefm-80	26	3	words	word	NOUN
arjefm-80	26	4	,	,	PUNCT
arjefm-80	26	5	in	in	ADP
arjefm-80	26	6	this	this	DET
arjefm-80	26	7	study	study	NOUN
arjefm-80	26	8	apart	apart	ADV
arjefm-80	26	9	from	from	ADP
arjefm-80	26	10	categorizing	categorize	VERB
arjefm-80	26	11	aid	aid	NOUN
arjefm-80	26	12	as	as	ADP
arjefm-80	26	13	grants	grant	NOUN
arjefm-80	26	14	and	and	CCONJ
arjefm-80	26	15	loans	loan	NOUN
arjefm-80	26	16	,	,	PUNCT
arjefm-80	26	17	we	we	PRON
arjefm-80	26	18	also	also	ADV
arjefm-80	26	19	include	include	VERB
arjefm-80	26	20	direct	direct	ADJ
arjefm-80	26	21	and	and	CCONJ
arjefm-80	26	22	indirect	indirect	ADJ
arjefm-80	26	23	tax	tax	NOUN
arjefm-80	26	24	financing	financing	NOUN
arjefm-80	26	25	as	as	ADP
arjefm-80	26	26	separate	separate	ADJ
arjefm-80	26	27	variables	variable	NOUN
arjefm-80	26	28	.	.	PUNCT
arjefm-80	27	1	this	this	PRON
arjefm-80	27	2	is	be	AUX
arjefm-80	27	3	because	because	SCONJ
arjefm-80	27	4	we	we	PRON
arjefm-80	27	5	believe	believe	VERB
arjefm-80	27	6	that	that	PRON
arjefm-80	27	7	aid	aid	NOUN
arjefm-80	27	8	and	and	CCONJ
arjefm-80	27	9	borrowing	borrowing	NOUN
arjefm-80	27	10	may	may	AUX
arjefm-80	27	11	not	not	PART
arjefm-80	27	12	necessarily	necessarily	ADV
arjefm-80	27	13	have	have	VERB
arjefm-80	27	14	the	the	DET
arjefm-80	27	15	same	same	ADJ
arjefm-80	27	16	effects	effect	NOUN
arjefm-80	27	17	on	on	ADP
arjefm-80	27	18	direct	direct	ADJ
arjefm-80	27	19	and	and	CCONJ
arjefm-80	27	20	indirect	indirect	ADJ
arjefm-80	27	21	taxes	taxis	NOUN
arjefm-80	27	22	.	.	PUNCT
arjefm-80	28	1	thus	thus	ADV
arjefm-80	28	2	the	the	DET
arjefm-80	28	3	main	main	ADJ
arjefm-80	28	4	difference	difference	NOUN
arjefm-80	28	5	between	between	ADP
arjefm-80	28	6	the	the	DET
arjefm-80	28	7	present	present	ADJ
arjefm-80	28	8	study	study	NOUN
arjefm-80	28	9	on	on	ADP
arjefm-80	28	10	one	one	NUM
arjefm-80	28	11	hand	hand	NOUN
arjefm-80	28	12	and	and	CCONJ
arjefm-80	28	13	that	that	PRON
arjefm-80	28	14	of	of	ADP
arjefm-80	28	15	osei	osei	PROPN
arjefm-80	28	16	et	et	PROPN
arjefm-80	28	17	al	al	PROPN
arjefm-80	28	18	(	(	PUNCT
arjefm-80	28	19	2003	2003	NUM
arjefm-80	28	20	)	)	PUNCT
arjefm-80	28	21	and	and	CCONJ
arjefm-80	28	22	other	other	ADJ
arjefm-80	28	23	previous	previous	ADJ
arjefm-80	28	24	but	but	CCONJ
arjefm-80	28	25	related	related	ADJ
arjefm-80	28	26	studies	study	NOUN
arjefm-80	28	27	on	on	ADP
arjefm-80	28	28	the	the	DET
arjefm-80	28	29	other	other	ADJ
arjefm-80	28	30	hand	hand	NOUN
arjefm-80	28	31	is	be	AUX
arjefm-80	28	32	that	that	SCONJ
arjefm-80	28	33	it	it	PRON
arjefm-80	28	34	we	we	PRON
arjefm-80	28	35	introduce	introduce	VERB
arjefm-80	28	36	the	the	DET
arjefm-80	28	37	hypothesis	hypothesis	NOUN
arjefm-80	28	38	that	that	PRON
arjefm-80	28	39	the	the	DET
arjefm-80	28	40	responses	response	NOUN
arjefm-80	28	41	of	of	ADP
arjefm-80	28	42	direct	direct	ADJ
arjefm-80	28	43	and	and	CCONJ
arjefm-80	28	44	indirect	indirect	ADJ
arjefm-80	28	45	taxes	taxis	NOUN
arjefm-80	28	46	respectively	respectively	ADV
arjefm-80	28	47	to	to	ADP
arjefm-80	28	48	borrowing	borrowing	NOUN
arjefm-80	28	49	-	-	PUNCT
arjefm-80	28	50	both	both	CCONJ
arjefm-80	28	51	external	external	ADJ
arjefm-80	28	52	and	and	CCONJ
arjefm-80	28	53	domestic	domestic	ADJ
arjefm-80	28	54	are	be	AUX
arjefm-80	28	55	different	different	ADJ
arjefm-80	28	56	and	and	CCONJ
arjefm-80	28	57	also	also	ADV
arjefm-80	28	58	have	have	VERB
arjefm-80	28	59	the	the	DET
arjefm-80	28	60	benefit	benefit	NOUN
arjefm-80	28	61	of	of	ADP
arjefm-80	28	62	current	current	ADJ
arjefm-80	28	63	data	datum	NOUN
arjefm-80	28	64	for	for	ADP
arjefm-80	28	65	the	the	DET
arjefm-80	28	66	analysis	analysis	NOUN
arjefm-80	28	67	to	to	PART
arjefm-80	28	68	determine	determine	VERB
arjefm-80	28	69	whether	whether	SCONJ
arjefm-80	28	70	prevailing	prevail	VERB
arjefm-80	28	71	circumstances	circumstance	NOUN
arjefm-80	28	72	deviates	deviate	VERB
arjefm-80	28	73	from	from	ADP
arjefm-80	28	74	osei	osei	PROPN
arjefm-80	28	75	et	et	PROPN
arjefm-80	28	76	al(2003	al(2003	NOUN
arjefm-80	28	77	)	)	PUNCT
arjefm-80	28	78	.	.	PUNCT
arjefm-80	29	1	the	the	DET
arjefm-80	29	2	rest	rest	NOUN
arjefm-80	29	3	of	of	ADP
arjefm-80	29	4	the	the	DET
arjefm-80	29	5	paper	paper	NOUN
arjefm-80	29	6	would	would	AUX
arjefm-80	29	7	be	be	AUX
arjefm-80	29	8	arranged	arrange	VERB
arjefm-80	29	9	in	in	ADP
arjefm-80	29	10	the	the	DET
arjefm-80	29	11	following	following	ADJ
arjefm-80	29	12	manner	manner	NOUN
arjefm-80	29	13	;	;	PUNCT
arjefm-80	29	14	section	section	NOUN
arjefm-80	29	15	ii	ii	PROPN
arjefm-80	29	16	is	be	AUX
arjefm-80	29	17	devoted	devote	VERB
arjefm-80	29	18	to	to	ADP
arjefm-80	29	19	examining	examine	VERB
arjefm-80	29	20	the	the	DET
arjefm-80	29	21	fiscal	fiscal	ADJ
arjefm-80	29	22	policy	policy	NOUN
arjefm-80	29	23	environment	environment	NOUN
arjefm-80	29	24	,	,	PUNCT
arjefm-80	29	25	trends	trend	NOUN
arjefm-80	29	26	in	in	ADP
arjefm-80	29	27	fiscal	fiscal	ADJ
arjefm-80	29	28	management	management	NOUN
arjefm-80	29	29	and	and	CCONJ
arjefm-80	29	30	borrowing	borrowing	NOUN
arjefm-80	29	31	by	by	ADP
arjefm-80	29	32	the	the	DET
arjefm-80	29	33	government	government	NOUN
arjefm-80	29	34	of	of	ADP
arjefm-80	29	35	ghana	ghana	PROPN
arjefm-80	29	36	over	over	ADP
arjefm-80	29	37	the	the	DET
arjefm-80	29	38	years	year	NOUN
arjefm-80	29	39	.	.	PUNCT
arjefm-80	30	1	in	in	ADP
arjefm-80	30	2	section	section	PROPN
arjefm-80	30	3	iii	iii	PROPN
arjefm-80	30	4	,	,	PUNCT
arjefm-80	30	5	we	we	PRON
arjefm-80	30	6	proceed	proceed	VERB
arjefm-80	30	7	to	to	PART
arjefm-80	30	8	discuss	discuss	VERB
arjefm-80	30	9	the	the	DET
arjefm-80	30	10	theoretical	theoretical	ADJ
arjefm-80	30	11	and	and	CCONJ
arjefm-80	30	12	empirical	empirical	ADJ
arjefm-80	30	13	issues	issue	NOUN
arjefm-80	30	14	relating	relate	VERB
arjefm-80	30	15	to	to	ADP
arjefm-80	30	16	fiscal	fiscal	ADJ
arjefm-80	30	17	behaviour	behaviour	NOUN
arjefm-80	30	18	by	by	ADP
arjefm-80	30	19	government	government	NOUN
arjefm-80	30	20	especially	especially	ADV
arjefm-80	30	21	focusing	focus	VERB
arjefm-80	30	22	on	on	ADP
arjefm-80	30	23	aid	aid	NOUN
arjefm-80	30	24	and	and	CCONJ
arjefm-80	30	25	borrowing	borrowing	NOUN
arjefm-80	30	26	and	and	CCONJ
arjefm-80	30	27	their	their	PRON
arjefm-80	30	28	effects	effect	NOUN
arjefm-80	30	29	on	on	ADP
arjefm-80	30	30	government	government	NOUN
arjefm-80	30	31	fiscal	fiscal	ADJ
arjefm-80	30	32	management	management	NOUN
arjefm-80	30	33	.	.	PUNCT
arjefm-80	31	1	section	section	NOUN
arjefm-80	31	2	iv	iv	NUM
arjefm-80	31	3	sets	set	VERB
arjefm-80	31	4	out	out	ADP
arjefm-80	31	5	the	the	DET
arjefm-80	31	6	econometric	econometric	ADJ
arjefm-80	31	7	approach	approach	NOUN
arjefm-80	31	8	and	and	CCONJ
arjefm-80	31	9	a	a	DET
arjefm-80	31	10	brief	brief	ADJ
arjefm-80	31	11	description	description	NOUN
arjefm-80	31	12	of	of	ADP
arjefm-80	31	13	the	the	DET
arjefm-80	31	14	data	datum	NOUN
arjefm-80	31	15	set	set	VERB
arjefm-80	31	16	for	for	ADP
arjefm-80	31	17	the	the	DET
arjefm-80	31	18	empirical	empirical	ADJ
arjefm-80	31	19	analysis	analysis	NOUN
arjefm-80	31	20	whilst	whilst	SCONJ
arjefm-80	31	21	section	section	NOUN
arjefm-80	31	22	v	v	NUM
arjefm-80	31	23	reports	report	VERB
arjefm-80	31	24	the	the	DET
arjefm-80	31	25	results	result	NOUN
arjefm-80	31	26	of	of	ADP
arjefm-80	31	27	the	the	DET
arjefm-80	31	28	data	datum	NOUN
arjefm-80	31	29	analysis	analysis	NOUN
arjefm-80	31	30	and	and	CCONJ
arjefm-80	31	31	proceeds	proceed	NOUN
arjefm-80	31	32	to	to	PART
arjefm-80	31	33	discuss	discuss	VERB
arjefm-80	31	34	them	they	PRON
arjefm-80	31	35	.	.	PUNCT
arjefm-80	32	1	finally	finally	ADV
arjefm-80	32	2	,	,	PUNCT
arjefm-80	32	3	section	section	NOUN
arjefm-80	32	4	vi	vi	PROPN
arjefm-80	32	5	covers	cover	VERB
arjefm-80	32	6	the	the	DET
arjefm-80	32	7	synopsis	synopsis	NOUN
arjefm-80	32	8	and	and	CCONJ
arjefm-80	32	9	conclusions	conclusion	NOUN
arjefm-80	32	10	from	from	ADP
arjefm-80	32	11	the	the	DET
arjefm-80	32	12	study	study	NOUN
arjefm-80	32	13	.	.	PUNCT
arjefm-80	33	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	33	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	34	1	american	american	PROPN
arjefm-80	34	2	research	research	PROPN
arjefm-80	34	3	journal	journal	PROPN
arjefm-80	34	4	of	of	ADP
arjefm-80	34	5	economics	economic	NOUN
arjefm-80	34	6	,	,	PUNCT
arjefm-80	34	7	finance	finance	NOUN
arjefm-80	34	8	and	and	CCONJ
arjefm-80	34	9	management	management	NOUN
arjefm-80	34	10	volume	volume	NOUN
arjefm-80	34	11	11	11	NUM
arjefm-80	34	12	issue	issue	NOUN
arjefm-80	34	13	2	2	NUM
arjefm-80	34	14	,	,	PUNCT
arjefm-80	34	15	april	april	PROPN
arjefm-80	34	16	-	-	PUNCT
arjefm-80	34	17	june	june	PROPN
arjefm-80	34	18	2023	2023	NUM
arjefm-80	34	19	issn	issn	PROPN
arjefm-80	34	20	:	:	PUNCT
arjefm-80	34	21	2836	2836	NUM
arjefm-80	34	22	-	-	SYM
arjefm-80	34	23	9416	9416	NUM
arjefm-80	34	24	impact	impact	NOUN
arjefm-80	34	25	factor	factor	NOUN
arjefm-80	34	26	:	:	PUNCT
arjefm-80	34	27	5.57	5.57	NUM
arjefm-80	34	28	journal	journal	NOUN
arjefm-80	34	29	homepage	homepage	NOUN
arjefm-80	34	30	:	:	PUNCT
arjefm-80	34	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	34	32	,	,	PUNCT
arjefm-80	34	33	email	email	NOUN
arjefm-80	34	34	:	:	PUNCT
arjefm-80	35	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	35	2	official	official	ADJ
arjefm-80	35	3	journal	journal	PROPN
arjefm-80	35	4	of	of	ADP
arjefm-80	35	5	america	america	PROPN
arjefm-80	35	6	serial	serial	PROPN
arjefm-80	35	7	publication	publication	NOUN
arjefm-80	35	8	american	american	PROPN
arjefm-80	35	9	research	research	PROPN
arjefm-80	35	10	journal	journal	PROPN
arjefm-80	35	11	of	of	ADP
arjefm-80	35	12	economics	economic	NOUN
arjefm-80	35	13	,	,	PUNCT
arjefm-80	35	14	finance	finance	NOUN
arjefm-80	35	15	and	and	CCONJ
arjefm-80	35	16	management	management	NOUN
arjefm-80	35	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	35	18	,	,	PUNCT
arjefm-80	35	19	email	email	NOUN
arjefm-80	35	20	:	:	PUNCT
arjefm-80	35	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	36	1	3	3	NUM
arjefm-80	37	1	|	|	ADV
arjefm-80	37	2	p	p	X
arjefm-80	37	3	a	a	DET
arjefm-80	37	4	g	g	NOUN
arjefm-80	37	5	e	e	NOUN
arjefm-80	37	6	section	section	NOUN
arjefm-80	37	7	iiː	iiː	NOUN
arjefm-80	37	8	trends	trend	NOUN
arjefm-80	37	9	in	in	ADP
arjefm-80	37	10	fiscal	fiscal	ADJ
arjefm-80	37	11	management	management	NOUN
arjefm-80	37	12	in	in	ADP
arjefm-80	37	13	ghana	ghana	PROPN
arjefm-80	37	14	when	when	SCONJ
arjefm-80	37	15	one	one	PRON
arjefm-80	37	16	does	do	VERB
arjefm-80	37	17	a	a	DET
arjefm-80	37	18	careful	careful	ADJ
arjefm-80	37	19	study	study	NOUN
arjefm-80	37	20	of	of	ADP
arjefm-80	37	21	fiscal	fiscal	ADJ
arjefm-80	37	22	policy	policy	NOUN
arjefm-80	37	23	in	in	ADP
arjefm-80	37	24	ghana	ghana	PROPN
arjefm-80	37	25	,	,	PUNCT
arjefm-80	37	26	one	one	PRON
arjefm-80	37	27	can	can	AUX
arjefm-80	37	28	identify	identify	VERB
arjefm-80	37	29	clear	clear	ADJ
arjefm-80	37	30	,	,	PUNCT
arjefm-80	37	31	distinct	distinct	ADJ
arjefm-80	37	32	periods	period	NOUN
arjefm-80	37	33	of	of	ADP
arjefm-80	37	34	unique	unique	ADJ
arjefm-80	37	35	fiscal	fiscal	ADJ
arjefm-80	37	36	behaviours	behaviour	NOUN
arjefm-80	37	37	?	?	PUNCT
arjefm-80	38	1	in	in	ADP
arjefm-80	38	2	the	the	DET
arjefm-80	38	3	main	main	ADJ
arjefm-80	38	4	,	,	PUNCT
arjefm-80	38	5	the	the	DET
arjefm-80	38	6	periods	period	NOUN
arjefm-80	38	7	the	the	DET
arjefm-80	38	8	early	early	ADJ
arjefm-80	38	9	1960s	1960	NOUN
arjefm-80	38	10	to	to	ADP
arjefm-80	38	11	the	the	DET
arjefm-80	38	12	late	late	ADJ
arjefm-80	38	13	1960s	1960	NOUN
arjefm-80	38	14	,	,	PUNCT
arjefm-80	38	15	1969	1969	NUM
arjefm-80	38	16	-	-	SYM
arjefm-80	38	17	1972	1972	NUM
arjefm-80	38	18	,	,	PUNCT
arjefm-80	38	19	1972	1972	NUM
arjefm-80	38	20	-	-	SYM
arjefm-80	38	21	1983	1983	NUM
arjefm-80	38	22	,	,	PUNCT
arjefm-80	38	23	1983	1983	NUM
arjefm-80	38	24	-	-	SYM
arjefm-80	38	25	1991	1991	NUM
arjefm-80	38	26	and	and	CCONJ
arjefm-80	38	27	from	from	ADP
arjefm-80	38	28	1992	1992	NUM
arjefm-80	38	29	to	to	ADP
arjefm-80	38	30	the	the	DET
arjefm-80	38	31	present	present	NOUN
arjefm-80	38	32	can	can	AUX
arjefm-80	38	33	be	be	AUX
arjefm-80	38	34	associated	associate	VERB
arjefm-80	38	35	with	with	ADP
arjefm-80	38	36	peculiar	peculiar	ADJ
arjefm-80	38	37	fiscal	fiscal	ADJ
arjefm-80	38	38	behaviours	behaviour	NOUN
arjefm-80	38	39	though	though	SCONJ
arjefm-80	38	40	in	in	ADP
arjefm-80	38	41	some	some	PRON
arjefm-80	38	42	of	of	ADP
arjefm-80	38	43	the	the	DET
arjefm-80	38	44	periods	period	NOUN
arjefm-80	38	45	the	the	DET
arjefm-80	38	46	fiscal	fiscal	ADJ
arjefm-80	38	47	management	management	NOUN
arjefm-80	38	48	approaches	approach	NOUN
arjefm-80	38	49	appear	appear	VERB
arjefm-80	38	50	similar	similar	ADJ
arjefm-80	38	51	.	.	PUNCT
arjefm-80	39	1	in	in	ADP
arjefm-80	39	2	the	the	DET
arjefm-80	39	3	sixties	sixty	NOUN
arjefm-80	39	4	,	,	PUNCT
arjefm-80	39	5	with	with	ADP
arjefm-80	39	6	the	the	DET
arjefm-80	39	7	emergence	emergence	NOUN
arjefm-80	39	8	of	of	ADP
arjefm-80	39	9	the	the	DET
arjefm-80	39	10	country	country	NOUN
arjefm-80	39	11	from	from	ADP
arjefm-80	39	12	colonial	colonial	ADJ
arjefm-80	39	13	rule	rule	NOUN
arjefm-80	39	14	there	there	PRON
arjefm-80	39	15	was	be	VERB
arjefm-80	39	16	an	an	DET
arjefm-80	39	17	urgent	urgent	ADJ
arjefm-80	39	18	need	need	NOUN
arjefm-80	39	19	for	for	SCONJ
arjefm-80	39	20	the	the	DET
arjefm-80	39	21	government	government	NOUN
arjefm-80	39	22	to	to	PART
arjefm-80	39	23	put	put	VERB
arjefm-80	39	24	in	in	ADP
arjefm-80	39	25	place	place	NOUN
arjefm-80	39	26	structures	structure	NOUN
arjefm-80	39	27	of	of	ADP
arjefm-80	39	28	state	state	NOUN
arjefm-80	39	29	and	and	CCONJ
arjefm-80	39	30	build	build	VERB
arjefm-80	39	31	critical	critical	ADJ
arjefm-80	39	32	infrastructure	infrastructure	NOUN
arjefm-80	39	33	like	like	ADP
arjefm-80	39	34	educational	educational	ADJ
arjefm-80	39	35	and	and	CCONJ
arjefm-80	39	36	health	health	NOUN
arjefm-80	39	37	institutions	institution	NOUN
arjefm-80	39	38	while	while	SCONJ
arjefm-80	39	39	also	also	ADV
arjefm-80	39	40	embarking	embark	VERB
arjefm-80	39	41	on	on	ADP
arjefm-80	39	42	rapid	rapid	ADJ
arjefm-80	39	43	industrialization	industrialization	NOUN
arjefm-80	39	44	and	and	CCONJ
arjefm-80	39	45	modernization	modernization	NOUN
arjefm-80	39	46	and	and	CCONJ
arjefm-80	39	47	as	as	ADP
arjefm-80	39	48	such	such	ADJ
arjefm-80	39	49	,	,	PUNCT
arjefm-80	39	50	government	government	NOUN
arjefm-80	39	51	committed	commit	VERB
arjefm-80	39	52	massive	massive	ADJ
arjefm-80	39	53	public	public	ADJ
arjefm-80	39	54	expenditures	expenditure	NOUN
arjefm-80	39	55	into	into	ADP
arjefm-80	39	56	achieving	achieve	VERB
arjefm-80	39	57	these	these	DET
arjefm-80	39	58	objectives	objective	NOUN
arjefm-80	39	59	.	.	PUNCT
arjefm-80	40	1	during	during	ADP
arjefm-80	40	2	this	this	DET
arjefm-80	40	3	period	period	NOUN
arjefm-80	40	4	,	,	PUNCT
arjefm-80	40	5	a	a	DET
arjefm-80	40	6	good	good	ADJ
arjefm-80	40	7	chunk	chunk	NOUN
arjefm-80	40	8	of	of	ADP
arjefm-80	40	9	the	the	DET
arjefm-80	40	10	expenditures	expenditure	NOUN
arjefm-80	40	11	were	be	AUX
arjefm-80	40	12	financed	finance	VERB
arjefm-80	40	13	from	from	ADP
arjefm-80	40	14	domestic	domestic	ADJ
arjefm-80	40	15	sources	source	NOUN
arjefm-80	40	16	with	with	ADP
arjefm-80	40	17	very	very	ADV
arjefm-80	40	18	little	little	ADJ
arjefm-80	40	19	coming	come	VERB
arjefm-80	40	20	by	by	ADP
arjefm-80	40	21	way	way	NOUN
arjefm-80	40	22	of	of	ADP
arjefm-80	40	23	aid	aid	NOUN
arjefm-80	40	24	inflows	inflow	NOUN
arjefm-80	40	25	.	.	PUNCT
arjefm-80	41	1	the	the	DET
arjefm-80	41	2	succeeding	succeed	VERB
arjefm-80	41	3	period	period	NOUN
arjefm-80	41	4	however	however	ADV
arjefm-80	41	5	saw	see	VERB
arjefm-80	41	6	a	a	DET
arjefm-80	41	7	modification	modification	NOUN
arjefm-80	41	8	of	of	ADP
arjefm-80	41	9	fiscal	fiscal	ADJ
arjefm-80	41	10	behaviour	behaviour	NOUN
arjefm-80	41	11	as	as	SCONJ
arjefm-80	41	12	government	government	NOUN
arjefm-80	41	13	substantially	substantially	ADV
arjefm-80	41	14	disengaged	disengage	VERB
arjefm-80	41	15	from	from	ADP
arjefm-80	41	16	the	the	DET
arjefm-80	41	17	previously	previously	ADV
arjefm-80	41	18	pervasive	pervasive	ADJ
arjefm-80	41	19	role	role	NOUN
arjefm-80	41	20	of	of	ADP
arjefm-80	41	21	the	the	DET
arjefm-80	41	22	government	government	NOUN
arjefm-80	41	23	in	in	ADP
arjefm-80	41	24	the	the	DET
arjefm-80	41	25	economy	economy	NOUN
arjefm-80	41	26	,	,	PUNCT
arjefm-80	41	27	in	in	ADP
arjefm-80	41	28	line	line	NOUN
arjefm-80	41	29	with	with	ADP
arjefm-80	41	30	the	the	DET
arjefm-80	41	31	philosophy	philosophy	NOUN
arjefm-80	41	32	of	of	ADP
arjefm-80	41	33	the	the	DET
arjefm-80	41	34	people	people	NOUN
arjefm-80	41	35	in	in	ADP
arjefm-80	41	36	authority	authority	NOUN
arjefm-80	41	37	at	at	ADP
arjefm-80	41	38	the	the	DET
arjefm-80	41	39	time	time	NOUN
arjefm-80	41	40	and	and	CCONJ
arjefm-80	41	41	by	by	ADP
arjefm-80	41	42	virtue	virtue	NOUN
arjefm-80	41	43	of	of	ADP
arjefm-80	41	44	the	the	DET
arjefm-80	41	45	programme	programme	NOUN
arjefm-80	41	46	that	that	PRON
arjefm-80	41	47	they	they	PRON
arjefm-80	41	48	entered	enter	VERB
arjefm-80	41	49	into	into	ADP
arjefm-80	41	50	with	with	ADP
arjefm-80	41	51	the	the	DET
arjefm-80	41	52	bretton	bretton	PROPN
arjefm-80	41	53	woods	wood	NOUN
arjefm-80	41	54	institutions	institution	NOUN
arjefm-80	41	55	,	,	PUNCT
arjefm-80	41	56	government	government	NOUN
arjefm-80	41	57	at	at	ADP
arjefm-80	41	58	the	the	DET
arjefm-80	41	59	time	time	NOUN
arjefm-80	41	60	embarked	embark	VERB
arjefm-80	41	61	on	on	ADP
arjefm-80	41	62	privatization	privatization	NOUN
arjefm-80	41	63	of	of	ADP
arjefm-80	41	64	a	a	DET
arjefm-80	41	65	good	good	ADJ
arjefm-80	41	66	number	number	NOUN
arjefm-80	41	67	of	of	ADP
arjefm-80	41	68	the	the	DET
arjefm-80	41	69	state	state	NOUN
arjefm-80	41	70	enterprises	enterprise	NOUN
arjefm-80	41	71	.	.	PUNCT
arjefm-80	42	1	osei	osei	PROPN
arjefm-80	42	2	et	et	PROPN
arjefm-80	42	3	al(2003	al(2003	NOUN
arjefm-80	42	4	)	)	PUNCT
arjefm-80	42	5	submit	submit	VERB
arjefm-80	42	6	that	that	SCONJ
arjefm-80	42	7	from	from	ADP
arjefm-80	42	8	the	the	DET
arjefm-80	42	9	1960s	1960	NOUN
arjefm-80	42	10	to	to	ADP
arjefm-80	42	11	early	early	ADJ
arjefm-80	42	12	1970s	1970	NOUN
arjefm-80	42	13	,	,	PUNCT
arjefm-80	42	14	aid	aid	NOUN
arjefm-80	42	15	inflow	inflow	NOUN
arjefm-80	42	16	was	be	AUX
arjefm-80	42	17	relatively	relatively	ADV
arjefm-80	42	18	insignificant	insignificant	ADJ
arjefm-80	42	19	and	and	CCONJ
arjefm-80	42	20	constituted	constitute	VERB
arjefm-80	42	21	about	about	ADV
arjefm-80	42	22	2	2	NUM
arjefm-80	42	23	%	%	NOUN
arjefm-80	42	24	of	of	ADP
arjefm-80	42	25	gdp	gdp	NOUN
arjefm-80	42	26	and	and	CCONJ
arjefm-80	42	27	roughly	roughly	ADV
arjefm-80	42	28	around	around	ADV
arjefm-80	42	29	12	12	NUM
arjefm-80	42	30	%	%	NOUN
arjefm-80	42	31	of	of	ADP
arjefm-80	42	32	all	all	DET
arjefm-80	42	33	revenues	revenue	NOUN
arjefm-80	42	34	available	available	ADJ
arjefm-80	42	35	to	to	ADP
arjefm-80	42	36	government	government	NOUN
arjefm-80	42	37	.	.	PUNCT
arjefm-80	43	1	in	in	ADP
arjefm-80	43	2	the	the	DET
arjefm-80	43	3	middle	middle	NOUN
arjefm-80	43	4	to	to	ADP
arjefm-80	43	5	the	the	DET
arjefm-80	43	6	late	late	ADJ
arjefm-80	43	7	1970s	1970	NOUN
arjefm-80	43	8	,	,	PUNCT
arjefm-80	43	9	there	there	PRON
arjefm-80	43	10	was	be	VERB
arjefm-80	43	11	a	a	DET
arjefm-80	43	12	shift	shift	NOUN
arjefm-80	43	13	in	in	ADP
arjefm-80	43	14	the	the	DET
arjefm-80	43	15	behaviour	behaviour	NOUN
arjefm-80	43	16	of	of	ADP
arjefm-80	43	17	the	the	DET
arjefm-80	43	18	government	government	NOUN
arjefm-80	43	19	as	as	SCONJ
arjefm-80	43	20	government	government	NOUN
arjefm-80	43	21	activities	activity	NOUN
arjefm-80	43	22	were	be	AUX
arjefm-80	43	23	driven	drive	VERB
arjefm-80	43	24	essentially	essentially	ADV
arjefm-80	43	25	by	by	ADP
arjefm-80	43	26	monetary	monetary	ADJ
arjefm-80	43	27	expansion	expansion	NOUN
arjefm-80	43	28	through	through	ADP
arjefm-80	43	29	borrowing	borrow	VERB
arjefm-80	43	30	from	from	ADP
arjefm-80	43	31	the	the	DET
arjefm-80	43	32	bank	bank	NOUN
arjefm-80	43	33	of	of	ADP
arjefm-80	43	34	ghana	ghana	PROPN
arjefm-80	43	35	as	as	SCONJ
arjefm-80	43	36	domestic	domestic	ADJ
arjefm-80	43	37	revenues	revenue	NOUN
arjefm-80	43	38	sharply	sharply	ADV
arjefm-80	43	39	reduced	reduce	VERB
arjefm-80	43	40	on	on	ADP
arjefm-80	43	41	account	account	NOUN
arjefm-80	43	42	of	of	ADP
arjefm-80	43	43	the	the	DET
arjefm-80	43	44	decline	decline	NOUN
arjefm-80	43	45	in	in	ADP
arjefm-80	43	46	the	the	DET
arjefm-80	43	47	real	real	ADJ
arjefm-80	43	48	side	side	ADJ
arjefm-80	43	49	economic	economic	ADJ
arjefm-80	43	50	activities	activity	NOUN
arjefm-80	43	51	precipitated	precipitate	VERB
arjefm-80	43	52	by	by	ADP
arjefm-80	43	53	inappropriate	inappropriate	ADJ
arjefm-80	43	54	policies	policy	NOUN
arjefm-80	43	55	introduced	introduce	VERB
arjefm-80	43	56	by	by	ADP
arjefm-80	43	57	the	the	DET
arjefm-80	43	58	then	then	ADV
arjefm-80	43	59	military	military	ADJ
arjefm-80	43	60	rulers	ruler	NOUN
arjefm-80	43	61	coupled	couple	VERB
arjefm-80	43	62	with	with	ADP
arjefm-80	43	63	adverse	adverse	ADJ
arjefm-80	43	64	economic	economic	ADJ
arjefm-80	43	65	and	and	CCONJ
arjefm-80	43	66	external	external	ADJ
arjefm-80	43	67	trade	trade	NOUN
arjefm-80	43	68	climate	climate	NOUN
arjefm-80	43	69	.	.	PUNCT
arjefm-80	44	1	the	the	DET
arjefm-80	44	2	situation	situation	NOUN
arjefm-80	44	3	was	be	AUX
arjefm-80	44	4	compounded	compound	VERB
arjefm-80	44	5	by	by	ADP
arjefm-80	44	6	the	the	DET
arjefm-80	44	7	repudiation	repudiation	NOUN
arjefm-80	44	8	of	of	ADP
arjefm-80	44	9	loans	loan	NOUN
arjefm-80	44	10	which	which	PRON
arjefm-80	44	11	had	have	AUX
arjefm-80	44	12	been	be	AUX
arjefm-80	44	13	contracted	contract	VERB
arjefm-80	44	14	by	by	ADP
arjefm-80	44	15	previous	previous	ADJ
arjefm-80	44	16	governments	government	NOUN
arjefm-80	44	17	leading	lead	VERB
arjefm-80	44	18	to	to	ADP
arjefm-80	44	19	the	the	DET
arjefm-80	44	20	virtual	virtual	ADJ
arjefm-80	44	21	drying	dry	VERB
arjefm-80	44	22	up	up	ADP
arjefm-80	44	23	of	of	ADP
arjefm-80	44	24	the	the	DET
arjefm-80	44	25	foreign	foreign	ADJ
arjefm-80	44	26	aid	aid	NOUN
arjefm-80	44	27	inflows	inflow	NOUN
arjefm-80	44	28	.	.	PUNCT
arjefm-80	45	1	in	in	ADP
arjefm-80	45	2	early	early	ADJ
arjefm-80	45	3	1980s	1980	NOUN
arjefm-80	45	4	,	,	PUNCT
arjefm-80	45	5	even	even	ADV
arjefm-80	45	6	though	though	SCONJ
arjefm-80	45	7	the	the	DET
arjefm-80	45	8	country	country	NOUN
arjefm-80	45	9	had	have	AUX
arjefm-80	45	10	returned	return	VERB
arjefm-80	45	11	to	to	ADP
arjefm-80	45	12	constitutionalism	constitutionalism	NOUN
arjefm-80	45	13	,	,	PUNCT
arjefm-80	45	14	the	the	DET
arjefm-80	45	15	country	country	NOUN
arjefm-80	45	16	continued	continue	VERB
arjefm-80	45	17	to	to	PART
arjefm-80	45	18	suffer	suffer	VERB
arjefm-80	45	19	from	from	ADP
arjefm-80	45	20	the	the	DET
arjefm-80	45	21	decline	decline	NOUN
arjefm-80	45	22	in	in	ADP
arjefm-80	45	23	economic	economic	ADJ
arjefm-80	45	24	activities	activity	NOUN
arjefm-80	45	25	as	as	ADP
arjefm-80	45	26	result	result	NOUN
arjefm-80	45	27	of	of	ADP
arjefm-80	45	28	the	the	DET
arjefm-80	45	29	deterioration	deterioration	NOUN
arjefm-80	45	30	of	of	ADP
arjefm-80	45	31	the	the	DET
arjefm-80	45	32	macroeconomic	macroeconomic	ADJ
arjefm-80	45	33	environment	environment	NOUN
arjefm-80	45	34	.	.	PUNCT
arjefm-80	46	1	according	accord	VERB
arjefm-80	46	2	durdonoo	durdonoo	PROPN
arjefm-80	46	3	’s	’s	PART
arjefm-80	46	4	(	(	PUNCT
arjefm-80	46	5	2000	2000	NUM
arjefm-80	46	6	)	)	PUNCT
arjefm-80	46	7	calculations	calculation	NOUN
arjefm-80	46	8	,	,	PUNCT
arjefm-80	46	9	taxes	taxis	NOUN
arjefm-80	46	10	on	on	ADP
arjefm-80	46	11	income	income	NOUN
arjefm-80	46	12	and	and	CCONJ
arjefm-80	46	13	property	property	NOUN
arjefm-80	46	14	fell	fall	VERB
arjefm-80	46	15	from	from	ADP
arjefm-80	46	16	2.8	2.8	NUM
arjefm-80	46	17	%	%	NOUN
arjefm-80	46	18	of	of	ADP
arjefm-80	46	19	gdp	gdp	NOUN
arjefm-80	46	20	to	to	ADP
arjefm-80	46	21	a	a	DET
arjefm-80	46	22	mere	mere	ADJ
arjefm-80	46	23	0.98	0.98	NUM
arjefm-80	46	24	%	%	NOUN
arjefm-80	46	25	of	of	ADP
arjefm-80	46	26	gdp	gdp	NOUN
arjefm-80	46	27	in	in	ADP
arjefm-80	46	28	1983	1983	NUM
arjefm-80	46	29	whilst	whilst	SCONJ
arjefm-80	46	30	tax	tax	NOUN
arjefm-80	46	31	revenue	revenue	NOUN
arjefm-80	46	32	from	from	ADP
arjefm-80	46	33	domestic	domestic	ADJ
arjefm-80	46	34	activities	activity	NOUN
arjefm-80	46	35	was	be	AUX
arjefm-80	46	36	down	down	ADV
arjefm-80	46	37	to	to	PART
arjefm-80	46	38	sub	sub	VERB
arjefm-80	46	39	one	one	NUM
arjefm-80	46	40	percent	percent	NOUN
arjefm-80	46	41	in	in	ADP
arjefm-80	46	42	1983	1983	NUM
arjefm-80	46	43	from	from	ADP
arjefm-80	46	44	approximately	approximately	ADV
arjefm-80	46	45	5	5	NUM
arjefm-80	46	46	%	%	NOUN
arjefm-80	46	47	of	of	ADP
arjefm-80	46	48	gdp	gdp	PROPN
arjefm-80	46	49	.	.	PUNCT
arjefm-80	47	1	proceeds	proceed	NOUN
arjefm-80	47	2	from	from	ADP
arjefm-80	47	3	international	international	ADJ
arjefm-80	47	4	transactions	transaction	NOUN
arjefm-80	47	5	also	also	ADV
arjefm-80	47	6	dropped	drop	VERB
arjefm-80	47	7	from	from	ADP
arjefm-80	47	8	12	12	NUM
arjefm-80	47	9	%	%	NOUN
arjefm-80	47	10	in	in	ADP
arjefm-80	47	11	1970	1970	NUM
arjefm-80	47	12	to	to	ADP
arjefm-80	47	13	2.7	2.7	NUM
arjefm-80	47	14	%	%	NOUN
arjefm-80	47	15	in	in	ADP
arjefm-80	47	16	1983.the	1983.the	DET
arjefm-80	47	17	precarious	precarious	ADJ
arjefm-80	47	18	revenue	revenue	NOUN
arjefm-80	47	19	situation	situation	NOUN
arjefm-80	47	20	in	in	ADP
arjefm-80	47	21	the	the	DET
arjefm-80	47	22	country	country	NOUN
arjefm-80	47	23	is	be	AUX
arjefm-80	47	24	illustrated	illustrate	VERB
arjefm-80	47	25	by	by	ADP
arjefm-80	47	26	osei	osei	PROPN
arjefm-80	47	27	et	et	PROPN
arjefm-80	47	28	al(2003	al(2003	PROPN
arjefm-80	47	29	)	)	PUNCT
arjefm-80	47	30	when	when	SCONJ
arjefm-80	47	31	they	they	PRON
arjefm-80	47	32	intimate	intimate	VERB
arjefm-80	47	33	that	that	SCONJ
arjefm-80	47	34	overall	overall	ADJ
arjefm-80	47	35	the	the	DET
arjefm-80	47	36	tax	tax	NOUN
arjefm-80	47	37	levels	level	NOUN
arjefm-80	47	38	took	take	VERB
arjefm-80	47	39	a	a	DET
arjefm-80	47	40	nosedive	nosedive	NOUN
arjefm-80	47	41	between	between	ADP
arjefm-80	47	42	1970	1970	NUM
arjefm-80	47	43	and	and	CCONJ
arjefm-80	47	44	1983,plummeting	1983,plummeting	NUM
arjefm-80	47	45	from	from	ADP
arjefm-80	47	46	a	a	DET
arjefm-80	47	47	high	high	ADJ
arjefm-80	47	48	level	level	NOUN
arjefm-80	47	49	of	of	ADP
arjefm-80	47	50	about	about	ADV
arjefm-80	47	51	700	700	NUM
arjefm-80	47	52	million	million	NUM
arjefm-80	47	53	usd	usd	NOUN
arjefm-80	47	54	to	to	ADP
arjefm-80	47	55	160million	160million	PROPN
arjefm-80	47	56	usd	usd	NOUN
arjefm-80	47	57	.	.	PUNCT
arjefm-80	48	1	the	the	DET
arjefm-80	48	2	fiscal	fiscal	ADJ
arjefm-80	48	3	situation	situation	NOUN
arjefm-80	48	4	in	in	ADP
arjefm-80	48	5	the	the	DET
arjefm-80	48	6	country	country	NOUN
arjefm-80	48	7	however	however	ADV
arjefm-80	48	8	improved	improve	VERB
arjefm-80	48	9	dramatically	dramatically	ADV
arjefm-80	48	10	after	after	SCONJ
arjefm-80	48	11	the	the	DET
arjefm-80	48	12	economic	economic	ADJ
arjefm-80	48	13	recovery	recovery	NOUN
arjefm-80	48	14	programme	programme	NOUN
arjefm-80	48	15	(	(	PUNCT
arjefm-80	48	16	erp	erp	NOUN
arjefm-80	48	17	)	)	PUNCT
arjefm-80	48	18	was	be	AUX
arjefm-80	48	19	launched	launch	VERB
arjefm-80	48	20	.	.	PUNCT
arjefm-80	49	1	indeed	indeed	ADV
arjefm-80	49	2	it	it	PRON
arjefm-80	49	3	is	be	AUX
arjefm-80	49	4	estimated	estimate	VERB
arjefm-80	49	5	that	that	SCONJ
arjefm-80	49	6	between	between	ADP
arjefm-80	49	7	1983	1983	NUM
arjefm-80	49	8	and	and	CCONJ
arjefm-80	49	9	1998	1998	NUM
arjefm-80	49	10	,	,	PUNCT
arjefm-80	49	11	tax	tax	NOUN
arjefm-80	49	12	revenue	revenue	NOUN
arjefm-80	49	13	collections	collection	NOUN
arjefm-80	49	14	shot	shoot	VERB
arjefm-80	49	15	up	up	ADP
arjefm-80	49	16	in	in	ADP
arjefm-80	49	17	dollar	dollar	NOUN
arjefm-80	49	18	terms	term	NOUN
arjefm-80	49	19	to	to	ADP
arjefm-80	49	20	1.3	1.3	NUM
arjefm-80	49	21	billion	billion	NUM
arjefm-80	49	22	usd	usd	NOUN
arjefm-80	49	23	representing	represent	VERB
arjefm-80	49	24	a	a	DET
arjefm-80	49	25	more	more	ADJ
arjefm-80	49	26	than	than	ADP
arjefm-80	49	27	six	six	NUM
arjefm-80	49	28	fold	fold	ADJ
arjefm-80	49	29	increase	increase	NOUN
arjefm-80	49	30	of	of	ADP
arjefm-80	49	31	the	the	DET
arjefm-80	49	32	1983	1983	NUM
arjefm-80	49	33	level	level	NOUN
arjefm-80	49	34	.	.	PUNCT
arjefm-80	50	1	generally	generally	ADV
arjefm-80	50	2	speaking	speak	VERB
arjefm-80	50	3	,	,	PUNCT
arjefm-80	50	4	total	total	ADJ
arjefm-80	50	5	government	government	NOUN
arjefm-80	50	6	revenue	revenue	NOUN
arjefm-80	50	7	is	be	AUX
arjefm-80	50	8	measured	measure	VERB
arjefm-80	50	9	in	in	ADP
arjefm-80	50	10	some	some	DET
arjefm-80	50	11	calculations	calculation	NOUN
arjefm-80	50	12	to	to	PART
arjefm-80	50	13	have	have	AUX
arjefm-80	50	14	increased	increase	VERB
arjefm-80	50	15	twenty	twenty	NUM
arjefm-80	50	16	-	-	PUNCT
arjefm-80	50	17	six	six	NUM
arjefm-80	50	18	times	time	NOUN
arjefm-80	50	19	between	between	ADP
arjefm-80	50	20	1983	1983	NUM
arjefm-80	50	21	and	and	CCONJ
arjefm-80	50	22	1990	1990	NUM
arjefm-80	50	23	.	.	PUNCT
arjefm-80	51	1	osei	osei	PROPN
arjefm-80	51	2	et	et	PROPN
arjefm-80	51	3	al	al	PROPN
arjefm-80	51	4	(	(	PUNCT
arjefm-80	51	5	2003	2003	NUM
arjefm-80	51	6	)	)	PUNCT
arjefm-80	51	7	,	,	PUNCT
arjefm-80	51	8	suggest	suggest	VERB
arjefm-80	51	9	that	that	SCONJ
arjefm-80	51	10	since	since	SCONJ
arjefm-80	51	11	this	this	DET
arjefm-80	51	12	period	period	NOUN
arjefm-80	51	13	was	be	AUX
arjefm-80	51	14	largely	largely	ADV
arjefm-80	51	15	marked	mark	VERB
arjefm-80	51	16	by	by	ADP
arjefm-80	51	17	good	good	ADJ
arjefm-80	51	18	amount	amount	NOUN
arjefm-80	51	19	of	of	ADP
arjefm-80	51	20	aid	aid	NOUN
arjefm-80	51	21	inflows	inflow	NOUN
arjefm-80	51	22	,	,	PUNCT
arjefm-80	51	23	it	it	PRON
arjefm-80	51	24	appears	appear	VERB
arjefm-80	51	25	that	that	SCONJ
arjefm-80	51	26	the	the	DET
arjefm-80	51	27	aid	aid	NOUN
arjefm-80	51	28	flows	flow	NOUN
arjefm-80	51	29	did	do	AUX
arjefm-80	51	30	not	not	PART
arjefm-80	51	31	undermine	undermine	VERB
arjefm-80	51	32	government	government	NOUN
arjefm-80	51	33	's	's	PART
arjefm-80	51	34	tax	tax	NOUN
arjefm-80	51	35	revenue	revenue	NOUN
arjefm-80	51	36	mobilization	mobilization	NOUN
arjefm-80	51	37	.	.	PUNCT
arjefm-80	52	1	during	during	ADP
arjefm-80	52	2	the	the	DET
arjefm-80	52	3	period	period	NOUN
arjefm-80	52	4	whilst	whilst	SCONJ
arjefm-80	52	5	tax	tax	NOUN
arjefm-80	52	6	revenue	revenue	NOUN
arjefm-80	52	7	and	and	CCONJ
arjefm-80	52	8	aid	aid	NOUN
arjefm-80	52	9	inflows	inflow	NOUN
arjefm-80	52	10	were	be	AUX
arjefm-80	52	11	increasing	increase	VERB
arjefm-80	52	12	,	,	PUNCT
arjefm-80	52	13	government	government	NOUN
arjefm-80	52	14	expenditure	expenditure	NOUN
arjefm-80	52	15	also	also	ADV
arjefm-80	52	16	continued	continue	VERB
arjefm-80	52	17	to	to	PART
arjefm-80	52	18	increase	increase	VERB
arjefm-80	52	19	though	though	ADV
arjefm-80	52	20	at	at	ADP
arjefm-80	52	21	a	a	DET
arjefm-80	52	22	slower	slow	ADJ
arjefm-80	52	23	pace	pace	NOUN
arjefm-80	52	24	,	,	PUNCT
arjefm-80	52	25	on	on	ADP
arjefm-80	52	26	account	account	NOUN
arjefm-80	52	27	of	of	ADP
arjefm-80	52	28	the	the	DET
arjefm-80	52	29	some	some	PRON
arjefm-80	52	30	of	of	ADP
arjefm-80	52	31	the	the	DET
arjefm-80	52	32	erp	erp	NOUN
arjefm-80	52	33	measures	measure	NOUN
arjefm-80	52	34	which	which	PRON
arjefm-80	52	35	had	have	AUX
arjefm-80	52	36	been	be	AUX
arjefm-80	52	37	introduced	introduce	VERB
arjefm-80	52	38	to	to	PART
arjefm-80	52	39	stem	stem	VERB
arjefm-80	52	40	rapidly	rapidly	ADV
arjefm-80	52	41	increasing	increase	VERB
arjefm-80	52	42	government	government	NOUN
arjefm-80	52	43	expenditure	expenditure	NOUN
arjefm-80	52	44	experienced	experience	VERB
arjefm-80	52	45	in	in	ADP
arjefm-80	52	46	the	the	DET
arjefm-80	52	47	period	period	NOUN
arjefm-80	52	48	before	before	ADP
arjefm-80	52	49	erp	erp	PROPN
arjefm-80	52	50	.	.	PUNCT
arjefm-80	53	1	the	the	DET
arjefm-80	53	2	post	post	NOUN
arjefm-80	53	3	1992	1992	NUM
arjefm-80	53	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	53	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	53	6	american	american	PROPN
arjefm-80	53	7	research	research	PROPN
arjefm-80	53	8	journal	journal	PROPN
arjefm-80	53	9	of	of	ADP
arjefm-80	53	10	economics	economic	NOUN
arjefm-80	53	11	,	,	PUNCT
arjefm-80	53	12	finance	finance	NOUN
arjefm-80	53	13	and	and	CCONJ
arjefm-80	53	14	management	management	NOUN
arjefm-80	53	15	volume	volume	NOUN
arjefm-80	53	16	11	11	NUM
arjefm-80	53	17	issue	issue	NOUN
arjefm-80	53	18	2	2	NUM
arjefm-80	53	19	,	,	PUNCT
arjefm-80	53	20	april	april	PROPN
arjefm-80	53	21	-	-	PUNCT
arjefm-80	53	22	june	june	PROPN
arjefm-80	53	23	2023	2023	NUM
arjefm-80	53	24	issn	issn	PROPN
arjefm-80	53	25	:	:	PUNCT
arjefm-80	53	26	2836	2836	NUM
arjefm-80	53	27	-	-	SYM
arjefm-80	53	28	9416	9416	NUM
arjefm-80	53	29	impact	impact	NOUN
arjefm-80	53	30	factor	factor	NOUN
arjefm-80	53	31	:	:	PUNCT
arjefm-80	53	32	5.57	5.57	NUM
arjefm-80	53	33	journal	journal	NOUN
arjefm-80	53	34	homepage	homepage	NOUN
arjefm-80	53	35	:	:	PUNCT
arjefm-80	53	36	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	53	37	,	,	PUNCT
arjefm-80	53	38	email	email	NOUN
arjefm-80	53	39	:	:	PUNCT
arjefm-80	53	40	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	53	41	official	official	ADJ
arjefm-80	53	42	journal	journal	PROPN
arjefm-80	53	43	of	of	ADP
arjefm-80	53	44	america	america	PROPN
arjefm-80	53	45	serial	serial	PROPN
arjefm-80	53	46	publication	publication	NOUN
arjefm-80	53	47	american	american	PROPN
arjefm-80	53	48	research	research	PROPN
arjefm-80	53	49	journal	journal	PROPN
arjefm-80	53	50	of	of	ADP
arjefm-80	53	51	economics	economic	NOUN
arjefm-80	53	52	,	,	PUNCT
arjefm-80	53	53	finance	finance	NOUN
arjefm-80	53	54	and	and	CCONJ
arjefm-80	53	55	management	management	NOUN
arjefm-80	53	56	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	53	57	,	,	PUNCT
arjefm-80	53	58	email	email	NOUN
arjefm-80	53	59	:	:	PUNCT
arjefm-80	53	60	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	54	1	4	4	NUM
arjefm-80	54	2	|	|	ADV
arjefm-80	54	3	p	p	X
arjefm-80	54	4	a	a	DET
arjefm-80	54	5	g	g	NOUN
arjefm-80	54	6	e	e	NOUN
arjefm-80	54	7	period	period	NOUN
arjefm-80	54	8	has	have	AUX
arjefm-80	54	9	generally	generally	ADV
arjefm-80	54	10	been	be	AUX
arjefm-80	54	11	characterized	characterize	VERB
arjefm-80	54	12	by	by	ADP
arjefm-80	54	13	rapidly	rapidly	ADV
arjefm-80	54	14	expanding	expand	VERB
arjefm-80	54	15	government	government	NOUN
arjefm-80	54	16	expenditure	expenditure	NOUN
arjefm-80	54	17	largely	largely	ADV
arjefm-80	54	18	fueled	fuel	VERB
arjefm-80	54	19	by	by	ADP
arjefm-80	54	20	the	the	DET
arjefm-80	54	21	people	people	NOUN
arjefm-80	54	22	across	across	ADP
arjefm-80	54	23	the	the	DET
arjefm-80	54	24	country	country	NOUN
arjefm-80	54	25	making	make	VERB
arjefm-80	54	26	demands	demand	NOUN
arjefm-80	54	27	on	on	ADP
arjefm-80	54	28	politicians	politician	NOUN
arjefm-80	54	29	and	and	CCONJ
arjefm-80	54	30	indeed	indeed	ADV
arjefm-80	54	31	some	some	PRON
arjefm-80	54	32	actually	actually	ADV
arjefm-80	54	33	using	use	VERB
arjefm-80	54	34	the	the	DET
arjefm-80	54	35	provision	provision	NOUN
arjefm-80	54	36	of	of	ADP
arjefm-80	54	37	certain	certain	ADJ
arjefm-80	54	38	projects	project	NOUN
arjefm-80	54	39	and	and	CCONJ
arjefm-80	54	40	infrastructure	infrastructure	NOUN
arjefm-80	54	41	as	as	ADP
arjefm-80	54	42	a	a	DET
arjefm-80	54	43	tool	tool	NOUN
arjefm-80	54	44	for	for	ADP
arjefm-80	54	45	cajoling	cajole	VERB
arjefm-80	54	46	and	and	CCONJ
arjefm-80	54	47	blackmailing	blackmail	VERB
arjefm-80	54	48	functionaries	functionary	NOUN
arjefm-80	54	49	of	of	ADP
arjefm-80	54	50	government	government	NOUN
arjefm-80	54	51	.	.	PUNCT
arjefm-80	55	1	however	however	ADV
arjefm-80	55	2	,	,	PUNCT
arjefm-80	55	3	revenue	revenue	NOUN
arjefm-80	55	4	mobilization	mobilization	NOUN
arjefm-80	55	5	during	during	ADP
arjefm-80	55	6	the	the	DET
arjefm-80	55	7	period	period	NOUN
arjefm-80	55	8	has	have	AUX
arjefm-80	55	9	not	not	PART
arjefm-80	55	10	kept	keep	VERB
arjefm-80	55	11	pace	pace	NOUN
arjefm-80	55	12	with	with	ADP
arjefm-80	55	13	government	government	NOUN
arjefm-80	55	14	expenditures	expenditure	NOUN
arjefm-80	55	15	and	and	CCONJ
arjefm-80	55	16	the	the	DET
arjefm-80	55	17	peoples	people	NOUN
arjefm-80	55	18	aspirations	aspiration	NOUN
arjefm-80	55	19	for	for	ADP
arjefm-80	55	20	that	that	DET
arjefm-80	55	21	matter	matter	NOUN
arjefm-80	55	22	.	.	PUNCT
arjefm-80	56	1	indeed	indeed	ADV
arjefm-80	56	2	for	for	ADP
arjefm-80	56	3	a	a	DET
arjefm-80	56	4	long	long	ADJ
arjefm-80	56	5	time	time	NOUN
arjefm-80	56	6	now	now	ADV
arjefm-80	56	7	total	total	ADJ
arjefm-80	56	8	government	government	NOUN
arjefm-80	56	9	revenue	revenue	NOUN
arjefm-80	56	10	is	be	AUX
arjefm-80	56	11	consumed	consume	VERB
arjefm-80	56	12	largely	largely	ADV
arjefm-80	56	13	by	by	ADP
arjefm-80	56	14	payment	payment	NOUN
arjefm-80	56	15	of	of	ADP
arjefm-80	56	16	emoluments	emolument	NOUN
arjefm-80	56	17	,	,	PUNCT
arjefm-80	56	18	statutory	statutory	ADJ
arjefm-80	56	19	obligations	obligation	NOUN
arjefm-80	56	20	and	and	CCONJ
arjefm-80	56	21	then	then	ADV
arjefm-80	56	22	interests	interest	NOUN
arjefm-80	56	23	payments	payment	NOUN
arjefm-80	56	24	,	,	PUNCT
arjefm-80	56	25	which	which	PRON
arjefm-80	56	26	itself	itself	PRON
arjefm-80	56	27	is	be	AUX
arjefm-80	56	28	a	a	DET
arjefm-80	56	29	product	product	NOUN
arjefm-80	56	30	of	of	ADP
arjefm-80	56	31	the	the	DET
arjefm-80	56	32	increasing	increase	VERB
arjefm-80	56	33	imperative	imperative	NOUN
arjefm-80	56	34	for	for	ADP
arjefm-80	56	35	borrowing	borrow	VERB
arjefm-80	56	36	by	by	ADP
arjefm-80	56	37	government	government	NOUN
arjefm-80	56	38	.	.	PUNCT
arjefm-80	57	1	the	the	DET
arjefm-80	57	2	argument	argument	NOUN
arjefm-80	57	3	that	that	SCONJ
arjefm-80	57	4	the	the	DET
arjefm-80	57	5	political	political	ADJ
arjefm-80	57	6	structure	structure	NOUN
arjefm-80	57	7	in	in	ADP
arjefm-80	57	8	ghana	ghana	PROPN
arjefm-80	57	9	has	have	AUX
arjefm-80	57	10	tended	tend	VERB
arjefm-80	57	11	to	to	PART
arjefm-80	57	12	reinforce	reinforce	VERB
arjefm-80	57	13	fiscal	fiscal	ADJ
arjefm-80	57	14	behaviours	behaviour	NOUN
arjefm-80	57	15	by	by	ADP
arjefm-80	57	16	successive	successive	ADJ
arjefm-80	57	17	governments	government	NOUN
arjefm-80	57	18	in	in	ADP
arjefm-80	57	19	the	the	DET
arjefm-80	57	20	fourth	fourth	ADJ
arjefm-80	57	21	republic	republic	NOUN
arjefm-80	57	22	is	be	AUX
arjefm-80	57	23	amplified	amplify	VERB
arjefm-80	57	24	when	when	SCONJ
arjefm-80	57	25	one	one	NUM
arjefm-80	57	26	considers	consider	VERB
arjefm-80	57	27	ghana	ghana	PROPN
arjefm-80	57	28	’s	’s	PART
arjefm-80	57	29	fiscal	fiscal	ADJ
arjefm-80	57	30	position	position	NOUN
arjefm-80	57	31	in	in	ADP
arjefm-80	57	32	election	election	NOUN
arjefm-80	57	33	years	year	NOUN
arjefm-80	57	34	.	.	PUNCT
arjefm-80	58	1	election	election	NOUN
arjefm-80	58	2	cycles	cycle	NOUN
arjefm-80	58	3	have	have	AUX
arjefm-80	58	4	generally	generally	ADV
arjefm-80	58	5	exacerbated	exacerbate	VERB
arjefm-80	58	6	the	the	DET
arjefm-80	58	7	problem	problem	NOUN
arjefm-80	58	8	and	and	CCONJ
arjefm-80	58	9	this	this	PRON
arjefm-80	58	10	is	be	AUX
arjefm-80	58	11	evidenced	evidence	VERB
arjefm-80	58	12	by	by	ADP
arjefm-80	58	13	the	the	DET
arjefm-80	58	14	fiscal	fiscal	ADJ
arjefm-80	58	15	deficits	deficit	NOUN
arjefm-80	58	16	which	which	PRON
arjefm-80	58	17	were	be	AUX
arjefm-80	58	18	recorded	record	VERB
arjefm-80	58	19	in	in	ADP
arjefm-80	58	20	the	the	DET
arjefm-80	58	21	years	year	NOUN
arjefm-80	58	22	2008	2008	NUM
arjefm-80	58	23	,	,	PUNCT
arjefm-80	58	24	2012	2012	NUM
arjefm-80	58	25	and	and	CCONJ
arjefm-80	58	26	2016	2016	NUM
arjefm-80	58	27	respectively	respectively	ADV
arjefm-80	58	28	.	.	PUNCT
arjefm-80	59	1	one	one	NUM
arjefm-80	59	2	major	major	ADJ
arjefm-80	59	3	development	development	NOUN
arjefm-80	59	4	which	which	PRON
arjefm-80	59	5	has	have	VERB
arjefm-80	59	6	also	also	ADV
arjefm-80	59	7	to	to	ADP
arjefm-80	59	8	a	a	DET
arjefm-80	59	9	great	great	ADJ
arjefm-80	59	10	extent	extent	NOUN
arjefm-80	59	11	influenced	influence	VERB
arjefm-80	59	12	fiscal	fiscal	ADJ
arjefm-80	59	13	behaviours	behaviour	NOUN
arjefm-80	59	14	especially	especially	ADV
arjefm-80	59	15	post	post	VERB
arjefm-80	59	16	2012	2012	NUM
arjefm-80	59	17	has	have	AUX
arjefm-80	59	18	been	be	AUX
arjefm-80	59	19	the	the	DET
arjefm-80	59	20	reclassification	reclassification	NOUN
arjefm-80	59	21	of	of	ADP
arjefm-80	59	22	ghana	ghana	PROPN
arjefm-80	59	23	as	as	ADP
arjefm-80	59	24	a	a	DET
arjefm-80	59	25	middle	middle	ADJ
arjefm-80	59	26	income	income	NOUN
arjefm-80	59	27	country	country	NOUN
arjefm-80	59	28	.this	.this	PRON
arjefm-80	59	29	has	have	AUX
arjefm-80	59	30	restricted	restrict	VERB
arjefm-80	59	31	the	the	DET
arjefm-80	59	32	country	country	NOUN
arjefm-80	59	33	's	's	PART
arjefm-80	59	34	access	access	NOUN
arjefm-80	59	35	to	to	ADP
arjefm-80	59	36	concessionary	concessionary	ADJ
arjefm-80	59	37	loans	loan	NOUN
arjefm-80	59	38	and	and	CCONJ
arjefm-80	59	39	grants	grant	NOUN
arjefm-80	59	40	and	and	CCONJ
arjefm-80	59	41	compelled	compel	VERB
arjefm-80	59	42	governments	government	NOUN
arjefm-80	59	43	to	to	PART
arjefm-80	59	44	syndicate	syndicate	VERB
arjefm-80	59	45	relatively	relatively	ADV
arjefm-80	59	46	expensive	expensive	ADJ
arjefm-80	59	47	loans	loan	NOUN
arjefm-80	59	48	from	from	ADP
arjefm-80	59	49	the	the	DET
arjefm-80	59	50	international	international	ADJ
arjefm-80	59	51	commercial	commercial	ADJ
arjefm-80	59	52	markets	market	NOUN
arjefm-80	59	53	on	on	ADP
arjefm-80	59	54	account	account	NOUN
arjefm-80	59	55	of	of	ADP
arjefm-80	59	56	the	the	DET
arjefm-80	59	57	fact	fact	NOUN
arjefm-80	59	58	that	that	SCONJ
arjefm-80	59	59	ghana	ghana	PROPN
arjefm-80	59	60	's	's	PART
arjefm-80	59	61	tax	tax	NOUN
arjefm-80	59	62	to	to	ADP
arjefm-80	59	63	gdp	gdp	NOUN
arjefm-80	59	64	ratio	ratio	NOUN
arjefm-80	59	65	is	be	AUX
arjefm-80	59	66	woefully	woefully	ADV
arjefm-80	59	67	below	below	ADP
arjefm-80	59	68	the	the	DET
arjefm-80	59	69	average	average	ADJ
arjefm-80	59	70	middle	middle	ADJ
arjefm-80	59	71	income	income	NOUN
arjefm-80	59	72	levels	level	NOUN
arjefm-80	59	73	.	.	PUNCT
arjefm-80	60	1	indeed	indeed	ADV
arjefm-80	60	2	it	it	PRON
arjefm-80	60	3	is	be	AUX
arjefm-80	60	4	very	very	ADV
arjefm-80	60	5	instructive	instructive	ADJ
arjefm-80	60	6	to	to	PART
arjefm-80	60	7	note	note	VERB
arjefm-80	60	8	that	that	SCONJ
arjefm-80	60	9	in	in	ADP
arjefm-80	60	10	the	the	DET
arjefm-80	60	11	west	west	PROPN
arjefm-80	60	12	africa	africa	PROPN
arjefm-80	60	13	sub	sub	PROPN
arjefm-80	60	14	region	region	PROPN
arjefm-80	60	15	,	,	PUNCT
arjefm-80	60	16	ghana	ghana	PROPN
arjefm-80	60	17	's	's	PART
arjefm-80	60	18	tax	tax	NOUN
arjefm-80	60	19	collections	collection	NOUN
arjefm-80	60	20	as	as	ADP
arjefm-80	60	21	a	a	DET
arjefm-80	60	22	percentage	percentage	NOUN
arjefm-80	60	23	of	of	ADP
arjefm-80	60	24	gdp	gdp	NOUN
arjefm-80	60	25	is	be	AUX
arjefm-80	60	26	the	the	DET
arjefm-80	60	27	lowest	low	ADJ
arjefm-80	60	28	.	.	PUNCT
arjefm-80	61	1	against	against	ADP
arjefm-80	61	2	this	this	DET
arjefm-80	61	3	background	background	NOUN
arjefm-80	61	4	,	,	PUNCT
arjefm-80	61	5	the	the	DET
arjefm-80	61	6	issuances	issuance	NOUN
arjefm-80	61	7	of	of	ADP
arjefm-80	61	8	euro	euro	NOUN
arjefm-80	61	9	bonds	bond	NOUN
arjefm-80	61	10	have	have	AUX
arjefm-80	61	11	become	become	VERB
arjefm-80	61	12	an	an	DET
arjefm-80	61	13	important	important	ADJ
arjefm-80	61	14	feature	feature	NOUN
arjefm-80	61	15	of	of	ADP
arjefm-80	61	16	government	government	NOUN
arjefm-80	61	17	strategy	strategy	NOUN
arjefm-80	61	18	for	for	ADP
arjefm-80	61	19	financing	financing	NOUN
arjefm-80	61	20	projects	project	NOUN
arjefm-80	61	21	and	and	CCONJ
arjefm-80	61	22	programmes	programme	NOUN
arjefm-80	61	23	of	of	ADP
arjefm-80	61	24	government	government	NOUN
arjefm-80	61	25	as	as	ADP
arjefm-80	61	26	missing	miss	VERB
arjefm-80	61	27	revenue	revenue	NOUN
arjefm-80	61	28	targets	target	NOUN
arjefm-80	61	29	have	have	AUX
arjefm-80	61	30	become	become	VERB
arjefm-80	61	31	a	a	DET
arjefm-80	61	32	constant	constant	ADJ
arjefm-80	61	33	feature	feature	NOUN
arjefm-80	61	34	of	of	ADP
arjefm-80	61	35	fiscal	fiscal	ADJ
arjefm-80	61	36	management	management	NOUN
arjefm-80	61	37	in	in	ADP
arjefm-80	61	38	ghana	ghana	PROPN
arjefm-80	61	39	.	.	PUNCT
arjefm-80	62	1	section	section	NOUN
arjefm-80	62	2	iii	iii	PROPN
arjefm-80	62	3	ːtheoretical	ːtheoretical	ADJ
arjefm-80	62	4	,	,	PUNCT
arjefm-80	62	5	conceptual	conceptual	ADJ
arjefm-80	62	6	issues	issue	NOUN
arjefm-80	62	7	and	and	CCONJ
arjefm-80	62	8	empirical	empirical	ADJ
arjefm-80	62	9	underpinnings	underpinning	NOUN
arjefm-80	62	10	fiscal	fiscal	ADJ
arjefm-80	62	11	policy	policy	NOUN
arjefm-80	62	12	formulation	formulation	NOUN
arjefm-80	62	13	is	be	AUX
arjefm-80	62	14	one	one	NUM
arjefm-80	62	15	of	of	ADP
arjefm-80	62	16	the	the	DET
arjefm-80	62	17	basic	basic	ADJ
arjefm-80	62	18	functions	function	NOUN
arjefm-80	62	19	of	of	ADP
arjefm-80	62	20	every	every	DET
arjefm-80	62	21	government	government	NOUN
arjefm-80	62	22	in	in	ADP
arjefm-80	62	23	the	the	DET
arjefm-80	62	24	sense	sense	NOUN
arjefm-80	62	25	that	that	SCONJ
arjefm-80	62	26	it	it	PRON
arjefm-80	62	27	primarily	primarily	ADV
arjefm-80	62	28	involves	involve	VERB
arjefm-80	62	29	the	the	DET
arjefm-80	62	30	strategies	strategy	NOUN
arjefm-80	62	31	that	that	PRON
arjefm-80	62	32	governments	government	NOUN
arjefm-80	62	33	use	use	VERB
arjefm-80	62	34	to	to	PART
arjefm-80	62	35	raise	raise	VERB
arjefm-80	62	36	income	income	NOUN
arjefm-80	62	37	to	to	PART
arjefm-80	62	38	be	be	AUX
arjefm-80	62	39	able	able	ADJ
arjefm-80	62	40	finance	finance	NOUN
arjefm-80	62	41	government	government	NOUN
arjefm-80	62	42	's	's	PART
arjefm-80	62	43	activities	activity	NOUN
arjefm-80	62	44	.	.	PUNCT
arjefm-80	63	1	in	in	ADP
arjefm-80	63	2	the	the	DET
arjefm-80	63	3	main	main	ADJ
arjefm-80	63	4	,	,	PUNCT
arjefm-80	63	5	most	most	ADJ
arjefm-80	63	6	governments	government	NOUN
arjefm-80	63	7	rely	rely	VERB
arjefm-80	63	8	on	on	ADP
arjefm-80	63	9	revenues	revenue	NOUN
arjefm-80	63	10	generated	generate	VERB
arjefm-80	63	11	from	from	ADP
arjefm-80	63	12	taxation	taxation	NOUN
arjefm-80	63	13	as	as	ADP
arjefm-80	63	14	the	the	DET
arjefm-80	63	15	most	most	ADV
arjefm-80	63	16	reliable	reliable	ADJ
arjefm-80	63	17	source	source	NOUN
arjefm-80	63	18	of	of	ADP
arjefm-80	63	19	income	income	NOUN
arjefm-80	63	20	.	.	PUNCT
arjefm-80	64	1	however	however	ADV
arjefm-80	64	2	,	,	PUNCT
arjefm-80	64	3	in	in	ADP
arjefm-80	64	4	most	most	ADJ
arjefm-80	64	5	parts	part	NOUN
arjefm-80	64	6	of	of	ADP
arjefm-80	64	7	the	the	DET
arjefm-80	64	8	world	world	NOUN
arjefm-80	64	9	particularly	particularly	ADV
arjefm-80	64	10	the	the	DET
arjefm-80	64	11	developing	develop	VERB
arjefm-80	64	12	world	world	NOUN
arjefm-80	64	13	because	because	SCONJ
arjefm-80	64	14	of	of	ADP
arjefm-80	64	15	the	the	DET
arjefm-80	64	16	demands	demand	NOUN
arjefm-80	64	17	on	on	ADP
arjefm-80	64	18	government	government	NOUN
arjefm-80	64	19	to	to	PART
arjefm-80	64	20	ensure	ensure	VERB
arjefm-80	64	21	rapid	rapid	ADJ
arjefm-80	64	22	development	development	NOUN
arjefm-80	64	23	and	and	CCONJ
arjefm-80	64	24	the	the	DET
arjefm-80	64	25	exigencies	exigency	NOUN
arjefm-80	64	26	of	of	ADP
arjefm-80	64	27	the	the	DET
arjefm-80	64	28	time	time	NOUN
arjefm-80	64	29	,	,	PUNCT
arjefm-80	64	30	they	they	PRON
arjefm-80	64	31	are	be	AUX
arjefm-80	64	32	unable	unable	ADJ
arjefm-80	64	33	to	to	PART
arjefm-80	64	34	stick	stick	VERB
arjefm-80	64	35	to	to	ADP
arjefm-80	64	36	the	the	DET
arjefm-80	64	37	incomes	income	NOUN
arjefm-80	64	38	available	available	ADJ
arjefm-80	64	39	to	to	ADP
arjefm-80	64	40	them	they	PRON
arjefm-80	64	41	through	through	ADP
arjefm-80	64	42	taxation	taxation	NOUN
arjefm-80	64	43	and	and	CCONJ
arjefm-80	64	44	therefore	therefore	ADV
arjefm-80	64	45	have	have	VERB
arjefm-80	64	46	to	to	PART
arjefm-80	64	47	resort	resort	VERB
arjefm-80	64	48	to	to	ADP
arjefm-80	64	49	other	other	ADJ
arjefm-80	64	50	means	mean	NOUN
arjefm-80	64	51	of	of	ADP
arjefm-80	64	52	financing	finance	VERB
arjefm-80	64	53	their	their	PRON
arjefm-80	64	54	programmes	programme	NOUN
arjefm-80	64	55	and	and	CCONJ
arjefm-80	64	56	projects	project	NOUN
arjefm-80	64	57	.	.	PUNCT
arjefm-80	65	1	these	these	PRON
arjefm-80	65	2	come	come	VERB
arjefm-80	65	3	in	in	ADP
arjefm-80	65	4	the	the	DET
arjefm-80	65	5	form	form	NOUN
arjefm-80	65	6	of	of	ADP
arjefm-80	65	7	foreign	foreign	ADJ
arjefm-80	65	8	aidloans	aidloan	NOUN
arjefm-80	65	9	and	and	CCONJ
arjefm-80	65	10	grants	grant	NOUN
arjefm-80	65	11	and	and	CCONJ
arjefm-80	65	12	domestic	domestic	ADJ
arjefm-80	65	13	borrowing	borrowing	NOUN
arjefm-80	65	14	.	.	PUNCT
arjefm-80	66	1	according	accord	VERB
arjefm-80	66	2	to	to	ADP
arjefm-80	66	3	njeru	njeru	PROPN
arjefm-80	66	4	(	(	PUNCT
arjefm-80	66	5	2004	2004	NUM
arjefm-80	66	6	)	)	PUNCT
arjefm-80	66	7	,	,	PUNCT
arjefm-80	66	8	one	one	NUM
arjefm-80	66	9	of	of	ADP
arjefm-80	66	10	the	the	DET
arjefm-80	66	11	most	most	ADV
arjefm-80	66	12	critical	critical	ADJ
arjefm-80	66	13	issues	issue	NOUN
arjefm-80	66	14	which	which	PRON
arjefm-80	66	15	has	have	AUX
arjefm-80	66	16	been	be	AUX
arjefm-80	66	17	a	a	DET
arjefm-80	66	18	subject	subject	NOUN
arjefm-80	66	19	of	of	ADP
arjefm-80	66	20	debate	debate	NOUN
arjefm-80	66	21	by	by	ADP
arjefm-80	66	22	economists	economist	NOUN
arjefm-80	66	23	in	in	ADP
arjefm-80	66	24	this	this	DET
arjefm-80	66	25	area	area	NOUN
arjefm-80	66	26	of	of	ADP
arjefm-80	66	27	research	research	NOUN
arjefm-80	66	28	is	be	AUX
arjefm-80	66	29	whether	whether	SCONJ
arjefm-80	66	30	or	or	CCONJ
arjefm-80	66	31	not	not	PART
arjefm-80	66	32	the	the	DET
arjefm-80	66	33	aid	aid	NOUN
arjefm-80	66	34	process	process	NOUN
arjefm-80	66	35	is	be	AUX
arjefm-80	66	36	undermined	undermine	VERB
arjefm-80	66	37	by	by	ADP
arjefm-80	66	38	the	the	DET
arjefm-80	66	39	ability	ability	NOUN
arjefm-80	66	40	of	of	ADP
arjefm-80	66	41	the	the	DET
arjefm-80	66	42	aid	aid	NOUN
arjefm-80	66	43	receiving	receive	VERB
arjefm-80	66	44	country	country	NOUN
arjefm-80	66	45	to	to	PART
arjefm-80	66	46	alter	alter	VERB
arjefm-80	66	47	the	the	DET
arjefm-80	66	48	their	their	PRON
arjefm-80	66	49	spending	spending	NOUN
arjefm-80	66	50	patterns	pattern	NOUN
arjefm-80	66	51	to	to	PART
arjefm-80	66	52	subvert	subvert	VERB
arjefm-80	66	53	the	the	DET
arjefm-80	66	54	sectoral	sectoral	ADJ
arjefm-80	66	55	distribution	distribution	NOUN
arjefm-80	66	56	of	of	ADP
arjefm-80	66	57	expenditure	expenditure	NOUN
arjefm-80	66	58	for	for	ADP
arjefm-80	66	59	designated	designate	VERB
arjefm-80	66	60	projects	project	NOUN
arjefm-80	66	61	.	.	PUNCT
arjefm-80	67	1	the	the	DET
arjefm-80	67	2	general	general	ADJ
arjefm-80	67	3	contention	contention	NOUN
arjefm-80	67	4	is	be	AUX
arjefm-80	67	5	that	that	SCONJ
arjefm-80	67	6	the	the	DET
arjefm-80	67	7	ability	ability	NOUN
arjefm-80	67	8	of	of	ADP
arjefm-80	67	9	the	the	DET
arjefm-80	67	10	recipient	recipient	NOUN
arjefm-80	67	11	country	country	NOUN
arjefm-80	67	12	to	to	PART
arjefm-80	67	13	reallocate	reallocate	VERB
arjefm-80	67	14	the	the	DET
arjefm-80	67	15	aid	aid	NOUN
arjefm-80	67	16	can	can	AUX
arjefm-80	67	17	usually	usually	ADV
arjefm-80	67	18	affect	affect	VERB
arjefm-80	67	19	the	the	DET
arjefm-80	67	20	intended	intend	VERB
arjefm-80	67	21	economic	economic	ADJ
arjefm-80	67	22	performance	performance	NOUN
arjefm-80	67	23	envisaged	envisage	VERB
arjefm-80	67	24	under	under	ADP
arjefm-80	67	25	the	the	DET
arjefm-80	67	26	aid	aid	NOUN
arjefm-80	67	27	structure	structure	NOUN
arjefm-80	67	28	.	.	PUNCT
arjefm-80	68	1	this	this	PRON
arjefm-80	68	2	is	be	AUX
arjefm-80	68	3	particularly	particularly	ADV
arjefm-80	68	4	the	the	DET
arjefm-80	68	5	case	case	NOUN
arjefm-80	68	6	when	when	SCONJ
arjefm-80	68	7	aid	aid	NOUN
arjefm-80	68	8	earmarked	earmark	VERB
arjefm-80	68	9	for	for	ADP
arjefm-80	68	10	developing	develop	VERB
arjefm-80	68	11	critical	critical	ADJ
arjefm-80	68	12	infrastructure	infrastructure	NOUN
arjefm-80	68	13	in	in	ADP
arjefm-80	68	14	a	a	DET
arjefm-80	68	15	given	give	VERB
arjefm-80	68	16	economy	economy	NOUN
arjefm-80	68	17	is	be	AUX
arjefm-80	68	18	diverted	divert	VERB
arjefm-80	68	19	into	into	ADP
arjefm-80	68	20	financing	finance	VERB
arjefm-80	68	21	government	government	NOUN
arjefm-80	68	22	consumption	consumption	NOUN
arjefm-80	68	23	like	like	ADP
arjefm-80	68	24	catering	cater	VERB
arjefm-80	68	25	for	for	ADP
arjefm-80	68	26	emoluments	emolument	NOUN
arjefm-80	68	27	of	of	ADP
arjefm-80	68	28	workers	worker	NOUN
arjefm-80	68	29	and	and	CCONJ
arjefm-80	68	30	buying	buy	VERB
arjefm-80	68	31	goods	good	NOUN
arjefm-80	68	32	and	and	CCONJ
arjefm-80	68	33	services	service	NOUN
arjefm-80	68	34	for	for	ADP
arjefm-80	68	35	government	government	NOUN
arjefm-80	68	36	machinery	machinery	NOUN
arjefm-80	68	37	rather	rather	ADV
arjefm-80	68	38	than	than	ADP
arjefm-80	68	39	creating	create	VERB
arjefm-80	68	40	the	the	DET
arjefm-80	68	41	required	require	VERB
arjefm-80	68	42	infrastructural	infrastructural	ADJ
arjefm-80	68	43	overheads	overhead	NOUN
arjefm-80	68	44	which	which	PRON
arjefm-80	68	45	then	then	ADV
arjefm-80	68	46	provide	provide	VERB
arjefm-80	68	47	the	the	DET
arjefm-80	68	48	necessary	necessary	ADJ
arjefm-80	68	49	platform	platform	NOUN
arjefm-80	68	50	for	for	ADP
arjefm-80	68	51	increasing	increase	VERB
arjefm-80	68	52	the	the	DET
arjefm-80	68	53	level	level	NOUN
arjefm-80	68	54	of	of	ADP
arjefm-80	68	55	economic	economic	ADJ
arjefm-80	68	56	activities	activity	NOUN
arjefm-80	68	57	.	.	PUNCT
arjefm-80	69	1	this	this	PRON
arjefm-80	69	2	is	be	AUX
arjefm-80	69	3	what	what	PRON
arjefm-80	69	4	economists	economist	NOUN
arjefm-80	69	5	usually	usually	ADV
arjefm-80	69	6	refer	refer	VERB
arjefm-80	69	7	to	to	ADP
arjefm-80	69	8	as	as	ADP
arjefm-80	69	9	aid	aid	NOUN
arjefm-80	69	10	fungibility	fungibility	NOUN
arjefm-80	69	11	.	.	PUNCT
arjefm-80	70	1	this	this	PRON
arjefm-80	70	2	is	be	AUX
arjefm-80	70	3	reinforced	reinforce	VERB
arjefm-80	70	4	by	by	ADP
arjefm-80	70	5	bwire	bwire	NOUN
arjefm-80	70	6	et	et	PROPN
arjefm-80	70	7	al	al	PROPN
arjefm-80	70	8	(	(	PUNCT
arjefm-80	70	9	2017	2017	NUM
arjefm-80	70	10	)	)	PUNCT
arjefm-80	70	11	who	who	PRON
arjefm-80	70	12	contend	contend	VERB
arjefm-80	70	13	that	that	SCONJ
arjefm-80	70	14	fungibility	fungibility	NOUN
arjefm-80	70	15	arises	arise	VERB
arjefm-80	70	16	when	when	SCONJ
arjefm-80	70	17	aid	aid	NOUN
arjefm-80	70	18	recipients	recipient	NOUN
arjefm-80	70	19	do	do	AUX
arjefm-80	70	20	not	not	PART
arjefm-80	70	21	use	use	VERB
arjefm-80	70	22	the	the	DET
arjefm-80	70	23	aid	aid	NOUN
arjefm-80	70	24	for	for	ADP
arjefm-80	70	25	purposes	purpose	NOUN
arjefm-80	70	26	for	for	ADP
arjefm-80	70	27	which	which	PRON
arjefm-80	70	28	they	they	PRON
arjefm-80	70	29	were	be	AUX
arjefm-80	70	30	given	give	VERB
arjefm-80	70	31	by	by	ADP
arjefm-80	70	32	the	the	DET
arjefm-80	70	33	donors	donor	NOUN
arjefm-80	70	34	.	.	PUNCT
arjefm-80	71	1	thus	thus	ADV
arjefm-80	71	2	in	in	ADP
arjefm-80	71	3	many	many	ADJ
arjefm-80	71	4	respects	respect	NOUN
arjefm-80	71	5	,	,	PUNCT
arjefm-80	71	6	a	a	DET
arjefm-80	71	7	lot	lot	NOUN
arjefm-80	71	8	of	of	ADP
arjefm-80	71	9	the	the	DET
arjefm-80	71	10	developing	develop	VERB
arjefm-80	71	11	countries	country	NOUN
arjefm-80	71	12	employ	employ	VERB
arjefm-80	71	13	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	71	14	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	71	15	american	american	PROPN
arjefm-80	71	16	research	research	PROPN
arjefm-80	71	17	journal	journal	PROPN
arjefm-80	71	18	of	of	ADP
arjefm-80	71	19	economics	economic	NOUN
arjefm-80	71	20	,	,	PUNCT
arjefm-80	71	21	finance	finance	NOUN
arjefm-80	71	22	and	and	CCONJ
arjefm-80	71	23	management	management	NOUN
arjefm-80	71	24	volume	volume	NOUN
arjefm-80	71	25	11	11	NUM
arjefm-80	71	26	issue	issue	NOUN
arjefm-80	71	27	2	2	NUM
arjefm-80	71	28	,	,	PUNCT
arjefm-80	71	29	april	april	PROPN
arjefm-80	71	30	-	-	PUNCT
arjefm-80	71	31	june	june	PROPN
arjefm-80	71	32	2023	2023	NUM
arjefm-80	71	33	issn	issn	PROPN
arjefm-80	71	34	:	:	PUNCT
arjefm-80	71	35	2836	2836	NUM
arjefm-80	71	36	-	-	SYM
arjefm-80	71	37	9416	9416	NUM
arjefm-80	71	38	impact	impact	NOUN
arjefm-80	71	39	factor	factor	NOUN
arjefm-80	71	40	:	:	PUNCT
arjefm-80	71	41	5.57	5.57	NUM
arjefm-80	71	42	journal	journal	NOUN
arjefm-80	71	43	homepage	homepage	NOUN
arjefm-80	71	44	:	:	PUNCT
arjefm-80	71	45	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	71	46	,	,	PUNCT
arjefm-80	71	47	email	email	NOUN
arjefm-80	71	48	:	:	PUNCT
arjefm-80	71	49	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	71	50	official	official	ADJ
arjefm-80	71	51	journal	journal	PROPN
arjefm-80	71	52	of	of	ADP
arjefm-80	71	53	america	america	PROPN
arjefm-80	71	54	serial	serial	PROPN
arjefm-80	71	55	publication	publication	NOUN
arjefm-80	71	56	american	american	PROPN
arjefm-80	71	57	research	research	PROPN
arjefm-80	71	58	journal	journal	PROPN
arjefm-80	71	59	of	of	ADP
arjefm-80	71	60	economics	economic	NOUN
arjefm-80	71	61	,	,	PUNCT
arjefm-80	71	62	finance	finance	NOUN
arjefm-80	71	63	and	and	CCONJ
arjefm-80	71	64	management	management	NOUN
arjefm-80	71	65	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	71	66	,	,	PUNCT
arjefm-80	71	67	email	email	NOUN
arjefm-80	71	68	:	:	PUNCT
arjefm-80	72	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	72	2	5	5	NUM
arjefm-80	73	1	|	|	ADV
arjefm-80	73	2	p	p	X
arjefm-80	73	3	a	a	DET
arjefm-80	73	4	g	g	NOUN
arjefm-80	73	5	e	e	NOUN
arjefm-80	73	6	resources	resource	NOUN
arjefm-80	73	7	from	from	ADP
arjefm-80	73	8	aid	aid	NOUN
arjefm-80	73	9	to	to	ADP
arjefm-80	73	10	able	able	ADJ
arjefm-80	73	11	to	to	PART
arjefm-80	73	12	be	be	AUX
arjefm-80	73	13	able	able	ADJ
arjefm-80	73	14	to	to	PART
arjefm-80	73	15	deal	deal	VERB
arjefm-80	73	16	with	with	ADP
arjefm-80	73	17	the	the	DET
arjefm-80	73	18	deficits	deficit	NOUN
arjefm-80	73	19	usually	usually	ADV
arjefm-80	73	20	associated	associate	VERB
arjefm-80	73	21	with	with	ADP
arjefm-80	73	22	their	their	PRON
arjefm-80	73	23	budgetary	budgetary	ADJ
arjefm-80	73	24	processes	process	NOUN
arjefm-80	73	25	(	(	PUNCT
arjefm-80	73	26	devarajan	devarajan	NOUN
arjefm-80	73	27	et	et	PROPN
arjefm-80	73	28	al	al	PROPN
arjefm-80	73	29	,	,	PUNCT
arjefm-80	73	30	1998	1998	NUM
arjefm-80	73	31	,	,	PUNCT
arjefm-80	73	32	ali	ali	PROPN
arjefm-80	73	33	et	et	PROPN
arjefm-80	73	34	al	al	PROPN
arjefm-80	73	35	,	,	PUNCT
arjefm-80	73	36	1999	1999	NUM
arjefm-80	73	37	)	)	PUNCT
arjefm-80	73	38	.	.	PUNCT
arjefm-80	74	1	these	these	DET
arjefm-80	74	2	views	view	NOUN
arjefm-80	74	3	are	be	AUX
arjefm-80	74	4	very	very	ADV
arjefm-80	74	5	replete	replete	ADJ
arjefm-80	74	6	in	in	ADP
arjefm-80	74	7	the	the	DET
arjefm-80	74	8	fiscal	fiscal	ADJ
arjefm-80	74	9	response	response	NOUN
arjefm-80	74	10	studies	study	NOUN
arjefm-80	74	11	.	.	PUNCT
arjefm-80	75	1	for	for	ADP
arjefm-80	75	2	example	example	NOUN
arjefm-80	75	3	matins	matin	NOUN
arjefm-80	75	4	(	(	PUNCT
arjefm-80	75	5	2007	2007	NUM
arjefm-80	75	6	)	)	PUNCT
arjefm-80	75	7	asserts	assert	VERB
arjefm-80	75	8	that	that	SCONJ
arjefm-80	75	9	one	one	NUM
arjefm-80	75	10	of	of	ADP
arjefm-80	75	11	the	the	DET
arjefm-80	75	12	most	most	ADV
arjefm-80	75	13	fundamental	fundamental	ADJ
arjefm-80	75	14	issues	issue	NOUN
arjefm-80	75	15	which	which	PRON
arjefm-80	75	16	relate	relate	VERB
arjefm-80	75	17	to	to	ADP
arjefm-80	75	18	the	the	DET
arjefm-80	75	19	effectiveness	effectiveness	NOUN
arjefm-80	75	20	of	of	ADP
arjefm-80	75	21	aid	aid	NOUN
arjefm-80	75	22	is	be	AUX
arjefm-80	75	23	how	how	SCONJ
arjefm-80	75	24	aid	aid	NOUN
arjefm-80	75	25	influences	influence	VERB
arjefm-80	75	26	the	the	DET
arjefm-80	75	27	government	government	NOUN
arjefm-80	75	28	fiscal	fiscal	ADJ
arjefm-80	75	29	accounts	account	NOUN
arjefm-80	75	30	.	.	PUNCT
arjefm-80	76	1	in	in	ADP
arjefm-80	76	2	particular	particular	ADJ
arjefm-80	76	3	,	,	PUNCT
arjefm-80	76	4	martins	martin	NOUN
arjefm-80	76	5	(	(	PUNCT
arjefm-80	76	6	2007	2007	NUM
arjefm-80	76	7	)	)	PUNCT
arjefm-80	76	8	stresses	stress	VERB
arjefm-80	76	9	that	that	SCONJ
arjefm-80	76	10	one	one	NUM
arjefm-80	76	11	critical	critical	ADJ
arjefm-80	76	12	pillar	pillar	NOUN
arjefm-80	76	13	of	of	ADP
arjefm-80	76	14	the	the	DET
arjefm-80	76	15	fiscal	fiscal	ADJ
arjefm-80	76	16	response	response	NOUN
arjefm-80	76	17	studies	study	NOUN
arjefm-80	76	18	is	be	AUX
arjefm-80	76	19	assessing	assess	VERB
arjefm-80	76	20	how	how	SCONJ
arjefm-80	76	21	the	the	DET
arjefm-80	76	22	aid	aid	NOUN
arjefm-80	76	23	itself	itself	PRON
arjefm-80	76	24	is	be	AUX
arjefm-80	76	25	allocated	allocate	VERB
arjefm-80	76	26	between	between	ADP
arjefm-80	76	27	the	the	DET
arjefm-80	76	28	various	various	ADJ
arjefm-80	76	29	expenditure	expenditure	NOUN
arjefm-80	76	30	channels	channel	NOUN
arjefm-80	76	31	,	,	PUNCT
arjefm-80	76	32	the	the	DET
arjefm-80	76	33	way	way	NOUN
arjefm-80	76	34	it	it	PRON
arjefm-80	76	35	affects	affect	VERB
arjefm-80	76	36	tax	tax	NOUN
arjefm-80	76	37	effort	effort	NOUN
arjefm-80	76	38	and	and	CCONJ
arjefm-80	76	39	then	then	ADV
arjefm-80	76	40	its	its	PRON
arjefm-80	76	41	effect	effect	NOUN
arjefm-80	76	42	on	on	ADP
arjefm-80	76	43	fiscal	fiscal	ADJ
arjefm-80	76	44	balance	balance	NOUN
arjefm-80	76	45	and	and	CCONJ
arjefm-80	76	46	debt	debt	NOUN
arjefm-80	76	47	sustainability	sustainability	NOUN
arjefm-80	76	48	.	.	PUNCT
arjefm-80	77	1	this	this	PRON
arjefm-80	77	2	is	be	AUX
arjefm-80	77	3	view	view	NOUN
arjefm-80	77	4	is	be	AUX
arjefm-80	77	5	reinforced	reinforce	VERB
arjefm-80	77	6	by	by	ADP
arjefm-80	77	7	mavrotas	mavrota	NOUN
arjefm-80	77	8	(	(	PUNCT
arjefm-80	77	9	2002	2002	NUM
arjefm-80	77	10	)	)	PUNCT
arjefm-80	77	11	who	who	PRON
arjefm-80	77	12	stresses	stress	VERB
arjefm-80	77	13	that	that	SCONJ
arjefm-80	77	14	since	since	SCONJ
arjefm-80	77	15	aid	aid	NOUN
arjefm-80	77	16	is	be	AUX
arjefm-80	77	17	given	give	VERB
arjefm-80	77	18	to	to	ADP
arjefm-80	77	19	a	a	DET
arjefm-80	77	20	government	government	NOUN
arjefm-80	77	21	,	,	PUNCT
arjefm-80	77	22	its	its	PRON
arjefm-80	77	23	impact	impact	NOUN
arjefm-80	77	24	on	on	ADP
arjefm-80	77	25	the	the	DET
arjefm-80	77	26	overall	overall	ADJ
arjefm-80	77	27	economy	economy	NOUN
arjefm-80	77	28	is	be	AUX
arjefm-80	77	29	contingent	contingent	ADJ
arjefm-80	77	30	on	on	ADP
arjefm-80	77	31	fiscal	fiscal	ADJ
arjefm-80	77	32	behaviour	behaviour	NOUN
arjefm-80	77	33	of	of	ADP
arjefm-80	77	34	the	the	DET
arjefm-80	77	35	government	government	NOUN
arjefm-80	77	36	.	.	PUNCT
arjefm-80	78	1	from	from	ADP
arjefm-80	78	2	the	the	DET
arjefm-80	78	3	perspective	perspective	NOUN
arjefm-80	78	4	of	of	ADP
arjefm-80	78	5	mascagni	mascagni	NOUN
arjefm-80	78	6	and	and	CCONJ
arjefm-80	78	7	timmis	timmis	PROPN
arjefm-80	78	8	(	(	PUNCT
arjefm-80	78	9	2014	2014	NUM
arjefm-80	78	10	)	)	PUNCT
arjefm-80	78	11	,	,	PUNCT
arjefm-80	78	12	aid	aid	NOUN
arjefm-80	78	13	is	be	AUX
arjefm-80	78	14	usually	usually	ADV
arjefm-80	78	15	a	a	DET
arjefm-80	78	16	more	more	ADV
arjefm-80	78	17	politically	politically	ADV
arjefm-80	78	18	expedient	expedient	ADJ
arjefm-80	78	19	and	and	CCONJ
arjefm-80	78	20	convenient	convenient	ADJ
arjefm-80	78	21	source	source	NOUN
arjefm-80	78	22	of	of	ADP
arjefm-80	78	23	revenue	revenue	NOUN
arjefm-80	78	24	and	and	CCONJ
arjefm-80	78	25	therefore	therefore	ADV
arjefm-80	78	26	has	have	VERB
arjefm-80	78	27	the	the	DET
arjefm-80	78	28	tendency	tendency	NOUN
arjefm-80	78	29	to	to	PART
arjefm-80	78	30	discourage	discourage	VERB
arjefm-80	78	31	tax	tax	NOUN
arjefm-80	78	32	effort	effort	NOUN
arjefm-80	78	33	which	which	PRON
arjefm-80	78	34	in	in	ADP
arjefm-80	78	35	the	the	DET
arjefm-80	78	36	literature	literature	NOUN
arjefm-80	78	37	is	be	AUX
arjefm-80	78	38	characterized	characterize	VERB
arjefm-80	78	39	as	as	ADP
arjefm-80	78	40	tax	tax	NOUN
arjefm-80	78	41	displacement	displacement	NOUN
arjefm-80	78	42	.	.	PUNCT
arjefm-80	79	1	they	they	PRON
arjefm-80	79	2	however	however	ADV
arjefm-80	79	3	stress	stress	VERB
arjefm-80	79	4	that	that	SCONJ
arjefm-80	79	5	this	this	DET
arjefm-80	79	6	argument	argument	NOUN
arjefm-80	79	7	is	be	AUX
arjefm-80	79	8	stronger	strong	ADJ
arjefm-80	79	9	in	in	ADP
arjefm-80	79	10	respect	respect	NOUN
arjefm-80	79	11	of	of	ADP
arjefm-80	79	12	grants	grant	NOUN
arjefm-80	79	13	than	than	ADP
arjefm-80	79	14	loans	loan	NOUN
arjefm-80	79	15	because	because	SCONJ
arjefm-80	79	16	of	of	ADP
arjefm-80	79	17	the	the	DET
arjefm-80	79	18	obvious	obvious	ADJ
arjefm-80	79	19	fact	fact	NOUN
arjefm-80	79	20	that	that	SCONJ
arjefm-80	79	21	loans	loan	NOUN
arjefm-80	79	22	require	require	VERB
arjefm-80	79	23	future	future	ADJ
arjefm-80	79	24	payments	payment	NOUN
arjefm-80	79	25	whereas	whereas	SCONJ
arjefm-80	79	26	grants	grant	NOUN
arjefm-80	79	27	do	do	VERB
arjefm-80	79	28	not	not	PART
arjefm-80	79	29	.	.	PUNCT
arjefm-80	80	1	mascagni	mascagni	NOUN
arjefm-80	80	2	and	and	CCONJ
arjefm-80	80	3	timmis	timmis	PROPN
arjefm-80	80	4	(	(	PUNCT
arjefm-80	80	5	2014	2014	NUM
arjefm-80	80	6	)	)	PUNCT
arjefm-80	80	7	put	put	VERB
arjefm-80	80	8	forward	forward	ADV
arjefm-80	80	9	another	another	DET
arjefm-80	80	10	dimension	dimension	NOUN
arjefm-80	80	11	of	of	ADP
arjefm-80	80	12	the	the	DET
arjefm-80	80	13	aid	aid	NOUN
arjefm-80	80	14	–	–	PUNCT
arjefm-80	80	15	revenue	revenue	NOUN
arjefm-80	80	16	debate	debate	NOUN
arjefm-80	80	17	which	which	PRON
arjefm-80	80	18	is	be	AUX
arjefm-80	80	19	that	that	PRON
arjefm-80	80	20	rather	rather	ADV
arjefm-80	80	21	undermining	undermine	VERB
arjefm-80	80	22	the	the	DET
arjefm-80	80	23	revenue	revenue	NOUN
arjefm-80	80	24	efforts	effort	NOUN
arjefm-80	80	25	,	,	PUNCT
arjefm-80	80	26	aid	aid	NOUN
arjefm-80	80	27	may	may	AUX
arjefm-80	80	28	actually	actually	ADV
arjefm-80	80	29	help	help	VERB
arjefm-80	80	30	strengthen	strengthen	VERB
arjefm-80	80	31	tax	tax	NOUN
arjefm-80	80	32	administration	administration	NOUN
arjefm-80	80	33	and	and	CCONJ
arjefm-80	80	34	improve	improve	VERB
arjefm-80	80	35	tax	tax	NOUN
arjefm-80	80	36	policies	policy	NOUN
arjefm-80	80	37	.	.	PUNCT
arjefm-80	81	1	again	again	ADV
arjefm-80	81	2	,	,	PUNCT
arjefm-80	81	3	it	it	PRON
arjefm-80	81	4	is	be	AUX
arjefm-80	81	5	argued	argue	VERB
arjefm-80	81	6	that	that	SCONJ
arjefm-80	81	7	if	if	SCONJ
arjefm-80	81	8	aid	aid	NOUN
arjefm-80	81	9	is	be	AUX
arjefm-80	81	10	utilized	utilize	VERB
arjefm-80	81	11	properly	properly	ADV
arjefm-80	81	12	and	and	CCONJ
arjefm-80	81	13	effectively	effectively	ADV
arjefm-80	81	14	it	it	PRON
arjefm-80	81	15	may	may	AUX
arjefm-80	81	16	promote	promote	VERB
arjefm-80	81	17	economic	economic	ADJ
arjefm-80	81	18	activities	activity	NOUN
arjefm-80	81	19	,	,	PUNCT
arjefm-80	81	20	expand	expand	VERB
arjefm-80	81	21	the	the	DET
arjefm-80	81	22	economy	economy	NOUN
arjefm-80	81	23	and	and	CCONJ
arjefm-80	81	24	by	by	ADP
arjefm-80	81	25	that	that	DET
arjefm-80	81	26	increase	increase	NOUN
arjefm-80	81	27	tax	tax	NOUN
arjefm-80	81	28	yields	yield	NOUN
arjefm-80	81	29	from	from	ADP
arjefm-80	81	30	the	the	DET
arjefm-80	81	31	economy	economy	NOUN
arjefm-80	81	32	.	.	PUNCT
arjefm-80	82	1	in	in	ADP
arjefm-80	82	2	the	the	DET
arjefm-80	82	3	view	view	NOUN
arjefm-80	82	4	of	of	ADP
arjefm-80	82	5	njeru	njeru	NOUN
arjefm-80	82	6	(	(	PUNCT
arjefm-80	82	7	2004	2004	NUM
arjefm-80	82	8	)	)	PUNCT
arjefm-80	82	9	,	,	PUNCT
arjefm-80	82	10	aid	aid	NOUN
arjefm-80	82	11	inflows	inflow	NOUN
arjefm-80	82	12	into	into	ADP
arjefm-80	82	13	the	the	DET
arjefm-80	82	14	developing	develop	VERB
arjefm-80	82	15	countries	country	NOUN
arjefm-80	82	16	has	have	AUX
arjefm-80	82	17	tended	tend	VERB
arjefm-80	82	18	to	to	PART
arjefm-80	82	19	create	create	VERB
arjefm-80	82	20	an	an	DET
arjefm-80	82	21	ominous	ominous	ADJ
arjefm-80	82	22	dependency	dependency	NOUN
arjefm-80	82	23	mentality	mentality	NOUN
arjefm-80	82	24	which	which	PRON
arjefm-80	82	25	seem	seem	VERB
arjefm-80	82	26	to	to	PART
arjefm-80	82	27	affect	affect	VERB
arjefm-80	82	28	their	their	PRON
arjefm-80	82	29	economic	economic	ADJ
arjefm-80	82	30	performances	performance	NOUN
arjefm-80	82	31	and	and	CCONJ
arjefm-80	82	32	the	the	DET
arjefm-80	82	33	absence	absence	NOUN
arjefm-80	82	34	of	of	ADP
arjefm-80	82	35	such	such	ADJ
arjefm-80	82	36	funds	fund	NOUN
arjefm-80	82	37	greatly	greatly	ADV
arjefm-80	82	38	affect	affect	VERB
arjefm-80	82	39	their	their	PRON
arjefm-80	82	40	budgets	budget	NOUN
arjefm-80	82	41	,	,	PUNCT
arjefm-80	82	42	usually	usually	ADV
arjefm-80	82	43	coming	come	VERB
arjefm-80	82	44	with	with	ADP
arjefm-80	82	45	their	their	PRON
arjefm-80	82	46	attendant	attendant	ADJ
arjefm-80	82	47	consequences	consequence	NOUN
arjefm-80	82	48	.	.	PUNCT
arjefm-80	83	1	this	this	PRON
arjefm-80	83	2	is	be	AUX
arjefm-80	83	3	echoed	echo	VERB
arjefm-80	83	4	by	by	ADP
arjefm-80	83	5	feyzioglu	feyzioglu	PROPN
arjefm-80	83	6	et	et	PROPN
arjefm-80	83	7	al	al	PROPN
arjefm-80	83	8	(	(	PUNCT
arjefm-80	83	9	1999	1999	NUM
arjefm-80	83	10	)	)	PUNCT
arjefm-80	83	11	who	who	PRON
arjefm-80	83	12	posit	posit	VERB
arjefm-80	83	13	that	that	DET
arjefm-80	83	14	aid	aid	NOUN
arjefm-80	83	15	dependence	dependence	NOUN
arjefm-80	83	16	is	be	AUX
arjefm-80	83	17	something	something	PRON
arjefm-80	83	18	which	which	PRON
arjefm-80	83	19	has	have	VERB
arjefm-80	83	20	widespread	widespread	ADJ
arjefm-80	83	21	ramifications	ramification	NOUN
arjefm-80	83	22	for	for	ADP
arjefm-80	83	23	countries	country	NOUN
arjefm-80	83	24	.	.	PUNCT
arjefm-80	84	1	there	there	PRON
arjefm-80	84	2	is	be	VERB
arjefm-80	84	3	an	an	DET
arjefm-80	84	4	also	also	ADV
arjefm-80	84	5	another	another	DET
arjefm-80	84	6	dimension	dimension	NOUN
arjefm-80	84	7	of	of	ADP
arjefm-80	84	8	the	the	DET
arjefm-80	84	9	aid	aid	NOUN
arjefm-80	84	10	debate	debate	NOUN
arjefm-80	84	11	which	which	PRON
arjefm-80	84	12	is	be	AUX
arjefm-80	84	13	canvassed	canvass	VERB
arjefm-80	84	14	by	by	ADP
arjefm-80	84	15	martins(2007	martins(2007	ADJ
arjefm-80	84	16	)	)	PUNCT
arjefm-80	84	17	.in	.in	PUNCT
arjefm-80	85	1	his	his	PRON
arjefm-80	85	2	estimation	estimation	NOUN
arjefm-80	85	3	apart	apart	ADV
arjefm-80	85	4	from	from	ADP
arjefm-80	85	5	the	the	DET
arjefm-80	85	6	fact	fact	NOUN
arjefm-80	85	7	that	that	SCONJ
arjefm-80	85	8	aid	aid	NOUN
arjefm-80	85	9	is	be	AUX
arjefm-80	85	10	sometimes	sometimes	ADV
arjefm-80	85	11	used	use	VERB
arjefm-80	85	12	to	to	PART
arjefm-80	85	13	offset	offset	VERB
arjefm-80	85	14	domestic	domestic	ADJ
arjefm-80	85	15	debts	debt	NOUN
arjefm-80	85	16	,	,	PUNCT
arjefm-80	85	17	it	it	PRON
arjefm-80	85	18	can	can	AUX
arjefm-80	85	19	trigger	trigger	VERB
arjefm-80	85	20	off	off	ADP
arjefm-80	85	21	extra	extra	ADJ
arjefm-80	85	22	government	government	NOUN
arjefm-80	85	23	expenditures	expenditure	NOUN
arjefm-80	85	24	especially	especially	ADV
arjefm-80	85	25	in	in	ADP
arjefm-80	85	26	aid	aid	NOUN
arjefm-80	85	27	funded	fund	VERB
arjefm-80	85	28	projects	project	NOUN
arjefm-80	85	29	which	which	PRON
arjefm-80	85	30	require	require	VERB
arjefm-80	85	31	some	some	DET
arjefm-80	85	32	maintenance	maintenance	NOUN
arjefm-80	85	33	and	and	CCONJ
arjefm-80	85	34	recurrent	recurrent	ADJ
arjefm-80	85	35	expenditure	expenditure	NOUN
arjefm-80	85	36	.	.	PUNCT
arjefm-80	86	1	again	again	ADV
arjefm-80	86	2	aid	aid	NOUN
arjefm-80	86	3	programmes	programme	NOUN
arjefm-80	86	4	and	and	CCONJ
arjefm-80	86	5	projects	project	NOUN
arjefm-80	86	6	which	which	PRON
arjefm-80	86	7	require	require	VERB
arjefm-80	86	8	counterpart	counterpart	NOUN
arjefm-80	86	9	funding	funding	NOUN
arjefm-80	86	10	may	may	AUX
arjefm-80	86	11	in	in	ADP
arjefm-80	86	12	reality	reality	NOUN
arjefm-80	86	13	also	also	ADV
arjefm-80	86	14	further	far	ADV
arjefm-80	86	15	put	put	VERB
arjefm-80	86	16	pressure	pressure	NOUN
arjefm-80	86	17	on	on	ADP
arjefm-80	86	18	government	government	NOUN
arjefm-80	86	19	's	's	PART
arjefm-80	86	20	already	already	ADV
arjefm-80	86	21	overstretched	overstretched	ADJ
arjefm-80	86	22	finances	finance	NOUN
arjefm-80	86	23	and	and	CCONJ
arjefm-80	86	24	thus	thus	ADV
arjefm-80	86	25	lead	lead	VERB
arjefm-80	86	26	to	to	ADP
arjefm-80	86	27	mounting	mount	VERB
arjefm-80	86	28	deficits	deficit	NOUN
arjefm-80	86	29	.	.	PUNCT
arjefm-80	87	1	this	this	DET
arjefm-80	87	2	scenario	scenario	NOUN
arjefm-80	87	3	is	be	AUX
arjefm-80	87	4	what	what	PRON
arjefm-80	87	5	mcgillivray	mcgillivray	ADJ
arjefm-80	87	6	and	and	CCONJ
arjefm-80	87	7	morrissey	morrissey	PROPN
arjefm-80	87	8	(	(	PUNCT
arjefm-80	87	9	2000	2000	NUM
arjefm-80	87	10	)	)	PUNCT
arjefm-80	87	11	describe	describe	VERB
arjefm-80	87	12	as	as	ADP
arjefm-80	87	13	aid	aid	NOUN
arjefm-80	87	14	illusion	illusion	NOUN
arjefm-80	87	15	.	.	PUNCT
arjefm-80	88	1	having	having	AUX
arjefm-80	88	2	regard	regard	NOUN
arjefm-80	88	3	to	to	ADP
arjefm-80	88	4	the	the	DET
arjefm-80	88	5	fact	fact	NOUN
arjefm-80	88	6	that	that	SCONJ
arjefm-80	88	7	foreign	foreign	ADJ
arjefm-80	88	8	aid	aid	NOUN
arjefm-80	88	9	may	may	AUX
arjefm-80	88	10	be	be	AUX
arjefm-80	88	11	associated	associate	VERB
arjefm-80	88	12	with	with	ADP
arjefm-80	88	13	some	some	DET
arjefm-80	88	14	challenges	challenge	NOUN
arjefm-80	88	15	;	;	PUNCT
arjefm-80	88	16	the	the	DET
arjefm-80	88	17	other	other	ADJ
arjefm-80	88	18	viable	viable	ADJ
arjefm-80	88	19	alternative	alternative	NOUN
arjefm-80	88	20	is	be	AUX
arjefm-80	88	21	borrowing	borrow	VERB
arjefm-80	88	22	from	from	ADP
arjefm-80	88	23	domestic	domestic	ADJ
arjefm-80	88	24	sources	source	NOUN
arjefm-80	88	25	to	to	PART
arjefm-80	88	26	be	be	AUX
arjefm-80	88	27	able	able	ADJ
arjefm-80	88	28	to	to	PART
arjefm-80	88	29	undertake	undertake	VERB
arjefm-80	88	30	the	the	DET
arjefm-80	88	31	necessary	necessary	ADJ
arjefm-80	88	32	government	government	NOUN
arjefm-80	88	33	activities	activity	NOUN
arjefm-80	88	34	.	.	PUNCT
arjefm-80	89	1	however	however	ADV
arjefm-80	89	2	,	,	PUNCT
arjefm-80	89	3	this	this	DET
arjefm-80	89	4	avenue	avenue	NOUN
arjefm-80	89	5	also	also	ADV
arjefm-80	89	6	comes	come	VERB
arjefm-80	89	7	with	with	ADP
arjefm-80	89	8	its	its	PRON
arjefm-80	89	9	own	own	ADJ
arjefm-80	89	10	problems	problem	NOUN
arjefm-80	89	11	.	.	PUNCT
arjefm-80	90	1	one	one	NUM
arjefm-80	90	2	of	of	ADP
arjefm-80	90	3	the	the	DET
arjefm-80	90	4	challenges	challenge	NOUN
arjefm-80	90	5	that	that	PRON
arjefm-80	90	6	this	this	DET
arjefm-80	90	7	poses	pose	NOUN
arjefm-80	90	8	is	be	AUX
arjefm-80	90	9	that	that	SCONJ
arjefm-80	90	10	it	it	PRON
arjefm-80	90	11	leads	lead	VERB
arjefm-80	90	12	to	to	ADP
arjefm-80	90	13	a	a	DET
arjefm-80	90	14	situation	situation	NOUN
arjefm-80	90	15	in	in	ADP
arjefm-80	90	16	which	which	PRON
arjefm-80	90	17	government	government	NOUN
arjefm-80	90	18	enters	enter	VERB
arjefm-80	90	19	the	the	DET
arjefm-80	90	20	credit	credit	NOUN
arjefm-80	90	21	markets	market	NOUN
arjefm-80	90	22	to	to	PART
arjefm-80	90	23	compete	compete	VERB
arjefm-80	90	24	with	with	ADP
arjefm-80	90	25	private	private	ADJ
arjefm-80	90	26	entities	entity	NOUN
arjefm-80	90	27	for	for	ADP
arjefm-80	90	28	the	the	DET
arjefm-80	90	29	available	available	ADJ
arjefm-80	90	30	funds	fund	NOUN
arjefm-80	90	31	,	,	PUNCT
arjefm-80	90	32	a	a	DET
arjefm-80	90	33	situation	situation	NOUN
arjefm-80	90	34	which	which	PRON
arjefm-80	90	35	generally	generally	ADV
arjefm-80	90	36	inhibits	inhibit	VERB
arjefm-80	90	37	the	the	DET
arjefm-80	90	38	growth	growth	NOUN
arjefm-80	90	39	of	of	ADP
arjefm-80	90	40	privately	privately	ADV
arjefm-80	90	41	engineered	engineer	VERB
arjefm-80	90	42	economic	economic	ADJ
arjefm-80	90	43	growth	growth	NOUN
arjefm-80	90	44	in	in	ADP
arjefm-80	90	45	an	an	DET
arjefm-80	90	46	economy	economy	NOUN
arjefm-80	90	47	.	.	PUNCT
arjefm-80	91	1	this	this	PRON
arjefm-80	91	2	can	can	AUX
arjefm-80	91	3	in	in	ADP
arjefm-80	91	4	many	many	ADJ
arjefm-80	91	5	respects	respect	NOUN
arjefm-80	91	6	also	also	ADV
arjefm-80	91	7	affect	affect	VERB
arjefm-80	91	8	tax	tax	NOUN
arjefm-80	91	9	mobilization	mobilization	NOUN
arjefm-80	91	10	.	.	PUNCT
arjefm-80	92	1	aside	aside	ADV
arjefm-80	92	2	of	of	ADP
arjefm-80	92	3	these	these	DET
arjefm-80	92	4	issues	issue	NOUN
arjefm-80	92	5	,	,	PUNCT
arjefm-80	92	6	it	it	PRON
arjefm-80	92	7	is	be	AUX
arjefm-80	92	8	often	often	ADV
arjefm-80	92	9	argued	argue	VERB
arjefm-80	92	10	that	that	SCONJ
arjefm-80	92	11	in	in	ADP
arjefm-80	92	12	a	a	DET
arjefm-80	92	13	lot	lot	NOUN
arjefm-80	92	14	of	of	ADP
arjefm-80	92	15	the	the	DET
arjefm-80	92	16	developing	develop	VERB
arjefm-80	92	17	countries	country	NOUN
arjefm-80	92	18	,	,	PUNCT
arjefm-80	92	19	excessive	excessive	ADJ
arjefm-80	92	20	reliance	reliance	NOUN
arjefm-80	92	21	on	on	ADP
arjefm-80	92	22	borrowing	borrowing	NOUN
arjefm-80	92	23	modes	mode	NOUN
arjefm-80	92	24	to	to	PART
arjefm-80	92	25	enable	enable	VERB
arjefm-80	92	26	governments	government	NOUN
arjefm-80	92	27	meet	meet	VERB
arjefm-80	92	28	its	its	PRON
arjefm-80	92	29	commitments	commitment	NOUN
arjefm-80	92	30	in	in	ADP
arjefm-80	92	31	terms	term	NOUN
arjefm-80	92	32	of	of	ADP
arjefm-80	92	33	delivering	deliver	VERB
arjefm-80	92	34	the	the	DET
arjefm-80	92	35	required	require	VERB
arjefm-80	92	36	services	service	NOUN
arjefm-80	92	37	has	have	AUX
arjefm-80	92	38	invariably	invariably	ADV
arjefm-80	92	39	led	lead	VERB
arjefm-80	92	40	to	to	ADP
arjefm-80	92	41	compounding	compound	VERB
arjefm-80	92	42	debt	debt	NOUN
arjefm-80	92	43	servicing	servicing	NOUN
arjefm-80	92	44	obligations	obligation	NOUN
arjefm-80	92	45	and	and	CCONJ
arjefm-80	92	46	thereby	thereby	ADV
arjefm-80	92	47	constricting	constrict	VERB
arjefm-80	92	48	fiscal	fiscal	ADJ
arjefm-80	92	49	space	space	NOUN
arjefm-80	92	50	as	as	ADP
arjefm-80	92	51	the	the	DET
arjefm-80	92	52	piling	piling	NOUN
arjefm-80	92	53	of	of	ADP
arjefm-80	92	54	debts	debt	NOUN
arjefm-80	92	55	both	both	CCONJ
arjefm-80	92	56	internally	internally	ADV
arjefm-80	92	57	and	and	CCONJ
arjefm-80	92	58	externally	externally	ADV
arjefm-80	92	59	have	have	AUX
arjefm-80	92	60	tended	tend	VERB
arjefm-80	92	61	to	to	PART
arjefm-80	92	62	increasingly	increasingly	ADV
arjefm-80	92	63	impose	impose	VERB
arjefm-80	92	64	severe	severe	ADJ
arjefm-80	92	65	servicing	servicing	NOUN
arjefm-80	92	66	and	and	CCONJ
arjefm-80	92	67	payments	payment	NOUN
arjefm-80	92	68	obligations	obligation	NOUN
arjefm-80	92	69	on	on	ADP
arjefm-80	92	70	the	the	DET
arjefm-80	92	71	government	government	NOUN
arjefm-80	92	72	thereby	thereby	ADV
arjefm-80	92	73	limiting	limit	VERB
arjefm-80	92	74	what	what	PRON
arjefm-80	92	75	the	the	DET
arjefm-80	92	76	government	government	NOUN
arjefm-80	92	77	can	can	AUX
arjefm-80	92	78	achieve	achieve	VERB
arjefm-80	92	79	within	within	ADP
arjefm-80	92	80	its	its	PRON
arjefm-80	92	81	resource	resource	NOUN
arjefm-80	92	82	envelop	envelop	NOUN
arjefm-80	92	83	.	.	PUNCT
arjefm-80	93	1	studies	study	NOUN
arjefm-80	93	2	in	in	ADP
arjefm-80	93	3	fiscal	fiscal	ADJ
arjefm-80	93	4	response	response	NOUN
arjefm-80	93	5	has	have	VERB
arjefm-80	93	6	its	its	PRON
arjefm-80	93	7	origins	origin	NOUN
arjefm-80	93	8	in	in	ADP
arjefm-80	93	9	the	the	DET
arjefm-80	93	10	1970s	1970	NOUN
arjefm-80	93	11	starting	start	VERB
arjefm-80	93	12	with	with	ADP
arjefm-80	93	13	heller(1975	heller(1975	NOUN
arjefm-80	93	14	)	)	PUNCT
arjefm-80	93	15	who	who	PRON
arjefm-80	93	16	used	use	VERB
arjefm-80	93	17	a	a	DET
arjefm-80	93	18	utility	utility	NOUN
arjefm-80	93	19	based	base	VERB
arjefm-80	93	20	government	government	NOUN
arjefm-80	93	21	fiscal	fiscal	ADJ
arjefm-80	93	22	behaviour	behaviour	NOUN
arjefm-80	93	23	function	function	NOUN
arjefm-80	93	24	to	to	PART
arjefm-80	93	25	show	show	VERB
arjefm-80	93	26	that	that	SCONJ
arjefm-80	93	27	the	the	DET
arjefm-80	93	28	aid	aid	NOUN
arjefm-80	93	29	process	process	NOUN
arjefm-80	93	30	has	have	VERB
arjefm-80	93	31	effects	effect	NOUN
arjefm-80	93	32	on	on	ADP
arjefm-80	93	33	how	how	SCONJ
arjefm-80	93	34	governments	government	NOUN
arjefm-80	93	35	manage	manage	VERB
arjefm-80	93	36	their	their	PRON
arjefm-80	93	37	fiscal	fiscal	ADJ
arjefm-80	93	38	operations	operation	NOUN
arjefm-80	93	39	.	.	PUNCT
arjefm-80	94	1	despite	despite	SCONJ
arjefm-80	94	2	the	the	DET
arjefm-80	94	3	vast	vast	ADJ
arjefm-80	94	4	array	array	NOUN
arjefm-80	94	5	of	of	ADP
arjefm-80	94	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	94	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	94	8	american	american	PROPN
arjefm-80	94	9	research	research	PROPN
arjefm-80	94	10	journal	journal	PROPN
arjefm-80	94	11	of	of	ADP
arjefm-80	94	12	economics	economic	NOUN
arjefm-80	94	13	,	,	PUNCT
arjefm-80	94	14	finance	finance	NOUN
arjefm-80	94	15	and	and	CCONJ
arjefm-80	94	16	management	management	NOUN
arjefm-80	94	17	volume	volume	NOUN
arjefm-80	94	18	11	11	NUM
arjefm-80	94	19	issue	issue	NOUN
arjefm-80	94	20	2	2	NUM
arjefm-80	94	21	,	,	PUNCT
arjefm-80	94	22	april	april	PROPN
arjefm-80	94	23	-	-	PUNCT
arjefm-80	94	24	june	june	PROPN
arjefm-80	94	25	2023	2023	NUM
arjefm-80	94	26	issn	issn	PROPN
arjefm-80	94	27	:	:	PUNCT
arjefm-80	94	28	2836	2836	NUM
arjefm-80	94	29	-	-	SYM
arjefm-80	94	30	9416	9416	NUM
arjefm-80	94	31	impact	impact	NOUN
arjefm-80	94	32	factor	factor	NOUN
arjefm-80	94	33	:	:	PUNCT
arjefm-80	94	34	5.57	5.57	NUM
arjefm-80	94	35	journal	journal	NOUN
arjefm-80	94	36	homepage	homepage	NOUN
arjefm-80	94	37	:	:	PUNCT
arjefm-80	94	38	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	94	39	,	,	PUNCT
arjefm-80	94	40	email	email	NOUN
arjefm-80	94	41	:	:	PUNCT
arjefm-80	94	42	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	94	43	official	official	ADJ
arjefm-80	94	44	journal	journal	PROPN
arjefm-80	94	45	of	of	ADP
arjefm-80	94	46	america	america	PROPN
arjefm-80	94	47	serial	serial	PROPN
arjefm-80	94	48	publication	publication	NOUN
arjefm-80	94	49	american	american	PROPN
arjefm-80	94	50	research	research	PROPN
arjefm-80	94	51	journal	journal	PROPN
arjefm-80	94	52	of	of	ADP
arjefm-80	94	53	economics	economic	NOUN
arjefm-80	94	54	,	,	PUNCT
arjefm-80	94	55	finance	finance	NOUN
arjefm-80	94	56	and	and	CCONJ
arjefm-80	94	57	management	management	NOUN
arjefm-80	94	58	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	94	59	,	,	PUNCT
arjefm-80	94	60	email	email	NOUN
arjefm-80	94	61	:	:	PUNCT
arjefm-80	94	62	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	95	1	6	6	NUM
arjefm-80	96	1	|	|	ADV
arjefm-80	96	2	p	p	X
arjefm-80	96	3	a	a	DET
arjefm-80	96	4	g	g	NOUN
arjefm-80	96	5	e	e	NOUN
arjefm-80	96	6	research	research	NOUN
arjefm-80	96	7	in	in	ADP
arjefm-80	96	8	this	this	DET
arjefm-80	96	9	area	area	NOUN
arjefm-80	96	10	,	,	PUNCT
arjefm-80	96	11	results	result	VERB
arjefm-80	96	12	from	from	ADP
arjefm-80	96	13	these	these	DET
arjefm-80	96	14	studies	study	NOUN
arjefm-80	96	15	have	have	AUX
arjefm-80	96	16	largely	largely	ADV
arjefm-80	96	17	been	be	AUX
arjefm-80	96	18	inconclusive	inconclusive	ADJ
arjefm-80	96	19	.	.	PUNCT
arjefm-80	97	1	according	accord	VERB
arjefm-80	97	2	to	to	ADP
arjefm-80	97	3	mascagni	mascagni	NOUN
arjefm-80	97	4	and	and	CCONJ
arjefm-80	97	5	timmis	timmis	PROPN
arjefm-80	97	6	(	(	PUNCT
arjefm-80	97	7	2014	2014	NUM
arjefm-80	97	8	)	)	PUNCT
arjefm-80	97	9	,	,	PUNCT
arjefm-80	97	10	this	this	DET
arjefm-80	97	11	situation	situation	NOUN
arjefm-80	97	12	may	may	AUX
arjefm-80	97	13	be	be	AUX
arjefm-80	97	14	due	due	ADJ
arjefm-80	97	15	to	to	ADP
arjefm-80	97	16	the	the	DET
arjefm-80	97	17	fact	fact	NOUN
arjefm-80	97	18	that	that	SCONJ
arjefm-80	97	19	various	various	ADJ
arjefm-80	97	20	studies	study	NOUN
arjefm-80	97	21	adopted	adopt	VERB
arjefm-80	97	22	different	different	ADJ
arjefm-80	97	23	methodologies	methodology	NOUN
arjefm-80	97	24	and	and	CCONJ
arjefm-80	97	25	contexts	context	NOUN
arjefm-80	97	26	.	.	PUNCT
arjefm-80	98	1	in	in	ADP
arjefm-80	98	2	his	his	PRON
arjefm-80	98	3	study	study	NOUN
arjefm-80	98	4	,	,	PUNCT
arjefm-80	98	5	njeru	njeru	PROPN
arjefm-80	98	6	(	(	PUNCT
arjefm-80	98	7	2004	2004	NUM
arjefm-80	98	8	)	)	PUNCT
arjefm-80	98	9	assessed	assess	VERB
arjefm-80	98	10	the	the	DET
arjefm-80	98	11	impact	impact	NOUN
arjefm-80	98	12	of	of	ADP
arjefm-80	98	13	foreign	foreign	ADJ
arjefm-80	98	14	aid	aid	NOUN
arjefm-80	98	15	on	on	ADP
arjefm-80	98	16	public	public	ADJ
arjefm-80	98	17	expenditure	expenditure	NOUN
arjefm-80	98	18	in	in	ADP
arjefm-80	98	19	kenya	kenya	PROPN
arjefm-80	98	20	and	and	CCONJ
arjefm-80	98	21	based	base	VERB
arjefm-80	98	22	on	on	ADP
arjefm-80	98	23	government	government	NOUN
arjefm-80	98	24	welfare	welfare	NOUN
arjefm-80	98	25	utility	utility	NOUN
arjefm-80	98	26	function	function	NOUN
arjefm-80	98	27	specified	specify	VERB
arjefm-80	98	28	government	government	NOUN
arjefm-80	98	29	expenditure	expenditure	NOUN
arjefm-80	98	30	related	relate	VERB
arjefm-80	98	31	to	to	ADP
arjefm-80	98	32	aggregated	aggregate	VERB
arjefm-80	98	33	government	government	NOUN
arjefm-80	98	34	revenues	revenue	NOUN
arjefm-80	98	35	from	from	ADP
arjefm-80	98	36	tax	tax	NOUN
arjefm-80	98	37	and	and	CCONJ
arjefm-80	98	38	domestic	domestic	ADJ
arjefm-80	98	39	borrowing	borrowing	NOUN
arjefm-80	98	40	sources	source	NOUN
arjefm-80	98	41	,	,	PUNCT
arjefm-80	98	42	programme	programme	NOUN
arjefm-80	98	43	aid	aid	NOUN
arjefm-80	98	44	and	and	CCONJ
arjefm-80	98	45	project	project	NOUN
arjefm-80	98	46	aid	aid	NOUN
arjefm-80	98	47	.	.	PUNCT
arjefm-80	99	1	the	the	DET
arjefm-80	99	2	dynamic	dynamic	ADJ
arjefm-80	99	3	analysis	analysis	NOUN
arjefm-80	99	4	indicated	indicate	VERB
arjefm-80	99	5	that	that	SCONJ
arjefm-80	99	6	aid	aid	NOUN
arjefm-80	99	7	does	do	AUX
arjefm-80	99	8	not	not	PART
arjefm-80	99	9	affect	affect	VERB
arjefm-80	99	10	government	government	NOUN
arjefm-80	99	11	expenditure	expenditure	NOUN
arjefm-80	99	12	whilst	whilst	SCONJ
arjefm-80	99	13	it	it	PRON
arjefm-80	99	14	is	be	AUX
arjefm-80	99	15	also	also	ADV
arjefm-80	99	16	established	establish	VERB
arjefm-80	99	17	that	that	SCONJ
arjefm-80	99	18	government	government	NOUN
arjefm-80	99	19	is	be	AUX
arjefm-80	99	20	able	able	ADJ
arjefm-80	99	21	to	to	PART
arjefm-80	99	22	divert	divert	VERB
arjefm-80	99	23	aid	aid	NOUN
arjefm-80	99	24	funds	fund	NOUN
arjefm-80	99	25	into	into	ADP
arjefm-80	99	26	government	government	NOUN
arjefm-80	99	27	consumption	consumption	NOUN
arjefm-80	99	28	expenditure	expenditure	NOUN
arjefm-80	99	29	.	.	PUNCT
arjefm-80	100	1	a	a	DET
arjefm-80	100	2	similar	similar	ADJ
arjefm-80	100	3	study	study	NOUN
arjefm-80	100	4	by	by	ADP
arjefm-80	100	5	osei	osei	PROPN
arjefm-80	100	6	et	et	PROPN
arjefm-80	100	7	al	al	PROPN
arjefm-80	100	8	(	(	PUNCT
arjefm-80	100	9	2003	2003	NUM
arjefm-80	100	10	)	)	PUNCT
arjefm-80	100	11	modelled	model	VERB
arjefm-80	100	12	the	the	DET
arjefm-80	100	13	fiscal	fiscal	ADJ
arjefm-80	100	14	effects	effect	NOUN
arjefm-80	100	15	of	of	ADP
arjefm-80	100	16	aid	aid	NOUN
arjefm-80	100	17	in	in	ADP
arjefm-80	100	18	ghana	ghana	PROPN
arjefm-80	100	19	by	by	ADP
arjefm-80	100	20	particularly	particularly	ADV
arjefm-80	100	21	employing	employ	VERB
arjefm-80	100	22	a	a	DET
arjefm-80	100	23	dynamic	dynamic	ADJ
arjefm-80	100	24	impulse	impulse	ADJ
arjefm-80	100	25	response	response	NOUN
arjefm-80	100	26	functions	function	NOUN
arjefm-80	100	27	.	.	PUNCT
arjefm-80	101	1	using	use	VERB
arjefm-80	101	2	the	the	DET
arjefm-80	101	3	government	government	NOUN
arjefm-80	101	4	utility	utility	NOUN
arjefm-80	101	5	maximization	maximization	NOUN
arjefm-80	101	6	approach	approach	NOUN
arjefm-80	101	7	,	,	PUNCT
arjefm-80	101	8	two	two	NUM
arjefm-80	101	9	variants	variant	NOUN
arjefm-80	101	10	of	of	ADP
arjefm-80	101	11	the	the	DET
arjefm-80	101	12	empirical	empirical	ADJ
arjefm-80	101	13	model	model	NOUN
arjefm-80	101	14	were	be	AUX
arjefm-80	101	15	specified	specify	VERB
arjefm-80	101	16	;	;	PUNCT
arjefm-80	101	17	these	these	PRON
arjefm-80	101	18	are	be	AUX
arjefm-80	101	19	aggregate	aggregate	ADJ
arjefm-80	101	20	government	government	NOUN
arjefm-80	101	21	expenditure	expenditure	NOUN
arjefm-80	101	22	,	,	PUNCT
arjefm-80	101	23	domestic	domestic	ADJ
arjefm-80	101	24	borrowing	borrowing	NOUN
arjefm-80	101	25	,	,	PUNCT
arjefm-80	101	26	total	total	ADJ
arjefm-80	101	27	government	government	NOUN
arjefm-80	101	28	tax	tax	NOUN
arjefm-80	101	29	revenues	revenue	NOUN
arjefm-80	101	30	and	and	CCONJ
arjefm-80	101	31	aid	aid	NOUN
arjefm-80	101	32	finance	finance	NOUN
arjefm-80	101	33	on	on	ADP
arjefm-80	101	34	hand	hand	NOUN
arjefm-80	101	35	and	and	CCONJ
arjefm-80	101	36	government	government	NOUN
arjefm-80	101	37	capital	capital	NOUN
arjefm-80	101	38	expenditure	expenditure	NOUN
arjefm-80	101	39	,	,	PUNCT
arjefm-80	101	40	government	government	NOUN
arjefm-80	101	41	consumption	consumption	NOUN
arjefm-80	101	42	expenditure	expenditure	NOUN
arjefm-80	101	43	,	,	PUNCT
arjefm-80	101	44	domestic	domestic	ADJ
arjefm-80	101	45	borrowing	borrowing	NOUN
arjefm-80	101	46	,	,	PUNCT
arjefm-80	101	47	total	total	ADJ
arjefm-80	101	48	tax	tax	NOUN
arjefm-80	101	49	revenue	revenue	NOUN
arjefm-80	101	50	and	and	CCONJ
arjefm-80	101	51	foreign	foreign	ADJ
arjefm-80	101	52	aid	aid	NOUN
arjefm-80	101	53	.	.	PUNCT
arjefm-80	102	1	in	in	ADP
arjefm-80	102	2	the	the	DET
arjefm-80	102	3	analysis	analysis	NOUN
arjefm-80	102	4	,	,	PUNCT
arjefm-80	102	5	it	it	PRON
arjefm-80	102	6	is	be	AUX
arjefm-80	102	7	established	establish	VERB
arjefm-80	102	8	that	that	SCONJ
arjefm-80	102	9	there	there	PRON
arjefm-80	102	10	are	be	VERB
arjefm-80	102	11	co	co	ADJ
arjefm-80	102	12	-	-	ADJ
arjefm-80	102	13	integrating	integrating	ADJ
arjefm-80	102	14	relationships	relationship	NOUN
arjefm-80	102	15	in	in	ADP
arjefm-80	102	16	both	both	DET
arjefm-80	102	17	models	model	NOUN
arjefm-80	102	18	.	.	PUNCT
arjefm-80	103	1	results	result	NOUN
arjefm-80	103	2	also	also	ADV
arjefm-80	103	3	showed	show	VERB
arjefm-80	103	4	that	that	SCONJ
arjefm-80	103	5	in	in	ADP
arjefm-80	103	6	both	both	DET
arjefm-80	103	7	models	model	NOUN
arjefm-80	103	8	,	,	PUNCT
arjefm-80	103	9	aid	aid	NOUN
arjefm-80	103	10	finance	finance	NOUN
arjefm-80	103	11	and	and	CCONJ
arjefm-80	103	12	domestic	domestic	ADJ
arjefm-80	103	13	revenues	revenue	NOUN
arjefm-80	103	14	are	be	AUX
arjefm-80	103	15	in	in	ADP
arjefm-80	103	16	long	long	ADJ
arjefm-80	103	17	run	run	NOUN
arjefm-80	103	18	negatively	negatively	ADV
arjefm-80	103	19	related	relate	VERB
arjefm-80	103	20	to	to	ADP
arjefm-80	103	21	domestic	domestic	ADJ
arjefm-80	103	22	borrowing	borrowing	NOUN
arjefm-80	103	23	whilst	whilst	SCONJ
arjefm-80	103	24	government	government	NOUN
arjefm-80	103	25	expenditure	expenditure	NOUN
arjefm-80	103	26	whether	whether	SCONJ
arjefm-80	103	27	aggregated	aggregate	VERB
arjefm-80	103	28	or	or	CCONJ
arjefm-80	103	29	disaggregated	disaggregate	VERB
arjefm-80	103	30	positively	positively	ADV
arjefm-80	103	31	influences	influence	VERB
arjefm-80	103	32	domestic	domestic	ADJ
arjefm-80	103	33	borrowing	borrowing	NOUN
arjefm-80	103	34	.another	.another	PUNCT
arjefm-80	103	35	important	important	ADJ
arjefm-80	103	36	finding	finding	NOUN
arjefm-80	103	37	that	that	SCONJ
arjefm-80	103	38	issues	issue	NOUN
arjefm-80	103	39	from	from	ADP
arjefm-80	103	40	osei	osei	PROPN
arjefm-80	103	41	et	et	PROPN
arjefm-80	103	42	al	al	PROPN
arjefm-80	103	43	(	(	PUNCT
arjefm-80	103	44	2003	2003	NUM
arjefm-80	103	45	)	)	PUNCT
arjefm-80	103	46	is	be	AUX
arjefm-80	103	47	that	that	DET
arjefm-80	103	48	aid	aid	NOUN
arjefm-80	103	49	in	in	ADP
arjefm-80	103	50	ghana	ghana	PROPN
arjefm-80	103	51	over	over	ADP
arjefm-80	103	52	the	the	DET
arjefm-80	103	53	study	study	NOUN
arjefm-80	103	54	period	period	NOUN
arjefm-80	103	55	has	have	AUX
arjefm-80	103	56	generally	generally	ADV
arjefm-80	103	57	been	be	AUX
arjefm-80	103	58	used	use	VERB
arjefm-80	103	59	to	to	PART
arjefm-80	103	60	replace	replace	VERB
arjefm-80	103	61	domestic	domestic	ADJ
arjefm-80	103	62	borrowing	borrowing	NOUN
arjefm-80	103	63	as	as	ADP
arjefm-80	103	64	a	a	DET
arjefm-80	103	65	method	method	NOUN
arjefm-80	103	66	of	of	ADP
arjefm-80	103	67	financing	finance	VERB
arjefm-80	103	68	government	government	NOUN
arjefm-80	103	69	projects	project	NOUN
arjefm-80	103	70	and	and	CCONJ
arjefm-80	103	71	programmes	programme	NOUN
arjefm-80	103	72	.	.	PUNCT
arjefm-80	104	1	the	the	DET
arjefm-80	104	2	work	work	NOUN
arjefm-80	104	3	of	of	ADP
arjefm-80	104	4	martins	martin	NOUN
arjefm-80	104	5	(	(	PUNCT
arjefm-80	104	6	2007	2007	NUM
arjefm-80	104	7	)	)	PUNCT
arjefm-80	104	8	also	also	ADV
arjefm-80	104	9	explores	explore	VERB
arjefm-80	104	10	further	far	ADV
arjefm-80	104	11	the	the	DET
arjefm-80	104	12	aid	aid	NOUN
arjefm-80	104	13	-	-	PUNCT
arjefm-80	104	14	fiscal	fiscal	ADJ
arjefm-80	104	15	behaviour	behaviour	NOUN
arjefm-80	104	16	nexus	nexus	NOUN
arjefm-80	104	17	within	within	ADP
arjefm-80	104	18	the	the	DET
arjefm-80	104	19	context	context	NOUN
arjefm-80	104	20	of	of	ADP
arjefm-80	104	21	the	the	DET
arjefm-80	104	22	ethiopian	ethiopian	ADJ
arjefm-80	104	23	economy	economy	NOUN
arjefm-80	104	24	and	and	CCONJ
arjefm-80	104	25	actually	actually	ADV
arjefm-80	104	26	separates	separate	VERB
arjefm-80	104	27	aid	aid	NOUN
arjefm-80	104	28	into	into	ADP
arjefm-80	104	29	two	two	NUM
arjefm-80	104	30	components	component	NOUN
arjefm-80	104	31	-	-	PUNCT
arjefm-80	104	32	loans	loan	NOUN
arjefm-80	104	33	and	and	CCONJ
arjefm-80	104	34	grants	grant	NOUN
arjefm-80	104	35	based	base	VERB
arjefm-80	104	36	on	on	ADP
arjefm-80	104	37	the	the	DET
arjefm-80	104	38	premise	premise	NOUN
arjefm-80	104	39	that	that	SCONJ
arjefm-80	104	40	fiscal	fiscal	ADJ
arjefm-80	104	41	response	response	NOUN
arjefm-80	104	42	by	by	ADP
arjefm-80	104	43	government	government	NOUN
arjefm-80	104	44	to	to	ADP
arjefm-80	104	45	them	they	PRON
arjefm-80	104	46	may	may	AUX
arjefm-80	104	47	be	be	AUX
arjefm-80	104	48	different	different	ADJ
arjefm-80	104	49	.	.	PUNCT
arjefm-80	105	1	the	the	DET
arjefm-80	105	2	conclusions	conclusion	NOUN
arjefm-80	105	3	from	from	ADP
arjefm-80	105	4	the	the	DET
arjefm-80	105	5	estimations	estimation	NOUN
arjefm-80	105	6	are	be	AUX
arjefm-80	105	7	that	that	SCONJ
arjefm-80	105	8	whilst	whilst	SCONJ
arjefm-80	105	9	aid	aid	NOUN
arjefm-80	105	10	finance	finance	NOUN
arjefm-80	105	11	positively	positively	ADV
arjefm-80	105	12	affects	affect	VERB
arjefm-80	105	13	total	total	ADJ
arjefm-80	105	14	government	government	NOUN
arjefm-80	105	15	expenditure	expenditure	NOUN
arjefm-80	105	16	,	,	PUNCT
arjefm-80	105	17	its	its	PRON
arjefm-80	105	18	effects	effect	NOUN
arjefm-80	105	19	on	on	ADP
arjefm-80	105	20	government	government	NOUN
arjefm-80	105	21	consumption	consumption	NOUN
arjefm-80	105	22	expenditure	expenditure	NOUN
arjefm-80	105	23	is	be	AUX
arjefm-80	105	24	less	less	ADV
arjefm-80	105	25	pronounced	pronounced	ADJ
arjefm-80	105	26	and	and	CCONJ
arjefm-80	105	27	that	that	SCONJ
arjefm-80	105	28	external	external	ADJ
arjefm-80	105	29	borrowing	borrowing	NOUN
arjefm-80	105	30	has	have	VERB
arjefm-80	105	31	a	a	DET
arjefm-80	105	32	bigger	big	ADJ
arjefm-80	105	33	impact	impact	NOUN
arjefm-80	105	34	on	on	ADP
arjefm-80	105	35	public	public	ADJ
arjefm-80	105	36	investment	investment	NOUN
arjefm-80	105	37	than	than	ADP
arjefm-80	105	38	grants	grant	NOUN
arjefm-80	105	39	.	.	PUNCT
arjefm-80	106	1	another	another	DET
arjefm-80	106	2	important	important	ADJ
arjefm-80	106	3	finding	finding	NOUN
arjefm-80	106	4	from	from	ADP
arjefm-80	106	5	this	this	DET
arjefm-80	106	6	study	study	NOUN
arjefm-80	106	7	is	be	AUX
arjefm-80	106	8	that	that	SCONJ
arjefm-80	106	9	aid	aid	NOUN
arjefm-80	106	10	finance	finance	NOUN
arjefm-80	106	11	undermines	undermine	VERB
arjefm-80	106	12	domestic	domestic	ADJ
arjefm-80	106	13	revenue	revenue	NOUN
arjefm-80	106	14	mobilization	mobilization	NOUN
arjefm-80	106	15	.	.	PUNCT
arjefm-80	107	1	in	in	ADP
arjefm-80	107	2	his	his	PRON
arjefm-80	107	3	contribution	contribution	NOUN
arjefm-80	107	4	in	in	ADP
arjefm-80	107	5	the	the	DET
arjefm-80	107	6	fiscal	fiscal	ADJ
arjefm-80	107	7	response	response	NOUN
arjefm-80	107	8	and	and	CCONJ
arjefm-80	107	9	effectiveness	effectiveness	NOUN
arjefm-80	107	10	of	of	ADP
arjefm-80	107	11	aid	aid	NOUN
arjefm-80	107	12	studies	study	NOUN
arjefm-80	107	13	,	,	PUNCT
arjefm-80	107	14	mavrotas	mavrota	NOUN
arjefm-80	107	15	(	(	PUNCT
arjefm-80	107	16	2002	2002	NUM
arjefm-80	107	17	)	)	PUNCT
arjefm-80	107	18	introduced	introduce	VERB
arjefm-80	107	19	a	a	DET
arjefm-80	107	20	categorization	categorization	NOUN
arjefm-80	107	21	of	of	ADP
arjefm-80	107	22	foreign	foreign	ADJ
arjefm-80	107	23	aid	aid	NOUN
arjefm-80	107	24	into	into	ADP
arjefm-80	107	25	project	project	NOUN
arjefm-80	107	26	aid	aid	NOUN
arjefm-80	107	27	,	,	PUNCT
arjefm-80	107	28	programme	programme	NOUN
arjefm-80	107	29	aid	aid	NOUN
arjefm-80	107	30	,	,	PUNCT
arjefm-80	107	31	technical	technical	ADJ
arjefm-80	107	32	assistance	assistance	NOUN
arjefm-80	107	33	and	and	CCONJ
arjefm-80	107	34	food	food	NOUN
arjefm-80	107	35	aid	aid	NOUN
arjefm-80	107	36	and	and	CCONJ
arjefm-80	107	37	based	base	VERB
arjefm-80	107	38	on	on	ADP
arjefm-80	107	39	the	the	DET
arjefm-80	107	40	popular	popular	ADJ
arjefm-80	107	41	utility	utility	NOUN
arjefm-80	107	42	maximization	maximization	NOUN
arjefm-80	107	43	approach	approach	NOUN
arjefm-80	107	44	obtained	obtain	VERB
arjefm-80	107	45	results	result	NOUN
arjefm-80	107	46	which	which	DET
arjefm-80	107	47	affirm	affirm	NOUN
arjefm-80	107	48	that	that	SCONJ
arjefm-80	107	49	aid	aid	NOUN
arjefm-80	107	50	may	may	AUX
arjefm-80	107	51	be	be	AUX
arjefm-80	107	52	fungible	fungible	ADJ
arjefm-80	107	53	.	.	PUNCT
arjefm-80	108	1	the	the	DET
arjefm-80	108	2	study	study	NOUN
arjefm-80	108	3	by	by	ADP
arjefm-80	108	4	mascagni	mascagni	NOUN
arjefm-80	108	5	and	and	CCONJ
arjefm-80	108	6	timmis	timmis	PROPN
arjefm-80	108	7	(	(	PUNCT
arjefm-80	108	8	2014	2014	NUM
arjefm-80	108	9	)	)	PUNCT
arjefm-80	108	10	also	also	ADV
arjefm-80	108	11	dealt	deal	VERB
arjefm-80	108	12	with	with	ADP
arjefm-80	108	13	the	the	DET
arjefm-80	108	14	fiscal	fiscal	ADJ
arjefm-80	108	15	effects	effect	NOUN
arjefm-80	108	16	of	of	ADP
arjefm-80	108	17	aid	aid	NOUN
arjefm-80	108	18	in	in	ADP
arjefm-80	108	19	ethiopia	ethiopia	PROPN
arjefm-80	108	20	employing	employ	VERB
arjefm-80	108	21	the	the	DET
arjefm-80	108	22	co	co	X
arjefm-80	108	23	integrated	integrated	ADJ
arjefm-80	108	24	vector	vector	NOUN
arjefm-80	108	25	autoregressive	autoregressive	ADJ
arjefm-80	108	26	model	model	NOUN
arjefm-80	108	27	based	base	VERB
arjefm-80	108	28	on	on	ADP
arjefm-80	108	29	the	the	DET
arjefm-80	108	30	conventional	conventional	ADJ
arjefm-80	108	31	heller	heller	NOUN
arjefm-80	108	32	utility	utility	NOUN
arjefm-80	108	33	maximization	maximization	NOUN
arjefm-80	108	34	function	function	NOUN
arjefm-80	108	35	.	.	PUNCT
arjefm-80	109	1	their	their	PRON
arjefm-80	109	2	model	model	NOUN
arjefm-80	109	3	encompassed	encompass	VERB
arjefm-80	109	4	total	total	ADJ
arjefm-80	109	5	government	government	NOUN
arjefm-80	109	6	expenditure	expenditure	NOUN
arjefm-80	109	7	,	,	PUNCT
arjefm-80	109	8	tax	tax	NOUN
arjefm-80	109	9	and	and	CCONJ
arjefm-80	109	10	non	non	ADJ
arjefm-80	109	11	-	-	ADJ
arjefm-80	109	12	tax	tax	ADJ
arjefm-80	109	13	revenues	revenue	NOUN
arjefm-80	109	14	,	,	PUNCT
arjefm-80	109	15	grants	grant	NOUN
arjefm-80	109	16	and	and	CCONJ
arjefm-80	109	17	loans	loan	NOUN
arjefm-80	109	18	.in	.in	PUNCT
arjefm-80	109	19	the	the	DET
arjefm-80	109	20	long	long	ADJ
arjefm-80	109	21	run	run	NOUN
arjefm-80	109	22	,	,	PUNCT
arjefm-80	109	23	government	government	NOUN
arjefm-80	109	24	expenditure	expenditure	NOUN
arjefm-80	109	25	was	be	AUX
arjefm-80	109	26	established	establish	VERB
arjefm-80	109	27	to	to	PART
arjefm-80	109	28	be	be	AUX
arjefm-80	109	29	related	relate	VERB
arjefm-80	109	30	to	to	ADP
arjefm-80	109	31	domestic	domestic	ADJ
arjefm-80	109	32	revenue	revenue	NOUN
arjefm-80	109	33	and	and	CCONJ
arjefm-80	109	34	foreign	foreign	ADJ
arjefm-80	109	35	aid	aid	NOUN
arjefm-80	109	36	;	;	PUNCT
arjefm-80	109	37	there	there	PRON
arjefm-80	109	38	is	be	VERB
arjefm-80	109	39	a	a	DET
arjefm-80	109	40	positive	positive	ADJ
arjefm-80	109	41	relationship	relationship	NOUN
arjefm-80	109	42	between	between	ADP
arjefm-80	109	43	tax	tax	NOUN
arjefm-80	109	44	revenue	revenue	NOUN
arjefm-80	109	45	,	,	PUNCT
arjefm-80	109	46	grants	grant	NOUN
arjefm-80	109	47	and	and	CCONJ
arjefm-80	109	48	loans	loan	NOUN
arjefm-80	109	49	.	.	PUNCT
arjefm-80	110	1	in	in	ADP
arjefm-80	110	2	the	the	DET
arjefm-80	110	3	short	short	ADJ
arjefm-80	110	4	run	run	NOUN
arjefm-80	110	5	too	too	ADV
arjefm-80	110	6	,	,	PUNCT
arjefm-80	110	7	government	government	NOUN
arjefm-80	110	8	expenditure	expenditure	NOUN
arjefm-80	110	9	is	be	AUX
arjefm-80	110	10	established	establish	VERB
arjefm-80	110	11	to	to	PART
arjefm-80	110	12	be	be	AUX
arjefm-80	110	13	influenced	influence	VERB
arjefm-80	110	14	positively	positively	ADV
arjefm-80	110	15	by	by	ADP
arjefm-80	110	16	both	both	DET
arjefm-80	110	17	grants	grant	NOUN
arjefm-80	110	18	and	and	CCONJ
arjefm-80	110	19	loans	loan	NOUN
arjefm-80	110	20	whilst	whilst	SCONJ
arjefm-80	110	21	the	the	DET
arjefm-80	110	22	equation	equation	NOUN
arjefm-80	110	23	for	for	ADP
arjefm-80	110	24	tax	tax	NOUN
arjefm-80	110	25	shows	show	VERB
arjefm-80	110	26	that	that	SCONJ
arjefm-80	110	27	non	non	ADJ
arjefm-80	110	28	-	-	ADJ
arjefm-80	110	29	tax	tax	ADJ
arjefm-80	110	30	revenue	revenue	NOUN
arjefm-80	110	31	,	,	PUNCT
arjefm-80	110	32	grants	grant	NOUN
arjefm-80	110	33	and	and	CCONJ
arjefm-80	110	34	loans	loan	NOUN
arjefm-80	110	35	are	be	AUX
arjefm-80	110	36	all	all	PRON
arjefm-80	110	37	positive	positive	ADJ
arjefm-80	110	38	determinants	determinant	NOUN
arjefm-80	110	39	.	.	PUNCT
arjefm-80	111	1	the	the	PRON
arjefm-80	111	2	,	,	PUNCT
arjefm-80	111	3	loans	loan	NOUN
arjefm-80	111	4	variable	variable	NOUN
arjefm-80	111	5	is	be	AUX
arjefm-80	111	6	also	also	ADV
arjefm-80	111	7	impacted	impact	VERB
arjefm-80	111	8	positively	positively	ADV
arjefm-80	111	9	by	by	ADP
arjefm-80	111	10	non	non	ADJ
arjefm-80	111	11	-	-	ADJ
arjefm-80	111	12	tax	tax	ADJ
arjefm-80	111	13	revenue	revenue	NOUN
arjefm-80	111	14	but	but	CCONJ
arjefm-80	111	15	negatively	negatively	ADV
arjefm-80	111	16	by	by	ADP
arjefm-80	111	17	tax	tax	NOUN
arjefm-80	111	18	revenues	revenue	NOUN
arjefm-80	111	19	.	.	PUNCT
arjefm-80	112	1	the	the	DET
arjefm-80	112	2	most	most	ADV
arjefm-80	112	3	recent	recent	ADJ
arjefm-80	112	4	study	study	NOUN
arjefm-80	112	5	in	in	ADP
arjefm-80	112	6	this	this	DET
arjefm-80	112	7	area	area	NOUN
arjefm-80	112	8	,	,	PUNCT
arjefm-80	112	9	authored	author	VERB
arjefm-80	112	10	by	by	ADP
arjefm-80	112	11	bwire	bwire	NOUN
arjefm-80	112	12	et	et	PROPN
arjefm-80	112	13	al	al	PROPN
arjefm-80	112	14	(	(	PUNCT
arjefm-80	112	15	2017	2017	NUM
arjefm-80	112	16	)	)	PUNCT
arjefm-80	112	17	also	also	ADV
arjefm-80	112	18	sought	seek	VERB
arjefm-80	112	19	to	to	PART
arjefm-80	112	20	examine	examine	VERB
arjefm-80	112	21	fiscal	fiscal	ADJ
arjefm-80	112	22	reforms	reform	NOUN
arjefm-80	112	23	and	and	CCONJ
arjefm-80	112	24	the	the	DET
arjefm-80	112	25	effects	effect	NOUN
arjefm-80	112	26	of	of	ADP
arjefm-80	112	27	aid	aid	NOUN
arjefm-80	112	28	in	in	ADP
arjefm-80	112	29	uganda	uganda	PROPN
arjefm-80	112	30	employing	employ	VERB
arjefm-80	112	31	a	a	DET
arjefm-80	112	32	dynamic	dynamic	ADJ
arjefm-80	112	33	analysis	analysis	NOUN
arjefm-80	112	34	and	and	CCONJ
arjefm-80	112	35	to	to	PART
arjefm-80	112	36	test	test	VERB
arjefm-80	112	37	whether	whether	SCONJ
arjefm-80	112	38	aid	aid	NOUN
arjefm-80	112	39	flows	flow	NOUN
arjefm-80	112	40	lead	lead	VERB
arjefm-80	112	41	to	to	ADP
arjefm-80	112	42	a	a	DET
arjefm-80	112	43	full	full	ADJ
arjefm-80	112	44	or	or	CCONJ
arjefm-80	112	45	less	less	ADJ
arjefm-80	112	46	than	than	ADP
arjefm-80	112	47	a	a	DET
arjefm-80	112	48	full	full	ADJ
arjefm-80	112	49	change	change	NOUN
arjefm-80	112	50	in	in	ADP
arjefm-80	112	51	government	government	NOUN
arjefm-80	112	52	expenditure	expenditure	NOUN
arjefm-80	112	53	,	,	PUNCT
arjefm-80	112	54	determine	determine	VERB
arjefm-80	112	55	if	if	SCONJ
arjefm-80	112	56	aid	aid	NOUN
arjefm-80	112	57	displaces	displace	VERB
arjefm-80	112	58	tax	tax	NOUN
arjefm-80	112	59	effort	effort	NOUN
arjefm-80	112	60	as	as	ADV
arjefm-80	112	61	well	well	ADV
arjefm-80	112	62	as	as	ADP
arjefm-80	113	1	ascertain	ascertain	ADJ
arjefm-80	113	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	113	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	114	1	american	american	PROPN
arjefm-80	114	2	research	research	PROPN
arjefm-80	114	3	journal	journal	PROPN
arjefm-80	114	4	of	of	ADP
arjefm-80	114	5	economics	economic	NOUN
arjefm-80	114	6	,	,	PUNCT
arjefm-80	114	7	finance	finance	NOUN
arjefm-80	114	8	and	and	CCONJ
arjefm-80	114	9	management	management	NOUN
arjefm-80	114	10	volume	volume	NOUN
arjefm-80	114	11	11	11	NUM
arjefm-80	114	12	issue	issue	NOUN
arjefm-80	114	13	2	2	NUM
arjefm-80	114	14	,	,	PUNCT
arjefm-80	114	15	april	april	PROPN
arjefm-80	114	16	-	-	PUNCT
arjefm-80	114	17	june	june	PROPN
arjefm-80	114	18	2023	2023	NUM
arjefm-80	114	19	issn	issn	PROPN
arjefm-80	114	20	:	:	PUNCT
arjefm-80	114	21	2836	2836	NUM
arjefm-80	114	22	-	-	SYM
arjefm-80	114	23	9416	9416	NUM
arjefm-80	114	24	impact	impact	NOUN
arjefm-80	114	25	factor	factor	NOUN
arjefm-80	114	26	:	:	PUNCT
arjefm-80	114	27	5.57	5.57	NUM
arjefm-80	114	28	journal	journal	NOUN
arjefm-80	114	29	homepage	homepage	NOUN
arjefm-80	114	30	:	:	PUNCT
arjefm-80	114	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	114	32	,	,	PUNCT
arjefm-80	114	33	email	email	NOUN
arjefm-80	114	34	:	:	PUNCT
arjefm-80	115	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	115	2	official	official	ADJ
arjefm-80	115	3	journal	journal	PROPN
arjefm-80	115	4	of	of	ADP
arjefm-80	115	5	america	america	PROPN
arjefm-80	115	6	serial	serial	PROPN
arjefm-80	115	7	publication	publication	NOUN
arjefm-80	115	8	american	american	PROPN
arjefm-80	115	9	research	research	PROPN
arjefm-80	115	10	journal	journal	PROPN
arjefm-80	115	11	of	of	ADP
arjefm-80	115	12	economics	economic	NOUN
arjefm-80	115	13	,	,	PUNCT
arjefm-80	115	14	finance	finance	NOUN
arjefm-80	115	15	and	and	CCONJ
arjefm-80	115	16	management	management	NOUN
arjefm-80	115	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	115	18	,	,	PUNCT
arjefm-80	115	19	email	email	NOUN
arjefm-80	115	20	:	:	PUNCT
arjefm-80	115	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	115	22	7	7	NUM
arjefm-80	116	1	|	|	ADV
arjefm-80	116	2	p	p	X
arjefm-80	116	3	a	a	DET
arjefm-80	116	4	g	g	NOUN
arjefm-80	116	5	e	e	NOUN
arjefm-80	116	6	whether	whether	SCONJ
arjefm-80	116	7	aid	aid	NOUN
arjefm-80	116	8	and	and	CCONJ
arjefm-80	116	9	domestic	domestic	ADJ
arjefm-80	116	10	borrowing	borrowing	NOUN
arjefm-80	116	11	are	be	AUX
arjefm-80	116	12	substitutes	substitute	NOUN
arjefm-80	116	13	in	in	ADP
arjefm-80	116	14	fiscal	fiscal	ADJ
arjefm-80	116	15	management	management	NOUN
arjefm-80	116	16	in	in	ADP
arjefm-80	116	17	uganda	uganda	PROPN
arjefm-80	116	18	.	.	PUNCT
arjefm-80	117	1	their	their	PRON
arjefm-80	117	2	analysis	analysis	NOUN
arjefm-80	117	3	uncovered	uncover	VERB
arjefm-80	117	4	three	three	NUM
arjefm-80	117	5	co	co	NOUN
arjefm-80	117	6	integrating	integrate	VERB
arjefm-80	117	7	equations	equation	NOUN
arjefm-80	117	8	for	for	ADP
arjefm-80	117	9	government	government	NOUN
arjefm-80	117	10	expenditure	expenditure	NOUN
arjefm-80	117	11	,	,	PUNCT
arjefm-80	117	12	revenue	revenue	NOUN
arjefm-80	117	13	and	and	CCONJ
arjefm-80	117	14	aid	aid	NOUN
arjefm-80	117	15	and	and	CCONJ
arjefm-80	117	16	found	find	VERB
arjefm-80	117	17	that	that	SCONJ
arjefm-80	117	18	in	in	ADP
arjefm-80	117	19	the	the	DET
arjefm-80	117	20	long	long	ADJ
arjefm-80	117	21	run	run	NOUN
arjefm-80	117	22	aid	aid	NOUN
arjefm-80	117	23	leads	lead	VERB
arjefm-80	117	24	to	to	ADP
arjefm-80	117	25	increased	increase	VERB
arjefm-80	117	26	tax	tax	NOUN
arjefm-80	117	27	effort	effort	NOUN
arjefm-80	117	28	and	and	CCONJ
arjefm-80	117	29	public	public	ADJ
arjefm-80	117	30	spending	spending	NOUN
arjefm-80	117	31	but	but	CCONJ
arjefm-80	117	32	a	a	DET
arjefm-80	117	33	reduced	reduced	ADJ
arjefm-80	117	34	domestic	domestic	ADJ
arjefm-80	117	35	borrowing	borrowing	NOUN
arjefm-80	117	36	.	.	PUNCT
arjefm-80	118	1	section	section	NOUN
arjefm-80	118	2	ivː	ivː	VERB
arjefm-80	118	3	empirical	empirical	ADJ
arjefm-80	118	4	model	model	NOUN
arjefm-80	118	5	according	accord	VERB
arjefm-80	118	6	to	to	ADP
arjefm-80	118	7	osei	osei	PROPN
arjefm-80	118	8	et	et	PROPN
arjefm-80	118	9	al	al	PROPN
arjefm-80	118	10	(	(	PUNCT
arjefm-80	118	11	2003	2003	NUM
arjefm-80	118	12	)	)	PUNCT
arjefm-80	118	13	,	,	PUNCT
arjefm-80	118	14	there	there	PRON
arjefm-80	118	15	are	be	VERB
arjefm-80	118	16	two	two	NUM
arjefm-80	118	17	broad	broad	ADJ
arjefm-80	118	18	approaches	approach	NOUN
arjefm-80	118	19	adopted	adopt	VERB
arjefm-80	118	20	in	in	ADP
arjefm-80	118	21	the	the	DET
arjefm-80	118	22	literature	literature	NOUN
arjefm-80	118	23	to	to	PART
arjefm-80	118	24	examine	examine	VERB
arjefm-80	118	25	the	the	DET
arjefm-80	118	26	fiscal	fiscal	ADJ
arjefm-80	118	27	effects	effect	NOUN
arjefm-80	118	28	of	of	ADP
arjefm-80	118	29	aid	aid	NOUN
arjefm-80	118	30	.	.	PUNCT
arjefm-80	119	1	the	the	DET
arjefm-80	119	2	first	first	ADJ
arjefm-80	119	3	approach	approach	NOUN
arjefm-80	119	4	is	be	AUX
arjefm-80	119	5	the	the	DET
arjefm-80	119	6	fungibility	fungibility	NOUN
arjefm-80	119	7	studies	study	NOUN
arjefm-80	119	8	which	which	PRON
arjefm-80	119	9	attempt	attempt	VERB
arjefm-80	119	10	to	to	PART
arjefm-80	119	11	assess	assess	VERB
arjefm-80	119	12	aid	aid	NOUN
arjefm-80	119	13	effects	effect	NOUN
arjefm-80	119	14	on	on	ADP
arjefm-80	119	15	the	the	DET
arjefm-80	119	16	spending	spending	NOUN
arjefm-80	119	17	patterns	pattern	NOUN
arjefm-80	119	18	of	of	ADP
arjefm-80	119	19	the	the	DET
arjefm-80	119	20	government	government	NOUN
arjefm-80	119	21	and	and	CCONJ
arjefm-80	119	22	the	the	DET
arjefm-80	119	23	other	other	ADJ
arjefm-80	119	24	method	method	NOUN
arjefm-80	119	25	which	which	PRON
arjefm-80	119	26	seeks	seek	VERB
arjefm-80	119	27	to	to	PART
arjefm-80	119	28	integrate	integrate	VERB
arjefm-80	119	29	revenue	revenue	NOUN
arjefm-80	119	30	variables	variable	NOUN
arjefm-80	119	31	into	into	ADP
arjefm-80	119	32	a	a	DET
arjefm-80	119	33	government	government	NOUN
arjefm-80	119	34	utility	utility	NOUN
arjefm-80	119	35	function	function	NOUN
arjefm-80	119	36	to	to	PART
arjefm-80	119	37	determine	determine	VERB
arjefm-80	119	38	the	the	DET
arjefm-80	119	39	overall	overall	ADJ
arjefm-80	119	40	impact	impact	NOUN
arjefm-80	119	41	of	of	ADP
arjefm-80	119	42	the	the	DET
arjefm-80	119	43	aid	aid	NOUN
arjefm-80	119	44	process	process	NOUN
arjefm-80	119	45	on	on	ADP
arjefm-80	119	46	the	the	DET
arjefm-80	119	47	fiscal	fiscal	ADJ
arjefm-80	119	48	behaviour	behaviour	NOUN
arjefm-80	119	49	of	of	ADP
arjefm-80	119	50	the	the	DET
arjefm-80	119	51	government	government	NOUN
arjefm-80	119	52	which	which	PRON
arjefm-80	119	53	they	they	PRON
arjefm-80	119	54	call	call	VERB
arjefm-80	119	55	the	the	DET
arjefm-80	119	56	fiscal	fiscal	ADJ
arjefm-80	119	57	response	response	NOUN
arjefm-80	119	58	models	model	NOUN
arjefm-80	119	59	(	(	PUNCT
arjefm-80	119	60	frms	frm	NOUN
arjefm-80	119	61	)	)	PUNCT
arjefm-80	119	62	.	.	PUNCT
arjefm-80	120	1	since	since	SCONJ
arjefm-80	120	2	the	the	DET
arjefm-80	120	3	latter	latter	ADJ
arjefm-80	120	4	is	be	AUX
arjefm-80	120	5	more	more	ADV
arjefm-80	120	6	comprehensive	comprehensive	ADJ
arjefm-80	120	7	in	in	ADP
arjefm-80	120	8	its	its	PRON
arjefm-80	120	9	outlook	outlook	NOUN
arjefm-80	120	10	,	,	PUNCT
arjefm-80	120	11	it	it	PRON
arjefm-80	120	12	is	be	AUX
arjefm-80	120	13	more	more	ADV
arjefm-80	120	14	popular	popular	ADJ
arjefm-80	120	15	in	in	ADP
arjefm-80	120	16	the	the	DET
arjefm-80	120	17	literature	literature	NOUN
arjefm-80	120	18	and	and	CCONJ
arjefm-80	120	19	has	have	AUX
arjefm-80	120	20	been	be	AUX
arjefm-80	120	21	adopted	adopt	VERB
arjefm-80	120	22	in	in	ADP
arjefm-80	120	23	most	most	ADJ
arjefm-80	120	24	of	of	ADP
arjefm-80	120	25	the	the	DET
arjefm-80	120	26	recent	recent	ADJ
arjefm-80	120	27	studies	study	NOUN
arjefm-80	120	28	.	.	PUNCT
arjefm-80	121	1	this	this	DET
arjefm-80	121	2	approach	approach	NOUN
arjefm-80	121	3	is	be	AUX
arjefm-80	121	4	based	base	VERB
arjefm-80	121	5	on	on	ADP
arjefm-80	121	6	the	the	DET
arjefm-80	121	7	seminal	seminal	ADJ
arjefm-80	121	8	work	work	NOUN
arjefm-80	121	9	of	of	ADP
arjefm-80	121	10	heller	heller	NOUN
arjefm-80	121	11	(	(	PUNCT
arjefm-80	121	12	1975	1975	NUM
arjefm-80	121	13	)	)	PUNCT
arjefm-80	121	14	which	which	PRON
arjefm-80	121	15	posits	posit	VERB
arjefm-80	121	16	government	government	NOUN
arjefm-80	121	17	allocating	allocate	VERB
arjefm-80	121	18	revenue	revenue	NOUN
arjefm-80	121	19	among	among	ADP
arjefm-80	121	20	the	the	DET
arjefm-80	121	21	different	different	ADJ
arjefm-80	121	22	expenditure	expenditure	NOUN
arjefm-80	121	23	streams	stream	NOUN
arjefm-80	121	24	but	but	CCONJ
arjefm-80	121	25	subject	subject	ADJ
arjefm-80	121	26	to	to	ADP
arjefm-80	121	27	some	some	DET
arjefm-80	121	28	budget	budget	NOUN
arjefm-80	121	29	constraints	constraint	NOUN
arjefm-80	121	30	.	.	PUNCT
arjefm-80	122	1	in	in	ADP
arjefm-80	122	2	the	the	DET
arjefm-80	122	3	model	model	NOUN
arjefm-80	122	4	,	,	PUNCT
arjefm-80	122	5	government	government	NOUN
arjefm-80	122	6	expenditure	expenditure	NOUN
arjefm-80	122	7	is	be	AUX
arjefm-80	122	8	usually	usually	ADV
arjefm-80	122	9	categorized	categorize	VERB
arjefm-80	122	10	into	into	ADP
arjefm-80	122	11	government	government	NOUN
arjefm-80	122	12	consumption	consumption	NOUN
arjefm-80	122	13	and	and	CCONJ
arjefm-80	122	14	capital	capital	NOUN
arjefm-80	122	15	expenditure	expenditure	NOUN
arjefm-80	122	16	whilst	whilst	SCONJ
arjefm-80	122	17	government	government	NOUN
arjefm-80	122	18	derives	derive	VERB
arjefm-80	122	19	its	its	PRON
arjefm-80	122	20	income	income	NOUN
arjefm-80	122	21	endogenously	endogenously	ADV
arjefm-80	122	22	from	from	ADP
arjefm-80	122	23	conventional	conventional	ADJ
arjefm-80	122	24	taxation	taxation	NOUN
arjefm-80	122	25	sources	source	NOUN
arjefm-80	122	26	and	and	CCONJ
arjefm-80	122	27	domestic	domestic	ADJ
arjefm-80	122	28	borrowing	borrowing	NOUN
arjefm-80	122	29	.	.	PUNCT
arjefm-80	123	1	however	however	ADV
arjefm-80	123	2	,	,	PUNCT
arjefm-80	123	3	in	in	ADP
arjefm-80	123	4	these	these	DET
arjefm-80	123	5	models	model	NOUN
arjefm-80	123	6	,	,	PUNCT
arjefm-80	123	7	foreign	foreign	ADJ
arjefm-80	123	8	aid	aid	NOUN
arjefm-80	123	9	is	be	AUX
arjefm-80	123	10	defined	define	VERB
arjefm-80	123	11	as	as	ADP
arjefm-80	123	12	an	an	DET
arjefm-80	123	13	exogenous	exogenous	ADJ
arjefm-80	123	14	source	source	NOUN
arjefm-80	123	15	of	of	ADP
arjefm-80	123	16	revenue	revenue	NOUN
arjefm-80	123	17	which	which	PRON
arjefm-80	123	18	modifies	modify	VERB
arjefm-80	123	19	the	the	DET
arjefm-80	123	20	government	government	NOUN
arjefm-80	123	21	budget	budget	NOUN
arjefm-80	123	22	constraints	constraint	NOUN
arjefm-80	123	23	;	;	PUNCT
arjefm-80	123	24	even	even	ADV
arjefm-80	123	25	though	though	SCONJ
arjefm-80	123	26	it	it	PRON
arjefm-80	123	27	is	be	AUX
arjefm-80	123	28	assumed	assume	VERB
arjefm-80	123	29	not	not	PART
arjefm-80	123	30	to	to	PART
arjefm-80	123	31	be	be	AUX
arjefm-80	123	32	relevant	relevant	ADJ
arjefm-80	123	33	in	in	ADP
arjefm-80	123	34	the	the	DET
arjefm-80	123	35	utility	utility	NOUN
arjefm-80	123	36	function	function	NOUN
arjefm-80	123	37	of	of	ADP
arjefm-80	123	38	the	the	DET
arjefm-80	123	39	government	government	NOUN
arjefm-80	123	40	since	since	SCONJ
arjefm-80	123	41	it	it	PRON
arjefm-80	123	42	is	be	AUX
arjefm-80	123	43	not	not	PART
arjefm-80	123	44	defined	define	VERB
arjefm-80	123	45	as	as	ADP
arjefm-80	123	46	one	one	NUM
arjefm-80	123	47	of	of	ADP
arjefm-80	123	48	the	the	DET
arjefm-80	123	49	variables	variable	NOUN
arjefm-80	123	50	for	for	ADP
arjefm-80	123	51	which	which	PRON
arjefm-80	123	52	targets	target	NOUN
arjefm-80	123	53	are	be	AUX
arjefm-80	123	54	set	set	VERB
arjefm-80	123	55	.	.	PUNCT
arjefm-80	124	1	against	against	ADP
arjefm-80	124	2	this	this	DET
arjefm-80	124	3	background	background	NOUN
arjefm-80	124	4	,	,	PUNCT
arjefm-80	124	5	osei	osei	PROPN
arjefm-80	124	6	et	et	PROPN
arjefm-80	124	7	al	al	PROPN
arjefm-80	124	8	(	(	PUNCT
arjefm-80	124	9	2003	2003	NUM
arjefm-80	124	10	)	)	PUNCT
arjefm-80	124	11	set	set	VERB
arjefm-80	124	12	the	the	DET
arjefm-80	124	13	maximum	maximum	ADJ
arjefm-80	124	14	unconstrained	unconstrained	ADJ
arjefm-80	124	15	value	value	NOUN
arjefm-80	124	16	of	of	ADP
arjefm-80	124	17	the	the	DET
arjefm-80	124	18	utility	utility	NOUN
arjefm-80	124	19	function	function	NOUN
arjefm-80	124	20	represented	represent	VERB
arjefm-80	124	21	by	by	ADP
arjefm-80	124	22	α0	α0	PROPN
arjefm-80	124	23	as	as	ADP
arjefm-80	124	24	a	a	DET
arjefm-80	124	25	quadratic	quadratic	ADJ
arjefm-80	124	26	expression	expression	NOUN
arjefm-80	124	27	defining	define	VERB
arjefm-80	124	28	a	a	DET
arjefm-80	124	29	loss	loss	NOUN
arjefm-80	124	30	in	in	ADP
arjefm-80	124	31	the	the	DET
arjefm-80	124	32	form	form	NOUN
arjefm-80	124	33	below	below	ADV
arjefm-80	124	34	;	;	PUNCT
arjefm-80	124	35	u	u	NOUN
arjefm-80	124	36	=	=	NOUN
arjefm-80	124	37	α0	α0	ADJ
arjefm-80	124	38	–	–	PUNCT
arjefm-80	124	39	α1/2(gk	α1/2(gk	NUM
arjefm-80	124	40	-	-	PUNCT
arjefm-80	124	41	gk*)2	gk*)2	NOUN
arjefm-80	124	42	-	-	PUNCT
arjefm-80	124	43	α2/2(gc	α2/2(gc	ADV
arjefm-80	124	44	-	-	PUNCT
arjefm-80	124	45	gc*)2	gc*)2	NOUN
arjefm-80	124	46	-	-	PUNCT
arjefm-80	124	47	α3/2(r	α3/2(r	NOUN
arjefm-80	124	48	-	-	PUNCT
arjefm-80	124	49	r*)2	r*)2	NOUN
arjefm-80	124	50	-	-	PUNCT
arjefm-80	124	51	α4/2(d	α4/2(d	PROPN
arjefm-80	124	52	-	-	PUNCT
arjefm-80	124	53	d*)2	d*)2	PROPN
arjefm-80	124	54	(	(	PUNCT
arjefm-80	124	55	1	1	NUM
arjefm-80	124	56	)	)	PUNCT
arjefm-80	124	57	,	,	PUNCT
arjefm-80	124	58	where	where	SCONJ
arjefm-80	124	59	gk	gk	PROPN
arjefm-80	124	60	*	*	PROPN
arjefm-80	124	61	,	,	PUNCT
arjefm-80	124	62	gc*,r	gc*,r	PROPN
arjefm-80	124	63	*	*	PROPN
arjefm-80	124	64	and	and	CCONJ
arjefm-80	124	65	d	d	X
arjefm-80	124	66	*	*	PUNCT
arjefm-80	124	67	are	be	AUX
arjefm-80	124	68	exogenous	exogenous	ADJ
arjefm-80	124	69	target	target	NOUN
arjefm-80	124	70	values	value	NOUN
arjefm-80	124	71	of	of	ADP
arjefm-80	124	72	government	government	NOUN
arjefm-80	124	73	capital	capital	NOUN
arjefm-80	124	74	expenditure	expenditure	NOUN
arjefm-80	124	75	,	,	PUNCT
arjefm-80	124	76	government	government	NOUN
arjefm-80	124	77	consumption	consumption	NOUN
arjefm-80	124	78	expenditure	expenditure	NOUN
arjefm-80	124	79	,	,	PUNCT
arjefm-80	124	80	total	total	ADJ
arjefm-80	124	81	government	government	NOUN
arjefm-80	124	82	revenue	revenue	NOUN
arjefm-80	124	83	and	and	CCONJ
arjefm-80	124	84	government	government	NOUN
arjefm-80	124	85	borrowing	borrowing	NOUN
arjefm-80	124	86	from	from	ADP
arjefm-80	124	87	domestic	domestic	ADJ
arjefm-80	124	88	sources	source	NOUN
arjefm-80	124	89	.	.	PUNCT
arjefm-80	125	1	the	the	DET
arjefm-80	125	2	above	above	ADJ
arjefm-80	125	3	equation	equation	NOUN
arjefm-80	125	4	is	be	AUX
arjefm-80	125	5	thus	thus	ADV
arjefm-80	125	6	maximized	maximize	VERB
arjefm-80	125	7	subject	subject	NOUN
arjefm-80	125	8	to	to	ADP
arjefm-80	125	9	the	the	DET
arjefm-80	125	10	following	follow	VERB
arjefm-80	125	11	budget	budget	NOUN
arjefm-80	125	12	constraints	constraint	NOUN
arjefm-80	125	13	,	,	PUNCT
arjefm-80	125	14	gk	gk	NOUN
arjefm-80	125	15	=	=	PUNCT
arjefm-80	125	16	(	(	PUNCT
arjefm-80	125	17	1	1	NUM
arjefm-80	125	18	-	-	ADJ
arjefm-80	125	19	ρ1)r	ρ1)r	ADJ
arjefm-80	125	20	+	+	CCONJ
arjefm-80	125	21	(	(	PUNCT
arjefm-80	125	22	1	1	NUM
arjefm-80	125	23	-	-	PUNCT
arjefm-80	125	24	ρ2)f	ρ2)f	NOUN
arjefm-80	125	25	+	+	PROPN
arjefm-80	125	26	d	d	X
arjefm-80	125	27	(	(	PUNCT
arjefm-80	125	28	2	2	NUM
arjefm-80	125	29	)	)	PUNCT
arjefm-80	125	30	and	and	CCONJ
arjefm-80	125	31	gc	gc	PROPN
arjefm-80	125	32	=	=	NOUN
arjefm-80	125	33	ρ1r+	ρ1r+	NOUN
arjefm-80	125	34	ρ2f	ρ2f	NOUN
arjefm-80	125	35	(	(	PUNCT
arjefm-80	125	36	3	3	NUM
arjefm-80	125	37	)	)	PUNCT
arjefm-80	125	38	where	where	SCONJ
arjefm-80	125	39	equations	equation	NOUN
arjefm-80	125	40	(	(	PUNCT
arjefm-80	125	41	2	2	NUM
arjefm-80	125	42	)	)	PUNCT
arjefm-80	125	43	and	and	CCONJ
arjefm-80	125	44	(	(	PUNCT
arjefm-80	125	45	3	3	X
arjefm-80	125	46	)	)	PUNCT
arjefm-80	125	47	are	be	AUX
arjefm-80	125	48	disaggregated	disaggregate	VERB
arjefm-80	125	49	equations	equation	NOUN
arjefm-80	125	50	derived	derive	VERB
arjefm-80	125	51	from	from	ADP
arjefm-80	125	52	the	the	DET
arjefm-80	125	53	total	total	ADJ
arjefm-80	125	54	government	government	NOUN
arjefm-80	125	55	expenditure	expenditure	NOUN
arjefm-80	125	56	constraints	constraint	NOUN
arjefm-80	125	57	,	,	PUNCT
arjefm-80	125	58	of	of	ADP
arjefm-80	125	59	the	the	DET
arjefm-80	125	60	form	form	NOUN
arjefm-80	125	61	,	,	PUNCT
arjefm-80	125	62	gk	gk	PROPN
arjefm-80	125	63	+	+	PROPN
arjefm-80	125	64	gc	gc	PROPN
arjefm-80	125	65	=	=	SYM
arjefm-80	125	66	r+f+d	r+f+d	NOUN
arjefm-80	125	67	(	(	PUNCT
arjefm-80	125	68	4	4	NUM
arjefm-80	125	69	)	)	PUNCT
arjefm-80	125	70	from	from	ADP
arjefm-80	125	71	the	the	DET
arjefm-80	125	72	above	above	ADJ
arjefm-80	125	73	equations	equation	NOUN
arjefm-80	125	74	,	,	PUNCT
arjefm-80	125	75	it	it	PRON
arjefm-80	125	76	is	be	AUX
arjefm-80	125	77	taken	take	VERB
arjefm-80	125	78	that	that	SCONJ
arjefm-80	125	79	ρ2	ρ2	NOUN
arjefm-80	125	80	represents	represent	VERB
arjefm-80	125	81	the	the	DET
arjefm-80	125	82	fraction	fraction	NOUN
arjefm-80	125	83	of	of	ADP
arjefm-80	125	84	aid	aid	NOUN
arjefm-80	125	85	which	which	PRON
arjefm-80	125	86	is	be	AUX
arjefm-80	125	87	diverted	divert	VERB
arjefm-80	125	88	into	into	ADP
arjefm-80	125	89	financing	financing	NOUN
arjefm-80	125	90	government	government	NOUN
arjefm-80	125	91	consumption	consumption	NOUN
arjefm-80	125	92	;	;	PUNCT
arjefm-80	125	93	in	in	ADP
arjefm-80	125	94	other	other	ADJ
arjefm-80	125	95	words	word	NOUN
arjefm-80	125	96	the	the	DET
arjefm-80	125	97	extent	extent	NOUN
arjefm-80	125	98	of	of	ADP
arjefm-80	125	99	the	the	DET
arjefm-80	125	100	fungibility	fungibility	NOUN
arjefm-80	125	101	of	of	ADP
arjefm-80	125	102	aid	aid	NOUN
arjefm-80	125	103	.the	.the	PRON
arjefm-80	125	104	implicit	implicit	ADJ
arjefm-80	125	105	argument	argument	NOUN
arjefm-80	125	106	underlining	underline	VERB
arjefm-80	125	107	this	this	DET
arjefm-80	125	108	formulation	formulation	NOUN
arjefm-80	125	109	is	be	AUX
arjefm-80	125	110	that	that	SCONJ
arjefm-80	125	111	when	when	SCONJ
arjefm-80	125	112	foreign	foreign	ADJ
arjefm-80	125	113	aid	aid	NOUN
arjefm-80	125	114	is	be	AUX
arjefm-80	125	115	received	receive	VERB
arjefm-80	125	116	,	,	PUNCT
arjefm-80	125	117	it	it	PRON
arjefm-80	125	118	is	be	AUX
arjefm-80	125	119	meant	mean	VERB
arjefm-80	125	120	for	for	ADP
arjefm-80	125	121	capital	capital	NOUN
arjefm-80	125	122	investment	investment	NOUN
arjefm-80	125	123	.however	.however	PUNCT
arjefm-80	125	124	,	,	PUNCT
arjefm-80	125	125	as	as	SCONJ
arjefm-80	125	126	the	the	DET
arjefm-80	125	127	aid	aid	NOUN
arjefm-80	125	128	comes	come	VERB
arjefm-80	125	129	into	into	ADP
arjefm-80	125	130	the	the	DET
arjefm-80	125	131	economy	economy	NOUN
arjefm-80	125	132	,	,	PUNCT
arjefm-80	125	133	a	a	DET
arjefm-80	125	134	part	part	NOUN
arjefm-80	125	135	of	of	ADP
arjefm-80	125	136	it	it	PRON
arjefm-80	125	137	is	be	AUX
arjefm-80	125	138	channeled	channel	VERB
arjefm-80	125	139	into	into	ADP
arjefm-80	125	140	financing	financing	NOUN
arjefm-80	125	141	recurrent	recurrent	ADJ
arjefm-80	125	142	expenditure	expenditure	NOUN
arjefm-80	125	143	which	which	PRON
arjefm-80	125	144	means	mean	VERB
arjefm-80	125	145	that	that	SCONJ
arjefm-80	125	146	mathematically	mathematically	ADV
arjefm-80	125	147	,	,	PUNCT
arjefm-80	125	148	ρ2=0	ρ2=0	PROPN
arjefm-80	125	149	ex	ex	PRON
arjefm-80	125	150	ante	ante	NOUN
arjefm-80	125	151	but	but	CCONJ
arjefm-80	125	152	this	this	PRON
arjefm-80	125	153	according	accord	VERB
arjefm-80	125	154	to	to	ADP
arjefm-80	125	155	osei	osei	PROPN
arjefm-80	125	156	et	et	PROPN
arjefm-80	125	157	al	al	PROPN
arjefm-80	125	158	(	(	PUNCT
arjefm-80	125	159	2003	2003	NUM
arjefm-80	125	160	)	)	PUNCT
arjefm-80	125	161	is	be	AUX
arjefm-80	125	162	not	not	PART
arjefm-80	125	163	in	in	ADP
arjefm-80	125	164	the	the	DET
arjefm-80	125	165	real	real	ADJ
arjefm-80	125	166	world	world	NOUN
arjefm-80	125	167	realistic	realistic	ADJ
arjefm-80	125	168	because	because	SCONJ
arjefm-80	125	169	aside	aside	ADV
arjefm-80	125	170	of	of	ADP
arjefm-80	125	171	directing	direct	VERB
arjefm-80	125	172	resources	resource	NOUN
arjefm-80	125	173	into	into	ADP
arjefm-80	125	174	investments	investment	NOUN
arjefm-80	125	175	in	in	ADP
arjefm-80	125	176	the	the	DET
arjefm-80	125	177	economy	economy	NOUN
arjefm-80	125	178	,	,	PUNCT
arjefm-80	125	179	foreign	foreign	ADJ
arjefm-80	125	180	aid	aid	NOUN
arjefm-80	125	181	sometimes	sometimes	ADV
arjefm-80	125	182	finances	finance	VERB
arjefm-80	125	183	certain	certain	ADJ
arjefm-80	125	184	components	component	NOUN
arjefm-80	125	185	of	of	ADP
arjefm-80	125	186	government	government	NOUN
arjefm-80	125	187	consumption	consumption	NOUN
arjefm-80	125	188	,	,	PUNCT
arjefm-80	125	189	particularly	particularly	ADV
arjefm-80	125	190	in	in	ADP
arjefm-80	125	191	the	the	DET
arjefm-80	125	192	social	social	ADJ
arjefm-80	125	193	sectors	sector	NOUN
arjefm-80	125	194	especially	especially	ADV
arjefm-80	125	195	education	education	NOUN
arjefm-80	125	196	and	and	CCONJ
arjefm-80	125	197	health	health	NOUN
arjefm-80	125	198	,	,	PUNCT
arjefm-80	125	199	hence	hence	ADV
arjefm-80	125	200	ρ2≠	ρ2≠	ADJ
arjefm-80	125	201	0	0	NUM
arjefm-80	125	202	is	be	AUX
arjefm-80	125	203	an	an	DET
arjefm-80	125	204	unrealistic	unrealistic	ADJ
arjefm-80	125	205	assumption	assumption	NOUN
arjefm-80	125	206	but	but	CCONJ
arjefm-80	125	207	ρ2	ρ2	NOUN
arjefm-80	125	208	>	>	X
arjefm-80	125	209	0	0	PUNCT
arjefm-80	126	1	at	at	ADP
arjefm-80	126	2	most	most	ADJ
arjefm-80	126	3	times	time	NOUN
arjefm-80	126	4	is	be	AUX
arjefm-80	126	5	the	the	DET
arjefm-80	126	6	most	most	ADV
arjefm-80	126	7	realistic	realistic	ADJ
arjefm-80	126	8	assumption	assumption	NOUN
arjefm-80	126	9	to	to	PART
arjefm-80	126	10	make	make	VERB
arjefm-80	126	11	.	.	PUNCT
arjefm-80	127	1	this	this	DET
arjefm-80	127	2	situation	situation	NOUN
arjefm-80	127	3	occurs	occur	VERB
arjefm-80	127	4	especially	especially	ADV
arjefm-80	127	5	when	when	SCONJ
arjefm-80	127	6	aid	aid	NOUN
arjefm-80	127	7	comes	come	VERB
arjefm-80	127	8	in	in	ADP
arjefm-80	127	9	in	in	ADP
arjefm-80	127	10	the	the	DET
arjefm-80	127	11	form	form	NOUN
arjefm-80	127	12	of	of	ADP
arjefm-80	127	13	budgetary	budgetary	ADJ
arjefm-80	127	14	support	support	NOUN
arjefm-80	127	15	or	or	CCONJ
arjefm-80	127	16	even	even	ADV
arjefm-80	127	17	strictly	strictly	ADV
arjefm-80	127	18	as	as	ADP
arjefm-80	127	19	aid	aid	NOUN
arjefm-80	127	20	funded	fund	VERB
arjefm-80	127	21	project	project	NOUN
arjefm-80	127	22	in	in	ADP
arjefm-80	127	23	an	an	DET
arjefm-80	127	24	economy	economy	NOUN
arjefm-80	127	25	.	.	PUNCT
arjefm-80	128	1	with	with	ADP
arjefm-80	128	2	the	the	DET
arjefm-80	128	3	inherent	inherent	ADJ
arjefm-80	128	4	limitations	limitation	NOUN
arjefm-80	128	5	of	of	ADP
arjefm-80	128	6	this	this	DET
arjefm-80	128	7	approach	approach	NOUN
arjefm-80	128	8	,	,	PUNCT
arjefm-80	128	9	franco	franco	PROPN
arjefm-80	128	10	-	-	PUNCT
arjefm-80	128	11	rodriguez	rodriguez	PROPN
arjefm-80	128	12	et	et	PROPN
arjefm-80	128	13	al	al	PROPN
arjefm-80	128	14	(	(	PUNCT
arjefm-80	128	15	1998	1998	NUM
arjefm-80	128	16	)	)	PUNCT
arjefm-80	128	17	modified	modify	VERB
arjefm-80	128	18	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	128	19	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	128	20	american	american	PROPN
arjefm-80	128	21	research	research	PROPN
arjefm-80	128	22	journal	journal	PROPN
arjefm-80	128	23	of	of	ADP
arjefm-80	128	24	economics	economic	NOUN
arjefm-80	128	25	,	,	PUNCT
arjefm-80	128	26	finance	finance	NOUN
arjefm-80	128	27	and	and	CCONJ
arjefm-80	128	28	management	management	NOUN
arjefm-80	128	29	volume	volume	NOUN
arjefm-80	128	30	11	11	NUM
arjefm-80	128	31	issue	issue	NOUN
arjefm-80	128	32	2	2	NUM
arjefm-80	128	33	,	,	PUNCT
arjefm-80	128	34	april	april	PROPN
arjefm-80	128	35	-	-	PUNCT
arjefm-80	128	36	june	june	PROPN
arjefm-80	128	37	2023	2023	NUM
arjefm-80	128	38	issn	issn	PROPN
arjefm-80	128	39	:	:	PUNCT
arjefm-80	128	40	2836	2836	NUM
arjefm-80	128	41	-	-	SYM
arjefm-80	128	42	9416	9416	NUM
arjefm-80	128	43	impact	impact	NOUN
arjefm-80	128	44	factor	factor	NOUN
arjefm-80	128	45	:	:	PUNCT
arjefm-80	128	46	5.57	5.57	NUM
arjefm-80	128	47	journal	journal	NOUN
arjefm-80	128	48	homepage	homepage	NOUN
arjefm-80	128	49	:	:	PUNCT
arjefm-80	128	50	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	128	51	,	,	PUNCT
arjefm-80	128	52	email	email	NOUN
arjefm-80	128	53	:	:	PUNCT
arjefm-80	128	54	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	128	55	official	official	ADJ
arjefm-80	128	56	journal	journal	PROPN
arjefm-80	128	57	of	of	ADP
arjefm-80	128	58	america	america	PROPN
arjefm-80	128	59	serial	serial	PROPN
arjefm-80	128	60	publication	publication	NOUN
arjefm-80	128	61	american	american	PROPN
arjefm-80	128	62	research	research	PROPN
arjefm-80	128	63	journal	journal	PROPN
arjefm-80	128	64	of	of	ADP
arjefm-80	128	65	economics	economic	NOUN
arjefm-80	128	66	,	,	PUNCT
arjefm-80	128	67	finance	finance	NOUN
arjefm-80	128	68	and	and	CCONJ
arjefm-80	128	69	management	management	NOUN
arjefm-80	128	70	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	128	71	,	,	PUNCT
arjefm-80	128	72	email	email	NOUN
arjefm-80	128	73	:	:	PUNCT
arjefm-80	129	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	129	2	8	8	NUM
arjefm-80	130	1	|	|	ADV
arjefm-80	130	2	p	p	X
arjefm-80	130	3	a	a	DET
arjefm-80	130	4	g	g	NOUN
arjefm-80	130	5	e	e	NOUN
arjefm-80	130	6	the	the	DET
arjefm-80	130	7	approach	approach	NOUN
arjefm-80	130	8	by	by	ADP
arjefm-80	130	9	defining	define	VERB
arjefm-80	130	10	a	a	DET
arjefm-80	130	11	utility	utility	NOUN
arjefm-80	130	12	function	function	NOUN
arjefm-80	130	13	such	such	ADJ
arjefm-80	130	14	that	that	SCONJ
arjefm-80	130	15	foreign	foreign	ADJ
arjefm-80	130	16	aid	aid	NOUN
arjefm-80	130	17	is	be	AUX
arjefm-80	130	18	interacted	interact	VERB
arjefm-80	130	19	and	and	CCONJ
arjefm-80	130	20	integrated	integrate	VERB
arjefm-80	130	21	directly	directly	ADV
arjefm-80	130	22	into	into	ADP
arjefm-80	130	23	the	the	DET
arjefm-80	130	24	function	function	NOUN
arjefm-80	130	25	thereby	thereby	ADV
arjefm-80	130	26	making	make	VERB
arjefm-80	130	27	aid	aid	NOUN
arjefm-80	130	28	endogenous	endogenous	ADJ
arjefm-80	130	29	.	.	PUNCT
arjefm-80	131	1	the	the	DET
arjefm-80	131	2	argument	argument	NOUN
arjefm-80	131	3	put	put	VERB
arjefm-80	131	4	forward	forward	ADV
arjefm-80	131	5	is	be	AUX
arjefm-80	131	6	that	that	SCONJ
arjefm-80	131	7	generally	generally	ADV
arjefm-80	131	8	governments	government	NOUN
arjefm-80	131	9	define	define	VERB
arjefm-80	131	10	targets	target	NOUN
arjefm-80	131	11	for	for	ADP
arjefm-80	131	12	aid	aid	NOUN
arjefm-80	131	13	flows	flow	NOUN
arjefm-80	131	14	and	and	CCONJ
arjefm-80	131	15	this	this	PRON
arjefm-80	131	16	tends	tend	VERB
arjefm-80	131	17	to	to	PART
arjefm-80	131	18	influence	influence	VERB
arjefm-80	131	19	their	their	PRON
arjefm-80	131	20	fiscal	fiscal	ADJ
arjefm-80	131	21	behaviour	behaviour	NOUN
arjefm-80	131	22	.	.	PUNCT
arjefm-80	132	1	as	as	ADP
arjefm-80	132	2	a	a	DET
arjefm-80	132	3	result	result	NOUN
arjefm-80	132	4	,	,	PUNCT
arjefm-80	132	5	the	the	DET
arjefm-80	132	6	quadratic	quadratic	ADJ
arjefm-80	132	7	utility	utility	NOUN
arjefm-80	132	8	loss	loss	NOUN
arjefm-80	132	9	function	function	NOUN
arjefm-80	132	10	expressed	express	VERB
arjefm-80	132	11	in	in	ADP
arjefm-80	132	12	(	(	PUNCT
arjefm-80	132	13	1	1	NUM
arjefm-80	132	14	)	)	PUNCT
arjefm-80	132	15	becomes	become	VERB
arjefm-80	132	16	u	u	NOUN
arjefm-80	132	17	=	=	NOUN
arjefm-80	132	18	α0	α0	ADJ
arjefm-80	132	19	–	–	PUNCT
arjefm-80	132	20	α1/2(gk	α1/2(gk	NUM
arjefm-80	132	21	-	-	PUNCT
arjefm-80	132	22	gk*)2α2/2(gcgc*)2α3/2(r	gk*)2α2/2(gcgc*)2α3/2(r	NUM
arjefm-80	132	23	-	-	PUNCT
arjefm-80	132	24	r*)2	r*)2	NOUN
arjefm-80	132	25	–	–	PUNCT
arjefm-80	132	26	α4/2(f	α4/2(f	PROPN
arjefm-80	132	27	-	-	PUNCT
arjefm-80	132	28	f*)2	f*)2	NOUN
arjefm-80	132	29	-α5/2(d	-α5/2(d	PROPN
arjefm-80	132	30	-	-	PUNCT
arjefm-80	132	31	d*)2	d*)2	PROPN
arjefm-80	132	32	(	(	PUNCT
arjefm-80	132	33	5	5	NUM
arjefm-80	132	34	)	)	PUNCT
arjefm-80	132	35	whilst	whilst	SCONJ
arjefm-80	132	36	the	the	DET
arjefm-80	132	37	constraining	constrain	VERB
arjefm-80	132	38	function	function	NOUN
arjefm-80	132	39	becomes	become	VERB
arjefm-80	132	40	gc	gc	PROPN
arjefm-80	132	41	ρ1r	ρ1r	PROPN
arjefm-80	132	42	+	+	CCONJ
arjefm-80	132	43	ρ2f	ρ2f	NOUN
arjefm-80	133	1	+	+	X
arjefm-80	133	2	ρ3d	ρ3d	INTJ
arjefm-80	133	3	(	(	PUNCT
arjefm-80	133	4	6	6	NUM
arjefm-80	133	5	)	)	PUNCT
arjefm-80	133	6	since	since	SCONJ
arjefm-80	133	7	external	external	ADJ
arjefm-80	133	8	flow	flow	NOUN
arjefm-80	133	9	of	of	ADP
arjefm-80	133	10	funds	fund	NOUN
arjefm-80	133	11	tend	tend	VERB
arjefm-80	133	12	to	to	PART
arjefm-80	133	13	influence	influence	VERB
arjefm-80	133	14	how	how	SCONJ
arjefm-80	133	15	resources	resource	NOUN
arjefm-80	133	16	are	be	AUX
arjefm-80	133	17	allocated	allocate	VERB
arjefm-80	133	18	among	among	ADP
arjefm-80	133	19	competing	compete	VERB
arjefm-80	133	20	needs	need	NOUN
arjefm-80	133	21	.	.	PUNCT
arjefm-80	134	1	in	in	ADP
arjefm-80	134	2	this	this	DET
arjefm-80	134	3	current	current	ADJ
arjefm-80	134	4	paper	paper	NOUN
arjefm-80	134	5	,	,	PUNCT
arjefm-80	134	6	we	we	PRON
arjefm-80	134	7	further	far	ADV
arjefm-80	134	8	redefine	redefine	VERB
arjefm-80	134	9	(	(	PUNCT
arjefm-80	134	10	5	5	NUM
arjefm-80	134	11	)	)	PUNCT
arjefm-80	134	12	as	as	ADP
arjefm-80	134	13	u	u	NOUN
arjefm-80	134	14	=	=	NOUN
arjefm-80	134	15	α0	α0	ADJ
arjefm-80	134	16	–	–	PUNCT
arjefm-80	134	17	α1/2(gk	α1/2(gk	NUM
arjefm-80	134	18	-	-	PUNCT
arjefm-80	134	19	gk*)2α2/2(gcgc*)2α3/2(dt	gk*)2α2/2(gcgc*)2α3/2(dt	NOUN
arjefm-80	134	20	-	-	PUNCT
arjefm-80	134	21	dt*)2	dt*)2	PROPN
arjefm-80	134	22	–	–	PUNCT
arjefm-80	134	23	α4/2(it	α4/2(it	NOUN
arjefm-80	134	24	-	-	PUNCT
arjefm-80	134	25	it*)2	it*)2	PROPN
arjefm-80	134	26	-α5/2(f	-α5/2(f	PROPN
arjefm-80	134	27	-	-	PUNCT
arjefm-80	134	28	f*)2	f*)2	NOUN
arjefm-80	134	29	-	-	PUNCT
arjefm-80	134	30	α6/2(d	α6/2(d	NOUN
arjefm-80	134	31	-	-	PUNCT
arjefm-80	134	32	d*)2	d*)2	PROPN
arjefm-80	134	33	–	–	PUNCT
arjefm-80	134	34	α7/2(gr	α7/2(gr	X
arjefm-80	134	35	gr*)2	gr*)2	PROPN
arjefm-80	134	36	(	(	PUNCT
arjefm-80	134	37	7	7	X
arjefm-80	134	38	)	)	PUNCT
arjefm-80	134	39	subject	subject	NOUN
arjefm-80	134	40	to	to	ADP
arjefm-80	134	41	gc	gc	PROPN
arjefm-80	134	42	ρ1dt	ρ1dt	PUNCT
arjefm-80	134	43	+	+	CCONJ
arjefm-80	134	44	ρ2it	ρ2it	PUNCT
arjefm-80	135	1	+	+	CCONJ
arjefm-80	135	2	ρ3f+ρ4d	ρ3f+ρ4d	PROPN
arjefm-80	135	3	+	+	NOUN
arjefm-80	135	4	ρ5gr	ρ5gr	X
arjefm-80	135	5	(	(	PUNCT
arjefm-80	135	6	8)	8)	NUM
arjefm-80	135	7	the	the	DET
arjefm-80	135	8	implicit	implicit	ADJ
arjefm-80	135	9	meaning	meaning	NOUN
arjefm-80	135	10	of	of	ADP
arjefm-80	135	11	the	the	DET
arjefm-80	135	12	above	above	ADJ
arjefm-80	135	13	is	be	AUX
arjefm-80	135	14	that	that	SCONJ
arjefm-80	135	15	both	both	CCONJ
arjefm-80	135	16	direct	direct	ADJ
arjefm-80	135	17	and	and	CCONJ
arjefm-80	135	18	indirect	indirect	ADJ
arjefm-80	135	19	sources	source	NOUN
arjefm-80	135	20	of	of	ADP
arjefm-80	135	21	revenue	revenue	NOUN
arjefm-80	135	22	are	be	AUX
arjefm-80	135	23	endogenously	endogenously	ADV
arjefm-80	135	24	determined	determined	ADJ
arjefm-80	135	25	in	in	ADP
arjefm-80	135	26	addition	addition	NOUN
arjefm-80	135	27	to	to	ADP
arjefm-80	135	28	the	the	DET
arjefm-80	135	29	other	other	ADJ
arjefm-80	135	30	sources	source	NOUN
arjefm-80	135	31	of	of	ADP
arjefm-80	135	32	revenue	revenue	NOUN
arjefm-80	135	33	.	.	PUNCT
arjefm-80	136	1	in	in	ADP
arjefm-80	136	2	this	this	DET
arjefm-80	136	3	formulation	formulation	NOUN
arjefm-80	136	4	,	,	PUNCT
arjefm-80	136	5	we	we	PRON
arjefm-80	136	6	separate	separate	VERB
arjefm-80	136	7	f	f	NOUN
arjefm-80	136	8	,	,	PUNCT
arjefm-80	136	9	external	external	ADJ
arjefm-80	136	10	borrowing	borrowing	NOUN
arjefm-80	136	11	from	from	ADP
arjefm-80	136	12	gr	gr	PROPN
arjefm-80	136	13	,	,	PUNCT
arjefm-80	136	14	grants	grant	NOUN
arjefm-80	136	15	because	because	SCONJ
arjefm-80	136	16	in	in	ADP
arjefm-80	136	17	the	the	DET
arjefm-80	136	18	literature	literature	NOUN
arjefm-80	136	19	,	,	PUNCT
arjefm-80	136	20	it	it	PRON
arjefm-80	136	21	is	be	AUX
arjefm-80	136	22	argued	argue	VERB
arjefm-80	136	23	that	that	SCONJ
arjefm-80	136	24	most	most	ADJ
arjefm-80	136	25	governments	government	NOUN
arjefm-80	136	26	treat	treat	VERB
arjefm-80	136	27	loans	loan	NOUN
arjefm-80	136	28	differently	differently	ADV
arjefm-80	136	29	from	from	ADP
arjefm-80	136	30	grants	grant	NOUN
arjefm-80	136	31	which	which	PRON
arjefm-80	136	32	are	be	AUX
arjefm-80	136	33	not	not	PART
arjefm-80	136	34	to	to	PART
arjefm-80	136	35	be	be	AUX
arjefm-80	136	36	paid	pay	VERB
arjefm-80	136	37	back	back	ADV
arjefm-80	136	38	.	.	PUNCT
arjefm-80	137	1	though	though	SCONJ
arjefm-80	137	2	franco	franco	PROPN
arjefm-80	137	3	-	-	PUNCT
arjefm-80	137	4	rodriguez	rodriguez	PROPN
arjefm-80	137	5	et	et	PROPN
arjefm-80	137	6	al	al	PROPN
arjefm-80	137	7	(	(	PUNCT
arjefm-80	137	8	1998	1998	NUM
arjefm-80	137	9	)	)	PUNCT
arjefm-80	137	10	provided	provide	VERB
arjefm-80	137	11	an	an	DET
arjefm-80	137	12	improvement	improvement	NOUN
arjefm-80	137	13	of	of	ADP
arjefm-80	137	14	the	the	DET
arjefm-80	137	15	earlier	early	ADJ
arjefm-80	137	16	fiscal	fiscal	ADJ
arjefm-80	137	17	response	response	NOUN
arjefm-80	137	18	models	model	NOUN
arjefm-80	137	19	(	(	PUNCT
arjefm-80	137	20	frms	frm	NOUN
arjefm-80	137	21	)	)	PUNCT
arjefm-80	137	22	,	,	PUNCT
arjefm-80	137	23	they	they	PRON
arjefm-80	137	24	did	do	AUX
arjefm-80	137	25	not	not	PART
arjefm-80	137	26	address	address	VERB
arjefm-80	137	27	the	the	DET
arjefm-80	137	28	methodological	methodological	ADJ
arjefm-80	137	29	challenges	challenge	NOUN
arjefm-80	137	30	that	that	PRON
arjefm-80	137	31	most	most	ADJ
arjefm-80	137	32	of	of	ADP
arjefm-80	137	33	the	the	DET
arjefm-80	137	34	earlier	early	ADJ
arjefm-80	137	35	studies	study	NOUN
arjefm-80	137	36	were	be	AUX
arjefm-80	137	37	fraught	fraught	ADJ
arjefm-80	137	38	with	with	ADP
arjefm-80	137	39	.	.	PUNCT
arjefm-80	138	1	osei	osei	PROPN
arjefm-80	138	2	et	et	PROPN
arjefm-80	138	3	al	al	PROPN
arjefm-80	138	4	(	(	PUNCT
arjefm-80	138	5	2003	2003	NUM
arjefm-80	138	6	)	)	PUNCT
arjefm-80	138	7	therefore	therefore	ADV
arjefm-80	138	8	in	in	ADP
arjefm-80	138	9	their	their	PRON
arjefm-80	138	10	study	study	NOUN
arjefm-80	138	11	changed	change	VERB
arjefm-80	138	12	direction	direction	NOUN
arjefm-80	138	13	to	to	ADP
arjefm-80	138	14	the	the	DET
arjefm-80	138	15	new	new	ADJ
arjefm-80	138	16	vector	vector	NOUN
arjefm-80	138	17	autoregressive	autoregressive	ADJ
arjefm-80	138	18	(	(	PUNCT
arjefm-80	138	19	var	var	NOUN
arjefm-80	138	20	)	)	PUNCT
arjefm-80	138	21	approach	approach	NOUN
arjefm-80	138	22	which	which	PRON
arjefm-80	138	23	in	in	ADP
arjefm-80	138	24	their	their	PRON
arjefm-80	138	25	view	view	NOUN
arjefm-80	138	26	provided	provide	VERB
arjefm-80	138	27	the	the	DET
arjefm-80	138	28	means	mean	NOUN
arjefm-80	138	29	to	to	PART
arjefm-80	138	30	go	go	VERB
arjefm-80	138	31	round	round	ADP
arjefm-80	138	32	the	the	DET
arjefm-80	138	33	existing	exist	VERB
arjefm-80	138	34	problematic	problematic	ADJ
arjefm-80	138	35	methodological	methodological	ADJ
arjefm-80	138	36	frameworks	framework	NOUN
arjefm-80	138	37	whilst	whilst	SCONJ
arjefm-80	138	38	making	make	VERB
arjefm-80	138	39	it	it	PRON
arjefm-80	138	40	easier	easy	ADJ
arjefm-80	138	41	to	to	PART
arjefm-80	138	42	define	define	VERB
arjefm-80	138	43	the	the	DET
arjefm-80	138	44	dynamic	dynamic	ADJ
arjefm-80	138	45	linkages	linkage	NOUN
arjefm-80	138	46	between	between	ADP
arjefm-80	138	47	the	the	DET
arjefm-80	138	48	various	various	ADJ
arjefm-80	138	49	components	component	NOUN
arjefm-80	138	50	of	of	ADP
arjefm-80	138	51	the	the	DET
arjefm-80	138	52	budget	budget	NOUN
arjefm-80	138	53	.	.	PUNCT
arjefm-80	139	1	building	build	VERB
arjefm-80	139	2	upon	upon	SCONJ
arjefm-80	139	3	osei	osei	PROPN
arjefm-80	139	4	et	et	PROPN
arjefm-80	139	5	al(2003	al(2003	PROPN
arjefm-80	139	6	)	)	PUNCT
arjefm-80	139	7	,	,	PUNCT
arjefm-80	139	8	m'amanja	m'amanja	PROPN
arjefm-80	139	9	et	et	PROPN
arjefm-80	139	10	al	al	PROPN
arjefm-80	139	11	(	(	PUNCT
arjefm-80	139	12	2005),martins	2005),martins	NUM
arjefm-80	139	13	(	(	PUNCT
arjefm-80	139	14	2010),bwire	2010),bwire	NUM
arjefm-80	139	15	et	et	NOUN
arjefm-80	139	16	al(2017	al(2017	NOUN
arjefm-80	139	17	)	)	PUNCT
arjefm-80	139	18	and	and	CCONJ
arjefm-80	139	19	mascagni	mascagni	NOUN
arjefm-80	139	20	and	and	CCONJ
arjefm-80	139	21	timmis(2014	timmis(2014	NOUN
arjefm-80	139	22	)	)	PUNCT
arjefm-80	139	23	,	,	PUNCT
arjefm-80	139	24	we	we	PRON
arjefm-80	139	25	specify	specify	VERB
arjefm-80	139	26	two	two	NUM
arjefm-80	139	27	variants	variant	NOUN
arjefm-80	139	28	of	of	ADP
arjefm-80	139	29	the	the	DET
arjefm-80	139	30	var	var	NOUN
arjefm-80	139	31	model	model	NOUN
arjefm-80	139	32	involving	involve	VERB
arjefm-80	139	33	aggregate	aggregate	ADJ
arjefm-80	139	34	and	and	CCONJ
arjefm-80	139	35	disaggregated	disaggregate	VERB
arjefm-80	139	36	government	government	NOUN
arjefm-80	139	37	expenditure	expenditure	NOUN
arjefm-80	139	38	models	model	NOUN
arjefm-80	139	39	belowː	belowː	PROPN
arjefm-80	139	40	(	(	PUNCT
arjefm-80	139	41	ge	ge	PROPN
arjefm-80	139	42	,	,	PUNCT
arjefm-80	139	43	dt	dt	PROPN
arjefm-80	139	44	,	,	PUNCT
arjefm-80	139	45	it	it	PRON
arjefm-80	139	46	,	,	PUNCT
arjefm-80	139	47	db	db	PROPN
arjefm-80	139	48	,	,	PUNCT
arjefm-80	139	49	fb	fb	INTJ
arjefm-80	139	50	,	,	PUNCT
arjefm-80	139	51	gr	gr	PROPN
arjefm-80	139	52	)	)	PUNCT
arjefm-80	139	53	and	and	CCONJ
arjefm-80	139	54	(	(	PUNCT
arjefm-80	139	55	gk	gk	PROPN
arjefm-80	139	56	,	,	PUNCT
arjefm-80	139	57	gc	gc	PROPN
arjefm-80	139	58	,	,	PUNCT
arjefm-80	139	59	dt	dt	PROPN
arjefm-80	139	60	,	,	PUNCT
arjefm-80	139	61	it	it	PRON
arjefm-80	139	62	,	,	PUNCT
arjefm-80	139	63	db	db	PROPN
arjefm-80	139	64	,	,	PUNCT
arjefm-80	139	65	fb	fb	INTJ
arjefm-80	139	66	,	,	PUNCT
arjefm-80	139	67	gr	gr	NOUN
arjefm-80	139	68	)	)	PUNCT
arjefm-80	139	69	respectively	respectively	ADV
arjefm-80	139	70	where	where	SCONJ
arjefm-80	139	71	gk	gk	PROPN
arjefm-80	139	72	is	be	AUX
arjefm-80	139	73	government	government	NOUN
arjefm-80	139	74	capital	capital	NOUN
arjefm-80	139	75	expenditure	expenditure	NOUN
arjefm-80	139	76	,	,	PUNCT
arjefm-80	139	77	gc	gc	PROPN
arjefm-80	139	78	is	be	AUX
arjefm-80	139	79	the	the	DET
arjefm-80	139	80	government	government	NOUN
arjefm-80	139	81	consumption	consumption	NOUN
arjefm-80	139	82	expenditure	expenditure	NOUN
arjefm-80	139	83	,	,	PUNCT
arjefm-80	139	84	it	it	PRON
arjefm-80	139	85	is	be	AUX
arjefm-80	139	86	indirect	indirect	ADJ
arjefm-80	139	87	tax	tax	NOUN
arjefm-80	139	88	revenue	revenue	NOUN
arjefm-80	139	89	,	,	PUNCT
arjefm-80	139	90	dt	dt	PUNCT
arjefm-80	139	91	defines	define	VERB
arjefm-80	139	92	direct	direct	ADJ
arjefm-80	139	93	tax	tax	NOUN
arjefm-80	139	94	revenue	revenue	NOUN
arjefm-80	139	95	,	,	PUNCT
arjefm-80	139	96	db	db	PROPN
arjefm-80	139	97	represents	represent	VERB
arjefm-80	139	98	domestic	domestic	ADJ
arjefm-80	139	99	borrowing	borrowing	NOUN
arjefm-80	139	100	,	,	PUNCT
arjefm-80	139	101	fb	fb	INTJ
arjefm-80	139	102	is	be	AUX
arjefm-80	139	103	used	use	VERB
arjefm-80	139	104	for	for	ADP
arjefm-80	139	105	external	external	ADJ
arjefm-80	139	106	borrowing	borrowing	NOUN
arjefm-80	139	107	whilst	whilst	SCONJ
arjefm-80	139	108	gr	gr	NOUN
arjefm-80	139	109	is	be	AUX
arjefm-80	139	110	grants	grant	NOUN
arjefm-80	139	111	obtained	obtain	VERB
arjefm-80	139	112	from	from	ADP
arjefm-80	139	113	various	various	ADJ
arjefm-80	139	114	external	external	ADJ
arjefm-80	139	115	sources	source	NOUN
arjefm-80	139	116	and	and	CCONJ
arjefm-80	139	117	finally	finally	ADV
arjefm-80	139	118	ge	ge	PROPN
arjefm-80	139	119	defines	define	VERB
arjefm-80	139	120	aggregate	aggregate	ADJ
arjefm-80	139	121	government	government	NOUN
arjefm-80	139	122	expenditure	expenditure	NOUN
arjefm-80	139	123	.	.	PUNCT
arjefm-80	140	1	in	in	ADP
arjefm-80	140	2	these	these	DET
arjefm-80	140	3	models	model	NOUN
arjefm-80	140	4	above	above	ADV
arjefm-80	140	5	,	,	PUNCT
arjefm-80	140	6	the	the	DET
arjefm-80	140	7	application	application	NOUN
arjefm-80	140	8	of	of	ADP
arjefm-80	140	9	the	the	DET
arjefm-80	140	10	var	var	NOUN
arjefm-80	140	11	allows	allow	VERB
arjefm-80	140	12	us	we	PRON
arjefm-80	140	13	to	to	PART
arjefm-80	140	14	determine	determine	VERB
arjefm-80	140	15	whether	whether	SCONJ
arjefm-80	140	16	the	the	DET
arjefm-80	140	17	variables	variable	NOUN
arjefm-80	140	18	are	be	AUX
arjefm-80	140	19	in	in	ADP
arjefm-80	140	20	the	the	DET
arjefm-80	140	21	long	long	ADJ
arjefm-80	140	22	run	run	NOUN
arjefm-80	140	23	are	be	AUX
arjefm-80	140	24	dynamically	dynamically	ADV
arjefm-80	140	25	related	relate	VERB
arjefm-80	140	26	whilst	whilst	SCONJ
arjefm-80	140	27	at	at	ADP
arjefm-80	140	28	the	the	DET
arjefm-80	140	29	same	same	ADJ
arjefm-80	140	30	time	time	NOUN
arjefm-80	140	31	providing	provide	VERB
arjefm-80	140	32	useful	useful	ADJ
arjefm-80	140	33	information	information	NOUN
arjefm-80	140	34	about	about	ADP
arjefm-80	140	35	the	the	DET
arjefm-80	140	36	short	short	ADJ
arjefm-80	140	37	run	run	NOUN
arjefm-80	140	38	properties	property	NOUN
arjefm-80	140	39	of	of	ADP
arjefm-80	140	40	the	the	DET
arjefm-80	140	41	models	model	NOUN
arjefm-80	140	42	.	.	PUNCT
arjefm-80	141	1	generally	generally	ADV
arjefm-80	141	2	an	an	DET
arjefm-80	141	3	orthodox	orthodox	ADJ
arjefm-80	141	4	var	var	NOUN
arjefm-80	141	5	model	model	NOUN
arjefm-80	141	6	is	be	AUX
arjefm-80	141	7	defined	define	VERB
arjefm-80	141	8	as	as	ADP
arjefm-80	141	9	a	a	DET
arjefm-80	141	10	dynamic	dynamic	ADJ
arjefm-80	141	11	system	system	NOUN
arjefm-80	141	12	in	in	ADP
arjefm-80	141	13	which	which	PRON
arjefm-80	141	14	all	all	DET
arjefm-80	141	15	the	the	DET
arjefm-80	141	16	variables	variable	NOUN
arjefm-80	141	17	are	be	AUX
arjefm-80	141	18	endogenously	endogenously	ADV
arjefm-80	141	19	determined	determine	VERB
arjefm-80	141	20	and	and	CCONJ
arjefm-80	141	21	each	each	PRON
arjefm-80	141	22	of	of	ADP
arjefm-80	141	23	them	they	PRON
arjefm-80	141	24	is	be	AUX
arjefm-80	141	25	represented	represent	VERB
arjefm-80	141	26	as	as	ADP
arjefm-80	141	27	a	a	DET
arjefm-80	141	28	function	function	NOUN
arjefm-80	141	29	of	of	ADP
arjefm-80	141	30	its	its	PRON
arjefm-80	141	31	own	own	ADJ
arjefm-80	141	32	lags	lag	NOUN
arjefm-80	141	33	and	and	CCONJ
arjefm-80	141	34	the	the	DET
arjefm-80	141	35	lags	lag	NOUN
arjefm-80	141	36	of	of	ADP
arjefm-80	141	37	the	the	DET
arjefm-80	141	38	other	other	ADJ
arjefm-80	141	39	endogenous	endogenous	ADJ
arjefm-80	141	40	variables	variable	NOUN
arjefm-80	141	41	.	.	PUNCT
arjefm-80	142	1	the	the	DET
arjefm-80	142	2	advantage	advantage	NOUN
arjefm-80	142	3	from	from	ADP
arjefm-80	142	4	this	this	PRON
arjefm-80	142	5	,	,	PUNCT
arjefm-80	142	6	according	accord	VERB
arjefm-80	142	7	blanchard	blanchard	NOUN
arjefm-80	142	8	and	and	CCONJ
arjefm-80	142	9	peroti	peroti	PROPN
arjefm-80	142	10	(	(	PUNCT
arjefm-80	142	11	1999	1999	NUM
arjefm-80	142	12	)	)	PUNCT
arjefm-80	142	13	is	be	AUX
arjefm-80	142	14	that	that	SCONJ
arjefm-80	142	15	the	the	DET
arjefm-80	142	16	system	system	NOUN
arjefm-80	142	17	assumes	assume	VERB
arjefm-80	142	18	a	a	DET
arjefm-80	142	19	priori	priori	NOUN
arjefm-80	142	20	there	there	PRON
arjefm-80	142	21	is	be	VERB
arjefm-80	142	22	no	no	DET
arjefm-80	142	23	direction	direction	NOUN
arjefm-80	142	24	of	of	ADP
arjefm-80	142	25	causation	causation	NOUN
arjefm-80	142	26	among	among	ADP
arjefm-80	142	27	the	the	DET
arjefm-80	142	28	variables	variable	NOUN
arjefm-80	142	29	of	of	ADP
arjefm-80	142	30	interest	interest	NOUN
arjefm-80	142	31	.	.	PUNCT
arjefm-80	143	1	mathematically	mathematically	ADV
arjefm-80	143	2	,	,	PUNCT
arjefm-80	143	3	we	we	PRON
arjefm-80	143	4	define	define	VERB
arjefm-80	143	5	our	our	PRON
arjefm-80	143	6	var	var	NOUN
arjefm-80	143	7	(	(	PUNCT
arjefm-80	143	8	k	k	NOUN
arjefm-80	143	9	)	)	PUNCT
arjefm-80	143	10	as	as	ADP
arjefm-80	143	11	xt	xt	NOUN
arjefm-80	143	12	=	=	NOUN
arjefm-80	143	13	φ1xt-1	φ1xt-1	NOUN
arjefm-80	143	14	+	+	CCONJ
arjefm-80	143	15	φ2xt-2	φ2xt-2	NOUN
arjefm-80	143	16	+	+	NOUN
arjefm-80	143	17	φ3xt-3	φ3xt-3	ADJ
arjefm-80	143	18	+	+	ADJ
arjefm-80	143	19	…	…	PUNCT
arjefm-80	143	20	..	..	PUNCT
arjefm-80	144	1	+	+	ADJ
arjefm-80	144	2	φkxt	φkxt	ADJ
arjefm-80	144	3	-	-	PUNCT
arjefm-80	144	4	k+	k+	NOUN
arjefm-80	144	5	πrt	πrt	NOUN
arjefm-80	144	6	+	+	CCONJ
arjefm-80	144	7	t	t	PROPN
arjefm-80	144	8	,	,	PUNCT
arjefm-80	144	9	t=1,2,----,n	t=1,2,----,n	NOUN
arjefm-80	144	10	.	.	PUNCT
arjefm-80	145	1	(	(	PUNCT
arjefm-80	145	2	9	9	X
arjefm-80	145	3	)	)	PUNCT
arjefm-80	145	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-80	145	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	146	1	american	american	PROPN
arjefm-80	146	2	research	research	PROPN
arjefm-80	146	3	journal	journal	PROPN
arjefm-80	146	4	of	of	ADP
arjefm-80	146	5	economics	economic	NOUN
arjefm-80	146	6	,	,	PUNCT
arjefm-80	146	7	finance	finance	NOUN
arjefm-80	146	8	and	and	CCONJ
arjefm-80	146	9	management	management	NOUN
arjefm-80	146	10	volume	volume	NOUN
arjefm-80	146	11	11	11	NUM
arjefm-80	146	12	issue	issue	NOUN
arjefm-80	146	13	2	2	NUM
arjefm-80	146	14	,	,	PUNCT
arjefm-80	146	15	april	april	PROPN
arjefm-80	146	16	-	-	PUNCT
arjefm-80	146	17	june	june	PROPN
arjefm-80	146	18	2023	2023	NUM
arjefm-80	146	19	issn	issn	PROPN
arjefm-80	146	20	:	:	PUNCT
arjefm-80	146	21	2836	2836	NUM
arjefm-80	146	22	-	-	SYM
arjefm-80	146	23	9416	9416	NUM
arjefm-80	146	24	impact	impact	NOUN
arjefm-80	146	25	factor	factor	NOUN
arjefm-80	146	26	:	:	PUNCT
arjefm-80	146	27	5.57	5.57	NUM
arjefm-80	146	28	journal	journal	NOUN
arjefm-80	146	29	homepage	homepage	NOUN
arjefm-80	146	30	:	:	PUNCT
arjefm-80	146	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	146	32	,	,	PUNCT
arjefm-80	146	33	email	email	NOUN
arjefm-80	146	34	:	:	PUNCT
arjefm-80	147	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	147	2	official	official	ADJ
arjefm-80	147	3	journal	journal	PROPN
arjefm-80	147	4	of	of	ADP
arjefm-80	147	5	america	america	PROPN
arjefm-80	147	6	serial	serial	PROPN
arjefm-80	147	7	publication	publication	NOUN
arjefm-80	147	8	american	american	PROPN
arjefm-80	147	9	research	research	PROPN
arjefm-80	147	10	journal	journal	PROPN
arjefm-80	147	11	of	of	ADP
arjefm-80	147	12	economics	economic	NOUN
arjefm-80	147	13	,	,	PUNCT
arjefm-80	147	14	finance	finance	NOUN
arjefm-80	147	15	and	and	CCONJ
arjefm-80	147	16	management	management	NOUN
arjefm-80	147	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	147	18	,	,	PUNCT
arjefm-80	147	19	email	email	NOUN
arjefm-80	147	20	:	:	PUNCT
arjefm-80	147	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	148	1	9	9	NUM
arjefm-80	148	2	|	|	ADV
arjefm-80	148	3	p	p	X
arjefm-80	148	4	a	a	DET
arjefm-80	148	5	g	g	NOUN
arjefm-80	148	6	e	e	NOUN
arjefm-80	148	7	in	in	ADP
arjefm-80	148	8	the	the	DET
arjefm-80	148	9	above	above	NOUN
arjefm-80	148	10	,	,	PUNCT
arjefm-80	148	11	xt	xt	PROPN
arjefm-80	148	12	is	be	AUX
arjefm-80	148	13	defined	define	VERB
arjefm-80	148	14	as	as	ADP
arjefm-80	148	15	a	a	DET
arjefm-80	148	16	(	(	PUNCT
arjefm-80	148	17	m	m	NOUN
arjefm-80	148	18	×	×	NOUN
arjefm-80	148	19	1	1	NUM
arjefm-80	148	20	)	)	PUNCT
arjefm-80	148	21	vector	vector	NOUN
arjefm-80	148	22	of	of	ADP
arjefm-80	148	23	non	non	ADJ
arjefm-80	148	24	-	-	ADJ
arjefm-80	148	25	stationary	stationary	ADJ
arjefm-80	148	26	variables	variable	NOUN
arjefm-80	148	27	whose	whose	DET
arjefm-80	148	28	order	order	NOUN
arjefm-80	148	29	of	of	ADP
arjefm-80	148	30	integration	integration	NOUN
arjefm-80	148	31	is	be	AUX
arjefm-80	148	32	one	one	NUM
arjefm-80	148	33	and	and	CCONJ
arjefm-80	148	34	which	which	PRON
arjefm-80	148	35	are	be	AUX
arjefm-80	148	36	jointly	jointly	ADV
arjefm-80	148	37	determined	determine	VERB
arjefm-80	148	38	,	,	PUNCT
arjefm-80	148	39	whilst	whilst	SCONJ
arjefm-80	148	40	the	the	DET
arjefm-80	148	41	rt	rt	PROPN
arjefm-80	148	42	is	be	AUX
arjefm-80	148	43	also	also	ADV
arjefm-80	148	44	a	a	DET
arjefm-80	148	45	vector	vector	NOUN
arjefm-80	148	46	of	of	ADP
arjefm-80	148	47	deterministic	deterministic	ADJ
arjefm-80	148	48	variables	variable	NOUN
arjefm-80	148	49	of	of	ADP
arjefm-80	148	50	dimension	dimension	NOUN
arjefm-80	148	51	,	,	PUNCT
arjefm-80	148	52	(	(	PUNCT
arjefm-80	148	53	p×	p×	NOUN
arjefm-80	148	54	1	1	NUM
arjefm-80	148	55	)	)	PUNCT
arjefm-80	148	56	.	.	PUNCT
arjefm-80	149	1	the	the	DET
arjefm-80	149	2	coefficients	coefficient	NOUN
arjefm-80	149	3	π	π	PROPN
arjefm-80	149	4	and	and	CCONJ
arjefm-80	149	5	φ	φ	NUM
arjefm-80	149	6	which	which	PRON
arjefm-80	149	7	are	be	AUX
arjefm-80	149	8	to	to	PART
arjefm-80	149	9	be	be	AUX
arjefm-80	149	10	estimated	estimate	VERB
arjefm-80	149	11	are	be	AUX
arjefm-80	149	12	matrices	matrix	NOUN
arjefm-80	149	13	of	of	ADP
arjefm-80	149	14	the	the	DET
arjefm-80	149	15	dimension	dimension	NOUN
arjefm-80	149	16	(	(	PUNCT
arjefm-80	149	17	m	m	PROPN
arjefm-80	149	18	p	p	X
arjefm-80	149	19	)	)	PUNCT
arjefm-80	149	20	and	and	CCONJ
arjefm-80	149	21	(	(	PUNCT
arjefm-80	149	22	m	m	NOUN
arjefm-80	149	23	m	m	VERB
arjefm-80	149	24	)	)	PUNCT
arjefm-80	149	25	respectively	respectively	ADV
arjefm-80	149	26	whereas	whereas	SCONJ
arjefm-80	149	27	the	the	DET
arjefm-80	149	28	disturbance	disturbance	NOUN
arjefm-80	149	29	term	term	NOUN
arjefm-80	149	30	t	t	PROPN
arjefm-80	149	31	is	be	AUX
arjefm-80	149	32	a	a	DET
arjefm-80	149	33	vector	vector	NOUN
arjefm-80	149	34	of	of	ADP
arjefm-80	149	35	dimension	dimension	NOUN
arjefm-80	149	36	(	(	PUNCT
arjefm-80	149	37	m	m	NOUN
arjefm-80	149	38	1	1	NUM
arjefm-80	149	39	)	)	PUNCT
arjefm-80	149	40	and	and	CCONJ
arjefm-80	149	41	k	k	PROPN
arjefm-80	149	42	is	be	AUX
arjefm-80	149	43	the	the	DET
arjefm-80	149	44	lag	lag	NOUN
arjefm-80	149	45	length	length	NOUN
arjefm-80	149	46	of	of	ADP
arjefm-80	149	47	the	the	DET
arjefm-80	149	48	system	system	NOUN
arjefm-80	149	49	.	.	PUNCT
arjefm-80	150	1	using	use	VERB
arjefm-80	150	2	the	the	DET
arjefm-80	150	3	johansson	johansson	NOUN
arjefm-80	150	4	(	(	PUNCT
arjefm-80	150	5	1991	1991	NUM
arjefm-80	150	6	)	)	PUNCT
arjefm-80	150	7	approach	approach	NOUN
arjefm-80	150	8	,	,	PUNCT
arjefm-80	150	9	the	the	DET
arjefm-80	150	10	general	general	ADJ
arjefm-80	150	11	var	var	NOUN
arjefm-80	150	12	can	can	AUX
arjefm-80	150	13	be	be	AUX
arjefm-80	150	14	transformed	transform	VERB
arjefm-80	150	15	into	into	ADP
arjefm-80	150	16	an	an	DET
arjefm-80	150	17	error	error	NOUN
arjefm-80	150	18	correction	correction	NOUN
arjefm-80	150	19	model	model	NOUN
arjefm-80	150	20	,	,	PUNCT
arjefm-80	150	21	usually	usually	ADV
arjefm-80	150	22	referred	refer	VERB
arjefm-80	150	23	as	as	ADP
arjefm-80	150	24	a	a	DET
arjefm-80	150	25	restricted	restricted	ADJ
arjefm-80	150	26	var	var	NOUN
arjefm-80	150	27	of	of	ADP
arjefm-80	150	28	the	the	DET
arjefm-80	150	29	form	form	NOUN
arjefm-80	150	30	∆xt	∆xt	X
arjefm-80	150	31	=	=	SYM
arjefm-80	150	32	α+ψxt+τ∆xt-1+	α+ψxt+τ∆xt-1+	NUM
arjefm-80	150	33	…	…	NUM
arjefm-80	150	34	…	…	PUNCT
arjefm-80	150	35	..	..	SYM
arjefm-80	150	36	+τk-1∆xt	+τk-1∆xt	NUM
arjefm-80	150	37	-	-	PUNCT
arjefm-80	150	38	k+1	k+1	NOUN
arjefm-80	150	39	+	+	X
arjefm-80	150	40	∈t	∈t	PROPN
arjefm-80	150	41	,	,	PUNCT
arjefm-80	150	42	t=1,2,-----,n	t=1,2,-----,n	PRON
arjefm-80	150	43	.	.	PUNCT
arjefm-80	151	1	(	(	PUNCT
arjefm-80	151	2	10	10	NUM
arjefm-80	151	3	)	)	PUNCT
arjefm-80	151	4	in	in	ADP
arjefm-80	151	5	this	this	DET
arjefm-80	151	6	expression	expression	NOUN
arjefm-80	151	7	,	,	PUNCT
arjefm-80	151	8	we	we	PRON
arjefm-80	151	9	use	use	VERB
arjefm-80	151	10	the	the	DET
arjefm-80	151	11	τs	τ	NOUN
arjefm-80	151	12	to	to	PART
arjefm-80	151	13	define	define	VERB
arjefm-80	151	14	the	the	DET
arjefm-80	151	15	short	short	ADJ
arjefm-80	151	16	run	run	NOUN
arjefm-80	151	17	characteristics	characteristic	NOUN
arjefm-80	151	18	of	of	ADP
arjefm-80	151	19	the	the	DET
arjefm-80	151	20	variables	variable	NOUN
arjefm-80	151	21	.	.	PUNCT
arjefm-80	152	1	specifically	specifically	ADV
arjefm-80	152	2	the	the	DET
arjefm-80	152	3	coefficients	coefficient	NOUN
arjefm-80	152	4	of	of	ADP
arjefm-80	152	5	the	the	DET
arjefm-80	152	6	lagged	lag	VERB
arjefm-80	152	7	dependent	dependent	ADJ
arjefm-80	152	8	variable	variable	NOUN
arjefm-80	152	9	represent	represent	VERB
arjefm-80	152	10	the	the	DET
arjefm-80	152	11	feedback	feedback	NOUN
arjefm-80	152	12	in	in	ADP
arjefm-80	152	13	the	the	DET
arjefm-80	152	14	system	system	NOUN
arjefm-80	152	15	whilst	whilst	SCONJ
arjefm-80	152	16	the	the	DET
arjefm-80	152	17	coefficients	coefficient	NOUN
arjefm-80	152	18	of	of	ADP
arjefm-80	152	19	the	the	DET
arjefm-80	152	20	other	other	ADJ
arjefm-80	152	21	endogenous	endogenous	ADJ
arjefm-80	152	22	variables	variable	NOUN
arjefm-80	152	23	in	in	ADP
arjefm-80	152	24	the	the	DET
arjefm-80	152	25	system	system	NOUN
arjefm-80	152	26	define	define	VERB
arjefm-80	152	27	the	the	DET
arjefm-80	152	28	pass	pass	NOUN
arjefm-80	152	29	through	through	ADP
arjefm-80	152	30	effects	effect	NOUN
arjefm-80	152	31	of	of	ADP
arjefm-80	152	32	these	these	DET
arjefm-80	152	33	variables	variable	NOUN
arjefm-80	152	34	on	on	ADP
arjefm-80	152	35	the	the	DET
arjefm-80	152	36	dependent	dependent	ADJ
arjefm-80	152	37	variable	variable	NOUN
arjefm-80	152	38	.	.	PUNCT
arjefm-80	153	1	the	the	DET
arjefm-80	153	2	matrix	matrix	NOUN
arjefm-80	153	3	of	of	ADP
arjefm-80	153	4	coefficients	coefficient	NOUN
arjefm-80	153	5	ψ	ψ	VERB
arjefm-80	153	6	represents	represent	VERB
arjefm-80	153	7	the	the	DET
arjefm-80	153	8	long	long	ADJ
arjefm-80	153	9	run	run	NOUN
arjefm-80	153	10	equilibrium	equilibrium	NOUN
arjefm-80	153	11	relationships	relationship	NOUN
arjefm-80	153	12	among	among	ADP
arjefm-80	153	13	the	the	DET
arjefm-80	153	14	variables	variable	NOUN
arjefm-80	153	15	of	of	ADP
arjefm-80	153	16	interest	interest	NOUN
arjefm-80	153	17	in	in	ADP
arjefm-80	153	18	the	the	DET
arjefm-80	153	19	system	system	NOUN
arjefm-80	153	20	.	.	PUNCT
arjefm-80	154	1	we	we	PRON
arjefm-80	154	2	start	start	VERB
arjefm-80	154	3	the	the	DET
arjefm-80	154	4	analysis	analysis	NOUN
arjefm-80	154	5	by	by	ADP
arjefm-80	154	6	examining	examine	VERB
arjefm-80	154	7	the	the	DET
arjefm-80	154	8	stationarity	stationarity	NOUN
arjefm-80	154	9	properties	property	NOUN
arjefm-80	154	10	of	of	ADP
arjefm-80	154	11	the	the	DET
arjefm-80	154	12	variables	variable	NOUN
arjefm-80	154	13	.	.	PUNCT
arjefm-80	155	1	this	this	PRON
arjefm-80	155	2	is	be	AUX
arjefm-80	155	3	important	important	ADJ
arjefm-80	155	4	because	because	SCONJ
arjefm-80	155	5	in	in	ADP
arjefm-80	155	6	empirical	empirical	ADJ
arjefm-80	155	7	analysis	analysis	NOUN
arjefm-80	155	8	,	,	PUNCT
arjefm-80	155	9	most	most	ADJ
arjefm-80	155	10	macroeconomic	macroeconomic	ADJ
arjefm-80	155	11	variables	variable	NOUN
arjefm-80	155	12	have	have	AUX
arjefm-80	155	13	been	be	AUX
arjefm-80	155	14	found	find	VERB
arjefm-80	155	15	to	to	PART
arjefm-80	155	16	be	be	AUX
arjefm-80	155	17	non	non	ADJ
arjefm-80	155	18	-	-	ADJ
arjefm-80	155	19	stationary	stationary	ADJ
arjefm-80	155	20	as	as	ADP
arjefm-80	155	21	result	result	NOUN
arjefm-80	155	22	of	of	ADP
arjefm-80	155	23	their	their	PRON
arjefm-80	155	24	time	time	NOUN
arjefm-80	155	25	dimensions	dimension	NOUN
arjefm-80	155	26	and	and	CCONJ
arjefm-80	155	27	as	as	ADP
arjefm-80	155	28	a	a	DET
arjefm-80	155	29	result	result	NOUN
arjefm-80	155	30	prejudice	prejudice	NOUN
arjefm-80	155	31	and	and	CCONJ
arjefm-80	155	32	distort	distort	NOUN
arjefm-80	155	33	estimations	estimation	NOUN
arjefm-80	155	34	.	.	PUNCT
arjefm-80	156	1	this	this	PRON
arjefm-80	156	2	thus	thus	ADV
arjefm-80	156	3	makes	make	VERB
arjefm-80	156	4	it	it	PRON
arjefm-80	156	5	imperative	imperative	ADJ
arjefm-80	156	6	for	for	SCONJ
arjefm-80	156	7	the	the	DET
arjefm-80	156	8	non	non	ADJ
arjefm-80	156	9	-	-	ADJ
arjefm-80	156	10	stationary	stationary	ADJ
arjefm-80	156	11	properties	property	NOUN
arjefm-80	156	12	to	to	PART
arjefm-80	156	13	be	be	AUX
arjefm-80	156	14	dealt	deal	VERB
arjefm-80	156	15	with	with	ADP
arjefm-80	156	16	.	.	PUNCT
arjefm-80	157	1	in	in	ADP
arjefm-80	157	2	the	the	DET
arjefm-80	157	3	words	word	NOUN
arjefm-80	157	4	of	of	ADP
arjefm-80	157	5	thomas	thomas	PROPN
arjefm-80	157	6	(	(	PUNCT
arjefm-80	157	7	1993),if	1993),if	NUM
arjefm-80	157	8	a	a	DET
arjefm-80	157	9	variable	variable	NOUN
arjefm-80	157	10	is	be	AUX
arjefm-80	157	11	stationary	stationary	ADJ
arjefm-80	157	12	,	,	PUNCT
arjefm-80	157	13	it	it	PRON
arjefm-80	157	14	means	mean	VERB
arjefm-80	157	15	that	that	SCONJ
arjefm-80	157	16	the	the	DET
arjefm-80	157	17	time	time	NOUN
arjefm-80	157	18	path	path	NOUN
arjefm-80	157	19	traced	trace	VERB
arjefm-80	157	20	by	by	ADP
arjefm-80	157	21	the	the	DET
arjefm-80	157	22	variable	variable	NOUN
arjefm-80	157	23	is	be	AUX
arjefm-80	157	24	stable	stable	ADJ
arjefm-80	157	25	.	.	PUNCT
arjefm-80	158	1	in	in	ADP
arjefm-80	158	2	other	other	ADJ
arjefm-80	158	3	words	word	NOUN
arjefm-80	158	4	,	,	PUNCT
arjefm-80	158	5	a	a	DET
arjefm-80	158	6	series	series	NOUN
arjefm-80	158	7	is	be	AUX
arjefm-80	158	8	said	say	VERB
arjefm-80	158	9	to	to	PART
arjefm-80	158	10	be	be	AUX
arjefm-80	158	11	stationary	stationary	ADJ
arjefm-80	158	12	when	when	SCONJ
arjefm-80	158	13	it	it	PRON
arjefm-80	158	14	has	have	VERB
arjefm-80	158	15	a	a	DET
arjefm-80	158	16	spectrum	spectrum	NOUN
arjefm-80	158	17	which	which	PRON
arjefm-80	158	18	is	be	AUX
arjefm-80	158	19	finite	finite	ADJ
arjefm-80	158	20	but	but	CCONJ
arjefm-80	158	21	non	non	ADJ
arjefm-80	158	22	-	-	ADJ
arjefm-80	158	23	zero	zero	NUM
arjefm-80	158	24	at	at	ADP
arjefm-80	158	25	all	all	DET
arjefm-80	158	26	frequencies	frequency	NOUN
arjefm-80	158	27	.	.	PUNCT
arjefm-80	159	1	mathematically	mathematically	ADV
arjefm-80	159	2	determining	determine	VERB
arjefm-80	159	3	the	the	DET
arjefm-80	159	4	stationarity	stationarity	NOUN
arjefm-80	159	5	of	of	ADP
arjefm-80	159	6	a	a	DET
arjefm-80	159	7	series	series	NOUN
arjefm-80	159	8	yt	yt	NOUN
arjefm-80	159	9	involves	involve	VERB
arjefm-80	159	10	finding	find	VERB
arjefm-80	159	11	whether	whether	SCONJ
arjefm-80	159	12	the	the	DET
arjefm-80	159	13	equation	equation	NOUN
arjefm-80	159	14	yt	yt	X
arjefm-80	159	15	=	=	PUNCT
arjefm-80	159	16	α0+α1	α0+α1	PROPN
arjefm-80	159	17	t	t	NOUN
arjefm-80	159	18	+	+	NOUN
arjefm-80	159	19	α	α	NOUN
arjefm-80	159	20	+	+	X
arjefm-80	159	21	ut	ut	PROPN
arjefm-80	159	22	(	(	PUNCT
arjefm-80	159	23	11	11	NUM
arjefm-80	159	24	)	)	PUNCT
arjefm-80	159	25	follows	follow	VERB
arjefm-80	159	26	an	an	DET
arjefm-80	159	27	ar	ar	NOUN
arjefm-80	159	28	process	process	NOUN
arjefm-80	159	29	.	.	PUNCT
arjefm-80	160	1	typically	typically	ADV
arjefm-80	160	2	,	,	PUNCT
arjefm-80	160	3	assessing	assess	VERB
arjefm-80	160	4	the	the	DET
arjefm-80	160	5	stationarity	stationarity	NOUN
arjefm-80	160	6	properties	property	NOUN
arjefm-80	160	7	of	of	ADP
arjefm-80	160	8	variables	variable	NOUN
arjefm-80	160	9	involves	involve	VERB
arjefm-80	160	10	testing	test	VERB
arjefm-80	160	11	the	the	DET
arjefm-80	160	12	following	following	ADJ
arjefm-80	160	13	hypotheses	hypothesis	NOUN
arjefm-80	160	14	;	;	PUNCT
arjefm-80	160	15	h0ː	h0ː	NOUN
arjefm-80	160	16	the	the	DET
arjefm-80	160	17	series	series	NOUN
arjefm-80	160	18	has	have	VERB
arjefm-80	160	19	unit	unit	NOUN
arjefm-80	160	20	roots	root	NOUN
arjefm-80	160	21	,	,	PUNCT
arjefm-80	160	22	h1	h1	VERB
arjefm-80	160	23	ːthe	ːthe	DET
arjefm-80	160	24	series	series	NOUN
arjefm-80	160	25	has	have	VERB
arjefm-80	160	26	no	no	DET
arjefm-80	160	27	unit	unit	NOUN
arjefm-80	160	28	roots	root	NOUN
arjefm-80	160	29	.	.	PUNCT
arjefm-80	161	1	in	in	ADP
arjefm-80	161	2	the	the	DET
arjefm-80	161	3	conventional	conventional	ADJ
arjefm-80	161	4	var	var	NOUN
arjefm-80	161	5	system	system	NOUN
arjefm-80	161	6	,	,	PUNCT
arjefm-80	161	7	the	the	DET
arjefm-80	161	8	order	order	NOUN
arjefm-80	161	9	of	of	ADP
arjefm-80	161	10	integration	integration	NOUN
arjefm-80	161	11	of	of	ADP
arjefm-80	161	12	the	the	DET
arjefm-80	161	13	variables	variable	NOUN
arjefm-80	161	14	allowed	allow	VERB
arjefm-80	161	15	is	be	AUX
arjefm-80	161	16	one	one	NUM
arjefm-80	161	17	meaning	mean	VERB
arjefm-80	161	18	that	that	SCONJ
arjefm-80	161	19	the	the	DET
arjefm-80	161	20	each	each	DET
arjefm-80	161	21	variable	variable	NOUN
arjefm-80	161	22	in	in	ADP
arjefm-80	161	23	the	the	DET
arjefm-80	161	24	system	system	NOUN
arjefm-80	161	25	must	must	AUX
arjefm-80	161	26	attain	attain	VERB
arjefm-80	161	27	stationarity	stationarity	NOUN
arjefm-80	161	28	after	after	ADP
arjefm-80	161	29	first	first	ADJ
arjefm-80	161	30	differencing	differencing	NOUN
arjefm-80	161	31	.	.	PUNCT
arjefm-80	162	1	beyond	beyond	ADP
arjefm-80	162	2	examining	examine	VERB
arjefm-80	162	3	the	the	DET
arjefm-80	162	4	stationarity	stationarity	NOUN
arjefm-80	162	5	status	status	NOUN
arjefm-80	162	6	of	of	ADP
arjefm-80	162	7	the	the	DET
arjefm-80	162	8	variables	variable	NOUN
arjefm-80	162	9	,	,	PUNCT
arjefm-80	162	10	we	we	PRON
arjefm-80	162	11	employ	employ	VERB
arjefm-80	162	12	the	the	DET
arjefm-80	162	13	johansson	johansson	PROPN
arjefm-80	162	14	approach	approach	NOUN
arjefm-80	162	15	to	to	PART
arjefm-80	162	16	test	test	VERB
arjefm-80	162	17	for	for	ADP
arjefm-80	162	18	co	co	NOUN
arjefm-80	162	19	integration	integration	NOUN
arjefm-80	162	20	;	;	PUNCT
arjefm-80	162	21	that	that	PRON
arjefm-80	162	22	is	be	AUX
arjefm-80	162	23	to	to	PART
arjefm-80	162	24	ascertain	ascertain	VERB
arjefm-80	162	25	whether	whether	SCONJ
arjefm-80	162	26	there	there	PRON
arjefm-80	162	27	exists	exist	VERB
arjefm-80	162	28	a	a	DET
arjefm-80	162	29	linear	linear	ADJ
arjefm-80	162	30	combination	combination	NOUN
arjefm-80	162	31	of	of	ADP
arjefm-80	162	32	the	the	DET
arjefm-80	162	33	variables	variable	NOUN
arjefm-80	162	34	which	which	PRON
arjefm-80	162	35	is	be	AUX
arjefm-80	162	36	also	also	ADV
arjefm-80	162	37	stationary	stationary	ADJ
arjefm-80	162	38	.	.	PUNCT
arjefm-80	163	1	according	accord	VERB
arjefm-80	163	2	to	to	ADP
arjefm-80	163	3	anaman	anaman	PROPN
arjefm-80	163	4	et	et	PROPN
arjefm-80	163	5	al	al	PROPN
arjefm-80	163	6	(	(	PUNCT
arjefm-80	163	7	2017),co	2017),co	NUM
arjefm-80	163	8	integration	integration	NOUN
arjefm-80	163	9	is	be	AUX
arjefm-80	163	10	the	the	DET
arjefm-80	163	11	statistical	statistical	ADJ
arjefm-80	163	12	implication	implication	NOUN
arjefm-80	163	13	of	of	ADP
arjefm-80	163	14	the	the	DET
arjefm-80	163	15	existence	existence	NOUN
arjefm-80	163	16	of	of	ADP
arjefm-80	163	17	a	a	DET
arjefm-80	163	18	long	long	ADJ
arjefm-80	163	19	run	run	NOUN
arjefm-80	163	20	equilibrium	equilibrium	NOUN
arjefm-80	163	21	relationship	relationship	NOUN
arjefm-80	163	22	between	between	ADP
arjefm-80	163	23	economic	economic	ADJ
arjefm-80	163	24	variables	variable	NOUN
arjefm-80	163	25	.	.	PUNCT
arjefm-80	164	1	soli	soli	ADV
arjefm-80	164	2	et	et	PROPN
arjefm-80	164	3	al	al	PROPN
arjefm-80	164	4	(	(	PUNCT
arjefm-80	164	5	2008	2008	NUM
arjefm-80	164	6	)	)	PUNCT
arjefm-80	164	7	also	also	ADV
arjefm-80	164	8	characterize	characterize	VERB
arjefm-80	164	9	co	co	NOUN
arjefm-80	164	10	integration	integration	NOUN
arjefm-80	164	11	as	as	ADP
arjefm-80	164	12	representing	represent	VERB
arjefm-80	164	13	the	the	DET
arjefm-80	164	14	tendency	tendency	NOUN
arjefm-80	164	15	of	of	ADP
arjefm-80	164	16	variables	variable	NOUN
arjefm-80	164	17	to	to	PART
arjefm-80	164	18	drift	drift	VERB
arjefm-80	164	19	together	together	ADV
arjefm-80	164	20	over	over	ADP
arjefm-80	164	21	time	time	NOUN
arjefm-80	164	22	.	.	PUNCT
arjefm-80	165	1	the	the	DET
arjefm-80	165	2	obvious	obvious	ADJ
arjefm-80	165	3	advantage	advantage	NOUN
arjefm-80	165	4	in	in	ADP
arjefm-80	165	5	the	the	DET
arjefm-80	165	6	johansson	johansson	PROPN
arjefm-80	165	7	approach	approach	NOUN
arjefm-80	165	8	over	over	ADP
arjefm-80	165	9	the	the	DET
arjefm-80	165	10	other	other	ADJ
arjefm-80	165	11	methods	method	NOUN
arjefm-80	165	12	of	of	ADP
arjefm-80	165	13	determining	determine	VERB
arjefm-80	165	14	long	long	ADJ
arjefm-80	165	15	run	run	NOUN
arjefm-80	165	16	equilibrium	equilibrium	NOUN
arjefm-80	165	17	relationships	relationship	NOUN
arjefm-80	165	18	is	be	AUX
arjefm-80	165	19	that	that	SCONJ
arjefm-80	165	20	it	it	PRON
arjefm-80	165	21	makes	make	VERB
arjefm-80	165	22	it	it	PRON
arjefm-80	165	23	possible	possible	ADJ
arjefm-80	165	24	to	to	PART
arjefm-80	165	25	uncover	uncover	VERB
arjefm-80	165	26	more	more	ADJ
arjefm-80	165	27	one	one	NUM
arjefm-80	165	28	co	co	NOUN
arjefm-80	165	29	integrating	integrate	VERB
arjefm-80	165	30	vector	vector	NOUN
arjefm-80	165	31	at	at	ADP
arjefm-80	165	32	a	a	DET
arjefm-80	165	33	time	time	NOUN
arjefm-80	165	34	.	.	PUNCT
arjefm-80	166	1	to	to	PART
arjefm-80	166	2	proceed	proceed	VERB
arjefm-80	166	3	with	with	ADP
arjefm-80	166	4	this	this	PRON
arjefm-80	166	5	,	,	PUNCT
arjefm-80	166	6	we	we	PRON
arjefm-80	166	7	test	test	VERB
arjefm-80	166	8	,	,	PUNCT
arjefm-80	166	9	h0ːthere	h0ːthere	PRON
arjefm-80	166	10	is	be	AUX
arjefm-80	166	11	no	no	PRON
arjefm-80	166	12	long	long	ADJ
arjefm-80	166	13	co	co	NOUN
arjefm-80	166	14	integrating	integrate	VERB
arjefm-80	166	15	vector	vector	NOUN
arjefm-80	166	16	in	in	ADP
arjefm-80	166	17	the	the	DET
arjefm-80	166	18	system	system	NOUN
arjefm-80	166	19	,	,	PUNCT
arjefm-80	166	20	as	as	SCONJ
arjefm-80	166	21	opposed	oppose	VERB
arjefm-80	166	22	to	to	ADP
arjefm-80	166	23	h1ː	h1ː	PROPN
arjefm-80	166	24	at	at	ADP
arjefm-80	166	25	least	least	ADV
arjefm-80	166	26	one	one	NUM
arjefm-80	166	27	co	co	NOUN
arjefm-80	166	28	integrating	integrate	VERB
arjefm-80	166	29	vector	vector	NOUN
arjefm-80	166	30	exists	exist	VERB
arjefm-80	166	31	in	in	ADP
arjefm-80	166	32	the	the	DET
arjefm-80	166	33	system	system	NOUN
arjefm-80	166	34	.	.	PUNCT
arjefm-80	167	1	in	in	ADP
arjefm-80	167	2	a	a	DET
arjefm-80	167	3	var	var	NOUN
arjefm-80	167	4	system	system	NOUN
arjefm-80	167	5	,	,	PUNCT
arjefm-80	167	6	a	a	DET
arjefm-80	167	7	major	major	ADJ
arjefm-80	167	8	requirement	requirement	NOUN
arjefm-80	167	9	is	be	AUX
arjefm-80	167	10	that	that	SCONJ
arjefm-80	167	11	for	for	SCONJ
arjefm-80	167	12	variables	variable	NOUN
arjefm-80	167	13	to	to	PART
arjefm-80	167	14	be	be	AUX
arjefm-80	167	15	co	co	VERB
arjefm-80	167	16	integrated	integrate	VERB
arjefm-80	167	17	they	they	PRON
arjefm-80	167	18	must	must	AUX
arjefm-80	167	19	have	have	VERB
arjefm-80	167	20	the	the	DET
arjefm-80	167	21	same	same	ADJ
arjefm-80	167	22	order	order	NOUN
arjefm-80	167	23	of	of	ADP
arjefm-80	167	24	integration	integration	NOUN
arjefm-80	167	25	.	.	PUNCT
arjefm-80	168	1	this	this	PRON
arjefm-80	168	2	is	be	AUX
arjefm-80	168	3	underscored	underscore	VERB
arjefm-80	168	4	by	by	ADP
arjefm-80	168	5	enders	ender	NOUN
arjefm-80	168	6	(	(	PUNCT
arjefm-80	168	7	1995	1995	NUM
arjefm-80	168	8	)	)	PUNCT
arjefm-80	168	9	who	who	PRON
arjefm-80	168	10	emphasizes	emphasize	VERB
arjefm-80	168	11	that	that	PRON
arjefm-80	168	12	for	for	SCONJ
arjefm-80	168	13	variables	variable	NOUN
arjefm-80	168	14	to	to	PART
arjefm-80	168	15	be	be	AUX
arjefm-80	168	16	co	co	VERB
arjefm-80	168	17	integrated	integrate	VERB
arjefm-80	168	18	they	they	PRON
arjefm-80	168	19	must	must	AUX
arjefm-80	168	20	be	be	AUX
arjefm-80	168	21	integrated	integrate	VERB
arjefm-80	168	22	of	of	ADP
arjefm-80	168	23	the	the	DET
arjefm-80	168	24	same	same	ADJ
arjefm-80	168	25	order	order	NOUN
arjefm-80	168	26	and	and	CCONJ
arjefm-80	168	27	have	have	VERB
arjefm-80	168	28	a	a	DET
arjefm-80	168	29	linear	linear	ADJ
arjefm-80	168	30	combination	combination	NOUN
arjefm-80	168	31	of	of	ADP
arjefm-80	168	32	residual	residual	ADJ
arjefm-80	168	33	sequence	sequence	NOUN
arjefm-80	168	34	which	which	PRON
arjefm-80	168	35	is	be	AUX
arjefm-80	168	36	stationary	stationary	ADJ
arjefm-80	168	37	.	.	PUNCT
arjefm-80	169	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	169	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	170	1	american	american	PROPN
arjefm-80	170	2	research	research	PROPN
arjefm-80	170	3	journal	journal	PROPN
arjefm-80	170	4	of	of	ADP
arjefm-80	170	5	economics	economic	NOUN
arjefm-80	170	6	,	,	PUNCT
arjefm-80	170	7	finance	finance	NOUN
arjefm-80	170	8	and	and	CCONJ
arjefm-80	170	9	management	management	NOUN
arjefm-80	170	10	volume	volume	NOUN
arjefm-80	170	11	11	11	NUM
arjefm-80	170	12	issue	issue	NOUN
arjefm-80	170	13	2	2	NUM
arjefm-80	170	14	,	,	PUNCT
arjefm-80	170	15	april	april	PROPN
arjefm-80	170	16	-	-	PUNCT
arjefm-80	170	17	june	june	PROPN
arjefm-80	170	18	2023	2023	NUM
arjefm-80	170	19	issn	issn	PROPN
arjefm-80	170	20	:	:	PUNCT
arjefm-80	170	21	2836	2836	NUM
arjefm-80	170	22	-	-	SYM
arjefm-80	170	23	9416	9416	NUM
arjefm-80	170	24	impact	impact	NOUN
arjefm-80	170	25	factor	factor	NOUN
arjefm-80	170	26	:	:	PUNCT
arjefm-80	170	27	5.57	5.57	NUM
arjefm-80	170	28	journal	journal	NOUN
arjefm-80	170	29	homepage	homepage	NOUN
arjefm-80	170	30	:	:	PUNCT
arjefm-80	170	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	170	32	,	,	PUNCT
arjefm-80	170	33	email	email	NOUN
arjefm-80	170	34	:	:	PUNCT
arjefm-80	171	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	171	2	official	official	ADJ
arjefm-80	171	3	journal	journal	PROPN
arjefm-80	171	4	of	of	ADP
arjefm-80	171	5	america	america	PROPN
arjefm-80	171	6	serial	serial	PROPN
arjefm-80	171	7	publication	publication	NOUN
arjefm-80	171	8	american	american	PROPN
arjefm-80	171	9	research	research	PROPN
arjefm-80	171	10	journal	journal	PROPN
arjefm-80	171	11	of	of	ADP
arjefm-80	171	12	economics	economic	NOUN
arjefm-80	171	13	,	,	PUNCT
arjefm-80	171	14	finance	finance	NOUN
arjefm-80	171	15	and	and	CCONJ
arjefm-80	171	16	management	management	NOUN
arjefm-80	171	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	171	18	,	,	PUNCT
arjefm-80	171	19	email	email	NOUN
arjefm-80	171	20	:	:	PUNCT
arjefm-80	171	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	172	1	10	10	NUM
arjefm-80	173	1	|	|	ADV
arjefm-80	173	2	p	p	X
arjefm-80	173	3	a	a	DET
arjefm-80	173	4	g	g	NOUN
arjefm-80	173	5	e	e	NOUN
arjefm-80	173	6	in	in	ADP
arjefm-80	173	7	order	order	NOUN
arjefm-80	173	8	to	to	PART
arjefm-80	173	9	extract	extract	VERB
arjefm-80	173	10	more	more	ADJ
arjefm-80	173	11	information	information	NOUN
arjefm-80	173	12	from	from	ADP
arjefm-80	173	13	the	the	DET
arjefm-80	173	14	system	system	NOUN
arjefm-80	173	15	and	and	CCONJ
arjefm-80	173	16	sufficiently	sufficiently	ADV
arjefm-80	173	17	understand	understand	VERB
arjefm-80	173	18	the	the	DET
arjefm-80	173	19	dynamic	dynamic	ADJ
arjefm-80	173	20	relationships	relationship	NOUN
arjefm-80	173	21	among	among	ADP
arjefm-80	173	22	the	the	DET
arjefm-80	173	23	variables	variable	NOUN
arjefm-80	173	24	in	in	ADP
arjefm-80	173	25	our	our	PRON
arjefm-80	173	26	system	system	NOUN
arjefm-80	173	27	,	,	PUNCT
arjefm-80	173	28	we	we	PRON
arjefm-80	173	29	undertake	undertake	VERB
arjefm-80	173	30	impulse	impulse	ADJ
arjefm-80	173	31	response	response	NOUN
arjefm-80	173	32	analysis	analysis	NOUN
arjefm-80	173	33	.	.	PUNCT
arjefm-80	174	1	the	the	DET
arjefm-80	174	2	importance	importance	NOUN
arjefm-80	174	3	of	of	ADP
arjefm-80	174	4	the	the	DET
arjefm-80	174	5	impulse	impulse	ADJ
arjefm-80	174	6	response	response	NOUN
arjefm-80	174	7	analysis	analysis	NOUN
arjefm-80	174	8	is	be	AUX
arjefm-80	174	9	buttressed	buttress	VERB
arjefm-80	174	10	by	by	ADP
arjefm-80	174	11	osei	osei	PROPN
arjefm-80	174	12	et	et	PROPN
arjefm-80	174	13	al	al	PROPN
arjefm-80	174	14	(	(	PUNCT
arjefm-80	174	15	2003).according	2003).accorde	VERB
arjefm-80	174	16	to	to	ADP
arjefm-80	174	17	them	they	PRON
arjefm-80	174	18	,	,	PUNCT
arjefm-80	174	19	when	when	SCONJ
arjefm-80	174	20	the	the	DET
arjefm-80	174	21	interrelationships	interrelationship	NOUN
arjefm-80	174	22	that	that	PRON
arjefm-80	174	23	characterize	characterize	VERB
arjefm-80	174	24	economic	economic	ADJ
arjefm-80	174	25	systems	system	NOUN
arjefm-80	174	26	are	be	AUX
arjefm-80	174	27	considered	consider	VERB
arjefm-80	174	28	,	,	PUNCT
arjefm-80	174	29	it	it	PRON
arjefm-80	174	30	is	be	AUX
arjefm-80	174	31	always	always	ADV
arjefm-80	174	32	more	more	ADV
arjefm-80	174	33	informative	informative	ADJ
arjefm-80	174	34	to	to	PART
arjefm-80	174	35	undertake	undertake	VERB
arjefm-80	174	36	an	an	DET
arjefm-80	174	37	impulse	impulse	ADJ
arjefm-80	174	38	response	response	NOUN
arjefm-80	174	39	analysis	analysis	NOUN
arjefm-80	174	40	especially	especially	ADV
arjefm-80	174	41	when	when	SCONJ
arjefm-80	174	42	the	the	DET
arjefm-80	174	43	analysis	analysis	NOUN
arjefm-80	174	44	involves	involve	VERB
arjefm-80	174	45	uncovering	uncover	VERB
arjefm-80	174	46	short	short	ADJ
arjefm-80	174	47	and	and	CCONJ
arjefm-80	174	48	long	long	ADJ
arjefm-80	174	49	run	run	NOUN
arjefm-80	174	50	relationships	relationship	NOUN
arjefm-80	174	51	within	within	ADP
arjefm-80	174	52	a	a	DET
arjefm-80	174	53	given	give	VERB
arjefm-80	174	54	system	system	NOUN
arjefm-80	174	55	.	.	PUNCT
arjefm-80	175	1	osei	osei	PROPN
arjefm-80	175	2	et	et	PROPN
arjefm-80	175	3	al	al	PROPN
arjefm-80	175	4	(	(	PUNCT
arjefm-80	175	5	2003	2003	NUM
arjefm-80	175	6	)	)	PUNCT
arjefm-80	175	7	assert	assert	VERB
arjefm-80	175	8	that	that	SCONJ
arjefm-80	175	9	the	the	DET
arjefm-80	175	10	advantage	advantage	NOUN
arjefm-80	175	11	that	that	PRON
arjefm-80	175	12	the	the	DET
arjefm-80	175	13	impulse	impulse	ADJ
arjefm-80	175	14	response	response	NOUN
arjefm-80	175	15	analysis	analysis	NOUN
arjefm-80	175	16	has	have	VERB
arjefm-80	175	17	is	be	AUX
arjefm-80	175	18	that	that	SCONJ
arjefm-80	175	19	it	it	PRON
arjefm-80	175	20	captures	capture	VERB
arjefm-80	175	21	the	the	DET
arjefm-80	175	22	net	net	ADJ
arjefm-80	175	23	effect	effect	NOUN
arjefm-80	175	24	of	of	ADP
arjefm-80	175	25	both	both	CCONJ
arjefm-80	175	26	the	the	DET
arjefm-80	175	27	direct	direct	ADJ
arjefm-80	175	28	and	and	CCONJ
arjefm-80	175	29	indirect	indirect	ADJ
arjefm-80	175	30	impact	impact	NOUN
arjefm-80	175	31	of	of	ADP
arjefm-80	175	32	a	a	DET
arjefm-80	175	33	shock	shock	NOUN
arjefm-80	175	34	,	,	PUNCT
arjefm-80	175	35	not	not	PART
arjefm-80	175	36	only	only	ADV
arjefm-80	175	37	in	in	ADP
arjefm-80	175	38	the	the	DET
arjefm-80	175	39	long	long	ADJ
arjefm-80	175	40	run	run	NOUN
arjefm-80	175	41	but	but	CCONJ
arjefm-80	175	42	also	also	ADV
arjefm-80	175	43	at	at	ADP
arjefm-80	175	44	all	all	DET
arjefm-80	175	45	periods	period	NOUN
arjefm-80	175	46	after	after	SCONJ
arjefm-80	175	47	the	the	DET
arjefm-80	175	48	shock	shock	NOUN
arjefm-80	175	49	has	have	AUX
arjefm-80	175	50	been	be	AUX
arjefm-80	175	51	transmitted	transmit	VERB
arjefm-80	175	52	.	.	PUNCT
arjefm-80	176	1	johnston	johnston	PROPN
arjefm-80	176	2	and	and	CCONJ
arjefm-80	176	3	dinardo	dinardo	PROPN
arjefm-80	176	4	(	(	PUNCT
arjefm-80	176	5	1997	1997	NUM
arjefm-80	176	6	)	)	PUNCT
arjefm-80	176	7	underline	underline	VERB
arjefm-80	176	8	the	the	DET
arjefm-80	176	9	relevance	relevance	NOUN
arjefm-80	176	10	of	of	ADP
arjefm-80	176	11	the	the	DET
arjefm-80	176	12	impulse	impulse	ADJ
arjefm-80	176	13	response	response	NOUN
arjefm-80	176	14	function	function	NOUN
arjefm-80	176	15	by	by	ADP
arjefm-80	176	16	intimating	intimate	VERB
arjefm-80	176	17	that	that	SCONJ
arjefm-80	176	18	it	it	PRON
arjefm-80	176	19	traces	trace	VERB
arjefm-80	176	20	the	the	DET
arjefm-80	176	21	chain	chain	NOUN
arjefm-80	176	22	reaction	reaction	NOUN
arjefm-80	176	23	or	or	CCONJ
arjefm-80	176	24	the	the	DET
arjefm-80	176	25	knock	knock	NOUN
arjefm-80	176	26	-	-	PUNCT
arjefm-80	176	27	on	on	ADP
arjefm-80	176	28	effects	effect	NOUN
arjefm-80	176	29	arising	arise	VERB
arjefm-80	176	30	from	from	ADP
arjefm-80	176	31	one	one	NUM
arjefm-80	176	32	standard	standard	ADJ
arjefm-80	176	33	deviation	deviation	NOUN
arjefm-80	176	34	perturbation	perturbation	NOUN
arjefm-80	176	35	in	in	ADP
arjefm-80	176	36	one	one	NUM
arjefm-80	176	37	innovation	innovation	NOUN
arjefm-80	176	38	in	in	ADP
arjefm-80	176	39	the	the	DET
arjefm-80	176	40	system	system	NOUN
arjefm-80	176	41	over	over	ADP
arjefm-80	176	42	time	time	NOUN
arjefm-80	176	43	on	on	ADP
arjefm-80	176	44	the	the	DET
arjefm-80	176	45	other	other	ADJ
arjefm-80	176	46	variables	variable	NOUN
arjefm-80	176	47	in	in	ADP
arjefm-80	176	48	the	the	DET
arjefm-80	176	49	system	system	NOUN
arjefm-80	176	50	granted	grant	VERB
arjefm-80	176	51	that	that	SCONJ
arjefm-80	176	52	no	no	DET
arjefm-80	176	53	other	other	ADJ
arjefm-80	176	54	shock	shock	NOUN
arjefm-80	176	55	affects	affect	VERB
arjefm-80	176	56	the	the	DET
arjefm-80	176	57	system	system	NOUN
arjefm-80	176	58	afterwards	afterwards	ADV
arjefm-80	176	59	.	.	PUNCT
arjefm-80	177	1	impulse	impulse	ADJ
arjefm-80	177	2	response	response	NOUN
arjefm-80	177	3	functions	function	NOUN
arjefm-80	177	4	can	can	AUX
arjefm-80	177	5	thus	thus	ADV
arjefm-80	177	6	measure	measure	VERB
arjefm-80	177	7	both	both	CCONJ
arjefm-80	177	8	the	the	DET
arjefm-80	177	9	current	current	ADJ
arjefm-80	177	10	and	and	CCONJ
arjefm-80	177	11	future	future	ADJ
arjefm-80	177	12	values	value	NOUN
arjefm-80	177	13	of	of	ADP
arjefm-80	177	14	the	the	DET
arjefm-80	177	15	given	give	VERB
arjefm-80	177	16	endogenous	endogenous	ADJ
arjefm-80	177	17	variable	variable	NOUN
arjefm-80	177	18	to	to	ADP
arjefm-80	177	19	one	one	NUM
arjefm-80	177	20	standard	standard	ADJ
arjefm-80	177	21	deviation	deviation	NOUN
arjefm-80	177	22	shock	shock	NOUN
arjefm-80	177	23	in	in	ADP
arjefm-80	177	24	one	one	NUM
arjefm-80	177	25	of	of	ADP
arjefm-80	177	26	the	the	DET
arjefm-80	177	27	innovations	innovation	NOUN
arjefm-80	177	28	.	.	PUNCT
arjefm-80	178	1	lutkepohl	lutkepohl	PROPN
arjefm-80	178	2	and	and	CCONJ
arjefm-80	178	3	rimmers	rimmer	NOUN
arjefm-80	178	4	(	(	PUNCT
arjefm-80	178	5	1992	1992	NUM
arjefm-80	178	6	)	)	PUNCT
arjefm-80	178	7	also	also	ADV
arjefm-80	178	8	reinforce	reinforce	VERB
arjefm-80	178	9	the	the	DET
arjefm-80	178	10	importance	importance	NOUN
arjefm-80	178	11	and	and	CCONJ
arjefm-80	178	12	suitability	suitability	NOUN
arjefm-80	178	13	of	of	ADP
arjefm-80	178	14	the	the	DET
arjefm-80	178	15	impulse	impulse	ADJ
arjefm-80	178	16	response	response	NOUN
arjefm-80	178	17	in	in	ADP
arjefm-80	178	18	a	a	DET
arjefm-80	178	19	dynamic	dynamic	ADJ
arjefm-80	178	20	analysis	analysis	NOUN
arjefm-80	178	21	.	.	PUNCT
arjefm-80	179	1	generally	generally	ADV
arjefm-80	179	2	,	,	PUNCT
arjefm-80	179	3	the	the	DET
arjefm-80	179	4	impulse	impulse	ADJ
arjefm-80	179	5	response	response	NOUN
arjefm-80	179	6	function	function	NOUN
arjefm-80	179	7	can	can	AUX
arjefm-80	179	8	be	be	AUX
arjefm-80	179	9	defined	define	VERB
arjefm-80	179	10	as	as	ADP
arjefm-80	179	11	the	the	DET
arjefm-80	179	12	moving	move	VERB
arjefm-80	179	13	average	average	ADJ
arjefm-80	179	14	representation	representation	NOUN
arjefm-80	179	15	of	of	ADP
arjefm-80	179	16	our	our	PRON
arjefm-80	179	17	equation	equation	NOUN
arjefm-80	179	18	(	(	PUNCT
arjefm-80	179	19	9	9	NUM
arjefm-80	179	20	)	)	PUNCT
arjefm-80	179	21	,	,	PUNCT
arjefm-80	179	22	expressed	express	VERB
arjefm-80	179	23	as	as	ADP
arjefm-80	179	24	xt	xt	PROPN
arjefm-80	179	25	πrt-1	πrt-1	PUNCT
arjefm-80	179	26	(	(	PUNCT
arjefm-80	179	27	12	12	NUM
arjefm-80	179	28	)	)	PUNCT
arjefm-80	179	29	,	,	PUNCT
arjefm-80	179	30	where	where	SCONJ
arjefm-80	179	31	,	,	PUNCT
arjefm-80	179	32	the	the	DET
arjefm-80	179	33	as	as	SCONJ
arjefm-80	179	34	are	be	AUX
arjefm-80	179	35	of	of	ADP
arjefm-80	179	36	dimension	dimension	NOUN
arjefm-80	179	37	(	(	PUNCT
arjefm-80	179	38	m	m	PROPN
arjefm-80	179	39	m	m	VERB
arjefm-80	179	40	)	)	PUNCT
arjefm-80	179	41	apart	apart	ADV
arjefm-80	179	42	from	from	ADP
arjefm-80	179	43	the	the	DET
arjefm-80	179	44	impulse	impulse	ADJ
arjefm-80	179	45	response	response	NOUN
arjefm-80	179	46	analysis	analysis	NOUN
arjefm-80	179	47	,	,	PUNCT
arjefm-80	179	48	we	we	PRON
arjefm-80	179	49	employ	employ	VERB
arjefm-80	179	50	the	the	DET
arjefm-80	179	51	forecast	forecast	NOUN
arjefm-80	179	52	error	error	NOUN
arjefm-80	179	53	variance	variance	NOUN
arjefm-80	179	54	decomposition	decomposition	NOUN
arjefm-80	179	55	from	from	ADP
arjefm-80	179	56	our	our	PRON
arjefm-80	179	57	var	var	NOUN
arjefm-80	179	58	model	model	NOUN
arjefm-80	179	59	to	to	PART
arjefm-80	179	60	ascertain	ascertain	VERB
arjefm-80	179	61	and	and	CCONJ
arjefm-80	179	62	predict	predict	VERB
arjefm-80	179	63	the	the	DET
arjefm-80	179	64	most	most	ADV
arjefm-80	179	65	important	important	ADJ
arjefm-80	179	66	innovation	innovation	NOUN
arjefm-80	179	67	for	for	ADP
arjefm-80	179	68	each	each	DET
arjefm-80	179	69	endogenous	endogenous	ADJ
arjefm-80	179	70	variable	variable	NOUN
arjefm-80	179	71	along	along	ADP
arjefm-80	179	72	the	the	DET
arjefm-80	179	73	entire	entire	ADJ
arjefm-80	179	74	time	time	NOUN
arjefm-80	179	75	horizon	horizon	NOUN
arjefm-80	179	76	.	.	PUNCT
arjefm-80	180	1	this	this	PRON
arjefm-80	180	2	will	will	AUX
arjefm-80	180	3	enable	enable	VERB
arjefm-80	180	4	us	we	PRON
arjefm-80	180	5	to	to	PART
arjefm-80	180	6	identify	identify	VERB
arjefm-80	180	7	which	which	DET
arjefm-80	180	8	variable	variable	NOUN
arjefm-80	180	9	is	be	AUX
arjefm-80	180	10	most	most	ADV
arjefm-80	180	11	relevant	relevant	ADJ
arjefm-80	180	12	in	in	ADP
arjefm-80	180	13	achieving	achieve	VERB
arjefm-80	180	14	a	a	DET
arjefm-80	180	15	given	give	VERB
arjefm-80	180	16	objective	objective	NOUN
arjefm-80	180	17	.	.	PUNCT
arjefm-80	181	1	according	accord	VERB
arjefm-80	181	2	to	to	ADP
arjefm-80	181	3	bhasin	bhasin	PROPN
arjefm-80	181	4	(	(	PUNCT
arjefm-80	181	5	2004	2004	NUM
arjefm-80	181	6	)	)	PUNCT
arjefm-80	181	7	,	,	PUNCT
arjefm-80	181	8	in	in	ADP
arjefm-80	181	9	a	a	DET
arjefm-80	181	10	var	var	NOUN
arjefm-80	181	11	model	model	NOUN
arjefm-80	181	12	,	,	PUNCT
arjefm-80	181	13	variance	variance	NOUN
arjefm-80	181	14	decomposition	decomposition	NOUN
arjefm-80	181	15	is	be	AUX
arjefm-80	181	16	usually	usually	ADV
arjefm-80	181	17	employed	employ	VERB
arjefm-80	181	18	to	to	PART
arjefm-80	181	19	isolate	isolate	VERB
arjefm-80	181	20	the	the	DET
arjefm-80	181	21	innovations	innovation	NOUN
arjefm-80	181	22	of	of	ADP
arjefm-80	181	23	the	the	DET
arjefm-80	181	24	endogenous	endogenous	ADJ
arjefm-80	181	25	variables	variable	NOUN
arjefm-80	181	26	into	into	ADP
arjefm-80	181	27	the	the	DET
arjefm-80	181	28	portions	portion	NOUN
arjefm-80	181	29	which	which	PRON
arjefm-80	181	30	can	can	AUX
arjefm-80	181	31	be	be	AUX
arjefm-80	181	32	attributed	attribute	VERB
arjefm-80	181	33	to	to	ADP
arjefm-80	181	34	own	own	ADJ
arjefm-80	181	35	innovations	innovation	NOUN
arjefm-80	181	36	and	and	CCONJ
arjefm-80	181	37	that	that	SCONJ
arjefm-80	181	38	which	which	PRON
arjefm-80	181	39	are	be	AUX
arjefm-80	181	40	due	due	ADJ
arjefm-80	181	41	to	to	ADP
arjefm-80	181	42	innovations	innovation	NOUN
arjefm-80	181	43	of	of	ADP
arjefm-80	181	44	other	other	ADJ
arjefm-80	181	45	variables	variable	NOUN
arjefm-80	181	46	in	in	ADP
arjefm-80	181	47	the	the	DET
arjefm-80	181	48	system	system	NOUN
arjefm-80	181	49	and	and	CCONJ
arjefm-80	181	50	in	in	ADP
arjefm-80	181	51	doing	do	VERB
arjefm-80	181	52	so	so	ADV
arjefm-80	181	53	we	we	PRON
arjefm-80	181	54	recourse	recourse	VERB
arjefm-80	181	55	to	to	ADP
arjefm-80	181	56	the	the	DET
arjefm-80	181	57	cholesky	cholesky	ADJ
arjefm-80	181	58	method	method	NOUN
arjefm-80	181	59	based	base	VERB
arjefm-80	181	60	on	on	ADP
arjefm-80	181	61	sim	sim	PROPN
arjefm-80	181	62	's	's	PART
arjefm-80	181	63	recursive	recursive	ADJ
arjefm-80	181	64	approach	approach	NOUN
arjefm-80	181	65	.	.	PUNCT
arjefm-80	182	1	data	datum	NOUN
arjefm-80	182	2	set	set	VERB
arjefm-80	182	3	for	for	ADP
arjefm-80	182	4	the	the	DET
arjefm-80	182	5	purposes	purpose	NOUN
arjefm-80	182	6	of	of	ADP
arjefm-80	182	7	this	this	DET
arjefm-80	182	8	study	study	NOUN
arjefm-80	182	9	,	,	PUNCT
arjefm-80	182	10	we	we	PRON
arjefm-80	182	11	employ	employ	VERB
arjefm-80	182	12	annual	annual	ADJ
arjefm-80	182	13	series	series	NOUN
arjefm-80	182	14	for	for	ADP
arjefm-80	182	15	all	all	DET
arjefm-80	182	16	the	the	DET
arjefm-80	182	17	variables	variable	NOUN
arjefm-80	182	18	from	from	ADP
arjefm-80	182	19	1978	1978	NUM
arjefm-80	182	20	to	to	ADP
arjefm-80	182	21	2017	2017	NUM
arjefm-80	182	22	.the	.the	PRON
arjefm-80	182	23	variables	variable	NOUN
arjefm-80	182	24	were	be	AUX
arjefm-80	182	25	largely	largely	ADV
arjefm-80	182	26	extracted	extract	VERB
arjefm-80	182	27	from	from	ADP
arjefm-80	182	28	the	the	DET
arjefm-80	182	29	world	world	NOUN
arjefm-80	182	30	bank	bank	NOUN
arjefm-80	182	31	databases	database	NOUN
arjefm-80	182	32	and	and	CCONJ
arjefm-80	182	33	supported	support	VERB
arjefm-80	182	34	with	with	ADP
arjefm-80	182	35	data	datum	NOUN
arjefm-80	182	36	from	from	ADP
arjefm-80	182	37	ghana	ghana	PROPN
arjefm-80	182	38	statistical	statistical	ADJ
arjefm-80	182	39	service(gss	service(gss	NOUN
arjefm-80	182	40	)	)	PUNCT
arjefm-80	182	41	and	and	CCONJ
arjefm-80	182	42	the	the	DET
arjefm-80	182	43	bank	bank	NOUN
arjefm-80	182	44	of	of	ADP
arjefm-80	182	45	ghana	ghana	PROPN
arjefm-80	182	46	.	.	PUNCT
arjefm-80	183	1	results	result	NOUN
arjefm-80	183	2	of	of	ADP
arjefm-80	183	3	data	datum	NOUN
arjefm-80	183	4	analysis	analysis	NOUN
arjefm-80	183	5	test	test	NOUN
arjefm-80	183	6	for	for	ADP
arjefm-80	183	7	stationary	stationary	ADJ
arjefm-80	183	8	(	(	PUNCT
arjefm-80	183	9	unit	unit	NOUN
arjefm-80	183	10	roots	root	NOUN
arjefm-80	183	11	tests	test	NOUN
arjefm-80	183	12	)	)	PUNCT
arjefm-80	183	13	in	in	ADP
arjefm-80	183	14	the	the	DET
arjefm-80	183	15	tables	table	NOUN
arjefm-80	183	16	below	below	ADV
arjefm-80	183	17	,	,	PUNCT
arjefm-80	183	18	we	we	PRON
arjefm-80	183	19	report	report	VERB
arjefm-80	183	20	the	the	DET
arjefm-80	183	21	results	result	NOUN
arjefm-80	183	22	of	of	ADP
arjefm-80	183	23	the	the	DET
arjefm-80	183	24	stationary	stationary	ADJ
arjefm-80	183	25	tests	test	NOUN
arjefm-80	183	26	.	.	PUNCT
arjefm-80	184	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	184	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	185	1	american	american	PROPN
arjefm-80	185	2	research	research	PROPN
arjefm-80	185	3	journal	journal	PROPN
arjefm-80	185	4	of	of	ADP
arjefm-80	185	5	economics	economic	NOUN
arjefm-80	185	6	,	,	PUNCT
arjefm-80	185	7	finance	finance	NOUN
arjefm-80	185	8	and	and	CCONJ
arjefm-80	185	9	management	management	NOUN
arjefm-80	185	10	volume	volume	NOUN
arjefm-80	185	11	11	11	NUM
arjefm-80	185	12	issue	issue	NOUN
arjefm-80	185	13	2	2	NUM
arjefm-80	185	14	,	,	PUNCT
arjefm-80	185	15	april	april	PROPN
arjefm-80	185	16	-	-	PUNCT
arjefm-80	185	17	june	june	PROPN
arjefm-80	185	18	2023	2023	NUM
arjefm-80	185	19	issn	issn	PROPN
arjefm-80	185	20	:	:	PUNCT
arjefm-80	185	21	2836	2836	NUM
arjefm-80	185	22	-	-	SYM
arjefm-80	185	23	9416	9416	NUM
arjefm-80	185	24	impact	impact	NOUN
arjefm-80	185	25	factor	factor	NOUN
arjefm-80	185	26	:	:	PUNCT
arjefm-80	185	27	5.57	5.57	NUM
arjefm-80	185	28	journal	journal	NOUN
arjefm-80	185	29	homepage	homepage	NOUN
arjefm-80	185	30	:	:	PUNCT
arjefm-80	185	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	185	32	,	,	PUNCT
arjefm-80	185	33	email	email	NOUN
arjefm-80	185	34	:	:	PUNCT
arjefm-80	186	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	186	2	official	official	ADJ
arjefm-80	186	3	journal	journal	PROPN
arjefm-80	186	4	of	of	ADP
arjefm-80	186	5	america	america	PROPN
arjefm-80	186	6	serial	serial	PROPN
arjefm-80	186	7	publication	publication	NOUN
arjefm-80	186	8	american	american	PROPN
arjefm-80	186	9	research	research	PROPN
arjefm-80	186	10	journal	journal	PROPN
arjefm-80	186	11	of	of	ADP
arjefm-80	186	12	economics	economic	NOUN
arjefm-80	186	13	,	,	PUNCT
arjefm-80	186	14	finance	finance	NOUN
arjefm-80	186	15	and	and	CCONJ
arjefm-80	186	16	management	management	NOUN
arjefm-80	186	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	186	18	,	,	PUNCT
arjefm-80	186	19	email	email	NOUN
arjefm-80	186	20	:	:	PUNCT
arjefm-80	186	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	187	1	11	11	NUM
arjefm-80	188	1	|	|	ADV
arjefm-80	188	2	p	p	X
arjefm-80	188	3	a	a	DET
arjefm-80	188	4	g	g	NOUN
arjefm-80	188	5	e	e	NOUN
arjefm-80	188	6	table1ːunit	table1ːunit	NOUN
arjefm-80	188	7	root	root	NOUN
arjefm-80	188	8	tests	test	NOUN
arjefm-80	188	9	of	of	ADP
arjefm-80	188	10	log	log	NOUN
arjefm-80	188	11	levels	level	NOUN
arjefm-80	188	12	of	of	ADP
arjefm-80	188	13	variables	variable	NOUN
arjefm-80	188	14	variable	variable	NOUN
arjefm-80	188	15	(	(	PUNCT
arjefm-80	188	16	log	log	PROPN
arjefm-80	188	17	levels	level	NOUN
arjefm-80	188	18	)	)	PUNCT
arjefm-80	188	19	adf	adf	PROPN
arjefm-80	188	20	test	test	NOUN
arjefm-80	188	21	statistic	statistic	PROPN
arjefm-80	188	22	prob	prob	PROPN
arjefm-80	188	23	level	level	PROPN
arjefm-80	188	24	phillip	phillip	PROPN
arjefm-80	188	25	perron	perron	PROPN
arjefm-80	188	26	test	test	NOUN
arjefm-80	188	27	statistic	statistic	PROPN
arjefm-80	188	28	prob	prob	PROPN
arjefm-80	188	29	level	level	PROPN
arjefm-80	188	30	ldb	ldb	PROPN
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arjefm-80	188	32	0.1778	0.1778	NUM
arjefm-80	188	33	-1.917340	-1.917340	NOUN
arjefm-80	188	34	0.3212	0.3212	NUM
arjefm-80	188	35	ldt	ldt	PROPN
arjefm-80	188	36	-1.682815	-1.682815	PROPN
arjefm-80	188	37	0.4318	0.4318	NUM
arjefm-80	188	38	-1.597301	-1.597301	NOUN
arjefm-80	188	39	0.4744	0.4744	NUM
arjefm-80	188	40	lfb	lfb	PROPN
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arjefm-80	188	42	0.8968	0.8968	NUM
arjefm-80	188	43	-0.404310	-0.404310	NOUN
arjefm-80	188	44	0.8985	0.8985	NUM
arjefm-80	188	45	lgc	lgc	ADJ
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arjefm-80	188	47	0.9375	0.9375	NUM
arjefm-80	188	48	-0.072070	-0.072070	NOUN
arjefm-80	188	49	0.9455	0.9455	NUM
arjefm-80	188	50	lge	lge	NOUN
arjefm-80	188	51	-1.130286	-1.130286	NOUN
arjefm-80	189	1	0.6941	0.6941	NUM
arjefm-80	189	2	-1.120580	-1.120580	NOUN
arjefm-80	189	3	0.6980	0.6980	NUM
arjefm-80	189	4	lgk	lgk	NOUN
arjefm-80	189	5	-0.724807	-0.724807	VERB
arjefm-80	189	6	0.8286	0.8286	NUM
arjefm-80	189	7	-0.710912	-0.710912	PUNCT
arjefm-80	189	8	0.8322	0.8322	NUM
arjefm-80	189	9	lgr	lgr	NOUN
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arjefm-80	189	12	-1.946252	-1.946252	NOUN
arjefm-80	189	13	0.3085	0.3085	NUM
arjefm-80	189	14	lit	light	VERB
arjefm-80	189	15	-2.194319	-2.194319	NOUN
arjefm-80	189	16	0.2115	0.2115	NUM
arjefm-80	189	17	-2.057338	-2.057338	VERB
arjefm-80	190	1	0.2623	0.2623	NUM
arjefm-80	190	2	sourceː	sourceː	ADJ
arjefm-80	190	3	author	author	NOUN
arjefm-80	190	4	’s	’s	PART
arjefm-80	190	5	calculations	calculation	NOUN
arjefm-80	190	6	using	use	VERB
arjefm-80	190	7	e	e	NOUN
arjefm-80	190	8	views	view	NOUN
arjefm-80	190	9	table	table	NOUN
arjefm-80	190	10	2	2	NUM
arjefm-80	190	11	ː	ː	NOUN
arjefm-80	190	12	unit	unit	NOUN
arjefm-80	190	13	root	root	NOUN
arjefm-80	190	14	tests	test	NOUN
arjefm-80	190	15	of	of	ADP
arjefm-80	190	16	first	first	ADJ
arjefm-80	190	17	differences	difference	NOUN
arjefm-80	190	18	of	of	ADP
arjefm-80	190	19	variables	variable	NOUN
arjefm-80	190	20	variable	variable	ADJ
arjefm-80	190	21	(	(	PUNCT
arjefm-80	190	22	first	first	ADJ
arjefm-80	190	23	differences	difference	NOUN
arjefm-80	190	24	)	)	PUNCT
arjefm-80	190	25	adf	adf	PROPN
arjefm-80	190	26	statistic	statistic	PROPN
arjefm-80	190	27	prob	prob	PROPN
arjefm-80	190	28	.	.	PUNCT
arjefm-80	191	1	level	level	PROPN
arjefm-80	191	2	phillips	phillip	NOUN
arjefm-80	191	3	perron	perron	PROPN
arjefm-80	191	4	statistic	statistic	PROPN
arjefm-80	191	5	prob	prob	PROPN
arjefm-80	191	6	.	.	PUNCT
arjefm-80	192	1	level	level	PROPN
arjefm-80	192	2	dldb	dldb	PROPN
arjefm-80	192	3	-4.411600	-4.411600	PROPN
arjefm-80	192	4	0.0012	0.0012	NUM
arjefm-80	192	5	-4.425672	-4.425672	NOUN
arjefm-80	192	6	0.0011	0.0011	NUM
arjefm-80	192	7	dldt	dldt	ADJ
arjefm-80	192	8	-5.736767	-5.736767	NOUN
arjefm-80	192	9	0.0000	0.0000	NUM
arjefm-80	192	10	-9.443833	-9.443833	NOUN
arjefm-80	192	11	0.0000	0.0000	NUM
arjefm-80	192	12	dlfb	dlfb	NOUN
arjefm-80	192	13	-6.196007	-6.196007	NOUN
arjefm-80	192	14	0.0000	0.0000	NUM
arjefm-80	192	15	-6.195848	-6.195848	NOUN
arjefm-80	193	1	0.0000	0.0000	NUM
arjefm-80	193	2	dlgc	dlgc	ADJ
arjefm-80	193	3	-5.475900	-5.475900	NOUN
arjefm-80	193	4	0.0001	0.0001	NUM
arjefm-80	193	5	-5.466520	-5.466520	NOUN
arjefm-80	193	6	0.0001	0.0001	NUM
arjefm-80	193	7	dlge	dlge	PROPN
arjefm-80	193	8	-5.076895	-5.076895	NOUN
arjefm-80	193	9	0.0002	0.0002	NUM
arjefm-80	193	10	-4.944660	-4.944660	NOUN
arjefm-80	193	11	0.0003	0.0003	NUM
arjefm-80	193	12	dlgk	dlgk	NOUN
arjefm-80	193	13	-5.107552	-5.107552	NOUN
arjefm-80	193	14	0.0002	0.0002	NUM
arjefm-80	193	15	-5.032008	-5.032008	NOUN
arjefm-80	193	16	0.0002	0.0002	NUM
arjefm-80	193	17	dlgr	dlgr	NOUN
arjefm-80	193	18	-6.775472	-6.775472	PROPN
arjefm-80	193	19	0.0000	0.0000	NUM
arjefm-80	193	20	-6.799061	-6.799061	NOUN
arjefm-80	193	21	0.0000	0.0000	NUM
arjefm-80	193	22	dlit	dlit	NOUN
arjefm-80	193	23	-7.863574	-7.863574	NOUN
arjefm-80	193	24	0.0000	0.0000	NUM
arjefm-80	193	25	-9.818331	-9.818331	NOUN
arjefm-80	193	26	0.0000	0.0000	NUM
arjefm-80	193	27	sourceː	sourceː	NOUN
arjefm-80	193	28	generated	generate	VERB
arjefm-80	193	29	from	from	ADP
arjefm-80	193	30	e	e	NOUN
arjefm-80	193	31	views	view	NOUN
arjefm-80	193	32	estimations	estimation	NOUN
arjefm-80	193	33	from	from	ADP
arjefm-80	193	34	tables	table	NOUN
arjefm-80	193	35	1	1	NUM
arjefm-80	193	36	and	and	CCONJ
arjefm-80	193	37	2	2	NUM
arjefm-80	193	38	,	,	PUNCT
arjefm-80	193	39	we	we	PRON
arjefm-80	193	40	infer	infer	VERB
arjefm-80	193	41	that	that	SCONJ
arjefm-80	193	42	all	all	DET
arjefm-80	193	43	variables	variable	NOUN
arjefm-80	193	44	are	be	AUX
arjefm-80	193	45	non	non	ADJ
arjefm-80	193	46	-	-	ADJ
arjefm-80	193	47	stationary	stationary	ADJ
arjefm-80	193	48	at	at	ADP
arjefm-80	193	49	log	log	NOUN
arjefm-80	193	50	levels	level	NOUN
arjefm-80	193	51	but	but	CCONJ
arjefm-80	193	52	are	be	AUX
arjefm-80	193	53	stationary	stationary	ADJ
arjefm-80	193	54	at	at	ADP
arjefm-80	193	55	first	first	ADJ
arjefm-80	193	56	differences	difference	NOUN
arjefm-80	193	57	.this	.this	PRON
arjefm-80	193	58	means	mean	VERB
arjefm-80	193	59	that	that	SCONJ
arjefm-80	193	60	the	the	DET
arjefm-80	193	61	order	order	NOUN
arjefm-80	193	62	of	of	ADP
arjefm-80	193	63	integration	integration	NOUN
arjefm-80	193	64	of	of	ADP
arjefm-80	193	65	all	all	DET
arjefm-80	193	66	variables	variable	NOUN
arjefm-80	193	67	is	be	AUX
arjefm-80	193	68	one	one	NUM
arjefm-80	193	69	.	.	PUNCT
arjefm-80	194	1	we	we	PRON
arjefm-80	194	2	proceed	proceed	VERB
arjefm-80	194	3	to	to	PART
arjefm-80	194	4	determine	determine	VERB
arjefm-80	194	5	the	the	DET
arjefm-80	194	6	optimal	optimal	ADJ
arjefm-80	194	7	lag	lag	NOUN
arjefm-80	194	8	for	for	ADP
arjefm-80	194	9	the	the	DET
arjefm-80	194	10	disaggregated	disaggregate	VERB
arjefm-80	194	11	and	and	CCONJ
arjefm-80	194	12	the	the	DET
arjefm-80	194	13	aggregated	aggregate	VERB
arjefm-80	194	14	models	model	NOUN
arjefm-80	194	15	respectively	respectively	ADV
arjefm-80	194	16	.	.	PUNCT
arjefm-80	195	1	for	for	ADP
arjefm-80	195	2	the	the	DET
arjefm-80	195	3	disaggregated	disaggregate	VERB
arjefm-80	195	4	model	model	NOUN
arjefm-80	195	5	,	,	PUNCT
arjefm-80	195	6	we	we	PRON
arjefm-80	195	7	determine	determine	VERB
arjefm-80	195	8	whether	whether	SCONJ
arjefm-80	195	9	or	or	CCONJ
arjefm-80	195	10	not	not	PART
arjefm-80	195	11	there	there	PRON
arjefm-80	195	12	is	be	VERB
arjefm-80	195	13	first	first	ADJ
arjefm-80	195	14	or	or	CCONJ
arjefm-80	195	15	higher	high	ADJ
arjefm-80	195	16	order	order	NOUN
arjefm-80	195	17	serial	serial	ADJ
arjefm-80	195	18	correlation	correlation	NOUN
arjefm-80	195	19	in	in	ADP
arjefm-80	195	20	the	the	DET
arjefm-80	195	21	initial	initial	ADJ
arjefm-80	195	22	model	model	NOUN
arjefm-80	195	23	by	by	ADP
arjefm-80	195	24	performing	perform	VERB
arjefm-80	195	25	the	the	DET
arjefm-80	195	26	autocorrelation	autocorrelation	NOUN
arjefm-80	195	27	lm	lm	X
arjefm-80	195	28	test	test	NOUN
arjefm-80	195	29	.	.	PUNCT
arjefm-80	196	1	the	the	DET
arjefm-80	196	2	test	test	NOUN
arjefm-80	196	3	results	result	NOUN
arjefm-80	196	4	are	be	AUX
arjefm-80	196	5	presented	present	VERB
arjefm-80	196	6	below	below	ADP
arjefm-80	196	7	table	table	NOUN
arjefm-80	196	8	3	3	NUM
arjefm-80	196	9	included	include	VERB
arjefm-80	196	10	observations	observation	NOUN
arjefm-80	196	11	:	:	PUNCT
arjefm-80	196	12	37	37	NUM
arjefm-80	196	13	lags	lag	VERB
arjefm-80	196	14	lm	lm	ADJ
arjefm-80	196	15	-	-	PUNCT
arjefm-80	196	16	stat	stat	NOUN
arjefm-80	196	17	prob	prob	NOUN
arjefm-80	196	18	1	1	NUM
arjefm-80	196	19	39.13263	39.13263	NUM
arjefm-80	196	20	0.8424	0.8424	NUM
arjefm-80	196	21	2	2	NUM
arjefm-80	196	22	48.47734	48.47734	NUM
arjefm-80	196	23	0.4942	0.4942	NUM
arjefm-80	196	24	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	196	25	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	197	1	american	american	PROPN
arjefm-80	197	2	research	research	PROPN
arjefm-80	197	3	journal	journal	PROPN
arjefm-80	197	4	of	of	ADP
arjefm-80	197	5	economics	economic	NOUN
arjefm-80	197	6	,	,	PUNCT
arjefm-80	197	7	finance	finance	NOUN
arjefm-80	197	8	and	and	CCONJ
arjefm-80	197	9	management	management	NOUN
arjefm-80	197	10	volume	volume	NOUN
arjefm-80	197	11	11	11	NUM
arjefm-80	197	12	issue	issue	NOUN
arjefm-80	197	13	2	2	NUM
arjefm-80	197	14	,	,	PUNCT
arjefm-80	197	15	april	april	PROPN
arjefm-80	197	16	-	-	PUNCT
arjefm-80	197	17	june	june	PROPN
arjefm-80	197	18	2023	2023	NUM
arjefm-80	197	19	issn	issn	PROPN
arjefm-80	197	20	:	:	PUNCT
arjefm-80	197	21	2836	2836	NUM
arjefm-80	197	22	-	-	SYM
arjefm-80	197	23	9416	9416	NUM
arjefm-80	197	24	impact	impact	NOUN
arjefm-80	197	25	factor	factor	NOUN
arjefm-80	197	26	:	:	PUNCT
arjefm-80	197	27	5.57	5.57	NUM
arjefm-80	197	28	journal	journal	NOUN
arjefm-80	197	29	homepage	homepage	NOUN
arjefm-80	197	30	:	:	PUNCT
arjefm-80	197	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	197	32	,	,	PUNCT
arjefm-80	197	33	email	email	NOUN
arjefm-80	197	34	:	:	PUNCT
arjefm-80	198	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	198	2	official	official	ADJ
arjefm-80	198	3	journal	journal	PROPN
arjefm-80	198	4	of	of	ADP
arjefm-80	198	5	america	america	PROPN
arjefm-80	198	6	serial	serial	PROPN
arjefm-80	198	7	publication	publication	NOUN
arjefm-80	198	8	american	american	PROPN
arjefm-80	198	9	research	research	PROPN
arjefm-80	198	10	journal	journal	PROPN
arjefm-80	198	11	of	of	ADP
arjefm-80	198	12	economics	economic	NOUN
arjefm-80	198	13	,	,	PUNCT
arjefm-80	198	14	finance	finance	NOUN
arjefm-80	198	15	and	and	CCONJ
arjefm-80	198	16	management	management	NOUN
arjefm-80	198	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	198	18	,	,	PUNCT
arjefm-80	198	19	email	email	NOUN
arjefm-80	198	20	:	:	PUNCT
arjefm-80	198	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	199	1	12	12	NUM
arjefm-80	200	1	|	|	ADV
arjefm-80	200	2	p	p	X
arjefm-80	200	3	a	a	DET
arjefm-80	200	4	g	g	NOUN
arjefm-80	200	5	e	e	NOUN
arjefm-80	200	6	from	from	ADP
arjefm-80	200	7	the	the	DET
arjefm-80	200	8	results	result	NOUN
arjefm-80	200	9	generated	generate	VERB
arjefm-80	200	10	,	,	PUNCT
arjefm-80	200	11	we	we	PRON
arjefm-80	200	12	fail	fail	VERB
arjefm-80	200	13	to	to	PART
arjefm-80	200	14	reject	reject	VERB
arjefm-80	200	15	the	the	DET
arjefm-80	200	16	null	null	ADJ
arjefm-80	200	17	hypothesis	hypothesis	NOUN
arjefm-80	200	18	that	that	SCONJ
arjefm-80	200	19	there	there	PRON
arjefm-80	200	20	is	be	VERB
arjefm-80	200	21	no	no	DET
arjefm-80	200	22	serial	serial	ADJ
arjefm-80	200	23	correlation	correlation	NOUN
arjefm-80	200	24	in	in	ADP
arjefm-80	200	25	the	the	DET
arjefm-80	200	26	model	model	NOUN
arjefm-80	200	27	meaning	mean	VERB
arjefm-80	200	28	that	that	SCONJ
arjefm-80	200	29	the	the	DET
arjefm-80	200	30	model	model	NOUN
arjefm-80	200	31	is	be	AUX
arjefm-80	200	32	can	can	AUX
arjefm-80	200	33	be	be	AUX
arjefm-80	200	34	correctly	correctly	ADV
arjefm-80	200	35	specified	specify	VERB
arjefm-80	200	36	by	by	ADP
arjefm-80	200	37	using	use	VERB
arjefm-80	200	38	the	the	DET
arjefm-80	200	39	first	first	ADJ
arjefm-80	200	40	lags	lag	NOUN
arjefm-80	200	41	of	of	ADP
arjefm-80	200	42	all	all	DET
arjefm-80	200	43	variables	variable	NOUN
arjefm-80	200	44	.	.	PUNCT
arjefm-80	201	1	we	we	PRON
arjefm-80	201	2	proceed	proceed	VERB
arjefm-80	201	3	to	to	PART
arjefm-80	201	4	corroborate	corroborate	VERB
arjefm-80	201	5	the	the	DET
arjefm-80	201	6	above	above	ADJ
arjefm-80	201	7	finding	finding	NOUN
arjefm-80	201	8	by	by	ADP
arjefm-80	201	9	determining	determine	VERB
arjefm-80	201	10	the	the	DET
arjefm-80	201	11	optimal	optimal	ADJ
arjefm-80	201	12	lag	lag	NOUN
arjefm-80	201	13	structure	structure	NOUN
arjefm-80	201	14	of	of	ADP
arjefm-80	201	15	the	the	DET
arjefm-80	201	16	model	model	NOUN
arjefm-80	201	17	using	use	VERB
arjefm-80	201	18	various	various	ADJ
arjefm-80	201	19	criteria	criterion	NOUN
arjefm-80	201	20	.	.	PUNCT
arjefm-80	202	1	the	the	DET
arjefm-80	202	2	table	table	NOUN
arjefm-80	202	3	below	below	ADV
arjefm-80	202	4	shows	show	VERB
arjefm-80	202	5	the	the	DET
arjefm-80	202	6	selected	select	VERB
arjefm-80	202	7	optimal	optimal	ADJ
arjefm-80	202	8	lag	lag	NOUN
arjefm-80	202	9	structure	structure	NOUN
arjefm-80	202	10	using	use	VERB
arjefm-80	202	11	various	various	ADJ
arjefm-80	202	12	criteria	criterion	NOUN
arjefm-80	202	13	for	for	ADP
arjefm-80	202	14	the	the	DET
arjefm-80	202	15	disaggregated	disaggregate	VERB
arjefm-80	202	16	model	model	NOUN
arjefm-80	202	17	.	.	PUNCT
arjefm-80	203	1	table	table	NOUN
arjefm-80	203	2	4	4	NUM
arjefm-80	203	3	included	include	VERB
arjefm-80	203	4	observations	observation	NOUN
arjefm-80	203	5	:	:	PUNCT
arjefm-80	203	6	36	36	NUM
arjefm-80	203	7	lag	lag	NOUN
arjefm-80	203	8	logl	logl	NOUN
arjefm-80	203	9	lr	lr	PROPN
arjefm-80	203	10	fpe	fpe	PROPN
arjefm-80	203	11	aic	aic	PROPN
arjefm-80	203	12	sc	sc	PROPN
arjefm-80	203	13	hq	hq	PROPN
arjefm-80	203	14	0	0	NUM
arjefm-80	203	15	39.11941	39.11941	NUM
arjefm-80	203	16	na	na	ADP
arjefm-80	203	17	3.96e10	3.96e10	NUM
arjefm-80	203	18	1.784412	1.784412	NUM
arjefm-80	203	19	*	*	SYM
arjefm-80	203	20	1.476505	1.476505	NUM
arjefm-80	203	21	-1.676944	-1.676944	NOUN
arjefm-80	203	22	1	1	NUM
arjefm-80	203	23	70.04318	70.04318	NUM
arjefm-80	203	24	48.10365	48.10365	NUM
arjefm-80	203	25	*	*	PUNCT
arjefm-80	203	26	1.14e09	1.14e09	NUM
arjefm-80	203	27	*	*	NUM
arjefm-80	203	28	0.780177	0.780177	NUM
arjefm-80	203	29	1.683075	1.683075	NUM
arjefm-80	203	30	*	*	PUNCT
arjefm-80	203	31	0.079564	0.079564	NUM
arjefm-80	203	32	*	*	SYM
arjefm-80	203	33	2	2	NUM
arjefm-80	203	34	114.0449	114.0449	NUM
arjefm-80	203	35	51.33531	51.33531	NUM
arjefm-80	203	36	2.08e09	2.08e09	NUM
arjefm-80	203	37	0.502493	0.502493	NUM
arjefm-80	203	38	4.116104	4.116104	NUM
arjefm-80	203	39	1.109521	1.109521	NUM
arjefm-80	203	40	3	3	NUM
arjefm-80	203	41	170.9768	170.9768	NUM
arjefm-80	203	42	44.28037	44.28037	NUM
arjefm-80	203	43	3.70e09	3.70e09	NUM
arjefm-80	203	44	0.943154	0.943154	NUM
arjefm-80	203	45	5.830788	5.830788	NUM
arjefm-80	203	46	1.421133	1.421133	NUM
arjefm-80	203	47	*	*	PUNCT
arjefm-80	203	48	indicates	indicate	VERB
arjefm-80	203	49	lag	lag	NOUN
arjefm-80	203	50	order	order	NOUN
arjefm-80	203	51	selected	select	VERB
arjefm-80	203	52	by	by	ADP
arjefm-80	203	53	the	the	DET
arjefm-80	203	54	criterion	criterion	NOUN
arjefm-80	203	55	lr	lr	INTJ
arjefm-80	203	56	:	:	PUNCT
arjefm-80	203	57	sequential	sequential	ADJ
arjefm-80	203	58	modified	modify	VERB
arjefm-80	203	59	lr	lr	X
arjefm-80	203	60	test	test	NOUN
arjefm-80	203	61	statistic	statistic	NOUN
arjefm-80	203	62	(	(	PUNCT
arjefm-80	203	63	each	each	DET
arjefm-80	203	64	test	test	NOUN
arjefm-80	203	65	at	at	ADP
arjefm-80	203	66	5	5	NUM
arjefm-80	203	67	%	%	NOUN
arjefm-80	203	68	level	level	NOUN
arjefm-80	203	69	)	)	PUNCT
arjefm-80	203	70	the	the	DET
arjefm-80	203	71	results	result	NOUN
arjefm-80	203	72	confirm	confirm	VERB
arjefm-80	203	73	that	that	SCONJ
arjefm-80	203	74	appropriate	appropriate	ADJ
arjefm-80	203	75	lag	lag	NOUN
arjefm-80	203	76	to	to	PART
arjefm-80	203	77	be	be	AUX
arjefm-80	203	78	used	use	VERB
arjefm-80	203	79	in	in	ADP
arjefm-80	203	80	the	the	DET
arjefm-80	203	81	analysis	analysis	NOUN
arjefm-80	203	82	is	be	AUX
arjefm-80	203	83	one	one	NUM
arjefm-80	203	84	considering	consider	VERB
arjefm-80	203	85	that	that	SCONJ
arjefm-80	203	86	four	four	NUM
arjefm-80	203	87	out	out	ADP
arjefm-80	203	88	of	of	ADP
arjefm-80	203	89	the	the	DET
arjefm-80	203	90	five	five	NUM
arjefm-80	203	91	criteria	criterion	NOUN
arjefm-80	203	92	settle	settle	VERB
arjefm-80	203	93	on	on	ADP
arjefm-80	203	94	lag	lag	NOUN
arjefm-80	203	95	one	one	NUM
arjefm-80	203	96	.	.	PUNCT
arjefm-80	204	1	in	in	ADP
arjefm-80	204	2	the	the	DET
arjefm-80	204	3	case	case	NOUN
arjefm-80	204	4	of	of	ADP
arjefm-80	204	5	the	the	DET
arjefm-80	204	6	aggregated	aggregated	ADJ
arjefm-80	204	7	model	model	NOUN
arjefm-80	204	8	,	,	PUNCT
arjefm-80	204	9	the	the	DET
arjefm-80	204	10	test	test	NOUN
arjefm-80	204	11	for	for	ADP
arjefm-80	204	12	1st	1st	ADJ
arjefm-80	204	13	and	and	CCONJ
arjefm-80	204	14	2nd	2nd	ADJ
arjefm-80	204	15	order	order	NOUN
arjefm-80	204	16	serial	serial	ADJ
arjefm-80	204	17	correlation	correlation	NOUN
arjefm-80	204	18	is	be	AUX
arjefm-80	204	19	presented	present	VERB
arjefm-80	204	20	in	in	ADP
arjefm-80	204	21	the	the	DET
arjefm-80	204	22	table	table	NOUN
arjefm-80	204	23	below	below	ADV
arjefm-80	204	24	.	.	PUNCT
arjefm-80	205	1	table	table	NOUN
arjefm-80	205	2	5	5	NUM
arjefm-80	205	3	null	null	ADJ
arjefm-80	205	4	hypothesis	hypothesis	NOUN
arjefm-80	205	5	:	:	PUNCT
arjefm-80	205	6	no	no	DET
arjefm-80	205	7	serial	serial	ADJ
arjefm-80	205	8	correlation	correlation	NOUN
arjefm-80	205	9	at	at	ADP
arjefm-80	205	10	lag	lag	NOUN
arjefm-80	205	11	order	order	NOUN
arjefm-80	205	12	h	h	NOUN
arjefm-80	205	13	sample	sample	NOUN
arjefm-80	205	14	:	:	PUNCT
arjefm-80	205	15	1978	1978	NUM
arjefm-80	205	16	2017	2017	NUM
arjefm-80	205	17	included	include	VERB
arjefm-80	205	18	observations	observation	NOUN
arjefm-80	205	19	:	:	PUNCT
arjefm-80	205	20	38	38	NUM
arjefm-80	205	21	lags	lag	VERB
arjefm-80	205	22	lm	lm	ADJ
arjefm-80	205	23	-	-	PUNCT
arjefm-80	205	24	stat	stat	NOUN
arjefm-80	205	25	prob	prob	PROPN
arjefm-80	205	26	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	205	27	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	206	1	american	american	PROPN
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arjefm-80	206	5	economics	economic	NOUN
arjefm-80	206	6	,	,	PUNCT
arjefm-80	206	7	finance	finance	NOUN
arjefm-80	206	8	and	and	CCONJ
arjefm-80	206	9	management	management	NOUN
arjefm-80	206	10	volume	volume	NOUN
arjefm-80	206	11	11	11	NUM
arjefm-80	206	12	issue	issue	NOUN
arjefm-80	206	13	2	2	NUM
arjefm-80	206	14	,	,	PUNCT
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arjefm-80	206	19	issn	issn	PROPN
arjefm-80	206	20	:	:	PUNCT
arjefm-80	206	21	2836	2836	NUM
arjefm-80	206	22	-	-	SYM
arjefm-80	206	23	9416	9416	NUM
arjefm-80	206	24	impact	impact	NOUN
arjefm-80	206	25	factor	factor	NOUN
arjefm-80	206	26	:	:	PUNCT
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arjefm-80	206	28	journal	journal	NOUN
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arjefm-80	206	30	:	:	PUNCT
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arjefm-80	206	32	,	,	PUNCT
arjefm-80	206	33	email	email	NOUN
arjefm-80	206	34	:	:	PUNCT
arjefm-80	207	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	207	2	official	official	ADJ
arjefm-80	207	3	journal	journal	PROPN
arjefm-80	207	4	of	of	ADP
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arjefm-80	207	6	serial	serial	PROPN
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arjefm-80	207	8	american	american	PROPN
arjefm-80	207	9	research	research	PROPN
arjefm-80	207	10	journal	journal	PROPN
arjefm-80	207	11	of	of	ADP
arjefm-80	207	12	economics	economic	NOUN
arjefm-80	207	13	,	,	PUNCT
arjefm-80	207	14	finance	finance	NOUN
arjefm-80	207	15	and	and	CCONJ
arjefm-80	207	16	management	management	NOUN
arjefm-80	207	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	207	18	,	,	PUNCT
arjefm-80	207	19	email	email	NOUN
arjefm-80	207	20	:	:	PUNCT
arjefm-80	207	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	208	1	13	13	NUM
arjefm-80	209	1	|	|	ADV
arjefm-80	209	2	p	p	X
arjefm-80	209	3	a	a	DET
arjefm-80	209	4	g	g	NOUN
arjefm-80	209	5	e	e	NOUN
arjefm-80	209	6	1	1	NUM
arjefm-80	209	7	47.48022	47.48022	NUM
arjefm-80	209	8	0.0955	0.0955	NUM
arjefm-80	209	9	2	2	NUM
arjefm-80	209	10	50.66403	50.66403	NUM
arjefm-80	209	11	0.0533	0.0533	NUM
arjefm-80	209	12	from	from	ADP
arjefm-80	209	13	these	these	DET
arjefm-80	209	14	statistics	statistic	NOUN
arjefm-80	209	15	,	,	PUNCT
arjefm-80	209	16	we	we	PRON
arjefm-80	209	17	conclude	conclude	VERB
arjefm-80	209	18	therefore	therefore	ADV
arjefm-80	209	19	that	that	SCONJ
arjefm-80	209	20	in	in	ADP
arjefm-80	209	21	the	the	DET
arjefm-80	209	22	aggregated	aggregated	ADJ
arjefm-80	209	23	model	model	NOUN
arjefm-80	209	24	,	,	PUNCT
arjefm-80	209	25	there	there	PRON
arjefm-80	209	26	is	be	VERB
arjefm-80	209	27	evidence	evidence	NOUN
arjefm-80	209	28	of	of	ADP
arjefm-80	209	29	serial	serial	ADJ
arjefm-80	209	30	correlation	correlation	NOUN
arjefm-80	209	31	in	in	ADP
arjefm-80	209	32	the	the	DET
arjefm-80	209	33	residuals	residual	NOUN
arjefm-80	209	34	at	at	ADP
arjefm-80	209	35	lags	lag	NOUN
arjefm-80	209	36	one	one	NUM
arjefm-80	209	37	and	and	CCONJ
arjefm-80	209	38	two	two	NUM
arjefm-80	209	39	so	so	ADV
arjefm-80	209	40	we	we	PRON
arjefm-80	209	41	proceed	proceed	VERB
arjefm-80	209	42	to	to	PART
arjefm-80	209	43	determine	determine	VERB
arjefm-80	209	44	the	the	DET
arjefm-80	209	45	optimal	optimal	ADJ
arjefm-80	209	46	structure	structure	NOUN
arjefm-80	209	47	for	for	ADP
arjefm-80	209	48	the	the	DET
arjefm-80	209	49	model	model	NOUN
arjefm-80	209	50	.	.	PUNCT
arjefm-80	210	1	the	the	DET
arjefm-80	210	2	following	follow	VERB
arjefm-80	210	3	table	table	NOUN
arjefm-80	210	4	shows	show	VERB
arjefm-80	210	5	the	the	DET
arjefm-80	210	6	selection	selection	NOUN
arjefm-80	210	7	analysis	analysis	NOUN
arjefm-80	210	8	.	.	PUNCT
arjefm-80	211	1	table	table	NOUN
arjefm-80	211	2	6	6	NUM
arjefm-80	211	3	included	include	VERB
arjefm-80	211	4	observations	observation	NOUN
arjefm-80	211	5	:	:	PUNCT
arjefm-80	211	6	36	36	NUM
arjefm-80	211	7	lag	lag	NOUN
arjefm-80	211	8	logl	logl	NOUN
arjefm-80	211	9	lr	lr	PROPN
arjefm-80	211	10	fpe	fpe	PROPN
arjefm-80	211	11	aic	aic	PROPN
arjefm-80	211	12	sc	sc	PROPN
arjefm-80	211	13	hq	hq	PROPN
arjefm-80	211	14	0	0	NUM
arjefm-80	211	15	26.83531	26.83531	NUM
arjefm-80	211	16	na	na	ADP
arjefm-80	211	17	1.27e-08	1.27e-08	NUM
arjefm-80	211	18	-1.157517	-1.157517	NOUN
arjefm-80	211	19	0.893598	0.893598	NUM
arjefm-80	211	20	*	*	NOUN
arjefm-80	211	21	1.065402	1.065402	NUM
arjefm-80	211	22	*	*	SYM
arjefm-80	211	23	1	1	NUM
arjefm-80	211	24	59.96044	59.96044	NUM
arjefm-80	211	25	53.36827	53.36827	NUM
arjefm-80	211	26	1.53e-08	1.53e-08	NUM
arjefm-80	211	27	0.997802	0.997802	NUM
arjefm-80	211	28	0.849636	0.849636	NUM
arjefm-80	211	29	-0.352997	-0.352997	NOUN
arjefm-80	211	30	2	2	NUM
arjefm-80	211	31	101.9825	101.9825	NUM
arjefm-80	211	32	53.69481	53.69481	NUM
arjefm-80	211	33	1.30e-08	1.30e-08	NUM
arjefm-80	211	34	-1.332359	-1.332359	NOUN
arjefm-80	211	35	2.098598	2.098598	NUM
arjefm-80	211	36	-0.134863	-0.134863	NOUN
arjefm-80	211	37	3	3	NUM
arjefm-80	211	38	156.1070	156.1070	NUM
arjefm-80	211	39	51.11764	51.11764	NUM
arjefm-80	211	40	*	*	SYM
arjefm-80	211	41	7.91e09	7.91e09	NUM
arjefm-80	211	42	*	*	NOUN
arjefm-80	211	43	2.339279	2.339279	NUM
arjefm-80	211	44	*	*	NUM
arjefm-80	211	45	2.675197	2.675197	NUM
arjefm-80	211	46	0.589093	0.589093	NUM
arjefm-80	211	47	*	*	PUNCT
arjefm-80	211	48	indicates	indicate	VERB
arjefm-80	211	49	lag	lag	NOUN
arjefm-80	211	50	order	order	NOUN
arjefm-80	211	51	selected	select	VERB
arjefm-80	211	52	by	by	ADP
arjefm-80	211	53	the	the	DET
arjefm-80	211	54	criterion	criterion	NOUN
arjefm-80	211	55	lr	lr	INTJ
arjefm-80	211	56	:	:	PUNCT
arjefm-80	211	57	sequential	sequential	ADJ
arjefm-80	211	58	modified	modify	VERB
arjefm-80	211	59	lr	lr	X
arjefm-80	211	60	test	test	NOUN
arjefm-80	211	61	statistic	statistic	NOUN
arjefm-80	211	62	(	(	PUNCT
arjefm-80	211	63	each	each	DET
arjefm-80	211	64	test	test	NOUN
arjefm-80	211	65	at	at	ADP
arjefm-80	211	66	5	5	NUM
arjefm-80	211	67	%	%	NOUN
arjefm-80	211	68	level	level	NOUN
arjefm-80	211	69	)	)	PUNCT
arjefm-80	211	70	from	from	ADP
arjefm-80	211	71	the	the	DET
arjefm-80	211	72	results	result	NOUN
arjefm-80	211	73	shown	show	VERB
arjefm-80	211	74	in	in	ADP
arjefm-80	211	75	the	the	DET
arjefm-80	211	76	table	table	NOUN
arjefm-80	211	77	above	above	ADV
arjefm-80	211	78	,	,	PUNCT
arjefm-80	211	79	we	we	PRON
arjefm-80	211	80	firmly	firmly	ADV
arjefm-80	211	81	conclude	conclude	VERB
arjefm-80	211	82	that	that	SCONJ
arjefm-80	211	83	the	the	DET
arjefm-80	211	84	optimal	optimal	ADJ
arjefm-80	211	85	lag	lag	NOUN
arjefm-80	211	86	for	for	ADP
arjefm-80	211	87	the	the	DET
arjefm-80	211	88	aggregated	aggregate	VERB
arjefm-80	211	89	model	model	NOUN
arjefm-80	211	90	is	be	AUX
arjefm-80	211	91	three	three	NUM
arjefm-80	211	92	based	base	VERB
arjefm-80	211	93	on	on	ADP
arjefm-80	211	94	the	the	DET
arjefm-80	211	95	different	different	ADJ
arjefm-80	211	96	criteria	criterion	NOUN
arjefm-80	211	97	.	.	PUNCT
arjefm-80	212	1	having	having	AUX
arjefm-80	212	2	completed	complete	VERB
arjefm-80	212	3	the	the	DET
arjefm-80	212	4	tests	test	NOUN
arjefm-80	212	5	for	for	ADP
arjefm-80	212	6	stationarity	stationarity	NOUN
arjefm-80	212	7	and	and	CCONJ
arjefm-80	212	8	optimal	optimal	ADJ
arjefm-80	212	9	lag	lag	NOUN
arjefm-80	212	10	structures	structure	NOUN
arjefm-80	212	11	for	for	ADP
arjefm-80	212	12	the	the	DET
arjefm-80	212	13	two	two	NUM
arjefm-80	212	14	models	model	NOUN
arjefm-80	212	15	we	we	PRON
arjefm-80	212	16	then	then	ADV
arjefm-80	212	17	enter	enter	VERB
arjefm-80	212	18	the	the	DET
arjefm-80	212	19	log	log	NOUN
arjefm-80	212	20	levels	level	NOUN
arjefm-80	212	21	of	of	ADP
arjefm-80	212	22	the	the	DET
arjefm-80	212	23	variables	variable	NOUN
arjefm-80	212	24	in	in	ADP
arjefm-80	212	25	the	the	DET
arjefm-80	212	26	two	two	NUM
arjefm-80	212	27	models	model	NOUN
arjefm-80	212	28	into	into	ADP
arjefm-80	212	29	the	the	DET
arjefm-80	212	30	johansson	johansson	PROPN
arjefm-80	212	31	test	test	NOUN
arjefm-80	212	32	for	for	ADP
arjefm-80	212	33	co	co	NOUN
arjefm-80	212	34	integration	integration	NOUN
arjefm-80	212	35	,	,	PUNCT
arjefm-80	212	36	the	the	DET
arjefm-80	212	37	results	result	NOUN
arjefm-80	212	38	of	of	ADP
arjefm-80	212	39	which	which	PRON
arjefm-80	212	40	are	be	AUX
arjefm-80	212	41	presented	present	VERB
arjefm-80	212	42	in	in	ADP
arjefm-80	212	43	the	the	DET
arjefm-80	212	44	tables	table	NOUN
arjefm-80	212	45	below	below	ADV
arjefm-80	212	46	.	.	PUNCT
arjefm-80	213	1	table	table	NOUN
arjefm-80	213	2	7	7	NUM
arjefm-80	213	3	johanssen	johanssen	PROPN
arjefm-80	213	4	test	test	NOUN
arjefm-80	213	5	for	for	ADP
arjefm-80	213	6	co	co	NOUN
arjefm-80	213	7	integration	integration	NOUN
arjefm-80	213	8	for	for	ADP
arjefm-80	213	9	the	the	DET
arjefm-80	213	10	disaggregated	disaggregate	VERB
arjefm-80	213	11	model	model	NOUN
arjefm-80	213	12	series	series	NOUN
arjefm-80	213	13	:	:	PUNCT
arjefm-80	213	14	lgc	lgc	PROPN
arjefm-80	213	15	lgk	lgk	PROPN
arjefm-80	213	16	ldt	ldt	PROPN
arjefm-80	213	17	lit	light	VERB
arjefm-80	213	18	lfb	lfb	PROPN
arjefm-80	213	19	ldb	ldb	PROPN
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arjefm-80	213	22	cointegration	cointegration	NOUN
arjefm-80	213	23	rank	rank	NOUN
arjefm-80	213	24	test	test	NOUN
arjefm-80	213	25	(	(	PUNCT
arjefm-80	213	26	trace	trace	NOUN
arjefm-80	213	27	)	)	PUNCT
arjefm-80	213	28	hypothesized	hypothesize	VERB
arjefm-80	213	29	trace	trace	NOUN
arjefm-80	213	30	0.05	0.05	NUM
arjefm-80	213	31	no	no	NOUN
arjefm-80	213	32	.	.	PUNCT
arjefm-80	213	33	of	of	ADP
arjefm-80	213	34	ce(s	ce(s	ADV
arjefm-80	213	35	)	)	PUNCT
arjefm-80	213	36	eigenvalue	eigenvalue	NOUN
arjefm-80	213	37	statistic	statistic	ADJ
arjefm-80	213	38	critical	critical	ADJ
arjefm-80	213	39	value	value	NOUN
arjefm-80	213	40	prob	prob	NOUN
arjefm-80	213	41	.	.	PUNCT
arjefm-80	214	1	*	*	PUNCT
arjefm-80	215	1	*	*	PUNCT
arjefm-80	216	1	none	none	NOUN
arjefm-80	216	2	*	*	PUNCT
arjefm-80	216	3	0.716509	0.716509	NUM
arjefm-80	216	4	146.2219	146.2219	NUM
arjefm-80	216	5	134.6780	134.6780	NUM
arjefm-80	216	6	0.0087	0.0087	NUM
arjefm-80	216	7	at	at	ADP
arjefm-80	216	8	most	most	ADJ
arjefm-80	216	9	1	1	NUM
arjefm-80	216	10	0.623665	0.623665	NUM
arjefm-80	216	11	98.31997	98.31997	NUM
arjefm-80	216	12	103.8473	103.8473	NUM
arjefm-80	216	13	0.1098	0.1098	NUM
arjefm-80	216	14	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-80	216	15	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
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arjefm-80	216	19	of	of	ADP
arjefm-80	216	20	economics	economic	NOUN
arjefm-80	216	21	,	,	PUNCT
arjefm-80	216	22	finance	finance	NOUN
arjefm-80	216	23	and	and	CCONJ
arjefm-80	216	24	management	management	NOUN
arjefm-80	216	25	volume	volume	NOUN
arjefm-80	216	26	11	11	NUM
arjefm-80	216	27	issue	issue	NOUN
arjefm-80	216	28	2	2	NUM
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arjefm-80	216	33	2023	2023	NUM
arjefm-80	216	34	issn	issn	PROPN
arjefm-80	216	35	:	:	PUNCT
arjefm-80	216	36	2836	2836	NUM
arjefm-80	216	37	-	-	SYM
arjefm-80	216	38	9416	9416	NUM
arjefm-80	216	39	impact	impact	NOUN
arjefm-80	216	40	factor	factor	NOUN
arjefm-80	216	41	:	:	PUNCT
arjefm-80	216	42	5.57	5.57	NUM
arjefm-80	216	43	journal	journal	NOUN
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arjefm-80	216	45	:	:	PUNCT
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arjefm-80	216	60	of	of	ADP
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arjefm-80	216	62	,	,	PUNCT
arjefm-80	216	63	finance	finance	NOUN
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arjefm-80	216	67	,	,	PUNCT
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arjefm-80	216	69	:	:	PUNCT
arjefm-80	216	70	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	217	1	14	14	NUM
arjefm-80	218	1	|	|	ADV
arjefm-80	218	2	p	p	X
arjefm-80	218	3	a	a	DET
arjefm-80	218	4	g	g	NOUN
arjefm-80	218	5	e	e	NOUN
arjefm-80	218	6	at	at	ADP
arjefm-80	218	7	most	most	ADJ
arjefm-80	218	8	2	2	NUM
arjefm-80	218	9	0.424277	0.424277	NUM
arjefm-80	218	10	61.18352	61.18352	NUM
arjefm-80	218	11	76.97277	76.97277	NUM
arjefm-80	218	12	0.4275	0.4275	NUM
arjefm-80	218	13	at	at	ADP
arjefm-80	218	14	most	most	ADJ
arjefm-80	218	15	3	3	NUM
arjefm-80	218	16	0.318226	0.318226	NUM
arjefm-80	218	17	40.20262	40.20262	NUM
arjefm-80	218	18	54.07904	54.07904	NUM
arjefm-80	218	19	0.4603	0.4603	NUM
arjefm-80	218	20	at	at	ADP
arjefm-80	218	21	most	most	ADJ
arjefm-80	218	22	4	4	NUM
arjefm-80	218	23	0.256078	0.256078	NUM
arjefm-80	218	24	25.64646	25.64646	NUM
arjefm-80	218	25	35.19275	35.19275	NUM
arjefm-80	218	26	0.3620	0.3620	NUM
arjefm-80	218	27	at	at	ADP
arjefm-80	218	28	most	most	ADJ
arjefm-80	218	29	5	5	NUM
arjefm-80	218	30	0.187746	0.187746	NUM
arjefm-80	218	31	14.40532	14.40532	NUM
arjefm-80	218	32	20.26184	20.26184	NUM
arjefm-80	218	33	0.2625	0.2625	NUM
arjefm-80	218	34	at	at	ADP
arjefm-80	218	35	most	most	ADV
arjefm-80	218	36	6	6	NUM
arjefm-80	218	37	0.157301	0.157301	NUM
arjefm-80	218	38	6.503534	6.503534	NUM
arjefm-80	218	39	9.164546	9.164546	NUM
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arjefm-80	218	41	trace	trace	NOUN
arjefm-80	218	42	test	test	NOUN
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arjefm-80	218	45	cointegratingeqn(s	cointegratingeqn(s	NOUN
arjefm-80	218	46	)	)	PUNCT
arjefm-80	218	47	at	at	ADP
arjefm-80	218	48	the	the	DET
arjefm-80	218	49	0.05	0.05	NUM
arjefm-80	218	50	level	level	NOUN
arjefm-80	218	51	*	*	PUNCT
arjefm-80	218	52	denotes	denote	NOUN
arjefm-80	218	53	rejection	rejection	NOUN
arjefm-80	218	54	of	of	ADP
arjefm-80	218	55	the	the	DET
arjefm-80	218	56	hypothesis	hypothesis	NOUN
arjefm-80	218	57	at	at	ADP
arjefm-80	218	58	the	the	DET
arjefm-80	218	59	0.05	0.05	NUM
arjefm-80	218	60	level	level	NOUN
arjefm-80	218	61	*	*	NOUN
arjefm-80	218	62	*	*	PUNCT
arjefm-80	218	63	mackinnon	mackinnon	NOUN
arjefm-80	218	64	-	-	PUNCT
arjefm-80	218	65	haug	haug	NOUN
arjefm-80	218	66	-	-	PUNCT
arjefm-80	218	67	michelis	michelis	PROPN
arjefm-80	218	68	(	(	PUNCT
arjefm-80	218	69	1999	1999	NUM
arjefm-80	218	70	)	)	PUNCT
arjefm-80	218	71	p	p	X
arjefm-80	218	72	-	-	PUNCT
arjefm-80	218	73	values	value	NOUN
arjefm-80	218	74	sourceː	sourceː	NOUN
arjefm-80	218	75	generated	generate	VERB
arjefm-80	218	76	from	from	ADP
arjefm-80	218	77	e	e	NOUN
arjefm-80	218	78	-	-	NOUN
arjefm-80	218	79	views	view	NOUN
arjefm-80	218	80	.	.	PUNCT
arjefm-80	219	1	from	from	ADP
arjefm-80	219	2	the	the	DET
arjefm-80	219	3	results	result	NOUN
arjefm-80	219	4	presented	present	VERB
arjefm-80	219	5	above	above	ADV
arjefm-80	219	6	,	,	PUNCT
arjefm-80	219	7	we	we	PRON
arjefm-80	219	8	reject	reject	VERB
arjefm-80	219	9	the	the	DET
arjefm-80	219	10	hypothesis	hypothesis	NOUN
arjefm-80	219	11	that	that	SCONJ
arjefm-80	219	12	there	there	PRON
arjefm-80	219	13	is	be	VERB
arjefm-80	219	14	no	no	DET
arjefm-80	219	15	co	co	NOUN
arjefm-80	219	16	integration	integration	NOUN
arjefm-80	219	17	in	in	ADP
arjefm-80	219	18	our	our	PRON
arjefm-80	219	19	series	series	NOUN
arjefm-80	219	20	in	in	ADP
arjefm-80	219	21	favour	favour	NOUN
arjefm-80	219	22	of	of	ADP
arjefm-80	219	23	the	the	DET
arjefm-80	219	24	alternative	alternative	ADJ
arjefm-80	219	25	hypothesis	hypothesis	NOUN
arjefm-80	219	26	that	that	SCONJ
arjefm-80	219	27	there	there	PRON
arjefm-80	219	28	is	be	VERB
arjefm-80	219	29	one	one	NUM
arjefm-80	219	30	co	co	NOUN
arjefm-80	219	31	integrating	integrate	VERB
arjefm-80	219	32	equation	equation	NOUN
arjefm-80	219	33	in	in	ADP
arjefm-80	219	34	our	our	PRON
arjefm-80	219	35	model	model	NOUN
arjefm-80	219	36	.	.	PUNCT
arjefm-80	220	1	using	use	VERB
arjefm-80	220	2	the	the	DET
arjefm-80	220	3	un	un	PROPN
arjefm-80	220	4	-	-	ADJ
arjefm-80	220	5	normalized	normalize	VERB
arjefm-80	220	6	coefficients	coefficient	NOUN
arjefm-80	220	7	,	,	PUNCT
arjefm-80	220	8	we	we	PRON
arjefm-80	220	9	derive	derive	VERB
arjefm-80	220	10	the	the	DET
arjefm-80	220	11	long	long	ADJ
arjefm-80	220	12	run	run	NOUN
arjefm-80	220	13	equation	equation	NOUN
arjefm-80	220	14	for	for	ADP
arjefm-80	220	15	government	government	NOUN
arjefm-80	220	16	consumption	consumption	NOUN
arjefm-80	220	17	expenditure	expenditure	NOUN
arjefm-80	220	18	below	below	ADP
arjefm-80	220	19	by	by	ADP
arjefm-80	220	20	normalizing	normalize	VERB
arjefm-80	220	21	on	on	ADP
arjefm-80	220	22	government	government	NOUN
arjefm-80	220	23	consumption	consumption	NOUN
arjefm-80	220	24	expenditure	expenditure	NOUN
arjefm-80	220	25	.	.	PUNCT
arjefm-80	221	1	table	table	NOUN
arjefm-80	221	2	8	8	NUM
arjefm-80	221	3	long	long	ADJ
arjefm-80	221	4	run	run	NOUN
arjefm-80	221	5	equation	equation	NOUN
arjefm-80	221	6	for	for	ADP
arjefm-80	221	7	government	government	NOUN
arjefm-80	221	8	consumption	consumption	NOUN
arjefm-80	221	9	expenditure	expenditure	NOUN
arjefm-80	221	10	lgc	lgc	PROPN
arjefm-80	221	11	lgk	lgk	PROPN
arjefm-80	221	12	ldt	ldt	PROPN
arjefm-80	221	13	lit	light	VERB
arjefm-80	221	14	lfb	lfb	PROPN
arjefm-80	221	15	ldb	ldb	PROPN
arjefm-80	221	16	lgr	lgr	PROPN
arjefm-80	221	17	c	c	PROPN
arjefm-80	221	18	1.000000	1.000000	NUM
arjefm-80	221	19	0.265024	0.265024	NUM
arjefm-80	221	20	0.945707	0.945707	NUM
arjefm-80	221	21	4.311506	4.311506	NUM
arjefm-80	221	22	2.071946	2.071946	NUM
arjefm-80	221	23	0.967689	0.967689	NUM
arjefm-80	221	24	-1.537559	-1.537559	NOUN
arjefm-80	221	25	38.95029	38.95029	NUM
arjefm-80	221	26	(	(	PUNCT
arjefm-80	221	27	0.32764	0.32764	NUM
arjefm-80	221	28	)	)	PUNCT
arjefm-80	221	29	(	(	PUNCT
arjefm-80	221	30	0.58921	0.58921	NUM
arjefm-80	221	31	)	)	PUNCT
arjefm-80	221	32	(	(	PUNCT
arjefm-80	221	33	0.72563	0.72563	NUM
arjefm-80	221	34	)	)	PUNCT
arjefm-80	221	35	(	(	PUNCT
arjefm-80	221	36	0.50301	0.50301	NUM
arjefm-80	221	37	)	)	PUNCT
arjefm-80	221	38	(	(	PUNCT
arjefm-80	221	39	0.43209	0.43209	NUM
arjefm-80	221	40	)	)	PUNCT
arjefm-80	221	41	(	(	PUNCT
arjefm-80	221	42	0.30392	0.30392	NUM
arjefm-80	221	43	)	)	PUNCT
arjefm-80	221	44	(	(	PUNCT
arjefm-80	221	45	6.55926	6.55926	NUM
arjefm-80	221	46	)	)	PUNCT
arjefm-80	221	47	sourceː	sourceː	NOUN
arjefm-80	221	48	generated	generate	VERB
arjefm-80	221	49	from	from	ADP
arjefm-80	221	50	e	e	NOUN
arjefm-80	221	51	-	-	NOUN
arjefm-80	221	52	views	view	NOUN
arjefm-80	221	53	.	.	PUNCT
arjefm-80	222	1	from	from	ADP
arjefm-80	222	2	the	the	DET
arjefm-80	222	3	long	long	ADJ
arjefm-80	222	4	run	run	NOUN
arjefm-80	222	5	equation	equation	NOUN
arjefm-80	222	6	,	,	PUNCT
arjefm-80	222	7	we	we	PRON
arjefm-80	222	8	observe	observe	VERB
arjefm-80	222	9	that	that	SCONJ
arjefm-80	222	10	government	government	NOUN
arjefm-80	222	11	capital	capital	NOUN
arjefm-80	222	12	expenditure	expenditure	NOUN
arjefm-80	222	13	,	,	PUNCT
arjefm-80	222	14	direct	direct	ADJ
arjefm-80	222	15	taxes	taxis	NOUN
arjefm-80	222	16	,	,	PUNCT
arjefm-80	222	17	indirect	indirect	ADJ
arjefm-80	222	18	taxes	taxis	NOUN
arjefm-80	222	19	as	as	ADV
arjefm-80	222	20	well	well	ADV
arjefm-80	222	21	as	as	ADP
arjefm-80	222	22	domestic	domestic	ADJ
arjefm-80	222	23	borrowing	borrowing	NOUN
arjefm-80	222	24	have	have	VERB
arjefm-80	222	25	negative	negative	ADJ
arjefm-80	222	26	effect	effect	NOUN
arjefm-80	222	27	on	on	ADP
arjefm-80	222	28	government	government	NOUN
arjefm-80	222	29	consumption	consumption	NOUN
arjefm-80	222	30	expenditure	expenditure	NOUN
arjefm-80	222	31	with	with	ADP
arjefm-80	222	32	about	about	ADV
arjefm-80	222	33	27%,95	27%,95	NUM
arjefm-80	222	34	%	%	NOUN
arjefm-80	222	35	,	,	PUNCT
arjefm-80	222	36	431%and	431%and	NUM
arjefm-80	222	37	97	97	NUM
arjefm-80	222	38	%	%	NOUN
arjefm-80	222	39	impacts	impact	NOUN
arjefm-80	222	40	respectively	respectively	ADV
arjefm-80	222	41	on	on	ADP
arjefm-80	222	42	government	government	NOUN
arjefm-80	222	43	consumption	consumption	NOUN
arjefm-80	222	44	expenditure	expenditure	NOUN
arjefm-80	222	45	with	with	ADP
arjefm-80	222	46	a	a	DET
arjefm-80	222	47	100	100	NUM
arjefm-80	222	48	%	%	NOUN
arjefm-80	222	49	increase	increase	NOUN
arjefm-80	222	50	in	in	ADP
arjefm-80	222	51	each	each	PRON
arjefm-80	222	52	of	of	ADP
arjefm-80	222	53	the	the	DET
arjefm-80	222	54	variables	variable	NOUN
arjefm-80	222	55	.	.	PUNCT
arjefm-80	223	1	however	however	ADV
arjefm-80	223	2	,	,	PUNCT
arjefm-80	223	3	in	in	ADP
arjefm-80	223	4	the	the	DET
arjefm-80	223	5	long	long	ADJ
arjefm-80	223	6	run	run	NOUN
arjefm-80	223	7	,	,	PUNCT
arjefm-80	223	8	borrowing	borrow	VERB
arjefm-80	223	9	from	from	ADP
arjefm-80	223	10	abroad	abroad	ADV
arjefm-80	223	11	and	and	CCONJ
arjefm-80	223	12	grants	grant	NOUN
arjefm-80	223	13	are	be	AUX
arjefm-80	223	14	financing	finance	VERB
arjefm-80	223	15	sources	source	NOUN
arjefm-80	223	16	which	which	PRON
arjefm-80	223	17	have	have	VERB
arjefm-80	223	18	positive	positive	ADJ
arjefm-80	223	19	impact	impact	NOUN
arjefm-80	223	20	on	on	ADP
arjefm-80	223	21	government	government	NOUN
arjefm-80	223	22	consumption	consumption	NOUN
arjefm-80	223	23	expenditure	expenditure	NOUN
arjefm-80	223	24	.	.	PUNCT
arjefm-80	224	1	specifically	specifically	ADV
arjefm-80	224	2	,	,	PUNCT
arjefm-80	224	3	a	a	DET
arjefm-80	224	4	100	100	NUM
arjefm-80	224	5	%	%	NOUN
arjefm-80	224	6	increase	increase	NOUN
arjefm-80	224	7	in	in	ADP
arjefm-80	224	8	external	external	ADJ
arjefm-80	224	9	borrowing	borrowing	NOUN
arjefm-80	224	10	in	in	ADP
arjefm-80	224	11	the	the	DET
arjefm-80	224	12	long	long	ADJ
arjefm-80	224	13	run	run	NOUN
arjefm-80	224	14	triggers	trigger	VERB
arjefm-80	224	15	a	a	DET
arjefm-80	224	16	little	little	ADJ
arjefm-80	224	17	over	over	ADP
arjefm-80	224	18	207	207	NUM
arjefm-80	224	19	%	%	NOUN
arjefm-80	224	20	increase	increase	NOUN
arjefm-80	224	21	in	in	ADP
arjefm-80	224	22	government	government	NOUN
arjefm-80	224	23	consumption	consumption	NOUN
arjefm-80	224	24	expenditure	expenditure	NOUN
arjefm-80	224	25	whilst	whilst	SCONJ
arjefm-80	224	26	a	a	DET
arjefm-80	224	27	100	100	NUM
arjefm-80	224	28	%	%	NOUN
arjefm-80	224	29	increase	increase	NOUN
arjefm-80	224	30	in	in	ADP
arjefm-80	224	31	grants	grant	NOUN
arjefm-80	224	32	also	also	ADV
arjefm-80	224	33	leads	lead	VERB
arjefm-80	224	34	to	to	ADP
arjefm-80	224	35	a	a	DET
arjefm-80	224	36	154	154	NUM
arjefm-80	224	37	%	%	NOUN
arjefm-80	224	38	upswing	upswing	NOUN
arjefm-80	224	39	in	in	ADP
arjefm-80	224	40	government	government	NOUN
arjefm-80	224	41	consumption	consumption	NOUN
arjefm-80	224	42	expenditure	expenditure	NOUN
arjefm-80	224	43	.	.	PUNCT
arjefm-80	225	1	in	in	ADP
arjefm-80	225	2	the	the	DET
arjefm-80	225	3	table	table	NOUN
arjefm-80	225	4	below	below	ADV
arjefm-80	225	5	,	,	PUNCT
arjefm-80	225	6	we	we	PRON
arjefm-80	225	7	present	present	VERB
arjefm-80	225	8	the	the	DET
arjefm-80	225	9	results	result	NOUN
arjefm-80	225	10	of	of	ADP
arjefm-80	225	11	the	the	DET
arjefm-80	225	12	tests	test	NOUN
arjefm-80	225	13	for	for	ADP
arjefm-80	225	14	co	co	NOUN
arjefm-80	225	15	integration	integration	NOUN
arjefm-80	225	16	in	in	ADP
arjefm-80	225	17	the	the	DET
arjefm-80	225	18	aggregated	aggregated	ADJ
arjefm-80	225	19	model	model	NOUN
arjefm-80	225	20	.	.	PUNCT
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arjefm-80	226	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
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arjefm-80	227	10	volume	volume	NOUN
arjefm-80	227	11	11	11	NUM
arjefm-80	227	12	issue	issue	NOUN
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arjefm-80	227	22	-	-	SYM
arjefm-80	227	23	9416	9416	NUM
arjefm-80	227	24	impact	impact	NOUN
arjefm-80	227	25	factor	factor	NOUN
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arjefm-80	227	27	5.57	5.57	NUM
arjefm-80	227	28	journal	journal	NOUN
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arjefm-80	227	30	:	:	PUNCT
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arjefm-80	227	34	:	:	PUNCT
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arjefm-80	228	3	journal	journal	PROPN
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arjefm-80	228	9	research	research	PROPN
arjefm-80	228	10	journal	journal	PROPN
arjefm-80	228	11	of	of	ADP
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arjefm-80	228	13	,	,	PUNCT
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arjefm-80	228	15	and	and	CCONJ
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arjefm-80	228	18	,	,	PUNCT
arjefm-80	228	19	email	email	NOUN
arjefm-80	228	20	:	:	PUNCT
arjefm-80	228	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	229	1	15	15	NUM
arjefm-80	230	1	|	|	ADV
arjefm-80	230	2	p	p	X
arjefm-80	230	3	a	a	DET
arjefm-80	230	4	g	g	NOUN
arjefm-80	230	5	e	e	NOUN
arjefm-80	230	6	table	table	NOUN
arjefm-80	230	7	9	9	NUM
arjefm-80	230	8	:	:	PUNCT
arjefm-80	230	9	test	test	NOUN
arjefm-80	230	10	for	for	ADP
arjefm-80	230	11	co	co	NOUN
arjefm-80	230	12	-	-	NOUN
arjefm-80	230	13	integration	integration	NOUN
arjefm-80	230	14	in	in	ADP
arjefm-80	230	15	the	the	DET
arjefm-80	230	16	aggregated	aggregate	VERB
arjefm-80	230	17	model	model	NOUN
arjefm-80	230	18	series	series	PROPN
arjefm-80	230	19	:	:	PUNCT
arjefm-80	230	20	lge	lge	PROPN
arjefm-80	230	21	ldt	ldt	PROPN
arjefm-80	230	22	lit	light	VERB
arjefm-80	230	23	lfb	lfb	PROPN
arjefm-80	230	24	ldb	ldb	PROPN
arjefm-80	230	25	lgr	lgr	PROPN
arjefm-80	230	26	hypothesized	hypothesize	VERB
arjefm-80	230	27	trace	trace	NOUN
arjefm-80	230	28	0.05	0.05	NUM
arjefm-80	230	29	no	no	NOUN
arjefm-80	230	30	.	.	PUNCT
arjefm-80	231	1	of	of	ADP
arjefm-80	231	2	ce(s	ce(s	ADV
arjefm-80	231	3	)	)	PUNCT
arjefm-80	231	4	eigenvalue	eigenvalue	NOUN
arjefm-80	231	5	statistic	statistic	ADJ
arjefm-80	231	6	critical	critical	ADJ
arjefm-80	231	7	value	value	NOUN
arjefm-80	231	8	prob	prob	NOUN
arjefm-80	231	9	.	.	PUNCT
arjefm-80	232	1	*	*	PUNCT
arjefm-80	233	1	*	*	PUNCT
arjefm-80	234	1	none	none	NOUN
arjefm-80	234	2	*	*	PUNCT
arjefm-80	234	3	0.642654	0.642654	NUM
arjefm-80	234	4	127.6208	127.6208	NUM
arjefm-80	234	5	103.8473	103.8473	NUM
arjefm-80	234	6	0.0006	0.0006	NUM
arjefm-80	234	7	at	at	ADP
arjefm-80	234	8	most	most	ADJ
arjefm-80	234	9	1	1	NUM
arjefm-80	234	10	*	*	NUM
arjefm-80	234	11	0.606512	0.606512	NUM
arjefm-80	234	12	88.51696	88.51696	NUM
arjefm-80	234	13	76.97277	76.97277	NUM
arjefm-80	234	14	0.0050	0.0050	NUM
arjefm-80	234	15	at	at	ADP
arjefm-80	234	16	most	most	ADJ
arjefm-80	234	17	2	2	NUM
arjefm-80	234	18	0.493073	0.493073	NUM
arjefm-80	234	19	53.07422	53.07422	NUM
arjefm-80	234	20	54.07904	54.07904	NUM
arjefm-80	234	21	0.0613	0.0613	NUM
arjefm-80	234	22	at	at	ADP
arjefm-80	234	23	most	most	ADJ
arjefm-80	234	24	3	3	NUM
arjefm-80	234	25	0.275454	0.275454	NUM
arjefm-80	234	26	27.25744	27.25744	NUM
arjefm-80	234	27	35.19275	35.19275	NUM
arjefm-80	234	28	0.2761	0.2761	NUM
arjefm-80	234	29	at	at	ADP
arjefm-80	234	30	most	most	ADV
arjefm-80	234	31	4	4	NUM
arjefm-80	234	32	0.199710	0.199710	NUM
arjefm-80	234	33	15.01346	15.01346	NUM
arjefm-80	234	34	20.26184	20.26184	NUM
arjefm-80	234	35	0.2256	0.2256	NUM
arjefm-80	234	36	at	at	ADP
arjefm-80	234	37	most	most	ADJ
arjefm-80	234	38	5	5	NUM
arjefm-80	234	39	0.158281	0.158281	NUM
arjefm-80	234	40	6.547753	6.547753	NUM
arjefm-80	234	41	9.164546	9.164546	NUM
arjefm-80	234	42	0.1525	0.1525	NUM
arjefm-80	234	43	trace	trace	NOUN
arjefm-80	234	44	test	test	NOUN
arjefm-80	234	45	indicates	indicate	VERB
arjefm-80	234	46	2	2	NUM
arjefm-80	234	47	cointegrating	cointegrate	VERB
arjefm-80	234	48	eqn(s	eqn(s	PROPN
arjefm-80	234	49	)	)	PUNCT
arjefm-80	234	50	at	at	ADP
arjefm-80	234	51	the	the	DET
arjefm-80	234	52	0.05	0.05	NUM
arjefm-80	234	53	level	level	NOUN
arjefm-80	234	54	*	*	PUNCT
arjefm-80	234	55	denotes	denote	NOUN
arjefm-80	234	56	rejection	rejection	NOUN
arjefm-80	234	57	of	of	ADP
arjefm-80	234	58	the	the	DET
arjefm-80	234	59	hypothesis	hypothesis	NOUN
arjefm-80	234	60	at	at	ADP
arjefm-80	234	61	the	the	DET
arjefm-80	234	62	0.05	0.05	NUM
arjefm-80	234	63	level	level	NOUN
arjefm-80	234	64	sourceː	sourceː	ADJ
arjefm-80	234	65	output	output	NOUN
arjefm-80	234	66	generated	generate	VERB
arjefm-80	234	67	by	by	ADP
arjefm-80	234	68	author	author	NOUN
arjefm-80	234	69	from	from	ADP
arjefm-80	234	70	e	e	NOUN
arjefm-80	234	71	-	-	NOUN
arjefm-80	234	72	views	view	NOUN
arjefm-80	234	73	using	use	VERB
arjefm-80	234	74	data	datum	NOUN
arjefm-80	234	75	in	in	ADP
arjefm-80	234	76	the	the	DET
arjefm-80	234	77	table	table	NOUN
arjefm-80	234	78	above	above	ADV
arjefm-80	234	79	,	,	PUNCT
arjefm-80	234	80	we	we	PRON
arjefm-80	234	81	test	test	VERB
arjefm-80	234	82	the	the	DET
arjefm-80	234	83	null	null	ADJ
arjefm-80	234	84	hypothesis	hypothesis	NOUN
arjefm-80	234	85	that	that	SCONJ
arjefm-80	234	86	there	there	PRON
arjefm-80	234	87	is	be	VERB
arjefm-80	234	88	no	no	DET
arjefm-80	234	89	co	co	NOUN
arjefm-80	234	90	integrating	integrate	VERB
arjefm-80	234	91	relationship	relationship	NOUN
arjefm-80	234	92	in	in	ADP
arjefm-80	234	93	our	our	PRON
arjefm-80	234	94	series	series	NOUN
arjefm-80	234	95	against	against	ADP
arjefm-80	234	96	the	the	DET
arjefm-80	234	97	alternative	alternative	ADJ
arjefm-80	234	98	hypothesis	hypothesis	NOUN
arjefm-80	234	99	that	that	SCONJ
arjefm-80	234	100	there	there	PRON
arjefm-80	234	101	is	be	VERB
arjefm-80	234	102	at	at	ADV
arjefm-80	234	103	least	least	ADJ
arjefm-80	234	104	one	one	NUM
arjefm-80	234	105	co	co	NOUN
arjefm-80	234	106	integrating	integrate	VERB
arjefm-80	234	107	relationship	relationship	NOUN
arjefm-80	234	108	.	.	PUNCT
arjefm-80	235	1	from	from	ADP
arjefm-80	235	2	the	the	DET
arjefm-80	235	3	table	table	NOUN
arjefm-80	235	4	above	above	ADP
arjefm-80	235	5	we	we	PRON
arjefm-80	235	6	fail	fail	VERB
arjefm-80	235	7	to	to	PART
arjefm-80	235	8	accept	accept	VERB
arjefm-80	235	9	the	the	DET
arjefm-80	235	10	hypothesis	hypothesis	NOUN
arjefm-80	235	11	that	that	SCONJ
arjefm-80	235	12	there	there	PRON
arjefm-80	235	13	is	be	VERB
arjefm-80	235	14	at	at	ADP
arjefm-80	235	15	most	most	ADV
arjefm-80	235	16	one	one	NUM
arjefm-80	235	17	co	co	NOUN
arjefm-80	235	18	integrating	integrate	VERB
arjefm-80	235	19	relationship	relationship	NOUN
arjefm-80	235	20	but	but	CCONJ
arjefm-80	235	21	fail	fail	VERB
arjefm-80	235	22	to	to	PART
arjefm-80	235	23	reject	reject	VERB
arjefm-80	235	24	the	the	DET
arjefm-80	235	25	null	null	ADJ
arjefm-80	235	26	hypothesis	hypothesis	NOUN
arjefm-80	235	27	that	that	SCONJ
arjefm-80	235	28	there	there	PRON
arjefm-80	235	29	are	be	VERB
arjefm-80	235	30	most	most	ADV
arjefm-80	235	31	two	two	NUM
arjefm-80	235	32	co	co	NOUN
arjefm-80	235	33	integrating	integrate	VERB
arjefm-80	235	34	vectors	vector	NOUN
arjefm-80	235	35	in	in	ADP
arjefm-80	235	36	our	our	PRON
arjefm-80	235	37	model	model	NOUN
arjefm-80	235	38	.	.	PUNCT
arjefm-80	236	1	this	this	PRON
arjefm-80	236	2	thus	thus	ADV
arjefm-80	236	3	means	mean	VERB
arjefm-80	236	4	that	that	SCONJ
arjefm-80	236	5	in	in	ADP
arjefm-80	236	6	our	our	PRON
arjefm-80	236	7	series	series	NOUN
arjefm-80	236	8	,	,	PUNCT
arjefm-80	236	9	we	we	PRON
arjefm-80	236	10	can	can	AUX
arjefm-80	236	11	uncover	uncover	VERB
arjefm-80	236	12	two	two	NUM
arjefm-80	236	13	co	co	NOUN
arjefm-80	236	14	integrating	integrate	VERB
arjefm-80	236	15	relationships	relationship	NOUN
arjefm-80	236	16	.	.	PUNCT
arjefm-80	237	1	in	in	ADP
arjefm-80	237	2	the	the	DET
arjefm-80	237	3	table	table	NOUN
arjefm-80	237	4	below	below	ADV
arjefm-80	237	5	,	,	PUNCT
arjefm-80	237	6	we	we	PRON
arjefm-80	237	7	present	present	VERB
arjefm-80	237	8	the	the	DET
arjefm-80	237	9	first	first	ADJ
arjefm-80	237	10	co	co	ADJ
arjefm-80	237	11	integrating	integrate	VERB
arjefm-80	237	12	equation	equation	NOUN
arjefm-80	237	13	from	from	ADP
arjefm-80	237	14	our	our	PRON
arjefm-80	237	15	model	model	NOUN
arjefm-80	237	16	.	.	PUNCT
arjefm-80	238	1	table10	table10	PROPN
arjefm-80	238	2	.	.	PUNCT
arjefm-80	239	1	long	long	ADJ
arjefm-80	239	2	run	run	NOUN
arjefm-80	239	3	function	function	NOUN
arjefm-80	239	4	for	for	ADP
arjefm-80	239	5	aggregated	aggregate	VERB
arjefm-80	239	6	government	government	NOUN
arjefm-80	239	7	expenditure	expenditure	NOUN
arjefm-80	239	8	lge	lge	PROPN
arjefm-80	239	9	ldt	ldt	PROPN
arjefm-80	239	10	lit	light	VERB
arjefm-80	239	11	lfb	lfb	PROPN
arjefm-80	239	12	ldb	ldb	PROPN
arjefm-80	239	13	lgr	lgr	PROPN
arjefm-80	239	14	c	c	PROPN
arjefm-80	239	15	1.000000	1.000000	NUM
arjefm-80	239	16	7.033729	7.033729	NUM
arjefm-80	239	17	18.66572	18.66572	NUM
arjefm-80	239	18	-8.250564	-8.250564	NOUN
arjefm-80	239	19	-0.279982	-0.279982	PROPN
arjefm-80	240	1	-6.581200	-6.581200	PROPN
arjefm-80	241	1	259.1778	259.1778	NUM
arjefm-80	241	2	(	(	PUNCT
arjefm-80	241	3	2.36778	2.36778	NUM
arjefm-80	241	4	)	)	PUNCT
arjefm-80	241	5	(	(	PUNCT
arjefm-80	241	6	3.53366	3.53366	NUM
arjefm-80	241	7	)	)	PUNCT
arjefm-80	241	8	(	(	PUNCT
arjefm-80	241	9	1.53188	1.53188	NUM
arjefm-80	241	10	)	)	PUNCT
arjefm-80	241	11	(	(	PUNCT
arjefm-80	241	12	1.71301	1.71301	NUM
arjefm-80	241	13	)	)	PUNCT
arjefm-80	241	14	(	(	PUNCT
arjefm-80	241	15	1.37989	1.37989	NUM
arjefm-80	241	16	)	)	PUNCT
arjefm-80	241	17	(	(	PUNCT
arjefm-80	241	18	30.0200	30.0200	NUM
arjefm-80	241	19	)	)	PUNCT
arjefm-80	241	20	sourceː	sourceː	NOUN
arjefm-80	241	21	generated	generate	VERB
arjefm-80	241	22	by	by	ADP
arjefm-80	241	23	author	author	NOUN
arjefm-80	241	24	using	use	VERB
arjefm-80	241	25	e	e	NOUN
arjefm-80	241	26	-	-	NOUN
arjefm-80	241	27	views	view	NOUN
arjefm-80	241	28	estimation	estimation	NOUN
arjefm-80	241	29	.	.	PUNCT
arjefm-80	242	1	from	from	ADP
arjefm-80	242	2	the	the	DET
arjefm-80	242	3	results	result	NOUN
arjefm-80	242	4	,	,	PUNCT
arjefm-80	242	5	we	we	PRON
arjefm-80	242	6	determine	determine	VERB
arjefm-80	242	7	that	that	SCONJ
arjefm-80	242	8	in	in	ADP
arjefm-80	242	9	the	the	DET
arjefm-80	242	10	long	long	ADJ
arjefm-80	242	11	run	run	NOUN
arjefm-80	242	12	,	,	PUNCT
arjefm-80	242	13	direct	direct	ADJ
arjefm-80	242	14	and	and	CCONJ
arjefm-80	242	15	indirect	indirect	ADJ
arjefm-80	242	16	taxes	taxis	NOUN
arjefm-80	242	17	negatively	negatively	ADV
arjefm-80	242	18	impact	impact	NOUN
arjefm-80	242	19	on	on	ADP
arjefm-80	242	20	government	government	NOUN
arjefm-80	242	21	expenditure	expenditure	NOUN
arjefm-80	242	22	whereas	whereas	SCONJ
arjefm-80	242	23	external	external	ADJ
arjefm-80	242	24	borrowing	borrowing	NOUN
arjefm-80	242	25	,	,	PUNCT
arjefm-80	242	26	domestic	domestic	ADJ
arjefm-80	242	27	borrowing	borrowing	NOUN
arjefm-80	242	28	and	and	CCONJ
arjefm-80	242	29	grants	grant	NOUN
arjefm-80	242	30	exert	exert	VERB
arjefm-80	242	31	a	a	DET
arjefm-80	242	32	positive	positive	ADJ
arjefm-80	242	33	effect	effect	NOUN
arjefm-80	242	34	on	on	ADP
arjefm-80	242	35	government	government	NOUN
arjefm-80	242	36	expenditure	expenditure	NOUN
arjefm-80	242	37	.	.	PUNCT
arjefm-80	243	1	the	the	DET
arjefm-80	243	2	estimated	estimate	VERB
arjefm-80	243	3	negative	negative	ADJ
arjefm-80	243	4	long	long	ADJ
arjefm-80	243	5	run	run	NOUN
arjefm-80	243	6	impacts	impact	NOUN
arjefm-80	243	7	of	of	ADP
arjefm-80	243	8	direct	direct	ADJ
arjefm-80	243	9	and	and	CCONJ
arjefm-80	243	10	indirect	indirect	ADJ
arjefm-80	243	11	taxes	taxis	NOUN
arjefm-80	243	12	on	on	ADP
arjefm-80	243	13	government	government	NOUN
arjefm-80	243	14	expenditure	expenditure	NOUN
arjefm-80	243	15	are	be	AUX
arjefm-80	243	16	respectively	respectively	ADV
arjefm-80	243	17	7.03	7.03	NUM
arjefm-80	243	18	and	and	CCONJ
arjefm-80	243	19	18.67	18.67	NUM
arjefm-80	243	20	units	unit	NOUN
arjefm-80	243	21	as	as	ADP
arjefm-80	243	22	each	each	PRON
arjefm-80	243	23	of	of	ADP
arjefm-80	243	24	these	these	DET
arjefm-80	243	25	increases	increase	NOUN
arjefm-80	243	26	by	by	ADP
arjefm-80	243	27	a	a	DET
arjefm-80	243	28	unit	unit	NOUN
arjefm-80	243	29	.	.	PUNCT
arjefm-80	244	1	on	on	ADP
arjefm-80	244	2	the	the	DET
arjefm-80	244	3	other	other	ADJ
arjefm-80	244	4	hand	hand	NOUN
arjefm-80	244	5	,	,	PUNCT
arjefm-80	244	6	a	a	DET
arjefm-80	244	7	unit	unit	NOUN
arjefm-80	244	8	increase	increase	NOUN
arjefm-80	244	9	of	of	ADP
arjefm-80	244	10	each	each	PRON
arjefm-80	244	11	of	of	ADP
arjefm-80	244	12	external	external	ADJ
arjefm-80	244	13	borrowing	borrowing	NOUN
arjefm-80	244	14	,	,	PUNCT
arjefm-80	244	15	domestic	domestic	ADJ
arjefm-80	244	16	borrowing	borrowing	NOUN
arjefm-80	244	17	and	and	CCONJ
arjefm-80	244	18	grants	grant	NOUN
arjefm-80	244	19	leads	lead	VERB
arjefm-80	244	20	to	to	ADP
arjefm-80	244	21	about	about	ADP
arjefm-80	244	22	8.3	8.3	NUM
arjefm-80	244	23	,	,	PUNCT
arjefm-80	244	24	0.28	0.28	NUM
arjefm-80	244	25	and	and	CCONJ
arjefm-80	244	26	6.58	6.58	NUM
arjefm-80	244	27	units	unit	NOUN
arjefm-80	244	28	increase	increase	VERB
arjefm-80	244	29	in	in	ADP
arjefm-80	244	30	government	government	NOUN
arjefm-80	244	31	expenditure	expenditure	NOUN
arjefm-80	244	32	.	.	PUNCT
arjefm-80	245	1	we	we	PRON
arjefm-80	245	2	derive	derive	VERB
arjefm-80	245	3	the	the	DET
arjefm-80	245	4	second	second	ADJ
arjefm-80	245	5	co	co	NOUN
arjefm-80	245	6	integrating	integrate	VERB
arjefm-80	245	7	equation	equation	NOUN
arjefm-80	245	8	from	from	ADP
arjefm-80	245	9	the	the	DET
arjefm-80	245	10	un	un	PROPN
arjefm-80	245	11	–	–	PUNCT
arjefm-80	245	12	normalized	normalize	VERB
arjefm-80	245	13	co	co	ADJ
arjefm-80	245	14	integrating	integrate	VERB
arjefm-80	245	15	coefficients	coefficient	NOUN
arjefm-80	245	16	by	by	ADP
arjefm-80	245	17	normalizing	normalize	VERB
arjefm-80	245	18	on	on	ADP
arjefm-80	245	19	external	external	ADJ
arjefm-80	245	20	borrowing	borrowing	NOUN
arjefm-80	245	21	.we	.we	PUNCT
arjefm-80	245	22	thus	thus	ADV
arjefm-80	245	23	derive	derive	VERB
arjefm-80	245	24	the	the	DET
arjefm-80	245	25	long	long	ADJ
arjefm-80	245	26	run	run	NOUN
arjefm-80	245	27	equation	equation	NOUN
arjefm-80	245	28	for	for	ADP
arjefm-80	245	29	external	external	ADJ
arjefm-80	245	30	borrowing	borrowing	NOUN
arjefm-80	245	31	in	in	ADP
arjefm-80	245	32	the	the	DET
arjefm-80	245	33	form	form	NOUN
arjefm-80	245	34	below	below	ADV
arjefm-80	245	35	;	;	PUNCT
arjefm-80	245	36	table	table	NOUN
arjefm-80	245	37	11.long	11.long	NUM
arjefm-80	245	38	run	run	NOUN
arjefm-80	245	39	equation	equation	NOUN
arjefm-80	245	40	for	for	ADP
arjefm-80	245	41	external	external	ADJ
arjefm-80	245	42	borrowing	borrowing	NOUN
arjefm-80	245	43	lge	lge	PROPN
arjefm-80	245	44	ldt	ldt	PROPN
arjefm-80	245	45	lit	light	VERB
arjefm-80	245	46	lfb	lfb	PROPN
arjefm-80	245	47	ldb	ldb	PROPN
arjefm-80	245	48	lgr	lgr	PROPN
arjefm-80	245	49	c	c	PROPN
arjefm-80	245	50	-0.346960	-0.346960	VERB
arjefm-80	245	51	0.850657	0.850657	NUM
arjefm-80	245	52	0.668850	0.668850	NUM
arjefm-80	245	53	1.000000	1.000000	NUM
arjefm-80	245	54	-1.277610	-1.277610	NOUN
arjefm-80	245	55	0.027437	0.027437	NUM
arjefm-80	245	56	13.132143	13.132143	NUM
arjefm-80	245	57	sourceː	sourceː	ADJ
arjefm-80	245	58	output	output	NOUN
arjefm-80	245	59	generated	generate	VERB
arjefm-80	245	60	by	by	ADP
arjefm-80	245	61	author	author	NOUN
arjefm-80	245	62	based	base	VERB
arjefm-80	245	63	on	on	ADP
arjefm-80	245	64	e	e	NOUN
arjefm-80	245	65	-	-	NOUN
arjefm-80	245	66	views	view	NOUN
arjefm-80	245	67	estimations	estimation	NOUN
arjefm-80	245	68	.	.	PUNCT
arjefm-80	246	1	from	from	ADP
arjefm-80	246	2	the	the	DET
arjefm-80	246	3	table	table	NOUN
arjefm-80	246	4	,	,	PUNCT
arjefm-80	246	5	we	we	PRON
arjefm-80	246	6	define	define	VERB
arjefm-80	246	7	the	the	DET
arjefm-80	246	8	long	long	ADJ
arjefm-80	246	9	run	run	NOUN
arjefm-80	246	10	equilibrium	equilibrium	NOUN
arjefm-80	246	11	relationship	relationship	NOUN
arjefm-80	246	12	between	between	ADP
arjefm-80	246	13	external	external	ADJ
arjefm-80	246	14	borrowing	borrowing	NOUN
arjefm-80	246	15	and	and	CCONJ
arjefm-80	246	16	the	the	DET
arjefm-80	246	17	endogenous	endogenous	ADJ
arjefm-80	246	18	variables	variable	NOUN
arjefm-80	246	19	.	.	PUNCT
arjefm-80	247	1	in	in	ADP
arjefm-80	247	2	this	this	DET
arjefm-80	247	3	relationship	relationship	NOUN
arjefm-80	247	4	,	,	PUNCT
arjefm-80	247	5	we	we	PRON
arjefm-80	247	6	observe	observe	VERB
arjefm-80	247	7	that	that	SCONJ
arjefm-80	247	8	government	government	NOUN
arjefm-80	247	9	expenditure	expenditure	NOUN
arjefm-80	247	10	and	and	CCONJ
arjefm-80	247	11	domestic	domestic	ADJ
arjefm-80	247	12	borrowing	borrowing	NOUN
arjefm-80	247	13	exert	exert	VERB
arjefm-80	247	14	positive	positive	ADJ
arjefm-80	247	15	effects	effect	NOUN
arjefm-80	247	16	on	on	ADP
arjefm-80	247	17	external	external	ADJ
arjefm-80	247	18	borrowing	borrowing	NOUN
arjefm-80	247	19	meaning	mean	VERB
arjefm-80	247	20	that	that	SCONJ
arjefm-80	247	21	in	in	ADP
arjefm-80	247	22	the	the	DET
arjefm-80	247	23	long	long	ADJ
arjefm-80	247	24	run	run	NOUN
arjefm-80	247	25	an	an	DET
arjefm-80	247	26	increase	increase	NOUN
arjefm-80	247	27	in	in	ADP
arjefm-80	247	28	both	both	DET
arjefm-80	247	29	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	247	30	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	247	31	american	american	PROPN
arjefm-80	247	32	research	research	PROPN
arjefm-80	247	33	journal	journal	PROPN
arjefm-80	247	34	of	of	ADP
arjefm-80	247	35	economics	economic	NOUN
arjefm-80	247	36	,	,	PUNCT
arjefm-80	247	37	finance	finance	NOUN
arjefm-80	247	38	and	and	CCONJ
arjefm-80	247	39	management	management	NOUN
arjefm-80	247	40	volume	volume	NOUN
arjefm-80	247	41	11	11	NUM
arjefm-80	247	42	issue	issue	NOUN
arjefm-80	247	43	2	2	NUM
arjefm-80	247	44	,	,	PUNCT
arjefm-80	247	45	april	april	PROPN
arjefm-80	247	46	-	-	PUNCT
arjefm-80	247	47	june	june	PROPN
arjefm-80	247	48	2023	2023	NUM
arjefm-80	247	49	issn	issn	PROPN
arjefm-80	247	50	:	:	PUNCT
arjefm-80	247	51	2836	2836	NUM
arjefm-80	247	52	-	-	SYM
arjefm-80	247	53	9416	9416	NUM
arjefm-80	247	54	impact	impact	NOUN
arjefm-80	247	55	factor	factor	NOUN
arjefm-80	247	56	:	:	PUNCT
arjefm-80	247	57	5.57	5.57	NUM
arjefm-80	247	58	journal	journal	NOUN
arjefm-80	247	59	homepage	homepage	NOUN
arjefm-80	247	60	:	:	PUNCT
arjefm-80	247	61	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	247	62	,	,	PUNCT
arjefm-80	247	63	email	email	NOUN
arjefm-80	247	64	:	:	PUNCT
arjefm-80	247	65	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	247	66	official	official	ADJ
arjefm-80	247	67	journal	journal	PROPN
arjefm-80	247	68	of	of	ADP
arjefm-80	247	69	america	america	PROPN
arjefm-80	247	70	serial	serial	PROPN
arjefm-80	247	71	publication	publication	NOUN
arjefm-80	247	72	american	american	PROPN
arjefm-80	247	73	research	research	PROPN
arjefm-80	247	74	journal	journal	PROPN
arjefm-80	247	75	of	of	ADP
arjefm-80	247	76	economics	economic	NOUN
arjefm-80	247	77	,	,	PUNCT
arjefm-80	247	78	finance	finance	NOUN
arjefm-80	247	79	and	and	CCONJ
arjefm-80	247	80	management	management	NOUN
arjefm-80	247	81	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	247	82	,	,	PUNCT
arjefm-80	247	83	email	email	NOUN
arjefm-80	247	84	:	:	PUNCT
arjefm-80	247	85	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	248	1	16	16	NUM
arjefm-80	249	1	|	|	ADV
arjefm-80	249	2	p	p	X
arjefm-80	249	3	a	a	DET
arjefm-80	249	4	g	g	NOUN
arjefm-80	249	5	e	e	NOUN
arjefm-80	249	6	government	government	NOUN
arjefm-80	249	7	expenditure	expenditure	NOUN
arjefm-80	249	8	and	and	CCONJ
arjefm-80	249	9	domestic	domestic	ADJ
arjefm-80	249	10	borrowing	borrowing	NOUN
arjefm-80	249	11	lead	lead	NOUN
arjefm-80	249	12	to	to	ADP
arjefm-80	249	13	an	an	DET
arjefm-80	249	14	increased	increase	VERB
arjefm-80	249	15	external	external	ADJ
arjefm-80	249	16	borrowing	borrowing	NOUN
arjefm-80	249	17	.	.	PUNCT
arjefm-80	250	1	generally	generally	ADV
arjefm-80	250	2	from	from	ADP
arjefm-80	250	3	the	the	DET
arjefm-80	250	4	estimation	estimation	NOUN
arjefm-80	250	5	results	result	NOUN
arjefm-80	250	6	,	,	PUNCT
arjefm-80	250	7	a	a	DET
arjefm-80	250	8	100	100	NUM
arjefm-80	250	9	%	%	NOUN
arjefm-80	250	10	increase	increase	NOUN
arjefm-80	250	11	in	in	ADP
arjefm-80	250	12	government	government	NOUN
arjefm-80	250	13	expenditure	expenditure	NOUN
arjefm-80	250	14	leads	lead	VERB
arjefm-80	250	15	to	to	ADP
arjefm-80	250	16	about	about	ADP
arjefm-80	250	17	35	35	NUM
arjefm-80	250	18	%	%	NOUN
arjefm-80	250	19	increase	increase	NOUN
arjefm-80	250	20	in	in	ADP
arjefm-80	250	21	external	external	ADJ
arjefm-80	250	22	borrowing	borrowing	NOUN
arjefm-80	250	23	whilst	whilst	SCONJ
arjefm-80	250	24	a	a	DET
arjefm-80	250	25	100	100	NUM
arjefm-80	250	26	%	%	NOUN
arjefm-80	250	27	increase	increase	NOUN
arjefm-80	250	28	in	in	ADP
arjefm-80	250	29	domestic	domestic	ADJ
arjefm-80	250	30	borrowing	borrowing	NOUN
arjefm-80	250	31	calls	call	VERB
arjefm-80	250	32	forth	forth	ADV
arjefm-80	250	33	a	a	DET
arjefm-80	250	34	whopping	whopping	ADJ
arjefm-80	250	35	128	128	NUM
arjefm-80	250	36	%	%	NOUN
arjefm-80	250	37	increase	increase	NOUN
arjefm-80	250	38	in	in	ADP
arjefm-80	250	39	external	external	ADJ
arjefm-80	250	40	borrowing	borrowing	NOUN
arjefm-80	250	41	.	.	PUNCT
arjefm-80	251	1	on	on	ADP
arjefm-80	251	2	the	the	DET
arjefm-80	251	3	other	other	ADJ
arjefm-80	251	4	hand	hand	NOUN
arjefm-80	251	5	,	,	PUNCT
arjefm-80	251	6	direct	direct	ADJ
arjefm-80	251	7	taxes	taxis	NOUN
arjefm-80	251	8	,	,	PUNCT
arjefm-80	251	9	indirect	indirect	ADJ
arjefm-80	251	10	taxes	taxis	NOUN
arjefm-80	251	11	as	as	ADV
arjefm-80	251	12	well	well	ADV
arjefm-80	251	13	as	as	ADP
arjefm-80	251	14	grants	grant	NOUN
arjefm-80	251	15	expectedly	expectedly	ADV
arjefm-80	251	16	all	all	DET
arjefm-80	251	17	impact	impact	NOUN
arjefm-80	251	18	negatively	negatively	ADV
arjefm-80	251	19	on	on	ADP
arjefm-80	251	20	external	external	ADJ
arjefm-80	251	21	borrowing	borrowing	NOUN
arjefm-80	251	22	.	.	PUNCT
arjefm-80	252	1	more	more	ADV
arjefm-80	252	2	specifically	specifically	ADV
arjefm-80	252	3	,	,	PUNCT
arjefm-80	252	4	in	in	ADP
arjefm-80	252	5	the	the	DET
arjefm-80	252	6	long	long	ADJ
arjefm-80	252	7	run	run	NOUN
arjefm-80	252	8	a	a	DET
arjefm-80	252	9	100	100	NUM
arjefm-80	252	10	%	%	NOUN
arjefm-80	252	11	increase	increase	NOUN
arjefm-80	252	12	in	in	ADP
arjefm-80	252	13	each	each	PRON
arjefm-80	252	14	of	of	ADP
arjefm-80	252	15	direct	direct	ADJ
arjefm-80	252	16	taxes	taxis	NOUN
arjefm-80	252	17	,	,	PUNCT
arjefm-80	252	18	indirect	indirect	ADJ
arjefm-80	252	19	taxes	taxis	NOUN
arjefm-80	252	20	and	and	CCONJ
arjefm-80	252	21	grants	grant	NOUN
arjefm-80	252	22	precipitates	precipitate	NOUN
arjefm-80	252	23	about	about	ADP
arjefm-80	252	24	85%,67	85%,67	NOUN
arjefm-80	252	25	%	%	NOUN
arjefm-80	252	26	and	and	CCONJ
arjefm-80	252	27	3	3	NUM
arjefm-80	252	28	%	%	NOUN
arjefm-80	252	29	decline	decline	NOUN
arjefm-80	252	30	in	in	ADP
arjefm-80	252	31	external	external	ADJ
arjefm-80	252	32	borrowing	borrowing	NOUN
arjefm-80	252	33	.	.	PUNCT
arjefm-80	253	1	using	use	VERB
arjefm-80	253	2	tables	table	NOUN
arjefm-80	253	3	8,10	8,10	NOUN
arjefm-80	253	4	and	and	CCONJ
arjefm-80	253	5	11	11	NUM
arjefm-80	253	6	,	,	PUNCT
arjefm-80	253	7	we	we	PRON
arjefm-80	253	8	derive	derive	VERB
arjefm-80	253	9	the	the	DET
arjefm-80	253	10	error	error	NOUN
arjefm-80	253	11	correction	correction	NOUN
arjefm-80	253	12	terms	term	NOUN
arjefm-80	253	13	ect1,ect2	ect1,ect2	ADP
arjefm-80	253	14	and	and	CCONJ
arjefm-80	253	15	ect3	ect3	PROPN
arjefm-80	253	16	respectively	respectively	ADV
arjefm-80	253	17	which	which	PRON
arjefm-80	253	18	are	be	AUX
arjefm-80	253	19	entered	enter	VERB
arjefm-80	253	20	into	into	ADP
arjefm-80	253	21	the	the	DET
arjefm-80	253	22	short	short	ADJ
arjefm-80	253	23	run	run	NOUN
arjefm-80	253	24	models	model	NOUN
arjefm-80	253	25	to	to	PART
arjefm-80	253	26	determine	determine	VERB
arjefm-80	253	27	the	the	DET
arjefm-80	253	28	short	short	ADJ
arjefm-80	253	29	run	run	NOUN
arjefm-80	253	30	effects	effect	NOUN
arjefm-80	253	31	of	of	ADP
arjefm-80	253	32	each	each	PRON
arjefm-80	253	33	of	of	ADP
arjefm-80	253	34	the	the	DET
arjefm-80	253	35	endogenous	endogenous	ADJ
arjefm-80	253	36	variables	variable	NOUN
arjefm-80	253	37	on	on	ADP
arjefm-80	253	38	the	the	DET
arjefm-80	253	39	other	other	ADJ
arjefm-80	253	40	endogenous	endogenous	ADJ
arjefm-80	253	41	variables	variable	NOUN
arjefm-80	253	42	in	in	ADP
arjefm-80	253	43	tour	tour	NOUN
arjefm-80	253	44	system	system	NOUN
arjefm-80	253	45	.	.	PUNCT
arjefm-80	254	1	short	short	ADJ
arjefm-80	254	2	run	run	NOUN
arjefm-80	254	3	relationships	relationship	NOUN
arjefm-80	254	4	proceeding	proceed	VERB
arjefm-80	254	5	with	with	ADP
arjefm-80	254	6	our	our	PRON
arjefm-80	254	7	analysis	analysis	NOUN
arjefm-80	254	8	,	,	PUNCT
arjefm-80	254	9	we	we	PRON
arjefm-80	254	10	estimate	estimate	VERB
arjefm-80	254	11	the	the	DET
arjefm-80	254	12	short	short	ADJ
arjefm-80	254	13	run	run	NOUN
arjefm-80	254	14	/	/	SYM
arjefm-80	254	15	error	error	NOUN
arjefm-80	254	16	correction	correction	NOUN
arjefm-80	254	17	models	model	NOUN
arjefm-80	254	18	for	for	ADP
arjefm-80	254	19	the	the	DET
arjefm-80	254	20	government	government	NOUN
arjefm-80	254	21	consumption	consumption	NOUN
arjefm-80	254	22	expenditure	expenditure	NOUN
arjefm-80	254	23	,	,	PUNCT
arjefm-80	254	24	aggregated	aggregate	VERB
arjefm-80	254	25	government	government	NOUN
arjefm-80	254	26	expenditure	expenditure	NOUN
arjefm-80	254	27	and	and	CCONJ
arjefm-80	254	28	external	external	ADJ
arjefm-80	254	29	borrowing	borrowing	NOUN
arjefm-80	254	30	(	(	PUNCT
arjefm-80	254	31	the	the	DET
arjefm-80	254	32	estimates	estimate	NOUN
arjefm-80	254	33	are	be	AUX
arjefm-80	254	34	provided	provide	VERB
arjefm-80	254	35	in	in	ADP
arjefm-80	254	36	the	the	DET
arjefm-80	254	37	appendices	appendix	NOUN
arjefm-80	254	38	)	)	PUNCT
arjefm-80	254	39	.	.	PUNCT
arjefm-80	255	1	in	in	ADP
arjefm-80	255	2	these	these	DET
arjefm-80	255	3	models	model	NOUN
arjefm-80	255	4	,	,	PUNCT
arjefm-80	255	5	we	we	PRON
arjefm-80	255	6	observe	observe	VERB
arjefm-80	255	7	the	the	DET
arjefm-80	255	8	signs	sign	NOUN
arjefm-80	255	9	of	of	ADP
arjefm-80	255	10	the	the	DET
arjefm-80	255	11	error	error	NOUN
arjefm-80	255	12	correction	correction	NOUN
arjefm-80	255	13	terms	term	NOUN
arjefm-80	255	14	are	be	AUX
arjefm-80	255	15	all	all	PRON
arjefm-80	255	16	negative	negative	ADJ
arjefm-80	255	17	meaning	meaning	NOUN
arjefm-80	255	18	that	that	SCONJ
arjefm-80	255	19	the	the	DET
arjefm-80	255	20	behaviours	behaviour	NOUN
arjefm-80	255	21	of	of	ADP
arjefm-80	255	22	the	the	DET
arjefm-80	255	23	short	short	ADJ
arjefm-80	255	24	run	run	NOUN
arjefm-80	255	25	equations	equation	NOUN
arjefm-80	255	26	are	be	AUX
arjefm-80	255	27	in	in	ADP
arjefm-80	255	28	line	line	NOUN
arjefm-80	255	29	with	with	ADP
arjefm-80	255	30	the	the	DET
arjefm-80	255	31	theory	theory	NOUN
arjefm-80	255	32	that	that	SCONJ
arjefm-80	255	33	once	once	SCONJ
arjefm-80	255	34	these	these	PRON
arjefm-80	255	35	are	be	AUX
arjefm-80	255	36	co	co	VERB
arjefm-80	255	37	integrated	integrate	VERB
arjefm-80	255	38	then	then	ADV
arjefm-80	255	39	there	there	PRON
arjefm-80	255	40	is	be	VERB
arjefm-80	255	41	a	a	DET
arjefm-80	255	42	tendency	tendency	NOUN
arjefm-80	255	43	for	for	SCONJ
arjefm-80	255	44	each	each	PRON
arjefm-80	255	45	of	of	ADP
arjefm-80	255	46	them	they	PRON
arjefm-80	255	47	to	to	PART
arjefm-80	255	48	be	be	AUX
arjefm-80	255	49	moved	move	VERB
arjefm-80	255	50	towards	towards	ADP
arjefm-80	255	51	the	the	DET
arjefm-80	255	52	desired	desire	VERB
arjefm-80	255	53	equilibrium	equilibrium	NOUN
arjefm-80	255	54	position	position	NOUN
arjefm-80	255	55	.	.	PUNCT
arjefm-80	256	1	;	;	PUNCT
arjefm-80	256	2	that	that	PRON
arjefm-80	256	3	is	be	AUX
arjefm-80	256	4	each	each	DET
arjefm-80	256	5	system	system	NOUN
arjefm-80	256	6	is	be	AUX
arjefm-80	256	7	eventually	eventually	ADV
arjefm-80	256	8	drawn	draw	VERB
arjefm-80	256	9	towards	towards	ADP
arjefm-80	256	10	the	the	DET
arjefm-80	256	11	equilibrium	equilibrium	NOUN
arjefm-80	256	12	time	time	NOUN
arjefm-80	256	13	path	path	NOUN
arjefm-80	256	14	when	when	SCONJ
arjefm-80	256	15	there	there	PRON
arjefm-80	256	16	is	be	VERB
arjefm-80	256	17	a	a	DET
arjefm-80	256	18	deviation	deviation	NOUN
arjefm-80	256	19	from	from	ADP
arjefm-80	256	20	their	their	PRON
arjefm-80	256	21	expected	expect	VERB
arjefm-80	256	22	long	long	ADJ
arjefm-80	256	23	run	run	NOUN
arjefm-80	256	24	position	position	NOUN
arjefm-80	256	25	.	.	PUNCT
arjefm-80	257	1	of	of	ADP
arjefm-80	257	2	the	the	DET
arjefm-80	257	3	three	three	NUM
arjefm-80	257	4	models	model	NOUN
arjefm-80	257	5	,	,	PUNCT
arjefm-80	257	6	the	the	DET
arjefm-80	257	7	equation	equation	NOUN
arjefm-80	257	8	for	for	ADP
arjefm-80	257	9	aggregated	aggregated	ADJ
arjefm-80	257	10	government	government	NOUN
arjefm-80	257	11	expenditure	expenditure	NOUN
arjefm-80	257	12	is	be	AUX
arjefm-80	257	13	estimated	estimate	VERB
arjefm-80	257	14	to	to	PART
arjefm-80	257	15	have	have	VERB
arjefm-80	257	16	the	the	DET
arjefm-80	257	17	fastest	fast	ADJ
arjefm-80	257	18	return	return	NOUN
arjefm-80	257	19	to	to	ADP
arjefm-80	257	20	its	its	PRON
arjefm-80	257	21	equilibrium	equilibrium	NOUN
arjefm-80	257	22	time	time	NOUN
arjefm-80	257	23	path	path	NOUN
arjefm-80	257	24	after	after	ADP
arjefm-80	257	25	a	a	DET
arjefm-80	257	26	deviation	deviation	NOUN
arjefm-80	257	27	with	with	ADP
arjefm-80	257	28	a	a	DET
arjefm-80	257	29	speed	speed	NOUN
arjefm-80	257	30	of	of	ADP
arjefm-80	257	31	adjustment	adjustment	NOUN
arjefm-80	257	32	of	of	ADP
arjefm-80	257	33	about	about	ADV
arjefm-80	257	34	81	81	NUM
arjefm-80	257	35	%	%	NOUN
arjefm-80	257	36	per	per	ADP
arjefm-80	257	37	period	period	NOUN
arjefm-80	257	38	.	.	PUNCT
arjefm-80	258	1	this	this	PRON
arjefm-80	258	2	followed	follow	VERB
arjefm-80	258	3	by	by	ADP
arjefm-80	258	4	the	the	DET
arjefm-80	258	5	equation	equation	NOUN
arjefm-80	258	6	for	for	ADP
arjefm-80	258	7	external	external	ADJ
arjefm-80	258	8	borrowing	borrowing	NOUN
arjefm-80	258	9	with	with	ADP
arjefm-80	258	10	a	a	DET
arjefm-80	258	11	speed	speed	NOUN
arjefm-80	258	12	of	of	ADP
arjefm-80	258	13	adjustment	adjustment	NOUN
arjefm-80	258	14	of	of	ADP
arjefm-80	258	15	about	about	ADV
arjefm-80	258	16	43	43	NUM
arjefm-80	258	17	%	%	NOUN
arjefm-80	258	18	per	per	ADP
arjefm-80	258	19	period	period	NOUN
arjefm-80	258	20	when	when	SCONJ
arjefm-80	258	21	it	it	PRON
arjefm-80	258	22	deviates	deviate	VERB
arjefm-80	258	23	from	from	ADP
arjefm-80	258	24	the	the	DET
arjefm-80	258	25	equilibrium	equilibrium	NOUN
arjefm-80	258	26	.the	.the	PRON
arjefm-80	259	1	government	government	NOUN
arjefm-80	259	2	consumption	consumption	NOUN
arjefm-80	259	3	equation	equation	NOUN
arjefm-80	259	4	however	however	ADV
arjefm-80	259	5	has	have	VERB
arjefm-80	259	6	about	about	ADV
arjefm-80	259	7	20	20	NUM
arjefm-80	259	8	%	%	NOUN
arjefm-80	259	9	of	of	ADP
arjefm-80	259	10	its	its	PRON
arjefm-80	259	11	deviation	deviation	NOUN
arjefm-80	259	12	from	from	ADP
arjefm-80	259	13	the	the	DET
arjefm-80	259	14	long	long	ADJ
arjefm-80	259	15	run	run	NOUN
arjefm-80	259	16	corrected	correct	VERB
arjefm-80	259	17	in	in	ADP
arjefm-80	259	18	each	each	DET
arjefm-80	259	19	period	period	NOUN
arjefm-80	259	20	.	.	PUNCT
arjefm-80	260	1	in	in	ADP
arjefm-80	260	2	the	the	DET
arjefm-80	260	3	general	general	ADJ
arjefm-80	260	4	government	government	NOUN
arjefm-80	260	5	consumption	consumption	NOUN
arjefm-80	260	6	equation	equation	NOUN
arjefm-80	260	7	,	,	PUNCT
arjefm-80	260	8	our	our	PRON
arjefm-80	260	9	short	short	ADJ
arjefm-80	260	10	run	run	NOUN
arjefm-80	260	11	estimates	estimate	NOUN
arjefm-80	260	12	show	show	VERB
arjefm-80	260	13	that	that	SCONJ
arjefm-80	260	14	the	the	DET
arjefm-80	260	15	government	government	NOUN
arjefm-80	260	16	consumption	consumption	NOUN
arjefm-80	260	17	expenditure	expenditure	NOUN
arjefm-80	260	18	is	be	AUX
arjefm-80	260	19	significantly	significantly	ADV
arjefm-80	260	20	impacted	impact	VERB
arjefm-80	260	21	by	by	ADP
arjefm-80	260	22	a	a	DET
arjefm-80	260	23	feedback	feedback	NOUN
arjefm-80	260	24	,	,	PUNCT
arjefm-80	260	25	growth	growth	NOUN
arjefm-80	260	26	in	in	ADP
arjefm-80	260	27	government	government	NOUN
arjefm-80	260	28	capital	capital	NOUN
arjefm-80	260	29	expenditure	expenditure	NOUN
arjefm-80	260	30	,	,	PUNCT
arjefm-80	260	31	direct	direct	ADJ
arjefm-80	260	32	taxes	taxis	NOUN
arjefm-80	260	33	,	,	PUNCT
arjefm-80	260	34	domestic	domestic	ADJ
arjefm-80	260	35	borrowing	borrowing	NOUN
arjefm-80	260	36	and	and	CCONJ
arjefm-80	260	37	grants	grant	NOUN
arjefm-80	260	38	.	.	PUNCT
arjefm-80	261	1	their	their	PRON
arjefm-80	261	2	contemporaneous	contemporaneous	ADJ
arjefm-80	261	3	effects	effect	NOUN
arjefm-80	261	4	are	be	AUX
arjefm-80	261	5	estimated	estimate	VERB
arjefm-80	261	6	at	at	ADP
arjefm-80	261	7	-0.701589	-0.701589	NOUN
arjefm-80	261	8	,	,	PUNCT
arjefm-80	261	9	0.564860	0.564860	NUM
arjefm-80	261	10	,	,	PUNCT
arjefm-80	261	11	0.3202703,0.223057	0.3202703,0.223057	NUM
arjefm-80	261	12	and	and	CCONJ
arjefm-80	261	13	0.203551	0.203551	NUM
arjefm-80	261	14	respectively	respectively	ADV
arjefm-80	261	15	.	.	PUNCT
arjefm-80	262	1	this	this	PRON
arjefm-80	262	2	shows	show	VERB
arjefm-80	262	3	that	that	SCONJ
arjefm-80	262	4	previous	previous	ADJ
arjefm-80	262	5	period	period	NOUN
arjefm-80	262	6	government	government	NOUN
arjefm-80	262	7	consumption	consumption	NOUN
arjefm-80	262	8	expenditure	expenditure	NOUN
arjefm-80	262	9	tends	tend	VERB
arjefm-80	262	10	to	to	PART
arjefm-80	262	11	have	have	VERB
arjefm-80	262	12	a	a	DET
arjefm-80	262	13	negative	negative	ADJ
arjefm-80	262	14	impact	impact	NOUN
arjefm-80	262	15	on	on	ADP
arjefm-80	262	16	current	current	ADJ
arjefm-80	262	17	government	government	NOUN
arjefm-80	262	18	spending	spending	NOUN
arjefm-80	262	19	on	on	ADP
arjefm-80	262	20	consumption	consumption	NOUN
arjefm-80	262	21	.	.	PUNCT
arjefm-80	263	1	it	it	PRON
arjefm-80	263	2	is	be	AUX
arjefm-80	263	3	also	also	ADV
arjefm-80	263	4	noticed	notice	VERB
arjefm-80	263	5	from	from	ADP
arjefm-80	263	6	the	the	DET
arjefm-80	263	7	estimation	estimation	NOUN
arjefm-80	263	8	that	that	SCONJ
arjefm-80	263	9	the	the	DET
arjefm-80	263	10	previous	previous	ADJ
arjefm-80	263	11	government	government	NOUN
arjefm-80	263	12	capital	capital	NOUN
arjefm-80	263	13	expenditure	expenditure	NOUN
arjefm-80	263	14	has	have	AUX
arjefm-80	263	15	a	a	DET
arjefm-80	263	16	positive	positive	ADJ
arjefm-80	263	17	effect	effect	NOUN
arjefm-80	263	18	on	on	ADP
arjefm-80	263	19	current	current	ADJ
arjefm-80	263	20	government	government	NOUN
arjefm-80	263	21	consumption	consumption	NOUN
arjefm-80	263	22	expenditure	expenditure	NOUN
arjefm-80	263	23	.	.	PUNCT
arjefm-80	264	1	this	this	DET
arjefm-80	264	2	result	result	NOUN
arjefm-80	264	3	contrasts	contrast	VERB
arjefm-80	264	4	with	with	ADP
arjefm-80	264	5	osei	osei	PROPN
arjefm-80	264	6	et	et	PROPN
arjefm-80	264	7	al	al	PROPN
arjefm-80	264	8	(	(	PUNCT
arjefm-80	264	9	2003	2003	NUM
arjefm-80	264	10	)	)	PUNCT
arjefm-80	264	11	.	.	PUNCT
arjefm-80	265	1	in	in	ADP
arjefm-80	265	2	actual	actual	ADJ
arjefm-80	265	3	terms	term	NOUN
arjefm-80	265	4	,	,	PUNCT
arjefm-80	265	5	from	from	ADP
arjefm-80	265	6	the	the	DET
arjefm-80	265	7	results	result	NOUN
arjefm-80	265	8	,	,	PUNCT
arjefm-80	265	9	a	a	DET
arjefm-80	265	10	1	1	NUM
arjefm-80	265	11	unit	unit	NOUN
arjefm-80	265	12	increase	increase	NOUN
arjefm-80	265	13	in	in	ADP
arjefm-80	265	14	the	the	DET
arjefm-80	265	15	previous	previous	ADJ
arjefm-80	265	16	period	period	NOUN
arjefm-80	265	17	government	government	NOUN
arjefm-80	265	18	consumption	consumption	NOUN
arjefm-80	265	19	expenditure	expenditure	NOUN
arjefm-80	265	20	triggers	trigger	VERB
arjefm-80	265	21	about	about	ADP
arjefm-80	265	22	0.56	0.56	NUM
arjefm-80	265	23	unit	unit	NOUN
arjefm-80	265	24	increase	increase	NOUN
arjefm-80	265	25	in	in	ADP
arjefm-80	265	26	current	current	ADJ
arjefm-80	265	27	government	government	NOUN
arjefm-80	265	28	consumption	consumption	NOUN
arjefm-80	265	29	expenditure	expenditure	NOUN
arjefm-80	265	30	.	.	PUNCT
arjefm-80	266	1	lastly	lastly	ADV
arjefm-80	266	2	a	a	DET
arjefm-80	266	3	previous	previous	ADJ
arjefm-80	266	4	increase	increase	NOUN
arjefm-80	266	5	in	in	ADP
arjefm-80	266	6	grants	grant	NOUN
arjefm-80	266	7	precipitates	precipitate	VERB
arjefm-80	266	8	an	an	DET
arjefm-80	266	9	increase	increase	NOUN
arjefm-80	266	10	in	in	ADP
arjefm-80	266	11	current	current	ADJ
arjefm-80	266	12	government	government	NOUN
arjefm-80	266	13	consumption	consumption	NOUN
arjefm-80	266	14	expenditure	expenditure	NOUN
arjefm-80	266	15	with	with	ADP
arjefm-80	266	16	a	a	DET
arjefm-80	266	17	100	100	NUM
arjefm-80	266	18	%	%	NOUN
arjefm-80	266	19	previous	previous	ADJ
arjefm-80	266	20	increase	increase	NOUN
arjefm-80	266	21	in	in	ADP
arjefm-80	266	22	grants	grant	NOUN
arjefm-80	266	23	leading	lead	VERB
arjefm-80	266	24	to	to	ADP
arjefm-80	266	25	a	a	DET
arjefm-80	266	26	20	20	NUM
arjefm-80	266	27	%	%	NOUN
arjefm-80	266	28	increase	increase	NOUN
arjefm-80	266	29	in	in	ADP
arjefm-80	266	30	the	the	DET
arjefm-80	266	31	current	current	ADJ
arjefm-80	266	32	values	value	NOUN
arjefm-80	266	33	of	of	ADP
arjefm-80	266	34	general	general	ADJ
arjefm-80	266	35	government	government	NOUN
arjefm-80	266	36	consumption	consumption	NOUN
arjefm-80	266	37	expenditure	expenditure	NOUN
arjefm-80	266	38	.	.	PUNCT
arjefm-80	267	1	in	in	ADP
arjefm-80	267	2	the	the	DET
arjefm-80	267	3	aggregated	aggregated	ADJ
arjefm-80	267	4	government	government	NOUN
arjefm-80	267	5	expenditure	expenditure	NOUN
arjefm-80	267	6	function	function	NOUN
arjefm-80	267	7	,	,	PUNCT
arjefm-80	267	8	just	just	ADV
arjefm-80	267	9	as	as	SCONJ
arjefm-80	267	10	is	be	AUX
arjefm-80	267	11	witnessed	witness	VERB
arjefm-80	267	12	in	in	ADP
arjefm-80	267	13	the	the	DET
arjefm-80	267	14	consumption	consumption	NOUN
arjefm-80	267	15	expenditure	expenditure	NOUN
arjefm-80	267	16	equation	equation	NOUN
arjefm-80	267	17	registers	register	VERB
arjefm-80	267	18	a	a	DET
arjefm-80	267	19	negative	negative	ADJ
arjefm-80	267	20	feedback	feedback	NOUN
arjefm-80	267	21	with	with	ADP
arjefm-80	267	22	a	a	DET
arjefm-80	267	23	magnitude	magnitude	NOUN
arjefm-80	267	24	of	of	ADP
arjefm-80	267	25	0.134650	0.134650	NUM
arjefm-80	267	26	per	per	ADP
arjefm-80	267	27	unit	unit	NOUN
arjefm-80	267	28	increase	increase	NOUN
arjefm-80	267	29	in	in	ADP
arjefm-80	267	30	government	government	NOUN
arjefm-80	267	31	expenditure	expenditure	NOUN
arjefm-80	267	32	.	.	PUNCT
arjefm-80	268	1	the	the	DET
arjefm-80	268	2	only	only	ADJ
arjefm-80	268	3	difference	difference	NOUN
arjefm-80	268	4	is	be	AUX
arjefm-80	268	5	that	that	SCONJ
arjefm-80	268	6	in	in	ADP
arjefm-80	268	7	the	the	DET
arjefm-80	268	8	case	case	NOUN
arjefm-80	268	9	of	of	ADP
arjefm-80	268	10	the	the	DET
arjefm-80	268	11	aggregated	aggregated	ADJ
arjefm-80	268	12	government	government	NOUN
arjefm-80	268	13	expenditure	expenditure	NOUN
arjefm-80	268	14	function	function	NOUN
arjefm-80	268	15	,	,	PUNCT
arjefm-80	268	16	the	the	DET
arjefm-80	268	17	feedback	feedback	NOUN
arjefm-80	268	18	comes	come	VERB
arjefm-80	268	19	from	from	ADP
arjefm-80	268	20	the	the	DET
arjefm-80	268	21	third	third	ADJ
arjefm-80	268	22	period	period	NOUN
arjefm-80	268	23	.	.	PUNCT
arjefm-80	269	1	also	also	ADV
arjefm-80	269	2	,	,	PUNCT
arjefm-80	269	3	growth	growth	NOUN
arjefm-80	269	4	in	in	ADP
arjefm-80	269	5	direct	direct	ADJ
arjefm-80	269	6	taxes	taxis	NOUN
arjefm-80	269	7	and	and	CCONJ
arjefm-80	269	8	indirect	indirect	ADJ
arjefm-80	269	9	taxes	taxis	NOUN
arjefm-80	269	10	respectively	respectively	ADV
arjefm-80	269	11	exert	exert	VERB
arjefm-80	269	12	positive	positive	ADJ
arjefm-80	269	13	and	and	CCONJ
arjefm-80	269	14	negative	negative	ADJ
arjefm-80	269	15	effects	effect	NOUN
arjefm-80	269	16	on	on	ADP
arjefm-80	269	17	government	government	NOUN
arjefm-80	269	18	expenditure	expenditure	NOUN
arjefm-80	269	19	with	with	ADP
arjefm-80	269	20	contemporaneous	contemporaneous	ADJ
arjefm-80	269	21	impacts	impact	NOUN
arjefm-80	269	22	of	of	ADP
arjefm-80	269	23	about	about	ADV
arjefm-80	269	24	1.15	1.15	NUM
arjefm-80	269	25	and	and	CCONJ
arjefm-80	269	26	0.40	0.40	NUM
arjefm-80	269	27	when	when	SCONJ
arjefm-80	269	28	there	there	PRON
arjefm-80	269	29	is	be	VERB
arjefm-80	269	30	a	a	DET
arjefm-80	269	31	unit	unit	NOUN
arjefm-80	269	32	increase	increase	NOUN
arjefm-80	269	33	in	in	ADP
arjefm-80	269	34	each	each	PRON
arjefm-80	269	35	of	of	ADP
arjefm-80	269	36	them	they	PRON
arjefm-80	269	37	.	.	PUNCT
arjefm-80	270	1	thus	thus	ADV
arjefm-80	270	2	the	the	DET
arjefm-80	270	3	dynamic	dynamic	ADJ
arjefm-80	270	4	effects	effect	NOUN
arjefm-80	270	5	of	of	ADP
arjefm-80	270	6	domestic	domestic	ADJ
arjefm-80	270	7	revenue	revenue	NOUN
arjefm-80	270	8	from	from	ADP
arjefm-80	270	9	these	these	DET
arjefm-80	270	10	results	result	NOUN
arjefm-80	270	11	appear	appear	VERB
arjefm-80	270	12	mixed	mixed	ADJ
arjefm-80	270	13	,	,	PUNCT
arjefm-80	270	14	and	and	CCONJ
arjefm-80	270	15	therefore	therefore	ADV
arjefm-80	270	16	do	do	AUX
arjefm-80	270	17	not	not	PART
arjefm-80	270	18	fall	fall	VERB
arjefm-80	270	19	wholly	wholly	ADV
arjefm-80	270	20	in	in	ADP
arjefm-80	270	21	tandem	tandem	NOUN
arjefm-80	270	22	with	with	ADP
arjefm-80	270	23	the	the	DET
arjefm-80	270	24	finding	finding	NOUN
arjefm-80	270	25	of	of	ADP
arjefm-80	270	26	njeru	njeru	NOUN
arjefm-80	270	27	(	(	PUNCT
arjefm-80	270	28	2004	2004	NUM
arjefm-80	270	29	)	)	PUNCT
arjefm-80	270	30	.	.	PUNCT
arjefm-80	271	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	272	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	273	1	american	american	PROPN
arjefm-80	273	2	research	research	PROPN
arjefm-80	273	3	journal	journal	PROPN
arjefm-80	273	4	of	of	ADP
arjefm-80	273	5	economics	economic	NOUN
arjefm-80	273	6	,	,	PUNCT
arjefm-80	273	7	finance	finance	NOUN
arjefm-80	273	8	and	and	CCONJ
arjefm-80	273	9	management	management	NOUN
arjefm-80	273	10	volume	volume	NOUN
arjefm-80	273	11	11	11	NUM
arjefm-80	273	12	issue	issue	NOUN
arjefm-80	273	13	2	2	NUM
arjefm-80	273	14	,	,	PUNCT
arjefm-80	273	15	april	april	PROPN
arjefm-80	273	16	-	-	PUNCT
arjefm-80	273	17	june	june	PROPN
arjefm-80	273	18	2023	2023	NUM
arjefm-80	273	19	issn	issn	PROPN
arjefm-80	273	20	:	:	PUNCT
arjefm-80	273	21	2836	2836	NUM
arjefm-80	273	22	-	-	SYM
arjefm-80	273	23	9416	9416	NUM
arjefm-80	273	24	impact	impact	NOUN
arjefm-80	273	25	factor	factor	NOUN
arjefm-80	273	26	:	:	PUNCT
arjefm-80	273	27	5.57	5.57	NUM
arjefm-80	273	28	journal	journal	NOUN
arjefm-80	273	29	homepage	homepage	NOUN
arjefm-80	273	30	:	:	PUNCT
arjefm-80	273	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	273	32	,	,	PUNCT
arjefm-80	273	33	email	email	NOUN
arjefm-80	273	34	:	:	PUNCT
arjefm-80	274	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	274	2	official	official	ADJ
arjefm-80	274	3	journal	journal	PROPN
arjefm-80	274	4	of	of	ADP
arjefm-80	274	5	america	america	PROPN
arjefm-80	274	6	serial	serial	PROPN
arjefm-80	274	7	publication	publication	NOUN
arjefm-80	274	8	american	american	PROPN
arjefm-80	274	9	research	research	PROPN
arjefm-80	274	10	journal	journal	PROPN
arjefm-80	274	11	of	of	ADP
arjefm-80	274	12	economics	economic	NOUN
arjefm-80	274	13	,	,	PUNCT
arjefm-80	274	14	finance	finance	NOUN
arjefm-80	274	15	and	and	CCONJ
arjefm-80	274	16	management	management	NOUN
arjefm-80	274	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	274	18	,	,	PUNCT
arjefm-80	274	19	email	email	NOUN
arjefm-80	274	20	:	:	PUNCT
arjefm-80	274	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	275	1	17	17	NUM
arjefm-80	276	1	|	|	ADV
arjefm-80	276	2	p	p	X
arjefm-80	276	3	a	a	DET
arjefm-80	276	4	g	g	NOUN
arjefm-80	276	5	e	e	NOUN
arjefm-80	276	6	in	in	ADP
arjefm-80	276	7	relation	relation	NOUN
arjefm-80	276	8	to	to	ADP
arjefm-80	276	9	external	external	ADJ
arjefm-80	276	10	borrowing	borrowing	NOUN
arjefm-80	276	11	,	,	PUNCT
arjefm-80	276	12	the	the	DET
arjefm-80	276	13	short	short	ADJ
arjefm-80	276	14	run	run	NOUN
arjefm-80	276	15	behaviour	behaviour	NOUN
arjefm-80	276	16	is	be	AUX
arjefm-80	276	17	explained	explain	VERB
arjefm-80	276	18	by	by	ADP
arjefm-80	276	19	growth	growth	NOUN
arjefm-80	276	20	in	in	ADP
arjefm-80	276	21	aggregated	aggregated	ADJ
arjefm-80	276	22	government	government	NOUN
arjefm-80	276	23	expenditure	expenditure	NOUN
arjefm-80	276	24	,	,	PUNCT
arjefm-80	276	25	direct	direct	ADJ
arjefm-80	276	26	taxes	taxis	NOUN
arjefm-80	276	27	,	,	PUNCT
arjefm-80	276	28	indirect	indirect	ADJ
arjefm-80	276	29	taxes	taxis	NOUN
arjefm-80	276	30	as	as	ADV
arjefm-80	276	31	well	well	ADV
arjefm-80	276	32	as	as	ADP
arjefm-80	276	33	grants	grant	NOUN
arjefm-80	276	34	.	.	PUNCT
arjefm-80	277	1	in	in	ADP
arjefm-80	277	2	the	the	DET
arjefm-80	277	3	estimates	estimate	NOUN
arjefm-80	277	4	,	,	PUNCT
arjefm-80	277	5	it	it	PRON
arjefm-80	277	6	is	be	AUX
arjefm-80	277	7	seen	see	VERB
arjefm-80	277	8	that	that	SCONJ
arjefm-80	277	9	a	a	DET
arjefm-80	277	10	100	100	NUM
arjefm-80	277	11	%	%	NOUN
arjefm-80	277	12	increase	increase	NOUN
arjefm-80	277	13	in	in	ADP
arjefm-80	277	14	government	government	NOUN
arjefm-80	277	15	expenditure	expenditure	NOUN
arjefm-80	277	16	in	in	ADP
arjefm-80	277	17	the	the	DET
arjefm-80	277	18	first	first	ADJ
arjefm-80	277	19	period	period	NOUN
arjefm-80	277	20	expectedly	expectedly	ADV
arjefm-80	277	21	leads	lead	VERB
arjefm-80	277	22	to	to	ADP
arjefm-80	277	23	about	about	ADP
arjefm-80	277	24	35	35	NUM
arjefm-80	277	25	%	%	NOUN
arjefm-80	277	26	increase	increase	NOUN
arjefm-80	277	27	in	in	ADP
arjefm-80	277	28	current	current	ADJ
arjefm-80	277	29	levels	level	NOUN
arjefm-80	277	30	of	of	ADP
arjefm-80	277	31	external	external	ADJ
arjefm-80	277	32	borrowing	borrowing	NOUN
arjefm-80	277	33	.	.	PUNCT
arjefm-80	278	1	from	from	ADP
arjefm-80	278	2	the	the	DET
arjefm-80	278	3	short	short	ADJ
arjefm-80	278	4	-	-	PUNCT
arjefm-80	278	5	run	run	NOUN
arjefm-80	278	6	equation	equation	NOUN
arjefm-80	278	7	,	,	PUNCT
arjefm-80	278	8	it	it	PRON
arjefm-80	278	9	is	be	AUX
arjefm-80	278	10	also	also	ADV
arjefm-80	278	11	realized	realize	VERB
arjefm-80	278	12	that	that	SCONJ
arjefm-80	278	13	in	in	ADP
arjefm-80	278	14	the	the	DET
arjefm-80	278	15	third	third	ADJ
arjefm-80	278	16	period	period	NOUN
arjefm-80	278	17	,	,	PUNCT
arjefm-80	278	18	increased	increase	VERB
arjefm-80	278	19	direct	direct	ADJ
arjefm-80	278	20	taxes	taxis	NOUN
arjefm-80	278	21	leads	lead	VERB
arjefm-80	278	22	to	to	ADP
arjefm-80	278	23	a	a	DET
arjefm-80	278	24	decline	decline	NOUN
arjefm-80	278	25	in	in	ADP
arjefm-80	278	26	external	external	ADJ
arjefm-80	278	27	borrowing	borrowing	NOUN
arjefm-80	278	28	.	.	PUNCT
arjefm-80	279	1	from	from	ADP
arjefm-80	279	2	the	the	DET
arjefm-80	279	3	results	result	NOUN
arjefm-80	279	4	,	,	PUNCT
arjefm-80	279	5	a	a	DET
arjefm-80	279	6	100	100	NUM
arjefm-80	279	7	%	%	NOUN
arjefm-80	279	8	increase	increase	NOUN
arjefm-80	279	9	in	in	ADP
arjefm-80	279	10	direct	direct	ADJ
arjefm-80	279	11	taxes	taxis	NOUN
arjefm-80	279	12	tends	tend	VERB
arjefm-80	279	13	to	to	PART
arjefm-80	279	14	lead	lead	VERB
arjefm-80	279	15	to	to	ADP
arjefm-80	279	16	about	about	ADP
arjefm-80	279	17	92	92	NUM
arjefm-80	279	18	%	%	NOUN
arjefm-80	279	19	decline	decline	NOUN
arjefm-80	279	20	in	in	ADP
arjefm-80	279	21	external	external	ADJ
arjefm-80	279	22	borrowing	borrowing	NOUN
arjefm-80	279	23	which	which	PRON
arjefm-80	279	24	falls	fall	VERB
arjefm-80	279	25	in	in	ADP
arjefm-80	279	26	line	line	NOUN
arjefm-80	279	27	with	with	ADP
arjefm-80	279	28	expectation	expectation	NOUN
arjefm-80	279	29	that	that	PRON
arjefm-80	279	30	increased	increase	VERB
arjefm-80	279	31	domestic	domestic	ADJ
arjefm-80	279	32	revenue	revenue	NOUN
arjefm-80	279	33	mobilization	mobilization	NOUN
arjefm-80	279	34	leads	lead	VERB
arjefm-80	279	35	to	to	ADP
arjefm-80	279	36	reduction	reduction	NOUN
arjefm-80	279	37	in	in	ADP
arjefm-80	279	38	dependence	dependence	NOUN
arjefm-80	279	39	on	on	ADP
arjefm-80	279	40	external	external	ADJ
arjefm-80	279	41	sources	source	NOUN
arjefm-80	279	42	of	of	ADP
arjefm-80	279	43	financing	financing	NOUN
arjefm-80	279	44	projects	project	NOUN
arjefm-80	279	45	and	and	CCONJ
arjefm-80	279	46	programmes	programme	NOUN
arjefm-80	279	47	.	.	PUNCT
arjefm-80	280	1	the	the	DET
arjefm-80	280	2	indirect	indirect	ADJ
arjefm-80	280	3	tax	tax	NOUN
arjefm-80	280	4	variable	variable	NOUN
arjefm-80	280	5	,	,	PUNCT
arjefm-80	280	6	in	in	ADP
arjefm-80	280	7	the	the	DET
arjefm-80	280	8	period	period	NOUN
arjefm-80	280	9	also	also	ADV
arjefm-80	280	10	elicits	elicit	VERB
arjefm-80	280	11	a	a	DET
arjefm-80	280	12	negative	negative	ADJ
arjefm-80	280	13	response	response	NOUN
arjefm-80	280	14	from	from	ADP
arjefm-80	280	15	external	external	ADJ
arjefm-80	280	16	borrowing	borrowing	NOUN
arjefm-80	280	17	.	.	PUNCT
arjefm-80	281	1	the	the	DET
arjefm-80	281	2	measured	measured	ADJ
arjefm-80	281	3	effect	effect	NOUN
arjefm-80	281	4	,	,	PUNCT
arjefm-80	281	5	significant	significant	ADJ
arjefm-80	281	6	in	in	ADP
arjefm-80	281	7	the	the	DET
arjefm-80	281	8	first	first	ADJ
arjefm-80	281	9	period	period	NOUN
arjefm-80	281	10	is	be	AUX
arjefm-80	281	11	even	even	ADV
arjefm-80	281	12	bigger	big	ADJ
arjefm-80	281	13	in	in	ADP
arjefm-80	281	14	magnitude	magnitude	NOUN
arjefm-80	281	15	than	than	ADP
arjefm-80	281	16	that	that	PRON
arjefm-80	281	17	of	of	ADP
arjefm-80	281	18	direct	direct	ADJ
arjefm-80	281	19	taxes	taxis	NOUN
arjefm-80	281	20	.	.	PUNCT
arjefm-80	282	1	in	in	ADP
arjefm-80	282	2	real	real	ADJ
arjefm-80	282	3	terms	term	NOUN
arjefm-80	282	4	,	,	PUNCT
arjefm-80	282	5	a	a	DET
arjefm-80	282	6	100	100	NUM
arjefm-80	282	7	%	%	NOUN
arjefm-80	282	8	growth	growth	NOUN
arjefm-80	282	9	in	in	ADP
arjefm-80	282	10	indirect	indirect	ADJ
arjefm-80	282	11	taxes	taxis	NOUN
arjefm-80	282	12	precipitates	precipitate	NOUN
arjefm-80	282	13	over	over	ADP
arjefm-80	282	14	138	138	NUM
arjefm-80	282	15	%	%	NOUN
arjefm-80	282	16	decline	decline	NOUN
arjefm-80	282	17	in	in	ADP
arjefm-80	282	18	external	external	ADJ
arjefm-80	282	19	borrowing	borrowing	NOUN
arjefm-80	282	20	.	.	PUNCT
arjefm-80	283	1	the	the	DET
arjefm-80	283	2	effect	effect	NOUN
arjefm-80	283	3	of	of	ADP
arjefm-80	283	4	growth	growth	NOUN
arjefm-80	283	5	in	in	ADP
arjefm-80	283	6	grants	grant	NOUN
arjefm-80	283	7	on	on	ADP
arjefm-80	283	8	external	external	ADJ
arjefm-80	283	9	borrowing	borrowing	NOUN
arjefm-80	283	10	is	be	AUX
arjefm-80	283	11	felt	feel	VERB
arjefm-80	283	12	in	in	ADP
arjefm-80	283	13	two	two	NUM
arjefm-80	283	14	periods	period	NOUN
arjefm-80	283	15	-	-	PUNCT
arjefm-80	283	16	the	the	DET
arjefm-80	283	17	first	first	ADJ
arjefm-80	283	18	and	and	CCONJ
arjefm-80	283	19	third	third	ADJ
arjefm-80	283	20	periods	period	NOUN
arjefm-80	283	21	and	and	CCONJ
arjefm-80	283	22	in	in	ADP
arjefm-80	283	23	both	both	DET
arjefm-80	283	24	periods	period	NOUN
arjefm-80	283	25	their	their	PRON
arjefm-80	283	26	impacts	impact	NOUN
arjefm-80	283	27	are	be	AUX
arjefm-80	283	28	positive	positive	ADJ
arjefm-80	283	29	.	.	PUNCT
arjefm-80	284	1	in	in	ADP
arjefm-80	284	2	the	the	DET
arjefm-80	284	3	first	first	ADJ
arjefm-80	284	4	period	period	NOUN
arjefm-80	284	5	,	,	PUNCT
arjefm-80	284	6	a	a	DET
arjefm-80	284	7	100	100	NUM
arjefm-80	284	8	%	%	NOUN
arjefm-80	284	9	growth	growth	NOUN
arjefm-80	284	10	in	in	ADP
arjefm-80	284	11	grants	grant	NOUN
arjefm-80	284	12	tends	tend	VERB
arjefm-80	284	13	to	to	PART
arjefm-80	284	14	increase	increase	VERB
arjefm-80	284	15	external	external	ADJ
arjefm-80	284	16	borrowing	borrowing	NOUN
arjefm-80	284	17	by	by	ADP
arjefm-80	284	18	about	about	ADV
arjefm-80	284	19	105	105	NUM
arjefm-80	284	20	%	%	NOUN
arjefm-80	284	21	whereas	whereas	SCONJ
arjefm-80	284	22	in	in	ADP
arjefm-80	284	23	the	the	DET
arjefm-80	284	24	third	third	ADJ
arjefm-80	284	25	period	period	NOUN
arjefm-80	284	26	,	,	PUNCT
arjefm-80	284	27	the	the	DET
arjefm-80	284	28	effect	effect	NOUN
arjefm-80	284	29	is	be	AUX
arjefm-80	284	30	smaller	small	ADJ
arjefm-80	284	31	at	at	ADP
arjefm-80	284	32	0.31	0.31	NUM
arjefm-80	284	33	unit	unit	NOUN
arjefm-80	284	34	’s	’s	PART
arjefm-80	284	35	growth	growth	NOUN
arjefm-80	284	36	in	in	ADP
arjefm-80	284	37	external	external	ADJ
arjefm-80	284	38	borrowing	borrowing	NOUN
arjefm-80	284	39	with	with	ADP
arjefm-80	284	40	respect	respect	NOUN
arjefm-80	284	41	to	to	ADP
arjefm-80	284	42	a	a	DET
arjefm-80	284	43	unit	unit	NOUN
arjefm-80	284	44	increase	increase	NOUN
arjefm-80	284	45	in	in	ADP
arjefm-80	284	46	grants	grant	NOUN
arjefm-80	284	47	.	.	PUNCT
arjefm-80	285	1	one	one	NUM
arjefm-80	285	2	major	major	ADJ
arjefm-80	285	3	position	position	NOUN
arjefm-80	285	4	which	which	PRON
arjefm-80	285	5	is	be	AUX
arjefm-80	285	6	dominant	dominant	ADJ
arjefm-80	285	7	in	in	ADP
arjefm-80	285	8	the	the	DET
arjefm-80	285	9	literature	literature	NOUN
arjefm-80	285	10	that	that	PRON
arjefm-80	285	11	we	we	PRON
arjefm-80	285	12	wanted	want	VERB
arjefm-80	285	13	to	to	PART
arjefm-80	285	14	verify	verify	VERB
arjefm-80	285	15	was	be	AUX
arjefm-80	285	16	whether	whether	SCONJ
arjefm-80	285	17	or	or	CCONJ
arjefm-80	285	18	not	not	PART
arjefm-80	285	19	the	the	DET
arjefm-80	285	20	availability	availability	NOUN
arjefm-80	285	21	of	of	ADP
arjefm-80	285	22	other	other	ADJ
arjefm-80	285	23	sources	source	NOUN
arjefm-80	285	24	of	of	ADP
arjefm-80	285	25	financing	finance	VERB
arjefm-80	285	26	government	government	NOUN
arjefm-80	285	27	activities	activity	NOUN
arjefm-80	285	28	dampens	dampen	VERB
arjefm-80	285	29	tax	tax	NOUN
arjefm-80	285	30	effort	effort	NOUN
arjefm-80	285	31	.	.	PUNCT
arjefm-80	286	1	in	in	ADP
arjefm-80	286	2	the	the	DET
arjefm-80	286	3	disaggregated	disaggregate	VERB
arjefm-80	286	4	government	government	NOUN
arjefm-80	286	5	expenditure	expenditure	NOUN
arjefm-80	286	6	model	model	NOUN
arjefm-80	286	7	,	,	PUNCT
arjefm-80	286	8	we	we	PRON
arjefm-80	286	9	are	be	AUX
arjefm-80	286	10	unable	unable	ADJ
arjefm-80	286	11	to	to	PART
arjefm-80	286	12	substantiate	substantiate	VERB
arjefm-80	286	13	the	the	DET
arjefm-80	286	14	hypothesis	hypothesis	NOUN
arjefm-80	286	15	that	that	PRON
arjefm-80	286	16	external	external	ADJ
arjefm-80	286	17	financing	financing	NOUN
arjefm-80	286	18	tends	tend	VERB
arjefm-80	286	19	to	to	PART
arjefm-80	286	20	stunt	stunt	VERB
arjefm-80	286	21	domestic	domestic	ADJ
arjefm-80	286	22	mobilization	mobilization	NOUN
arjefm-80	286	23	of	of	ADP
arjefm-80	286	24	revenue	revenue	NOUN
arjefm-80	286	25	.	.	PUNCT
arjefm-80	287	1	our	our	PRON
arjefm-80	287	2	regression	regression	NOUN
arjefm-80	287	3	results	result	NOUN
arjefm-80	287	4	indicate	indicate	VERB
arjefm-80	287	5	that	that	SCONJ
arjefm-80	287	6	the	the	DET
arjefm-80	287	7	impact	impact	NOUN
arjefm-80	287	8	of	of	ADP
arjefm-80	287	9	external	external	ADJ
arjefm-80	287	10	borrowing	borrowing	NOUN
arjefm-80	287	11	and	and	CCONJ
arjefm-80	287	12	grants	grant	NOUN
arjefm-80	287	13	are	be	AUX
arjefm-80	287	14	positive	positive	ADJ
arjefm-80	287	15	and	and	CCONJ
arjefm-80	287	16	negative	negative	ADJ
arjefm-80	287	17	respectively	respectively	ADV
arjefm-80	287	18	.	.	PUNCT
arjefm-80	288	1	thus	thus	ADV
arjefm-80	288	2	for	for	ADP
arjefm-80	288	3	100	100	NUM
arjefm-80	288	4	%	%	NOUN
arjefm-80	288	5	increase	increase	NOUN
arjefm-80	288	6	in	in	ADP
arjefm-80	288	7	external	external	ADJ
arjefm-80	288	8	borrowing	borrowing	NOUN
arjefm-80	288	9	,	,	PUNCT
arjefm-80	288	10	we	we	PRON
arjefm-80	288	11	experience	experience	VERB
arjefm-80	288	12	about	about	ADV
arjefm-80	288	13	33	33	NUM
arjefm-80	288	14	%	%	NOUN
arjefm-80	288	15	increase	increase	NOUN
arjefm-80	288	16	in	in	ADP
arjefm-80	288	17	direct	direct	ADJ
arjefm-80	288	18	taxes	taxis	NOUN
arjefm-80	288	19	but	but	CCONJ
arjefm-80	288	20	the	the	DET
arjefm-80	288	21	same	same	ADJ
arjefm-80	288	22	amount	amount	NOUN
arjefm-80	288	23	of	of	ADP
arjefm-80	288	24	increase	increase	NOUN
arjefm-80	288	25	in	in	ADP
arjefm-80	288	26	grants	grant	NOUN
arjefm-80	288	27	precipitates	precipitate	VERB
arjefm-80	288	28	a	a	DET
arjefm-80	288	29	4	4	NUM
arjefm-80	288	30	%	%	NOUN
arjefm-80	288	31	decline	decline	NOUN
arjefm-80	288	32	in	in	ADP
arjefm-80	288	33	direct	direct	ADJ
arjefm-80	288	34	taxes	taxis	NOUN
arjefm-80	288	35	.	.	PUNCT
arjefm-80	289	1	for	for	ADP
arjefm-80	289	2	the	the	DET
arjefm-80	289	3	aggregated	aggregated	ADJ
arjefm-80	289	4	government	government	NOUN
arjefm-80	289	5	expenditure	expenditure	NOUN
arjefm-80	289	6	,	,	PUNCT
arjefm-80	289	7	the	the	DET
arjefm-80	289	8	story	story	NOUN
arjefm-80	289	9	is	be	AUX
arjefm-80	289	10	similar	similar	ADJ
arjefm-80	289	11	that	that	PRON
arjefm-80	289	12	is	be	AUX
arjefm-80	289	13	positive	positive	ADJ
arjefm-80	289	14	and	and	CCONJ
arjefm-80	289	15	negative	negative	ADJ
arjefm-80	289	16	in	in	ADP
arjefm-80	289	17	respect	respect	NOUN
arjefm-80	289	18	of	of	ADP
arjefm-80	289	19	external	external	ADJ
arjefm-80	289	20	borrowing	borrowing	NOUN
arjefm-80	289	21	and	and	CCONJ
arjefm-80	289	22	grants	grant	NOUN
arjefm-80	289	23	respectively	respectively	ADV
arjefm-80	289	24	.	.	PUNCT
arjefm-80	290	1	the	the	DET
arjefm-80	290	2	impacts	impact	NOUN
arjefm-80	290	3	of	of	ADP
arjefm-80	290	4	external	external	ADJ
arjefm-80	290	5	borrowing	borrowing	NOUN
arjefm-80	290	6	and	and	CCONJ
arjefm-80	290	7	grants	grant	NOUN
arjefm-80	290	8	on	on	ADP
arjefm-80	290	9	indirect	indirect	ADJ
arjefm-80	290	10	taxes	taxis	NOUN
arjefm-80	290	11	are	be	AUX
arjefm-80	290	12	mostly	mostly	ADV
arjefm-80	290	13	insignificant	insignificant	ADJ
arjefm-80	290	14	except	except	SCONJ
arjefm-80	290	15	in	in	ADP
arjefm-80	290	16	the	the	DET
arjefm-80	290	17	aggregated	aggregate	VERB
arjefm-80	290	18	expenditure	expenditure	NOUN
arjefm-80	290	19	model	model	NOUN
arjefm-80	290	20	in	in	ADP
arjefm-80	290	21	which	which	PRON
arjefm-80	290	22	growth	growth	NOUN
arjefm-80	290	23	in	in	ADP
arjefm-80	290	24	external	external	ADJ
arjefm-80	290	25	borrowing	borrowing	NOUN
arjefm-80	290	26	triggers	trigger	NOUN
arjefm-80	290	27	a	a	DET
arjefm-80	290	28	decline	decline	NOUN
arjefm-80	290	29	in	in	ADP
arjefm-80	290	30	indirect	indirect	ADJ
arjefm-80	290	31	tax	tax	NOUN
arjefm-80	290	32	yield	yield	NOUN
arjefm-80	290	33	.	.	PUNCT
arjefm-80	291	1	these	these	DET
arjefm-80	291	2	findings	finding	NOUN
arjefm-80	291	3	are	be	AUX
arjefm-80	291	4	partly	partly	ADV
arjefm-80	291	5	consistent	consistent	ADJ
arjefm-80	291	6	with	with	ADP
arjefm-80	291	7	mascagni	mascagni	NOUN
arjefm-80	291	8	and	and	CCONJ
arjefm-80	291	9	timmis	timmis	PROPN
arjefm-80	291	10	(	(	PUNCT
arjefm-80	291	11	2014	2014	NUM
arjefm-80	291	12	)	)	PUNCT
arjefm-80	291	13	who	who	PRON
arjefm-80	291	14	discovered	discover	VERB
arjefm-80	291	15	positive	positive	ADJ
arjefm-80	291	16	but	but	CCONJ
arjefm-80	291	17	significant	significant	ADJ
arjefm-80	291	18	impacts	impact	NOUN
arjefm-80	291	19	of	of	ADP
arjefm-80	291	20	grants	grant	NOUN
arjefm-80	291	21	and	and	CCONJ
arjefm-80	291	22	loans	loan	NOUN
arjefm-80	291	23	on	on	ADP
arjefm-80	291	24	the	the	DET
arjefm-80	291	25	tax	tax	NOUN
arjefm-80	291	26	revenue	revenue	NOUN
arjefm-80	291	27	variable.in	variable.in	X
arjefm-80	292	1	the	the	DET
arjefm-80	292	2	aggregated	aggregated	ADJ
arjefm-80	292	3	model	model	NOUN
arjefm-80	292	4	,	,	PUNCT
arjefm-80	292	5	growth	growth	NOUN
arjefm-80	292	6	in	in	ADP
arjefm-80	292	7	external	external	ADJ
arjefm-80	292	8	borrowing	borrowing	NOUN
arjefm-80	292	9	rather	rather	ADV
arjefm-80	292	10	than	than	ADP
arjefm-80	292	11	leading	lead	VERB
arjefm-80	292	12	to	to	ADP
arjefm-80	292	13	a	a	DET
arjefm-80	292	14	decline	decline	NOUN
arjefm-80	292	15	in	in	ADP
arjefm-80	292	16	growth	growth	NOUN
arjefm-80	292	17	in	in	ADP
arjefm-80	292	18	direct	direct	ADJ
arjefm-80	292	19	tax	tax	NOUN
arjefm-80	292	20	mobilization	mobilization	NOUN
arjefm-80	292	21	actually	actually	ADV
arjefm-80	292	22	triggers	trigger	VERB
arjefm-80	292	23	an	an	DET
arjefm-80	292	24	increase	increase	NOUN
arjefm-80	292	25	.	.	PUNCT
arjefm-80	293	1	this	this	DET
arjefm-80	293	2	finding	find	VERB
arjefm-80	293	3	coincides	coincide	VERB
arjefm-80	293	4	with	with	ADP
arjefm-80	293	5	osei	osei	PROPN
arjefm-80	293	6	et	et	PROPN
arjefm-80	293	7	al	al	PROPN
arjefm-80	293	8	(	(	PUNCT
arjefm-80	293	9	2003	2003	NUM
arjefm-80	293	10	)	)	PUNCT
arjefm-80	293	11	.	.	PUNCT
arjefm-80	294	1	from	from	ADP
arjefm-80	294	2	the	the	DET
arjefm-80	294	3	estimated	estimate	VERB
arjefm-80	294	4	equation	equation	NOUN
arjefm-80	294	5	,	,	PUNCT
arjefm-80	294	6	a	a	DET
arjefm-80	294	7	100	100	NUM
arjefm-80	294	8	%	%	NOUN
arjefm-80	294	9	growth	growth	NOUN
arjefm-80	294	10	in	in	ADP
arjefm-80	294	11	external	external	ADJ
arjefm-80	294	12	borrowing	borrowing	NOUN
arjefm-80	294	13	in	in	ADP
arjefm-80	294	14	the	the	DET
arjefm-80	294	15	second	second	ADJ
arjefm-80	294	16	period	period	NOUN
arjefm-80	294	17	precipitates	precipitate	VERB
arjefm-80	294	18	about	about	ADP
arjefm-80	294	19	42	42	NUM
arjefm-80	294	20	%	%	NOUN
arjefm-80	294	21	growth	growth	NOUN
arjefm-80	294	22	in	in	ADP
arjefm-80	294	23	direct	direct	ADJ
arjefm-80	294	24	taxes	taxis	NOUN
arjefm-80	294	25	in	in	ADP
arjefm-80	294	26	the	the	DET
arjefm-80	294	27	current	current	ADJ
arjefm-80	294	28	period	period	NOUN
arjefm-80	294	29	.	.	PUNCT
arjefm-80	295	1	however	however	ADV
arjefm-80	295	2	its	its	PRON
arjefm-80	295	3	estimated	estimate	VERB
arjefm-80	295	4	effect	effect	NOUN
arjefm-80	295	5	on	on	ADP
arjefm-80	295	6	indirect	indirect	ADJ
arjefm-80	295	7	taxes	taxis	NOUN
arjefm-80	295	8	is	be	AUX
arjefm-80	295	9	negative	negative	ADJ
arjefm-80	295	10	.the	.the	PRON
arjefm-80	295	11	estimates	estimate	NOUN
arjefm-80	295	12	indicate	indicate	VERB
arjefm-80	295	13	that	that	SCONJ
arjefm-80	295	14	a	a	DET
arjefm-80	295	15	100	100	NUM
arjefm-80	295	16	%	%	NOUN
arjefm-80	295	17	increase	increase	NOUN
arjefm-80	295	18	leads	lead	VERB
arjefm-80	295	19	to	to	ADP
arjefm-80	295	20	about	about	ADP
arjefm-80	295	21	24	24	NUM
arjefm-80	295	22	%	%	NOUN
arjefm-80	295	23	decline	decline	NOUN
arjefm-80	295	24	in	in	ADP
arjefm-80	295	25	indirect	indirect	ADJ
arjefm-80	295	26	tax	tax	NOUN
arjefm-80	295	27	.	.	PUNCT
arjefm-80	296	1	the	the	DET
arjefm-80	296	2	effect	effect	NOUN
arjefm-80	296	3	of	of	ADP
arjefm-80	296	4	domestic	domestic	ADJ
arjefm-80	296	5	borrowing	borrowing	NOUN
arjefm-80	296	6	variable	variable	NOUN
arjefm-80	296	7	on	on	ADP
arjefm-80	296	8	the	the	DET
arjefm-80	296	9	revenue	revenue	NOUN
arjefm-80	296	10	variablesdirect	variablesdirect	NOUN
arjefm-80	296	11	and	and	CCONJ
arjefm-80	296	12	indirect	indirect	ADJ
arjefm-80	296	13	tax	tax	NOUN
arjefm-80	296	14	is	be	AUX
arjefm-80	296	15	very	very	ADV
arjefm-80	296	16	interesting	interesting	ADJ
arjefm-80	296	17	.	.	PUNCT
arjefm-80	297	1	in	in	ADP
arjefm-80	297	2	the	the	DET
arjefm-80	297	3	aggregated	aggregated	ADJ
arjefm-80	297	4	government	government	NOUN
arjefm-80	297	5	expenditure	expenditure	NOUN
arjefm-80	297	6	models	model	NOUN
arjefm-80	297	7	,	,	PUNCT
arjefm-80	297	8	we	we	PRON
arjefm-80	297	9	notice	notice	VERB
arjefm-80	297	10	a	a	DET
arjefm-80	297	11	negative	negative	ADJ
arjefm-80	297	12	impact	impact	NOUN
arjefm-80	297	13	of	of	ADP
arjefm-80	297	14	domestic	domestic	ADJ
arjefm-80	297	15	borrowing	borrowing	NOUN
arjefm-80	297	16	on	on	ADP
arjefm-80	297	17	both	both	CCONJ
arjefm-80	297	18	direct	direct	ADJ
arjefm-80	297	19	and	and	CCONJ
arjefm-80	297	20	indirect	indirect	ADJ
arjefm-80	297	21	tax	tax	NOUN
arjefm-80	297	22	variables	variable	NOUN
arjefm-80	297	23	.	.	PUNCT
arjefm-80	298	1	however	however	ADV
arjefm-80	298	2	whilst	whilst	SCONJ
arjefm-80	298	3	its	its	PRON
arjefm-80	298	4	effect	effect	NOUN
arjefm-80	298	5	is	be	AUX
arjefm-80	298	6	negative	negative	ADJ
arjefm-80	298	7	and	and	CCONJ
arjefm-80	298	8	significant	significant	ADJ
arjefm-80	298	9	with	with	ADP
arjefm-80	298	10	respect	respect	NOUN
arjefm-80	298	11	to	to	ADP
arjefm-80	298	12	growth	growth	NOUN
arjefm-80	298	13	in	in	ADP
arjefm-80	298	14	direct	direct	ADJ
arjefm-80	298	15	taxes	taxis	NOUN
arjefm-80	298	16	,	,	PUNCT
arjefm-80	298	17	the	the	DET
arjefm-80	298	18	measured	measure	VERB
arjefm-80	298	19	impact	impact	NOUN
arjefm-80	298	20	is	be	AUX
arjefm-80	298	21	not	not	PART
arjefm-80	298	22	significant	significant	ADJ
arjefm-80	298	23	in	in	ADP
arjefm-80	298	24	the	the	DET
arjefm-80	298	25	case	case	NOUN
arjefm-80	298	26	of	of	ADP
arjefm-80	298	27	indirect	indirect	ADJ
arjefm-80	298	28	tax	tax	NOUN
arjefm-80	298	29	.	.	PUNCT
arjefm-80	299	1	from	from	ADP
arjefm-80	299	2	the	the	DET
arjefm-80	299	3	estimated	estimate	VERB
arjefm-80	299	4	restricted	restrict	VERB
arjefm-80	299	5	var	var	NOUN
arjefm-80	299	6	,	,	PUNCT
arjefm-80	299	7	a	a	DET
arjefm-80	299	8	100	100	NUM
arjefm-80	299	9	%	%	NOUN
arjefm-80	299	10	growth	growth	NOUN
arjefm-80	299	11	in	in	ADP
arjefm-80	299	12	domestic	domestic	ADJ
arjefm-80	299	13	borrowing	borrowing	NOUN
arjefm-80	299	14	elicits	elicit	VERB
arjefm-80	299	15	about	about	ADV
arjefm-80	299	16	42	42	NUM
arjefm-80	299	17	%	%	NOUN
arjefm-80	299	18	decline	decline	NOUN
arjefm-80	299	19	in	in	ADP
arjefm-80	299	20	direct	direct	ADJ
arjefm-80	299	21	taxes	taxis	NOUN
arjefm-80	299	22	.	.	PUNCT
arjefm-80	300	1	on	on	ADP
arjefm-80	300	2	the	the	DET
arjefm-80	300	3	other	other	ADJ
arjefm-80	300	4	hand	hand	NOUN
arjefm-80	300	5	,	,	PUNCT
arjefm-80	300	6	for	for	ADP
arjefm-80	300	7	the	the	DET
arjefm-80	300	8	disaggregated	disaggregate	VERB
arjefm-80	300	9	government	government	NOUN
arjefm-80	300	10	models	model	NOUN
arjefm-80	300	11	,	,	PUNCT
arjefm-80	300	12	the	the	DET
arjefm-80	300	13	effect	effect	NOUN
arjefm-80	300	14	of	of	ADP
arjefm-80	300	15	domestic	domestic	ADJ
arjefm-80	300	16	borrowing	borrowing	NOUN
arjefm-80	300	17	on	on	ADP
arjefm-80	300	18	both	both	CCONJ
arjefm-80	300	19	direct	direct	ADJ
arjefm-80	300	20	and	and	CCONJ
arjefm-80	300	21	indirect	indirect	ADJ
arjefm-80	300	22	taxes	taxis	NOUN
arjefm-80	300	23	is	be	AUX
arjefm-80	300	24	in	in	ADP
arjefm-80	300	25	line	line	NOUN
arjefm-80	300	26	with	with	ADP
arjefm-80	300	27	the	the	DET
arjefm-80	300	28	results	result	NOUN
arjefm-80	300	29	for	for	ADP
arjefm-80	300	30	the	the	DET
arjefm-80	300	31	aggregated	aggregated	ADJ
arjefm-80	300	32	model	model	NOUN
arjefm-80	300	33	,	,	PUNCT
arjefm-80	300	34	meaning	mean	VERB
arjefm-80	300	35	that	that	SCONJ
arjefm-80	300	36	an	an	DET
arjefm-80	300	37	increased	increase	VERB
arjefm-80	300	38	growth	growth	NOUN
arjefm-80	300	39	in	in	ADP
arjefm-80	300	40	domestic	domestic	ADJ
arjefm-80	300	41	borrowing	borrowing	NOUN
arjefm-80	300	42	also	also	ADV
arjefm-80	300	43	impacts	impact	VERB
arjefm-80	300	44	negatively	negatively	ADV
arjefm-80	300	45	on	on	ADP
arjefm-80	300	46	both	both	CCONJ
arjefm-80	300	47	direct	direct	ADJ
arjefm-80	300	48	and	and	CCONJ
arjefm-80	300	49	indirect	indirect	ADJ
arjefm-80	300	50	taxes	taxis	NOUN
arjefm-80	300	51	.	.	PUNCT
arjefm-80	301	1	finally	finally	ADV
arjefm-80	301	2	the	the	DET
arjefm-80	301	3	effects	effect	NOUN
arjefm-80	301	4	of	of	ADP
arjefm-80	301	5	grants	grant	NOUN
arjefm-80	301	6	on	on	ADP
arjefm-80	301	7	the	the	DET
arjefm-80	301	8	revenue	revenue	NOUN
arjefm-80	301	9	channels	channel	NOUN
arjefm-80	301	10	-	-	PUNCT
arjefm-80	301	11	both	both	CCONJ
arjefm-80	301	12	direct	direct	ADJ
arjefm-80	301	13	and	and	CCONJ
arjefm-80	301	14	indirect	indirect	ADJ
arjefm-80	301	15	taxes	taxis	NOUN
arjefm-80	301	16	are	be	AUX
arjefm-80	301	17	estimated	estimate	VERB
arjefm-80	301	18	to	to	PART
arjefm-80	301	19	be	be	AUX
arjefm-80	301	20	negative	negative	ADJ
arjefm-80	301	21	.whilst	.whilst	ADP
arjefm-80	301	22	its	its	PRON
arjefm-80	301	23	effect	effect	NOUN
arjefm-80	301	24	on	on	ADP
arjefm-80	301	25	direct	direct	ADJ
arjefm-80	301	26	taxes	taxis	NOUN
arjefm-80	301	27	are	be	AUX
arjefm-80	301	28	significant	significant	ADJ
arjefm-80	301	29	that	that	SCONJ
arjefm-80	301	30	on	on	ADP
arjefm-80	301	31	indirect	indirect	ADJ
arjefm-80	301	32	tax	tax	NOUN
arjefm-80	301	33	is	be	AUX
arjefm-80	301	34	insignificant	insignificant	ADJ
arjefm-80	301	35	.	.	PUNCT
arjefm-80	302	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	302	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	303	1	american	american	PROPN
arjefm-80	303	2	research	research	PROPN
arjefm-80	303	3	journal	journal	PROPN
arjefm-80	303	4	of	of	ADP
arjefm-80	303	5	economics	economic	NOUN
arjefm-80	303	6	,	,	PUNCT
arjefm-80	303	7	finance	finance	NOUN
arjefm-80	303	8	and	and	CCONJ
arjefm-80	303	9	management	management	NOUN
arjefm-80	303	10	volume	volume	NOUN
arjefm-80	303	11	11	11	NUM
arjefm-80	303	12	issue	issue	NOUN
arjefm-80	303	13	2	2	NUM
arjefm-80	303	14	,	,	PUNCT
arjefm-80	303	15	april	april	PROPN
arjefm-80	303	16	-	-	PUNCT
arjefm-80	303	17	june	june	PROPN
arjefm-80	303	18	2023	2023	NUM
arjefm-80	303	19	issn	issn	PROPN
arjefm-80	303	20	:	:	PUNCT
arjefm-80	303	21	2836	2836	NUM
arjefm-80	303	22	-	-	SYM
arjefm-80	303	23	9416	9416	NUM
arjefm-80	303	24	impact	impact	NOUN
arjefm-80	303	25	factor	factor	NOUN
arjefm-80	303	26	:	:	PUNCT
arjefm-80	303	27	5.57	5.57	NUM
arjefm-80	303	28	journal	journal	NOUN
arjefm-80	303	29	homepage	homepage	NOUN
arjefm-80	303	30	:	:	PUNCT
arjefm-80	303	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	303	32	,	,	PUNCT
arjefm-80	303	33	email	email	NOUN
arjefm-80	303	34	:	:	PUNCT
arjefm-80	304	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	304	2	official	official	ADJ
arjefm-80	304	3	journal	journal	PROPN
arjefm-80	304	4	of	of	ADP
arjefm-80	304	5	america	america	PROPN
arjefm-80	304	6	serial	serial	PROPN
arjefm-80	304	7	publication	publication	NOUN
arjefm-80	304	8	american	american	PROPN
arjefm-80	304	9	research	research	PROPN
arjefm-80	304	10	journal	journal	PROPN
arjefm-80	304	11	of	of	ADP
arjefm-80	304	12	economics	economic	NOUN
arjefm-80	304	13	,	,	PUNCT
arjefm-80	304	14	finance	finance	NOUN
arjefm-80	304	15	and	and	CCONJ
arjefm-80	304	16	management	management	NOUN
arjefm-80	304	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	304	18	,	,	PUNCT
arjefm-80	304	19	email	email	NOUN
arjefm-80	304	20	:	:	PUNCT
arjefm-80	304	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	305	1	18	18	NUM
arjefm-80	305	2	|	|	ADV
arjefm-80	305	3	p	p	NOUN
arjefm-80	305	4	a	a	DET
arjefm-80	305	5	g	g	NOUN
arjefm-80	305	6	e	e	NOUN
arjefm-80	305	7	results	result	NOUN
arjefm-80	305	8	of	of	ADP
arjefm-80	305	9	forecast	forecast	NOUN
arjefm-80	305	10	variance	variance	NOUN
arjefm-80	305	11	decomposition	decomposition	NOUN
arjefm-80	305	12	in	in	ADP
arjefm-80	305	13	line	line	NOUN
arjefm-80	305	14	with	with	ADP
arjefm-80	305	15	conventional	conventional	ADJ
arjefm-80	305	16	dynamic	dynamic	ADJ
arjefm-80	305	17	analysis	analysis	NOUN
arjefm-80	305	18	,	,	PUNCT
arjefm-80	305	19	we	we	PRON
arjefm-80	305	20	proceed	proceed	VERB
arjefm-80	305	21	to	to	PART
arjefm-80	305	22	do	do	VERB
arjefm-80	305	23	a	a	DET
arjefm-80	305	24	variance	variance	NOUN
arjefm-80	305	25	decomposition	decomposition	NOUN
arjefm-80	305	26	of	of	ADP
arjefm-80	305	27	the	the	DET
arjefm-80	305	28	residuals	residual	NOUN
arjefm-80	305	29	of	of	ADP
arjefm-80	305	30	the	the	DET
arjefm-80	305	31	variables	variable	NOUN
arjefm-80	305	32	and	and	CCONJ
arjefm-80	305	33	the	the	DET
arjefm-80	305	34	results	result	NOUN
arjefm-80	305	35	can	can	AUX
arjefm-80	305	36	be	be	AUX
arjefm-80	305	37	gleaned	glean	VERB
arjefm-80	305	38	from	from	ADP
arjefm-80	305	39	the	the	DET
arjefm-80	305	40	appendices	appendix	NOUN
arjefm-80	305	41	of	of	ADP
arjefm-80	305	42	the	the	DET
arjefm-80	305	43	paper	paper	NOUN
arjefm-80	305	44	.	.	PUNCT
arjefm-80	306	1	in	in	ADP
arjefm-80	306	2	dynamic	dynamic	ADJ
arjefm-80	306	3	analysis	analysis	NOUN
arjefm-80	306	4	,	,	PUNCT
arjefm-80	306	5	variance	variance	NOUN
arjefm-80	306	6	decomposition	decomposition	NOUN
arjefm-80	306	7	is	be	AUX
arjefm-80	306	8	particularly	particularly	ADV
arjefm-80	306	9	very	very	ADV
arjefm-80	306	10	relevant	relevant	ADJ
arjefm-80	306	11	in	in	ADP
arjefm-80	306	12	determining	determine	VERB
arjefm-80	306	13	how	how	SCONJ
arjefm-80	306	14	much	much	ADJ
arjefm-80	306	15	of	of	ADP
arjefm-80	306	16	the	the	DET
arjefm-80	306	17	variation	variation	NOUN
arjefm-80	306	18	in	in	ADP
arjefm-80	306	19	a	a	DET
arjefm-80	306	20	given	give	VERB
arjefm-80	306	21	variable	variable	NOUN
arjefm-80	306	22	can	can	AUX
arjefm-80	306	23	be	be	AUX
arjefm-80	306	24	traced	trace	VERB
arjefm-80	306	25	to	to	PART
arjefm-80	306	26	own	own	ADJ
arjefm-80	306	27	innovations	innovation	NOUN
arjefm-80	306	28	and	and	CCONJ
arjefm-80	306	29	innovations	innovation	NOUN
arjefm-80	306	30	from	from	ADP
arjefm-80	306	31	other	other	ADJ
arjefm-80	306	32	variables	variable	NOUN
arjefm-80	306	33	.	.	PUNCT
arjefm-80	307	1	the	the	DET
arjefm-80	307	2	decompositions	decomposition	NOUN
arjefm-80	307	3	are	be	AUX
arjefm-80	307	4	performed	perform	VERB
arjefm-80	307	5	on	on	ADP
arjefm-80	307	6	the	the	DET
arjefm-80	307	7	basis	basis	NOUN
arjefm-80	307	8	of	of	ADP
arjefm-80	307	9	the	the	DET
arjefm-80	307	10	aggregated	aggregate	VERB
arjefm-80	307	11	and	and	CCONJ
arjefm-80	307	12	disaggregated	disaggregate	VERB
arjefm-80	307	13	government	government	NOUN
arjefm-80	307	14	expenditure	expenditure	NOUN
arjefm-80	307	15	and	and	CCONJ
arjefm-80	307	16	in	in	ADP
arjefm-80	307	17	consonance	consonance	NOUN
arjefm-80	307	18	with	with	ADP
arjefm-80	307	19	the	the	DET
arjefm-80	307	20	cholesky	cholesky	ADJ
arjefm-80	307	21	approach	approach	NOUN
arjefm-80	307	22	which	which	PRON
arjefm-80	307	23	ensures	ensure	VERB
arjefm-80	307	24	that	that	SCONJ
arjefm-80	307	25	the	the	DET
arjefm-80	307	26	decomposition	decomposition	NOUN
arjefm-80	307	27	is	be	AUX
arjefm-80	307	28	carried	carry	VERB
arjefm-80	307	29	out	out	ADP
arjefm-80	307	30	maintaining	maintain	VERB
arjefm-80	307	31	the	the	DET
arjefm-80	307	32	ordering	ordering	NOUN
arjefm-80	307	33	of	of	ADP
arjefm-80	307	34	the	the	DET
arjefm-80	307	35	variables	variable	NOUN
arjefm-80	307	36	just	just	ADV
arjefm-80	307	37	as	as	ADP
arjefm-80	307	38	pertains	pertain	NOUN
arjefm-80	307	39	in	in	ADP
arjefm-80	307	40	the	the	DET
arjefm-80	307	41	co	co	NOUN
arjefm-80	307	42	integration	integration	NOUN
arjefm-80	307	43	test	test	NOUN
arjefm-80	307	44	as	as	ADV
arjefm-80	307	45	well	well	ADV
arjefm-80	307	46	as	as	ADP
arjefm-80	307	47	the	the	DET
arjefm-80	307	48	error	error	NOUN
arjefm-80	307	49	correction	correction	NOUN
arjefm-80	307	50	estimations	estimation	NOUN
arjefm-80	307	51	.	.	PUNCT
arjefm-80	308	1	in	in	ADP
arjefm-80	308	2	the	the	DET
arjefm-80	308	3	aggregated	aggregated	ADJ
arjefm-80	308	4	government	government	NOUN
arjefm-80	308	5	model	model	NOUN
arjefm-80	308	6	,	,	PUNCT
arjefm-80	308	7	we	we	PRON
arjefm-80	308	8	determine	determine	VERB
arjefm-80	308	9	the	the	DET
arjefm-80	308	10	most	most	ADV
arjefm-80	308	11	important	important	ADJ
arjefm-80	308	12	innovations	innovation	NOUN
arjefm-80	308	13	for	for	ADP
arjefm-80	308	14	attaining	attain	VERB
arjefm-80	308	15	a	a	DET
arjefm-80	308	16	particular	particular	ADJ
arjefm-80	308	17	objective	objective	NOUN
arjefm-80	308	18	for	for	ADP
arjefm-80	308	19	the	the	DET
arjefm-80	308	20	various	various	ADJ
arjefm-80	308	21	variables	variable	NOUN
arjefm-80	308	22	the	the	DET
arjefm-80	308	23	aggregate	aggregate	ADJ
arjefm-80	308	24	government	government	NOUN
arjefm-80	308	25	expenditure	expenditure	NOUN
arjefm-80	308	26	,	,	PUNCT
arjefm-80	308	27	direct	direct	ADJ
arjefm-80	308	28	taxes	taxis	NOUN
arjefm-80	308	29	,	,	PUNCT
arjefm-80	308	30	indirect	indirect	ADJ
arjefm-80	308	31	taxes	taxis	NOUN
arjefm-80	308	32	,	,	PUNCT
arjefm-80	308	33	external	external	ADJ
arjefm-80	308	34	borrowing	borrowing	NOUN
arjefm-80	308	35	,	,	PUNCT
arjefm-80	308	36	domestic	domestic	ADJ
arjefm-80	308	37	borrowing	borrowing	NOUN
arjefm-80	308	38	and	and	CCONJ
arjefm-80	308	39	grants	grant	NOUN
arjefm-80	308	40	.	.	PUNCT
arjefm-80	309	1	from	from	ADP
arjefm-80	309	2	the	the	DET
arjefm-80	309	3	results	result	NOUN
arjefm-80	309	4	generated	generate	VERB
arjefm-80	309	5	,	,	PUNCT
arjefm-80	309	6	it	it	PRON
arjefm-80	309	7	is	be	AUX
arjefm-80	309	8	clear	clear	ADJ
arjefm-80	309	9	that	that	SCONJ
arjefm-80	309	10	in	in	ADP
arjefm-80	309	11	respect	respect	NOUN
arjefm-80	309	12	of	of	ADP
arjefm-80	309	13	government	government	NOUN
arjefm-80	309	14	expenditure	expenditure	NOUN
arjefm-80	309	15	,	,	PUNCT
arjefm-80	309	16	from	from	ADP
arjefm-80	309	17	the	the	DET
arjefm-80	309	18	second	second	ADJ
arjefm-80	309	19	period	period	NOUN
arjefm-80	309	20	,	,	PUNCT
arjefm-80	309	21	growth	growth	NOUN
arjefm-80	309	22	in	in	ADP
arjefm-80	309	23	grants	grant	NOUN
arjefm-80	309	24	assumes	assume	VERB
arjefm-80	309	25	a	a	DET
arjefm-80	309	26	very	very	ADV
arjefm-80	309	27	important	important	ADJ
arjefm-80	309	28	position	position	NOUN
arjefm-80	309	29	in	in	ADP
arjefm-80	309	30	accounting	account	VERB
arjefm-80	309	31	for	for	ADP
arjefm-80	309	32	over	over	ADP
arjefm-80	309	33	50	50	NUM
arjefm-80	309	34	%	%	NOUN
arjefm-80	309	35	of	of	ADP
arjefm-80	309	36	the	the	DET
arjefm-80	309	37	behaviour	behaviour	NOUN
arjefm-80	309	38	of	of	ADP
arjefm-80	309	39	the	the	DET
arjefm-80	309	40	government	government	NOUN
arjefm-80	309	41	expenditure	expenditure	NOUN
arjefm-80	309	42	variable	variable	NOUN
arjefm-80	309	43	.	.	PUNCT
arjefm-80	310	1	in	in	ADP
arjefm-80	310	2	the	the	DET
arjefm-80	310	3	long	long	ADJ
arjefm-80	310	4	run	run	NOUN
arjefm-80	310	5	,	,	PUNCT
arjefm-80	310	6	it	it	PRON
arjefm-80	310	7	accounts	account	VERB
arjefm-80	310	8	for	for	ADP
arjefm-80	310	9	close	close	ADJ
arjefm-80	310	10	to	to	PART
arjefm-80	310	11	70	70	NUM
arjefm-80	310	12	%	%	NOUN
arjefm-80	310	13	of	of	ADP
arjefm-80	310	14	the	the	DET
arjefm-80	310	15	movements	movement	NOUN
arjefm-80	310	16	of	of	ADP
arjefm-80	310	17	the	the	DET
arjefm-80	310	18	government	government	NOUN
arjefm-80	310	19	expenditure	expenditure	NOUN
arjefm-80	310	20	variable	variable	NOUN
arjefm-80	310	21	.	.	PUNCT
arjefm-80	311	1	for	for	ADP
arjefm-80	311	2	direct	direct	ADJ
arjefm-80	311	3	taxes	taxis	NOUN
arjefm-80	311	4	,	,	PUNCT
arjefm-80	311	5	own	own	ADJ
arjefm-80	311	6	innovations	innovation	NOUN
arjefm-80	311	7	are	be	AUX
arjefm-80	311	8	largely	largely	ADV
arjefm-80	311	9	responsible	responsible	ADJ
arjefm-80	311	10	for	for	ADP
arjefm-80	311	11	its	its	PRON
arjefm-80	311	12	variations	variation	NOUN
arjefm-80	311	13	in	in	ADP
arjefm-80	311	14	the	the	DET
arjefm-80	311	15	short	short	ADJ
arjefm-80	311	16	to	to	ADP
arjefm-80	311	17	the	the	DET
arjefm-80	311	18	long	long	ADJ
arjefm-80	311	19	term	term	NOUN
arjefm-80	311	20	accounting	account	VERB
arjefm-80	311	21	for	for	ADP
arjefm-80	311	22	over	over	ADP
arjefm-80	311	23	85	85	NUM
arjefm-80	311	24	%	%	NOUN
arjefm-80	311	25	of	of	ADP
arjefm-80	311	26	its	its	PRON
arjefm-80	311	27	movements	movement	NOUN
arjefm-80	311	28	.	.	PUNCT
arjefm-80	312	1	the	the	DET
arjefm-80	312	2	next	next	ADJ
arjefm-80	312	3	most	most	ADJ
arjefm-80	312	4	variables	variable	NOUN
arjefm-80	312	5	are	be	AUX
arjefm-80	312	6	indirect	indirect	ADJ
arjefm-80	312	7	taxes	taxis	NOUN
arjefm-80	312	8	and	and	CCONJ
arjefm-80	312	9	growth	growth	NOUN
arjefm-80	312	10	in	in	ADP
arjefm-80	312	11	government	government	NOUN
arjefm-80	312	12	expenditure	expenditure	NOUN
arjefm-80	312	13	which	which	PRON
arjefm-80	312	14	between	between	ADP
arjefm-80	312	15	them	they	PRON
arjefm-80	312	16	from	from	ADP
arjefm-80	312	17	the	the	DET
arjefm-80	312	18	short	short	ADJ
arjefm-80	312	19	to	to	PART
arjefm-80	312	20	long	long	ADJ
arjefm-80	312	21	term	term	NOUN
arjefm-80	312	22	explain	explain	VERB
arjefm-80	312	23	more	more	ADJ
arjefm-80	312	24	than	than	ADP
arjefm-80	312	25	30	30	NUM
arjefm-80	312	26	%	%	NOUN
arjefm-80	312	27	of	of	ADP
arjefm-80	312	28	the	the	DET
arjefm-80	312	29	movements	movement	NOUN
arjefm-80	312	30	in	in	ADP
arjefm-80	312	31	the	the	DET
arjefm-80	312	32	direct	direct	ADJ
arjefm-80	312	33	tax	tax	NOUN
arjefm-80	312	34	variable	variable	NOUN
arjefm-80	312	35	.	.	PUNCT
arjefm-80	313	1	from	from	ADP
arjefm-80	313	2	the	the	DET
arjefm-80	313	3	variance	variance	NOUN
arjefm-80	313	4	decomposition	decomposition	NOUN
arjefm-80	313	5	of	of	ADP
arjefm-80	313	6	the	the	DET
arjefm-80	313	7	indirect	indirect	ADJ
arjefm-80	313	8	tax	tax	NOUN
arjefm-80	313	9	variable	variable	NOUN
arjefm-80	313	10	,	,	PUNCT
arjefm-80	313	11	its	its	PRON
arjefm-80	313	12	movements	movement	NOUN
arjefm-80	313	13	in	in	ADP
arjefm-80	313	14	the	the	DET
arjefm-80	313	15	short	short	ADJ
arjefm-80	313	16	term	term	NOUN
arjefm-80	313	17	are	be	AUX
arjefm-80	313	18	dominated	dominate	VERB
arjefm-80	313	19	by	by	ADP
arjefm-80	313	20	own	own	ADJ
arjefm-80	313	21	innovations	innovation	NOUN
arjefm-80	313	22	and	and	CCONJ
arjefm-80	313	23	that	that	SCONJ
arjefm-80	313	24	from	from	ADP
arjefm-80	313	25	direct	direct	ADJ
arjefm-80	313	26	taxes	taxis	NOUN
arjefm-80	313	27	.	.	PUNCT
arjefm-80	314	1	however	however	ADV
arjefm-80	314	2	in	in	ADP
arjefm-80	314	3	the	the	DET
arjefm-80	314	4	medium	medium	NOUN
arjefm-80	314	5	to	to	ADP
arjefm-80	314	6	the	the	DET
arjefm-80	314	7	long	long	ADJ
arjefm-80	314	8	term	term	NOUN
arjefm-80	314	9	the	the	DET
arjefm-80	314	10	most	most	ADV
arjefm-80	314	11	important	important	ADJ
arjefm-80	314	12	variable	variable	NOUN
arjefm-80	314	13	that	that	PRON
arjefm-80	314	14	influences	influence	VERB
arjefm-80	314	15	movements	movement	NOUN
arjefm-80	314	16	in	in	ADP
arjefm-80	314	17	indirect	indirect	ADJ
arjefm-80	314	18	tax	tax	NOUN
arjefm-80	314	19	is	be	AUX
arjefm-80	314	20	growth	growth	NOUN
arjefm-80	314	21	in	in	ADP
arjefm-80	314	22	grants	grant	NOUN
arjefm-80	314	23	.	.	PUNCT
arjefm-80	315	1	in	in	ADP
arjefm-80	315	2	respect	respect	NOUN
arjefm-80	315	3	of	of	ADP
arjefm-80	315	4	growth	growth	NOUN
arjefm-80	315	5	in	in	ADP
arjefm-80	315	6	external	external	ADJ
arjefm-80	315	7	borrowing	borrowing	NOUN
arjefm-80	315	8	under	under	ADP
arjefm-80	315	9	the	the	DET
arjefm-80	315	10	aggregated	aggregated	ADJ
arjefm-80	315	11	model	model	NOUN
arjefm-80	315	12	,	,	PUNCT
arjefm-80	315	13	in	in	ADP
arjefm-80	315	14	the	the	DET
arjefm-80	315	15	short	short	ADJ
arjefm-80	315	16	to	to	ADP
arjefm-80	315	17	the	the	DET
arjefm-80	315	18	medium	medium	ADJ
arjefm-80	315	19	term	term	NOUN
arjefm-80	315	20	,	,	PUNCT
arjefm-80	315	21	own	own	ADJ
arjefm-80	315	22	innovations	innovation	NOUN
arjefm-80	315	23	are	be	AUX
arjefm-80	315	24	largely	largely	ADV
arjefm-80	315	25	responsible	responsible	ADJ
arjefm-80	315	26	for	for	ADP
arjefm-80	315	27	its	its	PRON
arjefm-80	315	28	behaviour	behaviour	NOUN
arjefm-80	315	29	though	though	SCONJ
arjefm-80	315	30	in	in	ADP
arjefm-80	315	31	the	the	DET
arjefm-80	315	32	long	long	ADJ
arjefm-80	315	33	run	run	NOUN
arjefm-80	315	34	,	,	PUNCT
arjefm-80	315	35	growth	growth	NOUN
arjefm-80	315	36	in	in	ADP
arjefm-80	315	37	grants	grant	NOUN
arjefm-80	315	38	assumes	assume	VERB
arjefm-80	315	39	the	the	DET
arjefm-80	315	40	most	most	ADV
arjefm-80	315	41	dominant	dominant	ADJ
arjefm-80	315	42	position	position	NOUN
arjefm-80	315	43	accounting	account	VERB
arjefm-80	315	44	for	for	ADP
arjefm-80	315	45	just	just	ADV
arjefm-80	315	46	over	over	ADP
arjefm-80	315	47	39	39	NUM
arjefm-80	315	48	%	%	NOUN
arjefm-80	315	49	of	of	ADP
arjefm-80	315	50	variations	variation	NOUN
arjefm-80	315	51	in	in	ADP
arjefm-80	315	52	external	external	ADJ
arjefm-80	315	53	borrowing	borrowing	NOUN
arjefm-80	315	54	.	.	PUNCT
arjefm-80	316	1	for	for	ADP
arjefm-80	316	2	domestic	domestic	ADJ
arjefm-80	316	3	borrowing	borrowing	NOUN
arjefm-80	316	4	,	,	PUNCT
arjefm-80	316	5	in	in	ADP
arjefm-80	316	6	the	the	DET
arjefm-80	316	7	short	short	ADJ
arjefm-80	316	8	to	to	ADP
arjefm-80	316	9	the	the	DET
arjefm-80	316	10	medium	medium	ADJ
arjefm-80	316	11	term	term	NOUN
arjefm-80	316	12	,	,	PUNCT
arjefm-80	316	13	its	its	PRON
arjefm-80	316	14	variations	variation	NOUN
arjefm-80	316	15	are	be	AUX
arjefm-80	316	16	explained	explain	VERB
arjefm-80	316	17	mainly	mainly	ADV
arjefm-80	316	18	by	by	ADP
arjefm-80	316	19	own	own	ADJ
arjefm-80	316	20	innovations	innovation	NOUN
arjefm-80	316	21	and	and	CCONJ
arjefm-80	316	22	that	that	SCONJ
arjefm-80	316	23	from	from	ADP
arjefm-80	316	24	external	external	ADJ
arjefm-80	316	25	borrowing	borrowing	NOUN
arjefm-80	316	26	accounting	account	VERB
arjefm-80	316	27	for	for	ADP
arjefm-80	316	28	over	over	ADP
arjefm-80	316	29	90	90	NUM
arjefm-80	316	30	%	%	NOUN
arjefm-80	316	31	to	to	ADP
arjefm-80	316	32	about	about	ADP
arjefm-80	316	33	30	30	NUM
arjefm-80	316	34	%	%	NOUN
arjefm-80	316	35	between	between	ADP
arjefm-80	316	36	them	they	PRON
arjefm-80	316	37	.	.	PUNCT
arjefm-80	317	1	in	in	ADP
arjefm-80	317	2	the	the	DET
arjefm-80	317	3	long	long	ADJ
arjefm-80	317	4	term	term	NOUN
arjefm-80	317	5	,	,	PUNCT
arjefm-80	317	6	however	however	ADV
arjefm-80	317	7	,	,	PUNCT
arjefm-80	317	8	growth	growth	NOUN
arjefm-80	317	9	in	in	ADP
arjefm-80	317	10	grants	grant	NOUN
arjefm-80	317	11	becomes	become	VERB
arjefm-80	317	12	the	the	DET
arjefm-80	317	13	most	most	ADV
arjefm-80	317	14	dominant	dominant	ADJ
arjefm-80	317	15	as	as	SCONJ
arjefm-80	317	16	it	it	PRON
arjefm-80	317	17	caters	cater	VERB
arjefm-80	317	18	for	for	ADP
arjefm-80	317	19	over	over	ADP
arjefm-80	317	20	54	54	NUM
arjefm-80	317	21	%	%	NOUN
arjefm-80	317	22	of	of	ADP
arjefm-80	317	23	variations	variation	NOUN
arjefm-80	317	24	in	in	ADP
arjefm-80	317	25	the	the	DET
arjefm-80	317	26	domestic	domestic	ADJ
arjefm-80	317	27	borrowing	borrowing	NOUN
arjefm-80	317	28	variable	variable	NOUN
arjefm-80	317	29	.	.	PUNCT
arjefm-80	318	1	for	for	ADP
arjefm-80	318	2	grants	grant	NOUN
arjefm-80	318	3	,	,	PUNCT
arjefm-80	318	4	its	its	PRON
arjefm-80	318	5	own	own	ADJ
arjefm-80	318	6	innovations	innovation	NOUN
arjefm-80	318	7	are	be	AUX
arjefm-80	318	8	most	most	ADV
arjefm-80	318	9	dominant	dominant	ADJ
arjefm-80	318	10	in	in	ADP
arjefm-80	318	11	explaining	explain	VERB
arjefm-80	318	12	its	its	PRON
arjefm-80	318	13	movements	movement	NOUN
arjefm-80	318	14	from	from	ADP
arjefm-80	318	15	about	about	ADP
arjefm-80	318	16	51	51	NUM
arjefm-80	318	17	%	%	NOUN
arjefm-80	318	18	in	in	ADP
arjefm-80	318	19	the	the	DET
arjefm-80	318	20	first	first	ADJ
arjefm-80	318	21	period	period	NOUN
arjefm-80	318	22	to	to	ADP
arjefm-80	318	23	over	over	ADP
arjefm-80	318	24	60	60	NUM
arjefm-80	318	25	%	%	NOUN
arjefm-80	318	26	in	in	ADP
arjefm-80	318	27	the	the	DET
arjefm-80	318	28	tenth	tenth	ADJ
arjefm-80	318	29	period	period	NOUN
arjefm-80	318	30	.	.	PUNCT
arjefm-80	319	1	in	in	ADP
arjefm-80	319	2	the	the	DET
arjefm-80	319	3	short	short	ADJ
arjefm-80	319	4	to	to	ADP
arjefm-80	319	5	the	the	DET
arjefm-80	319	6	medium	medium	ADJ
arjefm-80	319	7	term	term	NOUN
arjefm-80	319	8	,	,	PUNCT
arjefm-80	319	9	however	however	ADV
arjefm-80	319	10	,	,	PUNCT
arjefm-80	319	11	the	the	DET
arjefm-80	319	12	growth	growth	NOUN
arjefm-80	319	13	in	in	ADP
arjefm-80	319	14	external	external	ADJ
arjefm-80	319	15	borrowing	borrowing	NOUN
arjefm-80	319	16	is	be	AUX
arjefm-80	319	17	second	second	ADV
arjefm-80	319	18	most	most	ADV
arjefm-80	319	19	important	important	ADJ
arjefm-80	319	20	innovation	innovation	NOUN
arjefm-80	319	21	which	which	PRON
arjefm-80	319	22	affects	affect	VERB
arjefm-80	319	23	movements	movement	NOUN
arjefm-80	319	24	in	in	ADP
arjefm-80	319	25	grants	grant	NOUN
arjefm-80	319	26	.	.	PUNCT
arjefm-80	320	1	we	we	PRON
arjefm-80	320	2	now	now	ADV
arjefm-80	320	3	consider	consider	VERB
arjefm-80	320	4	the	the	DET
arjefm-80	320	5	forecast	forecast	NOUN
arjefm-80	320	6	error	error	NOUN
arjefm-80	320	7	decomposition	decomposition	NOUN
arjefm-80	320	8	in	in	ADP
arjefm-80	320	9	the	the	DET
arjefm-80	320	10	disaggregated	disaggregate	VERB
arjefm-80	320	11	government	government	NOUN
arjefm-80	320	12	expenditure	expenditure	NOUN
arjefm-80	320	13	model	model	NOUN
arjefm-80	320	14	.	.	PUNCT
arjefm-80	321	1	from	from	ADP
arjefm-80	321	2	the	the	DET
arjefm-80	321	3	derived	derive	VERB
arjefm-80	321	4	results	result	NOUN
arjefm-80	321	5	,	,	PUNCT
arjefm-80	321	6	we	we	PRON
arjefm-80	321	7	observe	observe	VERB
arjefm-80	321	8	that	that	SCONJ
arjefm-80	321	9	from	from	ADP
arjefm-80	321	10	the	the	DET
arjefm-80	321	11	short	short	ADJ
arjefm-80	321	12	to	to	ADP
arjefm-80	321	13	the	the	DET
arjefm-80	321	14	long	long	ADJ
arjefm-80	321	15	term	term	NOUN
arjefm-80	321	16	,	,	PUNCT
arjefm-80	321	17	the	the	DET
arjefm-80	321	18	important	important	ADJ
arjefm-80	321	19	variable	variable	NOUN
arjefm-80	321	20	that	that	PRON
arjefm-80	321	21	explains	explain	VERB
arjefm-80	321	22	the	the	DET
arjefm-80	321	23	behaviour	behaviour	NOUN
arjefm-80	321	24	of	of	ADP
arjefm-80	321	25	government	government	NOUN
arjefm-80	321	26	consumption	consumption	NOUN
arjefm-80	321	27	expenditure	expenditure	NOUN
arjefm-80	321	28	is	be	AUX
arjefm-80	321	29	own	own	ADJ
arjefm-80	321	30	innovations	innovation	NOUN
arjefm-80	321	31	which	which	PRON
arjefm-80	321	32	constitutes	constitute	VERB
arjefm-80	321	33	100	100	NUM
arjefm-80	321	34	%	%	NOUN
arjefm-80	321	35	to	to	PART
arjefm-80	321	36	60	60	NUM
arjefm-80	321	37	%	%	NOUN
arjefm-80	321	38	of	of	ADP
arjefm-80	321	39	its	its	PRON
arjefm-80	321	40	movements	movement	NOUN
arjefm-80	321	41	from	from	ADP
arjefm-80	321	42	the	the	DET
arjefm-80	321	43	short	short	ADJ
arjefm-80	321	44	to	to	ADP
arjefm-80	321	45	the	the	DET
arjefm-80	321	46	long	long	ADJ
arjefm-80	321	47	term	term	NOUN
arjefm-80	321	48	.	.	PUNCT
arjefm-80	322	1	it	it	PRON
arjefm-80	322	2	is	be	AUX
arjefm-80	322	3	followed	follow	VERB
arjefm-80	322	4	in	in	ADP
arjefm-80	322	5	terms	term	NOUN
arjefm-80	322	6	of	of	ADP
arjefm-80	322	7	significance	significance	NOUN
arjefm-80	322	8	by	by	ADP
arjefm-80	322	9	the	the	DET
arjefm-80	322	10	innovations	innovation	NOUN
arjefm-80	322	11	due	due	ADP
arjefm-80	322	12	to	to	ADP
arjefm-80	322	13	government	government	NOUN
arjefm-80	322	14	capital	capital	NOUN
arjefm-80	322	15	expenditure	expenditure	NOUN
arjefm-80	322	16	.	.	PUNCT
arjefm-80	323	1	in	in	ADP
arjefm-80	323	2	respect	respect	NOUN
arjefm-80	323	3	of	of	ADP
arjefm-80	323	4	government	government	NOUN
arjefm-80	323	5	capital	capital	NOUN
arjefm-80	323	6	expenditure	expenditure	NOUN
arjefm-80	323	7	,	,	PUNCT
arjefm-80	323	8	the	the	DET
arjefm-80	323	9	movements	movement	NOUN
arjefm-80	323	10	are	be	AUX
arjefm-80	323	11	mostly	mostly	ADV
arjefm-80	323	12	explained	explain	VERB
arjefm-80	323	13	by	by	ADP
arjefm-80	323	14	own	own	ADJ
arjefm-80	323	15	innovations	innovation	NOUN
arjefm-80	323	16	and	and	CCONJ
arjefm-80	323	17	that	that	SCONJ
arjefm-80	323	18	emanating	emanate	VERB
arjefm-80	323	19	from	from	ADP
arjefm-80	323	20	government	government	NOUN
arjefm-80	323	21	consumption	consumption	NOUN
arjefm-80	323	22	expenditure	expenditure	NOUN
arjefm-80	323	23	.	.	PUNCT
arjefm-80	324	1	the	the	DET
arjefm-80	324	2	movements	movement	NOUN
arjefm-80	324	3	in	in	ADP
arjefm-80	324	4	direct	direct	ADJ
arjefm-80	324	5	taxes	taxis	NOUN
arjefm-80	324	6	are	be	AUX
arjefm-80	324	7	dominated	dominate	VERB
arjefm-80	324	8	by	by	ADP
arjefm-80	324	9	own	own	ADJ
arjefm-80	324	10	innovations	innovation	NOUN
arjefm-80	324	11	from	from	ADP
arjefm-80	324	12	the	the	DET
arjefm-80	324	13	short	short	ADJ
arjefm-80	324	14	to	to	ADP
arjefm-80	324	15	the	the	DET
arjefm-80	324	16	long	long	ADJ
arjefm-80	324	17	term	term	NOUN
arjefm-80	324	18	accounting	account	VERB
arjefm-80	324	19	for	for	ADP
arjefm-80	324	20	over	over	ADP
arjefm-80	324	21	99	99	NUM
arjefm-80	324	22	%	%	NOUN
arjefm-80	324	23	to	to	ADP
arjefm-80	324	24	about	about	ADP
arjefm-80	324	25	78	78	NUM
arjefm-80	324	26	%	%	NOUN
arjefm-80	324	27	whilst	whilst	SCONJ
arjefm-80	324	28	that	that	PRON
arjefm-80	324	29	due	due	ADP
arjefm-80	324	30	to	to	ADP
arjefm-80	324	31	domestic	domestic	ADJ
arjefm-80	324	32	borrowing	borrowing	NOUN
arjefm-80	324	33	takes	take	VERB
arjefm-80	324	34	about	about	ADV
arjefm-80	324	35	12	12	NUM
arjefm-80	324	36	%	%	NOUN
arjefm-80	324	37	of	of	ADP
arjefm-80	324	38	the	the	DET
arjefm-80	324	39	innovations	innovation	NOUN
arjefm-80	324	40	.	.	PUNCT
arjefm-80	325	1	the	the	DET
arjefm-80	325	2	contributions	contribution	NOUN
arjefm-80	325	3	of	of	ADP
arjefm-80	325	4	the	the	DET
arjefm-80	325	5	various	various	ADJ
arjefm-80	325	6	innovations	innovation	NOUN
arjefm-80	325	7	to	to	ADP
arjefm-80	325	8	the	the	DET
arjefm-80	325	9	movements	movement	NOUN
arjefm-80	325	10	in	in	ADP
arjefm-80	325	11	the	the	DET
arjefm-80	325	12	indirect	indirect	ADJ
arjefm-80	325	13	tax	tax	NOUN
arjefm-80	325	14	variable	variable	NOUN
arjefm-80	325	15	are	be	AUX
arjefm-80	325	16	mainly	mainly	ADV
arjefm-80	325	17	due	due	ADJ
arjefm-80	325	18	to	to	ADP
arjefm-80	325	19	own	own	ADJ
arjefm-80	325	20	movements	movement	NOUN
arjefm-80	325	21	and	and	CCONJ
arjefm-80	325	22	those	those	PRON
arjefm-80	325	23	that	that	PRON
arjefm-80	325	24	coming	come	VERB
arjefm-80	325	25	from	from	ADP
arjefm-80	325	26	direct	direct	ADJ
arjefm-80	325	27	taxes	taxis	NOUN
arjefm-80	325	28	.	.	PUNCT
arjefm-80	326	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	326	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	327	1	american	american	PROPN
arjefm-80	327	2	research	research	PROPN
arjefm-80	327	3	journal	journal	PROPN
arjefm-80	327	4	of	of	ADP
arjefm-80	327	5	economics	economic	NOUN
arjefm-80	327	6	,	,	PUNCT
arjefm-80	327	7	finance	finance	NOUN
arjefm-80	327	8	and	and	CCONJ
arjefm-80	327	9	management	management	NOUN
arjefm-80	327	10	volume	volume	NOUN
arjefm-80	327	11	11	11	NUM
arjefm-80	327	12	issue	issue	NOUN
arjefm-80	327	13	2	2	NUM
arjefm-80	327	14	,	,	PUNCT
arjefm-80	327	15	april	april	PROPN
arjefm-80	327	16	-	-	PUNCT
arjefm-80	327	17	june	june	PROPN
arjefm-80	327	18	2023	2023	NUM
arjefm-80	327	19	issn	issn	PROPN
arjefm-80	327	20	:	:	PUNCT
arjefm-80	327	21	2836	2836	NUM
arjefm-80	327	22	-	-	SYM
arjefm-80	327	23	9416	9416	NUM
arjefm-80	327	24	impact	impact	NOUN
arjefm-80	327	25	factor	factor	NOUN
arjefm-80	327	26	:	:	PUNCT
arjefm-80	327	27	5.57	5.57	NUM
arjefm-80	327	28	journal	journal	NOUN
arjefm-80	327	29	homepage	homepage	NOUN
arjefm-80	327	30	:	:	PUNCT
arjefm-80	327	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	327	32	,	,	PUNCT
arjefm-80	327	33	email	email	NOUN
arjefm-80	327	34	:	:	PUNCT
arjefm-80	328	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	328	2	official	official	ADJ
arjefm-80	328	3	journal	journal	PROPN
arjefm-80	328	4	of	of	ADP
arjefm-80	328	5	america	america	PROPN
arjefm-80	328	6	serial	serial	PROPN
arjefm-80	328	7	publication	publication	NOUN
arjefm-80	328	8	american	american	PROPN
arjefm-80	328	9	research	research	PROPN
arjefm-80	328	10	journal	journal	PROPN
arjefm-80	328	11	of	of	ADP
arjefm-80	328	12	economics	economic	NOUN
arjefm-80	328	13	,	,	PUNCT
arjefm-80	328	14	finance	finance	NOUN
arjefm-80	328	15	and	and	CCONJ
arjefm-80	328	16	management	management	NOUN
arjefm-80	328	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	328	18	,	,	PUNCT
arjefm-80	328	19	email	email	NOUN
arjefm-80	328	20	:	:	PUNCT
arjefm-80	328	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	329	1	19	19	NUM
arjefm-80	330	1	|	|	ADV
arjefm-80	330	2	p	p	NOUN
arjefm-80	330	3	a	a	DET
arjefm-80	330	4	g	g	NOUN
arjefm-80	330	5	e	e	NOUN
arjefm-80	330	6	specifically	specifically	ADV
arjefm-80	330	7	,	,	PUNCT
arjefm-80	330	8	own	own	ADJ
arjefm-80	330	9	innovations	innovation	NOUN
arjefm-80	330	10	account	account	VERB
arjefm-80	330	11	for	for	ADP
arjefm-80	330	12	over	over	ADP
arjefm-80	330	13	63	63	NUM
arjefm-80	330	14	%	%	NOUN
arjefm-80	330	15	to	to	ADP
arjefm-80	330	16	about	about	ADP
arjefm-80	330	17	58	58	NUM
arjefm-80	330	18	%	%	NOUN
arjefm-80	330	19	from	from	ADP
arjefm-80	330	20	the	the	DET
arjefm-80	330	21	short	short	ADJ
arjefm-80	330	22	to	to	ADP
arjefm-80	330	23	the	the	DET
arjefm-80	330	24	long	long	ADJ
arjefm-80	330	25	period	period	NOUN
arjefm-80	330	26	whereas	whereas	SCONJ
arjefm-80	330	27	proportion	proportion	NOUN
arjefm-80	330	28	of	of	ADP
arjefm-80	330	29	innovations	innovation	NOUN
arjefm-80	330	30	from	from	ADP
arjefm-80	330	31	direct	direct	ADJ
arjefm-80	330	32	taxes	taxis	NOUN
arjefm-80	330	33	range	range	VERB
arjefm-80	330	34	from	from	ADP
arjefm-80	330	35	34	34	NUM
arjefm-80	330	36	%	%	NOUN
arjefm-80	330	37	to	to	PART
arjefm-80	330	38	30	30	NUM
arjefm-80	330	39	%	%	NOUN
arjefm-80	330	40	.	.	PUNCT
arjefm-80	331	1	again	again	ADV
arjefm-80	331	2	movements	movement	NOUN
arjefm-80	331	3	in	in	ADP
arjefm-80	331	4	external	external	ADJ
arjefm-80	331	5	borrowing	borrowing	NOUN
arjefm-80	331	6	are	be	AUX
arjefm-80	331	7	dominated	dominate	VERB
arjefm-80	331	8	by	by	ADP
arjefm-80	331	9	own	own	ADJ
arjefm-80	331	10	innovations	innovation	NOUN
arjefm-80	331	11	and	and	CCONJ
arjefm-80	331	12	predictably	predictably	ADV
arjefm-80	331	13	followed	follow	VERB
arjefm-80	331	14	by	by	ADP
arjefm-80	331	15	innovations	innovation	NOUN
arjefm-80	331	16	due	due	ADP
arjefm-80	331	17	to	to	ADP
arjefm-80	331	18	grants	grant	NOUN
arjefm-80	331	19	.	.	PUNCT
arjefm-80	332	1	impulse	impulse	ADJ
arjefm-80	332	2	response	response	NOUN
arjefm-80	332	3	functions	function	NOUN
arjefm-80	332	4	finally	finally	ADV
arjefm-80	332	5	in	in	ADP
arjefm-80	332	6	our	our	PRON
arjefm-80	332	7	analysis	analysis	NOUN
arjefm-80	332	8	,	,	PUNCT
arjefm-80	332	9	we	we	PRON
arjefm-80	332	10	attempt	attempt	VERB
arjefm-80	332	11	to	to	PART
arjefm-80	332	12	trace	trace	VERB
arjefm-80	332	13	the	the	DET
arjefm-80	332	14	effects	effect	NOUN
arjefm-80	332	15	of	of	ADP
arjefm-80	332	16	shocks	shock	NOUN
arjefm-80	332	17	emanating	emanate	VERB
arjefm-80	332	18	from	from	ADP
arjefm-80	332	19	the	the	DET
arjefm-80	332	20	other	other	ADJ
arjefm-80	332	21	variables	variable	NOUN
arjefm-80	332	22	in	in	ADP
arjefm-80	332	23	the	the	DET
arjefm-80	332	24	system	system	NOUN
arjefm-80	332	25	on	on	ADP
arjefm-80	332	26	each	each	DET
arjefm-80	332	27	endogenous	endogenous	ADJ
arjefm-80	332	28	variable	variable	NOUN
arjefm-80	332	29	.	.	PUNCT
arjefm-80	333	1	(	(	PUNCT
arjefm-80	333	2	estimations	estimation	NOUN
arjefm-80	333	3	are	be	AUX
arjefm-80	333	4	found	find	VERB
arjefm-80	333	5	in	in	ADP
arjefm-80	333	6	the	the	DET
arjefm-80	333	7	appendices	appendix	NOUN
arjefm-80	333	8	)	)	PUNCT
arjefm-80	333	9	we	we	PRON
arjefm-80	333	10	first	first	ADV
arjefm-80	333	11	consider	consider	VERB
arjefm-80	333	12	the	the	DET
arjefm-80	333	13	aggregated	aggregated	ADJ
arjefm-80	333	14	government	government	NOUN
arjefm-80	333	15	expenditure	expenditure	NOUN
arjefm-80	333	16	model	model	NOUN
arjefm-80	333	17	.	.	PUNCT
arjefm-80	334	1	in	in	ADP
arjefm-80	334	2	respect	respect	NOUN
arjefm-80	334	3	of	of	ADP
arjefm-80	334	4	total	total	ADJ
arjefm-80	334	5	government	government	NOUN
arjefm-80	334	6	expenditure	expenditure	NOUN
arjefm-80	334	7	we	we	PRON
arjefm-80	334	8	realize	realize	VERB
arjefm-80	334	9	that	that	SCONJ
arjefm-80	334	10	its	its	PRON
arjefm-80	334	11	time	time	NOUN
arjefm-80	334	12	path	path	NOUN
arjefm-80	334	13	around	around	ADP
arjefm-80	334	14	equilibrium	equilibrium	NOUN
arjefm-80	334	15	is	be	AUX
arjefm-80	334	16	not	not	PART
arjefm-80	334	17	very	very	ADV
arjefm-80	334	18	much	much	ADV
arjefm-80	334	19	affected	affect	VERB
arjefm-80	334	20	by	by	ADP
arjefm-80	334	21	own	own	ADJ
arjefm-80	334	22	shocks	shock	NOUN
arjefm-80	334	23	and	and	CCONJ
arjefm-80	334	24	that	that	SCONJ
arjefm-80	334	25	emanating	emanate	VERB
arjefm-80	334	26	from	from	ADP
arjefm-80	334	27	the	the	DET
arjefm-80	334	28	other	other	ADJ
arjefm-80	334	29	variables	variable	NOUN
arjefm-80	334	30	.	.	PUNCT
arjefm-80	335	1	however	however	ADV
arjefm-80	335	2	shocks	shock	NOUN
arjefm-80	335	3	coming	come	VERB
arjefm-80	335	4	from	from	ADP
arjefm-80	335	5	own	own	ADJ
arjefm-80	335	6	innovations	innovation	NOUN
arjefm-80	335	7	and	and	CCONJ
arjefm-80	335	8	from	from	ADP
arjefm-80	335	9	other	other	ADJ
arjefm-80	335	10	variables	variable	NOUN
arjefm-80	335	11	cause	cause	VERB
arjefm-80	335	12	more	more	ADJ
arjefm-80	335	13	instability	instability	NOUN
arjefm-80	335	14	in	in	ADP
arjefm-80	335	15	the	the	DET
arjefm-80	335	16	trajectory	trajectory	NOUN
arjefm-80	335	17	of	of	ADP
arjefm-80	335	18	direct	direct	ADJ
arjefm-80	335	19	tax	tax	NOUN
arjefm-80	335	20	variable	variable	NOUN
arjefm-80	335	21	around	around	ADP
arjefm-80	335	22	the	the	DET
arjefm-80	335	23	equilibrium	equilibrium	NOUN
arjefm-80	335	24	path	path	NOUN
arjefm-80	335	25	.	.	PUNCT
arjefm-80	336	1	the	the	DET
arjefm-80	336	2	instability	instability	NOUN
arjefm-80	336	3	as	as	SCONJ
arjefm-80	336	4	witnessed	witness	VERB
arjefm-80	336	5	from	from	ADP
arjefm-80	336	6	the	the	DET
arjefm-80	336	7	graphs	graph	NOUN
arjefm-80	336	8	is	be	AUX
arjefm-80	336	9	more	more	ADV
arjefm-80	336	10	pronounced	pronounce	VERB
arjefm-80	336	11	especially	especially	ADV
arjefm-80	336	12	in	in	ADP
arjefm-80	336	13	response	response	NOUN
arjefm-80	336	14	to	to	PART
arjefm-80	336	15	own	own	ADJ
arjefm-80	336	16	shocks	shock	NOUN
arjefm-80	336	17	and	and	CCONJ
arjefm-80	336	18	the	the	DET
arjefm-80	336	19	shocks	shock	NOUN
arjefm-80	336	20	which	which	PRON
arjefm-80	336	21	originate	originate	VERB
arjefm-80	336	22	from	from	ADP
arjefm-80	336	23	total	total	ADJ
arjefm-80	336	24	government	government	NOUN
arjefm-80	336	25	expenditure	expenditure	NOUN
arjefm-80	336	26	and	and	CCONJ
arjefm-80	336	27	indirect	indirect	ADJ
arjefm-80	336	28	taxes	taxis	NOUN
arjefm-80	336	29	.	.	PUNCT
arjefm-80	337	1	the	the	DET
arjefm-80	337	2	greatest	great	ADJ
arjefm-80	337	3	effect	effect	NOUN
arjefm-80	337	4	of	of	ADP
arjefm-80	337	5	any	any	DET
arjefm-80	337	6	shock	shock	NOUN
arjefm-80	337	7	in	in	ADP
arjefm-80	337	8	the	the	DET
arjefm-80	337	9	system	system	NOUN
arjefm-80	337	10	on	on	ADP
arjefm-80	337	11	indirect	indirect	ADJ
arjefm-80	337	12	taxes	taxis	NOUN
arjefm-80	337	13	comes	come	VERB
arjefm-80	337	14	from	from	ADP
arjefm-80	337	15	grants	grant	NOUN
arjefm-80	337	16	.	.	PUNCT
arjefm-80	338	1	however	however	ADV
arjefm-80	338	2	,	,	PUNCT
arjefm-80	338	3	the	the	DET
arjefm-80	338	4	trajectory	trajectory	NOUN
arjefm-80	338	5	of	of	ADP
arjefm-80	338	6	external	external	ADJ
arjefm-80	338	7	borrowing	borrowing	NOUN
arjefm-80	338	8	is	be	AUX
arjefm-80	338	9	affected	affect	VERB
arjefm-80	338	10	much	much	ADV
arjefm-80	338	11	more	more	ADJ
arjefm-80	338	12	by	by	ADP
arjefm-80	338	13	shocks	shock	NOUN
arjefm-80	338	14	from	from	ADP
arjefm-80	338	15	grants	grant	NOUN
arjefm-80	338	16	and	and	CCONJ
arjefm-80	338	17	then	then	ADV
arjefm-80	338	18	by	by	ADP
arjefm-80	338	19	own	own	ADJ
arjefm-80	338	20	shocks	shock	NOUN
arjefm-80	338	21	than	than	ADP
arjefm-80	338	22	shocks	shock	NOUN
arjefm-80	338	23	coming	come	VERB
arjefm-80	338	24	from	from	ADP
arjefm-80	338	25	any	any	DET
arjefm-80	338	26	other	other	ADJ
arjefm-80	338	27	variable	variable	NOUN
arjefm-80	338	28	in	in	ADP
arjefm-80	338	29	the	the	DET
arjefm-80	338	30	system	system	NOUN
arjefm-80	338	31	.	.	PUNCT
arjefm-80	339	1	for	for	ADP
arjefm-80	339	2	domestic	domestic	ADJ
arjefm-80	339	3	borrowing	borrowing	NOUN
arjefm-80	339	4	,	,	PUNCT
arjefm-80	339	5	apart	apart	ADV
arjefm-80	339	6	from	from	ADP
arjefm-80	339	7	shocks	shock	NOUN
arjefm-80	339	8	triggered	trigger	VERB
arjefm-80	339	9	from	from	ADP
arjefm-80	339	10	grants	grant	NOUN
arjefm-80	339	11	the	the	DET
arjefm-80	339	12	other	other	ADJ
arjefm-80	339	13	shocks	shock	NOUN
arjefm-80	339	14	appear	appear	VERB
arjefm-80	339	15	not	not	PART
arjefm-80	339	16	to	to	PART
arjefm-80	339	17	have	have	VERB
arjefm-80	339	18	any	any	DET
arjefm-80	339	19	significant	significant	ADJ
arjefm-80	339	20	drift	drift	NOUN
arjefm-80	339	21	in	in	ADP
arjefm-80	339	22	its	its	PRON
arjefm-80	339	23	time	time	NOUN
arjefm-80	339	24	path	path	NOUN
arjefm-80	339	25	.	.	PUNCT
arjefm-80	340	1	finally	finally	ADV
arjefm-80	340	2	movements	movement	VERB
arjefm-80	340	3	in	in	ADP
arjefm-80	340	4	the	the	DET
arjefm-80	340	5	grants	grant	NOUN
arjefm-80	340	6	are	be	AUX
arjefm-80	340	7	largely	largely	ADV
arjefm-80	340	8	unaffected	unaffected	ADJ
arjefm-80	340	9	by	by	ADP
arjefm-80	340	10	shocks	shock	NOUN
arjefm-80	340	11	which	which	PRON
arjefm-80	340	12	are	be	AUX
arjefm-80	340	13	transmitted	transmit	VERB
arjefm-80	340	14	from	from	ADP
arjefm-80	340	15	other	other	ADJ
arjefm-80	340	16	variables	variable	NOUN
arjefm-80	340	17	.	.	PUNCT
arjefm-80	341	1	it	it	PRON
arjefm-80	341	2	is	be	AUX
arjefm-80	341	3	only	only	ADV
arjefm-80	341	4	own	own	ADJ
arjefm-80	341	5	shocks	shock	NOUN
arjefm-80	341	6	which	which	PRON
arjefm-80	341	7	appear	appear	VERB
arjefm-80	341	8	to	to	PART
arjefm-80	341	9	drift	drift	VERB
arjefm-80	341	10	the	the	DET
arjefm-80	341	11	trajectory	trajectory	NOUN
arjefm-80	341	12	of	of	ADP
arjefm-80	341	13	grants	grant	NOUN
arjefm-80	341	14	from	from	ADP
arjefm-80	341	15	the	the	DET
arjefm-80	341	16	equilibrium	equilibrium	NOUN
arjefm-80	341	17	position	position	NOUN
arjefm-80	341	18	.	.	PUNCT
arjefm-80	342	1	in	in	ADP
arjefm-80	342	2	the	the	DET
arjefm-80	342	3	disaggregated	disaggregate	VERB
arjefm-80	342	4	government	government	NOUN
arjefm-80	342	5	expenditure	expenditure	NOUN
arjefm-80	342	6	model	model	NOUN
arjefm-80	342	7	,	,	PUNCT
arjefm-80	342	8	the	the	DET
arjefm-80	342	9	story	story	NOUN
arjefm-80	342	10	is	be	AUX
arjefm-80	342	11	different	different	ADJ
arjefm-80	342	12	from	from	ADP
arjefm-80	342	13	that	that	PRON
arjefm-80	342	14	which	which	PRON
arjefm-80	342	15	is	be	AUX
arjefm-80	342	16	experienced	experience	VERB
arjefm-80	342	17	in	in	ADP
arjefm-80	342	18	the	the	DET
arjefm-80	342	19	aggregated	aggregate	VERB
arjefm-80	342	20	expenditure	expenditure	NOUN
arjefm-80	342	21	model	model	NOUN
arjefm-80	342	22	.	.	PUNCT
arjefm-80	343	1	from	from	ADP
arjefm-80	343	2	the	the	DET
arjefm-80	343	3	graphs	graph	NOUN
arjefm-80	343	4	,	,	PUNCT
arjefm-80	343	5	we	we	PRON
arjefm-80	343	6	observe	observe	VERB
arjefm-80	343	7	that	that	SCONJ
arjefm-80	343	8	shocks	shock	NOUN
arjefm-80	343	9	from	from	ADP
arjefm-80	343	10	government	government	NOUN
arjefm-80	343	11	capital	capital	NOUN
arjefm-80	343	12	expenditure	expenditure	NOUN
arjefm-80	343	13	aside	aside	ADV
arjefm-80	343	14	of	of	ADP
arjefm-80	343	15	own	own	ADJ
arjefm-80	343	16	shocks	shock	NOUN
arjefm-80	343	17	are	be	AUX
arjefm-80	343	18	those	those	PRON
arjefm-80	343	19	which	which	PRON
arjefm-80	343	20	have	have	VERB
arjefm-80	343	21	more	more	ADJ
arjefm-80	343	22	impact	impact	NOUN
arjefm-80	343	23	on	on	ADP
arjefm-80	343	24	the	the	DET
arjefm-80	343	25	movement	movement	NOUN
arjefm-80	343	26	of	of	ADP
arjefm-80	343	27	government	government	NOUN
arjefm-80	343	28	consumption	consumption	NOUN
arjefm-80	343	29	expenditure	expenditure	NOUN
arjefm-80	343	30	.	.	PUNCT
arjefm-80	344	1	the	the	DET
arjefm-80	344	2	time	time	NOUN
arjefm-80	344	3	path	path	NOUN
arjefm-80	344	4	of	of	ADP
arjefm-80	344	5	government	government	NOUN
arjefm-80	344	6	capital	capital	NOUN
arjefm-80	344	7	expenditure	expenditure	NOUN
arjefm-80	344	8	is	be	AUX
arjefm-80	344	9	affected	affect	VERB
arjefm-80	344	10	more	more	ADV
arjefm-80	344	11	in	in	ADP
arjefm-80	344	12	the	the	DET
arjefm-80	344	13	early	early	ADJ
arjefm-80	344	14	periods	period	NOUN
arjefm-80	344	15	by	by	ADP
arjefm-80	344	16	shocks	shock	NOUN
arjefm-80	344	17	from	from	ADP
arjefm-80	344	18	government	government	NOUN
arjefm-80	344	19	consumption	consumption	NOUN
arjefm-80	344	20	expenditure	expenditure	NOUN
arjefm-80	344	21	and	and	CCONJ
arjefm-80	344	22	own	own	ADJ
arjefm-80	344	23	shocks	shock	NOUN
arjefm-80	344	24	.	.	PUNCT
arjefm-80	345	1	the	the	DET
arjefm-80	345	2	shocks	shock	NOUN
arjefm-80	345	3	from	from	ADP
arjefm-80	345	4	the	the	DET
arjefm-80	345	5	other	other	ADJ
arjefm-80	345	6	variables	variable	NOUN
arjefm-80	345	7	do	do	AUX
arjefm-80	345	8	not	not	PART
arjefm-80	345	9	cause	cause	VERB
arjefm-80	345	10	as	as	ADV
arjefm-80	345	11	much	much	ADJ
arjefm-80	345	12	trepidation	trepidation	NOUN
arjefm-80	345	13	.	.	PUNCT
arjefm-80	346	1	in	in	ADP
arjefm-80	346	2	respect	respect	NOUN
arjefm-80	346	3	of	of	ADP
arjefm-80	346	4	direct	direct	ADJ
arjefm-80	346	5	taxes	taxis	NOUN
arjefm-80	346	6	own	own	VERB
arjefm-80	346	7	shocks	shock	NOUN
arjefm-80	346	8	are	be	AUX
arjefm-80	346	9	the	the	DET
arjefm-80	346	10	most	most	ADV
arjefm-80	346	11	prominent	prominent	ADJ
arjefm-80	346	12	among	among	ADP
arjefm-80	346	13	all	all	DET
arjefm-80	346	14	the	the	DET
arjefm-80	346	15	shocks	shock	NOUN
arjefm-80	346	16	which	which	PRON
arjefm-80	346	17	are	be	AUX
arjefm-80	346	18	transmitted	transmit	VERB
arjefm-80	346	19	from	from	ADP
arjefm-80	346	20	the	the	DET
arjefm-80	346	21	various	various	ADJ
arjefm-80	346	22	variables	variable	NOUN
arjefm-80	346	23	whilst	whilst	SCONJ
arjefm-80	346	24	indirect	indirect	ADJ
arjefm-80	346	25	taxes	taxis	NOUN
arjefm-80	346	26	react	react	VERB
arjefm-80	346	27	to	to	PART
arjefm-80	346	28	own	own	ADJ
arjefm-80	346	29	shocks	shock	NOUN
arjefm-80	346	30	and	and	CCONJ
arjefm-80	346	31	that	that	SCONJ
arjefm-80	346	32	which	which	PRON
arjefm-80	346	33	emanates	emanate	VERB
arjefm-80	346	34	from	from	ADP
arjefm-80	346	35	direct	direct	ADJ
arjefm-80	346	36	taxes	taxis	NOUN
arjefm-80	346	37	.	.	PUNCT
arjefm-80	347	1	it	it	PRON
arjefm-80	347	2	is	be	AUX
arjefm-80	347	3	also	also	ADV
arjefm-80	347	4	observed	observe	VERB
arjefm-80	347	5	that	that	SCONJ
arjefm-80	347	6	the	the	DET
arjefm-80	347	7	effects	effect	NOUN
arjefm-80	347	8	of	of	ADP
arjefm-80	347	9	shocks	shock	NOUN
arjefm-80	347	10	from	from	ADP
arjefm-80	347	11	government	government	NOUN
arjefm-80	347	12	capital	capital	NOUN
arjefm-80	347	13	expenditure	expenditure	NOUN
arjefm-80	347	14	are	be	AUX
arjefm-80	347	15	noticeable	noticeable	ADJ
arjefm-80	347	16	only	only	ADV
arjefm-80	347	17	in	in	ADP
arjefm-80	347	18	the	the	DET
arjefm-80	347	19	early	early	ADJ
arjefm-80	347	20	period	period	NOUN
arjefm-80	347	21	of	of	ADP
arjefm-80	347	22	the	the	DET
arjefm-80	347	23	time	time	NOUN
arjefm-80	347	24	horizon	horizon	NOUN
arjefm-80	347	25	.	.	PUNCT
arjefm-80	348	1	conclusions	conclusion	NOUN
arjefm-80	348	2	and	and	CCONJ
arjefm-80	348	3	policy	policy	NOUN
arjefm-80	348	4	implications	implication	NOUN
arjefm-80	348	5	in	in	ADP
arjefm-80	348	6	this	this	DET
arjefm-80	348	7	study	study	NOUN
arjefm-80	348	8	,	,	PUNCT
arjefm-80	348	9	our	our	PRON
arjefm-80	348	10	major	major	ADJ
arjefm-80	348	11	preoccupation	preoccupation	NOUN
arjefm-80	348	12	has	have	AUX
arjefm-80	348	13	been	be	AUX
arjefm-80	348	14	to	to	PART
arjefm-80	348	15	establish	establish	VERB
arjefm-80	348	16	the	the	DET
arjefm-80	348	17	nexus	nexus	NOUN
arjefm-80	348	18	between	between	ADP
arjefm-80	348	19	total	total	ADJ
arjefm-80	348	20	government	government	NOUN
arjefm-80	348	21	expenditure	expenditure	NOUN
arjefm-80	348	22	and	and	CCONJ
arjefm-80	348	23	disaggregated	disaggregate	VERB
arjefm-80	348	24	government	government	NOUN
arjefm-80	348	25	expenditures	expenditure	NOUN
arjefm-80	348	26	and	and	CCONJ
arjefm-80	348	27	their	their	PRON
arjefm-80	348	28	corresponding	corresponding	ADJ
arjefm-80	348	29	financing	financing	NOUN
arjefm-80	348	30	modes	mode	NOUN
arjefm-80	348	31	,	,	PUNCT
arjefm-80	348	32	particularly	particularly	ADV
arjefm-80	348	33	focusing	focus	VERB
arjefm-80	348	34	on	on	ADP
arjefm-80	348	35	the	the	DET
arjefm-80	348	36	effects	effect	NOUN
arjefm-80	348	37	of	of	ADP
arjefm-80	348	38	foreign	foreign	ADJ
arjefm-80	348	39	aid	aid	NOUN
arjefm-80	348	40	well	well	ADV
arjefm-80	348	41	as	as	ADP
arjefm-80	348	42	the	the	DET
arjefm-80	348	43	response	response	NOUN
arjefm-80	348	44	from	from	ADP
arjefm-80	348	45	domestic	domestic	ADJ
arjefm-80	348	46	borrowing	borrowing	NOUN
arjefm-80	348	47	.	.	PUNCT
arjefm-80	349	1	its	its	PRON
arjefm-80	349	2	import	import	NOUN
arjefm-80	349	3	has	have	AUX
arjefm-80	349	4	been	be	AUX
arjefm-80	349	5	to	to	PART
arjefm-80	349	6	verify	verify	VERB
arjefm-80	349	7	whether	whether	SCONJ
arjefm-80	349	8	the	the	DET
arjefm-80	349	9	theoretical	theoretical	ADJ
arjefm-80	349	10	precepts	precept	NOUN
arjefm-80	349	11	established	establish	VERB
arjefm-80	349	12	in	in	ADP
arjefm-80	349	13	the	the	DET
arjefm-80	349	14	fiscal	fiscal	ADJ
arjefm-80	349	15	response	response	NOUN
arjefm-80	349	16	models	model	NOUN
arjefm-80	349	17	found	find	VERB
arjefm-80	349	18	in	in	ADP
arjefm-80	349	19	the	the	DET
arjefm-80	349	20	literature	literature	NOUN
arjefm-80	349	21	still	still	ADV
arjefm-80	349	22	hold	hold	VERB
arjefm-80	349	23	true	true	ADJ
arjefm-80	349	24	for	for	ADP
arjefm-80	349	25	the	the	DET
arjefm-80	349	26	ghanaian	ghanaian	ADJ
arjefm-80	349	27	economy	economy	NOUN
arjefm-80	349	28	using	use	VERB
arjefm-80	349	29	current	current	ADJ
arjefm-80	349	30	data	datum	NOUN
arjefm-80	349	31	available	available	ADJ
arjefm-80	349	32	.	.	PUNCT
arjefm-80	350	1	in	in	ADP
arjefm-80	350	2	our	our	PRON
arjefm-80	350	3	analysis	analysis	NOUN
arjefm-80	350	4	we	we	PRON
arjefm-80	350	5	have	have	AUX
arjefm-80	350	6	generally	generally	ADV
arjefm-80	350	7	found	find	VERB
arjefm-80	350	8	that	that	SCONJ
arjefm-80	350	9	whether	whether	SCONJ
arjefm-80	350	10	government	government	NOUN
arjefm-80	350	11	expenditure	expenditure	NOUN
arjefm-80	350	12	is	be	AUX
arjefm-80	350	13	aggregated	aggregate	VERB
arjefm-80	350	14	or	or	CCONJ
arjefm-80	350	15	disaggregated	disaggregate	VERB
arjefm-80	350	16	,	,	PUNCT
arjefm-80	350	17	there	there	PRON
arjefm-80	350	18	exists	exist	VERB
arjefm-80	350	19	one	one	NUM
arjefm-80	350	20	or	or	CCONJ
arjefm-80	350	21	other	other	ADJ
arjefm-80	350	22	long	long	ADJ
arjefm-80	350	23	run	run	NOUN
arjefm-80	350	24	equilibrium	equilibrium	NOUN
arjefm-80	350	25	relationship	relationship	NOUN
arjefm-80	350	26	between	between	ADP
arjefm-80	350	27	expenditure	expenditure	NOUN
arjefm-80	350	28	and	and	CCONJ
arjefm-80	350	29	other	other	ADJ
arjefm-80	350	30	variables	variable	NOUN
arjefm-80	350	31	in	in	ADP
arjefm-80	350	32	the	the	DET
arjefm-80	350	33	model	model	NOUN
arjefm-80	350	34	.	.	PUNCT
arjefm-80	351	1	more	more	ADV
arjefm-80	351	2	specifically	specifically	ADV
arjefm-80	351	3	,	,	PUNCT
arjefm-80	351	4	in	in	ADP
arjefm-80	351	5	the	the	DET
arjefm-80	351	6	disaggregated	disaggregated	ADJ
arjefm-80	351	7	government	government	NOUN
arjefm-80	351	8	expenditure	expenditure	NOUN
arjefm-80	351	9	model	model	NOUN
arjefm-80	351	10	,	,	PUNCT
arjefm-80	351	11	we	we	PRON
arjefm-80	351	12	have	have	AUX
arjefm-80	351	13	found	find	VERB
arjefm-80	351	14	that	that	SCONJ
arjefm-80	351	15	there	there	PRON
arjefm-80	351	16	only	only	ADV
arjefm-80	351	17	one	one	NUM
arjefm-80	351	18	co	co	NOUN
arjefm-80	351	19	integrating	integrate	VERB
arjefm-80	351	20	equation	equation	NOUN
arjefm-80	351	21	exists	exist	VERB
arjefm-80	351	22	between	between	ADP
arjefm-80	351	23	government	government	NOUN
arjefm-80	351	24	consumption	consumption	NOUN
arjefm-80	351	25	expenditure	expenditure	NOUN
arjefm-80	351	26	and	and	CCONJ
arjefm-80	351	27	other	other	ADJ
arjefm-80	351	28	variables	variable	NOUN
arjefm-80	351	29	–	–	PUNCT
arjefm-80	351	30	government	government	NOUN
arjefm-80	351	31	capital	capital	NOUN
arjefm-80	351	32	expenditure	expenditure	NOUN
arjefm-80	351	33	,	,	PUNCT
arjefm-80	351	34	direct	direct	ADJ
arjefm-80	351	35	taxes	taxis	NOUN
arjefm-80	351	36	,	,	PUNCT
arjefm-80	351	37	indirect	indirect	ADJ
arjefm-80	351	38	taxes	taxis	NOUN
arjefm-80	351	39	,	,	PUNCT
arjefm-80	351	40	external	external	ADJ
arjefm-80	351	41	borrowing	borrowing	NOUN
arjefm-80	351	42	,	,	PUNCT
arjefm-80	351	43	domestic	domestic	ADJ
arjefm-80	351	44	borrowing	borrowing	NOUN
arjefm-80	351	45	and	and	CCONJ
arjefm-80	351	46	grants	grant	NOUN
arjefm-80	351	47	whereas	whereas	SCONJ
arjefm-80	351	48	in	in	ADP
arjefm-80	351	49	the	the	DET
arjefm-80	351	50	model	model	NOUN
arjefm-80	351	51	involving	involve	VERB
arjefm-80	351	52	aggregate	aggregate	ADJ
arjefm-80	351	53	government	government	NOUN
arjefm-80	351	54	expenditure	expenditure	NOUN
arjefm-80	351	55	,	,	PUNCT
arjefm-80	351	56	we	we	PRON
arjefm-80	351	57	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	352	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	353	1	american	american	PROPN
arjefm-80	353	2	research	research	PROPN
arjefm-80	353	3	journal	journal	PROPN
arjefm-80	353	4	of	of	ADP
arjefm-80	353	5	economics	economic	NOUN
arjefm-80	353	6	,	,	PUNCT
arjefm-80	353	7	finance	finance	NOUN
arjefm-80	353	8	and	and	CCONJ
arjefm-80	353	9	management	management	NOUN
arjefm-80	353	10	volume	volume	NOUN
arjefm-80	353	11	11	11	NUM
arjefm-80	353	12	issue	issue	NOUN
arjefm-80	353	13	2	2	NUM
arjefm-80	353	14	,	,	PUNCT
arjefm-80	353	15	april	april	PROPN
arjefm-80	353	16	-	-	PUNCT
arjefm-80	353	17	june	june	PROPN
arjefm-80	353	18	2023	2023	NUM
arjefm-80	353	19	issn	issn	PROPN
arjefm-80	353	20	:	:	PUNCT
arjefm-80	353	21	2836	2836	NUM
arjefm-80	353	22	-	-	SYM
arjefm-80	353	23	9416	9416	NUM
arjefm-80	353	24	impact	impact	NOUN
arjefm-80	353	25	factor	factor	NOUN
arjefm-80	353	26	:	:	PUNCT
arjefm-80	353	27	5.57	5.57	NUM
arjefm-80	353	28	journal	journal	NOUN
arjefm-80	353	29	homepage	homepage	NOUN
arjefm-80	353	30	:	:	PUNCT
arjefm-80	353	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	353	32	,	,	PUNCT
arjefm-80	353	33	email	email	NOUN
arjefm-80	353	34	:	:	PUNCT
arjefm-80	353	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	353	36	official	official	ADJ
arjefm-80	353	37	journal	journal	PROPN
arjefm-80	353	38	of	of	ADP
arjefm-80	353	39	america	america	PROPN
arjefm-80	353	40	serial	serial	PROPN
arjefm-80	353	41	publication	publication	NOUN
arjefm-80	353	42	american	american	PROPN
arjefm-80	353	43	research	research	PROPN
arjefm-80	353	44	journal	journal	PROPN
arjefm-80	353	45	of	of	ADP
arjefm-80	353	46	economics	economic	NOUN
arjefm-80	353	47	,	,	PUNCT
arjefm-80	353	48	finance	finance	NOUN
arjefm-80	353	49	and	and	CCONJ
arjefm-80	353	50	management	management	NOUN
arjefm-80	353	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	353	52	,	,	PUNCT
arjefm-80	353	53	email	email	NOUN
arjefm-80	353	54	:	:	PUNCT
arjefm-80	353	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	354	1	20	20	NUM
arjefm-80	355	1	|	|	ADV
arjefm-80	355	2	p	p	X
arjefm-80	355	3	a	a	DET
arjefm-80	355	4	g	g	NOUN
arjefm-80	355	5	e	e	NOUN
arjefm-80	355	6	discovered	discover	VERB
arjefm-80	355	7	two	two	NUM
arjefm-80	355	8	co	co	NOUN
arjefm-80	355	9	integrating	integrate	VERB
arjefm-80	355	10	equations	equation	NOUN
arjefm-80	355	11	-	-	PUNCT
arjefm-80	355	12	one	one	NUM
arjefm-80	355	13	for	for	ADP
arjefm-80	355	14	government	government	NOUN
arjefm-80	355	15	expenditure	expenditure	NOUN
arjefm-80	355	16	and	and	CCONJ
arjefm-80	355	17	the	the	DET
arjefm-80	355	18	other	other	ADJ
arjefm-80	355	19	for	for	ADP
arjefm-80	355	20	external	external	ADJ
arjefm-80	355	21	borrowing	borrowing	NOUN
arjefm-80	355	22	.	.	PUNCT
arjefm-80	356	1	in	in	ADP
arjefm-80	356	2	the	the	DET
arjefm-80	356	3	long	long	ADJ
arjefm-80	356	4	run	run	NOUN
arjefm-80	356	5	,	,	PUNCT
arjefm-80	356	6	we	we	PRON
arjefm-80	356	7	find	find	VERB
arjefm-80	356	8	that	that	SCONJ
arjefm-80	356	9	external	external	ADJ
arjefm-80	356	10	borrowing	borrowing	NOUN
arjefm-80	356	11	and	and	CCONJ
arjefm-80	356	12	grants	grant	NOUN
arjefm-80	356	13	lead	lead	VERB
arjefm-80	356	14	to	to	ADP
arjefm-80	356	15	increased	increase	VERB
arjefm-80	356	16	government	government	NOUN
arjefm-80	356	17	consumption	consumption	NOUN
arjefm-80	356	18	expenditure	expenditure	NOUN
arjefm-80	356	19	but	but	CCONJ
arjefm-80	356	20	government	government	NOUN
arjefm-80	356	21	capital	capital	NOUN
arjefm-80	356	22	expenditure	expenditure	NOUN
arjefm-80	356	23	negatively	negatively	ADV
arjefm-80	356	24	impacts	impact	NOUN
arjefm-80	356	25	on	on	ADP
arjefm-80	356	26	government	government	NOUN
arjefm-80	356	27	consumption	consumption	NOUN
arjefm-80	356	28	expenditure	expenditure	NOUN
arjefm-80	356	29	.	.	PUNCT
arjefm-80	357	1	the	the	DET
arjefm-80	357	2	positive	positive	ADJ
arjefm-80	357	3	effect	effect	NOUN
arjefm-80	357	4	of	of	ADP
arjefm-80	357	5	external	external	ADJ
arjefm-80	357	6	borrowing	borrowing	NOUN
arjefm-80	357	7	and	and	CCONJ
arjefm-80	357	8	grants	grant	NOUN
arjefm-80	357	9	on	on	ADP
arjefm-80	357	10	government	government	NOUN
arjefm-80	357	11	expenditure	expenditure	NOUN
arjefm-80	357	12	may	may	AUX
arjefm-80	357	13	point	point	VERB
arjefm-80	357	14	to	to	PART
arjefm-80	357	15	aid	aid	VERB
arjefm-80	357	16	fungibility	fungibility	NOUN
arjefm-80	357	17	though	though	SCONJ
arjefm-80	357	18	that	that	DET
arjefm-80	357	19	conclusion	conclusion	NOUN
arjefm-80	357	20	may	may	AUX
arjefm-80	357	21	be	be	AUX
arjefm-80	357	22	erroneous	erroneous	ADJ
arjefm-80	357	23	or	or	CCONJ
arjefm-80	357	24	flawed	flaw	VERB
arjefm-80	357	25	on	on	ADP
arjefm-80	357	26	the	the	DET
arjefm-80	357	27	grounds	ground	NOUN
arjefm-80	357	28	that	that	SCONJ
arjefm-80	357	29	some	some	DET
arjefm-80	357	30	aid	aid	NOUN
arjefm-80	357	31	and	and	CCONJ
arjefm-80	357	32	grants	grant	NOUN
arjefm-80	357	33	come	come	VERB
arjefm-80	357	34	in	in	ADP
arjefm-80	357	35	the	the	DET
arjefm-80	357	36	form	form	NOUN
arjefm-80	357	37	of	of	ADP
arjefm-80	357	38	budgetary	budgetary	ADJ
arjefm-80	357	39	support	support	NOUN
arjefm-80	357	40	and	and	CCONJ
arjefm-80	357	41	are	be	AUX
arjefm-80	357	42	therefore	therefore	ADV
arjefm-80	357	43	legitimately	legitimately	ADV
arjefm-80	357	44	channeled	channel	VERB
arjefm-80	357	45	into	into	ADP
arjefm-80	357	46	those	those	DET
arjefm-80	357	47	areas	area	NOUN
arjefm-80	357	48	of	of	ADP
arjefm-80	357	49	government	government	NOUN
arjefm-80	357	50	spending	spending	NOUN
arjefm-80	357	51	which	which	PRON
arjefm-80	357	52	are	be	AUX
arjefm-80	357	53	important	important	ADJ
arjefm-80	357	54	in	in	ADP
arjefm-80	357	55	the	the	DET
arjefm-80	357	56	government	government	NOUN
arjefm-80	357	57	's	's	PART
arjefm-80	357	58	scheme	scheme	NOUN
arjefm-80	357	59	of	of	ADP
arjefm-80	357	60	things	thing	NOUN
arjefm-80	357	61	.	.	PUNCT
arjefm-80	358	1	in	in	ADP
arjefm-80	358	2	respect	respect	NOUN
arjefm-80	358	3	of	of	ADP
arjefm-80	358	4	the	the	DET
arjefm-80	358	5	aggregate	aggregate	ADJ
arjefm-80	358	6	model	model	NOUN
arjefm-80	358	7	,	,	PUNCT
arjefm-80	358	8	external	external	ADJ
arjefm-80	358	9	borrowing	borrowing	NOUN
arjefm-80	358	10	,	,	PUNCT
arjefm-80	358	11	domestic	domestic	ADJ
arjefm-80	358	12	borrowing	borrowing	NOUN
arjefm-80	358	13	and	and	CCONJ
arjefm-80	358	14	grants	grant	NOUN
arjefm-80	358	15	all	all	PRON
arjefm-80	358	16	in	in	ADP
arjefm-80	358	17	the	the	DET
arjefm-80	358	18	long	long	ADJ
arjefm-80	358	19	run	run	NOUN
arjefm-80	358	20	lead	lead	NOUN
arjefm-80	358	21	to	to	PART
arjefm-80	358	22	increase	increase	VERB
arjefm-80	358	23	in	in	ADP
arjefm-80	358	24	government	government	NOUN
arjefm-80	358	25	expenditure	expenditure	NOUN
arjefm-80	358	26	which	which	PRON
arjefm-80	358	27	confirms	confirm	VERB
arjefm-80	358	28	concept	concept	NOUN
arjefm-80	358	29	of	of	ADP
arjefm-80	358	30	aid	aid	NOUN
arjefm-80	358	31	illusion	illusion	NOUN
arjefm-80	358	32	but	but	CCONJ
arjefm-80	358	33	surprisingly	surprisingly	ADV
arjefm-80	358	34	the	the	DET
arjefm-80	358	35	domestic	domestic	ADJ
arjefm-80	358	36	revenue	revenue	NOUN
arjefm-80	358	37	streams	stream	NOUN
arjefm-80	358	38	–	–	PUNCT
arjefm-80	358	39	direct	direct	ADJ
arjefm-80	358	40	and	and	CCONJ
arjefm-80	358	41	indirect	indirect	ADJ
arjefm-80	358	42	taxes	taxis	NOUN
arjefm-80	358	43	trigger	trigger	VERB
arjefm-80	358	44	a	a	DET
arjefm-80	358	45	negative	negative	ADJ
arjefm-80	358	46	response	response	NOUN
arjefm-80	358	47	from	from	ADP
arjefm-80	358	48	government	government	NOUN
arjefm-80	358	49	expenditure	expenditure	NOUN
arjefm-80	358	50	.	.	PUNCT
arjefm-80	359	1	the	the	DET
arjefm-80	359	2	estimated	estimate	VERB
arjefm-80	359	3	long	long	ADJ
arjefm-80	359	4	run	run	NOUN
arjefm-80	359	5	equation	equation	NOUN
arjefm-80	359	6	for	for	ADP
arjefm-80	359	7	external	external	ADJ
arjefm-80	359	8	borrowing	borrowing	NOUN
arjefm-80	359	9	also	also	ADV
arjefm-80	359	10	shows	show	VERB
arjefm-80	359	11	that	that	SCONJ
arjefm-80	359	12	increased	increase	VERB
arjefm-80	359	13	government	government	NOUN
arjefm-80	359	14	expenditure	expenditure	NOUN
arjefm-80	359	15	precipitates	precipitate	NOUN
arjefm-80	359	16	increased	increase	VERB
arjefm-80	359	17	external	external	ADJ
arjefm-80	359	18	borrowing	borrowing	NOUN
arjefm-80	359	19	.	.	PUNCT
arjefm-80	360	1	domestic	domestic	ADJ
arjefm-80	360	2	borrowing	borrowing	NOUN
arjefm-80	360	3	also	also	ADV
arjefm-80	360	4	has	have	VERB
arjefm-80	360	5	the	the	DET
arjefm-80	360	6	same	same	ADJ
arjefm-80	360	7	effect	effect	NOUN
arjefm-80	360	8	but	but	CCONJ
arjefm-80	360	9	direct	direct	ADJ
arjefm-80	360	10	taxes	taxis	NOUN
arjefm-80	360	11	,	,	PUNCT
arjefm-80	360	12	indirect	indirect	ADJ
arjefm-80	360	13	taxes	taxis	NOUN
arjefm-80	360	14	and	and	CCONJ
arjefm-80	360	15	grants	grant	NOUN
arjefm-80	360	16	all	all	PRON
arjefm-80	360	17	exert	exert	VERB
arjefm-80	360	18	a	a	DET
arjefm-80	360	19	negative	negative	ADJ
arjefm-80	360	20	effect	effect	NOUN
arjefm-80	360	21	on	on	ADP
arjefm-80	360	22	external	external	ADJ
arjefm-80	360	23	borrowing	borrowing	NOUN
arjefm-80	360	24	.	.	PUNCT
arjefm-80	361	1	the	the	DET
arjefm-80	361	2	positive	positive	ADJ
arjefm-80	361	3	effect	effect	NOUN
arjefm-80	361	4	of	of	ADP
arjefm-80	361	5	domestic	domestic	ADJ
arjefm-80	361	6	borrowing	borrowing	NOUN
arjefm-80	361	7	on	on	ADP
arjefm-80	361	8	external	external	ADJ
arjefm-80	361	9	borrowing	borrowing	NOUN
arjefm-80	361	10	probably	probably	ADV
arjefm-80	361	11	gives	give	VERB
arjefm-80	361	12	the	the	DET
arjefm-80	361	13	indication	indication	NOUN
arjefm-80	361	14	that	that	SCONJ
arjefm-80	361	15	because	because	SCONJ
arjefm-80	361	16	of	of	ADP
arjefm-80	361	17	the	the	DET
arjefm-80	361	18	inadequacy	inadequacy	NOUN
arjefm-80	361	19	of	of	ADP
arjefm-80	361	20	the	the	DET
arjefm-80	361	21	domestically	domestically	ADV
arjefm-80	361	22	mobilized	mobilize	VERB
arjefm-80	361	23	revenues	revenue	NOUN
arjefm-80	361	24	,	,	PUNCT
arjefm-80	361	25	external	external	ADJ
arjefm-80	361	26	and	and	CCONJ
arjefm-80	361	27	domestic	domestic	ADJ
arjefm-80	361	28	borrowings	borrowing	NOUN
arjefm-80	361	29	have	have	AUX
arjefm-80	361	30	become	become	VERB
arjefm-80	361	31	an	an	DET
arjefm-80	361	32	important	important	ADJ
arjefm-80	361	33	but	but	CCONJ
arjefm-80	361	34	constant	constant	ADJ
arjefm-80	361	35	feature	feature	NOUN
arjefm-80	361	36	of	of	ADP
arjefm-80	361	37	financing	finance	VERB
arjefm-80	361	38	government	government	NOUN
arjefm-80	361	39	activities	activity	NOUN
arjefm-80	361	40	.	.	PUNCT
arjefm-80	362	1	thus	thus	ADV
arjefm-80	362	2	in	in	ADP
arjefm-80	362	3	the	the	DET
arjefm-80	362	4	long	long	ADJ
arjefm-80	362	5	run	run	NOUN
arjefm-80	362	6	,	,	PUNCT
arjefm-80	362	7	in	in	ADP
arjefm-80	362	8	the	the	DET
arjefm-80	362	9	disaggregated	disaggregate	VERB
arjefm-80	362	10	model	model	NOUN
arjefm-80	362	11	we	we	PRON
arjefm-80	362	12	were	be	AUX
arjefm-80	362	13	able	able	ADJ
arjefm-80	362	14	to	to	PART
arjefm-80	362	15	adduce	adduce	VERB
arjefm-80	362	16	evidence	evidence	NOUN
arjefm-80	362	17	of	of	ADP
arjefm-80	362	18	domestic	domestic	ADJ
arjefm-80	362	19	revenues	revenue	NOUN
arjefm-80	362	20	being	be	AUX
arjefm-80	362	21	used	use	VERB
arjefm-80	362	22	to	to	PART
arjefm-80	362	23	replace	replace	VERB
arjefm-80	362	24	external	external	ADJ
arjefm-80	362	25	borrowing	borrowing	NOUN
arjefm-80	362	26	as	as	ADP
arjefm-80	362	27	a	a	DET
arjefm-80	362	28	financing	financing	NOUN
arjefm-80	362	29	avenue	avenue	NOUN
arjefm-80	362	30	.	.	PUNCT
arjefm-80	363	1	in	in	ADP
arjefm-80	363	2	the	the	DET
arjefm-80	363	3	literature	literature	NOUN
arjefm-80	363	4	there	there	PRON
arjefm-80	363	5	is	be	VERB
arjefm-80	363	6	an	an	DET
arjefm-80	363	7	opinion	opinion	NOUN
arjefm-80	363	8	which	which	PRON
arjefm-80	363	9	articulates	articulate	VERB
arjefm-80	363	10	the	the	DET
arjefm-80	363	11	view	view	NOUN
arjefm-80	363	12	that	that	SCONJ
arjefm-80	363	13	external	external	ADJ
arjefm-80	363	14	borrowing	borrowing	NOUN
arjefm-80	363	15	leads	lead	VERB
arjefm-80	363	16	to	to	ADP
arjefm-80	363	17	a	a	DET
arjefm-80	363	18	lax	lax	ADJ
arjefm-80	363	19	attitude	attitude	NOUN
arjefm-80	363	20	towards	towards	ADP
arjefm-80	363	21	domestic	domestic	ADJ
arjefm-80	363	22	revenue	revenue	NOUN
arjefm-80	363	23	mobilization	mobilization	NOUN
arjefm-80	363	24	,	,	PUNCT
arjefm-80	363	25	usually	usually	ADV
arjefm-80	363	26	characterized	characterize	VERB
arjefm-80	363	27	as	as	ADP
arjefm-80	363	28	the	the	DET
arjefm-80	363	29	displacement	displacement	ADJ
arjefm-80	363	30	hypothesis	hypothesis	NOUN
arjefm-80	363	31	.	.	PUNCT
arjefm-80	364	1	this	this	PRON
arjefm-80	364	2	is	be	AUX
arjefm-80	364	3	partially	partially	ADV
arjefm-80	364	4	affirmed	affirm	VERB
arjefm-80	364	5	by	by	ADP
arjefm-80	364	6	our	our	PRON
arjefm-80	364	7	results	result	NOUN
arjefm-80	364	8	in	in	ADP
arjefm-80	364	9	the	the	DET
arjefm-80	364	10	short	short	ADJ
arjefm-80	364	11	run	run	NOUN
arjefm-80	364	12	.	.	PUNCT
arjefm-80	365	1	this	this	PRON
arjefm-80	365	2	is	be	AUX
arjefm-80	365	3	because	because	SCONJ
arjefm-80	365	4	whilst	whilst	SCONJ
arjefm-80	365	5	the	the	DET
arjefm-80	365	6	effect	effect	NOUN
arjefm-80	365	7	of	of	ADP
arjefm-80	365	8	external	external	ADJ
arjefm-80	365	9	borrowing	borrowing	NOUN
arjefm-80	365	10	on	on	ADP
arjefm-80	365	11	direct	direct	ADJ
arjefm-80	365	12	taxes	taxis	NOUN
arjefm-80	365	13	is	be	AUX
arjefm-80	365	14	positive	positive	ADJ
arjefm-80	365	15	in	in	ADP
arjefm-80	365	16	both	both	CCONJ
arjefm-80	365	17	aggregate	aggregate	ADJ
arjefm-80	365	18	and	and	CCONJ
arjefm-80	365	19	disaggregated	disaggregate	VERB
arjefm-80	365	20	expenditure	expenditure	NOUN
arjefm-80	365	21	models	model	NOUN
arjefm-80	365	22	it	it	PRON
arjefm-80	365	23	leads	lead	VERB
arjefm-80	365	24	to	to	ADP
arjefm-80	365	25	a	a	DET
arjefm-80	365	26	decline	decline	NOUN
arjefm-80	365	27	in	in	ADP
arjefm-80	365	28	indirect	indirect	ADJ
arjefm-80	365	29	taxes	taxis	NOUN
arjefm-80	365	30	in	in	ADP
arjefm-80	365	31	the	the	DET
arjefm-80	365	32	aggregate	aggregate	ADJ
arjefm-80	365	33	model	model	NOUN
arjefm-80	365	34	and	and	CCONJ
arjefm-80	365	35	has	have	VERB
arjefm-80	365	36	an	an	DET
arjefm-80	365	37	insignificant	insignificant	ADJ
arjefm-80	365	38	impact	impact	NOUN
arjefm-80	365	39	on	on	ADP
arjefm-80	365	40	indirect	indirect	ADJ
arjefm-80	365	41	taxes	taxis	NOUN
arjefm-80	365	42	in	in	ADP
arjefm-80	365	43	the	the	DET
arjefm-80	365	44	disaggregated	disaggregate	VERB
arjefm-80	365	45	model	model	NOUN
arjefm-80	365	46	.	.	PUNCT
arjefm-80	366	1	from	from	ADP
arjefm-80	366	2	the	the	DET
arjefm-80	366	3	short	short	ADJ
arjefm-80	366	4	run	run	NOUN
arjefm-80	366	5	results	result	NOUN
arjefm-80	366	6	,	,	PUNCT
arjefm-80	366	7	the	the	DET
arjefm-80	366	8	external	external	ADJ
arjefm-80	366	9	sources	source	NOUN
arjefm-80	366	10	of	of	ADP
arjefm-80	366	11	government	government	NOUN
arjefm-80	366	12	financing	financing	NOUN
arjefm-80	366	13	impact	impact	NOUN
arjefm-80	366	14	positively	positively	ADV
arjefm-80	366	15	on	on	ADP
arjefm-80	366	16	the	the	DET
arjefm-80	366	17	government	government	NOUN
arjefm-80	366	18	capital	capital	NOUN
arjefm-80	366	19	expenditures	expenditure	NOUN
arjefm-80	366	20	and	and	CCONJ
arjefm-80	366	21	this	this	PRON
arjefm-80	366	22	implies	imply	VERB
arjefm-80	366	23	these	these	DET
arjefm-80	366	24	resources	resource	NOUN
arjefm-80	366	25	are	be	AUX
arjefm-80	366	26	going	go	VERB
arjefm-80	366	27	into	into	ADP
arjefm-80	366	28	areas	area	NOUN
arjefm-80	366	29	of	of	ADP
arjefm-80	366	30	the	the	DET
arjefm-80	366	31	economy	economy	NOUN
arjefm-80	366	32	which	which	PRON
arjefm-80	366	33	may	may	AUX
arjefm-80	366	34	be	be	AUX
arjefm-80	366	35	reproductive	reproductive	ADJ
arjefm-80	366	36	and	and	CCONJ
arjefm-80	366	37	thus	thus	ADV
arjefm-80	366	38	helping	help	VERB
arjefm-80	366	39	to	to	PART
arjefm-80	366	40	expand	expand	VERB
arjefm-80	366	41	economic	economic	ADJ
arjefm-80	366	42	activities	activity	NOUN
arjefm-80	366	43	in	in	ADP
arjefm-80	366	44	the	the	DET
arjefm-80	366	45	long	long	ADJ
arjefm-80	366	46	run	run	NOUN
arjefm-80	366	47	.	.	PUNCT
arjefm-80	367	1	in	in	ADP
arjefm-80	367	2	long	long	ADJ
arjefm-80	367	3	run	run	NOUN
arjefm-80	367	4	it	it	PRON
arjefm-80	367	5	is	be	AUX
arjefm-80	367	6	established	establish	VERB
arjefm-80	367	7	that	that	SCONJ
arjefm-80	367	8	an	an	DET
arjefm-80	367	9	increased	increase	VERB
arjefm-80	367	10	external	external	ADJ
arjefm-80	367	11	borrowing	borrowing	NOUN
arjefm-80	367	12	and	and	CCONJ
arjefm-80	367	13	grants	grant	NOUN
arjefm-80	367	14	lead	lead	VERB
arjefm-80	367	15	to	to	ADP
arjefm-80	367	16	more	more	ADJ
arjefm-80	367	17	than	than	ADP
arjefm-80	367	18	proportionate	proportionate	ADJ
arjefm-80	367	19	growth	growth	NOUN
arjefm-80	367	20	in	in	ADP
arjefm-80	367	21	aggregate	aggregate	ADJ
arjefm-80	367	22	government	government	NOUN
arjefm-80	367	23	expenditure	expenditure	NOUN
arjefm-80	367	24	which	which	PRON
arjefm-80	367	25	suggests	suggest	VERB
arjefm-80	367	26	that	that	SCONJ
arjefm-80	367	27	these	these	DET
arjefm-80	367	28	external	external	ADJ
arjefm-80	367	29	financing	financing	NOUN
arjefm-80	367	30	channels	channel	NOUN
arjefm-80	367	31	come	come	VERB
arjefm-80	367	32	with	with	ADP
arjefm-80	367	33	local	local	ADJ
arjefm-80	367	34	or	or	CCONJ
arjefm-80	367	35	counterpart	counterpart	ADJ
arjefm-80	367	36	funding	funding	NOUN
arjefm-80	367	37	components	component	NOUN
arjefm-80	367	38	which	which	PRON
arjefm-80	367	39	also	also	ADV
arjefm-80	367	40	exert	exert	VERB
arjefm-80	367	41	more	more	ADJ
arjefm-80	367	42	pressure	pressure	NOUN
arjefm-80	367	43	on	on	ADP
arjefm-80	367	44	government	government	NOUN
arjefm-80	367	45	finances	finance	NOUN
arjefm-80	367	46	.	.	PUNCT
arjefm-80	368	1	to	to	PART
arjefm-80	368	2	ease	ease	VERB
arjefm-80	368	3	pressure	pressure	NOUN
arjefm-80	368	4	on	on	ADP
arjefm-80	368	5	government	government	NOUN
arjefm-80	368	6	,	,	PUNCT
arjefm-80	368	7	government	government	NOUN
arjefm-80	368	8	would	would	AUX
arjefm-80	368	9	have	have	VERB
arjefm-80	368	10	to	to	PART
arjefm-80	368	11	enter	enter	VERB
arjefm-80	368	12	into	into	ADP
arjefm-80	368	13	external	external	ADJ
arjefm-80	368	14	funding	funding	NOUN
arjefm-80	368	15	agreements	agreement	NOUN
arjefm-80	368	16	which	which	PRON
arjefm-80	368	17	do	do	AUX
arjefm-80	368	18	not	not	PART
arjefm-80	368	19	require	require	VERB
arjefm-80	368	20	too	too	ADV
arjefm-80	368	21	much	much	ADJ
arjefm-80	368	22	of	of	ADP
arjefm-80	368	23	counterpart	counterpart	ADJ
arjefm-80	368	24	funding	funding	NOUN
arjefm-80	368	25	.	.	PUNCT
arjefm-80	369	1	one	one	NUM
arjefm-80	369	2	other	other	ADJ
arjefm-80	369	3	view	view	NOUN
arjefm-80	369	4	proffered	proffer	VERB
arjefm-80	369	5	by	by	ADP
arjefm-80	369	6	some	some	DET
arjefm-80	369	7	economists	economist	NOUN
arjefm-80	369	8	in	in	ADP
arjefm-80	369	9	the	the	DET
arjefm-80	369	10	literature	literature	NOUN
arjefm-80	369	11	is	be	AUX
arjefm-80	369	12	that	that	SCONJ
arjefm-80	369	13	governments	government	NOUN
arjefm-80	369	14	in	in	ADP
arjefm-80	369	15	developing	develop	VERB
arjefm-80	369	16	countries	country	NOUN
arjefm-80	369	17	have	have	VERB
arjefm-80	369	18	a	a	DET
arjefm-80	369	19	preference	preference	NOUN
arjefm-80	369	20	for	for	ADP
arjefm-80	369	21	grants	grant	NOUN
arjefm-80	369	22	than	than	ADP
arjefm-80	369	23	loans	loan	NOUN
arjefm-80	369	24	for	for	ADP
arjefm-80	369	25	financing	financing	NOUN
arjefm-80	369	26	projects	project	NOUN
arjefm-80	369	27	and	and	CCONJ
arjefm-80	369	28	programmes	programme	NOUN
arjefm-80	369	29	.	.	PUNCT
arjefm-80	370	1	in	in	ADP
arjefm-80	370	2	our	our	PRON
arjefm-80	370	3	analysis	analysis	NOUN
arjefm-80	370	4	,	,	PUNCT
arjefm-80	370	5	it	it	PRON
arjefm-80	370	6	is	be	AUX
arjefm-80	370	7	obvious	obvious	ADJ
arjefm-80	370	8	that	that	SCONJ
arjefm-80	370	9	the	the	DET
arjefm-80	370	10	effect	effect	NOUN
arjefm-80	370	11	of	of	ADP
arjefm-80	370	12	grants	grant	NOUN
arjefm-80	370	13	undermines	undermine	VERB
arjefm-80	370	14	direct	direct	ADJ
arjefm-80	370	15	tax	tax	NOUN
arjefm-80	370	16	collection	collection	NOUN
arjefm-80	370	17	and	and	CCONJ
arjefm-80	370	18	it	it	PRON
arjefm-80	370	19	does	do	AUX
arjefm-80	370	20	appear	appear	VERB
arjefm-80	370	21	because	because	SCONJ
arjefm-80	370	22	grants	grant	NOUN
arjefm-80	370	23	are	be	AUX
arjefm-80	370	24	normally	normally	ADV
arjefm-80	370	25	free	free	ADJ
arjefm-80	370	26	,	,	PUNCT
arjefm-80	370	27	its	its	PRON
arjefm-80	370	28	increased	increase	VERB
arjefm-80	370	29	flow	flow	NOUN
arjefm-80	370	30	into	into	ADP
arjefm-80	370	31	the	the	DET
arjefm-80	370	32	ghanaian	ghanaian	ADJ
arjefm-80	370	33	economy	economy	NOUN
arjefm-80	370	34	dampens	dampen	VERB
arjefm-80	370	35	the	the	DET
arjefm-80	370	36	direct	direct	ADJ
arjefm-80	370	37	tax	tax	NOUN
arjefm-80	370	38	collections	collection	NOUN
arjefm-80	370	39	.	.	PUNCT
arjefm-80	371	1	policy	policy	NOUN
arjefm-80	371	2	makers	maker	NOUN
arjefm-80	371	3	are	be	AUX
arjefm-80	371	4	encouraged	encourage	VERB
arjefm-80	371	5	to	to	PART
arjefm-80	371	6	continue	continue	VERB
arjefm-80	371	7	design	design	NOUN
arjefm-80	371	8	tax	tax	NOUN
arjefm-80	371	9	policies	policy	NOUN
arjefm-80	371	10	and	and	CCONJ
arjefm-80	371	11	mechanisms	mechanism	NOUN
arjefm-80	371	12	which	which	PRON
arjefm-80	371	13	would	would	AUX
arjefm-80	371	14	in	in	ADP
arjefm-80	371	15	spite	spite	NOUN
arjefm-80	371	16	of	of	ADP
arjefm-80	371	17	increased	increase	VERB
arjefm-80	371	18	flow	flow	NOUN
arjefm-80	371	19	of	of	ADP
arjefm-80	371	20	grant	grant	NOUN
arjefm-80	371	21	enable	enable	VERB
arjefm-80	371	22	the	the	DET
arjefm-80	371	23	government	government	NOUN
arjefm-80	371	24	to	to	PART
arjefm-80	371	25	rake	rake	VERB
arjefm-80	371	26	in	in	ADP
arjefm-80	371	27	the	the	DET
arjefm-80	371	28	desired	desire	VERB
arjefm-80	371	29	revenues	revenue	NOUN
arjefm-80	371	30	.	.	PUNCT
arjefm-80	372	1	another	another	DET
arjefm-80	372	2	significant	significant	ADJ
arjefm-80	372	3	and	and	CCONJ
arjefm-80	372	4	illuminating	illuminating	ADJ
arjefm-80	372	5	finding	finding	NOUN
arjefm-80	372	6	is	be	AUX
arjefm-80	372	7	the	the	DET
arjefm-80	372	8	fact	fact	NOUN
arjefm-80	372	9	that	that	SCONJ
arjefm-80	372	10	short	short	ADJ
arjefm-80	372	11	run	run	NOUN
arjefm-80	372	12	effect	effect	NOUN
arjefm-80	372	13	of	of	ADP
arjefm-80	372	14	domestic	domestic	ADJ
arjefm-80	372	15	borrowing	borrowing	NOUN
arjefm-80	372	16	on	on	ADP
arjefm-80	372	17	both	both	CCONJ
arjefm-80	372	18	direct	direct	ADJ
arjefm-80	372	19	and	and	CCONJ
arjefm-80	372	20	indirect	indirect	ADJ
arjefm-80	372	21	taxes	taxis	NOUN
arjefm-80	372	22	is	be	AUX
arjefm-80	372	23	negative	negative	ADJ
arjefm-80	372	24	in	in	ADP
arjefm-80	372	25	the	the	DET
arjefm-80	372	26	ghanaian	ghanaian	ADJ
arjefm-80	372	27	economy	economy	NOUN
arjefm-80	372	28	which	which	PRON
arjefm-80	372	29	signals	signal	VERB
arjefm-80	372	30	that	that	SCONJ
arjefm-80	372	31	domestic	domestic	ADJ
arjefm-80	372	32	borrowing	borrowing	NOUN
arjefm-80	372	33	may	may	AUX
arjefm-80	372	34	be	be	AUX
arjefm-80	372	35	inhibiting	inhibit	VERB
arjefm-80	372	36	economic	economic	ADJ
arjefm-80	372	37	activities	activity	NOUN
arjefm-80	372	38	and	and	CCONJ
arjefm-80	372	39	thus	thus	ADV
arjefm-80	372	40	may	may	AUX
arjefm-80	372	41	ultimately	ultimately	ADV
arjefm-80	372	42	be	be	AUX
arjefm-80	372	43	having	have	VERB
arjefm-80	372	44	a	a	DET
arjefm-80	372	45	distortionary	distortionary	ADJ
arjefm-80	372	46	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	372	47	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	373	1	american	american	PROPN
arjefm-80	373	2	research	research	PROPN
arjefm-80	373	3	journal	journal	PROPN
arjefm-80	373	4	of	of	ADP
arjefm-80	373	5	economics	economic	NOUN
arjefm-80	373	6	,	,	PUNCT
arjefm-80	373	7	finance	finance	NOUN
arjefm-80	373	8	and	and	CCONJ
arjefm-80	373	9	management	management	NOUN
arjefm-80	373	10	volume	volume	NOUN
arjefm-80	373	11	11	11	NUM
arjefm-80	373	12	issue	issue	NOUN
arjefm-80	373	13	2	2	NUM
arjefm-80	373	14	,	,	PUNCT
arjefm-80	373	15	april	april	PROPN
arjefm-80	373	16	-	-	PUNCT
arjefm-80	373	17	june	june	PROPN
arjefm-80	373	18	2023	2023	NUM
arjefm-80	373	19	issn	issn	PROPN
arjefm-80	373	20	:	:	PUNCT
arjefm-80	373	21	2836	2836	NUM
arjefm-80	373	22	-	-	SYM
arjefm-80	373	23	9416	9416	NUM
arjefm-80	373	24	impact	impact	NOUN
arjefm-80	373	25	factor	factor	NOUN
arjefm-80	373	26	:	:	PUNCT
arjefm-80	373	27	5.57	5.57	NUM
arjefm-80	373	28	journal	journal	NOUN
arjefm-80	373	29	homepage	homepage	NOUN
arjefm-80	373	30	:	:	PUNCT
arjefm-80	373	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	373	32	,	,	PUNCT
arjefm-80	373	33	email	email	NOUN
arjefm-80	373	34	:	:	PUNCT
arjefm-80	373	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	373	36	official	official	ADJ
arjefm-80	373	37	journal	journal	PROPN
arjefm-80	373	38	of	of	ADP
arjefm-80	373	39	america	america	PROPN
arjefm-80	373	40	serial	serial	PROPN
arjefm-80	373	41	publication	publication	NOUN
arjefm-80	373	42	american	american	PROPN
arjefm-80	373	43	research	research	PROPN
arjefm-80	373	44	journal	journal	PROPN
arjefm-80	373	45	of	of	ADP
arjefm-80	373	46	economics	economic	NOUN
arjefm-80	373	47	,	,	PUNCT
arjefm-80	373	48	finance	finance	NOUN
arjefm-80	373	49	and	and	CCONJ
arjefm-80	373	50	management	management	NOUN
arjefm-80	373	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	373	52	,	,	PUNCT
arjefm-80	373	53	email	email	NOUN
arjefm-80	373	54	:	:	PUNCT
arjefm-80	373	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	374	1	21	21	NUM
arjefm-80	375	1	|	|	ADV
arjefm-80	375	2	p	p	X
arjefm-80	375	3	a	a	DET
arjefm-80	375	4	g	g	NOUN
arjefm-80	375	5	e	e	NOUN
arjefm-80	375	6	impact	impact	NOUN
arjefm-80	375	7	on	on	ADP
arjefm-80	375	8	tax	tax	NOUN
arjefm-80	375	9	collections	collection	NOUN
arjefm-80	375	10	through	through	ADP
arjefm-80	375	11	its	its	PRON
arjefm-80	375	12	effect	effect	NOUN
arjefm-80	375	13	on	on	ADP
arjefm-80	375	14	economic	economic	ADJ
arjefm-80	375	15	activities	activity	NOUN
arjefm-80	375	16	.	.	PUNCT
arjefm-80	376	1	the	the	DET
arjefm-80	376	2	government	government	NOUN
arjefm-80	376	3	would	would	AUX
arjefm-80	376	4	therefore	therefore	ADV
arjefm-80	376	5	do	do	VERB
arjefm-80	376	6	well	well	ADV
arjefm-80	376	7	to	to	PART
arjefm-80	376	8	scale	scale	VERB
arjefm-80	376	9	down	down	ADP
arjefm-80	376	10	on	on	ADP
arjefm-80	376	11	its	its	PRON
arjefm-80	376	12	appetite	appetite	NOUN
arjefm-80	376	13	for	for	ADP
arjefm-80	376	14	borrowing	borrow	VERB
arjefm-80	376	15	from	from	ADP
arjefm-80	376	16	domestic	domestic	ADJ
arjefm-80	376	17	sources	source	NOUN
arjefm-80	376	18	which	which	PRON
arjefm-80	376	19	particularly	particularly	ADV
arjefm-80	376	20	has	have	VERB
arjefm-80	376	21	a	a	DET
arjefm-80	376	22	strangulating	strangulate	VERB
arjefm-80	376	23	effect	effect	NOUN
arjefm-80	376	24	on	on	ADP
arjefm-80	376	25	private	private	ADJ
arjefm-80	376	26	sector	sector	NOUN
arjefm-80	376	27	activities	activity	NOUN
arjefm-80	376	28	and	and	CCONJ
arjefm-80	376	29	ultimately	ultimately	ADV
arjefm-80	376	30	impacts	impact	VERB
arjefm-80	376	31	negatively	negatively	ADV
arjefm-80	376	32	on	on	ADP
arjefm-80	376	33	economic	economic	ADJ
arjefm-80	376	34	activities	activity	NOUN
arjefm-80	376	35	that	that	PRON
arjefm-80	376	36	generate	generate	VERB
arjefm-80	376	37	the	the	DET
arjefm-80	376	38	revenue	revenue	NOUN
arjefm-80	376	39	needed	need	VERB
arjefm-80	376	40	by	by	ADP
arjefm-80	376	41	government	government	NOUN
arjefm-80	376	42	.	.	PUNCT
arjefm-80	377	1	one	one	NUM
arjefm-80	377	2	of	of	ADP
arjefm-80	377	3	the	the	DET
arjefm-80	377	4	objectives	objective	NOUN
arjefm-80	377	5	of	of	ADP
arjefm-80	377	6	the	the	DET
arjefm-80	377	7	study	study	NOUN
arjefm-80	377	8	is	be	AUX
arjefm-80	377	9	to	to	PART
arjefm-80	377	10	determine	determine	VERB
arjefm-80	377	11	whether	whether	SCONJ
arjefm-80	377	12	the	the	DET
arjefm-80	377	13	borrowing	borrowing	NOUN
arjefm-80	377	14	modes	mode	NOUN
arjefm-80	377	15	have	have	VERB
arjefm-80	377	16	differential	differential	ADJ
arjefm-80	377	17	effects	effect	NOUN
arjefm-80	377	18	on	on	ADP
arjefm-80	377	19	the	the	DET
arjefm-80	377	20	domestic	domestic	ADJ
arjefm-80	377	21	tax	tax	NOUN
arjefm-80	377	22	channels	channel	NOUN
arjefm-80	377	23	and	and	CCONJ
arjefm-80	377	24	our	our	PRON
arjefm-80	377	25	estimated	estimate	VERB
arjefm-80	377	26	equations	equation	NOUN
arjefm-80	377	27	suggest	suggest	VERB
arjefm-80	377	28	that	that	SCONJ
arjefm-80	377	29	the	the	DET
arjefm-80	377	30	tax	tax	NOUN
arjefm-80	377	31	channels	channel	NOUN
arjefm-80	377	32	do	do	AUX
arjefm-80	377	33	not	not	PART
arjefm-80	377	34	response	response	VERB
arjefm-80	377	35	in	in	ADP
arjefm-80	377	36	the	the	DET
arjefm-80	377	37	same	same	ADJ
arjefm-80	377	38	way	way	NOUN
arjefm-80	377	39	to	to	ADP
arjefm-80	377	40	borrowing	borrowing	NOUN
arjefm-80	377	41	.	.	PUNCT
arjefm-80	378	1	this	this	PRON
arjefm-80	378	2	therefore	therefore	ADV
arjefm-80	378	3	allows	allow	VERB
arjefm-80	378	4	policy	policy	NOUN
arjefm-80	378	5	makers	maker	NOUN
arjefm-80	378	6	to	to	PART
arjefm-80	378	7	design	design	VERB
arjefm-80	378	8	the	the	DET
arjefm-80	378	9	relevant	relevant	ADJ
arjefm-80	378	10	but	but	CCONJ
arjefm-80	378	11	right	right	ADJ
arjefm-80	378	12	mechanisms	mechanism	NOUN
arjefm-80	378	13	to	to	PART
arjefm-80	378	14	ensure	ensure	VERB
arjefm-80	378	15	continuous	continuous	ADJ
arjefm-80	378	16	increased	increased	ADJ
arjefm-80	378	17	tax	tax	NOUN
arjefm-80	378	18	yields	yield	NOUN
arjefm-80	378	19	from	from	ADP
arjefm-80	378	20	both	both	CCONJ
arjefm-80	378	21	direct	direct	ADJ
arjefm-80	378	22	and	and	CCONJ
arjefm-80	378	23	indirect	indirect	ADJ
arjefm-80	378	24	sources	source	NOUN
arjefm-80	378	25	by	by	ADP
arjefm-80	378	26	creating	create	VERB
arjefm-80	378	27	unique	unique	ADJ
arjefm-80	378	28	mechanisms	mechanism	NOUN
arjefm-80	378	29	which	which	PRON
arjefm-80	378	30	work	work	VERB
arjefm-80	378	31	for	for	ADP
arjefm-80	378	32	each	each	DET
arjefm-80	378	33	tax	tax	NOUN
arjefm-80	378	34	channel	channel	NOUN
arjefm-80	378	35	.	.	PUNCT
arjefm-80	379	1	finally	finally	ADV
arjefm-80	379	2	we	we	PRON
arjefm-80	379	3	also	also	ADV
arjefm-80	379	4	find	find	VERB
arjefm-80	379	5	that	that	SCONJ
arjefm-80	379	6	the	the	DET
arjefm-80	379	7	short	short	ADJ
arjefm-80	379	8	-	-	PUNCT
arjefm-80	379	9	run	run	NOUN
arjefm-80	379	10	equation	equation	NOUN
arjefm-80	379	11	for	for	ADP
arjefm-80	379	12	domestic	domestic	ADJ
arjefm-80	379	13	borrowing	borrowing	NOUN
arjefm-80	379	14	in	in	ADP
arjefm-80	379	15	the	the	DET
arjefm-80	379	16	disaggregated	disaggregate	VERB
arjefm-80	379	17	government	government	NOUN
arjefm-80	379	18	expenditure	expenditure	NOUN
arjefm-80	379	19	model	model	NOUN
arjefm-80	379	20	shows	show	VERB
arjefm-80	379	21	that	that	SCONJ
arjefm-80	379	22	external	external	ADJ
arjefm-80	379	23	borrowing	borrowing	NOUN
arjefm-80	379	24	is	be	AUX
arjefm-80	379	25	used	use	VERB
arjefm-80	379	26	to	to	PART
arjefm-80	379	27	substitute	substitute	VERB
arjefm-80	379	28	domestic	domestic	ADJ
arjefm-80	379	29	borrowing	borrowing	NOUN
arjefm-80	379	30	to	to	ADP
arjefm-80	379	31	certain	certain	ADJ
arjefm-80	379	32	extent	extent	NOUN
arjefm-80	379	33	and	and	CCONJ
arjefm-80	379	34	this	this	PRON
arjefm-80	379	35	has	have	VERB
arjefm-80	379	36	a	a	DET
arjefm-80	379	37	huge	huge	ADJ
arjefm-80	379	38	implication	implication	NOUN
arjefm-80	379	39	for	for	ADP
arjefm-80	379	40	the	the	DET
arjefm-80	379	41	ghana	ghana	PROPN
arjefm-80	379	42	's	's	PART
arjefm-80	379	43	debt	debt	NOUN
arjefm-80	379	44	sustainability	sustainability	NOUN
arjefm-80	379	45	which	which	PRON
arjefm-80	379	46	has	have	AUX
arjefm-80	379	47	become	become	VERB
arjefm-80	379	48	a	a	DET
arjefm-80	379	49	source	source	NOUN
arjefm-80	379	50	of	of	ADP
arjefm-80	379	51	worry	worry	NOUN
arjefm-80	379	52	to	to	ADP
arjefm-80	379	53	international	international	ADJ
arjefm-80	379	54	agencies	agency	NOUN
arjefm-80	379	55	and	and	CCONJ
arjefm-80	379	56	economic	economic	ADJ
arjefm-80	379	57	think	think	NOUN
arjefm-80	379	58	-	-	PUNCT
arjefm-80	379	59	tanks	tank	NOUN
arjefm-80	379	60	within	within	ADP
arjefm-80	379	61	ghana	ghana	PROPN
arjefm-80	379	62	even	even	ADV
arjefm-80	379	63	against	against	ADP
arjefm-80	379	64	the	the	DET
arjefm-80	379	65	background	background	NOUN
arjefm-80	379	66	of	of	ADP
arjefm-80	379	67	a	a	DET
arjefm-80	379	68	re	re	ADJ
arjefm-80	379	69	-	-	VERB
arjefm-80	379	70	based	base	VERB
arjefm-80	379	71	economy	economy	NOUN
arjefm-80	379	72	.	.	PUNCT
arjefm-80	380	1	to	to	PART
arjefm-80	380	2	conclude	conclude	VERB
arjefm-80	380	3	we	we	PRON
arjefm-80	380	4	would	would	AUX
arjefm-80	380	5	say	say	VERB
arjefm-80	380	6	that	that	SCONJ
arjefm-80	380	7	though	though	SCONJ
arjefm-80	380	8	we	we	PRON
arjefm-80	380	9	have	have	VERB
arjefm-80	380	10	through	through	ADP
arjefm-80	380	11	this	this	DET
arjefm-80	380	12	study	study	NOUN
arjefm-80	380	13	unearthed	unearth	VERB
arjefm-80	380	14	some	some	DET
arjefm-80	380	15	important	important	ADJ
arjefm-80	380	16	facts	fact	NOUN
arjefm-80	380	17	relating	relate	VERB
arjefm-80	380	18	to	to	ADP
arjefm-80	380	19	the	the	DET
arjefm-80	380	20	nexus	nexus	NOUN
arjefm-80	380	21	among	among	ADP
arjefm-80	380	22	the	the	DET
arjefm-80	380	23	fiscal	fiscal	ADJ
arjefm-80	380	24	variables	variable	NOUN
arjefm-80	380	25	and	and	CCONJ
arjefm-80	380	26	the	the	DET
arjefm-80	380	27	borrowing	borrowing	NOUN
arjefm-80	380	28	modes	mode	NOUN
arjefm-80	380	29	in	in	ADP
arjefm-80	380	30	ghana	ghana	PROPN
arjefm-80	380	31	,	,	PUNCT
arjefm-80	380	32	we	we	PRON
arjefm-80	380	33	would	would	AUX
arjefm-80	380	34	have	have	AUX
arjefm-80	380	35	wished	wish	VERB
arjefm-80	380	36	that	that	SCONJ
arjefm-80	380	37	we	we	PRON
arjefm-80	380	38	were	be	AUX
arjefm-80	380	39	able	able	ADJ
arjefm-80	380	40	to	to	PART
arjefm-80	380	41	segregate	segregate	VERB
arjefm-80	380	42	aid	aid	NOUN
arjefm-80	380	43	into	into	ADP
arjefm-80	380	44	the	the	DET
arjefm-80	380	45	various	various	ADJ
arjefm-80	380	46	other	other	ADJ
arjefm-80	380	47	forms	form	NOUN
arjefm-80	380	48	project	project	NOUN
arjefm-80	380	49	,	,	PUNCT
arjefm-80	380	50	programme	programme	NOUN
arjefm-80	380	51	or	or	CCONJ
arjefm-80	380	52	even	even	ADV
arjefm-80	380	53	technical	technical	ADJ
arjefm-80	380	54	by	by	ADP
arjefm-80	380	55	which	which	PRON
arjefm-80	380	56	they	they	PRON
arjefm-80	380	57	come	come	VERB
arjefm-80	380	58	,	,	PUNCT
arjefm-80	380	59	which	which	PRON
arjefm-80	380	60	in	in	ADP
arjefm-80	380	61	our	our	PRON
arjefm-80	380	62	view	view	NOUN
arjefm-80	380	63	would	would	AUX
arjefm-80	380	64	have	have	AUX
arjefm-80	380	65	enriched	enrich	VERB
arjefm-80	380	66	the	the	DET
arjefm-80	380	67	analysis	analysis	NOUN
arjefm-80	380	68	.it	.it	PUNCT
arjefm-80	380	69	is	be	AUX
arjefm-80	380	70	therefore	therefore	ADV
arjefm-80	380	71	our	our	PRON
arjefm-80	380	72	hope	hope	NOUN
arjefm-80	380	73	that	that	SCONJ
arjefm-80	380	74	future	future	ADJ
arjefm-80	380	75	studies	study	NOUN
arjefm-80	380	76	would	would	AUX
arjefm-80	380	77	tackle	tackle	VERB
arjefm-80	380	78	this	this	DET
arjefm-80	380	79	aspect	aspect	NOUN
arjefm-80	380	80	to	to	PART
arjefm-80	380	81	further	far	ADV
arjefm-80	380	82	add	add	VERB
arjefm-80	380	83	to	to	ADP
arjefm-80	380	84	the	the	DET
arjefm-80	380	85	existing	exist	VERB
arjefm-80	380	86	stock	stock	NOUN
arjefm-80	380	87	of	of	ADP
arjefm-80	380	88	knowledge	knowledge	NOUN
arjefm-80	380	89	in	in	ADP
arjefm-80	380	90	this	this	DET
arjefm-80	380	91	area	area	NOUN
arjefm-80	380	92	.	.	PUNCT
arjefm-80	381	1	another	another	DET
arjefm-80	381	2	area	area	NOUN
arjefm-80	381	3	which	which	PRON
arjefm-80	381	4	may	may	AUX
arjefm-80	381	5	be	be	AUX
arjefm-80	381	6	interesting	interesting	ADJ
arjefm-80	381	7	to	to	PART
arjefm-80	381	8	examine	examine	VERB
arjefm-80	381	9	in	in	ADP
arjefm-80	381	10	the	the	DET
arjefm-80	381	11	future	future	NOUN
arjefm-80	381	12	is	be	AUX
arjefm-80	381	13	the	the	DET
arjefm-80	381	14	effects	effect	NOUN
arjefm-80	381	15	of	of	ADP
arjefm-80	381	16	these	these	DET
arjefm-80	381	17	borrowing	borrowing	NOUN
arjefm-80	381	18	modes	mode	NOUN
arjefm-80	381	19	on	on	ADP
arjefm-80	381	20	private	private	ADJ
arjefm-80	381	21	investments	investment	NOUN
arjefm-80	381	22	and	and	CCONJ
arjefm-80	381	23	economic	economic	ADJ
arjefm-80	381	24	growth	growth	NOUN
arjefm-80	381	25	.	.	PUNCT
arjefm-80	382	1	references	reference	NOUN
arjefm-80	382	2	ali	ali	PROPN
arjefm-80	382	3	,	,	PUNCT
arjefm-80	382	4	a.a	a.a	PROPN
arjefm-80	382	5	.	.	PROPN
arjefm-80	382	6	,	,	PUNCT
arjefm-80	382	7	g.	g.	PROPN
arjefm-80	382	8	,malwanda	,malwanda	PROPN
arjefm-80	382	9	,	,	PUNCT
arjefm-80	382	10	c.	c.	PROPN
arjefm-80	382	11	,	,	PUNCT
arjefm-80	382	12	&	&	CCONJ
arjefm-80	382	13	sliman	sliman	PROPN
arjefm-80	382	14	,	,	PUNCT
arjefm-80	382	15	y.	y.	PROPN
arjefm-80	382	16	(	(	PUNCT
arjefm-80	382	17	1999	1999	NUM
arjefm-80	382	18	)	)	PUNCT
arjefm-80	382	19	.	.	PUNCT
arjefm-80	383	1	official	official	ADJ
arjefm-80	383	2	development	development	NOUN
arjefm-80	383	3	assistance	assistance	NOUN
arjefm-80	383	4	to	to	ADP
arjefm-80	383	5	africa	africa	PROPN
arjefm-80	383	6	:	:	PUNCT
arjefm-80	383	7	an	an	DET
arjefm-80	383	8	overview	overview	NOUN
arjefm-80	383	9	.	.	PUNCT
arjefm-80	384	1	journal	journal	NOUN
arjefm-80	384	2	of	of	ADP
arjefm-80	384	3	african	african	ADJ
arjefm-80	384	4	economies	economy	NOUN
arjefm-80	384	5	,	,	PUNCT
arjefm-80	384	6	8	8	NUM
arjefm-80	384	7	(	(	PUNCT
arjefm-80	384	8	4	4	NUM
arjefm-80	384	9	)	)	PUNCT
arjefm-80	384	10	,	,	PUNCT
arjefm-80	384	11	504	504	NUM
arjefm-80	384	12	-	-	SYM
arjefm-80	384	13	527	527	NUM
arjefm-80	384	14	.	.	PUNCT
arjefm-80	385	1	anaman	anaman	NOUN
arjefm-80	385	2	,	,	PUNCT
arjefm-80	385	3	e.	e.	PROPN
arjefm-80	385	4	,	,	PUNCT
arjefm-80	385	5	a.	a.	PROPN
arjefm-80	385	6	,	,	PUNCT
arjefm-80	385	7	gadzo	gadzo	PROPN
arjefm-80	385	8	,	,	PUNCT
arjefm-80	385	9	s.	s.	PROPN
arjefm-80	385	10	,	,	PUNCT
arjefm-80	385	11	g.	g.	PROPN
arjefm-80	385	12	,	,	PUNCT
arjefm-80	385	13	gatsi	gatsi	PROPN
arjefm-80	385	14	,	,	PUNCT
arjefm-80	385	15	j.	j.	PROPN
arjefm-80	385	16	,	,	PUNCT
arjefm-80	385	17	g.	g.	PROPN
arjefm-80	385	18	,	,	PUNCT
arjefm-80	385	19	&	&	CCONJ
arjefm-80	385	20	pobbi	pobbi	NOUN
arjefm-80	385	21	,	,	PUNCT
arjefm-80	385	22	m.	m.	NOUN
arjefm-80	385	23	(	(	PUNCT
arjefm-80	385	24	2017	2017	NUM
arjefm-80	385	25	)	)	PUNCT
arjefm-80	385	26	.	.	PUNCT
arjefm-80	386	1	fiscal	fiscal	ADJ
arjefm-80	386	2	aggregates	aggregate	NOUN
arjefm-80	386	3	government	government	NOUN
arjefm-80	386	4	borrowing	borrowing	NOUN
arjefm-80	386	5	and	and	CCONJ
arjefm-80	386	6	economic	economic	ADJ
arjefm-80	386	7	growth	growth	NOUN
arjefm-80	386	8	in	in	ADP
arjefm-80	386	9	ghana	ghana	PROPN
arjefm-80	386	10	:	:	PUNCT
arjefm-80	386	11	an	an	DET
arjefm-80	386	12	ever	ever	ADJ
arjefm-80	386	13	correction	correction	NOUN
arjefm-80	386	14	approach	approach	NOUN
arjefm-80	386	15	.	.	PUNCT
arjefm-80	387	1	advances	advance	NOUN
arjefm-80	387	2	in	in	ADP
arjefm-80	387	3	management	management	NOUN
arjefm-80	387	4	and	and	CCONJ
arjefm-80	387	5	applied	apply	VERB
arjefm-80	387	6	economics	economic	NOUN
arjefm-80	387	7	,	,	PUNCT
arjefm-80	387	8	7	7	NUM
arjefm-80	387	9	(	(	PUNCT
arjefm-80	387	10	2	2	NUM
arjefm-80	387	11	)	)	PUNCT
arjefm-80	387	12	,	,	PUNCT
arjefm-80	387	13	83	83	NUM
arjefm-80	387	14	-	-	SYM
arjefm-80	387	15	104	104	NUM
arjefm-80	387	16	.	.	PUNCT
arjefm-80	388	1	bhasin	bhasin	PROPN
arjefm-80	388	2	,	,	PUNCT
arjefm-80	388	3	v.k	v.k	PROPN
arjefm-80	388	4	.	.	PROPN
arjefm-80	388	5	(	(	PUNCT
arjefm-80	388	6	2004	2004	NUM
arjefm-80	388	7	)	)	PUNCT
arjefm-80	388	8	.	.	PUNCT
arjefm-80	389	1	dynamic	dynamic	ADJ
arjefm-80	389	2	interlinks	interlink	NOUN
arjefm-80	389	3	among	among	ADP
arjefm-80	389	4	exchange	exchange	NOUN
arjefm-80	389	5	rate	rate	NOUN
arjefm-80	389	6	price	price	NOUN
arjefm-80	389	7	level	level	NOUN
arjefm-80	389	8	and	and	CCONJ
arjefm-80	389	9	terms	term	NOUN
arjefm-80	389	10	of	of	ADP
arjefm-80	389	11	trade	trade	NOUN
arjefm-80	389	12	ina	ina	PROPN
arjefm-80	389	13	managed	manage	VERB
arjefm-80	389	14	floating	float	VERB
arjefm-80	389	15	exchange	exchange	NOUN
arjefm-80	389	16	system	system	NOUN
arjefm-80	389	17	:	:	PUNCT
arjefm-80	389	18	the	the	DET
arjefm-80	389	19	case	case	NOUN
arjefm-80	389	20	of	of	ADP
arjefm-80	389	21	ghana	ghana	PROPN
arjefm-80	389	22	.	.	PUNCT
arjefm-80	390	1	aerc	aerc	PROPN
arjefm-80	390	2	research	research	NOUN
arjefm-80	390	3	paper	paper	NOUN
arjefm-80	390	4	,	,	PUNCT
arjefm-80	390	5	141	141	NUM
arjefm-80	390	6	.	.	PUNCT
arjefm-80	391	1	african	african	ADJ
arjefm-80	391	2	economic	economic	ADJ
arjefm-80	391	3	consortium	consortium	PROPN
arjefm-80	391	4	,	,	PUNCT
arjefm-80	391	5	nairobi	nairobi	PROPN
arjefm-80	391	6	,	,	PUNCT
arjefm-80	391	7	kenya	kenya	PROPN
arjefm-80	391	8	.	.	PUNCT
arjefm-80	392	1	blanchard	blanchard	PROPN
arjefm-80	392	2	,	,	PUNCT
arjefm-80	392	3	o.	o.	PROPN
arjefm-80	392	4	,	,	PUNCT
arjefm-80	392	5	&	&	CCONJ
arjefm-80	392	6	perrotti	perrotti	PROPN
arjefm-80	392	7	,	,	PUNCT
arjefm-80	392	8	r.	r.	PROPN
arjefm-80	392	9	(	(	PUNCT
arjefm-80	392	10	1999	1999	NUM
arjefm-80	392	11	)	)	PUNCT
arjefm-80	392	12	.	.	PUNCT
arjefm-80	393	1	an	an	DET
arjefm-80	393	2	empirical	empirical	ADJ
arjefm-80	393	3	characterization	characterization	NOUN
arjefm-80	393	4	of	of	ADP
arjefm-80	393	5	dynamic	dynamic	ADJ
arjefm-80	393	6	effects	effect	NOUN
arjefm-80	393	7	of	of	ADP
arjefm-80	393	8	changes	change	NOUN
arjefm-80	393	9	in	in	ADP
arjefm-80	393	10	government	government	NOUN
arjefm-80	393	11	spending	spending	NOUN
arjefm-80	393	12	and	and	CCONJ
arjefm-80	393	13	taxes	taxis	NOUN
arjefm-80	393	14	on	on	ADP
arjefm-80	393	15	output	output	NOUN
arjefm-80	393	16	.	.	PUNCT
arjefm-80	394	1	nber	nber	PROPN
arjefm-80	394	2	working	working	PROPN
arjefm-80	394	3	paper	paper	NOUN
arjefm-80	394	4	,	,	PUNCT
arjefm-80	394	5	7269	7269	NUM
arjefm-80	394	6	.	.	PUNCT
arjefm-80	395	1	bwire	bwire	NOUN
arjefm-80	395	2	,	,	PUNCT
arjefm-80	395	3	t.	t.	PROPN
arjefm-80	395	4	,lloyd	,lloyd	PROPN
arjefm-80	395	5	,	,	PUNCT
arjefm-80	395	6	t.	t.	PROPN
arjefm-80	395	7	,	,	PUNCT
arjefm-80	395	8	&	&	CCONJ
arjefm-80	395	9	morrissey	morrissey	PROPN
arjefm-80	395	10	,	,	PUNCT
arjefm-80	395	11	o.	o.	NOUN
arjefm-80	395	12	(	(	PUNCT
arjefm-80	395	13	2017	2017	NUM
arjefm-80	395	14	)	)	PUNCT
arjefm-80	395	15	.	.	PUNCT
arjefm-80	396	1	fiscal	fiscal	ADJ
arjefm-80	396	2	reforms	reform	NOUN
arjefm-80	396	3	and	and	CCONJ
arjefm-80	396	4	the	the	DET
arjefm-80	396	5	fiscal	fiscal	ADJ
arjefm-80	396	6	effects	effect	NOUN
arjefm-80	396	7	of	of	ADP
arjefm-80	396	8	aid	aid	NOUN
arjefm-80	396	9	in	in	ADP
arjefm-80	396	10	uganda	uganda	PROPN
arjefm-80	396	11	.	.	PUNCT
arjefm-80	397	1	the	the	DET
arjefm-80	397	2	journal	journal	PROPN
arjefm-80	397	3	of	of	ADP
arjefm-80	397	4	development	development	NOUN
arjefm-80	397	5	studies	study	NOUN
arjefm-80	397	6	,	,	PUNCT
arjefm-80	397	7	53	53	NUM
arjefm-80	397	8	(	(	PUNCT
arjefm-80	397	9	7	7	NUM
arjefm-80	397	10	)	)	PUNCT
arjefm-80	397	11	,	,	PUNCT
arjefm-80	397	12	1019	1019	NUM
arjefm-80	397	13	-	-	SYM
arjefm-80	397	14	1036	1036	NUM
arjefm-80	397	15	.	.	PUNCT
arjefm-80	398	1	deverajan	deverajan	NOUN
arjefm-80	398	2	,	,	PUNCT
arjefm-80	398	3	s.	s.	PROPN
arjefm-80	398	4	,	,	PUNCT
arjefm-80	398	5	rajkumar	rajkumar	PROPN
arjefm-80	398	6	,	,	PUNCT
arjefm-80	398	7	a.	a.	PROPN
arjefm-80	398	8	,	,	PUNCT
arjefm-80	398	9	s.	s.	PROPN
arjefm-80	398	10	,	,	PUNCT
arjefm-80	398	11	&	&	CCONJ
arjefm-80	398	12	swaroop	swaroop	PROPN
arjefm-80	398	13	,	,	PUNCT
arjefm-80	398	14	v.	v.	PROPN
arjefm-80	398	15	(	(	PUNCT
arjefm-80	398	16	1998	1998	NUM
arjefm-80	398	17	)	)	PUNCT
arjefm-80	398	18	.	.	PUNCT
arjefm-80	399	1	what	what	PRON
arjefm-80	399	2	does	do	AUX
arjefm-80	399	3	aid	aid	NOUN
arjefm-80	399	4	do	do	VERB
arjefm-80	399	5	to	to	ADP
arjefm-80	399	6	african	african	ADJ
arjefm-80	399	7	finance	finance	NOUN
arjefm-80	399	8	?	?	PUNCT
arjefm-80	400	1	aerc	aerc	NOUN
arjefm-80	400	2	/	/	SYM
arjefm-80	400	3	odc	odc	NOUN
arjefm-80	400	4	sponsorship	sponsorship	NOUN
arjefm-80	400	5	on	on	ADP
arjefm-80	400	6	managing	manage	VERB
arjefm-80	400	7	a	a	DET
arjefm-80	400	8	smooth	smooth	ADJ
arjefm-80	400	9	transition	transition	NOUN
arjefm-80	400	10	from	from	ADP
arjefm-80	400	11	aid	aid	NOUN
arjefm-80	400	12	dependence	dependence	NOUN
arjefm-80	400	13	in	in	ADP
arjefm-80	400	14	africa	africa	PROPN
arjefm-80	400	15	,	,	PUNCT
arjefm-80	400	16	washington	washington	PROPN
arjefm-80	400	17	dc	dc	PROPN
arjefm-80	400	18	.	.	PUNCT
arjefm-80	401	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	401	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	402	1	american	american	PROPN
arjefm-80	402	2	research	research	PROPN
arjefm-80	402	3	journal	journal	PROPN
arjefm-80	402	4	of	of	ADP
arjefm-80	402	5	economics	economic	NOUN
arjefm-80	402	6	,	,	PUNCT
arjefm-80	402	7	finance	finance	NOUN
arjefm-80	402	8	and	and	CCONJ
arjefm-80	402	9	management	management	NOUN
arjefm-80	402	10	volume	volume	NOUN
arjefm-80	402	11	11	11	NUM
arjefm-80	402	12	issue	issue	NOUN
arjefm-80	402	13	2	2	NUM
arjefm-80	402	14	,	,	PUNCT
arjefm-80	402	15	april	april	PROPN
arjefm-80	402	16	-	-	PUNCT
arjefm-80	402	17	june	june	PROPN
arjefm-80	402	18	2023	2023	NUM
arjefm-80	402	19	issn	issn	PROPN
arjefm-80	402	20	:	:	PUNCT
arjefm-80	402	21	2836	2836	NUM
arjefm-80	402	22	-	-	SYM
arjefm-80	402	23	9416	9416	NUM
arjefm-80	402	24	impact	impact	NOUN
arjefm-80	402	25	factor	factor	NOUN
arjefm-80	402	26	:	:	PUNCT
arjefm-80	402	27	5.57	5.57	NUM
arjefm-80	402	28	journal	journal	NOUN
arjefm-80	402	29	homepage	homepage	NOUN
arjefm-80	402	30	:	:	PUNCT
arjefm-80	402	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	402	32	,	,	PUNCT
arjefm-80	402	33	email	email	NOUN
arjefm-80	402	34	:	:	PUNCT
arjefm-80	403	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	403	2	official	official	ADJ
arjefm-80	403	3	journal	journal	PROPN
arjefm-80	403	4	of	of	ADP
arjefm-80	403	5	america	america	PROPN
arjefm-80	403	6	serial	serial	PROPN
arjefm-80	403	7	publication	publication	NOUN
arjefm-80	403	8	american	american	PROPN
arjefm-80	403	9	research	research	PROPN
arjefm-80	403	10	journal	journal	PROPN
arjefm-80	403	11	of	of	ADP
arjefm-80	403	12	economics	economic	NOUN
arjefm-80	403	13	,	,	PUNCT
arjefm-80	403	14	finance	finance	NOUN
arjefm-80	403	15	and	and	CCONJ
arjefm-80	403	16	management	management	NOUN
arjefm-80	403	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	403	18	,	,	PUNCT
arjefm-80	403	19	email	email	NOUN
arjefm-80	403	20	:	:	PUNCT
arjefm-80	403	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	404	1	22	22	NUM
arjefm-80	405	1	|	|	ADV
arjefm-80	405	2	p	p	X
arjefm-80	405	3	a	a	DET
arjefm-80	405	4	g	g	NOUN
arjefm-80	405	5	e	e	X
arjefm-80	405	6	durdonoo	durdonoo	PROPN
arjefm-80	405	7	,	,	PUNCT
arjefm-80	405	8	c.	c.	NOUN
arjefm-80	405	9	(	(	PUNCT
arjefm-80	405	10	2000	2000	NUM
arjefm-80	405	11	)	)	PUNCT
arjefm-80	405	12	.	.	PUNCT
arjefm-80	406	1	fiscal	fiscal	ADJ
arjefm-80	406	2	trends	trend	NOUN
arjefm-80	406	3	:	:	PUNCT
arjefm-80	406	4	1970	1970	NUM
arjefm-80	406	5	-	-	SYM
arjefm-80	406	6	1995	1995	NUM
arjefm-80	406	7	in	in	ADP
arjefm-80	406	8	e.a	e.a	PROPN
arjefm-80	406	9	.	.	PROPN
arjefm-80	406	10	aryeetey	aryeetey	PROPN
arjefm-80	406	11	et	et	PROPN
arjefm-80	406	12	al	al	PROPN
arjefm-80	406	13	(	(	PUNCT
arjefm-80	406	14	eds	eds	PROPN
arjefm-80	406	15	.	.	PUNCT
arjefm-80	406	16	)	)	PUNCT
arjefm-80	406	17	.	.	PUNCT
arjefm-80	407	1	economic	economic	ADJ
arjefm-80	407	2	reforms	reform	NOUN
arjefm-80	407	3	in	in	ADP
arjefm-80	407	4	ghana	ghana	PROPN
arjefm-80	407	5	:	:	PUNCT
arjefm-80	407	6	the	the	DET
arjefm-80	407	7	miracle	miracle	NOUN
arjefm-80	407	8	and	and	CCONJ
arjefm-80	407	9	the	the	DET
arjefm-80	407	10	mirage	mirage	NOUN
arjefm-80	407	11	.	.	PUNCT
arjefm-80	408	1	trenton	trenton	PROPN
arjefm-80	408	2	,	,	PUNCT
arjefm-80	408	3	usa	usa	PROPN
arjefm-80	408	4	:	:	PUNCT
arjefm-80	408	5	africa	africa	PROPN
arjefm-80	408	6	word	word	PROPN
arjefm-80	408	7	press	press	PROPN
arjefm-80	408	8	.	.	PUNCT
arjefm-80	409	1	enders	ender	NOUN
arjefm-80	409	2	,	,	PUNCT
arjefm-80	409	3	w.	w.	NOUN
arjefm-80	409	4	(	(	PUNCT
arjefm-80	409	5	1995	1995	NUM
arjefm-80	409	6	)	)	PUNCT
arjefm-80	409	7	.	.	PUNCT
arjefm-80	410	1	applied	apply	VERB
arjefm-80	410	2	econometric	econometric	ADJ
arjefm-80	410	3	time	time	NOUN
arjefm-80	410	4	series	series	PROPN
arjefm-80	410	5	.	.	PUNCT
arjefm-80	411	1	new	new	PROPN
arjefm-80	411	2	york	york	PROPN
arjefm-80	411	3	:	:	PUNCT
arjefm-80	411	4	wiley	wiley	PROPN
arjefm-80	411	5	press	press	PROPN
arjefm-80	411	6	.	.	PUNCT
arjefm-80	412	1	feyzioglu	feyzioglu	PROPN
arjefm-80	412	2	,	,	PUNCT
arjefm-80	412	3	t.	t.	PROPN
arjefm-80	412	4	,swaroop	,swaroop	PROPN
arjefm-80	412	5	,	,	PUNCT
arjefm-80	412	6	v.	v.	PROPN
arjefm-80	412	7	,	,	PUNCT
arjefm-80	412	8	&	&	CCONJ
arjefm-80	412	9	zhu	zhu	PROPN
arjefm-80	412	10	,	,	PUNCT
arjefm-80	412	11	m.	m.	NOUN
arjefm-80	412	12	(	(	PUNCT
arjefm-80	412	13	1998	1998	NUM
arjefm-80	412	14	)	)	PUNCT
arjefm-80	412	15	.	.	PUNCT
arjefm-80	413	1	a	a	DET
arjefm-80	413	2	panel	panel	NOUN
arjefm-80	413	3	data	data	VERB
arjefm-80	413	4	analysis	analysis	NOUN
arjefm-80	413	5	of	of	ADP
arjefm-80	413	6	the	the	DET
arjefm-80	413	7	fungibility	fungibility	NOUN
arjefm-80	413	8	of	of	ADP
arjefm-80	413	9	foreign	foreign	ADJ
arjefm-80	413	10	aid	aid	NOUN
arjefm-80	413	11	.	.	PUNCT
arjefm-80	414	1	world	world	PROPN
arjefm-80	414	2	bank	bank	PROPN
arjefm-80	414	3	economic	economic	PROPN
arjefm-80	414	4	review	review	PROPN
arjefm-80	414	5	,	,	PUNCT
arjefm-80	414	6	65	65	NUM
arjefm-80	414	7	,	,	PUNCT
arjefm-80	414	8	429	429	NUM
arjefm-80	414	9	-	-	SYM
arjefm-80	414	10	445	445	NUM
arjefm-80	414	11	.	.	PUNCT
arjefm-80	415	1	griffin	griffin	PROPN
arjefm-80	415	2	,	,	PUNCT
arjefm-80	415	3	k.	k.	PROPN
arjefm-80	415	4	(	(	PUNCT
arjefm-80	415	5	1970	1970	NUM
arjefm-80	415	6	)	)	PUNCT
arjefm-80	415	7	.	.	PUNCT
arjefm-80	416	1	foreign	foreign	ADJ
arjefm-80	416	2	capital	capital	NOUN
arjefm-80	416	3	domestic	domestic	ADJ
arjefm-80	416	4	savings	saving	NOUN
arjefm-80	416	5	and	and	CCONJ
arjefm-80	416	6	economic	economic	ADJ
arjefm-80	416	7	development	development	NOUN
arjefm-80	416	8	.	.	PUNCT
arjefm-80	417	1	oxford	oxford	ADJ
arjefm-80	417	2	bulletin	bulletin	NOUN
arjefm-80	417	3	of	of	ADP
arjefm-80	417	4	economics	economic	NOUN
arjefm-80	417	5	and	and	CCONJ
arjefm-80	417	6	statistics	statistic	NOUN
arjefm-80	417	7	,	,	PUNCT
arjefm-80	417	8	55	55	NUM
arjefm-80	417	9	,	,	PUNCT
arjefm-80	417	10	99	99	NUM
arjefm-80	417	11	-	-	SYM
arjefm-80	417	12	112	112	NUM
arjefm-80	417	13	.	.	PUNCT
arjefm-80	418	1	heller	heller	NOUN
arjefm-80	418	2	,	,	PUNCT
arjefm-80	418	3	s.	s.	PROPN
arjefm-80	418	4	,	,	PUNCT
arjefm-80	418	5	p.	p.	NOUN
arjefm-80	418	6	(	(	PUNCT
arjefm-80	418	7	1975	1975	NUM
arjefm-80	418	8	)	)	PUNCT
arjefm-80	418	9	.	.	PUNCT
arjefm-80	419	1	a	a	DET
arjefm-80	419	2	model	model	NOUN
arjefm-80	419	3	of	of	ADP
arjefm-80	419	4	public	public	ADJ
arjefm-80	419	5	fiscal	fiscal	ADJ
arjefm-80	419	6	behaviour	behaviour	NOUN
arjefm-80	419	7	in	in	ADP
arjefm-80	419	8	developing	develop	VERB
arjefm-80	419	9	countries	country	NOUN
arjefm-80	419	10	:	:	PUNCT
arjefm-80	419	11	aid	aid	NOUN
arjefm-80	419	12	,	,	PUNCT
arjefm-80	419	13	investment	investment	NOUN
arjefm-80	419	14	and	and	CCONJ
arjefm-80	419	15	taxation	taxation	NOUN
arjefm-80	419	16	.	.	PUNCT
arjefm-80	420	1	american	american	PROPN
arjefm-80	420	2	economic	economic	PROPN
arjefm-80	420	3	review	review	PROPN
arjefm-80	420	4	,	,	PUNCT
arjefm-80	420	5	65	65	NUM
arjefm-80	420	6	(	(	PUNCT
arjefm-80	420	7	3	3	NUM
arjefm-80	420	8	)	)	PUNCT
arjefm-80	420	9	,	,	PUNCT
arjefm-80	420	10	429	429	NUM
arjefm-80	420	11	-	-	SYM
arjefm-80	420	12	445	445	NUM
arjefm-80	420	13	.	.	PUNCT
arjefm-80	421	1	johassen.(1991	johassen.(1991	NUM
arjefm-80	421	2	)	)	PUNCT
arjefm-80	421	3	.	.	PUNCT
arjefm-80	422	1	estimation	estimation	NOUN
arjefm-80	422	2	and	and	CCONJ
arjefm-80	422	3	hypothesis	hypothesis	NOUN
arjefm-80	422	4	testing	testing	NOUN
arjefm-80	422	5	of	of	ADP
arjefm-80	422	6	co	co	NOUN
arjefm-80	422	7	integration	integration	NOUN
arjefm-80	422	8	vectors	vector	NOUN
arjefm-80	422	9	in	in	ADP
arjefm-80	422	10	gaussian	gaussian	ADJ
arjefm-80	422	11	vector	vector	NOUN
arjefm-80	422	12	autoregressive	autoregressive	ADJ
arjefm-80	422	13	models	model	NOUN
arjefm-80	422	14	.	.	PUNCT
arjefm-80	423	1	econometrica	econometrica	PROPN
arjefm-80	423	2	vol59ːpp	vol59ːpp	PROPN
arjefm-80	423	3	1551	1551	NUM
arjefm-80	423	4	-	-	SYM
arjefm-80	423	5	1580	1580	NUM
arjefm-80	423	6	johnston	johnston	PROPN
arjefm-80	423	7	,	,	PUNCT
arjefm-80	423	8	j.	j.	PROPN
arjefm-80	423	9	&	&	CCONJ
arjefm-80	423	10	di	di	PROPN
arjefm-80	423	11	-	-	PUNCT
arjefm-80	423	12	nardo	nardo	PROPN
arjefm-80	423	13	,	,	PUNCT
arjefm-80	423	14	j.(1997	j.(1997	PROPN
arjefm-80	423	15	)	)	PUNCT
arjefm-80	423	16	.	.	PUNCT
arjefm-80	424	1	econometric	econometric	ADJ
arjefm-80	424	2	methods	method	NOUN
arjefm-80	424	3	.	.	PUNCT
arjefm-80	425	1	(	(	PUNCT
arjefm-80	425	2	4thed	4thed	NUM
arjefm-80	425	3	.	.	NUM
arjefm-80	425	4	)	)	PUNCT
arjefm-80	425	5	.	.	PUNCT
arjefm-80	426	1	singapore	singapore	PROPN
arjefm-80	426	2	:	:	PUNCT
arjefm-80	426	3	mcgraw	mcgraw	PROPN
arjefm-80	426	4	hill	hill	PROPN
arjefm-80	426	5	.	.	PUNCT
arjefm-80	427	1	khilji	khilji	PROPN
arjefm-80	427	2	,	,	PUNCT
arjefm-80	427	3	n.m	n.m	PROPN
arjefm-80	427	4	.	.	PROPN
arjefm-80	427	5	,	,	PUNCT
arjefm-80	427	6	&	&	CCONJ
arjefm-80	427	7	zampelli	zampelli	PROPN
arjefm-80	427	8	,	,	PUNCT
arjefm-80	427	9	e.	e.	PROPN
arjefm-80	427	10	,	,	PUNCT
arjefm-80	427	11	m.	m.	NOUN
arjefm-80	427	12	(	(	PUNCT
arjefm-80	427	13	1994	1994	NUM
arjefm-80	427	14	)	)	PUNCT
arjefm-80	427	15	.	.	PUNCT
arjefm-80	428	1	the	the	DET
arjefm-80	428	2	fungibility	fungibility	NOUN
arjefm-80	428	3	of	of	ADP
arjefm-80	428	4	us	us	PROPN
arjefm-80	428	5	military	military	NOUN
arjefm-80	428	6	and	and	CCONJ
arjefm-80	428	7	non	non	ADJ
arjefm-80	428	8	-	-	ADJ
arjefm-80	428	9	military	military	ADJ
arjefm-80	428	10	assistance	assistance	NOUN
arjefm-80	428	11	and	and	CCONJ
arjefm-80	428	12	the	the	DET
arjefm-80	428	13	impacts	impact	NOUN
arjefm-80	428	14	on	on	ADP
arjefm-80	428	15	expenditures	expenditure	NOUN
arjefm-80	428	16	of	of	ADP
arjefm-80	428	17	major	major	ADJ
arjefm-80	428	18	aid	aid	NOUN
arjefm-80	428	19	recipients	recipient	NOUN
arjefm-80	428	20	.	.	PUNCT
arjefm-80	429	1	journal	journal	PROPN
arjefm-80	429	2	of	of	ADP
arjefm-80	429	3	development	development	NOUN
arjefm-80	429	4	economics	economic	NOUN
arjefm-80	429	5	,	,	PUNCT
arjefm-80	429	6	43	43	NUM
arjefm-80	429	7	,	,	PUNCT
arjefm-80	429	8	345	345	NUM
arjefm-80	429	9	-	-	SYM
arjefm-80	429	10	362	362	NUM
arjefm-80	429	11	.	.	PUNCT
arjefm-80	430	1	lloyd	lloyd	PROPN
arjefm-80	430	2	,	,	PUNCT
arjefm-80	430	3	t.	t.	PROPN
arjefm-80	430	4	,mcgillivray	,mcgillivray	PUNCT
arjefm-80	430	5	,	,	PUNCT
arjefm-80	430	6	m.	m.	NOUN
arjefm-80	430	7	,	,	PUNCT
arjefm-80	430	8	morrissey	morrissey	PROPN
arjefm-80	430	9	,	,	PUNCT
arjefm-80	430	10	o.	o.	PROPN
arjefm-80	430	11	,	,	PUNCT
arjefm-80	430	12	&	&	CCONJ
arjefm-80	430	13	opoku	opoku	PROPN
arjefm-80	430	14	-	-	PUNCT
arjefm-80	430	15	afari	afari	NOUN
arjefm-80	430	16	,	,	PUNCT
arjefm-80	430	17	m.	m.	NOUN
arjefm-80	430	18	(	(	PUNCT
arjefm-80	430	19	2009	2009	NUM
arjefm-80	430	20	)	)	PUNCT
arjefm-80	430	21	.	.	PUNCT
arjefm-80	431	1	the	the	DET
arjefm-80	431	2	fiscal	fiscal	ADJ
arjefm-80	431	3	effects	effect	NOUN
arjefm-80	431	4	of	of	ADP
arjefm-80	431	5	aid	aid	NOUN
arjefm-80	431	6	in	in	ADP
arjefm-80	431	7	developing	develop	VERB
arjefm-80	431	8	countries	country	NOUN
arjefm-80	431	9	:	:	PUNCT
arjefm-80	431	10	a	a	DET
arjefm-80	431	11	comparative	comparative	ADJ
arjefm-80	431	12	dynamic	dynamic	ADJ
arjefm-80	431	13	analysis	analysis	NOUN
arjefm-80	431	14	.	.	PUNCT
arjefm-80	432	1	studies	study	NOUN
arjefm-80	432	2	in	in	ADP
arjefm-80	432	3	development	development	NOUN
arjefm-80	432	4	economics	economic	NOUN
arjefm-80	432	5	and	and	CCONJ
arjefm-80	432	6	policy	policy	NOUN
arjefm-80	432	7	,	,	PUNCT
arjefm-80	432	8	158	158	NUM
arjefm-80	432	9	-	-	SYM
arjefm-80	432	10	179	179	NUM
arjefm-80	432	11	.	.	PUNCT
arjefm-80	433	1	lutkepohl	lutkepohl	PROPN
arjefm-80	433	2	,	,	PUNCT
arjefm-80	433	3	h.	h.	PROPN
arjefm-80	433	4	,	,	PUNCT
arjefm-80	433	5	&	&	CCONJ
arjefm-80	433	6	rimmers	rimmer	NOUN
arjefm-80	433	7	,	,	PUNCT
arjefm-80	433	8	h.	h.	PROPN
arjefm-80	433	9	,	,	PUNCT
arjefm-80	433	10	e.	e.	PROPN
arjefm-80	433	11	(	(	PUNCT
arjefm-80	433	12	1992	1992	NUM
arjefm-80	433	13	)	)	PUNCT
arjefm-80	433	14	.	.	PUNCT
arjefm-80	434	1	impulse	impulse	ADJ
arjefm-80	434	2	response	response	NOUN
arjefm-80	434	3	analysis	analysis	NOUN
arjefm-80	434	4	of	of	ADP
arjefm-80	434	5	co	co	ADJ
arjefm-80	434	6	integrated	integrate	VERB
arjefm-80	434	7	systems	system	NOUN
arjefm-80	434	8	.	.	PUNCT
arjefm-80	435	1	journal	journal	NOUN
arjefm-80	435	2	of	of	ADP
arjefm-80	435	3	economic	economic	ADJ
arjefm-80	435	4	dynamics	dynamic	NOUN
arjefm-80	435	5	and	and	CCONJ
arjefm-80	435	6	control	control	NOUN
arjefm-80	435	7	,	,	PUNCT
arjefm-80	435	8	16	16	NUM
arjefm-80	435	9	,	,	PUNCT
arjefm-80	435	10	53	53	NUM
arjefm-80	435	11	-	-	SYM
arjefm-80	435	12	78	78	NUM
arjefm-80	435	13	.	.	PUNCT
arjefm-80	436	1	m’amanja	m’amanja	PROPN
arjefm-80	436	2	,	,	PUNCT
arjefm-80	436	3	d.	d.	PROPN
arjefm-80	436	4	,lloyd	,lloyd	PROPN
arjefm-80	436	5	,	,	PUNCT
arjefm-80	436	6	t.	t.	PROPN
arjefm-80	436	7	,	,	PUNCT
arjefm-80	436	8	&	&	CCONJ
arjefm-80	436	9	morrissey	morrissey	PROPN
arjefm-80	436	10	,	,	PUNCT
arjefm-80	436	11	o.	o.	PROPN
arjefm-80	436	12	(	(	PUNCT
arjefm-80	436	13	2005	2005	NUM
arjefm-80	436	14	)	)	PUNCT
arjefm-80	436	15	.	.	PUNCT
arjefm-80	437	1	fiscal	fiscal	ADJ
arjefm-80	437	2	aggregates	aggregate	NOUN
arjefm-80	437	3	,	,	PUNCT
arjefm-80	437	4	aid	aid	NOUN
arjefm-80	437	5	and	and	CCONJ
arjefm-80	437	6	growth	growth	NOUN
arjefm-80	437	7	in	in	ADP
arjefm-80	437	8	kenya	kenya	PROPN
arjefm-80	437	9	:	:	PUNCT
arjefm-80	437	10	a	a	DET
arjefm-80	437	11	vector	vector	NOUN
arjefm-80	437	12	autoregressive	autoregressive	ADJ
arjefm-80	437	13	(	(	PUNCT
arjefm-80	437	14	var	var	NOUN
arjefm-80	437	15	)	)	PUNCT
arjefm-80	437	16	analysis	analysis	NOUN
arjefm-80	437	17	.	.	PUNCT
arjefm-80	438	1	credit	credit	NOUN
arjefm-80	438	2	research	research	NOUN
arjefm-80	438	3	paper	paper	NOUN
arjefm-80	438	4	,	,	PUNCT
arjefm-80	438	5	5	5	NUM
arjefm-80	438	6	(	(	PUNCT
arjefm-80	438	7	7	7	NUM
arjefm-80	438	8	)	)	PUNCT
arjefm-80	438	9	.	.	PUNCT
arjefm-80	439	1	martins	martin	NOUN
arjefm-80	439	2	,	,	PUNCT
arjefm-80	439	3	p.m.g	p.m.g	NOUN
arjefm-80	439	4	.	.	PUNCT
arjefm-80	439	5	(	(	PUNCT
arjefm-80	439	6	2010	2010	NUM
arjefm-80	439	7	)	)	PUNCT
arjefm-80	439	8	.	.	PUNCT
arjefm-80	440	1	fiscal	fiscal	ADJ
arjefm-80	440	2	dynamics	dynamic	NOUN
arjefm-80	440	3	in	in	ADP
arjefm-80	440	4	ethiopia	ethiopia	PROPN
arjefm-80	440	5	:	:	PUNCT
arjefm-80	440	6	the	the	DET
arjefm-80	440	7	co	co	X
arjefm-80	440	8	integrated	integrate	VERB
arjefm-80	440	9	var	var	NOUN
arjefm-80	440	10	model	model	NOUN
arjefm-80	440	11	with	with	ADP
arjefm-80	440	12	quarterly	quarterly	ADJ
arjefm-80	440	13	data	datum	NOUN
arjefm-80	440	14	.	.	PUNCT
arjefm-80	441	1	university	university	NOUN
arjefm-80	441	2	of	of	ADP
arjefm-80	441	3	nottingham	nottingham	PROPN
arjefm-80	441	4	credit	credit	PROPN
arjefm-80	441	5	research	research	NOUN
arjefm-80	441	6	paper	paper	NOUN
arjefm-80	441	7	,	,	PUNCT
arjefm-80	441	8	10	10	NUM
arjefm-80	441	9	(	(	PUNCT
arjefm-80	441	10	5	5	NUM
arjefm-80	441	11	)	)	PUNCT
arjefm-80	441	12	.	.	PUNCT
arjefm-80	442	1	mascagni	mascagni	PROPN
arjefm-80	442	2	,	,	PUNCT
arjefm-80	442	3	g.	g.	PROPN
arjefm-80	442	4	,	,	PUNCT
arjefm-80	442	5	&	&	CCONJ
arjefm-80	442	6	timmis	timmis	PROPN
arjefm-80	442	7	,	,	PUNCT
arjefm-80	442	8	e.	e.	PROPN
arjefm-80	442	9	(	(	PUNCT
arjefm-80	442	10	2014	2014	NUM
arjefm-80	442	11	)	)	PUNCT
arjefm-80	442	12	.	.	PUNCT
arjefm-80	443	1	fiscal	fiscal	ADJ
arjefm-80	443	2	effects	effect	NOUN
arjefm-80	443	3	of	of	ADP
arjefm-80	443	4	aid	aid	NOUN
arjefm-80	443	5	in	in	ADP
arjefm-80	443	6	ethiopia	ethiopia	PROPN
arjefm-80	443	7	:	:	PUNCT
arjefm-80	443	8	evidence	evidence	NOUN
arjefm-80	443	9	from	from	ADP
arjefm-80	443	10	cvar	cvar	NOUN
arjefm-80	443	11	application	application	NOUN
arjefm-80	443	12	.	.	PUNCT
arjefm-80	444	1	university	university	NOUN
arjefm-80	444	2	of	of	ADP
arjefm-80	444	3	nottingham	nottingham	PROPN
arjefm-80	444	4	credit	credit	PROPN
arjefm-80	444	5	research	research	NOUN
arjefm-80	444	6	paper	paper	NOUN
arjefm-80	444	7	,	,	PUNCT
arjefm-80	444	8	14	14	NUM
arjefm-80	444	9	(	(	PUNCT
arjefm-80	444	10	6	6	NUM
arjefm-80	444	11	)	)	PUNCT
arjefm-80	444	12	.	.	PUNCT
arjefm-80	445	1	mavrotas	mavrotas	PROPN
arjefm-80	445	2	,	,	PUNCT
arjefm-80	445	3	g.	g.	PROPN
arjefm-80	445	4	(	(	PUNCT
arjefm-80	445	5	2002	2002	NUM
arjefm-80	445	6	)	)	PUNCT
arjefm-80	445	7	.	.	PUNCT
arjefm-80	446	1	foreign	foreign	ADJ
arjefm-80	446	2	aid	aid	NOUN
arjefm-80	446	3	and	and	CCONJ
arjefm-80	446	4	fiscal	fiscal	ADJ
arjefm-80	446	5	response	response	NOUN
arjefm-80	446	6	:	:	PUNCT
arjefm-80	446	7	does	do	AUX
arjefm-80	446	8	aid	aid	VERB
arjefm-80	446	9	disaggregation	disaggregation	NOUN
arjefm-80	446	10	matter	matter	NOUN
arjefm-80	446	11	?	?	PUNCT
arjefm-80	447	1	weltwirtschaftliches	weltwirtschaftliche	VERB
arjefm-80	447	2	archive	archive	NOUN
arjefm-80	447	3	,	,	PUNCT
arjefm-80	447	4	138	138	NUM
arjefm-80	447	5	,	,	PUNCT
arjefm-80	447	6	534	534	NUM
arjefm-80	447	7	-	-	SYM
arjefm-80	447	8	559	559	NUM
arjefm-80	447	9	.	.	PUNCT
arjefm-80	448	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-80	448	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-80	449	1	american	american	PROPN
arjefm-80	449	2	research	research	PROPN
arjefm-80	449	3	journal	journal	PROPN
arjefm-80	449	4	of	of	ADP
arjefm-80	449	5	economics	economic	NOUN
arjefm-80	449	6	,	,	PUNCT
arjefm-80	449	7	finance	finance	NOUN
arjefm-80	449	8	and	and	CCONJ
arjefm-80	449	9	management	management	NOUN
arjefm-80	449	10	volume	volume	NOUN
arjefm-80	449	11	11	11	NUM
arjefm-80	449	12	issue	issue	NOUN
arjefm-80	449	13	2	2	NUM
arjefm-80	449	14	,	,	PUNCT
arjefm-80	449	15	april	april	PROPN
arjefm-80	449	16	-	-	PUNCT
arjefm-80	449	17	june	june	PROPN
arjefm-80	449	18	2023	2023	NUM
arjefm-80	449	19	issn	issn	PROPN
arjefm-80	449	20	:	:	PUNCT
arjefm-80	449	21	2836	2836	NUM
arjefm-80	449	22	-	-	SYM
arjefm-80	449	23	9416	9416	NUM
arjefm-80	449	24	impact	impact	NOUN
arjefm-80	449	25	factor	factor	NOUN
arjefm-80	449	26	:	:	PUNCT
arjefm-80	449	27	5.57	5.57	NUM
arjefm-80	449	28	journal	journal	NOUN
arjefm-80	449	29	homepage	homepage	NOUN
arjefm-80	449	30	:	:	PUNCT
arjefm-80	449	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	449	32	,	,	PUNCT
arjefm-80	449	33	email	email	NOUN
arjefm-80	449	34	:	:	PUNCT
arjefm-80	450	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-80	450	2	official	official	ADJ
arjefm-80	450	3	journal	journal	PROPN
arjefm-80	450	4	of	of	ADP
arjefm-80	450	5	america	america	PROPN
arjefm-80	450	6	serial	serial	PROPN
arjefm-80	450	7	publication	publication	NOUN
arjefm-80	450	8	american	american	PROPN
arjefm-80	450	9	research	research	PROPN
arjefm-80	450	10	journal	journal	PROPN
arjefm-80	450	11	of	of	ADP
arjefm-80	450	12	economics	economic	NOUN
arjefm-80	450	13	,	,	PUNCT
arjefm-80	450	14	finance	finance	NOUN
arjefm-80	450	15	and	and	CCONJ
arjefm-80	450	16	management	management	NOUN
arjefm-80	450	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-80	450	18	,	,	PUNCT
arjefm-80	450	19	email	email	NOUN
arjefm-80	450	20	:	:	PUNCT
arjefm-80	450	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-80	451	1	23	23	NUM
arjefm-80	452	1	|	|	ADV
arjefm-80	452	2	p	p	X
arjefm-80	452	3	a	a	DET
arjefm-80	452	4	g	g	NOUN
arjefm-80	452	5	e	e	NOUN
arjefm-80	452	6	mcgillivray	mcgillivray	NOUN
arjefm-80	452	7	,	,	PUNCT
arjefm-80	452	8	m	m	PROPN
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arjefm-80	452	15	)	)	PUNCT
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arjefm-80	453	12	?	?	PUNCT
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arjefm-80	454	9	)	)	PUNCT
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arjefm-80	454	12	-	-	SYM
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arjefm-80	454	14	.	.	PUNCT
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arjefm-80	454	23	j.	j.	PROPN
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arjefm-80	454	25	&	&	CCONJ
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arjefm-80	454	30	1987	1987	NUM
arjefm-80	454	31	)	)	PUNCT
arjefm-80	454	32	.	.	PUNCT
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arjefm-80	455	4	sector	sector	NOUN
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arjefm-80	455	6	the	the	DET
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arjefm-80	455	9	less	less	ADJ
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arjefm-80	455	12	.	.	PUNCT
arjefm-80	456	1	economic	economic	ADJ
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arjefm-80	456	3	,	,	PUNCT
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arjefm-80	456	5	(	(	PUNCT
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arjefm-80	456	7	)	)	PUNCT
arjefm-80	456	8	,	,	PUNCT
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arjefm-80	456	10	-	-	SYM
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arjefm-80	456	18	)	)	PUNCT
arjefm-80	456	19	.	.	PUNCT
arjefm-80	457	1	the	the	DET
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arjefm-80	457	7	public	public	ADJ
arjefm-80	457	8	expenditure	expenditure	NOUN
arjefm-80	457	9	:	:	PUNCT
arjefm-80	457	10	the	the	DET
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arjefm-80	457	14	.	.	PUNCT
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arjefm-80	458	4	,	,	PUNCT
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arjefm-80	458	6	.	.	PUNCT
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arjefm-80	459	5	,	,	PUNCT
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arjefm-80	459	7	.	.	PUNCT
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arjefm-80	460	4	,	,	PUNCT
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arjefm-80	460	6	,	,	PUNCT
arjefm-80	460	7	o.	o.	PROPN
arjefm-80	460	8	,	,	PUNCT
arjefm-80	460	9	&	&	CCONJ
arjefm-80	460	10	lloyd	lloyd	PROPN
arjefm-80	460	11	,	,	PUNCT
arjefm-80	460	12	t.	t.	PROPN
arjefm-80	460	13	(	(	PUNCT
arjefm-80	460	14	2003	2003	NUM
arjefm-80	460	15	)	)	PUNCT
arjefm-80	460	16	.	.	PUNCT
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arjefm-80	461	6	aid	aid	NOUN
arjefm-80	461	7	:	:	PUNCT
arjefm-80	461	8	an	an	DET
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arjefm-80	461	12	for	for	ADP
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arjefm-80	461	14	.	.	PUNCT
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arjefm-80	462	6	paper	paper	NOUN
arjefm-80	462	7	,	,	PUNCT
arjefm-80	462	8	3	3	NUM
arjefm-80	462	9	(	(	PUNCT
arjefm-80	462	10	10	10	NUM
arjefm-80	462	11	)	)	PUNCT
arjefm-80	462	12	.	.	PUNCT
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arjefm-80	463	5	(	(	PUNCT
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arjefm-80	463	7	)	)	PUNCT
arjefm-80	463	8	.	.	PUNCT
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arjefm-80	464	3	:	:	PUNCT
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arjefm-80	465	1	(	(	PUNCT
arjefm-80	465	2	2nded	2nded	NUM
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arjefm-80	465	4	)	)	PUNCT
arjefm-80	465	5	.	.	PUNCT
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arjefm-80	466	5	.	.	PUNCT
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arjefm-80	467	37	-2.734475	-2.734475	X
arjefm-80	468	1	2.252014	2.252014	NUM
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