id	sid	tid	token	lemma	pos
arjefm-93	1	1	american	american	PROPN
arjefm-93	1	2	research	research	PROPN
arjefm-93	1	3	journal	journal	PROPN
arjefm-93	1	4	of	of	ADP
arjefm-93	1	5	economics	economic	NOUN
arjefm-93	1	6	,	,	PUNCT
arjefm-93	1	7	finance	finance	NOUN
arjefm-93	1	8	and	and	CCONJ
arjefm-93	1	9	management	management	NOUN
arjefm-93	1	10	volume	volume	NOUN
arjefm-93	1	11	11	11	NUM
arjefm-93	1	12	issue	issue	NOUN
arjefm-93	1	13	4	4	NUM
arjefm-93	1	14	,	,	PUNCT
arjefm-93	1	15	october	october	PROPN
arjefm-93	1	16	-	-	PUNCT
arjefm-93	1	17	december	december	PROPN
arjefm-93	1	18	2023	2023	NUM
arjefm-93	1	19	issn	issn	NOUN
arjefm-93	1	20	:	:	PUNCT
arjefm-93	1	21	2836	2836	NUM
arjefm-93	1	22	-	-	SYM
arjefm-93	1	23	9416	9416	NUM
arjefm-93	1	24	impact	impact	NOUN
arjefm-93	1	25	factor	factor	NOUN
arjefm-93	1	26	:	:	PUNCT
arjefm-93	1	27	5.57	5.57	NUM
arjefm-93	1	28	journal	journal	NOUN
arjefm-93	1	29	homepage	homepage	NOUN
arjefm-93	1	30	:	:	PUNCT
arjefm-93	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	1	32	,	,	PUNCT
arjefm-93	1	33	email	email	NOUN
arjefm-93	1	34	:	:	PUNCT
arjefm-93	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	1	36	official	official	ADJ
arjefm-93	1	37	journal	journal	PROPN
arjefm-93	1	38	of	of	ADP
arjefm-93	1	39	america	america	PROPN
arjefm-93	1	40	serial	serial	PROPN
arjefm-93	1	41	publication	publication	NOUN
arjefm-93	1	42	american	american	PROPN
arjefm-93	1	43	research	research	PROPN
arjefm-93	1	44	journal	journal	PROPN
arjefm-93	1	45	of	of	ADP
arjefm-93	1	46	economics	economic	NOUN
arjefm-93	1	47	,	,	PUNCT
arjefm-93	1	48	finance	finance	NOUN
arjefm-93	1	49	and	and	CCONJ
arjefm-93	1	50	management	management	NOUN
arjefm-93	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	1	52	,	,	PUNCT
arjefm-93	1	53	email	email	NOUN
arjefm-93	1	54	:	:	PUNCT
arjefm-93	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	2	1	34	34	NUM
arjefm-93	3	1	|	|	ADV
arjefm-93	3	2	p	p	X
arjefm-93	3	3	a	a	DET
arjefm-93	3	4	g	g	PROPN
arjefm-93	3	5	e	e	PROPN
arjefm-93	3	6	basel	basel	PROPN
arjefm-93	3	7	iii	iii	PROPN
arjefm-93	3	8	regulations	regulation	NOUN
arjefm-93	3	9	and	and	CCONJ
arjefm-93	3	10	their	their	PRON
arjefm-93	3	11	influence	influence	NOUN
arjefm-93	3	12	on	on	ADP
arjefm-93	3	13	banking	banking	NOUN
arjefm-93	3	14	operations	operation	NOUN
arjefm-93	3	15	:	:	PUNCT
arjefm-93	3	16	a	a	DET
arjefm-93	3	17	study	study	NOUN
arjefm-93	3	18	of	of	ADP
arjefm-93	3	19	loan	loan	NOUN
arjefm-93	3	20	quantity	quantity	NOUN
arjefm-93	3	21	and	and	CCONJ
arjefm-93	3	22	interest	interest	NOUN
arjefm-93	3	23	rates	rate	NOUN
arjefm-93	3	24	dr	dr	PROPN
arjefm-93	3	25	.	.	PROPN
arjefm-93	3	26	dimitrios	dimitrio	VERB
arjefm-93	3	27	gavalas	gavala	NOUN
arjefm-93	3	28	and	and	CCONJ
arjefm-93	3	29	professor	professor	PROPN
arjefm-93	3	30	maria	maria	PROPN
arjefm-93	3	31	kritikou	kritikou	PROPN
arjefm-93	3	32	university	university	PROPN
arjefm-93	3	33	of	of	ADP
arjefm-93	3	34	aegean	aegean	PROPN
arjefm-93	3	35	,	,	PUNCT
arjefm-93	3	36	business	business	NOUN
arjefm-93	3	37	school	school	NOUN
arjefm-93	3	38	,	,	PUNCT
arjefm-93	3	39	dept	dept	NOUN
arjefm-93	3	40	.	.	PROPN
arjefm-93	3	41	of	of	ADP
arjefm-93	3	42	shipping	shipping	NOUN
arjefm-93	3	43	,	,	PUNCT
arjefm-93	3	44	trade	trade	NOUN
arjefm-93	3	45	&	&	CCONJ
arjefm-93	3	46	transport	transport	NOUN
arjefm-93	3	47	,	,	PUNCT
arjefm-93	3	48	chios	chios	PROPN
arjefm-93	3	49	,	,	PUNCT
arjefm-93	3	50	greece	greece	PROPN
arjefm-93	3	51	.	.	PUNCT
arjefm-93	4	1	abstract	abstract	PROPN
arjefm-93	4	2	:	:	PUNCT
arjefm-93	4	3	in	in	ADP
arjefm-93	4	4	the	the	DET
arjefm-93	4	5	aftermath	aftermath	NOUN
arjefm-93	4	6	of	of	ADP
arjefm-93	4	7	the	the	DET
arjefm-93	4	8	2008	2008	NUM
arjefm-93	4	9	financial	financial	ADJ
arjefm-93	4	10	crisis	crisis	NOUN
arjefm-93	4	11	,	,	PUNCT
arjefm-93	4	12	a	a	DET
arjefm-93	4	13	pressing	press	VERB
arjefm-93	4	14	need	need	NOUN
arjefm-93	4	15	for	for	ADP
arjefm-93	4	16	financial	financial	ADJ
arjefm-93	4	17	sector	sector	NOUN
arjefm-93	4	18	regulation	regulation	NOUN
arjefm-93	4	19	and	and	CCONJ
arjefm-93	4	20	supervision	supervision	NOUN
arjefm-93	4	21	reform	reform	NOUN
arjefm-93	4	22	became	become	VERB
arjefm-93	4	23	evident	evident	ADJ
arjefm-93	4	24	.	.	PUNCT
arjefm-93	5	1	this	this	DET
arjefm-93	5	2	reform	reform	NOUN
arjefm-93	5	3	effort	effort	NOUN
arjefm-93	5	4	was	be	AUX
arjefm-93	5	5	initiated	initiate	VERB
arjefm-93	5	6	by	by	ADP
arjefm-93	5	7	the	the	DET
arjefm-93	5	8	g20	g20	NOUN
arjefm-93	5	9	,	,	PUNCT
arjefm-93	5	10	with	with	ADP
arjefm-93	5	11	key	key	ADJ
arjefm-93	5	12	organizations	organization	NOUN
arjefm-93	5	13	like	like	ADP
arjefm-93	5	14	the	the	DET
arjefm-93	5	15	financial	financial	ADJ
arjefm-93	5	16	stability	stability	NOUN
arjefm-93	5	17	board	board	NOUN
arjefm-93	5	18	and	and	CCONJ
arjefm-93	5	19	the	the	DET
arjefm-93	5	20	basel	basel	PROPN
arjefm-93	5	21	committee	committee	PROPN
arjefm-93	5	22	on	on	ADP
arjefm-93	5	23	banking	banking	NOUN
arjefm-93	5	24	supervision	supervision	NOUN
arjefm-93	5	25	(	(	PUNCT
arjefm-93	5	26	bcbs	bcbs	PROPN
arjefm-93	5	27	)	)	PUNCT
arjefm-93	5	28	taking	take	VERB
arjefm-93	5	29	the	the	DET
arjefm-93	5	30	lead	lead	NOUN
arjefm-93	5	31	.	.	PUNCT
arjefm-93	6	1	their	their	PRON
arjefm-93	6	2	goal	goal	NOUN
arjefm-93	6	3	was	be	AUX
arjefm-93	6	4	to	to	PART
arjefm-93	6	5	enact	enact	VERB
arjefm-93	6	6	a	a	DET
arjefm-93	6	7	comprehensive	comprehensive	ADJ
arjefm-93	6	8	agenda	agenda	NOUN
arjefm-93	6	9	of	of	ADP
arjefm-93	6	10	regulatory	regulatory	ADJ
arjefm-93	6	11	changes	change	NOUN
arjefm-93	6	12	to	to	PART
arjefm-93	6	13	enhance	enhance	VERB
arjefm-93	6	14	the	the	DET
arjefm-93	6	15	resilience	resilience	NOUN
arjefm-93	6	16	of	of	ADP
arjefm-93	6	17	the	the	DET
arjefm-93	6	18	banking	banking	NOUN
arjefm-93	6	19	sector	sector	NOUN
arjefm-93	6	20	,	,	PUNCT
arjefm-93	6	21	enabling	enable	VERB
arjefm-93	6	22	it	it	PRON
arjefm-93	6	23	to	to	AUX
arjefm-93	6	24	better	well	ADV
arjefm-93	6	25	withstand	withstand	VERB
arjefm-93	6	26	financial	financial	ADJ
arjefm-93	6	27	and	and	CCONJ
arjefm-93	6	28	economic	economic	ADJ
arjefm-93	6	29	stressors	stressor	NOUN
arjefm-93	6	30	while	while	SCONJ
arjefm-93	6	31	minimizing	minimize	VERB
arjefm-93	6	32	adverse	adverse	ADJ
arjefm-93	6	33	effects	effect	NOUN
arjefm-93	6	34	on	on	ADP
arjefm-93	6	35	the	the	DET
arjefm-93	6	36	real	real	ADJ
arjefm-93	6	37	economy	economy	NOUN
arjefm-93	6	38	.	.	PUNCT
arjefm-93	7	1	these	these	DET
arjefm-93	7	2	reform	reform	NOUN
arjefm-93	7	3	measures	measure	NOUN
arjefm-93	7	4	,	,	PUNCT
arjefm-93	7	5	introduced	introduce	VERB
arjefm-93	7	6	over	over	ADP
arjefm-93	7	7	a	a	DET
arjefm-93	7	8	two	two	NUM
arjefm-93	7	9	-	-	PUNCT
arjefm-93	7	10	year	year	NOUN
arjefm-93	7	11	period	period	NOUN
arjefm-93	7	12	starting	start	VERB
arjefm-93	7	13	in	in	ADP
arjefm-93	7	14	2009	2009	NUM
arjefm-93	7	15	,	,	PUNCT
arjefm-93	7	16	comprised	comprise	VERB
arjefm-93	7	17	several	several	ADJ
arjefm-93	7	18	critical	critical	ADJ
arjefm-93	7	19	components	component	NOUN
arjefm-93	7	20	.	.	PUNCT
arjefm-93	8	1	the	the	DET
arjefm-93	8	2	initial	initial	ADJ
arjefm-93	8	3	installment	installment	NOUN
arjefm-93	8	4	,	,	PUNCT
arjefm-93	8	5	known	know	VERB
arjefm-93	8	6	as	as	ADP
arjefm-93	8	7	basel	basel	PROPN
arjefm-93	8	8	ii	ii	PROPN
arjefm-93	8	9	,	,	PUNCT
arjefm-93	8	10	included	include	VERB
arjefm-93	8	11	strengthening	strengthen	VERB
arjefm-93	8	12	trading	trading	NOUN
arjefm-93	8	13	book	book	NOUN
arjefm-93	8	14	capital	capital	NOUN
arjefm-93	8	15	requirements	requirement	NOUN
arjefm-93	8	16	,	,	PUNCT
arjefm-93	8	17	imposing	impose	VERB
arjefm-93	8	18	higher	high	ADJ
arjefm-93	8	19	capital	capital	NOUN
arjefm-93	8	20	requirements	requirement	NOUN
arjefm-93	8	21	for	for	ADP
arjefm-93	8	22	re	re	NOUN
arjefm-93	8	23	-	-	NOUN
arjefm-93	8	24	securitization	securitization	ADJ
arjefm-93	8	25	products	product	NOUN
arjefm-93	8	26	held	hold	VERB
arjefm-93	8	27	in	in	ADP
arjefm-93	8	28	both	both	CCONJ
arjefm-93	8	29	the	the	DET
arjefm-93	8	30	banking	banking	NOUN
arjefm-93	8	31	and	and	CCONJ
arjefm-93	8	32	trading	trading	NOUN
arjefm-93	8	33	books	book	NOUN
arjefm-93	8	34	,	,	PUNCT
arjefm-93	8	35	and	and	CCONJ
arjefm-93	8	36	providing	provide	VERB
arjefm-93	8	37	enhanced	enhanced	ADJ
arjefm-93	8	38	guidance	guidance	NOUN
arjefm-93	8	39	on	on	ADP
arjefm-93	8	40	pillar	pillar	PROPN
arjefm-93	8	41	ii	ii	PROPN
arjefm-93	8	42	,	,	PUNCT
arjefm-93	8	43	which	which	PRON
arjefm-93	8	44	focuses	focus	VERB
arjefm-93	8	45	on	on	ADP
arjefm-93	8	46	the	the	DET
arjefm-93	8	47	supervisory	supervisory	ADJ
arjefm-93	8	48	review	review	NOUN
arjefm-93	8	49	process	process	NOUN
arjefm-93	8	50	.	.	PUNCT
arjefm-93	9	1	subsequently	subsequently	ADV
arjefm-93	9	2	,	,	PUNCT
arjefm-93	9	3	in	in	ADP
arjefm-93	9	4	late	late	ADJ
arjefm-93	9	5	2010	2010	NUM
arjefm-93	9	6	,	,	PUNCT
arjefm-93	9	7	the	the	DET
arjefm-93	9	8	bcbs	bcb	NOUN
arjefm-93	9	9	released	release	VERB
arjefm-93	9	10	basel	basel	PROPN
arjefm-93	9	11	iii	iii	PROPN
arjefm-93	9	12	,	,	PUNCT
arjefm-93	9	13	outlining	outline	VERB
arjefm-93	9	14	further	further	ADJ
arjefm-93	9	15	reforms	reform	NOUN
arjefm-93	9	16	.	.	PUNCT
arjefm-93	10	1	these	these	DET
arjefm-93	10	2	measures	measure	NOUN
arjefm-93	10	3	aimed	aim	VERB
arjefm-93	10	4	at	at	ADP
arjefm-93	10	5	refining	refine	VERB
arjefm-93	10	6	regulatory	regulatory	ADJ
arjefm-93	10	7	capital	capital	NOUN
arjefm-93	10	8	definitions	definition	NOUN
arjefm-93	10	9	,	,	PUNCT
arjefm-93	10	10	introducing	introduce	VERB
arjefm-93	10	11	a	a	DET
arjefm-93	10	12	leverage	leverage	NOUN
arjefm-93	10	13	ratio	ratio	NOUN
arjefm-93	10	14	as	as	ADP
arjefm-93	10	15	a	a	DET
arjefm-93	10	16	risk	risk	NOUN
arjefm-93	10	17	-	-	PUNCT
arjefm-93	10	18	based	base	VERB
arjefm-93	10	19	capital	capital	NOUN
arjefm-93	10	20	requirement	requirement	NOUN
arjefm-93	10	21	safeguard	safeguard	NOUN
arjefm-93	10	22	,	,	PUNCT
arjefm-93	10	23	establishing	establish	VERB
arjefm-93	10	24	capital	capital	NOUN
arjefm-93	10	25	buffers	buffer	NOUN
arjefm-93	10	26	,	,	PUNCT
arjefm-93	10	27	enhancing	enhance	VERB
arjefm-93	10	28	risk	risk	NOUN
arjefm-93	10	29	coverage	coverage	NOUN
arjefm-93	10	30	by	by	ADP
arjefm-93	10	31	improving	improve	VERB
arjefm-93	10	32	the	the	DET
arjefm-93	10	33	methodology	methodology	NOUN
arjefm-93	10	34	for	for	ADP
arjefm-93	10	35	measuring	measure	VERB
arjefm-93	10	36	counterparty	counterparty	NOUN
arjefm-93	10	37	credit	credit	NOUN
arjefm-93	10	38	risk	risk	NOUN
arjefm-93	10	39	,	,	PUNCT
arjefm-93	10	40	and	and	CCONJ
arjefm-93	10	41	implementing	implement	VERB
arjefm-93	10	42	rigorous	rigorous	ADJ
arjefm-93	10	43	liquidity	liquidity	NOUN
arjefm-93	10	44	measurement	measurement	NOUN
arjefm-93	10	45	standards	standard	NOUN
arjefm-93	10	46	.	.	PUNCT
arjefm-93	11	1	these	these	DET
arjefm-93	11	2	regulatory	regulatory	ADJ
arjefm-93	11	3	reforms	reform	NOUN
arjefm-93	11	4	mark	mark	VERB
arjefm-93	11	5	significant	significant	ADJ
arjefm-93	11	6	progress	progress	NOUN
arjefm-93	11	7	in	in	ADP
arjefm-93	11	8	bolstering	bolster	VERB
arjefm-93	11	9	the	the	DET
arjefm-93	11	10	financial	financial	ADJ
arjefm-93	11	11	sector	sector	NOUN
arjefm-93	11	12	's	's	PART
arjefm-93	11	13	resilience	resilience	NOUN
arjefm-93	11	14	and	and	CCONJ
arjefm-93	11	15	risk	risk	NOUN
arjefm-93	11	16	management	management	NOUN
arjefm-93	11	17	capabilities	capability	NOUN
arjefm-93	11	18	.	.	PUNCT
arjefm-93	12	1	this	this	DET
arjefm-93	12	2	study	study	NOUN
arjefm-93	12	3	delves	delve	VERB
arjefm-93	12	4	into	into	ADP
arjefm-93	12	5	their	their	PRON
arjefm-93	12	6	implications	implication	NOUN
arjefm-93	12	7	,	,	PUNCT
arjefm-93	12	8	effectiveness	effectiveness	NOUN
arjefm-93	12	9	,	,	PUNCT
arjefm-93	12	10	and	and	CCONJ
arjefm-93	12	11	broader	broad	ADJ
arjefm-93	12	12	impacts	impact	NOUN
arjefm-93	12	13	on	on	ADP
arjefm-93	12	14	the	the	DET
arjefm-93	12	15	global	global	ADJ
arjefm-93	12	16	financial	financial	ADJ
arjefm-93	12	17	landscape	landscape	NOUN
arjefm-93	12	18	.	.	PUNCT
arjefm-93	13	1	keywords	keyword	NOUN
arjefm-93	13	2	:	:	PUNCT
arjefm-93	13	3	financial	financial	ADJ
arjefm-93	13	4	regulation	regulation	NOUN
arjefm-93	13	5	,	,	PUNCT
arjefm-93	13	6	basel	basel	PROPN
arjefm-93	13	7	iii	iii	PROPN
arjefm-93	13	8	,	,	PUNCT
arjefm-93	13	9	banking	banking	NOUN
arjefm-93	13	10	sector	sector	NOUN
arjefm-93	13	11	,	,	PUNCT
arjefm-93	13	12	risk	risk	NOUN
arjefm-93	13	13	management	management	NOUN
arjefm-93	13	14	,	,	PUNCT
arjefm-93	13	15	financial	financial	ADJ
arjefm-93	13	16	stability	stability	NOUN
arjefm-93	13	17	.	.	PUNCT
arjefm-93	14	1	1	1	X
arjefm-93	14	2	.	.	X
arjefm-93	14	3	introduction	introduction	NOUN
arjefm-93	14	4	towards	towards	ADP
arjefm-93	14	5	the	the	DET
arjefm-93	14	6	end	end	NOUN
arjefm-93	14	7	of	of	ADP
arjefm-93	14	8	2008	2008	NUM
arjefm-93	14	9	,	,	PUNCT
arjefm-93	14	10	it	it	PRON
arjefm-93	14	11	became	become	VERB
arjefm-93	14	12	clear	clear	ADJ
arjefm-93	14	13	that	that	SCONJ
arjefm-93	14	14	weaknesses	weakness	NOUN
arjefm-93	14	15	in	in	ADP
arjefm-93	14	16	financial	financial	ADJ
arjefm-93	14	17	sector	sector	NOUN
arjefm-93	14	18	regulation	regulation	NOUN
arjefm-93	14	19	and	and	CCONJ
arjefm-93	14	20	supervision	supervision	NOUN
arjefm-93	14	21	had	have	AUX
arjefm-93	14	22	significantly	significantly	ADV
arjefm-93	14	23	contributed	contribute	VERB
arjefm-93	14	24	to	to	ADP
arjefm-93	14	25	the	the	DET
arjefm-93	14	26	crisis	crisis	NOUN
arjefm-93	14	27	.	.	PUNCT
arjefm-93	15	1	the	the	DET
arjefm-93	15	2	efforts	effort	NOUN
arjefm-93	15	3	to	to	PART
arjefm-93	15	4	reform	reform	VERB
arjefm-93	15	5	the	the	DET
arjefm-93	15	6	financial	financial	ADJ
arjefm-93	15	7	sector	sector	NOUN
arjefm-93	15	8	regulation	regulation	NOUN
arjefm-93	15	9	began	begin	VERB
arjefm-93	15	10	under	under	ADP
arjefm-93	15	11	the	the	DET
arjefm-93	15	12	aegis	aegis	NOUN
arjefm-93	15	13	of	of	ADP
arjefm-93	15	14	g20	g20	NOUN
arjefm-93	15	15	,	,	PUNCT
arjefm-93	15	16	and	and	CCONJ
arjefm-93	15	17	both	both	CCONJ
arjefm-93	15	18	the	the	DET
arjefm-93	15	19	financial	financial	ADJ
arjefm-93	15	20	stability	stability	NOUN
arjefm-93	15	21	board	board	NOUN
arjefm-93	15	22	and	and	CCONJ
arjefm-93	15	23	the	the	DET
arjefm-93	15	24	basel	basel	PROPN
arjefm-93	15	25	committee	committee	PROPN
arjefm-93	15	26	on	on	ADP
arjefm-93	15	27	banking	banking	NOUN
arjefm-93	15	28	supervision	supervision	NOUN
arjefm-93	15	29	(	(	PUNCT
arjefm-93	15	30	bcbs	bcbs	PROPN
arjefm-93	15	31	)	)	PUNCT
arjefm-93	15	32	embarked	embark	VERB
arjefm-93	15	33	on	on	ADP
arjefm-93	15	34	an	an	DET
arjefm-93	15	35	ambitious	ambitious	ADJ
arjefm-93	15	36	agenda	agenda	NOUN
arjefm-93	15	37	for	for	ADP
arjefm-93	15	38	regulatory	regulatory	ADJ
arjefm-93	15	39	reforms	reform	NOUN
arjefm-93	15	40	(	(	PUNCT
arjefm-93	15	41	fsi	fsi	PROPN
arjefm-93	15	42	,	,	PUNCT
arjefm-93	15	43	2010	2010	NUM
arjefm-93	15	44	)	)	PUNCT
arjefm-93	15	45	.	.	PUNCT
arjefm-93	16	1	during	during	ADP
arjefm-93	16	2	the	the	DET
arjefm-93	16	3	next	next	ADJ
arjefm-93	16	4	two	two	NUM
arjefm-93	16	5	years	year	NOUN
arjefm-93	16	6	a	a	DET
arjefm-93	16	7	number	number	NOUN
arjefm-93	16	8	of	of	ADP
arjefm-93	16	9	initiatives	initiative	NOUN
arjefm-93	16	10	were	be	AUX
arjefm-93	16	11	taken	take	VERB
arjefm-93	16	12	by	by	ADP
arjefm-93	16	13	the	the	DET
arjefm-93	16	14	bcbs	bcbs	PROPN
arjefm-93	16	15	with	with	ADP
arjefm-93	16	16	the	the	DET
arjefm-93	16	17	objective	objective	NOUN
arjefm-93	16	18	of	of	ADP
arjefm-93	16	19	improving	improve	VERB
arjefm-93	16	20	the	the	DET
arjefm-93	16	21	banking	banking	NOUN
arjefm-93	16	22	sector	sector	NOUN
arjefm-93	16	23	’s	’s	PART
arjefm-93	16	24	ability	ability	NOUN
arjefm-93	16	25	to	to	PART
arjefm-93	16	26	absorb	absorb	VERB
arjefm-93	16	27	shocks	shock	NOUN
arjefm-93	16	28	arising	arise	VERB
arjefm-93	16	29	from	from	ADP
arjefm-93	16	30	financial	financial	ADJ
arjefm-93	16	31	and	and	CCONJ
arjefm-93	16	32	economic	economic	ADJ
arjefm-93	16	33	stress	stress	NOUN
arjefm-93	16	34	and	and	CCONJ
arjefm-93	16	35	to	to	PART
arjefm-93	16	36	reduce	reduce	VERB
arjefm-93	16	37	the	the	DET
arjefm-93	16	38	risk	risk	NOUN
arjefm-93	16	39	of	of	ADP
arjefm-93	16	40	spill	spill	NOUN
arjefm-93	16	41	-	-	PUNCT
arjefm-93	16	42	over	over	NOUN
arjefm-93	16	43	from	from	ADP
arjefm-93	16	44	the	the	DET
arjefm-93	16	45	financial	financial	ADJ
arjefm-93	16	46	sector	sector	NOUN
arjefm-93	16	47	to	to	ADP
arjefm-93	16	48	the	the	DET
arjefm-93	16	49	real	real	ADJ
arjefm-93	16	50	economy	economy	NOUN
arjefm-93	16	51	.	.	PUNCT
arjefm-93	17	1	the	the	DET
arjefm-93	17	2	first	first	ADJ
arjefm-93	17	3	installment	installment	NOUN
arjefm-93	17	4	of	of	ADP
arjefm-93	17	5	these	these	DET
arjefm-93	17	6	measures	measure	NOUN
arjefm-93	17	7	announced	announce	VERB
arjefm-93	17	8	in	in	ADP
arjefm-93	17	9	july	july	PROPN
arjefm-93	17	10	2009	2009	NUM
arjefm-93	17	11	(	(	PUNCT
arjefm-93	17	12	basel	basel	PROPN
arjefm-93	17	13	ii	ii	PROPN
arjefm-93	17	14	)	)	PUNCT
arjefm-93	17	15	included	include	VERB
arjefm-93	17	16	strengthening	strengthening	NOUN
arjefm-93	17	17	of	of	ADP
arjefm-93	17	18	the	the	DET
arjefm-93	17	19	trading	trading	NOUN
arjefm-93	17	20	book	book	NOUN
arjefm-93	17	21	capital	capital	NOUN
arjefm-93	17	22	requirements	requirement	NOUN
arjefm-93	17	23	,	,	PUNCT
arjefm-93	17	24	higher	high	ADJ
arjefm-93	17	25	capital	capital	NOUN
arjefm-93	17	26	requirements	requirement	NOUN
arjefm-93	17	27	for	for	ADP
arjefm-93	17	28	re	re	NOUN
arjefm-93	17	29	-	-	NOUN
arjefm-93	17	30	securitization	securitization	ADJ
arjefm-93	17	31	products	product	NOUN
arjefm-93	17	32	held	hold	VERB
arjefm-93	17	33	in	in	ADP
arjefm-93	17	34	both	both	CCONJ
arjefm-93	17	35	the	the	DET
arjefm-93	17	36	banking	banking	NOUN
arjefm-93	17	37	book	book	NOUN
arjefm-93	17	38	and	and	CCONJ
arjefm-93	17	39	trading	trading	NOUN
arjefm-93	17	40	book	book	NOUN
arjefm-93	17	41	and	and	CCONJ
arjefm-93	17	42	strengthening	strengthening	NOUN
arjefm-93	17	43	of	of	ADP
arjefm-93	17	44	guidance	guidance	NOUN
arjefm-93	17	45	on	on	ADP
arjefm-93	17	46	pillar	pillar	PROPN
arjefm-93	17	47	ii	ii	PROPN
arjefm-93	17	48	(	(	PUNCT
arjefm-93	17	49	supervisory	supervisory	ADJ
arjefm-93	17	50	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	17	51	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	17	52	american	american	PROPN
arjefm-93	17	53	research	research	PROPN
arjefm-93	17	54	journal	journal	PROPN
arjefm-93	17	55	of	of	ADP
arjefm-93	17	56	economics	economic	NOUN
arjefm-93	17	57	,	,	PUNCT
arjefm-93	17	58	finance	finance	NOUN
arjefm-93	17	59	and	and	CCONJ
arjefm-93	17	60	management	management	NOUN
arjefm-93	17	61	volume	volume	NOUN
arjefm-93	17	62	11	11	NUM
arjefm-93	17	63	issue	issue	NOUN
arjefm-93	17	64	4	4	NUM
arjefm-93	17	65	,	,	PUNCT
arjefm-93	17	66	october	october	PROPN
arjefm-93	17	67	-	-	PUNCT
arjefm-93	17	68	december	december	PROPN
arjefm-93	17	69	2023	2023	NUM
arjefm-93	17	70	issn	issn	NOUN
arjefm-93	17	71	:	:	PUNCT
arjefm-93	17	72	2836	2836	NUM
arjefm-93	17	73	-	-	SYM
arjefm-93	17	74	9416	9416	NUM
arjefm-93	17	75	impact	impact	NOUN
arjefm-93	17	76	factor	factor	NOUN
arjefm-93	17	77	:	:	PUNCT
arjefm-93	17	78	5.57	5.57	NUM
arjefm-93	17	79	journal	journal	NOUN
arjefm-93	17	80	homepage	homepage	NOUN
arjefm-93	17	81	:	:	PUNCT
arjefm-93	17	82	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	17	83	,	,	PUNCT
arjefm-93	17	84	email	email	NOUN
arjefm-93	17	85	:	:	PUNCT
arjefm-93	17	86	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	17	87	official	official	ADJ
arjefm-93	17	88	journal	journal	PROPN
arjefm-93	17	89	of	of	ADP
arjefm-93	17	90	america	america	PROPN
arjefm-93	17	91	serial	serial	PROPN
arjefm-93	17	92	publication	publication	NOUN
arjefm-93	17	93	american	american	PROPN
arjefm-93	17	94	research	research	PROPN
arjefm-93	17	95	journal	journal	PROPN
arjefm-93	17	96	of	of	ADP
arjefm-93	17	97	economics	economic	NOUN
arjefm-93	17	98	,	,	PUNCT
arjefm-93	17	99	finance	finance	NOUN
arjefm-93	17	100	and	and	CCONJ
arjefm-93	17	101	management	management	NOUN
arjefm-93	17	102	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	17	103	,	,	PUNCT
arjefm-93	17	104	email	email	NOUN
arjefm-93	17	105	:	:	PUNCT
arjefm-93	17	106	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	17	107	35	35	NUM
arjefm-93	18	1	|	|	ADV
arjefm-93	18	2	p	p	NOUN
arjefm-93	18	3	a	a	DET
arjefm-93	18	4	g	g	NOUN
arjefm-93	18	5	e	e	NOUN
arjefm-93	18	6	review	review	NOUN
arjefm-93	18	7	process	process	NOUN
arjefm-93	18	8	)	)	PUNCT
arjefm-93	18	9	.	.	PUNCT
arjefm-93	19	1	in	in	ADP
arjefm-93	19	2	late	late	ADJ
arjefm-93	19	3	2010	2010	NUM
arjefm-93	19	4	the	the	DET
arjefm-93	19	5	bcbs	bcbs	PROPN
arjefm-93	19	6	issued	issue	VERB
arjefm-93	19	7	the	the	DET
arjefm-93	19	8	basel	basel	PROPN
arjefm-93	19	9	iii	iii	PROPN
arjefm-93	19	10	document	document	NOUN
arjefm-93	19	11	enumerating	enumerate	VERB
arjefm-93	19	12	measures	measure	NOUN
arjefm-93	19	13	focused	focus	VERB
arjefm-93	19	14	on	on	ADP
arjefm-93	19	15	improvements	improvement	NOUN
arjefm-93	19	16	in	in	ADP
arjefm-93	19	17	the	the	DET
arjefm-93	19	18	definition	definition	NOUN
arjefm-93	19	19	of	of	ADP
arjefm-93	19	20	regulatory	regulatory	ADJ
arjefm-93	19	21	capital	capital	NOUN
arjefm-93	19	22	,	,	PUNCT
arjefm-93	19	23	introduction	introduction	NOUN
arjefm-93	19	24	of	of	ADP
arjefm-93	19	25	a	a	DET
arjefm-93	19	26	leverage	leverage	NOUN
arjefm-93	19	27	ratio	ratio	NOUN
arjefm-93	19	28	as	as	ADP
arjefm-93	19	29	a	a	DET
arjefm-93	19	30	backstop	backstop	NOUN
arjefm-93	19	31	for	for	ADP
arjefm-93	19	32	risk	risk	NOUN
arjefm-93	19	33	-	-	PUNCT
arjefm-93	19	34	based	base	VERB
arjefm-93	19	35	capital	capital	NOUN
arjefm-93	19	36	requirement	requirement	NOUN
arjefm-93	19	37	,	,	PUNCT
arjefm-93	19	38	capital	capital	NOUN
arjefm-93	19	39	buffers	buffer	NOUN
arjefm-93	19	40	,	,	PUNCT
arjefm-93	19	41	enhancement	enhancement	NOUN
arjefm-93	19	42	of	of	ADP
arjefm-93	19	43	risk	risk	NOUN
arjefm-93	19	44	coverage	coverage	NOUN
arjefm-93	19	45	through	through	ADP
arjefm-93	19	46	improvements	improvement	NOUN
arjefm-93	19	47	in	in	ADP
arjefm-93	19	48	the	the	DET
arjefm-93	19	49	methodology	methodology	NOUN
arjefm-93	19	50	to	to	PART
arjefm-93	19	51	measure	measure	VERB
arjefm-93	19	52	counterparty	counterparty	NOUN
arjefm-93	19	53	credit	credit	NOUN
arjefm-93	19	54	risk	risk	NOUN
arjefm-93	19	55	and	and	CCONJ
arjefm-93	19	56	liquidity	liquidity	NOUN
arjefm-93	19	57	measurement	measurement	NOUN
arjefm-93	19	58	standards	standard	NOUN
arjefm-93	19	59	(	(	PUNCT
arjefm-93	19	60	hakura&cosimano	hakura&cosimano	ADP
arjefm-93	19	61	,	,	PUNCT
arjefm-93	19	62	2011	2011	NUM
arjefm-93	19	63	)	)	PUNCT
arjefm-93	19	64	.	.	PUNCT
arjefm-93	20	1	the	the	DET
arjefm-93	20	2	reforms	reform	NOUN
arjefm-93	20	3	focus	focus	VERB
arjefm-93	20	4	firstly	firstly	ADV
arjefm-93	20	5	on	on	ADP
arjefm-93	20	6	the	the	DET
arjefm-93	20	7	micro	micro	NOUN
arjefm-93	20	8	-	-	NOUN
arjefm-93	20	9	prudential	prudential	ADJ
arjefm-93	20	10	(	(	PUNCT
arjefm-93	20	11	bank	bank	NOUN
arjefm-93	20	12	-	-	PUNCT
arjefm-93	20	13	level	level	NOUN
arjefm-93	20	14	)	)	PUNCT
arjefm-93	20	15	regulations	regulation	NOUN
arjefm-93	20	16	which	which	PRON
arjefm-93	20	17	will	will	AUX
arjefm-93	20	18	help	help	VERB
arjefm-93	20	19	raise	raise	VERB
arjefm-93	20	20	the	the	DET
arjefm-93	20	21	resilience	resilience	NOUN
arjefm-93	20	22	of	of	ADP
arjefm-93	20	23	individual	individual	ADJ
arjefm-93	20	24	banking	banking	NOUN
arjefm-93	20	25	institutions	institution	NOUN
arjefm-93	20	26	during	during	ADP
arjefm-93	20	27	periods	period	NOUN
arjefm-93	20	28	of	of	ADP
arjefm-93	20	29	stress	stress	NOUN
arjefm-93	20	30	;	;	PUNCT
arjefm-93	20	31	secondly	secondly	ADV
arjefm-93	20	32	,	,	PUNCT
arjefm-93	20	33	on	on	ADP
arjefm-93	20	34	macro	macro	ADJ
arjefm-93	20	35	-	-	ADJ
arjefm-93	20	36	prudential	prudential	ADJ
arjefm-93	20	37	regulations	regulation	NOUN
arjefm-93	20	38	involving	involve	VERB
arjefm-93	20	39	system	system	NOUN
arjefm-93	20	40	-	-	PUNCT
arjefm-93	20	41	wide	wide	ADJ
arjefm-93	20	42	risks	risk	NOUN
arjefm-93	20	43	that	that	PRON
arjefm-93	20	44	can	can	AUX
arjefm-93	20	45	build	build	VERB
arjefm-93	20	46	up	up	ADP
arjefm-93	20	47	across	across	ADP
arjefm-93	20	48	the	the	DET
arjefm-93	20	49	banking	banking	NOUN
arjefm-93	20	50	sector	sector	NOUN
arjefm-93	20	51	as	as	ADV
arjefm-93	20	52	well	well	ADV
arjefm-93	20	53	as	as	ADP
arjefm-93	20	54	the	the	DET
arjefm-93	20	55	procyclical	procyclical	ADJ
arjefm-93	20	56	amplification	amplification	NOUN
arjefm-93	20	57	of	of	ADP
arjefm-93	20	58	these	these	DET
arjefm-93	20	59	risks	risk	NOUN
arjefm-93	20	60	over	over	ADP
arjefm-93	20	61	time	time	NOUN
arjefm-93	20	62	(	(	PUNCT
arjefm-93	20	63	bis	bis	ADJ
arjefm-93	20	64	,	,	PUNCT
arjefm-93	20	65	2010b	2010b	NUM
arjefm-93	20	66	)	)	PUNCT
arjefm-93	20	67	.	.	PUNCT
arjefm-93	21	1	the	the	DET
arjefm-93	21	2	new	new	ADJ
arjefm-93	21	3	regulations	regulation	NOUN
arjefm-93	21	4	tighten	tighten	VERB
arjefm-93	21	5	the	the	DET
arjefm-93	21	6	definition	definition	NOUN
arjefm-93	21	7	of	of	ADP
arjefm-93	21	8	bank	bank	NOUN
arjefm-93	21	9	capital	capital	NOUN
arjefm-93	21	10	and	and	CCONJ
arjefm-93	21	11	require	require	VERB
arjefm-93	21	12	that	that	SCONJ
arjefm-93	21	13	banks	bank	NOUN
arjefm-93	21	14	hold	hold	VERB
arjefm-93	21	15	a	a	DET
arjefm-93	21	16	larger	large	ADJ
arjefm-93	21	17	amount	amount	NOUN
arjefm-93	21	18	of	of	ADP
arjefm-93	21	19	capital	capital	NOUN
arjefm-93	21	20	for	for	ADP
arjefm-93	21	21	a	a	DET
arjefm-93	21	22	given	give	VERB
arjefm-93	21	23	amount	amount	NOUN
arjefm-93	21	24	of	of	ADP
arjefm-93	21	25	assets	asset	NOUN
arjefm-93	21	26	and	and	CCONJ
arjefm-93	21	27	expand	expand	VERB
arjefm-93	21	28	the	the	DET
arjefm-93	21	29	coverage	coverage	NOUN
arjefm-93	21	30	of	of	ADP
arjefm-93	21	31	bank	bank	NOUN
arjefm-93	21	32	assets	asset	NOUN
arjefm-93	21	33	.	.	PUNCT
arjefm-93	22	1	the	the	DET
arjefm-93	22	2	purpose	purpose	NOUN
arjefm-93	22	3	of	of	ADP
arjefm-93	22	4	this	this	DET
arjefm-93	22	5	paper	paper	NOUN
arjefm-93	22	6	is	be	AUX
arjefm-93	22	7	to	to	PART
arjefm-93	22	8	estimate	estimate	VERB
arjefm-93	22	9	whether	whether	SCONJ
arjefm-93	22	10	and	and	CCONJ
arjefm-93	22	11	to	to	ADP
arjefm-93	22	12	what	what	DET
arjefm-93	22	13	extent	extent	NOUN
arjefm-93	22	14	these	these	DET
arjefm-93	22	15	higher	high	ADJ
arjefm-93	22	16	capital	capital	NOUN
arjefm-93	22	17	requirements	requirement	NOUN
arjefm-93	22	18	will	will	AUX
arjefm-93	22	19	lead	lead	VERB
arjefm-93	22	20	to	to	ADP
arjefm-93	22	21	higher	high	ADJ
arjefm-93	22	22	loan	loan	NOUN
arjefm-93	22	23	rates	rate	NOUN
arjefm-93	22	24	and	and	CCONJ
arjefm-93	22	25	slower	slow	ADJ
arjefm-93	22	26	credit	credit	NOUN
arjefm-93	22	27	growth	growth	NOUN
arjefm-93	22	28	.	.	PUNCT
arjefm-93	23	1	this	this	DET
arjefm-93	23	2	paper	paper	NOUN
arjefm-93	23	3	aims	aim	VERB
arjefm-93	23	4	to	to	PART
arjefm-93	23	5	broaden	broaden	VERB
arjefm-93	23	6	and	and	CCONJ
arjefm-93	23	7	deepen	deepen	VERB
arjefm-93	23	8	the	the	DET
arjefm-93	23	9	understanding	understanding	NOUN
arjefm-93	23	10	of	of	ADP
arjefm-93	23	11	the	the	DET
arjefm-93	23	12	likely	likely	ADJ
arjefm-93	23	13	impact	impact	NOUN
arjefm-93	23	14	of	of	ADP
arjefm-93	23	15	the	the	DET
arjefm-93	23	16	new	new	ADJ
arjefm-93	23	17	capital	capital	NOUN
arjefm-93	23	18	requirements	requirement	NOUN
arjefm-93	23	19	on	on	ADP
arjefm-93	23	20	bank	bank	NOUN
arjefm-93	23	21	lending	lending	NOUN
arjefm-93	23	22	and	and	CCONJ
arjefm-93	23	23	volume	volume	NOUN
arjefm-93	23	24	of	of	ADP
arjefm-93	23	25	lending	lending	NOUN
arjefm-93	23	26	,	,	PUNCT
arjefm-93	23	27	introduced	introduce	VERB
arjefm-93	23	28	under	under	ADP
arjefm-93	23	29	the	the	DET
arjefm-93	23	30	basel	basel	PROPN
arjefm-93	23	31	iii	iii	PROPN
arjefm-93	23	32	framework	framework	NOUN
arjefm-93	23	33	rates	rate	NOUN
arjefm-93	23	34	.	.	PUNCT
arjefm-93	24	1	complementing	complement	VERB
arjefm-93	24	2	the	the	DET
arjefm-93	24	3	studies	study	NOUN
arjefm-93	24	4	mentioned	mention	VERB
arjefm-93	24	5	above	above	ADV
arjefm-93	24	6	,	,	PUNCT
arjefm-93	24	7	the	the	DET
arjefm-93	24	8	contribution	contribution	NOUN
arjefm-93	24	9	of	of	ADP
arjefm-93	24	10	this	this	DET
arjefm-93	24	11	paper	paper	NOUN
arjefm-93	24	12	is	be	AUX
arjefm-93	24	13	twofold	twofold	ADV
arjefm-93	24	14	concerning	concern	VERB
arjefm-93	24	15	the	the	DET
arjefm-93	24	16	understanding	understanding	NOUN
arjefm-93	24	17	and	and	CCONJ
arjefm-93	24	18	testing	testing	NOUN
arjefm-93	24	19	of	of	ADP
arjefm-93	24	20	the	the	DET
arjefm-93	24	21	impact	impact	NOUN
arjefm-93	24	22	of	of	ADP
arjefm-93	24	23	the	the	DET
arjefm-93	24	24	new	new	ADJ
arjefm-93	24	25	regulations	regulation	NOUN
arjefm-93	24	26	on	on	ADP
arjefm-93	24	27	the	the	DET
arjefm-93	24	28	banks	bank	NOUN
arjefm-93	24	29	.	.	PUNCT
arjefm-93	25	1	firstly	firstly	ADV
arjefm-93	25	2	,	,	PUNCT
arjefm-93	25	3	the	the	DET
arjefm-93	25	4	paper	paper	NOUN
arjefm-93	25	5	derives	derive	VERB
arjefm-93	25	6	empirically	empirically	ADV
arjefm-93	25	7	testable	testable	ADJ
arjefm-93	25	8	relations	relation	NOUN
arjefm-93	25	9	from	from	ADP
arjefm-93	25	10	a	a	DET
arjefm-93	25	11	structural	structural	ADJ
arjefm-93	25	12	model	model	NOUN
arjefm-93	25	13	of	of	ADP
arjefm-93	25	14	the	the	DET
arjefm-93	25	15	capital	capital	NOUN
arjefm-93	25	16	channel	channel	NOUN
arjefm-93	25	17	of	of	ADP
arjefm-93	25	18	monetary	monetary	ADJ
arjefm-93	25	19	policy	policy	NOUN
arjefm-93	25	20	developed	develop	VERB
arjefm-93	25	21	by	by	ADP
arjefm-93	25	22	chami	chami	NOUN
arjefm-93	25	23	and	and	CCONJ
arjefm-93	25	24	cosimano	cosimano	NOUN
arjefm-93	25	25	(	(	PUNCT
arjefm-93	25	26	2010	2010	NUM
arjefm-93	25	27	)	)	PUNCT
arjefm-93	25	28	.	.	PUNCT
arjefm-93	26	1	in	in	ADP
arjefm-93	26	2	doing	do	VERB
arjefm-93	26	3	so	so	ADV
arjefm-93	26	4	it	it	PRON
arjefm-93	26	5	follows	follow	VERB
arjefm-93	26	6	barajas	barajas	PROPN
arjefm-93	26	7	et	et	PROPN
arjefm-93	26	8	al	al	PROPN
arjefm-93	26	9	.	.	PROPN
arjefm-93	27	1	(	(	PUNCT
arjefm-93	27	2	2010	2010	NUM
arjefm-93	27	3	)	)	PUNCT
arjefm-93	27	4	analysis	analysis	NOUN
arjefm-93	27	5	of	of	ADP
arjefm-93	27	6	large	large	ADJ
arjefm-93	27	7	bank	bank	NOUN
arjefm-93	27	8	holding	hold	VERB
arjefm-93	27	9	companies	company	NOUN
arjefm-93	27	10	in	in	ADP
arjefm-93	27	11	the	the	DET
arjefm-93	27	12	united	united	PROPN
arjefm-93	27	13	states	states	PROPN
arjefm-93	27	14	.	.	PUNCT
arjefm-93	28	1	in	in	ADP
arjefm-93	28	2	this	this	DET
arjefm-93	28	3	model	model	NOUN
arjefm-93	28	4	,	,	PUNCT
arjefm-93	28	5	loan	loan	NOUN
arjefm-93	28	6	demand	demand	NOUN
arjefm-93	28	7	shocks	shock	NOUN
arjefm-93	28	8	are	be	AUX
arjefm-93	28	9	transmitted	transmit	VERB
arjefm-93	28	10	to	to	ADP
arjefm-93	28	11	the	the	DET
arjefm-93	28	12	credit	credit	NOUN
arjefm-93	28	13	supply	supply	NOUN
arjefm-93	28	14	via	via	ADP
arjefm-93	28	15	the	the	DET
arjefm-93	28	16	regulatory	regulatory	ADJ
arjefm-93	28	17	capital	capital	NOUN
arjefm-93	28	18	constraint	constraint	NOUN
arjefm-93	28	19	.	.	PUNCT
arjefm-93	29	1	in	in	ADP
arjefm-93	29	2	particular	particular	ADJ
arjefm-93	29	3	,	,	PUNCT
arjefm-93	29	4	a	a	DET
arjefm-93	29	5	bank	bank	NOUN
arjefm-93	29	6	’s	’s	PART
arjefm-93	29	7	decision	decision	NOUN
arjefm-93	29	8	to	to	PART
arjefm-93	29	9	hold	hold	VERB
arjefm-93	29	10	capital	capital	NOUN
arjefm-93	29	11	is	be	AUX
arjefm-93	29	12	modeled	model	VERB
arjefm-93	29	13	as	as	ADP
arjefm-93	29	14	a	a	DET
arjefm-93	29	15	call	call	NOUN
arjefm-93	29	16	option	option	NOUN
arjefm-93	29	17	on	on	ADP
arjefm-93	29	18	the	the	DET
arjefm-93	29	19	optimal	optimal	ADJ
arjefm-93	29	20	future	future	ADJ
arjefm-93	29	21	loans	loan	NOUN
arjefm-93	29	22	issued	issue	VERB
arjefm-93	29	23	by	by	ADP
arjefm-93	29	24	the	the	DET
arjefm-93	29	25	bank	bank	NOUN
arjefm-93	29	26	.	.	PUNCT
arjefm-93	30	1	this	this	DET
arjefm-93	30	2	option	option	NOUN
arjefm-93	30	3	value	value	NOUN
arjefm-93	30	4	of	of	ADP
arjefm-93	30	5	the	the	DET
arjefm-93	30	6	bank	bank	NOUN
arjefm-93	30	7	’s	’s	PART
arjefm-93	30	8	capital	capital	NOUN
arjefm-93	30	9	increases	increase	NOUN
arjefm-93	30	10	when	when	SCONJ
arjefm-93	30	11	the	the	DET
arjefm-93	30	12	expected	expect	VERB
arjefm-93	30	13	level	level	NOUN
arjefm-93	30	14	of	of	ADP
arjefm-93	30	15	loans	loan	NOUN
arjefm-93	30	16	and	and	CCONJ
arjefm-93	30	17	the	the	DET
arjefm-93	30	18	amount	amount	NOUN
arjefm-93	30	19	of	of	ADP
arjefm-93	30	20	capital	capital	NOUN
arjefm-93	30	21	required	require	VERB
arjefm-93	30	22	by	by	ADP
arjefm-93	30	23	the	the	DET
arjefm-93	30	24	regulator	regulator	NOUN
arjefm-93	30	25	increase	increase	NOUN
arjefm-93	30	26	.	.	PUNCT
arjefm-93	31	1	the	the	DET
arjefm-93	31	2	bank	bank	NOUN
arjefm-93	31	3	’s	’s	PART
arjefm-93	31	4	choice	choice	NOUN
arjefm-93	31	5	of	of	ADP
arjefm-93	31	6	capital	capital	NOUN
arjefm-93	31	7	influences	influence	VERB
arjefm-93	31	8	its	its	PRON
arjefm-93	31	9	loan	loan	NOUN
arjefm-93	31	10	rate	rate	NOUN
arjefm-93	31	11	since	since	SCONJ
arjefm-93	31	12	the	the	DET
arjefm-93	31	13	marginal	marginal	ADJ
arjefm-93	31	14	cost	cost	NOUN
arjefm-93	31	15	of	of	ADP
arjefm-93	31	16	loans	loan	NOUN
arjefm-93	31	17	is	be	AUX
arjefm-93	31	18	a	a	DET
arjefm-93	31	19	weighted	weighted	ADJ
arjefm-93	31	20	average	average	NOUN
arjefm-93	31	21	of	of	ADP
arjefm-93	31	22	the	the	DET
arjefm-93	31	23	marginal	marginal	ADJ
arjefm-93	31	24	cost	cost	NOUN
arjefm-93	31	25	of	of	ADP
arjefm-93	31	26	deposits	deposit	NOUN
arjefm-93	31	27	and	and	CCONJ
arjefm-93	31	28	equity	equity	NOUN
arjefm-93	31	29	.	.	PUNCT
arjefm-93	32	1	consequently	consequently	ADV
arjefm-93	32	2	,	,	PUNCT
arjefm-93	32	3	the	the	DET
arjefm-93	32	4	loan	loan	NOUN
arjefm-93	32	5	rate	rate	NOUN
arjefm-93	32	6	raises	raise	VERB
arjefm-93	32	7	with	with	ADP
arjefm-93	32	8	an	an	DET
arjefm-93	32	9	increase	increase	NOUN
arjefm-93	32	10	in	in	ADP
arjefm-93	32	11	required	require	VERB
arjefm-93	32	12	capital	capital	NOUN
arjefm-93	32	13	as	as	ADV
arjefm-93	32	14	long	long	ADV
arjefm-93	32	15	as	as	SCONJ
arjefm-93	32	16	the	the	DET
arjefm-93	32	17	marginal	marginal	ADJ
arjefm-93	32	18	cost	cost	NOUN
arjefm-93	32	19	of	of	ADP
arjefm-93	32	20	equity	equity	NOUN
arjefm-93	32	21	exceeds	exceed	VERB
arjefm-93	32	22	the	the	DET
arjefm-93	32	23	marginal	marginal	ADJ
arjefm-93	32	24	cost	cost	NOUN
arjefm-93	32	25	of	of	ADP
arjefm-93	32	26	deposits	deposit	NOUN
arjefm-93	32	27	.	.	PUNCT
arjefm-93	33	1	another	another	DET
arjefm-93	33	2	contribution	contribution	NOUN
arjefm-93	33	3	of	of	ADP
arjefm-93	33	4	this	this	DET
arjefm-93	33	5	paper	paper	NOUN
arjefm-93	33	6	is	be	AUX
arjefm-93	33	7	that	that	SCONJ
arjefm-93	33	8	it	it	PRON
arjefm-93	33	9	considers	consider	VERB
arjefm-93	33	10	two	two	NUM
arjefm-93	33	11	different	different	ADJ
arjefm-93	33	12	groupings	grouping	NOUN
arjefm-93	33	13	of	of	ADP
arjefm-93	33	14	banks	bank	NOUN
arjefm-93	33	15	:	:	PUNCT
arjefm-93	33	16	(	(	PUNCT
arjefm-93	33	17	i	i	NOUN
arjefm-93	33	18	)	)	PUNCT
arjefm-93	33	19	commercial	commercial	ADJ
arjefm-93	33	20	banks	bank	NOUN
arjefm-93	33	21	in	in	ADP
arjefm-93	33	22	advanced	advanced	ADJ
arjefm-93	33	23	european	european	ADJ
arjefm-93	33	24	economies	economy	NOUN
arjefm-93	33	25	that	that	PRON
arjefm-93	33	26	experienced	experience	VERB
arjefm-93	33	27	a	a	DET
arjefm-93	33	28	banking	banking	NOUN
arjefm-93	33	29	crisis	crisis	NOUN
arjefm-93	33	30	between	between	ADP
arjefm-93	33	31	2007	2007	NUM
arjefm-93	33	32	and	and	CCONJ
arjefm-93	33	33	2010	2010	NUM
arjefm-93	33	34	;	;	PUNCT
arjefm-93	33	35	and	and	CCONJ
arjefm-93	33	36	(	(	PUNCT
arjefm-93	33	37	ii	ii	NOUN
arjefm-93	33	38	)	)	PUNCT
arjefm-93	33	39	commercial	commercial	ADJ
arjefm-93	33	40	banks	bank	NOUN
arjefm-93	33	41	in	in	ADP
arjefm-93	33	42	advanced	advanced	ADJ
arjefm-93	33	43	european	european	ADJ
arjefm-93	33	44	economies	economy	NOUN
arjefm-93	33	45	that	that	PRON
arjefm-93	33	46	did	do	AUX
arjefm-93	33	47	not	not	PART
arjefm-93	33	48	experience	experience	VERB
arjefm-93	33	49	a	a	DET
arjefm-93	33	50	banking	banking	NOUN
arjefm-93	33	51	crisis	crisis	NOUN
arjefm-93	33	52	between	between	ADP
arjefm-93	33	53	2007	2007	NUM
arjefm-93	33	54	and	and	CCONJ
arjefm-93	33	55	2010	2010	NUM
arjefm-93	33	56	.	.	PUNCT
arjefm-93	34	1	it	it	PRON
arjefm-93	34	2	would	would	AUX
arjefm-93	34	3	have	have	AUX
arjefm-93	34	4	been	be	AUX
arjefm-93	34	5	preferable	preferable	ADJ
arjefm-93	34	6	to	to	PART
arjefm-93	34	7	extend	extend	VERB
arjefm-93	34	8	the	the	DET
arjefm-93	34	9	time	time	NOUN
arjefm-93	34	10	range	range	NOUN
arjefm-93	34	11	but	but	CCONJ
arjefm-93	34	12	there	there	PRON
arjefm-93	34	13	was	be	VERB
arjefm-93	34	14	a	a	DET
arjefm-93	34	15	lack	lack	NOUN
arjefm-93	34	16	of	of	ADP
arjefm-93	34	17	appropriate	appropriate	ADJ
arjefm-93	34	18	data	datum	NOUN
arjefm-93	34	19	for	for	ADP
arjefm-93	34	20	the	the	DET
arjefm-93	34	21	next	next	ADJ
arjefm-93	34	22	two	two	NUM
arjefm-93	34	23	years	year	NOUN
arjefm-93	34	24	(	(	PUNCT
arjefm-93	34	25	2011	2011	NUM
arjefm-93	34	26	and	and	CCONJ
arjefm-93	34	27	2012	2012	NUM
arjefm-93	34	28	)	)	PUNCT
arjefm-93	34	29	.	.	PUNCT
arjefm-93	35	1	the	the	DET
arjefm-93	35	2	empirical	empirical	ADJ
arjefm-93	35	3	estimation	estimation	NOUN
arjefm-93	35	4	of	of	ADP
arjefm-93	35	5	our	our	PRON
arjefm-93	35	6	data	datum	NOUN
arjefm-93	35	7	relies	rely	VERB
arjefm-93	35	8	on	on	ADP
arjefm-93	35	9	a	a	DET
arjefm-93	35	10	generalized	generalized	ADJ
arjefm-93	35	11	method	method	NOUN
arjefm-93	35	12	of	of	ADP
arjefm-93	35	13	moment	moment	NOUN
arjefm-93	35	14	(	(	PUNCT
arjefm-93	35	15	gmm	gmm	NOUN
arjefm-93	35	16	)	)	PUNCT
arjefm-93	35	17	estimation	estimation	NOUN
arjefm-93	35	18	procedure	procedure	NOUN
arjefm-93	35	19	which	which	PRON
arjefm-93	35	20	captures	capture	VERB
arjefm-93	35	21	the	the	DET
arjefm-93	35	22	banks	bank	NOUN
arjefm-93	35	23	’	’	PART
arjefm-93	35	24	simultaneous	simultaneous	ADJ
arjefm-93	35	25	decisions	decision	NOUN
arjefm-93	35	26	on	on	ADP
arjefm-93	35	27	how	how	SCONJ
arjefm-93	35	28	much	much	ADJ
arjefm-93	35	29	capital	capital	NOUN
arjefm-93	35	30	to	to	PART
arjefm-93	35	31	hold	hold	VERB
arjefm-93	35	32	,	,	PUNCT
arjefm-93	35	33	at	at	ADP
arjefm-93	35	34	what	what	DET
arjefm-93	35	35	level	level	NOUN
arjefm-93	35	36	to	to	PART
arjefm-93	35	37	set	set	VERB
arjefm-93	35	38	the	the	DET
arjefm-93	35	39	loan	loan	NOUN
arjefm-93	35	40	rate	rate	NOUN
arjefm-93	35	41	and	and	CCONJ
arjefm-93	35	42	the	the	DET
arjefm-93	35	43	size	size	NOUN
arjefm-93	35	44	of	of	ADP
arjefm-93	35	45	their	their	PRON
arjefm-93	35	46	loan	loan	NOUN
arjefm-93	35	47	portfolio	portfolio	NOUN
arjefm-93	35	48	(	(	PUNCT
arjefm-93	35	49	gropp&heider	gropp&heider	PROPN
arjefm-93	35	50	,	,	PUNCT
arjefm-93	35	51	2010	2010	NUM
arjefm-93	35	52	;	;	PUNCT
arjefm-93	35	53	miller	miller	PROPN
arjefm-93	35	54	et	et	PROPN
arjefm-93	35	55	al	al	PROPN
arjefm-93	35	56	.	.	PROPN
arjefm-93	35	57	,	,	PUNCT
arjefm-93	35	58	2010	2010	NUM
arjefm-93	35	59	;	;	PUNCT
arjefm-93	35	60	hall	hall	NOUN
arjefm-93	35	61	,	,	PUNCT
arjefm-93	35	62	2005	2005	NUM
arjefm-93	35	63	)	)	PUNCT
arjefm-93	35	64	.	.	PUNCT
arjefm-93	36	1	in	in	ADP
arjefm-93	36	2	line	line	NOUN
arjefm-93	36	3	with	with	ADP
arjefm-93	36	4	cosimano	cosimano	NOUN
arjefm-93	36	5	and	and	CCONJ
arjefm-93	36	6	hakura	hakura	X
arjefm-93	36	7	(	(	PUNCT
arjefm-93	36	8	2011	2011	NUM
arjefm-93	36	9	)	)	PUNCT
arjefm-93	36	10	the	the	DET
arjefm-93	36	11	first	first	ADJ
arjefm-93	36	12	stage	stage	NOUN
arjefm-93	36	13	regression	regression	NOUN
arjefm-93	36	14	for	for	ADP
arjefm-93	36	15	banks	bank	NOUN
arjefm-93	36	16	’	'	PUNCT
arjefm-93	36	17	holdings	holding	NOUN
arjefm-93	36	18	of	of	ADP
arjefm-93	36	19	capital	capital	NOUN
arjefm-93	36	20	is	be	AUX
arjefm-93	36	21	specified	specify	VERB
arjefm-93	36	22	in	in	ADP
arjefm-93	36	23	terms	term	NOUN
arjefm-93	36	24	of	of	ADP
arjefm-93	36	25	previous	previous	ADJ
arjefm-93	36	26	-	-	PUNCT
arjefm-93	36	27	period	period	NOUN
arjefm-93	36	28	changes	change	NOUN
arjefm-93	36	29	in	in	ADP
arjefm-93	36	30	capital	capital	NOUN
arjefm-93	36	31	,	,	PUNCT
arjefm-93	36	32	interest	interest	NOUN
arjefm-93	36	33	expenses	expense	NOUN
arjefm-93	36	34	(	(	PUNCT
arjefm-93	36	35	interest	interest	NOUN
arjefm-93	36	36	payables	payable	NOUN
arjefm-93	36	37	)	)	PUNCT
arjefm-93	36	38	and	and	CCONJ
arjefm-93	36	39	non	non	ADJ
arjefm-93	36	40	-	-	ADJ
arjefm-93	36	41	interest	interest	ADJ
arjefm-93	36	42	expenses	expense	NOUN
arjefm-93	36	43	(	(	PUNCT
arjefm-93	36	44	figure	figure	NOUN
arjefm-93	36	45	1	1	NUM
arjefm-93	36	46	)	)	PUNCT
arjefm-93	36	47	.	.	PUNCT
arjefm-93	37	1	the	the	DET
arjefm-93	37	2	hypothesis	hypothesis	NOUN
arjefm-93	37	3	is	be	AUX
arjefm-93	37	4	that	that	SCONJ
arjefm-93	37	5	there	there	PRON
arjefm-93	37	6	is	be	VERB
arjefm-93	37	7	a	a	DET
arjefm-93	37	8	negative	negative	ADJ
arjefm-93	37	9	and	and	CCONJ
arjefm-93	37	10	convex	convex	ADJ
arjefm-93	37	11	relationship	relationship	NOUN
arjefm-93	37	12	between	between	ADP
arjefm-93	37	13	a	a	DET
arjefm-93	37	14	bank	bank	NOUN
arjefm-93	37	15	’s	’s	PART
arjefm-93	37	16	capital	capital	NOUN
arjefm-93	37	17	and	and	CCONJ
arjefm-93	37	18	each	each	PRON
arjefm-93	37	19	of	of	ADP
arjefm-93	37	20	these	these	DET
arjefm-93	37	21	factors	factor	NOUN
arjefm-93	37	22	.	.	PUNCT
arjefm-93	38	1	in	in	ADP
arjefm-93	38	2	particular	particular	ADJ
arjefm-93	38	3	,	,	PUNCT
arjefm-93	38	4	an	an	DET
arjefm-93	38	5	increase	increase	NOUN
arjefm-93	38	6	in	in	ADP
arjefm-93	38	7	the	the	DET
arjefm-93	38	8	future	future	ADJ
arjefm-93	38	9	marginal	marginal	ADJ
arjefm-93	38	10	cost	cost	NOUN
arjefm-93	38	11	of	of	ADP
arjefm-93	38	12	loans	loan	NOUN
arjefm-93	38	13	results	result	NOUN
arjefm-93	38	14	in	in	ADP
arjefm-93	38	15	the	the	DET
arjefm-93	38	16	bank	bank	NOUN
arjefm-93	38	17	issuing	issue	VERB
arjefm-93	38	18	fewer	few	ADJ
arjefm-93	38	19	loans	loan	NOUN
arjefm-93	38	20	so	so	SCONJ
arjefm-93	38	21	that	that	SCONJ
arjefm-93	38	22	the	the	DET
arjefm-93	38	23	need	need	NOUN
arjefm-93	38	24	for	for	ADP
arjefm-93	38	25	equity	equity	NOUN
arjefm-93	38	26	fades	fade	NOUN
arjefm-93	38	27	.	.	PUNCT
arjefm-93	39	1	the	the	DET
arjefm-93	39	2	loan	loan	NOUN
arjefm-93	39	3	rate	rate	NOUN
arjefm-93	39	4	is	be	AUX
arjefm-93	39	5	the	the	DET
arjefm-93	39	6	dependent	dependent	ADJ
arjefm-93	39	7	variable	variable	NOUN
arjefm-93	39	8	in	in	ADP
arjefm-93	39	9	the	the	DET
arjefm-93	39	10	second	second	ADJ
arjefm-93	39	11	stage	stage	NOUN
arjefm-93	39	12	regression	regression	NOUN
arjefm-93	39	13	and	and	CCONJ
arjefm-93	39	14	is	be	AUX
arjefm-93	39	15	specified	specify	VERB
arjefm-93	39	16	in	in	ADP
arjefm-93	39	17	terms	term	NOUN
arjefm-93	39	18	of	of	ADP
arjefm-93	39	19	the	the	DET
arjefm-93	39	20	optimal	optimal	ADJ
arjefm-93	39	21	bank	bank	NOUN
arjefm-93	39	22	capital	capital	NOUN
arjefm-93	39	23	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	39	24	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	39	25	american	american	PROPN
arjefm-93	39	26	research	research	PROPN
arjefm-93	39	27	journal	journal	PROPN
arjefm-93	39	28	of	of	ADP
arjefm-93	39	29	economics	economic	NOUN
arjefm-93	39	30	,	,	PUNCT
arjefm-93	39	31	finance	finance	NOUN
arjefm-93	39	32	and	and	CCONJ
arjefm-93	39	33	management	management	NOUN
arjefm-93	39	34	volume	volume	NOUN
arjefm-93	39	35	11	11	NUM
arjefm-93	39	36	issue	issue	NOUN
arjefm-93	39	37	4	4	NUM
arjefm-93	39	38	,	,	PUNCT
arjefm-93	39	39	october	october	PROPN
arjefm-93	39	40	-	-	PUNCT
arjefm-93	39	41	december	december	PROPN
arjefm-93	39	42	2023	2023	NUM
arjefm-93	39	43	issn	issn	NOUN
arjefm-93	39	44	:	:	PUNCT
arjefm-93	39	45	2836	2836	NUM
arjefm-93	39	46	-	-	SYM
arjefm-93	39	47	9416	9416	NUM
arjefm-93	39	48	impact	impact	NOUN
arjefm-93	39	49	factor	factor	NOUN
arjefm-93	39	50	:	:	PUNCT
arjefm-93	39	51	5.57	5.57	NUM
arjefm-93	39	52	journal	journal	NOUN
arjefm-93	39	53	homepage	homepage	NOUN
arjefm-93	39	54	:	:	PUNCT
arjefm-93	39	55	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	39	56	,	,	PUNCT
arjefm-93	39	57	email	email	NOUN
arjefm-93	39	58	:	:	PUNCT
arjefm-93	39	59	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	39	60	official	official	ADJ
arjefm-93	39	61	journal	journal	PROPN
arjefm-93	39	62	of	of	ADP
arjefm-93	39	63	america	america	PROPN
arjefm-93	39	64	serial	serial	PROPN
arjefm-93	39	65	publication	publication	NOUN
arjefm-93	39	66	american	american	PROPN
arjefm-93	39	67	research	research	PROPN
arjefm-93	39	68	journal	journal	PROPN
arjefm-93	39	69	of	of	ADP
arjefm-93	39	70	economics	economic	NOUN
arjefm-93	39	71	,	,	PUNCT
arjefm-93	39	72	finance	finance	NOUN
arjefm-93	39	73	and	and	CCONJ
arjefm-93	39	74	management	management	NOUN
arjefm-93	39	75	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	39	76	,	,	PUNCT
arjefm-93	39	77	email	email	NOUN
arjefm-93	39	78	:	:	PUNCT
arjefm-93	39	79	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	40	1	36	36	NUM
arjefm-93	41	1	|	|	ADV
arjefm-93	41	2	p	p	X
arjefm-93	41	3	a	a	DET
arjefm-93	41	4	g	g	NOUN
arjefm-93	41	5	e	e	NOUN
arjefm-93	41	6	predicted	predict	VERB
arjefm-93	41	7	by	by	ADP
arjefm-93	41	8	the	the	DET
arjefm-93	41	9	first	first	ADJ
arjefm-93	41	10	stage	stage	NOUN
arjefm-93	41	11	regression	regression	NOUN
arjefm-93	41	12	as	as	ADV
arjefm-93	41	13	well	well	ADV
arjefm-93	41	14	as	as	ADP
arjefm-93	41	15	interest	interest	NOUN
arjefm-93	41	16	and	and	CCONJ
arjefm-93	41	17	non	non	ADJ
arjefm-93	41	18	-	-	ADJ
arjefm-93	41	19	interest	interest	ADJ
arjefm-93	41	20	expenses	expense	NOUN
arjefm-93	41	21	and	and	CCONJ
arjefm-93	41	22	the	the	DET
arjefm-93	41	23	level	level	NOUN
arjefm-93	41	24	of	of	ADP
arjefm-93	41	25	economic	economic	ADJ
arjefm-93	41	26	activity	activity	NOUN
arjefm-93	41	27	.	.	PUNCT
arjefm-93	42	1	figure	figure	NOUN
arjefm-93	42	2	1	1	NUM
arjefm-93	42	3	:	:	PUNCT
arjefm-93	42	4	the	the	DET
arjefm-93	42	5	generalized	generalized	ADJ
arjefm-93	42	6	method	method	NOUN
arjefm-93	42	7	of	of	ADP
arjefm-93	42	8	moment	moment	NOUN
arjefm-93	42	9	(	(	PUNCT
arjefm-93	42	10	gmm	gmm	NOUN
arjefm-93	42	11	)	)	PUNCT
arjefm-93	42	12	estimation	estimation	NOUN
arjefm-93	42	13	procedure	procedure	NOUN
arjefm-93	42	14	the	the	DET
arjefm-93	42	15	key	key	ADJ
arjefm-93	42	16	findings	finding	NOUN
arjefm-93	42	17	of	of	ADP
arjefm-93	42	18	the	the	DET
arjefm-93	42	19	paper	paper	NOUN
arjefm-93	42	20	are	be	AUX
arjefm-93	42	21	as	as	SCONJ
arjefm-93	42	22	follows	follow	VERB
arjefm-93	42	23	.	.	PUNCT
arjefm-93	43	1	first	first	ADV
arjefm-93	43	2	,	,	PUNCT
arjefm-93	43	3	a	a	DET
arjefm-93	43	4	1	1	NUM
arjefm-93	43	5	percent	percent	NOUN
arjefm-93	43	6	increase	increase	NOUN
arjefm-93	43	7	in	in	ADP
arjefm-93	43	8	the	the	DET
arjefm-93	43	9	equity	equity	NOUN
arjefm-93	43	10	-	-	PUNCT
arjefm-93	43	11	to	to	ADP
arjefm-93	43	12	-	-	PUNCT
arjefm-93	43	13	asset	asset	NOUN
arjefm-93	43	14	ratio	ratio	NOUN
arjefm-93	43	15	is	be	AUX
arjefm-93	43	16	associated	associate	VERB
arjefm-93	43	17	with	with	ADP
arjefm-93	43	18	a	a	DET
arjefm-93	43	19	0.05	0.05	NUM
arjefm-93	43	20	percent	percent	NOUN
arjefm-93	43	21	average	average	ADJ
arjefm-93	43	22	increase	increase	NOUN
arjefm-93	43	23	in	in	ADP
arjefm-93	43	24	the	the	DET
arjefm-93	43	25	loan	loan	NOUN
arjefm-93	43	26	rate	rate	NOUN
arjefm-93	43	27	for	for	ADP
arjefm-93	43	28	banks	bank	NOUN
arjefm-93	43	29	in	in	ADP
arjefm-93	43	30	countries	country	NOUN
arjefm-93	43	31	that	that	PRON
arjefm-93	43	32	experienced	experience	VERB
arjefm-93	43	33	a	a	DET
arjefm-93	43	34	banking	banking	NOUN
arjefm-93	43	35	crisis	crisis	NOUN
arjefm-93	43	36	during	during	ADP
arjefm-93	43	37	2007	2007	NUM
arjefm-93	43	38	-	-	SYM
arjefm-93	43	39	2010	2010	NUM
arjefm-93	43	40	.	.	PUNCT
arjefm-93	44	1	for	for	ADP
arjefm-93	44	2	banks	bank	NOUN
arjefm-93	44	3	in	in	ADP
arjefm-93	44	4	countries	country	NOUN
arjefm-93	44	5	that	that	PRON
arjefm-93	44	6	did	do	AUX
arjefm-93	44	7	not	not	PART
arjefm-93	44	8	experience	experience	VERB
arjefm-93	44	9	a	a	DET
arjefm-93	44	10	banking	banking	NOUN
arjefm-93	44	11	crisis	crisis	NOUN
arjefm-93	44	12	during	during	ADP
arjefm-93	44	13	2007	2007	NUM
arjefm-93	44	14	-	-	SYM
arjefm-93	44	15	2010	2010	NUM
arjefm-93	44	16	it	it	PRON
arjefm-93	44	17	is	be	AUX
arjefm-93	44	18	associated	associate	VERB
arjefm-93	44	19	with	with	ADP
arjefm-93	44	20	a	a	DET
arjefm-93	44	21	0.02	0.02	NUM
arjefm-93	44	22	percent	percent	NOUN
arjefm-93	44	23	average	average	ADJ
arjefm-93	44	24	increase	increase	NOUN
arjefm-93	44	25	.	.	PUNCT
arjefm-93	45	1	secondly	secondly	ADV
arjefm-93	45	2	,	,	PUNCT
arjefm-93	45	3	assuming	assume	VERB
arjefm-93	45	4	a	a	DET
arjefm-93	45	5	1.3	1.3	NUM
arjefm-93	45	6	percentage	percentage	NOUN
arjefm-93	45	7	point	point	NOUN
arjefm-93	45	8	increase	increase	NOUN
arjefm-93	45	9	in	in	ADP
arjefm-93	45	10	the	the	DET
arjefm-93	45	11	equity	equity	NOUN
arjefm-93	45	12	-	-	PUNCT
arjefm-93	45	13	to	to	ADP
arjefm-93	45	14	-	-	PUNCT
arjefm-93	45	15	asset	asset	NOUN
arjefm-93	45	16	ratio	ratio	NOUN
arjefm-93	45	17	to	to	PART
arjefm-93	45	18	meet	meet	VERB
arjefm-93	45	19	the	the	DET
arjefm-93	45	20	basel	basel	PROPN
arjefm-93	45	21	iii	iii	PROPN
arjefm-93	45	22	regulations	regulation	NOUN
arjefm-93	45	23	,	,	PUNCT
arjefm-93	45	24	the	the	DET
arjefm-93	45	25	countrybycountry	countrybycountry	NOUN
arjefm-93	45	26	estimations	estimation	NOUN
arjefm-93	45	27	imply	imply	VERB
arjefm-93	45	28	a	a	DET
arjefm-93	45	29	reduction	reduction	NOUN
arjefm-93	45	30	in	in	ADP
arjefm-93	45	31	the	the	DET
arjefm-93	45	32	volume	volume	NOUN
arjefm-93	45	33	of	of	ADP
arjefm-93	45	34	loans	loan	NOUN
arjefm-93	45	35	by	by	ADP
arjefm-93	45	36	an	an	DET
arjefm-93	45	37	average	average	ADJ
arjefm-93	45	38	4.97	4.97	NUM
arjefm-93	45	39	percent	percent	NOUN
arjefm-93	45	40	in	in	ADP
arjefm-93	45	41	the	the	DET
arjefm-93	45	42	long	long	ADJ
arjefm-93	45	43	run	run	NOUN
arjefm-93	45	44	for	for	ADP
arjefm-93	45	45	the	the	DET
arjefm-93	45	46	banks	bank	NOUN
arjefm-93	45	47	in	in	ADP
arjefm-93	45	48	countries	country	NOUN
arjefm-93	45	49	that	that	PRON
arjefm-93	45	50	experienced	experience	VERB
arjefm-93	45	51	a	a	DET
arjefm-93	45	52	crisis	crisis	NOUN
arjefm-93	45	53	and	and	CCONJ
arjefm-93	45	54	by	by	ADP
arjefm-93	45	55	18.67	18.67	NUM
arjefm-93	45	56	percent	percent	NOUN
arjefm-93	45	57	for	for	ADP
arjefm-93	45	58	the	the	DET
arjefm-93	45	59	banks	bank	NOUN
arjefm-93	45	60	in	in	ADP
arjefm-93	45	61	countries	country	NOUN
arjefm-93	45	62	that	that	PRON
arjefm-93	45	63	did	do	AUX
arjefm-93	45	64	not	not	PART
arjefm-93	45	65	experience	experience	VERB
arjefm-93	45	66	a	a	DET
arjefm-93	45	67	crisis	crisis	NOUN
arjefm-93	45	68	.	.	PUNCT
arjefm-93	46	1	the	the	DET
arjefm-93	46	2	wide	wide	ADJ
arjefm-93	46	3	variance	variance	NOUN
arjefm-93	46	4	in	in	ADP
arjefm-93	46	5	the	the	DET
arjefm-93	46	6	results	result	NOUN
arjefm-93	46	7	reflects	reflect	VERB
arjefm-93	46	8	cross	cross	ADJ
arjefm-93	46	9	-	-	ADJ
arjefm-93	46	10	country	country	ADJ
arjefm-93	46	11	differences	difference	NOUN
arjefm-93	46	12	in	in	ADP
arjefm-93	46	13	the	the	DET
arjefm-93	46	14	elasticity	elasticity	NOUN
arjefm-93	46	15	of	of	ADP
arjefm-93	46	16	loan	loan	NOUN
arjefm-93	46	17	demand	demand	NOUN
arjefm-93	46	18	with	with	ADP
arjefm-93	46	19	respect	respect	NOUN
arjefm-93	46	20	to	to	ADP
arjefm-93	46	21	loan	loan	NOUN
arjefm-93	46	22	interest	interest	NOUN
arjefm-93	46	23	rate	rate	NOUN
arjefm-93	46	24	and	and	CCONJ
arjefm-93	46	25	bank	bank	NOUN
arjefm-93	46	26	’s	’s	PART
arjefm-93	46	27	net	net	ADJ
arjefm-93	46	28	cost	cost	NOUN
arjefm-93	46	29	of	of	ADP
arjefm-93	46	30	raising	raise	VERB
arjefm-93	46	31	equity	equity	NOUN
arjefm-93	46	32	.	.	PUNCT
arjefm-93	47	1	the	the	DET
arjefm-93	47	2	authors	author	NOUN
arjefm-93	47	3	’	’	PART
arjefm-93	47	4	model	model	NOUN
arjefm-93	47	5	shows	show	VERB
arjefm-93	47	6	that	that	SCONJ
arjefm-93	47	7	the	the	DET
arjefm-93	47	8	estimated	estimate	VERB
arjefm-93	47	9	elasticity	elasticity	NOUN
arjefm-93	47	10	of	of	ADP
arjefm-93	47	11	loan	loan	NOUN
arjefm-93	47	12	demand	demand	NOUN
arjefm-93	47	13	ranges	range	VERB
arjefm-93	47	14	from	from	ADP
arjefm-93	47	15	-1.00	-1.00	NUM
arjefm-93	47	16	percent	percent	NOUN
arjefm-93	47	17	for	for	ADP
arjefm-93	47	18	ireland	ireland	PROPN
arjefm-93	47	19	to	to	ADP
arjefm-93	47	20	-6.59	-6.59	NUM
arjefm-93	47	21	percent	percent	NOUN
arjefm-93	47	22	for	for	ADP
arjefm-93	47	23	denmark	denmark	NOUN
arjefm-93	47	24	.	.	PUNCT
arjefm-93	48	1	an	an	DET
arjefm-93	48	2	upper	upper	ADJ
arjefm-93	48	3	bound	bind	VERB
arjefm-93	48	4	on	on	ADP
arjefm-93	48	5	the	the	DET
arjefm-93	48	6	net	net	ADJ
arjefm-93	48	7	cost	cost	NOUN
arjefm-93	48	8	of	of	ADP
arjefm-93	48	9	raising	raise	VERB
arjefm-93	48	10	equity	equity	NOUN
arjefm-93	48	11	(	(	PUNCT
arjefm-93	48	12	i.e.	i.e.	X
arjefm-93	48	13	the	the	DET
arjefm-93	48	14	return	return	NOUN
arjefm-93	48	15	on	on	ADP
arjefm-93	48	16	equity	equity	NOUN
arjefm-93	48	17	relative	relative	ADJ
arjefm-93	48	18	to	to	ADP
arjefm-93	48	19	the	the	DET
arjefm-93	48	20	marginal	marginal	ADJ
arjefm-93	48	21	cost	cost	NOUN
arjefm-93	48	22	of	of	ADP
arjefm-93	48	23	deposits	deposit	NOUN
arjefm-93	48	24	)	)	PUNCT
arjefm-93	48	25	is	be	AUX
arjefm-93	48	26	estimated	estimate	VERB
arjefm-93	48	27	to	to	PART
arjefm-93	48	28	range	range	VERB
arjefm-93	48	29	from	from	ADP
arjefm-93	48	30	0.01	0.01	NUM
arjefm-93	48	31	basis	basis	NOUN
arjefm-93	48	32	points	point	NOUN
arjefm-93	48	33	in	in	ADP
arjefm-93	48	34	sweden	sweden	PROPN
arjefm-93	48	35	to	to	ADP
arjefm-93	48	36	20	20	NUM
arjefm-93	48	37	basis	basis	NOUN
arjefm-93	48	38	points	point	NOUN
arjefm-93	48	39	in	in	ADP
arjefm-93	48	40	ireland	ireland	NOUN
arjefm-93	48	41	.	.	PUNCT
arjefm-93	49	1	the	the	DET
arjefm-93	49	2	remainder	remainder	NOUN
arjefm-93	49	3	of	of	ADP
arjefm-93	49	4	the	the	DET
arjefm-93	49	5	paper	paper	NOUN
arjefm-93	49	6	is	be	AUX
arjefm-93	49	7	organized	organize	VERB
arjefm-93	49	8	as	as	SCONJ
arjefm-93	49	9	follows	follow	VERB
arjefm-93	49	10	.	.	PUNCT
arjefm-93	50	1	section	section	NOUN
arjefm-93	50	2	2	2	NUM
arjefm-93	50	3	refers	refer	VERB
arjefm-93	50	4	to	to	ADP
arjefm-93	50	5	related	related	ADJ
arjefm-93	50	6	literature	literature	NOUN
arjefm-93	50	7	.	.	PUNCT
arjefm-93	51	1	section	section	NOUN
arjefm-93	51	2	3	3	NUM
arjefm-93	51	3	presents	present	VERB
arjefm-93	51	4	some	some	DET
arjefm-93	51	5	descriptive	descriptive	ADJ
arjefm-93	51	6	statistics	statistic	NOUN
arjefm-93	51	7	for	for	ADP
arjefm-93	51	8	the	the	DET
arjefm-93	51	9	two	two	NUM
arjefm-93	51	10	groupings	grouping	NOUN
arjefm-93	51	11	of	of	ADP
arjefm-93	51	12	banks	bank	NOUN
arjefm-93	51	13	examined	examine	VERB
arjefm-93	51	14	in	in	ADP
arjefm-93	51	15	the	the	DET
arjefm-93	51	16	paper	paper	NOUN
arjefm-93	51	17	.	.	PUNCT
arjefm-93	52	1	section	section	NOUN
arjefm-93	52	2	3	3	NUM
arjefm-93	52	3	describes	describe	VERB
arjefm-93	52	4	the	the	DET
arjefm-93	52	5	structural	structural	ADJ
arjefm-93	52	6	model	model	NOUN
arjefm-93	52	7	for	for	ADP
arjefm-93	52	8	banks	bank	NOUN
arjefm-93	52	9	’	'	PUNCT
arjefm-93	52	10	optimal	optimal	ADJ
arjefm-93	52	11	holding	holding	NOUN
arjefm-93	52	12	of	of	ADP
arjefm-93	52	13	capital	capital	NOUN
arjefm-93	52	14	and	and	CCONJ
arjefm-93	52	15	presents	present	VERB
arjefm-93	52	16	the	the	DET
arjefm-93	52	17	specification	specification	NOUN
arjefm-93	52	18	of	of	ADP
arjefm-93	52	19	the	the	DET
arjefm-93	52	20	empirical	empirical	ADJ
arjefm-93	52	21	tests	test	NOUN
arjefm-93	52	22	for	for	ADP
arjefm-93	52	23	bank	bank	NOUN
arjefm-93	52	24	capital	capital	NOUN
arjefm-93	52	25	,	,	PUNCT
arjefm-93	52	26	lending	lending	NOUN
arjefm-93	52	27	rates	rate	NOUN
arjefm-93	52	28	and	and	CCONJ
arjefm-93	52	29	loans	loan	NOUN
arjefm-93	52	30	.	.	PUNCT
arjefm-93	53	1	the	the	DET
arjefm-93	53	2	core	core	ADJ
arjefm-93	53	3	principals	principal	NOUN
arjefm-93	53	4	of	of	ADP
arjefm-93	53	5	the	the	DET
arjefm-93	53	6	gmm	gmm	PROPN
arjefm-93	53	7	estimator	estimator	NOUN
arjefm-93	53	8	first	first	ADJ
arjefm-93	53	9	stage	stage	NOUN
arjefm-93	53	10	regression	regression	NOUN
arjefm-93	53	11	second	second	ADJ
arjefm-93	53	12	stage	stage	NOUN
arjefm-93	53	13	regression	regression	NOUN
arjefm-93	53	14	holdings	holding	NOUN
arjefm-93	53	15	of	of	ADP
arjefm-93	53	16	capital	capital	NOUN
arjefm-93	53	17	loan	loan	NOUN
arjefm-93	53	18	rate	rate	NOUN
arjefm-93	53	19	δ	δ	PROPN
arjefm-93	53	20	(	(	PUNCT
arjefm-93	53	21	capital	capital	PROPN
arjefm-93	53	22	)	)	PUNCT
arjefm-93	53	23	δ	δ	PROPN
arjefm-93	53	24	(	(	PUNCT
arjefm-93	53	25	)	)	PUNCT
arjefm-93	53	26	interest	interest	NOUN
arjefm-93	53	27	expenses	expense	VERB
arjefm-93	53	28	δ	δ	PROPN
arjefm-93	53	29	non	non	X
arjefm-93	53	30	(	(	PUNCT
arjefm-93	53	31	interest	interest	NOUN
arjefm-93	53	32	expenses	expense	NOUN
arjefm-93	53	33	)	)	PUNCT
arjefm-93	53	34	optimal	optimal	ADJ
arjefm-93	53	35	bank	bank	NOUN
arjefm-93	53	36	capital	capital	NOUN
arjefm-93	53	37	level	level	NOUN
arjefm-93	53	38	of	of	ADP
arjefm-93	53	39	economic	economic	ADJ
arjefm-93	53	40	activity	activity	NOUN
arjefm-93	53	41	interest	interest	NOUN
arjefm-93	53	42	expenses	expense	VERB
arjefm-93	53	43	non	non	X
arjefm-93	53	44	interest	interest	NOUN
arjefm-93	53	45	expenses	expense	VERB
arjefm-93	53	46	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	53	47	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	53	48	american	american	PROPN
arjefm-93	53	49	research	research	PROPN
arjefm-93	53	50	journal	journal	PROPN
arjefm-93	53	51	of	of	ADP
arjefm-93	53	52	economics	economic	NOUN
arjefm-93	53	53	,	,	PUNCT
arjefm-93	53	54	finance	finance	NOUN
arjefm-93	53	55	and	and	CCONJ
arjefm-93	53	56	management	management	NOUN
arjefm-93	53	57	volume	volume	NOUN
arjefm-93	53	58	11	11	NUM
arjefm-93	53	59	issue	issue	NOUN
arjefm-93	53	60	4	4	NUM
arjefm-93	53	61	,	,	PUNCT
arjefm-93	53	62	october	october	PROPN
arjefm-93	53	63	-	-	PUNCT
arjefm-93	53	64	december	december	PROPN
arjefm-93	53	65	2023	2023	NUM
arjefm-93	53	66	issn	issn	NOUN
arjefm-93	53	67	:	:	PUNCT
arjefm-93	53	68	2836	2836	NUM
arjefm-93	53	69	-	-	SYM
arjefm-93	53	70	9416	9416	NUM
arjefm-93	53	71	impact	impact	NOUN
arjefm-93	53	72	factor	factor	NOUN
arjefm-93	53	73	:	:	PUNCT
arjefm-93	53	74	5.57	5.57	NUM
arjefm-93	53	75	journal	journal	NOUN
arjefm-93	53	76	homepage	homepage	NOUN
arjefm-93	53	77	:	:	PUNCT
arjefm-93	53	78	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	53	79	,	,	PUNCT
arjefm-93	53	80	email	email	NOUN
arjefm-93	53	81	:	:	PUNCT
arjefm-93	53	82	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	53	83	official	official	ADJ
arjefm-93	53	84	journal	journal	PROPN
arjefm-93	53	85	of	of	ADP
arjefm-93	53	86	america	america	PROPN
arjefm-93	53	87	serial	serial	PROPN
arjefm-93	53	88	publication	publication	NOUN
arjefm-93	53	89	american	american	PROPN
arjefm-93	53	90	research	research	PROPN
arjefm-93	53	91	journal	journal	PROPN
arjefm-93	53	92	of	of	ADP
arjefm-93	53	93	economics	economic	NOUN
arjefm-93	53	94	,	,	PUNCT
arjefm-93	53	95	finance	finance	NOUN
arjefm-93	53	96	and	and	CCONJ
arjefm-93	53	97	management	management	NOUN
arjefm-93	53	98	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	53	99	,	,	PUNCT
arjefm-93	53	100	email	email	NOUN
arjefm-93	53	101	:	:	PUNCT
arjefm-93	53	102	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	54	1	37	37	NUM
arjefm-93	55	1	|	|	ADV
arjefm-93	55	2	p	p	NOUN
arjefm-93	55	3	a	a	DET
arjefm-93	55	4	g	g	NOUN
arjefm-93	55	5	e	e	NOUN
arjefm-93	55	6	are	be	AUX
arjefm-93	55	7	presented	present	VERB
arjefm-93	55	8	in	in	ADP
arjefm-93	55	9	section	section	NOUN
arjefm-93	55	10	4	4	NUM
arjefm-93	55	11	.	.	PUNCT
arjefm-93	55	12	section	section	NOUN
arjefm-93	55	13	5	5	NUM
arjefm-93	55	14	reports	report	VERB
arjefm-93	55	15	the	the	DET
arjefm-93	55	16	results	result	NOUN
arjefm-93	55	17	.	.	PUNCT
arjefm-93	56	1	finally	finally	ADV
arjefm-93	56	2	,	,	PUNCT
arjefm-93	56	3	the	the	DET
arjefm-93	56	4	conclusion	conclusion	NOUN
arjefm-93	56	5	is	be	AUX
arjefm-93	56	6	presented	present	VERB
arjefm-93	56	7	in	in	ADP
arjefm-93	56	8	section	section	NOUN
arjefm-93	56	9	6	6	NUM
arjefm-93	56	10	.	.	NOUN
arjefm-93	56	11	2	2	NUM
arjefm-93	56	12	.	.	NUM
arjefm-93	56	13	related	relate	VERB
arjefm-93	56	14	literature	literature	NOUN
arjefm-93	56	15	there	there	PRON
arjefm-93	56	16	are	be	VERB
arjefm-93	56	17	several	several	ADJ
arjefm-93	56	18	studies	study	NOUN
arjefm-93	56	19	which	which	PRON
arjefm-93	56	20	have	have	AUX
arjefm-93	56	21	handled	handle	VERB
arjefm-93	56	22	the	the	DET
arjefm-93	56	23	effects	effect	NOUN
arjefm-93	56	24	of	of	ADP
arjefm-93	56	25	capital	capital	NOUN
arjefm-93	56	26	requirements	requirement	NOUN
arjefm-93	56	27	upon	upon	SCONJ
arjefm-93	56	28	banking	banking	NOUN
arjefm-93	56	29	performance	performance	NOUN
arjefm-93	56	30	.	.	PUNCT
arjefm-93	57	1	to	to	PART
arjefm-93	57	2	begin	begin	VERB
arjefm-93	57	3	with	with	ADP
arjefm-93	57	4	some	some	PRON
arjefm-93	57	5	of	of	ADP
arjefm-93	57	6	them	they	PRON
arjefm-93	57	7	seek	seek	VERB
arjefm-93	57	8	the	the	DET
arjefm-93	57	9	degree	degree	NOUN
arjefm-93	57	10	on	on	ADP
arjefm-93	57	11	which	which	PRON
arjefm-93	57	12	capital	capital	NOUN
arjefm-93	57	13	requirement	requirement	NOUN
arjefm-93	57	14	levels	level	NOUN
arjefm-93	57	15	affect	affect	VERB
arjefm-93	57	16	the	the	DET
arjefm-93	57	17	profitability	profitability	NOUN
arjefm-93	57	18	of	of	ADP
arjefm-93	57	19	commercial	commercial	ADJ
arjefm-93	57	20	banks	bank	NOUN
arjefm-93	57	21	.	.	PUNCT
arjefm-93	58	1	for	for	ADP
arjefm-93	58	2	example	example	NOUN
arjefm-93	58	3	,	,	PUNCT
arjefm-93	58	4	rojas	rojas	PROPN
arjefm-93	58	5	-	-	PUNCT
arjefm-93	58	6	suarez	suarez	PROPN
arjefm-93	58	7	(	(	PUNCT
arjefm-93	58	8	2002	2002	NUM
arjefm-93	58	9	)	)	PUNCT
arjefm-93	58	10	argued	argue	VERB
arjefm-93	58	11	that	that	SCONJ
arjefm-93	58	12	capital	capital	NOUN
arjefm-93	58	13	standards	standard	NOUN
arjefm-93	58	14	are	be	AUX
arjefm-93	58	15	not	not	PART
arjefm-93	58	16	found	find	VERB
arjefm-93	58	17	to	to	PART
arjefm-93	58	18	strengthen	strengthen	VERB
arjefm-93	58	19	banks	bank	NOUN
arjefm-93	58	20	in	in	ADP
arjefm-93	58	21	emerging	emerge	VERB
arjefm-93	58	22	countries	country	NOUN
arjefm-93	58	23	when	when	SCONJ
arjefm-93	58	24	chiuri	chiuri	PROPN
arjefm-93	58	25	et	et	PROPN
arjefm-93	58	26	al	al	PROPN
arjefm-93	58	27	.	.	PROPN
arjefm-93	59	1	(	(	PUNCT
arjefm-93	59	2	2002	2002	NUM
arjefm-93	59	3	)	)	PUNCT
arjefm-93	59	4	found	find	VERB
arjefm-93	59	5	that	that	SCONJ
arjefm-93	59	6	the	the	DET
arjefm-93	59	7	enforcement	enforcement	NOUN
arjefm-93	59	8	of	of	ADP
arjefm-93	59	9	capital	capital	NOUN
arjefm-93	59	10	requirements	requirement	NOUN
arjefm-93	59	11	is	be	AUX
arjefm-93	59	12	found	find	VERB
arjefm-93	59	13	to	to	PART
arjefm-93	59	14	reduce	reduce	VERB
arjefm-93	59	15	the	the	DET
arjefm-93	59	16	supply	supply	NOUN
arjefm-93	59	17	of	of	ADP
arjefm-93	59	18	finance	finance	NOUN
arjefm-93	59	19	;	;	PUNCT
arjefm-93	59	20	to	to	PART
arjefm-93	59	21	help	help	VERB
arjefm-93	59	22	prevent	prevent	VERB
arjefm-93	59	23	negative	negative	ADJ
arjefm-93	59	24	macroeconomic	macroeconomic	ADJ
arjefm-93	59	25	effects	effect	NOUN
arjefm-93	59	26	,	,	PUNCT
arjefm-93	59	27	capital	capital	NOUN
arjefm-93	59	28	requirements	requirement	NOUN
arjefm-93	59	29	should	should	AUX
arjefm-93	59	30	be	be	AUX
arjefm-93	59	31	phased	phase	VERB
arjefm-93	59	32	in	in	ADP
arjefm-93	59	33	gradually	gradually	ADV
arjefm-93	59	34	.	.	PUNCT
arjefm-93	60	1	the	the	DET
arjefm-93	60	2	worst	bad	ADJ
arjefm-93	60	3	impact	impact	NOUN
arjefm-93	60	4	is	be	AUX
arjefm-93	60	5	usually	usually	ADV
arjefm-93	60	6	felt	feel	VERB
arjefm-93	60	7	when	when	SCONJ
arjefm-93	60	8	capital	capital	NOUN
arjefm-93	60	9	requirements	requirement	NOUN
arjefm-93	60	10	are	be	AUX
arjefm-93	60	11	implemented	implement	VERB
arjefm-93	60	12	in	in	ADP
arjefm-93	60	13	the	the	DET
arjefm-93	60	14	aftermath	aftermath	NOUN
arjefm-93	60	15	of	of	ADP
arjefm-93	60	16	a	a	DET
arjefm-93	60	17	crisis	crisis	NOUN
arjefm-93	60	18	.	.	PUNCT
arjefm-93	61	1	in	in	ADP
arjefm-93	61	2	response	response	NOUN
arjefm-93	61	3	to	to	ADP
arjefm-93	61	4	the	the	DET
arjefm-93	61	5	deposit	deposit	NOUN
arjefm-93	61	6	insurance	insurance	NOUN
arjefm-93	61	7	post	post	NOUN
arjefm-93	61	8	crisis	crisis	NOUN
arjefm-93	61	9	,	,	PUNCT
arjefm-93	61	10	demirguc	demirguc	PROPN
arjefm-93	61	11	-	-	PUNCT
arjefm-93	61	12	kunt	kunt	PROPN
arjefm-93	61	13	and	and	CCONJ
arjefm-93	61	14	kane	kane	PROPN
arjefm-93	61	15	(	(	PUNCT
arjefm-93	61	16	2002	2002	NUM
arjefm-93	61	17	)	)	PUNCT
arjefm-93	61	18	challenge	challenge	VERB
arjefm-93	61	19	the	the	DET
arjefm-93	61	20	rationale	rationale	NOUN
arjefm-93	61	21	of	of	ADP
arjefm-93	61	22	encouraging	encourage	VERB
arjefm-93	61	23	countries	country	NOUN
arjefm-93	61	24	to	to	PART
arjefm-93	61	25	adopt	adopt	VERB
arjefm-93	61	26	explicit	explicit	ADJ
arjefm-93	61	27	deposit	deposit	NOUN
arjefm-93	61	28	insurance	insurance	NOUN
arjefm-93	61	29	without	without	ADP
arjefm-93	61	30	first	first	ADV
arjefm-93	61	31	addressing	address	VERB
arjefm-93	61	32	supervisory	supervisory	ADJ
arjefm-93	61	33	and	and	CCONJ
arjefm-93	61	34	institutional	institutional	ADJ
arjefm-93	61	35	financial	financial	ADJ
arjefm-93	61	36	weaknesses	weakness	NOUN
arjefm-93	61	37	.	.	PUNCT
arjefm-93	62	1	‘	'	PUNCT
arjefm-93	62	2	weak	weak	ADJ
arjefm-93	62	3	’	'	PUNCT
arjefm-93	62	4	countries	country	NOUN
arjefm-93	62	5	that	that	PRON
arjefm-93	62	6	adopt	adopt	VERB
arjefm-93	62	7	explicit	explicit	ADJ
arjefm-93	62	8	deposit	deposit	NOUN
arjefm-93	62	9	insurance	insurance	NOUN
arjefm-93	62	10	usually	usually	ADV
arjefm-93	62	11	find	find	VERB
arjefm-93	62	12	that	that	SCONJ
arjefm-93	62	13	the	the	DET
arjefm-93	62	14	economic	economic	ADJ
arjefm-93	62	15	conditions	condition	NOUN
arjefm-93	62	16	subsequently	subsequently	ADV
arjefm-93	62	17	suffer	suffer	VERB
arjefm-93	62	18	because	because	SCONJ
arjefm-93	62	19	private	private	ADJ
arjefm-93	62	20	sector	sector	NOUN
arjefm-93	62	21	monitoring	monitoring	NOUN
arjefm-93	62	22	is	be	AUX
arjefm-93	62	23	replaced	replace	VERB
arjefm-93	62	24	with	with	ADP
arjefm-93	62	25	poorquality	poorquality	NOUN
arjefm-93	62	26	government	government	NOUN
arjefm-93	62	27	monitoring	monitoring	NOUN
arjefm-93	62	28	(	(	PUNCT
arjefm-93	62	29	cullet	cullet	NOUN
arjefm-93	62	30	al	al	PROPN
arjefm-93	62	31	.	.	PROPN
arjefm-93	62	32	,	,	PUNCT
arjefm-93	62	33	2002	2002	NUM
arjefm-93	62	34	;	;	PUNCT
arjefm-93	62	35	laeven	laeven	ADJ
arjefm-93	62	36	,	,	PUNCT
arjefm-93	62	37	2002	2002	NUM
arjefm-93	62	38	)	)	PUNCT
arjefm-93	62	39	.	.	PUNCT
arjefm-93	63	1	several	several	ADJ
arjefm-93	63	2	studies	study	NOUN
arjefm-93	63	3	in	in	ADP
arjefm-93	63	4	this	this	DET
arjefm-93	63	5	category	category	NOUN
arjefm-93	63	6	offer	offer	VERB
arjefm-93	63	7	a	a	DET
arjefm-93	63	8	descriptive	descriptive	ADJ
arjefm-93	63	9	debate	debate	NOUN
arjefm-93	63	10	over	over	ADP
arjefm-93	63	11	arbitrary	arbitrary	ADJ
arjefm-93	63	12	balance	balance	NOUN
arjefm-93	63	13	of	of	ADP
arjefm-93	63	14	regulation	regulation	NOUN
arjefm-93	63	15	(	(	PUNCT
arjefm-93	63	16	e.g.	e.g.	ADV
arjefm-93	63	17	di	di	X
arjefm-93	63	18	noia	noia	PROPN
arjefm-93	63	19	&	&	CCONJ
arjefm-93	63	20	di	di	X
arjefm-93	63	21	giorgio	giorgio	PROPN
arjefm-93	63	22	,	,	PUNCT
arjefm-93	63	23	1999	1999	NUM
arjefm-93	63	24	;	;	PUNCT
arjefm-93	63	25	de	de	PROPN
arjefm-93	63	26	bondt&prast	bondt&prast	PROPN
arjefm-93	63	27	,	,	PUNCT
arjefm-93	63	28	2000	2000	NUM
arjefm-93	63	29	inter	inter	NOUN
arjefm-93	63	30	alia	alia	NOUN
arjefm-93	63	31	)	)	PUNCT
arjefm-93	63	32	.	.	PUNCT
arjefm-93	64	1	ferri	ferri	PROPN
arjefm-93	64	2	et	et	PROPN
arjefm-93	64	3	al	al	PROPN
arjefm-93	64	4	.	.	PROPN
arjefm-93	65	1	(	(	PUNCT
arjefm-93	65	2	2001	2001	NUM
arjefm-93	65	3	)	)	PUNCT
arjefm-93	65	4	argue	argue	VERB
arjefm-93	65	5	that	that	SCONJ
arjefm-93	65	6	the	the	DET
arjefm-93	65	7	linking	linking	NOUN
arjefm-93	65	8	of	of	ADP
arjefm-93	65	9	bank	bank	NOUN
arjefm-93	65	10	capital	capital	NOUN
arjefm-93	65	11	requirements	requirement	NOUN
arjefm-93	65	12	to	to	ADP
arjefm-93	65	13	private	private	ADJ
arjefm-93	65	14	sector	sector	NOUN
arjefm-93	65	15	ratings	rating	NOUN
arjefm-93	65	16	would	would	AUX
arjefm-93	65	17	prove	prove	VERB
arjefm-93	65	18	undesirable	undesirable	ADJ
arjefm-93	65	19	for	for	ADP
arjefm-93	65	20	non	non	ADJ
arjefm-93	65	21	-	-	ADJ
arjefm-93	65	22	high	high	ADJ
arjefm-93	65	23	-	-	PUNCT
arjefm-93	65	24	income	income	NOUN
arjefm-93	65	25	countries	country	NOUN
arjefm-93	65	26	.	.	PUNCT
arjefm-93	66	1	corporate	corporate	ADJ
arjefm-93	66	2	and	and	CCONJ
arjefm-93	66	3	bank	bank	NOUN
arjefm-93	66	4	ratings	rating	NOUN
arjefm-93	66	5	in	in	ADP
arjefm-93	66	6	low	low	ADJ
arjefm-93	66	7	-	-	PUNCT
arjefm-93	66	8	income	income	NOUN
arjefm-93	66	9	countries	country	NOUN
arjefm-93	66	10	are	be	AUX
arjefm-93	66	11	not	not	PART
arjefm-93	66	12	updated	update	VERB
arjefm-93	66	13	as	as	ADV
arjefm-93	66	14	often	often	ADV
arjefm-93	66	15	or	or	CCONJ
arjefm-93	66	16	as	as	ADV
arjefm-93	66	17	extensively	extensively	ADV
arjefm-93	66	18	as	as	ADP
arjefm-93	66	19	high	high	ADJ
arjefm-93	66	20	-	-	PUNCT
arjefm-93	66	21	income	income	NOUN
arjefm-93	66	22	countries	country	NOUN
arjefm-93	66	23	.	.	PUNCT
arjefm-93	67	1	accordingly	accordingly	ADV
arjefm-93	67	2	,	,	PUNCT
arjefm-93	67	3	banks	bank	NOUN
arjefm-93	67	4	in	in	ADP
arjefm-93	67	5	lower	low	ADJ
arjefm-93	67	6	-	-	PUNCT
arjefm-93	67	7	income	income	NOUN
arjefm-93	67	8	countries	country	NOUN
arjefm-93	67	9	with	with	ADP
arjefm-93	67	10	improved	improved	ADJ
arjefm-93	67	11	asset	asset	NOUN
arjefm-93	67	12	quality	quality	NOUN
arjefm-93	67	13	would	would	AUX
arjefm-93	67	14	be	be	AUX
arjefm-93	67	15	disadvantaged	disadvantage	VERB
arjefm-93	67	16	.	.	PUNCT
arjefm-93	68	1	analysis	analysis	NOUN
arjefm-93	68	2	of	of	ADP
arjefm-93	68	3	explicit	explicit	ADJ
arjefm-93	68	4	or	or	CCONJ
arjefm-93	68	5	implicit	implicit	ADJ
arjefm-93	68	6	deposit	deposit	NOUN
arjefm-93	68	7	insurance	insurance	NOUN
arjefm-93	68	8	is	be	AUX
arjefm-93	68	9	a	a	DET
arjefm-93	68	10	familiar	familiar	ADJ
arjefm-93	68	11	regulatory	regulatory	ADJ
arjefm-93	68	12	theme	theme	NOUN
arjefm-93	68	13	in	in	ADP
arjefm-93	68	14	regard	regard	NOUN
arjefm-93	68	15	to	to	ADP
arjefm-93	68	16	risk	risk	NOUN
arjefm-93	68	17	-	-	PUNCT
arjefm-93	68	18	shifting	shift	VERB
arjefm-93	68	19	within	within	ADP
arjefm-93	68	20	an	an	DET
arjefm-93	68	21	economy	economy	NOUN
arjefm-93	68	22	.	.	PUNCT
arjefm-93	69	1	explicit	explicit	ADJ
arjefm-93	69	2	deposit	deposit	NOUN
arjefm-93	69	3	insurance	insurance	NOUN
arjefm-93	69	4	occurs	occur	VERB
arjefm-93	69	5	when	when	SCONJ
arjefm-93	69	6	a	a	DET
arjefm-93	69	7	government	government	NOUN
arjefm-93	69	8	guarantees	guarantee	VERB
arjefm-93	69	9	the	the	DET
arjefm-93	69	10	safety	safety	NOUN
arjefm-93	69	11	of	of	ADP
arjefm-93	69	12	bank	bank	NOUN
arjefm-93	69	13	deposits	deposit	NOUN
arjefm-93	69	14	.	.	PUNCT
arjefm-93	70	1	the	the	DET
arjefm-93	70	2	level	level	NOUN
arjefm-93	70	3	of	of	ADP
arjefm-93	70	4	coverage	coverage	NOUN
arjefm-93	70	5	may	may	AUX
arjefm-93	70	6	vary	vary	VERB
arjefm-93	70	7	between	between	ADP
arjefm-93	70	8	different	different	ADJ
arjefm-93	70	9	types	type	NOUN
arjefm-93	70	10	of	of	ADP
arjefm-93	70	11	depositors	depositor	NOUN
arjefm-93	70	12	and	and	CCONJ
arjefm-93	70	13	banks	bank	NOUN
arjefm-93	70	14	to	to	PART
arjefm-93	70	15	avoid	avoid	VERB
arjefm-93	70	16	bank	bank	NOUN
arjefm-93	70	17	runs	run	NOUN
arjefm-93	70	18	but	but	CCONJ
arjefm-93	70	19	not	not	PART
arjefm-93	70	20	without	without	ADP
arjefm-93	70	21	moral	moral	ADJ
arjefm-93	70	22	hazard	hazard	NOUN
arjefm-93	70	23	issues	issue	NOUN
arjefm-93	70	24	to	to	PART
arjefm-93	70	25	contend	contend	VERB
arjefm-93	70	26	(	(	PUNCT
arjefm-93	70	27	laeven	laeven	ADJ
arjefm-93	70	28	,	,	PUNCT
arjefm-93	70	29	2002	2002	NUM
arjefm-93	70	30	)	)	PUNCT
arjefm-93	70	31	.	.	PUNCT
arjefm-93	71	1	implicit	implicit	ADJ
arjefm-93	71	2	deposit	deposit	NOUN
arjefm-93	71	3	insurance	insurance	NOUN
arjefm-93	71	4	entails	entail	VERB
arjefm-93	71	5	uninsured	uninsured	ADJ
arjefm-93	71	6	deposits	deposit	NOUN
arjefm-93	71	7	.	.	PUNCT
arjefm-93	72	1	the	the	DET
arjefm-93	72	2	expectation	expectation	NOUN
arjefm-93	72	3	of	of	ADP
arjefm-93	72	4	government	government	NOUN
arjefm-93	72	5	bailout	bailout	NOUN
arjefm-93	72	6	of	of	ADP
arjefm-93	72	7	the	the	DET
arjefm-93	72	8	depositor	depositor	NOUN
arjefm-93	72	9	is	be	AUX
arjefm-93	72	10	extremely	extremely	ADV
arjefm-93	72	11	high	high	ADJ
arjefm-93	72	12	in	in	ADP
arjefm-93	72	13	eastern	eastern	PROPN
arjefm-93	72	14	europe	europe	PROPN
arjefm-93	72	15	and	and	CCONJ
arjefm-93	72	16	latin	latin	PROPN
arjefm-93	72	17	america	america	PROPN
arjefm-93	72	18	and	and	CCONJ
arjefm-93	72	19	moderately	moderately	ADV
arjefm-93	72	20	high	high	ADJ
arjefm-93	72	21	in	in	ADP
arjefm-93	72	22	asia	asia	PROPN
arjefm-93	72	23	and	and	CCONJ
arjefm-93	72	24	africa	africa	PROPN
arjefm-93	72	25	(	(	PUNCT
arjefm-93	72	26	hovakimian	hovakimian	PROPN
arjefm-93	72	27	et	et	PROPN
arjefm-93	72	28	al	al	PROPN
arjefm-93	72	29	.	.	PROPN
arjefm-93	72	30	,	,	PUNCT
arjefm-93	72	31	2003	2003	NUM
arjefm-93	72	32	)	)	PUNCT
arjefm-93	72	33	.	.	PUNCT
arjefm-93	73	1	it	it	PRON
arjefm-93	73	2	is	be	AUX
arjefm-93	73	3	recommended	recommend	VERB
arjefm-93	73	4	that	that	SCONJ
arjefm-93	73	5	banking	banking	NOUN
arjefm-93	73	6	supervision	supervision	NOUN
arjefm-93	73	7	should	should	AUX
arjefm-93	73	8	be	be	AUX
arjefm-93	73	9	assigned	assign	VERB
arjefm-93	73	10	to	to	ADP
arjefm-93	73	11	an	an	DET
arjefm-93	73	12	agency	agency	NOUN
arjefm-93	73	13	formally	formally	ADV
arjefm-93	73	14	separated	separate	VERB
arjefm-93	73	15	from	from	ADP
arjefm-93	73	16	the	the	DET
arjefm-93	73	17	central	central	ADJ
arjefm-93	73	18	bank	bank	NOUN
arjefm-93	73	19	because	because	SCONJ
arjefm-93	73	20	the	the	DET
arjefm-93	73	21	inflation	inflation	NOUN
arjefm-93	73	22	rate	rate	NOUN
arjefm-93	73	23	is	be	AUX
arjefm-93	73	24	higher	high	ADJ
arjefm-93	73	25	and	and	CCONJ
arjefm-93	73	26	more	more	ADV
arjefm-93	73	27	volatile	volatile	ADJ
arjefm-93	73	28	in	in	ADP
arjefm-93	73	29	countries	country	NOUN
arjefm-93	73	30	where	where	SCONJ
arjefm-93	73	31	the	the	DET
arjefm-93	73	32	central	central	ADJ
arjefm-93	73	33	bank	bank	NOUN
arjefm-93	73	34	acts	act	VERB
arjefm-93	73	35	as	as	ADP
arjefm-93	73	36	a	a	DET
arjefm-93	73	37	monopolist	monopolist	ADJ
arjefm-93	73	38	regulator	regulator	NOUN
arjefm-93	73	39	.	.	PUNCT
arjefm-93	74	1	not	not	PART
arjefm-93	74	2	all	all	DET
arjefm-93	74	3	countries	country	NOUN
arjefm-93	74	4	can	can	AUX
arjefm-93	74	5	afford	afford	VERB
arjefm-93	74	6	deposit	deposit	NOUN
arjefm-93	74	7	insurance	insurance	NOUN
arjefm-93	74	8	,	,	PUNCT
arjefm-93	74	9	especially	especially	ADV
arjefm-93	74	10	those	those	PRON
arjefm-93	74	11	with	with	ADP
arjefm-93	74	12	weak	weak	ADJ
arjefm-93	74	13	banks	bank	NOUN
arjefm-93	74	14	and	and	CCONJ
arjefm-93	74	15	regulators	regulator	NOUN
arjefm-93	74	16	(	(	PUNCT
arjefm-93	74	17	di	di	X
arjefm-93	74	18	noia	noia	PROPN
arjefm-93	74	19	&	&	CCONJ
arjefm-93	74	20	di	di	X
arjefm-93	74	21	giorgio	giorgio	PROPN
arjefm-93	74	22	,	,	PUNCT
arjefm-93	74	23	1999	1999	NUM
arjefm-93	74	24	)	)	PUNCT
arjefm-93	74	25	.	.	PUNCT
arjefm-93	75	1	moreover	moreover	ADV
arjefm-93	75	2	,	,	PUNCT
arjefm-93	75	3	one	one	NUM
arjefm-93	75	4	part	part	NOUN
arjefm-93	75	5	of	of	ADP
arjefm-93	75	6	literature	literature	NOUN
arjefm-93	75	7	argues	argue	VERB
arjefm-93	75	8	that	that	SCONJ
arjefm-93	75	9	there	there	PRON
arjefm-93	75	10	are	be	VERB
arjefm-93	75	11	significant	significant	ADJ
arjefm-93	75	12	macroeconomic	macroeconomic	ADJ
arjefm-93	75	13	benefits	benefit	NOUN
arjefm-93	75	14	from	from	ADP
arjefm-93	75	15	raising	raise	VERB
arjefm-93	75	16	bank	bank	NOUN
arjefm-93	75	17	equity	equity	NOUN
arjefm-93	75	18	.	.	PUNCT
arjefm-93	76	1	higher	high	ADJ
arjefm-93	76	2	capital	capital	NOUN
arjefm-93	76	3	requirements	requirement	NOUN
arjefm-93	76	4	lower	low	ADJ
arjefm-93	76	5	leverage	leverage	NOUN
arjefm-93	76	6	and	and	CCONJ
arjefm-93	76	7	the	the	DET
arjefm-93	76	8	risk	risk	NOUN
arjefm-93	76	9	of	of	ADP
arjefm-93	76	10	bank	bank	NOUN
arjefm-93	76	11	bankruptcies	bankruptcy	NOUN
arjefm-93	76	12	(	(	PUNCT
arjefm-93	76	13	e.g.	e.g.	ADV
arjefm-93	76	14	admati	admati	PROPN
arjefm-93	76	15	et	et	PROPN
arjefm-93	76	16	al	al	PROPN
arjefm-93	76	17	.	.	PROPN
arjefm-93	76	18	,	,	PUNCT
arjefm-93	76	19	2010	2010	NUM
arjefm-93	76	20	)	)	PUNCT
arjefm-93	76	21	.	.	PUNCT
arjefm-93	77	1	another	another	DET
arjefm-93	77	2	part	part	NOUN
arjefm-93	77	3	of	of	ADP
arjefm-93	77	4	literature	literature	NOUN
arjefm-93	77	5	points	point	VERB
arjefm-93	77	6	out	out	ADP
arjefm-93	77	7	that	that	SCONJ
arjefm-93	77	8	there	there	PRON
arjefm-93	77	9	could	could	AUX
arjefm-93	77	10	be	be	AUX
arjefm-93	77	11	a	a	DET
arjefm-93	77	12	significant	significant	ADJ
arjefm-93	77	13	cost	cost	NOUN
arjefm-93	77	14	of	of	ADP
arjefm-93	77	15	implementing	implement	VERB
arjefm-93	77	16	a	a	DET
arjefm-93	77	17	regime	regime	NOUN
arjefm-93	77	18	with	with	ADP
arjefm-93	77	19	higher	high	ADJ
arjefm-93	77	20	capital	capital	NOUN
arjefm-93	77	21	requirements	requirement	NOUN
arjefm-93	77	22	(	(	PUNCT
arjefm-93	77	23	i.e.	i.e.	X
arjefm-93	77	24	bis	bis	ADJ
arjefm-93	77	25	,	,	PUNCT
arjefm-93	77	26	2010a	2010a	NUM
arjefm-93	77	27	)	)	PUNCT
arjefm-93	77	28	.	.	PUNCT
arjefm-93	78	1	higher	high	ADJ
arjefm-93	78	2	capital	capital	NOUN
arjefm-93	78	3	requirements	requirement	NOUN
arjefm-93	78	4	will	will	AUX
arjefm-93	78	5	increase	increase	VERB
arjefm-93	78	6	banks	bank	NOUN
arjefm-93	78	7	’	'	PUNCT
arjefm-93	78	8	marginal	marginal	ADJ
arjefm-93	78	9	cost	cost	NOUN
arjefm-93	78	10	of	of	ADP
arjefm-93	78	11	loans	loan	NOUN
arjefm-93	78	12	if	if	SCONJ
arjefm-93	78	13	the	the	DET
arjefm-93	78	14	marginal	marginal	ADJ
arjefm-93	78	15	cost	cost	NOUN
arjefm-93	78	16	of	of	ADP
arjefm-93	78	17	capital	capital	NOUN
arjefm-93	78	18	is	be	AUX
arjefm-93	78	19	greater	great	ADJ
arjefm-93	78	20	than	than	ADP
arjefm-93	78	21	the	the	DET
arjefm-93	78	22	marginal	marginal	ADJ
arjefm-93	78	23	cost	cost	NOUN
arjefm-93	78	24	of	of	ADP
arjefm-93	78	25	deposits	deposit	NOUN
arjefm-93	78	26	,	,	PUNCT
arjefm-93	78	27	i.e.	i.e.	X
arjefm-93	78	28	if	if	SCONJ
arjefm-93	78	29	there	there	PRON
arjefm-93	78	30	is	be	VERB
arjefm-93	78	31	a	a	DET
arjefm-93	78	32	net	net	ADJ
arjefm-93	78	33	cost	cost	NOUN
arjefm-93	78	34	of	of	ADP
arjefm-93	78	35	raising	raise	VERB
arjefm-93	78	36	capital	capital	NOUN
arjefm-93	78	37	.	.	PUNCT
arjefm-93	79	1	in	in	ADP
arjefm-93	79	2	that	that	DET
arjefm-93	79	3	case	case	NOUN
arjefm-93	79	4	,	,	PUNCT
arjefm-93	79	5	a	a	DET
arjefm-93	79	6	higher	high	ADJ
arjefm-93	79	7	cost	cost	NOUN
arjefm-93	79	8	of	of	ADP
arjefm-93	79	9	equity	equity	NOUN
arjefm-93	79	10	financing	financing	NOUN
arjefm-93	79	11	relative	relative	ADJ
arjefm-93	79	12	to	to	ADP
arjefm-93	79	13	debt	debt	NOUN
arjefm-93	79	14	financing	financing	NOUN
arjefm-93	79	15	would	would	AUX
arjefm-93	79	16	lead	lead	VERB
arjefm-93	79	17	banks	bank	NOUN
arjefm-93	79	18	to	to	PART
arjefm-93	79	19	raise	raise	VERB
arjefm-93	79	20	the	the	DET
arjefm-93	79	21	price	price	NOUN
arjefm-93	79	22	of	of	ADP
arjefm-93	79	23	their	their	PRON
arjefm-93	79	24	lending	lending	NOUN
arjefm-93	79	25	and	and	CCONJ
arjefm-93	79	26	could	could	AUX
arjefm-93	79	27	slow	slow	VERB
arjefm-93	79	28	loan	loan	NOUN
arjefm-93	79	29	growth	growth	NOUN
arjefm-93	79	30	and	and	CCONJ
arjefm-93	79	31	hold	hold	VERB
arjefm-93	79	32	back	back	ADP
arjefm-93	79	33	the	the	DET
arjefm-93	79	34	economic	economic	ADJ
arjefm-93	79	35	recovery	recovery	NOUN
arjefm-93	79	36	(	(	PUNCT
arjefm-93	79	37	angelini	angelini	NOUN
arjefm-93	79	38	et	et	PROPN
arjefm-93	79	39	al	al	PROPN
arjefm-93	79	40	.	.	PROPN
arjefm-93	79	41	,	,	PUNCT
arjefm-93	79	42	2011	2011	NUM
arjefm-93	79	43	)	)	PUNCT
arjefm-93	79	44	.	.	PUNCT
arjefm-93	80	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	81	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	82	1	american	american	PROPN
arjefm-93	82	2	research	research	PROPN
arjefm-93	82	3	journal	journal	PROPN
arjefm-93	82	4	of	of	ADP
arjefm-93	82	5	economics	economic	NOUN
arjefm-93	82	6	,	,	PUNCT
arjefm-93	82	7	finance	finance	NOUN
arjefm-93	82	8	and	and	CCONJ
arjefm-93	82	9	management	management	NOUN
arjefm-93	82	10	volume	volume	NOUN
arjefm-93	82	11	11	11	NUM
arjefm-93	82	12	issue	issue	NOUN
arjefm-93	82	13	4	4	NUM
arjefm-93	82	14	,	,	PUNCT
arjefm-93	82	15	october	october	PROPN
arjefm-93	82	16	-	-	PUNCT
arjefm-93	82	17	december	december	PROPN
arjefm-93	82	18	2023	2023	NUM
arjefm-93	82	19	issn	issn	NOUN
arjefm-93	82	20	:	:	PUNCT
arjefm-93	82	21	2836	2836	NUM
arjefm-93	82	22	-	-	SYM
arjefm-93	82	23	9416	9416	NUM
arjefm-93	82	24	impact	impact	NOUN
arjefm-93	82	25	factor	factor	NOUN
arjefm-93	82	26	:	:	PUNCT
arjefm-93	82	27	5.57	5.57	NUM
arjefm-93	82	28	journal	journal	NOUN
arjefm-93	82	29	homepage	homepage	NOUN
arjefm-93	82	30	:	:	PUNCT
arjefm-93	82	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	82	32	,	,	PUNCT
arjefm-93	82	33	email	email	NOUN
arjefm-93	82	34	:	:	PUNCT
arjefm-93	83	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	83	2	official	official	ADJ
arjefm-93	83	3	journal	journal	PROPN
arjefm-93	83	4	of	of	ADP
arjefm-93	83	5	america	america	PROPN
arjefm-93	83	6	serial	serial	PROPN
arjefm-93	83	7	publication	publication	NOUN
arjefm-93	83	8	american	american	PROPN
arjefm-93	83	9	research	research	PROPN
arjefm-93	83	10	journal	journal	PROPN
arjefm-93	83	11	of	of	ADP
arjefm-93	83	12	economics	economic	NOUN
arjefm-93	83	13	,	,	PUNCT
arjefm-93	83	14	finance	finance	NOUN
arjefm-93	83	15	and	and	CCONJ
arjefm-93	83	16	management	management	NOUN
arjefm-93	83	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	83	18	,	,	PUNCT
arjefm-93	83	19	email	email	NOUN
arjefm-93	83	20	:	:	PUNCT
arjefm-93	83	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	84	1	38	38	NUM
arjefm-93	85	1	|	|	ADV
arjefm-93	85	2	p	p	NOUN
arjefm-93	85	3	a	a	DET
arjefm-93	85	4	g	g	NOUN
arjefm-93	85	5	e	e	ADP
arjefm-93	85	6	other	other	ADJ
arjefm-93	85	7	studies	study	NOUN
arjefm-93	85	8	have	have	AUX
arjefm-93	85	9	examined	examine	VERB
arjefm-93	85	10	the	the	DET
arjefm-93	85	11	impact	impact	NOUN
arjefm-93	85	12	of	of	ADP
arjefm-93	85	13	higher	high	ADJ
arjefm-93	85	14	capital	capital	NOUN
arjefm-93	85	15	requirements	requirement	NOUN
arjefm-93	85	16	on	on	ADP
arjefm-93	85	17	bank	bank	NOUN
arjefm-93	85	18	lending	lending	NOUN
arjefm-93	85	19	rates	rate	NOUN
arjefm-93	85	20	and	and	CCONJ
arjefm-93	85	21	the	the	DET
arjefm-93	85	22	volume	volume	NOUN
arjefm-93	85	23	of	of	ADP
arjefm-93	85	24	lending	lending	NOUN
arjefm-93	85	25	.	.	PUNCT
arjefm-93	86	1	kashyap	kashyap	PROPN
arjefm-93	86	2	et	et	PROPN
arjefm-93	86	3	al	al	PROPN
arjefm-93	86	4	.	.	PROPN
arjefm-93	87	1	(	(	PUNCT
arjefm-93	87	2	2010	2010	NUM
arjefm-93	87	3	)	)	PUNCT
arjefm-93	87	4	calibrate	calibrate	VERB
arjefm-93	87	5	key	key	ADJ
arjefm-93	87	6	parameters	parameter	NOUN
arjefm-93	87	7	of	of	ADP
arjefm-93	87	8	the	the	DET
arjefm-93	87	9	united	united	PROPN
arjefm-93	87	10	states	states	PROPN
arjefm-93	87	11	’	’	PART
arjefm-93	87	12	banking	banking	NOUN
arjefm-93	87	13	system	system	NOUN
arjefm-93	87	14	to	to	PART
arjefm-93	87	15	identify	identify	VERB
arjefm-93	87	16	the	the	DET
arjefm-93	87	17	impact	impact	NOUN
arjefm-93	87	18	of	of	ADP
arjefm-93	87	19	an	an	DET
arjefm-93	87	20	increase	increase	NOUN
arjefm-93	87	21	in	in	ADP
arjefm-93	87	22	the	the	DET
arjefm-93	87	23	equity	equity	NOUN
arjefm-93	87	24	-	-	PUNCT
arjefm-93	87	25	to	to	ADP
arjefm-93	87	26	-	-	PUNCT
arjefm-93	87	27	asset	asset	NOUN
arjefm-93	87	28	ratio	ratio	NOUN
arjefm-93	87	29	.	.	PUNCT
arjefm-93	88	1	they	they	PRON
arjefm-93	88	2	find	find	VERB
arjefm-93	88	3	an	an	DET
arjefm-93	88	4	upper	upper	ADJ
arjefm-93	88	5	bound	bind	VERB
arjefm-93	88	6	of	of	ADP
arjefm-93	88	7	6	6	NUM
arjefm-93	88	8	basis	basis	NOUN
arjefm-93	88	9	points	point	NOUN
arjefm-93	88	10	for	for	ADP
arjefm-93	88	11	the	the	DET
arjefm-93	88	12	increase	increase	NOUN
arjefm-93	88	13	in	in	ADP
arjefm-93	88	14	u.s	u.s	PROPN
arjefm-93	88	15	.	.	PROPN
arjefm-93	88	16	banks	bank	NOUN
arjefm-93	88	17	’	’	PART
arjefm-93	88	18	lending	lending	NOUN
arjefm-93	88	19	spreads	spread	NOUN
arjefm-93	88	20	following	follow	VERB
arjefm-93	88	21	an	an	DET
arjefm-93	88	22	increase	increase	NOUN
arjefm-93	88	23	in	in	ADP
arjefm-93	88	24	the	the	DET
arjefm-93	88	25	capital	capital	NOUN
arjefm-93	88	26	-	-	PUNCT
arjefm-93	88	27	to	to	ADP
arjefm-93	88	28	-	-	PUNCT
arjefm-93	88	29	asset	asset	NOUN
arjefm-93	88	30	ratio	ratio	NOUN
arjefm-93	88	31	in	in	ADP
arjefm-93	88	32	line	line	NOUN
arjefm-93	88	33	with	with	ADP
arjefm-93	88	34	that	that	PRON
arjefm-93	88	35	required	require	VERB
arjefm-93	88	36	under	under	ADP
arjefm-93	88	37	basel	basel	PROPN
arjefm-93	88	38	iii	iii	PROPN
arjefm-93	88	39	.	.	PROPN
arjefm-93	88	40	bis	bis	PROPN
arjefm-93	88	41	(	(	PUNCT
arjefm-93	88	42	2010a	2010a	NUM
arjefm-93	88	43	)	)	PUNCT
arjefm-93	88	44	estimates	estimate	VERB
arjefm-93	88	45	a	a	DET
arjefm-93	88	46	significantly	significantly	ADV
arjefm-93	88	47	higher	high	ADJ
arjefm-93	88	48	increase	increase	NOUN
arjefm-93	88	49	in	in	ADP
arjefm-93	88	50	the	the	DET
arjefm-93	88	51	lending	lending	NOUN
arjefm-93	88	52	spread	spread	VERB
arjefm-93	88	53	on	on	ADP
arjefm-93	88	54	the	the	DET
arjefm-93	88	55	order	order	NOUN
arjefm-93	88	56	of	of	ADP
arjefm-93	88	57	between	between	ADP
arjefm-93	88	58	12.2	12.2	NUM
arjefm-93	88	59	and	and	CCONJ
arjefm-93	88	60	15.5	15.5	NUM
arjefm-93	88	61	basis	basis	NOUN
arjefm-93	88	62	points	point	NOUN
arjefm-93	88	63	,	,	PUNCT
arjefm-93	88	64	based	base	VERB
arjefm-93	88	65	on	on	ADP
arjefm-93	88	66	simulations	simulation	NOUN
arjefm-93	88	67	with	with	ADP
arjefm-93	88	68	38	38	NUM
arjefm-93	88	69	macroeconomic	macroeconomic	ADJ
arjefm-93	88	70	models	model	NOUN
arjefm-93	88	71	maintained	maintain	VERB
arjefm-93	88	72	by	by	ADP
arjefm-93	88	73	the	the	DET
arjefm-93	88	74	central	central	ADJ
arjefm-93	88	75	banks	bank	NOUN
arjefm-93	88	76	of	of	ADP
arjefm-93	88	77	advanced	advanced	ADJ
arjefm-93	88	78	economies	economy	NOUN
arjefm-93	88	79	.	.	PUNCT
arjefm-93	89	1	angelini	angelini	PROPN
arjefm-93	89	2	et	et	PROPN
arjefm-93	89	3	al	al	PROPN
arjefm-93	89	4	.	.	PROPN
arjefm-93	90	1	(	(	PUNCT
arjefm-93	90	2	2011	2011	NUM
arjefm-93	90	3	)	)	PUNCT
arjefm-93	90	4	reports	report	VERB
arjefm-93	90	5	similar	similar	ADJ
arjefm-93	90	6	findings	finding	NOUN
arjefm-93	90	7	.	.	PUNCT
arjefm-93	91	1	similarly	similarly	ADV
arjefm-93	91	2	with	with	ADP
arjefm-93	91	3	the	the	DET
arjefm-93	91	4	help	help	NOUN
arjefm-93	91	5	of	of	ADP
arjefm-93	91	6	aggregate	aggregate	ADJ
arjefm-93	91	7	banking	banking	NOUN
arjefm-93	91	8	data	datum	NOUN
arjefm-93	91	9	slovik	slovik	NOUN
arjefm-93	91	10	and	and	CCONJ
arjefm-93	91	11	cournede	cournede	NOUN
arjefm-93	91	12	(	(	PUNCT
arjefm-93	91	13	2011	2011	NUM
arjefm-93	91	14	)	)	PUNCT
arjefm-93	91	15	use	use	VERB
arjefm-93	91	16	accounting	accounting	NOUN
arjefm-93	91	17	relations	relation	NOUN
arjefm-93	91	18	to	to	PART
arjefm-93	91	19	find	find	VERB
arjefm-93	91	20	that	that	SCONJ
arjefm-93	91	21	lending	lending	NOUN
arjefm-93	91	22	spreads	spread	NOUN
arjefm-93	91	23	could	could	AUX
arjefm-93	91	24	be	be	AUX
arjefm-93	91	25	expected	expect	VERB
arjefm-93	91	26	to	to	PART
arjefm-93	91	27	increase	increase	VERB
arjefm-93	91	28	by	by	ADP
arjefm-93	91	29	about	about	ADV
arjefm-93	91	30	15	15	NUM
arjefm-93	91	31	basis	basis	NOUN
arjefm-93	91	32	points	point	NOUN
arjefm-93	91	33	.	.	PUNCT
arjefm-93	92	1	several	several	ADJ
arjefm-93	92	2	papers	paper	NOUN
arjefm-93	92	3	have	have	AUX
arjefm-93	92	4	analyzed	analyze	VERB
arjefm-93	92	5	the	the	DET
arjefm-93	92	6	impact	impact	NOUN
arjefm-93	92	7	of	of	ADP
arjefm-93	92	8	monetary	monetary	ADJ
arjefm-93	92	9	policy	policy	NOUN
arjefm-93	92	10	on	on	ADP
arjefm-93	92	11	banks	bank	NOUN
arjefm-93	92	12	with	with	ADP
arjefm-93	92	13	capital	capital	NOUN
arjefm-93	92	14	constraints	constraint	NOUN
arjefm-93	92	15	ending	end	VERB
arjefm-93	92	16	in	in	ADP
arjefm-93	92	17	differing	differ	VERB
arjefm-93	92	18	conclusions	conclusion	NOUN
arjefm-93	92	19	.	.	PUNCT
arjefm-93	93	1	whether	whether	SCONJ
arjefm-93	93	2	monetary	monetary	ADJ
arjefm-93	93	3	policy	policy	NOUN
arjefm-93	93	4	affects	affect	VERB
arjefm-93	93	5	bank	bank	NOUN
arjefm-93	93	6	lending	lending	NOUN
arjefm-93	93	7	or	or	CCONJ
arjefm-93	93	8	not	not	PART
arjefm-93	93	9	depends	depend	VERB
arjefm-93	93	10	on	on	ADP
arjefm-93	93	11	the	the	DET
arjefm-93	93	12	assumption	assumption	NOUN
arjefm-93	93	13	that	that	SCONJ
arjefm-93	93	14	bank	bank	NOUN
arjefm-93	93	15	loans	loan	NOUN
arjefm-93	93	16	are	be	AUX
arjefm-93	93	17	financed	finance	VERB
arjefm-93	93	18	by	by	ADP
arjefm-93	93	19	reservable	reservable	NOUN
arjefm-93	93	20	deposits	deposit	NOUN
arjefm-93	93	21	or	or	CCONJ
arjefm-93	93	22	on	on	ADP
arjefm-93	93	23	the	the	DET
arjefm-93	93	24	imperfect	imperfect	ADJ
arjefm-93	93	25	elasticity	elasticity	NOUN
arjefm-93	93	26	of	of	ADP
arjefm-93	93	27	the	the	DET
arjefm-93	93	28	supply	supply	NOUN
arjefm-93	93	29	of	of	ADP
arjefm-93	93	30	non	non	ADJ
arjefm-93	93	31	-	-	ADJ
arjefm-93	93	32	reservable	reservable	ADJ
arjefm-93	93	33	deposits	deposit	NOUN
arjefm-93	93	34	.	.	PUNCT
arjefm-93	94	1	for	for	ADP
arjefm-93	94	2	example	example	NOUN
arjefm-93	94	3	,	,	PUNCT
arjefm-93	94	4	labadie	labadie	PROPN
arjefm-93	94	5	(	(	PUNCT
arjefm-93	94	6	1995	1995	NUM
arjefm-93	94	7	)	)	PUNCT
arjefm-93	94	8	using	use	VERB
arjefm-93	94	9	an	an	DET
arjefm-93	94	10	overlapping	overlap	VERB
arjefm-93	94	11	generations	generation	NOUN
arjefm-93	94	12	framework	framework	NOUN
arjefm-93	94	13	shows	show	VERB
arjefm-93	94	14	that	that	SCONJ
arjefm-93	94	15	the	the	DET
arjefm-93	94	16	addition	addition	NOUN
arjefm-93	94	17	of	of	ADP
arjefm-93	94	18	capital	capital	NOUN
arjefm-93	94	19	constraints	constraint	NOUN
arjefm-93	94	20	on	on	ADP
arjefm-93	94	21	banks	bank	NOUN
arjefm-93	94	22	has	have	VERB
arjefm-93	94	23	no	no	DET
arjefm-93	94	24	real	real	ADJ
arjefm-93	94	25	effect	effect	NOUN
arjefm-93	94	26	.	.	PUNCT
arjefm-93	95	1	this	this	DET
arjefm-93	95	2	result	result	NOUN
arjefm-93	95	3	hinges	hinge	VERB
arjefm-93	95	4	on	on	ADP
arjefm-93	95	5	the	the	DET
arjefm-93	95	6	assumption	assumption	NOUN
arjefm-93	95	7	that	that	SCONJ
arjefm-93	95	8	banks	bank	NOUN
arjefm-93	95	9	can	can	AUX
arjefm-93	95	10	costlessly	costlessly	ADV
arjefm-93	95	11	raise	raise	VERB
arjefm-93	95	12	equity	equity	NOUN
arjefm-93	95	13	or	or	CCONJ
arjefm-93	95	14	external	external	ADJ
arjefm-93	95	15	funds	fund	NOUN
arjefm-93	95	16	.	.	PUNCT
arjefm-93	96	1	on	on	ADP
arjefm-93	96	2	the	the	DET
arjefm-93	96	3	other	other	ADJ
arjefm-93	96	4	hand	hand	NOUN
arjefm-93	96	5	kopecky	kopecky	PROPN
arjefm-93	96	6	and	and	CCONJ
arjefm-93	96	7	vanhoose	vanhoose	NOUN
arjefm-93	96	8	(	(	PUNCT
arjefm-93	96	9	2004a	2004a	NUM
arjefm-93	96	10	,	,	PUNCT
arjefm-93	96	11	2004b	2004b	NUM
arjefm-93	96	12	)	)	PUNCT
arjefm-93	96	13	following	follow	VERB
arjefm-93	96	14	deterministic	deterministic	ADJ
arjefm-93	96	15	models	model	NOUN
arjefm-93	96	16	assume	assume	VERB
arjefm-93	96	17	an	an	DET
arjefm-93	96	18	increasing	increase	VERB
arjefm-93	96	19	marginal	marginal	ADJ
arjefm-93	96	20	cost	cost	NOUN
arjefm-93	96	21	of	of	ADP
arjefm-93	96	22	equity	equity	NOUN
arjefm-93	96	23	in	in	ADP
arjefm-93	96	24	a	a	DET
arjefm-93	96	25	competitive	competitive	ADJ
arjefm-93	96	26	banking	banking	NOUN
arjefm-93	96	27	industry	industry	NOUN
arjefm-93	96	28	with	with	ADP
arjefm-93	96	29	capital	capital	NOUN
arjefm-93	96	30	constraints	constraint	NOUN
arjefm-93	96	31	binding	bind	VERB
arjefm-93	96	32	in	in	ADP
arjefm-93	96	33	the	the	DET
arjefm-93	96	34	short	short	ADJ
arjefm-93	96	35	term	term	NOUN
arjefm-93	96	36	;	;	PUNCT
arjefm-93	96	37	monetary	monetary	ADJ
arjefm-93	96	38	policy	policy	NOUN
arjefm-93	96	39	in	in	ADP
arjefm-93	96	40	their	their	PRON
arjefm-93	96	41	framework	framework	NOUN
arjefm-93	96	42	has	have	VERB
arjefm-93	96	43	real	real	ADJ
arjefm-93	96	44	effects	effect	NOUN
arjefm-93	96	45	.	.	PUNCT
arjefm-93	97	1	thakor	thakor	NOUN
arjefm-93	97	2	(	(	PUNCT
arjefm-93	97	3	1996	1996	NUM
arjefm-93	97	4	)	)	PUNCT
arjefm-93	97	5	uses	use	VERB
arjefm-93	97	6	an	an	DET
arjefm-93	97	7	asymmetric	asymmetric	ADJ
arjefm-93	97	8	information	information	NOUN
arjefm-93	97	9	model	model	NOUN
arjefm-93	97	10	of	of	ADP
arjefm-93	97	11	bank	bank	NOUN
arjefm-93	97	12	lending	lending	NOUN
arjefm-93	97	13	but	but	CCONJ
arjefm-93	97	14	maintains	maintain	VERB
arjefm-93	97	15	the	the	DET
arjefm-93	97	16	assumption	assumption	NOUN
arjefm-93	97	17	of	of	ADP
arjefm-93	97	18	costly	costly	ADJ
arjefm-93	97	19	external	external	ADJ
arjefm-93	97	20	funds	fund	NOUN
arjefm-93	97	21	.	.	PUNCT
arjefm-93	98	1	he	he	PRON
arjefm-93	98	2	shows	show	VERB
arjefm-93	98	3	that	that	SCONJ
arjefm-93	98	4	monetary	monetary	ADJ
arjefm-93	98	5	policy	policy	NOUN
arjefm-93	98	6	impacts	impact	VERB
arjefm-93	98	7	bank	bank	NOUN
arjefm-93	98	8	lending	lending	NOUN
arjefm-93	98	9	.	.	PUNCT
arjefm-93	99	1	furthermore	furthermore	ADV
arjefm-93	99	2	,	,	PUNCT
arjefm-93	99	3	bolton	bolton	PROPN
arjefm-93	99	4	and	and	CCONJ
arjefm-93	99	5	freixas	freixas	PROPN
arjefm-93	99	6	(	(	PUNCT
arjefm-93	99	7	2006	2006	NUM
arjefm-93	99	8	)	)	PUNCT
arjefm-93	99	9	provide	provide	VERB
arjefm-93	99	10	an	an	DET
arjefm-93	99	11	asymmetric	asymmetric	ADJ
arjefm-93	99	12	information	information	NOUN
arjefm-93	99	13	explanation	explanation	NOUN
arjefm-93	99	14	for	for	ADP
arjefm-93	99	15	the	the	DET
arjefm-93	99	16	high	high	ADJ
arjefm-93	99	17	cost	cost	NOUN
arjefm-93	99	18	of	of	ADP
arjefm-93	99	19	external	external	ADJ
arjefm-93	99	20	funds	fund	NOUN
arjefm-93	99	21	for	for	ADP
arjefm-93	99	22	banks	bank	NOUN
arjefm-93	99	23	.	.	PUNCT
arjefm-93	100	1	in	in	ADP
arjefm-93	100	2	a	a	DET
arjefm-93	100	3	general	general	ADJ
arjefm-93	100	4	equilibrium	equilibrium	NOUN
arjefm-93	100	5	model	model	NOUN
arjefm-93	100	6	they	they	PRON
arjefm-93	100	7	demonstrate	demonstrate	VERB
arjefm-93	100	8	how	how	SCONJ
arjefm-93	100	9	an	an	DET
arjefm-93	100	10	open	open	ADJ
arjefm-93	100	11	market	market	NOUN
arjefm-93	100	12	sale	sale	NOUN
arjefm-93	100	13	of	of	ADP
arjefm-93	100	14	securities	security	NOUN
arjefm-93	100	15	decreases	decrease	VERB
arjefm-93	100	16	the	the	DET
arjefm-93	100	17	net	net	ADJ
arjefm-93	100	18	interest	interest	NOUN
arjefm-93	100	19	margin	margin	NOUN
arjefm-93	100	20	for	for	ADP
arjefm-93	100	21	the	the	DET
arjefm-93	100	22	bank	bank	NOUN
arjefm-93	100	23	which	which	PRON
arjefm-93	100	24	shifts	shift	NOUN
arjefm-93	100	25	lending	lend	VERB
arjefm-93	100	26	away	away	ADV
arjefm-93	100	27	from	from	ADP
arjefm-93	100	28	firms	firm	NOUN
arjefm-93	100	29	with	with	ADP
arjefm-93	100	30	poor	poor	ADJ
arjefm-93	100	31	projects	project	NOUN
arjefm-93	100	32	.	.	PUNCT
arjefm-93	101	1	on	on	ADP
arjefm-93	101	2	the	the	DET
arjefm-93	101	3	other	other	ADJ
arjefm-93	101	4	hand	hand	NOUN
arjefm-93	101	5	,	,	PUNCT
arjefm-93	101	6	firms	firm	NOUN
arjefm-93	101	7	with	with	ADP
arjefm-93	101	8	positive	positive	ADJ
arjefm-93	101	9	net	net	ADJ
arjefm-93	101	10	present	present	ADJ
arjefm-93	101	11	value	value	NOUN
arjefm-93	101	12	projects	project	NOUN
arjefm-93	101	13	as	as	ADV
arjefm-93	101	14	well	well	ADV
arjefm-93	101	15	as	as	ADP
arjefm-93	101	16	banks	bank	NOUN
arjefm-93	101	17	shift	shift	VERB
arjefm-93	101	18	away	away	ADV
arjefm-93	101	19	from	from	ADP
arjefm-93	101	20	bonds	bond	NOUN
arjefm-93	101	21	since	since	SCONJ
arjefm-93	101	22	they	they	PRON
arjefm-93	101	23	are	be	AUX
arjefm-93	101	24	crowded	crowd	VERB
arjefm-93	101	25	out	out	ADP
arjefm-93	101	26	by	by	ADP
arjefm-93	101	27	government	government	NOUN
arjefm-93	101	28	bonds	bond	NOUN
arjefm-93	101	29	.	.	PUNCT
arjefm-93	102	1	however	however	ADV
arjefm-93	102	2	,	,	PUNCT
arjefm-93	102	3	with	with	ADP
arjefm-93	102	4	the	the	DET
arjefm-93	102	5	total	total	ADJ
arjefm-93	102	6	capital	capital	NOUN
arjefm-93	102	7	constraint	constraint	NOUN
arjefm-93	102	8	always	always	ADV
arjefm-93	102	9	binding	bind	VERB
arjefm-93	102	10	,	,	PUNCT
arjefm-93	102	11	the	the	DET
arjefm-93	102	12	total	total	ADJ
arjefm-93	102	13	amount	amount	NOUN
arjefm-93	102	14	of	of	ADP
arjefm-93	102	15	lending	lending	NOUN
arjefm-93	102	16	does	do	AUX
arjefm-93	102	17	not	not	PART
arjefm-93	102	18	change	change	VERB
arjefm-93	102	19	.	.	PUNCT
arjefm-93	103	1	finally	finally	ADV
arjefm-93	103	2	,	,	PUNCT
arjefm-93	103	3	van	van	PROPN
arjefm-93	103	4	den	den	PROPN
arjefm-93	103	5	heuvel	heuvel	PROPN
arjefm-93	103	6	(	(	PUNCT
arjefm-93	103	7	2002	2002	NUM
arjefm-93	103	8	)	)	PUNCT
arjefm-93	103	9	using	use	VERB
arjefm-93	103	10	a	a	DET
arjefm-93	103	11	dynamic	dynamic	ADJ
arjefm-93	103	12	model	model	NOUN
arjefm-93	103	13	of	of	ADP
arjefm-93	103	14	banking	banking	NOUN
arjefm-93	103	15	analyses	analyse	VERB
arjefm-93	103	16	the	the	DET
arjefm-93	103	17	role	role	NOUN
arjefm-93	103	18	of	of	ADP
arjefm-93	103	19	bank	bank	NOUN
arjefm-93	103	20	capital	capital	NOUN
arjefm-93	103	21	channel	channel	NOUN
arjefm-93	103	22	in	in	ADP
arjefm-93	103	23	the	the	DET
arjefm-93	103	24	transmission	transmission	NOUN
arjefm-93	103	25	of	of	ADP
arjefm-93	103	26	monetary	monetary	ADJ
arjefm-93	103	27	policy	policy	NOUN
arjefm-93	103	28	.	.	PUNCT
arjefm-93	104	1	he	he	PRON
arjefm-93	104	2	shows	show	VERB
arjefm-93	104	3	simulations	simulation	NOUN
arjefm-93	104	4	in	in	ADP
arjefm-93	104	5	which	which	PRON
arjefm-93	104	6	the	the	DET
arjefm-93	104	7	resulting	result	VERB
arjefm-93	104	8	interest	interest	NOUN
arjefm-93	104	9	rate	rate	NOUN
arjefm-93	104	10	mismatch	mismatch	NOUN
arjefm-93	104	11	implies	imply	VERB
arjefm-93	104	12	that	that	SCONJ
arjefm-93	104	13	monetary	monetary	ADJ
arjefm-93	104	14	policy	policy	NOUN
arjefm-93	104	15	affects	affect	VERB
arjefm-93	104	16	the	the	DET
arjefm-93	104	17	supply	supply	NOUN
arjefm-93	104	18	of	of	ADP
arjefm-93	104	19	loans	loan	NOUN
arjefm-93	104	20	through	through	ADP
arjefm-93	104	21	its	its	PRON
arjefm-93	104	22	impact	impact	NOUN
arjefm-93	104	23	on	on	ADP
arjefm-93	104	24	the	the	DET
arjefm-93	104	25	value	value	NOUN
arjefm-93	104	26	of	of	ADP
arjefm-93	104	27	bank	bank	NOUN
arjefm-93	104	28	capital	capital	NOUN
arjefm-93	104	29	.	.	PUNCT
arjefm-93	105	1	3	3	X
arjefm-93	105	2	.	.	X
arjefm-93	105	3	data	datum	NOUN
arjefm-93	105	4	and	and	CCONJ
arjefm-93	105	5	descriptive	descriptive	ADJ
arjefm-93	105	6	statistics	statistic	NOUN
arjefm-93	105	7	annual	annual	ADJ
arjefm-93	105	8	data	datum	NOUN
arjefm-93	105	9	regarding	regard	VERB
arjefm-93	105	10	commercial	commercial	ADJ
arjefm-93	105	11	banks	bank	NOUN
arjefm-93	105	12	for	for	ADP
arjefm-93	105	13	a	a	DET
arjefm-93	105	14	number	number	NOUN
arjefm-93	105	15	of	of	ADP
arjefm-93	105	16	advanced	advanced	ADJ
arjefm-93	105	17	european	european	ADJ
arjefm-93	105	18	countries	country	NOUN
arjefm-93	105	19	are	be	AUX
arjefm-93	105	20	obtained	obtain	VERB
arjefm-93	105	21	from	from	ADP
arjefm-93	105	22	the	the	DET
arjefm-93	105	23	bankscope	bankscope	NOUN
arjefm-93	105	24	database	database	NOUN
arjefm-93	105	25	for	for	ADP
arjefm-93	105	26	the	the	DET
arjefm-93	105	27	2003	2003	NUM
arjefm-93	105	28	-	-	SYM
arjefm-93	105	29	2010	2010	NUM
arjefm-93	105	30	period	period	NOUN
arjefm-93	105	31	.	.	PUNCT
arjefm-93	106	1	two	two	NUM
arjefm-93	106	2	different	different	ADJ
arjefm-93	106	3	groupings	grouping	NOUN
arjefm-93	106	4	of	of	ADP
arjefm-93	106	5	banks	bank	NOUN
arjefm-93	106	6	are	be	AUX
arjefm-93	106	7	examined	examine	VERB
arjefm-93	106	8	.	.	PUNCT
arjefm-93	107	1	the	the	DET
arjefm-93	107	2	first	first	ADJ
arjefm-93	107	3	grouping	grouping	NOUN
arjefm-93	107	4	includes	include	VERB
arjefm-93	107	5	the	the	DET
arjefm-93	107	6	commercial	commercial	ADJ
arjefm-93	107	7	banks	bank	NOUN
arjefm-93	107	8	in	in	ADP
arjefm-93	107	9	a	a	DET
arjefm-93	107	10	group	group	NOUN
arjefm-93	107	11	of	of	ADP
arjefm-93	107	12	european	european	ADJ
arjefm-93	107	13	economies	economy	NOUN
arjefm-93	107	14	that	that	PRON
arjefm-93	107	15	experienced	experience	VERB
arjefm-93	107	16	a	a	DET
arjefm-93	107	17	banking	banking	NOUN
arjefm-93	107	18	crisis	crisis	NOUN
arjefm-93	107	19	between	between	ADP
arjefm-93	107	20	2007	2007	NUM
arjefm-93	107	21	and	and	CCONJ
arjefm-93	107	22	2010	2010	NUM
arjefm-93	107	23	.	.	PUNCT
arjefm-93	108	1	the	the	DET
arjefm-93	108	2	second	second	ADJ
arjefm-93	108	3	grouping	grouping	NOUN
arjefm-93	108	4	includes	include	VERB
arjefm-93	108	5	the	the	DET
arjefm-93	108	6	commercial	commercial	ADJ
arjefm-93	108	7	banks	bank	NOUN
arjefm-93	108	8	in	in	ADP
arjefm-93	108	9	a	a	DET
arjefm-93	108	10	group	group	NOUN
arjefm-93	108	11	of	of	ADP
arjefm-93	108	12	european	european	ADJ
arjefm-93	108	13	economies	economy	NOUN
arjefm-93	108	14	that	that	PRON
arjefm-93	108	15	did	do	AUX
arjefm-93	108	16	not	not	PART
arjefm-93	108	17	experience	experience	VERB
arjefm-93	108	18	a	a	DET
arjefm-93	108	19	banking	banking	NOUN
arjefm-93	108	20	crisis	crisis	NOUN
arjefm-93	108	21	between	between	ADP
arjefm-93	108	22	2007	2007	NUM
arjefm-93	108	23	and	and	CCONJ
arjefm-93	108	24	2010	2010	NUM
arjefm-93	108	25	.	.	PUNCT
arjefm-93	109	1	the	the	DET
arjefm-93	109	2	sample	sample	NOUN
arjefm-93	109	3	consisted	consist	VERB
arjefm-93	109	4	of	of	ADP
arjefm-93	109	5	advanced	advanced	ADJ
arjefm-93	109	6	european	european	ADJ
arjefm-93	109	7	economies	economy	NOUN
arjefm-93	109	8	where	where	SCONJ
arjefm-93	109	9	the	the	DET
arjefm-93	109	10	amount	amount	NOUN
arjefm-93	109	11	of	of	ADP
arjefm-93	109	12	available	available	ADJ
arjefm-93	109	13	information	information	NOUN
arjefm-93	109	14	was	be	AUX
arjefm-93	109	15	sufficient	sufficient	ADJ
arjefm-93	109	16	for	for	ADP
arjefm-93	109	17	performing	perform	VERB
arjefm-93	109	18	all	all	DET
arjefm-93	109	19	necessary	necessary	ADJ
arjefm-93	109	20	calculations	calculation	NOUN
arjefm-93	109	21	.	.	PUNCT
arjefm-93	110	1	how	how	SCONJ
arjefm-93	110	2	may	may	AUX
arjefm-93	110	3	one	one	PRON
arjefm-93	110	4	define	define	VERB
arjefm-93	110	5	a	a	DET
arjefm-93	110	6	banking	banking	NOUN
arjefm-93	110	7	crisis	crisis	NOUN
arjefm-93	110	8	?	?	PUNCT
arjefm-93	111	1	the	the	DET
arjefm-93	111	2	imf	imf	PROPN
arjefm-93	111	3	(	(	PUNCT
arjefm-93	111	4	1998	1998	NUM
arjefm-93	111	5	)	)	PUNCT
arjefm-93	111	6	defines	define	VERB
arjefm-93	111	7	a	a	DET
arjefm-93	111	8	banking	banking	NOUN
arjefm-93	111	9	crisis	crisis	NOUN
arjefm-93	111	10	as	as	ADP
arjefm-93	111	11	a	a	DET
arjefm-93	111	12	situation	situation	NOUN
arjefm-93	111	13	in	in	ADP
arjefm-93	111	14	which	which	PRON
arjefm-93	111	15	bank	bank	NOUN
arjefm-93	111	16	runs	run	VERB
arjefm-93	111	17	and	and	CCONJ
arjefm-93	111	18	widespread	widespread	ADJ
arjefm-93	111	19	failures	failure	NOUN
arjefm-93	111	20	induce	induce	VERB
arjefm-93	111	21	banks	bank	NOUN
arjefm-93	111	22	to	to	PART
arjefm-93	111	23	suspend	suspend	VERB
arjefm-93	111	24	the	the	DET
arjefm-93	111	25	convertibility	convertibility	NOUN
arjefm-93	111	26	of	of	ADP
arjefm-93	111	27	their	their	PRON
arjefm-93	111	28	liabilities	liability	NOUN
arjefm-93	111	29	or	or	CCONJ
arjefm-93	111	30	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-93	111	31	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	112	1	american	american	PROPN
arjefm-93	112	2	research	research	PROPN
arjefm-93	112	3	journal	journal	PROPN
arjefm-93	112	4	of	of	ADP
arjefm-93	112	5	economics	economic	NOUN
arjefm-93	112	6	,	,	PUNCT
arjefm-93	112	7	finance	finance	NOUN
arjefm-93	112	8	and	and	CCONJ
arjefm-93	112	9	management	management	NOUN
arjefm-93	112	10	volume	volume	NOUN
arjefm-93	112	11	11	11	NUM
arjefm-93	112	12	issue	issue	NOUN
arjefm-93	112	13	4	4	NUM
arjefm-93	112	14	,	,	PUNCT
arjefm-93	112	15	october	october	PROPN
arjefm-93	112	16	-	-	PUNCT
arjefm-93	112	17	december	december	PROPN
arjefm-93	112	18	2023	2023	NUM
arjefm-93	112	19	issn	issn	NOUN
arjefm-93	112	20	:	:	PUNCT
arjefm-93	112	21	2836	2836	NUM
arjefm-93	112	22	-	-	SYM
arjefm-93	112	23	9416	9416	NUM
arjefm-93	112	24	impact	impact	NOUN
arjefm-93	112	25	factor	factor	NOUN
arjefm-93	112	26	:	:	PUNCT
arjefm-93	112	27	5.57	5.57	NUM
arjefm-93	112	28	journal	journal	NOUN
arjefm-93	112	29	homepage	homepage	NOUN
arjefm-93	112	30	:	:	PUNCT
arjefm-93	112	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	112	32	,	,	PUNCT
arjefm-93	112	33	email	email	NOUN
arjefm-93	112	34	:	:	PUNCT
arjefm-93	113	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	113	2	official	official	ADJ
arjefm-93	113	3	journal	journal	PROPN
arjefm-93	113	4	of	of	ADP
arjefm-93	113	5	america	america	PROPN
arjefm-93	113	6	serial	serial	PROPN
arjefm-93	113	7	publication	publication	NOUN
arjefm-93	113	8	american	american	PROPN
arjefm-93	113	9	research	research	PROPN
arjefm-93	113	10	journal	journal	PROPN
arjefm-93	113	11	of	of	ADP
arjefm-93	113	12	economics	economic	NOUN
arjefm-93	113	13	,	,	PUNCT
arjefm-93	113	14	finance	finance	NOUN
arjefm-93	113	15	and	and	CCONJ
arjefm-93	113	16	management	management	NOUN
arjefm-93	113	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	113	18	,	,	PUNCT
arjefm-93	113	19	email	email	NOUN
arjefm-93	113	20	:	:	PUNCT
arjefm-93	113	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	114	1	39	39	NUM
arjefm-93	115	1	|	|	ADV
arjefm-93	115	2	p	p	X
arjefm-93	115	3	a	a	DET
arjefm-93	115	4	g	g	NOUN
arjefm-93	115	5	e	e	NOUN
arjefm-93	115	6	which	which	PRON
arjefm-93	115	7	compels	compel	VERB
arjefm-93	115	8	the	the	DET
arjefm-93	115	9	government	government	NOUN
arjefm-93	115	10	to	to	PART
arjefm-93	115	11	intervene	intervene	VERB
arjefm-93	115	12	in	in	ADP
arjefm-93	115	13	the	the	DET
arjefm-93	115	14	banking	banking	NOUN
arjefm-93	115	15	system	system	NOUN
arjefm-93	115	16	on	on	ADP
arjefm-93	115	17	a	a	DET
arjefm-93	115	18	large	large	ADJ
arjefm-93	115	19	scale	scale	NOUN
arjefm-93	115	20	.	.	PUNCT
arjefm-93	116	1	to	to	PART
arjefm-93	116	2	identify	identify	VERB
arjefm-93	116	3	banking	banking	NOUN
arjefm-93	116	4	crises	crisis	NOUN
arjefm-93	116	5	existing	exist	VERB
arjefm-93	116	6	empirical	empirical	ADJ
arjefm-93	116	7	studies	study	NOUN
arjefm-93	116	8	(	(	PUNCT
arjefm-93	116	9	kaminsky	kaminsky	PROPN
arjefm-93	116	10	&	&	CCONJ
arjefm-93	116	11	reinhart	reinhart	PROPN
arjefm-93	116	12	,	,	PUNCT
arjefm-93	116	13	1999	1999	NUM
arjefm-93	116	14	;	;	PUNCT
arjefm-93	116	15	glick	glick	PROPN
arjefm-93	116	16	&	&	CCONJ
arjefm-93	116	17	hutchison	hutchison	PROPN
arjefm-93	116	18	,	,	PUNCT
arjefm-93	116	19	2001	2001	NUM
arjefm-93	116	20	;	;	PUNCT
arjefm-93	116	21	bordo	bordo	PROPN
arjefm-93	116	22	et	et	PROPN
arjefm-93	116	23	al	al	PROPN
arjefm-93	116	24	.	.	PROPN
arjefm-93	116	25	,	,	PUNCT
arjefm-93	116	26	2001	2001	NUM
arjefm-93	116	27	inter	inter	PROPN
arjefm-93	116	28	alia	alia	NOUN
arjefm-93	116	29	)	)	PUNCT
arjefm-93	116	30	rely	rely	VERB
arjefm-93	116	31	on	on	ADP
arjefm-93	116	32	the	the	DET
arjefm-93	116	33	observation	observation	NOUN
arjefm-93	116	34	of	of	ADP
arjefm-93	116	35	certain	certain	ADJ
arjefm-93	116	36	events	event	NOUN
arjefm-93	116	37	such	such	ADJ
arjefm-93	116	38	as	as	ADP
arjefm-93	116	39	forced	force	VERB
arjefm-93	116	40	bank	bank	NOUN
arjefm-93	116	41	closures	closure	NOUN
arjefm-93	116	42	,	,	PUNCT
arjefm-93	116	43	mergers	merger	NOUN
arjefm-93	116	44	,	,	PUNCT
arjefm-93	116	45	runs	run	VERB
arjefm-93	116	46	on	on	ADP
arjefm-93	116	47	financial	financial	ADJ
arjefm-93	116	48	institutions	institution	NOUN
arjefm-93	116	49	and	and	CCONJ
arjefm-93	116	50	government	government	NOUN
arjefm-93	116	51	emerging	emerge	VERB
arjefm-93	116	52	measures	measure	NOUN
arjefm-93	116	53	.	.	PUNCT
arjefm-93	117	1	for	for	ADP
arjefm-93	117	2	instance	instance	NOUN
arjefm-93	117	3	,	,	PUNCT
arjefm-93	117	4	demirguckunt	demirguckunt	NOUN
arjefm-93	117	5	and	and	CCONJ
arjefm-93	117	6	detragiache	detragiache	PROPN
arjefm-93	117	7	(	(	PUNCT
arjefm-93	117	8	1998	1998	NUM
arjefm-93	117	9	)	)	PUNCT
arjefm-93	117	10	identify	identify	VERB
arjefm-93	117	11	an	an	DET
arjefm-93	117	12	episode	episode	NOUN
arjefm-93	117	13	as	as	ADP
arjefm-93	117	14	a	a	DET
arjefm-93	117	15	crisis	crisis	NOUN
arjefm-93	117	16	when	when	SCONJ
arjefm-93	117	17	at	at	ADV
arjefm-93	117	18	least	least	ADV
arjefm-93	117	19	one	one	NUM
arjefm-93	117	20	of	of	ADP
arjefm-93	117	21	the	the	DET
arjefm-93	117	22	following	follow	VERB
arjefm-93	117	23	conditions	condition	NOUN
arjefm-93	117	24	holds	hold	VERB
arjefm-93	117	25	:	:	PUNCT
arjefm-93	117	26	(	(	PUNCT
arjefm-93	117	27	i	i	NOUN
arjefm-93	117	28	)	)	PUNCT
arjefm-93	117	29	the	the	DET
arjefm-93	117	30	ratio	ratio	NOUN
arjefm-93	117	31	of	of	ADP
arjefm-93	117	32	non	non	ADJ
arjefm-93	117	33	-	-	ADJ
arjefm-93	117	34	performing	perform	VERB
arjefm-93	117	35	assets	asset	NOUN
arjefm-93	117	36	to	to	AUX
arjefm-93	117	37	total	total	ADJ
arjefm-93	117	38	assets	asset	NOUN
arjefm-93	117	39	in	in	ADP
arjefm-93	117	40	the	the	DET
arjefm-93	117	41	banking	banking	NOUN
arjefm-93	117	42	system	system	NOUN
arjefm-93	117	43	exceeded	exceed	VERB
arjefm-93	117	44	10	10	NUM
arjefm-93	117	45	%	%	NOUN
arjefm-93	117	46	;	;	PUNCT
arjefm-93	117	47	(	(	PUNCT
arjefm-93	117	48	ii	ii	NOUN
arjefm-93	117	49	)	)	PUNCT
arjefm-93	117	50	the	the	DET
arjefm-93	117	51	cost	cost	NOUN
arjefm-93	117	52	of	of	ADP
arjefm-93	117	53	the	the	DET
arjefm-93	117	54	rescue	rescue	NOUN
arjefm-93	117	55	operation	operation	NOUN
arjefm-93	117	56	was	be	AUX
arjefm-93	117	57	at	at	ADV
arjefm-93	117	58	least	least	ADJ
arjefm-93	117	59	2	2	NUM
arjefm-93	117	60	%	%	NOUN
arjefm-93	117	61	of	of	ADP
arjefm-93	117	62	the	the	DET
arjefm-93	117	63	gdp	gdp	NOUN
arjefm-93	117	64	;	;	PUNCT
arjefm-93	117	65	(	(	PUNCT
arjefm-93	117	66	iii	iii	X
arjefm-93	117	67	)	)	PUNCT
arjefm-93	117	68	banking	banking	NOUN
arjefm-93	117	69	sector	sector	NOUN
arjefm-93	117	70	problems	problem	NOUN
arjefm-93	117	71	resulted	result	VERB
arjefm-93	117	72	in	in	ADP
arjefm-93	117	73	a	a	DET
arjefm-93	117	74	largescale	largescale	NOUN
arjefm-93	117	75	nationalization	nationalization	NOUN
arjefm-93	117	76	of	of	ADP
arjefm-93	117	77	banks	bank	NOUN
arjefm-93	117	78	;	;	PUNCT
arjefm-93	117	79	(	(	PUNCT
arjefm-93	117	80	iv	iv	X
arjefm-93	117	81	)	)	PUNCT
arjefm-93	117	82	extensive	extensive	ADJ
arjefm-93	117	83	bank	bank	NOUN
arjefm-93	117	84	runs	run	NOUN
arjefm-93	117	85	took	take	VERB
arjefm-93	117	86	place	place	NOUN
arjefm-93	117	87	or	or	CCONJ
arjefm-93	117	88	emergency	emergency	NOUN
arjefm-93	117	89	measures	measure	NOUN
arjefm-93	117	90	such	such	ADJ
arjefm-93	117	91	as	as	ADP
arjefm-93	117	92	deposit	deposit	NOUN
arjefm-93	117	93	freezes	freeze	NOUN
arjefm-93	117	94	,	,	PUNCT
arjefm-93	117	95	prolonged	prolonged	ADJ
arjefm-93	117	96	bank	bank	NOUN
arjefm-93	117	97	holidays	holiday	NOUN
arjefm-93	117	98	,	,	PUNCT
arjefm-93	117	99	or	or	CCONJ
arjefm-93	117	100	generalized	generalize	VERB
arjefm-93	117	101	deposit	deposit	NOUN
arjefm-93	117	102	guarantees	guarantee	NOUN
arjefm-93	117	103	were	be	AUX
arjefm-93	117	104	enacted	enact	VERB
arjefm-93	117	105	by	by	ADP
arjefm-93	117	106	the	the	DET
arjefm-93	117	107	government	government	NOUN
arjefm-93	117	108	in	in	ADP
arjefm-93	117	109	response	response	NOUN
arjefm-93	117	110	to	to	ADP
arjefm-93	117	111	the	the	DET
arjefm-93	117	112	crisis	crisis	NOUN
arjefm-93	117	113	.	.	PUNCT
arjefm-93	118	1	according	accord	VERB
arjefm-93	118	2	to	to	ADP
arjefm-93	118	3	von	von	PROPN
arjefm-93	118	4	hagen	hagen	PROPN
arjefm-93	118	5	and	and	CCONJ
arjefm-93	118	6	ho	ho	PROPN
arjefm-93	118	7	(	(	PUNCT
arjefm-93	118	8	2007	2007	NUM
arjefm-93	118	9	)	)	PUNCT
arjefm-93	118	10	such	such	ADJ
arjefm-93	118	11	observation	observation	NOUN
arjefm-93	118	12	has	have	VERB
arjefm-93	118	13	several	several	ADJ
arjefm-93	118	14	shortcomings	shortcoming	NOUN
arjefm-93	118	15	.	.	PUNCT
arjefm-93	119	1	first	first	ADV
arjefm-93	119	2	,	,	PUNCT
arjefm-93	119	3	it	it	PRON
arjefm-93	119	4	tends	tend	VERB
arjefm-93	119	5	to	to	PART
arjefm-93	119	6	identify	identify	VERB
arjefm-93	119	7	banking	banking	NOUN
arjefm-93	119	8	crises	crisis	NOUN
arjefm-93	119	9	too	too	ADV
arjefm-93	119	10	late	late	ADV
arjefm-93	119	11	.	.	PUNCT
arjefm-93	120	1	for	for	ADP
arjefm-93	120	2	example	example	NOUN
arjefm-93	120	3	,	,	PUNCT
arjefm-93	120	4	the	the	DET
arjefm-93	120	5	cost	cost	NOUN
arjefm-93	120	6	of	of	ADP
arjefm-93	120	7	a	a	DET
arjefm-93	120	8	bailout	bailout	NOUN
arjefm-93	120	9	is	be	AUX
arjefm-93	120	10	available	available	ADJ
arjefm-93	120	11	only	only	ADV
arjefm-93	120	12	after	after	ADP
arjefm-93	120	13	a	a	DET
arjefm-93	120	14	crisis	crisis	NOUN
arjefm-93	120	15	and	and	CCONJ
arjefm-93	120	16	with	with	ADP
arjefm-93	120	17	a	a	DET
arjefm-93	120	18	time	time	NOUN
arjefm-93	120	19	lag	lag	NOUN
arjefm-93	120	20	.	.	PUNCT
arjefm-93	121	1	events	event	NOUN
arjefm-93	121	2	such	such	ADJ
arjefm-93	121	3	as	as	ADP
arjefm-93	121	4	the	the	DET
arjefm-93	121	5	nationalization	nationalization	NOUN
arjefm-93	121	6	of	of	ADP
arjefm-93	121	7	banks	bank	NOUN
arjefm-93	121	8	and	and	CCONJ
arjefm-93	121	9	bank	bank	NOUN
arjefm-93	121	10	holidays	holiday	NOUN
arjefm-93	121	11	are	be	AUX
arjefm-93	121	12	likely	likely	ADJ
arjefm-93	121	13	to	to	PART
arjefm-93	121	14	occur	occur	VERB
arjefm-93	121	15	only	only	ADV
arjefm-93	121	16	when	when	SCONJ
arjefm-93	121	17	a	a	DET
arjefm-93	121	18	crisis	crisis	NOUN
arjefm-93	121	19	has	have	AUX
arjefm-93	121	20	already	already	ADV
arjefm-93	121	21	spread	spread	VERB
arjefm-93	121	22	to	to	ADP
arjefm-93	121	23	the	the	DET
arjefm-93	121	24	whole	whole	ADJ
arjefm-93	121	25	economy	economy	NOUN
arjefm-93	121	26	.	.	PUNCT
arjefm-93	122	1	governments	government	NOUN
arjefm-93	122	2	may	may	AUX
arjefm-93	122	3	provide	provide	VERB
arjefm-93	122	4	hidden	hidden	ADJ
arjefm-93	122	5	support	support	NOUN
arjefm-93	122	6	to	to	ADP
arjefm-93	122	7	banks	bank	NOUN
arjefm-93	122	8	at	at	ADP
arjefm-93	122	9	the	the	DET
arjefm-93	122	10	early	early	ADJ
arjefm-93	122	11	stages	stage	NOUN
arjefm-93	122	12	of	of	ADP
arjefm-93	122	13	a	a	DET
arjefm-93	122	14	crisis	crisis	NOUN
arjefm-93	122	15	for	for	ADP
arjefm-93	122	16	political	political	ADJ
arjefm-93	122	17	reasons	reason	NOUN
arjefm-93	122	18	;	;	PUNCT
arjefm-93	122	19	that	that	PRON
arjefm-93	122	20	is	be	AUX
arjefm-93	122	21	early	early	ADJ
arjefm-93	122	22	policy	policy	NOUN
arjefm-93	122	23	interventions	intervention	NOUN
arjefm-93	122	24	may	may	AUX
arjefm-93	122	25	not	not	PART
arjefm-93	122	26	be	be	AUX
arjefm-93	122	27	observable	observable	ADJ
arjefm-93	122	28	.	.	PUNCT
arjefm-93	123	1	second	second	ADJ
arjefm-93	123	2	,	,	PUNCT
arjefm-93	123	3	there	there	PRON
arjefm-93	123	4	are	be	VERB
arjefm-93	123	5	few	few	ADJ
arjefm-93	123	6	objective	objective	ADJ
arjefm-93	123	7	standards	standard	NOUN
arjefm-93	123	8	for	for	ADP
arjefm-93	123	9	deciding	decide	VERB
arjefm-93	123	10	whether	whether	SCONJ
arjefm-93	123	11	a	a	DET
arjefm-93	123	12	given	give	VERB
arjefm-93	123	13	policy	policy	NOUN
arjefm-93	123	14	intervention	intervention	NOUN
arjefm-93	123	15	is	be	AUX
arjefm-93	123	16	‘	'	PUNCT
arjefm-93	123	17	large	large	ADJ
arjefm-93	123	18	’	'	PUNCT
arjefm-93	123	19	.	.	PUNCT
arjefm-93	124	1	third	third	ADJ
arjefm-93	124	2	,	,	PUNCT
arjefm-93	124	3	the	the	DET
arjefm-93	124	4	timing	timing	NOUN
arjefm-93	124	5	of	of	ADP
arjefm-93	124	6	crisis	crisis	NOUN
arjefm-93	124	7	periods	period	NOUN
arjefm-93	124	8	on	on	ADP
arjefm-93	124	9	this	this	DET
arjefm-93	124	10	basis	basis	NOUN
arjefm-93	124	11	is	be	AUX
arjefm-93	124	12	difficult	difficult	ADJ
arjefm-93	124	13	because	because	SCONJ
arjefm-93	124	14	the	the	DET
arjefm-93	124	15	exact	exact	ADJ
arjefm-93	124	16	date	date	NOUN
arjefm-93	124	17	of	of	ADP
arjefm-93	124	18	policy	policy	NOUN
arjefm-93	124	19	interventions	intervention	NOUN
arjefm-93	124	20	is	be	AUX
arjefm-93	124	21	often	often	ADV
arjefm-93	124	22	uncertain	uncertain	ADJ
arjefm-93	124	23	or	or	CCONJ
arjefm-93	124	24	unclear	unclear	ADJ
arjefm-93	124	25	(	(	PUNCT
arjefm-93	124	26	caprio&klingebiel	caprio&klingebiel	X
arjefm-93	124	27	,	,	PUNCT
arjefm-93	124	28	1996	1996	NUM
arjefm-93	124	29	)	)	PUNCT
arjefm-93	124	30	.	.	PUNCT
arjefm-93	125	1	fourth	fourth	ADJ
arjefm-93	125	2	,	,	PUNCT
arjefm-93	125	3	such	such	DET
arjefm-93	125	4	a	a	DET
arjefm-93	125	5	method	method	NOUN
arjefm-93	125	6	identifies	identify	VERB
arjefm-93	125	7	crises	crisis	NOUN
arjefm-93	125	8	only	only	ADV
arjefm-93	125	9	when	when	SCONJ
arjefm-93	125	10	they	they	PRON
arjefm-93	125	11	are	be	AUX
arjefm-93	125	12	severe	severe	ADJ
arjefm-93	125	13	enough	enough	ADV
arjefm-93	125	14	to	to	PART
arjefm-93	125	15	trigger	trigger	VERB
arjefm-93	125	16	market	market	NOUN
arjefm-93	125	17	events	event	NOUN
arjefm-93	125	18	.	.	PUNCT
arjefm-93	126	1	crises	crisis	NOUN
arjefm-93	126	2	successfully	successfully	ADV
arjefm-93	126	3	contained	contain	VERB
arjefm-93	126	4	by	by	ADP
arjefm-93	126	5	prompt	prompt	ADJ
arjefm-93	126	6	corrective	corrective	ADJ
arjefm-93	126	7	policies	policy	NOUN
arjefm-93	126	8	are	be	AUX
arjefm-93	126	9	neglected	neglect	VERB
arjefm-93	126	10	.	.	PUNCT
arjefm-93	127	1	the	the	DET
arjefm-93	127	2	index	index	NOUN
arjefm-93	127	3	of	of	ADP
arjefm-93	127	4	money	money	NOUN
arjefm-93	127	5	market	market	NOUN
arjefm-93	127	6	pressure	pressure	NOUN
arjefm-93	127	7	(	(	PUNCT
arjefm-93	127	8	imp	imp	NOUN
arjefm-93	127	9	)	)	PUNCT
arjefm-93	127	10	,	,	PUNCT
arjefm-93	127	11	developed	develop	VERB
arjefm-93	127	12	by	by	ADP
arjefm-93	127	13	von	von	PROPN
arjefm-93	127	14	hagen	hagen	PROPN
arjefm-93	127	15	and	and	CCONJ
arjefm-93	127	16	ho	ho	PROPN
arjefm-93	127	17	(	(	PUNCT
arjefm-93	127	18	2007	2007	NUM
arjefm-93	127	19	)	)	PUNCT
arjefm-93	127	20	has	have	AUX
arjefm-93	127	21	been	be	AUX
arjefm-93	127	22	used	use	VERB
arjefm-93	127	23	in	in	ADP
arjefm-93	127	24	order	order	NOUN
arjefm-93	127	25	to	to	PART
arjefm-93	127	26	identify	identify	VERB
arjefm-93	127	27	banking	banking	NOUN
arjefm-93	127	28	crises	crisis	NOUN
arjefm-93	127	29	.	.	PUNCT
arjefm-93	128	1	they	they	PRON
arjefm-93	128	2	define	define	VERB
arjefm-93	128	3	the	the	DET
arjefm-93	128	4	reservesto	reservesto	NOUN
arjefm-93	128	5	-	-	PUNCT
arjefm-93	128	6	bank	bank	NOUN
arjefm-93	128	7	deposits	deposit	NOUN
arjefm-93	128	8	ratio	ratio	NOUN
arjefm-93	128	9	γ	γ	NOUN
arjefm-93	128	10	as	as	ADP
arjefm-93	128	11	the	the	DET
arjefm-93	128	12	ratio	ratio	NOUN
arjefm-93	128	13	of	of	ADP
arjefm-93	128	14	total	total	ADJ
arjefm-93	128	15	reserves	reserve	NOUN
arjefm-93	128	16	held	hold	VERB
arjefm-93	128	17	by	by	ADP
arjefm-93	128	18	the	the	DET
arjefm-93	128	19	banking	banking	NOUN
arjefm-93	128	20	system	system	NOUN
arjefm-93	128	21	to	to	PART
arjefm-93	128	22	total	total	VERB
arjefm-93	128	23	non	non	ADJ
arjefm-93	128	24	-	-	ADJ
arjefm-93	128	25	bank	bank	ADJ
arjefm-93	128	26	deposits	deposit	NOUN
arjefm-93	128	27	in	in	ADP
arjefm-93	128	28	the	the	DET
arjefm-93	128	29	banking	banking	NOUN
arjefm-93	128	30	sector	sector	NOUN
arjefm-93	128	31	.	.	PUNCT
arjefm-93	129	1	in	in	ADP
arjefm-93	129	2	a	a	DET
arjefm-93	129	3	period	period	NOUN
arjefm-93	129	4	of	of	ADP
arjefm-93	129	5	high	high	ADJ
arjefm-93	129	6	tension	tension	NOUN
arjefm-93	129	7	in	in	ADP
arjefm-93	129	8	the	the	DET
arjefm-93	129	9	money	money	NOUN
arjefm-93	129	10	market	market	NOUN
arjefm-93	129	11	this	this	DET
arjefm-93	129	12	ratio	ratio	NOUN
arjefm-93	129	13	increases	increase	VERB
arjefm-93	129	14	either	either	CCONJ
arjefm-93	129	15	because	because	SCONJ
arjefm-93	129	16	the	the	DET
arjefm-93	129	17	central	central	ADJ
arjefm-93	129	18	bank	bank	NOUN
arjefm-93	129	19	makes	make	VERB
arjefm-93	129	20	additional	additional	ADJ
arjefm-93	129	21	reserves	reserve	NOUN
arjefm-93	129	22	available	available	ADJ
arjefm-93	129	23	to	to	ADP
arjefm-93	129	24	the	the	DET
arjefm-93	129	25	banking	banking	NOUN
arjefm-93	129	26	system	system	NOUN
arjefm-93	129	27	or	or	CCONJ
arjefm-93	129	28	because	because	SCONJ
arjefm-93	129	29	depositors	depositor	NOUN
arjefm-93	129	30	withdraw	withdraw	VERB
arjefm-93	129	31	their	their	PRON
arjefm-93	129	32	funds	fund	NOUN
arjefm-93	129	33	from	from	ADP
arjefm-93	129	34	the	the	DET
arjefm-93	129	35	banks	bank	NOUN
arjefm-93	129	36	.	.	PUNCT
arjefm-93	130	1	actually	actually	ADV
arjefm-93	130	2	,	,	PUNCT
arjefm-93	130	3	the	the	DET
arjefm-93	130	4	imp	imp	NOUN
arjefm-93	130	5	denotes	denote	NOUN
arjefm-93	130	6	the	the	DET
arjefm-93	130	7	weighted	weighted	ADJ
arjefm-93	130	8	average	average	NOUN
arjefm-93	130	9	of	of	ADP
arjefm-93	130	10	changes	change	NOUN
arjefm-93	130	11	in	in	ADP
arjefm-93	130	12	the	the	DET
arjefm-93	130	13	ratio	ratio	NOUN
arjefm-93	130	14	of	of	ADP
arjefm-93	130	15	reserves	reserve	NOUN
arjefm-93	130	16	to	to	ADP
arjefm-93	130	17	bank	bank	NOUN
arjefm-93	130	18	deposits	deposit	NOUN
arjefm-93	130	19	and	and	CCONJ
arjefm-93	130	20	changes	change	NOUN
arjefm-93	130	21	in	in	ADP
arjefm-93	130	22	the	the	DET
arjefm-93	130	23	short	short	ADJ
arjefm-93	130	24	-	-	PUNCT
arjefm-93	130	25	term	term	NOUN
arjefm-93	130	26	real	real	ADJ
arjefm-93	130	27	interest	interest	NOUN
arjefm-93	130	28	rate	rate	NOUN
arjefm-93	130	29	(	(	PUNCT
arjefm-93	130	30	the	the	DET
arjefm-93	130	31	real	real	ADJ
arjefm-93	130	32	interest	interest	NOUN
arjefm-93	130	33	rate	rate	NOUN
arjefm-93	130	34	on	on	ADP
arjefm-93	130	35	short	short	ADJ
arjefm-93	130	36	term	term	NOUN
arjefm-93	130	37	loans	loan	NOUN
arjefm-93	130	38	)	)	PUNCT
arjefm-93	130	39	,	,	PUNCT
arjefm-93	130	40	(	(	PUNCT
arjefm-93	130	41	figure	figure	NOUN
arjefm-93	130	42	2	2	NUM
arjefm-93	130	43	)	)	PUNCT
arjefm-93	130	44	.	.	PUNCT
arjefm-93	131	1	figure	figure	VERB
arjefm-93	131	2	2	2	NUM
arjefm-93	131	3	:	:	PUNCT
arjefm-93	131	4	ways	way	NOUN
arjefm-93	131	5	of	of	ADP
arjefm-93	131	6	reaction	reaction	NOUN
arjefm-93	131	7	for	for	ADP
arjefm-93	131	8	the	the	DET
arjefm-93	131	9	central	central	ADJ
arjefm-93	131	10	bank	bank	NOUN
arjefm-93	131	11	,	,	PUNCT
arjefm-93	131	12	in	in	ADP
arjefm-93	131	13	case	case	NOUN
arjefm-93	131	14	of	of	ADP
arjefm-93	131	15	increase	increase	NOUN
arjefm-93	131	16	in	in	ADP
arjefm-93	131	17	the	the	DET
arjefm-93	131	18	the	the	DET
arjefm-93	131	19	weights	weight	NOUN
arjefm-93	131	20	are	be	AUX
arjefm-93	131	21	the	the	DET
arjefm-93	131	22	sample	sample	NOUN
arjefm-93	131	23	standard	standard	ADJ
arjefm-93	131	24	deviations	deviation	NOUN
arjefm-93	131	25	of	of	ADP
arjefm-93	131	26	the	the	DET
arjefm-93	131	27	two	two	NUM
arjefm-93	131	28	components	component	NOUN
arjefm-93	131	29	.	.	PUNCT
arjefm-93	132	1	thus	thus	ADV
arjefm-93	132	2	,	,	PUNCT
arjefm-93	132	3	the	the	DET
arjefm-93	132	4	index	index	NOUN
arjefm-93	132	5	is	be	AUX
arjefm-93	132	6	defined	define	VERB
arjefm-93	132	7	as	as	ADP
arjefm-93	132	8	:	:	PUNCT
arjefm-93	132	9	t	t	PROPN
arjefm-93	132	10	r	r	NOUN
arjefm-93	132	11	t	t	NOUN
arjefm-93	132	12	impt	impt	NOUN
arjefm-93	132	13	demand	demand	NOUN
arjefm-93	132	14	for	for	ADP
arjefm-93	132	15	reserves	reserve	NOUN
arjefm-93	132	16	increase	increase	VERB
arjefm-93	132	17	in	in	ADP
arjefm-93	132	18	demand	demand	NOUN
arjefm-93	132	19	for	for	ADP
arjefm-93	132	20	reserves	reserve	NOUN
arjefm-93	132	21	central	central	PROPN
arjefm-93	132	22	bank	bank	PROPN
arjefm-93	132	23	short	short	ADJ
arjefm-93	132	24	term	term	NOUN
arjefm-93	132	25	i	i	PRON
arjefm-93	132	26	nterest	nterest	AUX
arjefm-93	132	27	rate	rate	NOUN
arjefm-93	132	28	supply	supply	NOUN
arjefm-93	132	29	of	of	ADP
arjefm-93	132	30	bank	bank	NOUN
arjefm-93	132	31	reserves	reserve	NOUN
arjefm-93	133	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	133	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	134	1	american	american	PROPN
arjefm-93	134	2	research	research	PROPN
arjefm-93	134	3	journal	journal	PROPN
arjefm-93	134	4	of	of	ADP
arjefm-93	134	5	economics	economic	NOUN
arjefm-93	134	6	,	,	PUNCT
arjefm-93	134	7	finance	finance	NOUN
arjefm-93	134	8	and	and	CCONJ
arjefm-93	134	9	management	management	NOUN
arjefm-93	134	10	volume	volume	NOUN
arjefm-93	134	11	11	11	NUM
arjefm-93	134	12	issue	issue	NOUN
arjefm-93	134	13	4	4	NUM
arjefm-93	134	14	,	,	PUNCT
arjefm-93	134	15	october	october	PROPN
arjefm-93	134	16	-	-	PUNCT
arjefm-93	134	17	december	december	PROPN
arjefm-93	134	18	2023	2023	NUM
arjefm-93	134	19	issn	issn	NOUN
arjefm-93	134	20	:	:	PUNCT
arjefm-93	134	21	2836	2836	NUM
arjefm-93	134	22	-	-	SYM
arjefm-93	134	23	9416	9416	NUM
arjefm-93	134	24	impact	impact	NOUN
arjefm-93	134	25	factor	factor	NOUN
arjefm-93	134	26	:	:	PUNCT
arjefm-93	134	27	5.57	5.57	NUM
arjefm-93	134	28	journal	journal	NOUN
arjefm-93	134	29	homepage	homepage	NOUN
arjefm-93	134	30	:	:	PUNCT
arjefm-93	134	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	134	32	,	,	PUNCT
arjefm-93	134	33	email	email	NOUN
arjefm-93	134	34	:	:	PUNCT
arjefm-93	135	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	135	2	official	official	ADJ
arjefm-93	135	3	journal	journal	PROPN
arjefm-93	135	4	of	of	ADP
arjefm-93	135	5	america	america	PROPN
arjefm-93	135	6	serial	serial	PROPN
arjefm-93	135	7	publication	publication	NOUN
arjefm-93	135	8	american	american	PROPN
arjefm-93	135	9	research	research	PROPN
arjefm-93	135	10	journal	journal	PROPN
arjefm-93	135	11	of	of	ADP
arjefm-93	135	12	economics	economic	NOUN
arjefm-93	135	13	,	,	PUNCT
arjefm-93	135	14	finance	finance	NOUN
arjefm-93	135	15	and	and	CCONJ
arjefm-93	135	16	management	management	NOUN
arjefm-93	135	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	135	18	,	,	PUNCT
arjefm-93	135	19	email	email	NOUN
arjefm-93	135	20	:	:	PUNCT
arjefm-93	135	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	136	1	40	40	NUM
arjefm-93	137	1	|	|	ADV
arjefm-93	137	2	p	p	X
arjefm-93	137	3	a	a	DET
arjefm-93	137	4	g	g	NOUN
arjefm-93	137	5	e	e	NOUN
arjefm-93	137	6	r	r	X
arjefm-93	137	7	(	(	PUNCT
arjefm-93	137	8	1	1	X
arjefm-93	137	9	)	)	PUNCT
arjefm-93	137	10	where∆γ	where∆γ	NOUN
arjefm-93	137	11	is	be	AUX
arjefm-93	137	12	the	the	DET
arjefm-93	137	13	change	change	NOUN
arjefm-93	137	14	in	in	ADP
arjefm-93	137	15	total	total	ADJ
arjefm-93	137	16	bank	bank	NOUN
arjefm-93	137	17	reserves	reserve	NOUN
arjefm-93	137	18	relative	relative	ADJ
arjefm-93	137	19	to	to	ADP
arjefm-93	137	20	non	non	ADJ
arjefm-93	137	21	-	-	ADJ
arjefm-93	137	22	bank	bank	ADJ
arjefm-93	137	23	deposits	deposit	NOUN
arjefm-93	137	24	,	,	PUNCT
arjefm-93	137	25	∆r	∆r	NOUN
arjefm-93	137	26	is	be	AUX
arjefm-93	137	27	the	the	DET
arjefm-93	137	28	change	change	NOUN
arjefm-93	137	29	in	in	ADP
arjefm-93	137	30	the	the	DET
arjefm-93	137	31	short	short	ADJ
arjefm-93	137	32	term	term	NOUN
arjefm-93	137	33	real	real	ADJ
arjefm-93	137	34	interest	interest	NOUN
arjefm-93	137	35	rate	rate	NOUN
arjefm-93	137	36	and	and	CCONJ
arjefm-93	137	37	σ	σ	PROPN
arjefm-93	137	38	refers	refer	VERB
arjefm-93	137	39	to	to	ADP
arjefm-93	137	40	the	the	DET
arjefm-93	137	41	standard	standard	ADJ
arjefm-93	137	42	deviation	deviation	NOUN
arjefm-93	137	43	of	of	ADP
arjefm-93	137	44	each	each	DET
arjefm-93	137	45	variable	variable	NOUN
arjefm-93	137	46	.	.	PUNCT
arjefm-93	138	1	table	table	NOUN
arjefm-93	138	2	1	1	NUM
arjefm-93	138	3	reports	report	NOUN
arjefm-93	138	4	the	the	DET
arjefm-93	138	5	year	year	NOUN
arjefm-93	138	6	and	and	CCONJ
arjefm-93	138	7	quarter	quarter	NOUN
arjefm-93	138	8	in	in	ADP
arjefm-93	138	9	which	which	PRON
arjefm-93	138	10	imp	imp	NOUN
arjefm-93	138	11	meets	meet	VERB
arjefm-93	138	12	two	two	NUM
arjefm-93	138	13	criteria	criterion	NOUN
arjefm-93	138	14	:	:	PUNCT
arjefm-93	138	15	(	(	PUNCT
arjefm-93	138	16	i	i	NOUN
arjefm-93	138	17	)	)	PUNCT
arjefm-93	138	18	it	it	PRON
arjefm-93	138	19	exceeds	exceed	VERB
arjefm-93	138	20	the	the	DET
arjefm-93	138	21	98.5	98.5	NUM
arjefm-93	138	22	percentile	percentile	ADJ
arjefm-93	138	23	,	,	PUNCT
arjefm-93	138	24	97	97	NUM
arjefm-93	138	25	percentile	percentile	ADJ
arjefm-93	138	26	,	,	PUNCT
arjefm-93	138	27	and	and	CCONJ
arjefm-93	138	28	95	95	NUM
arjefm-93	138	29	percentile	percentile	NOUN
arjefm-93	138	30	of	of	ADP
arjefm-93	138	31	the	the	DET
arjefm-93	138	32	sample	sample	NOUN
arjefm-93	138	33	distribution	distribution	NOUN
arjefm-93	138	34	of	of	ADP
arjefm-93	138	35	imp	imp	NOUN
arjefm-93	138	36	for	for	ADP
arjefm-93	138	37	each	each	DET
arjefm-93	138	38	advanced	advanced	ADJ
arjefm-93	138	39	economy	economy	NOUN
arjefm-93	138	40	;	;	PUNCT
arjefm-93	138	41	and	and	CCONJ
arjefm-93	138	42	(	(	PUNCT
arjefm-93	138	43	ii	ii	NOUN
arjefm-93	138	44	)	)	PUNCT
arjefm-93	138	45	there	there	PRON
arjefm-93	138	46	is	be	VERB
arjefm-93	138	47	an	an	DET
arjefm-93	138	48	increase	increase	NOUN
arjefm-93	138	49	in	in	ADP
arjefm-93	138	50	imp	imp	NOUN
arjefm-93	138	51	by	by	ADP
arjefm-93	138	52	at	at	ADV
arjefm-93	138	53	least	least	ADV
arjefm-93	138	54	five	five	NUM
arjefm-93	138	55	percent	percent	NOUN
arjefm-93	138	56	from	from	ADP
arjefm-93	138	57	the	the	DET
arjefm-93	138	58	previous	previous	ADJ
arjefm-93	138	59	period	period	NOUN
arjefm-93	138	60	.	.	PUNCT
arjefm-93	139	1	the	the	DET
arjefm-93	139	2	first	first	ADJ
arjefm-93	139	3	condition	condition	NOUN
arjefm-93	139	4	assures	assure	VERB
arjefm-93	139	5	that	that	SCONJ
arjefm-93	139	6	only	only	ADV
arjefm-93	139	7	exceptional	exceptional	ADJ
arjefm-93	139	8	events	event	NOUN
arjefm-93	139	9	are	be	AUX
arjefm-93	139	10	identified	identify	VERB
arjefm-93	139	11	as	as	ADP
arjefm-93	139	12	crises	crisis	NOUN
arjefm-93	139	13	.	.	PUNCT
arjefm-93	140	1	however	however	ADV
arjefm-93	140	2	,	,	PUNCT
arjefm-93	140	3	since	since	SCONJ
arjefm-93	140	4	every	every	DET
arjefm-93	140	5	empirical	empirical	ADJ
arjefm-93	140	6	distribution	distribution	NOUN
arjefm-93	140	7	must	must	AUX
arjefm-93	140	8	have	have	VERB
arjefm-93	140	9	a	a	DET
arjefm-93	140	10	98.5	98.5	NUM
arjefm-93	140	11	percentile	percentile	ADJ
arjefm-93	140	12	,	,	PUNCT
arjefm-93	140	13	the	the	DET
arjefm-93	140	14	second	second	ADJ
arjefm-93	140	15	condition	condition	NOUN
arjefm-93	140	16	is	be	AUX
arjefm-93	140	17	used	use	VERB
arjefm-93	140	18	to	to	PART
arjefm-93	140	19	allow	allow	VERB
arjefm-93	140	20	for	for	ADP
arjefm-93	140	21	the	the	DET
arjefm-93	140	22	possibility	possibility	NOUN
arjefm-93	140	23	that	that	SCONJ
arjefm-93	140	24	countries	country	NOUN
arjefm-93	140	25	had	have	AUX
arjefm-93	140	26	no	no	DET
arjefm-93	140	27	banking	banking	NOUN
arjefm-93	140	28	crisis	crisis	NOUN
arjefm-93	140	29	during	during	ADP
arjefm-93	140	30	the	the	DET
arjefm-93	140	31	sample	sample	NOUN
arjefm-93	140	32	period	period	NOUN
arjefm-93	140	33	.	.	PUNCT
arjefm-93	141	1	note	note	VERB
arjefm-93	141	2	that	that	SCONJ
arjefm-93	141	3	relaxing	relax	VERB
arjefm-93	141	4	the	the	DET
arjefm-93	141	5	first	first	ADJ
arjefm-93	141	6	condition	condition	NOUN
arjefm-93	141	7	and	and	CCONJ
arjefm-93	141	8	using	use	VERB
arjefm-93	141	9	a	a	DET
arjefm-93	141	10	lower	low	ADJ
arjefm-93	141	11	percentile	percentile	NOUN
arjefm-93	141	12	raises	raise	VERB
arjefm-93	141	13	the	the	DET
arjefm-93	141	14	risk	risk	NOUN
arjefm-93	141	15	of	of	ADP
arjefm-93	141	16	calling	call	VERB
arjefm-93	141	17	too	too	ADV
arjefm-93	141	18	many	many	ADJ
arjefm-93	141	19	episodes	episode	NOUN
arjefm-93	141	20	crises	crisis	NOUN
arjefm-93	141	21	,	,	PUNCT
arjefm-93	141	22	while	while	SCONJ
arjefm-93	141	23	tightening	tighten	VERB
arjefm-93	141	24	it	it	PRON
arjefm-93	141	25	increases	increase	VERB
arjefm-93	141	26	the	the	DET
arjefm-93	141	27	risk	risk	NOUN
arjefm-93	141	28	of	of	ADP
arjefm-93	141	29	missing	miss	VERB
arjefm-93	141	30	true	true	ADJ
arjefm-93	141	31	crises	crisis	NOUN
arjefm-93	141	32	.	.	PUNCT
arjefm-93	142	1	table	table	NOUN
arjefm-93	142	2	1	1	NUM
arjefm-93	142	3	identifies	identify	VERB
arjefm-93	142	4	banking	banking	NOUN
arjefm-93	142	5	crises	crisis	NOUN
arjefm-93	142	6	in	in	ADP
arjefm-93	142	7	european	european	ADJ
arjefm-93	142	8	economies	economy	NOUN
arjefm-93	142	9	using	use	VERB
arjefm-93	142	10	the	the	DET
arjefm-93	142	11	imp	imp	NOUN
arjefm-93	142	12	.	.	PUNCT
arjefm-93	143	1	based	base	VERB
arjefm-93	143	2	on	on	ADP
arjefm-93	143	3	this	this	DET
arjefm-93	143	4	index	index	NOUN
arjefm-93	143	5	,	,	PUNCT
arjefm-93	143	6	austria	austria	PROPN
arjefm-93	143	7	,	,	PUNCT
arjefm-93	143	8	belgium	belgium	PROPN
arjefm-93	143	9	,	,	PUNCT
arjefm-93	143	10	germany	germany	PROPN
arjefm-93	143	11	,	,	PUNCT
arjefm-93	143	12	greece	greece	PROPN
arjefm-93	143	13	,	,	PUNCT
arjefm-93	143	14	netherlands	netherlands	PROPN
arjefm-93	143	15	,	,	PUNCT
arjefm-93	143	16	sweden	sweden	PROPN
arjefm-93	143	17	,	,	PUNCT
arjefm-93	143	18	spain	spain	PROPN
arjefm-93	143	19	,	,	PUNCT
arjefm-93	143	20	italy	italy	PROPN
arjefm-93	143	21	,	,	PUNCT
arjefm-93	143	22	and	and	CCONJ
arjefm-93	143	23	the	the	DET
arjefm-93	143	24	united	united	ADJ
arjefm-93	143	25	kingdom	kingdom	PROPN
arjefm-93	143	26	are	be	AUX
arjefm-93	143	27	identified	identify	VERB
arjefm-93	143	28	as	as	ADP
arjefm-93	143	29	having	having	AUX
arjefm-93	143	30	experienced	experience	VERB
arjefm-93	143	31	a	a	DET
arjefm-93	143	32	banking	banking	NOUN
arjefm-93	143	33	crisis	crisis	NOUN
arjefm-93	143	34	between	between	ADP
arjefm-93	143	35	2007	2007	NUM
arjefm-93	143	36	and	and	CCONJ
arjefm-93	143	37	2010	2010	NUM
arjefm-93	143	38	when	when	SCONJ
arjefm-93	143	39	the	the	DET
arjefm-93	143	40	cutoff	cutoff	NOUN
arjefm-93	143	41	is	be	AUX
arjefm-93	143	42	the	the	DET
arjefm-93	143	43	98.5	98.5	NUM
arjefm-93	143	44	percentile	percentile	NOUN
arjefm-93	143	45	(	(	PUNCT
arjefm-93	143	46	shown	show	VERB
arjefm-93	143	47	in	in	ADP
arjefm-93	143	48	faded	fade	VERB
arjefm-93	143	49	color	color	NOUN
arjefm-93	143	50	)	)	PUNCT
arjefm-93	143	51	.	.	PUNCT
arjefm-93	144	1	table	table	NOUN
arjefm-93	144	2	1	1	NUM
arjefm-93	144	3	:	:	PUNCT
arjefm-93	144	4	banking	banking	NOUN
arjefm-93	144	5	crises	crisis	NOUN
arjefm-93	144	6	in	in	ADP
arjefm-93	144	7	european	european	ADJ
arjefm-93	144	8	economies	economy	NOUN
arjefm-93	144	9	identified	identify	VERB
arjefm-93	144	10	using	use	VERB
arjefm-93	144	11	the	the	DET
arjefm-93	144	12	von	von	PROPN
arjefm-93	144	13	hagen	hagen	PROPN
arjefm-93	144	14	and	and	CCONJ
arjefm-93	144	15	ho	ho	PROPN
arjefm-93	144	16	(	(	PUNCT
arjefm-93	144	17	2007	2007	NUM
arjefm-93	144	18	)	)	PUNCT
arjefm-93	144	19	index	index	NOUN
arjefm-93	144	20	of	of	ADP
arjefm-93	144	21	money	money	NOUN
arjefm-93	144	22	market	market	NOUN
arjefm-93	144	23	pressure	pressure	NOUN
arjefm-93	144	24	.	.	PUNCT
arjefm-93	145	1	thresholds	threshold	VERB
arjefm-93	145	2	country	country	NOUN
arjefm-93	145	3	98.5	98.5	NUM
arjefm-93	145	4	%	%	NOUN
arjefm-93	145	5	97	97	NUM
arjefm-93	145	6	%	%	NOUN
arjefm-93	145	7	95	95	NUM
arjefm-93	145	8	%	%	NOUN
arjefm-93	145	9	austria	austria	NOUN
arjefm-93	146	1	2008q4	2008q4	NUM
arjefm-93	146	2	1994q4,2008q4	1994q4,2008q4	NUM
arjefm-93	146	3	1994q4,1995q4,1999q3,2008q4	1994q4,1995q4,1999q3,2008q4	NUM
arjefm-93	146	4	belgium	belgium	PROPN
arjefm-93	146	5	2006q4,2008q3	2006q4,2008q3	NUM
arjefm-93	146	6	2005q4,2006q4,2008q3	2005q4,2006q4,2008q3	NOUN
arjefm-93	146	7	1997q4,2005q4,2006q4,2008q3	1997q4,2005q4,2006q4,2008q3	NUM
arjefm-93	147	1	czech	czech	PROPN
arjefm-93	147	2	republic	republic	NOUN
arjefm-93	147	3	1997q2,1997q4	1997q2,1997q4	PROPN
arjefm-93	147	4	1997q2,1997q4,2008q4	1997q2,1997q4,2008q4	NUM
arjefm-93	147	5	1994q1,1997q2,1997q4,2008q4	1994q1,1997q2,1997q4,2008q4	NUM
arjefm-93	147	6	denmark	denmark	NOUN
arjefm-93	147	7	1993q1,1993q3	1993q1,1993q3	NUM
arjefm-93	147	8	1993q1,1993q3,2000q3	1993q1,1993q3,2000q3	NUM
arjefm-93	147	9	1993q1,1993q3,2000q3,2008q3	1993q1,1993q3,2000q3,2008q3	NUM
arjefm-93	147	10	finland	finland	PROPN
arjefm-93	147	11	1992q3,1999q4	1992q3,1999q4	PROPN
arjefm-93	147	12	1992q3,1999q4,2008q3	1992q3,1999q4,2008q3	NUM
arjefm-93	147	13	1992q3,1999q4,2000q3,2008q3	1992q3,1999q4,2000q3,2008q3	NUM
arjefm-93	147	14	france	france	PROPN
arjefm-93	147	15	1992q3,1993q3	1992q3,1993q3	NUM
arjefm-93	147	16	1992q3,1993q3	1992q3,1993q3	NUM
arjefm-93	147	17	1992q3,1993q3,2008q3	1992q3,1993q3,2008q3	NUM
arjefm-93	147	18	germany	germany	PROPN
arjefm-93	147	19	2008q3	2008q3	NUM
arjefm-93	147	20	1997q4,2008q3	1997q4,2008q3	PROPN
arjefm-93	147	21	1997q4,2000q4,2008q3	1997q4,2000q4,2008q3	NUM
arjefm-93	147	22	greece	greece	PROPN
arjefm-93	147	23	2008q4,2010q1	2008q4,2010q1	NUM
arjefm-93	147	24	1993q1,2008q4,2010q1	1993q1,2008q4,2010q1	NUM
arjefm-93	147	25	1993q1,1998q3,2008q4,2010q1	1993q1,1998q3,2008q4,2010q1	NUM
arjefm-93	147	26	ireland	ireland	PROPN
arjefm-93	147	27	1992q3	1992q3	PROPN
arjefm-93	147	28	1992q3	1992q3	PROPN
arjefm-93	148	1	1992q3,2008q3,2009q1	1992q3,2008q3,2009q1	PROPN
arjefm-93	148	2	italy	italy	PROPN
arjefm-93	149	1	1992q3,2008q4	1992q3,2008q4	PROPN
arjefm-93	149	2	1992q3,2000q2,2008q4	1992q3,2000q2,2008q4	NUM
arjefm-93	149	3	1992q3,1999q4,2000q2,2008q4	1992q3,1999q4,2000q2,2008q4	PROPN
arjefm-93	149	4	netherlands	netherlands	PROPN
arjefm-93	149	5	2008q3	2008q3	NUM
arjefm-93	149	6	2003q3,2008q3	2003q3,2008q3	NUM
arjefm-93	149	7	2001q3,2003q3,2008q3,2009q3	2001q3,2003q3,2008q3,2009q3	NUM
arjefm-93	149	8	portugal	portugal	PROPN
arjefm-93	149	9	1992q3,1994q2	1992q3,1994q2	NUM
arjefm-93	149	10	1992q3,1994q2,2008q3	1992q3,1994q2,2008q3	NUM
arjefm-93	149	11	1992q3,1994q2,2007q3,2008q3	1992q3,1994q2,2007q3,2008q3	NUM
arjefm-93	149	12	spain	spain	PROPN
arjefm-93	149	13	1992q4,2008q3	1992q4,2008q3	NUM
arjefm-93	149	14	1992q4,2007q3,2008q3	1992q4,2007q3,2008q3	NUM
arjefm-93	149	15	1992q4,1995q2,2007q3,2008q3	1992q4,1995q2,2007q3,2008q3	NUM
arjefm-93	149	16	sweden	sweden	PROPN
arjefm-93	149	17	2008q4	2008q4	NUM
arjefm-93	149	18	2008q4	2008q4	NUM
arjefm-93	149	19	2008q4,2009q3	2008q4,2009q3	PROPN
arjefm-93	149	20	united	unite	VERB
arjefm-93	149	21	kingdom	kingdom	NOUN
arjefm-93	149	22	2008q3,2009q2	2008q3,2009q2	NUM
arjefm-93	149	23	1993q3,2008q3,2009q2	1993q3,2008q3,2009q2	NUM
arjefm-93	149	24	1993q3,2007q3,2008q3,2009q2	1993q3,2007q3,2008q3,2009q2	NUM
arjefm-93	149	25	note	note	NOUN
arjefm-93	149	26	:	:	PUNCT
arjefm-93	149	27	each	each	DET
arjefm-93	149	28	column	column	NOUN
arjefm-93	149	29	reports	report	VERB
arjefm-93	149	30	the	the	DET
arjefm-93	149	31	year	year	NOUN
arjefm-93	149	32	and	and	CCONJ
arjefm-93	149	33	the	the	DET
arjefm-93	149	34	quarter	quarter	NOUN
arjefm-93	149	35	in	in	ADP
arjefm-93	149	36	which	which	PRON
arjefm-93	149	37	the	the	DET
arjefm-93	149	38	von	von	PROPN
arjefm-93	149	39	hagen	hagen	PROPN
arjefm-93	149	40	and	and	CCONJ
arjefm-93	149	41	ho	ho	PROPN
arjefm-93	149	42	(	(	PUNCT
arjefm-93	149	43	2007	2007	NUM
arjefm-93	149	44	)	)	PUNCT
arjefm-93	149	45	index	index	NOUN
arjefm-93	149	46	of	of	ADP
arjefm-93	149	47	money	money	NOUN
arjefm-93	149	48	market	market	NOUN
arjefm-93	149	49	pressure	pressure	NOUN
arjefm-93	149	50	(	(	PUNCT
arjefm-93	149	51	imp	imp	NOUN
arjefm-93	149	52	)	)	PUNCT
arjefm-93	149	53	meets	meet	VERB
arjefm-93	149	54	two	two	NUM
arjefm-93	149	55	criteria	criterion	NOUN
arjefm-93	149	56	:	:	PUNCT
arjefm-93	149	57	(	(	PUNCT
arjefm-93	149	58	i	i	NOUN
arjefm-93	149	59	)	)	PUNCT
arjefm-93	149	60	it	it	PRON
arjefm-93	149	61	exceeds	exceed	VERB
arjefm-93	149	62	the	the	DET
arjefm-93	149	63	98.5	98.5	NUM
arjefm-93	149	64	percentile	percentile	ADJ
arjefm-93	149	65	,	,	PUNCT
arjefm-93	149	66	97	97	NUM
arjefm-93	149	67	percentile	percentile	ADJ
arjefm-93	149	68	,	,	PUNCT
arjefm-93	149	69	and	and	CCONJ
arjefm-93	149	70	95	95	NUM
arjefm-93	149	71	percentile	percentile	NOUN
arjefm-93	149	72	of	of	ADP
arjefm-93	149	73	the	the	DET
arjefm-93	149	74	sample	sample	NOUN
arjefm-93	149	75	distribution	distribution	NOUN
arjefm-93	149	76	of	of	ADP
arjefm-93	149	77	imp	imp	NOUN
arjefm-93	149	78	for	for	ADP
arjefm-93	149	79	each	each	DET
arjefm-93	149	80	advanced	advanced	ADJ
arjefm-93	149	81	economy	economy	NOUN
arjefm-93	149	82	in	in	ADP
arjefm-93	149	83	the	the	DET
arjefm-93	149	84	sample	sample	NOUN
arjefm-93	149	85	;	;	PUNCT
arjefm-93	149	86	and	and	CCONJ
arjefm-93	149	87	(	(	PUNCT
arjefm-93	149	88	ii	ii	NOUN
arjefm-93	149	89	)	)	PUNCT
arjefm-93	149	90	the	the	DET
arjefm-93	149	91	increase	increase	NOUN
arjefm-93	149	92	in	in	ADP
arjefm-93	149	93	imp	imp	NOUN
arjefm-93	149	94	from	from	ADP
arjefm-93	149	95	the	the	DET
arjefm-93	149	96	previous	previous	ADJ
arjefm-93	149	97	period	period	NOUN
arjefm-93	149	98	is	be	AUX
arjefm-93	149	99	by	by	ADP
arjefm-93	149	100	at	at	ADV
arjefm-93	149	101	least	least	ADV
arjefm-93	149	102	five	five	NUM
arjefm-93	149	103	percent	percent	NOUN
arjefm-93	149	104	(	(	PUNCT
arjefm-93	149	105	see	see	VERB
arjefm-93	149	106	text	text	NOUN
arjefm-93	149	107	for	for	ADP
arjefm-93	149	108	explanation	explanation	NOUN
arjefm-93	149	109	)	)	PUNCT
arjefm-93	149	110	.	.	PUNCT
arjefm-93	150	1	faded	fade	VERB
arjefm-93	150	2	countries	country	NOUN
arjefm-93	150	3	represent	represent	VERB
arjefm-93	150	4	advance	advance	ADJ
arjefm-93	150	5	european	european	ADJ
arjefm-93	150	6	economies	economy	NOUN
arjefm-93	150	7	identified	identify	VERB
arjefm-93	150	8	as	as	ADP
arjefm-93	150	9	having	having	AUX
arjefm-93	150	10	experienced	experience	VERB
arjefm-93	150	11	a	a	DET
arjefm-93	150	12	banking	banking	NOUN
arjefm-93	150	13	crisis	crisis	NOUN
arjefm-93	150	14	between	between	ADP
arjefm-93	150	15	2007	2007	NUM
arjefm-93	150	16	and	and	CCONJ
arjefm-93	150	17	2010	2010	NUM
arjefm-93	150	18	.	.	PUNCT
arjefm-93	151	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	151	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	152	1	american	american	PROPN
arjefm-93	152	2	research	research	PROPN
arjefm-93	152	3	journal	journal	PROPN
arjefm-93	152	4	of	of	ADP
arjefm-93	152	5	economics	economic	NOUN
arjefm-93	152	6	,	,	PUNCT
arjefm-93	152	7	finance	finance	NOUN
arjefm-93	152	8	and	and	CCONJ
arjefm-93	152	9	management	management	NOUN
arjefm-93	152	10	volume	volume	NOUN
arjefm-93	152	11	11	11	NUM
arjefm-93	152	12	issue	issue	NOUN
arjefm-93	152	13	4	4	NUM
arjefm-93	152	14	,	,	PUNCT
arjefm-93	152	15	october	october	PROPN
arjefm-93	152	16	-	-	PUNCT
arjefm-93	152	17	december	december	PROPN
arjefm-93	152	18	2023	2023	NUM
arjefm-93	152	19	issn	issn	NOUN
arjefm-93	152	20	:	:	PUNCT
arjefm-93	152	21	2836	2836	NUM
arjefm-93	152	22	-	-	SYM
arjefm-93	152	23	9416	9416	NUM
arjefm-93	152	24	impact	impact	NOUN
arjefm-93	152	25	factor	factor	NOUN
arjefm-93	152	26	:	:	PUNCT
arjefm-93	152	27	5.57	5.57	NUM
arjefm-93	152	28	journal	journal	NOUN
arjefm-93	152	29	homepage	homepage	NOUN
arjefm-93	152	30	:	:	PUNCT
arjefm-93	152	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	152	32	,	,	PUNCT
arjefm-93	152	33	email	email	NOUN
arjefm-93	152	34	:	:	PUNCT
arjefm-93	153	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	153	2	official	official	ADJ
arjefm-93	153	3	journal	journal	PROPN
arjefm-93	153	4	of	of	ADP
arjefm-93	153	5	america	america	PROPN
arjefm-93	153	6	serial	serial	PROPN
arjefm-93	153	7	publication	publication	NOUN
arjefm-93	153	8	american	american	PROPN
arjefm-93	153	9	research	research	PROPN
arjefm-93	153	10	journal	journal	PROPN
arjefm-93	153	11	of	of	ADP
arjefm-93	153	12	economics	economic	NOUN
arjefm-93	153	13	,	,	PUNCT
arjefm-93	153	14	finance	finance	NOUN
arjefm-93	153	15	and	and	CCONJ
arjefm-93	153	16	management	management	NOUN
arjefm-93	153	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	153	18	,	,	PUNCT
arjefm-93	153	19	email	email	NOUN
arjefm-93	153	20	:	:	PUNCT
arjefm-93	153	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	154	1	41	41	NUM
arjefm-93	155	1	|	|	ADV
arjefm-93	155	2	p	p	X
arjefm-93	155	3	a	a	DET
arjefm-93	155	4	g	g	NOUN
arjefm-93	155	5	e	e	PROPN
arjefm-93	155	6	a	a	DET
arjefm-93	155	7	possible	possible	ADJ
arjefm-93	155	8	objection	objection	NOUN
arjefm-93	155	9	against	against	ADP
arjefm-93	155	10	this	this	DET
arjefm-93	155	11	method	method	NOUN
arjefm-93	155	12	might	might	AUX
arjefm-93	155	13	be	be	AUX
arjefm-93	155	14	that	that	SCONJ
arjefm-93	155	15	modern	modern	ADJ
arjefm-93	155	16	banking	banking	NOUN
arjefm-93	155	17	crises	crisis	NOUN
arjefm-93	155	18	are	be	AUX
arjefm-93	155	19	asset	asset	NOUN
arjefm-93	155	20	-	-	PUNCT
arjefm-93	155	21	side	side	NOUN
arjefm-93	155	22	rather	rather	ADV
arjefm-93	155	23	liability	liability	NOUN
arjefm-93	155	24	-	-	PUNCT
arjefm-93	155	25	side	side	NOUN
arjefm-93	155	26	crises	crisis	NOUN
arjefm-93	155	27	.	.	PUNCT
arjefm-93	156	1	an	an	DET
arjefm-93	156	2	example	example	NOUN
arjefm-93	156	3	is	be	AUX
arjefm-93	156	4	that	that	SCONJ
arjefm-93	156	5	a	a	DET
arjefm-93	156	6	banking	banking	NOUN
arjefm-93	156	7	crisis	crisis	NOUN
arjefm-93	156	8	caused	cause	VERB
arjefm-93	156	9	primarily	primarily	ADV
arjefm-93	156	10	by	by	ADP
arjefm-93	156	11	a	a	DET
arjefm-93	156	12	collapse	collapse	NOUN
arjefm-93	156	13	in	in	ADP
arjefm-93	156	14	real	real	ADJ
arjefm-93	156	15	estates	estate	NOUN
arjefm-93	156	16	’	'	PUNCT
arjefm-93	156	17	prices	price	NOUN
arjefm-93	156	18	(	(	PUNCT
arjefm-93	156	19	e.g.	e.g.	ADV
arjefm-93	156	20	usa	usa	PROPN
arjefm-93	156	21	in	in	ADP
arjefm-93	156	22	2007	2007	NUM
arjefm-93	156	23	or	or	CCONJ
arjefm-93	156	24	china	china	PROPN
arjefm-93	156	25	in	in	ADP
arjefm-93	156	26	2013	2013	NUM
arjefm-93	156	27	)	)	PUNCT
arjefm-93	156	28	or	or	CCONJ
arjefm-93	156	29	a	a	DET
arjefm-93	156	30	wave	wave	NOUN
arjefm-93	156	31	of	of	ADP
arjefm-93	156	32	corporate	corporate	ADJ
arjefm-93	156	33	bankruptcies	bankruptcy	NOUN
arjefm-93	156	34	.	.	PUNCT
arjefm-93	157	1	but	but	CCONJ
arjefm-93	157	2	if	if	SCONJ
arjefm-93	157	3	the	the	DET
arjefm-93	157	4	demand	demand	NOUN
arjefm-93	157	5	for	for	ADP
arjefm-93	157	6	reserves	reserve	NOUN
arjefm-93	157	7	increases	increase	NOUN
arjefm-93	157	8	when	when	SCONJ
arjefm-93	157	9	the	the	DET
arjefm-93	157	10	quality	quality	NOUN
arjefm-93	157	11	of	of	ADP
arjefm-93	157	12	bank	bank	NOUN
arjefm-93	157	13	assets	asset	NOUN
arjefm-93	157	14	deteriorates	deteriorate	VERB
arjefm-93	157	15	,	,	PUNCT
arjefm-93	157	16	such	such	DET
arjefm-93	157	17	a	a	DET
arjefm-93	157	18	dichotomy	dichotomy	NOUN
arjefm-93	157	19	is	be	AUX
arjefm-93	157	20	irrelevant	irrelevant	ADJ
arjefm-93	157	21	for	for	ADP
arjefm-93	157	22	the	the	DET
arjefm-93	157	23	purposes	purpose	NOUN
arjefm-93	157	24	of	of	ADP
arjefm-93	157	25	this	this	DET
arjefm-93	157	26	study	study	NOUN
arjefm-93	157	27	.	.	PUNCT
arjefm-93	158	1	a	a	DET
arjefm-93	158	2	second	second	ADJ
arjefm-93	158	3	objection	objection	NOUN
arjefm-93	158	4	is	be	AUX
arjefm-93	158	5	that	that	SCONJ
arjefm-93	158	6	this	this	DET
arjefm-93	158	7	method	method	NOUN
arjefm-93	158	8	is	be	AUX
arjefm-93	158	9	not	not	PART
arjefm-93	158	10	applicable	applicable	ADJ
arjefm-93	158	11	to	to	ADP
arjefm-93	158	12	environments	environment	NOUN
arjefm-93	158	13	where	where	SCONJ
arjefm-93	158	14	interest	interest	NOUN
arjefm-93	158	15	rates	rate	NOUN
arjefm-93	158	16	are	be	AUX
arjefm-93	158	17	controlled	control	VERB
arjefm-93	158	18	by	by	ADP
arjefm-93	158	19	the	the	DET
arjefm-93	158	20	central	central	ADJ
arjefm-93	158	21	bank	bank	NOUN
arjefm-93	158	22	.	.	PUNCT
arjefm-93	159	1	tightening	tighten	VERB
arjefm-93	159	2	the	the	DET
arjefm-93	159	3	second	second	ADJ
arjefm-93	159	4	condition	condition	NOUN
arjefm-93	159	5	increases	increase	VERB
arjefm-93	159	6	the	the	DET
arjefm-93	159	7	risk	risk	NOUN
arjefm-93	159	8	of	of	ADP
arjefm-93	159	9	missing	miss	VERB
arjefm-93	159	10	true	true	ADJ
arjefm-93	159	11	crisis	crisis	NOUN
arjefm-93	159	12	episodes	episode	NOUN
arjefm-93	159	13	.	.	PUNCT
arjefm-93	160	1	in	in	ADP
arjefm-93	160	2	the	the	DET
arjefm-93	160	3	empirical	empirical	ADJ
arjefm-93	160	4	work	work	NOUN
arjefm-93	160	5	,	,	PUNCT
arjefm-93	160	6	using	use	VERB
arjefm-93	160	7	a	a	DET
arjefm-93	160	8	10	10	NUM
arjefm-93	160	9	%	%	NOUN
arjefm-93	160	10	minimum	minimum	NOUN
arjefm-93	160	11	increase	increase	NOUN
arjefm-93	160	12	would	would	AUX
arjefm-93	160	13	exclude	exclude	VERB
arjefm-93	160	14	some	some	DET
arjefm-93	160	15	well	well	ADV
arjefm-93	160	16	-	-	PUNCT
arjefm-93	160	17	known	know	VERB
arjefm-93	160	18	crisis	crisis	NOUN
arjefm-93	160	19	episodes	episode	NOUN
arjefm-93	160	20	in	in	ADP
arjefm-93	160	21	the	the	DET
arjefm-93	160	22	data	datum	NOUN
arjefm-93	160	23	.	.	PUNCT
arjefm-93	161	1	but	but	CCONJ
arjefm-93	161	2	the	the	DET
arjefm-93	161	3	imp	imp	NOUN
arjefm-93	161	4	has	have	VERB
arjefm-93	161	5	the	the	DET
arjefm-93	161	6	advantage	advantage	NOUN
arjefm-93	161	7	that	that	PRON
arjefm-93	161	8	its	its	PRON
arjefm-93	161	9	quality	quality	NOUN
arjefm-93	161	10	does	do	AUX
arjefm-93	161	11	not	not	PART
arjefm-93	161	12	depend	depend	VERB
arjefm-93	161	13	on	on	ADP
arjefm-93	161	14	the	the	DET
arjefm-93	161	15	flexibility	flexibility	NOUN
arjefm-93	161	16	of	of	ADP
arjefm-93	161	17	interest	interest	NOUN
arjefm-93	161	18	rates	rate	NOUN
arjefm-93	161	19	as	as	ADV
arjefm-93	161	20	long	long	ADV
arjefm-93	161	21	as	as	SCONJ
arjefm-93	161	22	the	the	DET
arjefm-93	161	23	central	central	PROPN
arjefm-93	161	24	bank	bank	NOUN
arjefm-93	161	25	’s	’s	PART
arjefm-93	161	26	interest	interest	NOUN
arjefm-93	161	27	rate	rate	NOUN
arjefm-93	161	28	management	management	NOUN
arjefm-93	161	29	relies	rely	VERB
arjefm-93	161	30	on	on	ADP
arjefm-93	161	31	market	market	NOUN
arjefm-93	161	32	measures	measure	NOUN
arjefm-93	161	33	to	to	PART
arjefm-93	161	34	control	control	VERB
arjefm-93	161	35	the	the	DET
arjefm-93	161	36	interest	interest	NOUN
arjefm-93	161	37	rate	rate	NOUN
arjefm-93	161	38	.	.	PUNCT
arjefm-93	162	1	a	a	DET
arjefm-93	162	2	third	third	ADJ
arjefm-93	162	3	objection	objection	NOUN
arjefm-93	162	4	might	might	AUX
arjefm-93	162	5	be	be	AUX
arjefm-93	162	6	that	that	SCONJ
arjefm-93	162	7	using	use	VERB
arjefm-93	162	8	the	the	DET
arjefm-93	162	9	imp	imp	NOUN
arjefm-93	162	10	,	,	PUNCT
arjefm-93	162	11	one	one	PRON
arjefm-93	162	12	can	can	AUX
arjefm-93	162	13	identify	identify	VERB
arjefm-93	162	14	the	the	DET
arjefm-93	162	15	beginning	beginning	NOUN
arjefm-93	162	16	but	but	CCONJ
arjefm-93	162	17	not	not	PART
arjefm-93	162	18	the	the	DET
arjefm-93	162	19	end	end	NOUN
arjefm-93	162	20	of	of	ADP
arjefm-93	162	21	a	a	DET
arjefm-93	162	22	banking	banking	NOUN
arjefm-93	162	23	crisis	crisis	NOUN
arjefm-93	162	24	.	.	PUNCT
arjefm-93	163	1	this	this	PRON
arjefm-93	163	2	is	be	AUX
arjefm-93	163	3	true	true	ADJ
arjefm-93	163	4	,	,	PUNCT
arjefm-93	163	5	but	but	CCONJ
arjefm-93	163	6	after	after	ADP
arjefm-93	163	7	studying	study	VERB
arjefm-93	163	8	the	the	DET
arjefm-93	163	9	more	more	ADV
arjefm-93	163	10	relevant	relevant	ADJ
arjefm-93	163	11	literature	literature	NOUN
arjefm-93	163	12	it	it	PRON
arjefm-93	163	13	seems	seem	VERB
arjefm-93	163	14	that	that	SCONJ
arjefm-93	163	15	there	there	PRON
arjefm-93	163	16	is	be	VERB
arjefm-93	163	17	no	no	DET
arjefm-93	163	18	consensus	consensus	NOUN
arjefm-93	163	19	on	on	ADP
arjefm-93	163	20	what	what	PRON
arjefm-93	163	21	kind	kind	NOUN
arjefm-93	163	22	of	of	ADP
arjefm-93	163	23	criteria	criterion	NOUN
arjefm-93	163	24	one	one	PRON
arjefm-93	163	25	should	should	AUX
arjefm-93	163	26	use	use	VERB
arjefm-93	163	27	to	to	PART
arjefm-93	163	28	declare	declare	VERB
arjefm-93	163	29	that	that	SCONJ
arjefm-93	163	30	a	a	DET
arjefm-93	163	31	crisis	crisis	NOUN
arjefm-93	163	32	is	be	AUX
arjefm-93	163	33	over	over	ADV
arjefm-93	163	34	.	.	PUNCT
arjefm-93	164	1	such	such	ADJ
arjefm-93	164	2	issue	issue	NOUN
arjefm-93	164	3	is	be	AUX
arjefm-93	164	4	recommended	recommend	VERB
arjefm-93	164	5	for	for	ADP
arjefm-93	164	6	further	further	ADJ
arjefm-93	164	7	research	research	NOUN
arjefm-93	164	8	.	.	PUNCT
arjefm-93	165	1	later	later	ADV
arjefm-93	165	2	on	on	ADV
arjefm-93	165	3	,	,	PUNCT
arjefm-93	165	4	in	in	ADP
arjefm-93	165	5	tables	table	NOUN
arjefm-93	165	6	2	2	NUM
arjefm-93	165	7	-	-	SYM
arjefm-93	165	8	3	3	NUM
arjefm-93	165	9	bank	bank	NOUN
arjefm-93	165	10	profitability	profitability	NOUN
arjefm-93	165	11	is	be	AUX
arjefm-93	165	12	examined	examine	VERB
arjefm-93	165	13	and	and	CCONJ
arjefm-93	165	14	represented	represent	VERB
arjefm-93	165	15	by	by	ADP
arjefm-93	165	16	the	the	DET
arjefm-93	165	17	return	return	NOUN
arjefm-93	165	18	on	on	ADP
arjefm-93	165	19	equity	equity	NOUN
arjefm-93	165	20	(	(	PUNCT
arjefm-93	165	21	roe	roe	PROPN
arjefm-93	165	22	)	)	PUNCT
arjefm-93	165	23	.	.	PUNCT
arjefm-93	166	1	it	it	PRON
arjefm-93	166	2	seems	seem	VERB
arjefm-93	166	3	that	that	SCONJ
arjefm-93	166	4	this	this	DET
arjefm-93	166	5	measurement	measurement	NOUN
arjefm-93	166	6	was	be	AUX
arjefm-93	166	7	markedly	markedly	ADV
arjefm-93	166	8	affected	affect	VERB
arjefm-93	166	9	by	by	ADP
arjefm-93	166	10	the	the	DET
arjefm-93	166	11	2007	2007	NUM
arjefm-93	166	12	-	-	SYM
arjefm-93	166	13	2010	2010	NUM
arjefm-93	166	14	financial	financial	ADJ
arjefm-93	166	15	crisis	crisis	NOUN
arjefm-93	166	16	for	for	ADP
arjefm-93	166	17	each	each	DET
arjefm-93	166	18	grouping	grouping	NOUN
arjefm-93	166	19	of	of	ADP
arjefm-93	166	20	banks	bank	NOUN
arjefm-93	166	21	.	.	PUNCT
arjefm-93	167	1	further	further	ADJ
arjefm-93	167	2	insight	insight	NOUN
arjefm-93	167	3	into	into	ADP
arjefm-93	167	4	the	the	DET
arjefm-93	167	5	changes	change	NOUN
arjefm-93	167	6	in	in	ADP
arjefm-93	167	7	the	the	DET
arjefm-93	167	8	banks	bank	NOUN
arjefm-93	167	9	’	'	PUNCT
arjefm-93	167	10	profitability	profitability	NOUN
arjefm-93	167	11	can	can	AUX
arjefm-93	167	12	be	be	AUX
arjefm-93	167	13	obtained	obtain	VERB
arjefm-93	167	14	from	from	ADP
arjefm-93	167	15	the	the	DET
arjefm-93	167	16	equation	equation	NOUN
arjefm-93	167	17	expressing	express	VERB
arjefm-93	167	18	the	the	DET
arjefm-93	167	19	roe	roe	NOUN
arjefm-93	167	20	as	as	ADP
arjefm-93	167	21	the	the	DET
arjefm-93	167	22	product	product	NOUN
arjefm-93	167	23	of	of	ADP
arjefm-93	167	24	the	the	DET
arjefm-93	167	25	equity	equity	NOUN
arjefm-93	167	26	multiplier	multipli	ADJ
arjefm-93	167	27	(	(	PUNCT
arjefm-93	167	28	a	a	NOUN
arjefm-93	167	29	/	/	SYM
arjefm-93	167	30	e	e	NOUN
arjefm-93	167	31	)	)	PUNCT
arjefm-93	167	32	and	and	CCONJ
arjefm-93	167	33	the	the	DET
arjefm-93	167	34	return	return	NOUN
arjefm-93	167	35	on	on	ADP
arjefm-93	167	36	assets	asset	NOUN
arjefm-93	167	37	(	(	PUNCT
arjefm-93	167	38	roa	roa	PROPN
arjefm-93	167	39	)	)	PUNCT
arjefm-93	167	40	.	.	PUNCT
arjefm-93	168	1	the	the	DET
arjefm-93	168	2	roa	roa	NOUN
arjefm-93	168	3	can	can	AUX
arjefm-93	168	4	be	be	AUX
arjefm-93	168	5	decomposed	decompose	VERB
arjefm-93	168	6	using	use	VERB
arjefm-93	168	7	methodology	methodology	NOUN
arjefm-93	168	8	of	of	ADP
arjefm-93	168	9	koch	koch	PROPN
arjefm-93	168	10	and	and	CCONJ
arjefm-93	168	11	macdonald	macdonald	PROPN
arjefm-93	168	12	(	(	PUNCT
arjefm-93	168	13	2007	2007	NUM
arjefm-93	168	14	)	)	PUNCT
arjefm-93	168	15	as	as	SCONJ
arjefm-93	168	16	follows	follow	VERB
arjefm-93	168	17	:	:	PUNCT
arjefm-93	168	18	a	a	DET
arjefm-93	168	19	a	a	DET
arjefm-93	168	20	nim	nim	PROPN
arjefm-93	168	21	nii	nii	PROPN
arjefm-93	168	22	nie	nie	PROPN
arjefm-93	168	23	sg	sg	PROPN
arjefm-93	168	24	pll	pll	PROPN
arjefm-93	168	25	tax	tax	NOUN
arjefm-93	168	26	(	(	PUNCT
arjefm-93	168	27	2	2	NUM
arjefm-93	168	28	)	)	PUNCT
arjefm-93	168	29	roe	roe	NOUN
arjefm-93	168	30	e	e	PROPN
arjefm-93	168	31	roa	roa	PROPN
arjefm-93	168	32	e	e	PROPN
arjefm-93	168	33	a	a	PRON
arjefm-93	168	34	a	a	DET
arjefm-93	168	35	a	a	DET
arjefm-93	168	36	a	a	DET
arjefm-93	168	37	a	a	DET
arjefm-93	168	38	a	a	NOUN
arjefm-93	168	39	,	,	PUNCT
arjefm-93	168	40	where	where	SCONJ
arjefm-93	168	41	e	e	NOUN
arjefm-93	168	42	is	be	AUX
arjefm-93	168	43	equity	equity	NOUN
arjefm-93	168	44	;	;	PUNCT
arjefm-93	168	45	a	a	PRON
arjefm-93	168	46	is	be	AUX
arjefm-93	168	47	total	total	ADJ
arjefm-93	168	48	assets	asset	NOUN
arjefm-93	168	49	;	;	PUNCT
arjefm-93	168	50	nim	nim	PROPN
arjefm-93	168	51	is	be	AUX
arjefm-93	168	52	the	the	DET
arjefm-93	168	53	net	net	ADJ
arjefm-93	168	54	interest	interest	NOUN
arjefm-93	168	55	margin	margin	NOUN
arjefm-93	168	56	calculated	calculate	VERB
arjefm-93	168	57	as	as	ADP
arjefm-93	168	58	the	the	DET
arjefm-93	168	59	difference	difference	NOUN
arjefm-93	168	60	between	between	ADP
arjefm-93	168	61	interest	interest	NOUN
arjefm-93	168	62	income	income	NOUN
arjefm-93	168	63	(	(	PUNCT
arjefm-93	168	64	ii	ii	NOUN
arjefm-93	168	65	)	)	PUNCT
arjefm-93	168	66	and	and	CCONJ
arjefm-93	168	67	interest	interest	NOUN
arjefm-93	168	68	expense	expense	NOUN
arjefm-93	168	69	(	(	PUNCT
arjefm-93	168	70	ie	ie	X
arjefm-93	168	71	)	)	PUNCT
arjefm-93	168	72	;	;	PUNCT
arjefm-93	168	73	nii	nii	PROPN
arjefm-93	168	74	is	be	AUX
arjefm-93	168	75	non	non	ADJ
arjefm-93	168	76	–	–	PUNCT
arjefm-93	168	77	interest	interest	NOUN
arjefm-93	168	78	income	income	NOUN
arjefm-93	168	79	;	;	PUNCT
arjefm-93	168	80	sg	sg	PROPN
arjefm-93	168	81	is	be	AUX
arjefm-93	168	82	security	security	NOUN
arjefm-93	168	83	gains	gain	NOUN
arjefm-93	168	84	(	(	PUNCT
arjefm-93	168	85	or	or	CCONJ
arjefm-93	168	86	losses	loss	NOUN
arjefm-93	168	87	)	)	PUNCT
arjefm-93	168	88	;	;	PUNCT
arjefm-93	168	89	nie	nie	PROPN
arjefm-93	168	90	is	be	AUX
arjefm-93	168	91	non	non	ADJ
arjefm-93	168	92	–	–	PUNCT
arjefm-93	168	93	interest	interest	ADJ
arjefm-93	168	94	expense	expense	NOUN
arjefm-93	168	95	;	;	PUNCT
arjefm-93	168	96	pll	pll	PROPN
arjefm-93	168	97	is	be	AUX
arjefm-93	168	98	provisions	provision	NOUN
arjefm-93	168	99	for	for	ADP
arjefm-93	168	100	loan	loan	NOUN
arjefm-93	168	101	losses	loss	NOUN
arjefm-93	168	102	,	,	PUNCT
arjefm-93	168	103	and	and	CCONJ
arjefm-93	168	104	tax	tax	NOUN
arjefm-93	168	105	is	be	AUX
arjefm-93	168	106	the	the	DET
arjefm-93	168	107	taxes	taxis	NOUN
arjefm-93	168	108	paid	pay	VERB
arjefm-93	168	109	.	.	PUNCT
arjefm-93	169	1	table	table	NOUN
arjefm-93	169	2	2	2	NUM
arjefm-93	169	3	shows	show	VERB
arjefm-93	169	4	the	the	DET
arjefm-93	169	5	degree	degree	NOUN
arjefm-93	169	6	of	of	ADP
arjefm-93	169	7	banks	bank	NOUN
arjefm-93	169	8	’	'	PUNCT
arjefm-93	169	9	profitability	profitability	NOUN
arjefm-93	169	10	as	as	SCONJ
arjefm-93	169	11	measured	measure	VERB
arjefm-93	169	12	by	by	ADP
arjefm-93	169	13	the	the	DET
arjefm-93	169	14	roe	roe	NOUN
arjefm-93	169	15	in	in	ADP
arjefm-93	169	16	european	european	ADJ
arjefm-93	169	17	economies	economy	NOUN
arjefm-93	169	18	that	that	PRON
arjefm-93	169	19	registered	register	VERB
arjefm-93	169	20	a	a	DET
arjefm-93	169	21	financial	financial	ADJ
arjefm-93	169	22	crisis	crisis	NOUN
arjefm-93	169	23	between	between	ADP
arjefm-93	169	24	2007	2007	NUM
arjefm-93	169	25	and	and	CCONJ
arjefm-93	169	26	2010.these	2010.these	DET
arjefm-93	169	27	banks	bank	NOUN
arjefm-93	169	28	only	only	ADV
arjefm-93	169	29	registered	register	VERB
arjefm-93	169	30	a	a	DET
arjefm-93	169	31	negative	negative	ADJ
arjefm-93	169	32	roe	roe	NOUN
arjefm-93	169	33	in	in	ADP
arjefm-93	169	34	2009	2009	NUM
arjefm-93	169	35	(	(	PUNCT
arjefm-93	169	36	shown	show	VERB
arjefm-93	169	37	in	in	ADP
arjefm-93	169	38	faded	fade	VERB
arjefm-93	169	39	color	color	NOUN
arjefm-93	169	40	)	)	PUNCT
arjefm-93	169	41	.	.	PUNCT
arjefm-93	170	1	the	the	DET
arjefm-93	170	2	decline	decline	NOUN
arjefm-93	170	3	in	in	ADP
arjefm-93	170	4	these	these	DET
arjefm-93	170	5	banks	bank	NOUN
arjefm-93	170	6	profitability	profitability	NOUN
arjefm-93	170	7	is	be	AUX
arjefm-93	170	8	largely	largely	ADV
arjefm-93	170	9	attributable	attributable	ADJ
arjefm-93	170	10	to	to	ADP
arjefm-93	170	11	the	the	DET
arjefm-93	170	12	decline	decline	NOUN
arjefm-93	170	13	in	in	ADP
arjefm-93	170	14	(	(	PUNCT
arjefm-93	170	15	nii+sg	nii+sg	PROPN
arjefm-93	170	16	-	-	PUNCT
arjefm-93	170	17	tax)/a	tax)/a	NOUN
arjefm-93	170	18	stemming	stem	VERB
arjefm-93	170	19	from	from	ADP
arjefm-93	170	20	losses	loss	NOUN
arjefm-93	170	21	on	on	ADP
arjefm-93	170	22	securities	security	NOUN
arjefm-93	170	23	(	(	PUNCT
arjefm-93	170	24	a	a	DET
arjefm-93	170	25	small	small	ADJ
arjefm-93	170	26	percentage	percentage	NOUN
arjefm-93	170	27	of	of	ADP
arjefm-93	170	28	the	the	DET
arjefm-93	170	29	decline	decline	NOUN
arjefm-93	170	30	can	can	AUX
arjefm-93	170	31	also	also	ADV
arjefm-93	170	32	be	be	AUX
arjefm-93	170	33	attributed	attribute	VERB
arjefm-93	170	34	to	to	ADP
arjefm-93	170	35	nii	nii	PROPN
arjefm-93	170	36	because	because	SCONJ
arjefm-93	170	37	of	of	ADP
arjefm-93	170	38	the	the	DET
arjefm-93	170	39	decline	decline	NOUN
arjefm-93	170	40	in	in	ADP
arjefm-93	170	41	off	off	ADP
arjefm-93	170	42	-	-	PUNCT
arjefm-93	170	43	balance	balance	NOUN
arjefm-93	170	44	sheet	sheet	NOUN
arjefm-93	170	45	assets	asset	NOUN
arjefm-93	170	46	;	;	PUNCT
arjefm-93	170	47	it	it	PRON
arjefm-93	170	48	is	be	AUX
arjefm-93	170	49	presumed	presume	VERB
arjefm-93	170	50	that	that	SCONJ
arjefm-93	170	51	taxes	taxis	NOUN
arjefm-93	170	52	did	do	AUX
arjefm-93	170	53	not	not	PART
arjefm-93	170	54	change	change	VERB
arjefm-93	170	55	appreciably	appreciably	ADV
arjefm-93	170	56	over	over	ADP
arjefm-93	170	57	this	this	DET
arjefm-93	170	58	period	period	NOUN
arjefm-93	170	59	and	and	CCONJ
arjefm-93	170	60	the	the	DET
arjefm-93	170	61	0.4	0.4	NUM
arjefm-93	170	62	percentage	percentage	NOUN
arjefm-93	170	63	point	point	NOUN
arjefm-93	170	64	increase	increase	NOUN
arjefm-93	170	65	in	in	ADP
arjefm-93	170	66	the	the	DET
arjefm-93	170	67	loan	loan	NOUN
arjefm-93	170	68	loss	loss	NOUN
arjefm-93	170	69	provision	provision	NOUN
arjefm-93	170	70	ratio	ratio	NOUN
arjefm-93	170	71	that	that	PRON
arjefm-93	170	72	are	be	AUX
arjefm-93	170	73	amplified	amplify	VERB
arjefm-93	170	74	by	by	ADP
arjefm-93	170	75	the	the	DET
arjefm-93	170	76	sharp	sharp	ADJ
arjefm-93	170	77	increase	increase	NOUN
arjefm-93	170	78	in	in	ADP
arjefm-93	170	79	the	the	DET
arjefm-93	170	80	equity	equity	NOUN
arjefm-93	170	81	multiplier	multiplier	ADV
arjefm-93	170	82	between	between	ADP
arjefm-93	170	83	2007	2007	NUM
arjefm-93	170	84	and	and	CCONJ
arjefm-93	170	85	2010	2010	NUM
arjefm-93	170	86	.	.	PUNCT
arjefm-93	171	1	the	the	DET
arjefm-93	171	2	equity	equity	NOUN
arjefm-93	171	3	multiplier	multiplier	ADV
arjefm-93	171	4	for	for	ADP
arjefm-93	171	5	this	this	DET
arjefm-93	171	6	group	group	NOUN
arjefm-93	171	7	of	of	ADP
arjefm-93	171	8	banks	bank	NOUN
arjefm-93	171	9	increases	increase	VERB
arjefm-93	171	10	substantially	substantially	ADV
arjefm-93	171	11	in	in	ADP
arjefm-93	171	12	2009	2009	NUM
arjefm-93	171	13	.	.	PUNCT
arjefm-93	172	1	furthermore	furthermore	ADV
arjefm-93	172	2	,	,	PUNCT
arjefm-93	172	3	the	the	DET
arjefm-93	172	4	noninterest	noninter	ADJ
arjefm-93	172	5	expense	expense	NOUN
arjefm-93	172	6	ratio	ratio	NOUN
arjefm-93	172	7	declined	decline	VERB
arjefm-93	172	8	by	by	ADP
arjefm-93	172	9	almost	almost	ADV
arjefm-93	172	10	one	one	NUM
arjefm-93	172	11	percentage	percentage	NOUN
arjefm-93	172	12	point	point	NOUN
arjefm-93	172	13	between	between	ADP
arjefm-93	172	14	2007	2007	NUM
arjefm-93	172	15	and	and	CCONJ
arjefm-93	172	16	2010	2010	NUM
arjefm-93	172	17	.	.	PUNCT
arjefm-93	173	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	173	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	174	1	american	american	PROPN
arjefm-93	174	2	research	research	PROPN
arjefm-93	174	3	journal	journal	PROPN
arjefm-93	174	4	of	of	ADP
arjefm-93	174	5	economics	economic	NOUN
arjefm-93	174	6	,	,	PUNCT
arjefm-93	174	7	finance	finance	NOUN
arjefm-93	174	8	and	and	CCONJ
arjefm-93	174	9	management	management	NOUN
arjefm-93	174	10	volume	volume	NOUN
arjefm-93	174	11	11	11	NUM
arjefm-93	174	12	issue	issue	NOUN
arjefm-93	174	13	4	4	NUM
arjefm-93	174	14	,	,	PUNCT
arjefm-93	174	15	october	october	PROPN
arjefm-93	174	16	-	-	PUNCT
arjefm-93	174	17	december	december	PROPN
arjefm-93	174	18	2023	2023	NUM
arjefm-93	174	19	issn	issn	NOUN
arjefm-93	174	20	:	:	PUNCT
arjefm-93	174	21	2836	2836	NUM
arjefm-93	174	22	-	-	SYM
arjefm-93	174	23	9416	9416	NUM
arjefm-93	174	24	impact	impact	NOUN
arjefm-93	174	25	factor	factor	NOUN
arjefm-93	174	26	:	:	PUNCT
arjefm-93	174	27	5.57	5.57	NUM
arjefm-93	174	28	journal	journal	NOUN
arjefm-93	174	29	homepage	homepage	NOUN
arjefm-93	174	30	:	:	PUNCT
arjefm-93	174	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	174	32	,	,	PUNCT
arjefm-93	174	33	email	email	NOUN
arjefm-93	174	34	:	:	PUNCT
arjefm-93	175	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	175	2	official	official	ADJ
arjefm-93	175	3	journal	journal	PROPN
arjefm-93	175	4	of	of	ADP
arjefm-93	175	5	america	america	PROPN
arjefm-93	175	6	serial	serial	PROPN
arjefm-93	175	7	publication	publication	NOUN
arjefm-93	175	8	american	american	PROPN
arjefm-93	175	9	research	research	PROPN
arjefm-93	175	10	journal	journal	PROPN
arjefm-93	175	11	of	of	ADP
arjefm-93	175	12	economics	economic	NOUN
arjefm-93	175	13	,	,	PUNCT
arjefm-93	175	14	finance	finance	NOUN
arjefm-93	175	15	and	and	CCONJ
arjefm-93	175	16	management	management	NOUN
arjefm-93	175	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	175	18	,	,	PUNCT
arjefm-93	175	19	email	email	NOUN
arjefm-93	175	20	:	:	PUNCT
arjefm-93	175	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	176	1	42	42	NUM
arjefm-93	177	1	|	|	ADV
arjefm-93	177	2	p	p	X
arjefm-93	177	3	a	a	DET
arjefm-93	177	4	g	g	NOUN
arjefm-93	177	5	e	e	NOUN
arjefm-93	177	6	table	table	NOUN
arjefm-93	177	7	2	2	NUM
arjefm-93	177	8	:	:	PUNCT
arjefm-93	177	9	banking	banking	NOUN
arjefm-93	177	10	indicators	indicator	NOUN
arjefm-93	177	11	for	for	ADP
arjefm-93	177	12	european	european	ADJ
arjefm-93	177	13	economies	economy	NOUN
arjefm-93	177	14	that	that	PRON
arjefm-93	177	15	had	have	VERB
arjefm-93	177	16	a	a	DET
arjefm-93	177	17	banking	banking	NOUN
arjefm-93	177	18	crisis	crisis	NOUN
arjefm-93	177	19	in	in	ADP
arjefm-93	177	20	2007	2007	NUM
arjefm-93	177	21	-	-	SYM
arjefm-93	177	22	2010	2010	NUM
arjefm-93	177	23	2007	2007	NUM
arjefm-93	177	24	2008	2008	NUM
arjefm-93	177	25	2009	2009	NUM
arjefm-93	177	26	2010	2010	NUM
arjefm-93	177	27	equity	equity	NOUN
arjefm-93	177	28	-	-	PUNCT
arjefm-93	177	29	asset	asset	NOUN
arjefm-93	177	30	ratio	ratio	NOUN
arjefm-93	177	31	mean	mean	NOUN
arjefm-93	177	32	14.2	14.2	NUM
arjefm-93	177	33	13.5	13.5	NUM
arjefm-93	177	34	11.2	11.2	NUM
arjefm-93	177	35	10.9	10.9	NUM
arjefm-93	177	36	median	median	NOUN
arjefm-93	177	37	8.7	8.7	NUM
arjefm-93	177	38	7.9	7.9	NUM
arjefm-93	177	39	8.1	8.1	NUM
arjefm-93	177	40	8.2	8.2	NUM
arjefm-93	177	41	std	std	NOUN
arjefm-93	177	42	.	.	PUNCT
arjefm-93	178	1	dev	dev	PROPN
arjefm-93	178	2	.	.	PROPN
arjefm-93	179	1	17.1	17.1	NUM
arjefm-93	179	2	17.4	17.4	NUM
arjefm-93	179	3	12.8	12.8	NUM
arjefm-93	179	4	12.6	12.6	NUM
arjefm-93	179	5	no	no	NOUN
arjefm-93	179	6	.	.	PUNCT
arjefm-93	179	7	of	of	ADP
arjefm-93	179	8	obs	obs	PROPN
arjefm-93	179	9	.	.	PUNCT
arjefm-93	180	1	total	total	ADJ
arjefm-93	180	2	capital	capital	NOUN
arjefm-93	180	3	ratio	ratio	NOUN
arjefm-93	180	4	892	892	NUM
arjefm-93	180	5	929	929	NUM
arjefm-93	180	6	497	497	NUM
arjefm-93	180	7	484	484	NUM
arjefm-93	180	8	mean	mean	NOUN
arjefm-93	180	9	18.1	18.1	NUM
arjefm-93	180	10	14.8	14.8	NUM
arjefm-93	180	11	14.9	14.9	NUM
arjefm-93	180	12	14.8	14.8	NUM
arjefm-93	180	13	median	median	NOUN
arjefm-93	180	14	12.2	12.2	NUM
arjefm-93	180	15	12.4	12.4	NUM
arjefm-93	180	16	12.9	12.9	NUM
arjefm-93	180	17	12.8	12.8	NUM
arjefm-93	180	18	std	std	NOUN
arjefm-93	180	19	.	.	PUNCT
arjefm-93	181	1	dev	dev	PROPN
arjefm-93	181	2	.	.	PROPN
arjefm-93	182	1	29.1	29.1	NUM
arjefm-93	182	2	9.7	9.7	NUM
arjefm-93	182	3	8.3	8.3	NUM
arjefm-93	182	4	8.2	8.2	NUM
arjefm-93	182	5	no	no	NOUN
arjefm-93	182	6	.	.	PUNCT
arjefm-93	182	7	of	of	ADP
arjefm-93	182	8	obs	obs	PROPN
arjefm-93	182	9	.	.	PUNCT
arjefm-93	183	1	tier	tier	NOUN
arjefm-93	183	2	1	1	NUM
arjefm-93	183	3	capital	capital	NOUN
arjefm-93	183	4	ratio	ratio	NOUN
arjefm-93	183	5	364	364	NUM
arjefm-93	183	6	461	461	NUM
arjefm-93	183	7	101	101	NUM
arjefm-93	183	8	95	95	NUM
arjefm-93	183	9	mean	mean	NOUN
arjefm-93	183	10	15.7	15.7	NUM
arjefm-93	183	11	12.4	12.4	NUM
arjefm-93	183	12	12.4	12.4	NUM
arjefm-93	183	13	12.4	12.4	NUM
arjefm-93	183	14	median	median	NOUN
arjefm-93	183	15	9.6	9.6	NUM
arjefm-93	183	16	10.6	10.6	NUM
arjefm-93	183	17	10.8	10.8	NUM
arjefm-93	183	18	10.6	10.6	NUM
arjefm-93	183	19	std	std	NOUN
arjefm-93	183	20	.	.	PUNCT
arjefm-93	184	1	dev	dev	PROPN
arjefm-93	184	2	.	.	PROPN
arjefm-93	185	1	30.7	30.7	NUM
arjefm-93	185	2	9.5	9.5	NUM
arjefm-93	185	3	7.5	7.5	NUM
arjefm-93	185	4	7.3	7.3	NUM
arjefm-93	185	5	no	no	NOUN
arjefm-93	185	6	.	.	PUNCT
arjefm-93	185	7	of	of	ADP
arjefm-93	185	8	obs	obs	PROPN
arjefm-93	185	9	.	.	PUNCT
arjefm-93	186	1	return	return	VERB
arjefm-93	186	2	on	on	ADP
arjefm-93	186	3	average	average	ADJ
arjefm-93	186	4	equity	equity	NOUN
arjefm-93	186	5	(	(	PUNCT
arjefm-93	186	6	roe	roe	PROPN
arjefm-93	186	7	)	)	PUNCT
arjefm-93	186	8	344	344	NUM
arjefm-93	186	9	424	424	NUM
arjefm-93	186	10	317	317	NUM
arjefm-93	186	11	296	296	NUM
arjefm-93	186	12	mean	mean	NOUN
arjefm-93	186	13	9.8	9.8	NUM
arjefm-93	186	14	3.4	3.4	NUM
arjefm-93	186	15	-0.5	-0.5	NUM
arjefm-93	186	16	0.3	0.3	NUM
arjefm-93	186	17	median	median	NOUN
arjefm-93	186	18	8.2	8.2	NUM
arjefm-93	186	19	4.4	4.4	NUM
arjefm-93	186	20	4.1	4.1	NUM
arjefm-93	186	21	3.9	3.9	NUM
arjefm-93	186	22	std	std	NOUN
arjefm-93	186	23	.	.	PUNCT
arjefm-93	187	1	dev	dev	PROPN
arjefm-93	187	2	.	.	PROPN
arjefm-93	188	1	17.5	17.5	NUM
arjefm-93	188	2	28.3	28.3	NUM
arjefm-93	188	3	24.1	24.1	NUM
arjefm-93	188	4	23.8	23.8	NUM
arjefm-93	188	5	no	no	NOUN
arjefm-93	188	6	.	.	PUNCT
arjefm-93	188	7	of	of	ADP
arjefm-93	188	8	obs	obs	PROPN
arjefm-93	188	9	.	.	PUNCT
arjefm-93	189	1	decomposition	decomposition	NOUN
arjefm-93	189	2	of	of	ADP
arjefm-93	189	3	bank	bank	NOUN
arjefm-93	189	4	profitability	profitability	NOUN
arjefm-93	189	5	911	911	NUM
arjefm-93	189	6	937	937	NUM
arjefm-93	189	7	492	492	NUM
arjefm-93	189	8	488	488	NUM
arjefm-93	189	9	equity	equity	NOUN
arjefm-93	189	10	multiplier	multiplier	ADV
arjefm-93	189	11	(	(	PUNCT
arjefm-93	189	12	a	a	NOUN
arjefm-93	189	13	/	/	SYM
arjefm-93	189	14	e	e	NOUN
arjefm-93	189	15	)	)	PUNCT
arjefm-93	189	16	7.2	7.2	NUM
arjefm-93	189	17	7.4	7.4	NUM
arjefm-93	189	18	8.5	8.5	NUM
arjefm-93	189	19	8.1	8.1	NUM
arjefm-93	189	20	net	net	ADJ
arjefm-93	189	21	interest	interest	NOUN
arjefm-93	189	22	margin	margin	NOUN
arjefm-93	189	23	(	(	PUNCT
arjefm-93	189	24	nim	nim	NOUN
arjefm-93	189	25	/a	/a	PUNCT
arjefm-93	189	26	)	)	PUNCT
arjefm-93	189	27	3.2	3.2	NUM
arjefm-93	189	28	2.6	2.6	NUM
arjefm-93	189	29	3.1	3.1	NUM
arjefm-93	189	30	2.9	2.9	NUM
arjefm-93	189	31	interest	interest	NOUN
arjefm-93	189	32	expense	expense	NOUN
arjefm-93	189	33	to	to	ADP
arjefm-93	189	34	total	total	ADJ
arjefm-93	189	35	assets	asset	NOUN
arjefm-93	189	36	(	(	PUNCT
arjefm-93	189	37	ie	ie	X
arjefm-93	189	38	/	/	SYM
arjefm-93	189	39	a	a	NOUN
arjefm-93	189	40	)	)	PUNCT
arjefm-93	189	41	3.3	3.3	NUM
arjefm-93	189	42	2.6	2.6	NUM
arjefm-93	189	43	1.7	1.7	NUM
arjefm-93	189	44	1.5	1.5	NUM
arjefm-93	189	45	noninterest	noninterest	NOUN
arjefm-93	189	46	expenses	expense	NOUN
arjefm-93	189	47	(	(	PUNCT
arjefm-93	189	48	nie	nie	PROPN
arjefm-93	189	49	/a	/a	PUNCT
arjefm-93	189	50	)	)	PUNCT
arjefm-93	190	1	5.2	5.2	NUM
arjefm-93	190	2	5.1	5.1	NUM
arjefm-93	190	3	4.0	4.0	NUM
arjefm-93	190	4	3.8	3.8	NUM
arjefm-93	190	5	loan	loan	NOUN
arjefm-93	190	6	loss	loss	NOUN
arjefm-93	190	7	provisions	provision	NOUN
arjefm-93	190	8	(	(	PUNCT
arjefm-93	190	9	pll	pll	PROPN
arjefm-93	190	10	/	/	SYM
arjefm-93	190	11	a	a	NOUN
arjefm-93	190	12	)	)	PUNCT
arjefm-93	190	13	0.4	0.4	NUM
arjefm-93	190	14	0.5	0.5	NUM
arjefm-93	190	15	0.9	0.9	NUM
arjefm-93	190	16	0.7	0.7	NUM
arjefm-93	190	17	noninterest	noninter	ADJ
arjefm-93	190	18	income	income	NOUN
arjefm-93	190	19	plus	plus	CCONJ
arjefm-93	190	20	securities	security	NOUN
arjefm-93	190	21	gains	gain	NOUN
arjefm-93	190	22	,	,	PUNCT
arjefm-93	190	23	net	net	NOUN
arjefm-93	190	24	of	of	ADP
arjefm-93	190	25	taxes	taxis	NOUN
arjefm-93	190	26	(	(	PUNCT
arjefm-93	190	27	nii	nii	NOUN
arjefm-93	190	28	+	+	CCONJ
arjefm-93	190	29	sg	sg	ADP
arjefm-93	190	30	tax	tax	NOUN
arjefm-93	190	31	)	)	PUNCT
arjefm-93	190	32	/a	/a	PUNCT
arjefm-93	190	33	4.1	4.1	NUM
arjefm-93	190	34	3.4	3.4	NUM
arjefm-93	190	35	2.1	2.1	NUM
arjefm-93	190	36	1.8	1.8	NUM
arjefm-93	190	37	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-93	190	38	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	190	39	american	american	PROPN
arjefm-93	190	40	research	research	PROPN
arjefm-93	190	41	journal	journal	PROPN
arjefm-93	190	42	of	of	ADP
arjefm-93	190	43	economics	economic	NOUN
arjefm-93	190	44	,	,	PUNCT
arjefm-93	190	45	finance	finance	NOUN
arjefm-93	190	46	and	and	CCONJ
arjefm-93	190	47	management	management	NOUN
arjefm-93	190	48	volume	volume	NOUN
arjefm-93	190	49	11	11	NUM
arjefm-93	190	50	issue	issue	NOUN
arjefm-93	190	51	4	4	NUM
arjefm-93	190	52	,	,	PUNCT
arjefm-93	190	53	october	october	PROPN
arjefm-93	190	54	-	-	PUNCT
arjefm-93	190	55	december	december	PROPN
arjefm-93	190	56	2023	2023	NUM
arjefm-93	190	57	issn	issn	NOUN
arjefm-93	190	58	:	:	PUNCT
arjefm-93	190	59	2836	2836	NUM
arjefm-93	190	60	-	-	SYM
arjefm-93	190	61	9416	9416	NUM
arjefm-93	190	62	impact	impact	NOUN
arjefm-93	190	63	factor	factor	NOUN
arjefm-93	190	64	:	:	PUNCT
arjefm-93	190	65	5.57	5.57	NUM
arjefm-93	190	66	journal	journal	NOUN
arjefm-93	190	67	homepage	homepage	NOUN
arjefm-93	190	68	:	:	PUNCT
arjefm-93	190	69	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	190	70	,	,	PUNCT
arjefm-93	190	71	email	email	NOUN
arjefm-93	190	72	:	:	PUNCT
arjefm-93	190	73	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	190	74	official	official	ADJ
arjefm-93	190	75	journal	journal	PROPN
arjefm-93	190	76	of	of	ADP
arjefm-93	190	77	america	america	PROPN
arjefm-93	190	78	serial	serial	PROPN
arjefm-93	190	79	publication	publication	NOUN
arjefm-93	190	80	american	american	PROPN
arjefm-93	190	81	research	research	PROPN
arjefm-93	190	82	journal	journal	PROPN
arjefm-93	190	83	of	of	ADP
arjefm-93	190	84	economics	economic	NOUN
arjefm-93	190	85	,	,	PUNCT
arjefm-93	190	86	finance	finance	NOUN
arjefm-93	190	87	and	and	CCONJ
arjefm-93	190	88	management	management	NOUN
arjefm-93	190	89	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	190	90	,	,	PUNCT
arjefm-93	190	91	email	email	NOUN
arjefm-93	190	92	:	:	PUNCT
arjefm-93	190	93	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	191	1	43	43	NUM
arjefm-93	192	1	|	|	ADV
arjefm-93	192	2	p	p	X
arjefm-93	192	3	a	a	DET
arjefm-93	192	4	g	g	NOUN
arjefm-93	192	5	e	e	X
arjefm-93	192	6	off	off	ADP
arjefm-93	192	7	-	-	PUNCT
arjefm-93	192	8	balance	balance	NOUN
arjefm-93	192	9	sheet	sheet	NOUN
arjefm-93	192	10	items	item	NOUN
arjefm-93	192	11	to	to	PART
arjefm-93	192	12	total	total	ADJ
arjefm-93	192	13	assets	asset	NOUN
arjefm-93	192	14	mean	mean	VERB
arjefm-93	192	15	21.4	21.4	NUM
arjefm-93	192	16	18.3	18.3	NUM
arjefm-93	192	17	19.3	19.3	NUM
arjefm-93	192	18	18.5	18.5	NUM
arjefm-93	192	19	median	median	NOUN
arjefm-93	192	20	6.5	6.5	NUM
arjefm-93	192	21	5.1	5.1	NUM
arjefm-93	192	22	9.1	9.1	NUM
arjefm-93	192	23	8.8	8.8	NUM
arjefm-93	192	24	std	std	NOUN
arjefm-93	192	25	.	.	PUNCT
arjefm-93	193	1	dev	dev	PROPN
arjefm-93	193	2	.	.	PUNCT
arjefm-93	194	1	61.6	61.6	NUM
arjefm-93	194	2	55.3	55.3	NUM
arjefm-93	194	3	36.8	36.8	NUM
arjefm-93	194	4	32.3	32.3	NUM
arjefm-93	194	5	no	no	NOUN
arjefm-93	194	6	.	.	PUNCT
arjefm-93	194	7	of	of	ADP
arjefm-93	194	8	obs	obs	PROPN
arjefm-93	194	9	.	.	PUNCT
arjefm-93	195	1	701	701	NUM
arjefm-93	195	2	744	744	NUM
arjefm-93	195	3	426	426	NUM
arjefm-93	195	4	389	389	NUM
arjefm-93	195	5	similar	similar	ADJ
arjefm-93	195	6	results	result	NOUN
arjefm-93	195	7	are	be	AUX
arjefm-93	195	8	reported	report	VERB
arjefm-93	195	9	in	in	ADP
arjefm-93	195	10	table	table	NOUN
arjefm-93	195	11	3	3	NUM
arjefm-93	195	12	for	for	ADP
arjefm-93	195	13	the	the	DET
arjefm-93	195	14	banks	bank	NOUN
arjefm-93	195	15	in	in	ADP
arjefm-93	195	16	european	european	ADJ
arjefm-93	195	17	countries	country	NOUN
arjefm-93	195	18	that	that	PRON
arjefm-93	195	19	did	do	AUX
arjefm-93	195	20	not	not	PART
arjefm-93	195	21	experience	experience	VERB
arjefm-93	195	22	a	a	DET
arjefm-93	195	23	financial	financial	ADJ
arjefm-93	195	24	crisis	crisis	NOUN
arjefm-93	195	25	with	with	ADP
arjefm-93	195	26	the	the	DET
arjefm-93	195	27	exception	exception	NOUN
arjefm-93	195	28	of	of	ADP
arjefm-93	195	29	the	the	DET
arjefm-93	195	30	decline	decline	NOUN
arjefm-93	195	31	in	in	ADP
arjefm-93	195	32	roe	roe	NOUN
arjefm-93	195	33	being	be	AUX
arjefm-93	195	34	larger	large	ADJ
arjefm-93	195	35	for	for	ADP
arjefm-93	195	36	this	this	DET
arjefm-93	195	37	group	group	NOUN
arjefm-93	195	38	of	of	ADP
arjefm-93	195	39	banks	bank	NOUN
arjefm-93	195	40	(	(	PUNCT
arjefm-93	195	41	shown	show	VERB
arjefm-93	195	42	in	in	ADP
arjefm-93	195	43	faded	fade	VERB
arjefm-93	195	44	color	color	NOUN
arjefm-93	195	45	)	)	PUNCT
arjefm-93	195	46	due	due	ADP
arjefm-93	195	47	to	to	ADP
arjefm-93	195	48	their	their	PRON
arjefm-93	195	49	larger	large	ADJ
arjefm-93	195	50	equity	equity	NOUN
arjefm-93	195	51	multiplier	multipli	ADJ
arjefm-93	195	52	.	.	PUNCT
arjefm-93	196	1	table	table	NOUN
arjefm-93	196	2	3	3	NUM
arjefm-93	196	3	:	:	PUNCT
arjefm-93	196	4	banking	banking	NOUN
arjefm-93	196	5	indicators	indicator	NOUN
arjefm-93	196	6	for	for	ADP
arjefm-93	196	7	european	european	ADJ
arjefm-93	196	8	economies	economy	NOUN
arjefm-93	196	9	that	that	PRON
arjefm-93	196	10	did	do	AUX
arjefm-93	196	11	not	not	PART
arjefm-93	196	12	have	have	VERB
arjefm-93	196	13	a	a	DET
arjefm-93	196	14	banking	banking	NOUN
arjefm-93	196	15	crisis	crisis	NOUN
arjefm-93	196	16	in	in	ADP
arjefm-93	196	17	2007	2007	NUM
arjefm-93	196	18	-	-	SYM
arjefm-93	196	19	2010	2010	NUM
arjefm-93	196	20	2007	2007	NUM
arjefm-93	196	21	2008	2008	NUM
arjefm-93	196	22	2009	2009	NUM
arjefm-93	196	23	2010	2010	NUM
arjefm-93	196	24	equity	equity	NOUN
arjefm-93	196	25	-	-	PUNCT
arjefm-93	196	26	asset	asset	NOUN
arjefm-93	196	27	ratio	ratio	NOUN
arjefm-93	196	28	mean	mean	VERB
arjefm-93	196	29	8.7	8.7	NUM
arjefm-93	196	30	7.6	7.6	NUM
arjefm-93	196	31	7.3	7.3	NUM
arjefm-93	196	32	7.1	7.1	NUM
arjefm-93	196	33	median	median	NOUN
arjefm-93	196	34	6.3	6.3	NUM
arjefm-93	196	35	5.6	5.6	NUM
arjefm-93	196	36	5.4	5.4	NUM
arjefm-93	196	37	5.1	5.1	NUM
arjefm-93	196	38	std	std	NOUN
arjefm-93	196	39	.	.	PUNCT
arjefm-93	197	1	dev	dev	PROPN
arjefm-93	197	2	.	.	PROPN
arjefm-93	198	1	8.8	8.8	NUM
arjefm-93	198	2	8.3	8.3	NUM
arjefm-93	198	3	8.9	8.9	NUM
arjefm-93	198	4	8.2	8.2	NUM
arjefm-93	198	5	no	no	NOUN
arjefm-93	198	6	.	.	PUNCT
arjefm-93	198	7	of	of	ADP
arjefm-93	198	8	obs	obs	PROPN
arjefm-93	198	9	.	.	PUNCT
arjefm-93	199	1	total	total	ADJ
arjefm-93	199	2	capital	capital	NOUN
arjefm-93	199	3	ratio	ratio	NOUN
arjefm-93	199	4	333	333	NUM
arjefm-93	199	5	333	333	NUM
arjefm-93	199	6	224	224	NUM
arjefm-93	199	7	218	218	NUM
arjefm-93	199	8	mean	mean	NOUN
arjefm-93	199	9	13.9	13.9	NUM
arjefm-93	199	10	13.5	13.5	NUM
arjefm-93	199	11	14.1	14.1	NUM
arjefm-93	199	12	13.8	13.8	NUM
arjefm-93	199	13	median	median	NOUN
arjefm-93	199	14	11.2	11.2	NUM
arjefm-93	199	15	10.9	10.9	NUM
arjefm-93	199	16	12.1	12.1	NUM
arjefm-93	199	17	11.7	11.7	NUM
arjefm-93	199	18	std	std	NOUN
arjefm-93	199	19	.	.	PUNCT
arjefm-93	200	1	dev	dev	PROPN
arjefm-93	200	2	.	.	PROPN
arjefm-93	201	1	18.6	18.6	NUM
arjefm-93	201	2	16.8	16.8	NUM
arjefm-93	201	3	16.9	16.9	NUM
arjefm-93	201	4	16.7	16.7	NUM
arjefm-93	201	5	no	no	NOUN
arjefm-93	201	6	.	.	PUNCT
arjefm-93	201	7	of	of	ADP
arjefm-93	201	8	obs	obs	PROPN
arjefm-93	201	9	.	.	PUNCT
arjefm-93	202	1	tier	tier	NOUN
arjefm-93	202	2	1	1	NUM
arjefm-93	202	3	capital	capital	NOUN
arjefm-93	202	4	ratio	ratio	NOUN
arjefm-93	202	5	231	231	NUM
arjefm-93	202	6	242	242	NUM
arjefm-93	202	7	264	264	NUM
arjefm-93	202	8	255	255	NUM
arjefm-93	202	9	mean	mean	NOUN
arjefm-93	202	10	11.1	11.1	NUM
arjefm-93	202	11	10.9	10.9	NUM
arjefm-93	202	12	11.5	11.5	NUM
arjefm-93	202	13	11.1	11.1	NUM
arjefm-93	202	14	median	median	NOUN
arjefm-93	202	15	8.5	8.5	NUM
arjefm-93	202	16	9.2	9.2	NUM
arjefm-93	202	17	9.5	9.5	NUM
arjefm-93	202	18	9.3	9.3	NUM
arjefm-93	202	19	std	std	NOUN
arjefm-93	202	20	.	.	PUNCT
arjefm-93	203	1	dev	dev	PROPN
arjefm-93	203	2	.	.	PROPN
arjefm-93	204	1	18.8	18.8	NUM
arjefm-93	204	2	17.3	17.3	NUM
arjefm-93	204	3	17.4	17.4	NUM
arjefm-93	204	4	17.3	17.3	NUM
arjefm-93	204	5	no	no	NOUN
arjefm-93	204	6	.	.	PUNCT
arjefm-93	204	7	of	of	ADP
arjefm-93	204	8	obs	obs	PROPN
arjefm-93	204	9	.	.	PUNCT
arjefm-93	205	1	return	return	VERB
arjefm-93	205	2	on	on	ADP
arjefm-93	205	3	average	average	ADJ
arjefm-93	205	4	equity	equity	NOUN
arjefm-93	205	5	(	(	PUNCT
arjefm-93	205	6	roe	roe	PROPN
arjefm-93	205	7	)	)	PUNCT
arjefm-93	205	8	221	221	NUM
arjefm-93	205	9	239	239	NUM
arjefm-93	205	10	203	203	NUM
arjefm-93	205	11	188	188	NUM
arjefm-93	205	12	mean	mean	NOUN
arjefm-93	205	13	8.9	8.9	NUM
arjefm-93	205	14	2.7	2.7	NUM
arjefm-93	205	15	-5.1	-5.1	X
arjefm-93	205	16	3.4	3.4	NUM
arjefm-93	205	17	median	median	NOUN
arjefm-93	205	18	8.6	8.6	NUM
arjefm-93	205	19	4.5	4.5	NUM
arjefm-93	205	20	1.3	1.3	NUM
arjefm-93	205	21	1.1	1.1	NUM
arjefm-93	205	22	std	std	NOUN
arjefm-93	205	23	.	.	PUNCT
arjefm-93	206	1	dev	dev	PROPN
arjefm-93	206	2	.	.	PROPN
arjefm-93	207	1	18.6	18.6	NUM
arjefm-93	207	2	30.5	30.5	NUM
arjefm-93	207	3	38.4	38.4	NUM
arjefm-93	207	4	37.8	37.8	NUM
arjefm-93	207	5	no	no	NOUN
arjefm-93	207	6	.	.	PUNCT
arjefm-93	207	7	of	of	ADP
arjefm-93	207	8	obs	obs	PROPN
arjefm-93	207	9	.	.	PUNCT
arjefm-93	208	1	351	351	NUM
arjefm-93	208	2	351	351	NUM
arjefm-93	208	3	256	256	NUM
arjefm-93	208	4	222	222	NUM
arjefm-93	208	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-93	208	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	208	7	american	american	PROPN
arjefm-93	208	8	research	research	PROPN
arjefm-93	208	9	journal	journal	PROPN
arjefm-93	208	10	of	of	ADP
arjefm-93	208	11	economics	economic	NOUN
arjefm-93	208	12	,	,	PUNCT
arjefm-93	208	13	finance	finance	NOUN
arjefm-93	208	14	and	and	CCONJ
arjefm-93	208	15	management	management	NOUN
arjefm-93	208	16	volume	volume	NOUN
arjefm-93	208	17	11	11	NUM
arjefm-93	208	18	issue	issue	NOUN
arjefm-93	208	19	4	4	NUM
arjefm-93	208	20	,	,	PUNCT
arjefm-93	208	21	october	october	PROPN
arjefm-93	208	22	-	-	PUNCT
arjefm-93	208	23	december	december	PROPN
arjefm-93	208	24	2023	2023	NUM
arjefm-93	208	25	issn	issn	NOUN
arjefm-93	208	26	:	:	PUNCT
arjefm-93	208	27	2836	2836	NUM
arjefm-93	208	28	-	-	SYM
arjefm-93	208	29	9416	9416	NUM
arjefm-93	208	30	impact	impact	NOUN
arjefm-93	208	31	factor	factor	NOUN
arjefm-93	208	32	:	:	PUNCT
arjefm-93	208	33	5.57	5.57	NUM
arjefm-93	208	34	journal	journal	NOUN
arjefm-93	208	35	homepage	homepage	NOUN
arjefm-93	208	36	:	:	PUNCT
arjefm-93	208	37	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	208	38	,	,	PUNCT
arjefm-93	208	39	email	email	NOUN
arjefm-93	208	40	:	:	PUNCT
arjefm-93	208	41	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	208	42	official	official	ADJ
arjefm-93	208	43	journal	journal	PROPN
arjefm-93	208	44	of	of	ADP
arjefm-93	208	45	america	america	PROPN
arjefm-93	208	46	serial	serial	PROPN
arjefm-93	208	47	publication	publication	NOUN
arjefm-93	208	48	american	american	PROPN
arjefm-93	208	49	research	research	PROPN
arjefm-93	208	50	journal	journal	PROPN
arjefm-93	208	51	of	of	ADP
arjefm-93	208	52	economics	economic	NOUN
arjefm-93	208	53	,	,	PUNCT
arjefm-93	208	54	finance	finance	NOUN
arjefm-93	208	55	and	and	CCONJ
arjefm-93	208	56	management	management	NOUN
arjefm-93	208	57	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	208	58	,	,	PUNCT
arjefm-93	208	59	email	email	NOUN
arjefm-93	208	60	:	:	PUNCT
arjefm-93	208	61	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	209	1	44	44	NUM
arjefm-93	210	1	|	|	ADV
arjefm-93	210	2	p	p	X
arjefm-93	210	3	a	a	DET
arjefm-93	210	4	g	g	NOUN
arjefm-93	210	5	e	e	NOUN
arjefm-93	210	6	decomposition	decomposition	NOUN
arjefm-93	210	7	of	of	ADP
arjefm-93	210	8	bank	bank	NOUN
arjefm-93	210	9	profitability	profitability	NOUN
arjefm-93	210	10	equity	equity	NOUN
arjefm-93	210	11	multiplier	multiplier	ADV
arjefm-93	210	12	(	(	PUNCT
arjefm-93	210	13	a	a	NOUN
arjefm-93	210	14	/	/	SYM
arjefm-93	210	15	e	e	NOUN
arjefm-93	210	16	)	)	PUNCT
arjefm-93	210	17	11.1	11.1	NUM
arjefm-93	210	18	12.1	12.1	NUM
arjefm-93	210	19	12.8	12.8	NUM
arjefm-93	210	20	12.1	12.1	NUM
arjefm-93	210	21	net	net	ADJ
arjefm-93	210	22	interest	interest	NOUN
arjefm-93	210	23	margin	margin	NOUN
arjefm-93	210	24	(	(	PUNCT
arjefm-93	210	25	nim	nim	NOUN
arjefm-93	210	26	/a	/a	PUNCT
arjefm-93	210	27	)	)	PUNCT
arjefm-93	210	28	2.3	2.3	NUM
arjefm-93	210	29	2.3	2.3	NUM
arjefm-93	210	30	2.0	2.0	NUM
arjefm-93	210	31	1.9	1.9	NUM
arjefm-93	210	32	interest	interest	NOUN
arjefm-93	210	33	expense	expense	NOUN
arjefm-93	210	34	to	to	ADP
arjefm-93	210	35	total	total	ADJ
arjefm-93	210	36	assets	asset	NOUN
arjefm-93	210	37	(	(	PUNCT
arjefm-93	210	38	ie	ie	X
arjefm-93	210	39	/	/	SYM
arjefm-93	210	40	a	a	NOUN
arjefm-93	210	41	)	)	PUNCT
arjefm-93	210	42	2.1	2.1	NUM
arjefm-93	210	43	2.2	2.2	NUM
arjefm-93	210	44	1.0	1.0	NUM
arjefm-93	210	45	1.0	1.0	NUM
arjefm-93	210	46	noninterest	noninter	ADJ
arjefm-93	210	47	expenses	expense	NOUN
arjefm-93	210	48	(	(	PUNCT
arjefm-93	210	49	nie	nie	PROPN
arjefm-93	210	50	/a	/a	PUNCT
arjefm-93	210	51	)	)	PUNCT
arjefm-93	210	52	2.2	2.2	NUM
arjefm-93	210	53	2.2	2.2	NUM
arjefm-93	210	54	2.6	2.6	NUM
arjefm-93	210	55	2.5	2.5	NUM
arjefm-93	210	56	loan	loan	NOUN
arjefm-93	210	57	loss	loss	NOUN
arjefm-93	210	58	provisions	provision	NOUN
arjefm-93	210	59	(	(	PUNCT
arjefm-93	210	60	pll	pll	PROPN
arjefm-93	210	61	/	/	SYM
arjefm-93	210	62	a	a	NOUN
arjefm-93	210	63	)	)	PUNCT
arjefm-93	210	64	0.1	0.1	NUM
arjefm-93	210	65	0.2	0.2	NUM
arjefm-93	210	66	0.6	0.6	NUM
arjefm-93	210	67	0.3	0.3	NUM
arjefm-93	210	68	noninterest	noninter	ADJ
arjefm-93	210	69	income	income	NOUN
arjefm-93	210	70	plus	plus	CCONJ
arjefm-93	210	71	securities	security	NOUN
arjefm-93	210	72	gains	gain	NOUN
arjefm-93	210	73	,	,	PUNCT
arjefm-93	210	74	1.4	1.4	NUM
arjefm-93	210	75	net	net	NOUN
arjefm-93	210	76	of	of	ADP
arjefm-93	210	77	taxes	taxis	NOUN
arjefm-93	210	78	(	(	PUNCT
arjefm-93	210	79	nii	nii	NOUN
arjefm-93	210	80	+	+	CCONJ
arjefm-93	210	81	sg	sg	ADP
arjefm-93	210	82	tax	tax	NOUN
arjefm-93	210	83	)	)	PUNCT
arjefm-93	210	84	/a	/a	PUNCT
arjefm-93	210	85	off	off	ADP
arjefm-93	210	86	-	-	PUNCT
arjefm-93	210	87	balance	balance	NOUN
arjefm-93	210	88	sheet	sheet	NOUN
arjefm-93	210	89	items	item	NOUN
arjefm-93	210	90	to	to	PART
arjefm-93	210	91	total	total	VERB
arjefm-93	210	92	assets	asset	NOUN
arjefm-93	210	93	1.3	1.3	NUM
arjefm-93	210	94	1.3	1.3	NUM
arjefm-93	210	95	1.3	1.3	NUM
arjefm-93	210	96	mean	mean	NOUN
arjefm-93	210	97	20.1	20.1	NUM
arjefm-93	210	98	17.8	17.8	NUM
arjefm-93	210	99	13.1	13.1	NUM
arjefm-93	210	100	13.1	13.1	NUM
arjefm-93	210	101	median	median	NOUN
arjefm-93	210	102	8.3	8.3	NUM
arjefm-93	210	103	6.2	6.2	NUM
arjefm-93	210	104	2.6	2.6	NUM
arjefm-93	210	105	2.2	2.2	NUM
arjefm-93	210	106	std	std	NOUN
arjefm-93	210	107	.	.	PUNCT
arjefm-93	211	1	dev	dev	PROPN
arjefm-93	211	2	.	.	PROPN
arjefm-93	212	1	38.1	38.1	NUM
arjefm-93	212	2	32.2	32.2	NUM
arjefm-93	212	3	31.4	31.4	NUM
arjefm-93	212	4	31.2	31.2	NUM
arjefm-93	212	5	no	no	NOUN
arjefm-93	212	6	.	.	PUNCT
arjefm-93	212	7	of	of	ADP
arjefm-93	212	8	obs	obs	PROPN
arjefm-93	212	9	.	.	PUNCT
arjefm-93	213	1	337	337	NUM
arjefm-93	213	2	337	337	NUM
arjefm-93	213	3	227	227	NUM
arjefm-93	213	4	211	211	NUM
arjefm-93	213	5	in	in	ADP
arjefm-93	213	6	summary	summary	NOUN
arjefm-93	213	7	,	,	PUNCT
arjefm-93	213	8	the	the	DET
arjefm-93	213	9	information	information	NOUN
arjefm-93	213	10	derived	derive	VERB
arjefm-93	213	11	from	from	ADP
arjefm-93	213	12	table	table	NOUN
arjefm-93	213	13	2	2	NUM
arjefm-93	213	14	and	and	CCONJ
arjefm-93	213	15	table	table	NOUN
arjefm-93	213	16	3	3	NUM
arjefm-93	213	17	suggests	suggest	VERB
arjefm-93	213	18	that	that	SCONJ
arjefm-93	213	19	the	the	DET
arjefm-93	213	20	financial	financial	ADJ
arjefm-93	213	21	crisis	crisis	NOUN
arjefm-93	213	22	had	have	VERB
arjefm-93	213	23	a	a	DET
arjefm-93	213	24	significant	significant	ADJ
arjefm-93	213	25	negative	negative	ADJ
arjefm-93	213	26	impact	impact	NOUN
arjefm-93	213	27	on	on	ADP
arjefm-93	213	28	bank	bank	NOUN
arjefm-93	213	29	profitability	profitability	NOUN
arjefm-93	213	30	including	include	VERB
arjefm-93	213	31	banks	bank	NOUN
arjefm-93	213	32	in	in	ADP
arjefm-93	213	33	countries	country	NOUN
arjefm-93	213	34	that	that	PRON
arjefm-93	213	35	did	do	AUX
arjefm-93	213	36	not	not	PART
arjefm-93	213	37	experience	experience	VERB
arjefm-93	213	38	a	a	DET
arjefm-93	213	39	crisis	crisis	NOUN
arjefm-93	213	40	.	.	PUNCT
arjefm-93	214	1	the	the	DET
arjefm-93	214	2	decline	decline	NOUN
arjefm-93	214	3	was	be	AUX
arjefm-93	214	4	directly	directly	ADV
arjefm-93	214	5	associated	associate	VERB
arjefm-93	214	6	mostly	mostly	ADV
arjefm-93	214	7	with	with	ADP
arjefm-93	214	8	capital	capital	NOUN
arjefm-93	214	9	losses	loss	NOUN
arjefm-93	214	10	on	on	ADP
arjefm-93	214	11	marketable	marketable	ADJ
arjefm-93	214	12	securities	security	NOUN
arjefm-93	214	13	.	.	PUNCT
arjefm-93	215	1	as	as	ADP
arjefm-93	215	2	a	a	DET
arjefm-93	215	3	consequence	consequence	NOUN
arjefm-93	215	4	banks	bank	NOUN
arjefm-93	215	5	experienced	experience	VERB
arjefm-93	215	6	a	a	DET
arjefm-93	215	7	significant	significant	ADJ
arjefm-93	215	8	deterioration	deterioration	NOUN
arjefm-93	215	9	in	in	ADP
arjefm-93	215	10	their	their	PRON
arjefm-93	215	11	equity	equity	NOUN
arjefm-93	215	12	-	-	PUNCT
arjefm-93	215	13	to	to	ADP
arjefm-93	215	14	-	-	PUNCT
arjefm-93	215	15	asset	asset	NOUN
arjefm-93	215	16	ratios	ratio	NOUN
arjefm-93	215	17	.	.	PUNCT
arjefm-93	216	1	4	4	X
arjefm-93	216	2	.	.	X
arjefm-93	216	3	specification	specification	NOUN
arjefm-93	216	4	of	of	ADP
arjefm-93	216	5	empirical	empirical	ADJ
arjefm-93	216	6	results	result	NOUN
arjefm-93	216	7	following	follow	VERB
arjefm-93	216	8	greene	greene	PROPN
arjefm-93	216	9	(	(	PUNCT
arjefm-93	216	10	2012	2012	NUM
arjefm-93	216	11	)	)	PUNCT
arjefm-93	216	12	,	,	PUNCT
arjefm-93	216	13	cosimano	cosimano	NOUN
arjefm-93	216	14	and	and	CCONJ
arjefm-93	216	15	hakura	hakura	X
arjefm-93	216	16	(	(	PUNCT
arjefm-93	216	17	2011	2011	NUM
arjefm-93	216	18	)	)	PUNCT
arjefm-93	216	19	and	and	CCONJ
arjefm-93	216	20	chami	chami	NOUN
arjefm-93	216	21	and	and	CCONJ
arjefm-93	216	22	cosimano	cosimano	NOUN
arjefm-93	216	23	(	(	PUNCT
arjefm-93	216	24	2010	2010	NUM
arjefm-93	216	25	)	)	PUNCT
arjefm-93	216	26	,	,	PUNCT
arjefm-93	216	27	the	the	DET
arjefm-93	216	28	level	level	NOUN
arjefm-93	216	29	of	of	ADP
arjefm-93	216	30	capital	capital	NOUN
arjefm-93	216	31	held	hold	VERB
arjefm-93	216	32	by	by	ADP
arjefm-93	216	33	banks	bank	NOUN
arjefm-93	216	34	depends	depend	VERB
arjefm-93	216	35	on	on	ADP
arjefm-93	216	36	the	the	DET
arjefm-93	216	37	banks	bank	NOUN
arjefm-93	216	38	’	'	PUNCT
arjefm-93	216	39	anticipation	anticipation	NOUN
arjefm-93	216	40	of	of	ADP
arjefm-93	216	41	their	their	PRON
arjefm-93	216	42	optimal	optimal	ADJ
arjefm-93	216	43	loans	loan	NOUN
arjefm-93	216	44	in	in	ADP
arjefm-93	216	45	the	the	DET
arjefm-93	216	46	future	future	NOUN
arjefm-93	216	47	.	.	PUNCT
arjefm-93	217	1	capital	capital	NOUN
arjefm-93	217	2	is	be	AUX
arjefm-93	217	3	seen	see	VERB
arjefm-93	217	4	as	as	ADP
arjefm-93	217	5	a	a	DET
arjefm-93	217	6	call	call	NOUN
arjefm-93	217	7	option	option	NOUN
arjefm-93	217	8	in	in	ADP
arjefm-93	217	9	which	which	PRON
arjefm-93	217	10	the	the	DET
arjefm-93	217	11	strike	strike	NOUN
arjefm-93	217	12	price	price	NOUN
arjefm-93	217	13	is	be	AUX
arjefm-93	217	14	the	the	DET
arjefm-93	217	15	difference	difference	NOUN
arjefm-93	217	16	between	between	ADP
arjefm-93	217	17	the	the	DET
arjefm-93	217	18	expected	expect	VERB
arjefm-93	217	19	optimal	optimal	ADJ
arjefm-93	217	20	loans	loan	NOUN
arjefm-93	217	21	and	and	CCONJ
arjefm-93	217	22	the	the	DET
arjefm-93	217	23	amount	amount	NOUN
arjefm-93	217	24	of	of	ADP
arjefm-93	217	25	loans	loan	NOUN
arjefm-93	217	26	supported	support	VERB
arjefm-93	217	27	by	by	ADP
arjefm-93	217	28	the	the	DET
arjefm-93	217	29	capital	capital	NOUN
arjefm-93	217	30	.	.	PUNCT
arjefm-93	218	1	the	the	DET
arjefm-93	218	2	capital	capital	NOUN
arjefm-93	218	3	limits	limit	VERB
arjefm-93	218	4	the	the	DET
arjefm-93	218	5	amount	amount	NOUN
arjefm-93	218	6	of	of	ADP
arjefm-93	218	7	loans	loan	NOUN
arjefm-93	218	8	since	since	SCONJ
arjefm-93	218	9	a	a	DET
arjefm-93	218	10	fraction	fraction	NOUN
arjefm-93	218	11	of	of	ADP
arjefm-93	218	12	the	the	DET
arjefm-93	218	13	total	total	ADJ
arjefm-93	218	14	loans	loan	NOUN
arjefm-93	218	15	must	must	AUX
arjefm-93	218	16	be	be	AUX
arjefm-93	218	17	held	hold	VERB
arjefm-93	218	18	as	as	ADP
arjefm-93	218	19	capital	capital	NOUN
arjefm-93	218	20	.	.	PUNCT
arjefm-93	219	1	if	if	SCONJ
arjefm-93	219	2	the	the	DET
arjefm-93	219	3	optimal	optimal	ADJ
arjefm-93	219	4	amount	amount	NOUN
arjefm-93	219	5	of	of	ADP
arjefm-93	219	6	loans	loan	NOUN
arjefm-93	219	7	during	during	ADP
arjefm-93	219	8	the	the	DET
arjefm-93	219	9	next	next	ADJ
arjefm-93	219	10	period	period	NOUN
arjefm-93	219	11	exceeds	exceed	VERB
arjefm-93	219	12	this	this	DET
arjefm-93	219	13	limit	limit	NOUN
arjefm-93	219	14	,	,	PUNCT
arjefm-93	219	15	then	then	ADV
arjefm-93	219	16	the	the	DET
arjefm-93	219	17	bank	bank	NOUN
arjefm-93	219	18	would	would	AUX
arjefm-93	219	19	suffer	suffer	VERB
arjefm-93	219	20	a	a	DET
arjefm-93	219	21	lost	lost	ADJ
arjefm-93	219	22	opportunity	opportunity	NOUN
arjefm-93	219	23	which	which	PRON
arjefm-93	219	24	is	be	AUX
arjefm-93	219	25	measured	measure	VERB
arjefm-93	219	26	by	by	ADP
arjefm-93	219	27	the	the	DET
arjefm-93	219	28	shadow	shadow	NOUN
arjefm-93	219	29	price	price	NOUN
arjefm-93	219	30	on	on	ADP
arjefm-93	219	31	the	the	DET
arjefm-93	219	32	capital	capital	NOUN
arjefm-93	219	33	constraint	constraint	NOUN
arjefm-93	219	34	(	(	PUNCT
arjefm-93	219	35	greene	greene	PROPN
arjefm-93	219	36	,	,	PUNCT
arjefm-93	219	37	2012	2012	NUM
arjefm-93	219	38	)	)	PUNCT
arjefm-93	219	39	.	.	PUNCT
arjefm-93	220	1	in	in	ADP
arjefm-93	220	2	this	this	DET
arjefm-93	220	3	case	case	NOUN
arjefm-93	220	4	the	the	DET
arjefm-93	220	5	total	total	ADJ
arjefm-93	220	6	capital	capital	NOUN
arjefm-93	220	7	has	have	VERB
arjefm-93	220	8	a	a	DET
arjefm-93	220	9	positive	positive	ADJ
arjefm-93	220	10	option	option	NOUN
arjefm-93	220	11	value	value	NOUN
arjefm-93	220	12	and	and	CCONJ
arjefm-93	220	13	the	the	DET
arjefm-93	220	14	bank	bank	NOUN
arjefm-93	220	15	will	will	AUX
arjefm-93	220	16	tend	tend	VERB
arjefm-93	220	17	to	to	PART
arjefm-93	220	18	hold	hold	VERB
arjefm-93	220	19	more	more	ADJ
arjefm-93	220	20	capital	capital	NOUN
arjefm-93	220	21	than	than	SCONJ
arjefm-93	220	22	required	require	VERB
arjefm-93	220	23	in	in	ADP
arjefm-93	220	24	order	order	NOUN
arjefm-93	220	25	to	to	PART
arjefm-93	220	26	gain	gain	VERB
arjefm-93	220	27	flexibility	flexibility	NOUN
arjefm-93	220	28	to	to	PART
arjefm-93	220	29	increase	increase	VERB
arjefm-93	220	30	its	its	PRON
arjefm-93	220	31	supply	supply	NOUN
arjefm-93	220	32	of	of	ADP
arjefm-93	220	33	loans	loan	NOUN
arjefm-93	220	34	in	in	ADP
arjefm-93	220	35	the	the	DET
arjefm-93	220	36	future	future	NOUN
arjefm-93	220	37	.	.	PUNCT
arjefm-93	221	1	if	if	SCONJ
arjefm-93	221	2	on	on	ADP
arjefm-93	221	3	the	the	DET
arjefm-93	221	4	other	other	ADJ
arjefm-93	221	5	hand	hand	NOUN
arjefm-93	221	6	there	there	PRON
arjefm-93	221	7	is	be	VERB
arjefm-93	221	8	a	a	DET
arjefm-93	221	9	low	low	ADJ
arjefm-93	221	10	demand	demand	NOUN
arjefm-93	221	11	for	for	ADP
arjefm-93	221	12	loans	loan	NOUN
arjefm-93	221	13	in	in	ADP
arjefm-93	221	14	the	the	DET
arjefm-93	221	15	future	future	NOUN
arjefm-93	221	16	such	such	ADJ
arjefm-93	221	17	that	that	SCONJ
arjefm-93	221	18	the	the	DET
arjefm-93	221	19	shock	shock	NOUN
arjefm-93	221	20	to	to	ADP
arjefm-93	221	21	demand	demand	VERB
arjefm-93	221	22	is	be	AUX
arjefm-93	221	23	below	below	ADP
arjefm-93	221	24	the	the	DET
arjefm-93	221	25	critical	critical	ADJ
arjefm-93	221	26	level	level	NOUN
arjefm-93	221	27	,	,	PUNCT
arjefm-93	221	28	the	the	DET
arjefm-93	221	29	total	total	ADJ
arjefm-93	221	30	capital	capital	NOUN
arjefm-93	221	31	serves	serve	VERB
arjefm-93	221	32	no	no	DET
arjefm-93	221	33	purpose	purpose	NOUN
arjefm-93	221	34	resulting	result	VERB
arjefm-93	221	35	in	in	ADP
arjefm-93	221	36	zero	zero	NUM
arjefm-93	221	37	payoffs	payoff	NOUN
arjefm-93	221	38	.	.	PUNCT
arjefm-93	222	1	thereinafter	thereinafter	NOUN
arjefm-93	222	2	,	,	PUNCT
arjefm-93	222	3	banks	bank	NOUN
arjefm-93	222	4	with	with	ADP
arjefm-93	222	5	more	more	ADJ
arjefm-93	222	6	capital	capital	NOUN
arjefm-93	222	7	will	will	AUX
arjefm-93	222	8	have	have	VERB
arjefm-93	222	9	a	a	DET
arjefm-93	222	10	higher	high	ADJ
arjefm-93	222	11	strike	strike	NOUN
arjefm-93	222	12	price	price	NOUN
arjefm-93	222	13	since	since	SCONJ
arjefm-93	222	14	their	their	PRON
arjefm-93	222	15	loan	loan	NOUN
arjefm-93	222	16	capacity	capacity	NOUN
arjefm-93	222	17	is	be	AUX
arjefm-93	222	18	greater	great	ADJ
arjefm-93	222	19	.	.	PUNCT
arjefm-93	223	1	as	as	ADP
arjefm-93	223	2	a	a	DET
arjefm-93	223	3	result	result	NOUN
arjefm-93	223	4	,	,	PUNCT
arjefm-93	223	5	an	an	DET
arjefm-93	223	6	increase	increase	NOUN
arjefm-93	223	7	in	in	ADP
arjefm-93	223	8	capital	capital	NOUN
arjefm-93	223	9	leads	lead	VERB
arjefm-93	223	10	to	to	ADP
arjefm-93	223	11	a	a	DET
arjefm-93	223	12	decrease	decrease	NOUN
arjefm-93	223	13	in	in	ADP
arjefm-93	223	14	the	the	DET
arjefm-93	223	15	demand	demand	NOUN
arjefm-93	223	16	for	for	ADP
arjefm-93	223	17	future	future	ADJ
arjefm-93	223	18	capital	capital	NOUN
arjefm-93	223	19	,	,	PUNCT
arjefm-93	223	20	k	k	NOUN
arjefm-93	223	21	’	'	PUNCT
arjefm-93	223	22	.	.	PUNCT
arjefm-93	224	1	an	an	DET
arjefm-93	224	2	increase	increase	NOUN
arjefm-93	224	3	in	in	ADP
arjefm-93	224	4	the	the	DET
arjefm-93	224	5	marginal	marginal	ADJ
arjefm-93	224	6	cost	cost	NOUN
arjefm-93	224	7	of	of	ADP
arjefm-93	224	8	loans	loan	NOUN
arjefm-93	224	9	leads	lead	VERB
arjefm-93	224	10	an	an	DET
arjefm-93	224	11	impending	impending	ADJ
arjefm-93	224	12	forecast	forecast	NOUN
arjefm-93	224	13	of	of	ADP
arjefm-93	224	14	a	a	DET
arjefm-93	224	15	higher	high	ADJ
arjefm-93	224	16	marginal	marginal	ADJ
arjefm-93	224	17	cost	cost	NOUN
arjefm-93	224	18	by	by	ADP
arjefm-93	224	19	the	the	DET
arjefm-93	224	20	bank	bank	NOUN
arjefm-93	224	21	since	since	SCONJ
arjefm-93	224	22	such	such	ADJ
arjefm-93	224	23	changes	change	NOUN
arjefm-93	224	24	tend	tend	VERB
arjefm-93	224	25	to	to	PART
arjefm-93	224	26	persist	persist	VERB
arjefm-93	224	27	into	into	ADP
arjefm-93	224	28	the	the	DET
arjefm-93	224	29	future	future	NOUN
arjefm-93	224	30	.	.	PUNCT
arjefm-93	225	1	consequently	consequently	ADV
arjefm-93	225	2	,	,	PUNCT
arjefm-93	225	3	a	a	DET
arjefm-93	225	4	bank	bank	NOUN
arjefm-93	225	5	anticipates	anticipate	VERB
arjefm-93	225	6	a	a	DET
arjefm-93	225	7	decrease	decrease	NOUN
arjefm-93	225	8	in	in	ADP
arjefm-93	225	9	their	their	PRON
arjefm-93	225	10	optimal	optimal	ADJ
arjefm-93	225	11	future	future	ADJ
arjefm-93	225	12	loans	loan	NOUN
arjefm-93	225	13	and	and	CCONJ
arjefm-93	225	14	will	will	AUX
arjefm-93	225	15	in	in	ADP
arjefm-93	225	16	turn	turn	NOUN
arjefm-93	225	17	reduce	reduce	VERB
arjefm-93	225	18	their	their	PRON
arjefm-93	225	19	holding	holding	NOUN
arjefm-93	225	20	of	of	ADP
arjefm-93	225	21	capital	capital	NOUN
arjefm-93	225	22	at	at	ADP
arjefm-93	225	23	present	present	ADJ
arjefm-93	225	24	.	.	PUNCT
arjefm-93	226	1	similarly	similarly	ADV
arjefm-93	226	2	as	as	SCONJ
arjefm-93	226	3	stated	state	VERB
arjefm-93	226	4	in	in	ADP
arjefm-93	226	5	cosimano	cosimano	NOUN
arjefm-93	226	6	and	and	CCONJ
arjefm-93	226	7	hakura	hakura	X
arjefm-93	226	8	(	(	PUNCT
arjefm-93	226	9	2011	2011	NUM
arjefm-93	226	10	)	)	PUNCT
arjefm-93	226	11	an	an	DET
arjefm-93	226	12	increase	increase	NOUN
arjefm-93	226	13	in	in	ADP
arjefm-93	226	14	marginal	marginal	ADJ
arjefm-93	226	15	revenue	revenue	NOUN
arjefm-93	226	16	related	relate	VERB
arjefm-93	226	17	to	to	ADP
arjefm-93	226	18	stronger	strong	ADJ
arjefm-93	226	19	economic	economic	ADJ
arjefm-93	226	20	activity	activity	NOUN
arjefm-93	226	21	will	will	AUX
arjefm-93	226	22	lead	lead	VERB
arjefm-93	226	23	to	to	ADP
arjefm-93	226	24	an	an	DET
arjefm-93	226	25	increase	increase	NOUN
arjefm-93	226	26	in	in	ADP
arjefm-93	226	27	optimal	optimal	ADJ
arjefm-93	226	28	loans	loan	NOUN
arjefm-93	226	29	so	so	SCONJ
arjefm-93	226	30	that	that	SCONJ
arjefm-93	226	31	the	the	DET
arjefm-93	226	32	optimal	optimal	ADJ
arjefm-93	226	33	capital	capital	NOUN
arjefm-93	226	34	goes	go	VERB
arjefm-93	226	35	up	up	ADP
arjefm-93	226	36	.	.	PUNCT
arjefm-93	227	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	227	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	228	1	american	american	PROPN
arjefm-93	228	2	research	research	PROPN
arjefm-93	228	3	journal	journal	PROPN
arjefm-93	228	4	of	of	ADP
arjefm-93	228	5	economics	economic	NOUN
arjefm-93	228	6	,	,	PUNCT
arjefm-93	228	7	finance	finance	NOUN
arjefm-93	228	8	and	and	CCONJ
arjefm-93	228	9	management	management	NOUN
arjefm-93	228	10	volume	volume	NOUN
arjefm-93	228	11	11	11	NUM
arjefm-93	228	12	issue	issue	NOUN
arjefm-93	228	13	4	4	NUM
arjefm-93	228	14	,	,	PUNCT
arjefm-93	228	15	october	october	PROPN
arjefm-93	228	16	-	-	PUNCT
arjefm-93	228	17	december	december	PROPN
arjefm-93	228	18	2023	2023	NUM
arjefm-93	228	19	issn	issn	NOUN
arjefm-93	228	20	:	:	PUNCT
arjefm-93	228	21	2836	2836	NUM
arjefm-93	228	22	-	-	SYM
arjefm-93	228	23	9416	9416	NUM
arjefm-93	228	24	impact	impact	NOUN
arjefm-93	228	25	factor	factor	NOUN
arjefm-93	228	26	:	:	PUNCT
arjefm-93	228	27	5.57	5.57	NUM
arjefm-93	228	28	journal	journal	NOUN
arjefm-93	228	29	homepage	homepage	NOUN
arjefm-93	228	30	:	:	PUNCT
arjefm-93	228	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	228	32	,	,	PUNCT
arjefm-93	228	33	email	email	NOUN
arjefm-93	228	34	:	:	PUNCT
arjefm-93	229	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	229	2	official	official	ADJ
arjefm-93	229	3	journal	journal	PROPN
arjefm-93	229	4	of	of	ADP
arjefm-93	229	5	america	america	PROPN
arjefm-93	229	6	serial	serial	PROPN
arjefm-93	229	7	publication	publication	NOUN
arjefm-93	229	8	american	american	PROPN
arjefm-93	229	9	research	research	PROPN
arjefm-93	229	10	journal	journal	PROPN
arjefm-93	229	11	of	of	ADP
arjefm-93	229	12	economics	economic	NOUN
arjefm-93	229	13	,	,	PUNCT
arjefm-93	229	14	finance	finance	NOUN
arjefm-93	229	15	and	and	CCONJ
arjefm-93	229	16	management	management	NOUN
arjefm-93	229	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	229	18	,	,	PUNCT
arjefm-93	229	19	email	email	NOUN
arjefm-93	229	20	:	:	PUNCT
arjefm-93	229	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	230	1	45	45	NUM
arjefm-93	231	1	|	|	ADV
arjefm-93	231	2	p	p	X
arjefm-93	231	3	a	a	DET
arjefm-93	231	4	g	g	NOUN
arjefm-93	231	5	e	e	NOUN
arjefm-93	231	6	in	in	ADP
arjefm-93	231	7	view	view	NOUN
arjefm-93	231	8	of	of	ADP
arjefm-93	231	9	this	this	PRON
arjefm-93	231	10	and	and	CCONJ
arjefm-93	231	11	following	follow	VERB
arjefm-93	231	12	barajas	barajas	PROPN
arjefm-93	231	13	et	et	PROPN
arjefm-93	231	14	al	al	PROPN
arjefm-93	231	15	.	.	PROPN
arjefm-93	232	1	(	(	PUNCT
arjefm-93	232	2	2010	2010	NUM
arjefm-93	232	3	)	)	PUNCT
arjefm-93	232	4	,	,	PUNCT
arjefm-93	232	5	the	the	DET
arjefm-93	232	6	relation	relation	NOUN
arjefm-93	232	7	for	for	ADP
arjefm-93	232	8	the	the	DET
arjefm-93	232	9	banks	bank	NOUN
arjefm-93	232	10	’	’	PART
arjefm-93	232	11	choice	choice	NOUN
arjefm-93	232	12	of	of	ADP
arjefm-93	232	13	capital	capital	NOUN
arjefm-93	232	14	is	be	AUX
arjefm-93	232	15	specified	specify	VERB
arjefm-93	232	16	as	as	ADP
arjefm-93	232	17	:	:	PUNCT
arjefm-93	232	18	k	k	NOUN
arjefm-93	232	19	0	0	NUM
arjefm-93	232	20	1	1	NUM
arjefm-93	232	21	2	2	NUM
arjefm-93	232	22	k	k	NOUN
arjefm-93	232	23	δ	δ	PROPN
arjefm-93	232	24	k	k	PROPN
arjefm-93	232	25	3	3	NUM
arjefm-93	232	26	4	4	NUM
arjefm-93	232	27	k	k	PROPN
arjefm-93	232	28	rd	rd	PROPN
arjefm-93	232	29	5	5	NUM
arjefm-93	232	30	6	6	NUM
arjefm-93	232	31	k	k	PROPN
arjefm-93	232	32	cl	cl	NOUN
arjefm-93	232	33	cd	cd	PROPN
arjefm-93	232	34	7	7	NUM
arjefm-93	232	35	log(a	log(a	PROPN
arjefm-93	232	36	)	)	PUNCT
arjefm-93	232	37	(	(	PUNCT
arjefm-93	232	38	3	3	X
arjefm-93	232	39	)	)	PUNCT
arjefm-93	232	40	a	a	DET
arjefm-93	232	41	a	a	DET
arjefm-93	232	42	a	a	DET
arjefm-93	232	43	a	a	NOUN
arjefm-93	232	44	a	a	NOUN
arjefm-93	232	45	here	here	ADV
arjefm-93	232	46	,	,	PUNCT
arjefm-93	232	47	k	k	PROPN
arjefm-93	232	48	is	be	AUX
arjefm-93	232	49	total	total	ADJ
arjefm-93	232	50	current	current	ADJ
arjefm-93	232	51	capital	capital	NOUN
arjefm-93	232	52	,	,	PUNCT
arjefm-93	232	53	κ	κ	PRON
arjefm-93	232	54	’	'	PUNCT
arjefm-93	232	55	is	be	AUX
arjefm-93	232	56	future	future	ADJ
arjefm-93	232	57	capital	capital	NOUN
arjefm-93	232	58	,	,	PUNCT
arjefm-93	232	59	a	a	PRON
arjefm-93	232	60	is	be	AUX
arjefm-93	232	61	total	total	ADJ
arjefm-93	232	62	assets	asset	NOUN
arjefm-93	232	63	,	,	PUNCT
arjefm-93	232	64	rd	rd	PROPN
arjefm-93	232	65	is	be	AUX
arjefm-93	232	66	the	the	DET
arjefm-93	232	67	interest	interest	NOUN
arjefm-93	232	68	rate	rate	NOUN
arjefm-93	232	69	on	on	ADP
arjefm-93	232	70	deposits	deposit	NOUN
arjefm-93	232	71	,	,	PUNCT
arjefm-93	232	72	cl	cl	NOUN
arjefm-93	232	73	is	be	AUX
arjefm-93	232	74	the	the	DET
arjefm-93	232	75	non	non	ADJ
arjefm-93	232	76	-	-	ADJ
arjefm-93	232	77	interest	interest	ADJ
arjefm-93	232	78	marginal	marginal	ADJ
arjefm-93	232	79	factor	factor	NOUN
arjefm-93	232	80	cost	cost	NOUN
arjefm-93	232	81	of	of	ADP
arjefm-93	232	82	loans	loan	NOUN
arjefm-93	232	83	and	and	CCONJ
arjefm-93	232	84	cd	cd	PROPN
arjefm-93	232	85	is	be	AUX
arjefm-93	232	86	the	the	DET
arjefm-93	232	87	non	non	ADJ
arjefm-93	232	88	k	k	PROPN
arjefm-93	232	89	interest	interest	PROPN
arjefm-93	232	90	marginal	marginal	ADJ
arjefm-93	232	91	factor	factor	NOUN
arjefm-93	232	92	cost	cost	NOUN
arjefm-93	232	93	of	of	ADP
arjefm-93	232	94	deposits	deposit	NOUN
arjefm-93	232	95	.	.	PUNCT
arjefm-93	233	1	call	call	NOUN
arjefm-93	233	2	options	option	NOUN
arjefm-93	233	3	1	1	NUM
arjefm-93	233	4	2	2	NUM
arjefm-93	233	5	0	0	NUM
arjefm-93	233	6	are	be	AUX
arjefm-93	233	7	generally	generally	ADV
arjefm-93	233	8	a	a	DET
arjefm-93	233	9	decreasing	decrease	VERB
arjefm-93	233	10	and	and	CCONJ
arjefm-93	233	11	convex	convex	NOUN
arjefm-93	233	12	in	in	ADP
arjefm-93	233	13	the	the	DET
arjefm-93	233	14	strike	strike	NOUN
arjefm-93	233	15	price	price	NOUN
arjefm-93	233	16	(	(	PUNCT
arjefm-93	233	17	kolb	kolb	PROPN
arjefm-93	233	18	&	&	CCONJ
arjefm-93	233	19	overdahl	overdahl	PROPN
arjefm-93	233	20	,	,	PUNCT
arjefm-93	233	21	2010	2010	NUM
arjefm-93	233	22	)	)	PUNCT
arjefm-93	233	23	.	.	PUNCT
arjefm-93	234	1	as	as	ADP
arjefm-93	234	2	a	a	DET
arjefm-93	234	3	result	result	NOUN
arjefm-93	234	4	it	it	PRON
arjefm-93	234	5	is	be	AUX
arjefm-93	234	6	expected	expect	VERB
arjefm-93	234	7	that	that	SCONJ
arjefm-93	234	8	such	such	ADJ
arjefm-93	234	9	that	that	DET
arjefm-93	234	10	α1<0	α1<0	NOUN
arjefm-93	234	11	,	,	PUNCT
arjefm-93	234	12	α2>0	α2>0	NOUN
arjefm-93	234	13	.	.	PUNCT
arjefm-93	235	1	similarly	similarly	ADV
arjefm-93	235	2	,	,	PUNCT
arjefm-93	235	3	it	it	PRON
arjefm-93	235	4	is	be	AUX
arjefm-93	235	5	expected	expect	VERB
arjefm-93	235	6	that	that	SCONJ
arjefm-93	235	7	α3<0	α3<0	NOUN
arjefm-93	235	8	,	,	PUNCT
arjefm-93	235	9	α4>0	α4>0	PROPN
arjefm-93	235	10	,	,	PUNCT
arjefm-93	235	11	α5<0	α5<0	NOUN
arjefm-93	235	12	and	and	CCONJ
arjefm-93	235	13	α6>0	α6>0	ADJ
arjefm-93	235	14	.	.	PUNCT
arjefm-93	236	1	consequently	consequently	ADV
arjefm-93	236	2	,	,	PUNCT
arjefm-93	236	3	a	a	DET
arjefm-93	236	4	decrease	decrease	NOUN
arjefm-93	236	5	in	in	ADP
arjefm-93	236	6	past	past	ADJ
arjefm-93	236	7	capital	capital	NOUN
arjefm-93	236	8	which	which	PRON
arjefm-93	236	9	lowers	lower	VERB
arjefm-93	236	10	the	the	DET
arjefm-93	236	11	strike	strike	NOUN
arjefm-93	236	12	price	price	NOUN
arjefm-93	236	13	should	should	AUX
arjefm-93	236	14	lead	lead	VERB
arjefm-93	236	15	to	to	ADP
arjefm-93	236	16	a	a	DET
arjefm-93	236	17	significant	significant	ADJ
arjefm-93	236	18	increase	increase	NOUN
arjefm-93	236	19	in	in	ADP
arjefm-93	236	20	total	total	ADJ
arjefm-93	236	21	current	current	ADJ
arjefm-93	236	22	capital	capital	NOUN
arjefm-93	236	23	.	.	PUNCT
arjefm-93	237	1	this	this	DET
arjefm-93	237	2	impact	impact	NOUN
arjefm-93	237	3	should	should	AUX
arjefm-93	237	4	be	be	AUX
arjefm-93	237	5	smaller	small	ADJ
arjefm-93	237	6	when	when	SCONJ
arjefm-93	237	7	the	the	DET
arjefm-93	237	8	bank	bank	NOUN
arjefm-93	237	9	has	have	VERB
arjefm-93	237	10	more	more	ADJ
arjefm-93	237	11	initial	initial	ADJ
arjefm-93	237	12	capital	capital	NOUN
arjefm-93	237	13	consistent	consistent	ADJ
arjefm-93	237	14	with	with	ADP
arjefm-93	237	15	the	the	DET
arjefm-93	237	16	convex	convex	ADJ
arjefm-93	237	17	property	property	NOUN
arjefm-93	237	18	of	of	ADP
arjefm-93	237	19	call	call	NOUN
arjefm-93	237	20	options	option	NOUN
arjefm-93	237	21	(	(	PUNCT
arjefm-93	237	22	hull	hull	NOUN
arjefm-93	237	23	,	,	PUNCT
arjefm-93	237	24	2012	2012	NUM
arjefm-93	237	25	)	)	PUNCT
arjefm-93	237	26	.	.	PUNCT
arjefm-93	238	1	in	in	ADP
arjefm-93	238	2	addition	addition	NOUN
arjefm-93	238	3	,	,	PUNCT
arjefm-93	238	4	a	a	DET
arjefm-93	238	5	decrease	decrease	NOUN
arjefm-93	238	6	in	in	ADP
arjefm-93	238	7	interest	interest	NOUN
arjefm-93	238	8	and	and	CCONJ
arjefm-93	238	9	non	non	ADJ
arjefm-93	238	10	-	-	ADJ
arjefm-93	238	11	interest	interest	ADJ
arjefm-93	238	12	expenses	expense	NOUN
arjefm-93	238	13	should	should	AUX
arjefm-93	238	14	lead	lead	VERB
arjefm-93	238	15	to	to	ADP
arjefm-93	238	16	an	an	DET
arjefm-93	238	17	increase	increase	NOUN
arjefm-93	238	18	in	in	ADP
arjefm-93	238	19	bank	bank	NOUN
arjefm-93	238	20	capital	capital	NOUN
arjefm-93	238	21	at	at	ADP
arjefm-93	238	22	a	a	DET
arjefm-93	238	23	decreasing	decrease	VERB
arjefm-93	238	24	rate	rate	NOUN
arjefm-93	238	25	.	.	PUNCT
arjefm-93	239	1	banks	bank	NOUN
arjefm-93	239	2	are	be	AUX
arjefm-93	239	3	assumed	assume	VERB
arjefm-93	239	4	to	to	PART
arjefm-93	239	5	have	have	VERB
arjefm-93	239	6	some	some	DET
arjefm-93	239	7	monopoly	monopoly	NOUN
arjefm-93	239	8	power	power	NOUN
arjefm-93	239	9	so	so	SCONJ
arjefm-93	239	10	that	that	SCONJ
arjefm-93	239	11	they	they	PRON
arjefm-93	239	12	choose	choose	VERB
arjefm-93	239	13	the	the	DET
arjefm-93	239	14	interest	interest	NOUN
arjefm-93	239	15	rate	rate	NOUN
arjefm-93	239	16	on	on	ADP
arjefm-93	239	17	loans	loan	NOUN
arjefm-93	239	18	(	(	PUNCT
arjefm-93	239	19	rl	rl	NOUN
arjefm-93	239	20	)	)	PUNCT
arjefm-93	239	21	such	such	ADJ
arjefm-93	239	22	that	that	SCONJ
arjefm-93	239	23	the	the	DET
arjefm-93	239	24	marginal	marginal	ADJ
arjefm-93	239	25	revenue	revenue	NOUN
arjefm-93	239	26	of	of	ADP
arjefm-93	239	27	loans	loan	NOUN
arjefm-93	239	28	equals	equal	VERB
arjefm-93	239	29	to	to	ADP
arjefm-93	239	30	its	its	PRON
arjefm-93	239	31	marginal	marginal	ADJ
arjefm-93	239	32	cost	cost	NOUN
arjefm-93	239	33	(	(	PUNCT
arjefm-93	239	34	claessens&laeven	claessens&laeven	VERB
arjefm-93	239	35	,	,	PUNCT
arjefm-93	239	36	2004	2004	NUM
arjefm-93	239	37	)	)	PUNCT
arjefm-93	239	38	.	.	PUNCT
arjefm-93	240	1	the	the	DET
arjefm-93	240	2	marginal	marginal	ADJ
arjefm-93	240	3	cost	cost	NOUN
arjefm-93	240	4	consists	consist	NOUN
arjefm-93	240	5	of	of	ADP
arjefm-93	240	6	the	the	DET
arjefm-93	240	7	interest	interest	NOUN
arjefm-93	240	8	rate	rate	NOUN
arjefm-93	240	9	on	on	ADP
arjefm-93	240	10	deposits	deposit	NOUN
arjefm-93	240	11	a	a	DET
arjefm-93	240	12	d	d	X
arjefm-93	240	13	k	k	X
arjefm-93	240	14	(	(	PUNCT
arjefm-93	240	15	rd	rd	NOUN
arjefm-93	240	16	)	)	PUNCT
arjefm-93	240	17	and	and	CCONJ
arjefm-93	240	18	the	the	DET
arjefm-93	240	19	non	non	ADJ
arjefm-93	240	20	-	-	ADJ
arjefm-93	240	21	interest	interest	ADJ
arjefm-93	240	22	marginal	marginal	ADJ
arjefm-93	240	23	cost	cost	NOUN
arjefm-93	240	24	of	of	ADP
arjefm-93	240	25	loans	loan	NOUN
arjefm-93	240	26	and	and	CCONJ
arjefm-93	240	27	r	r	NOUN
arjefm-93	240	28	deposits	deposit	NOUN
arjefm-93	240	29	a	a	DET
arjefm-93	240	30	respectively	respectively	ADV
arjefm-93	240	31	cland	cland	NOUN
arjefm-93	240	32	cd	cd	PROPN
arjefm-93	240	33	.	.	PUNCT
arjefm-93	241	1	the	the	DET
arjefm-93	241	2	marginal	marginal	ADJ
arjefm-93	241	3	cost	cost	NOUN
arjefm-93	241	4	of	of	ADP
arjefm-93	241	5	loans	loan	NOUN
arjefm-93	241	6	also	also	ADV
arjefm-93	241	7	depends	depend	VERB
arjefm-93	241	8	on	on	ADP
arjefm-93	241	9	the	the	DET
arjefm-93	241	10	risk	risk	NOUN
arjefm-93	241	11	adjusted	adjust	VERB
arjefm-93	241	12	rate	rate	NOUN
arjefm-93	241	13	of	of	ADP
arjefm-93	241	14	return	return	NOUN
arjefm-93	241	15	on	on	ADP
arjefm-93	241	16	capital	capital	NOUN
arjefm-93	241	17	(	(	PUNCT
arjefm-93	241	18	raroc	raroc	NOUN
arjefm-93	241	19	)	)	PUNCT
arjefm-93	241	20	(	(	PUNCT
arjefm-93	241	21	see	see	VERB
arjefm-93	241	22	figure	figure	NOUN
arjefm-93	241	23	3	3	NUM
arjefm-93	241	24	)	)	PUNCT
arjefm-93	241	25	.	.	PUNCT
arjefm-93	242	1	figure	figure	VERB
arjefm-93	242	2	3	3	NUM
arjefm-93	242	3	:	:	PUNCT
arjefm-93	242	4	relationship	relationship	NOUN
arjefm-93	242	5	of	of	ADP
arjefm-93	242	6	marginal	marginal	ADJ
arjefm-93	242	7	revenue	revenue	NOUN
arjefm-93	242	8	and	and	CCONJ
arjefm-93	242	9	cost	cost	NOUN
arjefm-93	242	10	of	of	ADP
arjefm-93	242	11	loans	loan	NOUN
arjefm-93	242	12	thus	thus	ADV
arjefm-93	242	13	,	,	PUNCT
arjefm-93	242	14	following	follow	VERB
arjefm-93	242	15	cosimano	cosimano	NOUN
arjefm-93	242	16	and	and	CCONJ
arjefm-93	242	17	hakura	hakura	X
arjefm-93	242	18	(	(	PUNCT
arjefm-93	242	19	2011	2011	NUM
arjefm-93	242	20	)	)	PUNCT
arjefm-93	242	21	total	total	ADJ
arjefm-93	242	22	marginal	marginal	ADJ
arjefm-93	242	23	cost	cost	NOUN
arjefm-93	242	24	(	(	PUNCT
arjefm-93	242	25	mc	mc	NOUN
arjefm-93	242	26	)	)	PUNCT
arjefm-93	242	27	is	be	AUX
arjefm-93	242	28	given	give	VERB
arjefm-93	242	29	by	by	ADP
arjefm-93	242	30	mc	mc	PROPN
arjefm-93	242	31	d	d	PROPN
arjefm-93	242	32	rd	rd	PROPN
arjefm-93	242	33	cd	cd	PROPN
arjefm-93	242	34	cl	cl	PROPN
arjefm-93	242	35	a	a	DET
arjefm-93	242	36	drk	drk	PROPN
arjefm-93	242	37	(	(	PUNCT
arjefm-93	242	38	4	4	NUM
arjefm-93	242	39	)	)	PUNCT
arjefm-93	242	40	a	a	DET
arjefm-93	242	41	marginal	marginal	ADJ
arjefm-93	242	42	cost	cost	NOUN
arjefm-93	242	43	of	of	ADP
arjefm-93	242	44	loans	loan	NOUN
arjefm-93	242	45	n	n	CCONJ
arjefm-93	242	46	on	on	ADP
arjefm-93	242	47	interest	interest	NOUN
arjefm-93	242	48	marginal	marginal	ADJ
arjefm-93	242	49	cost	cost	NOUN
arjefm-93	242	50	of	of	ADP
arjefm-93	242	51	loans	loan	NOUN
arjefm-93	242	52	interest	interest	NOUN
arjefm-93	242	53	rate	rate	NOUN
arjefm-93	242	54	on	on	ADP
arjefm-93	242	55	deposits	deposit	NOUN
arjefm-93	242	56	n	n	CCONJ
arjefm-93	242	57	on	on	ADP
arjefm-93	242	58	interest	interest	NOUN
arjefm-93	242	59	marginal	marginal	ADJ
arjefm-93	242	60	cost	cost	NOUN
arjefm-93	242	61	of	of	ADP
arjefm-93	242	62	deposits	deposit	NOUN
arjefm-93	242	63	marginal	marginal	ADJ
arjefm-93	242	64	revenue	revenue	NOUN
arjefm-93	242	65	of	of	ADP
arjefm-93	242	66	loans	loan	NOUN
arjefm-93	242	67	interest	interest	NOUN
arjefm-93	242	68	rate	rate	NOUN
arjefm-93	242	69	on	on	ADP
arjefm-93	242	70	loans	loan	NOUN
arjefm-93	242	71	r	r	NOUN
arjefm-93	242	72	isk	isk	NOUN
arjefm-93	242	73	adjusted	adjust	VERB
arjefm-93	242	74	rate	rate	NOUN
arjefm-93	242	75	of	of	ADP
arjefm-93	242	76	return	return	NOUN
arjefm-93	242	77	on	on	ADP
arjefm-93	242	78	capital	capital	NOUN
arjefm-93	242	79	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	242	80	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	242	81	american	american	PROPN
arjefm-93	242	82	research	research	PROPN
arjefm-93	242	83	journal	journal	PROPN
arjefm-93	242	84	of	of	ADP
arjefm-93	242	85	economics	economic	NOUN
arjefm-93	242	86	,	,	PUNCT
arjefm-93	242	87	finance	finance	NOUN
arjefm-93	242	88	and	and	CCONJ
arjefm-93	242	89	management	management	NOUN
arjefm-93	242	90	volume	volume	NOUN
arjefm-93	242	91	11	11	NUM
arjefm-93	242	92	issue	issue	NOUN
arjefm-93	242	93	4	4	NUM
arjefm-93	242	94	,	,	PUNCT
arjefm-93	242	95	october	october	PROPN
arjefm-93	242	96	-	-	PUNCT
arjefm-93	242	97	december	december	PROPN
arjefm-93	242	98	2023	2023	NUM
arjefm-93	242	99	issn	issn	NOUN
arjefm-93	242	100	:	:	PUNCT
arjefm-93	242	101	2836	2836	NUM
arjefm-93	242	102	-	-	SYM
arjefm-93	242	103	9416	9416	NUM
arjefm-93	242	104	impact	impact	NOUN
arjefm-93	242	105	factor	factor	NOUN
arjefm-93	242	106	:	:	PUNCT
arjefm-93	242	107	5.57	5.57	NUM
arjefm-93	242	108	journal	journal	NOUN
arjefm-93	242	109	homepage	homepage	NOUN
arjefm-93	242	110	:	:	PUNCT
arjefm-93	242	111	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	242	112	,	,	PUNCT
arjefm-93	242	113	email	email	NOUN
arjefm-93	242	114	:	:	PUNCT
arjefm-93	242	115	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	242	116	official	official	ADJ
arjefm-93	242	117	journal	journal	PROPN
arjefm-93	242	118	of	of	ADP
arjefm-93	242	119	america	america	PROPN
arjefm-93	242	120	serial	serial	PROPN
arjefm-93	242	121	publication	publication	NOUN
arjefm-93	242	122	american	american	PROPN
arjefm-93	242	123	research	research	PROPN
arjefm-93	242	124	journal	journal	PROPN
arjefm-93	242	125	of	of	ADP
arjefm-93	242	126	economics	economic	NOUN
arjefm-93	242	127	,	,	PUNCT
arjefm-93	242	128	finance	finance	NOUN
arjefm-93	242	129	and	and	CCONJ
arjefm-93	242	130	management	management	NOUN
arjefm-93	242	131	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	242	132	,	,	PUNCT
arjefm-93	242	133	email	email	NOUN
arjefm-93	242	134	:	:	PUNCT
arjefm-93	242	135	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	243	1	46	46	NUM
arjefm-93	244	1	|	|	ADV
arjefm-93	244	2	p	p	X
arjefm-93	244	3	a	a	DET
arjefm-93	244	4	g	g	NOUN
arjefm-93	244	5	e	e	NOUN
arjefm-93	244	6	here	here	ADV
arjefm-93	244	7	rk	rk	NOUN
arjefm-93	244	8	is	be	AUX
arjefm-93	244	9	the	the	DET
arjefm-93	244	10	return	return	NOUN
arjefm-93	244	11	on	on	ADP
arjefm-93	244	12	equity	equity	NOUN
arjefm-93	244	13	(	(	PUNCT
arjefm-93	244	14	roe	roe	PROPN
arjefm-93	244	15	)	)	PUNCT
arjefm-93	244	16	,	,	PUNCT
arjefm-93	244	17	a	a	PRON
arjefm-93	244	18	is	be	AUX
arjefm-93	244	19	total	total	ADJ
arjefm-93	244	20	assets	asset	NOUN
arjefm-93	244	21	and	and	CCONJ
arjefm-93	244	22	d	d	NOUN
arjefm-93	244	23	is	be	AUX
arjefm-93	244	24	deposits	deposit	NOUN
arjefm-93	244	25	so	so	SCONJ
arjefm-93	244	26	that	that	SCONJ
arjefm-93	244	27	bank	bank	NOUN
arjefm-93	244	28	capital	capital	NOUN
arjefm-93	244	29	is	be	AUX
arjefm-93	244	30	k	k	NOUN
arjefm-93	244	31	’	'	PUNCT
arjefm-93	244	32	=	=	NOUN
arjefm-93	244	33	a	a	DET
arjefm-93	244	34	d.	d.	NOUN
arjefm-93	244	35	as	as	ADP
arjefm-93	244	36	a	a	DET
arjefm-93	244	37	result	result	NOUN
arjefm-93	244	38	the	the	DET
arjefm-93	244	39	marginal	marginal	ADJ
arjefm-93	244	40	cost	cost	NOUN
arjefm-93	244	41	raises	raise	VERB
arjefm-93	244	42	with	with	ADP
arjefm-93	244	43	an	an	DET
arjefm-93	244	44	increase	increase	NOUN
arjefm-93	244	45	in	in	ADP
arjefm-93	244	46	bank	bank	NOUN
arjefm-93	244	47	capital	capital	NOUN
arjefm-93	244	48	only	only	ADV
arjefm-93	244	49	if	if	SCONJ
arjefm-93	244	50	rk>(rd+	rk>(rd+	ADJ
arjefm-93	244	51	cd	cd	PROPN
arjefm-93	244	52	)	)	PUNCT
arjefm-93	244	53	.	.	PUNCT
arjefm-93	245	1	moreover	moreover	ADV
arjefm-93	245	2	the	the	DET
arjefm-93	245	3	marginal	marginal	ADJ
arjefm-93	245	4	revenue	revenue	NOUN
arjefm-93	245	5	of	of	ADP
arjefm-93	245	6	loans	loan	NOUN
arjefm-93	245	7	depends	depend	VERB
arjefm-93	245	8	on	on	ADP
arjefm-93	245	9	economic	economic	ADJ
arjefm-93	245	10	activity	activity	NOUN
arjefm-93	245	11	m	m	VERB
arjefm-93	245	12	as	as	SCONJ
arjefm-93	245	13	it	it	PRON
arjefm-93	245	14	impacts	impact	VERB
arjefm-93	245	15	the	the	DET
arjefm-93	245	16	demand	demand	NOUN
arjefm-93	245	17	for	for	ADP
arjefm-93	245	18	loans	loan	NOUN
arjefm-93	245	19	.	.	PUNCT
arjefm-93	246	1	following	follow	VERB
arjefm-93	246	2	fase	fase	PROPN
arjefm-93	246	3	(	(	PUNCT
arjefm-93	246	4	1995	1995	NUM
arjefm-93	246	5	)	)	PUNCT
arjefm-93	246	6	the	the	DET
arjefm-93	246	7	optimal	optimal	ADJ
arjefm-93	246	8	loan	loan	NOUN
arjefm-93	246	9	rate	rate	NOUN
arjefm-93	246	10	is	be	AUX
arjefm-93	246	11	given	give	VERB
arjefm-93	246	12	by	by	ADP
arjefm-93	246	13	:	:	PUNCT
arjefm-93	246	14	rl	rl	PROPN
arjefm-93	246	15	b0	b0	PROPN
arjefm-93	246	16	b1rd	b1rd	PUNCT
arjefm-93	246	17	b2	b2	NOUN
arjefm-93	246	18	cl	cl	NOUN
arjefm-93	246	19	cd	cd	PROPN
arjefm-93	246	20	b3	b3	PROPN
arjefm-93	246	21	k	k	PROPN
arjefm-93	246	22	b4	b4	PROPN
arjefm-93	246	23	log	log	VERB
arjefm-93	246	24	a	a	DET
arjefm-93	246	25	b5	b5	PROPN
arjefm-93	246	26	m	m	VERB
arjefm-93	246	27	1	1	NUM
arjefm-93	246	28	(	(	PUNCT
arjefm-93	246	29	5	5	NUM
arjefm-93	246	30	)	)	PUNCT
arjefm-93	246	31	a	a	DET
arjefm-93	246	32	an	an	DET
arjefm-93	246	33	increase	increase	NOUN
arjefm-93	246	34	in	in	ADP
arjefm-93	246	35	the	the	DET
arjefm-93	246	36	deposit	deposit	NOUN
arjefm-93	246	37	rate	rate	NOUN
arjefm-93	246	38	,	,	PUNCT
arjefm-93	246	39	the	the	DET
arjefm-93	246	40	non	non	ADJ
arjefm-93	246	41	-	-	ADJ
arjefm-93	246	42	interest	interest	ADJ
arjefm-93	246	43	cost	cost	NOUN
arjefm-93	246	44	of	of	ADP
arjefm-93	246	45	deposits	deposit	NOUN
arjefm-93	246	46	and	and	CCONJ
arjefm-93	246	47	the	the	DET
arjefm-93	246	48	provision	provision	NOUN
arjefm-93	246	49	for	for	ADP
arjefm-93	246	50	loan	loan	NOUN
arjefm-93	246	51	losses	loss	NOUN
arjefm-93	246	52	would	would	AUX
arjefm-93	246	53	lead	lead	VERB
arjefm-93	246	54	to	to	ADP
arjefm-93	246	55	an	an	DET
arjefm-93	246	56	increase	increase	NOUN
arjefm-93	246	57	in	in	ADP
arjefm-93	246	58	the	the	DET
arjefm-93	246	59	loan	loan	NOUN
arjefm-93	246	60	rate	rate	NOUN
arjefm-93	246	61	since	since	SCONJ
arjefm-93	246	62	the	the	DET
arjefm-93	246	63	k	k	PROPN
arjefm-93	246	64	marginal	marginal	ADJ
arjefm-93	246	65	cost	cost	NOUN
arjefm-93	246	66	of	of	ADP
arjefm-93	246	67	loans	loan	NOUN
arjefm-93	246	68	would	would	AUX
arjefm-93	246	69	increase	increase	VERB
arjefm-93	246	70	.	.	PUNCT
arjefm-93	247	1	the	the	DET
arjefm-93	247	2	marginal	marginal	ADJ
arjefm-93	247	3	cost	cost	NOUN
arjefm-93	247	4	also	also	ADV
arjefm-93	247	5	increases	increase	VERB
arjefm-93	247	6	with	with	ADP
arjefm-93	247	7	an	an	DET
arjefm-93	247	8	a	a	DET
arjefm-93	247	9	increase	increase	NOUN
arjefm-93	247	10	in	in	ADP
arjefm-93	247	11	raroc	raroc	NOUN
arjefm-93	247	12	.	.	PUNCT
arjefm-93	248	1	this	this	DET
arjefm-93	248	2	effect	effect	NOUN
arjefm-93	248	3	is	be	AUX
arjefm-93	248	4	measured	measure	VERB
arjefm-93	248	5	by	by	ADP
arjefm-93	248	6	the	the	DET
arjefm-93	248	7	optimal	optimal	ADJ
arjefm-93	248	8	capital	capital	NOUN
arjefm-93	248	9	asset	asset	NOUN
arjefm-93	248	10	ratio	ratio	NOUN
arjefm-93	248	11	as	as	SCONJ
arjefm-93	248	12	given	give	VERB
arjefm-93	248	13	in	in	ADP
arjefm-93	248	14	equation	equation	NOUN
arjefm-93	248	15	5	5	NUM
arjefm-93	248	16	above	above	ADV
arjefm-93	248	17	.	.	PUNCT
arjefm-93	249	1	an	an	DET
arjefm-93	249	2	increase	increase	NOUN
arjefm-93	249	3	in	in	ADP
arjefm-93	249	4	the	the	DET
arjefm-93	249	5	demand	demand	NOUN
arjefm-93	249	6	for	for	ADP
arjefm-93	249	7	loans	loan	NOUN
arjefm-93	249	8	would	would	AUX
arjefm-93	249	9	raise	raise	VERB
arjefm-93	249	10	both	both	DET
arjefm-93	249	11	marginal	marginal	ADJ
arjefm-93	249	12	revenue	revenue	NOUN
arjefm-93	249	13	and	and	CCONJ
arjefm-93	249	14	the	the	DET
arjefm-93	249	15	loan	loan	NOUN
arjefm-93	249	16	rate	rate	NOUN
arjefm-93	249	17	.	.	PUNCT
arjefm-93	250	1	this	this	DET
arjefm-93	250	2	effect	effect	NOUN
arjefm-93	250	3	is	be	AUX
arjefm-93	250	4	captured	capture	VERB
arjefm-93	250	5	by	by	ADP
arjefm-93	250	6	the	the	DET
arjefm-93	250	7	level	level	NOUN
arjefm-93	250	8	of	of	ADP
arjefm-93	250	9	economic	economic	ADJ
arjefm-93	250	10	activity	activity	NOUN
arjefm-93	250	11	(	(	PUNCT
arjefm-93	250	12	m	m	NOUN
arjefm-93	250	13	)	)	PUNCT
arjefm-93	250	14	as	as	SCONJ
arjefm-93	250	15	measured	measure	VERB
arjefm-93	250	16	by	by	ADP
arjefm-93	250	17	real	real	ADJ
arjefm-93	250	18	gdp	gdp	NOUN
arjefm-93	250	19	and	and	CCONJ
arjefm-93	250	20	the	the	DET
arjefm-93	250	21	inflation	inflation	NOUN
arjefm-93	250	22	rate	rate	NOUN
arjefm-93	250	23	.	.	PUNCT
arjefm-93	251	1	finally	finally	ADV
arjefm-93	251	2	,	,	PUNCT
arjefm-93	251	3	1	1	NUM
arjefm-93	251	4	denotes	denote	VERB
arjefm-93	251	5	the	the	DET
arjefm-93	251	6	estimation	estimation	NOUN
arjefm-93	251	7	error	error	NOUN
arjefm-93	251	8	.	.	PUNCT
arjefm-93	252	1	with	with	ADP
arjefm-93	252	2	monopoly	monopoly	NOUN
arjefm-93	252	3	power	power	NOUN
arjefm-93	252	4	the	the	DET
arjefm-93	252	5	demand	demand	NOUN
arjefm-93	252	6	for	for	ADP
arjefm-93	252	7	loans	loan	NOUN
arjefm-93	252	8	(	(	PUNCT
arjefm-93	252	9	l	l	NOUN
arjefm-93	252	10	)	)	PUNCT
arjefm-93	252	11	depends	depend	VERB
arjefm-93	252	12	on	on	ADP
arjefm-93	252	13	the	the	DET
arjefm-93	252	14	optimal	optimal	ADJ
arjefm-93	252	15	loan	loan	NOUN
arjefm-93	252	16	rate	rate	NOUN
arjefm-93	252	17	of	of	ADP
arjefm-93	252	18	the	the	DET
arjefm-93	252	19	bank	bank	NOUN
arjefm-93	252	20	as	as	SCONJ
arjefm-93	252	21	determined	determine	VERB
arjefm-93	252	22	in	in	ADP
arjefm-93	252	23	(	(	PUNCT
arjefm-93	252	24	5	5	NUM
arjefm-93	252	25	)	)	PUNCT
arjefm-93	252	26	above	above	ADV
arjefm-93	252	27	and	and	CCONJ
arjefm-93	252	28	the	the	DET
arjefm-93	252	29	level	level	NOUN
arjefm-93	252	30	of	of	ADP
arjefm-93	252	31	economic	economic	ADJ
arjefm-93	252	32	activity	activity	NOUN
arjefm-93	252	33	(	(	PUNCT
arjefm-93	252	34	m	m	NOUN
arjefm-93	252	35	)	)	PUNCT
arjefm-93	252	36	.	.	PUNCT
arjefm-93	253	1	as	as	ADP
arjefm-93	253	2	a	a	DET
arjefm-93	253	3	result	result	NOUN
arjefm-93	253	4	the	the	DET
arjefm-93	253	5	demand	demand	NOUN
arjefm-93	253	6	for	for	ADP
arjefm-93	253	7	loans	loan	NOUN
arjefm-93	253	8	(	(	PUNCT
arjefm-93	253	9	l	l	NOUN
arjefm-93	253	10	)	)	PUNCT
arjefm-93	253	11	can	can	AUX
arjefm-93	253	12	be	be	AUX
arjefm-93	253	13	modeled	model	VERB
arjefm-93	253	14	as	as	ADP
arjefm-93	253	15	:	:	PUNCT
arjefm-93	253	16	l	l	PROPN
arjefm-93	253	17	c0	c0	PROPN
arjefm-93	253	18	c1	c1	PROPN
arjefm-93	253	19	rl	rl	PROPN
arjefm-93	253	20	c2	c2	PROPN
arjefm-93	253	21	m	m	VERB
arjefm-93	253	22	2	2	NUM
arjefm-93	253	23	,	,	PUNCT
arjefm-93	253	24	where	where	SCONJ
arjefm-93	253	25	ci	ci	NOUN
arjefm-93	253	26	,	,	PUNCT
arjefm-93	253	27	(	(	PUNCT
arjefm-93	253	28	i=0,1,2	i=0,1,2	NUM
arjefm-93	253	29	)	)	PUNCT
arjefm-93	253	30	are	be	AUX
arjefm-93	253	31	parameters	parameter	NOUN
arjefm-93	253	32	to	to	PART
arjefm-93	253	33	be	be	AUX
arjefm-93	253	34	estimated	estimate	VERB
arjefm-93	253	35	.	.	PUNCT
arjefm-93	254	1	it	it	PRON
arjefm-93	254	2	is	be	AUX
arjefm-93	254	3	expected	expect	VERB
arjefm-93	254	4	that	that	SCONJ
arjefm-93	254	5	an	an	DET
arjefm-93	254	6	increase	increase	NOUN
arjefm-93	254	7	in	in	ADP
arjefm-93	254	8	the	the	DET
arjefm-93	254	9	loan	loan	NOUN
arjefm-93	254	10	rate	rate	NOUN
arjefm-93	254	11	would	would	AUX
arjefm-93	254	12	reduce	reduce	VERB
arjefm-93	254	13	the	the	DET
arjefm-93	254	14	demand	demand	NOUN
arjefm-93	254	15	for	for	ADP
arjefm-93	254	16	loans	loan	NOUN
arjefm-93	254	17	and	and	CCONJ
arjefm-93	254	18	hence	hence	ADV
arjefm-93	254	19	loans	loan	NOUN
arjefm-93	254	20	issued	issue	VERB
arjefm-93	254	21	by	by	ADP
arjefm-93	254	22	the	the	DET
arjefm-93	254	23	bank	bank	NOUN
arjefm-93	254	24	.	.	PUNCT
arjefm-93	255	1	on	on	ADP
arjefm-93	255	2	the	the	DET
arjefm-93	255	3	other	other	ADJ
arjefm-93	255	4	hand	hand	NOUN
arjefm-93	255	5	an	an	DET
arjefm-93	255	6	increase	increase	NOUN
arjefm-93	255	7	in	in	ADP
arjefm-93	255	8	economic	economic	ADJ
arjefm-93	255	9	activity	activity	NOUN
arjefm-93	255	10	is	be	AUX
arjefm-93	255	11	expected	expect	VERB
arjefm-93	255	12	to	to	PART
arjefm-93	255	13	raise	raise	VERB
arjefm-93	255	14	the	the	DET
arjefm-93	255	15	demand	demand	NOUN
arjefm-93	255	16	for	for	ADP
arjefm-93	255	17	loans	loan	NOUN
arjefm-93	255	18	.	.	PUNCT
arjefm-93	256	1	note	note	VERB
arjefm-93	256	2	thatc1and	thatc1and	NUM
arjefm-93	256	3	c2capture	c2capture	VERB
arjefm-93	256	4	the	the	DET
arjefm-93	256	5	long	long	ADV
arjefm-93	256	6	-	-	PUNCT
arjefm-93	256	7	run	run	NOUN
arjefm-93	256	8	responses	response	NOUN
arjefm-93	256	9	of	of	ADP
arjefm-93	256	10	loans	loan	NOUN
arjefm-93	256	11	to	to	ADP
arjefm-93	256	12	changes	change	NOUN
arjefm-93	256	13	in	in	ADP
arjefm-93	256	14	loan	loan	NOUN
arjefm-93	256	15	rates	rate	NOUN
arjefm-93	256	16	and	and	CCONJ
arjefm-93	256	17	the	the	DET
arjefm-93	256	18	level	level	NOUN
arjefm-93	256	19	of	of	ADP
arjefm-93	256	20	economic	economic	ADJ
arjefm-93	256	21	activity	activity	NOUN
arjefm-93	256	22	.	.	PUNCT
arjefm-93	257	1	hull	hull	NOUN
arjefm-93	257	2	(	(	PUNCT
arjefm-93	257	3	2012	2012	NUM
arjefm-93	257	4	)	)	PUNCT
arjefm-93	257	5	argues	argue	VERB
arjefm-93	257	6	that	that	SCONJ
arjefm-93	257	7	banks	bank	NOUN
arjefm-93	257	8	simultaneously	simultaneously	ADV
arjefm-93	257	9	choose	choose	VERB
arjefm-93	257	10	the	the	DET
arjefm-93	257	11	optimal	optimal	ADJ
arjefm-93	257	12	amount	amount	NOUN
arjefm-93	257	13	of	of	ADP
arjefm-93	257	14	capital	capital	NOUN
arjefm-93	257	15	to	to	PART
arjefm-93	257	16	hold	hold	VERB
arjefm-93	257	17	,	,	PUNCT
arjefm-93	257	18	the	the	DET
arjefm-93	257	19	loan	loan	NOUN
arjefm-93	257	20	rate	rate	NOUN
arjefm-93	257	21	,	,	PUNCT
arjefm-93	257	22	and	and	CCONJ
arjefm-93	257	23	the	the	DET
arjefm-93	257	24	quantity	quantity	NOUN
arjefm-93	257	25	of	of	ADP
arjefm-93	257	26	loans	loan	NOUN
arjefm-93	257	27	.	.	PUNCT
arjefm-93	258	1	because	because	SCONJ
arjefm-93	258	2	of	of	ADP
arjefm-93	258	3	this	this	DET
arjefm-93	258	4	simultaneity	simultaneity	NOUN
arjefm-93	258	5	a	a	DET
arjefm-93	258	6	gmm	gmm	NOUN
arjefm-93	258	7	estimation	estimation	NOUN
arjefm-93	258	8	procedure	procedure	NOUN
arjefm-93	258	9	is	be	AUX
arjefm-93	258	10	properly	properly	ADV
arjefm-93	258	11	used	use	VERB
arjefm-93	258	12	.	.	PUNCT
arjefm-93	259	1	in	in	ADP
arjefm-93	259	2	the	the	DET
arjefm-93	259	3	first	first	ADJ
arjefm-93	259	4	stage	stage	NOUN
arjefm-93	259	5	(	(	PUNCT
arjefm-93	259	6	figure	figure	NOUN
arjefm-93	259	7	4	4	NUM
arjefm-93	259	8	)	)	PUNCT
arjefm-93	259	9	the	the	DET
arjefm-93	259	10	capital	capital	NOUN
arjefm-93	259	11	regression	regression	NOUN
arjefm-93	259	12	is	be	AUX
arjefm-93	259	13	estimated	estimate	VERB
arjefm-93	259	14	to	to	PART
arjefm-93	259	15	determine	determine	VERB
arjefm-93	259	16	the	the	DET
arjefm-93	259	17	bank	bank	NOUN
arjefm-93	259	18	’s	’s	PART
arjefm-93	259	19	optimal	optimal	ADJ
arjefm-93	259	20	(	(	PUNCT
arjefm-93	259	21	or	or	CCONJ
arjefm-93	259	22	projected	project	VERB
arjefm-93	259	23	)	)	PUNCT
arjefm-93	259	24	level	level	NOUN
arjefm-93	259	25	of	of	ADP
arjefm-93	259	26	capital	capital	NOUN
arjefm-93	259	27	(	(	PUNCT
arjefm-93	259	28	equation	equation	NOUN
arjefm-93	259	29	3	3	NUM
arjefm-93	259	30	)	)	PUNCT
arjefm-93	259	31	.	.	PUNCT
arjefm-93	260	1	the	the	DET
arjefm-93	260	2	change	change	NOUN
arjefm-93	260	3	in	in	ADP
arjefm-93	260	4	the	the	DET
arjefm-93	260	5	capitalto	capitalto	NOUN
arjefm-93	260	6	-	-	PUNCT
arjefm-93	260	7	asset	asset	NOUN
arjefm-93	260	8	ratio	ratio	NOUN
arjefm-93	260	9	,	,	PUNCT
arjefm-93	260	10	the	the	DET
arjefm-93	260	11	interest	interest	NOUN
arjefm-93	260	12	expense	expense	NOUN
arjefm-93	260	13	ratio	ratio	NOUN
arjefm-93	260	14	,	,	PUNCT
arjefm-93	260	15	the	the	DET
arjefm-93	260	16	non	non	ADJ
arjefm-93	260	17	-	-	ADJ
arjefm-93	260	18	interest	interest	ADJ
arjefm-93	260	19	expense	expense	NOUN
arjefm-93	260	20	ratio	ratio	NOUN
arjefm-93	260	21	and	and	CCONJ
arjefm-93	260	22	the	the	DET
arjefm-93	260	23	nonperforming	nonperforme	VERB
arjefm-93	260	24	loans	loan	NOUN
arjefm-93	260	25	-	-	PUNCT
arjefm-93	260	26	to	to	ADP
arjefm-93	260	27	-	-	PUNCT
arjefm-93	260	28	total	total	NOUN
arjefm-93	260	29	assets	asset	NOUN
arjefm-93	260	30	ratio	ratio	NOUN
arjefm-93	260	31	as	as	ADV
arjefm-93	260	32	well	well	ADV
arjefm-93	260	33	as	as	ADP
arjefm-93	260	34	the	the	DET
arjefm-93	260	35	interaction	interaction	NOUN
arjefm-93	260	36	of	of	ADP
arjefm-93	260	37	each	each	PRON
arjefm-93	260	38	of	of	ADP
arjefm-93	260	39	these	these	DET
arjefm-93	260	40	variables	variable	NOUN
arjefm-93	260	41	with	with	ADP
arjefm-93	260	42	the	the	DET
arjefm-93	260	43	previous	previous	ADJ
arjefm-93	260	44	period	period	NOUN
arjefm-93	260	45	capital	capital	NOUN
arjefm-93	260	46	-	-	PUNCT
arjefm-93	260	47	to	to	ADP
arjefm-93	260	48	-	-	PUNCT
arjefm-93	260	49	asset	asset	NOUN
arjefm-93	260	50	ratio	ratio	NOUN
arjefm-93	260	51	are	be	AUX
arjefm-93	260	52	assumed	assume	VERB
arjefm-93	260	53	to	to	PART
arjefm-93	260	54	be	be	AUX
arjefm-93	260	55	instruments	instrument	NOUN
arjefm-93	260	56	for	for	ADP
arjefm-93	260	57	the	the	DET
arjefm-93	260	58	optimal	optimal	ADJ
arjefm-93	260	59	capital	capital	NOUN
arjefm-93	260	60	ratio	ratio	NOUN
arjefm-93	260	61	.	.	PUNCT
arjefm-93	261	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	261	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	262	1	american	american	PROPN
arjefm-93	262	2	research	research	PROPN
arjefm-93	262	3	journal	journal	PROPN
arjefm-93	262	4	of	of	ADP
arjefm-93	262	5	economics	economic	NOUN
arjefm-93	262	6	,	,	PUNCT
arjefm-93	262	7	finance	finance	NOUN
arjefm-93	262	8	and	and	CCONJ
arjefm-93	262	9	management	management	NOUN
arjefm-93	262	10	volume	volume	NOUN
arjefm-93	262	11	11	11	NUM
arjefm-93	262	12	issue	issue	NOUN
arjefm-93	262	13	4	4	NUM
arjefm-93	262	14	,	,	PUNCT
arjefm-93	262	15	october	october	PROPN
arjefm-93	262	16	-	-	PUNCT
arjefm-93	262	17	december	december	PROPN
arjefm-93	262	18	2023	2023	NUM
arjefm-93	262	19	issn	issn	NOUN
arjefm-93	262	20	:	:	PUNCT
arjefm-93	262	21	2836	2836	NUM
arjefm-93	262	22	-	-	SYM
arjefm-93	262	23	9416	9416	NUM
arjefm-93	262	24	impact	impact	NOUN
arjefm-93	262	25	factor	factor	NOUN
arjefm-93	262	26	:	:	PUNCT
arjefm-93	262	27	5.57	5.57	NUM
arjefm-93	262	28	journal	journal	NOUN
arjefm-93	262	29	homepage	homepage	NOUN
arjefm-93	262	30	:	:	PUNCT
arjefm-93	262	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	262	32	,	,	PUNCT
arjefm-93	262	33	email	email	NOUN
arjefm-93	262	34	:	:	PUNCT
arjefm-93	263	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	263	2	official	official	ADJ
arjefm-93	263	3	journal	journal	PROPN
arjefm-93	263	4	of	of	ADP
arjefm-93	263	5	america	america	PROPN
arjefm-93	263	6	serial	serial	PROPN
arjefm-93	263	7	publication	publication	NOUN
arjefm-93	263	8	american	american	PROPN
arjefm-93	263	9	research	research	PROPN
arjefm-93	263	10	journal	journal	PROPN
arjefm-93	263	11	of	of	ADP
arjefm-93	263	12	economics	economic	NOUN
arjefm-93	263	13	,	,	PUNCT
arjefm-93	263	14	finance	finance	NOUN
arjefm-93	263	15	and	and	CCONJ
arjefm-93	263	16	management	management	NOUN
arjefm-93	263	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	263	18	,	,	PUNCT
arjefm-93	263	19	email	email	NOUN
arjefm-93	263	20	:	:	PUNCT
arjefm-93	263	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	264	1	47	47	NUM
arjefm-93	265	1	|	|	ADV
arjefm-93	265	2	p	p	X
arjefm-93	265	3	a	a	DET
arjefm-93	265	4	g	g	NOUN
arjefm-93	265	5	e	e	NOUN
arjefm-93	265	6	the	the	DET
arjefm-93	265	7	predicted	predict	VERB
arjefm-93	265	8	demand	demand	NOUN
arjefm-93	265	9	for	for	ADP
arjefm-93	265	10	capital	capital	NOUN
arjefm-93	265	11	is	be	AUX
arjefm-93	265	12	then	then	ADV
arjefm-93	265	13	used	use	VERB
arjefm-93	265	14	in	in	ADP
arjefm-93	265	15	the	the	DET
arjefm-93	265	16	second	second	ADJ
arjefm-93	265	17	-	-	PUNCT
arjefm-93	265	18	stage	stage	NOUN
arjefm-93	265	19	regression	regression	NOUN
arjefm-93	265	20	(	(	PUNCT
arjefm-93	265	21	equation	equation	NOUN
arjefm-93	265	22	5	5	NUM
arjefm-93	265	23	)	)	PUNCT
arjefm-93	265	24	for	for	ADP
arjefm-93	265	25	the	the	DET
arjefm-93	265	26	bank	bank	NOUN
arjefm-93	265	27	’s	’s	PART
arjefm-93	265	28	loan	loan	NOUN
arjefm-93	265	29	rate	rate	NOUN
arjefm-93	265	30	(	(	PUNCT
arjefm-93	265	31	figure	figure	NOUN
arjefm-93	265	32	5	5	NUM
arjefm-93	265	33	)	)	PUNCT
arjefm-93	265	34	.	.	PUNCT
arjefm-93	266	1	figure	figure	VERB
arjefm-93	266	2	5	5	NUM
arjefm-93	266	3	:	:	PUNCT
arjefm-93	266	4	second	second	ADJ
arjefm-93	266	5	stage	stage	NOUN
arjefm-93	266	6	in	in	ADP
arjefm-93	266	7	the	the	DET
arjefm-93	266	8	generalized	generalized	ADJ
arjefm-93	266	9	method	method	NOUN
arjefm-93	266	10	of	of	ADP
arjefm-93	266	11	moment	moment	NOUN
arjefm-93	266	12	procedure	procedure	NOUN
arjefm-93	266	13	the	the	DET
arjefm-93	266	14	gmm	gmm	PROPN
arjefm-93	266	15	estimations	estimation	NOUN
arjefm-93	266	16	are	be	AUX
arjefm-93	266	17	conducted	conduct	VERB
arjefm-93	266	18	following	follow	VERB
arjefm-93	266	19	greene	greene	PROPN
arjefm-93	266	20	(	(	PUNCT
arjefm-93	266	21	2012	2012	NUM
arjefm-93	266	22	)	)	PUNCT
arjefm-93	266	23	and	and	CCONJ
arjefm-93	266	24	zeileis	zeileis	PROPN
arjefm-93	266	25	(	(	PUNCT
arjefm-93	266	26	2004	2004	NUM
arjefm-93	266	27	)	)	PUNCT
arjefm-93	266	28	using	use	VERB
arjefm-93	266	29	the	the	DET
arjefm-93	266	30	bartlett	bartlett	PROPN
arjefm-93	266	31	kernel	kernel	PROPN
arjefm-93	266	32	function	function	PROPN
arjefm-93	266	33	(	(	PUNCT
arjefm-93	266	34	analyzed	analyze	VERB
arjefm-93	266	35	in	in	ADP
arjefm-93	266	36	the	the	DET
arjefm-93	266	37	following	follow	VERB
arjefm-93	266	38	section	section	NOUN
arjefm-93	266	39	)	)	PUNCT
arjefm-93	266	40	thereby	thereby	ADV
arjefm-93	266	41	yielding	yield	VERB
arjefm-93	266	42	heteroskedasticity	heteroskedasticity	NOUN
arjefm-93	266	43	autocorrelation	autocorrelation	NOUN
arjefm-93	266	44	-	-	PUNCT
arjefm-93	266	45	consistent	consistent	ADJ
arjefm-93	266	46	(	(	PUNCT
arjefm-93	266	47	hac	hac	NOUN
arjefm-93	266	48	)	)	PUNCT
arjefm-93	266	49	standard	standard	ADJ
arjefm-93	266	50	errors	error	NOUN
arjefm-93	266	51	(	(	PUNCT
arjefm-93	266	52	using	use	VERB
arjefm-93	266	53	matlab	matlab	PROPN
arjefm-93	266	54	r2011b	r2011b	PROPN
arjefm-93	266	55	software	software	NOUN
arjefm-93	266	56	)	)	PUNCT
arjefm-93	266	57	.	.	PUNCT
arjefm-93	267	1	lastly	lastly	ADV
arjefm-93	267	2	the	the	DET
arjefm-93	267	3	regression	regression	NOUN
arjefm-93	267	4	for	for	ADP
arjefm-93	267	5	the	the	DET
arjefm-93	267	6	demand	demand	NOUN
arjefm-93	267	7	for	for	ADP
arjefm-93	267	8	loans	loan	NOUN
arjefm-93	267	9	(	(	PUNCT
arjefm-93	267	10	equation	equation	NOUN
arjefm-93	267	11	6	6	NUM
arjefm-93	267	12	)	)	PUNCT
arjefm-93	267	13	is	be	AUX
arjefm-93	267	14	estimated	estimate	VERB
arjefm-93	267	15	using	use	VERB
arjefm-93	267	16	the	the	DET
arjefm-93	267	17	loan	loan	NOUN
arjefm-93	267	18	rates	rate	NOUN
arjefm-93	267	19	predicted	predict	VERB
arjefm-93	267	20	by	by	ADP
arjefm-93	267	21	the	the	DET
arjefm-93	267	22	gmm	gmm	PROPN
arjefm-93	267	23	estimations	estimation	NOUN
arjefm-93	267	24	as	as	ADP
arjefm-93	267	25	an	an	DET
arjefm-93	267	26	explanatory	explanatory	ADJ
arjefm-93	267	27	variable	variable	NOUN
arjefm-93	267	28	(	(	PUNCT
arjefm-93	267	29	figure	figure	NOUN
arjefm-93	267	30	6	6	NUM
arjefm-93	267	31	)	)	PUNCT
arjefm-93	267	32	.	.	PUNCT
arjefm-93	268	1	figure	figure	VERB
arjefm-93	268	2	6	6	NUM
arjefm-93	268	3	:	:	PUNCT
arjefm-93	268	4	regression	regression	NOUN
arjefm-93	268	5	for	for	ADP
arjefm-93	268	6	the	the	DET
arjefm-93	268	7	demand	demand	NOUN
arjefm-93	268	8	for	for	ADP
arjefm-93	268	9	loans	loan	NOUN
arjefm-93	268	10	the	the	DET
arjefm-93	268	11	estimations	estimation	NOUN
arjefm-93	268	12	for	for	ADP
arjefm-93	268	13	the	the	DET
arjefm-93	268	14	two	two	NUM
arjefm-93	268	15	grouping	grouping	NOUN
arjefm-93	268	16	of	of	ADP
arjefm-93	268	17	banks	bank	NOUN
arjefm-93	268	18	are	be	AUX
arjefm-93	268	19	conducted	conduct	VERB
arjefm-93	268	20	using	use	VERB
arjefm-93	268	21	data	datum	NOUN
arjefm-93	268	22	for	for	ADP
arjefm-93	268	23	the	the	DET
arjefm-93	268	24	2003	2003	NUM
arjefm-93	268	25	to	to	ADP
arjefm-93	268	26	2010	2010	NUM
arjefm-93	268	27	period	period	NOUN
arjefm-93	268	28	.	.	PUNCT
arjefm-93	269	1	the	the	DET
arjefm-93	269	2	estimations	estimation	NOUN
arjefm-93	269	3	are	be	AUX
arjefm-93	269	4	conducted	conduct	VERB
arjefm-93	269	5	on	on	ADP
arjefm-93	269	6	a	a	DET
arjefm-93	269	7	country	country	NOUN
arjefm-93	269	8	-	-	PUNCT
arjefm-93	269	9	by	by	ADP
arjefm-93	269	10	-	-	PUNCT
arjefm-93	269	11	country	country	NOUN
arjefm-93	269	12	basis	basis	NOUN
arjefm-93	269	13	.	.	PUNCT
arjefm-93	270	1	the	the	DET
arjefm-93	270	2	number	number	NOUN
arjefm-93	270	3	of	of	ADP
arjefm-93	270	4	banks	bank	NOUN
arjefm-93	270	5	included	include	VERB
arjefm-93	270	6	in	in	ADP
arjefm-93	270	7	every	every	DET
arjefm-93	270	8	assessment	assessment	NOUN
arjefm-93	270	9	depends	depend	VERB
arjefm-93	270	10	on	on	ADP
arjefm-93	270	11	the	the	DET
arjefm-93	270	12	degree	degree	NOUN
arjefm-93	270	13	of	of	ADP
arjefm-93	270	14	concentration	concentration	NOUN
arjefm-93	270	15	of	of	ADP
arjefm-93	270	16	the	the	DET
arjefm-93	270	17	banking	banking	NOUN
arjefm-93	270	18	system	system	NOUN
arjefm-93	270	19	in	in	ADP
arjefm-93	270	20	each	each	DET
arjefm-93	270	21	country	country	NOUN
arjefm-93	270	22	and	and	CCONJ
arjefm-93	270	23	the	the	DET
arjefm-93	270	24	availability	availability	NOUN
arjefm-93	270	25	/	/	SYM
arjefm-93	270	26	accessibility	accessibility	NOUN
arjefm-93	270	27	of	of	ADP
arjefm-93	270	28	the	the	DET
arjefm-93	270	29	data	datum	NOUN
arjefm-93	270	30	in	in	ADP
arjefm-93	270	31	the	the	DET
arjefm-93	270	32	bankscope	bankscope	NOUN
arjefm-93	270	33	database	database	NOUN
arjefm-93	270	34	.	.	PUNCT
arjefm-93	271	1	5	5	NUM
arjefm-93	271	2	.	.	X
arjefm-93	271	3	heteroskedasticity	heteroskedasticity	NOUN
arjefm-93	271	4	and	and	CCONJ
arjefm-93	271	5	autocorrelation	autocorrelation	NOUN
arjefm-93	271	6	consistent	consistent	ADJ
arjefm-93	271	7	(	(	PUNCT
arjefm-93	271	8	hac	hac	NOUN
arjefm-93	271	9	)	)	PUNCT
arjefm-93	271	10	standard	standard	ADJ
arjefm-93	271	11	errors	error	NOUN
arjefm-93	271	12	following	follow	VERB
arjefm-93	271	13	laszlo	laszlo	ADJ
arjefm-93	271	14	(	(	PUNCT
arjefm-93	271	15	1999	1999	NUM
arjefm-93	271	16	)	)	PUNCT
arjefm-93	271	17	the	the	DET
arjefm-93	271	18	following	follow	VERB
arjefm-93	271	19	equation	equation	NOUN
arjefm-93	271	20	shows	show	VERB
arjefm-93	271	21	how	how	SCONJ
arjefm-93	271	22	the	the	DET
arjefm-93	271	23	asymptotic	asymptotic	ADJ
arjefm-93	271	24	covariance	covariance	NOUN
arjefm-93	271	25	matrix	matrix	NOUN
arjefm-93	271	26	of	of	ADP
arjefm-93	271	27	the	the	DET
arjefm-93	271	28	gmm	gmm	PROPN
arjefm-93	271	29	estimator	estimator	NOUN
arjefm-93	271	30	could	could	AUX
arjefm-93	271	31	be	be	AUX
arjefm-93	271	32	derived	derive	VERB
arjefm-93	271	33	in	in	ADP
arjefm-93	271	34	the	the	DET
arjefm-93	271	35	presence	presence	NOUN
arjefm-93	271	36	of	of	ADP
arjefm-93	271	37	conditional	conditional	ADJ
arjefm-93	271	38	heteroskedasticity	heteroskedasticity	NOUN
arjefm-93	271	39	:	:	PUNCT
arjefm-93	271	40	n	n	CCONJ
arjefm-93	271	41	where	where	SCONJ
arjefm-93	271	42	ˆ	ˆ	ADV
arjefm-93	271	43	is	be	AUX
arjefm-93	271	44	the	the	DET
arjefm-93	271	45	diagonal	diagonal	ADJ
arjefm-93	271	46	matrix	matrix	NOUN
arjefm-93	271	47	of	of	ADP
arjefm-93	271	48	squared	square	VERB
arjefm-93	271	49	residuals	residual	NOUN
arjefm-93	271	50	uˆi2from	uˆi2from	ADP
arjefm-93	271	51	~	~	PUNCT
arjefm-93	271	52	,	,	PUNCT
arjefm-93	271	53	the	the	DET
arjefm-93	271	54	consistent	consistent	NOUN
arjefm-93	271	55	but	but	CCONJ
arjefm-93	271	56	not	not	PART
arjefm-93	271	57	necessarily	necessarily	ADV
arjefm-93	271	58	efficient	efficient	ADJ
arjefm-93	271	59	first	first	ADJ
arjefm-93	271	60	-	-	PUNCT
arjefm-93	271	61	step	step	NOUN
arjefm-93	271	62	gmm	gmm	NOUN
arjefm-93	271	63	estimator	estimator	NOUN
arjefm-93	271	64	.	.	PUNCT
arjefm-93	272	1	the	the	DET
arjefm-93	272	2	resulting	result	VERB
arjefm-93	272	3	estimatesˆcan	estimatesˆcan	NOUN
arjefm-93	272	4	be	be	AUX
arjefm-93	272	5	used	use	VERB
arjefm-93	272	6	to	to	PART
arjefm-93	272	7	conduct	conduct	VERB
arjefm-93	272	8	consistent	consistent	ADJ
arjefm-93	272	9	inference	inference	NOUN
arjefm-93	272	10	demand	demand	NOUN
arjefm-93	272	11	for	for	ADP
arjefm-93	272	12	loans	loan	NOUN
arjefm-93	272	13	sˆ	sˆ	ADP
arjefm-93	272	14	1n	1n	NUM
arjefm-93	272	15	i	i	NOUN
arjefm-93	272	16	1	1	NUM
arjefm-93	272	17	uˆi2zi	uˆi2zi	NOUN
arjefm-93	272	18	zi	zi	NOUN
arjefm-93	272	19	1n	1n	NUM
arjefm-93	272	20	ˆ	ˆ	ADP
arjefm-93	272	21	(	(	PUNCT
arjefm-93	272	22	7	7	NUM
arjefm-93	272	23	)	)	PUNCT
arjefm-93	272	24	figure	figure	NOUN
arjefm-93	272	25	4	4	NUM
arjefm-93	272	26	:	:	PUNCT
arjefm-93	272	27	first	first	ADJ
arjefm-93	272	28	stage	stage	NOUN
arjefm-93	272	29	in	in	ADP
arjefm-93	272	30	the	the	DET
arjefm-93	272	31	generalized	generalize	VERB
arjefm-93	272	32	met	meet	VERB
arjefm-93	272	33	hod	hod	NOUN
arjefm-93	272	34	of	of	ADP
arjefm-93	272	35	moment	moment	NOUN
arjefm-93	272	36	procedure	procedure	NOUN
arjefm-93	272	37	optimal	optimal	ADJ
arjefm-93	272	38	level	level	NOUN
arjefm-93	272	39	of	of	ADP
arjefm-93	272	40	capital	capital	NOUN
arjefm-93	272	41	interest	interest	NOUN
arjefm-93	272	42	expense	expense	NOUN
arjefm-93	272	43	capital	capital	NOUN
arjefm-93	272	44	to	to	PART
arjefm-93	272	45	asset	asset	VERB
arjefm-93	272	46	non	non	ADJ
arjefm-93	272	47	interest	interest	NOUN
arjefm-93	272	48	expense	expense	NOUN
arjefm-93	272	49	first	first	ADJ
arjefm-93	272	50	stage	stage	NOUN
arjefm-93	272	51	gmm	gmm	PROPN
arjefm-93	272	52	capit	capit	PROPN
arjefm-93	272	53	al	al	PROPN
arjefm-93	272	54	non	non	PROPN
arjefm-93	272	55	performing	perform	VERB
arjefm-93	272	56	loans	loan	NOUN
arjefm-93	272	57	to	to	ADP
arjefm-93	272	58	total	total	ADJ
arjefm-93	272	59	assets	asset	NOUN
arjefm-93	272	60	p	p	X
arjefm-93	272	61	revious	revious	ADJ
arjefm-93	272	62	period	period	NOUN
arjefm-93	272	63	capital	capital	NOUN
arjefm-93	272	64	to	to	ADP
arjefm-93	272	65	asset	asset	NOUN
arjefm-93	272	66	loan	loan	NOUN
arjefm-93	272	67	rate	rate	NOUN
arjefm-93	272	68	second	second	ADJ
arjefm-93	272	69	stage	stage	NOUN
arjefm-93	272	70	gmm	gmm	PROPN
arjefm-93	272	71	optimallevel	optimallevel	NOUN
arjefm-93	272	72	of	of	ADP
arjefm-93	272	73	capital	capital	NOUN
arjefm-93	272	74	simple	simple	ADJ
arjefm-93	272	75	regression	regression	NOUN
arjefm-93	272	76	loan	loan	NOUN
arjefm-93	272	77	rate	rate	NOUN
arjefm-93	272	78	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	272	79	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	272	80	american	american	PROPN
arjefm-93	272	81	research	research	PROPN
arjefm-93	272	82	journal	journal	PROPN
arjefm-93	272	83	of	of	ADP
arjefm-93	272	84	economics	economic	NOUN
arjefm-93	272	85	,	,	PUNCT
arjefm-93	272	86	finance	finance	NOUN
arjefm-93	272	87	and	and	CCONJ
arjefm-93	272	88	management	management	NOUN
arjefm-93	272	89	volume	volume	NOUN
arjefm-93	272	90	11	11	NUM
arjefm-93	272	91	issue	issue	NOUN
arjefm-93	272	92	4	4	NUM
arjefm-93	272	93	,	,	PUNCT
arjefm-93	272	94	october	october	PROPN
arjefm-93	272	95	-	-	PUNCT
arjefm-93	272	96	december	december	PROPN
arjefm-93	272	97	2023	2023	NUM
arjefm-93	272	98	issn	issn	NOUN
arjefm-93	272	99	:	:	PUNCT
arjefm-93	272	100	2836	2836	NUM
arjefm-93	272	101	-	-	SYM
arjefm-93	272	102	9416	9416	NUM
arjefm-93	272	103	impact	impact	NOUN
arjefm-93	272	104	factor	factor	NOUN
arjefm-93	272	105	:	:	PUNCT
arjefm-93	272	106	5.57	5.57	NUM
arjefm-93	272	107	journal	journal	NOUN
arjefm-93	272	108	homepage	homepage	NOUN
arjefm-93	272	109	:	:	PUNCT
arjefm-93	272	110	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	272	111	,	,	PUNCT
arjefm-93	272	112	email	email	NOUN
arjefm-93	272	113	:	:	PUNCT
arjefm-93	272	114	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	272	115	official	official	ADJ
arjefm-93	272	116	journal	journal	PROPN
arjefm-93	272	117	of	of	ADP
arjefm-93	272	118	america	america	PROPN
arjefm-93	272	119	serial	serial	PROPN
arjefm-93	272	120	publication	publication	NOUN
arjefm-93	272	121	american	american	PROPN
arjefm-93	272	122	research	research	PROPN
arjefm-93	272	123	journal	journal	PROPN
arjefm-93	272	124	of	of	ADP
arjefm-93	272	125	economics	economic	NOUN
arjefm-93	272	126	,	,	PUNCT
arjefm-93	272	127	finance	finance	NOUN
arjefm-93	272	128	and	and	CCONJ
arjefm-93	272	129	management	management	NOUN
arjefm-93	272	130	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	272	131	,	,	PUNCT
arjefm-93	272	132	email	email	NOUN
arjefm-93	272	133	:	:	PUNCT
arjefm-93	273	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	273	2	48	48	NUM
arjefm-93	274	1	|	|	ADV
arjefm-93	274	2	p	p	NOUN
arjefm-93	274	3	a	a	DET
arjefm-93	274	4	g	g	PROPN
arjefm-93	274	5	e	e	PROPN
arjefm-93	274	6	j	j	PROPN
arjefm-93	274	7	for	for	ADP
arjefm-93	274	8	the	the	DET
arjefm-93	274	9	first	first	ADJ
arjefm-93	274	10	-	-	PUNCT
arjefm-93	274	11	step	step	NOUN
arjefm-93	274	12	estimator	estimator	NOUN
arjefm-93	274	13	or	or	CCONJ
arjefm-93	274	14	it	it	PRON
arjefm-93	274	15	can	can	AUX
arjefm-93	274	16	be	be	AUX
arjefm-93	274	17	used	use	VERB
arjefm-93	274	18	to	to	PART
arjefm-93	274	19	obtain	obtain	VERB
arjefm-93	274	20	and	and	CCONJ
arjefm-93	274	21	conduct	conduct	VERB
arjefm-93	274	22	inference	inference	NOUN
arjefm-93	274	23	for	for	ADP
arjefm-93	274	24	the	the	DET
arjefm-93	274	25	efficient	efficient	ADJ
arjefm-93	274	26	gmm	gmm	PROPN
arjefm-93	274	27	estimator	estimator	NOUN
arjefm-93	274	28	.	.	PUNCT
arjefm-93	275	1	the	the	DET
arjefm-93	275	2	estimator	estimator	NOUN
arjefm-93	275	3	is	be	AUX
arjefm-93	275	4	now	now	ADV
arjefm-93	275	5	further	far	ADV
arjefm-93	275	6	extended	extend	VERB
arjefm-93	275	7	to	to	PART
arjefm-93	275	8	handle	handle	VERB
arjefm-93	275	9	the	the	DET
arjefm-93	275	10	case	case	NOUN
arjefm-93	275	11	of	of	ADP
arjefm-93	275	12	non	non	ADJ
arjefm-93	275	13	-	-	ADJ
arjefm-93	275	14	independent	independent	ADJ
arjefm-93	275	15	errors	error	NOUN
arjefm-93	275	16	in	in	ADP
arjefm-93	275	17	a	a	DET
arjefm-93	275	18	time	time	NOUN
arjefm-93	275	19	series	series	NOUN
arjefm-93	275	20	context	context	NOUN
arjefm-93	275	21	.	.	PUNCT
arjefm-93	276	1	the	the	DET
arjefm-93	276	2	notation	notation	NOUN
arjefm-93	276	3	is	be	AUX
arjefm-93	276	4	correspondingly	correspondingly	ADV
arjefm-93	276	5	gt	gt	PROPN
arjefm-93	276	6	g	g	PROPN
arjefm-93	276	7	s	s	PART
arjefm-93	276	8	0,t	0,t	PROPN
arjefm-93	276	9	s	s	AUX
arjefm-93	276	10	changed	change	VERB
arjefm-93	276	11	so	so	SCONJ
arjefm-93	276	12	that	that	SCONJ
arjefm-93	276	13	observations	observation	NOUN
arjefm-93	276	14	are	be	AUX
arjefm-93	276	15	indexed	index	VERB
arjefm-93	276	16	by	by	ADP
arjefm-93	276	17	t	t	PROPN
arjefm-93	276	18	and	and	CCONJ
arjefm-93	276	19	s	s	VERB
arjefm-93	276	20	rather	rather	ADV
arjefm-93	276	21	than	than	ADP
arjefm-93	276	22	i.	i.	NOUN
arjefm-93	276	23	in	in	ADP
arjefm-93	276	24	the	the	DET
arjefm-93	276	25	presence	presence	NOUN
arjefm-93	276	26	of	of	ADP
arjefm-93	276	27	serial	serial	ADJ
arjefm-93	276	28	correlation	correlation	NOUN
arjefm-93	276	29	.	.	PUNCT
arjefm-93	277	1	in	in	ADP
arjefm-93	277	2	order	order	NOUN
arjefm-93	277	3	to	to	PART
arjefm-93	277	4	derive	derive	VERB
arjefm-93	277	5	consistent	consistent	ADJ
arjefm-93	277	6	estimates	estimate	NOUN
arjefm-93	277	7	of	of	ADP
arjefm-93	277	8	s	s	PROPN
arjefm-93	277	9	,	,	PUNCT
arjefm-93	277	10	j	j	PROPN
arjefm-93	277	11	gtgt	gtgt	PROPN
arjefm-93	277	12	j	j	PROPN
arjefm-93	277	13	is	be	AUX
arjefm-93	277	14	defined	define	VERB
arjefm-93	277	15	as	as	ADP
arjefm-93	277	16	the	the	DET
arjefm-93	277	17	auto	auto	NOUN
arjefm-93	277	18	-	-	PUNCT
arjefm-93	277	19	covariance	covariance	NOUN
arjefm-93	277	20	matrix	matrix	NOUN
arjefm-93	277	21	for	for	ADP
arjefm-93	277	22	lag	lag	NOUN
arjefm-93	277	23	j.	j.	PROPN
arjefm-93	277	24	the	the	DET
arjefm-93	277	25	long	long	ADV
arjefm-93	277	26	-	-	PUNCT
arjefm-93	277	27	run	run	VERB
arjefm-93	277	28	covariance	covariance	NOUN
arjefm-93	277	29	matrix	matrix	NOUN
arjefm-93	277	30	can	can	AUX
arjefm-93	277	31	be	be	AUX
arjefm-93	277	32	then	then	ADV
arjefm-93	277	33	written	write	VERB
arjefm-93	277	34	s	s	PROPN
arjefm-93	277	35	avar	avar	PROPN
arjefm-93	277	36	g	g	PROPN
arjefm-93	277	37	0	0	NUM
arjefm-93	278	1	j	j	PROPN
arjefm-93	278	2	j	j	PROPN
arjefm-93	279	1	(	(	PUNCT
arjefm-93	280	1	8)	8)	NUM
arjefm-93	280	2	j	j	NOUN
arjefm-93	280	3	1	1	NUM
arjefm-93	280	4	,	,	PUNCT
arjefm-93	280	5	which	which	PRON
arjefm-93	280	6	may	may	AUX
arjefm-93	280	7	be	be	AUX
arjefm-93	280	8	seen	see	VERB
arjefm-93	280	9	as	as	ADP
arjefm-93	280	10	a	a	DET
arjefm-93	280	11	generalization	generalization	NOUN
arjefm-93	280	12	of	of	ADP
arjefm-93	280	13	equation	equation	NOUN
arjefm-93	280	14	(	(	PUNCT
arjefm-93	280	15	7	7	NUM
arjefm-93	280	16	)	)	PUNCT
arjefm-93	280	17	with	with	ADP
arjefm-93	280	18	0	0	NUM
arjefm-93	280	19	gig	gig	NOUN
arjefm-93	280	20	i	i	PRON
arjefm-93	280	21	and	and	CCONJ
arjefm-93	280	22	j	j	PROPN
arjefm-93	280	23	gtgt	gtgt	PROPN
arjefm-93	280	24	j	j	PROPN
arjefm-93	280	25	,	,	PUNCT
arjefm-93	280	26	j	j	PROPN
arjefm-93	280	27	1	1	NUM
arjefm-93	280	28	,	,	PUNCT
arjefm-93	280	29	2	2	NUM
arjefm-93	280	30	,	,	PUNCT
arjefm-93	280	31	is	be	AUX
arjefm-93	280	32	defined	define	VERB
arjefm-93	280	33	as	as	ADP
arjefm-93	280	34	the	the	DET
arjefm-93	280	35	product	product	NOUN
arjefm-93	280	36	ofzt	ofzt	NOUN
arjefm-93	280	37	andut	andut	PROPN
arjefm-93	280	38	,	,	PUNCT
arjefm-93	280	39	the	the	DET
arjefm-93	280	40	auto	auto	NOUN
arjefm-93	280	41	-	-	PUNCT
arjefm-93	280	42	covariance	covariance	NOUN
arjefm-93	280	43	matrices	matrix	NOUN
arjefm-93	280	44	may	may	AUX
arjefm-93	280	45	be	be	AUX
arjefm-93	280	46	expressed	express	VERB
arjefm-93	280	47	as	as	ADP
arjefm-93	280	48	j	j	PROPN
arjefm-93	280	49	utut	utut	PROPN
arjefm-93	280	50	jzt	jzt	PROPN
arjefm-93	281	1	zt	zt	PROPN
arjefm-93	281	2	j	j	PROPN
arjefm-93	281	3	.ut	.ut	PUNCT
arjefm-93	282	1	ˆ	ˆ	PROPN
arjefm-93	282	2	j	j	PROPN
arjefm-93	282	3	andut	andut	PROPN
arjefm-93	282	4	j	j	PROPN
arjefm-93	282	5	are	be	AUX
arjefm-93	282	6	then	then	ADV
arjefm-93	282	7	replaced	replace	VERB
arjefm-93	282	8	by	by	ADP
arjefm-93	282	9	consistent	consistent	ADJ
arjefm-93	282	10	residuals	residual	NOUN
arjefm-93	282	11	from	from	ADP
arjefm-93	282	12	first	first	ADJ
arjefm-93	282	13	-	-	PUNCT
arjefm-93	282	14	stage	stage	NOUN
arjefm-93	282	15	estimation	estimation	NOUN
arjefm-93	282	16	to	to	PART
arjefm-93	282	17	compute	compute	VERB
arjefm-93	282	18	the	the	DET
arjefm-93	282	19	sample	sample	NOUN
arjefm-93	282	20	auto	auto	NOUN
arjefm-93	282	21	-	-	PUNCT
arjefm-93	282	22	covariance	covariance	NOUN
arjefm-93	282	23	matrices	matrix	NOUN
arjefm-93	282	24	defined	define	VERB
arjefm-93	282	25	as	as	ADP
arjefm-93	282	26	ˆ	ˆ	ADP
arjefm-93	282	27	1	1	NUM
arjefm-93	282	28	n	n	PROPN
arjefm-93	282	29	j	j	PROPN
arjefm-93	282	30	gˆtgˆt	gˆtgˆt	PROPN
arjefm-93	282	31	j	j	PROPN
arjefm-93	282	32	1	1	NUM
arjefm-93	282	33	n	n	PROPN
arjefm-93	282	34	j	j	PROPN
arjefm-93	282	35	zt	zt	PROPN
arjefm-93	282	36	uˆtuˆt	uˆtuˆt	VERB
arjefm-93	282	37	jzt	jzt	PROPN
arjefm-93	282	38	j	j	PROPN
arjefm-93	282	39	(	(	PUNCT
arjefm-93	282	40	9	9	NUM
arjefm-93	282	41	)	)	PUNCT
arjefm-93	282	42	j	j	PROPN
arjefm-93	282	43	n	n	PROPN
arjefm-93	282	44	t	t	PROPN
arjefm-93	282	45	1	1	NUM
arjefm-93	282	46	n	n	NOUN
arjefm-93	282	47	t	t	NOUN
arjefm-93	282	48	1	1	NUM
arjefm-93	282	49	there	there	PRON
arjefm-93	282	50	is	be	VERB
arjefm-93	282	51	no	no	DET
arjefm-93	282	52	existence	existence	NOUN
arjefm-93	282	53	of	of	ADP
arjefm-93	282	54	an	an	DET
arjefm-93	282	55	infinite	infinite	ADJ
arjefm-93	282	56	number	number	NOUN
arjefm-93	282	57	of	of	ADP
arjefm-93	282	58	sample	sample	NOUN
arjefm-93	282	59	autocovariances	autocovariance	NOUN
arjefm-93	282	60	to	to	PART
arjefm-93	282	61	insert	insert	VERB
arjefm-93	282	62	into	into	ADP
arjefm-93	282	63	the	the	DET
arjefm-93	282	64	infinite	infinite	ADJ
arjefm-93	282	65	sum	sum	NOUN
arjefm-93	282	66	in	in	ADP
arjefm-93	282	67	equation	equation	NOUN
arjefm-93	282	68	(	(	PUNCT
arjefm-93	282	69	8)	8)	NUM
arjefm-93	282	70	.	.	PUNCT
arjefm-93	283	1	furthermore	furthermore	ADV
arjefm-93	283	2	,	,	PUNCT
arjefm-93	283	3	it	it	PRON
arjefm-93	283	4	is	be	AUX
arjefm-93	283	5	not	not	PART
arjefm-93	283	6	possible	possible	ADJ
arjefm-93	283	7	to	to	PART
arjefm-93	283	8	simply	simply	ADV
arjefm-93	283	9	insert	insert	VERB
arjefm-93	283	10	all	all	DET
arjefm-93	283	11	the	the	DET
arjefm-93	283	12	autocovariances	autocovariance	NOUN
arjefm-93	283	13	from	from	ADP
arjefm-93	283	14	1	1	NUM
arjefm-93	283	15	through	through	ADP
arjefm-93	283	16	n	n	NOUN
arjefm-93	283	17	because	because	SCONJ
arjefm-93	283	18	this	this	PRON
arjefm-93	283	19	would	would	AUX
arjefm-93	283	20	imply	imply	VERB
arjefm-93	283	21	that	that	SCONJ
arjefm-93	283	22	the	the	DET
arjefm-93	283	23	gˆ	gˆ	NOUN
arjefm-93	283	24	i	i	PRON
arjefm-93	283	25	is	be	AUX
arjefm-93	283	26	going	go	VERB
arjefm-93	283	27	off	off	ADP
arjefm-93	283	28	to	to	PART
arjefm-93	283	29	infinity	infinity	NOUN
arjefm-93	283	30	with	with	ADP
arjefm-93	283	31	the	the	DET
arjefm-93	283	32	sample	sample	NOUN
arjefm-93	283	33	number	number	NOUN
arjefm-93	283	34	of	of	ADP
arjefm-93	283	35	sample	sample	NOUN
arjefm-93	283	36	orthogonality	orthogonality	NOUN
arjefm-93	283	37	conditions	condition	NOUN
arjefm-93	283	38	size	size	NOUN
arjefm-93	283	39	which	which	PRON
arjefm-93	283	40	precludes	preclude	VERB
arjefm-93	283	41	obtaining	obtain	VERB
arjefm-93	283	42	a	a	DET
arjefm-93	283	43	consistent	consistent	ADJ
arjefm-93	283	44	estimate	estimate	NOUN
arjefm-93	283	45	of	of	ADP
arjefm-93	283	46	s.	s.	PROPN
arjefm-93	283	47	the	the	DET
arjefm-93	283	48	autocovariances	autocovariance	NOUN
arjefm-93	283	49	must	must	AUX
arjefm-93	283	50	converge	converge	VERB
arjefm-93	283	51	to	to	ADP
arjefm-93	283	52	zero	zero	NUM
arjefm-93	283	53	asymptotically	asymptotically	ADV
arjefm-93	283	54	as	as	ADP
arjefm-93	283	55	n	n	DET
arjefm-93	283	56	increases	increase	NOUN
arjefm-93	283	57	.	.	PUNCT
arjefm-93	284	1	one	one	NUM
arjefm-93	284	2	way	way	NOUN
arjefm-93	284	3	to	to	PART
arjefm-93	284	4	handle	handle	VERB
arjefm-93	284	5	this	this	PRON
arjefm-93	284	6	in	in	ADP
arjefm-93	284	7	would	would	AUX
arjefm-93	284	8	be	be	AUX
arjefm-93	284	9	for	for	SCONJ
arjefm-93	284	10	the	the	DET
arjefm-93	284	11	summation	summation	NOUN
arjefm-93	284	12	to	to	PART
arjefm-93	284	13	be	be	AUX
arjefm-93	284	14	truncated	truncate	VERB
arjefm-93	284	15	at	at	ADP
arjefm-93	284	16	a	a	DET
arjefm-93	284	17	specified	specified	ADJ
arjefm-93	284	18	lag	lag	NOUN
arjefm-93	284	19	q.	q.	NOUN
arjefm-93	284	20	thus	thus	ADV
arjefm-93	284	21	the	the	DET
arjefm-93	284	22	s	s	NOUN
arjefm-93	284	23	matrix	matrix	NOUN
arjefm-93	284	24	can	can	AUX
arjefm-93	284	25	be	be	AUX
arjefm-93	284	26	estimated	estimate	VERB
arjefm-93	284	27	by	by	ADP
arjefm-93	284	28	sˆ	sˆ	PROPN
arjefm-93	284	29	ˆ0	ˆ0	PROPN
arjefm-93	284	30	q1	q1	PROPN
arjefm-93	284	31	k	k	PROPN
arjefm-93	284	32	qjn	qjn	PROPN
arjefm-93	284	33	ˆj	ˆj	PROPN
arjefm-93	284	34	ˆ	ˆ	PROPN
arjefm-93	284	35	j	j	PROPN
arjefm-93	284	36	(	(	PUNCT
arjefm-93	284	37	10	10	NUM
arjefm-93	284	38	)	)	PUNCT
arjefm-93	284	39	j	j	PROPN
arjefm-93	284	40	ut	ut	PROPN
arjefm-93	284	41	and	and	CCONJ
arjefm-93	284	42	u	u	PROPN
arjefm-93	284	43	t	t	PROPN
arjefm-93	284	44	j	j	PROPN
arjefm-93	284	45	are	be	AUX
arjefm-93	284	46	replaced	replace	VERB
arjefm-93	284	47	by	by	ADP
arjefm-93	284	48	consistent	consistent	ADJ
arjefm-93	284	49	estimates	estimate	NOUN
arjefm-93	284	50	from	from	ADP
arjefm-93	284	51	first	first	ADJ
arjefm-93	284	52	-	-	PUNCT
arjefm-93	284	53	stage	stage	NOUN
arjefm-93	284	54	,	,	PUNCT
arjefm-93	284	55	where	where	SCONJ
arjefm-93	284	56	estimation	estimation	NOUN
arjefm-93	284	57	.	.	PUNCT
arjefm-93	285	1	the	the	DET
arjefm-93	285	2	kernel	kernel	PROPN
arjefm-93	285	3	function	function	PROPN
arjefm-93	285	4	,	,	PUNCT
arjefm-93	285	5	j	j	PROPN
arjefm-93	285	6	kqn	kqn	PROPN
arjefm-93	285	7	q	q	PROPN
arjefm-93	285	8	n	n	CCONJ
arjefm-93	285	9	defined	define	VERB
arjefm-93	285	10	as	as	ADP
arjefm-93	285	11	the	the	DET
arjefm-93	285	12	applies	applie	NOUN
arjefm-93	285	13	appropriate	appropriate	ADJ
arjefm-93	285	14	weights	weight	NOUN
arjefm-93	285	15	to	to	ADP
arjefm-93	285	16	the	the	DET
arjefm-93	285	17	terms	term	NOUN
arjefm-93	285	18	of	of	ADP
arjefm-93	285	19	the	the	DET
arjefm-93	285	20	summation	summation	NOUN
arjefm-93	285	21	with	with	ADP
arjefm-93	285	22	bandwidth	bandwidth	NOUN
arjefm-93	285	23	of	of	ADP
arjefm-93	285	24	the	the	DET
arjefm-93	285	25	kernel	kernel	NOUN
arjefm-93	285	26	possibly	possibly	ADV
arjefm-93	285	27	as	as	ADP
arjefm-93	285	28	a	a	DET
arjefm-93	285	29	function	function	NOUN
arjefm-93	285	30	of	of	ADP
arjefm-93	285	31	n	n	PROPN
arjefm-93	285	32	(	(	PUNCT
arjefm-93	285	33	hayashi	hayashi	PROPN
arjefm-93	285	34	,	,	PUNCT
arjefm-93	285	35	2000	2000	NUM
arjefm-93	285	36	)	)	PUNCT
arjefm-93	285	37	.	.	PUNCT
arjefm-93	286	1	in	in	ADP
arjefm-93	286	2	many	many	ADJ
arjefm-93	286	3	kernels	kernel	NOUN
arjefm-93	286	4	consistency	consistency	NOUN
arjefm-93	286	5	is	be	AUX
arjefm-93	286	6	obtained	obtain	VERB
arjefm-93	286	7	by	by	ADP
arjefm-93	286	8	having	have	VERB
arjefm-93	286	9	the	the	DET
arjefm-93	286	10	weight	weight	NOUN
arjefm-93	286	11	sˆ	sˆ	NOUN
arjefm-93	286	12	fall	fall	VERB
arjefm-93	286	13	to	to	ADP
arjefm-93	286	14	zero	zero	NUM
arjefm-93	286	15	after	after	ADP
arjefm-93	286	16	a	a	DET
arjefm-93	286	17	certain	certain	ADJ
arjefm-93	286	18	number	number	NOUN
arjefm-93	286	19	1	1	NUM
arjefm-93	286	20	of	of	ADP
arjefm-93	286	21	lags	lag	NOUN
arjefm-93	286	22	.	.	PUNCT
arjefm-93	287	1	one	one	NUM
arjefm-93	287	2	important	important	ADJ
arjefm-93	287	3	and	and	CCONJ
arjefm-93	287	4	frequently	frequently	ADV
arjefm-93	287	5	used	use	VERB
arjefm-93	287	6	approach	approach	NOUN
arjefm-93	287	7	to	to	ADP
arjefm-93	287	8	this	this	DET
arjefm-93	287	9	problem	problem	NOUN
arjefm-93	287	10	is	be	AUX
arjefm-93	287	11	qn	qn	ADP
arjefm-93	287	12	that	that	PRON
arjefm-93	287	13	of	of	ADP
arjefm-93	287	14	newey	newey	PROPN
arjefm-93	287	15	and	and	CCONJ
arjefm-93	287	16	west	west	PROPN
arjefm-93	287	17	(	(	PUNCT
arjefm-93	287	18	1987	1987	NUM
arjefm-93	287	19	)	)	PUNCT
arjefm-93	287	20	which	which	PRON
arjefm-93	287	21	generates	generate	VERB
arjefm-93	287	22	using	use	VERB
arjefm-93	287	23	the	the	DET
arjefm-93	287	24	bartlett	bartlett	PROPN
arjefm-93	287	25	kernel	kernel	PROPN
arjefm-93	287	26	function	function	PROPN
arjefm-93	287	27	and	and	CCONJ
arjefm-93	287	28	a	a	DET
arjefm-93	287	29	user	user	NOUN
arjefm-93	287	30	-	-	PUNCT
arjefm-93	287	31	specified	specify	VERB
arjefm-93	287	32	value	value	NOUN
arjefm-93	287	33	of	of	ADP
arjefm-93	287	34	q.	q.	NOUN
arjefm-93	287	35	for	for	ADP
arjefm-93	287	36	the	the	DET
arjefm-93	287	37	bartlett	bartlett	PROPN
arjefm-93	287	38	kernel	kernel	PROPN
arjefm-93	287	39	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	287	40	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	288	1	american	american	PROPN
arjefm-93	288	2	research	research	PROPN
arjefm-93	288	3	journal	journal	PROPN
arjefm-93	288	4	of	of	ADP
arjefm-93	288	5	economics	economic	NOUN
arjefm-93	288	6	,	,	PUNCT
arjefm-93	288	7	finance	finance	NOUN
arjefm-93	288	8	and	and	CCONJ
arjefm-93	288	9	management	management	NOUN
arjefm-93	288	10	volume	volume	NOUN
arjefm-93	288	11	11	11	NUM
arjefm-93	288	12	issue	issue	NOUN
arjefm-93	288	13	4	4	NUM
arjefm-93	288	14	,	,	PUNCT
arjefm-93	288	15	october	october	PROPN
arjefm-93	288	16	-	-	PUNCT
arjefm-93	288	17	december	december	PROPN
arjefm-93	288	18	2023	2023	NUM
arjefm-93	288	19	issn	issn	NOUN
arjefm-93	288	20	:	:	PUNCT
arjefm-93	288	21	2836	2836	NUM
arjefm-93	288	22	-	-	SYM
arjefm-93	288	23	9416	9416	NUM
arjefm-93	288	24	impact	impact	NOUN
arjefm-93	288	25	factor	factor	NOUN
arjefm-93	288	26	:	:	PUNCT
arjefm-93	288	27	5.57	5.57	NUM
arjefm-93	288	28	journal	journal	NOUN
arjefm-93	288	29	homepage	homepage	NOUN
arjefm-93	288	30	:	:	PUNCT
arjefm-93	288	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	288	32	,	,	PUNCT
arjefm-93	288	33	email	email	NOUN
arjefm-93	288	34	:	:	PUNCT
arjefm-93	289	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	289	2	official	official	ADJ
arjefm-93	289	3	journal	journal	PROPN
arjefm-93	289	4	of	of	ADP
arjefm-93	289	5	america	america	PROPN
arjefm-93	289	6	serial	serial	PROPN
arjefm-93	289	7	publication	publication	NOUN
arjefm-93	289	8	american	american	PROPN
arjefm-93	289	9	research	research	PROPN
arjefm-93	289	10	journal	journal	PROPN
arjefm-93	289	11	of	of	ADP
arjefm-93	289	12	economics	economic	NOUN
arjefm-93	289	13	,	,	PUNCT
arjefm-93	289	14	finance	finance	NOUN
arjefm-93	289	15	and	and	CCONJ
arjefm-93	289	16	management	management	NOUN
arjefm-93	289	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	289	18	,	,	PUNCT
arjefm-93	289	19	email	email	NOUN
arjefm-93	289	20	:	:	PUNCT
arjefm-93	289	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	289	22	49	49	NUM
arjefm-93	290	1	|	|	ADV
arjefm-93	290	2	p	p	X
arjefm-93	290	3	a	a	DET
arjefm-93	290	4	g	g	NOUN
arjefm-93	290	5	e	e	PROPN
arjefm-93	290	6	k	k	PROPN
arjefm-93	290	7	if	if	SCONJ
arjefm-93	290	8	j	j	PROPN
arjefm-93	290	9	qn	qn	NOUN
arjefm-93	290	10	1	1	NUM
arjefm-93	290	11	,	,	PUNCT
arjefm-93	290	12	0	0	NUM
arjefm-93	290	13	otherwise	otherwise	ADV
arjefm-93	290	14	.	.	PUNCT
arjefm-93	291	1	these	these	DET
arjefm-93	291	2	estimates	estimate	NOUN
arjefm-93	291	3	are	be	AUX
arjefm-93	291	4	said	say	VERB
arjefm-93	291	5	to	to	PART
arjefm-93	291	6	be	be	AUX
arjefm-93	291	7	hac	hac	VERB
arjefm-93	291	8	as	as	SCONJ
arjefm-93	291	9	they	they	PRON
arjefm-93	291	10	incorporate	incorporate	VERB
arjefm-93	291	11	equation7	equation7	NOUN
arjefm-93	291	12	in	in	ADP
arjefm-93	291	13	computing	compute	VERB
arjefm-93	291	14	.	.	PUNCT
arjefm-93	292	1	the	the	DET
arjefm-93	292	2	newey	newey	PROPN
arjefm-93	292	3	–	–	PUNCT
arjefm-93	292	4	west	west	PROPN
arjefm-93	292	5	(	(	PUNCT
arjefm-93	292	6	bartlett	bartlett	PROPN
arjefm-93	292	7	kernel	kernel	PROPN
arjefm-93	292	8	function	function	PROPN
arjefm-93	292	9	)	)	PUNCT
arjefm-93	292	10	specification	specification	NOUN
arjefm-93	292	11	is	be	AUX
arjefm-93	292	12	only	only	ADV
arjefm-93	292	13	one	one	NUM
arjefm-93	292	14	of	of	ADP
arjefm-93	292	15	many	many	ADJ
arjefm-93	292	16	feasible	feasible	ADJ
arjefm-93	292	17	hac	hac	NOUN
arjefm-93	292	18	estimators	estimator	NOUN
arjefm-93	292	19	of	of	ADP
arjefm-93	292	20	the	the	DET
arjefm-93	292	21	covariance	covariance	NOUN
arjefm-93	292	22	matrix	matrix	NOUN
arjefm-93	292	23	.	.	PUNCT
arjefm-93	293	1	andrews	andrews	PROPN
arjefm-93	293	2	(	(	PUNCT
arjefm-93	293	3	1991	1991	NUM
arjefm-93	293	4	)	)	PUNCT
arjefm-93	293	5	shows	show	VERB
arjefm-93	293	6	that	that	SCONJ
arjefm-93	293	7	in	in	ADP
arjefm-93	293	8	the	the	DET
arjefm-93	293	9	class	class	NOUN
arjefm-93	293	10	of	of	ADP
arjefm-93	293	11	positive	positive	ADJ
arjefm-93	293	12	semi	semi	ADJ
arjefm-93	293	13	-	-	ADJ
arjefm-93	293	14	definite	definite	ADJ
arjefm-93	293	15	kernels	kernel	NOUN
arjefm-93	293	16	the	the	DET
arjefm-93	293	17	rate	rate	NOUN
arjefm-93	293	18	of	of	ADP
arjefm-93	293	19	convergence	convergence	NOUN
arjefm-93	293	20	of	of	ADP
arjefm-93	293	21	sˆ	sˆ	NOUN
arjefm-93	293	22	s	s	PROPN
arjefm-93	293	23	depends	depend	VERB
arjefm-93	293	24	on	on	ADP
arjefm-93	293	25	the	the	DET
arjefm-93	293	26	choice	choice	NOUN
arjefm-93	293	27	of	of	ADP
arjefm-93	293	28	kernel	kernel	NOUN
arjefm-93	293	29	and	and	CCONJ
arjefm-93	293	30	bandwidth	bandwidth	NOUN
arjefm-93	293	31	.	.	PUNCT
arjefm-93	294	1	the	the	DET
arjefm-93	294	2	bartlett	bartlett	PROPN
arjefm-93	294	3	kernel	kernel	PROPN
arjefm-93	294	4	’s	’s	PART
arjefm-93	294	5	performance	performance	NOUN
arjefm-93	294	6	is	be	AUX
arjefm-93	294	7	improved	improve	VERB
arjefm-93	294	8	by	by	ADP
arjefm-93	294	9	those	those	PRON
arjefm-93	294	10	in	in	ADP
arjefm-93	294	11	a	a	DET
arjefm-93	294	12	subset	subset	NOUN
arjefm-93	294	13	of	of	ADP
arjefm-93	294	14	this	this	DET
arjefm-93	294	15	class	class	NOUN
arjefm-93	294	16	including	include	VERB
arjefm-93	294	17	the	the	DET
arjefm-93	294	18	quadratic	quadratic	ADJ
arjefm-93	294	19	spectral	spectral	ADJ
arjefm-93	294	20	(	(	PUNCT
arjefm-93	294	21	qs	qs	NOUN
arjefm-93	294	22	)	)	PUNCT
arjefm-93	294	23	kernel	kernel	NOUN
arjefm-93	294	24	.	.	PUNCT
arjefm-93	295	1	most	most	ADJ
arjefm-93	295	2	(	(	PUNCT
arjefm-93	295	3	but	but	CCONJ
arjefm-93	295	4	not	not	PART
arjefm-93	295	5	all	all	PRON
arjefm-93	295	6	)	)	PUNCT
arjefm-93	295	7	of	of	ADP
arjefm-93	295	8	these	these	DET
arjefm-93	295	9	kernels	kernel	NOUN
arjefm-93	295	10	guarantee	guarantee	VERB
arjefm-93	295	11	that	that	SCONJ
arjefm-93	295	12	the	the	DET
arjefm-93	295	13	estimatedsˆ	estimatedsˆ	NOUN
arjefm-93	295	14	is	be	AUX
arjefm-93	295	15	positive	positive	ADJ
arjefm-93	295	16	,	,	PUNCT
arjefm-93	295	17	definite	definite	ADJ
arjefm-93	295	18	and	and	CCONJ
arjefm-93	295	19	therefore	therefore	ADV
arjefm-93	295	20	always	always	ADV
arjefm-93	295	21	invertible	invertible	ADJ
arjefm-93	295	22	(	(	PUNCT
arjefm-93	295	23	hall	hall	NOUN
arjefm-93	295	24	,	,	PUNCT
arjefm-93	295	25	2005	2005	NUM
arjefm-93	295	26	)	)	PUNCT
arjefm-93	295	27	.	.	PUNCT
arjefm-93	296	1	under	under	ADP
arjefm-93	296	2	conditional	conditional	ADJ
arjefm-93	296	3	homoskedasticity	homoskedasticity	NOUN
arjefm-93	296	4	the	the	DET
arjefm-93	296	5	expression	expression	NOUN
arjefm-93	296	6	for	for	ADP
arjefm-93	296	7	the	the	DET
arjefm-93	296	8	autocovariance	autocovariance	NOUN
arjefm-93	296	9	matrix	matrix	NOUN
arjefm-93	296	10	simplifies	simplifie	NOUN
arjefm-93	296	11	:	:	PUNCT
arjefm-93	296	12	j	j	PROPN
arjefm-93	296	13	utut	utut	PROPN
arjefm-93	296	14	j	j	PROPN
arjefm-93	296	15	tzt	tzt	PROPN
arjefm-93	296	16	j	j	PROPN
arjefm-93	296	17	utut	utut	PROPN
arjefm-93	296	18	j	j	PROPN
arjefm-93	296	19	tzt	tzt	PROPN
arjefm-93	296	20	j	j	PROPN
arjefm-93	296	21	(	(	PUNCT
arjefm-93	296	22	11	11	NUM
arjefm-93	296	23	)	)	PUNCT
arjefm-93	296	24	and	and	CCONJ
arjefm-93	296	25	the	the	DET
arjefm-93	296	26	calculations	calculation	NOUN
arjefm-93	296	27	of	of	ADP
arjefm-93	296	28	the	the	DET
arjefm-93	296	29	corresponding	corresponding	ADJ
arjefm-93	296	30	kernel	kernel	NOUN
arjefm-93	296	31	estimators	estimator	NOUN
arjefm-93	296	32	also	also	ADV
arjefm-93	296	33	simplify	simplify	VERB
arjefm-93	296	34	(	(	PUNCT
arjefm-93	296	35	hayashi	hayashi	PROPN
arjefm-93	296	36	,	,	PUNCT
arjefm-93	296	37	2000	2000	NUM
arjefm-93	296	38	)	)	PUNCT
arjefm-93	296	39	.	.	PUNCT
arjefm-93	297	1	these	these	DET
arjefm-93	297	2	estimators	estimator	NOUN
arjefm-93	297	3	may	may	AUX
arjefm-93	297	4	perform	perform	VERB
arjefm-93	297	5	better	well	ADJ
arjefm-93	297	6	than	than	ADP
arjefm-93	297	7	their	their	PRON
arjefm-93	297	8	heteroskedastic	heteroskedastic	ADJ
arjefm-93	297	9	/	/	SYM
arjefm-93	297	10	robust	robust	ADJ
arjefm-93	297	11	counterparts	counterpart	NOUN
arjefm-93	297	12	in	in	ADP
arjefm-93	297	13	finite	finite	ADJ
arjefm-93	297	14	samples	sample	NOUN
arjefm-93	297	15	.	.	PUNCT
arjefm-93	298	1	6	6	X
arjefm-93	298	2	.	.	X
arjefm-93	298	3	cross	cross	ADJ
arjefm-93	298	4	-	-	ADJ
arjefm-93	298	5	country	country	ADJ
arjefm-93	298	6	estimation	estimation	NOUN
arjefm-93	298	7	results	result	VERB
arjefm-93	298	8	6.1impact	6.1impact	NUM
arjefm-93	298	9	of	of	ADP
arjefm-93	298	10	basel	basel	PROPN
arjefm-93	298	11	iii	iii	PROPN
arjefm-93	298	12	on	on	ADP
arjefm-93	298	13	banking	banking	NOUN
arjefm-93	298	14	performance	performance	NOUN
arjefm-93	298	15	table	table	NOUN
arjefm-93	298	16	4	4	NUM
arjefm-93	298	17	reports	report	VERB
arjefm-93	298	18	the	the	DET
arjefm-93	298	19	results	result	NOUN
arjefm-93	298	20	of	of	ADP
arjefm-93	298	21	estimating	estimate	VERB
arjefm-93	298	22	equation	equation	NOUN
arjefm-93	298	23	(	(	PUNCT
arjefm-93	298	24	3	3	NUM
arjefm-93	298	25	)	)	PUNCT
arjefm-93	298	26	as	as	ADP
arjefm-93	298	27	the	the	DET
arjefm-93	298	28	first	first	ADJ
arjefm-93	298	29	stage	stage	NOUN
arjefm-93	298	30	in	in	ADP
arjefm-93	298	31	the	the	DET
arjefm-93	298	32	gmm	gmm	NOUN
arjefm-93	298	33	procedure	procedure	NOUN
arjefm-93	298	34	on	on	ADP
arjefm-93	298	35	a	a	DET
arjefm-93	298	36	country	country	NOUN
arjefm-93	298	37	by	by	ADP
arjefm-93	298	38	country	country	NOUN
arjefm-93	298	39	basis	basis	NOUN
arjefm-93	298	40	for	for	ADP
arjefm-93	298	41	the	the	DET
arjefm-93	298	42	two	two	NUM
arjefm-93	298	43	groupings	grouping	NOUN
arjefm-93	298	44	of	of	ADP
arjefm-93	298	45	banks	bank	NOUN
arjefm-93	298	46	.	.	PUNCT
arjefm-93	299	1	due	due	ADP
arjefm-93	299	2	to	to	ADP
arjefm-93	299	3	the	the	DET
arjefm-93	299	4	availability	availability	NOUN
arjefm-93	299	5	of	of	ADP
arjefm-93	299	6	data	datum	NOUN
arjefm-93	299	7	for	for	ADP
arjefm-93	299	8	countries	country	NOUN
arjefm-93	299	9	that	that	PRON
arjefm-93	299	10	experienced	experience	VERB
arjefm-93	299	11	a	a	DET
arjefm-93	299	12	financial	financial	ADJ
arjefm-93	299	13	crisis	crisis	NOUN
arjefm-93	299	14	between	between	ADP
arjefm-93	299	15	2007	2007	NUM
arjefm-93	299	16	and	and	CCONJ
arjefm-93	299	17	2010	2010	NUM
arjefm-93	299	18	,	,	PUNCT
arjefm-93	299	19	results	result	NOUN
arjefm-93	299	20	are	be	AUX
arjefm-93	299	21	reported	report	VERB
arjefm-93	299	22	for	for	ADP
arjefm-93	299	23	germany	germany	PROPN
arjefm-93	299	24	,	,	PUNCT
arjefm-93	299	25	the	the	DET
arjefm-93	299	26	united	united	PROPN
arjefm-93	299	27	kingdom	kingdom	PROPN
arjefm-93	299	28	,	,	PUNCT
arjefm-93	299	29	greece	greece	PROPN
arjefm-93	299	30	and	and	CCONJ
arjefm-93	299	31	sweden	sweden	PROPN
arjefm-93	299	32	.	.	PUNCT
arjefm-93	300	1	on	on	ADP
arjefm-93	300	2	the	the	DET
arjefm-93	300	3	other	other	ADJ
arjefm-93	300	4	hand	hand	NOUN
arjefm-93	300	5	,	,	PUNCT
arjefm-93	300	6	france	france	PROPN
arjefm-93	300	7	,	,	PUNCT
arjefm-93	300	8	netherlands	netherlands	PROPN
arjefm-93	300	9	and	and	CCONJ
arjefm-93	300	10	austria	austria	PROPN
arjefm-93	300	11	were	be	AUX
arjefm-93	300	12	excluded	exclude	VERB
arjefm-93	300	13	because	because	SCONJ
arjefm-93	300	14	of	of	ADP
arjefm-93	300	15	insufficient	insufficient	ADJ
arjefm-93	300	16	data	datum	NOUN
arjefm-93	300	17	.	.	PUNCT
arjefm-93	301	1	for	for	ADP
arjefm-93	301	2	the	the	DET
arjefm-93	301	3	second	second	ADJ
arjefm-93	301	4	grouping	grouping	NOUN
arjefm-93	301	5	of	of	ADP
arjefm-93	301	6	banks	bank	NOUN
arjefm-93	301	7	in	in	ADP
arjefm-93	301	8	countries	country	NOUN
arjefm-93	301	9	which	which	PRON
arjefm-93	301	10	did	do	AUX
arjefm-93	301	11	not	not	PART
arjefm-93	301	12	experience	experience	VERB
arjefm-93	301	13	a	a	DET
arjefm-93	301	14	crisis	crisis	NOUN
arjefm-93	301	15	,	,	PUNCT
arjefm-93	301	16	results	result	NOUN
arjefm-93	301	17	are	be	AUX
arjefm-93	301	18	reported	report	VERB
arjefm-93	301	19	for	for	ADP
arjefm-93	301	20	czech	czech	PROPN
arjefm-93	301	21	republic	republic	NOUN
arjefm-93	301	22	,	,	PUNCT
arjefm-93	301	23	denmark	denmark	NOUN
arjefm-93	301	24	and	and	CCONJ
arjefm-93	301	25	ireland	ireland	NOUN
arjefm-93	301	26	.	.	PUNCT
arjefm-93	302	1	even	even	ADV
arjefm-93	302	2	though	though	SCONJ
arjefm-93	302	3	the	the	DET
arjefm-93	302	4	change	change	NOUN
arjefm-93	302	5	in	in	ADP
arjefm-93	302	6	the	the	DET
arjefm-93	302	7	equity	equity	NOUN
arjefm-93	302	8	-	-	PUNCT
arjefm-93	302	9	to	to	ADP
arjefm-93	302	10	-	-	PUNCT
arjefm-93	302	11	asset	asset	NOUN
arjefm-93	302	12	ratio	ratio	NOUN
arjefm-93	302	13	has	have	VERB
arjefm-93	302	14	the	the	DET
arjefm-93	302	15	predicted	predict	VERB
arjefm-93	302	16	sign	sign	NOUN
arjefm-93	302	17	α1<0	α1<0	PROPN
arjefm-93	302	18	for	for	ADP
arjefm-93	302	19	the	the	DET
arjefm-93	302	20	u.	u.	PROPN
arjefm-93	302	21	k.	k.	PROPN
arjefm-93	302	22	,	,	PUNCT
arjefm-93	302	23	greece	greece	PROPN
arjefm-93	302	24	,	,	PUNCT
arjefm-93	302	25	denmark	denmark	NOUN
arjefm-93	302	26	and	and	CCONJ
arjefm-93	302	27	ireland	ireland	PROPN
arjefm-93	302	28	,	,	PUNCT
arjefm-93	302	29	it	it	PRON
arjefm-93	302	30	is	be	AUX
arjefm-93	302	31	statistically	statistically	ADV
arjefm-93	302	32	significant	significant	ADJ
arjefm-93	302	33	for	for	ADP
arjefm-93	302	34	only	only	ADV
arjefm-93	302	35	two	two	NUM
arjefm-93	302	36	countries	country	NOUN
arjefm-93	302	37	(	(	PUNCT
arjefm-93	302	38	the	the	DET
arjefm-93	302	39	u.k	u.k	PROPN
arjefm-93	302	40	.	.	PROPN
arjefm-93	302	41	and	and	CCONJ
arjefm-93	302	42	denmark	denmark	PROPN
arjefm-93	302	43	)	)	PUNCT
arjefm-93	302	44	.	.	PUNCT
arjefm-93	303	1	the	the	DET
arjefm-93	303	2	estimated	estimate	VERB
arjefm-93	303	3	coefficients	coefficient	NOUN
arjefm-93	303	4	on	on	ADP
arjefm-93	303	5	this	this	DET
arjefm-93	303	6	variable	variable	NOUN
arjefm-93	303	7	for	for	ADP
arjefm-93	303	8	the	the	DET
arjefm-93	303	9	other	other	ADJ
arjefm-93	303	10	countries	country	NOUN
arjefm-93	303	11	have	have	VERB
arjefm-93	303	12	the	the	DET
arjefm-93	303	13	wrong	wrong	ADJ
arjefm-93	303	14	sign	sign	NOUN
arjefm-93	303	15	and	and	CCONJ
arjefm-93	303	16	are	be	AUX
arjefm-93	303	17	statistically	statistically	ADV
arjefm-93	303	18	insignificant	insignificant	ADJ
arjefm-93	303	19	except	except	SCONJ
arjefm-93	303	20	for	for	ADP
arjefm-93	303	21	sweden	sweden	PROPN
arjefm-93	303	22	.	.	PUNCT
arjefm-93	304	1	the	the	DET
arjefm-93	304	2	interaction	interaction	NOUN
arjefm-93	304	3	term	term	NOUN
arjefm-93	304	4	α2>0	α2>0	NOUN
arjefm-93	304	5	has	have	VERB
arjefm-93	304	6	the	the	DET
arjefm-93	304	7	correct	correct	ADJ
arjefm-93	304	8	sign	sign	NOUN
arjefm-93	304	9	for	for	ADP
arjefm-93	304	10	the	the	DET
arjefm-93	304	11	u.k	u.k	PROPN
arjefm-93	304	12	.	.	PROPN
arjefm-93	304	13	,	,	PUNCT
arjefm-93	304	14	greece	greece	PROPN
arjefm-93	304	15	,	,	PUNCT
arjefm-93	304	16	denmark	denmark	NOUN
arjefm-93	304	17	,	,	PUNCT
arjefm-93	304	18	and	and	CCONJ
arjefm-93	304	19	ireland	ireland	NOUN
arjefm-93	304	20	;	;	PUNCT
arjefm-93	304	21	however	however	ADV
arjefm-93	304	22	only	only	ADV
arjefm-93	304	23	the	the	DET
arjefm-93	304	24	u.k	u.k	PROPN
arjefm-93	304	25	.	.	PROPN
arjefm-93	304	26	,	,	PUNCT
arjefm-93	304	27	denmark	denmark	PROPN
arjefm-93	304	28	and	and	CCONJ
arjefm-93	304	29	ireland	ireland	NOUN
arjefm-93	304	30	are	be	AUX
arjefm-93	304	31	statistically	statistically	ADV
arjefm-93	304	32	significant	significant	ADJ
arjefm-93	304	33	.	.	PUNCT
arjefm-93	305	1	the	the	DET
arjefm-93	305	2	other	other	ADJ
arjefm-93	305	3	countries	country	NOUN
arjefm-93	305	4	have	have	VERB
arjefm-93	305	5	the	the	DET
arjefm-93	305	6	wrong	wrong	ADJ
arjefm-93	305	7	sign	sign	NOUN
arjefm-93	305	8	with	with	ADP
arjefm-93	305	9	germany	germany	PROPN
arjefm-93	305	10	and	and	CCONJ
arjefm-93	305	11	sweden	sweden	PROPN
arjefm-93	305	12	being	be	AUX
arjefm-93	305	13	statistically	statistically	ADV
arjefm-93	305	14	significant	significant	ADJ
arjefm-93	305	15	.	.	PUNCT
arjefm-93	306	1	the	the	DET
arjefm-93	306	2	results	result	NOUN
arjefm-93	306	3	for	for	ADP
arjefm-93	306	4	the	the	DET
arjefm-93	306	5	interest	interest	NOUN
arjefm-93	306	6	expense	expense	NOUN
arjefm-93	306	7	-	-	PUNCT
arjefm-93	306	8	toasset	toasset	NOUN
arjefm-93	306	9	ratio	ratio	NOUN
arjefm-93	306	10	are	be	AUX
arjefm-93	306	11	more	more	ADV
arjefm-93	306	12	consistent	consistent	ADJ
arjefm-93	306	13	with	with	ADP
arjefm-93	306	14	the	the	DET
arjefm-93	306	15	theory	theory	NOUN
arjefm-93	306	16	.	.	PUNCT
arjefm-93	307	1	all	all	DET
arjefm-93	307	2	the	the	DET
arjefm-93	307	3	countries	country	NOUN
arjefm-93	307	4	that	that	PRON
arjefm-93	307	5	experienced	experience	VERB
arjefm-93	307	6	a	a	DET
arjefm-93	307	7	crisis	crisis	NOUN
arjefm-93	307	8	have	have	VERB
arjefm-93	307	9	the	the	DET
arjefm-93	307	10	correct	correct	ADJ
arjefm-93	307	11	signs	sign	NOUN
arjefm-93	307	12	α3<0	α3<0	NOUN
arjefm-93	307	13	and	and	CCONJ
arjefm-93	307	14	α4>0	α4>0	NOUN
arjefm-93	307	15	which	which	PRON
arjefm-93	307	16	are	be	AUX
arjefm-93	307	17	all	all	PRON
arjefm-93	307	18	statistically	statistically	ADV
arjefm-93	307	19	significant	significant	ADJ
arjefm-93	307	20	except	except	SCONJ
arjefm-93	307	21	greece	greece	PROPN
arjefm-93	307	22	.	.	PUNCT
arjefm-93	308	1	among	among	ADP
arjefm-93	308	2	the	the	DET
arjefm-93	308	3	counties	county	NOUN
arjefm-93	308	4	that	that	PRON
arjefm-93	308	5	did	do	AUX
arjefm-93	308	6	not	not	PART
arjefm-93	308	7	experience	experience	VERB
arjefm-93	308	8	a	a	DET
arjefm-93	308	9	crisis	crisis	NOUN
arjefm-93	308	10	,	,	PUNCT
arjefm-93	308	11	denmark	denmark	NOUN
arjefm-93	308	12	,	,	PUNCT
arjefm-93	308	13	czech	czech	PROPN
arjefm-93	308	14	republic	republic	NOUN
arjefm-93	308	15	,	,	PUNCT
arjefm-93	308	16	and	and	CCONJ
arjefm-93	308	17	ireland	ireland	NOUN
arjefm-93	308	18	had	have	AUX
arjefm-93	308	19	correctly	correctly	ADV
arjefm-93	308	20	signed	sign	VERB
arjefm-93	308	21	and	and	CCONJ
arjefm-93	308	22	significant	significant	ADJ
arjefm-93	308	23	coefficients	coefficient	NOUN
arjefm-93	308	24	.	.	PUNCT
arjefm-93	309	1	furthermore	furthermore	ADV
arjefm-93	309	2	,	,	PUNCT
arjefm-93	309	3	the	the	DET
arjefm-93	309	4	non	non	ADJ
arjefm-93	309	5	-	-	ADJ
arjefm-93	309	6	interest	interest	ADJ
arjefm-93	309	7	expense	expense	NOUN
arjefm-93	309	8	ratio	ratio	NOUN
arjefm-93	309	9	has	have	VERB
arjefm-93	309	10	statistically	statistically	ADV
arjefm-93	309	11	significant	significant	ADJ
arjefm-93	309	12	and	and	CCONJ
arjefm-93	309	13	correct	correct	ADJ
arjefm-93	309	14	signs	sign	NOUN
arjefm-93	309	15	α5<0	α5<0	NOUN
arjefm-93	309	16	and	and	CCONJ
arjefm-93	309	17	α6>0	α6>0	NOUN
arjefm-93	309	18	for	for	ADP
arjefm-93	309	19	the	the	DET
arjefm-93	309	20	u.k	u.k	PROPN
arjefm-93	309	21	.	.	PROPN
arjefm-93	309	22	,	,	PUNCT
arjefm-93	309	23	greece	greece	PROPN
arjefm-93	309	24	,	,	PUNCT
arjefm-93	309	25	sweden	sweden	PROPN
arjefm-93	309	26	,	,	PUNCT
arjefm-93	309	27	and	and	CCONJ
arjefm-93	309	28	denmark	denmark	NOUN
arjefm-93	309	29	.	.	PUNCT
arjefm-93	310	1	nonperforming	nonperforme	VERB
arjefm-93	310	2	loans	loan	NOUN
arjefm-93	310	3	have	have	VERB
arjefm-93	310	4	significant	significant	ADJ
arjefm-93	310	5	and	and	CCONJ
arjefm-93	310	6	correct	correct	ADJ
arjefm-93	310	7	signs	sign	NOUN
arjefm-93	310	8	for	for	ADP
arjefm-93	310	9	none	none	NOUN
arjefm-93	310	10	of	of	ADP
arjefm-93	310	11	the	the	DET
arjefm-93	310	12	countries	country	NOUN
arjefm-93	310	13	.	.	PUNCT
arjefm-93	311	1	the	the	DET
arjefm-93	311	2	logarithm	logarithm	NOUN
arjefm-93	311	3	of	of	ADP
arjefm-93	311	4	total	total	ADJ
arjefm-93	311	5	assets	asset	NOUN
arjefm-93	311	6	is	be	AUX
arjefm-93	311	7	only	only	ADV
arjefm-93	311	8	significant	significant	ADJ
arjefm-93	311	9	at	at	ADP
arjefm-93	311	10	the	the	DET
arjefm-93	311	11	one	one	NUM
arjefm-93	311	12	percent	percent	NOUN
arjefm-93	311	13	level	level	NOUN
arjefm-93	311	14	for	for	ADP
arjefm-93	311	15	the	the	DET
arjefm-93	311	16	u.k	u.k	PROPN
arjefm-93	311	17	.	.	PUNCT
arjefm-93	312	1	the	the	DET
arjefm-93	312	2	coefficient	coefficient	NOUN
arjefm-93	312	3	on	on	ADP
arjefm-93	312	4	the	the	DET
arjefm-93	312	5	logarithm	logarithm	NOUN
arjefm-93	312	6	of	of	ADP
arjefm-93	312	7	assets	asset	NOUN
arjefm-93	312	8	is	be	AUX
arjefm-93	312	9	negative	negative	ADJ
arjefm-93	312	10	for	for	ADP
arjefm-93	312	11	most	most	ADJ
arjefm-93	312	12	of	of	ADP
arjefm-93	312	13	the	the	DET
arjefm-93	312	14	countries	country	NOUN
arjefm-93	312	15	implying	imply	VERB
arjefm-93	312	16	that	that	SCONJ
arjefm-93	312	17	larger	large	ADJ
arjefm-93	312	18	banks	bank	NOUN
arjefm-93	312	19	have	have	VERB
arjefm-93	312	20	smaller	small	ADJ
arjefm-93	312	21	equity	equity	NOUN
arjefm-93	312	22	-	-	PUNCT
arjefm-93	312	23	to	to	ADP
arjefm-93	312	24	-	-	PUNCT
arjefm-93	312	25	asset	asset	NOUN
arjefm-93	312	26	ratios	ratio	NOUN
arjefm-93	312	27	.	.	PUNCT
arjefm-93	313	1	overall	overall	ADV
arjefm-93	313	2	,	,	PUNCT
arjefm-93	313	3	the	the	DET
arjefm-93	313	4	results	result	NOUN
arjefm-93	313	5	are	be	AUX
arjefm-93	313	6	consistent	consistent	ADJ
arjefm-93	313	7	with	with	ADP
arjefm-93	313	8	equation	equation	NOUN
arjefm-93	313	9	(	(	PUNCT
arjefm-93	313	10	3	3	NUM
arjefm-93	313	11	)	)	PUNCT
arjefm-93	313	12	.	.	PUNCT
arjefm-93	314	1	the	the	DET
arjefm-93	314	2	estimates	estimate	NOUN
arjefm-93	314	3	for	for	ADP
arjefm-93	314	4	equation	equation	NOUN
arjefm-93	314	5	(	(	PUNCT
arjefm-93	314	6	5	5	NUM
arjefm-93	314	7	)	)	PUNCT
arjefm-93	314	8	for	for	ADP
arjefm-93	314	9	the	the	DET
arjefm-93	314	10	two	two	NUM
arjefm-93	314	11	country	country	NOUN
arjefm-93	314	12	groupings	grouping	NOUN
arjefm-93	314	13	are	be	AUX
arjefm-93	314	14	provided	provide	VERB
arjefm-93	314	15	in	in	ADP
arjefm-93	314	16	table	table	NOUN
arjefm-93	314	17	5	5	NUM
arjefm-93	314	18	.	.	PUNCT
arjefm-93	314	19	equity	equity	NOUN
arjefm-93	314	20	and	and	CCONJ
arjefm-93	314	21	interest	interest	NOUN
arjefm-93	314	22	expense	expense	NOUN
arjefm-93	314	23	ratios	ratio	NOUN
arjefm-93	314	24	have	have	VERB
arjefm-93	314	25	the	the	DET
arjefm-93	314	26	predicted	predict	VERB
arjefm-93	314	27	signs	sign	NOUN
arjefm-93	314	28	and	and	CCONJ
arjefm-93	314	29	are	be	AUX
arjefm-93	314	30	statistically	statistically	ADV
arjefm-93	314	31	significant	significant	ADJ
arjefm-93	314	32	at	at	ADP
arjefm-93	314	33	the	the	DET
arjefm-93	314	34	five	five	NUM
arjefm-93	314	35	percent	percent	NOUN
arjefm-93	314	36	level	level	NOUN
arjefm-93	314	37	.	.	PUNCT
arjefm-93	315	1	the	the	DET
arjefm-93	315	2	non	non	ADJ
arjefm-93	315	3	-	-	ADJ
arjefm-93	315	4	interest	interest	ADJ
arjefm-93	315	5	expense	expense	NOUN
arjefm-93	315	6	-	-	PUNCT
arjefm-93	315	7	to	to	ADP
arjefm-93	315	8	-	-	PUNCT
arjefm-93	315	9	asset	asset	NOUN
arjefm-93	315	10	ratio	ratio	NOUN
arjefm-93	315	11	has	have	VERB
arjefm-93	315	12	the	the	DET
arjefm-93	315	13	correct	correct	ADJ
arjefm-93	315	14	positive	positive	ADJ
arjefm-93	315	15	effect	effect	NOUN
arjefm-93	315	16	on	on	ADP
arjefm-93	315	17	the	the	DET
arjefm-93	315	18	loan	loan	NOUN
arjefm-93	315	19	income	income	NOUN
arjefm-93	315	20	of	of	ADP
arjefm-93	315	21	the	the	DET
arjefm-93	315	22	banks	bank	NOUN
arjefm-93	315	23	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	315	24	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	316	1	american	american	PROPN
arjefm-93	316	2	research	research	PROPN
arjefm-93	316	3	journal	journal	PROPN
arjefm-93	316	4	of	of	ADP
arjefm-93	316	5	economics	economic	NOUN
arjefm-93	316	6	,	,	PUNCT
arjefm-93	316	7	finance	finance	NOUN
arjefm-93	316	8	and	and	CCONJ
arjefm-93	316	9	management	management	NOUN
arjefm-93	316	10	volume	volume	NOUN
arjefm-93	316	11	11	11	NUM
arjefm-93	316	12	issue	issue	NOUN
arjefm-93	316	13	4	4	NUM
arjefm-93	316	14	,	,	PUNCT
arjefm-93	316	15	october	october	PROPN
arjefm-93	316	16	-	-	PUNCT
arjefm-93	316	17	december	december	PROPN
arjefm-93	316	18	2023	2023	NUM
arjefm-93	316	19	issn	issn	NOUN
arjefm-93	316	20	:	:	PUNCT
arjefm-93	316	21	2836	2836	NUM
arjefm-93	316	22	-	-	SYM
arjefm-93	316	23	9416	9416	NUM
arjefm-93	316	24	impact	impact	NOUN
arjefm-93	316	25	factor	factor	NOUN
arjefm-93	316	26	:	:	PUNCT
arjefm-93	316	27	5.57	5.57	NUM
arjefm-93	316	28	journal	journal	NOUN
arjefm-93	316	29	homepage	homepage	NOUN
arjefm-93	316	30	:	:	PUNCT
arjefm-93	316	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	316	32	,	,	PUNCT
arjefm-93	316	33	email	email	NOUN
arjefm-93	316	34	:	:	PUNCT
arjefm-93	317	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	317	2	official	official	ADJ
arjefm-93	317	3	journal	journal	PROPN
arjefm-93	317	4	of	of	ADP
arjefm-93	317	5	america	america	PROPN
arjefm-93	317	6	serial	serial	PROPN
arjefm-93	317	7	publication	publication	NOUN
arjefm-93	317	8	american	american	PROPN
arjefm-93	317	9	research	research	PROPN
arjefm-93	317	10	journal	journal	PROPN
arjefm-93	317	11	of	of	ADP
arjefm-93	317	12	economics	economic	NOUN
arjefm-93	317	13	,	,	PUNCT
arjefm-93	317	14	finance	finance	NOUN
arjefm-93	317	15	and	and	CCONJ
arjefm-93	317	16	management	management	NOUN
arjefm-93	317	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	317	18	,	,	PUNCT
arjefm-93	317	19	email	email	NOUN
arjefm-93	317	20	:	:	PUNCT
arjefm-93	317	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	318	1	50	50	NUM
arjefm-93	319	1	|	|	ADV
arjefm-93	319	2	p	p	NOUN
arjefm-93	319	3	a	a	DET
arjefm-93	319	4	g	g	NOUN
arjefm-93	319	5	e	e	NOUN
arjefm-93	319	6	for	for	ADP
arjefm-93	319	7	all	all	DET
arjefm-93	319	8	countries	country	NOUN
arjefm-93	319	9	.	.	PUNCT
arjefm-93	320	1	they	they	PRON
arjefm-93	320	2	are	be	AUX
arjefm-93	320	3	statistically	statistically	ADV
arjefm-93	320	4	significant	significant	ADJ
arjefm-93	320	5	except	except	SCONJ
arjefm-93	320	6	for	for	ADP
arjefm-93	320	7	denmark	denmark	NOUN
arjefm-93	320	8	and	and	CCONJ
arjefm-93	320	9	ireland	ireland	NOUN
arjefm-93	320	10	.	.	PUNCT
arjefm-93	321	1	the	the	DET
arjefm-93	321	2	results	result	NOUN
arjefm-93	321	3	for	for	ADP
arjefm-93	321	4	nonperforming	nonperforme	VERB
arjefm-93	321	5	loans	loan	NOUN
arjefm-93	321	6	-	-	PUNCT
arjefm-93	321	7	to	to	ADP
arjefm-93	321	8	-	-	PUNCT
arjefm-93	321	9	assets	asset	NOUN
arjefm-93	321	10	are	be	AUX
arjefm-93	321	11	insignificant	insignificant	ADJ
arjefm-93	321	12	for	for	ADP
arjefm-93	321	13	most	most	ADJ
arjefm-93	321	14	of	of	ADP
arjefm-93	321	15	the	the	DET
arjefm-93	321	16	countries	country	NOUN
arjefm-93	321	17	.	.	PUNCT
arjefm-93	322	1	furthermore	furthermore	ADV
arjefm-93	322	2	,	,	PUNCT
arjefm-93	322	3	table	table	NOUN
arjefm-93	322	4	6	6	NUM
arjefm-93	322	5	reports	report	VERB
arjefm-93	322	6	the	the	DET
arjefm-93	322	7	results	result	NOUN
arjefm-93	322	8	of	of	ADP
arjefm-93	322	9	estimating	estimate	VERB
arjefm-93	322	10	the	the	DET
arjefm-93	322	11	long	long	ADJ
arjefm-93	322	12	run	run	NOUN
arjefm-93	322	13	loan	loan	NOUN
arjefm-93	322	14	demand	demand	NOUN
arjefm-93	322	15	equation	equation	NOUN
arjefm-93	322	16	(	(	PUNCT
arjefm-93	322	17	6	6	NUM
arjefm-93	322	18	)	)	PUNCT
arjefm-93	322	19	for	for	ADP
arjefm-93	322	20	the	the	DET
arjefm-93	322	21	country	country	NOUN
arjefm-93	322	22	-	-	PUNCT
arjefm-93	322	23	by	by	ADP
arjefm-93	322	24	-	-	PUNCT
arjefm-93	322	25	country	country	NOUN
arjefm-93	322	26	estimations	estimation	NOUN
arjefm-93	322	27	.	.	PUNCT
arjefm-93	323	1	for	for	ADP
arjefm-93	323	2	most	most	ADJ
arjefm-93	323	3	of	of	ADP
arjefm-93	323	4	the	the	DET
arjefm-93	323	5	countries	country	NOUN
arjefm-93	323	6	the	the	DET
arjefm-93	323	7	loan	loan	NOUN
arjefm-93	323	8	rate	rate	NOUN
arjefm-93	323	9	has	have	VERB
arjefm-93	323	10	the	the	DET
arjefm-93	323	11	expected	expect	VERB
arjefm-93	323	12	negative	negative	ADJ
arjefm-93	323	13	impact	impact	NOUN
arjefm-93	323	14	on	on	ADP
arjefm-93	323	15	the	the	DET
arjefm-93	323	16	loans	loan	NOUN
arjefm-93	323	17	issued	issue	VERB
arjefm-93	323	18	by	by	ADP
arjefm-93	323	19	the	the	DET
arjefm-93	323	20	bank	bank	NOUN
arjefm-93	323	21	.	.	PUNCT
arjefm-93	324	1	given	give	VERB
arjefm-93	324	2	the	the	DET
arjefm-93	324	3	mean	mean	ADJ
arjefm-93	324	4	predicted	predict	VERB
arjefm-93	324	5	loan	loan	NOUN
arjefm-93	324	6	rate	rate	NOUN
arjefm-93	324	7	and	and	CCONJ
arjefm-93	324	8	loans	loan	NOUN
arjefm-93	324	9	for	for	ADP
arjefm-93	324	10	the	the	DET
arjefm-93	324	11	banks	bank	NOUN
arjefm-93	324	12	in	in	ADP
arjefm-93	324	13	each	each	DET
arjefm-93	324	14	respective	respective	ADJ
arjefm-93	324	15	country	country	NOUN
arjefm-93	324	16	,	,	PUNCT
arjefm-93	324	17	the	the	DET
arjefm-93	324	18	elasticity	elasticity	NOUN
arjefm-93	324	19	of	of	ADP
arjefm-93	324	20	loan	loan	NOUN
arjefm-93	324	21	demand	demand	NOUN
arjefm-93	324	22	with	with	ADP
arjefm-93	324	23	respect	respect	NOUN
arjefm-93	324	24	to	to	ADP
arjefm-93	324	25	the	the	DET
arjefm-93	324	26	predicted	predict	VERB
arjefm-93	324	27	loan	loan	NOUN
arjefm-93	324	28	rate	rate	NOUN
arjefm-93	324	29	in	in	ADP
arjefm-93	324	30	table	table	NOUN
arjefm-93	324	31	7	7	NUM
arjefm-93	324	32	is	be	AUX
arjefm-93	324	33	estimated	estimate	VERB
arjefm-93	324	34	to	to	PART
arjefm-93	324	35	range	range	VERB
arjefm-93	324	36	from	from	ADP
arjefm-93	324	37	1.00	1.00	NUM
arjefm-93	324	38	percent	percent	NOUN
arjefm-93	324	39	in	in	ADP
arjefm-93	324	40	ireland	ireland	NOUN
arjefm-93	324	41	to	to	ADP
arjefm-93	324	42	6.59	6.59	NUM
arjefm-93	324	43	percent	percent	NOUN
arjefm-93	324	44	in	in	ADP
arjefm-93	324	45	denmark	denmark	NOUN
arjefm-93	324	46	.	.	PUNCT
arjefm-93	325	1	consequently	consequently	ADV
arjefm-93	325	2	,	,	PUNCT
arjefm-93	325	3	the	the	DET
arjefm-93	325	4	banks	bank	NOUN
arjefm-93	325	5	across	across	ADP
arjefm-93	325	6	most	most	ADJ
arjefm-93	325	7	of	of	ADP
arjefm-93	325	8	these	these	DET
arjefm-93	325	9	countries	country	NOUN
arjefm-93	325	10	operate	operate	VERB
arjefm-93	325	11	at	at	ADP
arjefm-93	325	12	loan	loan	NOUN
arjefm-93	325	13	levels	level	NOUN
arjefm-93	325	14	associated	associate	VERB
arjefm-93	325	15	with	with	ADP
arjefm-93	325	16	positive	positive	ADJ
arjefm-93	325	17	marginal	marginal	ADJ
arjefm-93	325	18	revenue	revenue	NOUN
arjefm-93	325	19	.	.	PUNCT
arjefm-93	326	1	table	table	NOUN
arjefm-93	326	2	7	7	NUM
arjefm-93	326	3	:	:	PUNCT
arjefm-93	326	4	impact	impact	NOUN
arjefm-93	326	5	of	of	ADP
arjefm-93	326	6	a	a	DET
arjefm-93	326	7	1.3	1.3	NUM
arjefm-93	326	8	percentage	percentage	NOUN
arjefm-93	326	9	point	point	NOUN
arjefm-93	326	10	increase	increase	NOUN
arjefm-93	326	11	in	in	ADP
arjefm-93	326	12	the	the	DET
arjefm-93	326	13	equity	equity	NOUN
arjefm-93	326	14	-	-	PUNCT
arjefm-93	326	15	asset	asset	NOUN
arjefm-93	326	16	ratio	ratio	NOUN
arjefm-93	326	17	on	on	ADP
arjefm-93	326	18	loans	loan	NOUN
arjefm-93	326	19	based	base	VERB
arjefm-93	326	20	on	on	ADP
arjefm-93	326	21	regressions	regression	NOUN
arjefm-93	326	22	for	for	ADP
arjefm-93	326	23	2003–2010	2003–2010	NUM
arjefm-93	326	24	impact	impact	NOUN
arjefm-93	326	25	on	on	ADP
arjefm-93	326	26	loan	loan	NOUN
arjefm-93	326	27	rate	rate	NOUN
arjefm-93	326	28	*	*	PUNCT
arjefm-93	326	29	net	net	ADJ
arjefm-93	326	30	cost	cost	NOUN
arjefm-93	326	31	elasticity	elasticity	NOUN
arjefm-93	326	32	of	of	ADP
arjefm-93	326	33	of	of	ADP
arjefm-93	326	34	raising	raise	VERB
arjefm-93	326	35	equity	equity	NOUN
arjefm-93	326	36	loan	loan	NOUN
arjefm-93	326	37	demand	demand	NOUN
arjefm-93	326	38	*	*	PUNCT
arjefm-93	327	1	*	*	PUNCT
arjefm-93	327	2	*	*	PUNCT
arjefm-93	327	3	*	*	PUNCT
arjefm-93	327	4	*	*	PUNCT
arjefm-93	327	5	percentage	percentage	NOUN
arjefm-93	327	6	change	change	NOUN
arjefm-93	327	7	in	in	ADP
arjefm-93	327	8	loans	loan	NOUN
arjefm-93	327	9	*	*	PUNCT
arjefm-93	327	10	*	*	PUNCT
arjefm-93	327	11	*	*	PUNCT
arjefm-93	327	12	*	*	PUNCT
arjefm-93	327	13	crisis	crisis	NOUN
arjefm-93	327	14	countries	country	NOUN
arjefm-93	327	15	germany	germany	PROPN
arjefm-93	327	16	0.13	0.13	NUM
arjefm-93	327	17	0.11	0.11	NUM
arjefm-93	327	18	-1.79	-1.79	NOUN
arjefm-93	327	19	-7.11	-7.11	NUM
arjefm-93	327	20	sweden	sweden	PROPN
arjefm-93	327	21	0.04	0.04	NUM
arjefm-93	327	22	0.01	0.01	NUM
arjefm-93	327	23	-5.88	-5.88	NUM
arjefm-93	327	24	-3.64	-3.64	NUM
arjefm-93	327	25	u.k	u.k	PROPN
arjefm-93	327	26	.	.	PROPN
arjefm-93	327	27	0.06	0.06	NUM
arjefm-93	327	28	0.04	0.04	NUM
arjefm-93	327	29	-2.46	-2.46	NUM
arjefm-93	327	30	-4.16	-4.16	PROPN
arjefm-93	327	31	average	average	ADJ
arjefm-93	327	32	other	other	ADJ
arjefm-93	327	33	countries	country	NOUN
arjefm-93	327	34	0.13	0.13	NUM
arjefm-93	327	35	0.16	0.16	NUM
arjefm-93	327	36	-3.37	-3.37	ADJ
arjefm-93	327	37	-4.97	-4.97	NOUN
arjefm-93	327	38	denmark	denmark	VERB
arjefm-93	327	39	0.23	0.23	NUM
arjefm-93	327	40	0.17	0.17	NUM
arjefm-93	327	41	-6.59	-6.59	NUM
arjefm-93	327	42	-31.11	-31.11	PROPN
arjefm-93	327	43	ireland	ireland	NOUN
arjefm-93	327	44	0.21	0.21	NUM
arjefm-93	327	45	0.20	0.20	NUM
arjefm-93	327	46	-1.00	-1.00	NUM
arjefm-93	327	47	-6.23	-6.23	PRON
arjefm-93	327	48	average	average	ADJ
arjefm-93	327	49	0.22	0.22	NUM
arjefm-93	327	50	0.18	0.18	NUM
arjefm-93	327	51	-3.79	-3.79	NUM
arjefm-93	327	52	-18.67	-18.67	PROPN
arjefm-93	327	53	source	source	NOUN
arjefm-93	327	54	:	:	PUNCT
arjefm-93	327	55	authors	author	NOUN
arjefm-93	327	56	calculations	calculation	NOUN
arjefm-93	327	57	*	*	VERB
arjefm-93	327	58	based	base	VERB
arjefm-93	327	59	on	on	ADP
arjefm-93	327	60	estimates	estimate	NOUN
arjefm-93	327	61	reported	report	VERB
arjefm-93	327	62	in	in	ADP
arjefm-93	327	63	table	table	NOUN
arjefm-93	327	64	5	5	NUM
arjefm-93	327	65	.	.	PUNCT
arjefm-93	328	1	*	*	PUNCT
arjefm-93	328	2	*	*	PUNCT
arjefm-93	328	3	impact	impact	NOUN
arjefm-93	328	4	on	on	ADP
arjefm-93	328	5	loan	loan	NOUN
arjefm-93	328	6	rate	rate	NOUN
arjefm-93	328	7	times	time	NOUN
arjefm-93	328	8	the	the	DET
arjefm-93	328	9	change	change	NOUN
arjefm-93	328	10	in	in	ADP
arjefm-93	328	11	asset	asset	NOUN
arjefm-93	328	12	-	-	PUNCT
arjefm-93	328	13	to	to	ADP
arjefm-93	328	14	-	-	PUNCT
arjefm-93	328	15	equity	equity	NOUN
arjefm-93	328	16	ratio	ratio	NOUN
arjefm-93	328	17	(	(	PUNCT
arjefm-93	328	18	equity	equity	NOUN
arjefm-93	328	19	multiplier	multiplier	NOUN
arjefm-93	328	20	)	)	PUNCT
arjefm-93	328	21	.	.	PUNCT
arjefm-93	329	1	*	*	PUNCT
arjefm-93	329	2	*	*	PUNCT
arjefm-93	329	3	*	*	PUNCT
arjefm-93	329	4	the	the	DET
arjefm-93	329	5	elasticity	elasticity	NOUN
arjefm-93	329	6	of	of	ADP
arjefm-93	329	7	loan	loan	NOUN
arjefm-93	329	8	demand	demand	NOUN
arjefm-93	329	9	for	for	ADP
arjefm-93	329	10	each	each	DET
arjefm-93	329	11	country	country	NOUN
arjefm-93	329	12	banks	bank	NOUN
arjefm-93	329	13	is	be	AUX
arjefm-93	329	14	calculated	calculate	VERB
arjefm-93	329	15	by	by	ADP
arjefm-93	329	16	multiplying	multiply	VERB
arjefm-93	329	17	the	the	DET
arjefm-93	329	18	estimated	estimate	VERB
arjefm-93	329	19	coefficient	coefficient	NOUN
arjefm-93	329	20	for	for	ADP
arjefm-93	329	21	the	the	DET
arjefm-93	329	22	loan	loan	NOUN
arjefm-93	329	23	rate	rate	NOUN
arjefm-93	329	24	reported	report	VERB
arjefm-93	329	25	in	in	ADP
arjefm-93	329	26	table	table	NOUN
arjefm-93	329	27	6	6	NUM
arjefm-93	329	28	by	by	ADP
arjefm-93	329	29	the	the	DET
arjefm-93	329	30	average	average	ADJ
arjefm-93	329	31	loan	loan	NOUN
arjefm-93	329	32	rate	rate	NOUN
arjefm-93	329	33	divided	divide	VERB
arjefm-93	329	34	by	by	ADP
arjefm-93	329	35	average	average	ADJ
arjefm-93	329	36	level	level	NOUN
arjefm-93	329	37	of	of	ADP
arjefm-93	329	38	loans	loan	NOUN
arjefm-93	329	39	in	in	ADP
arjefm-93	329	40	the	the	DET
arjefm-93	329	41	sample	sample	NOUN
arjefm-93	329	42	.	.	PUNCT
arjefm-93	330	1	*	*	PUNCT
arjefm-93	331	1	*	*	PUNCT
arjefm-93	331	2	*	*	PUNCT
arjefm-93	331	3	*	*	NOUN
arjefm-93	331	4	this	this	PRON
arjefm-93	331	5	is	be	AUX
arjefm-93	331	6	calculated	calculate	VERB
arjefm-93	331	7	as	as	ADP
arjefm-93	331	8	the	the	DET
arjefm-93	331	9	product	product	NOUN
arjefm-93	331	10	of	of	ADP
arjefm-93	331	11	the	the	DET
arjefm-93	331	12	percentage	percentage	NOUN
arjefm-93	331	13	increase	increase	NOUN
arjefm-93	331	14	in	in	ADP
arjefm-93	331	15	the	the	DET
arjefm-93	331	16	loan	loan	NOUN
arjefm-93	331	17	rate	rate	NOUN
arjefm-93	331	18	times	times	PROPN
arjefm-93	331	19	the	the	DET
arjefm-93	331	20	elasticity	elasticity	NOUN
arjefm-93	331	21	of	of	ADP
arjefm-93	331	22	loan	loan	NOUN
arjefm-93	331	23	demand	demand	NOUN
arjefm-93	331	24	with	with	ADP
arjefm-93	331	25	respect	respect	NOUN
arjefm-93	331	26	to	to	ADP
arjefm-93	331	27	changes	change	NOUN
arjefm-93	331	28	in	in	ADP
arjefm-93	331	29	the	the	DET
arjefm-93	331	30	loan	loan	NOUN
arjefm-93	331	31	rate	rate	NOUN
arjefm-93	331	32	.	.	PUNCT
arjefm-93	331	33	table	table	NOUN
arjefm-93	331	34	8	8	NUM
arjefm-93	331	35	summarizes	summarize	NOUN
arjefm-93	331	36	the	the	DET
arjefm-93	331	37	results	result	NOUN
arjefm-93	331	38	when	when	SCONJ
arjefm-93	331	39	the	the	DET
arjefm-93	331	40	estimations	estimation	NOUN
arjefm-93	331	41	are	be	AUX
arjefm-93	331	42	conducted	conduct	VERB
arjefm-93	331	43	excluding	exclude	VERB
arjefm-93	331	44	the	the	DET
arjefm-93	331	45	crisis	crisis	NOUN
arjefm-93	331	46	period	period	NOUN
arjefm-93	331	47	from	from	ADP
arjefm-93	331	48	the	the	DET
arjefm-93	331	49	data	datum	NOUN
arjefm-93	331	50	.	.	PUNCT
arjefm-93	332	1	the	the	DET
arjefm-93	332	2	average	average	ADJ
arjefm-93	332	3	impact	impact	NOUN
arjefm-93	332	4	of	of	ADP
arjefm-93	332	5	the	the	DET
arjefm-93	332	6	equity	equity	NOUN
arjefm-93	332	7	-	-	PUNCT
arjefm-93	332	8	to	to	ADP
arjefm-93	332	9	-	-	PUNCT
arjefm-93	332	10	asset	asset	NOUN
arjefm-93	332	11	ratio	ratio	NOUN
arjefm-93	332	12	on	on	ADP
arjefm-93	332	13	the	the	DET
arjefm-93	332	14	loan	loan	NOUN
arjefm-93	332	15	rate	rate	NOUN
arjefm-93	332	16	is	be	AUX
arjefm-93	332	17	slightly	slightly	ADV
arjefm-93	332	18	smaller	small	ADJ
arjefm-93	332	19	when	when	SCONJ
arjefm-93	332	20	the	the	DET
arjefm-93	332	21	crisis	crisis	NOUN
arjefm-93	332	22	period	period	NOUN
arjefm-93	332	23	is	be	AUX
arjefm-93	332	24	excluded	exclude	VERB
arjefm-93	332	25	for	for	ADP
arjefm-93	332	26	all	all	DET
arjefm-93	332	27	countries	country	NOUN
arjefm-93	332	28	.	.	PUNCT
arjefm-93	333	1	the	the	DET
arjefm-93	333	2	elasticity	elasticity	NOUN
arjefm-93	333	3	of	of	ADP
arjefm-93	333	4	loan	loan	NOUN
arjefm-93	333	5	demand	demand	NOUN
arjefm-93	333	6	is	be	AUX
arjefm-93	333	7	on	on	ADP
arjefm-93	333	8	average	average	ADJ
arjefm-93	333	9	lower	lower	ADV
arjefm-93	333	10	in	in	ADP
arjefm-93	333	11	crisis	crisis	NOUN
arjefm-93	333	12	countries	country	NOUN
arjefm-93	333	13	and	and	CCONJ
arjefm-93	333	14	higher	high	ADJ
arjefm-93	333	15	for	for	ADP
arjefm-93	333	16	noncrisis	noncrisis	NOUN
arjefm-93	333	17	countries	country	NOUN
arjefm-93	333	18	when	when	SCONJ
arjefm-93	333	19	the	the	DET
arjefm-93	333	20	crisis	crisis	NOUN
arjefm-93	333	21	period	period	NOUN
arjefm-93	333	22	is	be	AUX
arjefm-93	333	23	excluded	exclude	VERB
arjefm-93	333	24	.	.	PUNCT
arjefm-93	334	1	this	this	DET
arjefm-93	334	2	result	result	NOUN
arjefm-93	334	3	might	might	AUX
arjefm-93	334	4	imply	imply	VERB
arjefm-93	334	5	that	that	SCONJ
arjefm-93	334	6	the	the	DET
arjefm-93	334	7	banks	bank	NOUN
arjefm-93	334	8	’	’	PART
arjefm-93	334	9	customers	customer	NOUN
arjefm-93	334	10	in	in	ADP
arjefm-93	334	11	crisis	crisis	NOUN
arjefm-93	334	12	(	(	PUNCT
arjefm-93	334	13	non	non	X
arjefm-93	334	14	crisis	crisis	NOUN
arjefm-93	334	15	)	)	PUNCT
arjefm-93	334	16	countries	country	NOUN
arjefm-93	334	17	had	have	VERB
arjefm-93	334	18	a	a	DET
arjefm-93	334	19	bigger	big	ADJ
arjefm-93	334	20	(	(	PUNCT
arjefm-93	334	21	smaller	small	ADJ
arjefm-93	334	22	)	)	PUNCT
arjefm-93	334	23	change	change	NOUN
arjefm-93	334	24	in	in	ADP
arjefm-93	334	25	their	their	PRON
arjefm-93	334	26	demand	demand	NOUN
arjefm-93	334	27	for	for	ADP
arjefm-93	334	28	loans	loan	NOUN
arjefm-93	334	29	during	during	ADP
arjefm-93	334	30	the	the	DET
arjefm-93	334	31	financial	financial	ADJ
arjefm-93	334	32	crisis	crisis	NOUN
arjefm-93	334	33	.	.	PUNCT
arjefm-93	335	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	335	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	336	1	american	american	PROPN
arjefm-93	336	2	research	research	PROPN
arjefm-93	336	3	journal	journal	PROPN
arjefm-93	336	4	of	of	ADP
arjefm-93	336	5	economics	economic	NOUN
arjefm-93	336	6	,	,	PUNCT
arjefm-93	336	7	finance	finance	NOUN
arjefm-93	336	8	and	and	CCONJ
arjefm-93	336	9	management	management	NOUN
arjefm-93	336	10	volume	volume	NOUN
arjefm-93	336	11	11	11	NUM
arjefm-93	336	12	issue	issue	NOUN
arjefm-93	336	13	4	4	NUM
arjefm-93	336	14	,	,	PUNCT
arjefm-93	336	15	october	october	PROPN
arjefm-93	336	16	-	-	PUNCT
arjefm-93	336	17	december	december	PROPN
arjefm-93	336	18	2023	2023	NUM
arjefm-93	336	19	issn	issn	NOUN
arjefm-93	336	20	:	:	PUNCT
arjefm-93	336	21	2836	2836	NUM
arjefm-93	336	22	-	-	SYM
arjefm-93	336	23	9416	9416	NUM
arjefm-93	336	24	impact	impact	NOUN
arjefm-93	336	25	factor	factor	NOUN
arjefm-93	336	26	:	:	PUNCT
arjefm-93	336	27	5.57	5.57	NUM
arjefm-93	336	28	journal	journal	NOUN
arjefm-93	336	29	homepage	homepage	NOUN
arjefm-93	336	30	:	:	PUNCT
arjefm-93	336	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	336	32	,	,	PUNCT
arjefm-93	336	33	email	email	NOUN
arjefm-93	336	34	:	:	PUNCT
arjefm-93	337	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	337	2	official	official	ADJ
arjefm-93	337	3	journal	journal	PROPN
arjefm-93	337	4	of	of	ADP
arjefm-93	337	5	america	america	PROPN
arjefm-93	337	6	serial	serial	PROPN
arjefm-93	337	7	publication	publication	NOUN
arjefm-93	337	8	american	american	PROPN
arjefm-93	337	9	research	research	PROPN
arjefm-93	337	10	journal	journal	PROPN
arjefm-93	337	11	of	of	ADP
arjefm-93	337	12	economics	economic	NOUN
arjefm-93	337	13	,	,	PUNCT
arjefm-93	337	14	finance	finance	NOUN
arjefm-93	337	15	and	and	CCONJ
arjefm-93	337	16	management	management	NOUN
arjefm-93	337	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	337	18	,	,	PUNCT
arjefm-93	337	19	email	email	NOUN
arjefm-93	337	20	:	:	PUNCT
arjefm-93	337	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	338	1	51	51	NUM
arjefm-93	339	1	|	|	ADV
arjefm-93	339	2	p	p	X
arjefm-93	339	3	a	a	DET
arjefm-93	339	4	g	g	NOUN
arjefm-93	339	5	e	e	NOUN
arjefm-93	339	6	table	table	NOUN
arjefm-93	339	7	8	8	NUM
arjefm-93	339	8	:	:	PUNCT
arjefm-93	339	9	impact	impact	NOUN
arjefm-93	339	10	of	of	ADP
arjefm-93	339	11	a	a	DET
arjefm-93	339	12	1.3	1.3	NUM
arjefm-93	339	13	percentage	percentage	NOUN
arjefm-93	339	14	point	point	NOUN
arjefm-93	339	15	increase	increase	NOUN
arjefm-93	339	16	in	in	ADP
arjefm-93	339	17	the	the	DET
arjefm-93	339	18	equity	equity	NOUN
arjefm-93	339	19	-	-	PUNCT
arjefm-93	339	20	asset	asset	NOUN
arjefm-93	339	21	ratio	ratio	NOUN
arjefm-93	339	22	on	on	ADP
arjefm-93	339	23	loans	loan	NOUN
arjefm-93	339	24	based	base	VERB
arjefm-93	339	25	on	on	ADP
arjefm-93	339	26	regressions	regression	NOUN
arjefm-93	339	27	for	for	ADP
arjefm-93	339	28	2003–2007	2003–2007	NUM
arjefm-93	339	29	impact	impact	NOUN
arjefm-93	339	30	on	on	ADP
arjefm-93	339	31	loan	loan	NOUN
arjefm-93	339	32	rate	rate	NOUN
arjefm-93	339	33	net	net	ADJ
arjefm-93	339	34	cost	cost	NOUN
arjefm-93	339	35	elasticity	elasticity	NOUN
arjefm-93	339	36	of	of	ADP
arjefm-93	339	37	percentage	percentage	NOUN
arjefm-93	339	38	of	of	ADP
arjefm-93	339	39	raising	raise	VERB
arjefm-93	339	40	equity	equity	NOUN
arjefm-93	339	41	loan	loan	NOUN
arjefm-93	339	42	demand	demand	NOUN
arjefm-93	339	43	change	change	NOUN
arjefm-93	339	44	in	in	ADP
arjefm-93	339	45	loans	loan	NOUN
arjefm-93	339	46	*	*	PUNCT
arjefm-93	339	47	*	*	PUNCT
arjefm-93	340	1	*	*	PUNCT
arjefm-93	341	1	*	*	PUNCT
arjefm-93	341	2	*	*	PUNCT
arjefm-93	341	3	*	*	PUNCT
arjefm-93	341	4	crisis	crisis	NOUN
arjefm-93	341	5	countries	country	NOUN
arjefm-93	341	6	germany	germany	PROPN
arjefm-93	341	7	0.11	0.11	NUM
arjefm-93	341	8	0.09	0.09	NUM
arjefm-93	341	9	-2.09	-2.09	NUM
arjefm-93	341	10	-7.63	-7.63	PROPN
arjefm-93	341	11	u.k	u.k	PROPN
arjefm-93	341	12	.	.	PROPN
arjefm-93	341	13	0.02	0.02	NUM
arjefm-93	341	14	0.02	0.02	NUM
arjefm-93	341	15	-2.14	-2.14	DET
arjefm-93	341	16	-2.16	-2.16	PROPN
arjefm-93	341	17	average	average	ADJ
arjefm-93	341	18	other	other	ADJ
arjefm-93	341	19	countries	country	NOUN
arjefm-93	341	20	0.06	0.06	NUM
arjefm-93	341	21	0.05	0.05	NUM
arjefm-93	341	22	-2.11	-2.11	PROPN
arjefm-93	341	23	-4.89	-4.89	NUM
arjefm-93	341	24	denmark	denmark	NOUN
arjefm-93	341	25	0.19	0.19	NUM
arjefm-93	341	26	0.13	0.13	NUM
arjefm-93	341	27	-9.66	-9.66	PUNCT
arjefm-93	341	28	-39.23	-39.23	PROPN
arjefm-93	341	29	source	source	NOUN
arjefm-93	341	30	:	:	PUNCT
arjefm-93	341	31	authors	author	NOUN
arjefm-93	341	32	calculations	calculation	NOUN
arjefm-93	341	33	*	*	PUNCT
arjefm-93	341	34	impact	impact	NOUN
arjefm-93	341	35	on	on	ADP
arjefm-93	341	36	loan	loan	NOUN
arjefm-93	341	37	rate	rate	NOUN
arjefm-93	341	38	times	time	NOUN
arjefm-93	341	39	the	the	DET
arjefm-93	341	40	change	change	NOUN
arjefm-93	341	41	in	in	ADP
arjefm-93	341	42	asset	asset	NOUN
arjefm-93	341	43	-	-	PUNCT
arjefm-93	341	44	to	to	ADP
arjefm-93	341	45	-	-	PUNCT
arjefm-93	341	46	equity	equity	NOUN
arjefm-93	341	47	ratio	ratio	NOUN
arjefm-93	341	48	(	(	PUNCT
arjefm-93	341	49	equity	equity	NOUN
arjefm-93	341	50	multiplier	multiplier	NOUN
arjefm-93	341	51	)	)	PUNCT
arjefm-93	341	52	.	.	PUNCT
arjefm-93	342	1	*	*	PUNCT
arjefm-93	342	2	*	*	PUNCT
arjefm-93	342	3	the	the	DET
arjefm-93	342	4	elasticity	elasticity	NOUN
arjefm-93	342	5	of	of	ADP
arjefm-93	342	6	loan	loan	NOUN
arjefm-93	342	7	demand	demand	NOUN
arjefm-93	342	8	for	for	ADP
arjefm-93	342	9	each	each	DET
arjefm-93	342	10	country	country	NOUN
arjefm-93	342	11	banks	bank	NOUN
arjefm-93	342	12	is	be	AUX
arjefm-93	342	13	calculated	calculate	VERB
arjefm-93	342	14	by	by	ADP
arjefm-93	342	15	multiplying	multiply	VERB
arjefm-93	342	16	the	the	DET
arjefm-93	342	17	estimated	estimate	VERB
arjefm-93	342	18	coefficient	coefficient	NOUN
arjefm-93	342	19	for	for	ADP
arjefm-93	342	20	the	the	DET
arjefm-93	342	21	impact	impact	NOUN
arjefm-93	342	22	of	of	ADP
arjefm-93	342	23	the	the	DET
arjefm-93	342	24	predicted	predict	VERB
arjefm-93	342	25	loan	loan	NOUN
arjefm-93	342	26	rate	rate	NOUN
arjefm-93	342	27	from	from	ADP
arjefm-93	342	28	the	the	DET
arjefm-93	342	29	secondstage	secondstage	NOUN
arjefm-93	342	30	gmm	gmm	PROPN
arjefm-93	342	31	regression	regression	NOUN
arjefm-93	342	32	on	on	ADP
arjefm-93	342	33	loan	loan	NOUN
arjefm-93	342	34	demand	demand	NOUN
arjefm-93	342	35	by	by	ADP
arjefm-93	342	36	the	the	DET
arjefm-93	342	37	average	average	ADJ
arjefm-93	342	38	loan	loan	NOUN
arjefm-93	342	39	rate	rate	NOUN
arjefm-93	342	40	divided	divide	VERB
arjefm-93	342	41	by	by	ADP
arjefm-93	342	42	average	average	ADJ
arjefm-93	342	43	level	level	NOUN
arjefm-93	342	44	of	of	ADP
arjefm-93	342	45	loans	loan	NOUN
arjefm-93	342	46	in	in	ADP
arjefm-93	342	47	the	the	DET
arjefm-93	342	48	sample	sample	NOUN
arjefm-93	342	49	.	.	PUNCT
arjefm-93	343	1	*	*	PUNCT
arjefm-93	344	1	*	*	PUNCT
arjefm-93	344	2	*	*	NOUN
arjefm-93	344	3	this	this	PRON
arjefm-93	344	4	is	be	AUX
arjefm-93	344	5	calculated	calculate	VERB
arjefm-93	344	6	as	as	ADP
arjefm-93	344	7	the	the	DET
arjefm-93	344	8	product	product	NOUN
arjefm-93	344	9	of	of	ADP
arjefm-93	344	10	the	the	DET
arjefm-93	344	11	percentage	percentage	NOUN
arjefm-93	344	12	increase	increase	NOUN
arjefm-93	344	13	in	in	ADP
arjefm-93	344	14	the	the	DET
arjefm-93	344	15	loan	loan	NOUN
arjefm-93	344	16	rate	rate	NOUN
arjefm-93	344	17	times	times	PROPN
arjefm-93	344	18	the	the	DET
arjefm-93	344	19	elasticity	elasticity	NOUN
arjefm-93	344	20	of	of	ADP
arjefm-93	344	21	loan	loan	NOUN
arjefm-93	344	22	demand	demand	NOUN
arjefm-93	344	23	with	with	ADP
arjefm-93	344	24	respect	respect	NOUN
arjefm-93	344	25	to	to	ADP
arjefm-93	344	26	changes	change	NOUN
arjefm-93	344	27	in	in	ADP
arjefm-93	344	28	the	the	DET
arjefm-93	344	29	loan	loan	NOUN
arjefm-93	344	30	rate	rate	NOUN
arjefm-93	344	31	.	.	PUNCT
arjefm-93	345	1	6.2	6.2	NUM
arjefm-93	345	2	comparing	compare	VERB
arjefm-93	345	3	the	the	DET
arjefm-93	345	4	results	result	NOUN
arjefm-93	345	5	with	with	ADP
arjefm-93	345	6	those	those	PRON
arjefm-93	345	7	of	of	ADP
arjefm-93	345	8	other	other	ADJ
arjefm-93	345	9	studies	study	NOUN
arjefm-93	345	10	to	to	PART
arjefm-93	345	11	phase	phase	VERB
arjefm-93	345	12	in	in	ADP
arjefm-93	345	13	the	the	DET
arjefm-93	345	14	new	new	ADJ
arjefm-93	345	15	regulations	regulation	NOUN
arjefm-93	345	16	in	in	ADP
arjefm-93	345	17	a	a	DET
arjefm-93	345	18	manner	manner	NOUN
arjefm-93	345	19	that	that	PRON
arjefm-93	345	20	is	be	AUX
arjefm-93	345	21	compatible	compatible	ADJ
arjefm-93	345	22	with	with	ADP
arjefm-93	345	23	the	the	DET
arjefm-93	345	24	global	global	ADJ
arjefm-93	345	25	economic	economic	ADJ
arjefm-93	345	26	recovery	recovery	NOUN
arjefm-93	345	27	,	,	PUNCT
arjefm-93	345	28	the	the	DET
arjefm-93	345	29	bank	bank	NOUN
arjefm-93	345	30	of	of	ADP
arjefm-93	345	31	international	international	ADJ
arjefm-93	345	32	settlements	settlement	NOUN
arjefm-93	345	33	(	(	PUNCT
arjefm-93	345	34	bis	bis	ADJ
arjefm-93	345	35	)	)	PUNCT
arjefm-93	345	36	and	and	CCONJ
arjefm-93	345	37	the	the	DET
arjefm-93	345	38	financial	financial	ADJ
arjefm-93	345	39	stability	stability	PROPN
arjefm-93	345	40	board	board	NOUN
arjefm-93	345	41	(	(	PUNCT
arjefm-93	345	42	fsb	fsb	NOUN
arjefm-93	345	43	)	)	PUNCT
arjefm-93	345	44	undertook	undertake	VERB
arjefm-93	345	45	studies	study	NOUN
arjefm-93	345	46	to	to	PART
arjefm-93	345	47	assess	assess	VERB
arjefm-93	345	48	the	the	DET
arjefm-93	345	49	macroeconomic	macroeconomic	ADJ
arjefm-93	345	50	effects	effect	NOUN
arjefm-93	345	51	of	of	ADP
arjefm-93	345	52	the	the	DET
arjefm-93	345	53	transition	transition	NOUN
arjefm-93	345	54	to	to	ADP
arjefm-93	345	55	higher	high	ADJ
arjefm-93	345	56	capital	capital	NOUN
arjefm-93	345	57	and	and	CCONJ
arjefm-93	345	58	liquidity	liquidity	NOUN
arjefm-93	345	59	requirements	requirement	NOUN
arjefm-93	345	60	(	(	PUNCT
arjefm-93	345	61	sinha	sinha	NOUN
arjefm-93	345	62	,	,	PUNCT
arjefm-93	345	63	2012	2012	NUM
arjefm-93	345	64	)	)	PUNCT
arjefm-93	345	65	.	.	PUNCT
arjefm-93	346	1	in	in	ADP
arjefm-93	346	2	february	february	PROPN
arjefm-93	346	3	2010	2010	NUM
arjefm-93	346	4	,	,	PUNCT
arjefm-93	346	5	a	a	DET
arjefm-93	346	6	macroeconomic	macroeconomic	ADJ
arjefm-93	346	7	assessment	assessment	NOUN
arjefm-93	346	8	group	group	NOUN
arjefm-93	346	9	(	(	PUNCT
arjefm-93	346	10	mag	mag	PROPN
arjefm-93	346	11	)	)	PUNCT
arjefm-93	346	12	was	be	AUX
arjefm-93	346	13	set	set	VERB
arjefm-93	346	14	up	up	ADP
arjefm-93	346	15	by	by	ADP
arjefm-93	346	16	the	the	DET
arjefm-93	346	17	bcbs	bcbs	PROPN
arjefm-93	346	18	(	(	PUNCT
arjefm-93	346	19	basel	basel	PROPN
arjefm-93	346	20	committee	committee	PROPN
arjefm-93	346	21	on	on	ADP
arjefm-93	346	22	banking	banking	NOUN
arjefm-93	346	23	supervision	supervision	NOUN
arjefm-93	346	24	)	)	PUNCT
arjefm-93	346	25	and	and	CCONJ
arjefm-93	346	26	fsb	fsb	NOUN
arjefm-93	346	27	which	which	PRON
arjefm-93	346	28	submitted	submit	VERB
arjefm-93	346	29	an	an	DET
arjefm-93	346	30	interim	interim	ADJ
arjefm-93	346	31	report	report	NOUN
arjefm-93	346	32	in	in	ADP
arjefm-93	346	33	august	august	PROPN
arjefm-93	346	34	2010	2010	NUM
arjefm-93	346	35	(	(	PUNCT
arjefm-93	346	36	bis	bis	PROPN
arjefm-93	346	37	,	,	PUNCT
arjefm-93	346	38	2010a	2010a	NUM
arjefm-93	346	39	)	)	PUNCT
arjefm-93	346	40	and	and	CCONJ
arjefm-93	346	41	a	a	DET
arjefm-93	346	42	final	final	ADJ
arjefm-93	346	43	report	report	NOUN
arjefm-93	346	44	in	in	ADP
arjefm-93	346	45	december	december	PROPN
arjefm-93	346	46	2010	2010	NUM
arjefm-93	346	47	(	(	PUNCT
arjefm-93	346	48	bis	bis	ADJ
arjefm-93	346	49	,	,	PUNCT
arjefm-93	346	50	2010c	2010c	NUM
arjefm-93	346	51	)	)	PUNCT
arjefm-93	346	52	.	.	PUNCT
arjefm-93	347	1	the	the	DET
arjefm-93	347	2	mag	mag	PROPN
arjefm-93	347	3	’s	’s	PART
arjefm-93	347	4	quantitative	quantitative	ADJ
arjefm-93	347	5	analysis	analysis	NOUN
arjefm-93	347	6	was	be	AUX
arjefm-93	347	7	complemented	complement	VERB
arjefm-93	347	8	by	by	ADP
arjefm-93	347	9	consultations	consultation	NOUN
arjefm-93	347	10	with	with	ADP
arjefm-93	347	11	academics	academic	NOUN
arjefm-93	347	12	and	and	CCONJ
arjefm-93	347	13	experts	expert	NOUN
arjefm-93	347	14	in	in	ADP
arjefm-93	347	15	the	the	DET
arjefm-93	347	16	private	private	ADJ
arjefm-93	347	17	sector	sector	NOUN
arjefm-93	347	18	as	as	ADV
arjefm-93	347	19	well	well	ADV
arjefm-93	347	20	as	as	ADP
arjefm-93	347	21	with	with	ADP
arjefm-93	347	22	the	the	DET
arjefm-93	347	23	imf	imf	PROPN
arjefm-93	347	24	.	.	PUNCT
arjefm-93	348	1	the	the	DET
arjefm-93	348	2	mag	mag	PROPN
arjefm-93	348	3	applied	applied	ADJ
arjefm-93	348	4	common	common	ADJ
arjefm-93	348	5	methodologies	methodology	NOUN
arjefm-93	348	6	based	base	VERB
arjefm-93	348	7	on	on	ADP
arjefm-93	348	8	a	a	DET
arjefm-93	348	9	set	set	NOUN
arjefm-93	348	10	of	of	ADP
arjefm-93	348	11	scenariosfor	scenariosfor	ADJ
arjefm-93	348	12	shifts	shift	NOUN
arjefm-93	348	13	in	in	ADP
arjefm-93	348	14	capital	capital	NOUN
arjefm-93	348	15	and	and	CCONJ
arjefm-93	348	16	liquidity	liquidity	NOUN
arjefm-93	348	17	requirements	requirement	NOUN
arjefm-93	348	18	over	over	ADP
arjefm-93	348	19	different	different	ADJ
arjefm-93	348	20	transition	transition	NOUN
arjefm-93	348	21	periods	period	NOUN
arjefm-93	348	22	.	.	PUNCT
arjefm-93	349	1	the	the	DET
arjefm-93	349	2	mag	mag	ADJ
arjefm-93	349	3	analysis	analysis	NOUN
arjefm-93	349	4	proceeds	proceed	NOUN
arjefm-93	349	5	on	on	ADP
arjefm-93	349	6	the	the	DET
arjefm-93	349	7	basis	basis	NOUN
arjefm-93	349	8	that	that	SCONJ
arjefm-93	349	9	since	since	SCONJ
arjefm-93	349	10	it	it	PRON
arjefm-93	349	11	is	be	AUX
arjefm-93	349	12	more	more	ADV
arjefm-93	349	13	expensive	expensive	ADJ
arjefm-93	349	14	for	for	SCONJ
arjefm-93	349	15	banks	bank	NOUN
arjefm-93	349	16	to	to	PART
arjefm-93	349	17	fund	fund	VERB
arjefm-93	349	18	assets	asset	NOUN
arjefm-93	349	19	with	with	ADP
arjefm-93	349	20	capital	capital	NOUN
arjefm-93	349	21	than	than	ADP
arjefm-93	349	22	with	with	ADP
arjefm-93	349	23	deposits	deposit	NOUN
arjefm-93	349	24	or	or	CCONJ
arjefm-93	349	25	wholesale	wholesale	ADJ
arjefm-93	349	26	debt	debt	NOUN
arjefm-93	349	27	,	,	PUNCT
arjefm-93	349	28	banks	bank	NOUN
arjefm-93	349	29	facing	face	VERB
arjefm-93	349	30	stronger	strong	ADJ
arjefm-93	349	31	capital	capital	NOUN
arjefm-93	349	32	requirements	requirement	NOUN
arjefm-93	349	33	will	will	AUX
arjefm-93	349	34	seek	seek	VERB
arjefm-93	349	35	to	to	PART
arjefm-93	349	36	use	use	VERB
arjefm-93	349	37	a	a	DET
arjefm-93	349	38	combination	combination	NOUN
arjefm-93	349	39	of	of	ADP
arjefm-93	349	40	increasing	increase	VERB
arjefm-93	349	41	retained	retain	VERB
arjefm-93	349	42	earnings	earning	NOUN
arjefm-93	349	43	and	and	CCONJ
arjefm-93	349	44	issuing	issue	VERB
arjefm-93	349	45	equity	equity	NOUN
arjefm-93	349	46	as	as	ADV
arjefm-93	349	47	well	well	ADV
arjefm-93	349	48	as	as	ADP
arjefm-93	349	49	reducing	reduce	VERB
arjefm-93	349	50	risk	risk	NOUN
arjefm-93	349	51	weighted	weight	VERB
arjefm-93	349	52	assets(rwas	assets(rwas	PROPN
arjefm-93	349	53	)	)	PUNCT
arjefm-93	349	54	,	,	PUNCT
arjefm-93	349	55	(	(	PUNCT
arjefm-93	349	56	cornford	cornford	NOUN
arjefm-93	349	57	,	,	PUNCT
arjefm-93	349	58	2010	2010	NUM
arjefm-93	349	59	)	)	PUNCT
arjefm-93	349	60	.	.	PUNCT
arjefm-93	350	1	the	the	DET
arjefm-93	350	2	approach	approach	NOUN
arjefm-93	350	3	will	will	AUX
arjefm-93	350	4	depend	depend	VERB
arjefm-93	350	5	at	at	ADP
arjefm-93	350	6	least	least	ADJ
arjefm-93	350	7	partially	partially	ADV
arjefm-93	350	8	on	on	ADP
arjefm-93	350	9	the	the	DET
arjefm-93	350	10	length	length	NOUN
arjefm-93	350	11	of	of	ADP
arjefm-93	350	12	time	time	NOUN
arjefm-93	350	13	over	over	ADP
arjefm-93	350	14	which	which	PRON
arjefm-93	350	15	capital	capital	NOUN
arjefm-93	350	16	needs	need	VERB
arjefm-93	350	17	to	to	PART
arjefm-93	350	18	be	be	AUX
arjefm-93	350	19	increased	increase	VERB
arjefm-93	350	20	.	.	PUNCT
arjefm-93	351	1	if	if	SCONJ
arjefm-93	351	2	the	the	DET
arjefm-93	351	3	time	time	NOUN
arjefm-93	351	4	span	span	NOUN
arjefm-93	351	5	is	be	AUX
arjefm-93	351	6	shorter	short	ADJ
arjefm-93	351	7	,	,	PUNCT
arjefm-93	351	8	banks	bank	NOUN
arjefm-93	351	9	are	be	AUX
arjefm-93	351	10	likely	likely	ADJ
arjefm-93	351	11	to	to	PART
arjefm-93	351	12	emphasise	emphasise	VERB
arjefm-93	351	13	equity	equity	NOUN
arjefm-93	351	14	issuance	issuance	NOUN
arjefm-93	351	15	,	,	PUNCT
arjefm-93	351	16	shift	shift	NOUN
arjefm-93	351	17	in	in	ADP
arjefm-93	351	18	asset	asset	NOUN
arjefm-93	351	19	composition	composition	NOUN
arjefm-93	351	20	and	and	CCONJ
arjefm-93	351	21	reduced	reduced	ADJ
arjefm-93	351	22	lending	lending	NOUN
arjefm-93	351	23	.	.	PUNCT
arjefm-93	352	1	in	in	ADP
arjefm-93	352	2	a	a	DET
arjefm-93	352	3	longer	long	ADJ
arjefm-93	352	4	implementation	implementation	NOUN
arjefm-93	352	5	schedule	schedule	NOUN
arjefm-93	352	6	banks	bank	NOUN
arjefm-93	352	7	will	will	AUX
arjefm-93	352	8	have	have	VERB
arjefm-93	352	9	more	more	ADJ
arjefm-93	352	10	flexibility	flexibility	NOUN
arjefm-93	352	11	with	with	ADP
arjefm-93	352	12	regard	regard	NOUN
arjefm-93	352	13	to	to	ADP
arjefm-93	352	14	mechanisms	mechanism	NOUN
arjefm-93	352	15	and	and	CCONJ
arjefm-93	352	16	they	they	PRON
arjefm-93	352	17	may	may	AUX
arjefm-93	352	18	place	place	VERB
arjefm-93	352	19	more	more	ADJ
arjefm-93	352	20	reliance	reliance	NOUN
arjefm-93	352	21	on	on	ADP
arjefm-93	352	22	raising	raise	VERB
arjefm-93	352	23	additional	additional	ADJ
arjefm-93	352	24	capital	capital	NOUN
arjefm-93	352	25	primarily	primarily	ADV
arjefm-93	352	26	through	through	ADP
arjefm-93	352	27	retained	retain	VERB
arjefm-93	352	28	earnings	earning	NOUN
arjefm-93	352	29	which	which	PRON
arjefm-93	352	30	will	will	AUX
arjefm-93	352	31	substantially	substantially	ADV
arjefm-93	352	32	mitigate	mitigate	VERB
arjefm-93	352	33	the	the	DET
arjefm-93	352	34	impact	impact	NOUN
arjefm-93	352	35	on	on	ADP
arjefm-93	352	36	credit	credit	NOUN
arjefm-93	352	37	supply	supply	NOUN
arjefm-93	352	38	and	and	CCONJ
arjefm-93	352	39	eventually	eventually	ADV
arjefm-93	352	40	on	on	ADP
arjefm-93	352	41	aggregate	aggregate	ADJ
arjefm-93	352	42	activity	activity	NOUN
arjefm-93	352	43	.	.	PUNCT
arjefm-93	353	1	based	base	VERB
arjefm-93	353	2	on	on	ADP
arjefm-93	353	3	evidence	evidence	NOUN
arjefm-93	353	4	from	from	ADP
arjefm-93	353	5	past	past	ADJ
arjefm-93	353	6	episodes	episode	NOUN
arjefm-93	353	7	the	the	DET
arjefm-93	353	8	mag	mag	ADJ
arjefm-93	353	9	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	353	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	353	11	american	american	PROPN
arjefm-93	353	12	research	research	PROPN
arjefm-93	353	13	journal	journal	PROPN
arjefm-93	353	14	of	of	ADP
arjefm-93	353	15	economics	economic	NOUN
arjefm-93	353	16	,	,	PUNCT
arjefm-93	353	17	finance	finance	NOUN
arjefm-93	353	18	and	and	CCONJ
arjefm-93	353	19	management	management	NOUN
arjefm-93	353	20	volume	volume	NOUN
arjefm-93	353	21	11	11	NUM
arjefm-93	353	22	issue	issue	NOUN
arjefm-93	353	23	4	4	NUM
arjefm-93	353	24	,	,	PUNCT
arjefm-93	353	25	october	october	PROPN
arjefm-93	353	26	-	-	PUNCT
arjefm-93	353	27	december	december	PROPN
arjefm-93	353	28	2023	2023	NUM
arjefm-93	353	29	issn	issn	NOUN
arjefm-93	353	30	:	:	PUNCT
arjefm-93	353	31	2836	2836	NUM
arjefm-93	353	32	-	-	SYM
arjefm-93	353	33	9416	9416	NUM
arjefm-93	353	34	impact	impact	NOUN
arjefm-93	353	35	factor	factor	NOUN
arjefm-93	353	36	:	:	PUNCT
arjefm-93	353	37	5.57	5.57	NUM
arjefm-93	353	38	journal	journal	NOUN
arjefm-93	353	39	homepage	homepage	NOUN
arjefm-93	353	40	:	:	PUNCT
arjefm-93	353	41	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	353	42	,	,	PUNCT
arjefm-93	353	43	email	email	NOUN
arjefm-93	353	44	:	:	PUNCT
arjefm-93	353	45	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	353	46	official	official	ADJ
arjefm-93	353	47	journal	journal	PROPN
arjefm-93	353	48	of	of	ADP
arjefm-93	353	49	america	america	PROPN
arjefm-93	353	50	serial	serial	PROPN
arjefm-93	353	51	publication	publication	NOUN
arjefm-93	353	52	american	american	PROPN
arjefm-93	353	53	research	research	PROPN
arjefm-93	353	54	journal	journal	PROPN
arjefm-93	353	55	of	of	ADP
arjefm-93	353	56	economics	economic	NOUN
arjefm-93	353	57	,	,	PUNCT
arjefm-93	353	58	finance	finance	NOUN
arjefm-93	353	59	and	and	CCONJ
arjefm-93	353	60	management	management	NOUN
arjefm-93	353	61	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	353	62	,	,	PUNCT
arjefm-93	353	63	email	email	NOUN
arjefm-93	353	64	:	:	PUNCT
arjefm-93	353	65	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	354	1	52	52	NUM
arjefm-93	355	1	|	|	ADV
arjefm-93	355	2	p	p	X
arjefm-93	355	3	a	a	DET
arjefm-93	355	4	g	g	NOUN
arjefm-93	355	5	e	e	NOUN
arjefm-93	355	6	analysis	analysis	NOUN
arjefm-93	355	7	assumes	assume	VERB
arjefm-93	355	8	that	that	SCONJ
arjefm-93	355	9	banks	bank	NOUN
arjefm-93	355	10	will	will	AUX
arjefm-93	355	11	initially	initially	ADV
arjefm-93	355	12	increase	increase	VERB
arjefm-93	355	13	lending	lending	NOUN
arjefm-93	355	14	margins	margin	NOUN
arjefm-93	355	15	and	and	CCONJ
arjefm-93	355	16	reduce	reduce	VERB
arjefm-93	355	17	the	the	DET
arjefm-93	355	18	quantity	quantity	NOUN
arjefm-93	355	19	of	of	ADP
arjefm-93	355	20	new	new	ADJ
arjefm-93	355	21	lending	lending	NOUN
arjefm-93	355	22	.	.	PUNCT
arjefm-93	356	1	any	any	DET
arjefm-93	356	2	increase	increase	NOUN
arjefm-93	356	3	in	in	ADP
arjefm-93	356	4	the	the	DET
arjefm-93	356	5	cost	cost	NOUN
arjefm-93	356	6	and	and	CCONJ
arjefm-93	356	7	decline	decline	VERB
arjefm-93	356	8	in	in	ADP
arjefm-93	356	9	the	the	DET
arjefm-93	356	10	supply	supply	NOUN
arjefm-93	356	11	of	of	ADP
arjefm-93	356	12	bank	bank	NOUN
arjefm-93	356	13	loans	loan	NOUN
arjefm-93	356	14	could	could	AUX
arjefm-93	356	15	have	have	VERB
arjefm-93	356	16	a	a	DET
arjefm-93	356	17	transitory	transitory	ADJ
arjefm-93	356	18	impact	impact	NOUN
arjefm-93	356	19	on	on	ADP
arjefm-93	356	20	growth	growth	NOUN
arjefm-93	356	21	especially	especially	ADV
arjefm-93	356	22	in	in	ADP
arjefm-93	356	23	sectors	sector	NOUN
arjefm-93	356	24	that	that	PRON
arjefm-93	356	25	rely	rely	VERB
arjefm-93	356	26	heavily	heavily	ADV
arjefm-93	356	27	on	on	ADP
arjefm-93	356	28	bank	bank	NOUN
arjefm-93	356	29	credit	credit	NOUN
arjefm-93	356	30	.	.	PUNCT
arjefm-93	357	1	in	in	ADP
arjefm-93	357	2	the	the	DET
arjefm-93	357	3	longer	long	ADJ
arjefm-93	357	4	term	term	NOUN
arjefm-93	357	5	,	,	PUNCT
arjefm-93	357	6	however	however	ADV
arjefm-93	357	7	,	,	PUNCT
arjefm-93	357	8	as	as	SCONJ
arjefm-93	357	9	banks	bank	NOUN
arjefm-93	357	10	become	become	VERB
arjefm-93	357	11	less	less	ADV
arjefm-93	357	12	risky	risky	ADJ
arjefm-93	357	13	both	both	CCONJ
arjefm-93	357	14	the	the	DET
arjefm-93	357	15	cost	cost	NOUN
arjefm-93	357	16	and	and	CCONJ
arjefm-93	357	17	quantity	quantity	NOUN
arjefm-93	357	18	of	of	ADP
arjefm-93	357	19	credit	credit	NOUN
arjefm-93	357	20	should	should	AUX
arjefm-93	357	21	recover	recover	VERB
arjefm-93	357	22	,	,	PUNCT
arjefm-93	357	23	reversing	reverse	VERB
arjefm-93	357	24	the	the	DET
arjefm-93	357	25	impact	impact	NOUN
arjefm-93	357	26	on	on	ADP
arjefm-93	357	27	consumption	consumption	NOUN
arjefm-93	357	28	and	and	CCONJ
arjefm-93	357	29	investment	investment	NOUN
arjefm-93	357	30	.	.	PUNCT
arjefm-93	358	1	based	base	VERB
arjefm-93	358	2	on	on	ADP
arjefm-93	358	3	the	the	DET
arjefm-93	358	4	above	above	ADJ
arjefm-93	358	5	intuition	intuition	NOUN
arjefm-93	358	6	the	the	DET
arjefm-93	358	7	mag	mag	ADJ
arjefm-93	358	8	analysis	analysis	NOUN
arjefm-93	358	9	was	be	AUX
arjefm-93	358	10	largely	largely	ADV
arjefm-93	358	11	formulated	formulate	VERB
arjefm-93	358	12	on	on	ADP
arjefm-93	358	13	a	a	DET
arjefm-93	358	14	two	two	NUM
arjefm-93	358	15	-	-	PUNCT
arjefm-93	358	16	step	step	NOUN
arjefm-93	358	17	approach	approach	NOUN
arjefm-93	358	18	.	.	PUNCT
arjefm-93	359	1	the	the	DET
arjefm-93	359	2	first	first	ADJ
arjefm-93	359	3	step	step	NOUN
arjefm-93	359	4	involves	involve	VERB
arjefm-93	359	5	estimating	estimate	VERB
arjefm-93	359	6	the	the	DET
arjefm-93	359	7	effect	effect	NOUN
arjefm-93	359	8	of	of	ADP
arjefm-93	359	9	higher	high	ADJ
arjefm-93	359	10	capital	capital	NOUN
arjefm-93	359	11	targets	target	NOUN
arjefm-93	359	12	on	on	ADP
arjefm-93	359	13	lending	lending	NOUN
arjefm-93	359	14	spreads	spread	NOUN
arjefm-93	359	15	and	and	CCONJ
arjefm-93	359	16	lending	lending	NOUN
arjefm-93	359	17	volumes	volume	NOUN
arjefm-93	359	18	using	use	VERB
arjefm-93	359	19	statistical	statistical	ADJ
arjefm-93	359	20	relationships	relationship	NOUN
arjefm-93	359	21	and	and	CCONJ
arjefm-93	359	22	accounting	accounting	NOUN
arjefm-93	359	23	identities	identity	NOUN
arjefm-93	359	24	to	to	PART
arjefm-93	359	25	predict	predict	VERB
arjefm-93	359	26	how	how	SCONJ
arjefm-93	359	27	banks	bank	NOUN
arjefm-93	359	28	will	will	AUX
arjefm-93	359	29	adjust	adjust	VERB
arjefm-93	359	30	.	.	PUNCT
arjefm-93	360	1	the	the	DET
arjefm-93	360	2	second	second	ADJ
arjefm-93	360	3	step	step	NOUN
arjefm-93	360	4	takes	take	VERB
arjefm-93	360	5	these	these	DET
arjefm-93	360	6	forecast	forecast	NOUN
arjefm-93	360	7	paths	path	NOUN
arjefm-93	360	8	for	for	ADP
arjefm-93	360	9	lending	lending	NOUN
arjefm-93	360	10	spreads	spread	NOUN
arjefm-93	360	11	and	and	CCONJ
arjefm-93	360	12	volumes	volume	NOUN
arjefm-93	360	13	as	as	ADP
arjefm-93	360	14	inputs	input	NOUN
arjefm-93	360	15	into	into	ADP
arjefm-93	360	16	standard	standard	ADJ
arjefm-93	360	17	macroeconomic	macroeconomic	ADJ
arjefm-93	360	18	forecasting	forecasting	NOUN
arjefm-93	360	19	models	model	NOUN
arjefm-93	360	20	in	in	ADP
arjefm-93	360	21	use	use	NOUN
arjefm-93	360	22	at	at	ADP
arjefm-93	360	23	central	central	ADJ
arjefm-93	360	24	banks	bank	NOUN
arjefm-93	360	25	and	and	CCONJ
arjefm-93	360	26	regulatory	regulatory	ADJ
arjefm-93	360	27	agencies	agency	NOUN
arjefm-93	360	28	.	.	PUNCT
arjefm-93	361	1	these	these	DET
arjefm-93	361	2	models	model	NOUN
arjefm-93	361	3	are	be	AUX
arjefm-93	361	4	then	then	ADV
arjefm-93	361	5	used	use	VERB
arjefm-93	361	6	to	to	PART
arjefm-93	361	7	estimate	estimate	VERB
arjefm-93	361	8	the	the	DET
arjefm-93	361	9	effects	effect	NOUN
arjefm-93	361	10	of	of	ADP
arjefm-93	361	11	changes	change	NOUN
arjefm-93	361	12	to	to	ADP
arjefm-93	361	13	lending	lending	NOUN
arjefm-93	361	14	spreads	spread	NOUN
arjefm-93	361	15	and	and	CCONJ
arjefm-93	361	16	bank	bank	NOUN
arjefm-93	361	17	lending	lending	NOUN
arjefm-93	361	18	standards	standard	NOUN
arjefm-93	361	19	on	on	ADP
arjefm-93	361	20	consumption	consumption	NOUN
arjefm-93	361	21	,	,	PUNCT
arjefm-93	361	22	investment	investment	NOUN
arjefm-93	361	23	and	and	CCONJ
arjefm-93	361	24	other	other	ADJ
arjefm-93	361	25	macroeconomic	macroeconomic	ADJ
arjefm-93	361	26	variables	variable	NOUN
arjefm-93	361	27	.	.	PUNCT
arjefm-93	362	1	in	in	ADP
arjefm-93	362	2	particular	particular	ADJ
arjefm-93	362	3	the	the	DET
arjefm-93	362	4	2009	2009	NUM
arjefm-93	362	5	tier	tier	NOUN
arjefm-93	362	6	1	1	NUM
arjefm-93	362	7	ratio	ratio	NOUN
arjefm-93	362	8	for	for	ADP
arjefm-93	362	9	group	group	NOUN
arjefm-93	362	10	1	1	NUM
arjefm-93	362	11	banks	bank	NOUN
arjefm-93	362	12	in	in	ADP
arjefm-93	362	13	the	the	DET
arjefm-93	362	14	bis	bis	ADJ
arjefm-93	362	15	study	study	NOUN
arjefm-93	362	16	is	be	AUX
arjefm-93	362	17	10.5	10.5	NUM
arjefm-93	362	18	percent	percent	NOUN
arjefm-93	362	19	.	.	PUNCT
arjefm-93	363	1	it	it	PRON
arjefm-93	363	2	is	be	AUX
arjefm-93	363	3	interesting	interesting	ADJ
arjefm-93	363	4	to	to	PART
arjefm-93	363	5	note	note	VERB
arjefm-93	363	6	that	that	SCONJ
arjefm-93	363	7	this	this	DET
arjefm-93	363	8	study	study	NOUN
arjefm-93	363	9	’s	’s	PART
arjefm-93	363	10	5.1	5.1	NUM
arjefm-93	363	11	roe	roe	NOUN
arjefm-93	363	12	is	be	AUX
arjefm-93	363	13	identical	identical	ADJ
arjefm-93	363	14	to	to	ADP
arjefm-93	363	15	the	the	DET
arjefm-93	363	16	net	net	ADJ
arjefm-93	363	17	equityto	equityto	ADJ
arjefm-93	363	18	-	-	PUNCT
arjefm-93	363	19	risk	risk	NOUN
arjefm-93	363	20	weighted	weight	VERB
arjefm-93	363	21	asset	asset	NOUN
arjefm-93	363	22	(	(	PUNCT
arjefm-93	363	23	cet1	cet1	NOUN
arjefm-93	363	24	)	)	PUNCT
arjefm-93	363	25	ratio	ratio	NOUN
arjefm-93	363	26	for	for	ADP
arjefm-93	363	27	their	their	PRON
arjefm-93	363	28	group	group	NOUN
arjefm-93	363	29	1	1	NUM
arjefm-93	363	30	banks	bank	NOUN
arjefm-93	363	31	(	(	PUNCT
arjefm-93	363	32	banks	bank	NOUN
arjefm-93	363	33	that	that	PRON
arjefm-93	363	34	have	have	VERB
arjefm-93	363	35	over	over	ADP
arjefm-93	363	36	three	three	NUM
arjefm-93	363	37	billion	billion	NUM
arjefm-93	363	38	euros	euro	NOUN
arjefm-93	363	39	of	of	ADP
arjefm-93	363	40	tier	tier	NOUN
arjefm-93	363	41	1	1	NUM
arjefm-93	363	42	capital	capital	NOUN
arjefm-93	363	43	)	)	PUNCT
arjefm-93	363	44	while	while	SCONJ
arjefm-93	363	45	it	it	PRON
arjefm-93	363	46	is	be	AUX
arjefm-93	363	47	11.1	11.1	NUM
arjefm-93	363	48	percent	percent	NOUN
arjefm-93	363	49	before	before	ADP
arjefm-93	363	50	the	the	DET
arjefm-93	363	51	changes	change	NOUN
arjefm-93	363	52	in	in	ADP
arjefm-93	363	53	regulation	regulation	NOUN
arjefm-93	363	54	(	(	PUNCT
arjefm-93	363	55	i.e.	i.e.	X
arjefm-93	363	56	for	for	ADP
arjefm-93	363	57	the	the	DET
arjefm-93	363	58	gross	gross	ADJ
arjefm-93	363	59	common	common	ADJ
arjefm-93	363	60	equity	equity	NOUN
arjefm-93	363	61	tier	tier	NOUN
arjefm-93	363	62	1	1	NUM
arjefm-93	363	63	ratio	ratio	NOUN
arjefm-93	363	64	)	)	PUNCT
arjefm-93	363	65	in	in	ADP
arjefm-93	363	66	the	the	DET
arjefm-93	363	67	bis	bis	ADJ
arjefm-93	363	68	study	study	NOUN
arjefm-93	363	69	.	.	PUNCT
arjefm-93	364	1	this	this	DET
arjefm-93	364	2	result	result	NOUN
arjefm-93	364	3	suggests	suggest	VERB
arjefm-93	364	4	that	that	SCONJ
arjefm-93	364	5	the	the	DET
arjefm-93	364	6	new	new	ADJ
arjefm-93	364	7	equity	equity	NOUN
arjefm-93	364	8	to	to	PART
arjefm-93	364	9	risk	risk	NOUN
arjefm-93	364	10	-	-	PUNCT
arjefm-93	364	11	weighted	weight	VERB
arjefm-93	364	12	asset	asset	NOUN
arjefm-93	364	13	ratio	ratio	NOUN
arjefm-93	364	14	is	be	AUX
arjefm-93	364	15	close	close	ADJ
arjefm-93	364	16	to	to	ADP
arjefm-93	364	17	a	a	DET
arjefm-93	364	18	pure	pure	ADJ
arjefm-93	364	19	equity	equity	NOUN
arjefm-93	364	20	-	-	PUNCT
arjefm-93	364	21	toasset	toasset	NOUN
arjefm-93	364	22	ratio	ratio	NOUN
arjefm-93	364	23	.	.	PUNCT
arjefm-93	365	1	the	the	DET
arjefm-93	365	2	bis	bis	PROPN
arjefm-93	365	3	estimates	estimate	VERB
arjefm-93	365	4	that	that	SCONJ
arjefm-93	365	5	under	under	ADP
arjefm-93	365	6	basel	basel	PROPN
arjefm-93	365	7	iii	iii	PROPN
arjefm-93	365	8	the	the	DET
arjefm-93	365	9	equity	equity	NOUN
arjefm-93	365	10	to	to	PART
arjefm-93	365	11	risk	risk	NOUN
arjefm-93	365	12	-	-	PUNCT
arjefm-93	365	13	weighted	weight	VERB
arjefm-93	365	14	asset	asset	NOUN
arjefm-93	365	15	(	(	PUNCT
arjefm-93	365	16	cet1	cet1	NOUN
arjefm-93	365	17	)	)	PUNCT
arjefm-93	365	18	ratio	ratio	NOUN
arjefm-93	365	19	would	would	AUX
arjefm-93	365	20	fall	fall	VERB
arjefm-93	365	21	to	to	ADP
arjefm-93	365	22	5.7	5.7	NUM
arjefm-93	365	23	percent	percent	NOUN
arjefm-93	365	24	from	from	ADP
arjefm-93	365	25	11.1	11.1	NUM
arjefm-93	365	26	percent	percent	NOUN
arjefm-93	365	27	for	for	ADP
arjefm-93	365	28	the	the	DET
arjefm-93	365	29	gross	gross	ADJ
arjefm-93	365	30	cet1	cet1	NOUN
arjefm-93	365	31	ratio	ratio	NOUN
arjefm-93	365	32	(	(	PUNCT
arjefm-93	365	33	pre	pre	ADJ
arjefm-93	365	34	-	-	ADJ
arjefm-93	365	35	basel	basel	ADJ
arjefm-93	365	36	iii	iii	PROPN
arjefm-93	365	37	ratio	ratio	NOUN
arjefm-93	365	38	)	)	PUNCT
arjefm-93	365	39	for	for	ADP
arjefm-93	365	40	group	group	NOUN
arjefm-93	365	41	1	1	NUM
arjefm-93	365	42	banks	bank	NOUN
arjefm-93	365	43	.	.	PUNCT
arjefm-93	366	1	following	follow	VERB
arjefm-93	366	2	cosimano	cosimano	NOUN
arjefm-93	366	3	and	and	CCONJ
arjefm-93	366	4	hakura	hakura	X
arjefm-93	366	5	(	(	PUNCT
arjefm-93	366	6	2011	2011	NUM
arjefm-93	366	7	)	)	PUNCT
arjefm-93	366	8	it	it	PRON
arjefm-93	366	9	would	would	AUX
arjefm-93	366	10	be	be	AUX
arjefm-93	366	11	assumed	assume	VERB
arjefm-93	366	12	that	that	SCONJ
arjefm-93	366	13	most	most	ADJ
arjefm-93	366	14	of	of	ADP
arjefm-93	366	15	this	this	DET
arjefm-93	366	16	decline	decline	NOUN
arjefm-93	366	17	is	be	AUX
arjefm-93	366	18	associated	associate	VERB
arjefm-93	366	19	with	with	ADP
arjefm-93	366	20	tighter	tight	ADJ
arjefm-93	366	21	standards	standard	NOUN
arjefm-93	366	22	on	on	ADP
arjefm-93	366	23	bank	bank	NOUN
arjefm-93	366	24	equity	equity	NOUN
arjefm-93	366	25	with	with	ADP
arjefm-93	366	26	the	the	DET
arjefm-93	366	27	removal	removal	NOUN
arjefm-93	366	28	of	of	ADP
arjefm-93	366	29	goodwill	goodwill	NOUN
arjefm-93	366	30	being	be	AUX
arjefm-93	366	31	the	the	DET
arjefm-93	366	32	most	most	ADV
arjefm-93	366	33	important	important	ADJ
arjefm-93	366	34	one	one	NUM
arjefm-93	366	35	.	.	PUNCT
arjefm-93	367	1	the	the	DET
arjefm-93	367	2	rest	rest	NOUN
arjefm-93	367	3	of	of	ADP
arjefm-93	367	4	the	the	DET
arjefm-93	367	5	decline	decline	NOUN
arjefm-93	367	6	arises	arise	VERB
arjefm-93	367	7	from	from	ADP
arjefm-93	367	8	stricter	strict	ADJ
arjefm-93	367	9	rules	rule	NOUN
arjefm-93	367	10	on	on	ADP
arjefm-93	367	11	rwas	rwas	NOUN
arjefm-93	367	12	.	.	PUNCT
arjefm-93	368	1	the	the	DET
arjefm-93	368	2	biggest	big	ADJ
arjefm-93	368	3	contributors	contributor	NOUN
arjefm-93	368	4	to	to	ADP
arjefm-93	368	5	this	this	DET
arjefm-93	368	6	increase	increase	NOUN
arjefm-93	368	7	are	be	AUX
arjefm-93	368	8	adjustments	adjustment	NOUN
arjefm-93	368	9	for	for	ADP
arjefm-93	368	10	counterparty	counterparty	NOUN
arjefm-93	368	11	risk	risk	NOUN
arjefm-93	368	12	and	and	CCONJ
arjefm-93	368	13	the	the	DET
arjefm-93	368	14	application	application	NOUN
arjefm-93	368	15	of	of	ADP
arjefm-93	368	16	the	the	DET
arjefm-93	368	17	capital	capital	NOUN
arjefm-93	368	18	definition	definition	NOUN
arjefm-93	368	19	.	.	PUNCT
arjefm-93	369	1	table	table	NOUN
arjefm-93	369	2	7	7	NUM
arjefm-93	369	3	reports	report	NOUN
arjefm-93	369	4	calculations	calculation	NOUN
arjefm-93	369	5	assuming	assume	VERB
arjefm-93	369	6	capital	capital	NOUN
arjefm-93	369	7	shortfall	shortfall	NOUN
arjefm-93	369	8	of	of	ADP
arjefm-93	369	9	1.3	1.3	NUM
arjefm-93	369	10	percentage	percentage	NOUN
arjefm-93	369	11	points	point	NOUN
arjefm-93	369	12	under	under	ADP
arjefm-93	369	13	basel	basel	PROPN
arjefm-93	369	14	iii	iii	PROPN
arjefm-93	369	15	for	for	ADP
arjefm-93	369	16	the	the	DET
arjefm-93	369	17	cross	cross	ADJ
arjefm-93	369	18	-	-	ADJ
arjefm-93	369	19	country	country	NOUN
arjefm-93	369	20	results	result	NOUN
arjefm-93	369	21	.	.	PUNCT
arjefm-93	370	1	for	for	ADP
arjefm-93	370	2	the	the	DET
arjefm-93	370	3	crisis	crisis	NOUN
arjefm-93	370	4	countries	country	NOUN
arjefm-93	370	5	a	a	DET
arjefm-93	370	6	1.3	1.3	NUM
arjefm-93	370	7	percentage	percentage	NOUN
arjefm-93	370	8	point	point	NOUN
arjefm-93	370	9	increase	increase	NOUN
arjefm-93	370	10	in	in	ADP
arjefm-93	370	11	equity	equity	NOUN
arjefm-93	370	12	-	-	PUNCT
arjefm-93	370	13	asset	asset	NOUN
arjefm-93	370	14	ratio	ratio	NOUN
arjefm-93	370	15	is	be	AUX
arjefm-93	370	16	estimated	estimate	VERB
arjefm-93	370	17	to	to	PART
arjefm-93	370	18	have	have	VERB
arjefm-93	370	19	a	a	DET
arjefm-93	370	20	more	more	ADV
arjefm-93	370	21	substantial	substantial	ADJ
arjefm-93	370	22	impact	impact	NOUN
arjefm-93	370	23	on	on	ADP
arjefm-93	370	24	loans	loan	NOUN
arjefm-93	370	25	(	(	PUNCT
arjefm-93	370	26	5.07	5.07	NUM
arjefm-93	370	27	%	%	NOUN
arjefm-93	370	28	)	)	PUNCT
arjefm-93	370	29	.	.	PUNCT
arjefm-93	371	1	the	the	DET
arjefm-93	371	2	impact	impact	NOUN
arjefm-93	371	3	of	of	ADP
arjefm-93	371	4	basel	basel	PROPN
arjefm-93	371	5	iii	iii	PROPN
arjefm-93	371	6	is	be	AUX
arjefm-93	371	7	largest	large	ADJ
arjefm-93	371	8	in	in	ADP
arjefm-93	371	9	the	the	DET
arjefm-93	371	10	non	non	ADJ
arjefm-93	371	11	-	-	ADJ
arjefm-93	371	12	crisis	crisis	ADJ
arjefm-93	371	13	denmark	denmark	NOUN
arjefm-93	371	14	since	since	SCONJ
arjefm-93	371	15	it	it	PRON
arjefm-93	371	16	is	be	AUX
arjefm-93	371	17	estimated	estimate	VERB
arjefm-93	371	18	to	to	PART
arjefm-93	371	19	have	have	VERB
arjefm-93	371	20	both	both	CCONJ
arjefm-93	371	21	a	a	DET
arjefm-93	371	22	relatively	relatively	ADV
arjefm-93	371	23	high	high	ADJ
arjefm-93	371	24	elasticity	elasticity	NOUN
arjefm-93	371	25	of	of	ADP
arjefm-93	371	26	loan	loan	NOUN
arjefm-93	371	27	demand	demand	NOUN
arjefm-93	371	28	with	with	ADP
arjefm-93	371	29	respect	respect	NOUN
arjefm-93	371	30	to	to	ADP
arjefm-93	371	31	changes	change	NOUN
arjefm-93	371	32	in	in	ADP
arjefm-93	371	33	the	the	DET
arjefm-93	371	34	loan	loan	NOUN
arjefm-93	371	35	rate	rate	NOUN
arjefm-93	371	36	and	and	CCONJ
arjefm-93	371	37	a	a	DET
arjefm-93	371	38	high	high	ADJ
arjefm-93	371	39	net	net	ADJ
arjefm-93	371	40	cost	cost	NOUN
arjefm-93	371	41	of	of	ADP
arjefm-93	371	42	raising	raise	VERB
arjefm-93	371	43	equity	equity	NOUN
arjefm-93	371	44	.	.	PUNCT
arjefm-93	372	1	if	if	SCONJ
arjefm-93	372	2	the	the	DET
arjefm-93	372	3	crisis	crisis	NOUN
arjefm-93	372	4	period	period	NOUN
arjefm-93	372	5	is	be	AUX
arjefm-93	372	6	excluded	exclude	VERB
arjefm-93	372	7	from	from	ADP
arjefm-93	372	8	the	the	DET
arjefm-93	372	9	estimation	estimation	NOUN
arjefm-93	372	10	period	period	NOUN
arjefm-93	372	11	(	(	PUNCT
arjefm-93	372	12	table	table	NOUN
arjefm-93	372	13	8)	8)	NUM
arjefm-93	372	14	then	then	ADV
arjefm-93	372	15	the	the	DET
arjefm-93	372	16	impact	impact	NOUN
arjefm-93	372	17	of	of	ADP
arjefm-93	372	18	basel	basel	PROPN
arjefm-93	372	19	iii	iii	PROPN
arjefm-93	372	20	in	in	ADP
arjefm-93	372	21	the	the	DET
arjefm-93	372	22	crisis	crisis	NOUN
arjefm-93	372	23	countries	country	NOUN
arjefm-93	372	24	is	be	AUX
arjefm-93	372	25	slightly	slightly	ADV
arjefm-93	372	26	smaller	small	ADJ
arjefm-93	372	27	following	follow	VERB
arjefm-93	372	28	the	the	DET
arjefm-93	372	29	lower	low	ADJ
arjefm-93	372	30	elasticity	elasticity	NOUN
arjefm-93	372	31	of	of	ADP
arjefm-93	372	32	demand	demand	NOUN
arjefm-93	372	33	across	across	ADP
arjefm-93	372	34	these	these	DET
arjefm-93	372	35	countries	country	NOUN
arjefm-93	372	36	.	.	PUNCT
arjefm-93	373	1	on	on	ADP
arjefm-93	373	2	the	the	DET
arjefm-93	373	3	other	other	ADJ
arjefm-93	373	4	hand	hand	NOUN
arjefm-93	373	5	,	,	PUNCT
arjefm-93	373	6	the	the	DET
arjefm-93	373	7	average	average	ADJ
arjefm-93	373	8	elasticity	elasticity	NOUN
arjefm-93	373	9	of	of	ADP
arjefm-93	373	10	loan	loan	NOUN
arjefm-93	373	11	demand	demand	NOUN
arjefm-93	373	12	is	be	AUX
arjefm-93	373	13	larger	large	ADJ
arjefm-93	373	14	for	for	ADP
arjefm-93	373	15	the	the	DET
arjefm-93	373	16	non	non	ADJ
arjefm-93	373	17	-	-	ADJ
arjefm-93	373	18	crisis	crisis	ADJ
arjefm-93	373	19	countries	country	NOUN
arjefm-93	373	20	which	which	PRON
arjefm-93	373	21	dominate	dominate	VERB
arjefm-93	373	22	the	the	DET
arjefm-93	373	23	decline	decline	NOUN
arjefm-93	373	24	in	in	ADP
arjefm-93	373	25	the	the	DET
arjefm-93	373	26	cost	cost	NOUN
arjefm-93	373	27	of	of	ADP
arjefm-93	373	28	equity	equity	NOUN
arjefm-93	373	29	under	under	ADP
arjefm-93	373	30	the	the	DET
arjefm-93	373	31	shorter	short	ADJ
arjefm-93	373	32	time	time	NOUN
arjefm-93	373	33	period	period	NOUN
arjefm-93	373	34	.	.	PUNCT
arjefm-93	374	1	the	the	DET
arjefm-93	374	2	results	result	NOUN
arjefm-93	374	3	for	for	ADP
arjefm-93	374	4	the	the	DET
arjefm-93	374	5	loan	loan	NOUN
arjefm-93	374	6	rates	rate	NOUN
arjefm-93	374	7	reported	report	VERB
arjefm-93	374	8	in	in	ADP
arjefm-93	374	9	column	column	NOUN
arjefm-93	374	10	1	1	NUM
arjefm-93	374	11	in	in	ADP
arjefm-93	374	12	table	table	NOUN
arjefm-93	374	13	7	7	NUM
arjefm-93	374	14	are	be	AUX
arjefm-93	374	15	broadly	broadly	ADV
arjefm-93	374	16	consistent	consistent	ADJ
arjefm-93	374	17	with	with	ADP
arjefm-93	374	18	the	the	DET
arjefm-93	374	19	findings	finding	NOUN
arjefm-93	374	20	from	from	ADP
arjefm-93	374	21	bis	bis	PROPN
arjefm-93	374	22	(	(	PUNCT
arjefm-93	374	23	2010c	2010c	NUM
arjefm-93	374	24	)	)	PUNCT
arjefm-93	374	25	for	for	ADP
arjefm-93	374	26	the	the	DET
arjefm-93	374	27	loan	loan	NOUN
arjefm-93	374	28	rate	rate	NOUN
arjefm-93	374	29	which	which	PRON
arjefm-93	374	30	showed	show	VERB
arjefm-93	374	31	that	that	SCONJ
arjefm-93	374	32	the	the	DET
arjefm-93	374	33	mean	mean	ADJ
arjefm-93	374	34	lending	lending	NOUN
arjefm-93	374	35	rate	rate	NOUN
arjefm-93	374	36	(	(	PUNCT
arjefm-93	374	37	weighted	weight	VERB
arjefm-93	374	38	by	by	ADP
arjefm-93	374	39	gdp	gdp	NOUN
arjefm-93	374	40	)	)	PUNCT
arjefm-93	374	41	would	would	AUX
arjefm-93	374	42	increase	increase	VERB
arjefm-93	374	43	(	(	PUNCT
arjefm-93	374	44	across	across	ADP
arjefm-93	374	45	53	53	NUM
arjefm-93	374	46	models	model	NOUN
arjefm-93	374	47	)	)	PUNCT
arjefm-93	374	48	by	by	ADP
arjefm-93	374	49	16.7	16.7	NUM
arjefm-93	374	50	basis	basis	NOUN
arjefm-93	374	51	points	point	NOUN
arjefm-93	374	52	over	over	ADP
arjefm-93	374	53	eight	eight	NUM
arjefm-93	374	54	years	year	NOUN
arjefm-93	374	55	and	and	CCONJ
arjefm-93	374	56	15	15	NUM
arjefm-93	374	57	basis	basis	NOUN
arjefm-93	374	58	points	point	NOUN
arjefm-93	374	59	respectively	respectively	ADV
arjefm-93	374	60	.	.	PUNCT
arjefm-93	375	1	however	however	ADV
arjefm-93	375	2	the	the	DET
arjefm-93	375	3	magnitude	magnitude	NOUN
arjefm-93	375	4	is	be	AUX
arjefm-93	375	5	significantly	significantly	ADV
arjefm-93	375	6	above	above	ADP
arjefm-93	375	7	the	the	DET
arjefm-93	375	8	upper	upper	ADJ
arjefm-93	375	9	bound	bind	VERB
arjefm-93	375	10	of	of	ADP
arjefm-93	375	11	6	6	NUM
arjefm-93	375	12	basis	basis	NOUN
arjefm-93	375	13	points	point	NOUN
arjefm-93	375	14	calibrated	calibrate	VERB
arjefm-93	375	15	in	in	ADP
arjefm-93	375	16	kashyap	kashyap	PROPN
arjefm-93	375	17	et	et	PROPN
arjefm-93	375	18	al	al	PROPN
arjefm-93	375	19	.	.	PROPN
arjefm-93	376	1	(	(	PUNCT
arjefm-93	376	2	2010	2010	NUM
arjefm-93	376	3	)	)	PUNCT
arjefm-93	376	4	.	.	PUNCT
arjefm-93	377	1	7	7	X
arjefm-93	377	2	.	.	X
arjefm-93	377	3	conclusions	conclusion	NOUN
arjefm-93	377	4	basel	basel	PROPN
arjefm-93	377	5	iii	iii	PROPN
arjefm-93	377	6	was	be	AUX
arjefm-93	377	7	developed	develop	VERB
arjefm-93	377	8	in	in	ADP
arjefm-93	377	9	response	response	NOUN
arjefm-93	377	10	to	to	ADP
arjefm-93	377	11	the	the	DET
arjefm-93	377	12	deficiencies	deficiency	NOUN
arjefm-93	377	13	in	in	ADP
arjefm-93	377	14	financial	financial	ADJ
arjefm-93	377	15	regulation	regulation	NOUN
arjefm-93	377	16	revealed	reveal	VERB
arjefm-93	377	17	by	by	ADP
arjefm-93	377	18	the	the	DET
arjefm-93	377	19	late2000s	late2000s	PROPN
arjefm-93	377	20	financial	financial	ADJ
arjefm-93	377	21	crisis	crisis	NOUN
arjefm-93	377	22	and	and	CCONJ
arjefm-93	377	23	the	the	DET
arjefm-93	377	24	flaws	flaw	NOUN
arjefm-93	377	25	spotted	spot	VERB
arjefm-93	377	26	in	in	ADP
arjefm-93	377	27	basel	basel	PROPN
arjefm-93	377	28	ii	ii	PROPN
arjefm-93	377	29	as	as	SCONJ
arjefm-93	377	30	discussed	discuss	VERB
arjefm-93	377	31	in	in	ADP
arjefm-93	377	32	this	this	DET
arjefm-93	377	33	paper	paper	NOUN
arjefm-93	377	34	.	.	PUNCT
arjefm-93	378	1	it	it	PRON
arjefm-93	378	2	is	be	AUX
arjefm-93	378	3	a	a	DET
arjefm-93	378	4	global	global	ADJ
arjefm-93	378	5	regulatory	regulatory	ADJ
arjefm-93	378	6	standard	standard	NOUN
arjefm-93	378	7	on	on	ADP
arjefm-93	378	8	bank	bank	NOUN
arjefm-93	378	9	capital	capital	NOUN
arjefm-93	378	10	adequacy	adequacy	NOUN
arjefm-93	378	11	,	,	PUNCT
arjefm-93	378	12	stress	stress	NOUN
arjefm-93	378	13	testing	testing	NOUN
arjefm-93	378	14	and	and	CCONJ
arjefm-93	378	15	market	market	NOUN
arjefm-93	378	16	liquidity	liquidity	NOUN
arjefm-93	378	17	risk	risk	NOUN
arjefm-93	378	18	agreed	agree	VERB
arjefm-93	378	19	upon	upon	SCONJ
arjefm-93	378	20	by	by	ADP
arjefm-93	378	21	the	the	DET
arjefm-93	378	22	members	member	NOUN
arjefm-93	378	23	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	379	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	380	1	american	american	PROPN
arjefm-93	380	2	research	research	PROPN
arjefm-93	380	3	journal	journal	PROPN
arjefm-93	380	4	of	of	ADP
arjefm-93	380	5	economics	economic	NOUN
arjefm-93	380	6	,	,	PUNCT
arjefm-93	380	7	finance	finance	NOUN
arjefm-93	380	8	and	and	CCONJ
arjefm-93	380	9	management	management	NOUN
arjefm-93	380	10	volume	volume	NOUN
arjefm-93	380	11	11	11	NUM
arjefm-93	380	12	issue	issue	NOUN
arjefm-93	380	13	4	4	NUM
arjefm-93	380	14	,	,	PUNCT
arjefm-93	380	15	october	october	PROPN
arjefm-93	380	16	-	-	PUNCT
arjefm-93	380	17	december	december	PROPN
arjefm-93	380	18	2023	2023	NUM
arjefm-93	380	19	issn	issn	NOUN
arjefm-93	380	20	:	:	PUNCT
arjefm-93	380	21	2836	2836	NUM
arjefm-93	380	22	-	-	SYM
arjefm-93	380	23	9416	9416	NUM
arjefm-93	380	24	impact	impact	NOUN
arjefm-93	380	25	factor	factor	NOUN
arjefm-93	380	26	:	:	PUNCT
arjefm-93	380	27	5.57	5.57	NUM
arjefm-93	380	28	journal	journal	NOUN
arjefm-93	380	29	homepage	homepage	NOUN
arjefm-93	380	30	:	:	PUNCT
arjefm-93	380	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	380	32	,	,	PUNCT
arjefm-93	380	33	email	email	NOUN
arjefm-93	380	34	:	:	PUNCT
arjefm-93	381	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	381	2	official	official	ADJ
arjefm-93	381	3	journal	journal	PROPN
arjefm-93	381	4	of	of	ADP
arjefm-93	381	5	america	america	PROPN
arjefm-93	381	6	serial	serial	PROPN
arjefm-93	381	7	publication	publication	NOUN
arjefm-93	381	8	american	american	PROPN
arjefm-93	381	9	research	research	PROPN
arjefm-93	381	10	journal	journal	PROPN
arjefm-93	381	11	of	of	ADP
arjefm-93	381	12	economics	economic	NOUN
arjefm-93	381	13	,	,	PUNCT
arjefm-93	381	14	finance	finance	NOUN
arjefm-93	381	15	and	and	CCONJ
arjefm-93	381	16	management	management	NOUN
arjefm-93	381	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	381	18	,	,	PUNCT
arjefm-93	381	19	email	email	NOUN
arjefm-93	381	20	:	:	PUNCT
arjefm-93	381	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	382	1	53	53	NUM
arjefm-93	383	1	|	|	ADV
arjefm-93	383	2	p	p	X
arjefm-93	383	3	a	a	DET
arjefm-93	383	4	g	g	NOUN
arjefm-93	383	5	e	e	NOUN
arjefm-93	383	6	of	of	ADP
arjefm-93	383	7	the	the	DET
arjefm-93	383	8	basel	basel	PROPN
arjefm-93	383	9	committee	committee	PROPN
arjefm-93	383	10	on	on	ADP
arjefm-93	383	11	banking	banking	NOUN
arjefm-93	383	12	supervision	supervision	NOUN
arjefm-93	383	13	in	in	ADP
arjefm-93	383	14	2010	2010	NUM
arjefm-93	383	15	-	-	SYM
arjefm-93	383	16	2011	2011	NUM
arjefm-93	383	17	.	.	PUNCT
arjefm-93	384	1	this	this	DET
arjefm-93	384	2	innovative	innovative	ADJ
arjefm-93	384	3	framework	framework	NOUN
arjefm-93	384	4	strengthens	strengthen	VERB
arjefm-93	384	5	bank	bank	NOUN
arjefm-93	384	6	capital	capital	NOUN
arjefm-93	384	7	requirements	requirement	NOUN
arjefm-93	384	8	and	and	CCONJ
arjefm-93	384	9	introduces	introduce	VERB
arjefm-93	384	10	new	new	ADJ
arjefm-93	384	11	regulatory	regulatory	ADJ
arjefm-93	384	12	requirements	requirement	NOUN
arjefm-93	384	13	on	on	ADP
arjefm-93	384	14	bank	bank	NOUN
arjefm-93	384	15	liquidity	liquidity	NOUN
arjefm-93	384	16	and	and	CCONJ
arjefm-93	384	17	bank	bank	NOUN
arjefm-93	384	18	leverage	leverage	NOUN
arjefm-93	384	19	.	.	PUNCT
arjefm-93	385	1	the	the	DET
arjefm-93	385	2	change	change	NOUN
arjefm-93	385	3	in	in	ADP
arjefm-93	385	4	the	the	DET
arjefm-93	385	5	calculation	calculation	NOUN
arjefm-93	385	6	of	of	ADP
arjefm-93	385	7	loan	loan	NOUN
arjefm-93	385	8	risk	risk	NOUN
arjefm-93	385	9	in	in	ADP
arjefm-93	385	10	basel	basel	PROPN
arjefm-93	385	11	ii	ii	PROPN
arjefm-93	385	12	for	for	ADP
arjefm-93	385	13	instance	instance	NOUN
arjefm-93	385	14	which	which	PRON
arjefm-93	385	15	some	some	PRON
arjefm-93	385	16	consider	consider	VERB
arjefm-93	385	17	a	a	DET
arjefm-93	385	18	causal	causal	ADJ
arjefm-93	385	19	factor	factor	NOUN
arjefm-93	385	20	in	in	ADP
arjefm-93	385	21	the	the	DET
arjefm-93	385	22	credit	credit	NOUN
arjefm-93	385	23	bubble	bubble	NOUN
arjefm-93	385	24	prior	prior	ADV
arjefm-93	385	25	to	to	ADP
arjefm-93	385	26	the	the	DET
arjefm-93	385	27	2007	2007	NUM
arjefm-93	385	28	-	-	SYM
arjefm-93	385	29	2008	2008	NUM
arjefm-93	385	30	collapse	collapse	NOUN
arjefm-93	385	31	(	(	PUNCT
arjefm-93	385	32	in	in	ADP
arjefm-93	385	33	basel	basel	PROPN
arjefm-93	385	34	ii	ii	PROPN
arjefm-93	385	35	one	one	NUM
arjefm-93	385	36	of	of	ADP
arjefm-93	385	37	the	the	DET
arjefm-93	385	38	principal	principal	ADJ
arjefm-93	385	39	factors	factor	NOUN
arjefm-93	385	40	of	of	ADP
arjefm-93	385	41	financial	financial	ADJ
arjefm-93	385	42	risk	risk	NOUN
arjefm-93	385	43	management	management	NOUN
arjefm-93	385	44	was	be	AUX
arjefm-93	385	45	outsourced	outsource	VERB
arjefm-93	385	46	to	to	ADP
arjefm-93	385	47	companies	company	NOUN
arjefm-93	385	48	that	that	PRON
arjefm-93	385	49	were	be	AUX
arjefm-93	385	50	not	not	PART
arjefm-93	385	51	subject	subject	ADJ
arjefm-93	385	52	to	to	ADP
arjefm-93	385	53	supervision	supervision	NOUN
arjefm-93	385	54	i.e.	i.e.	X
arjefm-93	385	55	credit	credit	NOUN
arjefm-93	385	56	rating	rating	NOUN
arjefm-93	385	57	agencies	agency	NOUN
arjefm-93	385	58	)	)	PUNCT
arjefm-93	385	59	.	.	PUNCT
arjefm-93	386	1	ratings	rating	NOUN
arjefm-93	386	2	of	of	ADP
arjefm-93	386	3	creditworthiness	creditworthiness	NOUN
arjefm-93	386	4	and	and	CCONJ
arjefm-93	386	5	bonds	bond	NOUN
arjefm-93	386	6	,	,	PUNCT
arjefm-93	386	7	financial	financial	ADJ
arjefm-93	386	8	bundles	bundle	NOUN
arjefm-93	386	9	and	and	CCONJ
arjefm-93	386	10	various	various	ADJ
arjefm-93	386	11	other	other	ADJ
arjefm-93	386	12	financial	financial	ADJ
arjefm-93	386	13	instruments	instrument	NOUN
arjefm-93	386	14	were	be	AUX
arjefm-93	386	15	conducted	conduct	VERB
arjefm-93	386	16	by	by	ADP
arjefm-93	386	17	official	official	ADJ
arjefm-93	386	18	agencies	agency	NOUN
arjefm-93	386	19	without	without	ADP
arjefm-93	386	20	supervision	supervision	NOUN
arjefm-93	386	21	thus	thus	ADV
arjefm-93	386	22	leading	lead	VERB
arjefm-93	386	23	to	to	ADP
arjefm-93	386	24	aaa	aaa	NOUN
arjefm-93	386	25	ratings	rating	NOUN
arjefm-93	386	26	on	on	ADP
arjefm-93	386	27	mortgage	mortgage	NOUN
arjefm-93	386	28	-	-	PUNCT
arjefm-93	386	29	backed	back	VERB
arjefm-93	386	30	securities	security	NOUN
arjefm-93	386	31	,	,	PUNCT
arjefm-93	386	32	credit	credit	NOUN
arjefm-93	386	33	default	default	NOUN
arjefm-93	386	34	swaps	swap	NOUN
arjefm-93	386	35	,	,	PUNCT
arjefm-93	386	36	and	and	CCONJ
arjefm-93	386	37	other	other	ADJ
arjefm-93	386	38	instruments	instrument	NOUN
arjefm-93	386	39	that	that	PRON
arjefm-93	386	40	proved	prove	VERB
arjefm-93	386	41	in	in	ADP
arjefm-93	386	42	practice	practice	NOUN
arjefm-93	386	43	to	to	PART
arjefm-93	386	44	be	be	AUX
arjefm-93	386	45	extremely	extremely	ADV
arjefm-93	386	46	bad	bad	ADJ
arjefm-93	386	47	credit	credit	NOUN
arjefm-93	386	48	risks	risk	NOUN
arjefm-93	386	49	.	.	PUNCT
arjefm-93	387	1	in	in	ADP
arjefm-93	387	2	basel	basel	PROPN
arjefm-93	387	3	iii	iii	PROPN
arjefm-93	387	4	a	a	DET
arjefm-93	387	5	more	more	ADV
arjefm-93	387	6	formal	formal	ADJ
arjefm-93	387	7	scenario	scenario	NOUN
arjefm-93	387	8	analysis	analysis	NOUN
arjefm-93	387	9	is	be	AUX
arjefm-93	387	10	applied	apply	VERB
arjefm-93	387	11	.	.	PUNCT
arjefm-93	388	1	this	this	DET
arjefm-93	388	2	paper	paper	NOUN
arjefm-93	388	3	aims	aim	VERB
arjefm-93	388	4	to	to	PART
arjefm-93	388	5	broaden	broaden	VERB
arjefm-93	388	6	and	and	CCONJ
arjefm-93	388	7	deepen	deepen	VERB
arjefm-93	388	8	the	the	DET
arjefm-93	388	9	understanding	understanding	NOUN
arjefm-93	388	10	of	of	ADP
arjefm-93	388	11	the	the	DET
arjefm-93	388	12	likely	likely	ADJ
arjefm-93	388	13	impact	impact	NOUN
arjefm-93	388	14	of	of	ADP
arjefm-93	388	15	the	the	DET
arjefm-93	388	16	new	new	ADJ
arjefm-93	388	17	capital	capital	NOUN
arjefm-93	388	18	requirements	requirement	NOUN
arjefm-93	388	19	introduced	introduce	VERB
arjefm-93	388	20	under	under	ADP
arjefm-93	388	21	the	the	DET
arjefm-93	388	22	basel	basel	PROPN
arjefm-93	388	23	iii	iii	PROPN
arjefm-93	388	24	framework	framework	NOUN
arjefm-93	388	25	on	on	ADP
arjefm-93	388	26	bank	bank	NOUN
arjefm-93	388	27	lending	lending	NOUN
arjefm-93	388	28	rates	rate	NOUN
arjefm-93	388	29	and	and	CCONJ
arjefm-93	388	30	volume	volume	NOUN
arjefm-93	388	31	of	of	ADP
arjefm-93	388	32	lending	lending	NOUN
arjefm-93	388	33	.	.	PUNCT
arjefm-93	389	1	the	the	DET
arjefm-93	389	2	contribution	contribution	NOUN
arjefm-93	389	3	of	of	ADP
arjefm-93	389	4	this	this	DET
arjefm-93	389	5	paper	paper	NOUN
arjefm-93	389	6	is	be	AUX
arjefm-93	389	7	threefold	threefold	ADV
arjefm-93	389	8	concerning	concern	VERB
arjefm-93	389	9	the	the	DET
arjefm-93	389	10	understanding	understanding	NOUN
arjefm-93	389	11	and	and	CCONJ
arjefm-93	389	12	testing	testing	NOUN
arjefm-93	389	13	of	of	ADP
arjefm-93	389	14	the	the	DET
arjefm-93	389	15	impact	impact	NOUN
arjefm-93	389	16	of	of	ADP
arjefm-93	389	17	the	the	DET
arjefm-93	389	18	new	new	ADJ
arjefm-93	389	19	regulations	regulation	NOUN
arjefm-93	389	20	on	on	ADP
arjefm-93	389	21	the	the	DET
arjefm-93	389	22	banks	bank	NOUN
arjefm-93	389	23	.	.	PUNCT
arjefm-93	390	1	firstly	firstly	ADV
arjefm-93	390	2	,	,	PUNCT
arjefm-93	390	3	the	the	DET
arjefm-93	390	4	paper	paper	NOUN
arjefm-93	390	5	derives	derive	VERB
arjefm-93	390	6	empirically	empirically	ADV
arjefm-93	390	7	testable	testable	ADJ
arjefm-93	390	8	relations	relation	NOUN
arjefm-93	390	9	from	from	ADP
arjefm-93	390	10	a	a	DET
arjefm-93	390	11	structural	structural	ADJ
arjefm-93	390	12	model	model	NOUN
arjefm-93	390	13	of	of	ADP
arjefm-93	390	14	the	the	DET
arjefm-93	390	15	capital	capital	NOUN
arjefm-93	390	16	channel	channel	NOUN
arjefm-93	390	17	of	of	ADP
arjefm-93	390	18	monetary	monetary	ADJ
arjefm-93	390	19	policy	policy	NOUN
arjefm-93	390	20	developed	develop	VERB
arjefm-93	390	21	by	by	ADP
arjefm-93	390	22	chami	chami	NOUN
arjefm-93	390	23	and	and	CCONJ
arjefm-93	390	24	cosimano	cosimano	NOUN
arjefm-93	390	25	(	(	PUNCT
arjefm-93	390	26	2010	2010	NUM
arjefm-93	390	27	)	)	PUNCT
arjefm-93	390	28	.	.	PUNCT
arjefm-93	391	1	in	in	ADP
arjefm-93	391	2	doing	do	VERB
arjefm-93	391	3	so	so	ADV
arjefm-93	391	4	it	it	PRON
arjefm-93	391	5	follows	follow	VERB
arjefm-93	391	6	barajas	barajas	PROPN
arjefm-93	391	7	et	et	PROPN
arjefm-93	391	8	al	al	PROPN
arjefm-93	391	9	.	.	PROPN
arjefm-93	392	1	(	(	PUNCT
arjefm-93	392	2	2010	2010	NUM
arjefm-93	392	3	)	)	PUNCT
arjefm-93	392	4	analysis	analysis	NOUN
arjefm-93	392	5	of	of	ADP
arjefm-93	392	6	large	large	ADJ
arjefm-93	392	7	bank	bank	NOUN
arjefm-93	392	8	holding	hold	VERB
arjefm-93	392	9	companies	company	NOUN
arjefm-93	392	10	in	in	ADP
arjefm-93	392	11	the	the	DET
arjefm-93	392	12	united	united	PROPN
arjefm-93	392	13	states	states	PROPN
arjefm-93	392	14	.	.	PUNCT
arjefm-93	393	1	in	in	ADP
arjefm-93	393	2	this	this	DET
arjefm-93	393	3	model	model	NOUN
arjefm-93	393	4	loan	loan	NOUN
arjefm-93	393	5	demand	demand	NOUN
arjefm-93	393	6	shocks	shock	NOUN
arjefm-93	393	7	are	be	AUX
arjefm-93	393	8	transmitted	transmit	VERB
arjefm-93	393	9	to	to	ADP
arjefm-93	393	10	the	the	DET
arjefm-93	393	11	credit	credit	NOUN
arjefm-93	393	12	supply	supply	NOUN
arjefm-93	393	13	via	via	ADP
arjefm-93	393	14	the	the	DET
arjefm-93	393	15	regulatory	regulatory	ADJ
arjefm-93	393	16	capital	capital	NOUN
arjefm-93	393	17	constraint	constraint	NOUN
arjefm-93	393	18	.	.	PUNCT
arjefm-93	394	1	in	in	ADP
arjefm-93	394	2	particular	particular	ADJ
arjefm-93	394	3	,	,	PUNCT
arjefm-93	394	4	a	a	DET
arjefm-93	394	5	bank	bank	NOUN
arjefm-93	394	6	’s	’s	PART
arjefm-93	394	7	decision	decision	NOUN
arjefm-93	394	8	to	to	PART
arjefm-93	394	9	hold	hold	VERB
arjefm-93	394	10	capital	capital	NOUN
arjefm-93	394	11	is	be	AUX
arjefm-93	394	12	modeled	model	VERB
arjefm-93	394	13	as	as	ADP
arjefm-93	394	14	a	a	DET
arjefm-93	394	15	call	call	NOUN
arjefm-93	394	16	option	option	NOUN
arjefm-93	394	17	on	on	ADP
arjefm-93	394	18	the	the	DET
arjefm-93	394	19	optimal	optimal	ADJ
arjefm-93	394	20	future	future	ADJ
arjefm-93	394	21	loans	loan	NOUN
arjefm-93	394	22	issued	issue	VERB
arjefm-93	394	23	by	by	ADP
arjefm-93	394	24	the	the	DET
arjefm-93	394	25	bank	bank	NOUN
arjefm-93	394	26	.	.	PUNCT
arjefm-93	395	1	this	this	DET
arjefm-93	395	2	option	option	NOUN
arjefm-93	395	3	value	value	NOUN
arjefm-93	395	4	of	of	ADP
arjefm-93	395	5	the	the	DET
arjefm-93	395	6	bank	bank	NOUN
arjefm-93	395	7	’s	’s	PART
arjefm-93	395	8	capital	capital	NOUN
arjefm-93	395	9	increases	increase	NOUN
arjefm-93	395	10	when	when	SCONJ
arjefm-93	395	11	the	the	DET
arjefm-93	395	12	expected	expect	VERB
arjefm-93	395	13	level	level	NOUN
arjefm-93	395	14	of	of	ADP
arjefm-93	395	15	loans	loan	NOUN
arjefm-93	395	16	and	and	CCONJ
arjefm-93	395	17	the	the	DET
arjefm-93	395	18	amount	amount	NOUN
arjefm-93	395	19	of	of	ADP
arjefm-93	395	20	capital	capital	NOUN
arjefm-93	395	21	required	require	VERB
arjefm-93	395	22	by	by	ADP
arjefm-93	395	23	the	the	DET
arjefm-93	395	24	regulator	regulator	NOUN
arjefm-93	395	25	increase	increase	NOUN
arjefm-93	395	26	.	.	PUNCT
arjefm-93	396	1	the	the	DET
arjefm-93	396	2	bank	bank	NOUN
arjefm-93	396	3	’s	’s	PART
arjefm-93	396	4	choice	choice	NOUN
arjefm-93	396	5	of	of	ADP
arjefm-93	396	6	capital	capital	NOUN
arjefm-93	396	7	influences	influence	VERB
arjefm-93	396	8	its	its	PRON
arjefm-93	396	9	loan	loan	NOUN
arjefm-93	396	10	rate	rate	NOUN
arjefm-93	396	11	since	since	SCONJ
arjefm-93	396	12	the	the	DET
arjefm-93	396	13	marginal	marginal	ADJ
arjefm-93	396	14	cost	cost	NOUN
arjefm-93	396	15	of	of	ADP
arjefm-93	396	16	loans	loan	NOUN
arjefm-93	396	17	is	be	AUX
arjefm-93	396	18	a	a	DET
arjefm-93	396	19	weighted	weighted	ADJ
arjefm-93	396	20	average	average	NOUN
arjefm-93	396	21	of	of	ADP
arjefm-93	396	22	the	the	DET
arjefm-93	396	23	marginal	marginal	ADJ
arjefm-93	396	24	cost	cost	NOUN
arjefm-93	396	25	of	of	ADP
arjefm-93	396	26	deposits	deposit	NOUN
arjefm-93	396	27	and	and	CCONJ
arjefm-93	396	28	equity	equity	NOUN
arjefm-93	396	29	.	.	PUNCT
arjefm-93	397	1	consequently	consequently	ADV
arjefm-93	397	2	the	the	DET
arjefm-93	397	3	loan	loan	NOUN
arjefm-93	397	4	rate	rate	NOUN
arjefm-93	397	5	increases	increase	NOUN
arjefm-93	397	6	with	with	ADP
arjefm-93	397	7	an	an	DET
arjefm-93	397	8	increase	increase	NOUN
arjefm-93	397	9	in	in	ADP
arjefm-93	397	10	required	require	VERB
arjefm-93	397	11	capital	capital	NOUN
arjefm-93	397	12	as	as	ADV
arjefm-93	397	13	long	long	ADV
arjefm-93	397	14	as	as	SCONJ
arjefm-93	397	15	the	the	DET
arjefm-93	397	16	marginal	marginal	ADJ
arjefm-93	397	17	cost	cost	NOUN
arjefm-93	397	18	of	of	ADP
arjefm-93	397	19	equity	equity	NOUN
arjefm-93	397	20	exceeds	exceed	VERB
arjefm-93	397	21	the	the	DET
arjefm-93	397	22	marginal	marginal	ADJ
arjefm-93	397	23	cost	cost	NOUN
arjefm-93	397	24	of	of	ADP
arjefm-93	397	25	deposits	deposit	NOUN
arjefm-93	397	26	.	.	PUNCT
arjefm-93	398	1	on	on	ADP
arjefm-93	398	2	this	this	DET
arjefm-93	398	3	basis	basis	NOUN
arjefm-93	398	4	,	,	PUNCT
arjefm-93	398	5	the	the	DET
arjefm-93	398	6	paper	paper	NOUN
arjefm-93	398	7	’s	’s	PART
arjefm-93	398	8	results	result	NOUN
arjefm-93	398	9	suggest	suggest	VERB
arjefm-93	398	10	that	that	SCONJ
arjefm-93	398	11	banks	bank	NOUN
arjefm-93	398	12	’	’	PART
arjefm-93	398	13	responses	response	NOUN
arjefm-93	398	14	will	will	AUX
arjefm-93	398	15	vary	vary	VERB
arjefm-93	398	16	considerably	considerably	ADV
arjefm-93	398	17	from	from	ADP
arjefm-93	398	18	one	one	NUM
arjefm-93	398	19	european	european	ADJ
arjefm-93	398	20	economy	economy	NOUN
arjefm-93	398	21	to	to	ADP
arjefm-93	398	22	another	another	PRON
arjefm-93	398	23	reflecting	reflect	VERB
arjefm-93	398	24	cross	cross	ADJ
arjefm-93	398	25	-	-	ADJ
arjefm-93	398	26	country	country	ADJ
arjefm-93	398	27	variations	variation	NOUN
arjefm-93	398	28	in	in	ADP
arjefm-93	398	29	the	the	DET
arjefm-93	398	30	tightness	tightness	NOUN
arjefm-93	398	31	of	of	ADP
arjefm-93	398	32	capital	capital	NOUN
arjefm-93	398	33	constraints	constraint	NOUN
arjefm-93	398	34	,	,	PUNCT
arjefm-93	398	35	banks	bank	NOUN
arjefm-93	398	36	’	'	PUNCT
arjefm-93	398	37	net	net	ADJ
arjefm-93	398	38	cost	cost	NOUN
arjefm-93	398	39	of	of	ADP
arjefm-93	398	40	raising	raise	VERB
arjefm-93	398	41	equity	equity	NOUN
arjefm-93	398	42	,	,	PUNCT
arjefm-93	398	43	and	and	CCONJ
arjefm-93	398	44	elasticities	elasticity	NOUN
arjefm-93	398	45	of	of	ADP
arjefm-93	398	46	loan	loan	NOUN
arjefm-93	398	47	demand	demand	NOUN
arjefm-93	398	48	with	with	ADP
arjefm-93	398	49	respect	respect	NOUN
arjefm-93	398	50	to	to	ADP
arjefm-93	398	51	changes	change	NOUN
arjefm-93	398	52	in	in	ADP
arjefm-93	398	53	loan	loan	NOUN
arjefm-93	398	54	rates	rate	NOUN
arjefm-93	398	55	.	.	PUNCT
arjefm-93	399	1	the	the	DET
arjefm-93	399	2	country	country	NOUN
arjefm-93	399	3	-	-	PUNCT
arjefm-93	399	4	bycountry	bycountry	NOUN
arjefm-93	399	5	estimations	estimation	NOUN
arjefm-93	399	6	which	which	PRON
arjefm-93	399	7	include	include	VERB
arjefm-93	399	8	both	both	CCONJ
arjefm-93	399	9	large	large	ADJ
arjefm-93	399	10	and	and	CCONJ
arjefm-93	399	11	small	small	ADJ
arjefm-93	399	12	banks	bank	NOUN
arjefm-93	399	13	for	for	ADP
arjefm-93	399	14	which	which	PRON
arjefm-93	399	15	data	datum	NOUN
arjefm-93	399	16	is	be	AUX
arjefm-93	399	17	available	available	ADJ
arjefm-93	399	18	in	in	ADP
arjefm-93	399	19	each	each	DET
arjefm-93	399	20	country	country	NOUN
arjefm-93	399	21	suggest	suggest	VERB
arjefm-93	399	22	that	that	SCONJ
arjefm-93	399	23	the	the	DET
arjefm-93	399	24	net	net	ADJ
arjefm-93	399	25	cost	cost	NOUN
arjefm-93	399	26	of	of	ADP
arjefm-93	399	27	raising	raise	VERB
arjefm-93	399	28	equity	equity	NOUN
arjefm-93	399	29	by	by	ADP
arjefm-93	399	30	1.3	1.3	NUM
arjefm-93	399	31	percentage	percentage	NOUN
arjefm-93	399	32	points	point	NOUN
arjefm-93	399	33	ranges	range	VERB
arjefm-93	399	34	from	from	ADP
arjefm-93	399	35	1	1	NUM
arjefm-93	399	36	basis	basis	NOUN
arjefm-93	399	37	point	point	NOUN
arjefm-93	399	38	in	in	ADP
arjefm-93	399	39	sweden	sweden	PROPN
arjefm-93	399	40	to	to	ADP
arjefm-93	399	41	20	20	NUM
arjefm-93	399	42	basis	basis	NOUN
arjefm-93	399	43	points	point	NOUN
arjefm-93	399	44	in	in	ADP
arjefm-93	399	45	ireland	ireland	PROPN
arjefm-93	399	46	.	.	PUNCT
arjefm-93	400	1	similarly	similarly	ADV
arjefm-93	400	2	the	the	DET
arjefm-93	400	3	estimated	estimate	VERB
arjefm-93	400	4	elasticities	elasticity	NOUN
arjefm-93	400	5	of	of	ADP
arjefm-93	400	6	loan	loan	NOUN
arjefm-93	400	7	demand	demand	NOUN
arjefm-93	400	8	range	range	VERB
arjefm-93	400	9	from	from	ADP
arjefm-93	400	10	1.0	1.0	NUM
arjefm-93	400	11	percent	percent	NOUN
arjefm-93	400	12	in	in	ADP
arjefm-93	400	13	ireland	ireland	NOUN
arjefm-93	400	14	to	to	ADP
arjefm-93	400	15	6.59	6.59	NUM
arjefm-93	400	16	percent	percent	NOUN
arjefm-93	400	17	in	in	ADP
arjefm-93	400	18	denmark	denmark	NOUN
arjefm-93	400	19	.	.	PUNCT
arjefm-93	401	1	as	as	ADP
arjefm-93	401	2	a	a	DET
arjefm-93	401	3	result	result	NOUN
arjefm-93	401	4	the	the	DET
arjefm-93	401	5	average	average	ADJ
arjefm-93	401	6	impact	impact	NOUN
arjefm-93	401	7	of	of	ADP
arjefm-93	401	8	a	a	DET
arjefm-93	401	9	1.3	1.3	NUM
arjefm-93	401	10	percentage	percentage	NOUN
arjefm-93	401	11	point	point	NOUN
arjefm-93	401	12	increase	increase	NOUN
arjefm-93	401	13	in	in	ADP
arjefm-93	401	14	the	the	DET
arjefm-93	401	15	equity	equity	NOUN
arjefm-93	401	16	-	-	PUNCT
arjefm-93	401	17	asset	asset	NOUN
arjefm-93	401	18	ratio	ratio	NOUN
arjefm-93	401	19	on	on	ADP
arjefm-93	401	20	loan	loan	NOUN
arjefm-93	401	21	growth	growth	NOUN
arjefm-93	401	22	for	for	ADP
arjefm-93	401	23	the	the	DET
arjefm-93	401	24	crisis	crisis	NOUN
arjefm-93	401	25	countries	country	NOUN
arjefm-93	401	26	is	be	AUX
arjefm-93	401	27	5.07	5.07	NUM
arjefm-93	401	28	percent	percent	NOUN
arjefm-93	401	29	.	.	PUNCT
arjefm-93	402	1	this	this	DET
arjefm-93	402	2	impact	impact	NOUN
arjefm-93	402	3	is	be	AUX
arjefm-93	402	4	significantly	significantly	ADV
arjefm-93	402	5	higher	high	ADJ
arjefm-93	402	6	in	in	ADP
arjefm-93	402	7	the	the	DET
arjefm-93	402	8	non	non	ADJ
arjefm-93	402	9	-	-	ADJ
arjefm-93	402	10	crisis	crisis	ADJ
arjefm-93	402	11	countries	country	NOUN
arjefm-93	402	12	such	such	ADJ
arjefm-93	402	13	as	as	ADP
arjefm-93	402	14	ireland	ireland	PROPN
arjefm-93	402	15	and	and	CCONJ
arjefm-93	402	16	denmark	denmark	NOUN
arjefm-93	402	17	.	.	PUNCT
arjefm-93	403	1	the	the	DET
arjefm-93	403	2	potential	potential	NOUN
arjefm-93	403	3	for	for	ADP
arjefm-93	403	4	a	a	DET
arjefm-93	403	5	substantial	substantial	ADJ
arjefm-93	403	6	impact	impact	NOUN
arjefm-93	403	7	of	of	ADP
arjefm-93	403	8	capital	capital	NOUN
arjefm-93	403	9	requirements	requirement	NOUN
arjefm-93	403	10	makes	make	VERB
arjefm-93	403	11	it	it	PRON
arjefm-93	403	12	even	even	ADV
arjefm-93	403	13	more	more	ADV
arjefm-93	403	14	important	important	ADJ
arjefm-93	403	15	for	for	SCONJ
arjefm-93	403	16	policy	policy	NOUN
arjefm-93	403	17	makers	maker	NOUN
arjefm-93	403	18	in	in	ADP
arjefm-93	403	19	these	these	DET
arjefm-93	403	20	countries	country	NOUN
arjefm-93	403	21	to	to	PART
arjefm-93	403	22	identify	identify	VERB
arjefm-93	403	23	exactly	exactly	ADV
arjefm-93	403	24	why	why	SCONJ
arjefm-93	403	25	the	the	DET
arjefm-93	403	26	elasticity	elasticity	NOUN
arjefm-93	403	27	of	of	ADP
arjefm-93	403	28	loan	loan	NOUN
arjefm-93	403	29	demand	demand	NOUN
arjefm-93	403	30	or	or	CCONJ
arjefm-93	403	31	cost	cost	NOUN
arjefm-93	403	32	of	of	ADP
arjefm-93	403	33	equity	equity	NOUN
arjefm-93	403	34	is	be	AUX
arjefm-93	403	35	so	so	ADV
arjefm-93	403	36	high	high	ADJ
arjefm-93	403	37	in	in	ADP
arjefm-93	403	38	these	these	DET
arjefm-93	403	39	economies	economy	NOUN
arjefm-93	403	40	.	.	PUNCT
arjefm-93	404	1	references	reference	NOUN
arjefm-93	404	2	admati	admati	PROPN
arjefm-93	404	3	,	,	PUNCT
arjefm-93	404	4	a.	a.	PROPN
arjefm-93	404	5	r.	r.	PROPN
arjefm-93	404	6	,	,	PUNCT
arjefm-93	404	7	demarzo	demarzo	NOUN
arjefm-93	404	8	,	,	PUNCT
arjefm-93	404	9	p.	p.	NOUN
arjefm-93	404	10	m.	m.	NOUN
arjefm-93	404	11	,	,	PUNCT
arjefm-93	404	12	hellwig	hellwig	PROPN
arjefm-93	404	13	,	,	PUNCT
arjefm-93	404	14	m.	m.	PROPN
arjefm-93	404	15	f.	f.	PROPN
arjefm-93	404	16	&	&	CCONJ
arjefm-93	404	17	pfleiderer	pfleiderer	PROPN
arjefm-93	404	18	,	,	PUNCT
arjefm-93	404	19	p.	p.	NOUN
arjefm-93	404	20	(	(	PUNCT
arjefm-93	404	21	2010	2010	NUM
arjefm-93	404	22	)	)	PUNCT
arjefm-93	404	23	.	.	PUNCT
arjefm-93	405	1	fallacies	fallacy	NOUN
arjefm-93	405	2	,	,	PUNCT
arjefm-93	405	3	irrelevant	irrelevant	ADJ
arjefm-93	405	4	facts	fact	NOUN
arjefm-93	405	5	,	,	PUNCT
arjefm-93	405	6	and	and	CCONJ
arjefm-93	405	7	myths	myth	NOUN
arjefm-93	405	8	in	in	ADP
arjefm-93	405	9	the	the	DET
arjefm-93	405	10	discussion	discussion	NOUN
arjefm-93	405	11	of	of	ADP
arjefm-93	405	12	capital	capital	NOUN
arjefm-93	405	13	regulation	regulation	NOUN
arjefm-93	405	14	:	:	PUNCT
arjefm-93	405	15	why	why	SCONJ
arjefm-93	405	16	bank	bank	NOUN
arjefm-93	405	17	equity	equity	NOUN
arjefm-93	405	18	is	be	AUX
arjefm-93	405	19	not	not	PART
arjefm-93	405	20	expensive	expensive	ADJ
arjefm-93	405	21	.	.	PUNCT
arjefm-93	406	1	working	work	VERB
arjefm-93	406	2	paper	paper	PROPN
arjefm-93	406	3	no	no	INTJ
arjefm-93	406	4	.	.	PROPN
arjefm-93	406	5	42	42	NUM
arjefm-93	406	6	,	,	PUNCT
arjefm-93	406	7	graduate	graduate	NOUN
arjefm-93	406	8	school	school	NOUN
arjefm-93	406	9	of	of	ADP
arjefm-93	406	10	business	business	NOUN
arjefm-93	406	11	.	.	PUNCT
arjefm-93	407	1	california	california	PROPN
arjefm-93	407	2	:	:	PUNCT
arjefm-93	407	3	stanford	stanford	PROPN
arjefm-93	407	4	university	university	PROPN
arjefm-93	407	5	.	.	PUNCT
arjefm-93	408	1	andrews	andrews	PROPN
arjefm-93	408	2	,	,	PUNCT
arjefm-93	408	3	d.	d.	PROPN
arjefm-93	408	4	w.	w.	PROPN
arjefm-93	408	5	k.	k.	PROPN
arjefm-93	408	6	(	(	PUNCT
arjefm-93	408	7	1991	1991	NUM
arjefm-93	408	8	)	)	PUNCT
arjefm-93	408	9	,	,	PUNCT
arjefm-93	408	10	heteroskedasticity	heteroskedasticity	NOUN
arjefm-93	408	11	and	and	CCONJ
arjefm-93	408	12	autocorrelation	autocorrelation	NOUN
arjefm-93	408	13	consistent	consistent	ADJ
arjefm-93	408	14	covariance	covariance	NOUN
arjefm-93	408	15	matrix	matrix	NOUN
arjefm-93	408	16	estimation.econometrica	estimation.econometrica	PROPN
arjefm-93	408	17	,	,	PUNCT
arjefm-93	408	18	59	59	NUM
arjefm-93	408	19	,	,	PUNCT
arjefm-93	408	20	817–858	817–858	NUM
arjefm-93	408	21	.	.	PUNCT
arjefm-93	409	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	409	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	410	1	american	american	PROPN
arjefm-93	410	2	research	research	PROPN
arjefm-93	410	3	journal	journal	PROPN
arjefm-93	410	4	of	of	ADP
arjefm-93	410	5	economics	economic	NOUN
arjefm-93	410	6	,	,	PUNCT
arjefm-93	410	7	finance	finance	NOUN
arjefm-93	410	8	and	and	CCONJ
arjefm-93	410	9	management	management	NOUN
arjefm-93	410	10	volume	volume	NOUN
arjefm-93	410	11	11	11	NUM
arjefm-93	410	12	issue	issue	NOUN
arjefm-93	410	13	4	4	NUM
arjefm-93	410	14	,	,	PUNCT
arjefm-93	410	15	october	october	PROPN
arjefm-93	410	16	-	-	PUNCT
arjefm-93	410	17	december	december	PROPN
arjefm-93	410	18	2023	2023	NUM
arjefm-93	410	19	issn	issn	NOUN
arjefm-93	410	20	:	:	PUNCT
arjefm-93	410	21	2836	2836	NUM
arjefm-93	410	22	-	-	SYM
arjefm-93	410	23	9416	9416	NUM
arjefm-93	410	24	impact	impact	NOUN
arjefm-93	410	25	factor	factor	NOUN
arjefm-93	410	26	:	:	PUNCT
arjefm-93	410	27	5.57	5.57	NUM
arjefm-93	410	28	journal	journal	NOUN
arjefm-93	410	29	homepage	homepage	NOUN
arjefm-93	410	30	:	:	PUNCT
arjefm-93	410	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	410	32	,	,	PUNCT
arjefm-93	410	33	email	email	NOUN
arjefm-93	410	34	:	:	PUNCT
arjefm-93	411	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	411	2	official	official	ADJ
arjefm-93	411	3	journal	journal	PROPN
arjefm-93	411	4	of	of	ADP
arjefm-93	411	5	america	america	PROPN
arjefm-93	411	6	serial	serial	PROPN
arjefm-93	411	7	publication	publication	NOUN
arjefm-93	411	8	american	american	PROPN
arjefm-93	411	9	research	research	PROPN
arjefm-93	411	10	journal	journal	PROPN
arjefm-93	411	11	of	of	ADP
arjefm-93	411	12	economics	economic	NOUN
arjefm-93	411	13	,	,	PUNCT
arjefm-93	411	14	finance	finance	NOUN
arjefm-93	411	15	and	and	CCONJ
arjefm-93	411	16	management	management	NOUN
arjefm-93	411	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	411	18	,	,	PUNCT
arjefm-93	411	19	email	email	NOUN
arjefm-93	411	20	:	:	PUNCT
arjefm-93	411	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	412	1	54	54	NUM
arjefm-93	413	1	|	|	ADV
arjefm-93	413	2	p	p	NOUN
arjefm-93	413	3	a	a	DET
arjefm-93	413	4	g	g	NOUN
arjefm-93	413	5	e	e	X
arjefm-93	413	6	angelini	angelini	NOUN
arjefm-93	413	7	,	,	PUNCT
arjefm-93	413	8	p.	p.	NOUN
arjefm-93	413	9	,	,	PUNCT
arjefm-93	413	10	clerc	clerc	PROPN
arjefm-93	413	11	,	,	PUNCT
arjefm-93	413	12	l.	l.	PROPN
arjefm-93	413	13	,	,	PUNCT
arjefm-93	413	14	cúrdia	cúrdia	PROPN
arjefm-93	413	15	,	,	PUNCT
arjefm-93	413	16	v.	v.	ADV
arjefm-93	413	17	,	,	PUNCT
arjefm-93	413	18	gambacorta	gambacorta	PROPN
arjefm-93	413	19	,	,	PUNCT
arjefm-93	413	20	l.	l.	PROPN
arjefm-93	413	21	,	,	PUNCT
arjefm-93	413	22	gerali	gerali	PROPN
arjefm-93	413	23	,	,	PUNCT
arjefm-93	413	24	a.	a.	PROPN
arjefm-93	413	25	,	,	PUNCT
arjefm-93	413	26	locarno	locarno	PROPN
arjefm-93	413	27	,	,	PUNCT
arjefm-93	413	28	a.	a.	NOUN
arjefm-93	413	29	,	,	PUNCT
arjefm-93	413	30	motto	motto	NOUN
arjefm-93	413	31	,	,	PUNCT
arjefm-93	413	32	r.	r.	PROPN
arjefm-93	413	33	,	,	PUNCT
arjefm-93	413	34	roeger	roeger	NOUN
arjefm-93	413	35	,	,	PUNCT
arjefm-93	413	36	w.	w.	PROPN
arjefm-93	413	37	,	,	PUNCT
arjefm-93	413	38	van	van	PROPN
arjefm-93	413	39	den	den	PROPN
arjefm-93	413	40	heuvel	heuvel	PROPN
arjefm-93	413	41	,	,	PUNCT
arjefm-93	413	42	s.	s.	PROPN
arjefm-93	413	43	&	&	CCONJ
arjefm-93	413	44	vlček	vlček	PROPN
arjefm-93	413	45	,	,	PUNCT
arjefm-93	413	46	j.	j.	PROPN
arjefm-93	413	47	(	(	PUNCT
arjefm-93	413	48	2011	2011	NUM
arjefm-93	413	49	)	)	PUNCT
arjefm-93	413	50	.	.	PUNCT
arjefm-93	414	1	basel	basel	PROPN
arjefm-93	414	2	iii	iii	PROPN
arjefm-93	414	3	:	:	PUNCT
arjefm-93	414	4	long	long	ADJ
arjefm-93	414	5	-	-	PUNCT
arjefm-93	414	6	term	term	NOUN
arjefm-93	414	7	impact	impact	NOUN
arjefm-93	414	8	on	on	ADP
arjefm-93	414	9	economic	economic	ADJ
arjefm-93	414	10	performance	performance	NOUN
arjefm-93	414	11	and	and	CCONJ
arjefm-93	414	12	fluctuations	fluctuation	NOUN
arjefm-93	414	13	.	.	PUNCT
arjefm-93	415	1	federal	federal	PROPN
arjefm-93	415	2	reserve	reserve	PROPN
arjefm-93	415	3	bank	bank	PROPN
arjefm-93	415	4	of	of	ADP
arjefm-93	415	5	new	new	PROPN
arjefm-93	415	6	york	york	PROPN
arjefm-93	415	7	staff	staff	PROPN
arjefm-93	415	8	report	report	VERB
arjefm-93	415	9	no	no	INTJ
arjefm-93	415	10	.	.	NOUN
arjefm-93	415	11	485	485	NUM
arjefm-93	415	12	.	.	PUNCT
arjefm-93	416	1	bis	bis	PROPN
arjefm-93	416	2	.	.	PUNCT
arjefm-93	417	1	(	(	PUNCT
arjefm-93	417	2	2010a	2010a	NUM
arjefm-93	417	3	)	)	PUNCT
arjefm-93	417	4	.	.	PUNCT
arjefm-93	418	1	assessing	assess	VERB
arjefm-93	418	2	the	the	DET
arjefm-93	418	3	macroeconomic	macroeconomic	ADJ
arjefm-93	418	4	impact	impact	NOUN
arjefm-93	418	5	of	of	ADP
arjefm-93	418	6	the	the	DET
arjefm-93	418	7	transition	transition	NOUN
arjefm-93	418	8	to	to	ADP
arjefm-93	418	9	stronger	strong	ADJ
arjefm-93	418	10	capital	capital	NOUN
arjefm-93	418	11	and	and	CCONJ
arjefm-93	418	12	liquidity	liquidity	NOUN
arjefm-93	418	13	requirements	requirement	NOUN
arjefm-93	418	14	.	.	PUNCT
arjefm-93	419	1	retrieved	retrieve	VERB
arjefm-93	419	2	august	august	PROPN
arjefm-93	419	3	10	10	NUM
arjefm-93	419	4	,	,	PUNCT
arjefm-93	419	5	2014	2014	NUM
arjefm-93	419	6	,	,	PUNCT
arjefm-93	419	7	from	from	ADP
arjefm-93	419	8	http://www.bis.org/list/basel3/index.htm	http://www.bis.org/list/basel3/index.htm	PROPN
arjefm-93	419	9	.	.	PUNCT
arjefm-93	419	10	bis	bis	PROPN
arjefm-93	419	11	.	.	PUNCT
arjefm-93	420	1	(	(	PUNCT
arjefm-93	420	2	2010b	2010b	NUM
arjefm-93	420	3	)	)	PUNCT
arjefm-93	420	4	.	.	PUNCT
arjefm-93	421	1	basel	basel	PROPN
arjefm-93	421	2	iii	iii	PROPN
arjefm-93	421	3	:	:	PUNCT
arjefm-93	421	4	international	international	ADJ
arjefm-93	421	5	framework	framework	NOUN
arjefm-93	421	6	for	for	ADP
arjefm-93	421	7	liquidity	liquidity	NOUN
arjefm-93	421	8	risk	risk	NOUN
arjefm-93	421	9	measurement	measurement	NOUN
arjefm-93	421	10	,	,	PUNCT
arjefm-93	421	11	standards	standard	NOUN
arjefm-93	421	12	and	and	CCONJ
arjefm-93	421	13	monitoring	monitoring	NOUN
arjefm-93	421	14	.	.	PUNCT
arjefm-93	422	1	retrieved	retrieve	VERB
arjefm-93	422	2	august	august	PROPN
arjefm-93	422	3	15	15	NUM
arjefm-93	422	4	,	,	PUNCT
arjefm-93	422	5	2014	2014	NUM
arjefm-93	422	6	,	,	PUNCT
arjefm-93	422	7	from	from	ADP
arjefm-93	422	8	http://www.bis.org/list/basel3/index.htm	http://www.bis.org/list/basel3/index.htm	PROPN
arjefm-93	422	9	.	.	PUNCT
arjefm-93	422	10	bis	bis	PROPN
arjefm-93	422	11	.	.	PUNCT
arjefm-93	423	1	(	(	PUNCT
arjefm-93	423	2	2010c	2010c	NUM
arjefm-93	423	3	)	)	PUNCT
arjefm-93	423	4	.	.	PUNCT
arjefm-93	424	1	assessing	assess	VERB
arjefm-93	424	2	the	the	DET
arjefm-93	424	3	macroeconomic	macroeconomic	ADJ
arjefm-93	424	4	impact	impact	NOUN
arjefm-93	424	5	of	of	ADP
arjefm-93	424	6	the	the	DET
arjefm-93	424	7	transition	transition	NOUN
arjefm-93	424	8	to	to	ADP
arjefm-93	424	9	stronger	strong	ADJ
arjefm-93	424	10	capital	capital	NOUN
arjefm-93	424	11	and	and	CCONJ
arjefm-93	424	12	liquidity	liquidity	NOUN
arjefm-93	424	13	requirements	requirement	NOUN
arjefm-93	424	14	.	.	PUNCT
arjefm-93	425	1	retrieved	retrieve	VERB
arjefm-93	425	2	december	december	PROPN
arjefm-93	425	3	20	20	NUM
arjefm-93	425	4	,	,	PUNCT
arjefm-93	425	5	2014	2014	NUM
arjefm-93	425	6	,	,	PUNCT
arjefm-93	425	7	from	from	ADP
arjefm-93	425	8	http://www.bis.org/list/basel3/index.htm	http://www.bis.org/list/basel3/index.htm	PROPN
arjefm-93	425	9	.	.	PUNCT
arjefm-93	425	10	barajas	barajas	PROPN
arjefm-93	425	11	,	,	PUNCT
arjefm-93	425	12	a.	a.	NOUN
arjefm-93	425	13	,	,	PUNCT
arjefm-93	425	14	chami	chami	NOUN
arjefm-93	425	15	,	,	PUNCT
arjefm-93	425	16	r.	r.	PROPN
arjefm-93	425	17	,	,	PUNCT
arjefm-93	425	18	cosimano	cosimano	NOUN
arjefm-93	425	19	,	,	PUNCT
arjefm-93	425	20	t.	t.	PROPN
arjefm-93	425	21	&	&	CCONJ
arjefm-93	425	22	hakura	hakura	PROPN
arjefm-93	425	23	,	,	PUNCT
arjefm-93	425	24	d.	d.	PROPN
arjefm-93	425	25	(	(	PUNCT
arjefm-93	425	26	2010).u.s	2010).u.s	PROPN
arjefm-93	425	27	.	.	PUNCT
arjefm-93	425	28	bank	bank	NOUN
arjefm-93	425	29	behaviour	behaviour	NOUN
arjefm-93	425	30	in	in	ADP
arjefm-93	425	31	the	the	DET
arjefm-93	425	32	wake	wake	NOUN
arjefm-93	425	33	of	of	ADP
arjefm-93	425	34	the	the	DET
arjefm-93	425	35	2007	2007	NUM
arjefm-93	425	36	–	–	PUNCT
arjefm-93	425	37	2009	2009	NUM
arjefm-93	425	38	financial	financial	ADJ
arjefm-93	425	39	crisis	crisis	NOUN
arjefm-93	425	40	.	.	PUNCT
arjefm-93	426	1	imf	imf	PROPN
arjefm-93	426	2	working	working	PROPN
arjefm-93	426	3	paper	paper	PROPN
arjefm-93	426	4	no	no	INTJ
arjefm-93	426	5	.	.	PUNCT
arjefm-93	427	1	10/131	10/131	NUM
arjefm-93	427	2	.	.	PUNCT
arjefm-93	428	1	baum	baum	PROPN
arjefm-93	428	2	,	,	PUNCT
arjefm-93	428	3	c.	c.	PROPN
arjefm-93	428	4	f.	f.	PROPN
arjefm-93	428	5	(	(	PUNCT
arjefm-93	428	6	2006	2006	NUM
arjefm-93	428	7	)	)	PUNCT
arjefm-93	428	8	.	.	PUNCT
arjefm-93	429	1	an	an	DET
arjefm-93	429	2	introduction	introduction	NOUN
arjefm-93	429	3	to	to	ADP
arjefm-93	429	4	modern	modern	ADJ
arjefm-93	429	5	econometrics	econometric	NOUN
arjefm-93	429	6	using	use	VERB
arjefm-93	429	7	stata	stata	NOUN
arjefm-93	429	8	.	.	PUNCT
arjefm-93	430	1	college	college	NOUN
arjefm-93	430	2	station	station	NOUN
arjefm-93	430	3	,	,	PUNCT
arjefm-93	430	4	tx	tx	PROPN
arjefm-93	430	5	:	:	PUNCT
arjefm-93	430	6	stata	stata	PROPN
arjefm-93	430	7	press	press	PROPN
arjefm-93	430	8	.	.	PUNCT
arjefm-93	431	1	berrospide	berrospide	PROPN
arjefm-93	431	2	,	,	PUNCT
arjefm-93	431	3	j.	j.	PROPN
arjefm-93	431	4	m.	m.	PROPN
arjefm-93	431	5	&	&	CCONJ
arjefm-93	431	6	edge	edge	PROPN
arjefm-93	431	7	,	,	PUNCT
arjefm-93	431	8	r.	r.	PROPN
arjefm-93	431	9	m.	m.	PROPN
arjefm-93	431	10	(	(	PUNCT
arjefm-93	431	11	2010	2010	NUM
arjefm-93	431	12	)	)	PUNCT
arjefm-93	431	13	.	.	PUNCT
arjefm-93	432	1	the	the	DET
arjefm-93	432	2	effects	effect	NOUN
arjefm-93	432	3	of	of	ADP
arjefm-93	432	4	bank	bank	NOUN
arjefm-93	432	5	capital	capital	NOUN
arjefm-93	432	6	on	on	ADP
arjefm-93	432	7	lending	lending	NOUN
arjefm-93	432	8	:	:	PUNCT
arjefm-93	432	9	what	what	PRON
arjefm-93	432	10	do	do	AUX
arjefm-93	432	11	we	we	PRON
arjefm-93	432	12	know	know	VERB
arjefm-93	432	13	?	?	PUNCT
arjefm-93	433	1	and	and	CCONJ
arjefm-93	433	2	what	what	PRON
arjefm-93	433	3	does	do	AUX
arjefm-93	433	4	it	it	PRON
arjefm-93	433	5	mean	mean	VERB
arjefm-93	433	6	?	?	PUNCT
arjefm-93	434	1	federal	federal	PROPN
arjefm-93	434	2	reserve	reserve	PROPN
arjefm-93	434	3	board	board	PROPN
arjefm-93	434	4	,	,	PUNCT
arjefm-93	434	5	finance	finance	NOUN
arjefm-93	434	6	and	and	CCONJ
arjefm-93	434	7	economics	economic	NOUN
arjefm-93	434	8	discussion	discussion	NOUN
arjefm-93	434	9	series	series	PROPN
arjefm-93	434	10	no	no	INTJ
arjefm-93	434	11	.	.	PROPN
arjefm-93	434	12	44	44	NUM
arjefm-93	434	13	.	.	PUNCT
arjefm-93	435	1	bolton	bolton	PROPN
arjefm-93	435	2	,	,	PUNCT
arjefm-93	435	3	p.	p.	NOUN
arjefm-93	435	4	&	&	CCONJ
arjefm-93	435	5	freixas	freixas	PROPN
arjefm-93	435	6	,	,	PUNCT
arjefm-93	435	7	x.	x.	NOUN
arjefm-93	435	8	(	(	PUNCT
arjefm-93	435	9	2006).corporate	2006).corporate	NUM
arjefm-93	435	10	finance	finance	NOUN
arjefm-93	435	11	and	and	CCONJ
arjefm-93	435	12	the	the	DET
arjefm-93	435	13	monetary	monetary	ADJ
arjefm-93	435	14	transmission	transmission	NOUN
arjefm-93	435	15	mechanism	mechanism	NOUN
arjefm-93	435	16	.	.	PUNCT
arjefm-93	436	1	the	the	DET
arjefm-93	436	2	review	review	NOUN
arjefm-93	436	3	of	of	ADP
arjefm-93	436	4	financial	financial	ADJ
arjefm-93	436	5	studies,19	studies,19	NOUN
arjefm-93	436	6	,	,	PUNCT
arjefm-93	436	7	829	829	NUM
arjefm-93	436	8	-	-	SYM
arjefm-93	436	9	870	870	NUM
arjefm-93	436	10	.	.	PUNCT
arjefm-93	437	1	bordo	bordo	PROPN
arjefm-93	437	2	,	,	PUNCT
arjefm-93	437	3	m.	m.	NOUN
arjefm-93	437	4	,	,	PUNCT
arjefm-93	437	5	eichengreen	eichengreen	PROPN
arjefm-93	437	6	,	,	PUNCT
arjefm-93	437	7	b.	b.	PROPN
arjefm-93	437	8	,	,	PUNCT
arjefm-93	437	9	klingebiel	klingebiel	PROPN
arjefm-93	437	10	,	,	PUNCT
arjefm-93	437	11	d.	d.	PROPN
arjefm-93	437	12	&	&	CCONJ
arjefm-93	437	13	martinez	martinez	PROPN
arjefm-93	437	14	-	-	PUNCT
arjefm-93	437	15	peria	peria	PROPN
arjefm-93	437	16	,	,	PUNCT
arjefm-93	437	17	m.	m.	NOUN
arjefm-93	437	18	s.	s.	PROPN
arjefm-93	437	19	(	(	PUNCT
arjefm-93	437	20	2001	2001	NUM
arjefm-93	437	21	)	)	PUNCT
arjefm-93	437	22	.	.	PUNCT
arjefm-93	437	23	is	be	AUX
arjefm-93	437	24	the	the	DET
arjefm-93	437	25	crisis	crisis	NOUN
arjefm-93	437	26	problem	problem	NOUN
arjefm-93	437	27	growing	grow	VERB
arjefm-93	437	28	more	more	ADV
arjefm-93	437	29	severe	severe	ADJ
arjefm-93	437	30	?	?	PUNCT
arjefm-93	438	1	economic	economic	ADJ
arjefm-93	438	2	policy	policy	NOUN
arjefm-93	438	3	,	,	PUNCT
arjefm-93	438	4	16	16	NUM
arjefm-93	438	5	,	,	PUNCT
arjefm-93	438	6	51	51	NUM
arjefm-93	438	7	-	-	SYM
arjefm-93	438	8	82	82	NUM
arjefm-93	438	9	.	.	PUNCT
arjefm-93	439	1	caprio	caprio	PROPN
arjefm-93	439	2	,	,	PUNCT
arjefm-93	439	3	g.	g.	PROPN
arjefm-93	439	4	&	&	CCONJ
arjefm-93	439	5	klingebiel	klingebiel	PROPN
arjefm-93	439	6	,	,	PUNCT
arjefm-93	439	7	d.	d.	PROPN
arjefm-93	439	8	(	(	PUNCT
arjefm-93	439	9	1996	1996	NUM
arjefm-93	439	10	)	)	PUNCT
arjefm-93	439	11	.	.	PUNCT
arjefm-93	440	1	bank	bank	NOUN
arjefm-93	440	2	insolvencies	insolvency	NOUN
arjefm-93	440	3	:	:	PUNCT
arjefm-93	440	4	cross	cross	VERB
arjefm-93	440	5	country	country	NOUN
arjefm-93	440	6	experience	experience	NOUN
arjefm-93	440	7	.	.	PUNCT
arjefm-93	441	1	world	world	PROPN
arjefm-93	441	2	bank	bank	PROPN
arjefm-93	441	3	working	work	VERB
arjefm-93	441	4	papers	paper	NOUN
arjefm-93	441	5	no	no	INTJ
arjefm-93	441	6	.	.	PUNCT
arjefm-93	442	1	1620.retrieved	1620.retrieved	ADJ
arjefm-93	442	2	august	august	PROPN
arjefm-93	442	3	22	22	NUM
arjefm-93	442	4	,	,	PUNCT
arjefm-93	442	5	2014	2014	NUM
arjefm-93	442	6	,	,	PUNCT
arjefm-93	442	7	from	from	ADP
arjefm-93	442	8	http://elibrary.worldbank.org/docserver/download/1620.pdf?expires=1382181004	http://elibrary.worldbank.org/docserver/download/1620.pdf?expires=1382181004	PROPN
arjefm-93	442	9	&	&	CCONJ
arjefm-93	442	10	id	id	NOUN
arjefm-93	442	11	=	=	NOUN
arjefm-93	442	12	id&accname	id&accname	NOUN
arjefm-93	442	13	=	=	SYM
arjefm-93	442	14	guest&checksum=849a8f62e6ea1b58f6cbf260fe5174d9	guest&checksum=849a8f62e6ea1b58f6cbf260fe5174d9	NOUN
arjefm-93	442	15	.	.	PUNCT
arjefm-93	442	16	chami	chami	PROPN
arjefm-93	442	17	,	,	PUNCT
arjefm-93	442	18	r.	r.	PROPN
arjefm-93	442	19	&	&	CCONJ
arjefm-93	442	20	cosimano	cosimano	PROPN
arjefm-93	442	21	,	,	PUNCT
arjefm-93	442	22	t.	t.	PROPN
arjefm-93	442	23	(	(	PUNCT
arjefm-93	442	24	2010).monetary	2010).monetary	NUM
arjefm-93	442	25	policy	policy	NOUN
arjefm-93	442	26	with	with	ADP
arjefm-93	442	27	a	a	DET
arjefm-93	442	28	touch	touch	NOUN
arjefm-93	442	29	of	of	ADP
arjefm-93	442	30	basel	basel	PROPN
arjefm-93	442	31	.	.	PUNCT
arjefm-93	443	1	journal	journal	PROPN
arjefm-93	443	2	of	of	ADP
arjefm-93	443	3	economics	economic	NOUN
arjefm-93	443	4	and	and	CCONJ
arjefm-93	443	5	business	business	NOUN
arjefm-93	443	6	,	,	PUNCT
arjefm-93	443	7	62	62	NUM
arjefm-93	443	8	,	,	PUNCT
arjefm-93	443	9	161	161	NUM
arjefm-93	443	10	-	-	SYM
arjefm-93	443	11	175	175	NUM
arjefm-93	443	12	.	.	PUNCT
arjefm-93	444	1	chiuri	chiuri	PROPN
arjefm-93	444	2	,	,	PUNCT
arjefm-93	444	3	m.	m.	PROPN
arjefm-93	444	4	c.	c.	PROPN
arjefm-93	444	5	,	,	PUNCT
arjefm-93	444	6	ferri	ferri	PROPN
arjefm-93	444	7	,	,	PUNCT
arjefm-93	444	8	g.	g.	PROPN
arjefm-93	444	9	&	&	CCONJ
arjefm-93	444	10	majnoni	majnoni	PROPN
arjefm-93	444	11	,	,	PUNCT
arjefm-93	444	12	g.	g.	PROPN
arjefm-93	444	13	(	(	PUNCT
arjefm-93	444	14	2002	2002	NUM
arjefm-93	444	15	)	)	PUNCT
arjefm-93	444	16	.	.	PUNCT
arjefm-93	445	1	the	the	DET
arjefm-93	445	2	macroeconomic	macroeconomic	ADJ
arjefm-93	445	3	impact	impact	NOUN
arjefm-93	445	4	of	of	ADP
arjefm-93	445	5	bank	bank	NOUN
arjefm-93	445	6	capital	capital	NOUN
arjefm-93	445	7	requirements	requirement	NOUN
arjefm-93	445	8	in	in	ADP
arjefm-93	445	9	emerging	emerge	VERB
arjefm-93	445	10	economies	economy	NOUN
arjefm-93	445	11	:	:	PUNCT
arjefm-93	445	12	past	past	ADP
arjefm-93	445	13	evidence	evidence	NOUN
arjefm-93	445	14	to	to	PART
arjefm-93	445	15	assess	assess	VERB
arjefm-93	445	16	the	the	DET
arjefm-93	445	17	future	future	NOUN
arjefm-93	445	18	.	.	PUNCT
arjefm-93	446	1	journal	journal	NOUN
arjefm-93	446	2	of	of	ADP
arjefm-93	446	3	banking	banking	NOUN
arjefm-93	446	4	and	and	CCONJ
arjefm-93	446	5	finance	finance	NOUN
arjefm-93	446	6	,	,	PUNCT
arjefm-93	446	7	26	26	NUM
arjefm-93	446	8	,	,	PUNCT
arjefm-93	446	9	881	881	NUM
arjefm-93	446	10	-	-	SYM
arjefm-93	446	11	904	904	NUM
arjefm-93	446	12	.	.	PUNCT
arjefm-93	447	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	447	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	448	1	american	american	PROPN
arjefm-93	448	2	research	research	PROPN
arjefm-93	448	3	journal	journal	PROPN
arjefm-93	448	4	of	of	ADP
arjefm-93	448	5	economics	economic	NOUN
arjefm-93	448	6	,	,	PUNCT
arjefm-93	448	7	finance	finance	NOUN
arjefm-93	448	8	and	and	CCONJ
arjefm-93	448	9	management	management	NOUN
arjefm-93	448	10	volume	volume	NOUN
arjefm-93	448	11	11	11	NUM
arjefm-93	448	12	issue	issue	NOUN
arjefm-93	448	13	4	4	NUM
arjefm-93	448	14	,	,	PUNCT
arjefm-93	448	15	october	october	PROPN
arjefm-93	448	16	-	-	PUNCT
arjefm-93	448	17	december	december	PROPN
arjefm-93	448	18	2023	2023	NUM
arjefm-93	448	19	issn	issn	NOUN
arjefm-93	448	20	:	:	PUNCT
arjefm-93	448	21	2836	2836	NUM
arjefm-93	448	22	-	-	SYM
arjefm-93	448	23	9416	9416	NUM
arjefm-93	448	24	impact	impact	NOUN
arjefm-93	448	25	factor	factor	NOUN
arjefm-93	448	26	:	:	PUNCT
arjefm-93	448	27	5.57	5.57	NUM
arjefm-93	448	28	journal	journal	NOUN
arjefm-93	448	29	homepage	homepage	NOUN
arjefm-93	448	30	:	:	PUNCT
arjefm-93	448	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	448	32	,	,	PUNCT
arjefm-93	448	33	email	email	NOUN
arjefm-93	448	34	:	:	PUNCT
arjefm-93	449	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	449	2	official	official	ADJ
arjefm-93	449	3	journal	journal	PROPN
arjefm-93	449	4	of	of	ADP
arjefm-93	449	5	america	america	PROPN
arjefm-93	449	6	serial	serial	PROPN
arjefm-93	449	7	publication	publication	NOUN
arjefm-93	449	8	american	american	PROPN
arjefm-93	449	9	research	research	PROPN
arjefm-93	449	10	journal	journal	PROPN
arjefm-93	449	11	of	of	ADP
arjefm-93	449	12	economics	economic	NOUN
arjefm-93	449	13	,	,	PUNCT
arjefm-93	449	14	finance	finance	NOUN
arjefm-93	449	15	and	and	CCONJ
arjefm-93	449	16	management	management	NOUN
arjefm-93	449	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	449	18	,	,	PUNCT
arjefm-93	449	19	email	email	NOUN
arjefm-93	449	20	:	:	PUNCT
arjefm-93	449	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	450	1	55	55	NUM
arjefm-93	451	1	|	|	ADV
arjefm-93	451	2	p	p	NOUN
arjefm-93	451	3	a	a	DET
arjefm-93	451	4	g	g	NOUN
arjefm-93	451	5	e	e	NOUN
arjefm-93	451	6	claessens	claessen	NOUN
arjefm-93	451	7	,	,	PUNCT
arjefm-93	451	8	s.	s.	PROPN
arjefm-93	451	9	&	&	CCONJ
arjefm-93	451	10	laeven	laeven	PROPN
arjefm-93	451	11	,	,	PUNCT
arjefm-93	451	12	l.	l.	PROPN
arjefm-93	451	13	(	(	PUNCT
arjefm-93	451	14	2004	2004	NUM
arjefm-93	451	15	)	)	PUNCT
arjefm-93	451	16	.	.	PUNCT
arjefm-93	452	1	what	what	PRON
arjefm-93	452	2	drives	drive	VERB
arjefm-93	452	3	bank	bank	NOUN
arjefm-93	452	4	competition	competition	NOUN
arjefm-93	452	5	?	?	PUNCT
arjefm-93	453	1	some	some	DET
arjefm-93	453	2	international	international	ADJ
arjefm-93	453	3	evidence	evidence	NOUN
arjefm-93	453	4	.	.	PUNCT
arjefm-93	454	1	journal	journal	NOUN
arjefm-93	454	2	of	of	ADP
arjefm-93	454	3	money	money	NOUN
arjefm-93	454	4	,	,	PUNCT
arjefm-93	454	5	credit	credit	NOUN
arjefm-93	454	6	and	and	CCONJ
arjefm-93	454	7	banking	banking	NOUN
arjefm-93	454	8	,	,	PUNCT
arjefm-93	454	9	36	36	NUM
arjefm-93	454	10	,	,	PUNCT
arjefm-93	454	11	563	563	NUM
arjefm-93	454	12	-	-	SYM
arjefm-93	454	13	583	583	NUM
arjefm-93	454	14	.	.	PUNCT
arjefm-93	455	1	cornford	cornford	PROPN
arjefm-93	455	2	,	,	PUNCT
arjefm-93	455	3	a.	a.	NOUN
arjefm-93	455	4	(	(	PUNCT
arjefm-93	455	5	2010	2010	NUM
arjefm-93	455	6	)	)	PUNCT
arjefm-93	455	7	.	.	PUNCT
arjefm-93	456	1	basel	basel	PROPN
arjefm-93	456	2	ii	ii	PROPN
arjefm-93	456	3	and	and	CCONJ
arjefm-93	456	4	the	the	DET
arjefm-93	456	5	availability	availability	NOUN
arjefm-93	456	6	and	and	CCONJ
arjefm-93	456	7	terms	term	NOUN
arjefm-93	456	8	of	of	ADP
arjefm-93	456	9	trade	trade	NOUN
arjefm-93	456	10	finance	finance	NOUN
arjefm-93	456	11	,	,	PUNCT
arjefm-93	456	12	unctad	unctad	PROPN
arjefm-93	456	13	global	global	ADJ
arjefm-93	456	14	commodities	commodity	NOUN
arjefm-93	456	15	forum	forum	PROPN
arjefm-93	456	16	,	,	PUNCT
arjefm-93	456	17	observatoire	observatoire	PROPN
arjefm-93	456	18	de	de	PROPN
arjefm-93	456	19	la	la	PROPN
arjefm-93	456	20	finance	finance	PROPN
arjefm-93	456	21	,	,	PUNCT
arjefm-93	456	22	palais	palais	PROPN
arjefm-93	456	23	des	des	PROPN
arjefm-93	456	24	nations	nations	PROPN
arjefm-93	456	25	,	,	PUNCT
arjefm-93	456	26	geneva	geneva	PROPN
arjefm-93	456	27	,	,	PUNCT
arjefm-93	456	28	22	22	NUM
arjefm-93	456	29	-	-	SYM
arjefm-93	456	30	23	23	NUM
arjefm-93	456	31	march	march	NOUN
arjefm-93	456	32	2010	2010	NUM
arjefm-93	456	33	.	.	PUNCT
arjefm-93	457	1	retrieved	retrieve	VERB
arjefm-93	457	2	september	september	PROPN
arjefm-93	457	3	2	2	NUM
arjefm-93	457	4	,	,	PUNCT
arjefm-93	457	5	2014	2014	NUM
arjefm-93	457	6	,	,	PUNCT
arjefm-93	457	7	from	from	ADP
arjefm-93	457	8	http://www.unctad.info/upload/suc/gcf/acornford.pdf	http://www.unctad.info/upload/suc/gcf/acornford.pdf	PROPN
arjefm-93	457	9	.	.	PUNCT
arjefm-93	458	1	cosimano	cosimano	NOUN
arjefm-93	458	2	,	,	PUNCT
arjefm-93	458	3	t.	t.	PROPN
arjefm-93	458	4	f.	f.	PROPN
arjefm-93	458	5	&	&	CCONJ
arjefm-93	458	6	hakura	hakura	PROPN
arjefm-93	458	7	,	,	PUNCT
arjefm-93	458	8	d.	d.	PROPN
arjefm-93	458	9	s.	s.	PROPN
arjefm-93	458	10	(	(	PUNCT
arjefm-93	458	11	2011	2011	NUM
arjefm-93	458	12	)	)	PUNCT
arjefm-93	458	13	.	.	PUNCT
arjefm-93	459	1	bank	bank	NOUN
arjefm-93	459	2	behaviour	behaviour	NOUN
arjefm-93	459	3	in	in	ADP
arjefm-93	459	4	response	response	NOUN
arjefm-93	459	5	to	to	ADP
arjefm-93	459	6	basel	basel	PROPN
arjefm-93	459	7	iii	iii	PROPN
arjefm-93	459	8	:	:	PUNCT
arjefm-93	459	9	acrosscountry	acrosscountry	PROPN
arjefm-93	459	10	analysis	analysis	NOUN
arjefm-93	459	11	.	.	PUNCT
arjefm-93	460	1	imf	imf	PROPN
arjefm-93	460	2	working	working	PROPN
arjefm-93	460	3	paper	paper	PROPN
arjefm-93	460	4	11/119	11/119	NUM
arjefm-93	460	5	.	.	PUNCT
arjefm-93	461	1	cull	cull	PROPN
arjefm-93	461	2	,	,	PUNCT
arjefm-93	461	3	r.	r.	PROPN
arjefm-93	461	4	,	,	PUNCT
arjefm-93	461	5	senbet	senbet	PROPN
arjefm-93	461	6	,	,	PUNCT
arjefm-93	461	7	l.	l.	PROPN
arjefm-93	461	8	w.	w.	PROPN
arjefm-93	461	9	&	&	CCONJ
arjefm-93	461	10	sorge	sorge	PROPN
arjefm-93	461	11	,	,	PUNCT
arjefm-93	461	12	m.	m.	NOUN
arjefm-93	461	13	(	(	PUNCT
arjefm-93	461	14	2002	2002	NUM
arjefm-93	461	15	)	)	PUNCT
arjefm-93	461	16	.	.	PUNCT
arjefm-93	462	1	the	the	DET
arjefm-93	462	2	effect	effect	NOUN
arjefm-93	462	3	of	of	ADP
arjefm-93	462	4	deposit	deposit	NOUN
arjefm-93	462	5	insurance	insurance	NOUN
arjefm-93	462	6	on	on	ADP
arjefm-93	462	7	financial	financial	ADJ
arjefm-93	462	8	depth	depth	NOUN
arjefm-93	462	9	:	:	PUNCT
arjefm-93	462	10	a	a	DET
arjefm-93	462	11	crosscountry	crosscountry	PROPN
arjefm-93	462	12	analysis	analysis	NOUN
arjefm-93	462	13	.	.	PUNCT
arjefm-93	463	1	the	the	DET
arjefm-93	463	2	quarterly	quarterly	ADJ
arjefm-93	463	3	review	review	NOUN
arjefm-93	463	4	of	of	ADP
arjefm-93	463	5	economics	economic	NOUN
arjefm-93	463	6	and	and	CCONJ
arjefm-93	463	7	finance	finance	NOUN
arjefm-93	463	8	,	,	PUNCT
arjefm-93	463	9	42	42	NUM
arjefm-93	463	10	,	,	PUNCT
arjefm-93	463	11	673694	673694	NUM
arjefm-93	463	12	.	.	PUNCT
arjefm-93	464	1	de	de	PROPN
arjefm-93	464	2	bondt	bondt	PROPN
arjefm-93	464	3	,	,	PUNCT
arjefm-93	464	4	g.	g.	PROPN
arjefm-93	464	5	j.	j.	PROPN
arjefm-93	464	6	&	&	CCONJ
arjefm-93	464	7	prast	prast	PROPN
arjefm-93	464	8	,	,	PUNCT
arjefm-93	464	9	h.	h.	PROPN
arjefm-93	464	10	m.	m.	NOUN
arjefm-93	464	11	(	(	PUNCT
arjefm-93	464	12	2000	2000	NUM
arjefm-93	464	13	)	)	PUNCT
arjefm-93	464	14	.	.	PUNCT
arjefm-93	465	1	bank	bank	NOUN
arjefm-93	465	2	capital	capital	NOUN
arjefm-93	465	3	ratios	ratio	NOUN
arjefm-93	465	4	in	in	ADP
arjefm-93	465	5	the	the	DET
arjefm-93	465	6	1990s	1990s	NUM
arjefm-93	465	7	:	:	PUNCT
arjefm-93	465	8	cross	cross	ADJ
arjefm-93	465	9	-	-	ADJ
arjefm-93	465	10	country	country	ADJ
arjefm-93	465	11	evidence	evidence	NOUN
arjefm-93	465	12	.	.	PUNCT
arjefm-93	466	1	psl	psl	PROPN
arjefm-93	466	2	quarterly	quarterly	ADJ
arjefm-93	466	3	review	review	NOUN
arjefm-93	466	4	,	,	PUNCT
arjefm-93	466	5	212	212	NUM
arjefm-93	466	6	,	,	PUNCT
arjefm-93	466	7	71	71	NUM
arjefm-93	466	8	-	-	SYM
arjefm-93	466	9	97	97	NUM
arjefm-93	466	10	.	.	PUNCT
arjefm-93	467	1	demirguc	demirguc	PROPN
arjefm-93	467	2	-	-	PUNCT
arjefm-93	467	3	kunt	kunt	PROPN
arjefm-93	467	4	,	,	PUNCT
arjefm-93	467	5	a.	a.	PROPN
arjefm-93	467	6	&	&	CCONJ
arjefm-93	467	7	detragiache	detragiache	PROPN
arjefm-93	467	8	,	,	PUNCT
arjefm-93	467	9	e.	e.	PROPN
arjefm-93	467	10	(	(	PUNCT
arjefm-93	467	11	1998).the	1998).the	NUM
arjefm-93	467	12	determinants	determinant	NOUN
arjefm-93	467	13	of	of	ADP
arjefm-93	467	14	banking	banking	NOUN
arjefm-93	467	15	crises	crisis	NOUN
arjefm-93	467	16	in	in	ADP
arjefm-93	467	17	developing	develop	VERB
arjefm-93	467	18	and	and	CCONJ
arjefm-93	467	19	developed	developed	ADJ
arjefm-93	467	20	countries	country	NOUN
arjefm-93	467	21	.	.	PUNCT
arjefm-93	468	1	imf	imf	PROPN
arjefm-93	468	2	staff	staff	NOUN
arjefm-93	468	3	papers	paper	NOUN
arjefm-93	468	4	,	,	PUNCT
arjefm-93	468	5	45:1	45:1	NUM
arjefm-93	468	6	,	,	PUNCT
arjefm-93	468	7	81–109	81–109	NUM
arjefm-93	468	8	.	.	PUNCT
arjefm-93	468	9	demirguc	demirguc	PROPN
arjefm-93	468	10	-	-	PUNCT
arjefm-93	468	11	kunt	kunt	PROPN
arjefm-93	468	12	,	,	PUNCT
arjefm-93	468	13	a.	a.	PROPN
arjefm-93	468	14	&	&	CCONJ
arjefm-93	468	15	kane	kane	PROPN
arjefm-93	468	16	,	,	PUNCT
arjefm-93	468	17	e.	e.	PROPN
arjefm-93	468	18	g.	g.	PROPN
arjefm-93	468	19	(	(	PUNCT
arjefm-93	468	20	2002	2002	NUM
arjefm-93	468	21	)	)	PUNCT
arjefm-93	468	22	.	.	PUNCT
arjefm-93	469	1	deposit	deposit	NOUN
arjefm-93	469	2	insurance	insurance	NOUN
arjefm-93	469	3	around	around	ADP
arjefm-93	469	4	the	the	DET
arjefm-93	469	5	globe	globe	NOUN
arjefm-93	469	6	:	:	PUNCT
arjefm-93	469	7	where	where	SCONJ
arjefm-93	469	8	does	do	AUX
arjefm-93	469	9	it	it	PRON
arjefm-93	469	10	work	work	VERB
arjefm-93	469	11	?	?	PUNCT
arjefm-93	470	1	journal	journal	NOUN
arjefm-93	470	2	of	of	ADP
arjefm-93	470	3	economic	economic	ADJ
arjefm-93	470	4	perspectives	perspective	NOUN
arjefm-93	470	5	,	,	PUNCT
arjefm-93	470	6	16	16	NUM
arjefm-93	470	7	,	,	PUNCT
arjefm-93	470	8	175	175	NUM
arjefm-93	470	9	-	-	SYM
arjefm-93	470	10	195	195	NUM
arjefm-93	470	11	.	.	PUNCT
arjefm-93	470	12	di	di	X
arjefm-93	470	13	noia	noia	PROPN
arjefm-93	470	14	,	,	PUNCT
arjefm-93	470	15	c.	c.	PROPN
arjefm-93	470	16	&	&	CCONJ
arjefm-93	470	17	di	di	PROPN
arjefm-93	470	18	giorgio	giorgio	PROPN
arjefm-93	470	19	,	,	PUNCT
arjefm-93	470	20	g.	g.	PROPN
arjefm-93	470	21	(	(	PUNCT
arjefm-93	470	22	1999	1999	NUM
arjefm-93	470	23	)	)	PUNCT
arjefm-93	470	24	.	.	PUNCT
arjefm-93	471	1	should	should	AUX
arjefm-93	471	2	banking	banking	NOUN
arjefm-93	471	3	supervision	supervision	NOUN
arjefm-93	471	4	and	and	CCONJ
arjefm-93	471	5	monetary	monetary	ADJ
arjefm-93	471	6	policy	policy	NOUN
arjefm-93	471	7	tasks	task	NOUN
arjefm-93	471	8	begive	begive	ADJ
arjefm-93	471	9	to	to	ADP
arjefm-93	471	10	different	different	ADJ
arjefm-93	471	11	agencies	agency	NOUN
arjefm-93	471	12	?	?	PUNCT
arjefm-93	472	1	international	international	ADJ
arjefm-93	472	2	finance	finance	NOUN
arjefm-93	472	3	,	,	PUNCT
arjefm-93	472	4	2	2	NUM
arjefm-93	472	5	,	,	PUNCT
arjefm-93	472	6	361	361	NUM
arjefm-93	472	7	-	-	SYM
arjefm-93	472	8	378	378	NUM
arjefm-93	472	9	.	.	PUNCT
arjefm-93	473	1	fase	fase	NOUN
arjefm-93	473	2	,	,	PUNCT
arjefm-93	473	3	m.	m.	NOUN
arjefm-93	473	4	m.	m.	NOUN
arjefm-93	473	5	g.	g.	PROPN
arjefm-93	473	6	(	(	PUNCT
arjefm-93	473	7	1995	1995	NUM
arjefm-93	473	8	)	)	PUNCT
arjefm-93	473	9	.	.	PUNCT
arjefm-93	474	1	the	the	DET
arjefm-93	474	2	demand	demand	NOUN
arjefm-93	474	3	for	for	ADP
arjefm-93	474	4	commercial	commercial	ADJ
arjefm-93	474	5	bank	bank	NOUN
arjefm-93	474	6	loans	loan	NOUN
arjefm-93	474	7	and	and	CCONJ
arjefm-93	474	8	the	the	DET
arjefm-93	474	9	lending	lending	NOUN
arjefm-93	474	10	rate	rate	NOUN
arjefm-93	474	11	.	.	PUNCT
arjefm-93	475	1	european	european	ADJ
arjefm-93	475	2	economic	economic	PROPN
arjefm-93	475	3	review	review	PROPN
arjefm-93	475	4	,	,	PUNCT
arjefm-93	475	5	39	39	NUM
arjefm-93	475	6	,	,	PUNCT
arjefm-93	475	7	99	99	NUM
arjefm-93	475	8	-	-	SYM
arjefm-93	475	9	115	115	NUM
arjefm-93	475	10	.	.	PUNCT
arjefm-93	476	1	ferri	ferri	PROPN
arjefm-93	476	2	,	,	PUNCT
arjefm-93	476	3	g.	g.	PROPN
arjefm-93	476	4	,	,	PUNCT
arjefm-93	476	5	liu	liu	PROPN
arjefm-93	476	6	,	,	PUNCT
arjefm-93	476	7	l.	l.	PROPN
arjefm-93	476	8	g.	g.	PROPN
arjefm-93	476	9	&	&	CCONJ
arjefm-93	476	10	majnoni	majnoni	PROPN
arjefm-93	476	11	,	,	PUNCT
arjefm-93	476	12	g.	g.	PROPN
arjefm-93	476	13	(	(	PUNCT
arjefm-93	476	14	2001	2001	NUM
arjefm-93	476	15	)	)	PUNCT
arjefm-93	476	16	.	.	PUNCT
arjefm-93	477	1	the	the	DET
arjefm-93	477	2	role	role	NOUN
arjefm-93	477	3	of	of	ADP
arjefm-93	477	4	rating	rating	NOUN
arjefm-93	477	5	agency	agency	NOUN
arjefm-93	477	6	assessments	assessment	NOUN
arjefm-93	477	7	in	in	ADP
arjefm-93	477	8	less	less	ADJ
arjefm-93	477	9	developed	developed	ADJ
arjefm-93	477	10	countries	country	NOUN
arjefm-93	477	11	:	:	PUNCT
arjefm-93	477	12	impact	impact	NOUN
arjefm-93	477	13	of	of	ADP
arjefm-93	477	14	the	the	DET
arjefm-93	477	15	proposed	propose	VERB
arjefm-93	477	16	basel	basel	PROPN
arjefm-93	477	17	guidelines	guideline	NOUN
arjefm-93	477	18	.	.	PUNCT
arjefm-93	478	1	journal	journal	NOUN
arjefm-93	478	2	of	of	ADP
arjefm-93	478	3	banking	banking	NOUN
arjefm-93	478	4	and	and	CCONJ
arjefm-93	478	5	finance	finance	NOUN
arjefm-93	478	6	,	,	PUNCT
arjefm-93	478	7	25	25	NUM
arjefm-93	478	8	,	,	PUNCT
arjefm-93	478	9	115	115	NUM
arjefm-93	478	10	-	-	SYM
arjefm-93	478	11	148	148	NUM
arjefm-93	478	12	.	.	PUNCT
arjefm-93	479	1	financial	financial	ADJ
arjefm-93	479	2	stability	stability	PROPN
arjefm-93	479	3	institute.(2010	institute.(2010	PROPN
arjefm-93	479	4	)	)	PUNCT
arjefm-93	479	5	.	.	PUNCT
arjefm-93	480	1	fsi	fsi	PROPN
arjefm-93	480	2	survey	survey	NOUN
arjefm-93	480	3	on	on	ADP
arjefm-93	480	4	the	the	DET
arjefm-93	480	5	implementation	implementation	NOUN
arjefm-93	480	6	of	of	ADP
arjefm-93	480	7	the	the	DET
arjefm-93	480	8	new	new	ADJ
arjefm-93	480	9	capital	capital	NOUN
arjefm-93	480	10	adequacy	adequacy	NOUN
arjefm-93	480	11	framework.occasional	framework.occasional	ADJ
arjefm-93	480	12	paper	paper	NOUN
arjefm-93	480	13	no.9	no.9	PROPN
arjefm-93	480	14	.	.	PUNCT
arjefm-93	481	1	flannery	flannery	PROPN
arjefm-93	481	2	,	,	PUNCT
arjefm-93	481	3	m.	m.	PROPN
arjefm-93	481	4	j.	j.	PROPN
arjefm-93	481	5	&	&	CCONJ
arjefm-93	481	6	rangan	rangan	PROPN
arjefm-93	481	7	,	,	PUNCT
arjefm-93	481	8	k.	k.	PROPN
arjefm-93	481	9	p.	p.	PROPN
arjefm-93	481	10	(	(	PUNCT
arjefm-93	481	11	2008	2008	NUM
arjefm-93	481	12	)	)	PUNCT
arjefm-93	481	13	.	.	PUNCT
arjefm-93	482	1	what	what	PRON
arjefm-93	482	2	caused	cause	VERB
arjefm-93	482	3	the	the	DET
arjefm-93	482	4	bank	bank	NOUN
arjefm-93	482	5	capital	capital	NOUN
arjefm-93	482	6	build	build	NOUN
arjefm-93	482	7	-	-	PUNCT
arjefm-93	482	8	up	up	NOUN
arjefm-93	482	9	of	of	ADP
arjefm-93	482	10	the	the	DET
arjefm-93	482	11	1990	1990	NUM
arjefm-93	482	12	’s	’s	NOUN
arjefm-93	482	13	.	.	PUNCT
arjefm-93	483	1	review	review	NOUN
arjefm-93	483	2	of	of	ADP
arjefm-93	483	3	finance	finance	NOUN
arjefm-93	483	4	,	,	PUNCT
arjefm-93	483	5	12	12	NUM
arjefm-93	483	6	,	,	PUNCT
arjefm-93	483	7	391	391	NUM
arjefm-93	483	8	-	-	SYM
arjefm-93	483	9	429	429	NUM
arjefm-93	483	10	.	.	PUNCT
arjefm-93	484	1	francis	francis	PROPN
arjefm-93	484	2	,	,	PUNCT
arjefm-93	484	3	w.	w.	PROPN
arjefm-93	484	4	&	&	CCONJ
arjefm-93	484	5	osborne	osborne	PROPN
arjefm-93	484	6	,	,	PUNCT
arjefm-93	484	7	m.	m.	NOUN
arjefm-93	484	8	(	(	PUNCT
arjefm-93	484	9	2009	2009	NUM
arjefm-93	484	10	)	)	PUNCT
arjefm-93	484	11	.	.	PUNCT
arjefm-93	485	1	bank	bank	NOUN
arjefm-93	485	2	regulation	regulation	NOUN
arjefm-93	485	3	capital	capital	NOUN
arjefm-93	485	4	and	and	CCONJ
arjefm-93	485	5	credit	credit	NOUN
arjefm-93	485	6	supply	supply	NOUN
arjefm-93	485	7	:	:	PUNCT
arjefm-93	485	8	measuring	measure	VERB
arjefm-93	485	9	the	the	DET
arjefm-93	485	10	impact	impact	NOUN
arjefm-93	485	11	of	of	ADP
arjefm-93	485	12	prudential	prudential	ADJ
arjefm-93	485	13	standards	standard	NOUN
arjefm-93	485	14	.	.	PUNCT
arjefm-93	486	1	uk	uk	PROPN
arjefm-93	486	2	financial	financial	PROPN
arjefm-93	486	3	services	service	NOUN
arjefm-93	486	4	authority	authority	NOUN
arjefm-93	486	5	,	,	PUNCT
arjefm-93	486	6	occasional	occasional	ADJ
arjefm-93	486	7	paper	paper	NOUN
arjefm-93	486	8	no.36	no.36	NOUN
arjefm-93	486	9	,	,	PUNCT
arjefm-93	486	10	september	september	PROPN
arjefm-93	486	11	2009	2009	NUM
arjefm-93	486	12	.	.	PUNCT
arjefm-93	487	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	487	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	488	1	american	american	PROPN
arjefm-93	488	2	research	research	PROPN
arjefm-93	488	3	journal	journal	PROPN
arjefm-93	488	4	of	of	ADP
arjefm-93	488	5	economics	economic	NOUN
arjefm-93	488	6	,	,	PUNCT
arjefm-93	488	7	finance	finance	NOUN
arjefm-93	488	8	and	and	CCONJ
arjefm-93	488	9	management	management	NOUN
arjefm-93	488	10	volume	volume	NOUN
arjefm-93	488	11	11	11	NUM
arjefm-93	488	12	issue	issue	NOUN
arjefm-93	488	13	4	4	NUM
arjefm-93	488	14	,	,	PUNCT
arjefm-93	488	15	october	october	PROPN
arjefm-93	488	16	-	-	PUNCT
arjefm-93	488	17	december	december	PROPN
arjefm-93	488	18	2023	2023	NUM
arjefm-93	488	19	issn	issn	NOUN
arjefm-93	488	20	:	:	PUNCT
arjefm-93	488	21	2836	2836	NUM
arjefm-93	488	22	-	-	SYM
arjefm-93	488	23	9416	9416	NUM
arjefm-93	488	24	impact	impact	NOUN
arjefm-93	488	25	factor	factor	NOUN
arjefm-93	488	26	:	:	PUNCT
arjefm-93	488	27	5.57	5.57	NUM
arjefm-93	488	28	journal	journal	NOUN
arjefm-93	488	29	homepage	homepage	NOUN
arjefm-93	488	30	:	:	PUNCT
arjefm-93	488	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	488	32	,	,	PUNCT
arjefm-93	488	33	email	email	NOUN
arjefm-93	488	34	:	:	PUNCT
arjefm-93	489	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	489	2	official	official	ADJ
arjefm-93	489	3	journal	journal	PROPN
arjefm-93	489	4	of	of	ADP
arjefm-93	489	5	america	america	PROPN
arjefm-93	489	6	serial	serial	PROPN
arjefm-93	489	7	publication	publication	NOUN
arjefm-93	489	8	american	american	PROPN
arjefm-93	489	9	research	research	PROPN
arjefm-93	489	10	journal	journal	PROPN
arjefm-93	489	11	of	of	ADP
arjefm-93	489	12	economics	economic	NOUN
arjefm-93	489	13	,	,	PUNCT
arjefm-93	489	14	finance	finance	NOUN
arjefm-93	489	15	and	and	CCONJ
arjefm-93	489	16	management	management	NOUN
arjefm-93	489	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	489	18	,	,	PUNCT
arjefm-93	489	19	email	email	NOUN
arjefm-93	489	20	:	:	PUNCT
arjefm-93	489	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	490	1	56	56	NUM
arjefm-93	491	1	|	|	ADV
arjefm-93	491	2	p	p	NOUN
arjefm-93	491	3	a	a	DET
arjefm-93	491	4	g	g	PROPN
arjefm-93	491	5	e	e	PROPN
arjefm-93	491	6	glick	glick	PROPN
arjefm-93	491	7	,	,	PUNCT
arjefm-93	491	8	r.	r.	PROPN
arjefm-93	491	9	&	&	CCONJ
arjefm-93	491	10	hutchison	hutchison	PROPN
arjefm-93	491	11	.	.	PROPN
arjefm-93	491	12	,	,	PUNCT
arjefm-93	491	13	m.	m.	NOUN
arjefm-93	491	14	m.	m.	NOUN
arjefm-93	491	15	(	(	PUNCT
arjefm-93	491	16	2001	2001	NUM
arjefm-93	491	17	)	)	PUNCT
arjefm-93	491	18	.	.	PUNCT
arjefm-93	492	1	banking	banking	NOUN
arjefm-93	492	2	and	and	CCONJ
arjefm-93	492	3	currency	currency	NOUN
arjefm-93	492	4	crises	crisis	NOUN
arjefm-93	492	5	:	:	PUNCT
arjefm-93	492	6	how	how	SCONJ
arjefm-93	492	7	common	common	ADJ
arjefm-93	492	8	are	be	AUX
arjefm-93	492	9	twins	twin	NOUN
arjefm-93	492	10	?	?	PUNCT
arjefm-93	493	1	article	article	NOUN
arjefm-93	493	2	in	in	ADP
arjefm-93	493	3	financial	financial	ADJ
arjefm-93	493	4	crises	crisis	NOUN
arjefm-93	493	5	in	in	ADP
arjefm-93	493	6	emerging	emerge	VERB
arjefm-93	493	7	markets	market	NOUN
arjefm-93	493	8	,	,	PUNCT
arjefm-93	493	9	edited	edit	VERB
arjefm-93	493	10	by	by	ADP
arjefm-93	493	11	reuven	reuven	PROPN
arjefm-93	493	12	glick	glick	PROPN
arjefm-93	493	13	,	,	PUNCT
arjefm-93	493	14	ramon	ramon	PROPN
arjefm-93	493	15	moreno	moreno	PROPN
arjefm-93	493	16	,	,	PUNCT
arjefm-93	493	17	and	and	CCONJ
arjefm-93	493	18	mark	mark	PROPN
arjefm-93	493	19	m.	m.	PROPN
arjefm-93	493	20	spiegel	spiegel	PROPN
arjefm-93	493	21	.	.	PUNCT
arjefm-93	494	1	cambridge	cambridge	PROPN
arjefm-93	494	2	,	,	PUNCT
arjefm-93	494	3	uk	uk	PROPN
arjefm-93	494	4	:	:	PUNCT
arjefm-93	494	5	cambridge	cambridge	PROPN
arjefm-93	494	6	university	university	PROPN
arjefm-93	494	7	press	press	NOUN
arjefm-93	494	8	.	.	PUNCT
arjefm-93	495	1	greene	greene	PROPN
arjefm-93	495	2	,	,	PUNCT
arjefm-93	495	3	w.	w.	PROPN
arjefm-93	495	4	h.	h.	PROPN
arjefm-93	495	5	(	(	PUNCT
arjefm-93	495	6	2012	2012	NUM
arjefm-93	495	7	)	)	PUNCT
arjefm-93	495	8	.	.	PUNCT
arjefm-93	496	1	econometric	econometric	ADJ
arjefm-93	496	2	analysis	analysis	NOUN
arjefm-93	496	3	(	(	PUNCT
arjefm-93	496	4	7thed	7thed	NUM
arjefm-93	496	5	.	.	NUM
arjefm-93	496	6	)	)	PUNCT
arjefm-93	496	7	,	,	PUNCT
arjefm-93	496	8	the	the	DET
arjefm-93	496	9	pearson	pearson	PROPN
arjefm-93	496	10	series	series	PROPN
arjefm-93	496	11	in	in	ADP
arjefm-93	496	12	economics	economic	NOUN
arjefm-93	496	13	,	,	PUNCT
arjefm-93	496	14	pearson	pearson	PROPN
arjefm-93	496	15	education	education	PROPN
arjefm-93	496	16	,	,	PUNCT
arjefm-93	496	17	limited	limited	ADJ
arjefm-93	496	18	.	.	PUNCT
arjefm-93	497	1	gropp	gropp	PROPN
arjefm-93	497	2	,	,	PUNCT
arjefm-93	497	3	r.	r.	PROPN
arjefm-93	497	4	&	&	CCONJ
arjefm-93	497	5	heider	heider	PROPN
arjefm-93	497	6	,	,	PUNCT
arjefm-93	497	7	f.	f.	PROPN
arjefm-93	497	8	(	(	PUNCT
arjefm-93	497	9	2010).the	2010).the	DET
arjefm-93	497	10	determinants	determinant	NOUN
arjefm-93	497	11	of	of	ADP
arjefm-93	497	12	bank	bank	NOUN
arjefm-93	497	13	capital	capital	NOUN
arjefm-93	497	14	structure	structure	NOUN
arjefm-93	497	15	.	.	PUNCT
arjefm-93	498	1	review	review	NOUN
arjefm-93	498	2	of	of	ADP
arjefm-93	498	3	finance	finance	NOUN
arjefm-93	498	4	,	,	PUNCT
arjefm-93	498	5	14	14	NUM
arjefm-93	498	6	,	,	PUNCT
arjefm-93	498	7	587622	587622	NUM
arjefm-93	498	8	.	.	PUNCT
arjefm-93	499	1	hakura	hakura	PROPN
arjefm-93	499	2	,	,	PUNCT
arjefm-93	499	3	d.	d.	PROPN
arjefm-93	499	4	&	&	CCONJ
arjefm-93	499	5	cosimano	cosimano	PROPN
arjefm-93	499	6	,	,	PUNCT
arjefm-93	499	7	t.	t.	PROPN
arjefm-93	499	8	f.	f.	PROPN
arjefm-93	499	9	(	(	PUNCT
arjefm-93	499	10	2011	2011	NUM
arjefm-93	499	11	)	)	PUNCT
arjefm-93	499	12	.	.	PUNCT
arjefm-93	500	1	bank	bank	NOUN
arjefm-93	500	2	behaviour	behaviour	NOUN
arjefm-93	500	3	in	in	ADP
arjefm-93	500	4	response	response	NOUN
arjefm-93	500	5	to	to	ADP
arjefm-93	500	6	basel	basel	PROPN
arjefm-93	500	7	iii	iii	PROPN
arjefm-93	500	8	:	:	PUNCT
arjefm-93	500	9	a	a	DET
arjefm-93	500	10	crosscountry	crosscountry	PROPN
arjefm-93	500	11	analysis	analysis	NOUN
arjefm-93	500	12	.	.	PUNCT
arjefm-93	501	1	imf	imf	PROPN
arjefm-93	501	2	working	working	PROPN
arjefm-93	501	3	papers	paper	NOUN
arjefm-93	501	4	11/119	11/119	NUM
arjefm-93	501	5	,	,	PUNCT
arjefm-93	501	6	1	1	NUM
arjefm-93	501	7	-	-	SYM
arjefm-93	501	8	34	34	NUM
arjefm-93	501	9	.	.	PUNCT
arjefm-93	501	10	retrieved	retrieve	VERB
arjefm-93	501	11	july	july	PROPN
arjefm-93	501	12	26	26	NUM
arjefm-93	501	13	,	,	PUNCT
arjefm-93	501	14	2014	2014	NUM
arjefm-93	501	15	,	,	PUNCT
arjefm-93	501	16	from	from	ADP
arjefm-93	501	17	http://ssrn.com/abstract=1861789	http://ssrn.com/abstract=1861789	PROPN
arjefm-93	501	18	.	.	PUNCT
arjefm-93	501	19	hall	hall	PROPN
arjefm-93	501	20	,	,	PUNCT
arjefm-93	501	21	a.	a.	PROPN
arjefm-93	501	22	r.	r.	PROPN
arjefm-93	501	23	(	(	PUNCT
arjefm-93	501	24	2005	2005	NUM
arjefm-93	501	25	)	)	PUNCT
arjefm-93	501	26	.	.	PUNCT
arjefm-93	502	1	generalized	generalize	VERB
arjefm-93	502	2	method	method	NOUN
arjefm-93	502	3	of	of	ADP
arjefm-93	502	4	moments	moment	NOUN
arjefm-93	502	5	:	:	PUNCT
arjefm-93	502	6	advanced	advanced	ADJ
arjefm-93	502	7	texts	text	NOUN
arjefm-93	502	8	in	in	ADP
arjefm-93	502	9	econometrics	econometric	NOUN
arjefm-93	502	10	.	.	PUNCT
arjefm-93	503	1	oxford	oxford	NOUN
arjefm-93	503	2	:	:	PUNCT
arjefm-93	503	3	oxford	oxford	PROPN
arjefm-93	503	4	university	university	PROPN
arjefm-93	503	5	press	press	NOUN
arjefm-93	503	6	.	.	PUNCT
arjefm-93	504	1	hansen	hansen	PROPN
arjefm-93	504	2	,	,	PUNCT
arjefm-93	504	3	l.	l.	PROPN
arjefm-93	504	4	p.	p.	PROPN
arjefm-93	504	5	(	(	PUNCT
arjefm-93	504	6	1982	1982	NUM
arjefm-93	504	7	)	)	PUNCT
arjefm-93	504	8	.	.	PUNCT
arjefm-93	505	1	large	large	ADJ
arjefm-93	505	2	sample	sample	NOUN
arjefm-93	505	3	properties	property	NOUN
arjefm-93	505	4	of	of	ADP
arjefm-93	505	5	generalized	generalized	ADJ
arjefm-93	505	6	method	method	NOUN
arjefm-93	505	7	of	of	ADP
arjefm-93	505	8	moments	moment	NOUN
arjefm-93	505	9	estimators.econometrica	estimators.econometrica	PROPN
arjefm-93	505	10	,	,	PUNCT
arjefm-93	505	11	50	50	NUM
arjefm-93	505	12	,	,	PUNCT
arjefm-93	505	13	1029	1029	NUM
arjefm-93	505	14	-	-	SYM
arjefm-93	505	15	1054	1054	NUM
arjefm-93	505	16	.	.	PUNCT
arjefm-93	506	1	hayashi	hayashi	PROPN
arjefm-93	506	2	,	,	PUNCT
arjefm-93	506	3	f.	f.	PROPN
arjefm-93	506	4	(	(	PUNCT
arjefm-93	506	5	2000).econometrics	2000).econometrics	PROPN
arjefm-93	506	6	(	(	PUNCT
arjefm-93	506	7	1st	1st	ADJ
arjefm-93	506	8	ed	ed	NOUN
arjefm-93	506	9	)	)	PUNCT
arjefm-93	506	10	.	.	PUNCT
arjefm-93	507	1	princeton	princeton	PROPN
arjefm-93	507	2	:	:	PUNCT
arjefm-93	507	3	princeton	princeton	PROPN
arjefm-93	507	4	university	university	PROPN
arjefm-93	507	5	press	press	NOUN
arjefm-93	507	6	.	.	PUNCT
arjefm-93	508	1	hovakimian	hovakimian	PROPN
arjefm-93	508	2	,	,	PUNCT
arjefm-93	508	3	a.	a.	PROPN
arjefm-93	508	4	,	,	PUNCT
arjefm-93	508	5	kane	kane	PROPN
arjefm-93	508	6	,	,	PUNCT
arjefm-93	508	7	e.	e.	PROPN
arjefm-93	508	8	j.	j.	PROPN
arjefm-93	508	9	&	&	CCONJ
arjefm-93	508	10	laeven	laeven	PROPN
arjefm-93	508	11	,	,	PUNCT
arjefm-93	508	12	l.	l.	PROPN
arjefm-93	508	13	(	(	PUNCT
arjefm-93	508	14	2003).how	2003).how	NUM
arjefm-93	508	15	country	country	NOUN
arjefm-93	508	16	and	and	CCONJ
arjefm-93	508	17	safety	safety	NOUN
arjefm-93	508	18	-	-	PUNCT
arjefm-93	508	19	net	net	NOUN
arjefm-93	508	20	characteristics	characteristic	NOUN
arjefm-93	508	21	affect	affect	VERB
arjefm-93	508	22	bank	bank	NOUN
arjefm-93	508	23	risk	risk	NOUN
arjefm-93	508	24	-	-	PUNCT
arjefm-93	508	25	shifting	shift	VERB
arjefm-93	508	26	.	.	PUNCT
arjefm-93	509	1	journal	journal	NOUN
arjefm-93	509	2	of	of	ADP
arjefm-93	509	3	financial	financial	ADJ
arjefm-93	509	4	services	service	NOUN
arjefm-93	509	5	research	research	NOUN
arjefm-93	509	6	,	,	PUNCT
arjefm-93	509	7	23	23	NUM
arjefm-93	509	8	,	,	PUNCT
arjefm-93	509	9	177	177	NUM
arjefm-93	509	10	-	-	SYM
arjefm-93	509	11	204	204	NUM
arjefm-93	509	12	.	.	PUNCT
arjefm-93	510	1	hull	hull	NOUN
arjefm-93	510	2	,	,	PUNCT
arjefm-93	510	3	j.	j.	PROPN
arjefm-93	510	4	c.	c.	PROPN
arjefm-93	510	5	(	(	PUNCT
arjefm-93	510	6	2012	2012	NUM
arjefm-93	510	7	)	)	PUNCT
arjefm-93	510	8	.	.	PUNCT
arjefm-93	511	1	risk	risk	NOUN
arjefm-93	511	2	management	management	NOUN
arjefm-93	511	3	and	and	CCONJ
arjefm-93	511	4	financial	financial	ADJ
arjefm-93	511	5	institutions	institution	NOUN
arjefm-93	511	6	.	.	PUNCT
arjefm-93	512	1	hoboken	hoboken	PROPN
arjefm-93	512	2	,	,	PUNCT
arjefm-93	512	3	new	new	PROPN
arjefm-93	512	4	jersey	jersey	PROPN
arjefm-93	512	5	:	:	PUNCT
arjefm-93	512	6	john	john	PROPN
arjefm-93	512	7	wiley	wiley	PROPN
arjefm-93	512	8	&	&	CCONJ
arjefm-93	512	9	sons	sons	PROPN
arjefm-93	512	10	inc	inc	PROPN
arjefm-93	512	11	.	.	PROPN
arjefm-93	512	12	imf	imf	PROPN
arjefm-93	512	13	.	.	PUNCT
arjefm-93	512	14	(	(	PUNCT
arjefm-93	512	15	1998	1998	NUM
arjefm-93	512	16	)	)	PUNCT
arjefm-93	512	17	.	.	PUNCT
arjefm-93	513	1	chapter	chapter	NOUN
arjefm-93	513	2	iv	iv	PROPN
arjefm-93	513	3	,	,	PUNCT
arjefm-93	513	4	financial	financial	ADJ
arjefm-93	513	5	crises	crisis	NOUN
arjefm-93	513	6	:	:	PUNCT
arjefm-93	513	7	characteristics	characteristic	NOUN
arjefm-93	513	8	and	and	CCONJ
arjefm-93	513	9	indicators	indicator	NOUN
arjefm-93	513	10	of	of	ADP
arjefm-93	513	11	vulnerability	vulnerability	NOUN
arjefm-93	513	12	,	,	PUNCT
arjefm-93	513	13	in	in	ADP
arjefm-93	513	14	world	world	NOUN
arjefm-93	513	15	economic	economic	ADJ
arjefm-93	513	16	outlook	outlook	NOUN
arjefm-93	513	17	.	.	PUNCT
arjefm-93	514	1	washington	washington	PROPN
arjefm-93	514	2	,	,	PUNCT
arjefm-93	514	3	dc	dc	PROPN
arjefm-93	514	4	.	.	PROPN
arjefm-93	514	5	retrieved	retrieve	VERB
arjefm-93	514	6	june	june	PROPN
arjefm-93	514	7	8	8	NUM
arjefm-93	514	8	,	,	PUNCT
arjefm-93	514	9	2014	2014	NUM
arjefm-93	514	10	,	,	PUNCT
arjefm-93	514	11	from	from	ADP
arjefm-93	514	12	http://www.imf.org/external/pubs/ft/weo/weo0598/pdf/0598ch4.pdf	http://www.imf.org/external/pubs/ft/weo/weo0598/pdf/0598ch4.pdf	PROPN
arjefm-93	515	1	.	.	PUNCT
arjefm-93	515	2	kaminsky	kaminsky	PROPN
arjefm-93	515	3	,	,	PUNCT
arjefm-93	515	4	g.	g.	PROPN
arjefm-93	515	5	&	&	CCONJ
arjefm-93	515	6	reinhart.c	reinhart.c	PROPN
arjefm-93	515	7	.	.	PUNCT
arjefm-93	516	1	(	(	PUNCT
arjefm-93	516	2	1999	1999	NUM
arjefm-93	516	3	)	)	PUNCT
arjefm-93	516	4	.	.	PUNCT
arjefm-93	517	1	the	the	DET
arjefm-93	517	2	twin	twin	ADJ
arjefm-93	517	3	crises	crisis	NOUN
arjefm-93	517	4	:	:	PUNCT
arjefm-93	517	5	the	the	DET
arjefm-93	517	6	causes	cause	NOUN
arjefm-93	517	7	of	of	ADP
arjefm-93	517	8	banking	banking	NOUN
arjefm-93	517	9	and	and	CCONJ
arjefm-93	517	10	balance	balance	NOUN
arjefm-93	517	11	-	-	PUNCT
arjefm-93	517	12	ofpayments	ofpayment	NOUN
arjefm-93	517	13	problems	problem	NOUN
arjefm-93	517	14	.	.	PUNCT
arjefm-93	518	1	american	american	PROPN
arjefm-93	518	2	economic	economic	PROPN
arjefm-93	518	3	review	review	PROPN
arjefm-93	518	4	,	,	PUNCT
arjefm-93	518	5	89	89	NUM
arjefm-93	518	6	,	,	PUNCT
arjefm-93	518	7	473	473	NUM
arjefm-93	518	8	-	-	SYM
arjefm-93	518	9	500	500	NUM
arjefm-93	518	10	.	.	PUNCT
arjefm-93	519	1	kashyap	kashyap	PROPN
arjefm-93	519	2	,	,	PUNCT
arjefm-93	519	3	a.	a.	PROPN
arjefm-93	519	4	,	,	PUNCT
arjefm-93	519	5	stein	stein	PROPN
arjefm-93	519	6	,	,	PUNCT
arjefm-93	519	7	j.	j.	PROPN
arjefm-93	519	8	c.	c.	PROPN
arjefm-93	519	9	&	&	CCONJ
arjefm-93	519	10	hanson	hanson	PROPN
arjefm-93	519	11	,	,	PUNCT
arjefm-93	519	12	s.	s.	PROPN
arjefm-93	519	13	(	(	PUNCT
arjefm-93	519	14	2010	2010	NUM
arjefm-93	519	15	)	)	PUNCT
arjefm-93	519	16	.	.	PUNCT
arjefm-93	520	1	an	an	DET
arjefm-93	520	2	analysis	analysis	NOUN
arjefm-93	520	3	of	of	ADP
arjefm-93	520	4	the	the	DET
arjefm-93	520	5	impact	impact	NOUN
arjefm-93	520	6	of	of	ADP
arjefm-93	520	7	“	"	PUNCT
arjefm-93	520	8	substantially	substantially	ADV
arjefm-93	520	9	heightened	heighten	VERB
arjefm-93	520	10	”	"	PUNCT
arjefm-93	520	11	in	in	ADP
arjefm-93	520	12	capital	capital	NOUN
arjefm-93	520	13	requirements	requirement	NOUN
arjefm-93	520	14	on	on	ADP
arjefm-93	520	15	large	large	ADJ
arjefm-93	520	16	financial	financial	ADJ
arjefm-93	520	17	institutions.working	institutions.worke	VERB
arjefm-93	520	18	paper	paper	NOUN
arjefm-93	520	19	,	,	PUNCT
arjefm-93	520	20	university	university	NOUN
arjefm-93	520	21	of	of	ADP
arjefm-93	520	22	chicago	chicago	PROPN
arjefm-93	520	23	.	.	PUNCT
arjefm-93	521	1	koch	koch	PROPN
arjefm-93	521	2	,	,	PUNCT
arjefm-93	521	3	t.	t.	PROPN
arjefm-93	521	4	&	&	CCONJ
arjefm-93	521	5	macdonald	macdonald	PROPN
arjefm-93	521	6	,	,	PUNCT
arjefm-93	521	7	s.	s.	PROPN
arjefm-93	521	8	(	(	PUNCT
arjefm-93	521	9	2007	2007	NUM
arjefm-93	521	10	)	)	PUNCT
arjefm-93	521	11	.	.	PUNCT
arjefm-93	522	1	bank	bank	NOUN
arjefm-93	522	2	management	management	NOUN
arjefm-93	522	3	(	(	PUNCT
arjefm-93	522	4	7th	7th	ADJ
arjefm-93	522	5	ed.).marson	ed.).marson	PROPN
arjefm-93	522	6	,	,	PUNCT
arjefm-93	522	7	ohio	ohio	PROPN
arjefm-93	522	8	:	:	PUNCT
arjefm-93	522	9	south	south	ADJ
arjefm-93	522	10	–	–	PUNCT
arjefm-93	522	11	western	western	PROPN
arjefm-93	522	12	cengage	cengage	PROPN
arjefm-93	522	13	learning	learning	PROPN
arjefm-93	522	14	.	.	PUNCT
arjefm-93	523	1	kolb	kolb	PROPN
arjefm-93	523	2	,	,	PUNCT
arjefm-93	523	3	r.	r.	PROPN
arjefm-93	523	4	&	&	CCONJ
arjefm-93	523	5	overdahl	overdahl	PROPN
arjefm-93	523	6	,	,	PUNCT
arjefm-93	523	7	j.	j.	PROPN
arjefm-93	523	8	a.	a.	PROPN
arjefm-93	523	9	(	(	PUNCT
arjefm-93	523	10	2010	2010	NUM
arjefm-93	523	11	)	)	PUNCT
arjefm-93	523	12	.	.	PUNCT
arjefm-93	524	1	financial	financial	ADJ
arjefm-93	524	2	derivatives	derivative	NOUN
arjefm-93	524	3	:	:	PUNCT
arjefm-93	524	4	pricing	pricing	NOUN
arjefm-93	524	5	and	and	CCONJ
arjefm-93	524	6	risk	risk	NOUN
arjefm-93	524	7	management	management	NOUN
arjefm-93	524	8	.	.	PUNCT
arjefm-93	525	1	hoboken	hoboken	PROPN
arjefm-93	525	2	,	,	PUNCT
arjefm-93	525	3	new	new	PROPN
arjefm-93	525	4	jersey	jersey	PROPN
arjefm-93	525	5	:	:	PUNCT
arjefm-93	525	6	john	john	PROPN
arjefm-93	525	7	wiley	wiley	PROPN
arjefm-93	525	8	&	&	CCONJ
arjefm-93	525	9	sons	sons	PROPN
arjefm-93	525	10	inc	inc	PROPN
arjefm-93	525	11	.	.	PROPN
arjefm-93	525	12	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	525	13	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	526	1	american	american	PROPN
arjefm-93	526	2	research	research	PROPN
arjefm-93	526	3	journal	journal	PROPN
arjefm-93	526	4	of	of	ADP
arjefm-93	526	5	economics	economic	NOUN
arjefm-93	526	6	,	,	PUNCT
arjefm-93	526	7	finance	finance	NOUN
arjefm-93	526	8	and	and	CCONJ
arjefm-93	526	9	management	management	NOUN
arjefm-93	526	10	volume	volume	NOUN
arjefm-93	526	11	11	11	NUM
arjefm-93	526	12	issue	issue	NOUN
arjefm-93	526	13	4	4	NUM
arjefm-93	526	14	,	,	PUNCT
arjefm-93	526	15	october	october	PROPN
arjefm-93	526	16	-	-	PUNCT
arjefm-93	526	17	december	december	PROPN
arjefm-93	526	18	2023	2023	NUM
arjefm-93	526	19	issn	issn	NOUN
arjefm-93	526	20	:	:	PUNCT
arjefm-93	526	21	2836	2836	NUM
arjefm-93	526	22	-	-	SYM
arjefm-93	526	23	9416	9416	NUM
arjefm-93	526	24	impact	impact	NOUN
arjefm-93	526	25	factor	factor	NOUN
arjefm-93	526	26	:	:	PUNCT
arjefm-93	526	27	5.57	5.57	NUM
arjefm-93	526	28	journal	journal	NOUN
arjefm-93	526	29	homepage	homepage	NOUN
arjefm-93	526	30	:	:	PUNCT
arjefm-93	526	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	526	32	,	,	PUNCT
arjefm-93	526	33	email	email	NOUN
arjefm-93	526	34	:	:	PUNCT
arjefm-93	527	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	527	2	official	official	ADJ
arjefm-93	527	3	journal	journal	PROPN
arjefm-93	527	4	of	of	ADP
arjefm-93	527	5	america	america	PROPN
arjefm-93	527	6	serial	serial	PROPN
arjefm-93	527	7	publication	publication	NOUN
arjefm-93	527	8	american	american	PROPN
arjefm-93	527	9	research	research	PROPN
arjefm-93	527	10	journal	journal	PROPN
arjefm-93	527	11	of	of	ADP
arjefm-93	527	12	economics	economic	NOUN
arjefm-93	527	13	,	,	PUNCT
arjefm-93	527	14	finance	finance	NOUN
arjefm-93	527	15	and	and	CCONJ
arjefm-93	527	16	management	management	NOUN
arjefm-93	527	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	527	18	,	,	PUNCT
arjefm-93	527	19	email	email	NOUN
arjefm-93	527	20	:	:	PUNCT
arjefm-93	527	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	528	1	57	57	NUM
arjefm-93	529	1	|	|	ADV
arjefm-93	529	2	p	p	NOUN
arjefm-93	529	3	a	a	DET
arjefm-93	529	4	g	g	NOUN
arjefm-93	529	5	e	e	PROPN
arjefm-93	529	6	kopecky	kopecky	PROPN
arjefm-93	529	7	,	,	PUNCT
arjefm-93	529	8	k.	k.	PROPN
arjefm-93	529	9	j.	j.	PROPN
arjefm-93	529	10	&	&	CCONJ
arjefm-93	529	11	vanhoose	vanhoose	PROPN
arjefm-93	529	12	,	,	PUNCT
arjefm-93	529	13	d.	d.	PROPN
arjefm-93	529	14	(	(	PUNCT
arjefm-93	529	15	2004a).bank	2004a).bank	NUM
arjefm-93	529	16	capital	capital	NOUN
arjefm-93	529	17	requirements	requirement	NOUN
arjefm-93	529	18	and	and	CCONJ
arjefm-93	529	19	the	the	DET
arjefm-93	529	20	monetary	monetary	ADJ
arjefm-93	529	21	transmission	transmission	NOUN
arjefm-93	529	22	mechanism	mechanism	NOUN
arjefm-93	529	23	.	.	PUNCT
arjefm-93	530	1	journal	journal	NOUN
arjefm-93	530	2	of	of	ADP
arjefm-93	530	3	macroeconomics	macroeconomic	NOUN
arjefm-93	530	4	,	,	PUNCT
arjefm-93	530	5	26	26	NUM
arjefm-93	530	6	,	,	PUNCT
arjefm-93	530	7	443	443	NUM
arjefm-93	530	8	-	-	SYM
arjefm-93	530	9	464	464	NUM
arjefm-93	530	10	.	.	PUNCT
arjefm-93	531	1	kopecky	kopecky	PROPN
arjefm-93	531	2	,	,	PUNCT
arjefm-93	531	3	k.	k.	PROPN
arjefm-93	531	4	j.	j.	PROPN
arjefm-93	531	5	&	&	CCONJ
arjefm-93	531	6	vanhoose	vanhoose	PROPN
arjefm-93	531	7	,	,	PUNCT
arjefm-93	531	8	d.	d.	PROPN
arjefm-93	531	9	(	(	PUNCT
arjefm-93	531	10	2004b).a	2004b).a	NUM
arjefm-93	531	11	model	model	NOUN
arjefm-93	531	12	of	of	ADP
arjefm-93	531	13	the	the	DET
arjefm-93	531	14	monetary	monetary	ADJ
arjefm-93	531	15	sector	sector	NOUN
arjefm-93	531	16	with	with	ADP
arjefm-93	531	17	and	and	CCONJ
arjefm-93	531	18	without	without	ADP
arjefm-93	531	19	binding	bind	VERB
arjefm-93	531	20	capital	capital	NOUN
arjefm-93	531	21	requirements	requirement	NOUN
arjefm-93	531	22	.	.	PUNCT
arjefm-93	532	1	journal	journal	NOUN
arjefm-93	532	2	of	of	ADP
arjefm-93	532	3	banking	banking	NOUN
arjefm-93	532	4	and	and	CCONJ
arjefm-93	532	5	finance	finance	NOUN
arjefm-93	532	6	,	,	PUNCT
arjefm-93	532	7	28	28	NUM
arjefm-93	532	8	,	,	PUNCT
arjefm-93	532	9	633–646	633–646	NUM
arjefm-93	532	10	.	.	PUNCT
arjefm-93	533	1	labadie	labadie	PROPN
arjefm-93	533	2	,	,	PUNCT
arjefm-93	533	3	p.	p.	NOUN
arjefm-93	533	4	(	(	PUNCT
arjefm-93	533	5	1995	1995	NUM
arjefm-93	533	6	)	)	PUNCT
arjefm-93	533	7	.	.	PUNCT
arjefm-93	534	1	financial	financial	ADJ
arjefm-93	534	2	intermediation	intermediation	NOUN
arjefm-93	534	3	and	and	CCONJ
arjefm-93	534	4	monetary	monetary	ADJ
arjefm-93	534	5	policy	policy	NOUN
arjefm-93	534	6	in	in	ADP
arjefm-93	534	7	a	a	DET
arjefm-93	534	8	general	general	ADJ
arjefm-93	534	9	equilibrium	equilibrium	NOUN
arjefm-93	534	10	banking	banking	NOUN
arjefm-93	534	11	model	model	NOUN
arjefm-93	534	12	.	.	PUNCT
arjefm-93	535	1	journal	journal	PROPN
arjefm-93	535	2	of	of	ADP
arjefm-93	535	3	money	money	NOUN
arjefm-93	535	4	,	,	PUNCT
arjefm-93	535	5	credit	credit	NOUN
arjefm-93	535	6	,	,	PUNCT
arjefm-93	535	7	and	and	CCONJ
arjefm-93	535	8	banking	banking	NOUN
arjefm-93	535	9	,	,	PUNCT
arjefm-93	535	10	27	27	NUM
arjefm-93	535	11	,	,	PUNCT
arjefm-93	535	12	1290–1315	1290–1315	NUM
arjefm-93	535	13	.	.	PUNCT
arjefm-93	536	1	laeven	laeven	VERB
arjefm-93	536	2	,	,	PUNCT
arjefm-93	536	3	l.	l.	PROPN
arjefm-93	536	4	(	(	PUNCT
arjefm-93	536	5	2002	2002	NUM
arjefm-93	536	6	)	)	PUNCT
arjefm-93	536	7	.	.	PUNCT
arjefm-93	537	1	international	international	ADJ
arjefm-93	537	2	evidence	evidence	NOUN
arjefm-93	537	3	on	on	ADP
arjefm-93	537	4	the	the	DET
arjefm-93	537	5	value	value	NOUN
arjefm-93	537	6	of	of	ADP
arjefm-93	537	7	deposit	deposit	NOUN
arjefm-93	537	8	insurance	insurance	NOUN
arjefm-93	537	9	.	.	PUNCT
arjefm-93	538	1	the	the	DET
arjefm-93	538	2	quarterly	quarterly	ADJ
arjefm-93	538	3	review	review	NOUN
arjefm-93	538	4	of	of	ADP
arjefm-93	538	5	economics	economic	NOUN
arjefm-93	538	6	and	and	CCONJ
arjefm-93	538	7	finance	finance	NOUN
arjefm-93	538	8	,	,	PUNCT
arjefm-93	538	9	42	42	NUM
arjefm-93	538	10	,	,	PUNCT
arjefm-93	538	11	721	721	NUM
arjefm-93	538	12	-	-	SYM
arjefm-93	538	13	732	732	NUM
arjefm-93	538	14	.	.	PUNCT
arjefm-93	539	1	laszlo	laszlo	PROPN
arjefm-93	539	2	,	,	PUNCT
arjefm-93	539	3	m.	m.	NOUN
arjefm-93	539	4	(	(	PUNCT
arjefm-93	539	5	1999).generalized	1999).generalized	ADJ
arjefm-93	539	6	method	method	NOUN
arjefm-93	539	7	of	of	ADP
arjefm-93	539	8	moments	moment	NOUN
arjefm-93	539	9	estimation	estimation	NOUN
arjefm-93	539	10	,	,	PUNCT
arjefm-93	539	11	themes	theme	NOUN
arjefm-93	539	12	in	in	ADP
arjefm-93	539	13	modern	modern	ADJ
arjefm-93	539	14	econometrics	econometric	NOUN
arjefm-93	539	15	.	.	PUNCT
arjefm-93	540	1	cambridge	cambridge	PROPN
arjefm-93	540	2	:	:	PUNCT
arjefm-93	540	3	cambridge	cambridge	PROPN
arjefm-93	540	4	university	university	PROPN
arjefm-93	540	5	press	press	NOUN
arjefm-93	540	6	.	.	PUNCT
arjefm-93	541	1	miller	miller	PROPN
arjefm-93	541	2	,	,	PUNCT
arjefm-93	541	3	f.	f.	PROPN
arjefm-93	541	4	p.	p.	PROPN
arjefm-93	541	5	,	,	PUNCT
arjefm-93	541	6	vandome	vandome	PROPN
arjefm-93	541	7	,	,	PUNCT
arjefm-93	541	8	a.	a.	PROPN
arjefm-93	541	9	f.	f.	PROPN
arjefm-93	541	10	&	&	CCONJ
arjefm-93	541	11	mcbrewster	mcbrewster	PROPN
arjefm-93	541	12	j.	j.	PROPN
arjefm-93	541	13	(	(	PUNCT
arjefm-93	541	14	2010).generalized	2010).generalize	VERB
arjefm-93	541	15	method	method	NOUN
arjefm-93	541	16	of	of	ADP
arjefm-93	541	17	momentsvdm	momentsvdm	ADJ
arjefm-93	541	18	publishing	publishing	NOUN
arjefm-93	541	19	.	.	PUNCT
arjefm-93	542	1	newey	newey	PROPN
arjefm-93	542	2	,	,	PUNCT
arjefm-93	542	3	w.	w.	PROPN
arjefm-93	542	4	k.	k.	PROPN
arjefm-93	542	5	&	&	CCONJ
arjefm-93	542	6	west	west	PROPN
arjefm-93	542	7	,	,	PUNCT
arjefm-93	542	8	k.	k.	PROPN
arjefm-93	542	9	d.	d.	PROPN
arjefm-93	542	10	(	(	PUNCT
arjefm-93	542	11	1987	1987	NUM
arjefm-93	542	12	)	)	PUNCT
arjefm-93	542	13	.	.	PUNCT
arjefm-93	543	1	hypothesis	hypothesis	NOUN
arjefm-93	543	2	testing	test	VERB
arjefm-93	543	3	with	with	ADP
arjefm-93	543	4	efficient	efficient	ADJ
arjefm-93	543	5	method	method	NOUN
arjefm-93	543	6	of	of	ADP
arjefm-93	543	7	moments	moment	NOUN
arjefm-93	543	8	estimation	estimation	NOUN
arjefm-93	543	9	.	.	PUNCT
arjefm-93	544	1	international	international	ADJ
arjefm-93	544	2	economic	economic	ADJ
arjefm-93	544	3	review	review	NOUN
arjefm-93	544	4	,	,	PUNCT
arjefm-93	544	5	28	28	NUM
arjefm-93	544	6	,	,	PUNCT
arjefm-93	544	7	777	777	NUM
arjefm-93	544	8	-	-	SYM
arjefm-93	544	9	787	787	NUM
arjefm-93	544	10	.	.	PUNCT
arjefm-93	545	1	rojas	rojas	PROPN
arjefm-93	545	2	-	-	PUNCT
arjefm-93	545	3	suarez	suarez	PROPN
arjefm-93	545	4	,	,	PUNCT
arjefm-93	545	5	l.	l.	PROPN
arjefm-93	545	6	(	(	PUNCT
arjefm-93	545	7	2002	2002	NUM
arjefm-93	545	8	)	)	PUNCT
arjefm-93	545	9	.	.	PUNCT
arjefm-93	546	1	can	can	AUX
arjefm-93	546	2	international	international	ADJ
arjefm-93	546	3	capital	capital	NOUN
arjefm-93	546	4	standards	standard	NOUN
arjefm-93	546	5	strengthen	strengthen	VERB
arjefm-93	546	6	banks	bank	NOUN
arjefm-93	546	7	in	in	ADP
arjefm-93	546	8	emerging	emerge	VERB
arjefm-93	546	9	markets	market	NOUN
arjefm-93	546	10	?	?	PUNCT
arjefm-93	547	1	institute	institute	NOUN
arjefm-93	547	2	for	for	ADP
arjefm-93	547	3	international	international	ADJ
arjefm-93	547	4	economics	economic	NOUN
arjefm-93	547	5	working	working	PROPN
arjefm-93	547	6	paper	paper	NOUN
arjefm-93	547	7	series	series	NOUN
arjefm-93	547	8	,	,	PUNCT
arjefm-93	547	9	no	no	INTJ
arjefm-93	547	10	.	.	NOUN
arjefm-93	547	11	01	01	NUM
arjefm-93	547	12	-	-	SYM
arjefm-93	547	13	10	10	NUM
arjefm-93	547	14	,	,	PUNCT
arjefm-93	547	15	november	november	PROPN
arjefm-93	547	16	.	.	PUNCT
arjefm-93	548	1	sinha	sinha	PROPN
arjefm-93	548	2	,	,	PUNCT
arjefm-93	548	3	a.	a.	NOUN
arjefm-93	548	4	(	(	PUNCT
arjefm-93	548	5	2012	2012	NUM
arjefm-93	548	6	)	)	PUNCT
arjefm-93	548	7	.	.	PUNCT
arjefm-93	549	1	implications	implication	NOUN
arjefm-93	549	2	for	for	ADP
arjefm-93	549	3	growth	growth	NOUN
arjefm-93	549	4	and	and	CCONJ
arjefm-93	549	5	financial	financial	ADJ
arjefm-93	549	6	sector	sector	NOUN
arjefm-93	549	7	regulation	regulation	NOUN
arjefm-93	549	8	,	,	PUNCT
arjefm-93	549	9	in	in	ADP
arjefm-93	549	10	financial	financial	ADJ
arjefm-93	549	11	sector	sector	NOUN
arjefm-93	549	12	regulation	regulation	NOUN
arjefm-93	549	13	for	for	ADP
arjefm-93	549	14	growth	growth	NOUN
arjefm-93	549	15	,	,	PUNCT
arjefm-93	549	16	equity	equity	NOUN
arjefm-93	549	17	and	and	CCONJ
arjefm-93	549	18	stability	stability	NOUN
arjefm-93	549	19	,	,	PUNCT
arjefm-93	549	20	bis	bis	ADJ
arjefm-93	549	21	papers	paper	NOUN
arjefm-93	549	22	,	,	PUNCT
arjefm-93	549	23	no.62	no.62	NOUN
arjefm-93	549	24	,	,	PUNCT
arjefm-93	549	25	monetary	monetary	ADJ
arjefm-93	549	26	and	and	CCONJ
arjefm-93	549	27	economic	economic	ADJ
arjefm-93	549	28	department	department	NOUN
arjefm-93	549	29	,	,	PUNCT
arjefm-93	549	30	proceedings	proceeding	NOUN
arjefm-93	549	31	of	of	ADP
arjefm-93	549	32	a	a	DET
arjefm-93	549	33	conference	conference	NOUN
arjefm-93	549	34	organized	organize	VERB
arjefm-93	549	35	by	by	ADP
arjefm-93	549	36	the	the	DET
arjefm-93	549	37	bis	bis	NOUN
arjefm-93	549	38	and	and	CCONJ
arjefm-93	549	39	cafral	cafral	ADJ
arjefm-93	549	40	in	in	ADP
arjefm-93	549	41	mumbai	mumbai	PROPN
arjefm-93	549	42	,	,	PUNCT
arjefm-93	549	43	15–16	15–16	NUM
arjefm-93	549	44	november	november	PROPN
arjefm-93	549	45	2011	2011	NUM
arjefm-93	549	46	.	.	PUNCT
arjefm-93	550	1	retrieved	retrieve	VERB
arjefm-93	550	2	august	august	PROPN
arjefm-93	550	3	2	2	NUM
arjefm-93	550	4	,	,	PUNCT
arjefm-93	550	5	2014	2014	NUM
arjefm-93	550	6	,	,	PUNCT
arjefm-93	550	7	from	from	ADP
arjefm-93	550	8	http://www.bis.org/publ/bppdf/bispap62.pdf	http://www.bis.org/publ/bppdf/bispap62.pdf	PROPN
arjefm-93	550	9	.	.	PUNCT
arjefm-93	550	10	slovik	slovik	NOUN
arjefm-93	550	11	,	,	PUNCT
arjefm-93	550	12	p.	p.	NOUN
arjefm-93	550	13	&	&	CCONJ
arjefm-93	550	14	cournede	cournede	PROPN
arjefm-93	550	15	,	,	PUNCT
arjefm-93	550	16	b.	b.	PROPN
arjefm-93	551	1	(	(	PUNCT
arjefm-93	551	2	2011).macroeconomic	2011).macroeconomic	ADJ
arjefm-93	551	3	impact	impact	NOUN
arjefm-93	551	4	of	of	ADP
arjefm-93	551	5	basel	basel	PROPN
arjefm-93	551	6	iii.oecd	iii.oecd	PUNCT
arjefm-93	551	7	economics	economics	PROPN
arjefm-93	551	8	department	department	PROPN
arjefm-93	551	9	working	working	NOUN
arjefm-93	551	10	papers	paper	NOUN
arjefm-93	551	11	,	,	PUNCT
arjefm-93	551	12	no	no	INTJ
arjefm-93	551	13	.	.	NOUN
arjefm-93	551	14	844.organization	844.organization	NOUN
arjefm-93	551	15	for	for	ADP
arjefm-93	551	16	economics	economics	NOUN
arjefm-93	551	17	cooperation	cooperation	NOUN
arjefm-93	551	18	and	and	CCONJ
arjefm-93	551	19	development	development	NOUN
arjefm-93	551	20	publishing	publishing	NOUN
arjefm-93	551	21	,	,	PUNCT
arjefm-93	551	22	paris	paris	PROPN
arjefm-93	551	23	.	.	PUNCT
arjefm-93	552	1	thakor	thakor	PROPN
arjefm-93	552	2	,	,	PUNCT
arjefm-93	552	3	a.	a.	PROPN
arjefm-93	552	4	v.	v.	PROPN
arjefm-93	552	5	(	(	PUNCT
arjefm-93	552	6	1996	1996	NUM
arjefm-93	552	7	)	)	PUNCT
arjefm-93	552	8	.	.	PUNCT
arjefm-93	553	1	capital	capital	NOUN
arjefm-93	553	2	requirements	requirement	VERB
arjefm-93	553	3	monetary	monetary	ADJ
arjefm-93	553	4	policy	policy	NOUN
arjefm-93	553	5	,	,	PUNCT
arjefm-93	553	6	and	and	CCONJ
arjefm-93	553	7	aggregate	aggregate	VERB
arjefm-93	553	8	bank	bank	NOUN
arjefm-93	553	9	lending	lending	NOUN
arjefm-93	553	10	:	:	PUNCT
arjefm-93	553	11	theory	theory	NOUN
arjefm-93	553	12	and	and	CCONJ
arjefm-93	553	13	empirical	empirical	ADJ
arjefm-93	553	14	evidence	evidence	NOUN
arjefm-93	553	15	.	.	PUNCT
arjefm-93	554	1	the	the	DET
arjefm-93	554	2	journal	journal	PROPN
arjefm-93	554	3	of	of	ADP
arjefm-93	554	4	finance	finance	NOUN
arjefm-93	554	5	,	,	PUNCT
arjefm-93	554	6	51	51	NUM
arjefm-93	554	7	,	,	PUNCT
arjefm-93	554	8	279–324	279–324	NUM
arjefm-93	554	9	.	.	PUNCT
arjefm-93	555	1	van	van	PROPN
arjefm-93	555	2	den	den	PROPN
arjefm-93	555	3	heuvel	heuvel	PROPN
arjefm-93	555	4	,	,	PUNCT
arjefm-93	555	5	s.	s.	PROPN
arjefm-93	555	6	j.	j.	PROPN
arjefm-93	555	7	(	(	PUNCT
arjefm-93	555	8	2002	2002	NUM
arjefm-93	555	9	)	)	PUNCT
arjefm-93	555	10	.	.	PUNCT
arjefm-93	556	1	the	the	DET
arjefm-93	556	2	bank	bank	PROPN
arjefm-93	556	3	capital	capital	PROPN
arjefm-93	556	4	channel	channel	NOUN
arjefm-93	556	5	of	of	ADP
arjefm-93	556	6	monetary	monetary	ADJ
arjefm-93	556	7	policy.working	policy.worke	VERB
arjefm-93	556	8	paper.university	paper.university	NOUN
arjefm-93	556	9	of	of	ADP
arjefm-93	556	10	pennsylvania	pennsylvania	PROPN
arjefm-93	556	11	.	.	PUNCT
arjefm-93	557	1	von	von	PROPN
arjefm-93	557	2	hagen	hagen	PROPN
arjefm-93	557	3	,	,	PUNCT
arjefm-93	557	4	j.	j.	PROPN
arjefm-93	557	5	&	&	CCONJ
arjefm-93	557	6	ho	ho	PROPN
arjefm-93	557	7	,	,	PUNCT
arjefm-93	557	8	t.	t.	PROPN
arjefm-93	557	9	k.	k.	PROPN
arjefm-93	558	1	(	(	PUNCT
arjefm-93	558	2	2007).money	2007).money	NUM
arjefm-93	558	3	market	market	NOUN
arjefm-93	558	4	pressure	pressure	NOUN
arjefm-93	558	5	and	and	CCONJ
arjefm-93	558	6	the	the	DET
arjefm-93	558	7	determinants	determinant	NOUN
arjefm-93	558	8	of	of	ADP
arjefm-93	558	9	banking	banking	NOUN
arjefm-93	558	10	crisis	crisis	NOUN
arjefm-93	558	11	.	.	PUNCT
arjefm-93	559	1	journal	journal	NOUN
arjefm-93	559	2	of	of	ADP
arjefm-93	559	3	money	money	NOUN
arjefm-93	559	4	,	,	PUNCT
arjefm-93	559	5	credit	credit	NOUN
arjefm-93	559	6	and	and	CCONJ
arjefm-93	559	7	banking	banking	NOUN
arjefm-93	559	8	,	,	PUNCT
arjefm-93	559	9	39	39	NUM
arjefm-93	559	10	,	,	PUNCT
arjefm-93	559	11	1037	1037	NUM
arjefm-93	559	12	-	-	SYM
arjefm-93	559	13	1066	1066	NUM
arjefm-93	559	14	.	.	PUNCT
arjefm-93	560	1	wong	wong	PROPN
arjefm-93	560	2	,	,	PUNCT
arjefm-93	560	3	k.	k.	PROPN
arjefm-93	561	1	p.	p.	PROPN
arjefm-93	561	2	(	(	PUNCT
arjefm-93	561	3	1997	1997	NUM
arjefm-93	561	4	)	)	PUNCT
arjefm-93	561	5	.	.	PUNCT
arjefm-93	562	1	on	on	ADP
arjefm-93	562	2	the	the	DET
arjefm-93	562	3	determinants	determinant	NOUN
arjefm-93	562	4	of	of	ADP
arjefm-93	562	5	bank	bank	NOUN
arjefm-93	562	6	interest	interest	NOUN
arjefm-93	562	7	margins	margin	NOUN
arjefm-93	562	8	under	under	ADP
arjefm-93	562	9	credit	credit	NOUN
arjefm-93	562	10	and	and	CCONJ
arjefm-93	562	11	interest	interest	NOUN
arjefm-93	562	12	rate	rate	NOUN
arjefm-93	562	13	risks	risk	NOUN
arjefm-93	562	14	.	.	PUNCT
arjefm-93	563	1	journal	journal	NOUN
arjefm-93	563	2	of	of	ADP
arjefm-93	563	3	banking	banking	NOUN
arjefm-93	563	4	and	and	CCONJ
arjefm-93	563	5	finance	finance	NOUN
arjefm-93	563	6	,	,	PUNCT
arjefm-93	563	7	21	21	NUM
arjefm-93	563	8	,	,	PUNCT
arjefm-93	563	9	251	251	NUM
arjefm-93	563	10	-	-	SYM
arjefm-93	563	11	271	271	NUM
arjefm-93	563	12	.	.	PUNCT
arjefm-93	564	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	564	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	565	1	american	american	PROPN
arjefm-93	565	2	research	research	PROPN
arjefm-93	565	3	journal	journal	PROPN
arjefm-93	565	4	of	of	ADP
arjefm-93	565	5	economics	economic	NOUN
arjefm-93	565	6	,	,	PUNCT
arjefm-93	565	7	finance	finance	NOUN
arjefm-93	565	8	and	and	CCONJ
arjefm-93	565	9	management	management	NOUN
arjefm-93	565	10	volume	volume	NOUN
arjefm-93	565	11	11	11	NUM
arjefm-93	565	12	issue	issue	NOUN
arjefm-93	565	13	4	4	NUM
arjefm-93	565	14	,	,	PUNCT
arjefm-93	565	15	october	october	PROPN
arjefm-93	565	16	-	-	PUNCT
arjefm-93	565	17	december	december	PROPN
arjefm-93	565	18	2023	2023	NUM
arjefm-93	565	19	issn	issn	NOUN
arjefm-93	565	20	:	:	PUNCT
arjefm-93	565	21	2836	2836	NUM
arjefm-93	565	22	-	-	SYM
arjefm-93	565	23	9416	9416	NUM
arjefm-93	565	24	impact	impact	NOUN
arjefm-93	565	25	factor	factor	NOUN
arjefm-93	565	26	:	:	PUNCT
arjefm-93	565	27	5.57	5.57	NUM
arjefm-93	565	28	journal	journal	NOUN
arjefm-93	565	29	homepage	homepage	NOUN
arjefm-93	565	30	:	:	PUNCT
arjefm-93	565	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	565	32	,	,	PUNCT
arjefm-93	565	33	email	email	NOUN
arjefm-93	565	34	:	:	PUNCT
arjefm-93	566	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	566	2	official	official	ADJ
arjefm-93	566	3	journal	journal	PROPN
arjefm-93	566	4	of	of	ADP
arjefm-93	566	5	america	america	PROPN
arjefm-93	566	6	serial	serial	PROPN
arjefm-93	566	7	publication	publication	NOUN
arjefm-93	566	8	american	american	PROPN
arjefm-93	566	9	research	research	PROPN
arjefm-93	566	10	journal	journal	PROPN
arjefm-93	566	11	of	of	ADP
arjefm-93	566	12	economics	economic	NOUN
arjefm-93	566	13	,	,	PUNCT
arjefm-93	566	14	finance	finance	NOUN
arjefm-93	566	15	and	and	CCONJ
arjefm-93	566	16	management	management	NOUN
arjefm-93	566	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	566	18	,	,	PUNCT
arjefm-93	566	19	email	email	NOUN
arjefm-93	566	20	:	:	PUNCT
arjefm-93	566	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	567	1	58	58	NUM
arjefm-93	568	1	|	|	ADV
arjefm-93	568	2	p	p	X
arjefm-93	568	3	a	a	DET
arjefm-93	568	4	g	g	NOUN
arjefm-93	568	5	e	e	NOUN
arjefm-93	568	6	zeileis	zeileis	PROPN
arjefm-93	568	7	,	,	PUNCT
arjefm-93	568	8	a.	a.	NOUN
arjefm-93	568	9	(	(	PUNCT
arjefm-93	568	10	2004	2004	NUM
arjefm-93	568	11	)	)	PUNCT
arjefm-93	568	12	.	.	PUNCT
arjefm-93	569	1	econometric	econometric	PROPN
arjefm-93	569	2	computing	compute	VERB
arjefm-93	569	3	with	with	ADP
arjefm-93	569	4	hc	hc	PROPN
arjefm-93	569	5	and	and	CCONJ
arjefm-93	569	6	hac	hac	VERB
arjefm-93	569	7	covariance	covariance	NOUN
arjefm-93	569	8	matrix	matrix	NOUN
arjefm-93	569	9	estimators	estimator	NOUN
arjefm-93	569	10	.	.	PUNCT
arjefm-93	570	1	journal	journal	NOUN
arjefm-93	570	2	of	of	ADP
arjefm-93	570	3	statistical	statistical	ADJ
arjefm-93	570	4	software	software	NOUN
arjefm-93	570	5	,	,	PUNCT
arjefm-93	570	6	11	11	NUM
arjefm-93	570	7	,	,	PUNCT
arjefm-93	570	8	1	1	NUM
arjefm-93	570	9	-	-	SYM
arjefm-93	570	10	17	17	NUM
arjefm-93	570	11	.	.	PUNCT
arjefm-93	570	12	table	table	NOUN
arjefm-93	570	13	4	4	NUM
arjefm-93	570	14	:	:	PUNCT
arjefm-93	570	15	gmm	gmm	PROPN
arjefm-93	570	16	first	first	ADJ
arjefm-93	570	17	-	-	PUNCT
arjefm-93	570	18	stage	stage	NOUN
arjefm-93	570	19	regressions	regression	NOUN
arjefm-93	570	20	for	for	ADP
arjefm-93	570	21	holdings	holding	NOUN
arjefm-93	570	22	of	of	ADP
arjefm-93	570	23	capital	capital	NOUN
arjefm-93	570	24	note	note	NOUN
arjefm-93	570	25	:	:	PUNCT
arjefm-93	570	26	the	the	DET
arjefm-93	570	27	table	table	NOUN
arjefm-93	570	28	shows	show	VERB
arjefm-93	570	29	the	the	DET
arjefm-93	570	30	first	first	ADJ
arjefm-93	570	31	stage	stage	NOUN
arjefm-93	570	32	gmm	gmm	AUX
arjefm-93	570	33	regression	regression	VERB
arjefm-93	570	34	for	for	ADP
arjefm-93	570	35	the	the	DET
arjefm-93	570	36	equity	equity	NOUN
arjefm-93	570	37	-	-	PUNCT
arjefm-93	570	38	asset	asset	NOUN
arjefm-93	570	39	ratio	ratio	NOUN
arjefm-93	570	40	.	.	PUNCT
arjefm-93	571	1	heteroskedasticity	heteroskedasticity	NOUN
arjefm-93	571	2	and	and	CCONJ
arjefm-93	571	3	autocorrelation	autocorrelation	NOUN
arjefm-93	571	4	-	-	PUNCT
arjefm-93	571	5	consistent	consistent	ADJ
arjefm-93	571	6	standard	standard	ADJ
arjefm-93	571	7	errors	error	NOUN
arjefm-93	571	8	are	be	AUX
arjefm-93	571	9	shown	show	VERB
arjefm-93	571	10	in	in	ADP
arjefm-93	571	11	parentheses	parenthesis	NOUN
arjefm-93	571	12	;	;	PUNCT
arjefm-93	571	13	significances	significance	NOUN
arjefm-93	571	14	of	of	ADP
arjefm-93	571	15	1	1	NUM
arjefm-93	571	16	(	(	PUNCT
arjefm-93	571	17	*	*	PUNCT
arjefm-93	571	18	*	*	PUNCT
arjefm-93	571	19	*	*	PUNCT
arjefm-93	571	20	)	)	PUNCT
arjefm-93	571	21	,	,	PUNCT
arjefm-93	571	22	5	5	NUM
arjefm-93	571	23	(	(	PUNCT
arjefm-93	571	24	*	*	NOUN
arjefm-93	571	25	*	*	PUNCT
arjefm-93	571	26	)	)	PUNCT
arjefm-93	571	27	,	,	PUNCT
arjefm-93	571	28	and	and	CCONJ
arjefm-93	571	29	10	10	NUM
arjefm-93	571	30	(	(	PUNCT
arjefm-93	571	31	*	*	NOUN
arjefm-93	571	32	)	)	PUNCT
arjefm-93	571	33	percent	percent	NOUN
arjefm-93	571	34	are	be	AUX
arjefm-93	571	35	indicated	indicate	VERB
arjefm-93	571	36	.	.	PUNCT
arjefm-93	572	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	572	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	573	1	american	american	PROPN
arjefm-93	573	2	research	research	PROPN
arjefm-93	573	3	journal	journal	PROPN
arjefm-93	573	4	of	of	ADP
arjefm-93	573	5	economics	economic	NOUN
arjefm-93	573	6	,	,	PUNCT
arjefm-93	573	7	finance	finance	NOUN
arjefm-93	573	8	and	and	CCONJ
arjefm-93	573	9	management	management	NOUN
arjefm-93	573	10	volume	volume	NOUN
arjefm-93	573	11	11	11	NUM
arjefm-93	573	12	issue	issue	NOUN
arjefm-93	573	13	4	4	NUM
arjefm-93	573	14	,	,	PUNCT
arjefm-93	573	15	october	october	PROPN
arjefm-93	573	16	-	-	PUNCT
arjefm-93	573	17	december	december	PROPN
arjefm-93	573	18	2023	2023	NUM
arjefm-93	573	19	issn	issn	NOUN
arjefm-93	573	20	:	:	PUNCT
arjefm-93	573	21	2836	2836	NUM
arjefm-93	573	22	-	-	SYM
arjefm-93	573	23	9416	9416	NUM
arjefm-93	573	24	impact	impact	NOUN
arjefm-93	573	25	factor	factor	NOUN
arjefm-93	573	26	:	:	PUNCT
arjefm-93	573	27	5.57	5.57	NUM
arjefm-93	573	28	journal	journal	NOUN
arjefm-93	573	29	homepage	homepage	NOUN
arjefm-93	573	30	:	:	PUNCT
arjefm-93	573	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	573	32	,	,	PUNCT
arjefm-93	573	33	email	email	NOUN
arjefm-93	573	34	:	:	PUNCT
arjefm-93	574	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	574	2	official	official	ADJ
arjefm-93	574	3	journal	journal	PROPN
arjefm-93	574	4	of	of	ADP
arjefm-93	574	5	america	america	PROPN
arjefm-93	574	6	serial	serial	PROPN
arjefm-93	574	7	publication	publication	NOUN
arjefm-93	574	8	american	american	PROPN
arjefm-93	574	9	research	research	PROPN
arjefm-93	574	10	journal	journal	PROPN
arjefm-93	574	11	of	of	ADP
arjefm-93	574	12	economics	economic	NOUN
arjefm-93	574	13	,	,	PUNCT
arjefm-93	574	14	finance	finance	NOUN
arjefm-93	574	15	and	and	CCONJ
arjefm-93	574	16	management	management	NOUN
arjefm-93	574	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	574	18	,	,	PUNCT
arjefm-93	574	19	email	email	NOUN
arjefm-93	574	20	:	:	PUNCT
arjefm-93	574	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	574	22	59	59	NUM
arjefm-93	575	1	|	|	ADV
arjefm-93	575	2	p	p	ADP
arjefm-93	575	3	a	a	DET
arjefm-93	575	4	g	g	NOUN
arjefm-93	575	5	e	e	NOUN
arjefm-93	575	6	table	table	NOUN
arjefm-93	575	7	5	5	NUM
arjefm-93	575	8	:	:	PUNCT
arjefm-93	575	9	gmm	gmm	PROPN
arjefm-93	575	10	second	second	ADJ
arjefm-93	575	11	-	-	PUNCT
arjefm-93	575	12	stage	stage	NOUN
arjefm-93	575	13	regressions	regression	NOUN
arjefm-93	575	14	for	for	ADP
arjefm-93	575	15	loan	loan	NOUN
arjefm-93	575	16	rate	rate	NOUN
arjefm-93	575	17	note	note	NOUN
arjefm-93	575	18	:	:	PUNCT
arjefm-93	575	19	the	the	DET
arjefm-93	575	20	table	table	NOUN
arjefm-93	575	21	shows	show	VERB
arjefm-93	575	22	the	the	DET
arjefm-93	575	23	second	second	ADJ
arjefm-93	575	24	stage	stage	NOUN
arjefm-93	575	25	gmm	gmm	AUX
arjefm-93	575	26	regression	regression	VERB
arjefm-93	575	27	for	for	ADP
arjefm-93	575	28	the	the	DET
arjefm-93	575	29	loan	loan	NOUN
arjefm-93	575	30	rate	rate	NOUN
arjefm-93	575	31	.	.	PUNCT
arjefm-93	576	1	heteroskedasticityand	heteroskedasticityand	PROPN
arjefm-93	576	2	autocorrelation	autocorrelation	NOUN
arjefm-93	576	3	-	-	PUNCT
arjefm-93	576	4	consistent	consistent	ADJ
arjefm-93	576	5	standard	standard	ADJ
arjefm-93	576	6	errors	error	NOUN
arjefm-93	576	7	are	be	AUX
arjefm-93	576	8	shown	show	VERB
arjefm-93	576	9	in	in	ADP
arjefm-93	576	10	parentheses	parenthesis	NOUN
arjefm-93	576	11	;	;	PUNCT
arjefm-93	576	12	significances	significance	NOUN
arjefm-93	576	13	of	of	ADP
arjefm-93	576	14	1	1	NUM
arjefm-93	576	15	(	(	PUNCT
arjefm-93	576	16	*	*	PUNCT
arjefm-93	576	17	*	*	PUNCT
arjefm-93	576	18	*	*	PUNCT
arjefm-93	576	19	)	)	PUNCT
arjefm-93	576	20	,	,	PUNCT
arjefm-93	576	21	5	5	NUM
arjefm-93	576	22	(	(	PUNCT
arjefm-93	576	23	*	*	NOUN
arjefm-93	576	24	*	*	PUNCT
arjefm-93	576	25	)	)	PUNCT
arjefm-93	576	26	,	,	PUNCT
arjefm-93	576	27	and	and	CCONJ
arjefm-93	576	28	10	10	NUM
arjefm-93	576	29	(	(	PUNCT
arjefm-93	576	30	*	*	NOUN
arjefm-93	576	31	)	)	PUNCT
arjefm-93	576	32	percent	percent	NOUN
arjefm-93	576	33	are	be	AUX
arjefm-93	576	34	indicated	indicate	VERB
arjefm-93	576	35	.	.	PUNCT
arjefm-93	577	1	table	table	NOUN
arjefm-93	577	2	6	6	NUM
arjefm-93	577	3	:	:	PUNCT
arjefm-93	577	4	loan	loan	NOUN
arjefm-93	577	5	demand	demand	NOUN
arjefm-93	577	6	equations	equation	NOUN
arjefm-93	577	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	577	8	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	578	1	american	american	PROPN
arjefm-93	578	2	research	research	PROPN
arjefm-93	578	3	journal	journal	PROPN
arjefm-93	578	4	of	of	ADP
arjefm-93	578	5	economics	economic	NOUN
arjefm-93	578	6	,	,	PUNCT
arjefm-93	578	7	finance	finance	NOUN
arjefm-93	578	8	and	and	CCONJ
arjefm-93	578	9	management	management	NOUN
arjefm-93	578	10	volume	volume	NOUN
arjefm-93	578	11	11	11	NUM
arjefm-93	578	12	issue	issue	NOUN
arjefm-93	578	13	4	4	NUM
arjefm-93	578	14	,	,	PUNCT
arjefm-93	578	15	october	october	PROPN
arjefm-93	578	16	-	-	PUNCT
arjefm-93	578	17	december	december	PROPN
arjefm-93	578	18	2023	2023	NUM
arjefm-93	578	19	issn	issn	NOUN
arjefm-93	578	20	:	:	PUNCT
arjefm-93	578	21	2836	2836	NUM
arjefm-93	578	22	-	-	SYM
arjefm-93	578	23	9416	9416	NUM
arjefm-93	578	24	impact	impact	NOUN
arjefm-93	578	25	factor	factor	NOUN
arjefm-93	578	26	:	:	PUNCT
arjefm-93	578	27	5.57	5.57	NUM
arjefm-93	578	28	journal	journal	NOUN
arjefm-93	578	29	homepage	homepage	NOUN
arjefm-93	578	30	:	:	PUNCT
arjefm-93	578	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	578	32	,	,	PUNCT
arjefm-93	578	33	email	email	NOUN
arjefm-93	578	34	:	:	PUNCT
arjefm-93	579	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	579	2	official	official	ADJ
arjefm-93	579	3	journal	journal	PROPN
arjefm-93	579	4	of	of	ADP
arjefm-93	579	5	america	america	PROPN
arjefm-93	579	6	serial	serial	PROPN
arjefm-93	579	7	publication	publication	NOUN
arjefm-93	579	8	american	american	PROPN
arjefm-93	579	9	research	research	PROPN
arjefm-93	579	10	journal	journal	PROPN
arjefm-93	579	11	of	of	ADP
arjefm-93	579	12	economics	economic	NOUN
arjefm-93	579	13	,	,	PUNCT
arjefm-93	579	14	finance	finance	NOUN
arjefm-93	579	15	and	and	CCONJ
arjefm-93	579	16	management	management	NOUN
arjefm-93	579	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	579	18	,	,	PUNCT
arjefm-93	579	19	email	email	NOUN
arjefm-93	579	20	:	:	PUNCT
arjefm-93	579	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	580	1	60	60	NUM
arjefm-93	581	1	|	|	ADV
arjefm-93	581	2	p	p	X
arjefm-93	581	3	a	a	DET
arjefm-93	581	4	g	g	NOUN
arjefm-93	581	5	e	e	NOUN
arjefm-93	581	6	note	note	NOUN
arjefm-93	581	7	:	:	PUNCT
arjefm-93	581	8	robust	robust	ADJ
arjefm-93	581	9	standard	standard	ADJ
arjefm-93	581	10	errors	error	NOUN
arjefm-93	581	11	are	be	AUX
arjefm-93	581	12	shown	show	VERB
arjefm-93	581	13	in	in	ADP
arjefm-93	581	14	parentheses	parenthesis	NOUN
arjefm-93	581	15	,	,	PUNCT
arjefm-93	581	16	and	and	CCONJ
arjefm-93	581	17	significances	significance	NOUN
arjefm-93	581	18	of	of	ADP
arjefm-93	581	19	1	1	NUM
arjefm-93	581	20	(	(	PUNCT
arjefm-93	581	21	*	*	PUNCT
arjefm-93	581	22	*	*	PUNCT
arjefm-93	581	23	*	*	PUNCT
arjefm-93	581	24	)	)	PUNCT
arjefm-93	581	25	,	,	PUNCT
arjefm-93	581	26	5	5	NUM
arjefm-93	581	27	(	(	PUNCT
arjefm-93	581	28	*	*	NOUN
arjefm-93	581	29	*	*	PUNCT
arjefm-93	581	30	)	)	PUNCT
arjefm-93	581	31	,	,	PUNCT
arjefm-93	581	32	and	and	CCONJ
arjefm-93	581	33	10	10	NUM
arjefm-93	581	34	(	(	PUNCT
arjefm-93	581	35	*	*	NOUN
arjefm-93	581	36	)	)	PUNCT
arjefm-93	581	37	percent	percent	NOUN
arjefm-93	581	38	are	be	AUX
arjefm-93	581	39	indicated	indicate	VERB
arjefm-93	581	40	.	.	PUNCT
arjefm-93	582	1	appendix	appendix	VERB
arjefm-93	582	2	the	the	DET
arjefm-93	582	3	generalized	generalized	ADJ
arjefm-93	582	4	method	method	NOUN
arjefm-93	582	5	of	of	ADP
arjefm-93	582	6	moments	moment	NOUN
arjefm-93	582	7	was	be	AUX
arjefm-93	582	8	introduced	introduce	VERB
arjefm-93	582	9	by	by	ADP
arjefm-93	582	10	hansen	hansen	PROPN
arjefm-93	582	11	,	,	PUNCT
arjefm-93	582	12	(	(	PUNCT
arjefm-93	582	13	1982	1982	NUM
arjefm-93	582	14	)	)	PUNCT
arjefm-93	582	15	.	.	PUNCT
arjefm-93	583	1	the	the	DET
arjefm-93	583	2	equation	equation	NOUN
arjefm-93	583	3	to	to	PART
arjefm-93	583	4	be	be	AUX
arjefm-93	583	5	estimated	estimate	VERB
arjefm-93	583	6	is	be	AUX
arjefm-93	583	7	,	,	PUNCT
arjefm-93	583	8	in	in	ADP
arjefm-93	583	9	matrix	matrix	NOUN
arjefm-93	583	10	notation	notation	NOUN
arjefm-93	583	11	,	,	PUNCT
arjefm-93	583	12	y	y	PROPN
arjefm-93	583	13	x	x	SYM
arjefm-93	583	14	uwith	uwith	PROPN
arjefm-93	583	15	typical	typical	ADJ
arjefm-93	583	16	row	row	NOUN
arjefm-93	583	17	yi	yi	PROPN
arjefm-93	583	18	xi	xi	PROPN
arjefm-93	583	19	ui	ui	PROPN
arjefm-93	583	20	.	.	PUNCT
arjefm-93	584	1	the	the	DET
arjefm-93	584	2	matrix	matrix	NOUN
arjefm-93	584	3	of	of	ADP
arjefm-93	584	4	regressorsx	regressorsx	NOUN
arjefm-93	584	5	is	be	AUX
arjefm-93	584	6	n	n	PRON
arjefm-93	584	7	×	×	PROPN
arjefm-93	584	8	k	k	NOUN
arjefm-93	584	9	,	,	PUNCT
arjefm-93	584	10	where	where	SCONJ
arjefm-93	584	11	n	n	X
arjefm-93	584	12	is	be	AUX
arjefm-93	584	13	the	the	DET
arjefm-93	584	14	number	number	NOUN
arjefm-93	584	15	of	of	ADP
arjefm-93	584	16	observations	observation	NOUN
arjefm-93	584	17	.	.	PUNCT
arjefm-93	585	1	some	some	PRON
arjefm-93	585	2	of	of	ADP
arjefm-93	585	3	the	the	DET
arjefm-93	585	4	regressors	regressor	NOUN
arjefm-93	585	5	are	be	AUX
arjefm-93	585	6	endogenous	endogenous	ADJ
arjefm-93	585	7	,	,	PUNCT
arjefm-93	585	8	so	so	SCONJ
arjefm-93	585	9	that	that	SCONJ
arjefm-93	585	10	xiui	xiui	NOUN
arjefm-93	585	11	0	0	NUM
arjefm-93	585	12	.	.	PUNCT
arjefm-93	586	1	the	the	DET
arjefm-93	586	2	set	set	NOUN
arjefm-93	586	3	of	of	ADP
arjefm-93	586	4	regressors	regressor	NOUN
arjefm-93	586	5	are	be	AUX
arjefm-93	586	6	being	be	AUX
arjefm-93	586	7	partitionedinto	partitionedinto	NOUN
arjefm-93	587	1	[	[	X
arjefm-93	587	2	x1	x1	PROPN
arjefm-93	587	3	x2	x2	PROPN
arjefm-93	587	4	]	]	X
arjefm-93	587	5	,	,	PUNCT
arjefm-93	587	6	with	with	ADP
arjefm-93	587	7	the	the	DET
arjefm-93	587	8	k1regressorsx1	k1regressorsx1	PROPN
arjefm-93	587	9	assumed	assume	VERB
arjefm-93	587	10	under	under	ADP
arjefm-93	587	11	the	the	DET
arjefm-93	587	12	null	null	NOUN
arjefm-93	587	13	to	to	PART
arjefm-93	587	14	be	be	AUX
arjefm-93	587	15	endogenous	endogenous	ADJ
arjefm-93	587	16	and	and	CCONJ
arjefm-93	587	17	the	the	DET
arjefm-93	587	18	k2	k2	PROPN
arjefm-93	587	19	(	(	PUNCT
arjefm-93	587	20	k	k	PROPN
arjefm-93	587	21	−	−	PROPN
arjefm-93	587	22	k1	k1	PROPN
arjefm-93	587	23	)	)	PUNCT
arjefm-93	587	24	remaining	remain	VERB
arjefm-93	587	25	regressorsx2	regressorsx2	NOUN
arjefm-93	587	26	assumed	assume	VERB
arjefm-93	587	27	exogenous	exogenous	ADJ
arjefm-93	587	28	,	,	PUNCT
arjefm-93	587	29	giving	give	VERB
arjefm-93	587	30	yi	yi	NOUN
arjefm-93	587	31	x1x2	x1x2	PUNCT
arjefm-93	587	32	1	1	NUM
arjefm-93	587	33	2	2	NUM
arjefm-93	587	34	u	u	NOUN
arjefm-93	587	35	.	.	PUNCT
arjefm-93	588	1	the	the	DET
arjefm-93	588	2	set	set	NOUN
arjefm-93	588	3	of	of	ADP
arjefm-93	588	4	instrumental	instrumental	ADJ
arjefm-93	588	5	variables	variable	NOUN
arjefm-93	588	6	is	be	AUX
arjefm-93	588	7	z	z	NOUN
arjefm-93	588	8	and	and	CCONJ
arjefm-93	588	9	is	be	AUX
arjefm-93	588	10	n	n	PRON
arjefm-93	588	11	×	×	PROPN
arjefm-93	588	12	l.	l.	NOUN
arjefm-93	588	13	this	this	PRON
arjefm-93	588	14	is	be	AUX
arjefm-93	588	15	the	the	DET
arjefm-93	588	16	full	full	ADJ
arjefm-93	588	17	set	set	NOUN
arjefm-93	588	18	of	of	ADP
arjefm-93	588	19	variables	variable	NOUN
arjefm-93	588	20	that	that	PRON
arjefm-93	588	21	are	be	AUX
arjefm-93	588	22	assumed	assume	VERB
arjefm-93	588	23	to	to	PART
arjefm-93	588	24	be	be	AUX
arjefm-93	588	25	exogenous	exogenous	ADJ
arjefm-93	588	26	,	,	PUNCT
arjefm-93	588	27	i.e.	i.e.	X
arjefm-93	588	28	iui	iui	NOUN
arjefm-93	588	29	0	0	NUM
arjefm-93	588	30	.	.	PUNCT
arjefm-93	589	1	the	the	DET
arjefm-93	589	2	instruments	instrument	NOUN
arjefm-93	589	3	are	be	AUX
arjefm-93	589	4	partitioned	partition	VERB
arjefm-93	589	5	into	into	ADP
arjefm-93	589	6	[	[	X
arjefm-93	589	7	z1	z1	ADJ
arjefm-93	589	8	z2	z2	PROPN
arjefm-93	589	9	]	]	PUNCT
arjefm-93	589	10	,	,	PUNCT
arjefm-93	589	11	where	where	SCONJ
arjefm-93	589	12	the	the	DET
arjefm-93	589	13	l1instruments	l1instrument	NOUN
arjefm-93	589	14	z1are	z1are	PROPN
arjefm-93	589	15	excluded	exclude	VERB
arjefm-93	589	16	instruments	instrument	NOUN
arjefm-93	589	17	and	and	CCONJ
arjefm-93	589	18	the	the	DET
arjefm-93	589	19	remaining	remain	VERB
arjefm-93	589	20	l2	l2	NOUN
arjefm-93	589	21	(	(	PUNCT
arjefm-93	589	22	l−l1	l−l1	ADJ
arjefm-93	589	23	)	)	PUNCT
arjefm-93	589	24	instruments	instrument	NOUN
arjefm-93	589	25	z2	z2	PROPN
arjefm-93	589	26	x2	x2	PRON
arjefm-93	589	27	are	be	AUX
arjefm-93	589	28	the	the	DET
arjefm-93	589	29	included	include	VERB
arjefm-93	589	30	instruments	instrument	NOUN
arjefm-93	589	31	/	/	SYM
arjefm-93	589	32	exogenous	exogenous	ADJ
arjefm-93	589	33	regressors	regressor	NOUN
arjefm-93	589	34	(	(	PUNCT
arjefm-93	589	35	baum	baum	PROPN
arjefm-93	589	36	,	,	PUNCT
arjefm-93	589	37	2006	2006	NUM
arjefm-93	589	38	):	):	PUNCT
arjefm-93	589	39	regressorsx	regressorsx	NOUN
arjefm-93	590	1	=	=	PUNCT
arjefm-93	591	1	[	[	X
arjefm-93	591	2	x1	x1	NUM
arjefm-93	591	3	x2	x2	X
arjefm-93	591	4	]	]	X
arjefm-93	591	5	=	=	PUNCT
arjefm-93	592	1	[	[	X
arjefm-93	592	2	x1	x1	PROPN
arjefm-93	592	3	z2	z2	PROPN
arjefm-93	592	4	]	]	X
arjefm-93	592	5	=	=	PUNCT
arjefm-93	593	1	[	[	X
arjefm-93	593	2	endogenous	endogenous	ADJ
arjefm-93	593	3	exogenous	exogenous	ADJ
arjefm-93	593	4	]	]	PUNCT
arjefm-93	593	5	instruments	instrument	NOUN
arjefm-93	593	6	z	z	NOUN
arjefm-93	594	1	=	=	PUNCT
arjefm-93	595	1	[	[	X
arjefm-93	595	2	z1	z1	ADJ
arjefm-93	595	3	z2	z2	PROPN
arjefm-93	595	4	]	]	X
arjefm-93	595	5	=	=	PUNCT
arjefm-93	596	1	[	[	X
arjefm-93	596	2	excluded	exclude	VERB
arjefm-93	596	3	included	include	VERB
arjefm-93	596	4	]	]	PUNCT
arjefm-93	597	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	597	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	598	1	american	american	PROPN
arjefm-93	598	2	research	research	PROPN
arjefm-93	598	3	journal	journal	PROPN
arjefm-93	598	4	of	of	ADP
arjefm-93	598	5	economics	economic	NOUN
arjefm-93	598	6	,	,	PUNCT
arjefm-93	598	7	finance	finance	NOUN
arjefm-93	598	8	and	and	CCONJ
arjefm-93	598	9	management	management	NOUN
arjefm-93	598	10	volume	volume	NOUN
arjefm-93	598	11	11	11	NUM
arjefm-93	598	12	issue	issue	NOUN
arjefm-93	598	13	4	4	NUM
arjefm-93	598	14	,	,	PUNCT
arjefm-93	598	15	october	october	PROPN
arjefm-93	598	16	-	-	PUNCT
arjefm-93	598	17	december	december	PROPN
arjefm-93	598	18	2023	2023	NUM
arjefm-93	598	19	issn	issn	NOUN
arjefm-93	598	20	:	:	PUNCT
arjefm-93	598	21	2836	2836	NUM
arjefm-93	598	22	-	-	SYM
arjefm-93	598	23	9416	9416	NUM
arjefm-93	598	24	impact	impact	NOUN
arjefm-93	598	25	factor	factor	NOUN
arjefm-93	598	26	:	:	PUNCT
arjefm-93	598	27	5.57	5.57	NUM
arjefm-93	598	28	journal	journal	NOUN
arjefm-93	598	29	homepage	homepage	NOUN
arjefm-93	598	30	:	:	PUNCT
arjefm-93	598	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	598	32	,	,	PUNCT
arjefm-93	598	33	email	email	NOUN
arjefm-93	598	34	:	:	PUNCT
arjefm-93	599	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	599	2	official	official	ADJ
arjefm-93	599	3	journal	journal	PROPN
arjefm-93	599	4	of	of	ADP
arjefm-93	599	5	america	america	PROPN
arjefm-93	599	6	serial	serial	PROPN
arjefm-93	599	7	publication	publication	NOUN
arjefm-93	599	8	american	american	PROPN
arjefm-93	599	9	research	research	PROPN
arjefm-93	599	10	journal	journal	PROPN
arjefm-93	599	11	of	of	ADP
arjefm-93	599	12	economics	economic	NOUN
arjefm-93	599	13	,	,	PUNCT
arjefm-93	599	14	finance	finance	NOUN
arjefm-93	599	15	and	and	CCONJ
arjefm-93	599	16	management	management	NOUN
arjefm-93	599	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	599	18	,	,	PUNCT
arjefm-93	599	19	email	email	NOUN
arjefm-93	599	20	:	:	PUNCT
arjefm-93	599	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	599	22	61	61	NUM
arjefm-93	600	1	|	|	ADV
arjefm-93	600	2	p	p	NOUN
arjefm-93	600	3	a	a	DET
arjefm-93	600	4	g	g	NOUN
arjefm-93	600	5	e	e	NOUN
arjefm-93	600	6	the	the	DET
arjefm-93	600	7	order	order	NOUN
arjefm-93	600	8	condition	condition	NOUN
arjefm-93	600	9	for	for	ADP
arjefm-93	600	10	identification	identification	NOUN
arjefm-93	600	11	of	of	ADP
arjefm-93	600	12	the	the	DET
arjefm-93	600	13	equation	equation	NOUN
arjefm-93	600	14	is	be	AUX
arjefm-93	600	15	l	l	NOUN
arjefm-93	600	16	k	k	NOUN
arjefm-93	600	17	implying	imply	VERB
arjefm-93	600	18	there	there	PRON
arjefm-93	600	19	must	must	AUX
arjefm-93	600	20	be	be	AUX
arjefm-93	600	21	at	at	ADV
arjefm-93	600	22	least	least	ADJ
arjefm-93	600	23	as	as	ADV
arjefm-93	600	24	many	many	ADJ
arjefm-93	600	25	excluded	exclude	VERB
arjefm-93	600	26	instruments	instrument	NOUN
arjefm-93	600	27	(	(	PUNCT
arjefm-93	600	28	l1	l1	PROPN
arjefm-93	600	29	)	)	PUNCT
arjefm-93	600	30	as	as	SCONJ
arjefm-93	600	31	there	there	PRON
arjefm-93	600	32	are	be	VERB
arjefm-93	600	33	endogenous	endogenous	ADJ
arjefm-93	600	34	regressors	regressor	NOUN
arjefm-93	600	35	(	(	PUNCT
arjefm-93	600	36	k1	k1	PROPN
arjefm-93	600	37	)	)	PUNCT
arjefm-93	600	38	as	as	SCONJ
arjefm-93	600	39	z2	z2	PROPN
arjefm-93	600	40	is	be	AUX
arjefm-93	600	41	common	common	ADJ
arjefm-93	600	42	to	to	ADP
arjefm-93	600	43	both	both	DET
arjefm-93	600	44	lists	list	NOUN
arjefm-93	600	45	.	.	PUNCT
arjefm-93	601	1	if	if	SCONJ
arjefm-93	601	2	l	l	NOUN
arjefm-93	601	3	=	=	SYM
arjefm-93	601	4	k	k	NOUN
arjefm-93	601	5	,	,	PUNCT
arjefm-93	601	6	the	the	DET
arjefm-93	601	7	equation	equation	NOUN
arjefm-93	601	8	is	be	AUX
arjefm-93	601	9	exactly	exactly	ADV
arjefm-93	601	10	identified	identify	VERB
arjefm-93	601	11	by	by	ADP
arjefm-93	601	12	the	the	DET
arjefm-93	601	13	order	order	NOUN
arjefm-93	601	14	condition	condition	NOUN
arjefm-93	601	15	;	;	PUNCT
arjefm-93	601	16	if	if	SCONJ
arjefm-93	601	17	l	l	PROPN
arjefm-93	601	18	>	>	X
arjefm-93	601	19	k	k	X
arjefm-93	601	20	,	,	PUNCT
arjefm-93	601	21	the	the	DET
arjefm-93	601	22	equation	equation	NOUN
arjefm-93	601	23	is	be	AUX
arjefm-93	601	24	over	over	ADV
arjefm-93	601	25	-	-	PUNCT
arjefm-93	601	26	identified	identify	VERB
arjefm-93	601	27	.	.	PUNCT
arjefm-93	602	1	the	the	DET
arjefm-93	602	2	order	order	NOUN
arjefm-93	602	3	condition	condition	NOUN
arjefm-93	602	4	is	be	AUX
arjefm-93	602	5	necessary	necessary	ADJ
arjefm-93	602	6	but	but	CCONJ
arjefm-93	602	7	not	not	PART
arjefm-93	602	8	sufficient	sufficient	ADJ
arjefm-93	602	9	for	for	ADP
arjefm-93	602	10	identification	identification	NOUN
arjefm-93	602	11	.	.	PUNCT
arjefm-93	603	1	the	the	DET
arjefm-93	603	2	assumption	assumption	NOUN
arjefm-93	603	3	that	that	SCONJ
arjefm-93	603	4	the	the	DET
arjefm-93	603	5	instruments	instrument	NOUN
arjefm-93	603	6	z	z	NOUN
arjefm-93	603	7	are	be	AUX
arjefm-93	603	8	exogenous	exogenous	ADJ
arjefm-93	603	9	can	can	AUX
arjefm-93	603	10	be	be	AUX
arjefm-93	603	11	expressed	express	VERB
arjefm-93	603	12	as	as	ADP
arjefm-93	603	13	e(ziui	e(ziui	NOUN
arjefm-93	603	14	)	)	PUNCT
arjefm-93	603	15	=	=	SYM
arjefm-93	604	1	0	0	X
arjefm-93	604	2	.	.	PUNCT
arjefm-93	605	1	in	in	ADP
arjefm-93	605	2	the	the	DET
arjefm-93	605	3	case	case	NOUN
arjefm-93	605	4	of	of	ADP
arjefm-93	605	5	linear	linear	PROPN
arjefm-93	605	6	gmm	gmm	PROPN
arjefm-93	605	7	the	the	DET
arjefm-93	605	8	l	l	NOUN
arjefm-93	605	9	instruments	instrument	NOUN
arjefm-93	605	10	give	give	VERB
arjefm-93	605	11	a	a	DET
arjefm-93	605	12	set	set	NOUN
arjefm-93	605	13	of	of	ADP
arjefm-93	605	14	l	l	NOUN
arjefm-93	605	15	moments	moment	NOUN
arjefm-93	605	16	:	:	PUNCT
arjefm-93	605	17	gi	gi	VERB
arjefm-93	605	18	iui	iui	NOUN
arjefm-93	606	1	i	i	PRON
arjefm-93	606	2	yi	yi	INTJ
arjefm-93	606	3	xi	xi	INTJ
arjefm-93	607	1	,	,	PUNCT
arjefm-93	607	2	where	where	SCONJ
arjefm-93	607	3	gi	gi	PRON
arjefm-93	607	4	is	be	AUX
arjefm-93	607	5	l	l	NOUN
arjefm-93	607	6	×	×	NOUN
arjefm-93	607	7	1	1	NUM
arjefm-93	607	8	.	.	PUNCT
arjefm-93	608	1	the	the	DET
arjefm-93	608	2	exogeneity	exogeneity	NOUN
arjefm-93	608	3	of	of	ADP
arjefm-93	608	4	the	the	DET
arjefm-93	608	5	instruments	instrument	NOUN
arjefm-93	608	6	means	mean	VERB
arjefm-93	608	7	that	that	SCONJ
arjefm-93	608	8	there	there	PRON
arjefm-93	608	9	are	be	VERB
arjefm-93	608	10	l	l	NOUN
arjefm-93	608	11	moment	moment	NOUN
arjefm-93	608	12	conditions	condition	NOUN
arjefm-93	608	13	,	,	PUNCT
arjefm-93	608	14	or	or	CCONJ
arjefm-93	608	15	orthogonality	orthogonality	NOUN
arjefm-93	608	16	conditions	condition	NOUN
arjefm-93	608	17	,	,	PUNCT
arjefm-93	608	18	that	that	PRON
arjefm-93	608	19	will	will	AUX
arjefm-93	608	20	be	be	AUX
arjefm-93	608	21	satisfied	satisfied	ADJ
arjefm-93	608	22	at	at	ADP
arjefm-93	608	23	the	the	DET
arjefm-93	608	24	true	true	ADJ
arjefm-93	608	25	value	value	NOUN
arjefm-93	608	26	of	of	ADP
arjefm-93	608	27	:	:	PUNCT
arjefm-93	608	28	gi	gi	NOUN
arjefm-93	608	29	0	0	NUM
arjefm-93	608	30	.	.	PUNCT
arjefm-93	609	1	each	each	PRON
arjefm-93	609	2	of	of	ADP
arjefm-93	609	3	the	the	DET
arjefm-93	609	4	l	l	NOUN
arjefm-93	609	5	moment	moment	NOUN
arjefm-93	609	6	equations	equation	NOUN
arjefm-93	609	7	corresponds	correspond	VERB
arjefm-93	609	8	to	to	ADP
arjefm-93	609	9	a	a	DET
arjefm-93	609	10	sample	sample	NOUN
arjefm-93	609	11	moment	moment	NOUN
arjefm-93	609	12	.	.	PUNCT
arjefm-93	610	1	for	for	ADP
arjefm-93	610	2	some	some	DET
arjefm-93	610	3	given	give	VERB
arjefm-93	610	4	estimator	estimator	NOUN
arjefm-93	610	5	ˆ	ˆ	NOUN
arjefm-93	610	6	,	,	PUNCT
arjefm-93	610	7	these	these	DET
arjefm-93	610	8	l	l	NOUN
arjefm-93	610	9	sample	sample	NOUN
arjefm-93	610	10	moments	moment	NOUN
arjefm-93	610	11	could	could	AUX
arjefm-93	610	12	be	be	AUX
arjefm-93	610	13	written	write	VERB
arjefm-93	610	14	asg	asg	PROPN
arjefm-93	610	15	ˆ	ˆ	ADP
arjefm-93	610	16	n1	n1	PROPN
arjefm-93	610	17	in	in	ADP
arjefm-93	610	18	1	1	NUM
arjefm-93	610	19	gi	gi	NOUN
arjefm-93	610	20	ˆ	ˆ	ADP
arjefm-93	610	21	1	1	NUM
arjefm-93	611	1	i	i	PRON
arjefm-93	611	2	n1	n1	VERB
arjefm-93	612	1	i	i	PRON
arjefm-93	612	2	yi	yi	INTJ
arjefm-93	613	1	i	i	PRON
arjefm-93	613	2	ˆ	ˆ	PRON
arjefm-93	613	3	1n	1n	NUM
arjefm-93	613	4	uˆ.	uˆ.	VERB
arjefm-93	613	5	n	n	CCONJ
arjefm-93	613	6	the	the	DET
arjefm-93	613	7	intuition	intuition	NOUN
arjefm-93	613	8	behind	behind	ADP
arjefm-93	613	9	gmm	gmm	PROPN
arjefm-93	613	10	is	be	AUX
arjefm-93	613	11	to	to	PART
arjefm-93	613	12	choose	choose	VERB
arjefm-93	613	13	an	an	DET
arjefm-93	613	14	estimator	estimator	NOUN
arjefm-93	613	15	for	for	ADP
arjefm-93	613	16	that	that	PRON
arjefm-93	613	17	brings	bring	VERB
arjefm-93	613	18	g	g	NOUN
arjefm-93	613	19	ˆ	ˆ	NOUN
arjefm-93	613	20	as	as	ADV
arjefm-93	613	21	close	close	ADV
arjefm-93	613	22	to	to	ADP
arjefm-93	613	23	zero	zero	NUM
arjefm-93	613	24	as	as	ADP
arjefm-93	613	25	possible	possible	ADJ
arjefm-93	613	26	.	.	PUNCT
arjefm-93	614	1	if	if	SCONJ
arjefm-93	614	2	the	the	DET
arjefm-93	614	3	equation	equation	NOUN
arjefm-93	614	4	to	to	PART
arjefm-93	614	5	be	be	AUX
arjefm-93	614	6	estimated	estimate	VERB
arjefm-93	614	7	is	be	AUX
arjefm-93	614	8	exactly	exactly	ADV
arjefm-93	614	9	identified	identify	VERB
arjefm-93	614	10	,	,	PUNCT
arjefm-93	614	11	so	so	SCONJ
arjefm-93	614	12	that	that	SCONJ
arjefm-93	614	13	l	l	NOUN
arjefm-93	614	14	=	=	SYM
arjefm-93	614	15	k	k	NOUN
arjefm-93	614	16	,	,	PUNCT
arjefm-93	614	17	then	then	ADV
arjefm-93	614	18	there	there	PRON
arjefm-93	614	19	are	be	VERB
arjefm-93	614	20	as	as	ADV
arjefm-93	614	21	many	many	ADJ
arjefm-93	614	22	equations	equation	NOUN
arjefm-93	614	23	(	(	PUNCT
arjefm-93	614	24	the	the	DET
arjefm-93	614	25	l	l	PROPN
arjefm-93	614	26	moment	moment	NOUN
arjefm-93	614	27	conditions	condition	NOUN
arjefm-93	614	28	)	)	PUNCT
arjefm-93	614	29	as	as	ADP
arjefm-93	614	30	unknowns	unknown	NOUN
arjefm-93	614	31	:	:	PUNCT
arjefm-93	614	32	thek	thek	ADJ
arjefm-93	614	33	coefficients	coefficient	NOUN
arjefm-93	614	34	in	in	ADP
arjefm-93	614	35	ˆ	ˆ	NOUN
arjefm-93	614	36	.	.	PUNCT
arjefm-93	615	1	in	in	ADP
arjefm-93	615	2	this	this	DET
arjefm-93	615	3	case	case	NOUN
arjefm-93	615	4	it	it	PRON
arjefm-93	615	5	is	be	AUX
arjefm-93	615	6	possible	possible	ADJ
arjefm-93	615	7	to	to	ADP
arjefm-93	615	8	finda	finda	ADV
arjefm-93	615	9	ˆ	ˆ	NOUN
arjefm-93	615	10	that	that	PRON
arjefm-93	615	11	solves	solve	VERB
arjefm-93	615	12	g	g	NOUN
arjefm-93	615	13	ˆ	ˆ	NOUN
arjefm-93	615	14	=	=	NOUN
arjefm-93	615	15	0	0	NUM
arjefm-93	615	16	.	.	PUNCT
arjefm-93	616	1	if	if	SCONJ
arjefm-93	616	2	the	the	DET
arjefm-93	616	3	equation	equation	NOUN
arjefm-93	616	4	is	be	AUX
arjefm-93	616	5	over	over	ADV
arjefm-93	616	6	-	-	PUNCT
arjefm-93	616	7	identified	identify	VERB
arjefm-93	616	8	,	,	PUNCT
arjefm-93	616	9	however	however	ADV
arjefm-93	616	10	,	,	PUNCT
arjefm-93	616	11	so	so	SCONJ
arjefm-93	616	12	that	that	SCONJ
arjefm-93	616	13	l	l	NOUN
arjefm-93	616	14	>	>	X
arjefm-93	616	15	k	k	X
arjefm-93	616	16	,	,	PUNCT
arjefm-93	616	17	then	then	ADV
arjefm-93	616	18	there	there	PRON
arjefm-93	616	19	are	be	VERB
arjefm-93	616	20	more	more	ADJ
arjefm-93	616	21	equations	equation	NOUN
arjefm-93	616	22	than	than	ADP
arjefm-93	616	23	unknowns	unknown	NOUN
arjefm-93	616	24	.	.	PUNCT
arjefm-93	617	1	in	in	ADP
arjefm-93	617	2	general	general	ADJ
arjefm-93	617	3	it	it	PRON
arjefm-93	617	4	will	will	AUX
arjefm-93	617	5	not	not	PART
arjefm-93	617	6	be	be	AUX
arjefm-93	617	7	possible	possible	ADJ
arjefm-93	617	8	to	to	PART
arjefm-93	617	9	find	find	VERB
arjefm-93	617	10	a	a	DET
arjefm-93	617	11	ˆ	ˆ	NOUN
arjefm-93	617	12	that	that	PRON
arjefm-93	617	13	will	will	AUX
arjefm-93	617	14	set	set	VERB
arjefm-93	617	15	all	all	DET
arjefm-93	617	16	l	l	NOUN
arjefm-93	617	17	sample	sample	NOUN
arjefm-93	617	18	moment	moment	NOUN
arjefm-93	617	19	conditions	condition	NOUN
arjefm-93	617	20	exactly	exactly	ADV
arjefm-93	617	21	to	to	ADP
arjefm-93	617	22	zero	zero	NUM
arjefm-93	617	23	.	.	PUNCT
arjefm-93	618	1	in	in	ADP
arjefm-93	618	2	this	this	DET
arjefm-93	618	3	case	case	NOUN
arjefm-93	618	4	,	,	PUNCT
arjefm-93	618	5	an	an	DET
arjefm-93	618	6	l	l	NOUN
arjefm-93	618	7	×	×	NOUN
arjefm-93	618	8	l	l	NOUN
arjefm-93	618	9	weighting	weighting	NOUN
arjefm-93	618	10	matrix	matrix	NOUN
arjefm-93	618	11	w	w	NOUN
arjefm-93	618	12	is	be	AUX
arjefm-93	618	13	used	use	VERB
arjefm-93	618	14	in	in	ADP
arjefm-93	618	15	order	order	NOUN
arjefm-93	618	16	to	to	PART
arjefm-93	618	17	construct	construct	VERB
arjefm-93	618	18	a	a	DET
arjefm-93	618	19	quadratic	quadratic	ADJ
arjefm-93	618	20	form	form	NOUN
arjefm-93	618	21	in	in	ADP
arjefm-93	618	22	the	the	DET
arjefm-93	618	23	moment	moment	NOUN
arjefm-93	618	24	conditions	condition	NOUN
arjefm-93	618	25	.	.	PUNCT
arjefm-93	619	1	this	this	PRON
arjefm-93	619	2	gives	give	VERB
arjefm-93	619	3	the	the	DET
arjefm-93	619	4	gmm	gmm	PROPN
arjefm-93	619	5	objective	objective	ADJ
arjefm-93	619	6	function	function	NOUN
arjefm-93	619	7	:	:	PUNCT
arjefm-93	619	8	j	j	PROPN
arjefm-93	619	9	ˆ	ˆ	PROPN
arjefm-93	619	10	ng	ng	PROPN
arjefm-93	619	11	ˆ	ˆ	ADV
arjefm-93	619	12	wg	wg	VERB
arjefm-93	619	13	ˆ	ˆ	NOUN
arjefm-93	619	14	.	.	PUNCT
arjefm-93	620	1	a	a	DET
arjefm-93	620	2	gmm	gmm	NOUN
arjefm-93	620	3	estimator	estimator	NOUN
arjefm-93	620	4	for	for	ADP
arjefm-93	620	5	is	be	AUX
arjefm-93	620	6	the	the	DET
arjefm-93	620	7	ˆ	ˆ	NOUN
arjefm-93	620	8	that	that	ADV
arjefm-93	620	9	minimizesj	minimizesj	VERB
arjefm-93	620	10	ˆ	ˆ	NOUN
arjefm-93	620	11	:	:	PUNCT
arjefm-93	620	12	ˆgmm	ˆgmm	PROPN
arjefm-93	620	13	arg	arg	NOUN
arjefm-93	620	14	min	min	PROPN
arjefm-93	620	15	ˆ	ˆ	PROPN
arjefm-93	620	16	j	j	PROPN
arjefm-93	620	17	ˆ	ˆ	PROPN
arjefm-93	620	18	ng	ng	PROPN
arjefm-93	620	19	ˆ	ˆ	ADV
arjefm-93	620	20	wg	wg	VERB
arjefm-93	620	21	ˆ	ˆ	NOUN
arjefm-93	620	22	.	.	PUNCT
arjefm-93	621	1	in	in	ADP
arjefm-93	621	2	the	the	DET
arjefm-93	621	3	linear	linear	ADJ
arjefm-93	621	4	case	case	NOUN
arjefm-93	621	5	,	,	PUNCT
arjefm-93	621	6	deriving	derive	VERB
arjefm-93	621	7	and	and	CCONJ
arjefm-93	621	8	solving	solve	VERB
arjefm-93	621	9	the	the	DET
arjefm-93	621	10	k	k	PROPN
arjefm-93	621	11	first	first	ADJ
arjefm-93	621	12	order	order	NOUN
arjefm-93	621	13	conditions	condition	NOUN
arjefm-93	621	14	j	j	PROPN
arjefm-93	621	15	ˆ	ˆ	ADJ
arjefm-93	621	16	0	0	NUM
arjefm-93	621	17	(	(	PUNCT
arjefm-93	621	18	treating	treat	VERB
arjefm-93	621	19	ˆ	ˆ	ADJ
arjefm-93	621	20	w	w	NOUN
arjefm-93	621	21	as	as	ADP
arjefm-93	621	22	a	a	DET
arjefm-93	621	23	matrix	matrix	NOUN
arjefm-93	621	24	of	of	ADP
arjefm-93	621	25	constants	constant	NOUN
arjefm-93	621	26	)	)	PUNCT
arjefm-93	621	27	yields	yield	VERB
arjefm-93	621	28	the	the	DET
arjefm-93	621	29	gmm	gmm	PROPN
arjefm-93	621	30	estimator	estimator	NOUN
arjefm-93	621	31	(	(	PUNCT
arjefm-93	621	32	the	the	DET
arjefm-93	621	33	results	result	NOUN
arjefm-93	621	34	of	of	ADP
arjefm-93	621	35	the	the	DET
arjefm-93	621	36	minimization	minimization	NOUN
arjefm-93	621	37	,	,	PUNCT
arjefm-93	621	38	and	and	CCONJ
arjefm-93	621	39	hence	hence	ADV
arjefm-93	621	40	the	the	DET
arjefm-93	621	41	gmm	gmm	PROPN
arjefm-93	621	42	estimator	estimator	NOUN
arjefm-93	621	43	,	,	PUNCT
arjefm-93	621	44	will	will	AUX
arjefm-93	621	45	be	be	AUX
arjefm-93	621	46	the	the	DET
arjefm-93	621	47	same	same	ADJ
arjefm-93	621	48	for	for	ADP
arjefm-93	621	49	weighting	weight	VERB
arjefm-93	621	50	matrices	matrix	NOUN
arjefm-93	621	51	that	that	PRON
arjefm-93	621	52	differ	differ	VERB
arjefm-93	621	53	by	by	ADP
arjefm-93	621	54	a	a	DET
arjefm-93	621	55	constant	constant	NOUN
arjefm-93	621	56	of	of	ADP
arjefm-93	621	57	proportionality	proportionality	NOUN
arjefm-93	621	58	)	)	PUNCT
arjefm-93	621	59	.	.	PUNCT
arjefm-93	622	1	ˆgmm	ˆgmm	PROPN
arjefm-93	622	2	x	x	SYM
arjefm-93	622	3	zwz	zwz	PROPN
arjefm-93	622	4	x	x	PUNCT
arjefm-93	622	5	1x	1x	PROPN
arjefm-93	622	6	zwz	zwz	PROPN
arjefm-93	622	7	y	y	PROPN
arjefm-93	622	8	(	(	PUNCT
arjefm-93	622	9	a	a	X
arjefm-93	622	10	)	)	PUNCT
arjefm-93	622	11	the	the	DET
arjefm-93	622	12	gmm	gmm	PROPN
arjefm-93	622	13	estimator	estimator	NOUN
arjefm-93	622	14	is	be	AUX
arjefm-93	622	15	consistent	consistent	ADJ
arjefm-93	622	16	for	for	ADP
arjefm-93	622	17	any	any	DET
arjefm-93	622	18	symmetric	symmetric	ADJ
arjefm-93	622	19	positive	positive	ADJ
arjefm-93	622	20	definite	definite	ADJ
arjefm-93	622	21	weighting	weighting	NOUN
arjefm-93	622	22	matrix	matrix	NOUN
arjefm-93	622	23	w	w	NOUN
arjefm-93	622	24	,	,	PUNCT
arjefm-93	622	25	and	and	CCONJ
arjefm-93	622	26	thus	thus	ADV
arjefm-93	622	27	there	there	PRON
arjefm-93	622	28	are	be	VERB
arjefm-93	622	29	as	as	ADV
arjefm-93	622	30	many	many	ADJ
arjefm-93	622	31	gmm	gmm	NOUN
arjefm-93	622	32	estimators	estimator	NOUN
arjefm-93	622	33	as	as	SCONJ
arjefm-93	622	34	there	there	PRON
arjefm-93	622	35	are	be	VERB
arjefm-93	622	36	choices	choice	NOUN
arjefm-93	622	37	of	of	ADP
arjefm-93	622	38	weighting	weight	VERB
arjefm-93	622	39	matrix	matrix	NOUN
arjefm-93	622	40	w.	w.	NOUN
arjefm-93	622	41	efficiency	efficiency	NOUN
arjefm-93	622	42	is	be	AUX
arjefm-93	622	43	not	not	PART
arjefm-93	622	44	guaranteed	guarantee	VERB
arjefm-93	622	45	for	for	ADP
arjefm-93	622	46	an	an	DET
arjefm-93	622	47	arbitrary	arbitrary	ADJ
arjefm-93	622	48	w	w	NOUN
arjefm-93	622	49	,	,	PUNCT
arjefm-93	622	50	so	so	ADV
arjefm-93	622	51	the	the	DET
arjefm-93	622	52	estimator	estimator	NOUN
arjefm-93	622	53	defined	define	VERB
arjefm-93	622	54	in	in	ADP
arjefm-93	622	55	equation	equation	NOUN
arjefm-93	622	56	(	(	PUNCT
arjefm-93	622	57	a	a	X
arjefm-93	622	58	)	)	PUNCT
arjefm-93	622	59	is	be	AUX
arjefm-93	622	60	referred	refer	VERB
arjefm-93	622	61	as	as	ADP
arjefm-93	622	62	the	the	DET
arjefm-93	622	63	possibly	possibly	ADV
arjefm-93	622	64	inefficient	inefficient	ADJ
arjefm-93	622	65	gmm	gmm	PROPN
arjefm-93	622	66	estimator	estimator	NOUN
arjefm-93	622	67	.	.	PUNCT
arjefm-93	623	1	the	the	DET
arjefm-93	623	2	authors	author	NOUN
arjefm-93	623	3	are	be	AUX
arjefm-93	623	4	particularly	particularly	ADV
arjefm-93	623	5	interested	interested	ADJ
arjefm-93	623	6	in	in	ADP
arjefm-93	623	7	efficient	efficient	ADJ
arjefm-93	623	8	gmm	gmm	NOUN
arjefm-93	623	9	estimators	estimator	NOUN
arjefm-93	623	10	,	,	PUNCT
arjefm-93	623	11	namely	namely	ADV
arjefm-93	623	12	gmm	gmm	VERB
arjefm-93	623	13	estimators	estimator	NOUN
arjefm-93	623	14	with	with	ADP
arjefm-93	623	15	minimum	minimum	ADJ
arjefm-93	623	16	asymptotic	asymptotic	ADJ
arjefm-93	623	17	variance	variance	NOUN
arjefm-93	623	18	.	.	PUNCT
arjefm-93	624	1	moreover	moreover	ADV
arjefm-93	624	2	,	,	PUNCT
arjefm-93	624	3	for	for	SCONJ
arjefm-93	624	4	any	any	DET
arjefm-93	624	5	gmm	gmm	PROPN
arjefm-93	624	6	estimator	estimator	NOUN
arjefm-93	624	7	to	to	PART
arjefm-93	624	8	be	be	AUX
arjefm-93	624	9	useful	useful	ADJ
arjefm-93	624	10	,	,	PUNCT
arjefm-93	624	11	inference	inference	NOUN
arjefm-93	624	12	should	should	AUX
arjefm-93	624	13	be	be	AUX
arjefm-93	624	14	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	624	15	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	624	16	american	american	PROPN
arjefm-93	624	17	research	research	PROPN
arjefm-93	624	18	journal	journal	PROPN
arjefm-93	624	19	of	of	ADP
arjefm-93	624	20	economics	economic	NOUN
arjefm-93	624	21	,	,	PUNCT
arjefm-93	624	22	finance	finance	NOUN
arjefm-93	624	23	and	and	CCONJ
arjefm-93	624	24	management	management	NOUN
arjefm-93	624	25	volume	volume	NOUN
arjefm-93	624	26	11	11	NUM
arjefm-93	624	27	issue	issue	NOUN
arjefm-93	624	28	4	4	NUM
arjefm-93	624	29	,	,	PUNCT
arjefm-93	624	30	october	october	PROPN
arjefm-93	624	31	-	-	PUNCT
arjefm-93	624	32	december	december	PROPN
arjefm-93	624	33	2023	2023	NUM
arjefm-93	624	34	issn	issn	NOUN
arjefm-93	624	35	:	:	PUNCT
arjefm-93	624	36	2836	2836	NUM
arjefm-93	624	37	-	-	SYM
arjefm-93	624	38	9416	9416	NUM
arjefm-93	624	39	impact	impact	NOUN
arjefm-93	624	40	factor	factor	NOUN
arjefm-93	624	41	:	:	PUNCT
arjefm-93	624	42	5.57	5.57	NUM
arjefm-93	624	43	journal	journal	NOUN
arjefm-93	624	44	homepage	homepage	NOUN
arjefm-93	624	45	:	:	PUNCT
arjefm-93	624	46	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	624	47	,	,	PUNCT
arjefm-93	624	48	email	email	NOUN
arjefm-93	624	49	:	:	PUNCT
arjefm-93	624	50	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	624	51	official	official	ADJ
arjefm-93	624	52	journal	journal	PROPN
arjefm-93	624	53	of	of	ADP
arjefm-93	624	54	america	america	PROPN
arjefm-93	624	55	serial	serial	PROPN
arjefm-93	624	56	publication	publication	NOUN
arjefm-93	624	57	american	american	PROPN
arjefm-93	624	58	research	research	PROPN
arjefm-93	624	59	journal	journal	PROPN
arjefm-93	624	60	of	of	ADP
arjefm-93	624	61	economics	economic	NOUN
arjefm-93	624	62	,	,	PUNCT
arjefm-93	624	63	finance	finance	NOUN
arjefm-93	624	64	and	and	CCONJ
arjefm-93	624	65	management	management	NOUN
arjefm-93	624	66	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	624	67	,	,	PUNCT
arjefm-93	624	68	email	email	NOUN
arjefm-93	624	69	:	:	PUNCT
arjefm-93	625	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	625	2	62	62	NUM
arjefm-93	626	1	|	|	ADV
arjefm-93	626	2	p	p	NOUN
arjefm-93	626	3	a	a	DET
arjefm-93	626	4	g	g	NOUN
arjefm-93	626	5	e	e	NOUN
arjefm-93	626	6	conducted	conduct	VERB
arjefm-93	626	7	and	and	CCONJ
arjefm-93	626	8	for	for	ADP
arjefm-93	626	9	that	that	PRON
arjefm-93	626	10	,	,	PUNCT
arjefm-93	626	11	estimates	estimate	NOUN
arjefm-93	626	12	of	of	ADP
arjefm-93	626	13	the	the	DET
arjefm-93	626	14	variance	variance	NOUN
arjefm-93	626	15	of	of	ADP
arjefm-93	626	16	the	the	DET
arjefm-93	626	17	estimator	estimator	NOUN
arjefm-93	626	18	are	be	AUX
arjefm-93	626	19	needed	need	VERB
arjefm-93	626	20	.	.	PUNCT
arjefm-93	627	1	both	both	PRON
arjefm-93	627	2	require	require	VERB
arjefm-93	627	3	estimates	estimate	NOUN
arjefm-93	627	4	of	of	ADP
arjefm-93	627	5	the	the	DET
arjefm-93	627	6	covariance	covariance	NOUN
arjefm-93	627	7	matrix	matrix	NOUN
arjefm-93	627	8	of	of	ADP
arjefm-93	627	9	orthogonality	orthogonality	NOUN
arjefm-93	627	10	conditions	condition	NOUN
arjefm-93	627	11	,	,	PUNCT
arjefm-93	627	12	a	a	DET
arjefm-93	627	13	key	key	ADJ
arjefm-93	627	14	concept	concept	NOUN
arjefm-93	627	15	in	in	ADP
arjefm-93	627	16	gmm	gmm	PROPN
arjefm-93	627	17	estimation	estimation	NOUN
arjefm-93	627	18	.	.	PUNCT
arjefm-93	628	1	denoting	denote	VERB
arjefm-93	628	2	by	by	ADP
arjefm-93	628	3	s	s	PRON
arjefm-93	628	4	the	the	DET
arjefm-93	628	5	asymptotic	asymptotic	ADJ
arjefm-93	628	6	covariance	covariance	NOUN
arjefm-93	628	7	matrix	matrix	NOUN
arjefm-93	628	8	of	of	ADP
arjefm-93	628	9	the	the	DET
arjefm-93	628	10	moment	moment	NOUN
arjefm-93	628	11	conditions	condition	NOUN
arjefm-93	628	12	g	g	NOUN
arjefm-93	628	13	:	:	PUNCT
arjefm-93	628	14	s	s	PART
arjefm-93	628	15	avar	avar	PROPN
arjefm-93	628	16	g	g	PROPN
arjefm-93	628	17	limn	limn	PROPN
arjefm-93	628	18	1n	1n	PROPN
arjefm-93	628	19	uu	uu	INTJ
arjefm-93	628	20	where	where	SCONJ
arjefm-93	628	21	s	s	NOUN
arjefm-93	628	22	is	be	AUX
arjefm-93	628	23	an	an	DET
arjefm-93	628	24	l×l	l×l	PROPN
arjefm-93	628	25	matrix	matrix	NOUN
arjefm-93	628	26	and	and	CCONJ
arjefm-93	629	1	g	g	NOUN
arjefm-93	629	2	=	=	SYM
arjefm-93	629	3	1n	1n	NUM
arjefm-93	629	4	u	u	NOUN
arjefm-93	629	5	.	.	PUNCT
arjefm-93	630	1	that	that	PRON
arjefm-93	630	2	is	be	AUX
arjefm-93	630	3	,	,	PUNCT
arjefm-93	630	4	s	s	VERB
arjefm-93	630	5	is	be	AUX
arjefm-93	630	6	the	the	DET
arjefm-93	630	7	variance	variance	NOUN
arjefm-93	630	8	of	of	ADP
arjefm-93	630	9	the	the	DET
arjefm-93	630	10	limiting	limit	VERB
arjefm-93	630	11	distribution	distribution	NOUN
arjefm-93	630	12	of	of	ADP
arjefm-93	630	13	ng	ng	PROPN
arjefm-93	630	14	.	.	PUNCT
arjefm-93	631	1	the	the	DET
arjefm-93	631	2	asymptotic	asymptotic	ADJ
arjefm-93	631	3	distribution	distribution	NOUN
arjefm-93	631	4	of	of	ADP
arjefm-93	631	5	the	the	DET
arjefm-93	631	6	possibly	possibly	ADV
arjefm-93	631	7	inefficient	inefficient	ADJ
arjefm-93	631	8	gmmestimator	gmmestimator	NOUN
arjefm-93	631	9	can	can	AUX
arjefm-93	631	10	be	be	AUX
arjefm-93	631	11	writtenas	writtena	NOUN
arjefm-93	631	12	follows	follow	VERB
arjefm-93	631	13	.	.	PUNCT
arjefm-93	632	1	let	let	VERB
arjefm-93	632	2	qxz	qxz	INTJ
arjefm-93	632	3	x	x	VERB
arjefm-93	632	4	i	i	PRON
arjefm-93	632	5	z	z	VERB
arjefm-93	633	1	i	i	INTJ
arjefm-93	633	2	.	.	PUNCT
arjefm-93	634	1	the	the	DET
arjefm-93	634	2	asymptotic	asymptotic	ADJ
arjefm-93	634	3	variance	variance	NOUN
arjefm-93	634	4	of	of	ADP
arjefm-93	634	5	the	the	DET
arjefm-93	634	6	inefficient	inefficient	ADJ
arjefm-93	634	7	gmmestimator	gmmestimator	NOUN
arjefm-93	634	8	defined	define	VERB
arjefm-93	634	9	by	by	ADP
arjefm-93	634	10	an	an	DET
arjefm-93	634	11	arbitrary	arbitrary	ADJ
arjefm-93	634	12	weighting	weighting	NOUN
arjefm-93	634	13	matrix	matrix	NOUN
arjefm-93	634	14	w	w	NOUN
arjefm-93	634	15	is	be	AUX
arjefm-93	634	16	given	give	VERB
arjefm-93	634	17	by	by	ADP
arjefm-93	634	18	:	:	PUNCT
arjefm-93	634	19	v	v	NUM
arjefm-93	634	20	ˆgmm	ˆgmm	PROPN
arjefm-93	634	21	q	q	PROPN
arjefm-93	634	22	xzwqxz	xzwqxz	PROPN
arjefm-93	634	23	1	1	NUM
arjefm-93	634	24	q	q	NOUN
arjefm-93	634	25	xzwswqxz	xzwswqxz	PROPN
arjefm-93	634	26	1	1	NUM
arjefm-93	634	27	q	q	NOUN
arjefm-93	634	28	xzwqxz	xzwqxz	PROPN
arjefm-93	634	29	1	1	NUM
arjefm-93	634	30	(	(	PUNCT
arjefm-93	634	31	b	b	NOUN
arjefm-93	634	32	)	)	PUNCT
arjefm-93	634	33	under	under	ADP
arjefm-93	634	34	standard	standard	ADJ
arjefm-93	634	35	assumptions	assumption	NOUN
arjefm-93	634	36	the	the	DET
arjefm-93	634	37	inefficient	inefficient	ADJ
arjefm-93	634	38	gmm	gmm	PROPN
arjefm-93	634	39	estimator	estimator	NOUN
arjefm-93	634	40	is	be	AUX
arjefm-93	634	41	“	"	PUNCT
arjefm-93	634	42	n	n	X
arjefm-93	634	43	consistent	consistent	ADJ
arjefm-93	634	44	”	"	PUNCT
arjefm-93	634	45	.	.	PUNCT
arjefm-93	635	1	that	that	PRON
arjefm-93	635	2	is	be	AUX
arjefm-93	635	3	,	,	PUNCT
arjefm-93	635	4	n	n	X
arjefm-93	635	5	ˆgmm	ˆgmm	NOUN
arjefm-93	635	6	n	n	PROPN
arjefm-93	635	7	0	0	NUM
arjefm-93	635	8	,	,	PUNCT
arjefm-93	635	9	v	v	NOUN
arjefm-93	635	10	(	(	PUNCT
arjefm-93	635	11	ˆgmm	ˆgmm	NOUN
arjefm-93	635	12	)	)	PUNCT
arjefm-93	635	13	,	,	PUNCT
arjefm-93	635	14	where	where	SCONJ
arjefm-93	635	15	denotes	denote	NOUN
arjefm-93	635	16	convergence	convergence	VERB
arjefm-93	635	17	in	in	ADP
arjefm-93	635	18	distribution.strictly	distribution.strictly	ADV
arjefm-93	635	19	speaking	speak	VERB
arjefm-93	635	20	,	,	PUNCT
arjefm-93	635	21	therefore	therefore	ADV
arjefm-93	635	22	,	,	PUNCT
arjefm-93	635	23	hypothesis	hypothesis	NOUN
arjefm-93	635	24	tests	test	NOUN
arjefm-93	635	25	should	should	AUX
arjefm-93	635	26	be	be	AUX
arjefm-93	635	27	performed	perform	VERB
arjefm-93	635	28	on	on	ADP
arjefm-93	635	29	gmm	gmm	PROPN
arjefm-93	635	30	,	,	PUNCT
arjefm-93	635	31	usingequation	usingequation	NOUN
arjefm-93	635	32	(	(	PUNCT
arjefm-93	635	33	b	b	NOUN
arjefm-93	635	34	)	)	PUNCT
arjefm-93	635	35	for	for	ADP
arjefm-93	635	36	the	the	DET
arjefm-93	635	37	variance	variance	NOUN
arjefm-93	635	38	-	-	PUNCT
arjefm-93	635	39	covariance	covariance	NOUN
arjefm-93	635	40	matrix	matrix	NOUN
arjefm-93	635	41	.	.	PUNCT
arjefm-93	636	1	standard	standard	ADJ
arjefm-93	636	2	practice	practice	NOUN
arjefm-93	636	3	,	,	PUNCT
arjefm-93	636	4	however	however	ADV
arjefm-93	636	5	,	,	PUNCT
arjefm-93	636	6	is	be	AUX
arjefm-93	636	7	totransform	totransform	NOUN
arjefm-93	636	8	the	the	DET
arjefm-93	636	9	variancecovariance	variancecovariance	NOUN
arjefm-93	636	10	matrix	matrix	NOUN
arjefm-93	636	11	(	(	PUNCT
arjefm-93	636	12	b	b	NOUN
arjefm-93	636	13	)	)	PUNCT
arjefm-93	636	14	rather	rather	ADV
arjefm-93	636	15	than	than	ADP
arjefm-93	636	16	the	the	DET
arjefm-93	636	17	coefficient	coefficient	NOUN
arjefm-93	636	18	vector	vector	NOUN
arjefm-93	636	19	(	(	PUNCT
arjefm-93	636	20	a	a	NOUN
arjefm-93	636	21	)	)	PUNCT
arjefm-93	636	22	.	.	PUNCT
arjefm-93	637	1	this	this	PRON
arjefm-93	637	2	is	be	AUX
arjefm-93	637	3	done	do	VERB
arjefm-93	637	4	by	by	ADP
arjefm-93	637	5	normalizing	normalize	VERB
arjefm-93	637	6	v	v	NUM
arjefm-93	637	7	ˆ	ˆ	ADJ
arjefm-93	637	8	gmm	gmm	NOUN
arjefm-93	637	9	by	by	ADP
arjefm-93	637	10	1	1	NUM
arjefm-93	637	11	/	/	SYM
arjefm-93	637	12	n	n	CCONJ
arjefm-93	637	13	,	,	PUNCT
arjefm-93	637	14	so	so	SCONJ
arjefm-93	637	15	that	that	SCONJ
arjefm-93	637	16	the	the	DET
arjefm-93	637	17	variance	variance	NOUN
arjefm-93	637	18	-	-	PUNCT
arjefm-93	637	19	covariance	covariance	NOUN
arjefm-93	637	20	matrixis	matrixis	NOUN
arjefm-93	637	21	in	in	ADP
arjefm-93	637	22	fact	fact	NOUN
arjefm-93	637	23	v	v	ADP
arjefm-93	637	24	ˆgmm	ˆgmm	PROPN
arjefm-93	637	25	1n	1n	PROPN
arjefm-93	637	26	q	q	X
arjefm-93	637	27	xzwqxz	xzwqxz	PROPN
arjefm-93	637	28	1	1	NUM
arjefm-93	637	29	qxz	qxz	NOUN
arjefm-93	637	30	wswqxz	wswqxz	PROPN
arjefm-93	637	31	q	q	PROPN
arjefm-93	637	32	xzwqxz	xzwqxz	PROPN
arjefm-93	637	33	1	1	NUM
arjefm-93	637	34	(	(	PUNCT
arjefm-93	637	35	c	c	X
arjefm-93	637	36	)	)	PUNCT
arjefm-93	637	37	the	the	DET
arjefm-93	637	38	efficient	efficient	ADJ
arjefm-93	637	39	gmm	gmm	PROPN
arjefm-93	637	40	estimator	estimator	NOUN
arjefm-93	637	41	(	(	PUNCT
arjefm-93	637	42	egmm	egmm	PROPN
arjefm-93	637	43	)	)	PUNCT
arjefm-93	637	44	makes	make	VERB
arjefm-93	637	45	use	use	NOUN
arjefm-93	637	46	of	of	ADP
arjefm-93	637	47	an	an	DET
arjefm-93	637	48	optimal	optimal	ADJ
arjefm-93	637	49	weighting	weighting	NOUN
arjefm-93	637	50	matrix	matrix	NOUN
arjefm-93	637	51	w	w	ADP
arjefm-93	637	52	which	which	PRON
arjefm-93	637	53	minimizes	minimize	VERB
arjefm-93	637	54	the	the	DET
arjefm-93	637	55	asymptotic	asymptotic	ADJ
arjefm-93	637	56	variance	variance	NOUN
arjefm-93	637	57	of	of	ADP
arjefm-93	637	58	the	the	DET
arjefm-93	637	59	estimator	estimator	NOUN
arjefm-93	637	60	.	.	PUNCT
arjefm-93	638	1	this	this	PRON
arjefm-93	638	2	is	be	AUX
arjefm-93	638	3	achieved	achieve	VERB
arjefm-93	638	4	by	by	ADP
arjefm-93	638	5	choosing	choose	VERB
arjefm-93	638	6	w	w	PROPN
arjefm-93	638	7	=	=	SYM
arjefm-93	638	8	s−1	s−1	PROPN
arjefm-93	638	9	.	.	PUNCT
arjefm-93	639	1	substituting	substitute	VERB
arjefm-93	639	2	this	this	PRON
arjefm-93	639	3	into	into	ADP
arjefm-93	639	4	equation	equation	NOUN
arjefm-93	639	5	(	(	PUNCT
arjefm-93	639	6	a	a	NOUN
arjefm-93	639	7	)	)	PUNCT
arjefm-93	639	8	and	and	CCONJ
arjefm-93	639	9	equation	equation	NOUN
arjefm-93	639	10	(	(	PUNCT
arjefm-93	639	11	c	c	NOUN
arjefm-93	639	12	)	)	PUNCT
arjefm-93	639	13	,	,	PUNCT
arjefm-93	639	14	the	the	DET
arjefm-93	639	15	efficient	efficient	ADJ
arjefm-93	639	16	gmm	gmm	PROPN
arjefm-93	639	17	estimator	estimator	NOUN
arjefm-93	639	18	is	be	AUX
arjefm-93	639	19	obtained	obtain	VERB
arjefm-93	639	20	:	:	PUNCT
arjefm-93	639	21	ˆ	ˆ	NOUN
arjefm-93	639	22	egmm	egmm	NOUN
arjefm-93	639	23	x	x	PUNCT
arjefm-93	640	1	zs	zs	NOUN
arjefm-93	640	2	1z	1z	NUM
arjefm-93	640	3	x	x	SYM
arjefm-93	640	4	1x	1x	PROPN
arjefm-93	640	5	zs	zs	PROPN
arjefm-93	640	6	1z	1z	NUM
arjefm-93	640	7	y	y	PROPN
arjefm-93	640	8	(	(	PUNCT
arjefm-93	640	9	d	d	NOUN
arjefm-93	640	10	)	)	PUNCT
arjefm-93	640	11	with	with	ADP
arjefm-93	640	12	asymptotic	asymptotic	ADJ
arjefm-93	640	13	variance	variance	NOUN
arjefm-93	640	14	v	v	ADP
arjefm-93	640	15	ˆegmm	ˆegmm	PROPN
arjefm-93	640	16	q	q	PROPN
arjefm-93	640	17	xzs	xzs	PROPN
arjefm-93	641	1	1qxz	1qxz	PROPN
arjefm-93	641	2	1	1	NUM
arjefm-93	641	3	.	.	PUNCT
arjefm-93	642	1	similarly	similarly	ADV
arjefm-93	642	2	,	,	PUNCT
arjefm-93	642	3	n	n	CCONJ
arjefm-93	642	4	ˆegmm	ˆegmm	NOUN
arjefm-93	642	5	n	n	PROPN
arjefm-93	642	6	0	0	NUM
arjefm-93	642	7	,	,	PUNCT
arjefm-93	642	8	v	v	NOUN
arjefm-93	642	9	(	(	PUNCT
arjefm-93	642	10	ˆegmm	ˆegmm	NOUN
arjefm-93	642	11	)	)	PUNCT
arjefm-93	642	12	.	.	PUNCT
arjefm-93	643	1	if	if	SCONJ
arjefm-93	643	2	an	an	DET
arjefm-93	643	3	estimate	estimate	NOUN
arjefm-93	643	4	of	of	ADP
arjefm-93	643	5	s	s	PRON
arjefm-93	643	6	exists	exist	NOUN
arjefm-93	643	7	,	,	PUNCT
arjefm-93	643	8	therefore	therefore	ADV
arjefm-93	643	9	,	,	PUNCT
arjefm-93	643	10	asymptotically	asymptotically	ADV
arjefm-93	643	11	correct	correct	ADJ
arjefm-93	643	12	inference	inference	NOUN
arjefm-93	643	13	for	for	ADP
arjefm-93	643	14	any	any	DET
arjefm-93	643	15	gmm	gmm	NOUN
arjefm-93	643	16	estimator	estimator	NOUN
arjefm-93	643	17	could	could	AUX
arjefm-93	643	18	be	be	AUX
arjefm-93	643	19	conducted	conduct	VERB
arjefm-93	643	20	,	,	PUNCT
arjefm-93	643	21	efficient	efficient	ADJ
arjefm-93	643	22	or	or	CCONJ
arjefm-93	643	23	inefficient	inefficient	ADJ
arjefm-93	643	24	.	.	PUNCT
arjefm-93	644	1	an	an	DET
arjefm-93	644	2	estimate	estimate	NOUN
arjefm-93	644	3	of	of	ADP
arjefm-93	644	4	s	s	PRON
arjefm-93	644	5	also	also	ADV
arjefm-93	644	6	makes	make	VERB
arjefm-93	644	7	the	the	DET
arjefm-93	644	8	efficient	efficient	ADJ
arjefm-93	644	9	gmm	gmm	PROPN
arjefm-93	644	10	estimator	estimator	NOUN
arjefm-93	644	11	a	a	DET
arjefm-93	644	12	feasible	feasible	ADJ
arjefm-93	644	13	estimator	estimator	NOUN
arjefm-93	644	14	.	.	PUNCT
arjefm-93	645	1	in	in	ADP
arjefm-93	645	2	two	two	NUM
arjefm-93	645	3	-	-	PUNCT
arjefm-93	645	4	step	step	NOUN
arjefm-93	645	5	feasible	feasible	ADJ
arjefm-93	645	6	efficient	efficient	ADJ
arjefm-93	645	7	gmm	gmm	PROPN
arjefm-93	645	8	estimation	estimation	NOUN
arjefm-93	645	9	an	an	DET
arjefm-93	645	10	estimate	estimate	NOUN
arjefm-93	645	11	of	of	ADP
arjefm-93	645	12	s	s	PRON
arjefm-93	645	13	is	be	AUX
arjefm-93	645	14	obtained	obtain	VERB
arjefm-93	645	15	in	in	ADP
arjefm-93	645	16	the	the	DET
arjefm-93	645	17	first	first	ADJ
arjefm-93	645	18	step	step	NOUN
arjefm-93	645	19	and	and	CCONJ
arjefm-93	645	20	in	in	ADP
arjefm-93	645	21	the	the	DET
arjefm-93	645	22	second	second	ADJ
arjefm-93	645	23	step	step	NOUN
arjefm-93	645	24	the	the	DET
arjefm-93	645	25	estimator	estimator	NOUN
arjefm-93	645	26	and	and	CCONJ
arjefm-93	645	27	its	its	PRON
arjefm-93	645	28	asymptotic	asymptotic	ADJ
arjefm-93	645	29	variance	variance	NOUN
arjefm-93	645	30	is	be	AUX
arjefm-93	645	31	calculated	calculate	VERB
arjefm-93	645	32	using	use	VERB
arjefm-93	645	33	equation	equation	NOUN
arjefm-93	645	34	(	(	PUNCT
arjefm-93	645	35	d	d	NOUN
arjefm-93	645	36	)	)	PUNCT
arjefm-93	645	37	.	.	PUNCT
arjefm-93	646	1	the	the	DET
arjefm-93	646	2	first	first	ADJ
arjefm-93	646	3	-	-	PUNCT
arjefm-93	646	4	step	step	NOUN
arjefm-93	646	5	estimation	estimation	NOUN
arjefm-93	646	6	of	of	ADP
arjefm-93	646	7	the	the	DET
arjefm-93	646	8	matrix	matrix	NOUN
arjefm-93	646	9	s	s	PART
arjefm-93	646	10	requires	require	VERB
arjefm-93	646	11	the	the	DET
arjefm-93	646	12	residuals	residual	NOUN
arjefm-93	646	13	of	of	ADP
arjefm-93	646	14	a	a	DET
arjefm-93	646	15	consistent	consistent	ADJ
arjefm-93	646	16	gmm	gmm	NOUN
arjefm-93	646	17	~	~	PUNCT
arjefm-93	646	18	estimator	estimator	NOUN
arjefm-93	646	19	.	.	PUNCT
arjefm-93	647	1	efficiency	efficiency	NOUN
arjefm-93	647	2	is	be	AUX
arjefm-93	647	3	not	not	PART
arjefm-93	647	4	required	require	VERB
arjefm-93	647	5	in	in	ADP
arjefm-93	647	6	the	the	DET
arjefm-93	647	7	first	first	ADJ
arjefm-93	647	8	step	step	NOUN
arjefm-93	647	9	of	of	ADP
arjefm-93	647	10	two	two	NUM
arjefm-93	647	11	-	-	PUNCT
arjefm-93	647	12	step	step	NOUN
arjefm-93	647	13	gmm	gmm	NOUN
arjefm-93	647	14	estimation	estimation	NOUN
arjefm-93	647	15	,	,	PUNCT
arjefm-93	647	16	which	which	PRON
arjefm-93	647	17	simplifies	simplify	VERB
arjefm-93	647	18	the	the	DET
arjefm-93	647	19	task	task	NOUN
arjefm-93	647	20	considerably	considerably	ADV
arjefm-93	647	21	.	.	PUNCT
arjefm-93	648	1	but	but	CCONJ
arjefm-93	648	2	to	to	PART
arjefm-93	648	3	obtain	obtain	VERB
arjefm-93	648	4	an	an	DET
arjefm-93	648	5	estimate	estimate	NOUN
arjefm-93	648	6	of	of	ADP
arjefm-93	648	7	s	s	PRON
arjefm-93	648	8	some	some	DET
arjefm-93	648	9	further	further	ADJ
arjefm-93	648	10	assumptions	assumption	NOUN
arjefm-93	648	11	should	should	AUX
arjefm-93	648	12	be	be	AUX
arjefm-93	648	13	made	make	VERB
arjefm-93	648	14	.	.	PUNCT
arjefm-93	649	1	this	this	PRON
arjefm-93	649	2	is	be	AUX
arjefm-93	649	3	1	1	NUM
arjefm-93	649	4	n	n	NUM
arjefm-93	649	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-93	649	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	649	7	american	american	PROPN
arjefm-93	649	8	research	research	PROPN
arjefm-93	649	9	journal	journal	PROPN
arjefm-93	649	10	of	of	ADP
arjefm-93	649	11	economics	economic	NOUN
arjefm-93	649	12	,	,	PUNCT
arjefm-93	649	13	finance	finance	NOUN
arjefm-93	649	14	and	and	CCONJ
arjefm-93	649	15	management	management	NOUN
arjefm-93	649	16	volume	volume	NOUN
arjefm-93	649	17	11	11	NUM
arjefm-93	649	18	issue	issue	NOUN
arjefm-93	649	19	4	4	NUM
arjefm-93	649	20	,	,	PUNCT
arjefm-93	649	21	october	october	PROPN
arjefm-93	649	22	-	-	PUNCT
arjefm-93	649	23	december	december	PROPN
arjefm-93	649	24	2023	2023	NUM
arjefm-93	649	25	issn	issn	NOUN
arjefm-93	649	26	:	:	PUNCT
arjefm-93	649	27	2836	2836	NUM
arjefm-93	649	28	-	-	SYM
arjefm-93	649	29	9416	9416	NUM
arjefm-93	649	30	impact	impact	NOUN
arjefm-93	649	31	factor	factor	NOUN
arjefm-93	649	32	:	:	PUNCT
arjefm-93	649	33	5.57	5.57	NUM
arjefm-93	649	34	journal	journal	NOUN
arjefm-93	649	35	homepage	homepage	NOUN
arjefm-93	649	36	:	:	PUNCT
arjefm-93	649	37	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	649	38	,	,	PUNCT
arjefm-93	649	39	email	email	NOUN
arjefm-93	649	40	:	:	PUNCT
arjefm-93	649	41	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-93	649	42	official	official	ADJ
arjefm-93	649	43	journal	journal	PROPN
arjefm-93	649	44	of	of	ADP
arjefm-93	649	45	america	america	PROPN
arjefm-93	649	46	serial	serial	PROPN
arjefm-93	649	47	publication	publication	NOUN
arjefm-93	649	48	american	american	PROPN
arjefm-93	649	49	research	research	PROPN
arjefm-93	649	50	journal	journal	PROPN
arjefm-93	649	51	of	of	ADP
arjefm-93	649	52	economics	economic	NOUN
arjefm-93	649	53	,	,	PUNCT
arjefm-93	649	54	finance	finance	NOUN
arjefm-93	649	55	and	and	CCONJ
arjefm-93	649	56	management	management	NOUN
arjefm-93	649	57	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-93	649	58	,	,	PUNCT
arjefm-93	649	59	email	email	NOUN
arjefm-93	649	60	:	:	PUNCT
arjefm-93	649	61	contact@americaserial.com	contact@americaserial.com	X
arjefm-93	649	62	63	63	NUM
arjefm-93	650	1	|	|	ADV
arjefm-93	650	2	p	p	NOUN
arjefm-93	650	3	a	a	DET
arjefm-93	650	4	g	g	NOUN
arjefm-93	650	5	e	e	NOUN
arjefm-93	650	6	illustrated	illustrate	VERB
arjefm-93	650	7	using	use	VERB
arjefm-93	650	8	the	the	DET
arjefm-93	650	9	case	case	NOUN
arjefm-93	650	10	of	of	ADP
arjefm-93	650	11	independent	independent	ADJ
arjefm-93	650	12	but	but	CCONJ
arjefm-93	650	13	possibly	possibly	ADV
arjefm-93	650	14	heteroskedastic	heteroskedastic	ADJ
arjefm-93	650	15	disturbances	disturbance	NOUN
arjefm-93	650	16	.	.	PUNCT
arjefm-93	651	1	if	if	SCONJ
arjefm-93	651	2	the	the	DET
arjefm-93	651	3	errors	error	NOUN
arjefm-93	651	4	are	be	AUX
arjefm-93	651	5	independent	independent	ADJ
arjefm-93	651	6	,	,	PUNCT
arjefm-93	651	7	gi	gi	VERB
arjefm-93	652	1	g	g	PROPN
arjefm-93	652	2	j	j	PROPN
arjefm-93	653	1	0for	0for	INTJ
arjefm-93	653	2	i	i	PRON
arjefm-93	653	3	j	j	PROPN
arjefm-93	653	4	,	,	PUNCT
arjefm-93	653	5	and	and	CCONJ
arjefm-93	653	6	so	so	ADV
arjefm-93	653	7	s	s	PROPN
arjefm-93	653	8	avar	avar	PROPN
arjefm-93	653	9	g	g	PROPN
arjefm-93	653	10	gigi	gigi	PROPN
arjefm-93	653	11	ui2zi	ui2zi	PROPN
arjefm-93	653	12	zi	zi	PROPN
arjefm-93	653	13	.this	.this	PRON
arjefm-93	653	14	matrix	matrix	NOUN
arjefm-93	653	15	can	can	AUX
arjefm-93	653	16	be	be	AUX
arjefm-93	653	17	consistently	consistently	ADV
arjefm-93	653	18	estimated	estimate	VERB
arjefm-93	653	19	by	by	ADP
arjefm-93	653	20	an	an	DET
arjefm-93	653	21	eicker	eicker	NOUN
arjefm-93	653	22	–	–	PUNCT
arjefm-93	653	23	huber	huber	PROPN
arjefm-93	653	24	–	–	PUNCT
arjefm-93	653	25	white	white	ADJ
arjefm-93	653	26	robust	robust	ADJ
arjefm-93	653	27	covariance	covariance	NOUN
arjefm-93	653	28	estimator	estimator	NOUN
arjefm-93	653	29	:	:	PUNCT
arjefm-93	653	30	sˆ	sˆ	NOUN
arjefm-93	653	31	1	1	NUM
arjefm-93	653	32	i	i	PRON
arjefm-93	653	33	n1uˆi2zi	n1uˆi2zi	PROPN
arjefm-93	653	34	zi	zi	NOUN
arjefm-93	653	35	n1	n1	PROPN
arjefm-93	653	36	ˆ	ˆ	ADV
arjefm-93	653	37	.	.	PUNCT
arjefm-93	654	1	n	n	PRON
arjefm-93	654	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-93	654	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X