id	sid	tid	token	lemma	pos
abrj-460	1	1	9	9	NUM
abrj-460	1	2	©	©	PROPN
abrj-460	1	3	2025	2025	NUM
abrj-460	1	4	by	by	ADP
abrj-460	1	5	the	the	DET
abrj-460	1	6	authors	author	NOUN
abrj-460	1	7	;	;	PUNCT
abrj-460	1	8	licensee	licensee	NOUN
abrj-460	1	9	eastern	eastern	ADJ
abrj-460	1	10	centre	centre	NOUN
abrj-460	1	11	of	of	ADP
abrj-460	1	12	science	science	NOUN
abrj-460	1	13	and	and	CCONJ
abrj-460	1	14	education	education	NOUN
abrj-460	1	15	,	,	PUNCT
abrj-460	1	16	usa	usa	PROPN
abrj-460	1	17	asian	asian	PROPN
abrj-460	1	18	business	business	PROPN
abrj-460	1	19	research	research	PROPN
abrj-460	1	20	journal	journal	PROPN
abrj-460	1	21	vol	vol	NOUN
abrj-460	1	22	.	.	PROPN
abrj-460	2	1	10	10	NUM
abrj-460	2	2	,	,	PUNCT
abrj-460	2	3	no	no	INTJ
abrj-460	2	4	.	.	NOUN
abrj-460	2	5	6	6	NUM
abrj-460	2	6	,	,	PUNCT
abrj-460	2	7	9	9	NUM
abrj-460	2	8	-	-	SYM
abrj-460	2	9	20	20	NUM
abrj-460	2	10	,	,	PUNCT
abrj-460	2	11	2025	2025	NUM
abrj-460	2	12	issn	issn	NOUN
abrj-460	2	13	:	:	PUNCT
abrj-460	2	14	2576	2576	NUM
abrj-460	2	15	-	-	SYM
abrj-460	2	16	6759	6759	NUM
abrj-460	2	17	doi	doi	NOUN
abrj-460	2	18	:	:	PUNCT
abrj-460	2	19	10.55220/25766759.460	10.55220/25766759.460	NUM
abrj-460	2	20	©	©	PROPN
abrj-460	2	21	2025	2025	NUM
abrj-460	2	22	by	by	ADP
abrj-460	2	23	the	the	DET
abrj-460	2	24	authors	author	NOUN
abrj-460	2	25	;	;	PUNCT
abrj-460	2	26	licensee	licensee	NOUN
abrj-460	2	27	eastern	eastern	ADJ
abrj-460	2	28	centre	centre	NOUN
abrj-460	2	29	of	of	ADP
abrj-460	2	30	science	science	NOUN
abrj-460	2	31	and	and	CCONJ
abrj-460	2	32	education	education	NOUN
abrj-460	2	33	,	,	PUNCT
abrj-460	2	34	usa	usa	PROPN
abrj-460	2	35	financial	financial	ADJ
abrj-460	2	36	market	market	NOUN
abrj-460	2	37	integration	integration	NOUN
abrj-460	2	38	and	and	CCONJ
abrj-460	2	39	economic	economic	ADJ
abrj-460	2	40	growth	growth	NOUN
abrj-460	2	41	:	:	PUNCT
abrj-460	2	42	assessing	assess	VERB
abrj-460	2	43	the	the	DET
abrj-460	2	44	role	role	NOUN
abrj-460	2	45	of	of	ADP
abrj-460	2	46	crossborder	crossborder	NOUN
abrj-460	2	47	investments	investment	NOUN
abrj-460	2	48	in	in	ADP
abrj-460	2	49	africa	africa	PROPN
abrj-460	2	50	akomolehin	akomolehin	PROPN
abrj-460	2	51	francis	francis	PROPN
abrj-460	2	52	olugbenga1	olugbenga1	PROPN
abrj-460	2	53			PROPN
abrj-460	2	54	ofoama	ofoama	PROPN
abrj-460	3	1	chukwudi	chukwudi	PROPN
abrj-460	3	2	innicent2	innicent2	PROPN
abrj-460	3	3	akomolehin	akomolehin	PROPN
abrj-460	3	4	victor	victor	PROPN
abrj-460	3	5	bolawale3	bolawale3	PROPN
abrj-460	3	6	akintan	akintan	PROPN
abrj-460	3	7	edamison	edamison	PROPN
abrj-460	3	8	moyonuoluwa4	moyonuoluwa4	PROPN
abrj-460	4	1	1,2dept	1,2dept	NUM
abrj-460	4	2	of	of	ADP
abrj-460	4	3	finance	finance	NOUN
abrj-460	4	4	,	,	PUNCT
abrj-460	4	5	school	school	NOUN
abrj-460	4	6	of	of	ADP
abrj-460	4	7	social	social	ADJ
abrj-460	4	8	and	and	CCONJ
abrj-460	4	9	management	management	NOUN
abrj-460	4	10	college	college	NOUN
abrj-460	4	11	,	,	PUNCT
abrj-460	4	12	afe	afe	PROPN
abrj-460	4	13	babalola	babalola	PROPN
abrj-460	4	14	university	university	PROPN
abrj-460	4	15	,	,	PUNCT
abrj-460	4	16	ado	ado	NOUN
abrj-460	4	17	ekiti	ekiti	PROPN
abrj-460	4	18	,	,	PUNCT
abrj-460	4	19	nigeria	nigeria	PROPN
abrj-460	4	20	.	.	PUNCT
abrj-460	5	1	3dept	3dept	NUM
abrj-460	5	2	of	of	ADP
abrj-460	5	3	economics	economic	NOUN
abrj-460	5	4	,	,	PUNCT
abrj-460	5	5	faculty	faculty	NOUN
abrj-460	5	6	of	of	ADP
abrj-460	5	7	social	social	ADJ
abrj-460	5	8	science	science	NOUN
abrj-460	5	9	,	,	PUNCT
abrj-460	5	10	ekiti	ekiti	PROPN
abrj-460	5	11	state	state	PROPN
abrj-460	5	12	university	university	PROPN
abrj-460	5	13	,	,	PUNCT
abrj-460	5	14	ado	ado	NOUN
abrj-460	5	15	ekiti	ekiti	PROPN
abrj-460	5	16	,	,	PUNCT
abrj-460	5	17	nigeria	nigeria	PROPN
abrj-460	5	18	.	.	PUNCT
abrj-460	6	1	4dept	4dept	NUM
abrj-460	6	2	of	of	ADP
abrj-460	6	3	economics	economic	NOUN
abrj-460	6	4	,	,	PUNCT
abrj-460	6	5	faculty	faculty	NOUN
abrj-460	6	6	of	of	ADP
abrj-460	6	7	education	education	NOUN
abrj-460	6	8	,	,	PUNCT
abrj-460	6	9	ekiti	ekiti	PROPN
abrj-460	6	10	state	state	PROPN
abrj-460	6	11	university	university	PROPN
abrj-460	6	12	,	,	PUNCT
abrj-460	6	13	ado	ado	NOUN
abrj-460	6	14	ekiti	ekiti	PROPN
abrj-460	6	15	,	,	PUNCT
abrj-460	6	16	nigeria	nigeria	PROPN
abrj-460	6	17	.	.	PUNCT
abrj-460	7	1	email	email	NOUN
abrj-460	7	2	:	:	PUNCT
abrj-460	7	3	akomolehinfrancis@pg.abuard.edu.ng	akomolehinfrancis@pg.abuard.edu.ng	PUNCT
abrj-460	7	4	email	email	NOUN
abrj-460	7	5	:	:	PUNCT
abrj-460	7	6	nomasonofoama@gmail.com	nomasonofoama@gmail.com	X
abrj-460	7	7	email	email	NOUN
abrj-460	7	8	:	:	PUNCT
abrj-460	7	9	walekom2000@yahoo.com	walekom2000@yahoo.com	X
abrj-460	7	10	email	email	NOUN
abrj-460	7	11	:	:	PUNCT
abrj-460	7	12	akintanedamiso@gmail.com	akintanedamiso@gmail.com	X
abrj-460	7	13	(	(	PUNCT
abrj-460	7	14			PROPN
abrj-460	7	15	corresponding	correspond	VERB
abrj-460	7	16	author	author	NOUN
abrj-460	7	17	)	)	PUNCT
abrj-460	7	18	abstract	abstract	ADP
abrj-460	7	19	this	this	DET
abrj-460	7	20	research	research	NOUN
abrj-460	7	21	studies	study	NOUN
abrj-460	7	22	how	how	SCONJ
abrj-460	7	23	african	african	ADJ
abrj-460	7	24	countries	country	NOUN
abrj-460	7	25	’	'	PUNCT
abrj-460	7	26	economic	economic	ADJ
abrj-460	7	27	growth	growth	NOUN
abrj-460	7	28	is	be	AUX
abrj-460	7	29	linked	link	VERB
abrj-460	7	30	to	to	ADP
abrj-460	7	31	the	the	DET
abrj-460	7	32	integration	integration	NOUN
abrj-460	7	33	of	of	ADP
abrj-460	7	34	their	their	PRON
abrj-460	7	35	financial	financial	ADJ
abrj-460	7	36	markets	market	NOUN
abrj-460	7	37	and	and	CCONJ
abrj-460	7	38	the	the	DET
abrj-460	7	39	flow	flow	NOUN
abrj-460	7	40	of	of	ADP
abrj-460	7	41	investments	investment	NOUN
abrj-460	7	42	across	across	ADP
abrj-460	7	43	borders	border	NOUN
abrj-460	7	44	.	.	PUNCT
abrj-460	8	1	while	while	SCONJ
abrj-460	8	2	new	new	ADJ
abrj-460	8	3	regional	regional	ADJ
abrj-460	8	4	projects	project	NOUN
abrj-460	8	5	like	like	ADP
abrj-460	8	6	afcfta	afcfta	NOUN
abrj-460	8	7	and	and	CCONJ
abrj-460	8	8	aelp	aelp	ADJ
abrj-460	8	9	are	be	AUX
abrj-460	8	10	being	be	AUX
abrj-460	8	11	implemented	implement	VERB
abrj-460	8	12	,	,	PUNCT
abrj-460	8	13	the	the	DET
abrj-460	8	14	african	african	ADJ
abrj-460	8	15	financial	financial	ADJ
abrj-460	8	16	sector	sector	NOUN
abrj-460	8	17	remains	remain	VERB
abrj-460	8	18	divided	divide	VERB
abrj-460	8	19	,	,	PUNCT
abrj-460	8	20	so	so	SCONJ
abrj-460	8	21	the	the	DET
abrj-460	8	22	continent	continent	NOUN
abrj-460	8	23	can	can	AUX
abrj-460	8	24	not	not	PART
abrj-460	8	25	maximize	maximize	VERB
abrj-460	8	26	the	the	DET
abrj-460	8	27	benefits	benefit	NOUN
abrj-460	8	28	of	of	ADP
abrj-460	8	29	global	global	ADJ
abrj-460	8	30	financial	financial	ADJ
abrj-460	8	31	linkages	linkage	NOUN
abrj-460	8	32	for	for	ADP
abrj-460	8	33	broad	broad	ADJ
abrj-460	8	34	development	development	NOUN
abrj-460	8	35	.	.	PUNCT
abrj-460	9	1	reviewing	review	VERB
abrj-460	9	2	ecowas	ecowas	PROPN
abrj-460	9	3	,	,	PUNCT
abrj-460	9	4	sadc	sadc	PROPN
abrj-460	9	5	and	and	CCONJ
abrj-460	9	6	comesa	comesa	ADJ
abrj-460	9	7	regions	region	NOUN
abrj-460	9	8	combines	combine	VERB
abrj-460	9	9	with	with	ADP
abrj-460	9	10	comparative	comparative	ADJ
abrj-460	9	11	case	case	NOUN
abrj-460	9	12	analysis	analysis	NOUN
abrj-460	9	13	helps	help	VERB
abrj-460	9	14	see	see	VERB
abrj-460	9	15	the	the	DET
abrj-460	9	16	effects	effect	NOUN
abrj-460	9	17	of	of	ADP
abrj-460	9	18	economic	economic	ADJ
abrj-460	9	19	integration	integration	NOUN
abrj-460	9	20	on	on	ADP
abrj-460	9	21	capital	capital	NOUN
abrj-460	9	22	inflows	inflow	NOUN
abrj-460	9	23	,	,	PUNCT
abrj-460	9	24	the	the	DET
abrj-460	9	25	smoothness	smoothness	NOUN
abrj-460	9	26	of	of	ADP
abrj-460	9	27	markets	market	NOUN
abrj-460	9	28	and	and	CCONJ
abrj-460	9	29	lasting	last	VERB
abrj-460	9	30	economic	economic	ADJ
abrj-460	9	31	results	result	NOUN
abrj-460	9	32	.	.	PUNCT
abrj-460	10	1	secondary	secondary	ADJ
abrj-460	10	2	data	datum	NOUN
abrj-460	10	3	and	and	CCONJ
abrj-460	10	4	institutional	institutional	ADJ
abrj-460	10	5	reports	report	NOUN
abrj-460	10	6	provided	provide	VERB
abrj-460	10	7	by	by	ADP
abrj-460	10	8	the	the	DET
abrj-460	10	9	imf	imf	PROPN
abrj-460	10	10	,	,	PUNCT
abrj-460	10	11	afdb	afdb	PROPN
abrj-460	10	12	,	,	PUNCT
abrj-460	10	13	unctad	unctad	PROPN
abrj-460	10	14	and	and	CCONJ
abrj-460	10	15	asea	asea	NOUN
abrj-460	10	16	are	be	AUX
abrj-460	10	17	used	use	VERB
abrj-460	10	18	in	in	ADP
abrj-460	10	19	the	the	DET
abrj-460	10	20	research	research	NOUN
abrj-460	10	21	,	,	PUNCT
abrj-460	10	22	together	together	ADV
abrj-460	10	23	with	with	ADP
abrj-460	10	24	thematic	thematic	ADJ
abrj-460	10	25	and	and	CCONJ
abrj-460	10	26	comparative	comparative	ADJ
abrj-460	10	27	analysis	analysis	NOUN
abrj-460	10	28	to	to	PART
abrj-460	10	29	determine	determine	VERB
abrj-460	10	30	what	what	PRON
abrj-460	10	31	helps	help	VERB
abrj-460	10	32	and	and	CCONJ
abrj-460	10	33	hinders	hinder	VERB
abrj-460	10	34	financial	financial	ADJ
abrj-460	10	35	integration	integration	NOUN
abrj-460	10	36	.	.	PUNCT
abrj-460	11	1	the	the	DET
abrj-460	11	2	results	result	NOUN
abrj-460	11	3	show	show	VERB
abrj-460	11	4	that	that	SCONJ
abrj-460	11	5	digital	digital	ADJ
abrj-460	11	6	growth	growth	NOUN
abrj-460	11	7	,	,	PUNCT
abrj-460	11	8	unified	unified	ADJ
abrj-460	11	9	laws	law	NOUN
abrj-460	11	10	and	and	CCONJ
abrj-460	11	11	partnerships	partnership	NOUN
abrj-460	11	12	are	be	AUX
abrj-460	11	13	important	important	ADJ
abrj-460	11	14	,	,	PUNCT
abrj-460	11	15	while	while	SCONJ
abrj-460	11	16	unreliable	unreliable	ADJ
abrj-460	11	17	currency	currency	NOUN
abrj-460	11	18	,	,	PUNCT
abrj-460	11	19	weak	weak	ADJ
abrj-460	11	20	institutions	institution	NOUN
abrj-460	11	21	and	and	CCONJ
abrj-460	11	22	political	political	ADJ
abrj-460	11	23	challenges	challenge	NOUN
abrj-460	11	24	continue	continue	VERB
abrj-460	11	25	to	to	PART
abrj-460	11	26	obstruct	obstruct	VERB
abrj-460	11	27	the	the	DET
abrj-460	11	28	system	system	NOUN
abrj-460	11	29	.	.	PUNCT
abrj-460	12	1	east	east	PROPN
abrj-460	12	2	africa	africa	PROPN
abrj-460	12	3	’s	’s	PART
abrj-460	12	4	markets	market	NOUN
abrj-460	12	5	are	be	AUX
abrj-460	12	6	more	more	ADV
abrj-460	12	7	separated	separate	VERB
abrj-460	12	8	,	,	PUNCT
abrj-460	12	9	so	so	SCONJ
abrj-460	12	10	they	they	PRON
abrj-460	12	11	have	have	AUX
abrj-460	12	12	not	not	PART
abrj-460	12	13	advanced	advance	VERB
abrj-460	12	14	as	as	ADV
abrj-460	12	15	much	much	ADJ
abrj-460	12	16	under	under	ADP
abrj-460	12	17	ecowas	ecowas	PROPN
abrj-460	12	18	’	'	PUNCT
abrj-460	12	19	progress	progress	NOUN
abrj-460	12	20	as	as	SCONJ
abrj-460	12	21	west	west	PROPN
abrj-460	12	22	africa	africa	PROPN
abrj-460	12	23	has	have	VERB
abrj-460	12	24	,	,	PUNCT
abrj-460	12	25	due	due	ADP
abrj-460	12	26	to	to	ADP
abrj-460	12	27	better	well	ADJ
abrj-460	12	28	monetary	monetary	ADJ
abrj-460	12	29	coordination	coordination	NOUN
abrj-460	12	30	.	.	PUNCT
abrj-460	13	1	the	the	DET
abrj-460	13	2	study	study	NOUN
abrj-460	13	3	stresses	stress	VERB
abrj-460	13	4	that	that	SCONJ
abrj-460	13	5	to	to	PART
abrj-460	13	6	achieve	achieve	VERB
abrj-460	13	7	significant	significant	ADJ
abrj-460	13	8	economic	economic	ADJ
abrj-460	13	9	growth	growth	NOUN
abrj-460	13	10	in	in	ADP
abrj-460	13	11	africa	africa	PROPN
abrj-460	13	12	,	,	PUNCT
abrj-460	13	13	reforms	reform	NOUN
abrj-460	13	14	should	should	AUX
abrj-460	13	15	be	be	AUX
abrj-460	13	16	phased	phase	VERB
abrj-460	13	17	out	out	ADP
abrj-460	13	18	by	by	ADP
abrj-460	13	19	harmonizing	harmonize	VERB
abrj-460	13	20	policies	policy	NOUN
abrj-460	13	21	regionally	regionally	ADV
abrj-460	13	22	,	,	PUNCT
abrj-460	13	23	digitalizing	digitalize	VERB
abrj-460	13	24	finances	finance	NOUN
abrj-460	13	25	and	and	CCONJ
abrj-460	13	26	strengthening	strengthen	VERB
abrj-460	13	27	institutions	institution	NOUN
abrj-460	13	28	,	,	PUNCT
abrj-460	13	29	all	all	PRON
abrj-460	13	30	based	base	VERB
abrj-460	13	31	on	on	ADP
abrj-460	13	32	the	the	DET
abrj-460	13	33	sustainable	sustainable	ADJ
abrj-460	13	34	development	development	NOUN
abrj-460	13	35	goals	goal	NOUN
abrj-460	13	36	(	(	PUNCT
abrj-460	13	37	sdg	sdg	NOUN
abrj-460	13	38	8	8	NUM
abrj-460	13	39	and	and	CCONJ
abrj-460	13	40	sdg	sdg	NOUN
abrj-460	13	41	17	17	NUM
abrj-460	13	42	)	)	PUNCT
abrj-460	13	43	.	.	PUNCT
abrj-460	14	1	keywords	keyword	NOUN
abrj-460	14	2	:	:	PUNCT
abrj-460	14	3	africa	africa	PROPN
abrj-460	14	4	,	,	PUNCT
abrj-460	14	5	capital	capital	NOUN
abrj-460	14	6	flows	flow	NOUN
abrj-460	14	7	,	,	PUNCT
abrj-460	14	8	sdgs	sdgs	ADJ
abrj-460	14	9	,	,	PUNCT
abrj-460	14	10	cross	cross	ADJ
abrj-460	14	11	-	-	ADJ
abrj-460	14	12	border	border	ADJ
abrj-460	14	13	investments	investment	NOUN
abrj-460	14	14	,	,	PUNCT
abrj-460	14	15	economic	economic	ADJ
abrj-460	14	16	growth	growth	NOUN
abrj-460	14	17	,	,	PUNCT
abrj-460	14	18	financial	financial	ADJ
abrj-460	14	19	integration	integration	NOUN
abrj-460	14	20	.	.	PUNCT
abrj-460	15	1	1	1	X
abrj-460	15	2	.	.	X
abrj-460	15	3	introduction	introduction	NOUN
abrj-460	15	4	financial	financial	ADJ
abrj-460	15	5	market	market	NOUN
abrj-460	15	6	integration	integration	NOUN
abrj-460	15	7	in	in	ADP
abrj-460	15	8	the	the	DET
abrj-460	15	9	context	context	NOUN
abrj-460	15	10	of	of	ADP
abrj-460	15	11	african	african	ADJ
abrj-460	15	12	economies	economy	NOUN
abrj-460	15	13	:	:	PUNCT
abrj-460	15	14	evidence	evidence	NOUN
abrj-460	15	15	from	from	ADP
abrj-460	15	16	a	a	DET
abrj-460	15	17	panel	panel	NOUN
abrj-460	15	18	of	of	ADP
abrj-460	15	19	five	five	NUM
abrj-460	15	20	financial	financial	ADJ
abrj-460	15	21	market	market	NOUN
abrj-460	15	22	indicators	indicator	NOUN
abrj-460	15	23	by	by	ADP
abrj-460	15	24	fayissa	fayissa	PROPN
abrj-460	15	25	b	b	PROPN
abrj-460	15	26	iphap	iphap	PROPN
abrj-460	15	27	,	,	PUNCT
abrj-460	15	28	south	south	PROPN
abrj-460	15	29	africa	africa	PROPN
abrj-460	15	30	,	,	PUNCT
abrj-460	15	31	temesgen	temesgen	PROPN
abrj-460	15	32	k	k	PROPN
abrj-460	15	33	tucho	tucho	NOUN
abrj-460	15	34	,	,	PUNCT
abrj-460	15	35	eastern	eastern	ADJ
abrj-460	15	36	horn	horn	NOUN
abrj-460	15	37	of	of	ADP
abrj-460	15	38	africa	africa	PROPN
abrj-460	15	39	&	&	CCONJ
abrj-460	15	40	yaya	yaya	PROPN
abrj-460	15	41	sissoko	sissoko	PROPN
abrj-460	15	42	,	,	PUNCT
abrj-460	15	43	mali	mali	PROPN
abrj-460	15	44	.	.	PUNCT
abrj-460	16	1	during	during	ADP
abrj-460	16	2	the	the	DET
abrj-460	16	3	past	past	ADJ
abrj-460	16	4	two	two	NUM
abrj-460	16	5	decades	decade	NOUN
abrj-460	16	6	,	,	PUNCT
abrj-460	16	7	the	the	DET
abrj-460	16	8	economies	economy	NOUN
abrj-460	16	9	of	of	ADP
abrj-460	16	10	africa	africa	PROPN
abrj-460	16	11	made	make	VERB
abrj-460	16	12	conscious	conscious	ADJ
abrj-460	16	13	efforts	effort	NOUN
abrj-460	16	14	to	to	PART
abrj-460	16	15	integrate	integrate	VERB
abrj-460	16	16	their	their	PRON
abrj-460	16	17	financial	financial	ADJ
abrj-460	16	18	markets	market	NOUN
abrj-460	16	19	to	to	PART
abrj-460	16	20	stimulate	stimulate	VERB
abrj-460	16	21	economic	economic	ADJ
abrj-460	16	22	growth	growth	NOUN
abrj-460	16	23	,	,	PUNCT
abrj-460	16	24	improve	improve	VERB
abrj-460	16	25	capital	capital	NOUN
abrj-460	16	26	movements	movement	NOUN
abrj-460	16	27	andattract	andattract	VERB
abrj-460	16	28	foreign	foreign	ADJ
abrj-460	16	29	direct	direct	ADJ
abrj-460	16	30	investment	investment	NOUN
abrj-460	16	31	.	.	PUNCT
abrj-460	17	1	projects	project	NOUN
abrj-460	17	2	such	such	ADJ
abrj-460	17	3	as	as	ADP
abrj-460	17	4	the	the	DET
abrj-460	17	5	african	african	PROPN
abrj-460	17	6	continental	continental	PROPN
abrj-460	17	7	free	free	PROPN
abrj-460	17	8	trade	trade	PROPN
abrj-460	17	9	area	area	NOUN
abrj-460	17	10	(	(	PUNCT
abrj-460	17	11	afcfta	afcfta	PROPN
abrj-460	17	12	)	)	PUNCT
abrj-460	17	13	which	which	PRON
abrj-460	17	14	was	be	AUX
abrj-460	17	15	established	establish	VERB
abrj-460	17	16	in	in	ADP
abrj-460	17	17	2018	2018	NUM
abrj-460	17	18	and	and	CCONJ
abrj-460	17	19	african	african	ADJ
abrj-460	17	20	securities	security	NOUN
abrj-460	17	21	exchanges	exchange	NOUN
abrj-460	17	22	association	association	NOUN
abrj-460	17	23	(	(	PUNCT
abrj-460	17	24	asea	asea	NOUN
abrj-460	17	25	)	)	PUNCT
abrj-460	17	26	have	have	AUX
abrj-460	17	27	been	be	AUX
abrj-460	17	28	geared	gear	VERB
abrj-460	17	29	towards	towards	ADP
abrj-460	17	30	standardizing	standardize	VERB
abrj-460	17	31	regulatory	regulatory	ADJ
abrj-460	17	32	environments	environment	NOUN
abrj-460	17	33	,	,	PUNCT
abrj-460	17	34	lowering	lower	VERB
abrj-460	17	35	investment	investment	NOUN
abrj-460	17	36	barriers	barrier	NOUN
abrj-460	17	37	,	,	PUNCT
abrj-460	17	38	and	and	CCONJ
abrj-460	17	39	enhancing	enhance	VERB
abrj-460	17	40	regional	regional	ADJ
abrj-460	17	41	financial	financial	ADJ
abrj-460	17	42	integration	integration	NOUN
abrj-460	17	43	(	(	PUNCT
abrj-460	17	44	uneca	uneca	NOUN
abrj-460	17	45	,	,	PUNCT
abrj-460	17	46	2020	2020	NUM
abrj-460	17	47	;	;	PUNCT
abrj-460	17	48	asongu	asongu	VERB
abrj-460	17	49	et	et	PROPN
abrj-460	17	50	al	al	PROPN
abrj-460	17	51	.	.	PROPN
abrj-460	17	52	,	,	PUNCT
abrj-460	17	53	2022	2022	NUM
abrj-460	17	54	)	)	PUNCT
abrj-460	17	55	.	.	PUNCT
abrj-460	18	1	these	these	DET
abrj-460	18	2	efforts	effort	NOUN
abrj-460	18	3	are	be	AUX
abrj-460	18	4	underpinned	underpin	VERB
abrj-460	18	5	by	by	ADP
abrj-460	18	6	the	the	DET
abrj-460	18	7	realization	realization	NOUN
abrj-460	18	8	that	that	SCONJ
abrj-460	18	9	fragmented	fragmented	ADJ
abrj-460	18	10	capital	capital	NOUN
abrj-460	18	11	markets	market	NOUN
abrj-460	18	12	impede	impede	VERB
abrj-460	18	13	the	the	DET
abrj-460	18	14	resource	resource	NOUN
abrj-460	18	15	allocation	allocation	NOUN
abrj-460	18	16	,	,	PUNCT
abrj-460	18	17	restrict	restrict	VERB
abrj-460	18	18	investor	investor	NOUN
abrj-460	18	19	access	access	NOUN
abrj-460	18	20	and	and	CCONJ
abrj-460	18	21	hinder	hinder	VERB
abrj-460	18	22	the	the	DET
abrj-460	18	23	continent	continent	NOUN
abrj-460	18	24	from	from	ADP
abrj-460	18	25	exploiting	exploit	VERB
abrj-460	18	26	financial	financial	ADJ
abrj-460	18	27	globalization	globalization	NOUN
abrj-460	18	28	for	for	ADP
abrj-460	18	29	inclusive	inclusive	ADJ
abrj-460	18	30	development	development	NOUN
abrj-460	18	31	(	(	PUNCT
abrj-460	18	32	odhiambo	odhiambo	ADJ
abrj-460	18	33	,	,	PUNCT
abrj-460	18	34	2021	2021	NUM
abrj-460	18	35	)	)	PUNCT
abrj-460	18	36	.	.	PUNCT
abrj-460	19	1	however	however	ADV
abrj-460	19	2	,	,	PUNCT
abrj-460	19	3	although	although	SCONJ
abrj-460	19	4	the	the	DET
abrj-460	19	5	momentum	momentum	NOUN
abrj-460	19	6	is	be	AUX
abrj-460	19	7	building	build	VERB
abrj-460	19	8	up	up	ADP
abrj-460	19	9	,	,	PUNCT
abrj-460	19	10	african	african	ADJ
abrj-460	19	11	financial	financial	ADJ
abrj-460	19	12	markets	market	NOUN
abrj-460	19	13	remain	remain	VERB
abrj-460	19	14	highly	highly	ADV
abrj-460	19	15	fragmented	fragmented	ADJ
abrj-460	19	16	,	,	PUNCT
abrj-460	19	17	characterized	characterize	VERB
abrj-460	19	18	by	by	ADP
abrj-460	19	19	different	different	ADJ
abrj-460	19	20	regulation	regulation	NOUN
abrj-460	19	21	systems	system	NOUN
abrj-460	19	22	,	,	PUNCT
abrj-460	19	23	low	low	ADJ
abrj-460	19	24	infrastructural	infrastructural	ADJ
abrj-460	19	25	developments	development	NOUN
abrj-460	19	26	,	,	PUNCT
abrj-460	19	27	as	as	ADV
abrj-460	19	28	well	well	ADV
abrj-460	19	29	as	as	ADP
abrj-460	19	30	limited	limited	ADJ
abrj-460	19	31	access	access	NOUN
abrj-460	19	32	to	to	ADP
abrj-460	19	33	investors	investor	NOUN
abrj-460	19	34	,	,	PUNCT
abrj-460	19	35	impeding	impede	VERB
abrj-460	19	36	the	the	DET
abrj-460	19	37	integration	integration	NOUN
abrj-460	19	38	efforts	effort	NOUN
abrj-460	19	39	(	(	PUNCT
abrj-460	19	40	wang	wang	PROPN
abrj-460	19	41	et	et	PROPN
abrj-460	19	42	al	al	PROPN
abrj-460	19	43	.	.	PROPN
abrj-460	19	44	,	,	PUNCT
abrj-460	19	45	2020	2020	NUM
abrj-460	19	46	)	)	PUNCT
abrj-460	19	47	.	.	PUNCT
abrj-460	20	1	in	in	ADP
abrj-460	20	2	addition	addition	NOUN
abrj-460	20	3	,	,	PUNCT
abrj-460	20	4	differences	difference	NOUN
abrj-460	20	5	in	in	ADP
abrj-460	20	6	market	market	NOUN
abrj-460	20	7	depth	depth	NOUN
abrj-460	20	8	and	and	CCONJ
abrj-460	20	9	institutional	institutional	ADJ
abrj-460	20	10	quality	quality	NOUN
abrj-460	20	11	in	in	ADP
abrj-460	20	12	different	different	ADJ
abrj-460	20	13	african	african	ADJ
abrj-460	20	14	countries	country	NOUN
abrj-460	20	15	have	have	AUX
abrj-460	20	16	led	lead	VERB
abrj-460	20	17	to	to	PART
abrj-460	20	18	uneven	uneven	ADJ
abrj-460	20	19	progress	progress	NOUN
abrj-460	20	20	in	in	ADP
abrj-460	20	21	the	the	DET
abrj-460	20	22	development	development	NOUN
abrj-460	20	23	of	of	ADP
abrj-460	20	24	effective	effective	ADJ
abrj-460	20	25	cross	cross	ADJ
abrj-460	20	26	-	-	ADJ
abrj-460	20	27	border	border	ADJ
abrj-460	20	28	investment	investment	NOUN
abrj-460	20	29	flows	flow	VERB
abrj-460	20	30	.	.	PUNCT
abrj-460	21	1	although	although	SCONJ
abrj-460	21	2	some	some	DET
abrj-460	21	3	regional	regional	ADJ
abrj-460	21	4	groupings	grouping	NOUN
abrj-460	21	5	like	like	ADP
abrj-460	21	6	the	the	DET
abrj-460	21	7	west	west	ADJ
abrj-460	21	8	african	african	ADJ
abrj-460	21	9	economic	economic	ADJ
abrj-460	21	10	and	and	CCONJ
abrj-460	21	11	monetary	monetary	ADJ
abrj-460	21	12	union	union	NOUN
abrj-460	21	13	(	(	PUNCT
abrj-460	21	14	waemu	waemu	PROPN
abrj-460	21	15	)	)	PUNCT
abrj-460	21	16	have	have	AUX
abrj-460	21	17	progressed	progress	VERB
abrj-460	21	18	in	in	ADP
abrj-460	21	19	harmonising	harmonise	VERB
abrj-460	21	20	their	their	PRON
abrj-460	21	21	capital	capital	NOUN
abrj-460	21	22	markets	market	NOUN
abrj-460	21	23	,	,	PUNCT
abrj-460	21	24	others	other	NOUN
abrj-460	21	25	are	be	AUX
abrj-460	21	26	plagued	plague	VERB
abrj-460	21	27	by	by	ADP
abrj-460	21	28	currency	currency	NOUN
abrj-460	21	29	fluctuation	fluctuation	NOUN
abrj-460	21	30	,	,	PUNCT
abrj-460	21	31	information	information	NOUN
abrj-460	21	32	asymmetry	asymmetry	NOUN
abrj-460	21	33	,	,	PUNCT
abrj-460	21	34	and	and	CCONJ
abrj-460	21	35	lack	lack	NOUN
abrj-460	21	36	of	of	ADP
abrj-460	21	37	depth	depth	NOUN
abrj-460	21	38	in	in	ADP
abrj-460	21	39	financial	financial	ADJ
abrj-460	21	40	instruments	instrument	NOUN
abrj-460	21	41	(	(	PUNCT
abrj-460	21	42	adelegan	adelegan	NOUN
abrj-460	21	43	2023	2023	NUM
abrj-460	21	44	)	)	PUNCT
abrj-460	21	45	.	.	PUNCT
abrj-460	22	1	the	the	DET
abrj-460	22	2	key	key	ADJ
abrj-460	22	3	issue	issue	NOUN
abrj-460	22	4	being	be	AUX
abrj-460	22	5	grappled	grapple	VERB
abrj-460	22	6	with	with	ADP
abrj-460	22	7	under	under	ADP
abrj-460	22	8	this	this	DET
abrj-460	22	9	study	study	NOUN
abrj-460	22	10	,	,	PUNCT
abrj-460	22	11	is	be	AUX
abrj-460	22	12	the	the	DET
abrj-460	22	13	question	question	NOUN
abrj-460	22	14	of	of	ADP
abrj-460	22	15	why	why	SCONJ
abrj-460	22	16	it	it	PRON
abrj-460	22	17	is	be	AUX
abrj-460	22	18	that	that	DET
abrj-460	22	19	financial	financial	ADJ
abrj-460	22	20	market	market	NOUN
abrj-460	22	21	integration	integration	NOUN
abrj-460	22	22	—	—	PUNCT
abrj-460	22	23	especially	especially	ADV
abrj-460	22	24	through	through	ADP
abrj-460	22	25	cross	cross	ADJ
abrj-460	22	26	-	-	ADJ
abrj-460	22	27	border	border	ADJ
abrj-460	22	28	investment	investment	NOUN
abrj-460	22	29	—	—	PUNCT
abrj-460	22	30	does	do	AUX
abrj-460	22	31	not	not	PART
abrj-460	22	32	easily	easily	ADV
abrj-460	22	33	lead	lead	VERB
abrj-460	22	34	to	to	ADP
abrj-460	22	35	measurable	measurable	ADJ
abrj-460	22	36	economic	economic	ADJ
abrj-460	22	37	growth	growth	NOUN
abrj-460	22	38	in	in	ADP
abrj-460	22	39	the	the	DET
abrj-460	22	40	case	case	NOUN
abrj-460	22	41	of	of	ADP
abrj-460	22	42	a	a	DET
abrj-460	22	43	wide	wide	ADJ
abrj-460	22	44	variety	variety	NOUN
abrj-460	22	45	of	of	ADP
abrj-460	22	46	african	african	ADJ
abrj-460	22	47	economies	economy	NOUN
abrj-460	22	48	.	.	PUNCT
abrj-460	23	1	previous	previous	ADJ
abrj-460	23	2	research	research	NOUN
abrj-460	23	3	has	have	AUX
abrj-460	23	4	concentrated	concentrate	VERB
abrj-460	23	5	majorly	majorly	ADV
abrj-460	23	6	on	on	ADP
abrj-460	23	7	the	the	DET
abrj-460	23	8	development	development	NOUN
abrj-460	23	9	of	of	ADP
abrj-460	23	10	domestic	domestic	ADJ
abrj-460	23	11	capital	capital	NOUN
abrj-460	23	12	market	market	NOUN
abrj-460	23	13	or	or	CCONJ
abrj-460	23	14	broad	broad	ADJ
abrj-460	23	15	trade	trade	NOUN
abrj-460	23	16	integration	integration	NOUN
abrj-460	23	17	without	without	ADP
abrj-460	23	18	sufficient	sufficient	ADJ
abrj-460	23	19	exploration	exploration	NOUN
abrj-460	23	20	of	of	ADP
abrj-460	23	21	the	the	DET
abrj-460	23	22	transmission	transmission	NOUN
abrj-460	23	23	link	link	NOUN
abrj-460	23	24	between	between	ADP
abrj-460	23	25	financial	financial	ADJ
abrj-460	23	26	integration	integration	NOUN
abrj-460	23	27	and	and	CCONJ
abrj-460	23	28	economic	economic	ADJ
abrj-460	23	29	performance	performance	NOUN
abrj-460	23	30	(	(	PUNCT
abrj-460	23	31	see	see	VERB
abrj-460	23	32	kanga	kanga	PROPN
abrj-460	23	33	et	et	PROPN
abrj-460	23	34	al	al	PROPN
abrj-460	23	35	.	.	PROPN
abrj-460	23	36	,	,	PUNCT
abrj-460	23	37	2021	2021	NUM
abrj-460	23	38	;	;	PUNCT
abrj-460	23	39	nketiah	nketiah	PROPN
abrj-460	23	40	-	-	PUNCT
abrj-460	23	41	amponsah	amponsah	PROPN
abrj-460	23	42	&	&	CCONJ
abrj-460	23	43	sarpong	sarpong	PROPN
abrj-460	23	44	,	,	PUNCT
abrj-460	23	45	2023	2023	NUM
abrj-460	23	46	)	)	PUNCT
abrj-460	23	47	.	.	PUNCT
abrj-460	24	1	in	in	ADP
abrj-460	24	2	addition	addition	NOUN
abrj-460	24	3	,	,	PUNCT
abrj-460	24	4	although	although	SCONJ
abrj-460	24	5	there	there	PRON
abrj-460	24	6	is	be	VERB
abrj-460	24	7	some	some	DET
abrj-460	24	8	empirical	empirical	ADJ
abrj-460	24	9	work	work	NOUN
abrj-460	24	10	on	on	ADP
abrj-460	24	11	the	the	DET
abrj-460	24	12	growth	growth	NOUN
abrj-460	24	13	impact	impact	NOUN
abrj-460	24	14	of	of	ADP
abrj-460	24	15	fdi	fdi	NOUN
abrj-460	24	16	,	,	PUNCT
abrj-460	24	17	there	there	PRON
abrj-460	24	18	is	be	VERB
abrj-460	24	19	much	much	ADV
abrj-460	24	20	less	less	ADJ
abrj-460	24	21	work	work	NOUN
abrj-460	24	22	on	on	ADP
abrj-460	24	23	mailto:akomolehinfrancis@pg.abuard.edu.ng	mailto:akomolehinfrancis@pg.abuard.edu.ng	NOUN
abrj-460	24	24	mailto:nomasonofoama@gmail.com	mailto:nomasonofoama@gmail.com	PROPN
abrj-460	24	25	mailto:walekom2000@yahoo.com	mailto:walekom2000@yahoo.com	PROPN
abrj-460	24	26	mailto:akintanedamiso@gmail.com	mailto:akintanedamiso@gmail.com	PROPN
abrj-460	24	27	https://doi.org/10.55220/25766759.460	https://doi.org/10.55220/25766759.460	PART
abrj-460	24	28	asian	asian	PROPN
abrj-460	24	29	business	business	PROPN
abrj-460	24	30	research	research	NOUN
abrj-460	24	31	journal	journal	NOUN
abrj-460	24	32	,	,	PUNCT
abrj-460	24	33	2025	2025	NUM
abrj-460	24	34	,	,	PUNCT
abrj-460	24	35	10(6	10(6	NUM
abrj-460	24	36	):	):	PUNCT
abrj-460	24	37	9	9	NUM
abrj-460	24	38	-	-	SYM
abrj-460	24	39	20	20	NUM
abrj-460	24	40	10	10	NUM
abrj-460	24	41	©	©	PROPN
abrj-460	24	42	2025	2025	NUM
abrj-460	24	43	by	by	ADP
abrj-460	24	44	the	the	DET
abrj-460	24	45	authors	author	NOUN
abrj-460	24	46	;	;	PUNCT
abrj-460	24	47	licensee	licensee	NOUN
abrj-460	24	48	eastern	eastern	ADJ
abrj-460	24	49	centre	centre	NOUN
abrj-460	24	50	of	of	ADP
abrj-460	24	51	science	science	NOUN
abrj-460	24	52	and	and	CCONJ
abrj-460	24	53	education	education	NOUN
abrj-460	24	54	,	,	PUNCT
abrj-460	24	55	usa	usa	PROPN
abrj-460	24	56	the	the	DET
abrj-460	24	57	impact	impact	NOUN
abrj-460	24	58	of	of	ADP
abrj-460	24	59	intra	intra	ADJ
abrj-460	24	60	-	-	ADJ
abrj-460	24	61	african	african	ADJ
abrj-460	24	62	cross	cross	ADJ
abrj-460	24	63	-	-	ADJ
abrj-460	24	64	border	border	ADJ
abrj-460	24	65	capital	capital	NOUN
abrj-460	24	66	flows	flow	NOUN
abrj-460	24	67	and	and	CCONJ
abrj-460	24	68	regional	regional	ADJ
abrj-460	24	69	financial	financial	ADJ
abrj-460	24	70	linkages	linkage	NOUN
abrj-460	24	71	on	on	ADP
abrj-460	24	72	macroeconomic	macroeconomic	ADJ
abrj-460	24	73	development	development	NOUN
abrj-460	24	74	.	.	PUNCT
abrj-460	25	1	this	this	DET
abrj-460	25	2	study	study	NOUN
abrj-460	25	3	fills	fill	VERB
abrj-460	25	4	an	an	DET
abrj-460	25	5	important	important	ADJ
abrj-460	25	6	void	void	NOUN
abrj-460	25	7	by	by	ADP
abrj-460	25	8	analysing	analyse	VERB
abrj-460	25	9	the	the	DET
abrj-460	25	10	linkage	linkage	NOUN
abrj-460	25	11	between	between	ADP
abrj-460	25	12	financial	financial	ADJ
abrj-460	25	13	market	market	NOUN
abrj-460	25	14	integration	integration	NOUN
abrj-460	25	15	and	and	CCONJ
abrj-460	25	16	economic	economic	ADJ
abrj-460	25	17	growth	growth	NOUN
abrj-460	25	18	in	in	ADP
abrj-460	25	19	the	the	DET
abrj-460	25	20	case	case	NOUN
abrj-460	25	21	of	of	ADP
abrj-460	25	22	african	african	ADJ
abrj-460	25	23	cross	cross	ADJ
abrj-460	25	24	-	-	ADJ
abrj-460	25	25	border	border	ADJ
abrj-460	25	26	investment	investment	NOUN
abrj-460	25	27	.	.	PUNCT
abrj-460	26	1	it	it	PRON
abrj-460	26	2	focuses	focus	VERB
abrj-460	26	3	,	,	PUNCT
abrj-460	26	4	in	in	ADP
abrj-460	26	5	particular	particular	ADJ
abrj-460	26	6	,	,	PUNCT
abrj-460	26	7	on	on	ADP
abrj-460	26	8	the	the	DET
abrj-460	26	9	possibilities	possibility	NOUN
abrj-460	26	10	for	for	ADP
abrj-460	26	11	and	and	CCONJ
abrj-460	26	12	constraints	constraint	NOUN
abrj-460	26	13	on	on	ADP
abrj-460	26	14	the	the	DET
abrj-460	26	15	movement	movement	NOUN
abrj-460	26	16	of	of	ADP
abrj-460	26	17	investment	investment	NOUN
abrj-460	26	18	capital	capital	NOUN
abrj-460	26	19	across	across	ADP
abrj-460	26	20	african	african	ADJ
abrj-460	26	21	borders	border	NOUN
abrj-460	26	22	and	and	CCONJ
abrj-460	26	23	seeks	seek	VERB
abrj-460	26	24	to	to	PART
abrj-460	26	25	estimate	estimate	VERB
abrj-460	26	26	the	the	DET
abrj-460	26	27	degree	degree	NOUN
abrj-460	26	28	to	to	PART
abrj-460	26	29	which	which	PRON
abrj-460	26	30	such	such	ADJ
abrj-460	26	31	flows	flow	NOUN
abrj-460	26	32	promote	promote	VERB
abrj-460	26	33	efficiency	efficiency	NOUN
abrj-460	26	34	and	and	CCONJ
abrj-460	26	35	resilience	resilience	NOUN
abrj-460	26	36	in	in	ADP
abrj-460	26	37	markets	market	NOUN
abrj-460	26	38	.	.	PUNCT
abrj-460	27	1	by	by	ADP
abrj-460	27	2	shedding	shed	VERB
abrj-460	27	3	light	light	NOUN
abrj-460	27	4	on	on	ADP
abrj-460	27	5	the	the	DET
abrj-460	27	6	forces	force	NOUN
abrj-460	27	7	of	of	ADP
abrj-460	27	8	regional	regional	ADJ
abrj-460	27	9	integration	integration	NOUN
abrj-460	27	10	,	,	PUNCT
abrj-460	27	11	and	and	CCONJ
abrj-460	27	12	presenting	present	VERB
abrj-460	27	13	country	country	NOUN
abrj-460	27	14	-	-	PUNCT
abrj-460	27	15	level	level	NOUN
abrj-460	27	16	case	case	NOUN
abrj-460	27	17	studies	study	NOUN
abrj-460	27	18	,	,	PUNCT
abrj-460	27	19	the	the	DET
abrj-460	27	20	contribution	contribution	NOUN
abrj-460	27	21	fosters	foster	VERB
abrj-460	27	22	a	a	DET
abrj-460	27	23	better	well	ADJ
abrj-460	27	24	comprehension	comprehension	NOUN
abrj-460	27	25	of	of	ADP
abrj-460	27	26	the	the	DET
abrj-460	27	27	processes	process	NOUN
abrj-460	27	28	and	and	CCONJ
abrj-460	27	29	the	the	DET
abrj-460	27	30	development	development	NOUN
abrj-460	27	31	potential	potential	NOUN
abrj-460	27	32	of	of	ADP
abrj-460	27	33	integrated	integrated	ADJ
abrj-460	27	34	african	african	ADJ
abrj-460	27	35	financial	financial	ADJ
abrj-460	27	36	markets	market	NOUN
abrj-460	27	37	.	.	PUNCT
abrj-460	28	1	in	in	ADP
abrj-460	28	2	this	this	DET
abrj-460	28	3	vein	vein	NOUN
abrj-460	28	4	,	,	PUNCT
abrj-460	28	5	the	the	DET
abrj-460	28	6	study	study	NOUN
abrj-460	28	7	is	be	AUX
abrj-460	28	8	motivated	motivate	VERB
abrj-460	28	9	by	by	ADP
abrj-460	28	10	the	the	DET
abrj-460	28	11	research	research	NOUN
abrj-460	28	12	questions	question	NOUN
abrj-460	28	13	:	:	PUNCT
abrj-460	28	14	(	(	PUNCT
abrj-460	28	15	1	1	X
abrj-460	28	16	)	)	PUNCT
abrj-460	28	17	what	what	PRON
abrj-460	28	18	is	be	AUX
abrj-460	28	19	the	the	DET
abrj-460	28	20	relationship	relationship	NOUN
abrj-460	28	21	between	between	ADP
abrj-460	28	22	cross	cross	ADJ
abrj-460	28	23	-	-	ADJ
abrj-460	28	24	border	border	ADJ
abrj-460	28	25	investments	investment	NOUN
abrj-460	28	26	and	and	CCONJ
abrj-460	28	27	economic	economic	ADJ
abrj-460	28	28	growth	growth	NOUN
abrj-460	28	29	of	of	ADP
abrj-460	28	30	african	african	ADJ
abrj-460	28	31	countries	country	NOUN
abrj-460	28	32	and	and	CCONJ
abrj-460	28	33	(	(	PUNCT
abrj-460	28	34	2	2	X
abrj-460	28	35	)	)	PUNCT
abrj-460	28	36	what	what	PRON
abrj-460	28	37	is	be	AUX
abrj-460	28	38	the	the	DET
abrj-460	28	39	contribution	contribution	NOUN
abrj-460	28	40	of	of	ADP
abrj-460	28	41	financial	financial	ADJ
abrj-460	28	42	market	market	NOUN
abrj-460	28	43	’s	’s	PART
abrj-460	28	44	integration	integration	NOUN
abrj-460	28	45	in	in	ADP
abrj-460	28	46	promoting	promote	VERB
abrj-460	28	47	capital	capital	NOUN
abrj-460	28	48	flows	flow	NOUN
abrj-460	28	49	and	and	CCONJ
abrj-460	28	50	market	market	NOUN
abrj-460	28	51	efficiency	efficiency	NOUN
abrj-460	28	52	.	.	PUNCT
abrj-460	29	1	in	in	ADP
abrj-460	29	2	a	a	DET
abrj-460	29	3	related	related	ADJ
abrj-460	29	4	vein	vein	NOUN
abrj-460	29	5	,	,	PUNCT
abrj-460	29	6	it	it	PRON
abrj-460	29	7	attempts	attempt	VERB
abrj-460	29	8	to	to	PART
abrj-460	29	9	respond	respond	VERB
abrj-460	29	10	to	to	ADP
abrj-460	29	11	two	two	NUM
abrj-460	29	12	main	main	ADJ
abrj-460	29	13	research	research	NOUN
abrj-460	29	14	questions	question	NOUN
abrj-460	29	15	:	:	PUNCT
abrj-460	29	16	(	(	PUNCT
abrj-460	29	17	i	i	NOUN
abrj-460	29	18	)	)	PUNCT
abrj-460	29	19	what	what	DET
abrj-460	29	20	impact	impact	NOUN
abrj-460	29	21	,	,	PUNCT
abrj-460	29	22	if	if	SCONJ
abrj-460	29	23	any	any	PRON
abrj-460	29	24	,	,	PUNCT
abrj-460	29	25	does	do	AUX
abrj-460	29	26	financial	financial	ADJ
abrj-460	29	27	market	market	NOUN
abrj-460	29	28	integration	integration	NOUN
abrj-460	29	29	have	have	VERB
abrj-460	29	30	on	on	ADP
abrj-460	29	31	economic	economic	ADJ
abrj-460	29	32	growth	growth	NOUN
abrj-460	29	33	in	in	ADP
abrj-460	29	34	african	african	ADJ
abrj-460	29	35	economies	economy	NOUN
abrj-460	29	36	?	?	PUNCT
abrj-460	30	1	and(ii)what	and(ii)what	PRON
abrj-460	30	2	are	be	AUX
abrj-460	30	3	the	the	DET
abrj-460	30	4	challenges	challenge	NOUN
abrj-460	30	5	to	to	ADP
abrj-460	30	6	and	and	CCONJ
abrj-460	30	7	drivers	driver	NOUN
abrj-460	30	8	of	of	ADP
abrj-460	30	9	cross	cross	ADJ
abrj-460	30	10	-	-	ADJ
abrj-460	30	11	border	border	ADJ
abrj-460	30	12	investments	investment	NOUN
abrj-460	30	13	in	in	ADP
abrj-460	30	14	africa	africa	PROPN
abrj-460	30	15	?	?	PUNCT
abrj-460	31	1	this	this	DET
abrj-460	31	2	study	study	NOUN
abrj-460	31	3	adds	add	VERB
abrj-460	31	4	to	to	ADP
abrj-460	31	5	regional	regional	ADJ
abrj-460	31	6	economic	economic	ADJ
abrj-460	31	7	integration	integration	NOUN
abrj-460	31	8	studies	study	NOUN
abrj-460	31	9	by	by	ADP
abrj-460	31	10	providing	provide	VERB
abrj-460	31	11	an	an	DET
abrj-460	31	12	african	african	ADJ
abrj-460	31	13	perspective	perspective	NOUN
abrj-460	31	14	on	on	ADP
abrj-460	31	15	the	the	DET
abrj-460	31	16	financegrowth	financegrowth	NOUN
abrj-460	31	17	connection	connection	NOUN
abrj-460	31	18	.	.	PUNCT
abrj-460	32	1	this	this	PRON
abrj-460	32	2	contrasts	contrast	VERB
abrj-460	32	3	with	with	ADP
abrj-460	32	4	most	most	ADJ
abrj-460	32	5	of	of	ADP
abrj-460	32	6	the	the	DET
abrj-460	32	7	literature	literature	NOUN
abrj-460	32	8	,	,	PUNCT
abrj-460	32	9	which	which	PRON
abrj-460	32	10	has	have	AUX
abrj-460	32	11	concentrated	concentrate	VERB
abrj-460	32	12	on	on	ADP
abrj-460	32	13	foreign	foreign	ADJ
abrj-460	32	14	investments	investment	NOUN
abrj-460	32	15	emanating	emanate	VERB
abrj-460	32	16	from	from	ADP
abrj-460	32	17	beyond	beyond	ADP
abrj-460	32	18	the	the	DET
abrj-460	32	19	continent	continent	NOUN
abrj-460	32	20	;	;	PUNCT
abrj-460	32	21	instead	instead	ADV
abrj-460	32	22	an	an	DET
abrj-460	32	23	emphasis	emphasis	NOUN
abrj-460	32	24	is	be	AUX
abrj-460	32	25	placed	place	VERB
abrj-460	32	26	here	here	ADV
abrj-460	32	27	on	on	ADP
abrj-460	32	28	intra	intra	ADJ
abrj-460	32	29	-	-	ADJ
abrj-460	32	30	african	african	ADJ
abrj-460	32	31	financial	financial	ADJ
abrj-460	32	32	flows	flow	NOUN
abrj-460	32	33	and	and	CCONJ
abrj-460	32	34	market	market	NOUN
abrj-460	32	35	linkages	linkage	NOUN
abrj-460	32	36	.	.	PUNCT
abrj-460	33	1	further	far	ADV
abrj-460	33	2	,	,	PUNCT
abrj-460	33	3	the	the	DET
abrj-460	33	4	results	result	NOUN
abrj-460	33	5	may	may	AUX
abrj-460	33	6	be	be	AUX
abrj-460	33	7	used	use	VERB
abrj-460	33	8	to	to	PART
abrj-460	33	9	guide	guide	VERB
abrj-460	33	10	policy	policy	NOUN
abrj-460	33	11	frameworks	framework	NOUN
abrj-460	33	12	under	under	ADP
abrj-460	33	13	afcfta	afcfta	PROPN
abrj-460	33	14	,	,	PUNCT
abrj-460	33	15	asea	asea	NOUN
abrj-460	33	16	,	,	PUNCT
abrj-460	33	17	and	and	CCONJ
abrj-460	33	18	agenda	agenda	NOUN
abrj-460	33	19	2063	2063	NUM
abrj-460	33	20	to	to	PART
abrj-460	33	21	develop	develop	VERB
abrj-460	33	22	practicable	practicable	ADJ
abrj-460	33	23	approaches	approach	NOUN
abrj-460	33	24	towards	towards	ADP
abrj-460	33	25	enhancing	enhance	VERB
abrj-460	33	26	financial	financial	ADJ
abrj-460	33	27	integration	integration	NOUN
abrj-460	33	28	and	and	CCONJ
abrj-460	33	29	sustainable	sustainable	ADJ
abrj-460	33	30	economic	economic	ADJ
abrj-460	33	31	development	development	NOUN
abrj-460	33	32	.	.	PUNCT
abrj-460	34	1	it	it	PRON
abrj-460	34	2	also	also	ADV
abrj-460	34	3	reinforces	reinforce	VERB
abrj-460	34	4	global	global	ADJ
abrj-460	34	5	development	development	NOUN
abrj-460	34	6	goals	goal	NOUN
abrj-460	34	7	,	,	PUNCT
abrj-460	34	8	in	in	ADP
abrj-460	34	9	particular	particular	ADJ
abrj-460	34	10	sdg	sdg	NOUN
abrj-460	34	11	8	8	NUM
abrj-460	34	12	on	on	ADP
abrj-460	34	13	inclusive	inclusive	ADJ
abrj-460	34	14	economic	economic	ADJ
abrj-460	34	15	growth	growth	NOUN
abrj-460	34	16	and	and	CCONJ
abrj-460	34	17	sdg	sdg	NOUN
abrj-460	34	18	17	17	NUM
abrj-460	34	19	on	on	ADP
abrj-460	34	20	enhancing	enhance	VERB
abrj-460	34	21	the	the	DET
abrj-460	34	22	means	mean	NOUN
abrj-460	34	23	of	of	ADP
abrj-460	34	24	implementation	implementation	NOUN
abrj-460	34	25	through	through	ADP
abrj-460	34	26	increased	increase	VERB
abrj-460	34	27	regional	regional	ADJ
abrj-460	34	28	partnerships	partnership	NOUN
abrj-460	34	29	.	.	PUNCT
abrj-460	35	1	2	2	X
abrj-460	35	2	.	.	NUM
abrj-460	35	3	conceptual	conceptual	ADJ
abrj-460	35	4	and	and	CCONJ
abrj-460	35	5	theoretical	theoretical	ADJ
abrj-460	35	6	review	review	NOUN
abrj-460	35	7	2.1	2.1	NUM
abrj-460	35	8	.	.	PUNCT
abrj-460	36	1	conceptual	conceptual	ADJ
abrj-460	36	2	review	review	NOUN
abrj-460	36	3	the	the	DET
abrj-460	36	4	notion	notion	NOUN
abrj-460	36	5	of	of	ADP
abrj-460	36	6	financial	financial	ADJ
abrj-460	36	7	market	market	NOUN
abrj-460	36	8	integration	integration	NOUN
abrj-460	36	9	has	have	AUX
abrj-460	36	10	been	be	AUX
abrj-460	36	11	the	the	DET
abrj-460	36	12	focus	focus	NOUN
abrj-460	36	13	of	of	ADP
abrj-460	36	14	growing	grow	VERB
abrj-460	36	15	interest	interest	NOUN
abrj-460	36	16	within	within	ADP
abrj-460	36	17	the	the	DET
abrj-460	36	18	wider	wide	ADJ
abrj-460	36	19	discussion	discussion	NOUN
abrj-460	36	20	of	of	ADP
abrj-460	36	21	globalization	globalization	NOUN
abrj-460	36	22	,	,	PUNCT
abrj-460	36	23	economic	economic	ADJ
abrj-460	36	24	growth	growth	NOUN
abrj-460	36	25	and	and	CCONJ
abrj-460	36	26	regional	regional	ADJ
abrj-460	36	27	cooperation	cooperation	NOUN
abrj-460	36	28	.	.	PUNCT
abrj-460	37	1	financial	financial	ADJ
abrj-460	37	2	integration	integration	NOUN
abrj-460	37	3	is	be	AUX
abrj-460	37	4	a	a	DET
abrj-460	37	5	concept	concept	NOUN
abrj-460	37	6	and	and	CCONJ
abrj-460	37	7	is	be	AUX
abrj-460	37	8	a	a	DET
abrj-460	37	9	measure	measure	NOUN
abrj-460	37	10	in	in	ADP
abrj-460	37	11	the	the	DET
abrj-460	37	12	extent	extent	NOUN
abrj-460	37	13	to	to	PART
abrj-460	37	14	which	which	PRON
abrj-460	37	15	one	one	NUM
abrj-460	37	16	country	country	NOUN
abrj-460	37	17	's	's	PART
abrj-460	37	18	financial	financial	ADJ
abrj-460	37	19	institutions	institution	NOUN
abrj-460	37	20	,	,	PUNCT
abrj-460	37	21	markets	market	NOUN
abrj-460	37	22	,	,	PUNCT
abrj-460	37	23	regulations	regulation	NOUN
abrj-460	37	24	and	and	CCONJ
abrj-460	37	25	infrastructure	infrastructure	NOUN
abrj-460	37	26	are	be	AUX
abrj-460	37	27	integrated	integrate	VERB
abrj-460	37	28	with	with	ADP
abrj-460	37	29	other	other	ADJ
abrj-460	37	30	countries	country	NOUN
abrj-460	37	31	,	,	PUNCT
abrj-460	37	32	allowing	allow	VERB
abrj-460	37	33	for	for	ADP
abrj-460	37	34	the	the	DET
abrj-460	37	35	free	free	ADJ
abrj-460	37	36	flow	flow	NOUN
abrj-460	37	37	of	of	ADP
abrj-460	37	38	capital	capital	NOUN
abrj-460	37	39	cross	cross	NOUN
abrj-460	37	40	-	-	ADJ
abrj-460	37	41	border	border	ADJ
abrj-460	37	42	and	and	CCONJ
abrj-460	37	43	promoting	promote	VERB
abrj-460	37	44	global	global	ADJ
abrj-460	37	45	sustainability	sustainability	NOUN
abrj-460	37	46	by	by	ADP
abrj-460	37	47	monetizing	monetize	VERB
abrj-460	37	48	universality	universality	NOUN
abrj-460	37	49	patterns	pattern	NOUN
abrj-460	37	50	of	of	ADP
abrj-460	37	51	cross	cross	ADJ
abrj-460	37	52	-	-	ADJ
abrj-460	37	53	national	national	ADJ
abrj-460	37	54	asset	asset	NOUN
abrj-460	37	55	pricing	pricing	NOUN
abrj-460	37	56	(	(	PUNCT
abrj-460	37	57	claessens	claessen	NOUN
abrj-460	37	58	&	&	CCONJ
abrj-460	37	59	kose	kose	PROPN
abrj-460	37	60	,	,	PUNCT
abrj-460	37	61	2019	2019	NUM
abrj-460	37	62	)	)	PUNCT
abrj-460	37	63	.	.	PUNCT
abrj-460	38	1	in	in	ADP
abrj-460	38	2	the	the	DET
abrj-460	38	3	african	african	ADJ
abrj-460	38	4	context	context	NOUN
abrj-460	38	5	,	,	PUNCT
abrj-460	38	6	financial	financial	ADJ
abrj-460	38	7	market	market	NOUN
abrj-460	38	8	integration	integration	NOUN
abrj-460	38	9	includes	include	VERB
abrj-460	38	10	formal	formal	ADJ
abrj-460	38	11	and	and	CCONJ
abrj-460	38	12	informal	informal	ADJ
abrj-460	38	13	mechanisms	mechanism	NOUN
abrj-460	38	14	that	that	PRON
abrj-460	38	15	promote	promote	VERB
abrj-460	38	16	the	the	DET
abrj-460	38	17	free	free	ADJ
abrj-460	38	18	movement	movement	NOUN
abrj-460	38	19	of	of	ADP
abrj-460	38	20	capital	capital	NOUN
abrj-460	38	21	across	across	ADP
abrj-460	38	22	borders	border	NOUN
abrj-460	38	23	,	,	PUNCT
abrj-460	38	24	that	that	PRON
abrj-460	38	25	align	align	VERB
abrj-460	38	26	financial	financial	ADJ
abrj-460	38	27	rules	rule	NOUN
abrj-460	38	28	and	and	CCONJ
abrj-460	38	29	standards	standard	NOUN
abrj-460	38	30	,	,	PUNCT
abrj-460	38	31	and	and	CCONJ
abrj-460	38	32	that	that	SCONJ
abrj-460	38	33	enable	enable	VERB
abrj-460	38	34	participants	participant	NOUN
abrj-460	38	35	to	to	PART
abrj-460	38	36	access	access	VERB
abrj-460	38	37	more	more	ADV
abrj-460	38	38	diversified	diversified	ADJ
abrj-460	38	39	investment	investment	NOUN
abrj-460	38	40	opportunities	opportunity	NOUN
abrj-460	38	41	within	within	ADP
abrj-460	38	42	the	the	DET
abrj-460	38	43	continent	continent	NOUN
abrj-460	38	44	.	.	PUNCT
abrj-460	39	1	they	they	PRON
abrj-460	39	2	deepen	deepen	VERB
abrj-460	39	3	financial	financial	ADJ
abrj-460	39	4	connections	connection	NOUN
abrj-460	39	5	not	not	PART
abrj-460	39	6	only	only	ADV
abrj-460	39	7	,	,	PUNCT
abrj-460	39	8	they	they	PRON
abrj-460	39	9	also	also	ADV
abrj-460	39	10	contribute	contribute	VERB
abrj-460	39	11	to	to	ADP
abrj-460	39	12	big	big	ADJ
abrj-460	39	13	macroeconomic	macroeconomic	ADJ
abrj-460	39	14	expectations	expectation	NOUN
abrj-460	39	15	like	like	ADP
abrj-460	39	16	efficiency	efficiency	NOUN
abrj-460	39	17	,	,	PUNCT
abrj-460	39	18	stability	stability	NOUN
abrj-460	39	19	and	and	CCONJ
abrj-460	39	20	growth	growth	NOUN
abrj-460	39	21	in	in	ADP
abrj-460	39	22	the	the	DET
abrj-460	39	23	financial	financial	ADJ
abrj-460	39	24	system	system	NOUN
abrj-460	39	25	(	(	PUNCT
abrj-460	39	26	asongu	asongu	PROPN
abrj-460	39	27	,	,	PUNCT
abrj-460	39	28	nwachukwu	nwachukwu	PROPN
abrj-460	39	29	&	&	CCONJ
abrj-460	39	30	orim	orim	PROPN
abrj-460	39	31	,	,	PUNCT
abrj-460	39	32	2022	2022	NUM
abrj-460	39	33	)	)	PUNCT
abrj-460	39	34	.	.	PUNCT
abrj-460	40	1	a	a	DET
abrj-460	40	2	central	central	ADJ
abrj-460	40	3	theoretical	theoretical	ADJ
abrj-460	40	4	presumption	presumption	NOUN
abrj-460	40	5	concerning	concern	VERB
abrj-460	40	6	financial	financial	ADJ
abrj-460	40	7	integration	integration	NOUN
abrj-460	40	8	is	be	AUX
abrj-460	40	9	that	that	SCONJ
abrj-460	40	10	it	it	PRON
abrj-460	40	11	facilitates	facilitate	VERB
abrj-460	40	12	efficient	efficient	ADJ
abrj-460	40	13	capital	capital	NOUN
abrj-460	40	14	allocation	allocation	NOUN
abrj-460	40	15	,	,	PUNCT
abrj-460	40	16	directing	direct	VERB
abrj-460	40	17	capital	capital	NOUN
abrj-460	40	18	surplus	surplus	NOUN
abrj-460	40	19	from	from	ADP
abrj-460	40	20	capital	capital	NOUN
abrj-460	40	21	-	-	PUNCT
abrj-460	40	22	rich	rich	ADJ
abrj-460	40	23	countries	country	NOUN
abrj-460	40	24	to	to	PART
abrj-460	40	25	be	be	AUX
abrj-460	40	26	invested	invest	VERB
abrj-460	40	27	in	in	ADP
abrj-460	40	28	capital	capital	NOUN
abrj-460	40	29	-	-	PUNCT
abrj-460	40	30	scarce	scarce	ADJ
abrj-460	40	31	ones	one	NOUN
abrj-460	40	32	.	.	PUNCT
abrj-460	41	1	this	this	PRON
abrj-460	41	2	is	be	AUX
abrj-460	41	3	consistent	consistent	ADJ
abrj-460	41	4	with	with	ADP
abrj-460	41	5	the	the	DET
abrj-460	41	6	neoclassical	neoclassical	ADJ
abrj-460	41	7	view	view	NOUN
abrj-460	41	8	that	that	PRON
abrj-460	41	9	open	open	VERB
abrj-460	41	10	financial	financial	ADJ
abrj-460	41	11	systems	system	NOUN
abrj-460	41	12	promote	promote	VERB
abrj-460	41	13	growth	growth	NOUN
abrj-460	41	14	through	through	ADP
abrj-460	41	15	improved	improve	VERB
abrj-460	41	16	risk	risk	NOUN
abrj-460	41	17	sharing	sharing	NOUN
abrj-460	41	18	,	,	PUNCT
abrj-460	41	19	greater	great	ADJ
abrj-460	41	20	liquidity	liquidity	NOUN
abrj-460	41	21	,	,	PUNCT
abrj-460	41	22	and	and	CCONJ
abrj-460	41	23	more	more	ADV
abrj-460	41	24	competitive	competitive	ADJ
abrj-460	41	25	markets	market	NOUN
abrj-460	41	26	(	(	PUNCT
abrj-460	41	27	raza	raza	NOUN
abrj-460	41	28	et	et	PROPN
abrj-460	41	29	al	al	PROPN
abrj-460	41	30	.	.	PROPN
abrj-460	41	31	,	,	PUNCT
abrj-460	41	32	2020	2020	NUM
abrj-460	41	33	)	)	PUNCT
abrj-460	41	34	.	.	PUNCT
abrj-460	42	1	yet	yet	ADV
abrj-460	42	2	,	,	PUNCT
abrj-460	42	3	in	in	ADP
abrj-460	42	4	developing	develop	VERB
abrj-460	42	5	economies	economy	NOUN
abrj-460	42	6	like	like	ADP
abrj-460	42	7	those	those	PRON
abrj-460	42	8	found	find	VERB
abrj-460	42	9	in	in	ADP
abrj-460	42	10	africa	africa	PROPN
abrj-460	42	11	,	,	PUNCT
abrj-460	42	12	the	the	DET
abrj-460	42	13	gains	gain	NOUN
abrj-460	42	14	from	from	ADP
abrj-460	42	15	digitalization	digitalization	NOUN
abrj-460	42	16	are	be	AUX
abrj-460	42	17	also	also	ADV
abrj-460	42	18	impacted	impact	VERB
abrj-460	42	19	by	by	ADP
abrj-460	42	20	institutional	institutional	ADJ
abrj-460	42	21	preparedness	preparedness	NOUN
abrj-460	42	22	,	,	PUNCT
abrj-460	42	23	regulatory	regulatory	ADJ
abrj-460	42	24	alignment	alignment	NOUN
abrj-460	42	25	,	,	PUNCT
abrj-460	42	26	and	and	CCONJ
abrj-460	42	27	macroeconomic	macroeconomic	ADJ
abrj-460	42	28	underpinnings	underpinning	NOUN
abrj-460	42	29	.	.	PUNCT
abrj-460	43	1	in	in	ADP
abrj-460	43	2	such	such	ADJ
abrj-460	43	3	environments	environment	NOUN
abrj-460	43	4	,	,	PUNCT
abrj-460	43	5	financial	financial	ADJ
abrj-460	43	6	integration	integration	NOUN
abrj-460	43	7	is	be	AUX
abrj-460	43	8	not	not	PART
abrj-460	43	9	deregulatory	deregulatory	ADJ
abrj-460	43	10	,	,	PUNCT
abrj-460	43	11	but	but	CCONJ
abrj-460	43	12	(	(	PUNCT
abrj-460	43	13	evidencedriven	evidencedriven	ADJ
abrj-460	43	14	)	)	PUNCT
abrj-460	43	15	strong	strong	ADJ
abrj-460	43	16	legal	legal	ADJ
abrj-460	43	17	regime	regime	NOUN
abrj-460	43	18	,	,	PUNCT
abrj-460	43	19	credible	credible	ADJ
abrj-460	43	20	financial	financial	ADJ
abrj-460	43	21	institution	institution	NOUN
abrj-460	43	22	and	and	CCONJ
abrj-460	43	23	infrastructure	infrastructure	NOUN
abrj-460	43	24	(	(	PUNCT
abrj-460	43	25	okonkwo	okonkwo	NOUN
abrj-460	43	26	et	et	PROPN
abrj-460	43	27	al	al	PROPN
abrj-460	43	28	.	.	PROPN
abrj-460	43	29	,	,	PUNCT
abrj-460	43	30	2021	2021	NUM
abrj-460	43	31	)	)	PUNCT
abrj-460	43	32	.	.	PUNCT
abrj-460	44	1	cross	cross	ADJ
abrj-460	44	2	-	-	ADJ
abrj-460	44	3	border	border	ADJ
abrj-460	44	4	investment	investment	NOUN
abrj-460	44	5	–	–	PUNCT
abrj-460	44	6	a	a	DET
abrj-460	44	7	central	central	ADJ
abrj-460	44	8	transmitting	transmit	VERB
abrj-460	44	9	channel	channel	NOUN
abrj-460	44	10	of	of	ADP
abrj-460	44	11	financial	financial	ADJ
abrj-460	44	12	integration	integration	NOUN
abrj-460	44	13	–	–	PUNCT
abrj-460	44	14	has	have	AUX
abrj-460	44	15	been	be	AUX
abrj-460	44	16	similarly	similarly	ADV
abrj-460	44	17	affiliated	affiliate	VERB
abrj-460	44	18	to	to	ADP
abrj-460	44	19	growth	growth	NOUN
abrj-460	44	20	along	along	ADP
abrj-460	44	21	different	different	ADJ
abrj-460	44	22	channels	channel	NOUN
abrj-460	44	23	,	,	PUNCT
abrj-460	44	24	but	but	CCONJ
abrj-460	44	25	also	also	ADV
abrj-460	44	26	in	in	ADP
abrj-460	44	27	the	the	DET
abrj-460	44	28	theoretical	theoretical	ADJ
abrj-460	44	29	literature	literature	NOUN
abrj-460	44	30	.	.	PUNCT
abrj-460	45	1	it	it	PRON
abrj-460	45	2	supplies	supply	VERB
abrj-460	45	3	not	not	PART
abrj-460	45	4	only	only	ADV
abrj-460	45	5	finance	finance	NOUN
abrj-460	45	6	,	,	PUNCT
abrj-460	45	7	but	but	CCONJ
abrj-460	45	8	also	also	ADV
abrj-460	45	9	managerial	managerial	ADJ
abrj-460	45	10	technology	technology	NOUN
abrj-460	45	11	,	,	PUNCT
abrj-460	45	12	transfer	transfer	NOUN
abrj-460	45	13	of	of	ADP
abrj-460	45	14	technology	technology	NOUN
abrj-460	45	15	and	and	CCONJ
abrj-460	45	16	governance	governance	NOUN
abrj-460	45	17	spillovers	spillover	NOUN
abrj-460	45	18	.	.	PUNCT
abrj-460	46	1	ndikumana	ndikumana	PROPN
abrj-460	46	2	and	and	CCONJ
abrj-460	46	3	boyce	boyce	PROPN
abrj-460	46	4	(	(	PUNCT
abrj-460	46	5	2020	2020	NUM
abrj-460	46	6	)	)	PUNCT
abrj-460	46	7	argue	argue	VERB
abrj-460	46	8	that	that	SCONJ
abrj-460	46	9	regional	regional	ADJ
abrj-460	46	10	and	and	CCONJ
abrj-460	46	11	cross	cross	ADJ
abrj-460	46	12	-	-	ADJ
abrj-460	46	13	border	border	ADJ
abrj-460	46	14	fdi	fdi	NOUN
abrj-460	46	15	is	be	AUX
abrj-460	46	16	more	more	ADV
abrj-460	46	17	sustainable	sustainable	ADJ
abrj-460	46	18	and	and	CCONJ
abrj-460	46	19	suitable	suitable	ADJ
abrj-460	46	20	to	to	AUX
abrj-460	46	21	context	context	VERB
abrj-460	46	22	when	when	SCONJ
abrj-460	46	23	the	the	DET
abrj-460	46	24	source	source	NOUN
abrj-460	46	25	of	of	ADP
abrj-460	46	26	investment	investment	NOUN
abrj-460	46	27	is	be	AUX
abrj-460	46	28	from	from	ADP
abrj-460	46	29	the	the	DET
abrj-460	46	30	region	region	NOUN
abrj-460	46	31	and	and	CCONJ
abrj-460	46	32	may	may	AUX
abrj-460	46	33	encourage	encourage	VERB
abrj-460	46	34	local	local	ADJ
abrj-460	46	35	partnerships	partnership	NOUN
abrj-460	46	36	and	and	CCONJ
abrj-460	46	37	collective	collective	ADJ
abrj-460	46	38	economic	economic	ADJ
abrj-460	46	39	interest	interest	NOUN
abrj-460	46	40	.	.	PUNCT
abrj-460	47	1	unlike	unlike	ADP
abrj-460	47	2	the	the	DET
abrj-460	47	3	extractive	extractive	ADJ
abrj-460	47	4	practices	practice	NOUN
abrj-460	47	5	or	or	CCONJ
abrj-460	47	6	external	external	ADJ
abrj-460	47	7	shocks	shock	NOUN
abrj-460	47	8	often	often	ADV
abrj-460	47	9	associated	associate	VERB
abrj-460	47	10	with	with	ADP
abrj-460	47	11	traditional	traditional	ADJ
abrj-460	47	12	fdi	fdi	NOUN
abrj-460	47	13	from	from	ADP
abrj-460	47	14	outside	outside	ADP
abrj-460	47	15	the	the	DET
abrj-460	47	16	continent	continent	NOUN
abrj-460	47	17	,	,	PUNCT
abrj-460	47	18	intra	intra	ADJ
abrj-460	47	19	-	-	ADJ
abrj-460	47	20	african	african	ADJ
abrj-460	47	21	investments	investment	NOUN
abrj-460	47	22	are	be	AUX
abrj-460	47	23	sometimes	sometimes	ADV
abrj-460	47	24	more	more	ADV
abrj-460	47	25	closely	closely	ADV
abrj-460	47	26	linked	link	VERB
abrj-460	47	27	to	to	ADP
abrj-460	47	28	local	local	ADJ
abrj-460	47	29	realities	reality	NOUN
abrj-460	47	30	.	.	PUNCT
abrj-460	48	1	related	relate	VERB
abrj-460	48	2	to	to	ADP
abrj-460	48	3	this	this	PRON
abrj-460	48	4	is	be	AUX
abrj-460	48	5	the	the	DET
abrj-460	48	6	notion	notion	NOUN
abrj-460	48	7	of	of	ADP
abrj-460	48	8	regional	regional	ADJ
abrj-460	48	9	financial	financial	ADJ
abrj-460	48	10	cooperation	cooperation	NOUN
abrj-460	48	11	that	that	PRON
abrj-460	48	12	emphasizes	emphasize	VERB
abrj-460	48	13	cooperative	cooperative	ADJ
abrj-460	48	14	arrangements	arrangement	NOUN
abrj-460	48	15	to	to	PART
abrj-460	48	16	harmonize	harmonize	VERB
abrj-460	48	17	monetary	monetary	ADJ
abrj-460	48	18	policy	policy	NOUN
abrj-460	48	19	,	,	PUNCT
abrj-460	48	20	develop	develop	VERB
abrj-460	48	21	credit	credit	NOUN
abrj-460	48	22	rating	rating	NOUN
abrj-460	48	23	systems	system	NOUN
abrj-460	48	24	,	,	PUNCT
abrj-460	48	25	link	link	VERB
abrj-460	48	26	up	up	ADP
abrj-460	48	27	capital	capital	NOUN
abrj-460	48	28	markets	market	NOUN
abrj-460	48	29	so	so	SCONJ
abrj-460	48	30	that	that	SCONJ
abrj-460	48	31	they	they	PRON
abrj-460	48	32	can	can	AUX
abrj-460	48	33	provide	provide	VERB
abrj-460	48	34	funds	fund	NOUN
abrj-460	48	35	to	to	ADP
abrj-460	48	36	economically	economically	ADV
abrj-460	48	37	similar	similar	ADJ
abrj-460	48	38	countries	country	NOUN
abrj-460	48	39	and	and	CCONJ
abrj-460	48	40	even	even	ADV
abrj-460	48	41	erecting	erect	VERB
abrj-460	48	42	supra	supra	ADJ
abrj-460	48	43	-	-	PUNCT
abrj-460	48	44	national	national	ADJ
abrj-460	48	45	bodies	body	NOUN
abrj-460	48	46	such	such	ADJ
abrj-460	48	47	as	as	ADP
abrj-460	48	48	the	the	DET
abrj-460	48	49	creation	creation	NOUN
abrj-460	48	50	of	of	ADP
abrj-460	48	51	regional	regional	ADJ
abrj-460	48	52	development	development	NOUN
abrj-460	48	53	banks	bank	NOUN
abrj-460	48	54	.	.	PUNCT
abrj-460	49	1	the	the	DET
abrj-460	49	2	fact	fact	NOUN
abrj-460	49	3	that	that	SCONJ
abrj-460	49	4	a	a	DET
abrj-460	49	5	convergence	convergence	NOUN
abrj-460	49	6	increases	increase	VERB
abrj-460	49	7	cross	cross	ADJ
abrj-460	49	8	-	-	ADJ
abrj-460	49	9	border	border	ADJ
abrj-460	49	10	investment	investment	NOUN
abrj-460	49	11	flows	flow	NOUN
abrj-460	49	12	is	be	AUX
abrj-460	49	13	already	already	ADV
abrj-460	49	14	an	an	DET
abrj-460	49	15	important	important	ADJ
abrj-460	49	16	advantage	advantage	NOUN
abrj-460	49	17	in	in	ADP
abrj-460	49	18	itself	itself	PRON
abrj-460	49	19	:	:	PUNCT
abrj-460	49	20	cooperation	cooperation	NOUN
abrj-460	49	21	both	both	PRON
abrj-460	49	22	lessens	lessen	VERB
abrj-460	49	23	the	the	DET
abrj-460	49	24	information	information	NOUN
abrj-460	49	25	asymmetry	asymmetry	NOUN
abrj-460	49	26	and	and	CCONJ
abrj-460	49	27	transaction	transaction	NOUN
abrj-460	49	28	costs	cost	NOUN
abrj-460	49	29	.	.	PUNCT
abrj-460	50	1	for	for	ADP
abrj-460	50	2	instance	instance	NOUN
abrj-460	50	3	,	,	PUNCT
abrj-460	50	4	the	the	DET
abrj-460	50	5	african	african	PROPN
abrj-460	50	6	continental	continental	PROPN
abrj-460	50	7	free	free	PROPN
abrj-460	50	8	trade	trade	PROPN
abrj-460	50	9	area	area	NOUN
abrj-460	50	10	(	(	PUNCT
abrj-460	50	11	afcfta	afcfta	PROPN
abrj-460	50	12	)	)	PUNCT
abrj-460	50	13	and	and	CCONJ
abrj-460	50	14	the	the	DET
abrj-460	50	15	african	african	ADJ
abrj-460	50	16	exchanges	exchange	NOUN
abrj-460	50	17	linkage	linkage	NOUN
abrj-460	50	18	project	project	NOUN
abrj-460	50	19	(	(	PUNCT
abrj-460	50	20	aelp	aelp	ADJ
abrj-460	50	21	)	)	PUNCT
abrj-460	50	22	are	be	AUX
abrj-460	50	23	institutionalised	institutionalise	VERB
abrj-460	50	24	initiatives	initiative	NOUN
abrj-460	50	25	aimed	aim	VERB
abrj-460	50	26	at	at	ADP
abrj-460	50	27	strengthening	strengthen	VERB
abrj-460	50	28	financial	financial	ADJ
abrj-460	50	29	integration	integration	NOUN
abrj-460	50	30	and	and	CCONJ
abrj-460	50	31	intra	intra	ADJ
abrj-460	50	32	-	-	ADJ
abrj-460	50	33	regional	regional	ADJ
abrj-460	50	34	investments	investment	NOUN
abrj-460	50	35	in	in	ADP
abrj-460	50	36	terms	term	NOUN
abrj-460	50	37	of	of	ADP
abrj-460	50	38	regulatory	regulatory	ADJ
abrj-460	50	39	convergence	convergence	NOUN
abrj-460	50	40	and	and	CCONJ
abrj-460	50	41	technological	technological	ADJ
abrj-460	50	42	interoperability	interoperability	NOUN
abrj-460	50	43	(	(	PUNCT
abrj-460	50	44	uneca	uneca	NOUN
abrj-460	50	45	,	,	PUNCT
abrj-460	50	46	2020	2020	NUM
abrj-460	50	47	;	;	PUNCT
abrj-460	50	48	fofack	fofack	NOUN
abrj-460	50	49	,	,	PUNCT
abrj-460	50	50	2021	2021	NUM
abrj-460	50	51	)	)	PUNCT
abrj-460	50	52	.	.	PUNCT
abrj-460	51	1	on	on	ADP
abrj-460	51	2	the	the	DET
abrj-460	51	3	policy	policy	NOUN
abrj-460	51	4	front	front	NOUN
abrj-460	51	5	,	,	PUNCT
abrj-460	51	6	financial	financial	ADJ
abrj-460	51	7	integration	integration	NOUN
abrj-460	51	8	is	be	AUX
abrj-460	51	9	also	also	ADV
abrj-460	51	10	conceptually	conceptually	ADV
abrj-460	51	11	related	relate	VERB
abrj-460	51	12	to	to	ADP
abrj-460	51	13	financial	financial	ADJ
abrj-460	51	14	inclusion	inclusion	NOUN
abrj-460	51	15	and	and	CCONJ
abrj-460	51	16	sustainable	sustainable	ADJ
abrj-460	51	17	development	development	NOUN
abrj-460	51	18	.	.	PUNCT
abrj-460	52	1	the	the	DET
abrj-460	52	2	greater	great	ADJ
abrj-460	52	3	a	a	DET
abrj-460	52	4	region	region	NOUN
abrj-460	52	5	is	be	AUX
abrj-460	52	6	integrated	integrate	VERB
abrj-460	52	7	in	in	ADP
abrj-460	52	8	financial	financial	ADJ
abrj-460	52	9	markets	market	NOUN
abrj-460	52	10	,	,	PUNCT
abrj-460	52	11	the	the	PRON
abrj-460	52	12	more	more	ADJ
abrj-460	52	13	it	it	PRON
abrj-460	52	14	will	will	AUX
abrj-460	52	15	attract	attract	VERB
abrj-460	52	16	all	all	DET
abrj-460	52	17	types	type	NOUN
abrj-460	52	18	of	of	ADP
abrj-460	52	19	capital	capital	NOUN
abrj-460	52	20	,	,	PUNCT
abrj-460	52	21	green	green	ADJ
abrj-460	52	22	,	,	PUNCT
abrj-460	52	23	impact	impact	NOUN
abrj-460	52	24	,	,	PUNCT
abrj-460	52	25	blended	blend	VERB
abrj-460	52	26	with	with	ADP
abrj-460	52	27	regard	regard	NOUN
abrj-460	52	28	to	to	ADP
abrj-460	52	29	the	the	DET
abrj-460	52	30	sustainable	sustainable	ADJ
abrj-460	52	31	development	development	NOUN
abrj-460	52	32	goals	goal	NOUN
abrj-460	52	33	(	(	PUNCT
abrj-460	52	34	sdgs	sdgs	ADJ
abrj-460	52	35	)	)	PUNCT
abrj-460	52	36	.	.	PUNCT
abrj-460	53	1	kanga	kanga	PROPN
abrj-460	53	2	et	et	PROPN
abrj-460	53	3	al	al	PROPN
abrj-460	53	4	.	.	PROPN
abrj-460	53	5	(	(	PUNCT
abrj-460	53	6	2021	2021	NUM
abrj-460	53	7	)	)	PUNCT
abrj-460	53	8	contend	contend	VERB
abrj-460	53	9	that	that	SCONJ
abrj-460	53	10	in	in	ADP
abrj-460	53	11	the	the	DET
abrj-460	53	12	case	case	NOUN
abrj-460	53	13	of	of	ADP
abrj-460	53	14	africa	africa	PROPN
abrj-460	53	15	,	,	PUNCT
abrj-460	53	16	promoting	promote	VERB
abrj-460	53	17	financial	financial	ADJ
abrj-460	53	18	inclusion	inclusion	NOUN
abrj-460	53	19	can	can	AUX
abrj-460	53	20	ensure	ensure	VERB
abrj-460	53	21	the	the	DET
abrj-460	53	22	attainment	attainment	NOUN
abrj-460	53	23	of	of	ADP
abrj-460	53	24	both	both	DET
abrj-460	53	25	sdg	sdg	NOUN
abrj-460	53	26	8	8	NUM
abrj-460	53	27	(	(	PUNCT
abrj-460	53	28	decent	decent	ADJ
abrj-460	53	29	work	work	NOUN
abrj-460	53	30	and	and	CCONJ
abrj-460	53	31	economic	economic	ADJ
abrj-460	53	32	growth	growth	NOUN
abrj-460	53	33	)	)	PUNCT
abrj-460	53	34	and	and	CCONJ
abrj-460	53	35	sdg	sdg	NOUN
abrj-460	53	36	17	17	NUM
abrj-460	53	37	(	(	PUNCT
abrj-460	53	38	partnerships	partnership	NOUN
abrj-460	53	39	for	for	ADP
abrj-460	53	40	the	the	DET
abrj-460	53	41	goals	goal	NOUN
abrj-460	53	42	)	)	PUNCT
abrj-460	53	43	,	,	PUNCT
abrj-460	53	44	focusing	focus	VERB
abrj-460	53	45	attention	attention	NOUN
abrj-460	53	46	on	on	ADP
abrj-460	53	47	the	the	DET
abrj-460	53	48	potential	potential	NOUN
abrj-460	53	49	to	to	PART
abrj-460	53	50	mobilize	mobilize	VERB
abrj-460	53	51	local	local	ADJ
abrj-460	53	52	institutional	institutional	ADJ
abrj-460	53	53	investors	investor	NOUN
abrj-460	53	54	,	,	PUNCT
abrj-460	53	55	such	such	ADJ
abrj-460	53	56	as	as	ADP
abrj-460	53	57	pension	pension	NOUN
abrj-460	53	58	funds	fund	NOUN
abrj-460	53	59	and	and	CCONJ
abrj-460	53	60	sovereign	sovereign	ADJ
abrj-460	53	61	wealth	wealth	NOUN
abrj-460	53	62	funds	fund	NOUN
abrj-460	53	63	,	,	PUNCT
abrj-460	53	64	to	to	PART
abrj-460	53	65	enable	enable	VERB
abrj-460	53	66	the	the	DET
abrj-460	53	67	flow	flow	NOUN
abrj-460	53	68	of	of	ADP
abrj-460	53	69	long	long	ADJ
abrj-460	53	70	-	-	PUNCT
abrj-460	53	71	term	term	NOUN
abrj-460	53	72	funds	fund	NOUN
abrj-460	53	73	into	into	ADP
abrj-460	53	74	infrastructure	infrastructure	NOUN
abrj-460	53	75	and	and	CCONJ
abrj-460	53	76	industrial	industrial	ADJ
abrj-460	53	77	development	development	NOUN
abrj-460	53	78	.	.	PUNCT
abrj-460	54	1	in	in	ADP
abrj-460	54	2	addition	addition	NOUN
abrj-460	54	3	,	,	PUNCT
abrj-460	54	4	the	the	DET
abrj-460	54	5	theoretical	theoretical	ADJ
abrj-460	54	6	literature	literature	NOUN
abrj-460	54	7	implies	imply	VERB
abrj-460	54	8	that	that	SCONJ
abrj-460	54	9	financial	financial	ADJ
abrj-460	54	10	market	market	NOUN
abrj-460	54	11	integration	integration	NOUN
abrj-460	54	12	is	be	AUX
abrj-460	54	13	a	a	DET
abrj-460	54	14	priori	priori	NOUN
abrj-460	54	15	not	not	PART
abrj-460	54	16	growth	growth	NOUN
abrj-460	54	17	promoting	promote	VERB
abrj-460	54	18	in	in	ADP
abrj-460	54	19	general	general	ADJ
abrj-460	54	20	.	.	PUNCT
abrj-460	55	1	if	if	SCONJ
abrj-460	55	2	not	not	PART
abrj-460	55	3	well	well	ADV
abrj-460	55	4	handled	handle	VERB
abrj-460	55	5	,	,	PUNCT
abrj-460	55	6	it	it	PRON
abrj-460	55	7	could	could	AUX
abrj-460	55	8	amplify	amplify	VERB
abrj-460	55	9	macroeconomic	macroeconomic	ADJ
abrj-460	55	10	instability	instability	NOUN
abrj-460	55	11	and	and	CCONJ
abrj-460	55	12	financial	financial	ADJ
abrj-460	55	13	contagion	contagion	NOUN
abrj-460	55	14	(	(	PUNCT
abrj-460	55	15	bailey	bailey	NOUN
abrj-460	55	16	,	,	PUNCT
abrj-460	55	17	karolyi	karolyi	NOUN
abrj-460	55	18	,	,	PUNCT
abrj-460	55	19	&	&	CCONJ
abrj-460	55	20	salva	salva	NOUN
abrj-460	55	21	,	,	PUNCT
abrj-460	55	22	2021	2021	NUM
abrj-460	55	23	)	)	PUNCT
abrj-460	55	24	.	.	PUNCT
abrj-460	56	1	for	for	ADP
abrj-460	56	2	africa	africa	PROPN
abrj-460	56	3	’s	’s	PART
abrj-460	56	4	shallower	shallow	ADJ
abrj-460	56	5	financial	financial	ADJ
abrj-460	56	6	markets	market	NOUN
abrj-460	56	7	and	and	CCONJ
abrj-460	56	8	weaker	weak	ADJ
abrj-460	56	9	institutions	institution	NOUN
abrj-460	56	10	in	in	ADP
abrj-460	56	11	many	many	ADJ
abrj-460	56	12	countries	country	NOUN
abrj-460	56	13	,	,	PUNCT
abrj-460	56	14	premature	premature	ADJ
abrj-460	56	15	or	or	CCONJ
abrj-460	56	16	mistimed	mistimed	ADJ
abrj-460	56	17	integration	integration	NOUN
abrj-460	56	18	could	could	AUX
abrj-460	56	19	expose	expose	VERB
abrj-460	56	20	economies	economy	NOUN
abrj-460	56	21	to	to	ADP
abrj-460	56	22	external	external	ADJ
abrj-460	56	23	vulnerabilities	vulnerability	NOUN
abrj-460	56	24	.	.	PUNCT
abrj-460	57	1	the	the	DET
abrj-460	57	2	integrationgrowth	integrationgrowth	NOUN
abrj-460	57	3	nexus	nexus	NOUN
abrj-460	57	4	is	be	AUX
abrj-460	57	5	thus	thus	ADV
abrj-460	57	6	specific	specific	ADJ
abrj-460	57	7	to	to	ADP
abrj-460	57	8	contexts	context	NOUN
abrj-460	57	9	and	and	CCONJ
abrj-460	57	10	requires	require	VERB
abrj-460	57	11	judicious	judicious	ADJ
abrj-460	57	12	policy	policy	NOUN
abrj-460	57	13	instrument	instrument	NOUN
abrj-460	57	14	calibration	calibration	NOUN
abrj-460	57	15	,	,	PUNCT
abrj-460	57	16	including	include	VERB
abrj-460	57	17	the	the	DET
abrj-460	57	18	use	use	NOUN
abrj-460	57	19	of	of	ADP
abrj-460	57	20	macroprudential	macroprudential	ADJ
abrj-460	57	21	regulation	regulation	NOUN
abrj-460	57	22	,	,	PUNCT
abrj-460	57	23	capital	capital	NOUN
abrj-460	57	24	mobility	mobility	NOUN
abrj-460	57	25	restrictions	restriction	NOUN
abrj-460	57	26	,	,	PUNCT
abrj-460	57	27	and	and	CCONJ
abrj-460	57	28	market	market	NOUN
abrj-460	57	29	surveillance	surveillance	NOUN
abrj-460	57	30	(	(	PUNCT
abrj-460	57	31	roodman	roodman	NOUN
abrj-460	57	32	,	,	PUNCT
abrj-460	57	33	2023	2023	NUM
abrj-460	57	34	)	)	PUNCT
abrj-460	57	35	.	.	PUNCT
abrj-460	58	1	taken	take	VERB
abrj-460	58	2	together	together	ADV
abrj-460	58	3	,	,	PUNCT
abrj-460	58	4	the	the	DET
abrj-460	58	5	reviewing	reviewing	NOUN
abrj-460	58	6	of	of	ADP
abrj-460	58	7	the	the	DET
abrj-460	58	8	conceptual	conceptual	ADJ
abrj-460	58	9	literature	literature	NOUN
abrj-460	58	10	implies	imply	VERB
abrj-460	58	11	a	a	DET
abrj-460	58	12	multi	multi	ADJ
abrj-460	58	13	-	-	ADJ
abrj-460	58	14	faceted	faceted	ADJ
abrj-460	58	15	view	view	NOUN
abrj-460	58	16	of	of	ADP
abrj-460	58	17	financial	financial	ADJ
abrj-460	58	18	market	market	NOUN
abrj-460	58	19	integration	integration	NOUN
abrj-460	58	20	and	and	CCONJ
abrj-460	58	21	cross	cross	ADJ
abrj-460	58	22	-	-	ADJ
abrj-460	58	23	border	border	ADJ
abrj-460	58	24	investment	investment	NOUN
abrj-460	58	25	.	.	PUNCT
abrj-460	59	1	they	they	PRON
abrj-460	59	2	are	be	AUX
abrj-460	59	3	not	not	PART
abrj-460	59	4	merely	merely	ADV
abrj-460	59	5	financial	financial	ADJ
abrj-460	59	6	transactions	transaction	NOUN
abrj-460	59	7	with	with	ADP
abrj-460	59	8	which	which	PRON
abrj-460	59	9	they	they	PRON
abrj-460	59	10	are	be	AUX
abrj-460	59	11	entangled	entangle	VERB
abrj-460	59	12	in	in	ADP
abrj-460	59	13	political	political	ADJ
abrj-460	59	14	economy	economy	NOUN
abrj-460	59	15	,	,	PUNCT
abrj-460	59	16	institution	institution	NOUN
abrj-460	59	17	dynamics	dynamic	NOUN
abrj-460	59	18	and	and	CCONJ
abrj-460	59	19	development	development	NOUN
abrj-460	59	20	strategies	strategy	NOUN
abrj-460	59	21	.	.	PUNCT
abrj-460	60	1	in	in	ADP
abrj-460	60	2	african	african	ADJ
abrj-460	60	3	terms	term	NOUN
abrj-460	60	4	,	,	PUNCT
abrj-460	60	5	the	the	DET
abrj-460	60	6	possibility	possibility	NOUN
abrj-460	60	7	of	of	ADP
abrj-460	60	8	an	an	DET
abrj-460	60	9	asian	asian	ADJ
abrj-460	60	10	business	business	NOUN
abrj-460	60	11	research	research	NOUN
abrj-460	60	12	journal	journal	NOUN
abrj-460	60	13	,	,	PUNCT
abrj-460	60	14	2025	2025	NUM
abrj-460	60	15	,	,	PUNCT
abrj-460	60	16	10(6	10(6	NUM
abrj-460	60	17	):	):	PUNCT
abrj-460	60	18	9	9	NUM
abrj-460	60	19	-	-	SYM
abrj-460	60	20	20	20	NUM
abrj-460	60	21	11	11	NUM
abrj-460	60	22	©	©	ADP
abrj-460	60	23	2025	2025	NUM
abrj-460	60	24	by	by	ADP
abrj-460	60	25	the	the	DET
abrj-460	60	26	authors	author	NOUN
abrj-460	60	27	;	;	PUNCT
abrj-460	60	28	licensee	licensee	NOUN
abrj-460	60	29	eastern	eastern	ADJ
abrj-460	60	30	centre	centre	NOUN
abrj-460	60	31	of	of	ADP
abrj-460	60	32	science	science	NOUN
abrj-460	60	33	and	and	CCONJ
abrj-460	60	34	education	education	NOUN
abrj-460	60	35	,	,	PUNCT
abrj-460	60	36	usa	usa	PROPN
abrj-460	60	37	economic	economic	ADJ
abrj-460	60	38	transformation	transformation	NOUN
abrj-460	60	39	via	via	ADP
abrj-460	60	40	financial	financial	ADJ
abrj-460	60	41	integration	integration	NOUN
abrj-460	60	42	is	be	AUX
abrj-460	60	43	there	there	ADV
abrj-460	60	44	,	,	PUNCT
abrj-460	60	45	but	but	CCONJ
abrj-460	60	46	would	would	AUX
abrj-460	60	47	need	need	VERB
abrj-460	60	48	to	to	PART
abrj-460	60	49	be	be	AUX
abrj-460	60	50	supported	support	VERB
abrj-460	60	51	by	by	ADP
abrj-460	60	52	well	well	ADV
abrj-460	60	53	-	-	PUNCT
abrj-460	60	54	synchronised	synchronise	VERB
abrj-460	60	55	policy	policy	NOUN
abrj-460	60	56	reforms	reform	NOUN
abrj-460	60	57	,	,	PUNCT
abrj-460	60	58	capacity	capacity	NOUN
abrj-460	60	59	building	building	NOUN
abrj-460	60	60	and	and	CCONJ
abrj-460	60	61	open	open	ADJ
abrj-460	60	62	investment	investment	NOUN
abrj-460	60	63	policies	policy	NOUN
abrj-460	60	64	.	.	PUNCT
abrj-460	61	1	this	this	DET
abrj-460	61	2	theoretical	theoretical	ADJ
abrj-460	61	3	perspective	perspective	NOUN
abrj-460	61	4	underlines	underline	VERB
abrj-460	61	5	the	the	DET
abrj-460	61	6	importance	importance	NOUN
abrj-460	61	7	of	of	ADP
abrj-460	61	8	empirical	empirical	ADJ
abrj-460	61	9	evaluations	evaluation	NOUN
abrj-460	61	10	which	which	PRON
abrj-460	61	11	incorporate	incorporate	VERB
abrj-460	61	12	regional	regional	ADJ
abrj-460	61	13	heterogeneity	heterogeneity	NOUN
abrj-460	61	14	,	,	PUNCT
abrj-460	61	15	structural	structural	ADJ
abrj-460	61	16	asymmetries	asymmetry	NOUN
abrj-460	61	17	and	and	CCONJ
abrj-460	61	18	the	the	DET
abrj-460	61	19	changing	change	VERB
abrj-460	61	20	anatomy	anatomy	NOUN
abrj-460	61	21	of	of	ADP
abrj-460	61	22	african	african	ADJ
abrj-460	61	23	financial	financial	ADJ
abrj-460	61	24	systems	system	NOUN
abrj-460	61	25	.	.	PUNCT
abrj-460	62	1	figure	figure	NOUN
abrj-460	62	2	1	1	NUM
abrj-460	62	3	.	.	PUNCT
abrj-460	62	4	schematic	schematic	ADJ
abrj-460	62	5	overview	overview	NOUN
abrj-460	62	6	of	of	ADP
abrj-460	62	7	financial	financial	ADJ
abrj-460	62	8	market	market	NOUN
abrj-460	62	9	integration	integration	NOUN
abrj-460	62	10	and	and	CCONJ
abrj-460	62	11	economic	economic	ADJ
abrj-460	62	12	growth	growth	NOUN
abrj-460	62	13	in	in	ADP
abrj-460	62	14	africa	africa	PROPN
abrj-460	62	15	here	here	ADV
abrj-460	62	16	you	you	PRON
abrj-460	62	17	can	can	AUX
abrj-460	62	18	see	see	VERB
abrj-460	62	19	the	the	DET
abrj-460	62	20	whole	whole	ADJ
abrj-460	62	21	structure	structure	NOUN
abrj-460	62	22	of	of	ADP
abrj-460	62	23	this	this	DET
abrj-460	62	24	study	study	NOUN
abrj-460	62	25	’s	’s	PART
abrj-460	62	26	underlying	underlie	VERB
abrj-460	62	27	concepts	concept	NOUN
abrj-460	62	28	.	.	PUNCT
abrj-460	63	1	it	it	PRON
abrj-460	63	2	shows	show	VERB
abrj-460	63	3	that	that	SCONJ
abrj-460	63	4	the	the	DET
abrj-460	63	5	links	link	NOUN
abrj-460	63	6	between	between	ADP
abrj-460	63	7	financial	financial	ADJ
abrj-460	63	8	market	market	NOUN
abrj-460	63	9	integration	integration	NOUN
abrj-460	63	10	,	,	PUNCT
abrj-460	63	11	global	global	ADJ
abrj-460	63	12	investments	investment	NOUN
abrj-460	63	13	and	and	CCONJ
abrj-460	63	14	economic	economic	ADJ
abrj-460	63	15	growth	growth	NOUN
abrj-460	63	16	are	be	AUX
abrj-460	63	17	influenced	influence	VERB
abrj-460	63	18	by	by	ADP
abrj-460	63	19	capital	capital	NOUN
abrj-460	63	20	flow	flow	NOUN
abrj-460	63	21	and	and	CCONJ
abrj-460	63	22	the	the	DET
abrj-460	63	23	efficiency	efficiency	NOUN
abrj-460	63	24	of	of	ADP
abrj-460	63	25	markets	market	NOUN
abrj-460	63	26	,	,	PUNCT
abrj-460	63	27	while	while	SCONJ
abrj-460	63	28	being	be	AUX
abrj-460	63	29	guided	guide	VERB
abrj-460	63	30	by	by	ADP
abrj-460	63	31	the	the	DET
abrj-460	63	32	rules	rule	NOUN
abrj-460	63	33	of	of	ADP
abrj-460	63	34	the	the	DET
abrj-460	63	35	institutions	institution	NOUN
abrj-460	63	36	,	,	PUNCT
abrj-460	63	37	government	government	NOUN
abrj-460	63	38	laws	law	NOUN
abrj-460	63	39	and	and	CCONJ
abrj-460	63	40	policies	policy	NOUN
abrj-460	63	41	.	.	PUNCT
abrj-460	64	1	the	the	DET
abrj-460	64	2	structure	structure	NOUN
abrj-460	64	3	reflects	reflect	VERB
abrj-460	64	4	and	and	CCONJ
abrj-460	64	5	complies	complie	NOUN
abrj-460	64	6	with	with	ADP
abrj-460	64	7	the	the	DET
abrj-460	64	8	research	research	NOUN
abrj-460	64	9	’s	’s	PART
abrj-460	64	10	theory	theory	NOUN
abrj-460	64	11	as	as	ADV
abrj-460	64	12	well	well	ADV
abrj-460	64	13	as	as	ADP
abrj-460	64	14	its	its	PRON
abrj-460	64	15	data	data	NOUN
abrj-460	64	16	output	output	NOUN
abrj-460	64	17	.	.	PUNCT
abrj-460	65	1	2.2	2.2	NUM
abrj-460	65	2	.	.	PUNCT
abrj-460	65	3	theoretical	theoretical	ADJ
abrj-460	65	4	framework	framework	NOUN
abrj-460	65	5	the	the	DET
abrj-460	65	6	association	association	NOUN
abrj-460	65	7	between	between	ADP
abrj-460	65	8	financial	financial	ADJ
abrj-460	65	9	market	market	NOUN
abrj-460	65	10	integration	integration	NOUN
abrj-460	65	11	and	and	CCONJ
abrj-460	65	12	african	african	ADJ
abrj-460	65	13	economic	economic	ADJ
abrj-460	65	14	growth	growth	NOUN
abrj-460	65	15	can	can	AUX
abrj-460	65	16	be	be	AUX
abrj-460	65	17	elucidated	elucidate	VERB
abrj-460	65	18	with	with	ADP
abrj-460	65	19	reference	reference	NOUN
abrj-460	65	20	to	to	ADP
abrj-460	65	21	the	the	DET
abrj-460	65	22	underlying	underlie	VERB
abrj-460	65	23	economic	economic	ADJ
abrj-460	65	24	theories	theory	NOUN
abrj-460	65	25	of	of	ADP
abrj-460	65	26	how	how	SCONJ
abrj-460	65	27	capital	capital	NOUN
abrj-460	65	28	flows	flow	NOUN
abrj-460	65	29	,	,	PUNCT
abrj-460	65	30	market	market	NOUN
abrj-460	65	31	efficiency	efficiency	NOUN
abrj-460	65	32	,	,	PUNCT
abrj-460	65	33	and	and	CCONJ
abrj-460	65	34	long	long	ADV
abrj-460	65	35	-	-	PUNCT
abrj-460	65	36	run	run	VERB
abrj-460	65	37	growth	growth	NOUN
abrj-460	65	38	interrelate	interrelate	NOUN
abrj-460	65	39	.	.	PUNCT
abrj-460	66	1	within	within	ADP
abrj-460	66	2	these	these	PRON
abrj-460	66	3	,	,	PUNCT
abrj-460	66	4	we	we	PRON
abrj-460	66	5	propose	propose	VERB
abrj-460	66	6	that	that	SCONJ
abrj-460	66	7	the	the	DET
abrj-460	66	8	endogenous	endogenous	ADJ
abrj-460	66	9	growth	growth	NOUN
abrj-460	66	10	,	,	PUNCT
abrj-460	66	11	capital	capital	NOUN
abrj-460	66	12	market	market	NOUN
abrj-460	66	13	integration	integration	NOUN
abrj-460	66	14	and	and	CCONJ
abrj-460	66	15	gravity	gravity	NOUN
abrj-460	66	16	models	model	NOUN
abrj-460	66	17	of	of	ADP
abrj-460	66	18	capital	capital	NOUN
abrj-460	66	19	flows	flow	NOUN
abrj-460	66	20	provide	provide	VERB
abrj-460	66	21	a	a	DET
abrj-460	66	22	multi	multi	ADJ
abrj-460	66	23	-	-	ADJ
abrj-460	66	24	lens	lens	ADJ
abrj-460	66	25	structure	structure	NOUN
abrj-460	66	26	to	to	PART
abrj-460	66	27	examine	examine	VERB
abrj-460	66	28	how	how	SCONJ
abrj-460	66	29	cross	cross	ADJ
abrj-460	66	30	border	border	NOUN
abrj-460	66	31	investment	investment	NOUN
abrj-460	66	32	can	can	AUX
abrj-460	66	33	affect	affect	VERB
abrj-460	66	34	development	development	NOUN
abrj-460	66	35	in	in	ADP
abrj-460	66	36	a	a	DET
abrj-460	66	37	more	more	ADV
abrj-460	66	38	integrated	integrated	ADJ
abrj-460	66	39	african	african	ADJ
abrj-460	66	40	financial	financial	ADJ
abrj-460	66	41	setting	setting	NOUN
abrj-460	66	42	.	.	PUNCT
abrj-460	67	1	after	after	SCONJ
abrj-460	67	2	these	these	DET
abrj-460	67	3	three	three	NUM
abrj-460	67	4	geographical	geographical	ADJ
abrj-460	67	5	pillars	pillar	NOUN
abrj-460	67	6	were	be	AUX
abrj-460	67	7	identified	identify	VERB
abrj-460	67	8	,	,	PUNCT
abrj-460	67	9	the	the	DET
abrj-460	67	10	literature	literature	NOUN
abrj-460	67	11	thought	think	VERB
abrj-460	67	12	on	on	ADP
abrj-460	67	13	the	the	DET
abrj-460	67	14	common	common	ADJ
abrj-460	67	15	determinants	determinant	NOUN
abrj-460	67	16	of	of	ADP
abrj-460	67	17	growth	growth	NOUN
abrj-460	67	18	in	in	ADP
abrj-460	67	19	these	these	DET
abrj-460	67	20	papers	paper	NOUN
abrj-460	67	21	and	and	CCONJ
abrj-460	67	22	the	the	DET
abrj-460	67	23	villager	villager	NOUN
abrj-460	67	24	between	between	ADP
abrj-460	67	25	growth	growth	NOUN
abrj-460	67	26	and	and	CCONJ
abrj-460	67	27	its	its	PRON
abrj-460	67	28	determinants	determinant	NOUN
abrj-460	67	29	to	to	PART
abrj-460	67	30	have	have	AUX
abrj-460	67	31	come	come	VERB
abrj-460	67	32	back	back	ADV
abrj-460	67	33	based	base	VERB
abrj-460	67	34	on	on	ADP
abrj-460	67	35	two	two	NUM
abrj-460	67	36	pillars	pillar	NOUN
abrj-460	67	37	:	:	PUNCT
abrj-460	67	38	(	(	PUNCT
abrj-460	67	39	1	1	X
abrj-460	67	40	)	)	PUNCT
abrj-460	67	41	internal	internal	ADJ
abrj-460	67	42	growth	growth	NOUN
abrj-460	67	43	(	(	PUNCT
abrj-460	67	44	which	which	PRON
abrj-460	67	45	is	be	AUX
abrj-460	67	46	based	base	VERB
abrj-460	67	47	on	on	ADP
abrj-460	67	48	the	the	DET
abrj-460	67	49	endogenous	endogenous	ADJ
abrj-460	67	50	growth	growth	NOUN
abrj-460	67	51	theory	theory	NOUN
abrj-460	67	52	of	of	ADP
abrj-460	67	53	(	(	PUNCT
abrj-460	67	54	romer	romer	PROPN
abrj-460	67	55	1986	1986	NUM
abrj-460	67	56	and	and	CCONJ
abrj-460	67	57	lucas	lucas	PROPN
abrj-460	67	58	1988	1988	NUM
abrj-460	67	59	)	)	PUNCT
abrj-460	67	60	,	,	PUNCT
abrj-460	67	61	this	this	DET
abrj-460	67	62	theory	theory	NOUN
abrj-460	67	63	states	state	VERB
abrj-460	67	64	that	that	SCONJ
abrj-460	67	65	what	what	PRON
abrj-460	67	66	determines	determine	VERB
abrj-460	67	67	the	the	DET
abrj-460	67	68	rate	rate	NOUN
abrj-460	67	69	of	of	ADP
abrj-460	67	70	long	long	ADJ
abrj-460	67	71	term	term	NOUN
abrj-460	67	72	growth	growth	NOUN
abrj-460	67	73	of	of	ADP
abrj-460	67	74	economy	economy	NOUN
abrj-460	67	75	is	be	AUX
abrj-460	67	76	,	,	PUNCT
abrj-460	67	77	internal	internal	ADJ
abrj-460	67	78	factors	factor	NOUN
abrj-460	67	79	such	such	ADJ
abrj-460	67	80	as	as	ADP
abrj-460	67	81	human	human	ADJ
abrj-460	67	82	capital	capital	NOUN
abrj-460	67	83	,	,	PUNCT
abrj-460	67	84	innovation	innovation	NOUN
abrj-460	67	85	and	and	CCONJ
abrj-460	67	86	development	development	NOUN
abrj-460	67	87	of	of	ADP
abrj-460	67	88	the	the	DET
abrj-460	67	89	financial	financial	ADJ
abrj-460	67	90	sector	sector	NOUN
abrj-460	67	91	rather	rather	ADV
abrj-460	67	92	than	than	ADP
abrj-460	67	93	external	external	ADJ
abrj-460	67	94	shocks	shock	NOUN
abrj-460	67	95	.	.	PUNCT
abrj-460	68	1	the	the	DET
abrj-460	68	2	approach	approach	NOUN
abrj-460	68	3	view	view	NOUN
abrj-460	68	4	is	be	AUX
abrj-460	68	5	that	that	SCONJ
abrj-460	68	6	investments	investment	NOUN
abrj-460	68	7	–	–	PUNCT
abrj-460	68	8	in	in	ADP
abrj-460	68	9	knowledge	knowledge	NOUN
abrj-460	68	10	,	,	PUNCT
abrj-460	68	11	in	in	ADP
abrj-460	68	12	infrastructure	infrastructure	NOUN
abrj-460	68	13	,	,	PUNCT
abrj-460	68	14	in	in	ADP
abrj-460	68	15	financial	financial	ADJ
abrj-460	68	16	systems	system	NOUN
abrj-460	68	17	–	–	PUNCT
abrj-460	68	18	are	be	AUX
abrj-460	68	19	what	what	PRON
abrj-460	68	20	drives	drive	VERB
abrj-460	68	21	productivity	productivity	NOUN
abrj-460	68	22	growth	growth	NOUN
abrj-460	68	23	and	and	CCONJ
abrj-460	68	24	societally	societally	ADV
abrj-460	68	25	-	-	PUNCT
abrj-460	68	26	sustainable	sustainable	ADJ
abrj-460	68	27	growth	growth	NOUN
abrj-460	68	28	.	.	PUNCT
abrj-460	69	1	in	in	ADP
abrj-460	69	2	the	the	DET
abrj-460	69	3	african	african	ADJ
abrj-460	69	4	setting	setting	NOUN
abrj-460	69	5	,	,	PUNCT
abrj-460	69	6	the	the	DET
abrj-460	69	7	integration	integration	NOUN
abrj-460	69	8	of	of	ADP
abrj-460	69	9	financial	financial	ADJ
abrj-460	69	10	markets	market	NOUN
abrj-460	69	11	serves	serve	VERB
abrj-460	69	12	as	as	ADP
abrj-460	69	13	a	a	DET
abrj-460	69	14	mechanism	mechanism	NOUN
abrj-460	69	15	to	to	PART
abrj-460	69	16	mobilize	mobilize	VERB
abrj-460	69	17	capital	capital	NOUN
abrj-460	69	18	across	across	ADP
abrj-460	69	19	frontiers	frontier	NOUN
abrj-460	69	20	to	to	PART
abrj-460	69	21	foster	foster	VERB
abrj-460	69	22	productive	productive	ADJ
abrj-460	69	23	sector	sector	NOUN
abrj-460	69	24	investments	investment	NOUN
abrj-460	69	25	in	in	ADP
abrj-460	69	26	basic	basic	ADJ
abrj-460	69	27	and	and	CCONJ
abrj-460	69	28	diversified	diversified	ADJ
abrj-460	69	29	activities	activity	NOUN
abrj-460	69	30	and	and	CCONJ
abrj-460	69	31	promote	promote	VERB
abrj-460	69	32	the	the	DET
abrj-460	69	33	scaling	scaling	NOUN
abrj-460	69	34	of	of	ADP
abrj-460	69	35	economies	economy	NOUN
abrj-460	69	36	,	,	PUNCT
abrj-460	69	37	the	the	DET
abrj-460	69	38	diffusion	diffusion	NOUN
abrj-460	69	39	of	of	ADP
abrj-460	69	40	technology	technology	NOUN
abrj-460	69	41	and	and	CCONJ
abrj-460	69	42	the	the	DET
abrj-460	69	43	improvement	improvement	NOUN
abrj-460	69	44	of	of	ADP
abrj-460	69	45	resources	resource	NOUN
abrj-460	69	46	allocation	allocation	NOUN
abrj-460	69	47	(	(	PUNCT
abrj-460	69	48	asongu	asongu	PROPN
abrj-460	69	49	&	&	CCONJ
abrj-460	69	50	odhiambo	odhiambo	ADJ
abrj-460	69	51	,	,	PUNCT
abrj-460	69	52	2020	2020	NUM
abrj-460	69	53	)	)	PUNCT
abrj-460	69	54	.	.	PUNCT
abrj-460	70	1	they	they	PRON
abrj-460	70	2	argue	argue	VERB
abrj-460	70	3	that	that	SCONJ
abrj-460	70	4	properly	properly	ADV
abrj-460	70	5	allocated	allocate	VERB
abrj-460	70	6	cross	cross	ADJ
abrj-460	70	7	-	-	ADJ
abrj-460	70	8	border	border	ADJ
abrj-460	70	9	investments	investment	NOUN
abrj-460	70	10	can	can	AUX
abrj-460	70	11	have	have	VERB
abrj-460	70	12	a	a	DET
abrj-460	70	13	positive	positive	ADJ
abrj-460	70	14	influence	influence	NOUN
abrj-460	70	15	on	on	ADP
abrj-460	70	16	innovation	innovation	NOUN
abrj-460	70	17	,	,	PUNCT
abrj-460	70	18	financial	financial	ADJ
abrj-460	70	19	deepening	deepening	NOUN
abrj-460	70	20	,	,	PUNCT
abrj-460	70	21	and	and	CCONJ
abrj-460	70	22	endogenous	endogenous	ADJ
abrj-460	70	23	growth	growth	NOUN
abrj-460	70	24	,	,	PUNCT
abrj-460	70	25	particularly	particularly	ADV
abrj-460	70	26	in	in	ADP
abrj-460	70	27	countries	country	NOUN
abrj-460	70	28	with	with	ADP
abrj-460	70	29	underdeveloped	underdeveloped	ADJ
abrj-460	70	30	capital	capital	NOUN
abrj-460	70	31	markets	market	NOUN
abrj-460	70	32	.	.	PUNCT
abrj-460	71	1	in	in	ADP
abrj-460	71	2	opposition	opposition	NOUN
abrj-460	71	3	of	of	ADP
abrj-460	71	4	this	this	DET
abrj-460	71	5	view	view	NOUN
abrj-460	71	6	is	be	AUX
abrj-460	71	7	the	the	DET
abrj-460	71	8	capital	capital	NOUN
abrj-460	71	9	market	market	NOUN
abrj-460	71	10	integration	integration	NOUN
abrj-460	71	11	theory	theory	NOUN
abrj-460	71	12	which	which	PRON
abrj-460	71	13	describes	describe	VERB
abrj-460	71	14	how	how	SCONJ
abrj-460	71	15	open	open	ADJ
abrj-460	71	16	and	and	CCONJ
abrj-460	71	17	connected	connected	ADJ
abrj-460	71	18	financial	financial	ADJ
abrj-460	71	19	market	market	NOUN
abrj-460	71	20	can	can	AUX
abrj-460	71	21	improve	improve	VERB
abrj-460	71	22	the	the	DET
abrj-460	71	23	allocation	allocation	NOUN
abrj-460	71	24	of	of	ADP
abrj-460	71	25	capital	capital	NOUN
abrj-460	71	26	and	and	CCONJ
abrj-460	71	27	increase	increase	VERB
abrj-460	71	28	financial	financial	ADJ
abrj-460	71	29	stability	stability	NOUN
abrj-460	71	30	.	.	PUNCT
abrj-460	72	1	under	under	ADP
abrj-460	72	2	this	this	DET
abrj-460	72	3	model	model	NOUN
abrj-460	72	4	,	,	PUNCT
abrj-460	72	5	integrated	integrate	VERB
abrj-460	72	6	markets	market	NOUN
abrj-460	72	7	make	make	VERB
abrj-460	72	8	possible	possible	ADJ
abrj-460	72	9	portfolio	portfolio	NOUN
abrj-460	72	10	diversification	diversification	NOUN
abrj-460	72	11	across	across	ADP
abrj-460	72	12	borders	border	NOUN
abrj-460	72	13	,	,	PUNCT
abrj-460	72	14	thereby	thereby	ADV
abrj-460	72	15	lowering	lower	VERB
abrj-460	72	16	risk	risk	NOUN
abrj-460	72	17	premiums	premium	NOUN
abrj-460	72	18	and	and	CCONJ
abrj-460	72	19	enhancing	enhance	VERB
abrj-460	72	20	liquidity	liquidity	NOUN
abrj-460	72	21	.	.	PUNCT
abrj-460	73	1	for	for	ADP
abrj-460	73	2	african	african	ADJ
abrj-460	73	3	economies	economy	NOUN
abrj-460	73	4	,	,	PUNCT
abrj-460	73	5	increased	increase	VERB
abrj-460	73	6	integration	integration	NOUN
abrj-460	73	7	with	with	ADP
abrj-460	73	8	other	other	ADJ
abrj-460	73	9	stock	stock	NOUN
abrj-460	73	10	exchanges	exchange	NOUN
abrj-460	73	11	and	and	CCONJ
abrj-460	73	12	financial	financial	ADJ
abrj-460	73	13	institutions	institution	NOUN
abrj-460	73	14	can	can	AUX
abrj-460	73	15	lead	lead	VERB
abrj-460	73	16	to	to	ADP
abrj-460	73	17	greater	great	ADJ
abrj-460	73	18	market	market	NOUN
abrj-460	73	19	participation	participation	NOUN
abrj-460	73	20	,	,	PUNCT
abrj-460	73	21	long	long	ADJ
abrj-460	73	22	-	-	PUNCT
abrj-460	73	23	term	term	NOUN
abrj-460	73	24	capital	capital	NOUN
abrj-460	73	25	inflows	inflow	NOUN
abrj-460	73	26	and	and	CCONJ
abrj-460	73	27	reduced	reduce	VERB
abrj-460	73	28	exposure	exposure	NOUN
abrj-460	73	29	to	to	ADP
abrj-460	73	30	idiosyncratic	idiosyncratic	ADJ
abrj-460	73	31	shocks	shock	NOUN
abrj-460	73	32	(	(	PUNCT
abrj-460	73	33	bailey	bailey	PROPN
abrj-460	73	34	et	et	PROPN
abrj-460	73	35	al	al	PROPN
abrj-460	73	36	.	.	PROPN
abrj-460	73	37	,	,	PUNCT
abrj-460	73	38	2021	2021	NUM
abrj-460	73	39	)	)	PUNCT
abrj-460	73	40	.	.	PUNCT
abrj-460	74	1	the	the	DET
abrj-460	74	2	integration	integration	NOUN
abrj-460	74	3	of	of	ADP
abrj-460	74	4	capital	capital	NOUN
abrj-460	74	5	markets	market	NOUN
abrj-460	74	6	has	have	VERB
abrj-460	74	7	also	also	ADV
abrj-460	74	8	the	the	DET
abrj-460	74	9	impact	impact	NOUN
abrj-460	74	10	of	of	ADP
abrj-460	74	11	convergence	convergence	NOUN
abrj-460	74	12	of	of	ADP
abrj-460	74	13	financial	financial	ADJ
abrj-460	74	14	and	and	CCONJ
abrj-460	74	15	banking	banking	NOUN
abrj-460	74	16	regulations	regulation	NOUN
abrj-460	74	17	with	with	ADP
abrj-460	74	18	associated	associated	ADJ
abrj-460	74	19	exchange	exchange	NOUN
abrj-460	74	20	in	in	ADP
abrj-460	74	21	transparency	transparency	NOUN
abrj-460	74	22	which	which	PRON
abrj-460	74	23	is	be	AUX
abrj-460	74	24	a	a	DET
abrj-460	74	25	precodition	precodition	NOUN
abrj-460	74	26	to	to	ADP
abrj-460	74	27	investors	investor	NOUN
abrj-460	74	28	’	’	PART
abrj-460	74	29	trust	trust	NOUN
abrj-460	74	30	and	and	CCONJ
abrj-460	74	31	perpetuation	perpetuation	NOUN
abrj-460	74	32	of	of	ADP
abrj-460	74	33	economic	economic	ADJ
abrj-460	74	34	cooperation	cooperation	NOUN
abrj-460	74	35	.	.	PUNCT
abrj-460	75	1	the	the	DET
abrj-460	75	2	level	level	NOUN
abrj-460	75	3	of	of	ADP
abrj-460	75	4	integration	integration	NOUN
abrj-460	75	5	varies	vary	VERB
abrj-460	75	6	as	as	SCONJ
abrj-460	75	7	it	it	PRON
abrj-460	75	8	is	be	AUX
abrj-460	75	9	largely	largely	ADV
abrj-460	75	10	determined	determine	VERB
abrj-460	75	11	by	by	ADP
abrj-460	75	12	quality	quality	NOUN
abrj-460	75	13	of	of	ADP
abrj-460	75	14	institutions	institution	NOUN
abrj-460	75	15	,	,	PUNCT
abrj-460	75	16	legal	legal	ADJ
abrj-460	75	17	systems	system	NOUN
abrj-460	75	18	and	and	CCONJ
abrj-460	75	19	political	political	ADJ
abrj-460	75	20	stability	stability	NOUN
abrj-460	75	21	which	which	PRON
abrj-460	75	22	also	also	ADV
abrj-460	75	23	varies	vary	VERB
abrj-460	75	24	across	across	ADP
abrj-460	75	25	the	the	DET
abrj-460	75	26	continent	continent	NOUN
abrj-460	75	27	(	(	PUNCT
abrj-460	75	28	adelegan	adelegan	NOUN
abrj-460	75	29	,	,	PUNCT
abrj-460	75	30	2023	2023	NUM
abrj-460	75	31	)	)	PUNCT
abrj-460	75	32	.	.	PUNCT
abrj-460	76	1	the	the	DET
abrj-460	76	2	gravity	gravity	NOUN
abrj-460	76	3	model	model	NOUN
abrj-460	76	4	of	of	ADP
abrj-460	76	5	capital	capital	NOUN
abrj-460	76	6	flows	flow	NOUN
abrj-460	76	7	,	,	PUNCT
abrj-460	76	8	which	which	PRON
abrj-460	76	9	was	be	AUX
abrj-460	76	10	,	,	PUNCT
abrj-460	76	11	in	in	ADP
abrj-460	76	12	the	the	DET
abrj-460	76	13	first	first	ADJ
abrj-460	76	14	instance	instance	NOUN
abrj-460	76	15	,	,	PUNCT
abrj-460	76	16	borrowed	borrow	VERB
abrj-460	76	17	from	from	ADP
abrj-460	76	18	trade	trade	NOUN
abrj-460	76	19	theory	theory	NOUN
abrj-460	76	20	,	,	PUNCT
abrj-460	76	21	has	have	AUX
abrj-460	76	22	been	be	AUX
abrj-460	76	23	extensively	extensively	ADV
abrj-460	76	24	used	use	VERB
abrj-460	76	25	to	to	PART
abrj-460	76	26	explain	explain	VERB
abrj-460	76	27	the	the	DET
abrj-460	76	28	determinants	determinant	NOUN
abrj-460	76	29	of	of	ADP
abrj-460	76	30	cross	cross	ADJ
abrj-460	76	31	-	-	ADJ
abrj-460	76	32	border	border	ADJ
abrj-460	76	33	investment	investment	NOUN
abrj-460	76	34	.	.	PUNCT
abrj-460	77	1	investment	investment	NOUN
abrj-460	77	2	among	among	ADP
abrj-460	77	3	countries	country	NOUN
abrj-460	77	4	is	be	AUX
abrj-460	77	5	assumed	assume	VERB
abrj-460	77	6	to	to	PART
abrj-460	77	7	be	be	AUX
abrj-460	77	8	directly	directly	ADV
abrj-460	77	9	related	relate	VERB
abrj-460	77	10	to	to	ADP
abrj-460	77	11	size	size	NOUN
abrj-460	77	12	(	(	PUNCT
abrj-460	77	13	e.g.	e.g.	ADV
abrj-460	77	14	,	,	PUNCT
abrj-460	77	15	gdp	gdp	NOUN
abrj-460	77	16	)	)	PUNCT
abrj-460	77	17	and	and	CCONJ
abrj-460	77	18	negatively	negatively	ADV
abrj-460	77	19	related	relate	VERB
abrj-460	77	20	to	to	ADP
abrj-460	77	21	distance	distance	NOUN
abrj-460	77	22	or	or	CCONJ
abrj-460	77	23	obstacles	obstacle	NOUN
abrj-460	77	24	that	that	PRON
abrj-460	77	25	inhibit	inhibit	VERB
abrj-460	77	26	investment	investment	NOUN
abrj-460	77	27	,	,	PUNCT
abrj-460	77	28	such	such	ADJ
abrj-460	77	29	as	as	ADP
abrj-460	77	30	regulatory	regulatory	ADJ
abrj-460	77	31	concern	concern	NOUN
abrj-460	77	32	and	and	CCONJ
abrj-460	77	33	currency	currency	NOUN
abrj-460	77	34	risk	risk	NOUN
abrj-460	77	35	(	(	PUNCT
abrj-460	77	36	portes	portes	PROPN
abrj-460	77	37	&	&	CCONJ
abrj-460	77	38	rey	rey	PROPN
abrj-460	77	39	,	,	PUNCT
abrj-460	77	40	2005	2005	NUM
abrj-460	77	41	)	)	PUNCT
abrj-460	77	42	.	.	PUNCT
abrj-460	78	1	when	when	SCONJ
abrj-460	78	2	applied	apply	VERB
abrj-460	78	3	to	to	ADP
abrj-460	78	4	africa	africa	PROPN
abrj-460	78	5	,	,	PUNCT
abrj-460	78	6	the	the	DET
abrj-460	78	7	model	model	NOUN
abrj-460	78	8	offers	offer	VERB
abrj-460	78	9	itself	itself	PRON
abrj-460	78	10	as	as	ADP
abrj-460	78	11	an	an	DET
abrj-460	78	12	important	important	ADJ
abrj-460	78	13	analytical	analytical	ADJ
abrj-460	78	14	tool	tool	NOUN
abrj-460	78	15	for	for	ADP
abrj-460	78	16	explaining	explain	VERB
abrj-460	78	17	the	the	DET
abrj-460	78	18	dynamics	dynamic	NOUN
abrj-460	78	19	of	of	ADP
abrj-460	78	20	intra	intra	ADJ
abrj-460	78	21	-	-	ADJ
abrj-460	78	22	regional	regional	ADJ
abrj-460	78	23	capital	capital	NOUN
abrj-460	78	24	flows	flow	NOUN
abrj-460	78	25	and	and	CCONJ
abrj-460	78	26	the	the	DET
abrj-460	78	27	inherent	inherent	ADJ
abrj-460	78	28	structural	structural	ADJ
abrj-460	78	29	barriers	barrier	NOUN
abrj-460	78	30	to	to	ADP
abrj-460	78	31	the	the	DET
abrj-460	78	32	same	same	ADJ
abrj-460	78	33	.	.	PUNCT
abrj-460	79	1	investment	investment	NOUN
abrj-460	79	2	integration	integration	NOUN
abrj-460	79	3	will	will	AUX
abrj-460	79	4	tend	tend	VERB
abrj-460	79	5	to	to	PART
abrj-460	79	6	be	be	AUX
abrj-460	79	7	stronger	strong	ADJ
abrj-460	79	8	within	within	ADP
abrj-460	79	9	regional	regional	ADJ
abrj-460	79	10	economic	economic	ADJ
abrj-460	79	11	communities	community	NOUN
abrj-460	79	12	,	,	PUNCT
abrj-460	79	13	such	such	ADJ
abrj-460	79	14	as	as	ADP
abrj-460	79	15	ecowas	ecowas	PROPN
abrj-460	79	16	and	and	CCONJ
abrj-460	79	17	sadc	sadc	PROPN
abrj-460	79	18	,	,	PUNCT
abrj-460	79	19	on	on	ADP
abrj-460	79	20	account	account	NOUN
abrj-460	79	21	of	of	ADP
abrj-460	79	22	proximity	proximity	NOUN
abrj-460	79	23	and	and	CCONJ
abrj-460	79	24	common	common	ADJ
abrj-460	79	25	institutional	institutional	ADJ
abrj-460	79	26	structures	structure	NOUN
abrj-460	79	27	.	.	PUNCT
abrj-460	80	1	however	however	ADV
abrj-460	80	2	,	,	PUNCT
abrj-460	80	3	different	different	ADJ
abrj-460	80	4	economic	economic	ADJ
abrj-460	80	5	size	size	NOUN
abrj-460	80	6	and	and	CCONJ
abrj-460	80	7	market	market	NOUN
abrj-460	80	8	depth	depth	NOUN
abrj-460	80	9	of	of	ADP
abrj-460	80	10	host	host	NOUN
abrj-460	80	11	countries	country	NOUN
abrj-460	80	12	or	or	CCONJ
abrj-460	80	13	regions	region	NOUN
abrj-460	80	14	will	will	AUX
abrj-460	80	15	cause	cause	VERB
abrj-460	80	16	asymmetric	asymmetric	ADJ
abrj-460	80	17	investment	investment	NOUN
abrj-460	80	18	behaviour	behaviour	NOUN
abrj-460	80	19	to	to	PART
abrj-460	80	20	lead	lead	VERB
abrj-460	80	21	some	some	DET
abrj-460	80	22	dominant	dominant	ADJ
abrj-460	80	23	economies	economy	NOUN
abrj-460	80	24	such	such	ADJ
abrj-460	80	25	as	as	ADP
abrj-460	80	26	south	south	PROPN
abrj-460	80	27	africa	africa	PROPN
abrj-460	80	28	and	and	CCONJ
abrj-460	80	29	nigeria	nigeria	PROPN
abrj-460	80	30	to	to	PART
abrj-460	80	31	receive	receive	VERB
abrj-460	80	32	an	an	DET
abrj-460	80	33	excessive	excessive	ADJ
abrj-460	80	34	amount	amount	NOUN
abrj-460	80	35	of	of	ADP
abrj-460	80	36	cross	cross	ADJ
abrj-460	80	37	-	-	ADJ
abrj-460	80	38	border	border	ADJ
abrj-460	80	39	capital	capital	NOUN
abrj-460	80	40	inflows	inflow	NOUN
abrj-460	80	41	(	(	PUNCT
abrj-460	80	42	wang	wang	PROPN
abrj-460	80	43	et	et	PROPN
abrj-460	80	44	al	al	PROPN
abrj-460	80	45	.	.	PROPN
abrj-460	80	46	,	,	PUNCT
abrj-460	80	47	2020	2020	NUM
abrj-460	80	48	)	)	PUNCT
abrj-460	80	49	.	.	PUNCT
abrj-460	81	1	asian	asian	ADJ
abrj-460	81	2	business	business	PROPN
abrj-460	81	3	research	research	NOUN
abrj-460	81	4	journal	journal	NOUN
abrj-460	81	5	,	,	PUNCT
abrj-460	81	6	2025	2025	NUM
abrj-460	81	7	,	,	PUNCT
abrj-460	81	8	10(6	10(6	NUM
abrj-460	81	9	):	):	PUNCT
abrj-460	81	10	9	9	NUM
abrj-460	81	11	-	-	SYM
abrj-460	81	12	20	20	NUM
abrj-460	81	13	12	12	NUM
abrj-460	81	14	©	©	PROPN
abrj-460	81	15	2025	2025	NUM
abrj-460	81	16	by	by	ADP
abrj-460	81	17	the	the	DET
abrj-460	81	18	authors	author	NOUN
abrj-460	81	19	;	;	PUNCT
abrj-460	81	20	licensee	licensee	NOUN
abrj-460	81	21	eastern	eastern	ADJ
abrj-460	81	22	centre	centre	NOUN
abrj-460	81	23	of	of	ADP
abrj-460	81	24	science	science	NOUN
abrj-460	81	25	and	and	CCONJ
abrj-460	81	26	education	education	NOUN
abrj-460	81	27	,	,	PUNCT
abrj-460	81	28	usa	usa	PROPN
abrj-460	81	29	together	together	ADV
abrj-460	81	30	,	,	PUNCT
abrj-460	81	31	these	these	DET
abrj-460	81	32	theories	theory	NOUN
abrj-460	81	33	give	give	VERB
abrj-460	81	34	a	a	DET
abrj-460	81	35	theoretical	theoretical	ADJ
abrj-460	81	36	framework	framework	NOUN
abrj-460	81	37	useful	useful	ADJ
abrj-460	81	38	to	to	PART
abrj-460	81	39	analyze	analyze	VERB
abrj-460	81	40	financial	financial	ADJ
abrj-460	81	41	market	market	NOUN
abrj-460	81	42	integration	integration	NOUN
abrj-460	81	43	and	and	CCONJ
abrj-460	81	44	crossborder	crossborder	NOUN
abrj-460	81	45	investment	investment	NOUN
abrj-460	81	46	in	in	ADP
abrj-460	81	47	africa	africa	PROPN
abrj-460	81	48	.	.	PUNCT
abrj-460	82	1	the	the	DET
abrj-460	82	2	endogenous	endogenous	ADJ
abrj-460	82	3	growth	growth	NOUN
abrj-460	82	4	theory	theory	NOUN
abrj-460	82	5	accounts	account	VERB
abrj-460	82	6	for	for	ADP
abrj-460	82	7	domestic	domestic	ADJ
abrj-460	82	8	determinants	determinant	NOUN
abrj-460	82	9	of	of	ADP
abrj-460	82	10	investment	investment	NOUN
abrj-460	82	11	,	,	PUNCT
abrj-460	82	12	and	and	CCONJ
abrj-460	82	13	the	the	DET
abrj-460	82	14	mechanisms	mechanism	NOUN
abrj-460	82	15	through	through	ADP
abrj-460	82	16	which	which	PRON
abrj-460	82	17	an	an	DET
abrj-460	82	18	influx	influx	NOUN
abrj-460	82	19	of	of	ADP
abrj-460	82	20	capital	capital	NOUN
abrj-460	82	21	might	might	AUX
abrj-460	82	22	spur	spur	VERB
abrj-460	82	23	innovation	innovation	NOUN
abrj-460	82	24	and	and	CCONJ
abrj-460	82	25	productivity	productivity	NOUN
abrj-460	82	26	;	;	PUNCT
abrj-460	82	27	capital	capital	NOUN
abrj-460	82	28	market	market	NOUN
abrj-460	82	29	integration	integration	NOUN
abrj-460	82	30	theory	theory	NOUN
abrj-460	82	31	describes	describe	VERB
abrj-460	82	32	the	the	DET
abrj-460	82	33	systemic	systemic	ADJ
abrj-460	82	34	advantages	advantage	NOUN
abrj-460	82	35	of	of	ADP
abrj-460	82	36	well	well	ADV
abrj-460	82	37	coordinated	coordinated	ADJ
abrj-460	82	38	and	and	CCONJ
abrj-460	82	39	integrated	integrated	ADJ
abrj-460	82	40	markets	market	NOUN
abrj-460	82	41	;	;	PUNCT
abrj-460	82	42	and	and	CCONJ
abrj-460	82	43	the	the	DET
abrj-460	82	44	gravity	gravity	NOUN
abrj-460	82	45	model	model	NOUN
abrj-460	82	46	explains	explain	VERB
abrj-460	82	47	the	the	DET
abrj-460	82	48	forces	force	NOUN
abrj-460	82	49	that	that	PRON
abrj-460	82	50	drive	drive	VERB
abrj-460	82	51	and	and	CCONJ
abrj-460	82	52	limit	limit	VERB
abrj-460	82	53	the	the	DET
abrj-460	82	54	flow	flow	NOUN
abrj-460	82	55	of	of	ADP
abrj-460	82	56	actual	actual	ADJ
abrj-460	82	57	investment	investment	NOUN
abrj-460	82	58	.	.	PUNCT
abrj-460	83	1	a	a	DET
abrj-460	83	2	combined	combine	VERB
abrj-460	83	3	theoretical	theoretical	ADJ
abrj-460	83	4	description	description	NOUN
abrj-460	83	5	is	be	AUX
abrj-460	83	6	suitable	suitable	ADJ
abrj-460	83	7	for	for	SCONJ
abrj-460	83	8	the	the	DET
abrj-460	83	9	present	present	ADJ
abrj-460	83	10	study	study	NOUN
abrj-460	83	11	explicit	explicit	ADJ
abrj-460	83	12	.	.	PUNCT
abrj-460	84	1	the	the	DET
abrj-460	84	2	endogenous	endogenous	ADJ
abrj-460	84	3	growth	growth	NOUN
abrj-460	84	4	theory	theory	NOUN
abrj-460	84	5	will	will	AUX
abrj-460	84	6	be	be	AUX
abrj-460	84	7	employed	employ	VERB
abrj-460	84	8	in	in	ADP
abrj-460	84	9	order	order	NOUN
abrj-460	84	10	to	to	PART
abrj-460	84	11	assess	assess	VERB
abrj-460	84	12	how	how	SCONJ
abrj-460	84	13	cross	cross	ADJ
abrj-460	84	14	-	-	ADJ
abrj-460	84	15	border	border	ADJ
abrj-460	84	16	investment	investment	NOUN
abrj-460	84	17	is	be	AUX
abrj-460	84	18	promoting	promote	VERB
abrj-460	84	19	long	long	ADJ
abrj-460	84	20	term	term	NOUN
abrj-460	84	21	economic	economic	ADJ
abrj-460	84	22	development	development	NOUN
abrj-460	84	23	,	,	PUNCT
abrj-460	84	24	while	while	SCONJ
abrj-460	84	25	the	the	DET
abrj-460	84	26	capital	capital	NOUN
abrj-460	84	27	market	market	NOUN
abrj-460	84	28	integration	integration	NOUN
abrj-460	84	29	theory	theory	NOUN
abrj-460	84	30	and	and	CCONJ
abrj-460	84	31	the	the	DET
abrj-460	84	32	gravity	gravity	NOUN
abrj-460	84	33	model	model	NOUN
abrj-460	84	34	will	will	AUX
abrj-460	84	35	be	be	AUX
abrj-460	84	36	used	use	VERB
abrj-460	84	37	to	to	PART
abrj-460	84	38	analyze	analyze	VERB
abrj-460	84	39	market	market	NOUN
abrj-460	84	40	structures	structure	NOUN
abrj-460	84	41	,	,	PUNCT
abrj-460	84	42	capital	capital	NOUN
abrj-460	84	43	dynamics	dynamic	NOUN
abrj-460	84	44	,	,	PUNCT
abrj-460	84	45	and	and	CCONJ
abrj-460	84	46	the	the	DET
abrj-460	84	47	obstacles	obstacle	NOUN
abrj-460	84	48	or	or	CCONJ
abrj-460	84	49	pulls	pull	VERB
abrj-460	84	50	to	to	ADP
abrj-460	84	51	regional	regional	ADJ
abrj-460	84	52	financial	financial	ADJ
abrj-460	84	53	integration	integration	NOUN
abrj-460	84	54	.	.	PUNCT
abrj-460	85	1	this	this	DET
abrj-460	85	2	hybrid	hybrid	ADJ
abrj-460	85	3	theoretical	theoretical	ADJ
abrj-460	85	4	basis	basis	NOUN
abrj-460	85	5	facilitates	facilitate	VERB
abrj-460	85	6	a	a	DET
abrj-460	85	7	nuanced	nuanced	ADJ
abrj-460	85	8	consideration	consideration	NOUN
abrj-460	85	9	of	of	ADP
abrj-460	85	10	macroeconomic	macroeconomic	ADJ
abrj-460	85	11	results	result	NOUN
abrj-460	85	12	and	and	CCONJ
abrj-460	85	13	underlying	underlying	ADJ
abrj-460	85	14	mechanisms	mechanism	NOUN
abrj-460	85	15	in	in	ADP
abrj-460	85	16	africa	africa	PROPN
abrj-460	85	17	’s	’s	PART
abrj-460	85	18	dynamic	dynamic	ADJ
abrj-460	85	19	financial	financial	ADJ
abrj-460	85	20	structure	structure	NOUN
abrj-460	85	21	.	.	PUNCT
abrj-460	86	1	2.3	2.3	NUM
abrj-460	86	2	.	.	PUNCT
abrj-460	87	1	empirical	empirical	ADJ
abrj-460	87	2	review	review	NOUN
abrj-460	87	3	empirical	empirical	ADJ
abrj-460	87	4	research	research	NOUN
abrj-460	87	5	into	into	ADP
abrj-460	87	6	financial	financial	ADJ
abrj-460	87	7	integration	integration	NOUN
abrj-460	87	8	,	,	PUNCT
abrj-460	87	9	cross	cross	ADJ
abrj-460	87	10	-	-	ADJ
abrj-460	87	11	border	border	ADJ
abrj-460	87	12	investment	investment	NOUN
abrj-460	87	13	,	,	PUNCT
abrj-460	87	14	and	and	CCONJ
abrj-460	87	15	economic	economic	ADJ
abrj-460	87	16	growth	growth	NOUN
abrj-460	87	17	has	have	AUX
abrj-460	87	18	been	be	AUX
abrj-460	87	19	burgeoning	burgeon	VERB
abrj-460	87	20	,	,	PUNCT
abrj-460	87	21	in	in	ADP
abrj-460	87	22	response	response	NOUN
abrj-460	87	23	to	to	ADP
abrj-460	87	24	escalating	escalate	VERB
abrj-460	87	25	internationalization	internationalization	NOUN
abrj-460	87	26	of	of	ADP
abrj-460	87	27	economies	economy	NOUN
abrj-460	87	28	,	,	PUNCT
abrj-460	87	29	as	as	ADV
abrj-460	87	30	well	well	ADV
abrj-460	87	31	as	as	ADP
abrj-460	87	32	to	to	ADP
abrj-460	87	33	the	the	DET
abrj-460	87	34	quest	quest	NOUN
abrj-460	87	35	of	of	ADP
abrj-460	87	36	sustainable	sustainable	ADJ
abrj-460	87	37	growth	growth	NOUN
abrj-460	87	38	.	.	PUNCT
abrj-460	88	1	at	at	ADP
abrj-460	88	2	the	the	DET
abrj-460	88	3	world	world	NOUN
abrj-460	88	4	level	level	NOUN
abrj-460	88	5	,	,	PUNCT
abrj-460	88	6	the	the	DET
abrj-460	88	7	financial	financial	ADJ
abrj-460	88	8	integration	integration	NOUN
abrj-460	88	9	would	would	AUX
abrj-460	88	10	be	be	AUX
abrj-460	88	11	associated	associate	VERB
abrj-460	88	12	with	with	ADP
abrj-460	88	13	enhanced	enhanced	ADJ
abrj-460	88	14	mobility	mobility	NOUN
abrj-460	88	15	of	of	ADP
abrj-460	88	16	capital	capital	NOUN
abrj-460	88	17	,	,	PUNCT
abrj-460	88	18	better	well	ADJ
abrj-460	88	19	risk	risk	NOUN
abrj-460	88	20	sharing	sharing	NOUN
abrj-460	88	21	,	,	PUNCT
abrj-460	88	22	and	and	CCONJ
abrj-460	88	23	greater	great	ADJ
abrj-460	88	24	economic	economic	ADJ
abrj-460	88	25	efficiency	efficiency	NOUN
abrj-460	88	26	.	.	PUNCT
abrj-460	89	1	bekaert	bekaert	PROPN
abrj-460	89	2	et	et	PROPN
abrj-460	89	3	al	al	PROPN
abrj-460	89	4	.	.	PROPN
abrj-460	89	5	(	(	PUNCT
abrj-460	89	6	2020	2020	NUM
abrj-460	89	7	)	)	PUNCT
abrj-460	89	8	find	find	VERB
abrj-460	89	9	that	that	SCONJ
abrj-460	89	10	more	more	ADV
abrj-460	89	11	financially	financially	ADV
abrj-460	89	12	integrated	integrate	VERB
abrj-460	89	13	countries	country	NOUN
abrj-460	89	14	benefit	benefit	VERB
abrj-460	89	15	from	from	ADP
abrj-460	89	16	higher	high	ADJ
abrj-460	89	17	long	long	ADJ
abrj-460	89	18	-	-	PUNCT
abrj-460	89	19	run	run	NOUN
abrj-460	89	20	growth	growth	NOUN
abrj-460	89	21	,	,	PUNCT
abrj-460	89	22	as	as	ADP
abrj-460	89	23	improved	improved	ADJ
abrj-460	89	24	capital	capital	NOUN
abrj-460	89	25	allocation	allocation	NOUN
abrj-460	89	26	and	and	CCONJ
abrj-460	89	27	a	a	DET
abrj-460	89	28	lower	low	ADJ
abrj-460	89	29	cost	cost	NOUN
abrj-460	89	30	of	of	ADP
abrj-460	89	31	capital	capital	NOUN
abrj-460	89	32	fuel	fuel	NOUN
abrj-460	89	33	growth	growth	NOUN
abrj-460	89	34	.	.	PUNCT
abrj-460	90	1	likewise	likewise	ADV
abrj-460	90	2	,	,	PUNCT
abrj-460	90	3	forbes	forbes	PROPN
abrj-460	90	4	and	and	CCONJ
abrj-460	90	5	warnock	warnock	NOUN
abrj-460	90	6	(	(	PUNCT
abrj-460	90	7	2021	2021	NUM
abrj-460	90	8	)	)	PUNCT
abrj-460	90	9	stress	stress	VERB
abrj-460	90	10	the	the	DET
abrj-460	90	11	role	role	NOUN
abrj-460	90	12	of	of	ADP
abrj-460	90	13	stable	stable	ADJ
abrj-460	90	14	institutional	institutional	ADJ
abrj-460	90	15	settings	setting	NOUN
abrj-460	90	16	as	as	ADP
abrj-460	90	17	an	an	DET
abrj-460	90	18	offsetting	offset	VERB
abrj-460	90	19	force	force	NOUN
abrj-460	90	20	to	to	ADP
abrj-460	90	21	the	the	DET
abrj-460	90	22	beneficial	beneficial	ADJ
abrj-460	90	23	impact	impact	NOUN
abrj-460	90	24	of	of	ADP
abrj-460	90	25	financial	financial	ADJ
abrj-460	90	26	openness	openness	NOUN
abrj-460	90	27	on	on	ADP
abrj-460	90	28	growth	growth	NOUN
abrj-460	90	29	,	,	PUNCT
abrj-460	90	30	suggesting	suggest	VERB
abrj-460	90	31	that	that	SCONJ
abrj-460	90	32	short	short	ADJ
abrj-460	90	33	-	-	PUNCT
abrj-460	90	34	run	run	NOUN
abrj-460	90	35	volatility	volatility	NOUN
abrj-460	90	36	is	be	AUX
abrj-460	90	37	frequently	frequently	ADV
abrj-460	90	38	reduced	reduce	VERB
abrj-460	90	39	by	by	ADP
abrj-460	90	40	macroprudential	macroprudential	ADJ
abrj-460	90	41	policies	policy	NOUN
abrj-460	90	42	and	and	CCONJ
abrj-460	90	43	investor	investor	NOUN
abrj-460	90	44	safeguards	safeguard	NOUN
abrj-460	90	45	.	.	PUNCT
abrj-460	91	1	positive	positive	ADJ
abrj-460	91	2	relationship	relationship	NOUN
abrj-460	91	3	between	between	ADP
abrj-460	91	4	financial	financial	ADJ
abrj-460	91	5	and	and	CCONJ
abrj-460	91	6	economic	economic	ADJ
abrj-460	91	7	openness	openness	NOUN
abrj-460	91	8	a	a	DET
abrj-460	91	9	meta	meta	NOUN
abrj-460	91	10	-	-	PUNCT
abrj-460	91	11	analysis	analysis	NOUN
abrj-460	91	12	by	by	ADP
abrj-460	91	13	lane	lane	NOUN
abrj-460	91	14	and	and	CCONJ
abrj-460	91	15	milesi	milesi	NOUN
abrj-460	91	16	-	-	PUNCT
abrj-460	91	17	ferretti	ferretti	NOUN
abrj-460	91	18	(	(	PUNCT
abrj-460	91	19	2020	2020	NUM
abrj-460	91	20	)	)	PUNCT
abrj-460	91	21	indicates	indicate	VERB
abrj-460	91	22	that	that	SCONJ
abrj-460	91	23	cross	cross	ADJ
abrj-460	91	24	-	-	ADJ
abrj-460	91	25	border	border	ADJ
abrj-460	91	26	financial	financial	ADJ
abrj-460	91	27	flows	flow	NOUN
abrj-460	91	28	–	–	PUNCT
abrj-460	91	29	in	in	ADP
abrj-460	91	30	particular	particular	ADJ
abrj-460	91	31	,	,	PUNCT
abrj-460	91	32	portfolio	portfolio	NOUN
abrj-460	91	33	equity	equity	NOUN
abrj-460	91	34	and	and	CCONJ
abrj-460	91	35	foreign	foreign	ADJ
abrj-460	91	36	direct	direct	ADJ
abrj-460	91	37	investment	investment	NOUN
abrj-460	91	38	–	–	PUNCT
abrj-460	91	39	have	have	VERB
abrj-460	91	40	a	a	DET
abrj-460	91	41	positive	positive	ADJ
abrj-460	91	42	association	association	NOUN
abrj-460	91	43	with	with	ADP
abrj-460	91	44	a	a	DET
abrj-460	91	45	country	country	NOUN
abrj-460	91	46	’s	’s	PART
abrj-460	91	47	economic	economic	ADJ
abrj-460	91	48	performance	performance	NOUN
abrj-460	91	49	only	only	ADV
abrj-460	91	50	when	when	SCONJ
abrj-460	91	51	that	that	DET
abrj-460	91	52	country	country	NOUN
abrj-460	91	53	has	have	VERB
abrj-460	91	54	strong	strong	ADJ
abrj-460	91	55	governance	governance	NOUN
abrj-460	91	56	and	and	CCONJ
abrj-460	91	57	its	its	PRON
abrj-460	91	58	financial	financial	ADJ
abrj-460	91	59	system	system	NOUN
abrj-460	91	60	is	be	AUX
abrj-460	91	61	well	well	ADV
abrj-460	91	62	developed	develop	VERB
abrj-460	91	63	.	.	PUNCT
abrj-460	92	1	empirical	empirical	ADJ
abrj-460	92	2	findings	finding	NOUN
abrj-460	92	3	for	for	ADP
abrj-460	92	4	(	(	PUNCT
abrj-460	92	5	open	open	ADJ
abrj-460	92	6	)	)	PUNCT
abrj-460	92	7	emerging	emerge	VERB
abrj-460	92	8	markets	market	NOUN
abrj-460	92	9	are	be	AUX
abrj-460	92	10	fairly	fairly	ADV
abrj-460	92	11	mixed	mixed	ADJ
abrj-460	92	12	and	and	CCONJ
abrj-460	92	13	the	the	DET
abrj-460	92	14	evidence	evidence	NOUN
abrj-460	92	15	is	be	AUX
abrj-460	92	16	overall	overall	ADV
abrj-460	92	17	supportive	supportive	ADJ
abrj-460	92	18	of	of	ADP
abrj-460	92	19	the	the	DET
abrj-460	92	20	positive	positive	ADJ
abrj-460	92	21	relationship	relationship	NOUN
abrj-460	92	22	of	of	ADP
abrj-460	92	23	cross	cross	ADJ
abrj-460	92	24	-	-	ADJ
abrj-460	92	25	border	border	ADJ
abrj-460	92	26	capital	capital	NOUN
abrj-460	92	27	flows	flow	NOUN
abrj-460	92	28	with	with	ADP
abrj-460	92	29	economic	economic	ADJ
abrj-460	92	30	growth	growth	NOUN
abrj-460	92	31	.	.	PUNCT
abrj-460	93	1	for	for	ADP
abrj-460	93	2	instance	instance	NOUN
abrj-460	93	3	,	,	PUNCT
abrj-460	93	4	sahay	sahay	PROPN
abrj-460	93	5	et	et	PROPN
abrj-460	93	6	al	al	PROPN
abrj-460	93	7	.	.	PROPN
abrj-460	94	1	(	(	PUNCT
abrj-460	94	2	2019	2019	NUM
abrj-460	94	3	)	)	PUNCT
abrj-460	94	4	observed	observe	VERB
abrj-460	94	5	an	an	DET
abrj-460	94	6	increase	increase	NOUN
abrj-460	94	7	in	in	ADP
abrj-460	94	8	access	access	NOUN
abrj-460	94	9	to	to	ADP
abrj-460	94	10	finance	finance	NOUN
abrj-460	94	11	,	,	PUNCT
abrj-460	94	12	capital	capital	NOUN
abrj-460	94	13	accumulation	accumulation	NOUN
abrj-460	94	14	and	and	CCONJ
abrj-460	94	15	productivity	productivity	NOUN
abrj-460	94	16	gains	gain	NOUN
abrj-460	94	17	in	in	ADP
abrj-460	94	18	latin	latin	PROPN
abrj-460	94	19	america	america	PROPN
abrj-460	94	20	and	and	CCONJ
abrj-460	94	21	south	south	PROPN
abrj-460	94	22	east	east	PROPN
abrj-460	94	23	asia	asia	PROPN
abrj-460	94	24	following	follow	VERB
abrj-460	94	25	financial	financial	ADJ
abrj-460	94	26	openness	openness	NOUN
abrj-460	94	27	and	and	CCONJ
abrj-460	94	28	regional	regional	ADJ
abrj-460	94	29	integration	integration	NOUN
abrj-460	94	30	,	,	PUNCT
abrj-460	94	31	especially	especially	ADV
abrj-460	94	32	in	in	ADP
abrj-460	94	33	the	the	DET
abrj-460	94	34	presence	presence	NOUN
abrj-460	94	35	of	of	ADP
abrj-460	94	36	regulatory	regulatory	ADJ
abrj-460	94	37	convergence	convergence	NOUN
abrj-460	94	38	and	and	CCONJ
abrj-460	94	39	adequate	adequate	ADJ
abrj-460	94	40	monetary	monetary	ADJ
abrj-460	94	41	policy	policy	NOUN
abrj-460	94	42	support	support	NOUN
abrj-460	94	43	.	.	PUNCT
abrj-460	95	1	meanwhile	meanwhile	ADV
abrj-460	95	2	,	,	PUNCT
abrj-460	95	3	caporale	caporale	NOUN
abrj-460	95	4	et	et	PROPN
abrj-460	95	5	al	al	PROPN
abrj-460	95	6	.	.	PROPN
abrj-460	95	7	(	(	PUNCT
abrj-460	95	8	2020	2020	NUM
abrj-460	95	9	)	)	PUNCT
abrj-460	95	10	using	use	VERB
abrj-460	95	11	panel	panel	NOUN
abrj-460	95	12	cointegration	cointegration	NOUN
abrj-460	95	13	methods	method	NOUN
abrj-460	95	14	investigated	investigate	VERB
abrj-460	95	15	the	the	DET
abrj-460	95	16	long	long	ADV
abrj-460	95	17	-	-	PUNCT
abrj-460	95	18	run	run	VERB
abrj-460	95	19	link	link	NOUN
abrj-460	95	20	between	between	ADP
abrj-460	95	21	financial	financial	ADJ
abrj-460	95	22	integration	integration	NOUN
abrj-460	95	23	and	and	CCONJ
abrj-460	95	24	economic	economic	ADJ
abrj-460	95	25	growth	growth	NOUN
abrj-460	95	26	in	in	ADP
abrj-460	95	27	brics	bric	NOUN
abrj-460	95	28	nations	nation	NOUN
abrj-460	95	29	and	and	CCONJ
abrj-460	95	30	found	find	VERB
abrj-460	95	31	the	the	DET
abrj-460	95	32	favourable	favourable	ADJ
abrj-460	95	33	impacts	impact	NOUN
abrj-460	95	34	to	to	PART
abrj-460	95	35	be	be	AUX
abrj-460	95	36	more	more	ADV
abrj-460	95	37	pronounced	pronounce	VERB
abrj-460	95	38	in	in	ADP
abrj-460	95	39	countries	country	NOUN
abrj-460	95	40	with	with	ADP
abrj-460	95	41	well	well	ADV
abrj-460	95	42	capitalized	capitalize	VERB
abrj-460	95	43	banking	banking	NOUN
abrj-460	95	44	systems	system	NOUN
abrj-460	95	45	and	and	CCONJ
abrj-460	95	46	liquid	liquid	ADJ
abrj-460	95	47	capital	capital	NOUN
abrj-460	95	48	markets	market	NOUN
abrj-460	95	49	.	.	PUNCT
abrj-460	96	1	moreover	moreover	ADV
abrj-460	96	2	,	,	PUNCT
abrj-460	96	3	zhang	zhang	PROPN
abrj-460	96	4	and	and	CCONJ
abrj-460	96	5	wang	wang	PROPN
abrj-460	96	6	(	(	PUNCT
abrj-460	96	7	2022	2022	NUM
abrj-460	96	8	)	)	PUNCT
abrj-460	96	9	studied	study	VERB
abrj-460	96	10	the	the	DET
abrj-460	96	11	effect	effect	NOUN
abrj-460	96	12	of	of	ADP
abrj-460	96	13	bits	bit	NOUN
abrj-460	96	14	between	between	ADP
abrj-460	96	15	seasons	season	NOUN
abrj-460	96	16	in	in	ADP
abrj-460	96	17	the	the	DET
abrj-460	96	18	cross	cross	ADJ
abrj-460	96	19	-	-	ADJ
abrj-460	96	20	broader	broad	ADJ
abrj-460	96	21	flows	flow	NOUN
abrj-460	96	22	of	of	ADP
abrj-460	96	23	investment	investment	NOUN
abrj-460	96	24	in	in	ADP
abrj-460	96	25	east	east	PROPN
abrj-460	96	26	asia	asia	PROPN
abrj-460	96	27	,	,	PUNCT
abrj-460	96	28	finding	find	VERB
abrj-460	96	29	that	that	SCONJ
abrj-460	96	30	investor	investor	NOUN
abrj-460	96	31	protection	protection	NOUN
abrj-460	96	32	as	as	ADV
abrj-460	96	33	well	well	ADV
abrj-460	96	34	as	as	ADP
abrj-460	96	35	the	the	DET
abrj-460	96	36	treaties	treaty	NOUN
abrj-460	96	37	’	'	PUNCT
abrj-460	96	38	mechanisms	mechanism	NOUN
abrj-460	96	39	of	of	ADP
abrj-460	96	40	conflict	conflict	NOUN
abrj-460	96	41	resolution	resolution	NOUN
abrj-460	96	42	through	through	ADP
abrj-460	96	43	treaties	treaty	NOUN
abrj-460	96	44	help	help	AUX
abrj-460	96	45	release	release	VERB
abrj-460	96	46	positive	positive	ADJ
abrj-460	96	47	signals	signal	NOUN
abrj-460	96	48	for	for	ADP
abrj-460	96	49	the	the	DET
abrj-460	96	50	presence	presence	NOUN
abrj-460	96	51	of	of	ADP
abrj-460	96	52	inflows	inflow	NOUN
abrj-460	96	53	,	,	PUNCT
abrj-460	96	54	while	while	SCONJ
abrj-460	96	55	at	at	ADP
abrj-460	96	56	the	the	DET
abrj-460	96	57	same	same	ADJ
abrj-460	96	58	time	time	NOUN
abrj-460	96	59	the	the	DET
abrj-460	96	60	latter	latter	ADJ
abrj-460	96	61	has	have	VERB
abrj-460	96	62	external	external	ADJ
abrj-460	96	63	effects	effect	NOUN
abrj-460	96	64	on	on	ADP
abrj-460	96	65	economic	economic	ADJ
abrj-460	96	66	growth	growth	NOUN
abrj-460	96	67	.	.	PUNCT
abrj-460	97	1	in	in	ADP
abrj-460	97	2	africa	africa	PROPN
abrj-460	97	3	itself	itself	PRON
abrj-460	97	4	,	,	PUNCT
abrj-460	97	5	evidence	evidence	NOUN
abrj-460	97	6	suggests	suggest	VERB
abrj-460	97	7	financial	financial	ADJ
abrj-460	97	8	integration	integration	NOUN
abrj-460	97	9	promises	promise	VERB
abrj-460	97	10	much	much	ADJ
abrj-460	97	11	but	but	CCONJ
abrj-460	97	12	is	be	AUX
abrj-460	97	13	not	not	PART
abrj-460	97	14	without	without	ADP
abrj-460	97	15	challenge	challenge	NOUN
abrj-460	97	16	.	.	PUNCT
abrj-460	98	1	asongu	asongu	PROPN
abrj-460	98	2	and	and	CCONJ
abrj-460	98	3	odhiambo	odhiambo	ADJ
abrj-460	98	4	(	(	PUNCT
abrj-460	98	5	2020	2020	NUM
abrj-460	98	6	)	)	PUNCT
abrj-460	98	7	applied	apply	VERB
abrj-460	98	8	gmm	gmm	PROPN
abrj-460	98	9	estimation	estimation	NOUN
abrj-460	98	10	for	for	ADP
abrj-460	98	11	42	42	NUM
abrj-460	98	12	african	african	ADJ
abrj-460	98	13	countries	country	NOUN
abrj-460	98	14	and	and	CCONJ
abrj-460	98	15	found	find	VERB
abrj-460	98	16	that	that	SCONJ
abrj-460	98	17	financial	financial	ADJ
abrj-460	98	18	integration	integration	NOUN
abrj-460	98	19	has	have	VERB
abrj-460	98	20	a	a	DET
abrj-460	98	21	significant	significant	ADJ
abrj-460	98	22	positive	positive	ADJ
abrj-460	98	23	effect	effect	NOUN
abrj-460	98	24	on	on	ADP
abrj-460	98	25	economic	economic	ADJ
abrj-460	98	26	growth	growth	NOUN
abrj-460	98	27	,	,	PUNCT
abrj-460	98	28	although	although	SCONJ
abrj-460	98	29	it	it	PRON
abrj-460	98	30	is	be	AUX
abrj-460	98	31	conditional	conditional	ADJ
abrj-460	98	32	on	on	ADP
abrj-460	98	33	the	the	DET
abrj-460	98	34	degree	degree	NOUN
abrj-460	98	35	of	of	ADP
abrj-460	98	36	institutional	institutional	ADJ
abrj-460	98	37	development	development	NOUN
abrj-460	98	38	.	.	PUNCT
abrj-460	99	1	countries	country	NOUN
abrj-460	99	2	with	with	ADP
abrj-460	99	3	low	low	ADJ
abrj-460	99	4	corruption	corruption	NOUN
abrj-460	99	5	,	,	PUNCT
abrj-460	99	6	independent	independent	ADJ
abrj-460	99	7	judiciary	judiciary	NOUN
abrj-460	99	8	and	and	CCONJ
abrj-460	99	9	strong	strong	ADJ
abrj-460	99	10	regulative	regulative	ADJ
abrj-460	99	11	bodies	body	NOUN
abrj-460	99	12	profit	profit	NOUN
abrj-460	99	13	from	from	ADP
abrj-460	99	14	integration	integration	NOUN
abrj-460	99	15	more	more	ADJ
abrj-460	99	16	than	than	ADP
abrj-460	99	17	the	the	DET
abrj-460	99	18	aspiring	aspire	VERB
abrj-460	99	19	one	one	NUM
abrj-460	99	20	do	do	AUX
abrj-460	99	21	.	.	PUNCT
abrj-460	100	1	ezenwakwelu	ezenwakwelu	VERB
abrj-460	100	2	and	and	CCONJ
abrj-460	100	3	okonkwo	okonkwo	PROPN
abrj-460	100	4	(	(	PUNCT
abrj-460	100	5	2021	2021	NUM
abrj-460	100	6	)	)	PUNCT
abrj-460	100	7	studied	study	VERB
abrj-460	100	8	the	the	DET
abrj-460	100	9	impact	impact	NOUN
abrj-460	100	10	of	of	ADP
abrj-460	100	11	cross	cross	ADJ
abrj-460	100	12	-	-	ADJ
abrj-460	100	13	border	border	ADJ
abrj-460	100	14	investment	investment	NOUN
abrj-460	100	15	in	in	ADP
abrj-460	100	16	the	the	DET
abrj-460	100	17	ecowas	ecowas	PROPN
abrj-460	100	18	vicinity	vicinity	NOUN
abrj-460	100	19	and	and	CCONJ
abrj-460	100	20	discovered	discover	VERB
abrj-460	100	21	that	that	SCONJ
abrj-460	100	22	openness	openness	NOUN
abrj-460	100	23	of	of	ADP
abrj-460	100	24	trade	trade	NOUN
abrj-460	100	25	and	and	CCONJ
abrj-460	100	26	reforms	reform	NOUN
abrj-460	100	27	of	of	ADP
abrj-460	100	28	the	the	DET
abrj-460	100	29	financial	financial	ADJ
abrj-460	100	30	sector	sector	NOUN
abrj-460	100	31	were	be	AUX
abrj-460	100	32	determinants	determinant	NOUN
abrj-460	100	33	of	of	ADP
abrj-460	100	34	capital	capital	NOUN
abrj-460	100	35	inflows	inflow	NOUN
abrj-460	100	36	,	,	PUNCT
abrj-460	100	37	while	while	SCONJ
abrj-460	100	38	political	political	ADJ
abrj-460	100	39	instability	instability	NOUN
abrj-460	100	40	and	and	CCONJ
abrj-460	100	41	exchange	exchange	NOUN
abrj-460	100	42	rate	rate	NOUN
abrj-460	100	43	uncertainty	uncertainty	NOUN
abrj-460	100	44	were	be	AUX
abrj-460	100	45	deterrents	deterrent	NOUN
abrj-460	100	46	.	.	PUNCT
abrj-460	101	1	similarly	similarly	ADV
abrj-460	101	2	,	,	PUNCT
abrj-460	101	3	adeleke	adeleke	VERB
abrj-460	101	4	et	et	PROPN
abrj-460	101	5	al	al	PROPN
abrj-460	101	6	.	.	PROPN
abrj-460	102	1	(	(	PUNCT
abrj-460	102	2	2022	2022	NUM
abrj-460	102	3	)	)	PUNCT
abrj-460	102	4	carried	carry	VERB
abrj-460	102	5	out	out	ADP
abrj-460	102	6	the	the	DET
abrj-460	102	7	dynamic	dynamic	ADJ
abrj-460	102	8	panel	panel	NOUN
abrj-460	102	9	analysis	analysis	NOUN
abrj-460	102	10	among	among	ADP
abrj-460	102	11	sadc	sadc	PROPN
abrj-460	102	12	countries	country	NOUN
abrj-460	102	13	and	and	CCONJ
abrj-460	102	14	concluded	conclude	VERB
abrj-460	102	15	that	that	SCONJ
abrj-460	102	16	mutual	mutual	ADJ
abrj-460	102	17	intra	intra	ADJ
abrj-460	102	18	-	-	ADJ
abrj-460	102	19	regional	regional	ADJ
abrj-460	102	20	financial	financial	ADJ
abrj-460	102	21	investments	investment	NOUN
abrj-460	102	22	increased	increase	VERB
abrj-460	102	23	market	market	NOUN
abrj-460	102	24	liquidity	liquidity	NOUN
abrj-460	102	25	and	and	CCONJ
abrj-460	102	26	business	business	NOUN
abrj-460	102	27	expansion	expansion	NOUN
abrj-460	102	28	,	,	PUNCT
abrj-460	102	29	although	although	SCONJ
abrj-460	102	30	infrastructure	infrastructure	NOUN
abrj-460	102	31	bottlenecks	bottleneck	NOUN
abrj-460	102	32	and	and	CCONJ
abrj-460	102	33	poor	poor	ADJ
abrj-460	102	34	legal	legal	ADJ
abrj-460	102	35	enforcement	enforcement	NOUN
abrj-460	102	36	continued	continue	VERB
abrj-460	102	37	to	to	PART
abrj-460	102	38	be	be	AUX
abrj-460	102	39	key	key	ADJ
abrj-460	102	40	constraints	constraint	NOUN
abrj-460	102	41	.	.	PUNCT
abrj-460	103	1	academic	academic	ADJ
abrj-460	103	2	studies	study	NOUN
abrj-460	103	3	have	have	AUX
abrj-460	103	4	also	also	ADV
abrj-460	103	5	focused	focus	VERB
abrj-460	103	6	on	on	ADP
abrj-460	103	7	asea	asea	NOUN
abrj-460	103	8	’s	’s	PART
abrj-460	103	9	regional	regional	ADJ
abrj-460	103	10	stock	stock	NOUN
abrj-460	103	11	market	market	NOUN
abrj-460	103	12	integration	integration	NOUN
abrj-460	103	13	initiatives	initiative	NOUN
abrj-460	103	14	.	.	PUNCT
abrj-460	104	1	okonkwo	okonkwo	PROPN
abrj-460	104	2	et	et	PROPN
abrj-460	104	3	al	al	PROPN
abrj-460	104	4	.	.	PROPN
abrj-460	104	5	(	(	PUNCT
abrj-460	104	6	2020	2020	NUM
abrj-460	104	7	)	)	PUNCT
abrj-460	104	8	studied	study	VERB
abrj-460	104	9	the	the	DET
abrj-460	104	10	african	african	ADJ
abrj-460	104	11	exchanges	exchange	NOUN
abrj-460	104	12	linkage	linkage	NOUN
abrj-460	104	13	project	project	NOUN
abrj-460	104	14	(	(	PUNCT
abrj-460	104	15	aelp	aelp	ADJ
abrj-460	104	16	)	)	PUNCT
abrj-460	104	17	and	and	CCONJ
abrj-460	104	18	studies	study	NOUN
abrj-460	104	19	conclude	conclude	VERB
abrj-460	104	20	that	that	SCONJ
abrj-460	104	21	the	the	DET
abrj-460	104	22	trading	trading	NOUN
abrj-460	104	23	interoperability	interoperability	NOUN
abrj-460	104	24	increased	increase	VERB
abrj-460	104	25	the	the	DET
abrj-460	104	26	efficiency	efficiency	NOUN
abrj-460	104	27	of	of	ADP
abrj-460	104	28	price	price	NOUN
abrj-460	104	29	discovery	discovery	NOUN
abrj-460	104	30	and	and	CCONJ
abrj-460	104	31	enhanced	enhance	VERB
abrj-460	104	32	portfolio	portfolio	NOUN
abrj-460	104	33	diversification	diversification	NOUN
abrj-460	104	34	,	,	PUNCT
abrj-460	104	35	however	however	ADV
abrj-460	104	36	,	,	PUNCT
abrj-460	104	37	insufficient	insufficient	ADJ
abrj-460	104	38	regulatory	regulatory	ADJ
abrj-460	104	39	harmonization	harmonization	NOUN
abrj-460	104	40	and	and	CCONJ
abrj-460	104	41	technology	technology	NOUN
abrj-460	104	42	asymmetries	asymmetry	NOUN
abrj-460	104	43	restricted	restrict	VERB
abrj-460	104	44	the	the	DET
abrj-460	104	45	potential	potential	NOUN
abrj-460	104	46	of	of	ADP
abrj-460	104	47	the	the	DET
abrj-460	104	48	aelp	aelp	NOUN
abrj-460	104	49	.	.	PUNCT
abrj-460	105	1	in	in	ADP
abrj-460	105	2	east	east	PROPN
abrj-460	105	3	africa	africa	PROPN
abrj-460	105	4	,	,	PUNCT
abrj-460	105	5	mwenda	mwenda	ADV
abrj-460	105	6	and	and	CCONJ
abrj-460	105	7	wanjala	wanjala	PROPN
abrj-460	105	8	(	(	PUNCT
abrj-460	105	9	2023	2023	NUM
abrj-460	105	10	)	)	PUNCT
abrj-460	105	11	established	establish	VERB
abrj-460	105	12	that	that	PRON
abrj-460	105	13	regional	regional	ADJ
abrj-460	105	14	cross	cross	ADJ
abrj-460	105	15	-	-	ADJ
abrj-460	105	16	listing	listing	ADJ
abrj-460	105	17	firms	firm	NOUN
abrj-460	105	18	in	in	ADP
abrj-460	105	19	multiple	multiple	ADJ
abrj-460	105	20	stock	stock	NOUN
abrj-460	105	21	exchanges	exchange	NOUN
abrj-460	105	22	enhanced	enhance	VERB
abrj-460	105	23	participation	participation	NOUN
abrj-460	105	24	by	by	ADP
abrj-460	105	25	foreign	foreign	ADJ
abrj-460	105	26	investors	investor	NOUN
abrj-460	105	27	and	and	CCONJ
abrj-460	105	28	reduced	reduce	VERB
abrj-460	105	29	capital	capital	NOUN
abrj-460	105	30	costs	cost	NOUN
abrj-460	105	31	,	,	PUNCT
abrj-460	105	32	but	but	CCONJ
abrj-460	105	33	gains	gain	NOUN
abrj-460	105	34	were	be	AUX
abrj-460	105	35	uneven	uneven	ADJ
abrj-460	105	36	with	with	ADP
abrj-460	105	37	more	more	ADJ
abrj-460	105	38	benefits	benefit	NOUN
abrj-460	105	39	accruing	accrue	VERB
abrj-460	105	40	to	to	ADP
abrj-460	105	41	larger	large	ADJ
abrj-460	105	42	markets	market	NOUN
abrj-460	105	43	such	such	ADJ
abrj-460	105	44	as	as	ADP
abrj-460	105	45	kenya	kenya	NOUN
abrj-460	105	46	and	and	CCONJ
abrj-460	105	47	limited	limited	ADJ
abrj-460	105	48	gains	gain	NOUN
abrj-460	105	49	for	for	ADP
abrj-460	105	50	smaller	small	ADJ
abrj-460	105	51	markets	market	NOUN
abrj-460	105	52	such	such	ADJ
abrj-460	105	53	as	as	ADP
abrj-460	105	54	rwanda	rwanda	PROPN
abrj-460	105	55	or	or	CCONJ
abrj-460	105	56	burundi	burundi	PROPN
abrj-460	105	57	.	.	PUNCT
abrj-460	106	1	conversely	conversely	ADV
abrj-460	106	2	,	,	PUNCT
abrj-460	106	3	kanga	kanga	PROPN
abrj-460	106	4	et	et	PROPN
abrj-460	106	5	al	al	PROPN
abrj-460	106	6	.	.	PROPN
abrj-460	107	1	(	(	PUNCT
abrj-460	107	2	2021	2021	NUM
abrj-460	107	3	)	)	PUNCT
abrj-460	107	4	used	use	VERB
abrj-460	107	5	panel	panel	NOUN
abrj-460	107	6	data	datum	NOUN
abrj-460	107	7	threshold	threshold	NOUN
abrj-460	107	8	regression	regression	NOUN
abrj-460	107	9	system	system	NOUN
abrj-460	107	10	for	for	ADP
abrj-460	107	11	african	african	ADJ
abrj-460	107	12	union	union	PROPN
abrj-460	107	13	countries	country	NOUN
abrj-460	107	14	and	and	CCONJ
abrj-460	107	15	found	find	VERB
abrj-460	107	16	a	a	DET
abrj-460	107	17	non	non	ADJ
abrj-460	107	18	-	-	ADJ
abrj-460	107	19	linear	linear	ADJ
abrj-460	107	20	relationship	relationship	NOUN
abrj-460	107	21	for	for	ADP
abrj-460	107	22	openness	openness	NOUN
abrj-460	107	23	and	and	CCONJ
abrj-460	107	24	growth	growth	NOUN
abrj-460	107	25	,	,	PUNCT
abrj-460	107	26	which	which	PRON
abrj-460	107	27	worked	work	VERB
abrj-460	107	28	only	only	ADV
abrj-460	107	29	after	after	SCONJ
abrj-460	107	30	an	an	DET
abrj-460	107	31	openness	openness	NOUN
abrj-460	107	32	threshold	threshold	NOUN
abrj-460	107	33	had	have	AUX
abrj-460	107	34	been	be	AUX
abrj-460	107	35	exceeded	exceed	VERB
abrj-460	107	36	by	by	ADP
abrj-460	107	37	quality	quality	NOUN
abrj-460	107	38	of	of	ADP
abrj-460	107	39	institution	institution	NOUN
abrj-460	107	40	and	and	CCONJ
abrj-460	107	41	macroeconomic	macroeconomic	ADJ
abrj-460	107	42	stability	stability	NOUN
abrj-460	107	43	.	.	PUNCT
abrj-460	108	1	the	the	DET
abrj-460	108	2	particular	particular	ADJ
abrj-460	108	3	transmission	transmission	NOUN
abrj-460	108	4	channels	channel	NOUN
abrj-460	108	5	though	though	SCONJ
abrj-460	108	6	which	which	DET
abrj-460	108	7	financial	financial	ADJ
abrj-460	108	8	integration	integration	NOUN
abrj-460	108	9	affects	affect	VERB
abrj-460	108	10	growth	growth	NOUN
abrj-460	108	11	have	have	AUX
abrj-460	108	12	also	also	ADV
abrj-460	108	13	been	be	AUX
abrj-460	108	14	the	the	DET
abrj-460	108	15	object	object	NOUN
abrj-460	108	16	of	of	ADP
abrj-460	108	17	a	a	DET
abrj-460	108	18	number	number	NOUN
abrj-460	108	19	of	of	ADP
abrj-460	108	20	studies	study	NOUN
abrj-460	108	21	.	.	PUNCT
abrj-460	109	1	for	for	ADP
abrj-460	109	2	example	example	NOUN
abrj-460	109	3	,	,	PUNCT
abrj-460	109	4	osei	osei	PROPN
abrj-460	109	5	and	and	CCONJ
abrj-460	109	6	nketiah	nketiah	PROPN
abrj-460	109	7	-	-	PUNCT
abrj-460	109	8	amponsah	amponsah	PROPN
abrj-460	109	9	(	(	PUNCT
abrj-460	109	10	2022	2022	NUM
abrj-460	109	11	)	)	PUNCT
abrj-460	109	12	underscored	underscore	VERB
abrj-460	109	13	the	the	DET
abrj-460	109	14	importance	importance	NOUN
abrj-460	109	15	of	of	ADP
abrj-460	109	16	capital	capital	NOUN
abrj-460	109	17	market	market	NOUN
abrj-460	109	18	depth	depth	NOUN
abrj-460	109	19	and	and	CCONJ
abrj-460	109	20	financial	financial	ADJ
abrj-460	109	21	inclusion	inclusion	NOUN
abrj-460	109	22	in	in	ADP
abrj-460	109	23	deepening	deepen	VERB
abrj-460	109	24	the	the	DET
abrj-460	109	25	growth	growth	NOUN
abrj-460	109	26	effects	effect	NOUN
abrj-460	109	27	of	of	ADP
abrj-460	109	28	financial	financial	ADJ
abrj-460	109	29	integration	integration	NOUN
abrj-460	109	30	,	,	PUNCT
abrj-460	109	31	cautioning	caution	VERB
abrj-460	109	32	that	that	SCONJ
abrj-460	109	33	in	in	ADP
abrj-460	109	34	the	the	DET
abrj-460	109	35	absence	absence	NOUN
abrj-460	109	36	of	of	ADP
abrj-460	109	37	a	a	DET
abrj-460	109	38	matching	match	VERB
abrj-460	109	39	development	development	NOUN
abrj-460	109	40	of	of	ADP
abrj-460	109	41	domestic	domestic	ADJ
abrj-460	109	42	financial	financial	ADJ
abrj-460	109	43	intermediation	intermediation	NOUN
abrj-460	109	44	,	,	PUNCT
abrj-460	109	45	integration	integration	NOUN
abrj-460	109	46	could	could	AUX
abrj-460	109	47	deepen	deepen	VERB
abrj-460	109	48	rather	rather	ADV
abrj-460	109	49	than	than	ADP
abrj-460	109	50	alleviate	alleviate	VERB
abrj-460	109	51	inequality	inequality	NOUN
abrj-460	109	52	to	to	PART
abrj-460	109	53	facilitate	facilitate	VERB
abrj-460	109	54	inclusive	inclusive	ADJ
abrj-460	109	55	growth	growth	NOUN
abrj-460	109	56	.	.	PUNCT
abrj-460	110	1	their	their	PRON
abrj-460	110	2	findings	finding	NOUN
abrj-460	110	3	are	be	AUX
abrj-460	110	4	supported	support	VERB
abrj-460	110	5	by	by	ADP
abrj-460	110	6	biekpe	biekpe	PROPN
abrj-460	110	7	&	&	CCONJ
abrj-460	110	8	agbloyor	agbloyor	PROPN
abrj-460	110	9	(	(	PUNCT
abrj-460	110	10	2021	2021	NUM
abrj-460	110	11	)	)	PUNCT
abrj-460	110	12	who	who	PRON
abrj-460	110	13	employed	employ	VERB
abrj-460	110	14	structural	structural	ADJ
abrj-460	110	15	equation	equation	NOUN
abrj-460	110	16	modeling	modeling	NOUN
abrj-460	110	17	and	and	CCONJ
abrj-460	110	18	found	find	VERB
abrj-460	110	19	that	that	SCONJ
abrj-460	110	20	financial	financial	ADJ
abrj-460	110	21	integration	integration	NOUN
abrj-460	110	22	has	have	VERB
abrj-460	110	23	a	a	DET
abrj-460	110	24	direct	direct	ADJ
abrj-460	110	25	impact	impact	NOUN
abrj-460	110	26	and	and	CCONJ
abrj-460	110	27	influence	influence	NOUN
abrj-460	110	28	on	on	ADP
abrj-460	110	29	growth	growth	NOUN
abrj-460	110	30	by	by	ADP
abrj-460	110	31	indirect	indirect	ADJ
abrj-460	110	32	channel	channel	NOUN
abrj-460	110	33	after	after	ADP
abrj-460	110	34	taking	take	VERB
abrj-460	110	35	controlling	control	VERB
abrj-460	110	36	effect	effect	NOUN
abrj-460	110	37	of	of	ADP
abrj-460	110	38	intermediary	intermediary	ADJ
abrj-460	110	39	variables	variable	NOUN
abrj-460	110	40	such	such	ADJ
abrj-460	110	41	as	as	ADP
abrj-460	110	42	private	private	ADJ
abrj-460	110	43	sector	sector	NOUN
abrj-460	110	44	credit	credit	NOUN
abrj-460	110	45	,	,	PUNCT
abrj-460	110	46	investment	investment	NOUN
abrj-460	110	47	-	-	PUNCT
abrj-460	110	48	to	to	ADP
abrj-460	110	49	-	-	PUNCT
abrj-460	110	50	gdp	gdp	NOUN
abrj-460	110	51	ratio	ratio	NOUN
abrj-460	110	52	and	and	CCONJ
abrj-460	110	53	inflation	inflation	NOUN
abrj-460	110	54	.	.	PUNCT
abrj-460	111	1	it	it	PRON
abrj-460	111	2	is	be	AUX
abrj-460	111	3	worth	worth	ADJ
abrj-460	111	4	mentioning	mention	VERB
abrj-460	111	5	that	that	PRON
abrj-460	111	6	regional	regional	ADJ
abrj-460	111	7	disparities	disparity	NOUN
abrj-460	111	8	in	in	ADP
abrj-460	111	9	integration	integration	NOUN
abrj-460	111	10	are	be	AUX
abrj-460	111	11	reported	report	VERB
abrj-460	111	12	in	in	ADP
abrj-460	111	13	the	the	DET
abrj-460	111	14	literature	literature	NOUN
abrj-460	111	15	.	.	PUNCT
abrj-460	112	1	by	by	ADP
abrj-460	112	2	comparison	comparison	NOUN
abrj-460	112	3	,	,	PUNCT
abrj-460	112	4	ayodele	ayodele	PROPN
abrj-460	112	5	and	and	CCONJ
abrj-460	112	6	aluko	aluko	PROPN
abrj-460	112	7	(	(	PUNCT
abrj-460	112	8	2023	2023	NUM
abrj-460	112	9	)	)	PUNCT
abrj-460	112	10	observed	observe	VERB
abrj-460	112	11	that	that	SCONJ
abrj-460	112	12	north	north	NOUN
abrj-460	112	13	and	and	CCONJ
abrj-460	112	14	southern	southern	ADJ
abrj-460	112	15	african	african	ADJ
abrj-460	112	16	nations	nation	NOUN
abrj-460	112	17	benefit	benefit	VERB
abrj-460	112	18	more	more	ADV
abrj-460	112	19	from	from	ADP
abrj-460	112	20	cross	cross	ADJ
abrj-460	112	21	-	-	ADJ
abrj-460	112	22	border	border	ADJ
abrj-460	112	23	financial	financial	ADJ
abrj-460	112	24	flows	flow	NOUN
abrj-460	112	25	when	when	SCONJ
abrj-460	112	26	juxtaposed	juxtapose	VERB
abrj-460	112	27	with	with	ADP
abrj-460	112	28	their	their	PRON
abrj-460	112	29	west	west	NOUN
abrj-460	112	30	and	and	CCONJ
abrj-460	112	31	central	central	ADJ
abrj-460	112	32	african	african	ADJ
abrj-460	112	33	counterparts	counterpart	NOUN
abrj-460	112	34	,	,	PUNCT
abrj-460	112	35	largely	largely	ADV
abrj-460	112	36	driven	drive	VERB
abrj-460	112	37	by	by	ADP
abrj-460	112	38	differences	difference	NOUN
abrj-460	112	39	in	in	ADP
abrj-460	112	40	the	the	DET
abrj-460	112	41	level	level	NOUN
abrj-460	112	42	of	of	ADP
abrj-460	112	43	financial	financial	ADJ
abrj-460	112	44	architecture	architecture	NOUN
abrj-460	112	45	and	and	CCONJ
abrj-460	112	46	regulatory	regulatory	ADJ
abrj-460	112	47	structure	structure	NOUN
abrj-460	112	48	in	in	ADP
abrj-460	112	49	place	place	NOUN
abrj-460	112	50	.	.	PUNCT
abrj-460	113	1	similarly	similarly	ADV
abrj-460	113	2	,	,	PUNCT
abrj-460	113	3	musonda	musonda	NOUN
abrj-460	113	4	et	et	PROPN
abrj-460	113	5	al	al	PROPN
abrj-460	113	6	.	.	PROPN
abrj-460	113	7	(	(	PUNCT
abrj-460	113	8	2020	2020	NUM
abrj-460	113	9	)	)	PUNCT
abrj-460	113	10	found	find	VERB
abrj-460	113	11	that	that	SCONJ
abrj-460	113	12	countries	country	NOUN
abrj-460	113	13	in	in	ADP
abrj-460	113	14	monetary	monetary	ADJ
abrj-460	113	15	union	union	NOUN
abrj-460	113	16	such	such	ADJ
abrj-460	113	17	as	as	ADP
abrj-460	113	18	the	the	DET
abrj-460	113	19	waemu	waemu	NOUN
abrj-460	113	20	could	could	AUX
abrj-460	113	21	have	have	VERB
abrj-460	113	22	relatively	relatively	ADV
abrj-460	113	23	more	more	ADV
abrj-460	113	24	stable	stable	ADJ
abrj-460	113	25	investment	investment	NOUN
abrj-460	113	26	and	and	CCONJ
abrj-460	113	27	growth	growth	NOUN
abrj-460	113	28	linkages	linkage	NOUN
abrj-460	113	29	as	as	ADP
abrj-460	113	30	a	a	DET
abrj-460	113	31	consequence	consequence	NOUN
abrj-460	113	32	of	of	ADP
abrj-460	113	33	exchange	exchange	NOUN
abrj-460	113	34	rate	rate	NOUN
abrj-460	113	35	and	and	CCONJ
abrj-460	113	36	fiscal	fiscal	ADJ
abrj-460	113	37	policy	policy	NOUN
abrj-460	113	38	interaction	interaction	NOUN
abrj-460	113	39	.	.	PUNCT
abrj-460	114	1	notwithstanding	notwithstanding	ADP
abrj-460	114	2	this	this	DET
abrj-460	114	3	burgeoning	burgeon	VERB
abrj-460	114	4	literature	literature	NOUN
abrj-460	114	5	,	,	PUNCT
abrj-460	114	6	there	there	PRON
abrj-460	114	7	are	be	VERB
abrj-460	114	8	some	some	DET
abrj-460	114	9	empirical	empirical	ADJ
abrj-460	114	10	lacunae	lacunae	NOUN
abrj-460	114	11	.	.	PUNCT
abrj-460	115	1	first	first	ADV
abrj-460	115	2	,	,	PUNCT
abrj-460	115	3	the	the	DET
abrj-460	115	4	current	current	ADJ
abrj-460	115	5	literature	literature	NOUN
abrj-460	115	6	often	often	ADV
abrj-460	115	7	treats	treat	VERB
abrj-460	115	8	africa	africa	PROPN
abrj-460	115	9	as	as	ADP
abrj-460	115	10	a	a	DET
abrj-460	115	11	homogenous	homogenous	ADJ
abrj-460	115	12	unit	unit	NOUN
abrj-460	115	13	,	,	PUNCT
abrj-460	115	14	thereby	thereby	ADV
abrj-460	115	15	neglecting	neglect	VERB
abrj-460	115	16	areas	area	NOUN
abrj-460	115	17	of	of	ADP
abrj-460	115	18	sub	sub	ADJ
abrj-460	115	19	-	-	ADJ
abrj-460	115	20	regional	regional	ADJ
abrj-460	115	21	difference	difference	NOUN
abrj-460	115	22	,	,	PUNCT
abrj-460	115	23	structural	structural	ADJ
abrj-460	115	24	asymmetries	asymmetry	NOUN
abrj-460	115	25	and	and	CCONJ
abrj-460	115	26	differential	differential	ADJ
abrj-460	115	27	experience	experience	NOUN
abrj-460	115	28	of	of	ADP
abrj-460	115	29	integration	integration	NOUN
abrj-460	115	30	.	.	PUNCT
abrj-460	116	1	second	second	ADJ
abrj-460	116	2	,	,	PUNCT
abrj-460	116	3	the	the	DET
abrj-460	116	4	majority	majority	NOUN
abrj-460	116	5	of	of	ADP
abrj-460	116	6	studies	study	NOUN
abrj-460	116	7	concentrate	concentrate	VERB
abrj-460	116	8	on	on	ADP
abrj-460	116	9	the	the	DET
abrj-460	116	10	effect	effect	NOUN
abrj-460	116	11	of	of	ADP
abrj-460	116	12	asian	asian	ADJ
abrj-460	116	13	business	business	NOUN
abrj-460	116	14	research	research	NOUN
abrj-460	116	15	journal	journal	NOUN
abrj-460	116	16	,	,	PUNCT
abrj-460	116	17	2025	2025	NUM
abrj-460	116	18	,	,	PUNCT
abrj-460	116	19	10(6	10(6	NUM
abrj-460	116	20	):	):	PUNCT
abrj-460	116	21	9	9	NUM
abrj-460	116	22	-	-	SYM
abrj-460	116	23	20	20	NUM
abrj-460	116	24	13	13	NUM
abrj-460	116	25	©	©	PROPN
abrj-460	116	26	2025	2025	NUM
abrj-460	116	27	by	by	ADP
abrj-460	116	28	the	the	DET
abrj-460	116	29	authors	author	NOUN
abrj-460	116	30	;	;	PUNCT
abrj-460	116	31	licensee	licensee	NOUN
abrj-460	116	32	eastern	eastern	ADJ
abrj-460	116	33	centre	centre	NOUN
abrj-460	116	34	of	of	ADP
abrj-460	116	35	science	science	NOUN
abrj-460	116	36	and	and	CCONJ
abrj-460	116	37	education	education	NOUN
abrj-460	116	38	,	,	PUNCT
abrj-460	116	39	usa	usa	PROPN
abrj-460	116	40	external	external	ADJ
abrj-460	116	41	(	(	PUNCT
abrj-460	116	42	non	non	ADJ
abrj-460	116	43	-	-	ADJ
abrj-460	116	44	african	african	ADJ
abrj-460	116	45	)	)	PUNCT
abrj-460	116	46	financial	financial	ADJ
abrj-460	116	47	flows	flow	NOUN
abrj-460	116	48	,	,	PUNCT
abrj-460	116	49	without	without	ADP
abrj-460	116	50	investigating	investigate	VERB
abrj-460	116	51	the	the	DET
abrj-460	116	52	implications	implication	NOUN
abrj-460	116	53	of	of	ADP
abrj-460	116	54	african	african	ADJ
abrj-460	116	55	cross	cross	ADJ
abrj-460	116	56	-	-	ADJ
abrj-460	116	57	border	border	ADJ
abrj-460	116	58	flows	flow	NOUN
abrj-460	116	59	and	and	CCONJ
abrj-460	116	60	their	their	PRON
abrj-460	116	61	unique	unique	ADJ
abrj-460	116	62	role	role	NOUN
abrj-460	116	63	in	in	ADP
abrj-460	116	64	building	build	VERB
abrj-460	116	65	resilience	resilience	NOUN
abrj-460	116	66	to	to	ADP
abrj-460	116	67	economic	economic	ADJ
abrj-460	116	68	crises	crisis	NOUN
abrj-460	116	69	.	.	PUNCT
abrj-460	117	1	third	third	ADJ
abrj-460	117	2	,	,	PUNCT
abrj-460	117	3	only	only	ADV
abrj-460	117	4	few	few	ADJ
abrj-460	117	5	works	work	NOUN
abrj-460	117	6	offer	offer	VERB
abrj-460	117	7	thorough	thorough	ADJ
abrj-460	117	8	assessments	assessment	NOUN
abrj-460	117	9	of	of	ADP
abrj-460	117	10	the	the	DET
abrj-460	117	11	role	role	NOUN
abrj-460	117	12	played	play	VERB
abrj-460	117	13	by	by	ADP
abrj-460	117	14	financial	financial	ADJ
abrj-460	117	15	integration	integration	NOUN
abrj-460	117	16	in	in	ADP
abrj-460	117	17	combination	combination	NOUN
abrj-460	117	18	with	with	ADP
abrj-460	117	19	other	other	ADJ
abrj-460	117	20	enablers	enabler	NOUN
abrj-460	117	21	,	,	PUNCT
abrj-460	117	22	i.e.	i.e.	X
abrj-460	117	23	technological	technological	ADJ
abrj-460	117	24	infrastructure	infrastructure	NOUN
abrj-460	117	25	,	,	PUNCT
abrj-460	117	26	legal	legal	ADJ
abrj-460	117	27	harmonization	harmonization	NOUN
abrj-460	117	28	and	and	CCONJ
abrj-460	117	29	sustainable	sustainable	ADJ
abrj-460	117	30	investment	investment	NOUN
abrj-460	117	31	frameworks	framework	NOUN
abrj-460	117	32	.	.	PUNCT
abrj-460	118	1	furthermore	furthermore	ADV
abrj-460	118	2	,	,	PUNCT
abrj-460	118	3	the	the	DET
abrj-460	118	4	most	most	ADV
abrj-460	118	5	common	common	ADJ
abrj-460	118	6	ones	one	NOUN
abrj-460	118	7	use	use	VERB
abrj-460	118	8	only	only	ADV
abrj-460	118	9	macro	macro	ADJ
abrj-460	118	10	-	-	NOUN
abrj-460	118	11	level	level	NOUN
abrj-460	118	12	information	information	NOUN
abrj-460	118	13	and	and	CCONJ
abrj-460	118	14	largely	largely	ADV
abrj-460	118	15	ignore	ignore	VERB
abrj-460	118	16	the	the	DET
abrj-460	118	17	effects	effect	NOUN
abrj-460	118	18	of	of	ADP
abrj-460	118	19	integration	integration	NOUN
abrj-460	118	20	at	at	ADP
abrj-460	118	21	firm	firm	ADJ
abrj-460	118	22	or	or	CCONJ
abrj-460	118	23	sector	sector	NOUN
abrj-460	118	24	level	level	NOUN
abrj-460	118	25	.	.	PUNCT
abrj-460	119	1	finally	finally	ADV
abrj-460	119	2	,	,	PUNCT
abrj-460	119	3	there	there	PRON
abrj-460	119	4	continues	continue	VERB
abrj-460	119	5	to	to	PART
abrj-460	119	6	be	be	AUX
abrj-460	119	7	a	a	DET
abrj-460	119	8	lack	lack	NOUN
abrj-460	119	9	of	of	ADP
abrj-460	119	10	evidence	evidence	NOUN
abrj-460	119	11	on	on	ADP
abrj-460	119	12	the	the	DET
abrj-460	119	13	long	long	ADJ
abrj-460	119	14	-	-	PUNCT
abrj-460	119	15	term	term	NOUN
abrj-460	119	16	sustainability	sustainability	NOUN
abrj-460	119	17	of	of	ADP
abrj-460	119	18	integration	integration	NOUN
abrj-460	119	19	-	-	PUNCT
abrj-460	119	20	induced	induce	VERB
abrj-460	119	21	growth	growth	NOUN
abrj-460	119	22	,	,	PUNCT
abrj-460	119	23	particularly	particularly	ADV
abrj-460	119	24	in	in	ADP
abrj-460	119	25	the	the	DET
abrj-460	119	26	context	context	NOUN
abrj-460	119	27	of	of	ADP
abrj-460	119	28	environmental	environmental	ADJ
abrj-460	119	29	,	,	PUNCT
abrj-460	119	30	social	social	ADJ
abrj-460	119	31	,	,	PUNCT
abrj-460	119	32	and	and	CCONJ
abrj-460	119	33	governance	governance	NOUN
abrj-460	119	34	(	(	PUNCT
abrj-460	119	35	esg	esg	NOUN
abrj-460	119	36	)	)	PUNCT
abrj-460	119	37	considerations	consideration	NOUN
abrj-460	119	38	.	.	PUNCT
abrj-460	120	1	figure	figure	NOUN
abrj-460	120	2	2	2	NUM
abrj-460	120	3	.	.	PUNCT
abrj-460	120	4	conceptual	conceptual	ADJ
abrj-460	120	5	framework	framework	NOUN
abrj-460	120	6	2.4	2.4	NUM
abrj-460	120	7	.	.	PUNCT
abrj-460	121	1	explanation	explanation	NOUN
abrj-460	121	2	of	of	ADP
abrj-460	121	3	the	the	DET
abrj-460	121	4	conceptual	conceptual	ADJ
abrj-460	121	5	framework	framework	NOUN
abrj-460	121	6	a	a	DET
abrj-460	121	7	description	description	NOUN
abrj-460	121	8	of	of	ADP
abrj-460	121	9	the	the	DET
abrj-460	121	10	conceptual	conceptual	ADJ
abrj-460	121	11	framework	framework	NOUN
abrj-460	121	12	is	be	AUX
abrj-460	121	13	provided	provide	VERB
abrj-460	121	14	here	here	ADV
abrj-460	121	15	.	.	PUNCT
abrj-460	122	1	the	the	DET
abrj-460	122	2	framework	framework	NOUN
abrj-460	122	3	shows	show	VERB
abrj-460	122	4	how	how	SCONJ
abrj-460	122	5	financial	financial	ADJ
abrj-460	122	6	market	market	NOUN
abrj-460	122	7	integration	integration	NOUN
abrj-460	122	8	,	,	PUNCT
abrj-460	122	9	cross	cross	ADJ
abrj-460	122	10	-	-	ADJ
abrj-460	122	11	border	border	ADJ
abrj-460	122	12	investments	investment	NOUN
abrj-460	122	13	and	and	CCONJ
abrj-460	122	14	economic	economic	ADJ
abrj-460	122	15	growth	growth	NOUN
abrj-460	122	16	are	be	AUX
abrj-460	122	17	linked	link	VERB
abrj-460	122	18	to	to	ADP
abrj-460	122	19	each	each	DET
abrj-460	122	20	other	other	ADJ
abrj-460	122	21	in	in	ADP
abrj-460	122	22	african	african	ADJ
abrj-460	122	23	countries	country	NOUN
abrj-460	122	24	.	.	PUNCT
abrj-460	123	1	at	at	ADP
abrj-460	123	2	the	the	DET
abrj-460	123	3	head	head	NOUN
abrj-460	123	4	of	of	ADP
abrj-460	123	5	the	the	DET
abrj-460	123	6	model	model	NOUN
abrj-460	123	7	,	,	PUNCT
abrj-460	123	8	financial	financial	ADJ
abrj-460	123	9	market	market	NOUN
abrj-460	123	10	integration	integration	NOUN
abrj-460	123	11	is	be	AUX
abrj-460	123	12	the	the	DET
abrj-460	123	13	only	only	ADJ
abrj-460	123	14	independent	independent	ADJ
abrj-460	123	15	structure	structure	NOUN
abrj-460	123	16	.	.	PUNCT
abrj-460	124	1	it	it	PRON
abrj-460	124	2	measures	measure	VERB
abrj-460	124	3	how	how	SCONJ
abrj-460	124	4	well	well	ADV
abrj-460	124	5	different	different	ADJ
abrj-460	124	6	african	african	ADJ
abrj-460	124	7	financial	financial	ADJ
abrj-460	124	8	systems	system	NOUN
abrj-460	124	9	are	be	AUX
abrj-460	124	10	joined	join	VERB
abrj-460	124	11	,	,	PUNCT
abrj-460	124	12	compatible	compatible	ADJ
abrj-460	124	13	and	and	CCONJ
abrj-460	124	14	governed	govern	VERB
abrj-460	124	15	by	by	ADP
abrj-460	124	16	the	the	DET
abrj-460	124	17	same	same	ADJ
abrj-460	124	18	policies	policy	NOUN
abrj-460	124	19	.	.	PUNCT
abrj-460	125	1	integration	integration	NOUN
abrj-460	125	2	in	in	ADP
abrj-460	125	3	financial	financial	ADJ
abrj-460	125	4	systems	system	NOUN
abrj-460	125	5	makes	make	VERB
abrj-460	125	6	it	it	PRON
abrj-460	125	7	easier	easy	ADJ
abrj-460	125	8	to	to	PART
abrj-460	125	9	transfer	transfer	VERB
abrj-460	125	10	capital	capital	NOUN
abrj-460	125	11	,	,	PUNCT
abrj-460	125	12	helps	help	VERB
abrj-460	125	13	investors	investor	NOUN
abrj-460	125	14	diversify	diversify	VERB
abrj-460	125	15	their	their	PRON
abrj-460	125	16	funds	fund	NOUN
abrj-460	125	17	and	and	CCONJ
abrj-460	125	18	eases	ease	VERB
abrj-460	125	19	financial	financial	ADJ
abrj-460	125	20	barriers	barrier	NOUN
abrj-460	125	21	,	,	PUNCT
abrj-460	125	22	eventually	eventually	ADV
abrj-460	125	23	encouraging	encourage	VERB
abrj-460	125	24	investment	investment	NOUN
abrj-460	125	25	.	.	PUNCT
abrj-460	126	1	this	this	DET
abrj-460	126	2	integration	integration	NOUN
abrj-460	126	3	affects	affect	VERB
abrj-460	126	4	things	thing	NOUN
abrj-460	126	5	in	in	ADP
abrj-460	126	6	two	two	NUM
abrj-460	126	7	main	main	ADJ
abrj-460	126	8	ways	way	NOUN
abrj-460	126	9	.	.	PUNCT
abrj-460	127	1	to	to	PART
abrj-460	127	2	begin	begin	VERB
abrj-460	127	3	with	with	ADP
abrj-460	127	4	,	,	PUNCT
abrj-460	127	5	it	it	PRON
abrj-460	127	6	encourages	encourage	VERB
abrj-460	127	7	international	international	ADJ
abrj-460	127	8	investments	investment	NOUN
abrj-460	127	9	by	by	ADP
abrj-460	127	10	lowering	lower	VERB
abrj-460	127	11	costs	cost	NOUN
abrj-460	127	12	,	,	PUNCT
abrj-460	127	13	matching	match	VERB
abrj-460	127	14	infrastructure	infrastructure	NOUN
abrj-460	127	15	in	in	ADP
abrj-460	127	16	markets	market	NOUN
abrj-460	127	17	and	and	CCONJ
abrj-460	127	18	making	make	VERB
abrj-460	127	19	information	information	NOUN
abrj-460	127	20	more	more	ADV
abrj-460	127	21	accessible	accessible	ADJ
abrj-460	127	22	.	.	PUNCT
abrj-460	128	1	the	the	DET
abrj-460	128	2	model	model	NOUN
abrj-460	128	3	specifies	specify	VERB
abrj-460	128	4	three	three	NUM
abrj-460	128	5	important	important	ADJ
abrj-460	128	6	elements	element	NOUN
abrj-460	128	7	that	that	PRON
abrj-460	128	8	interact	interact	VERB
abrj-460	128	9	in	in	ADP
abrj-460	128	10	this	this	DET
abrj-460	128	11	channel	channel	NOUN
abrj-460	128	12	:	:	PUNCT
abrj-460	128	13	capital	capital	NOUN
abrj-460	128	14	movements	movement	NOUN
abrj-460	128	15	,	,	PUNCT
abrj-460	128	16	barriers	barrier	NOUN
abrj-460	128	17	to	to	ADP
abrj-460	128	18	investment	investment	NOUN
abrj-460	128	19	and	and	CCONJ
abrj-460	128	20	factors	factor	NOUN
abrj-460	128	21	that	that	PRON
abrj-460	128	22	assist	assist	VERB
abrj-460	128	23	them	they	PRON
abrj-460	128	24	.	.	PUNCT
abrj-460	129	1	they	they	PRON
abrj-460	129	2	play	play	VERB
abrj-460	129	3	a	a	DET
abrj-460	129	4	big	big	ADJ
abrj-460	129	5	role	role	NOUN
abrj-460	129	6	in	in	ADP
abrj-460	129	7	setting	set	VERB
abrj-460	129	8	how	how	SCONJ
abrj-460	129	9	much	much	ADJ
abrj-460	129	10	and	and	CCONJ
abrj-460	129	11	what	what	DET
abrj-460	129	12	type	type	NOUN
abrj-460	129	13	of	of	ADP
abrj-460	129	14	investment	investment	NOUN
abrj-460	129	15	happens	happen	VERB
abrj-460	129	16	across	across	ADP
abrj-460	129	17	borders	border	NOUN
abrj-460	129	18	on	on	ADP
abrj-460	129	19	the	the	DET
abrj-460	129	20	continent	continent	NOUN
abrj-460	129	21	.	.	PUNCT
abrj-460	130	1	for	for	ADP
abrj-460	130	2	instance	instance	NOUN
abrj-460	130	3	,	,	PUNCT
abrj-460	130	4	if	if	SCONJ
abrj-460	130	5	countries	country	NOUN
abrj-460	130	6	have	have	VERB
abrj-460	130	7	stable	stable	ADJ
abrj-460	130	8	currencies	currency	NOUN
abrj-460	130	9	and	and	CCONJ
abrj-460	130	10	rules	rule	NOUN
abrj-460	130	11	,	,	PUNCT
abrj-460	130	12	investors	investor	NOUN
abrj-460	130	13	are	be	AUX
abrj-460	130	14	more	more	ADV
abrj-460	130	15	likely	likely	ADJ
abrj-460	130	16	to	to	PART
abrj-460	130	17	commit	commit	VERB
abrj-460	130	18	funds	fund	NOUN
abrj-460	130	19	in	in	ADP
abrj-460	130	20	foreign	foreign	ADJ
abrj-460	130	21	markets	market	NOUN
abrj-460	130	22	.	.	PUNCT
abrj-460	131	1	combined	combine	VERB
abrj-460	131	2	financial	financial	ADJ
abrj-460	131	3	markets	market	NOUN
abrj-460	131	4	in	in	ADP
abrj-460	131	5	africa	africa	PROPN
abrj-460	131	6	lead	lead	VERB
abrj-460	131	7	to	to	ADP
abrj-460	131	8	better	well	ADJ
abrj-460	131	9	uses	use	NOUN
abrj-460	131	10	of	of	ADP
abrj-460	131	11	capital	capital	NOUN
abrj-460	131	12	and	and	CCONJ
abrj-460	131	13	lower	low	ADJ
abrj-460	131	14	financing	financing	NOUN
abrj-460	131	15	costs	cost	NOUN
abrj-460	131	16	,	,	PUNCT
abrj-460	131	17	helping	help	VERB
abrj-460	131	18	boost	boost	VERB
abrj-460	131	19	the	the	DET
abrj-460	131	20	region	region	NOUN
abrj-460	131	21	’s	’s	PART
abrj-460	131	22	economic	economic	ADJ
abrj-460	131	23	growth	growth	NOUN
abrj-460	131	24	,	,	PUNCT
abrj-460	131	25	employment	employment	NOUN
abrj-460	131	26	rates	rate	NOUN
abrj-460	131	27	,	,	PUNCT
abrj-460	131	28	productivity	productivity	NOUN
abrj-460	131	29	and	and	CCONJ
abrj-460	131	30	infrastructure	infrastructure	NOUN
abrj-460	131	31	development	development	NOUN
abrj-460	131	32	.	.	PUNCT
abrj-460	132	1	the	the	DET
abrj-460	132	2	results	result	NOUN
abrj-460	132	3	are	be	AUX
abrj-460	132	4	shown	show	VERB
abrj-460	132	5	straight	straight	ADV
abrj-460	132	6	up	up	ADP
abrj-460	132	7	(	(	PUNCT
abrj-460	132	8	when	when	SCONJ
abrj-460	132	9	more	more	ADJ
abrj-460	132	10	funding	funding	NOUN
abrj-460	132	11	is	be	AUX
abrj-460	132	12	provided	provide	VERB
abrj-460	132	13	and	and	CCONJ
abrj-460	132	14	investment	investment	NOUN
abrj-460	132	15	happens	happen	VERB
abrj-460	132	16	)	)	PUNCT
abrj-460	132	17	as	as	ADV
abrj-460	132	18	well	well	ADV
abrj-460	132	19	as	as	ADP
abrj-460	132	20	indirectly	indirectly	ADV
abrj-460	132	21	(	(	PUNCT
abrj-460	132	22	as	as	SCONJ
abrj-460	132	23	institutions	institution	NOUN
abrj-460	132	24	pick	pick	VERB
abrj-460	132	25	up	up	ADP
abrj-460	132	26	on	on	ADP
abrj-460	132	27	new	new	ADJ
abrj-460	132	28	practices	practice	NOUN
abrj-460	132	29	and	and	CCONJ
abrj-460	132	30	policies	policy	NOUN
abrj-460	132	31	spread	spread	VERB
abrj-460	132	32	)	)	PUNCT
abrj-460	132	33	.	.	PUNCT
abrj-460	133	1	at	at	ADP
abrj-460	133	2	the	the	DET
abrj-460	133	3	start	start	NOUN
abrj-460	133	4	of	of	ADP
abrj-460	133	5	the	the	DET
abrj-460	133	6	diagram	diagram	NOUN
abrj-460	133	7	is	be	AUX
abrj-460	133	8	economic	economic	ADJ
abrj-460	133	9	growth	growth	NOUN
abrj-460	133	10	and	and	CCONJ
abrj-460	133	11	it	it	PRON
abrj-460	133	12	can	can	AUX
abrj-460	133	13	be	be	AUX
abrj-460	133	14	described	describe	VERB
abrj-460	133	15	by	by	ADP
abrj-460	133	16	the	the	DET
abrj-460	133	17	results	result	NOUN
abrj-460	133	18	of	of	ADP
abrj-460	133	19	all	all	DET
abrj-460	133	20	the	the	DET
abrj-460	133	21	paths	path	NOUN
abrj-460	133	22	previously	previously	ADV
abrj-460	133	23	discussed	discuss	VERB
abrj-460	133	24	.	.	PUNCT
abrj-460	134	1	this	this	PRON
abrj-460	134	2	is	be	AUX
abrj-460	134	3	the	the	DET
abrj-460	134	4	dependent	dependent	ADJ
abrj-460	134	5	variable	variable	NOUN
abrj-460	134	6	in	in	ADP
abrj-460	134	7	the	the	DET
abrj-460	134	8	analysis	analysis	NOUN
abrj-460	134	9	,	,	PUNCT
abrj-460	134	10	shaped	shape	VERB
abrj-460	134	11	by	by	ADP
abrj-460	134	12	both	both	CCONJ
abrj-460	134	13	the	the	DET
abrj-460	134	14	size	size	NOUN
abrj-460	134	15	and	and	CCONJ
abrj-460	134	16	quality	quality	NOUN
abrj-460	134	17	of	of	ADP
abrj-460	134	18	international	international	ADJ
abrj-460	134	19	investments	investment	NOUN
abrj-460	134	20	,	,	PUNCT
abrj-460	134	21	as	as	ADV
abrj-460	134	22	well	well	ADV
abrj-460	134	23	as	as	ADP
abrj-460	134	24	financial	financial	ADJ
abrj-460	134	25	integration	integration	NOUN
abrj-460	134	26	.	.	PUNCT
abrj-460	135	1	the	the	DET
abrj-460	135	2	model	model	NOUN
abrj-460	135	3	agrees	agree	VERB
abrj-460	135	4	with	with	ADP
abrj-460	135	5	neither	neither	CCONJ
abrj-460	135	6	the	the	DET
abrj-460	135	7	endogenous	endogenous	ADJ
abrj-460	135	8	growth	growth	NOUN
abrj-460	135	9	theory	theory	NOUN
abrj-460	135	10	nor	nor	CCONJ
abrj-460	135	11	capital	capital	NOUN
abrj-460	135	12	market	market	NOUN
abrj-460	135	13	integration	integration	NOUN
abrj-460	135	14	theory	theory	NOUN
abrj-460	135	15	,	,	PUNCT
abrj-460	135	16	as	as	SCONJ
abrj-460	135	17	it	it	PRON
abrj-460	135	18	views	view	VERB
abrj-460	135	19	growth	growth	NOUN
abrj-460	135	20	as	as	ADP
abrj-460	135	21	arising	arise	VERB
abrj-460	135	22	from	from	ADP
abrj-460	135	23	steady	steady	ADJ
abrj-460	135	24	movements	movement	NOUN
abrj-460	135	25	of	of	ADP
abrj-460	135	26	capital	capital	NOUN
abrj-460	135	27	and	and	CCONJ
abrj-460	135	28	progress	progress	NOUN
abrj-460	135	29	within	within	ADP
abrj-460	135	30	the	the	DET
abrj-460	135	31	system	system	NOUN
abrj-460	135	32	.	.	PUNCT
abrj-460	136	1	the	the	DET
abrj-460	136	2	framework	framework	NOUN
abrj-460	136	3	will	will	AUX
abrj-460	136	4	support	support	VERB
abrj-460	136	5	the	the	DET
abrj-460	136	6	collection	collection	NOUN
abrj-460	136	7	and	and	CCONJ
abrj-460	136	8	analysis	analysis	NOUN
abrj-460	136	9	of	of	ADP
abrj-460	136	10	information	information	NOUN
abrj-460	136	11	as	as	ADV
abrj-460	136	12	well	well	ADV
abrj-460	136	13	as	as	ADP
abrj-460	136	14	the	the	DET
abrj-460	136	15	provision	provision	NOUN
abrj-460	136	16	of	of	ADP
abrj-460	136	17	policy	policy	NOUN
abrj-460	136	18	advice	advice	NOUN
abrj-460	136	19	on	on	ADP
abrj-460	136	20	how	how	SCONJ
abrj-460	136	21	better	well	ADJ
abrj-460	136	22	financial	financial	ADJ
abrj-460	136	23	market	market	NOUN
abrj-460	136	24	integration	integration	NOUN
abrj-460	136	25	might	might	AUX
abrj-460	136	26	bring	bring	VERB
abrj-460	136	27	about	about	ADV
abrj-460	136	28	more	more	ADV
abrj-460	136	29	regional	regional	ADJ
abrj-460	136	30	funds	fund	NOUN
abrj-460	136	31	,	,	PUNCT
abrj-460	136	32	close	close	ADJ
abrj-460	136	33	economic	economic	ADJ
abrj-460	136	34	gaps	gap	NOUN
abrj-460	136	35	and	and	CCONJ
abrj-460	136	36	boost	boost	VERB
abrj-460	136	37	growth	growth	NOUN
abrj-460	136	38	for	for	ADP
abrj-460	136	39	all	all	PRON
abrj-460	136	40	.	.	PUNCT
abrj-460	137	1	3.methodology	3.methodology	NUM
abrj-460	137	2	the	the	DET
abrj-460	137	3	approach	approach	NOUN
abrj-460	137	4	used	use	VERB
abrj-460	137	5	in	in	ADP
abrj-460	137	6	this	this	DET
abrj-460	137	7	study	study	NOUN
abrj-460	137	8	is	be	AUX
abrj-460	137	9	a	a	DET
abrj-460	137	10	review	review	NOUN
abrj-460	137	11	-	-	PUNCT
abrj-460	137	12	based	base	VERB
abrj-460	137	13	and	and	CCONJ
abrj-460	137	14	qualitative	qualitative	ADJ
abrj-460	137	15	case	case	NOUN
abrj-460	137	16	study	study	NOUN
abrj-460	137	17	design	design	NOUN
abrj-460	137	18	,	,	PUNCT
abrj-460	137	19	which	which	PRON
abrj-460	137	20	is	be	AUX
abrj-460	137	21	underpinned	underpin	VERB
abrj-460	137	22	by	by	ADP
abrj-460	137	23	a	a	DET
abrj-460	137	24	systematic	systematic	ADJ
abrj-460	137	25	synthesis	synthesis	NOUN
abrj-460	137	26	of	of	ADP
abrj-460	137	27	secondary	secondary	ADJ
abrj-460	137	28	data	datum	NOUN
abrj-460	137	29	in	in	ADP
abrj-460	137	30	order	order	NOUN
abrj-460	137	31	to	to	PART
abrj-460	137	32	interrogate	interrogate	VERB
abrj-460	137	33	the	the	DET
abrj-460	137	34	link	link	NOUN
abrj-460	137	35	between	between	ADP
abrj-460	137	36	financial	financial	ADJ
abrj-460	137	37	market	market	NOUN
abrj-460	137	38	integration	integration	NOUN
abrj-460	137	39	,	,	PUNCT
abrj-460	137	40	crossborder	crossborder	NOUN
abrj-460	137	41	investments	investment	NOUN
abrj-460	137	42	and	and	CCONJ
abrj-460	137	43	economic	economic	ADJ
abrj-460	137	44	growth	growth	NOUN
abrj-460	137	45	in	in	ADP
abrj-460	137	46	africa	africa	PROPN
abrj-460	137	47	.	.	PUNCT
abrj-460	138	1	given	give	VERB
abrj-460	138	2	the	the	DET
abrj-460	138	3	diversity	diversity	NOUN
abrj-460	138	4	and	and	CCONJ
abrj-460	138	5	heterogeneity	heterogeneity	NOUN
abrj-460	138	6	of	of	ADP
abrj-460	138	7	financial	financial	ADJ
abrj-460	138	8	systems	system	NOUN
abrj-460	138	9	in	in	ADP
abrj-460	138	10	africa	africa	PROPN
abrj-460	138	11	,	,	PUNCT
abrj-460	138	12	this	this	DET
abrj-460	138	13	approach	approach	NOUN
abrj-460	138	14	is	be	AUX
abrj-460	138	15	suitable	suitable	ADJ
abrj-460	138	16	for	for	ADP
abrj-460	138	17	analysing	analyse	VERB
abrj-460	138	18	the	the	DET
abrj-460	138	19	multi	multi	ADJ
abrj-460	138	20	-	-	ADJ
abrj-460	138	21	faceted	faceted	ADJ
abrj-460	138	22	nature	nature	NOUN
abrj-460	138	23	of	of	ADP
abrj-460	138	24	the	the	DET
abrj-460	138	25	process	process	NOUN
abrj-460	138	26	of	of	ADP
abrj-460	138	27	integration	integration	NOUN
abrj-460	138	28	but	but	CCONJ
abrj-460	138	29	also	also	ADV
abrj-460	138	30	for	for	ADP
abrj-460	138	31	making	make	VERB
abrj-460	138	32	sensitive	sensitive	ADJ
abrj-460	138	33	inferences	inference	NOUN
abrj-460	138	34	in	in	ADP
abrj-460	138	35	context	context	NOUN
abrj-460	138	36	of	of	ADP
abrj-460	138	37	regional	regional	ADJ
abrj-460	138	38	development	development	NOUN
abrj-460	138	39	objectives	objective	NOUN
abrj-460	138	40	.	.	PUNCT
abrj-460	139	1	the	the	DET
abrj-460	139	2	review	review	NOUN
abrj-460	139	3	type	type	NOUN
abrj-460	139	4	of	of	ADP
abrj-460	139	5	research	research	NOUN
abrj-460	139	6	methodology	methodology	NOUN
abrj-460	139	7	allows	allow	VERB
abrj-460	139	8	for	for	ADP
abrj-460	139	9	comprehensive	comprehensive	ADJ
abrj-460	139	10	review	review	NOUN
abrj-460	139	11	of	of	ADP
abrj-460	139	12	peer	peer	NOUN
abrj-460	139	13	reviewed	review	VERB
abrj-460	139	14	literature	literature	NOUN
abrj-460	139	15	institutional	institutional	ADJ
abrj-460	139	16	reports	report	NOUN
abrj-460	139	17	,	,	PUNCT
abrj-460	139	18	policy	policy	NOUN
abrj-460	139	19	briefs	brief	NOUN
abrj-460	139	20	and	and	CCONJ
abrj-460	139	21	empirical	empirical	ADJ
abrj-460	139	22	data	datum	NOUN
abrj-460	139	23	of	of	ADP
abrj-460	139	24	identified	identify	VERB
abrj-460	139	25	multilateral	multilateral	ADJ
abrj-460	139	26	agencies	agency	NOUN
abrj-460	139	27	.	.	PUNCT
abrj-460	140	1	this	this	PRON
abrj-460	140	2	provides	provide	VERB
abrj-460	140	3	for	for	ADP
abrj-460	140	4	academic	academic	ADJ
abrj-460	140	5	soundness	soundness	NOUN
abrj-460	140	6	as	as	ADV
abrj-460	140	7	well	well	ADV
abrj-460	140	8	as	as	ADP
abrj-460	140	9	policy	policy	NOUN
abrj-460	140	10	relevance	relevance	NOUN
abrj-460	140	11	.	.	PUNCT
abrj-460	141	1	the	the	DET
abrj-460	141	2	analysis	analysis	NOUN
abrj-460	141	3	is	be	AUX
abrj-460	141	4	designed	design	VERB
abrj-460	141	5	to	to	PART
abrj-460	141	6	learn	learn	VERB
abrj-460	141	7	from	from	ADP
abrj-460	141	8	cross	cross	ADJ
abrj-460	141	9	-	-	ADJ
abrj-460	141	10	national	national	ADJ
abrj-460	141	11	experiences	experience	NOUN
abrj-460	141	12	,	,	PUNCT
abrj-460	141	13	test	test	NOUN
abrj-460	141	14	regional	regional	ADJ
abrj-460	141	15	trends	trend	NOUN
abrj-460	141	16	and	and	CCONJ
abrj-460	141	17	analyze	analyze	VERB
abrj-460	141	18	drivers	driver	NOUN
abrj-460	141	19	and	and	CCONJ
abrj-460	141	20	constraints	constraint	NOUN
abrj-460	141	21	that	that	PRON
abrj-460	141	22	affect	affect	VERB
abrj-460	141	23	cross	cross	ADJ
abrj-460	141	24	-	-	ADJ
abrj-460	141	25	border	border	ADJ
abrj-460	141	26	financial	financial	ADJ
abrj-460	141	27	flows	flow	NOUN
abrj-460	141	28	in	in	ADP
abrj-460	141	29	investments	investment	NOUN
abrj-460	141	30	in	in	ADP
abrj-460	141	31	countries	country	NOUN
abrj-460	141	32	across	across	ADP
abrj-460	141	33	the	the	DET
abrj-460	141	34	continent	continent	NOUN
abrj-460	141	35	.	.	PUNCT
abrj-460	142	1	to	to	PART
abrj-460	142	2	enrich	enrich	VERB
abrj-460	142	3	the	the	DET
abrj-460	142	4	empirical	empirical	ADJ
abrj-460	142	5	understanding	understanding	NOUN
abrj-460	142	6	of	of	ADP
abrj-460	142	7	these	these	DET
abrj-460	142	8	two	two	NUM
abrj-460	142	9	forms	form	NOUN
abrj-460	142	10	of	of	ADP
abrj-460	142	11	monetary	monetary	ADJ
abrj-460	142	12	regionalism	regionalism	NOUN
abrj-460	142	13	,	,	PUNCT
abrj-460	142	14	the	the	DET
abrj-460	142	15	paper	paper	NOUN
abrj-460	142	16	combines	combine	VERB
abrj-460	142	17	the	the	DET
abrj-460	142	18	comparative	comparative	ADJ
abrj-460	142	19	study	study	NOUN
abrj-460	142	20	method	method	NOUN
abrj-460	142	21	with	with	ADP
abrj-460	142	22	the	the	DET
abrj-460	142	23	case	case	NOUN
abrj-460	142	24	study	study	NOUN
abrj-460	142	25	technique	technique	NOUN
abrj-460	142	26	and	and	CCONJ
abrj-460	142	27	uses	use	VERB
abrj-460	142	28	regional	regional	ADJ
abrj-460	142	29	blocs	bloc	NOUN
abrj-460	142	30	as	as	ADP
abrj-460	142	31	cases	case	NOUN
abrj-460	142	32	.	.	PUNCT
abrj-460	143	1	thirty	thirty	NUM
abrj-460	143	2	five	five	NUM
abrj-460	143	3	case	case	NOUN
abrj-460	143	4	studies	study	VERB
abrj-460	143	5	asian	asian	PROPN
abrj-460	143	6	business	business	NOUN
abrj-460	143	7	research	research	NOUN
abrj-460	143	8	journal	journal	NOUN
abrj-460	143	9	,	,	PUNCT
abrj-460	143	10	2025	2025	NUM
abrj-460	143	11	,	,	PUNCT
abrj-460	143	12	10(6	10(6	NUM
abrj-460	143	13	):	):	PUNCT
abrj-460	143	14	9	9	NUM
abrj-460	143	15	-	-	SYM
abrj-460	143	16	20	20	NUM
abrj-460	143	17	14	14	NUM
abrj-460	143	18	©	©	ADP
abrj-460	143	19	2025	2025	NUM
abrj-460	143	20	by	by	ADP
abrj-460	143	21	the	the	DET
abrj-460	143	22	authors	author	NOUN
abrj-460	143	23	;	;	PUNCT
abrj-460	143	24	licensee	licensee	NOUN
abrj-460	143	25	eastern	eastern	ADJ
abrj-460	143	26	centre	centre	NOUN
abrj-460	143	27	of	of	ADP
abrj-460	143	28	science	science	NOUN
abrj-460	143	29	and	and	CCONJ
abrj-460	143	30	education	education	NOUN
abrj-460	143	31	,	,	PUNCT
abrj-460	143	32	usa	usa	PROPN
abrj-460	143	33	are	be	AUX
abrj-460	143	34	culled	cull	VERB
abrj-460	143	35	from	from	ADP
abrj-460	143	36	three	three	NUM
abrj-460	143	37	african	african	ADJ
abrj-460	143	38	recs	rec	NOUN
abrj-460	143	39	:	:	PUNCT
abrj-460	143	40	ecowas	ecowas	PROPN
abrj-460	143	41	(	(	PUNCT
abrj-460	143	42	economic	economic	ADJ
abrj-460	143	43	community	community	NOUN
abrj-460	143	44	of	of	ADP
abrj-460	143	45	west	west	ADJ
abrj-460	143	46	african	african	ADJ
abrj-460	143	47	states	state	NOUN
abrj-460	143	48	)	)	PUNCT
abrj-460	143	49	,	,	PUNCT
abrj-460	143	50	sadc	sadc	PROPN
abrj-460	143	51	(	(	PUNCT
abrj-460	143	52	southern	southern	ADJ
abrj-460	143	53	african	african	ADJ
abrj-460	143	54	development	development	NOUN
abrj-460	143	55	community	community	NOUN
abrj-460	143	56	)	)	PUNCT
abrj-460	143	57	and	and	CCONJ
abrj-460	143	58	comesa	comesa	PROPN
abrj-460	143	59	(	(	PUNCT
abrj-460	143	60	common	common	ADJ
abrj-460	143	61	market	market	NOUN
abrj-460	143	62	for	for	ADP
abrj-460	143	63	eastern	eastern	ADJ
abrj-460	143	64	and	and	CCONJ
abrj-460	143	65	southern	southern	PROPN
abrj-460	143	66	africa	africa	PROPN
abrj-460	143	67	)	)	PUNCT
abrj-460	143	68	.	.	PUNCT
abrj-460	144	1	these	these	DET
abrj-460	144	2	areas	area	NOUN
abrj-460	144	3	were	be	AUX
abrj-460	144	4	purposely	purposely	ADV
abrj-460	144	5	chosen	choose	VERB
abrj-460	144	6	on	on	ADP
abrj-460	144	7	a	a	DET
abrj-460	144	8	number	number	NOUN
abrj-460	144	9	of	of	ADP
abrj-460	144	10	factors	factor	NOUN
abrj-460	144	11	that	that	PRON
abrj-460	144	12	include	include	VERB
abrj-460	144	13	:	:	PUNCT
abrj-460	144	14	(	(	PUNCT
abrj-460	144	15	1	1	X
abrj-460	144	16	)	)	PUNCT
abrj-460	144	17	extent	extent	NOUN
abrj-460	144	18	of	of	ADP
abrj-460	144	19	capital	capital	NOUN
abrj-460	144	20	markets	market	NOUN
abrj-460	144	21	development	development	NOUN
abrj-460	144	22	and	and	CCONJ
abrj-460	144	23	integration	integration	NOUN
abrj-460	144	24	initiatives	initiative	NOUN
abrj-460	144	25	(	(	PUNCT
abrj-460	144	26	e.g.	e.g.	ADV
abrj-460	144	27	,	,	PUNCT
abrj-460	144	28	existence	existence	NOUN
abrj-460	144	29	of	of	ADP
abrj-460	144	30	regional	regional	ADJ
abrj-460	144	31	exchanges	exchange	NOUN
abrj-460	144	32	,	,	PUNCT
abrj-460	144	33	cross	cross	ADJ
abrj-460	144	34	-	-	ADJ
abrj-460	144	35	listing	listing	ADJ
abrj-460	144	36	,	,	PUNCT
abrj-460	144	37	financial	financial	ADJ
abrj-460	144	38	infrastructure	infrastructure	NOUN
abrj-460	144	39	sharing	sharing	NOUN
abrj-460	144	40	)	)	PUNCT
abrj-460	144	41	;	;	PUNCT
abrj-460	144	42	(	(	PUNCT
abrj-460	144	43	2	2	X
abrj-460	144	44	)	)	PUNCT
abrj-460	144	45	level	level	NOUN
abrj-460	144	46	of	of	ADP
abrj-460	144	47	convergence	convergence	NOUN
abrj-460	144	48	of	of	ADP
abrj-460	144	49	regulatory	regulatory	ADJ
abrj-460	144	50	and	and	CCONJ
abrj-460	144	51	policy	policy	NOUN
abrj-460	144	52	initiatives	initiative	NOUN
abrj-460	144	53	(	(	PUNCT
abrj-460	144	54	e.g.	e.g.	ADV
abrj-460	144	55	,	,	PUNCT
abrj-460	144	56	monetary	monetary	ADJ
abrj-460	144	57	unions	union	NOUN
abrj-460	144	58	,	,	PUNCT
abrj-460	144	59	liberalization	liberalization	NOUN
abrj-460	144	60	of	of	ADP
abrj-460	144	61	the	the	DET
abrj-460	144	62	capital	capital	NOUN
abrj-460	144	63	account	account	NOUN
abrj-460	144	64	)	)	PUNCT
abrj-460	144	65	;	;	PUNCT
abrj-460	144	66	and	and	CCONJ
abrj-460	144	67	(	(	PUNCT
abrj-460	144	68	3	3	X
abrj-460	144	69	)	)	PUNCT
abrj-460	144	70	data	datum	NOUN
abrj-460	144	71	availability	availability	NOUN
abrj-460	144	72	on	on	ADP
abrj-460	144	73	cross	cross	ADJ
abrj-460	144	74	-	-	ADJ
abrj-460	144	75	border	border	ADJ
abrj-460	144	76	investment	investment	NOUN
abrj-460	144	77	.	.	PUNCT
abrj-460	145	1	for	for	ADP
abrj-460	145	2	each	each	DET
abrj-460	145	3	bloc	bloc	NOUN
abrj-460	145	4	,	,	PUNCT
abrj-460	145	5	approximately	approximately	ADV
abrj-460	145	6	3	3	NUM
abrj-460	145	7	countries	country	NOUN
abrj-460	145	8	with	with	ADP
abrj-460	145	9	developed	develop	VERB
abrj-460	145	10	capital	capital	NOUN
abrj-460	145	11	markets	market	NOUN
abrj-460	145	12	and	and	CCONJ
abrj-460	145	13	stable	stable	ADJ
abrj-460	145	14	macroeconomy	macroeconomy	NOUN
abrj-460	145	15	,	,	PUNCT
abrj-460	145	16	with	with	ADP
abrj-460	145	17	nigeria	nigeria	PROPN
abrj-460	145	18	,	,	PUNCT
abrj-460	145	19	south	south	PROPN
abrj-460	145	20	africa	africa	PROPN
abrj-460	145	21	and	and	CCONJ
abrj-460	145	22	kenya	kenya	PROPN
abrj-460	145	23	as	as	ADP
abrj-460	145	24	focus	focus	NOUN
abrj-460	145	25	,	,	PUNCT
abrj-460	145	26	will	will	AUX
abrj-460	145	27	provide	provide	VERB
abrj-460	145	28	for	for	ADP
abrj-460	145	29	an	an	DET
abrj-460	145	30	in	in	ADP
abrj-460	145	31	-	-	PUNCT
abrj-460	145	32	depth	depth	NOUN
abrj-460	145	33	comparative	comparative	ADJ
abrj-460	145	34	analysis	analysis	NOUN
abrj-460	145	35	.	.	PUNCT
abrj-460	146	1	the	the	DET
abrj-460	146	2	research	research	NOUN
abrj-460	146	3	works	work	VERB
abrj-460	146	4	with	with	ADP
abrj-460	146	5	secondary	secondary	ADJ
abrj-460	146	6	data	datum	NOUN
abrj-460	146	7	collected	collect	VERB
abrj-460	146	8	from	from	ADP
abrj-460	146	9	several	several	ADJ
abrj-460	146	10	well	well	ADV
abrj-460	146	11	recognised	recognise	VERB
abrj-460	146	12	and	and	CCONJ
abrj-460	146	13	authoritative	authoritative	ADJ
abrj-460	146	14	agencies	agency	NOUN
abrj-460	146	15	.	.	PUNCT
abrj-460	147	1	these	these	DET
abrj-460	147	2	range	range	NOUN
abrj-460	147	3	from	from	ADP
abrj-460	147	4	macro	macro	ADJ
abrj-460	147	5	-	-	ADJ
abrj-460	147	6	financial	financial	ADJ
abrj-460	147	7	databases	database	NOUN
abrj-460	147	8	and	and	CCONJ
abrj-460	147	9	thematic	thematic	ADJ
abrj-460	147	10	reports	report	NOUN
abrj-460	147	11	of	of	ADP
abrj-460	147	12	the	the	DET
abrj-460	147	13	international	international	ADJ
abrj-460	147	14	monetary	monetary	ADJ
abrj-460	147	15	fund	fund	NOUN
abrj-460	147	16	(	(	PUNCT
abrj-460	147	17	imf	imf	PROPN
abrj-460	147	18	)	)	PUNCT
abrj-460	147	19	,	,	PUNCT
abrj-460	147	20	african	african	PROPN
abrj-460	147	21	development	development	PROPN
abrj-460	147	22	bank	bank	PROPN
abrj-460	147	23	(	(	PUNCT
abrj-460	147	24	afdb	afdb	PROPN
abrj-460	147	25	)	)	PUNCT
abrj-460	147	26	,	,	PUNCT
abrj-460	147	27	the	the	DET
abrj-460	147	28	united	united	PROPN
abrj-460	147	29	nations	nations	PROPN
abrj-460	147	30	conference	conference	PROPN
abrj-460	147	31	on	on	ADP
abrj-460	147	32	trade	trade	NOUN
abrj-460	147	33	and	and	CCONJ
abrj-460	147	34	development	development	NOUN
abrj-460	147	35	(	(	PUNCT
abrj-460	147	36	unctad	unctad	PROPN
abrj-460	147	37	)	)	PUNCT
abrj-460	147	38	,	,	PUNCT
abrj-460	147	39	african	african	ADJ
abrj-460	147	40	securities	security	NOUN
abrj-460	147	41	exchanges	exchange	NOUN
abrj-460	147	42	association	association	NOUN
abrj-460	147	43	(	(	PUNCT
abrj-460	147	44	asea	asea	PROPN
abrj-460	147	45	)	)	PUNCT
abrj-460	147	46	,	,	PUNCT
abrj-460	147	47	to	to	ADP
abrj-460	147	48	the	the	DET
abrj-460	147	49	world	world	PROPN
abrj-460	147	50	bank	bank	PROPN
abrj-460	147	51	.	.	PUNCT
abrj-460	148	1	other	other	ADJ
abrj-460	148	2	sources	source	NOUN
abrj-460	148	3	comprise	comprise	VERB
abrj-460	148	4	reports	report	NOUN
abrj-460	148	5	of	of	ADP
abrj-460	148	6	the	the	DET
abrj-460	148	7	africa	africa	PROPN
abrj-460	148	8	union	union	PROPN
abrj-460	148	9	,	,	PUNCT
abrj-460	148	10	oecd	oecd	PROPN
abrj-460	148	11	,	,	PUNCT
abrj-460	148	12	and	and	CCONJ
abrj-460	148	13	national	national	ADJ
abrj-460	148	14	financial	financial	ADJ
abrj-460	148	15	market	market	NOUN
abrj-460	148	16	regulators	regulator	NOUN
abrj-460	148	17	.	.	PUNCT
abrj-460	149	1	these	these	DET
abrj-460	149	2	data	datum	NOUN
abrj-460	149	3	and	and	CCONJ
abrj-460	149	4	documents	document	NOUN
abrj-460	149	5	contain	contain	VERB
abrj-460	149	6	valuable	valuable	ADJ
abrj-460	149	7	information	information	NOUN
abrj-460	149	8	on	on	ADP
abrj-460	149	9	capital	capital	NOUN
abrj-460	149	10	flows	flow	NOUN
abrj-460	149	11	,	,	PUNCT
abrj-460	149	12	market	market	NOUN
abrj-460	149	13	performance	performance	NOUN
abrj-460	149	14	,	,	PUNCT
abrj-460	149	15	regulatory	regulatory	ADJ
abrj-460	149	16	framework	framework	NOUN
abrj-460	149	17	and	and	CCONJ
abrj-460	149	18	other	other	ADJ
abrj-460	149	19	indices	index	NOUN
abrj-460	149	20	on	on	ADP
abrj-460	149	21	integration	integration	NOUN
abrj-460	149	22	useful	useful	ADJ
abrj-460	149	23	for	for	ADP
abrj-460	149	24	the	the	DET
abrj-460	149	25	objectives	objective	NOUN
abrj-460	149	26	set	set	VERB
abrj-460	149	27	for	for	ADP
abrj-460	149	28	the	the	DET
abrj-460	149	29	study	study	NOUN
abrj-460	149	30	.	.	PUNCT
abrj-460	150	1	the	the	DET
abrj-460	150	2	research	research	NOUN
abrj-460	150	3	uses	use	VERB
abrj-460	150	4	a	a	DET
abrj-460	150	5	qualitative	qualitative	ADJ
abrj-460	150	6	analytic	analytic	ADJ
abrj-460	150	7	method	method	NOUN
abrj-460	150	8	which	which	PRON
abrj-460	150	9	involves	involve	VERB
abrj-460	150	10	thematic	thematic	ADJ
abrj-460	150	11	and	and	CCONJ
abrj-460	150	12	comparative	comparative	ADJ
abrj-460	150	13	analysis	analysis	NOUN
abrj-460	150	14	for	for	ADP
abrj-460	150	15	data	data	NOUN
abrj-460	150	16	interpretation	interpretation	NOUN
abrj-460	150	17	purposes	purpose	NOUN
abrj-460	150	18	.	.	PUNCT
abrj-460	151	1	thematic	thematic	ADJ
abrj-460	151	2	analysis	analysis	NOUN
abrj-460	151	3	is	be	AUX
abrj-460	151	4	applied	apply	VERB
abrj-460	151	5	to	to	PART
abrj-460	151	6	capture	capture	VERB
abrj-460	151	7	and	and	CCONJ
abrj-460	151	8	integrate	integrate	VERB
abrj-460	151	9	cross	cross	ADJ
abrj-460	151	10	-	-	NOUN
abrj-460	151	11	case	case	ADJ
abrj-460	151	12	patterns	pattern	NOUN
abrj-460	151	13	,	,	PUNCT
abrj-460	151	14	co	co	NOUN
abrj-460	151	15	-	-	NOUN
abrj-460	151	16	drivers	driver	NOUN
abrj-460	151	17	,	,	PUNCT
abrj-460	151	18	and	and	CCONJ
abrj-460	151	19	barriers	barrier	NOUN
abrj-460	151	20	associated	associate	VERB
abrj-460	151	21	with	with	ADP
abrj-460	151	22	financial	financial	ADJ
abrj-460	151	23	integration	integration	NOUN
abrj-460	151	24	and	and	CCONJ
abrj-460	151	25	economic	economic	ADJ
abrj-460	151	26	performance	performance	NOUN
abrj-460	151	27	.	.	PUNCT
abrj-460	152	1	the	the	DET
abrj-460	152	2	themes	theme	NOUN
abrj-460	152	3	identify	identify	VERB
abrj-460	152	4	issues	issue	NOUN
abrj-460	152	5	such	such	ADJ
abrj-460	152	6	as	as	ADP
abrj-460	152	7	:	:	PUNCT
abrj-460	152	8	the	the	DET
abrj-460	152	9	mobility	mobility	NOUN
abrj-460	152	10	of	of	ADP
abrj-460	152	11	capital	capital	NOUN
abrj-460	152	12	,	,	PUNCT
abrj-460	152	13	co	co	NOUN
abrj-460	152	14	-	-	NOUN
abrj-460	152	15	ordination	ordination	NOUN
abrj-460	152	16	among	among	ADP
abrj-460	152	17	institutions	institution	NOUN
abrj-460	152	18	,	,	PUNCT
abrj-460	152	19	risk	risk	NOUN
abrj-460	152	20	to	to	ADP
abrj-460	152	21	investment	investment	NOUN
abrj-460	152	22	and	and	CCONJ
abrj-460	152	23	coherence	coherence	NOUN
abrj-460	152	24	in	in	ADP
abrj-460	152	25	policy	policy	NOUN
abrj-460	152	26	.	.	PUNCT
abrj-460	153	1	these	these	DET
abrj-460	153	2	categories	category	NOUN
abrj-460	153	3	are	be	AUX
abrj-460	153	4	also	also	ADV
abrj-460	153	5	validated	validate	VERB
abrj-460	153	6	with	with	ADP
abrj-460	153	7	local	local	ADJ
abrj-460	153	8	data	datum	NOUN
abrj-460	153	9	for	for	ADP
abrj-460	153	10	contextual	contextual	ADJ
abrj-460	153	11	support	support	NOUN
abrj-460	153	12	.	.	PUNCT
abrj-460	154	1	concurrently	concurrently	ADV
abrj-460	154	2	comparative	comparative	ADJ
abrj-460	154	3	analysis	analysis	NOUN
abrj-460	154	4	is	be	AUX
abrj-460	154	5	used	use	VERB
abrj-460	154	6	to	to	PART
abrj-460	154	7	draw	draw	VERB
abrj-460	154	8	comparisons	comparison	NOUN
abrj-460	154	9	and	and	CCONJ
abrj-460	154	10	contrasts	contrast	VERB
abrj-460	154	11	in	in	ADP
abrj-460	154	12	integration	integration	NOUN
abrj-460	154	13	outcomes	outcome	NOUN
abrj-460	154	14	between	between	ADP
abrj-460	154	15	ecowas	ecowas	PROPN
abrj-460	154	16	,	,	PUNCT
abrj-460	154	17	sadc	sadc	PROPN
abrj-460	154	18	and	and	CCONJ
abrj-460	154	19	comesa	comesa	PROPN
abrj-460	154	20	.	.	PUNCT
abrj-460	155	1	the	the	DET
abrj-460	155	2	findings	finding	NOUN
abrj-460	155	3	from	from	ADP
abrj-460	155	4	this	this	PRON
abrj-460	155	5	can	can	AUX
abrj-460	155	6	be	be	AUX
abrj-460	155	7	of	of	ADP
abrj-460	155	8	great	great	ADJ
abrj-460	155	9	value	value	NOUN
abrj-460	155	10	in	in	ADP
abrj-460	155	11	identifying	identify	VERB
abrj-460	155	12	best	good	ADJ
abrj-460	155	13	practices	practice	NOUN
abrj-460	155	14	as	as	ADV
abrj-460	155	15	well	well	ADV
abrj-460	155	16	as	as	ADP
abrj-460	155	17	regional	regional	ADJ
abrj-460	155	18	barriers	barrier	NOUN
abrj-460	155	19	and	and	CCONJ
abrj-460	155	20	possible	possible	ADJ
abrj-460	155	21	avenues	avenue	NOUN
abrj-460	155	22	to	to	PART
abrj-460	155	23	harmonize	harmonize	VERB
abrj-460	155	24	integration	integration	NOUN
abrj-460	155	25	initiatives	initiative	NOUN
abrj-460	155	26	at	at	ADP
abrj-460	155	27	a	a	DET
abrj-460	155	28	continental	continental	ADJ
abrj-460	155	29	level	level	NOUN
abrj-460	155	30	.	.	PUNCT
abrj-460	156	1	use	use	NOUN
abrj-460	156	2	of	of	ADP
abrj-460	156	3	the	the	DET
abrj-460	156	4	logic	logic	NOUN
abrj-460	156	5	of	of	ADP
abrj-460	156	6	comparison	comparison	NOUN
abrj-460	156	7	increases	increase	VERB
abrj-460	156	8	the	the	DET
abrj-460	156	9	external	external	ADJ
abrj-460	156	10	validity	validity	NOUN
abrj-460	156	11	while	while	SCONJ
abrj-460	156	12	maintaining	maintain	VERB
abrj-460	156	13	the	the	DET
abrj-460	156	14	internal	internal	ADJ
abrj-460	156	15	validity	validity	NOUN
abrj-460	156	16	related	relate	VERB
abrj-460	156	17	to	to	ADP
abrj-460	156	18	specific	specific	ADJ
abrj-460	156	19	regional	regional	ADJ
abrj-460	156	20	contexts	contexts	NOUN
abrj-460	156	21	.	.	PUNCT
abrj-460	157	1	in	in	ADP
abrj-460	157	2	conclusion	conclusion	NOUN
abrj-460	157	3	,	,	PUNCT
abrj-460	157	4	the	the	DET
abrj-460	157	5	method	method	NOUN
abrj-460	157	6	employed	employ	VERB
abrj-460	157	7	in	in	ADP
abrj-460	157	8	this	this	DET
abrj-460	157	9	study	study	NOUN
abrj-460	157	10	integrates	integrate	VERB
abrj-460	157	11	a	a	DET
abrj-460	157	12	systematic	systematic	ADJ
abrj-460	157	13	literature	literature	NOUN
abrj-460	157	14	review	review	NOUN
abrj-460	157	15	with	with	ADP
abrj-460	157	16	purposive	purposive	ADJ
abrj-460	157	17	regionally	regionally	ADV
abrj-460	157	18	-	-	PUNCT
abrj-460	157	19	specific	specific	ADJ
abrj-460	157	20	selection	selection	NOUN
abrj-460	157	21	of	of	ADP
abrj-460	157	22	case	case	NOUN
abrj-460	157	23	studies	study	NOUN
abrj-460	157	24	and	and	CCONJ
abrj-460	157	25	in	in	ADP
abrj-460	157	26	-	-	PUNCT
abrj-460	157	27	depth	depth	NOUN
abrj-460	157	28	qualitative	qualitative	NOUN
abrj-460	157	29	analysis	analysis	NOUN
abrj-460	157	30	to	to	PART
abrj-460	157	31	provide	provide	VERB
abrj-460	157	32	a	a	DET
abrj-460	157	33	comprehensive	comprehensive	ADJ
abrj-460	157	34	account	account	NOUN
abrj-460	157	35	of	of	ADP
abrj-460	157	36	the	the	DET
abrj-460	157	37	impact	impact	NOUN
abrj-460	157	38	of	of	ADP
abrj-460	157	39	financial	financial	ADJ
abrj-460	157	40	market	market	NOUN
abrj-460	157	41	integration	integration	NOUN
abrj-460	157	42	on	on	ADP
abrj-460	157	43	cross	cross	ADJ
abrj-460	157	44	-	-	ADJ
abrj-460	157	45	border	border	ADJ
abrj-460	157	46	investments	investment	NOUN
abrj-460	157	47	and	and	CCONJ
abrj-460	157	48	economic	economic	ADJ
abrj-460	157	49	development	development	NOUN
abrj-460	157	50	in	in	ADP
abrj-460	157	51	africa	africa	PROPN
abrj-460	157	52	.	.	PUNCT
abrj-460	158	1	such	such	DET
abrj-460	158	2	an	an	DET
abrj-460	158	3	effort	effort	NOUN
abrj-460	158	4	helps	help	VERB
abrj-460	158	5	to	to	PART
abrj-460	158	6	ensure	ensure	VERB
abrj-460	158	7	that	that	SCONJ
abrj-460	158	8	the	the	DET
abrj-460	158	9	results	result	NOUN
abrj-460	158	10	are	be	AUX
abrj-460	158	11	embedded	embed	VERB
abrj-460	158	12	in	in	ADP
abrj-460	158	13	a	a	DET
abrj-460	158	14	theoretical	theoretical	ADJ
abrj-460	158	15	and	and	CCONJ
abrj-460	158	16	empirical	empirical	ADJ
abrj-460	158	17	literature	literature	NOUN
abrj-460	158	18	,	,	PUNCT
abrj-460	158	19	while	while	SCONJ
abrj-460	158	20	being	be	AUX
abrj-460	158	21	flexible	flexible	ADJ
abrj-460	158	22	for	for	ADP
abrj-460	158	23	changing	change	VERB
abrj-460	158	24	regional	regional	ADJ
abrj-460	158	25	policy	policy	NOUN
abrj-460	158	26	discourses	discourse	NOUN
abrj-460	158	27	.	.	PUNCT
abrj-460	159	1	figure	figure	VERB
abrj-460	159	2	3	3	NUM
abrj-460	159	3	.	.	PUNCT
abrj-460	160	1	prisma	prisma	PROPN
abrj-460	160	2	2020	2020	NUM
abrj-460	160	3	flow	flow	NOUN
abrj-460	160	4	diagram	diagram	NOUN
abrj-460	160	5	.	.	PUNCT
abrj-460	161	1	4	4	X
abrj-460	161	2	.	.	NOUN
abrj-460	161	3	results	result	NOUN
abrj-460	161	4	and	and	CCONJ
abrj-460	161	5	discussion	discussion	NOUN
abrj-460	161	6	the	the	DET
abrj-460	161	7	combined	combine	VERB
abrj-460	161	8	results	result	NOUN
abrj-460	161	9	of	of	ADP
abrj-460	161	10	review	review	NOUN
abrj-460	161	11	-	-	PUNCT
abrj-460	161	12	based	base	VERB
abrj-460	161	13	analysis	analysis	NOUN
abrj-460	161	14	and	and	CCONJ
abrj-460	161	15	regional	regional	ADJ
abrj-460	161	16	case	case	NOUN
abrj-460	161	17	studies	study	NOUN
abrj-460	161	18	also	also	ADV
abrj-460	161	19	indicate	indicate	VERB
abrj-460	161	20	a	a	DET
abrj-460	161	21	complex	complex	ADJ
abrj-460	161	22	and	and	CCONJ
abrj-460	161	23	countryspecific	countryspecific	NOUN
abrj-460	161	24	relationship	relationship	NOUN
abrj-460	161	25	between	between	ADP
abrj-460	161	26	the	the	DET
abrj-460	161	27	integration	integration	NOUN
abrj-460	161	28	of	of	ADP
abrj-460	161	29	financial	financial	ADJ
abrj-460	161	30	markets	market	NOUN
abrj-460	161	31	,	,	PUNCT
abrj-460	161	32	cross	cross	ADJ
abrj-460	161	33	-	-	ADJ
abrj-460	161	34	border	border	ADJ
abrj-460	161	35	investment	investment	NOUN
abrj-460	161	36	and	and	CCONJ
abrj-460	161	37	economic	economic	ADJ
abrj-460	161	38	growth	growth	NOUN
abrj-460	161	39	in	in	ADP
abrj-460	161	40	african	african	ADJ
abrj-460	161	41	countries	country	NOUN
abrj-460	161	42	.	.	PUNCT
abrj-460	162	1	lessons	lesson	NOUN
abrj-460	162	2	from	from	ADP
abrj-460	162	3	ecowas	ecowas	PROPN
abrj-460	162	4	,	,	PUNCT
abrj-460	162	5	sadc	sadc	PROPN
abrj-460	162	6	and	and	CCONJ
abrj-460	162	7	comesa	comesa	PROPN
abrj-460	162	8	suggest	suggest	VERB
abrj-460	162	9	that	that	SCONJ
abrj-460	162	10	financial	financial	ADJ
abrj-460	162	11	integration	integration	NOUN
abrj-460	162	12	could	could	AUX
abrj-460	162	13	exert	exert	VERB
abrj-460	162	14	a	a	DET
abrj-460	162	15	very	very	ADV
abrj-460	162	16	substantial	substantial	ADJ
abrj-460	162	17	positive	positive	ADJ
abrj-460	162	18	impact	impact	NOUN
abrj-460	162	19	on	on	ADP
abrj-460	162	20	growth	growth	NOUN
abrj-460	162	21	through	through	ADP
abrj-460	162	22	the	the	DET
abrj-460	162	23	combination	combination	NOUN
abrj-460	162	24	of	of	ADP
abrj-460	162	25	supportive	supportive	ADJ
abrj-460	162	26	institutional	institutional	ADJ
abrj-460	162	27	,	,	PUNCT
abrj-460	162	28	technological	technological	ADJ
abrj-460	162	29	and	and	CCONJ
abrj-460	162	30	regulatory	regulatory	ADJ
abrj-460	162	31	conditions	condition	NOUN
abrj-460	162	32	.	.	PUNCT
abrj-460	163	1	countries	country	NOUN
abrj-460	163	2	with	with	ADP
abrj-460	163	3	more	more	ADJ
abrj-460	163	4	integration	integration	NOUN
abrj-460	163	5	levels	level	NOUN
abrj-460	163	6	of	of	ADP
abrj-460	163	7	integration	integration	NOUN
abrj-460	163	8	and	and	CCONJ
abrj-460	163	9	whose	whose	DET
abrj-460	163	10	involvement	involvement	NOUN
abrj-460	163	11	in	in	ADP
abrj-460	163	12	the	the	DET
abrj-460	163	13	regional	regional	ADJ
abrj-460	163	14	asian	asian	ADJ
abrj-460	163	15	business	business	NOUN
abrj-460	163	16	research	research	NOUN
abrj-460	163	17	journal	journal	NOUN
abrj-460	163	18	,	,	PUNCT
abrj-460	163	19	2025	2025	NUM
abrj-460	163	20	,	,	PUNCT
abrj-460	163	21	10(6	10(6	NUM
abrj-460	163	22	):	):	PUNCT
abrj-460	163	23	9	9	NUM
abrj-460	163	24	-	-	SYM
abrj-460	163	25	20	20	NUM
abrj-460	163	26	15	15	NUM
abrj-460	163	27	©	©	ADP
abrj-460	163	28	2025	2025	NUM
abrj-460	163	29	by	by	ADP
abrj-460	163	30	the	the	DET
abrj-460	163	31	authors	author	NOUN
abrj-460	163	32	;	;	PUNCT
abrj-460	163	33	licensee	licensee	NOUN
abrj-460	163	34	eastern	eastern	ADJ
abrj-460	163	35	centre	centre	NOUN
abrj-460	163	36	of	of	ADP
abrj-460	163	37	science	science	NOUN
abrj-460	163	38	and	and	CCONJ
abrj-460	163	39	education	education	NOUN
abrj-460	163	40	,	,	PUNCT
abrj-460	163	41	usa	usa	PROPN
abrj-460	163	42	stock	stock	PROPN
abrj-460	163	43	exchange	exchange	PROPN
abrj-460	163	44	linkages	linkage	NOUN
abrj-460	163	45	,	,	PUNCT
abrj-460	163	46	monetary	monetary	ADJ
abrj-460	163	47	cooperation	cooperation	NOUN
abrj-460	163	48	and	and	CCONJ
abrj-460	163	49	regulatory	regulatory	ADJ
abrj-460	163	50	harmonization	harmonization	NOUN
abrj-460	163	51	is	be	AUX
abrj-460	163	52	not	not	PART
abrj-460	163	53	in	in	ADP
abrj-460	163	54	doubt	doubt	NOUN
abrj-460	163	55	,	,	PUNCT
abrj-460	163	56	have	have	VERB
abrj-460	163	57	relatively	relatively	ADV
abrj-460	163	58	better	well	ADJ
abrj-460	163	59	investor	investor	NOUN
abrj-460	163	60	confidence	confidence	NOUN
abrj-460	163	61	,	,	PUNCT
abrj-460	163	62	capital	capital	NOUN
abrj-460	163	63	formation	formation	NOUN
abrj-460	163	64	and	and	CCONJ
abrj-460	163	65	macroeconomic	macroeconomic	ADJ
abrj-460	163	66	stability	stability	NOUN
abrj-460	163	67	(	(	PUNCT
abrj-460	163	68	asongu	asongu	VERB
abrj-460	163	69	et	et	PROPN
abrj-460	163	70	al	al	PROPN
abrj-460	163	71	.	.	PROPN
abrj-460	163	72	,	,	PUNCT
abrj-460	163	73	2022	2022	NUM
abrj-460	163	74	;	;	PUNCT
abrj-460	163	75	adeleke	adeleke	VERB
abrj-460	163	76	et	et	PROPN
abrj-460	163	77	al	al	PROPN
abrj-460	163	78	.	.	PROPN
abrj-460	163	79	,	,	PUNCT
abrj-460	163	80	2022	2022	NUM
abrj-460	163	81	)	)	PUNCT
abrj-460	163	82	.	.	PUNCT
abrj-460	164	1	the	the	DET
abrj-460	164	2	contribution	contribution	NOUN
abrj-460	164	3	of	of	ADP
abrj-460	164	4	integration	integration	NOUN
abrj-460	164	5	to	to	ADP
abrj-460	164	6	the	the	DET
abrj-460	164	7	acceleration	acceleration	NOUN
abrj-460	164	8	of	of	ADP
abrj-460	164	9	growth	growth	NOUN
abrj-460	164	10	is	be	AUX
abrj-460	164	11	especially	especially	ADV
abrj-460	164	12	clear	clear	ADJ
abrj-460	164	13	in	in	ADP
abrj-460	164	14	capital	capital	NOUN
abrj-460	164	15	markets	market	NOUN
abrj-460	164	16	which	which	PRON
abrj-460	164	17	promoted	promote	VERB
abrj-460	164	18	technological	technological	ADJ
abrj-460	164	19	change	change	NOUN
abrj-460	164	20	and	and	CCONJ
abrj-460	164	21	regional	regional	ADJ
abrj-460	164	22	convergence	convergence	NOUN
abrj-460	164	23	.	.	PUNCT
abrj-460	165	1	the	the	DET
abrj-460	165	2	african	african	ADJ
abrj-460	165	3	exchanges	exchange	NOUN
abrj-460	165	4	linkage	linkage	NOUN
abrj-460	165	5	project	project	NOUN
abrj-460	165	6	(	(	PUNCT
abrj-460	165	7	aelp	aelp	ADJ
abrj-460	165	8	)	)	PUNCT
abrj-460	165	9	,	,	PUNCT
abrj-460	165	10	an	an	DET
abrj-460	165	11	effort	effort	NOUN
abrj-460	165	12	of	of	ADP
abrj-460	165	13	the	the	DET
abrj-460	165	14	asea	asea	NOUN
abrj-460	165	15	has	have	AUX
abrj-460	165	16	,	,	PUNCT
abrj-460	165	17	for	for	ADP
abrj-460	165	18	example	example	NOUN
abrj-460	165	19	,	,	PUNCT
abrj-460	165	20	constituted	constitute	VERB
abrj-460	165	21	new	new	ADJ
abrj-460	165	22	possibilities	possibility	NOUN
abrj-460	165	23	in	in	ADP
abrj-460	165	24	cross	cross	ADJ
abrj-460	165	25	-	-	ADJ
abrj-460	165	26	border	border	ADJ
abrj-460	165	27	investment	investment	NOUN
abrj-460	165	28	through	through	ADP
abrj-460	165	29	a	a	DET
abrj-460	165	30	harmonised	harmonise	VERB
abrj-460	165	31	digital	digital	ADJ
abrj-460	165	32	trading	trading	NOUN
abrj-460	165	33	infrastructure	infrastructure	NOUN
abrj-460	165	34	.	.	PUNCT
abrj-460	166	1	early	early	ADJ
abrj-460	166	2	responding	respond	VERB
abrj-460	166	3	countries	country	NOUN
abrj-460	166	4	such	such	ADJ
abrj-460	166	5	as	as	ADP
abrj-460	166	6	kenya	kenya	PROPN
abrj-460	166	7	and	and	CCONJ
abrj-460	166	8	south	south	PROPN
abrj-460	166	9	africa	africa	PROPN
abrj-460	166	10	have	have	AUX
abrj-460	166	11	recorded	record	VERB
abrj-460	166	12	higher	high	ADJ
abrj-460	166	13	transaction	transaction	NOUN
abrj-460	166	14	volumes	volume	NOUN
abrj-460	166	15	,	,	PUNCT
abrj-460	166	16	more	more	ADJ
abrj-460	166	17	liquidity	liquidity	NOUN
abrj-460	166	18	and	and	CCONJ
abrj-460	166	19	greater	great	ADJ
abrj-460	166	20	involvement	involvement	NOUN
abrj-460	166	21	from	from	ADP
abrj-460	166	22	international	international	ADJ
abrj-460	166	23	and	and	CCONJ
abrj-460	166	24	regional	regional	ADJ
abrj-460	166	25	investors	investor	NOUN
abrj-460	166	26	(	(	PUNCT
abrj-460	166	27	okonkwo	okonkwo	NOUN
abrj-460	166	28	et	et	PROPN
abrj-460	166	29	al	al	PROPN
abrj-460	166	30	.	.	PROPN
abrj-460	166	31	,	,	PUNCT
abrj-460	166	32	2021	2021	NUM
abrj-460	166	33	)	)	PUNCT
abrj-460	166	34	.	.	PUNCT
abrj-460	167	1	this	this	DET
abrj-460	167	2	digital	digital	ADJ
abrj-460	167	3	progress	progress	NOUN
abrj-460	167	4	is	be	AUX
abrj-460	167	5	also	also	ADV
abrj-460	167	6	accompanied	accompany	VERB
abrj-460	167	7	by	by	ADP
abrj-460	167	8	macroeconomic	macroeconomic	ADJ
abrj-460	167	9	harmonisation	harmonisation	NOUN
abrj-460	167	10	and	and	CCONJ
abrj-460	167	11	monetary	monetary	ADJ
abrj-460	167	12	assistance	assistance	NOUN
abrj-460	167	13	,	,	PUNCT
abrj-460	167	14	such	such	ADJ
abrj-460	167	15	as	as	ADP
abrj-460	167	16	in	in	ADP
abrj-460	167	17	waemu	waemu	NOUN
abrj-460	167	18	where	where	SCONJ
abrj-460	167	19	common	common	ADJ
abrj-460	167	20	currency	currency	NOUN
abrj-460	167	21	and	and	CCONJ
abrj-460	167	22	policy	policy	NOUN
abrj-460	167	23	harmonisation	harmonisation	NOUN
abrj-460	167	24	have	have	AUX
abrj-460	167	25	simplified	simplify	VERB
abrj-460	167	26	transaction	transaction	NOUN
abrj-460	167	27	costs	cost	NOUN
abrj-460	167	28	and	and	CCONJ
abrj-460	167	29	enhanced	enhance	VERB
abrj-460	167	30	financial	financial	ADJ
abrj-460	167	31	predictability	predictability	NOUN
abrj-460	167	32	(	(	PUNCT
abrj-460	167	33	musonda	musonda	NOUN
abrj-460	167	34	et	et	PROPN
abrj-460	167	35	al	al	PROPN
abrj-460	167	36	.	.	PROPN
abrj-460	167	37	,	,	PUNCT
abrj-460	167	38	2020	2020	NUM
abrj-460	167	39	)	)	PUNCT
abrj-460	167	40	.	.	PUNCT
abrj-460	168	1	key	key	ADJ
abrj-460	168	2	drivers	driver	NOUN
abrj-460	168	3	of	of	ADP
abrj-460	168	4	financial	financial	ADJ
abrj-460	168	5	integrations	integration	NOUN
abrj-460	168	6	in	in	ADP
abrj-460	168	7	the	the	DET
abrj-460	168	8	review	review	NOUN
abrj-460	168	9	include	include	VERB
abrj-460	168	10	the	the	DET
abrj-460	168	11	consolidation	consolidation	NOUN
abrj-460	168	12	of	of	ADP
abrj-460	168	13	regional	regional	ADJ
abrj-460	168	14	economic	economic	ADJ
abrj-460	168	15	blocks	block	NOUN
abrj-460	168	16	,	,	PUNCT
abrj-460	168	17	fintech	fintech	NOUN
abrj-460	168	18	innovations	innovation	NOUN
abrj-460	168	19	and	and	CCONJ
abrj-460	168	20	gradual	gradual	ADJ
abrj-460	168	21	harmonisation	harmonisation	NOUN
abrj-460	168	22	of	of	ADP
abrj-460	168	23	regulatory	regulatory	ADJ
abrj-460	168	24	frameworks	framework	NOUN
abrj-460	168	25	.	.	PUNCT
abrj-460	169	1	russell	russell	PROPN
abrj-460	169	2	and	and	CCONJ
abrj-460	169	3	our	our	PRON
abrj-460	169	4	colleagues	colleague	NOUN
abrj-460	169	5	from	from	ADP
abrj-460	169	6	the	the	DET
abrj-460	169	7	centre	centre	NOUN
abrj-460	169	8	on	on	ADP
abrj-460	169	9	their	their	PRON
abrj-460	169	10	recent	recent	ADJ
abrj-460	169	11	work	work	NOUN
abrj-460	169	12	using	use	VERB
abrj-460	169	13	the	the	DET
abrj-460	169	14	law	law	NOUN
abrj-460	169	15	library	library	NOUN
abrj-460	169	16	of	of	ADP
abrj-460	169	17	congress	congress	PROPN
abrj-460	169	18	and	and	CCONJ
abrj-460	169	19	the	the	DET
abrj-460	169	20	alb	alb	PROPN
abrj-460	169	21	platform	platform	NOUN
abrj-460	169	22	to	to	PART
abrj-460	169	23	explore	explore	VERB
abrj-460	169	24	financial	financial	ADJ
abrj-460	169	25	interoperability	interoperability	NOUN
abrj-460	169	26	and	and	CCONJ
abrj-460	169	27	investor	investor	NOUN
abrj-460	169	28	protection	protection	NOUN
abrj-460	169	29	the	the	DET
abrj-460	169	30	institutional	institutional	ADJ
abrj-460	169	31	efforts	effort	NOUN
abrj-460	169	32	of	of	ADP
abrj-460	169	33	recs	rec	NOUN
abrj-460	169	34	such	such	ADJ
abrj-460	169	35	as	as	ADP
abrj-460	169	36	ecowas	ecowas	PROPN
abrj-460	169	37	and	and	CCONJ
abrj-460	169	38	sadc	sadc	PROPN
abrj-460	169	39	on	on	ADP
abrj-460	169	40	regulatory	regulatory	ADJ
abrj-460	169	41	convergence	convergence	NOUN
abrj-460	169	42	,	,	PUNCT
abrj-460	169	43	financial	financial	ADJ
abrj-460	169	44	interoperability	interoperability	NOUN
abrj-460	169	45	and	and	CCONJ
abrj-460	169	46	investor	investor	NOUN
abrj-460	169	47	protection	protection	NOUN
abrj-460	169	48	have	have	AUX
abrj-460	169	49	been	be	AUX
abrj-460	169	50	instrumental	instrumental	ADJ
abrj-460	169	51	in	in	ADP
abrj-460	169	52	facilitating	facilitate	VERB
abrj-460	169	53	intra	intra	ADJ
abrj-460	169	54	-	-	ADJ
abrj-460	169	55	african	african	ADJ
abrj-460	169	56	investment	investment	NOUN
abrj-460	169	57	flows	flow	VERB
abrj-460	169	58	.	.	PUNCT
abrj-460	170	1	this	this	PRON
abrj-460	170	2	have	have	AUX
abrj-460	170	3	been	be	AUX
abrj-460	170	4	augmented	augment	VERB
abrj-460	170	5	by	by	ADP
abrj-460	170	6	digital	digital	ADJ
abrj-460	170	7	financial	financial	ADJ
abrj-460	170	8	infrastructure	infrastructure	NOUN
abrj-460	170	9	–	–	PUNCT
abrj-460	170	10	such	such	ADJ
abrj-460	170	11	as	as	ADP
abrj-460	170	12	mobile	mobile	ADJ
abrj-460	170	13	money	money	NOUN
abrj-460	170	14	systems	system	NOUN
abrj-460	170	15	and	and	CCONJ
abrj-460	170	16	digital	digital	ADJ
abrj-460	170	17	identity	identity	NOUN
abrj-460	170	18	systems	system	NOUN
abrj-460	170	19	–	–	PUNCT
abrj-460	170	20	which	which	PRON
abrj-460	170	21	has	have	AUX
abrj-460	170	22	allowed	allow	VERB
abrj-460	170	23	for	for	ADP
abrj-460	170	24	instantaneous	instantaneous	ADJ
abrj-460	170	25	transactions	transaction	NOUN
abrj-460	170	26	,	,	PUNCT
abrj-460	170	27	enhanced	enhance	VERB
abrj-460	170	28	financial	financial	ADJ
abrj-460	170	29	inclusion	inclusion	NOUN
abrj-460	170	30	,	,	PUNCT
abrj-460	170	31	and	and	CCONJ
abrj-460	170	32	eased	ease	VERB
abrj-460	170	33	cross	cross	ADJ
abrj-460	170	34	-	-	ADJ
abrj-460	170	35	border	border	ADJ
abrj-460	170	36	investor	investor	NOUN
abrj-460	170	37	onboarding	onboarding	NOUN
abrj-460	170	38	(	(	PUNCT
abrj-460	170	39	biekpe	biekpe	PROPN
abrj-460	170	40	&	&	CCONJ
abrj-460	170	41	agbloyor	agbloyor	NOUN
abrj-460	170	42	,	,	PUNCT
abrj-460	170	43	2021	2021	NUM
abrj-460	170	44	)	)	PUNCT
abrj-460	170	45	.	.	PUNCT
abrj-460	171	1	in	in	ADP
abrj-460	171	2	rwanda	rwanda	PROPN
abrj-460	171	3	and	and	CCONJ
abrj-460	171	4	ghana	ghana	PROPN
abrj-460	171	5	,	,	PUNCT
abrj-460	171	6	the	the	DET
abrj-460	171	7	use	use	NOUN
abrj-460	171	8	of	of	ADP
abrj-460	171	9	regulatory	regulatory	ADJ
abrj-460	171	10	sandboxes	sandbox	NOUN
abrj-460	171	11	and	and	CCONJ
abrj-460	171	12	fintech	fintech	NOUN
abrj-460	171	13	hubs	hub	NOUN
abrj-460	171	14	has	have	AUX
abrj-460	171	15	also	also	ADV
abrj-460	171	16	stimulated	stimulate	VERB
abrj-460	171	17	the	the	DET
abrj-460	171	18	innovation	innovation	NOUN
abrj-460	171	19	in	in	ADP
abrj-460	171	20	capital	capital	NOUN
abrj-460	171	21	mobilization	mobilization	NOUN
abrj-460	171	22	with	with	ADP
abrj-460	171	23	the	the	DET
abrj-460	171	24	development	development	NOUN
abrj-460	171	25	of	of	ADP
abrj-460	171	26	flexible	flexible	ADJ
abrj-460	171	27	,	,	PUNCT
abrj-460	171	28	safe	safe	ADJ
abrj-460	171	29	,	,	PUNCT
abrj-460	171	30	and	and	CCONJ
abrj-460	171	31	scalable	scalable	ADJ
abrj-460	171	32	investment	investment	NOUN
abrj-460	171	33	vehicles	vehicle	NOUN
abrj-460	171	34	.	.	PUNCT
abrj-460	172	1	the	the	DET
abrj-460	172	2	analysis	analysis	NOUN
abrj-460	172	3	,	,	PUNCT
abrj-460	172	4	however	however	ADV
abrj-460	172	5	,	,	PUNCT
abrj-460	172	6	also	also	ADV
abrj-460	172	7	shows	show	VERB
abrj-460	172	8	several	several	ADJ
abrj-460	172	9	important	important	ADJ
abrj-460	172	10	obstacles	obstacle	NOUN
abrj-460	172	11	that	that	PRON
abrj-460	172	12	continue	continue	VERB
abrj-460	172	13	acting	act	VERB
abrj-460	172	14	as	as	ADP
abrj-460	172	15	such	such	ADJ
abrj-460	172	16	to	to	ADP
abrj-460	172	17	the	the	DET
abrj-460	172	18	effectiveness	effectiveness	NOUN
abrj-460	172	19	of	of	ADP
abrj-460	172	20	financial	financial	ADJ
abrj-460	172	21	integration	integration	NOUN
abrj-460	172	22	.	.	PUNCT
abrj-460	173	1	the	the	DET
abrj-460	173	2	first	first	ADJ
abrj-460	173	3	of	of	ADP
abrj-460	173	4	these	these	PRON
abrj-460	173	5	is	be	AUX
abrj-460	173	6	foreign	foreign	ADJ
abrj-460	173	7	exchange	exchange	NOUN
abrj-460	173	8	risk	risk	NOUN
abrj-460	173	9	,	,	PUNCT
abrj-460	173	10	which	which	PRON
abrj-460	173	11	can	can	AUX
abrj-460	173	12	complicate	complicate	VERB
abrj-460	173	13	international	international	ADJ
abrj-460	173	14	investment	investment	NOUN
abrj-460	173	15	by	by	ADP
abrj-460	173	16	making	make	VERB
abrj-460	173	17	cross	cross	ADJ
abrj-460	173	18	-	-	ADJ
abrj-460	173	19	border	border	ADJ
abrj-460	173	20	investment	investment	NOUN
abrj-460	173	21	less	less	ADV
abrj-460	173	22	predictable	predictable	ADJ
abrj-460	173	23	.	.	PUNCT
abrj-460	174	1	a	a	DET
abrj-460	174	2	significant	significant	ADJ
abrj-460	174	3	number	number	NOUN
abrj-460	174	4	of	of	ADP
abrj-460	174	5	african	african	ADJ
abrj-460	174	6	countries	country	NOUN
abrj-460	174	7	continue	continue	VERB
abrj-460	174	8	to	to	PART
abrj-460	174	9	have	have	VERB
abrj-460	174	10	relatively	relatively	ADV
abrj-460	174	11	weaker	weak	ADJ
abrj-460	174	12	currency	currency	NOUN
abrj-460	174	13	markets	market	NOUN
abrj-460	174	14	and	and	CCONJ
abrj-460	174	15	hedging	hedging	NOUN
abrj-460	174	16	products	product	NOUN
abrj-460	174	17	,	,	PUNCT
abrj-460	174	18	which	which	PRON
abrj-460	174	19	discourage	discourage	VERB
abrj-460	174	20	portfolio	portfolio	NOUN
abrj-460	174	21	and	and	CCONJ
abrj-460	174	22	long	long	ADJ
abrj-460	174	23	-	-	PUNCT
abrj-460	174	24	term	term	NOUN
abrj-460	174	25	investment	investment	NOUN
abrj-460	174	26	.	.	PUNCT
abrj-460	175	1	besides	besides	SCONJ
abrj-460	175	2	,	,	PUNCT
abrj-460	175	3	regulatory	regulatory	ADJ
abrj-460	175	4	discrepancies	discrepancy	NOUN
abrj-460	175	5	between	between	ADP
abrj-460	175	6	jurisdictions	jurisdiction	NOUN
abrj-460	175	7	hinder	hinder	VERB
abrj-460	175	8	investor	investor	NOUN
abrj-460	175	9	confidence	confidence	NOUN
abrj-460	175	10	,	,	PUNCT
abrj-460	175	11	especially	especially	ADV
abrj-460	175	12	in	in	ADP
abrj-460	175	13	territories	territory	NOUN
abrj-460	175	14	with	with	ADP
abrj-460	175	15	highly	highly	ADV
abrj-460	175	16	disparate	disparate	ADJ
abrj-460	175	17	financial	financial	ADJ
abrj-460	175	18	reporting	reporting	NOUN
abrj-460	175	19	standards	standard	NOUN
abrj-460	175	20	,	,	PUNCT
abrj-460	175	21	licensing	license	VERB
abrj-460	175	22	qr	qr	NOUN
abrj-460	175	23	market	market	NOUN
abrj-460	175	24	access	access	NOUN
abrj-460	175	25	requirements	requirement	NOUN
abrj-460	175	26	(	(	PUNCT
abrj-460	175	27	adelegan	adelegan	NOUN
abrj-460	175	28	,	,	PUNCT
abrj-460	175	29	2023	2023	NUM
abrj-460	175	30	)	)	PUNCT
abrj-460	175	31	.	.	PUNCT
abrj-460	176	1	political	political	ADJ
abrj-460	176	2	risk	risk	NOUN
abrj-460	176	3	,	,	PUNCT
abrj-460	176	4	including	include	VERB
abrj-460	176	5	electoral	electoral	ADJ
abrj-460	176	6	instability	instability	NOUN
abrj-460	176	7	,	,	PUNCT
abrj-460	176	8	policy	policy	NOUN
abrj-460	176	9	reversal	reversal	NOUN
abrj-460	176	10	,	,	PUNCT
abrj-460	176	11	and	and	CCONJ
abrj-460	176	12	governance	governance	NOUN
abrj-460	176	13	deficiencies	deficiency	NOUN
abrj-460	176	14	,	,	PUNCT
abrj-460	176	15	continue	continue	VERB
abrj-460	176	16	to	to	PART
abrj-460	176	17	be	be	AUX
abrj-460	176	18	a	a	DET
abrj-460	176	19	major	major	ADJ
abrj-460	176	20	headwind	headwind	NOUN
abrj-460	176	21	in	in	ADP
abrj-460	176	22	many	many	ADJ
abrj-460	176	23	countries	country	NOUN
abrj-460	176	24	to	to	ADP
abrj-460	176	25	investor	investor	NOUN
abrj-460	176	26	confidence	confidence	NOUN
abrj-460	176	27	as	as	ADV
abrj-460	176	28	well	well	ADV
abrj-460	176	29	as	as	ADP
abrj-460	176	30	sustainability	sustainability	NOUN
abrj-460	176	31	of	of	ADP
abrj-460	176	32	regional	regional	ADJ
abrj-460	176	33	financial	financial	ADJ
abrj-460	176	34	initiatives	initiative	NOUN
abrj-460	176	35	(	(	PUNCT
abrj-460	176	36	roodman	roodman	NOUN
abrj-460	176	37	,	,	PUNCT
abrj-460	176	38	2023	2023	NUM
abrj-460	176	39	)	)	PUNCT
abrj-460	176	40	.	.	PUNCT
abrj-460	177	1	figure	figure	VERB
abrj-460	177	2	4	4	NUM
abrj-460	177	3	.	.	PUNCT
abrj-460	177	4	barrier	barrier	NOUN
abrj-460	177	5	-	-	PUNCT
abrj-460	177	6	impact	impact	NOUN
abrj-460	177	7	flowchart	flowchart	NOUN
abrj-460	177	8	on	on	ADP
abrj-460	177	9	financial	financial	ADJ
abrj-460	177	10	market	market	NOUN
abrj-460	177	11	integration	integration	NOUN
abrj-460	177	12	.	.	PUNCT
abrj-460	178	1	the	the	DET
abrj-460	178	2	diagram	diagram	NOUN
abrj-460	178	3	illustrates	illustrate	VERB
abrj-460	178	4	that	that	SCONJ
abrj-460	178	5	difficulties	difficulty	NOUN
abrj-460	178	6	such	such	ADJ
abrj-460	178	7	as	as	ADP
abrj-460	178	8	changing	change	VERB
abrj-460	178	9	currency	currency	NOUN
abrj-460	178	10	values	value	NOUN
abrj-460	178	11	,	,	PUNCT
abrj-460	178	12	diverging	diverge	VERB
abrj-460	178	13	regulations	regulation	NOUN
abrj-460	178	14	and	and	CCONJ
abrj-460	178	15	political	political	ADJ
abrj-460	178	16	risks	risk	NOUN
abrj-460	178	17	harm	harm	VERB
abrj-460	178	18	cross	cross	ADJ
abrj-460	178	19	-	-	ADJ
abrj-460	178	20	border	border	ADJ
abrj-460	178	21	investment	investment	NOUN
abrj-460	178	22	into	into	ADP
abrj-460	178	23	africa	africa	PROPN
abrj-460	178	24	.	.	PUNCT
abrj-460	179	1	the	the	DET
abrj-460	179	2	combination	combination	NOUN
abrj-460	179	3	of	of	ADP
abrj-460	179	4	these	these	DET
abrj-460	179	5	restraints	restraint	NOUN
abrj-460	179	6	lowers	lower	VERB
abrj-460	179	7	movement	movement	NOUN
abrj-460	179	8	of	of	ADP
abrj-460	179	9	capital	capital	NOUN
abrj-460	179	10	and	and	CCONJ
abrj-460	179	11	slows	slow	VERB
abrj-460	179	12	economic	economic	ADJ
abrj-460	179	13	growth	growth	NOUN
abrj-460	179	14	.	.	PUNCT
abrj-460	180	1	the	the	DET
abrj-460	180	2	diagram	diagram	NOUN
abrj-460	180	3	helps	help	VERB
abrj-460	180	4	prove	prove	VERB
abrj-460	180	5	that	that	SCONJ
abrj-460	180	6	removing	remove	VERB
abrj-460	180	7	these	these	DET
abrj-460	180	8	barriers	barrier	NOUN
abrj-460	180	9	is	be	AUX
abrj-460	180	10	a	a	DET
abrj-460	180	11	must	must	NOUN
abrj-460	180	12	for	for	ADP
abrj-460	180	13	successful	successful	ADJ
abrj-460	180	14	integration	integration	NOUN
abrj-460	180	15	in	in	ADP
abrj-460	180	16	the	the	DET
abrj-460	180	17	financial	financial	ADJ
abrj-460	180	18	sector	sector	NOUN
abrj-460	180	19	and	and	CCONJ
abrj-460	180	20	continued	continued	ADJ
abrj-460	180	21	development	development	NOUN
abrj-460	180	22	in	in	ADP
abrj-460	180	23	africa	africa	PROPN
abrj-460	180	24	.	.	PUNCT
abrj-460	181	1	comparing	compare	VERB
abrj-460	181	2	regional	regional	ADJ
abrj-460	181	3	experiences	experience	NOUN
abrj-460	181	4	in	in	ADP
abrj-460	181	5	africa	africa	PROPN
abrj-460	181	6	strengthens	strengthen	VERB
abrj-460	181	7	the	the	DET
abrj-460	181	8	case	case	NOUN
abrj-460	181	9	for	for	ADP
abrj-460	181	10	adequate	adequate	ADJ
abrj-460	181	11	institutions	institution	NOUN
abrj-460	181	12	and	and	CCONJ
abrj-460	181	13	deep	deep	ADJ
abrj-460	181	14	financial	financial	ADJ
abrj-460	181	15	sectors	sector	NOUN
abrj-460	181	16	.	.	PUNCT
abrj-460	182	1	east	east	PROPN
abrj-460	182	2	africa	africa	PROPN
abrj-460	182	3	,	,	PUNCT
abrj-460	182	4	steered	steer	VERB
abrj-460	182	5	by	by	ADP
abrj-460	182	6	kenya	kenya	PROPN
abrj-460	182	7	and	and	CCONJ
abrj-460	182	8	rwanda	rwanda	PROPN
abrj-460	182	9	,	,	PUNCT
abrj-460	182	10	makes	make	VERB
abrj-460	182	11	significant	significant	ADJ
abrj-460	182	12	progress	progress	NOUN
abrj-460	182	13	in	in	ADP
abrj-460	182	14	financial	financial	ADJ
abrj-460	182	15	integration	integration	NOUN
abrj-460	182	16	through	through	ADP
abrj-460	182	17	widespread	widespread	ADJ
abrj-460	182	18	use	use	NOUN
abrj-460	182	19	of	of	ADP
abrj-460	182	20	fintech	fintech	NOUN
abrj-460	182	21	,	,	PUNCT
abrj-460	182	22	important	important	ADJ
abrj-460	182	23	regional	regional	ADJ
abrj-460	182	24	digital	digital	ADJ
abrj-460	182	25	payment	payment	NOUN
abrj-460	182	26	tools	tool	NOUN
abrj-460	182	27	and	and	CCONJ
abrj-460	182	28	quick	quick	ADJ
abrj-460	182	29	improvements	improvement	NOUN
abrj-460	182	30	to	to	ADP
abrj-460	182	31	laws	law	NOUN
abrj-460	182	32	and	and	CCONJ
abrj-460	182	33	rules	rule	NOUN
abrj-460	182	34	.	.	PUNCT
abrj-460	183	1	thanks	thank	NOUN
abrj-460	183	2	to	to	ADP
abrj-460	183	3	eaps	eap	NOUN
abrj-460	183	4	,	,	PUNCT
abrj-460	183	5	real	real	ADJ
abrj-460	183	6	-	-	PUNCT
abrj-460	183	7	time	time	NOUN
abrj-460	183	8	cross	cross	ADJ
abrj-460	183	9	-	-	ADJ
abrj-460	183	10	border	border	ADJ
abrj-460	183	11	payments	payment	NOUN
abrj-460	183	12	between	between	ADP
abrj-460	183	13	east	east	ADJ
abrj-460	183	14	african	african	ADJ
abrj-460	183	15	banks	bank	NOUN
abrj-460	183	16	have	have	AUX
abrj-460	183	17	improved	improve	VERB
abrj-460	183	18	cash	cash	NOUN
abrj-460	183	19	flow	flow	NOUN
abrj-460	183	20	and	and	CCONJ
abrj-460	183	21	cut	cut	VERB
abrj-460	183	22	trading	trading	NOUN
abrj-460	183	23	difficulties	difficulty	NOUN
abrj-460	183	24	(	(	PUNCT
abrj-460	183	25	mwenda	mwenda	PROPN
abrj-460	183	26	&	&	CCONJ
abrj-460	183	27	wanjala	wanjala	PROPN
abrj-460	183	28	,	,	PUNCT
abrj-460	183	29	2023	2023	NUM
abrj-460	183	30	)	)	PUNCT
abrj-460	183	31	.	.	PUNCT
abrj-460	184	1	the	the	DET
abrj-460	184	2	pattern	pattern	NOUN
abrj-460	184	3	in	in	ADP
abrj-460	184	4	west	west	PROPN
abrj-460	184	5	africa	africa	PROPN
abrj-460	184	6	varies	vary	VERB
abrj-460	184	7	differently	differently	ADV
abrj-460	184	8	from	from	ADP
abrj-460	184	9	the	the	DET
abrj-460	184	10	other	other	ADJ
abrj-460	184	11	asian	asian	ADJ
abrj-460	184	12	business	business	NOUN
abrj-460	184	13	research	research	NOUN
abrj-460	184	14	journal	journal	NOUN
abrj-460	184	15	,	,	PUNCT
abrj-460	184	16	2025	2025	NUM
abrj-460	184	17	,	,	PUNCT
abrj-460	184	18	10(6	10(6	NUM
abrj-460	184	19	):	):	PUNCT
abrj-460	184	20	9	9	NUM
abrj-460	184	21	-	-	SYM
abrj-460	184	22	20	20	NUM
abrj-460	184	23	16	16	NUM
abrj-460	184	24	©	©	ADP
abrj-460	184	25	2025	2025	NUM
abrj-460	184	26	by	by	ADP
abrj-460	184	27	the	the	DET
abrj-460	184	28	authors	author	NOUN
abrj-460	184	29	;	;	PUNCT
abrj-460	184	30	licensee	licensee	NOUN
abrj-460	184	31	eastern	eastern	ADJ
abrj-460	184	32	centre	centre	NOUN
abrj-460	184	33	of	of	ADP
abrj-460	184	34	science	science	NOUN
abrj-460	184	35	and	and	CCONJ
abrj-460	184	36	education	education	NOUN
abrj-460	184	37	,	,	PUNCT
abrj-460	184	38	usa	usa	PROPN
abrj-460	184	39	regions	region	NOUN
abrj-460	184	40	.	.	PUNCT
abrj-460	185	1	even	even	ADV
abrj-460	185	2	though	though	SCONJ
abrj-460	185	3	waemu	waemu	NOUN
abrj-460	185	4	members	member	NOUN
abrj-460	185	5	can	can	AUX
abrj-460	185	6	rely	rely	VERB
abrj-460	185	7	on	on	ADP
abrj-460	185	8	the	the	DET
abrj-460	185	9	cfa	cfa	NOUN
abrj-460	185	10	and	and	CCONJ
abrj-460	185	11	its	its	PRON
abrj-460	185	12	stable	stable	ADJ
abrj-460	185	13	value	value	NOUN
abrj-460	185	14	,	,	PUNCT
abrj-460	185	15	countries	country	NOUN
abrj-460	185	16	such	such	ADJ
abrj-460	185	17	as	as	ADP
abrj-460	185	18	nigeria	nigeria	PROPN
abrj-460	185	19	experience	experience	VERB
abrj-460	185	20	ongoing	ongoing	ADJ
abrj-460	185	21	variation	variation	NOUN
abrj-460	185	22	in	in	ADP
abrj-460	185	23	regulations	regulation	NOUN
abrj-460	185	24	,	,	PUNCT
abrj-460	185	25	placing	place	VERB
abrj-460	185	26	heavier	heavy	ADJ
abrj-460	185	27	obstacles	obstacle	NOUN
abrj-460	185	28	on	on	ADP
abrj-460	185	29	their	their	PRON
abrj-460	185	30	goal	goal	NOUN
abrj-460	185	31	for	for	ADP
abrj-460	185	32	continual	continual	ADJ
abrj-460	185	33	integration	integration	NOUN
abrj-460	185	34	.	.	PUNCT
abrj-460	186	1	south	south	PROPN
abrj-460	186	2	africa	africa	PROPN
abrj-460	186	3	and	and	CCONJ
abrj-460	186	4	the	the	DET
abrj-460	186	5	rest	rest	NOUN
abrj-460	186	6	of	of	ADP
abrj-460	186	7	southern	southern	PROPN
abrj-460	186	8	africa	africa	PROPN
abrj-460	186	9	are	be	AUX
abrj-460	186	10	strong	strong	ADJ
abrj-460	186	11	in	in	ADP
abrj-460	186	12	financial	financial	ADJ
abrj-460	186	13	services	service	NOUN
abrj-460	186	14	and	and	CCONJ
abrj-460	186	15	deep	deep	ADJ
abrj-460	186	16	capital	capital	NOUN
abrj-460	186	17	markets	market	NOUN
abrj-460	186	18	,	,	PUNCT
abrj-460	186	19	yet	yet	CCONJ
abrj-460	186	20	they	they	PRON
abrj-460	186	21	face	face	VERB
abrj-460	186	22	problems	problem	NOUN
abrj-460	186	23	with	with	ADP
abrj-460	186	24	joining	join	VERB
abrj-460	186	25	the	the	DET
abrj-460	186	26	region	region	NOUN
abrj-460	186	27	because	because	SCONJ
abrj-460	186	28	of	of	ADP
abrj-460	186	29	differences	difference	NOUN
abrj-460	186	30	between	between	ADP
abrj-460	186	31	themselves	themselves	PRON
abrj-460	186	32	and	and	CCONJ
abrj-460	186	33	smaller	small	ADJ
abrj-460	186	34	sadc	sadc	PROPN
abrj-460	186	35	countries	country	NOUN
abrj-460	186	36	.	.	PUNCT
abrj-460	187	1	despite	despite	SCONJ
abrj-460	187	2	being	be	AUX
abrj-460	187	3	the	the	DET
abrj-460	187	4	major	major	ADJ
abrj-460	187	5	recipient	recipient	NOUN
abrj-460	187	6	of	of	ADP
abrj-460	187	7	international	international	ADJ
abrj-460	187	8	funds	fund	NOUN
abrj-460	187	9	in	in	ADP
abrj-460	187	10	the	the	DET
abrj-460	187	11	region	region	NOUN
abrj-460	187	12	,	,	PUNCT
abrj-460	187	13	neighboring	neighboring	NOUN
abrj-460	187	14	markets	market	NOUN
abrj-460	187	15	usually	usually	ADV
abrj-460	187	16	are	be	AUX
abrj-460	187	17	not	not	PART
abrj-460	187	18	prepared	prepared	ADJ
abrj-460	187	19	to	to	PART
abrj-460	187	20	approve	approve	VERB
abrj-460	187	21	and	and	CCONJ
abrj-460	187	22	deal	deal	VERB
abrj-460	187	23	with	with	ADP
abrj-460	187	24	these	these	DET
abrj-460	187	25	funds	fund	NOUN
abrj-460	187	26	(	(	PUNCT
abrj-460	187	27	kanga	kanga	PROPN
abrj-460	187	28	et	et	PROPN
abrj-460	187	29	al	al	PROPN
abrj-460	187	30	.	.	PROPN
abrj-460	187	31	,	,	PUNCT
abrj-460	187	32	2021	2021	NUM
abrj-460	187	33	)	)	PUNCT
abrj-460	187	34	.	.	PUNCT
abrj-460	188	1	as	as	ADP
abrj-460	188	2	a	a	DET
abrj-460	188	3	result	result	NOUN
abrj-460	188	4	,	,	PUNCT
abrj-460	188	5	regions	region	NOUN
abrj-460	188	6	call	call	VERB
abrj-460	188	7	for	for	ADP
abrj-460	188	8	special	special	ADJ
abrj-460	188	9	integration	integration	NOUN
abrj-460	188	10	procedures	procedure	NOUN
abrj-460	188	11	related	relate	VERB
abrj-460	188	12	to	to	ADP
abrj-460	188	13	their	their	PRON
abrj-460	188	14	various	various	ADJ
abrj-460	188	15	financial	financial	ADJ
abrj-460	188	16	strengths	strength	NOUN
abrj-460	188	17	and	and	CCONJ
abrj-460	188	18	abilities	ability	NOUN
abrj-460	188	19	.	.	PUNCT
abrj-460	189	1	the	the	DET
abrj-460	189	2	results	result	NOUN
abrj-460	189	3	imply	imply	VERB
abrj-460	189	4	that	that	SCONJ
abrj-460	189	5	financial	financial	ADJ
abrj-460	189	6	market	market	NOUN
abrj-460	189	7	linkage	linkage	NOUN
abrj-460	189	8	in	in	ADP
abrj-460	189	9	africa	africa	PROPN
abrj-460	189	10	positively	positively	ADV
abrj-460	189	11	influences	influence	VERB
abrj-460	189	12	the	the	DET
abrj-460	189	13	growth	growth	NOUN
abrj-460	189	14	of	of	ADP
abrj-460	189	15	its	its	PRON
abrj-460	189	16	economies	economy	NOUN
abrj-460	189	17	,	,	PUNCT
abrj-460	189	18	but	but	CCONJ
abrj-460	189	19	not	not	PART
abrj-460	189	20	all	all	DET
abrj-460	189	21	regions	region	NOUN
abrj-460	189	22	show	show	VERB
abrj-460	189	23	equal	equal	ADJ
abrj-460	189	24	results	result	NOUN
abrj-460	189	25	.	.	PUNCT
abrj-460	190	1	how	how	SCONJ
abrj-460	190	2	successful	successful	ADJ
abrj-460	190	3	it	it	PRON
abrj-460	190	4	is	be	AUX
abrj-460	190	5	depends	depend	VERB
abrj-460	190	6	on	on	ADP
abrj-460	190	7	how	how	SCONJ
abrj-460	190	8	well	well	ADV
abrj-460	190	9	macroeconomic	macroeconomic	ADJ
abrj-460	190	10	issues	issue	NOUN
abrj-460	190	11	,	,	PUNCT
abrj-460	190	12	technologies	technology	NOUN
abrj-460	190	13	,	,	PUNCT
abrj-460	190	14	regulations	regulation	NOUN
abrj-460	190	15	and	and	CCONJ
abrj-460	190	16	institutions	institution	NOUN
abrj-460	190	17	work	work	VERB
abrj-460	190	18	together	together	ADV
abrj-460	190	19	.	.	PUNCT
abrj-460	191	1	while	while	SCONJ
abrj-460	191	2	progress	progress	NOUN
abrj-460	191	3	figure	figure	VERB
abrj-460	191	4	5	5	NUM
abrj-460	191	5	.	.	PUNCT
abrj-460	191	6	comparative	comparative	ADJ
abrj-460	191	7	regional	regional	ADJ
abrj-460	191	8	distribution	distribution	NOUN
abrj-460	191	9	of	of	ADP
abrj-460	191	10	african	african	ADJ
abrj-460	191	11	economic	economic	ADJ
abrj-460	191	12	blocs	bloc	NOUN
abrj-460	191	13	(	(	PUNCT
abrj-460	191	14	ecowas	ecowas	PROPN
abrj-460	191	15	,	,	PUNCT
abrj-460	191	16	comesa	comesa	PROPN
abrj-460	191	17	,	,	PUNCT
abrj-460	191	18	sadc	sadc	PROPN
abrj-460	191	19	)	)	PUNCT
abrj-460	191	20	there	there	PRON
abrj-460	191	21	are	be	VERB
abrj-460	191	22	three	three	NUM
abrj-460	191	23	primary	primary	ADJ
abrj-460	191	24	regional	regional	ADJ
abrj-460	191	25	economic	economic	ADJ
abrj-460	191	26	communities	community	NOUN
abrj-460	191	27	(	(	PUNCT
abrj-460	191	28	recs	rec	NOUN
abrj-460	191	29	)	)	PUNCT
abrj-460	191	30	shown	show	VERB
abrj-460	191	31	on	on	ADP
abrj-460	191	32	this	this	DET
abrj-460	191	33	map	map	NOUN
abrj-460	191	34	promoting	promote	VERB
abrj-460	191	35	financial	financial	ADJ
abrj-460	191	36	market	market	NOUN
abrj-460	191	37	integration	integration	NOUN
abrj-460	191	38	in	in	ADP
abrj-460	191	39	africa	africa	PROPN
abrj-460	191	40	:	:	PUNCT
abrj-460	191	41	ecowas	ecowas	PROPN
abrj-460	191	42	in	in	ADP
abrj-460	191	43	west	west	PROPN
abrj-460	191	44	africa	africa	PROPN
abrj-460	191	45	,	,	PUNCT
abrj-460	191	46	comesa	comesa	PROPN
abrj-460	191	47	in	in	ADP
abrj-460	191	48	eastern	eastern	ADJ
abrj-460	191	49	and	and	CCONJ
abrj-460	191	50	a	a	DET
abrj-460	191	51	part	part	NOUN
abrj-460	191	52	of	of	ADP
abrj-460	191	53	central	central	PROPN
abrj-460	191	54	africa	africa	PROPN
abrj-460	191	55	and	and	CCONJ
abrj-460	191	56	sadc	sadc	PROPN
abrj-460	191	57	in	in	ADP
abrj-460	191	58	southern	southern	PROPN
abrj-460	191	59	africa	africa	PROPN
abrj-460	191	60	.	.	PUNCT
abrj-460	192	1	using	use	VERB
abrj-460	192	2	the	the	DET
abrj-460	192	3	visualization	visualization	NOUN
abrj-460	192	4	allows	allow	VERB
abrj-460	192	5	for	for	ADP
abrj-460	192	6	easy	easy	ADJ
abrj-460	192	7	comparison	comparison	NOUN
abrj-460	192	8	of	of	ADP
abrj-460	192	9	international	international	ADJ
abrj-460	192	10	investment	investment	NOUN
abrj-460	192	11	flows	flow	NOUN
abrj-460	192	12	and	and	CCONJ
abrj-460	192	13	integration	integration	NOUN
abrj-460	192	14	projects	project	NOUN
abrj-460	192	15	,	,	PUNCT
abrj-460	192	16	supporting	support	VERB
abrj-460	192	17	the	the	DET
abrj-460	192	18	results	result	NOUN
abrj-460	192	19	and	and	CCONJ
abrj-460	192	20	discussion	discussion	NOUN
abrj-460	192	21	presented	present	VERB
abrj-460	192	22	in	in	ADP
abrj-460	192	23	the	the	DET
abrj-460	192	24	next	next	ADJ
abrj-460	192	25	section	section	NOUN
abrj-460	192	26	.	.	PUNCT
abrj-460	193	1	figure	figure	NOUN
abrj-460	193	2	6	6	NUM
abrj-460	193	3	.	.	PUNCT
abrj-460	194	1	financial	financial	ADJ
abrj-460	194	2	integration	integration	NOUN
abrj-460	194	3	enabler	enabler	NOUN
abrj-460	194	4	map	map	NOUN
abrj-460	194	5	across	across	ADP
abrj-460	194	6	african	african	ADJ
abrj-460	194	7	regions	region	NOUN
abrj-460	194	8	the	the	DET
abrj-460	194	9	map	map	NOUN
abrj-460	194	10	illustrates	illustrate	VERB
abrj-460	194	11	the	the	DET
abrj-460	194	12	primary	primary	ADJ
abrj-460	194	13	supporting	support	VERB
abrj-460	194	14	conditions	condition	NOUN
abrj-460	194	15	for	for	ADP
abrj-460	194	16	integrated	integrate	VERB
abrj-460	194	17	financial	financial	ADJ
abrj-460	194	18	markets	market	NOUN
abrj-460	194	19	in	in	ADP
abrj-460	194	20	africa	africa	PROPN
abrj-460	194	21	such	such	ADJ
abrj-460	194	22	as	as	ADP
abrj-460	194	23	preparedness	preparedness	NOUN
abrj-460	194	24	for	for	ADP
abrj-460	194	25	digital	digital	ADJ
abrj-460	194	26	finance	finance	NOUN
abrj-460	194	27	,	,	PUNCT
abrj-460	194	28	regulation	regulation	NOUN
abrj-460	194	29	consistency	consistency	NOUN
abrj-460	194	30	,	,	PUNCT
abrj-460	194	31	compatibility	compatibility	NOUN
abrj-460	194	32	among	among	ADP
abrj-460	194	33	payment	payment	NOUN
abrj-460	194	34	systems	system	NOUN
abrj-460	194	35	and	and	CCONJ
abrj-460	194	36	the	the	DET
abrj-460	194	37	strength	strength	NOUN
abrj-460	194	38	of	of	ADP
abrj-460	194	39	financial	financial	ADJ
abrj-460	194	40	institutions	institution	NOUN
abrj-460	194	41	.	.	PUNCT
abrj-460	195	1	showing	show	VERB
abrj-460	195	2	each	each	DET
abrj-460	195	3	area	area	NOUN
abrj-460	195	4	’s	’s	PART
abrj-460	195	5	advantages	advantage	NOUN
abrj-460	195	6	,	,	PUNCT
abrj-460	195	7	the	the	DET
abrj-460	195	8	diagram	diagram	NOUN
abrj-460	195	9	guides	guide	VERB
abrj-460	195	10	policy	policy	NOUN
abrj-460	195	11	suggestions	suggestion	NOUN
abrj-460	195	12	for	for	ADP
abrj-460	195	13	prompter	prompter	NOUN
abrj-460	195	14	integration	integration	NOUN
abrj-460	195	15	and	and	CCONJ
abrj-460	195	16	investment	investment	NOUN
abrj-460	195	17	,	,	PUNCT
abrj-460	195	18	particularly	particularly	ADV
abrj-460	195	19	in	in	ADP
abrj-460	195	20	ecowas	ecowas	PROPN
abrj-460	195	21	,	,	PUNCT
abrj-460	195	22	comesa	comesa	PROPN
abrj-460	195	23	,	,	PUNCT
abrj-460	195	24	sadc	sadc	PROPN
abrj-460	195	25	and	and	CCONJ
abrj-460	195	26	east	east	PROPN
abrj-460	195	27	africa	africa	PROPN
abrj-460	195	28	.	.	PUNCT
abrj-460	196	1	asian	asian	PROPN
abrj-460	196	2	business	business	PROPN
abrj-460	196	3	research	research	NOUN
abrj-460	196	4	journal	journal	NOUN
abrj-460	196	5	,	,	PUNCT
abrj-460	196	6	2025	2025	NUM
abrj-460	196	7	,	,	PUNCT
abrj-460	196	8	10(6	10(6	NUM
abrj-460	196	9	):	):	PUNCT
abrj-460	196	10	9	9	NUM
abrj-460	196	11	-	-	SYM
abrj-460	196	12	20	20	NUM
abrj-460	196	13	17	17	NUM
abrj-460	196	14	©	©	PROPN
abrj-460	196	15	2025	2025	NUM
abrj-460	196	16	by	by	ADP
abrj-460	196	17	the	the	DET
abrj-460	196	18	authors	author	NOUN
abrj-460	196	19	;	;	PUNCT
abrj-460	196	20	licensee	licensee	NOUN
abrj-460	196	21	eastern	eastern	ADJ
abrj-460	196	22	centre	centre	NOUN
abrj-460	196	23	of	of	ADP
abrj-460	196	24	science	science	NOUN
abrj-460	196	25	and	and	CCONJ
abrj-460	196	26	education	education	NOUN
abrj-460	196	27	,	,	PUNCT
abrj-460	196	28	usa	usa	PROPN
abrj-460	196	29	5	5	NUM
abrj-460	196	30	.	.	PUNCT
abrj-460	196	31	policy	policy	NOUN
abrj-460	196	32	and	and	CCONJ
abrj-460	196	33	practice	practice	NOUN
abrj-460	196	34	relevance	relevance	NOUN
abrj-460	196	35	the	the	DET
abrj-460	196	36	results	result	NOUN
abrj-460	196	37	of	of	ADP
abrj-460	196	38	this	this	DET
abrj-460	196	39	study	study	NOUN
abrj-460	196	40	have	have	VERB
abrj-460	196	41	important	important	ADJ
abrj-460	196	42	implications	implication	NOUN
abrj-460	196	43	for	for	ADP
abrj-460	196	44	policy	policy	NOUN
abrj-460	196	45	makers	maker	NOUN
abrj-460	196	46	and	and	CCONJ
abrj-460	196	47	regulators	regulator	NOUN
abrj-460	196	48	,	,	PUNCT
abrj-460	196	49	as	as	ADV
abrj-460	196	50	well	well	ADV
abrj-460	196	51	as	as	ADP
abrj-460	196	52	private	private	ADJ
abrj-460	196	53	sector	sector	NOUN
abrj-460	196	54	participants	participant	NOUN
abrj-460	196	55	,	,	PUNCT
abrj-460	196	56	who	who	PRON
abrj-460	196	57	are	be	AUX
abrj-460	196	58	looking	look	VERB
abrj-460	196	59	to	to	PART
abrj-460	196	60	improve	improve	VERB
abrj-460	196	61	the	the	DET
abrj-460	196	62	development	development	NOUN
abrj-460	196	63	impact	impact	NOUN
abrj-460	196	64	of	of	ADP
abrj-460	196	65	financial	financial	ADJ
abrj-460	196	66	market	market	NOUN
abrj-460	196	67	integration	integration	NOUN
abrj-460	196	68	and	and	CCONJ
abrj-460	196	69	capital	capital	NOUN
abrj-460	196	70	flows	flow	NOUN
abrj-460	196	71	across	across	ADP
abrj-460	196	72	borders	border	NOUN
abrj-460	196	73	in	in	ADP
abrj-460	196	74	africa	africa	PROPN
abrj-460	196	75	.	.	PUNCT
abrj-460	197	1	a	a	DET
abrj-460	197	2	multi	multi	ADJ
abrj-460	197	3	-	-	ADJ
abrj-460	197	4	pronged	pronged	ADJ
abrj-460	197	5	approach	approach	NOUN
abrj-460	197	6	is	be	AUX
abrj-460	197	7	needed	need	VERB
abrj-460	197	8	to	to	PART
abrj-460	197	9	unleash	unleash	VERB
abrj-460	197	10	the	the	DET
abrj-460	197	11	full	full	ADJ
abrj-460	197	12	potential	potential	NOUN
abrj-460	197	13	of	of	ADP
abrj-460	197	14	integrated	integrate	VERB
abrj-460	197	15	financial	financial	ADJ
abrj-460	197	16	markets	market	NOUN
abrj-460	197	17	and	and	CCONJ
abrj-460	197	18	catalyze	catalyze	NOUN
abrj-460	197	19	inclusive	inclusive	ADJ
abrj-460	197	20	economic	economic	ADJ
abrj-460	197	21	transformation	transformation	NOUN
abrj-460	197	22	based	base	VERB
abrj-460	197	23	on	on	ADP
abrj-460	197	24	regional	regional	ADJ
abrj-460	197	25	collaboration	collaboration	NOUN
abrj-460	197	26	,	,	PUNCT
abrj-460	197	27	institution	institution	NOUN
abrj-460	197	28	building	building	NOUN
abrj-460	197	29	,	,	PUNCT
abrj-460	197	30	and	and	CCONJ
abrj-460	197	31	financial	financial	ADJ
abrj-460	197	32	innovation	innovation	NOUN
abrj-460	197	33	.	.	PUNCT
abrj-460	198	1	additionally	additionally	ADV
abrj-460	198	2	,	,	PUNCT
abrj-460	198	3	such	such	ADJ
abrj-460	198	4	policy	policy	NOUN
abrj-460	198	5	orientations	orientation	NOUN
abrj-460	198	6	equally	equally	ADV
abrj-460	198	7	reflect	reflect	VERB
abrj-460	198	8	directly	directly	ADV
abrj-460	198	9	on	on	ADP
abrj-460	198	10	sustainable	sustainable	ADJ
abrj-460	198	11	development	development	NOUN
abrj-460	198	12	goal	goal	NOUN
abrj-460	198	13	(	(	PUNCT
abrj-460	198	14	sdg	sdg	NOUN
abrj-460	198	15	)	)	PUNCT
abrj-460	198	16	8	8	NUM
abrj-460	198	17	(	(	PUNCT
abrj-460	198	18	promoting	promote	VERB
abrj-460	198	19	sustained	sustain	VERB
abrj-460	198	20	,	,	PUNCT
abrj-460	198	21	inclusive	inclusive	ADJ
abrj-460	198	22	,	,	PUNCT
abrj-460	198	23	and	and	CCONJ
abrj-460	198	24	sustainable	sustainable	ADJ
abrj-460	198	25	economic	economic	ADJ
abrj-460	198	26	growth	growth	NOUN
abrj-460	198	27	)	)	PUNCT
abrj-460	198	28	,	,	PUNCT
abrj-460	198	29	and	and	CCONJ
abrj-460	198	30	on	on	ADP
abrj-460	198	31	sdg	sdg	NOUN
abrj-460	198	32	17	17	NUM
abrj-460	198	33	(	(	PUNCT
abrj-460	198	34	encouraging	encourage	VERB
abrj-460	198	35	regional	regional	ADJ
abrj-460	198	36	and	and	CCONJ
abrj-460	198	37	international	international	ADJ
abrj-460	198	38	partnerships	partnership	NOUN
abrj-460	198	39	for	for	ADP
abrj-460	198	40	development	development	NOUN
abrj-460	198	41	)	)	PUNCT
abrj-460	198	42	.	.	PUNCT
abrj-460	199	1	there	there	PRON
abrj-460	199	2	is	be	VERB
abrj-460	199	3	an	an	DET
abrj-460	199	4	urgent	urgent	ADJ
abrj-460	199	5	need	need	NOUN
abrj-460	199	6	to	to	PART
abrj-460	199	7	establish	establish	VERB
abrj-460	199	8	policy	policy	NOUN
abrj-460	199	9	environment	environment	NOUN
abrj-460	199	10	among	among	ADP
abrj-460	199	11	african	african	ADJ
abrj-460	199	12	countries	country	NOUN
abrj-460	199	13	for	for	ADP
abrj-460	199	14	regulatory	regulatory	ADJ
abrj-460	199	15	harmonization	harmonization	NOUN
abrj-460	199	16	and	and	CCONJ
abrj-460	199	17	legal	legal	ADJ
abrj-460	199	18	convergence	convergence	NOUN
abrj-460	199	19	especially	especially	ADV
abrj-460	199	20	within	within	ADP
abrj-460	199	21	and	and	CCONJ
abrj-460	199	22	across	across	ADP
abrj-460	199	23	regional	regional	ADJ
abrj-460	199	24	blocks	block	NOUN
abrj-460	199	25	such	such	ADJ
abrj-460	199	26	as	as	ADP
abrj-460	199	27	ecowas	ecowas	PROPN
abrj-460	199	28	,	,	PUNCT
abrj-460	199	29	sadc	sadc	PROPN
abrj-460	199	30	,	,	PUNCT
abrj-460	199	31	and	and	CCONJ
abrj-460	199	32	comesa	comesa	ADJ
abrj-460	199	33	.	.	PUNCT
abrj-460	200	1	contrasting	contrast	VERB
abrj-460	200	2	regulations	regulation	NOUN
abrj-460	200	3	also	also	ADV
abrj-460	200	4	shield	shield	VERB
abrj-460	200	5	cross	cross	ADJ
abrj-460	200	6	-	-	ADJ
abrj-460	200	7	border	border	ADJ
abrj-460	200	8	capital	capital	NOUN
abrj-460	200	9	movements	movement	NOUN
abrj-460	200	10	and	and	CCONJ
abrj-460	200	11	inflate	inflate	VERB
abrj-460	200	12	dealing	dealing	NOUN
abrj-460	200	13	costs	cost	NOUN
abrj-460	200	14	.	.	PUNCT
abrj-460	201	1	a	a	DET
abrj-460	201	2	continental	continental	ADJ
abrj-460	201	3	jurisdiction	jurisdiction	NOUN
abrj-460	201	4	in	in	ADP
abrj-460	201	5	the	the	DET
abrj-460	201	6	area	area	NOUN
abrj-460	201	7	of	of	ADP
abrj-460	201	8	capital	capital	NOUN
abrj-460	201	9	market	market	NOUN
abrj-460	201	10	regulation	regulation	NOUN
abrj-460	201	11	,	,	PUNCT
abrj-460	201	12	entrusted	entrust	VERB
abrj-460	201	13	perhaps	perhaps	ADV
abrj-460	201	14	to	to	ADP
abrj-460	201	15	the	the	DET
abrj-460	201	16	african	african	PROPN
abrj-460	201	17	union	union	PROPN
abrj-460	201	18	and	and	CCONJ
abrj-460	201	19	asea	asea	PROPN
abrj-460	201	20	would	would	AUX
abrj-460	201	21	help	help	VERB
abrj-460	201	22	to	to	PART
abrj-460	201	23	harmonize	harmonize	VERB
abrj-460	201	24	listing	list	VERB
abrj-460	201	25	requirements	requirement	NOUN
abrj-460	201	26	,	,	PUNCT
abrj-460	201	27	disclosure	disclosure	NOUN
abrj-460	201	28	requirements	requirement	NOUN
abrj-460	201	29	and	and	CCONJ
abrj-460	201	30	protections	protection	NOUN
abrj-460	201	31	for	for	ADP
abrj-460	201	32	investors	investor	NOUN
abrj-460	201	33	.	.	PUNCT
abrj-460	202	1	this	this	PRON
abrj-460	202	2	would	would	AUX
abrj-460	202	3	reduce	reduce	VERB
abrj-460	202	4	risk	risk	NOUN
abrj-460	202	5	premiums	premium	NOUN
abrj-460	202	6	and	and	CCONJ
abrj-460	202	7	encourage	encourage	VERB
abrj-460	202	8	portfolio	portfolio	NOUN
abrj-460	202	9	and	and	CCONJ
abrj-460	202	10	direct	direct	ADJ
abrj-460	202	11	investments	investment	NOUN
abrj-460	202	12	from	from	ADP
abrj-460	202	13	one	one	NUM
abrj-460	202	14	african	african	ADJ
abrj-460	202	15	country	country	NOUN
abrj-460	202	16	to	to	ADP
abrj-460	202	17	another	another	PRON
abrj-460	202	18	.	.	PUNCT
abrj-460	203	1	policy	policy	NOUN
abrj-460	203	2	should	should	AUX
abrj-460	203	3	also	also	ADV
abrj-460	203	4	promote	promote	VERB
abrj-460	203	5	harmonization	harmonization	NOUN
abrj-460	203	6	of	of	ADP
abrj-460	203	7	the	the	DET
abrj-460	203	8	financial	financial	ADJ
abrj-460	203	9	reporting	reporting	NOUN
abrj-460	203	10	standards	standard	NOUN
abrj-460	203	11	,	,	PUNCT
abrj-460	203	12	capital	capital	NOUN
abrj-460	203	13	adequacy	adequacy	NOUN
abrj-460	203	14	norms	norm	NOUN
abrj-460	203	15	and	and	CCONJ
abrj-460	203	16	dispute	dispute	NOUN
abrj-460	203	17	resolution	resolution	NOUN
abrj-460	203	18	systems	system	NOUN
abrj-460	203	19	.	.	PUNCT
abrj-460	204	1	second	second	ADJ
abrj-460	204	2	,	,	PUNCT
abrj-460	204	3	regional	regional	ADJ
abrj-460	204	4	governments	government	NOUN
abrj-460	204	5	and	and	CCONJ
abrj-460	204	6	central	central	ADJ
abrj-460	204	7	banks	bank	NOUN
abrj-460	204	8	must	must	AUX
abrj-460	204	9	enhance	enhance	VERB
abrj-460	204	10	macroeconomic	macroeconomic	ADJ
abrj-460	204	11	coordination	coordination	NOUN
abrj-460	204	12	,	,	PUNCT
abrj-460	204	13	particularly	particularly	ADV
abrj-460	204	14	in	in	ADP
abrj-460	204	15	monetary	monetary	ADJ
abrj-460	204	16	and	and	CCONJ
abrj-460	204	17	exchange	exchange	NOUN
abrj-460	204	18	rate	rate	NOUN
abrj-460	204	19	policy	policy	NOUN
abrj-460	204	20	.	.	PUNCT
abrj-460	205	1	currency	currency	NOUN
abrj-460	205	2	instability	instability	NOUN
abrj-460	205	3	and	and	CCONJ
abrj-460	205	4	misalignment	misalignment	NOUN
abrj-460	205	5	still	still	ADV
abrj-460	205	6	are	be	AUX
abrj-460	205	7	the	the	DET
abrj-460	205	8	big	big	ADJ
abrj-460	205	9	hurdles	hurdle	NOUN
abrj-460	205	10	to	to	ADP
abrj-460	205	11	investments	investment	NOUN
abrj-460	205	12	pouring	pour	VERB
abrj-460	205	13	across	across	ADP
abrj-460	205	14	borders	border	NOUN
abrj-460	205	15	.	.	PUNCT
abrj-460	206	1	deepened	deepen	VERB
abrj-460	206	2	regional	regional	ADJ
abrj-460	206	3	monetary	monetary	ADJ
abrj-460	206	4	cooperation	cooperation	NOUN
abrj-460	206	5	—	—	PUNCT
abrj-460	206	6	for	for	ADP
abrj-460	206	7	example	example	NOUN
abrj-460	206	8	,	,	PUNCT
abrj-460	206	9	broader	broad	ADJ
abrj-460	206	10	regional	regional	ADJ
abrj-460	206	11	payment	payment	NOUN
abrj-460	206	12	system	system	NOUN
abrj-460	206	13	usage	usage	NOUN
abrj-460	206	14	and	and	CCONJ
abrj-460	206	15	common	common	ADJ
abrj-460	206	16	digital	digital	ADJ
abrj-460	206	17	currencies	currency	NOUN
abrj-460	206	18	—	—	PUNCT
abrj-460	206	19	helps	help	VERB
abrj-460	206	20	to	to	PART
abrj-460	206	21	make	make	VERB
abrj-460	206	22	transactions	transaction	NOUN
abrj-460	206	23	predictable	predictable	ADJ
abrj-460	206	24	and	and	CCONJ
abrj-460	206	25	investment	investment	NOUN
abrj-460	206	26	environments	environment	NOUN
abrj-460	206	27	predictable	predictable	ADJ
abrj-460	206	28	.	.	PUNCT
abrj-460	207	1	single	single	ADJ
abrj-460	207	2	payment	payment	NOUN
abrj-460	207	3	systems	system	NOUN
abrj-460	207	4	such	such	ADJ
abrj-460	207	5	as	as	ADP
abrj-460	207	6	the	the	DET
abrj-460	207	7	east	east	PROPN
abrj-460	207	8	african	african	ADJ
abrj-460	207	9	cross	cross	ADJ
abrj-460	207	10	-	-	ADJ
abrj-460	207	11	border	border	ADJ
abrj-460	207	12	payment	payment	NOUN
abrj-460	207	13	system	system	NOUN
abrj-460	207	14	(	(	PUNCT
abrj-460	207	15	eaps	eaps	ADV
abrj-460	207	16	)	)	PUNCT
abrj-460	207	17	and	and	CCONJ
abrj-460	207	18	the	the	DET
abrj-460	207	19	pan	pan	ADJ
abrj-460	207	20	-	-	ADJ
abrj-460	207	21	african	african	ADJ
abrj-460	207	22	payment	payment	NOUN
abrj-460	207	23	and	and	CCONJ
abrj-460	207	24	settlement	settlement	NOUN
abrj-460	207	25	system	system	NOUN
abrj-460	207	26	(	(	PUNCT
abrj-460	207	27	papss	papss	PROPN
abrj-460	207	28	)	)	PUNCT
abrj-460	207	29	should	should	AUX
abrj-460	207	30	be	be	AUX
abrj-460	207	31	bolstered	bolster	VERB
abrj-460	207	32	and	and	CCONJ
abrj-460	207	33	expanded	expand	VERB
abrj-460	207	34	to	to	PART
abrj-460	207	35	encompass	encompass	VERB
abrj-460	207	36	the	the	DET
abrj-460	207	37	continent	continent	NOUN
abrj-460	207	38	.	.	PUNCT
abrj-460	208	1	three	three	NUM
abrj-460	208	2	,	,	PUNCT
abrj-460	208	3	regulators	regulator	NOUN
abrj-460	208	4	need	need	VERB
abrj-460	208	5	to	to	PART
abrj-460	208	6	adopt	adopt	VERB
abrj-460	208	7	digital	digital	ADJ
abrj-460	208	8	financial	financial	ADJ
abrj-460	208	9	infrastructure	infrastructure	NOUN
abrj-460	208	10	,	,	PUNCT
abrj-460	208	11	and	and	CCONJ
abrj-460	208	12	the	the	DET
abrj-460	208	13	innovations	innovation	NOUN
abrj-460	208	14	that	that	PRON
abrj-460	208	15	go	go	VERB
abrj-460	208	16	with	with	ADP
abrj-460	208	17	it	it	PRON
abrj-460	208	18	,	,	PUNCT
abrj-460	208	19	to	to	ADP
abrj-460	208	20	de	de	ADJ
abrj-460	208	21	-	-	NOUN
abrj-460	208	22	risk	risk	NOUN
abrj-460	208	23	capital	capital	NOUN
abrj-460	208	24	markets	market	NOUN
abrj-460	208	25	and	and	CCONJ
abrj-460	208	26	broaden	broaden	VERB
abrj-460	208	27	participation	participation	NOUN
abrj-460	208	28	.	.	PUNCT
abrj-460	209	1	sandboxes	sandbox	NOUN
abrj-460	209	2	,	,	PUNCT
abrj-460	209	3	fintech	fintech	NOUN
abrj-460	209	4	licensing	licensing	NOUN
abrj-460	209	5	models	model	NOUN
abrj-460	209	6	and	and	CCONJ
abrj-460	209	7	open	open	ADJ
abrj-460	209	8	finance	finance	NOUN
abrj-460	209	9	approaches	approach	NOUN
abrj-460	209	10	can	can	AUX
abrj-460	209	11	promote	promote	VERB
abrj-460	209	12	financial	financial	ADJ
abrj-460	209	13	innovation	innovation	NOUN
abrj-460	209	14	,	,	PUNCT
abrj-460	209	15	while	while	SCONJ
abrj-460	209	16	safeguarding	safeguard	VERB
abrj-460	209	17	investors	investor	NOUN
abrj-460	209	18	and	and	CCONJ
abrj-460	209	19	the	the	DET
abrj-460	209	20	system	system	NOUN
abrj-460	209	21	.	.	PUNCT
abrj-460	210	1	the	the	DET
abrj-460	210	2	guy	guy	NOUN
abrj-460	210	3	who	who	PRON
abrj-460	210	4	sends	send	VERB
abrj-460	210	5	$	$	SYM
abrj-460	210	6	50–$100	50–$100	NUM
abrj-460	210	7	to	to	ADP
abrj-460	210	8	brazil	brazil	PROPN
abrj-460	210	9	every	every	DET
abrj-460	210	10	other	other	ADJ
abrj-460	210	11	month	month	NOUN
abrj-460	210	12	or	or	CCONJ
abrj-460	210	13	who	who	PRON
abrj-460	210	14	has	have	VERB
abrj-460	210	15	an	an	DET
abrj-460	210	16	account	account	NOUN
abrj-460	210	17	with	with	ADP
abrj-460	210	18	a	a	DET
abrj-460	210	19	canadian	canadian	ADJ
abrj-460	210	20	robo	robo	NOUN
abrj-460	210	21	-	-	PUNCT
abrj-460	210	22	advisor	advisor	NOUN
abrj-460	210	23	will	will	AUX
abrj-460	210	24	transfer	transfer	VERB
abrj-460	210	25	in	in	ADP
abrj-460	210	26	more	more	ADJ
abrj-460	210	27	cash	cash	NOUN
abrj-460	210	28	and	and	CCONJ
abrj-460	210	29	trade	trade	NOUN
abrj-460	210	30	directly	directly	ADV
abrj-460	210	31	from	from	ADP
abrj-460	210	32	his	his	PRON
abrj-460	210	33	phone	phone	NOUN
abrj-460	210	34	,	,	PUNCT
abrj-460	210	35	while	while	SCONJ
abrj-460	210	36	those	those	PRON
abrj-460	210	37	who	who	PRON
abrj-460	210	38	have	have	VERB
abrj-460	210	39	an	an	DET
abrj-460	210	40	account	account	NOUN
abrj-460	210	41	with	with	ADP
abrj-460	210	42	a	a	DET
abrj-460	210	43	us	us	PROPN
abrj-460	210	44	site	site	NOUN
abrj-460	210	45	that	that	PRON
abrj-460	210	46	has	have	VERB
abrj-460	210	47	all	all	DET
abrj-460	210	48	the	the	DET
abrj-460	210	49	stocks	stock	NOUN
abrj-460	210	50	like	like	ADP
abrj-460	210	51	a	a	DET
abrj-460	210	52	robinhood	robinhood	NOUN
abrj-460	210	53	or	or	CCONJ
abrj-460	210	54	open	open	ADJ
abrj-460	210	55	invest	invest	NOUN
abrj-460	210	56	will	will	AUX
abrj-460	210	57	now	now	ADV
abrj-460	210	58	have	have	VERB
abrj-460	210	59	access	access	NOUN
abrj-460	210	60	to	to	ADP
abrj-460	210	61	them	they	PRON
abrj-460	210	62	24/7	24/7	NOUN
abrj-460	210	63	,	,	PUNCT
abrj-460	210	64	all	all	PRON
abrj-460	210	65	of	of	ADP
abrj-460	210	66	which	which	PRON
abrj-460	210	67	i	i	PRON
abrj-460	210	68	think	think	VERB
abrj-460	210	69	5	5	NUM
abrj-460	210	70	can	can	AUX
abrj-460	210	71	really	really	ADV
abrj-460	210	72	help	help	VERB
abrj-460	210	73	to	to	PART
abrj-460	210	74	democratize	democratize	VERB
abrj-460	210	75	access	access	NOUN
abrj-460	210	76	to	to	ADP
abrj-460	210	77	capital	capital	NOUN
abrj-460	210	78	markets	market	NOUN
abrj-460	210	79	through	through	ADP
abrj-460	210	80	digitization.e	digitization.e	PROPN
abrj-460	210	81	-	-	PUNCT
abrj-460	210	82	kyc	kyc	PROPN
abrj-460	210	83	platforms	platform	NOUN
abrj-460	210	84	can	can	AUX
abrj-460	210	85	help	help	VERB
abrj-460	210	86	bank	bank	VERB
abrj-460	210	87	and	and	CCONJ
abrj-460	210	88	verify	verify	VERB
abrj-460	210	89	additional	additional	ADJ
abrj-460	210	90	users	user	NOUN
abrj-460	210	91	using	use	VERB
abrj-460	210	92	all	all	PRON
abrj-460	210	93	of	of	ADP
abrj-460	210	94	the	the	DET
abrj-460	210	95	aforementioned	aforementioned	ADJ
abrj-460	210	96	methods.blockchain	methods.blockchain	PROPN
abrj-460	210	97	and	and	CCONJ
abrj-460	210	98	dlt	dlt	PROPN
abrj-460	210	99	can	can	AUX
abrj-460	210	100	also	also	ADV
abrj-460	210	101	be	be	AUX
abrj-460	210	102	applied	apply	VERB
abrj-460	210	103	to	to	ADP
abrj-460	210	104	clearing	clearing	NOUN
abrj-460	210	105	and	and	CCONJ
abrj-460	210	106	settlement	settlement	NOUN
abrj-460	210	107	,	,	PUNCT
abrj-460	210	108	specifically	specifically	ADV
abrj-460	210	109	relating	relate	VERB
abrj-460	210	110	to	to	ADP
abrj-460	210	111	blockchain	blockchain	PROPN
abrj-460	210	112	-	-	PUNCT
abrj-460	210	113	featured	feature	VERB
abrj-460	210	114	(	(	PUNCT
abrj-460	210	115	as	as	ADV
abrj-460	210	116	well	well	ADV
abrj-460	210	117	as	as	ADP
abrj-460	210	118	managed	manage	VERB
abrj-460	210	119	)	)	PUNCT
abrj-460	210	120	clearing	clearing	NOUN
abrj-460	210	121	and	and	CCONJ
abrj-460	210	122	settlement	settlement	NOUN
abrj-460	210	123	systems.streamlining	systems.streamline	VERB
abrj-460	210	124	this	this	DET
abrj-460	210	125	most	most	ADV
abrj-460	210	126	expensive	expensive	ADJ
abrj-460	210	127	cost	cost	NOUN
abrj-460	210	128	and	and	CCONJ
abrj-460	210	129	operational	operational	ADJ
abrj-460	210	130	task	task	NOUN
abrj-460	210	131	will	will	AUX
abrj-460	210	132	drive	drive	VERB
abrj-460	210	133	further	further	ADJ
abrj-460	210	134	capital	capital	NOUN
abrj-460	210	135	cost	cost	NOUN
abrj-460	210	136	capacity	capacity	NOUN
abrj-460	210	137	,	,	PUNCT
abrj-460	210	138	as	as	SCONJ
abrj-460	210	139	i	i	PRON
abrj-460	210	140	mentioned	mention	VERB
abrj-460	210	141	,	,	PUNCT
abrj-460	210	142	and	and	CCONJ
abrj-460	210	143	expedite	expedite	ADJ
abrj-460	210	144	time	time	NOUN
abrj-460	210	145	to	to	ADP
abrj-460	210	146	market	market	NOUN
abrj-460	210	147	across	across	ADP
abrj-460	210	148	many	many	ADJ
abrj-460	210	149	asset	asset	NOUN
abrj-460	210	150	types.speaking	types.speaking	NOUN
abrj-460	210	151	of	of	ADP
abrj-460	210	152	all	all	DET
abrj-460	210	153	these	these	DET
abrj-460	210	154	huge	huge	ADJ
abrj-460	210	155	flows	flow	NOUN
abrj-460	210	156	of	of	ADP
abrj-460	210	157	both	both	DET
abrj-460	210	158	payments	payment	NOUN
abrj-460	210	159	and	and	CCONJ
abrj-460	210	160	capital	capital	NOUN
abrj-460	210	161	that	that	PRON
abrj-460	210	162	now	now	ADV
abrj-460	210	163	know	know	VERB
abrj-460	210	164	no	no	DET
abrj-460	210	165	boundaries	boundary	NOUN
abrj-460	210	166	,	,	PUNCT
abrj-460	210	167	there	there	PRON
abrj-460	210	168	is	be	VERB
abrj-460	210	169	also	also	ADV
abrj-460	210	170	a	a	DET
abrj-460	210	171	second	second	ADJ
abrj-460	210	172	10	10	NUM
abrj-460	210	173	named	name	VERB
abrj-460	210	174	after	after	ADP
abrj-460	210	175	the	the	DET
abrj-460	210	176	bottom	bottom	NOUN
abrj-460	210	177	row	row	NOUN
abrj-460	210	178	on	on	ADP
abrj-460	210	179	a	a	DET
abrj-460	210	180	computer	computer	NOUN
abrj-460	210	181	,	,	PUNCT
abrj-460	210	182	it	it	PRON
abrj-460	210	183	’s	’	VERB
abrj-460	210	184	a	a	DET
abrj-460	210	185	task	task	NOUN
abrj-460	210	186	force	force	NOUN
abrj-460	210	187	that	that	PRON
abrj-460	210	188	will	will	AUX
abrj-460	210	189	delineate	delineate	VERB
abrj-460	210	190	the	the	DET
abrj-460	210	191	property	property	NOUN
abrj-460	210	192	rights	right	NOUN
abrj-460	210	193	of	of	ADP
abrj-460	210	194	a	a	DET
abrj-460	210	195	digitally	digitally	ADV
abrj-460	210	196	wrapped	wrap	VERB
abrj-460	210	197	asset.c	asset.c	PUNCT
abrj-460	210	198	update	update	NOUN
abrj-460	210	199	to	to	ADP
abrj-460	210	200	baer	baer	PROPN
abrj-460	210	201	chain	chain	NOUN
abrj-460	210	202	that	that	PRON
abrj-460	210	203	i	i	PRON
abrj-460	210	204	think	think	VERB
abrj-460	210	205	will	will	AUX
abrj-460	210	206	broadly	broadly	ADV
abrj-460	210	207	benefit	benefit	VERB
abrj-460	210	208	sdg	sdg	NOUN
abrj-460	210	209	#	#	NOUN
abrj-460	210	210	8	8	NUM
abrj-460	210	211	:	:	PUNCT
abrj-460	210	212	financial	financial	ADJ
abrj-460	210	213	inclusion.digitization	inclusion.digitization	NOUN
abrj-460	210	214	of	of	ADP
abrj-460	210	215	all	all	DET
abrj-460	210	216	capital	capital	NOUN
abrj-460	210	217	markets	market	NOUN
abrj-460	210	218	through	through	ADP
abrj-460	210	219	clearing	clear	VERB
abrj-460	210	220	and	and	CCONJ
abrj-460	210	221	settling	settle	VERB
abrj-460	210	222	faster	fast	ADV
abrj-460	210	223	,	,	PUNCT
abrj-460	210	224	more	more	ADV
abrj-460	210	225	securely	securely	ADV
abrj-460	210	226	and	and	CCONJ
abrj-460	210	227	with	with	ADP
abrj-460	210	228	lower	low	ADJ
abrj-460	210	229	costs	cost	NOUN
abrj-460	210	230	online	online	ADV
abrj-460	210	231	,	,	PUNCT
abrj-460	210	232	in	in	ADP
abrj-460	210	233	cyberspace	cyberspace	NOUN
abrj-460	210	234	,	,	PUNCT
abrj-460	210	235	versus	versus	ADP
abrj-460	210	236	old	old	ADJ
abrj-460	210	237	-	-	PUNCT
abrj-460	210	238	world	world	NOUN
abrj-460	210	239	banking	banking	NOUN
abrj-460	210	240	infrastructure	infrastructure	NOUN
abrj-460	210	241	,	,	PUNCT
abrj-460	210	242	could	could	AUX
abrj-460	210	243	enable	enable	VERB
abrj-460	210	244	a	a	DET
abrj-460	210	245	megatrend	megatrend	NOUN
abrj-460	210	246	for	for	SCONJ
abrj-460	210	247	both	both	CCONJ
abrj-460	210	248	retail	retail	ADJ
abrj-460	210	249	and	and	CCONJ
abrj-460	210	250	institutional	institutional	ADJ
abrj-460	210	251	investors	investor	NOUN
abrj-460	210	252	to	to	PART
abrj-460	210	253	access	access	VERB
abrj-460	210	254	capital	capital	NOUN
abrj-460	210	255	markets	market	NOUN
abrj-460	210	256	.	.	PUNCT
abrj-460	211	1	6	6	NUM
abrj-460	211	2	this	this	PRON
abrj-460	211	3	would	would	AUX
abrj-460	211	4	lower	lower	VERB
abrj-460	211	5	the	the	DET
abrj-460	211	6	working	work	VERB
abrj-460	211	7	capital	capital	NOUN
abrj-460	211	8	(	(	PUNCT
abrj-460	211	9	or	or	CCONJ
abrj-460	211	10	capital	capital	NOUN
abrj-460	211	11	at	at	ADP
abrj-460	211	12	risk	risk	NOUN
abrj-460	211	13	)	)	PUNCT
abrj-460	211	14	for	for	ADP
abrj-460	211	15	the	the	DET
abrj-460	211	16	now	now	ADV
abrj-460	211	17	mobile	mobile	ADJ
abrj-460	211	18	or	or	CCONJ
abrj-460	211	19	web	web	NOUN
abrj-460	211	20	-	-	PUNCT
abrj-460	211	21	based	base	VERB
abrj-460	211	22	wall	wall	PROPN
abrj-460	211	23	street	street	PROPN
abrj-460	211	24	journal	journal	PROPN
abrj-460	211	25	or	or	CCONJ
abrj-460	211	26	toronto	toronto	PROPN
abrj-460	211	27	stock	stock	PROPN
abrj-460	211	28	exchange	exchange	PROPN
abrj-460	211	29	,	,	PUNCT
abrj-460	211	30	for	for	SCONJ
abrj-460	211	31	all	all	DET
abrj-460	211	32	its	its	PRON
abrj-460	211	33	users	user	NOUN
abrj-460	211	34	blockchain	blockchain	PROPN
abrj-460	211	35	is	be	AUX
abrj-460	211	36	evolving	evolve	VERB
abrj-460	211	37	fintech	fintech	NOUN
abrj-460	211	38	again	again	ADV
abrj-460	211	39	and	and	CCONJ
abrj-460	211	40	offering	offer	VERB
abrj-460	211	41	digitizedaccess	digitizedaccess	NOUN
abrj-460	211	42	to	to	ADP
abrj-460	211	43	capital	capital	NOUN
abrj-460	211	44	markets	market	NOUN
abrj-460	211	45	7	7	NUM
abrj-460	211	46	and	and	CCONJ
abrj-460	211	47	the	the	DET
abrj-460	211	48	digital	digital	ADJ
abrj-460	211	49	escape	escape	NOUN
abrj-460	211	50	11bil	11bil	ADJ
abrj-460	211	51	integrative	integrative	ADJ
abrj-460	211	52	payment	payment	NOUN
abrj-460	211	53	system.page	system.page	NOUN
abrj-460	211	54	4	4	NUM
abrj-460	211	55	of	of	ADP
abrj-460	211	56	4payment	4payment	NUM
abrj-460	211	57	will	will	AUX
abrj-460	211	58	follow	follow	VERB
abrj-460	211	59	the	the	DET
abrj-460	211	60	path	path	NOUN
abrj-460	211	61	of	of	ADP
abrj-460	211	62	capital	capital	NOUN
abrj-460	211	63	markets	market	NOUN
abrj-460	211	64	,	,	PUNCT
abrj-460	211	65	especially	especially	ADV
abrj-460	211	66	if	if	SCONJ
abrj-460	211	67	it	it	PRON
abrj-460	211	68	can	can	AUX
abrj-460	211	69	recirculate	recirculate	VERB
abrj-460	211	70	back	back	ADV
abrj-460	211	71	into	into	ADP
abrj-460	211	72	these	these	DET
abrj-460	211	73	digital	digital	ADJ
abrj-460	211	74	financial	financial	ADJ
abrj-460	211	75	channels	channel	NOUN
abrj-460	211	76	quickly	quickly	ADV
abrj-460	211	77	and	and	CCONJ
abrj-460	211	78	cheaply	cheaply	ADV
abrj-460	211	79	,	,	PUNCT
abrj-460	211	80	very	very	ADV
abrj-460	211	81	much	much	ADV
abrj-460	211	82	along	along	ADP
abrj-460	211	83	the	the	DET
abrj-460	211	84	lines	line	NOUN
abrj-460	211	85	of	of	ADP
abrj-460	211	86	3this	3this	NUM
abrj-460	211	87	leads	lead	VERB
abrj-460	211	88	to	to	ADP
abrj-460	211	89	even	even	ADV
abrj-460	211	90	more	more	ADJ
abrj-460	211	91	and	and	CCONJ
abrj-460	211	92	faster	fast	ADV
abrj-460	211	93	financial	financial	ADJ
abrj-460	211	94	inclusion.financial	inclusion.financial	ADJ
abrj-460	211	95	inclusion	inclusion	NOUN
abrj-460	211	96	,	,	PUNCT
abrj-460	211	97	detailed	detail	VERB
abrj-460	211	98	in	in	ADP
abrj-460	211	99	sdg	sdg	NOUN
abrj-460	211	100	#	#	NOUN
abrj-460	211	101	8	8	NUM
abrj-460	211	102	,	,	PUNCT
abrj-460	211	103	would	would	AUX
abrj-460	211	104	encourage	encourage	VERB
abrj-460	211	105	the	the	DET
abrj-460	211	106	rapid	rapid	ADJ
abrj-460	211	107	roll	roll	NOUN
abrj-460	211	108	out	out	ADP
abrj-460	211	109	of	of	ADP
abrj-460	211	110	blockchain	blockchain	PROPN
abrj-460	211	111	enabled	enable	VERB
abrj-460	211	112	capital	capital	NOUN
abrj-460	211	113	markets	market	NOUN
abrj-460	211	114	for	for	ADP
abrj-460	211	115	institutional	institutional	ADJ
abrj-460	211	116	and	and	CCONJ
abrj-460	211	117	retail	retail	ADJ
abrj-460	211	118	investors	investor	NOUN
abrj-460	211	119	around	around	ADP
abrj-460	211	120	the	the	DET
abrj-460	211	121	world	world	NOUN
abrj-460	211	122	through	through	ADP
abrj-460	211	123	digital	digital	ADJ
abrj-460	211	124	asset	asset	NOUN
abrj-460	211	125	tokenization	tokenization	NOUN
abrj-460	211	126	capital	capital	NOUN
abrj-460	211	127	markets	market	NOUN
abrj-460	211	128	that	that	PRON
abrj-460	211	129	digitize	digitize	VERB
abrj-460	211	130	themselves	themselves	PRON
abrj-460	211	131	using	use	VERB
abrj-460	211	132	blockchain	blockchain	PROPN
abrj-460	211	133	and	and	CCONJ
abrj-460	211	134	built	build	VERB
abrj-460	211	135	in	in	ADP
abrj-460	211	136	iot	iot	ADJ
abrj-460	211	137	channels	channel	NOUN
abrj-460	211	138	as	as	ADV
abrj-460	211	139	well	well	ADV
abrj-460	211	140	as	as	ADP
abrj-460	211	141	electronic	electronic	ADJ
abrj-460	211	142	wallets	wallet	NOUN
abrj-460	211	143	will	will	AUX
abrj-460	211	144	also	also	ADV
abrj-460	211	145	incorporate	incorporate	VERB
abrj-460	211	146	a	a	DET
abrj-460	211	147	kinetically	kinetically	ADV
abrj-460	211	148	expanding	expand	VERB
abrj-460	211	149	swift	swift	ADJ
abrj-460	211	150	or	or	CCONJ
abrj-460	211	151	ripple	ripple	ADJ
abrj-460	211	152	payment	payment	NOUN
abrj-460	211	153	system	system	NOUN
abrj-460	211	154	that	that	PRON
abrj-460	211	155	will	will	AUX
abrj-460	211	156	loop	loop	VERB
abrj-460	211	157	around	around	ADP
abrj-460	211	158	the	the	DET
abrj-460	211	159	earth	earth	NOUN
abrj-460	211	160	flowing	flow	VERB
abrj-460	211	161	with	with	ADP
abrj-460	211	162	both	both	CCONJ
abrj-460	211	163	digital	digital	ADJ
abrj-460	211	164	information	information	NOUN
abrj-460	211	165	and	and	CCONJ
abrj-460	211	166	value	value	NOUN
abrj-460	211	167	.	.	PUNCT
abrj-460	212	1	fourth	fourth	ADJ
abrj-460	212	2	,	,	PUNCT
abrj-460	212	3	there	there	PRON
abrj-460	212	4	is	be	VERB
abrj-460	212	5	an	an	DET
abrj-460	212	6	important	important	ADJ
abrj-460	212	7	role	role	NOUN
abrj-460	212	8	for	for	ADP
abrj-460	212	9	the	the	DET
abrj-460	212	10	private	private	ADJ
abrj-460	212	11	sector	sector	NOUN
abrj-460	212	12	to	to	PART
abrj-460	212	13	take	take	VERB
abrj-460	212	14	advantage	advantage	NOUN
abrj-460	212	15	of	of	ADP
abrj-460	212	16	the	the	DET
abrj-460	212	17	opportunities	opportunity	NOUN
abrj-460	212	18	for	for	ADP
abrj-460	212	19	integration	integration	NOUN
abrj-460	212	20	,	,	PUNCT
abrj-460	212	21	notably	notably	ADV
abrj-460	212	22	of	of	ADP
abrj-460	212	23	institutional	institutional	ADJ
abrj-460	212	24	investors	investor	NOUN
abrj-460	212	25	such	such	ADJ
abrj-460	212	26	as	as	ADP
abrj-460	212	27	pension	pension	NOUN
abrj-460	212	28	funds	fund	NOUN
abrj-460	212	29	,	,	PUNCT
abrj-460	212	30	insurance	insurance	NOUN
abrj-460	212	31	companies	company	NOUN
abrj-460	212	32	and	and	CCONJ
abrj-460	212	33	sovereign	sovereign	ADJ
abrj-460	212	34	wealth	wealth	NOUN
abrj-460	212	35	funds	fund	NOUN
abrj-460	212	36	.	.	PUNCT
abrj-460	213	1	these	these	PRON
abrj-460	213	2	are	be	AUX
abrj-460	213	3	the	the	DET
abrj-460	213	4	actors	actor	NOUN
abrj-460	213	5	who	who	PRON
abrj-460	213	6	should	should	AUX
abrj-460	213	7	be	be	AUX
abrj-460	213	8	encouraged	encourage	VERB
abrj-460	213	9	to	to	PART
abrj-460	213	10	increase	increase	VERB
abrj-460	213	11	the	the	DET
abrj-460	213	12	ratio	ratio	NOUN
abrj-460	213	13	of	of	ADP
abrj-460	213	14	their	their	PRON
abrj-460	213	15	investment	investment	NOUN
abrj-460	213	16	in	in	ADP
abrj-460	213	17	regional	regional	ADJ
abrj-460	213	18	infrastructure	infrastructure	NOUN
abrj-460	213	19	,	,	PUNCT
abrj-460	213	20	green	green	ADJ
abrj-460	213	21	bonds	bond	NOUN
abrj-460	213	22	or	or	CCONJ
abrj-460	213	23	cross	cross	ADJ
abrj-460	213	24	-	-	ADJ
abrj-460	213	25	listed	listed	ADJ
abrj-460	213	26	securities	security	NOUN
abrj-460	213	27	.	.	PUNCT
abrj-460	214	1	governments	government	NOUN
abrj-460	214	2	can	can	AUX
abrj-460	214	3	facilitate	facilitate	VERB
abrj-460	214	4	that	that	PRON
abrj-460	214	5	with	with	ADP
abrj-460	214	6	credit	credit	NOUN
abrj-460	214	7	enhancement	enhancement	NOUN
abrj-460	214	8	facilities	facility	NOUN
abrj-460	214	9	,	,	PUNCT
abrj-460	214	10	public	public	ADJ
abrj-460	214	11	-	-	PUNCT
abrj-460	214	12	private	private	ADJ
abrj-460	214	13	investment	investment	NOUN
abrj-460	214	14	platforms	platform	NOUN
abrj-460	214	15	and	and	CCONJ
abrj-460	214	16	regulatory	regulatory	ADJ
abrj-460	214	17	incentives	incentive	NOUN
abrj-460	214	18	that	that	PRON
abrj-460	214	19	reduce	reduce	VERB
abrj-460	214	20	the	the	DET
abrj-460	214	21	risk	risk	NOUN
abrj-460	214	22	of	of	ADP
abrj-460	214	23	investing	invest	VERB
abrj-460	214	24	in	in	ADP
abrj-460	214	25	other	other	ADJ
abrj-460	214	26	countries	country	NOUN
abrj-460	214	27	.	.	PUNCT
abrj-460	215	1	fifth	fifth	ADJ
abrj-460	215	2	,	,	PUNCT
abrj-460	215	3	capacity	capacity	NOUN
abrj-460	215	4	building	building	NOUN
abrj-460	215	5	and	and	CCONJ
abrj-460	215	6	institution	institution	NOUN
abrj-460	215	7	-	-	PUNCT
abrj-460	215	8	building	building	NOUN
abrj-460	215	9	should	should	AUX
abrj-460	215	10	be	be	AUX
abrj-460	215	11	expanded	expand	VERB
abrj-460	215	12	among	among	ADP
abrj-460	215	13	all	all	DET
abrj-460	215	14	stakeholders	stakeholder	NOUN
abrj-460	215	15	in	in	ADP
abrj-460	215	16	financial	financial	ADJ
abrj-460	215	17	markets	market	NOUN
abrj-460	215	18	,	,	PUNCT
abrj-460	215	19	including	include	VERB
abrj-460	215	20	regulators	regulator	NOUN
abrj-460	215	21	,	,	PUNCT
abrj-460	215	22	exchanges	exchange	NOUN
abrj-460	215	23	,	,	PUNCT
abrj-460	215	24	and	and	CCONJ
abrj-460	215	25	investment	investment	NOUN
abrj-460	215	26	banks	bank	NOUN
abrj-460	215	27	and	and	CCONJ
abrj-460	215	28	brokers	broker	NOUN
abrj-460	215	29	.	.	PUNCT
abrj-460	216	1	training	training	NOUN
abrj-460	216	2	schemes	scheme	NOUN
abrj-460	216	3	,	,	PUNCT
abrj-460	216	4	exchange	exchange	NOUN
abrj-460	216	5	of	of	ADP
abrj-460	216	6	regional	regional	ADJ
abrj-460	216	7	knowledge	knowledge	NOUN
abrj-460	216	8	and	and	CCONJ
abrj-460	216	9	cross	cross	ADJ
abrj-460	216	10	-	-	ADJ
abrj-460	216	11	border	border	ADJ
abrj-460	216	12	internships	internship	NOUN
abrj-460	216	13	all	all	PRON
abrj-460	216	14	can	can	AUX
abrj-460	216	15	create	create	VERB
abrj-460	216	16	a	a	DET
abrj-460	216	17	new	new	ADJ
abrj-460	216	18	generation	generation	NOUN
abrj-460	216	19	of	of	ADP
abrj-460	216	20	practitioners	practitioner	NOUN
abrj-460	216	21	comfortable	comfortable	ADJ
abrj-460	216	22	with	with	ADP
abrj-460	216	23	running	run	VERB
abrj-460	216	24	integrated	integrate	VERB
abrj-460	216	25	financial	financial	ADJ
abrj-460	216	26	systems	system	NOUN
abrj-460	216	27	.	.	PUNCT
abrj-460	217	1	multilateral	multilateral	ADJ
abrj-460	217	2	agencies	agency	NOUN
abrj-460	217	3	such	such	ADJ
abrj-460	217	4	as	as	ADP
abrj-460	217	5	the	the	DET
abrj-460	217	6	african	african	PROPN
abrj-460	217	7	development	development	PROPN
abrj-460	217	8	bank	bank	PROPN
abrj-460	217	9	and	and	CCONJ
abrj-460	217	10	unctad	unctad	NOUN
abrj-460	217	11	can	can	AUX
abrj-460	217	12	provide	provide	VERB
abrj-460	217	13	technical	technical	ADJ
abrj-460	217	14	support	support	NOUN
abrj-460	217	15	to	to	PART
abrj-460	217	16	help	help	VERB
abrj-460	217	17	build	build	VERB
abrj-460	217	18	domestic	domestic	ADJ
abrj-460	217	19	capacity	capacity	NOUN
abrj-460	217	20	to	to	PART
abrj-460	217	21	track	track	VERB
abrj-460	217	22	and	and	CCONJ
abrj-460	217	23	regulate	regulate	VERB
abrj-460	217	24	these	these	DET
abrj-460	217	25	more	more	ADV
abrj-460	217	26	sophisticated	sophisticated	ADJ
abrj-460	217	27	flows	flow	NOUN
abrj-460	217	28	of	of	ADP
abrj-460	217	29	finance	finance	NOUN
abrj-460	217	30	.	.	PUNCT
abrj-460	218	1	finally	finally	ADV
abrj-460	218	2	,	,	PUNCT
abrj-460	218	3	multi	multi	ADJ
abrj-460	218	4	-	-	ADJ
abrj-460	218	5	stakeholder	stakeholder	ADJ
abrj-460	218	6	partnership	partnership	NOUN
abrj-460	218	7	and	and	CCONJ
abrj-460	218	8	cooperation	cooperation	NOUN
abrj-460	218	9	is	be	AUX
abrj-460	218	10	key	key	ADJ
abrj-460	218	11	to	to	ADP
abrj-460	218	12	the	the	DET
abrj-460	218	13	sustainability	sustainability	NOUN
abrj-460	218	14	and	and	CCONJ
abrj-460	218	15	furthering	further	VERB
abrj-460	218	16	of	of	ADP
abrj-460	218	17	financial	financial	ADJ
abrj-460	218	18	integration	integration	NOUN
abrj-460	218	19	,	,	PUNCT
abrj-460	218	20	consistent	consistent	ADJ
abrj-460	218	21	with	with	ADP
abrj-460	218	22	sdg	sdg	NOUN
abrj-460	218	23	17	17	NUM
abrj-460	218	24	.	.	PUNCT
abrj-460	219	1	governments	government	NOUN
abrj-460	219	2	,	,	PUNCT
abrj-460	219	3	regional	regional	ADJ
abrj-460	219	4	entities	entity	NOUN
abrj-460	219	5	,	,	PUNCT
abrj-460	219	6	development	development	NOUN
abrj-460	219	7	finance	finance	NOUN
abrj-460	219	8	agencies	agency	NOUN
abrj-460	219	9	,	,	PUNCT
abrj-460	219	10	private	private	ADJ
abrj-460	219	11	investors	investor	NOUN
abrj-460	219	12	and	and	CCONJ
abrj-460	219	13	civil	civil	ADJ
abrj-460	219	14	society	society	NOUN
abrj-460	219	15	should	should	AUX
abrj-460	219	16	work	work	VERB
abrj-460	219	17	together	together	ADV
abrj-460	219	18	to	to	PART
abrj-460	219	19	co	co	VERB
abrj-460	219	20	-	-	VERB
abrj-460	219	21	create	create	VERB
abrj-460	219	22	regulatory	regulatory	ADJ
abrj-460	219	23	standards	standard	NOUN
abrj-460	219	24	,	,	PUNCT
abrj-460	219	25	innovation	innovation	NOUN
abrj-460	219	26	ecosystems	ecosystem	NOUN
abrj-460	219	27	and	and	CCONJ
abrj-460	219	28	monitoring	monitor	VERB
abrj-460	219	29	infrastructure	infrastructure	NOUN
abrj-460	219	30	that	that	PRON
abrj-460	219	31	balance	balance	NOUN
abrj-460	219	32	market	market	NOUN
abrj-460	219	33	efficiency	efficiency	NOUN
abrj-460	219	34	with	with	ADP
abrj-460	219	35	financial	financial	ADJ
abrj-460	219	36	stability	stability	NOUN
abrj-460	219	37	and	and	CCONJ
abrj-460	219	38	equity	equity	NOUN
abrj-460	219	39	.	.	PUNCT
abrj-460	220	1	forming	form	VERB
abrj-460	220	2	regional	regional	ADJ
abrj-460	220	3	integration	integration	NOUN
abrj-460	220	4	councils	council	NOUN
abrj-460	220	5	and	and	CCONJ
abrj-460	220	6	investment	investment	NOUN
abrj-460	220	7	roundtables	roundtable	NOUN
abrj-460	220	8	among	among	ADP
abrj-460	220	9	recs	rec	NOUN
abrj-460	220	10	could	could	AUX
abrj-460	220	11	offer	offer	VERB
abrj-460	220	12	an	an	DET
abrj-460	220	13	institutionalised	institutionalised	ADJ
abrj-460	220	14	opportunity	opportunity	NOUN
abrj-460	220	15	for	for	ADP
abrj-460	220	16	continued	continued	ADJ
abrj-460	220	17	dialogue	dialogue	NOUN
abrj-460	220	18	,	,	PUNCT
abrj-460	220	19	joint	joint	ADJ
abrj-460	220	20	prospecting	prospecting	ADJ
abrj-460	220	21	and	and	CCONJ
abrj-460	220	22	collective	collective	ADJ
abrj-460	220	23	action	action	NOUN
abrj-460	220	24	.	.	PUNCT
abrj-460	221	1	in	in	ADP
abrj-460	221	2	summary	summary	NOUN
abrj-460	221	3	,	,	PUNCT
abrj-460	221	4	the	the	DET
abrj-460	221	5	potential	potential	NOUN
abrj-460	221	6	for	for	ADP
abrj-460	221	7	the	the	DET
abrj-460	221	8	integration	integration	NOUN
abrj-460	221	9	of	of	ADP
abrj-460	221	10	african	african	ADJ
abrj-460	221	11	financial	financial	ADJ
abrj-460	221	12	markets	market	NOUN
abrj-460	221	13	to	to	PART
abrj-460	221	14	contribute	contribute	VERB
abrj-460	221	15	to	to	ADP
abrj-460	221	16	enhancing	enhance	VERB
abrj-460	221	17	inclusive	inclusive	ADJ
abrj-460	221	18	and	and	CCONJ
abrj-460	221	19	sustainable	sustainable	ADJ
abrj-460	221	20	economic	economic	ADJ
abrj-460	221	21	growth	growth	NOUN
abrj-460	221	22	in	in	ADP
abrj-460	221	23	the	the	DET
abrj-460	221	24	continent	continent	NOUN
abrj-460	221	25	is	be	AUX
abrj-460	221	26	huge	huge	ADJ
abrj-460	221	27	.	.	PUNCT
abrj-460	222	1	but	but	CCONJ
abrj-460	222	2	unlocking	unlock	VERB
abrj-460	222	3	this	this	DET
abrj-460	222	4	potential	potential	NOUN
abrj-460	222	5	will	will	AUX
abrj-460	222	6	require	require	VERB
abrj-460	222	7	bold	bold	ADJ
abrj-460	222	8	,	,	PUNCT
abrj-460	222	9	unified	unified	ADJ
abrj-460	222	10	reforms	reform	NOUN
abrj-460	222	11	that	that	PRON
abrj-460	222	12	cover	cover	VERB
abrj-460	222	13	governance	governance	NOUN
abrj-460	222	14	,	,	PUNCT
abrj-460	222	15	infrastructure	infrastructure	NOUN
abrj-460	222	16	,	,	PUNCT
abrj-460	222	17	technology	technology	NOUN
abrj-460	222	18	and	and	CCONJ
abrj-460	222	19	regional	regional	ADJ
abrj-460	222	20	diplomacy	diplomacy	NOUN
abrj-460	222	21	.	.	PUNCT
abrj-460	223	1	suitably	suitably	ADV
abrj-460	223	2	handled	handle	VERB
abrj-460	223	3	,	,	PUNCT
abrj-460	223	4	cross	cross	ADJ
abrj-460	223	5	-	-	ADJ
abrj-460	223	6	border	border	ADJ
abrj-460	223	7	investments	investment	NOUN
abrj-460	223	8	can	can	AUX
abrj-460	223	9	lead	lead	VERB
abrj-460	223	10	to	to	ADP
abrj-460	223	11	structural	structural	ADJ
abrj-460	223	12	transformation	transformation	NOUN
abrj-460	223	13	,	,	PUNCT
abrj-460	223	14	job	job	NOUN
abrj-460	223	15	creation	creation	NOUN
abrj-460	223	16	and	and	CCONJ
abrj-460	223	17	long	long	ADJ
abrj-460	223	18	-	-	PUNCT
abrj-460	223	19	term	term	NOUN
abrj-460	223	20	resilience	resilience	NOUN
abrj-460	223	21	for	for	ADP
abrj-460	223	22	african	african	ADJ
abrj-460	223	23	economies	economy	NOUN
abrj-460	223	24	.	.	PUNCT
abrj-460	224	1	asian	asian	ADJ
abrj-460	224	2	business	business	PROPN
abrj-460	224	3	research	research	NOUN
abrj-460	224	4	journal	journal	NOUN
abrj-460	224	5	,	,	PUNCT
abrj-460	224	6	2025	2025	NUM
abrj-460	224	7	,	,	PUNCT
abrj-460	224	8	10(6	10(6	NUM
abrj-460	224	9	):	):	PUNCT
abrj-460	224	10	9	9	NUM
abrj-460	224	11	-	-	SYM
abrj-460	224	12	20	20	NUM
abrj-460	224	13	18	18	NUM
abrj-460	224	14	©	©	PROPN
abrj-460	224	15	2025	2025	NUM
abrj-460	224	16	by	by	ADP
abrj-460	224	17	the	the	DET
abrj-460	224	18	authors	author	NOUN
abrj-460	224	19	;	;	PUNCT
abrj-460	224	20	licensee	licensee	NOUN
abrj-460	224	21	eastern	eastern	ADJ
abrj-460	224	22	centre	centre	NOUN
abrj-460	224	23	of	of	ADP
abrj-460	224	24	science	science	NOUN
abrj-460	224	25	and	and	CCONJ
abrj-460	224	26	education	education	NOUN
abrj-460	224	27	,	,	PUNCT
abrj-460	224	28	usa	usa	PROPN
abrj-460	224	29	figure	figure	NOUN
abrj-460	224	30	7	7	NUM
abrj-460	224	31	.	.	PUNCT
abrj-460	224	32	policy	policy	NOUN
abrj-460	224	33	action	action	NOUN
abrj-460	224	34	roadmap	roadmap	NOUN
abrj-460	224	35	–	–	PUNCT
abrj-460	224	36	phased	phase	VERB
abrj-460	224	37	reforms	reform	NOUN
abrj-460	224	38	for	for	ADP
abrj-460	224	39	financial	financial	ADJ
abrj-460	224	40	market	market	NOUN
abrj-460	224	41	integration	integration	NOUN
abrj-460	224	42	.	.	PUNCT
abrj-460	225	1	the	the	DET
abrj-460	225	2	vertical	vertical	ADJ
abrj-460	225	3	roadmap	roadmap	NOUN
abrj-460	225	4	sets	set	VERB
abrj-460	225	5	out	out	ADP
abrj-460	225	6	a	a	DET
abrj-460	225	7	plan	plan	NOUN
abrj-460	225	8	where	where	SCONJ
abrj-460	225	9	the	the	DET
abrj-460	225	10	main	main	ADJ
abrj-460	225	11	effort	effort	NOUN
abrj-460	225	12	at	at	ADP
abrj-460	225	13	the	the	DET
abrj-460	225	14	start	start	NOUN
abrj-460	225	15	is	be	AUX
abrj-460	225	16	short	short	ADJ
abrj-460	225	17	-	-	PUNCT
abrj-460	225	18	term	term	NOUN
abrj-460	225	19	harmonization	harmonization	NOUN
abrj-460	225	20	,	,	PUNCT
abrj-460	225	21	then	then	ADV
abrj-460	225	22	financial	financial	ADJ
abrj-460	225	23	services	service	NOUN
abrj-460	225	24	are	be	AUX
abrj-460	225	25	digitized	digitize	VERB
abrj-460	225	26	more	more	ADV
abrj-460	225	27	and	and	CCONJ
abrj-460	225	28	finally	finally	ADV
abrj-460	225	29	institutions	institution	NOUN
abrj-460	225	30	gain	gain	VERB
abrj-460	225	31	strength	strength	NOUN
abrj-460	225	32	.	.	PUNCT
abrj-460	226	1	the	the	DET
abrj-460	226	2	plan	plan	NOUN
abrj-460	226	3	outlines	outline	VERB
abrj-460	226	4	particular	particular	ADJ
abrj-460	226	5	actions	action	NOUN
abrj-460	226	6	such	such	ADJ
abrj-460	226	7	as	as	ADP
abrj-460	226	8	bringing	bring	VERB
abrj-460	226	9	regulations	regulation	NOUN
abrj-460	226	10	together	together	ADV
abrj-460	226	11	,	,	PUNCT
abrj-460	226	12	boosting	boost	VERB
abrj-460	226	13	digital	digital	ADJ
abrj-460	226	14	networks	network	NOUN
abrj-460	226	15	and	and	CCONJ
abrj-460	226	16	improving	improve	VERB
abrj-460	226	17	institutions	institution	NOUN
abrj-460	226	18	,	,	PUNCT
abrj-460	226	19	that	that	PRON
abrj-460	226	20	need	need	VERB
abrj-460	226	21	to	to	PART
abrj-460	226	22	happen	happen	VERB
abrj-460	226	23	to	to	PART
abrj-460	226	24	create	create	VERB
abrj-460	226	25	an	an	DET
abrj-460	226	26	integrated	integrated	ADJ
abrj-460	226	27	and	and	CCONJ
abrj-460	226	28	strong	strong	ADJ
abrj-460	226	29	financial	financial	ADJ
abrj-460	226	30	sector	sector	NOUN
abrj-460	226	31	across	across	ADP
abrj-460	226	32	africa	africa	PROPN
abrj-460	226	33	.	.	PUNCT
abrj-460	227	1	figure	figure	VERB
abrj-460	227	2	8	8	NUM
abrj-460	227	3	.	.	PUNCT
abrj-460	228	1	policy	policy	NOUN
abrj-460	228	2	and	and	CCONJ
abrj-460	228	3	practical	practical	ADJ
abrj-460	228	4	implications	implication	NOUN
abrj-460	228	5	of	of	ADP
abrj-460	228	6	financial	financial	ADJ
abrj-460	228	7	market	market	NOUN
abrj-460	228	8	integration	integration	NOUN
abrj-460	228	9	in	in	ADP
abrj-460	228	10	africa	africa	PROPN
abrj-460	228	11	.	.	PUNCT
abrj-460	229	1	the	the	DET
abrj-460	229	2	figure	figure	NOUN
abrj-460	229	3	reveals	reveal	VERB
abrj-460	229	4	the	the	DET
abrj-460	229	5	way	way	NOUN
abrj-460	229	6	financial	financial	ADJ
abrj-460	229	7	market	market	NOUN
abrj-460	229	8	integration	integration	NOUN
abrj-460	229	9	influences	influence	VERB
abrj-460	229	10	the	the	DET
abrj-460	229	11	decisions	decision	NOUN
abrj-460	229	12	of	of	ADP
abrj-460	229	13	different	different	ADJ
abrj-460	229	14	groups	group	NOUN
abrj-460	229	15	and	and	CCONJ
abrj-460	229	16	how	how	SCONJ
abrj-460	229	17	they	they	PRON
abrj-460	229	18	relate	relate	VERB
abrj-460	229	19	to	to	ADP
abrj-460	229	20	sustainable	sustainable	ADJ
abrj-460	229	21	development	development	NOUN
abrj-460	229	22	goals	goal	NOUN
abrj-460	229	23	.	.	PUNCT
abrj-460	230	1	it	it	PRON
abrj-460	230	2	proves	prove	VERB
abrj-460	230	3	that	that	SCONJ
abrj-460	230	4	harmonizing	harmonize	VERB
abrj-460	230	5	financial	financial	ADJ
abrj-460	230	6	systems	system	NOUN
abrj-460	230	7	in	in	ADP
abrj-460	230	8	africa	africa	PROPN
abrj-460	230	9	is	be	AUX
abrj-460	230	10	important	important	ADJ
abrj-460	230	11	for	for	ADP
abrj-460	230	12	achieving	achieve	VERB
abrj-460	230	13	better	well	ADJ
abrj-460	230	14	work	work	NOUN
abrj-460	230	15	opportunities	opportunity	NOUN
abrj-460	230	16	and	and	CCONJ
abrj-460	230	17	economic	economic	ADJ
abrj-460	230	18	growth	growth	NOUN
abrj-460	230	19	,	,	PUNCT
abrj-460	230	20	as	as	ADV
abrj-460	230	21	well	well	ADV
abrj-460	230	22	as	as	ADP
abrj-460	230	23	successful	successful	ADJ
abrj-460	230	24	partnerships	partnership	NOUN
abrj-460	230	25	for	for	ADP
abrj-460	230	26	growth	growth	NOUN
abrj-460	230	27	and	and	CCONJ
abrj-460	230	28	sdgs	sdgs	ADJ
abrj-460	230	29	.	.	PROPN
abrj-460	231	1	6	6	NUM
abrj-460	231	2	.	.	X
abrj-460	231	3	conclusion	conclusion	NOUN
abrj-460	231	4	this	this	DET
abrj-460	231	5	paper	paper	NOUN
abrj-460	231	6	aimed	aim	VERB
abrj-460	231	7	to	to	PART
abrj-460	231	8	investigate	investigate	VERB
abrj-460	231	9	the	the	DET
abrj-460	231	10	link	link	NOUN
abrj-460	231	11	between	between	ADP
abrj-460	231	12	financial	financial	ADJ
abrj-460	231	13	market	market	NOUN
abrj-460	231	14	integration	integration	NOUN
abrj-460	231	15	and	and	CCONJ
abrj-460	231	16	economic	economic	ADJ
abrj-460	231	17	growth	growth	NOUN
abrj-460	231	18	in	in	ADP
abrj-460	231	19	africa	africa	PROPN
abrj-460	231	20	,	,	PUNCT
abrj-460	231	21	and	and	CCONJ
abrj-460	231	22	more	more	ADV
abrj-460	231	23	,	,	PUNCT
abrj-460	231	24	specifically	specifically	ADV
abrj-460	231	25	,	,	PUNCT
abrj-460	231	26	the	the	DET
abrj-460	231	27	effect	effect	NOUN
abrj-460	231	28	of	of	ADP
abrj-460	231	29	cross	cross	ADJ
abrj-460	231	30	-	-	ADJ
abrj-460	231	31	border	border	ADJ
abrj-460	231	32	investments	investment	NOUN
abrj-460	231	33	.	.	PUNCT
abrj-460	232	1	using	use	VERB
abrj-460	232	2	a	a	DET
abrj-460	232	3	review	review	NOUN
abrj-460	232	4	based	base	VERB
abrj-460	232	5	methodology	methodology	NOUN
abrj-460	232	6	and	and	CCONJ
abrj-460	232	7	regional	regional	ADJ
abrj-460	232	8	case	case	NOUN
abrj-460	232	9	studies	study	NOUN
abrj-460	232	10	in	in	ADP
abrj-460	232	11	ecowas	ecowas	PROPN
abrj-460	232	12	,	,	PUNCT
abrj-460	232	13	sadc	sadc	PROPN
abrj-460	232	14	and	and	CCONJ
abrj-460	232	15	comesa	comesa	PROPN
abrj-460	232	16	,	,	PUNCT
abrj-460	232	17	the	the	DET
abrj-460	232	18	paper	paper	NOUN
abrj-460	232	19	concludes	conclude	VERB
abrj-460	232	20	that	that	SCONJ
abrj-460	232	21	financial	financial	ADJ
abrj-460	232	22	integration	integration	NOUN
abrj-460	232	23	can	can	AUX
abrj-460	232	24	substantially	substantially	ADV
abrj-460	232	25	boost	boost	VERB
abrj-460	232	26	asian	asian	ADJ
abrj-460	232	27	business	business	NOUN
abrj-460	232	28	research	research	NOUN
abrj-460	232	29	journal	journal	NOUN
abrj-460	232	30	,	,	PUNCT
abrj-460	232	31	2025	2025	NUM
abrj-460	232	32	,	,	PUNCT
abrj-460	232	33	10(6	10(6	NUM
abrj-460	232	34	):	):	PUNCT
abrj-460	232	35	9	9	NUM
abrj-460	232	36	-	-	SYM
abrj-460	232	37	20	20	NUM
abrj-460	232	38	19	19	NUM
abrj-460	232	39	©	©	PROPN
abrj-460	232	40	2025	2025	NUM
abrj-460	232	41	by	by	ADP
abrj-460	232	42	the	the	DET
abrj-460	232	43	authors	author	NOUN
abrj-460	232	44	;	;	PUNCT
abrj-460	232	45	licensee	licensee	NOUN
abrj-460	232	46	eastern	eastern	ADJ
abrj-460	232	47	centre	centre	NOUN
abrj-460	232	48	of	of	ADP
abrj-460	232	49	science	science	NOUN
abrj-460	232	50	and	and	CCONJ
abrj-460	232	51	education	education	NOUN
abrj-460	232	52	,	,	PUNCT
abrj-460	232	53	usa	usa	PROPN
abrj-460	232	54	inclusive	inclusive	PROPN
abrj-460	232	55	and	and	CCONJ
abrj-460	232	56	faster	fast	ADJ
abrj-460	232	57	growth	growth	NOUN
abrj-460	232	58	on	on	ADP
abrj-460	232	59	the	the	DET
abrj-460	232	60	continent	continent	NOUN
abrj-460	232	61	when	when	SCONJ
abrj-460	232	62	deliberately	deliberately	ADV
abrj-460	232	63	managed	manage	VERB
abrj-460	232	64	and	and	CCONJ
abrj-460	232	65	facilitated	facilitate	VERB
abrj-460	232	66	by	by	ADP
abrj-460	232	67	institutional	institutional	ADJ
abrj-460	232	68	and	and	CCONJ
abrj-460	232	69	technological	technological	ADJ
abrj-460	232	70	enablers	enabler	NOUN
abrj-460	232	71	.	.	PUNCT
abrj-460	233	1	the	the	DET
abrj-460	233	2	findings	finding	NOUN
abrj-460	233	3	support	support	VERB
abrj-460	233	4	that	that	SCONJ
abrj-460	233	5	the	the	DET
abrj-460	233	6	integration	integration	NOUN
abrj-460	233	7	of	of	ADP
abrj-460	233	8	financial	financial	ADJ
abrj-460	233	9	markets	market	NOUN
abrj-460	233	10	make	make	VERB
abrj-460	233	11	capital	capital	NOUN
abrj-460	233	12	allocation	allocation	NOUN
abrj-460	233	13	more	more	ADV
abrj-460	233	14	efficient	efficient	ADJ
abrj-460	233	15	,	,	PUNCT
abrj-460	233	16	bolster	bolster	VERB
abrj-460	233	17	liquidity	liquidity	NOUN
abrj-460	233	18	,	,	PUNCT
abrj-460	233	19	and	and	CCONJ
abrj-460	233	20	raise	raise	VERB
abrj-460	233	21	investor	investor	NOUN
abrj-460	233	22	confidence	confidence	NOUN
abrj-460	233	23	,	,	PUNCT
abrj-460	233	24	key	key	ADJ
abrj-460	233	25	factors	factor	NOUN
abrj-460	233	26	for	for	ADP
abrj-460	233	27	long	long	ADJ
abrj-460	233	28	-	-	PUNCT
abrj-460	233	29	term	term	NOUN
abrj-460	233	30	growth	growth	NOUN
abrj-460	233	31	.	.	PUNCT
abrj-460	234	1	foreign	foreign	ADJ
abrj-460	234	2	investment	investment	NOUN
abrj-460	234	3	is	be	AUX
abrj-460	234	4	one	one	NUM
abrj-460	234	5	thing	thing	NOUN
abrj-460	234	6	but	but	CCONJ
abrj-460	234	7	we	we	PRON
abrj-460	234	8	need	need	VERB
abrj-460	234	9	cross	cross	ADJ
abrj-460	234	10	-	-	ADJ
abrj-460	234	11	border	border	ADJ
abrj-460	234	12	investments	investment	NOUN
abrj-460	234	13	,	,	PUNCT
abrj-460	234	14	especially	especially	ADV
abrj-460	234	15	investments	investment	NOUN
abrj-460	234	16	from	from	ADP
abrj-460	234	17	africa	africa	PROPN
abrj-460	234	18	that	that	PRON
abrj-460	234	19	have	have	VERB
abrj-460	234	20	the	the	DET
abrj-460	234	21	potential	potential	NOUN
abrj-460	234	22	to	to	PART
abrj-460	234	23	do	do	AUX
abrj-460	234	24	more	more	ADJ
abrj-460	234	25	than	than	ADP
abrj-460	234	26	a	a	DET
abrj-460	234	27	mere	mere	ADJ
abrj-460	234	28	investment;bringing	investment;bringing	NOUN
abrj-460	234	29	regional	regional	ADJ
abrj-460	234	30	ownership	ownership	NOUN
abrj-460	234	31	around	around	ADP
abrj-460	234	32	that	that	DET
abrj-460	234	33	investment	investment	NOUN
abrj-460	234	34	,	,	PUNCT
abrj-460	234	35	promoting	promote	VERB
abrj-460	234	36	intra	intra	ADJ
abrj-460	234	37	-	-	ADJ
abrj-460	234	38	african	african	ADJ
abrj-460	234	39	trade	trade	NOUN
abrj-460	234	40	and	and	CCONJ
abrj-460	234	41	limiting	limit	VERB
abrj-460	234	42	reliance	reliance	NOUN
abrj-460	234	43	on	on	ADP
abrj-460	234	44	outside	outside	ADJ
abrj-460	234	45	injections	injection	NOUN
abrj-460	234	46	that	that	PRON
abrj-460	234	47	hardly	hardly	ADV
abrj-460	234	48	support	support	VERB
abrj-460	234	49	local	local	ADJ
abrj-460	234	50	development	development	NOUN
abrj-460	234	51	.	.	PUNCT
abrj-460	235	1	but	but	CCONJ
abrj-460	235	2	these	these	DET
abrj-460	235	3	advantages	advantage	NOUN
abrj-460	235	4	are	be	AUX
abrj-460	235	5	not	not	PART
abrj-460	235	6	self	self	NOUN
abrj-460	235	7	-	-	PUNCT
abrj-460	235	8	executing	executing	NOUN
abrj-460	235	9	.	.	PUNCT
abrj-460	236	1	the	the	DET
abrj-460	236	2	paper	paper	NOUN
abrj-460	236	3	identifies	identify	VERB
abrj-460	236	4	ongoing	ongoing	ADJ
abrj-460	236	5	challenges	challenge	NOUN
abrj-460	236	6	-in	-in	ADP
abrj-460	236	7	the	the	DET
abrj-460	236	8	form	form	NOUN
abrj-460	236	9	of	of	ADP
abrj-460	236	10	non	non	ADJ
abrj-460	236	11	-	-	NOUN
abrj-460	236	12	convergence	convergence	NOUN
abrj-460	236	13	of	of	ADP
abrj-460	236	14	regulations	regulation	NOUN
abrj-460	236	15	,	,	PUNCT
abrj-460	236	16	exchange	exchange	NOUN
abrj-460	236	17	rate	rate	NOUN
abrj-460	236	18	volatility	volatility	NOUN
abrj-460	236	19	,	,	PUNCT
abrj-460	236	20	and	and	CCONJ
abrj-460	236	21	political	political	ADJ
abrj-460	236	22	unrest	unrest	NOUN
abrj-460	236	23	-that	-that	PROPN
abrj-460	236	24	prevent	prevent	VERB
abrj-460	236	25	realization	realization	NOUN
abrj-460	236	26	of	of	ADP
abrj-460	236	27	the	the	DET
abrj-460	236	28	full	full	ADJ
abrj-460	236	29	growth	growth	NOUN
abrj-460	236	30	-	-	PUNCT
abrj-460	236	31	promoting	promote	VERB
abrj-460	236	32	potential	potential	NOUN
abrj-460	236	33	of	of	ADP
abrj-460	236	34	integration	integration	NOUN
abrj-460	236	35	.	.	PUNCT
abrj-460	237	1	significantly	significantly	ADV
abrj-460	237	2	,	,	PUNCT
abrj-460	237	3	the	the	DET
abrj-460	237	4	comparative	comparative	ADJ
abrj-460	237	5	exercise	exercise	NOUN
abrj-460	237	6	shows	show	VERB
abrj-460	237	7	the	the	DET
abrj-460	237	8	extent	extent	NOUN
abrj-460	237	9	to	to	PART
abrj-460	237	10	which	which	PRON
abrj-460	237	11	regional	regional	ADJ
abrj-460	237	12	variations	variation	NOUN
abrj-460	237	13	in	in	ADP
abrj-460	237	14	financial	financial	ADJ
abrj-460	237	15	maturity	maturity	NOUN
abrj-460	237	16	,	,	PUNCT
abrj-460	237	17	infrastructure	infrastructure	NOUN
abrj-460	237	18	and	and	CCONJ
abrj-460	237	19	institutional	institutional	ADJ
abrj-460	237	20	preparedness	preparedness	NOUN
abrj-460	237	21	mould	mould	AUX
abrj-460	237	22	differing	differ	VERB
abrj-460	237	23	outcomes	outcome	NOUN
abrj-460	237	24	across	across	ADP
abrj-460	237	25	african	african	ADJ
abrj-460	237	26	sub	sub	NOUN
abrj-460	237	27	-	-	NOUN
abrj-460	237	28	regions	region	NOUN
abrj-460	237	29	.	.	PUNCT
abrj-460	238	1	countries	country	NOUN
abrj-460	238	2	that	that	PRON
abrj-460	238	3	enjoy	enjoy	VERB
abrj-460	238	4	relatively	relatively	ADV
abrj-460	238	5	stable	stable	ADJ
abrj-460	238	6	macroeconomic	macroeconomic	ADJ
abrj-460	238	7	environments	environment	NOUN
abrj-460	238	8	,	,	PUNCT
abrj-460	238	9	strong	strong	ADJ
abrj-460	238	10	,	,	PUNCT
abrj-460	238	11	coordinated	coordinated	ADJ
abrj-460	238	12	policies	policy	NOUN
abrj-460	238	13	,	,	PUNCT
abrj-460	238	14	and	and	CCONJ
abrj-460	238	15	strong	strong	ADJ
abrj-460	238	16	digital	digital	ADJ
abrj-460	238	17	infrastructure	infrastructure	NOUN
abrj-460	238	18	(	(	PUNCT
abrj-460	238	19	evidence	evidence	NOUN
abrj-460	238	20	of	of	ADP
abrj-460	238	21	this	this	DET
abrj-460	238	22	type	type	NOUN
abrj-460	238	23	of	of	ADP
abrj-460	238	24	setup	setup	NOUN
abrj-460	238	25	can	can	AUX
abrj-460	238	26	be	be	AUX
abrj-460	238	27	seen	see	VERB
abrj-460	238	28	,	,	PUNCT
abrj-460	238	29	for	for	ADP
abrj-460	238	30	example	example	NOUN
abrj-460	238	31	,	,	PUNCT
abrj-460	238	32	in	in	ADP
abrj-460	238	33	east	east	PROPN
abrj-460	238	34	and	and	CCONJ
abrj-460	238	35	southern	southern	PROPN
abrj-460	238	36	africa	africa	PROPN
abrj-460	238	37	)	)	PUNCT
abrj-460	238	38	have	have	AUX
abrj-460	238	39	tended	tend	VERB
abrj-460	238	40	to	to	PART
abrj-460	238	41	have	have	AUX
abrj-460	238	42	derived	derive	VERB
abrj-460	238	43	more	more	ADJ
abrj-460	238	44	from	from	ADP
abrj-460	238	45	the	the	DET
abrj-460	238	46	efforts	effort	NOUN
abrj-460	238	47	of	of	ADP
abrj-460	238	48	financial	financial	ADJ
abrj-460	238	49	integration	integration	NOUN
abrj-460	238	50	than	than	ADP
abrj-460	238	51	less	less	ADV
abrj-460	238	52	prepared	prepared	ADJ
abrj-460	238	53	ones	one	NOUN
abrj-460	238	54	.	.	PUNCT
abrj-460	239	1	in	in	ADP
abrj-460	239	2	this	this	DET
abrj-460	239	3	sense	sense	NOUN
abrj-460	239	4	,	,	PUNCT
abrj-460	239	5	this	this	DET
abrj-460	239	6	study	study	NOUN
abrj-460	239	7	adds	add	VERB
abrj-460	239	8	to	to	ADP
abrj-460	239	9	the	the	DET
abrj-460	239	10	literature	literature	NOUN
abrj-460	239	11	by	by	ADP
abrj-460	239	12	drawing	draw	VERB
abrj-460	239	13	on	on	ADP
abrj-460	239	14	theoretical	theoretical	ADJ
abrj-460	239	15	tools	tool	NOUN
abrj-460	239	16	from	from	ADP
abrj-460	239	17	endogenous	endogenous	ADJ
abrj-460	239	18	growth	growth	NOUN
abrj-460	239	19	theory	theory	NOUN
abrj-460	239	20	,	,	PUNCT
abrj-460	239	21	capital	capital	NOUN
abrj-460	239	22	market	market	NOUN
abrj-460	239	23	integration	integration	NOUN
abrj-460	239	24	theory	theory	NOUN
abrj-460	239	25	,	,	PUNCT
abrj-460	239	26	and	and	CCONJ
abrj-460	239	27	the	the	DET
abrj-460	239	28	gravity	gravity	NOUN
abrj-460	239	29	model	model	NOUN
abrj-460	239	30	of	of	ADP
abrj-460	239	31	capital	capital	NOUN
abrj-460	239	32	flows	flow	NOUN
abrj-460	239	33	to	to	PART
abrj-460	239	34	re	re	VERB
abrj-460	239	35	-	-	VERB
abrj-460	239	36	conceptualize	conceptualize	VERB
abrj-460	239	37	financial	financial	ADJ
abrj-460	239	38	integration	integration	NOUN
abrj-460	239	39	as	as	ADP
abrj-460	239	40	not	not	PART
abrj-460	239	41	merely	merely	ADV
abrj-460	239	42	a	a	DET
abrj-460	239	43	technical	technical	ADJ
abrj-460	239	44	route	route	NOUN
abrj-460	239	45	but	but	CCONJ
abrj-460	239	46	a	a	DET
abrj-460	239	47	development	development	NOUN
abrj-460	239	48	path	path	NOUN
abrj-460	239	49	infused	infuse	VERB
abrj-460	239	50	with	with	ADP
abrj-460	239	51	political	political	ADJ
abrj-460	239	52	economy	economy	NOUN
abrj-460	239	53	and	and	CCONJ
abrj-460	239	54	governance	governance	NOUN
abrj-460	239	55	influences	influence	NOUN
abrj-460	239	56	.	.	PUNCT
abrj-460	240	1	it	it	PRON
abrj-460	240	2	is	be	AUX
abrj-460	240	3	also	also	ADV
abrj-460	240	4	in	in	ADP
abrj-460	240	5	line	line	NOUN
abrj-460	240	6	with	with	ADP
abrj-460	240	7	global	global	ADJ
abrj-460	240	8	development	development	NOUN
abrj-460	240	9	plans	plan	NOUN
abrj-460	240	10	,	,	PUNCT
abrj-460	240	11	espesially	espesially	ADV
abrj-460	240	12	sdg	sdg	NOUN
abrj-460	240	13	8	8	NUM
abrj-460	240	14	(	(	PUNCT
abrj-460	240	15	decent	decent	ADJ
abrj-460	240	16	work	work	NOUN
abrj-460	240	17	and	and	CCONJ
abrj-460	240	18	economic	economic	ADJ
abrj-460	240	19	growth	growth	NOUN
abrj-460	240	20	)	)	PUNCT
abrj-460	240	21	and	and	CCONJ
abrj-460	240	22	sdg	sdg	NOUN
abrj-460	240	23	17	17	NUM
abrj-460	240	24	(	(	PUNCT
abrj-460	240	25	partnerships	partnership	NOUN
abrj-460	240	26	for	for	ADP
abrj-460	240	27	the	the	DET
abrj-460	240	28	goals	goal	NOUN
abrj-460	240	29	)	)	PUNCT
abrj-460	240	30	,	,	PUNCT
abrj-460	240	31	by	by	ADP
abrj-460	240	32	underlining	underline	VERB
abrj-460	240	33	the	the	DET
abrj-460	240	34	demand	demand	NOUN
abrj-460	240	35	of	of	ADP
abrj-460	240	36	a	a	DET
abrj-460	240	37	coordinated	coordinated	ADJ
abrj-460	240	38	and	and	CCONJ
abrj-460	240	39	multiple	multiple	ADJ
abrj-460	240	40	engaging	engage	VERB
abrj-460	240	41	for	for	ADP
abrj-460	240	42	inclusive	inclusive	ADJ
abrj-460	240	43	regional	regional	ADJ
abrj-460	240	44	development	development	NOUN
abrj-460	240	45	.	.	PUNCT
abrj-460	241	1	finally	finally	ADV
abrj-460	241	2	,	,	PUNCT
abrj-460	241	3	the	the	DET
abrj-460	241	4	results	result	NOUN
abrj-460	241	5	suggest	suggest	VERB
abrj-460	241	6	the	the	DET
abrj-460	241	7	need	need	NOUN
abrj-460	241	8	for	for	ADP
abrj-460	241	9	targeted	target	VERB
abrj-460	241	10	and	and	CCONJ
abrj-460	241	11	regionally	regionally	ADV
abrj-460	241	12	coordinated	coordinate	VERB
abrj-460	241	13	policy	policy	NOUN
abrj-460	241	14	reform	reform	NOUN
abrj-460	241	15	to	to	PART
abrj-460	241	16	lower	low	ADJ
abrj-460	241	17	investment	investment	NOUN
abrj-460	241	18	friction	friction	NOUN
abrj-460	241	19	,	,	PUNCT
abrj-460	241	20	streamline	streamline	VERB
abrj-460	241	21	regulation	regulation	NOUN
abrj-460	241	22	,	,	PUNCT
abrj-460	241	23	encourage	encourage	VERB
abrj-460	241	24	innovation	innovation	NOUN
abrj-460	241	25	,	,	PUNCT
abrj-460	241	26	and	and	CCONJ
abrj-460	241	27	build	build	VERB
abrj-460	241	28	institutional	institutional	ADJ
abrj-460	241	29	capacity	capacity	NOUN
abrj-460	241	30	.	.	PUNCT
abrj-460	242	1	financial	financial	ADJ
abrj-460	242	2	integration	integration	NOUN
abrj-460	242	3	as	as	ADP
abrj-460	242	4	a	a	DET
abrj-460	242	5	cornerstone	cornerstone	NOUN
abrj-460	242	6	of	of	ADP
abrj-460	242	7	africa	africa	PROPN
abrj-460	242	8	’s	’s	PART
abrj-460	242	9	economic	economic	ADJ
abrj-460	242	10	transformation	transformation	NOUN
abrj-460	242	11	agenda	agenda	NOUN
abrj-460	242	12	for	for	ADP
abrj-460	242	13	as	as	ADV
abrj-460	242	14	long	long	ADV
abrj-460	242	15	as	as	SCONJ
abrj-460	242	16	africa	africa	PROPN
abrj-460	242	17	endures	endure	VERB
abrj-460	242	18	in	in	ADP
abrj-460	242	19	the	the	DET
abrj-460	242	20	pursuit	pursuit	NOUN
abrj-460	242	21	of	of	ADP
abrj-460	242	22	continental	continental	ADJ
abrj-460	242	23	integration	integration	NOUN
abrj-460	242	24	aims	aim	NOUN
abrj-460	242	25	,	,	PUNCT
abrj-460	242	26	including	include	VERB
abrj-460	242	27	through	through	ADP
abrj-460	242	28	the	the	DET
abrj-460	242	29	african	african	PROPN
abrj-460	242	30	continental	continental	PROPN
abrj-460	242	31	free	free	PROPN
abrj-460	242	32	trade	trade	PROPN
abrj-460	242	33	area	area	NOUN
abrj-460	242	34	(	(	PUNCT
abrj-460	242	35	afcfta	afcfta	PROPN
abrj-460	242	36	)	)	PUNCT
abrj-460	242	37	,	,	PUNCT
abrj-460	242	38	market	market	NOUN
abrj-460	242	39	integration	integration	NOUN
abrj-460	242	40	,	,	PUNCT
abrj-460	242	41	properly	properly	ADV
abrj-460	242	42	accountable	accountable	ADJ
abrj-460	242	43	,	,	PUNCT
abrj-460	242	44	can	can	AUX
abrj-460	242	45	be	be	AUX
abrj-460	242	46	a	a	DET
abrj-460	242	47	quoin	quoin	NOUN
abrj-460	242	48	of	of	ADP
abrj-460	242	49	the	the	DET
abrj-460	242	50	continent	continent	NOUN
abrj-460	242	51	’s	’s	PART
abrj-460	242	52	transit	transit	NOUN
abrj-460	242	53	to	to	ADP
abrj-460	242	54	economic	economic	ADJ
abrj-460	242	55	transformation	transformation	NOUN
abrj-460	242	56	.	.	PUNCT
abrj-460	243	1	references	reference	NOUN
abrj-460	243	2	adeleke	adeleke	VERB
abrj-460	243	3	,	,	PUNCT
abrj-460	243	4	o.	o.	NOUN
abrj-460	243	5	a.	a.	PROPN
abrj-460	243	6	,	,	PUNCT
abrj-460	243	7	salami	salami	NOUN
abrj-460	243	8	,	,	PUNCT
abrj-460	243	9	k.	k.	PROPN
abrj-460	243	10	k.	k.	PROPN
abrj-460	243	11	,	,	PUNCT
abrj-460	243	12	&	&	CCONJ
abrj-460	243	13	bamidele	bamidele	PROPN
abrj-460	243	14	,	,	PUNCT
abrj-460	243	15	t.	t.	NOUN
abrj-460	243	16	a.	a.	NOUN
abrj-460	243	17	(	(	PUNCT
abrj-460	243	18	2022	2022	NUM
abrj-460	243	19	)	)	PUNCT
abrj-460	243	20	.	.	PUNCT
abrj-460	244	1	financial	financial	ADJ
abrj-460	244	2	integration	integration	NOUN
abrj-460	244	3	and	and	CCONJ
abrj-460	244	4	economic	economic	ADJ
abrj-460	244	5	growth	growth	NOUN
abrj-460	244	6	in	in	ADP
abrj-460	244	7	southern	southern	PROPN
abrj-460	244	8	africa	africa	PROPN
abrj-460	244	9	:	:	PUNCT
abrj-460	244	10	evidence	evidence	NOUN
abrj-460	244	11	from	from	ADP
abrj-460	244	12	dynamic	dynamic	ADJ
abrj-460	244	13	panel	panel	NOUN
abrj-460	244	14	models	model	NOUN
abrj-460	244	15	.	.	PUNCT
abrj-460	245	1	african	african	ADJ
abrj-460	245	2	journal	journal	PROPN
abrj-460	245	3	of	of	ADP
abrj-460	245	4	economic	economic	ADJ
abrj-460	245	5	policy	policy	NOUN
abrj-460	245	6	,	,	PUNCT
abrj-460	245	7	29(2	29(2	NUM
abrj-460	245	8	)	)	PUNCT
abrj-460	245	9	,	,	PUNCT
abrj-460	245	10	101–123	101–123	NUM
abrj-460	245	11	.	.	PUNCT
abrj-460	246	1	adelegan	adelegan	PROPN
abrj-460	246	2	,	,	PUNCT
abrj-460	246	3	j.	j.	PROPN
abrj-460	246	4	o.	o.	PROPN
abrj-460	246	5	(	(	PUNCT
abrj-460	246	6	2023	2023	NUM
abrj-460	246	7	)	)	PUNCT
abrj-460	246	8	.	.	PUNCT
abrj-460	247	1	deepening	deepen	VERB
abrj-460	247	2	financial	financial	ADJ
abrj-460	247	3	integration	integration	NOUN
abrj-460	247	4	in	in	ADP
abrj-460	247	5	africa	africa	PROPN
abrj-460	247	6	:	:	PUNCT
abrj-460	247	7	challenges	challenge	NOUN
abrj-460	247	8	and	and	CCONJ
abrj-460	247	9	policy	policy	NOUN
abrj-460	247	10	imperatives	imperative	NOUN
abrj-460	247	11	.	.	PUNCT
abrj-460	248	1	african	african	ADJ
abrj-460	248	2	development	development	PROPN
abrj-460	248	3	review	review	PROPN
abrj-460	248	4	,	,	PUNCT
abrj-460	248	5	35(1	35(1	NUM
abrj-460	248	6	)	)	PUNCT
abrj-460	248	7	,	,	PUNCT
abrj-460	248	8	14–30	14–30	NUM
abrj-460	248	9	.	.	PUNCT
abrj-460	249	1	https://doi.org/10.1111/1467-8268.12636	https://doi.org/10.1111/1467-8268.12636	PROPN
abrj-460	249	2	asongu	asongu	PROPN
abrj-460	249	3	,	,	PUNCT
abrj-460	249	4	s.	s.	PROPN
abrj-460	249	5	a.	a.	PROPN
abrj-460	249	6	,	,	PUNCT
abrj-460	249	7	nwachukwu	nwachukwu	PROPN
abrj-460	249	8	,	,	PUNCT
abrj-460	249	9	j.	j.	PROPN
abrj-460	249	10	c.	c.	PROPN
abrj-460	249	11	,	,	PUNCT
abrj-460	249	12	&	&	CCONJ
abrj-460	249	13	orim	orim	PROPN
abrj-460	249	14	,	,	PUNCT
abrj-460	249	15	s.	s.	PROPN
abrj-460	249	16	m.	m.	PROPN
abrj-460	249	17	i.	i.	PROPN
abrj-460	249	18	(	(	PUNCT
abrj-460	249	19	2022	2022	NUM
abrj-460	249	20	)	)	PUNCT
abrj-460	249	21	.	.	PUNCT
abrj-460	250	1	financial	financial	ADJ
abrj-460	250	2	integration	integration	NOUN
abrj-460	250	3	and	and	CCONJ
abrj-460	250	4	inclusive	inclusive	ADJ
abrj-460	250	5	growth	growth	NOUN
abrj-460	250	6	in	in	ADP
abrj-460	250	7	africa	africa	PROPN
abrj-460	250	8	:	:	PUNCT
abrj-460	250	9	empirical	empirical	ADJ
abrj-460	250	10	evidence	evidence	NOUN
abrj-460	250	11	and	and	CCONJ
abrj-460	250	12	policy	policy	NOUN
abrj-460	250	13	implications	implication	NOUN
abrj-460	250	14	.	.	PUNCT
abrj-460	251	1	journal	journal	NOUN
abrj-460	251	2	of	of	ADP
abrj-460	251	3	policy	policy	NOUN
abrj-460	251	4	modeling	modeling	NOUN
abrj-460	251	5	,	,	PUNCT
abrj-460	251	6	44(1	44(1	PROPN
abrj-460	251	7	)	)	PUNCT
abrj-460	251	8	,	,	PUNCT
abrj-460	251	9	79–97	79–97	NUM
abrj-460	251	10	.	.	PUNCT
abrj-460	252	1	https://doi.org/10.1016/j.jpolmod.2021.10.004	https://doi.org/10.1016/j.jpolmod.2021.10.004	VERB
abrj-460	252	2	ayodele	ayodele	PROPN
abrj-460	252	3	,	,	PUNCT
abrj-460	252	4	t.	t.	PROPN
abrj-460	252	5	,	,	PUNCT
abrj-460	252	6	&	&	CCONJ
abrj-460	252	7	aluko	aluko	PROPN
abrj-460	252	8	,	,	PUNCT
abrj-460	252	9	f.	f.	PROPN
abrj-460	252	10	(	(	PUNCT
abrj-460	252	11	2023	2023	NUM
abrj-460	252	12	)	)	PUNCT
abrj-460	252	13	.	.	PUNCT
abrj-460	253	1	regional	regional	ADJ
abrj-460	253	2	differences	difference	NOUN
abrj-460	253	3	in	in	ADP
abrj-460	253	4	financial	financial	ADJ
abrj-460	253	5	integration	integration	NOUN
abrj-460	253	6	outcomes	outcome	NOUN
abrj-460	253	7	in	in	ADP
abrj-460	253	8	africa	africa	PROPN
abrj-460	253	9	:	:	PUNCT
abrj-460	253	10	a	a	DET
abrj-460	253	11	comparative	comparative	ADJ
abrj-460	253	12	study	study	NOUN
abrj-460	253	13	.	.	PUNCT
abrj-460	254	1	journal	journal	NOUN
abrj-460	254	2	of	of	ADP
abrj-460	254	3	african	african	ADJ
abrj-460	254	4	financial	financial	ADJ
abrj-460	254	5	studies	study	NOUN
abrj-460	254	6	,	,	PUNCT
abrj-460	254	7	17(1	17(1	NUM
abrj-460	254	8	)	)	PUNCT
abrj-460	254	9	,	,	PUNCT
abrj-460	254	10	56–78	56–78	NUM
abrj-460	254	11	.	.	PUNCT
abrj-460	255	1	bailey	bailey	PROPN
abrj-460	255	2	,	,	PUNCT
abrj-460	255	3	w.	w.	PROPN
abrj-460	255	4	,	,	PUNCT
abrj-460	255	5	karolyi	karolyi	PROPN
abrj-460	255	6	,	,	PUNCT
abrj-460	255	7	g.	g.	PROPN
abrj-460	255	8	a.	a.	PROPN
abrj-460	255	9	,	,	PUNCT
abrj-460	255	10	&	&	CCONJ
abrj-460	255	11	salva	salva	PROPN
abrj-460	255	12	,	,	PUNCT
abrj-460	255	13	c.	c.	NOUN
abrj-460	255	14	(	(	PUNCT
abrj-460	255	15	2021	2021	NUM
abrj-460	255	16	)	)	PUNCT
abrj-460	255	17	.	.	PUNCT
abrj-460	256	1	the	the	DET
abrj-460	256	2	economic	economic	ADJ
abrj-460	256	3	consequences	consequence	NOUN
abrj-460	256	4	of	of	ADP
abrj-460	256	5	increased	increase	VERB
abrj-460	256	6	capital	capital	NOUN
abrj-460	256	7	market	market	NOUN
abrj-460	256	8	integration	integration	NOUN
abrj-460	256	9	.	.	PUNCT
abrj-460	257	1	journal	journal	NOUN
abrj-460	257	2	of	of	ADP
abrj-460	257	3	financial	financial	ADJ
abrj-460	257	4	economics	economic	NOUN
abrj-460	257	5	,	,	PUNCT
abrj-460	257	6	141(2	141(2	NUM
abrj-460	257	7	)	)	PUNCT
abrj-460	257	8	,	,	PUNCT
abrj-460	257	9	567–592	567–592	NUM
abrj-460	257	10	.	.	PUNCT
abrj-460	258	1	bekaert	bekaert	PROPN
abrj-460	258	2	,	,	PUNCT
abrj-460	258	3	g.	g.	PROPN
abrj-460	258	4	,	,	PUNCT
abrj-460	258	5	harvey	harvey	PROPN
abrj-460	258	6	,	,	PUNCT
abrj-460	258	7	c.	c.	PROPN
abrj-460	258	8	r.	r.	PROPN
abrj-460	258	9	,	,	PUNCT
abrj-460	258	10	&	&	CCONJ
abrj-460	258	11	lundblad	lundblad	PROPN
abrj-460	258	12	,	,	PUNCT
abrj-460	258	13	c.	c.	PROPN
abrj-460	258	14	t.	t.	PROPN
abrj-460	258	15	(	(	PUNCT
abrj-460	258	16	2020	2020	NUM
abrj-460	258	17	)	)	PUNCT
abrj-460	258	18	.	.	PUNCT
abrj-460	259	1	financial	financial	ADJ
abrj-460	259	2	globalization	globalization	NOUN
abrj-460	259	3	and	and	CCONJ
abrj-460	259	4	economic	economic	ADJ
abrj-460	259	5	growth	growth	NOUN
abrj-460	259	6	.	.	PUNCT
abrj-460	260	1	annual	annual	ADJ
abrj-460	260	2	review	review	NOUN
abrj-460	260	3	of	of	ADP
abrj-460	260	4	financial	financial	ADJ
abrj-460	260	5	economics	economic	NOUN
abrj-460	260	6	,	,	PUNCT
abrj-460	260	7	12(1	12(1	NUM
abrj-460	260	8	)	)	PUNCT
abrj-460	260	9	,	,	PUNCT
abrj-460	260	10	235–265	235–265	NUM
abrj-460	260	11	.	.	PUNCT
abrj-460	261	1	biekpe	biekpe	NOUN
abrj-460	261	2	,	,	PUNCT
abrj-460	261	3	n.	n.	NOUN
abrj-460	261	4	,	,	PUNCT
abrj-460	261	5	&	&	CCONJ
abrj-460	261	6	agbloyor	agbloyor	PROPN
abrj-460	261	7	,	,	PUNCT
abrj-460	261	8	e.	e.	PROPN
abrj-460	261	9	k.	k.	PROPN
abrj-460	261	10	(	(	PUNCT
abrj-460	261	11	2021	2021	NUM
abrj-460	261	12	)	)	PUNCT
abrj-460	261	13	.	.	PUNCT
abrj-460	262	1	financial	financial	ADJ
abrj-460	262	2	integration	integration	NOUN
abrj-460	262	3	,	,	PUNCT
abrj-460	262	4	domestic	domestic	ADJ
abrj-460	262	5	investment	investment	NOUN
abrj-460	262	6	,	,	PUNCT
abrj-460	262	7	and	and	CCONJ
abrj-460	262	8	economic	economic	ADJ
abrj-460	262	9	growth	growth	NOUN
abrj-460	262	10	in	in	ADP
abrj-460	262	11	africa	africa	PROPN
abrj-460	262	12	.	.	PUNCT
abrj-460	263	1	international	international	ADJ
abrj-460	263	2	review	review	NOUN
abrj-460	263	3	of	of	ADP
abrj-460	263	4	applied	applied	ADJ
abrj-460	263	5	economics	economic	NOUN
abrj-460	263	6	,	,	PUNCT
abrj-460	263	7	35(4	35(4	NUM
abrj-460	263	8	)	)	PUNCT
abrj-460	263	9	,	,	PUNCT
abrj-460	263	10	589–611	589–611	NUM
abrj-460	263	11	.	.	PUNCT
abrj-460	263	12	caporale	caporale	NOUN
abrj-460	263	13	,	,	PUNCT
abrj-460	263	14	g.	g.	PROPN
abrj-460	263	15	m.	m.	PROPN
abrj-460	263	16	,	,	PUNCT
abrj-460	263	17	ali	ali	PROPN
abrj-460	263	18	,	,	PUNCT
abrj-460	263	19	f.	f.	PROPN
abrj-460	263	20	,	,	PUNCT
abrj-460	263	21	&	&	CCONJ
abrj-460	263	22	spagnolo	spagnolo	PROPN
abrj-460	263	23	,	,	PUNCT
abrj-460	263	24	n.	n.	NOUN
abrj-460	263	25	(	(	PUNCT
abrj-460	263	26	2020	2020	NUM
abrj-460	263	27	)	)	PUNCT
abrj-460	263	28	.	.	PUNCT
abrj-460	264	1	financial	financial	ADJ
abrj-460	264	2	integration	integration	NOUN
abrj-460	264	3	and	and	CCONJ
abrj-460	264	4	growth	growth	NOUN
abrj-460	264	5	in	in	ADP
abrj-460	264	6	brics	bric	NOUN
abrj-460	264	7	:	:	PUNCT
abrj-460	264	8	a	a	DET
abrj-460	264	9	panel	panel	NOUN
abrj-460	264	10	cointegration	cointegration	NOUN
abrj-460	264	11	approach	approach	NOUN
abrj-460	264	12	.	.	PUNCT
abrj-460	265	1	review	review	NOUN
abrj-460	265	2	of	of	ADP
abrj-460	265	3	development	development	NOUN
abrj-460	265	4	finance	finance	NOUN
abrj-460	265	5	,	,	PUNCT
abrj-460	265	6	10(2	10(2	NUM
abrj-460	265	7	)	)	PUNCT
abrj-460	265	8	,	,	PUNCT
abrj-460	265	9	120–133	120–133	NUM
abrj-460	265	10	.	.	PUNCT
abrj-460	266	1	claessens	claessen	NOUN
abrj-460	266	2	,	,	PUNCT
abrj-460	266	3	s.	s.	PROPN
abrj-460	266	4	,	,	PUNCT
abrj-460	266	5	&	&	CCONJ
abrj-460	266	6	kose	kose	PROPN
abrj-460	266	7	,	,	PUNCT
abrj-460	266	8	m.	m.	NOUN
abrj-460	266	9	a.	a.	NOUN
abrj-460	266	10	(	(	PUNCT
abrj-460	266	11	2019	2019	NUM
abrj-460	266	12	)	)	PUNCT
abrj-460	266	13	.	.	PUNCT
abrj-460	267	1	financial	financial	ADJ
abrj-460	267	2	integration	integration	NOUN
abrj-460	267	3	:	:	PUNCT
abrj-460	267	4	a	a	DET
abrj-460	267	5	new	new	ADJ
abrj-460	267	6	perspective	perspective	NOUN
abrj-460	267	7	.	.	PUNCT
abrj-460	268	1	brookings	brookings	PROPN
abrj-460	268	2	papers	paper	NOUN
abrj-460	268	3	on	on	ADP
abrj-460	268	4	economic	economic	ADJ
abrj-460	268	5	activity	activity	NOUN
abrj-460	268	6	,	,	PUNCT
abrj-460	268	7	2019(1	2019(1	NUM
abrj-460	268	8	)	)	PUNCT
abrj-460	268	9	,	,	PUNCT
abrj-460	268	10	31–96	31–96	NUM
abrj-460	268	11	.	.	PUNCT
abrj-460	268	12	ezenwakwelu	ezenwakwelu	PROPN
abrj-460	268	13	,	,	PUNCT
abrj-460	268	14	c.	c.	PROPN
abrj-460	268	15	a.	a.	PROPN
abrj-460	268	16	,	,	PUNCT
abrj-460	268	17	&	&	CCONJ
abrj-460	268	18	okonkwo	okonkwo	PROPN
abrj-460	268	19	,	,	PUNCT
abrj-460	268	20	o.	o.	PROPN
abrj-460	268	21	c.	c.	PROPN
abrj-460	268	22	(	(	PUNCT
abrj-460	268	23	2021	2021	NUM
abrj-460	268	24	)	)	PUNCT
abrj-460	268	25	.	.	PUNCT
abrj-460	269	1	the	the	DET
abrj-460	269	2	role	role	NOUN
abrj-460	269	3	of	of	ADP
abrj-460	269	4	cross	cross	ADJ
abrj-460	269	5	-	-	ADJ
abrj-460	269	6	border	border	ADJ
abrj-460	269	7	investments	investment	NOUN
abrj-460	269	8	in	in	ADP
abrj-460	269	9	promoting	promote	VERB
abrj-460	269	10	regional	regional	ADJ
abrj-460	269	11	integration	integration	NOUN
abrj-460	269	12	in	in	ADP
abrj-460	269	13	ecowas	ecowas	PROPN
abrj-460	269	14	.	.	PUNCT
abrj-460	270	1	west	west	PROPN
abrj-460	270	2	african	african	PROPN
abrj-460	270	3	economic	economic	PROPN
abrj-460	270	4	review	review	PROPN
abrj-460	270	5	,	,	PUNCT
abrj-460	270	6	8(1	8(1	NOUN
abrj-460	270	7	)	)	PUNCT
abrj-460	270	8	,	,	PUNCT
abrj-460	270	9	66–89	66–89	NUM
abrj-460	270	10	.	.	PUNCT
abrj-460	271	1	forbes	forbes	PROPN
abrj-460	271	2	,	,	PUNCT
abrj-460	271	3	k.	k.	PROPN
abrj-460	271	4	j.	j.	PROPN
abrj-460	271	5	,	,	PUNCT
abrj-460	271	6	&	&	CCONJ
abrj-460	271	7	warnock	warnock	PROPN
abrj-460	271	8	,	,	PUNCT
abrj-460	271	9	f.	f.	PROPN
abrj-460	271	10	e.	e.	PROPN
abrj-460	271	11	(	(	PUNCT
abrj-460	271	12	2021	2021	NUM
abrj-460	271	13	)	)	PUNCT
abrj-460	271	14	.	.	PUNCT
abrj-460	272	1	capital	capital	NOUN
abrj-460	272	2	flow	flow	NOUN
abrj-460	272	3	waves	wave	NOUN
abrj-460	272	4	—	—	PUNCT
abrj-460	272	5	or	or	CCONJ
abrj-460	272	6	ripples	ripple	NOUN
abrj-460	272	7	?	?	PUNCT
abrj-460	273	1	extreme	extreme	ADJ
abrj-460	273	2	volatility	volatility	NOUN
abrj-460	273	3	and	and	CCONJ
abrj-460	273	4	financial	financial	ADJ
abrj-460	273	5	openness	openness	NOUN
abrj-460	273	6	.	.	PUNCT
abrj-460	274	1	journal	journal	NOUN
abrj-460	274	2	of	of	ADP
abrj-460	274	3	international	international	ADJ
abrj-460	274	4	money	money	NOUN
abrj-460	274	5	and	and	CCONJ
abrj-460	274	6	finance	finance	NOUN
abrj-460	274	7	,	,	PUNCT
abrj-460	274	8	110	110	NUM
abrj-460	274	9	,	,	PUNCT
abrj-460	274	10	102280	102280	NUM
abrj-460	274	11	.	.	PUNCT
abrj-460	275	1	https://doi.org/10.1016/j.jimonfin.2020.102280	https://doi.org/10.1016/j.jimonfin.2020.102280	ADJ
abrj-460	275	2	fofack	fofack	NOUN
abrj-460	275	3	,	,	PUNCT
abrj-460	275	4	h.	h.	PROPN
abrj-460	275	5	(	(	PUNCT
abrj-460	275	6	2021	2021	NUM
abrj-460	275	7	)	)	PUNCT
abrj-460	275	8	.	.	PUNCT
abrj-460	276	1	towards	towards	ADP
abrj-460	276	2	a	a	DET
abrj-460	276	3	common	common	ADJ
abrj-460	276	4	investment	investment	NOUN
abrj-460	276	5	market	market	NOUN
abrj-460	276	6	for	for	ADP
abrj-460	276	7	africa	africa	PROPN
abrj-460	276	8	:	:	PUNCT
abrj-460	276	9	leveraging	leverage	VERB
abrj-460	276	10	regional	regional	ADJ
abrj-460	276	11	capital	capital	NOUN
abrj-460	276	12	for	for	ADP
abrj-460	276	13	structural	structural	ADJ
abrj-460	276	14	transformation	transformation	NOUN
abrj-460	276	15	.	.	PUNCT
abrj-460	277	1	journal	journal	PROPN
abrj-460	277	2	of	of	ADP
abrj-460	277	3	african	african	ADJ
abrj-460	277	4	trade	trade	NOUN
abrj-460	277	5	,	,	PUNCT
abrj-460	277	6	8(1	8(1	NOUN
abrj-460	277	7	)	)	PUNCT
abrj-460	277	8	,	,	PUNCT
abrj-460	277	9	1–16	1–16	PROPN
abrj-460	277	10	.	.	PUNCT
abrj-460	278	1	kanga	kanga	PROPN
abrj-460	278	2	,	,	PUNCT
abrj-460	278	3	d.	d.	PROPN
abrj-460	278	4	,	,	PUNCT
abrj-460	278	5	muthui	muthui	PROPN
abrj-460	278	6	,	,	PUNCT
abrj-460	278	7	j.	j.	PROPN
abrj-460	278	8	,	,	PUNCT
abrj-460	278	9	&	&	CCONJ
abrj-460	278	10	achieng	achieng	PROPN
abrj-460	278	11	,	,	PUNCT
abrj-460	278	12	n.	n.	NOUN
abrj-460	278	13	(	(	PUNCT
abrj-460	278	14	2021	2021	NUM
abrj-460	278	15	)	)	PUNCT
abrj-460	278	16	.	.	PUNCT
abrj-460	279	1	capital	capital	NOUN
abrj-460	279	2	market	market	NOUN
abrj-460	279	3	integration	integration	NOUN
abrj-460	279	4	and	and	CCONJ
abrj-460	279	5	economic	economic	ADJ
abrj-460	279	6	growth	growth	NOUN
abrj-460	279	7	in	in	ADP
abrj-460	279	8	sub	sub	ADJ
abrj-460	279	9	-	-	ADJ
abrj-460	279	10	saharan	saharan	ADJ
abrj-460	279	11	africa	africa	PROPN
abrj-460	279	12	.	.	PUNCT
abrj-460	280	1	african	african	PROPN
abrj-460	280	2	journal	journal	PROPN
abrj-460	280	3	of	of	ADP
abrj-460	280	4	economic	economic	ADJ
abrj-460	280	5	policy	policy	NOUN
abrj-460	280	6	,	,	PUNCT
abrj-460	280	7	28(2	28(2	NUM
abrj-460	280	8	)	)	PUNCT
abrj-460	280	9	,	,	PUNCT
abrj-460	280	10	110–128	110–128	NUM
abrj-460	280	11	.	.	PUNCT
abrj-460	280	12	lane	lane	NOUN
abrj-460	280	13	,	,	PUNCT
abrj-460	280	14	p.	p.	PROPN
abrj-460	280	15	r.	r.	PROPN
abrj-460	280	16	,	,	PUNCT
abrj-460	280	17	&	&	CCONJ
abrj-460	280	18	milesi	milesi	PROPN
abrj-460	280	19	-	-	PUNCT
abrj-460	280	20	ferretti	ferretti	PROPN
abrj-460	280	21	,	,	PUNCT
abrj-460	280	22	g.	g.	PROPN
abrj-460	280	23	m.	m.	PROPN
abrj-460	280	24	(	(	PUNCT
abrj-460	280	25	2020	2020	NUM
abrj-460	280	26	)	)	PUNCT
abrj-460	280	27	.	.	PUNCT
abrj-460	281	1	global	global	ADJ
abrj-460	281	2	capital	capital	NOUN
abrj-460	281	3	flows	flow	NOUN
abrj-460	281	4	and	and	CCONJ
abrj-460	281	5	development	development	NOUN
abrj-460	281	6	:	:	PUNCT
abrj-460	281	7	a	a	DET
abrj-460	281	8	retrospective	retrospective	NOUN
abrj-460	281	9	.	.	PUNCT
abrj-460	282	1	imf	imf	PROPN
abrj-460	282	2	economic	economic	PROPN
abrj-460	282	3	review	review	PROPN
abrj-460	282	4	,	,	PUNCT
abrj-460	282	5	68(1	68(1	NOUN
abrj-460	282	6	)	)	PUNCT
abrj-460	282	7	,	,	PUNCT
abrj-460	282	8	1–28	1–28	PROPN
abrj-460	282	9	.	.	PUNCT
abrj-460	283	1	lucas	lucas	PROPN
abrj-460	283	2	,	,	PUNCT
abrj-460	283	3	r.	r.	PROPN
abrj-460	283	4	e.	e.	PROPN
abrj-460	283	5	(	(	PUNCT
abrj-460	283	6	1988	1988	NUM
abrj-460	283	7	)	)	PUNCT
abrj-460	283	8	.	.	PUNCT
abrj-460	284	1	on	on	ADP
abrj-460	284	2	the	the	DET
abrj-460	284	3	mechanics	mechanic	NOUN
abrj-460	284	4	of	of	ADP
abrj-460	284	5	economic	economic	ADJ
abrj-460	284	6	development	development	NOUN
abrj-460	284	7	.	.	PUNCT
abrj-460	285	1	journal	journal	PROPN
abrj-460	285	2	of	of	ADP
abrj-460	285	3	monetary	monetary	ADJ
abrj-460	285	4	economics	economic	NOUN
abrj-460	285	5	,	,	PUNCT
abrj-460	285	6	22(1	22(1	NUM
abrj-460	285	7	)	)	PUNCT
abrj-460	285	8	,	,	PUNCT
abrj-460	285	9	3–42	3–42	PROPN
abrj-460	285	10	.	.	PROPN
abrj-460	285	11	https://doi.org/10.1016/0304-3932(88)90168-7	https://doi.org/10.1016/0304-3932(88)90168-7	PROPN
abrj-460	285	12	musonda	musonda	NOUN
abrj-460	285	13	,	,	PUNCT
abrj-460	285	14	l.	l.	PROPN
abrj-460	285	15	,	,	PUNCT
abrj-460	285	16	kabaso	kabaso	PROPN
abrj-460	285	17	,	,	PUNCT
abrj-460	285	18	p.	p.	PROPN
abrj-460	285	19	,	,	PUNCT
abrj-460	285	20	&	&	CCONJ
abrj-460	285	21	tembo	tembo	PROPN
abrj-460	285	22	,	,	PUNCT
abrj-460	285	23	m.	m.	NOUN
abrj-460	285	24	(	(	PUNCT
abrj-460	285	25	2020	2020	NUM
abrj-460	285	26	)	)	PUNCT
abrj-460	285	27	.	.	PUNCT
abrj-460	286	1	monetary	monetary	ADJ
abrj-460	286	2	unions	union	NOUN
abrj-460	286	3	and	and	CCONJ
abrj-460	286	4	financial	financial	ADJ
abrj-460	286	5	integration	integration	NOUN
abrj-460	286	6	in	in	ADP
abrj-460	286	7	africa	africa	PROPN
abrj-460	286	8	:	:	PUNCT
abrj-460	286	9	lessons	lesson	NOUN
abrj-460	286	10	from	from	ADP
abrj-460	286	11	waemu	waemu	NOUN
abrj-460	286	12	.	.	PUNCT
abrj-460	287	1	african	african	ADJ
abrj-460	287	2	review	review	NOUN
abrj-460	287	3	of	of	ADP
abrj-460	287	4	economics	economic	NOUN
abrj-460	287	5	and	and	CCONJ
abrj-460	287	6	finance	finance	NOUN
abrj-460	287	7	,	,	PUNCT
abrj-460	287	8	12(1	12(1	NUM
abrj-460	287	9	)	)	PUNCT
abrj-460	287	10	,	,	PUNCT
abrj-460	287	11	34–56	34–56	NUM
abrj-460	287	12	.	.	PUNCT
abrj-460	288	1	mwenda	mwenda	PROPN
abrj-460	288	2	,	,	PUNCT
abrj-460	288	3	a.	a.	NOUN
abrj-460	288	4	,	,	PUNCT
abrj-460	288	5	&	&	CCONJ
abrj-460	288	6	wanjala	wanjala	PROPN
abrj-460	288	7	,	,	PUNCT
abrj-460	288	8	d.	d.	PROPN
abrj-460	288	9	(	(	PUNCT
abrj-460	288	10	2023	2023	NUM
abrj-460	288	11	)	)	PUNCT
abrj-460	288	12	.	.	PUNCT
abrj-460	289	1	cross	cross	ADJ
abrj-460	289	2	-	-	ADJ
abrj-460	289	3	listing	list	VERB
abrj-460	289	4	and	and	CCONJ
abrj-460	289	5	financial	financial	ADJ
abrj-460	289	6	market	market	NOUN
abrj-460	289	7	integration	integration	NOUN
abrj-460	289	8	in	in	ADP
abrj-460	289	9	east	east	PROPN
abrj-460	289	10	africa	africa	PROPN
abrj-460	289	11	:	:	PUNCT
abrj-460	289	12	impacts	impact	NOUN
abrj-460	289	13	on	on	ADP
abrj-460	289	14	investor	investor	NOUN
abrj-460	289	15	behavior	behavior	NOUN
abrj-460	289	16	.	.	PUNCT
abrj-460	290	1	african	african	ADJ
abrj-460	290	2	journal	journal	PROPN
abrj-460	290	3	of	of	ADP
abrj-460	290	4	finance	finance	NOUN
abrj-460	290	5	and	and	CCONJ
abrj-460	290	6	development	development	NOUN
abrj-460	290	7	,	,	PUNCT
abrj-460	290	8	13(1	13(1	NUM
abrj-460	290	9	)	)	PUNCT
abrj-460	290	10	,	,	PUNCT
abrj-460	290	11	44–62	44–62	NUM
abrj-460	290	12	.	.	PUNCT
abrj-460	291	1	ndikumana	ndikumana	PROPN
abrj-460	291	2	,	,	PUNCT
abrj-460	291	3	l.	l.	PROPN
abrj-460	291	4	,	,	PUNCT
abrj-460	291	5	&	&	CCONJ
abrj-460	291	6	boyce	boyce	PROPN
abrj-460	291	7	,	,	PUNCT
abrj-460	291	8	j.	j.	PROPN
abrj-460	291	9	k.	k.	PROPN
abrj-460	291	10	(	(	PUNCT
abrj-460	291	11	2020	2020	NUM
abrj-460	291	12	)	)	PUNCT
abrj-460	291	13	.	.	PUNCT
abrj-460	292	1	africa	africa	PROPN
abrj-460	292	2	’s	’s	PART
abrj-460	292	3	odious	odious	ADJ
abrj-460	292	4	debts	debt	NOUN
abrj-460	292	5	:	:	PUNCT
abrj-460	292	6	reframing	reframe	VERB
abrj-460	292	7	the	the	DET
abrj-460	292	8	debate	debate	NOUN
abrj-460	292	9	on	on	ADP
abrj-460	292	10	external	external	ADJ
abrj-460	292	11	financing	financing	NOUN
abrj-460	292	12	for	for	ADP
abrj-460	292	13	development	development	NOUN
abrj-460	292	14	.	.	PUNCT
abrj-460	293	1	review	review	NOUN
abrj-460	293	2	of	of	ADP
abrj-460	293	3	african	african	ADJ
abrj-460	293	4	political	political	ADJ
abrj-460	293	5	economy	economy	NOUN
abrj-460	293	6	,	,	PUNCT
abrj-460	293	7	47(165	47(165	NUM
abrj-460	293	8	)	)	PUNCT
abrj-460	293	9	,	,	PUNCT
abrj-460	293	10	233–246	233–246	NUM
abrj-460	293	11	.	.	PUNCT
abrj-460	294	1	odhiambo	odhiambo	PROPN
abrj-460	294	2	,	,	PUNCT
abrj-460	294	3	n.	n.	NOUN
abrj-460	294	4	m.	m.	NOUN
abrj-460	294	5	(	(	PUNCT
abrj-460	294	6	2021	2021	NUM
abrj-460	294	7	)	)	PUNCT
abrj-460	294	8	.	.	PUNCT
abrj-460	295	1	financial	financial	ADJ
abrj-460	295	2	markets	market	NOUN
abrj-460	295	3	and	and	CCONJ
abrj-460	295	4	economic	economic	ADJ
abrj-460	295	5	growth	growth	NOUN
abrj-460	295	6	in	in	ADP
abrj-460	295	7	africa	africa	PROPN
abrj-460	295	8	:	:	PUNCT
abrj-460	295	9	a	a	DET
abrj-460	295	10	review	review	NOUN
abrj-460	295	11	.	.	PUNCT
abrj-460	296	1	global	global	ADJ
abrj-460	296	2	economy	economy	NOUN
abrj-460	296	3	journal	journal	NOUN
abrj-460	296	4	,	,	PUNCT
abrj-460	296	5	21(3	21(3	NUM
abrj-460	296	6	)	)	PUNCT
abrj-460	296	7	,	,	PUNCT
abrj-460	296	8	1–17	1–17	PROPN
abrj-460	296	9	.	.	PUNCT
abrj-460	297	1	okonkwo	okonkwo	PROPN
abrj-460	297	2	,	,	PUNCT
abrj-460	297	3	r.	r.	PROPN
abrj-460	297	4	,	,	PUNCT
abrj-460	297	5	ezeabasili	ezeabasili	NOUN
abrj-460	297	6	,	,	PUNCT
abrj-460	297	7	a.	a.	NOUN
abrj-460	297	8	,	,	PUNCT
abrj-460	297	9	&	&	CCONJ
abrj-460	297	10	nwosu	nwosu	PROPN
abrj-460	297	11	,	,	PUNCT
abrj-460	297	12	o.	o.	NOUN
abrj-460	297	13	(	(	PUNCT
abrj-460	297	14	2021	2021	NUM
abrj-460	297	15	)	)	PUNCT
abrj-460	297	16	.	.	PUNCT
abrj-460	298	1	examining	examine	VERB
abrj-460	298	2	the	the	DET
abrj-460	298	3	african	african	ADJ
abrj-460	298	4	exchanges	exchange	NOUN
abrj-460	298	5	linkage	linkage	NOUN
abrj-460	298	6	project	project	NOUN
abrj-460	298	7	:	:	PUNCT
abrj-460	298	8	progress	progress	NOUN
abrj-460	298	9	,	,	PUNCT
abrj-460	298	10	constraints	constraint	NOUN
abrj-460	298	11	,	,	PUNCT
abrj-460	298	12	and	and	CCONJ
abrj-460	298	13	policy	policy	NOUN
abrj-460	298	14	options	option	NOUN
abrj-460	298	15	.	.	PUNCT
abrj-460	299	1	journal	journal	NOUN
abrj-460	299	2	of	of	ADP
abrj-460	299	3	african	african	ADJ
abrj-460	299	4	securities	security	NOUN
abrj-460	299	5	markets	market	NOUN
abrj-460	299	6	,	,	PUNCT
abrj-460	299	7	6(2	6(2	NUM
abrj-460	299	8	)	)	PUNCT
abrj-460	299	9	,	,	PUNCT
abrj-460	299	10	89–105	89–105	PROPN
abrj-460	299	11	.	.	PUNCT
abrj-460	300	1	osei	osei	PROPN
abrj-460	300	2	,	,	PUNCT
abrj-460	300	3	r.	r.	PROPN
abrj-460	300	4	d.	d.	PROPN
abrj-460	300	5	,	,	PUNCT
abrj-460	300	6	&	&	CCONJ
abrj-460	300	7	nketiah	nketiah	PROPN
abrj-460	300	8	-	-	PUNCT
abrj-460	300	9	amponsah	amponsah	PROPN
abrj-460	300	10	,	,	PUNCT
abrj-460	300	11	e.	e.	PROPN
abrj-460	300	12	(	(	PUNCT
abrj-460	300	13	2022	2022	NUM
abrj-460	300	14	)	)	PUNCT
abrj-460	300	15	.	.	PUNCT
abrj-460	301	1	financial	financial	ADJ
abrj-460	301	2	inclusion	inclusion	NOUN
abrj-460	301	3	,	,	PUNCT
abrj-460	301	4	integration	integration	NOUN
abrj-460	301	5	,	,	PUNCT
abrj-460	301	6	and	and	CCONJ
abrj-460	301	7	inequality	inequality	NOUN
abrj-460	301	8	in	in	ADP
abrj-460	301	9	africa	africa	PROPN
abrj-460	301	10	.	.	PUNCT
abrj-460	302	1	journal	journal	PROPN
abrj-460	302	2	of	of	ADP
abrj-460	302	3	african	african	ADJ
abrj-460	302	4	development	development	NOUN
abrj-460	302	5	studies	study	NOUN
abrj-460	302	6	,	,	PUNCT
abrj-460	302	7	15(3	15(3	NUM
abrj-460	302	8	)	)	PUNCT
abrj-460	302	9	,	,	PUNCT
abrj-460	302	10	140–160	140–160	NUM
abrj-460	302	11	.	.	PUNCT
abrj-460	302	12	portes	portes	PROPN
abrj-460	302	13	,	,	PUNCT
abrj-460	302	14	r.	r.	PROPN
abrj-460	302	15	,	,	PUNCT
abrj-460	302	16	&	&	CCONJ
abrj-460	302	17	rey	rey	PROPN
abrj-460	302	18	,	,	PUNCT
abrj-460	302	19	h.	h.	PROPN
abrj-460	302	20	(	(	PUNCT
abrj-460	302	21	2005	2005	NUM
abrj-460	302	22	)	)	PUNCT
abrj-460	302	23	.	.	PUNCT
abrj-460	303	1	the	the	DET
abrj-460	303	2	determinants	determinant	NOUN
abrj-460	303	3	of	of	ADP
abrj-460	303	4	cross	cross	ADJ
abrj-460	303	5	-	-	ADJ
abrj-460	303	6	border	border	ADJ
abrj-460	303	7	equity	equity	NOUN
abrj-460	303	8	flows	flow	NOUN
abrj-460	303	9	.	.	PUNCT
abrj-460	304	1	journal	journal	NOUN
abrj-460	304	2	of	of	ADP
abrj-460	304	3	international	international	ADJ
abrj-460	304	4	economics	economic	NOUN
abrj-460	304	5	,	,	PUNCT
abrj-460	304	6	65(2	65(2	NOUN
abrj-460	304	7	)	)	PUNCT
abrj-460	304	8	,	,	PUNCT
abrj-460	304	9	269	269	NUM
abrj-460	304	10	–	–	PUNCT
abrj-460	304	11	296	296	NUM
abrj-460	304	12	.	.	X
abrj-460	305	1	https://doi.org/10.1016/j.jinteco.2004.05.002	https://doi.org/10.1016/j.jinteco.2004.05.002	ADJ
abrj-460	305	2	raza	raza	PROPN
abrj-460	305	3	,	,	PUNCT
abrj-460	305	4	s.	s.	PROPN
abrj-460	305	5	a.	a.	PROPN
abrj-460	305	6	,	,	PUNCT
abrj-460	305	7	shah	shah	NOUN
abrj-460	305	8	,	,	PUNCT
abrj-460	305	9	n.	n.	NOUN
abrj-460	305	10	,	,	PUNCT
abrj-460	305	11	&	&	CCONJ
abrj-460	305	12	shahzad	shahzad	PROPN
abrj-460	305	13	,	,	PUNCT
abrj-460	305	14	s.	s.	PROPN
abrj-460	305	15	j.	j.	PROPN
abrj-460	305	16	h.	h.	PROPN
abrj-460	305	17	(	(	PUNCT
abrj-460	305	18	2020	2020	NUM
abrj-460	305	19	)	)	PUNCT
abrj-460	305	20	.	.	PUNCT
abrj-460	306	1	financial	financial	ADJ
abrj-460	306	2	integration	integration	NOUN
abrj-460	306	3	and	and	CCONJ
abrj-460	306	4	economic	economic	ADJ
abrj-460	306	5	growth	growth	NOUN
abrj-460	306	6	:	:	PUNCT
abrj-460	306	7	new	new	ADJ
abrj-460	306	8	evidence	evidence	NOUN
abrj-460	306	9	from	from	ADP
abrj-460	306	10	panel	panel	NOUN
abrj-460	306	11	data	datum	NOUN
abrj-460	306	12	.	.	PUNCT
abrj-460	307	1	economic	economic	ADJ
abrj-460	307	2	change	change	NOUN
abrj-460	307	3	and	and	CCONJ
abrj-460	307	4	restructuring	restructuring	NOUN
abrj-460	307	5	,	,	PUNCT
abrj-460	307	6	53(3	53(3	NUM
abrj-460	307	7	)	)	PUNCT
abrj-460	307	8	,	,	PUNCT
abrj-460	307	9	247–273	247–273	NUM
abrj-460	307	10	.	.	PUNCT
abrj-460	308	1	https://doi.org/10.1111/1467-8268.12636	https://doi.org/10.1111/1467-8268.12636	PROPN
abrj-460	308	2	https://doi.org/10.1016/j.jpolmod.2021.10.004	https://doi.org/10.1016/j.jpolmod.2021.10.004	VERB
abrj-460	308	3	https://doi.org/10.1016/j.jimonfin.2020.102280	https://doi.org/10.1016/j.jimonfin.2020.102280	PROPN
abrj-460	308	4	https://doi.org/10.1016/0304-3932(88)90168-7	https://doi.org/10.1016/0304-3932(88)90168-7	PROPN
abrj-460	308	5	https://doi.org/10.1016/j.jinteco.2004.05.002	https://doi.org/10.1016/j.jinteco.2004.05.002	ADJ
abrj-460	308	6	asian	asian	ADJ
abrj-460	308	7	business	business	NOUN
abrj-460	308	8	research	research	NOUN
abrj-460	308	9	journal	journal	NOUN
abrj-460	308	10	,	,	PUNCT
abrj-460	308	11	2025	2025	NUM
abrj-460	308	12	,	,	PUNCT
abrj-460	308	13	10(6	10(6	NUM
abrj-460	308	14	):	):	PUNCT
abrj-460	308	15	9	9	NUM
abrj-460	308	16	-	-	SYM
abrj-460	308	17	20	20	NUM
abrj-460	308	18	20	20	NUM
abrj-460	308	19	©	©	PROPN
abrj-460	308	20	2025	2025	NUM
abrj-460	308	21	by	by	ADP
abrj-460	308	22	the	the	DET
abrj-460	308	23	authors	author	NOUN
abrj-460	308	24	;	;	PUNCT
abrj-460	308	25	licensee	licensee	NOUN
abrj-460	308	26	eastern	eastern	ADJ
abrj-460	308	27	centre	centre	NOUN
abrj-460	308	28	of	of	ADP
abrj-460	308	29	science	science	NOUN
abrj-460	308	30	and	and	CCONJ
abrj-460	308	31	education	education	NOUN
abrj-460	308	32	,	,	PUNCT
abrj-460	308	33	usa	usa	PROPN
abrj-460	308	34	romer	romer	PROPN
abrj-460	308	35	,	,	PUNCT
abrj-460	308	36	p.	p.	NOUN
abrj-460	308	37	m.	m.	NOUN
abrj-460	308	38	(	(	PUNCT
abrj-460	308	39	1986	1986	NUM
abrj-460	308	40	)	)	PUNCT
abrj-460	308	41	.	.	PUNCT
abrj-460	309	1	increasing	increase	VERB
abrj-460	309	2	returns	return	NOUN
abrj-460	309	3	and	and	CCONJ
abrj-460	309	4	long	long	ADV
abrj-460	309	5	-	-	PUNCT
abrj-460	309	6	run	run	VERB
abrj-460	309	7	growth	growth	NOUN
abrj-460	309	8	.	.	PUNCT
abrj-460	310	1	journal	journal	NOUN
abrj-460	310	2	of	of	ADP
abrj-460	310	3	political	political	ADJ
abrj-460	310	4	economy	economy	NOUN
abrj-460	310	5	,	,	PUNCT
abrj-460	310	6	94(5	94(5	NOUN
abrj-460	310	7	)	)	PUNCT
abrj-460	310	8	,	,	PUNCT
abrj-460	310	9	1002–1037	1002–1037	NUM
abrj-460	310	10	.	.	PUNCT
abrj-460	311	1	https://doi.org/10.1086/261420	https://doi.org/10.1086/261420	PRON
abrj-460	311	2	roodman	roodman	PROPN
abrj-460	311	3	,	,	PUNCT
abrj-460	311	4	d.	d.	PROPN
abrj-460	311	5	(	(	PUNCT
abrj-460	311	6	2023	2023	NUM
abrj-460	311	7	)	)	PUNCT
abrj-460	311	8	.	.	PUNCT
abrj-460	312	1	managing	manage	VERB
abrj-460	312	2	volatility	volatility	NOUN
abrj-460	312	3	in	in	ADP
abrj-460	312	4	integrated	integrated	ADJ
abrj-460	312	5	markets	market	NOUN
abrj-460	312	6	:	:	PUNCT
abrj-460	312	7	lessons	lesson	NOUN
abrj-460	312	8	for	for	ADP
abrj-460	312	9	africa	africa	PROPN
abrj-460	312	10	’s	’s	PART
abrj-460	312	11	financial	financial	ADJ
abrj-460	312	12	architecture	architecture	NOUN
abrj-460	312	13	.	.	PUNCT
abrj-460	313	1	global	global	ADJ
abrj-460	313	2	policy	policy	NOUN
abrj-460	313	3	journal	journal	NOUN
abrj-460	313	4	,	,	PUNCT
abrj-460	313	5	14(1	14(1	NUM
abrj-460	313	6	)	)	PUNCT
abrj-460	313	7	,	,	PUNCT
abrj-460	313	8	112–130	112–130	NUM
abrj-460	313	9	.	.	PUNCT
abrj-460	314	1	sahay	sahay	PROPN
abrj-460	314	2	,	,	PUNCT
abrj-460	314	3	r.	r.	PROPN
abrj-460	314	4	,	,	PUNCT
abrj-460	314	5	čihák	čihák	VERB
abrj-460	314	6	,	,	PUNCT
abrj-460	314	7	m.	m.	NOUN
abrj-460	314	8	,	,	PUNCT
abrj-460	314	9	&	&	CCONJ
abrj-460	314	10	barajas	barajas	PROPN
abrj-460	314	11	,	,	PUNCT
abrj-460	314	12	a.	a.	NOUN
abrj-460	314	13	(	(	PUNCT
abrj-460	314	14	2019	2019	NUM
abrj-460	314	15	)	)	PUNCT
abrj-460	314	16	.	.	PUNCT
abrj-460	315	1	financial	financial	ADJ
abrj-460	315	2	inclusion	inclusion	NOUN
abrj-460	315	3	,	,	PUNCT
abrj-460	315	4	deepening	deepening	NOUN
abrj-460	315	5	,	,	PUNCT
abrj-460	315	6	and	and	CCONJ
abrj-460	315	7	development	development	NOUN
abrj-460	315	8	in	in	ADP
abrj-460	315	9	emerging	emerge	VERB
abrj-460	315	10	markets	market	NOUN
abrj-460	315	11	.	.	PUNCT
abrj-460	316	1	imf	imf	PROPN
abrj-460	316	2	staff	staff	NOUN
abrj-460	316	3	discussion	discussion	NOUN
abrj-460	316	4	notes	note	NOUN
abrj-460	316	5	,	,	PUNCT
abrj-460	316	6	19(1	19(1	NUM
abrj-460	316	7	)	)	PUNCT
abrj-460	316	8	,	,	PUNCT
abrj-460	316	9	1–38	1–38	PROPN
abrj-460	316	10	.	.	PROPN
abrj-460	317	1	united	united	PROPN
abrj-460	317	2	nations	nations	PROPN
abrj-460	317	3	economic	economic	PROPN
abrj-460	317	4	commission	commission	PROPN
abrj-460	317	5	for	for	ADP
abrj-460	317	6	africa	africa	PROPN
abrj-460	317	7	.	.	PUNCT
abrj-460	318	1	(	(	PUNCT
abrj-460	318	2	2020	2020	NUM
abrj-460	318	3	)	)	PUNCT
abrj-460	318	4	.	.	PUNCT
abrj-460	319	1	capital	capital	NOUN
abrj-460	319	2	markets	market	NOUN
abrj-460	319	3	and	and	CCONJ
abrj-460	319	4	regional	regional	ADJ
abrj-460	319	5	integration	integration	NOUN
abrj-460	319	6	in	in	ADP
abrj-460	319	7	africa	africa	PROPN
abrj-460	319	8	.	.	PUNCT
abrj-460	320	1	addis	addis	PROPN
abrj-460	320	2	ababa	ababa	PROPN
abrj-460	320	3	:	:	PUNCT
abrj-460	320	4	uneca	uneca	PROPN
abrj-460	320	5	.	.	PUNCT
abrj-460	321	1	wang	wang	PROPN
abrj-460	321	2	,	,	PUNCT
abrj-460	321	3	y.	y.	PROPN
abrj-460	321	4	,	,	PUNCT
abrj-460	321	5	sun	sun	PROPN
abrj-460	321	6	,	,	PUNCT
abrj-460	321	7	y.	y.	PROPN
abrj-460	321	8	,	,	PUNCT
abrj-460	321	9	&	&	CCONJ
abrj-460	321	10	eita	eita	PROPN
abrj-460	321	11	,	,	PUNCT
abrj-460	321	12	j.	j.	PROPN
abrj-460	321	13	h.	h.	PROPN
abrj-460	321	14	(	(	PUNCT
abrj-460	321	15	2020	2020	NUM
abrj-460	321	16	)	)	PUNCT
abrj-460	321	17	.	.	PUNCT
abrj-460	322	1	financial	financial	ADJ
abrj-460	322	2	development	development	NOUN
abrj-460	322	3	,	,	PUNCT
abrj-460	322	4	integration	integration	NOUN
abrj-460	322	5	and	and	CCONJ
abrj-460	322	6	economic	economic	ADJ
abrj-460	322	7	growth	growth	NOUN
abrj-460	322	8	in	in	ADP
abrj-460	322	9	africa	africa	PROPN
abrj-460	322	10	:	:	PUNCT
abrj-460	322	11	a	a	DET
abrj-460	322	12	panel	panel	NOUN
abrj-460	322	13	var	var	NOUN
abrj-460	322	14	approach	approach	NOUN
abrj-460	322	15	.	.	PUNCT
abrj-460	323	1	economic	economic	ADJ
abrj-460	323	2	change	change	NOUN
abrj-460	323	3	and	and	CCONJ
abrj-460	323	4	restructuring	restructuring	NOUN
abrj-460	323	5	,	,	PUNCT
abrj-460	323	6	53	53	NUM
abrj-460	323	7	,	,	PUNCT
abrj-460	323	8	211–231	211–231	NUM
abrj-460	323	9	.	.	PUNCT
abrj-460	324	1	zhang	zhang	PROPN
abrj-460	324	2	,	,	PUNCT
abrj-460	324	3	y.	y.	PROPN
abrj-460	324	4	,	,	PUNCT
abrj-460	324	5	&	&	CCONJ
abrj-460	324	6	wang	wang	PROPN
abrj-460	324	7	,	,	PUNCT
abrj-460	324	8	j.	j.	PROPN
abrj-460	324	9	(	(	PUNCT
abrj-460	324	10	2022	2022	NUM
abrj-460	324	11	)	)	PUNCT
abrj-460	324	12	.	.	PUNCT
abrj-460	325	1	bilateral	bilateral	ADJ
abrj-460	325	2	investment	investment	NOUN
abrj-460	325	3	treaties	treaty	NOUN
abrj-460	325	4	and	and	CCONJ
abrj-460	325	5	capital	capital	NOUN
abrj-460	325	6	flows	flow	NOUN
abrj-460	325	7	in	in	ADP
abrj-460	325	8	east	east	PROPN
abrj-460	325	9	asia	asia	PROPN
abrj-460	325	10	:	:	PUNCT
abrj-460	325	11	evidence	evidence	NOUN
abrj-460	325	12	from	from	ADP
abrj-460	325	13	panel	panel	NOUN
abrj-460	325	14	data	datum	NOUN
abrj-460	325	15	.	.	PUNCT
abrj-460	326	1	asian	asian	ADJ
abrj-460	326	2	economic	economic	ADJ
abrj-460	326	3	journal	journal	NOUN
abrj-460	326	4	,	,	PUNCT
abrj-460	326	5	36(2	36(2	NUM
abrj-460	326	6	)	)	PUNCT
abrj-460	326	7	,	,	PUNCT
abrj-460	326	8	150–169	150–169	NUM
abrj-460	326	9	.	.	PUNCT
abrj-460	327	1	https://doi.org/10.1111/asej.12231	https://doi.org/10.1111/asej.12231	ADJ
abrj-460	327	2	https://doi.org/10.1086/261420	https://doi.org/10.1086/261420	NOUN
abrj-460	327	3	https://doi.org/10.1111/asej.12231	https://doi.org/10.1111/asej.12231	ADJ