id	sid	tid	token	lemma	pos
ajeer-5890	1	1	44	44	NUM
ajeer-5890	1	2	©	©	ADP
ajeer-5890	1	3	2024	2024	NUM
ajeer-5890	1	4	by	by	ADP
ajeer-5890	1	5	the	the	DET
ajeer-5890	1	6	author	author	NOUN
ajeer-5890	1	7	;	;	PUNCT
ajeer-5890	1	8	licensee	licensee	PROPN
ajeer-5890	1	9	asian	asian	ADJ
ajeer-5890	1	10	online	online	PROPN
ajeer-5890	1	11	journal	journal	PROPN
ajeer-5890	1	12	publishing	publishing	PROPN
ajeer-5890	1	13	group	group	PROPN
ajeer-5890	1	14	asian	asian	PROPN
ajeer-5890	1	15	journal	journal	PROPN
ajeer-5890	1	16	of	of	ADP
ajeer-5890	1	17	economics	economic	NOUN
ajeer-5890	1	18	and	and	CCONJ
ajeer-5890	1	19	empirical	empirical	ADJ
ajeer-5890	1	20	research	research	NOUN
ajeer-5890	1	21	vol	vol	NOUN
ajeer-5890	1	22	.	.	PUNCT
ajeer-5890	2	1	11	11	NUM
ajeer-5890	2	2	,	,	PUNCT
ajeer-5890	2	3	no	no	INTJ
ajeer-5890	2	4	.	.	NOUN
ajeer-5890	2	5	2	2	NUM
ajeer-5890	2	6	,	,	PUNCT
ajeer-5890	2	7	44	44	NUM
ajeer-5890	2	8	-	-	SYM
ajeer-5890	2	9	49	49	NUM
ajeer-5890	2	10	,	,	PUNCT
ajeer-5890	2	11	2024	2024	NUM
ajeer-5890	2	12	issn(e	issn(e	PROPN
ajeer-5890	2	13	)	)	PUNCT
ajeer-5890	2	14	2409	2409	NUM
ajeer-5890	2	15	-	-	SYM
ajeer-5890	2	16	2622	2622	NUM
ajeer-5890	2	17	/	/	SYM
ajeer-5890	2	18	issn(p	issn(p	PROPN
ajeer-5890	2	19	)	)	PUNCT
ajeer-5890	2	20	2518	2518	NUM
ajeer-5890	2	21	-	-	PUNCT
ajeer-5890	2	22	010x	010x	ADJ
ajeer-5890	2	23	doi	doi	NOUN
ajeer-5890	2	24	:	:	PUNCT
ajeer-5890	2	25	10.20448	10.20448	NUM
ajeer-5890	2	26	/	/	SYM
ajeer-5890	2	27	ajeer.v11i2.5890	ajeer.v11i2.5890	NOUN
ajeer-5890	2	28	©	©	ADP
ajeer-5890	2	29	2024	2024	NUM
ajeer-5890	2	30	by	by	ADP
ajeer-5890	2	31	the	the	DET
ajeer-5890	2	32	author	author	NOUN
ajeer-5890	2	33	;	;	PUNCT
ajeer-5890	2	34	licensee	licensee	PROPN
ajeer-5890	2	35	asian	asian	ADJ
ajeer-5890	2	36	online	online	PROPN
ajeer-5890	2	37	journal	journal	PROPN
ajeer-5890	2	38	publishing	publishing	NOUN
ajeer-5890	2	39	group	group	NOUN
ajeer-5890	2	40	not	not	PART
ajeer-5890	2	41	all	all	DET
ajeer-5890	2	42	investors	investor	NOUN
ajeer-5890	2	43	are	be	AUX
ajeer-5890	2	44	the	the	DET
ajeer-5890	2	45	same	same	ADJ
ajeer-5890	2	46	:	:	PUNCT
ajeer-5890	2	47	evidence	evidence	NOUN
ajeer-5890	2	48	from	from	ADP
ajeer-5890	2	49	investor	investor	NOUN
ajeer-5890	2	50	holdings	holding	NOUN
ajeer-5890	2	51	of	of	ADP
ajeer-5890	2	52	local	local	ADJ
ajeer-5890	2	53	-	-	PUNCT
ajeer-5890	2	54	currency	currency	NOUN
ajeer-5890	2	55	debt	debt	NOUN
ajeer-5890	2	56	in	in	ADP
ajeer-5890	2	57	indonesia	indonesia	PROPN
ajeer-5890	2	58	amr	amr	PROPN
ajeer-5890	2	59	hosny	hosny	PROPN
ajeer-5890	2	60	international	international	PROPN
ajeer-5890	2	61	monetary	monetary	PROPN
ajeer-5890	2	62	fund	fund	PROPN
ajeer-5890	2	63	,	,	PUNCT
ajeer-5890	2	64	1900	1900	NUM
ajeer-5890	2	65	pennsylvania	pennsylvania	PROPN
ajeer-5890	2	66	avenue	avenue	PROPN
ajeer-5890	2	67	nw	nw	PROPN
ajeer-5890	2	68	,	,	PUNCT
ajeer-5890	2	69	washington	washington	PROPN
ajeer-5890	2	70	,	,	PUNCT
ajeer-5890	2	71	dc	dc	PROPN
ajeer-5890	2	72	20431	20431	NUM
ajeer-5890	2	73	,	,	PUNCT
ajeer-5890	2	74	usa	usa	PROPN
ajeer-5890	2	75	.	.	PROPN
ajeer-5890	2	76	email	email	NOUN
ajeer-5890	2	77	:	:	PUNCT
ajeer-5890	2	78	ahosny@imf.org	ahosny@imf.org	PROPN
ajeer-5890	2	79	abstract	abstract	VERB
ajeer-5890	2	80	this	this	DET
ajeer-5890	2	81	paper	paper	NOUN
ajeer-5890	2	82	examines	examine	VERB
ajeer-5890	2	83	the	the	DET
ajeer-5890	2	84	global	global	ADJ
ajeer-5890	2	85	and	and	CCONJ
ajeer-5890	2	86	domestic	domestic	ADJ
ajeer-5890	2	87	factors	factor	NOUN
ajeer-5890	2	88	driving	drive	VERB
ajeer-5890	2	89	different	different	ADJ
ajeer-5890	2	90	investor	investor	NOUN
ajeer-5890	2	91	holdings	holding	NOUN
ajeer-5890	2	92	of	of	ADP
ajeer-5890	2	93	local	local	ADJ
ajeer-5890	2	94	currency	currency	NOUN
ajeer-5890	2	95	(	(	PUNCT
ajeer-5890	2	96	lc	lc	NOUN
ajeer-5890	2	97	)	)	PUNCT
ajeer-5890	2	98	sovereign	sovereign	ADJ
ajeer-5890	2	99	debt	debt	NOUN
ajeer-5890	2	100	in	in	ADP
ajeer-5890	2	101	indonesia	indonesia	PROPN
ajeer-5890	2	102	.	.	PUNCT
ajeer-5890	3	1	using	use	VERB
ajeer-5890	3	2	an	an	DET
ajeer-5890	3	3	autoregressive	autoregressive	ADJ
ajeer-5890	3	4	distributed	distribute	VERB
ajeer-5890	3	5	lag	lag	NOUN
ajeer-5890	3	6	co	co	NOUN
ajeer-5890	3	7	-	-	NOUN
ajeer-5890	3	8	integration	integration	NOUN
ajeer-5890	3	9	approach	approach	NOUN
ajeer-5890	3	10	,	,	PUNCT
ajeer-5890	3	11	using	use	VERB
ajeer-5890	3	12	monthly	monthly	ADJ
ajeer-5890	3	13	data	datum	NOUN
ajeer-5890	3	14	for	for	ADP
ajeer-5890	3	15	indonesia	indonesia	PROPN
ajeer-5890	3	16	over	over	ADP
ajeer-5890	3	17	2002m12	2002m12	PROPN
ajeer-5890	3	18	-	-	PUNCT
ajeer-5890	3	19	2022m12	2022m12	NUM
ajeer-5890	3	20	,	,	PUNCT
ajeer-5890	3	21	we	we	PRON
ajeer-5890	3	22	find	find	VERB
ajeer-5890	3	23	that	that	SCONJ
ajeer-5890	3	24	non	non	ADJ
ajeer-5890	3	25	-	-	ADJ
ajeer-5890	3	26	resident	resident	ADJ
ajeer-5890	3	27	holdings	holding	NOUN
ajeer-5890	3	28	of	of	ADP
ajeer-5890	3	29	lc	lc	NOUN
ajeer-5890	3	30	debt	debt	NOUN
ajeer-5890	3	31	in	in	ADP
ajeer-5890	3	32	indonesia	indonesia	PROPN
ajeer-5890	3	33	are	be	AUX
ajeer-5890	3	34	mostly	mostly	ADV
ajeer-5890	3	35	driven	drive	VERB
ajeer-5890	3	36	by	by	ADP
ajeer-5890	3	37	global	global	ADJ
ajeer-5890	3	38	factors	factor	NOUN
ajeer-5890	3	39	such	such	ADJ
ajeer-5890	3	40	as	as	ADP
ajeer-5890	3	41	commodity	commodity	NOUN
ajeer-5890	3	42	prices	price	NOUN
ajeer-5890	3	43	and	and	CCONJ
ajeer-5890	3	44	volatility	volatility	NOUN
ajeer-5890	3	45	in	in	ADP
ajeer-5890	3	46	global	global	ADJ
ajeer-5890	3	47	bond	bond	NOUN
ajeer-5890	3	48	markets	market	NOUN
ajeer-5890	3	49	,	,	PUNCT
ajeer-5890	3	50	while	while	SCONJ
ajeer-5890	3	51	domestic	domestic	ADJ
ajeer-5890	3	52	investors	investor	NOUN
ajeer-5890	3	53	(	(	PUNCT
ajeer-5890	3	54	such	such	ADJ
ajeer-5890	3	55	as	as	ADP
ajeer-5890	3	56	domestic	domestic	ADJ
ajeer-5890	3	57	banks	bank	NOUN
ajeer-5890	3	58	and	and	CCONJ
ajeer-5890	3	59	institutional	institutional	ADJ
ajeer-5890	3	60	investors	investor	NOUN
ajeer-5890	3	61	)	)	PUNCT
ajeer-5890	3	62	are	be	AUX
ajeer-5890	3	63	mostly	mostly	ADV
ajeer-5890	3	64	driven	drive	VERB
ajeer-5890	3	65	by	by	ADP
ajeer-5890	3	66	higher	high	ADJ
ajeer-5890	3	67	debt	debt	NOUN
ajeer-5890	3	68	security	security	NOUN
ajeer-5890	3	69	issuances	issuance	NOUN
ajeer-5890	3	70	and	and	CCONJ
ajeer-5890	3	71	bank	bank	PROPN
ajeer-5890	3	72	of	of	ADP
ajeer-5890	3	73	indonesia	indonesia	PROPN
ajeer-5890	3	74	(	(	PUNCT
ajeer-5890	3	75	bi	bi	NOUN
ajeer-5890	3	76	)	)	PUNCT
ajeer-5890	3	77	acts	act	NOUN
ajeer-5890	3	78	as	as	ADP
ajeer-5890	3	79	a	a	DET
ajeer-5890	3	80	residual	residual	ADJ
ajeer-5890	3	81	financier	financier	NOUN
ajeer-5890	3	82	under	under	ADP
ajeer-5890	3	83	adverse	adverse	ADJ
ajeer-5890	3	84	conditions	condition	NOUN
ajeer-5890	3	85	.	.	PUNCT
ajeer-5890	4	1	we	we	PRON
ajeer-5890	4	2	also	also	ADV
ajeer-5890	4	3	find	find	VERB
ajeer-5890	4	4	evidence	evidence	NOUN
ajeer-5890	4	5	that	that	SCONJ
ajeer-5890	4	6	foreign	foreign	ADJ
ajeer-5890	4	7	investors	investor	NOUN
ajeer-5890	4	8	follow	follow	VERB
ajeer-5890	4	9	the	the	DET
ajeer-5890	4	10	"	"	PUNCT
ajeer-5890	4	11	benchmark	benchmark	ADJ
ajeer-5890	4	12	effect	effect	NOUN
ajeer-5890	4	13	"	"	PUNCT
ajeer-5890	4	14	and	and	CCONJ
ajeer-5890	4	15	are	be	AUX
ajeer-5890	4	16	attracted	attract	VERB
ajeer-5890	4	17	by	by	ADP
ajeer-5890	4	18	higher	high	ADJ
ajeer-5890	4	19	domestic	domestic	ADJ
ajeer-5890	4	20	yields	yield	NOUN
ajeer-5890	4	21	.	.	PUNCT
ajeer-5890	5	1	results	result	NOUN
ajeer-5890	5	2	are	be	AUX
ajeer-5890	5	3	mostly	mostly	ADV
ajeer-5890	5	4	robust	robust	ADJ
ajeer-5890	5	5	to	to	ADP
ajeer-5890	5	6	different	different	ADJ
ajeer-5890	5	7	specifications	specification	NOUN
ajeer-5890	5	8	.	.	PUNCT
ajeer-5890	6	1	these	these	DET
ajeer-5890	6	2	results	result	NOUN
ajeer-5890	6	3	call	call	VERB
ajeer-5890	6	4	for	for	ADP
ajeer-5890	6	5	a	a	DET
ajeer-5890	6	6	further	further	ADJ
ajeer-5890	6	7	deepening	deepening	NOUN
ajeer-5890	6	8	of	of	ADP
ajeer-5890	6	9	the	the	DET
ajeer-5890	6	10	investor	investor	NOUN
ajeer-5890	6	11	base	base	NOUN
ajeer-5890	6	12	,	,	PUNCT
ajeer-5890	6	13	especially	especially	ADV
ajeer-5890	6	14	domestic	domestic	ADJ
ajeer-5890	6	15	nonbanks	nonbank	NOUN
ajeer-5890	6	16	,	,	PUNCT
ajeer-5890	6	17	to	to	PART
ajeer-5890	6	18	support	support	VERB
ajeer-5890	6	19	market	market	NOUN
ajeer-5890	6	20	depth	depth	NOUN
ajeer-5890	6	21	and	and	CCONJ
ajeer-5890	6	22	reduce	reduce	VERB
ajeer-5890	6	23	volatility	volatility	NOUN
ajeer-5890	6	24	.	.	PUNCT
ajeer-5890	7	1	keywords	keyword	NOUN
ajeer-5890	7	2	:	:	PUNCT
ajeer-5890	7	3	foreign	foreign	ADJ
ajeer-5890	7	4	holdings	holding	NOUN
ajeer-5890	7	5	,	,	PUNCT
ajeer-5890	7	6	indonesia	indonesia	PROPN
ajeer-5890	7	7	,	,	PUNCT
ajeer-5890	7	8	local	local	ADJ
ajeer-5890	7	9	currency	currency	NOUN
ajeer-5890	7	10	debt	debt	NOUN
ajeer-5890	7	11	,	,	PUNCT
ajeer-5890	7	12	portfolio	portfolio	NOUN
ajeer-5890	7	13	flows	flow	VERB
ajeer-5890	7	14	.	.	PUNCT
ajeer-5890	8	1	jel	jel	PROPN
ajeer-5890	8	2	classification	classification	NOUN
ajeer-5890	8	3	:	:	PUNCT
ajeer-5890	8	4	f30	f30	NOUN
ajeer-5890	8	5	;	;	PUNCT
ajeer-5890	8	6	g11	g11	X
ajeer-5890	8	7	;	;	PUNCT
ajeer-5890	8	8	g15	g15	PROPN
ajeer-5890	8	9	;	;	PUNCT
ajeer-5890	8	10	o16	o16	X
ajeer-5890	8	11	.	.	PUNCT
ajeer-5890	9	1	citation	citation	NOUN
ajeer-5890	9	2	|	|	PROPN
ajeer-5890	9	3	hosny	hosny	PROPN
ajeer-5890	9	4	,	,	PUNCT
ajeer-5890	9	5	a.	a.	NOUN
ajeer-5890	9	6	(	(	PUNCT
ajeer-5890	9	7	2024	2024	NUM
ajeer-5890	9	8	)	)	PUNCT
ajeer-5890	9	9	.	.	PUNCT
ajeer-5890	10	1	not	not	PART
ajeer-5890	10	2	all	all	DET
ajeer-5890	10	3	investors	investor	NOUN
ajeer-5890	10	4	are	be	AUX
ajeer-5890	10	5	the	the	DET
ajeer-5890	10	6	same	same	ADJ
ajeer-5890	10	7	:	:	PUNCT
ajeer-5890	10	8	evidence	evidence	NOUN
ajeer-5890	10	9	from	from	ADP
ajeer-5890	10	10	investor	investor	NOUN
ajeer-5890	10	11	holdings	holding	NOUN
ajeer-5890	10	12	of	of	ADP
ajeer-5890	10	13	local	local	ADJ
ajeer-5890	10	14	-	-	PUNCT
ajeer-5890	10	15	currency	currency	NOUN
ajeer-5890	10	16	debt	debt	NOUN
ajeer-5890	10	17	in	in	ADP
ajeer-5890	10	18	indonesia	indonesia	PROPN
ajeer-5890	10	19	.	.	PUNCT
ajeer-5890	11	1	asian	asian	PROPN
ajeer-5890	11	2	journal	journal	PROPN
ajeer-5890	11	3	of	of	ADP
ajeer-5890	11	4	economics	economic	NOUN
ajeer-5890	11	5	and	and	CCONJ
ajeer-5890	11	6	empirical	empirical	ADJ
ajeer-5890	11	7	research	research	NOUN
ajeer-5890	11	8	,	,	PUNCT
ajeer-5890	11	9	11(2	11(2	NUM
ajeer-5890	11	10	)	)	PUNCT
ajeer-5890	11	11	,	,	PUNCT
ajeer-5890	11	12	44–49	44–49	NUM
ajeer-5890	11	13	.	.	PUNCT
ajeer-5890	12	1	10.20448	10.20448	NUM
ajeer-5890	12	2	/	/	SYM
ajeer-5890	12	3	ajeer.v11i2.5890	ajeer.v11i2.5890	VERB
ajeer-5890	12	4	history	history	NOUN
ajeer-5890	12	5	:	:	PUNCT
ajeer-5890	12	6	received	receive	VERB
ajeer-5890	12	7	:	:	PUNCT
ajeer-5890	12	8	4	4	NUM
ajeer-5890	12	9	april	april	PROPN
ajeer-5890	12	10	2024	2024	NUM
ajeer-5890	12	11	revised	revise	VERB
ajeer-5890	12	12	:	:	PUNCT
ajeer-5890	12	13	18	18	NUM
ajeer-5890	12	14	july	july	PROPN
ajeer-5890	12	15	2024	2024	NUM
ajeer-5890	12	16	accepted	accept	VERB
ajeer-5890	12	17	:	:	PUNCT
ajeer-5890	12	18	2	2	NUM
ajeer-5890	12	19	august	august	PROPN
ajeer-5890	12	20	2024	2024	NUM
ajeer-5890	12	21	published	publish	VERB
ajeer-5890	12	22	:	:	PUNCT
ajeer-5890	12	23	16	16	NUM
ajeer-5890	12	24	august	august	PROPN
ajeer-5890	12	25	2024	2024	NUM
ajeer-5890	12	26	licensed	license	VERB
ajeer-5890	12	27	:	:	PUNCT
ajeer-5890	12	28	this	this	DET
ajeer-5890	12	29	work	work	NOUN
ajeer-5890	12	30	is	be	AUX
ajeer-5890	12	31	licensed	license	VERB
ajeer-5890	12	32	under	under	ADP
ajeer-5890	12	33	a	a	DET
ajeer-5890	12	34	creative	creative	ADJ
ajeer-5890	12	35	commons	common	NOUN
ajeer-5890	12	36	attribution	attribution	NOUN
ajeer-5890	12	37	4.0	4.0	NUM
ajeer-5890	12	38	license	license	NOUN
ajeer-5890	12	39	publisher	publisher	NOUN
ajeer-5890	12	40	:	:	PUNCT
ajeer-5890	12	41	asian	asian	ADJ
ajeer-5890	12	42	online	online	PROPN
ajeer-5890	12	43	journal	journal	PROPN
ajeer-5890	12	44	publishing	publishing	PROPN
ajeer-5890	12	45	group	group	PROPN
ajeer-5890	12	46	funding	funding	NOUN
ajeer-5890	12	47	:	:	PUNCT
ajeer-5890	12	48	this	this	DET
ajeer-5890	12	49	study	study	NOUN
ajeer-5890	12	50	received	receive	VERB
ajeer-5890	12	51	no	no	DET
ajeer-5890	12	52	specific	specific	ADJ
ajeer-5890	12	53	financial	financial	ADJ
ajeer-5890	12	54	support	support	NOUN
ajeer-5890	12	55	.	.	PUNCT
ajeer-5890	13	1	institutional	institutional	ADJ
ajeer-5890	13	2	review	review	PROPN
ajeer-5890	13	3	board	board	NOUN
ajeer-5890	13	4	statement	statement	NOUN
ajeer-5890	13	5	:	:	PUNCT
ajeer-5890	13	6	not	not	PART
ajeer-5890	13	7	applicable	applicable	ADJ
ajeer-5890	13	8	.	.	PUNCT
ajeer-5890	14	1	transparency	transparency	NOUN
ajeer-5890	14	2	:	:	PUNCT
ajeer-5890	14	3	the	the	DET
ajeer-5890	14	4	author	author	NOUN
ajeer-5890	14	5	confirms	confirm	VERB
ajeer-5890	14	6	that	that	SCONJ
ajeer-5890	14	7	the	the	DET
ajeer-5890	14	8	manuscript	manuscript	NOUN
ajeer-5890	14	9	is	be	AUX
ajeer-5890	14	10	an	an	DET
ajeer-5890	14	11	honest	honest	ADJ
ajeer-5890	14	12	,	,	PUNCT
ajeer-5890	14	13	accurate	accurate	ADJ
ajeer-5890	14	14	,	,	PUNCT
ajeer-5890	14	15	and	and	CCONJ
ajeer-5890	14	16	transparent	transparent	ADJ
ajeer-5890	14	17	account	account	NOUN
ajeer-5890	14	18	of	of	ADP
ajeer-5890	14	19	the	the	DET
ajeer-5890	14	20	study	study	NOUN
ajeer-5890	14	21	;	;	PUNCT
ajeer-5890	14	22	that	that	SCONJ
ajeer-5890	14	23	no	no	DET
ajeer-5890	14	24	vital	vital	ADJ
ajeer-5890	14	25	features	feature	NOUN
ajeer-5890	14	26	of	of	ADP
ajeer-5890	14	27	the	the	DET
ajeer-5890	14	28	study	study	NOUN
ajeer-5890	14	29	have	have	AUX
ajeer-5890	14	30	been	be	AUX
ajeer-5890	14	31	omitted	omit	VERB
ajeer-5890	14	32	;	;	PUNCT
ajeer-5890	14	33	and	and	CCONJ
ajeer-5890	14	34	that	that	SCONJ
ajeer-5890	14	35	any	any	DET
ajeer-5890	14	36	discrepancies	discrepancy	NOUN
ajeer-5890	14	37	from	from	ADP
ajeer-5890	14	38	the	the	DET
ajeer-5890	14	39	study	study	NOUN
ajeer-5890	14	40	as	as	SCONJ
ajeer-5890	14	41	planned	plan	VERB
ajeer-5890	14	42	have	have	AUX
ajeer-5890	14	43	been	be	AUX
ajeer-5890	14	44	explained	explain	VERB
ajeer-5890	14	45	.	.	PUNCT
ajeer-5890	15	1	this	this	DET
ajeer-5890	15	2	study	study	NOUN
ajeer-5890	15	3	followed	follow	VERB
ajeer-5890	15	4	all	all	DET
ajeer-5890	15	5	ethical	ethical	ADJ
ajeer-5890	15	6	practices	practice	NOUN
ajeer-5890	15	7	during	during	ADP
ajeer-5890	15	8	writing	writing	NOUN
ajeer-5890	15	9	.	.	PUNCT
ajeer-5890	16	1	data	datum	NOUN
ajeer-5890	16	2	availability	availability	NOUN
ajeer-5890	16	3	statement	statement	NOUN
ajeer-5890	16	4	:	:	PUNCT
ajeer-5890	16	5	amr	amr	PROPN
ajeer-5890	16	6	hosny	hosny	PROPN
ajeer-5890	16	7	may	may	AUX
ajeer-5890	16	8	provide	provide	VERB
ajeer-5890	16	9	study	study	NOUN
ajeer-5890	16	10	data	datum	NOUN
ajeer-5890	16	11	upon	upon	SCONJ
ajeer-5890	16	12	reasonable	reasonable	ADJ
ajeer-5890	16	13	request	request	NOUN
ajeer-5890	16	14	.	.	PUNCT
ajeer-5890	17	1	competing	compete	VERB
ajeer-5890	17	2	interests	interest	NOUN
ajeer-5890	17	3	:	:	PUNCT
ajeer-5890	17	4	the	the	DET
ajeer-5890	17	5	author	author	NOUN
ajeer-5890	17	6	declares	declare	VERB
ajeer-5890	17	7	that	that	SCONJ
ajeer-5890	17	8	there	there	PRON
ajeer-5890	17	9	are	be	VERB
ajeer-5890	17	10	no	no	DET
ajeer-5890	17	11	conflicts	conflict	NOUN
ajeer-5890	17	12	of	of	ADP
ajeer-5890	17	13	interests	interest	NOUN
ajeer-5890	17	14	regarding	regard	VERB
ajeer-5890	17	15	the	the	DET
ajeer-5890	17	16	publication	publication	NOUN
ajeer-5890	17	17	of	of	ADP
ajeer-5890	17	18	this	this	DET
ajeer-5890	17	19	paper	paper	NOUN
ajeer-5890	17	20	.	.	PUNCT
ajeer-5890	18	1	acknowledgement	acknowledgement	NOUN
ajeer-5890	18	2	:	:	PUNCT
ajeer-5890	18	3	the	the	DET
ajeer-5890	18	4	views	view	NOUN
ajeer-5890	18	5	expressed	express	VERB
ajeer-5890	18	6	in	in	ADP
ajeer-5890	18	7	this	this	DET
ajeer-5890	18	8	paper	paper	NOUN
ajeer-5890	18	9	are	be	AUX
ajeer-5890	18	10	those	those	PRON
ajeer-5890	18	11	of	of	ADP
ajeer-5890	18	12	the	the	DET
ajeer-5890	18	13	author	author	NOUN
ajeer-5890	18	14	and	and	CCONJ
ajeer-5890	18	15	do	do	AUX
ajeer-5890	18	16	not	not	PART
ajeer-5890	18	17	necessarily	necessarily	ADV
ajeer-5890	18	18	represent	represent	VERB
ajeer-5890	18	19	the	the	DET
ajeer-5890	18	20	views	view	NOUN
ajeer-5890	18	21	of	of	ADP
ajeer-5890	18	22	the	the	DET
ajeer-5890	18	23	imf	imf	PROPN
ajeer-5890	18	24	,	,	PUNCT
ajeer-5890	18	25	its	its	PRON
ajeer-5890	18	26	executive	executive	ADJ
ajeer-5890	18	27	board	board	NOUN
ajeer-5890	18	28	,	,	PUNCT
ajeer-5890	18	29	or	or	CCONJ
ajeer-5890	18	30	imf	imf	PROPN
ajeer-5890	18	31	management	management	NOUN
ajeer-5890	18	32	.	.	PUNCT
ajeer-5890	19	1	contents	content	NOUN
ajeer-5890	19	2	1	1	NUM
ajeer-5890	19	3	.	.	PUNCT
ajeer-5890	20	1	introduction	introduction	NOUN
ajeer-5890	20	2	and	and	CCONJ
ajeer-5890	20	3	motivation	motivation	NOUN
ajeer-5890	20	4	.........................................................................................................................................................	.........................................................................................................................................................	NUM
ajeer-5890	20	5	45	45	NUM
ajeer-5890	20	6	2	2	NUM
ajeer-5890	20	7	.	.	PUNCT
ajeer-5890	20	8	empirical	empirical	ADJ
ajeer-5890	20	9	methodology	methodology	NOUN
ajeer-5890	20	10	and	and	CCONJ
ajeer-5890	20	11	results	result	NOUN
ajeer-5890	20	12	............................................................................................................................................	............................................................................................................................................	PUNCT
ajeer-5890	21	1	47	47	NUM
ajeer-5890	21	2	3	3	NUM
ajeer-5890	21	3	.	.	PUNCT
ajeer-5890	21	4	conclusion	conclusion	NOUN
ajeer-5890	21	5	and	and	CCONJ
ajeer-5890	21	6	policy	policy	NOUN
ajeer-5890	21	7	implications	implication	NOUN
ajeer-5890	21	8	.............................................................................................................................................	.............................................................................................................................................	PUNCT
ajeer-5890	21	9	48	48	NUM
ajeer-5890	21	10	references	reference	NOUN
ajeer-5890	21	11	..............................................................................................................................................................................................	..............................................................................................................................................................................................	PUNCT
ajeer-5890	21	12	48	48	NUM
ajeer-5890	21	13	mailto:ahosny@imf.org	mailto:ahosny@imf.org	PROPN
ajeer-5890	21	14	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
ajeer-5890	21	15	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
ajeer-5890	21	16	https://orcid.org/0000-0001-8952-8757	https://orcid.org/0000-0001-8952-8757	VERB
ajeer-5890	21	17	https://www.doi.org/10.20448/ajeer.v11i2.5890	https://www.doi.org/10.20448/ajeer.v11i2.5890	ADJ
ajeer-5890	21	18	asian	asian	ADJ
ajeer-5890	21	19	journal	journal	NOUN
ajeer-5890	21	20	of	of	ADP
ajeer-5890	21	21	economics	economic	NOUN
ajeer-5890	21	22	and	and	CCONJ
ajeer-5890	21	23	empirical	empirical	ADJ
ajeer-5890	21	24	research	research	NOUN
ajeer-5890	21	25	,	,	PUNCT
ajeer-5890	21	26	2024	2024	NUM
ajeer-5890	21	27	,	,	PUNCT
ajeer-5890	21	28	11(2	11(2	NUM
ajeer-5890	21	29	):	):	PUNCT
ajeer-5890	21	30	44	44	NUM
ajeer-5890	21	31	-	-	SYM
ajeer-5890	21	32	49	49	NUM
ajeer-5890	21	33	45	45	NUM
ajeer-5890	21	34	©	©	ADP
ajeer-5890	21	35	2024	2024	NUM
ajeer-5890	21	36	by	by	ADP
ajeer-5890	21	37	the	the	DET
ajeer-5890	21	38	author	author	NOUN
ajeer-5890	21	39	;	;	PUNCT
ajeer-5890	21	40	licensee	licensee	PROPN
ajeer-5890	21	41	asian	asian	ADJ
ajeer-5890	21	42	online	online	PROPN
ajeer-5890	21	43	journal	journal	PROPN
ajeer-5890	21	44	publishing	publishing	NOUN
ajeer-5890	21	45	group	group	NOUN
ajeer-5890	21	46	contribution	contribution	NOUN
ajeer-5890	21	47	of	of	ADP
ajeer-5890	21	48	this	this	DET
ajeer-5890	21	49	paper	paper	NOUN
ajeer-5890	21	50	to	to	ADP
ajeer-5890	21	51	the	the	DET
ajeer-5890	21	52	literature	literature	NOUN
ajeer-5890	21	53	we	we	PRON
ajeer-5890	21	54	contribute	contribute	VERB
ajeer-5890	21	55	to	to	ADP
ajeer-5890	21	56	the	the	DET
ajeer-5890	21	57	empirical	empirical	ADJ
ajeer-5890	21	58	literature	literature	NOUN
ajeer-5890	21	59	on	on	ADP
ajeer-5890	21	60	the	the	DET
ajeer-5890	21	61	determinants	determinant	NOUN
ajeer-5890	21	62	of	of	ADP
ajeer-5890	21	63	investor	investor	NOUN
ajeer-5890	21	64	holdings	holding	NOUN
ajeer-5890	21	65	of	of	ADP
ajeer-5890	21	66	sovereign	sovereign	ADJ
ajeer-5890	21	67	debt	debt	NOUN
ajeer-5890	21	68	by	by	ADP
ajeer-5890	21	69	looking	look	VERB
ajeer-5890	21	70	at	at	ADP
ajeer-5890	21	71	the	the	DET
ajeer-5890	21	72	role	role	NOUN
ajeer-5890	21	73	of	of	ADP
ajeer-5890	21	74	both	both	CCONJ
ajeer-5890	21	75	global	global	ADJ
ajeer-5890	21	76	and	and	CCONJ
ajeer-5890	21	77	domestic	domestic	ADJ
ajeer-5890	21	78	factors	factor	NOUN
ajeer-5890	21	79	,	,	PUNCT
ajeer-5890	21	80	and	and	CCONJ
ajeer-5890	21	81	on	on	ADP
ajeer-5890	21	82	different	different	ADJ
ajeer-5890	21	83	resident	resident	NOUN
ajeer-5890	21	84	and	and	CCONJ
ajeer-5890	21	85	nonresident	nonresident	ADJ
ajeer-5890	21	86	investors	investor	NOUN
ajeer-5890	21	87	,	,	PUNCT
ajeer-5890	21	88	whereas	whereas	SCONJ
ajeer-5890	21	89	the	the	DET
ajeer-5890	21	90	literature	literature	NOUN
ajeer-5890	21	91	has	have	AUX
ajeer-5890	21	92	been	be	AUX
ajeer-5890	21	93	mostly	mostly	ADV
ajeer-5890	21	94	focused	focus	VERB
ajeer-5890	21	95	on	on	ADP
ajeer-5890	21	96	the	the	DET
ajeer-5890	21	97	role	role	NOUN
ajeer-5890	21	98	of	of	ADP
ajeer-5890	21	99	global	global	ADJ
ajeer-5890	21	100	factors	factor	NOUN
ajeer-5890	21	101	on	on	ADP
ajeer-5890	21	102	non	non	ADJ
ajeer-5890	21	103	-	-	ADJ
ajeer-5890	21	104	resident	resident	ADJ
ajeer-5890	21	105	holdings	holding	NOUN
ajeer-5890	21	106	.	.	PUNCT
ajeer-5890	22	1	1	1	X
ajeer-5890	22	2	.	.	X
ajeer-5890	22	3	introduction	introduction	NOUN
ajeer-5890	22	4	and	and	CCONJ
ajeer-5890	22	5	motivation	motivation	NOUN
ajeer-5890	22	6	indonesia	indonesia	PROPN
ajeer-5890	22	7	has	have	AUX
ajeer-5890	22	8	experienced	experience	VERB
ajeer-5890	22	9	a	a	DET
ajeer-5890	22	10	significant	significant	ADJ
ajeer-5890	22	11	decline	decline	NOUN
ajeer-5890	22	12	in	in	ADP
ajeer-5890	22	13	the	the	DET
ajeer-5890	22	14	nonresident	nonresident	NOUN
ajeer-5890	22	15	(	(	PUNCT
ajeer-5890	22	16	nr	nr	NOUN
ajeer-5890	22	17	)	)	PUNCT
ajeer-5890	22	18	share	share	NOUN
ajeer-5890	22	19	of	of	ADP
ajeer-5890	22	20	local	local	ADJ
ajeer-5890	22	21	-	-	PUNCT
ajeer-5890	22	22	currency	currency	NOUN
ajeer-5890	22	23	(	(	PUNCT
ajeer-5890	22	24	lc	lc	NOUN
ajeer-5890	22	25	)	)	PUNCT
ajeer-5890	22	26	debt	debt	NOUN
ajeer-5890	22	27	coinciding	coincide	VERB
ajeer-5890	22	28	with	with	ADP
ajeer-5890	22	29	the	the	DET
ajeer-5890	22	30	pandemic	pandemic	ADJ
ajeer-5890	22	31	.	.	PUNCT
ajeer-5890	23	1	public	public	ADJ
ajeer-5890	23	2	debt	debt	NOUN
ajeer-5890	23	3	reached	reach	VERB
ajeer-5890	23	4	around	around	ADV
ajeer-5890	23	5	40	40	NUM
ajeer-5890	23	6	percent	percent	NOUN
ajeer-5890	23	7	of	of	ADP
ajeer-5890	23	8	gross	gross	ADJ
ajeer-5890	23	9	domestic	domestic	ADJ
ajeer-5890	23	10	product	product	NOUN
ajeer-5890	23	11	(	(	PUNCT
ajeer-5890	23	12	gdp	gdp	NOUN
ajeer-5890	23	13	)	)	PUNCT
ajeer-5890	23	14	in	in	ADP
ajeer-5890	23	15	2022	2022	NUM
ajeer-5890	23	16	from	from	ADP
ajeer-5890	23	17	30.6	30.6	NUM
ajeer-5890	23	18	percent	percent	NOUN
ajeer-5890	23	19	in	in	ADP
ajeer-5890	23	20	2019	2019	NUM
ajeer-5890	23	21	(	(	PUNCT
ajeer-5890	23	22	as	as	SCONJ
ajeer-5890	23	23	illustrated	illustrate	VERB
ajeer-5890	23	24	in	in	ADP
ajeer-5890	23	25	figure	figure	NOUN
ajeer-5890	23	26	1	1	NUM
ajeer-5890	23	27	)	)	PUNCT
ajeer-5890	23	28	,	,	PUNCT
ajeer-5890	23	29	mostly	mostly	ADV
ajeer-5890	23	30	driven	drive	VERB
ajeer-5890	23	31	by	by	ADP
ajeer-5890	23	32	higher	high	ADJ
ajeer-5890	23	33	lc	lc	NOUN
ajeer-5890	23	34	debt	debt	NOUN
ajeer-5890	23	35	issuances	issuance	NOUN
ajeer-5890	23	36	,	,	PUNCT
ajeer-5890	23	37	owing	owe	VERB
ajeer-5890	23	38	to	to	ADP
ajeer-5890	23	39	the	the	DET
ajeer-5890	23	40	exceptional	exceptional	ADJ
ajeer-5890	23	41	fiscal	fiscal	ADJ
ajeer-5890	23	42	measures	measure	NOUN
ajeer-5890	23	43	deployed	deploy	VERB
ajeer-5890	23	44	in	in	ADP
ajeer-5890	23	45	2020	2020	NUM
ajeer-5890	23	46	-	-	SYM
ajeer-5890	23	47	22	22	NUM
ajeer-5890	23	48	to	to	PART
ajeer-5890	23	49	fight	fight	VERB
ajeer-5890	23	50	the	the	DET
ajeer-5890	23	51	covid-19	covid-19	PROPN
ajeer-5890	23	52	pandemic	pandemic	NOUN
ajeer-5890	23	53	,	,	PUNCT
ajeer-5890	23	54	during	during	ADP
ajeer-5890	23	55	which	which	PRON
ajeer-5890	23	56	the	the	DET
ajeer-5890	23	57	fiscal	fiscal	ADJ
ajeer-5890	23	58	rule	rule	NOUN
ajeer-5890	23	59	was	be	AUX
ajeer-5890	23	60	temporarily	temporarily	ADV
ajeer-5890	23	61	suspended	suspend	VERB
ajeer-5890	23	62	and	and	CCONJ
ajeer-5890	23	63	the	the	DET
ajeer-5890	23	64	bi	bi	NOUN
ajeer-5890	23	65	-	-	ADJ
ajeer-5890	23	66	mof	mof	ADJ
ajeer-5890	23	67	introduced	introduce	VERB
ajeer-5890	23	68	a	a	DET
ajeer-5890	23	69	burden	burden	NOUN
ajeer-5890	23	70	-	-	PUNCT
ajeer-5890	23	71	sharing	share	VERB
ajeer-5890	23	72	financing	financing	NOUN
ajeer-5890	23	73	agreement	agreement	NOUN
ajeer-5890	23	74	.	.	PUNCT
ajeer-5890	24	1	at	at	ADP
ajeer-5890	24	2	the	the	DET
ajeer-5890	24	3	same	same	ADJ
ajeer-5890	24	4	,	,	PUNCT
ajeer-5890	24	5	time	time	NOUN
ajeer-5890	24	6	,	,	PUNCT
ajeer-5890	24	7	the	the	DET
ajeer-5890	24	8	nr	nr	PROPN
ajeer-5890	24	9	share	share	NOUN
ajeer-5890	24	10	of	of	ADP
ajeer-5890	24	11	lc	lc	NOUN
ajeer-5890	24	12	debt	debt	NOUN
ajeer-5890	24	13	declined	decline	VERB
ajeer-5890	24	14	from	from	ADP
ajeer-5890	24	15	39	39	NUM
ajeer-5890	24	16	percent	percent	NOUN
ajeer-5890	24	17	in	in	ADP
ajeer-5890	24	18	2019q4	2019q4	NOUN
ajeer-5890	24	19	(	(	PUNCT
ajeer-5890	24	20	one	one	NUM
ajeer-5890	24	21	of	of	ADP
ajeer-5890	24	22	the	the	DET
ajeer-5890	24	23	highest	high	ADJ
ajeer-5890	24	24	ratios	ratio	NOUN
ajeer-5890	24	25	across	across	ADP
ajeer-5890	24	26	a	a	DET
ajeer-5890	24	27	large	large	ADJ
ajeer-5890	24	28	sample	sample	NOUN
ajeer-5890	24	29	of	of	ADP
ajeer-5890	24	30	ems	ems	PROPN
ajeer-5890	24	31	from	from	ADP
ajeer-5890	24	32	arslanalp	arslanalp	NOUN
ajeer-5890	24	33	and	and	CCONJ
ajeer-5890	24	34	tsuda	tsuda	NOUN
ajeer-5890	24	35	(	(	PUNCT
ajeer-5890	24	36	2014	2014	NUM
ajeer-5890	24	37	)	)	PUNCT
ajeer-5890	24	38	to	to	ADP
ajeer-5890	24	39	about	about	ADV
ajeer-5890	24	40	14	14	NUM
ajeer-5890	24	41	percent	percent	NOUN
ajeer-5890	24	42	at	at	ADP
ajeer-5890	24	43	end-2022	end-2022	NOUN
ajeer-5890	24	44	.	.	PUNCT
ajeer-5890	25	1	while	while	SCONJ
ajeer-5890	25	2	the	the	DET
ajeer-5890	25	3	institutional	institutional	ADJ
ajeer-5890	25	4	investors	investor	NOUN
ajeer-5890	25	5	’	'	PUNCT
ajeer-5890	25	6	(	(	PUNCT
ajeer-5890	25	7	mutual	mutual	ADJ
ajeer-5890	25	8	funds	fund	NOUN
ajeer-5890	25	9	,	,	PUNCT
ajeer-5890	25	10	insurance	insurance	NOUN
ajeer-5890	25	11	companies	company	NOUN
ajeer-5890	25	12	,	,	PUNCT
ajeer-5890	25	13	and	and	CCONJ
ajeer-5890	25	14	pension	pension	NOUN
ajeer-5890	25	15	funds	fund	NOUN
ajeer-5890	25	16	)	)	PUNCT
ajeer-5890	25	17	share	share	NOUN
ajeer-5890	25	18	of	of	ADP
ajeer-5890	25	19	lc	lc	PROPN
ajeer-5890	25	20	debt	debt	NOUN
ajeer-5890	25	21	holdings	holding	NOUN
ajeer-5890	25	22	have	have	AUX
ajeer-5890	25	23	remained	remain	VERB
ajeer-5890	25	24	broadly	broadly	ADV
ajeer-5890	25	25	stable	stable	ADJ
ajeer-5890	25	26	,	,	PUNCT
ajeer-5890	25	27	the	the	DET
ajeer-5890	25	28	shares	share	NOUN
ajeer-5890	25	29	of	of	ADP
ajeer-5890	25	30	bank	bank	NOUN
ajeer-5890	25	31	of	of	ADP
ajeer-5890	25	32	indonesia	indonesia	PROPN
ajeer-5890	25	33	(	(	PUNCT
ajeer-5890	25	34	bi	bi	NOUN
ajeer-5890	25	35	)	)	PUNCT
ajeer-5890	25	36	and	and	CCONJ
ajeer-5890	25	37	domestic	domestic	ADJ
ajeer-5890	25	38	banks	bank	NOUN
ajeer-5890	25	39	have	have	AUX
ajeer-5890	25	40	increased	increase	VERB
ajeer-5890	25	41	during	during	ADP
ajeer-5890	25	42	covid	covid	PROPN
ajeer-5890	25	43	years	year	NOUN
ajeer-5890	25	44	,	,	PUNCT
ajeer-5890	25	45	in	in	ADP
ajeer-5890	25	46	line	line	NOUN
ajeer-5890	25	47	with	with	ADP
ajeer-5890	25	48	bi	bi	PROPN
ajeer-5890	25	49	’s	’s	PART
ajeer-5890	25	50	primary	primary	ADJ
ajeer-5890	25	51	market	market	NOUN
ajeer-5890	25	52	purchases	purchase	NOUN
ajeer-5890	25	53	under	under	ADP
ajeer-5890	25	54	the	the	DET
ajeer-5890	25	55	bi	bi	ADJ
ajeer-5890	25	56	-	-	ADJ
ajeer-5890	25	57	mof	mof	VERB
ajeer-5890	25	58	burden	burden	NOUN
ajeer-5890	25	59	-	-	PUNCT
ajeer-5890	25	60	sharing	share	VERB
ajeer-5890	25	61	financing	financing	NOUN
ajeer-5890	25	62	agreement	agreement	NOUN
ajeer-5890	25	63	(	(	PUNCT
ajeer-5890	25	64	as	as	SCONJ
ajeer-5890	25	65	illustrated	illustrate	VERB
ajeer-5890	25	66	in	in	ADP
ajeer-5890	25	67	figure	figure	NOUN
ajeer-5890	25	68	2	2	NUM
ajeer-5890	25	69	)	)	PUNCT
ajeer-5890	25	70	.	.	PUNCT
ajeer-5890	26	1	nr	nr	PRON
ajeer-5890	26	2	holdings	holding	NOUN
ajeer-5890	26	3	have	have	AUX
ajeer-5890	26	4	shown	show	VERB
ajeer-5890	26	5	some	some	DET
ajeer-5890	26	6	signs	sign	NOUN
ajeer-5890	26	7	of	of	ADP
ajeer-5890	26	8	recovery	recovery	NOUN
ajeer-5890	26	9	in	in	ADP
ajeer-5890	26	10	recent	recent	ADJ
ajeer-5890	26	11	months	month	NOUN
ajeer-5890	26	12	and	and	CCONJ
ajeer-5890	26	13	remain	remain	VERB
ajeer-5890	26	14	mostly	mostly	ADV
ajeer-5890	26	15	concentrated	concentrate	VERB
ajeer-5890	26	16	in	in	ADP
ajeer-5890	26	17	long	long	ADV
ajeer-5890	26	18	-	-	PUNCT
ajeer-5890	26	19	dated	date	VERB
ajeer-5890	26	20	securities	security	NOUN
ajeer-5890	26	21	(	(	PUNCT
ajeer-5890	26	22	as	as	SCONJ
ajeer-5890	26	23	illustrated	illustrate	VERB
ajeer-5890	26	24	in	in	ADP
ajeer-5890	26	25	figure	figure	NOUN
ajeer-5890	26	26	3	3	NUM
ajeer-5890	26	27	)	)	PUNCT
ajeer-5890	26	28	.	.	PUNCT
ajeer-5890	27	1	figure	figure	NOUN
ajeer-5890	27	2	1	1	NUM
ajeer-5890	27	3	.	.	PUNCT
ajeer-5890	27	4	public	public	ADJ
ajeer-5890	27	5	debt	debt	NOUN
ajeer-5890	27	6	(	(	PUNCT
ajeer-5890	27	7	by	by	ADP
ajeer-5890	27	8	currency	currency	NOUN
ajeer-5890	27	9	,	,	PUNCT
ajeer-5890	27	10	in	in	ADP
ajeer-5890	27	11	percent	percent	NOUN
ajeer-5890	27	12	of	of	ADP
ajeer-5890	27	13	gdp	gdp	NOUN
ajeer-5890	27	14	.	.	PUNCT
ajeer-5890	28	1	the	the	DET
ajeer-5890	28	2	recent	recent	ADJ
ajeer-5890	28	3	fall	fall	NOUN
ajeer-5890	28	4	in	in	ADP
ajeer-5890	28	5	the	the	DET
ajeer-5890	28	6	nr	nr	PROPN
ajeer-5890	28	7	share	share	NOUN
ajeer-5890	28	8	of	of	ADP
ajeer-5890	28	9	lc	lc	NOUN
ajeer-5890	28	10	debt	debt	NOUN
ajeer-5890	28	11	is	be	AUX
ajeer-5890	28	12	unprecedented	unprecedented	ADJ
ajeer-5890	28	13	historically	historically	ADV
ajeer-5890	28	14	,	,	PUNCT
ajeer-5890	28	15	and	and	CCONJ
ajeer-5890	28	16	relative	relative	ADJ
ajeer-5890	28	17	to	to	ADP
ajeer-5890	28	18	other	other	ADJ
ajeer-5890	28	19	ems	ems	PROPN
ajeer-5890	28	20	.	.	PUNCT
ajeer-5890	29	1	since	since	SCONJ
ajeer-5890	29	2	covid-19	covid-19	PROPN
ajeer-5890	29	3	,	,	PUNCT
ajeer-5890	29	4	the	the	DET
ajeer-5890	29	5	decline	decline	NOUN
ajeer-5890	29	6	in	in	ADP
ajeer-5890	29	7	nr	nr	NOUN
ajeer-5890	29	8	holdings	holding	NOUN
ajeer-5890	29	9	of	of	ADP
ajeer-5890	29	10	lc	lc	NOUN
ajeer-5890	29	11	debt	debt	NOUN
ajeer-5890	29	12	has	have	AUX
ajeer-5890	29	13	been	be	AUX
ajeer-5890	29	14	almost	almost	ADV
ajeer-5890	29	15	3	3	NUM
ajeer-5890	29	16	percent	percent	NOUN
ajeer-5890	29	17	of	of	ADP
ajeer-5890	29	18	gdp	gdp	NOUN
ajeer-5890	29	19	.	.	PUNCT
ajeer-5890	30	1	the	the	DET
ajeer-5890	30	2	decline	decline	NOUN
ajeer-5890	30	3	can	can	AUX
ajeer-5890	30	4	be	be	AUX
ajeer-5890	30	5	broken	break	VERB
ajeer-5890	30	6	down	down	ADP
ajeer-5890	30	7	into	into	ADP
ajeer-5890	30	8	two	two	NUM
ajeer-5890	30	9	periods	period	NOUN
ajeer-5890	30	10	.	.	PUNCT
ajeer-5890	31	1	in	in	ADP
ajeer-5890	31	2	the	the	DET
ajeer-5890	31	3	first	first	ADJ
ajeer-5890	31	4	period	period	NOUN
ajeer-5890	31	5	,	,	PUNCT
ajeer-5890	31	6	covering	cover	VERB
ajeer-5890	31	7	2020	2020	NUM
ajeer-5890	31	8	and	and	CCONJ
ajeer-5890	31	9	2021	2021	NUM
ajeer-5890	31	10	,	,	PUNCT
ajeer-5890	31	11	large	large	ADJ
ajeer-5890	31	12	nr	nr	PROPN
ajeer-5890	31	13	outflows	outflow	NOUN
ajeer-5890	31	14	mainly	mainly	ADV
ajeer-5890	31	15	reflected	reflect	VERB
ajeer-5890	31	16	the	the	DET
ajeer-5890	31	17	covid	covid	PROPN
ajeer-5890	31	18	shock	shock	NOUN
ajeer-5890	31	19	,	,	PUNCT
ajeer-5890	31	20	and	and	CCONJ
ajeer-5890	31	21	bi	bi	NOUN
ajeer-5890	31	22	started	start	VERB
ajeer-5890	31	23	primary	primary	ADJ
ajeer-5890	31	24	market	market	NOUN
ajeer-5890	31	25	purchases	purchase	NOUN
ajeer-5890	31	26	under	under	ADP
ajeer-5890	31	27	the	the	DET
ajeer-5890	31	28	bi	bi	ADJ
ajeer-5890	31	29	-	-	ADJ
ajeer-5890	31	30	mof	mof	ADJ
ajeer-5890	31	31	agreement	agreement	NOUN
ajeer-5890	31	32	amid	amid	ADP
ajeer-5890	31	33	rising	rise	VERB
ajeer-5890	31	34	fiscal	fiscal	ADJ
ajeer-5890	31	35	deficits	deficit	NOUN
ajeer-5890	31	36	.	.	PUNCT
ajeer-5890	32	1	the	the	DET
ajeer-5890	32	2	decline	decline	NOUN
ajeer-5890	32	3	in	in	ADP
ajeer-5890	32	4	nr	nr	NOUN
ajeer-5890	32	5	holdings	holding	NOUN
ajeer-5890	32	6	continued	continue	VERB
ajeer-5890	32	7	in	in	ADP
ajeer-5890	32	8	2022	2022	NUM
ajeer-5890	32	9	,	,	PUNCT
ajeer-5890	32	10	amid	amid	ADP
ajeer-5890	32	11	the	the	DET
ajeer-5890	32	12	tightening	tightening	NOUN
ajeer-5890	32	13	in	in	ADP
ajeer-5890	32	14	global	global	ADJ
ajeer-5890	32	15	financial	financial	ADJ
ajeer-5890	32	16	conditions	condition	NOUN
ajeer-5890	32	17	driven	drive	VERB
ajeer-5890	32	18	by	by	ADP
ajeer-5890	32	19	the	the	DET
ajeer-5890	32	20	fed	fed	PROPN
ajeer-5890	32	21	tightening	tightening	NOUN
ajeer-5890	32	22	(	(	PUNCT
ajeer-5890	32	23	also	also	ADV
ajeer-5890	32	24	see	see	VERB
ajeer-5890	32	25	imf	imf	PROPN
ajeer-5890	32	26	(	(	PUNCT
ajeer-5890	32	27	2021	2021	NUM
ajeer-5890	32	28	)	)	PUNCT
ajeer-5890	32	29	)	)	PUNCT
ajeer-5890	32	30	.	.	PUNCT
ajeer-5890	33	1	figure	figure	NOUN
ajeer-5890	33	2	2	2	NUM
ajeer-5890	33	3	.	.	PUNCT
ajeer-5890	33	4	investor	investor	NOUN
ajeer-5890	33	5	profile	profile	NOUN
ajeer-5890	33	6	indonesia	indonesia	PROPN
ajeer-5890	33	7	-	-	PUNCT
ajeer-5890	33	8	govt	govt	PROPN
ajeer-5890	33	9	.	.	PUNCT
ajeer-5890	34	1	lc	lc	NOUN
ajeer-5890	34	2	bonds	bond	NOUN
ajeer-5890	34	3	(	(	PUNCT
ajeer-5890	34	4	share	share	NOUN
ajeer-5890	34	5	of	of	ADP
ajeer-5890	34	6	govt	govt	NOUN
ajeer-5890	34	7	securities	security	NOUN
ajeer-5890	34	8	outstanding	outstanding	ADJ
ajeer-5890	34	9	,	,	PUNCT
ajeer-5890	34	10	monthly	monthly	ADJ
ajeer-5890	34	11	)	)	PUNCT
ajeer-5890	34	12	.	.	PUNCT
ajeer-5890	35	1	source	source	NOUN
ajeer-5890	35	2	:	:	PUNCT
ajeer-5890	35	3	ministry	ministry	PROPN
ajeer-5890	35	4	of	of	ADP
ajeer-5890	35	5	finance	finance	PROPN
ajeer-5890	35	6	(	(	PUNCT
ajeer-5890	35	7	mof	mof	NOUN
ajeer-5890	35	8	)	)	PUNCT
ajeer-5890	35	9	&	&	CCONJ
ajeer-5890	35	10	ceic	ceic	VERB
ajeer-5890	35	11	.	.	PUNCT
ajeer-5890	36	1	asian	asian	ADJ
ajeer-5890	36	2	journal	journal	PROPN
ajeer-5890	36	3	of	of	ADP
ajeer-5890	36	4	economics	economic	NOUN
ajeer-5890	36	5	and	and	CCONJ
ajeer-5890	36	6	empirical	empirical	ADJ
ajeer-5890	36	7	research	research	NOUN
ajeer-5890	36	8	,	,	PUNCT
ajeer-5890	36	9	2024	2024	NUM
ajeer-5890	36	10	,	,	PUNCT
ajeer-5890	36	11	11(2	11(2	NUM
ajeer-5890	36	12	):	):	PUNCT
ajeer-5890	36	13	44	44	NUM
ajeer-5890	36	14	-	-	SYM
ajeer-5890	36	15	49	49	NUM
ajeer-5890	36	16	46	46	NUM
ajeer-5890	36	17	©	©	ADP
ajeer-5890	36	18	2024	2024	NUM
ajeer-5890	36	19	by	by	ADP
ajeer-5890	36	20	the	the	DET
ajeer-5890	36	21	author	author	NOUN
ajeer-5890	36	22	;	;	PUNCT
ajeer-5890	36	23	licensee	licensee	PROPN
ajeer-5890	36	24	asian	asian	ADJ
ajeer-5890	36	25	online	online	PROPN
ajeer-5890	36	26	journal	journal	PROPN
ajeer-5890	36	27	publishing	publishing	NOUN
ajeer-5890	36	28	group	group	NOUN
ajeer-5890	36	29	figure	figure	NOUN
ajeer-5890	36	30	3	3	NUM
ajeer-5890	36	31	.	.	PUNCT
ajeer-5890	37	1	foreign	foreign	ADJ
ajeer-5890	37	2	holdings	holding	NOUN
ajeer-5890	37	3	of	of	ADP
ajeer-5890	37	4	lc	lc	NOUN
ajeer-5890	37	5	debt	debt	NOUN
ajeer-5890	37	6	,	,	PUNCT
ajeer-5890	37	7	by	by	ADP
ajeer-5890	37	8	remaining	remain	VERB
ajeer-5890	37	9	maturity	maturity	NOUN
ajeer-5890	37	10	(	(	PUNCT
ajeer-5890	37	11	in	in	ADP
ajeer-5890	37	12	trillions	trillion	NOUN
ajeer-5890	37	13	,	,	PUNCT
ajeer-5890	37	14	rupiah	rupiah	PROPN
ajeer-5890	37	15	)	)	PUNCT
ajeer-5890	37	16	.	.	PUNCT
ajeer-5890	38	1	source	source	NOUN
ajeer-5890	38	2	:	:	PUNCT
ajeer-5890	38	3	mof	mof	X
ajeer-5890	38	4	&	&	CCONJ
ajeer-5890	38	5	haver	haver	PROPN
ajeer-5890	38	6	.	.	PUNCT
ajeer-5890	39	1	the	the	DET
ajeer-5890	39	2	nr	nr	PROPN
ajeer-5890	39	3	share	share	NOUN
ajeer-5890	39	4	of	of	ADP
ajeer-5890	39	5	lc	lc	NOUN
ajeer-5890	39	6	debt	debt	NOUN
ajeer-5890	39	7	in	in	ADP
ajeer-5890	39	8	indonesia	indonesia	PROPN
ajeer-5890	39	9	is	be	AUX
ajeer-5890	39	10	now	now	ADV
ajeer-5890	39	11	close	close	ADJ
ajeer-5890	39	12	to	to	ADP
ajeer-5890	39	13	the	the	DET
ajeer-5890	39	14	average	average	ADJ
ajeer-5890	39	15	emerging	emerge	VERB
ajeer-5890	39	16	market	market	NOUN
ajeer-5890	39	17	(	(	PUNCT
ajeer-5890	39	18	em	em	PRON
ajeer-5890	39	19	)	)	PUNCT
ajeer-5890	39	20	.	.	PUNCT
ajeer-5890	40	1	indonesia	indonesia	PROPN
ajeer-5890	40	2	had	have	VERB
ajeer-5890	40	3	the	the	DET
ajeer-5890	40	4	second	second	ADJ
ajeer-5890	40	5	highest	high	ADJ
ajeer-5890	40	6	nr	nr	NOUN
ajeer-5890	40	7	share	share	NOUN
ajeer-5890	40	8	of	of	ADP
ajeer-5890	40	9	lc	lc	NOUN
ajeer-5890	40	10	debt	debt	NOUN
ajeer-5890	40	11	in	in	ADP
ajeer-5890	40	12	2019q4	2019q4	NUM
ajeer-5890	40	13	,	,	PUNCT
ajeer-5890	40	14	just	just	ADV
ajeer-5890	40	15	before	before	ADP
ajeer-5890	40	16	the	the	DET
ajeer-5890	40	17	pandemic	pandemic	NOUN
ajeer-5890	40	18	,	,	PUNCT
ajeer-5890	40	19	but	but	CCONJ
ajeer-5890	40	20	now	now	ADV
ajeer-5890	40	21	stands	stand	VERB
ajeer-5890	40	22	at	at	ADP
ajeer-5890	40	23	about	about	ADP
ajeer-5890	40	24	the	the	DET
ajeer-5890	40	25	em	em	PRON
ajeer-5890	40	26	average	average	NOUN
ajeer-5890	40	27	(	(	PUNCT
ajeer-5890	40	28	as	as	SCONJ
ajeer-5890	40	29	illustrated	illustrate	VERB
ajeer-5890	40	30	in	in	ADP
ajeer-5890	40	31	figure	figure	NOUN
ajeer-5890	40	32	4	4	NUM
ajeer-5890	40	33	)	)	PUNCT
ajeer-5890	40	34	.	.	PUNCT
ajeer-5890	41	1	at	at	ADP
ajeer-5890	41	2	the	the	DET
ajeer-5890	41	3	same	same	ADJ
ajeer-5890	41	4	time	time	NOUN
ajeer-5890	41	5	,	,	PUNCT
ajeer-5890	41	6	the	the	DET
ajeer-5890	41	7	limited	limited	ADJ
ajeer-5890	41	8	size	size	NOUN
ajeer-5890	41	9	and	and	CCONJ
ajeer-5890	41	10	role	role	NOUN
ajeer-5890	41	11	of	of	ADP
ajeer-5890	41	12	domestic	domestic	ADJ
ajeer-5890	41	13	nonbanks	nonbank	NOUN
ajeer-5890	41	14	(	(	PUNCT
ajeer-5890	41	15	institutional	institutional	ADJ
ajeer-5890	41	16	investors	investor	NOUN
ajeer-5890	41	17	)	)	PUNCT
ajeer-5890	41	18	may	may	AUX
ajeer-5890	41	19	partially	partially	ADV
ajeer-5890	41	20	explain	explain	VERB
ajeer-5890	41	21	the	the	DET
ajeer-5890	41	22	historically	historically	ADV
ajeer-5890	41	23	high	high	ADJ
ajeer-5890	41	24	share	share	NOUN
ajeer-5890	41	25	of	of	ADP
ajeer-5890	41	26	nr	nr	NOUN
ajeer-5890	41	27	holdings	holding	NOUN
ajeer-5890	41	28	in	in	ADP
ajeer-5890	41	29	indonesia	indonesia	PROPN
ajeer-5890	41	30	(	(	PUNCT
ajeer-5890	41	31	as	as	SCONJ
ajeer-5890	41	32	illustrated	illustrate	VERB
ajeer-5890	41	33	in	in	ADP
ajeer-5890	41	34	figure	figure	NOUN
ajeer-5890	41	35	5	5	NUM
ajeer-5890	41	36	)	)	PUNCT
ajeer-5890	41	37	.	.	PUNCT
ajeer-5890	42	1	figure	figure	VERB
ajeer-5890	42	2	4	4	NUM
ajeer-5890	42	3	.	.	PUNCT
ajeer-5890	43	1	foreign	foreign	ADJ
ajeer-5890	43	2	holdings	holding	NOUN
ajeer-5890	43	3	of	of	ADP
ajeer-5890	43	4	lc	lc	NOUN
ajeer-5890	43	5	government	government	NOUN
ajeer-5890	43	6	debt	debt	NOUN
ajeer-5890	43	7	securities	security	NOUN
ajeer-5890	43	8	(	(	PUNCT
ajeer-5890	43	9	in	in	ADP
ajeer-5890	43	10	percent	percent	NOUN
ajeer-5890	43	11	of	of	ADP
ajeer-5890	43	12	total	total	NOUN
ajeer-5890	43	13	)	)	PUNCT
ajeer-5890	43	14	.	.	PUNCT
ajeer-5890	44	1	source	source	NOUN
ajeer-5890	44	2	:	:	PUNCT
ajeer-5890	44	3	arslanalp	arslanalp	PROPN
ajeer-5890	44	4	and	and	CCONJ
ajeer-5890	44	5	tsuda	tsuda	NOUN
ajeer-5890	44	6	(	(	PUNCT
ajeer-5890	44	7	2014	2014	NUM
ajeer-5890	44	8	)	)	PUNCT
ajeer-5890	44	9	.	.	PUNCT
ajeer-5890	45	1	figure	figure	NOUN
ajeer-5890	45	2	5	5	NUM
ajeer-5890	45	3	.	.	PUNCT
ajeer-5890	46	1	domestic	domestic	ADJ
ajeer-5890	46	2	nonbanks	nonbank	NOUN
ajeer-5890	46	3	'	'	PART
ajeer-5890	46	4	holdings	holding	NOUN
ajeer-5890	46	5	of	of	ADP
ajeer-5890	46	6	lc	lc	NOUN
ajeer-5890	46	7	government	government	NOUN
ajeer-5890	46	8	debt	debt	NOUN
ajeer-5890	46	9	securities	security	NOUN
ajeer-5890	46	10	(	(	PUNCT
ajeer-5890	46	11	in	in	ADP
ajeer-5890	46	12	percent	percent	NOUN
ajeer-5890	46	13	of	of	ADP
ajeer-5890	46	14	total	total	NOUN
ajeer-5890	46	15	)	)	PUNCT
ajeer-5890	46	16	.	.	PUNCT
ajeer-5890	47	1	source	source	NOUN
ajeer-5890	47	2	:	:	PUNCT
ajeer-5890	47	3	arslanalp	arslanalp	PROPN
ajeer-5890	47	4	and	and	CCONJ
ajeer-5890	47	5	tsuda	tsuda	NOUN
ajeer-5890	47	6	(	(	PUNCT
ajeer-5890	47	7	2014	2014	NUM
ajeer-5890	47	8	)	)	PUNCT
ajeer-5890	47	9	.	.	PUNCT
ajeer-5890	48	1	different	different	ADJ
ajeer-5890	48	2	investor	investor	NOUN
ajeer-5890	48	3	profiles	profile	NOUN
ajeer-5890	48	4	come	come	VERB
ajeer-5890	48	5	with	with	ADP
ajeer-5890	48	6	different	different	ADJ
ajeer-5890	48	7	risks	risk	NOUN
ajeer-5890	48	8	.	.	PUNCT
ajeer-5890	49	1	sovereign	sovereign	ADJ
ajeer-5890	49	2	borrowing	borrowing	NOUN
ajeer-5890	49	3	can	can	AUX
ajeer-5890	49	4	help	help	VERB
ajeer-5890	49	5	buffer	buffer	VERB
ajeer-5890	49	6	the	the	DET
ajeer-5890	49	7	economy	economy	NOUN
ajeer-5890	49	8	from	from	ADP
ajeer-5890	49	9	the	the	DET
ajeer-5890	49	10	impact	impact	NOUN
ajeer-5890	49	11	of	of	ADP
ajeer-5890	49	12	adverse	adverse	ADJ
ajeer-5890	49	13	macroeconomic	macroeconomic	ADJ
ajeer-5890	49	14	shocks	shock	NOUN
ajeer-5890	49	15	.	.	PUNCT
ajeer-5890	50	1	but	but	CCONJ
ajeer-5890	50	2	it	it	PRON
ajeer-5890	50	3	can	can	AUX
ajeer-5890	50	4	also	also	ADV
ajeer-5890	50	5	make	make	VERB
ajeer-5890	50	6	a	a	DET
ajeer-5890	50	7	country	country	NOUN
ajeer-5890	50	8	vulnerable	vulnerable	ADJ
ajeer-5890	50	9	to	to	ADP
ajeer-5890	50	10	financial	financial	ADJ
ajeer-5890	50	11	distress	distress	NOUN
ajeer-5890	50	12	.	.	PUNCT
ajeer-5890	51	1	on	on	ADP
ajeer-5890	51	2	top	top	NOUN
ajeer-5890	51	3	of	of	ADP
ajeer-5890	51	4	that	that	PRON
ajeer-5890	51	5	,	,	PUNCT
ajeer-5890	51	6	not	not	PART
ajeer-5890	51	7	all	all	DET
ajeer-5890	51	8	investors	investor	NOUN
ajeer-5890	51	9	are	be	AUX
ajeer-5890	51	10	the	the	DET
ajeer-5890	51	11	same	same	ADJ
ajeer-5890	51	12	.	.	PUNCT
ajeer-5890	52	1	the	the	DET
ajeer-5890	52	2	literature	literature	NOUN
ajeer-5890	52	3	points	point	VERB
ajeer-5890	52	4	to	to	ADP
ajeer-5890	52	5	several	several	ADJ
ajeer-5890	52	6	pros	pro	NOUN
ajeer-5890	52	7	and	and	CCONJ
ajeer-5890	52	8	cons	con	NOUN
ajeer-5890	52	9	of	of	ADP
ajeer-5890	52	10	having	have	VERB
ajeer-5890	52	11	a	a	DET
ajeer-5890	52	12	higher	high	ADJ
ajeer-5890	52	13	nr	nr	NOUN
ajeer-5890	52	14	share	share	NOUN
ajeer-5890	52	15	of	of	ADP
ajeer-5890	52	16	lc	lc	PROPN
ajeer-5890	52	17	debt	debt	NOUN
ajeer-5890	52	18	:	:	PUNCT
ajeer-5890	52	19	•	•	NUM
ajeer-5890	52	20	pros	pro	NOUN
ajeer-5890	52	21	:	:	PUNCT
ajeer-5890	52	22	foreign	foreign	ADJ
ajeer-5890	52	23	investors	investor	NOUN
ajeer-5890	52	24	can	can	AUX
ajeer-5890	52	25	improve	improve	VERB
ajeer-5890	52	26	price	price	NOUN
ajeer-5890	52	27	discovery	discovery	NOUN
ajeer-5890	52	28	,	,	PUNCT
ajeer-5890	52	29	increase	increase	VERB
ajeer-5890	52	30	demand	demand	NOUN
ajeer-5890	52	31	for	for	ADP
ajeer-5890	52	32	longer	long	ADJ
ajeer-5890	52	33	-	-	PUNCT
ajeer-5890	52	34	maturity	maturity	NOUN
ajeer-5890	52	35	instruments	instrument	NOUN
ajeer-5890	52	36	and	and	CCONJ
ajeer-5890	52	37	provide	provide	VERB
ajeer-5890	52	38	liquidity	liquidity	NOUN
ajeer-5890	52	39	(	(	PUNCT
ajeer-5890	52	40	arslanalp	arslanalp	PROPN
ajeer-5890	52	41	&	&	CCONJ
ajeer-5890	52	42	tsuda	tsuda	NOUN
ajeer-5890	52	43	,	,	PUNCT
ajeer-5890	52	44	2014	2014	NUM
ajeer-5890	52	45	;	;	PUNCT
ajeer-5890	52	46	bae	bae	NOUN
ajeer-5890	52	47	,	,	PUNCT
ajeer-5890	52	48	2012	2012	NUM
ajeer-5890	52	49	)	)	PUNCT
ajeer-5890	52	50	.	.	PUNCT
ajeer-5890	53	1	greater	great	ADJ
ajeer-5890	53	2	foreign	foreign	ADJ
ajeer-5890	53	3	participation	participation	NOUN
ajeer-5890	53	4	can	can	AUX
ajeer-5890	53	5	reduce	reduce	VERB
ajeer-5890	53	6	long	long	ADJ
ajeer-5890	53	7	-	-	PUNCT
ajeer-5890	53	8	term	term	NOUN
ajeer-5890	53	9	asian	asian	ADJ
ajeer-5890	53	10	journal	journal	NOUN
ajeer-5890	53	11	of	of	ADP
ajeer-5890	53	12	economics	economic	NOUN
ajeer-5890	53	13	and	and	CCONJ
ajeer-5890	53	14	empirical	empirical	ADJ
ajeer-5890	53	15	research	research	NOUN
ajeer-5890	53	16	,	,	PUNCT
ajeer-5890	53	17	2024	2024	NUM
ajeer-5890	53	18	,	,	PUNCT
ajeer-5890	53	19	11(2	11(2	NUM
ajeer-5890	53	20	):	):	PUNCT
ajeer-5890	53	21	44	44	NUM
ajeer-5890	53	22	-	-	SYM
ajeer-5890	53	23	49	49	NUM
ajeer-5890	53	24	47	47	NUM
ajeer-5890	53	25	©	©	ADP
ajeer-5890	53	26	2024	2024	NUM
ajeer-5890	53	27	by	by	ADP
ajeer-5890	53	28	the	the	DET
ajeer-5890	53	29	author	author	NOUN
ajeer-5890	53	30	;	;	PUNCT
ajeer-5890	53	31	licensee	licensee	PROPN
ajeer-5890	53	32	asian	asian	ADJ
ajeer-5890	53	33	online	online	PROPN
ajeer-5890	53	34	journal	journal	PROPN
ajeer-5890	53	35	publishing	publishing	NOUN
ajeer-5890	53	36	group	group	NOUN
ajeer-5890	53	37	government	government	NOUN
ajeer-5890	53	38	bond	bond	NOUN
ajeer-5890	53	39	yields	yield	NOUN
ajeer-5890	53	40	due	due	ADP
ajeer-5890	53	41	to	to	ADP
ajeer-5890	53	42	a	a	DET
ajeer-5890	53	43	more	more	ADV
ajeer-5890	53	44	diversified	diversified	ADJ
ajeer-5890	53	45	investor	investor	NOUN
ajeer-5890	53	46	base	base	NOUN
ajeer-5890	53	47	(	(	PUNCT
ajeer-5890	53	48	arslanalp	arslanalp	PROPN
ajeer-5890	53	49	&	&	CCONJ
ajeer-5890	53	50	tsuda	tsuda	NOUN
ajeer-5890	53	51	,	,	PUNCT
ajeer-5890	53	52	2014	2014	NUM
ajeer-5890	53	53	;	;	PUNCT
ajeer-5890	53	54	christian	christian	PROPN
ajeer-5890	53	55	ebeke	ebeke	PROPN
ajeer-5890	53	56	&	&	CCONJ
ajeer-5890	53	57	lu	lu	PROPN
ajeer-5890	53	58	,	,	PUNCT
ajeer-5890	53	59	2015	2015	NUM
ajeer-5890	53	60	;	;	PUNCT
ajeer-5890	53	61	lu	lu	PROPN
ajeer-5890	53	62	&	&	CCONJ
ajeer-5890	53	63	dmitry	dmitry	PROPN
ajeer-5890	53	64	,	,	PUNCT
ajeer-5890	53	65	2017	2017	NUM
ajeer-5890	53	66	;	;	PUNCT
ajeer-5890	53	67	peiris	peiris	NOUN
ajeer-5890	53	68	,	,	PUNCT
ajeer-5890	53	69	2010).1	2010).1	ADV
ajeer-5890	53	70	a	a	DET
ajeer-5890	53	71	higher	high	ADJ
ajeer-5890	53	72	nr	nr	NOUN
ajeer-5890	53	73	share	share	NOUN
ajeer-5890	53	74	can	can	AUX
ajeer-5890	53	75	also	also	ADV
ajeer-5890	53	76	minimize	minimize	VERB
ajeer-5890	53	77	the	the	DET
ajeer-5890	53	78	crowding	crowding	NOUN
ajeer-5890	53	79	-	-	PUNCT
ajeer-5890	53	80	out	out	NOUN
ajeer-5890	53	81	of	of	ADP
ajeer-5890	53	82	private	private	ADJ
ajeer-5890	53	83	credit	credit	NOUN
ajeer-5890	53	84	and	and	CCONJ
ajeer-5890	53	85	the	the	DET
ajeer-5890	53	86	sovereign	sovereign	ADJ
ajeer-5890	53	87	-	-	PUNCT
ajeer-5890	53	88	bank	bank	NOUN
ajeer-5890	53	89	nexus	nexus	NOUN
ajeer-5890	53	90	(	(	PUNCT
ajeer-5890	53	91	asonuma	asonuma	PROPN
ajeer-5890	53	92	et	et	PROPN
ajeer-5890	53	93	al	al	PROPN
ajeer-5890	53	94	.	.	PROPN
ajeer-5890	53	95	,	,	PUNCT
ajeer-5890	53	96	2015	2015	NUM
ajeer-5890	53	97	;	;	PUNCT
ajeer-5890	53	98	broner	broner	NOUN
ajeer-5890	53	99	,	,	PUNCT
ajeer-5890	53	100	erce	erce	PROPN
ajeer-5890	53	101	,	,	PUNCT
ajeer-5890	53	102	martin	martin	PROPN
ajeer-5890	53	103	,	,	PUNCT
ajeer-5890	53	104	&	&	CCONJ
ajeer-5890	53	105	ventura	ventura	PROPN
ajeer-5890	53	106	,	,	PUNCT
ajeer-5890	53	107	2014	2014	NUM
ajeer-5890	53	108	)	)	PUNCT
ajeer-5890	53	109	.	.	PUNCT
ajeer-5890	54	1	•	•	NUM
ajeer-5890	54	2	cons	con	NOUN
ajeer-5890	54	3	:	:	PUNCT
ajeer-5890	54	4	higher	high	ADJ
ajeer-5890	54	5	nr	nr	NOUN
ajeer-5890	54	6	shares	share	NOUN
ajeer-5890	54	7	can	can	AUX
ajeer-5890	54	8	increase	increase	VERB
ajeer-5890	54	9	rollover	rollover	NOUN
ajeer-5890	54	10	and	and	CCONJ
ajeer-5890	54	11	exchange	exchange	NOUN
ajeer-5890	54	12	rate	rate	NOUN
ajeer-5890	54	13	risks	risk	NOUN
ajeer-5890	54	14	(	(	PUNCT
ajeer-5890	54	15	calvo	calvo	NOUN
ajeer-5890	54	16	,	,	PUNCT
ajeer-5890	54	17	izquierdo	izquierdo	PROPN
ajeer-5890	54	18	,	,	PUNCT
ajeer-5890	54	19	&	&	CCONJ
ajeer-5890	54	20	talvi	talvi	PROPN
ajeer-5890	54	21	,	,	PUNCT
ajeer-5890	54	22	2006	2006	NUM
ajeer-5890	54	23	)	)	PUNCT
ajeer-5890	54	24	.	.	PUNCT
ajeer-5890	55	1	higher	high	ADJ
ajeer-5890	55	2	nr	nr	PROPN
ajeer-5890	55	3	shares	share	NOUN
ajeer-5890	55	4	can	can	AUX
ajeer-5890	55	5	also	also	ADV
ajeer-5890	55	6	increase	increase	VERB
ajeer-5890	55	7	risks	risk	NOUN
ajeer-5890	55	8	to	to	ADP
ajeer-5890	55	9	sudden	sudden	ADJ
ajeer-5890	55	10	stops	stop	NOUN
ajeer-5890	55	11	or	or	CCONJ
ajeer-5890	55	12	capital	capital	NOUN
ajeer-5890	55	13	reversals	reversal	NOUN
ajeer-5890	55	14	,	,	PUNCT
ajeer-5890	55	15	as	as	SCONJ
ajeer-5890	55	16	these	these	DET
ajeer-5890	55	17	flows	flow	NOUN
ajeer-5890	55	18	are	be	AUX
ajeer-5890	55	19	more	more	ADV
ajeer-5890	55	20	volatile	volatile	ADJ
ajeer-5890	55	21	and	and	CCONJ
ajeer-5890	55	22	short	short	ADJ
ajeer-5890	55	23	term	term	NOUN
ajeer-5890	55	24	in	in	ADP
ajeer-5890	55	25	nature	nature	NOUN
ajeer-5890	55	26	(	(	PUNCT
ajeer-5890	55	27	bis	bis	INTJ
ajeer-5890	55	28	,	,	PUNCT
ajeer-5890	55	29	2007	2007	NUM
ajeer-5890	55	30	;	;	PUNCT
ajeer-5890	55	31	calvo	calvo	PROPN
ajeer-5890	55	32	et	et	PROPN
ajeer-5890	55	33	al	al	PROPN
ajeer-5890	55	34	.	.	PROPN
ajeer-5890	55	35	,	,	PUNCT
ajeer-5890	55	36	2006	2006	NUM
ajeer-5890	55	37	)	)	PUNCT
ajeer-5890	55	38	.	.	PUNCT
ajeer-5890	56	1	bhattacharya	bhattacharya	PROPN
ajeer-5890	56	2	,	,	PUNCT
ajeer-5890	56	3	johnson	johnson	PROPN
ajeer-5890	56	4	,	,	PUNCT
ajeer-5890	56	5	nkusu	nkusu	PROPN
ajeer-5890	56	6	,	,	PUNCT
ajeer-5890	56	7	and	and	CCONJ
ajeer-5890	56	8	wang	wang	PROPN
ajeer-5890	56	9	(	(	PUNCT
ajeer-5890	56	10	2022	2022	NUM
ajeer-5890	56	11	)	)	PUNCT
ajeer-5890	56	12	also	also	ADV
ajeer-5890	56	13	argue	argue	VERB
ajeer-5890	56	14	that	that	SCONJ
ajeer-5890	56	15	a	a	DET
ajeer-5890	56	16	nr	nr	PROPN
ajeer-5890	56	17	investor	investor	NOUN
ajeer-5890	56	18	base	base	NOUN
ajeer-5890	56	19	can	can	AUX
ajeer-5890	56	20	be	be	AUX
ajeer-5890	56	21	a	a	DET
ajeer-5890	56	22	more	more	ADV
ajeer-5890	56	23	volatile	volatile	ADJ
ajeer-5890	56	24	and	and	CCONJ
ajeer-5890	56	25	less	less	ADV
ajeer-5890	56	26	stable	stable	ADJ
ajeer-5890	56	27	source	source	NOUN
ajeer-5890	56	28	of	of	ADP
ajeer-5890	56	29	funding	funding	NOUN
ajeer-5890	56	30	for	for	ADP
ajeer-5890	56	31	the	the	DET
ajeer-5890	56	32	sovereign	sovereign	NOUN
ajeer-5890	56	33	.	.	PUNCT
ajeer-5890	57	1	in	in	ADP
ajeer-5890	57	2	addition	addition	NOUN
ajeer-5890	57	3	,	,	PUNCT
ajeer-5890	57	4	there	there	PRON
ajeer-5890	57	5	is	be	VERB
ajeer-5890	57	6	some	some	DET
ajeer-5890	57	7	evidence	evidence	NOUN
ajeer-5890	57	8	of	of	ADP
ajeer-5890	57	9	increased	increase	VERB
ajeer-5890	57	10	yield	yield	NOUN
ajeer-5890	57	11	volatility	volatility	NOUN
ajeer-5890	57	12	with	with	ADP
ajeer-5890	57	13	higher	high	ADJ
ajeer-5890	57	14	shares	share	NOUN
ajeer-5890	57	15	of	of	ADP
ajeer-5890	57	16	nr	nr	NOUN
ajeer-5890	57	17	holdings	holding	NOUN
ajeer-5890	57	18	(	(	PUNCT
ajeer-5890	57	19	c.	c.	PROPN
ajeer-5890	57	20	ebeke	ebeke	PROPN
ajeer-5890	57	21	&	&	CCONJ
ajeer-5890	57	22	kyobe	kyobe	PROPN
ajeer-5890	57	23	,	,	PUNCT
ajeer-5890	57	24	2015	2015	NUM
ajeer-5890	57	25	;	;	PUNCT
ajeer-5890	57	26	christian	christian	PROPN
ajeer-5890	57	27	ebeke	ebeke	PROPN
ajeer-5890	57	28	&	&	CCONJ
ajeer-5890	57	29	lu	lu	PROPN
ajeer-5890	57	30	,	,	PUNCT
ajeer-5890	57	31	2015	2015	NUM
ajeer-5890	57	32	)	)	PUNCT
ajeer-5890	57	33	.	.	PUNCT
ajeer-5890	58	1	burger	burger	NOUN
ajeer-5890	58	2	and	and	CCONJ
ajeer-5890	58	3	warnock	warnock	NOUN
ajeer-5890	58	4	(	(	PUNCT
ajeer-5890	58	5	2007	2007	NUM
ajeer-5890	58	6	)	)	PUNCT
ajeer-5890	58	7	argue	argue	VERB
ajeer-5890	58	8	that	that	SCONJ
ajeer-5890	58	9	u.s	u.s	PROPN
ajeer-5890	58	10	.	.	PROPN
ajeer-5890	58	11	investors	investor	NOUN
ajeer-5890	58	12	avoid	avoid	VERB
ajeer-5890	58	13	lc	lc	PROPN
ajeer-5890	58	14	bonds	bond	NOUN
ajeer-5890	58	15	that	that	PRON
ajeer-5890	58	16	have	have	VERB
ajeer-5890	58	17	returns	return	NOUN
ajeer-5890	58	18	with	with	ADP
ajeer-5890	58	19	historically	historically	ADV
ajeer-5890	58	20	high	high	ADJ
ajeer-5890	58	21	variance	variance	NOUN
ajeer-5890	58	22	and	and	CCONJ
ajeer-5890	58	23	negative	negative	ADJ
ajeer-5890	58	24	skewness	skewness	NOUN
ajeer-5890	58	25	–	–	PUNCT
ajeer-5890	58	26	features	feature	NOUN
ajeer-5890	58	27	that	that	PRON
ajeer-5890	58	28	are	be	AUX
ajeer-5890	58	29	predominant	predominant	ADJ
ajeer-5890	58	30	in	in	ADP
ajeer-5890	58	31	ems	ems	PROPN
ajeer-5890	58	32	.	.	PUNCT
ajeer-5890	59	1	against	against	ADP
ajeer-5890	59	2	this	this	DET
ajeer-5890	59	3	background	background	NOUN
ajeer-5890	59	4	,	,	PUNCT
ajeer-5890	59	5	this	this	DET
ajeer-5890	59	6	paper	paper	NOUN
ajeer-5890	59	7	examines	examine	VERB
ajeer-5890	59	8	the	the	DET
ajeer-5890	59	9	global	global	ADJ
ajeer-5890	59	10	and	and	CCONJ
ajeer-5890	59	11	domestic	domestic	ADJ
ajeer-5890	59	12	factors	factor	NOUN
ajeer-5890	59	13	driving	drive	VERB
ajeer-5890	59	14	different	different	ADJ
ajeer-5890	59	15	investor	investor	NOUN
ajeer-5890	59	16	holdings	holding	NOUN
ajeer-5890	59	17	of	of	ADP
ajeer-5890	59	18	local	local	ADJ
ajeer-5890	59	19	currency	currency	NOUN
ajeer-5890	59	20	(	(	PUNCT
ajeer-5890	59	21	lc	lc	NOUN
ajeer-5890	59	22	)	)	PUNCT
ajeer-5890	59	23	sovereign	sovereign	ADJ
ajeer-5890	59	24	debt	debt	NOUN
ajeer-5890	59	25	in	in	ADP
ajeer-5890	59	26	indonesia	indonesia	PROPN
ajeer-5890	59	27	.	.	PUNCT
ajeer-5890	60	1	we	we	PRON
ajeer-5890	60	2	contribute	contribute	VERB
ajeer-5890	60	3	to	to	ADP
ajeer-5890	60	4	the	the	DET
ajeer-5890	60	5	literature	literature	NOUN
ajeer-5890	60	6	by	by	ADP
ajeer-5890	60	7	looking	look	VERB
ajeer-5890	60	8	at	at	ADP
ajeer-5890	60	9	the	the	DET
ajeer-5890	60	10	role	role	NOUN
ajeer-5890	60	11	of	of	ADP
ajeer-5890	60	12	both	both	CCONJ
ajeer-5890	60	13	global	global	ADJ
ajeer-5890	60	14	and	and	CCONJ
ajeer-5890	60	15	domestic	domestic	ADJ
ajeer-5890	60	16	factors	factor	NOUN
ajeer-5890	60	17	,	,	PUNCT
ajeer-5890	60	18	and	and	CCONJ
ajeer-5890	60	19	on	on	ADP
ajeer-5890	60	20	different	different	ADJ
ajeer-5890	60	21	resident	resident	NOUN
ajeer-5890	60	22	and	and	CCONJ
ajeer-5890	60	23	non	non	ADJ
ajeer-5890	60	24	-	-	ADJ
ajeer-5890	60	25	resident	resident	ADJ
ajeer-5890	60	26	investors	investor	NOUN
ajeer-5890	60	27	,	,	PUNCT
ajeer-5890	60	28	whereas	whereas	SCONJ
ajeer-5890	60	29	the	the	DET
ajeer-5890	60	30	literature	literature	NOUN
ajeer-5890	60	31	has	have	AUX
ajeer-5890	60	32	been	be	AUX
ajeer-5890	60	33	mostly	mostly	ADV
ajeer-5890	60	34	focused	focus	VERB
ajeer-5890	60	35	on	on	ADP
ajeer-5890	60	36	the	the	DET
ajeer-5890	60	37	role	role	NOUN
ajeer-5890	60	38	of	of	ADP
ajeer-5890	60	39	global	global	ADJ
ajeer-5890	60	40	factors	factor	NOUN
ajeer-5890	60	41	on	on	ADP
ajeer-5890	60	42	non	non	ADJ
ajeer-5890	60	43	-	-	ADJ
ajeer-5890	60	44	resident	resident	ADJ
ajeer-5890	60	45	holdings	holding	NOUN
ajeer-5890	60	46	(	(	PUNCT
ajeer-5890	60	47	for	for	ADP
ajeer-5890	60	48	example	example	NOUN
ajeer-5890	60	49	see	see	VERB
ajeer-5890	60	50	arslanalp	arslanalp	NOUN
ajeer-5890	60	51	and	and	CCONJ
ajeer-5890	60	52	tsuda	tsuda	NOUN
ajeer-5890	60	53	(	(	PUNCT
ajeer-5890	60	54	2014	2014	NUM
ajeer-5890	60	55	)	)	PUNCT
ajeer-5890	60	56	)	)	PUNCT
ajeer-5890	60	57	.	.	PUNCT
ajeer-5890	61	1	to	to	PART
ajeer-5890	61	2	distinguish	distinguish	VERB
ajeer-5890	61	3	long	long	ADV
ajeer-5890	61	4	-	-	PUNCT
ajeer-5890	61	5	run	run	NOUN
ajeer-5890	61	6	from	from	ADP
ajeer-5890	61	7	short	short	ADJ
ajeer-5890	61	8	-	-	PUNCT
ajeer-5890	61	9	run	run	NOUN
ajeer-5890	61	10	effects	effect	NOUN
ajeer-5890	61	11	,	,	PUNCT
ajeer-5890	61	12	we	we	PRON
ajeer-5890	61	13	use	use	VERB
ajeer-5890	61	14	the	the	DET
ajeer-5890	61	15	autoregressive	autoregressive	ADJ
ajeer-5890	61	16	distributed	distribute	VERB
ajeer-5890	61	17	lag	lag	NOUN
ajeer-5890	61	18	(	(	PUNCT
ajeer-5890	61	19	ardl	ardl	NOUN
ajeer-5890	61	20	)	)	PUNCT
ajeer-5890	61	21	co	co	NOUN
ajeer-5890	61	22	-	-	NOUN
ajeer-5890	61	23	integration	integration	NOUN
ajeer-5890	61	24	approach	approach	NOUN
ajeer-5890	61	25	of	of	ADP
ajeer-5890	61	26	pesaran	pesaran	NOUN
ajeer-5890	61	27	,	,	PUNCT
ajeer-5890	61	28	shin	shin	NOUN
ajeer-5890	61	29	,	,	PUNCT
ajeer-5890	61	30	and	and	CCONJ
ajeer-5890	61	31	smith	smith	PROPN
ajeer-5890	61	32	(	(	PUNCT
ajeer-5890	61	33	2001	2001	NUM
ajeer-5890	61	34	)	)	PUNCT
ajeer-5890	61	35	using	use	VERB
ajeer-5890	61	36	monthly	monthly	ADJ
ajeer-5890	61	37	data	datum	NOUN
ajeer-5890	61	38	over	over	ADP
ajeer-5890	61	39	the	the	DET
ajeer-5890	61	40	period	period	NOUN
ajeer-5890	61	41	2002m2	2002m2	PROPN
ajeer-5890	61	42	-	-	SYM
ajeer-5890	61	43	2022m12	2022m12	NOUN
ajeer-5890	61	44	.	.	PUNCT
ajeer-5890	62	1	we	we	PRON
ajeer-5890	62	2	find	find	VERB
ajeer-5890	62	3	that	that	SCONJ
ajeer-5890	62	4	foreign	foreign	ADJ
ajeer-5890	62	5	participation	participation	NOUN
ajeer-5890	62	6	in	in	ADP
ajeer-5890	62	7	the	the	DET
ajeer-5890	62	8	lc	lc	NOUN
ajeer-5890	62	9	debt	debt	NOUN
ajeer-5890	62	10	market	market	NOUN
ajeer-5890	62	11	in	in	ADP
ajeer-5890	62	12	the	the	DET
ajeer-5890	62	13	long	long	ADJ
ajeer-5890	62	14	run	run	NOUN
ajeer-5890	62	15	is	be	AUX
ajeer-5890	62	16	positively	positively	ADV
ajeer-5890	62	17	correlated	correlate	VERB
ajeer-5890	62	18	with	with	ADP
ajeer-5890	62	19	global	global	ADJ
ajeer-5890	62	20	factors	factor	NOUN
ajeer-5890	62	21	such	such	ADJ
ajeer-5890	62	22	as	as	ADP
ajeer-5890	62	23	global	global	ADJ
ajeer-5890	62	24	commodity	commodity	NOUN
ajeer-5890	62	25	prices	price	NOUN
ajeer-5890	62	26	,	,	PUNCT
ajeer-5890	62	27	volatility	volatility	NOUN
ajeer-5890	62	28	in	in	ADP
ajeer-5890	62	29	global	global	ADJ
ajeer-5890	62	30	bond	bond	NOUN
ajeer-5890	62	31	markets	market	NOUN
ajeer-5890	62	32	,	,	PUNCT
ajeer-5890	62	33	and	and	CCONJ
ajeer-5890	62	34	global	global	ADJ
ajeer-5890	62	35	interest	interest	NOUN
ajeer-5890	62	36	rates	rate	NOUN
ajeer-5890	62	37	.	.	PUNCT
ajeer-5890	63	1	we	we	PRON
ajeer-5890	63	2	also	also	ADV
ajeer-5890	63	3	find	find	VERB
ajeer-5890	63	4	some	some	DET
ajeer-5890	63	5	evidence	evidence	NOUN
ajeer-5890	63	6	that	that	SCONJ
ajeer-5890	63	7	higher	high	ADJ
ajeer-5890	63	8	domestic	domestic	ADJ
ajeer-5890	63	9	yields	yield	NOUN
ajeer-5890	63	10	may	may	AUX
ajeer-5890	63	11	attract	attract	VERB
ajeer-5890	63	12	foreigners	foreigner	NOUN
ajeer-5890	63	13	.	.	PUNCT
ajeer-5890	64	1	domestic	domestic	ADJ
ajeer-5890	64	2	banks	bank	NOUN
ajeer-5890	64	3	and	and	CCONJ
ajeer-5890	64	4	non	non	NOUN
ajeer-5890	64	5	-	-	ADJ
ajeer-5890	64	6	banks	bank	NOUN
ajeer-5890	64	7	tend	tend	VERB
ajeer-5890	64	8	to	to	PART
ajeer-5890	64	9	increase	increase	VERB
ajeer-5890	64	10	their	their	PRON
ajeer-5890	64	11	holdings	holding	NOUN
ajeer-5890	64	12	with	with	ADP
ajeer-5890	64	13	higher	high	ADJ
ajeer-5890	64	14	debt	debt	NOUN
ajeer-5890	64	15	issuances	issuance	NOUN
ajeer-5890	64	16	,	,	PUNCT
ajeer-5890	64	17	and	and	CCONJ
ajeer-5890	64	18	bi	bi	NOUN
ajeer-5890	64	19	acts	act	NOUN
ajeer-5890	64	20	as	as	ADP
ajeer-5890	64	21	a	a	DET
ajeer-5890	64	22	residual	residual	ADJ
ajeer-5890	64	23	financier	financier	NOUN
ajeer-5890	64	24	under	under	ADP
ajeer-5890	64	25	adverse	adverse	ADJ
ajeer-5890	64	26	global	global	ADJ
ajeer-5890	64	27	conditions	condition	NOUN
ajeer-5890	64	28	.	.	PUNCT
ajeer-5890	65	1	results	result	NOUN
ajeer-5890	65	2	are	be	AUX
ajeer-5890	65	3	mostly	mostly	ADV
ajeer-5890	65	4	robust	robust	ADJ
ajeer-5890	65	5	to	to	ADP
ajeer-5890	65	6	different	different	ADJ
ajeer-5890	65	7	specifications	specification	NOUN
ajeer-5890	65	8	.	.	PUNCT
ajeer-5890	66	1	this	this	DET
ajeer-5890	66	2	paper	paper	NOUN
ajeer-5890	66	3	is	be	AUX
ajeer-5890	66	4	structured	structure	VERB
ajeer-5890	66	5	as	as	SCONJ
ajeer-5890	66	6	follows	follow	VERB
ajeer-5890	66	7	.	.	PUNCT
ajeer-5890	67	1	after	after	ADP
ajeer-5890	67	2	this	this	DET
ajeer-5890	67	3	introduction	introduction	NOUN
ajeer-5890	67	4	,	,	PUNCT
ajeer-5890	67	5	section	section	NOUN
ajeer-5890	67	6	b	b	PROPN
ajeer-5890	67	7	presents	present	VERB
ajeer-5890	67	8	the	the	DET
ajeer-5890	67	9	empirical	empirical	ADJ
ajeer-5890	67	10	methodology	methodology	NOUN
ajeer-5890	67	11	and	and	CCONJ
ajeer-5890	67	12	results	result	NOUN
ajeer-5890	67	13	.	.	PUNCT
ajeer-5890	68	1	section	section	NOUN
ajeer-5890	68	2	c	c	PROPN
ajeer-5890	68	3	concludes	conclude	VERB
ajeer-5890	68	4	and	and	CCONJ
ajeer-5890	68	5	presents	present	VERB
ajeer-5890	68	6	some	some	DET
ajeer-5890	68	7	policy	policy	NOUN
ajeer-5890	68	8	implications	implication	NOUN
ajeer-5890	68	9	.	.	PUNCT
ajeer-5890	69	1	2	2	X
ajeer-5890	69	2	.	.	X
ajeer-5890	69	3	empirical	empirical	ADJ
ajeer-5890	69	4	methodology	methodology	NOUN
ajeer-5890	69	5	and	and	CCONJ
ajeer-5890	69	6	results	result	VERB
ajeer-5890	69	7	the	the	DET
ajeer-5890	69	8	decision	decision	NOUN
ajeer-5890	69	9	of	of	ADP
ajeer-5890	69	10	different	different	ADJ
ajeer-5890	69	11	investors	investor	NOUN
ajeer-5890	69	12	to	to	PART
ajeer-5890	69	13	hold	hold	VERB
ajeer-5890	69	14	lc	lc	NOUN
ajeer-5890	69	15	government	government	NOUN
ajeer-5890	69	16	debt	debt	NOUN
ajeer-5890	69	17	can	can	AUX
ajeer-5890	69	18	reflect	reflect	VERB
ajeer-5890	69	19	both	both	CCONJ
ajeer-5890	69	20	global	global	ADJ
ajeer-5890	69	21	and	and	CCONJ
ajeer-5890	69	22	domestic	domestic	ADJ
ajeer-5890	69	23	conditions	condition	NOUN
ajeer-5890	69	24	.	.	PUNCT
ajeer-5890	70	1	domestic	domestic	ADJ
ajeer-5890	70	2	(	(	PUNCT
ajeer-5890	70	3	or	or	CCONJ
ajeer-5890	70	4	pull	pull	VERB
ajeer-5890	70	5	)	)	PUNCT
ajeer-5890	70	6	factors	factor	NOUN
ajeer-5890	70	7	usually	usually	ADV
ajeer-5890	70	8	include	include	VERB
ajeer-5890	70	9	domestic	domestic	ADJ
ajeer-5890	70	10	bond	bond	NOUN
ajeer-5890	70	11	yields	yield	NOUN
ajeer-5890	70	12	,	,	PUNCT
ajeer-5890	70	13	the	the	DET
ajeer-5890	70	14	amount	amount	NOUN
ajeer-5890	70	15	of	of	ADP
ajeer-5890	70	16	debt	debt	NOUN
ajeer-5890	70	17	issuance	issuance	NOUN
ajeer-5890	70	18	,	,	PUNCT
ajeer-5890	70	19	and	and	CCONJ
ajeer-5890	70	20	different	different	ADJ
ajeer-5890	70	21	countryspecific	countryspecific	NOUN
ajeer-5890	70	22	risks	risk	NOUN
ajeer-5890	70	23	.	.	PUNCT
ajeer-5890	71	1	global	global	ADJ
ajeer-5890	71	2	(	(	PUNCT
ajeer-5890	71	3	or	or	CCONJ
ajeer-5890	71	4	push	push	VERB
ajeer-5890	71	5	)	)	PUNCT
ajeer-5890	71	6	factors	factor	NOUN
ajeer-5890	71	7	typically	typically	ADV
ajeer-5890	71	8	include	include	VERB
ajeer-5890	71	9	global	global	ADJ
ajeer-5890	71	10	commodity	commodity	NOUN
ajeer-5890	71	11	prices	price	NOUN
ajeer-5890	71	12	,	,	PUNCT
ajeer-5890	71	13	global	global	ADJ
ajeer-5890	71	14	interest	interest	NOUN
ajeer-5890	71	15	rates	rate	NOUN
ajeer-5890	71	16	and	and	CCONJ
ajeer-5890	71	17	financial	financial	ADJ
ajeer-5890	71	18	market	market	NOUN
ajeer-5890	71	19	volatility	volatility	NOUN
ajeer-5890	71	20	.	.	PUNCT
ajeer-5890	72	1	for	for	ADP
ajeer-5890	72	2	a	a	DET
ajeer-5890	72	3	survey	survey	NOUN
ajeer-5890	72	4	of	of	ADP
ajeer-5890	72	5	the	the	DET
ajeer-5890	72	6	empirical	empirical	ADJ
ajeer-5890	72	7	literature	literature	NOUN
ajeer-5890	72	8	on	on	ADP
ajeer-5890	72	9	the	the	DET
ajeer-5890	72	10	drivers	driver	NOUN
ajeer-5890	72	11	of	of	ADP
ajeer-5890	72	12	capital	capital	NOUN
ajeer-5890	72	13	inflows	inflow	NOUN
ajeer-5890	72	14	into	into	ADP
ajeer-5890	72	15	ems	ems	PROPN
ajeer-5890	72	16	,	,	PUNCT
ajeer-5890	72	17	see	see	VERB
ajeer-5890	72	18	for	for	ADP
ajeer-5890	72	19	instance	instance	NOUN
ajeer-5890	72	20	(	(	PUNCT
ajeer-5890	72	21	koepke	koepke	ADJ
ajeer-5890	72	22	,	,	PUNCT
ajeer-5890	72	23	2018	2018	NUM
ajeer-5890	72	24	)	)	PUNCT
ajeer-5890	72	25	.	.	PUNCT
ajeer-5890	73	1	global	global	ADJ
ajeer-5890	73	2	factors	factor	NOUN
ajeer-5890	73	3	tend	tend	VERB
ajeer-5890	73	4	to	to	PART
ajeer-5890	73	5	carry	carry	VERB
ajeer-5890	73	6	a	a	DET
ajeer-5890	73	7	large	large	ADJ
ajeer-5890	73	8	weight	weight	NOUN
ajeer-5890	73	9	in	in	ADP
ajeer-5890	73	10	index	index	NOUN
ajeer-5890	73	11	-	-	PUNCT
ajeer-5890	73	12	funds	fund	NOUN
ajeer-5890	73	13	and	and	CCONJ
ajeer-5890	73	14	decisions	decision	NOUN
ajeer-5890	73	15	to	to	PART
ajeer-5890	73	16	invest	invest	VERB
ajeer-5890	73	17	in	in	ADP
ajeer-5890	73	18	lc	lc	NOUN
ajeer-5890	73	19	debt	debt	NOUN
ajeer-5890	73	20	in	in	ADP
ajeer-5890	73	21	ems	ems	PROPN
ajeer-5890	73	22	.	.	PUNCT
ajeer-5890	74	1	several	several	ADJ
ajeer-5890	74	2	studies	study	NOUN
ajeer-5890	74	3	argue	argue	VERB
ajeer-5890	74	4	that	that	SCONJ
ajeer-5890	74	5	portfolio	portfolio	NOUN
ajeer-5890	74	6	flows	flow	VERB
ajeer-5890	74	7	to	to	ADP
ajeer-5890	74	8	ems	ems	PROPN
ajeer-5890	74	9	tend	tend	VERB
ajeer-5890	74	10	to	to	PART
ajeer-5890	74	11	be	be	AUX
ajeer-5890	74	12	correlated	correlate	VERB
ajeer-5890	74	13	,	,	PUNCT
ajeer-5890	74	14	driven	drive	VERB
ajeer-5890	74	15	by	by	ADP
ajeer-5890	74	16	the	the	DET
ajeer-5890	74	17	so	so	ADV
ajeer-5890	74	18	-	-	PUNCT
ajeer-5890	74	19	called	call	VERB
ajeer-5890	74	20	“	"	PUNCT
ajeer-5890	74	21	benchmark	benchmark	ADJ
ajeer-5890	74	22	effect	effect	NOUN
ajeer-5890	74	23	”	"	PUNCT
ajeer-5890	74	24	(	(	PUNCT
ajeer-5890	74	25	see	see	VERB
ajeer-5890	74	26	(	(	PUNCT
ajeer-5890	74	27	arslanalp	arslanalp	PROPN
ajeer-5890	74	28	,	,	PUNCT
ajeer-5890	74	29	drakopoulos	drakopoulos	PROPN
ajeer-5890	74	30	,	,	PUNCT
ajeer-5890	74	31	goel	goel	PROPN
ajeer-5890	74	32	,	,	PUNCT
ajeer-5890	74	33	&	&	CCONJ
ajeer-5890	74	34	koepke	koepke	PROPN
ajeer-5890	74	35	,	,	PUNCT
ajeer-5890	74	36	2020	2020	NUM
ajeer-5890	74	37	;	;	PUNCT
ajeer-5890	74	38	arslanalp	arslanalp	PROPN
ajeer-5890	74	39	&	&	CCONJ
ajeer-5890	74	40	tsuda	tsuda	NOUN
ajeer-5890	74	41	,	,	PUNCT
ajeer-5890	74	42	2015	2015	NUM
ajeer-5890	74	43	;	;	PUNCT
ajeer-5890	74	44	bis	bis	X
ajeer-5890	74	45	,	,	PUNCT
ajeer-5890	74	46	2007	2007	NUM
ajeer-5890	74	47	;	;	PUNCT
ajeer-5890	74	48	brandão	brandão	NOUN
ajeer-5890	74	49	-	-	PUNCT
ajeer-5890	74	50	marques	marques	PROPN
ajeer-5890	74	51	,	,	PUNCT
ajeer-5890	74	52	luis	luis	PROPN
ajeer-5890	74	53	,	,	PUNCT
ajeer-5890	74	54	ichiue	ichiue	VERB
ajeer-5890	74	55	.	.	PROPN
ajeer-5890	74	56	,	,	PUNCT
ajeer-5890	74	57	&	&	CCONJ
ajeer-5890	74	58	oura	oura	NOUN
ajeer-5890	74	59	.	.	PROPN
ajeer-5890	74	60	,	,	PUNCT
ajeer-5890	74	61	2015	2015	NUM
ajeer-5890	74	62	)	)	PUNCT
ajeer-5890	74	63	)	)	PUNCT
ajeer-5890	74	64	.	.	PUNCT
ajeer-5890	75	1	this	this	PRON
ajeer-5890	75	2	refers	refer	VERB
ajeer-5890	75	3	to	to	ADP
ajeer-5890	75	4	the	the	DET
ajeer-5890	75	5	observation	observation	NOUN
ajeer-5890	75	6	that	that	SCONJ
ajeer-5890	75	7	benchmark	benchmark	NOUN
ajeer-5890	75	8	-	-	PUNCT
ajeer-5890	75	9	driven	drive	VERB
ajeer-5890	75	10	investors	investor	NOUN
ajeer-5890	75	11	are	be	AUX
ajeer-5890	75	12	typically	typically	ADV
ajeer-5890	75	13	more	more	ADV
ajeer-5890	75	14	sensitive	sensitive	ADJ
ajeer-5890	75	15	to	to	ADP
ajeer-5890	75	16	global	global	ADJ
ajeer-5890	75	17	than	than	ADP
ajeer-5890	75	18	country	country	NOUN
ajeer-5890	75	19	-	-	PUNCT
ajeer-5890	75	20	specific	specific	ADJ
ajeer-5890	75	21	factors	factor	NOUN
ajeer-5890	75	22	,	,	PUNCT
ajeer-5890	75	23	as	as	SCONJ
ajeer-5890	75	24	their	their	PRON
ajeer-5890	75	25	investments	investment	NOUN
ajeer-5890	75	26	consider	consider	VERB
ajeer-5890	75	27	ems	ems	PROPN
ajeer-5890	75	28	as	as	ADP
ajeer-5890	75	29	an	an	DET
ajeer-5890	75	30	asset	asset	NOUN
ajeer-5890	75	31	class	class	NOUN
ajeer-5890	75	32	,	,	PUNCT
ajeer-5890	75	33	thus	thus	ADV
ajeer-5890	75	34	focusing	focus	VERB
ajeer-5890	75	35	mainly	mainly	ADV
ajeer-5890	75	36	on	on	ADP
ajeer-5890	75	37	factors	factor	NOUN
ajeer-5890	75	38	that	that	PRON
ajeer-5890	75	39	affect	affect	VERB
ajeer-5890	75	40	ems	ems	PROPN
ajeer-5890	75	41	as	as	ADP
ajeer-5890	75	42	a	a	DET
ajeer-5890	75	43	group	group	NOUN
ajeer-5890	75	44	,	,	PUNCT
ajeer-5890	75	45	rather	rather	ADV
ajeer-5890	75	46	than	than	ADP
ajeer-5890	75	47	on	on	ADP
ajeer-5890	75	48	country	country	NOUN
ajeer-5890	75	49	-	-	PUNCT
ajeer-5890	75	50	specific	specific	ADJ
ajeer-5890	75	51	developments.2	developments.2	NOUN
ajeer-5890	75	52	raddatz	raddatz	NOUN
ajeer-5890	75	53	,	,	PUNCT
ajeer-5890	75	54	schmukler	schmukler	NOUN
ajeer-5890	75	55	,	,	PUNCT
ajeer-5890	75	56	and	and	CCONJ
ajeer-5890	75	57	williams	williams	PROPN
ajeer-5890	75	58	(	(	PUNCT
ajeer-5890	75	59	2017	2017	NUM
ajeer-5890	75	60	)	)	PUNCT
ajeer-5890	75	61	find	find	VERB
ajeer-5890	75	62	that	that	SCONJ
ajeer-5890	75	63	benchmarks	benchmark	NOUN
ajeer-5890	75	64	explain	explain	VERB
ajeer-5890	75	65	,	,	PUNCT
ajeer-5890	75	66	on	on	ADP
ajeer-5890	75	67	average	average	ADJ
ajeer-5890	75	68	,	,	PUNCT
ajeer-5890	75	69	between	between	ADP
ajeer-5890	75	70	40	40	NUM
ajeer-5890	75	71	-	-	SYM
ajeer-5890	75	72	70	70	NUM
ajeer-5890	75	73	percent	percent	NOUN
ajeer-5890	75	74	of	of	ADP
ajeer-5890	75	75	equity	equity	NOUN
ajeer-5890	75	76	and	and	CCONJ
ajeer-5890	75	77	bond	bond	NOUN
ajeer-5890	75	78	mutual	mutual	ADJ
ajeer-5890	75	79	fund	fund	NOUN
ajeer-5890	75	80	portfolio	portfolio	NOUN
ajeer-5890	75	81	allocations	allocation	NOUN
ajeer-5890	75	82	after	after	ADP
ajeer-5890	75	83	controlling	control	VERB
ajeer-5890	75	84	for	for	ADP
ajeer-5890	75	85	country	country	NOUN
ajeer-5890	75	86	-	-	PUNCT
ajeer-5890	75	87	specific	specific	ADJ
ajeer-5890	75	88	effects	effect	NOUN
ajeer-5890	75	89	.	.	PUNCT
ajeer-5890	76	1	rey	rey	PROPN
ajeer-5890	76	2	(	(	PUNCT
ajeer-5890	76	3	2015	2015	NUM
ajeer-5890	76	4	)	)	PUNCT
ajeer-5890	76	5	argues	argue	VERB
ajeer-5890	76	6	that	that	SCONJ
ajeer-5890	76	7	capital	capital	NOUN
ajeer-5890	76	8	flows	flow	NOUN
ajeer-5890	76	9	are	be	AUX
ajeer-5890	76	10	mainly	mainly	ADV
ajeer-5890	76	11	driven	drive	VERB
ajeer-5890	76	12	by	by	ADP
ajeer-5890	76	13	monetary	monetary	ADJ
ajeer-5890	76	14	conditions	condition	NOUN
ajeer-5890	76	15	in	in	ADP
ajeer-5890	76	16	main	main	ADJ
ajeer-5890	76	17	financial	financial	ADJ
ajeer-5890	76	18	centers	center	NOUN
ajeer-5890	76	19	.	.	PUNCT
ajeer-5890	77	1	sienaert	sienaert	NOUN
ajeer-5890	77	2	(	(	PUNCT
ajeer-5890	77	3	2012	2012	NUM
ajeer-5890	77	4	)	)	PUNCT
ajeer-5890	77	5	highlights	highlight	NOUN
ajeer-5890	77	6	the	the	DET
ajeer-5890	77	7	role	role	NOUN
ajeer-5890	77	8	of	of	ADP
ajeer-5890	77	9	benchmark	benchmark	NOUN
ajeer-5890	77	10	index	index	NOUN
ajeer-5890	77	11	inclusion	inclusion	NOUN
ajeer-5890	77	12	,	,	PUNCT
ajeer-5890	77	13	or	or	CCONJ
ajeer-5890	77	14	the	the	DET
ajeer-5890	77	15	risk	risk	NOUN
ajeer-5890	77	16	of	of	ADP
ajeer-5890	77	17	exclusion	exclusion	NOUN
ajeer-5890	77	18	if	if	SCONJ
ajeer-5890	77	19	already	already	ADV
ajeer-5890	77	20	included	include	VERB
ajeer-5890	77	21	,	,	PUNCT
ajeer-5890	77	22	in	in	ADP
ajeer-5890	77	23	affecting	affect	VERB
ajeer-5890	77	24	investment	investment	NOUN
ajeer-5890	77	25	decisions	decision	NOUN
ajeer-5890	77	26	of	of	ADP
ajeer-5890	77	27	institutional	institutional	ADJ
ajeer-5890	77	28	investors	investor	NOUN
ajeer-5890	77	29	.	.	PUNCT
ajeer-5890	78	1	we	we	PRON
ajeer-5890	78	2	model	model	VERB
ajeer-5890	78	3	investor	investor	NOUN
ajeer-5890	78	4	holdings	holding	NOUN
ajeer-5890	78	5	of	of	ADP
ajeer-5890	78	6	lc	lc	NOUN
ajeer-5890	78	7	debt	debt	NOUN
ajeer-5890	78	8	in	in	ADP
ajeer-5890	78	9	indonesia	indonesia	PROPN
ajeer-5890	78	10	as	as	ADP
ajeer-5890	78	11	a	a	DET
ajeer-5890	78	12	function	function	NOUN
ajeer-5890	78	13	of	of	ADP
ajeer-5890	78	14	domestic	domestic	ADJ
ajeer-5890	78	15	and	and	CCONJ
ajeer-5890	78	16	global	global	ADJ
ajeer-5890	78	17	factors	factor	NOUN
ajeer-5890	78	18	.	.	PUNCT
ajeer-5890	79	1	using	use	VERB
ajeer-5890	79	2	timeseries	timeserie	NOUN
ajeer-5890	79	3	data	datum	NOUN
ajeer-5890	79	4	for	for	ADP
ajeer-5890	79	5	indonesia	indonesia	PROPN
ajeer-5890	79	6	,	,	PUNCT
ajeer-5890	79	7	we	we	PRON
ajeer-5890	79	8	examine	examine	VERB
ajeer-5890	79	9	the	the	DET
ajeer-5890	79	10	role	role	NOUN
ajeer-5890	79	11	of	of	ADP
ajeer-5890	79	12	both	both	CCONJ
ajeer-5890	79	13	domestic	domestic	ADJ
ajeer-5890	79	14	and	and	CCONJ
ajeer-5890	79	15	global	global	ADJ
ajeer-5890	79	16	factors	factor	NOUN
ajeer-5890	79	17	in	in	ADP
ajeer-5890	79	18	the	the	DET
ajeer-5890	79	19	investment	investment	NOUN
ajeer-5890	79	20	decisions	decision	NOUN
ajeer-5890	79	21	of	of	ADP
ajeer-5890	79	22	different	different	ADJ
ajeer-5890	79	23	types	type	NOUN
ajeer-5890	79	24	of	of	ADP
ajeer-5890	79	25	resident	resident	NOUN
ajeer-5890	79	26	and	and	CCONJ
ajeer-5890	79	27	non	non	ADJ
ajeer-5890	79	28	-	-	ADJ
ajeer-5890	79	29	resident	resident	ADJ
ajeer-5890	79	30	investors	investor	NOUN
ajeer-5890	79	31	(	(	PUNCT
ajeer-5890	79	32	see	see	VERB
ajeer-5890	79	33	koepke	koepke	PROPN
ajeer-5890	79	34	(	(	PUNCT
ajeer-5890	79	35	2018	2018	NUM
ajeer-5890	79	36	)	)	PUNCT
ajeer-5890	79	37	and	and	CCONJ
ajeer-5890	79	38	hosny	hosny	PROPN
ajeer-5890	79	39	(	(	PUNCT
ajeer-5890	79	40	2020	2020	NUM
ajeer-5890	79	41	)	)	PUNCT
ajeer-5890	79	42	for	for	ADP
ajeer-5890	79	43	a	a	DET
ajeer-5890	79	44	survey	survey	NOUN
ajeer-5890	79	45	of	of	ADP
ajeer-5890	79	46	the	the	DET
ajeer-5890	79	47	empirical	empirical	ADJ
ajeer-5890	79	48	literature	literature	NOUN
ajeer-5890	79	49	)	)	PUNCT
ajeer-5890	79	50	.	.	PUNCT
ajeer-5890	80	1	specifically	specifically	ADV
ajeer-5890	80	2	,	,	PUNCT
ajeer-5890	80	3	using	use	VERB
ajeer-5890	80	4	monthly	monthly	ADJ
ajeer-5890	80	5	data	datum	NOUN
ajeer-5890	80	6	for	for	ADP
ajeer-5890	80	7	indonesia	indonesia	PROPN
ajeer-5890	80	8	over	over	ADP
ajeer-5890	80	9	2002m12	2002m12	PROPN
ajeer-5890	80	10	-	-	PUNCT
ajeer-5890	80	11	2022m12	2022m12	NUM
ajeer-5890	80	12	,	,	PUNCT
ajeer-5890	80	13	we	we	PRON
ajeer-5890	80	14	estimate	estimate	VERB
ajeer-5890	80	15	the	the	DET
ajeer-5890	80	16	following	follow	VERB
ajeer-5890	80	17	equation	equation	NOUN
ajeer-5890	80	18	:	:	PUNCT
ajeer-5890	80	19	investor	investor	NOUN
ajeer-5890	80	20	holdings𝑡	holdings𝑡	NOUN
ajeer-5890	80	21	=	=	SYM
ajeer-5890	80	22	𝛽0	𝛽0	PROPN
ajeer-5890	80	23	+	+	CCONJ
ajeer-5890	80	24	𝛽1𝑑𝑜𝑚𝑒𝑠𝑡𝑖𝑐𝑡	𝛽1𝑑𝑜𝑚𝑒𝑠𝑡𝑖𝑐𝑡	NOUN
ajeer-5890	80	25	+	+	CCONJ
ajeer-5890	80	26	𝛽2𝑔𝑙𝑜𝑏𝑎𝑙𝑡	𝛽2𝑔𝑙𝑜𝑏𝑎𝑙𝑡	NOUN
ajeer-5890	80	27	+	+	CCONJ
ajeer-5890	80	28	𝜀𝑡	𝜀𝑡	ADP
ajeer-5890	80	29	where	where	SCONJ
ajeer-5890	80	30	the	the	DET
ajeer-5890	80	31	dependent	dependent	ADJ
ajeer-5890	80	32	variable	variable	NOUN
ajeer-5890	80	33	represents	represent	VERB
ajeer-5890	80	34	different	different	ADJ
ajeer-5890	80	35	investor	investor	NOUN
ajeer-5890	80	36	holdings	holding	NOUN
ajeer-5890	80	37	of	of	ADP
ajeer-5890	80	38	indonesia	indonesia	PROPN
ajeer-5890	80	39	’s	’s	PART
ajeer-5890	80	40	lc	lc	PROPN
ajeer-5890	80	41	tradable	tradable	ADJ
ajeer-5890	80	42	debt	debt	NOUN
ajeer-5890	80	43	securities	security	NOUN
ajeer-5890	80	44	.	.	PUNCT
ajeer-5890	81	1	the	the	DET
ajeer-5890	81	2	investors	investor	NOUN
ajeer-5890	81	3	include	include	VERB
ajeer-5890	81	4	foreign	foreign	ADJ
ajeer-5890	81	5	investors	investor	NOUN
ajeer-5890	81	6	(	(	PUNCT
ajeer-5890	81	7	lcdebt_f	lcdebt_f	NOUN
ajeer-5890	81	8	)	)	PUNCT
ajeer-5890	81	9	,	,	PUNCT
ajeer-5890	81	10	domestic	domestic	ADJ
ajeer-5890	81	11	banks	bank	NOUN
ajeer-5890	81	12	(	(	PUNCT
ajeer-5890	81	13	lcdebt_bank	lcdebt_bank	PROPN
ajeer-5890	81	14	)	)	PUNCT
ajeer-5890	81	15	,	,	PUNCT
ajeer-5890	81	16	bi	bi	NOUN
ajeer-5890	81	17	(	(	PUNCT
ajeer-5890	81	18	lcdebt_bi	lcdebt_bi	PROPN
ajeer-5890	81	19	)	)	PUNCT
ajeer-5890	81	20	,	,	PUNCT
ajeer-5890	81	21	and	and	CCONJ
ajeer-5890	81	22	nonbank	nonbank	NOUN
ajeer-5890	81	23	residents	resident	NOUN
ajeer-5890	81	24	or	or	CCONJ
ajeer-5890	81	25	institutional	institutional	ADJ
ajeer-5890	81	26	investors	investor	NOUN
ajeer-5890	81	27	(	(	PUNCT
ajeer-5890	81	28	lcdebt_nbres	lcdebt_nbres	PROPN
ajeer-5890	81	29	)	)	PUNCT
ajeer-5890	81	30	.	.	PUNCT
ajeer-5890	82	1	we	we	PRON
ajeer-5890	82	2	regress	regress	VERB
ajeer-5890	82	3	the	the	DET
ajeer-5890	82	4	holdings	holding	NOUN
ajeer-5890	82	5	of	of	ADP
ajeer-5890	82	6	these	these	DET
ajeer-5890	82	7	investor	investor	NOUN
ajeer-5890	82	8	types	type	NOUN
ajeer-5890	82	9	on	on	ADP
ajeer-5890	82	10	a	a	DET
ajeer-5890	82	11	set	set	NOUN
ajeer-5890	82	12	of	of	ADP
ajeer-5890	82	13	domestic	domestic	ADJ
ajeer-5890	82	14	and	and	CCONJ
ajeer-5890	82	15	global	global	ADJ
ajeer-5890	82	16	variables	variable	NOUN
ajeer-5890	82	17	following	follow	VERB
ajeer-5890	82	18	the	the	DET
ajeer-5890	82	19	literature	literature	NOUN
ajeer-5890	82	20	(	(	PUNCT
ajeer-5890	82	21	bae	bae	NOUN
ajeer-5890	82	22	,	,	PUNCT
ajeer-5890	82	23	2012	2012	NUM
ajeer-5890	82	24	;	;	PUNCT
ajeer-5890	82	25	fang	fang	X
ajeer-5890	82	26	,	,	PUNCT
ajeer-5890	82	27	hardy	hardy	ADJ
ajeer-5890	82	28	,	,	PUNCT
ajeer-5890	82	29	&	&	CCONJ
ajeer-5890	82	30	lewis	lewis	PROPN
ajeer-5890	82	31	,	,	PUNCT
ajeer-5890	82	32	2022	2022	NUM
ajeer-5890	82	33	;	;	PUNCT
ajeer-5890	82	34	grigorian	grigorian	NOUN
ajeer-5890	82	35	,	,	PUNCT
ajeer-5890	82	36	2019	2019	NUM
ajeer-5890	82	37	;	;	PUNCT
ajeer-5890	82	38	koepke	koepke	PROPN
ajeer-5890	82	39	,	,	PUNCT
ajeer-5890	82	40	2018	2018	NUM
ajeer-5890	82	41	;	;	PUNCT
ajeer-5890	82	42	konopczak	konopczak	PROPN
ajeer-5890	82	43	,	,	PUNCT
ajeer-5890	82	44	2015	2015	NUM
ajeer-5890	82	45	;	;	PUNCT
ajeer-5890	82	46	rey	rey	PROPN
ajeer-5890	82	47	,	,	PUNCT
ajeer-5890	82	48	2015	2015	NUM
ajeer-5890	82	49	)	)	PUNCT
ajeer-5890	82	50	.	.	PUNCT
ajeer-5890	83	1	all	all	DET
ajeer-5890	83	2	variables	variable	NOUN
ajeer-5890	83	3	,	,	PUNCT
ajeer-5890	83	4	except	except	SCONJ
ajeer-5890	83	5	bond	bond	NOUN
ajeer-5890	83	6	yields	yield	NOUN
ajeer-5890	83	7	,	,	PUNCT
ajeer-5890	83	8	are	be	AUX
ajeer-5890	83	9	expressed	express	VERB
ajeer-5890	83	10	in	in	ADP
ajeer-5890	83	11	logs	log	NOUN
ajeer-5890	83	12	.	.	PUNCT
ajeer-5890	84	1	•	•	NUM
ajeer-5890	84	2	domestic	domestic	ADJ
ajeer-5890	84	3	factors	factor	NOUN
ajeer-5890	84	4	include	include	VERB
ajeer-5890	84	5	the	the	DET
ajeer-5890	84	6	rate	rate	NOUN
ajeer-5890	84	7	of	of	ADP
ajeer-5890	84	8	return	return	NOUN
ajeer-5890	84	9	on	on	ADP
ajeer-5890	84	10	domestic	domestic	ADJ
ajeer-5890	84	11	securities	security	NOUN
ajeer-5890	84	12	,	,	PUNCT
ajeer-5890	84	13	specifically	specifically	ADV
ajeer-5890	84	14	the	the	DET
ajeer-5890	84	15	ten	ten	NUM
ajeer-5890	84	16	-	-	PUNCT
ajeer-5890	84	17	year	year	NOUN
ajeer-5890	84	18	sovereign	sovereign	ADJ
ajeer-5890	84	19	bond	bond	NOUN
ajeer-5890	84	20	yield	yield	NOUN
ajeer-5890	84	21	(	(	PUNCT
ajeer-5890	84	22	yield_10y	yield_10y	PROPN
ajeer-5890	84	23	)	)	PUNCT
ajeer-5890	84	24	,	,	PUNCT
ajeer-5890	84	25	and	and	CCONJ
ajeer-5890	84	26	lc	lc	NOUN
ajeer-5890	84	27	debt	debt	NOUN
ajeer-5890	84	28	issuances	issuance	NOUN
ajeer-5890	84	29	(	(	PUNCT
ajeer-5890	84	30	issuances	issuance	NOUN
ajeer-5890	84	31	)	)	PUNCT
ajeer-5890	84	32	.	.	PUNCT
ajeer-5890	85	1	•	•	NUM
ajeer-5890	85	2	global	global	ADJ
ajeer-5890	85	3	factors	factor	NOUN
ajeer-5890	85	4	include	include	VERB
ajeer-5890	85	5	an	an	DET
ajeer-5890	85	6	index	index	NOUN
ajeer-5890	85	7	of	of	ADP
ajeer-5890	85	8	global	global	ADJ
ajeer-5890	85	9	commodity	commodity	NOUN
ajeer-5890	85	10	prices	price	NOUN
ajeer-5890	85	11	(	(	PUNCT
ajeer-5890	85	12	comm	comm	NOUN
ajeer-5890	85	13	prices	price	NOUN
ajeer-5890	85	14	)	)	PUNCT
ajeer-5890	85	15	as	as	SCONJ
ajeer-5890	85	16	indonesia	indonesia	PROPN
ajeer-5890	85	17	is	be	AUX
ajeer-5890	85	18	a	a	DET
ajeer-5890	85	19	diversified	diversify	VERB
ajeer-5890	85	20	commodity	commodity	NOUN
ajeer-5890	85	21	exporter	exporter	NOUN
ajeer-5890	85	22	,	,	PUNCT
ajeer-5890	85	23	a	a	DET
ajeer-5890	85	24	measure	measure	NOUN
ajeer-5890	85	25	of	of	ADP
ajeer-5890	85	26	global	global	ADJ
ajeer-5890	85	27	financial	financial	ADJ
ajeer-5890	85	28	volatility	volatility	NOUN
ajeer-5890	85	29	in	in	ADP
ajeer-5890	85	30	bonds	bond	NOUN
ajeer-5890	85	31	(	(	PUNCT
ajeer-5890	85	32	move),3	move),3	PROPN
ajeer-5890	85	33	as	as	ADV
ajeer-5890	85	34	well	well	ADV
ajeer-5890	85	35	as	as	ADP
ajeer-5890	85	36	the	the	DET
ajeer-5890	85	37	ten	ten	NUM
ajeer-5890	85	38	-	-	PUNCT
ajeer-5890	85	39	year	year	NOUN
ajeer-5890	85	40	us	us	PROPN
ajeer-5890	85	41	bond	bond	NOUN
ajeer-5890	85	42	yield	yield	NOUN
ajeer-5890	85	43	(	(	PUNCT
ajeer-5890	85	44	yieldus_10y	yieldus_10y	PROPN
ajeer-5890	85	45	)	)	PUNCT
ajeer-5890	85	46	to	to	PART
ajeer-5890	85	47	account	account	VERB
ajeer-5890	85	48	for	for	ADP
ajeer-5890	85	49	the	the	DET
ajeer-5890	85	50	opportunity	opportunity	NOUN
ajeer-5890	85	51	cost	cost	NOUN
ajeer-5890	85	52	of	of	ADP
ajeer-5890	85	53	investing	invest	VERB
ajeer-5890	85	54	in	in	ADP
ajeer-5890	85	55	indonesia	indonesia	PROPN
ajeer-5890	85	56	.	.	PUNCT
ajeer-5890	86	1	to	to	PART
ajeer-5890	86	2	distinguish	distinguish	VERB
ajeer-5890	86	3	long	long	ADV
ajeer-5890	86	4	-	-	PUNCT
ajeer-5890	86	5	run	run	NOUN
ajeer-5890	86	6	from	from	ADP
ajeer-5890	86	7	short	short	ADJ
ajeer-5890	86	8	-	-	PUNCT
ajeer-5890	86	9	run	run	NOUN
ajeer-5890	86	10	effects	effect	NOUN
ajeer-5890	86	11	,	,	PUNCT
ajeer-5890	86	12	we	we	PRON
ajeer-5890	86	13	use	use	VERB
ajeer-5890	86	14	the	the	DET
ajeer-5890	86	15	autoregressive	autoregressive	ADJ
ajeer-5890	86	16	distributed	distribute	VERB
ajeer-5890	86	17	lag	lag	NOUN
ajeer-5890	86	18	(	(	PUNCT
ajeer-5890	86	19	ardl	ardl	NOUN
ajeer-5890	86	20	)	)	PUNCT
ajeer-5890	86	21	co	co	NOUN
ajeer-5890	86	22	-	-	NOUN
ajeer-5890	86	23	integration	integration	NOUN
ajeer-5890	86	24	approach	approach	NOUN
ajeer-5890	86	25	of	of	ADP
ajeer-5890	86	26	pesaran	pesaran	PROPN
ajeer-5890	86	27	et	et	PROPN
ajeer-5890	86	28	al	al	PROPN
ajeer-5890	86	29	.	.	PROPN
ajeer-5890	87	1	(	(	PUNCT
ajeer-5890	87	2	2001	2001	NUM
ajeer-5890	87	3	)	)	PUNCT
ajeer-5890	87	4	.	.	PUNCT
ajeer-5890	88	1	the	the	DET
ajeer-5890	88	2	long	long	ADV
ajeer-5890	88	3	-	-	PUNCT
ajeer-5890	88	4	run	run	NOUN
ajeer-5890	88	5	equation	equation	NOUN
ajeer-5890	88	6	is	be	AUX
ajeer-5890	88	7	represented	represent	VERB
ajeer-5890	88	8	in	in	ADP
ajeer-5890	88	9	levels	level	NOUN
ajeer-5890	88	10	and	and	CCONJ
ajeer-5890	88	11	the	the	DET
ajeer-5890	88	12	short	short	ADJ
ajeer-5890	88	13	-	-	PUNCT
ajeer-5890	88	14	run	run	NOUN
ajeer-5890	88	15	equation	equation	NOUN
ajeer-5890	88	16	is	be	AUX
ajeer-5890	88	17	represented	represent	VERB
ajeer-5890	88	18	as	as	ADP
ajeer-5890	88	19	an	an	DET
ajeer-5890	88	20	error	error	NOUN
ajeer-5890	88	21	correction	correction	NOUN
ajeer-5890	88	22	equation	equation	NOUN
ajeer-5890	88	23	in	in	ADP
ajeer-5890	88	24	first	first	ADJ
ajeer-5890	88	25	differences	difference	NOUN
ajeer-5890	88	26	.	.	PUNCT
ajeer-5890	89	1	both	both	DET
ajeer-5890	89	2	equations	equation	NOUN
ajeer-5890	89	3	are	be	AUX
ajeer-5890	89	4	simultaneously	simultaneously	ADV
ajeer-5890	89	5	estimated	estimate	VERB
ajeer-5890	89	6	by	by	ADP
ajeer-5890	89	7	ordinary	ordinary	ADJ
ajeer-5890	89	8	least	least	ADJ
ajeer-5890	89	9	squares	square	NOUN
ajeer-5890	89	10	(	(	PUNCT
ajeer-5890	89	11	ols	ol	NOUN
ajeer-5890	89	12	)	)	PUNCT
ajeer-5890	89	13	.	.	PUNCT
ajeer-5890	90	1	an	an	DET
ajeer-5890	90	2	advantage	advantage	NOUN
ajeer-5890	90	3	of	of	ADP
ajeer-5890	90	4	the	the	DET
ajeer-5890	90	5	ardl	ardl	NOUN
ajeer-5890	90	6	procedure	procedure	NOUN
ajeer-5890	90	7	is	be	AUX
ajeer-5890	90	8	that	that	SCONJ
ajeer-5890	90	9	it	it	PRON
ajeer-5890	90	10	is	be	AUX
ajeer-5890	90	11	applied	apply	VERB
ajeer-5890	90	12	irrespective	irrespective	ADV
ajeer-5890	90	13	of	of	ADP
ajeer-5890	90	14	the	the	DET
ajeer-5890	90	15	timeseries	timeserie	NOUN
ajeer-5890	90	16	properties	property	NOUN
ajeer-5890	90	17	of	of	ADP
ajeer-5890	90	18	the	the	DET
ajeer-5890	90	19	regressors.4	regressors.4	PROPN
ajeer-5890	90	20	in	in	ADP
ajeer-5890	90	21	estimating	estimate	VERB
ajeer-5890	90	22	the	the	DET
ajeer-5890	90	23	models	model	NOUN
ajeer-5890	90	24	,	,	PUNCT
ajeer-5890	90	25	we	we	PRON
ajeer-5890	90	26	use	use	VERB
ajeer-5890	90	27	information	information	NOUN
ajeer-5890	90	28	criteria	criterion	NOUN
ajeer-5890	90	29	to	to	PART
ajeer-5890	90	30	select	select	VERB
ajeer-5890	90	31	the	the	DET
ajeer-5890	90	32	optimum	optimum	ADJ
ajeer-5890	90	33	lag.5	lag.5	NOUN
ajeer-5890	90	34	results	result	NOUN
ajeer-5890	90	35	point	point	VERB
ajeer-5890	90	36	to	to	ADP
ajeer-5890	90	37	the	the	DET
ajeer-5890	90	38	importance	importance	NOUN
ajeer-5890	90	39	of	of	ADP
ajeer-5890	90	40	global	global	ADJ
ajeer-5890	90	41	factors	factor	NOUN
ajeer-5890	90	42	especially	especially	ADV
ajeer-5890	90	43	for	for	ADP
ajeer-5890	90	44	nonresidents	nonresident	NOUN
ajeer-5890	90	45	,	,	PUNCT
ajeer-5890	90	46	while	while	SCONJ
ajeer-5890	90	47	domestic	domestic	ADJ
ajeer-5890	90	48	investor	investor	NOUN
ajeer-5890	90	49	holdings	holding	NOUN
ajeer-5890	90	50	are	be	AUX
ajeer-5890	90	51	mostly	mostly	ADV
ajeer-5890	90	52	associated	associate	VERB
ajeer-5890	90	53	with	with	ADP
ajeer-5890	90	54	higher	high	ADJ
ajeer-5890	90	55	debt	debt	NOUN
ajeer-5890	90	56	security	security	NOUN
ajeer-5890	90	57	issuances	issuance	NOUN
ajeer-5890	90	58	,	,	PUNCT
ajeer-5890	90	59	and	and	CCONJ
ajeer-5890	90	60	bi	bi	NOUN
ajeer-5890	90	61	acts	act	NOUN
ajeer-5890	90	62	as	as	ADP
ajeer-5890	90	63	a	a	DET
ajeer-5890	90	64	residual	residual	ADJ
ajeer-5890	90	65	financier	financier	NOUN
ajeer-5890	90	66	under	under	ADP
ajeer-5890	90	67	adverse	adverse	ADJ
ajeer-5890	90	68	conditions	condition	NOUN
ajeer-5890	90	69	.	.	PUNCT
ajeer-5890	91	1	1asonuma	1asonuma	NUM
ajeer-5890	91	2	,	,	PUNCT
ajeer-5890	91	3	said	say	VERB
ajeer-5890	91	4	,	,	PUNCT
ajeer-5890	91	5	and	and	CCONJ
ajeer-5890	91	6	heiko	heiko	PROPN
ajeer-5890	91	7	(	(	PUNCT
ajeer-5890	91	8	2015	2015	NUM
ajeer-5890	91	9	)	)	PUNCT
ajeer-5890	91	10	find	find	VERB
ajeer-5890	91	11	that	that	SCONJ
ajeer-5890	91	12	high	high	ADJ
ajeer-5890	91	13	domestic	domestic	ADJ
ajeer-5890	91	14	banks	bank	NOUN
ajeer-5890	91	15	’	'	PUNCT
ajeer-5890	91	16	holdings	holding	NOUN
ajeer-5890	91	17	of	of	ADP
ajeer-5890	91	18	domestic	domestic	ADJ
ajeer-5890	91	19	debt	debt	NOUN
ajeer-5890	91	20	(	(	PUNCT
ajeer-5890	91	21	home	home	NOUN
ajeer-5890	91	22	bias	bias	NOUN
ajeer-5890	91	23	)	)	PUNCT
ajeer-5890	91	24	can	can	AUX
ajeer-5890	91	25	generally	generally	ADV
ajeer-5890	91	26	reduce	reduce	VERB
ajeer-5890	91	27	borrowing	borrowing	NOUN
ajeer-5890	91	28	costs	cost	NOUN
ajeer-5890	91	29	,	,	PUNCT
ajeer-5890	91	30	but	but	CCONJ
ajeer-5890	91	31	this	this	DET
ajeer-5890	91	32	effect	effect	NOUN
ajeer-5890	91	33	diminishes	diminish	VERB
ajeer-5890	91	34	during	during	ADP
ajeer-5890	91	35	crisis	crisis	NOUN
ajeer-5890	91	36	and	and	CCONJ
ajeer-5890	91	37	maybe	maybe	ADV
ajeer-5890	91	38	associated	associate	VERB
ajeer-5890	91	39	with	with	ADP
ajeer-5890	91	40	less	less	ADV
ajeer-5890	91	41	responsive	responsive	ADJ
ajeer-5890	91	42	fiscal	fiscal	ADJ
ajeer-5890	91	43	policy	policy	NOUN
ajeer-5890	91	44	.	.	PUNCT
ajeer-5890	92	1	2	2	NUM
ajeer-5890	92	2	benchmark	benchmark	NOUN
ajeer-5890	92	3	-	-	PUNCT
ajeer-5890	92	4	driven	drive	VERB
ajeer-5890	92	5	investors	investor	NOUN
ajeer-5890	92	6	are	be	AUX
ajeer-5890	92	7	those	those	PRON
ajeer-5890	92	8	who	who	PRON
ajeer-5890	92	9	invest	invest	VERB
ajeer-5890	92	10	in	in	ADP
ajeer-5890	92	11	countries	country	NOUN
ajeer-5890	92	12	through	through	ADP
ajeer-5890	92	13	a	a	DET
ajeer-5890	92	14	fund	fund	NOUN
ajeer-5890	92	15	that	that	SCONJ
ajeer-5890	92	16	either	either	CCONJ
ajeer-5890	92	17	tracks	track	NOUN
ajeer-5890	92	18	or	or	CCONJ
ajeer-5890	92	19	closely	closely	ADV
ajeer-5890	92	20	follows	follow	VERB
ajeer-5890	92	21	a	a	DET
ajeer-5890	92	22	flagship	flagship	NOUN
ajeer-5890	92	23	benchmark	benchmark	NOUN
ajeer-5890	92	24	index	index	NOUN
ajeer-5890	92	25	.	.	PUNCT
ajeer-5890	93	1	one	one	NUM
ajeer-5890	93	2	of	of	ADP
ajeer-5890	93	3	such	such	ADJ
ajeer-5890	93	4	indices	index	NOUN
ajeer-5890	93	5	is	be	AUX
ajeer-5890	93	6	the	the	DET
ajeer-5890	93	7	j.p	j.p	PROPN
ajeer-5890	93	8	.	.	PROPN
ajeer-5890	93	9	morgan	morgan	PROPN
ajeer-5890	93	10	government	government	PROPN
ajeer-5890	93	11	bond	bond	PROPN
ajeer-5890	93	12	index	index	NOUN
ajeer-5890	93	13	-	-	PUNCT
ajeer-5890	93	14	emerging	emerge	VERB
ajeer-5890	93	15	markets	market	NOUN
ajeer-5890	93	16	(	(	PUNCT
ajeer-5890	93	17	gbi	gbi	NOUN
ajeer-5890	93	18	-	-	PUNCT
ajeer-5890	93	19	em	em	PROPN
ajeer-5890	93	20	)	)	PUNCT
ajeer-5890	93	21	,	,	PUNCT
ajeer-5890	93	22	which	which	PRON
ajeer-5890	93	23	tracks	track	VERB
ajeer-5890	93	24	local	local	ADJ
ajeer-5890	93	25	currency	currency	NOUN
ajeer-5890	93	26	bonds	bond	NOUN
ajeer-5890	93	27	issued	issue	VERB
ajeer-5890	93	28	by	by	ADP
ajeer-5890	93	29	ems	ems	PROPN
ajeer-5890	93	30	.	.	PUNCT
ajeer-5890	94	1	indonesia	indonesia	PROPN
ajeer-5890	94	2	has	have	VERB
ajeer-5890	94	3	a	a	DET
ajeer-5890	94	4	weight	weight	NOUN
ajeer-5890	94	5	of	of	ADP
ajeer-5890	94	6	10	10	NUM
ajeer-5890	94	7	percent	percent	NOUN
ajeer-5890	94	8	in	in	ADP
ajeer-5890	94	9	the	the	DET
ajeer-5890	94	10	gbi	gbi	PROPN
ajeer-5890	94	11	-	-	PUNCT
ajeer-5890	94	12	em	em	PROPN
ajeer-5890	94	13	index	index	NOUN
ajeer-5890	94	14	as	as	ADP
ajeer-5890	94	15	of	of	ADP
ajeer-5890	94	16	end	end	NOUN
ajeer-5890	94	17	-	-	PUNCT
ajeer-5890	94	18	december	december	PROPN
ajeer-5890	94	19	2021	2021	NUM
ajeer-5890	94	20	,	,	PUNCT
ajeer-5890	94	21	ahead	ahead	ADV
ajeer-5890	94	22	of	of	ADP
ajeer-5890	94	23	countries	country	NOUN
ajeer-5890	94	24	like	like	ADP
ajeer-5890	94	25	malaysia	malaysia	PROPN
ajeer-5890	94	26	and	and	CCONJ
ajeer-5890	94	27	south	south	PROPN
ajeer-5890	94	28	africa	africa	PROPN
ajeer-5890	94	29	.	.	PUNCT
ajeer-5890	95	1	3	3	NUM
ajeer-5890	95	2	the	the	DET
ajeer-5890	95	3	merrill	merrill	PROPN
ajeer-5890	95	4	lynch	lynch	PROPN
ajeer-5890	95	5	option	option	NOUN
ajeer-5890	95	6	volatility	volatility	NOUN
ajeer-5890	95	7	expectations	expectation	NOUN
ajeer-5890	95	8	(	(	PUNCT
ajeer-5890	95	9	move	move	NOUN
ajeer-5890	95	10	)	)	PUNCT
ajeer-5890	95	11	index	index	NOUN
ajeer-5890	95	12	tracks	track	VERB
ajeer-5890	95	13	the	the	DET
ajeer-5890	95	14	movement	movement	NOUN
ajeer-5890	95	15	in	in	ADP
ajeer-5890	95	16	u.s	u.s	PROPN
ajeer-5890	95	17	.	.	PROPN
ajeer-5890	95	18	treasury	treasury	PROPN
ajeer-5890	95	19	yield	yield	NOUN
ajeer-5890	95	20	volatility	volatility	NOUN
ajeer-5890	95	21	implied	imply	VERB
ajeer-5890	95	22	by	by	ADP
ajeer-5890	95	23	current	current	ADJ
ajeer-5890	95	24	prices	price	NOUN
ajeer-5890	95	25	of	of	ADP
ajeer-5890	95	26	one	one	NUM
ajeer-5890	95	27	-	-	PUNCT
ajeer-5890	95	28	month	month	NOUN
ajeer-5890	95	29	options	option	NOUN
ajeer-5890	95	30	on	on	ADP
ajeer-5890	95	31	2	2	NUM
ajeer-5890	95	32	-	-	PUNCT
ajeer-5890	95	33	year	year	NOUN
ajeer-5890	95	34	,	,	PUNCT
ajeer-5890	95	35	5	5	NUM
ajeer-5890	95	36	-	-	PUNCT
ajeer-5890	95	37	year	year	NOUN
ajeer-5890	95	38	,	,	PUNCT
ajeer-5890	95	39	10	10	NUM
ajeer-5890	95	40	-	-	PUNCT
ajeer-5890	95	41	year	year	NOUN
ajeer-5890	95	42	and	and	CCONJ
ajeer-5890	95	43	30	30	NUM
ajeer-5890	95	44	-	-	PUNCT
ajeer-5890	95	45	year	year	NOUN
ajeer-5890	95	46	treasuries	treasury	NOUN
ajeer-5890	95	47	.	.	PUNCT
ajeer-5890	96	1	it	it	PRON
ajeer-5890	96	2	is	be	AUX
ajeer-5890	96	3	published	publish	VERB
ajeer-5890	96	4	by	by	ADP
ajeer-5890	96	5	ice	ice	NOUN
ajeer-5890	96	6	bofaml	bofaml	NOUN
ajeer-5890	96	7	and	and	CCONJ
ajeer-5890	96	8	can	can	AUX
ajeer-5890	96	9	be	be	AUX
ajeer-5890	96	10	accessed	access	VERB
ajeer-5890	96	11	at	at	ADP
ajeer-5890	96	12	https://macrovar.com/unitedstates/move-index/.	https://macrovar.com/unitedstates/move-index/.	NOUN
ajeer-5890	96	13	it	it	PRON
ajeer-5890	96	14	has	have	AUX
ajeer-5890	96	15	been	be	AUX
ajeer-5890	96	16	cited	cite	VERB
ajeer-5890	96	17	that	that	SCONJ
ajeer-5890	96	18	one	one	PRON
ajeer-5890	96	19	can	can	AUX
ajeer-5890	96	20	think	think	VERB
ajeer-5890	96	21	of	of	ADP
ajeer-5890	96	22	move	move	NOUN
ajeer-5890	96	23	as	as	ADP
ajeer-5890	96	24	the	the	DET
ajeer-5890	96	25	“	"	PUNCT
ajeer-5890	96	26	vix	vix	NOUN
ajeer-5890	96	27	for	for	ADP
ajeer-5890	96	28	bonds	bond	NOUN
ajeer-5890	96	29	”	"	PUNCT
ajeer-5890	96	30	.	.	PUNCT
ajeer-5890	97	1	4	4	NUM
ajeer-5890	97	2	specifically	specifically	ADV
ajeer-5890	97	3	,	,	PUNCT
ajeer-5890	97	4	the	the	DET
ajeer-5890	97	5	pesaran	pesaran	NOUN
ajeer-5890	97	6	et	et	PROPN
ajeer-5890	97	7	al	al	PROPN
ajeer-5890	97	8	.	.	PROPN
ajeer-5890	98	1	(	(	PUNCT
ajeer-5890	98	2	2001	2001	NUM
ajeer-5890	98	3	)	)	PUNCT
ajeer-5890	98	4	bounds	bound	VERB
ajeer-5890	98	5	testing	test	VERB
ajeer-5890	98	6	approach	approach	NOUN
ajeer-5890	98	7	reports	report	VERB
ajeer-5890	98	8	two	two	NUM
ajeer-5890	98	9	sets	set	NOUN
ajeer-5890	98	10	of	of	ADP
ajeer-5890	98	11	critical	critical	ADJ
ajeer-5890	98	12	values	value	NOUN
ajeer-5890	98	13	;	;	PUNCT
ajeer-5890	98	14	an	an	DET
ajeer-5890	98	15	upper	upper	ADJ
ajeer-5890	98	16	bound	bind	VERB
ajeer-5890	98	17	critical	critical	ADJ
ajeer-5890	98	18	value	value	NOUN
ajeer-5890	98	19	assuming	assume	VERB
ajeer-5890	98	20	all	all	DET
ajeer-5890	98	21	variables	variable	NOUN
ajeer-5890	98	22	are	be	AUX
ajeer-5890	98	23	i(1	i(1	NOUN
ajeer-5890	98	24	)	)	PUNCT
ajeer-5890	98	25	,	,	PUNCT
ajeer-5890	98	26	and	and	CCONJ
ajeer-5890	98	27	a	a	DET
ajeer-5890	98	28	lower	lower	ADV
ajeer-5890	98	29	bound	bind	VERB
ajeer-5890	98	30	assuming	assume	VERB
ajeer-5890	98	31	all	all	PRON
ajeer-5890	98	32	are	be	AUX
ajeer-5890	98	33	i(0	i(0	PROPN
ajeer-5890	98	34	)	)	PUNCT
ajeer-5890	98	35	.	.	PUNCT
ajeer-5890	99	1	if	if	SCONJ
ajeer-5890	99	2	the	the	DET
ajeer-5890	99	3	calculated	calculated	ADJ
ajeer-5890	99	4	f	f	NOUN
ajeer-5890	99	5	-	-	PUNCT
ajeer-5890	99	6	statistic	statistic	NOUN
ajeer-5890	99	7	is	be	AUX
ajeer-5890	99	8	above	above	ADP
ajeer-5890	99	9	the	the	DET
ajeer-5890	99	10	upper	upper	ADJ
ajeer-5890	99	11	bound	bound	NOUN
ajeer-5890	99	12	,	,	PUNCT
ajeer-5890	99	13	then	then	ADV
ajeer-5890	99	14	the	the	DET
ajeer-5890	99	15	variables	variable	NOUN
ajeer-5890	99	16	are	be	AUX
ajeer-5890	99	17	jointly	jointly	ADV
ajeer-5890	99	18	statistically	statistically	ADV
ajeer-5890	99	19	significant	significant	ADJ
ajeer-5890	99	20	,	,	PUNCT
ajeer-5890	99	21	indicating	indicate	VERB
ajeer-5890	99	22	long	long	ADJ
ajeer-5890	99	23	-	-	PUNCT
ajeer-5890	99	24	run	run	NOUN
ajeer-5890	99	25	cointegration	cointegration	NOUN
ajeer-5890	99	26	.	.	PUNCT
ajeer-5890	100	1	5	5	NUM
ajeer-5890	100	2	see	see	VERB
ajeer-5890	100	3	bahmani	bahmani	NOUN
ajeer-5890	100	4	-	-	PUNCT
ajeer-5890	100	5	oskooee	oskooee	ADJ
ajeer-5890	100	6	and	and	CCONJ
ajeer-5890	100	7	tanku	tanku	ADJ
ajeer-5890	100	8	(	(	PUNCT
ajeer-5890	100	9	2008	2008	NUM
ajeer-5890	100	10	)	)	PUNCT
ajeer-5890	100	11	for	for	ADP
ajeer-5890	100	12	details	detail	NOUN
ajeer-5890	100	13	.	.	PUNCT
ajeer-5890	101	1	panopoulou	panopoulou	NOUN
ajeer-5890	101	2	and	and	CCONJ
ajeer-5890	101	3	pittis	pittis	PROPN
ajeer-5890	101	4	(	(	PUNCT
ajeer-5890	101	5	2004	2004	NUM
ajeer-5890	101	6	)	)	PUNCT
ajeer-5890	101	7	provide	provide	VERB
ajeer-5890	101	8	evidence	evidence	NOUN
ajeer-5890	101	9	that	that	PRON
ajeer-5890	101	10	ardl	ardl	NOUN
ajeer-5890	101	11	generally	generally	ADV
ajeer-5890	101	12	performs	perform	VERB
ajeer-5890	101	13	better	well	ADJ
ajeer-5890	101	14	than	than	ADP
ajeer-5890	101	15	alternative	alternative	ADJ
ajeer-5890	101	16	methods	method	NOUN
ajeer-5890	101	17	,	,	PUNCT
ajeer-5890	101	18	such	such	ADJ
ajeer-5890	101	19	as	as	ADP
ajeer-5890	101	20	dynamic	dynamic	ADJ
ajeer-5890	101	21	ols	ol	NOUN
ajeer-5890	101	22	,	,	PUNCT
ajeer-5890	101	23	both	both	CCONJ
ajeer-5890	101	24	in	in	ADP
ajeer-5890	101	25	terms	term	NOUN
ajeer-5890	101	26	of	of	ADP
ajeer-5890	101	27	estimation	estimation	NOUN
ajeer-5890	101	28	precision	precision	NOUN
ajeer-5890	101	29	and	and	CCONJ
ajeer-5890	101	30	reliability	reliability	NOUN
ajeer-5890	101	31	of	of	ADP
ajeer-5890	101	32	statistical	statistical	ADJ
ajeer-5890	101	33	inferences	inference	NOUN
ajeer-5890	101	34	.	.	PUNCT
ajeer-5890	102	1	https://macrovar.com/united-states/move-index/	https://macrovar.com/united-states/move-index/	X
ajeer-5890	102	2	https://macrovar.com/united-states/move-index/	https://macrovar.com/united-states/move-index/	X
ajeer-5890	102	3	asian	asian	ADJ
ajeer-5890	102	4	journal	journal	NOUN
ajeer-5890	102	5	of	of	ADP
ajeer-5890	102	6	economics	economic	NOUN
ajeer-5890	102	7	and	and	CCONJ
ajeer-5890	102	8	empirical	empirical	ADJ
ajeer-5890	102	9	research	research	NOUN
ajeer-5890	102	10	,	,	PUNCT
ajeer-5890	102	11	2024	2024	NUM
ajeer-5890	102	12	,	,	PUNCT
ajeer-5890	102	13	11(2	11(2	NUM
ajeer-5890	102	14	):	):	PUNCT
ajeer-5890	102	15	44	44	NUM
ajeer-5890	102	16	-	-	SYM
ajeer-5890	102	17	49	49	NUM
ajeer-5890	102	18	48	48	NUM
ajeer-5890	102	19	©	©	ADP
ajeer-5890	102	20	2024	2024	NUM
ajeer-5890	102	21	by	by	ADP
ajeer-5890	102	22	the	the	DET
ajeer-5890	102	23	author	author	NOUN
ajeer-5890	102	24	;	;	PUNCT
ajeer-5890	102	25	licensee	licensee	PROPN
ajeer-5890	102	26	asian	asian	ADJ
ajeer-5890	102	27	online	online	PROPN
ajeer-5890	102	28	journal	journal	PROPN
ajeer-5890	102	29	publishing	publishing	NOUN
ajeer-5890	102	30	group	group	NOUN
ajeer-5890	102	31	we	we	PRON
ajeer-5890	102	32	find	find	VERB
ajeer-5890	102	33	that	that	SCONJ
ajeer-5890	102	34	foreign	foreign	ADJ
ajeer-5890	102	35	holdings	holding	NOUN
ajeer-5890	102	36	are	be	AUX
ajeer-5890	102	37	associated	associate	VERB
ajeer-5890	102	38	with	with	ADP
ajeer-5890	102	39	global	global	ADJ
ajeer-5890	102	40	factors	factor	NOUN
ajeer-5890	102	41	,	,	PUNCT
ajeer-5890	102	42	such	such	ADJ
ajeer-5890	102	43	as	as	ADP
ajeer-5890	102	44	global	global	ADJ
ajeer-5890	102	45	commodity	commodity	NOUN
ajeer-5890	102	46	prices	price	NOUN
ajeer-5890	102	47	and	and	CCONJ
ajeer-5890	102	48	volatility	volatility	NOUN
ajeer-5890	102	49	in	in	ADP
ajeer-5890	102	50	global	global	ADJ
ajeer-5890	102	51	bond	bond	NOUN
ajeer-5890	102	52	markets	market	NOUN
ajeer-5890	102	53	.	.	PUNCT
ajeer-5890	103	1	see	see	VERB
ajeer-5890	103	2	table	table	NOUN
ajeer-5890	103	3	1	1	NUM
ajeer-5890	103	4	for	for	ADP
ajeer-5890	103	5	full	full	ADJ
ajeer-5890	103	6	results	result	NOUN
ajeer-5890	103	7	.	.	PUNCT
ajeer-5890	104	1	table	table	NOUN
ajeer-5890	104	2	1	1	NUM
ajeer-5890	104	3	.	.	PUNCT
ajeer-5890	105	1	ardl	ardl	NOUN
ajeer-5890	105	2	long	long	ADV
ajeer-5890	105	3	-	-	PUNCT
ajeer-5890	105	4	run	run	NOUN
ajeer-5890	105	5	model	model	NOUN
ajeer-5890	105	6	:	:	PUNCT
ajeer-5890	105	7	2002m12	2002m12	NUM
ajeer-5890	105	8	-	-	SYM
ajeer-5890	105	9	2022m12	2022m12	PROPN
ajeer-5890	105	10	for	for	ADP
ajeer-5890	105	11	indonesia	indonesia	PROPN
ajeer-5890	105	12	.	.	PROPN
ajeer-5890	105	13	lcdebt_f	lcdebt_f	PROPN
ajeer-5890	105	14	lcdebt_banks	lcdebt_bank	NOUN
ajeer-5890	105	15	lcdebt_bi	lcdebt_bi	VERB
ajeer-5890	105	16	lcdebt_nbres	lcdebt_nbre	NOUN
ajeer-5890	105	17	domestic	domestic	ADJ
ajeer-5890	105	18	factors	factor	NOUN
ajeer-5890	105	19	:	:	PUNCT
ajeer-5890	105	20	yield_10y	yield_10y	PROPN
ajeer-5890	105	21	0.249	0.249	NUM
ajeer-5890	105	22	*	*	PUNCT
ajeer-5890	105	23	(	(	PUNCT
ajeer-5890	105	24	0.149	0.149	NUM
ajeer-5890	105	25	)	)	PUNCT
ajeer-5890	105	26	0.044	0.044	NUM
ajeer-5890	105	27	(	(	PUNCT
ajeer-5890	105	28	0.033	0.033	NUM
ajeer-5890	105	29	)	)	PUNCT
ajeer-5890	105	30	0.056	0.056	NUM
ajeer-5890	105	31	(	(	PUNCT
ajeer-5890	105	32	0.063	0.063	NUM
ajeer-5890	105	33	)	)	PUNCT
ajeer-5890	105	34	-0.023	-0.023	PUNCT
ajeer-5890	105	35	(	(	PUNCT
ajeer-5890	105	36	0.026	0.026	NUM
ajeer-5890	105	37	)	)	PUNCT
ajeer-5890	105	38	issuances	issuance	VERB
ajeer-5890	105	39	1.102	1.102	NUM
ajeer-5890	105	40	*	*	NOUN
ajeer-5890	105	41	*	*	PUNCT
ajeer-5890	105	42	*	*	PUNCT
ajeer-5890	105	43	(	(	PUNCT
ajeer-5890	105	44	0.391	0.391	NUM
ajeer-5890	105	45	)	)	PUNCT
ajeer-5890	105	46	0.521	0.521	NUM
ajeer-5890	105	47	*	*	PUNCT
ajeer-5890	105	48	*	*	PUNCT
ajeer-5890	105	49	*	*	PUNCT
ajeer-5890	105	50	(	(	PUNCT
ajeer-5890	105	51	0.093	0.093	NUM
ajeer-5890	105	52	)	)	PUNCT
ajeer-5890	105	53	1.926	1.926	NUM
ajeer-5890	105	54	*	*	PUNCT
ajeer-5890	105	55	*	*	PUNCT
ajeer-5890	105	56	*	*	PUNCT
ajeer-5890	105	57	(	(	PUNCT
ajeer-5890	105	58	0.166	0.166	NUM
ajeer-5890	105	59	)	)	PUNCT
ajeer-5890	105	60	1.196	1.196	NUM
ajeer-5890	105	61	*	*	PUNCT
ajeer-5890	105	62	*	*	PUNCT
ajeer-5890	105	63	*	*	PUNCT
ajeer-5890	105	64	(	(	PUNCT
ajeer-5890	105	65	0.073	0.073	NUM
ajeer-5890	105	66	)	)	PUNCT
ajeer-5890	105	67	global	global	ADJ
ajeer-5890	105	68	factors	factor	NOUN
ajeer-5890	105	69	:	:	PUNCT
ajeer-5890	105	70	yieldus_10y	yieldus_10y	PROPN
ajeer-5890	105	71	-0.103	-0.103	NUM
ajeer-5890	105	72	(	(	PUNCT
ajeer-5890	105	73	0.234	0.234	NUM
ajeer-5890	105	74	)	)	PUNCT
ajeer-5890	105	75	-0.043	-0.043	PRON
ajeer-5890	105	76	(	(	PUNCT
ajeer-5890	105	77	0.083	0.083	NUM
ajeer-5890	105	78	)	)	PUNCT
ajeer-5890	105	79	0.202	0.202	NUM
ajeer-5890	105	80	*	*	PUNCT
ajeer-5890	105	81	(	(	PUNCT
ajeer-5890	105	82	0.106	0.106	NUM
ajeer-5890	105	83	)	)	PUNCT
ajeer-5890	105	84	0.015	0.015	NUM
ajeer-5890	105	85	(	(	PUNCT
ajeer-5890	105	86	0.049	0.049	NUM
ajeer-5890	105	87	)	)	PUNCT
ajeer-5890	105	88	comm	comm	NOUN
ajeer-5890	105	89	prices	price	NOUN
ajeer-5890	105	90	1.783	1.783	NUM
ajeer-5890	105	91	*	*	NOUN
ajeer-5890	105	92	*	*	PUNCT
ajeer-5890	105	93	(	(	PUNCT
ajeer-5890	105	94	0.710	0.710	NUM
ajeer-5890	105	95	)	)	PUNCT
ajeer-5890	105	96	-0.310	-0.310	X
ajeer-5890	105	97	*	*	PUNCT
ajeer-5890	105	98	(	(	PUNCT
ajeer-5890	105	99	0.185	0.185	NUM
ajeer-5890	105	100	)	)	PUNCT
ajeer-5890	105	101	-0.976	-0.976	NOUN
ajeer-5890	105	102	*	*	NOUN
ajeer-5890	105	103	*	*	PUNCT
ajeer-5890	105	104	(	(	PUNCT
ajeer-5890	105	105	0.406	0.406	NUM
ajeer-5890	105	106	)	)	PUNCT
ajeer-5890	105	107	0.187	0.187	NUM
ajeer-5890	105	108	(	(	PUNCT
ajeer-5890	105	109	0.134	0.134	NUM
ajeer-5890	105	110	)	)	PUNCT
ajeer-5890	105	111	move	move	NOUN
ajeer-5890	105	112	-1.949	-1.949	X
ajeer-5890	105	113	*	*	PUNCT
ajeer-5890	105	114	*	*	PUNCT
ajeer-5890	105	115	(	(	PUNCT
ajeer-5890	105	116	0.814	0.814	NUM
ajeer-5890	105	117	)	)	PUNCT
ajeer-5890	105	118	-0.203	-0.203	NUM
ajeer-5890	105	119	(	(	PUNCT
ajeer-5890	105	120	0.158	0.158	NUM
ajeer-5890	105	121	)	)	PUNCT
ajeer-5890	105	122	0.789	0.789	NUM
ajeer-5890	105	123	*	*	PUNCT
ajeer-5890	105	124	*	*	PUNCT
ajeer-5890	105	125	*	*	PUNCT
ajeer-5890	105	126	(	(	PUNCT
ajeer-5890	105	127	0.269	0.269	NUM
ajeer-5890	105	128	)	)	PUNCT
ajeer-5890	105	129	0.427	0.427	NUM
ajeer-5890	105	130	*	*	PUNCT
ajeer-5890	105	131	*	*	PUNCT
ajeer-5890	105	132	*	*	PUNCT
ajeer-5890	105	133	(	(	PUNCT
ajeer-5890	105	134	0.131	0.131	NUM
ajeer-5890	105	135	)	)	PUNCT
ajeer-5890	105	136	observations	observation	NOUN
ajeer-5890	105	137	227	227	NUM
ajeer-5890	105	138	227	227	NUM
ajeer-5890	105	139	206	206	NUM
ajeer-5890	105	140	231	231	NUM
ajeer-5890	105	141	r	r	NOUN
ajeer-5890	105	142	-	-	PUNCT
ajeer-5890	105	143	squared	square	VERB
ajeer-5890	105	144	0.406	0.406	NUM
ajeer-5890	105	145	0.403	0.403	NUM
ajeer-5890	105	146	0.351	0.351	NUM
ajeer-5890	105	147	0.355	0.355	NUM
ajeer-5890	105	148	ardl	ardl	NOUN
ajeer-5890	105	149	(	(	PUNCT
ajeer-5890	105	150	5,4,2,0,1,1	5,4,2,0,1,1	NOUN
ajeer-5890	105	151	)	)	PUNCT
ajeer-5890	105	152	(	(	PUNCT
ajeer-5890	105	153	6,0,6,4,0,1	6,0,6,4,0,1	NOUN
ajeer-5890	105	154	)	)	PUNCT
ajeer-5890	105	155	(	(	PUNCT
ajeer-5890	105	156	4,0,0,0,0,0	4,0,0,0,0,0	NOUN
ajeer-5890	105	157	)	)	PUNCT
ajeer-5890	105	158	(	(	PUNCT
ajeer-5890	105	159	6,2,1,0,0,0	6,2,1,0,0,0	NOUN
ajeer-5890	105	160	)	)	PUNCT
ajeer-5890	105	161	sample	sample	NOUN
ajeer-5890	105	162	full	full	ADJ
ajeer-5890	105	163	full	full	ADJ
ajeer-5890	105	164	full	full	ADJ
ajeer-5890	105	165	full	full	ADJ
ajeer-5890	105	166	note	note	NOUN
ajeer-5890	105	167	:	:	PUNCT
ajeer-5890	105	168	standard	standard	ADJ
ajeer-5890	105	169	errors	error	NOUN
ajeer-5890	105	170	in	in	ADP
ajeer-5890	105	171	parentheses	parenthesis	NOUN
ajeer-5890	105	172	.	.	PUNCT
ajeer-5890	106	1	*	*	PUNCT
ajeer-5890	106	2	*	*	PUNCT
ajeer-5890	106	3	*	*	PUNCT
ajeer-5890	106	4	p<0.01	p<0.01	PROPN
ajeer-5890	106	5	,	,	PUNCT
ajeer-5890	106	6	*	*	PUNCT
ajeer-5890	106	7	*	*	PUNCT
ajeer-5890	106	8	p<0.05	p<0.05	NOUN
ajeer-5890	106	9	,	,	PUNCT
ajeer-5890	106	10	*	*	PUNCT
ajeer-5890	106	11	p<0.1	p<0.1	NOUN
ajeer-5890	106	12	this	this	DET
ajeer-5890	106	13	result	result	NOUN
ajeer-5890	106	14	is	be	AUX
ajeer-5890	106	15	in	in	ADP
ajeer-5890	106	16	line	line	NOUN
ajeer-5890	106	17	with	with	ADP
ajeer-5890	106	18	the	the	DET
ajeer-5890	106	19	"	"	PUNCT
ajeer-5890	106	20	benchmark	benchmark	ADJ
ajeer-5890	106	21	effect	effect	NOUN
ajeer-5890	106	22	"	"	PUNCT
ajeer-5890	106	23	of	of	ADP
ajeer-5890	106	24	rey	rey	PROPN
ajeer-5890	106	25	(	(	PUNCT
ajeer-5890	106	26	2015	2015	NUM
ajeer-5890	106	27	)	)	PUNCT
ajeer-5890	106	28	and	and	CCONJ
ajeer-5890	106	29	arslanalp	arslanalp	PROPN
ajeer-5890	106	30	et	et	PROPN
ajeer-5890	106	31	al	al	PROPN
ajeer-5890	106	32	.	.	PROPN
ajeer-5890	107	1	(	(	PUNCT
ajeer-5890	107	2	2020	2020	NUM
ajeer-5890	107	3	)	)	PUNCT
ajeer-5890	107	4	in	in	ADP
ajeer-5890	107	5	ems.6	ems.6	PROPN
ajeer-5890	107	6	we	we	PRON
ajeer-5890	107	7	also	also	ADV
ajeer-5890	107	8	find	find	VERB
ajeer-5890	107	9	some	some	DET
ajeer-5890	107	10	evidence	evidence	NOUN
ajeer-5890	107	11	that	that	SCONJ
ajeer-5890	107	12	higher	high	ADJ
ajeer-5890	107	13	domestic	domestic	ADJ
ajeer-5890	107	14	yields	yield	NOUN
ajeer-5890	107	15	may	may	AUX
ajeer-5890	107	16	attract	attract	VERB
ajeer-5890	107	17	foreigners	foreigner	NOUN
ajeer-5890	107	18	.	.	PUNCT
ajeer-5890	108	1	all	all	DET
ajeer-5890	108	2	investors	investor	NOUN
ajeer-5890	108	3	seem	seem	VERB
ajeer-5890	108	4	to	to	PART
ajeer-5890	108	5	increase	increase	VERB
ajeer-5890	108	6	their	their	PRON
ajeer-5890	108	7	holdings	holding	NOUN
ajeer-5890	108	8	with	with	ADP
ajeer-5890	108	9	higher	high	ADJ
ajeer-5890	108	10	debt	debt	NOUN
ajeer-5890	108	11	security	security	NOUN
ajeer-5890	108	12	issuances	issuance	NOUN
ajeer-5890	108	13	.	.	PUNCT
ajeer-5890	109	1	holdings	holding	NOUN
ajeer-5890	109	2	of	of	ADP
ajeer-5890	109	3	resident	resident	ADJ
ajeer-5890	109	4	banks	bank	NOUN
ajeer-5890	109	5	and	and	CCONJ
ajeer-5890	109	6	bi	bi	NOUN
ajeer-5890	109	7	seem	seem	VERB
ajeer-5890	109	8	to	to	PART
ajeer-5890	109	9	decrease	decrease	VERB
ajeer-5890	109	10	with	with	ADP
ajeer-5890	109	11	higher	high	ADJ
ajeer-5890	109	12	global	global	ADJ
ajeer-5890	109	13	commodity	commodity	NOUN
ajeer-5890	109	14	prices	price	NOUN
ajeer-5890	109	15	,	,	PUNCT
ajeer-5890	109	16	potentially	potentially	ADV
ajeer-5890	109	17	because	because	SCONJ
ajeer-5890	109	18	in	in	ADP
ajeer-5890	109	19	such	such	ADJ
ajeer-5890	109	20	cases	case	NOUN
ajeer-5890	109	21	nr	nr	NOUN
ajeer-5890	109	22	shares	share	NOUN
ajeer-5890	109	23	increase	increase	VERB
ajeer-5890	109	24	and/or	and/or	CCONJ
ajeer-5890	109	25	banks	bank	NOUN
ajeer-5890	109	26	may	may	AUX
ajeer-5890	109	27	prefer	prefer	VERB
ajeer-5890	109	28	lending	lending	NOUN
ajeer-5890	109	29	to	to	ADP
ajeer-5890	109	30	the	the	DET
ajeer-5890	109	31	private	private	ADJ
ajeer-5890	109	32	sector	sector	NOUN
ajeer-5890	109	33	linked	link	VERB
ajeer-5890	109	34	to	to	ADP
ajeer-5890	109	35	commodities	commodity	NOUN
ajeer-5890	109	36	.	.	PUNCT
ajeer-5890	110	1	the	the	DET
ajeer-5890	110	2	bi	bi	NOUN
ajeer-5890	110	3	increases	increase	VERB
ajeer-5890	110	4	its	its	PRON
ajeer-5890	110	5	holdings	holding	NOUN
ajeer-5890	110	6	with	with	ADP
ajeer-5890	110	7	higher	high	ADJ
ajeer-5890	110	8	debt	debt	NOUN
ajeer-5890	110	9	issuances	issuance	NOUN
ajeer-5890	110	10	as	as	SCONJ
ajeer-5890	110	11	expected	expect	VERB
ajeer-5890	110	12	,	,	PUNCT
ajeer-5890	110	13	but	but	CCONJ
ajeer-5890	110	14	importantly	importantly	ADV
ajeer-5890	110	15	its	its	PRON
ajeer-5890	110	16	holdings	holding	NOUN
ajeer-5890	110	17	are	be	AUX
ajeer-5890	110	18	also	also	ADV
ajeer-5890	110	19	positively	positively	ADV
ajeer-5890	110	20	correlated	correlate	VERB
ajeer-5890	110	21	with	with	ADP
ajeer-5890	110	22	a	a	DET
ajeer-5890	110	23	worsening	worsening	NOUN
ajeer-5890	110	24	in	in	ADP
ajeer-5890	110	25	the	the	DET
ajeer-5890	110	26	global	global	ADJ
ajeer-5890	110	27	factors	factor	NOUN
ajeer-5890	110	28	considered	consider	VERB
ajeer-5890	110	29	in	in	ADP
ajeer-5890	110	30	the	the	DET
ajeer-5890	110	31	regression	regression	NOUN
ajeer-5890	110	32	,	,	PUNCT
ajeer-5890	110	33	indicating	indicate	VERB
ajeer-5890	110	34	that	that	SCONJ
ajeer-5890	110	35	bi	bi	NOUN
ajeer-5890	110	36	acts	act	VERB
ajeer-5890	110	37	as	as	ADP
ajeer-5890	110	38	a	a	DET
ajeer-5890	110	39	residual	residual	ADJ
ajeer-5890	110	40	financier	financier	NOUN
ajeer-5890	110	41	under	under	ADP
ajeer-5890	110	42	adverse	adverse	ADJ
ajeer-5890	110	43	conditions	condition	NOUN
ajeer-5890	110	44	.	.	PUNCT
ajeer-5890	111	1	this	this	DET
ajeer-5890	111	2	result	result	NOUN
ajeer-5890	111	3	is	be	AUX
ajeer-5890	111	4	also	also	ADV
ajeer-5890	111	5	in	in	ADP
ajeer-5890	111	6	line	line	NOUN
ajeer-5890	111	7	with	with	ADP
ajeer-5890	111	8	findings	finding	NOUN
ajeer-5890	111	9	from	from	ADP
ajeer-5890	111	10	the	the	DET
ajeer-5890	111	11	literature	literature	NOUN
ajeer-5890	111	12	on	on	ADP
ajeer-5890	111	13	“	"	PUNCT
ajeer-5890	111	14	home	home	NOUN
ajeer-5890	111	15	bias	bias	NOUN
ajeer-5890	111	16	”	"	PUNCT
ajeer-5890	111	17	;	;	PUNCT
ajeer-5890	111	18	i.e.	i.e.	X
ajeer-5890	111	19	domestic	domestic	ADJ
ajeer-5890	111	20	investors	investor	NOUN
ajeer-5890	111	21	are	be	AUX
ajeer-5890	111	22	willing	willing	ADJ
ajeer-5890	111	23	to	to	PART
ajeer-5890	111	24	hold	hold	VERB
ajeer-5890	111	25	domestic	domestic	ADJ
ajeer-5890	111	26	bonds	bond	NOUN
ajeer-5890	111	27	under	under	ADP
ajeer-5890	111	28	conditions	condition	NOUN
ajeer-5890	111	29	that	that	PRON
ajeer-5890	111	30	would	would	AUX
ajeer-5890	111	31	make	make	VERB
ajeer-5890	111	32	foreign	foreign	ADJ
ajeer-5890	111	33	investors	investor	NOUN
ajeer-5890	111	34	exit	exit	NOUN
ajeer-5890	111	35	(	(	PUNCT
ajeer-5890	111	36	bhattacharya	bhattacharya	PROPN
ajeer-5890	111	37	et	et	PROPN
ajeer-5890	111	38	al	al	PROPN
ajeer-5890	111	39	.	.	PROPN
ajeer-5890	111	40	,	,	PUNCT
ajeer-5890	111	41	2022	2022	NUM
ajeer-5890	111	42	)	)	PUNCT
ajeer-5890	111	43	.	.	PUNCT
ajeer-5890	112	1	results	result	NOUN
ajeer-5890	112	2	are	be	AUX
ajeer-5890	112	3	mostly	mostly	ADV
ajeer-5890	112	4	robust	robust	ADJ
ajeer-5890	112	5	to	to	ADP
ajeer-5890	112	6	different	different	ADJ
ajeer-5890	112	7	specifications	specification	NOUN
ajeer-5890	112	8	.	.	PUNCT
ajeer-5890	113	1	we	we	PRON
ajeer-5890	113	2	experiment	experiment	VERB
ajeer-5890	113	3	with	with	ADP
ajeer-5890	113	4	different	different	ADJ
ajeer-5890	113	5	robustness	robustness	NOUN
ajeer-5890	113	6	checks	check	NOUN
ajeer-5890	113	7	.	.	PUNCT
ajeer-5890	114	1	this	this	PRON
ajeer-5890	114	2	includes	include	VERB
ajeer-5890	114	3	adding	add	VERB
ajeer-5890	114	4	new	new	ADJ
ajeer-5890	114	5	independent	independent	ADJ
ajeer-5890	114	6	variables	variable	NOUN
ajeer-5890	114	7	such	such	ADJ
ajeer-5890	114	8	as	as	ADP
ajeer-5890	114	9	the	the	DET
ajeer-5890	114	10	exchange	exchange	NOUN
ajeer-5890	114	11	rate	rate	NOUN
ajeer-5890	114	12	(	(	PUNCT
ajeer-5890	114	13	idr	idr	PROPN
ajeer-5890	114	14	/	/	SYM
ajeer-5890	114	15	usd	usd	NOUN
ajeer-5890	114	16	)	)	PUNCT
ajeer-5890	114	17	and	and	CCONJ
ajeer-5890	114	18	a	a	DET
ajeer-5890	114	19	measure	measure	NOUN
ajeer-5890	114	20	of	of	ADP
ajeer-5890	114	21	country	country	NOUN
ajeer-5890	114	22	risk	risk	NOUN
ajeer-5890	114	23	(	(	PUNCT
ajeer-5890	114	24	proxied	proxie	VERB
ajeer-5890	114	25	by	by	ADP
ajeer-5890	114	26	the	the	DET
ajeer-5890	114	27	icrg	icrg	ADJ
ajeer-5890	114	28	index),7	index),7	NOUN
ajeer-5890	114	29	as	as	ADV
ajeer-5890	114	30	well	well	ADV
ajeer-5890	114	31	as	as	ADP
ajeer-5890	114	32	different	different	ADJ
ajeer-5890	114	33	definitions	definition	NOUN
ajeer-5890	114	34	of	of	ADP
ajeer-5890	114	35	independent	independent	ADJ
ajeer-5890	114	36	variables	variable	NOUN
ajeer-5890	114	37	,	,	PUNCT
ajeer-5890	114	38	including	include	VERB
ajeer-5890	114	39	yield	yield	NOUN
ajeer-5890	114	40	spreads	spread	NOUN
ajeer-5890	114	41	(	(	PUNCT
ajeer-5890	114	42	instead	instead	ADV
ajeer-5890	114	43	of	of	ADP
ajeer-5890	114	44	domestic	domestic	ADJ
ajeer-5890	114	45	and	and	CCONJ
ajeer-5890	114	46	u.s	u.s	PROPN
ajeer-5890	114	47	.	.	PROPN
ajeer-5890	114	48	yields	yield	NOUN
ajeer-5890	114	49	separately	separately	ADV
ajeer-5890	114	50	)	)	PUNCT
ajeer-5890	114	51	,	,	PUNCT
ajeer-5890	114	52	commodities	commodity	NOUN
ajeer-5890	114	53	(	(	PUNCT
ajeer-5890	114	54	oil	oil	NOUN
ajeer-5890	114	55	vs	vs	ADP
ajeer-5890	114	56	all	all	DET
ajeer-5890	114	57	commodities	commodity	NOUN
ajeer-5890	114	58	)	)	PUNCT
ajeer-5890	114	59	,	,	PUNCT
ajeer-5890	114	60	yield	yield	VERB
ajeer-5890	114	61	maturities	maturity	NOUN
ajeer-5890	114	62	(	(	PUNCT
ajeer-5890	114	63	5y	5y	NOUN
ajeer-5890	114	64	vs	vs	ADP
ajeer-5890	114	65	10y	10y	NUM
ajeer-5890	114	66	)	)	PUNCT
ajeer-5890	114	67	,	,	PUNCT
ajeer-5890	114	68	a	a	DET
ajeer-5890	114	69	measure	measure	NOUN
ajeer-5890	114	70	of	of	ADP
ajeer-5890	114	71	global	global	ADJ
ajeer-5890	114	72	expected	expect	VERB
ajeer-5890	114	73	volatility	volatility	NOUN
ajeer-5890	114	74	of	of	ADP
ajeer-5890	114	75	equities	equity	NOUN
ajeer-5890	114	76	(	(	PUNCT
ajeer-5890	114	77	vix),8	vix),8	NOUN
ajeer-5890	114	78	and	and	CCONJ
ajeer-5890	114	79	real	real	ADJ
ajeer-5890	114	80	instead	instead	ADV
ajeer-5890	114	81	of	of	ADP
ajeer-5890	114	82	nominal	nominal	ADJ
ajeer-5890	114	83	yields	yield	NOUN
ajeer-5890	114	84	.	.	PUNCT
ajeer-5890	115	1	we	we	PRON
ajeer-5890	115	2	also	also	ADV
ajeer-5890	115	3	examine	examine	VERB
ajeer-5890	115	4	different	different	ADJ
ajeer-5890	115	5	sample	sample	NOUN
ajeer-5890	115	6	periods	period	NOUN
ajeer-5890	115	7	(	(	PUNCT
ajeer-5890	115	8	before	before	ADP
ajeer-5890	115	9	covid-19	covid-19	PROPN
ajeer-5890	115	10	)	)	PUNCT
ajeer-5890	115	11	,	,	PUNCT
ajeer-5890	115	12	and	and	CCONJ
ajeer-5890	115	13	different	different	ADJ
ajeer-5890	115	14	definitions	definition	NOUN
ajeer-5890	115	15	of	of	ADP
ajeer-5890	115	16	the	the	DET
ajeer-5890	115	17	dependent	dependent	ADJ
ajeer-5890	115	18	variable	variable	NOUN
ajeer-5890	115	19	(	(	PUNCT
ajeer-5890	115	20	holdings	holding	NOUN
ajeer-5890	115	21	to	to	ADP
ajeer-5890	115	22	gdp	gdp	NOUN
ajeer-5890	115	23	ratio	ratio	NOUN
ajeer-5890	115	24	,	,	PUNCT
ajeer-5890	115	25	and	and	CCONJ
ajeer-5890	115	26	holdings	holding	NOUN
ajeer-5890	115	27	to	to	PART
ajeer-5890	115	28	total	total	VERB
ajeer-5890	115	29	debt	debt	NOUN
ajeer-5890	115	30	ratio	ratio	NOUN
ajeer-5890	115	31	instead	instead	ADV
ajeer-5890	115	32	of	of	ADP
ajeer-5890	115	33	the	the	DET
ajeer-5890	115	34	nominal	nominal	ADJ
ajeer-5890	115	35	value	value	NOUN
ajeer-5890	115	36	of	of	ADP
ajeer-5890	115	37	holdings).9	holdings).9	PROPN
ajeer-5890	115	38	3	3	NUM
ajeer-5890	115	39	.	.	NOUN
ajeer-5890	115	40	conclusion	conclusion	NOUN
ajeer-5890	115	41	and	and	CCONJ
ajeer-5890	115	42	policy	policy	NOUN
ajeer-5890	115	43	implications	implication	NOUN
ajeer-5890	115	44	in	in	ADP
ajeer-5890	115	45	this	this	DET
ajeer-5890	115	46	paper	paper	NOUN
ajeer-5890	115	47	we	we	PRON
ajeer-5890	115	48	find	find	VERB
ajeer-5890	115	49	that	that	SCONJ
ajeer-5890	115	50	nr	nr	PRON
ajeer-5890	115	51	investors	investor	NOUN
ajeer-5890	115	52	in	in	ADP
ajeer-5890	115	53	indonesia	indonesia	PROPN
ajeer-5890	115	54	mostly	mostly	ADV
ajeer-5890	115	55	respond	respond	VERB
ajeer-5890	115	56	to	to	ADP
ajeer-5890	115	57	global	global	ADJ
ajeer-5890	115	58	factors	factor	NOUN
ajeer-5890	115	59	.	.	PUNCT
ajeer-5890	116	1	using	use	VERB
ajeer-5890	116	2	time	time	NOUN
ajeer-5890	116	3	-	-	PUNCT
ajeer-5890	116	4	series	series	NOUN
ajeer-5890	116	5	econometrics	econometric	NOUN
ajeer-5890	116	6	on	on	ADP
ajeer-5890	116	7	indonesian	indonesian	ADJ
ajeer-5890	116	8	data	datum	NOUN
ajeer-5890	116	9	over	over	ADP
ajeer-5890	116	10	2002m2	2002m2	PROPN
ajeer-5890	116	11	-	-	PUNCT
ajeer-5890	116	12	2022m12	2022m12	NUM
ajeer-5890	116	13	,	,	PUNCT
ajeer-5890	116	14	we	we	PRON
ajeer-5890	116	15	find	find	VERB
ajeer-5890	116	16	that	that	SCONJ
ajeer-5890	116	17	foreign	foreign	ADJ
ajeer-5890	116	18	participation	participation	NOUN
ajeer-5890	116	19	in	in	ADP
ajeer-5890	116	20	the	the	DET
ajeer-5890	116	21	lc	lc	NOUN
ajeer-5890	116	22	debt	debt	NOUN
ajeer-5890	116	23	market	market	NOUN
ajeer-5890	116	24	in	in	ADP
ajeer-5890	116	25	the	the	DET
ajeer-5890	116	26	long	long	ADV
ajeer-5890	116	27	-	-	PUNCT
ajeer-5890	116	28	run	run	NOUN
ajeer-5890	116	29	is	be	AUX
ajeer-5890	116	30	positively	positively	ADV
ajeer-5890	116	31	correlated	correlate	VERB
ajeer-5890	116	32	with	with	ADP
ajeer-5890	116	33	global	global	ADJ
ajeer-5890	116	34	factors	factor	NOUN
ajeer-5890	116	35	such	such	ADJ
ajeer-5890	116	36	as	as	ADP
ajeer-5890	116	37	global	global	ADJ
ajeer-5890	116	38	commodity	commodity	NOUN
ajeer-5890	116	39	prices	price	NOUN
ajeer-5890	116	40	,	,	PUNCT
ajeer-5890	116	41	volatility	volatility	NOUN
ajeer-5890	116	42	in	in	ADP
ajeer-5890	116	43	global	global	ADJ
ajeer-5890	116	44	bond	bond	NOUN
ajeer-5890	116	45	markets	market	NOUN
ajeer-5890	116	46	,	,	PUNCT
ajeer-5890	116	47	and	and	CCONJ
ajeer-5890	116	48	global	global	ADJ
ajeer-5890	116	49	interest	interest	NOUN
ajeer-5890	116	50	rates	rate	NOUN
ajeer-5890	116	51	.	.	PUNCT
ajeer-5890	117	1	we	we	PRON
ajeer-5890	117	2	also	also	ADV
ajeer-5890	117	3	find	find	VERB
ajeer-5890	117	4	some	some	DET
ajeer-5890	117	5	evidence	evidence	NOUN
ajeer-5890	117	6	that	that	SCONJ
ajeer-5890	117	7	higher	high	ADJ
ajeer-5890	117	8	domestic	domestic	ADJ
ajeer-5890	117	9	yields	yield	NOUN
ajeer-5890	117	10	may	may	AUX
ajeer-5890	117	11	attract	attract	VERB
ajeer-5890	117	12	foreigners	foreigner	NOUN
ajeer-5890	117	13	.	.	PUNCT
ajeer-5890	118	1	domestic	domestic	ADJ
ajeer-5890	118	2	banks	bank	NOUN
ajeer-5890	118	3	and	and	CCONJ
ajeer-5890	118	4	non	non	NOUN
ajeer-5890	118	5	-	-	ADJ
ajeer-5890	118	6	banks	bank	NOUN
ajeer-5890	118	7	tend	tend	VERB
ajeer-5890	118	8	to	to	PART
ajeer-5890	118	9	increase	increase	VERB
ajeer-5890	118	10	their	their	PRON
ajeer-5890	118	11	holdings	holding	NOUN
ajeer-5890	118	12	with	with	ADP
ajeer-5890	118	13	higher	high	ADJ
ajeer-5890	118	14	debt	debt	NOUN
ajeer-5890	118	15	issuances	issuance	NOUN
ajeer-5890	118	16	,	,	PUNCT
ajeer-5890	118	17	and	and	CCONJ
ajeer-5890	118	18	bi	bi	NOUN
ajeer-5890	118	19	acts	act	NOUN
ajeer-5890	118	20	as	as	ADP
ajeer-5890	118	21	a	a	DET
ajeer-5890	118	22	residual	residual	ADJ
ajeer-5890	118	23	financier	financier	NOUN
ajeer-5890	118	24	under	under	ADP
ajeer-5890	118	25	adverse	adverse	ADJ
ajeer-5890	118	26	global	global	ADJ
ajeer-5890	118	27	conditions	condition	NOUN
ajeer-5890	118	28	.	.	PUNCT
ajeer-5890	119	1	even	even	ADV
ajeer-5890	119	2	if	if	SCONJ
ajeer-5890	119	3	global	global	ADJ
ajeer-5890	119	4	factors	factor	NOUN
ajeer-5890	119	5	are	be	AUX
ajeer-5890	119	6	a	a	DET
ajeer-5890	119	7	major	major	ADJ
ajeer-5890	119	8	driver	driver	NOUN
ajeer-5890	119	9	of	of	ADP
ajeer-5890	119	10	nr	nr	PROPN
ajeer-5890	119	11	inflows	inflow	NOUN
ajeer-5890	119	12	,	,	PUNCT
ajeer-5890	119	13	domestic	domestic	ADJ
ajeer-5890	119	14	policies	policy	NOUN
ajeer-5890	119	15	in	in	ADP
ajeer-5890	119	16	ems	ems	PROPN
ajeer-5890	119	17	also	also	ADV
ajeer-5890	119	18	matter	matter	VERB
ajeer-5890	119	19	.	.	PUNCT
ajeer-5890	120	1	this	this	PRON
ajeer-5890	120	2	is	be	AUX
ajeer-5890	120	3	in	in	ADP
ajeer-5890	120	4	line	line	NOUN
ajeer-5890	120	5	with	with	ADP
ajeer-5890	120	6	ghosh	ghosh	PROPN
ajeer-5890	120	7	,	,	PUNCT
ajeer-5890	120	8	ostry	ostry	NOUN
ajeer-5890	120	9	,	,	PUNCT
ajeer-5890	120	10	and	and	CCONJ
ajeer-5890	120	11	qureshi	qureshi	PROPN
ajeer-5890	120	12	(	(	PUNCT
ajeer-5890	120	13	2016	2016	NUM
ajeer-5890	120	14	)	)	PUNCT
ajeer-5890	120	15	and	and	CCONJ
ajeer-5890	120	16	lu	lu	PROPN
ajeer-5890	120	17	and	and	CCONJ
ajeer-5890	120	18	yakovlev	yakovlev	PROPN
ajeer-5890	120	19	(	(	PUNCT
ajeer-5890	120	20	2018	2018	NUM
ajeer-5890	120	21	)	)	PUNCT
ajeer-5890	120	22	.	.	PUNCT
ajeer-5890	121	1	amstad	amstad	PROPN
ajeer-5890	121	2	,	,	PUNCT
ajeer-5890	121	3	eli	eli	PROPN
ajeer-5890	121	4	,	,	PUNCT
ajeer-5890	121	5	and	and	CCONJ
ajeer-5890	121	6	jimmy	jimmy	PROPN
ajeer-5890	121	7	(	(	PUNCT
ajeer-5890	121	8	2016	2016	NUM
ajeer-5890	121	9	)	)	PUNCT
ajeer-5890	121	10	find	find	VERB
ajeer-5890	121	11	similar	similar	ADJ
ajeer-5890	121	12	evidence	evidence	NOUN
ajeer-5890	121	13	,	,	PUNCT
ajeer-5890	121	14	where	where	SCONJ
ajeer-5890	121	15	they	they	PRON
ajeer-5890	121	16	argue	argue	VERB
ajeer-5890	121	17	that	that	SCONJ
ajeer-5890	121	18	while	while	SCONJ
ajeer-5890	121	19	movements	movement	NOUN
ajeer-5890	121	20	in	in	ADP
ajeer-5890	121	21	global	global	ADJ
ajeer-5890	121	22	risk	risk	NOUN
ajeer-5890	121	23	factors	factor	NOUN
ajeer-5890	121	24	determine	determine	VERB
ajeer-5890	121	25	whether	whether	SCONJ
ajeer-5890	121	26	spreads	spread	NOUN
ajeer-5890	121	27	rise	rise	NOUN
ajeer-5890	121	28	or	or	CCONJ
ajeer-5890	121	29	fall	fall	VERB
ajeer-5890	121	30	over	over	ADP
ajeer-5890	121	31	time	time	NOUN
ajeer-5890	121	32	,	,	PUNCT
ajeer-5890	121	33	the	the	DET
ajeer-5890	121	34	extent	extent	NOUN
ajeer-5890	121	35	to	to	PART
ajeer-5890	121	36	which	which	PRON
ajeer-5890	121	37	these	these	PRON
ajeer-5890	121	38	spreads	spread	VERB
ajeer-5890	121	39	rise	rise	NOUN
ajeer-5890	121	40	or	or	CCONJ
ajeer-5890	121	41	fall	fall	NOUN
ajeer-5890	121	42	depends	depend	VERB
ajeer-5890	121	43	on	on	ADP
ajeer-5890	121	44	domestic	domestic	ADJ
ajeer-5890	121	45	country	country	NOUN
ajeer-5890	121	46	-	-	PUNCT
ajeer-5890	121	47	specific	specific	ADJ
ajeer-5890	121	48	factors	factor	NOUN
ajeer-5890	121	49	.	.	PUNCT
ajeer-5890	122	1	strong	strong	ADJ
ajeer-5890	122	2	policies	policy	NOUN
ajeer-5890	122	3	and	and	CCONJ
ajeer-5890	122	4	fundamentals	fundamental	NOUN
ajeer-5890	122	5	during	during	ADP
ajeer-5890	122	6	periods	period	NOUN
ajeer-5890	122	7	of	of	ADP
ajeer-5890	122	8	capital	capital	NOUN
ajeer-5890	122	9	inflows	inflow	NOUN
ajeer-5890	122	10	–	–	PUNCT
ajeer-5890	122	11	such	such	ADJ
ajeer-5890	122	12	as	as	ADP
ajeer-5890	122	13	macroeconomic	macroeconomic	ADJ
ajeer-5890	122	14	stability	stability	NOUN
ajeer-5890	122	15	,	,	PUNCT
ajeer-5890	122	16	fiscal	fiscal	ADJ
ajeer-5890	122	17	and	and	CCONJ
ajeer-5890	122	18	external	external	ADJ
ajeer-5890	122	19	buffers	buffer	NOUN
ajeer-5890	122	20	,	,	PUNCT
ajeer-5890	122	21	and	and	CCONJ
ajeer-5890	122	22	institutional	institutional	ADJ
ajeer-5890	122	23	quality	quality	NOUN
ajeer-5890	122	24	–	–	PUNCT
ajeer-5890	122	25	would	would	AUX
ajeer-5890	122	26	make	make	VERB
ajeer-5890	122	27	the	the	DET
ajeer-5890	122	28	country	country	NOUN
ajeer-5890	122	29	more	more	ADV
ajeer-5890	122	30	resilient	resilient	ADJ
ajeer-5890	122	31	when	when	SCONJ
ajeer-5890	122	32	capital	capital	NOUN
ajeer-5890	122	33	flows	flow	VERB
ajeer-5890	122	34	reverse	reverse	VERB
ajeer-5890	122	35	.	.	PUNCT
ajeer-5890	123	1	references	reference	NOUN
ajeer-5890	123	2	amstad	amstad	PROPN
ajeer-5890	123	3	,	,	PUNCT
ajeer-5890	123	4	m.	m.	NOUN
ajeer-5890	123	5	,	,	PUNCT
ajeer-5890	123	6	eli	eli	PROPN
ajeer-5890	123	7	,	,	PUNCT
ajeer-5890	123	8	r.	r.	PROPN
ajeer-5890	123	9	,	,	PUNCT
ajeer-5890	123	10	&	&	CCONJ
ajeer-5890	123	11	jimmy	jimmy	PROPN
ajeer-5890	123	12	,	,	PUNCT
ajeer-5890	123	13	s.	s.	PROPN
ajeer-5890	123	14	(	(	PUNCT
ajeer-5890	123	15	2016	2016	NUM
ajeer-5890	123	16	)	)	PUNCT
ajeer-5890	123	17	.	.	PUNCT
ajeer-5890	124	1	how	how	SCONJ
ajeer-5890	124	2	do	do	AUX
ajeer-5890	124	3	global	global	ADJ
ajeer-5890	124	4	investors	investor	NOUN
ajeer-5890	124	5	differentiate	differentiate	VERB
ajeer-5890	124	6	between	between	ADP
ajeer-5890	124	7	sovereign	sovereign	ADJ
ajeer-5890	124	8	risks	risk	NOUN
ajeer-5890	124	9	?	?	PUNCT
ajeer-5890	125	1	the	the	DET
ajeer-5890	125	2	new	new	ADJ
ajeer-5890	125	3	normal	normal	ADJ
ajeer-5890	125	4	versus	versus	ADP
ajeer-5890	125	5	the	the	DET
ajeer-5890	125	6	old	old	ADJ
ajeer-5890	125	7	.	.	PUNCT
ajeer-5890	126	1	retrieved	retrieve	VERB
ajeer-5890	126	2	from	from	ADP
ajeer-5890	126	3	bis	bis	ADJ
ajeer-5890	126	4	working	working	PROPN
ajeer-5890	126	5	paper	paper	PROPN
ajeer-5890	127	1	no	no	INTJ
ajeer-5890	127	2	.	.	PROPN
ajeer-5890	128	1	541	541	NUM
ajeer-5890	128	2	.	.	PUNCT
ajeer-5890	129	1	bank	bank	PROPN
ajeer-5890	129	2	for	for	ADP
ajeer-5890	129	3	international	international	ADJ
ajeer-5890	129	4	settlements	settlement	NOUN
ajeer-5890	129	5	:	:	PUNCT
ajeer-5890	129	6	arslanalp	arslanalp	PROPN
ajeer-5890	129	7	,	,	PUNCT
ajeer-5890	129	8	s.	s.	PROPN
ajeer-5890	129	9	,	,	PUNCT
ajeer-5890	129	10	drakopoulos	drakopoulos	PROPN
ajeer-5890	129	11	,	,	PUNCT
ajeer-5890	129	12	d.	d.	PROPN
ajeer-5890	129	13	,	,	PUNCT
ajeer-5890	129	14	goel	goel	PROPN
ajeer-5890	129	15	,	,	PUNCT
ajeer-5890	129	16	r.	r.	PROPN
ajeer-5890	129	17	,	,	PUNCT
ajeer-5890	129	18	&	&	CCONJ
ajeer-5890	129	19	koepke	koepke	PROPN
ajeer-5890	129	20	,	,	PUNCT
ajeer-5890	129	21	r.	r.	PROPN
ajeer-5890	129	22	(	(	PUNCT
ajeer-5890	129	23	2020	2020	NUM
ajeer-5890	129	24	)	)	PUNCT
ajeer-5890	129	25	.	.	PUNCT
ajeer-5890	130	1	benchmark	benchmark	NOUN
ajeer-5890	130	2	-	-	PUNCT
ajeer-5890	130	3	driven	drive	VERB
ajeer-5890	130	4	investments	investment	NOUN
ajeer-5890	130	5	in	in	ADP
ajeer-5890	130	6	emerging	emerge	VERB
ajeer-5890	130	7	market	market	NOUN
ajeer-5890	130	8	bond	bond	NOUN
ajeer-5890	130	9	markets	market	NOUN
ajeer-5890	130	10	:	:	PUNCT
ajeer-5890	130	11	taking	take	VERB
ajeer-5890	130	12	stock	stock	NOUN
ajeer-5890	130	13	.	.	PUNCT
ajeer-5890	131	1	retrieved	retrieve	VERB
ajeer-5890	131	2	from	from	ADP
ajeer-5890	131	3	imf	imf	PROPN
ajeer-5890	131	4	working	working	PROPN
ajeer-5890	131	5	paper	paper	NOUN
ajeer-5890	131	6	no	no	INTJ
ajeer-5890	131	7	.	.	NOUN
ajeer-5890	131	8	20/192	20/192	NUM
ajeer-5890	131	9	.	.	PUNCT
ajeer-5890	132	1	washington	washington	PROPN
ajeer-5890	132	2	,	,	PUNCT
ajeer-5890	132	3	d.c	d.c	PROPN
ajeer-5890	132	4	.	.	PUNCT
ajeer-5890	132	5	:	:	PUNCT
ajeer-5890	133	1	international	international	ADJ
ajeer-5890	133	2	monetary	monetary	ADJ
ajeer-5890	133	3	fund	fund	NOUN
ajeer-5890	133	4	:	:	PUNCT
ajeer-5890	133	5	arslanalp	arslanalp	PROPN
ajeer-5890	133	6	,	,	PUNCT
ajeer-5890	133	7	s.	s.	PROPN
ajeer-5890	133	8	,	,	PUNCT
ajeer-5890	133	9	&	&	CCONJ
ajeer-5890	133	10	tsuda	tsuda	NOUN
ajeer-5890	133	11	,	,	PUNCT
ajeer-5890	133	12	t.	t.	PROPN
ajeer-5890	133	13	(	(	PUNCT
ajeer-5890	133	14	2014	2014	NUM
ajeer-5890	133	15	)	)	PUNCT
ajeer-5890	133	16	.	.	PUNCT
ajeer-5890	134	1	tracking	track	VERB
ajeer-5890	134	2	global	global	ADJ
ajeer-5890	134	3	demand	demand	NOUN
ajeer-5890	134	4	for	for	ADP
ajeer-5890	134	5	emerging	emerge	VERB
ajeer-5890	134	6	market	market	NOUN
ajeer-5890	134	7	sovereign	sovereign	ADJ
ajeer-5890	134	8	debt	debt	NOUN
ajeer-5890	134	9	.	.	PUNCT
ajeer-5890	135	1	retrieved	retrieve	VERB
ajeer-5890	135	2	from	from	ADP
ajeer-5890	135	3	imf	imf	PROPN
ajeer-5890	135	4	working	working	PROPN
ajeer-5890	135	5	paper	paper	PROPN
ajeer-5890	135	6	no	no	INTJ
ajeer-5890	135	7	.	.	PUNCT
ajeer-5890	135	8	14/39	14/39	NUM
ajeer-5890	135	9	.	.	PUNCT
ajeer-5890	136	1	washington	washington	PROPN
ajeer-5890	136	2	,	,	PUNCT
ajeer-5890	136	3	d.c	d.c	PROPN
ajeer-5890	136	4	.	.	PUNCT
ajeer-5890	136	5	:	:	PUNCT
ajeer-5890	137	1	international	international	ADJ
ajeer-5890	137	2	monetary	monetary	ADJ
ajeer-5890	137	3	fund	fund	NOUN
ajeer-5890	137	4	:	:	PUNCT
ajeer-5890	137	5	arslanalp	arslanalp	PROPN
ajeer-5890	137	6	,	,	PUNCT
ajeer-5890	137	7	s.	s.	PROPN
ajeer-5890	137	8	,	,	PUNCT
ajeer-5890	137	9	&	&	CCONJ
ajeer-5890	137	10	tsuda	tsuda	NOUN
ajeer-5890	137	11	,	,	PUNCT
ajeer-5890	137	12	t.	t.	PROPN
ajeer-5890	137	13	(	(	PUNCT
ajeer-5890	137	14	2015	2015	NUM
ajeer-5890	137	15	)	)	PUNCT
ajeer-5890	137	16	.	.	PUNCT
ajeer-5890	138	1	emerging	emerge	VERB
ajeer-5890	138	2	market	market	NOUN
ajeer-5890	138	3	portfolio	portfolio	NOUN
ajeer-5890	138	4	flows	flow	VERB
ajeer-5890	138	5	:	:	PUNCT
ajeer-5890	138	6	the	the	DET
ajeer-5890	138	7	role	role	NOUN
ajeer-5890	138	8	of	of	ADP
ajeer-5890	138	9	benchmark	benchmark	NOUN
ajeer-5890	138	10	-	-	PUNCT
ajeer-5890	138	11	driven	drive	VERB
ajeer-5890	138	12	investors	investor	NOUN
ajeer-5890	138	13	.	.	PUNCT
ajeer-5890	139	1	retrieved	retrieve	VERB
ajeer-5890	139	2	from	from	ADP
ajeer-5890	139	3	imf	imf	PROPN
ajeer-5890	139	4	working	working	PROPN
ajeer-5890	139	5	paper	paper	NOUN
ajeer-5890	139	6	no	no	INTJ
ajeer-5890	139	7	.	.	PROPN
ajeer-5890	140	1	15/263	15/263	NUM
ajeer-5890	140	2	.	.	PUNCT
ajeer-5890	141	1	washington	washington	PROPN
ajeer-5890	141	2	,	,	PUNCT
ajeer-5890	141	3	d.c	d.c	PROPN
ajeer-5890	141	4	.	.	PUNCT
ajeer-5890	141	5	:	:	PUNCT
ajeer-5890	142	1	international	international	ADJ
ajeer-5890	142	2	monetary	monetary	ADJ
ajeer-5890	142	3	fund	fund	PROPN
ajeer-5890	142	4	:	:	PUNCT
ajeer-5890	142	5	asonuma	asonuma	PROPN
ajeer-5890	142	6	,	,	PUNCT
ajeer-5890	142	7	t.	t.	PROPN
ajeer-5890	142	8	,	,	PUNCT
ajeer-5890	142	9	said	say	VERB
ajeer-5890	142	10	,	,	PUNCT
ajeer-5890	142	11	b.	b.	PROPN
ajeer-5890	142	12	,	,	PUNCT
ajeer-5890	142	13	&	&	CCONJ
ajeer-5890	142	14	heiko	heiko	PROPN
ajeer-5890	142	15	,	,	PUNCT
ajeer-5890	142	16	h.	h.	PROPN
ajeer-5890	142	17	(	(	PUNCT
ajeer-5890	142	18	2015	2015	NUM
ajeer-5890	142	19	)	)	PUNCT
ajeer-5890	142	20	.	.	PUNCT
ajeer-5890	143	1	is	be	AUX
ajeer-5890	143	2	banks	bank	NOUN
ajeer-5890	143	3	’	'	PUNCT
ajeer-5890	143	4	home	home	NOUN
ajeer-5890	143	5	bias	bias	NOUN
ajeer-5890	143	6	good	good	ADJ
ajeer-5890	143	7	or	or	CCONJ
ajeer-5890	143	8	bad	bad	ADJ
ajeer-5890	143	9	for	for	ADP
ajeer-5890	143	10	public	public	ADJ
ajeer-5890	143	11	debt	debt	NOUN
ajeer-5890	143	12	sustainability	sustainability	NOUN
ajeer-5890	143	13	?	?	PUNCT
ajeer-5890	144	1	retrieved	retrieve	VERB
ajeer-5890	144	2	from	from	ADP
ajeer-5890	144	3	imf	imf	PROPN
ajeer-5890	144	4	working	working	PROPN
ajeer-5890	144	5	paper	paper	NOUN
ajeer-5890	144	6	no	no	INTJ
ajeer-5890	144	7	.	.	PUNCT
ajeer-5890	145	1	15/44	15/44	NUM
ajeer-5890	145	2	.	.	PUNCT
ajeer-5890	146	1	washington	washington	PROPN
ajeer-5890	146	2	,	,	PUNCT
ajeer-5890	146	3	d.c	d.c	PROPN
ajeer-5890	146	4	.	.	PUNCT
ajeer-5890	146	5	:	:	PUNCT
ajeer-5890	147	1	international	international	ADJ
ajeer-5890	147	2	monetary	monetary	ADJ
ajeer-5890	147	3	fund	fund	NOUN
ajeer-5890	147	4	:	:	PUNCT
ajeer-5890	147	5	bae	bae	NOUN
ajeer-5890	147	6	,	,	PUNCT
ajeer-5890	147	7	k.-h	k.-h	NOUN
ajeer-5890	147	8	.	.	PUNCT
ajeer-5890	147	9	(	(	PUNCT
ajeer-5890	147	10	2012	2012	NUM
ajeer-5890	147	11	)	)	PUNCT
ajeer-5890	147	12	.	.	PUNCT
ajeer-5890	148	1	determinants	determinant	NOUN
ajeer-5890	148	2	of	of	ADP
ajeer-5890	148	3	local	local	ADJ
ajeer-5890	148	4	currency	currency	NOUN
ajeer-5890	148	5	bonds	bond	NOUN
ajeer-5890	148	6	and	and	CCONJ
ajeer-5890	148	7	foreign	foreign	ADJ
ajeer-5890	148	8	holdings	holding	NOUN
ajeer-5890	148	9	:	:	PUNCT
ajeer-5890	148	10	implications	implication	NOUN
ajeer-5890	148	11	for	for	ADP
ajeer-5890	148	12	bond	bond	NOUN
ajeer-5890	148	13	market	market	NOUN
ajeer-5890	148	14	development	development	NOUN
ajeer-5890	148	15	in	in	ADP
ajeer-5890	148	16	the	the	DET
ajeer-5890	148	17	people	people	NOUN
ajeer-5890	148	18	’s	’s	PART
ajeer-5890	148	19	republic	republic	PROPN
ajeer-5890	148	20	of	of	ADP
ajeer-5890	148	21	china	china	PROPN
ajeer-5890	148	22	.	.	PUNCT
ajeer-5890	149	1	retrieved	retrieve	VERB
ajeer-5890	149	2	from	from	ADP
ajeer-5890	149	3	adb	adb	NOUN
ajeer-5890	149	4	working	work	VERB
ajeer-5890	149	5	paper	paper	NOUN
ajeer-5890	149	6	series	series	NOUN
ajeer-5890	149	7	on	on	ADP
ajeer-5890	149	8	regional	regional	ADJ
ajeer-5890	149	9	economic	economic	ADJ
ajeer-5890	149	10	integration	integration	NOUN
ajeer-5890	149	11	no	no	INTJ
ajeer-5890	149	12	.	.	PROPN
ajeer-5890	150	1	97	97	NUM
ajeer-5890	150	2	.	.	PUNCT
ajeer-5890	151	1	asian	asian	PROPN
ajeer-5890	151	2	development	development	PROPN
ajeer-5890	151	3	bank	bank	PROPN
ajeer-5890	151	4	:	:	PUNCT
ajeer-5890	151	5	bahmani	bahmani	ADJ
ajeer-5890	151	6	-	-	PUNCT
ajeer-5890	151	7	oskooee	oskooee	ADJ
ajeer-5890	151	8	,	,	PUNCT
ajeer-5890	151	9	m.	m.	NOUN
ajeer-5890	151	10	,	,	PUNCT
ajeer-5890	151	11	&	&	CCONJ
ajeer-5890	151	12	tanku	tanku	NOUN
ajeer-5890	151	13	,	,	PUNCT
ajeer-5890	151	14	a.	a.	NOUN
ajeer-5890	151	15	(	(	PUNCT
ajeer-5890	151	16	2008	2008	NUM
ajeer-5890	151	17	)	)	PUNCT
ajeer-5890	151	18	.	.	PUNCT
ajeer-5890	152	1	the	the	DET
ajeer-5890	152	2	black	black	ADJ
ajeer-5890	152	3	market	market	NOUN
ajeer-5890	152	4	exchange	exchange	NOUN
ajeer-5890	152	5	rate	rate	NOUN
ajeer-5890	152	6	vs.	vs.	ADP
ajeer-5890	152	7	the	the	DET
ajeer-5890	152	8	official	official	ADJ
ajeer-5890	152	9	rate	rate	NOUN
ajeer-5890	152	10	in	in	ADP
ajeer-5890	152	11	testing	testing	NOUN
ajeer-5890	152	12	ppp	ppp	NOUN
ajeer-5890	152	13	:	:	PUNCT
ajeer-5890	152	14	which	which	DET
ajeer-5890	152	15	rate	rate	NOUN
ajeer-5890	152	16	fosters	foster	VERB
ajeer-5890	152	17	the	the	DET
ajeer-5890	152	18	adjustment	adjustment	NOUN
ajeer-5890	152	19	process	process	NOUN
ajeer-5890	152	20	?	?	PUNCT
ajeer-5890	153	1	economics	economic	NOUN
ajeer-5890	153	2	letters	letter	NOUN
ajeer-5890	153	3	,	,	PUNCT
ajeer-5890	153	4	99(1	99(1	NUM
ajeer-5890	153	5	)	)	PUNCT
ajeer-5890	153	6	,	,	PUNCT
ajeer-5890	153	7	40–43	40–43	NUM
ajeer-5890	153	8	.	.	PROPN
ajeer-5890	154	1	6	6	NUM
ajeer-5890	154	2	hosny	hosny	PROPN
ajeer-5890	154	3	(	(	PUNCT
ajeer-5890	154	4	2020	2020	NUM
ajeer-5890	154	5	)	)	PUNCT
ajeer-5890	154	6	finds	find	VERB
ajeer-5890	154	7	similar	similar	ADJ
ajeer-5890	154	8	evidence	evidence	NOUN
ajeer-5890	154	9	of	of	ADP
ajeer-5890	154	10	the	the	DET
ajeer-5890	154	11	importance	importance	NOUN
ajeer-5890	154	12	of	of	ADP
ajeer-5890	154	13	global	global	ADJ
ajeer-5890	154	14	factors	factor	NOUN
ajeer-5890	154	15	in	in	ADP
ajeer-5890	154	16	nr	nr	NOUN
ajeer-5890	154	17	portfolio	portfolio	NOUN
ajeer-5890	154	18	inflows	inflow	NOUN
ajeer-5890	154	19	into	into	ADP
ajeer-5890	154	20	nigeria	nigeria	PROPN
ajeer-5890	154	21	.	.	PUNCT
ajeer-5890	155	1	7	7	NUM
ajeer-5890	155	2	the	the	DET
ajeer-5890	155	3	international	international	ADJ
ajeer-5890	155	4	country	country	NOUN
ajeer-5890	155	5	risk	risk	NOUN
ajeer-5890	155	6	guide	guide	NOUN
ajeer-5890	155	7	(	(	PUNCT
ajeer-5890	155	8	icrg	icrg	ADJ
ajeer-5890	155	9	)	)	PUNCT
ajeer-5890	155	10	index	index	NOUN
ajeer-5890	155	11	comprises	comprise	VERB
ajeer-5890	155	12	22	22	NUM
ajeer-5890	155	13	variables	variable	NOUN
ajeer-5890	155	14	in	in	ADP
ajeer-5890	155	15	3	3	NUM
ajeer-5890	155	16	subcategories	subcategorie	NOUN
ajeer-5890	155	17	of	of	ADP
ajeer-5890	155	18	risk	risk	NOUN
ajeer-5890	155	19	:	:	PUNCT
ajeer-5890	155	20	political	political	ADJ
ajeer-5890	155	21	,	,	PUNCT
ajeer-5890	155	22	financial	financial	ADJ
ajeer-5890	155	23	,	,	PUNCT
ajeer-5890	155	24	and	and	CCONJ
ajeer-5890	155	25	economic	economic	ADJ
ajeer-5890	155	26	.	.	PUNCT
ajeer-5890	156	1	it	it	PRON
ajeer-5890	156	2	is	be	AUX
ajeer-5890	156	3	available	available	ADJ
ajeer-5890	156	4	at	at	ADP
ajeer-5890	156	5	https://epub.prsgroup.com/products/icrg	https://epub.prsgroup.com/products/icrg	ADJ
ajeer-5890	156	6	,	,	PUNCT
ajeer-5890	156	7	and	and	CCONJ
ajeer-5890	156	8	updated	update	VERB
ajeer-5890	156	9	monthly	monthly	ADV
ajeer-5890	156	10	for	for	ADP
ajeer-5890	156	11	140	140	NUM
ajeer-5890	156	12	countries	country	NOUN
ajeer-5890	156	13	.	.	PUNCT
ajeer-5890	157	1	in	in	ADP
ajeer-5890	157	2	the	the	DET
ajeer-5890	157	3	regressions	regression	NOUN
ajeer-5890	157	4	,	,	PUNCT
ajeer-5890	157	5	we	we	PRON
ajeer-5890	157	6	use	use	VERB
ajeer-5890	157	7	the	the	DET
ajeer-5890	157	8	inverse	inverse	NOUN
ajeer-5890	157	9	of	of	ADP
ajeer-5890	157	10	the	the	DET
ajeer-5890	157	11	icrg	icrg	ADJ
ajeer-5890	157	12	index	index	NOUN
ajeer-5890	157	13	,	,	PUNCT
ajeer-5890	157	14	so	so	SCONJ
ajeer-5890	157	15	that	that	SCONJ
ajeer-5890	157	16	higher	high	ADJ
ajeer-5890	157	17	values	value	NOUN
ajeer-5890	157	18	represent	represent	VERB
ajeer-5890	157	19	more	more	ADJ
ajeer-5890	157	20	risk	risk	NOUN
ajeer-5890	157	21	,	,	PUNCT
ajeer-5890	157	22	so	so	SCONJ
ajeer-5890	157	23	coefficients	coefficient	NOUN
ajeer-5890	157	24	attached	attach	VERB
ajeer-5890	157	25	to	to	ADP
ajeer-5890	157	26	this	this	DET
ajeer-5890	157	27	risk	risk	NOUN
ajeer-5890	157	28	index	index	NOUN
ajeer-5890	157	29	would	would	AUX
ajeer-5890	157	30	have	have	VERB
ajeer-5890	157	31	the	the	DET
ajeer-5890	157	32	same	same	ADJ
ajeer-5890	157	33	interpretation	interpretation	NOUN
ajeer-5890	157	34	as	as	ADP
ajeer-5890	157	35	the	the	DET
ajeer-5890	157	36	vix	vix	PROPN
ajeer-5890	157	37	global	global	PROPN
ajeer-5890	157	38	index	index	PROPN
ajeer-5890	157	39	.	.	PUNCT
ajeer-5890	158	1	8	8	NUM
ajeer-5890	158	2	the	the	DET
ajeer-5890	158	3	vix	vix	PROPN
ajeer-5890	158	4	volatility	volatility	NOUN
ajeer-5890	158	5	index	index	NOUN
ajeer-5890	158	6	,	,	PUNCT
ajeer-5890	158	7	created	create	VERB
ajeer-5890	158	8	by	by	ADP
ajeer-5890	158	9	the	the	DET
ajeer-5890	158	10	chicago	chicago	PROPN
ajeer-5890	158	11	board	board	PROPN
ajeer-5890	158	12	options	option	NOUN
ajeer-5890	158	13	exchange	exchange	PROPN
ajeer-5890	158	14	(	(	PUNCT
ajeer-5890	158	15	cboe	cboe	PROPN
ajeer-5890	158	16	)	)	PUNCT
ajeer-5890	158	17	,	,	PUNCT
ajeer-5890	158	18	is	be	AUX
ajeer-5890	158	19	a	a	DET
ajeer-5890	158	20	real	real	ADJ
ajeer-5890	158	21	-	-	PUNCT
ajeer-5890	158	22	time	time	NOUN
ajeer-5890	158	23	market	market	NOUN
ajeer-5890	158	24	index	index	NOUN
ajeer-5890	158	25	derived	derive	VERB
ajeer-5890	158	26	from	from	ADP
ajeer-5890	158	27	the	the	DET
ajeer-5890	158	28	price	price	NOUN
ajeer-5890	158	29	inputs	input	NOUN
ajeer-5890	158	30	of	of	ADP
ajeer-5890	158	31	the	the	DET
ajeer-5890	158	32	s&p	s&p	PROPN
ajeer-5890	158	33	500	500	NUM
ajeer-5890	158	34	index	index	NOUN
ajeer-5890	158	35	options	option	NOUN
ajeer-5890	158	36	.	.	PUNCT
ajeer-5890	159	1	it	it	PRON
ajeer-5890	159	2	provides	provide	VERB
ajeer-5890	159	3	a	a	DET
ajeer-5890	159	4	measure	measure	NOUN
ajeer-5890	159	5	of	of	ADP
ajeer-5890	159	6	market	market	NOUN
ajeer-5890	159	7	risk	risk	NOUN
ajeer-5890	159	8	and	and	CCONJ
ajeer-5890	159	9	investors	investor	NOUN
ajeer-5890	159	10	'	'	PART
ajeer-5890	159	11	sentiments	sentiment	NOUN
ajeer-5890	159	12	and	and	CCONJ
ajeer-5890	159	13	is	be	AUX
ajeer-5890	159	14	widely	widely	ADV
ajeer-5890	159	15	used	use	VERB
ajeer-5890	159	16	in	in	ADP
ajeer-5890	159	17	the	the	DET
ajeer-5890	159	18	empirical	empirical	ADJ
ajeer-5890	159	19	literature	literature	NOUN
ajeer-5890	159	20	.	.	PUNCT
ajeer-5890	160	1	it	it	PRON
ajeer-5890	160	2	is	be	AUX
ajeer-5890	160	3	available	available	ADJ
ajeer-5890	160	4	at	at	ADP
ajeer-5890	160	5	http://www.cboe.com/vix	http://www.cboe.com/vix	PROPN
ajeer-5890	160	6	.	.	PUNCT
ajeer-5890	161	1	it	it	PRON
ajeer-5890	161	2	is	be	AUX
ajeer-5890	161	3	a	a	DET
ajeer-5890	161	4	wider	wide	ADJ
ajeer-5890	161	5	measure	measure	NOUN
ajeer-5890	161	6	of	of	ADP
ajeer-5890	161	7	volatility	volatility	NOUN
ajeer-5890	161	8	compared	compare	VERB
ajeer-5890	161	9	to	to	PART
ajeer-5890	161	10	move	move	VERB
ajeer-5890	161	11	,	,	PUNCT
ajeer-5890	161	12	as	as	SCONJ
ajeer-5890	161	13	it	it	PRON
ajeer-5890	161	14	measures	measure	VERB
ajeer-5890	161	15	volatility	volatility	NOUN
ajeer-5890	161	16	of	of	ADP
ajeer-5890	161	17	the	the	DET
ajeer-5890	161	18	s&p	s&p	PROPN
ajeer-5890	161	19	500	500	NUM
ajeer-5890	161	20	stock	stock	NOUN
ajeer-5890	161	21	market	market	NOUN
ajeer-5890	161	22	options	option	NOUN
ajeer-5890	161	23	as	as	SCONJ
ajeer-5890	161	24	opposed	oppose	VERB
ajeer-5890	161	25	to	to	ADP
ajeer-5890	161	26	that	that	PRON
ajeer-5890	161	27	of	of	ADP
ajeer-5890	161	28	u.s	u.s	PROPN
ajeer-5890	161	29	.	.	PROPN
ajeer-5890	161	30	bonds	bond	NOUN
ajeer-5890	161	31	only	only	ADV
ajeer-5890	161	32	.	.	PUNCT
ajeer-5890	162	1	simple	simple	ADJ
ajeer-5890	162	2	correlation	correlation	NOUN
ajeer-5890	162	3	between	between	ADP
ajeer-5890	162	4	the	the	DET
ajeer-5890	162	5	vix	vix	NOUN
ajeer-5890	162	6	and	and	CCONJ
ajeer-5890	162	7	move	move	VERB
ajeer-5890	162	8	indices	index	NOUN
ajeer-5890	162	9	over	over	ADP
ajeer-5890	162	10	the	the	DET
ajeer-5890	162	11	sample	sample	NOUN
ajeer-5890	162	12	period	period	NOUN
ajeer-5890	162	13	is	be	AUX
ajeer-5890	162	14	0.64	0.64	NUM
ajeer-5890	162	15	.	.	NOUN
ajeer-5890	162	16	9	9	NUM
ajeer-5890	162	17	results	result	NOUN
ajeer-5890	162	18	are	be	AUX
ajeer-5890	162	19	not	not	PART
ajeer-5890	162	20	shown	show	VERB
ajeer-5890	162	21	for	for	ADP
ajeer-5890	162	22	space	space	NOUN
ajeer-5890	162	23	considerations	consideration	NOUN
ajeer-5890	162	24	.	.	PUNCT
ajeer-5890	163	1	https://epub.prsgroup.com/products/icrg	https://epub.prsgroup.com/products/icrg	PROPN
ajeer-5890	163	2	http://www.cboe.com/vix	http://www.cboe.com/vix	PROPN
ajeer-5890	163	3	asian	asian	ADJ
ajeer-5890	163	4	journal	journal	NOUN
ajeer-5890	163	5	of	of	ADP
ajeer-5890	163	6	economics	economic	NOUN
ajeer-5890	163	7	and	and	CCONJ
ajeer-5890	163	8	empirical	empirical	ADJ
ajeer-5890	163	9	research	research	NOUN
ajeer-5890	163	10	,	,	PUNCT
ajeer-5890	163	11	2024	2024	NUM
ajeer-5890	163	12	,	,	PUNCT
ajeer-5890	163	13	11(2	11(2	NUM
ajeer-5890	163	14	):	):	PUNCT
ajeer-5890	163	15	44	44	NUM
ajeer-5890	163	16	-	-	SYM
ajeer-5890	163	17	49	49	NUM
ajeer-5890	163	18	49	49	NUM
ajeer-5890	163	19	©	©	ADP
ajeer-5890	163	20	2024	2024	NUM
ajeer-5890	163	21	by	by	ADP
ajeer-5890	163	22	the	the	DET
ajeer-5890	163	23	author	author	NOUN
ajeer-5890	163	24	;	;	PUNCT
ajeer-5890	163	25	licensee	licensee	PROPN
ajeer-5890	163	26	asian	asian	ADJ
ajeer-5890	163	27	online	online	PROPN
ajeer-5890	163	28	journal	journal	PROPN
ajeer-5890	163	29	publishing	publishing	PROPN
ajeer-5890	163	30	group	group	PROPN
ajeer-5890	163	31	bhattacharya	bhattacharya	PROPN
ajeer-5890	163	32	,	,	PUNCT
ajeer-5890	163	33	r.	r.	PROPN
ajeer-5890	163	34	,	,	PUNCT
ajeer-5890	163	35	johnson	johnson	PROPN
ajeer-5890	163	36	,	,	PUNCT
ajeer-5890	163	37	k.	k.	PROPN
ajeer-5890	163	38	,	,	PUNCT
ajeer-5890	163	39	nkusu	nkusu	PROPN
ajeer-5890	163	40	,	,	PUNCT
ajeer-5890	163	41	m.	m.	NOUN
ajeer-5890	163	42	,	,	PUNCT
ajeer-5890	163	43	&	&	CCONJ
ajeer-5890	163	44	wang	wang	PROPN
ajeer-5890	163	45	,	,	PUNCT
ajeer-5890	163	46	m.	m.	NOUN
ajeer-5890	163	47	(	(	PUNCT
ajeer-5890	163	48	2022	2022	NUM
ajeer-5890	163	49	)	)	PUNCT
ajeer-5890	163	50	.	.	PUNCT
ajeer-5890	164	1	fiscal	fiscal	ADJ
ajeer-5890	164	2	crises	crisis	NOUN
ajeer-5890	164	3	:	:	PUNCT
ajeer-5890	164	4	the	the	DET
ajeer-5890	164	5	role	role	NOUN
ajeer-5890	164	6	of	of	ADP
ajeer-5890	164	7	the	the	DET
ajeer-5890	164	8	public	public	ADJ
ajeer-5890	164	9	debt	debt	NOUN
ajeer-5890	164	10	investor	investor	NOUN
ajeer-5890	164	11	base	base	NOUN
ajeer-5890	164	12	and	and	CCONJ
ajeer-5890	164	13	domestic	domestic	ADJ
ajeer-5890	164	14	financial	financial	ADJ
ajeer-5890	164	15	markets	market	NOUN
ajeer-5890	164	16	as	as	ADP
ajeer-5890	164	17	aggravating	aggravate	VERB
ajeer-5890	164	18	and	and	CCONJ
ajeer-5890	164	19	mitigating	mitigate	VERB
ajeer-5890	164	20	factors	factor	NOUN
ajeer-5890	164	21	.	.	PUNCT
ajeer-5890	165	1	retrieved	retrieve	VERB
ajeer-5890	165	2	from	from	ADP
ajeer-5890	165	3	imf	imf	PROPN
ajeer-5890	165	4	working	working	PROPN
ajeer-5890	165	5	paper	paper	NOUN
ajeer-5890	165	6	no	no	INTJ
ajeer-5890	165	7	.	.	PUNCT
ajeer-5890	166	1	22/240	22/240	NUM
ajeer-5890	166	2	.	.	PUNCT
ajeer-5890	167	1	washington	washington	PROPN
ajeer-5890	167	2	,	,	PUNCT
ajeer-5890	167	3	d.c	d.c	PROPN
ajeer-5890	167	4	.	.	PUNCT
ajeer-5890	167	5	:	:	PUNCT
ajeer-5890	168	1	international	international	ADJ
ajeer-5890	168	2	monetary	monetary	ADJ
ajeer-5890	168	3	fund	fund	NOUN
ajeer-5890	168	4	:	:	PUNCT
ajeer-5890	168	5	bis	bis	PROPN
ajeer-5890	168	6	.	.	PUNCT
ajeer-5890	168	7	(	(	PUNCT
ajeer-5890	168	8	2007	2007	NUM
ajeer-5890	168	9	)	)	PUNCT
ajeer-5890	168	10	.	.	PUNCT
ajeer-5890	169	1	financial	financial	ADJ
ajeer-5890	169	2	stability	stability	NOUN
ajeer-5890	169	3	and	and	CCONJ
ajeer-5890	169	4	local	local	ADJ
ajeer-5890	169	5	currency	currency	NOUN
ajeer-5890	169	6	bond	bond	NOUN
ajeer-5890	169	7	markets	market	NOUN
ajeer-5890	169	8	.	.	PUNCT
ajeer-5890	170	1	retrieved	retrieve	VERB
ajeer-5890	170	2	from	from	ADP
ajeer-5890	170	3	cgfs	cgfs	NOUN
ajeer-5890	170	4	papers	paper	NOUN
ajeer-5890	170	5	no	no	INTJ
ajeer-5890	170	6	.	.	PROPN
ajeer-5890	170	7	28	28	NUM
ajeer-5890	170	8	,	,	PUNCT
ajeer-5890	170	9	committee	committee	NOUN
ajeer-5890	170	10	on	on	ADP
ajeer-5890	170	11	the	the	DET
ajeer-5890	170	12	global	global	ADJ
ajeer-5890	170	13	financial	financial	ADJ
ajeer-5890	170	14	system	system	NOUN
ajeer-5890	170	15	.	.	PUNCT
ajeer-5890	171	1	basel	basel	PROPN
ajeer-5890	171	2	:	:	PUNCT
ajeer-5890	171	3	bank	bank	PROPN
ajeer-5890	171	4	for	for	ADP
ajeer-5890	171	5	international	international	ADJ
ajeer-5890	171	6	settlements	settlement	NOUN
ajeer-5890	171	7	:	:	PUNCT
ajeer-5890	171	8	brandão	brandão	NOUN
ajeer-5890	171	9	-	-	PUNCT
ajeer-5890	171	10	marques	marques	PROPN
ajeer-5890	171	11	,	,	PUNCT
ajeer-5890	171	12	luis	luis	PROPN
ajeer-5890	171	13	,	,	PUNCT
ajeer-5890	171	14	g.	g.	PROPN
ajeer-5890	171	15	g.	g.	PROPN
ajeer-5890	171	16	,	,	PUNCT
ajeer-5890	171	17	ichiue	ichiue	VERB
ajeer-5890	171	18	.	.	PROPN
ajeer-5890	171	19	,	,	PUNCT
ajeer-5890	171	20	h.	h.	PROPN
ajeer-5890	171	21	,	,	PUNCT
ajeer-5890	171	22	&	&	CCONJ
ajeer-5890	171	23	oura	oura	PROPN
ajeer-5890	171	24	.	.	PROPN
ajeer-5890	171	25	,	,	PUNCT
ajeer-5890	171	26	h.	h.	PROPN
ajeer-5890	171	27	(	(	PUNCT
ajeer-5890	171	28	2015	2015	NUM
ajeer-5890	171	29	)	)	PUNCT
ajeer-5890	171	30	.	.	PUNCT
ajeer-5890	172	1	changes	change	NOUN
ajeer-5890	172	2	in	in	ADP
ajeer-5890	172	3	the	the	DET
ajeer-5890	172	4	global	global	ADJ
ajeer-5890	172	5	investor	investor	NOUN
ajeer-5890	172	6	base	base	NOUN
ajeer-5890	172	7	and	and	CCONJ
ajeer-5890	172	8	the	the	DET
ajeer-5890	172	9	stability	stability	NOUN
ajeer-5890	172	10	of	of	ADP
ajeer-5890	172	11	portfolio	portfolio	NOUN
ajeer-5890	172	12	flows	flow	VERB
ajeer-5890	172	13	to	to	ADP
ajeer-5890	172	14	emerging	emerge	VERB
ajeer-5890	172	15	markets	market	NOUN
ajeer-5890	172	16	.	.	PUNCT
ajeer-5890	173	1	retrieved	retrieve	VERB
ajeer-5890	173	2	from	from	ADP
ajeer-5890	173	3	imf	imf	PROPN
ajeer-5890	173	4	working	working	PROPN
ajeer-5890	173	5	paper	paper	NOUN
ajeer-5890	173	6	no	no	INTJ
ajeer-5890	173	7	.	.	PUNCT
ajeer-5890	174	1	15/277	15/277	NUM
ajeer-5890	174	2	.	.	PUNCT
ajeer-5890	175	1	washington	washington	PROPN
ajeer-5890	175	2	,	,	PUNCT
ajeer-5890	175	3	d.c	d.c	PROPN
ajeer-5890	175	4	:	:	PUNCT
ajeer-5890	175	5	international	international	ADJ
ajeer-5890	175	6	monetary	monetary	ADJ
ajeer-5890	175	7	fund	fund	NOUN
ajeer-5890	175	8	:	:	PUNCT
ajeer-5890	175	9	broner	broner	PROPN
ajeer-5890	175	10	,	,	PUNCT
ajeer-5890	175	11	f.	f.	PROPN
ajeer-5890	175	12	,	,	PUNCT
ajeer-5890	175	13	erce	erce	PROPN
ajeer-5890	175	14	,	,	PUNCT
ajeer-5890	175	15	a.	a.	PROPN
ajeer-5890	175	16	,	,	PUNCT
ajeer-5890	175	17	martin	martin	PROPN
ajeer-5890	175	18	,	,	PUNCT
ajeer-5890	175	19	a.	a.	PROPN
ajeer-5890	175	20	,	,	PUNCT
ajeer-5890	175	21	&	&	CCONJ
ajeer-5890	175	22	ventura	ventura	PROPN
ajeer-5890	175	23	,	,	PUNCT
ajeer-5890	175	24	j.	j.	PROPN
ajeer-5890	175	25	(	(	PUNCT
ajeer-5890	175	26	2014	2014	NUM
ajeer-5890	175	27	)	)	PUNCT
ajeer-5890	175	28	.	.	PUNCT
ajeer-5890	176	1	sovereign	sovereign	ADJ
ajeer-5890	176	2	debt	debt	NOUN
ajeer-5890	176	3	markets	market	NOUN
ajeer-5890	176	4	in	in	ADP
ajeer-5890	176	5	turbulent	turbulent	ADJ
ajeer-5890	176	6	times	time	NOUN
ajeer-5890	176	7	:	:	PUNCT
ajeer-5890	176	8	creditor	creditor	NOUN
ajeer-5890	176	9	discrimination	discrimination	NOUN
ajeer-5890	176	10	and	and	CCONJ
ajeer-5890	176	11	crowding	crowd	VERB
ajeer-5890	176	12	-	-	PUNCT
ajeer-5890	176	13	out	out	ADP
ajeer-5890	176	14	effects	effect	NOUN
ajeer-5890	176	15	.	.	PUNCT
ajeer-5890	177	1	journal	journal	NOUN
ajeer-5890	177	2	of	of	ADP
ajeer-5890	177	3	monetary	monetary	ADJ
ajeer-5890	177	4	economics	economic	NOUN
ajeer-5890	177	5	,	,	PUNCT
ajeer-5890	177	6	61	61	NUM
ajeer-5890	177	7	,	,	PUNCT
ajeer-5890	177	8	114	114	NUM
ajeer-5890	177	9	-	-	SYM
ajeer-5890	177	10	142	142	NUM
ajeer-5890	177	11	.	.	PUNCT
ajeer-5890	178	1	https://doi.org/10.1016/j.jmoneco.2013.11.009	https://doi.org/10.1016/j.jmoneco.2013.11.009	ADJ
ajeer-5890	178	2	burger	burger	NOUN
ajeer-5890	178	3	,	,	PUNCT
ajeer-5890	178	4	j.	j.	PROPN
ajeer-5890	178	5	d.	d.	PROPN
ajeer-5890	178	6	,	,	PUNCT
ajeer-5890	178	7	&	&	CCONJ
ajeer-5890	178	8	warnock	warnock	PROPN
ajeer-5890	178	9	,	,	PUNCT
ajeer-5890	178	10	f.	f.	PROPN
ajeer-5890	178	11	e.	e.	PROPN
ajeer-5890	178	12	(	(	PUNCT
ajeer-5890	178	13	2007	2007	NUM
ajeer-5890	178	14	)	)	PUNCT
ajeer-5890	178	15	.	.	PUNCT
ajeer-5890	179	1	foreign	foreign	ADJ
ajeer-5890	179	2	participation	participation	NOUN
ajeer-5890	179	3	in	in	ADP
ajeer-5890	179	4	local	local	ADJ
ajeer-5890	179	5	currency	currency	NOUN
ajeer-5890	179	6	bond	bond	NOUN
ajeer-5890	179	7	markets	market	NOUN
ajeer-5890	179	8	.	.	PUNCT
ajeer-5890	180	1	review	review	NOUN
ajeer-5890	180	2	of	of	ADP
ajeer-5890	180	3	financial	financial	ADJ
ajeer-5890	180	4	economics	economic	NOUN
ajeer-5890	180	5	,	,	PUNCT
ajeer-5890	180	6	16(3	16(3	NOUN
ajeer-5890	180	7	)	)	PUNCT
ajeer-5890	180	8	,	,	PUNCT
ajeer-5890	180	9	291	291	NUM
ajeer-5890	180	10	-	-	SYM
ajeer-5890	180	11	304	304	NUM
ajeer-5890	180	12	.	.	PUNCT
ajeer-5890	181	1	calvo	calvo	PROPN
ajeer-5890	181	2	,	,	PUNCT
ajeer-5890	181	3	g.	g.	PROPN
ajeer-5890	181	4	a.	a.	PROPN
ajeer-5890	181	5	,	,	PUNCT
ajeer-5890	181	6	izquierdo	izquierdo	PROPN
ajeer-5890	181	7	,	,	PUNCT
ajeer-5890	181	8	a.	a.	NOUN
ajeer-5890	181	9	,	,	PUNCT
ajeer-5890	181	10	&	&	CCONJ
ajeer-5890	181	11	talvi	talvi	PROPN
ajeer-5890	181	12	,	,	PUNCT
ajeer-5890	181	13	e.	e.	PROPN
ajeer-5890	181	14	(	(	PUNCT
ajeer-5890	181	15	2006	2006	NUM
ajeer-5890	181	16	)	)	PUNCT
ajeer-5890	181	17	.	.	PUNCT
ajeer-5890	182	1	sudden	sudden	ADJ
ajeer-5890	182	2	stops	stop	NOUN
ajeer-5890	182	3	and	and	CCONJ
ajeer-5890	182	4	phoenix	phoenix	NOUN
ajeer-5890	182	5	miracles	miracle	NOUN
ajeer-5890	182	6	in	in	ADP
ajeer-5890	182	7	emerging	emerge	VERB
ajeer-5890	182	8	markets	market	NOUN
ajeer-5890	182	9	.	.	PUNCT
ajeer-5890	183	1	american	american	PROPN
ajeer-5890	183	2	economic	economic	PROPN
ajeer-5890	183	3	review	review	PROPN
ajeer-5890	183	4	,	,	PUNCT
ajeer-5890	183	5	96(2	96(2	NUM
ajeer-5890	183	6	)	)	PUNCT
ajeer-5890	183	7	,	,	PUNCT
ajeer-5890	183	8	405410	405410	NUM
ajeer-5890	183	9	.	.	PUNCT
ajeer-5890	184	1	ebeke	ebeke	ADJ
ajeer-5890	184	2	,	,	PUNCT
ajeer-5890	184	3	c.	c.	PROPN
ajeer-5890	184	4	,	,	PUNCT
ajeer-5890	184	5	&	&	CCONJ
ajeer-5890	184	6	kyobe	kyobe	PROPN
ajeer-5890	184	7	,	,	PUNCT
ajeer-5890	184	8	a.	a.	NOUN
ajeer-5890	184	9	(	(	PUNCT
ajeer-5890	184	10	2015	2015	NUM
ajeer-5890	184	11	)	)	PUNCT
ajeer-5890	184	12	.	.	PUNCT
ajeer-5890	185	1	global	global	ADJ
ajeer-5890	185	2	financial	financial	ADJ
ajeer-5890	185	3	spillovers	spillover	NOUN
ajeer-5890	185	4	to	to	ADP
ajeer-5890	185	5	emerging	emerge	VERB
ajeer-5890	185	6	market	market	NOUN
ajeer-5890	185	7	sovereign	sovereign	ADJ
ajeer-5890	185	8	bond	bond	NOUN
ajeer-5890	185	9	markets	market	NOUN
ajeer-5890	185	10	.	.	PUNCT
ajeer-5890	186	1	retrieved	retrieve	VERB
ajeer-5890	186	2	from	from	ADP
ajeer-5890	186	3	imf	imf	PROPN
ajeer-5890	186	4	working	working	PROPN
ajeer-5890	186	5	paper	paper	NOUN
ajeer-5890	186	6	no	no	INTJ
ajeer-5890	186	7	.	.	PUNCT
ajeer-5890	187	1	15/141	15/141	NUM
ajeer-5890	187	2	.	.	PUNCT
ajeer-5890	188	1	washington	washington	PROPN
ajeer-5890	188	2	,	,	PUNCT
ajeer-5890	188	3	d.c	d.c	PROPN
ajeer-5890	188	4	:	:	PUNCT
ajeer-5890	188	5	international	international	ADJ
ajeer-5890	188	6	monetary	monetary	ADJ
ajeer-5890	188	7	fund	fund	NOUN
ajeer-5890	188	8	:	:	PUNCT
ajeer-5890	188	9	ebeke	ebeke	ADJ
ajeer-5890	188	10	,	,	PUNCT
ajeer-5890	188	11	c.	c.	PROPN
ajeer-5890	188	12	,	,	PUNCT
ajeer-5890	188	13	&	&	CCONJ
ajeer-5890	188	14	lu	lu	PROPN
ajeer-5890	188	15	,	,	PUNCT
ajeer-5890	188	16	y.	y.	PROPN
ajeer-5890	188	17	(	(	PUNCT
ajeer-5890	188	18	2015	2015	NUM
ajeer-5890	188	19	)	)	PUNCT
ajeer-5890	188	20	.	.	PUNCT
ajeer-5890	189	1	emerging	emerge	VERB
ajeer-5890	189	2	market	market	NOUN
ajeer-5890	189	3	local	local	ADJ
ajeer-5890	189	4	currency	currency	NOUN
ajeer-5890	189	5	bond	bond	NOUN
ajeer-5890	189	6	yields	yield	NOUN
ajeer-5890	189	7	and	and	CCONJ
ajeer-5890	189	8	foreign	foreign	ADJ
ajeer-5890	189	9	holdings	holding	NOUN
ajeer-5890	189	10	–	–	PUNCT
ajeer-5890	189	11	a	a	DET
ajeer-5890	189	12	fortune	fortune	NOUN
ajeer-5890	189	13	or	or	CCONJ
ajeer-5890	189	14	misfortune	misfortune	NOUN
ajeer-5890	189	15	?	?	PUNCT
ajeer-5890	190	1	journal	journal	NOUN
ajeer-5890	190	2	of	of	ADP
ajeer-5890	190	3	international	international	ADJ
ajeer-5890	190	4	money	money	NOUN
ajeer-5890	190	5	and	and	CCONJ
ajeer-5890	190	6	finance	finance	NOUN
ajeer-5890	190	7	,	,	PUNCT
ajeer-5890	190	8	59	59	NUM
ajeer-5890	190	9	,	,	PUNCT
ajeer-5890	190	10	203	203	NUM
ajeer-5890	190	11	-	-	SYM
ajeer-5890	190	12	219	219	NUM
ajeer-5890	190	13	.	.	PUNCT
ajeer-5890	191	1	https://doi.org/10.2139/ssrn.2404322	https://doi.org/10.2139/ssrn.2404322	PROPN
ajeer-5890	191	2	fang	fang	PROPN
ajeer-5890	191	3	,	,	PUNCT
ajeer-5890	191	4	x.	x.	NOUN
ajeer-5890	191	5	,	,	PUNCT
ajeer-5890	191	6	hardy	hardy	ADJ
ajeer-5890	191	7	,	,	PUNCT
ajeer-5890	191	8	b.	b.	PROPN
ajeer-5890	191	9	,	,	PUNCT
ajeer-5890	191	10	&	&	CCONJ
ajeer-5890	191	11	lewis	lewis	PROPN
ajeer-5890	191	12	,	,	PUNCT
ajeer-5890	191	13	k.	k.	PROPN
ajeer-5890	191	14	k.	k.	PROPN
ajeer-5890	191	15	(	(	PUNCT
ajeer-5890	191	16	2022	2022	NUM
ajeer-5890	191	17	)	)	PUNCT
ajeer-5890	191	18	.	.	PUNCT
ajeer-5890	192	1	who	who	PRON
ajeer-5890	192	2	holds	hold	VERB
ajeer-5890	192	3	sovereign	sovereign	ADJ
ajeer-5890	192	4	debt	debt	NOUN
ajeer-5890	192	5	and	and	CCONJ
ajeer-5890	192	6	why	why	SCONJ
ajeer-5890	192	7	it	it	PRON
ajeer-5890	192	8	matters	matter	VERB
ajeer-5890	192	9	retrieved	retrieve	VERB
ajeer-5890	192	10	from	from	ADP
ajeer-5890	192	11	national	national	ADJ
ajeer-5890	192	12	bureau	bureau	PROPN
ajeer-5890	192	13	of	of	ADP
ajeer-5890	192	14	economic	economic	ADJ
ajeer-5890	192	15	research	research	NOUN
ajeer-5890	192	16	(	(	PUNCT
ajeer-5890	192	17	no	no	INTJ
ajeer-5890	192	18	.	.	PUNCT
ajeer-5890	193	1	w30087	w30087	NOUN
ajeer-5890	193	2	):	):	PUNCT
ajeer-5890	193	3	ghosh	ghosh	PROPN
ajeer-5890	193	4	,	,	PUNCT
ajeer-5890	193	5	a.	a.	PROPN
ajeer-5890	193	6	r.	r.	PROPN
ajeer-5890	193	7	,	,	PUNCT
ajeer-5890	193	8	ostry	ostry	PROPN
ajeer-5890	193	9	,	,	PUNCT
ajeer-5890	193	10	j.	j.	PROPN
ajeer-5890	193	11	d.	d.	PROPN
ajeer-5890	193	12	,	,	PUNCT
ajeer-5890	193	13	&	&	CCONJ
ajeer-5890	193	14	qureshi	qureshi	PROPN
ajeer-5890	193	15	,	,	PUNCT
ajeer-5890	193	16	m.	m.	NOUN
ajeer-5890	193	17	s.	s.	PROPN
ajeer-5890	193	18	(	(	PUNCT
ajeer-5890	193	19	2016	2016	NUM
ajeer-5890	193	20	)	)	PUNCT
ajeer-5890	193	21	.	.	PUNCT
ajeer-5890	194	1	when	when	SCONJ
ajeer-5890	194	2	do	do	AUX
ajeer-5890	194	3	capital	capital	NOUN
ajeer-5890	194	4	inflow	inflow	NOUN
ajeer-5890	194	5	surges	surge	NOUN
ajeer-5890	194	6	end	end	VERB
ajeer-5890	194	7	in	in	ADP
ajeer-5890	194	8	tears	tear	NOUN
ajeer-5890	194	9	?	?	PUNCT
ajeer-5890	195	1	american	american	PROPN
ajeer-5890	195	2	economic	economic	PROPN
ajeer-5890	195	3	review	review	PROPN
ajeer-5890	195	4	,	,	PUNCT
ajeer-5890	195	5	106(5	106(5	NUM
ajeer-5890	195	6	)	)	PUNCT
ajeer-5890	195	7	,	,	PUNCT
ajeer-5890	195	8	581	581	NUM
ajeer-5890	195	9	-	-	SYM
ajeer-5890	195	10	585	585	NUM
ajeer-5890	195	11	.	.	PUNCT
ajeer-5890	196	1	grigorian	grigorian	NOUN
ajeer-5890	196	2	,	,	PUNCT
ajeer-5890	196	3	d.	d.	PROPN
ajeer-5890	196	4	a.	a.	PROPN
ajeer-5890	196	5	(	(	PUNCT
ajeer-5890	196	6	2019	2019	NUM
ajeer-5890	196	7	)	)	PUNCT
ajeer-5890	196	8	.	.	PUNCT
ajeer-5890	197	1	nonresident	nonresident	ADJ
ajeer-5890	197	2	capital	capital	NOUN
ajeer-5890	197	3	flows	flow	NOUN
ajeer-5890	197	4	and	and	CCONJ
ajeer-5890	197	5	volatility	volatility	NOUN
ajeer-5890	197	6	:	:	PUNCT
ajeer-5890	197	7	evidence	evidence	NOUN
ajeer-5890	197	8	from	from	ADP
ajeer-5890	197	9	malaysia	malaysia	PROPN
ajeer-5890	197	10	’s	’s	PART
ajeer-5890	197	11	local	local	ADJ
ajeer-5890	197	12	currency	currency	NOUN
ajeer-5890	197	13	bond	bond	NOUN
ajeer-5890	197	14	market	market	NOUN
ajeer-5890	197	15	.	.	PUNCT
ajeer-5890	198	1	retrieved	retrieve	VERB
ajeer-5890	198	2	from	from	ADP
ajeer-5890	198	3	imf	imf	PROPN
ajeer-5890	198	4	working	working	PROPN
ajeer-5890	198	5	paper	paper	PROPN
ajeer-5890	198	6	no	no	INTJ
ajeer-5890	198	7	.	.	PUNCT
ajeer-5890	199	1	19/23	19/23	NUM
ajeer-5890	199	2	.	.	PUNCT
ajeer-5890	200	1	washington	washington	PROPN
ajeer-5890	200	2	,	,	PUNCT
ajeer-5890	200	3	d.c	d.c	PROPN
ajeer-5890	200	4	:	:	PUNCT
ajeer-5890	200	5	international	international	ADJ
ajeer-5890	200	6	monetary	monetary	ADJ
ajeer-5890	200	7	fund	fund	PROPN
ajeer-5890	200	8	:	:	PUNCT
ajeer-5890	200	9	hosny	hosny	PROPN
ajeer-5890	200	10	,	,	PUNCT
ajeer-5890	200	11	a.	a.	NOUN
ajeer-5890	200	12	(	(	PUNCT
ajeer-5890	200	13	2020	2020	NUM
ajeer-5890	200	14	)	)	PUNCT
ajeer-5890	200	15	.	.	PUNCT
ajeer-5890	201	1	non	non	ADJ
ajeer-5890	201	2	-	-	ADJ
ajeer-5890	201	3	resident	resident	ADJ
ajeer-5890	201	4	holdings	holding	NOUN
ajeer-5890	201	5	of	of	ADP
ajeer-5890	201	6	domestic	domestic	ADJ
ajeer-5890	201	7	debt	debt	NOUN
ajeer-5890	201	8	in	in	ADP
ajeer-5890	201	9	nigeria	nigeria	PROPN
ajeer-5890	201	10	:	:	PUNCT
ajeer-5890	201	11	internal	internal	ADJ
ajeer-5890	201	12	or	or	CCONJ
ajeer-5890	201	13	external	external	ADJ
ajeer-5890	201	14	driven	drive	VERB
ajeer-5890	201	15	?	?	PUNCT
ajeer-5890	202	1	retrieved	retrieve	VERB
ajeer-5890	202	2	from	from	ADP
ajeer-5890	202	3	imf	imf	PROPN
ajeer-5890	202	4	working	working	PROPN
ajeer-5890	202	5	paper	paper	PROPN
ajeer-5890	202	6	no	no	INTJ
ajeer-5890	202	7	.	.	PUNCT
ajeer-5890	203	1	19/23	19/23	NUM
ajeer-5890	203	2	.	.	PUNCT
ajeer-5890	204	1	washington	washington	PROPN
ajeer-5890	204	2	,	,	PUNCT
ajeer-5890	204	3	d.c	d.c	PROPN
ajeer-5890	204	4	:	:	PUNCT
ajeer-5890	204	5	international	international	ADJ
ajeer-5890	204	6	monetary	monetary	ADJ
ajeer-5890	204	7	fund	fund	PROPN
ajeer-5890	204	8	:	:	PUNCT
ajeer-5890	204	9	imf	imf	PROPN
ajeer-5890	204	10	.	.	PUNCT
ajeer-5890	204	11	(	(	PUNCT
ajeer-5890	204	12	2021	2021	NUM
ajeer-5890	204	13	)	)	PUNCT
ajeer-5890	204	14	.	.	PUNCT
ajeer-5890	205	1	indonesia	indonesia	PROPN
ajeer-5890	205	2	’s	’s	PART
ajeer-5890	205	3	government	government	NOUN
ajeer-5890	205	4	bond	bond	NOUN
ajeer-5890	205	5	yields	yield	NOUN
ajeer-5890	205	6	and	and	CCONJ
ajeer-5890	205	7	nonresident	nonresident	ADJ
ajeer-5890	205	8	participation	participation	NOUN
ajeer-5890	205	9	in	in	ADP
ajeer-5890	205	10	government	government	NOUN
ajeer-5890	205	11	bond	bond	NOUN
ajeer-5890	205	12	markets	market	NOUN
ajeer-5890	205	13	”	"	PUNCT
ajeer-5890	205	14	,	,	PUNCT
ajeer-5890	205	15	indonesia	indonesia	PROPN
ajeer-5890	205	16	:	:	PUNCT
ajeer-5890	205	17	selected	select	VERB
ajeer-5890	205	18	issues	issue	NOUN
ajeer-5890	205	19	.	.	PUNCT
ajeer-5890	206	1	washington	washington	PROPN
ajeer-5890	206	2	,	,	PUNCT
ajeer-5890	206	3	d.c	d.c	PROPN
ajeer-5890	206	4	:	:	PUNCT
ajeer-5890	206	5	international	international	ADJ
ajeer-5890	206	6	monetary	monetary	ADJ
ajeer-5890	206	7	fund	fund	PROPN
ajeer-5890	206	8	.	.	PUNCT
ajeer-5890	207	1	koepke	koepke	PROPN
ajeer-5890	207	2	,	,	PUNCT
ajeer-5890	207	3	r.	r.	PROPN
ajeer-5890	207	4	(	(	PUNCT
ajeer-5890	207	5	2018	2018	NUM
ajeer-5890	207	6	)	)	PUNCT
ajeer-5890	207	7	.	.	PUNCT
ajeer-5890	208	1	what	what	PRON
ajeer-5890	208	2	drives	drive	VERB
ajeer-5890	208	3	capital	capital	NOUN
ajeer-5890	208	4	flows	flow	NOUN
ajeer-5890	208	5	to	to	ADP
ajeer-5890	208	6	emerging	emerge	VERB
ajeer-5890	208	7	markets	market	NOUN
ajeer-5890	208	8	?	?	PUNCT
ajeer-5890	209	1	a	a	DET
ajeer-5890	209	2	survey	survey	NOUN
ajeer-5890	209	3	of	of	ADP
ajeer-5890	209	4	the	the	DET
ajeer-5890	209	5	empirical	empirical	ADJ
ajeer-5890	209	6	literature	literature	NOUN
ajeer-5890	209	7	.	.	PUNCT
ajeer-5890	210	1	journal	journal	PROPN
ajeer-5890	210	2	of	of	ADP
ajeer-5890	210	3	economic	economic	ADJ
ajeer-5890	210	4	surveys	survey	NOUN
ajeer-5890	210	5	,	,	PUNCT
ajeer-5890	210	6	33(2	33(2	NUM
ajeer-5890	210	7	)	)	PUNCT
ajeer-5890	210	8	,	,	PUNCT
ajeer-5890	210	9	516540	516540	NUM
ajeer-5890	210	10	.	.	PUNCT
ajeer-5890	211	1	konopczak	konopczak	PROPN
ajeer-5890	211	2	,	,	PUNCT
ajeer-5890	211	3	m.	m.	NOUN
ajeer-5890	211	4	(	(	PUNCT
ajeer-5890	211	5	2015	2015	NUM
ajeer-5890	211	6	)	)	PUNCT
ajeer-5890	211	7	.	.	PUNCT
ajeer-5890	212	1	government	government	NOUN
ajeer-5890	212	2	debt	debt	NOUN
ajeer-5890	212	3	holdings	holding	NOUN
ajeer-5890	212	4	of	of	ADP
ajeer-5890	212	5	non	non	NOUN
ajeer-5890	212	6	-	-	NOUN
ajeer-5890	212	7	residents	resident	NOUN
ajeer-5890	212	8	:	:	PUNCT
ajeer-5890	212	9	an	an	DET
ajeer-5890	212	10	analysis	analysis	NOUN
ajeer-5890	212	11	of	of	ADP
ajeer-5890	212	12	the	the	DET
ajeer-5890	212	13	impact	impact	NOUN
ajeer-5890	212	14	on	on	ADP
ajeer-5890	212	15	selected	select	VERB
ajeer-5890	212	16	emerging	emerge	VERB
ajeer-5890	212	17	economies	economy	NOUN
ajeer-5890	212	18	'	'	PART
ajeer-5890	212	19	sovereign	sovereign	ADJ
ajeer-5890	212	20	risk	risk	NOUN
ajeer-5890	212	21	.	.	PUNCT
ajeer-5890	213	1	retrieved	retrieve	VERB
ajeer-5890	213	2	from	from	ADP
ajeer-5890	213	3	mpra	mpra	PROPN
ajeer-5890	213	4	paper	paper	PROPN
ajeer-5890	213	5	no	no	PROPN
ajeer-5890	213	6	.	.	PUNCT
ajeer-5890	213	7	68597	68597	NUM
ajeer-5890	213	8	:	:	PUNCT
ajeer-5890	214	1	lu	lu	PROPN
ajeer-5890	214	2	,	,	PUNCT
ajeer-5890	214	3	y.	y.	PROPN
ajeer-5890	214	4	,	,	PUNCT
ajeer-5890	214	5	&	&	CCONJ
ajeer-5890	214	6	dmitry	dmitry	PROPN
ajeer-5890	214	7	,	,	PUNCT
ajeer-5890	214	8	y.	y.	PROPN
ajeer-5890	214	9	(	(	PUNCT
ajeer-5890	214	10	2017	2017	NUM
ajeer-5890	214	11	)	)	PUNCT
ajeer-5890	214	12	.	.	PUNCT
ajeer-5890	215	1	exploring	explore	VERB
ajeer-5890	215	2	the	the	DET
ajeer-5890	215	3	role	role	NOUN
ajeer-5890	215	4	of	of	ADP
ajeer-5890	215	5	foreign	foreign	ADJ
ajeer-5890	215	6	investors	investor	NOUN
ajeer-5890	215	7	in	in	ADP
ajeer-5890	215	8	russia	russia	PROPN
ajeer-5890	215	9	's	's	PART
ajeer-5890	215	10	local	local	ADJ
ajeer-5890	215	11	currency	currency	NOUN
ajeer-5890	215	12	government	government	NOUN
ajeer-5890	215	13	bond	bond	NOUN
ajeer-5890	215	14	(	(	PUNCT
ajeer-5890	215	15	ofz	ofz	NOUN
ajeer-5890	215	16	)	)	PUNCT
ajeer-5890	215	17	market	market	NOUN
ajeer-5890	215	18	.	.	PUNCT
ajeer-5890	216	1	retrieved	retrieve	VERB
ajeer-5890	216	2	from	from	ADP
ajeer-5890	216	3	imf	imf	PROPN
ajeer-5890	216	4	working	working	PROPN
ajeer-5890	216	5	paper	paper	NOUN
ajeer-5890	216	6	no	no	INTJ
ajeer-5890	216	7	.	.	PUNCT
ajeer-5890	217	1	17/28	17/28	NUM
ajeer-5890	217	2	.	.	PUNCT
ajeer-5890	218	1	washington	washington	PROPN
ajeer-5890	218	2	,	,	PUNCT
ajeer-5890	218	3	d.c	d.c	PROPN
ajeer-5890	218	4	.	.	PUNCT
ajeer-5890	218	5	:	:	PUNCT
ajeer-5890	219	1	international	international	ADJ
ajeer-5890	219	2	monetary	monetary	ADJ
ajeer-5890	219	3	fund	fund	NOUN
ajeer-5890	219	4	:	:	PUNCT
ajeer-5890	219	5	lu	lu	PROPN
ajeer-5890	219	6	,	,	PUNCT
ajeer-5890	219	7	y.	y.	PROPN
ajeer-5890	219	8	,	,	PUNCT
ajeer-5890	219	9	&	&	CCONJ
ajeer-5890	219	10	yakovlev	yakovlev	PROPN
ajeer-5890	219	11	,	,	PUNCT
ajeer-5890	219	12	d.	d.	PROPN
ajeer-5890	219	13	(	(	PUNCT
ajeer-5890	219	14	2018	2018	NUM
ajeer-5890	219	15	)	)	PUNCT
ajeer-5890	219	16	.	.	PUNCT
ajeer-5890	220	1	instruments	instrument	NOUN
ajeer-5890	220	2	,	,	PUNCT
ajeer-5890	220	3	investor	investor	NOUN
ajeer-5890	220	4	base	base	NOUN
ajeer-5890	220	5	,	,	PUNCT
ajeer-5890	220	6	and	and	CCONJ
ajeer-5890	220	7	recent	recent	ADJ
ajeer-5890	220	8	developments	development	NOUN
ajeer-5890	220	9	in	in	ADP
ajeer-5890	220	10	the	the	DET
ajeer-5890	220	11	malaysian	malaysian	ADJ
ajeer-5890	220	12	government	government	NOUN
ajeer-5890	220	13	bond	bond	NOUN
ajeer-5890	220	14	market	market	NOUN
ajeer-5890	220	15	.	.	PUNCT
ajeer-5890	221	1	retrieved	retrieve	VERB
ajeer-5890	221	2	from	from	ADP
ajeer-5890	221	3	imf	imf	PROPN
ajeer-5890	221	4	working	working	PROPN
ajeer-5890	221	5	paper	paper	NOUN
ajeer-5890	221	6	no	no	INTJ
ajeer-5890	221	7	.	.	PUNCT
ajeer-5890	222	1	18/95	18/95	NUM
ajeer-5890	222	2	.	.	PUNCT
ajeer-5890	223	1	international	international	ADJ
ajeer-5890	223	2	monetary	monetary	ADJ
ajeer-5890	223	3	fund	fund	NOUN
ajeer-5890	223	4	:	:	PUNCT
ajeer-5890	223	5	panopoulou	panopoulou	PROPN
ajeer-5890	223	6	,	,	PUNCT
ajeer-5890	223	7	e.	e.	PROPN
ajeer-5890	223	8	,	,	PUNCT
ajeer-5890	223	9	&	&	CCONJ
ajeer-5890	223	10	pittis	pittis	PROPN
ajeer-5890	223	11	,	,	PUNCT
ajeer-5890	223	12	n.	n.	PROPN
ajeer-5890	223	13	(	(	PUNCT
ajeer-5890	223	14	2004	2004	NUM
ajeer-5890	223	15	)	)	PUNCT
ajeer-5890	223	16	.	.	PUNCT
ajeer-5890	224	1	a	a	DET
ajeer-5890	224	2	comparison	comparison	NOUN
ajeer-5890	224	3	of	of	ADP
ajeer-5890	224	4	autoregressive	autoregressive	ADJ
ajeer-5890	224	5	distributed	distribute	VERB
ajeer-5890	224	6	lag	lag	NOUN
ajeer-5890	224	7	and	and	CCONJ
ajeer-5890	224	8	dynamic	dynamic	ADJ
ajeer-5890	224	9	ols	ol	NOUN
ajeer-5890	224	10	cointegration	cointegration	NOUN
ajeer-5890	224	11	estimators	estimator	NOUN
ajeer-5890	224	12	in	in	ADP
ajeer-5890	224	13	the	the	DET
ajeer-5890	224	14	case	case	NOUN
ajeer-5890	224	15	of	of	ADP
ajeer-5890	224	16	a	a	DET
ajeer-5890	224	17	serially	serially	ADV
ajeer-5890	224	18	correlated	correlate	VERB
ajeer-5890	224	19	cointegration	cointegration	NOUN
ajeer-5890	224	20	error	error	NOUN
ajeer-5890	224	21	.	.	PUNCT
ajeer-5890	225	1	the	the	DET
ajeer-5890	225	2	econometrics	econometrics	PROPN
ajeer-5890	225	3	journal	journal	NOUN
ajeer-5890	225	4	,	,	PUNCT
ajeer-5890	225	5	7(2	7(2	NUM
ajeer-5890	225	6	)	)	PUNCT
ajeer-5890	225	7	,	,	PUNCT
ajeer-5890	225	8	585	585	NUM
ajeer-5890	225	9	-	-	SYM
ajeer-5890	225	10	617	617	NUM
ajeer-5890	225	11	.	.	PUNCT
ajeer-5890	225	12	peiris	peiris	PROPN
ajeer-5890	225	13	,	,	PUNCT
ajeer-5890	225	14	s.	s.	PROPN
ajeer-5890	225	15	j.	j.	PROPN
ajeer-5890	225	16	(	(	PUNCT
ajeer-5890	225	17	2010	2010	NUM
ajeer-5890	225	18	)	)	PUNCT
ajeer-5890	225	19	.	.	PUNCT
ajeer-5890	226	1	foreign	foreign	ADJ
ajeer-5890	226	2	participation	participation	NOUN
ajeer-5890	226	3	in	in	ADP
ajeer-5890	226	4	emerging	emerge	VERB
ajeer-5890	226	5	markets	market	NOUN
ajeer-5890	226	6	’	'	PUNCT
ajeer-5890	226	7	local	local	ADJ
ajeer-5890	226	8	currency	currency	NOUN
ajeer-5890	226	9	bond	bond	NOUN
ajeer-5890	226	10	markets	market	NOUN
ajeer-5890	226	11	.	.	PUNCT
ajeer-5890	227	1	retrieved	retrieve	VERB
ajeer-5890	227	2	from	from	ADP
ajeer-5890	227	3	imf	imf	PROPN
ajeer-5890	227	4	working	working	PROPN
ajeer-5890	227	5	paper	paper	NOUN
ajeer-5890	227	6	no	no	INTJ
ajeer-5890	227	7	.	.	PUNCT
ajeer-5890	228	1	10/88	10/88	NUM
ajeer-5890	228	2	.	.	PUNCT
ajeer-5890	229	1	washington	washington	PROPN
ajeer-5890	229	2	,	,	PUNCT
ajeer-5890	229	3	d.c	d.c	PROPN
ajeer-5890	229	4	:	:	PUNCT
ajeer-5890	229	5	international	international	ADJ
ajeer-5890	229	6	monetary	monetary	ADJ
ajeer-5890	229	7	fund	fund	NOUN
ajeer-5890	229	8	:	:	PUNCT
ajeer-5890	229	9	pesaran	pesaran	VERB
ajeer-5890	229	10	,	,	PUNCT
ajeer-5890	229	11	m.	m.	PROPN
ajeer-5890	229	12	h.	h.	PROPN
ajeer-5890	229	13	,	,	PUNCT
ajeer-5890	229	14	shin	shin	PROPN
ajeer-5890	229	15	,	,	PUNCT
ajeer-5890	229	16	y.	y.	PROPN
ajeer-5890	229	17	,	,	PUNCT
ajeer-5890	229	18	&	&	CCONJ
ajeer-5890	229	19	smith	smith	PROPN
ajeer-5890	229	20	,	,	PUNCT
ajeer-5890	229	21	r.	r.	PROPN
ajeer-5890	229	22	j.	j.	PROPN
ajeer-5890	229	23	(	(	PUNCT
ajeer-5890	229	24	2001	2001	NUM
ajeer-5890	229	25	)	)	PUNCT
ajeer-5890	229	26	.	.	PUNCT
ajeer-5890	230	1	bounds	bound	VERB
ajeer-5890	230	2	testing	test	VERB
ajeer-5890	230	3	approaches	approach	NOUN
ajeer-5890	230	4	to	to	ADP
ajeer-5890	230	5	the	the	DET
ajeer-5890	230	6	analysis	analysis	NOUN
ajeer-5890	230	7	of	of	ADP
ajeer-5890	230	8	level	level	NOUN
ajeer-5890	230	9	relationships	relationship	NOUN
ajeer-5890	230	10	.	.	PUNCT
ajeer-5890	231	1	journal	journal	NOUN
ajeer-5890	231	2	of	of	ADP
ajeer-5890	231	3	applied	applied	ADJ
ajeer-5890	231	4	econometrics	econometric	NOUN
ajeer-5890	231	5	,	,	PUNCT
ajeer-5890	231	6	16(3	16(3	NOUN
ajeer-5890	231	7	)	)	PUNCT
ajeer-5890	231	8	,	,	PUNCT
ajeer-5890	231	9	289	289	NUM
ajeer-5890	231	10	-	-	SYM
ajeer-5890	231	11	326	326	NUM
ajeer-5890	231	12	.	.	PUNCT
ajeer-5890	232	1	raddatz	raddatz	NOUN
ajeer-5890	232	2	,	,	PUNCT
ajeer-5890	232	3	c.	c.	NOUN
ajeer-5890	232	4	,	,	PUNCT
ajeer-5890	232	5	schmukler	schmukler	NOUN
ajeer-5890	232	6	,	,	PUNCT
ajeer-5890	232	7	s.	s.	PROPN
ajeer-5890	232	8	l.	l.	PROPN
ajeer-5890	232	9	,	,	PUNCT
ajeer-5890	232	10	&	&	CCONJ
ajeer-5890	232	11	williams	williams	PROPN
ajeer-5890	232	12	,	,	PUNCT
ajeer-5890	232	13	t.	t.	PROPN
ajeer-5890	232	14	(	(	PUNCT
ajeer-5890	232	15	2017	2017	NUM
ajeer-5890	232	16	)	)	PUNCT
ajeer-5890	232	17	.	.	PUNCT
ajeer-5890	233	1	international	international	ADJ
ajeer-5890	233	2	asset	asset	NOUN
ajeer-5890	233	3	allocations	allocation	NOUN
ajeer-5890	233	4	and	and	CCONJ
ajeer-5890	233	5	capital	capital	NOUN
ajeer-5890	233	6	flows	flow	VERB
ajeer-5890	233	7	:	:	PUNCT
ajeer-5890	233	8	the	the	DET
ajeer-5890	233	9	benchmark	benchmark	ADJ
ajeer-5890	233	10	effect	effect	NOUN
ajeer-5890	233	11	.	.	PUNCT
ajeer-5890	234	1	journal	journal	NOUN
ajeer-5890	234	2	of	of	ADP
ajeer-5890	234	3	international	international	ADJ
ajeer-5890	234	4	economics	economic	NOUN
ajeer-5890	234	5	,	,	PUNCT
ajeer-5890	234	6	108	108	NUM
ajeer-5890	234	7	,	,	PUNCT
ajeer-5890	234	8	413	413	NUM
ajeer-5890	234	9	-	-	SYM
ajeer-5890	234	10	430	430	NUM
ajeer-5890	234	11	.	.	PUNCT
ajeer-5890	235	1	https://doi.org/10.1596/29444	https://doi.org/10.1596/29444	ADJ
ajeer-5890	235	2	rey	rey	PROPN
ajeer-5890	235	3	,	,	PUNCT
ajeer-5890	235	4	h.	h.	PROPN
ajeer-5890	235	5	(	(	PUNCT
ajeer-5890	235	6	2015	2015	NUM
ajeer-5890	235	7	)	)	PUNCT
ajeer-5890	235	8	.	.	PUNCT
ajeer-5890	236	1	dilemma	dilemma	NOUN
ajeer-5890	236	2	not	not	PART
ajeer-5890	236	3	trilemma	trilemma	VERB
ajeer-5890	236	4	:	:	PUNCT
ajeer-5890	236	5	the	the	DET
ajeer-5890	236	6	global	global	ADJ
ajeer-5890	236	7	financial	financial	ADJ
ajeer-5890	236	8	cycle	cycle	NOUN
ajeer-5890	236	9	and	and	CCONJ
ajeer-5890	236	10	monetary	monetary	ADJ
ajeer-5890	236	11	policy	policy	NOUN
ajeer-5890	236	12	independence	independence	NOUN
ajeer-5890	236	13	.	.	PUNCT
ajeer-5890	237	1	retrieved	retrieve	VERB
ajeer-5890	237	2	from	from	ADP
ajeer-5890	237	3	nber	nber	PROPN
ajeer-5890	237	4	working	working	PROPN
ajeer-5890	237	5	paper	paper	PROPN
ajeer-5890	237	6	no	no	INTJ
ajeer-5890	237	7	.	.	PROPN
ajeer-5890	237	8	21162	21162	NUM
ajeer-5890	237	9	:	:	PUNCT
ajeer-5890	238	1	sienaert	sienaert	NOUN
ajeer-5890	238	2	,	,	PUNCT
ajeer-5890	238	3	a.	a.	NOUN
ajeer-5890	238	4	(	(	PUNCT
ajeer-5890	238	5	2012	2012	NUM
ajeer-5890	238	6	)	)	PUNCT
ajeer-5890	238	7	.	.	PUNCT
ajeer-5890	239	1	foreign	foreign	ADJ
ajeer-5890	239	2	investment	investment	NOUN
ajeer-5890	239	3	in	in	ADP
ajeer-5890	239	4	local	local	ADJ
ajeer-5890	239	5	currency	currency	NOUN
ajeer-5890	239	6	bonds	bond	NOUN
ajeer-5890	239	7	:	:	PUNCT
ajeer-5890	239	8	considerations	consideration	NOUN
ajeer-5890	239	9	for	for	ADP
ajeer-5890	239	10	emerging	emerge	VERB
ajeer-5890	239	11	market	market	NOUN
ajeer-5890	239	12	public	public	ADJ
ajeer-5890	239	13	debt	debt	NOUN
ajeer-5890	239	14	managers	manager	NOUN
ajeer-5890	239	15	.	.	PUNCT
ajeer-5890	240	1	retrieved	retrieve	VERB
ajeer-5890	240	2	from	from	ADP
ajeer-5890	240	3	wb	wb	PROPN
ajeer-5890	240	4	policy	policy	NOUN
ajeer-5890	240	5	research	research	NOUN
ajeer-5890	240	6	working	working	NOUN
ajeer-5890	240	7	paper	paper	NOUN
ajeer-5890	240	8	no	no	NOUN
ajeer-5890	240	9	.	.	PROPN
ajeer-5890	240	10	6284	6284	NUM
ajeer-5890	240	11	.	.	PUNCT
ajeer-5890	241	1	the	the	DET
ajeer-5890	241	2	world	world	PROPN
ajeer-5890	241	3	bank	bank	PROPN
ajeer-5890	241	4	group	group	NOUN
ajeer-5890	241	5	:	:	PUNCT
ajeer-5890	241	6	asian	asian	ADJ
ajeer-5890	241	7	online	online	PROPN
ajeer-5890	241	8	journal	journal	PROPN
ajeer-5890	241	9	publishing	publishing	NOUN
ajeer-5890	241	10	group	group	NOUN
ajeer-5890	241	11	is	be	AUX
ajeer-5890	241	12	not	not	PART
ajeer-5890	241	13	responsible	responsible	ADJ
ajeer-5890	241	14	or	or	CCONJ
ajeer-5890	241	15	answerable	answerable	ADJ
ajeer-5890	241	16	for	for	ADP
ajeer-5890	241	17	any	any	DET
ajeer-5890	241	18	loss	loss	NOUN
ajeer-5890	241	19	,	,	PUNCT
ajeer-5890	241	20	damage	damage	NOUN
ajeer-5890	241	21	or	or	CCONJ
ajeer-5890	241	22	liability	liability	NOUN
ajeer-5890	241	23	,	,	PUNCT
ajeer-5890	241	24	etc	etc	X
ajeer-5890	241	25	.	.	X
ajeer-5890	241	26	caused	cause	VERB
ajeer-5890	241	27	in	in	ADP
ajeer-5890	241	28	relation	relation	NOUN
ajeer-5890	241	29	to	to	PART
ajeer-5890	241	30	/	/	PUNCT
ajeer-5890	241	31	arising	arise	VERB
ajeer-5890	241	32	out	out	ADP
ajeer-5890	241	33	of	of	ADP
ajeer-5890	241	34	the	the	DET
ajeer-5890	241	35	use	use	NOUN
ajeer-5890	241	36	of	of	ADP
ajeer-5890	241	37	the	the	DET
ajeer-5890	241	38	content	content	NOUN
ajeer-5890	241	39	.	.	PUNCT
ajeer-5890	242	1	any	any	DET
ajeer-5890	242	2	queries	query	NOUN
ajeer-5890	242	3	should	should	AUX
ajeer-5890	242	4	be	be	AUX
ajeer-5890	242	5	directed	direct	VERB
ajeer-5890	242	6	to	to	ADP
ajeer-5890	242	7	the	the	DET
ajeer-5890	242	8	corresponding	corresponding	ADJ
ajeer-5890	242	9	author	author	NOUN
ajeer-5890	242	10	of	of	ADP
ajeer-5890	242	11	the	the	DET
ajeer-5890	242	12	article	article	NOUN
ajeer-5890	242	13	.	.	PUNCT
ajeer-5890	243	1	https://doi.org/10.1016/j.jmoneco.2013.11.009	https://doi.org/10.1016/j.jmoneco.2013.11.009	PROPN
ajeer-5890	243	2	https://doi.org/10.2139/ssrn.2404322	https://doi.org/10.2139/ssrn.2404322	PROPN
ajeer-5890	243	3	https://doi.org/10.1596/29444	https://doi.org/10.1596/29444	PRON