id	sid	tid	token	lemma	pos
ajeer-921	1	1	85	85	NUM
ajeer-921	1	2	©	©	PROPN
ajeer-921	1	3	2019	2019	NUM
ajeer-921	1	4	by	by	ADP
ajeer-921	1	5	the	the	DET
ajeer-921	1	6	authors	author	NOUN
ajeer-921	1	7	;	;	PUNCT
ajeer-921	1	8	licensee	licensee	PROPN
ajeer-921	1	9	asian	asian	ADJ
ajeer-921	1	10	online	online	PROPN
ajeer-921	1	11	journal	journal	PROPN
ajeer-921	1	12	publishing	publishing	PROPN
ajeer-921	1	13	group	group	PROPN
ajeer-921	1	14	asian	asian	PROPN
ajeer-921	1	15	journal	journal	PROPN
ajeer-921	1	16	of	of	ADP
ajeer-921	1	17	economics	economic	NOUN
ajeer-921	1	18	and	and	CCONJ
ajeer-921	1	19	empirical	empirical	ADJ
ajeer-921	1	20	research	research	NOUN
ajeer-921	1	21	vol	vol	NOUN
ajeer-921	1	22	.	.	PROPN
ajeer-921	2	1	6	6	NUM
ajeer-921	2	2	,	,	PUNCT
ajeer-921	2	3	no	no	INTJ
ajeer-921	2	4	.	.	NOUN
ajeer-921	2	5	1	1	NUM
ajeer-921	2	6	,	,	PUNCT
ajeer-921	2	7	85	85	NUM
ajeer-921	2	8	-	-	SYM
ajeer-921	2	9	92	92	NUM
ajeer-921	2	10	,	,	PUNCT
ajeer-921	2	11	2019	2019	NUM
ajeer-921	2	12	issn(e	issn(e	NOUN
ajeer-921	2	13	)	)	PUNCT
ajeer-921	2	14	2409	2409	NUM
ajeer-921	2	15	-	-	SYM
ajeer-921	2	16	2622/	2622/	NUM
ajeer-921	2	17	issn(p	issn(p	NOUN
ajeer-921	2	18	)	)	PUNCT
ajeer-921	2	19	2518	2518	NUM
ajeer-921	2	20	-	-	PUNCT
ajeer-921	2	21	010x	010x	ADJ
ajeer-921	2	22	doi	doi	NOUN
ajeer-921	2	23	:	:	PUNCT
ajeer-921	2	24	10.20448	10.20448	NUM
ajeer-921	2	25	/	/	SYM
ajeer-921	2	26	journal.501.2019.61.85.92	journal.501.2019.61.85.92	PROPN
ajeer-921	2	27	©	©	PROPN
ajeer-921	2	28	2019	2019	NUM
ajeer-921	2	29	by	by	ADP
ajeer-921	2	30	the	the	DET
ajeer-921	2	31	authors	author	NOUN
ajeer-921	2	32	;	;	PUNCT
ajeer-921	2	33	licensee	licensee	PROPN
ajeer-921	2	34	asian	asian	ADJ
ajeer-921	2	35	online	online	PROPN
ajeer-921	2	36	journal	journal	PROPN
ajeer-921	2	37	publishing	publishing	NOUN
ajeer-921	2	38	group	group	NOUN
ajeer-921	2	39	determinants	determinant	NOUN
ajeer-921	2	40	of	of	ADP
ajeer-921	2	41	liquidity	liquidity	NOUN
ajeer-921	2	42	and	and	CCONJ
ajeer-921	2	43	its	its	PRON
ajeer-921	2	44	relationship	relationship	NOUN
ajeer-921	2	45	with	with	ADP
ajeer-921	2	46	profitability	profitability	NOUN
ajeer-921	2	47	–	–	PUNCT
ajeer-921	2	48	the	the	DET
ajeer-921	2	49	case	case	NOUN
ajeer-921	2	50	of	of	ADP
ajeer-921	2	51	macedonian	macedonian	ADJ
ajeer-921	2	52	banking	banking	NOUN
ajeer-921	2	53	sector	sector	NOUN
ajeer-921	2	54	gockov	gockov	PROPN
ajeer-921	2	55	gjorgji1	gjorgji1	PROPN
ajeer-921	2	56	hristovski	hristovski	PROPN
ajeer-921	2	57	goran2	goran2	PROPN
ajeer-921	2	58	(	(	PUNCT
ajeer-921	2	59			PROPN
ajeer-921	2	60	corresponding	correspond	VERB
ajeer-921	2	61	author	author	NOUN
ajeer-921	2	62	)	)	PUNCT
ajeer-921	2	63	1associate	1associate	NUM
ajeer-921	2	64	professor	professor	NOUN
ajeer-921	2	65	,	,	PUNCT
ajeer-921	2	66	university	university	NOUN
ajeer-921	2	67	“	"	PUNCT
ajeer-921	2	68	ss	ss	PROPN
ajeer-921	2	69	.	.	PROPN
ajeer-921	2	70	cyril	cyril	PROPN
ajeer-921	2	71	and	and	CCONJ
ajeer-921	2	72	methodius	methodius	PROPN
ajeer-921	2	73	”	"	PUNCT
ajeer-921	2	74	,	,	PUNCT
ajeer-921	2	75	faculty	faculty	NOUN
ajeer-921	2	76	of	of	ADP
ajeer-921	2	77	economic	economic	ADJ
ajeer-921	2	78	–	–	PUNCT
ajeer-921	2	79	skopje	skopje	PROPN
ajeer-921	2	80	,	,	PUNCT
ajeer-921	2	81	republic	republic	NOUN
ajeer-921	2	82	of	of	ADP
ajeer-921	2	83	north	north	PROPN
ajeer-921	2	84	macedonia	macedonia	PROPN
ajeer-921	2	85	,	,	PUNCT
ajeer-921	2	86	1000	1000	NUM
ajeer-921	2	87	skopje	skopje	NOUN
ajeer-921	2	88	,	,	PUNCT
ajeer-921	2	89	republic	republic	NOUN
ajeer-921	2	90	of	of	ADP
ajeer-921	2	91	macedonia	macedonia	PROPN
ajeer-921	2	92	.	.	PUNCT
ajeer-921	3	1	2graduated	2graduated	NUM
ajeer-921	3	2	employee	employee	NOUN
ajeer-921	3	3	,	,	PUNCT
ajeer-921	3	4	university	university	NOUN
ajeer-921	3	5	“	"	PUNCT
ajeer-921	3	6	ss	ss	PROPN
ajeer-921	3	7	.	.	PROPN
ajeer-921	3	8	cyril	cyril	PROPN
ajeer-921	3	9	and	and	CCONJ
ajeer-921	3	10	methodius	methodius	PROPN
ajeer-921	3	11	”	"	PUNCT
ajeer-921	3	12	,	,	PUNCT
ajeer-921	3	13	faculty	faculty	NOUN
ajeer-921	3	14	of	of	ADP
ajeer-921	3	15	economic	economic	ADJ
ajeer-921	3	16	–	–	PUNCT
ajeer-921	3	17	skopje	skopje	PROPN
ajeer-921	3	18	,	,	PUNCT
ajeer-921	3	19	republic	republic	NOUN
ajeer-921	3	20	of	of	ADP
ajeer-921	3	21	north	north	PROPN
ajeer-921	3	22	macedonia	macedonia	PROPN
ajeer-921	3	23	,	,	PUNCT
ajeer-921	3	24	1000	1000	NUM
ajeer-921	3	25	skopje	skopje	NOUN
ajeer-921	3	26	,	,	PUNCT
ajeer-921	3	27	republic	republic	NOUN
ajeer-921	3	28	of	of	ADP
ajeer-921	3	29	macedonia	macedonia	PROPN
ajeer-921	3	30	.	.	PUNCT
ajeer-921	4	1	abstract	abstract	ADJ
ajeer-921	4	2	this	this	DET
ajeer-921	4	3	paper	paper	NOUN
ajeer-921	4	4	deals	deal	NOUN
ajeer-921	4	5	with	with	ADP
ajeer-921	4	6	the	the	DET
ajeer-921	4	7	liquidity	liquidity	NOUN
ajeer-921	4	8	and	and	CCONJ
ajeer-921	4	9	profitability	profitability	NOUN
ajeer-921	4	10	of	of	ADP
ajeer-921	4	11	the	the	DET
ajeer-921	4	12	macedonian	macedonian	ADJ
ajeer-921	4	13	banking	banking	NOUN
ajeer-921	4	14	sector	sector	NOUN
ajeer-921	4	15	and	and	CCONJ
ajeer-921	4	16	attempts	attempt	VERB
ajeer-921	4	17	to	to	PART
ajeer-921	4	18	identify	identify	VERB
ajeer-921	4	19	the	the	DET
ajeer-921	4	20	determinants	determinant	NOUN
ajeer-921	4	21	of	of	ADP
ajeer-921	4	22	liquidity	liquidity	NOUN
ajeer-921	4	23	mainly	mainly	ADV
ajeer-921	4	24	focusing	focus	VERB
ajeer-921	4	25	on	on	ADP
ajeer-921	4	26	the	the	DET
ajeer-921	4	27	relationship	relationship	NOUN
ajeer-921	4	28	between	between	ADP
ajeer-921	4	29	profitability	profitability	NOUN
ajeer-921	4	30	and	and	CCONJ
ajeer-921	4	31	liquidity	liquidity	NOUN
ajeer-921	4	32	.	.	PUNCT
ajeer-921	5	1	first	first	ADV
ajeer-921	5	2	,	,	PUNCT
ajeer-921	5	3	we	we	PRON
ajeer-921	5	4	analyzed	analyze	VERB
ajeer-921	5	5	the	the	DET
ajeer-921	5	6	level	level	NOUN
ajeer-921	5	7	of	of	ADP
ajeer-921	5	8	liquidity	liquidity	NOUN
ajeer-921	5	9	and	and	CCONJ
ajeer-921	5	10	profitability	profitability	NOUN
ajeer-921	5	11	and	and	CCONJ
ajeer-921	5	12	we	we	PRON
ajeer-921	5	13	found	find	VERB
ajeer-921	5	14	that	that	SCONJ
ajeer-921	5	15	the	the	DET
ajeer-921	5	16	macedonian	macedonian	ADJ
ajeer-921	5	17	banking	banking	NOUN
ajeer-921	5	18	system	system	NOUN
ajeer-921	5	19	is	be	AUX
ajeer-921	5	20	characterized	characterize	VERB
ajeer-921	5	21	by	by	ADP
ajeer-921	5	22	high	high	ADJ
ajeer-921	5	23	liquidity	liquidity	NOUN
ajeer-921	5	24	and	and	CCONJ
ajeer-921	5	25	relatively	relatively	ADV
ajeer-921	5	26	high	high	ADJ
ajeer-921	5	27	profitability	profitability	NOUN
ajeer-921	5	28	compared	compare	VERB
ajeer-921	5	29	with	with	ADP
ajeer-921	5	30	the	the	DET
ajeer-921	5	31	banking	banking	NOUN
ajeer-921	5	32	systems	system	NOUN
ajeer-921	5	33	of	of	ADP
ajeer-921	5	34	the	the	DET
ajeer-921	5	35	countries	country	NOUN
ajeer-921	5	36	in	in	ADP
ajeer-921	5	37	the	the	DET
ajeer-921	5	38	region	region	NOUN
ajeer-921	5	39	and	and	CCONJ
ajeer-921	5	40	the	the	DET
ajeer-921	5	41	more	more	ADV
ajeer-921	5	42	developed	develop	VERB
ajeer-921	5	43	economies	economy	NOUN
ajeer-921	5	44	.	.	PUNCT
ajeer-921	6	1	furthermore	furthermore	ADV
ajeer-921	6	2	,	,	PUNCT
ajeer-921	6	3	the	the	DET
ajeer-921	6	4	paper	paper	NOUN
ajeer-921	6	5	examines	examine	VERB
ajeer-921	6	6	the	the	DET
ajeer-921	6	7	determinants	determinant	NOUN
ajeer-921	6	8	of	of	ADP
ajeer-921	6	9	liquidity	liquidity	NOUN
ajeer-921	6	10	.	.	PUNCT
ajeer-921	7	1	the	the	DET
ajeer-921	7	2	empirical	empirical	ADJ
ajeer-921	7	3	analysis	analysis	NOUN
ajeer-921	7	4	is	be	AUX
ajeer-921	7	5	carried	carry	VERB
ajeer-921	7	6	out	out	ADP
ajeer-921	7	7	through	through	ADP
ajeer-921	7	8	the	the	DET
ajeer-921	7	9	use	use	NOUN
ajeer-921	7	10	of	of	ADP
ajeer-921	7	11	the	the	DET
ajeer-921	7	12	dynamic	dynamic	ADJ
ajeer-921	7	13	panel	panel	NOUN
ajeer-921	7	14	analysis	analysis	NOUN
ajeer-921	7	15	based	base	VERB
ajeer-921	7	16	on	on	ADP
ajeer-921	7	17	the	the	DET
ajeer-921	7	18	generalized	generalized	ADJ
ajeer-921	7	19	method	method	NOUN
ajeer-921	7	20	of	of	ADP
ajeer-921	7	21	moments	moment	NOUN
ajeer-921	7	22	(	(	PUNCT
ajeer-921	7	23	gmm	gmm	NOUN
ajeer-921	7	24	)	)	PUNCT
ajeer-921	7	25	methodology	methodology	NOUN
ajeer-921	7	26	on	on	ADP
ajeer-921	7	27	a	a	DET
ajeer-921	7	28	dataset	dataset	NOUN
ajeer-921	7	29	of	of	ADP
ajeer-921	7	30	overall	overall	ADJ
ajeer-921	7	31	banking	banking	NOUN
ajeer-921	7	32	sector	sector	NOUN
ajeer-921	7	33	operating	operate	VERB
ajeer-921	7	34	in	in	ADP
ajeer-921	7	35	macedonia	macedonia	PROPN
ajeer-921	7	36	in	in	ADP
ajeer-921	7	37	the	the	DET
ajeer-921	7	38	period	period	NOUN
ajeer-921	7	39	from	from	ADP
ajeer-921	7	40	2007	2007	NUM
ajeer-921	7	41	to	to	ADP
ajeer-921	7	42	2017	2017	NUM
ajeer-921	7	43	.	.	PUNCT
ajeer-921	8	1	the	the	DET
ajeer-921	8	2	study	study	NOUN
ajeer-921	8	3	uses	use	VERB
ajeer-921	8	4	seven	seven	NUM
ajeer-921	8	5	factors	factor	NOUN
ajeer-921	8	6	as	as	ADP
ajeer-921	8	7	potential	potential	ADJ
ajeer-921	8	8	determinants	determinant	NOUN
ajeer-921	8	9	of	of	ADP
ajeer-921	8	10	banks	bank	NOUN
ajeer-921	8	11	liquidity	liquidity	NOUN
ajeer-921	8	12	,	,	PUNCT
ajeer-921	8	13	five	five	NUM
ajeer-921	8	14	of	of	ADP
ajeer-921	8	15	them	they	PRON
ajeer-921	8	16	are	be	AUX
ajeer-921	8	17	internal	internal	ADJ
ajeer-921	8	18	banks	bank	NOUN
ajeer-921	8	19	variables	variable	NOUN
ajeer-921	8	20	(	(	PUNCT
ajeer-921	8	21	lagged	lag	VERB
ajeer-921	8	22	value	value	NOUN
ajeer-921	8	23	of	of	ADP
ajeer-921	8	24	liquidity	liquidity	NOUN
ajeer-921	8	25	,	,	PUNCT
ajeer-921	8	26	bank	bank	NOUN
ajeer-921	8	27	profitability	profitability	NOUN
ajeer-921	8	28	,	,	PUNCT
ajeer-921	8	29	size	size	NOUN
ajeer-921	8	30	of	of	ADP
ajeer-921	8	31	the	the	DET
ajeer-921	8	32	bank	bank	NOUN
ajeer-921	8	33	,	,	PUNCT
ajeer-921	8	34	capital	capital	NOUN
ajeer-921	8	35	adequacy	adequacy	NOUN
ajeer-921	8	36	and	and	CCONJ
ajeer-921	8	37	non	non	ADJ
ajeer-921	8	38	-	-	ADJ
ajeer-921	8	39	performing	performing	ADJ
ajeer-921	8	40	loans	loan	NOUN
ajeer-921	8	41	)	)	PUNCT
ajeer-921	8	42	while	while	SCONJ
ajeer-921	8	43	two	two	NUM
ajeer-921	8	44	of	of	ADP
ajeer-921	8	45	them	they	PRON
ajeer-921	8	46	are	be	AUX
ajeer-921	8	47	macroeconomic	macroeconomic	ADJ
ajeer-921	8	48	variables	variable	NOUN
ajeer-921	8	49	(	(	PUNCT
ajeer-921	8	50	gdp	gdp	NOUN
ajeer-921	8	51	growth	growth	NOUN
ajeer-921	8	52	rate	rate	NOUN
ajeer-921	8	53	and	and	CCONJ
ajeer-921	8	54	central	central	ADJ
ajeer-921	8	55	bank	bank	NOUN
ajeer-921	8	56	reference	reference	NOUN
ajeer-921	8	57	interest	interest	NOUN
ajeer-921	8	58	rate	rate	NOUN
ajeer-921	8	59	)	)	PUNCT
ajeer-921	8	60	.	.	PUNCT
ajeer-921	9	1	the	the	DET
ajeer-921	9	2	study	study	NOUN
ajeer-921	9	3	showed	show	VERB
ajeer-921	9	4	that	that	SCONJ
ajeer-921	9	5	profitability	profitability	NOUN
ajeer-921	9	6	is	be	AUX
ajeer-921	9	7	one	one	NUM
ajeer-921	9	8	of	of	ADP
ajeer-921	9	9	the	the	DET
ajeer-921	9	10	most	most	ADV
ajeer-921	9	11	important	important	ADJ
ajeer-921	9	12	factors	factor	NOUN
ajeer-921	9	13	influencing	influence	VERB
ajeer-921	9	14	liquidity	liquidity	NOUN
ajeer-921	9	15	in	in	ADP
ajeer-921	9	16	the	the	DET
ajeer-921	9	17	macedonian	macedonian	ADJ
ajeer-921	9	18	banks	bank	NOUN
ajeer-921	9	19	.	.	PUNCT
ajeer-921	10	1	the	the	DET
ajeer-921	10	2	other	other	ADJ
ajeer-921	10	3	determinants	determinant	NOUN
ajeer-921	10	4	with	with	ADP
ajeer-921	10	5	important	important	ADJ
ajeer-921	10	6	positive	positive	ADJ
ajeer-921	10	7	effects	effect	NOUN
ajeer-921	10	8	on	on	ADP
ajeer-921	10	9	liquidity	liquidity	NOUN
ajeer-921	10	10	are	be	AUX
ajeer-921	10	11	lagged	lag	VERB
ajeer-921	10	12	value	value	NOUN
ajeer-921	10	13	of	of	ADP
ajeer-921	10	14	liquidity	liquidity	NOUN
ajeer-921	10	15	,	,	PUNCT
ajeer-921	10	16	non	non	ADJ
ajeer-921	10	17	-	-	ADJ
ajeer-921	10	18	performing	performing	ADJ
ajeer-921	10	19	loans	loan	NOUN
ajeer-921	10	20	and	and	CCONJ
ajeer-921	10	21	central	central	ADJ
ajeer-921	10	22	bank	bank	NOUN
ajeer-921	10	23	interest	interest	NOUN
ajeer-921	10	24	rate	rate	NOUN
ajeer-921	10	25	but	but	CCONJ
ajeer-921	10	26	,	,	PUNCT
ajeer-921	10	27	to	to	ADP
ajeer-921	10	28	a	a	DET
ajeer-921	10	29	somewhat	somewhat	ADV
ajeer-921	10	30	lower	low	ADJ
ajeer-921	10	31	extent	extent	NOUN
ajeer-921	10	32	.	.	PUNCT
ajeer-921	11	1	on	on	ADP
ajeer-921	11	2	the	the	DET
ajeer-921	11	3	other	other	ADJ
ajeer-921	11	4	hand	hand	NOUN
ajeer-921	11	5	,	,	PUNCT
ajeer-921	11	6	only	only	ADV
ajeer-921	11	7	the	the	DET
ajeer-921	11	8	size	size	NOUN
ajeer-921	11	9	of	of	ADP
ajeer-921	11	10	the	the	DET
ajeer-921	11	11	bank	bank	NOUN
ajeer-921	11	12	is	be	AUX
ajeer-921	11	13	significantly	significantly	ADV
ajeer-921	11	14	inversely	inversely	ADV
ajeer-921	11	15	associated	associate	VERB
ajeer-921	11	16	with	with	ADP
ajeer-921	11	17	bank	bank	NOUN
ajeer-921	11	18	liquidity	liquidity	NOUN
ajeer-921	11	19	.	.	PUNCT
ajeer-921	12	1	the	the	DET
ajeer-921	12	2	capital	capital	NOUN
ajeer-921	12	3	adequacy	adequacy	NOUN
ajeer-921	12	4	and	and	CCONJ
ajeer-921	12	5	gdp	gdp	NOUN
ajeer-921	12	6	growth	growth	NOUN
ajeer-921	12	7	rate	rate	NOUN
ajeer-921	12	8	are	be	AUX
ajeer-921	12	9	not	not	PART
ajeer-921	12	10	statistically	statistically	ADV
ajeer-921	12	11	significant	significant	ADJ
ajeer-921	12	12	factors	factor	NOUN
ajeer-921	12	13	of	of	ADP
ajeer-921	12	14	macedonian	macedonian	ADJ
ajeer-921	12	15	banks	bank	NOUN
ajeer-921	12	16	liquidity	liquidity	NOUN
ajeer-921	12	17	.	.	PUNCT
ajeer-921	13	1	keywords	keyword	NOUN
ajeer-921	13	2	:	:	PUNCT
ajeer-921	13	3	liquidity	liquidity	NOUN
ajeer-921	13	4	,	,	PUNCT
ajeer-921	13	5	profitability	profitability	NOUN
ajeer-921	13	6	,	,	PUNCT
ajeer-921	13	7	determinants	determinant	NOUN
ajeer-921	13	8	,	,	PUNCT
ajeer-921	13	9	macedonian	macedonian	ADJ
ajeer-921	13	10	commercial	commercial	ADJ
ajeer-921	13	11	banks	bank	NOUN
ajeer-921	13	12	,	,	PUNCT
ajeer-921	13	13	panel	panel	NOUN
ajeer-921	13	14	data	datum	NOUN
ajeer-921	13	15	analysis	analysis	NOUN
ajeer-921	13	16	,	,	PUNCT
ajeer-921	13	17	gmm	gmm	PROPN
ajeer-921	13	18	model	model	NOUN
ajeer-921	13	19	.	.	PUNCT
ajeer-921	14	1	jel	jel	PROPN
ajeer-921	14	2	classification	classification	PROPN
ajeer-921	14	3	:	:	PUNCT
ajeer-921	14	4	g21	g21	PROPN
ajeer-921	14	5	;	;	PUNCT
ajeer-921	14	6	c33	c33	NOUN
ajeer-921	14	7	;	;	PUNCT
ajeer-921	14	8	e52	e52	PROPN
ajeer-921	14	9	.	.	PUNCT
ajeer-921	15	1	citation	citation	NOUN
ajeer-921	16	1	|	|	ADV
ajeer-921	16	2	gockov	gockov	PROPN
ajeer-921	16	3	gjorgji	gjorgji	PROPN
ajeer-921	16	4	;	;	PUNCT
ajeer-921	16	5	hristovski	hristovski	PROPN
ajeer-921	16	6	goran	goran	NOUN
ajeer-921	16	7	(	(	PUNCT
ajeer-921	16	8	2019	2019	NUM
ajeer-921	16	9	)	)	PUNCT
ajeer-921	16	10	.	.	PUNCT
ajeer-921	17	1	determinants	determinant	NOUN
ajeer-921	17	2	of	of	ADP
ajeer-921	17	3	liquidity	liquidity	NOUN
ajeer-921	17	4	and	and	CCONJ
ajeer-921	17	5	its	its	PRON
ajeer-921	17	6	relationship	relationship	NOUN
ajeer-921	17	7	with	with	ADP
ajeer-921	17	8	profitability	profitability	NOUN
ajeer-921	17	9	–	–	PUNCT
ajeer-921	17	10	the	the	DET
ajeer-921	17	11	case	case	NOUN
ajeer-921	17	12	of	of	ADP
ajeer-921	17	13	macedonian	macedonian	ADJ
ajeer-921	17	14	banking	banking	NOUN
ajeer-921	17	15	sector	sector	NOUN
ajeer-921	17	16	.	.	PUNCT
ajeer-921	18	1	asian	asian	ADJ
ajeer-921	18	2	journal	journal	PROPN
ajeer-921	18	3	of	of	ADP
ajeer-921	18	4	economics	economic	NOUN
ajeer-921	18	5	and	and	CCONJ
ajeer-921	18	6	empirical	empirical	ADJ
ajeer-921	18	7	research	research	NOUN
ajeer-921	18	8	,	,	PUNCT
ajeer-921	18	9	6(1	6(1	NUM
ajeer-921	18	10	):	):	PUNCT
ajeer-921	18	11	85	85	NUM
ajeer-921	18	12	-	-	SYM
ajeer-921	18	13	92	92	NUM
ajeer-921	18	14	.	.	PUNCT
ajeer-921	19	1	history	history	NOUN
ajeer-921	19	2	:	:	PUNCT
ajeer-921	19	3	received	receive	VERB
ajeer-921	19	4	:	:	PUNCT
ajeer-921	19	5	11	11	NUM
ajeer-921	19	6	april	april	PROPN
ajeer-921	19	7	2019	2019	NUM
ajeer-921	19	8	revised	revise	VERB
ajeer-921	19	9	:	:	PUNCT
ajeer-921	19	10	20	20	NUM
ajeer-921	19	11	may	may	AUX
ajeer-921	19	12	2019	2019	NUM
ajeer-921	19	13	accepted	accept	VERB
ajeer-921	19	14	:	:	PUNCT
ajeer-921	19	15	25	25	NUM
ajeer-921	19	16	june	june	PROPN
ajeer-921	19	17	2019	2019	NUM
ajeer-921	19	18	published	publish	VERB
ajeer-921	19	19	:	:	PUNCT
ajeer-921	19	20	15	15	NUM
ajeer-921	19	21	august	august	PROPN
ajeer-921	19	22	2019	2019	NUM
ajeer-921	19	23	licensed	license	VERB
ajeer-921	19	24	:	:	PUNCT
ajeer-921	19	25	this	this	DET
ajeer-921	19	26	work	work	NOUN
ajeer-921	19	27	is	be	AUX
ajeer-921	19	28	licensed	license	VERB
ajeer-921	19	29	under	under	ADP
ajeer-921	19	30	a	a	DET
ajeer-921	19	31	creative	creative	ADJ
ajeer-921	19	32	commons	common	NOUN
ajeer-921	19	33	attribution	attribution	NOUN
ajeer-921	19	34	3.0	3.0	NUM
ajeer-921	19	35	license	license	NOUN
ajeer-921	19	36	publisher	publisher	NOUN
ajeer-921	19	37	:	:	PUNCT
ajeer-921	19	38	asian	asian	ADJ
ajeer-921	19	39	online	online	PROPN
ajeer-921	19	40	journal	journal	PROPN
ajeer-921	19	41	publishing	publishing	NOUN
ajeer-921	19	42	group	group	NOUN
ajeer-921	19	43	acknowledgement	acknowledgement	NOUN
ajeer-921	19	44	:	:	PUNCT
ajeer-921	19	45	both	both	DET
ajeer-921	19	46	authors	author	NOUN
ajeer-921	19	47	contributed	contribute	VERB
ajeer-921	19	48	to	to	ADP
ajeer-921	19	49	the	the	DET
ajeer-921	19	50	conception	conception	NOUN
ajeer-921	19	51	and	and	CCONJ
ajeer-921	19	52	design	design	NOUN
ajeer-921	19	53	of	of	ADP
ajeer-921	19	54	the	the	DET
ajeer-921	19	55	study	study	NOUN
ajeer-921	19	56	.	.	PUNCT
ajeer-921	20	1	funding	funding	NOUN
ajeer-921	20	2	:	:	PUNCT
ajeer-921	20	3	this	this	DET
ajeer-921	20	4	study	study	NOUN
ajeer-921	20	5	received	receive	VERB
ajeer-921	20	6	no	no	DET
ajeer-921	20	7	specific	specific	ADJ
ajeer-921	20	8	financial	financial	ADJ
ajeer-921	20	9	support	support	NOUN
ajeer-921	20	10	.	.	PUNCT
ajeer-921	21	1	competing	compete	VERB
ajeer-921	21	2	interests	interest	NOUN
ajeer-921	21	3	:	:	PUNCT
ajeer-921	21	4	the	the	DET
ajeer-921	21	5	authors	author	NOUN
ajeer-921	21	6	declare	declare	VERB
ajeer-921	21	7	that	that	SCONJ
ajeer-921	21	8	they	they	PRON
ajeer-921	21	9	have	have	VERB
ajeer-921	21	10	no	no	DET
ajeer-921	21	11	conflict	conflict	NOUN
ajeer-921	21	12	of	of	ADP
ajeer-921	21	13	interests	interest	NOUN
ajeer-921	21	14	.	.	PUNCT
ajeer-921	22	1	transparency	transparency	NOUN
ajeer-921	22	2	:	:	PUNCT
ajeer-921	22	3	the	the	DET
ajeer-921	22	4	authors	author	NOUN
ajeer-921	22	5	confirm	confirm	VERB
ajeer-921	22	6	that	that	SCONJ
ajeer-921	22	7	the	the	DET
ajeer-921	22	8	manuscript	manuscript	NOUN
ajeer-921	22	9	is	be	AUX
ajeer-921	22	10	an	an	DET
ajeer-921	22	11	honest	honest	ADJ
ajeer-921	22	12	,	,	PUNCT
ajeer-921	22	13	accurate	accurate	ADJ
ajeer-921	22	14	,	,	PUNCT
ajeer-921	22	15	and	and	CCONJ
ajeer-921	22	16	transparent	transparent	ADJ
ajeer-921	22	17	account	account	NOUN
ajeer-921	22	18	of	of	ADP
ajeer-921	22	19	the	the	DET
ajeer-921	22	20	study	study	NOUN
ajeer-921	22	21	was	be	AUX
ajeer-921	22	22	reported	report	VERB
ajeer-921	22	23	;	;	PUNCT
ajeer-921	22	24	that	that	SCONJ
ajeer-921	22	25	no	no	DET
ajeer-921	22	26	vital	vital	ADJ
ajeer-921	22	27	features	feature	NOUN
ajeer-921	22	28	of	of	ADP
ajeer-921	22	29	the	the	DET
ajeer-921	22	30	study	study	NOUN
ajeer-921	22	31	have	have	AUX
ajeer-921	22	32	been	be	AUX
ajeer-921	22	33	omitted	omit	VERB
ajeer-921	22	34	;	;	PUNCT
ajeer-921	22	35	and	and	CCONJ
ajeer-921	22	36	that	that	SCONJ
ajeer-921	22	37	any	any	DET
ajeer-921	22	38	discrepancies	discrepancy	NOUN
ajeer-921	22	39	from	from	ADP
ajeer-921	22	40	the	the	DET
ajeer-921	22	41	study	study	NOUN
ajeer-921	22	42	as	as	SCONJ
ajeer-921	22	43	planned	plan	VERB
ajeer-921	22	44	have	have	AUX
ajeer-921	22	45	been	be	AUX
ajeer-921	22	46	explained	explain	VERB
ajeer-921	22	47	.	.	PUNCT
ajeer-921	23	1	ethical	ethical	ADJ
ajeer-921	23	2	:	:	PUNCT
ajeer-921	23	3	this	this	DET
ajeer-921	23	4	study	study	NOUN
ajeer-921	23	5	follows	follow	VERB
ajeer-921	23	6	all	all	DET
ajeer-921	23	7	ethical	ethical	ADJ
ajeer-921	23	8	practices	practice	NOUN
ajeer-921	23	9	during	during	ADP
ajeer-921	23	10	writing	writing	NOUN
ajeer-921	23	11	.	.	PUNCT
ajeer-921	24	1	contents	content	NOUN
ajeer-921	24	2	1	1	NUM
ajeer-921	24	3	.	.	PUNCT
ajeer-921	25	1	introduction	introduction	NOUN
ajeer-921	25	2	......................................................................................................................................................................................	......................................................................................................................................................................................	PUNCT
ajeer-921	26	1	86	86	NUM
ajeer-921	26	2	2	2	NUM
ajeer-921	26	3	.	.	X
ajeer-921	26	4	review	review	NOUN
ajeer-921	26	5	of	of	ADP
ajeer-921	26	6	the	the	DET
ajeer-921	26	7	empirical	empirical	ADJ
ajeer-921	26	8	literature	literature	NOUN
ajeer-921	26	9	..............................................................................................................................................	..............................................................................................................................................	PROPN
ajeer-921	27	1	86	86	NUM
ajeer-921	27	2	3	3	NUM
ajeer-921	27	3	.	.	PUNCT
ajeer-921	27	4	liquidity	liquidity	NOUN
ajeer-921	27	5	and	and	CCONJ
ajeer-921	27	6	profitability	profitability	NOUN
ajeer-921	27	7	in	in	ADP
ajeer-921	27	8	the	the	DET
ajeer-921	27	9	macedonian	macedonian	ADJ
ajeer-921	27	10	banking	banking	NOUN
ajeer-921	27	11	sector	sector	NOUN
ajeer-921	27	12	–	–	PUNCT
ajeer-921	27	13	some	some	DET
ajeer-921	27	14	stylized	stylize	VERB
ajeer-921	27	15	facts	fact	NOUN
ajeer-921	27	16	....................................................	....................................................	PUNCT
ajeer-921	27	17	87	87	NUM
ajeer-921	27	18	4	4	NUM
ajeer-921	27	19	.	.	PUNCT
ajeer-921	27	20	data	datum	NOUN
ajeer-921	27	21	and	and	CCONJ
ajeer-921	27	22	methodology	methodology	NOUN
ajeer-921	27	23	...................................................................................................................................................................	...................................................................................................................................................................	PUNCT
ajeer-921	27	24	88	88	NUM
ajeer-921	27	25	5	5	NUM
ajeer-921	27	26	.	.	PUNCT
ajeer-921	28	1	research	research	NOUN
ajeer-921	28	2	results	result	NOUN
ajeer-921	28	3	..............................................................................................................................................................................	..............................................................................................................................................................................	PUNCT
ajeer-921	29	1	90	90	NUM
ajeer-921	29	2	6	6	NUM
ajeer-921	29	3	.	.	PUNCT
ajeer-921	30	1	conclusions	conclusion	NOUN
ajeer-921	30	2	.......................................................................................................................................................................................	.......................................................................................................................................................................................	PUNCT
ajeer-921	31	1	91	91	NUM
ajeer-921	31	2	references	reference	NOUN
ajeer-921	31	3	..............................................................................................................................................................................................	..............................................................................................................................................................................................	PROPN
ajeer-921	32	1	91	91	NUM
ajeer-921	32	2	http://crossmark.crossref.org/dialog/?doi=10.20448/journal.501.2019.61.85.92&domain=pdf&date_stamp=2017-01-14	http://crossmark.crossref.org/dialog/?doi=10.20448/journal.501.2019.61.85.92&domain=pdf&date_stamp=2017-01-14	PROPN
ajeer-921	32	3	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajeer-921	32	4	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajeer-921	32	5	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	PROPN
ajeer-921	33	1	https://orcid.org/0000-0002-1780-6129	https://orcid.org/0000-0002-1780-6129	PROPN
ajeer-921	33	2	https://orcid.org/0000-0001-7890-7460	https://orcid.org/0000-0001-7890-7460	ADV
ajeer-921	34	1	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	PROPN
ajeer-921	35	1	https://orcid.org/0000-0002-1780-6129	https://orcid.org/0000-0002-1780-6129	PROPN
ajeer-921	35	2	https://orcid.org/0000-0001-7890-7460	https://orcid.org/0000-0001-7890-7460	ADV
ajeer-921	36	1	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	PROPN
ajeer-921	37	1	https://orcid.org/0000-0002-1780-6129	https://orcid.org/0000-0002-1780-6129	PROPN
ajeer-921	37	2	https://orcid.org/0000-0001-7890-7460	https://orcid.org/0000-0001-7890-7460	ADV
ajeer-921	38	1	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	http://www.asianonlinejournals.com/index.php/ajeer/article/view/921	PROPN
ajeer-921	38	2	https://orcid.org/0000-0002-1780-6129	https://orcid.org/0000-0002-1780-6129	PROPN
ajeer-921	38	3	https://orcid.org/0000-0001-7890-7460	https://orcid.org/0000-0001-7890-7460	PROPN
ajeer-921	38	4	asian	asian	PROPN
ajeer-921	38	5	journal	journal	PROPN
ajeer-921	38	6	of	of	ADP
ajeer-921	38	7	economics	economic	NOUN
ajeer-921	38	8	and	and	CCONJ
ajeer-921	38	9	empirical	empirical	ADJ
ajeer-921	38	10	research	research	NOUN
ajeer-921	38	11	,	,	PUNCT
ajeer-921	38	12	2019	2019	NUM
ajeer-921	38	13	,	,	PUNCT
ajeer-921	38	14	6(1	6(1	NUM
ajeer-921	38	15	):	):	PUNCT
ajeer-921	38	16	85	85	NUM
ajeer-921	38	17	-	-	SYM
ajeer-921	38	18	92	92	NUM
ajeer-921	38	19	86	86	NUM
ajeer-921	38	20	©	©	PROPN
ajeer-921	38	21	2019	2019	NUM
ajeer-921	38	22	by	by	ADP
ajeer-921	38	23	the	the	DET
ajeer-921	38	24	authors	author	NOUN
ajeer-921	38	25	;	;	PUNCT
ajeer-921	38	26	licensee	licensee	PROPN
ajeer-921	38	27	asian	asian	ADJ
ajeer-921	38	28	online	online	PROPN
ajeer-921	38	29	journal	journal	PROPN
ajeer-921	38	30	publishing	publishing	NOUN
ajeer-921	38	31	group	group	NOUN
ajeer-921	38	32	contribution	contribution	NOUN
ajeer-921	38	33	of	of	ADP
ajeer-921	38	34	this	this	DET
ajeer-921	38	35	paper	paper	NOUN
ajeer-921	38	36	to	to	ADP
ajeer-921	38	37	the	the	DET
ajeer-921	38	38	literature	literature	NOUN
ajeer-921	38	39	this	this	DET
ajeer-921	38	40	study	study	NOUN
ajeer-921	38	41	contributes	contribute	VERB
ajeer-921	38	42	to	to	ADP
ajeer-921	38	43	the	the	DET
ajeer-921	38	44	existing	exist	VERB
ajeer-921	38	45	literature	literature	NOUN
ajeer-921	38	46	by	by	ADP
ajeer-921	38	47	identifying	identify	VERB
ajeer-921	38	48	the	the	DET
ajeer-921	38	49	determinants	determinant	NOUN
ajeer-921	38	50	of	of	ADP
ajeer-921	38	51	liquidity	liquidity	NOUN
ajeer-921	38	52	and	and	CCONJ
ajeer-921	38	53	focusing	focus	VERB
ajeer-921	38	54	on	on	ADP
ajeer-921	38	55	the	the	DET
ajeer-921	38	56	relationship	relationship	NOUN
ajeer-921	38	57	between	between	ADP
ajeer-921	38	58	profitability	profitability	NOUN
ajeer-921	38	59	and	and	CCONJ
ajeer-921	38	60	liquidity	liquidity	NOUN
ajeer-921	38	61	.	.	PUNCT
ajeer-921	39	1	1	1	X
ajeer-921	39	2	.	.	X
ajeer-921	39	3	introduction	introduction	NOUN
ajeer-921	39	4	liquidity	liquidity	NOUN
ajeer-921	39	5	and	and	CCONJ
ajeer-921	39	6	profitability	profitability	NOUN
ajeer-921	39	7	are	be	AUX
ajeer-921	39	8	two	two	NUM
ajeer-921	39	9	important	important	ADJ
ajeer-921	39	10	principles	principle	NOUN
ajeer-921	39	11	in	in	ADP
ajeer-921	39	12	modern	modern	ADJ
ajeer-921	39	13	banking	banking	NOUN
ajeer-921	39	14	nowadays	nowadays	ADV
ajeer-921	39	15	.	.	PUNCT
ajeer-921	40	1	banks	bank	NOUN
ajeer-921	40	2	work	work	VERB
ajeer-921	40	3	with	with	ADP
ajeer-921	40	4	other	other	ADJ
ajeer-921	40	5	funds	fund	NOUN
ajeer-921	40	6	deposits	deposit	NOUN
ajeer-921	40	7	of	of	ADP
ajeer-921	40	8	the	the	DET
ajeer-921	40	9	public	public	NOUN
ajeer-921	40	10	(	(	PUNCT
ajeer-921	40	11	primarily	primarily	ADV
ajeer-921	40	12	of	of	ADP
ajeer-921	40	13	natural	natural	ADJ
ajeer-921	40	14	persons	person	NOUN
ajeer-921	40	15	)	)	PUNCT
ajeer-921	40	16	and	and	CCONJ
ajeer-921	40	17	they	they	PRON
ajeer-921	40	18	have	have	VERB
ajeer-921	40	19	an	an	DET
ajeer-921	40	20	obligation	obligation	NOUN
ajeer-921	40	21	to	to	PART
ajeer-921	40	22	repay	repay	VERB
ajeer-921	40	23	those	those	DET
ajeer-921	40	24	funds	fund	NOUN
ajeer-921	40	25	in	in	ADP
ajeer-921	40	26	accordance	accordance	NOUN
ajeer-921	40	27	with	with	ADP
ajeer-921	40	28	the	the	DET
ajeer-921	40	29	agreed	agree	VERB
ajeer-921	40	30	terms	term	NOUN
ajeer-921	40	31	and	and	CCONJ
ajeer-921	40	32	conditions	condition	NOUN
ajeer-921	40	33	.	.	PUNCT
ajeer-921	41	1	it	it	PRON
ajeer-921	41	2	is	be	AUX
ajeer-921	41	3	understandable	understandable	ADJ
ajeer-921	41	4	that	that	SCONJ
ajeer-921	41	5	banks	bank	NOUN
ajeer-921	41	6	do	do	AUX
ajeer-921	41	7	not	not	PART
ajeer-921	41	8	keep	keep	VERB
ajeer-921	41	9	these	these	DET
ajeer-921	41	10	funds	fund	NOUN
ajeer-921	41	11	however	however	ADV
ajeer-921	41	12	they	they	PRON
ajeer-921	41	13	invest	invest	VERB
ajeer-921	41	14	them	they	PRON
ajeer-921	41	15	throughout	throughout	ADP
ajeer-921	41	16	giving	give	VERB
ajeer-921	41	17	loans	loan	NOUN
ajeer-921	41	18	,	,	PUNCT
ajeer-921	41	19	buying	buy	VERB
ajeer-921	41	20	securities	security	NOUN
ajeer-921	41	21	,	,	PUNCT
ajeer-921	41	22	fixed	fix	VERB
ajeer-921	41	23	assets	asset	NOUN
ajeer-921	41	24	,	,	PUNCT
ajeer-921	41	25	depositing	deposit	VERB
ajeer-921	41	26	in	in	ADP
ajeer-921	41	27	other	other	ADJ
ajeer-921	41	28	banks	bank	NOUN
ajeer-921	41	29	,	,	PUNCT
ajeer-921	41	30	etc	etc	X
ajeer-921	41	31	.	.	X
ajeer-921	42	1	liquidity	liquidity	NOUN
ajeer-921	42	2	is	be	AUX
ajeer-921	42	3	the	the	DET
ajeer-921	42	4	ability	ability	NOUN
ajeer-921	42	5	of	of	ADP
ajeer-921	42	6	a	a	DET
ajeer-921	42	7	bank	bank	NOUN
ajeer-921	42	8	to	to	PART
ajeer-921	42	9	fund	fund	VERB
ajeer-921	42	10	increases	increase	NOUN
ajeer-921	42	11	in	in	ADP
ajeer-921	42	12	assets	asset	NOUN
ajeer-921	42	13	and	and	CCONJ
ajeer-921	42	14	meet	meet	VERB
ajeer-921	42	15	obligations	obligation	NOUN
ajeer-921	42	16	as	as	SCONJ
ajeer-921	42	17	they	they	PRON
ajeer-921	42	18	come	come	VERB
ajeer-921	42	19	due	due	ADJ
ajeer-921	42	20	,	,	PUNCT
ajeer-921	42	21	without	without	ADP
ajeer-921	42	22	incurring	incur	VERB
ajeer-921	42	23	unacceptable	unacceptable	ADJ
ajeer-921	42	24	losses	loss	NOUN
ajeer-921	42	25	(	(	PUNCT
ajeer-921	42	26	basel	basel	PROPN
ajeer-921	42	27	committee	committee	PROPN
ajeer-921	42	28	,	,	PUNCT
ajeer-921	42	29	2008	2008	NUM
ajeer-921	42	30	)	)	PUNCT
ajeer-921	42	31	.	.	PUNCT
ajeer-921	43	1	the	the	DET
ajeer-921	43	2	most	most	ADV
ajeer-921	43	3	liquid	liquid	ADJ
ajeer-921	43	4	assets	asset	NOUN
ajeer-921	43	5	available	available	ADJ
ajeer-921	43	6	to	to	ADP
ajeer-921	43	7	the	the	DET
ajeer-921	43	8	banks	bank	NOUN
ajeer-921	43	9	are	be	AUX
ajeer-921	43	10	the	the	DET
ajeer-921	43	11	cash	cash	NOUN
ajeer-921	43	12	they	they	PRON
ajeer-921	43	13	have	have	VERB
ajeer-921	43	14	and	and	CCONJ
ajeer-921	43	15	the	the	DET
ajeer-921	43	16	funds	fund	NOUN
ajeer-921	43	17	they	they	PRON
ajeer-921	43	18	have	have	VERB
ajeer-921	43	19	on	on	ADP
ajeer-921	43	20	their	their	PRON
ajeer-921	43	21	accounts	account	NOUN
ajeer-921	43	22	at	at	ADP
ajeer-921	43	23	the	the	DET
ajeer-921	43	24	central	central	ADJ
ajeer-921	43	25	bank	bank	NOUN
ajeer-921	43	26	.	.	PUNCT
ajeer-921	44	1	these	these	DET
ajeer-921	44	2	assets	asset	NOUN
ajeer-921	44	3	are	be	AUX
ajeer-921	44	4	called	call	VERB
ajeer-921	44	5	super	super	ADJ
ajeer-921	44	6	-	-	ADJ
ajeer-921	44	7	liquid	liquid	ADJ
ajeer-921	44	8	assets	asset	NOUN
ajeer-921	44	9	or	or	CCONJ
ajeer-921	44	10	primary	primary	ADJ
ajeer-921	44	11	reserve	reserve	NOUN
ajeer-921	44	12	.	.	PUNCT
ajeer-921	45	1	all	all	DET
ajeer-921	45	2	other	other	ADJ
ajeer-921	45	3	assets	asset	NOUN
ajeer-921	45	4	that	that	PRON
ajeer-921	45	5	banks	bank	NOUN
ajeer-921	45	6	have	have	VERB
ajeer-921	45	7	at	at	ADP
ajeer-921	45	8	their	their	PRON
ajeer-921	45	9	disposal	disposal	NOUN
ajeer-921	45	10	are	be	AUX
ajeer-921	45	11	with	with	ADP
ajeer-921	45	12	a	a	DET
ajeer-921	45	13	lower	low	ADJ
ajeer-921	45	14	degree	degree	NOUN
ajeer-921	45	15	of	of	ADP
ajeer-921	45	16	liquidity	liquidity	NOUN
ajeer-921	45	17	,	,	PUNCT
ajeer-921	45	18	depending	depend	VERB
ajeer-921	45	19	on	on	ADP
ajeer-921	45	20	the	the	DET
ajeer-921	45	21	time	time	NOUN
ajeer-921	45	22	and	and	CCONJ
ajeer-921	45	23	costs	cost	NOUN
ajeer-921	45	24	needed	need	VERB
ajeer-921	45	25	for	for	ADP
ajeer-921	45	26	their	their	PRON
ajeer-921	45	27	conversion	conversion	NOUN
ajeer-921	45	28	.	.	PUNCT
ajeer-921	46	1	the	the	DET
ajeer-921	46	2	principle	principle	NOUN
ajeer-921	46	3	of	of	ADP
ajeer-921	46	4	profitability	profitability	NOUN
ajeer-921	46	5	requires	require	VERB
ajeer-921	46	6	the	the	DET
ajeer-921	46	7	bank	bank	NOUN
ajeer-921	46	8	to	to	PART
ajeer-921	46	9	allocate	allocate	VERB
ajeer-921	46	10	the	the	DET
ajeer-921	46	11	funds	fund	NOUN
ajeer-921	46	12	in	in	ADP
ajeer-921	46	13	financial	financial	ADJ
ajeer-921	46	14	instruments	instrument	NOUN
ajeer-921	46	15	with	with	ADP
ajeer-921	46	16	a	a	DET
ajeer-921	46	17	higher	high	ADJ
ajeer-921	46	18	rate	rate	NOUN
ajeer-921	46	19	of	of	ADP
ajeer-921	46	20	return	return	NOUN
ajeer-921	46	21	.	.	PUNCT
ajeer-921	47	1	the	the	DET
ajeer-921	47	2	bank	bank	NOUN
ajeer-921	47	3	's	's	PART
ajeer-921	47	4	profitability	profitability	NOUN
ajeer-921	47	5	analysis	analysis	NOUN
ajeer-921	47	6	is	be	AUX
ajeer-921	47	7	mainly	mainly	ADV
ajeer-921	47	8	performed	perform	VERB
ajeer-921	47	9	by	by	ADP
ajeer-921	47	10	return	return	NOUN
ajeer-921	47	11	on	on	ADP
ajeer-921	47	12	assets	asset	NOUN
ajeer-921	47	13	(	(	PUNCT
ajeer-921	47	14	roa	roa	NOUN
ajeer-921	47	15	)	)	PUNCT
ajeer-921	47	16	and	and	CCONJ
ajeer-921	47	17	return	return	VERB
ajeer-921	47	18	on	on	ADP
ajeer-921	47	19	equity	equity	NOUN
ajeer-921	47	20	(	(	PUNCT
ajeer-921	47	21	roe	roe	NOUN
ajeer-921	47	22	)	)	PUNCT
ajeer-921	47	23	indicators	indicator	NOUN
ajeer-921	47	24	.	.	PUNCT
ajeer-921	48	1	regardless	regardless	ADV
ajeer-921	48	2	of	of	ADP
ajeer-921	48	3	the	the	DET
ajeer-921	48	4	accepted	accept	VERB
ajeer-921	48	5	strategy	strategy	NOUN
ajeer-921	48	6	for	for	ADP
ajeer-921	48	7	liquidity	liquidity	NOUN
ajeer-921	48	8	-	-	PUNCT
ajeer-921	48	9	profitability	profitability	NOUN
ajeer-921	48	10	,	,	PUNCT
ajeer-921	48	11	each	each	DET
ajeer-921	48	12	bank	bank	NOUN
ajeer-921	48	13	attempts	attempt	VERB
ajeer-921	48	14	to	to	PART
ajeer-921	48	15	achieve	achieve	VERB
ajeer-921	48	16	satisfying	satisfying	NOUN
ajeer-921	48	17	yield	yield	NOUN
ajeer-921	48	18	rate	rate	NOUN
ajeer-921	48	19	,	,	PUNCT
ajeer-921	48	20	bearing	bear	VERB
ajeer-921	48	21	in	in	ADP
ajeer-921	48	22	mind	mind	NOUN
ajeer-921	48	23	to	to	PART
ajeer-921	48	24	not	not	PART
ajeer-921	48	25	jeopardize	jeopardize	VERB
ajeer-921	48	26	its	its	PRON
ajeer-921	48	27	liquidity	liquidity	NOUN
ajeer-921	48	28	.	.	PUNCT
ajeer-921	49	1	profitability	profitability	NOUN
ajeer-921	49	2	and	and	CCONJ
ajeer-921	49	3	liquidity	liquidity	NOUN
ajeer-921	49	4	as	as	ADP
ajeer-921	49	5	performance	performance	NOUN
ajeer-921	49	6	indicators	indicator	NOUN
ajeer-921	49	7	are	be	AUX
ajeer-921	49	8	very	very	ADV
ajeer-921	49	9	important	important	ADJ
ajeer-921	49	10	to	to	ADP
ajeer-921	49	11	the	the	DET
ajeer-921	49	12	major	major	ADJ
ajeer-921	49	13	stakeholders	stakeholder	NOUN
ajeer-921	49	14	:	:	PUNCT
ajeer-921	49	15	shareholders	shareholder	NOUN
ajeer-921	49	16	,	,	PUNCT
ajeer-921	49	17	creditors	creditor	NOUN
ajeer-921	49	18	,	,	PUNCT
ajeer-921	49	19	and	and	CCONJ
ajeer-921	49	20	tax	tax	NOUN
ajeer-921	49	21	authorities	authority	NOUN
ajeer-921	49	22	.	.	PUNCT
ajeer-921	50	1	the	the	DET
ajeer-921	50	2	shareholders	shareholder	NOUN
ajeer-921	50	3	are	be	AUX
ajeer-921	50	4	interested	interested	ADJ
ajeer-921	50	5	in	in	ADP
ajeer-921	50	6	the	the	DET
ajeer-921	50	7	profitability	profitability	NOUN
ajeer-921	50	8	of	of	ADP
ajeer-921	50	9	banks	bank	NOUN
ajeer-921	50	10	because	because	SCONJ
ajeer-921	50	11	it	it	PRON
ajeer-921	50	12	determines	determine	VERB
ajeer-921	50	13	their	their	PRON
ajeer-921	50	14	returns	return	NOUN
ajeer-921	50	15	on	on	ADP
ajeer-921	50	16	investment	investment	NOUN
ajeer-921	50	17	.	.	PUNCT
ajeer-921	51	1	depositors	depositor	NOUN
ajeer-921	51	2	are	be	AUX
ajeer-921	51	3	concerned	concern	VERB
ajeer-921	51	4	with	with	ADP
ajeer-921	51	5	the	the	DET
ajeer-921	51	6	liquidity	liquidity	NOUN
ajeer-921	51	7	position	position	NOUN
ajeer-921	51	8	of	of	ADP
ajeer-921	51	9	their	their	PRON
ajeer-921	51	10	banks	bank	NOUN
ajeer-921	51	11	because	because	SCONJ
ajeer-921	51	12	it	it	PRON
ajeer-921	51	13	determines	determine	VERB
ajeer-921	51	14	the	the	DET
ajeer-921	51	15	ability	ability	NOUN
ajeer-921	51	16	to	to	PART
ajeer-921	51	17	respond	respond	VERB
ajeer-921	51	18	to	to	ADP
ajeer-921	51	19	their	their	PRON
ajeer-921	51	20	withdrawal	withdrawal	NOUN
ajeer-921	51	21	needs	need	NOUN
ajeer-921	51	22	,	,	PUNCT
ajeer-921	51	23	which	which	PRON
ajeer-921	51	24	are	be	AUX
ajeer-921	51	25	normally	normally	ADV
ajeer-921	51	26	on	on	ADP
ajeer-921	51	27	-	-	PUNCT
ajeer-921	51	28	demand	demand	NOUN
ajeer-921	51	29	or	or	CCONJ
ajeer-921	51	30	on	on	ADP
ajeer-921	51	31	short	short	ADJ
ajeer-921	51	32	notice	notice	NOUN
ajeer-921	51	33	as	as	SCONJ
ajeer-921	51	34	the	the	DET
ajeer-921	51	35	case	case	NOUN
ajeer-921	51	36	may	may	AUX
ajeer-921	51	37	be	be	AUX
ajeer-921	51	38	.	.	PUNCT
ajeer-921	52	1	the	the	DET
ajeer-921	52	2	tax	tax	NOUN
ajeer-921	52	3	authorities	authority	NOUN
ajeer-921	52	4	are	be	AUX
ajeer-921	52	5	interested	interested	ADJ
ajeer-921	52	6	in	in	ADP
ajeer-921	52	7	the	the	DET
ajeer-921	52	8	profitability	profitability	NOUN
ajeer-921	52	9	of	of	ADP
ajeer-921	52	10	the	the	DET
ajeer-921	52	11	banks	bank	NOUN
ajeer-921	52	12	in	in	ADP
ajeer-921	52	13	order	order	NOUN
ajeer-921	52	14	to	to	PART
ajeer-921	52	15	determine	determine	VERB
ajeer-921	52	16	the	the	DET
ajeer-921	52	17	appropriate	appropriate	ADJ
ajeer-921	52	18	tax	tax	NOUN
ajeer-921	52	19	obligation	obligation	NOUN
ajeer-921	52	20	(	(	PUNCT
ajeer-921	52	21	olagunju	olagunju	NOUN
ajeer-921	52	22	et	et	PROPN
ajeer-921	52	23	al	al	PROPN
ajeer-921	52	24	.	.	PROPN
ajeer-921	52	25	,	,	PUNCT
ajeer-921	52	26	2011	2011	NUM
ajeer-921	52	27	)	)	PUNCT
ajeer-921	52	28	.	.	PUNCT
ajeer-921	53	1	the	the	DET
ajeer-921	53	2	contradictory	contradictory	ADJ
ajeer-921	53	3	nature	nature	NOUN
ajeer-921	53	4	of	of	ADP
ajeer-921	53	5	liquidity	liquidity	NOUN
ajeer-921	53	6	and	and	CCONJ
ajeer-921	53	7	profitability	profitability	NOUN
ajeer-921	53	8	can	can	AUX
ajeer-921	53	9	be	be	AUX
ajeer-921	53	10	explained	explain	VERB
ajeer-921	53	11	by	by	ADP
ajeer-921	53	12	intuitive	intuitive	ADJ
ajeer-921	53	13	reasoning	reasoning	NOUN
ajeer-921	53	14	.	.	PUNCT
ajeer-921	54	1	in	in	ADP
ajeer-921	54	2	that	that	DET
ajeer-921	54	3	sense	sense	NOUN
ajeer-921	54	4	,	,	PUNCT
ajeer-921	54	5	a	a	DET
ajeer-921	54	6	bank	bank	NOUN
ajeer-921	54	7	operating	operate	VERB
ajeer-921	54	8	with	with	ADP
ajeer-921	54	9	high	high	ADJ
ajeer-921	54	10	liquidity	liquidity	NOUN
ajeer-921	54	11	,	,	PUNCT
ajeer-921	54	12	in	in	ADP
ajeer-921	54	13	the	the	DET
ajeer-921	54	14	process	process	NOUN
ajeer-921	54	15	tying	tie	VERB
ajeer-921	54	16	down	down	ADP
ajeer-921	54	17	investable	investable	ADJ
ajeer-921	54	18	funds	fund	NOUN
ajeer-921	54	19	,	,	PUNCT
ajeer-921	54	20	may	may	AUX
ajeer-921	54	21	have	have	VERB
ajeer-921	54	22	a	a	DET
ajeer-921	54	23	low	low	ADJ
ajeer-921	54	24	insolvency	insolvency	NOUN
ajeer-921	54	25	risk	risk	NOUN
ajeer-921	54	26	,	,	PUNCT
ajeer-921	54	27	but	but	CCONJ
ajeer-921	54	28	followed	follow	VERB
ajeer-921	54	29	by	by	ADP
ajeer-921	54	30	low	low	ADJ
ajeer-921	54	31	profitability	profitability	NOUN
ajeer-921	54	32	.	.	PUNCT
ajeer-921	55	1	conversely	conversely	ADV
ajeer-921	55	2	,	,	PUNCT
ajeer-921	55	3	a	a	DET
ajeer-921	55	4	bank	bank	NOUN
ajeer-921	55	5	operating	operate	VERB
ajeer-921	55	6	at	at	ADP
ajeer-921	55	7	a	a	DET
ajeer-921	55	8	low	low	ADJ
ajeer-921	55	9	liquidity	liquidity	NOUN
ajeer-921	55	10	level	level	NOUN
ajeer-921	55	11	,	,	PUNCT
ajeer-921	55	12	thus	thus	ADV
ajeer-921	55	13	freeing	free	VERB
ajeer-921	55	14	investible	investible	ADJ
ajeer-921	55	15	funds	fund	NOUN
ajeer-921	55	16	,	,	PUNCT
ajeer-921	55	17	may	may	AUX
ajeer-921	55	18	encounter	encounter	VERB
ajeer-921	55	19	with	with	ADP
ajeer-921	55	20	high	high	ADJ
ajeer-921	55	21	insolvency	insolvency	NOUN
ajeer-921	55	22	risk	risk	NOUN
ajeer-921	55	23	,	,	PUNCT
ajeer-921	55	24	but	but	CCONJ
ajeer-921	55	25	the	the	DET
ajeer-921	55	26	potential	potential	NOUN
ajeer-921	55	27	for	for	ADP
ajeer-921	55	28	higher	high	ADJ
ajeer-921	55	29	profitability	profitability	NOUN
ajeer-921	55	30	.	.	PUNCT
ajeer-921	56	1	the	the	DET
ajeer-921	56	2	aim	aim	NOUN
ajeer-921	56	3	of	of	ADP
ajeer-921	56	4	this	this	DET
ajeer-921	56	5	paper	paper	NOUN
ajeer-921	56	6	is	be	AUX
ajeer-921	56	7	to	to	PART
ajeer-921	56	8	analyze	analyze	VERB
ajeer-921	56	9	the	the	DET
ajeer-921	56	10	level	level	NOUN
ajeer-921	56	11	of	of	ADP
ajeer-921	56	12	liquidity	liquidity	NOUN
ajeer-921	56	13	and	and	CCONJ
ajeer-921	56	14	level	level	NOUN
ajeer-921	56	15	of	of	ADP
ajeer-921	56	16	profitability	profitability	NOUN
ajeer-921	56	17	of	of	ADP
ajeer-921	56	18	macedonian	macedonian	ADJ
ajeer-921	56	19	banks	bank	NOUN
ajeer-921	56	20	by	by	ADP
ajeer-921	56	21	comparative	comparative	ADJ
ajeer-921	56	22	quantitative	quantitative	ADJ
ajeer-921	56	23	analysis	analysis	NOUN
ajeer-921	56	24	with	with	ADP
ajeer-921	56	25	several	several	ADJ
ajeer-921	56	26	selected	select	VERB
ajeer-921	56	27	countries	country	NOUN
ajeer-921	56	28	in	in	ADP
ajeer-921	56	29	the	the	DET
ajeer-921	56	30	region	region	NOUN
ajeer-921	56	31	and	and	CCONJ
ajeer-921	56	32	germany	germany	PROPN
ajeer-921	56	33	,	,	PUNCT
ajeer-921	56	34	which	which	PRON
ajeer-921	56	35	should	should	AUX
ajeer-921	56	36	serve	serve	VERB
ajeer-921	56	37	as	as	ADP
ajeer-921	56	38	a	a	DET
ajeer-921	56	39	benchmark	benchmark	NOUN
ajeer-921	56	40	for	for	ADP
ajeer-921	56	41	drawing	draw	VERB
ajeer-921	56	42	conclusions	conclusion	NOUN
ajeer-921	56	43	about	about	ADP
ajeer-921	56	44	the	the	DET
ajeer-921	56	45	level	level	NOUN
ajeer-921	56	46	of	of	ADP
ajeer-921	56	47	liquidity	liquidity	NOUN
ajeer-921	56	48	and	and	CCONJ
ajeer-921	56	49	profitability	profitability	NOUN
ajeer-921	56	50	in	in	ADP
ajeer-921	56	51	our	our	PRON
ajeer-921	56	52	banking	banking	NOUN
ajeer-921	56	53	system	system	NOUN
ajeer-921	56	54	.	.	PUNCT
ajeer-921	57	1	besides	besides	SCONJ
ajeer-921	57	2	comparative	comparative	ADJ
ajeer-921	57	3	analysis	analysis	NOUN
ajeer-921	57	4	,	,	PUNCT
ajeer-921	57	5	additionally	additionally	ADV
ajeer-921	57	6	,	,	PUNCT
ajeer-921	57	7	the	the	DET
ajeer-921	57	8	paper	paper	NOUN
ajeer-921	57	9	tries	try	VERB
ajeer-921	57	10	to	to	PART
ajeer-921	57	11	test	test	VERB
ajeer-921	57	12	various	various	ADJ
ajeer-921	57	13	determinants	determinant	NOUN
ajeer-921	57	14	of	of	ADP
ajeer-921	57	15	variable	variable	ADJ
ajeer-921	57	16	liquidity	liquidity	NOUN
ajeer-921	57	17	in	in	ADP
ajeer-921	57	18	the	the	DET
ajeer-921	57	19	macedonian	macedonian	ADJ
ajeer-921	57	20	banking	banking	NOUN
ajeer-921	57	21	sector	sector	NOUN
ajeer-921	57	22	including	include	VERB
ajeer-921	57	23	profitability	profitability	NOUN
ajeer-921	57	24	as	as	ADP
ajeer-921	57	25	one	one	NUM
ajeer-921	57	26	of	of	ADP
ajeer-921	57	27	the	the	DET
ajeer-921	57	28	independent	independent	ADJ
ajeer-921	57	29	variables	variable	NOUN
ajeer-921	57	30	.	.	PUNCT
ajeer-921	58	1	various	various	ADJ
ajeer-921	58	2	determinant	determinant	ADJ
ajeer-921	58	3	variables	variable	NOUN
ajeer-921	58	4	can	can	AUX
ajeer-921	58	5	be	be	AUX
ajeer-921	58	6	grouped	group	VERB
ajeer-921	58	7	into	into	ADP
ajeer-921	58	8	two	two	NUM
ajeer-921	58	9	groups	group	NOUN
ajeer-921	58	10	:	:	PUNCT
ajeer-921	58	11	internal	internal	ADJ
ajeer-921	58	12	and	and	CCONJ
ajeer-921	58	13	external	external	ADJ
ajeer-921	58	14	factors	factor	NOUN
ajeer-921	58	15	.	.	PUNCT
ajeer-921	59	1	internal	internal	ADJ
ajeer-921	59	2	factors	factor	NOUN
ajeer-921	59	3	consist	consist	VERB
ajeer-921	59	4	of	of	ADP
ajeer-921	59	5	the	the	DET
ajeer-921	59	6	lagged	lag	VERB
ajeer-921	59	7	value	value	NOUN
ajeer-921	59	8	of	of	ADP
ajeer-921	59	9	liquidity	liquidity	NOUN
ajeer-921	59	10	,	,	PUNCT
ajeer-921	59	11	profitability	profitability	NOUN
ajeer-921	59	12	,	,	PUNCT
ajeer-921	59	13	capital	capital	NOUN
ajeer-921	59	14	adequacy	adequacy	NOUN
ajeer-921	59	15	,	,	PUNCT
ajeer-921	59	16	the	the	DET
ajeer-921	59	17	share	share	NOUN
ajeer-921	59	18	of	of	ADP
ajeer-921	59	19	non	non	ADJ
ajeer-921	59	20	-	-	ADJ
ajeer-921	59	21	performing	performing	ADJ
ajeer-921	59	22	loans	loan	NOUN
ajeer-921	59	23	,	,	PUNCT
ajeer-921	59	24	and	and	CCONJ
ajeer-921	59	25	bank	bank	NOUN
ajeer-921	59	26	size	size	NOUN
ajeer-921	59	27	.	.	PUNCT
ajeer-921	60	1	external	external	ADJ
ajeer-921	60	2	factors	factor	NOUN
ajeer-921	60	3	consist	consist	VERB
ajeer-921	60	4	of	of	ADP
ajeer-921	60	5	,	,	PUNCT
ajeer-921	60	6	gross	gross	ADJ
ajeer-921	60	7	domestic	domestic	ADJ
ajeer-921	60	8	product	product	NOUN
ajeer-921	60	9	(	(	PUNCT
ajeer-921	60	10	gdp	gdp	NOUN
ajeer-921	60	11	)	)	PUNCT
ajeer-921	60	12	growth	growth	NOUN
ajeer-921	60	13	and	and	CCONJ
ajeer-921	60	14	interest	interest	NOUN
ajeer-921	60	15	rate	rate	NOUN
ajeer-921	60	16	of	of	ADP
ajeer-921	60	17	central	central	ADJ
ajeer-921	60	18	bank	bank	NOUN
ajeer-921	60	19	bills	bill	NOUN
ajeer-921	60	20	(	(	PUNCT
ajeer-921	60	21	cbb	cbb	NOUN
ajeer-921	60	22	)	)	PUNCT
ajeer-921	60	23	.	.	PUNCT
ajeer-921	61	1	throughout	throughout	ADP
ajeer-921	61	2	testing	test	VERB
ajeer-921	61	3	various	various	ADJ
ajeer-921	61	4	determinants	determinant	NOUN
ajeer-921	61	5	of	of	ADP
ajeer-921	61	6	variable	variable	ADJ
ajeer-921	61	7	liquidity	liquidity	NOUN
ajeer-921	61	8	in	in	ADP
ajeer-921	61	9	macedonia	macedonia	PROPN
ajeer-921	61	10	,	,	PUNCT
ajeer-921	61	11	the	the	DET
ajeer-921	61	12	results	result	NOUN
ajeer-921	61	13	of	of	ADP
ajeer-921	61	14	this	this	DET
ajeer-921	61	15	study	study	NOUN
ajeer-921	61	16	are	be	AUX
ajeer-921	61	17	expected	expect	VERB
ajeer-921	61	18	to	to	PART
ajeer-921	61	19	provide	provide	VERB
ajeer-921	61	20	information	information	NOUN
ajeer-921	61	21	about	about	ADP
ajeer-921	61	22	the	the	DET
ajeer-921	61	23	impact	impact	NOUN
ajeer-921	61	24	of	of	ADP
ajeer-921	61	25	the	the	DET
ajeer-921	61	26	available	available	ADJ
ajeer-921	61	27	variety	variety	NOUN
ajeer-921	61	28	of	of	ADP
ajeer-921	61	29	variables	variable	NOUN
ajeer-921	61	30	toward	toward	ADP
ajeer-921	61	31	the	the	DET
ajeer-921	61	32	bank	bank	NOUN
ajeer-921	61	33	liquidity	liquidity	NOUN
ajeer-921	61	34	.	.	PUNCT
ajeer-921	62	1	another	another	DET
ajeer-921	62	2	benefit	benefit	NOUN
ajeer-921	62	3	of	of	ADP
ajeer-921	62	4	this	this	DET
ajeer-921	62	5	research	research	NOUN
ajeer-921	62	6	is	be	AUX
ajeer-921	62	7	to	to	PART
ajeer-921	62	8	add	add	VERB
ajeer-921	62	9	empirical	empirical	ADJ
ajeer-921	62	10	evidence	evidence	NOUN
ajeer-921	62	11	on	on	ADP
ajeer-921	62	12	the	the	DET
ajeer-921	62	13	determinants	determinant	NOUN
ajeer-921	62	14	of	of	ADP
ajeer-921	62	15	bank	bank	NOUN
ajeer-921	62	16	liquidity	liquidity	NOUN
ajeer-921	62	17	in	in	ADP
ajeer-921	62	18	the	the	DET
ajeer-921	62	19	macedonian	macedonian	ADJ
ajeer-921	62	20	banking	banking	NOUN
ajeer-921	62	21	sector	sector	NOUN
ajeer-921	62	22	,	,	PUNCT
ajeer-921	62	23	especially	especially	ADV
ajeer-921	62	24	how	how	SCONJ
ajeer-921	62	25	profitability	profitability	NOUN
ajeer-921	62	26	is	be	AUX
ajeer-921	62	27	correlated	correlate	VERB
ajeer-921	62	28	with	with	ADP
ajeer-921	62	29	and	and	CCONJ
ajeer-921	62	30	influencing	influence	VERB
ajeer-921	62	31	the	the	DET
ajeer-921	62	32	liquidity	liquidity	NOUN
ajeer-921	62	33	.	.	PUNCT
ajeer-921	63	1	also	also	ADV
ajeer-921	63	2	,	,	PUNCT
ajeer-921	63	3	the	the	DET
ajeer-921	63	4	empirical	empirical	ADJ
ajeer-921	63	5	evidence	evidence	NOUN
ajeer-921	63	6	can	can	AUX
ajeer-921	63	7	be	be	AUX
ajeer-921	63	8	used	use	VERB
ajeer-921	63	9	as	as	ADP
ajeer-921	63	10	a	a	DET
ajeer-921	63	11	source	source	NOUN
ajeer-921	63	12	of	of	ADP
ajeer-921	63	13	knowledge	knowledge	NOUN
ajeer-921	63	14	,	,	PUNCT
ajeer-921	63	15	bearing	bear	VERB
ajeer-921	63	16	in	in	ADP
ajeer-921	63	17	mind	mind	NOUN
ajeer-921	63	18	the	the	DET
ajeer-921	63	19	lack	lack	NOUN
ajeer-921	63	20	of	of	ADP
ajeer-921	63	21	studies	study	NOUN
ajeer-921	63	22	that	that	PRON
ajeer-921	63	23	provide	provide	VERB
ajeer-921	63	24	empirical	empirical	ADJ
ajeer-921	63	25	evidence	evidence	NOUN
ajeer-921	63	26	related	relate	VERB
ajeer-921	63	27	to	to	ADP
ajeer-921	63	28	the	the	DET
ajeer-921	63	29	bank	bank	NOUN
ajeer-921	63	30	liquidity	liquidity	NOUN
ajeer-921	63	31	–	–	PUNCT
ajeer-921	63	32	profitability	profitability	NOUN
ajeer-921	63	33	correlation	correlation	NOUN
ajeer-921	63	34	and	and	CCONJ
ajeer-921	63	35	determinants	determinant	NOUN
ajeer-921	63	36	of	of	ADP
ajeer-921	63	37	banks	bank	NOUN
ajeer-921	63	38	liquidity	liquidity	NOUN
ajeer-921	63	39	in	in	ADP
ajeer-921	63	40	the	the	DET
ajeer-921	63	41	macedonian	macedonian	ADJ
ajeer-921	63	42	banking	banking	NOUN
ajeer-921	63	43	sector	sector	NOUN
ajeer-921	63	44	.	.	PUNCT
ajeer-921	64	1	the	the	DET
ajeer-921	64	2	rest	rest	NOUN
ajeer-921	64	3	of	of	ADP
ajeer-921	64	4	the	the	DET
ajeer-921	64	5	paper	paper	NOUN
ajeer-921	64	6	is	be	AUX
ajeer-921	64	7	organized	organize	VERB
ajeer-921	64	8	as	as	SCONJ
ajeer-921	64	9	follows	follow	VERB
ajeer-921	64	10	:	:	PUNCT
ajeer-921	64	11	section	section	NOUN
ajeer-921	64	12	2	2	NUM
ajeer-921	64	13	provides	provide	VERB
ajeer-921	64	14	an	an	DET
ajeer-921	64	15	overview	overview	NOUN
ajeer-921	64	16	of	of	ADP
ajeer-921	64	17	the	the	DET
ajeer-921	64	18	empirical	empirical	ADJ
ajeer-921	64	19	literature	literature	NOUN
ajeer-921	64	20	,	,	PUNCT
ajeer-921	64	21	section	section	NOUN
ajeer-921	64	22	3	3	NUM
ajeer-921	64	23	describes	describe	VERB
ajeer-921	64	24	some	some	DET
ajeer-921	64	25	stylized	stylize	VERB
ajeer-921	64	26	facts	fact	NOUN
ajeer-921	64	27	about	about	ADP
ajeer-921	64	28	liquidity	liquidity	NOUN
ajeer-921	64	29	and	and	CCONJ
ajeer-921	64	30	profitability	profitability	NOUN
ajeer-921	64	31	in	in	ADP
ajeer-921	64	32	the	the	DET
ajeer-921	64	33	macedonian	macedonian	ADJ
ajeer-921	64	34	banking	banking	NOUN
ajeer-921	64	35	sector	sector	NOUN
ajeer-921	64	36	,	,	PUNCT
ajeer-921	64	37	section	section	NOUN
ajeer-921	64	38	4	4	NUM
ajeer-921	64	39	describes	describe	VERB
ajeer-921	64	40	data	datum	NOUN
ajeer-921	64	41	and	and	CCONJ
ajeer-921	64	42	methodological	methodological	ADJ
ajeer-921	64	43	issues	issue	NOUN
ajeer-921	64	44	,	,	PUNCT
ajeer-921	64	45	while	while	SCONJ
ajeer-921	64	46	section	section	NOUN
ajeer-921	64	47	5	5	NUM
ajeer-921	64	48	discusses	discuss	VERB
ajeer-921	64	49	the	the	DET
ajeer-921	64	50	empirical	empirical	ADJ
ajeer-921	64	51	findings	finding	NOUN
ajeer-921	64	52	.	.	PUNCT
ajeer-921	65	1	the	the	DET
ajeer-921	65	2	final	final	ADJ
ajeer-921	65	3	section	section	NOUN
ajeer-921	65	4	concludes	conclude	VERB
ajeer-921	65	5	.	.	PUNCT
ajeer-921	66	1	2	2	X
ajeer-921	66	2	.	.	X
ajeer-921	66	3	review	review	NOUN
ajeer-921	66	4	of	of	ADP
ajeer-921	66	5	the	the	DET
ajeer-921	66	6	empirical	empirical	ADJ
ajeer-921	66	7	literature	literature	NOUN
ajeer-921	66	8	this	this	DET
ajeer-921	66	9	section	section	NOUN
ajeer-921	66	10	provides	provide	VERB
ajeer-921	66	11	a	a	DET
ajeer-921	66	12	brief	brief	ADJ
ajeer-921	66	13	review	review	NOUN
ajeer-921	66	14	of	of	ADP
ajeer-921	66	15	empirical	empirical	ADJ
ajeer-921	66	16	literature	literature	NOUN
ajeer-921	66	17	that	that	PRON
ajeer-921	66	18	explores	explore	VERB
ajeer-921	66	19	the	the	DET
ajeer-921	66	20	determinants	determinant	NOUN
ajeer-921	66	21	of	of	ADP
ajeer-921	66	22	banking	banking	NOUN
ajeer-921	66	23	sector	sector	NOUN
ajeer-921	66	24	liquidity	liquidity	NOUN
ajeer-921	66	25	,	,	PUNCT
ajeer-921	66	26	the	the	DET
ajeer-921	66	27	used	use	VERB
ajeer-921	66	28	statistical	statistical	ADJ
ajeer-921	66	29	methods	method	NOUN
ajeer-921	66	30	,	,	PUNCT
ajeer-921	66	31	and	and	CCONJ
ajeer-921	66	32	in	in	ADP
ajeer-921	66	33	particular	particular	ADJ
ajeer-921	66	34	the	the	DET
ajeer-921	66	35	relationship	relationship	NOUN
ajeer-921	66	36	between	between	ADP
ajeer-921	66	37	liquidity	liquidity	NOUN
ajeer-921	66	38	and	and	CCONJ
ajeer-921	66	39	profitability	profitability	NOUN
ajeer-921	66	40	.	.	PUNCT
ajeer-921	67	1	vodova	vodova	X
ajeer-921	67	2	(	(	PUNCT
ajeer-921	67	3	2011	2011	NUM
ajeer-921	67	4	)	)	PUNCT
ajeer-921	67	5	investigated	investigate	VERB
ajeer-921	67	6	the	the	DET
ajeer-921	67	7	determinants	determinant	NOUN
ajeer-921	67	8	of	of	ADP
ajeer-921	67	9	check	check	PROPN
ajeer-921	67	10	bank	bank	PROPN
ajeer-921	67	11	’s	’s	PART
ajeer-921	67	12	liquidity	liquidity	NOUN
ajeer-921	67	13	using	use	VERB
ajeer-921	67	14	panel	panel	NOUN
ajeer-921	67	15	data	datum	NOUN
ajeer-921	67	16	regression	regression	NOUN
ajeer-921	67	17	.	.	PUNCT
ajeer-921	68	1	she	she	PRON
ajeer-921	68	2	found	find	VERB
ajeer-921	68	3	that	that	SCONJ
ajeer-921	68	4	capital	capital	NOUN
ajeer-921	68	5	adequacy	adequacy	NOUN
ajeer-921	68	6	,	,	PUNCT
ajeer-921	68	7	non	non	ADJ
ajeer-921	68	8	-	-	ADJ
ajeer-921	68	9	performing	performing	ADJ
ajeer-921	68	10	loans	loan	NOUN
ajeer-921	68	11	and	and	CCONJ
ajeer-921	68	12	lending	lending	NOUN
ajeer-921	68	13	interest	interest	NOUN
ajeer-921	68	14	rates	rate	NOUN
ajeer-921	68	15	(	(	PUNCT
ajeer-921	68	16	including	include	VERB
ajeer-921	68	17	interbank	interbank	NOUN
ajeer-921	68	18	transaction	transaction	NOUN
ajeer-921	68	19	)	)	PUNCT
ajeer-921	68	20	had	have	VERB
ajeer-921	68	21	a	a	DET
ajeer-921	68	22	positive	positive	ADJ
ajeer-921	68	23	effect	effect	NOUN
ajeer-921	68	24	on	on	ADP
ajeer-921	68	25	bank	bank	NOUN
ajeer-921	68	26	liquidity	liquidity	NOUN
ajeer-921	68	27	,	,	PUNCT
ajeer-921	68	28	while	while	SCONJ
ajeer-921	68	29	inflation	inflation	NOUN
ajeer-921	68	30	rate	rate	NOUN
ajeer-921	68	31	,	,	PUNCT
ajeer-921	68	32	business	business	NOUN
ajeer-921	68	33	cycle	cycle	NOUN
ajeer-921	68	34	and	and	CCONJ
ajeer-921	68	35	financial	financial	ADJ
ajeer-921	68	36	crisis	crisis	NOUN
ajeer-921	68	37	had	have	VERB
ajeer-921	68	38	a	a	DET
ajeer-921	68	39	negative	negative	ADJ
ajeer-921	68	40	influence	influence	NOUN
ajeer-921	68	41	on	on	ADP
ajeer-921	68	42	liquidity	liquidity	NOUN
ajeer-921	68	43	.	.	PUNCT
ajeer-921	69	1	the	the	DET
ajeer-921	69	2	same	same	ADJ
ajeer-921	69	3	author	author	NOUN
ajeer-921	69	4	using	use	VERB
ajeer-921	69	5	panel	panel	NOUN
ajeer-921	69	6	data	datum	NOUN
ajeer-921	69	7	regression	regression	NOUN
ajeer-921	69	8	for	for	ADP
ajeer-921	69	9	the	the	DET
ajeer-921	69	10	banks	bank	NOUN
ajeer-921	69	11	in	in	ADP
ajeer-921	69	12	poland	poland	PROPN
ajeer-921	69	13	(	(	PUNCT
ajeer-921	69	14	vodova	vodova	PROPN
ajeer-921	69	15	,	,	PUNCT
ajeer-921	69	16	2012	2012	NUM
ajeer-921	69	17	)	)	PUNCT
ajeer-921	69	18	and	and	CCONJ
ajeer-921	69	19	hungary	hungary	PROPN
ajeer-921	69	20	(	(	PUNCT
ajeer-921	69	21	vodová	vodová	PROPN
ajeer-921	69	22	,	,	PUNCT
ajeer-921	69	23	2013	2013	NUM
ajeer-921	69	24	)	)	PUNCT
ajeer-921	69	25	found	find	VERB
ajeer-921	69	26	similar	similar	ADJ
ajeer-921	69	27	results	result	NOUN
ajeer-921	69	28	but	but	CCONJ
ajeer-921	69	29	taking	take	VERB
ajeer-921	69	30	into	into	ADP
ajeer-921	69	31	consideration	consideration	NOUN
ajeer-921	69	32	specific	specific	ADJ
ajeer-921	69	33	characteristics	characteristic	NOUN
ajeer-921	69	34	of	of	ADP
ajeer-921	69	35	individual	individual	ADJ
ajeer-921	69	36	markets	market	NOUN
ajeer-921	69	37	.	.	PUNCT
ajeer-921	70	1	also	also	ADV
ajeer-921	70	2	,	,	PUNCT
ajeer-921	70	3	horváth	horváth	ADV
ajeer-921	70	4	et	et	PROPN
ajeer-921	70	5	al	al	PROPN
ajeer-921	70	6	.	.	PROPN
ajeer-921	71	1	(	(	PUNCT
ajeer-921	71	2	2014	2014	NUM
ajeer-921	71	3	)	)	PUNCT
ajeer-921	71	4	studied	study	VERB
ajeer-921	71	5	a	a	DET
ajeer-921	71	6	sample	sample	NOUN
ajeer-921	71	7	of	of	ADP
ajeer-921	71	8	czech	czech	ADJ
ajeer-921	71	9	banks	bank	NOUN
ajeer-921	71	10	between	between	ADP
ajeer-921	71	11	2000	2000	NUM
ajeer-921	71	12	and	and	CCONJ
ajeer-921	71	13	2010	2010	NUM
ajeer-921	71	14	,	,	PUNCT
ajeer-921	71	15	using	use	VERB
ajeer-921	71	16	a	a	DET
ajeer-921	71	17	dynamic	dynamic	ADJ
ajeer-921	71	18	general	general	ADJ
ajeer-921	71	19	method	method	NOUN
ajeer-921	71	20	of	of	ADP
ajeer-921	71	21	moments	moment	NOUN
ajeer-921	71	22	(	(	PUNCT
ajeer-921	71	23	gmm	gmm	NOUN
ajeer-921	71	24	)	)	PUNCT
ajeer-921	71	25	.	.	PUNCT
ajeer-921	72	1	they	they	PRON
ajeer-921	72	2	observed	observe	VERB
ajeer-921	72	3	a	a	DET
ajeer-921	72	4	negative	negative	ADJ
ajeer-921	72	5	relationship	relationship	NOUN
ajeer-921	72	6	between	between	ADP
ajeer-921	72	7	the	the	DET
ajeer-921	72	8	creation	creation	NOUN
ajeer-921	72	9	of	of	ADP
ajeer-921	72	10	liquidity	liquidity	NOUN
ajeer-921	72	11	and	and	CCONJ
ajeer-921	72	12	bank	bank	NOUN
ajeer-921	72	13	capital	capital	NOUN
ajeer-921	72	14	,	,	PUNCT
ajeer-921	72	15	showing	show	VERB
ajeer-921	72	16	that	that	SCONJ
ajeer-921	72	17	higher	high	ADJ
ajeer-921	72	18	capital	capital	NOUN
ajeer-921	72	19	requirement	requirement	NOUN
ajeer-921	72	20	according	accord	VERB
ajeer-921	72	21	basel	basel	PROPN
ajeer-921	72	22	iii	iii	PROPN
ajeer-921	72	23	reforms	reform	NOUN
ajeer-921	72	24	reduces	reduce	VERB
ajeer-921	72	25	liquidity	liquidity	NOUN
ajeer-921	72	26	creation	creation	NOUN
ajeer-921	72	27	,	,	PUNCT
ajeer-921	72	28	but	but	CCONJ
ajeer-921	72	29	the	the	DET
ajeer-921	72	30	creation	creation	NOUN
ajeer-921	72	31	of	of	ADP
ajeer-921	72	32	high	high	ADJ
ajeer-921	72	33	liquidity	liquidity	NOUN
ajeer-921	72	34	can	can	AUX
ajeer-921	72	35	reduce	reduce	VERB
ajeer-921	72	36	bank	bank	NOUN
ajeer-921	72	37	solvency	solvency	NOUN
ajeer-921	72	38	.	.	PUNCT
ajeer-921	73	1	contrary	contrary	ADJ
ajeer-921	73	2	to	to	ADP
ajeer-921	73	3	these	these	DET
ajeer-921	73	4	conclusions	conclusion	NOUN
ajeer-921	73	5	,	,	PUNCT
ajeer-921	73	6	berger	berger	PROPN
ajeer-921	73	7	and	and	CCONJ
ajeer-921	73	8	bouwman	bouwman	NOUN
ajeer-921	73	9	(	(	PUNCT
ajeer-921	73	10	2009	2009	NUM
ajeer-921	73	11	)	)	PUNCT
ajeer-921	73	12	analyzing	analyze	VERB
ajeer-921	73	13	us	us	PROPN
ajeer-921	73	14	bank	bank	PROPN
ajeer-921	73	15	’s	’s	PART
ajeer-921	73	16	data	datum	NOUN
ajeer-921	73	17	for	for	ADP
ajeer-921	73	18	the	the	DET
ajeer-921	73	19	period	period	NOUN
ajeer-921	73	20	1993	1993	NUM
ajeer-921	73	21	-	-	SYM
ajeer-921	73	22	2003	2003	NUM
ajeer-921	73	23	found	find	VERB
ajeer-921	73	24	a	a	DET
ajeer-921	73	25	positive	positive	ADJ
ajeer-921	73	26	relationship	relationship	NOUN
ajeer-921	73	27	between	between	ADP
ajeer-921	73	28	liquidity	liquidity	NOUN
ajeer-921	73	29	and	and	CCONJ
ajeer-921	73	30	bank	bank	NOUN
ajeer-921	73	31	capital	capital	NOUN
ajeer-921	73	32	,	,	PUNCT
ajeer-921	73	33	using	use	VERB
ajeer-921	73	34	regressions	regression	NOUN
ajeer-921	73	35	run	run	VERB
ajeer-921	73	36	with	with	ADP
ajeer-921	73	37	both	both	DET
ajeer-921	73	38	time	time	NOUN
ajeer-921	73	39	fixed	fix	VERB
ajeer-921	73	40	effects	effect	NOUN
ajeer-921	73	41	and	and	CCONJ
ajeer-921	73	42	bank	bank	NOUN
ajeer-921	73	43	fixed	fix	VERB
ajeer-921	73	44	effects	effect	NOUN
ajeer-921	73	45	.	.	PUNCT
ajeer-921	74	1	regarding	regard	VERB
ajeer-921	74	2	the	the	DET
ajeer-921	74	3	determinants	determinant	NOUN
ajeer-921	74	4	of	of	ADP
ajeer-921	74	5	the	the	DET
ajeer-921	74	6	bank	bank	NOUN
ajeer-921	74	7	’s	’s	PART
ajeer-921	74	8	liquidity	liquidity	NOUN
ajeer-921	74	9	in	in	ADP
ajeer-921	74	10	romania	romania	PROPN
ajeer-921	74	11	,	,	PUNCT
ajeer-921	74	12	munteanu	munteanu	X
ajeer-921	74	13	(	(	PUNCT
ajeer-921	74	14	2012	2012	NUM
ajeer-921	74	15	)	)	PUNCT
ajeer-921	74	16	performed	perform	VERB
ajeer-921	74	17	a	a	DET
ajeer-921	74	18	study	study	NOUN
ajeer-921	74	19	analyzing	analyze	VERB
ajeer-921	74	20	panel	panel	NOUN
ajeer-921	74	21	data	datum	NOUN
ajeer-921	74	22	of	of	ADP
ajeer-921	74	23	27	27	NUM
ajeer-921	74	24	banks	bank	NOUN
ajeer-921	74	25	in	in	ADP
ajeer-921	74	26	romania	romania	PROPN
ajeer-921	74	27	,	,	PUNCT
ajeer-921	74	28	during	during	ADP
ajeer-921	74	29	the	the	DET
ajeer-921	74	30	period	period	NOUN
ajeer-921	74	31	from	from	ADP
ajeer-921	74	32	2002	2002	NUM
ajeer-921	74	33	to	to	ADP
ajeer-921	74	34	2010	2010	NUM
ajeer-921	74	35	,	,	PUNCT
ajeer-921	74	36	through	through	ADP
ajeer-921	74	37	a	a	DET
ajeer-921	74	38	multiple	multiple	ADJ
ajeer-921	74	39	regression	regression	NOUN
ajeer-921	74	40	model	model	NOUN
ajeer-921	74	41	.	.	PUNCT
ajeer-921	75	1	analyzing	analyze	VERB
ajeer-921	75	2	the	the	DET
ajeer-921	75	3	crises	crisis	NOUN
ajeer-921	75	4	period	period	VERB
ajeer-921	75	5	separately	separately	ADV
ajeer-921	75	6	(	(	PUNCT
ajeer-921	75	7	2008	2008	NUM
ajeer-921	75	8	-	-	SYM
ajeer-921	75	9	2010	2010	NUM
ajeer-921	75	10	)	)	PUNCT
ajeer-921	75	11	the	the	DET
ajeer-921	75	12	author	author	NOUN
ajeer-921	75	13	found	find	VERB
ajeer-921	75	14	that	that	SCONJ
ajeer-921	75	15	z	z	NOUN
ajeer-921	75	16	-	-	PUNCT
ajeer-921	75	17	score	score	NOUN
ajeer-921	75	18	,	,	PUNCT
ajeer-921	75	19	as	as	ADP
ajeer-921	75	20	an	an	DET
ajeer-921	75	21	indicator	indicator	NOUN
ajeer-921	75	22	for	for	ADP
ajeer-921	75	23	bank	bank	NOUN
ajeer-921	75	24	stability	stability	NOUN
ajeer-921	75	25	,	,	PUNCT
ajeer-921	75	26	has	have	VERB
ajeer-921	75	27	a	a	DET
ajeer-921	75	28	significant	significant	ADJ
ajeer-921	75	29	influence	influence	NOUN
ajeer-921	75	30	on	on	ADP
ajeer-921	75	31	bank	bank	NOUN
ajeer-921	75	32	liquidity	liquidity	NOUN
ajeer-921	75	33	in	in	ADP
ajeer-921	75	34	the	the	DET
ajeer-921	75	35	crisis	crisis	NOUN
ajeer-921	75	36	years	year	NOUN
ajeer-921	75	37	.	.	PUNCT
ajeer-921	76	1	moreover	moreover	ADV
ajeer-921	76	2	,	,	PUNCT
ajeer-921	76	3	results	result	NOUN
ajeer-921	76	4	indicated	indicate	VERB
ajeer-921	76	5	that	that	SCONJ
ajeer-921	76	6	liquidity	liquidity	NOUN
ajeer-921	76	7	is	be	AUX
ajeer-921	76	8	negatively	negatively	ADV
ajeer-921	76	9	affected	affect	VERB
ajeer-921	76	10	by	by	ADP
ajeer-921	76	11	capital	capital	NOUN
ajeer-921	76	12	adequacy	adequacy	NOUN
ajeer-921	76	13	,	,	PUNCT
ajeer-921	76	14	asset	asset	NOUN
ajeer-921	76	15	quality	quality	NOUN
ajeer-921	76	16	,	,	PUNCT
ajeer-921	76	17	and	and	CCONJ
ajeer-921	76	18	interbank	interbank	NOUN
ajeer-921	76	19	funding	funding	NOUN
ajeer-921	76	20	,	,	PUNCT
ajeer-921	76	21	whereas	whereas	SCONJ
ajeer-921	76	22	,	,	PUNCT
ajeer-921	76	23	it	it	PRON
ajeer-921	76	24	is	be	AUX
ajeer-921	76	25	positively	positively	ADV
ajeer-921	76	26	related	relate	VERB
ajeer-921	76	27	to	to	PART
ajeer-921	76	28	cost	cost	VERB
ajeer-921	76	29	to	to	ADP
ajeer-921	76	30	income	income	NOUN
ajeer-921	76	31	ratio	ratio	NOUN
ajeer-921	76	32	,	,	PUNCT
ajeer-921	76	33	funding	funding	NOUN
ajeer-921	76	34	cost	cost	NOUN
ajeer-921	76	35	,	,	PUNCT
ajeer-921	76	36	credit	credit	NOUN
ajeer-921	76	37	risk	risk	NOUN
ajeer-921	76	38	rate	rate	NOUN
ajeer-921	76	39	and	and	CCONJ
ajeer-921	76	40	inflation	inflation	NOUN
ajeer-921	76	41	.	.	PUNCT
ajeer-921	77	1	additionally	additionally	ADV
ajeer-921	77	2	,	,	PUNCT
ajeer-921	77	3	roman	roman	ADJ
ajeer-921	77	4	and	and	CCONJ
ajeer-921	77	5	sargu	sargu	ADJ
ajeer-921	77	6	(	(	PUNCT
ajeer-921	77	7	2015	2015	NUM
ajeer-921	77	8	)	)	PUNCT
ajeer-921	77	9	analyzed	analyze	VERB
ajeer-921	77	10	the	the	DET
ajeer-921	77	11	impact	impact	NOUN
ajeer-921	77	12	of	of	ADP
ajeer-921	77	13	bank	bank	NOUN
ajeer-921	77	14	-	-	PUNCT
ajeer-921	77	15	specific	specific	ADJ
ajeer-921	77	16	factors	factor	NOUN
ajeer-921	77	17	on	on	ADP
ajeer-921	77	18	commercial	commercial	ADJ
ajeer-921	77	19	banks	bank	NOUN
ajeer-921	77	20	liquidity	liquidity	NOUN
ajeer-921	77	21	in	in	ADP
ajeer-921	77	22	central	central	ADJ
ajeer-921	77	23	eastern	eastern	ADJ
ajeer-921	77	24	european	european	PROPN
ajeer-921	77	25	(	(	PUNCT
ajeer-921	77	26	cee	cee	NOUN
ajeer-921	77	27	)	)	PUNCT
ajeer-921	77	28	countries	country	NOUN
ajeer-921	77	29	.	.	PUNCT
ajeer-921	78	1	they	they	PRON
ajeer-921	78	2	analyzed	analyze	VERB
ajeer-921	78	3	data	datum	NOUN
ajeer-921	78	4	from	from	ADP
ajeer-921	78	5	financial	financial	ADJ
ajeer-921	78	6	statements	statement	NOUN
ajeer-921	78	7	of	of	ADP
ajeer-921	78	8	the	the	DET
ajeer-921	78	9	banks	bank	NOUN
ajeer-921	78	10	in	in	ADP
ajeer-921	78	11	seven	seven	NUM
ajeer-921	78	12	cee	cee	NOUN
ajeer-921	78	13	countries	country	NOUN
ajeer-921	78	14	for	for	ADP
ajeer-921	78	15	the	the	DET
ajeer-921	78	16	period	period	NOUN
ajeer-921	78	17	2004	2004	NUM
ajeer-921	78	18	-	-	SYM
ajeer-921	78	19	2011	2011	NUM
ajeer-921	78	20	using	use	VERB
ajeer-921	78	21	ordinary	ordinary	ADJ
ajeer-921	78	22	least	least	ADJ
ajeer-921	78	23	square	square	ADJ
ajeer-921	78	24	(	(	PUNCT
ajeer-921	78	25	ols	ol	NOUN
ajeer-921	78	26	)	)	PUNCT
ajeer-921	78	27	regression	regression	NOUN
ajeer-921	78	28	.	.	PUNCT
ajeer-921	79	1	the	the	DET
ajeer-921	79	2	results	result	NOUN
ajeer-921	79	3	highlighted	highlight	VERB
ajeer-921	79	4	the	the	DET
ajeer-921	79	5	negative	negative	ADJ
ajeer-921	79	6	impact	impact	NOUN
ajeer-921	79	7	that	that	PRON
ajeer-921	79	8	the	the	DET
ajeer-921	79	9	depreciation	depreciation	NOUN
ajeer-921	79	10	of	of	ADP
ajeer-921	79	11	the	the	DET
ajeer-921	79	12	loans	loan	NOUN
ajeer-921	79	13	portfolio	portfolio	NOUN
ajeer-921	79	14	had	have	VERB
ajeer-921	79	15	on	on	ADP
ajeer-921	79	16	the	the	DET
ajeer-921	79	17	overall	overall	ADJ
ajeer-921	79	18	liquidity	liquidity	NOUN
ajeer-921	79	19	of	of	ADP
ajeer-921	79	20	the	the	DET
ajeer-921	79	21	analyzed	analyze	VERB
ajeer-921	79	22	banks	bank	NOUN
ajeer-921	79	23	.	.	PUNCT
ajeer-921	80	1	another	another	DET
ajeer-921	80	2	empirical	empirical	ADJ
ajeer-921	80	3	research	research	NOUN
ajeer-921	80	4	for	for	ADP
ajeer-921	80	5	cee	cee	PROPN
ajeer-921	80	6	commercial	commercial	PROPN
ajeer-921	80	7	bank	bank	PROPN
ajeer-921	80	8	’s	’s	PART
ajeer-921	80	9	liquidity	liquidity	NOUN
ajeer-921	80	10	was	be	AUX
ajeer-921	80	11	conducted	conduct	VERB
ajeer-921	80	12	by	by	ADP
ajeer-921	80	13	trenca	trenca	PROPN
ajeer-921	80	14	et	et	PROPN
ajeer-921	80	15	al	al	PROPN
ajeer-921	80	16	.	.	PROPN
ajeer-921	80	17	(	(	PUNCT
ajeer-921	80	18	2012	2012	NUM
ajeer-921	80	19	)	)	PUNCT
ajeer-921	80	20	.	.	PUNCT
ajeer-921	81	1	they	they	PRON
ajeer-921	81	2	analyzed	analyze	VERB
ajeer-921	81	3	30	30	NUM
ajeer-921	81	4	banks	bank	NOUN
ajeer-921	81	5	from	from	ADP
ajeer-921	81	6	cee	cee	NOUN
ajeer-921	81	7	countries	country	NOUN
ajeer-921	81	8	for	for	ADP
ajeer-921	81	9	the	the	DET
ajeer-921	81	10	period	period	NOUN
ajeer-921	81	11	asian	asian	ADJ
ajeer-921	81	12	journal	journal	NOUN
ajeer-921	81	13	of	of	ADP
ajeer-921	81	14	economics	economic	NOUN
ajeer-921	81	15	and	and	CCONJ
ajeer-921	81	16	empirical	empirical	ADJ
ajeer-921	81	17	research	research	NOUN
ajeer-921	81	18	,	,	PUNCT
ajeer-921	81	19	2019	2019	NUM
ajeer-921	81	20	,	,	PUNCT
ajeer-921	81	21	6(1	6(1	NUM
ajeer-921	81	22	):	):	PUNCT
ajeer-921	81	23	85	85	NUM
ajeer-921	81	24	-	-	SYM
ajeer-921	81	25	92	92	NUM
ajeer-921	81	26	87	87	NUM
ajeer-921	81	27	©	©	PROPN
ajeer-921	81	28	2019	2019	NUM
ajeer-921	81	29	by	by	ADP
ajeer-921	81	30	the	the	DET
ajeer-921	81	31	authors	author	NOUN
ajeer-921	81	32	;	;	PUNCT
ajeer-921	81	33	licensee	licensee	PROPN
ajeer-921	81	34	asian	asian	ADJ
ajeer-921	81	35	online	online	PROPN
ajeer-921	81	36	journal	journal	PROPN
ajeer-921	81	37	publishing	publishing	NOUN
ajeer-921	81	38	group	group	NOUN
ajeer-921	81	39	2001	2001	NUM
ajeer-921	81	40	-	-	SYM
ajeer-921	81	41	2011	2011	NUM
ajeer-921	81	42	using	use	VERB
ajeer-921	81	43	general	general	ADJ
ajeer-921	81	44	method	method	NOUN
ajeer-921	81	45	of	of	ADP
ajeer-921	81	46	moments	moment	NOUN
ajeer-921	81	47	(	(	PUNCT
ajeer-921	81	48	gmm	gmm	NOUN
ajeer-921	81	49	)	)	PUNCT
ajeer-921	81	50	.	.	PUNCT
ajeer-921	82	1	using	use	VERB
ajeer-921	82	2	four	four	NUM
ajeer-921	82	3	liquidity	liquidity	NOUN
ajeer-921	82	4	ratios	ratio	NOUN
ajeer-921	82	5	and	and	CCONJ
ajeer-921	82	6	analyzing	analyze	VERB
ajeer-921	82	7	three	three	NUM
ajeer-921	82	8	bankspecific	bankspecific	ADJ
ajeer-921	82	9	factors	factor	NOUN
ajeer-921	82	10	and	and	CCONJ
ajeer-921	82	11	ten	ten	NUM
ajeer-921	82	12	macroeconomic	macroeconomic	ADJ
ajeer-921	82	13	factors	factor	NOUN
ajeer-921	82	14	they	they	PRON
ajeer-921	82	15	found	find	VERB
ajeer-921	82	16	that	that	SCONJ
ajeer-921	82	17	bank	bank	NOUN
ajeer-921	82	18	’s	’s	PART
ajeer-921	82	19	liquidity	liquidity	NOUN
ajeer-921	82	20	is	be	AUX
ajeer-921	82	21	significantly	significantly	ADV
ajeer-921	82	22	affected	affect	VERB
ajeer-921	82	23	by	by	ADP
ajeer-921	82	24	the	the	DET
ajeer-921	82	25	following	follow	VERB
ajeer-921	82	26	factors	factor	NOUN
ajeer-921	82	27	:	:	PUNCT
ajeer-921	82	28	capital	capital	NOUN
ajeer-921	82	29	,	,	PUNCT
ajeer-921	82	30	total	total	ADJ
ajeer-921	82	31	assets	asset	NOUN
ajeer-921	82	32	,	,	PUNCT
ajeer-921	82	33	lending	lend	VERB
ajeer-921	82	34	interest	interest	NOUN
ajeer-921	82	35	rate	rate	NOUN
ajeer-921	82	36	,	,	PUNCT
ajeer-921	82	37	interest	interest	NOUN
ajeer-921	82	38	rate	rate	NOUN
ajeer-921	82	39	spread	spread	NOUN
ajeer-921	82	40	,	,	PUNCT
ajeer-921	82	41	credit	credit	NOUN
ajeer-921	82	42	flow	flow	NOUN
ajeer-921	82	43	to	to	ADP
ajeer-921	82	44	the	the	DET
ajeer-921	82	45	private	private	ADJ
ajeer-921	82	46	sector	sector	NOUN
ajeer-921	82	47	,	,	PUNCT
ajeer-921	82	48	private	private	ADJ
ajeer-921	82	49	debt	debt	NOUN
ajeer-921	82	50	,	,	PUNCT
ajeer-921	82	51	and	and	CCONJ
ajeer-921	82	52	current	current	ADJ
ajeer-921	82	53	account	account	NOUN
ajeer-921	82	54	balance	balance	NOUN
ajeer-921	82	55	.	.	PUNCT
ajeer-921	83	1	regarding	regard	VERB
ajeer-921	83	2	the	the	DET
ajeer-921	83	3	relationship	relationship	NOUN
ajeer-921	83	4	between	between	ADP
ajeer-921	83	5	liquidity	liquidity	NOUN
ajeer-921	83	6	and	and	CCONJ
ajeer-921	83	7	profitability	profitability	NOUN
ajeer-921	83	8	,	,	PUNCT
ajeer-921	83	9	molyneux	molyneux	PROPN
ajeer-921	83	10	and	and	CCONJ
ajeer-921	83	11	thornton	thornton	PROPN
ajeer-921	83	12	(	(	PUNCT
ajeer-921	83	13	1992	1992	NUM
ajeer-921	83	14	)	)	PUNCT
ajeer-921	83	15	examined	examine	VERB
ajeer-921	83	16	the	the	DET
ajeer-921	83	17	determinants	determinant	NOUN
ajeer-921	83	18	of	of	ADP
ajeer-921	83	19	bank	bank	NOUN
ajeer-921	83	20	’s	’s	PART
ajeer-921	83	21	performance	performance	NOUN
ajeer-921	83	22	in	in	ADP
ajeer-921	83	23	a	a	DET
ajeer-921	83	24	pooled	pooled	ADJ
ajeer-921	83	25	sample	sample	NOUN
ajeer-921	83	26	of	of	ADP
ajeer-921	83	27	eighteen	eighteen	NUM
ajeer-921	83	28	european	european	ADJ
ajeer-921	83	29	countries	country	NOUN
ajeer-921	83	30	in	in	ADP
ajeer-921	83	31	the	the	DET
ajeer-921	83	32	period	period	NOUN
ajeer-921	83	33	1986	1986	NUM
ajeer-921	83	34	-	-	SYM
ajeer-921	83	35	1989	1989	NUM
ajeer-921	83	36	using	use	VERB
ajeer-921	83	37	simple	simple	ADJ
ajeer-921	83	38	linear	linear	ADJ
ajeer-921	83	39	regression	regression	NOUN
ajeer-921	83	40	.	.	PUNCT
ajeer-921	84	1	their	their	PRON
ajeer-921	84	2	results	result	NOUN
ajeer-921	84	3	showed	show	VERB
ajeer-921	84	4	that	that	SCONJ
ajeer-921	84	5	the	the	DET
ajeer-921	84	6	ratio	ratio	NOUN
ajeer-921	84	7	of	of	ADP
ajeer-921	84	8	liquid	liquid	ADJ
ajeer-921	84	9	assets	asset	NOUN
ajeer-921	84	10	to	to	ADP
ajeer-921	84	11	total	total	ADJ
ajeer-921	84	12	assets	asset	NOUN
ajeer-921	84	13	is	be	AUX
ajeer-921	84	14	negatively	negatively	ADV
ajeer-921	84	15	related	relate	VERB
ajeer-921	84	16	to	to	PART
ajeer-921	84	17	return	return	VERB
ajeer-921	84	18	on	on	ADP
ajeer-921	84	19	assets	asset	NOUN
ajeer-921	84	20	(	(	PUNCT
ajeer-921	84	21	roa	roa	PROPN
ajeer-921	84	22	)	)	PUNCT
ajeer-921	84	23	.	.	PUNCT
ajeer-921	85	1	the	the	DET
ajeer-921	85	2	same	same	ADJ
ajeer-921	85	3	negative	negative	ADJ
ajeer-921	85	4	relationship	relationship	NOUN
ajeer-921	85	5	was	be	AUX
ajeer-921	85	6	also	also	ADV
ajeer-921	85	7	supported	support	VERB
ajeer-921	85	8	by	by	ADP
ajeer-921	85	9	guru	guru	NOUN
ajeer-921	85	10	et	et	PROPN
ajeer-921	85	11	al	al	PROPN
ajeer-921	85	12	.	.	PROPN
ajeer-921	86	1	(	(	PUNCT
ajeer-921	86	2	1999	1999	NUM
ajeer-921	86	3	)	)	PUNCT
ajeer-921	86	4	who	who	PRON
ajeer-921	86	5	considered	consider	VERB
ajeer-921	86	6	a	a	DET
ajeer-921	86	7	linear	linear	ADJ
ajeer-921	86	8	model	model	NOUN
ajeer-921	86	9	to	to	PART
ajeer-921	86	10	analyze	analyze	VERB
ajeer-921	86	11	the	the	DET
ajeer-921	86	12	determinants	determinant	NOUN
ajeer-921	86	13	of	of	ADP
ajeer-921	86	14	commercial	commercial	ADJ
ajeer-921	86	15	bank	bank	NOUN
ajeer-921	86	16	’s	’s	PART
ajeer-921	86	17	profitability	profitability	NOUN
ajeer-921	86	18	in	in	ADP
ajeer-921	86	19	malaysia	malaysia	PROPN
ajeer-921	86	20	.	.	PUNCT
ajeer-921	87	1	they	they	PRON
ajeer-921	87	2	stressed	stress	VERB
ajeer-921	87	3	out	out	ADP
ajeer-921	87	4	that	that	SCONJ
ajeer-921	87	5	liquid	liquid	ADJ
ajeer-921	87	6	assets	asset	NOUN
ajeer-921	87	7	are	be	AUX
ajeer-921	87	8	often	often	ADV
ajeer-921	87	9	associated	associate	VERB
ajeer-921	87	10	with	with	ADP
ajeer-921	87	11	lower	low	ADJ
ajeer-921	87	12	returns	return	NOUN
ajeer-921	87	13	and	and	CCONJ
ajeer-921	87	14	thus	thus	ADV
ajeer-921	87	15	high	high	ADJ
ajeer-921	87	16	levels	level	NOUN
ajeer-921	87	17	of	of	ADP
ajeer-921	87	18	liquid	liquid	ADJ
ajeer-921	87	19	assets	asset	NOUN
ajeer-921	87	20	would	would	AUX
ajeer-921	87	21	be	be	AUX
ajeer-921	87	22	expected	expect	VERB
ajeer-921	87	23	to	to	PART
ajeer-921	87	24	be	be	AUX
ajeer-921	87	25	associated	associate	VERB
ajeer-921	87	26	with	with	ADP
ajeer-921	87	27	lower	low	ADJ
ajeer-921	87	28	profitability	profitability	NOUN
ajeer-921	87	29	.	.	PUNCT
ajeer-921	88	1	in	in	ADP
ajeer-921	88	2	addition	addition	NOUN
ajeer-921	88	3	,	,	PUNCT
ajeer-921	88	4	barth	barth	NOUN
ajeer-921	88	5	et	et	PROPN
ajeer-921	88	6	al	al	PROPN
ajeer-921	88	7	.	.	PROPN
ajeer-921	89	1	(	(	PUNCT
ajeer-921	89	2	2003	2003	NUM
ajeer-921	89	3	)	)	PUNCT
ajeer-921	89	4	examined	examine	VERB
ajeer-921	89	5	the	the	DET
ajeer-921	89	6	impact	impact	NOUN
ajeer-921	89	7	of	of	ADP
ajeer-921	89	8	the	the	DET
ajeer-921	89	9	structure	structure	NOUN
ajeer-921	89	10	,	,	PUNCT
ajeer-921	89	11	the	the	DET
ajeer-921	89	12	scope	scope	NOUN
ajeer-921	89	13	and	and	CCONJ
ajeer-921	89	14	the	the	DET
ajeer-921	89	15	independence	independence	NOUN
ajeer-921	89	16	of	of	ADP
ajeer-921	89	17	bank	bank	NOUN
ajeer-921	89	18	supervision	supervision	NOUN
ajeer-921	89	19	on	on	ADP
ajeer-921	89	20	the	the	DET
ajeer-921	89	21	bank	bank	NOUN
ajeer-921	89	22	profitability	profitability	NOUN
ajeer-921	89	23	.	.	PUNCT
ajeer-921	90	1	they	they	PRON
ajeer-921	90	2	employed	employ	VERB
ajeer-921	90	3	a	a	DET
ajeer-921	90	4	sample	sample	NOUN
ajeer-921	90	5	of	of	ADP
ajeer-921	90	6	2300	2300	NUM
ajeer-921	90	7	banks	bank	NOUN
ajeer-921	90	8	from	from	ADP
ajeer-921	90	9	55	55	NUM
ajeer-921	90	10	countries	country	NOUN
ajeer-921	90	11	,	,	PUNCT
ajeer-921	90	12	using	use	VERB
ajeer-921	90	13	regression	regression	NOUN
ajeer-921	90	14	analysis	analysis	NOUN
ajeer-921	90	15	and	and	CCONJ
ajeer-921	90	16	found	find	VERB
ajeer-921	90	17	that	that	SCONJ
ajeer-921	90	18	liquidity	liquidity	NOUN
ajeer-921	90	19	ratio	ratio	NOUN
ajeer-921	90	20	has	have	VERB
ajeer-921	90	21	a	a	DET
ajeer-921	90	22	negative	negative	ADJ
ajeer-921	90	23	and	and	CCONJ
ajeer-921	90	24	highly	highly	ADV
ajeer-921	90	25	significant	significant	ADJ
ajeer-921	90	26	relationship	relationship	NOUN
ajeer-921	90	27	with	with	ADP
ajeer-921	90	28	the	the	DET
ajeer-921	90	29	profitability	profitability	NOUN
ajeer-921	90	30	(	(	PUNCT
ajeer-921	90	31	roa	roa	NOUN
ajeer-921	90	32	)	)	PUNCT
ajeer-921	90	33	.	.	PUNCT
ajeer-921	91	1	on	on	ADP
ajeer-921	91	2	the	the	DET
ajeer-921	91	3	other	other	ADJ
ajeer-921	91	4	hand	hand	NOUN
ajeer-921	91	5	,	,	PUNCT
ajeer-921	91	6	bourke	bourke	PROPN
ajeer-921	91	7	(	(	PUNCT
ajeer-921	91	8	1989	1989	NUM
ajeer-921	91	9	)	)	PUNCT
ajeer-921	91	10	analyzing	analyze	VERB
ajeer-921	91	11	the	the	DET
ajeer-921	91	12	internal	internal	ADJ
ajeer-921	91	13	and	and	CCONJ
ajeer-921	91	14	external	external	ADJ
ajeer-921	91	15	determinants	determinant	NOUN
ajeer-921	91	16	of	of	ADP
ajeer-921	91	17	bank	bank	NOUN
ajeer-921	91	18	profitability	profitability	NOUN
ajeer-921	91	19	in	in	ADP
ajeer-921	91	20	europe	europe	PROPN
ajeer-921	91	21	,	,	PUNCT
ajeer-921	91	22	north	north	PROPN
ajeer-921	91	23	america	america	PROPN
ajeer-921	91	24	and	and	CCONJ
ajeer-921	91	25	australia	australia	PROPN
ajeer-921	91	26	using	use	VERB
ajeer-921	91	27	generalized	generalized	ADJ
ajeer-921	91	28	least	least	ADJ
ajeer-921	91	29	squares	square	NOUN
ajeer-921	91	30	(	(	PUNCT
ajeer-921	91	31	gls	gls	PROPN
ajeer-921	91	32	)	)	PUNCT
ajeer-921	91	33	,	,	PUNCT
ajeer-921	91	34	found	find	VERB
ajeer-921	91	35	a	a	DET
ajeer-921	91	36	significant	significant	ADJ
ajeer-921	91	37	positive	positive	ADJ
ajeer-921	91	38	relationship	relationship	NOUN
ajeer-921	91	39	between	between	ADP
ajeer-921	91	40	liquidity	liquidity	NOUN
ajeer-921	91	41	ratio	ratio	NOUN
ajeer-921	91	42	and	and	CCONJ
ajeer-921	91	43	banks	bank	NOUN
ajeer-921	91	44	’	'	PUNCT
ajeer-921	91	45	profitability	profitability	NOUN
ajeer-921	91	46	.	.	PUNCT
ajeer-921	92	1	furthermore	furthermore	ADV
ajeer-921	92	2	,	,	PUNCT
ajeer-921	92	3	the	the	DET
ajeer-921	92	4	same	same	ADJ
ajeer-921	92	5	positive	positive	ADJ
ajeer-921	92	6	significant	significant	ADJ
ajeer-921	92	7	coefficient	coefficient	NOUN
ajeer-921	92	8	between	between	ADP
ajeer-921	92	9	profitability	profitability	NOUN
ajeer-921	92	10	and	and	CCONJ
ajeer-921	92	11	liquidity	liquidity	NOUN
ajeer-921	92	12	was	be	AUX
ajeer-921	92	13	found	find	VERB
ajeer-921	92	14	by	by	ADP
ajeer-921	92	15	lartey	lartey	PROPN
ajeer-921	92	16	et	et	PROPN
ajeer-921	92	17	al	al	PROPN
ajeer-921	92	18	.	.	PROPN
ajeer-921	93	1	(	(	PUNCT
ajeer-921	93	2	2013	2013	NUM
ajeer-921	93	3	)	)	PUNCT
ajeer-921	93	4	analyzing	analyze	VERB
ajeer-921	93	5	the	the	DET
ajeer-921	93	6	banks	bank	NOUN
ajeer-921	93	7	listed	list	VERB
ajeer-921	93	8	on	on	ADP
ajeer-921	93	9	the	the	DET
ajeer-921	93	10	ghana	ghana	PROPN
ajeer-921	93	11	stock	stock	PROPN
ajeer-921	93	12	exchange	exchange	PROPN
ajeer-921	93	13	for	for	ADP
ajeer-921	93	14	the	the	DET
ajeer-921	93	15	period	period	NOUN
ajeer-921	93	16	20052010	20052010	NUM
ajeer-921	93	17	,	,	PUNCT
ajeer-921	93	18	using	use	VERB
ajeer-921	93	19	linear	linear	PROPN
ajeer-921	93	20	model	model	NOUN
ajeer-921	93	21	.	.	PUNCT
ajeer-921	94	1	also	also	ADV
ajeer-921	94	2	,	,	PUNCT
ajeer-921	94	3	singh	singh	PROPN
ajeer-921	94	4	and	and	CCONJ
ajeer-921	94	5	sharma	sharma	PROPN
ajeer-921	94	6	(	(	PUNCT
ajeer-921	94	7	2016	2016	NUM
ajeer-921	94	8	)	)	PUNCT
ajeer-921	94	9	analyzing	analyze	VERB
ajeer-921	94	10	data	datum	NOUN
ajeer-921	94	11	of	of	ADP
ajeer-921	94	12	59	59	NUM
ajeer-921	94	13	indian	indian	ADJ
ajeer-921	94	14	banks	bank	NOUN
ajeer-921	94	15	for	for	ADP
ajeer-921	94	16	period	period	NOUN
ajeer-921	94	17	from	from	ADP
ajeer-921	94	18	2000	2000	NUM
ajeer-921	94	19	to	to	ADP
ajeer-921	94	20	2013	2013	NUM
ajeer-921	94	21	and	and	CCONJ
ajeer-921	94	22	using	use	VERB
ajeer-921	94	23	fixed	fix	VERB
ajeer-921	94	24	effect	effect	NOUN
ajeer-921	94	25	and	and	CCONJ
ajeer-921	94	26	random	random	ADJ
ajeer-921	94	27	effect	effect	NOUN
ajeer-921	94	28	showed	show	VERB
ajeer-921	94	29	that	that	SCONJ
ajeer-921	94	30	profitability	profitability	NOUN
ajeer-921	94	31	measured	measure	VERB
ajeer-921	94	32	by	by	ADP
ajeer-921	94	33	roa	roa	PROPN
ajeer-921	94	34	,	,	PUNCT
ajeer-921	94	35	as	as	ADV
ajeer-921	94	36	well	well	ADV
ajeer-921	94	37	as	as	ADP
ajeer-921	94	38	capital	capital	NOUN
ajeer-921	94	39	adequacy	adequacy	NOUN
ajeer-921	94	40	,	,	PUNCT
ajeer-921	94	41	deposits	deposit	NOUN
ajeer-921	94	42	and	and	CCONJ
ajeer-921	94	43	inflation	inflation	NOUN
ajeer-921	94	44	have	have	VERB
ajeer-921	94	45	a	a	DET
ajeer-921	94	46	statistically	statistically	ADV
ajeer-921	94	47	significant	significant	ADJ
ajeer-921	94	48	positive	positive	ADJ
ajeer-921	94	49	impact	impact	NOUN
ajeer-921	94	50	on	on	ADP
ajeer-921	94	51	bank	bank	NOUN
ajeer-921	94	52	’s	’s	PART
ajeer-921	94	53	liquidity	liquidity	NOUN
ajeer-921	94	54	.	.	PUNCT
ajeer-921	95	1	interesting	interesting	ADJ
ajeer-921	95	2	conclusions	conclusion	NOUN
ajeer-921	95	3	about	about	ADP
ajeer-921	95	4	this	this	DET
ajeer-921	95	5	relationship	relationship	NOUN
ajeer-921	95	6	are	be	AUX
ajeer-921	95	7	given	give	VERB
ajeer-921	95	8	by	by	ADP
ajeer-921	95	9	the	the	DET
ajeer-921	95	10	former	former	ADJ
ajeer-921	95	11	governor	governor	NOUN
ajeer-921	95	12	of	of	ADP
ajeer-921	95	13	the	the	DET
ajeer-921	95	14	fed	fed	PROPN
ajeer-921	95	15	,	,	PUNCT
ajeer-921	95	16	who	who	PRON
ajeer-921	95	17	points	point	VERB
ajeer-921	95	18	out	out	ADP
ajeer-921	95	19	that	that	SCONJ
ajeer-921	95	20	profitability	profitability	NOUN
ajeer-921	95	21	is	be	AUX
ajeer-921	95	22	better	well	ADJ
ajeer-921	95	23	in	in	ADP
ajeer-921	95	24	banks	bank	NOUN
ajeer-921	95	25	that	that	PRON
ajeer-921	95	26	hold	hold	VERB
ajeer-921	95	27	liquid	liquid	ADJ
ajeer-921	95	28	assets	asset	NOUN
ajeer-921	95	29	,	,	PUNCT
ajeer-921	95	30	but	but	CCONJ
ajeer-921	95	31	there	there	PRON
ajeer-921	95	32	is	be	VERB
ajeer-921	95	33	a	a	DET
ajeer-921	95	34	point	point	NOUN
ajeer-921	95	35	in	in	ADP
ajeer-921	95	36	which	which	PRON
ajeer-921	95	37	further	further	ADJ
ajeer-921	95	38	increase	increase	NOUN
ajeer-921	95	39	in	in	ADP
ajeer-921	95	40	liquid	liquid	ADJ
ajeer-921	95	41	assets	asset	NOUN
ajeer-921	95	42	reduces	reduce	VERB
ajeer-921	95	43	the	the	DET
ajeer-921	95	44	bank	bank	NOUN
ajeer-921	95	45	’s	’s	PART
ajeer-921	95	46	profitability	profitability	NOUN
ajeer-921	95	47	,	,	PUNCT
ajeer-921	95	48	bernanke	bernanke	PROPN
ajeer-921	95	49	(	(	PUNCT
ajeer-921	95	50	2008	2008	NUM
ajeer-921	95	51	)	)	PUNCT
ajeer-921	95	52	.	.	PUNCT
ajeer-921	96	1	3	3	X
ajeer-921	96	2	.	.	X
ajeer-921	96	3	liquidity	liquidity	NOUN
ajeer-921	96	4	and	and	CCONJ
ajeer-921	96	5	profitability	profitability	NOUN
ajeer-921	96	6	in	in	ADP
ajeer-921	96	7	the	the	DET
ajeer-921	96	8	macedonian	macedonian	ADJ
ajeer-921	96	9	banking	banking	NOUN
ajeer-921	96	10	sector	sector	NOUN
ajeer-921	96	11	–	–	PUNCT
ajeer-921	96	12	some	some	PRON
ajeer-921	96	13	stylized	stylize	VERB
ajeer-921	96	14	facts	fact	NOUN
ajeer-921	96	15	in	in	ADP
ajeer-921	96	16	recent	recent	ADJ
ajeer-921	96	17	years	year	NOUN
ajeer-921	96	18	the	the	DET
ajeer-921	96	19	macedonian	macedonian	ADJ
ajeer-921	96	20	banking	banking	NOUN
ajeer-921	96	21	system	system	NOUN
ajeer-921	96	22	is	be	AUX
ajeer-921	96	23	characterized	characterize	VERB
ajeer-921	96	24	by	by	ADP
ajeer-921	96	25	high	high	ADJ
ajeer-921	96	26	liquidity	liquidity	NOUN
ajeer-921	96	27	and	and	CCONJ
ajeer-921	96	28	relatively	relatively	ADV
ajeer-921	96	29	satisfying	satisfying	ADJ
ajeer-921	96	30	profitability	profitability	NOUN
ajeer-921	96	31	.	.	PUNCT
ajeer-921	97	1	structural	structural	ADJ
ajeer-921	97	2	surplus	surplus	NOUN
ajeer-921	97	3	of	of	ADP
ajeer-921	97	4	liquidity	liquidity	NOUN
ajeer-921	97	5	,	,	PUNCT
ajeer-921	97	6	which	which	PRON
ajeer-921	97	7	is	be	AUX
ajeer-921	97	8	present	present	ADJ
ajeer-921	97	9	in	in	ADP
ajeer-921	97	10	the	the	DET
ajeer-921	97	11	macedonian	macedonian	ADJ
ajeer-921	97	12	banking	banking	NOUN
ajeer-921	97	13	system	system	NOUN
ajeer-921	97	14	for	for	ADP
ajeer-921	97	15	more	more	ADJ
ajeer-921	97	16	than	than	ADP
ajeer-921	97	17	15	15	NUM
ajeer-921	97	18	years	year	NOUN
ajeer-921	97	19	,	,	PUNCT
ajeer-921	97	20	determines	determine	VERB
ajeer-921	97	21	the	the	DET
ajeer-921	97	22	design	design	NOUN
ajeer-921	97	23	of	of	ADP
ajeer-921	97	24	the	the	DET
ajeer-921	97	25	central	central	PROPN
ajeer-921	97	26	bank	bank	NOUN
ajeer-921	97	27	’s	’s	PART
ajeer-921	97	28	monetary	monetary	ADJ
ajeer-921	97	29	policy	policy	NOUN
ajeer-921	97	30	.	.	PUNCT
ajeer-921	98	1	hence	hence	ADV
ajeer-921	98	2	,	,	PUNCT
ajeer-921	98	3	the	the	DET
ajeer-921	98	4	main	main	ADJ
ajeer-921	98	5	instrument	instrument	NOUN
ajeer-921	98	6	of	of	ADP
ajeer-921	98	7	national	national	PROPN
ajeer-921	98	8	bank	bank	PROPN
ajeer-921	98	9	of	of	ADP
ajeer-921	98	10	the	the	DET
ajeer-921	98	11	republic	republic	NOUN
ajeer-921	98	12	of	of	ADP
ajeer-921	98	13	north	north	PROPN
ajeer-921	98	14	macedonia	macedonia	PROPN
ajeer-921	98	15	is	be	AUX
ajeer-921	98	16	central	central	ADJ
ajeer-921	98	17	bank	bank	NOUN
ajeer-921	98	18	bills	bill	NOUN
ajeer-921	98	19	auction	auction	NOUN
ajeer-921	98	20	,	,	PUNCT
ajeer-921	98	21	an	an	DET
ajeer-921	98	22	instrument	instrument	NOUN
ajeer-921	98	23	used	use	VERB
ajeer-921	98	24	to	to	PART
ajeer-921	98	25	withdrawn	withdraw	VERB
ajeer-921	98	26	instead	instead	ADV
ajeer-921	98	27	to	to	PART
ajeer-921	98	28	create	create	VERB
ajeer-921	98	29	liquidity	liquidity	NOUN
ajeer-921	98	30	in	in	ADP
ajeer-921	98	31	the	the	DET
ajeer-921	98	32	banking	banking	NOUN
ajeer-921	98	33	system	system	NOUN
ajeer-921	98	34	.	.	PUNCT
ajeer-921	99	1	this	this	PRON
ajeer-921	99	2	is	be	AUX
ajeer-921	99	3	totally	totally	ADV
ajeer-921	99	4	opposite	opposite	ADJ
ajeer-921	99	5	from	from	ADP
ajeer-921	99	6	the	the	DET
ajeer-921	99	7	practice	practice	NOUN
ajeer-921	99	8	of	of	ADP
ajeer-921	99	9	the	the	DET
ajeer-921	99	10	largest	large	ADJ
ajeer-921	99	11	number	number	NOUN
ajeer-921	99	12	of	of	ADP
ajeer-921	99	13	central	central	ADJ
ajeer-921	99	14	banks	bank	NOUN
ajeer-921	99	15	,	,	PUNCT
ajeer-921	99	16	especially	especially	ADV
ajeer-921	99	17	the	the	DET
ajeer-921	99	18	practice	practice	NOUN
ajeer-921	99	19	of	of	ADP
ajeer-921	99	20	the	the	DET
ajeer-921	99	21	central	central	ADJ
ajeer-921	99	22	banks	bank	NOUN
ajeer-921	99	23	of	of	ADP
ajeer-921	99	24	developed	develop	VERB
ajeer-921	99	25	countries	country	NOUN
ajeer-921	99	26	,	,	PUNCT
ajeer-921	99	27	where	where	SCONJ
ajeer-921	99	28	usually	usually	ADV
ajeer-921	99	29	the	the	DET
ajeer-921	99	30	main	main	ADJ
ajeer-921	99	31	instruments	instrument	NOUN
ajeer-921	99	32	are	be	AUX
ajeer-921	99	33	those	those	PRON
ajeer-921	99	34	that	that	PRON
ajeer-921	99	35	create	create	VERB
ajeer-921	99	36	liquidity	liquidity	NOUN
ajeer-921	99	37	in	in	ADP
ajeer-921	99	38	the	the	DET
ajeer-921	99	39	banking	banking	NOUN
ajeer-921	99	40	system	system	NOUN
ajeer-921	99	41	,	,	PUNCT
ajeer-921	99	42	which	which	PRON
ajeer-921	99	43	provides	provide	VERB
ajeer-921	99	44	greater	great	ADJ
ajeer-921	99	45	efficiency	efficiency	NOUN
ajeer-921	99	46	in	in	ADP
ajeer-921	99	47	the	the	DET
ajeer-921	99	48	transmission	transmission	NOUN
ajeer-921	99	49	mechanism	mechanism	NOUN
ajeer-921	99	50	of	of	ADP
ajeer-921	99	51	the	the	DET
ajeer-921	99	52	monetary	monetary	ADJ
ajeer-921	99	53	policy	policy	NOUN
ajeer-921	99	54	.	.	PUNCT
ajeer-921	100	1	high	high	ADJ
ajeer-921	100	2	liquidity	liquidity	NOUN
ajeer-921	100	3	in	in	ADP
ajeer-921	100	4	the	the	DET
ajeer-921	100	5	macedonian	macedonian	ADJ
ajeer-921	100	6	banking	banking	NOUN
ajeer-921	100	7	sector	sector	NOUN
ajeer-921	100	8	is	be	AUX
ajeer-921	100	9	confirmed	confirm	VERB
ajeer-921	100	10	with	with	ADP
ajeer-921	100	11	a	a	DET
ajeer-921	100	12	comparative	comparative	ADJ
ajeer-921	100	13	quantitative	quantitative	ADJ
ajeer-921	100	14	analysis	analysis	NOUN
ajeer-921	100	15	of	of	ADP
ajeer-921	100	16	the	the	DET
ajeer-921	100	17	ratio	ratio	NOUN
ajeer-921	100	18	of	of	ADP
ajeer-921	100	19	liquidity	liquidity	NOUN
ajeer-921	100	20	.	.	PUNCT
ajeer-921	101	1	figure	figure	NOUN
ajeer-921	101	2	1	1	NUM
ajeer-921	101	3	shows	show	VERB
ajeer-921	101	4	the	the	DET
ajeer-921	101	5	share	share	NOUN
ajeer-921	101	6	of	of	ADP
ajeer-921	101	7	the	the	DET
ajeer-921	101	8	super	super	ADJ
ajeer-921	101	9	-	-	ADJ
ajeer-921	101	10	liquid	liquid	ADJ
ajeer-921	101	11	assets	asset	NOUN
ajeer-921	101	12	in	in	ADP
ajeer-921	101	13	the	the	DET
ajeer-921	101	14	total	total	ADJ
ajeer-921	101	15	assets	asset	NOUN
ajeer-921	101	16	of	of	ADP
ajeer-921	101	17	the	the	DET
ajeer-921	101	18	banking	banking	NOUN
ajeer-921	101	19	systems	system	NOUN
ajeer-921	101	20	of	of	ADP
ajeer-921	101	21	selected	select	VERB
ajeer-921	101	22	countries	country	NOUN
ajeer-921	101	23	for	for	ADP
ajeer-921	101	24	the	the	DET
ajeer-921	101	25	period	period	NOUN
ajeer-921	101	26	from	from	ADP
ajeer-921	101	27	2003	2003	NUM
ajeer-921	101	28	to	to	ADP
ajeer-921	101	29	2016	2016	NUM
ajeer-921	101	30	.	.	PUNCT
ajeer-921	102	1	the	the	DET
ajeer-921	102	2	highest	high	ADJ
ajeer-921	102	3	value	value	NOUN
ajeer-921	102	4	of	of	ADP
ajeer-921	102	5	this	this	DET
ajeer-921	102	6	indicator	indicator	NOUN
ajeer-921	102	7	is	be	AUX
ajeer-921	102	8	in	in	ADP
ajeer-921	102	9	macedonia	macedonia	PROPN
ajeer-921	102	10	,	,	PUNCT
ajeer-921	102	11	with	with	ADP
ajeer-921	102	12	an	an	DET
ajeer-921	102	13	average	average	ADJ
ajeer-921	102	14	value	value	NOUN
ajeer-921	102	15	of	of	ADP
ajeer-921	102	16	around	around	ADP
ajeer-921	102	17	14	14	NUM
ajeer-921	102	18	%	%	NOUN
ajeer-921	102	19	,	,	PUNCT
ajeer-921	102	20	which	which	PRON
ajeer-921	102	21	is	be	AUX
ajeer-921	102	22	higher	high	ADJ
ajeer-921	102	23	than	than	ADP
ajeer-921	102	24	croatia	croatia	PROPN
ajeer-921	102	25	(	(	PUNCT
ajeer-921	102	26	with	with	ADP
ajeer-921	102	27	an	an	DET
ajeer-921	102	28	average	average	ADJ
ajeer-921	102	29	value	value	NOUN
ajeer-921	102	30	of	of	ADP
ajeer-921	102	31	13	13	NUM
ajeer-921	102	32	%	%	NOUN
ajeer-921	102	33	)	)	PUNCT
ajeer-921	102	34	and	and	CCONJ
ajeer-921	102	35	significantly	significantly	ADV
ajeer-921	102	36	higher	high	ADJ
ajeer-921	102	37	compared	compare	VERB
ajeer-921	102	38	to	to	ADP
ajeer-921	102	39	slovenia	slovenia	PROPN
ajeer-921	102	40	(	(	PUNCT
ajeer-921	102	41	average	average	ADJ
ajeer-921	102	42	value	value	NOUN
ajeer-921	102	43	of	of	ADP
ajeer-921	102	44	4	4	NUM
ajeer-921	102	45	%	%	NOUN
ajeer-921	102	46	)	)	PUNCT
ajeer-921	102	47	and	and	CCONJ
ajeer-921	102	48	germany	germany	PROPN
ajeer-921	102	49	with	with	ADP
ajeer-921	102	50	an	an	DET
ajeer-921	102	51	average	average	ADJ
ajeer-921	102	52	value	value	NOUN
ajeer-921	102	53	of	of	ADP
ajeer-921	102	54	1.5	1.5	NUM
ajeer-921	102	55	%	%	NOUN
ajeer-921	102	56	.	.	PUNCT
ajeer-921	103	1	in	in	ADP
ajeer-921	103	2	general	general	ADJ
ajeer-921	103	3	,	,	PUNCT
ajeer-921	103	4	this	this	DET
ajeer-921	103	5	indicator	indicator	NOUN
ajeer-921	103	6	has	have	VERB
ajeer-921	103	7	lower	low	ADJ
ajeer-921	103	8	values	value	NOUN
ajeer-921	103	9	in	in	ADP
ajeer-921	103	10	the	the	DET
ajeer-921	103	11	banking	banking	NOUN
ajeer-921	103	12	systems	system	NOUN
ajeer-921	103	13	of	of	ADP
ajeer-921	103	14	developed	develop	VERB
ajeer-921	103	15	countries	country	NOUN
ajeer-921	103	16	,	,	PUNCT
ajeer-921	103	17	due	due	ADP
ajeer-921	103	18	to	to	ADP
ajeer-921	103	19	more	more	ADV
ajeer-921	103	20	rational	rational	ADJ
ajeer-921	103	21	and	and	CCONJ
ajeer-921	103	22	more	more	ADV
ajeer-921	103	23	efficient	efficient	ADJ
ajeer-921	103	24	liquidity	liquidity	NOUN
ajeer-921	103	25	management	management	NOUN
ajeer-921	103	26	.	.	PUNCT
ajeer-921	104	1	dynamically	dynamically	ADV
ajeer-921	104	2	analyzed	analyze	VERB
ajeer-921	104	3	,	,	PUNCT
ajeer-921	104	4	the	the	DET
ajeer-921	104	5	macedonian	macedonian	ADJ
ajeer-921	104	6	banking	banking	NOUN
ajeer-921	104	7	system	system	NOUN
ajeer-921	104	8	especially	especially	ADV
ajeer-921	104	9	after	after	SCONJ
ajeer-921	104	10	the	the	DET
ajeer-921	104	11	global	global	ADJ
ajeer-921	104	12	financial	financial	ADJ
ajeer-921	104	13	crisis	crisis	NOUN
ajeer-921	104	14	accomplished	accomplish	VERB
ajeer-921	104	15	high	high	ADJ
ajeer-921	104	16	values	value	NOUN
ajeer-921	104	17	of	of	ADP
ajeer-921	104	18	this	this	DET
ajeer-921	104	19	liquidity	liquidity	NOUN
ajeer-921	104	20	indicator	indicator	NOUN
ajeer-921	104	21	.	.	PUNCT
ajeer-921	105	1	unlike	unlike	ADP
ajeer-921	105	2	croatia	croatia	PROPN
ajeer-921	105	3	and	and	CCONJ
ajeer-921	105	4	slovenia	slovenia	PROPN
ajeer-921	105	5	,	,	PUNCT
ajeer-921	105	6	which	which	PRON
ajeer-921	105	7	faced	face	VERB
ajeer-921	105	8	liquidity	liquidity	NOUN
ajeer-921	105	9	reduction	reduction	NOUN
ajeer-921	105	10	during	during	ADP
ajeer-921	105	11	the	the	DET
ajeer-921	105	12	financial	financial	ADJ
ajeer-921	105	13	crisis	crisis	NOUN
ajeer-921	105	14	,	,	PUNCT
ajeer-921	105	15	the	the	DET
ajeer-921	105	16	banking	banking	NOUN
ajeer-921	105	17	sector	sector	NOUN
ajeer-921	105	18	in	in	ADP
ajeer-921	105	19	macedonia	macedonia	PROPN
ajeer-921	105	20	maintained	maintain	VERB
ajeer-921	105	21	its	its	PRON
ajeer-921	105	22	high	high	ADJ
ajeer-921	105	23	liquidity	liquidity	NOUN
ajeer-921	105	24	value	value	NOUN
ajeer-921	105	25	and	and	CCONJ
ajeer-921	105	26	did	do	AUX
ajeer-921	105	27	not	not	PART
ajeer-921	105	28	face	face	VERB
ajeer-921	105	29	any	any	DET
ajeer-921	105	30	consequences	consequence	NOUN
ajeer-921	105	31	.	.	PUNCT
ajeer-921	106	1	in	in	ADP
ajeer-921	106	2	recent	recent	ADJ
ajeer-921	106	3	years	year	NOUN
ajeer-921	106	4	,	,	PUNCT
ajeer-921	106	5	almost	almost	ADV
ajeer-921	106	6	all	all	PRON
ajeer-921	106	7	developed	develop	VERB
ajeer-921	106	8	economies	economy	NOUN
ajeer-921	106	9	have	have	VERB
ajeer-921	106	10	tendency	tendency	NOUN
ajeer-921	106	11	of	of	ADP
ajeer-921	106	12	increasing	increase	VERB
ajeer-921	106	13	the	the	DET
ajeer-921	106	14	liquidity	liquidity	NOUN
ajeer-921	106	15	in	in	ADP
ajeer-921	106	16	the	the	DET
ajeer-921	106	17	banking	banking	NOUN
ajeer-921	106	18	systems	system	NOUN
ajeer-921	106	19	under	under	ADP
ajeer-921	106	20	the	the	DET
ajeer-921	106	21	pressure	pressure	NOUN
ajeer-921	106	22	of	of	ADP
ajeer-921	106	23	the	the	DET
ajeer-921	106	24	tightened	tighten	VERB
ajeer-921	106	25	liquidity	liquidity	NOUN
ajeer-921	106	26	requirements	requirement	NOUN
ajeer-921	106	27	in	in	ADP
ajeer-921	106	28	accordance	accordance	NOUN
ajeer-921	106	29	with	with	ADP
ajeer-921	106	30	the	the	DET
ajeer-921	106	31	international	international	ADJ
ajeer-921	106	32	basel	basel	PROPN
ajeer-921	106	33	standards	standard	NOUN
ajeer-921	106	34	for	for	ADP
ajeer-921	106	35	supervision	supervision	NOUN
ajeer-921	106	36	.	.	PUNCT
ajeer-921	107	1	figure-1	figure-1	NOUN
ajeer-921	107	2	.	.	PUNCT
ajeer-921	108	1	liquidity	liquidity	NOUN
ajeer-921	108	2	in	in	ADP
ajeer-921	108	3	the	the	DET
ajeer-921	108	4	banking	banking	NOUN
ajeer-921	108	5	systems	system	NOUN
ajeer-921	108	6	of	of	ADP
ajeer-921	108	7	selected	select	VERB
ajeer-921	108	8	countries	country	NOUN
ajeer-921	108	9	(	(	PUNCT
ajeer-921	108	10	in	in	ADP
ajeer-921	108	11	%	%	NOUN
ajeer-921	108	12	)	)	PUNCT
ajeer-921	108	13	.	.	PUNCT
ajeer-921	109	1	source	source	NOUN
ajeer-921	109	2	:	:	PUNCT
ajeer-921	109	3	nbrm	nbrm	NOUN
ajeer-921	109	4	,	,	PUNCT
ajeer-921	109	5	world	world	PROPN
ajeer-921	109	6	bank	bank	PROPN
ajeer-921	109	7	,	,	PUNCT
ajeer-921	109	8	imf	imf	PROPN
ajeer-921	109	9	,	,	PUNCT
ajeer-921	109	10	central	central	ADJ
ajeer-921	109	11	banks	bank	NOUN
ajeer-921	109	12	of	of	ADP
ajeer-921	109	13	the	the	DET
ajeer-921	109	14	analyzed	analyze	VERB
ajeer-921	109	15	countries	country	NOUN
ajeer-921	109	16	.	.	PUNCT
ajeer-921	110	1	apart	apart	ADV
ajeer-921	110	2	from	from	ADP
ajeer-921	110	3	high	high	ADJ
ajeer-921	110	4	liquidity	liquidity	NOUN
ajeer-921	110	5	,	,	PUNCT
ajeer-921	110	6	the	the	DET
ajeer-921	110	7	macedonian	macedonian	ADJ
ajeer-921	110	8	banking	banking	NOUN
ajeer-921	110	9	sector	sector	NOUN
ajeer-921	110	10	is	be	AUX
ajeer-921	110	11	characterized	characterize	VERB
ajeer-921	110	12	by	by	ADP
ajeer-921	110	13	relatively	relatively	ADV
ajeer-921	110	14	satisfying	satisfying	ADJ
ajeer-921	110	15	profitability	profitability	NOUN
ajeer-921	110	16	.	.	PUNCT
ajeer-921	111	1	figure	figure	NOUN
ajeer-921	111	2	2	2	NUM
ajeer-921	111	3	presents	present	NOUN
ajeer-921	111	4	data	datum	NOUN
ajeer-921	111	5	on	on	ADP
ajeer-921	111	6	profitability	profitability	NOUN
ajeer-921	111	7	in	in	ADP
ajeer-921	111	8	the	the	DET
ajeer-921	111	9	banking	banking	NOUN
ajeer-921	111	10	systems	system	NOUN
ajeer-921	111	11	of	of	ADP
ajeer-921	111	12	several	several	ADJ
ajeer-921	111	13	selected	select	VERB
ajeer-921	111	14	countries	country	NOUN
ajeer-921	111	15	,	,	PUNCT
ajeer-921	111	16	measured	measure	VERB
ajeer-921	111	17	through	through	ADP
ajeer-921	111	18	the	the	DET
ajeer-921	111	19	return	return	NOUN
ajeer-921	111	20	of	of	ADP
ajeer-921	111	21	average	average	ADJ
ajeer-921	111	22	assets	asset	NOUN
ajeer-921	111	23	(	(	PUNCT
ajeer-921	111	24	roaa	roaa	PROPN
ajeer-921	111	25	)	)	PUNCT
ajeer-921	111	26	for	for	ADP
ajeer-921	111	27	the	the	DET
ajeer-921	111	28	period	period	NOUN
ajeer-921	111	29	from	from	ADP
ajeer-921	111	30	2003	2003	NUM
ajeer-921	111	31	to	to	ADP
ajeer-921	111	32	2016	2016	NUM
ajeer-921	111	33	.	.	PUNCT
ajeer-921	112	1	data	datum	NOUN
ajeer-921	112	2	shows	show	VERB
ajeer-921	112	3	that	that	SCONJ
ajeer-921	112	4	macedonia	macedonia	PROPN
ajeer-921	112	5	has	have	VERB
ajeer-921	112	6	the	the	DET
ajeer-921	112	7	highest	high	ADJ
ajeer-921	112	8	profitability	profitability	NOUN
ajeer-921	112	9	in	in	ADP
ajeer-921	112	10	the	the	DET
ajeer-921	112	11	analyzed	analyze	VERB
ajeer-921	112	12	period	period	NOUN
ajeer-921	112	13	,	,	PUNCT
ajeer-921	112	14	with	with	ADP
ajeer-921	112	15	an	an	DET
ajeer-921	112	16	average	average	ADJ
ajeer-921	112	17	roaa	roaa	NOUN
ajeer-921	112	18	of	of	ADP
ajeer-921	112	19	1.4	1.4	NUM
ajeer-921	112	20	%	%	NOUN
ajeer-921	112	21	,	,	PUNCT
ajeer-921	112	22	followed	follow	VERB
ajeer-921	112	23	by	by	ADP
ajeer-921	112	24	croatia	croatia	PROPN
ajeer-921	112	25	,	,	PUNCT
ajeer-921	112	26	with	with	ADP
ajeer-921	112	27	an	an	DET
ajeer-921	112	28	average	average	NOUN
ajeer-921	112	29	of	of	ADP
ajeer-921	112	30	1.1	1.1	NUM
ajeer-921	112	31	%	%	NOUN
ajeer-921	112	32	.	.	PUNCT
ajeer-921	113	1	asian	asian	ADJ
ajeer-921	113	2	journal	journal	PROPN
ajeer-921	113	3	of	of	ADP
ajeer-921	113	4	economics	economic	NOUN
ajeer-921	113	5	and	and	CCONJ
ajeer-921	113	6	empirical	empirical	ADJ
ajeer-921	113	7	research	research	NOUN
ajeer-921	113	8	,	,	PUNCT
ajeer-921	113	9	2019	2019	NUM
ajeer-921	113	10	,	,	PUNCT
ajeer-921	113	11	6(1	6(1	NUM
ajeer-921	113	12	):	):	PUNCT
ajeer-921	113	13	85	85	NUM
ajeer-921	113	14	-	-	SYM
ajeer-921	113	15	92	92	NUM
ajeer-921	113	16	88	88	NUM
ajeer-921	113	17	©	©	PROPN
ajeer-921	113	18	2019	2019	NUM
ajeer-921	113	19	by	by	ADP
ajeer-921	113	20	the	the	DET
ajeer-921	113	21	authors	author	NOUN
ajeer-921	113	22	;	;	PUNCT
ajeer-921	113	23	licensee	licensee	PROPN
ajeer-921	113	24	asian	asian	ADJ
ajeer-921	113	25	online	online	PROPN
ajeer-921	113	26	journal	journal	PROPN
ajeer-921	113	27	publishing	publishing	NOUN
ajeer-921	113	28	group	group	NOUN
ajeer-921	113	29	figure-2	figure-2	PROPN
ajeer-921	113	30	.	.	PUNCT
ajeer-921	114	1	profitability	profitability	NOUN
ajeer-921	114	2	in	in	ADP
ajeer-921	114	3	the	the	DET
ajeer-921	114	4	banking	banking	NOUN
ajeer-921	114	5	systems	system	NOUN
ajeer-921	114	6	of	of	ADP
ajeer-921	114	7	selected	select	VERB
ajeer-921	114	8	countries	country	NOUN
ajeer-921	114	9	(	(	PUNCT
ajeer-921	114	10	roaa	roaa	VERB
ajeer-921	114	11	,	,	PUNCT
ajeer-921	114	12	in	in	ADP
ajeer-921	114	13	%	%	NOUN
ajeer-921	114	14	)	)	PUNCT
ajeer-921	114	15	source	source	NOUN
ajeer-921	114	16	:	:	PUNCT
ajeer-921	114	17	nbrm	nbrm	NOUN
ajeer-921	114	18	,	,	PUNCT
ajeer-921	114	19	world	world	PROPN
ajeer-921	114	20	bank	bank	PROPN
ajeer-921	114	21	,	,	PUNCT
ajeer-921	114	22	imf	imf	PROPN
ajeer-921	114	23	,	,	PUNCT
ajeer-921	114	24	central	central	ADJ
ajeer-921	114	25	banks	bank	NOUN
ajeer-921	114	26	of	of	ADP
ajeer-921	114	27	the	the	DET
ajeer-921	114	28	analyzed	analyze	VERB
ajeer-921	114	29	countries	country	NOUN
ajeer-921	114	30	in	in	ADP
ajeer-921	114	31	addition	addition	NOUN
ajeer-921	114	32	to	to	ADP
ajeer-921	114	33	the	the	DET
ajeer-921	114	34	relatively	relatively	ADV
ajeer-921	114	35	high	high	ADJ
ajeer-921	114	36	values	value	NOUN
ajeer-921	114	37	,	,	PUNCT
ajeer-921	114	38	the	the	DET
ajeer-921	114	39	roaa	roaa	NOUN
ajeer-921	114	40	in	in	ADP
ajeer-921	114	41	the	the	DET
ajeer-921	114	42	macedonian	macedonian	ADJ
ajeer-921	114	43	banking	banking	NOUN
ajeer-921	114	44	system	system	NOUN
ajeer-921	114	45	is	be	AUX
ajeer-921	114	46	characterized	characterize	VERB
ajeer-921	114	47	by	by	ADP
ajeer-921	114	48	relatively	relatively	ADV
ajeer-921	114	49	stable	stable	ADJ
ajeer-921	114	50	values	value	NOUN
ajeer-921	114	51	(	(	PUNCT
ajeer-921	114	52	the	the	DET
ajeer-921	114	53	standard	standard	ADJ
ajeer-921	114	54	deviation	deviation	NOUN
ajeer-921	114	55	in	in	ADP
ajeer-921	114	56	the	the	DET
ajeer-921	114	57	analyzed	analyze	VERB
ajeer-921	114	58	period	period	NOUN
ajeer-921	114	59	is	be	AUX
ajeer-921	114	60	0.5	0.5	NUM
ajeer-921	114	61	)	)	PUNCT
ajeer-921	114	62	.	.	PUNCT
ajeer-921	115	1	also	also	ADV
ajeer-921	115	2	it	it	PRON
ajeer-921	115	3	is	be	AUX
ajeer-921	115	4	evident	evident	ADJ
ajeer-921	115	5	that	that	SCONJ
ajeer-921	115	6	the	the	DET
ajeer-921	115	7	macedonian	macedonian	ADJ
ajeer-921	115	8	banking	banking	NOUN
ajeer-921	115	9	system	system	NOUN
ajeer-921	115	10	was	be	AUX
ajeer-921	115	11	least	least	ADV
ajeer-921	115	12	affected	affect	VERB
ajeer-921	115	13	by	by	ADP
ajeer-921	115	14	the	the	DET
ajeer-921	115	15	global	global	ADJ
ajeer-921	115	16	financial	financial	ADJ
ajeer-921	115	17	crisis	crisis	NOUN
ajeer-921	115	18	,	,	PUNCT
ajeer-921	115	19	with	with	ADP
ajeer-921	115	20	a	a	DET
ajeer-921	115	21	relatively	relatively	ADV
ajeer-921	115	22	small	small	ADJ
ajeer-921	115	23	and	and	CCONJ
ajeer-921	115	24	short	short	ADJ
ajeer-921	115	25	decrease	decrease	NOUN
ajeer-921	115	26	in	in	ADP
ajeer-921	115	27	the	the	DET
ajeer-921	115	28	roaa	roaa	NOUN
ajeer-921	115	29	.	.	PUNCT
ajeer-921	116	1	unlike	unlike	ADP
ajeer-921	116	2	the	the	DET
ajeer-921	116	3	macedonian	macedonian	ADJ
ajeer-921	116	4	banking	banking	NOUN
ajeer-921	116	5	system	system	NOUN
ajeer-921	116	6	,	,	PUNCT
ajeer-921	116	7	the	the	DET
ajeer-921	116	8	banking	banking	NOUN
ajeer-921	116	9	systems	system	NOUN
ajeer-921	116	10	of	of	ADP
ajeer-921	116	11	other	other	ADJ
ajeer-921	116	12	countries	country	NOUN
ajeer-921	116	13	were	be	AUX
ajeer-921	116	14	much	much	ADV
ajeer-921	116	15	more	more	ADV
ajeer-921	116	16	affected	affect	VERB
ajeer-921	116	17	by	by	ADP
ajeer-921	116	18	the	the	DET
ajeer-921	116	19	crisis	crisis	NOUN
ajeer-921	116	20	,	,	PUNCT
ajeer-921	116	21	recording	record	VERB
ajeer-921	116	22	more	more	ADV
ajeer-921	116	23	significant	significant	ADJ
ajeer-921	116	24	reductions	reduction	NOUN
ajeer-921	116	25	in	in	ADP
ajeer-921	116	26	their	their	PRON
ajeer-921	116	27	profitability	profitability	NOUN
ajeer-921	116	28	,	,	PUNCT
ajeer-921	116	29	even	even	ADV
ajeer-921	116	30	losses	loss	NOUN
ajeer-921	116	31	in	in	ADP
ajeer-921	116	32	some	some	DET
ajeer-921	116	33	years	year	NOUN
ajeer-921	116	34	.	.	PUNCT
ajeer-921	117	1	hence	hence	ADV
ajeer-921	117	2	,	,	PUNCT
ajeer-921	117	3	the	the	DET
ajeer-921	117	4	profitability	profitability	NOUN
ajeer-921	117	5	rate	rate	NOUN
ajeer-921	117	6	is	be	AUX
ajeer-921	117	7	permanently	permanently	ADV
ajeer-921	117	8	higher	high	ADJ
ajeer-921	117	9	in	in	ADP
ajeer-921	117	10	less	less	ADJ
ajeer-921	117	11	developed	develop	VERB
ajeer-921	117	12	countries	country	NOUN
ajeer-921	117	13	(	(	PUNCT
ajeer-921	117	14	macedonia	macedonia	PROPN
ajeer-921	117	15	,	,	PUNCT
ajeer-921	117	16	croatia	croatia	PROPN
ajeer-921	117	17	)	)	PUNCT
ajeer-921	117	18	compared	compare	VERB
ajeer-921	117	19	to	to	ADP
ajeer-921	117	20	the	the	DET
ajeer-921	117	21	banking	banking	NOUN
ajeer-921	117	22	systems	system	NOUN
ajeer-921	117	23	of	of	ADP
ajeer-921	117	24	more	more	ADJ
ajeer-921	117	25	developed	develop	VERB
ajeer-921	117	26	economies	economy	NOUN
ajeer-921	117	27	(	(	PUNCT
ajeer-921	117	28	germany	germany	PROPN
ajeer-921	117	29	)	)	PUNCT
ajeer-921	117	30	.	.	PUNCT
ajeer-921	118	1	the	the	DET
ajeer-921	118	2	state	state	NOUN
ajeer-921	118	3	of	of	ADP
ajeer-921	118	4	high	high	ADJ
ajeer-921	118	5	liquidity	liquidity	NOUN
ajeer-921	118	6	and	and	CCONJ
ajeer-921	118	7	at	at	ADP
ajeer-921	118	8	the	the	DET
ajeer-921	118	9	same	same	ADJ
ajeer-921	118	10	time	time	NOUN
ajeer-921	118	11	satisfying	satisfy	VERB
ajeer-921	118	12	profitability	profitability	NOUN
ajeer-921	118	13	is	be	AUX
ajeer-921	118	14	contrary	contrary	ADJ
ajeer-921	118	15	to	to	ADP
ajeer-921	118	16	numerous	numerous	ADJ
ajeer-921	118	17	theoretical	theoretical	ADJ
ajeer-921	118	18	and	and	CCONJ
ajeer-921	118	19	empirical	empirical	ADJ
ajeer-921	118	20	researches	research	NOUN
ajeer-921	118	21	that	that	PRON
ajeer-921	118	22	indicate	indicate	VERB
ajeer-921	118	23	the	the	DET
ajeer-921	118	24	conflicting	conflicting	ADJ
ajeer-921	118	25	and	and	CCONJ
ajeer-921	118	26	negative	negative	ADJ
ajeer-921	118	27	relationship	relationship	NOUN
ajeer-921	118	28	between	between	ADP
ajeer-921	118	29	these	these	DET
ajeer-921	118	30	two	two	NUM
ajeer-921	118	31	important	important	ADJ
ajeer-921	118	32	principles	principle	NOUN
ajeer-921	118	33	of	of	ADP
ajeer-921	118	34	banking	banking	NOUN
ajeer-921	118	35	operations	operation	NOUN
ajeer-921	118	36	.	.	PUNCT
ajeer-921	119	1	as	as	SCONJ
ajeer-921	119	2	it	it	PRON
ajeer-921	119	3	shows	show	VERB
ajeer-921	119	4	in	in	ADP
ajeer-921	119	5	this	this	DET
ajeer-921	119	6	section	section	NOUN
ajeer-921	119	7	in	in	ADP
ajeer-921	119	8	the	the	DET
ajeer-921	119	9	case	case	NOUN
ajeer-921	119	10	of	of	ADP
ajeer-921	119	11	the	the	DET
ajeer-921	119	12	macedonian	macedonian	ADJ
ajeer-921	119	13	banking	banking	NOUN
ajeer-921	119	14	system	system	NOUN
ajeer-921	119	15	,	,	PUNCT
ajeer-921	119	16	high	high	ADJ
ajeer-921	119	17	liquidity	liquidity	NOUN
ajeer-921	119	18	does	do	AUX
ajeer-921	119	19	not	not	PART
ajeer-921	119	20	limit	limit	VERB
ajeer-921	119	21	its	its	PRON
ajeer-921	119	22	profitability	profitability	NOUN
ajeer-921	119	23	.	.	PUNCT
ajeer-921	120	1	this	this	PRON
ajeer-921	120	2	is	be	AUX
ajeer-921	120	3	especially	especially	ADV
ajeer-921	120	4	noticeable	noticeable	ADJ
ajeer-921	120	5	in	in	ADP
ajeer-921	120	6	the	the	DET
ajeer-921	120	7	period	period	NOUN
ajeer-921	120	8	before	before	ADP
ajeer-921	120	9	the	the	DET
ajeer-921	120	10	crisis	crisis	NOUN
ajeer-921	120	11	(	(	PUNCT
ajeer-921	120	12	2003	2003	NUM
ajeer-921	120	13	-	-	SYM
ajeer-921	120	14	2007	2007	NUM
ajeer-921	120	15	)	)	PUNCT
ajeer-921	120	16	,	,	PUNCT
ajeer-921	120	17	when	when	SCONJ
ajeer-921	120	18	the	the	DET
ajeer-921	120	19	increase	increase	NOUN
ajeer-921	120	20	in	in	ADP
ajeer-921	120	21	liquidity	liquidity	NOUN
ajeer-921	120	22	did	do	AUX
ajeer-921	120	23	not	not	PART
ajeer-921	120	24	cause	cause	VERB
ajeer-921	120	25	a	a	DET
ajeer-921	120	26	decrease	decrease	NOUN
ajeer-921	120	27	in	in	ADP
ajeer-921	120	28	profitability	profitability	NOUN
ajeer-921	120	29	,	,	PUNCT
ajeer-921	120	30	but	but	CCONJ
ajeer-921	120	31	also	also	ADV
ajeer-921	120	32	after	after	ADP
ajeer-921	120	33	the	the	DET
ajeer-921	120	34	crisis	crisis	NOUN
ajeer-921	120	35	when	when	SCONJ
ajeer-921	120	36	high	high	ADJ
ajeer-921	120	37	liquidity	liquidity	NOUN
ajeer-921	120	38	was	be	AUX
ajeer-921	120	39	followed	follow	VERB
ajeer-921	120	40	by	by	ADP
ajeer-921	120	41	increasing	increase	VERB
ajeer-921	120	42	profitability	profitability	NOUN
ajeer-921	120	43	.	.	PUNCT
ajeer-921	121	1	one	one	NUM
ajeer-921	121	2	of	of	ADP
ajeer-921	121	3	the	the	DET
ajeer-921	121	4	explanatory	explanatory	ADJ
ajeer-921	121	5	factors	factor	NOUN
ajeer-921	121	6	for	for	ADP
ajeer-921	121	7	this	this	DET
ajeer-921	121	8	situation	situation	NOUN
ajeer-921	121	9	is	be	AUX
ajeer-921	121	10	the	the	DET
ajeer-921	121	11	relatively	relatively	ADV
ajeer-921	121	12	high	high	ADJ
ajeer-921	121	13	net	net	ADJ
ajeer-921	121	14	interest	interest	NOUN
ajeer-921	121	15	margin	margin	NOUN
ajeer-921	121	16	,	,	PUNCT
ajeer-921	121	17	due	due	ADP
ajeer-921	121	18	to	to	ADP
ajeer-921	121	19	the	the	DET
ajeer-921	121	20	higher	high	ADJ
ajeer-921	121	21	difference	difference	NOUN
ajeer-921	121	22	between	between	ADP
ajeer-921	121	23	active	active	ADJ
ajeer-921	121	24	and	and	CCONJ
ajeer-921	121	25	passive	passive	ADJ
ajeer-921	121	26	interest	interest	NOUN
ajeer-921	121	27	rates	rate	NOUN
ajeer-921	121	28	(	(	PUNCT
ajeer-921	121	29	interest	interest	NOUN
ajeer-921	121	30	margin	margin	NOUN
ajeer-921	121	31	)	)	PUNCT
ajeer-921	121	32	.	.	PUNCT
ajeer-921	122	1	as	as	SCONJ
ajeer-921	122	2	it	it	PRON
ajeer-921	122	3	shows	show	VERB
ajeer-921	122	4	in	in	ADP
ajeer-921	122	5	figure	figure	NOUN
ajeer-921	122	6	3	3	NUM
ajeer-921	122	7	,	,	PUNCT
ajeer-921	122	8	contrary	contrary	ADV
ajeer-921	122	9	from	from	ADP
ajeer-921	122	10	the	the	DET
ajeer-921	122	11	macedonian	macedonian	ADJ
ajeer-921	122	12	banking	banking	NOUN
ajeer-921	122	13	system	system	NOUN
ajeer-921	122	14	,	,	PUNCT
ajeer-921	122	15	in	in	ADP
ajeer-921	122	16	croatia	croatia	PROPN
ajeer-921	122	17	and	and	CCONJ
ajeer-921	122	18	slovenia	slovenia	PROPN
ajeer-921	122	19	,	,	PUNCT
ajeer-921	122	20	especially	especially	ADV
ajeer-921	122	21	in	in	ADP
ajeer-921	122	22	germany	germany	PROPN
ajeer-921	122	23	,	,	PUNCT
ajeer-921	122	24	the	the	DET
ajeer-921	122	25	profitability	profitability	NOUN
ajeer-921	122	26	of	of	ADP
ajeer-921	122	27	the	the	DET
ajeer-921	122	28	banking	banking	NOUN
ajeer-921	122	29	sector	sector	NOUN
ajeer-921	122	30	is	be	AUX
ajeer-921	122	31	a	a	DET
ajeer-921	122	32	result	result	NOUN
ajeer-921	122	33	of	of	ADP
ajeer-921	122	34	the	the	DET
ajeer-921	122	35	high	high	ADJ
ajeer-921	122	36	volume	volume	NOUN
ajeer-921	122	37	of	of	ADP
ajeer-921	122	38	interest	interest	NOUN
ajeer-921	122	39	-	-	PUNCT
ajeer-921	122	40	bearing	bear	VERB
ajeer-921	122	41	assets	asset	NOUN
ajeer-921	122	42	(	(	PUNCT
ajeer-921	122	43	loans	loan	NOUN
ajeer-921	122	44	,	,	PUNCT
ajeer-921	122	45	securities	security	NOUN
ajeer-921	122	46	)	)	PUNCT
ajeer-921	122	47	,	,	PUNCT
ajeer-921	122	48	while	while	SCONJ
ajeer-921	122	49	the	the	DET
ajeer-921	122	50	difference	difference	NOUN
ajeer-921	122	51	between	between	ADP
ajeer-921	122	52	active	active	ADJ
ajeer-921	122	53	and	and	CCONJ
ajeer-921	122	54	passive	passive	ADJ
ajeer-921	122	55	interest	interest	NOUN
ajeer-921	122	56	rates	rate	NOUN
ajeer-921	122	57	are	be	AUX
ajeer-921	122	58	significantly	significantly	ADV
ajeer-921	122	59	lower	low	ADJ
ajeer-921	122	60	.	.	PUNCT
ajeer-921	123	1	this	this	PRON
ajeer-921	123	2	comes	come	VERB
ajeer-921	123	3	from	from	ADP
ajeer-921	123	4	the	the	DET
ajeer-921	123	5	greater	great	ADJ
ajeer-921	123	6	operating	operating	NOUN
ajeer-921	123	7	efficiency	efficiency	NOUN
ajeer-921	123	8	,	,	PUNCT
ajeer-921	123	9	but	but	CCONJ
ajeer-921	123	10	also	also	ADV
ajeer-921	123	11	from	from	ADP
ajeer-921	123	12	competitiveness	competitiveness	NOUN
ajeer-921	123	13	within	within	ADP
ajeer-921	123	14	the	the	DET
ajeer-921	123	15	banking	banking	NOUN
ajeer-921	123	16	systems	system	NOUN
ajeer-921	123	17	in	in	ADP
ajeer-921	123	18	those	those	DET
ajeer-921	123	19	countries	country	NOUN
ajeer-921	123	20	.	.	PUNCT
ajeer-921	124	1	in	in	ADP
ajeer-921	124	2	other	other	ADJ
ajeer-921	124	3	words	word	NOUN
ajeer-921	124	4	,	,	PUNCT
ajeer-921	124	5	high	high	ADJ
ajeer-921	124	6	-	-	PUNCT
ajeer-921	124	7	interest	interest	NOUN
ajeer-921	124	8	rates	rate	NOUN
ajeer-921	124	9	,	,	PUNCT
ajeer-921	124	10	when	when	SCONJ
ajeer-921	124	11	global	global	ADJ
ajeer-921	124	12	interest	interest	NOUN
ajeer-921	124	13	rates	rate	NOUN
ajeer-921	124	14	are	be	AUX
ajeer-921	124	15	at	at	ADP
ajeer-921	124	16	historically	historically	ADV
ajeer-921	124	17	lowest	low	ADJ
ajeer-921	124	18	levels	level	NOUN
ajeer-921	124	19	,	,	PUNCT
ajeer-921	124	20	indicates	indicate	VERB
ajeer-921	124	21	weaker	weak	ADJ
ajeer-921	124	22	efficiency	efficiency	NOUN
ajeer-921	124	23	and	and	CCONJ
ajeer-921	124	24	competitiveness	competitiveness	NOUN
ajeer-921	124	25	in	in	ADP
ajeer-921	124	26	the	the	DET
ajeer-921	124	27	macedonian	macedonian	ADJ
ajeer-921	124	28	banking	banking	NOUN
ajeer-921	124	29	system	system	NOUN
ajeer-921	124	30	,	,	PUNCT
ajeer-921	124	31	as	as	ADV
ajeer-921	124	32	well	well	ADV
ajeer-921	124	33	as	as	ADP
ajeer-921	124	34	the	the	DET
ajeer-921	124	35	non	non	NOUN
ajeer-921	124	36	-	-	NOUN
ajeer-921	124	37	elasticity	elasticity	NOUN
ajeer-921	124	38	of	of	ADP
ajeer-921	124	39	credit	credit	NOUN
ajeer-921	124	40	demand	demand	NOUN
ajeer-921	124	41	.	.	PUNCT
ajeer-921	125	1	figure-3	figure-3	NUM
ajeer-921	125	2	.	.	PUNCT
ajeer-921	125	3	net	net	ADJ
ajeer-921	125	4	interest	interest	NOUN
ajeer-921	125	5	margin	margin	NOUN
ajeer-921	125	6	and	and	CCONJ
ajeer-921	125	7	interest	interest	NOUN
ajeer-921	125	8	rate	rate	NOUN
ajeer-921	125	9	margin	margin	NOUN
ajeer-921	125	10	(	(	PUNCT
ajeer-921	125	11	in	in	ADP
ajeer-921	125	12	%	%	NOUN
ajeer-921	125	13	)	)	PUNCT
ajeer-921	125	14	.	.	PUNCT
ajeer-921	126	1	source	source	NOUN
ajeer-921	126	2	:	:	PUNCT
ajeer-921	126	3	nbrm	nbrm	NOUN
ajeer-921	126	4	,	,	PUNCT
ajeer-921	126	5	world	world	NOUN
ajeer-921	126	6	bank	bank	PROPN
ajeer-921	126	7	,	,	PUNCT
ajeer-921	126	8	central	central	ADJ
ajeer-921	126	9	banks	bank	NOUN
ajeer-921	126	10	of	of	ADP
ajeer-921	126	11	the	the	DET
ajeer-921	126	12	analyzed	analyze	VERB
ajeer-921	126	13	countries	country	NOUN
ajeer-921	126	14	.	.	PUNCT
ajeer-921	127	1	in	in	ADP
ajeer-921	127	2	the	the	DET
ajeer-921	127	3	last	last	ADJ
ajeer-921	127	4	few	few	ADJ
ajeer-921	127	5	years	year	NOUN
ajeer-921	127	6	,	,	PUNCT
ajeer-921	127	7	there	there	PRON
ajeer-921	127	8	has	have	AUX
ajeer-921	127	9	been	be	AUX
ajeer-921	127	10	a	a	DET
ajeer-921	127	11	tendency	tendency	NOUN
ajeer-921	127	12	of	of	ADP
ajeer-921	127	13	reorientation	reorientation	NOUN
ajeer-921	127	14	of	of	ADP
ajeer-921	127	15	macedonian	macedonian	ADJ
ajeer-921	127	16	banks	bank	NOUN
ajeer-921	127	17	towards	towards	ADP
ajeer-921	127	18	more	more	ADV
ajeer-921	127	19	substantial	substantial	ADJ
ajeer-921	127	20	lending	lending	NOUN
ajeer-921	127	21	to	to	ADP
ajeer-921	127	22	households	household	NOUN
ajeer-921	127	23	.	.	PUNCT
ajeer-921	128	1	therefore	therefore	ADV
ajeer-921	128	2	,	,	PUNCT
ajeer-921	128	3	net	net	ADJ
ajeer-921	128	4	interest	interest	NOUN
ajeer-921	128	5	income	income	NOUN
ajeer-921	128	6	from	from	ADP
ajeer-921	128	7	households	household	NOUN
ajeer-921	128	8	as	as	SCONJ
ajeer-921	128	9	registered	register	VERB
ajeer-921	128	10	a	a	DET
ajeer-921	128	11	significant	significant	ADJ
ajeer-921	128	12	increase	increase	NOUN
ajeer-921	128	13	and	and	CCONJ
ajeer-921	128	14	is	be	AUX
ajeer-921	128	15	promoted	promote	VERB
ajeer-921	128	16	as	as	ADP
ajeer-921	128	17	the	the	DET
ajeer-921	128	18	main	main	ADJ
ajeer-921	128	19	source	source	NOUN
ajeer-921	128	20	of	of	ADP
ajeer-921	128	21	profitability	profitability	NOUN
ajeer-921	128	22	of	of	ADP
ajeer-921	128	23	macedonian	macedonian	ADJ
ajeer-921	128	24	banks	bank	NOUN
ajeer-921	128	25	.	.	PUNCT
ajeer-921	129	1	this	this	PRON
ajeer-921	129	2	is	be	AUX
ajeer-921	129	3	due	due	ADJ
ajeer-921	129	4	to	to	ADP
ajeer-921	129	5	significantly	significantly	ADV
ajeer-921	129	6	reduced	reduce	VERB
ajeer-921	129	7	expenditures	expenditure	NOUN
ajeer-921	129	8	to	to	ADP
ajeer-921	129	9	households	household	NOUN
ajeer-921	129	10	(	(	PUNCT
ajeer-921	129	11	due	due	ADP
ajeer-921	129	12	to	to	ADP
ajeer-921	129	13	reduced	reduce	VERB
ajeer-921	129	14	passive	passive	ADJ
ajeer-921	129	15	interest	interest	NOUN
ajeer-921	129	16	rates	rate	NOUN
ajeer-921	129	17	)	)	PUNCT
ajeer-921	129	18	,	,	PUNCT
ajeer-921	129	19	with	with	ADP
ajeer-921	129	20	simultaneously	simultaneously	ADV
ajeer-921	129	21	increased	increase	VERB
ajeer-921	129	22	interest	interest	NOUN
ajeer-921	129	23	income	income	NOUN
ajeer-921	129	24	(	(	PUNCT
ajeer-921	129	25	due	due	ADP
ajeer-921	129	26	to	to	ADP
ajeer-921	129	27	increasing	increase	VERB
ajeer-921	129	28	lending	lending	NOUN
ajeer-921	129	29	and	and	CCONJ
ajeer-921	129	30	proportionally	proportionally	ADV
ajeer-921	129	31	lower	low	ADJ
ajeer-921	129	32	decline	decline	NOUN
ajeer-921	129	33	in	in	ADP
ajeer-921	129	34	the	the	DET
ajeer-921	129	35	active	active	ADJ
ajeer-921	129	36	interest	interest	NOUN
ajeer-921	129	37	rates	rate	NOUN
ajeer-921	129	38	)	)	PUNCT
ajeer-921	129	39	.	.	PUNCT
ajeer-921	130	1	4	4	X
ajeer-921	130	2	.	.	X
ajeer-921	130	3	data	datum	NOUN
ajeer-921	130	4	and	and	CCONJ
ajeer-921	130	5	methodology	methodology	NOUN
ajeer-921	130	6	in	in	ADP
ajeer-921	130	7	this	this	DET
ajeer-921	130	8	section	section	NOUN
ajeer-921	130	9	,	,	PUNCT
ajeer-921	130	10	an	an	DET
ajeer-921	130	11	empirical	empirical	ADJ
ajeer-921	130	12	study	study	NOUN
ajeer-921	130	13	is	be	AUX
ajeer-921	130	14	based	base	VERB
ajeer-921	130	15	on	on	ADP
ajeer-921	130	16	panel	panel	NOUN
ajeer-921	130	17	data	datum	NOUN
ajeer-921	130	18	set	set	VERB
ajeer-921	130	19	covering	cover	VERB
ajeer-921	130	20	14	14	NUM
ajeer-921	130	21	banks	bank	NOUN
ajeer-921	130	22	(	(	PUNCT
ajeer-921	130	23	out	out	ADP
ajeer-921	130	24	of	of	ADP
ajeer-921	130	25	15	15	NUM
ajeer-921	130	26	)	)	PUNCT
ajeer-921	130	27	operating	operate	VERB
ajeer-921	130	28	in	in	ADP
ajeer-921	130	29	republic	republic	NOUN
ajeer-921	130	30	of	of	ADP
ajeer-921	130	31	north	north	PROPN
ajeer-921	130	32	macedonia	macedonia	PROPN
ajeer-921	130	33	over	over	ADP
ajeer-921	130	34	the	the	DET
ajeer-921	130	35	period	period	NOUN
ajeer-921	130	36	from	from	ADP
ajeer-921	130	37	2007	2007	NUM
ajeer-921	130	38	to	to	ADP
ajeer-921	130	39	2017	2017	NUM
ajeer-921	130	40	.	.	PUNCT
ajeer-921	131	1	the	the	DET
ajeer-921	131	2	data	data	NOUN
ajeer-921	131	3	sources	source	NOUN
ajeer-921	131	4	are	be	AUX
ajeer-921	131	5	balance	balance	NOUN
ajeer-921	131	6	sheets	sheet	NOUN
ajeer-921	131	7	and	and	CCONJ
ajeer-921	131	8	income	income	NOUN
ajeer-921	131	9	statements	statement	NOUN
ajeer-921	131	10	from	from	ADP
ajeer-921	131	11	annual	annual	ADJ
ajeer-921	131	12	reports	report	NOUN
ajeer-921	131	13	,	,	PUNCT
ajeer-921	131	14	audit	audit	NOUN
ajeer-921	131	15	reports	report	NOUN
ajeer-921	131	16	and	and	CCONJ
ajeer-921	131	17	financial	financial	ADJ
ajeer-921	131	18	statements	statement	NOUN
ajeer-921	131	19	of	of	ADP
ajeer-921	131	20	macedonian	macedonian	ADJ
ajeer-921	131	21	banks	bank	NOUN
ajeer-921	131	22	published	publish	VERB
ajeer-921	131	23	on	on	ADP
ajeer-921	131	24	their	their	PRON
ajeer-921	131	25	official	official	ADJ
ajeer-921	131	26	websites	website	NOUN
ajeer-921	131	27	and	and	CCONJ
ajeer-921	131	28	the	the	DET
ajeer-921	131	29	central	central	ADJ
ajeer-921	131	30	bank	bank	NOUN
ajeer-921	131	31	database	database	NOUN
ajeer-921	131	32	.	.	PUNCT
ajeer-921	132	1	determinants	determinant	NOUN
ajeer-921	132	2	of	of	ADP
ajeer-921	132	3	a	a	DET
ajeer-921	132	4	bank	bank	NOUN
ajeer-921	132	5	's	's	PART
ajeer-921	132	6	liquidity	liquidity	NOUN
ajeer-921	132	7	are	be	AUX
ajeer-921	132	8	grouped	group	VERB
ajeer-921	132	9	into	into	ADP
ajeer-921	132	10	two	two	NUM
ajeer-921	132	11	groups	group	NOUN
ajeer-921	132	12	:	:	PUNCT
ajeer-921	132	13	internal	internal	ADJ
ajeer-921	132	14	factors	factor	NOUN
ajeer-921	132	15	and	and	CCONJ
ajeer-921	132	16	external	external	ADJ
ajeer-921	132	17	factors	factor	NOUN
ajeer-921	132	18	.	.	PUNCT
ajeer-921	133	1	bank	bank	NOUN
ajeer-921	133	2	specific	specific	ADJ
ajeer-921	133	3	variables	variable	NOUN
ajeer-921	133	4	are	be	AUX
ajeer-921	133	5	used	use	VERB
ajeer-921	133	6	as	as	ADP
ajeer-921	133	7	internal	internal	ADJ
ajeer-921	133	8	determinants	determinant	NOUN
ajeer-921	133	9	of	of	ADP
ajeer-921	133	10	liquidity	liquidity	NOUN
ajeer-921	133	11	and	and	CCONJ
ajeer-921	133	12	macroeconomic	macroeconomic	ADJ
ajeer-921	133	13	variables	variable	NOUN
ajeer-921	133	14	are	be	AUX
ajeer-921	133	15	used	use	VERB
ajeer-921	133	16	as	as	ADP
ajeer-921	133	17	external	external	ADJ
ajeer-921	133	18	determinants	determinant	NOUN
ajeer-921	133	19	of	of	ADP
ajeer-921	133	20	liquidity	liquidity	NOUN
ajeer-921	133	21	.	.	PUNCT
ajeer-921	134	1	in	in	ADP
ajeer-921	134	2	that	that	DET
ajeer-921	134	3	sense	sense	NOUN
ajeer-921	134	4	,	,	PUNCT
ajeer-921	134	5	five	five	NUM
ajeer-921	134	6	internal	internal	ADJ
ajeer-921	134	7	variables	variable	NOUN
ajeer-921	134	8	,	,	PUNCT
ajeer-921	134	9	asian	asian	ADJ
ajeer-921	134	10	journal	journal	NOUN
ajeer-921	134	11	of	of	ADP
ajeer-921	134	12	economics	economic	NOUN
ajeer-921	134	13	and	and	CCONJ
ajeer-921	134	14	empirical	empirical	ADJ
ajeer-921	134	15	research	research	NOUN
ajeer-921	134	16	,	,	PUNCT
ajeer-921	134	17	2019	2019	NUM
ajeer-921	134	18	,	,	PUNCT
ajeer-921	134	19	6(1	6(1	NUM
ajeer-921	134	20	):	):	PUNCT
ajeer-921	134	21	85	85	NUM
ajeer-921	134	22	-	-	SYM
ajeer-921	134	23	92	92	NUM
ajeer-921	134	24	89	89	NUM
ajeer-921	134	25	©	©	PROPN
ajeer-921	134	26	2019	2019	NUM
ajeer-921	134	27	by	by	ADP
ajeer-921	134	28	the	the	DET
ajeer-921	134	29	authors	author	NOUN
ajeer-921	134	30	;	;	PUNCT
ajeer-921	134	31	licensee	licensee	PROPN
ajeer-921	134	32	asian	asian	ADJ
ajeer-921	134	33	online	online	PROPN
ajeer-921	134	34	journal	journal	PROPN
ajeer-921	134	35	publishing	publishing	NOUN
ajeer-921	134	36	group	group	NOUN
ajeer-921	134	37	including	include	VERB
ajeer-921	134	38	the	the	DET
ajeer-921	134	39	lagged	lag	VERB
ajeer-921	134	40	value	value	NOUN
ajeer-921	134	41	of	of	ADP
ajeer-921	134	42	liquidity	liquidity	NOUN
ajeer-921	134	43	and	and	CCONJ
ajeer-921	134	44	two	two	NUM
ajeer-921	134	45	external	external	ADJ
ajeer-921	134	46	variables	variable	NOUN
ajeer-921	134	47	are	be	AUX
ajeer-921	134	48	used	use	VERB
ajeer-921	134	49	as	as	ADP
ajeer-921	134	50	independent	independent	ADJ
ajeer-921	134	51	variables	variable	NOUN
ajeer-921	134	52	.	.	PUNCT
ajeer-921	135	1	each	each	DET
ajeer-921	135	2	measurement	measurement	NOUN
ajeer-921	135	3	of	of	ADP
ajeer-921	135	4	internal	internal	ADJ
ajeer-921	135	5	and	and	CCONJ
ajeer-921	135	6	external	external	ADJ
ajeer-921	135	7	variables	variable	NOUN
ajeer-921	135	8	as	as	ADV
ajeer-921	135	9	well	well	ADV
ajeer-921	135	10	as	as	ADP
ajeer-921	135	11	the	the	DET
ajeer-921	135	12	expected	expect	VERB
ajeer-921	135	13	effect	effect	NOUN
ajeer-921	135	14	on	on	ADP
ajeer-921	135	15	liquidity	liquidity	NOUN
ajeer-921	135	16	is	be	AUX
ajeer-921	135	17	given	give	VERB
ajeer-921	135	18	in	in	ADP
ajeer-921	135	19	table	table	NOUN
ajeer-921	135	20	1	1	NUM
ajeer-921	135	21	.	.	PUNCT
ajeer-921	136	1	table-1	table-1	NUM
ajeer-921	136	2	.	.	PUNCT
ajeer-921	137	1	description	description	NOUN
ajeer-921	137	2	of	of	ADP
ajeer-921	137	3	variables	variable	NOUN
ajeer-921	137	4	.	.	PUNCT
ajeer-921	138	1	variables	variables	PROPN
ajeer-921	138	2	notation	notation	PROPN
ajeer-921	138	3	measurement	measurement	PROPN
ajeer-921	138	4	expected	expect	VERB
ajeer-921	138	5	impact	impact	NOUN
ajeer-921	138	6	dependent	dependent	ADJ
ajeer-921	138	7	variable	variable	NOUN
ajeer-921	138	8	:	:	PUNCT
ajeer-921	138	9	la	la	ADJ
ajeer-921	138	10	liquid	liquid	ADJ
ajeer-921	138	11	assets	asset	NOUN
ajeer-921	138	12	/	/	SYM
ajeer-921	138	13	total	total	ADJ
ajeer-921	138	14	assets	asset	NOUN
ajeer-921	138	15	/	/	SYM
ajeer-921	138	16	liquidity	liquidity	NOUN
ajeer-921	138	17	independent	independent	ADJ
ajeer-921	138	18	variables	variable	NOUN
ajeer-921	138	19	:	:	PUNCT
ajeer-921	138	20	la-1	la-1	X
ajeer-921	138	21	liquid	liquid	ADJ
ajeer-921	138	22	assets	asset	NOUN
ajeer-921	138	23	/	/	SYM
ajeer-921	138	24	total	total	ADJ
ajeer-921	138	25	assets(-1	assets(-1	ADJ
ajeer-921	138	26	)	)	PUNCT
ajeer-921	138	27	positive	positive	ADJ
ajeer-921	138	28	lagged	lag	VERB
ajeer-921	138	29	value	value	NOUN
ajeer-921	138	30	of	of	ADP
ajeer-921	138	31	liquidity	liquidity	NOUN
ajeer-921	138	32	profitability	profitability	NOUN
ajeer-921	138	33	roa	roa	PROPN
ajeer-921	138	34	net	net	ADJ
ajeer-921	138	35	income	income	NOUN
ajeer-921	138	36	/	/	SYM
ajeer-921	138	37	total	total	ADJ
ajeer-921	138	38	assets	asset	NOUN
ajeer-921	138	39	positive	positive	ADJ
ajeer-921	138	40	/	/	SYM
ajeer-921	138	41	negative	negative	ADJ
ajeer-921	138	42	equity	equity	NOUN
ajeer-921	138	43	cap	cap	PROPN
ajeer-921	138	44	equity	equity	PROPN
ajeer-921	138	45	/	/	SYM
ajeer-921	138	46	total	total	ADJ
ajeer-921	138	47	assets	asset	NOUN
ajeer-921	138	48	positive	positive	ADJ
ajeer-921	138	49	/	/	SYM
ajeer-921	138	50	negative	negative	ADJ
ajeer-921	138	51	log	log	NOUN
ajeer-921	138	52	total	total	ADJ
ajeer-921	138	53	assets	asset	NOUN
ajeer-921	138	54	_	_	PUNCT
ajeer-921	138	55	proxy	proxy	NOUN
ajeer-921	138	56	for	for	ADP
ajeer-921	138	57	size	size	NOUN
ajeer-921	138	58	of	of	ADP
ajeer-921	138	59	bank	bank	NOUN
ajeer-921	138	60	log	log	NOUN
ajeer-921	138	61	ta	ta	ADP
ajeer-921	138	62	natural	natural	ADJ
ajeer-921	138	63	logarithm	logarithm	NOUN
ajeer-921	138	64	of	of	ADP
ajeer-921	138	65	total	total	ADJ
ajeer-921	138	66	assets	asset	NOUN
ajeer-921	138	67	positive	positive	ADJ
ajeer-921	138	68	/	/	SYM
ajeer-921	138	69	negative	negative	ADJ
ajeer-921	138	70	non	non	ADJ
ajeer-921	138	71	-	-	ADJ
ajeer-921	138	72	performing	performing	ADJ
ajeer-921	138	73	loans	loan	NOUN
ajeer-921	138	74	npl	npl	X
ajeer-921	138	75	non	non	ADJ
ajeer-921	138	76	-	-	ADJ
ajeer-921	138	77	performing	performing	ADJ
ajeer-921	138	78	loans	loan	NOUN
ajeer-921	138	79	/	/	SYM
ajeer-921	138	80	total	total	ADJ
ajeer-921	138	81	assets	asset	NOUN
ajeer-921	138	82	positive	positive	ADJ
ajeer-921	138	83	growth	growth	NOUN
ajeer-921	138	84	of	of	ADP
ajeer-921	138	85	gross	gross	ADJ
ajeer-921	138	86	domestic	domestic	ADJ
ajeer-921	138	87	product	product	NOUN
ajeer-921	138	88	gdp_gr	gdp_gr	VERB
ajeer-921	138	89	annual	annual	ADJ
ajeer-921	138	90	growth	growth	NOUN
ajeer-921	138	91	rate	rate	NOUN
ajeer-921	138	92	of	of	ADP
ajeer-921	138	93	gdp	gdp	NOUN
ajeer-921	138	94	(	(	PUNCT
ajeer-921	138	95	%	%	INTJ
ajeer-921	138	96	)	)	PUNCT
ajeer-921	138	97	positive	positive	ADJ
ajeer-921	138	98	/	/	SYM
ajeer-921	138	99	negative	negative	ADJ
ajeer-921	138	100	central	central	ADJ
ajeer-921	138	101	bank	bank	NOUN
ajeer-921	138	102	bills	bill	NOUN
ajeer-921	138	103	interest	interest	NOUN
ajeer-921	138	104	rate	rate	NOUN
ajeer-921	138	105	cbb_ir	cbb_ir	PROPN
ajeer-921	138	106	central	central	PROPN
ajeer-921	138	107	bank	bank	PROPN
ajeer-921	138	108	bills	bill	NOUN
ajeer-921	138	109	interest	interest	NOUN
ajeer-921	138	110	rate	rate	NOUN
ajeer-921	138	111	(	(	PUNCT
ajeer-921	138	112	%	%	INTJ
ajeer-921	138	113	)	)	PUNCT
ajeer-921	138	114	positive	positive	ADJ
ajeer-921	138	115	source	source	NOUN
ajeer-921	138	116	:	:	PUNCT
ajeer-921	138	117	author	author	NOUN
ajeer-921	138	118	’s	’s	PART
ajeer-921	138	119	compilation	compilation	NOUN
ajeer-921	138	120	.	.	PUNCT
ajeer-921	139	1	the	the	DET
ajeer-921	139	2	studies	study	NOUN
ajeer-921	139	3	that	that	PRON
ajeer-921	139	4	assess	assess	VERB
ajeer-921	139	5	the	the	DET
ajeer-921	139	6	determinants	determinant	NOUN
ajeer-921	139	7	of	of	ADP
ajeer-921	139	8	the	the	DET
ajeer-921	139	9	liquidity	liquidity	NOUN
ajeer-921	139	10	of	of	ADP
ajeer-921	139	11	banks	bank	NOUN
ajeer-921	139	12	are	be	AUX
ajeer-921	139	13	presented	present	VERB
ajeer-921	139	14	by	by	ADP
ajeer-921	139	15	a	a	DET
ajeer-921	139	16	large	large	ADJ
ajeer-921	139	17	array	array	NOUN
ajeer-921	139	18	of	of	ADP
ajeer-921	139	19	methodologies	methodology	NOUN
ajeer-921	139	20	.	.	PUNCT
ajeer-921	140	1	economic	economic	ADJ
ajeer-921	140	2	relationships	relationship	NOUN
ajeer-921	140	3	which	which	PRON
ajeer-921	140	4	are	be	AUX
ajeer-921	140	5	included	include	VERB
ajeer-921	140	6	in	in	ADP
ajeer-921	140	7	this	this	DET
ajeer-921	140	8	paper	paper	NOUN
ajeer-921	140	9	are	be	AUX
ajeer-921	140	10	dynamic	dynamic	ADJ
ajeer-921	140	11	in	in	ADP
ajeer-921	140	12	their	their	PRON
ajeer-921	140	13	nature	nature	NOUN
ajeer-921	140	14	,	,	PUNCT
ajeer-921	140	15	and	and	CCONJ
ajeer-921	140	16	their	their	PRON
ajeer-921	140	17	current	current	ADJ
ajeer-921	140	18	behavior	behavior	NOUN
ajeer-921	140	19	depends	depend	VERB
ajeer-921	140	20	on	on	ADP
ajeer-921	140	21	their	their	PRON
ajeer-921	140	22	past	past	ADJ
ajeer-921	140	23	behavior	behavior	NOUN
ajeer-921	140	24	.	.	PUNCT
ajeer-921	141	1	therefore	therefore	ADV
ajeer-921	141	2	,	,	PUNCT
ajeer-921	141	3	a	a	DET
ajeer-921	141	4	dynamic	dynamic	ADJ
ajeer-921	141	5	panel	panel	NOUN
ajeer-921	141	6	model	model	NOUN
ajeer-921	141	7	was	be	AUX
ajeer-921	141	8	required	require	VERB
ajeer-921	141	9	.	.	PUNCT
ajeer-921	142	1	the	the	DET
ajeer-921	142	2	dynamic	dynamic	ADJ
ajeer-921	142	3	nature	nature	NOUN
ajeer-921	142	4	of	of	ADP
ajeer-921	142	5	the	the	DET
ajeer-921	142	6	model	model	NOUN
ajeer-921	142	7	disenables	disenable	NOUN
ajeer-921	142	8	using	use	VERB
ajeer-921	142	9	standard	standard	ADJ
ajeer-921	142	10	ordinary	ordinary	ADJ
ajeer-921	142	11	least	least	ADJ
ajeer-921	142	12	squares	square	NOUN
ajeer-921	142	13	(	(	PUNCT
ajeer-921	142	14	ols	ol	NOUN
ajeer-921	142	15	)	)	PUNCT
ajeer-921	142	16	estimators	estimator	NOUN
ajeer-921	142	17	,	,	PUNCT
ajeer-921	142	18	which	which	PRON
ajeer-921	142	19	might	might	AUX
ajeer-921	142	20	be	be	AUX
ajeer-921	142	21	biased	bias	VERB
ajeer-921	142	22	and	and	CCONJ
ajeer-921	142	23	inconsistent	inconsistent	ADJ
ajeer-921	142	24	due	due	ADP
ajeer-921	142	25	to	to	ADP
ajeer-921	142	26	the	the	DET
ajeer-921	142	27	correlation	correlation	NOUN
ajeer-921	142	28	between	between	ADP
ajeer-921	142	29	the	the	DET
ajeer-921	142	30	unobserved	unobserved	ADJ
ajeer-921	142	31	panel	panel	NOUN
ajeer-921	142	32	-	-	PUNCT
ajeer-921	142	33	level	level	NOUN
ajeer-921	142	34	effects	effect	NOUN
ajeer-921	142	35	and	and	CCONJ
ajeer-921	142	36	the	the	DET
ajeer-921	142	37	lagged	lag	VERB
ajeer-921	142	38	dependent	dependent	ADJ
ajeer-921	142	39	variable	variable	NOUN
ajeer-921	142	40	(	(	PUNCT
ajeer-921	142	41	hasanovic	hasanovic	ADJ
ajeer-921	142	42	and	and	CCONJ
ajeer-921	142	43	latic	latic	ADJ
ajeer-921	142	44	,	,	PUNCT
ajeer-921	142	45	2017	2017	NUM
ajeer-921	142	46	)	)	PUNCT
ajeer-921	142	47	.	.	PUNCT
ajeer-921	143	1	thus	thus	ADV
ajeer-921	143	2	,	,	PUNCT
ajeer-921	143	3	the	the	DET
ajeer-921	143	4	use	use	NOUN
ajeer-921	143	5	of	of	ADP
ajeer-921	143	6	panel	panel	NOUN
ajeer-921	143	7	data	datum	NOUN
ajeer-921	143	8	with	with	ADP
ajeer-921	143	9	fixed	fix	VERB
ajeer-921	143	10	or	or	CCONJ
ajeer-921	143	11	random	random	ADJ
ajeer-921	143	12	effects	effect	NOUN
ajeer-921	143	13	does	do	AUX
ajeer-921	143	14	not	not	PART
ajeer-921	143	15	solve	solve	VERB
ajeer-921	143	16	econometric	econometric	ADJ
ajeer-921	143	17	problems	problem	NOUN
ajeer-921	143	18	inherent	inherent	ADJ
ajeer-921	143	19	in	in	ADP
ajeer-921	143	20	dynamic	dynamic	ADJ
ajeer-921	143	21	models	model	NOUN
ajeer-921	143	22	.	.	PUNCT
ajeer-921	144	1	in	in	ADP
ajeer-921	144	2	order	order	NOUN
ajeer-921	144	3	to	to	PART
ajeer-921	144	4	overcome	overcome	VERB
ajeer-921	144	5	a	a	DET
ajeer-921	144	6	problem	problem	NOUN
ajeer-921	144	7	of	of	ADP
ajeer-921	144	8	endogenеity	endogenеity	NOUN
ajeer-921	144	9	that	that	PRON
ajeer-921	144	10	makes	make	VERB
ajeer-921	144	11	biased	biased	ADJ
ajeer-921	144	12	results	result	NOUN
ajeer-921	144	13	and	and	CCONJ
ajeer-921	144	14	unobserved	unobserved	ADJ
ajeer-921	144	15	heterogeneity	heterogeneity	NOUN
ajeer-921	144	16	between	between	ADP
ajeer-921	144	17	banks	bank	NOUN
ajeer-921	144	18	that	that	PRON
ajeer-921	144	19	can	can	AUX
ajeer-921	144	20	not	not	PART
ajeer-921	144	21	be	be	AUX
ajeer-921	144	22	accurately	accurately	ADV
ajeer-921	144	23	measured	measure	VERB
ajeer-921	144	24	,	,	PUNCT
ajeer-921	144	25	arellano	arellano	PROPN
ajeer-921	144	26	and	and	CCONJ
ajeer-921	144	27	bond	bond	NOUN
ajeer-921	144	28	(	(	PUNCT
ajeer-921	144	29	1991	1991	NUM
ajeer-921	144	30	)	)	PUNCT
ajeer-921	144	31	proposed	propose	VERB
ajeer-921	144	32	a	a	DET
ajeer-921	144	33	new	new	ADJ
ajeer-921	144	34	generalized	generalized	ADJ
ajeer-921	144	35	method	method	NOUN
ajeer-921	144	36	of	of	ADP
ajeer-921	144	37	moments	moment	NOUN
ajeer-921	144	38	(	(	PUNCT
ajeer-921	144	39	gmm	gmm	NOUN
ajeer-921	144	40	)	)	PUNCT
ajeer-921	144	41	estimator	estimator	NOUN
ajeer-921	144	42	for	for	ADP
ajeer-921	144	43	dynamic	dynamic	ADJ
ajeer-921	144	44	panel	panel	NOUN
ajeer-921	144	45	model	model	NOUN
ajeer-921	144	46	(	(	PUNCT
ajeer-921	144	47	difference	difference	NOUN
ajeer-921	144	48	gmm	gmm	PROPN
ajeer-921	144	49	)	)	PUNCT
ajeer-921	144	50	.	.	PUNCT
ajeer-921	145	1	their	their	PRON
ajeer-921	145	2	proposal	proposal	NOUN
ajeer-921	145	3	was	be	AUX
ajeer-921	145	4	to	to	PART
ajeer-921	145	5	include	include	VERB
ajeer-921	145	6	additional	additional	ADJ
ajeer-921	145	7	instruments	instrument	NOUN
ajeer-921	145	8	in	in	ADP
ajeer-921	145	9	the	the	DET
ajeer-921	145	10	dynamic	dynamic	ADJ
ajeer-921	145	11	panel	panel	NOUN
ajeer-921	145	12	model	model	NOUN
ajeer-921	145	13	and	and	CCONJ
ajeer-921	145	14	to	to	PART
ajeer-921	145	15	use	use	VERB
ajeer-921	145	16	the	the	DET
ajeer-921	145	17	different	different	ADJ
ajeer-921	145	18	transformation	transformation	NOUN
ajeer-921	145	19	.	.	PUNCT
ajeer-921	146	1	later	later	ADV
ajeer-921	146	2	,	,	PUNCT
ajeer-921	146	3	arellano	arellano	PROPN
ajeer-921	146	4	and	and	CCONJ
ajeer-921	146	5	bover	bover	ADP
ajeer-921	146	6	(	(	PUNCT
ajeer-921	146	7	1995	1995	NUM
ajeer-921	146	8	)	)	PUNCT
ajeer-921	146	9	and	and	CCONJ
ajeer-921	146	10	blundell	blundell	NOUN
ajeer-921	146	11	and	and	CCONJ
ajeer-921	146	12	bond	bond	NOUN
ajeer-921	146	13	(	(	PUNCT
ajeer-921	146	14	1998	1998	NUM
ajeer-921	146	15	)	)	PUNCT
ajeer-921	146	16	proposed	propose	VERB
ajeer-921	146	17	an	an	DET
ajeer-921	146	18	improvement	improvement	NOUN
ajeer-921	146	19	of	of	ADP
ajeer-921	146	20	the	the	DET
ajeer-921	146	21	arellano	arellano	PROPN
ajeer-921	146	22	and	and	CCONJ
ajeer-921	146	23	bond	bond	NOUN
ajeer-921	146	24	estimator	estimator	NOUN
ajeer-921	146	25	by	by	ADP
ajeer-921	146	26	imposing	impose	VERB
ajeer-921	146	27	additional	additional	ADJ
ajeer-921	146	28	restrictions	restriction	NOUN
ajeer-921	146	29	to	to	ADP
ajeer-921	146	30	the	the	DET
ajeer-921	146	31	initial	initial	ADJ
ajeer-921	146	32	conditions	condition	NOUN
ajeer-921	146	33	,	,	PUNCT
ajeer-921	146	34	which	which	PRON
ajeer-921	146	35	allow	allow	VERB
ajeer-921	146	36	the	the	DET
ajeer-921	146	37	introduction	introduction	NOUN
ajeer-921	146	38	of	of	ADP
ajeer-921	146	39	more	more	ADJ
ajeer-921	146	40	instruments	instrument	NOUN
ajeer-921	146	41	in	in	ADP
ajeer-921	146	42	order	order	NOUN
ajeer-921	146	43	to	to	PART
ajeer-921	146	44	improve	improve	VERB
ajeer-921	146	45	efficiency	efficiency	NOUN
ajeer-921	146	46	.	.	PUNCT
ajeer-921	147	1	it	it	PRON
ajeer-921	147	2	combines	combine	VERB
ajeer-921	147	3	the	the	DET
ajeer-921	147	4	first	first	ADJ
ajeer-921	147	5	difference	difference	NOUN
ajeer-921	147	6	in	in	ADP
ajeer-921	147	7	equations	equation	NOUN
ajeer-921	147	8	with	with	ADP
ajeer-921	147	9	equation	equation	NOUN
ajeer-921	147	10	at	at	ADP
ajeer-921	147	11	the	the	DET
ajeer-921	147	12	level	level	NOUN
ajeer-921	147	13	in	in	ADP
ajeer-921	147	14	which	which	PRON
ajeer-921	147	15	the	the	DET
ajeer-921	147	16	variables	variable	NOUN
ajeer-921	147	17	are	be	AUX
ajeer-921	147	18	instrumented	instrument	VERB
ajeer-921	147	19	by	by	ADP
ajeer-921	147	20	their	their	PRON
ajeer-921	147	21	first	first	ADJ
ajeer-921	147	22	differences	difference	NOUN
ajeer-921	147	23	.	.	PUNCT
ajeer-921	148	1	it	it	PRON
ajeer-921	148	2	builds	build	VERB
ajeer-921	148	3	a	a	DET
ajeer-921	148	4	system	system	NOUN
ajeer-921	148	5	of	of	ADP
ajeer-921	148	6	two	two	NUM
ajeer-921	148	7	equations	equation	NOUN
ajeer-921	148	8	(	(	PUNCT
ajeer-921	148	9	system	system	NOUN
ajeer-921	148	10	gmm	gmm	PROPN
ajeer-921	148	11	)	)	PUNCT
ajeer-921	148	12	,	,	PUNCT
ajeer-921	148	13	the	the	DET
ajeer-921	148	14	original	original	ADJ
ajeer-921	148	15	and	and	CCONJ
ajeer-921	148	16	transformed	transform	VERB
ajeer-921	148	17	one	one	NUM
ajeer-921	148	18	.	.	PUNCT
ajeer-921	149	1	according	accord	VERB
ajeer-921	149	2	to	to	ADP
ajeer-921	149	3	roodman	roodman	NOUN
ajeer-921	149	4	(	(	PUNCT
ajeer-921	149	5	2006	2006	NUM
ajeer-921	149	6	)	)	PUNCT
ajeer-921	149	7	difference	difference	NOUN
ajeer-921	149	8	and	and	CCONJ
ajeer-921	149	9	system	system	NOUN
ajeer-921	149	10	gmm	gmm	NOUN
ajeer-921	149	11	estimators	estimator	NOUN
ajeer-921	149	12	can	can	AUX
ajeer-921	149	13	be	be	AUX
ajeer-921	149	14	seen	see	VERB
ajeer-921	149	15	as	as	ADP
ajeer-921	149	16	a	a	DET
ajeer-921	149	17	part	part	NOUN
ajeer-921	149	18	of	of	ADP
ajeer-921	149	19	a	a	DET
ajeer-921	149	20	broader	broad	ADJ
ajeer-921	149	21	historical	historical	ADJ
ajeer-921	149	22	trend	trend	NOUN
ajeer-921	149	23	in	in	ADP
ajeer-921	149	24	econometric	econometric	ADJ
ajeer-921	149	25	practice	practice	NOUN
ajeer-921	149	26	toward	toward	ADP
ajeer-921	149	27	estimators	estimator	NOUN
ajeer-921	149	28	that	that	PRON
ajeer-921	149	29	make	make	VERB
ajeer-921	149	30	fewer	few	ADJ
ajeer-921	149	31	assumptions	assumption	NOUN
ajeer-921	149	32	about	about	ADP
ajeer-921	149	33	underlying	underlie	VERB
ajeer-921	149	34	data	datum	NOUN
ajeer-921	149	35	–	–	PUNCT
ajeer-921	149	36	generating	generating	NOUN
ajeer-921	149	37	process	process	NOUN
ajeer-921	149	38	and	and	CCONJ
ajeer-921	149	39	use	use	VERB
ajeer-921	149	40	more	more	ADJ
ajeer-921	149	41	complex	complex	ADJ
ajeer-921	149	42	techniques	technique	NOUN
ajeer-921	149	43	to	to	PART
ajeer-921	149	44	isolate	isolate	VERB
ajeer-921	149	45	useful	useful	ADJ
ajeer-921	149	46	information	information	NOUN
ajeer-921	149	47	.	.	PUNCT
ajeer-921	150	1	they	they	PRON
ajeer-921	150	2	are	be	AUX
ajeer-921	150	3	designed	design	VERB
ajeer-921	150	4	for	for	ADP
ajeer-921	150	5	panel	panel	NOUN
ajeer-921	150	6	analysis	analysis	NOUN
ajeer-921	150	7	,	,	PUNCT
ajeer-921	150	8	and	and	CCONJ
ajeer-921	150	9	embody	embody	VERB
ajeer-921	150	10	the	the	DET
ajeer-921	150	11	following	following	ADJ
ajeer-921	150	12	assumption	assumption	NOUN
ajeer-921	150	13	about	about	ADP
ajeer-921	150	14	the	the	DET
ajeer-921	150	15	data	data	NOUN
ajeer-921	150	16	–	–	PUNCT
ajeer-921	150	17	generating	generating	NOUN
ajeer-921	150	18	process	process	NOUN
ajeer-921	150	19	:	:	PUNCT
ajeer-921	150	20	1	1	X
ajeer-921	150	21	)	)	PUNCT
ajeer-921	150	22	“	"	PUNCT
ajeer-921	150	23	small	small	PROPN
ajeer-921	150	24	t	t	PROPN
ajeer-921	150	25	,	,	PUNCT
ajeer-921	150	26	large	large	ADJ
ajeer-921	150	27	n	n	CCONJ
ajeer-921	150	28	”	"	PUNCT
ajeer-921	150	29	panels	panel	NOUN
ajeer-921	150	30	,	,	PUNCT
ajeer-921	150	31	meaning	mean	VERB
ajeer-921	150	32	few	few	ADJ
ajeer-921	150	33	time	time	NOUN
ajeer-921	150	34	periods	period	NOUN
ajeer-921	150	35	and	and	CCONJ
ajeer-921	150	36	many	many	ADJ
ajeer-921	150	37	individuals	individual	NOUN
ajeer-921	150	38	;	;	PUNCT
ajeer-921	150	39	2	2	X
ajeer-921	150	40	)	)	PUNCT
ajeer-921	150	41	a	a	DET
ajeer-921	150	42	linear	linear	ADJ
ajeer-921	150	43	functional	functional	ADJ
ajeer-921	150	44	relationship	relationship	NOUN
ajeer-921	150	45	;	;	PUNCT
ajeer-921	150	46	3	3	X
ajeer-921	150	47	)	)	PUNCT
ajeer-921	150	48	a	a	DET
ajeer-921	150	49	single	single	ADJ
ajeer-921	150	50	left	left	ADJ
ajeer-921	150	51	-	-	PUNCT
ajeer-921	150	52	hand	hand	NOUN
ajeer-921	150	53	-	-	PUNCT
ajeer-921	150	54	side	side	NOUN
ajeer-921	150	55	variable	variable	NOUN
ajeer-921	150	56	that	that	PRON
ajeer-921	150	57	is	be	AUX
ajeer-921	150	58	dynamic	dynamic	ADJ
ajeer-921	150	59	,	,	PUNCT
ajeer-921	150	60	depending	depend	VERB
ajeer-921	150	61	on	on	ADP
ajeer-921	150	62	its	its	PRON
ajeer-921	150	63	own	own	ADJ
ajeer-921	150	64	past	past	ADJ
ajeer-921	150	65	realizations	realization	NOUN
ajeer-921	150	66	;	;	PUNCT
ajeer-921	150	67	4	4	X
ajeer-921	150	68	)	)	PUNCT
ajeer-921	150	69	independent	independent	ADJ
ajeer-921	150	70	variables	variable	NOUN
ajeer-921	150	71	that	that	PRON
ajeer-921	150	72	are	be	AUX
ajeer-921	150	73	not	not	PART
ajeer-921	150	74	strictly	strictly	ADV
ajeer-921	150	75	exogenous	exogenous	ADJ
ajeer-921	150	76	,	,	PUNCT
ajeer-921	150	77	meaning	mean	VERB
ajeer-921	150	78	correlated	correlate	VERB
ajeer-921	150	79	with	with	ADP
ajeer-921	150	80	past	past	NOUN
ajeer-921	150	81	and	and	CCONJ
ajeer-921	150	82	possibly	possibly	ADV
ajeer-921	150	83	current	current	ADJ
ajeer-921	150	84	realizations	realization	NOUN
ajeer-921	150	85	of	of	ADP
ajeer-921	150	86	the	the	DET
ajeer-921	150	87	error	error	NOUN
ajeer-921	150	88	;	;	PUNCT
ajeer-921	150	89	5	5	NUM
ajeer-921	150	90	)	)	PUNCT
ajeer-921	150	91	fixed	fix	VERB
ajeer-921	150	92	individual	individual	ADJ
ajeer-921	150	93	effects	effect	NOUN
ajeer-921	150	94	and	and	CCONJ
ajeer-921	150	95	6	6	NUM
ajeer-921	150	96	)	)	PUNCT
ajeer-921	150	97	heteroskedasticity	heteroskedasticity	NOUN
ajeer-921	150	98	and	and	CCONJ
ajeer-921	150	99	autocorrelation	autocorrelation	NOUN
ajeer-921	150	100	within	within	ADP
ajeer-921	150	101	individuals	individual	NOUN
ajeer-921	150	102	,	,	PUNCT
ajeer-921	150	103	but	but	CCONJ
ajeer-921	150	104	not	not	PART
ajeer-921	150	105	across	across	ADP
ajeer-921	150	106	them	they	PRON
ajeer-921	150	107	.	.	PUNCT
ajeer-921	151	1	according	accord	VERB
ajeer-921	151	2	to	to	ADP
ajeer-921	151	3	bond	bond	NOUN
ajeer-921	151	4	(	(	PUNCT
ajeer-921	151	5	2002	2002	NUM
ajeer-921	151	6	)	)	PUNCT
ajeer-921	151	7	the	the	DET
ajeer-921	151	8	unit	unit	NOUN
ajeer-921	151	9	root	root	NOUN
ajeer-921	151	10	property	property	NOUN
ajeer-921	151	11	makes	make	VERB
ajeer-921	151	12	the	the	DET
ajeer-921	151	13	difference	difference	NOUN
ajeer-921	151	14	gmm	gmm	PROPN
ajeer-921	151	15	estimator	estimator	NOUN
ajeer-921	151	16	biased	bias	VERB
ajeer-921	151	17	,	,	PUNCT
ajeer-921	151	18	while	while	SCONJ
ajeer-921	151	19	system	system	NOUN
ajeer-921	151	20	gmm	gmm	NOUN
ajeer-921	151	21	produces	produce	VERB
ajeer-921	151	22	more	more	ADV
ajeer-921	151	23	precise	precise	ADJ
ajeer-921	151	24	results	result	NOUN
ajeer-921	151	25	.	.	PUNCT
ajeer-921	152	1	this	this	DET
ajeer-921	152	2	study	study	NOUN
ajeer-921	152	3	uses	use	VERB
ajeer-921	152	4	system	system	NOUN
ajeer-921	152	5	gmm	gmm	PROPN
ajeer-921	152	6	.	.	PUNCT
ajeer-921	153	1	the	the	DET
ajeer-921	153	2	general	general	ADJ
ajeer-921	153	3	model	model	NOUN
ajeer-921	153	4	to	to	PART
ajeer-921	153	5	be	be	AUX
ajeer-921	153	6	estimated	estimate	VERB
ajeer-921	153	7	is	be	AUX
ajeer-921	153	8	of	of	ADP
ajeer-921	153	9	the	the	DET
ajeer-921	153	10	following	follow	VERB
ajeer-921	153	11	linear	linear	PROPN
ajeer-921	153	12	form	form	NOUN
ajeer-921	153	13	:	:	PUNCT
ajeer-921	153	14	is	be	AUX
ajeer-921	153	15	a	a	DET
ajeer-921	153	16	dependent	dependent	ADJ
ajeer-921	153	17	variable	variable	NOUN
ajeer-921	153	18	which	which	PRON
ajeer-921	153	19	is	be	AUX
ajeer-921	153	20	bank	bank	NOUN
ajeer-921	153	21	liquidity	liquidity	NOUN
ajeer-921	153	22	of	of	ADP
ajeer-921	153	23	bank	bank	PROPN
ajeer-921	153	24	𝑖	𝑖	PROPN
ajeer-921	153	25	at	at	ADP
ajeer-921	153	26	time	time	NOUN
ajeer-921	153	27	𝑡	𝑡	PROPN
ajeer-921	153	28	,	,	PUNCT
ajeer-921	153	29	with	with	ADP
ajeer-921	153	30	𝑖	𝑖	NOUN
ajeer-921	153	31	=	=	SYM
ajeer-921	153	32	1	1	NUM
ajeer-921	153	33	,	,	PUNCT
ajeer-921	153	34	…	…	PUNCT
ajeer-921	153	35	,	,	PUNCT
ajeer-921	153	36	𝑁,𝑡	𝑁,𝑡	ADP
ajeer-921	153	37	=	=	SYM
ajeer-921	153	38	1	1	NUM
ajeer-921	153	39	,	,	PUNCT
ajeer-921	153	40	…	…	PUNCT
ajeer-921	153	41	,	,	PUNCT
ajeer-921	153	42	𝑇.	𝑇.	PROPN
ajeer-921	153	43	,	,	PUNCT
ajeer-921	153	44	is	be	AUX
ajeer-921	153	45	a	a	DET
ajeer-921	153	46	constant	constant	ADJ
ajeer-921	153	47	,	,	PUNCT
ajeer-921	153	48	δi	δi	PROPN
ajeer-921	153	49	denotes	denote	NOUN
ajeer-921	153	50	fixed	fix	VERB
ajeer-921	153	51	effects	effect	NOUN
ajeer-921	153	52	in	in	ADP
ajeer-921	153	53	bank	bank	PROPN
ajeer-921	153	54	𝑖	𝑖	SYM
ajeer-921	153	55	,	,	PUNCT
ajeer-921	153	56	is	be	AUX
ajeer-921	153	57	lagged	lag	VERB
ajeer-921	153	58	value	value	NOUN
ajeer-921	153	59	of	of	ADP
ajeer-921	153	60	the	the	DET
ajeer-921	153	61	dependent	dependent	ADJ
ajeer-921	153	62	variable	variable	NOUN
ajeer-921	153	63	,	,	PUNCT
ajeer-921	153	64	is	be	AUX
ajeer-921	153	65	a	a	DET
ajeer-921	153	66	vector	vector	NOUN
ajeer-921	153	67	of	of	ADP
ajeer-921	153	68	internal	internal	ADJ
ajeer-921	153	69	explanatory	explanatory	ADJ
ajeer-921	153	70	variables	variable	NOUN
ajeer-921	153	71	for	for	ADP
ajeer-921	153	72	bank	bank	PROPN
ajeer-921	153	73	𝑖	𝑖	NOUN
ajeer-921	153	74	in	in	ADP
ajeer-921	153	75	the	the	DET
ajeer-921	153	76	time	time	NOUN
ajeer-921	153	77	𝑡	𝑡	PROPN
ajeer-921	153	78	,	,	PUNCT
ajeer-921	153	79	is	be	AUX
ajeer-921	153	80	a	a	DET
ajeer-921	153	81	vector	vector	NOUN
ajeer-921	153	82	of	of	ADP
ajeer-921	153	83	external	external	ADJ
ajeer-921	153	84	explanatory	explanatory	ADJ
ajeer-921	153	85	variables	variable	NOUN
ajeer-921	153	86	for	for	ADP
ajeer-921	153	87	bank	bank	PROPN
ajeer-921	153	88	𝑖	𝑖	NOUN
ajeer-921	153	89	in	in	ADP
ajeer-921	153	90	the	the	DET
ajeer-921	153	91	time	time	NOUN
ajeer-921	153	92	𝑡	𝑡	NOUN
ajeer-921	153	93	,	,	PUNCT
ajeer-921	153	94	are	be	AUX
ajeer-921	153	95	coefficient	coefficient	NOUN
ajeer-921	153	96	which	which	PRON
ajeer-921	153	97	represents	represent	VERB
ajeer-921	153	98	the	the	DET
ajeer-921	153	99	slope	slope	NOUN
ajeer-921	153	100	of	of	ADP
ajeer-921	153	101	variables	variable	NOUN
ajeer-921	153	102	,	,	PUNCT
ajeer-921	153	103	is	be	AUX
ajeer-921	153	104	the	the	DET
ajeer-921	153	105	error	error	NOUN
ajeer-921	153	106	term	term	NOUN
ajeer-921	153	107	which	which	PRON
ajeer-921	153	108	follows	follow	VERB
ajeer-921	153	109	n	n	PRON
ajeer-921	153	110	(	(	PUNCT
ajeer-921	153	111	0,1	0,1	NUM
ajeer-921	153	112	)	)	PUNCT
ajeer-921	153	113	,	,	PUNCT
ajeer-921	153	114	where	where	SCONJ
ajeer-921	153	115	is	be	AUX
ajeer-921	153	116	the	the	DET
ajeer-921	153	117	unobserved	unobserved	ADJ
ajeer-921	153	118	bank	bank	NOUN
ajeer-921	153	119	-	-	PUNCT
ajeer-921	153	120	specific	specific	ADJ
ajeer-921	153	121	time	time	NOUN
ajeer-921	153	122	-	-	PUNCT
ajeer-921	153	123	invariant	invariant	ADJ
ajeer-921	153	124	effect	effect	NOUN
ajeer-921	153	125	,	,	PUNCT
ajeer-921	153	126	while	while	SCONJ
ajeer-921	153	127	is	be	AUX
ajeer-921	153	128	a	a	DET
ajeer-921	153	129	disturbance	disturbance	NOUN
ajeer-921	153	130	term	term	NOUN
ajeer-921	153	131	which	which	PRON
ajeer-921	153	132	is	be	AUX
ajeer-921	153	133	independent	independent	ADJ
ajeer-921	153	134	across	across	ADP
ajeer-921	153	135	banks	bank	NOUN
ajeer-921	153	136	.	.	PUNCT
ajeer-921	154	1	to	to	PART
ajeer-921	154	2	test	test	VERB
ajeer-921	154	3	the	the	DET
ajeer-921	154	4	multicollinearity	multicollinearity	NOUN
ajeer-921	154	5	we	we	PRON
ajeer-921	154	6	estimate	estimate	VERB
ajeer-921	154	7	the	the	DET
ajeer-921	154	8	relationships	relationship	NOUN
ajeer-921	154	9	between	between	ADP
ajeer-921	154	10	the	the	DET
ajeer-921	154	11	independent	independent	ADJ
ajeer-921	154	12	variables	variable	NOUN
ajeer-921	154	13	used	use	VERB
ajeer-921	154	14	in	in	ADP
ajeer-921	154	15	the	the	DET
ajeer-921	154	16	model	model	NOUN
ajeer-921	154	17	.	.	PUNCT
ajeer-921	155	1	correlations	correlation	NOUN
ajeer-921	155	2	between	between	ADP
ajeer-921	155	3	the	the	DET
ajeer-921	155	4	potential	potential	ADJ
ajeer-921	155	5	determinants	determinant	NOUN
ajeer-921	155	6	of	of	ADP
ajeer-921	155	7	banks	bank	NOUN
ajeer-921	155	8	liquidity	liquidity	NOUN
ajeer-921	155	9	are	be	AUX
ajeer-921	155	10	shown	show	VERB
ajeer-921	155	11	in	in	ADP
ajeer-921	155	12	table	table	NOUN
ajeer-921	155	13	2	2	NUM
ajeer-921	155	14	.	.	PUNCT
ajeer-921	156	1	all	all	DET
ajeer-921	156	2	coefficients	coefficient	NOUN
ajeer-921	156	3	are	be	AUX
ajeer-921	156	4	inferior	inferior	ADJ
ajeer-921	156	5	to	to	ADP
ajeer-921	156	6	80	80	NUM
ajeer-921	156	7	%	%	NOUN
ajeer-921	156	8	,	,	PUNCT
ajeer-921	156	9	so	so	CCONJ
ajeer-921	156	10	there	there	PRON
ajeer-921	156	11	is	be	VERB
ajeer-921	156	12	no	no	DET
ajeer-921	156	13	problem	problem	NOUN
ajeer-921	156	14	of	of	ADP
ajeer-921	156	15	multicollinearity	multicollinearity	NOUN
ajeer-921	156	16	(	(	PUNCT
ajeer-921	156	17	kennedy	kennedy	PROPN
ajeer-921	156	18	,	,	PUNCT
ajeer-921	156	19	1985	1985	NUM
ajeer-921	156	20	)	)	PUNCT
ajeer-921	156	21	.	.	PUNCT
ajeer-921	157	1	table-2	table-2	X
ajeer-921	157	2	.	.	PUNCT
ajeer-921	157	3	test	test	NOUN
ajeer-921	157	4	of	of	ADP
ajeer-921	157	5	multicollinearity	multicollinearity	NOUN
ajeer-921	157	6	.	.	PUNCT
ajeer-921	158	1	roa	roa	PROPN
ajeer-921	158	2	cap	cap	PROPN
ajeer-921	158	3	log_ta	log_ta	PUNCT
ajeer-921	159	1	npl	npl	PROPN
ajeer-921	159	2	gdp_gr	gdp_gr	PUNCT
ajeer-921	159	3	cbb_ir	cbb_ir	PROPN
ajeer-921	159	4	roa	roa	PROPN
ajeer-921	159	5	1.0000	1.0000	NUM
ajeer-921	159	6	cap	cap	NOUN
ajeer-921	159	7	-0.4500	-0.4500	NOUN
ajeer-921	159	8	1.0000	1.0000	NUM
ajeer-921	159	9	log_ta	log_ta	X
ajeer-921	160	1	0.6127	0.6127	NUM
ajeer-921	160	2	-0.5968	-0.5968	NOUN
ajeer-921	160	3	1.0000	1.0000	NUM
ajeer-921	160	4	npl	npl	NOUN
ajeer-921	160	5	-0.5323	-0.5323	NOUN
ajeer-921	160	6	0.5723	0.5723	NUM
ajeer-921	160	7	-0.4685	-0.4685	NOUN
ajeer-921	160	8	1.0000	1.0000	NUM
ajeer-921	160	9	gdp_gr	gdp_gr	NOUN
ajeer-921	160	10	0.1459	0.1459	NUM
ajeer-921	160	11	0.1340	0.1340	NUM
ajeer-921	160	12	-0.0913	-0.0913	ADJ
ajeer-921	160	13	-0.0599	-0.0599	NOUN
ajeer-921	160	14	1.0000	1.0000	NUM
ajeer-921	160	15	cbb_ir	cbb_ir	PROPN
ajeer-921	160	16	-0.1714	-0.1714	NOUN
ajeer-921	160	17	0.3020	0.3020	NUM
ajeer-921	160	18	-0.1966	-0.1966	NOUN
ajeer-921	160	19	0.0896	0.0896	NUM
ajeer-921	160	20	-0.0408	-0.0408	NOUN
ajeer-921	160	21	1.0000	1.0000	NUM
ajeer-921	160	22	another	another	DET
ajeer-921	160	23	useful	useful	ADJ
ajeer-921	160	24	test	test	NOUN
ajeer-921	160	25	for	for	ADP
ajeer-921	160	26	detecting	detect	VERB
ajeer-921	160	27	multicollinearity	multicollinearity	NOUN
ajeer-921	160	28	is	be	AUX
ajeer-921	160	29	variance	variance	NOUN
ajeer-921	160	30	inflation	inflation	NOUN
ajeer-921	160	31	factors	factor	NOUN
ajeer-921	160	32	(	(	PUNCT
ajeer-921	160	33	vif	vif	NOUN
ajeer-921	160	34	)	)	PUNCT
ajeer-921	160	35	.	.	PUNCT
ajeer-921	161	1	if	if	SCONJ
ajeer-921	161	2	a	a	DET
ajeer-921	161	3	vif	vif	NOUN
ajeer-921	161	4	is	be	AUX
ajeer-921	161	5	greater	great	ADJ
ajeer-921	161	6	than	than	ADP
ajeer-921	161	7	10	10	NUM
ajeer-921	161	8	,	,	PUNCT
ajeer-921	161	9	there	there	PRON
ajeer-921	161	10	is	be	VERB
ajeer-921	161	11	a	a	DET
ajeer-921	161	12	high	high	ADJ
ajeer-921	161	13	multicollinearity	multicollinearity	NOUN
ajeer-921	161	14	and	and	CCONJ
ajeer-921	161	15	the	the	DET
ajeer-921	161	16	variation	variation	NOUN
ajeer-921	161	17	will	will	AUX
ajeer-921	161	18	seem	seem	VERB
ajeer-921	161	19	larger	large	ADJ
ajeer-921	161	20	and	and	CCONJ
ajeer-921	161	21	the	the	DET
ajeer-921	161	22	factor	factor	NOUN
ajeer-921	161	23	will	will	AUX
ajeer-921	161	24	appear	appear	VERB
ajeer-921	161	25	to	to	PART
ajeer-921	161	26	be	be	AUX
ajeer-921	161	27	more	more	ADV
ajeer-921	161	28	influential	influential	ADJ
ajeer-921	161	29	than	than	SCONJ
ajeer-921	161	30	it	it	PRON
ajeer-921	161	31	is	be	AUX
ajeer-921	161	32	.	.	PUNCT
ajeer-921	162	1	if	if	SCONJ
ajeer-921	162	2	vif	vif	NOUN
ajeer-921	162	3	is	be	AUX
ajeer-921	162	4	closer	close	ADJ
ajeer-921	162	5	to	to	ADP
ajeer-921	162	6	1	1	NUM
ajeer-921	162	7	,	,	PUNCT
ajeer-921	162	8	then	then	ADV
ajeer-921	162	9	the	the	DET
ajeer-921	162	10	model	model	NOUN
ajeer-921	162	11	is	be	AUX
ajeer-921	162	12	much	much	ADV
ajeer-921	162	13	stronger	strong	ADJ
ajeer-921	162	14	,	,	PUNCT
ajeer-921	162	15	as	as	SCONJ
ajeer-921	162	16	the	the	DET
ajeer-921	162	17	factors	factor	NOUN
ajeer-921	162	18	are	be	AUX
ajeer-921	162	19	not	not	PART
ajeer-921	162	20	impacted	impact	VERB
ajeer-921	162	21	by	by	ADP
ajeer-921	162	22	asian	asian	ADJ
ajeer-921	162	23	journal	journal	PROPN
ajeer-921	162	24	of	of	ADP
ajeer-921	162	25	economics	economic	NOUN
ajeer-921	162	26	and	and	CCONJ
ajeer-921	162	27	empirical	empirical	ADJ
ajeer-921	162	28	research	research	NOUN
ajeer-921	162	29	,	,	PUNCT
ajeer-921	162	30	2019	2019	NUM
ajeer-921	162	31	,	,	PUNCT
ajeer-921	162	32	6(1	6(1	NUM
ajeer-921	162	33	):	):	PUNCT
ajeer-921	162	34	85	85	NUM
ajeer-921	162	35	-	-	SYM
ajeer-921	162	36	92	92	NUM
ajeer-921	162	37	90	90	NUM
ajeer-921	162	38	©	©	PROPN
ajeer-921	162	39	2019	2019	NUM
ajeer-921	162	40	by	by	ADP
ajeer-921	162	41	the	the	DET
ajeer-921	162	42	authors	author	NOUN
ajeer-921	162	43	;	;	PUNCT
ajeer-921	162	44	licensee	licensee	PROPN
ajeer-921	162	45	asian	asian	ADJ
ajeer-921	162	46	online	online	PROPN
ajeer-921	162	47	journal	journal	PROPN
ajeer-921	162	48	publishing	publishing	NOUN
ajeer-921	162	49	group	group	NOUN
ajeer-921	162	50	correlation	correlation	NOUN
ajeer-921	162	51	with	with	ADP
ajeer-921	162	52	other	other	ADJ
ajeer-921	162	53	factors	factor	NOUN
ajeer-921	162	54	.	.	PUNCT
ajeer-921	163	1	table	table	NOUN
ajeer-921	163	2	3	3	NUM
ajeer-921	163	3	shows	show	VERB
ajeer-921	163	4	that	that	SCONJ
ajeer-921	163	5	vif	vif	NOUN
ajeer-921	163	6	for	for	ADP
ajeer-921	163	7	independent	independent	ADJ
ajeer-921	163	8	variables	variable	NOUN
ajeer-921	163	9	are	be	AUX
ajeer-921	163	10	very	very	ADV
ajeer-921	163	11	low	low	ADJ
ajeer-921	163	12	which	which	PRON
ajeer-921	163	13	indicates	indicate	VERB
ajeer-921	163	14	that	that	SCONJ
ajeer-921	163	15	the	the	DET
ajeer-921	163	16	model	model	NOUN
ajeer-921	163	17	is	be	AUX
ajeer-921	163	18	not	not	PART
ajeer-921	163	19	facing	face	VERB
ajeer-921	163	20	multicollenearity	multicollenearity	NOUN
ajeer-921	163	21	problem	problem	NOUN
ajeer-921	163	22	.	.	PUNCT
ajeer-921	164	1	table-3	table-3	NUM
ajeer-921	164	2	.	.	PUNCT
ajeer-921	164	3	variance	variance	NOUN
ajeer-921	164	4	inflation	inflation	NOUN
ajeer-921	164	5	factors	factor	NOUN
ajeer-921	164	6	(	(	PUNCT
ajeer-921	164	7	vif	vif	NOUN
ajeer-921	164	8	)	)	PUNCT
ajeer-921	164	9	.	.	PUNCT
ajeer-921	165	1	variable	variable	ADJ
ajeer-921	165	2	vif	vif	NOUN
ajeer-921	165	3	1	1	NUM
ajeer-921	165	4	/	/	SYM
ajeer-921	165	5	vif	vif	NOUN
ajeer-921	165	6	cap	cap	VERB
ajeer-921	165	7	2.08	2.08	NUM
ajeer-921	165	8	0.480959	0.480959	NUM
ajeer-921	165	9	log_ta	log_ta	NUM
ajeer-921	166	1	2.07	2.07	NUM
ajeer-921	166	2	0.483898	0.483898	NUM
ajeer-921	166	3	roa	roa	NOUN
ajeer-921	166	4	1.94	1.94	NUM
ajeer-921	166	5	0.516299	0.516299	NUM
ajeer-921	166	6	npl	npl	PROPN
ajeer-921	166	7	1.78	1.78	NUM
ajeer-921	166	8	0.561386	0.561386	NUM
ajeer-921	166	9	cbb_ir	cbb_ir	PROPN
ajeer-921	166	10	1.13	1.13	NUM
ajeer-921	166	11	0.883675	0.883675	NUM
ajeer-921	166	12	gdp_gr	gdp_gr	NOUN
ajeer-921	166	13	1.12	1.12	NUM
ajeer-921	166	14	0.892791	0.892791	NUM
ajeer-921	166	15	5	5	NUM
ajeer-921	166	16	.	.	PUNCT
ajeer-921	166	17	research	research	NOUN
ajeer-921	166	18	results	result	VERB
ajeer-921	166	19	the	the	DET
ajeer-921	166	20	results	result	NOUN
ajeer-921	166	21	of	of	ADP
ajeer-921	166	22	testing	test	VERB
ajeer-921	166	23	the	the	DET
ajeer-921	166	24	effect	effect	NOUN
ajeer-921	166	25	of	of	ADP
ajeer-921	166	26	various	various	ADJ
ajeer-921	166	27	determinants	determinant	NOUN
ajeer-921	166	28	of	of	ADP
ajeer-921	166	29	liquidity	liquidity	NOUN
ajeer-921	166	30	with	with	ADP
ajeer-921	166	31	the	the	DET
ajeer-921	166	32	system	system	NOUN
ajeer-921	166	33	gmm	gmm	NOUN
ajeer-921	166	34	are	be	AUX
ajeer-921	166	35	shown	show	VERB
ajeer-921	166	36	in	in	ADP
ajeer-921	166	37	table	table	NOUN
ajeer-921	166	38	4	4	NUM
ajeer-921	166	39	.	.	PUNCT
ajeer-921	167	1	based	base	VERB
ajeer-921	167	2	on	on	ADP
ajeer-921	167	3	the	the	DET
ajeer-921	167	4	results	result	NOUN
ajeer-921	167	5	of	of	ADP
ajeer-921	167	6	the	the	DET
ajeer-921	167	7	test	test	NOUN
ajeer-921	167	8	it	it	PRON
ajeer-921	167	9	can	can	AUX
ajeer-921	167	10	be	be	AUX
ajeer-921	167	11	seen	see	VERB
ajeer-921	167	12	that	that	SCONJ
ajeer-921	167	13	the	the	DET
ajeer-921	167	14	system	system	NOUN
ajeer-921	167	15	gmm	gmm	X
ajeer-921	167	16	with	with	ADP
ajeer-921	167	17	lag	lag	NOUN
ajeer-921	167	18	(	(	PUNCT
ajeer-921	167	19	3	3	NUM
ajeer-921	167	20	,	,	PUNCT
ajeer-921	167	21	3	3	NUM
ajeer-921	167	22	)	)	PUNCT
ajeer-921	167	23	gives	give	VERB
ajeer-921	167	24	good	good	ADJ
ajeer-921	167	25	results	result	NOUN
ajeer-921	167	26	.	.	PUNCT
ajeer-921	168	1	hansen	hansen	PROPN
ajeer-921	168	2	test	test	PROPN
ajeer-921	168	3	shows	show	VERB
ajeer-921	168	4	that	that	SCONJ
ajeer-921	168	5	the	the	DET
ajeer-921	168	6	model	model	NOUN
ajeer-921	168	7	has	have	AUX
ajeer-921	168	8	been	be	AUX
ajeer-921	168	9	feasible	feasible	ADJ
ajeer-921	168	10	,	,	PUNCT
ajeer-921	168	11	p	p	X
ajeer-921	168	12	(	(	PUNCT
ajeer-921	168	13	=	=	SYM
ajeer-921	168	14	0,427	0,427	NUM
ajeer-921	168	15	,	,	PUNCT
ajeer-921	168	16	so	so	SCONJ
ajeer-921	168	17	we	we	PRON
ajeer-921	168	18	can	can	AUX
ajeer-921	168	19	not	not	PART
ajeer-921	168	20	reject	reject	VERB
ajeer-921	168	21	null	null	ADJ
ajeer-921	168	22	hypothesis	hypothesis	NOUN
ajeer-921	168	23	that	that	PRON
ajeer-921	168	24	all	all	DET
ajeer-921	168	25	the	the	DET
ajeer-921	168	26	restrictions	restriction	NOUN
ajeer-921	168	27	of	of	ADP
ajeer-921	168	28	over	over	ADP
ajeer-921	168	29	-	-	PUNCT
ajeer-921	168	30	identification	identification	NOUN
ajeer-921	168	31	are	be	AUX
ajeer-921	168	32	valid	valid	ADJ
ajeer-921	168	33	.	.	PUNCT
ajeer-921	169	1	also	also	ADV
ajeer-921	169	2	,	,	PUNCT
ajeer-921	169	3	arellano	arellano	PROPN
ajeer-921	169	4	-	-	PUNCT
ajeer-921	169	5	bond	bond	NOUN
ajeer-921	169	6	test	test	NOUN
ajeer-921	169	7	for	for	ADP
ajeer-921	169	8	autocorrelation	autocorrelation	NOUN
ajeer-921	169	9	in	in	ADP
ajeer-921	169	10	first	first	ADJ
ajeer-921	169	11	differences	difference	NOUN
ajeer-921	169	12	is	be	AUX
ajeer-921	169	13	greater	great	ADJ
ajeer-921	169	14	than	than	ADP
ajeer-921	169	15	5	5	NUM
ajeer-921	169	16	%	%	NOUN
ajeer-921	169	17	(	(	PUNCT
ajeer-921	169	18	ar	ar	NOUN
ajeer-921	169	19	(	(	PUNCT
ajeer-921	169	20	2	2	NUM
ajeer-921	169	21	)	)	PUNCT
ajeer-921	169	22	=	=	NOUN
ajeer-921	169	23	0.092	0.092	NUM
ajeer-921	169	24	)	)	PUNCT
ajeer-921	169	25	,	,	PUNCT
ajeer-921	169	26	which	which	PRON
ajeer-921	169	27	indicates	indicate	VERB
ajeer-921	169	28	that	that	SCONJ
ajeer-921	169	29	the	the	DET
ajeer-921	169	30	errors	error	NOUN
ajeer-921	169	31	term	term	NOUN
ajeer-921	169	32	are	be	AUX
ajeer-921	169	33	not	not	PART
ajeer-921	169	34	serially	serially	ADV
ajeer-921	169	35	correlated	correlate	VERB
ajeer-921	169	36	.	.	PUNCT
ajeer-921	170	1	table-4	table-4	X
ajeer-921	170	2	.	.	PUNCT
ajeer-921	170	3	panel	panel	NOUN
ajeer-921	170	4	-	-	PUNCT
ajeer-921	170	5	data	datum	NOUN
ajeer-921	170	6	estimation	estimation	NOUN
ajeer-921	170	7	,	,	PUNCT
ajeer-921	170	8	results	result	NOUN
ajeer-921	170	9	.	.	PUNCT
ajeer-921	171	1	explanatory	explanatory	ADJ
ajeer-921	171	2	variables	variable	NOUN
ajeer-921	171	3	system	system	NOUN
ajeer-921	171	4	gmm	gmm	NOUN
ajeer-921	171	5	,	,	PUNCT
ajeer-921	171	6	lag(3,3	lag(3,3	PROPN
ajeer-921	171	7	)	)	PUNCT
ajeer-921	171	8	cons	con	NOUN
ajeer-921	171	9	0.14213404	0.14213404	NUM
ajeer-921	171	10	*	*	NOUN
ajeer-921	171	11	*	*	PUNCT
ajeer-921	171	12	(	(	PUNCT
ajeer-921	171	13	0.000	0.000	NUM
ajeer-921	171	14	)	)	PUNCT
ajeer-921	171	15	la-1	la-1	NOUN
ajeer-921	172	1	0.55420281	0.55420281	NUM
ajeer-921	172	2	*	*	PUNCT
ajeer-921	172	3	*	*	PUNCT
ajeer-921	172	4	*	*	PUNCT
ajeer-921	172	5	(	(	PUNCT
ajeer-921	172	6	0.100	0.100	NUM
ajeer-921	172	7	)	)	PUNCT
ajeer-921	172	8	roa	roa	NOUN
ajeer-921	173	1	0.38348227	0.38348227	NUM
ajeer-921	173	2	*	*	SYM
ajeer-921	173	3	(	(	PUNCT
ajeer-921	173	4	0.700	0.700	NUM
ajeer-921	173	5	)	)	PUNCT
ajeer-921	173	6	cap	cap	NOUN
ajeer-921	173	7	0.0175876	0.0175876	NUM
ajeer-921	173	8	(	(	PUNCT
ajeer-921	173	9	0.040	0.040	NUM
ajeer-921	173	10	)	)	PUNCT
ajeer-921	173	11	log_ta	log_ta	PUNCT
ajeer-921	174	1	-0.00652671	-0.00652671	PROPN
ajeer-921	174	2	*	*	PUNCT
ajeer-921	175	1	*	*	PUNCT
ajeer-921	175	2	(	(	PUNCT
ajeer-921	175	3	0.079	0.079	NUM
ajeer-921	175	4	)	)	PUNCT
ajeer-921	175	5	npl	npl	PROPN
ajeer-921	175	6	0.25927951	0.25927951	PROPN
ajeer-921	175	7	*	*	PUNCT
ajeer-921	175	8	(	(	PUNCT
ajeer-921	175	9	0.183	0.183	NUM
ajeer-921	175	10	)	)	PUNCT
ajeer-921	175	11	gdp_gr	gdp_gr	VERB
ajeer-921	176	1	0.00227096	0.00227096	NUM
ajeer-921	176	2	(	(	PUNCT
ajeer-921	176	3	0.021	0.021	NUM
ajeer-921	176	4	)	)	PUNCT
ajeer-921	176	5	cbb_ir	cbb_ir	NOUN
ajeer-921	176	6	0.00334537	0.00334537	NUM
ajeer-921	176	7	*	*	PUNCT
ajeer-921	176	8	*	*	PUNCT
ajeer-921	176	9	(	(	PUNCT
ajeer-921	176	10	0.020	0.020	NUM
ajeer-921	176	11	)	)	PUNCT
ajeer-921	176	12	number	number	NOUN
ajeer-921	176	13	of	of	ADP
ajeer-921	176	14	observation	observation	NOUN
ajeer-921	176	15	140	140	NUM
ajeer-921	176	16	number	number	NOUN
ajeer-921	176	17	of	of	ADP
ajeer-921	176	18	instruments	instrument	NOUN
ajeer-921	176	19	21	21	NUM
ajeer-921	176	20	arellano	arellano	NOUN
ajeer-921	176	21	-	-	PUNCT
ajeer-921	176	22	bond	bond	NOUN
ajeer-921	176	23	test	test	NOUN
ajeer-921	176	24	for	for	ADP
ajeer-921	176	25	ar(1	ar(1	PROPN
ajeer-921	176	26	)	)	PUNCT
ajeer-921	176	27	in	in	ADP
ajeer-921	176	28	first	first	ADJ
ajeer-921	176	29	differences	difference	NOUN
ajeer-921	176	30	:	:	PUNCT
ajeer-921	176	31	z	z	NOUN
ajeer-921	176	32	=	=	PUNCT
ajeer-921	176	33	-2.49	-2.49	NOUN
ajeer-921	176	34	pr	pr	VERB
ajeer-921	176	35	>	>	PUNCT
ajeer-921	176	36	z	z	PUNCT
ajeer-921	177	1	=	=	PUNCT
ajeer-921	178	1	0.013	0.013	NUM
ajeer-921	178	2	arellano	arellano	PROPN
ajeer-921	178	3	-	-	PUNCT
ajeer-921	178	4	bond	bond	NOUN
ajeer-921	178	5	test	test	NOUN
ajeer-921	178	6	for	for	ADP
ajeer-921	178	7	ar(2	ar(2	NOUN
ajeer-921	178	8	)	)	PUNCT
ajeer-921	178	9	in	in	ADP
ajeer-921	178	10	first	first	ADJ
ajeer-921	178	11	differences	difference	NOUN
ajeer-921	178	12	:	:	PUNCT
ajeer-921	178	13	z	z	NOUN
ajeer-921	178	14	=	=	SYM
ajeer-921	178	15	-1.68	-1.68	NOUN
ajeer-921	178	16	pr	pr	X
ajeer-921	178	17	>	>	PUNCT
ajeer-921	178	18	z	z	PUNCT
ajeer-921	178	19	=	=	SYM
ajeer-921	178	20	0.092	0.092	NUM
ajeer-921	178	21	hansen	hansen	PROPN
ajeer-921	178	22	test	test	NOUN
ajeer-921	178	23	of	of	ADP
ajeer-921	178	24	overid	overid	NOUN
ajeer-921	178	25	.	.	PUNCT
ajeer-921	179	1	restrictions	restriction	NOUN
ajeer-921	179	2	.	.	PUNCT
ajeer-921	180	1	chi2(13	chi2(13	ADJ
ajeer-921	180	2	)	)	PUNCT
ajeer-921	180	3	=	=	SYM
ajeer-921	180	4	13.27	13.27	NUM
ajeer-921	180	5	prob	prob	NOUN
ajeer-921	180	6	>	>	X
ajeer-921	180	7	chi2	chi2	PROPN
ajeer-921	180	8	=	=	NOUN
ajeer-921	181	1	0.427	0.427	NUM
ajeer-921	181	2	*	*	PUNCT
ajeer-921	181	3	*	*	PUNCT
ajeer-921	181	4	*	*	ADJ
ajeer-921	181	5	statistically	statistically	ADV
ajeer-921	181	6	significant	significant	ADJ
ajeer-921	181	7	at	at	ADP
ajeer-921	181	8	1	1	NUM
ajeer-921	181	9	%	%	NOUN
ajeer-921	181	10	level	level	NOUN
ajeer-921	181	11	.	.	PUNCT
ajeer-921	182	1	*	*	PUNCT
ajeer-921	182	2	*	*	PUNCT
ajeer-921	182	3	statistically	statistically	ADV
ajeer-921	182	4	significant	significant	ADJ
ajeer-921	182	5	at	at	ADP
ajeer-921	182	6	5	5	NUM
ajeer-921	182	7	%	%	NOUN
ajeer-921	182	8	level	level	NOUN
ajeer-921	182	9	.	.	PUNCT
ajeer-921	183	1	*	*	PUNCT
ajeer-921	183	2	statistically	statistically	ADV
ajeer-921	183	3	significant	significant	ADJ
ajeer-921	183	4	at	at	ADP
ajeer-921	183	5	10	10	NUM
ajeer-921	183	6	%	%	NOUN
ajeer-921	183	7	level	level	NOUN
ajeer-921	183	8	.	.	PUNCT
ajeer-921	184	1	based	base	VERB
ajeer-921	184	2	on	on	ADP
ajeer-921	184	3	the	the	DET
ajeer-921	184	4	analysis	analysis	NOUN
ajeer-921	184	5	results	result	NOUN
ajeer-921	184	6	,	,	PUNCT
ajeer-921	184	7	explanatory	explanatory	ADJ
ajeer-921	184	8	power	power	NOUN
ajeer-921	184	9	of	of	ADP
ajeer-921	184	10	the	the	DET
ajeer-921	184	11	model	model	NOUN
ajeer-921	184	12	is	be	AUX
ajeer-921	184	13	very	very	ADV
ajeer-921	184	14	high	high	ADJ
ajeer-921	184	15	.	.	PUNCT
ajeer-921	185	1	the	the	DET
ajeer-921	185	2	results	result	NOUN
ajeer-921	185	3	of	of	ADP
ajeer-921	185	4	the	the	DET
ajeer-921	185	5	analysis	analysis	NOUN
ajeer-921	185	6	show	show	VERB
ajeer-921	185	7	that	that	SCONJ
ajeer-921	185	8	only	only	ADV
ajeer-921	185	9	capital	capital	NOUN
ajeer-921	185	10	adequacy	adequacy	NOUN
ajeer-921	185	11	(	(	PUNCT
ajeer-921	185	12	cap	cap	NOUN
ajeer-921	185	13	)	)	PUNCT
ajeer-921	185	14	and	and	CCONJ
ajeer-921	185	15	gdp	gdp	NOUN
ajeer-921	185	16	growth	growth	NOUN
ajeer-921	185	17	rate	rate	NOUN
ajeer-921	185	18	(	(	PUNCT
ajeer-921	185	19	gdp_gr	gdp_gr	NOUN
ajeer-921	185	20	)	)	PUNCT
ajeer-921	185	21	are	be	AUX
ajeer-921	185	22	not	not	PART
ajeer-921	185	23	statistically	statistically	ADV
ajeer-921	185	24	significant	significant	ADJ
ajeer-921	185	25	at	at	ADP
ajeer-921	185	26	level	level	NOUN
ajeer-921	185	27	of	of	ADP
ajeer-921	185	28	1	1	NUM
ajeer-921	185	29	%	%	NOUN
ajeer-921	185	30	,	,	PUNCT
ajeer-921	185	31	5	5	NUM
ajeer-921	185	32	%	%	NOUN
ajeer-921	185	33	and	and	CCONJ
ajeer-921	185	34	10	10	NUM
ajeer-921	185	35	%	%	NOUN
ajeer-921	185	36	.	.	PUNCT
ajeer-921	186	1	it	it	PRON
ajeer-921	186	2	means	mean	VERB
ajeer-921	186	3	that	that	SCONJ
ajeer-921	186	4	macedonian	macedonian	ADJ
ajeer-921	186	5	banking	banking	NOUN
ajeer-921	186	6	sector	sector	NOUN
ajeer-921	186	7	display	display	VERB
ajeer-921	186	8	small	small	ADJ
ajeer-921	186	9	sensitivity	sensitivity	NOUN
ajeer-921	186	10	to	to	ADP
ajeer-921	186	11	economic	economic	ADJ
ajeer-921	186	12	circle	circle	NOUN
ajeer-921	186	13	,	,	PUNCT
ajeer-921	186	14	indicating	indicate	VERB
ajeer-921	186	15	that	that	SCONJ
ajeer-921	186	16	macedonian	macedonian	ADJ
ajeer-921	186	17	banks	bank	NOUN
ajeer-921	186	18	are	be	AUX
ajeer-921	186	19	not	not	PART
ajeer-921	186	20	affected	affect	VERB
ajeer-921	186	21	by	by	ADP
ajeer-921	186	22	the	the	DET
ajeer-921	186	23	risk	risk	NOUN
ajeer-921	186	24	of	of	ADP
ajeer-921	186	25	insolvency	insolvency	NOUN
ajeer-921	186	26	which	which	PRON
ajeer-921	186	27	arose	arise	VERB
ajeer-921	186	28	from	from	ADP
ajeer-921	186	29	economic	economic	ADJ
ajeer-921	186	30	downturns	downturn	NOUN
ajeer-921	186	31	.	.	PUNCT
ajeer-921	187	1	this	this	PRON
ajeer-921	187	2	could	could	AUX
ajeer-921	187	3	be	be	AUX
ajeer-921	187	4	due	due	ADJ
ajeer-921	187	5	to	to	ADP
ajeer-921	187	6	the	the	DET
ajeer-921	187	7	relatively	relatively	ADV
ajeer-921	187	8	high	high	ADJ
ajeer-921	187	9	regulations	regulation	NOUN
ajeer-921	187	10	as	as	ADV
ajeer-921	187	11	well	well	ADV
ajeer-921	187	12	as	as	ADP
ajeer-921	187	13	the	the	DET
ajeer-921	187	14	conservative	conservative	ADJ
ajeer-921	187	15	nature	nature	NOUN
ajeer-921	187	16	of	of	ADP
ajeer-921	187	17	macedonian	macedonian	ADJ
ajeer-921	187	18	banks	bank	NOUN
ajeer-921	187	19	behavior	behavior	NOUN
ajeer-921	187	20	.	.	PUNCT
ajeer-921	188	1	the	the	DET
ajeer-921	188	2	positive	positive	ADJ
ajeer-921	188	3	sign	sign	NOUN
ajeer-921	188	4	of	of	ADP
ajeer-921	188	5	cap	cap	NOUN
ajeer-921	188	6	is	be	AUX
ajeer-921	188	7	consistent	consistent	ADJ
ajeer-921	188	8	with	with	ADP
ajeer-921	188	9	the	the	DET
ajeer-921	188	10	assumption	assumption	NOUN
ajeer-921	188	11	that	that	SCONJ
ajeer-921	188	12	a	a	DET
ajeer-921	188	13	bank	bank	NOUN
ajeer-921	188	14	with	with	ADP
ajeer-921	188	15	sufficient	sufficient	ADJ
ajeer-921	188	16	capital	capital	NOUN
ajeer-921	188	17	adequacy	adequacy	NOUN
ajeer-921	188	18	should	should	AUX
ajeer-921	188	19	be	be	AUX
ajeer-921	188	20	liquid	liquid	ADJ
ajeer-921	188	21	as	as	ADV
ajeer-921	188	22	well	well	ADV
ajeer-921	188	23	.	.	PUNCT
ajeer-921	189	1	the	the	DET
ajeer-921	189	2	positive	positive	ADJ
ajeer-921	189	3	sign	sign	NOUN
ajeer-921	189	4	of	of	ADP
ajeer-921	189	5	gdp_gr	gdp_gr	NOUN
ajeer-921	189	6	might	might	AUX
ajeer-921	189	7	signal	signal	VERB
ajeer-921	189	8	that	that	SCONJ
ajeer-921	189	9	companies	company	NOUN
ajeer-921	189	10	and	and	CCONJ
ajeer-921	189	11	households	household	NOUN
ajeer-921	189	12	with	with	ADP
ajeer-921	189	13	higher	high	ADJ
ajeer-921	189	14	profits	profit	NOUN
ajeer-921	189	15	and	and	CCONJ
ajeer-921	189	16	income	income	NOUN
ajeer-921	189	17	during	during	ADP
ajeer-921	189	18	expansionary	expansionary	ADJ
ajeer-921	189	19	phases	phase	NOUN
ajeer-921	189	20	prefer	prefer	VERB
ajeer-921	189	21	to	to	PART
ajeer-921	189	22	rely	rely	VERB
ajeer-921	189	23	more	more	ADV
ajeer-921	189	24	on	on	ADP
ajeer-921	189	25	internal	internal	ADJ
ajeer-921	189	26	sources	source	NOUN
ajeer-921	189	27	of	of	ADP
ajeer-921	189	28	finance	finance	NOUN
ajeer-921	189	29	and	and	CCONJ
ajeer-921	189	30	intend	intend	VERB
ajeer-921	189	31	to	to	PART
ajeer-921	189	32	reduce	reduce	VERB
ajeer-921	189	33	their	their	PRON
ajeer-921	189	34	debt	debt	NOUN
ajeer-921	189	35	level	level	NOUN
ajeer-921	189	36	and	and	CCONJ
ajeer-921	189	37	vice	vice	NOUN
ajeer-921	189	38	versa	versa	ADV
ajeer-921	189	39	.	.	PUNCT
ajeer-921	190	1	the	the	DET
ajeer-921	190	2	significant	significant	ADJ
ajeer-921	190	3	coefficient	coefficient	NOUN
ajeer-921	190	4	of	of	ADP
ajeer-921	190	5	lagged	lag	VERB
ajeer-921	190	6	dependent	dependent	ADJ
ajeer-921	190	7	variable	variable	NOUN
ajeer-921	190	8	proves	prove	VERB
ajeer-921	190	9	the	the	DET
ajeer-921	190	10	dynamic	dynamic	ADJ
ajeer-921	190	11	model	model	NOUN
ajeer-921	190	12	.	.	PUNCT
ajeer-921	191	1	the	the	DET
ajeer-921	191	2	lag	lag	NOUN
ajeer-921	191	3	of	of	ADP
ajeer-921	191	4	liquidity	liquidity	NOUN
ajeer-921	191	5	has	have	VERB
ajeer-921	191	6	a	a	DET
ajeer-921	191	7	positive	positive	ADJ
ajeer-921	191	8	impact	impact	NOUN
ajeer-921	191	9	on	on	ADP
ajeer-921	191	10	the	the	DET
ajeer-921	191	11	current	current	ADJ
ajeer-921	191	12	level	level	NOUN
ajeer-921	191	13	of	of	ADP
ajeer-921	191	14	liquidity	liquidity	NOUN
ajeer-921	191	15	.	.	PUNCT
ajeer-921	192	1	it	it	PRON
ajeer-921	192	2	is	be	AUX
ajeer-921	192	3	consistent	consistent	ADJ
ajeer-921	192	4	with	with	ADP
ajeer-921	192	5	our	our	PRON
ajeer-921	192	6	expectations	expectation	NOUN
ajeer-921	192	7	as	as	SCONJ
ajeer-921	192	8	we	we	PRON
ajeer-921	192	9	assumed	assume	VERB
ajeer-921	192	10	that	that	SCONJ
ajeer-921	192	11	banks	bank	NOUN
ajeer-921	192	12	tend	tend	VERB
ajeer-921	192	13	to	to	PART
ajeer-921	192	14	maintain	maintain	VERB
ajeer-921	192	15	higher	high	ADJ
ajeer-921	192	16	levels	level	NOUN
ajeer-921	192	17	of	of	ADP
ajeer-921	192	18	liquidity	liquidity	NOUN
ajeer-921	192	19	from	from	ADP
ajeer-921	192	20	the	the	DET
ajeer-921	192	21	past	past	NOUN
ajeer-921	192	22	into	into	ADP
ajeer-921	192	23	forthcoming	forthcoming	ADJ
ajeer-921	192	24	period	period	NOUN
ajeer-921	192	25	.	.	PUNCT
ajeer-921	193	1	the	the	DET
ajeer-921	193	2	relation	relation	NOUN
ajeer-921	193	3	between	between	ADP
ajeer-921	193	4	profitability	profitability	NOUN
ajeer-921	193	5	and	and	CCONJ
ajeer-921	193	6	liquidity	liquidity	NOUN
ajeer-921	193	7	in	in	ADP
ajeer-921	193	8	this	this	DET
ajeer-921	193	9	model	model	NOUN
ajeer-921	193	10	is	be	AUX
ajeer-921	193	11	statistically	statistically	ADV
ajeer-921	193	12	positively	positively	ADV
ajeer-921	193	13	significant	significant	ADJ
ajeer-921	193	14	at	at	ADP
ajeer-921	193	15	10	10	NUM
ajeer-921	193	16	%	%	NOUN
ajeer-921	193	17	level	level	NOUN
ajeer-921	193	18	.	.	PUNCT
ajeer-921	194	1	significant	significant	ADJ
ajeer-921	194	2	positive	positive	ADJ
ajeer-921	194	3	effect	effect	NOUN
ajeer-921	194	4	of	of	ADP
ajeer-921	194	5	profitability	profitability	NOUN
ajeer-921	194	6	on	on	ADP
ajeer-921	194	7	liquidity	liquidity	NOUN
ajeer-921	194	8	shows	show	VERB
ajeer-921	194	9	that	that	SCONJ
ajeer-921	194	10	profitability	profitability	NOUN
ajeer-921	194	11	is	be	AUX
ajeer-921	194	12	one	one	NUM
ajeer-921	194	13	of	of	ADP
ajeer-921	194	14	sources	source	NOUN
ajeer-921	194	15	of	of	ADP
ajeer-921	194	16	liquidity	liquidity	NOUN
ajeer-921	194	17	creation	creation	NOUN
ajeer-921	194	18	.	.	PUNCT
ajeer-921	195	1	the	the	PRON
ajeer-921	195	2	greater	great	ADJ
ajeer-921	195	3	the	the	DET
ajeer-921	195	4	profitability	profitability	NOUN
ajeer-921	195	5	of	of	ADP
ajeer-921	195	6	a	a	DET
ajeer-921	195	7	bank	bank	NOUN
ajeer-921	195	8	is	be	AUX
ajeer-921	195	9	,	,	PUNCT
ajeer-921	195	10	the	the	PRON
ajeer-921	195	11	greater	great	ADJ
ajeer-921	195	12	the	the	DET
ajeer-921	195	13	ability	ability	NOUN
ajeer-921	195	14	of	of	ADP
ajeer-921	195	15	bank	bank	NOUN
ajeer-921	195	16	to	to	PART
ajeer-921	195	17	meet	meet	VERB
ajeer-921	195	18	the	the	DET
ajeer-921	195	19	liquidity	liquidity	NOUN
ajeer-921	195	20	needs	need	NOUN
ajeer-921	195	21	is	be	AUX
ajeer-921	195	22	.	.	PUNCT
ajeer-921	196	1	this	this	PRON
ajeer-921	196	2	is	be	AUX
ajeer-921	196	3	partly	partly	ADV
ajeer-921	196	4	due	due	ADJ
ajeer-921	196	5	to	to	ADP
ajeer-921	196	6	the	the	DET
ajeer-921	196	7	structural	structural	ADJ
ajeer-921	196	8	surplus	surplus	NOUN
ajeer-921	196	9	of	of	ADP
ajeer-921	196	10	banks	bank	NOUN
ajeer-921	196	11	liquidity	liquidity	NOUN
ajeer-921	196	12	that	that	PRON
ajeer-921	196	13	determines	determine	VERB
ajeer-921	196	14	the	the	DET
ajeer-921	196	15	central	central	ADJ
ajeer-921	196	16	bank	bank	NOUN
ajeer-921	196	17	to	to	PART
ajeer-921	196	18	pay	pay	VERB
ajeer-921	196	19	interest	interest	NOUN
ajeer-921	196	20	for	for	ADP
ajeer-921	196	21	banks	bank	NOUN
ajeer-921	196	22	funds	fund	VERB
ajeer-921	196	23	placement	placement	NOUN
ajeer-921	196	24	in	in	ADP
ajeer-921	196	25	central	central	ADJ
ajeer-921	196	26	bank	bank	NOUN
ajeer-921	196	27	bills	bill	NOUN
ajeer-921	196	28	.	.	PUNCT
ajeer-921	197	1	additionally	additionally	ADV
ajeer-921	197	2	,	,	PUNCT
ajeer-921	197	3	the	the	DET
ajeer-921	197	4	monetary	monetary	ADJ
ajeer-921	197	5	strategy	strategy	NOUN
ajeer-921	197	6	of	of	ADP
ajeer-921	197	7	macedonian	macedonian	PROPN
ajeer-921	197	8	central	central	PROPN
ajeer-921	197	9	bank	bank	PROPN
ajeer-921	197	10	is	be	AUX
ajeer-921	197	11	based	base	VERB
ajeer-921	197	12	on	on	ADP
ajeer-921	197	13	pegged	peg	VERB
ajeer-921	197	14	exchange	exchange	NOUN
ajeer-921	197	15	rate	rate	NOUN
ajeer-921	197	16	,	,	PUNCT
ajeer-921	197	17	so	so	SCONJ
ajeer-921	197	18	the	the	DET
ajeer-921	197	19	interest	interest	NOUN
ajeer-921	197	20	rates	rate	NOUN
ajeer-921	197	21	of	of	ADP
ajeer-921	197	22	cb	cb	PROPN
ajeer-921	197	23	bills	bill	NOUN
ajeer-921	197	24	are	be	AUX
ajeer-921	197	25	unconventionally	unconventionally	ADV
ajeer-921	197	26	high	high	ADJ
ajeer-921	197	27	and	and	CCONJ
ajeer-921	197	28	the	the	DET
ajeer-921	197	29	positive	positive	ADJ
ajeer-921	197	30	relationship	relationship	NOUN
ajeer-921	197	31	between	between	ADP
ajeer-921	197	32	these	these	DET
ajeer-921	197	33	two	two	NUM
ajeer-921	197	34	indicators	indicator	NOUN
ajeer-921	197	35	is	be	AUX
ajeer-921	197	36	becoming	become	VERB
ajeer-921	197	37	inevitable	inevitable	ADJ
ajeer-921	197	38	.	.	PUNCT
ajeer-921	198	1	another	another	DET
ajeer-921	198	2	explanatory	explanatory	ADJ
ajeer-921	198	3	variable	variable	NOUN
ajeer-921	198	4	which	which	PRON
ajeer-921	198	5	has	have	VERB
ajeer-921	198	6	statistically	statistically	ADV
ajeer-921	198	7	significant	significant	ADJ
ajeer-921	198	8	influence	influence	NOUN
ajeer-921	198	9	on	on	ADP
ajeer-921	198	10	the	the	DET
ajeer-921	198	11	liquidity	liquidity	NOUN
ajeer-921	198	12	is	be	AUX
ajeer-921	198	13	the	the	DET
ajeer-921	198	14	size	size	NOUN
ajeer-921	198	15	of	of	ADP
ajeer-921	198	16	bank	bank	NOUN
ajeer-921	198	17	,	,	PUNCT
ajeer-921	198	18	measured	measure	VERB
ajeer-921	198	19	by	by	ADP
ajeer-921	198	20	logarithm	logarithm	NOUN
ajeer-921	198	21	of	of	ADP
ajeer-921	198	22	total	total	ADJ
ajeer-921	198	23	bank	bank	NOUN
ajeer-921	198	24	assets	asset	NOUN
ajeer-921	198	25	.	.	PUNCT
ajeer-921	199	1	this	this	DET
ajeer-921	199	2	relation	relation	NOUN
ajeer-921	199	3	is	be	AUX
ajeer-921	199	4	statistically	statistically	ADV
ajeer-921	199	5	significant	significant	ADJ
ajeer-921	199	6	at	at	ADP
ajeer-921	199	7	5	5	NUM
ajeer-921	199	8	%	%	NOUN
ajeer-921	199	9	level	level	NOUN
ajeer-921	199	10	of	of	ADP
ajeer-921	199	11	significance	significance	NOUN
ajeer-921	199	12	.	.	PUNCT
ajeer-921	200	1	the	the	DET
ajeer-921	200	2	impact	impact	NOUN
ajeer-921	200	3	of	of	ADP
ajeer-921	200	4	the	the	DET
ajeer-921	200	5	size	size	NOUN
ajeer-921	200	6	of	of	ADP
ajeer-921	200	7	the	the	DET
ajeer-921	200	8	bank	bank	NOUN
ajeer-921	200	9	on	on	ADP
ajeer-921	200	10	its	its	PRON
ajeer-921	200	11	liquidity	liquidity	NOUN
ajeer-921	200	12	is	be	AUX
ajeer-921	200	13	negatively	negatively	ADV
ajeer-921	200	14	,	,	PUNCT
ajeer-921	200	15	so	so	SCONJ
ajeer-921	200	16	liquidity	liquidity	NOUN
ajeer-921	200	17	is	be	AUX
ajeer-921	200	18	decreasing	decrease	VERB
ajeer-921	200	19	with	with	ADP
ajeer-921	200	20	the	the	DET
ajeer-921	200	21	sizing	sizing	NOUN
ajeer-921	200	22	of	of	ADP
ajeer-921	200	23	the	the	DET
ajeer-921	200	24	bank	bank	NOUN
ajeer-921	200	25	.	.	PUNCT
ajeer-921	201	1	in	in	ADP
ajeer-921	201	2	macedonian	macedonian	ADJ
ajeer-921	201	3	banking	banking	NOUN
ajeer-921	201	4	system	system	NOUN
ajeer-921	201	5	,	,	PUNCT
ajeer-921	201	6	with	with	ADP
ajeer-921	201	7	excess	excess	ADJ
ajeer-921	201	8	liquidity	liquidity	NOUN
ajeer-921	201	9	,	,	PUNCT
ajeer-921	201	10	this	this	DET
ajeer-921	201	11	relation	relation	NOUN
ajeer-921	201	12	occurs	occur	VERB
ajeer-921	201	13	because	because	SCONJ
ajeer-921	201	14	of	of	ADP
ajeer-921	201	15	more	more	ADV
ajeer-921	201	16	effective	effective	ADJ
ajeer-921	201	17	liquidity	liquidity	NOUN
ajeer-921	201	18	management	management	NOUN
ajeer-921	201	19	among	among	ADP
ajeer-921	201	20	big	big	ADJ
ajeer-921	201	21	banks	bank	NOUN
ajeer-921	201	22	and	and	CCONJ
ajeer-921	201	23	high	high	ADJ
ajeer-921	201	24	concentration	concentration	NOUN
ajeer-921	201	25	in	in	ADP
ajeer-921	201	26	banking	banking	NOUN
ajeer-921	201	27	system	system	NOUN
ajeer-921	201	28	especially	especially	ADV
ajeer-921	201	29	a	a	DET
ajeer-921	201	30	large	large	ADJ
ajeer-921	201	31	portion	portion	NOUN
ajeer-921	201	32	of	of	ADP
ajeer-921	201	33	deposits	deposit	NOUN
ajeer-921	201	34	are	be	AUX
ajeer-921	201	35	located	locate	VERB
ajeer-921	201	36	in	in	ADP
ajeer-921	201	37	a	a	DET
ajeer-921	201	38	few	few	ADJ
ajeer-921	201	39	big	big	ADJ
ajeer-921	201	40	banks	bank	NOUN
ajeer-921	201	41	balance	balance	NOUN
ajeer-921	201	42	sheets	sheet	NOUN
ajeer-921	201	43	.	.	PUNCT
ajeer-921	202	1	however	however	ADV
ajeer-921	202	2	,	,	PUNCT
ajeer-921	202	3	this	this	DET
ajeer-921	202	4	relation	relation	NOUN
ajeer-921	202	5	is	be	AUX
ajeer-921	202	6	too	too	ADV
ajeer-921	202	7	ambitious	ambitious	ADJ
ajeer-921	202	8	and	and	CCONJ
ajeer-921	202	9	it	it	PRON
ajeer-921	202	10	could	could	AUX
ajeer-921	202	11	be	be	AUX
ajeer-921	202	12	useful	useful	ADJ
ajeer-921	202	13	for	for	SCONJ
ajeer-921	202	14	further	further	ADJ
ajeer-921	202	15	studies	study	NOUN
ajeer-921	202	16	to	to	PART
ajeer-921	202	17	estimate	estimate	VERB
ajeer-921	202	18	determinants	determinant	NOUN
ajeer-921	202	19	of	of	ADP
ajeer-921	202	20	liquidity	liquidity	NOUN
ajeer-921	202	21	separately	separately	ADV
ajeer-921	202	22	for	for	ADP
ajeer-921	202	23	small	small	ADJ
ajeer-921	202	24	,	,	PUNCT
ajeer-921	202	25	medium	medium	ADJ
ajeer-921	202	26	-	-	PUNCT
ajeer-921	202	27	sized	sized	ADJ
ajeer-921	202	28	and	and	CCONJ
ajeer-921	202	29	large	large	ADJ
ajeer-921	202	30	banks	bank	NOUN
ajeer-921	202	31	.	.	PUNCT
ajeer-921	203	1	asian	asian	ADJ
ajeer-921	203	2	journal	journal	PROPN
ajeer-921	203	3	of	of	ADP
ajeer-921	203	4	economics	economic	NOUN
ajeer-921	203	5	and	and	CCONJ
ajeer-921	203	6	empirical	empirical	ADJ
ajeer-921	203	7	research	research	NOUN
ajeer-921	203	8	,	,	PUNCT
ajeer-921	203	9	2019	2019	NUM
ajeer-921	203	10	,	,	PUNCT
ajeer-921	203	11	6(1	6(1	NUM
ajeer-921	203	12	):	):	PUNCT
ajeer-921	203	13	85	85	NUM
ajeer-921	203	14	-	-	SYM
ajeer-921	203	15	92	92	NUM
ajeer-921	203	16	91	91	NUM
ajeer-921	203	17	©	©	PROPN
ajeer-921	203	18	2019	2019	NUM
ajeer-921	203	19	by	by	ADP
ajeer-921	203	20	the	the	DET
ajeer-921	203	21	authors	author	NOUN
ajeer-921	203	22	;	;	PUNCT
ajeer-921	203	23	licensee	licensee	PROPN
ajeer-921	203	24	asian	asian	ADJ
ajeer-921	203	25	online	online	PROPN
ajeer-921	203	26	journal	journal	PROPN
ajeer-921	203	27	publishing	publishing	NOUN
ajeer-921	203	28	group	group	PROPN
ajeer-921	203	29	share	share	NOUN
ajeer-921	203	30	of	of	ADP
ajeer-921	203	31	non	non	ADJ
ajeer-921	203	32	-	-	ADJ
ajeer-921	203	33	performing	performing	ADJ
ajeer-921	203	34	loans	loan	NOUN
ajeer-921	203	35	to	to	ADP
ajeer-921	203	36	total	total	ADJ
ajeer-921	203	37	loans	loan	NOUN
ajeer-921	203	38	in	in	ADP
ajeer-921	203	39	this	this	DET
ajeer-921	203	40	study	study	NOUN
ajeer-921	203	41	was	be	AUX
ajeer-921	203	42	used	use	VERB
ajeer-921	203	43	as	as	ADP
ajeer-921	203	44	asset	asset	NOUN
ajeer-921	203	45	quality	quality	NOUN
ajeer-921	203	46	.	.	PUNCT
ajeer-921	204	1	the	the	PRON
ajeer-921	204	2	greater	great	ADJ
ajeer-921	204	3	the	the	DET
ajeer-921	204	4	ratio	ratio	NOUN
ajeer-921	204	5	is	be	AUX
ajeer-921	204	6	means	mean	VERB
ajeer-921	204	7	the	the	DET
ajeer-921	204	8	worse	bad	ADJ
ajeer-921	204	9	quality	quality	NOUN
ajeer-921	204	10	of	of	ADP
ajeer-921	204	11	the	the	DET
ajeer-921	204	12	assets	asset	NOUN
ajeer-921	204	13	owned	own	VERB
ajeer-921	204	14	by	by	ADP
ajeer-921	204	15	a	a	DET
ajeer-921	204	16	bank	bank	NOUN
ajeer-921	204	17	is	be	AUX
ajeer-921	204	18	and	and	CCONJ
ajeer-921	204	19	conversely	conversely	ADV
ajeer-921	204	20	,	,	PUNCT
ajeer-921	204	21	the	the	PRON
ajeer-921	204	22	lower	low	ADJ
ajeer-921	204	23	the	the	DET
ajeer-921	204	24	ratio	ratio	NOUN
ajeer-921	204	25	is	be	AUX
ajeer-921	204	26	,	,	PUNCT
ajeer-921	204	27	the	the	DET
ajeer-921	204	28	better	well	ADJ
ajeer-921	204	29	quality	quality	NOUN
ajeer-921	204	30	of	of	ADP
ajeer-921	204	31	a	a	DET
ajeer-921	204	32	bank	bank	NOUN
ajeer-921	204	33	’s	’s	PART
ajeer-921	204	34	assets	asset	NOUN
ajeer-921	204	35	is	be	AUX
ajeer-921	204	36	.	.	PUNCT
ajeer-921	205	1	influence	influence	NOUN
ajeer-921	205	2	of	of	ADP
ajeer-921	205	3	asset	asset	NOUN
ajeer-921	205	4	quality	quality	NOUN
ajeer-921	205	5	on	on	ADP
ajeer-921	205	6	liquidity	liquidity	NOUN
ajeer-921	205	7	in	in	ADP
ajeer-921	205	8	this	this	DET
ajeer-921	205	9	study	study	NOUN
ajeer-921	205	10	shows	show	VERB
ajeer-921	205	11	a	a	DET
ajeer-921	205	12	positive	positive	ADJ
ajeer-921	205	13	significant	significant	ADJ
ajeer-921	205	14	relationship	relationship	NOUN
ajeer-921	205	15	at	at	ADP
ajeer-921	205	16	10	10	NUM
ajeer-921	205	17	%	%	NOUN
ajeer-921	205	18	level	level	NOUN
ajeer-921	205	19	of	of	ADP
ajeer-921	205	20	significance	significance	NOUN
ajeer-921	205	21	.	.	PUNCT
ajeer-921	206	1	it	it	PRON
ajeer-921	206	2	means	mean	VERB
ajeer-921	206	3	that	that	SCONJ
ajeer-921	206	4	a	a	DET
ajeer-921	206	5	bank	bank	NOUN
ajeer-921	206	6	with	with	ADP
ajeer-921	206	7	higher	high	ADJ
ajeer-921	206	8	npls	npls	NOUN
ajeer-921	206	9	is	be	AUX
ajeer-921	206	10	more	more	ADV
ajeer-921	206	11	cautious	cautious	ADJ
ajeer-921	206	12	about	about	ADP
ajeer-921	206	13	investing	invest	VERB
ajeer-921	206	14	and	and	CCONJ
ajeer-921	206	15	it	it	PRON
ajeer-921	206	16	rather	rather	ADV
ajeer-921	206	17	keeps	keep	VERB
ajeer-921	206	18	more	more	ADJ
ajeer-921	206	19	funds	fund	NOUN
ajeer-921	206	20	in	in	ADP
ajeer-921	206	21	the	the	DET
ajeer-921	206	22	account	account	NOUN
ajeer-921	206	23	as	as	ADP
ajeer-921	206	24	the	the	DET
ajeer-921	206	25	excess	excess	ADJ
ajeer-921	206	26	liquidity	liquidity	NOUN
ajeer-921	206	27	.	.	PUNCT
ajeer-921	207	1	the	the	DET
ajeer-921	207	2	results	result	NOUN
ajeer-921	207	3	also	also	ADV
ajeer-921	207	4	showed	show	VERB
ajeer-921	207	5	a	a	DET
ajeer-921	207	6	positive	positive	ADJ
ajeer-921	207	7	statistically	statistically	ADV
ajeer-921	207	8	significant	significant	ADJ
ajeer-921	207	9	impact	impact	NOUN
ajeer-921	207	10	of	of	ADP
ajeer-921	207	11	the	the	DET
ajeer-921	207	12	interest	interest	NOUN
ajeer-921	207	13	rate	rate	NOUN
ajeer-921	207	14	of	of	ADP
ajeer-921	207	15	central	central	ADJ
ajeer-921	207	16	bank	bank	NOUN
ajeer-921	207	17	bills	bill	NOUN
ajeer-921	207	18	(	(	PUNCT
ajeer-921	207	19	cbb	cbb	NOUN
ajeer-921	207	20	)	)	PUNCT
ajeer-921	207	21	on	on	ADP
ajeer-921	207	22	bank	bank	NOUN
ajeer-921	207	23	liquidity	liquidity	NOUN
ajeer-921	207	24	,	,	PUNCT
ajeer-921	207	25	at	at	ADP
ajeer-921	207	26	5	5	NUM
ajeer-921	207	27	%	%	NOUN
ajeer-921	207	28	level	level	NOUN
ajeer-921	207	29	of	of	ADP
ajeer-921	207	30	significance	significance	NOUN
ajeer-921	207	31	.	.	PUNCT
ajeer-921	208	1	so	so	ADV
ajeer-921	208	2	,	,	PUNCT
ajeer-921	208	3	when	when	SCONJ
ajeer-921	208	4	central	central	ADJ
ajeer-921	208	5	bank	bank	NOUN
ajeer-921	208	6	decides	decide	VERB
ajeer-921	208	7	to	to	PART
ajeer-921	208	8	raise	raise	VERB
ajeer-921	208	9	interest	interest	NOUN
ajeer-921	208	10	rates	rate	NOUN
ajeer-921	208	11	on	on	ADP
ajeer-921	208	12	cbb	cbb	NOUN
ajeer-921	208	13	,	,	PUNCT
ajeer-921	208	14	the	the	DET
ajeer-921	208	15	market	market	NOUN
ajeer-921	208	16	responds	respond	VERB
ajeer-921	208	17	that	that	SCONJ
ajeer-921	208	18	condition	condition	NOUN
ajeer-921	208	19	by	by	ADP
ajeer-921	208	20	shifting	shift	VERB
ajeer-921	208	21	some	some	PRON
ajeer-921	208	22	of	of	ADP
ajeer-921	208	23	its	its	PRON
ajeer-921	208	24	assets	asset	NOUN
ajeer-921	208	25	into	into	ADP
ajeer-921	208	26	central	central	ADJ
ajeer-921	208	27	bank	bank	NOUN
ajeer-921	208	28	account	account	NOUN
ajeer-921	208	29	(	(	PUNCT
ajeer-921	208	30	cb	cb	PROPN
ajeer-921	208	31	bills	bill	NOUN
ajeer-921	208	32	)	)	PUNCT
ajeer-921	208	33	and	and	CCONJ
ajeer-921	208	34	the	the	DET
ajeer-921	208	35	ratio	ratio	NOUN
ajeer-921	208	36	of	of	ADP
ajeer-921	208	37	liquidity	liquidity	NOUN
ajeer-921	208	38	assets	asset	NOUN
ajeer-921	208	39	to	to	ADP
ajeer-921	208	40	total	total	ADJ
ajeer-921	208	41	assets	asset	NOUN
ajeer-921	208	42	becomes	become	VERB
ajeer-921	208	43	more	more	ADV
ajeer-921	208	44	significant	significant	ADJ
ajeer-921	208	45	.	.	PUNCT
ajeer-921	209	1	it	it	PRON
ajeer-921	209	2	is	be	AUX
ajeer-921	209	3	also	also	ADV
ajeer-921	209	4	a	a	DET
ajeer-921	209	5	signal	signal	NOUN
ajeer-921	209	6	to	to	ADP
ajeer-921	209	7	commercial	commercial	ADJ
ajeer-921	209	8	banks	bank	NOUN
ajeer-921	209	9	to	to	PART
ajeer-921	209	10	increase	increase	VERB
ajeer-921	209	11	their	their	PRON
ajeer-921	209	12	interest	interest	NOUN
ajeer-921	209	13	rates	rate	NOUN
ajeer-921	209	14	,	,	PUNCT
ajeer-921	209	15	active	active	ADJ
ajeer-921	209	16	and	and	CCONJ
ajeer-921	209	17	passive	passive	ADJ
ajeer-921	209	18	ones	one	NOUN
ajeer-921	209	19	and	and	CCONJ
ajeer-921	209	20	normally	normally	ADV
ajeer-921	209	21	demand	demand	NOUN
ajeer-921	209	22	for	for	ADP
ajeer-921	209	23	bank	bank	NOUN
ajeer-921	209	24	loans	loan	NOUN
ajeer-921	209	25	is	be	AUX
ajeer-921	209	26	decreasing	decrease	VERB
ajeer-921	209	27	,	,	PUNCT
ajeer-921	209	28	while	while	SCONJ
ajeer-921	209	29	deposit	deposit	NOUN
ajeer-921	209	30	accounts	account	NOUN
ajeer-921	209	31	become	become	VERB
ajeer-921	209	32	more	more	ADV
ajeer-921	209	33	attractive	attractive	ADJ
ajeer-921	209	34	because	because	SCONJ
ajeer-921	209	35	of	of	ADP
ajeer-921	209	36	the	the	DET
ajeer-921	209	37	interest	interest	NOUN
ajeer-921	209	38	gained	gain	VERB
ajeer-921	209	39	.	.	PUNCT
ajeer-921	210	1	hence	hence	ADV
ajeer-921	210	2	,	,	PUNCT
ajeer-921	210	3	in	in	ADP
ajeer-921	210	4	the	the	DET
ajeer-921	210	5	macedonian	macedonian	ADJ
ajeer-921	210	6	banking	banking	NOUN
ajeer-921	210	7	sector	sector	NOUN
ajeer-921	210	8	the	the	PRON
ajeer-921	210	9	higher	high	ADJ
ajeer-921	210	10	the	the	DET
ajeer-921	210	11	interest	interest	NOUN
ajeer-921	210	12	rate	rate	NOUN
ajeer-921	210	13	of	of	ADP
ajeer-921	210	14	central	central	ADJ
ajeer-921	210	15	bank	bank	NOUN
ajeer-921	210	16	bills	bill	NOUN
ajeer-921	210	17	is	be	AUX
ajeer-921	210	18	,	,	PUNCT
ajeer-921	210	19	the	the	PRON
ajeer-921	210	20	greater	great	ADJ
ajeer-921	210	21	the	the	DET
ajeer-921	210	22	share	share	NOUN
ajeer-921	210	23	of	of	ADP
ajeer-921	210	24	liquidity	liquidity	NOUN
ajeer-921	210	25	asset	asset	NOUN
ajeer-921	210	26	to	to	ADP
ajeer-921	210	27	total	total	ADJ
ajeer-921	210	28	assets	asset	NOUN
ajeer-921	210	29	is	be	AUX
ajeer-921	210	30	.	.	PUNCT
ajeer-921	211	1	6	6	X
ajeer-921	211	2	.	.	PUNCT
ajeer-921	211	3	conclusions	conclusion	NOUN
ajeer-921	211	4	the	the	DET
ajeer-921	211	5	main	main	ADJ
ajeer-921	211	6	objective	objective	NOUN
ajeer-921	211	7	of	of	ADP
ajeer-921	211	8	the	the	DET
ajeer-921	211	9	study	study	NOUN
ajeer-921	211	10	was	be	AUX
ajeer-921	211	11	to	to	PART
ajeer-921	211	12	identify	identify	VERB
ajeer-921	211	13	the	the	DET
ajeer-921	211	14	bank	bank	NOUN
ajeer-921	211	15	-	-	PUNCT
ajeer-921	211	16	specific	specific	ADJ
ajeer-921	211	17	and	and	CCONJ
ajeer-921	211	18	macro	macro	ADJ
ajeer-921	211	19	-	-	ADJ
ajeer-921	211	20	economic	economic	ADJ
ajeer-921	211	21	factors	factor	NOUN
ajeer-921	211	22	that	that	PRON
ajeer-921	211	23	can	can	AUX
ajeer-921	211	24	affect	affect	VERB
ajeer-921	211	25	macedonian	macedonian	ADJ
ajeer-921	211	26	banks	bank	NOUN
ajeer-921	211	27	liquidity	liquidity	NOUN
ajeer-921	211	28	mainly	mainly	ADV
ajeer-921	211	29	focusing	focus	VERB
ajeer-921	211	30	on	on	ADP
ajeer-921	211	31	the	the	DET
ajeer-921	211	32	relationship	relationship	NOUN
ajeer-921	211	33	between	between	ADP
ajeer-921	211	34	profitability	profitability	NOUN
ajeer-921	211	35	and	and	CCONJ
ajeer-921	211	36	liquidity	liquidity	NOUN
ajeer-921	211	37	.	.	PUNCT
ajeer-921	212	1	according	accord	VERB
ajeer-921	212	2	to	to	ADP
ajeer-921	212	3	the	the	DET
ajeer-921	212	4	review	review	NOUN
ajeer-921	212	5	on	on	ADP
ajeer-921	212	6	empirical	empirical	ADJ
ajeer-921	212	7	literature	literature	NOUN
ajeer-921	212	8	and	and	CCONJ
ajeer-921	212	9	liquidity	liquidity	NOUN
ajeer-921	212	10	and	and	CCONJ
ajeer-921	212	11	its	its	PRON
ajeer-921	212	12	determinants	determinant	NOUN
ajeer-921	212	13	area	area	NOUN
ajeer-921	212	14	theories	theory	NOUN
ajeer-921	212	15	,	,	PUNCT
ajeer-921	212	16	the	the	DET
ajeer-921	212	17	current	current	ADJ
ajeer-921	212	18	study	study	NOUN
ajeer-921	212	19	chosen	choose	VERB
ajeer-921	212	20	and	and	CCONJ
ajeer-921	212	21	investigated	investigate	VERB
ajeer-921	212	22	the	the	DET
ajeer-921	212	23	impact	impact	NOUN
ajeer-921	212	24	of	of	ADP
ajeer-921	212	25	five	five	NUM
ajeer-921	212	26	bank	bank	NOUN
ajeer-921	212	27	-	-	PUNCT
ajeer-921	212	28	specific	specific	ADJ
ajeer-921	212	29	and	and	CCONJ
ajeer-921	212	30	two	two	NUM
ajeer-921	212	31	macro	macro	ADJ
ajeer-921	212	32	-	-	ADJ
ajeer-921	212	33	economic	economic	ADJ
ajeer-921	212	34	factors	factor	NOUN
ajeer-921	212	35	on	on	ADP
ajeer-921	212	36	the	the	DET
ajeer-921	212	37	liquidity	liquidity	NOUN
ajeer-921	212	38	of	of	ADP
ajeer-921	212	39	the	the	DET
ajeer-921	212	40	macedonian	macedonian	ADJ
ajeer-921	212	41	commercial	commercial	ADJ
ajeer-921	212	42	banks	bank	NOUN
ajeer-921	212	43	over	over	ADP
ajeer-921	212	44	the	the	DET
ajeer-921	212	45	period	period	NOUN
ajeer-921	212	46	of	of	ADP
ajeer-921	212	47	2007	2007	NUM
ajeer-921	212	48	to	to	ADP
ajeer-921	212	49	2017	2017	NUM
ajeer-921	212	50	.	.	PUNCT
ajeer-921	213	1	the	the	DET
ajeer-921	213	2	bank	bank	NOUN
ajeer-921	213	3	-	-	PUNCT
ajeer-921	213	4	specific	specific	ADJ
ajeer-921	213	5	factors	factor	NOUN
ajeer-921	213	6	that	that	PRON
ajeer-921	213	7	were	be	AUX
ajeer-921	213	8	used	use	VERB
ajeer-921	213	9	in	in	ADP
ajeer-921	213	10	this	this	DET
ajeer-921	213	11	study	study	NOUN
ajeer-921	213	12	include	include	VERB
ajeer-921	213	13	variables	variable	NOUN
ajeer-921	213	14	such	such	ADJ
ajeer-921	213	15	as	as	ADP
ajeer-921	213	16	profitability	profitability	NOUN
ajeer-921	213	17	,	,	PUNCT
ajeer-921	213	18	non	non	ADJ
ajeer-921	213	19	-	-	ADJ
ajeer-921	213	20	performing	performing	ADJ
ajeer-921	213	21	loans	loan	NOUN
ajeer-921	213	22	,	,	PUNCT
ajeer-921	213	23	capital	capital	NOUN
ajeer-921	213	24	adequacy	adequacy	NOUN
ajeer-921	213	25	,	,	PUNCT
ajeer-921	213	26	bank	bank	NOUN
ajeer-921	213	27	size	size	NOUN
ajeer-921	213	28	,	,	PUNCT
ajeer-921	213	29	and	and	CCONJ
ajeer-921	213	30	lagged	lag	VERB
ajeer-921	213	31	value	value	NOUN
ajeer-921	213	32	of	of	ADP
ajeer-921	213	33	liquidity	liquidity	NOUN
ajeer-921	213	34	.	.	PUNCT
ajeer-921	214	1	on	on	ADP
ajeer-921	214	2	the	the	DET
ajeer-921	214	3	other	other	ADJ
ajeer-921	214	4	hand	hand	NOUN
ajeer-921	214	5	,	,	PUNCT
ajeer-921	214	6	the	the	DET
ajeer-921	214	7	two	two	NUM
ajeer-921	214	8	macroeconomic	macroeconomic	ADJ
ajeer-921	214	9	conditions	condition	NOUN
ajeer-921	214	10	indicator	indicator	NOUN
ajeer-921	214	11	variables	variable	NOUN
ajeer-921	214	12	employed	employ	VERB
ajeer-921	214	13	in	in	ADP
ajeer-921	214	14	this	this	DET
ajeer-921	214	15	study	study	NOUN
ajeer-921	214	16	were	be	AUX
ajeer-921	214	17	real	real	ADJ
ajeer-921	214	18	gdp	gdp	NOUN
ajeer-921	214	19	growth	growth	NOUN
ajeer-921	214	20	and	and	CCONJ
ajeer-921	214	21	central	central	ADJ
ajeer-921	214	22	bank	bank	NOUN
ajeer-921	214	23	reference	reference	NOUN
ajeer-921	214	24	interest	interest	NOUN
ajeer-921	214	25	rate	rate	NOUN
ajeer-921	214	26	.	.	PUNCT
ajeer-921	215	1	one	one	NUM
ajeer-921	215	2	of	of	ADP
ajeer-921	215	3	the	the	DET
ajeer-921	215	4	main	main	ADJ
ajeer-921	215	5	features	feature	NOUN
ajeer-921	215	6	of	of	ADP
ajeer-921	215	7	the	the	DET
ajeer-921	215	8	macedonian	macedonian	ADJ
ajeer-921	215	9	banking	banking	NOUN
ajeer-921	215	10	system	system	NOUN
ajeer-921	215	11	is	be	AUX
ajeer-921	215	12	the	the	DET
ajeer-921	215	13	existence	existence	NOUN
ajeer-921	215	14	of	of	ADP
ajeer-921	215	15	structural	structural	ADJ
ajeer-921	215	16	excess	excess	NOUN
ajeer-921	215	17	of	of	ADP
ajeer-921	215	18	liquidity	liquidity	NOUN
ajeer-921	215	19	.	.	PUNCT
ajeer-921	216	1	surplus	surplus	NOUN
ajeer-921	216	2	liquidity	liquidity	NOUN
ajeer-921	216	3	,	,	PUNCT
ajeer-921	216	4	simply	simply	ADV
ajeer-921	216	5	put	put	VERB
ajeer-921	216	6	,	,	PUNCT
ajeer-921	216	7	means	mean	VERB
ajeer-921	216	8	that	that	SCONJ
ajeer-921	216	9	commercial	commercial	ADJ
ajeer-921	216	10	banks	bank	NOUN
ajeer-921	216	11	persistently	persistently	ADV
ajeer-921	216	12	hold	hold	VERB
ajeer-921	216	13	excess	excess	ADJ
ajeer-921	216	14	reserves	reserve	NOUN
ajeer-921	216	15	.	.	PUNCT
ajeer-921	217	1	in	in	ADP
ajeer-921	217	2	other	other	ADJ
ajeer-921	217	3	words	word	NOUN
ajeer-921	217	4	,	,	PUNCT
ajeer-921	217	5	banks	bank	NOUN
ajeer-921	217	6	continuously	continuously	ADV
ajeer-921	217	7	have	have	VERB
ajeer-921	217	8	more	more	ADJ
ajeer-921	217	9	deposits	deposit	NOUN
ajeer-921	217	10	than	than	ADP
ajeer-921	217	11	the	the	DET
ajeer-921	217	12	credits	credit	NOUN
ajeer-921	217	13	they	they	PRON
ajeer-921	217	14	provide	provide	VERB
ajeer-921	217	15	and	and	CCONJ
ajeer-921	217	16	therefore	therefore	ADV
ajeer-921	217	17	keep	keep	VERB
ajeer-921	217	18	large	large	ADJ
ajeer-921	217	19	liquid	liquid	ADJ
ajeer-921	217	20	instruments	instrument	NOUN
ajeer-921	217	21	on	on	ADP
ajeer-921	217	22	the	the	DET
ajeer-921	217	23	assets	asset	NOUN
ajeer-921	217	24	side	side	NOUN
ajeer-921	217	25	.	.	PUNCT
ajeer-921	218	1	structural	structural	ADJ
ajeer-921	218	2	surplus	surplus	NOUN
ajeer-921	218	3	of	of	ADP
ajeer-921	218	4	liquidity	liquidity	NOUN
ajeer-921	218	5	,	,	PUNCT
ajeer-921	218	6	which	which	PRON
ajeer-921	218	7	is	be	AUX
ajeer-921	218	8	present	present	ADJ
ajeer-921	218	9	in	in	ADP
ajeer-921	218	10	macedonian	macedonian	ADJ
ajeer-921	218	11	banking	banking	NOUN
ajeer-921	218	12	system	system	NOUN
ajeer-921	218	13	for	for	ADP
ajeer-921	218	14	more	more	ADJ
ajeer-921	218	15	than	than	ADP
ajeer-921	218	16	15	15	NUM
ajeer-921	218	17	years	year	NOUN
ajeer-921	218	18	,	,	PUNCT
ajeer-921	218	19	determines	determine	VERB
ajeer-921	218	20	the	the	DET
ajeer-921	218	21	design	design	NOUN
ajeer-921	218	22	of	of	ADP
ajeer-921	218	23	the	the	DET
ajeer-921	218	24	central	central	PROPN
ajeer-921	218	25	bank	bank	NOUN
ajeer-921	218	26	’s	’s	PART
ajeer-921	218	27	monetary	monetary	ADJ
ajeer-921	218	28	policy	policy	NOUN
ajeer-921	218	29	because	because	SCONJ
ajeer-921	218	30	commercial	commercial	ADJ
ajeer-921	218	31	banks	bank	NOUN
ajeer-921	218	32	do	do	AUX
ajeer-921	218	33	not	not	PART
ajeer-921	218	34	need	need	VERB
ajeer-921	218	35	to	to	PART
ajeer-921	218	36	borrow	borrow	VERB
ajeer-921	218	37	from	from	ADP
ajeer-921	218	38	the	the	DET
ajeer-921	218	39	central	central	ADJ
ajeer-921	218	40	bank	bank	NOUN
ajeer-921	218	41	.	.	PUNCT
ajeer-921	219	1	hence	hence	ADV
ajeer-921	219	2	,	,	PUNCT
ajeer-921	219	3	the	the	DET
ajeer-921	219	4	main	main	ADJ
ajeer-921	219	5	instrument	instrument	NOUN
ajeer-921	219	6	of	of	ADP
ajeer-921	219	7	national	national	PROPN
ajeer-921	219	8	bank	bank	PROPN
ajeer-921	219	9	of	of	ADP
ajeer-921	219	10	the	the	DET
ajeer-921	219	11	republic	republic	NOUN
ajeer-921	219	12	of	of	ADP
ajeer-921	219	13	north	north	PROPN
ajeer-921	219	14	macedonia	macedonia	PROPN
ajeer-921	219	15	is	be	AUX
ajeer-921	219	16	central	central	ADJ
ajeer-921	219	17	bank	bank	NOUN
ajeer-921	219	18	bills	bill	NOUN
ajeer-921	219	19	auction	auction	NOUN
ajeer-921	219	20	,	,	PUNCT
ajeer-921	219	21	an	an	DET
ajeer-921	219	22	instrument	instrument	NOUN
ajeer-921	219	23	used	use	VERB
ajeer-921	219	24	to	to	PART
ajeer-921	219	25	withdrawn	withdraw	VERB
ajeer-921	219	26	instead	instead	ADV
ajeer-921	219	27	to	to	PART
ajeer-921	219	28	create	create	VERB
ajeer-921	219	29	liquidity	liquidity	NOUN
ajeer-921	219	30	in	in	ADP
ajeer-921	219	31	the	the	DET
ajeer-921	219	32	banking	banking	NOUN
ajeer-921	219	33	system	system	NOUN
ajeer-921	219	34	.	.	PUNCT
ajeer-921	220	1	apart	apart	ADV
ajeer-921	220	2	from	from	ADP
ajeer-921	220	3	high	high	ADJ
ajeer-921	220	4	liquidity	liquidity	NOUN
ajeer-921	220	5	confirmed	confirm	VERB
ajeer-921	220	6	through	through	ADP
ajeer-921	220	7	quantitative	quantitative	ADJ
ajeer-921	220	8	comparative	comparative	ADJ
ajeer-921	220	9	analysis	analysis	NOUN
ajeer-921	220	10	,	,	PUNCT
ajeer-921	220	11	the	the	DET
ajeer-921	220	12	macedonian	macedonian	ADJ
ajeer-921	220	13	banking	banking	NOUN
ajeer-921	220	14	sector	sector	NOUN
ajeer-921	220	15	is	be	AUX
ajeer-921	220	16	characterized	characterize	VERB
ajeer-921	220	17	by	by	ADP
ajeer-921	220	18	relatively	relatively	ADV
ajeer-921	220	19	high	high	ADJ
ajeer-921	220	20	profitability	profitability	NOUN
ajeer-921	220	21	.	.	PUNCT
ajeer-921	221	1	the	the	DET
ajeer-921	221	2	comparative	comparative	ADJ
ajeer-921	221	3	analysis	analysis	NOUN
ajeer-921	221	4	shows	show	VERB
ajeer-921	221	5	that	that	SCONJ
ajeer-921	221	6	the	the	DET
ajeer-921	221	7	macedonian	macedonian	ADJ
ajeer-921	221	8	banking	banking	NOUN
ajeer-921	221	9	sector	sector	NOUN
ajeer-921	221	10	has	have	VERB
ajeer-921	221	11	the	the	DET
ajeer-921	221	12	highest	high	ADJ
ajeer-921	221	13	profitability	profitability	NOUN
ajeer-921	221	14	,	,	PUNCT
ajeer-921	221	15	calculated	calculate	VERB
ajeer-921	221	16	through	through	ADP
ajeer-921	221	17	the	the	DET
ajeer-921	221	18	return	return	NOUN
ajeer-921	221	19	of	of	ADP
ajeer-921	221	20	average	average	ADJ
ajeer-921	221	21	assets	asset	NOUN
ajeer-921	221	22	(	(	PUNCT
ajeer-921	221	23	roaa	roaa	PROPN
ajeer-921	221	24	)	)	PUNCT
ajeer-921	221	25	.	.	PUNCT
ajeer-921	222	1	this	this	PRON
ajeer-921	222	2	means	mean	VERB
ajeer-921	222	3	that	that	SCONJ
ajeer-921	222	4	in	in	ADP
ajeer-921	222	5	the	the	DET
ajeer-921	222	6	case	case	NOUN
ajeer-921	222	7	of	of	ADP
ajeer-921	222	8	macedonian	macedonian	ADJ
ajeer-921	222	9	banking	banking	NOUN
ajeer-921	222	10	system	system	NOUN
ajeer-921	222	11	,	,	PUNCT
ajeer-921	222	12	high	high	ADJ
ajeer-921	222	13	liquidity	liquidity	NOUN
ajeer-921	222	14	does	do	AUX
ajeer-921	222	15	not	not	PART
ajeer-921	222	16	limit	limit	VERB
ajeer-921	222	17	its	its	PRON
ajeer-921	222	18	profitability	profitability	NOUN
ajeer-921	222	19	.	.	PUNCT
ajeer-921	223	1	one	one	NUM
ajeer-921	223	2	of	of	ADP
ajeer-921	223	3	the	the	DET
ajeer-921	223	4	explanatory	explanatory	ADJ
ajeer-921	223	5	factors	factor	NOUN
ajeer-921	223	6	for	for	ADP
ajeer-921	223	7	this	this	DET
ajeer-921	223	8	situation	situation	NOUN
ajeer-921	223	9	is	be	AUX
ajeer-921	223	10	the	the	DET
ajeer-921	223	11	relatively	relatively	ADV
ajeer-921	223	12	high	high	ADJ
ajeer-921	223	13	net	net	ADJ
ajeer-921	223	14	interest	interest	NOUN
ajeer-921	223	15	margin	margin	NOUN
ajeer-921	223	16	,	,	PUNCT
ajeer-921	223	17	due	due	ADP
ajeer-921	223	18	to	to	ADP
ajeer-921	223	19	the	the	DET
ajeer-921	223	20	higher	high	ADJ
ajeer-921	223	21	difference	difference	NOUN
ajeer-921	223	22	between	between	ADP
ajeer-921	223	23	active	active	ADJ
ajeer-921	223	24	and	and	CCONJ
ajeer-921	223	25	passive	passive	ADJ
ajeer-921	223	26	interest	interest	NOUN
ajeer-921	223	27	rates	rate	NOUN
ajeer-921	223	28	indicating	indicate	VERB
ajeer-921	223	29	weaker	weak	ADJ
ajeer-921	223	30	efficiency	efficiency	NOUN
ajeer-921	223	31	and	and	CCONJ
ajeer-921	223	32	competitiveness	competitiveness	NOUN
ajeer-921	223	33	as	as	ADV
ajeer-921	223	34	well	well	ADV
ajeer-921	223	35	as	as	ADP
ajeer-921	223	36	non	non	ADJ
ajeer-921	223	37	-	-	NOUN
ajeer-921	223	38	elasticity	elasticity	NOUN
ajeer-921	223	39	of	of	ADP
ajeer-921	223	40	credit	credit	NOUN
ajeer-921	223	41	demand	demand	NOUN
ajeer-921	223	42	in	in	ADP
ajeer-921	223	43	the	the	DET
ajeer-921	223	44	macedonian	macedonian	ADJ
ajeer-921	223	45	banking	banking	NOUN
ajeer-921	223	46	system	system	NOUN
ajeer-921	223	47	.	.	PUNCT
ajeer-921	224	1	furthermore	furthermore	ADV
ajeer-921	224	2	,	,	PUNCT
ajeer-921	224	3	this	this	DET
ajeer-921	224	4	paper	paper	NOUN
ajeer-921	224	5	examined	examine	VERB
ajeer-921	224	6	the	the	DET
ajeer-921	224	7	determinants	determinant	NOUN
ajeer-921	224	8	of	of	ADP
ajeer-921	224	9	liquidity	liquidity	NOUN
ajeer-921	224	10	of	of	ADP
ajeer-921	224	11	the	the	DET
ajeer-921	224	12	macedonian	macedonian	ADJ
ajeer-921	224	13	banking	banking	NOUN
ajeer-921	224	14	sector	sector	NOUN
ajeer-921	224	15	using	use	VERB
ajeer-921	224	16	the	the	DET
ajeer-921	224	17	dynamic	dynamic	ADJ
ajeer-921	224	18	panel	panel	NOUN
ajeer-921	224	19	analysis	analysis	NOUN
ajeer-921	224	20	based	base	VERB
ajeer-921	224	21	on	on	ADP
ajeer-921	224	22	the	the	DET
ajeer-921	224	23	generalized	generalized	ADJ
ajeer-921	224	24	method	method	NOUN
ajeer-921	224	25	of	of	ADP
ajeer-921	224	26	moments	moment	NOUN
ajeer-921	224	27	(	(	PUNCT
ajeer-921	224	28	gmm	gmm	NOUN
ajeer-921	224	29	)	)	PUNCT
ajeer-921	224	30	methodology	methodology	NOUN
ajeer-921	224	31	.	.	PUNCT
ajeer-921	225	1	the	the	DET
ajeer-921	225	2	results	result	NOUN
ajeer-921	225	3	showed	show	VERB
ajeer-921	225	4	that	that	SCONJ
ajeer-921	225	5	bank	bank	NOUN
ajeer-921	225	6	liquidity	liquidity	NOUN
ajeer-921	225	7	increases	increase	VERB
ajeer-921	225	8	with	with	ADP
ajeer-921	225	9	higher	high	ADJ
ajeer-921	225	10	lagged	lagged	NOUN
ajeer-921	225	11	of	of	ADP
ajeer-921	225	12	liquidity	liquidity	NOUN
ajeer-921	225	13	,	,	PUNCT
ajeer-921	225	14	higher	high	ADJ
ajeer-921	225	15	bank	bank	NOUN
ajeer-921	225	16	profitability	profitability	NOUN
ajeer-921	225	17	,	,	PUNCT
ajeer-921	225	18	higher	high	ADJ
ajeer-921	225	19	monetary	monetary	ADJ
ajeer-921	225	20	policy	policy	NOUN
ajeer-921	225	21	interest	interest	NOUN
ajeer-921	225	22	rates	rate	NOUN
ajeer-921	225	23	and	and	CCONJ
ajeer-921	225	24	a	a	DET
ajeer-921	225	25	higher	high	ADJ
ajeer-921	225	26	share	share	NOUN
ajeer-921	225	27	of	of	ADP
ajeer-921	225	28	non	non	ADJ
ajeer-921	225	29	-	-	ADJ
ajeer-921	225	30	performing	perform	VERB
ajeer-921	225	31	loans	loan	NOUN
ajeer-921	225	32	.	.	PUNCT
ajeer-921	226	1	it	it	PRON
ajeer-921	226	2	is	be	AUX
ajeer-921	226	3	very	very	ADV
ajeer-921	226	4	important	important	ADJ
ajeer-921	226	5	to	to	PART
ajeer-921	226	6	mention	mention	VERB
ajeer-921	226	7	that	that	SCONJ
ajeer-921	226	8	our	our	PRON
ajeer-921	226	9	model	model	NOUN
ajeer-921	226	10	shows	show	VERB
ajeer-921	226	11	that	that	SCONJ
ajeer-921	226	12	profitability	profitability	NOUN
ajeer-921	226	13	is	be	AUX
ajeer-921	226	14	one	one	NUM
ajeer-921	226	15	of	of	ADP
ajeer-921	226	16	the	the	DET
ajeer-921	226	17	significant	significant	ADJ
ajeer-921	226	18	sources	source	NOUN
ajeer-921	226	19	of	of	ADP
ajeer-921	226	20	bank	bank	NOUN
ajeer-921	226	21	’s	’s	PART
ajeer-921	226	22	liquidity	liquidity	NOUN
ajeer-921	226	23	creation	creation	NOUN
ajeer-921	226	24	pointing	point	VERB
ajeer-921	226	25	out	out	ADP
ajeer-921	226	26	that	that	SCONJ
ajeer-921	226	27	banks	bank	NOUN
ajeer-921	226	28	not	not	PART
ajeer-921	226	29	only	only	ADV
ajeer-921	226	30	are	be	AUX
ajeer-921	226	31	comfortable	comfortable	ADJ
ajeer-921	226	32	in	in	ADP
ajeer-921	226	33	the	the	DET
ajeer-921	226	34	commodity	commodity	NOUN
ajeer-921	226	35	of	of	ADP
ajeer-921	226	36	high	high	ADJ
ajeer-921	226	37	amount	amount	NOUN
ajeer-921	226	38	of	of	ADP
ajeer-921	226	39	cash	cash	NOUN
ajeer-921	226	40	and	and	CCONJ
ajeer-921	226	41	funds	fund	NOUN
ajeer-921	226	42	placed	place	VERB
ajeer-921	226	43	at	at	ADP
ajeer-921	226	44	account	account	NOUN
ajeer-921	226	45	in	in	ADP
ajeer-921	226	46	national	national	PROPN
ajeer-921	226	47	bank	bank	PROPN
ajeer-921	226	48	of	of	ADP
ajeer-921	226	49	the	the	DET
ajeer-921	226	50	republic	republic	NOUN
ajeer-921	226	51	of	of	ADP
ajeer-921	226	52	north	north	PROPN
ajeer-921	226	53	macedonia	macedonia	PROPN
ajeer-921	226	54	,	,	PUNCT
ajeer-921	226	55	simultaneously	simultaneously	ADV
ajeer-921	226	56	they	they	PRON
ajeer-921	226	57	аre	аre	VERB
ajeer-921	226	58	achieving	achieve	VERB
ajeer-921	226	59	a	a	DET
ajeer-921	226	60	relatively	relatively	ADV
ajeer-921	226	61	high	high	ADJ
ajeer-921	226	62	net	net	ADJ
ajeer-921	226	63	profits	profit	NOUN
ajeer-921	226	64	.	.	PUNCT
ajeer-921	227	1	on	on	ADP
ajeer-921	227	2	the	the	DET
ajeer-921	227	3	other	other	ADJ
ajeer-921	227	4	hand	hand	NOUN
ajeer-921	227	5	,	,	PUNCT
ajeer-921	227	6	only	only	ADV
ajeer-921	227	7	the	the	DET
ajeer-921	227	8	size	size	NOUN
ajeer-921	227	9	of	of	ADP
ajeer-921	227	10	the	the	DET
ajeer-921	227	11	bank	bank	NOUN
ajeer-921	227	12	is	be	AUX
ajeer-921	227	13	significantly	significantly	ADV
ajeer-921	227	14	inversely	inversely	ADV
ajeer-921	227	15	associated	associate	VERB
ajeer-921	227	16	with	with	ADP
ajeer-921	227	17	bank	bank	NOUN
ajeer-921	227	18	liquidity	liquidity	NOUN
ajeer-921	227	19	confirming	confirm	VERB
ajeer-921	227	20	that	that	SCONJ
ajeer-921	227	21	bigger	big	ADJ
ajeer-921	227	22	banks	bank	NOUN
ajeer-921	227	23	use	use	VERB
ajeer-921	227	24	more	more	ADV
ajeer-921	227	25	effective	effective	ADJ
ajeer-921	227	26	liquidity	liquidity	NOUN
ajeer-921	227	27	management	management	NOUN
ajeer-921	227	28	compared	compare	VERB
ajeer-921	227	29	to	to	ADP
ajeer-921	227	30	smaller	small	ADJ
ajeer-921	227	31	banks	bank	NOUN
ajeer-921	227	32	.	.	PUNCT
ajeer-921	228	1	we	we	PRON
ajeer-921	228	2	also	also	ADV
ajeer-921	228	3	found	find	VERB
ajeer-921	228	4	that	that	SCONJ
ajeer-921	228	5	capital	capital	NOUN
ajeer-921	228	6	adequacy	adequacy	NOUN
ajeer-921	228	7	and	and	CCONJ
ajeer-921	228	8	gdp	gdp	NOUN
ajeer-921	228	9	growth	growth	NOUN
ajeer-921	228	10	rate	rate	NOUN
ajeer-921	228	11	have	have	VERB
ajeer-921	228	12	no	no	DET
ajeer-921	228	13	statistically	statistically	ADV
ajeer-921	228	14	significant	significant	ADJ
ajeer-921	228	15	effect	effect	NOUN
ajeer-921	228	16	on	on	ADP
ajeer-921	228	17	the	the	DET
ajeer-921	228	18	liquidity	liquidity	NOUN
ajeer-921	228	19	of	of	ADP
ajeer-921	228	20	macedonian	macedonian	ADJ
ajeer-921	228	21	commercial	commercial	ADJ
ajeer-921	228	22	banks	bank	NOUN
ajeer-921	228	23	meaning	mean	VERB
ajeer-921	228	24	that	that	SCONJ
ajeer-921	228	25	macedonian	macedonian	ADJ
ajeer-921	228	26	banking	banking	NOUN
ajeer-921	228	27	sector	sector	NOUN
ajeer-921	228	28	displays	display	VERB
ajeer-921	228	29	small	small	ADJ
ajeer-921	228	30	sensitivity	sensitivity	NOUN
ajeer-921	228	31	to	to	ADP
ajeer-921	228	32	economic	economic	ADJ
ajeer-921	228	33	circle	circle	NOUN
ajeer-921	228	34	.	.	PUNCT
ajeer-921	229	1	this	this	PRON
ajeer-921	229	2	confirms	confirm	VERB
ajeer-921	229	3	the	the	DET
ajeer-921	229	4	relatively	relatively	ADV
ajeer-921	229	5	high	high	ADJ
ajeer-921	229	6	regulations	regulation	NOUN
ajeer-921	229	7	as	as	ADV
ajeer-921	229	8	well	well	ADV
ajeer-921	229	9	as	as	ADP
ajeer-921	229	10	the	the	DET
ajeer-921	229	11	conservative	conservative	ADJ
ajeer-921	229	12	nature	nature	NOUN
ajeer-921	229	13	of	of	ADP
ajeer-921	229	14	macedonian	macedonian	ADJ
ajeer-921	229	15	banks	bank	NOUN
ajeer-921	229	16	behavior	behavior	NOUN
ajeer-921	229	17	.	.	PUNCT
ajeer-921	230	1	references	reference	NOUN
ajeer-921	230	2	arellano	arellano	PROPN
ajeer-921	230	3	,	,	PUNCT
ajeer-921	230	4	m.	m.	NOUN
ajeer-921	230	5	and	and	CCONJ
ajeer-921	230	6	s.	s.	PROPN
ajeer-921	230	7	bond	bond	PROPN
ajeer-921	230	8	,	,	PUNCT
ajeer-921	230	9	1991	1991	NUM
ajeer-921	230	10	.	.	PUNCT
ajeer-921	231	1	some	some	DET
ajeer-921	231	2	tests	test	NOUN
ajeer-921	231	3	of	of	ADP
ajeer-921	231	4	specification	specification	NOUN
ajeer-921	231	5	for	for	ADP
ajeer-921	231	6	panel	panel	NOUN
ajeer-921	231	7	data	datum	NOUN
ajeer-921	231	8	:	:	PUNCT
ajeer-921	231	9	monte	monte	PROPN
ajeer-921	231	10	carlo	carlo	PROPN
ajeer-921	231	11	evidence	evidence	NOUN
ajeer-921	231	12	and	and	CCONJ
ajeer-921	231	13	an	an	DET
ajeer-921	231	14	application	application	NOUN
ajeer-921	231	15	to	to	ADP
ajeer-921	231	16	employment	employment	NOUN
ajeer-921	231	17	equations	equation	NOUN
ajeer-921	231	18	.	.	PUNCT
ajeer-921	232	1	the	the	DET
ajeer-921	232	2	review	review	NOUN
ajeer-921	232	3	of	of	ADP
ajeer-921	232	4	economic	economic	ADJ
ajeer-921	232	5	studies	study	NOUN
ajeer-921	232	6	,	,	PUNCT
ajeer-921	232	7	58(2	58(2	NUM
ajeer-921	232	8	):	):	PUNCT
ajeer-921	232	9	277-297.available	277-297.available	NUM
ajeer-921	232	10	at	at	ADP
ajeer-921	232	11	:	:	PUNCT
ajeer-921	232	12	ttps://doi.org/10.2307/2297968	ttps://doi.org/10.2307/2297968	X
ajeer-921	232	13	.	.	PUNCT
ajeer-921	233	1	arellano	arellano	PROPN
ajeer-921	233	2	,	,	PUNCT
ajeer-921	233	3	m.	m.	NOUN
ajeer-921	233	4	and	and	CCONJ
ajeer-921	233	5	o.	o.	PROPN
ajeer-921	233	6	bover	bover	PROPN
ajeer-921	233	7	,	,	PUNCT
ajeer-921	233	8	1995	1995	NUM
ajeer-921	233	9	.	.	PUNCT
ajeer-921	234	1	another	another	DET
ajeer-921	234	2	look	look	NOUN
ajeer-921	234	3	at	at	ADP
ajeer-921	234	4	the	the	DET
ajeer-921	234	5	instrumental	instrumental	ADJ
ajeer-921	234	6	variable	variable	ADJ
ajeer-921	234	7	estimation	estimation	NOUN
ajeer-921	234	8	of	of	ADP
ajeer-921	234	9	error	error	NOUN
ajeer-921	234	10	-	-	PUNCT
ajeer-921	234	11	components	component	NOUN
ajeer-921	234	12	models	model	NOUN
ajeer-921	234	13	.	.	PUNCT
ajeer-921	235	1	journal	journal	NOUN
ajeer-921	235	2	of	of	ADP
ajeer-921	235	3	econometrics	econometric	NOUN
ajeer-921	235	4	,	,	PUNCT
ajeer-921	235	5	68(1	68(1	NOUN
ajeer-921	235	6	):	):	PUNCT
ajeer-921	235	7	29-51.available	29-51.available	ADJ
ajeer-921	235	8	at	at	ADP
ajeer-921	235	9	:	:	PUNCT
ajeer-921	235	10	https://doi.org/10.1016/0304-4076(94)01642-d	https://doi.org/10.1016/0304-4076(94)01642-d	PROPN
ajeer-921	235	11	.	.	PROPN
ajeer-921	235	12	barth	barth	PROPN
ajeer-921	235	13	,	,	PUNCT
ajeer-921	235	14	j.r	j.r	PROPN
ajeer-921	235	15	.	.	PROPN
ajeer-921	235	16	,	,	PUNCT
ajeer-921	235	17	d.e	d.e	PROPN
ajeer-921	235	18	.	.	PROPN
ajeer-921	235	19	nolle	nolle	PROPN
ajeer-921	235	20	,	,	PUNCT
ajeer-921	235	21	t.	t.	NOUN
ajeer-921	235	22	phumiwasana	phumiwasana	PROPN
ajeer-921	235	23	and	and	CCONJ
ajeer-921	235	24	g.	g.	PROPN
ajeer-921	235	25	yago	yago	PROPN
ajeer-921	235	26	,	,	PUNCT
ajeer-921	235	27	2003	2003	NUM
ajeer-921	235	28	.	.	PUNCT
ajeer-921	236	1	a	a	DET
ajeer-921	236	2	cross	cross	ADJ
ajeer-921	236	3	-	-	ADJ
ajeer-921	236	4	country	country	ADJ
ajeer-921	236	5	analysis	analysis	NOUN
ajeer-921	236	6	of	of	ADP
ajeer-921	236	7	the	the	DET
ajeer-921	236	8	bank	bank	NOUN
ajeer-921	236	9	supervisory	supervisory	ADJ
ajeer-921	236	10	framework	framework	NOUN
ajeer-921	236	11	and	and	CCONJ
ajeer-921	236	12	bank	bank	NOUN
ajeer-921	236	13	performance	performance	NOUN
ajeer-921	236	14	.	.	PUNCT
ajeer-921	237	1	financial	financial	ADJ
ajeer-921	237	2	markets	market	NOUN
ajeer-921	237	3	,	,	PUNCT
ajeer-921	237	4	institutions	institution	NOUN
ajeer-921	237	5	&	&	CCONJ
ajeer-921	237	6	instruments	instrument	NOUN
ajeer-921	237	7	,	,	PUNCT
ajeer-921	237	8	12(2	12(2	NUM
ajeer-921	237	9	):	):	PUNCT
ajeer-921	237	10	67-120.available	67-120.available	ADJ
ajeer-921	237	11	at	at	ADP
ajeer-921	237	12	:	:	PUNCT
ajeer-921	237	13	https://doi.org/10.1111/1468-0416.t01-200001	https://doi.org/10.1111/1468-0416.t01-200001	PROPN
ajeer-921	237	14	.	.	PUNCT
ajeer-921	238	1	basel	basel	PROPN
ajeer-921	238	2	committee	committee	PROPN
ajeer-921	238	3	,	,	PUNCT
ajeer-921	238	4	2008	2008	NUM
ajeer-921	238	5	.	.	PUNCT
ajeer-921	239	1	principles	principle	NOUN
ajeer-921	239	2	for	for	ADP
ajeer-921	239	3	sound	sound	ADJ
ajeer-921	239	4	liquidity	liquidity	NOUN
ajeer-921	239	5	risk	risk	NOUN
ajeer-921	239	6	management	management	NOUN
ajeer-921	239	7	and	and	CCONJ
ajeer-921	239	8	supervision	supervision	NOUN
ajeer-921	239	9	.	.	PUNCT
ajeer-921	240	1	basel	basel	PROPN
ajeer-921	240	2	:	:	PUNCT
ajeer-921	240	3	bis	bis	PROPN
ajeer-921	240	4	.	.	PUNCT
ajeer-921	241	1	berger	berger	PROPN
ajeer-921	241	2	,	,	PUNCT
ajeer-921	241	3	a.n	a.n	PROPN
ajeer-921	241	4	.	.	PROPN
ajeer-921	241	5	and	and	CCONJ
ajeer-921	241	6	c.h	c.h	PROPN
ajeer-921	241	7	.	.	PROPN
ajeer-921	241	8	bouwman	bouwman	PROPN
ajeer-921	241	9	,	,	PUNCT
ajeer-921	241	10	2009	2009	NUM
ajeer-921	241	11	.	.	PUNCT
ajeer-921	242	1	bank	bank	NOUN
ajeer-921	242	2	liquidity	liquidity	NOUN
ajeer-921	242	3	creation	creation	NOUN
ajeer-921	242	4	.	.	PUNCT
ajeer-921	243	1	the	the	DET
ajeer-921	243	2	review	review	NOUN
ajeer-921	243	3	of	of	ADP
ajeer-921	243	4	financial	financial	ADJ
ajeer-921	243	5	studies	study	NOUN
ajeer-921	243	6	,	,	PUNCT
ajeer-921	243	7	22(9	22(9	NUM
ajeer-921	243	8	):	):	PUNCT
ajeer-921	243	9	3779	3779	NUM
ajeer-921	243	10	-	-	SYM
ajeer-921	243	11	3837	3837	NUM
ajeer-921	243	12	.	.	PUNCT
ajeer-921	244	1	bernanke	bernanke	PROPN
ajeer-921	244	2	,	,	PUNCT
ajeer-921	244	3	b.s	b.s	PROPN
ajeer-921	244	4	.	.	PROPN
ajeer-921	244	5	,	,	PUNCT
ajeer-921	244	6	2008	2008	NUM
ajeer-921	244	7	.	.	PUNCT
ajeer-921	245	1	liquidity	liquidity	NOUN
ajeer-921	245	2	provision	provision	NOUN
ajeer-921	245	3	by	by	ADP
ajeer-921	245	4	the	the	DET
ajeer-921	245	5	federal	federal	PROPN
ajeer-921	245	6	reserve	reserve	PROPN
ajeer-921	245	7	:	:	PUNCT
ajeer-921	245	8	a	a	DET
ajeer-921	245	9	speech	speech	NOUN
ajeer-921	245	10	at	at	ADP
ajeer-921	245	11	the	the	DET
ajeer-921	245	12	risk	risk	NOUN
ajeer-921	245	13	transfer	transfer	NOUN
ajeer-921	245	14	mechanisms	mechanism	NOUN
ajeer-921	245	15	and	and	CCONJ
ajeer-921	245	16	financial	financial	ADJ
ajeer-921	245	17	stability	stability	NOUN
ajeer-921	245	18	workshop	workshop	NOUN
ajeer-921	245	19	.	.	PUNCT
ajeer-921	246	1	basel	basel	PROPN
ajeer-921	246	2	,	,	PUNCT
ajeer-921	246	3	switzerland	switzerland	PROPN
ajeer-921	246	4	(	(	PUNCT
ajeer-921	246	5	via	via	ADP
ajeer-921	246	6	videoconference	videoconference	NOUN
ajeer-921	246	7	)	)	PUNCT
ajeer-921	246	8	,	,	PUNCT
ajeer-921	246	9	may	may	AUX
ajeer-921	246	10	29	29	NUM
ajeer-921	246	11	,	,	PUNCT
ajeer-921	246	12	2008	2008	NUM
ajeer-921	246	13	,	,	PUNCT
ajeer-921	246	14	speech	speech	NOUN
ajeer-921	246	15	406	406	NUM
ajeer-921	246	16	,	,	PUNCT
ajeer-921	246	17	board	board	NOUN
ajeer-921	246	18	of	of	ADP
ajeer-921	246	19	governers	governer	NOUN
ajeer-921	246	20	of	of	ADP
ajeer-921	246	21	the	the	DET
ajeer-921	246	22	federal	federal	PROPN
ajeer-921	246	23	reserve	reserve	PROPN
ajeer-921	246	24	system	system	NOUN
ajeer-921	246	25	(	(	PUNCT
ajeer-921	246	26	u.s	u.s	PROPN
ajeer-921	246	27	)	)	PUNCT
ajeer-921	246	28	.	.	PUNCT
ajeer-921	247	1	blundell	blundell	PROPN
ajeer-921	247	2	,	,	PUNCT
ajeer-921	247	3	r.	r.	PROPN
ajeer-921	247	4	and	and	CCONJ
ajeer-921	247	5	s.	s.	PROPN
ajeer-921	247	6	bond	bond	PROPN
ajeer-921	247	7	,	,	PUNCT
ajeer-921	247	8	1998	1998	NUM
ajeer-921	247	9	.	.	PUNCT
ajeer-921	248	1	initial	initial	ADJ
ajeer-921	248	2	conditions	condition	NOUN
ajeer-921	248	3	and	and	CCONJ
ajeer-921	248	4	moment	moment	VERB
ajeer-921	248	5	restrictions	restriction	NOUN
ajeer-921	248	6	in	in	ADP
ajeer-921	248	7	dynamic	dynamic	ADJ
ajeer-921	248	8	panel	panel	NOUN
ajeer-921	248	9	data	datum	NOUN
ajeer-921	248	10	models	model	NOUN
ajeer-921	248	11	.	.	PUNCT
ajeer-921	249	1	journal	journal	NOUN
ajeer-921	249	2	of	of	ADP
ajeer-921	249	3	econometrics	econometric	NOUN
ajeer-921	249	4	,	,	PUNCT
ajeer-921	249	5	87(1	87(1	NUM
ajeer-921	249	6	):	):	PUNCT
ajeer-921	249	7	115-143.available	115-143.available	NUM
ajeer-921	249	8	at	at	ADP
ajeer-921	249	9	:	:	PUNCT
ajeer-921	249	10	https://doi.org/10.1016/s0304-4076(98)00009-8	https://doi.org/10.1016/s0304-4076(98)00009-8	NOUN
ajeer-921	249	11	.	.	PUNCT
ajeer-921	250	1	bond	bond	NOUN
ajeer-921	250	2	,	,	PUNCT
ajeer-921	250	3	s.r	s.r	PROPN
ajeer-921	250	4	.	.	PROPN
ajeer-921	250	5	,	,	PUNCT
ajeer-921	250	6	2002	2002	NUM
ajeer-921	250	7	.	.	PUNCT
ajeer-921	251	1	dynamic	dynamic	ADJ
ajeer-921	251	2	panel	panel	NOUN
ajeer-921	251	3	data	datum	NOUN
ajeer-921	251	4	models	model	NOUN
ajeer-921	251	5	:	:	PUNCT
ajeer-921	251	6	a	a	DET
ajeer-921	251	7	guide	guide	NOUN
ajeer-921	251	8	to	to	ADP
ajeer-921	251	9	micro	micro	ADJ
ajeer-921	251	10	data	datum	NOUN
ajeer-921	251	11	methods	method	NOUN
ajeer-921	251	12	and	and	CCONJ
ajeer-921	251	13	practice	practice	NOUN
ajeer-921	251	14	.	.	PUNCT
ajeer-921	252	1	portuguese	portuguese	ADJ
ajeer-921	252	2	economic	economic	PROPN
ajeer-921	252	3	journal	journal	PROPN
ajeer-921	252	4	,	,	PUNCT
ajeer-921	252	5	1(2	1(2	NUM
ajeer-921	252	6	):	):	PUNCT
ajeer-921	252	7	141162.available	141162.available	ADJ
ajeer-921	252	8	at	at	ADP
ajeer-921	252	9	:	:	PUNCT
ajeer-921	252	10	https://doi.org/10.1007/s10258-002-0009-9	https://doi.org/10.1007/s10258-002-0009-9	NUM
ajeer-921	252	11	.	.	PUNCT
ajeer-921	253	1	bourke	bourke	PROPN
ajeer-921	253	2	,	,	PUNCT
ajeer-921	253	3	p.	p.	PROPN
ajeer-921	253	4	,	,	PUNCT
ajeer-921	253	5	1989	1989	NUM
ajeer-921	253	6	.	.	PUNCT
ajeer-921	254	1	concentration	concentration	NOUN
ajeer-921	254	2	and	and	CCONJ
ajeer-921	254	3	other	other	ADJ
ajeer-921	254	4	determinants	determinant	NOUN
ajeer-921	254	5	of	of	ADP
ajeer-921	254	6	bank	bank	NOUN
ajeer-921	254	7	profitability	profitability	NOUN
ajeer-921	254	8	in	in	ADP
ajeer-921	254	9	europe	europe	PROPN
ajeer-921	254	10	,	,	PUNCT
ajeer-921	254	11	north	north	PROPN
ajeer-921	254	12	america	america	PROPN
ajeer-921	254	13	and	and	CCONJ
ajeer-921	254	14	australia	australia	PROPN
ajeer-921	254	15	.	.	PUNCT
ajeer-921	255	1	journal	journal	PROPN
ajeer-921	255	2	of	of	ADP
ajeer-921	255	3	banking	banking	NOUN
ajeer-921	255	4	&	&	CCONJ
ajeer-921	255	5	finance	finance	PROPN
ajeer-921	255	6	,	,	PUNCT
ajeer-921	255	7	13(1	13(1	NUM
ajeer-921	255	8	):	):	PUNCT
ajeer-921	255	9	65-79.available	65-79.available	ADJ
ajeer-921	255	10	at	at	ADP
ajeer-921	255	11	:	:	PUNCT
ajeer-921	255	12	https://doi.org/10.1016/0378-4266(89)90020-4	https://doi.org/10.1016/0378-4266(89)90020-4	PROPN
ajeer-921	255	13	.	.	PROPN
ajeer-921	255	14	guru	guru	PROPN
ajeer-921	255	15	,	,	PUNCT
ajeer-921	255	16	b.	b.	PROPN
ajeer-921	255	17	,	,	PUNCT
ajeer-921	255	18	j.	j.	PROPN
ajeer-921	255	19	statunton	statunton	PROPN
ajeer-921	255	20	and	and	CCONJ
ajeer-921	255	21	b.	b.	PROPN
ajeer-921	255	22	balashanmugam	balashanmugam	PROPN
ajeer-921	255	23	,	,	PUNCT
ajeer-921	255	24	1999	1999	NUM
ajeer-921	255	25	.	.	PUNCT
ajeer-921	256	1	determinants	determinant	NOUN
ajeer-921	256	2	of	of	ADP
ajeer-921	256	3	commercial	commercial	ADJ
ajeer-921	256	4	bank	bank	NOUN
ajeer-921	256	5	profitability	profitability	NOUN
ajeer-921	256	6	in	in	ADP
ajeer-921	256	7	malaysia	malaysia	PROPN
ajeer-921	256	8	.	.	PUNCT
ajeer-921	257	1	paper	paper	PROPN
ajeer-921	257	2	presented	present	VERB
ajeer-921	257	3	at	at	ADP
ajeer-921	257	4	the	the	DET
ajeer-921	257	5	proceedings	proceeding	NOUN
ajeer-921	257	6	of	of	ADP
ajeer-921	257	7	the	the	DET
ajeer-921	257	8	12th	12th	ADJ
ajeer-921	257	9	annual	annual	ADJ
ajeer-921	257	10	australian	australian	ADJ
ajeer-921	257	11	fnance	fnance	NOUN
ajeer-921	257	12	and	and	CCONJ
ajeer-921	257	13	banking	banking	NOUN
ajeer-921	257	14	conference	conference	NOUN
ajeer-921	257	15	.	.	PUNCT
ajeer-921	258	1	sydney	sydney	PROPN
ajeer-921	258	2	,	,	PUNCT
ajeer-921	258	3	australia	australia	PROPN
ajeer-921	258	4	.	.	PUNCT
ajeer-921	259	1	hasanovic	hasanovic	PROPN
ajeer-921	259	2	,	,	PUNCT
ajeer-921	259	3	e.	e.	PROPN
ajeer-921	259	4	and	and	CCONJ
ajeer-921	259	5	t.	t.	PROPN
ajeer-921	259	6	latic	latic	PROPN
ajeer-921	259	7	,	,	PUNCT
ajeer-921	259	8	2017	2017	NUM
ajeer-921	259	9	.	.	PUNCT
ajeer-921	260	1	the	the	DET
ajeer-921	260	2	determinants	determinant	NOUN
ajeer-921	260	3	of	of	ADP
ajeer-921	260	4	excess	excess	ADJ
ajeer-921	260	5	liquidity	liquidity	NOUN
ajeer-921	260	6	in	in	ADP
ajeer-921	260	7	the	the	DET
ajeer-921	260	8	banking	banking	NOUN
ajeer-921	260	9	sector	sector	NOUN
ajeer-921	260	10	of	of	ADP
ajeer-921	260	11	bosina	bosina	PROPN
ajeer-921	260	12	and	and	CCONJ
ajeer-921	260	13	herzegovina	herzegovina	PROPN
ajeer-921	260	14	.	.	PUNCT
ajeer-921	261	1	iheid	iheid	PROPN
ajeer-921	261	2	working	work	VERB
ajeer-921	261	3	papers	paper	NOUN
ajeer-921	261	4	no.11	no.11	NOUN
ajeer-921	261	5	.	.	PUNCT
ajeer-921	262	1	horváth	horváth	PROPN
ajeer-921	262	2	,	,	PUNCT
ajeer-921	262	3	r.	r.	PROPN
ajeer-921	262	4	,	,	PUNCT
ajeer-921	262	5	j.	j.	PROPN
ajeer-921	262	6	seidler	seidler	PROPN
ajeer-921	262	7	and	and	CCONJ
ajeer-921	262	8	l.	l.	PROPN
ajeer-921	262	9	weill	weill	PROPN
ajeer-921	262	10	,	,	PUNCT
ajeer-921	262	11	2014	2014	NUM
ajeer-921	262	12	.	.	PUNCT
ajeer-921	263	1	bank	bank	NOUN
ajeer-921	263	2	capital	capital	NOUN
ajeer-921	263	3	and	and	CCONJ
ajeer-921	263	4	liquidity	liquidity	NOUN
ajeer-921	263	5	creation	creation	NOUN
ajeer-921	263	6	:	:	PUNCT
ajeer-921	263	7	granger	granger	NOUN
ajeer-921	263	8	-	-	PUNCT
ajeer-921	263	9	causality	causality	NOUN
ajeer-921	263	10	evidence	evidence	NOUN
ajeer-921	263	11	.	.	PUNCT
ajeer-921	264	1	journal	journal	NOUN
ajeer-921	264	2	of	of	ADP
ajeer-921	264	3	financial	financial	ADJ
ajeer-921	264	4	services	service	NOUN
ajeer-921	264	5	research	research	NOUN
ajeer-921	264	6	,	,	PUNCT
ajeer-921	264	7	45(3	45(3	NUM
ajeer-921	264	8	):	):	PUNCT
ajeer-921	264	9	341-361.available	341-361.available	NUM
ajeer-921	264	10	at	at	ADP
ajeer-921	264	11	:	:	PUNCT
ajeer-921	264	12	https://doi.org/10.1007/s10693-013-0164-4	https://doi.org/10.1007/s10693-013-0164-4	PROPN
ajeer-921	264	13	.	.	PUNCT
ajeer-921	265	1	kennedy	kennedy	PROPN
ajeer-921	265	2	,	,	PUNCT
ajeer-921	265	3	p.	p.	PROPN
ajeer-921	265	4	,	,	PUNCT
ajeer-921	265	5	1985	1985	NUM
ajeer-921	265	6	.	.	PUNCT
ajeer-921	266	1	a	a	DET
ajeer-921	266	2	guide	guide	NOUN
ajeer-921	266	3	to	to	ADP
ajeer-921	266	4	econometrics	econometric	NOUN
ajeer-921	266	5	.	.	PUNCT
ajeer-921	267	1	cambridge	cambridge	PROPN
ajeer-921	267	2	:	:	PUNCT
ajeer-921	267	3	mit	mit	PROPN
ajeer-921	267	4	press	press	NOUN
ajeer-921	267	5	.	.	PUNCT
ajeer-921	268	1	lartey	lartey	PROPN
ajeer-921	268	2	,	,	PUNCT
ajeer-921	268	3	v.c	v.c	PROPN
ajeer-921	268	4	.	.	PROPN
ajeer-921	268	5	,	,	PUNCT
ajeer-921	268	6	s.	s.	PROPN
ajeer-921	268	7	antwi	antwi	PROPN
ajeer-921	268	8	and	and	CCONJ
ajeer-921	268	9	e.k	e.k	PROPN
ajeer-921	268	10	.	.	PROPN
ajeer-921	268	11	boadi	boadi	NOUN
ajeer-921	268	12	,	,	PUNCT
ajeer-921	268	13	2013	2013	NUM
ajeer-921	268	14	.	.	PUNCT
ajeer-921	269	1	the	the	DET
ajeer-921	269	2	relationship	relationship	NOUN
ajeer-921	269	3	between	between	ADP
ajeer-921	269	4	liquidity	liquidity	NOUN
ajeer-921	269	5	and	and	CCONJ
ajeer-921	269	6	profitability	profitability	NOUN
ajeer-921	269	7	of	of	ADP
ajeer-921	269	8	listed	list	VERB
ajeer-921	269	9	banks	bank	NOUN
ajeer-921	269	10	in	in	ADP
ajeer-921	269	11	ghana	ghana	PROPN
ajeer-921	269	12	.	.	PUNCT
ajeer-921	270	1	international	international	ADJ
ajeer-921	270	2	journal	journal	PROPN
ajeer-921	270	3	of	of	ADP
ajeer-921	270	4	business	business	NOUN
ajeer-921	270	5	and	and	CCONJ
ajeer-921	270	6	social	social	ADJ
ajeer-921	270	7	science	science	NOUN
ajeer-921	270	8	,	,	PUNCT
ajeer-921	270	9	4(3	4(3	NUM
ajeer-921	270	10	):	):	PUNCT
ajeer-921	270	11	48	48	NUM
ajeer-921	270	12	-	-	SYM
ajeer-921	270	13	56	56	NUM
ajeer-921	270	14	.	.	PUNCT
ajeer-921	271	1	asian	asian	ADJ
ajeer-921	271	2	journal	journal	PROPN
ajeer-921	271	3	of	of	ADP
ajeer-921	271	4	economics	economic	NOUN
ajeer-921	271	5	and	and	CCONJ
ajeer-921	271	6	empirical	empirical	ADJ
ajeer-921	271	7	research	research	NOUN
ajeer-921	271	8	,	,	PUNCT
ajeer-921	271	9	2019	2019	NUM
ajeer-921	271	10	,	,	PUNCT
ajeer-921	271	11	6(1	6(1	NUM
ajeer-921	271	12	):	):	PUNCT
ajeer-921	271	13	85	85	NUM
ajeer-921	271	14	-	-	SYM
ajeer-921	271	15	92	92	NUM
ajeer-921	271	16	92	92	NUM
ajeer-921	271	17	©	©	PROPN
ajeer-921	271	18	2019	2019	NUM
ajeer-921	271	19	by	by	ADP
ajeer-921	271	20	the	the	DET
ajeer-921	271	21	authors	author	NOUN
ajeer-921	271	22	;	;	PUNCT
ajeer-921	271	23	licensee	licensee	PROPN
ajeer-921	271	24	asian	asian	ADJ
ajeer-921	271	25	online	online	PROPN
ajeer-921	271	26	journal	journal	PROPN
ajeer-921	271	27	publishing	publishing	PROPN
ajeer-921	271	28	group	group	PROPN
ajeer-921	271	29	molyneux	molyneux	PROPN
ajeer-921	271	30	,	,	PUNCT
ajeer-921	271	31	p.	p.	PROPN
ajeer-921	271	32	and	and	CCONJ
ajeer-921	271	33	j.	j.	PROPN
ajeer-921	271	34	thornton	thornton	PROPN
ajeer-921	271	35	,	,	PUNCT
ajeer-921	271	36	1992	1992	NUM
ajeer-921	271	37	.	.	PUNCT
ajeer-921	272	1	determinants	determinant	NOUN
ajeer-921	272	2	of	of	ADP
ajeer-921	272	3	european	european	PROPN
ajeer-921	272	4	bank	bank	PROPN
ajeer-921	272	5	profitability	profitability	NOUN
ajeer-921	272	6	:	:	PUNCT
ajeer-921	272	7	a	a	DET
ajeer-921	272	8	note	note	NOUN
ajeer-921	272	9	.	.	PUNCT
ajeer-921	273	1	journal	journal	NOUN
ajeer-921	273	2	of	of	ADP
ajeer-921	273	3	banking	banking	NOUN
ajeer-921	273	4	&	&	CCONJ
ajeer-921	273	5	finance	finance	PROPN
ajeer-921	273	6	,	,	PUNCT
ajeer-921	273	7	16(6	16(6	NUM
ajeer-921	273	8	):	):	PUNCT
ajeer-921	273	9	11731178.available	11731178.available	ADJ
ajeer-921	273	10	at	at	ADP
ajeer-921	273	11	:	:	PUNCT
ajeer-921	273	12	https://doi.org/10.1016/0378-4266(92)90065-8	https://doi.org/10.1016/0378-4266(92)90065-8	X
ajeer-921	273	13	.	.	PUNCT
ajeer-921	274	1	munteanu	munteanu	PROPN
ajeer-921	274	2	,	,	PUNCT
ajeer-921	274	3	i.	i.	NOUN
ajeer-921	274	4	,	,	PUNCT
ajeer-921	274	5	2012	2012	NUM
ajeer-921	274	6	.	.	PUNCT
ajeer-921	275	1	bank	bank	NOUN
ajeer-921	275	2	liquidity	liquidity	NOUN
ajeer-921	275	3	and	and	CCONJ
ajeer-921	275	4	its	its	PRON
ajeer-921	275	5	determinants	determinant	NOUN
ajeer-921	275	6	in	in	ADP
ajeer-921	275	7	romania	romania	PROPN
ajeer-921	275	8	.	.	PUNCT
ajeer-921	276	1	procedia	procedia	NOUN
ajeer-921	276	2	economics	economic	NOUN
ajeer-921	276	3	and	and	CCONJ
ajeer-921	276	4	finance	finance	NOUN
ajeer-921	276	5	,	,	PUNCT
ajeer-921	276	6	3	3	NUM
ajeer-921	276	7	:	:	SYM
ajeer-921	276	8	993-998.available	993-998.available	NUM
ajeer-921	276	9	at	at	ADP
ajeer-921	276	10	:	:	PUNCT
ajeer-921	276	11	https://doi.org/10.1016/s2212-5671(12)00263-8	https://doi.org/10.1016/s2212-5671(12)00263-8	NOUN
ajeer-921	276	12	.	.	PUNCT
ajeer-921	277	1	olagunju	olagunju	PROPN
ajeer-921	277	2	,	,	PUNCT
ajeer-921	277	3	a.	a.	PROPN
ajeer-921	277	4	,	,	PUNCT
ajeer-921	277	5	a.	a.	PROPN
ajeer-921	277	6	david	david	PROPN
ajeer-921	277	7	and	and	CCONJ
ajeer-921	277	8	o.o	o.o	PROPN
ajeer-921	277	9	.	.	PROPN
ajeer-921	277	10	samuel	samuel	PROPN
ajeer-921	277	11	,	,	PUNCT
ajeer-921	277	12	2011	2011	NUM
ajeer-921	277	13	.	.	PUNCT
ajeer-921	278	1	liquidity	liquidity	NOUN
ajeer-921	278	2	management	management	NOUN
ajeer-921	278	3	and	and	CCONJ
ajeer-921	278	4	commercial	commercial	ADJ
ajeer-921	278	5	banks	bank	NOUN
ajeer-921	278	6	'	'	PART
ajeer-921	278	7	profitability	profitability	NOUN
ajeer-921	278	8	in	in	ADP
ajeer-921	278	9	nigeria	nigeria	PROPN
ajeer-921	278	10	.	.	PUNCT
ajeer-921	279	1	research	research	NOUN
ajeer-921	279	2	journal	journal	PROPN
ajeer-921	279	3	of	of	ADP
ajeer-921	279	4	finance	finance	NOUN
ajeer-921	279	5	and	and	CCONJ
ajeer-921	279	6	accounting	accounting	NOUN
ajeer-921	279	7	,	,	PUNCT
ajeer-921	279	8	2(7/8	2(7/8	NUM
ajeer-921	279	9	):	):	PUNCT
ajeer-921	279	10	24	24	NUM
ajeer-921	279	11	-	-	SYM
ajeer-921	279	12	38	38	NUM
ajeer-921	279	13	.	.	PUNCT
ajeer-921	280	1	roman	roman	PROPN
ajeer-921	280	2	,	,	PUNCT
ajeer-921	280	3	a.	a.	NOUN
ajeer-921	280	4	and	and	CCONJ
ajeer-921	280	5	a.c	a.c	PROPN
ajeer-921	280	6	.	.	PROPN
ajeer-921	280	7	sargu	sargu	PROPN
ajeer-921	280	8	,	,	PUNCT
ajeer-921	280	9	2015	2015	NUM
ajeer-921	280	10	.	.	PUNCT
ajeer-921	281	1	the	the	DET
ajeer-921	281	2	impact	impact	NOUN
ajeer-921	281	3	of	of	ADP
ajeer-921	281	4	bank	bank	NOUN
ajeer-921	281	5	-	-	PUNCT
ajeer-921	281	6	specific	specific	ADJ
ajeer-921	281	7	factors	factor	NOUN
ajeer-921	281	8	on	on	ADP
ajeer-921	281	9	the	the	DET
ajeer-921	281	10	commercial	commercial	ADJ
ajeer-921	281	11	banks	bank	NOUN
ajeer-921	281	12	liquidity	liquidity	NOUN
ajeer-921	281	13	:	:	PUNCT
ajeer-921	281	14	empirical	empirical	ADJ
ajeer-921	281	15	evidence	evidence	NOUN
ajeer-921	281	16	from	from	ADP
ajeer-921	281	17	cee	cee	NOUN
ajeer-921	281	18	countries	country	NOUN
ajeer-921	281	19	.	.	PUNCT
ajeer-921	282	1	procedia	procedia	ADJ
ajeer-921	282	2	economics	economic	NOUN
ajeer-921	282	3	and	and	CCONJ
ajeer-921	282	4	finance	finance	NOUN
ajeer-921	282	5	,	,	PUNCT
ajeer-921	282	6	20	20	NUM
ajeer-921	282	7	:	:	SYM
ajeer-921	282	8	571-579.available	571-579.available	NUM
ajeer-921	282	9	at	at	ADP
ajeer-921	282	10	:	:	PUNCT
ajeer-921	282	11	https://doi.org/10.1016/s2212-5671(15)00110-0	https://doi.org/10.1016/s2212-5671(15)00110-0	ADJ
ajeer-921	282	12	.	.	PUNCT
ajeer-921	283	1	roodman	roodman	PROPN
ajeer-921	283	2	,	,	PUNCT
ajeer-921	283	3	d.	d.	PROPN
ajeer-921	283	4	,	,	PUNCT
ajeer-921	283	5	2006	2006	NUM
ajeer-921	283	6	.	.	PUNCT
ajeer-921	284	1	how	how	SCONJ
ajeer-921	284	2	to	to	PART
ajeer-921	284	3	do	do	VERB
ajeer-921	284	4	xtabond2	xtabond2	NOUN
ajeer-921	284	5	:	:	PUNCT
ajeer-921	284	6	inroduction	inroduction	NOUN
ajeer-921	284	7	to	to	ADP
ajeer-921	284	8	"	"	PUNCT
ajeer-921	284	9	difference	difference	NOUN
ajeer-921	284	10	"	"	PUNCT
ajeer-921	284	11	and	and	CCONJ
ajeer-921	284	12	"	"	PUNCT
ajeer-921	284	13	system	system	NOUN
ajeer-921	284	14	"	"	PUNCT
ajeer-921	284	15	gmm	gmm	PROPN
ajeer-921	284	16	in	in	ADP
ajeer-921	284	17	stata	stata	PROPN
ajeer-921	284	18	.	.	PUNCT
ajeer-921	285	1	center	center	VERB
ajeer-921	285	2	for	for	ADP
ajeer-921	285	3	global	global	ADJ
ajeer-921	285	4	development	development	NOUN
ajeer-921	285	5	,	,	PUNCT
ajeer-921	285	6	working	working	NOUN
ajeer-921	285	7	paper	paper	NOUN
ajeer-921	285	8	no.103	no.103	PROPN
ajeer-921	285	9	.	.	PROPN
ajeer-921	285	10	singh	singh	PROPN
ajeer-921	285	11	,	,	PUNCT
ajeer-921	285	12	a.	a.	NOUN
ajeer-921	285	13	and	and	CCONJ
ajeer-921	285	14	a.k	a.k	PROPN
ajeer-921	285	15	.	.	PROPN
ajeer-921	285	16	sharma	sharma	PROPN
ajeer-921	285	17	,	,	PUNCT
ajeer-921	285	18	2016	2016	NUM
ajeer-921	285	19	.	.	PUNCT
ajeer-921	286	1	an	an	DET
ajeer-921	286	2	empirical	empirical	ADJ
ajeer-921	286	3	analysis	analysis	NOUN
ajeer-921	286	4	of	of	ADP
ajeer-921	286	5	macroeconomic	macroeconomic	ADJ
ajeer-921	286	6	and	and	CCONJ
ajeer-921	286	7	bank	bank	NOUN
ajeer-921	286	8	-	-	PUNCT
ajeer-921	286	9	specific	specific	ADJ
ajeer-921	286	10	factors	factor	NOUN
ajeer-921	286	11	affecting	affect	VERB
ajeer-921	286	12	liquidity	liquidity	NOUN
ajeer-921	286	13	of	of	ADP
ajeer-921	286	14	indian	indian	ADJ
ajeer-921	286	15	banks	bank	NOUN
ajeer-921	286	16	.	.	PUNCT
ajeer-921	287	1	future	future	ADJ
ajeer-921	287	2	business	business	NOUN
ajeer-921	287	3	journal	journal	NOUN
ajeer-921	287	4	,	,	PUNCT
ajeer-921	287	5	2(1	2(1	NUM
ajeer-921	287	6	):	):	PUNCT
ajeer-921	287	7	40-53.available	40-53.available	ADJ
ajeer-921	287	8	at	at	ADP
ajeer-921	287	9	:	:	PUNCT
ajeer-921	287	10	https://doi.org/10.1016/j.fbj.2016.01.001	https://doi.org/10.1016/j.fbj.2016.01.001	PROPN
ajeer-921	287	11	.	.	PROPN
ajeer-921	287	12	trenca	trenca	PROPN
ajeer-921	287	13	,	,	PUNCT
ajeer-921	287	14	i.	i.	PROPN
ajeer-921	287	15	,	,	PUNCT
ajeer-921	287	16	n.	n.	PROPN
ajeer-921	287	17	petria	petria	PROPN
ajeer-921	287	18	,	,	PUNCT
ajeer-921	287	19	s.	s.	PROPN
ajeer-921	287	20	mutu	mutu	PROPN
ajeer-921	287	21	and	and	CCONJ
ajeer-921	287	22	e.	e.	PROPN
ajeer-921	287	23	corovei	corovei	PROPN
ajeer-921	287	24	,	,	PUNCT
ajeer-921	287	25	2012	2012	NUM
ajeer-921	287	26	.	.	PUNCT
ajeer-921	288	1	evaluating	evaluate	VERB
ajeer-921	288	2	the	the	DET
ajeer-921	288	3	liquidity	liquidity	NOUN
ajeer-921	288	4	determinants	determinant	NOUN
ajeer-921	288	5	in	in	ADP
ajeer-921	288	6	the	the	DET
ajeer-921	288	7	central	central	ADJ
ajeer-921	288	8	and	and	CCONJ
ajeer-921	288	9	eastern	eastern	ADJ
ajeer-921	288	10	european	european	ADJ
ajeer-921	288	11	banking	banking	NOUN
ajeer-921	288	12	system	system	NOUN
ajeer-921	288	13	.	.	PUNCT
ajeer-921	289	1	finance	finance	NOUN
ajeer-921	289	2	–	–	PUNCT
ajeer-921	289	3	challenges	challenge	NOUN
ajeer-921	289	4	of	of	ADP
ajeer-921	289	5	the	the	DET
ajeer-921	289	6	future	future	NOUN
ajeer-921	289	7	,	,	PUNCT
ajeer-921	289	8	12(14	12(14	NUM
ajeer-921	289	9	):	):	PUNCT
ajeer-921	289	10	85	85	NUM
ajeer-921	289	11	-	-	SYM
ajeer-921	289	12	90	90	NUM
ajeer-921	289	13	.	.	PUNCT
ajeer-921	290	1	vodova	vodova	PROPN
ajeer-921	290	2	,	,	PUNCT
ajeer-921	290	3	p.	p.	NOUN
ajeer-921	290	4	,	,	PUNCT
ajeer-921	290	5	2011	2011	NUM
ajeer-921	290	6	.	.	PUNCT
ajeer-921	291	1	liquidity	liquidity	NOUN
ajeer-921	291	2	of	of	ADP
ajeer-921	291	3	czech	czech	ADJ
ajeer-921	291	4	commercial	commercial	ADJ
ajeer-921	291	5	banks	bank	NOUN
ajeer-921	291	6	and	and	CCONJ
ajeer-921	291	7	its	its	PRON
ajeer-921	291	8	determinants	determinant	NOUN
ajeer-921	291	9	.	.	PUNCT
ajeer-921	292	1	international	international	ADJ
ajeer-921	292	2	journal	journal	PROPN
ajeer-921	292	3	of	of	ADP
ajeer-921	292	4	mathematical	mathematical	ADJ
ajeer-921	292	5	models	model	NOUN
ajeer-921	292	6	and	and	CCONJ
ajeer-921	292	7	methods	method	NOUN
ajeer-921	292	8	in	in	ADP
ajeer-921	292	9	applied	applied	ADJ
ajeer-921	292	10	sciences	science	NOUN
ajeer-921	292	11	,	,	PUNCT
ajeer-921	292	12	5(6	5(6	NUM
ajeer-921	292	13	):	):	PUNCT
ajeer-921	292	14	1060	1060	NUM
ajeer-921	292	15	-	-	SYM
ajeer-921	292	16	1067	1067	NUM
ajeer-921	292	17	.	.	PUNCT
ajeer-921	293	1	vodova	vodova	PROPN
ajeer-921	293	2	,	,	PUNCT
ajeer-921	293	3	p.	p.	NOUN
ajeer-921	293	4	,	,	PUNCT
ajeer-921	293	5	2012	2012	NUM
ajeer-921	293	6	.	.	PUNCT
ajeer-921	294	1	determinants	determinant	NOUN
ajeer-921	294	2	of	of	ADP
ajeer-921	294	3	commercial	commercial	ADJ
ajeer-921	294	4	banks	bank	NOUN
ajeer-921	294	5	’	'	PUNCT
ajeer-921	294	6	liquidity	liquidity	NOUN
ajeer-921	294	7	in	in	ADP
ajeer-921	294	8	poland	poland	PROPN
ajeer-921	294	9	.	.	PUNCT
ajeer-921	295	1	proceeding	proceed	VERB
ajeer-921	295	2	of	of	ADP
ajeer-921	295	3	30th	30th	ADJ
ajeer-921	295	4	international	international	ADJ
ajeer-921	295	5	mathematical	mathematical	ADJ
ajeer-921	295	6	methods	method	NOUN
ajeer-921	295	7	in	in	ADP
ajeer-921	295	8	economics	economic	NOUN
ajeer-921	295	9	.	.	PUNCT
ajeer-921	296	1	pp	pp	ADV
ajeer-921	296	2	:	:	PUNCT
ajeer-921	296	3	962	962	NUM
ajeer-921	296	4	-	-	SYM
ajeer-921	296	5	967	967	NUM
ajeer-921	296	6	.	.	PUNCT
ajeer-921	297	1	vodová	vodová	PROPN
ajeer-921	297	2	,	,	PUNCT
ajeer-921	297	3	p.	p.	NOUN
ajeer-921	297	4	,	,	PUNCT
ajeer-921	297	5	2013	2013	NUM
ajeer-921	297	6	.	.	PUNCT
ajeer-921	298	1	determinants	determinant	NOUN
ajeer-921	298	2	of	of	ADP
ajeer-921	298	3	commercial	commercial	ADJ
ajeer-921	298	4	bank	bank	NOUN
ajeer-921	298	5	liquidity	liquidity	NOUN
ajeer-921	298	6	in	in	ADP
ajeer-921	298	7	hungary	hungary	PROPN
ajeer-921	298	8	.	.	PUNCT
ajeer-921	299	1	finansowy	finansowy	PROPN
ajeer-921	299	2	kwartalnik	kwartalnik	PROPN
ajeer-921	299	3	internetowy	internetowy	VERB
ajeer-921	299	4	e	e	NOUN
ajeer-921	299	5	-	-	NOUN
ajeer-921	299	6	finanse	finanse	ADJ
ajeer-921	299	7	,	,	PUNCT
ajeer-921	299	8	9(4	9(4	NUM
ajeer-921	299	9	):	):	PUNCT
ajeer-921	299	10	64	64	NUM
ajeer-921	299	11	-	-	SYM
ajeer-921	299	12	71	71	NUM
ajeer-921	299	13	.	.	PUNCT
ajeer-921	300	1	asian	asian	ADJ
ajeer-921	300	2	online	online	PROPN
ajeer-921	300	3	journal	journal	PROPN
ajeer-921	300	4	publishing	publishing	NOUN
ajeer-921	300	5	group	group	NOUN
ajeer-921	300	6	is	be	AUX
ajeer-921	300	7	not	not	PART
ajeer-921	300	8	responsible	responsible	ADJ
ajeer-921	300	9	or	or	CCONJ
ajeer-921	300	10	answerable	answerable	ADJ
ajeer-921	300	11	for	for	ADP
ajeer-921	300	12	any	any	DET
ajeer-921	300	13	loss	loss	NOUN
ajeer-921	300	14	,	,	PUNCT
ajeer-921	300	15	damage	damage	NOUN
ajeer-921	300	16	or	or	CCONJ
ajeer-921	300	17	liability	liability	NOUN
ajeer-921	300	18	,	,	PUNCT
ajeer-921	300	19	etc	etc	X
ajeer-921	300	20	.	.	X
ajeer-921	300	21	caused	cause	VERB
ajeer-921	300	22	in	in	ADP
ajeer-921	300	23	relation	relation	NOUN
ajeer-921	300	24	to	to	PART
ajeer-921	300	25	/	/	PUNCT
ajeer-921	300	26	arising	arise	VERB
ajeer-921	300	27	out	out	ADP
ajeer-921	300	28	of	of	ADP
ajeer-921	300	29	the	the	DET
ajeer-921	300	30	use	use	NOUN
ajeer-921	300	31	of	of	ADP
ajeer-921	300	32	the	the	DET
ajeer-921	300	33	content	content	NOUN
ajeer-921	300	34	.	.	PUNCT
ajeer-921	301	1	any	any	DET
ajeer-921	301	2	queries	query	NOUN
ajeer-921	301	3	should	should	AUX
ajeer-921	301	4	be	be	AUX
ajeer-921	301	5	directed	direct	VERB
ajeer-921	301	6	to	to	ADP
ajeer-921	301	7	the	the	DET
ajeer-921	301	8	corresponding	corresponding	ADJ
ajeer-921	301	9	author	author	NOUN
ajeer-921	301	10	of	of	ADP
ajeer-921	301	11	the	the	DET
ajeer-921	301	12	article	article	NOUN
ajeer-921	301	13	.	.	PUNCT