id	sid	tid	token	lemma	pos
ajfa-11636	1	1	microsoft	microsoft	PROPN
ajfa-11636	1	2	word	word	PROPN
ajfa-11636	1	3	11636	11636	NUM
ajfa-11636	1	4	-	-	SYM
ajfa-11636	1	5	42809	42809	NUM
ajfa-11636	1	6	-	-	PUNCT
ajfa-11636	1	7	1	1	NUM
ajfa-11636	1	8	-	-	PUNCT
ajfa-11636	1	9	sm	sm	NOUN
ajfa-11636	1	10	-	-	PUNCT
ajfa-11636	1	11	writer2	writer2	VERB
ajfa-11636	1	12	-	-	ADJ
ajfa-11636	1	13	new	new	ADJ
ajfa-11636	1	14	asian	asian	ADJ
ajfa-11636	1	15	journal	journal	NOUN
ajfa-11636	1	16	of	of	ADP
ajfa-11636	1	17	finance	finance	PROPN
ajfa-11636	1	18	&	&	CCONJ
ajfa-11636	1	19	accounting	accounting	PROPN
ajfa-11636	1	20	issn	issn	PROPN
ajfa-11636	1	21	1946	1946	NUM
ajfa-11636	1	22	-	-	PUNCT
ajfa-11636	1	23	052x	052x	PROPN
ajfa-11636	1	24	2017	2017	NUM
ajfa-11636	1	25	,	,	PUNCT
ajfa-11636	1	26	vol	vol	NOUN
ajfa-11636	1	27	.	.	NOUN
ajfa-11636	1	28	9	9	NUM
ajfa-11636	1	29	,	,	PUNCT
ajfa-11636	1	30	no	no	INTJ
ajfa-11636	1	31	.	.	NOUN
ajfa-11636	1	32	2	2	NUM
ajfa-11636	1	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	1	34	270	270	NUM
ajfa-11636	1	35	the	the	DET
ajfa-11636	1	36	price	price	NOUN
ajfa-11636	1	37	discovery	discovery	NOUN
ajfa-11636	1	38	mechanism	mechanism	NOUN
ajfa-11636	1	39	between	between	ADP
ajfa-11636	1	40	sovereign	sovereign	ADJ
ajfa-11636	1	41	bond	bond	NOUN
ajfa-11636	1	42	and	and	CCONJ
ajfa-11636	1	43	sovereign	sovereign	ADJ
ajfa-11636	1	44	cds	cd	NOUN
ajfa-11636	1	45	market	market	NOUN
ajfa-11636	1	46	:	:	PUNCT
ajfa-11636	1	47	studies	study	NOUN
ajfa-11636	1	48	in	in	ADP
ajfa-11636	1	49	selected	select	VERB
ajfa-11636	1	50	countries	country	NOUN
ajfa-11636	1	51	ngan	ngan	PROPN
ajfa-11636	1	52	bich	bich	PROPN
ajfa-11636	1	53	nguyen	nguyen	PROPN
ajfa-11636	1	54	banking	banking	NOUN
ajfa-11636	1	55	faculty	faculty	NOUN
ajfa-11636	1	56	,	,	PUNCT
ajfa-11636	1	57	banking	banking	NOUN
ajfa-11636	1	58	academy	academy	PROPN
ajfa-11636	1	59	,	,	PUNCT
ajfa-11636	1	60	vietnam	vietnam	PROPN
ajfa-11636	1	61	tel	tel	PROPN
ajfa-11636	1	62	:	:	PUNCT
ajfa-11636	1	63	84	84	NUM
ajfa-11636	1	64	-	-	SYM
ajfa-11636	1	65	91	91	NUM
ajfa-11636	1	66	-	-	PUNCT
ajfa-11636	1	67	381	381	NUM
ajfa-11636	1	68	-	-	SYM
ajfa-11636	1	69	6047	6047	NUM
ajfa-11636	1	70	e	e	NOUN
ajfa-11636	1	71	-	-	NOUN
ajfa-11636	1	72	mail	mail	NOUN
ajfa-11636	1	73	:	:	PUNCT
ajfa-11636	1	74	ngannb@hvnh.edu.vn	ngannb@hvnh.edu.vn	ADJ
ajfa-11636	1	75	received	receive	VERB
ajfa-11636	1	76	:	:	PUNCT
ajfa-11636	1	77	august	august	PROPN
ajfa-11636	1	78	3	3	NUM
ajfa-11636	1	79	,	,	PUNCT
ajfa-11636	1	80	2017	2017	NUM
ajfa-11636	1	81	accepted	accept	VERB
ajfa-11636	1	82	:	:	PUNCT
ajfa-11636	2	1	sep	sep	PROPN
ajfa-11636	2	2	.	.	PROPN
ajfa-11636	2	3	8	8	NUM
ajfa-11636	2	4	,	,	PUNCT
ajfa-11636	2	5	2017	2017	NUM
ajfa-11636	2	6	published	publish	VERB
ajfa-11636	2	7	:	:	PUNCT
ajfa-11636	2	8	december	december	PROPN
ajfa-11636	2	9	1	1	NUM
ajfa-11636	2	10	,	,	PUNCT
ajfa-11636	2	11	2017	2017	NUM
ajfa-11636	2	12	doi:10.5296	doi:10.5296	NOUN
ajfa-11636	2	13	/	/	SYM
ajfa-11636	2	14	ajfa.v9i2.11636	ajfa.v9i2.11636	NUM
ajfa-11636	2	15	url	url	NOUN
ajfa-11636	2	16	:	:	PUNCT
ajfa-11636	2	17	https://doi.org/10.5296/ajfa.v9i2.11636	https://doi.org/10.5296/ajfa.v9i2.11636	NOUN
ajfa-11636	2	18	abstract	abstract	ADV
ajfa-11636	2	19	this	this	DET
ajfa-11636	2	20	paper	paper	NOUN
ajfa-11636	2	21	employs	employ	VERB
ajfa-11636	2	22	the	the	DET
ajfa-11636	2	23	multivariate	multivariate	NOUN
ajfa-11636	2	24	var	var	NOUN
ajfa-11636	2	25	model	model	NOUN
ajfa-11636	2	26	to	to	PART
ajfa-11636	2	27	examine	examine	VERB
ajfa-11636	2	28	the	the	DET
ajfa-11636	2	29	mechanic	mechanic	ADJ
ajfa-11636	2	30	work	work	NOUN
ajfa-11636	2	31	of	of	ADP
ajfa-11636	2	32	price	price	NOUN
ajfa-11636	2	33	discovery	discovery	NOUN
ajfa-11636	2	34	process	process	NOUN
ajfa-11636	2	35	between	between	ADP
ajfa-11636	2	36	sovereign	sovereign	ADJ
ajfa-11636	2	37	cds	cd	NOUN
ajfa-11636	2	38	market	market	NOUN
ajfa-11636	2	39	and	and	CCONJ
ajfa-11636	2	40	the	the	DET
ajfa-11636	2	41	associated	associated	ADJ
ajfa-11636	2	42	sovereign	sovereign	ADJ
ajfa-11636	2	43	bond	bond	NOUN
ajfa-11636	2	44	market	market	NOUN
ajfa-11636	2	45	in	in	ADP
ajfa-11636	2	46	contexts	context	NOUN
ajfa-11636	2	47	of	of	ADP
ajfa-11636	2	48	five	five	NUM
ajfa-11636	2	49	european	european	ADJ
ajfa-11636	2	50	and	and	CCONJ
ajfa-11636	2	51	asian	asian	ADJ
ajfa-11636	2	52	countries	country	NOUN
ajfa-11636	2	53	,	,	PUNCT
ajfa-11636	2	54	including	include	VERB
ajfa-11636	2	55	vietnam	vietnam	PROPN
ajfa-11636	2	56	,	,	PUNCT
ajfa-11636	2	57	korea	korea	PROPN
ajfa-11636	2	58	,	,	PUNCT
ajfa-11636	2	59	portugal	portugal	PROPN
ajfa-11636	2	60	,	,	PUNCT
ajfa-11636	2	61	italy	italy	PROPN
ajfa-11636	2	62	and	and	CCONJ
ajfa-11636	2	63	france	france	PROPN
ajfa-11636	2	64	from	from	ADP
ajfa-11636	2	65	the	the	DET
ajfa-11636	2	66	beginning	beginning	NOUN
ajfa-11636	2	67	of	of	ADP
ajfa-11636	2	68	2008	2008	NUM
ajfa-11636	2	69	to	to	ADP
ajfa-11636	2	70	the	the	DET
ajfa-11636	2	71	end	end	NOUN
ajfa-11636	2	72	of	of	ADP
ajfa-11636	2	73	april	april	PROPN
ajfa-11636	2	74	,	,	PUNCT
ajfa-11636	2	75	2017	2017	NUM
ajfa-11636	2	76	.	.	PUNCT
ajfa-11636	3	1	the	the	DET
ajfa-11636	3	2	study	study	NOUN
ajfa-11636	3	3	accentuates	accentuate	VERB
ajfa-11636	3	4	on	on	ADP
ajfa-11636	3	5	three	three	NUM
ajfa-11636	3	6	aspects	aspect	NOUN
ajfa-11636	3	7	:	:	PUNCT
ajfa-11636	3	8	the	the	DET
ajfa-11636	3	9	short	short	ADJ
ajfa-11636	3	10	-	-	PUNCT
ajfa-11636	3	11	term	term	NOUN
ajfa-11636	3	12	interaction	interaction	NOUN
ajfa-11636	3	13	nexus	nexus	NOUN
ajfa-11636	3	14	between	between	ADP
ajfa-11636	3	15	the	the	DET
ajfa-11636	3	16	sovereign	sovereign	ADJ
ajfa-11636	3	17	cds	cd	NOUN
ajfa-11636	3	18	and	and	CCONJ
ajfa-11636	3	19	the	the	DET
ajfa-11636	3	20	associated	associate	VERB
ajfa-11636	3	21	-	-	PUNCT
ajfa-11636	3	22	sovereign	sovereign	NOUN
ajfa-11636	3	23	bond	bond	NOUN
ajfa-11636	3	24	market	market	NOUN
ajfa-11636	3	25	,	,	PUNCT
ajfa-11636	3	26	the	the	DET
ajfa-11636	3	27	long	long	ADJ
ajfa-11636	3	28	-	-	PUNCT
ajfa-11636	3	29	term	term	NOUN
ajfa-11636	3	30	co	co	NOUN
ajfa-11636	3	31	-	-	NOUN
ajfa-11636	3	32	movement	movement	NOUN
ajfa-11636	3	33	between	between	ADP
ajfa-11636	3	34	them	they	PRON
ajfa-11636	3	35	and	and	CCONJ
ajfa-11636	3	36	the	the	DET
ajfa-11636	3	37	discovery	discovery	NOUN
ajfa-11636	3	38	of	of	ADP
ajfa-11636	3	39	which	which	PRON
ajfa-11636	3	40	market	market	NOUN
ajfa-11636	3	41	plays	play	VERB
ajfa-11636	3	42	the	the	DET
ajfa-11636	3	43	leading	lead	VERB
ajfa-11636	3	44	role	role	NOUN
ajfa-11636	3	45	in	in	ADP
ajfa-11636	3	46	the	the	DET
ajfa-11636	3	47	pricing	pricing	NOUN
ajfa-11636	3	48	process	process	NOUN
ajfa-11636	3	49	.	.	PUNCT
ajfa-11636	4	1	the	the	DET
ajfa-11636	4	2	results	result	NOUN
ajfa-11636	4	3	evidence	evidence	VERB
ajfa-11636	4	4	the	the	DET
ajfa-11636	4	5	short	short	ADJ
ajfa-11636	4	6	-	-	PUNCT
ajfa-11636	4	7	run	run	NOUN
ajfa-11636	4	8	and	and	CCONJ
ajfa-11636	4	9	long	long	ADV
ajfa-11636	4	10	-	-	PUNCT
ajfa-11636	4	11	run	run	NOUN
ajfa-11636	4	12	relationship	relationship	NOUN
ajfa-11636	4	13	for	for	ADP
ajfa-11636	4	14	the	the	DET
ajfa-11636	4	15	two	two	NUM
ajfa-11636	4	16	markets	market	NOUN
ajfa-11636	4	17	.	.	PUNCT
ajfa-11636	5	1	particularly	particularly	ADV
ajfa-11636	5	2	,	,	PUNCT
ajfa-11636	5	3	the	the	DET
ajfa-11636	5	4	empirical	empirical	ADJ
ajfa-11636	5	5	test	test	NOUN
ajfa-11636	5	6	results	result	NOUN
ajfa-11636	5	7	support	support	NOUN
ajfa-11636	5	8	for	for	ADP
ajfa-11636	5	9	the	the	DET
ajfa-11636	5	10	predominant	predominant	ADJ
ajfa-11636	5	11	role	role	NOUN
ajfa-11636	5	12	of	of	ADP
ajfa-11636	5	13	the	the	DET
ajfa-11636	5	14	sovereign	sovereign	ADJ
ajfa-11636	5	15	cds	cd	NOUN
ajfa-11636	5	16	market	market	NOUN
ajfa-11636	5	17	in	in	ADP
ajfa-11636	5	18	the	the	DET
ajfa-11636	5	19	price	price	NOUN
ajfa-11636	5	20	discovery	discovery	NOUN
ajfa-11636	5	21	process	process	NOUN
ajfa-11636	5	22	in	in	ADP
ajfa-11636	5	23	the	the	DET
ajfa-11636	5	24	bulk	bulk	NOUN
ajfa-11636	5	25	of	of	ADP
ajfa-11636	5	26	sample	sample	NOUN
ajfa-11636	5	27	entities	entity	NOUN
ajfa-11636	5	28	.	.	PUNCT
ajfa-11636	6	1	this	this	PRON
ajfa-11636	6	2	might	might	AUX
ajfa-11636	6	3	suggests	suggest	VERB
ajfa-11636	6	4	for	for	SCONJ
ajfa-11636	6	5	the	the	DET
ajfa-11636	6	6	governments	government	NOUN
ajfa-11636	6	7	to	to	PART
ajfa-11636	6	8	use	use	VERB
ajfa-11636	6	9	cds	cd	NOUN
ajfa-11636	6	10	prices	price	NOUN
ajfa-11636	6	11	as	as	ADP
ajfa-11636	6	12	the	the	DET
ajfa-11636	6	13	future	future	ADJ
ajfa-11636	6	14	indicator	indicator	NOUN
ajfa-11636	6	15	for	for	ADP
ajfa-11636	6	16	predicting	predict	VERB
ajfa-11636	6	17	the	the	DET
ajfa-11636	6	18	volatility	volatility	NOUN
ajfa-11636	6	19	of	of	ADP
ajfa-11636	6	20	debt	debt	NOUN
ajfa-11636	6	21	markets	market	NOUN
ajfa-11636	6	22	.	.	PUNCT
ajfa-11636	7	1	keywords	keyword	NOUN
ajfa-11636	7	2	:	:	PUNCT
ajfa-11636	7	3	asset	asset	NOUN
ajfa-11636	7	4	price	price	NOUN
ajfa-11636	7	5	,	,	PUNCT
ajfa-11636	7	6	asset	asset	NOUN
ajfa-11636	7	7	pricing	pricing	NOUN
ajfa-11636	7	8	,	,	PUNCT
ajfa-11636	7	9	bond	bond	NOUN
ajfa-11636	7	10	interest	interest	NOUN
ajfa-11636	7	11	rates	rate	NOUN
ajfa-11636	7	12	,	,	PUNCT
ajfa-11636	7	13	equities	equity	NOUN
ajfa-11636	7	14	,	,	PUNCT
ajfa-11636	7	15	equity	equity	NOUN
ajfa-11636	7	16	premium	premium	PROPN
ajfa-11636	7	17	jel	jel	PROPN
ajfa-11636	7	18	classification	classification	NOUN
ajfa-11636	7	19	:	:	PUNCT
ajfa-11636	7	20	g120	g120	PROPN
ajfa-11636	7	21	asian	asian	ADJ
ajfa-11636	7	22	journal	journal	NOUN
ajfa-11636	7	23	of	of	ADP
ajfa-11636	7	24	finance	finance	PROPN
ajfa-11636	7	25	&	&	CCONJ
ajfa-11636	7	26	accounting	accounting	PROPN
ajfa-11636	7	27	issn	issn	PROPN
ajfa-11636	7	28	1946	1946	NUM
ajfa-11636	7	29	-	-	PUNCT
ajfa-11636	7	30	052x	052x	PROPN
ajfa-11636	7	31	2017	2017	NUM
ajfa-11636	7	32	,	,	PUNCT
ajfa-11636	7	33	vol	vol	NOUN
ajfa-11636	7	34	.	.	NOUN
ajfa-11636	7	35	9	9	NUM
ajfa-11636	7	36	,	,	PUNCT
ajfa-11636	7	37	no	no	NOUN
ajfa-11636	7	38	.	.	NOUN
ajfa-11636	7	39	2	2	NUM
ajfa-11636	7	40	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	7	41	271	271	NUM
ajfa-11636	7	42	1	1	NUM
ajfa-11636	7	43	.	.	PUNCT
ajfa-11636	8	1	introduction	introduction	NOUN
ajfa-11636	8	2	in	in	ADP
ajfa-11636	8	3	this	this	DET
ajfa-11636	8	4	paper	paper	NOUN
ajfa-11636	8	5	,	,	PUNCT
ajfa-11636	8	6	the	the	DET
ajfa-11636	8	7	relationship	relationship	NOUN
ajfa-11636	8	8	between	between	ADP
ajfa-11636	8	9	the	the	DET
ajfa-11636	8	10	sovereign	sovereign	ADJ
ajfa-11636	8	11	credit	credit	NOUN
ajfa-11636	8	12	default	default	NOUN
ajfa-11636	8	13	swap	swap	NOUN
ajfa-11636	8	14	(	(	PUNCT
ajfa-11636	8	15	cds	cds	PROPN
ajfa-11636	8	16	)	)	PUNCT
ajfa-11636	8	17	premia	premia	NOUN
ajfa-11636	8	18	and	and	CCONJ
ajfa-11636	8	19	bond	bond	NOUN
ajfa-11636	8	20	spreads	spread	NOUN
ajfa-11636	8	21	is	be	AUX
ajfa-11636	8	22	examined	examine	VERB
ajfa-11636	8	23	in	in	ADP
ajfa-11636	8	24	the	the	DET
ajfa-11636	8	25	contexts	contexts	NOUN
ajfa-11636	8	26	of	of	ADP
ajfa-11636	8	27	five	five	NUM
ajfa-11636	8	28	european	european	ADJ
ajfa-11636	8	29	and	and	CCONJ
ajfa-11636	8	30	asian	asian	ADJ
ajfa-11636	8	31	countries	country	NOUN
ajfa-11636	8	32	.	.	PUNCT
ajfa-11636	9	1	the	the	DET
ajfa-11636	9	2	finding	finding	NOUN
ajfa-11636	9	3	is	be	AUX
ajfa-11636	9	4	that	that	SCONJ
ajfa-11636	9	5	the	the	DET
ajfa-11636	9	6	prices	price	NOUN
ajfa-11636	9	7	of	of	ADP
ajfa-11636	9	8	the	the	DET
ajfa-11636	9	9	two	two	NUM
ajfa-11636	9	10	instruments	instrument	NOUN
ajfa-11636	9	11	interact	interact	VERB
ajfa-11636	9	12	each	each	DET
ajfa-11636	9	13	other	other	ADJ
ajfa-11636	9	14	in	in	ADP
ajfa-11636	9	15	both	both	CCONJ
ajfa-11636	9	16	short	short	ADJ
ajfa-11636	9	17	-	-	PUNCT
ajfa-11636	9	18	run	run	VERB
ajfa-11636	9	19	long	long	ADJ
ajfa-11636	9	20	-	-	PUNCT
ajfa-11636	9	21	run	run	NOUN
ajfa-11636	9	22	but	but	CCONJ
ajfa-11636	9	23	in	in	ADP
ajfa-11636	9	24	the	the	DET
ajfa-11636	9	25	different	different	ADJ
ajfa-11636	9	26	ways	way	NOUN
ajfa-11636	9	27	,	,	PUNCT
ajfa-11636	9	28	owing	owe	VERB
ajfa-11636	9	29	to	to	ADP
ajfa-11636	9	30	the	the	DET
ajfa-11636	9	31	difference	difference	NOUN
ajfa-11636	9	32	in	in	ADP
ajfa-11636	9	33	credit	credit	NOUN
ajfa-11636	9	34	risk	risk	NOUN
ajfa-11636	9	35	and	and	CCONJ
ajfa-11636	9	36	liquidity	liquidity	NOUN
ajfa-11636	9	37	risk	risk	NOUN
ajfa-11636	9	38	.	.	PUNCT
ajfa-11636	10	1	in	in	ADP
ajfa-11636	10	2	detailed	detailed	ADJ
ajfa-11636	10	3	,	,	PUNCT
ajfa-11636	10	4	the	the	DET
ajfa-11636	10	5	tests	test	NOUN
ajfa-11636	10	6	with	with	ADP
ajfa-11636	10	7	empirical	empirical	ADJ
ajfa-11636	10	8	data	datum	NOUN
ajfa-11636	10	9	indicate	indicate	VERB
ajfa-11636	10	10	that	that	SCONJ
ajfa-11636	10	11	the	the	DET
ajfa-11636	10	12	leading	lead	VERB
ajfa-11636	10	13	role	role	NOUN
ajfa-11636	10	14	in	in	ADP
ajfa-11636	10	15	the	the	DET
ajfa-11636	10	16	pricing	pricing	NOUN
ajfa-11636	10	17	process	process	NOUN
ajfa-11636	10	18	is	be	AUX
ajfa-11636	10	19	a	a	DET
ajfa-11636	10	20	tribute	tribute	NOUN
ajfa-11636	10	21	of	of	ADP
ajfa-11636	10	22	either	either	CCONJ
ajfa-11636	10	23	sovereign	sovereign	ADJ
ajfa-11636	10	24	cds	cd	NOUN
ajfa-11636	10	25	market	market	NOUN
ajfa-11636	10	26	or	or	CCONJ
ajfa-11636	10	27	sovereign	sovereign	ADJ
ajfa-11636	10	28	bond	bond	NOUN
ajfa-11636	10	29	market	market	NOUN
ajfa-11636	10	30	depends	depend	VERB
ajfa-11636	10	31	on	on	ADP
ajfa-11636	10	32	countries	country	NOUN
ajfa-11636	10	33	.	.	PUNCT
ajfa-11636	11	1	comparing	compare	VERB
ajfa-11636	11	2	the	the	DET
ajfa-11636	11	3	testing	testing	NOUN
ajfa-11636	11	4	results	result	NOUN
ajfa-11636	11	5	of	of	ADP
ajfa-11636	11	6	different	different	ADJ
ajfa-11636	11	7	sovereigns	sovereign	NOUN
ajfa-11636	11	8	,	,	PUNCT
ajfa-11636	11	9	the	the	DET
ajfa-11636	11	10	cds	cd	NOUN
ajfa-11636	11	11	market	market	NOUN
ajfa-11636	11	12	tends	tend	VERB
ajfa-11636	11	13	to	to	PART
ajfa-11636	11	14	move	move	VERB
ajfa-11636	11	15	ahead	ahead	ADV
ajfa-11636	11	16	the	the	DET
ajfa-11636	11	17	other	other	ADJ
ajfa-11636	11	18	in	in	ADP
ajfa-11636	11	19	case	case	NOUN
ajfa-11636	11	20	of	of	ADP
ajfa-11636	11	21	more	more	ADJ
ajfa-11636	11	22	-	-	PUNCT
ajfa-11636	11	23	bonds	bond	NOUN
ajfa-11636	11	24	issuers	issuer	NOUN
ajfa-11636	11	25	,	,	PUNCT
ajfa-11636	11	26	in	in	ADP
ajfa-11636	11	27	other	other	ADJ
ajfa-11636	11	28	words	word	NOUN
ajfa-11636	11	29	,	,	PUNCT
ajfa-11636	11	30	riskier	risky	ADJ
ajfa-11636	11	31	countries	country	NOUN
ajfa-11636	11	32	.	.	PUNCT
ajfa-11636	12	1	to	to	PART
ajfa-11636	12	2	begin	begin	VERB
ajfa-11636	12	3	with	with	ADP
ajfa-11636	12	4	,	,	PUNCT
ajfa-11636	12	5	the	the	DET
ajfa-11636	12	6	mechanics	mechanic	NOUN
ajfa-11636	12	7	for	for	ADP
ajfa-11636	12	8	the	the	DET
ajfa-11636	12	9	pricing	pricing	NOUN
ajfa-11636	12	10	interaction	interaction	NOUN
ajfa-11636	12	11	between	between	ADP
ajfa-11636	12	12	sovereign	sovereign	ADJ
ajfa-11636	12	13	cds	cd	NOUN
ajfa-11636	12	14	market	market	NOUN
ajfa-11636	12	15	and	and	CCONJ
ajfa-11636	12	16	bond	bond	NOUN
ajfa-11636	12	17	market	market	NOUN
ajfa-11636	12	18	should	should	AUX
ajfa-11636	12	19	be	be	AUX
ajfa-11636	12	20	ascertained	ascertain	VERB
ajfa-11636	12	21	.	.	PUNCT
ajfa-11636	13	1	hull	hull	NOUN
ajfa-11636	13	2	,	,	PUNCT
ajfa-11636	13	3	j.	j.	PROPN
ajfa-11636	13	4	(	(	PUNCT
ajfa-11636	13	5	2004	2004	NUM
ajfa-11636	13	6	)	)	PUNCT
ajfa-11636	13	7	defines	define	VERB
ajfa-11636	13	8	cds	cd	NOUN
ajfa-11636	13	9	as	as	ADP
ajfa-11636	13	10	a	a	DET
ajfa-11636	13	11	contract	contract	NOUN
ajfa-11636	13	12	ensuring	ensure	VERB
ajfa-11636	13	13	a	a	DET
ajfa-11636	13	14	buyer	buyer	NOUN
ajfa-11636	13	15	from	from	ADP
ajfa-11636	13	16	the	the	DET
ajfa-11636	13	17	risk	risk	NOUN
ajfa-11636	13	18	of	of	ADP
ajfa-11636	13	19	default	default	NOUN
ajfa-11636	13	20	.	.	PUNCT
ajfa-11636	14	1	the	the	DET
ajfa-11636	14	2	buyer	buyer	NOUN
ajfa-11636	14	3	of	of	ADP
ajfa-11636	14	4	the	the	DET
ajfa-11636	14	5	cds	cd	NOUN
ajfa-11636	14	6	contract	contract	NOUN
ajfa-11636	14	7	has	have	VERB
ajfa-11636	14	8	the	the	DET
ajfa-11636	14	9	right	right	NOUN
ajfa-11636	14	10	to	to	PART
ajfa-11636	14	11	sell	sell	VERB
ajfa-11636	14	12	and	and	CCONJ
ajfa-11636	14	13	the	the	DET
ajfa-11636	14	14	seller	seller	NOUN
ajfa-11636	14	15	of	of	ADP
ajfa-11636	14	16	the	the	DET
ajfa-11636	14	17	cds	cd	NOUN
ajfa-11636	14	18	is	be	AUX
ajfa-11636	14	19	obliged	oblige	VERB
ajfa-11636	14	20	to	to	PART
ajfa-11636	14	21	buy	buy	VERB
ajfa-11636	14	22	the	the	DET
ajfa-11636	14	23	underlying	underlie	VERB
ajfa-11636	14	24	bonds	bond	NOUN
ajfa-11636	14	25	for	for	ADP
ajfa-11636	14	26	their	their	PRON
ajfa-11636	14	27	face	face	NOUN
ajfa-11636	14	28	values	value	NOUN
ajfa-11636	14	29	when	when	SCONJ
ajfa-11636	14	30	a	a	DET
ajfa-11636	14	31	credit	credit	NOUN
ajfa-11636	14	32	event	event	NOUN
ajfa-11636	14	33	occurs	occur	VERB
ajfa-11636	14	34	.	.	PUNCT
ajfa-11636	15	1	the	the	DET
ajfa-11636	15	2	most	most	ADV
ajfa-11636	15	3	empirical	empirical	ADJ
ajfa-11636	15	4	advantage	advantage	NOUN
ajfa-11636	15	5	of	of	ADP
ajfa-11636	15	6	cds	cd	NOUN
ajfa-11636	15	7	instrument	instrument	NOUN
ajfa-11636	15	8	is	be	AUX
ajfa-11636	15	9	a	a	DET
ajfa-11636	15	10	method	method	NOUN
ajfa-11636	15	11	to	to	PART
ajfa-11636	15	12	convert	convert	VERB
ajfa-11636	15	13	the	the	DET
ajfa-11636	15	14	risky	risky	ADJ
ajfa-11636	15	15	underlying	underlying	ADJ
ajfa-11636	15	16	bonds	bond	NOUN
ajfa-11636	15	17	to	to	ADP
ajfa-11636	15	18	risk	risk	NOUN
ajfa-11636	15	19	-	-	PUNCT
ajfa-11636	15	20	free	free	ADJ
ajfa-11636	15	21	bonds	bond	NOUN
ajfa-11636	15	22	at	at	ADP
ajfa-11636	15	23	the	the	DET
ajfa-11636	15	24	benefit	benefit	NOUN
ajfa-11636	15	25	of	of	ADP
ajfa-11636	15	26	the	the	DET
ajfa-11636	15	27	buyer	buyer	NOUN
ajfa-11636	15	28	,	,	PUNCT
ajfa-11636	15	29	or	or	CCONJ
ajfa-11636	15	30	in	in	ADP
ajfa-11636	15	31	other	other	ADJ
ajfa-11636	15	32	words	word	NOUN
ajfa-11636	15	33	,	,	PUNCT
ajfa-11636	15	34	cds	cd	NOUN
ajfa-11636	15	35	contracts	contract	NOUN
ajfa-11636	15	36	can	can	AUX
ajfa-11636	15	37	be	be	AUX
ajfa-11636	15	38	considered	consider	VERB
ajfa-11636	15	39	as	as	ADP
ajfa-11636	15	40	a	a	DET
ajfa-11636	15	41	hedging	hedging	NOUN
ajfa-11636	15	42	tool	tool	NOUN
ajfa-11636	15	43	against	against	ADP
ajfa-11636	15	44	positions	position	NOUN
ajfa-11636	15	45	in	in	ADP
ajfa-11636	15	46	bonds	bond	NOUN
ajfa-11636	15	47	.	.	PUNCT
ajfa-11636	16	1	in	in	ADP
ajfa-11636	16	2	a	a	DET
ajfa-11636	16	3	typical	typical	ADJ
ajfa-11636	16	4	cds	cd	NOUN
ajfa-11636	16	5	contract	contract	NOUN
ajfa-11636	16	6	,	,	PUNCT
ajfa-11636	16	7	the	the	DET
ajfa-11636	16	8	seller	seller	NOUN
ajfa-11636	16	9	receives	receive	VERB
ajfa-11636	16	10	the	the	DET
ajfa-11636	16	11	periodical	periodical	ADJ
ajfa-11636	16	12	premium	premium	NOUN
ajfa-11636	16	13	,	,	PUNCT
ajfa-11636	16	14	often	often	ADV
ajfa-11636	16	15	said	say	VERB
ajfa-11636	16	16	is	be	AUX
ajfa-11636	16	17	annual	annual	ADJ
ajfa-11636	16	18	payment	payment	NOUN
ajfa-11636	16	19	,	,	PUNCT
ajfa-11636	16	20	in	in	ADP
ajfa-11636	16	21	return	return	NOUN
ajfa-11636	16	22	for	for	ADP
ajfa-11636	16	23	bearing	bear	VERB
ajfa-11636	16	24	the	the	DET
ajfa-11636	16	25	default	default	NOUN
ajfa-11636	16	26	risk	risk	NOUN
ajfa-11636	16	27	from	from	ADP
ajfa-11636	16	28	the	the	DET
ajfa-11636	16	29	issuer	issuer	NOUN
ajfa-11636	16	30	(	(	PUNCT
ajfa-11636	16	31	the	the	DET
ajfa-11636	16	32	sovereign	sovereign	NOUN
ajfa-11636	16	33	)	)	PUNCT
ajfa-11636	16	34	.	.	PUNCT
ajfa-11636	17	1	the	the	DET
ajfa-11636	17	2	premium	premium	NOUN
ajfa-11636	17	3	is	be	AUX
ajfa-11636	17	4	set	set	VERB
ajfa-11636	17	5	based	base	VERB
ajfa-11636	17	6	on	on	ADP
ajfa-11636	17	7	the	the	DET
ajfa-11636	17	8	notional	notional	ADJ
ajfa-11636	17	9	amount	amount	NOUN
ajfa-11636	17	10	of	of	ADP
ajfa-11636	17	11	the	the	DET
ajfa-11636	17	12	issue	issue	NOUN
ajfa-11636	17	13	for	for	ADP
ajfa-11636	17	14	a	a	DET
ajfa-11636	17	15	long	long	ADJ
ajfa-11636	17	16	-	-	PUNCT
ajfa-11636	17	17	term	term	NOUN
ajfa-11636	17	18	period	period	NOUN
ajfa-11636	17	19	.	.	PUNCT
ajfa-11636	18	1	in	in	ADP
ajfa-11636	18	2	cases	case	NOUN
ajfa-11636	18	3	of	of	ADP
ajfa-11636	18	4	credit	credit	NOUN
ajfa-11636	18	5	events	event	NOUN
ajfa-11636	18	6	,	,	PUNCT
ajfa-11636	18	7	the	the	DET
ajfa-11636	18	8	settlement	settlement	NOUN
ajfa-11636	18	9	of	of	ADP
ajfa-11636	18	10	a	a	DET
ajfa-11636	18	11	cds	cd	NOUN
ajfa-11636	18	12	transaction	transaction	NOUN
ajfa-11636	18	13	can	can	AUX
ajfa-11636	18	14	be	be	AUX
ajfa-11636	18	15	done	do	VERB
ajfa-11636	18	16	in	in	ADP
ajfa-11636	18	17	either	either	PRON
ajfa-11636	18	18	two	two	NUM
ajfa-11636	18	19	following	follow	VERB
ajfa-11636	18	20	methods	method	NOUN
ajfa-11636	18	21	:	:	PUNCT
ajfa-11636	18	22	•	•	ADP
ajfa-11636	18	23	the	the	DET
ajfa-11636	18	24	comparatively	comparatively	ADV
ajfa-11636	18	25	less	less	ADV
ajfa-11636	18	26	popular	popular	ADJ
ajfa-11636	18	27	method	method	NOUN
ajfa-11636	18	28	is	be	AUX
ajfa-11636	18	29	“	"	PUNCT
ajfa-11636	18	30	physical	physical	ADJ
ajfa-11636	18	31	settlement	settlement	NOUN
ajfa-11636	18	32	”	"	PUNCT
ajfa-11636	18	33	(	(	PUNCT
ajfa-11636	18	34	aima	aima	PROPN
ajfa-11636	18	35	research	research	PROPN
ajfa-11636	18	36	,	,	PUNCT
ajfa-11636	18	37	2011	2011	NUM
ajfa-11636	18	38	)	)	PUNCT
ajfa-11636	18	39	.	.	PUNCT
ajfa-11636	19	1	by	by	ADP
ajfa-11636	19	2	doing	do	VERB
ajfa-11636	19	3	this	this	PRON
ajfa-11636	19	4	,	,	PUNCT
ajfa-11636	19	5	the	the	DET
ajfa-11636	19	6	cds	cd	NOUN
ajfa-11636	19	7	buyer	buyer	NOUN
ajfa-11636	19	8	delivers	deliver	VERB
ajfa-11636	19	9	the	the	DET
ajfa-11636	19	10	sovereign	sovereign	ADJ
ajfa-11636	19	11	bonds	bond	NOUN
ajfa-11636	19	12	to	to	ADP
ajfa-11636	19	13	the	the	DET
ajfa-11636	19	14	cds	cd	NOUN
ajfa-11636	19	15	seller	seller	NOUN
ajfa-11636	19	16	.	.	PUNCT
ajfa-11636	20	1	the	the	DET
ajfa-11636	20	2	seller	seller	NOUN
ajfa-11636	20	3	then	then	ADV
ajfa-11636	20	4	pays	pay	VERB
ajfa-11636	20	5	out	out	ADP
ajfa-11636	20	6	the	the	DET
ajfa-11636	20	7	notional	notional	ADJ
ajfa-11636	20	8	amount	amount	NOUN
ajfa-11636	20	9	of	of	ADP
ajfa-11636	20	10	the	the	DET
ajfa-11636	20	11	bonds	bond	NOUN
ajfa-11636	20	12	delivered	deliver	VERB
ajfa-11636	20	13	to	to	ADP
ajfa-11636	20	14	the	the	DET
ajfa-11636	20	15	buyer	buyer	NOUN
ajfa-11636	20	16	.	.	PUNCT
ajfa-11636	21	1	consequently	consequently	ADV
ajfa-11636	21	2	,	,	PUNCT
ajfa-11636	21	3	the	the	DET
ajfa-11636	21	4	seller	seller	NOUN
ajfa-11636	21	5	of	of	ADP
ajfa-11636	21	6	the	the	DET
ajfa-11636	21	7	credit	credit	NOUN
ajfa-11636	21	8	-	-	PUNCT
ajfa-11636	21	9	default	default	NOUN
ajfa-11636	21	10	protection	protection	NOUN
ajfa-11636	21	11	owns	own	VERB
ajfa-11636	21	12	those	those	DET
ajfa-11636	21	13	bonds	bond	NOUN
ajfa-11636	21	14	,	,	PUNCT
ajfa-11636	21	15	whose	whose	DET
ajfa-11636	21	16	values	value	NOUN
ajfa-11636	21	17	have	have	AUX
ajfa-11636	21	18	been	be	AUX
ajfa-11636	21	19	slumped	slump	VERB
ajfa-11636	21	20	due	due	ADP
ajfa-11636	21	21	to	to	ADP
ajfa-11636	21	22	sovereign	sovereign	ADJ
ajfa-11636	21	23	default	default	NOUN
ajfa-11636	21	24	,	,	PUNCT
ajfa-11636	21	25	whilst	whilst	SCONJ
ajfa-11636	21	26	refunds	refund	NOUN
ajfa-11636	21	27	the	the	DET
ajfa-11636	21	28	full	full	ADJ
ajfa-11636	21	29	of	of	ADP
ajfa-11636	21	30	face	face	NOUN
ajfa-11636	21	31	values	value	NOUN
ajfa-11636	21	32	to	to	ADP
ajfa-11636	21	33	the	the	DET
ajfa-11636	21	34	buyer	buyer	NOUN
ajfa-11636	21	35	of	of	ADP
ajfa-11636	21	36	the	the	DET
ajfa-11636	21	37	protection	protection	NOUN
ajfa-11636	21	38	.	.	PUNCT
ajfa-11636	22	1	•	•	NUM
ajfa-11636	22	2	the	the	DET
ajfa-11636	22	3	second	second	ADJ
ajfa-11636	22	4	method	method	NOUN
ajfa-11636	22	5	is	be	AUX
ajfa-11636	22	6	“	"	PUNCT
ajfa-11636	22	7	cash	cash	NOUN
ajfa-11636	22	8	settlement	settlement	NOUN
ajfa-11636	22	9	”	"	PUNCT
ajfa-11636	22	10	(	(	PUNCT
ajfa-11636	22	11	ibid	ibid	NOUN
ajfa-11636	22	12	)	)	PUNCT
ajfa-11636	22	13	.	.	PUNCT
ajfa-11636	23	1	in	in	ADP
ajfa-11636	23	2	this	this	DET
ajfa-11636	23	3	method	method	NOUN
ajfa-11636	23	4	,	,	PUNCT
ajfa-11636	23	5	no	no	DET
ajfa-11636	23	6	underlying	underlie	VERB
ajfa-11636	23	7	bonds	bond	NOUN
ajfa-11636	23	8	are	be	AUX
ajfa-11636	23	9	exchanged	exchange	VERB
ajfa-11636	23	10	among	among	ADP
ajfa-11636	23	11	parties	party	NOUN
ajfa-11636	23	12	.	.	PUNCT
ajfa-11636	24	1	the	the	DET
ajfa-11636	24	2	cds	cds	PROPN
ajfa-11636	24	3	seller	seller	NOUN
ajfa-11636	24	4	transfers	transfer	NOUN
ajfa-11636	24	5	the	the	DET
ajfa-11636	24	6	cds	cd	NOUN
ajfa-11636	24	7	buyer	buyer	VERB
ajfa-11636	24	8	the	the	DET
ajfa-11636	24	9	amount	amount	NOUN
ajfa-11636	24	10	of	of	ADP
ajfa-11636	24	11	cash	cash	NOUN
ajfa-11636	24	12	equivalent	equivalent	ADJ
ajfa-11636	24	13	to	to	ADP
ajfa-11636	24	14	the	the	DET
ajfa-11636	24	15	face	face	NOUN
ajfa-11636	24	16	value	value	NOUN
ajfa-11636	24	17	minus	minus	ADP
ajfa-11636	24	18	the	the	DET
ajfa-11636	24	19	residual	residual	ADJ
ajfa-11636	24	20	values	value	NOUN
ajfa-11636	24	21	of	of	ADP
ajfa-11636	24	22	the	the	DET
ajfa-11636	24	23	bonds	bond	NOUN
ajfa-11636	24	24	.	.	PUNCT
ajfa-11636	25	1	from	from	ADP
ajfa-11636	25	2	the	the	DET
ajfa-11636	25	3	above	above	ADJ
ajfa-11636	25	4	snap	snap	NOUN
ajfa-11636	25	5	shot	shot	NOUN
ajfa-11636	25	6	on	on	ADP
ajfa-11636	25	7	how	how	SCONJ
ajfa-11636	25	8	the	the	DET
ajfa-11636	25	9	sovereign	sovereign	ADJ
ajfa-11636	25	10	cds	cd	NOUN
ajfa-11636	25	11	market	market	NOUN
ajfa-11636	25	12	works	work	VERB
ajfa-11636	25	13	,	,	PUNCT
ajfa-11636	25	14	it	it	PRON
ajfa-11636	25	15	is	be	AUX
ajfa-11636	25	16	suggested	suggest	VERB
ajfa-11636	25	17	that	that	SCONJ
ajfa-11636	25	18	a	a	DET
ajfa-11636	25	19	sovereign	sovereign	ADJ
ajfa-11636	25	20	bond	bond	NOUN
ajfa-11636	25	21	’s	’s	PART
ajfa-11636	25	22	credit	credit	NOUN
ajfa-11636	25	23	risk	risk	NOUN
ajfa-11636	25	24	and	and	CCONJ
ajfa-11636	25	25	liquidity	liquidity	NOUN
ajfa-11636	25	26	risk	risk	NOUN
ajfa-11636	25	27	influent	influent	NOUN
ajfa-11636	25	28	its	its	PRON
ajfa-11636	25	29	yield	yield	NOUN
ajfa-11636	25	30	and	and	CCONJ
ajfa-11636	25	31	then	then	ADV
ajfa-11636	25	32	a	a	DET
ajfa-11636	25	33	change	change	NOUN
ajfa-11636	25	34	in	in	ADP
ajfa-11636	25	35	the	the	DET
ajfa-11636	25	36	associated	associated	ADJ
ajfa-11636	25	37	bond	bond	NOUN
ajfa-11636	25	38	spread	spread	VERB
ajfa-11636	25	39	is	be	AUX
ajfa-11636	25	40	a	a	DET
ajfa-11636	25	41	key	key	ADJ
ajfa-11636	25	42	factor	factor	NOUN
ajfa-11636	25	43	in	in	ADP
ajfa-11636	25	44	determining	determine	VERB
ajfa-11636	25	45	the	the	DET
ajfa-11636	25	46	premium	premium	NOUN
ajfa-11636	25	47	in	in	ADP
ajfa-11636	25	48	the	the	DET
ajfa-11636	25	49	cds	cds	PROPN
ajfa-11636	25	50	contract	contract	NOUN
ajfa-11636	25	51	.	.	PUNCT
ajfa-11636	26	1	however	however	ADV
ajfa-11636	26	2	,	,	PUNCT
ajfa-11636	26	3	the	the	DET
ajfa-11636	26	4	objective	objective	NOUN
ajfa-11636	26	5	of	of	ADP
ajfa-11636	26	6	the	the	DET
ajfa-11636	26	7	paper	paper	NOUN
ajfa-11636	26	8	is	be	AUX
ajfa-11636	26	9	to	to	PART
ajfa-11636	26	10	investigate	investigate	VERB
ajfa-11636	26	11	more	more	ADV
ajfa-11636	26	12	deeply	deeply	ADV
ajfa-11636	26	13	whether	whether	SCONJ
ajfa-11636	26	14	the	the	DET
ajfa-11636	26	15	two	two	NUM
ajfa-11636	26	16	prices	price	NOUN
ajfa-11636	26	17	move	move	VERB
ajfa-11636	26	18	together	together	ADV
ajfa-11636	26	19	in	in	ADP
ajfa-11636	26	20	practice	practice	NOUN
ajfa-11636	26	21	as	as	SCONJ
ajfa-11636	26	22	theories	theory	NOUN
ajfa-11636	26	23	state	state	NOUN
ajfa-11636	26	24	and	and	CCONJ
ajfa-11636	26	25	if	if	SCONJ
ajfa-11636	26	26	they	they	PRON
ajfa-11636	26	27	do	do	VERB
ajfa-11636	26	28	,	,	PUNCT
ajfa-11636	26	29	which	which	DET
ajfa-11636	26	30	one	one	NOUN
ajfa-11636	26	31	leads	lead	VERB
ajfa-11636	26	32	the	the	DET
ajfa-11636	26	33	other	other	ADJ
ajfa-11636	26	34	.	.	PUNCT
ajfa-11636	27	1	on	on	ADP
ajfa-11636	27	2	that	that	DET
ajfa-11636	27	3	basis	basis	NOUN
ajfa-11636	27	4	,	,	PUNCT
ajfa-11636	27	5	the	the	DET
ajfa-11636	27	6	cause	cause	NOUN
ajfa-11636	27	7	for	for	ADP
ajfa-11636	27	8	the	the	DET
ajfa-11636	27	9	current	current	ADJ
ajfa-11636	27	10	high	high	ADJ
ajfa-11636	27	11	sovereign	sovereign	ADJ
ajfa-11636	27	12	borrowing	borrowing	NOUN
ajfa-11636	27	13	cost	cost	NOUN
ajfa-11636	27	14	can	can	AUX
ajfa-11636	27	15	be	be	AUX
ajfa-11636	27	16	detected	detect	VERB
ajfa-11636	27	17	.	.	PUNCT
ajfa-11636	28	1	for	for	ADP
ajfa-11636	28	2	these	these	DET
ajfa-11636	28	3	purposes	purpose	NOUN
ajfa-11636	28	4	,	,	PUNCT
ajfa-11636	28	5	the	the	DET
ajfa-11636	28	6	two	two	NUM
ajfa-11636	28	7	key	key	ADJ
ajfa-11636	28	8	questions	question	NOUN
ajfa-11636	28	9	below	below	ADV
ajfa-11636	28	10	should	should	AUX
ajfa-11636	28	11	be	be	AUX
ajfa-11636	28	12	made	make	VERB
ajfa-11636	28	13	clear	clear	ADJ
ajfa-11636	28	14	:	:	PUNCT
ajfa-11636	28	15	•	•	ADP
ajfa-11636	28	16	do	do	AUX
ajfa-11636	28	17	the	the	DET
ajfa-11636	28	18	two	two	NUM
ajfa-11636	28	19	market	market	NOUN
ajfa-11636	28	20	co	co	NOUN
ajfa-11636	28	21	-	-	NOUN
ajfa-11636	28	22	move	move	NOUN
ajfa-11636	28	23	in	in	ADP
ajfa-11636	28	24	the	the	DET
ajfa-11636	28	25	short	short	ADJ
ajfa-11636	28	26	-	-	PUNCT
ajfa-11636	28	27	run	run	NOUN
ajfa-11636	28	28	and	and	CCONJ
ajfa-11636	28	29	long	long	ADV
ajfa-11636	28	30	-	-	PUNCT
ajfa-11636	28	31	run	run	NOUN
ajfa-11636	28	32	?	?	PUNCT
ajfa-11636	29	1	•	•	NUM
ajfa-11636	29	2	which	which	DET
ajfa-11636	29	3	market	market	NOUN
ajfa-11636	29	4	is	be	AUX
ajfa-11636	29	5	dominant	dominant	ADJ
ajfa-11636	29	6	in	in	ADP
ajfa-11636	29	7	the	the	DET
ajfa-11636	29	8	price	price	NOUN
ajfa-11636	29	9	discovery	discovery	NOUN
ajfa-11636	29	10	dynamics	dynamic	NOUN
ajfa-11636	29	11	?	?	PUNCT
ajfa-11636	30	1	asian	asian	ADJ
ajfa-11636	30	2	journal	journal	NOUN
ajfa-11636	30	3	of	of	ADP
ajfa-11636	30	4	finance	finance	PROPN
ajfa-11636	30	5	&	&	CCONJ
ajfa-11636	30	6	accounting	accounting	PROPN
ajfa-11636	30	7	issn	issn	PROPN
ajfa-11636	30	8	1946	1946	NUM
ajfa-11636	30	9	-	-	PUNCT
ajfa-11636	30	10	052x	052x	PROPN
ajfa-11636	30	11	2017	2017	NUM
ajfa-11636	30	12	,	,	PUNCT
ajfa-11636	30	13	vol	vol	NOUN
ajfa-11636	30	14	.	.	NOUN
ajfa-11636	30	15	9	9	NUM
ajfa-11636	30	16	,	,	PUNCT
ajfa-11636	30	17	no	no	NOUN
ajfa-11636	30	18	.	.	NOUN
ajfa-11636	30	19	2	2	NUM
ajfa-11636	30	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	30	21	272	272	NUM
ajfa-11636	30	22	2	2	NUM
ajfa-11636	30	23	.	.	PUNCT
ajfa-11636	31	1	literature	literature	NOUN
ajfa-11636	31	2	review	review	VERB
ajfa-11636	31	3	2.1	2.1	NUM
ajfa-11636	31	4	.	.	PUNCT
ajfa-11636	32	1	studies	study	NOUN
ajfa-11636	32	2	on	on	ADP
ajfa-11636	32	3	the	the	DET
ajfa-11636	32	4	role	role	NOUN
ajfa-11636	32	5	of	of	ADP
ajfa-11636	32	6	sovereign	sovereign	ADJ
ajfa-11636	32	7	cds	cd	NOUN
ajfa-11636	32	8	and	and	CCONJ
ajfa-11636	32	9	bond	bond	NOUN
ajfa-11636	32	10	market	market	NOUN
ajfa-11636	32	11	in	in	ADP
ajfa-11636	32	12	the	the	DET
ajfa-11636	32	13	price	price	NOUN
ajfa-11636	32	14	discovery	discovery	NOUN
ajfa-11636	32	15	process	process	NOUN
ajfa-11636	32	16	2.1.1	2.1.1	NUM
ajfa-11636	32	17	.	.	PUNCT
ajfa-11636	33	1	existing	exist	VERB
ajfa-11636	33	2	results	result	NOUN
ajfa-11636	33	3	on	on	ADP
ajfa-11636	33	4	the	the	DET
ajfa-11636	33	5	role	role	NOUN
ajfa-11636	33	6	of	of	ADP
ajfa-11636	33	7	each	each	DET
ajfa-11636	33	8	market	market	NOUN
ajfa-11636	33	9	in	in	ADP
ajfa-11636	33	10	the	the	DET
ajfa-11636	33	11	price	price	NOUN
ajfa-11636	33	12	discovery	discovery	NOUN
ajfa-11636	33	13	process	process	NOUN
ajfa-11636	33	14	the	the	DET
ajfa-11636	33	15	paper	paper	NOUN
ajfa-11636	33	16	appears	appear	VERB
ajfa-11636	33	17	to	to	PART
ajfa-11636	33	18	be	be	AUX
ajfa-11636	33	19	likely	likely	ADV
ajfa-11636	33	20	similar	similar	ADJ
ajfa-11636	33	21	to	to	ADP
ajfa-11636	33	22	the	the	DET
ajfa-11636	33	23	research	research	NOUN
ajfa-11636	33	24	taken	take	VERB
ajfa-11636	33	25	by	by	ADP
ajfa-11636	33	26	calice	calice	NOUN
ajfa-11636	33	27	,	,	PUNCT
ajfa-11636	33	28	g.	g.	PROPN
ajfa-11636	33	29	,	,	PUNCT
ajfa-11636	33	30	chen	chen	PROPN
ajfa-11636	33	31	,	,	PUNCT
ajfa-11636	33	32	j.	j.	PROPN
ajfa-11636	33	33	and	and	CCONJ
ajfa-11636	33	34	williams	williams	PROPN
ajfa-11636	33	35	,	,	PUNCT
ajfa-11636	33	36	j.	j.	PROPN
ajfa-11636	33	37	(	(	PUNCT
ajfa-11636	33	38	2007	2007	NUM
ajfa-11636	33	39	)	)	PUNCT
ajfa-11636	33	40	.	.	PUNCT
ajfa-11636	34	1	they	they	PRON
ajfa-11636	34	2	detect	detect	VERB
ajfa-11636	34	3	that	that	SCONJ
ajfa-11636	34	4	whether	whether	SCONJ
ajfa-11636	34	5	cds	cd	NOUN
ajfa-11636	34	6	or	or	CCONJ
ajfa-11636	34	7	debt	debt	NOUN
ajfa-11636	34	8	market	market	NOUN
ajfa-11636	34	9	plays	play	VERB
ajfa-11636	34	10	the	the	DET
ajfa-11636	34	11	determined	determined	ADJ
ajfa-11636	34	12	role	role	NOUN
ajfa-11636	34	13	in	in	ADP
ajfa-11636	34	14	the	the	DET
ajfa-11636	34	15	mechanics	mechanic	NOUN
ajfa-11636	34	16	depends	depend	VERB
ajfa-11636	34	17	on	on	ADP
ajfa-11636	34	18	the	the	DET
ajfa-11636	34	19	contexts	context	NOUN
ajfa-11636	34	20	of	of	ADP
ajfa-11636	34	21	different	different	ADJ
ajfa-11636	34	22	countries	country	NOUN
ajfa-11636	34	23	.	.	PUNCT
ajfa-11636	35	1	however	however	ADV
ajfa-11636	35	2	the	the	DET
ajfa-11636	35	3	ebullient	ebullient	ADJ
ajfa-11636	35	4	tendency	tendency	NOUN
ajfa-11636	35	5	appeared	appear	VERB
ajfa-11636	35	6	in	in	ADP
ajfa-11636	35	7	the	the	DET
ajfa-11636	35	8	current	current	ADJ
ajfa-11636	35	9	financial	financial	ADJ
ajfa-11636	35	10	crisis	crisis	NOUN
ajfa-11636	35	11	is	be	AUX
ajfa-11636	35	12	that	that	SCONJ
ajfa-11636	35	13	the	the	DET
ajfa-11636	35	14	cds	cd	NOUN
ajfa-11636	35	15	market	market	NOUN
ajfa-11636	35	16	went	go	VERB
ajfa-11636	35	17	prior	prior	ADV
ajfa-11636	35	18	in	in	ADP
ajfa-11636	35	19	most	most	ADJ
ajfa-11636	35	20	cases	case	NOUN
ajfa-11636	35	21	.	.	PUNCT
ajfa-11636	36	1	similarly	similarly	ADV
ajfa-11636	36	2	,	,	PUNCT
ajfa-11636	36	3	longstaff	longstaff	PROPN
ajfa-11636	36	4	,	,	PUNCT
ajfa-11636	36	5	f.	f.	PROPN
ajfa-11636	36	6	et	et	PROPN
ajfa-11636	36	7	al	al	PROPN
ajfa-11636	36	8	(	(	PUNCT
ajfa-11636	36	9	2005	2005	NUM
ajfa-11636	36	10	)	)	PUNCT
ajfa-11636	36	11	and	and	CCONJ
ajfa-11636	36	12	zhu	zhu	PROPN
ajfa-11636	36	13	,	,	PUNCT
ajfa-11636	36	14	h.	h.	PROPN
ajfa-11636	36	15	(	(	PUNCT
ajfa-11636	36	16	2006	2006	NUM
ajfa-11636	36	17	)	)	PUNCT
ajfa-11636	36	18	dedicate	dedicate	VERB
ajfa-11636	36	19	the	the	DET
ajfa-11636	36	20	forward	forward	ADJ
ajfa-11636	36	21	movement	movement	NOUN
ajfa-11636	36	22	of	of	ADP
ajfa-11636	36	23	cds	cd	NOUN
ajfa-11636	36	24	market	market	NOUN
ajfa-11636	36	25	over	over	ADP
ajfa-11636	36	26	bond	bond	NOUN
ajfa-11636	36	27	market	market	NOUN
ajfa-11636	36	28	in	in	ADP
ajfa-11636	36	29	the	the	DET
ajfa-11636	36	30	price	price	NOUN
ajfa-11636	36	31	discovery	discovery	NOUN
ajfa-11636	36	32	by	by	ADP
ajfa-11636	36	33	focusing	focus	VERB
ajfa-11636	36	34	on	on	ADP
ajfa-11636	36	35	effects	effect	NOUN
ajfa-11636	36	36	of	of	ADP
ajfa-11636	36	37	liquidity	liquidity	NOUN
ajfa-11636	36	38	risk	risk	NOUN
ajfa-11636	36	39	.	.	PUNCT
ajfa-11636	37	1	based	base	VERB
ajfa-11636	37	2	on	on	ADP
ajfa-11636	37	3	this	this	DET
ajfa-11636	37	4	approach	approach	NOUN
ajfa-11636	37	5	,	,	PUNCT
ajfa-11636	37	6	this	this	DET
ajfa-11636	37	7	paper	paper	NOUN
ajfa-11636	37	8	considers	consider	VERB
ajfa-11636	37	9	a	a	DET
ajfa-11636	37	10	bunch	bunch	NOUN
ajfa-11636	37	11	of	of	ADP
ajfa-11636	37	12	factors	factor	NOUN
ajfa-11636	37	13	of	of	ADP
ajfa-11636	37	14	liquidity	liquidity	NOUN
ajfa-11636	37	15	risk	risk	NOUN
ajfa-11636	37	16	and	and	CCONJ
ajfa-11636	37	17	credit	credit	NOUN
ajfa-11636	37	18	risk	risk	NOUN
ajfa-11636	37	19	influent	influent	NOUN
ajfa-11636	37	20	relationship	relationship	NOUN
ajfa-11636	37	21	between	between	ADP
ajfa-11636	37	22	the	the	DET
ajfa-11636	37	23	two	two	NUM
ajfa-11636	37	24	markets	market	NOUN
ajfa-11636	37	25	.	.	PUNCT
ajfa-11636	38	1	however	however	ADV
ajfa-11636	38	2	,	,	PUNCT
ajfa-11636	38	3	we	we	PRON
ajfa-11636	38	4	are	be	AUX
ajfa-11636	38	5	not	not	PART
ajfa-11636	38	6	going	go	VERB
ajfa-11636	38	7	to	to	PART
ajfa-11636	38	8	approach	approach	VERB
ajfa-11636	38	9	the	the	DET
ajfa-11636	38	10	aims	aim	NOUN
ajfa-11636	38	11	of	of	ADP
ajfa-11636	38	12	the	the	DET
ajfa-11636	38	13	paper	paper	NOUN
ajfa-11636	38	14	by	by	ADP
ajfa-11636	38	15	analysing	analyse	VERB
ajfa-11636	38	16	in	in	ADP
ajfa-11636	38	17	deep	deep	ADJ
ajfa-11636	38	18	the	the	DET
ajfa-11636	38	19	effects	effect	NOUN
ajfa-11636	38	20	of	of	ADP
ajfa-11636	38	21	liquidity	liquidity	NOUN
ajfa-11636	38	22	risk	risk	NOUN
ajfa-11636	38	23	and	and	CCONJ
ajfa-11636	38	24	credit	credit	NOUN
ajfa-11636	38	25	risk	risk	NOUN
ajfa-11636	38	26	to	to	ADP
ajfa-11636	38	27	the	the	DET
ajfa-11636	38	28	short	short	ADJ
ajfa-11636	38	29	-	-	PUNCT
ajfa-11636	38	30	term	term	NOUN
ajfa-11636	38	31	and	and	CCONJ
ajfa-11636	38	32	long	long	ADJ
ajfa-11636	38	33	-	-	PUNCT
ajfa-11636	38	34	term	term	NOUN
ajfa-11636	38	35	cointegration	cointegration	NOUN
ajfa-11636	38	36	between	between	ADP
ajfa-11636	38	37	sovereign	sovereign	ADJ
ajfa-11636	38	38	cds	cd	NOUN
ajfa-11636	38	39	and	and	CCONJ
ajfa-11636	38	40	bond	bond	NOUN
ajfa-11636	38	41	market	market	NOUN
ajfa-11636	38	42	.	.	PUNCT
ajfa-11636	39	1	therefore	therefore	ADV
ajfa-11636	39	2	these	these	DET
ajfa-11636	39	3	risks	risk	NOUN
ajfa-11636	39	4	are	be	AUX
ajfa-11636	39	5	not	not	PART
ajfa-11636	39	6	used	use	VERB
ajfa-11636	39	7	as	as	ADP
ajfa-11636	39	8	parameters	parameter	NOUN
ajfa-11636	39	9	in	in	ADP
ajfa-11636	39	10	the	the	DET
ajfa-11636	39	11	regression	regression	NOUN
ajfa-11636	39	12	equations	equation	NOUN
ajfa-11636	39	13	.	.	PUNCT
ajfa-11636	40	1	a	a	DET
ajfa-11636	40	2	proportion	proportion	NOUN
ajfa-11636	40	3	of	of	ADP
ajfa-11636	40	4	the	the	DET
ajfa-11636	40	5	foundation	foundation	NOUN
ajfa-11636	40	6	of	of	ADP
ajfa-11636	40	7	this	this	DET
ajfa-11636	40	8	paper	paper	NOUN
ajfa-11636	40	9	is	be	AUX
ajfa-11636	40	10	the	the	DET
ajfa-11636	40	11	research	research	NOUN
ajfa-11636	40	12	of	of	ADP
ajfa-11636	40	13	calice	calice	NOUN
ajfa-11636	40	14	,	,	PUNCT
ajfa-11636	40	15	g.	g.	PROPN
ajfa-11636	40	16	(	(	PUNCT
ajfa-11636	40	17	2012	2012	NUM
ajfa-11636	40	18	)	)	PUNCT
ajfa-11636	40	19	.	.	PUNCT
ajfa-11636	41	1	calice	calice	NOUN
ajfa-11636	41	2	casts	cast	VERB
ajfa-11636	41	3	his	his	PRON
ajfa-11636	41	4	analysis	analysis	NOUN
ajfa-11636	41	5	on	on	ADP
ajfa-11636	41	6	the	the	DET
ajfa-11636	41	7	cointegration	cointegration	NOUN
ajfa-11636	41	8	of	of	ADP
ajfa-11636	41	9	the	the	DET
ajfa-11636	41	10	two	two	NUM
ajfa-11636	41	11	markets	market	NOUN
ajfa-11636	41	12	in	in	ADP
ajfa-11636	41	13	both	both	CCONJ
ajfa-11636	41	14	short	short	ADJ
ajfa-11636	41	15	-	-	PUNCT
ajfa-11636	41	16	run	run	VERB
ajfa-11636	41	17	and	and	CCONJ
ajfa-11636	41	18	long	long	ADV
ajfa-11636	41	19	-	-	PUNCT
ajfa-11636	41	20	run	run	NOUN
ajfa-11636	41	21	.	.	PUNCT
ajfa-11636	42	1	moreover	moreover	ADV
ajfa-11636	42	2	,	,	PUNCT
ajfa-11636	42	3	he	he	PRON
ajfa-11636	42	4	also	also	ADV
ajfa-11636	42	5	concludes	conclude	VERB
ajfa-11636	42	6	that	that	SCONJ
ajfa-11636	42	7	the	the	DET
ajfa-11636	42	8	contribution	contribution	NOUN
ajfa-11636	42	9	of	of	ADP
ajfa-11636	42	10	cds	cd	NOUN
ajfa-11636	42	11	market	market	NOUN
ajfa-11636	42	12	in	in	ADP
ajfa-11636	42	13	the	the	DET
ajfa-11636	42	14	price	price	NOUN
ajfa-11636	42	15	discovery	discovery	NOUN
ajfa-11636	42	16	process	process	NOUN
ajfa-11636	42	17	is	be	AUX
ajfa-11636	42	18	non	non	ADJ
ajfa-11636	42	19	-	-	ADJ
ajfa-11636	42	20	uniform	uniform	ADJ
ajfa-11636	42	21	across	across	ADP
ajfa-11636	42	22	different	different	ADJ
ajfa-11636	42	23	countries	country	NOUN
ajfa-11636	42	24	.	.	PUNCT
ajfa-11636	43	1	according	accord	VERB
ajfa-11636	43	2	to	to	ADP
ajfa-11636	43	3	him	he	PRON
ajfa-11636	43	4	,	,	PUNCT
ajfa-11636	43	5	cds	cd	NOUN
ajfa-11636	43	6	market	market	NOUN
ajfa-11636	43	7	leads	lead	VERB
ajfa-11636	43	8	in	in	ADP
ajfa-11636	43	9	high	high	ADJ
ajfa-11636	43	10	-	-	PUNCT
ajfa-11636	43	11	yield	yield	NOUN
ajfa-11636	43	12	countries	country	NOUN
ajfa-11636	43	13	whilst	whilst	SCONJ
ajfa-11636	43	14	bond	bond	NOUN
ajfa-11636	43	15	market	market	NOUN
ajfa-11636	43	16	dominates	dominate	VERB
ajfa-11636	43	17	in	in	ADP
ajfa-11636	43	18	comparatively	comparatively	ADV
ajfa-11636	43	19	low	low	ADJ
ajfa-11636	43	20	-	-	PUNCT
ajfa-11636	43	21	yield	yield	NOUN
ajfa-11636	43	22	countries	country	NOUN
ajfa-11636	43	23	.	.	PUNCT
ajfa-11636	44	1	calice	calice	PROPN
ajfa-11636	44	2	’s	’s	PART
ajfa-11636	44	3	detection	detection	NOUN
ajfa-11636	44	4	is	be	AUX
ajfa-11636	44	5	approximately	approximately	ADV
ajfa-11636	44	6	the	the	DET
ajfa-11636	44	7	same	same	ADJ
ajfa-11636	44	8	as	as	ADP
ajfa-11636	44	9	the	the	DET
ajfa-11636	44	10	study	study	NOUN
ajfa-11636	44	11	of	of	ADP
ajfa-11636	44	12	fontana	fontana	PROPN
ajfa-11636	44	13	,	,	PUNCT
ajfa-11636	44	14	a.	a.	NOUN
ajfa-11636	44	15	and	and	CCONJ
ajfa-11636	44	16	scheicher	scheicher	PROPN
ajfa-11636	44	17	,	,	PUNCT
ajfa-11636	44	18	m.	m.	NOUN
ajfa-11636	44	19	(	(	PUNCT
ajfa-11636	44	20	2011	2011	NUM
ajfa-11636	44	21	)	)	PUNCT
ajfa-11636	44	22	,	,	PUNCT
ajfa-11636	44	23	who	who	PRON
ajfa-11636	44	24	supply	supply	VERB
ajfa-11636	44	25	the	the	DET
ajfa-11636	44	26	evidence	evidence	NOUN
ajfa-11636	44	27	on	on	ADP
ajfa-11636	44	28	the	the	DET
ajfa-11636	44	29	superior	superior	ADJ
ajfa-11636	44	30	price	price	NOUN
ajfa-11636	44	31	discovery	discovery	NOUN
ajfa-11636	44	32	of	of	ADP
ajfa-11636	44	33	cds	cd	NOUN
ajfa-11636	44	34	market	market	NOUN
ajfa-11636	44	35	in	in	ADP
ajfa-11636	44	36	abnormal	abnormal	ADJ
ajfa-11636	44	37	sovereign	sovereign	ADJ
ajfa-11636	44	38	borrowers	borrower	NOUN
ajfa-11636	44	39	(	(	PUNCT
ajfa-11636	44	40	high	high	ADJ
ajfa-11636	44	41	-	-	PUNCT
ajfa-11636	44	42	yield	yield	NOUN
ajfa-11636	44	43	countries	country	NOUN
ajfa-11636	44	44	)	)	PUNCT
ajfa-11636	44	45	.	.	PUNCT
ajfa-11636	45	1	however	however	ADV
ajfa-11636	45	2	,	,	PUNCT
ajfa-11636	45	3	fontana	fontana	PROPN
ajfa-11636	45	4	and	and	CCONJ
ajfa-11636	45	5	scheicher	scheicher	PROPN
ajfa-11636	45	6	claim	claim	VERB
ajfa-11636	45	7	the	the	DET
ajfa-11636	45	8	cds	cd	NOUN
ajfa-11636	45	9	market	market	NOUN
ajfa-11636	45	10	to	to	PART
ajfa-11636	45	11	exacerbate	exacerbate	VERB
ajfa-11636	45	12	the	the	DET
ajfa-11636	45	13	ongoing	ongoing	ADJ
ajfa-11636	45	14	financial	financial	ADJ
ajfa-11636	45	15	crisis	crisis	NOUN
ajfa-11636	45	16	and	and	CCONJ
ajfa-11636	45	17	swipe	swipe	VERB
ajfa-11636	45	18	its	its	PRON
ajfa-11636	45	19	contribution	contribution	NOUN
ajfa-11636	45	20	,	,	PUNCT
ajfa-11636	45	21	with	with	SCONJ
ajfa-11636	45	22	that	that	DET
ajfa-11636	45	23	calice	calice	NOUN
ajfa-11636	45	24	’s	’s	PART
ajfa-11636	45	25	study	study	NOUN
ajfa-11636	45	26	gives	give	VERB
ajfa-11636	45	27	no	no	DET
ajfa-11636	45	28	conclusion	conclusion	NOUN
ajfa-11636	45	29	.	.	PUNCT
ajfa-11636	46	1	ammer	ammer	PROPN
ajfa-11636	46	2	,	,	PUNCT
ajfa-11636	46	3	j.	j.	PROPN
ajfa-11636	46	4	and	and	CCONJ
ajfa-11636	46	5	cai	cai	PROPN
ajfa-11636	46	6	,	,	PUNCT
ajfa-11636	46	7	f.	f.	PROPN
ajfa-11636	46	8	(	(	PUNCT
ajfa-11636	46	9	2011	2011	NUM
ajfa-11636	46	10	)	)	PUNCT
ajfa-11636	46	11	develop	develop	VERB
ajfa-11636	46	12	the	the	DET
ajfa-11636	46	13	findings	finding	NOUN
ajfa-11636	46	14	of	of	ADP
ajfa-11636	46	15	those	those	PRON
ajfa-11636	46	16	above	above	ADV
ajfa-11636	46	17	by	by	ADP
ajfa-11636	46	18	criticizing	criticize	VERB
ajfa-11636	46	19	that	that	SCONJ
ajfa-11636	46	20	the	the	DET
ajfa-11636	46	21	more	more	ADV
ajfa-11636	46	22	liquid	liquid	ADJ
ajfa-11636	46	23	market	market	NOUN
ajfa-11636	46	24	tends	tend	VERB
ajfa-11636	46	25	to	to	PART
ajfa-11636	46	26	lead	lead	VERB
ajfa-11636	46	27	regardless	regardless	ADV
ajfa-11636	46	28	which	which	DET
ajfa-11636	46	29	country	country	NOUN
ajfa-11636	46	30	is	be	AUX
ajfa-11636	46	31	studied	study	VERB
ajfa-11636	46	32	.	.	PUNCT
ajfa-11636	47	1	they	they	PRON
ajfa-11636	47	2	still	still	ADV
ajfa-11636	47	3	reach	reach	VERB
ajfa-11636	47	4	to	to	ADP
ajfa-11636	47	5	the	the	DET
ajfa-11636	47	6	similar	similar	ADJ
ajfa-11636	47	7	conclusion	conclusion	NOUN
ajfa-11636	47	8	that	that	SCONJ
ajfa-11636	47	9	cds	cd	NOUN
ajfa-11636	47	10	market	market	NOUN
ajfa-11636	47	11	often	often	ADV
ajfa-11636	47	12	plays	play	VERB
ajfa-11636	47	13	leading	lead	VERB
ajfa-11636	47	14	role	role	NOUN
ajfa-11636	47	15	over	over	ADP
ajfa-11636	47	16	bond	bond	NOUN
ajfa-11636	47	17	market	market	NOUN
ajfa-11636	47	18	.	.	PUNCT
ajfa-11636	48	1	to	to	PART
ajfa-11636	48	2	address	address	VERB
ajfa-11636	48	3	these	these	DET
ajfa-11636	48	4	findings	finding	NOUN
ajfa-11636	48	5	,	,	PUNCT
ajfa-11636	48	6	ammer	ammer	NOUN
ajfa-11636	48	7	and	and	CCONJ
ajfa-11636	48	8	cai	cai	PROPN
ajfa-11636	48	9	use	use	VERB
ajfa-11636	48	10	the	the	DET
ajfa-11636	48	11	vecm	vecm	NOUN
ajfa-11636	48	12	estimation	estimation	NOUN
ajfa-11636	48	13	with	with	ADP
ajfa-11636	48	14	variables	variable	NOUN
ajfa-11636	48	15	are	be	AUX
ajfa-11636	48	16	the	the	DET
ajfa-11636	48	17	dynamic	dynamic	ADJ
ajfa-11636	48	18	changes	change	NOUN
ajfa-11636	48	19	in	in	ADP
ajfa-11636	48	20	5	5	NUM
ajfa-11636	48	21	-	-	PUNCT
ajfa-11636	48	22	year	year	NOUN
ajfa-11636	48	23	cds	cd	NOUN
ajfa-11636	48	24	premia	premia	NOUN
ajfa-11636	48	25	and	and	CCONJ
ajfa-11636	48	26	bond	bond	NOUN
ajfa-11636	48	27	spreads	spread	VERB
ajfa-11636	48	28	over	over	ADP
ajfa-11636	48	29	time	time	NOUN
ajfa-11636	48	30	,	,	PUNCT
ajfa-11636	48	31	which	which	PRON
ajfa-11636	48	32	uses	use	VERB
ajfa-11636	48	33	the	the	DET
ajfa-11636	48	34	cross	cross	ADJ
ajfa-11636	48	35	-	-	ADJ
ajfa-11636	48	36	section	section	ADJ
ajfa-11636	48	37	data	datum	NOUN
ajfa-11636	48	38	of	of	ADP
ajfa-11636	48	39	seven	seven	NUM
ajfa-11636	48	40	sovereign	sovereign	ADJ
ajfa-11636	48	41	entities	entity	NOUN
ajfa-11636	48	42	.	.	PUNCT
ajfa-11636	49	1	other	other	ADJ
ajfa-11636	49	2	papers	paper	NOUN
ajfa-11636	49	3	also	also	ADV
ajfa-11636	49	4	find	find	VERB
ajfa-11636	49	5	the	the	DET
ajfa-11636	49	6	evidence	evidence	NOUN
ajfa-11636	49	7	of	of	ADP
ajfa-11636	49	8	the	the	DET
ajfa-11636	49	9	cds	cd	NOUN
ajfa-11636	49	10	leading	lead	VERB
ajfa-11636	49	11	in	in	ADP
ajfa-11636	49	12	the	the	DET
ajfa-11636	49	13	price	price	NOUN
ajfa-11636	49	14	discovery	discovery	NOUN
ajfa-11636	49	15	,	,	PUNCT
ajfa-11636	49	16	such	such	ADJ
ajfa-11636	49	17	as	as	ADP
ajfa-11636	49	18	blanco	blanco	PROPN
ajfa-11636	49	19	,	,	PUNCT
ajfa-11636	49	20	r.	r.	PROPN
ajfa-11636	49	21	et	et	PROPN
ajfa-11636	49	22	al	al	PROPN
ajfa-11636	49	23	(	(	PUNCT
ajfa-11636	49	24	2005	2005	NUM
ajfa-11636	49	25	)	)	PUNCT
ajfa-11636	49	26	,	,	PUNCT
ajfa-11636	49	27	hull	hull	NOUN
ajfa-11636	49	28	,	,	PUNCT
ajfa-11636	49	29	j.	j.	PROPN
ajfa-11636	49	30	et	et	PROPN
ajfa-11636	49	31	al	al	PROPN
ajfa-11636	49	32	(	(	PUNCT
ajfa-11636	49	33	2004	2004	NUM
ajfa-11636	49	34	)	)	PUNCT
ajfa-11636	49	35	.	.	PUNCT
ajfa-11636	50	1	notably	notably	ADV
ajfa-11636	50	2	,	,	PUNCT
ajfa-11636	50	3	the	the	DET
ajfa-11636	50	4	research	research	NOUN
ajfa-11636	50	5	’s	’s	PART
ajfa-11636	50	6	results	result	NOUN
ajfa-11636	50	7	should	should	AUX
ajfa-11636	50	8	be	be	AUX
ajfa-11636	50	9	in	in	ADP
ajfa-11636	50	10	the	the	DET
ajfa-11636	50	11	trend	trend	NOUN
ajfa-11636	50	12	of	of	ADP
ajfa-11636	50	13	dominant	dominant	ADJ
ajfa-11636	50	14	role	role	NOUN
ajfa-11636	50	15	for	for	ADP
ajfa-11636	50	16	the	the	DET
ajfa-11636	50	17	cds	cds	PROPN
ajfa-11636	50	18	market	market	NOUN
ajfa-11636	50	19	over	over	ADP
ajfa-11636	50	20	its	its	PRON
ajfa-11636	50	21	counter	counter	ADJ
ajfa-11636	50	22	part	part	NOUN
ajfa-11636	50	23	as	as	SCONJ
ajfa-11636	50	24	stated	state	VERB
ajfa-11636	50	25	in	in	ADP
ajfa-11636	50	26	researches	research	NOUN
ajfa-11636	50	27	of	of	ADP
ajfa-11636	50	28	baba	baba	PROPN
ajfa-11636	50	29	,	,	PUNCT
ajfa-11636	50	30	n.	n.	PROPN
ajfa-11636	50	31	and	and	CCONJ
ajfa-11636	50	32	inada	inada	PROPN
ajfa-11636	50	33	,	,	PUNCT
ajfa-11636	50	34	m.	m.	NOUN
ajfa-11636	50	35	(	(	PUNCT
ajfa-11636	50	36	2009	2009	NUM
ajfa-11636	50	37	)	)	PUNCT
ajfa-11636	50	38	;	;	PUNCT
ajfa-11636	50	39	bowe	bowe	PROPN
ajfa-11636	50	40	,	,	PUNCT
ajfa-11636	50	41	m.	m.	NOUN
ajfa-11636	50	42	,	,	PUNCT
ajfa-11636	50	43	klimavicienne	klimavicienne	NOUN
ajfa-11636	50	44	,	,	PUNCT
ajfa-11636	50	45	a.	a.	NOUN
ajfa-11636	50	46	and	and	CCONJ
ajfa-11636	50	47	taylor	taylor	PROPN
ajfa-11636	50	48	,	,	PUNCT
ajfa-11636	50	49	a.	a.	NOUN
ajfa-11636	50	50	(	(	PUNCT
ajfa-11636	50	51	2009	2009	NUM
ajfa-11636	50	52	)	)	PUNCT
ajfa-11636	50	53	.	.	PUNCT
ajfa-11636	51	1	nonetheless	nonetheless	ADV
ajfa-11636	51	2	,	,	PUNCT
ajfa-11636	51	3	the	the	DET
ajfa-11636	51	4	crisis	crisis	NOUN
ajfa-11636	51	5	period	period	NOUN
ajfa-11636	51	6	may	may	AUX
ajfa-11636	51	7	moderate	moderate	VERB
ajfa-11636	51	8	or	or	CCONJ
ajfa-11636	51	9	drive	drive	VERB
ajfa-11636	51	10	this	this	DET
ajfa-11636	51	11	primary	primary	ADJ
ajfa-11636	51	12	movement	movement	NOUN
ajfa-11636	51	13	,	,	PUNCT
ajfa-11636	51	14	during	during	ADP
ajfa-11636	51	15	which	which	PRON
ajfa-11636	51	16	the	the	DET
ajfa-11636	51	17	pricing	pricing	NOUN
ajfa-11636	51	18	relationship	relationship	NOUN
ajfa-11636	51	19	has	have	AUX
ajfa-11636	51	20	not	not	PART
ajfa-11636	51	21	been	be	AUX
ajfa-11636	51	22	investigated	investigate	VERB
ajfa-11636	51	23	in	in	ADP
ajfa-11636	51	24	the	the	DET
ajfa-11636	51	25	above	above	ADJ
ajfa-11636	51	26	papers	paper	NOUN
ajfa-11636	51	27	.	.	PUNCT
ajfa-11636	52	1	therefore	therefore	ADV
ajfa-11636	52	2	this	this	DET
ajfa-11636	52	3	paper	paper	NOUN
ajfa-11636	52	4	is	be	AUX
ajfa-11636	52	5	going	go	VERB
ajfa-11636	52	6	to	to	PART
ajfa-11636	52	7	take	take	VERB
ajfa-11636	52	8	this	this	DET
ajfa-11636	52	9	financial	financial	ADJ
ajfa-11636	52	10	turmoil	turmoil	NOUN
ajfa-11636	52	11	period	period	NOUN
ajfa-11636	52	12	as	as	ADP
ajfa-11636	52	13	the	the	DET
ajfa-11636	52	14	major	major	ADJ
ajfa-11636	52	15	concern	concern	NOUN
ajfa-11636	52	16	in	in	ADP
ajfa-11636	52	17	order	order	NOUN
ajfa-11636	52	18	to	to	PART
ajfa-11636	52	19	answer	answer	VERB
ajfa-11636	52	20	if	if	SCONJ
ajfa-11636	52	21	the	the	DET
ajfa-11636	52	22	sovereign	sovereign	ADJ
ajfa-11636	52	23	cds	cd	NOUN
ajfa-11636	52	24	market	market	NOUN
ajfa-11636	52	25	’s	’s	PART
ajfa-11636	52	26	supremacy	supremacy	NOUN
ajfa-11636	52	27	is	be	AUX
ajfa-11636	52	28	fuelled	fuel	VERB
ajfa-11636	52	29	by	by	ADP
ajfa-11636	52	30	the	the	DET
ajfa-11636	52	31	crisis	crisis	NOUN
ajfa-11636	52	32	or	or	CCONJ
ajfa-11636	52	33	that	that	PRON
ajfa-11636	52	34	is	be	AUX
ajfa-11636	52	35	owing	owe	VERB
ajfa-11636	52	36	to	to	ADP
ajfa-11636	52	37	the	the	DET
ajfa-11636	52	38	development	development	NOUN
ajfa-11636	52	39	of	of	ADP
ajfa-11636	52	40	cds	cd	NOUN
ajfa-11636	52	41	segment	segment	NOUN
ajfa-11636	52	42	recent	recent	ADJ
ajfa-11636	52	43	years	year	NOUN
ajfa-11636	52	44	.	.	PUNCT
ajfa-11636	53	1	furthermore	furthermore	ADV
ajfa-11636	53	2	,	,	PUNCT
ajfa-11636	53	3	the	the	DET
ajfa-11636	53	4	results	result	NOUN
ajfa-11636	53	5	for	for	ADP
ajfa-11636	53	6	price	price	NOUN
ajfa-11636	53	7	discovery	discovery	NOUN
ajfa-11636	53	8	process	process	NOUN
ajfa-11636	53	9	for	for	ADP
ajfa-11636	53	10	sovereigns	sovereign	NOUN
ajfa-11636	53	11	have	have	AUX
ajfa-11636	53	12	not	not	PART
ajfa-11636	53	13	been	be	AUX
ajfa-11636	53	14	clear	clear	ADJ
ajfa-11636	53	15	in	in	ADP
ajfa-11636	53	16	previous	previous	ADJ
ajfa-11636	53	17	studies	study	NOUN
ajfa-11636	53	18	.	.	PUNCT
ajfa-11636	54	1	it	it	PRON
ajfa-11636	54	2	can	can	AUX
ajfa-11636	54	3	be	be	AUX
ajfa-11636	54	4	seen	see	VERB
ajfa-11636	54	5	in	in	ADP
ajfa-11636	54	6	the	the	DET
ajfa-11636	54	7	research	research	NOUN
ajfa-11636	54	8	of	of	ADP
ajfa-11636	54	9	baba	baba	PROPN
ajfa-11636	54	10	and	and	CCONJ
ajfa-11636	54	11	inada	inada	NOUN
ajfa-11636	54	12	that	that	SCONJ
ajfa-11636	54	13	they	they	PRON
ajfa-11636	54	14	give	give	VERB
ajfa-11636	54	15	the	the	DET
ajfa-11636	54	16	evidences	evidence	NOUN
ajfa-11636	54	17	for	for	ADP
ajfa-11636	54	18	merely	merely	ADV
ajfa-11636	54	19	japanese	japanese	ADJ
ajfa-11636	54	20	banks	bank	NOUN
ajfa-11636	54	21	or	or	CCONJ
ajfa-11636	54	22	bowe	bowe	PROPN
ajfa-11636	54	23	,	,	PUNCT
ajfa-11636	54	24	m.	m.	PROPN
ajfa-11636	54	25	et	et	PROPN
ajfa-11636	54	26	al	al	PROPN
ajfa-11636	54	27	go	go	VERB
ajfa-11636	54	28	to	to	ADP
ajfa-11636	54	29	their	their	PRON
ajfa-11636	54	30	conlusions	conlusion	NOUN
ajfa-11636	54	31	by	by	ADP
ajfa-11636	54	32	looking	look	VERB
ajfa-11636	54	33	at	at	ADP
ajfa-11636	54	34	corporate	corporate	ADJ
ajfa-11636	54	35	cdss	cdss	NOUN
ajfa-11636	54	36	in	in	ADP
ajfa-11636	54	37	asian	asian	ADJ
ajfa-11636	54	38	journal	journal	NOUN
ajfa-11636	54	39	of	of	ADP
ajfa-11636	54	40	finance	finance	PROPN
ajfa-11636	54	41	&	&	CCONJ
ajfa-11636	54	42	accounting	accounting	PROPN
ajfa-11636	54	43	issn	issn	PROPN
ajfa-11636	54	44	1946	1946	NUM
ajfa-11636	54	45	-	-	PUNCT
ajfa-11636	54	46	052x	052x	PROPN
ajfa-11636	54	47	2017	2017	NUM
ajfa-11636	54	48	,	,	PUNCT
ajfa-11636	54	49	vol	vol	NOUN
ajfa-11636	54	50	.	.	NOUN
ajfa-11636	54	51	9	9	NUM
ajfa-11636	54	52	,	,	PUNCT
ajfa-11636	54	53	no	no	NOUN
ajfa-11636	54	54	.	.	NOUN
ajfa-11636	54	55	2	2	NUM
ajfa-11636	54	56	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	54	57	273	273	NUM
ajfa-11636	54	58	eight	eight	NUM
ajfa-11636	54	59	emerging	emerge	VERB
ajfa-11636	54	60	countries	country	NOUN
ajfa-11636	54	61	.	.	PUNCT
ajfa-11636	55	1	thereby	thereby	ADV
ajfa-11636	55	2	this	this	DET
ajfa-11636	55	3	paper	paper	NOUN
ajfa-11636	55	4	will	will	AUX
ajfa-11636	55	5	hopefully	hopefully	ADV
ajfa-11636	55	6	improve	improve	VERB
ajfa-11636	55	7	the	the	DET
ajfa-11636	55	8	recent	recent	ADJ
ajfa-11636	55	9	findings	finding	NOUN
ajfa-11636	55	10	on	on	ADP
ajfa-11636	55	11	pricing	pricing	NOUN
ajfa-11636	55	12	process	process	NOUN
ajfa-11636	55	13	of	of	ADP
ajfa-11636	55	14	sovereign	sovereign	ADJ
ajfa-11636	55	15	credit	credit	NOUN
ajfa-11636	55	16	instruments	instrument	NOUN
ajfa-11636	55	17	.	.	PUNCT
ajfa-11636	56	1	the	the	DET
ajfa-11636	56	2	research	research	NOUN
ajfa-11636	56	3	tends	tend	VERB
ajfa-11636	56	4	to	to	PART
ajfa-11636	56	5	contrast	contrast	VERB
ajfa-11636	56	6	the	the	DET
ajfa-11636	56	7	findings	finding	NOUN
ajfa-11636	56	8	of	of	ADP
ajfa-11636	56	9	jacoby	jacoby	PROPN
ajfa-11636	56	10	,	,	PUNCT
ajfa-11636	56	11	g.	g.	PROPN
ajfa-11636	56	12	et	et	PROPN
ajfa-11636	56	13	al	al	PROPN
ajfa-11636	56	14	(	(	PUNCT
ajfa-11636	56	15	2009	2009	NUM
ajfa-11636	56	16	)	)	PUNCT
ajfa-11636	56	17	who	who	PRON
ajfa-11636	56	18	state	state	VERB
ajfa-11636	56	19	that	that	SCONJ
ajfa-11636	56	20	there	there	PRON
ajfa-11636	56	21	is	be	VERB
ajfa-11636	56	22	no	no	DET
ajfa-11636	56	23	common	common	ADJ
ajfa-11636	56	24	component	component	NOUN
ajfa-11636	56	25	in	in	ADP
ajfa-11636	56	26	the	the	DET
ajfa-11636	56	27	pricing	pricing	NOUN
ajfa-11636	56	28	process	process	NOUN
ajfa-11636	56	29	between	between	ADP
ajfa-11636	56	30	the	the	DET
ajfa-11636	56	31	two	two	NUM
ajfa-11636	56	32	markets	market	NOUN
ajfa-11636	56	33	and	and	CCONJ
ajfa-11636	56	34	there	there	PRON
ajfa-11636	56	35	is	be	VERB
ajfa-11636	56	36	only	only	ADV
ajfa-11636	56	37	the	the	DET
ajfa-11636	56	38	evidence	evidence	NOUN
ajfa-11636	56	39	about	about	ADP
ajfa-11636	56	40	the	the	DET
ajfa-11636	56	41	link	link	NOUN
ajfa-11636	56	42	between	between	ADP
ajfa-11636	56	43	equity	equity	NOUN
ajfa-11636	56	44	market	market	NOUN
ajfa-11636	56	45	and	and	CCONJ
ajfa-11636	56	46	cds	cd	NOUN
ajfa-11636	56	47	market	market	NOUN
ajfa-11636	56	48	.	.	PUNCT
ajfa-11636	57	1	in	in	ADP
ajfa-11636	57	2	the	the	DET
ajfa-11636	57	3	same	same	ADJ
ajfa-11636	57	4	idea	idea	NOUN
ajfa-11636	57	5	with	with	ADP
ajfa-11636	57	6	jacoby	jacoby	PROPN
ajfa-11636	57	7	,	,	PUNCT
ajfa-11636	57	8	g.	g.	PROPN
ajfa-11636	57	9	et	et	PROPN
ajfa-11636	57	10	al	al	PROPN
ajfa-11636	57	11	,	,	PUNCT
ajfa-11636	57	12	levy	levy	NOUN
ajfa-11636	57	13	,	,	PUNCT
ajfa-11636	57	14	a.	a.	NOUN
ajfa-11636	57	15	(	(	PUNCT
ajfa-11636	57	16	2009	2009	NUM
ajfa-11636	57	17	)	)	PUNCT
ajfa-11636	57	18	argues	argue	VERB
ajfa-11636	57	19	in	in	ADP
ajfa-11636	57	20	his	his	PRON
ajfa-11636	57	21	study	study	NOUN
ajfa-11636	57	22	that	that	SCONJ
ajfa-11636	57	23	there	there	PRON
ajfa-11636	57	24	is	be	VERB
ajfa-11636	57	25	no	no	DET
ajfa-11636	57	26	persistent	persistent	ADJ
ajfa-11636	57	27	pattern	pattern	NOUN
ajfa-11636	57	28	of	of	ADP
ajfa-11636	57	29	one	one	NUM
ajfa-11636	57	30	market	market	NOUN
ajfa-11636	57	31	leads	lead	VERB
ajfa-11636	57	32	the	the	DET
ajfa-11636	57	33	other	other	ADJ
ajfa-11636	57	34	.	.	PUNCT
ajfa-11636	58	1	analogously	analogously	ADV
ajfa-11636	58	2	,	,	PUNCT
ajfa-11636	58	3	coudert	coudert	NOUN
ajfa-11636	58	4	,	,	PUNCT
ajfa-11636	58	5	v.	v.	PROPN
ajfa-11636	58	6	and	and	CCONJ
ajfa-11636	58	7	gex	gex	PROPN
ajfa-11636	58	8	,	,	PUNCT
ajfa-11636	58	9	m.	m.	NOUN
ajfa-11636	58	10	(	(	PUNCT
ajfa-11636	58	11	2010	2010	NUM
ajfa-11636	58	12	)	)	PUNCT
ajfa-11636	58	13	explicates	explicate	VERB
ajfa-11636	58	14	that	that	SCONJ
ajfa-11636	58	15	sovereign	sovereign	ADJ
ajfa-11636	58	16	cds	cd	NOUN
ajfa-11636	58	17	market	market	NOUN
ajfa-11636	58	18	is	be	AUX
ajfa-11636	58	19	relatively	relatively	ADV
ajfa-11636	58	20	small	small	ADJ
ajfa-11636	58	21	in	in	ADP
ajfa-11636	58	22	comparison	comparison	NOUN
ajfa-11636	58	23	to	to	ADP
ajfa-11636	58	24	debt	debt	NOUN
ajfa-11636	58	25	market	market	NOUN
ajfa-11636	58	26	,	,	PUNCT
ajfa-11636	58	27	thereby	thereby	ADV
ajfa-11636	58	28	cds	cd	NOUN
ajfa-11636	58	29	spread	spread	NOUN
ajfa-11636	58	30	can	can	AUX
ajfa-11636	58	31	not	not	PART
ajfa-11636	58	32	drive	drive	VERB
ajfa-11636	58	33	the	the	DET
ajfa-11636	58	34	borrowing	borrowing	NOUN
ajfa-11636	58	35	costs	cost	NOUN
ajfa-11636	58	36	,	,	PUNCT
ajfa-11636	58	37	specially	specially	ADV
ajfa-11636	58	38	in	in	ADP
ajfa-11636	58	39	relative	relative	ADJ
ajfa-11636	58	40	low	low	ADJ
ajfa-11636	58	41	yield	yield	NOUN
ajfa-11636	58	42	contries	contrie	NOUN
ajfa-11636	58	43	like	like	ADP
ajfa-11636	58	44	developed	developed	ADJ
ajfa-11636	58	45	ones	one	NOUN
ajfa-11636	58	46	.	.	PUNCT
ajfa-11636	59	1	in	in	ADP
ajfa-11636	59	2	the	the	DET
ajfa-11636	59	3	aima	aima	PROPN
ajfa-11636	59	4	research	research	PROPN
ajfa-11636	59	5	note	note	NOUN
ajfa-11636	59	6	(	(	PUNCT
ajfa-11636	59	7	2011	2011	NUM
ajfa-11636	59	8	)	)	PUNCT
ajfa-11636	59	9	,	,	PUNCT
ajfa-11636	59	10	granger	granger	PROPN
ajfa-11636	59	11	causality	causality	NOUN
ajfa-11636	59	12	tests	test	VERB
ajfa-11636	59	13	on	on	ADP
ajfa-11636	59	14	cds	cd	NOUN
ajfa-11636	59	15	market	market	NOUN
ajfa-11636	59	16	and	and	CCONJ
ajfa-11636	59	17	bond	bond	NOUN
ajfa-11636	59	18	market	market	NOUN
ajfa-11636	59	19	give	give	VERB
ajfa-11636	59	20	the	the	DET
ajfa-11636	59	21	result	result	NOUN
ajfa-11636	59	22	that	that	SCONJ
ajfa-11636	59	23	the	the	DET
ajfa-11636	59	24	former	former	ADJ
ajfa-11636	59	25	is	be	AUX
ajfa-11636	59	26	relatively	relatively	ADV
ajfa-11636	59	27	cheaper	cheap	ADJ
ajfa-11636	59	28	than	than	ADP
ajfa-11636	59	29	the	the	DET
ajfa-11636	59	30	later	later	ADV
ajfa-11636	59	31	,	,	PUNCT
ajfa-11636	59	32	which	which	PRON
ajfa-11636	59	33	suggests	suggest	VERB
ajfa-11636	59	34	that	that	SCONJ
ajfa-11636	59	35	cds	cd	NOUN
ajfa-11636	59	36	market	market	NOUN
ajfa-11636	59	37	is	be	AUX
ajfa-11636	59	38	hardly	hardly	ADV
ajfa-11636	59	39	considered	consider	VERB
ajfa-11636	59	40	as	as	ADP
ajfa-11636	59	41	the	the	DET
ajfa-11636	59	42	cause	cause	NOUN
ajfa-11636	59	43	of	of	ADP
ajfa-11636	59	44	high	high	ADJ
ajfa-11636	59	45	bond	bond	NOUN
ajfa-11636	59	46	yields	yield	NOUN
ajfa-11636	59	47	in	in	ADP
ajfa-11636	59	48	sluggish	sluggish	ADJ
ajfa-11636	59	49	countries	country	NOUN
ajfa-11636	59	50	.	.	PUNCT
ajfa-11636	60	1	additionally	additionally	ADV
ajfa-11636	60	2	,	,	PUNCT
ajfa-11636	60	3	their	their	PRON
ajfa-11636	60	4	tests	test	NOUN
ajfa-11636	60	5	show	show	VERB
ajfa-11636	60	6	the	the	DET
ajfa-11636	60	7	two	two	NUM
ajfa-11636	60	8	markets	market	NOUN
ajfa-11636	60	9	are	be	AUX
ajfa-11636	60	10	equally	equally	ADV
ajfa-11636	60	11	to	to	PART
ajfa-11636	60	12	lead	lead	VERB
ajfa-11636	60	13	or	or	CCONJ
ajfa-11636	60	14	to	to	PART
ajfa-11636	60	15	lag	lag	VERB
ajfa-11636	60	16	the	the	DET
ajfa-11636	60	17	other	other	ADJ
ajfa-11636	60	18	.	.	PUNCT
ajfa-11636	61	1	the	the	DET
ajfa-11636	61	2	paper	paper	NOUN
ajfa-11636	61	3	,	,	PUNCT
ajfa-11636	61	4	in	in	ADP
ajfa-11636	61	5	one	one	NUM
ajfa-11636	61	6	hand	hand	NOUN
ajfa-11636	61	7	,	,	PUNCT
ajfa-11636	61	8	is	be	AUX
ajfa-11636	61	9	in	in	ADP
ajfa-11636	61	10	the	the	DET
ajfa-11636	61	11	same	same	ADJ
ajfa-11636	61	12	idea	idea	NOUN
ajfa-11636	61	13	with	with	ADP
ajfa-11636	61	14	this	this	DET
ajfa-11636	61	15	work	work	NOUN
ajfa-11636	61	16	in	in	ADP
ajfa-11636	61	17	term	term	NOUN
ajfa-11636	61	18	of	of	ADP
ajfa-11636	61	19	the	the	DET
ajfa-11636	61	20	unreplacable	unreplacable	ADJ
ajfa-11636	61	21	role	role	NOUN
ajfa-11636	61	22	of	of	ADP
ajfa-11636	61	23	sovereign	sovereign	ADJ
ajfa-11636	61	24	cds	cd	NOUN
ajfa-11636	61	25	markets	market	NOUN
ajfa-11636	61	26	though	though	SCONJ
ajfa-11636	61	27	on	on	ADP
ajfa-11636	61	28	the	the	DET
ajfa-11636	61	29	other	other	ADJ
ajfa-11636	61	30	hand	hand	NOUN
ajfa-11636	61	31	casts	cast	VERB
ajfa-11636	61	32	the	the	DET
ajfa-11636	61	33	doubt	doubt	NOUN
ajfa-11636	61	34	on	on	ADP
ajfa-11636	61	35	if	if	SCONJ
ajfa-11636	61	36	cds	cd	NOUN
ajfa-11636	61	37	market	market	NOUN
ajfa-11636	61	38	forces	force	VERB
ajfa-11636	61	39	the	the	DET
ajfa-11636	61	40	bond	bond	NOUN
ajfa-11636	61	41	market	market	NOUN
ajfa-11636	61	42	’	'	PUNCT
ajfa-11636	61	43	spreads	spread	VERB
ajfa-11636	61	44	to	to	ADP
ajfa-11636	61	45	bound	bound	ADJ
ajfa-11636	61	46	or	or	CCONJ
ajfa-11636	61	47	not	not	PART
ajfa-11636	61	48	.	.	PUNCT
ajfa-11636	62	1	regarding	regard	VERB
ajfa-11636	62	2	the	the	DET
ajfa-11636	62	3	role	role	NOUN
ajfa-11636	62	4	of	of	ADP
ajfa-11636	62	5	each	each	DET
ajfa-11636	62	6	market	market	NOUN
ajfa-11636	62	7	during	during	ADP
ajfa-11636	62	8	the	the	DET
ajfa-11636	62	9	recent	recent	ADJ
ajfa-11636	62	10	crisis	crisis	NOUN
ajfa-11636	62	11	,	,	PUNCT
ajfa-11636	62	12	anderson	anderson	PROPN
ajfa-11636	62	13	,	,	PUNCT
ajfa-11636	62	14	r.	r.	PROPN
ajfa-11636	62	15	(	(	PUNCT
ajfa-11636	62	16	2010	2010	NUM
ajfa-11636	62	17	)	)	PUNCT
ajfa-11636	62	18	advocates	advocate	VERB
ajfa-11636	62	19	the	the	DET
ajfa-11636	62	20	cds	cd	NOUN
ajfa-11636	62	21	market	market	NOUN
ajfa-11636	62	22	has	have	AUX
ajfa-11636	62	23	been	be	AUX
ajfa-11636	62	24	transferring	transfer	VERB
ajfa-11636	62	25	the	the	DET
ajfa-11636	62	26	credit	credit	NOUN
ajfa-11636	62	27	risk	risk	NOUN
ajfa-11636	62	28	to	to	PART
ajfa-11636	62	29	bond	bond	NOUN
ajfa-11636	62	30	market	market	NOUN
ajfa-11636	62	31	.	.	PUNCT
ajfa-11636	63	1	augustin	augustin	PROPN
ajfa-11636	63	2	,	,	PUNCT
ajfa-11636	63	3	p.	p.	NOUN
ajfa-11636	63	4	and	and	CCONJ
ajfa-11636	63	5	tedongap	tedongap	PROPN
ajfa-11636	63	6	,	,	PUNCT
ajfa-11636	63	7	r.	r.	PROPN
ajfa-11636	63	8	(	(	PUNCT
ajfa-11636	63	9	2011	2011	NUM
ajfa-11636	63	10	)	)	PUNCT
ajfa-11636	63	11	neutrally	neutrally	ADV
ajfa-11636	63	12	state	state	NOUN
ajfa-11636	63	13	that	that	SCONJ
ajfa-11636	63	14	either	either	CCONJ
ajfa-11636	63	15	catastrophic	catastrophic	ADJ
ajfa-11636	63	16	cds	cd	NOUN
ajfa-11636	63	17	market	market	NOUN
ajfa-11636	63	18	or	or	CCONJ
ajfa-11636	63	19	bond	bond	NOUN
ajfa-11636	63	20	market	market	NOUN
ajfa-11636	63	21	could	could	AUX
ajfa-11636	63	22	engage	engage	VERB
ajfa-11636	63	23	the	the	DET
ajfa-11636	63	24	negative	negative	ADJ
ajfa-11636	63	25	effect	effect	NOUN
ajfa-11636	63	26	on	on	ADP
ajfa-11636	63	27	the	the	DET
ajfa-11636	63	28	financial	financial	ADJ
ajfa-11636	63	29	stability	stability	NOUN
ajfa-11636	63	30	.	.	PUNCT
ajfa-11636	64	1	stulz	stulz	ADJ
ajfa-11636	64	2	,	,	PUNCT
ajfa-11636	64	3	r.	r.	PROPN
ajfa-11636	64	4	(	(	PUNCT
ajfa-11636	64	5	2010	2010	NUM
ajfa-11636	64	6	)	)	PUNCT
ajfa-11636	64	7	;	;	PUNCT
ajfa-11636	64	8	andenmatten	andenmatten	VERB
ajfa-11636	64	9	,	,	PUNCT
ajfa-11636	64	10	s.	s.	PROPN
ajfa-11636	64	11	and	and	CCONJ
ajfa-11636	64	12	brill	brill	PROPN
ajfa-11636	64	13	,	,	PUNCT
ajfa-11636	64	14	f.	f.	PROPN
ajfa-11636	64	15	(	(	PUNCT
ajfa-11636	64	16	2010	2010	NUM
ajfa-11636	64	17	)	)	PUNCT
ajfa-11636	64	18	opposingly	opposingly	ADV
ajfa-11636	64	19	conclude	conclude	VERB
ajfa-11636	64	20	the	the	DET
ajfa-11636	64	21	smaller	small	ADJ
ajfa-11636	64	22	role	role	NOUN
ajfa-11636	64	23	of	of	ADP
ajfa-11636	64	24	cds	cd	NOUN
ajfa-11636	64	25	market	market	NOUN
ajfa-11636	64	26	in	in	ADP
ajfa-11636	64	27	the	the	DET
ajfa-11636	64	28	financial	financial	ADJ
ajfa-11636	64	29	sovereign	sovereign	ADJ
ajfa-11636	64	30	crisis	crisis	NOUN
ajfa-11636	64	31	compared	compare	VERB
ajfa-11636	64	32	to	to	ADP
ajfa-11636	64	33	bond	bond	NOUN
ajfa-11636	64	34	market	market	NOUN
ajfa-11636	64	35	due	due	ADP
ajfa-11636	64	36	to	to	ADP
ajfa-11636	64	37	its	its	PRON
ajfa-11636	64	38	relatively	relatively	ADV
ajfa-11636	64	39	small	small	ADJ
ajfa-11636	64	40	market	market	NOUN
ajfa-11636	64	41	size	size	NOUN
ajfa-11636	64	42	.	.	PUNCT
ajfa-11636	65	1	the	the	DET
ajfa-11636	65	2	paper	paper	NOUN
ajfa-11636	65	3	,	,	PUNCT
ajfa-11636	65	4	in	in	ADP
ajfa-11636	65	5	the	the	DET
ajfa-11636	65	6	other	other	ADJ
ajfa-11636	65	7	way	way	NOUN
ajfa-11636	65	8	round	round	ADV
ajfa-11636	65	9	,	,	PUNCT
ajfa-11636	65	10	is	be	AUX
ajfa-11636	65	11	to	to	PART
ajfa-11636	65	12	demonstrate	demonstrate	VERB
ajfa-11636	65	13	the	the	DET
ajfa-11636	65	14	assertions	assertion	NOUN
ajfa-11636	65	15	of	of	ADP
ajfa-11636	65	16	those	those	PRON
ajfa-11636	65	17	above	above	ADJ
ajfa-11636	65	18	to	to	PART
ajfa-11636	65	19	be	be	AUX
ajfa-11636	65	20	appropriate	appropriate	ADJ
ajfa-11636	65	21	depend	depend	NOUN
ajfa-11636	65	22	on	on	ADP
ajfa-11636	65	23	case	case	NOUN
ajfa-11636	65	24	of	of	ADP
ajfa-11636	65	25	low	low	ADJ
ajfa-11636	65	26	-	-	PUNCT
ajfa-11636	65	27	yield	yield	NOUN
ajfa-11636	65	28	or	or	CCONJ
ajfa-11636	65	29	high	high	ADJ
ajfa-11636	65	30	-	-	PUNCT
ajfa-11636	65	31	yield	yield	NOUN
ajfa-11636	65	32	sovereigns	sovereign	NOUN
ajfa-11636	65	33	.	.	PUNCT
ajfa-11636	66	1	2.1.2	2.1.2	X
ajfa-11636	66	2	.	.	X
ajfa-11636	66	3	existing	exist	VERB
ajfa-11636	66	4	methodology	methodology	NOUN
ajfa-11636	66	5	used	use	VERB
ajfa-11636	66	6	to	to	PART
ajfa-11636	66	7	investigate	investigate	VERB
ajfa-11636	66	8	the	the	DET
ajfa-11636	66	9	role	role	NOUN
ajfa-11636	66	10	of	of	ADP
ajfa-11636	66	11	each	each	DET
ajfa-11636	66	12	market	market	NOUN
ajfa-11636	66	13	the	the	DET
ajfa-11636	66	14	paper	paper	NOUN
ajfa-11636	66	15	has	have	VERB
ajfa-11636	66	16	a	a	DET
ajfa-11636	66	17	great	great	ADJ
ajfa-11636	66	18	deal	deal	NOUN
ajfa-11636	66	19	in	in	ADP
ajfa-11636	66	20	common	common	ADJ
ajfa-11636	66	21	with	with	ADP
ajfa-11636	66	22	the	the	DET
ajfa-11636	66	23	paper	paper	NOUN
ajfa-11636	66	24	of	of	ADP
ajfa-11636	66	25	calice	calice	PROPN
ajfa-11636	66	26	,	,	PUNCT
ajfa-11636	66	27	g.	g.	PROPN
ajfa-11636	66	28	et	et	PROPN
ajfa-11636	66	29	al	al	PROPN
ajfa-11636	66	30	(	(	PUNCT
ajfa-11636	66	31	2007	2007	NUM
ajfa-11636	66	32	)	)	PUNCT
ajfa-11636	66	33	in	in	ADP
ajfa-11636	66	34	term	term	NOUN
ajfa-11636	66	35	of	of	ADP
ajfa-11636	66	36	ultilising	ultilise	VERB
ajfa-11636	66	37	the	the	DET
ajfa-11636	66	38	vector	vector	NOUN
ajfa-11636	66	39	autoregression	autoregression	NOUN
ajfa-11636	66	40	(	(	PUNCT
ajfa-11636	66	41	var	var	NOUN
ajfa-11636	66	42	)	)	PUNCT
ajfa-11636	66	43	model	model	NOUN
ajfa-11636	66	44	to	to	PART
ajfa-11636	66	45	acquire	acquire	VERB
ajfa-11636	66	46	the	the	DET
ajfa-11636	66	47	relationship	relationship	NOUN
ajfa-11636	66	48	between	between	ADP
ajfa-11636	66	49	the	the	DET
ajfa-11636	66	50	lag	lag	NOUN
ajfa-11636	66	51	-	-	PUNCT
ajfa-11636	66	52	values	value	NOUN
ajfa-11636	66	53	of	of	ADP
ajfa-11636	66	54	cds	cds	PROPN
ajfa-11636	66	55	premia	premia	PROPN
ajfa-11636	66	56	and	and	CCONJ
ajfa-11636	66	57	bond	bond	NOUN
ajfa-11636	66	58	spreads	spread	VERB
ajfa-11636	66	59	for	for	ADP
ajfa-11636	66	60	selected	select	VERB
ajfa-11636	66	61	countries	country	NOUN
ajfa-11636	66	62	.	.	PUNCT
ajfa-11636	67	1	in	in	ADP
ajfa-11636	67	2	their	their	PRON
ajfa-11636	67	3	paper	paper	NOUN
ajfa-11636	67	4	,	,	PUNCT
ajfa-11636	67	5	the	the	DET
ajfa-11636	67	6	sample	sample	NOUN
ajfa-11636	67	7	of	of	ADP
ajfa-11636	67	8	nine	nine	NUM
ajfa-11636	67	9	european	european	ADJ
ajfa-11636	67	10	countries	country	NOUN
ajfa-11636	67	11	is	be	AUX
ajfa-11636	67	12	considered	consider	VERB
ajfa-11636	67	13	and	and	CCONJ
ajfa-11636	67	14	the	the	DET
ajfa-11636	67	15	5	5	NUM
ajfa-11636	67	16	and	and	CCONJ
ajfa-11636	67	17	10	10	NUM
ajfa-11636	67	18	-	-	PUNCT
ajfa-11636	67	19	year	year	NOUN
ajfa-11636	67	20	instruments	instrument	NOUN
ajfa-11636	67	21	are	be	AUX
ajfa-11636	67	22	used	use	VERB
ajfa-11636	67	23	as	as	ADP
ajfa-11636	67	24	benchmarks.to	benchmarks.to	PRON
ajfa-11636	67	25	capture	capture	VERB
ajfa-11636	67	26	the	the	DET
ajfa-11636	67	27	dynamic	dynamic	ADJ
ajfa-11636	67	28	price	price	NOUN
ajfa-11636	67	29	spill	spill	NOUN
ajfa-11636	67	30	-	-	PUNCT
ajfa-11636	67	31	over	over	ADP
ajfa-11636	67	32	effect	effect	NOUN
ajfa-11636	67	33	between	between	ADP
ajfa-11636	67	34	sovereign	sovereign	ADJ
ajfa-11636	67	35	cds	cd	NOUN
ajfa-11636	67	36	market	market	NOUN
ajfa-11636	67	37	and	and	CCONJ
ajfa-11636	67	38	bond	bond	NOUN
ajfa-11636	67	39	market	market	NOUN
ajfa-11636	67	40	,	,	PUNCT
ajfa-11636	67	41	the	the	DET
ajfa-11636	67	42	sovereign	sovereign	ADJ
ajfa-11636	67	43	bond	bond	NOUN
ajfa-11636	67	44	credit	credit	NOUN
ajfa-11636	67	45	spread	spread	NOUN
ajfa-11636	67	46	and	and	CCONJ
ajfa-11636	67	47	liquidity	liquidity	NOUN
ajfa-11636	67	48	spreads	spread	NOUN
ajfa-11636	67	49	,	,	PUNCT
ajfa-11636	67	50	sovereign	sovereign	ADJ
ajfa-11636	67	51	cds	cd	NOUN
ajfa-11636	67	52	credit	credit	NOUN
ajfa-11636	67	53	and	and	CCONJ
ajfa-11636	67	54	liquidity	liquidity	NOUN
ajfa-11636	67	55	spreads	spread	NOUN
ajfa-11636	67	56	are	be	AUX
ajfa-11636	67	57	included	include	VERB
ajfa-11636	67	58	in	in	ADP
ajfa-11636	67	59	the	the	DET
ajfa-11636	67	60	var	var	NOUN
ajfa-11636	67	61	equations	equation	NOUN
ajfa-11636	67	62	as	as	SCONJ
ajfa-11636	67	63	follows	follow	VERB
ajfa-11636	67	64	:	:	PUNCT
ajfa-11636	68	1	•	•	NOUN
ajfa-11636	68	2	bondcreditspread(t	bondcreditspread(t	ADV
ajfa-11636	68	3	)	)	PUNCT
ajfa-11636	68	4	=	=	SYM
ajfa-11636	68	5	μ1(t	μ1(t	PROPN
ajfa-11636	68	6	)	)	PUNCT
ajfa-11636	68	7	+	+	NUM
ajfa-11636	68	8	β11(t	β11(t	CCONJ
ajfa-11636	68	9	)	)	PUNCT
ajfa-11636	68	10	bondcreditspread(t-1	bondcreditspread(t-1	PROPN
ajfa-11636	68	11	)	)	PUNCT
ajfa-11636	69	1	+	+	SYM
ajfa-11636	69	2	β12(t	β12(t	X
ajfa-11636	69	3	)	)	PUNCT
ajfa-11636	69	4	cdscreditspread(t-1	cdscreditspread(t-1	NOUN
ajfa-11636	69	5	)	)	PUNCT
ajfa-11636	69	6	+	+	CCONJ
ajfa-11636	69	7	β13(t	β13(t	X
ajfa-11636	69	8	)	)	PUNCT
ajfa-11636	69	9	bondliquidityspread(t-1	bondliquidityspread(t-1	NOUN
ajfa-11636	69	10	)	)	PUNCT
ajfa-11636	69	11	+	+	CCONJ
ajfa-11636	69	12	β14(t	β14(t	ADJ
ajfa-11636	69	13	)	)	PUNCT
ajfa-11636	69	14	cdsliquidityspread(t-1	cdsliquidityspread(t-1	PROPN
ajfa-11636	69	15	)	)	PUNCT
ajfa-11636	69	16	+	+	CCONJ
ajfa-11636	69	17	u1(t	u1(t	X
ajfa-11636	69	18	)	)	PUNCT
ajfa-11636	69	19	•	•	NUM
ajfa-11636	69	20	cdscreditspread(t	cdscreditspread(t	ADJ
ajfa-11636	69	21	)	)	PUNCT
ajfa-11636	69	22	=	=	SYM
ajfa-11636	69	23	μ2(t	μ2(t	PROPN
ajfa-11636	69	24	)	)	PUNCT
ajfa-11636	69	25	+	+	NUM
ajfa-11636	69	26	β21(t	β21(t	NUM
ajfa-11636	69	27	)	)	PUNCT
ajfa-11636	69	28	bondcreditspread(t-1	bondcreditspread(t-1	NOUN
ajfa-11636	69	29	)	)	PUNCT
ajfa-11636	69	30	+	+	SYM
ajfa-11636	69	31	β22(t	β22(t	NOUN
ajfa-11636	69	32	)	)	PUNCT
ajfa-11636	69	33	cdscreditspread(t-1	cdscreditspread(t-1	NOUN
ajfa-11636	69	34	)	)	PUNCT
ajfa-11636	69	35	+	+	CCONJ
ajfa-11636	69	36	β23(t	β23(t	X
ajfa-11636	69	37	)	)	PUNCT
ajfa-11636	69	38	bondliquidityspread(t-1	bondliquidityspread(t-1	NOUN
ajfa-11636	69	39	)	)	PUNCT
ajfa-11636	69	40	+	+	SYM
ajfa-11636	69	41	β24(t	β24(t	X
ajfa-11636	69	42	)	)	PUNCT
ajfa-11636	69	43	cdsliquidityspread(t-1	cdsliquidityspread(t-1	NOUN
ajfa-11636	69	44	)	)	PUNCT
ajfa-11636	69	45	+	+	PUNCT
ajfa-11636	69	46	u2(t	u2(t	NOUN
ajfa-11636	69	47	)	)	PUNCT
ajfa-11636	69	48	•	•	NUM
ajfa-11636	69	49	bondliquidtyspread(t	bondliquidtyspread(t	NOUN
ajfa-11636	69	50	)	)	PUNCT
ajfa-11636	69	51	=	=	SYM
ajfa-11636	69	52	μ3(t	μ3(t	X
ajfa-11636	69	53	)	)	PUNCT
ajfa-11636	69	54	+	+	CCONJ
ajfa-11636	69	55	β31(t	β31(t	SYM
ajfa-11636	69	56	)	)	PUNCT
ajfa-11636	69	57	bondcreditspread(t-1	bondcreditspread(t-1	NOUN
ajfa-11636	69	58	)	)	PUNCT
ajfa-11636	69	59	+	+	SYM
ajfa-11636	69	60	β32(t	β32(t	NOUN
ajfa-11636	69	61	)	)	PUNCT
ajfa-11636	69	62	cdscreditspread(t-1	cdscreditspread(t-1	NOUN
ajfa-11636	69	63	)	)	PUNCT
ajfa-11636	69	64	+	+	CCONJ
ajfa-11636	69	65	β33(t	β33(t	NOUN
ajfa-11636	69	66	)	)	PUNCT
ajfa-11636	69	67	bondliquidityspread(t-1	bondliquidityspread(t-1	NOUN
ajfa-11636	69	68	)	)	PUNCT
ajfa-11636	69	69	+	+	CCONJ
ajfa-11636	70	1	β34(t	β34(t	X
ajfa-11636	70	2	)	)	PUNCT
ajfa-11636	70	3	cdsliquidityspread(t-1	cdsliquidityspread(t-1	NOUN
ajfa-11636	70	4	)	)	PUNCT
ajfa-11636	71	1	+	+	CCONJ
ajfa-11636	71	2	u3(t	u3(t	X
ajfa-11636	71	3	)	)	PUNCT
ajfa-11636	71	4	asian	asian	ADJ
ajfa-11636	71	5	journal	journal	NOUN
ajfa-11636	71	6	of	of	ADP
ajfa-11636	71	7	finance	finance	PROPN
ajfa-11636	71	8	&	&	CCONJ
ajfa-11636	71	9	accounting	accounting	PROPN
ajfa-11636	71	10	issn	issn	PROPN
ajfa-11636	71	11	1946	1946	NUM
ajfa-11636	71	12	-	-	PUNCT
ajfa-11636	71	13	052x	052x	PROPN
ajfa-11636	71	14	2017	2017	NUM
ajfa-11636	71	15	,	,	PUNCT
ajfa-11636	71	16	vol	vol	NOUN
ajfa-11636	71	17	.	.	NOUN
ajfa-11636	71	18	9	9	NUM
ajfa-11636	71	19	,	,	PUNCT
ajfa-11636	71	20	no	no	NOUN
ajfa-11636	71	21	.	.	NOUN
ajfa-11636	71	22	2	2	NUM
ajfa-11636	71	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	71	24	274	274	NUM
ajfa-11636	71	25	•	•	NOUN
ajfa-11636	71	26	cdsliquidityspread(t	cdsliquidityspread(t	NOUN
ajfa-11636	71	27	)	)	PUNCT
ajfa-11636	71	28	=	=	SYM
ajfa-11636	71	29	μ4(t	μ4(t	PROPN
ajfa-11636	71	30	)	)	PUNCT
ajfa-11636	71	31	+	+	NUM
ajfa-11636	71	32	β41(t	β41(t	X
ajfa-11636	71	33	)	)	PUNCT
ajfa-11636	71	34	bondcreditspread(t-1	bondcreditspread(t-1	PROPN
ajfa-11636	71	35	)	)	PUNCT
ajfa-11636	72	1	+	+	SYM
ajfa-11636	72	2	β42(t	β42(t	X
ajfa-11636	72	3	)	)	PUNCT
ajfa-11636	72	4	cdscreditspread(t-1	cdscreditspread(t-1	NOUN
ajfa-11636	72	5	)	)	PUNCT
ajfa-11636	73	1	+	+	CCONJ
ajfa-11636	73	2	β43(t	β43(t	X
ajfa-11636	73	3	)	)	PUNCT
ajfa-11636	73	4	bondliquidityspread(t-1	bondliquidityspread(t-1	NOUN
ajfa-11636	73	5	)	)	PUNCT
ajfa-11636	73	6	+	+	CCONJ
ajfa-11636	73	7	β44(t	β44(t	X
ajfa-11636	73	8	)	)	PUNCT
ajfa-11636	73	9	cdsliquidityspread(t-1	cdsliquidityspread(t-1	NOUN
ajfa-11636	73	10	)	)	PUNCT
ajfa-11636	74	1	+	+	CCONJ
ajfa-11636	74	2	u4(t	u4(t	SYM
ajfa-11636	74	3	)	)	PUNCT
ajfa-11636	74	4	where	where	SCONJ
ajfa-11636	74	5	:	:	PUNCT
ajfa-11636	74	6	μ	μ	PROPN
ajfa-11636	74	7	(	(	PUNCT
ajfa-11636	74	8	t	t	PROPN
ajfa-11636	74	9	):	):	PUNCT
ajfa-11636	74	10	intercept	intercept	NOUN
ajfa-11636	74	11	u(t	u(t	NOUN
ajfa-11636	74	12	):	):	PUNCT
ajfa-11636	74	13	error	error	NOUN
ajfa-11636	74	14	term	term	NOUN
ajfa-11636	74	15	β(t	β(t	NOUN
ajfa-11636	74	16	):	):	PUNCT
ajfa-11636	74	17	coefficient	coefficient	NOUN
ajfa-11636	74	18	even	even	ADV
ajfa-11636	74	19	applying	apply	VERB
ajfa-11636	74	20	the	the	DET
ajfa-11636	74	21	similar	similar	ADJ
ajfa-11636	74	22	var	var	NOUN
ajfa-11636	74	23	models	model	NOUN
ajfa-11636	74	24	,	,	PUNCT
ajfa-11636	74	25	a	a	DET
ajfa-11636	74	26	somewhat	somewhat	ADV
ajfa-11636	74	27	distinctiveness	distinctiveness	NOUN
ajfa-11636	74	28	about	about	ADP
ajfa-11636	74	29	regression	regression	NOUN
ajfa-11636	74	30	equations	equation	NOUN
ajfa-11636	74	31	used	use	VERB
ajfa-11636	74	32	in	in	ADP
ajfa-11636	74	33	this	this	DET
ajfa-11636	74	34	paper	paper	NOUN
ajfa-11636	74	35	and	and	CCONJ
ajfa-11636	74	36	those	those	PRON
ajfa-11636	74	37	above	above	ADV
ajfa-11636	74	38	is	be	AUX
ajfa-11636	74	39	that	that	SCONJ
ajfa-11636	74	40	we	we	PRON
ajfa-11636	74	41	are	be	AUX
ajfa-11636	74	42	not	not	PART
ajfa-11636	74	43	going	go	VERB
ajfa-11636	74	44	to	to	PART
ajfa-11636	74	45	explain	explain	VERB
ajfa-11636	74	46	any	any	DET
ajfa-11636	74	47	typical	typical	ADJ
ajfa-11636	74	48	risk	risk	NOUN
ajfa-11636	74	49	factor	factor	NOUN
ajfa-11636	74	50	creates	create	VERB
ajfa-11636	74	51	the	the	DET
ajfa-11636	74	52	leading	lead	VERB
ajfa-11636	74	53	role	role	NOUN
ajfa-11636	74	54	for	for	ADP
ajfa-11636	74	55	one	one	NUM
ajfa-11636	74	56	market	market	NOUN
ajfa-11636	74	57	over	over	ADP
ajfa-11636	74	58	the	the	DET
ajfa-11636	74	59	other	other	ADJ
ajfa-11636	74	60	.	.	PUNCT
ajfa-11636	75	1	infact	infact	PROPN
ajfa-11636	75	2	,	,	PUNCT
ajfa-11636	75	3	the	the	DET
ajfa-11636	75	4	paper	paper	NOUN
ajfa-11636	75	5	accentuates	accentuate	VERB
ajfa-11636	75	6	on	on	ADP
ajfa-11636	75	7	the	the	DET
ajfa-11636	75	8	prices	price	NOUN
ajfa-11636	75	9	themselves	themselves	PRON
ajfa-11636	75	10	rather	rather	ADV
ajfa-11636	75	11	than	than	ADP
ajfa-11636	75	12	their	their	PRON
ajfa-11636	75	13	pricing	pricing	NOUN
ajfa-11636	75	14	structures	structure	NOUN
ajfa-11636	75	15	.	.	PUNCT
ajfa-11636	76	1	thus	thus	ADV
ajfa-11636	76	2	,	,	PUNCT
ajfa-11636	76	3	based	base	VERB
ajfa-11636	76	4	on	on	ADP
ajfa-11636	76	5	the	the	DET
ajfa-11636	76	6	foundation	foundation	NOUN
ajfa-11636	76	7	above	above	ADV
ajfa-11636	76	8	,	,	PUNCT
ajfa-11636	76	9	“	"	PUNCT
ajfa-11636	76	10	bondcreditspread	bondcreditspread	NOUN
ajfa-11636	76	11	”	"	PUNCT
ajfa-11636	76	12	and	and	CCONJ
ajfa-11636	76	13	“	"	PUNCT
ajfa-11636	76	14	bondliquidityspread	bondliquidityspread	ADJ
ajfa-11636	76	15	”	"	PUNCT
ajfa-11636	76	16	variables	variable	NOUN
ajfa-11636	76	17	,	,	PUNCT
ajfa-11636	76	18	“	"	PUNCT
ajfa-11636	76	19	cdscreditspread	cdscreditspread	NOUN
ajfa-11636	76	20	”	"	PUNCT
ajfa-11636	76	21	and	and	CCONJ
ajfa-11636	76	22	“	"	PUNCT
ajfa-11636	76	23	cdsliquidityspread	cdsliquidityspread	ADJ
ajfa-11636	76	24	”	"	PUNCT
ajfa-11636	76	25	variables	variable	NOUN
ajfa-11636	76	26	are	be	AUX
ajfa-11636	76	27	merged	merge	VERB
ajfa-11636	76	28	into	into	ADP
ajfa-11636	76	29	“	"	PUNCT
ajfa-11636	76	30	price	price	NOUN
ajfa-11636	76	31	”	"	PUNCT
ajfa-11636	76	32	variable	variable	NOUN
ajfa-11636	76	33	,	,	PUNCT
ajfa-11636	76	34	which	which	PRON
ajfa-11636	76	35	is	be	AUX
ajfa-11636	76	36	“	"	PUNCT
ajfa-11636	76	37	cds	cds	NOUN
ajfa-11636	76	38	premium	premium	NOUN
ajfa-11636	76	39	”	"	PUNCT
ajfa-11636	76	40	or	or	CCONJ
ajfa-11636	76	41	cdsprem	cdsprem	VERB
ajfa-11636	76	42	for	for	ADP
ajfa-11636	76	43	cds	cd	NOUN
ajfa-11636	76	44	market	market	NOUN
ajfa-11636	76	45	and	and	CCONJ
ajfa-11636	76	46	“	"	PUNCT
ajfa-11636	76	47	bond	bond	NOUN
ajfa-11636	76	48	spread	spread	NOUN
ajfa-11636	76	49	”	"	PUNCT
ajfa-11636	76	50	or	or	CCONJ
ajfa-11636	76	51	byspread	byspread	VERB
ajfa-11636	76	52	in	in	ADP
ajfa-11636	76	53	case	case	NOUN
ajfa-11636	76	54	of	of	ADP
ajfa-11636	76	55	bond	bond	NOUN
ajfa-11636	76	56	market	market	NOUN
ajfa-11636	76	57	.	.	PUNCT
ajfa-11636	77	1	this	this	DET
ajfa-11636	77	2	study	study	NOUN
ajfa-11636	77	3	is	be	AUX
ajfa-11636	77	4	in	in	ADP
ajfa-11636	77	5	the	the	DET
ajfa-11636	77	6	contrastive	contrastive	ADJ
ajfa-11636	77	7	line	line	NOUN
ajfa-11636	77	8	with	with	ADP
ajfa-11636	77	9	results	result	NOUN
ajfa-11636	77	10	found	find	VERB
ajfa-11636	77	11	by	by	ADP
ajfa-11636	77	12	jacoby	jacoby	PROPN
ajfa-11636	77	13	,	,	PUNCT
ajfa-11636	77	14	g.	g.	PROPN
ajfa-11636	77	15	et	et	PROPN
ajfa-11636	77	16	al	al	PROPN
ajfa-11636	77	17	(	(	PUNCT
ajfa-11636	77	18	2009	2009	NUM
ajfa-11636	77	19	)	)	PUNCT
ajfa-11636	77	20	in	in	ADP
ajfa-11636	77	21	term	term	NOUN
ajfa-11636	77	22	of	of	ADP
ajfa-11636	77	23	price	price	NOUN
ajfa-11636	77	24	discovery	discovery	NOUN
ajfa-11636	77	25	process	process	NOUN
ajfa-11636	77	26	.	.	PUNCT
ajfa-11636	78	1	besides	besides	SCONJ
ajfa-11636	78	2	,	,	PUNCT
ajfa-11636	78	3	the	the	DET
ajfa-11636	78	4	methodologies	methodology	NOUN
ajfa-11636	78	5	employed	employ	VERB
ajfa-11636	78	6	in	in	ADP
ajfa-11636	78	7	their	their	PRON
ajfa-11636	78	8	study	study	NOUN
ajfa-11636	78	9	and	and	CCONJ
ajfa-11636	78	10	this	this	DET
ajfa-11636	78	11	paper	paper	NOUN
ajfa-11636	78	12	are	be	AUX
ajfa-11636	78	13	aslo	aslo	ADV
ajfa-11636	78	14	different	different	ADJ
ajfa-11636	78	15	.	.	PUNCT
ajfa-11636	79	1	jacoby	jacoby	PROPN
ajfa-11636	79	2	and	and	CCONJ
ajfa-11636	79	3	his	his	PRON
ajfa-11636	79	4	colleagues	colleague	NOUN
ajfa-11636	79	5	use	use	VERB
ajfa-11636	79	6	monthly	monthly	ADJ
ajfa-11636	79	7	cross	cross	ADJ
ajfa-11636	79	8	-	-	ADJ
ajfa-11636	79	9	section	section	ADJ
ajfa-11636	79	10	data	datum	NOUN
ajfa-11636	79	11	in	in	ADP
ajfa-11636	79	12	var	var	PROPN
ajfa-11636	79	13	model	model	NOUN
ajfa-11636	79	14	to	to	PART
ajfa-11636	79	15	examine	examine	VERB
ajfa-11636	79	16	liquidity	liquidity	NOUN
ajfa-11636	79	17	shocks	shock	NOUN
ajfa-11636	79	18	across	across	ADP
ajfa-11636	79	19	the	the	DET
ajfa-11636	79	20	two	two	NUM
ajfa-11636	79	21	markets	market	NOUN
ajfa-11636	79	22	:	:	PUNCT
ajfa-11636	80	1	liqcds(t)=αcds	liqcds(t)=αcds	ADJ
ajfa-11636	80	2	+	+	CCONJ
ajfa-11636	80	3	∑	∑	PROPN
ajfa-11636	80	4	,	,	PUNCT
ajfa-11636	80	5	liqcds(t	liqcds(t	PROPN
ajfa-11636	80	6	-	-	PUNCT
ajfa-11636	80	7	i)+∑	i)+∑	X
ajfa-11636	80	8	,	,	PUNCT
ajfa-11636	80	9	liqbond(t	liqbond(t	NOUN
ajfa-11636	80	10	-	-	NOUN
ajfa-11636	80	11	i)+	i)+	ADJ
ajfa-11636	80	12	,	,	PUNCT
ajfa-11636	80	13	liqbond(t)=αbond	liqbond(t)=αbond	PROPN
ajfa-11636	80	14	+	+	CCONJ
ajfa-11636	80	15	∑	∑	PROPN
ajfa-11636	80	16	,	,	PUNCT
ajfa-11636	80	17	liqcds(t	liqcds(t	PROPN
ajfa-11636	80	18	-	-	PUNCT
ajfa-11636	80	19	i)+∑	i)+∑	X
ajfa-11636	80	20	,	,	PUNCT
ajfa-11636	80	21	liqbond(t	liqbond(t	NOUN
ajfa-11636	80	22	-	-	NOUN
ajfa-11636	80	23	i)+	i)+	NOUN
ajfa-11636	80	24	,	,	PUNCT
ajfa-11636	80	25	where	where	SCONJ
ajfa-11636	80	26	:	:	PUNCT
ajfa-11636	80	27	liqcds	liqcds	PROPN
ajfa-11636	80	28	,	,	PUNCT
ajfa-11636	80	29	liqbond	liqbond	PROPN
ajfa-11636	80	30	:	:	PUNCT
ajfa-11636	80	31	cds	cd	NOUN
ajfa-11636	80	32	market	market	NOUN
ajfa-11636	80	33	and	and	CCONJ
ajfa-11636	80	34	bond	bond	NOUN
ajfa-11636	80	35	market	market	NOUN
ajfa-11636	80	36	liquidity	liquidity	NOUN
ajfa-11636	80	37	shocks	shock	VERB
ajfa-11636	80	38	α	α	NOUN
ajfa-11636	80	39	:	:	PUNCT
ajfa-11636	80	40	intercept	intercept	ADJ
ajfa-11636	80	41	β	β	NOUN
ajfa-11636	80	42	:	:	PUNCT
ajfa-11636	80	43	coefficent	coefficent	NOUN
ajfa-11636	80	44	p	p	X
ajfa-11636	80	45	:	:	PUNCT
ajfa-11636	80	46	lag	lag	NOUN
ajfa-11636	80	47	-	-	PUNCT
ajfa-11636	80	48	length	length	NOUN
ajfa-11636	80	49	ε	ε	PROPN
ajfa-11636	80	50	:	:	PUNCT
ajfa-11636	80	51	error	error	NOUN
ajfa-11636	80	52	term	term	NOUN
ajfa-11636	80	53	the	the	DET
ajfa-11636	80	54	magnitude	magnitude	NOUN
ajfa-11636	80	55	of	of	ADP
ajfa-11636	80	56	the	the	DET
ajfa-11636	80	57	coefficients	coefficient	NOUN
ajfa-11636	80	58	is	be	AUX
ajfa-11636	80	59	generally	generally	ADV
ajfa-11636	80	60	small	small	ADJ
ajfa-11636	80	61	indicates	indicate	VERB
ajfa-11636	80	62	that	that	SCONJ
ajfa-11636	80	63	there	there	PRON
ajfa-11636	80	64	is	be	VERB
ajfa-11636	80	65	no	no	DET
ajfa-11636	80	66	immediate	immediate	ADJ
ajfa-11636	80	67	spill	spill	NOUN
ajfa-11636	80	68	-	-	PUNCT
ajfa-11636	80	69	over	over	NOUN
ajfa-11636	80	70	of	of	ADP
ajfa-11636	80	71	liquidity	liquidity	NOUN
ajfa-11636	80	72	shocks	shock	NOUN
ajfa-11636	80	73	from	from	ADP
ajfa-11636	80	74	the	the	DET
ajfa-11636	80	75	bond	bond	NOUN
ajfa-11636	80	76	market	market	NOUN
ajfa-11636	80	77	to	to	ADP
ajfa-11636	80	78	cds	cd	NOUN
ajfa-11636	80	79	market	market	NOUN
ajfa-11636	80	80	and	and	CCONJ
ajfa-11636	80	81	vice	vice	ADV
ajfa-11636	80	82	versa	versa	ADV
ajfa-11636	80	83	.	.	PUNCT
ajfa-11636	81	1	in	in	ADP
ajfa-11636	81	2	the	the	DET
ajfa-11636	81	3	other	other	ADJ
ajfa-11636	81	4	words	word	NOUN
ajfa-11636	81	5	,	,	PUNCT
ajfa-11636	81	6	the	the	DET
ajfa-11636	81	7	prices	price	NOUN
ajfa-11636	81	8	in	in	ADP
ajfa-11636	81	9	one	one	NUM
ajfa-11636	81	10	market	market	NOUN
ajfa-11636	81	11	can	can	AUX
ajfa-11636	81	12	not	not	PART
ajfa-11636	81	13	affect	affect	VERB
ajfa-11636	81	14	the	the	DET
ajfa-11636	81	15	prices	price	NOUN
ajfa-11636	81	16	in	in	ADP
ajfa-11636	81	17	the	the	DET
ajfa-11636	81	18	other	other	ADJ
ajfa-11636	81	19	.	.	PUNCT
ajfa-11636	82	1	however	however	ADV
ajfa-11636	82	2	,	,	PUNCT
ajfa-11636	82	3	the	the	DET
ajfa-11636	82	4	paper	paper	NOUN
ajfa-11636	82	5	is	be	AUX
ajfa-11636	82	6	contrastly	contrastly	ADV
ajfa-11636	82	7	handling	handle	VERB
ajfa-11636	82	8	with	with	ADP
ajfa-11636	82	9	daily	daily	ADJ
ajfa-11636	82	10	time	time	NOUN
ajfa-11636	82	11	-	-	PUNCT
ajfa-11636	82	12	series	series	NOUN
ajfa-11636	82	13	data	datum	NOUN
ajfa-11636	82	14	rather	rather	ADV
ajfa-11636	82	15	than	than	ADP
ajfa-11636	82	16	monthly	monthly	ADJ
ajfa-11636	82	17	cross	cross	ADJ
ajfa-11636	82	18	-	-	ADJ
ajfa-11636	82	19	section	section	ADJ
ajfa-11636	82	20	data	datum	NOUN
ajfa-11636	82	21	and	and	CCONJ
ajfa-11636	82	22	as	as	SCONJ
ajfa-11636	82	23	stated	state	VERB
ajfa-11636	82	24	above	above	ADV
ajfa-11636	82	25	,	,	PUNCT
ajfa-11636	82	26	the	the	DET
ajfa-11636	82	27	regression	regression	NOUN
ajfa-11636	82	28	equations	equation	NOUN
ajfa-11636	82	29	are	be	AUX
ajfa-11636	82	30	not	not	PART
ajfa-11636	82	31	investigating	investigate	VERB
ajfa-11636	82	32	any	any	DET
ajfa-11636	82	33	individual	individual	ADJ
ajfa-11636	82	34	risk	risk	NOUN
ajfa-11636	82	35	affecting	affect	VERB
ajfa-11636	82	36	the	the	DET
ajfa-11636	82	37	prices	price	NOUN
ajfa-11636	82	38	but	but	CCONJ
ajfa-11636	82	39	considering	consider	VERB
ajfa-11636	82	40	the	the	DET
ajfa-11636	82	41	entire	entire	ADJ
ajfa-11636	82	42	prices	price	NOUN
ajfa-11636	82	43	themselves	themselves	PRON
ajfa-11636	82	44	.	.	PUNCT
ajfa-11636	83	1	asian	asian	ADJ
ajfa-11636	83	2	journal	journal	PROPN
ajfa-11636	83	3	of	of	ADP
ajfa-11636	83	4	finance	finance	PROPN
ajfa-11636	83	5	&	&	CCONJ
ajfa-11636	83	6	accounting	accounting	PROPN
ajfa-11636	83	7	issn	issn	PROPN
ajfa-11636	83	8	1946	1946	NUM
ajfa-11636	83	9	-	-	PUNCT
ajfa-11636	83	10	052x	052x	PROPN
ajfa-11636	83	11	2017	2017	NUM
ajfa-11636	83	12	,	,	PUNCT
ajfa-11636	83	13	vol	vol	NOUN
ajfa-11636	83	14	.	.	NOUN
ajfa-11636	83	15	9	9	NUM
ajfa-11636	83	16	,	,	PUNCT
ajfa-11636	83	17	no	no	NOUN
ajfa-11636	83	18	.	.	NOUN
ajfa-11636	83	19	2	2	NUM
ajfa-11636	83	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	83	21	275	275	NUM
ajfa-11636	83	22	2.2	2.2	NUM
ajfa-11636	83	23	.	.	PUNCT
ajfa-11636	84	1	studies	study	NOUN
ajfa-11636	84	2	on	on	ADP
ajfa-11636	84	3	the	the	DET
ajfa-11636	84	4	short	short	ADJ
ajfa-11636	84	5	-	-	PUNCT
ajfa-11636	84	6	term	term	NOUN
ajfa-11636	84	7	and	and	CCONJ
ajfa-11636	84	8	long	long	ADJ
ajfa-11636	84	9	-	-	PUNCT
ajfa-11636	84	10	term	term	NOUN
ajfa-11636	84	11	relationship	relationship	NOUN
ajfa-11636	84	12	between	between	ADP
ajfa-11636	84	13	sovereign	sovereign	ADJ
ajfa-11636	84	14	cds	cd	NOUN
ajfa-11636	84	15	and	and	CCONJ
ajfa-11636	84	16	bond	bond	NOUN
ajfa-11636	84	17	market	market	NOUN
ajfa-11636	84	18	the	the	DET
ajfa-11636	84	19	long	long	ADJ
ajfa-11636	84	20	-	-	PUNCT
ajfa-11636	84	21	term	term	NOUN
ajfa-11636	84	22	cointegration	cointegration	NOUN
ajfa-11636	84	23	between	between	ADP
ajfa-11636	84	24	the	the	DET
ajfa-11636	84	25	two	two	NUM
ajfa-11636	84	26	assets	asset	NOUN
ajfa-11636	84	27	’	'	PUNCT
ajfa-11636	84	28	prices	price	NOUN
ajfa-11636	84	29	in	in	ADP
ajfa-11636	84	30	most	most	ADJ
ajfa-11636	84	31	cases	case	NOUN
ajfa-11636	84	32	of	of	ADP
ajfa-11636	84	33	european	european	ADJ
ajfa-11636	84	34	entities	entity	NOUN
ajfa-11636	84	35	and	and	CCONJ
ajfa-11636	84	36	some	some	DET
ajfa-11636	84	37	selected	select	VERB
ajfa-11636	84	38	asian	asian	ADJ
ajfa-11636	84	39	entities	entity	NOUN
ajfa-11636	84	40	are	be	AUX
ajfa-11636	84	41	documented	document	VERB
ajfa-11636	84	42	in	in	ADP
ajfa-11636	84	43	researches	research	NOUN
ajfa-11636	84	44	of	of	ADP
ajfa-11636	84	45	palladini	palladini	NOUN
ajfa-11636	84	46	,	,	PUNCT
ajfa-11636	84	47	g.	g.	PROPN
ajfa-11636	84	48	and	and	CCONJ
ajfa-11636	84	49	portes	porte	NOUN
ajfa-11636	84	50	,	,	PUNCT
ajfa-11636	84	51	r.	r.	PROPN
ajfa-11636	84	52	(	(	PUNCT
ajfa-11636	84	53	2011	2011	NUM
ajfa-11636	84	54	)	)	PUNCT
ajfa-11636	84	55	,	,	PUNCT
ajfa-11636	84	56	de	de	X
ajfa-11636	84	57	wit	wit	PROPN
ajfa-11636	84	58	,	,	PUNCT
ajfa-11636	84	59	j.	j.	PROPN
ajfa-11636	84	60	(	(	PUNCT
ajfa-11636	84	61	2006	2006	NUM
ajfa-11636	84	62	)	)	PUNCT
ajfa-11636	84	63	,	,	PUNCT
ajfa-11636	84	64	norden	norden	PROPN
ajfa-11636	84	65	,	,	PUNCT
ajfa-11636	84	66	l.	l.	PROPN
ajfa-11636	84	67	and	and	CCONJ
ajfa-11636	84	68	weber	weber	PROPN
ajfa-11636	84	69	,	,	PUNCT
ajfa-11636	84	70	m.	m.	NOUN
ajfa-11636	84	71	(	(	PUNCT
ajfa-11636	84	72	2004	2004	NUM
ajfa-11636	84	73	)	)	PUNCT
ajfa-11636	84	74	,	,	PUNCT
ajfa-11636	84	75	zhu	zhu	PROPN
ajfa-11636	84	76	,	,	PUNCT
ajfa-11636	84	77	h.	h.	PROPN
ajfa-11636	84	78	(	(	PUNCT
ajfa-11636	84	79	2006	2006	NUM
ajfa-11636	84	80	)	)	PUNCT
ajfa-11636	84	81	,	,	PUNCT
ajfa-11636	84	82	for	for	ADP
ajfa-11636	84	83	which	which	PRON
ajfa-11636	84	84	the	the	DET
ajfa-11636	84	85	paper	paper	NOUN
ajfa-11636	84	86	likewise	likewise	ADV
ajfa-11636	84	87	hope	hope	VERB
ajfa-11636	84	88	to	to	PART
ajfa-11636	84	89	get	get	VERB
ajfa-11636	84	90	.	.	PUNCT
ajfa-11636	85	1	this	this	PRON
ajfa-11636	85	2	is	be	AUX
ajfa-11636	85	3	likely	likely	ADJ
ajfa-11636	85	4	to	to	PART
ajfa-11636	85	5	be	be	AUX
ajfa-11636	85	6	acute	acute	ADJ
ajfa-11636	85	7	that	that	SCONJ
ajfa-11636	85	8	the	the	DET
ajfa-11636	85	9	possible	possible	ADJ
ajfa-11636	85	10	cointegrated	cointegrated	ADJ
ajfa-11636	85	11	relationship	relationship	NOUN
ajfa-11636	85	12	across	across	ADP
ajfa-11636	85	13	many	many	ADJ
ajfa-11636	85	14	other	other	ADJ
ajfa-11636	85	15	markets	market	NOUN
ajfa-11636	85	16	is	be	AUX
ajfa-11636	85	17	neglected	neglect	VERB
ajfa-11636	85	18	in	in	ADP
ajfa-11636	85	19	those	those	DET
ajfa-11636	85	20	studies	study	NOUN
ajfa-11636	85	21	and	and	CCONJ
ajfa-11636	85	22	the	the	DET
ajfa-11636	85	23	general	general	ADJ
ajfa-11636	85	24	trends	trend	NOUN
ajfa-11636	85	25	may	may	AUX
ajfa-11636	85	26	be	be	AUX
ajfa-11636	85	27	introduced	introduce	VERB
ajfa-11636	85	28	bias	bias	NOUN
ajfa-11636	85	29	in	in	ADP
ajfa-11636	85	30	their	their	PRON
ajfa-11636	85	31	results	result	NOUN
ajfa-11636	85	32	.	.	PUNCT
ajfa-11636	86	1	as	as	ADP
ajfa-11636	86	2	the	the	DET
ajfa-11636	86	3	more	more	ADJ
ajfa-11636	86	4	extensions	extension	NOUN
ajfa-11636	86	5	on	on	ADP
ajfa-11636	86	6	the	the	DET
ajfa-11636	86	7	market	market	NOUN
ajfa-11636	86	8	size	size	NOUN
ajfa-11636	86	9	,	,	PUNCT
ajfa-11636	86	10	the	the	PRON
ajfa-11636	86	11	stronger	strong	ADJ
ajfa-11636	86	12	the	the	DET
ajfa-11636	86	13	findings	finding	NOUN
ajfa-11636	86	14	are	be	AUX
ajfa-11636	86	15	,	,	PUNCT
ajfa-11636	86	16	thus	thus	ADV
ajfa-11636	86	17	this	this	DET
ajfa-11636	86	18	paper	paper	NOUN
ajfa-11636	86	19	would	would	AUX
ajfa-11636	86	20	extend	extend	VERB
ajfa-11636	86	21	the	the	DET
ajfa-11636	86	22	existing	exist	VERB
ajfa-11636	86	23	researches	research	NOUN
ajfa-11636	86	24	firstly	firstly	ADV
ajfa-11636	86	25	in	in	ADP
ajfa-11636	86	26	term	term	NOUN
ajfa-11636	86	27	of	of	ADP
ajfa-11636	86	28	market	market	NOUN
ajfa-11636	86	29	size	size	NOUN
ajfa-11636	86	30	and	and	CCONJ
ajfa-11636	86	31	then	then	ADV
ajfa-11636	86	32	criticise	criticise	VERB
ajfa-11636	86	33	for	for	ADP
ajfa-11636	86	34	the	the	DET
ajfa-11636	86	35	short	short	ADJ
ajfa-11636	86	36	-	-	PUNCT
ajfa-11636	86	37	run	run	NOUN
ajfa-11636	86	38	pricing	pricing	NOUN
ajfa-11636	86	39	rather	rather	ADV
ajfa-11636	86	40	than	than	ADP
ajfa-11636	86	41	only	only	ADV
ajfa-11636	86	42	the	the	DET
ajfa-11636	86	43	long	long	ADV
ajfa-11636	86	44	-	-	PUNCT
ajfa-11636	86	45	run	run	VERB
ajfa-11636	86	46	dynamic	dynamic	ADJ
ajfa-11636	86	47	linkage	linkage	NOUN
ajfa-11636	86	48	.	.	PUNCT
ajfa-11636	87	1	the	the	DET
ajfa-11636	87	2	research	research	NOUN
ajfa-11636	87	3	aims	aim	VERB
ajfa-11636	87	4	at	at	ADP
ajfa-11636	87	5	proving	prove	VERB
ajfa-11636	87	6	the	the	DET
ajfa-11636	87	7	cointegration	cointegration	NOUN
ajfa-11636	87	8	of	of	ADP
ajfa-11636	87	9	the	the	DET
ajfa-11636	87	10	two	two	NUM
ajfa-11636	87	11	markets	market	NOUN
ajfa-11636	87	12	in	in	ADP
ajfa-11636	87	13	both	both	CCONJ
ajfa-11636	87	14	short	short	ADJ
ajfa-11636	87	15	-	-	PUNCT
ajfa-11636	87	16	run	run	NOUN
ajfa-11636	87	17	and	and	CCONJ
ajfa-11636	87	18	long	long	ADV
ajfa-11636	87	19	-	-	PUNCT
ajfa-11636	87	20	run	run	NOUN
ajfa-11636	87	21	in	in	ADP
ajfa-11636	87	22	normal	normal	ADJ
ajfa-11636	87	23	economic	economic	ADJ
ajfa-11636	87	24	conditions	condition	NOUN
ajfa-11636	87	25	as	as	ADP
ajfa-11636	87	26	in	in	ADP
ajfa-11636	87	27	line	line	NOUN
ajfa-11636	87	28	with	with	ADP
ajfa-11636	87	29	theories	theory	NOUN
ajfa-11636	87	30	.	.	PUNCT
ajfa-11636	88	1	yet	yet	ADV
ajfa-11636	88	2	if	if	SCONJ
ajfa-11636	88	3	this	this	DET
ajfa-11636	88	4	cointegrated	cointegrate	VERB
ajfa-11636	88	5	relationship	relationship	NOUN
ajfa-11636	88	6	was	be	AUX
ajfa-11636	88	7	weakened	weaken	VERB
ajfa-11636	88	8	during	during	ADP
ajfa-11636	88	9	financial	financial	ADJ
ajfa-11636	88	10	turmoils	turmoil	NOUN
ajfa-11636	88	11	such	such	ADJ
ajfa-11636	88	12	as	as	ADP
ajfa-11636	88	13	in	in	ADP
ajfa-11636	88	14	period	period	NOUN
ajfa-11636	88	15	from	from	ADP
ajfa-11636	88	16	2008	2008	NUM
ajfa-11636	88	17	to	to	ADP
ajfa-11636	88	18	2016	2016	NUM
ajfa-11636	88	19	or	or	CCONJ
ajfa-11636	88	20	not	not	PART
ajfa-11636	88	21	,	,	PUNCT
ajfa-11636	88	22	the	the	DET
ajfa-11636	88	23	answer	answer	NOUN
ajfa-11636	88	24	should	should	AUX
ajfa-11636	88	25	aslo	aslo	PROPN
ajfa-11636	88	26	be	be	AUX
ajfa-11636	88	27	made	make	VERB
ajfa-11636	88	28	clear	clear	ADJ
ajfa-11636	88	29	in	in	ADP
ajfa-11636	88	30	this	this	DET
ajfa-11636	88	31	paper	paper	NOUN
ajfa-11636	88	32	.	.	PUNCT
ajfa-11636	89	1	the	the	DET
ajfa-11636	89	2	foundation	foundation	NOUN
ajfa-11636	89	3	for	for	ADP
ajfa-11636	89	4	the	the	DET
ajfa-11636	89	5	research	research	NOUN
ajfa-11636	89	6	on	on	ADP
ajfa-11636	89	7	this	this	DET
ajfa-11636	89	8	price	price	NOUN
ajfa-11636	89	9	deviation	deviation	NOUN
ajfa-11636	89	10	comes	come	VERB
ajfa-11636	89	11	from	from	ADP
ajfa-11636	89	12	the	the	DET
ajfa-11636	89	13	study	study	NOUN
ajfa-11636	89	14	of	of	ADP
ajfa-11636	89	15	alexopoulou	alexopoulou	PROPN
ajfa-11636	89	16	,	,	PUNCT
ajfa-11636	89	17	l.	l.	PROPN
ajfa-11636	89	18	et	et	PROPN
ajfa-11636	89	19	al	al	PROPN
ajfa-11636	89	20	(	(	PUNCT
ajfa-11636	89	21	2009	2009	NUM
ajfa-11636	89	22	)	)	PUNCT
ajfa-11636	89	23	,	,	PUNCT
ajfa-11636	89	24	who	who	PRON
ajfa-11636	89	25	provide	provide	VERB
ajfa-11636	89	26	evidences	evidence	NOUN
ajfa-11636	89	27	on	on	ADP
ajfa-11636	89	28	the	the	DET
ajfa-11636	89	29	decoupling	decouple	VERB
ajfa-11636	89	30	movements	movement	NOUN
ajfa-11636	89	31	of	of	ADP
ajfa-11636	89	32	the	the	DET
ajfa-11636	89	33	bond	bond	NOUN
ajfa-11636	89	34	market	market	NOUN
ajfa-11636	89	35	and	and	CCONJ
ajfa-11636	89	36	cds	cd	NOUN
ajfa-11636	89	37	market	market	NOUN
ajfa-11636	89	38	due	due	ADP
ajfa-11636	89	39	to	to	ADP
ajfa-11636	89	40	the	the	DET
ajfa-11636	89	41	financial	financial	ADJ
ajfa-11636	89	42	turbulence	turbulence	NOUN
ajfa-11636	89	43	in	in	ADP
ajfa-11636	89	44	2007	2007	NUM
ajfa-11636	89	45	.	.	PUNCT
ajfa-11636	90	1	first	first	ADV
ajfa-11636	90	2	,	,	PUNCT
ajfa-11636	90	3	they	they	PRON
ajfa-11636	90	4	scruitinize	scruitinize	VERB
ajfa-11636	90	5	at	at	ADP
ajfa-11636	90	6	credit	credit	NOUN
ajfa-11636	90	7	risk	risk	NOUN
ajfa-11636	90	8	structure	structure	NOUN
ajfa-11636	90	9	of	of	ADP
ajfa-11636	90	10	the	the	DET
ajfa-11636	90	11	two	two	NUM
ajfa-11636	90	12	assets	asset	NOUN
ajfa-11636	90	13	,	,	PUNCT
ajfa-11636	90	14	which	which	PRON
ajfa-11636	90	15	includes	include	VERB
ajfa-11636	90	16	:	:	PUNCT
ajfa-11636	90	17	firm	firm	ADJ
ajfa-11636	90	18	-	-	PUNCT
ajfa-11636	90	19	specific	specific	ADJ
ajfa-11636	90	20	factor	factor	NOUN
ajfa-11636	90	21	,	,	PUNCT
ajfa-11636	90	22	external	external	ADJ
ajfa-11636	90	23	economic	economic	ADJ
ajfa-11636	90	24	factors	factor	NOUN
ajfa-11636	90	25	and	and	CCONJ
ajfa-11636	90	26	liquidity	liquidity	NOUN
ajfa-11636	90	27	-	-	PUNCT
ajfa-11636	90	28	related	relate	VERB
ajfa-11636	90	29	factors	factor	NOUN
ajfa-11636	90	30	,	,	PUNCT
ajfa-11636	90	31	by	by	ADP
ajfa-11636	90	32	applying	apply	VERB
ajfa-11636	90	33	the	the	DET
ajfa-11636	90	34	merton	merton	NOUN
ajfa-11636	90	35	’s	’s	PART
ajfa-11636	90	36	structural	structural	ADJ
ajfa-11636	90	37	debt	debt	NOUN
ajfa-11636	90	38	valuation	valuation	NOUN
ajfa-11636	90	39	model	model	NOUN
ajfa-11636	90	40	as	as	ADP
ajfa-11636	90	41	below	below	ADV
ajfa-11636	90	42	.	.	PUNCT
ajfa-11636	91	1	δcdsi	δcdsi	NOUN
ajfa-11636	91	2	,	,	PUNCT
ajfa-11636	91	3	t	t	PROPN
ajfa-11636	91	4	=	=	SYM
ajfa-11636	91	5	α1	α1	PROPN
ajfa-11636	91	6	+	+	CCONJ
ajfa-11636	91	7	β11fivi	β11fivi	PROPN
ajfa-11636	91	8	,	,	PUNCT
ajfa-11636	91	9	t	t	PROPN
ajfa-11636	91	10	+	+	CCONJ
ajfa-11636	91	11	β12fsri	β12fsri	PROPN
ajfa-11636	91	12	,	,	PUNCT
ajfa-11636	91	13	t	t	NOUN
ajfa-11636	91	14	+	+	CCONJ
ajfa-11636	91	15	β13bondt	β13bondt	NOUN
ajfa-11636	92	1	+	+	CCONJ
ajfa-11636	92	2	β14ivt	β14ivt	NOUN
ajfa-11636	92	3	+	+	CCONJ
ajfa-11636	92	4	β15srt	β15srt	VERB
ajfa-11636	92	5	+	+	X
ajfa-11636	92	6	β16trt	β16trt	PROPN
ajfa-11636	92	7	+	+	CCONJ
ajfa-11636	92	8	β17eci	β17eci	PROPN
ajfa-11636	92	9	,	,	PUNCT
ajfa-11636	92	10	t-1	t-1	PROPN
ajfa-11636	92	11	+	+	CCONJ
ajfa-11636	92	12	ε1	ε1	PROPN
ajfa-11636	92	13	t	t	NOUN
ajfa-11636	92	14	δcsi	δcsi	PROPN
ajfa-11636	92	15	,	,	PUNCT
ajfa-11636	92	16	t	t	NOUN
ajfa-11636	92	17	=	=	PUNCT
ajfa-11636	92	18	α2	α2	PROPN
ajfa-11636	92	19	+	+	CCONJ
ajfa-11636	92	20	β21fivi	β21fivi	NOUN
ajfa-11636	92	21	,	,	PUNCT
ajfa-11636	92	22	t	t	PROPN
ajfa-11636	93	1	+	+	CCONJ
ajfa-11636	93	2	β22fsri	β22fsri	PROPN
ajfa-11636	93	3	,	,	PUNCT
ajfa-11636	93	4	t	t	NOUN
ajfa-11636	93	5	+	+	CCONJ
ajfa-11636	93	6	β23bondt	β23bondt	PROPN
ajfa-11636	94	1	+	+	CCONJ
ajfa-11636	94	2	β24ivt	β24ivt	NUM
ajfa-11636	94	3	+	+	CCONJ
ajfa-11636	94	4	β25srt	β25srt	PROPN
ajfa-11636	94	5	+	+	CCONJ
ajfa-11636	94	6	β26trt	β26trt	PROPN
ajfa-11636	94	7	+	+	CCONJ
ajfa-11636	94	8	β27eci	β27eci	PROPN
ajfa-11636	94	9	,	,	PUNCT
ajfa-11636	94	10	t-1	t-1	PROPN
ajfa-11636	94	11	+	+	CCONJ
ajfa-11636	94	12	εt	εt	INTJ
ajfa-11636	94	13	where	where	SCONJ
ajfa-11636	94	14	:	:	PUNCT
ajfa-11636	94	15	α	α	X
ajfa-11636	94	16	:	:	PUNCT
ajfa-11636	94	17	intercept	intercept	VERB
ajfa-11636	94	18	β	β	NOUN
ajfa-11636	94	19	:	:	PUNCT
ajfa-11636	94	20	coefficent	coefficent	NOUN
ajfa-11636	94	21	ε	ε	PROPN
ajfa-11636	94	22	:	:	PUNCT
ajfa-11636	94	23	error	error	NOUN
ajfa-11636	94	24	term	term	NOUN
ajfa-11636	94	25	cdsi	cdsi	NOUN
ajfa-11636	94	26	,	,	PUNCT
ajfa-11636	94	27	t	t	PROPN
ajfa-11636	94	28	:	:	PUNCT
ajfa-11636	94	29	cds	cd	NOUN
ajfa-11636	94	30	premium	premium	NOUN
ajfa-11636	94	31	for	for	ADP
ajfa-11636	94	32	firm	firm	ADJ
ajfa-11636	95	1	i	i	PRON
ajfa-11636	95	2	’s	’	VERB
ajfa-11636	95	3	bond	bond	NOUN
ajfa-11636	95	4	at	at	ADP
ajfa-11636	95	5	time	time	NOUN
ajfa-11636	95	6	t	t	PROPN
ajfa-11636	95	7	csi	csi	PROPN
ajfa-11636	95	8	,	,	PUNCT
ajfa-11636	95	9	t	t	PROPN
ajfa-11636	95	10	:	:	PUNCT
ajfa-11636	95	11	firm	firm	NOUN
ajfa-11636	96	1	i	i	PRON
ajfa-11636	96	2	’s	’s	PART
ajfa-11636	96	3	bond	bond	NOUN
ajfa-11636	96	4	spread	spread	VERB
ajfa-11636	96	5	at	at	ADP
ajfa-11636	96	6	time	time	NOUN
ajfa-11636	96	7	t	t	PROPN
ajfa-11636	96	8	fiv	fiv	NOUN
ajfa-11636	96	9	:	:	PUNCT
ajfa-11636	96	10	firm	firm	ADJ
ajfa-11636	96	11	-	-	PUNCT
ajfa-11636	96	12	specific	specific	ADJ
ajfa-11636	96	13	implied	imply	VERB
ajfa-11636	96	14	volatility	volatility	NOUN
ajfa-11636	96	15	fsr	fsr	PROPN
ajfa-11636	96	16	:	:	PUNCT
ajfa-11636	96	17	firm	firm	ADJ
ajfa-11636	96	18	-	-	PUNCT
ajfa-11636	96	19	specific	specific	ADJ
ajfa-11636	96	20	weekly	weekly	ADJ
ajfa-11636	96	21	stock	stock	NOUN
ajfa-11636	96	22	returns	return	NOUN
ajfa-11636	96	23	bondt	bondt	NOUN
ajfa-11636	96	24	:	:	PUNCT
ajfa-11636	96	25	yield	yield	NOUN
ajfa-11636	96	26	offered	offer	VERB
ajfa-11636	96	27	on	on	ADP
ajfa-11636	96	28	the	the	DET
ajfa-11636	96	29	10	10	NUM
ajfa-11636	96	30	-	-	PUNCT
ajfa-11636	96	31	year	year	NOUN
ajfa-11636	96	32	benchmark	benchmark	NOUN
ajfa-11636	96	33	bonds	bond	NOUN
ajfa-11636	96	34	at	at	ADP
ajfa-11636	96	35	time	time	NOUN
ajfa-11636	96	36	t	t	PROPN
ajfa-11636	96	37	iv	iv	NUM
ajfa-11636	96	38	:	:	PUNCT
ajfa-11636	96	39	implied	imply	VERB
ajfa-11636	96	40	volatility	volatility	PROPN
ajfa-11636	96	41	sr	sr	PROPN
ajfa-11636	96	42	:	:	PUNCT
ajfa-11636	96	43	weekly	weekly	ADJ
ajfa-11636	96	44	stock	stock	NOUN
ajfa-11636	96	45	return	return	PROPN
ajfa-11636	96	46	otr	otr	NOUN
ajfa-11636	96	47	:	:	PUNCT
ajfa-11636	96	48	difference	difference	NOUN
ajfa-11636	96	49	between	between	ADP
ajfa-11636	96	50	on	on	ADP
ajfa-11636	96	51	-	-	PUNCT
ajfa-11636	96	52	the	the	DET
ajfa-11636	96	53	-	-	PUNCT
ajfa-11636	96	54	run	run	NOUN
ajfa-11636	96	55	and	and	CCONJ
ajfa-11636	96	56	off	off	ADP
ajfa-11636	96	57	-	-	PUNCT
ajfa-11636	96	58	the	the	DET
ajfa-11636	96	59	-	-	PUNCT
ajfa-11636	96	60	run	run	NOUN
ajfa-11636	96	61	yields	yield	NOUN
ajfa-11636	96	62	on	on	ADP
ajfa-11636	96	63	us	us	PROPN
ajfa-11636	96	64	government	government	NOUN
ajfa-11636	96	65	bonds	bond	NOUN
ajfa-11636	96	66	ec	ec	PROPN
ajfa-11636	96	67	:	:	PUNCT
ajfa-11636	96	68	lagged	lag	VERB
ajfa-11636	96	69	error	error	NOUN
ajfa-11636	96	70	from	from	ADP
ajfa-11636	96	71	the	the	DET
ajfa-11636	96	72	regression	regression	NOUN
ajfa-11636	96	73	equation	equation	NOUN
ajfa-11636	96	74	:	:	PUNCT
ajfa-11636	96	75	cdsi	cdsi	PROPN
ajfa-11636	96	76	,	,	PUNCT
ajfa-11636	96	77	t	t	PROPN
ajfa-11636	96	78	=	=	SYM
ajfa-11636	96	79	α+βcsi	α+βcsi	PROPN
ajfa-11636	96	80	,	,	PUNCT
ajfa-11636	96	81	t+εi	t+εi	ADV
ajfa-11636	96	82	,	,	PUNCT
ajfa-11636	96	83	t	t	PROPN
ajfa-11636	96	84	asian	asian	PROPN
ajfa-11636	96	85	journal	journal	PROPN
ajfa-11636	96	86	of	of	ADP
ajfa-11636	96	87	finance	finance	PROPN
ajfa-11636	96	88	&	&	CCONJ
ajfa-11636	96	89	accounting	accounting	PROPN
ajfa-11636	96	90	issn	issn	PROPN
ajfa-11636	96	91	1946	1946	NUM
ajfa-11636	96	92	-	-	PUNCT
ajfa-11636	96	93	052x	052x	PROPN
ajfa-11636	96	94	2017	2017	NUM
ajfa-11636	96	95	,	,	PUNCT
ajfa-11636	96	96	vol	vol	NOUN
ajfa-11636	96	97	.	.	NOUN
ajfa-11636	96	98	9	9	NUM
ajfa-11636	96	99	,	,	PUNCT
ajfa-11636	96	100	no	no	INTJ
ajfa-11636	96	101	.	.	NOUN
ajfa-11636	96	102	2	2	NUM
ajfa-11636	96	103	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	96	104	276	276	NUM
ajfa-11636	96	105	the	the	DET
ajfa-11636	96	106	test	test	NOUN
ajfa-11636	96	107	is	be	AUX
ajfa-11636	96	108	run	run	VERB
ajfa-11636	96	109	on	on	ADP
ajfa-11636	96	110	5	5	NUM
ajfa-11636	96	111	-	-	PUNCT
ajfa-11636	96	112	year	year	NOUN
ajfa-11636	96	113	cdss	cdss	NOUN
ajfa-11636	96	114	and	and	CCONJ
ajfa-11636	96	115	the	the	DET
ajfa-11636	96	116	underlying	underlie	VERB
ajfa-11636	96	117	bonds	bond	NOUN
ajfa-11636	96	118	of	of	ADP
ajfa-11636	96	119	29	29	NUM
ajfa-11636	96	120	large	large	ADJ
ajfa-11636	96	121	european	european	ADJ
ajfa-11636	96	122	financial	financial	ADJ
ajfa-11636	96	123	and	and	CCONJ
ajfa-11636	96	124	non	non	ADJ
ajfa-11636	96	125	-	-	ADJ
ajfa-11636	96	126	financial	financial	ADJ
ajfa-11636	96	127	firms	firm	NOUN
ajfa-11636	96	128	from	from	ADP
ajfa-11636	96	129	2004	2004	NUM
ajfa-11636	96	130	to	to	ADP
ajfa-11636	96	131	2008	2008	NUM
ajfa-11636	96	132	.	.	PUNCT
ajfa-11636	97	1	after	after	ADP
ajfa-11636	97	2	running	run	VERB
ajfa-11636	97	3	the	the	DET
ajfa-11636	97	4	test	test	NOUN
ajfa-11636	97	5	,	,	PUNCT
ajfa-11636	97	6	they	they	PRON
ajfa-11636	97	7	get	get	VERB
ajfa-11636	97	8	the	the	DET
ajfa-11636	97	9	values	value	NOUN
ajfa-11636	97	10	of	of	ADP
ajfa-11636	97	11	and	and	CCONJ
ajfa-11636	97	12	.	.	PUNCT
ajfa-11636	98	1	in	in	ADP
ajfa-11636	98	2	the	the	DET
ajfa-11636	98	3	next	next	ADJ
ajfa-11636	98	4	step	step	NOUN
ajfa-11636	98	5	,	,	PUNCT
ajfa-11636	98	6	the	the	DET
ajfa-11636	98	7	gonzalo	gonzalo	PROPN
ajfa-11636	98	8	and	and	CCONJ
ajfa-11636	98	9	granger	granger	PROPN
ajfa-11636	98	10	ratio	ratio	PROPN
ajfa-11636	98	11	is	be	AUX
ajfa-11636	98	12	calculated	calculate	VERB
ajfa-11636	98	13	from	from	ADP
ajfa-11636	98	14	the	the	DET
ajfa-11636	98	15	equation	equation	NOUN
ajfa-11636	98	16	below	below	ADV
ajfa-11636	98	17	:	:	PUNCT
ajfa-11636	98	18	gg=	gg=	ADV
ajfa-11636	98	19	if	if	SCONJ
ajfa-11636	98	20	gg>=1	gg>=1	PROPN
ajfa-11636	98	21	,	,	PUNCT
ajfa-11636	98	22	it	it	PRON
ajfa-11636	98	23	can	can	AUX
ajfa-11636	98	24	be	be	AUX
ajfa-11636	98	25	concluded	conclude	VERB
ajfa-11636	98	26	that	that	SCONJ
ajfa-11636	98	27	cds	cd	NOUN
ajfa-11636	98	28	market	market	NOUN
ajfa-11636	98	29	tends	tend	VERB
ajfa-11636	98	30	to	to	PART
ajfa-11636	98	31	lead	lead	VERB
ajfa-11636	98	32	bond	bond	NOUN
ajfa-11636	98	33	market	market	NOUN
ajfa-11636	98	34	.	.	PUNCT
ajfa-11636	99	1	their	their	PRON
ajfa-11636	99	2	study	study	NOUN
ajfa-11636	99	3	for	for	ADP
ajfa-11636	99	4	the	the	DET
ajfa-11636	99	5	second	second	ADJ
ajfa-11636	99	6	-	-	PUNCT
ajfa-11636	99	7	half	half	NOUN
ajfa-11636	99	8	of	of	ADP
ajfa-11636	99	9	2007	2007	NUM
ajfa-11636	99	10	shows	show	VERB
ajfa-11636	99	11	the	the	DET
ajfa-11636	99	12	reverse	reverse	ADJ
ajfa-11636	99	13	results	result	NOUN
ajfa-11636	99	14	compared	compare	VERB
ajfa-11636	99	15	to	to	ADP
ajfa-11636	99	16	the	the	DET
ajfa-11636	99	17	whole	whole	ADJ
ajfa-11636	99	18	period	period	NOUN
ajfa-11636	99	19	of	of	ADP
ajfa-11636	99	20	2004	2004	NUM
ajfa-11636	99	21	-	-	SYM
ajfa-11636	99	22	2007	2007	NUM
ajfa-11636	99	23	.	.	PUNCT
ajfa-11636	100	1	specifically	specifically	ADV
ajfa-11636	100	2	,	,	PUNCT
ajfa-11636	100	3	the	the	DET
ajfa-11636	100	4	gg	gg	PROPN
ajfa-11636	100	5	ratio	ratio	NOUN
ajfa-11636	100	6	dropped	drop	VERB
ajfa-11636	100	7	from	from	ADP
ajfa-11636	100	8	1	1	NUM
ajfa-11636	100	9	to	to	ADP
ajfa-11636	100	10	0.83	0.83	NUM
ajfa-11636	100	11	for	for	ADP
ajfa-11636	100	12	financial	financial	ADJ
ajfa-11636	100	13	firms	firm	NOUN
ajfa-11636	100	14	and	and	CCONJ
ajfa-11636	100	15	from	from	ADP
ajfa-11636	100	16	1	1	NUM
ajfa-11636	100	17	to	to	ADP
ajfa-11636	100	18	0.66	0.66	NUM
ajfa-11636	100	19	for	for	ADP
ajfa-11636	100	20	non	non	ADJ
ajfa-11636	100	21	-	-	ADJ
ajfa-11636	100	22	financial	financial	ADJ
ajfa-11636	100	23	firms	firm	NOUN
ajfa-11636	100	24	.	.	PUNCT
ajfa-11636	101	1	this	this	DET
ajfa-11636	101	2	results	result	NOUN
ajfa-11636	101	3	assert	assert	VERB
ajfa-11636	101	4	the	the	DET
ajfa-11636	101	5	strengthening	strengthen	VERB
ajfa-11636	101	6	leading	lead	VERB
ajfa-11636	101	7	role	role	NOUN
ajfa-11636	101	8	of	of	ADP
ajfa-11636	101	9	cds	cd	NOUN
ajfa-11636	101	10	market	market	NOUN
ajfa-11636	101	11	in	in	ADP
ajfa-11636	101	12	the	the	DET
ajfa-11636	101	13	price	price	NOUN
ajfa-11636	101	14	discovery	discovery	NOUN
ajfa-11636	101	15	process	process	NOUN
ajfa-11636	101	16	in	in	ADP
ajfa-11636	101	17	time	time	NOUN
ajfa-11636	101	18	of	of	ADP
ajfa-11636	101	19	financial	financial	ADJ
ajfa-11636	101	20	distress	distress	NOUN
ajfa-11636	101	21	compared	compare	VERB
ajfa-11636	101	22	to	to	ADP
ajfa-11636	101	23	normal	normal	ADJ
ajfa-11636	101	24	economic	economic	ADJ
ajfa-11636	101	25	postures	posture	NOUN
ajfa-11636	101	26	,	,	PUNCT
ajfa-11636	101	27	or	or	CCONJ
ajfa-11636	101	28	in	in	ADP
ajfa-11636	101	29	the	the	DET
ajfa-11636	101	30	other	other	ADJ
ajfa-11636	101	31	words	word	NOUN
ajfa-11636	101	32	,	,	PUNCT
ajfa-11636	101	33	the	the	DET
ajfa-11636	101	34	two	two	NUM
ajfa-11636	101	35	prices	price	NOUN
ajfa-11636	101	36	are	be	AUX
ajfa-11636	101	37	more	more	ADV
ajfa-11636	101	38	deviated	deviated	ADJ
ajfa-11636	101	39	from	from	ADP
ajfa-11636	101	40	each	each	DET
ajfa-11636	101	41	other	other	ADJ
ajfa-11636	101	42	.	.	PUNCT
ajfa-11636	102	1	2.3	2.3	NUM
ajfa-11636	102	2	.	.	PUNCT
ajfa-11636	103	1	existing	exist	VERB
ajfa-11636	103	2	literature	literature	NOUN
ajfa-11636	103	3	on	on	ADP
ajfa-11636	103	4	methodologies	methodology	NOUN
ajfa-11636	103	5	used	use	VERB
ajfa-11636	103	6	for	for	ADP
ajfa-11636	103	7	the	the	DET
ajfa-11636	103	8	price	price	NOUN
ajfa-11636	103	9	discovery	discovery	NOUN
ajfa-11636	103	10	the	the	DET
ajfa-11636	103	11	adoption	adoption	NOUN
ajfa-11636	103	12	of	of	ADP
ajfa-11636	103	13	non	non	ADJ
ajfa-11636	103	14	-	-	ADJ
ajfa-11636	103	15	linear	linear	ADJ
ajfa-11636	103	16	models	model	NOUN
ajfa-11636	103	17	in	in	ADP
ajfa-11636	103	18	this	this	DET
ajfa-11636	103	19	paper	paper	NOUN
ajfa-11636	103	20	to	to	PART
ajfa-11636	103	21	estimate	estimate	VERB
ajfa-11636	103	22	the	the	DET
ajfa-11636	103	23	link	link	NOUN
ajfa-11636	103	24	between	between	ADP
ajfa-11636	103	25	sovereign	sovereign	ADJ
ajfa-11636	103	26	cds	cd	NOUN
ajfa-11636	103	27	market	market	NOUN
ajfa-11636	103	28	and	and	CCONJ
ajfa-11636	103	29	bond	bond	NOUN
ajfa-11636	103	30	market	market	NOUN
ajfa-11636	103	31	is	be	AUX
ajfa-11636	103	32	inspired	inspire	VERB
ajfa-11636	103	33	by	by	ADP
ajfa-11636	103	34	results	result	NOUN
ajfa-11636	103	35	of	of	ADP
ajfa-11636	103	36	delatte	delatte	NOUN
ajfa-11636	103	37	,	,	PUNCT
ajfa-11636	103	38	a.	a.	PROPN
ajfa-11636	103	39	,	,	PUNCT
ajfa-11636	103	40	gex	gex	PROPN
ajfa-11636	103	41	,	,	PUNCT
ajfa-11636	103	42	m.	m.	NOUN
ajfa-11636	103	43	and	and	CCONJ
ajfa-11636	103	44	villavicencio	villavicencio	NOUN
ajfa-11636	103	45	,	,	PUNCT
ajfa-11636	103	46	a.	a.	NOUN
ajfa-11636	103	47	(	(	PUNCT
ajfa-11636	103	48	2010	2010	NUM
ajfa-11636	103	49	)	)	PUNCT
ajfa-11636	103	50	.	.	PUNCT
ajfa-11636	104	1	these	these	DET
ajfa-11636	104	2	scholars	scholar	NOUN
ajfa-11636	104	3	in	in	ADP
ajfa-11636	104	4	their	their	PRON
ajfa-11636	104	5	study	study	NOUN
ajfa-11636	104	6	run	run	NOUN
ajfa-11636	104	7	tests	test	NOUN
ajfa-11636	104	8	on	on	ADP
ajfa-11636	104	9	daily	daily	ADJ
ajfa-11636	104	10	panel	panel	NOUN
ajfa-11636	104	11	data	datum	NOUN
ajfa-11636	104	12	cross	cross	VERB
ajfa-11636	104	13	11	11	NUM
ajfa-11636	104	14	european	european	ADJ
ajfa-11636	104	15	countries	country	NOUN
ajfa-11636	104	16	over	over	ADP
ajfa-11636	104	17	2008	2008	NUM
ajfa-11636	104	18	-	-	SYM
ajfa-11636	104	19	2010	2010	NUM
ajfa-11636	104	20	.	.	PUNCT
ajfa-11636	105	1	first	first	ADV
ajfa-11636	105	2	,	,	PUNCT
ajfa-11636	105	3	delatte	delatte	NOUN
ajfa-11636	105	4	,	,	PUNCT
ajfa-11636	105	5	a.	a.	PROPN
ajfa-11636	105	6	et	et	PROPN
ajfa-11636	105	7	al	al	PROPN
ajfa-11636	105	8	use	use	VERB
ajfa-11636	105	9	the	the	DET
ajfa-11636	105	10	linearity	linearity	NOUN
ajfa-11636	105	11	model	model	NOUN
ajfa-11636	105	12	to	to	PART
ajfa-11636	105	13	test	test	VERB
ajfa-11636	105	14	the	the	DET
ajfa-11636	105	15	null	null	ADJ
ajfa-11636	105	16	hypothesis	hypothesis	NOUN
ajfa-11636	105	17	of	of	ADP
ajfa-11636	105	18	there	there	PRON
ajfa-11636	105	19	is	be	VERB
ajfa-11636	105	20	a	a	DET
ajfa-11636	105	21	linear	linear	ADJ
ajfa-11636	105	22	nexus	nexus	NOUN
ajfa-11636	105	23	between	between	ADP
ajfa-11636	105	24	the	the	DET
ajfa-11636	105	25	two	two	NUM
ajfa-11636	105	26	markets	market	NOUN
ajfa-11636	105	27	as	as	SCONJ
ajfa-11636	105	28	follow	follow	VERB
ajfa-11636	105	29	:	:	PUNCT
ajfa-11636	105	30	cdsit=	cdsit=	NUM
ajfa-11636	105	31	ci+αibondit+εit	ci+αibondit+εit	VERB
ajfa-11636	105	32	where	where	SCONJ
ajfa-11636	105	33	i	i	PRON
ajfa-11636	105	34	:	:	PUNCT
ajfa-11636	105	35	country	country	NOUN
ajfa-11636	105	36	t	t	PROPN
ajfa-11636	105	37	:	:	PUNCT
ajfa-11636	105	38	time	time	PROPN
ajfa-11636	105	39	dimension	dimension	PROPN
ajfa-11636	105	40	ci	ci	PROPN
ajfa-11636	105	41	:	:	PUNCT
ajfa-11636	105	42	constant	constant	ADJ
ajfa-11636	105	43	term	term	NOUN
ajfa-11636	105	44	,	,	PUNCT
ajfa-11636	105	45	which	which	PRON
ajfa-11636	105	46	represents	represent	VERB
ajfa-11636	105	47	the	the	DET
ajfa-11636	105	48	factors	factor	NOUN
ajfa-11636	105	49	defferentiate	defferentiate	VERB
ajfa-11636	105	50	the	the	DET
ajfa-11636	105	51	bond	bond	NOUN
ajfa-11636	105	52	spreads	spread	VERB
ajfa-11636	105	53	and	and	CCONJ
ajfa-11636	105	54	cds	cd	NOUN
ajfa-11636	105	55	premia	premia	PROPN
ajfa-11636	105	56	like	like	ADP
ajfa-11636	105	57	transactional	transactional	ADJ
ajfa-11636	105	58	costs	cost	NOUN
ajfa-11636	105	59	.	.	PUNCT
ajfa-11636	106	1	αi	αi	NOUN
ajfa-11636	106	2	:	:	PUNCT
ajfa-11636	106	3	country	country	NOUN
ajfa-11636	106	4	-	-	PUNCT
ajfa-11636	106	5	specific	specific	ADJ
ajfa-11636	106	6	intercept	intercept	NOUN
ajfa-11636	106	7	εit	εit	NOUN
ajfa-11636	106	8	:	:	PUNCT
ajfa-11636	106	9	vector	vector	NOUN
ajfa-11636	106	10	of	of	ADP
ajfa-11636	106	11	errors	error	NOUN
ajfa-11636	106	12	cdsit	cdsit	VERB
ajfa-11636	106	13	and	and	CCONJ
ajfa-11636	106	14	bondit	bondit	NOUN
ajfa-11636	106	15	:	:	PUNCT
ajfa-11636	106	16	cds	cds	PROPN
ajfa-11636	106	17	premia	premia	NOUN
ajfa-11636	106	18	and	and	CCONJ
ajfa-11636	106	19	bond	bond	NOUN
ajfa-11636	106	20	spread	spread	VERB
ajfa-11636	106	21	with	with	ADP
ajfa-11636	106	22	the	the	DET
ajfa-11636	106	23	same	same	ADJ
ajfa-11636	106	24	maturity	maturity	NOUN
ajfa-11636	106	25	the	the	DET
ajfa-11636	106	26	results	result	NOUN
ajfa-11636	106	27	reject	reject	VERB
ajfa-11636	106	28	the	the	DET
ajfa-11636	106	29	null	null	ADJ
ajfa-11636	106	30	hypothesis	hypothesis	NOUN
ajfa-11636	106	31	,	,	PUNCT
ajfa-11636	106	32	thus	thus	ADV
ajfa-11636	106	33	the	the	DET
ajfa-11636	106	34	authors	author	NOUN
ajfa-11636	106	35	continue	continue	VERB
ajfa-11636	106	36	the	the	DET
ajfa-11636	106	37	transition	transition	NOUN
ajfa-11636	106	38	models	model	NOUN
ajfa-11636	106	39	:	:	PUNCT
ajfa-11636	106	40	vecm	vecm	NOUN
ajfa-11636	106	41	,	,	PUNCT
ajfa-11636	106	42	fully	fully	ADV
ajfa-11636	106	43	modified	modify	VERB
ajfa-11636	106	44	-	-	PUNCT
ajfa-11636	106	45	ols	ol	NOUN
ajfa-11636	106	46	and	and	CCONJ
ajfa-11636	106	47	pooled	pool	VERB
ajfa-11636	106	48	mean	mean	PROPN
ajfa-11636	106	49	group	group	NOUN
ajfa-11636	106	50	estimation	estimation	NOUN
ajfa-11636	106	51	and	and	CCONJ
ajfa-11636	106	52	find	find	VERB
ajfa-11636	106	53	the	the	DET
ajfa-11636	106	54	leading	lead	VERB
ajfa-11636	106	55	role	role	NOUN
ajfa-11636	106	56	of	of	ADP
ajfa-11636	106	57	cds	cd	NOUN
ajfa-11636	106	58	market	market	NOUN
ajfa-11636	106	59	.	.	PUNCT
ajfa-11636	107	1	the	the	DET
ajfa-11636	107	2	paramount	paramount	ADJ
ajfa-11636	107	3	benefit	benefit	NOUN
ajfa-11636	107	4	of	of	ADP
ajfa-11636	107	5	non	non	ADJ
ajfa-11636	107	6	-	-	ADJ
ajfa-11636	107	7	linear	linear	ADJ
ajfa-11636	107	8	tests	test	NOUN
ajfa-11636	107	9	is	be	AUX
ajfa-11636	107	10	allowing	allow	VERB
ajfa-11636	107	11	each	each	DET
ajfa-11636	107	12	market	market	NOUN
ajfa-11636	107	13	’s	’s	PART
ajfa-11636	107	14	adjustment	adjustment	NOUN
ajfa-11636	107	15	speed	speed	NOUN
ajfa-11636	107	16	to	to	PART
ajfa-11636	107	17	transform	transform	VERB
ajfa-11636	107	18	according	accord	VERB
ajfa-11636	107	19	to	to	ADP
ajfa-11636	107	20	different	different	ADJ
ajfa-11636	107	21	variables	variable	NOUN
ajfa-11636	107	22	.	.	PUNCT
ajfa-11636	108	1	another	another	DET
ajfa-11636	108	2	substantial	substantial	ADJ
ajfa-11636	108	3	advantage	advantage	NOUN
ajfa-11636	108	4	of	of	ADP
ajfa-11636	108	5	those	those	DET
ajfa-11636	108	6	tests	test	NOUN
ajfa-11636	108	7	is	be	AUX
ajfa-11636	108	8	allowing	allow	VERB
ajfa-11636	108	9	the	the	DET
ajfa-11636	108	10	paper	paper	NOUN
ajfa-11636	108	11	to	to	PART
ajfa-11636	108	12	contribute	contribute	VERB
ajfa-11636	108	13	to	to	ADP
ajfa-11636	108	14	recent	recent	ADJ
ajfa-11636	108	15	price	price	NOUN
ajfa-11636	108	16	discovery	discovery	NOUN
ajfa-11636	108	17	results	result	NOUN
ajfa-11636	108	18	with	with	ADP
ajfa-11636	108	19	relaxing	relax	VERB
ajfa-11636	108	20	the	the	DET
ajfa-11636	108	21	restictive	restictive	ADJ
ajfa-11636	108	22	assumptions	assumption	NOUN
ajfa-11636	108	23	of	of	ADP
ajfa-11636	108	24	linear	linear	PROPN
ajfa-11636	108	25	approach	approach	NOUN
ajfa-11636	108	26	.	.	PUNCT
ajfa-11636	109	1	thispaper	thispaper	NOUN
ajfa-11636	109	2	has	have	VERB
ajfa-11636	109	3	a	a	DET
ajfa-11636	109	4	great	great	ADJ
ajfa-11636	109	5	deal	deal	NOUN
ajfa-11636	109	6	in	in	ADP
ajfa-11636	109	7	common	common	ADJ
ajfa-11636	109	8	with	with	ADP
ajfa-11636	109	9	the	the	DET
ajfa-11636	109	10	paper	paper	NOUN
ajfa-11636	109	11	of	of	ADP
ajfa-11636	109	12	calice	calice	PROPN
ajfa-11636	109	13	,	,	PUNCT
ajfa-11636	109	14	g.	g.	PROPN
ajfa-11636	109	15	et	et	PROPN
ajfa-11636	109	16	al	al	PROPN
ajfa-11636	109	17	(	(	PUNCT
ajfa-11636	109	18	2011	2011	NUM
ajfa-11636	109	19	)	)	PUNCT
ajfa-11636	109	20	in	in	ADP
ajfa-11636	109	21	term	term	NOUN
ajfa-11636	109	22	of	of	ADP
ajfa-11636	109	23	ultilising	ultilise	VERB
ajfa-11636	109	24	the	the	DET
ajfa-11636	109	25	non	non	ADJ
ajfa-11636	109	26	-	-	ADJ
ajfa-11636	109	27	linear	linear	ADJ
ajfa-11636	109	28	method	method	NOUN
ajfa-11636	109	29	,	,	PUNCT
ajfa-11636	109	30	which	which	PRON
ajfa-11636	109	31	is	be	AUX
ajfa-11636	109	32	the	the	DET
ajfa-11636	109	33	vector	vector	NOUN
ajfa-11636	109	34	autoregression	autoregression	NOUN
ajfa-11636	109	35	(	(	PUNCT
ajfa-11636	109	36	var	var	NOUN
ajfa-11636	109	37	)	)	PUNCT
ajfa-11636	109	38	model	model	NOUN
ajfa-11636	109	39	,	,	PUNCT
ajfa-11636	109	40	to	to	PART
ajfa-11636	109	41	acquire	acquire	VERB
ajfa-11636	109	42	the	the	DET
ajfa-11636	109	43	relationship	relationship	NOUN
ajfa-11636	109	44	between	between	ADP
ajfa-11636	109	45	the	the	DET
ajfa-11636	109	46	lag	lag	NOUN
ajfa-11636	109	47	-	-	PUNCT
ajfa-11636	109	48	values	value	NOUN
ajfa-11636	109	49	of	of	ADP
ajfa-11636	109	50	cds	cds	PROPN
ajfa-11636	109	51	premia	premia	PROPN
ajfa-11636	109	52	and	and	CCONJ
ajfa-11636	109	53	bond	bond	NOUN
ajfa-11636	109	54	spreads	spread	VERB
ajfa-11636	109	55	for	for	ADP
ajfa-11636	109	56	selected	select	VERB
ajfa-11636	109	57	asian	asian	ADJ
ajfa-11636	109	58	journal	journal	NOUN
ajfa-11636	109	59	of	of	ADP
ajfa-11636	109	60	finance	finance	PROPN
ajfa-11636	109	61	&	&	CCONJ
ajfa-11636	109	62	accounting	accounting	PROPN
ajfa-11636	109	63	issn	issn	PROPN
ajfa-11636	109	64	1946	1946	NUM
ajfa-11636	109	65	-	-	PUNCT
ajfa-11636	109	66	052x	052x	PROPN
ajfa-11636	109	67	2017	2017	NUM
ajfa-11636	109	68	,	,	PUNCT
ajfa-11636	109	69	vol	vol	NOUN
ajfa-11636	109	70	.	.	NOUN
ajfa-11636	109	71	9	9	NUM
ajfa-11636	109	72	,	,	PUNCT
ajfa-11636	109	73	no	no	NOUN
ajfa-11636	109	74	.	.	NOUN
ajfa-11636	109	75	2	2	NUM
ajfa-11636	109	76	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	109	77	277	277	NUM
ajfa-11636	109	78	european	european	ADJ
ajfa-11636	109	79	countries	country	NOUN
ajfa-11636	109	80	.	.	PUNCT
ajfa-11636	110	1	in	in	ADP
ajfa-11636	110	2	the	the	DET
ajfa-11636	110	3	other	other	ADJ
ajfa-11636	110	4	research	research	NOUN
ajfa-11636	110	5	,	,	PUNCT
ajfa-11636	110	6	calice	calice	NOUN
ajfa-11636	110	7	,	,	PUNCT
ajfa-11636	110	8	g.	g.	PROPN
ajfa-11636	110	9	(	(	PUNCT
ajfa-11636	110	10	2012	2012	NUM
ajfa-11636	110	11	)	)	PUNCT
ajfa-11636	110	12	addresses	address	VERB
ajfa-11636	110	13	the	the	DET
ajfa-11636	110	14	relationship	relationship	NOUN
ajfa-11636	110	15	between	between	ADP
ajfa-11636	110	16	sovereign	sovereign	ADJ
ajfa-11636	110	17	cds	cd	NOUN
ajfa-11636	110	18	and	and	CCONJ
ajfa-11636	110	19	bond	bond	NOUN
ajfa-11636	110	20	market	market	NOUN
ajfa-11636	110	21	by	by	ADP
ajfa-11636	110	22	using	use	VERB
ajfa-11636	110	23	modern	modern	ADJ
ajfa-11636	110	24	time	time	NOUN
ajfa-11636	110	25	-	-	PUNCT
ajfa-11636	110	26	series	series	NOUN
ajfa-11636	110	27	techniques	technique	NOUN
ajfa-11636	110	28	:	:	PUNCT
ajfa-11636	111	1	johansen	johansen	PROPN
ajfa-11636	111	2	’s	’s	PART
ajfa-11636	111	3	cointegration	cointegration	NOUN
ajfa-11636	111	4	tests	test	NOUN
ajfa-11636	111	5	,	,	PUNCT
ajfa-11636	111	6	granger	granger	PROPN
ajfa-11636	111	7	test	test	PROPN
ajfa-11636	111	8	and	and	CCONJ
ajfa-11636	111	9	vecm	vecm	NOUN
ajfa-11636	111	10	,	,	PUNCT
ajfa-11636	111	11	which	which	PRON
ajfa-11636	111	12	are	be	AUX
ajfa-11636	111	13	going	go	VERB
ajfa-11636	111	14	to	to	PART
ajfa-11636	111	15	be	be	AUX
ajfa-11636	111	16	duplicated	duplicate	VERB
ajfa-11636	111	17	in	in	ADP
ajfa-11636	111	18	this	this	DET
ajfa-11636	111	19	reseach	reseach	NOUN
ajfa-11636	111	20	.	.	PUNCT
ajfa-11636	112	1	these	these	DET
ajfa-11636	112	2	tests	test	NOUN
ajfa-11636	112	3	are	be	AUX
ajfa-11636	112	4	going	go	VERB
ajfa-11636	112	5	to	to	PART
ajfa-11636	112	6	be	be	AUX
ajfa-11636	112	7	adopted	adopt	VERB
ajfa-11636	112	8	as	as	SCONJ
ajfa-11636	112	9	they	they	PRON
ajfa-11636	112	10	can	can	AUX
ajfa-11636	112	11	be	be	AUX
ajfa-11636	112	12	considerred	considerre	VERB
ajfa-11636	112	13	as	as	ADP
ajfa-11636	112	14	proxies	proxy	NOUN
ajfa-11636	112	15	for	for	ADP
ajfa-11636	112	16	price	price	NOUN
ajfa-11636	112	17	discovery	discovery	NOUN
ajfa-11636	112	18	.	.	PUNCT
ajfa-11636	113	1	the	the	DET
ajfa-11636	113	2	chronology	chronology	NOUN
ajfa-11636	113	3	of	of	ADP
ajfa-11636	113	4	the	the	DET
ajfa-11636	113	5	methodologies	methodology	NOUN
ajfa-11636	113	6	for	for	ADP
ajfa-11636	113	7	testing	test	VERB
ajfa-11636	113	8	the	the	DET
ajfa-11636	113	9	price	price	NOUN
ajfa-11636	113	10	discovery	discovery	NOUN
ajfa-11636	113	11	process	process	NOUN
ajfa-11636	113	12	as	as	SCONJ
ajfa-11636	113	13	suggested	suggest	VERB
ajfa-11636	113	14	is	be	AUX
ajfa-11636	113	15	followed	follow	VERB
ajfa-11636	113	16	(	(	PUNCT
ajfa-11636	113	17	ibid	ibid	NOUN
ajfa-11636	113	18	)	)	PUNCT
ajfa-11636	113	19	.	.	PUNCT
ajfa-11636	114	1	the	the	DET
ajfa-11636	114	2	granger	granger	PROPN
ajfa-11636	114	3	causality	causality	NOUN
ajfa-11636	114	4	tests	test	NOUN
ajfa-11636	114	5	will	will	AUX
ajfa-11636	114	6	be	be	AUX
ajfa-11636	114	7	ultilised	ultilise	VERB
ajfa-11636	114	8	as	as	ADP
ajfa-11636	114	9	the	the	DET
ajfa-11636	114	10	starting	starting	NOUN
ajfa-11636	114	11	point	point	NOUN
ajfa-11636	114	12	to	to	PART
ajfa-11636	114	13	provide	provide	VERB
ajfa-11636	114	14	the	the	DET
ajfa-11636	114	15	short	short	ADJ
ajfa-11636	114	16	-	-	PUNCT
ajfa-11636	114	17	run	run	NOUN
ajfa-11636	114	18	linkage	linkage	NOUN
ajfa-11636	114	19	between	between	ADP
ajfa-11636	114	20	the	the	DET
ajfa-11636	114	21	two	two	NUM
ajfa-11636	114	22	assets	asset	NOUN
ajfa-11636	114	23	’	'	PUNCT
ajfa-11636	114	24	prices	price	NOUN
ajfa-11636	114	25	.	.	PUNCT
ajfa-11636	115	1	next	next	ADJ
ajfa-11636	115	2	to	to	ADP
ajfa-11636	115	3	is	be	AUX
ajfa-11636	115	4	the	the	DET
ajfa-11636	115	5	johansen	johansen	PROPN
ajfa-11636	115	6	cointegration	cointegration	NOUN
ajfa-11636	115	7	tests	test	NOUN
ajfa-11636	115	8	in	in	ADP
ajfa-11636	115	9	purpose	purpose	NOUN
ajfa-11636	115	10	to	to	PART
ajfa-11636	115	11	give	give	VERB
ajfa-11636	115	12	the	the	DET
ajfa-11636	115	13	pattern	pattern	NOUN
ajfa-11636	115	14	of	of	ADP
ajfa-11636	115	15	one	one	NUM
ajfa-11636	115	16	market	market	NOUN
ajfa-11636	115	17	precedes	precede	VERB
ajfa-11636	115	18	the	the	DET
ajfa-11636	115	19	other	other	ADJ
ajfa-11636	115	20	in	in	ADP
ajfa-11636	115	21	the	the	DET
ajfa-11636	115	22	long	long	ADV
ajfa-11636	115	23	-	-	PUNCT
ajfa-11636	115	24	run	run	NOUN
ajfa-11636	115	25	.	.	PUNCT
ajfa-11636	116	1	inspite	inspite	ADJ
ajfa-11636	116	2	of	of	ADP
ajfa-11636	116	3	that	that	PRON
ajfa-11636	116	4	,	,	PUNCT
ajfa-11636	116	5	both	both	CCONJ
ajfa-11636	116	6	the	the	DET
ajfa-11636	116	7	johansen	johansen	PROPN
ajfa-11636	116	8	and	and	CCONJ
ajfa-11636	116	9	granger	granger	PROPN
ajfa-11636	116	10	tests	test	NOUN
ajfa-11636	116	11	only	only	ADV
ajfa-11636	116	12	give	give	VERB
ajfa-11636	116	13	evidence	evidence	NOUN
ajfa-11636	116	14	on	on	ADP
ajfa-11636	116	15	the	the	DET
ajfa-11636	116	16	short	short	ADJ
ajfa-11636	116	17	-	-	PUNCT
ajfa-11636	116	18	run	run	NOUN
ajfa-11636	116	19	and	and	CCONJ
ajfa-11636	116	20	long	long	ADV
ajfa-11636	116	21	-	-	PUNCT
ajfa-11636	116	22	run	run	NOUN
ajfa-11636	116	23	comovement	comovement	NOUN
ajfa-11636	116	24	but	but	CCONJ
ajfa-11636	116	25	not	not	PART
ajfa-11636	116	26	the	the	DET
ajfa-11636	116	27	tandem	tandem	NOUN
ajfa-11636	116	28	relationship	relationship	NOUN
ajfa-11636	116	29	.	.	PUNCT
ajfa-11636	117	1	for	for	ADP
ajfa-11636	117	2	this	this	DET
ajfa-11636	117	3	reason	reason	NOUN
ajfa-11636	117	4	,	,	PUNCT
ajfa-11636	117	5	given	give	VERB
ajfa-11636	117	6	that	that	SCONJ
ajfa-11636	117	7	the	the	DET
ajfa-11636	117	8	sovereign	sovereign	ADJ
ajfa-11636	117	9	cds	cd	NOUN
ajfa-11636	117	10	premia	premia	NOUN
ajfa-11636	117	11	and	and	CCONJ
ajfa-11636	117	12	bond	bond	NOUN
ajfa-11636	117	13	spreads	spread	NOUN
ajfa-11636	117	14	are	be	AUX
ajfa-11636	117	15	cointegrated	cointegrate	VERB
ajfa-11636	117	16	in	in	ADP
ajfa-11636	117	17	the	the	DET
ajfa-11636	117	18	former	former	ADJ
ajfa-11636	117	19	tests	test	NOUN
ajfa-11636	117	20	,	,	PUNCT
ajfa-11636	117	21	the	the	DET
ajfa-11636	117	22	vecm	vecm	NOUN
ajfa-11636	117	23	framework	framework	NOUN
ajfa-11636	117	24	is	be	AUX
ajfa-11636	117	25	used	use	VERB
ajfa-11636	117	26	further	far	ADV
ajfa-11636	117	27	to	to	PART
ajfa-11636	117	28	measure	measure	VERB
ajfa-11636	117	29	the	the	DET
ajfa-11636	117	30	speed	speed	NOUN
ajfa-11636	117	31	of	of	ADP
ajfa-11636	117	32	narrowing	narrow	VERB
ajfa-11636	117	33	the	the	DET
ajfa-11636	117	34	price	price	NOUN
ajfa-11636	117	35	discrepancies	discrepancy	NOUN
ajfa-11636	117	36	from	from	ADP
ajfa-11636	117	37	the	the	DET
ajfa-11636	117	38	two	two	NUM
ajfa-11636	117	39	market	market	NOUN
ajfa-11636	117	40	short	short	ADJ
ajfa-11636	117	41	-	-	PUNCT
ajfa-11636	117	42	run	run	NOUN
ajfa-11636	117	43	tendency	tendency	NOUN
ajfa-11636	117	44	.	.	PUNCT
ajfa-11636	118	1	for	for	ADP
ajfa-11636	118	2	all	all	DET
ajfa-11636	118	3	the	the	DET
ajfa-11636	118	4	tests	test	NOUN
ajfa-11636	118	5	,	,	PUNCT
ajfa-11636	118	6	the	the	DET
ajfa-11636	118	7	study	study	NOUN
ajfa-11636	118	8	will	will	AUX
ajfa-11636	118	9	be	be	AUX
ajfa-11636	118	10	differentiated	differentiate	VERB
ajfa-11636	118	11	to	to	ADP
ajfa-11636	118	12	existing	exist	VERB
ajfa-11636	118	13	literature	literature	NOUN
ajfa-11636	118	14	using	use	VERB
ajfa-11636	118	15	this	this	DET
ajfa-11636	118	16	scaling	scaling	NOUN
ajfa-11636	118	17	for	for	ADP
ajfa-11636	118	18	price	price	NOUN
ajfa-11636	118	19	discovery	discovery	NOUN
ajfa-11636	118	20	in	in	ADP
ajfa-11636	118	21	term	term	NOUN
ajfa-11636	118	22	of	of	ADP
ajfa-11636	118	23	lag	lag	NOUN
ajfa-11636	118	24	-	-	PUNCT
ajfa-11636	118	25	length	length	NOUN
ajfa-11636	118	26	selection	selection	NOUN
ajfa-11636	118	27	.	.	PUNCT
ajfa-11636	119	1	for	for	ADP
ajfa-11636	119	2	example	example	NOUN
ajfa-11636	119	3	,	,	PUNCT
ajfa-11636	119	4	the	the	DET
ajfa-11636	119	5	granger	granger	NOUN
ajfa-11636	119	6	tests	test	VERB
ajfa-11636	119	7	in	in	ADP
ajfa-11636	119	8	andenmatten	andenmatten	NOUN
ajfa-11636	119	9	,	,	PUNCT
ajfa-11636	119	10	s.	s.	PROPN
ajfa-11636	119	11	and	and	CCONJ
ajfa-11636	119	12	brill	brill	PROPN
ajfa-11636	119	13	,	,	PUNCT
ajfa-11636	119	14	f.	f.	PROPN
ajfa-11636	119	15	(	(	PUNCT
ajfa-11636	119	16	2010	2010	NUM
ajfa-11636	119	17	)	)	PUNCT
ajfa-11636	119	18	rely	rely	VERB
ajfa-11636	119	19	on	on	ADP
ajfa-11636	119	20	4	4	NUM
ajfa-11636	119	21	-	-	PUNCT
ajfa-11636	119	22	day	day	NOUN
ajfa-11636	119	23	lags	lag	NOUN
ajfa-11636	119	24	for	for	ADP
ajfa-11636	119	25	portugal	portugal	PROPN
ajfa-11636	119	26	,	,	PUNCT
ajfa-11636	119	27	3	3	NUM
ajfa-11636	119	28	-	-	PUNCT
ajfa-11636	119	29	day	day	NOUN
ajfa-11636	119	30	lags	lag	NOUN
ajfa-11636	119	31	for	for	ADP
ajfa-11636	119	32	italy	italy	PROPN
ajfa-11636	119	33	and	and	CCONJ
ajfa-11636	119	34	2	2	NUM
ajfa-11636	119	35	-	-	PUNCT
ajfa-11636	119	36	day	day	NOUN
ajfa-11636	119	37	lags	lag	VERB
ajfa-11636	119	38	for	for	ADP
ajfa-11636	119	39	the	the	DET
ajfa-11636	119	40	rest	rest	NOUN
ajfa-11636	119	41	of	of	ADP
ajfa-11636	119	42	sovereign	sovereign	ADJ
ajfa-11636	119	43	markets	market	NOUN
ajfa-11636	119	44	.	.	PUNCT
ajfa-11636	120	1	3	3	X
ajfa-11636	120	2	.	.	X
ajfa-11636	120	3	data	datum	NOUN
ajfa-11636	120	4	description	description	NOUN
ajfa-11636	120	5	3.1	3.1	NUM
ajfa-11636	120	6	.	.	PUNCT
ajfa-11636	121	1	data	datum	NOUN
ajfa-11636	121	2	collection	collection	NOUN
ajfa-11636	121	3	to	to	PART
ajfa-11636	121	4	approach	approach	VERB
ajfa-11636	121	5	the	the	DET
ajfa-11636	121	6	purposes	purpose	NOUN
ajfa-11636	121	7	of	of	ADP
ajfa-11636	121	8	this	this	DET
ajfa-11636	121	9	paper	paper	NOUN
ajfa-11636	121	10	,	,	PUNCT
ajfa-11636	121	11	the	the	DET
ajfa-11636	121	12	comparison	comparison	NOUN
ajfa-11636	121	13	of	of	ADP
ajfa-11636	121	14	prices	price	NOUN
ajfa-11636	121	15	on	on	ADP
ajfa-11636	121	16	sovereign	sovereign	ADJ
ajfa-11636	121	17	cds	cd	NOUN
ajfa-11636	121	18	markets	market	NOUN
ajfa-11636	121	19	and	and	CCONJ
ajfa-11636	121	20	bond	bond	NOUN
ajfa-11636	121	21	markets	market	NOUN
ajfa-11636	121	22	will	will	AUX
ajfa-11636	121	23	be	be	AUX
ajfa-11636	121	24	implemented	implement	VERB
ajfa-11636	121	25	,	,	PUNCT
ajfa-11636	121	26	then	then	ADV
ajfa-11636	121	27	it	it	PRON
ajfa-11636	121	28	is	be	AUX
ajfa-11636	121	29	important	important	ADJ
ajfa-11636	121	30	that	that	SCONJ
ajfa-11636	121	31	the	the	DET
ajfa-11636	121	32	cds	cds	PROPN
ajfa-11636	121	33	premia	premia	PROPN
ajfa-11636	121	34	and	and	CCONJ
ajfa-11636	121	35	bond	bond	NOUN
ajfa-11636	121	36	spreads	spread	NOUN
ajfa-11636	121	37	are	be	AUX
ajfa-11636	121	38	comparable	comparable	ADJ
ajfa-11636	121	39	.	.	PUNCT
ajfa-11636	122	1	moreover	moreover	ADV
ajfa-11636	122	2	,	,	PUNCT
ajfa-11636	122	3	there	there	PRON
ajfa-11636	122	4	are	be	VERB
ajfa-11636	122	5	two	two	NUM
ajfa-11636	122	6	impediments	impediment	NOUN
ajfa-11636	122	7	should	should	AUX
ajfa-11636	122	8	be	be	AUX
ajfa-11636	122	9	overcome	overcome	VERB
ajfa-11636	122	10	:	:	PUNCT
ajfa-11636	122	11	to	to	PART
ajfa-11636	122	12	have	have	VERB
ajfa-11636	122	13	sufficient	sufficient	ADJ
ajfa-11636	122	14	data	datum	NOUN
ajfa-11636	122	15	on	on	ADP
ajfa-11636	122	16	liquid	liquid	ADJ
ajfa-11636	122	17	cdss	cdss	NOUN
ajfa-11636	122	18	and	and	CCONJ
ajfa-11636	122	19	to	to	PART
ajfa-11636	122	20	obtain	obtain	VERB
ajfa-11636	122	21	the	the	DET
ajfa-11636	122	22	whole	whole	ADJ
ajfa-11636	122	23	range	range	NOUN
ajfa-11636	122	24	of	of	ADP
ajfa-11636	122	25	the	the	DET
ajfa-11636	122	26	underlying	underlie	VERB
ajfa-11636	122	27	bonds	bond	NOUN
ajfa-11636	122	28	’	'	PUNCT
ajfa-11636	122	29	spreads	spread	NOUN
ajfa-11636	122	30	.	.	PUNCT
ajfa-11636	123	1	reasonably	reasonably	ADV
ajfa-11636	123	2	,	,	PUNCT
ajfa-11636	123	3	the	the	DET
ajfa-11636	123	4	paper	paper	NOUN
ajfa-11636	123	5	is	be	AUX
ajfa-11636	123	6	limited	limit	VERB
ajfa-11636	123	7	to	to	ADP
ajfa-11636	123	8	five	five	NUM
ajfa-11636	123	9	selected	select	VERB
ajfa-11636	123	10	countries	country	NOUN
ajfa-11636	123	11	,	,	PUNCT
ajfa-11636	123	12	they	they	PRON
ajfa-11636	123	13	are	be	AUX
ajfa-11636	123	14	:	:	PUNCT
ajfa-11636	123	15	portugal	portugal	PROPN
ajfa-11636	123	16	,	,	PUNCT
ajfa-11636	123	17	italy	italy	PROPN
ajfa-11636	123	18	,	,	PUNCT
ajfa-11636	123	19	france	france	PROPN
ajfa-11636	123	20	,	,	PUNCT
ajfa-11636	123	21	korea	korea	PROPN
ajfa-11636	123	22	and	and	CCONJ
ajfa-11636	123	23	vietnam	vietnam	PROPN
ajfa-11636	123	24	.	.	PUNCT
ajfa-11636	124	1	for	for	ADP
ajfa-11636	124	2	the	the	DET
ajfa-11636	124	3	sovereigns	sovereign	NOUN
ajfa-11636	124	4	,	,	PUNCT
ajfa-11636	124	5	the	the	DET
ajfa-11636	124	6	cds	cd	NOUN
ajfa-11636	124	7	market	market	NOUN
ajfa-11636	124	8	was	be	AUX
ajfa-11636	124	9	rather	rather	ADV
ajfa-11636	124	10	small	small	ADJ
ajfa-11636	124	11	and	and	CCONJ
ajfa-11636	124	12	lack	lack	NOUN
ajfa-11636	124	13	of	of	ADP
ajfa-11636	124	14	liquidity	liquidity	NOUN
ajfa-11636	124	15	before	before	ADP
ajfa-11636	124	16	2008	2008	NUM
ajfa-11636	124	17	and	and	CCONJ
ajfa-11636	124	18	the	the	DET
ajfa-11636	124	19	concerns	concern	NOUN
ajfa-11636	124	20	about	about	ADP
ajfa-11636	124	21	the	the	DET
ajfa-11636	124	22	sovereign	sovereign	ADJ
ajfa-11636	124	23	debt	debt	NOUN
ajfa-11636	124	24	turbulence	turbulence	NOUN
ajfa-11636	124	25	precisely	precisely	ADV
ajfa-11636	124	26	raised	raise	VERB
ajfa-11636	124	27	after	after	ADP
ajfa-11636	124	28	the	the	DET
ajfa-11636	124	29	collapse	collapse	NOUN
ajfa-11636	124	30	of	of	ADP
ajfa-11636	124	31	lehmon	lehmon	NOUN
ajfa-11636	124	32	brothers	brother	NOUN
ajfa-11636	124	33	in	in	ADP
ajfa-11636	124	34	2008	2008	NUM
ajfa-11636	124	35	.	.	PUNCT
ajfa-11636	125	1	another	another	DET
ajfa-11636	125	2	limitation	limitation	NOUN
ajfa-11636	125	3	is	be	AUX
ajfa-11636	125	4	the	the	DET
ajfa-11636	125	5	awkwardness	awkwardness	NOUN
ajfa-11636	125	6	to	to	PART
ajfa-11636	125	7	access	access	VERB
ajfa-11636	125	8	the	the	DET
ajfa-11636	125	9	entire	entire	ADJ
ajfa-11636	125	10	historical	historical	ADJ
ajfa-11636	125	11	transaction	transaction	NOUN
ajfa-11636	125	12	data	datum	NOUN
ajfa-11636	125	13	on	on	ADP
ajfa-11636	125	14	sovereign	sovereign	ADJ
ajfa-11636	125	15	cds	cd	NOUN
ajfa-11636	125	16	market	market	NOUN
ajfa-11636	125	17	.	.	PUNCT
ajfa-11636	126	1	by	by	ADP
ajfa-11636	126	2	comparing	compare	VERB
ajfa-11636	126	3	the	the	DET
ajfa-11636	126	4	data	data	NOUN
ajfa-11636	126	5	collection	collection	NOUN
ajfa-11636	126	6	of	of	ADP
ajfa-11636	126	7	different	different	ADJ
ajfa-11636	126	8	organizations	organization	NOUN
ajfa-11636	126	9	,	,	PUNCT
ajfa-11636	126	10	period	period	NOUN
ajfa-11636	126	11	from	from	ADP
ajfa-11636	126	12	2008	2008	NUM
ajfa-11636	126	13	owns	own	VERB
ajfa-11636	126	14	the	the	DET
ajfa-11636	126	15	most	most	ADV
ajfa-11636	126	16	sufficient	sufficient	ADJ
ajfa-11636	126	17	daily	daily	ADJ
ajfa-11636	126	18	numbers	number	NOUN
ajfa-11636	126	19	.	.	PUNCT
ajfa-11636	127	1	therefore	therefore	ADV
ajfa-11636	127	2	,	,	PUNCT
ajfa-11636	127	3	the	the	DET
ajfa-11636	127	4	author	author	NOUN
ajfa-11636	127	5	starts	start	VERB
ajfa-11636	127	6	the	the	DET
ajfa-11636	127	7	study	study	NOUN
ajfa-11636	127	8	from	from	ADP
ajfa-11636	127	9	january	january	PROPN
ajfa-11636	127	10	1st	1st	NOUN
ajfa-11636	127	11	,	,	PUNCT
ajfa-11636	127	12	2008	2008	NUM
ajfa-11636	127	13	to	to	ADP
ajfa-11636	127	14	april	april	PROPN
ajfa-11636	127	15	31th	31th	PROPN
ajfa-11636	127	16	,	,	PUNCT
ajfa-11636	127	17	2017	2017	NUM
ajfa-11636	127	18	,	,	PUNCT
ajfa-11636	127	19	which	which	PRON
ajfa-11636	127	20	means	mean	VERB
ajfa-11636	127	21	the	the	DET
ajfa-11636	127	22	3040	3040	NUM
ajfa-11636	127	23	daily	daily	ADJ
ajfa-11636	127	24	data	datum	NOUN
ajfa-11636	127	25	is	be	AUX
ajfa-11636	127	26	seized	seize	VERB
ajfa-11636	127	27	.	.	PUNCT
ajfa-11636	128	1	the	the	DET
ajfa-11636	128	2	paper	paper	NOUN
ajfa-11636	128	3	is	be	AUX
ajfa-11636	128	4	also	also	ADV
ajfa-11636	128	5	limitted	limitte	VERB
ajfa-11636	128	6	to	to	ADP
ajfa-11636	128	7	the	the	DET
ajfa-11636	128	8	10	10	NUM
ajfa-11636	128	9	-	-	PUNCT
ajfa-11636	128	10	year	year	NOUN
ajfa-11636	128	11	sovereign	sovereign	ADJ
ajfa-11636	128	12	bond	bond	NOUN
ajfa-11636	128	13	and	and	CCONJ
ajfa-11636	128	14	cds	cd	NOUN
ajfa-11636	128	15	as	as	ADP
ajfa-11636	128	16	at	at	ADP
ajfa-11636	128	17	which	which	DET
ajfa-11636	128	18	maturity	maturity	NOUN
ajfa-11636	128	19	the	the	DET
ajfa-11636	128	20	sovereign	sovereign	ADJ
ajfa-11636	128	21	cds	cd	NOUN
ajfa-11636	128	22	are	be	AUX
ajfa-11636	128	23	most	most	ADV
ajfa-11636	128	24	-	-	PUNCT
ajfa-11636	128	25	traded	trade	VERB
ajfa-11636	128	26	.	.	PUNCT
ajfa-11636	129	1	moreover	moreover	ADV
ajfa-11636	129	2	,	,	PUNCT
ajfa-11636	129	3	due	due	ADP
ajfa-11636	129	4	to	to	ADP
ajfa-11636	129	5	the	the	DET
ajfa-11636	129	6	heterogeneity	heterogeneity	NOUN
ajfa-11636	129	7	in	in	ADP
ajfa-11636	129	8	the	the	DET
ajfa-11636	129	9	cds	cd	NOUN
ajfa-11636	129	10	and	and	CCONJ
ajfa-11636	129	11	debt	debt	NOUN
ajfa-11636	129	12	markets	market	NOUN
ajfa-11636	129	13	across	across	ADP
ajfa-11636	129	14	sovereigns	sovereign	NOUN
ajfa-11636	129	15	in	in	ADP
ajfa-11636	129	16	the	the	DET
ajfa-11636	129	17	paper	paper	NOUN
ajfa-11636	129	18	’s	’s	PART
ajfa-11636	129	19	sample	sample	NOUN
ajfa-11636	129	20	,	,	PUNCT
ajfa-11636	129	21	there	there	PRON
ajfa-11636	129	22	is	be	VERB
ajfa-11636	129	23	no	no	DET
ajfa-11636	129	24	assumption	assumption	NOUN
ajfa-11636	129	25	about	about	ADP
ajfa-11636	129	26	the	the	DET
ajfa-11636	129	27	homogeneity	homogeneity	NOUN
ajfa-11636	129	28	of	of	ADP
ajfa-11636	129	29	pricing	pricing	NOUN
ajfa-11636	129	30	dynamics	dynamic	NOUN
ajfa-11636	129	31	.	.	PUNCT
ajfa-11636	130	1	on	on	ADP
ajfa-11636	130	2	that	that	DET
ajfa-11636	130	3	basis	basis	NOUN
ajfa-11636	130	4	,	,	PUNCT
ajfa-11636	130	5	the	the	DET
ajfa-11636	130	6	examining	examining	NOUN
ajfa-11636	130	7	of	of	ADP
ajfa-11636	130	8	the	the	DET
ajfa-11636	130	9	price	price	NOUN
ajfa-11636	130	10	discovery	discovery	NOUN
ajfa-11636	130	11	processes	process	NOUN
ajfa-11636	130	12	are	be	AUX
ajfa-11636	130	13	conducted	conduct	VERB
ajfa-11636	130	14	for	for	ADP
ajfa-11636	130	15	each	each	DET
ajfa-11636	130	16	country	country	NOUN
ajfa-11636	130	17	separately	separately	ADV
ajfa-11636	130	18	during	during	ADP
ajfa-11636	130	19	the	the	DET
ajfa-11636	130	20	same	same	ADJ
ajfa-11636	130	21	time	time	NOUN
ajfa-11636	130	22	period	period	NOUN
ajfa-11636	130	23	.	.	PUNCT
ajfa-11636	131	1	due	due	ADP
ajfa-11636	131	2	to	to	ADP
ajfa-11636	131	3	the	the	DET
ajfa-11636	131	4	tests	test	NOUN
ajfa-11636	131	5	consist	consist	VERB
ajfa-11636	131	6	of	of	ADP
ajfa-11636	131	7	the	the	DET
ajfa-11636	131	8	examining	examine	VERB
ajfa-11636	131	9	the	the	DET
ajfa-11636	131	10	long	long	ADJ
ajfa-11636	131	11	-	-	PUNCT
ajfa-11636	131	12	term	term	NOUN
ajfa-11636	131	13	cointegration	cointegration	NOUN
ajfa-11636	131	14	between	between	ADP
ajfa-11636	131	15	the	the	DET
ajfa-11636	131	16	two	two	NUM
ajfa-11636	131	17	markets	market	NOUN
ajfa-11636	131	18	,	,	PUNCT
ajfa-11636	131	19	daily	daily	ADJ
ajfa-11636	131	20	data	datum	NOUN
ajfa-11636	131	21	appears	appear	VERB
ajfa-11636	131	22	to	to	PART
ajfa-11636	131	23	be	be	AUX
ajfa-11636	131	24	the	the	DET
ajfa-11636	131	25	firmest	firm	ADJ
ajfa-11636	131	26	compared	compare	VERB
ajfa-11636	131	27	to	to	ADP
ajfa-11636	131	28	monthly	monthly	ADJ
ajfa-11636	131	29	or	or	CCONJ
ajfa-11636	131	30	weekly	weekly	ADJ
ajfa-11636	131	31	frequencies	frequency	NOUN
ajfa-11636	131	32	.	.	PUNCT
ajfa-11636	132	1	on	on	ADP
ajfa-11636	132	2	that	that	DET
ajfa-11636	132	3	basis	basis	NOUN
ajfa-11636	132	4	,	,	PUNCT
ajfa-11636	132	5	the	the	DET
ajfa-11636	132	6	daily	daily	ADJ
ajfa-11636	132	7	data	datum	NOUN
ajfa-11636	132	8	of	of	ADP
ajfa-11636	132	9	the	the	DET
ajfa-11636	132	10	two	two	NUM
ajfa-11636	132	11	markets	market	NOUN
ajfa-11636	132	12	is	be	AUX
ajfa-11636	132	13	collected	collect	VERB
ajfa-11636	132	14	.	.	PUNCT
ajfa-11636	133	1	the	the	DET
ajfa-11636	133	2	data	datum	NOUN
ajfa-11636	133	3	for	for	ADP
ajfa-11636	133	4	cds	cd	NOUN
ajfa-11636	133	5	market	market	NOUN
ajfa-11636	133	6	is	be	AUX
ajfa-11636	133	7	collected	collect	VERB
ajfa-11636	133	8	from	from	ADP
ajfa-11636	133	9	datastream	datastream	ADJ
ajfa-11636	133	10	and	and	CCONJ
ajfa-11636	133	11	adb	adb	NOUN
ajfa-11636	133	12	website(asianbondsonline.adb.org	website(asianbondsonline.adb.org	ADJ
ajfa-11636	133	13	)	)	PUNCT
ajfa-11636	133	14	.	.	PUNCT
ajfa-11636	134	1	for	for	ADP
ajfa-11636	134	2	bond	bond	NOUN
ajfa-11636	134	3	market	market	NOUN
ajfa-11636	134	4	,	,	PUNCT
ajfa-11636	134	5	asian	asian	ADJ
ajfa-11636	134	6	journal	journal	NOUN
ajfa-11636	134	7	of	of	ADP
ajfa-11636	134	8	finance	finance	PROPN
ajfa-11636	134	9	&	&	CCONJ
ajfa-11636	134	10	accounting	accounting	PROPN
ajfa-11636	134	11	issn	issn	PROPN
ajfa-11636	134	12	1946	1946	NUM
ajfa-11636	134	13	-	-	PUNCT
ajfa-11636	134	14	052x	052x	PROPN
ajfa-11636	134	15	2017	2017	NUM
ajfa-11636	134	16	,	,	PUNCT
ajfa-11636	134	17	vol	vol	NOUN
ajfa-11636	134	18	.	.	NOUN
ajfa-11636	135	1	9	9	NUM
ajfa-11636	135	2	,	,	PUNCT
ajfa-11636	135	3	no	no	NOUN
ajfa-11636	135	4	.	.	NOUN
ajfa-11636	135	5	2	2	NUM
ajfa-11636	135	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	135	7	278	278	NUM
ajfa-11636	135	8	daily	daily	ADJ
ajfa-11636	135	9	yields	yield	NOUN
ajfa-11636	135	10	are	be	AUX
ajfa-11636	135	11	collected	collect	VERB
ajfa-11636	135	12	from	from	ADP
ajfa-11636	135	13	the	the	DET
ajfa-11636	135	14	wall	wall	PROPN
ajfa-11636	135	15	-	-	PUNCT
ajfa-11636	135	16	street	street	NOUN
ajfa-11636	135	17	journal	journal	NOUN
ajfa-11636	135	18	(	(	PUNCT
ajfa-11636	135	19	http://europe.wsj.com	http://europe.wsj.com	X
ajfa-11636	135	20	)	)	PUNCT
ajfa-11636	135	21	in	in	ADP
ajfa-11636	135	22	combination	combination	NOUN
ajfa-11636	135	23	with	with	ADP
ajfa-11636	135	24	datastream	datastream	ADJ
ajfa-11636	135	25	source	source	NOUN
ajfa-11636	135	26	,	,	PUNCT
ajfa-11636	135	27	vietnam	vietnam	PROPN
ajfa-11636	135	28	investment	investment	NOUN
ajfa-11636	135	29	review	review	NOUN
ajfa-11636	135	30	(	(	PUNCT
ajfa-11636	135	31	vir.com.vn	vir.com.vn	NOUN
ajfa-11636	135	32	)	)	PUNCT
ajfa-11636	135	33	and	and	CCONJ
ajfa-11636	135	34	adb	adb	NOUN
ajfa-11636	135	35	website	website	NOUN
ajfa-11636	135	36	(	(	PUNCT
ajfa-11636	135	37	asianbondsonline.adb.org	asianbondsonline.adb.org	PROPN
ajfa-11636	135	38	)	)	PUNCT
ajfa-11636	135	39	.	.	PUNCT
ajfa-11636	136	1	3.2	3.2	NUM
ajfa-11636	136	2	.	.	PUNCT
ajfa-11636	136	3	unit	unit	NOUN
ajfa-11636	136	4	root	root	NOUN
ajfa-11636	136	5	tests	test	NOUN
ajfa-11636	136	6	and	and	CCONJ
ajfa-11636	136	7	stationary	stationary	ADJ
ajfa-11636	136	8	data	datum	NOUN
ajfa-11636	136	9	in	in	ADP
ajfa-11636	136	10	this	this	DET
ajfa-11636	136	11	section	section	NOUN
ajfa-11636	136	12	,	,	PUNCT
ajfa-11636	136	13	the	the	DET
ajfa-11636	136	14	author	author	NOUN
ajfa-11636	136	15	is	be	AUX
ajfa-11636	136	16	examining	examine	VERB
ajfa-11636	136	17	the	the	DET
ajfa-11636	136	18	auto	auto	NOUN
ajfa-11636	136	19	-	-	PUNCT
ajfa-11636	136	20	correlation	correlation	NOUN
ajfa-11636	136	21	of	of	ADP
ajfa-11636	136	22	individual	individual	ADJ
ajfa-11636	136	23	cds	cd	NOUN
ajfa-11636	136	24	premium	premium	NOUN
ajfa-11636	136	25	and	and	CCONJ
ajfa-11636	136	26	bond	bond	NOUN
ajfa-11636	136	27	spread	spread	VERB
ajfa-11636	136	28	data	datum	NOUN
ajfa-11636	136	29	by	by	ADP
ajfa-11636	136	30	dickey	dickey	NOUN
ajfa-11636	136	31	-	-	PUNCT
ajfa-11636	136	32	fuller	full	ADJ
ajfa-11636	136	33	test	test	NOUN
ajfa-11636	136	34	because	because	SCONJ
ajfa-11636	136	35	this	this	PRON
ajfa-11636	136	36	is	be	AUX
ajfa-11636	136	37	the	the	DET
ajfa-11636	136	38	prerequisite	prerequisite	NOUN
ajfa-11636	136	39	for	for	ADP
ajfa-11636	136	40	applying	apply	VERB
ajfa-11636	136	41	further	further	ADJ
ajfa-11636	136	42	regression	regression	NOUN
ajfa-11636	136	43	models	model	NOUN
ajfa-11636	136	44	.	.	PUNCT
ajfa-11636	137	1	all	all	DET
ajfa-11636	137	2	the	the	DET
ajfa-11636	137	3	data	datum	NOUN
ajfa-11636	137	4	must	must	AUX
ajfa-11636	137	5	be	be	AUX
ajfa-11636	137	6	first	first	ADJ
ajfa-11636	137	7	-	-	PUNCT
ajfa-11636	137	8	order	order	NOUN
ajfa-11636	137	9	cointegrated	cointegrated	ADJ
ajfa-11636	137	10	or	or	CCONJ
ajfa-11636	137	11	stationary	stationary	ADJ
ajfa-11636	137	12	,	,	PUNCT
ajfa-11636	137	13	means	mean	VERB
ajfa-11636	137	14	i(1	i(1	NOUN
ajfa-11636	137	15	)	)	PUNCT
ajfa-11636	137	16	,	,	PUNCT
ajfa-11636	137	17	as	as	ADP
ajfa-11636	137	18	in	in	ADP
ajfa-11636	137	19	the	the	DET
ajfa-11636	137	20	way	way	NOUN
ajfa-11636	137	21	paradigms	paradigm	NOUN
ajfa-11636	137	22	forecast	forecast	VERB
ajfa-11636	137	23	to	to	PART
ajfa-11636	137	24	enable	enable	VERB
ajfa-11636	137	25	the	the	DET
ajfa-11636	137	26	robustness	robustness	NOUN
ajfa-11636	137	27	of	of	ADP
ajfa-11636	137	28	the	the	DET
ajfa-11636	137	29	granger	granger	PROPN
ajfa-11636	137	30	causality	causality	PROPN
ajfa-11636	137	31	,	,	PUNCT
ajfa-11636	137	32	johansen	johansen	PROPN
ajfa-11636	137	33	cointegration	cointegration	PROPN
ajfa-11636	137	34	and	and	CCONJ
ajfa-11636	137	35	vecm	vecm	NOUN
ajfa-11636	137	36	tests	test	NOUN
ajfa-11636	137	37	.	.	PUNCT
ajfa-11636	138	1	otherwise	otherwise	ADV
ajfa-11636	138	2	,	,	PUNCT
ajfa-11636	138	3	if	if	SCONJ
ajfa-11636	138	4	data	datum	NOUN
ajfa-11636	138	5	is	be	AUX
ajfa-11636	138	6	low	low	ADJ
ajfa-11636	138	7	-	-	PUNCT
ajfa-11636	138	8	order	order	NOUN
ajfa-11636	138	9	cointegrated	cointegrate	VERB
ajfa-11636	138	10	,	,	PUNCT
ajfa-11636	138	11	means	mean	VERB
ajfa-11636	138	12	i(0	i(0	PROPN
ajfa-11636	138	13	)	)	PUNCT
ajfa-11636	138	14	,	,	PUNCT
ajfa-11636	138	15	it	it	PRON
ajfa-11636	138	16	should	should	AUX
ajfa-11636	138	17	be	be	AUX
ajfa-11636	138	18	removed	remove	VERB
ajfa-11636	138	19	.	.	PUNCT
ajfa-11636	139	1	the	the	DET
ajfa-11636	139	2	dickey	dickey	PROPN
ajfa-11636	139	3	-	-	PUNCT
ajfa-11636	139	4	fuller	full	ADJ
ajfa-11636	139	5	test	test	NOUN
ajfa-11636	139	6	has	have	VERB
ajfa-11636	139	7	the	the	DET
ajfa-11636	139	8	null	null	ADJ
ajfa-11636	139	9	hypothesis	hypothesis	NOUN
ajfa-11636	139	10	of	of	ADP
ajfa-11636	139	11	the	the	DET
ajfa-11636	139	12	non	non	ADJ
ajfa-11636	139	13	-	-	NOUN
ajfa-11636	139	14	stationarity	stationarity	NOUN
ajfa-11636	139	15	of	of	ADP
ajfa-11636	139	16	series	series	PROPN
ajfa-11636	139	17	data	data	PROPN
ajfa-11636	139	18	.	.	PUNCT
ajfa-11636	140	1	the	the	DET
ajfa-11636	140	2	testing	testing	NOUN
ajfa-11636	140	3	results	result	NOUN
ajfa-11636	140	4	are	be	AUX
ajfa-11636	140	5	summarized	summarize	VERB
ajfa-11636	140	6	in	in	ADP
ajfa-11636	140	7	tables	table	NOUN
ajfa-11636	140	8	below	below	ADV
ajfa-11636	140	9	.	.	PUNCT
ajfa-11636	141	1	table	table	NOUN
ajfa-11636	141	2	1	1	NUM
ajfa-11636	141	3	.	.	PUNCT
ajfa-11636	141	4	unit	unit	NOUN
ajfa-11636	141	5	root	root	NOUN
ajfa-11636	141	6	tests	test	NOUN
ajfa-11636	141	7	results	result	VERB
ajfa-11636	141	8	for	for	ADP
ajfa-11636	141	9	sovereign	sovereign	ADJ
ajfa-11636	141	10	bond	bond	NOUN
ajfa-11636	141	11	markets	market	NOUN
ajfa-11636	141	12	augmented	augment	VERB
ajfa-11636	141	13	dickey	dickey	NOUN
ajfa-11636	141	14	-	-	PUNCT
ajfa-11636	141	15	fuller	full	ADJ
ajfa-11636	141	16	t	t	NOUN
ajfa-11636	141	17	-	-	PUNCT
ajfa-11636	141	18	statistic	statistic	NOUN
ajfa-11636	141	19	test	test	NOUN
ajfa-11636	141	20	critical	critical	ADJ
ajfa-11636	141	21	value	value	NOUN
ajfa-11636	141	22	1	1	NUM
ajfa-11636	141	23	%	%	NOUN
ajfa-11636	141	24	level	level	NOUN
ajfa-11636	141	25	test	test	NOUN
ajfa-11636	141	26	critical	critical	ADJ
ajfa-11636	141	27	value	value	NOUN
ajfa-11636	141	28	5	5	NUM
ajfa-11636	141	29	%	%	NOUN
ajfa-11636	141	30	level	level	NOUN
ajfa-11636	141	31	test	test	NOUN
ajfa-11636	141	32	critical	critical	ADJ
ajfa-11636	141	33	value	value	NOUN
ajfa-11636	141	34	10	10	NUM
ajfa-11636	141	35	%	%	NOUN
ajfa-11636	141	36	level	level	NOUN
ajfa-11636	141	37	france	france	PROPN
ajfa-11636	141	38	-14.4029	-14.4029	PUNCT
ajfa-11636	141	39	-3.43591	-3.43591	PROPN
ajfa-11636	141	40	-2.86388	-2.86388	PROPN
ajfa-11636	141	41	-2.56807	-2.56807	PROPN
ajfa-11636	142	1	italy	italy	PROPN
ajfa-11636	142	2	-18.1510	-18.1510	PUNCT
ajfa-11636	142	3	-3.43592	-3.43592	PROPN
ajfa-11636	142	4	-2.86389	-2.86389	PROPN
ajfa-11636	142	5	-2.56807	-2.56807	PROPN
ajfa-11636	142	6	portugal	portugal	PROPN
ajfa-11636	142	7	-17.2506	-17.2506	PUNCT
ajfa-11636	142	8	-3.43595	-3.43595	PROPN
ajfa-11636	142	9	-2.8639	-2.8639	PROPN
ajfa-11636	143	1	-2.56808	-2.56808	PROPN
ajfa-11636	143	2	vietnam	vietnam	PROPN
ajfa-11636	143	3	-15.9898	-15.9898	PUNCT
ajfa-11636	143	4	-3.43592	-3.43592	PROPN
ajfa-11636	143	5	-2.86389	-2.86389	PROPN
ajfa-11636	143	6	-2.56807	-2.56807	PROPN
ajfa-11636	143	7	korea	korea	PROPN
ajfa-11636	143	8	-18.6781	-18.6781	PUNCT
ajfa-11636	143	9	-3.43592	-3.43592	PROPN
ajfa-11636	143	10	-2.86389	-2.86389	PROPN
ajfa-11636	143	11	-2.56807	-2.56807	PROPN
ajfa-11636	143	12	table	table	NOUN
ajfa-11636	143	13	2	2	NUM
ajfa-11636	143	14	.	.	PUNCT
ajfa-11636	143	15	unit	unit	NOUN
ajfa-11636	143	16	root	root	NOUN
ajfa-11636	143	17	tests	test	NOUN
ajfa-11636	143	18	results	result	VERB
ajfa-11636	143	19	for	for	ADP
ajfa-11636	143	20	sovereign	sovereign	ADJ
ajfa-11636	143	21	cds	cd	NOUN
ajfa-11636	143	22	markets	market	NOUN
ajfa-11636	143	23	augmented	augment	VERB
ajfa-11636	143	24	dickey	dickey	NOUN
ajfa-11636	143	25	-	-	PUNCT
ajfa-11636	143	26	fuller	full	ADJ
ajfa-11636	143	27	t	t	NOUN
ajfa-11636	143	28	-	-	PUNCT
ajfa-11636	143	29	statistic	statistic	NOUN
ajfa-11636	143	30	test	test	NOUN
ajfa-11636	143	31	critical	critical	ADJ
ajfa-11636	143	32	value	value	NOUN
ajfa-11636	143	33	1	1	NUM
ajfa-11636	143	34	%	%	NOUN
ajfa-11636	143	35	level	level	NOUN
ajfa-11636	143	36	test	test	NOUN
ajfa-11636	143	37	critical	critical	ADJ
ajfa-11636	143	38	value	value	NOUN
ajfa-11636	143	39	5	5	NUM
ajfa-11636	143	40	%	%	NOUN
ajfa-11636	143	41	level	level	NOUN
ajfa-11636	143	42	test	test	NOUN
ajfa-11636	143	43	critical	critical	ADJ
ajfa-11636	143	44	value	value	NOUN
ajfa-11636	143	45	10	10	NUM
ajfa-11636	143	46	%	%	NOUN
ajfa-11636	143	47	level	level	NOUN
ajfa-11636	143	48	france	france	PROPN
ajfa-11636	143	49	-14.7458	-14.7458	PROPN
ajfa-11636	143	50	-3.43592	-3.43592	PROPN
ajfa-11636	143	51	-2.86389	-2.86389	PROPN
ajfa-11636	143	52	-2.56807	-2.56807	PROPN
ajfa-11636	143	53	italy	italy	PROPN
ajfa-11636	143	54	-16.5687	-16.5687	PUNCT
ajfa-11636	143	55	-3.43592	-3.43592	PROPN
ajfa-11636	143	56	-2.86389	-2.86389	PROPN
ajfa-11636	143	57	-2.56807	-2.56807	PROPN
ajfa-11636	144	1	portugal	portugal	PROPN
ajfa-11636	144	2	-14.7118	-14.7118	PUNCT
ajfa-11636	144	3	-2.56701	-2.56701	PROPN
ajfa-11636	144	4	-1.9411	-1.9411	PROPN
ajfa-11636	144	5	-1.61651	-1.61651	PROPN
ajfa-11636	144	6	vietnam	vietnam	PROPN
ajfa-11636	144	7	-16.7428	-16.7428	PUNCT
ajfa-11636	144	8	-2.56701	-2.56701	PROPN
ajfa-11636	144	9	-1.9411	-1.9411	PROPN
ajfa-11636	144	10	-1.61651	-1.61651	PROPN
ajfa-11636	144	11	korea	korea	PROPN
ajfa-11636	144	12	-18.9511	-18.9511	PUNCT
ajfa-11636	144	13	-2.56702	-2.56702	PROPN
ajfa-11636	144	14	-1.9411	-1.9411	PROPN
ajfa-11636	144	15	-1.61651	-1.61651	VERB
ajfa-11636	144	16	the	the	DET
ajfa-11636	144	17	tables	table	NOUN
ajfa-11636	144	18	above	above	ADV
ajfa-11636	144	19	summarize	summarize	VERB
ajfa-11636	144	20	the	the	DET
ajfa-11636	144	21	unit	unit	NOUN
ajfa-11636	144	22	root	root	NOUN
ajfa-11636	144	23	tests	test	NOUN
ajfa-11636	144	24	without	without	ADP
ajfa-11636	144	25	a	a	DET
ajfa-11636	144	26	trend	trend	NOUN
ajfa-11636	144	27	for	for	ADP
ajfa-11636	144	28	the	the	DET
ajfa-11636	144	29	sovereign	sovereign	ADJ
ajfa-11636	144	30	cds	cd	NOUN
ajfa-11636	144	31	premia	premia	NOUN
ajfa-11636	144	32	and	and	CCONJ
ajfa-11636	144	33	bond	bond	NOUN
ajfa-11636	144	34	spreads	spread	VERB
ajfa-11636	144	35	in	in	ADP
ajfa-11636	144	36	each	each	DET
ajfa-11636	144	37	market	market	NOUN
ajfa-11636	144	38	.	.	PUNCT
ajfa-11636	145	1	it	it	PRON
ajfa-11636	145	2	can	can	AUX
ajfa-11636	145	3	be	be	AUX
ajfa-11636	145	4	seen	see	VERB
ajfa-11636	145	5	from	from	ADP
ajfa-11636	145	6	the	the	DET
ajfa-11636	145	7	results	result	NOUN
ajfa-11636	145	8	that	that	PRON
ajfa-11636	145	9	all	all	DET
ajfa-11636	145	10	the	the	DET
ajfa-11636	145	11	augmented	augment	VERB
ajfa-11636	145	12	dickey	dickey	NOUN
ajfa-11636	145	13	-	-	PUNCT
ajfa-11636	145	14	fuller	full	ADJ
ajfa-11636	145	15	t	t	NOUN
ajfa-11636	145	16	-	-	PUNCT
ajfa-11636	145	17	statistic	statistic	NOUN
ajfa-11636	145	18	values	value	NOUN
ajfa-11636	145	19	are	be	AUX
ajfa-11636	145	20	smaller	small	ADJ
ajfa-11636	145	21	than	than	ADP
ajfa-11636	145	22	test	test	VERB
ajfa-11636	145	23	critical	critical	ADJ
ajfa-11636	145	24	values	value	NOUN
ajfa-11636	145	25	of	of	ADP
ajfa-11636	145	26	1	1	NUM
ajfa-11636	145	27	%	%	NOUN
ajfa-11636	145	28	,	,	PUNCT
ajfa-11636	145	29	5	5	NUM
ajfa-11636	145	30	%	%	NOUN
ajfa-11636	145	31	and	and	CCONJ
ajfa-11636	145	32	10	10	NUM
ajfa-11636	145	33	%	%	NOUN
ajfa-11636	145	34	level	level	NOUN
ajfa-11636	145	35	.	.	PUNCT
ajfa-11636	146	1	the	the	DET
ajfa-11636	146	2	corresponding	corresponding	ADJ
ajfa-11636	146	3	conclusion	conclusion	NOUN
ajfa-11636	146	4	is	be	AUX
ajfa-11636	146	5	that	that	SCONJ
ajfa-11636	146	6	the	the	DET
ajfa-11636	146	7	null	null	ADJ
ajfa-11636	146	8	hypothesis	hypothesis	NOUN
ajfa-11636	146	9	is	be	AUX
ajfa-11636	146	10	rejected	reject	VERB
ajfa-11636	146	11	and	and	CCONJ
ajfa-11636	146	12	this	this	DET
ajfa-11636	146	13	signifies	signifie	NOUN
ajfa-11636	146	14	there	there	PRON
ajfa-11636	146	15	is	be	VERB
ajfa-11636	146	16	the	the	DET
ajfa-11636	146	17	stationarity	stationarity	NOUN
ajfa-11636	146	18	in	in	ADP
ajfa-11636	146	19	the	the	DET
ajfa-11636	146	20	prices	price	NOUN
ajfa-11636	146	21	for	for	ADP
ajfa-11636	146	22	each	each	DET
ajfa-11636	146	23	sovereign	sovereign	NOUN
ajfa-11636	146	24	.	.	PUNCT
ajfa-11636	147	1	these	these	DET
ajfa-11636	147	2	results	result	NOUN
ajfa-11636	147	3	also	also	ADV
ajfa-11636	147	4	suggest	suggest	VERB
ajfa-11636	147	5	asian	asian	ADJ
ajfa-11636	147	6	journal	journal	NOUN
ajfa-11636	147	7	of	of	ADP
ajfa-11636	147	8	finance	finance	PROPN
ajfa-11636	147	9	&	&	CCONJ
ajfa-11636	147	10	accounting	accounting	PROPN
ajfa-11636	147	11	issn	issn	PROPN
ajfa-11636	147	12	1946	1946	NUM
ajfa-11636	147	13	-	-	PUNCT
ajfa-11636	147	14	052x	052x	PROPN
ajfa-11636	147	15	2017	2017	NUM
ajfa-11636	147	16	,	,	PUNCT
ajfa-11636	147	17	vol	vol	NOUN
ajfa-11636	147	18	.	.	NOUN
ajfa-11636	147	19	9	9	NUM
ajfa-11636	147	20	,	,	PUNCT
ajfa-11636	147	21	no	no	NOUN
ajfa-11636	147	22	.	.	NOUN
ajfa-11636	147	23	2	2	NUM
ajfa-11636	147	24	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-11636	147	25	279	279	NUM
ajfa-11636	147	26	the	the	DET
ajfa-11636	147	27	two	two	NUM
ajfa-11636	147	28	markets	market	NOUN
ajfa-11636	147	29	to	to	PART
ajfa-11636	147	30	price	price	NOUN
ajfa-11636	147	31	market	market	NOUN
ajfa-11636	147	32	risks	risk	NOUN
ajfa-11636	147	33	equally	equally	ADV
ajfa-11636	147	34	in	in	ADP
ajfa-11636	147	35	the	the	DET
ajfa-11636	147	36	long	long	ADV
ajfa-11636	147	37	-	-	PUNCT
ajfa-11636	147	38	run	run	NOUN
ajfa-11636	147	39	.	.	PUNCT
ajfa-11636	148	1	additionally	additionally	ADV
ajfa-11636	148	2	,	,	PUNCT
ajfa-11636	148	3	the	the	DET
ajfa-11636	148	4	results	result	NOUN
ajfa-11636	148	5	pledge	pledge	VERB
ajfa-11636	148	6	for	for	SCONJ
ajfa-11636	148	7	market	market	NOUN
ajfa-11636	148	8	forces	force	NOUN
ajfa-11636	148	9	to	to	PART
ajfa-11636	148	10	abolish	abolish	VERB
ajfa-11636	148	11	any	any	DET
ajfa-11636	148	12	arbitrage	arbitrage	NOUN
ajfa-11636	148	13	opportunities	opportunity	NOUN
ajfa-11636	148	14	exist	exist	VERB
ajfa-11636	148	15	between	between	ADP
ajfa-11636	148	16	the	the	DET
ajfa-11636	148	17	two	two	NUM
ajfa-11636	148	18	markets	market	NOUN
ajfa-11636	148	19	for	for	ADP
ajfa-11636	148	20	the	the	DET
ajfa-11636	148	21	long	long	ADJ
ajfa-11636	148	22	-	-	PUNCT
ajfa-11636	148	23	term	term	NOUN
ajfa-11636	148	24	.	.	PUNCT
ajfa-11636	149	1	4	4	X
ajfa-11636	149	2	.	.	X
ajfa-11636	149	3	findings	finding	VERB
ajfa-11636	149	4	4.1	4.1	NUM
ajfa-11636	149	5	.	.	PUNCT
ajfa-11636	150	1	linkage	linkage	NOUN
ajfa-11636	150	2	in	in	ADP
ajfa-11636	150	3	the	the	DET
ajfa-11636	150	4	short	short	ADJ
ajfa-11636	150	5	-	-	PUNCT
ajfa-11636	150	6	run	run	NOUN
ajfa-11636	150	7	the	the	DET
ajfa-11636	150	8	table	table	NOUN
ajfa-11636	150	9	below	below	ADP
ajfa-11636	150	10	reports	report	VERB
ajfa-11636	150	11	the	the	DET
ajfa-11636	150	12	granger	granger	PROPN
ajfa-11636	150	13	causality	causality	PROPN
ajfa-11636	150	14	test	test	NOUN
ajfa-11636	150	15	results	result	NOUN
ajfa-11636	150	16	for	for	ADP
ajfa-11636	150	17	period	period	NOUN
ajfa-11636	150	18	from	from	ADP
ajfa-11636	150	19	2008	2008	NUM
ajfa-11636	150	20	to	to	ADP
ajfa-11636	150	21	april	april	PROPN
ajfa-11636	150	22	31th	31th	PROPN
ajfa-11636	150	23	2017	2017	NUM
ajfa-11636	150	24	.	.	PUNCT
ajfa-11636	151	1	table	table	NOUN
ajfa-11636	151	2	3	3	NUM
ajfa-11636	151	3	.	.	PUNCT
ajfa-11636	152	1	granger	granger	PROPN
ajfa-11636	152	2	causality	causality	PROPN
ajfa-11636	152	3	test	test	NOUN
ajfa-11636	152	4	results	result	NOUN
ajfa-11636	152	5	for	for	ADP
ajfa-11636	152	6	2008	2008	NUM
ajfa-11636	152	7	-	-	SYM
ajfa-11636	152	8	2017	2017	NUM
ajfa-11636	152	9	country	country	NOUN
ajfa-11636	152	10	h0	h0	NOUN
ajfa-11636	152	11	:	:	PUNCT
ajfa-11636	152	12	byspread	byspread	NOUN
ajfa-11636	152	13	does	do	AUX
ajfa-11636	152	14	not	not	PART
ajfa-11636	152	15	cause	cause	VERB
ajfa-11636	152	16	cdsprem	cdsprem	VERB
ajfa-11636	152	17	h0	h0	NOUN
ajfa-11636	152	18	:	:	PUNCT
ajfa-11636	152	19	cdsprem	cdsprem	PROPN
ajfa-11636	152	20	does	do	AUX
ajfa-11636	152	21	not	not	PART
ajfa-11636	152	22	cause	cause	VERB
ajfa-11636	152	23	byspread	byspread	ADJ
ajfa-11636	152	24	f	f	NOUN
ajfa-11636	152	25	-	-	PUNCT
ajfa-11636	152	26	statistic	statistic	ADJ
ajfa-11636	152	27	probability	probability	NOUN
ajfa-11636	152	28	f	f	X
ajfa-11636	152	29	-	-	PUNCT
ajfa-11636	152	30	statistic	statistic	ADJ
ajfa-11636	152	31	probability	probability	NOUN
ajfa-11636	152	32	france	france	PROPN
ajfa-11636	152	33	4.16225	4.16225	NUM
ajfa-11636	152	34	0.01581	0.01581	NUM
ajfa-11636	152	35	8.80671	8.80671	NUM
ajfa-11636	152	36	0.00016	0.00016	NUM
ajfa-11636	152	37	italy	italy	PROPN
ajfa-11636	152	38	0.92644	0.92644	NUM
ajfa-11636	152	39	0.42728	0.42728	NUM
ajfa-11636	152	40	20.6825	20.6825	NUM
ajfa-11636	153	1	4.80e-13	4.80e-13	NUM
ajfa-11636	153	2	portugal	portugal	PROPN
ajfa-11636	153	3	3.53291	3.53291	NUM
ajfa-11636	153	4	0.00712	0.00712	NUM
ajfa-11636	153	5	26.2571	26.2571	NUM
ajfa-11636	153	6	7.80e-21	7.80e-21	NUM
ajfa-11636	153	7	vietnam	vietnam	NOUN
ajfa-11636	153	8	1.68741	1.68741	NUM
ajfa-11636	153	9	0.18546	0.18546	NUM
ajfa-11636	153	10	31.7823	31.7823	NUM
ajfa-11636	153	11	3.70e-14	3.70e-14	NUM
ajfa-11636	153	12	korea	korea	PROPN
ajfa-11636	153	13	0.48963	0.48963	NUM
ajfa-11636	153	14	0.61298	0.61298	NUM
ajfa-11636	153	15	3.19471	3.19471	NUM
ajfa-11636	153	16	0.04135	0.04135	NUM
ajfa-11636	153	17	at	at	ADP
ajfa-11636	153	18	the	the	DET
ajfa-11636	153	19	significance	significance	NOUN
ajfa-11636	153	20	level	level	NOUN
ajfa-11636	153	21	of	of	ADP
ajfa-11636	153	22	5	5	NUM
ajfa-11636	153	23	%	%	NOUN
ajfa-11636	153	24	,	,	PUNCT
ajfa-11636	153	25	if	if	SCONJ
ajfa-11636	153	26	the	the	DET
ajfa-11636	153	27	probability	probability	NOUN
ajfa-11636	153	28	is	be	AUX
ajfa-11636	153	29	greater	great	ADJ
ajfa-11636	153	30	than	than	ADP
ajfa-11636	153	31	5	5	NUM
ajfa-11636	153	32	%	%	NOUN
ajfa-11636	153	33	,	,	PUNCT
ajfa-11636	153	34	the	the	DET
ajfa-11636	153	35	null	null	ADJ
ajfa-11636	153	36	hypothesis	hypothesis	NOUN
ajfa-11636	153	37	can	can	AUX
ajfa-11636	153	38	not	not	PART
ajfa-11636	153	39	be	be	AUX
ajfa-11636	153	40	rejected	reject	VERB
ajfa-11636	153	41	,	,	PUNCT
ajfa-11636	153	42	otherwise	otherwise	ADV
ajfa-11636	153	43	,	,	PUNCT
ajfa-11636	153	44	the	the	DET
ajfa-11636	153	45	other	other	ADJ
ajfa-11636	153	46	hypothesis	hypothesis	NOUN
ajfa-11636	153	47	should	should	AUX
ajfa-11636	153	48	be	be	AUX
ajfa-11636	153	49	accepted	accept	VERB
ajfa-11636	153	50	.	.	PUNCT
ajfa-11636	154	1	overall	overall	ADV
ajfa-11636	154	2	,	,	PUNCT
ajfa-11636	154	3	there	there	PRON
ajfa-11636	154	4	is	be	VERB
ajfa-11636	154	5	a	a	DET
ajfa-11636	154	6	clear	clear	ADJ
ajfa-11636	154	7	evidence	evidence	NOUN
ajfa-11636	154	8	in	in	ADP
ajfa-11636	154	9	four	four	NUM
ajfa-11636	154	10	out	out	ADP
ajfa-11636	154	11	of	of	ADP
ajfa-11636	154	12	ten	ten	NUM
ajfa-11636	154	13	countries	country	NOUN
ajfa-11636	154	14	that	that	SCONJ
ajfa-11636	154	15	there	there	PRON
ajfa-11636	154	16	is	be	VERB
ajfa-11636	154	17	stronger	strong	ADJ
ajfa-11636	154	18	granger	granger	NOUN
ajfa-11636	154	19	causality	causality	NOUN
ajfa-11636	154	20	from	from	ADP
ajfa-11636	154	21	cdsprem	cdsprem	VERB
ajfa-11636	154	22	to	to	PART
ajfa-11636	154	23	byspread	byspread	VERB
ajfa-11636	154	24	and	and	CCONJ
ajfa-11636	154	25	both	both	CCONJ
ajfa-11636	154	26	the	the	DET
ajfa-11636	154	27	two	two	NUM
ajfa-11636	154	28	markets	market	NOUN
ajfa-11636	154	29	play	play	VERB
ajfa-11636	154	30	roles	role	NOUN
ajfa-11636	154	31	in	in	ADP
ajfa-11636	154	32	the	the	DET
ajfa-11636	154	33	price	price	NOUN
ajfa-11636	154	34	discovery	discovery	NOUN
ajfa-11636	154	35	process	process	NOUN
ajfa-11636	154	36	.	.	PUNCT
ajfa-11636	155	1	the	the	DET
ajfa-11636	155	2	explaination	explaination	NOUN
ajfa-11636	155	3	for	for	ADP
ajfa-11636	155	4	each	each	DET
ajfa-11636	155	5	sovereign	sovereign	NOUN
ajfa-11636	155	6	is	be	AUX
ajfa-11636	155	7	following	follow	VERB
ajfa-11636	155	8	:	:	PUNCT
ajfa-11636	155	9	•	•	NOUN
ajfa-11636	155	10	in	in	ADP
ajfa-11636	155	11	the	the	DET
ajfa-11636	155	12	cases	case	NOUN
ajfa-11636	155	13	of	of	ADP
ajfa-11636	155	14	france	france	PROPN
ajfa-11636	155	15	and	and	CCONJ
ajfa-11636	155	16	portugal	portugal	PROPN
ajfa-11636	155	17	:	:	PUNCT
ajfa-11636	155	18	the	the	DET
ajfa-11636	155	19	probablilities	probablilitie	NOUN
ajfa-11636	155	20	are	be	AUX
ajfa-11636	155	21	always	always	ADV
ajfa-11636	155	22	smaller	small	ADJ
ajfa-11636	155	23	than	than	ADP
ajfa-11636	155	24	5	5	NUM
ajfa-11636	155	25	%	%	NOUN
ajfa-11636	155	26	,	,	PUNCT
ajfa-11636	155	27	then	then	ADV
ajfa-11636	155	28	the	the	DET
ajfa-11636	155	29	null	null	ADJ
ajfa-11636	155	30	hypotheses	hypothesis	NOUN
ajfa-11636	155	31	are	be	AUX
ajfa-11636	155	32	rejected	reject	VERB
ajfa-11636	155	33	,	,	PUNCT
ajfa-11636	155	34	which	which	PRON
ajfa-11636	155	35	means	mean	VERB
ajfa-11636	155	36	the	the	DET
ajfa-11636	155	37	byspread	byspread	NOUN
ajfa-11636	155	38	granger	granger	PROPN
ajfa-11636	155	39	causes	cause	VERB
ajfa-11636	155	40	the	the	DET
ajfa-11636	155	41	cdsprem	cdsprem	ADJ
ajfa-11636	155	42	and	and	CCONJ
ajfa-11636	155	43	vice	vice	NOUN
ajfa-11636	155	44	versa	versa	ADV
ajfa-11636	155	45	or	or	CCONJ
ajfa-11636	155	46	there	there	PRON
ajfa-11636	155	47	is	be	VERB
ajfa-11636	155	48	a	a	DET
ajfa-11636	155	49	bidirectional	bidirectional	ADJ
ajfa-11636	155	50	granger	granger	NOUN
ajfa-11636	155	51	causality	causality	NOUN
ajfa-11636	155	52	existing	exist	VERB
ajfa-11636	155	53	.	.	PUNCT
ajfa-11636	156	1	•	•	NOUN
ajfa-11636	156	2	in	in	ADP
ajfa-11636	156	3	the	the	DET
ajfa-11636	156	4	cases	case	NOUN
ajfa-11636	156	5	of	of	ADP
ajfa-11636	156	6	italy	italy	PROPN
ajfa-11636	156	7	,	,	PUNCT
ajfa-11636	156	8	vietnam	vietnam	PROPN
ajfa-11636	156	9	and	and	CCONJ
ajfa-11636	156	10	korea	korea	PROPN
ajfa-11636	156	11	:	:	PUNCT
ajfa-11636	156	12	the	the	DET
ajfa-11636	156	13	probability	probability	NOUN
ajfa-11636	156	14	for	for	ADP
ajfa-11636	156	15	the	the	DET
ajfa-11636	156	16	test	test	NOUN
ajfa-11636	156	17	(	(	PUNCT
ajfa-11636	156	18	ia	ia	PROPN
ajfa-11636	156	19	)	)	PUNCT
ajfa-11636	156	20	is	be	AUX
ajfa-11636	156	21	greater	great	ADJ
ajfa-11636	156	22	than	than	ADP
ajfa-11636	156	23	5	5	NUM
ajfa-11636	156	24	%	%	NOUN
ajfa-11636	156	25	,	,	PUNCT
ajfa-11636	156	26	thereby	thereby	ADV
ajfa-11636	156	27	the	the	DET
ajfa-11636	156	28	null	null	ADJ
ajfa-11636	156	29	hypothesis	hypothesis	NOUN
ajfa-11636	156	30	can	can	AUX
ajfa-11636	156	31	not	not	PART
ajfa-11636	156	32	be	be	AUX
ajfa-11636	156	33	debated	debate	VERB
ajfa-11636	156	34	.	.	PUNCT
ajfa-11636	157	1	in	in	ADP
ajfa-11636	157	2	other	other	ADJ
ajfa-11636	157	3	words	word	NOUN
ajfa-11636	157	4	,	,	PUNCT
ajfa-11636	157	5	the	the	DET
ajfa-11636	157	6	byspread	byspread	NOUN
ajfa-11636	157	7	does	do	AUX
ajfa-11636	157	8	not	not	PART
ajfa-11636	157	9	granger	granger	AUX
ajfa-11636	157	10	cause	cause	VERB
ajfa-11636	157	11	the	the	DET
ajfa-11636	157	12	cdsprem	cdsprem	VERB
ajfa-11636	157	13	.	.	PUNCT
ajfa-11636	158	1	nevertheless	nevertheless	ADV
ajfa-11636	158	2	,	,	PUNCT
ajfa-11636	158	3	for	for	ADP
ajfa-11636	158	4	the	the	DET
ajfa-11636	158	5	test	test	NOUN
ajfa-11636	158	6	(	(	PUNCT
ajfa-11636	158	7	ib	ib	PROPN
ajfa-11636	158	8	)	)	PUNCT
ajfa-11636	158	9	,	,	PUNCT
ajfa-11636	158	10	the	the	DET
ajfa-11636	158	11	probability	probability	NOUN
ajfa-11636	158	12	is	be	AUX
ajfa-11636	158	13	smaller	small	ADJ
ajfa-11636	158	14	than	than	ADP
ajfa-11636	158	15	5	5	NUM
ajfa-11636	158	16	%	%	NOUN
ajfa-11636	158	17	,	,	PUNCT
ajfa-11636	158	18	thus	thus	ADV
ajfa-11636	158	19	the	the	DET
ajfa-11636	158	20	cdsprem	cdsprem	PROPN
ajfa-11636	158	21	does	do	AUX
ajfa-11636	158	22	granger	granger	PROPN
ajfa-11636	158	23	cause	cause	VERB
ajfa-11636	158	24	the	the	DET
ajfa-11636	158	25	byspread	byspread	NOUN
ajfa-11636	158	26	.	.	PUNCT
ajfa-11636	159	1	on	on	ADP
ajfa-11636	159	2	that	that	DET
ajfa-11636	159	3	basis	basis	NOUN
ajfa-11636	159	4	,	,	PUNCT
ajfa-11636	159	5	only	only	ADV
ajfa-11636	159	6	the	the	DET
ajfa-11636	159	7	cds	cd	NOUN
ajfa-11636	159	8	market	market	NOUN
ajfa-11636	159	9	contributes	contribute	VERB
ajfa-11636	159	10	to	to	ADP
ajfa-11636	159	11	the	the	DET
ajfa-11636	159	12	dynamic	dynamic	ADJ
ajfa-11636	159	13	price	price	NOUN
ajfa-11636	159	14	discovery	discovery	NOUN
ajfa-11636	159	15	process	process	NOUN
ajfa-11636	159	16	in	in	ADP
ajfa-11636	159	17	the	the	DET
ajfa-11636	159	18	short	short	ADJ
ajfa-11636	159	19	-	-	PUNCT
ajfa-11636	159	20	run	run	NOUN
ajfa-11636	159	21	.	.	PUNCT
ajfa-11636	160	1	4.2	4.2	NUM
ajfa-11636	160	2	.	.	PUNCT
ajfa-11636	161	1	linkage	linkage	NOUN
ajfa-11636	161	2	in	in	ADP
ajfa-11636	161	3	the	the	DET
ajfa-11636	161	4	long	long	ADV
ajfa-11636	161	5	-	-	PUNCT
ajfa-11636	161	6	run	run	NOUN
ajfa-11636	161	7	in	in	ADP
ajfa-11636	161	8	this	this	DET
ajfa-11636	161	9	section	section	NOUN
ajfa-11636	161	10	,	,	PUNCT
ajfa-11636	161	11	the	the	DET
ajfa-11636	161	12	long	long	ADV
ajfa-11636	161	13	-	-	PUNCT
ajfa-11636	161	14	run	run	VERB
ajfa-11636	161	15	equilibrium	equilibrium	NOUN
ajfa-11636	161	16	relationship	relationship	NOUN
ajfa-11636	161	17	between	between	ADP
ajfa-11636	161	18	the	the	DET
ajfa-11636	161	19	cds	cds	PROPN
ajfa-11636	161	20	market	market	NOUN
ajfa-11636	161	21	and	and	CCONJ
ajfa-11636	161	22	bond	bond	NOUN
ajfa-11636	161	23	market	market	NOUN
ajfa-11636	161	24	for	for	ADP
ajfa-11636	161	25	sovereigns	sovereign	NOUN
ajfa-11636	161	26	will	will	AUX
ajfa-11636	161	27	be	be	AUX
ajfa-11636	161	28	discussed	discuss	VERB
ajfa-11636	161	29	after	after	SCONJ
ajfa-11636	161	30	the	the	DET
ajfa-11636	161	31	shortrun	shortrun	NOUN
ajfa-11636	161	32	cointegration	cointegration	NOUN
ajfa-11636	161	33	between	between	ADP
ajfa-11636	161	34	them	they	PRON
ajfa-11636	161	35	is	be	AUX
ajfa-11636	161	36	detected	detect	VERB
ajfa-11636	161	37	above	above	ADV
ajfa-11636	161	38	.	.	PUNCT
ajfa-11636	162	1	the	the	DET
ajfa-11636	162	2	results	result	NOUN
ajfa-11636	162	3	of	of	ADP
ajfa-11636	162	4	johansen	johansen	PROPN
ajfa-11636	162	5	cointegration	cointegration	NOUN
ajfa-11636	162	6	tests	test	NOUN
ajfa-11636	162	7	are	be	AUX
ajfa-11636	162	8	summarised	summarise	VERB
ajfa-11636	162	9	in	in	ADP
ajfa-11636	162	10	the	the	DET
ajfa-11636	162	11	table	table	NOUN
ajfa-11636	162	12	below	below	ADV
ajfa-11636	162	13	:	:	PUNCT
ajfa-11636	162	14	asian	asian	ADJ
ajfa-11636	162	15	journal	journal	NOUN
ajfa-11636	162	16	of	of	ADP
ajfa-11636	162	17	finance	finance	PROPN
ajfa-11636	162	18	&	&	CCONJ
ajfa-11636	162	19	accounting	accounting	PROPN
ajfa-11636	162	20	issn	issn	PROPN
ajfa-11636	162	21	1946	1946	NUM
ajfa-11636	162	22	-	-	PUNCT
ajfa-11636	162	23	052x	052x	PROPN
ajfa-11636	162	24	2017	2017	NUM
ajfa-11636	162	25	,	,	PUNCT
ajfa-11636	162	26	vol	vol	NOUN
ajfa-11636	162	27	.	.	NOUN
ajfa-11636	162	28	9	9	NUM
ajfa-11636	162	29	,	,	PUNCT
ajfa-11636	162	30	no	no	INTJ
ajfa-11636	162	31	.	.	NOUN
ajfa-11636	162	32	2	2	NUM
ajfa-11636	162	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	162	34	280	280	NUM
ajfa-11636	162	35	table	table	NOUN
ajfa-11636	162	36	4	4	NUM
ajfa-11636	162	37	.	.	PUNCT
ajfa-11636	162	38	trace	trace	NOUN
ajfa-11636	162	39	test	test	NOUN
ajfa-11636	162	40	and	and	CCONJ
ajfa-11636	162	41	max	max	PROPN
ajfa-11636	162	42	-	-	PUNCT
ajfa-11636	162	43	eigenvalues	eigenvalues	PROPN
ajfa-11636	162	44	test	test	NOUN
ajfa-11636	162	45	results	result	NOUN
ajfa-11636	162	46	countr	countr	VERB
ajfa-11636	162	47	y	y	PROPN
ajfa-11636	162	48	number	number	NOUN
ajfa-11636	162	49	of	of	ADP
ajfa-11636	162	50	cointegrat	cointegrat	NOUN
ajfa-11636	162	51	ed	ed	PROPN
ajfa-11636	162	52	vectors	vector	NOUN
ajfa-11636	162	53	trace	trace	VERB
ajfa-11636	162	54	statistic	statistic	ADJ
ajfa-11636	162	55	5	5	NUM
ajfa-11636	162	56	%	%	NOUN
ajfa-11636	162	57	critical	critical	ADJ
ajfa-11636	162	58	value	value	NOUN
ajfa-11636	162	59	max	max	NOUN
ajfa-11636	162	60	-	-	PUNCT
ajfa-11636	162	61	eigenvalu	eigenvalu	NOUN
ajfa-11636	162	62	es	es	NOUN
ajfa-11636	162	63	statistic	statistic	NOUN
ajfa-11636	162	64	5	5	NUM
ajfa-11636	162	65	%	%	NOUN
ajfa-11636	162	66	critical	critical	ADJ
ajfa-11636	162	67	value	value	NOUN
ajfa-11636	162	68	france	france	PROPN
ajfa-11636	162	69	none	none	NOUN
ajfa-11636	162	70	10.0604	10.0604	NUM
ajfa-11636	162	71	1	1	NUM
ajfa-11636	162	72	15.4947	15.4947	NUM
ajfa-11636	162	73	1	1	NUM
ajfa-11636	162	74	acce	acce	NOUN
ajfa-11636	162	75	pt	pt	X
ajfa-11636	162	76	16.56307	16.56307	NUM
ajfa-11636	162	77	14.2646	14.2646	NUM
ajfa-11636	162	78	0	0	NUM
ajfa-11636	162	79	rejec	rejec	NOUN
ajfa-11636	162	80	t	t	NOUN
ajfa-11636	163	1	at	at	ADP
ajfa-11636	163	2	most	most	ADV
ajfa-11636	163	3	1	1	NUM
ajfa-11636	163	4	3.49740	3.49740	NUM
ajfa-11636	163	5	2	2	NUM
ajfa-11636	163	6	3.84146	3.84146	NUM
ajfa-11636	163	7	6	6	NUM
ajfa-11636	163	8	acce	acce	NOUN
ajfa-11636	163	9	pt	pt	NOUN
ajfa-11636	163	10	3.497402	3.497402	NUM
ajfa-11636	163	11	3.84146	3.84146	NUM
ajfa-11636	163	12	6	6	NUM
ajfa-11636	163	13	acce	acce	NOUN
ajfa-11636	163	14	pt	pt	PROPN
ajfa-11636	163	15	italy	italy	PROPN
ajfa-11636	163	16	none	none	NOUN
ajfa-11636	163	17	18.0394	18.0394	NUM
ajfa-11636	163	18	1	1	NUM
ajfa-11636	163	19	15.4947	15.4947	NUM
ajfa-11636	163	20	1	1	NUM
ajfa-11636	163	21	rejec	rejec	NOUN
ajfa-11636	163	22	t	t	PROPN
ajfa-11636	163	23	17.51655	17.51655	NUM
ajfa-11636	163	24	14.2646	14.2646	NUM
ajfa-11636	163	25	0	0	NUM
ajfa-11636	163	26	rejec	rejec	NOUN
ajfa-11636	163	27	t	t	NOUN
ajfa-11636	163	28	at	at	ADP
ajfa-11636	163	29	most	most	ADJ
ajfa-11636	163	30	1	1	NUM
ajfa-11636	163	31	0.52286	0.52286	NUM
ajfa-11636	163	32	8	8	NUM
ajfa-11636	163	33	3.84146	3.84146	NUM
ajfa-11636	163	34	6	6	NUM
ajfa-11636	163	35	acce	acce	NOUN
ajfa-11636	163	36	pt	pt	NOUN
ajfa-11636	163	37	0.522868	0.522868	NUM
ajfa-11636	163	38	3.84146	3.84146	NUM
ajfa-11636	163	39	6	6	NUM
ajfa-11636	163	40	acce	acce	NOUN
ajfa-11636	163	41	pt	pt	NOUN
ajfa-11636	163	42	portug	portug	PROPN
ajfa-11636	163	43	al	al	PROPN
ajfa-11636	163	44	none	none	NOUN
ajfa-11636	163	45	29.6278	29.6278	NUM
ajfa-11636	163	46	8	8	NUM
ajfa-11636	163	47	15.4947	15.4947	NUM
ajfa-11636	163	48	1	1	NUM
ajfa-11636	163	49	rejec	rejec	NOUN
ajfa-11636	163	50	t	t	PROPN
ajfa-11636	163	51	29.56393	29.56393	NUM
ajfa-11636	163	52	14.2646	14.2646	NUM
ajfa-11636	163	53	0	0	NUM
ajfa-11636	163	54	rejec	rejec	NOUN
ajfa-11636	163	55	t	t	NOUN
ajfa-11636	163	56	at	at	ADP
ajfa-11636	163	57	most	most	ADJ
ajfa-11636	163	58	1	1	NUM
ajfa-11636	163	59	0.06395	0.06395	NUM
ajfa-11636	163	60	6	6	NUM
ajfa-11636	163	61	3.84146	3.84146	NUM
ajfa-11636	163	62	6	6	NUM
ajfa-11636	163	63	acce	acce	NOUN
ajfa-11636	163	64	pt	pt	NOUN
ajfa-11636	163	65	0.063956	0.063956	NUM
ajfa-11636	163	66	3.84146	3.84146	NUM
ajfa-11636	163	67	6	6	NUM
ajfa-11636	163	68	acce	acce	NOUN
ajfa-11636	163	69	pt	pt	NOUN
ajfa-11636	163	70	vietna	vietna	NOUN
ajfa-11636	163	71	m	m	VERB
ajfa-11636	163	72	none	none	NOUN
ajfa-11636	163	73	14.4925	14.4925	NUM
ajfa-11636	163	74	8	8	NUM
ajfa-11636	163	75	15.4947	15.4947	NUM
ajfa-11636	163	76	1	1	NUM
ajfa-11636	163	77	acce	acce	NOUN
ajfa-11636	163	78	pt	pt	NOUN
ajfa-11636	163	79	14.37778	14.37778	NUM
ajfa-11636	163	80	14.2646	14.2646	NUM
ajfa-11636	163	81	0	0	NUM
ajfa-11636	163	82	rejec	rejec	NOUN
ajfa-11636	163	83	t	t	NOUN
ajfa-11636	163	84	at	at	ADP
ajfa-11636	163	85	most	most	ADJ
ajfa-11636	163	86	1	1	NUM
ajfa-11636	163	87	0.11479	0.11479	NUM
ajfa-11636	163	88	8	8	NUM
ajfa-11636	163	89	3.84146	3.84146	NUM
ajfa-11636	163	90	6	6	NUM
ajfa-11636	163	91	acce	acce	NOUN
ajfa-11636	163	92	pt	pt	NOUN
ajfa-11636	163	93	0.114798	0.114798	NUM
ajfa-11636	163	94	3.84146	3.84146	NUM
ajfa-11636	163	95	6	6	NUM
ajfa-11636	163	96	acce	acce	NOUN
ajfa-11636	163	97	pt	pt	X
ajfa-11636	163	98	korea	korea	PROPN
ajfa-11636	163	99	none	none	NOUN
ajfa-11636	163	100	18.6236	18.6236	NUM
ajfa-11636	163	101	5	5	NUM
ajfa-11636	163	102	15.4947	15.4947	NUM
ajfa-11636	163	103	1	1	NUM
ajfa-11636	163	104	rejec	rejec	NOUN
ajfa-11636	163	105	t	t	PROPN
ajfa-11636	163	106	13.96209	13.96209	NUM
ajfa-11636	163	107	14.2646	14.2646	NUM
ajfa-11636	163	108	0	0	NUM
ajfa-11636	163	109	acce	acce	NOUN
ajfa-11636	163	110	pt	pt	NOUN
ajfa-11636	163	111	at	at	ADP
ajfa-11636	163	112	most	most	ADJ
ajfa-11636	163	113	1	1	NUM
ajfa-11636	163	114	4.66155	4.66155	NUM
ajfa-11636	163	115	2	2	NUM
ajfa-11636	163	116	3.84146	3.84146	NUM
ajfa-11636	163	117	6	6	NUM
ajfa-11636	163	118	rejec	rejec	NOUN
ajfa-11636	163	119	t	t	PROPN
ajfa-11636	163	120	4.661552	4.661552	NUM
ajfa-11636	163	121	3.84146	3.84146	NUM
ajfa-11636	163	122	6	6	NUM
ajfa-11636	163	123	rejec	rejec	NOUN
ajfa-11636	163	124	t	t	NOUN
ajfa-11636	163	125	generally	generally	ADV
ajfa-11636	163	126	,	,	PUNCT
ajfa-11636	163	127	the	the	DET
ajfa-11636	163	128	long	long	ADJ
ajfa-11636	163	129	-	-	PUNCT
ajfa-11636	163	130	term	term	NOUN
ajfa-11636	163	131	cointegration	cointegration	NOUN
ajfa-11636	163	132	exists	exist	VERB
ajfa-11636	163	133	in	in	ADP
ajfa-11636	163	134	cases	case	NOUN
ajfa-11636	163	135	of	of	ADP
ajfa-11636	163	136	all	all	DET
ajfa-11636	163	137	five	five	NUM
ajfa-11636	163	138	countries	country	NOUN
ajfa-11636	163	139	.	.	PUNCT
ajfa-11636	164	1	to	to	PART
ajfa-11636	164	2	pass	pass	VERB
ajfa-11636	164	3	the	the	DET
ajfa-11636	164	4	trace	trace	NOUN
ajfa-11636	164	5	and	and	CCONJ
ajfa-11636	164	6	max	max	PROPN
ajfa-11636	164	7	-	-	PUNCT
ajfa-11636	164	8	eigenvalues	eigenvalues	PROPN
ajfa-11636	164	9	test	test	NOUN
ajfa-11636	164	10	to	to	PART
ajfa-11636	164	11	demonstrate	demonstrate	VERB
ajfa-11636	164	12	the	the	DET
ajfa-11636	164	13	long	long	ADJ
ajfa-11636	164	14	-	-	PUNCT
ajfa-11636	164	15	term	term	NOUN
ajfa-11636	164	16	equilibrium	equilibrium	NOUN
ajfa-11636	164	17	relationship	relationship	NOUN
ajfa-11636	164	18	between	between	ADP
ajfa-11636	164	19	the	the	DET
ajfa-11636	164	20	two	two	NUM
ajfa-11636	164	21	markets	market	NOUN
ajfa-11636	164	22	,	,	PUNCT
ajfa-11636	164	23	either	either	CCONJ
ajfa-11636	164	24	the	the	DET
ajfa-11636	164	25	trace	trace	NOUN
ajfa-11636	164	26	statistic	statistic	NOUN
ajfa-11636	164	27	or	or	CCONJ
ajfa-11636	164	28	max	max	PROPN
ajfa-11636	164	29	-	-	PUNCT
ajfa-11636	164	30	eigenvalues	eigenvalues	PROPN
ajfa-11636	164	31	statistic	statistic	NOUN
ajfa-11636	164	32	should	should	AUX
ajfa-11636	164	33	be	be	AUX
ajfa-11636	164	34	smaller	small	ADJ
ajfa-11636	164	35	than	than	ADP
ajfa-11636	164	36	its	its	PRON
ajfa-11636	164	37	5	5	NUM
ajfa-11636	164	38	%	%	NOUN
ajfa-11636	164	39	critical	critical	ADJ
ajfa-11636	164	40	value	value	NOUN
ajfa-11636	164	41	.	.	PUNCT
ajfa-11636	165	1	the	the	DET
ajfa-11636	165	2	results	result	NOUN
ajfa-11636	165	3	interpretation	interpretation	NOUN
ajfa-11636	165	4	and	and	CCONJ
ajfa-11636	165	5	cointegration	cointegration	NOUN
ajfa-11636	165	6	equation	equation	NOUN
ajfa-11636	165	7	for	for	ADP
ajfa-11636	165	8	each	each	DET
ajfa-11636	165	9	country	country	NOUN
ajfa-11636	165	10	is	be	AUX
ajfa-11636	165	11	followed	follow	VERB
ajfa-11636	165	12	.	.	PUNCT
ajfa-11636	166	1	•	•	NUM
ajfa-11636	166	2	france	france	PROPN
ajfa-11636	166	3	in	in	ADP
ajfa-11636	166	4	trace	trace	NOUN
ajfa-11636	166	5	test	test	NOUN
ajfa-11636	166	6	,	,	PUNCT
ajfa-11636	166	7	for	for	ADP
ajfa-11636	166	8	both	both	PRON
ajfa-11636	166	9	catalog	catalog	NOUN
ajfa-11636	166	10	“	"	PUNCT
ajfa-11636	166	11	none	none	NOUN
ajfa-11636	166	12	”	"	PUNCT
ajfa-11636	166	13	and	and	CCONJ
ajfa-11636	166	14	“	"	PUNCT
ajfa-11636	166	15	at	at	ADP
ajfa-11636	166	16	most	most	ADJ
ajfa-11636	166	17	1	1	NUM
ajfa-11636	166	18	”	"	PUNCT
ajfa-11636	166	19	,	,	PUNCT
ajfa-11636	166	20	the	the	DET
ajfa-11636	166	21	trace	trace	NOUN
ajfa-11636	166	22	statistic	statistic	NOUN
ajfa-11636	166	23	numbers	number	NOUN
ajfa-11636	166	24	are	be	AUX
ajfa-11636	166	25	less	less	ADJ
ajfa-11636	166	26	than	than	ADP
ajfa-11636	166	27	the	the	DET
ajfa-11636	166	28	critical	critical	ADJ
ajfa-11636	166	29	values	value	NOUN
ajfa-11636	166	30	of	of	ADP
ajfa-11636	166	31	5	5	NUM
ajfa-11636	166	32	%	%	NOUN
ajfa-11636	166	33	level	level	NOUN
ajfa-11636	166	34	or	or	CCONJ
ajfa-11636	166	35	the	the	DET
ajfa-11636	166	36	null	null	ADJ
ajfa-11636	166	37	hypotheses	hypothesis	NOUN
ajfa-11636	166	38	can	can	AUX
ajfa-11636	166	39	not	not	PART
ajfa-11636	166	40	be	be	AUX
ajfa-11636	166	41	rejected	reject	VERB
ajfa-11636	166	42	.	.	PUNCT
ajfa-11636	167	1	thus	thus	ADV
ajfa-11636	167	2	this	this	DET
ajfa-11636	167	3	test	test	NOUN
ajfa-11636	167	4	does	do	AUX
ajfa-11636	167	5	not	not	PART
ajfa-11636	167	6	prove	prove	VERB
ajfa-11636	167	7	the	the	DET
ajfa-11636	167	8	cointegration	cointegration	NOUN
ajfa-11636	167	9	nexus	nexus	NOUN
ajfa-11636	167	10	between	between	ADP
ajfa-11636	167	11	the	the	DET
ajfa-11636	167	12	two	two	NUM
ajfa-11636	167	13	markets	market	NOUN
ajfa-11636	167	14	for	for	ADP
ajfa-11636	167	15	long	long	ADJ
ajfa-11636	167	16	-	-	PUNCT
ajfa-11636	167	17	term	term	NOUN
ajfa-11636	167	18	.	.	PUNCT
ajfa-11636	168	1	in	in	ADP
ajfa-11636	168	2	contrast	contrast	NOUN
ajfa-11636	168	3	,	,	PUNCT
ajfa-11636	168	4	the	the	DET
ajfa-11636	168	5	results	result	NOUN
ajfa-11636	168	6	from	from	ADP
ajfa-11636	168	7	max	max	PROPN
ajfa-11636	168	8	-	-	PUNCT
ajfa-11636	168	9	eigenvalues	eigenvalues	PROPN
ajfa-11636	168	10	test	test	NOUN
ajfa-11636	168	11	disclose	disclose	VERB
ajfa-11636	168	12	one	one	NUM
ajfa-11636	168	13	cointegration	cointegration	NOUN
ajfa-11636	168	14	vector	vector	NOUN
ajfa-11636	168	15	existing	exist	VERB
ajfa-11636	168	16	between	between	ADP
ajfa-11636	168	17	asian	asian	ADJ
ajfa-11636	168	18	journal	journal	NOUN
ajfa-11636	168	19	of	of	ADP
ajfa-11636	168	20	finance	finance	PROPN
ajfa-11636	168	21	&	&	CCONJ
ajfa-11636	168	22	accounting	accounting	PROPN
ajfa-11636	168	23	issn	issn	PROPN
ajfa-11636	168	24	1946	1946	NUM
ajfa-11636	168	25	-	-	PUNCT
ajfa-11636	168	26	052x	052x	PROPN
ajfa-11636	168	27	2017	2017	NUM
ajfa-11636	168	28	,	,	PUNCT
ajfa-11636	168	29	vol	vol	NOUN
ajfa-11636	168	30	.	.	NOUN
ajfa-11636	169	1	9	9	NUM
ajfa-11636	169	2	,	,	PUNCT
ajfa-11636	169	3	no	no	NOUN
ajfa-11636	169	4	.	.	NOUN
ajfa-11636	169	5	2	2	NUM
ajfa-11636	169	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	169	7	281	281	NUM
ajfa-11636	169	8	cdsprem	cdsprem	VERB
ajfa-11636	169	9	and	and	CCONJ
ajfa-11636	169	10	byspread	byspread	NOUN
ajfa-11636	169	11	variables	variable	NOUN
ajfa-11636	169	12	.	.	PUNCT
ajfa-11636	170	1	this	this	PRON
ajfa-11636	170	2	also	also	ADV
ajfa-11636	170	3	unveils	unveil	VERB
ajfa-11636	170	4	the	the	DET
ajfa-11636	170	5	long	long	ADJ
ajfa-11636	170	6	-	-	PUNCT
ajfa-11636	170	7	term	term	NOUN
ajfa-11636	170	8	interrelation	interrelation	NOUN
ajfa-11636	170	9	between	between	ADP
ajfa-11636	170	10	the	the	DET
ajfa-11636	170	11	two	two	NUM
ajfa-11636	170	12	markets	market	NOUN
ajfa-11636	170	13	adjusted	adjust	VERB
ajfa-11636	170	14	to	to	ADP
ajfa-11636	170	15	the	the	DET
ajfa-11636	170	16	cointegrating	cointegrate	VERB
ajfa-11636	170	17	equation	equation	NOUN
ajfa-11636	170	18	following	follow	VERB
ajfa-11636	170	19	:	:	PUNCT
ajfa-11636	170	20	cdsprem	cdsprem	PROPN
ajfa-11636	170	21	=	=	SYM
ajfa-11636	170	22	0.179793	0.179793	NUM
ajfa-11636	170	23	-	-	PUNCT
ajfa-11636	170	24	0.255055	0.255055	NUM
ajfa-11636	170	25	byspread	byspread	NOUN
ajfa-11636	170	26	(	(	PUNCT
ajfa-11636	170	27	0.37668	0.37668	NUM
ajfa-11636	170	28	)	)	PUNCT
ajfa-11636	170	29	•	•	NUM
ajfa-11636	170	30	italy	italy	PROPN
ajfa-11636	170	31	it	it	PRON
ajfa-11636	170	32	can	can	AUX
ajfa-11636	170	33	be	be	AUX
ajfa-11636	170	34	seen	see	VERB
ajfa-11636	170	35	from	from	ADP
ajfa-11636	170	36	both	both	CCONJ
ajfa-11636	170	37	the	the	DET
ajfa-11636	170	38	trace	trace	NOUN
ajfa-11636	170	39	test	test	NOUN
ajfa-11636	170	40	and	and	CCONJ
ajfa-11636	170	41	max	max	PROPN
ajfa-11636	170	42	-	-	PUNCT
ajfa-11636	170	43	eigenvalues	eigenvalues	PROPN
ajfa-11636	170	44	test	test	NOUN
ajfa-11636	170	45	results	result	NOUN
ajfa-11636	170	46	that	that	SCONJ
ajfa-11636	170	47	in	in	ADP
ajfa-11636	170	48	the	the	DET
ajfa-11636	170	49	“	"	PUNCT
ajfa-11636	170	50	none	none	NOUN
ajfa-11636	170	51	”	"	PUNCT
ajfa-11636	170	52	catalog	catalog	NOUN
ajfa-11636	170	53	,	,	PUNCT
ajfa-11636	170	54	the	the	DET
ajfa-11636	170	55	statistical	statistical	ADJ
ajfa-11636	170	56	values	value	NOUN
ajfa-11636	170	57	are	be	AUX
ajfa-11636	170	58	larger	large	ADJ
ajfa-11636	170	59	than	than	ADP
ajfa-11636	170	60	the	the	DET
ajfa-11636	170	61	corresponding	corresponding	ADJ
ajfa-11636	170	62	critical	critical	ADJ
ajfa-11636	170	63	values	value	NOUN
ajfa-11636	170	64	at	at	ADP
ajfa-11636	170	65	5	5	NUM
ajfa-11636	170	66	%	%	NOUN
ajfa-11636	170	67	level	level	NOUN
ajfa-11636	170	68	.	.	PUNCT
ajfa-11636	171	1	thereby	thereby	ADV
ajfa-11636	171	2	,	,	PUNCT
ajfa-11636	171	3	these	these	DET
ajfa-11636	171	4	tests	test	NOUN
ajfa-11636	171	5	fail	fail	VERB
ajfa-11636	171	6	to	to	PART
ajfa-11636	171	7	accept	accept	VERB
ajfa-11636	171	8	the	the	DET
ajfa-11636	171	9	null	null	ADJ
ajfa-11636	171	10	hypotheses	hypothesis	NOUN
ajfa-11636	171	11	.	.	PUNCT
ajfa-11636	172	1	moreover	moreover	ADV
ajfa-11636	172	2	,	,	PUNCT
ajfa-11636	172	3	for	for	ADP
ajfa-11636	172	4	the	the	DET
ajfa-11636	172	5	“	"	PUNCT
ajfa-11636	172	6	at	at	ADP
ajfa-11636	172	7	most	most	ADJ
ajfa-11636	172	8	1	1	NUM
ajfa-11636	172	9	”	"	PUNCT
ajfa-11636	172	10	catalog	catalog	NOUN
ajfa-11636	172	11	,	,	PUNCT
ajfa-11636	172	12	the	the	DET
ajfa-11636	172	13	both	both	DET
ajfa-11636	172	14	tests	test	NOUN
ajfa-11636	172	15	dedicate	dedicate	VERB
ajfa-11636	172	16	together	together	ADV
ajfa-11636	172	17	the	the	DET
ajfa-11636	172	18	smaller	small	ADJ
ajfa-11636	172	19	critical	critical	ADJ
ajfa-11636	172	20	values	value	NOUN
ajfa-11636	172	21	than	than	ADP
ajfa-11636	172	22	the	the	DET
ajfa-11636	172	23	5	5	NUM
ajfa-11636	172	24	%	%	NOUN
ajfa-11636	172	25	critical	critical	ADJ
ajfa-11636	172	26	values	value	NOUN
ajfa-11636	172	27	,	,	PUNCT
ajfa-11636	172	28	which	which	PRON
ajfa-11636	172	29	represents	represent	VERB
ajfa-11636	172	30	the	the	DET
ajfa-11636	172	31	existence	existence	NOUN
ajfa-11636	172	32	of	of	ADP
ajfa-11636	172	33	a	a	DET
ajfa-11636	172	34	cointegration	cointegration	NOUN
ajfa-11636	172	35	equation	equation	NOUN
ajfa-11636	172	36	between	between	ADP
ajfa-11636	172	37	cdsprem	cdsprem	ADJ
ajfa-11636	172	38	and	and	CCONJ
ajfa-11636	172	39	byspread	byspread	NOUN
ajfa-11636	172	40	.	.	PUNCT
ajfa-11636	173	1	it	it	PRON
ajfa-11636	173	2	is	be	AUX
ajfa-11636	173	3	the	the	DET
ajfa-11636	173	4	following	follow	VERB
ajfa-11636	173	5	equation	equation	NOUN
ajfa-11636	173	6	:	:	PUNCT
ajfa-11636	173	7	cdsprem	cdsprem	VERB
ajfa-11636	173	8	=	=	SYM
ajfa-11636	173	9	-0.208774	-0.208774	NOUN
ajfa-11636	173	10	–	–	PUNCT
ajfa-11636	173	11	1.19633	1.19633	NUM
ajfa-11636	173	12	byspread	byspread	NOUN
ajfa-11636	173	13	(	(	PUNCT
ajfa-11636	173	14	0.11727	0.11727	NUM
ajfa-11636	173	15	)	)	PUNCT
ajfa-11636	173	16	•	•	NOUN
ajfa-11636	173	17	portugal	portugal	PROPN
ajfa-11636	173	18	the	the	DET
ajfa-11636	173	19	results	result	NOUN
ajfa-11636	173	20	from	from	ADP
ajfa-11636	173	21	both	both	DET
ajfa-11636	173	22	trace	trace	NOUN
ajfa-11636	173	23	test	test	NOUN
ajfa-11636	173	24	and	and	CCONJ
ajfa-11636	173	25	max	max	PROPN
ajfa-11636	173	26	-	-	PUNCT
ajfa-11636	173	27	eigenvalues	eigenvalue	VERB
ajfa-11636	173	28	test	test	NOUN
ajfa-11636	173	29	support	support	NOUN
ajfa-11636	173	30	for	for	ADP
ajfa-11636	173	31	the	the	DET
ajfa-11636	173	32	other	other	ADJ
ajfa-11636	173	33	hypotheses	hypothesis	NOUN
ajfa-11636	173	34	rather	rather	ADV
ajfa-11636	173	35	than	than	ADP
ajfa-11636	173	36	the	the	DET
ajfa-11636	173	37	null	null	ADJ
ajfa-11636	173	38	hypotheses	hypothesis	NOUN
ajfa-11636	173	39	at	at	ADP
ajfa-11636	173	40	5	5	NUM
ajfa-11636	173	41	%	%	NOUN
ajfa-11636	173	42	level	level	NOUN
ajfa-11636	173	43	of	of	ADP
ajfa-11636	173	44	significance	significance	NOUN
ajfa-11636	173	45	.	.	PUNCT
ajfa-11636	174	1	furthermore	furthermore	ADV
ajfa-11636	174	2	,	,	PUNCT
ajfa-11636	174	3	the	the	DET
ajfa-11636	174	4	results	result	NOUN
ajfa-11636	174	5	show	show	VERB
ajfa-11636	174	6	the	the	DET
ajfa-11636	174	7	negative	negative	ADJ
ajfa-11636	174	8	cointegrated	cointegrate	VERB
ajfa-11636	174	9	relationship	relationship	NOUN
ajfa-11636	174	10	between	between	ADP
ajfa-11636	174	11	sovereign	sovereign	ADJ
ajfa-11636	174	12	cds	cd	NOUN
ajfa-11636	174	13	premia	premia	NOUN
ajfa-11636	174	14	and	and	CCONJ
ajfa-11636	174	15	bond	bond	NOUN
ajfa-11636	174	16	spreads	spread	NOUN
ajfa-11636	174	17	,	,	PUNCT
ajfa-11636	174	18	which	which	PRON
ajfa-11636	174	19	is	be	AUX
ajfa-11636	174	20	:	:	PUNCT
ajfa-11636	174	21	cdsprem	cdsprem	ADJ
ajfa-11636	174	22	=	=	PUNCT
ajfa-11636	174	23	-0.139821	-0.139821	NOUN
ajfa-11636	174	24	–	–	PUNCT
ajfa-11636	174	25	1.255424	1.255424	NUM
ajfa-11636	174	26	byspread	byspread	NOUN
ajfa-11636	174	27	(	(	PUNCT
ajfa-11636	174	28	0.04165	0.04165	NUM
ajfa-11636	174	29	)	)	PUNCT
ajfa-11636	174	30	•	•	NUM
ajfa-11636	174	31	vietnam	vietnam	NOUN
ajfa-11636	174	32	the	the	DET
ajfa-11636	174	33	trace	trace	NOUN
ajfa-11636	174	34	test	test	NOUN
ajfa-11636	174	35	can	can	AUX
ajfa-11636	174	36	not	not	PART
ajfa-11636	174	37	reject	reject	VERB
ajfa-11636	174	38	the	the	DET
ajfa-11636	174	39	null	null	ADJ
ajfa-11636	174	40	hypothesis	hypothesis	NOUN
ajfa-11636	174	41	owing	owe	VERB
ajfa-11636	174	42	to	to	ADP
ajfa-11636	174	43	smaller	small	ADJ
ajfa-11636	174	44	value	value	NOUN
ajfa-11636	174	45	of	of	ADP
ajfa-11636	174	46	the	the	DET
ajfa-11636	174	47	trace	trace	NOUN
ajfa-11636	174	48	critical	critical	ADJ
ajfa-11636	174	49	value	value	NOUN
ajfa-11636	174	50	compared	compare	VERB
ajfa-11636	174	51	to	to	ADP
ajfa-11636	174	52	the	the	DET
ajfa-11636	174	53	5	5	NUM
ajfa-11636	174	54	%	%	NOUN
ajfa-11636	174	55	critical	critical	ADJ
ajfa-11636	174	56	value	value	NOUN
ajfa-11636	174	57	.	.	PUNCT
ajfa-11636	175	1	yet	yet	CCONJ
ajfa-11636	175	2	the	the	DET
ajfa-11636	175	3	max	max	PROPN
ajfa-11636	175	4	-	-	PUNCT
ajfa-11636	175	5	eigenvalues	eigenvalues	PROPN
ajfa-11636	175	6	test	test	NOUN
ajfa-11636	175	7	casts	cast	VERB
ajfa-11636	175	8	the	the	DET
ajfa-11636	175	9	support	support	NOUN
ajfa-11636	175	10	for	for	ADP
ajfa-11636	175	11	the	the	DET
ajfa-11636	175	12	long	long	ADV
ajfa-11636	175	13	-	-	PUNCT
ajfa-11636	175	14	run	run	VERB
ajfa-11636	175	15	co	co	NOUN
ajfa-11636	175	16	-	-	NOUN
ajfa-11636	175	17	movement	movement	NOUN
ajfa-11636	175	18	between	between	ADP
ajfa-11636	175	19	the	the	DET
ajfa-11636	175	20	two	two	NUM
ajfa-11636	175	21	sovereign	sovereign	ADJ
ajfa-11636	175	22	markets	market	NOUN
ajfa-11636	175	23	by	by	ADP
ajfa-11636	175	24	rejecting	reject	VERB
ajfa-11636	175	25	the	the	DET
ajfa-11636	175	26	null	null	ADJ
ajfa-11636	175	27	hypothesis	hypothesis	NOUN
ajfa-11636	175	28	at	at	ADP
ajfa-11636	175	29	the	the	DET
ajfa-11636	175	30	“	"	PUNCT
ajfa-11636	175	31	none	none	NOUN
ajfa-11636	175	32	”	"	PUNCT
ajfa-11636	175	33	catalog	catalog	NOUN
ajfa-11636	175	34	and	and	CCONJ
ajfa-11636	175	35	accepting	accept	VERB
ajfa-11636	175	36	the	the	DET
ajfa-11636	175	37	null	null	ADJ
ajfa-11636	175	38	hypothesis	hypothesis	NOUN
ajfa-11636	175	39	at	at	ADP
ajfa-11636	175	40	the	the	DET
ajfa-11636	175	41	“	"	PUNCT
ajfa-11636	175	42	at	at	ADP
ajfa-11636	175	43	most	most	ADJ
ajfa-11636	175	44	1	1	NUM
ajfa-11636	175	45	”	"	PUNCT
ajfa-11636	175	46	catalog	catalog	NOUN
ajfa-11636	175	47	.	.	PUNCT
ajfa-11636	176	1	the	the	DET
ajfa-11636	176	2	cointegration	cointegration	NOUN
ajfa-11636	176	3	relationship	relationship	NOUN
ajfa-11636	176	4	is	be	AUX
ajfa-11636	176	5	expressed	express	VERB
ajfa-11636	176	6	in	in	ADP
ajfa-11636	176	7	the	the	DET
ajfa-11636	176	8	equation	equation	NOUN
ajfa-11636	176	9	below	below	ADV
ajfa-11636	176	10	:	:	PUNCT
ajfa-11636	176	11	cdsprem	cdsprem	VERB
ajfa-11636	176	12	=	=	SYM
ajfa-11636	176	13	-0.093835	-0.093835	NOUN
ajfa-11636	176	14	–	–	PUNCT
ajfa-11636	176	15	1.261284	1.261284	NUM
ajfa-11636	176	16	byspread	byspread	NOUN
ajfa-11636	176	17	(	(	PUNCT
ajfa-11636	176	18	0.12936	0.12936	NUM
ajfa-11636	176	19	)	)	PUNCT
ajfa-11636	176	20	•	•	NUM
ajfa-11636	176	21	korea	korea	PROPN
ajfa-11636	176	22	the	the	DET
ajfa-11636	176	23	tests	test	NOUN
ajfa-11636	176	24	for	for	ADP
ajfa-11636	176	25	the	the	DET
ajfa-11636	176	26	korean	korean	ADJ
ajfa-11636	176	27	markets	market	NOUN
ajfa-11636	176	28	give	give	VERB
ajfa-11636	176	29	results	result	NOUN
ajfa-11636	176	30	of	of	ADP
ajfa-11636	176	31	two	two	NUM
ajfa-11636	176	32	cointegrating	cointegrate	VERB
ajfa-11636	176	33	vectors	vector	NOUN
ajfa-11636	176	34	for	for	ADP
ajfa-11636	176	35	trace	trace	NOUN
ajfa-11636	176	36	test	test	NOUN
ajfa-11636	176	37	,	,	PUNCT
ajfa-11636	176	38	whereas	whereas	SCONJ
ajfa-11636	176	39	no	no	DET
ajfa-11636	176	40	cointegration	cointegration	NOUN
ajfa-11636	176	41	vector	vector	NOUN
ajfa-11636	176	42	for	for	ADP
ajfa-11636	176	43	max	max	PROPN
ajfa-11636	176	44	-	-	PUNCT
ajfa-11636	176	45	eigenvalues	eigenvalues	PROPN
ajfa-11636	176	46	test	test	NOUN
ajfa-11636	176	47	.	.	PUNCT
ajfa-11636	177	1	overall	overall	ADV
ajfa-11636	177	2	,	,	PUNCT
ajfa-11636	177	3	the	the	DET
ajfa-11636	177	4	combination	combination	NOUN
ajfa-11636	177	5	of	of	ADP
ajfa-11636	177	6	the	the	DET
ajfa-11636	177	7	two	two	NUM
ajfa-11636	177	8	tests	test	NOUN
ajfa-11636	177	9	evidences	evidence	NOUN
ajfa-11636	177	10	on	on	ADP
ajfa-11636	177	11	the	the	DET
ajfa-11636	177	12	positive	positive	ADJ
ajfa-11636	177	13	co	co	NOUN
ajfa-11636	177	14	-	-	NOUN
ajfa-11636	177	15	movement	movement	NOUN
ajfa-11636	177	16	of	of	ADP
ajfa-11636	177	17	the	the	DET
ajfa-11636	177	18	two	two	NUM
ajfa-11636	177	19	markets	market	NOUN
ajfa-11636	177	20	in	in	ADP
ajfa-11636	177	21	the	the	DET
ajfa-11636	177	22	long	long	ADJ
ajfa-11636	177	23	-	-	PUNCT
ajfa-11636	177	24	term	term	NOUN
ajfa-11636	177	25	as	as	ADP
ajfa-11636	177	26	in	in	ADP
ajfa-11636	177	27	the	the	DET
ajfa-11636	177	28	equation	equation	NOUN
ajfa-11636	177	29	below	below	ADV
ajfa-11636	177	30	:	:	PUNCT
ajfa-11636	177	31	cdsprem	cdsprem	VERB
ajfa-11636	177	32	=	=	SYM
ajfa-11636	177	33	0.445897	0.445897	NUM
ajfa-11636	177	34	+	+	NUM
ajfa-11636	177	35	0.656949	0.656949	NUM
ajfa-11636	177	36	byspread	byspread	NOUN
ajfa-11636	177	37	(	(	PUNCT
ajfa-11636	177	38	0.19689	0.19689	NUM
ajfa-11636	177	39	)	)	PUNCT
ajfa-11636	177	40	asian	asian	ADJ
ajfa-11636	177	41	journal	journal	NOUN
ajfa-11636	177	42	of	of	ADP
ajfa-11636	177	43	finance	finance	PROPN
ajfa-11636	177	44	&	&	CCONJ
ajfa-11636	177	45	accounting	accounting	PROPN
ajfa-11636	177	46	issn	issn	PROPN
ajfa-11636	177	47	1946	1946	NUM
ajfa-11636	177	48	-	-	PUNCT
ajfa-11636	177	49	052x	052x	PROPN
ajfa-11636	177	50	2017	2017	NUM
ajfa-11636	177	51	,	,	PUNCT
ajfa-11636	177	52	vol	vol	NOUN
ajfa-11636	177	53	.	.	NOUN
ajfa-11636	178	1	9	9	NUM
ajfa-11636	178	2	,	,	PUNCT
ajfa-11636	178	3	no	no	NOUN
ajfa-11636	178	4	.	.	NOUN
ajfa-11636	178	5	2	2	NUM
ajfa-11636	178	6	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-11636	178	7	282	282	NUM
ajfa-11636	178	8	4.3	4.3	NUM
ajfa-11636	178	9	.	.	PUNCT
ajfa-11636	179	1	price	price	NOUN
ajfa-11636	179	2	discovery	discovery	NOUN
ajfa-11636	179	3	after	after	ADP
ajfa-11636	179	4	evaluating	evaluate	VERB
ajfa-11636	179	5	the	the	DET
ajfa-11636	179	6	long	long	ADV
ajfa-11636	179	7	-	-	PUNCT
ajfa-11636	179	8	run	run	NOUN
ajfa-11636	179	9	relation	relation	NOUN
ajfa-11636	179	10	between	between	ADP
ajfa-11636	179	11	thefive	thefive	ADJ
ajfa-11636	179	12	sample	sample	NOUN
ajfa-11636	179	13	sovereign	sovereign	ADJ
ajfa-11636	179	14	cds	cd	NOUN
ajfa-11636	179	15	and	and	CCONJ
ajfa-11636	179	16	bond	bond	NOUN
ajfa-11636	179	17	markets	market	NOUN
ajfa-11636	179	18	,	,	PUNCT
ajfa-11636	179	19	it	it	PRON
ajfa-11636	179	20	is	be	AUX
ajfa-11636	179	21	now	now	ADV
ajfa-11636	179	22	turned	turn	VERB
ajfa-11636	179	23	to	to	ADP
ajfa-11636	179	24	analyzing	analyze	VERB
ajfa-11636	179	25	which	which	DET
ajfa-11636	179	26	market	market	NOUN
ajfa-11636	179	27	plays	play	VERB
ajfa-11636	179	28	the	the	DET
ajfa-11636	179	29	leading	lead	VERB
ajfa-11636	179	30	role	role	NOUN
ajfa-11636	179	31	in	in	ADP
ajfa-11636	179	32	the	the	DET
ajfa-11636	179	33	price	price	NOUN
ajfa-11636	179	34	discovery	discovery	NOUN
ajfa-11636	179	35	process	process	NOUN
ajfa-11636	179	36	for	for	ADP
ajfa-11636	179	37	the	the	DET
ajfa-11636	179	38	cases	case	NOUN
ajfa-11636	179	39	of	of	ADP
ajfa-11636	179	40	countries	country	NOUN
ajfa-11636	179	41	where	where	SCONJ
ajfa-11636	179	42	the	the	DET
ajfa-11636	179	43	cointegrating	cointegrate	VERB
ajfa-11636	179	44	relationship	relationship	NOUN
ajfa-11636	179	45	exists	exist	VERB
ajfa-11636	179	46	.	.	PUNCT
ajfa-11636	180	1	this	this	PRON
ajfa-11636	180	2	also	also	ADV
ajfa-11636	180	3	means	mean	VERB
ajfa-11636	180	4	the	the	DET
ajfa-11636	180	5	examining	examining	NOUN
ajfa-11636	180	6	is	be	AUX
ajfa-11636	180	7	procedured	procedure	VERB
ajfa-11636	180	8	for	for	ADP
ajfa-11636	180	9	all	all	DET
ajfa-11636	180	10	five	five	NUM
ajfa-11636	180	11	countries	country	NOUN
ajfa-11636	180	12	.	.	PUNCT
ajfa-11636	181	1	the	the	DET
ajfa-11636	181	2	lead	lead	ADJ
ajfa-11636	181	3	-	-	PUNCT
ajfa-11636	181	4	lag	lag	NOUN
ajfa-11636	181	5	relationship	relationship	NOUN
ajfa-11636	181	6	is	be	AUX
ajfa-11636	181	7	estimated	estimate	VERB
ajfa-11636	181	8	by	by	ADP
ajfa-11636	181	9	vector	vector	NOUN
ajfa-11636	181	10	-	-	PUNCT
ajfa-11636	181	11	error	error	NOUN
ajfa-11636	181	12	correction	correction	NOUN
ajfa-11636	181	13	model	model	NOUN
ajfa-11636	181	14	(	(	PUNCT
ajfa-11636	181	15	vecm	vecm	NOUN
ajfa-11636	181	16	)	)	PUNCT
ajfa-11636	181	17	and	and	CCONJ
ajfa-11636	181	18	granger	granger	PROPN
ajfa-11636	181	19	and	and	CCONJ
ajfa-11636	181	20	gonzalo	gonzalo	PROPN
ajfa-11636	181	21	ratio	ratio	PROPN
ajfa-11636	181	22	(	(	PUNCT
ajfa-11636	181	23	gg	gg	NOUN
ajfa-11636	181	24	ratio	ratio	NOUN
ajfa-11636	181	25	)	)	PUNCT
ajfa-11636	181	26	would	would	AUX
ajfa-11636	181	27	be	be	AUX
ajfa-11636	181	28	employed	employ	VERB
ajfa-11636	181	29	to	to	PART
ajfa-11636	181	30	measure	measure	VERB
ajfa-11636	181	31	the	the	DET
ajfa-11636	181	32	relative	relative	ADJ
ajfa-11636	181	33	contribution	contribution	NOUN
ajfa-11636	181	34	of	of	ADP
ajfa-11636	181	35	cds	cd	NOUN
ajfa-11636	181	36	premium	premium	NOUN
ajfa-11636	181	37	and	and	CCONJ
ajfa-11636	181	38	bond	bond	NOUN
ajfa-11636	181	39	spread	spread	VERB
ajfa-11636	181	40	to	to	ADP
ajfa-11636	181	41	the	the	DET
ajfa-11636	181	42	price	price	NOUN
ajfa-11636	181	43	discovery	discovery	NOUN
ajfa-11636	181	44	process	process	NOUN
ajfa-11636	181	45	.	.	PUNCT
ajfa-11636	182	1	in	in	ADP
ajfa-11636	182	2	addition	addition	NOUN
ajfa-11636	182	3	to	to	ADP
ajfa-11636	182	4	that	that	PRON
ajfa-11636	182	5	,	,	PUNCT
ajfa-11636	182	6	contributions	contribution	NOUN
ajfa-11636	182	7	of	of	ADP
ajfa-11636	182	8	cds	cd	NOUN
ajfa-11636	182	9	market	market	NOUN
ajfa-11636	182	10	and	and	CCONJ
ajfa-11636	182	11	bond	bond	NOUN
ajfa-11636	182	12	market	market	NOUN
ajfa-11636	182	13	denoting	denote	VERB
ajfa-11636	182	14	by	by	ADP
ajfa-11636	182	15	α1	α1	PROPN
ajfa-11636	182	16	,	,	PUNCT
ajfa-11636	182	17	α2	α2	ADJ
ajfa-11636	182	18	in	in	ADP
ajfa-11636	182	19	that	that	DET
ajfa-11636	182	20	order	order	NOUN
ajfa-11636	182	21	are	be	AUX
ajfa-11636	182	22	going	go	VERB
ajfa-11636	182	23	to	to	PART
ajfa-11636	182	24	be	be	AUX
ajfa-11636	182	25	showed	show	VERB
ajfa-11636	182	26	as	as	ADV
ajfa-11636	182	27	well	well	ADV
ajfa-11636	182	28	as	as	ADP
ajfa-11636	182	29	their	their	PRON
ajfa-11636	182	30	standard	standard	ADJ
ajfa-11636	182	31	errors	error	NOUN
ajfa-11636	182	32	expressed	express	VERB
ajfa-11636	182	33	in	in	ADP
ajfa-11636	182	34	brackets	bracket	NOUN
ajfa-11636	182	35	.	.	PUNCT
ajfa-11636	183	1	table	table	NOUN
ajfa-11636	183	2	3	3	NUM
ajfa-11636	183	3	reports	report	VERB
ajfa-11636	183	4	the	the	DET
ajfa-11636	183	5	vecm	vecm	NOUN
ajfa-11636	183	6	results	result	VERB
ajfa-11636	183	7	applied	apply	VERB
ajfa-11636	183	8	for	for	ADP
ajfa-11636	183	9	10	10	NUM
ajfa-11636	183	10	-	-	PUNCT
ajfa-11636	183	11	year	year	NOUN
ajfa-11636	183	12	sovereign	sovereign	ADJ
ajfa-11636	183	13	cds	cd	NOUN
ajfa-11636	183	14	premia	premia	NOUN
ajfa-11636	183	15	and	and	CCONJ
ajfa-11636	183	16	bond	bond	NOUN
ajfa-11636	183	17	spreads	spread	NOUN
ajfa-11636	183	18	of	of	ADP
ajfa-11636	183	19	five	five	NUM
ajfa-11636	183	20	countries	country	NOUN
ajfa-11636	183	21	for	for	ADP
ajfa-11636	183	22	the	the	DET
ajfa-11636	183	23	period	period	NOUN
ajfa-11636	183	24	from	from	ADP
ajfa-11636	183	25	1st	1st	ADJ
ajfa-11636	183	26	january	january	PROPN
ajfa-11636	183	27	2008	2008	NUM
ajfa-11636	183	28	to	to	ADP
ajfa-11636	183	29	31th	31th	ADJ
ajfa-11636	183	30	april	april	PROPN
ajfa-11636	183	31	2017	2017	NUM
ajfa-11636	183	32	.	.	PUNCT
ajfa-11636	184	1	the	the	DET
ajfa-11636	184	2	ratio	ratio	NOUN
ajfa-11636	184	3	(	(	PUNCT
ajfa-11636	184	4	gg	gg	NOUN
ajfa-11636	184	5	ratio	ratio	NOUN
ajfa-11636	184	6	)	)	PUNCT
ajfa-11636	184	7	gives	give	VERB
ajfa-11636	184	8	conclusion	conclusion	NOUN
ajfa-11636	184	9	about	about	ADP
ajfa-11636	184	10	which	which	DET
ajfa-11636	184	11	market	market	NOUN
ajfa-11636	184	12	moves	move	VERB
ajfa-11636	184	13	ahead	ahead	ADV
ajfa-11636	184	14	.	.	PUNCT
ajfa-11636	185	1	if	if	SCONJ
ajfa-11636	185	2	gg	gg	PROPN
ajfa-11636	185	3	ratio	ratio	NOUN
ajfa-11636	185	4	is	be	AUX
ajfa-11636	185	5	larger	large	ADJ
ajfa-11636	185	6	than	than	ADP
ajfa-11636	185	7	0.5	0.5	NUM
ajfa-11636	185	8	,	,	PUNCT
ajfa-11636	185	9	then	then	ADV
ajfa-11636	185	10	the	the	DET
ajfa-11636	185	11	cds	cds	PROPN
ajfa-11636	185	12	market	market	NOUN
ajfa-11636	185	13	leads	lead	VERB
ajfa-11636	185	14	the	the	DET
ajfa-11636	185	15	bond	bond	NOUN
ajfa-11636	185	16	market	market	NOUN
ajfa-11636	185	17	and	and	CCONJ
ajfa-11636	185	18	reversely	reversely	ADV
ajfa-11636	185	19	.	.	PUNCT
ajfa-11636	186	1	table	table	NOUN
ajfa-11636	186	2	5	5	NUM
ajfa-11636	186	3	.	.	PUNCT
ajfa-11636	186	4	vector	vector	NOUN
ajfa-11636	186	5	error	error	NOUN
ajfa-11636	186	6	correction	correction	NOUN
ajfa-11636	186	7	model	model	NOUN
ajfa-11636	186	8	estimations	estimation	NOUN
ajfa-11636	186	9	country	country	NOUN
ajfa-11636	186	10	contribution	contribution	NOUN
ajfa-11636	186	11	of	of	ADP
ajfa-11636	186	12	byspread	byspread	NOUN
ajfa-11636	186	13	contribution	contribution	NOUN
ajfa-11636	186	14	of	of	ADP
ajfa-11636	186	15	cdsprem	cdsprem	VERB
ajfa-11636	186	16	gg	gg	PROPN
ajfa-11636	186	17	ratio	ratio	NOUN
ajfa-11636	186	18	(	(	PUNCT
ajfa-11636	186	19	std	std	NOUN
ajfa-11636	186	20	.	.	NOUN
ajfa-11636	186	21	error	error	NOUN
ajfa-11636	186	22	)	)	PUNCT
ajfa-11636	186	23	p	p	NOUN
ajfa-11636	186	24	-	-	PUNCT
ajfa-11636	186	25	value	value	NOUN
ajfa-11636	186	26	(	(	PUNCT
ajfa-11636	186	27	std	std	NOUN
ajfa-11636	186	28	.	.	NOUN
ajfa-11636	186	29	error	error	NOUN
ajfa-11636	186	30	)	)	PUNCT
ajfa-11636	186	31	p	p	NOUN
ajfa-11636	186	32	-	-	PUNCT
ajfa-11636	186	33	value	value	NOUN
ajfa-11636	186	34	france	france	PROPN
ajfa-11636	186	35	0.012110	0.012110	NUM
ajfa-11636	186	36	(	(	PUNCT
ajfa-11636	186	37	0.005426	0.005426	NUM
ajfa-11636	186	38	)	)	PUNCT
ajfa-11636	186	39	0.0258	0.0258	NUM
ajfa-11636	186	40	-0.00481	-0.00481	NOUN
ajfa-11636	186	41	(	(	PUNCT
ajfa-11636	186	42	0.00299	0.00299	NUM
ajfa-11636	186	43	)	)	PUNCT
ajfa-11636	186	44	0.1077	0.1077	PROPN
ajfa-11636	186	45	0.71572	0.71572	NUM
ajfa-11636	186	46	italy	italy	PROPN
ajfa-11636	186	47	0.042893	0.042893	NUM
ajfa-11636	186	48	(	(	PUNCT
ajfa-11636	186	49	0.011026	0.011026	NUM
ajfa-11636	186	50	)	)	PUNCT
ajfa-11636	186	51	0.0001	0.0001	NUM
ajfa-11636	186	52	-0.00049	-0.00049	X
ajfa-11636	186	53	(	(	PUNCT
ajfa-11636	186	54	0.00578	0.00578	NUM
ajfa-11636	186	55	)	)	PUNCT
ajfa-11636	187	1	0.9331	0.9331	NUM
ajfa-11636	187	2	0.98871	0.98871	NUM
ajfa-11636	187	3	portugal	portugal	PROPN
ajfa-11636	187	4	0.062809	0.062809	NUM
ajfa-11636	187	5	(	(	PUNCT
ajfa-11636	187	6	0.018567	0.018567	NUM
ajfa-11636	187	7	)	)	PUNCT
ajfa-11636	187	8	0.0007	0.0007	NUM
ajfa-11636	187	9	0.03074	0.03074	NUM
ajfa-11636	187	10	(	(	PUNCT
ajfa-11636	187	11	0.01000	0.01000	NUM
ajfa-11636	187	12	)	)	PUNCT
ajfa-11636	187	13	0.0022	0.0022	NUM
ajfa-11636	187	14	1.95856	1.95856	NUM
ajfa-11636	187	15	vietnam	vietnam	NOUN
ajfa-11636	187	16	0.061539	0.061539	NUM
ajfa-11636	187	17	(	(	PUNCT
ajfa-11636	187	18	0.014297	0.014297	NUM
ajfa-11636	187	19	)	)	PUNCT
ajfa-11636	187	20	0.0000	0.0000	NUM
ajfa-11636	187	21	0.00711	0.00711	NUM
ajfa-11636	187	22	(	(	PUNCT
ajfa-11636	187	23	0.00618	0.00618	NUM
ajfa-11636	187	24	)	)	PUNCT
ajfa-11636	187	25	0.2500	0.2500	NUM
ajfa-11636	187	26	1.13063	1.13063	NUM
ajfa-11636	187	27	korea	korea	PROPN
ajfa-11636	187	28	0.028087	0.028087	NUM
ajfa-11636	187	29	(	(	PUNCT
ajfa-11636	187	30	0.008160	0.008160	NUM
ajfa-11636	187	31	)	)	PUNCT
ajfa-11636	187	32	0.0006	0.0006	NUM
ajfa-11636	187	33	-0.0176	-0.0176	X
ajfa-11636	187	34	(	(	PUNCT
ajfa-11636	187	35	0.00749	0.00749	NUM
ajfa-11636	187	36	)	)	PUNCT
ajfa-11636	187	37	0.0189	0.0189	NUM
ajfa-11636	187	38	0.61477	0.61477	NUM
ajfa-11636	187	39	the	the	DET
ajfa-11636	187	40	null	null	ADJ
ajfa-11636	187	41	hypothesis	hypothesis	NOUN
ajfa-11636	187	42	for	for	ADP
ajfa-11636	187	43	the	the	DET
ajfa-11636	187	44	vecm	vecm	NOUN
ajfa-11636	187	45	test	test	NOUN
ajfa-11636	187	46	is	be	AUX
ajfa-11636	187	47	that	that	SCONJ
ajfa-11636	187	48	a	a	DET
ajfa-11636	187	49	coefficient	coefficient	NOUN
ajfa-11636	187	50	(	(	PUNCT
ajfa-11636	187	51	alpha	alpha	NOUN
ajfa-11636	187	52	)	)	PUNCT
ajfa-11636	187	53	is	be	AUX
ajfa-11636	187	54	not	not	PART
ajfa-11636	187	55	significant	significant	ADJ
ajfa-11636	187	56	,	,	PUNCT
ajfa-11636	187	57	or	or	CCONJ
ajfa-11636	187	58	in	in	ADP
ajfa-11636	187	59	other	other	ADJ
ajfa-11636	187	60	words	word	NOUN
ajfa-11636	187	61	,	,	PUNCT
ajfa-11636	187	62	there	there	PRON
ajfa-11636	187	63	is	be	VERB
ajfa-11636	187	64	no	no	DET
ajfa-11636	187	65	long	long	ADV
ajfa-11636	187	66	-	-	PUNCT
ajfa-11636	187	67	run	run	NOUN
ajfa-11636	187	68	causality	causality	NOUN
ajfa-11636	187	69	running	run	VERB
ajfa-11636	187	70	from	from	ADP
ajfa-11636	187	71	the	the	DET
ajfa-11636	187	72	independent	independent	ADJ
ajfa-11636	187	73	variables	variable	NOUN
ajfa-11636	187	74	to	to	ADP
ajfa-11636	187	75	the	the	DET
ajfa-11636	187	76	dependent	dependent	ADJ
ajfa-11636	187	77	variable	variable	NOUN
ajfa-11636	187	78	in	in	ADP
ajfa-11636	187	79	the	the	DET
ajfa-11636	187	80	corresponding	corresponding	ADJ
ajfa-11636	187	81	cointegrated	cointegrate	VERB
ajfa-11636	187	82	equation	equation	NOUN
ajfa-11636	187	83	.	.	PUNCT
ajfa-11636	188	1	in	in	ADP
ajfa-11636	188	2	case	case	NOUN
ajfa-11636	188	3	a	a	DET
ajfa-11636	188	4	p	p	NOUN
ajfa-11636	188	5	-	-	PUNCT
ajfa-11636	188	6	value	value	NOUN
ajfa-11636	188	7	is	be	AUX
ajfa-11636	188	8	larger	large	ADJ
ajfa-11636	188	9	than	than	ADP
ajfa-11636	188	10	5	5	NUM
ajfa-11636	188	11	%	%	NOUN
ajfa-11636	188	12	,	,	PUNCT
ajfa-11636	188	13	then	then	ADV
ajfa-11636	188	14	the	the	DET
ajfa-11636	188	15	null	null	ADJ
ajfa-11636	188	16	hypothesis	hypothesis	NOUN
ajfa-11636	188	17	is	be	AUX
ajfa-11636	188	18	accepted	accept	VERB
ajfa-11636	188	19	and	and	CCONJ
ajfa-11636	188	20	vice	vice	ADV
ajfa-11636	188	21	versa	versa	ADV
ajfa-11636	188	22	.	.	PUNCT
ajfa-11636	189	1	the	the	DET
ajfa-11636	189	2	results	result	NOUN
ajfa-11636	189	3	of	of	ADP
ajfa-11636	189	4	which	which	PRON
ajfa-11636	189	5	market	market	NOUN
ajfa-11636	189	6	plays	play	VERB
ajfa-11636	189	7	the	the	DET
ajfa-11636	189	8	leading	lead	VERB
ajfa-11636	189	9	role	role	NOUN
ajfa-11636	189	10	by	by	ADP
ajfa-11636	189	11	the	the	DET
ajfa-11636	189	12	rejection	rejection	NOUN
ajfa-11636	189	13	or	or	CCONJ
ajfa-11636	189	14	acceptance	acceptance	NOUN
ajfa-11636	189	15	to	to	ADP
ajfa-11636	189	16	the	the	DET
ajfa-11636	189	17	null	null	ADJ
ajfa-11636	189	18	hypothesis	hypothesis	NOUN
ajfa-11636	189	19	should	should	AUX
ajfa-11636	189	20	be	be	AUX
ajfa-11636	189	21	in	in	ADP
ajfa-11636	189	22	line	line	NOUN
ajfa-11636	189	23	with	with	ADP
ajfa-11636	189	24	results	result	NOUN
ajfa-11636	189	25	from	from	ADP
ajfa-11636	189	26	comparing	compare	VERB
ajfa-11636	189	27	gg	gg	NOUN
ajfa-11636	189	28	ratios	ratio	NOUN
ajfa-11636	189	29	with	with	ADP
ajfa-11636	189	30	0.5	0.5	NUM
ajfa-11636	189	31	.	.	PUNCT
ajfa-11636	189	32	table	table	NOUN
ajfa-11636	189	33	3	3	NUM
ajfa-11636	189	34	gives	give	VERB
ajfa-11636	189	35	evidences	evidence	NOUN
ajfa-11636	189	36	on	on	ADP
ajfa-11636	189	37	the	the	DET
ajfa-11636	189	38	significant	significant	ADJ
ajfa-11636	189	39	positive	positive	ADJ
ajfa-11636	189	40	values	value	NOUN
ajfa-11636	189	41	of	of	ADP
ajfa-11636	189	42	(	(	PUNCT
ajfa-11636	189	43	−	−	PROPN
ajfa-11636	189	44	)	)	PUNCT
ajfa-11636	189	45	in	in	ADP
ajfa-11636	189	46	all	all	DET
ajfa-11636	189	47	nine	nine	NUM
ajfa-11636	189	48	sovereign	sovereign	ADJ
ajfa-11636	189	49	markets	market	NOUN
ajfa-11636	189	50	,	,	PUNCT
ajfa-11636	189	51	then	then	ADV
ajfa-11636	189	52	the	the	DET
ajfa-11636	189	53	gg	gg	PROPN
ajfa-11636	189	54	ratios	ratio	NOUN
ajfa-11636	189	55	approach	approach	NOUN
ajfa-11636	189	56	are	be	AUX
ajfa-11636	189	57	credible	credible	ADJ
ajfa-11636	189	58	.	.	PUNCT
ajfa-11636	190	1	the	the	DET
ajfa-11636	190	2	fact	fact	NOUN
ajfa-11636	190	3	that	that	SCONJ
ajfa-11636	190	4	the	the	DET
ajfa-11636	190	5	two	two	NUM
ajfa-11636	190	6	markets	market	NOUN
ajfa-11636	190	7	represent	represent	VERB
ajfa-11636	190	8	different	different	ADJ
ajfa-11636	190	9	roles	role	NOUN
ajfa-11636	190	10	in	in	ADP
ajfa-11636	190	11	the	the	DET
ajfa-11636	190	12	price	price	NOUN
ajfa-11636	190	13	discovery	discovery	NOUN
ajfa-11636	190	14	process	process	NOUN
ajfa-11636	190	15	depends	depend	VERB
ajfa-11636	190	16	on	on	ADP
ajfa-11636	190	17	the	the	DET
ajfa-11636	190	18	cases	case	NOUN
ajfa-11636	190	19	of	of	ADP
ajfa-11636	190	20	different	different	ADJ
ajfa-11636	190	21	countries	country	NOUN
ajfa-11636	190	22	as	as	SCONJ
ajfa-11636	190	23	explained	explain	VERB
ajfa-11636	190	24	in	in	ADP
ajfa-11636	190	25	details	detail	NOUN
ajfa-11636	190	26	as	as	ADP
ajfa-11636	190	27	follow	follow	NOUN
ajfa-11636	190	28	:	:	PUNCT
ajfa-11636	190	29	•	•	NUM
ajfa-11636	190	30	france	france	PROPN
ajfa-11636	190	31	it	it	PRON
ajfa-11636	190	32	is	be	AUX
ajfa-11636	190	33	inevitable	inevitable	ADJ
ajfa-11636	190	34	that	that	SCONJ
ajfa-11636	190	35	the	the	DET
ajfa-11636	190	36	sovereign	sovereign	ADJ
ajfa-11636	190	37	cds	cd	NOUN
ajfa-11636	190	38	market	market	NOUN
ajfa-11636	190	39	drives	drive	VERB
ajfa-11636	190	40	over	over	ADP
ajfa-11636	190	41	the	the	DET
ajfa-11636	190	42	bond	bond	NOUN
ajfa-11636	190	43	market	market	NOUN
ajfa-11636	190	44	in	in	ADP
ajfa-11636	190	45	the	the	DET
ajfa-11636	190	46	long	long	ADV
ajfa-11636	190	47	-	-	PUNCT
ajfa-11636	190	48	run	run	VERB
ajfa-11636	190	49	cointegration	cointegration	NOUN
ajfa-11636	190	50	pricing	pricing	NOUN
ajfa-11636	190	51	process	process	NOUN
ajfa-11636	190	52	as	as	SCONJ
ajfa-11636	190	53	the	the	DET
ajfa-11636	190	54	gg	gg	NOUN
ajfa-11636	190	55	ratio	ratio	NOUN
ajfa-11636	190	56	is	be	AUX
ajfa-11636	190	57	0.71572	0.71572	NUM
ajfa-11636	190	58	,	,	PUNCT
ajfa-11636	190	59	which	which	PRON
ajfa-11636	190	60	is	be	AUX
ajfa-11636	190	61	larger	large	ADJ
ajfa-11636	190	62	than	than	ADP
ajfa-11636	190	63	0.5	0.5	NUM
ajfa-11636	190	64	.	.	PUNCT
ajfa-11636	191	1	moreover	moreover	ADV
ajfa-11636	191	2	,	,	PUNCT
ajfa-11636	191	3	asian	asian	ADJ
ajfa-11636	191	4	journal	journal	NOUN
ajfa-11636	191	5	of	of	ADP
ajfa-11636	191	6	finance	finance	PROPN
ajfa-11636	191	7	&	&	CCONJ
ajfa-11636	191	8	accounting	accounting	PROPN
ajfa-11636	191	9	issn	issn	PROPN
ajfa-11636	191	10	1946	1946	NUM
ajfa-11636	191	11	-	-	PUNCT
ajfa-11636	191	12	052x	052x	PROPN
ajfa-11636	191	13	2017	2017	NUM
ajfa-11636	191	14	,	,	PUNCT
ajfa-11636	191	15	vol	vol	NOUN
ajfa-11636	191	16	.	.	NOUN
ajfa-11636	191	17	9	9	NUM
ajfa-11636	191	18	,	,	PUNCT
ajfa-11636	191	19	no	no	NOUN
ajfa-11636	191	20	.	.	NOUN
ajfa-11636	191	21	2	2	NUM
ajfa-11636	191	22	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-11636	191	23	283	283	NUM
ajfa-11636	191	24	the	the	DET
ajfa-11636	191	25	coefficient	coefficient	NOUN
ajfa-11636	191	26	of	of	ADP
ajfa-11636	191	27	the	the	DET
ajfa-11636	191	28	cds	cd	NOUN
ajfa-11636	191	29	market	market	NOUN
ajfa-11636	191	30	,	,	PUNCT
ajfa-11636	191	31	,	,	PUNCT
ajfa-11636	191	32	is	be	AUX
ajfa-11636	191	33	unsignificant	unsignificant	ADJ
ajfa-11636	191	34	at	at	ADP
ajfa-11636	191	35	5	5	NUM
ajfa-11636	191	36	%	%	NOUN
ajfa-11636	191	37	significance	significance	NOUN
ajfa-11636	191	38	level	level	NOUN
ajfa-11636	191	39	,	,	PUNCT
ajfa-11636	191	40	which	which	PRON
ajfa-11636	191	41	means	mean	VERB
ajfa-11636	191	42	the	the	DET
ajfa-11636	191	43	null	null	ADJ
ajfa-11636	191	44	hypothesis	hypothesis	NOUN
ajfa-11636	191	45	is	be	AUX
ajfa-11636	191	46	accepted	accept	VERB
ajfa-11636	191	47	or	or	CCONJ
ajfa-11636	191	48	there	there	PRON
ajfa-11636	191	49	is	be	VERB
ajfa-11636	191	50	no	no	DET
ajfa-11636	191	51	long	long	ADJ
ajfa-11636	191	52	-	-	PUNCT
ajfa-11636	191	53	term	term	NOUN
ajfa-11636	191	54	causality	causality	NOUN
ajfa-11636	191	55	running	run	VERB
ajfa-11636	191	56	from	from	ADP
ajfa-11636	191	57	bond	bond	NOUN
ajfa-11636	191	58	spreads	spread	NOUN
ajfa-11636	191	59	to	to	ADP
ajfa-11636	191	60	cds	cds	PROPN
ajfa-11636	191	61	premia	premia	PROPN
ajfa-11636	191	62	.	.	PUNCT
ajfa-11636	192	1	•	•	NUM
ajfa-11636	192	2	italy	italy	PROPN
ajfa-11636	192	3	the	the	DET
ajfa-11636	192	4	similar	similar	ADJ
ajfa-11636	192	5	conclusion	conclusion	NOUN
ajfa-11636	192	6	as	as	ADP
ajfa-11636	192	7	the	the	DET
ajfa-11636	192	8	case	case	NOUN
ajfa-11636	192	9	of	of	ADP
ajfa-11636	192	10	france	france	PROPN
ajfa-11636	192	11	is	be	AUX
ajfa-11636	192	12	hold	hold	ADJ
ajfa-11636	192	13	for	for	ADP
ajfa-11636	192	14	italy	italy	PROPN
ajfa-11636	192	15	.	.	PUNCT
ajfa-11636	193	1	the	the	DET
ajfa-11636	193	2	gg	gg	PROPN
ajfa-11636	193	3	measurements	measurement	NOUN
ajfa-11636	193	4	are	be	AUX
ajfa-11636	193	5	0.98871	0.98871	NUM
ajfa-11636	193	6	and	and	CCONJ
ajfa-11636	193	7	1.16609	1.16609	NUM
ajfa-11636	193	8	respectively	respectively	ADV
ajfa-11636	193	9	,	,	PUNCT
ajfa-11636	193	10	which	which	PRON
ajfa-11636	193	11	are	be	AUX
ajfa-11636	193	12	far	far	ADV
ajfa-11636	193	13	over	over	ADP
ajfa-11636	193	14	0.5	0.5	NUM
ajfa-11636	193	15	.	.	PUNCT
ajfa-11636	194	1	additionally	additionally	ADV
ajfa-11636	194	2	,	,	PUNCT
ajfa-11636	194	3	the	the	DET
ajfa-11636	194	4	p	p	NOUN
ajfa-11636	194	5	-	-	PUNCT
ajfa-11636	194	6	values	value	NOUN
ajfa-11636	194	7	for	for	ADP
ajfa-11636	194	8	the	the	DET
ajfa-11636	194	9	coefficients	coefficient	NOUN
ajfa-11636	194	10	of	of	ADP
ajfa-11636	194	11	cds	cd	NOUN
ajfa-11636	194	12	market	market	NOUN
ajfa-11636	194	13	both	both	PRON
ajfa-11636	194	14	give	give	VERB
ajfa-11636	194	15	clue	clue	NOUN
ajfa-11636	194	16	that	that	SCONJ
ajfa-11636	194	17	the	the	DET
ajfa-11636	194	18	null	null	ADJ
ajfa-11636	194	19	hypotheses	hypothesis	NOUN
ajfa-11636	194	20	can	can	AUX
ajfa-11636	194	21	not	not	PART
ajfa-11636	194	22	be	be	AUX
ajfa-11636	194	23	rejected	reject	VERB
ajfa-11636	194	24	.	.	PUNCT
ajfa-11636	195	1	therefore	therefore	ADV
ajfa-11636	195	2	,	,	PUNCT
ajfa-11636	195	3	in	in	ADP
ajfa-11636	195	4	circumstances	circumstance	NOUN
ajfa-11636	195	5	of	of	ADP
ajfa-11636	195	6	italy	italy	PROPN
ajfa-11636	195	7	,	,	PUNCT
ajfa-11636	195	8	the	the	DET
ajfa-11636	195	9	sovereign	sovereign	ADJ
ajfa-11636	195	10	cds	cd	NOUN
ajfa-11636	195	11	markets	market	NOUN
ajfa-11636	195	12	play	play	VERB
ajfa-11636	195	13	the	the	DET
ajfa-11636	195	14	more	more	ADV
ajfa-11636	195	15	active	active	ADJ
ajfa-11636	195	16	role	role	NOUN
ajfa-11636	195	17	than	than	ADP
ajfa-11636	195	18	its	its	PRON
ajfa-11636	195	19	counterpart	counterpart	NOUN
ajfa-11636	195	20	in	in	ADP
ajfa-11636	195	21	the	the	DET
ajfa-11636	195	22	price	price	NOUN
ajfa-11636	195	23	discovery	discovery	NOUN
ajfa-11636	195	24	process	process	NOUN
ajfa-11636	195	25	.	.	PUNCT
ajfa-11636	196	1	•	•	NUM
ajfa-11636	196	2	portugal	portugal	PROPN
ajfa-11636	196	3	it	it	PRON
ajfa-11636	196	4	can	can	AUX
ajfa-11636	196	5	be	be	AUX
ajfa-11636	196	6	seen	see	VERB
ajfa-11636	196	7	that	that	SCONJ
ajfa-11636	196	8	the	the	DET
ajfa-11636	196	9	two	two	NUM
ajfa-11636	196	10	alphas	alpha	NOUN
ajfa-11636	196	11	are	be	AUX
ajfa-11636	196	12	far	far	ADV
ajfa-11636	196	13	less	less	ADJ
ajfa-11636	196	14	than	than	ADP
ajfa-11636	196	15	5	5	NUM
ajfa-11636	196	16	%	%	NOUN
ajfa-11636	196	17	,	,	PUNCT
ajfa-11636	196	18	thereby	thereby	ADV
ajfa-11636	196	19	this	this	PRON
ajfa-11636	196	20	dedicates	dedicate	VERB
ajfa-11636	196	21	the	the	DET
ajfa-11636	196	22	two	two	NUM
ajfa-11636	196	23	coefficients	coefficient	NOUN
ajfa-11636	196	24	,	,	PUNCT
ajfa-11636	196	25	are	be	AUX
ajfa-11636	196	26	statistically	statistically	ADV
ajfa-11636	196	27	significant	significant	ADJ
ajfa-11636	196	28	.	.	PUNCT
ajfa-11636	197	1	this	this	PRON
ajfa-11636	197	2	is	be	AUX
ajfa-11636	197	3	also	also	ADV
ajfa-11636	197	4	equivalent	equivalent	ADJ
ajfa-11636	197	5	to	to	ADP
ajfa-11636	197	6	state	state	NOUN
ajfa-11636	197	7	that	that	SCONJ
ajfa-11636	197	8	the	the	DET
ajfa-11636	197	9	both	both	DET
ajfa-11636	197	10	markets	market	NOUN
ajfa-11636	197	11	contribute	contribute	VERB
ajfa-11636	197	12	to	to	ADP
ajfa-11636	197	13	the	the	DET
ajfa-11636	197	14	price	price	NOUN
ajfa-11636	197	15	discovery	discovery	NOUN
ajfa-11636	197	16	.	.	PUNCT
ajfa-11636	198	1	however	however	ADV
ajfa-11636	198	2	,	,	PUNCT
ajfa-11636	198	3	the	the	DET
ajfa-11636	198	4	gg	gg	NOUN
ajfa-11636	198	5	ratio	ratio	NOUN
ajfa-11636	198	6	is	be	AUX
ajfa-11636	198	7	1.95856	1.95856	NUM
ajfa-11636	198	8	larger	large	ADJ
ajfa-11636	198	9	than	than	ADP
ajfa-11636	198	10	0.5	0.5	NUM
ajfa-11636	198	11	.	.	PUNCT
ajfa-11636	199	1	hence	hence	ADV
ajfa-11636	199	2	,	,	PUNCT
ajfa-11636	199	3	the	the	DET
ajfa-11636	199	4	sovereign	sovereign	ADJ
ajfa-11636	199	5	cds	cd	NOUN
ajfa-11636	199	6	market	market	NOUN
ajfa-11636	199	7	is	be	AUX
ajfa-11636	199	8	still	still	ADV
ajfa-11636	199	9	considerably	considerably	ADV
ajfa-11636	199	10	more	more	ADV
ajfa-11636	199	11	dominant	dominant	ADJ
ajfa-11636	199	12	than	than	ADP
ajfa-11636	199	13	the	the	DET
ajfa-11636	199	14	sovereign	sovereign	ADJ
ajfa-11636	199	15	bond	bond	NOUN
ajfa-11636	199	16	market	market	NOUN
ajfa-11636	199	17	.	.	PUNCT
ajfa-11636	200	1	•	•	NUM
ajfa-11636	200	2	vietnam	vietnam	NOUN
ajfa-11636	201	1	the	the	DET
ajfa-11636	201	2	p	p	NOUN
ajfa-11636	201	3	-	-	PUNCT
ajfa-11636	201	4	value	value	NOUN
ajfa-11636	201	5	for	for	ADP
ajfa-11636	201	6	in	in	ADP
ajfa-11636	201	7	the	the	DET
ajfa-11636	201	8	case	case	NOUN
ajfa-11636	201	9	of	of	ADP
ajfa-11636	201	10	vietnamese	vietnamese	ADJ
ajfa-11636	201	11	markets	market	NOUN
ajfa-11636	201	12	does	do	AUX
ajfa-11636	201	13	favour	favour	VERB
ajfa-11636	201	14	the	the	DET
ajfa-11636	201	15	null	null	ADJ
ajfa-11636	201	16	hypothesis	hypothesis	NOUN
ajfa-11636	201	17	that	that	PRON
ajfa-11636	201	18	the	the	DET
ajfa-11636	201	19	bond	bond	NOUN
ajfa-11636	201	20	spreads	spread	VERB
ajfa-11636	201	21	,	,	PUNCT
ajfa-11636	201	22	which	which	PRON
ajfa-11636	201	23	are	be	AUX
ajfa-11636	201	24	independent	independent	ADJ
ajfa-11636	201	25	variables	variable	NOUN
ajfa-11636	201	26	,	,	PUNCT
ajfa-11636	201	27	do	do	AUX
ajfa-11636	201	28	not	not	PART
ajfa-11636	201	29	cause	cause	VERB
ajfa-11636	201	30	the	the	DET
ajfa-11636	201	31	cds	cd	NOUN
ajfa-11636	201	32	premia	premia	NOUN
ajfa-11636	201	33	,	,	PUNCT
ajfa-11636	201	34	which	which	PRON
ajfa-11636	201	35	are	be	AUX
ajfa-11636	201	36	dependent	dependent	ADJ
ajfa-11636	201	37	variables	variable	NOUN
ajfa-11636	201	38	.	.	PUNCT
ajfa-11636	202	1	this	this	PRON
ajfa-11636	202	2	is	be	AUX
ajfa-11636	202	3	also	also	ADV
ajfa-11636	202	4	consistent	consistent	ADJ
ajfa-11636	202	5	with	with	ADP
ajfa-11636	202	6	the	the	DET
ajfa-11636	202	7	gg	gg	NOUN
ajfa-11636	202	8	ratio	ratio	NOUN
ajfa-11636	202	9	smaller	small	ADJ
ajfa-11636	202	10	than	than	ADP
ajfa-11636	202	11	0.5	0.5	NUM
ajfa-11636	202	12	,	,	PUNCT
ajfa-11636	202	13	that	that	PRON
ajfa-11636	202	14	shows	show	VERB
ajfa-11636	202	15	the	the	DET
ajfa-11636	202	16	cds	cd	NOUN
ajfa-11636	202	17	market	market	NOUN
ajfa-11636	202	18	tends	tend	VERB
ajfa-11636	202	19	to	to	PART
ajfa-11636	202	20	be	be	AUX
ajfa-11636	202	21	more	more	ADV
ajfa-11636	202	22	leading	leading	ADJ
ajfa-11636	202	23	in	in	ADP
ajfa-11636	202	24	the	the	DET
ajfa-11636	202	25	price	price	NOUN
ajfa-11636	202	26	discovery	discovery	NOUN
ajfa-11636	202	27	.	.	PUNCT
ajfa-11636	203	1	•	•	NUM
ajfa-11636	203	2	korea	korea	PROPN
ajfa-11636	203	3	the	the	DET
ajfa-11636	203	4	roles	role	NOUN
ajfa-11636	203	5	of	of	ADP
ajfa-11636	203	6	sovereign	sovereign	ADJ
ajfa-11636	203	7	cds	cd	NOUN
ajfa-11636	203	8	and	and	CCONJ
ajfa-11636	203	9	sovereign	sovereign	ADJ
ajfa-11636	203	10	bond	bond	NOUN
ajfa-11636	203	11	market	market	NOUN
ajfa-11636	203	12	in	in	ADP
ajfa-11636	203	13	korea	korea	PROPN
ajfa-11636	203	14	have	have	VERB
ajfa-11636	203	15	a	a	DET
ajfa-11636	203	16	great	great	ADJ
ajfa-11636	203	17	deal	deal	NOUN
ajfa-11636	203	18	in	in	ADP
ajfa-11636	203	19	common	common	ADJ
ajfa-11636	203	20	with	with	ADP
ajfa-11636	203	21	those	those	PRON
ajfa-11636	203	22	in	in	ADP
ajfa-11636	203	23	portugal	portugal	PROPN
ajfa-11636	203	24	.	.	PUNCT
ajfa-11636	204	1	the	the	DET
ajfa-11636	204	2	p	p	NOUN
ajfa-11636	204	3	-	-	PUNCT
ajfa-11636	204	4	values	value	NOUN
ajfa-11636	204	5	for	for	ADP
ajfa-11636	204	6	the	the	DET
ajfa-11636	204	7	two	two	NUM
ajfa-11636	204	8	alphas	alpha	NOUN
ajfa-11636	204	9	are	be	AUX
ajfa-11636	204	10	both	both	ADV
ajfa-11636	204	11	less	less	ADJ
ajfa-11636	204	12	than	than	ADP
ajfa-11636	204	13	0.5	0.5	NUM
ajfa-11636	204	14	then	then	ADV
ajfa-11636	204	15	the	the	DET
ajfa-11636	204	16	null	null	ADJ
ajfa-11636	204	17	hypotheses	hypothesis	NOUN
ajfa-11636	204	18	fail	fail	VERB
ajfa-11636	204	19	to	to	PART
ajfa-11636	204	20	negative	negative	VERB
ajfa-11636	204	21	the	the	DET
ajfa-11636	204	22	long	long	ADV
ajfa-11636	204	23	-	-	PUNCT
ajfa-11636	204	24	run	run	NOUN
ajfa-11636	204	25	causality	causality	NOUN
ajfa-11636	204	26	from	from	ADP
ajfa-11636	204	27	each	each	DET
ajfa-11636	204	28	market	market	NOUN
ajfa-11636	204	29	to	to	ADP
ajfa-11636	204	30	the	the	DET
ajfa-11636	204	31	other	other	ADJ
ajfa-11636	204	32	.	.	PUNCT
ajfa-11636	205	1	the	the	DET
ajfa-11636	205	2	empirical	empirical	ADJ
ajfa-11636	205	3	test	test	NOUN
ajfa-11636	205	4	results	result	NOUN
ajfa-11636	205	5	unveil	unveil	VERB
ajfa-11636	205	6	that	that	SCONJ
ajfa-11636	205	7	there	there	PRON
ajfa-11636	205	8	is	be	VERB
ajfa-11636	205	9	causality	causality	NOUN
ajfa-11636	205	10	from	from	ADP
ajfa-11636	205	11	the	the	DET
ajfa-11636	205	12	cds	cds	PROPN
ajfa-11636	205	13	premia	premia	NOUN
ajfa-11636	205	14	to	to	ADP
ajfa-11636	205	15	the	the	DET
ajfa-11636	205	16	bond	bond	NOUN
ajfa-11636	205	17	spreads	spread	VERB
ajfa-11636	205	18	and	and	CCONJ
ajfa-11636	205	19	vice	vice	NOUN
ajfa-11636	205	20	versa	versa	ADV
ajfa-11636	205	21	,	,	PUNCT
ajfa-11636	205	22	then	then	ADV
ajfa-11636	205	23	the	the	DET
ajfa-11636	205	24	sovereign	sovereign	ADJ
ajfa-11636	205	25	cds	cd	NOUN
ajfa-11636	205	26	market	market	NOUN
ajfa-11636	205	27	practically	practically	ADV
ajfa-11636	205	28	plays	play	VERB
ajfa-11636	205	29	the	the	DET
ajfa-11636	205	30	same	same	ADJ
ajfa-11636	205	31	part	part	NOUN
ajfa-11636	205	32	as	as	SCONJ
ajfa-11636	205	33	the	the	DET
ajfa-11636	205	34	sovereign	sovereign	ADJ
ajfa-11636	205	35	bond	bond	NOUN
ajfa-11636	205	36	market	market	NOUN
ajfa-11636	205	37	does	do	VERB
ajfa-11636	205	38	.	.	PUNCT
ajfa-11636	206	1	eventhough	eventhough	ADV
ajfa-11636	206	2	,	,	PUNCT
ajfa-11636	206	3	the	the	DET
ajfa-11636	206	4	larger	large	ADJ
ajfa-11636	206	5	value	value	NOUN
ajfa-11636	206	6	of	of	ADP
ajfa-11636	206	7	gg	gg	NOUN
ajfa-11636	206	8	ratio	ratio	NOUN
ajfa-11636	206	9	compared	compare	VERB
ajfa-11636	206	10	to	to	ADP
ajfa-11636	206	11	0.5	0.5	NUM
ajfa-11636	206	12	gives	give	VERB
ajfa-11636	206	13	the	the	DET
ajfa-11636	206	14	claim	claim	NOUN
ajfa-11636	206	15	that	that	SCONJ
ajfa-11636	206	16	the	the	DET
ajfa-11636	206	17	sovereign	sovereign	ADJ
ajfa-11636	206	18	cds	cd	NOUN
ajfa-11636	206	19	market	market	NOUN
ajfa-11636	206	20	is	be	AUX
ajfa-11636	206	21	slightly	slightly	ADV
ajfa-11636	206	22	dominant	dominant	ADJ
ajfa-11636	206	23	over	over	ADP
ajfa-11636	206	24	the	the	DET
ajfa-11636	206	25	other	other	ADJ
ajfa-11636	206	26	in	in	ADP
ajfa-11636	206	27	the	the	DET
ajfa-11636	206	28	long	long	ADJ
ajfa-11636	206	29	-	-	PUNCT
ajfa-11636	206	30	term	term	NOUN
ajfa-11636	206	31	pricing	pricing	NOUN
ajfa-11636	206	32	discovery	discovery	NOUN
ajfa-11636	206	33	.	.	PUNCT
ajfa-11636	207	1	in	in	ADP
ajfa-11636	207	2	summary	summary	NOUN
ajfa-11636	207	3	,	,	PUNCT
ajfa-11636	207	4	there	there	PRON
ajfa-11636	207	5	is	be	VERB
ajfa-11636	207	6	a	a	DET
ajfa-11636	207	7	robust	robust	ADJ
ajfa-11636	207	8	one	one	NUM
ajfa-11636	207	9	-	-	PUNCT
ajfa-11636	207	10	way	way	NOUN
ajfa-11636	207	11	linkage	linkage	NOUN
ajfa-11636	207	12	from	from	ADP
ajfa-11636	207	13	the	the	DET
ajfa-11636	207	14	sovereign	sovereign	ADJ
ajfa-11636	207	15	cds	cd	NOUN
ajfa-11636	207	16	market	market	NOUN
ajfa-11636	207	17	to	to	ADP
ajfa-11636	207	18	the	the	DET
ajfa-11636	207	19	sovereign	sovereign	ADJ
ajfa-11636	207	20	bond	bond	NOUN
ajfa-11636	207	21	market	market	NOUN
ajfa-11636	207	22	in	in	ADP
ajfa-11636	207	23	four	four	NUM
ajfa-11636	207	24	out	out	ADP
ajfa-11636	207	25	of	of	ADP
ajfa-11636	207	26	five	five	NUM
ajfa-11636	207	27	countries	country	NOUN
ajfa-11636	207	28	.	.	PUNCT
ajfa-11636	208	1	in	in	ADP
ajfa-11636	208	2	details	detail	NOUN
ajfa-11636	208	3	,	,	PUNCT
ajfa-11636	208	4	by	by	ADP
ajfa-11636	208	5	empirical	empirical	ADJ
ajfa-11636	208	6	tests	test	NOUN
ajfa-11636	208	7	,	,	PUNCT
ajfa-11636	208	8	the	the	DET
ajfa-11636	208	9	faster	fast	ADJ
ajfa-11636	208	10	price	price	NOUN
ajfa-11636	208	11	adjustment	adjustment	NOUN
ajfa-11636	208	12	speed	speed	NOUN
ajfa-11636	208	13	tributes	tribute	NOUN
ajfa-11636	208	14	to	to	ADP
ajfa-11636	208	15	the	the	DET
ajfa-11636	208	16	sovereign	sovereign	ADJ
ajfa-11636	208	17	cds	cd	NOUN
ajfa-11636	208	18	market	market	NOUN
ajfa-11636	208	19	for	for	ADP
ajfa-11636	208	20	all	all	DET
ajfa-11636	208	21	five	five	NUM
ajfa-11636	208	22	countries	country	NOUN
ajfa-11636	208	23	.	.	PUNCT
ajfa-11636	209	1	thereby	thereby	ADV
ajfa-11636	209	2	in	in	ADP
ajfa-11636	209	3	five	five	NUM
ajfa-11636	209	4	sample	sample	NOUN
ajfa-11636	209	5	sovereigns	sovereign	NOUN
ajfa-11636	209	6	,	,	PUNCT
ajfa-11636	209	7	the	the	DET
ajfa-11636	209	8	trend	trend	NOUN
ajfa-11636	209	9	of	of	ADP
ajfa-11636	209	10	leading	leading	ADJ
ajfa-11636	209	11	movement	movement	NOUN
ajfa-11636	209	12	of	of	ADP
ajfa-11636	209	13	the	the	DET
ajfa-11636	209	14	cds	cds	PROPN
ajfa-11636	209	15	market	market	NOUN
ajfa-11636	209	16	over	over	ADP
ajfa-11636	209	17	the	the	DET
ajfa-11636	209	18	bond	bond	NOUN
ajfa-11636	209	19	market	market	NOUN
ajfa-11636	209	20	is	be	AUX
ajfa-11636	209	21	predominated	predominate	VERB
ajfa-11636	209	22	.	.	PUNCT
ajfa-11636	210	1	among	among	ADP
ajfa-11636	210	2	group	group	NOUN
ajfa-11636	210	3	of	of	ADP
ajfa-11636	210	4	entities	entity	NOUN
ajfa-11636	210	5	where	where	SCONJ
ajfa-11636	210	6	the	the	DET
ajfa-11636	210	7	cds	cd	NOUN
ajfa-11636	210	8	markets	market	NOUN
ajfa-11636	210	9	are	be	AUX
ajfa-11636	210	10	more	more	ADV
ajfa-11636	210	11	dynamic	dynamic	ADJ
ajfa-11636	210	12	,	,	PUNCT
ajfa-11636	210	13	a	a	DET
ajfa-11636	210	14	common	common	ADJ
ajfa-11636	210	15	feature	feature	NOUN
ajfa-11636	210	16	might	might	AUX
ajfa-11636	210	17	be	be	AUX
ajfa-11636	210	18	realized	realize	VERB
ajfa-11636	210	19	that	that	SCONJ
ajfa-11636	210	20	these	these	DET
ajfa-11636	210	21	countries	country	NOUN
ajfa-11636	210	22	have	have	VERB
ajfa-11636	210	23	relatively	relatively	ADV
ajfa-11636	210	24	higher	high	ADJ
ajfa-11636	210	25	averege	averege	ADJ
ajfa-11636	210	26	yield	yield	NOUN
ajfa-11636	210	27	than	than	ADP
ajfa-11636	210	28	those	those	PRON
ajfa-11636	210	29	in	in	ADP
ajfa-11636	210	30	group	group	NOUN
ajfa-11636	210	31	of	of	ADP
ajfa-11636	210	32	sovereign	sovereign	ADJ
ajfa-11636	210	33	bond	bond	NOUN
ajfa-11636	210	34	markets	market	NOUN
ajfa-11636	210	35	taking	take	VERB
ajfa-11636	210	36	the	the	DET
ajfa-11636	210	37	favour	favour	NOUN
ajfa-11636	210	38	.	.	PUNCT
ajfa-11636	211	1	asian	asian	ADJ
ajfa-11636	211	2	journal	journal	PROPN
ajfa-11636	211	3	of	of	ADP
ajfa-11636	211	4	finance	finance	PROPN
ajfa-11636	211	5	&	&	CCONJ
ajfa-11636	211	6	accounting	accounting	PROPN
ajfa-11636	211	7	issn	issn	PROPN
ajfa-11636	211	8	1946	1946	NUM
ajfa-11636	211	9	-	-	PUNCT
ajfa-11636	211	10	052x	052x	PROPN
ajfa-11636	211	11	2017	2017	NUM
ajfa-11636	211	12	,	,	PUNCT
ajfa-11636	211	13	vol	vol	NOUN
ajfa-11636	211	14	.	.	NOUN
ajfa-11636	211	15	9	9	NUM
ajfa-11636	211	16	,	,	PUNCT
ajfa-11636	212	1	no	no	INTJ
ajfa-11636	212	2	.	.	NOUN
ajfa-11636	212	3	2	2	NUM
ajfa-11636	212	4	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	212	5	284	284	NUM
ajfa-11636	212	6	5	5	NUM
ajfa-11636	212	7	.	.	PUNCT
ajfa-11636	213	1	recomendations	recomendation	NOUN
ajfa-11636	213	2	the	the	DET
ajfa-11636	213	3	findings	finding	NOUN
ajfa-11636	213	4	above	above	ADP
ajfa-11636	213	5	hightlight	hightlight	VERB
ajfa-11636	213	6	the	the	DET
ajfa-11636	213	7	short	short	ADJ
ajfa-11636	213	8	-	-	PUNCT
ajfa-11636	213	9	run	run	NOUN
ajfa-11636	213	10	interlinkage	interlinkage	NOUN
ajfa-11636	213	11	between	between	ADP
ajfa-11636	213	12	the	the	DET
ajfa-11636	213	13	two	two	NUM
ajfa-11636	213	14	markets	market	NOUN
ajfa-11636	213	15	in	in	ADP
ajfa-11636	213	16	cases	case	NOUN
ajfa-11636	213	17	of	of	ADP
ajfa-11636	213	18	france	france	PROPN
ajfa-11636	213	19	and	and	CCONJ
ajfa-11636	213	20	portugal	portugal	PROPN
ajfa-11636	213	21	and	and	CCONJ
ajfa-11636	213	22	the	the	DET
ajfa-11636	213	23	one	one	NUM
ajfa-11636	213	24	-	-	PUNCT
ajfa-11636	213	25	way	way	NOUN
ajfa-11636	213	26	affect	affect	VERB
ajfa-11636	213	27	from	from	ADP
ajfa-11636	213	28	the	the	DET
ajfa-11636	213	29	cds	cd	NOUN
ajfa-11636	213	30	prices	price	NOUN
ajfa-11636	213	31	to	to	ADP
ajfa-11636	213	32	the	the	DET
ajfa-11636	213	33	bond	bond	NOUN
ajfa-11636	213	34	prices	price	NOUN
ajfa-11636	213	35	in	in	ADP
ajfa-11636	213	36	cases	case	NOUN
ajfa-11636	213	37	of	of	ADP
ajfa-11636	213	38	italy	italy	PROPN
ajfa-11636	213	39	,	,	PUNCT
ajfa-11636	213	40	korea	korea	PROPN
ajfa-11636	213	41	and	and	CCONJ
ajfa-11636	213	42	vietnam	vietnam	PROPN
ajfa-11636	213	43	.	.	PUNCT
ajfa-11636	214	1	moreover	moreover	ADV
ajfa-11636	214	2	,	,	PUNCT
ajfa-11636	214	3	the	the	DET
ajfa-11636	214	4	papergives	papergive	NOUN
ajfa-11636	214	5	evidences	evidence	VERB
ajfa-11636	214	6	on	on	ADP
ajfa-11636	214	7	the	the	DET
ajfa-11636	214	8	long	long	ADJ
ajfa-11636	214	9	-	-	PUNCT
ajfa-11636	214	10	termco	termco	NOUN
ajfa-11636	214	11	-	-	PUNCT
ajfa-11636	214	12	integration	integration	NOUN
ajfa-11636	214	13	linkage	linkage	NOUN
ajfa-11636	214	14	between	between	ADP
ajfa-11636	214	15	sovereign	sovereign	ADJ
ajfa-11636	214	16	cds	cd	NOUN
ajfa-11636	214	17	premia	premia	NOUN
ajfa-11636	214	18	and	and	CCONJ
ajfa-11636	214	19	bond	bond	NOUN
ajfa-11636	214	20	spreads	spread	VERB
ajfa-11636	214	21	in	in	ADP
ajfa-11636	214	22	all	all	PRON
ajfa-11636	214	23	of	of	ADP
ajfa-11636	214	24	five	five	NUM
ajfa-11636	214	25	selected	select	VERB
ajfa-11636	214	26	countries.the	countries.the	DET
ajfa-11636	214	27	additional	additional	ADJ
ajfa-11636	214	28	detection	detection	NOUN
ajfa-11636	214	29	is	be	AUX
ajfa-11636	214	30	the	the	DET
ajfa-11636	214	31	price	price	NOUN
ajfa-11636	214	32	leadership	leadership	NOUN
ajfa-11636	214	33	role	role	NOUN
ajfa-11636	214	34	of	of	ADP
ajfa-11636	214	35	the	the	DET
ajfa-11636	214	36	sovereign	sovereign	ADJ
ajfa-11636	214	37	cds	cd	NOUN
ajfa-11636	214	38	market	market	NOUN
ajfa-11636	214	39	over	over	ADP
ajfa-11636	214	40	its	its	PRON
ajfa-11636	214	41	associated	associated	ADJ
ajfa-11636	214	42	bond	bond	NOUN
ajfa-11636	214	43	market	market	NOUN
ajfa-11636	214	44	in	in	ADP
ajfa-11636	214	45	cases	case	NOUN
ajfa-11636	214	46	of	of	ADP
ajfa-11636	214	47	four	four	NUM
ajfa-11636	214	48	out	out	ADP
ajfa-11636	214	49	of	of	ADP
ajfa-11636	214	50	five	five	NUM
ajfa-11636	214	51	countries	country	NOUN
ajfa-11636	214	52	and	and	CCONJ
ajfa-11636	214	53	this	this	PRON
ajfa-11636	214	54	is	be	AUX
ajfa-11636	214	55	reinforced	reinforce	VERB
ajfa-11636	214	56	following	follow	VERB
ajfa-11636	214	57	the	the	DET
ajfa-11636	214	58	financial	financial	ADJ
ajfa-11636	214	59	turbulence	turbulence	NOUN
ajfa-11636	214	60	.	.	PUNCT
ajfa-11636	215	1	this	this	DET
ajfa-11636	215	2	evidence	evidence	NOUN
ajfa-11636	215	3	also	also	ADV
ajfa-11636	215	4	suggests	suggest	VERB
ajfa-11636	215	5	that	that	SCONJ
ajfa-11636	215	6	the	the	DET
ajfa-11636	215	7	country	country	NOUN
ajfa-11636	215	8	-	-	PUNCT
ajfa-11636	215	9	specific	specific	ADJ
ajfa-11636	215	10	factors	factor	NOUN
ajfa-11636	215	11	influence	influence	VERB
ajfa-11636	215	12	considerably	considerably	ADV
ajfa-11636	215	13	the	the	DET
ajfa-11636	215	14	sovereign	sovereign	ADJ
ajfa-11636	215	15	credit	credit	NOUN
ajfa-11636	215	16	risks	risk	NOUN
ajfa-11636	215	17	.	.	PUNCT
ajfa-11636	216	1	based	base	VERB
ajfa-11636	216	2	on	on	ADP
ajfa-11636	216	3	the	the	DET
ajfa-11636	216	4	domination	domination	NOUN
ajfa-11636	216	5	of	of	ADP
ajfa-11636	216	6	the	the	DET
ajfa-11636	216	7	sovereign	sovereign	ADJ
ajfa-11636	216	8	cds	cd	NOUN
ajfa-11636	216	9	market	market	NOUN
ajfa-11636	216	10	in	in	ADP
ajfa-11636	216	11	the	the	DET
ajfa-11636	216	12	price	price	NOUN
ajfa-11636	216	13	discovery	discovery	NOUN
ajfa-11636	216	14	,	,	PUNCT
ajfa-11636	216	15	sovereign	sovereign	ADJ
ajfa-11636	216	16	cds	cd	NOUN
ajfa-11636	216	17	premia	premia	NOUN
ajfa-11636	216	18	can	can	AUX
ajfa-11636	216	19	be	be	AUX
ajfa-11636	216	20	used	use	VERB
ajfa-11636	216	21	as	as	ADP
ajfa-11636	216	22	the	the	DET
ajfa-11636	216	23	signal	signal	NOUN
ajfa-11636	216	24	for	for	ADP
ajfa-11636	216	25	market	market	NOUN
ajfa-11636	216	26	regulation	regulation	NOUN
ajfa-11636	216	27	.	.	PUNCT
ajfa-11636	217	1	for	for	ADP
ajfa-11636	217	2	instance	instance	NOUN
ajfa-11636	217	3	,	,	PUNCT
ajfa-11636	217	4	a	a	DET
ajfa-11636	217	5	slump	slump	NOUN
ajfa-11636	217	6	or	or	CCONJ
ajfa-11636	217	7	soar	soar	VERB
ajfa-11636	217	8	in	in	ADP
ajfa-11636	217	9	the	the	DET
ajfa-11636	217	10	cds	cds	PROPN
ajfa-11636	217	11	premia	premia	NOUN
ajfa-11636	217	12	should	should	AUX
ajfa-11636	217	13	give	give	VERB
ajfa-11636	217	14	the	the	DET
ajfa-11636	217	15	advance	advance	NOUN
ajfa-11636	217	16	signal	signal	NOUN
ajfa-11636	217	17	for	for	ADP
ajfa-11636	217	18	a	a	DET
ajfa-11636	217	19	decline	decline	NOUN
ajfa-11636	217	20	or	or	CCONJ
ajfa-11636	217	21	growth	growth	NOUN
ajfa-11636	217	22	of	of	ADP
ajfa-11636	217	23	the	the	DET
ajfa-11636	217	24	bond	bond	NOUN
ajfa-11636	217	25	yields	yield	NOUN
ajfa-11636	217	26	in	in	ADP
ajfa-11636	217	27	the	the	DET
ajfa-11636	217	28	same	same	ADJ
ajfa-11636	217	29	maturity	maturity	NOUN
ajfa-11636	217	30	.	.	PUNCT
ajfa-11636	218	1	this	this	PRON
ajfa-11636	218	2	is	be	AUX
ajfa-11636	218	3	considerably	considerably	ADV
ajfa-11636	218	4	meaningful	meaningful	ADJ
ajfa-11636	218	5	in	in	ADP
ajfa-11636	218	6	context	context	NOUN
ajfa-11636	218	7	of	of	ADP
ajfa-11636	218	8	developing	develop	VERB
ajfa-11636	218	9	entities	entity	NOUN
ajfa-11636	218	10	such	such	ADJ
ajfa-11636	218	11	as	as	ADP
ajfa-11636	218	12	vietnam	vietnam	PROPN
ajfa-11636	218	13	because	because	SCONJ
ajfa-11636	218	14	the	the	DET
ajfa-11636	218	15	average	average	ADJ
ajfa-11636	218	16	interest	interest	NOUN
ajfa-11636	218	17	rate	rate	NOUN
ajfa-11636	218	18	of	of	ADP
ajfa-11636	218	19	the	the	DET
ajfa-11636	218	20	financial	financial	ADJ
ajfa-11636	218	21	market	market	NOUN
ajfa-11636	218	22	,	,	PUNCT
ajfa-11636	218	23	which	which	PRON
ajfa-11636	218	24	can	can	AUX
ajfa-11636	218	25	be	be	AUX
ajfa-11636	218	26	delegated	delegate	VERB
ajfa-11636	218	27	by	by	ADP
ajfa-11636	218	28	bond	bond	NOUN
ajfa-11636	218	29	yield	yield	NOUN
ajfa-11636	218	30	,	,	PUNCT
ajfa-11636	218	31	acting	act	VERB
ajfa-11636	218	32	as	as	ADP
ajfa-11636	218	33	the	the	DET
ajfa-11636	218	34	major	major	ADJ
ajfa-11636	218	35	indicator	indicator	NOUN
ajfa-11636	218	36	.	.	PUNCT
ajfa-11636	219	1	besides	besides	ADV
ajfa-11636	219	2	,	,	PUNCT
ajfa-11636	219	3	it	it	PRON
ajfa-11636	219	4	is	be	AUX
ajfa-11636	219	5	likely	likely	ADJ
ajfa-11636	219	6	to	to	PART
ajfa-11636	219	7	be	be	AUX
ajfa-11636	219	8	acute	acute	ADJ
ajfa-11636	219	9	that	that	SCONJ
ajfa-11636	219	10	though	though	SCONJ
ajfa-11636	219	11	a	a	DET
ajfa-11636	219	12	credit	credit	NOUN
ajfa-11636	219	13	derivatives	derivative	NOUN
ajfa-11636	219	14	market	market	NOUN
ajfa-11636	219	15	is	be	AUX
ajfa-11636	219	16	newer	new	ADJ
ajfa-11636	219	17	and	and	CCONJ
ajfa-11636	219	18	smaller	small	ADJ
ajfa-11636	219	19	but	but	CCONJ
ajfa-11636	219	20	is	be	AUX
ajfa-11636	219	21	a	a	DET
ajfa-11636	219	22	better	well	ADJ
ajfa-11636	219	23	source	source	NOUN
ajfa-11636	219	24	of	of	ADP
ajfa-11636	219	25	information	information	NOUN
ajfa-11636	219	26	on	on	ADP
ajfa-11636	219	27	predicting	predict	VERB
ajfa-11636	219	28	the	the	DET
ajfa-11636	219	29	prices	price	NOUN
ajfa-11636	219	30	than	than	ADP
ajfa-11636	219	31	larger	large	ADJ
ajfa-11636	219	32	and	and	CCONJ
ajfa-11636	219	33	longer	long	ADV
ajfa-11636	219	34	-	-	PUNCT
ajfa-11636	219	35	established	establish	VERB
ajfa-11636	219	36	market	market	NOUN
ajfa-11636	219	37	like	like	ADP
ajfa-11636	219	38	bond	bond	NOUN
ajfa-11636	219	39	market	market	NOUN
ajfa-11636	219	40	.	.	PUNCT
ajfa-11636	220	1	the	the	DET
ajfa-11636	220	2	results	result	NOUN
ajfa-11636	220	3	of	of	ADP
ajfa-11636	220	4	this	this	DET
ajfa-11636	220	5	research	research	NOUN
ajfa-11636	220	6	can	can	AUX
ajfa-11636	220	7	be	be	AUX
ajfa-11636	220	8	stated	state	VERB
ajfa-11636	220	9	to	to	PART
ajfa-11636	220	10	be	be	AUX
ajfa-11636	220	11	robust	robust	ADJ
ajfa-11636	220	12	as	as	SCONJ
ajfa-11636	220	13	they	they	PRON
ajfa-11636	220	14	are	be	AUX
ajfa-11636	220	15	in	in	ADP
ajfa-11636	220	16	the	the	DET
ajfa-11636	220	17	same	same	ADJ
ajfa-11636	220	18	ideas	idea	NOUN
ajfa-11636	220	19	with	with	ADP
ajfa-11636	220	20	the	the	DET
ajfa-11636	220	21	bulk	bulk	NOUN
ajfa-11636	220	22	of	of	ADP
ajfa-11636	220	23	previous	previous	ADJ
ajfa-11636	220	24	researches	research	NOUN
ajfa-11636	220	25	about	about	ADP
ajfa-11636	220	26	the	the	DET
ajfa-11636	220	27	leading	lead	VERB
ajfa-11636	220	28	role	role	NOUN
ajfa-11636	220	29	of	of	ADP
ajfa-11636	220	30	sovereign	sovereign	ADJ
ajfa-11636	220	31	cds	cd	NOUN
ajfa-11636	220	32	market	market	NOUN
ajfa-11636	220	33	over	over	ADP
ajfa-11636	220	34	sovereign	sovereign	ADJ
ajfa-11636	220	35	bond	bond	NOUN
ajfa-11636	220	36	market	market	NOUN
ajfa-11636	220	37	such	such	ADJ
ajfa-11636	220	38	as	as	ADP
ajfa-11636	220	39	the	the	DET
ajfa-11636	220	40	studies	study	NOUN
ajfa-11636	220	41	of	of	ADP
ajfa-11636	220	42	coudert	coudert	PROPN
ajfa-11636	220	43	,	,	PUNCT
ajfa-11636	220	44	v.	v.	PROPN
ajfa-11636	220	45	and	and	CCONJ
ajfa-11636	220	46	gex	gex	PROPN
ajfa-11636	220	47	,	,	PUNCT
ajfa-11636	220	48	m.	m.	NOUN
ajfa-11636	220	49	(	(	PUNCT
ajfa-11636	220	50	2010	2010	NUM
ajfa-11636	220	51	)	)	PUNCT
ajfa-11636	220	52	;	;	PUNCT
ajfa-11636	220	53	delis	deli	NOUN
ajfa-11636	220	54	,	,	PUNCT
ajfa-11636	220	55	m.	m.	NOUN
ajfa-11636	220	56	and	and	CCONJ
ajfa-11636	220	57	mylondinis	mylondinis	PROPN
ajfa-11636	220	58	,	,	PUNCT
ajfa-11636	220	59	n.	n.	NOUN
ajfa-11636	220	60	(	(	PUNCT
ajfa-11636	220	61	2011	2011	NUM
ajfa-11636	220	62	)	)	PUNCT
ajfa-11636	220	63	.	.	PUNCT
ajfa-11636	221	1	moreover	moreover	ADV
ajfa-11636	221	2	,	,	PUNCT
ajfa-11636	221	3	it	it	PRON
ajfa-11636	221	4	could	could	AUX
ajfa-11636	221	5	be	be	AUX
ajfa-11636	221	6	possible	possible	ADJ
ajfa-11636	221	7	to	to	PART
ajfa-11636	221	8	distinguish	distinguish	VERB
ajfa-11636	221	9	the	the	DET
ajfa-11636	221	10	paper	paper	NOUN
ajfa-11636	221	11	’s	’s	PART
ajfa-11636	221	12	findings	finding	NOUN
ajfa-11636	221	13	and	and	CCONJ
ajfa-11636	221	14	the	the	DET
ajfa-11636	221	15	conclusion	conclusion	NOUN
ajfa-11636	221	16	of	of	ADP
ajfa-11636	221	17	zhu	zhu	PROPN
ajfa-11636	221	18	,	,	PUNCT
ajfa-11636	221	19	h.	h.	PROPN
ajfa-11636	221	20	(	(	PUNCT
ajfa-11636	221	21	2006	2006	NUM
ajfa-11636	221	22	)	)	PUNCT
ajfa-11636	221	23	and	and	CCONJ
ajfa-11636	221	24	houweling	houwele	VERB
ajfa-11636	221	25	,	,	PUNCT
ajfa-11636	221	26	p.	p.	NOUN
ajfa-11636	221	27	et	et	NOUN
ajfa-11636	222	1	al	al	PROPN
ajfa-11636	222	2	(	(	PUNCT
ajfa-11636	222	3	2001	2001	NUM
ajfa-11636	222	4	)	)	PUNCT
ajfa-11636	222	5	.	.	PUNCT
ajfa-11636	223	1	zhu	zhu	PROPN
ajfa-11636	223	2	,	,	PUNCT
ajfa-11636	223	3	h.	h.	PROPN
ajfa-11636	223	4	advocates	advocate	VERB
ajfa-11636	223	5	that	that	SCONJ
ajfa-11636	223	6	in	in	ADP
ajfa-11636	223	7	the	the	DET
ajfa-11636	223	8	long	long	ADV
ajfa-11636	223	9	-	-	PUNCT
ajfa-11636	223	10	run	run	NOUN
ajfa-11636	223	11	,	,	PUNCT
ajfa-11636	223	12	the	the	DET
ajfa-11636	223	13	cds	cd	NOUN
ajfa-11636	223	14	premium	premium	NOUN
ajfa-11636	223	15	and	and	CCONJ
ajfa-11636	223	16	bond	bond	NOUN
ajfa-11636	223	17	spread	spread	VERB
ajfa-11636	223	18	change	change	NOUN
ajfa-11636	223	19	in	in	ADP
ajfa-11636	223	20	the	the	DET
ajfa-11636	223	21	same	same	ADJ
ajfa-11636	223	22	direction	direction	NOUN
ajfa-11636	223	23	but	but	CCONJ
ajfa-11636	223	24	in	in	ADP
ajfa-11636	223	25	the	the	DET
ajfa-11636	223	26	short	short	ADJ
ajfa-11636	223	27	-	-	PUNCT
ajfa-11636	223	28	run	run	NOUN
ajfa-11636	223	29	,	,	PUNCT
ajfa-11636	223	30	the	the	DET
ajfa-11636	223	31	relationship	relationship	NOUN
ajfa-11636	223	32	is	be	AUX
ajfa-11636	223	33	not	not	PART
ajfa-11636	223	34	identical	identical	ADJ
ajfa-11636	223	35	.	.	PUNCT
ajfa-11636	224	1	with	with	ADP
ajfa-11636	224	2	the	the	DET
ajfa-11636	224	3	similar	similar	ADJ
ajfa-11636	224	4	conclusion	conclusion	NOUN
ajfa-11636	224	5	,	,	PUNCT
ajfa-11636	224	6	houweling	houwele	VERB
ajfa-11636	224	7	,	,	PUNCT
ajfa-11636	225	1	p.	p.	NOUN
ajfa-11636	225	2	et	et	NOUN
ajfa-11636	226	1	al	al	PROPN
ajfa-11636	226	2	further	further	ADJ
ajfa-11636	226	3	claim	claim	VERB
ajfa-11636	226	4	that	that	SCONJ
ajfa-11636	226	5	the	the	DET
ajfa-11636	226	6	equilibrium	equilibrium	NOUN
ajfa-11636	226	7	between	between	ADP
ajfa-11636	226	8	bond	bond	NOUN
ajfa-11636	226	9	spreads	spread	NOUN
ajfa-11636	226	10	and	and	CCONJ
ajfa-11636	226	11	cds	cd	NOUN
ajfa-11636	226	12	spreads	spread	NOUN
ajfa-11636	226	13	is	be	AUX
ajfa-11636	226	14	not	not	PART
ajfa-11636	226	15	established	establish	VERB
ajfa-11636	226	16	and	and	CCONJ
ajfa-11636	226	17	these	these	DET
ajfa-11636	226	18	spreads	spread	NOUN
ajfa-11636	226	19	always	always	ADV
ajfa-11636	226	20	change	change	VERB
ajfa-11636	226	21	over	over	ADP
ajfa-11636	226	22	time	time	NOUN
ajfa-11636	226	23	.	.	PUNCT
ajfa-11636	227	1	this	this	DET
ajfa-11636	227	2	study	study	NOUN
ajfa-11636	227	3	is	be	AUX
ajfa-11636	227	4	not	not	PART
ajfa-11636	227	5	in	in	ADP
ajfa-11636	227	6	-	-	PUNCT
ajfa-11636	227	7	deep	deep	ADJ
ajfa-11636	227	8	in	in	ADP
ajfa-11636	227	9	learning	learn	VERB
ajfa-11636	227	10	about	about	ADP
ajfa-11636	227	11	the	the	DET
ajfa-11636	227	12	deviation	deviation	NOUN
ajfa-11636	227	13	of	of	ADP
ajfa-11636	227	14	the	the	DET
ajfa-11636	227	15	two	two	NUM
ajfa-11636	227	16	markets	market	NOUN
ajfa-11636	227	17	from	from	ADP
ajfa-11636	227	18	the	the	DET
ajfa-11636	227	19	long	long	ADJ
ajfa-11636	227	20	-	-	PUNCT
ajfa-11636	227	21	term	term	NOUN
ajfa-11636	227	22	equilibrium	equilibrium	NOUN
ajfa-11636	227	23	,	,	PUNCT
ajfa-11636	227	24	then	then	ADV
ajfa-11636	227	25	more	more	ADJ
ajfa-11636	227	26	researches	research	NOUN
ajfa-11636	227	27	need	need	VERB
ajfa-11636	227	28	being	be	AUX
ajfa-11636	227	29	done	do	VERB
ajfa-11636	227	30	.	.	PUNCT
ajfa-11636	228	1	this	this	PRON
ajfa-11636	228	2	is	be	AUX
ajfa-11636	228	3	because	because	SCONJ
ajfa-11636	228	4	the	the	DET
ajfa-11636	228	5	regresstion	regresstion	NOUN
ajfa-11636	228	6	equations	equation	NOUN
ajfa-11636	228	7	do	do	AUX
ajfa-11636	228	8	not	not	PART
ajfa-11636	228	9	take	take	VERB
ajfa-11636	228	10	into	into	ADP
ajfa-11636	228	11	account	account	NOUN
ajfa-11636	228	12	the	the	DET
ajfa-11636	228	13	macroeconomic	macroeconomic	ADJ
ajfa-11636	228	14	factors	factor	NOUN
ajfa-11636	228	15	like	like	ADP
ajfa-11636	228	16	stock	stock	NOUN
ajfa-11636	228	17	market	market	NOUN
ajfa-11636	228	18	indice	indice	NOUN
ajfa-11636	228	19	,	,	PUNCT
ajfa-11636	228	20	exchange	exchange	NOUN
ajfa-11636	228	21	rates	rate	NOUN
ajfa-11636	228	22	or	or	CCONJ
ajfa-11636	228	23	shocks	shock	NOUN
ajfa-11636	228	24	and	and	CCONJ
ajfa-11636	228	25	the	the	DET
ajfa-11636	228	26	market	market	NOUN
ajfa-11636	228	27	players	player	NOUN
ajfa-11636	228	28	involving	involve	VERB
ajfa-11636	228	29	are	be	AUX
ajfa-11636	228	30	not	not	PART
ajfa-11636	228	31	considerred	considerre	VERB
ajfa-11636	228	32	.	.	PUNCT
ajfa-11636	229	1	in	in	ADP
ajfa-11636	229	2	the	the	DET
ajfa-11636	229	3	concern	concern	NOUN
ajfa-11636	229	4	about	about	ADP
ajfa-11636	229	5	the	the	DET
ajfa-11636	229	6	economic	economic	ADJ
ajfa-11636	229	7	policies	policy	NOUN
ajfa-11636	229	8	different	different	ADJ
ajfa-11636	229	9	among	among	ADP
ajfa-11636	229	10	the	the	DET
ajfa-11636	229	11	sovereigns	sovereign	NOUN
ajfa-11636	229	12	,	,	PUNCT
ajfa-11636	229	13	a	a	DET
ajfa-11636	229	14	specific	specific	ADJ
ajfa-11636	229	15	policy	policy	NOUN
ajfa-11636	229	16	on	on	ADP
ajfa-11636	229	17	credit	credit	NOUN
ajfa-11636	229	18	derivative	derivative	ADJ
ajfa-11636	229	19	instruments	instrument	NOUN
ajfa-11636	229	20	,	,	PUNCT
ajfa-11636	229	21	such	such	ADJ
ajfa-11636	229	22	as	as	ADP
ajfa-11636	229	23	issuance	issuance	NOUN
ajfa-11636	229	24	policy	policy	NOUN
ajfa-11636	229	25	or	or	CCONJ
ajfa-11636	229	26	taxation	taxation	NOUN
ajfa-11636	229	27	policy	policy	NOUN
ajfa-11636	229	28	,	,	PUNCT
ajfa-11636	229	29	might	might	AUX
ajfa-11636	229	30	distort	distort	VERB
ajfa-11636	229	31	the	the	DET
ajfa-11636	229	32	cointegration	cointegration	NOUN
ajfa-11636	229	33	between	between	ADP
ajfa-11636	229	34	the	the	DET
ajfa-11636	229	35	two	two	NUM
ajfa-11636	229	36	markets	market	NOUN
ajfa-11636	229	37	.	.	PUNCT
ajfa-11636	230	1	however	however	ADV
ajfa-11636	230	2	in	in	ADP
ajfa-11636	230	3	the	the	DET
ajfa-11636	230	4	scope	scope	NOUN
ajfa-11636	230	5	of	of	ADP
ajfa-11636	230	6	this	this	DET
ajfa-11636	230	7	research	research	NOUN
ajfa-11636	230	8	,	,	PUNCT
ajfa-11636	230	9	the	the	DET
ajfa-11636	230	10	author	author	NOUN
ajfa-11636	230	11	does	do	AUX
ajfa-11636	230	12	not	not	PART
ajfa-11636	230	13	bring	bring	VERB
ajfa-11636	230	14	them	they	PRON
ajfa-11636	230	15	into	into	ADP
ajfa-11636	230	16	consideration	consideration	NOUN
ajfa-11636	230	17	,	,	PUNCT
ajfa-11636	230	18	thereby	thereby	ADV
ajfa-11636	230	19	it	it	PRON
ajfa-11636	230	20	should	should	AUX
ajfa-11636	230	21	be	be	AUX
ajfa-11636	230	22	commanded	command	VERB
ajfa-11636	230	23	more	more	ADJ
ajfa-11636	230	24	tests	test	NOUN
ajfa-11636	230	25	if	if	SCONJ
ajfa-11636	230	26	these	these	DET
ajfa-11636	230	27	aspects	aspect	NOUN
ajfa-11636	230	28	might	might	AUX
ajfa-11636	230	29	affect	affect	VERB
ajfa-11636	230	30	the	the	DET
ajfa-11636	230	31	price	price	NOUN
ajfa-11636	230	32	discovery	discovery	NOUN
ajfa-11636	230	33	mechanism./.	mechanism./.	ADJ
ajfa-11636	230	34	references	reference	NOUN
ajfa-11636	230	35	alexopoulou	alexopoulou	PROPN
ajfa-11636	230	36	,	,	PUNCT
ajfa-11636	230	37	l.	l.	PROPN
ajfa-11636	230	38	,	,	PUNCT
ajfa-11636	230	39	andersson	andersson	PROPN
ajfa-11636	230	40	,	,	PUNCT
ajfa-11636	230	41	m.	m.	NOUN
ajfa-11636	230	42	,	,	PUNCT
ajfa-11636	230	43	&	&	CCONJ
ajfa-11636	230	44	georgescu	georgescu	PROPN
ajfa-11636	230	45	,	,	PUNCT
ajfa-11636	230	46	o.	o.	PROPN
ajfa-11636	230	47	(	(	PUNCT
ajfa-11636	230	48	2009	2009	NUM
ajfa-11636	230	49	)	)	PUNCT
ajfa-11636	230	50	.	.	PUNCT
ajfa-11636	231	1	an	an	DET
ajfa-11636	231	2	empirical	empirical	ADJ
ajfa-11636	231	3	study	study	NOUN
ajfa-11636	231	4	on	on	ADP
ajfa-11636	231	5	the	the	DET
ajfa-11636	231	6	decoupling	decouple	VERB
ajfa-11636	231	7	movements	movement	NOUN
ajfa-11636	231	8	between	between	ADP
ajfa-11636	231	9	corporate	corporate	ADJ
ajfa-11636	231	10	bond	bond	NOUN
ajfa-11636	231	11	and	and	CCONJ
ajfa-11636	231	12	cds	cd	NOUN
ajfa-11636	231	13	spreads	spread	NOUN
ajfa-11636	231	14	,	,	PUNCT
ajfa-11636	231	15	ecb	ecb	NOUN
ajfa-11636	231	16	working	working	NOUN
ajfa-11636	231	17	paper	paper	NOUN
ajfa-11636	231	18	,	,	PUNCT
ajfa-11636	231	19	no	no	DET
ajfa-11636	231	20	1085	1085	NUM
ajfa-11636	231	21	.	.	PUNCT
ajfa-11636	232	1	asian	asian	ADJ
ajfa-11636	232	2	journal	journal	PROPN
ajfa-11636	232	3	of	of	ADP
ajfa-11636	232	4	finance	finance	PROPN
ajfa-11636	232	5	&	&	CCONJ
ajfa-11636	232	6	accounting	accounting	PROPN
ajfa-11636	232	7	issn	issn	PROPN
ajfa-11636	232	8	1946	1946	NUM
ajfa-11636	232	9	-	-	PUNCT
ajfa-11636	232	10	052x	052x	PROPN
ajfa-11636	232	11	2017	2017	NUM
ajfa-11636	232	12	,	,	PUNCT
ajfa-11636	232	13	vol	vol	NOUN
ajfa-11636	232	14	.	.	NOUN
ajfa-11636	232	15	9	9	NUM
ajfa-11636	232	16	,	,	PUNCT
ajfa-11636	232	17	no	no	INTJ
ajfa-11636	232	18	.	.	NOUN
ajfa-11636	232	19	2	2	NUM
ajfa-11636	232	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	232	21	285	285	NUM
ajfa-11636	232	22	alternative	alternative	ADJ
ajfa-11636	232	23	investment	investment	NOUN
ajfa-11636	232	24	management	management	NOUN
ajfa-11636	232	25	association	association	NOUN
ajfa-11636	232	26	(	(	PUNCT
ajfa-11636	232	27	aima	aima	PROPN
ajfa-11636	232	28	)	)	PUNCT
ajfa-11636	232	29	research	research	NOUN
ajfa-11636	232	30	note	note	NOUN
ajfa-11636	232	31	.	.	PUNCT
ajfa-11636	233	1	(	(	PUNCT
ajfa-11636	233	2	2011	2011	NUM
ajfa-11636	233	3	)	)	PUNCT
ajfa-11636	233	4	.	.	PUNCT
ajfa-11636	234	1	the	the	DET
ajfa-11636	234	2	european	european	ADJ
ajfa-11636	234	3	sovereign	sovereign	ADJ
ajfa-11636	234	4	cds	cd	NOUN
ajfa-11636	234	5	market	market	NOUN
ajfa-11636	234	6	.	.	PUNCT
ajfa-11636	235	1	ammer	ammer	PROPN
ajfa-11636	235	2	,	,	PUNCT
ajfa-11636	235	3	j.	j.	PROPN
ajfa-11636	235	4	,	,	PUNCT
ajfa-11636	235	5	&	&	CCONJ
ajfa-11636	235	6	cai	cai	PROPN
ajfa-11636	235	7	,	,	PUNCT
ajfa-11636	235	8	f.	f.	PROPN
ajfa-11636	235	9	(	(	PUNCT
ajfa-11636	235	10	2011),‘sovereign	2011),‘sovereign	NUM
ajfa-11636	235	11	cds	cd	NOUN
ajfa-11636	235	12	and	and	CCONJ
ajfa-11636	235	13	bond	bond	NOUN
ajfa-11636	235	14	pricing	pricing	NOUN
ajfa-11636	235	15	dynamics	dynamic	NOUN
ajfa-11636	235	16	in	in	ADP
ajfa-11636	235	17	emerging	emerge	VERB
ajfa-11636	235	18	markets	market	NOUN
ajfa-11636	235	19	:	:	PUNCT
ajfa-11636	235	20	does	do	VERB
ajfa-11636	235	21	the	the	DET
ajfa-11636	235	22	cheapest	cheap	ADJ
ajfa-11636	235	23	-	-	PUNCT
ajfa-11636	235	24	to	to	PART
ajfa-11636	235	25	-	-	PUNCT
ajfa-11636	235	26	deliver	deliver	VERB
ajfa-11636	235	27	option	option	NOUN
ajfa-11636	235	28	matter	matter	NOUN
ajfa-11636	235	29	?	?	PUNCT
ajfa-11636	235	30	.	.	PUNCT
ajfa-11636	236	1	journal	journal	PROPN
ajfa-11636	236	2	of	of	ADP
ajfa-11636	236	3	international	international	ADJ
ajfa-11636	236	4	financial	financial	ADJ
ajfa-11636	236	5	markets	market	NOUN
ajfa-11636	236	6	,	,	PUNCT
ajfa-11636	236	7	institutions	institution	NOUN
ajfa-11636	236	8	and	and	CCONJ
ajfa-11636	236	9	money	money	NOUN
ajfa-11636	236	10	,	,	PUNCT
ajfa-11636	236	11	21(3	21(3	NUM
ajfa-11636	236	12	)	)	PUNCT
ajfa-11636	236	13	.	.	PUNCT
ajfa-11636	237	1	https://doi.org/10.1016/j.intfin.2011.01.001	https://doi.org/10.1016/j.intfin.2011.01.001	PROPN
ajfa-11636	237	2	andenmatten	andenmatten	VERB
ajfa-11636	237	3	,	,	PUNCT
ajfa-11636	237	4	s.	s.	PROPN
ajfa-11636	237	5	,	,	PUNCT
ajfa-11636	237	6	&	&	CCONJ
ajfa-11636	237	7	brill	brill	PROPN
ajfa-11636	237	8	,	,	PUNCT
ajfa-11636	237	9	f.	f.	PROPN
ajfa-11636	237	10	(	(	PUNCT
ajfa-11636	237	11	2010	2010	NUM
ajfa-11636	237	12	)	)	PUNCT
ajfa-11636	237	13	.	.	PUNCT
ajfa-11636	238	1	was	be	AUX
ajfa-11636	238	2	the	the	DET
ajfa-11636	238	3	cds	cd	NOUN
ajfa-11636	238	4	market	market	NOUN
ajfa-11636	238	5	pushing	push	VERB
ajfa-11636	238	6	the	the	DET
ajfa-11636	238	7	risk	risk	NOUN
ajfa-11636	238	8	premiums	premium	NOUN
ajfa-11636	238	9	for	for	ADP
ajfa-11636	238	10	sovereigns	sovereign	NOUN
ajfa-11636	238	11	,	,	PUNCT
ajfa-11636	238	12	university	university	NOUN
ajfa-11636	238	13	of	of	ADP
ajfa-11636	238	14	berne	berne	PROPN
ajfa-11636	238	15	's	's	PART
ajfa-11636	238	16	working	work	VERB
ajfa-11636	238	17	paper	paper	NOUN
ajfa-11636	238	18	.	.	PUNCT
ajfa-11636	239	1	anderson	anderson	PROPN
ajfa-11636	239	2	,	,	PUNCT
ajfa-11636	239	3	w.	w.	PROPN
ajfa-11636	239	4	(	(	PUNCT
ajfa-11636	239	5	2010	2010	NUM
ajfa-11636	239	6	)	)	PUNCT
ajfa-11636	239	7	.	.	PUNCT
ajfa-11636	240	1	credit	credit	NOUN
ajfa-11636	240	2	default	default	NOUN
ajfa-11636	240	3	swaps	swap	NOUN
ajfa-11636	240	4	:	:	PUNCT
ajfa-11636	240	5	what	what	PRON
ajfa-11636	240	6	are	be	AUX
ajfa-11636	240	7	the	the	DET
ajfa-11636	240	8	social	social	ADJ
ajfa-11636	240	9	benefits	benefit	NOUN
ajfa-11636	240	10	and	and	CCONJ
ajfa-11636	240	11	cost	cost	NOUN
ajfa-11636	240	12	?	?	PUNCT
ajfa-11636	240	13	.	.	PUNCT
ajfa-11636	241	1	financial	financial	ADJ
ajfa-11636	241	2	stability	stability	PROPN
ajfa-11636	241	3	review	review	NOUN
ajfa-11636	241	4	,	,	PUNCT
ajfa-11636	241	5	14	14	NUM
ajfa-11636	241	6	,	,	PUNCT
ajfa-11636	241	7	8	8	NUM
ajfa-11636	241	8	-	-	SYM
ajfa-11636	241	9	12	12	NUM
ajfa-11636	241	10	.	.	PUNCT
ajfa-11636	242	1	augustin	augustin	PROPN
ajfa-11636	242	2	,	,	PUNCT
ajfa-11636	242	3	p.	p.	PROPN
ajfa-11636	242	4	,	,	PUNCT
ajfa-11636	242	5	&	&	CCONJ
ajfa-11636	242	6	tedongap	tedongap	PROPN
ajfa-11636	242	7	,	,	PUNCT
ajfa-11636	242	8	r.	r.	PROPN
ajfa-11636	242	9	(	(	PUNCT
ajfa-11636	242	10	2011	2011	NUM
ajfa-11636	242	11	)	)	PUNCT
ajfa-11636	242	12	,	,	PUNCT
ajfa-11636	242	13	common	common	ADJ
ajfa-11636	242	14	factors	factor	NOUN
ajfa-11636	242	15	and	and	CCONJ
ajfa-11636	242	16	commonality	commonality	NOUN
ajfa-11636	242	17	in	in	ADP
ajfa-11636	242	18	sovereign	sovereign	ADJ
ajfa-11636	242	19	cds	cd	NOUN
ajfa-11636	242	20	spreads	spread	NOUN
ajfa-11636	242	21	:	:	PUNCT
ajfa-11636	242	22	a	a	DET
ajfa-11636	242	23	consumption	consumption	NOUN
ajfa-11636	242	24	-	-	PUNCT
ajfa-11636	242	25	based	base	VERB
ajfa-11636	242	26	explaination	explaination	NOUN
ajfa-11636	242	27	,	,	PUNCT
ajfa-11636	242	28	working	working	NOUN
ajfa-11636	242	29	paper	paper	NOUN
ajfa-11636	242	30	.	.	PUNCT
ajfa-11636	243	1	baba	baba	PROPN
ajfa-11636	243	2	,	,	PUNCT
ajfa-11636	243	3	n.	n.	PROPN
ajfa-11636	243	4	,	,	PUNCT
ajfa-11636	243	5	&	&	CCONJ
ajfa-11636	243	6	inada	inada	PROPN
ajfa-11636	243	7	,	,	PUNCT
ajfa-11636	243	8	m.	m.	NOUN
ajfa-11636	243	9	(	(	PUNCT
ajfa-11636	243	10	2009	2009	NUM
ajfa-11636	243	11	)	)	PUNCT
ajfa-11636	243	12	.	.	PUNCT
ajfa-11636	244	1	price	price	NOUN
ajfa-11636	244	2	discovery	discovery	NOUN
ajfa-11636	244	3	of	of	ADP
ajfa-11636	244	4	credit	credit	NOUN
ajfa-11636	244	5	spreads	spread	NOUN
ajfa-11636	244	6	for	for	ADP
ajfa-11636	244	7	japanese	japanese	ADJ
ajfa-11636	244	8	mega	mega	NOUN
ajfa-11636	244	9	-	-	NOUN
ajfa-11636	244	10	banks	bank	NOUN
ajfa-11636	244	11	:	:	PUNCT
ajfa-11636	244	12	evidence	evidence	NOUN
ajfa-11636	244	13	from	from	ADP
ajfa-11636	244	14	bond	bond	NOUN
ajfa-11636	244	15	and	and	CCONJ
ajfa-11636	244	16	credit	credit	NOUN
ajfa-11636	244	17	default	default	NOUN
ajfa-11636	244	18	swap	swap	NOUN
ajfa-11636	244	19	markets	market	NOUN
ajfa-11636	244	20	.	.	PUNCT
ajfa-11636	245	1	journal	journal	PROPN
ajfa-11636	245	2	of	of	ADP
ajfa-11636	245	3	international	international	ADJ
ajfa-11636	245	4	financial	financial	ADJ
ajfa-11636	245	5	markets	market	NOUN
ajfa-11636	245	6	,	,	PUNCT
ajfa-11636	245	7	institutions	institution	NOUN
ajfa-11636	245	8	and	and	CCONJ
ajfa-11636	245	9	money	money	NOUN
ajfa-11636	245	10	,	,	PUNCT
ajfa-11636	245	11	19(4	19(4	PROPN
ajfa-11636	245	12	)	)	PUNCT
ajfa-11636	245	13	,	,	PUNCT
ajfa-11636	245	14	616	616	NUM
ajfa-11636	245	15	-	-	SYM
ajfa-11636	245	16	632	632	NUM
ajfa-11636	245	17	.	.	PUNCT
ajfa-11636	246	1	https://doi.org/10.1016/j.intfin.2008.10.003	https://doi.org/10.1016/j.intfin.2008.10.003	PROPN
ajfa-11636	246	2	blanco	blanco	PROPN
ajfa-11636	246	3	,	,	PUNCT
ajfa-11636	246	4	r.	r.	PROPN
ajfa-11636	246	5	brennan	brennan	PROPN
ajfa-11636	246	6	,	,	PUNCT
ajfa-11636	246	7	s.	s.	PROPN
ajfa-11636	246	8	,	,	PUNCT
ajfa-11636	246	9	&	&	CCONJ
ajfa-11636	246	10	marsh	marsh	PROPN
ajfa-11636	246	11	,	,	PUNCT
ajfa-11636	246	12	i.	i.	PROPN
ajfa-11636	246	13	(	(	PUNCT
ajfa-11636	246	14	2005	2005	NUM
ajfa-11636	246	15	)	)	PUNCT
ajfa-11636	246	16	.	.	PUNCT
ajfa-11636	247	1	an	an	DET
ajfa-11636	247	2	empirical	empirical	ADJ
ajfa-11636	247	3	analysis	analysis	NOUN
ajfa-11636	247	4	of	of	ADP
ajfa-11636	247	5	the	the	DET
ajfa-11636	247	6	dynamic	dynamic	ADJ
ajfa-11636	247	7	relation	relation	NOUN
ajfa-11636	247	8	between	between	ADP
ajfa-11636	247	9	investment	investment	NOUN
ajfa-11636	247	10	-	-	PUNCT
ajfa-11636	247	11	grade	grade	NOUN
ajfa-11636	247	12	bonds	bond	NOUN
ajfa-11636	247	13	and	and	CCONJ
ajfa-11636	247	14	credit	credit	NOUN
ajfa-11636	247	15	default	default	NOUN
ajfa-11636	247	16	swaps	swap	NOUN
ajfa-11636	247	17	.	.	PUNCT
ajfa-11636	248	1	journal	journal	NOUN
ajfa-11636	248	2	of	of	ADP
ajfa-11636	248	3	finance	finance	NOUN
ajfa-11636	248	4	,	,	PUNCT
ajfa-11636	248	5	60(5	60(5	NOUN
ajfa-11636	248	6	)	)	PUNCT
ajfa-11636	248	7	,	,	PUNCT
ajfa-11636	248	8	2255	2255	NUM
ajfa-11636	248	9	-	-	SYM
ajfa-11636	248	10	2281	2281	NUM
ajfa-11636	248	11	.	.	PUNCT
ajfa-11636	249	1	https://doi.org/10.1111/j.1540-6261.2005.00798.x	https://doi.org/10.1111/j.1540-6261.2005.00798.x	ADJ
ajfa-11636	249	2	bowe	bowe	PROPN
ajfa-11636	249	3	,	,	PUNCT
ajfa-11636	249	4	m.	m.	NOUN
ajfa-11636	249	5	,	,	PUNCT
ajfa-11636	249	6	klimavicienne	klimavicienne	PROPN
ajfa-11636	249	7	,	,	PUNCT
ajfa-11636	249	8	a.	a.	PROPN
ajfa-11636	249	9	,	,	PUNCT
ajfa-11636	249	10	&	&	CCONJ
ajfa-11636	249	11	taylor	taylor	PROPN
ajfa-11636	249	12	,	,	PUNCT
ajfa-11636	249	13	a.	a.	NOUN
ajfa-11636	249	14	(	(	PUNCT
ajfa-11636	249	15	2009	2009	NUM
ajfa-11636	249	16	)	)	PUNCT
ajfa-11636	249	17	.	.	PUNCT
ajfa-11636	250	1	information	information	NOUN
ajfa-11636	250	2	transmission	transmission	NOUN
ajfa-11636	250	3	and	and	CCONJ
ajfa-11636	250	4	price	price	NOUN
ajfa-11636	250	5	discovery	discovery	NOUN
ajfa-11636	250	6	in	in	ADP
ajfa-11636	250	7	emerging	emerge	VERB
ajfa-11636	250	8	sovereign	sovereign	ADJ
ajfa-11636	250	9	credit	credit	NOUN
ajfa-11636	250	10	risk	risk	NOUN
ajfa-11636	250	11	markets	market	NOUN
ajfa-11636	250	12	,	,	PUNCT
ajfa-11636	250	13	presentation	presentation	NOUN
ajfa-11636	250	14	at	at	ADP
ajfa-11636	250	15	the	the	DET
ajfa-11636	250	16	eastern	eastern	PROPN
ajfa-11636	250	17	finance	finance	PROPN
ajfa-11636	250	18	association	association	PROPN
ajfa-11636	250	19	annual	annual	ADJ
ajfa-11636	250	20	conference	conference	NOUN
ajfa-11636	250	21	,	,	PUNCT
ajfa-11636	250	22	washington	washington	PROPN
ajfa-11636	250	23	d.c	d.c	PROPN
ajfa-11636	250	24	,	,	PUNCT
ajfa-11636	250	25	usa	usa	PROPN
ajfa-11636	250	26	,	,	PUNCT
ajfa-11636	250	27	may	may	AUX
ajfa-11636	250	28	.	.	PUNCT
ajfa-11636	251	1	calice	calice	PROPN
ajfa-11636	251	2	,	,	PUNCT
ajfa-11636	251	3	g.	g.	PROPN
ajfa-11636	251	4	(	(	PUNCT
ajfa-11636	251	5	2012	2012	NUM
ajfa-11636	251	6	)	)	PUNCT
ajfa-11636	251	7	.	.	PUNCT
ajfa-11636	252	1	an	an	DET
ajfa-11636	252	2	empirical	empirical	ADJ
ajfa-11636	252	3	analysis	analysis	NOUN
ajfa-11636	252	4	of	of	ADP
ajfa-11636	252	5	the	the	DET
ajfa-11636	252	6	dynamic	dynamic	ADJ
ajfa-11636	252	7	relationship	relationship	NOUN
ajfa-11636	252	8	between	between	ADP
ajfa-11636	252	9	european	european	ADJ
ajfa-11636	252	10	sovereign	sovereign	ADJ
ajfa-11636	252	11	cds	cd	NOUN
ajfa-11636	252	12	and	and	CCONJ
ajfa-11636	252	13	government	government	NOUN
ajfa-11636	252	14	bonds	bond	NOUN
ajfa-11636	252	15	,	,	PUNCT
ajfa-11636	252	16	working	working	NOUN
ajfa-11636	252	17	paper	paper	NOUN
ajfa-11636	252	18	.	.	PUNCT
ajfa-11636	253	1	calice	calice	PROPN
ajfa-11636	253	2	,	,	PUNCT
ajfa-11636	253	3	g.	g.	PROPN
ajfa-11636	253	4	,	,	PUNCT
ajfa-11636	253	5	chen	chen	PROPN
ajfa-11636	253	6	,	,	PUNCT
ajfa-11636	253	7	j.	j.	PROPN
ajfa-11636	253	8	,	,	PUNCT
ajfa-11636	253	9	&	&	CCONJ
ajfa-11636	253	10	williams	williams	PROPN
ajfa-11636	253	11	,	,	PUNCT
ajfa-11636	253	12	j.	j.	PROPN
ajfa-11636	253	13	(	(	PUNCT
ajfa-11636	253	14	2011	2011	NUM
ajfa-11636	253	15	)	)	PUNCT
ajfa-11636	253	16	.	.	PUNCT
ajfa-11636	254	1	liquity	liquity	NOUN
ajfa-11636	254	2	spillovers	spillover	NOUN
ajfa-11636	254	3	in	in	ADP
ajfa-11636	254	4	sovereign	sovereign	ADJ
ajfa-11636	254	5	bond	bond	NOUN
ajfa-11636	254	6	and	and	CCONJ
ajfa-11636	254	7	cds	cd	NOUN
ajfa-11636	254	8	markets	market	NOUN
ajfa-11636	254	9	:	:	PUNCT
ajfa-11636	254	10	an	an	DET
ajfa-11636	254	11	analysis	analysis	NOUN
ajfa-11636	254	12	of	of	ADP
ajfa-11636	254	13	the	the	DET
ajfa-11636	254	14	eurozone	eurozone	NOUN
ajfa-11636	254	15	sovereign	sovereign	ADJ
ajfa-11636	254	16	debt	debt	NOUN
ajfa-11636	254	17	crisis	crisis	NOUN
ajfa-11636	254	18	,	,	PUNCT
ajfa-11636	254	19	paolo	paolo	PROPN
ajfa-11636	254	20	baffi	baffi	PROPN
ajfa-11636	254	21	centre	centre	PROPN
ajfa-11636	254	22	research	research	NOUN
ajfa-11636	254	23	paper	paper	NOUN
ajfa-11636	254	24	,	,	PUNCT
ajfa-11636	254	25	no	no	DET
ajfa-11636	254	26	2011	2011	NUM
ajfa-11636	254	27	-	-	SYM
ajfa-11636	254	28	105	105	NUM
ajfa-11636	254	29	,	,	PUNCT
ajfa-11636	254	30	available	available	ADJ
ajfa-11636	254	31	at	at	ADP
ajfa-11636	254	32	:	:	PUNCT
ajfa-11636	254	33	http://ssrn.com	http://ssrn.com	PROPN
ajfa-11636	254	34	/	/	SYM
ajfa-11636	254	35	abstract=1898596	abstract=1898596	PROPN
ajfa-11636	254	36	coudert	coudert	PROPN
ajfa-11636	254	37	,	,	PUNCT
ajfa-11636	254	38	v.	v.	PROPN
ajfa-11636	254	39	,	,	PUNCT
ajfa-11636	254	40	&	&	CCONJ
ajfa-11636	254	41	gex	gex	PROPN
ajfa-11636	254	42	,	,	PUNCT
ajfa-11636	254	43	m.	m.	NOUN
ajfa-11636	254	44	(	(	PUNCT
ajfa-11636	254	45	2010	2010	NUM
ajfa-11636	254	46	)	)	PUNCT
ajfa-11636	254	47	.	.	PUNCT
ajfa-11636	255	1	credit	credit	NOUN
ajfa-11636	255	2	default	default	NOUN
ajfa-11636	255	3	swap	swap	NOUN
ajfa-11636	255	4	and	and	CCONJ
ajfa-11636	255	5	bond	bond	NOUN
ajfa-11636	255	6	markets	market	NOUN
ajfa-11636	255	7	:	:	PUNCT
ajfa-11636	255	8	which	which	PRON
ajfa-11636	255	9	leads	lead	VERB
ajfa-11636	255	10	the	the	DET
ajfa-11636	255	11	other	other	ADJ
ajfa-11636	255	12	?	?	PUNCT
ajfa-11636	255	13	.	.	PUNCT
ajfa-11636	256	1	financial	financial	ADJ
ajfa-11636	256	2	stability	stability	PROPN
ajfa-11636	256	3	review	review	NOUN
ajfa-11636	256	4	,	,	PUNCT
ajfa-11636	256	5	14	14	NUM
ajfa-11636	256	6	,	,	PUNCT
ajfa-11636	256	7	164	164	NUM
ajfa-11636	256	8	-	-	SYM
ajfa-11636	256	9	165	165	NUM
ajfa-11636	256	10	.	.	PUNCT
ajfa-11636	257	1	delatte	delatte	PROPN
ajfa-11636	257	2	,	,	PUNCT
ajfa-11636	257	3	a.	a.	PROPN
ajfa-11636	257	4	,	,	PUNCT
ajfa-11636	257	5	gex	gex	PROPN
ajfa-11636	257	6	,	,	PUNCT
ajfa-11636	257	7	m.	m.	NOUN
ajfa-11636	257	8	,	,	PUNCT
ajfa-11636	257	9	&	&	CCONJ
ajfa-11636	257	10	villavicecio	villavicecio	PROPN
ajfa-11636	257	11	,	,	PUNCT
ajfa-11636	257	12	a.	a.	NOUN
ajfa-11636	257	13	(	(	PUNCT
ajfa-11636	257	14	2010	2010	NUM
ajfa-11636	257	15	)	)	PUNCT
ajfa-11636	257	16	.	.	PUNCT
ajfa-11636	258	1	has	have	AUX
ajfa-11636	258	2	the	the	DET
ajfa-11636	258	3	cds	cd	NOUN
ajfa-11636	258	4	amplified	amplify	VERB
ajfa-11636	258	5	the	the	DET
ajfa-11636	258	6	european	european	ADJ
ajfa-11636	258	7	sovereign	sovereign	ADJ
ajfa-11636	258	8	crisis	crisis	NOUN
ajfa-11636	258	9	?	?	PUNCT
ajfa-11636	259	1	a	a	DET
ajfa-11636	259	2	non	non	ADJ
ajfa-11636	259	3	-	-	ADJ
ajfa-11636	259	4	linear	linear	ADJ
ajfa-11636	259	5	approach	approach	NOUN
ajfa-11636	259	6	,	,	PUNCT
ajfa-11636	259	7	working	working	NOUN
ajfa-11636	259	8	paper	paper	NOUN
ajfa-11636	259	9	.	.	PUNCT
ajfa-11636	260	1	delis	deli	NOUN
ajfa-11636	260	2	,	,	PUNCT
ajfa-11636	260	3	m.	m.	NOUN
ajfa-11636	260	4	,	,	PUNCT
ajfa-11636	260	5	&	&	CCONJ
ajfa-11636	260	6	mylonidis	mylonidis	PROPN
ajfa-11636	260	7	,	,	PUNCT
ajfa-11636	260	8	n.	n.	NOUN
ajfa-11636	260	9	(	(	PUNCT
ajfa-11636	260	10	2011	2011	NUM
ajfa-11636	260	11	)	)	PUNCT
ajfa-11636	260	12	.	.	PUNCT
ajfa-11636	261	1	the	the	DET
ajfa-11636	261	2	chicken	chicken	NOUN
ajfa-11636	261	3	or	or	CCONJ
ajfa-11636	261	4	the	the	DET
ajfa-11636	261	5	egg	egg	NOUN
ajfa-11636	261	6	?	?	PUNCT
ajfa-11636	262	1	a	a	DET
ajfa-11636	262	2	note	note	NOUN
ajfa-11636	262	3	on	on	ADP
ajfa-11636	262	4	the	the	DET
ajfa-11636	262	5	dynamic	dynamic	ADJ
ajfa-11636	262	6	interrelation	interrelation	NOUN
ajfa-11636	262	7	between	between	ADP
ajfa-11636	262	8	government	government	NOUN
ajfa-11636	262	9	bond	bond	NOUN
ajfa-11636	262	10	spreads	spread	NOUN
ajfa-11636	262	11	and	and	CCONJ
ajfa-11636	262	12	credit	credit	NOUN
ajfa-11636	262	13	default	default	NOUN
ajfa-11636	262	14	swaps	swap	NOUN
ajfa-11636	262	15	.	.	PUNCT
ajfa-11636	263	1	finance	finance	NOUN
ajfa-11636	263	2	research	research	NOUN
ajfa-11636	263	3	letters	letter	NOUN
ajfa-11636	263	4	,	,	PUNCT
ajfa-11636	263	5	8	8	NUM
ajfa-11636	263	6	,	,	PUNCT
ajfa-11636	263	7	163	163	NUM
ajfa-11636	263	8	-	-	SYM
ajfa-11636	263	9	170	170	NUM
ajfa-11636	263	10	.	.	PUNCT
ajfa-11636	264	1	https://doi.org/10.1016/j.frl.2010.09.005	https://doi.org/10.1016/j.frl.2010.09.005	NOUN
ajfa-11636	264	2	dewit	dewit	PROPN
ajfa-11636	264	3	,	,	PUNCT
ajfa-11636	264	4	j.	j.	PROPN
ajfa-11636	264	5	(	(	PUNCT
ajfa-11636	264	6	2006	2006	NUM
ajfa-11636	264	7	)	)	PUNCT
ajfa-11636	264	8	.	.	PUNCT
ajfa-11636	265	1	exploring	explore	VERB
ajfa-11636	265	2	the	the	DET
ajfa-11636	265	3	cds	cds	PROPN
ajfa-11636	265	4	bond	bond	NOUN
ajfa-11636	265	5	basis	basis	NOUN
ajfa-11636	265	6	.	.	PUNCT
ajfa-11636	266	1	national	national	PROPN
ajfa-11636	266	2	bank	bank	PROPN
ajfa-11636	266	3	of	of	ADP
ajfa-11636	266	4	belgium	belgium	PROPN
ajfa-11636	266	5	’s	’s	PART
ajfa-11636	266	6	research	research	NOUN
ajfa-11636	266	7	series	series	PROPN
ajfa-11636	266	8	.	.	PUNCT
ajfa-11636	267	1	fontana	fontana	PROPN
ajfa-11636	267	2	,	,	PUNCT
ajfa-11636	267	3	a.	a.	PROPN
ajfa-11636	267	4	,	,	PUNCT
ajfa-11636	267	5	&	&	CCONJ
ajfa-11636	267	6	scheicher	scheicher	PROPN
ajfa-11636	267	7	,	,	PUNCT
ajfa-11636	267	8	m.	m.	NOUN
ajfa-11636	267	9	(	(	PUNCT
ajfa-11636	267	10	2011	2011	NUM
ajfa-11636	267	11	)	)	PUNCT
ajfa-11636	267	12	.	.	PUNCT
ajfa-11636	268	1	an	an	DET
ajfa-11636	268	2	analysis	analysis	NOUN
ajfa-11636	268	3	of	of	ADP
ajfa-11636	268	4	euro	euro	NOUN
ajfa-11636	268	5	area	area	NOUN
ajfa-11636	268	6	sovereign	sovereign	ADJ
ajfa-11636	268	7	cds	cd	NOUN
ajfa-11636	268	8	and	and	CCONJ
ajfa-11636	268	9	their	their	PRON
ajfa-11636	268	10	relation	relation	NOUN
ajfa-11636	268	11	with	with	ADP
ajfa-11636	268	12	government	government	NOUN
ajfa-11636	268	13	bonds	bond	NOUN
ajfa-11636	268	14	,	,	PUNCT
ajfa-11636	268	15	ecb	ecb	NOUN
ajfa-11636	268	16	working	working	NOUN
ajfa-11636	268	17	paper	paper	NOUN
ajfa-11636	268	18	.	.	PUNCT
ajfa-11636	269	1	asian	asian	ADJ
ajfa-11636	269	2	journal	journal	PROPN
ajfa-11636	269	3	of	of	ADP
ajfa-11636	269	4	finance	finance	PROPN
ajfa-11636	269	5	&	&	CCONJ
ajfa-11636	269	6	accounting	accounting	PROPN
ajfa-11636	269	7	issn	issn	PROPN
ajfa-11636	269	8	1946	1946	NUM
ajfa-11636	269	9	-	-	PUNCT
ajfa-11636	269	10	052x	052x	PROPN
ajfa-11636	269	11	2017	2017	NUM
ajfa-11636	269	12	,	,	PUNCT
ajfa-11636	269	13	vol	vol	NOUN
ajfa-11636	269	14	.	.	NOUN
ajfa-11636	269	15	9	9	NUM
ajfa-11636	269	16	,	,	PUNCT
ajfa-11636	269	17	no	no	NOUN
ajfa-11636	269	18	.	.	NOUN
ajfa-11636	269	19	2	2	NUM
ajfa-11636	269	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11636	269	21	286	286	NUM
ajfa-11636	269	22	houweling	houweling	NOUN
ajfa-11636	269	23	,	,	PUNCT
ajfa-11636	269	24	p.	p.	PROPN
ajfa-11636	269	25	,	,	PUNCT
ajfa-11636	269	26	hoek	hoek	PROPN
ajfa-11636	269	27	,	,	PUNCT
ajfa-11636	269	28	j.	j.	PROPN
ajfa-11636	269	29	,	,	PUNCT
ajfa-11636	269	30	&	&	CCONJ
ajfa-11636	269	31	kleibergen	kleibergen	PROPN
ajfa-11636	269	32	,	,	PUNCT
ajfa-11636	269	33	f.	f.	PROPN
ajfa-11636	269	34	(	(	PUNCT
ajfa-11636	269	35	2001	2001	NUM
ajfa-11636	269	36	)	)	PUNCT
ajfa-11636	269	37	.	.	PUNCT
ajfa-11636	270	1	the	the	DET
ajfa-11636	270	2	joint	joint	ADJ
ajfa-11636	270	3	estimation	estimation	NOUN
ajfa-11636	270	4	of	of	ADP
ajfa-11636	270	5	term	term	NOUN
ajfa-11636	270	6	structures	structure	NOUN
ajfa-11636	270	7	and	and	CCONJ
ajfa-11636	270	8	credit	credit	NOUN
ajfa-11636	270	9	spreads	spread	NOUN
ajfa-11636	270	10	.	.	PUNCT
ajfa-11636	271	1	journal	journal	NOUN
ajfa-11636	271	2	of	of	ADP
ajfa-11636	271	3	empirical	empirical	ADJ
ajfa-11636	271	4	finance	finance	NOUN
ajfa-11636	271	5	,	,	PUNCT
ajfa-11636	271	6	8(3	8(3	NUM
ajfa-11636	271	7	)	)	PUNCT
ajfa-11636	271	8	,	,	PUNCT
ajfa-11636	271	9	297	297	NUM
ajfa-11636	271	10	-	-	SYM
ajfa-11636	271	11	323	323	NUM
ajfa-11636	271	12	.	.	PUNCT
ajfa-11636	272	1	https://doi.org/10.1016/s0927-5398(01)00026-3	https://doi.org/10.1016/s0927-5398(01)00026-3	PROPN
ajfa-11636	272	2	hull	hull	PROPN
ajfa-11636	272	3	,	,	PUNCT
ajfa-11636	272	4	j.	j.	PROPN
ajfa-11636	272	5	,	,	PUNCT
ajfa-11636	272	6	predescu	predescu	NOUN
ajfa-11636	272	7	,	,	PUNCT
ajfa-11636	272	8	m.	m.	NOUN
ajfa-11636	272	9	,	,	PUNCT
ajfa-11636	272	10	&	&	CCONJ
ajfa-11636	272	11	white	white	ADJ
ajfa-11636	272	12	,	,	PUNCT
ajfa-11636	272	13	a.	a.	NOUN
ajfa-11636	272	14	(	(	PUNCT
ajfa-11636	272	15	2004	2004	NUM
ajfa-11636	272	16	)	)	PUNCT
ajfa-11636	272	17	.	.	PUNCT
ajfa-11636	273	1	the	the	DET
ajfa-11636	273	2	relationship	relationship	NOUN
ajfa-11636	273	3	between	between	ADP
ajfa-11636	273	4	credit	credit	NOUN
ajfa-11636	273	5	default	default	NOUN
ajfa-11636	273	6	swap	swap	NOUN
ajfa-11636	273	7	spreads	spread	NOUN
ajfa-11636	273	8	,	,	PUNCT
ajfa-11636	273	9	bond	bond	NOUN
ajfa-11636	273	10	yields	yield	NOUN
ajfa-11636	273	11	,	,	PUNCT
ajfa-11636	273	12	and	and	CCONJ
ajfa-11636	273	13	credit	credit	NOUN
ajfa-11636	273	14	rating	rating	NOUN
ajfa-11636	273	15	announcements	announcement	NOUN
ajfa-11636	273	16	.	.	PUNCT
ajfa-11636	274	1	journal	journal	NOUN
ajfa-11636	274	2	of	of	ADP
ajfa-11636	274	3	banking	banking	NOUN
ajfa-11636	274	4	and	and	CCONJ
ajfa-11636	274	5	finance	finance	NOUN
ajfa-11636	274	6	,	,	PUNCT
ajfa-11636	274	7	28(11	28(11	NUM
ajfa-11636	274	8	)	)	PUNCT
ajfa-11636	274	9	,	,	PUNCT
ajfa-11636	274	10	2789	2789	NUM
ajfa-11636	274	11	-	-	SYM
ajfa-11636	274	12	2811	2811	NUM
ajfa-11636	274	13	.	.	PUNCT
ajfa-11636	275	1	https://doi.org/10.1016/j.jbankfin.2004.06.010	https://doi.org/10.1016/j.jbankfin.2004.06.010	PROPN
ajfa-11636	275	2	jacoby	jacoby	PROPN
ajfa-11636	275	3	,	,	PUNCT
ajfa-11636	275	4	g.	g.	PROPN
ajfa-11636	275	5	,	,	PUNCT
ajfa-11636	275	6	jiang	jiang	PROPN
ajfa-11636	275	7	,	,	PUNCT
ajfa-11636	275	8	g.	g.	PROPN
ajfa-11636	275	9	,	,	PUNCT
ajfa-11636	275	10	&	&	CCONJ
ajfa-11636	275	11	theocharides	theocharides	PROPN
ajfa-11636	275	12	,	,	PUNCT
ajfa-11636	275	13	g.	g.	PROPN
ajfa-11636	275	14	(	(	PUNCT
ajfa-11636	275	15	2009	2009	NUM
ajfa-11636	275	16	)	)	PUNCT
ajfa-11636	275	17	,	,	PUNCT
ajfa-11636	275	18	cross	cross	ADJ
ajfa-11636	275	19	-	-	ADJ
ajfa-11636	275	20	market	market	ADJ
ajfa-11636	275	21	liquidity	liquidity	NOUN
ajfa-11636	275	22	shocks	shock	NOUN
ajfa-11636	275	23	:	:	PUNCT
ajfa-11636	275	24	evidence	evidence	NOUN
ajfa-11636	275	25	from	from	ADP
ajfa-11636	275	26	cds	cd	NOUN
ajfa-11636	275	27	,	,	PUNCT
ajfa-11636	275	28	corporate	corporate	ADJ
ajfa-11636	275	29	bond	bond	NOUN
ajfa-11636	275	30	and	and	CCONJ
ajfa-11636	275	31	equity	equity	NOUN
ajfa-11636	275	32	markets	market	NOUN
ajfa-11636	275	33	,	,	PUNCT
ajfa-11636	275	34	working	working	NOUN
ajfa-11636	275	35	paper	paper	NOUN
ajfa-11636	275	36	.	.	PUNCT
ajfa-11636	276	1	levy	levy	NOUN
ajfa-11636	276	2	,	,	PUNCT
ajfa-11636	276	3	a.	a.	NOUN
ajfa-11636	276	4	(	(	PUNCT
ajfa-11636	276	5	2009	2009	NUM
ajfa-11636	276	6	)	)	PUNCT
ajfa-11636	276	7	.	.	PUNCT
ajfa-11636	277	1	the	the	DET
ajfa-11636	277	2	cds	cds	PROPN
ajfa-11636	277	3	bond	bond	NOUN
ajfa-11636	277	4	basis	basis	NOUN
ajfa-11636	277	5	spread	spread	VERB
ajfa-11636	277	6	in	in	ADP
ajfa-11636	277	7	emerging	emerge	VERB
ajfa-11636	277	8	markets	market	NOUN
ajfa-11636	277	9	:	:	PUNCT
ajfa-11636	277	10	liquidity	liquidity	NOUN
ajfa-11636	277	11	and	and	CCONJ
ajfa-11636	277	12	counterparty	counterparty	NOUN
ajfa-11636	277	13	risk	risk	NOUN
ajfa-11636	277	14	effects	effect	NOUN
ajfa-11636	277	15	,	,	PUNCT
ajfa-11636	277	16	working	working	NOUN
ajfa-11636	277	17	paper	paper	NOUN
ajfa-11636	277	18	.	.	PUNCT
ajfa-11636	278	1	longstaff	longstaff	PROPN
ajfa-11636	278	2	,	,	PUNCT
ajfa-11636	278	3	f.	f.	PROPN
ajfa-11636	278	4	,	,	PUNCT
ajfa-11636	278	5	mithal	mithal	PROPN
ajfa-11636	278	6	,	,	PUNCT
ajfa-11636	278	7	s.	s.	PROPN
ajfa-11636	278	8	,	,	PUNCT
ajfa-11636	278	9	&	&	CCONJ
ajfa-11636	278	10	neiss	neiss	PROPN
ajfa-11636	278	11	,	,	PUNCT
ajfa-11636	278	12	e.	e.	PROPN
ajfa-11636	278	13	(	(	PUNCT
ajfa-11636	278	14	2005),‘corporate	2005),‘corporate	NUM
ajfa-11636	278	15	yield	yield	NOUN
ajfa-11636	278	16	spreads	spread	NOUN
ajfa-11636	278	17	:	:	PUNCT
ajfa-11636	278	18	default	default	NOUN
ajfa-11636	278	19	risk	risk	NOUN
ajfa-11636	278	20	or	or	CCONJ
ajfa-11636	278	21	liquidity	liquidity	NOUN
ajfa-11636	278	22	?	?	PUNCT
ajfa-11636	279	1	new	new	ADJ
ajfa-11636	279	2	evidence	evidence	NOUN
ajfa-11636	279	3	from	from	ADP
ajfa-11636	279	4	the	the	DET
ajfa-11636	279	5	credit	credit	NOUN
ajfa-11636	279	6	-	-	PUNCT
ajfa-11636	279	7	default	default	NOUN
ajfa-11636	279	8	swap	swap	NOUN
ajfa-11636	279	9	market	market	NOUN
ajfa-11636	279	10	.	.	PUNCT
ajfa-11636	280	1	journal	journal	PROPN
ajfa-11636	280	2	of	of	ADP
ajfa-11636	280	3	finance	finance	NOUN
ajfa-11636	280	4	,	,	PUNCT
ajfa-11636	280	5	60(5	60(5	NOUN
ajfa-11636	280	6	)	)	PUNCT
ajfa-11636	280	7	.	.	PUNCT
ajfa-11636	281	1	https://doi.org/10.3386/w10418	https://doi.org/10.3386/w10418	NUM
ajfa-11636	281	2	palladini	palladini	NOUN
ajfa-11636	281	3	,	,	PUNCT
ajfa-11636	281	4	g.	g.	PROPN
ajfa-11636	281	5	and	and	CCONJ
ajfa-11636	281	6	portes	porte	NOUN
ajfa-11636	281	7	,	,	PUNCT
ajfa-11636	281	8	r.	r.	PROPN
ajfa-11636	281	9	(	(	PUNCT
ajfa-11636	281	10	2011	2011	NUM
ajfa-11636	281	11	)	)	PUNCT
ajfa-11636	281	12	.	.	PUNCT
ajfa-11636	282	1	sovereign	sovereign	ADJ
ajfa-11636	282	2	cds	cd	NOUN
ajfa-11636	282	3	snd	snd	PROPN
ajfa-11636	282	4	bond	bond	NOUN
ajfa-11636	282	5	pricing	pricing	NOUN
ajfa-11636	282	6	dynamics	dynamic	NOUN
ajfa-11636	282	7	in	in	ADP
ajfa-11636	282	8	the	the	DET
ajfa-11636	282	9	euro	euro	NOUN
ajfa-11636	282	10	-	-	PUNCT
ajfa-11636	282	11	area	area	NOUN
ajfa-11636	282	12	.	.	PUNCT
ajfa-11636	283	1	international	international	ADJ
ajfa-11636	283	2	macroeconomics	macroeconomic	NOUN
ajfa-11636	283	3	's	's	PART
ajfa-11636	283	4	working	work	VERB
ajfa-11636	283	5	paper	paper	NOUN
ajfa-11636	283	6	,	,	PUNCT
ajfa-11636	283	7	no	no	DET
ajfa-11636	283	8	8651	8651	NUM
ajfa-11636	283	9	.	.	PUNCT
ajfa-11636	284	1	stulz	stulz	ADJ
ajfa-11636	284	2	,	,	PUNCT
ajfa-11636	284	3	r.	r.	PROPN
ajfa-11636	284	4	(	(	PUNCT
ajfa-11636	284	5	2010	2010	NUM
ajfa-11636	284	6	)	)	PUNCT
ajfa-11636	284	7	.	.	PUNCT
ajfa-11636	285	1	credit	credit	NOUN
ajfa-11636	285	2	default	default	NOUN
ajfa-11636	285	3	swaps	swap	NOUN
ajfa-11636	285	4	and	and	CCONJ
ajfa-11636	285	5	the	the	DET
ajfa-11636	285	6	credit	credit	NOUN
ajfa-11636	285	7	crisis	crisis	NOUN
ajfa-11636	285	8	.	.	PUNCT
ajfa-11636	286	1	journal	journal	NOUN
ajfa-11636	286	2	of	of	ADP
ajfa-11636	286	3	economic	economic	ADJ
ajfa-11636	286	4	perspectives	perspective	NOUN
ajfa-11636	286	5	,	,	PUNCT
ajfa-11636	286	6	24(1	24(1	NUM
ajfa-11636	286	7	)	)	PUNCT
ajfa-11636	286	8	,	,	PUNCT
ajfa-11636	286	9	73	73	NUM
ajfa-11636	286	10	-	-	SYM
ajfa-11636	286	11	92	92	NUM
ajfa-11636	286	12	.	.	PUNCT
ajfa-11636	287	1	https://doi.org/10.3386/w15384	https://doi.org/10.3386/w15384	PROPN
ajfa-11636	287	2	zhu	zhu	PROPN
ajfa-11636	287	3	,	,	PUNCT
ajfa-11636	287	4	h.	h.	PROPN
ajfa-11636	287	5	(	(	PUNCT
ajfa-11636	287	6	2006	2006	NUM
ajfa-11636	287	7	)	)	PUNCT
ajfa-11636	287	8	.	.	PUNCT
ajfa-11636	288	1	an	an	DET
ajfa-11636	288	2	emperical	emperical	ADJ
ajfa-11636	288	3	comparison	comparison	NOUN
ajfa-11636	288	4	of	of	ADP
ajfa-11636	288	5	credit	credit	NOUN
ajfa-11636	288	6	spreads	spread	NOUN
ajfa-11636	288	7	between	between	ADP
ajfa-11636	288	8	the	the	DET
ajfa-11636	288	9	bond	bond	NOUN
ajfa-11636	288	10	market	market	NOUN
ajfa-11636	288	11	and	and	CCONJ
ajfa-11636	288	12	credit	credit	NOUN
ajfa-11636	288	13	default	default	NOUN
ajfa-11636	288	14	swap	swap	NOUN
ajfa-11636	288	15	market	market	NOUN
ajfa-11636	288	16	.	.	PUNCT
ajfa-11636	289	1	journal	journal	PROPN
ajfa-11636	289	2	of	of	ADP
ajfa-11636	289	3	finance	finance	NOUN
ajfa-11636	289	4	,	,	PUNCT
ajfa-11636	289	5	60	60	NUM
ajfa-11636	289	6	,	,	PUNCT
ajfa-11636	289	7	2213	2213	NUM
ajfa-11636	289	8	-	-	SYM
ajfa-11636	289	9	2253	2253	NUM
ajfa-11636	289	10	.	.	PUNCT
ajfa-11636	290	1	https://doi.org/10.1111/j.1540-6261.2005.00797.x	https://doi.org/10.1111/j.1540-6261.2005.00797.x	NOUN