id	sid	tid	token	lemma	pos
ajfa-11962	1	1	microsoft	microsoft	PROPN
ajfa-11962	1	2	word	word	NOUN
ajfa-11962	1	3	11962	11962	NUM
ajfa-11962	1	4	-	-	SYM
ajfa-11962	1	5	43970	43970	NUM
ajfa-11962	1	6	-	-	PUNCT
ajfa-11962	1	7	1	1	NUM
ajfa-11962	1	8	-	-	PUNCT
ajfa-11962	1	9	sm	sm	NOUN
ajfa-11962	1	10	-	-	PUNCT
ajfa-11962	1	11	writer2	writer2	VERB
ajfa-11962	1	12	-	-	ADJ
ajfa-11962	1	13	new	new	ADJ
ajfa-11962	1	14	asian	asian	ADJ
ajfa-11962	1	15	journal	journal	NOUN
ajfa-11962	1	16	of	of	ADP
ajfa-11962	1	17	finance	finance	PROPN
ajfa-11962	1	18	&	&	CCONJ
ajfa-11962	1	19	accounting	accounting	PROPN
ajfa-11962	1	20	issn	issn	PROPN
ajfa-11962	1	21	1946	1946	NUM
ajfa-11962	1	22	-	-	PUNCT
ajfa-11962	1	23	052x	052x	PROPN
ajfa-11962	1	24	2017	2017	NUM
ajfa-11962	1	25	,	,	PUNCT
ajfa-11962	1	26	vol	vol	NOUN
ajfa-11962	1	27	.	.	NOUN
ajfa-11962	1	28	9	9	NUM
ajfa-11962	1	29	,	,	PUNCT
ajfa-11962	1	30	no	no	INTJ
ajfa-11962	1	31	.	.	NOUN
ajfa-11962	1	32	2	2	NUM
ajfa-11962	1	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	1	34	219	219	NUM
ajfa-11962	1	35	a	a	DET
ajfa-11962	1	36	singaporean	singaporean	ADJ
ajfa-11962	1	37	study	study	NOUN
ajfa-11962	1	38	on	on	ADP
ajfa-11962	1	39	macroeconomic	macroeconomic	ADJ
ajfa-11962	1	40	variables	variable	NOUN
ajfa-11962	1	41	impacting	impact	VERB
ajfa-11962	1	42	stock	stock	NOUN
ajfa-11962	1	43	returns	return	NOUN
ajfa-11962	1	44	boon	boon	PROPN
ajfa-11962	1	45	leng	leng	PROPN
ajfa-11962	1	46	mark	mark	PROPN
ajfa-11962	1	47	,	,	PUNCT
ajfa-11962	1	48	goh	goh	PROPN
ajfa-11962	1	49	graduating	graduate	VERB
ajfa-11962	1	50	honours	honours	PROPN
ajfa-11962	1	51	student	student	NOUN
ajfa-11962	1	52	,	,	PUNCT
ajfa-11962	1	53	coventry	coventry	PROPN
ajfa-11962	1	54	university	university	PROPN
ajfa-11962	1	55	singapore	singapore	PROPN
ajfa-11962	1	56	(	(	PUNCT
ajfa-11962	1	57	psb	psb	PROPN
ajfa-11962	1	58	academy	academy	PROPN
ajfa-11962	1	59	)	)	PUNCT
ajfa-11962	1	60	6	6	NUM
ajfa-11962	1	61	raffles	raffle	NOUN
ajfa-11962	1	62	blvd	blvd	NOUN
ajfa-11962	1	63	,	,	PUNCT
ajfa-11962	1	64	#	#	SYM
ajfa-11962	1	65	03	03	NUM
ajfa-11962	1	66	-	-	SYM
ajfa-11962	1	67	200	200	NUM
ajfa-11962	1	68	,	,	PUNCT
ajfa-11962	1	69	singapore	singapore	PROPN
ajfa-11962	1	70	039594	039594	NUM
ajfa-11962	1	71	,	,	PUNCT
ajfa-11962	1	72	singapore	singapore	PROPN
ajfa-11962	1	73	tel	tel	PROPN
ajfa-11962	1	74	:	:	PUNCT
ajfa-11962	1	75	65	65	NUM
ajfa-11962	1	76	-	-	SYM
ajfa-11962	1	77	9673	9673	NUM
ajfa-11962	1	78	-	-	SYM
ajfa-11962	1	79	5026	5026	NUM
ajfa-11962	1	80	e	e	NOUN
ajfa-11962	1	81	-	-	NOUN
ajfa-11962	1	82	mail	mail	NOUN
ajfa-11962	1	83	:	:	PUNCT
ajfa-11962	1	84	mark.g.goh@gmail.com	mark.g.goh@gmail.com	PROPN
ajfa-11962	1	85	ameen	ameen	PROPN
ajfa-11962	1	86	ali	ali	PROPN
ajfa-11962	1	87	talib	talib	PROPN
ajfa-11962	1	88	head	head	NOUN
ajfa-11962	1	89	of	of	ADP
ajfa-11962	1	90	applied	apply	VERB
ajfa-11962	1	91	projects	project	NOUN
ajfa-11962	1	92	business	business	NOUN
ajfa-11962	1	93	school	school	NOUN
ajfa-11962	1	94	,	,	PUNCT
ajfa-11962	1	95	singapore	singapore	PROPN
ajfa-11962	1	96	university	university	PROPN
ajfa-11962	1	97	of	of	ADP
ajfa-11962	1	98	social	social	ADJ
ajfa-11962	1	99	science	science	NOUN
ajfa-11962	1	100	461	461	NUM
ajfa-11962	1	101	clementi	clementi	PROPN
ajfa-11962	1	102	road	road	NOUN
ajfa-11962	1	103	,	,	PUNCT
ajfa-11962	1	104	singapore	singapore	PROPN
ajfa-11962	1	105	e	e	PROPN
ajfa-11962	1	106	-	-	NOUN
ajfa-11962	1	107	mail	mail	NOUN
ajfa-11962	1	108	:	:	PUNCT
ajfa-11962	1	109	ameentalib@suss.edu.sg	ameentalib@suss.edu.sg	PROPN
ajfa-11962	1	110	received	receive	VERB
ajfa-11962	1	111	:	:	PUNCT
ajfa-11962	1	112	oct	oct	PROPN
ajfa-11962	1	113	.	.	PROPN
ajfa-11962	1	114	7	7	NUM
ajfa-11962	1	115	,	,	PUNCT
ajfa-11962	1	116	2017	2017	NUM
ajfa-11962	1	117	accepted	accept	VERB
ajfa-11962	1	118	:	:	PUNCT
ajfa-11962	1	119	nov	nov	PROPN
ajfa-11962	1	120	.	.	PROPN
ajfa-11962	1	121	24	24	NUM
ajfa-11962	1	122	,	,	PUNCT
ajfa-11962	1	123	2017	2017	NUM
ajfa-11962	1	124	published	publish	VERB
ajfa-11962	1	125	:	:	PUNCT
ajfa-11962	1	126	december	december	PROPN
ajfa-11962	1	127	1	1	NUM
ajfa-11962	1	128	,	,	PUNCT
ajfa-11962	1	129	2017	2017	NUM
ajfa-11962	1	130	doi:10.5296	doi:10.5296	NOUN
ajfa-11962	1	131	/	/	SYM
ajfa-11962	1	132	ajfa.v9i2.11962	ajfa.v9i2.11962	NUM
ajfa-11962	1	133	url	url	NOUN
ajfa-11962	1	134	:	:	PUNCT
ajfa-11962	1	135	https://doi.org/10.5296/ajfa.v9i2.11962	https://doi.org/10.5296/ajfa.v9i2.11962	PROPN
ajfa-11962	1	136	abstract	abstract	ADJ
ajfa-11962	1	137	stock	stock	NOUN
ajfa-11962	1	138	market	market	NOUN
ajfa-11962	1	139	returns	return	NOUN
ajfa-11962	1	140	has	have	AUX
ajfa-11962	1	141	increasingly	increasingly	ADV
ajfa-11962	1	142	become	become	VERB
ajfa-11962	1	143	a	a	DET
ajfa-11962	1	144	leading	lead	VERB
ajfa-11962	1	145	indicator	indicator	NOUN
ajfa-11962	1	146	of	of	ADP
ajfa-11962	1	147	a	a	DET
ajfa-11962	1	148	country	country	NOUN
ajfa-11962	1	149	’s	’s	PART
ajfa-11962	1	150	economic	economic	ADJ
ajfa-11962	1	151	performance	performance	NOUN
ajfa-11962	1	152	.	.	PUNCT
ajfa-11962	2	1	this	this	PRON
ajfa-11962	2	2	explains	explain	VERB
ajfa-11962	2	3	academia	academia	NOUN
ajfa-11962	2	4	’s	’s	PART
ajfa-11962	2	5	growing	grow	VERB
ajfa-11962	2	6	interest	interest	NOUN
ajfa-11962	2	7	in	in	ADP
ajfa-11962	2	8	determining	determine	VERB
ajfa-11962	2	9	factors	factor	NOUN
ajfa-11962	2	10	affecting	affect	VERB
ajfa-11962	2	11	stock	stock	NOUN
ajfa-11962	2	12	returns	return	NOUN
ajfa-11962	2	13	.	.	PUNCT
ajfa-11962	3	1	a	a	DET
ajfa-11962	3	2	majority	majority	NOUN
ajfa-11962	3	3	of	of	ADP
ajfa-11962	3	4	recent	recent	ADJ
ajfa-11962	3	5	studies	study	NOUN
ajfa-11962	3	6	on	on	ADP
ajfa-11962	3	7	singapore	singapore	PROPN
ajfa-11962	3	8	’s	’s	PART
ajfa-11962	3	9	economic	economic	ADJ
ajfa-11962	3	10	performance	performance	NOUN
ajfa-11962	3	11	focused	focus	VERB
ajfa-11962	3	12	centrally	centrally	ADV
ajfa-11962	3	13	around	around	ADP
ajfa-11962	3	14	policy	policy	NOUN
ajfa-11962	3	15	impact	impact	NOUN
ajfa-11962	3	16	or	or	CCONJ
ajfa-11962	3	17	property	property	NOUN
ajfa-11962	3	18	prices	price	NOUN
ajfa-11962	3	19	,	,	PUNCT
ajfa-11962	3	20	and	and	CCONJ
ajfa-11962	3	21	not	not	PART
ajfa-11962	3	22	specifically	specifically	ADV
ajfa-11962	3	23	on	on	ADP
ajfa-11962	3	24	stock	stock	NOUN
ajfa-11962	3	25	returns	return	NOUN
ajfa-11962	3	26	.	.	PUNCT
ajfa-11962	4	1	this	this	DET
ajfa-11962	4	2	study	study	NOUN
ajfa-11962	4	3	aimed	aim	VERB
ajfa-11962	4	4	to	to	PART
ajfa-11962	4	5	fill	fill	VERB
ajfa-11962	4	6	this	this	DET
ajfa-11962	4	7	gap	gap	NOUN
ajfa-11962	4	8	,	,	PUNCT
ajfa-11962	4	9	by	by	ADP
ajfa-11962	4	10	examining	examine	VERB
ajfa-11962	4	11	if	if	SCONJ
ajfa-11962	4	12	,	,	PUNCT
ajfa-11962	4	13	and	and	CCONJ
ajfa-11962	4	14	how	how	SCONJ
ajfa-11962	4	15	,	,	PUNCT
ajfa-11962	4	16	historical	historical	ADJ
ajfa-11962	4	17	movements	movement	NOUN
ajfa-11962	4	18	in	in	ADP
ajfa-11962	4	19	the	the	DET
ajfa-11962	4	20	straits	strait	NOUN
ajfa-11962	4	21	times	times	PROPN
ajfa-11962	4	22	index	index	NOUN
ajfa-11962	4	23	(	(	PUNCT
ajfa-11962	4	24	sti	sti	PROPN
ajfa-11962	4	25	)	)	PUNCT
ajfa-11962	4	26	were	be	AUX
ajfa-11962	4	27	explained	explain	VERB
ajfa-11962	4	28	by	by	ADP
ajfa-11962	4	29	the	the	DET
ajfa-11962	4	30	s$neer	s$neer	PROPN
ajfa-11962	4	31	,	,	PUNCT
ajfa-11962	4	32	monetary	monetary	ADJ
ajfa-11962	4	33	supply	supply	NOUN
ajfa-11962	4	34	,	,	PUNCT
ajfa-11962	4	35	cpi	cpi	NOUN
ajfa-11962	4	36	,	,	PUNCT
ajfa-11962	4	37	balance	balance	NOUN
ajfa-11962	4	38	of	of	ADP
ajfa-11962	4	39	payments	payment	NOUN
ajfa-11962	4	40	,	,	PUNCT
ajfa-11962	4	41	crude	crude	ADJ
ajfa-11962	4	42	oil	oil	NOUN
ajfa-11962	4	43	prices	price	NOUN
ajfa-11962	4	44	,	,	PUNCT
ajfa-11962	4	45	electricity	electricity	NOUN
ajfa-11962	4	46	generated	generate	VERB
ajfa-11962	4	47	,	,	PUNCT
ajfa-11962	4	48	gfcf	gfcf	NOUN
ajfa-11962	4	49	,	,	PUNCT
ajfa-11962	4	50	industrial	industrial	ADJ
ajfa-11962	4	51	production	production	NOUN
ajfa-11962	4	52	,	,	PUNCT
ajfa-11962	4	53	merchandise	merchandise	NOUN
ajfa-11962	4	54	trade	trade	NOUN
ajfa-11962	4	55	,	,	PUNCT
ajfa-11962	4	56	or	or	CCONJ
ajfa-11962	4	57	labour	labour	NOUN
ajfa-11962	4	58	cost	cost	NOUN
ajfa-11962	4	59	.	.	PUNCT
ajfa-11962	5	1	by	by	ADP
ajfa-11962	5	2	utilizing	utilize	VERB
ajfa-11962	5	3	a	a	DET
ajfa-11962	5	4	structural	structural	ADJ
ajfa-11962	5	5	vector	vector	NOUN
ajfa-11962	5	6	auto	auto	NOUN
ajfa-11962	5	7	regression	regression	NOUN
ajfa-11962	5	8	(	(	PUNCT
ajfa-11962	5	9	svar	svar	NOUN
ajfa-11962	5	10	)	)	PUNCT
ajfa-11962	5	11	model	model	NOUN
ajfa-11962	5	12	,	,	PUNCT
ajfa-11962	5	13	approximately	approximately	ADV
ajfa-11962	5	14	48	48	NUM
ajfa-11962	5	15	%	%	NOUN
ajfa-11962	5	16	of	of	ADP
ajfa-11962	5	17	the	the	DET
ajfa-11962	5	18	sti	sti	PROPN
ajfa-11962	5	19	’s	’s	PART
ajfa-11962	5	20	variance	variance	NOUN
ajfa-11962	5	21	was	be	AUX
ajfa-11962	5	22	collectively	collectively	ADV
ajfa-11962	5	23	attributable	attributable	ADJ
ajfa-11962	5	24	to	to	ADP
ajfa-11962	5	25	these	these	DET
ajfa-11962	5	26	ten	ten	NUM
ajfa-11962	5	27	macroeconomic	macroeconomic	ADJ
ajfa-11962	5	28	variables	variable	NOUN
ajfa-11962	5	29	,	,	PUNCT
ajfa-11962	5	30	all	all	PRON
ajfa-11962	5	31	of	of	ADP
ajfa-11962	5	32	which	which	PRON
ajfa-11962	5	33	had	have	VERB
ajfa-11962	5	34	short	short	ADJ
ajfa-11962	5	35	-	-	PUNCT
ajfa-11962	5	36	term	term	NOUN
ajfa-11962	5	37	impact	impact	NOUN
ajfa-11962	5	38	on	on	ADP
ajfa-11962	5	39	the	the	DET
ajfa-11962	5	40	sti	sti	PROPN
ajfa-11962	5	41	.	.	PUNCT
ajfa-11962	6	1	looking	look	VERB
ajfa-11962	6	2	forward	forward	ADV
ajfa-11962	6	3	,	,	PUNCT
ajfa-11962	6	4	further	further	ADJ
ajfa-11962	6	5	research	research	NOUN
ajfa-11962	6	6	could	could	AUX
ajfa-11962	6	7	be	be	AUX
ajfa-11962	6	8	conducted	conduct	VERB
ajfa-11962	6	9	examining	examine	VERB
ajfa-11962	6	10	the	the	DET
ajfa-11962	6	11	impact	impact	NOUN
ajfa-11962	6	12	of	of	ADP
ajfa-11962	6	13	said	say	VERB
ajfa-11962	6	14	variables	variable	NOUN
ajfa-11962	6	15	on	on	ADP
ajfa-11962	6	16	individual	individual	ADJ
ajfa-11962	6	17	sectoral	sectoral	ADJ
ajfa-11962	6	18	stock	stock	NOUN
ajfa-11962	6	19	indices	index	NOUN
ajfa-11962	6	20	,	,	PUNCT
ajfa-11962	6	21	for	for	ADP
ajfa-11962	6	22	greater	great	ADJ
ajfa-11962	6	23	insight	insight	NOUN
ajfa-11962	6	24	on	on	ADP
ajfa-11962	6	25	the	the	DET
ajfa-11962	6	26	dynamics	dynamic	NOUN
ajfa-11962	6	27	of	of	ADP
ajfa-11962	6	28	their	their	PRON
ajfa-11962	6	29	relationships	relationship	NOUN
ajfa-11962	6	30	.	.	PUNCT
ajfa-11962	7	1	keywords	keyword	NOUN
ajfa-11962	7	2	:	:	PUNCT
ajfa-11962	7	3	finance	finance	NOUN
ajfa-11962	7	4	,	,	PUNCT
ajfa-11962	7	5	econometrics	econometric	NOUN
ajfa-11962	7	6	,	,	PUNCT
ajfa-11962	7	7	structural	structural	ADJ
ajfa-11962	7	8	vector	vector	NOUN
ajfa-11962	7	9	auto	auto	NOUN
ajfa-11962	7	10	regression	regression	NOUN
ajfa-11962	7	11	,	,	PUNCT
ajfa-11962	7	12	stock	stock	NOUN
ajfa-11962	7	13	returns	return	NOUN
ajfa-11962	7	14	,	,	PUNCT
ajfa-11962	7	15	singapore	singapore	PROPN
ajfa-11962	7	16	asian	asian	PROPN
ajfa-11962	7	17	journal	journal	PROPN
ajfa-11962	7	18	of	of	ADP
ajfa-11962	7	19	finance	finance	PROPN
ajfa-11962	7	20	&	&	CCONJ
ajfa-11962	7	21	accounting	accounting	PROPN
ajfa-11962	7	22	issn	issn	PROPN
ajfa-11962	7	23	1946	1946	NUM
ajfa-11962	7	24	-	-	PUNCT
ajfa-11962	7	25	052x	052x	PROPN
ajfa-11962	7	26	2017	2017	NUM
ajfa-11962	7	27	,	,	PUNCT
ajfa-11962	7	28	vol	vol	NOUN
ajfa-11962	7	29	.	.	NOUN
ajfa-11962	7	30	9	9	NUM
ajfa-11962	7	31	,	,	PUNCT
ajfa-11962	7	32	no	no	NOUN
ajfa-11962	7	33	.	.	NOUN
ajfa-11962	7	34	2	2	NUM
ajfa-11962	7	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	7	36	220	220	NUM
ajfa-11962	7	37	1	1	NUM
ajfa-11962	7	38	.	.	PUNCT
ajfa-11962	8	1	introduction	introduction	NOUN
ajfa-11962	8	2	warren	warren	PROPN
ajfa-11962	8	3	buffett	buffett	PROPN
ajfa-11962	8	4	,	,	PUNCT
ajfa-11962	8	5	renowned	renowned	ADJ
ajfa-11962	8	6	investor	investor	NOUN
ajfa-11962	8	7	in	in	ADP
ajfa-11962	8	8	recent	recent	ADJ
ajfa-11962	8	9	decades	decade	NOUN
ajfa-11962	8	10	and	and	CCONJ
ajfa-11962	8	11	owner	owner	NOUN
ajfa-11962	8	12	of	of	ADP
ajfa-11962	8	13	investment	investment	NOUN
ajfa-11962	8	14	company	company	NOUN
ajfa-11962	8	15	berkshire	berkshire	PROPN
ajfa-11962	8	16	hathaway	hathaway	PROPN
ajfa-11962	8	17	,	,	PUNCT
ajfa-11962	8	18	was	be	AUX
ajfa-11962	8	19	noted	note	VERB
ajfa-11962	8	20	to	to	PART
ajfa-11962	8	21	turn	turn	VERB
ajfa-11962	8	22	to	to	ADP
ajfa-11962	8	23	an	an	DET
ajfa-11962	8	24	unorthodox	unorthodox	ADJ
ajfa-11962	8	25	indicator	indicator	NOUN
ajfa-11962	8	26	for	for	ADP
ajfa-11962	8	27	valuing	value	VERB
ajfa-11962	8	28	companies	company	NOUN
ajfa-11962	8	29	,	,	PUNCT
ajfa-11962	8	30	i.e.	i.e.	X
ajfa-11962	8	31	comparing	compare	VERB
ajfa-11962	8	32	a	a	DET
ajfa-11962	8	33	country	country	NOUN
ajfa-11962	8	34	’s	’s	PART
ajfa-11962	8	35	total	total	ADJ
ajfa-11962	8	36	stock	stock	NOUN
ajfa-11962	8	37	market	market	NOUN
ajfa-11962	8	38	capitalization	capitalization	NOUN
ajfa-11962	8	39	to	to	ADP
ajfa-11962	8	40	that	that	DET
ajfa-11962	8	41	country	country	NOUN
ajfa-11962	8	42	’s	’s	PART
ajfa-11962	8	43	gdp	gdp	NOUN
ajfa-11962	8	44	(	(	PUNCT
ajfa-11962	8	45	reese	reese	PROPN
ajfa-11962	8	46	,	,	PUNCT
ajfa-11962	8	47	2016	2016	NUM
ajfa-11962	8	48	)	)	PUNCT
ajfa-11962	8	49	.	.	PUNCT
ajfa-11962	9	1	dubbed	dub	VERB
ajfa-11962	9	2	the	the	DET
ajfa-11962	9	3	“	"	PUNCT
ajfa-11962	9	4	buffett	buffett	PROPN
ajfa-11962	9	5	indicator	indicator	NOUN
ajfa-11962	9	6	”	"	PUNCT
ajfa-11962	9	7	,	,	PUNCT
ajfa-11962	9	8	this	this	DET
ajfa-11962	9	9	ratio	ratio	NOUN
ajfa-11962	9	10	was	be	AUX
ajfa-11962	9	11	intended	intend	VERB
ajfa-11962	9	12	to	to	PART
ajfa-11962	9	13	suggest	suggest	VERB
ajfa-11962	9	14	that	that	SCONJ
ajfa-11962	9	15	stocks	stock	NOUN
ajfa-11962	9	16	in	in	ADP
ajfa-11962	9	17	a	a	DET
ajfa-11962	9	18	certain	certain	ADJ
ajfa-11962	9	19	country	country	NOUN
ajfa-11962	9	20	were	be	AUX
ajfa-11962	9	21	undervalued	undervalue	VERB
ajfa-11962	9	22	at	at	ADP
ajfa-11962	9	23	lower	low	ADJ
ajfa-11962	9	24	levels	level	NOUN
ajfa-11962	9	25	,	,	PUNCT
ajfa-11962	9	26	and	and	CCONJ
ajfa-11962	9	27	overvalued	overvalue	VERB
ajfa-11962	9	28	at	at	ADP
ajfa-11962	9	29	higher	high	ADJ
ajfa-11962	9	30	levels	level	NOUN
ajfa-11962	9	31	(	(	PUNCT
ajfa-11962	9	32	li	li	PROPN
ajfa-11962	9	33	,	,	PUNCT
ajfa-11962	9	34	2017	2017	NUM
ajfa-11962	9	35	;	;	PUNCT
ajfa-11962	9	36	reese	reese	PROPN
ajfa-11962	9	37	,	,	PUNCT
ajfa-11962	9	38	2016	2016	NUM
ajfa-11962	9	39	)	)	PUNCT
ajfa-11962	9	40	.	.	PUNCT
ajfa-11962	10	1	as	as	ADP
ajfa-11962	10	2	such	such	ADJ
ajfa-11962	10	3	,	,	PUNCT
ajfa-11962	10	4	this	this	DET
ajfa-11962	10	5	indicator	indicator	NOUN
ajfa-11962	10	6	made	make	VERB
ajfa-11962	10	7	headlines	headline	NOUN
ajfa-11962	10	8	recently	recently	ADV
ajfa-11962	10	9	as	as	SCONJ
ajfa-11962	10	10	it	it	PRON
ajfa-11962	10	11	showed	show	VERB
ajfa-11962	10	12	that	that	SCONJ
ajfa-11962	10	13	levels	level	NOUN
ajfa-11962	10	14	for	for	ADP
ajfa-11962	10	15	the	the	DET
ajfa-11962	10	16	us	us	PROPN
ajfa-11962	10	17	market	market	NOUN
ajfa-11962	10	18	was	be	AUX
ajfa-11962	10	19	heading	head	VERB
ajfa-11962	10	20	close	close	ADV
ajfa-11962	10	21	to	to	ADP
ajfa-11962	10	22	its	its	PRON
ajfa-11962	10	23	peak	peak	NOUN
ajfa-11962	10	24	right	right	ADV
ajfa-11962	10	25	before	before	ADP
ajfa-11962	10	26	the	the	DET
ajfa-11962	10	27	dot	dot	NOUN
ajfa-11962	10	28	-	-	PUNCT
ajfa-11962	10	29	com	com	NOUN
ajfa-11962	10	30	bubble	bubble	NOUN
ajfa-11962	10	31	of	of	ADP
ajfa-11962	10	32	2000	2000	NUM
ajfa-11962	10	33	;	;	PUNCT
ajfa-11962	10	34	suggesting	suggest	VERB
ajfa-11962	10	35	that	that	SCONJ
ajfa-11962	10	36	a	a	DET
ajfa-11962	10	37	possible	possible	ADJ
ajfa-11962	10	38	bearish	bearish	ADJ
ajfa-11962	10	39	turn	turn	NOUN
ajfa-11962	10	40	in	in	ADP
ajfa-11962	10	41	the	the	DET
ajfa-11962	10	42	market	market	NOUN
ajfa-11962	10	43	is	be	AUX
ajfa-11962	10	44	approaching	approach	VERB
ajfa-11962	10	45	(	(	PUNCT
ajfa-11962	10	46	li	li	PROPN
ajfa-11962	10	47	,	,	PUNCT
ajfa-11962	10	48	2017	2017	NUM
ajfa-11962	10	49	)	)	PUNCT
ajfa-11962	10	50	.	.	PUNCT
ajfa-11962	11	1	chang	chang	PROPN
ajfa-11962	11	2	and	and	CCONJ
ajfa-11962	11	3	pak	pak	PROPN
ajfa-11962	11	4	(	(	PUNCT
ajfa-11962	11	5	2017	2017	NUM
ajfa-11962	11	6	)	)	PUNCT
ajfa-11962	11	7	found	find	VERB
ajfa-11962	11	8	this	this	DET
ajfa-11962	11	9	indicator	indicator	NOUN
ajfa-11962	11	10	to	to	PART
ajfa-11962	11	11	be	be	AUX
ajfa-11962	11	12	reliable	reliable	ADJ
ajfa-11962	11	13	for	for	ADP
ajfa-11962	11	14	some	some	PRON
ajfa-11962	11	15	,	,	PUNCT
ajfa-11962	11	16	not	not	PART
ajfa-11962	11	17	all	all	DET
ajfa-11962	11	18	countries	country	NOUN
ajfa-11962	11	19	,	,	PUNCT
ajfa-11962	11	20	with	with	ADP
ajfa-11962	11	21	singapore	singapore	PROPN
ajfa-11962	11	22	being	be	AUX
ajfa-11962	11	23	one	one	NUM
ajfa-11962	11	24	of	of	ADP
ajfa-11962	11	25	the	the	DET
ajfa-11962	11	26	countries	country	NOUN
ajfa-11962	11	27	in	in	ADP
ajfa-11962	11	28	which	which	PRON
ajfa-11962	11	29	the	the	DET
ajfa-11962	11	30	indicator	indicator	NOUN
ajfa-11962	11	31	could	could	AUX
ajfa-11962	11	32	be	be	AUX
ajfa-11962	11	33	used	use	VERB
ajfa-11962	11	34	to	to	PART
ajfa-11962	11	35	reliably	reliably	ADV
ajfa-11962	11	36	compare	compare	VERB
ajfa-11962	11	37	countries	country	NOUN
ajfa-11962	11	38	’	'	PUNCT
ajfa-11962	11	39	stocks	stock	NOUN
ajfa-11962	11	40	for	for	ADP
ajfa-11962	11	41	better	well	ADJ
ajfa-11962	11	42	returns	return	NOUN
ajfa-11962	11	43	.	.	PUNCT
ajfa-11962	12	1	at	at	ADP
ajfa-11962	12	2	the	the	DET
ajfa-11962	12	3	same	same	ADJ
ajfa-11962	12	4	time	time	NOUN
ajfa-11962	12	5	,	,	PUNCT
ajfa-11962	12	6	other	other	ADJ
ajfa-11962	12	7	than	than	ADP
ajfa-11962	12	8	hong	hong	PROPN
ajfa-11962	12	9	kong	kong	PROPN
ajfa-11962	12	10	,	,	PUNCT
ajfa-11962	12	11	singapore	singapore	PROPN
ajfa-11962	12	12	’s	’s	PART
ajfa-11962	12	13	buffett	buffett	PROPN
ajfa-11962	12	14	indicator	indicator	PROPN
ajfa-11962	12	15	score	score	NOUN
ajfa-11962	12	16	of	of	ADP
ajfa-11962	12	17	over	over	ADP
ajfa-11962	12	18	200	200	NUM
ajfa-11962	12	19	%	%	NOUN
ajfa-11962	12	20	of	of	ADP
ajfa-11962	12	21	gdp	gdp	NOUN
ajfa-11962	12	22	is	be	AUX
ajfa-11962	12	23	the	the	DET
ajfa-11962	12	24	highest	high	ADJ
ajfa-11962	12	25	in	in	ADP
ajfa-11962	12	26	comparison	comparison	NOUN
ajfa-11962	12	27	with	with	ADP
ajfa-11962	12	28	its	its	PRON
ajfa-11962	12	29	trade	trade	NOUN
ajfa-11962	12	30	partners	partner	NOUN
ajfa-11962	12	31	such	such	ADJ
ajfa-11962	12	32	as	as	ADP
ajfa-11962	12	33	malaysia	malaysia	PROPN
ajfa-11962	12	34	(	(	PUNCT
ajfa-11962	12	35	130	130	NUM
ajfa-11962	12	36	%	%	NOUN
ajfa-11962	12	37	)	)	PUNCT
ajfa-11962	12	38	,	,	PUNCT
ajfa-11962	12	39	china	china	PROPN
ajfa-11962	12	40	(	(	PUNCT
ajfa-11962	12	41	70	70	NUM
ajfa-11962	12	42	%	%	NOUN
ajfa-11962	12	43	)	)	PUNCT
ajfa-11962	12	44	,	,	PUNCT
ajfa-11962	12	45	indonesia	indonesia	PROPN
ajfa-11962	12	46	(	(	PUNCT
ajfa-11962	12	47	40	40	NUM
ajfa-11962	12	48	%	%	NOUN
ajfa-11962	12	49	)	)	PUNCT
ajfa-11962	12	50	,	,	PUNCT
ajfa-11962	12	51	the	the	DET
ajfa-11962	12	52	european	european	PROPN
ajfa-11962	12	53	union	union	PROPN
ajfa-11962	12	54	(	(	PUNCT
ajfa-11962	12	55	45	45	NUM
ajfa-11962	12	56	%	%	NOUN
ajfa-11962	12	57	)	)	PUNCT
ajfa-11962	12	58	,	,	PUNCT
ajfa-11962	12	59	and	and	CCONJ
ajfa-11962	12	60	the	the	DET
ajfa-11962	12	61	us	us	PROPN
ajfa-11962	12	62	(	(	PUNCT
ajfa-11962	12	63	150	150	NUM
ajfa-11962	12	64	%	%	NOUN
ajfa-11962	12	65	)	)	PUNCT
ajfa-11962	12	66	,	,	PUNCT
ajfa-11962	12	67	or	or	CCONJ
ajfa-11962	12	68	the	the	DET
ajfa-11962	12	69	global	global	ADJ
ajfa-11962	12	70	average	average	NOUN
ajfa-11962	12	71	of	of	ADP
ajfa-11962	12	72	approximately	approximately	ADV
ajfa-11962	12	73	95	95	NUM
ajfa-11962	12	74	%	%	NOUN
ajfa-11962	12	75	;	;	PUNCT
ajfa-11962	12	76	hong	hong	PROPN
ajfa-11962	12	77	kong	kong	PROPN
ajfa-11962	12	78	aside	aside	ADV
ajfa-11962	12	79	(	(	PUNCT
ajfa-11962	12	80	over	over	ADP
ajfa-11962	12	81	1,000	1,000	NUM
ajfa-11962	12	82	%	%	NOUN
ajfa-11962	12	83	)	)	PUNCT
ajfa-11962	12	84	(	(	PUNCT
ajfa-11962	12	85	ministry	ministry	NOUN
ajfa-11962	12	86	of	of	ADP
ajfa-11962	12	87	trade	trade	NOUN
ajfa-11962	12	88	and	and	CCONJ
ajfa-11962	12	89	industry	industry	NOUN
ajfa-11962	12	90	,	,	PUNCT
ajfa-11962	12	91	2017	2017	NUM
ajfa-11962	12	92	;	;	PUNCT
ajfa-11962	12	93	worldbank	worldbank	ADJ
ajfa-11962	12	94	,	,	PUNCT
ajfa-11962	12	95	2017	2017	NUM
ajfa-11962	12	96	)	)	PUNCT
ajfa-11962	12	97	.	.	PUNCT
ajfa-11962	13	1	however	however	ADV
ajfa-11962	13	2	,	,	PUNCT
ajfa-11962	13	3	in	in	ADP
ajfa-11962	13	4	the	the	DET
ajfa-11962	13	5	spirit	spirit	NOUN
ajfa-11962	13	6	of	of	ADP
ajfa-11962	13	7	thorough	thorough	ADJ
ajfa-11962	13	8	due	due	ADJ
ajfa-11962	13	9	diligence	diligence	NOUN
ajfa-11962	13	10	before	before	ADP
ajfa-11962	13	11	investing	investing	NOUN
ajfa-11962	13	12	,	,	PUNCT
ajfa-11962	13	13	a	a	DET
ajfa-11962	13	14	single	single	ADJ
ajfa-11962	13	15	technical	technical	ADJ
ajfa-11962	13	16	indicator	indicator	NOUN
ajfa-11962	13	17	is	be	AUX
ajfa-11962	13	18	insufficient	insufficient	ADJ
ajfa-11962	13	19	in	in	ADP
ajfa-11962	13	20	coming	come	VERB
ajfa-11962	13	21	to	to	ADP
ajfa-11962	13	22	a	a	DET
ajfa-11962	13	23	conclusion	conclusion	NOUN
ajfa-11962	13	24	on	on	ADP
ajfa-11962	13	25	singapore	singapore	PROPN
ajfa-11962	13	26	’s	’s	PART
ajfa-11962	13	27	stock	stock	NOUN
ajfa-11962	13	28	returns	return	NOUN
ajfa-11962	13	29	.	.	PUNCT
ajfa-11962	14	1	as	as	ADP
ajfa-11962	14	2	such	such	ADJ
ajfa-11962	14	3	,	,	PUNCT
ajfa-11962	14	4	this	this	DET
ajfa-11962	14	5	research	research	NOUN
ajfa-11962	14	6	aims	aim	VERB
ajfa-11962	14	7	to	to	PART
ajfa-11962	14	8	impart	impart	VERB
ajfa-11962	14	9	a	a	DET
ajfa-11962	14	10	more	more	ADV
ajfa-11962	14	11	thorough	thorough	ADJ
ajfa-11962	14	12	understanding	understanding	NOUN
ajfa-11962	14	13	of	of	ADP
ajfa-11962	14	14	how	how	SCONJ
ajfa-11962	14	15	macroeconomic	macroeconomic	ADJ
ajfa-11962	14	16	factors	factor	NOUN
ajfa-11962	14	17	affect	affect	VERB
ajfa-11962	14	18	stock	stock	NOUN
ajfa-11962	14	19	returns	return	NOUN
ajfa-11962	14	20	,	,	PUNCT
ajfa-11962	14	21	with	with	ADP
ajfa-11962	14	22	a	a	DET
ajfa-11962	14	23	focus	focus	NOUN
ajfa-11962	14	24	on	on	ADP
ajfa-11962	14	25	singapore	singapore	PROPN
ajfa-11962	14	26	’s	’s	PART
ajfa-11962	14	27	climate	climate	NOUN
ajfa-11962	14	28	.	.	PUNCT
ajfa-11962	15	1	the	the	DET
ajfa-11962	15	2	main	main	ADJ
ajfa-11962	15	3	objectives	objective	NOUN
ajfa-11962	15	4	of	of	ADP
ajfa-11962	15	5	this	this	DET
ajfa-11962	15	6	research	research	NOUN
ajfa-11962	15	7	are	be	AUX
ajfa-11962	15	8	:	:	PUNCT
ajfa-11962	15	9	•	•	ADP
ajfa-11962	15	10	to	to	PART
ajfa-11962	15	11	determine	determine	VERB
ajfa-11962	15	12	the	the	DET
ajfa-11962	15	13	effect	effect	NOUN
ajfa-11962	15	14	of	of	ADP
ajfa-11962	15	15	macroeconomic	macroeconomic	ADJ
ajfa-11962	15	16	variables	variable	NOUN
ajfa-11962	15	17	on	on	ADP
ajfa-11962	15	18	stock	stock	NOUN
ajfa-11962	15	19	returns	return	NOUN
ajfa-11962	15	20	in	in	ADP
ajfa-11962	15	21	singapore	singapore	PROPN
ajfa-11962	15	22	,	,	PUNCT
ajfa-11962	15	23	by	by	ADP
ajfa-11962	15	24	using	use	VERB
ajfa-11962	15	25	changes	change	NOUN
ajfa-11962	15	26	in	in	ADP
ajfa-11962	15	27	the	the	DET
ajfa-11962	15	28	straits	strait	NOUN
ajfa-11962	15	29	times	times	PROPN
ajfa-11962	15	30	index	index	NOUN
ajfa-11962	15	31	price	price	NOUN
ajfa-11962	15	32	as	as	ADP
ajfa-11962	15	33	a	a	DET
ajfa-11962	15	34	basis	basis	NOUN
ajfa-11962	15	35	of	of	ADP
ajfa-11962	15	36	determining	determine	VERB
ajfa-11962	15	37	stock	stock	NOUN
ajfa-11962	15	38	returns	return	NOUN
ajfa-11962	15	39	.	.	PUNCT
ajfa-11962	16	1	•	•	ADP
ajfa-11962	16	2	to	to	PART
ajfa-11962	16	3	determine	determine	VERB
ajfa-11962	16	4	the	the	DET
ajfa-11962	16	5	extent	extent	NOUN
ajfa-11962	16	6	to	to	PART
ajfa-11962	16	7	which	which	PRON
ajfa-11962	16	8	macroeconomic	macroeconomic	ADJ
ajfa-11962	16	9	variables	variable	NOUN
ajfa-11962	16	10	explain	explain	VERB
ajfa-11962	16	11	the	the	DET
ajfa-11962	16	12	differing	differ	VERB
ajfa-11962	16	13	stock	stock	NOUN
ajfa-11962	16	14	returns	return	NOUN
ajfa-11962	16	15	in	in	ADP
ajfa-11962	16	16	singapore	singapore	PROPN
ajfa-11962	16	17	.	.	PUNCT
ajfa-11962	17	1	2	2	X
ajfa-11962	17	2	.	.	X
ajfa-11962	17	3	literature	literature	NOUN
ajfa-11962	17	4	review	review	VERB
ajfa-11962	17	5	2.1	2.1	NUM
ajfa-11962	17	6	macroeconomy	macroeconomy	NOUN
ajfa-11962	17	7	and	and	CCONJ
ajfa-11962	17	8	stock	stock	NOUN
ajfa-11962	17	9	returns	return	NOUN
ajfa-11962	17	10	alam	alam	PROPN
ajfa-11962	17	11	and	and	CCONJ
ajfa-11962	17	12	rashid	rashid	PROPN
ajfa-11962	17	13	(	(	PUNCT
ajfa-11962	17	14	2014	2014	NUM
ajfa-11962	17	15	)	)	PUNCT
ajfa-11962	17	16	noted	note	VERB
ajfa-11962	17	17	that	that	SCONJ
ajfa-11962	17	18	stock	stock	NOUN
ajfa-11962	17	19	market	market	NOUN
ajfa-11962	17	20	returns	return	NOUN
ajfa-11962	17	21	has	have	AUX
ajfa-11962	17	22	grown	grow	VERB
ajfa-11962	17	23	to	to	PART
ajfa-11962	17	24	be	be	AUX
ajfa-11962	17	25	a	a	DET
ajfa-11962	17	26	leading	lead	VERB
ajfa-11962	17	27	indicator	indicator	NOUN
ajfa-11962	17	28	of	of	ADP
ajfa-11962	17	29	a	a	DET
ajfa-11962	17	30	country	country	NOUN
ajfa-11962	17	31	’s	’s	PART
ajfa-11962	17	32	economic	economic	ADJ
ajfa-11962	17	33	performance	performance	NOUN
ajfa-11962	17	34	.	.	PUNCT
ajfa-11962	18	1	this	this	PRON
ajfa-11962	18	2	explains	explain	VERB
ajfa-11962	18	3	why	why	SCONJ
ajfa-11962	18	4	there	there	PRON
ajfa-11962	18	5	has	have	AUX
ajfa-11962	18	6	been	be	AUX
ajfa-11962	18	7	academic	academic	ADJ
ajfa-11962	18	8	interest	interest	NOUN
ajfa-11962	18	9	in	in	ADP
ajfa-11962	18	10	determining	determine	VERB
ajfa-11962	18	11	factors	factor	NOUN
ajfa-11962	18	12	which	which	PRON
ajfa-11962	18	13	affect	affect	VERB
ajfa-11962	18	14	such	such	ADJ
ajfa-11962	18	15	returns	return	NOUN
ajfa-11962	18	16	,	,	PUNCT
ajfa-11962	18	17	both	both	CCONJ
ajfa-11962	18	18	in	in	ADP
ajfa-11962	18	19	the	the	DET
ajfa-11962	18	20	long	long	ADJ
ajfa-11962	18	21	and	and	CCONJ
ajfa-11962	18	22	short	short	ADJ
ajfa-11962	18	23	run	run	NOUN
ajfa-11962	18	24	.	.	PUNCT
ajfa-11962	19	1	however	however	ADV
ajfa-11962	19	2	,	,	PUNCT
ajfa-11962	19	3	given	give	VERB
ajfa-11962	19	4	that	that	SCONJ
ajfa-11962	19	5	studies	study	NOUN
ajfa-11962	19	6	focus	focus	VERB
ajfa-11962	19	7	on	on	ADP
ajfa-11962	19	8	different	different	ADJ
ajfa-11962	19	9	countries	country	NOUN
ajfa-11962	19	10	,	,	PUNCT
ajfa-11962	19	11	with	with	ADP
ajfa-11962	19	12	different	different	ADJ
ajfa-11962	19	13	economic	economic	ADJ
ajfa-11962	19	14	climates	climate	NOUN
ajfa-11962	19	15	,	,	PUNCT
ajfa-11962	19	16	as	as	ADV
ajfa-11962	19	17	well	well	ADV
ajfa-11962	19	18	as	as	ADP
ajfa-11962	19	19	differing	differ	VERB
ajfa-11962	19	20	time	time	NOUN
ajfa-11962	19	21	periods	period	NOUN
ajfa-11962	19	22	,	,	PUNCT
ajfa-11962	19	23	there	there	PRON
ajfa-11962	19	24	have	have	AUX
ajfa-11962	19	25	been	be	AUX
ajfa-11962	19	26	several	several	ADJ
ajfa-11962	19	27	similar	similar	ADJ
ajfa-11962	19	28	findings	finding	NOUN
ajfa-11962	19	29	,	,	PUNCT
ajfa-11962	19	30	as	as	ADV
ajfa-11962	19	31	well	well	ADV
ajfa-11962	19	32	as	as	ADP
ajfa-11962	19	33	dissimilar	dissimilar	ADJ
ajfa-11962	19	34	ones	one	NOUN
ajfa-11962	19	35	.	.	PUNCT
ajfa-11962	20	1	kurniawati	kurniawati	PROPN
ajfa-11962	20	2	et	et	PROPN
ajfa-11962	20	3	al	al	PROPN
ajfa-11962	20	4	.	.	PUNCT
ajfa-11962	21	1	(	(	PUNCT
ajfa-11962	21	2	2016	2016	NUM
ajfa-11962	21	3	)	)	PUNCT
ajfa-11962	21	4	examined	examine	VERB
ajfa-11962	21	5	the	the	DET
ajfa-11962	21	6	short	short	ADJ
ajfa-11962	21	7	-	-	PUNCT
ajfa-11962	21	8	term	term	NOUN
ajfa-11962	21	9	impact	impact	NOUN
ajfa-11962	21	10	of	of	ADP
ajfa-11962	21	11	macroeconomic	macroeconomic	ADJ
ajfa-11962	21	12	variables	variable	NOUN
ajfa-11962	21	13	on	on	ADP
ajfa-11962	21	14	overall	overall	ADJ
ajfa-11962	21	15	indonesian	indonesian	ADJ
ajfa-11962	21	16	stock	stock	NOUN
ajfa-11962	21	17	returns	return	NOUN
ajfa-11962	21	18	,	,	PUNCT
ajfa-11962	21	19	and	and	CCONJ
ajfa-11962	21	20	indonesian	indonesian	ADJ
ajfa-11962	21	21	sectoral	sectoral	ADJ
ajfa-11962	21	22	index	index	NOUN
ajfa-11962	21	23	stock	stock	NOUN
ajfa-11962	21	24	returns	return	NOUN
ajfa-11962	21	25	.	.	PUNCT
ajfa-11962	22	1	a	a	DET
ajfa-11962	22	2	structural	structural	ADJ
ajfa-11962	22	3	vector	vector	NOUN
ajfa-11962	22	4	autoregression	autoregression	NOUN
ajfa-11962	22	5	(	(	PUNCT
ajfa-11962	22	6	svar	svar	NOUN
ajfa-11962	22	7	)	)	PUNCT
ajfa-11962	22	8	model	model	NOUN
ajfa-11962	22	9	was	be	AUX
ajfa-11962	22	10	constructed	construct	VERB
ajfa-11962	22	11	to	to	PART
ajfa-11962	22	12	determine	determine	VERB
ajfa-11962	22	13	the	the	DET
ajfa-11962	22	14	relationships	relationship	NOUN
ajfa-11962	22	15	between	between	ADP
ajfa-11962	22	16	the	the	DET
ajfa-11962	22	17	jakarta	jakarta	PROPN
ajfa-11962	22	18	composite	composite	PROPN
ajfa-11962	22	19	index	index	NOUN
ajfa-11962	22	20	(	(	PUNCT
ajfa-11962	22	21	jci	jci	PROPN
ajfa-11962	22	22	)	)	PUNCT
ajfa-11962	22	23	and	and	CCONJ
ajfa-11962	22	24	several	several	ADJ
ajfa-11962	22	25	sectoral	sectoral	ADJ
ajfa-11962	22	26	indices	index	NOUN
ajfa-11962	22	27	,	,	PUNCT
ajfa-11962	22	28	with	with	ADP
ajfa-11962	22	29	macroeconomic	macroeconomic	ADJ
ajfa-11962	22	30	variables	variable	NOUN
ajfa-11962	22	31	such	such	ADJ
ajfa-11962	22	32	as	as	ADP
ajfa-11962	22	33	exchange	exchange	NOUN
ajfa-11962	22	34	rate	rate	NOUN
ajfa-11962	22	35	(	(	PUNCT
ajfa-11962	22	36	vs	vs	ADP
ajfa-11962	22	37	usd	usd	NOUN
ajfa-11962	22	38	)	)	PUNCT
ajfa-11962	22	39	,	,	PUNCT
ajfa-11962	22	40	inflation	inflation	NOUN
ajfa-11962	22	41	,	,	PUNCT
ajfa-11962	22	42	oil	oil	NOUN
ajfa-11962	22	43	,	,	PUNCT
ajfa-11962	22	44	gold	gold	NOUN
ajfa-11962	22	45	,	,	PUNCT
ajfa-11962	22	46	interest	interest	NOUN
ajfa-11962	22	47	rates	rate	NOUN
ajfa-11962	22	48	,	,	PUNCT
ajfa-11962	22	49	monetary	monetary	ADJ
ajfa-11962	22	50	supply	supply	NOUN
ajfa-11962	22	51	,	,	PUNCT
ajfa-11962	22	52	fiscal	fiscal	ADJ
ajfa-11962	22	53	deficit	deficit	NOUN
ajfa-11962	22	54	,	,	PUNCT
ajfa-11962	22	55	government	government	NOUN
ajfa-11962	22	56	debt	debt	NOUN
ajfa-11962	22	57	and	and	CCONJ
ajfa-11962	22	58	trade	trade	NOUN
ajfa-11962	22	59	balances	balance	NOUN
ajfa-11962	22	60	.	.	PUNCT
ajfa-11962	23	1	this	this	DET
ajfa-11962	23	2	study	study	NOUN
ajfa-11962	23	3	yielded	yield	VERB
ajfa-11962	23	4	findings	finding	NOUN
ajfa-11962	23	5	that	that	PRON
ajfa-11962	23	6	suggest	suggest	VERB
ajfa-11962	23	7	oil	oil	NOUN
ajfa-11962	23	8	and	and	CCONJ
ajfa-11962	23	9	gold	gold	NOUN
ajfa-11962	23	10	prices	price	NOUN
ajfa-11962	23	11	have	have	VERB
ajfa-11962	23	12	a	a	DET
ajfa-11962	23	13	positive	positive	ADJ
ajfa-11962	23	14	effect	effect	NOUN
ajfa-11962	23	15	on	on	ADP
ajfa-11962	23	16	agricultural	agricultural	ADJ
ajfa-11962	23	17	and	and	CCONJ
ajfa-11962	23	18	mining	mining	NOUN
ajfa-11962	23	19	stock	stock	NOUN
ajfa-11962	23	20	returns	return	NOUN
ajfa-11962	23	21	,	,	PUNCT
ajfa-11962	23	22	while	while	SCONJ
ajfa-11962	23	23	interest	interest	NOUN
ajfa-11962	23	24	rates	rate	NOUN
ajfa-11962	23	25	have	have	VERB
ajfa-11962	23	26	a	a	DET
ajfa-11962	23	27	negative	negative	ADJ
ajfa-11962	23	28	impact	impact	NOUN
ajfa-11962	23	29	on	on	ADP
ajfa-11962	23	30	the	the	DET
ajfa-11962	23	31	jci	jci	PROPN
ajfa-11962	23	32	,	,	PUNCT
ajfa-11962	23	33	asian	asian	ADJ
ajfa-11962	23	34	journal	journal	NOUN
ajfa-11962	23	35	of	of	ADP
ajfa-11962	23	36	finance	finance	PROPN
ajfa-11962	23	37	&	&	CCONJ
ajfa-11962	23	38	accounting	accounting	PROPN
ajfa-11962	23	39	issn	issn	PROPN
ajfa-11962	23	40	1946	1946	NUM
ajfa-11962	23	41	-	-	PUNCT
ajfa-11962	23	42	052x	052x	PROPN
ajfa-11962	23	43	2017	2017	NUM
ajfa-11962	23	44	,	,	PUNCT
ajfa-11962	23	45	vol	vol	NOUN
ajfa-11962	23	46	.	.	NOUN
ajfa-11962	23	47	9	9	NUM
ajfa-11962	23	48	,	,	PUNCT
ajfa-11962	23	49	no	no	NOUN
ajfa-11962	23	50	.	.	NOUN
ajfa-11962	23	51	2	2	NUM
ajfa-11962	23	52	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	23	53	221	221	NUM
ajfa-11962	23	54	and	and	CCONJ
ajfa-11962	23	55	that	that	SCONJ
ajfa-11962	23	56	exchange	exchange	NOUN
ajfa-11962	23	57	rates	rate	NOUN
ajfa-11962	23	58	have	have	VERB
ajfa-11962	23	59	a	a	DET
ajfa-11962	23	60	negative	negative	ADJ
ajfa-11962	23	61	effect	effect	NOUN
ajfa-11962	23	62	on	on	ADP
ajfa-11962	23	63	the	the	DET
ajfa-11962	23	64	jci	jci	PROPN
ajfa-11962	23	65	and	and	CCONJ
ajfa-11962	23	66	all	all	DET
ajfa-11962	23	67	other	other	ADJ
ajfa-11962	23	68	indices	index	NOUN
ajfa-11962	23	69	except	except	SCONJ
ajfa-11962	23	70	for	for	ADP
ajfa-11962	23	71	mining	mining	NOUN
ajfa-11962	23	72	.	.	PUNCT
ajfa-11962	24	1	country	country	NOUN
ajfa-11962	24	2	-	-	PUNCT
ajfa-11962	24	3	specific	specific	ADJ
ajfa-11962	24	4	economic	economic	ADJ
ajfa-11962	24	5	factors	factor	NOUN
ajfa-11962	24	6	were	be	AUX
ajfa-11962	24	7	noted	note	VERB
ajfa-11962	24	8	to	to	PART
ajfa-11962	24	9	account	account	VERB
ajfa-11962	24	10	for	for	ADP
ajfa-11962	24	11	these	these	DET
ajfa-11962	24	12	findings	finding	NOUN
ajfa-11962	24	13	.	.	PUNCT
ajfa-11962	25	1	indonesia	indonesia	PROPN
ajfa-11962	25	2	’s	’s	PART
ajfa-11962	25	3	economy	economy	NOUN
ajfa-11962	25	4	does	do	AUX
ajfa-11962	25	5	include	include	VERB
ajfa-11962	25	6	significant	significant	ADJ
ajfa-11962	25	7	oil	oil	NOUN
ajfa-11962	25	8	palm	palm	NOUN
ajfa-11962	25	9	agricultural	agricultural	ADJ
ajfa-11962	25	10	activity	activity	NOUN
ajfa-11962	25	11	and	and	CCONJ
ajfa-11962	25	12	that	that	PRON
ajfa-11962	25	13	of	of	ADP
ajfa-11962	25	14	gold	gold	NOUN
ajfa-11962	25	15	mining	mining	NOUN
ajfa-11962	25	16	;	;	PUNCT
ajfa-11962	25	17	hence	hence	ADV
ajfa-11962	25	18	fluctuations	fluctuation	NOUN
ajfa-11962	25	19	in	in	ADP
ajfa-11962	25	20	the	the	DET
ajfa-11962	25	21	price	price	NOUN
ajfa-11962	25	22	of	of	ADP
ajfa-11962	25	23	such	such	ADJ
ajfa-11962	25	24	products	product	NOUN
ajfa-11962	25	25	do	do	AUX
ajfa-11962	25	26	have	have	VERB
ajfa-11962	25	27	a	a	DET
ajfa-11962	25	28	positive	positive	ADJ
ajfa-11962	25	29	linear	linear	NOUN
ajfa-11962	25	30	impact	impact	NOUN
ajfa-11962	25	31	on	on	ADP
ajfa-11962	25	32	stock	stock	NOUN
ajfa-11962	25	33	returns	return	NOUN
ajfa-11962	25	34	.	.	PUNCT
ajfa-11962	26	1	the	the	DET
ajfa-11962	26	2	study	study	NOUN
ajfa-11962	26	3	also	also	ADV
ajfa-11962	26	4	suggested	suggest	VERB
ajfa-11962	26	5	that	that	SCONJ
ajfa-11962	26	6	interest	interest	NOUN
ajfa-11962	26	7	rates	rate	NOUN
ajfa-11962	26	8	’	'	PUNCT
ajfa-11962	26	9	negative	negative	ADJ
ajfa-11962	26	10	impact	impact	NOUN
ajfa-11962	26	11	on	on	ADP
ajfa-11962	26	12	returns	return	NOUN
ajfa-11962	26	13	were	be	AUX
ajfa-11962	26	14	attributable	attributable	ADJ
ajfa-11962	26	15	to	to	ADP
ajfa-11962	26	16	the	the	DET
ajfa-11962	26	17	fact	fact	NOUN
ajfa-11962	26	18	that	that	SCONJ
ajfa-11962	26	19	a	a	DET
ajfa-11962	26	20	higher	high	ADJ
ajfa-11962	26	21	interest	interest	NOUN
ajfa-11962	26	22	rate	rate	NOUN
ajfa-11962	26	23	means	mean	VERB
ajfa-11962	26	24	a	a	DET
ajfa-11962	26	25	higher	high	ADJ
ajfa-11962	26	26	cost	cost	NOUN
ajfa-11962	26	27	of	of	ADP
ajfa-11962	26	28	debt	debt	NOUN
ajfa-11962	26	29	,	,	PUNCT
ajfa-11962	26	30	hence	hence	ADV
ajfa-11962	26	31	affecting	affect	VERB
ajfa-11962	26	32	a	a	DET
ajfa-11962	26	33	firm	firm	NOUN
ajfa-11962	26	34	’s	’s	PART
ajfa-11962	26	35	profitability	profitability	NOUN
ajfa-11962	26	36	and	and	CCONJ
ajfa-11962	26	37	in	in	ADP
ajfa-11962	26	38	turn	turn	NOUN
ajfa-11962	26	39	lowering	lower	VERB
ajfa-11962	26	40	stock	stock	NOUN
ajfa-11962	26	41	returns	return	NOUN
ajfa-11962	26	42	;	;	PUNCT
ajfa-11962	26	43	thereby	thereby	ADV
ajfa-11962	26	44	indirectly	indirectly	ADV
ajfa-11962	26	45	suggesting	suggest	VERB
ajfa-11962	26	46	there	there	PRON
ajfa-11962	26	47	being	be	AUX
ajfa-11962	26	48	a	a	DET
ajfa-11962	26	49	norm	norm	NOUN
ajfa-11962	26	50	for	for	SCONJ
ajfa-11962	26	51	indonesian	indonesian	ADJ
ajfa-11962	26	52	firms	firm	NOUN
ajfa-11962	26	53	to	to	PART
ajfa-11962	26	54	have	have	VERB
ajfa-11962	26	55	a	a	DET
ajfa-11962	26	56	high	high	ADJ
ajfa-11962	26	57	debt	debt	NOUN
ajfa-11962	26	58	/	/	SYM
ajfa-11962	26	59	leverage	leverage	NOUN
ajfa-11962	26	60	.	.	PUNCT
ajfa-11962	27	1	as	as	ADP
ajfa-11962	27	2	for	for	ADP
ajfa-11962	27	3	the	the	DET
ajfa-11962	27	4	negative	negative	ADJ
ajfa-11962	27	5	impact	impact	NOUN
ajfa-11962	27	6	that	that	PRON
ajfa-11962	27	7	exchange	exchange	NOUN
ajfa-11962	27	8	rates	rate	NOUN
ajfa-11962	27	9	have	have	VERB
ajfa-11962	27	10	on	on	ADP
ajfa-11962	27	11	stock	stock	NOUN
ajfa-11962	27	12	returns	return	NOUN
ajfa-11962	27	13	,	,	PUNCT
ajfa-11962	27	14	it	it	PRON
ajfa-11962	27	15	was	be	AUX
ajfa-11962	27	16	explained	explain	VERB
ajfa-11962	27	17	that	that	SCONJ
ajfa-11962	27	18	a	a	DET
ajfa-11962	27	19	depreciation	depreciation	NOUN
ajfa-11962	27	20	of	of	ADP
ajfa-11962	27	21	domestic	domestic	ADJ
ajfa-11962	27	22	currency	currency	NOUN
ajfa-11962	27	23	decreases	decrease	VERB
ajfa-11962	27	24	the	the	DET
ajfa-11962	27	25	relative	relative	ADJ
ajfa-11962	27	26	price	price	NOUN
ajfa-11962	27	27	of	of	ADP
ajfa-11962	27	28	exports	export	NOUN
ajfa-11962	27	29	from	from	ADP
ajfa-11962	27	30	a	a	DET
ajfa-11962	27	31	second	second	ADJ
ajfa-11962	27	32	country	country	NOUN
ajfa-11962	27	33	’s	’s	PART
ajfa-11962	27	34	perspective	perspective	NOUN
ajfa-11962	27	35	,	,	PUNCT
ajfa-11962	27	36	hence	hence	ADV
ajfa-11962	27	37	increasing	increase	VERB
ajfa-11962	27	38	the	the	DET
ajfa-11962	27	39	volume	volume	NOUN
ajfa-11962	27	40	of	of	ADP
ajfa-11962	27	41	exports	export	NOUN
ajfa-11962	27	42	from	from	ADP
ajfa-11962	27	43	indonesia	indonesia	PROPN
ajfa-11962	27	44	,	,	PUNCT
ajfa-11962	27	45	leading	lead	VERB
ajfa-11962	27	46	to	to	ADP
ajfa-11962	27	47	increased	increase	VERB
ajfa-11962	27	48	profits	profit	NOUN
ajfa-11962	27	49	and	and	CCONJ
ajfa-11962	27	50	in	in	ADP
ajfa-11962	27	51	turn	turn	NOUN
ajfa-11962	27	52	higher	high	ADJ
ajfa-11962	27	53	stock	stock	NOUN
ajfa-11962	27	54	returns	return	NOUN
ajfa-11962	27	55	for	for	ADP
ajfa-11962	27	56	export	export	NOUN
ajfa-11962	27	57	-	-	PUNCT
ajfa-11962	27	58	oriented	orient	VERB
ajfa-11962	27	59	firms	firm	NOUN
ajfa-11962	27	60	(	(	PUNCT
ajfa-11962	27	61	kurniawati	kurniawati	PROPN
ajfa-11962	27	62	et	et	PROPN
ajfa-11962	27	63	al	al	PROPN
ajfa-11962	27	64	.	.	PROPN
ajfa-11962	27	65	,	,	PUNCT
ajfa-11962	27	66	2016	2016	NUM
ajfa-11962	27	67	)	)	PUNCT
ajfa-11962	27	68	.	.	PUNCT
ajfa-11962	28	1	ravnik	ravnik	PROPN
ajfa-11962	28	2	and	and	CCONJ
ajfa-11962	28	3	zilic	zilic	ADJ
ajfa-11962	28	4	(	(	PUNCT
ajfa-11962	28	5	2011	2011	NUM
ajfa-11962	28	6	)	)	PUNCT
ajfa-11962	28	7	used	use	VERB
ajfa-11962	28	8	an	an	DET
ajfa-11962	28	9	svar	svar	NOUN
ajfa-11962	28	10	model	model	NOUN
ajfa-11962	28	11	to	to	PART
ajfa-11962	28	12	investigate	investigate	VERB
ajfa-11962	28	13	the	the	DET
ajfa-11962	28	14	short	short	ADJ
ajfa-11962	28	15	-	-	PUNCT
ajfa-11962	28	16	run	run	NOUN
ajfa-11962	28	17	impact	impact	NOUN
ajfa-11962	28	18	of	of	ADP
ajfa-11962	28	19	fiscal	fiscal	ADJ
ajfa-11962	28	20	policy	policy	NOUN
ajfa-11962	28	21	on	on	ADP
ajfa-11962	28	22	croatian	croatian	ADJ
ajfa-11962	28	23	inflation	inflation	NOUN
ajfa-11962	28	24	,	,	PUNCT
ajfa-11962	28	25	short	short	ADJ
ajfa-11962	28	26	-	-	PUNCT
ajfa-11962	28	27	term	term	NOUN
ajfa-11962	28	28	interest	interest	NOUN
ajfa-11962	28	29	rates	rate	NOUN
ajfa-11962	28	30	,	,	PUNCT
ajfa-11962	28	31	and	and	CCONJ
ajfa-11962	28	32	economic	economic	ADJ
ajfa-11962	28	33	activity	activity	NOUN
ajfa-11962	28	34	.	.	PUNCT
ajfa-11962	29	1	in	in	ADP
ajfa-11962	29	2	croatia	croatia	PROPN
ajfa-11962	29	3	,	,	PUNCT
ajfa-11962	29	4	a	a	DET
ajfa-11962	29	5	country	country	NOUN
ajfa-11962	29	6	that	that	PRON
ajfa-11962	29	7	was	be	AUX
ajfa-11962	29	8	noted	note	VERB
ajfa-11962	29	9	to	to	PART
ajfa-11962	29	10	have	have	VERB
ajfa-11962	29	11	a	a	DET
ajfa-11962	29	12	pro	pro	ADJ
ajfa-11962	29	13	-	-	ADJ
ajfa-11962	29	14	cyclic	cyclic	ADJ
ajfa-11962	29	15	and	and	CCONJ
ajfa-11962	29	16	expansive	expansive	ADJ
ajfa-11962	29	17	fiscal	fiscal	ADJ
ajfa-11962	29	18	policy	policy	NOUN
ajfa-11962	29	19	,	,	PUNCT
ajfa-11962	29	20	one	one	NUM
ajfa-11962	29	21	notable	notable	ADJ
ajfa-11962	29	22	finding	find	VERB
ajfa-11962	29	23	this	this	DET
ajfa-11962	29	24	study	study	NOUN
ajfa-11962	29	25	made	make	VERB
ajfa-11962	29	26	was	be	AUX
ajfa-11962	29	27	that	that	SCONJ
ajfa-11962	29	28	government	government	NOUN
ajfa-11962	29	29	expenditure	expenditure	NOUN
ajfa-11962	29	30	shocks	shock	NOUN
ajfa-11962	29	31	had	have	VERB
ajfa-11962	29	32	a	a	DET
ajfa-11962	29	33	negative	negative	ADJ
ajfa-11962	29	34	short	short	ADJ
ajfa-11962	29	35	-	-	PUNCT
ajfa-11962	29	36	term	term	NOUN
ajfa-11962	29	37	impact	impact	NOUN
ajfa-11962	29	38	on	on	ADP
ajfa-11962	29	39	industrial	industrial	ADJ
ajfa-11962	29	40	production	production	NOUN
ajfa-11962	29	41	,	,	PUNCT
ajfa-11962	29	42	which	which	PRON
ajfa-11962	29	43	the	the	DET
ajfa-11962	29	44	study	study	NOUN
ajfa-11962	29	45	used	use	VERB
ajfa-11962	29	46	as	as	ADP
ajfa-11962	29	47	a	a	DET
ajfa-11962	29	48	proxy	proxy	NOUN
ajfa-11962	29	49	for	for	ADP
ajfa-11962	29	50	economic	economic	ADJ
ajfa-11962	29	51	activity	activity	NOUN
ajfa-11962	29	52	.	.	PUNCT
ajfa-11962	30	1	this	this	PRON
ajfa-11962	30	2	was	be	AUX
ajfa-11962	30	3	unexpected	unexpected	ADJ
ajfa-11962	30	4	as	as	SCONJ
ajfa-11962	30	5	the	the	DET
ajfa-11962	30	6	study	study	NOUN
ajfa-11962	30	7	had	have	AUX
ajfa-11962	30	8	previously	previously	ADV
ajfa-11962	30	9	expected	expect	VERB
ajfa-11962	30	10	government	government	NOUN
ajfa-11962	30	11	expenditure	expenditure	NOUN
ajfa-11962	30	12	to	to	PART
ajfa-11962	30	13	have	have	VERB
ajfa-11962	30	14	a	a	DET
ajfa-11962	30	15	positive	positive	ADJ
ajfa-11962	30	16	effect	effect	NOUN
ajfa-11962	30	17	on	on	ADP
ajfa-11962	30	18	industrial	industrial	ADJ
ajfa-11962	30	19	production	production	NOUN
ajfa-11962	30	20	(	(	PUNCT
ajfa-11962	30	21	i.e.	i.e.	X
ajfa-11962	30	22	economic	economic	ADJ
ajfa-11962	30	23	activity	activity	NOUN
ajfa-11962	30	24	)	)	PUNCT
ajfa-11962	30	25	(	(	PUNCT
ajfa-11962	30	26	de	de	ADP
ajfa-11962	30	27	arcangelis	arcangeli	NOUN
ajfa-11962	30	28	and	and	CCONJ
ajfa-11962	30	29	lamartina	lamartina	NOUN
ajfa-11962	30	30	,	,	PUNCT
ajfa-11962	30	31	2003	2003	NUM
ajfa-11962	30	32	;	;	PUNCT
ajfa-11962	30	33	perotti	perotti	VERB
ajfa-11962	30	34	,	,	PUNCT
ajfa-11962	30	35	2002	2002	NUM
ajfa-11962	30	36	;	;	PUNCT
ajfa-11962	30	37	ravnik	ravnik	NOUN
ajfa-11962	30	38	and	and	CCONJ
ajfa-11962	30	39	zilic	zilic	ADJ
ajfa-11962	30	40	,	,	PUNCT
ajfa-11962	30	41	2011	2011	NUM
ajfa-11962	30	42	)	)	PUNCT
ajfa-11962	30	43	;	;	PUNCT
ajfa-11962	30	44	in	in	ADP
ajfa-11962	30	45	other	other	ADJ
ajfa-11962	30	46	words	word	NOUN
ajfa-11962	30	47	indirectly	indirectly	ADV
ajfa-11962	30	48	implying	imply	VERB
ajfa-11962	30	49	an	an	DET
ajfa-11962	30	50	expected	expect	VERB
ajfa-11962	30	51	increase	increase	NOUN
ajfa-11962	30	52	in	in	ADP
ajfa-11962	30	53	stock	stock	NOUN
ajfa-11962	30	54	returns	return	NOUN
ajfa-11962	30	55	.	.	PUNCT
ajfa-11962	31	1	kuwornu	kuwornu	PROPN
ajfa-11962	31	2	(	(	PUNCT
ajfa-11962	31	3	2012	2012	NUM
ajfa-11962	31	4	)	)	PUNCT
ajfa-11962	31	5	studied	study	VERB
ajfa-11962	31	6	the	the	DET
ajfa-11962	31	7	impact	impact	NOUN
ajfa-11962	31	8	of	of	ADP
ajfa-11962	31	9	macroeconomic	macroeconomic	ADJ
ajfa-11962	31	10	variables	variable	NOUN
ajfa-11962	31	11	on	on	ADP
ajfa-11962	31	12	stock	stock	NOUN
ajfa-11962	31	13	returns	return	NOUN
ajfa-11962	31	14	in	in	ADP
ajfa-11962	31	15	ghana	ghana	PROPN
ajfa-11962	31	16	.	.	PUNCT
ajfa-11962	32	1	a	a	DET
ajfa-11962	32	2	different	different	ADJ
ajfa-11962	32	3	methodology	methodology	NOUN
ajfa-11962	32	4	,	,	PUNCT
ajfa-11962	32	5	the	the	DET
ajfa-11962	32	6	johansen	johansen	PROPN
ajfa-11962	32	7	multivariate	multivariate	PROPN
ajfa-11962	32	8	co	co	NOUN
ajfa-11962	32	9	-	-	NOUN
ajfa-11962	32	10	integration	integration	NOUN
ajfa-11962	32	11	procedure	procedure	NOUN
ajfa-11962	32	12	,	,	PUNCT
ajfa-11962	32	13	was	be	AUX
ajfa-11962	32	14	used	use	VERB
ajfa-11962	32	15	on	on	ADP
ajfa-11962	32	16	the	the	DET
ajfa-11962	32	17	following	following	ADJ
ajfa-11962	32	18	variables	variable	NOUN
ajfa-11962	32	19	:	:	PUNCT
ajfa-11962	32	20	the	the	DET
ajfa-11962	32	21	consumer	consumer	NOUN
ajfa-11962	32	22	price	price	NOUN
ajfa-11962	32	23	index	index	NOUN
ajfa-11962	32	24	(	(	PUNCT
ajfa-11962	32	25	cpi	cpi	PROPN
ajfa-11962	32	26	;	;	PUNCT
ajfa-11962	32	27	as	as	ADP
ajfa-11962	32	28	a	a	DET
ajfa-11962	32	29	proxy	proxy	NOUN
ajfa-11962	32	30	for	for	ADP
ajfa-11962	32	31	inflation	inflation	NOUN
ajfa-11962	32	32	)	)	PUNCT
ajfa-11962	32	33	,	,	PUNCT
ajfa-11962	32	34	crude	crude	ADJ
ajfa-11962	32	35	oil	oil	NOUN
ajfa-11962	32	36	prices	price	NOUN
ajfa-11962	32	37	,	,	PUNCT
ajfa-11962	32	38	the	the	DET
ajfa-11962	32	39	exchange	exchange	NOUN
ajfa-11962	32	40	rate	rate	NOUN
ajfa-11962	32	41	,	,	PUNCT
ajfa-11962	32	42	and	and	CCONJ
ajfa-11962	32	43	91	91	NUM
ajfa-11962	32	44	-	-	PUNCT
ajfa-11962	32	45	day	day	NOUN
ajfa-11962	32	46	t	t	PROPN
ajfa-11962	32	47	-	-	PUNCT
ajfa-11962	32	48	bill	bill	NOUN
ajfa-11962	32	49	rates	rate	NOUN
ajfa-11962	32	50	(	(	PUNCT
ajfa-11962	32	51	proxy	proxy	NOUN
ajfa-11962	32	52	for	for	ADP
ajfa-11962	32	53	interest	interest	NOUN
ajfa-11962	32	54	rate	rate	NOUN
ajfa-11962	32	55	)	)	PUNCT
ajfa-11962	32	56	;	;	PUNCT
ajfa-11962	32	57	to	to	PART
ajfa-11962	32	58	determine	determine	VERB
ajfa-11962	32	59	their	their	PRON
ajfa-11962	32	60	relationships	relationship	NOUN
ajfa-11962	32	61	with	with	ADP
ajfa-11962	32	62	the	the	DET
ajfa-11962	32	63	ghana	ghana	PROPN
ajfa-11962	32	64	stock	stock	PROPN
ajfa-11962	32	65	exchange	exchange	PROPN
ajfa-11962	32	66	all	all	DET
ajfa-11962	32	67	share	share	NOUN
ajfa-11962	32	68	index	index	NOUN
ajfa-11962	32	69	(	(	PUNCT
ajfa-11962	32	70	i.e.	i.e.	X
ajfa-11962	32	71	stock	stock	NOUN
ajfa-11962	32	72	returns	return	NOUN
ajfa-11962	32	73	)	)	PUNCT
ajfa-11962	32	74	.	.	PUNCT
ajfa-11962	33	1	as	as	SCONJ
ajfa-11962	33	2	ghana	ghana	PROPN
ajfa-11962	33	3	was	be	AUX
ajfa-11962	33	4	noted	note	VERB
ajfa-11962	33	5	to	to	PART
ajfa-11962	33	6	be	be	AUX
ajfa-11962	33	7	a	a	DET
ajfa-11962	33	8	country	country	NOUN
ajfa-11962	33	9	in	in	ADP
ajfa-11962	33	10	which	which	PRON
ajfa-11962	33	11	investors	investor	NOUN
ajfa-11962	33	12	perceive	perceive	VERB
ajfa-11962	33	13	interest	interest	NOUN
ajfa-11962	33	14	rates	rate	NOUN
ajfa-11962	33	15	to	to	PART
ajfa-11962	33	16	be	be	AUX
ajfa-11962	33	17	“	"	PUNCT
ajfa-11962	33	18	alternative	alternative	ADJ
ajfa-11962	33	19	investment	investment	NOUN
ajfa-11962	33	20	opportunities	opportunity	NOUN
ajfa-11962	33	21	”	"	PUNCT
ajfa-11962	33	22	(	(	PUNCT
ajfa-11962	33	23	kuwornu	kuwornu	PROPN
ajfa-11962	33	24	,	,	PUNCT
ajfa-11962	33	25	2012	2012	NUM
ajfa-11962	33	26	)	)	PUNCT
ajfa-11962	33	27	,	,	PUNCT
ajfa-11962	33	28	increases	increase	NOUN
ajfa-11962	33	29	in	in	ADP
ajfa-11962	33	30	interest	interest	NOUN
ajfa-11962	33	31	rates	rate	NOUN
ajfa-11962	33	32	lead	lead	VERB
ajfa-11962	33	33	to	to	ADP
ajfa-11962	33	34	decreases	decrease	NOUN
ajfa-11962	33	35	in	in	ADP
ajfa-11962	33	36	equities	equity	NOUN
ajfa-11962	33	37	investments	investment	NOUN
ajfa-11962	33	38	.	.	PUNCT
ajfa-11962	34	1	this	this	PRON
ajfa-11962	34	2	explained	explain	VERB
ajfa-11962	34	3	the	the	DET
ajfa-11962	34	4	findings	finding	NOUN
ajfa-11962	34	5	of	of	ADP
ajfa-11962	34	6	a	a	DET
ajfa-11962	34	7	negative	negative	ADJ
ajfa-11962	34	8	short	short	ADJ
ajfa-11962	34	9	-	-	PUNCT
ajfa-11962	34	10	term	term	NOUN
ajfa-11962	34	11	relationship	relationship	NOUN
ajfa-11962	34	12	between	between	ADP
ajfa-11962	34	13	the	the	DET
ajfa-11962	34	14	two	two	NUM
ajfa-11962	34	15	.	.	PUNCT
ajfa-11962	35	1	ghana	ghana	PROPN
ajfa-11962	35	2	was	be	AUX
ajfa-11962	35	3	also	also	ADV
ajfa-11962	35	4	noted	note	VERB
ajfa-11962	35	5	to	to	PART
ajfa-11962	35	6	be	be	AUX
ajfa-11962	35	7	a	a	DET
ajfa-11962	35	8	net	net	ADJ
ajfa-11962	35	9	importer	importer	NOUN
ajfa-11962	35	10	of	of	ADP
ajfa-11962	35	11	oil	oil	NOUN
ajfa-11962	35	12	,	,	PUNCT
ajfa-11962	35	13	crude	crude	ADJ
ajfa-11962	35	14	oil	oil	NOUN
ajfa-11962	35	15	prices	price	NOUN
ajfa-11962	35	16	are	be	AUX
ajfa-11962	35	17	considered	consider	VERB
ajfa-11962	35	18	a	a	DET
ajfa-11962	35	19	production	production	NOUN
ajfa-11962	35	20	cost	cost	NOUN
ajfa-11962	35	21	to	to	ADP
ajfa-11962	35	22	economic	economic	ADJ
ajfa-11962	35	23	activities	activity	NOUN
ajfa-11962	35	24	;	;	PUNCT
ajfa-11962	35	25	hence	hence	ADV
ajfa-11962	35	26	a	a	DET
ajfa-11962	35	27	negative	negative	ADJ
ajfa-11962	35	28	correlation	correlation	NOUN
ajfa-11962	35	29	finding	finding	NOUN
ajfa-11962	35	30	with	with	ADP
ajfa-11962	35	31	stock	stock	NOUN
ajfa-11962	35	32	returns	return	NOUN
ajfa-11962	35	33	.	.	PUNCT
ajfa-11962	36	1	contrary	contrary	ADJ
ajfa-11962	36	2	to	to	ADP
ajfa-11962	36	3	indonesia	indonesia	PROPN
ajfa-11962	36	4	,	,	PUNCT
ajfa-11962	36	5	a	a	DET
ajfa-11962	36	6	net	net	ADJ
ajfa-11962	36	7	exporter	exporter	NOUN
ajfa-11962	36	8	(	(	PUNCT
ajfa-11962	36	9	kurniawati	kurniawati	NOUN
ajfa-11962	36	10	et	et	PROPN
ajfa-11962	36	11	al	al	PROPN
ajfa-11962	36	12	.	.	PROPN
ajfa-11962	36	13	,	,	PUNCT
ajfa-11962	36	14	2016	2016	NUM
ajfa-11962	36	15	)	)	PUNCT
ajfa-11962	36	16	,	,	PUNCT
ajfa-11962	36	17	ghana	ghana	PROPN
ajfa-11962	36	18	is	be	AUX
ajfa-11962	36	19	a	a	DET
ajfa-11962	36	20	net	net	ADJ
ajfa-11962	36	21	importer	importer	NOUN
ajfa-11962	36	22	;	;	PUNCT
ajfa-11962	36	23	hence	hence	ADV
ajfa-11962	36	24	explaining	explain	VERB
ajfa-11962	36	25	the	the	DET
ajfa-11962	36	26	positive	positive	ADJ
ajfa-11962	36	27	effect	effect	NOUN
ajfa-11962	36	28	exchange	exchange	NOUN
ajfa-11962	36	29	rate	rate	NOUN
ajfa-11962	36	30	has	have	VERB
ajfa-11962	36	31	on	on	ADP
ajfa-11962	36	32	economic	economic	ADJ
ajfa-11962	36	33	activity	activity	NOUN
ajfa-11962	36	34	,	,	PUNCT
ajfa-11962	36	35	and	and	CCONJ
ajfa-11962	36	36	in	in	ADP
ajfa-11962	36	37	turn	turn	NOUN
ajfa-11962	36	38	,	,	PUNCT
ajfa-11962	36	39	stock	stock	NOUN
ajfa-11962	36	40	returns	return	NOUN
ajfa-11962	36	41	(	(	PUNCT
ajfa-11962	36	42	kuwornu	kuwornu	NOUN
ajfa-11962	36	43	,	,	PUNCT
ajfa-11962	36	44	2012	2012	NUM
ajfa-11962	36	45	)	)	PUNCT
ajfa-11962	36	46	.	.	PUNCT
ajfa-11962	37	1	alam	alam	PROPN
ajfa-11962	37	2	and	and	CCONJ
ajfa-11962	37	3	rashid	rashid	PROPN
ajfa-11962	37	4	(	(	PUNCT
ajfa-11962	37	5	2014	2014	NUM
ajfa-11962	37	6	)	)	PUNCT
ajfa-11962	37	7	went	go	VERB
ajfa-11962	37	8	a	a	DET
ajfa-11962	37	9	step	step	NOUN
ajfa-11962	37	10	further	far	ADV
ajfa-11962	37	11	by	by	ADP
ajfa-11962	37	12	considering	consider	VERB
ajfa-11962	37	13	conditional	conditional	ADJ
ajfa-11962	37	14	heteroskedacity	heteroskedacity	NOUN
ajfa-11962	37	15	,	,	PUNCT
ajfa-11962	37	16	by	by	ADP
ajfa-11962	37	17	investigating	investigate	VERB
ajfa-11962	37	18	the	the	DET
ajfa-11962	37	19	relationship	relationship	NOUN
ajfa-11962	37	20	that	that	PRON
ajfa-11962	37	21	macroeconomic	macroeconomic	ADJ
ajfa-11962	37	22	variables	variable	NOUN
ajfa-11962	37	23	shares	share	NOUN
ajfa-11962	37	24	with	with	ADP
ajfa-11962	37	25	the	the	DET
ajfa-11962	37	26	karachi	karachi	PROPN
ajfa-11962	37	27	stock	stock	NOUN
ajfa-11962	37	28	market	market	PROPN
ajfa-11962	37	29	100	100	NUM
ajfa-11962	37	30	index	index	NOUN
ajfa-11962	37	31	in	in	ADP
ajfa-11962	37	32	pakistan	pakistan	PROPN
ajfa-11962	37	33	.	.	PUNCT
ajfa-11962	38	1	by	by	ADP
ajfa-11962	38	2	using	use	VERB
ajfa-11962	38	3	a	a	DET
ajfa-11962	38	4	garch	garch	NOUN
ajfa-11962	38	5	(	(	PUNCT
ajfa-11962	38	6	generalized	generalize	VERB
ajfa-11962	38	7	autoregressive	autoregressive	ADJ
ajfa-11962	38	8	conditional	conditional	ADJ
ajfa-11962	38	9	heteroskedasity	heteroskedasity	NOUN
ajfa-11962	38	10	)	)	PUNCT
ajfa-11962	38	11	model	model	NOUN
ajfa-11962	38	12	,	,	PUNCT
ajfa-11962	38	13	it	it	PRON
ajfa-11962	38	14	was	be	AUX
ajfa-11962	38	15	found	find	VERB
ajfa-11962	38	16	that	that	SCONJ
ajfa-11962	38	17	the	the	DET
ajfa-11962	38	18	consumer	consumer	NOUN
ajfa-11962	38	19	price	price	NOUN
ajfa-11962	38	20	index	index	NOUN
ajfa-11962	38	21	,	,	PUNCT
ajfa-11962	38	22	money	money	NOUN
ajfa-11962	38	23	supply	supply	NOUN
ajfa-11962	38	24	,	,	PUNCT
ajfa-11962	38	25	exchange	exchange	NOUN
ajfa-11962	38	26	rates	rate	NOUN
ajfa-11962	38	27	and	and	CCONJ
ajfa-11962	38	28	interest	interest	NOUN
ajfa-11962	38	29	rates	rate	NOUN
ajfa-11962	38	30	had	have	VERB
ajfa-11962	38	31	a	a	DET
ajfa-11962	38	32	negative	negative	ADJ
ajfa-11962	38	33	relationship	relationship	NOUN
ajfa-11962	38	34	with	with	ADP
ajfa-11962	38	35	stock	stock	NOUN
ajfa-11962	38	36	returns	return	NOUN
ajfa-11962	38	37	,	,	PUNCT
ajfa-11962	38	38	while	while	SCONJ
ajfa-11962	38	39	industrial	industrial	ADJ
ajfa-11962	38	40	production	production	NOUN
ajfa-11962	38	41	had	have	VERB
ajfa-11962	38	42	a	a	DET
ajfa-11962	38	43	positive	positive	ADJ
ajfa-11962	38	44	relationship	relationship	NOUN
ajfa-11962	38	45	with	with	ADP
ajfa-11962	38	46	stock	stock	NOUN
ajfa-11962	38	47	returns	return	NOUN
ajfa-11962	38	48	,	,	PUNCT
ajfa-11962	38	49	and	and	CCONJ
ajfa-11962	38	50	inflation	inflation	NOUN
ajfa-11962	38	51	had	have	VERB
ajfa-11962	38	52	an	an	DET
ajfa-11962	38	53	inconsistent	inconsistent	ADJ
ajfa-11962	38	54	negative	negative	ADJ
ajfa-11962	38	55	relationship	relationship	NOUN
ajfa-11962	38	56	with	with	ADP
ajfa-11962	38	57	the	the	DET
ajfa-11962	38	58	latter	latter	ADJ
ajfa-11962	38	59	.	.	PUNCT
ajfa-11962	39	1	the	the	DET
ajfa-11962	39	2	study	study	NOUN
ajfa-11962	39	3	had	have	AUX
ajfa-11962	39	4	noted	note	VERB
ajfa-11962	39	5	that	that	SCONJ
ajfa-11962	39	6	it	it	PRON
ajfa-11962	39	7	was	be	AUX
ajfa-11962	39	8	attributable	attributable	ADJ
ajfa-11962	39	9	to	to	ADP
ajfa-11962	39	10	the	the	DET
ajfa-11962	39	11	fact	fact	NOUN
ajfa-11962	39	12	that	that	SCONJ
ajfa-11962	39	13	in	in	ADP
ajfa-11962	39	14	pakistan	pakistan	PROPN
ajfa-11962	39	15	,	,	PUNCT
ajfa-11962	39	16	an	an	DET
ajfa-11962	39	17	export	export	NOUN
ajfa-11962	39	18	-	-	PUNCT
ajfa-11962	39	19	oriented	orient	VERB
ajfa-11962	39	20	country	country	NOUN
ajfa-11962	39	21	,	,	PUNCT
ajfa-11962	39	22	stocks	stock	NOUN
ajfa-11962	39	23	are	be	AUX
ajfa-11962	39	24	not	not	PART
ajfa-11962	39	25	popular	popular	ADJ
ajfa-11962	39	26	investment	investment	NOUN
ajfa-11962	39	27	choices	choice	NOUN
ajfa-11962	39	28	.	.	PUNCT
ajfa-11962	40	1	money	money	NOUN
ajfa-11962	40	2	supply	supply	NOUN
ajfa-11962	40	3	was	be	AUX
ajfa-11962	40	4	also	also	ADV
ajfa-11962	40	5	found	find	VERB
ajfa-11962	40	6	to	to	PART
ajfa-11962	40	7	only	only	ADV
ajfa-11962	40	8	influence	influence	VERB
ajfa-11962	40	9	stock	stock	NOUN
ajfa-11962	40	10	returns	return	NOUN
ajfa-11962	40	11	via	via	ADP
ajfa-11962	40	12	inflation	inflation	NOUN
ajfa-11962	40	13	.	.	PUNCT
ajfa-11962	41	1	this	this	DET
ajfa-11962	41	2	asian	asian	ADJ
ajfa-11962	41	3	journal	journal	NOUN
ajfa-11962	41	4	of	of	ADP
ajfa-11962	41	5	finance	finance	PROPN
ajfa-11962	41	6	&	&	CCONJ
ajfa-11962	41	7	accounting	accounting	PROPN
ajfa-11962	41	8	issn	issn	PROPN
ajfa-11962	41	9	1946	1946	NUM
ajfa-11962	41	10	-	-	PUNCT
ajfa-11962	41	11	052x	052x	PROPN
ajfa-11962	41	12	2017	2017	NUM
ajfa-11962	41	13	,	,	PUNCT
ajfa-11962	41	14	vol	vol	NOUN
ajfa-11962	41	15	.	.	NOUN
ajfa-11962	41	16	9	9	NUM
ajfa-11962	41	17	,	,	PUNCT
ajfa-11962	41	18	no	no	NOUN
ajfa-11962	41	19	.	.	NOUN
ajfa-11962	41	20	2	2	NUM
ajfa-11962	41	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	41	22	222	222	NUM
ajfa-11962	41	23	study	study	NOUN
ajfa-11962	41	24	also	also	ADV
ajfa-11962	41	25	noted	note	VERB
ajfa-11962	41	26	that	that	SCONJ
ajfa-11962	41	27	this	this	DET
ajfa-11962	41	28	market	market	NOUN
ajfa-11962	41	29	saw	see	VERB
ajfa-11962	41	30	concentrated	concentrated	ADJ
ajfa-11962	41	31	shareholdings	shareholding	NOUN
ajfa-11962	41	32	,	,	PUNCT
ajfa-11962	41	33	and	and	CCONJ
ajfa-11962	41	34	with	with	ADP
ajfa-11962	41	35	the	the	DET
ajfa-11962	41	36	lack	lack	NOUN
ajfa-11962	41	37	of	of	ADP
ajfa-11962	41	38	popularity	popularity	NOUN
ajfa-11962	41	39	in	in	ADP
ajfa-11962	41	40	stock	stock	NOUN
ajfa-11962	41	41	investments	investment	NOUN
ajfa-11962	41	42	,	,	PUNCT
ajfa-11962	41	43	there	there	PRON
ajfa-11962	41	44	was	be	VERB
ajfa-11962	41	45	little	little	ADJ
ajfa-11962	41	46	noted	note	VERB
ajfa-11962	41	47	incentive	incentive	NOUN
ajfa-11962	41	48	for	for	ADP
ajfa-11962	41	49	informational	informational	ADJ
ajfa-11962	41	50	and	and	CCONJ
ajfa-11962	41	51	operational	operational	ADJ
ajfa-11962	41	52	efficiency	efficiency	NOUN
ajfa-11962	41	53	,	,	PUNCT
ajfa-11962	41	54	explaining	explain	VERB
ajfa-11962	41	55	its	its	PRON
ajfa-11962	41	56	low	low	ADJ
ajfa-11962	41	57	liquidity	liquidity	NOUN
ajfa-11962	41	58	(	(	PUNCT
ajfa-11962	41	59	alam	alam	PROPN
ajfa-11962	41	60	and	and	CCONJ
ajfa-11962	41	61	rashid	rashid	PROPN
ajfa-11962	41	62	,	,	PUNCT
ajfa-11962	41	63	2014	2014	NUM
ajfa-11962	41	64	)	)	PUNCT
ajfa-11962	41	65	.	.	PUNCT
ajfa-11962	42	1	chia	chia	PROPN
ajfa-11962	42	2	and	and	CCONJ
ajfa-11962	42	3	lim	lim	PROPN
ajfa-11962	42	4	(	(	PUNCT
ajfa-11962	42	5	2015	2015	NUM
ajfa-11962	42	6	)	)	PUNCT
ajfa-11962	42	7	used	use	VERB
ajfa-11962	42	8	an	an	DET
ajfa-11962	42	9	autoregressive	autoregressive	ADJ
ajfa-11962	42	10	distributed	distribute	VERB
ajfa-11962	42	11	lag	lag	NOUN
ajfa-11962	42	12	(	(	PUNCT
ajfa-11962	42	13	ardl	ardl	NOUN
ajfa-11962	42	14	)	)	PUNCT
ajfa-11962	42	15	bounds	bound	VERB
ajfa-11962	42	16	test	test	VERB
ajfa-11962	42	17	to	to	PART
ajfa-11962	42	18	examine	examine	VERB
ajfa-11962	42	19	responses	response	NOUN
ajfa-11962	42	20	in	in	ADP
ajfa-11962	42	21	the	the	DET
ajfa-11962	42	22	malaysian	malaysian	ADJ
ajfa-11962	42	23	share	share	NOUN
ajfa-11962	42	24	price	price	NOUN
ajfa-11962	42	25	index	index	NOUN
ajfa-11962	42	26	to	to	ADP
ajfa-11962	42	27	industrial	industrial	ADJ
ajfa-11962	42	28	production	production	NOUN
ajfa-11962	42	29	,	,	PUNCT
ajfa-11962	42	30	inflation	inflation	NOUN
ajfa-11962	42	31	,	,	PUNCT
ajfa-11962	42	32	monetary	monetary	ADJ
ajfa-11962	42	33	supply	supply	NOUN
ajfa-11962	42	34	,	,	PUNCT
ajfa-11962	42	35	interest	interest	NOUN
ajfa-11962	42	36	rate	rate	NOUN
ajfa-11962	42	37	and	and	CCONJ
ajfa-11962	42	38	exchange	exchange	NOUN
ajfa-11962	42	39	rate	rate	NOUN
ajfa-11962	42	40	.	.	PUNCT
ajfa-11962	43	1	this	this	DET
ajfa-11962	43	2	study	study	NOUN
ajfa-11962	43	3	found	find	VERB
ajfa-11962	43	4	that	that	SCONJ
ajfa-11962	43	5	cpi	cpi	PROPN
ajfa-11962	43	6	had	have	VERB
ajfa-11962	43	7	a	a	DET
ajfa-11962	43	8	negative	negative	ADJ
ajfa-11962	43	9	relationship	relationship	NOUN
ajfa-11962	43	10	with	with	ADP
ajfa-11962	43	11	stock	stock	NOUN
ajfa-11962	43	12	returns	return	NOUN
ajfa-11962	43	13	,	,	PUNCT
ajfa-11962	43	14	and	and	CCONJ
ajfa-11962	43	15	an	an	DET
ajfa-11962	43	16	increase	increase	NOUN
ajfa-11962	43	17	in	in	ADP
ajfa-11962	43	18	money	money	NOUN
ajfa-11962	43	19	supply	supply	NOUN
ajfa-11962	43	20	was	be	AUX
ajfa-11962	43	21	found	find	VERB
ajfa-11962	43	22	to	to	PART
ajfa-11962	43	23	increase	increase	VERB
ajfa-11962	43	24	stock	stock	NOUN
ajfa-11962	43	25	returns	return	NOUN
ajfa-11962	43	26	.	.	PUNCT
ajfa-11962	44	1	this	this	PRON
ajfa-11962	44	2	was	be	AUX
ajfa-11962	44	3	rationalized	rationalize	VERB
ajfa-11962	44	4	by	by	ADP
ajfa-11962	44	5	the	the	DET
ajfa-11962	44	6	suggestion	suggestion	NOUN
ajfa-11962	44	7	of	of	ADP
ajfa-11962	44	8	portfolio	portfolio	NOUN
ajfa-11962	44	9	theory	theory	NOUN
ajfa-11962	44	10	that	that	SCONJ
ajfa-11962	44	11	a	a	DET
ajfa-11962	44	12	greater	great	ADJ
ajfa-11962	44	13	money	money	NOUN
ajfa-11962	44	14	supply	supply	NOUN
ajfa-11962	44	15	leads	lead	VERB
ajfa-11962	44	16	to	to	ADP
ajfa-11962	44	17	a	a	DET
ajfa-11962	44	18	move	move	NOUN
ajfa-11962	44	19	from	from	ADP
ajfa-11962	44	20	non	non	ADJ
ajfa-11962	44	21	-	-	ADJ
ajfa-11962	44	22	interest	interest	ADJ
ajfa-11962	44	23	bearing	bearing	NOUN
ajfa-11962	44	24	to	to	ADP
ajfa-11962	44	25	interest	interest	NOUN
ajfa-11962	44	26	-	-	PUNCT
ajfa-11962	44	27	bearing	bearing	NOUN
ajfa-11962	44	28	,	,	PUNCT
ajfa-11962	44	29	such	such	ADJ
ajfa-11962	44	30	as	as	ADP
ajfa-11962	44	31	stocks	stock	NOUN
ajfa-11962	44	32	(	(	PUNCT
ajfa-11962	44	33	chia	chia	NOUN
ajfa-11962	44	34	and	and	CCONJ
ajfa-11962	44	35	lim	lim	PROPN
ajfa-11962	44	36	,	,	PUNCT
ajfa-11962	44	37	2015	2015	NUM
ajfa-11962	44	38	)	)	PUNCT
ajfa-11962	44	39	.	.	PUNCT
ajfa-11962	45	1	exchange	exchange	NOUN
ajfa-11962	45	2	rates	rate	NOUN
ajfa-11962	45	3	were	be	AUX
ajfa-11962	45	4	also	also	ADV
ajfa-11962	45	5	cited	cite	VERB
ajfa-11962	45	6	in	in	ADP
ajfa-11962	45	7	this	this	DET
ajfa-11962	45	8	study	study	NOUN
ajfa-11962	45	9	as	as	ADP
ajfa-11962	45	10	theoretically	theoretically	ADV
ajfa-11962	45	11	influencing	influence	VERB
ajfa-11962	45	12	stock	stock	NOUN
ajfa-11962	45	13	prices	price	NOUN
ajfa-11962	45	14	,	,	PUNCT
ajfa-11962	45	15	as	as	SCONJ
ajfa-11962	45	16	the	the	DET
ajfa-11962	45	17	malaysian	malaysian	ADJ
ajfa-11962	45	18	economy	economy	NOUN
ajfa-11962	45	19	is	be	AUX
ajfa-11962	45	20	export	export	NOUN
ajfa-11962	45	21	-	-	PUNCT
ajfa-11962	45	22	oriented	orient	VERB
ajfa-11962	45	23	.	.	PUNCT
ajfa-11962	46	1	2.2	2.2	NUM
ajfa-11962	46	2	singapore	singapore	PROPN
ajfa-11962	46	3	’s	’s	PART
ajfa-11962	46	4	economy	economy	NOUN
ajfa-11962	46	5	and	and	CCONJ
ajfa-11962	46	6	stock	stock	NOUN
ajfa-11962	46	7	returns	return	NOUN
ajfa-11962	46	8	ali	ali	PROPN
ajfa-11962	46	9	et	et	PROPN
ajfa-11962	46	10	al	al	PROPN
ajfa-11962	46	11	.	.	PROPN
ajfa-11962	47	1	(	(	PUNCT
ajfa-11962	47	2	2014	2014	NUM
ajfa-11962	47	3	)	)	PUNCT
ajfa-11962	47	4	examined	examine	VERB
ajfa-11962	47	5	the	the	DET
ajfa-11962	47	6	impact	impact	NOUN
ajfa-11962	47	7	of	of	ADP
ajfa-11962	47	8	monetary	monetary	ADJ
ajfa-11962	47	9	and	and	CCONJ
ajfa-11962	47	10	fiscal	fiscal	ADJ
ajfa-11962	47	11	policies	policy	NOUN
ajfa-11962	47	12	’	'	PUNCT
ajfa-11962	47	13	shocks	shock	NOUN
ajfa-11962	47	14	to	to	ADP
ajfa-11962	47	15	housing	housing	NOUN
ajfa-11962	47	16	prices	price	NOUN
ajfa-11962	47	17	in	in	ADP
ajfa-11962	47	18	singapore	singapore	PROPN
ajfa-11962	47	19	,	,	PUNCT
ajfa-11962	47	20	via	via	ADP
ajfa-11962	47	21	svar	svar	PROPN
ajfa-11962	47	22	modelling	modelling	PROPN
ajfa-11962	47	23	.	.	PUNCT
ajfa-11962	48	1	this	this	DET
ajfa-11962	48	2	same	same	ADJ
ajfa-11962	48	3	approach	approach	NOUN
ajfa-11962	48	4	was	be	AUX
ajfa-11962	48	5	used	use	VERB
ajfa-11962	48	6	to	to	PART
ajfa-11962	48	7	determine	determine	VERB
ajfa-11962	48	8	the	the	DET
ajfa-11962	48	9	effects	effect	NOUN
ajfa-11962	48	10	of	of	ADP
ajfa-11962	48	11	the	the	DET
ajfa-11962	48	12	same	same	ADJ
ajfa-11962	48	13	policies	policy	NOUN
ajfa-11962	48	14	,	,	PUNCT
ajfa-11962	48	15	along	along	ADP
ajfa-11962	48	16	with	with	ADP
ajfa-11962	48	17	other	other	ADJ
ajfa-11962	48	18	macroeconomic	macroeconomic	ADJ
ajfa-11962	48	19	factors	factor	NOUN
ajfa-11962	48	20	including	include	VERB
ajfa-11962	48	21	gold	gold	NOUN
ajfa-11962	48	22	prices	price	NOUN
ajfa-11962	48	23	,	,	PUNCT
ajfa-11962	48	24	oil	oil	NOUN
ajfa-11962	48	25	prices	price	NOUN
ajfa-11962	48	26	,	,	PUNCT
ajfa-11962	48	27	exchange	exchange	NOUN
ajfa-11962	48	28	rates	rate	NOUN
ajfa-11962	48	29	and	and	CCONJ
ajfa-11962	48	30	government	government	NOUN
ajfa-11962	48	31	expenditure	expenditure	NOUN
ajfa-11962	48	32	on	on	ADP
ajfa-11962	48	33	stock	stock	NOUN
ajfa-11962	48	34	returns	return	NOUN
ajfa-11962	48	35	.	.	PUNCT
ajfa-11962	49	1	this	this	DET
ajfa-11962	49	2	study	study	NOUN
ajfa-11962	49	3	found	find	VERB
ajfa-11962	49	4	that	that	SCONJ
ajfa-11962	49	5	stock	stock	NOUN
ajfa-11962	49	6	returns	return	NOUN
ajfa-11962	49	7	had	have	VERB
ajfa-11962	49	8	a	a	DET
ajfa-11962	49	9	positive	positive	ADJ
ajfa-11962	49	10	reaction	reaction	NOUN
ajfa-11962	49	11	to	to	ADP
ajfa-11962	49	12	oil	oil	NOUN
ajfa-11962	49	13	prices	price	NOUN
ajfa-11962	49	14	and	and	CCONJ
ajfa-11962	49	15	government	government	NOUN
ajfa-11962	49	16	expenditure	expenditure	NOUN
ajfa-11962	49	17	(	(	PUNCT
ajfa-11962	49	18	proxy	proxy	NOUN
ajfa-11962	49	19	for	for	ADP
ajfa-11962	49	20	fiscal	fiscal	ADJ
ajfa-11962	49	21	policy	policy	NOUN
ajfa-11962	49	22	)	)	PUNCT
ajfa-11962	49	23	,	,	PUNCT
ajfa-11962	49	24	and	and	CCONJ
ajfa-11962	49	25	negative	negative	ADJ
ajfa-11962	49	26	to	to	PART
ajfa-11962	49	27	exchange	exchange	VERB
ajfa-11962	49	28	rates	rate	NOUN
ajfa-11962	49	29	and	and	CCONJ
ajfa-11962	49	30	gold	gold	NOUN
ajfa-11962	49	31	prices	price	NOUN
ajfa-11962	49	32	,	,	PUNCT
ajfa-11962	49	33	but	but	CCONJ
ajfa-11962	49	34	none	none	NOUN
ajfa-11962	49	35	to	to	ADP
ajfa-11962	49	36	housing	housing	NOUN
ajfa-11962	49	37	prices	price	NOUN
ajfa-11962	49	38	.	.	PUNCT
ajfa-11962	50	1	gold	gold	NOUN
ajfa-11962	50	2	and	and	CCONJ
ajfa-11962	50	3	oil	oil	NOUN
ajfa-11962	50	4	prices	price	NOUN
ajfa-11962	50	5	were	be	AUX
ajfa-11962	50	6	also	also	ADV
ajfa-11962	50	7	found	find	VERB
ajfa-11962	50	8	to	to	PART
ajfa-11962	50	9	have	have	VERB
ajfa-11962	50	10	negative	negative	ADJ
ajfa-11962	50	11	impacts	impact	NOUN
ajfa-11962	50	12	on	on	ADP
ajfa-11962	50	13	exchange	exchange	NOUN
ajfa-11962	50	14	rates	rate	NOUN
ajfa-11962	50	15	.	.	PUNCT
ajfa-11962	51	1	singapore	singapore	PROPN
ajfa-11962	51	2	is	be	AUX
ajfa-11962	51	3	a	a	DET
ajfa-11962	51	4	net	net	ADJ
ajfa-11962	51	5	exporter	exporter	NOUN
ajfa-11962	51	6	overall	overall	ADV
ajfa-11962	51	7	,	,	PUNCT
ajfa-11962	51	8	with	with	ADP
ajfa-11962	51	9	nearly	nearly	ADV
ajfa-11962	51	10	70	70	NUM
ajfa-11962	51	11	%	%	NOUN
ajfa-11962	51	12	of	of	ADP
ajfa-11962	51	13	its	its	PRON
ajfa-11962	51	14	exports	export	NOUN
ajfa-11962	51	15	being	be	AUX
ajfa-11962	51	16	merchandise	merchandise	NOUN
ajfa-11962	51	17	(	(	PUNCT
ajfa-11962	51	18	with	with	ADP
ajfa-11962	51	19	the	the	DET
ajfa-11962	51	20	rest	rest	NOUN
ajfa-11962	51	21	being	being	NOUN
ajfa-11962	51	22	services	service	NOUN
ajfa-11962	51	23	)	)	PUNCT
ajfa-11962	51	24	,	,	PUNCT
ajfa-11962	51	25	and	and	CCONJ
ajfa-11962	51	26	neither	neither	PRON
ajfa-11962	51	27	of	of	ADP
ajfa-11962	51	28	which	which	PRON
ajfa-11962	51	29	is	be	AUX
ajfa-11962	51	30	in	in	ADP
ajfa-11962	51	31	gold	gold	NOUN
ajfa-11962	51	32	(	(	PUNCT
ajfa-11962	51	33	ministry	ministry	NOUN
ajfa-11962	51	34	of	of	ADP
ajfa-11962	51	35	trade	trade	NOUN
ajfa-11962	51	36	and	and	CCONJ
ajfa-11962	51	37	industry	industry	NOUN
ajfa-11962	51	38	,	,	PUNCT
ajfa-11962	51	39	2017	2017	NUM
ajfa-11962	51	40	)	)	PUNCT
ajfa-11962	51	41	.	.	PUNCT
ajfa-11962	52	1	as	as	ADP
ajfa-11962	52	2	such	such	ADJ
ajfa-11962	52	3	,	,	PUNCT
ajfa-11962	52	4	it	it	PRON
ajfa-11962	52	5	would	would	AUX
ajfa-11962	52	6	be	be	AUX
ajfa-11962	52	7	unsurprising	unsurprising	ADJ
ajfa-11962	52	8	that	that	SCONJ
ajfa-11962	52	9	exchange	exchange	NOUN
ajfa-11962	52	10	rates	rate	NOUN
ajfa-11962	52	11	and	and	CCONJ
ajfa-11962	52	12	gold	gold	NOUN
ajfa-11962	52	13	prices	price	NOUN
ajfa-11962	52	14	negatively	negatively	ADV
ajfa-11962	52	15	impact	impact	VERB
ajfa-11962	52	16	stock	stock	NOUN
ajfa-11962	52	17	returns	return	NOUN
ajfa-11962	52	18	,	,	PUNCT
ajfa-11962	52	19	and	and	CCONJ
ajfa-11962	52	20	that	that	SCONJ
ajfa-11962	52	21	gold	gold	NOUN
ajfa-11962	52	22	and	and	CCONJ
ajfa-11962	52	23	oil	oil	NOUN
ajfa-11962	52	24	prices	price	NOUN
ajfa-11962	52	25	negatively	negatively	ADV
ajfa-11962	52	26	impact	impact	VERB
ajfa-11962	52	27	the	the	DET
ajfa-11962	52	28	exchange	exchange	NOUN
ajfa-11962	52	29	rate	rate	NOUN
ajfa-11962	52	30	(	(	PUNCT
ajfa-11962	52	31	ali	ali	PROPN
ajfa-11962	52	32	et	et	PROPN
ajfa-11962	52	33	al	al	PROPN
ajfa-11962	52	34	.	.	PROPN
ajfa-11962	52	35	,	,	PUNCT
ajfa-11962	52	36	2014	2014	NUM
ajfa-11962	52	37	)	)	PUNCT
ajfa-11962	52	38	.	.	PUNCT
ajfa-11962	53	1	however	however	ADV
ajfa-11962	53	2	,	,	PUNCT
ajfa-11962	53	3	given	give	VERB
ajfa-11962	53	4	that	that	PRON
ajfa-11962	53	5	singapore	singapore	PROPN
ajfa-11962	53	6	’s	’s	PART
ajfa-11962	53	7	oil	oil	PROPN
ajfa-11962	53	8	&	&	CCONJ
ajfa-11962	53	9	gas	gas	NOUN
ajfa-11962	53	10	sector	sector	NOUN
ajfa-11962	53	11	remains	remain	VERB
ajfa-11962	53	12	a	a	DET
ajfa-11962	53	13	significant	significant	ADJ
ajfa-11962	53	14	part	part	NOUN
ajfa-11962	53	15	of	of	ADP
ajfa-11962	53	16	the	the	DET
ajfa-11962	53	17	local	local	ADJ
ajfa-11962	53	18	economy	economy	NOUN
ajfa-11962	53	19	,	,	PUNCT
ajfa-11962	53	20	it	it	PRON
ajfa-11962	53	21	accounted	account	VERB
ajfa-11962	53	22	for	for	ADP
ajfa-11962	53	23	the	the	DET
ajfa-11962	53	24	positive	positive	ADJ
ajfa-11962	53	25	relationship	relationship	NOUN
ajfa-11962	53	26	between	between	ADP
ajfa-11962	53	27	oil	oil	NOUN
ajfa-11962	53	28	prices	price	NOUN
ajfa-11962	53	29	and	and	CCONJ
ajfa-11962	53	30	stock	stock	NOUN
ajfa-11962	53	31	returns	return	NOUN
ajfa-11962	53	32	in	in	ADP
ajfa-11962	53	33	singapore	singapore	PROPN
ajfa-11962	53	34	.	.	PUNCT
ajfa-11962	54	1	however	however	ADV
ajfa-11962	54	2	,	,	PUNCT
ajfa-11962	54	3	there	there	PRON
ajfa-11962	54	4	are	be	VERB
ajfa-11962	54	5	several	several	ADJ
ajfa-11962	54	6	other	other	ADJ
ajfa-11962	54	7	notable	notable	ADJ
ajfa-11962	54	8	macroeconomic	macroeconomic	ADJ
ajfa-11962	54	9	factors	factor	NOUN
ajfa-11962	54	10	relevant	relevant	ADJ
ajfa-11962	54	11	to	to	ADP
ajfa-11962	54	12	singapore	singapore	PROPN
ajfa-11962	54	13	that	that	DET
ajfa-11962	54	14	warrant	warrant	NOUN
ajfa-11962	54	15	discussion	discussion	NOUN
ajfa-11962	54	16	as	as	ADV
ajfa-11962	54	17	well	well	ADV
ajfa-11962	54	18	.	.	PUNCT
ajfa-11962	55	1	firstly	firstly	ADV
ajfa-11962	55	2	,	,	PUNCT
ajfa-11962	55	3	given	give	VERB
ajfa-11962	55	4	that	that	SCONJ
ajfa-11962	55	5	singapore	singapore	PROPN
ajfa-11962	55	6	is	be	AUX
ajfa-11962	55	7	more	more	ADV
ajfa-11962	55	8	abundant	abundant	ADJ
ajfa-11962	55	9	in	in	ADP
ajfa-11962	55	10	labour	labour	NOUN
ajfa-11962	55	11	than	than	ADP
ajfa-11962	55	12	in	in	ADP
ajfa-11962	55	13	natural	natural	ADJ
ajfa-11962	55	14	resources	resource	NOUN
ajfa-11962	55	15	(	(	PUNCT
ajfa-11962	55	16	e.g.	e.g.	ADV
ajfa-11962	55	17	oil	oil	NOUN
ajfa-11962	55	18	,	,	PUNCT
ajfa-11962	55	19	gold	gold	NOUN
ajfa-11962	55	20	etc	etc	X
ajfa-11962	55	21	.	.	X
ajfa-11962	55	22	)	)	PUNCT
ajfa-11962	55	23	,	,	PUNCT
ajfa-11962	55	24	the	the	DET
ajfa-11962	55	25	cost	cost	NOUN
ajfa-11962	55	26	of	of	ADP
ajfa-11962	55	27	labour	labour	NOUN
ajfa-11962	55	28	would	would	AUX
ajfa-11962	55	29	in	in	ADP
ajfa-11962	55	30	fact	fact	NOUN
ajfa-11962	55	31	be	be	AUX
ajfa-11962	55	32	relevant	relevant	ADJ
ajfa-11962	55	33	in	in	ADP
ajfa-11962	55	34	playing	play	VERB
ajfa-11962	55	35	a	a	DET
ajfa-11962	55	36	part	part	NOUN
ajfa-11962	55	37	to	to	PART
ajfa-11962	55	38	influence	influence	VERB
ajfa-11962	55	39	stock	stock	NOUN
ajfa-11962	55	40	returns	return	NOUN
ajfa-11962	55	41	locally	locally	ADV
ajfa-11962	55	42	;	;	PUNCT
ajfa-11962	55	43	especially	especially	ADV
ajfa-11962	55	44	so	so	ADV
ajfa-11962	55	45	since	since	SCONJ
ajfa-11962	55	46	it	it	PRON
ajfa-11962	55	47	forms	form	VERB
ajfa-11962	55	48	up	up	ADP
ajfa-11962	55	49	to	to	ADP
ajfa-11962	55	50	over	over	ADP
ajfa-11962	55	51	40	40	NUM
ajfa-11962	55	52	%	%	NOUN
ajfa-11962	55	53	of	of	ADP
ajfa-11962	55	54	business	business	NOUN
ajfa-11962	55	55	costs	cost	NOUN
ajfa-11962	55	56	in	in	ADP
ajfa-11962	55	57	singapore	singapore	PROPN
ajfa-11962	55	58	(	(	PUNCT
ajfa-11962	55	59	ministry	ministry	PROPN
ajfa-11962	55	60	of	of	ADP
ajfa-11962	55	61	trade	trade	NOUN
ajfa-11962	55	62	and	and	CCONJ
ajfa-11962	55	63	industry	industry	NOUN
ajfa-11962	55	64	,	,	PUNCT
ajfa-11962	55	65	2017	2017	NUM
ajfa-11962	55	66	)	)	PUNCT
ajfa-11962	55	67	.	.	PUNCT
ajfa-11962	56	1	in	in	ADP
ajfa-11962	56	2	fact	fact	NOUN
ajfa-11962	56	3	,	,	PUNCT
ajfa-11962	56	4	given	give	VERB
ajfa-11962	56	5	that	that	DET
ajfa-11962	56	6	unit	unit	NOUN
ajfa-11962	56	7	labour	labour	NOUN
ajfa-11962	56	8	cost	cost	NOUN
ajfa-11962	56	9	rose	rise	VERB
ajfa-11962	56	10	faster	fast	ADV
ajfa-11962	56	11	than	than	ADP
ajfa-11962	56	12	labour	labour	NOUN
ajfa-11962	56	13	productivity	productivity	NOUN
ajfa-11962	56	14	gains	gain	NOUN
ajfa-11962	56	15	(	(	PUNCT
ajfa-11962	56	16	ministry	ministry	NOUN
ajfa-11962	56	17	of	of	ADP
ajfa-11962	56	18	trade	trade	NOUN
ajfa-11962	56	19	and	and	CCONJ
ajfa-11962	56	20	industry	industry	NOUN
ajfa-11962	56	21	,	,	PUNCT
ajfa-11962	56	22	2017	2017	NUM
ajfa-11962	56	23	)	)	PUNCT
ajfa-11962	56	24	,	,	PUNCT
ajfa-11962	56	25	this	this	DET
ajfa-11962	56	26	rise	rise	NOUN
ajfa-11962	56	27	in	in	ADP
ajfa-11962	56	28	labour	labour	ADJ
ajfa-11962	56	29	cost	cost	NOUN
ajfa-11962	56	30	should	should	AUX
ajfa-11962	56	31	have	have	VERB
ajfa-11962	56	32	a	a	DET
ajfa-11962	56	33	negative	negative	ADJ
ajfa-11962	56	34	impact	impact	NOUN
ajfa-11962	56	35	on	on	ADP
ajfa-11962	56	36	stock	stock	NOUN
ajfa-11962	56	37	returns	return	NOUN
ajfa-11962	56	38	.	.	PUNCT
ajfa-11962	57	1	secondly	secondly	ADV
ajfa-11962	57	2	,	,	PUNCT
ajfa-11962	57	3	close	close	ADJ
ajfa-11962	57	4	to	to	PART
ajfa-11962	57	5	if	if	SCONJ
ajfa-11962	57	6	not	not	PART
ajfa-11962	57	7	all	all	DET
ajfa-11962	57	8	reviewed	review	VERB
ajfa-11962	57	9	studies	study	NOUN
ajfa-11962	57	10	used	use	VERB
ajfa-11962	57	11	the	the	DET
ajfa-11962	57	12	usd	usd	NOUN
ajfa-11962	57	13	as	as	ADP
ajfa-11962	57	14	their	their	PRON
ajfa-11962	57	15	benchmark	benchmark	NOUN
ajfa-11962	57	16	for	for	ADP
ajfa-11962	57	17	exchange	exchange	NOUN
ajfa-11962	57	18	rates	rate	NOUN
ajfa-11962	57	19	.	.	PUNCT
ajfa-11962	58	1	there	there	PRON
ajfa-11962	58	2	was	be	VERB
ajfa-11962	58	3	however	however	ADV
ajfa-11962	58	4	no	no	DET
ajfa-11962	58	5	mention	mention	NOUN
ajfa-11962	58	6	of	of	ADP
ajfa-11962	58	7	whether	whether	SCONJ
ajfa-11962	58	8	this	this	DET
ajfa-11962	58	9	benchmark	benchmark	NOUN
ajfa-11962	58	10	was	be	AUX
ajfa-11962	58	11	justified	justify	VERB
ajfa-11962	58	12	by	by	ADP
ajfa-11962	58	13	the	the	DET
ajfa-11962	58	14	us	us	PROPN
ajfa-11962	58	15	being	be	AUX
ajfa-11962	58	16	the	the	DET
ajfa-11962	58	17	base	base	NOUN
ajfa-11962	58	18	country	country	NOUN
ajfa-11962	58	19	’s	’s	PART
ajfa-11962	58	20	most	most	ADV
ajfa-11962	58	21	significant	significant	ADJ
ajfa-11962	58	22	trade	trade	NOUN
ajfa-11962	58	23	partner	partner	NOUN
ajfa-11962	58	24	.	.	PUNCT
ajfa-11962	59	1	in	in	ADP
ajfa-11962	59	2	singapore	singapore	PROPN
ajfa-11962	59	3	’s	’s	PART
ajfa-11962	59	4	context	context	NOUN
ajfa-11962	59	5	,	,	PUNCT
ajfa-11962	59	6	the	the	DET
ajfa-11962	59	7	us	us	PROPN
ajfa-11962	59	8	is	be	AUX
ajfa-11962	59	9	the	the	DET
ajfa-11962	59	10	4th	4th	ADJ
ajfa-11962	59	11	largest	large	ADJ
ajfa-11962	59	12	merchandise	merchandise	NOUN
ajfa-11962	59	13	trade	trade	NOUN
ajfa-11962	59	14	partner	partner	NOUN
ajfa-11962	59	15	,	,	PUNCT
ajfa-11962	59	16	but	but	CCONJ
ajfa-11962	59	17	does	do	AUX
ajfa-11962	59	18	not	not	PART
ajfa-11962	59	19	make	make	VERB
ajfa-11962	59	20	the	the	DET
ajfa-11962	59	21	top	top	ADJ
ajfa-11962	59	22	5	5	NUM
ajfa-11962	59	23	export	export	NOUN
ajfa-11962	59	24	destinations	destination	NOUN
ajfa-11962	59	25	in	in	ADP
ajfa-11962	59	26	2016	2016	NUM
ajfa-11962	59	27	(	(	PUNCT
ajfa-11962	59	28	ministry	ministry	NOUN
ajfa-11962	59	29	of	of	ADP
ajfa-11962	59	30	trade	trade	NOUN
ajfa-11962	59	31	and	and	CCONJ
ajfa-11962	59	32	industry	industry	NOUN
ajfa-11962	59	33	,	,	PUNCT
ajfa-11962	59	34	2017	2017	NUM
ajfa-11962	59	35	)	)	PUNCT
ajfa-11962	59	36	.	.	PUNCT
ajfa-11962	60	1	as	as	SCONJ
ajfa-11962	60	2	such	such	ADJ
ajfa-11962	60	3	,	,	PUNCT
ajfa-11962	60	4	a	a	DET
ajfa-11962	60	5	benchmark	benchmark	NOUN
ajfa-11962	60	6	purely	purely	ADV
ajfa-11962	60	7	against	against	ADP
ajfa-11962	60	8	the	the	DET
ajfa-11962	60	9	usd	usd	NOUN
ajfa-11962	60	10	may	may	AUX
ajfa-11962	60	11	not	not	PART
ajfa-11962	60	12	be	be	AUX
ajfa-11962	60	13	a	a	DET
ajfa-11962	60	14	reliable	reliable	ADJ
ajfa-11962	60	15	indicator	indicator	NOUN
ajfa-11962	60	16	of	of	ADP
ajfa-11962	60	17	the	the	DET
ajfa-11962	60	18	strength	strength	NOUN
ajfa-11962	60	19	of	of	ADP
ajfa-11962	60	20	singapore	singapore	PROPN
ajfa-11962	60	21	’s	’s	PART
ajfa-11962	60	22	currency	currency	NOUN
ajfa-11962	60	23	.	.	PUNCT
ajfa-11962	61	1	one	one	NUM
ajfa-11962	61	2	possible	possible	ADJ
ajfa-11962	61	3	measure	measure	NOUN
ajfa-11962	61	4	would	would	AUX
ajfa-11962	61	5	be	be	AUX
ajfa-11962	61	6	the	the	DET
ajfa-11962	61	7	singapore	singapore	NOUN
ajfa-11962	61	8	-	-	PUNCT
ajfa-11962	61	9	dollar	dollar	NOUN
ajfa-11962	61	10	nominal	nominal	ADJ
ajfa-11962	61	11	effective	effective	ADJ
ajfa-11962	61	12	exchange	exchange	NOUN
ajfa-11962	61	13	rate	rate	NOUN
ajfa-11962	61	14	(	(	PUNCT
ajfa-11962	61	15	s$neer	s$neer	PROPN
ajfa-11962	61	16	)	)	PUNCT
ajfa-11962	61	17	,	,	PUNCT
ajfa-11962	61	18	which	which	PRON
ajfa-11962	61	19	benchmarks	benchmark	VERB
ajfa-11962	61	20	the	the	DET
ajfa-11962	61	21	sgd	sgd	NOUN
ajfa-11962	61	22	against	against	ADP
ajfa-11962	61	23	a	a	DET
ajfa-11962	61	24	basket	basket	NOUN
ajfa-11962	61	25	of	of	ADP
ajfa-11962	61	26	currencies	currency	NOUN
ajfa-11962	61	27	;	;	PUNCT
ajfa-11962	61	28	weightage	weightage	NOUN
ajfa-11962	61	29	of	of	ADP
ajfa-11962	61	30	which	which	PRON
ajfa-11962	61	31	takes	take	VERB
ajfa-11962	61	32	into	into	ADP
ajfa-11962	61	33	asian	asian	ADJ
ajfa-11962	61	34	journal	journal	NOUN
ajfa-11962	61	35	of	of	ADP
ajfa-11962	61	36	finance	finance	PROPN
ajfa-11962	61	37	&	&	CCONJ
ajfa-11962	61	38	accounting	accounting	PROPN
ajfa-11962	61	39	issn	issn	PROPN
ajfa-11962	61	40	1946	1946	NUM
ajfa-11962	61	41	-	-	PUNCT
ajfa-11962	61	42	052x	052x	PROPN
ajfa-11962	61	43	2017	2017	NUM
ajfa-11962	61	44	,	,	PUNCT
ajfa-11962	61	45	vol	vol	NOUN
ajfa-11962	61	46	.	.	NOUN
ajfa-11962	62	1	9	9	NUM
ajfa-11962	62	2	,	,	PUNCT
ajfa-11962	62	3	no	no	NOUN
ajfa-11962	62	4	.	.	NOUN
ajfa-11962	62	5	2	2	NUM
ajfa-11962	62	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	62	7	223	223	NUM
ajfa-11962	62	8	consideration	consideration	NOUN
ajfa-11962	62	9	the	the	DET
ajfa-11962	62	10	base	base	NOUN
ajfa-11962	62	11	country	country	NOUN
ajfa-11962	62	12	’s	’s	PART
ajfa-11962	62	13	trade	trade	NOUN
ajfa-11962	62	14	partnerships	partnership	NOUN
ajfa-11962	62	15	(	(	PUNCT
ajfa-11962	62	16	international	international	ADJ
ajfa-11962	62	17	monetary	monetary	ADJ
ajfa-11962	62	18	fund	fund	NOUN
ajfa-11962	62	19	,	,	PUNCT
ajfa-11962	62	20	2006	2006	NUM
ajfa-11962	62	21	)	)	PUNCT
ajfa-11962	62	22	.	.	PUNCT
ajfa-11962	63	1	as	as	ADP
ajfa-11962	63	2	with	with	ADP
ajfa-11962	63	3	the	the	DET
ajfa-11962	63	4	above	above	ADV
ajfa-11962	63	5	-	-	PUNCT
ajfa-11962	63	6	mentioned	mention	VERB
ajfa-11962	63	7	studies	study	NOUN
ajfa-11962	63	8	,	,	PUNCT
ajfa-11962	63	9	as	as	SCONJ
ajfa-11962	63	10	singapore	singapore	PROPN
ajfa-11962	63	11	is	be	AUX
ajfa-11962	63	12	a	a	DET
ajfa-11962	63	13	net	net	ADJ
ajfa-11962	63	14	exporter	exporter	NOUN
ajfa-11962	63	15	,	,	PUNCT
ajfa-11962	63	16	it	it	PRON
ajfa-11962	63	17	is	be	AUX
ajfa-11962	63	18	hypothesized	hypothesize	VERB
ajfa-11962	63	19	that	that	SCONJ
ajfa-11962	63	20	exchange	exchange	NOUN
ajfa-11962	63	21	rates	rate	NOUN
ajfa-11962	63	22	(	(	PUNCT
ajfa-11962	63	23	i.e.	i.e.	X
ajfa-11962	63	24	s$neer	s$neer	NOUN
ajfa-11962	63	25	)	)	PUNCT
ajfa-11962	63	26	has	have	VERB
ajfa-11962	63	27	a	a	DET
ajfa-11962	63	28	negative	negative	ADJ
ajfa-11962	63	29	impact	impact	NOUN
ajfa-11962	63	30	on	on	ADP
ajfa-11962	63	31	stock	stock	NOUN
ajfa-11962	63	32	returns	return	NOUN
ajfa-11962	63	33	.	.	PUNCT
ajfa-11962	64	1	while	while	SCONJ
ajfa-11962	64	2	still	still	ADV
ajfa-11962	64	3	on	on	ADP
ajfa-11962	64	4	the	the	DET
ajfa-11962	64	5	topic	topic	NOUN
ajfa-11962	64	6	of	of	ADP
ajfa-11962	64	7	trade	trade	NOUN
ajfa-11962	64	8	,	,	PUNCT
ajfa-11962	64	9	given	give	VERB
ajfa-11962	64	10	the	the	DET
ajfa-11962	64	11	importance	importance	NOUN
ajfa-11962	64	12	of	of	ADP
ajfa-11962	64	13	manufacturing	manufacturing	NOUN
ajfa-11962	64	14	and	and	CCONJ
ajfa-11962	64	15	import	import	NOUN
ajfa-11962	64	16	/	/	SYM
ajfa-11962	64	17	exports	export	NOUN
ajfa-11962	64	18	to	to	ADP
ajfa-11962	64	19	singapore	singapore	PROPN
ajfa-11962	64	20	’s	’s	PART
ajfa-11962	64	21	economy	economy	NOUN
ajfa-11962	64	22	,	,	PUNCT
ajfa-11962	64	23	both	both	DET
ajfa-11962	64	24	total	total	ADJ
ajfa-11962	64	25	industrial	industrial	ADJ
ajfa-11962	64	26	production	production	NOUN
ajfa-11962	64	27	and	and	CCONJ
ajfa-11962	64	28	total	total	ADJ
ajfa-11962	64	29	merchandise	merchandise	NOUN
ajfa-11962	64	30	trade	trade	NOUN
ajfa-11962	64	31	shall	shall	AUX
ajfa-11962	64	32	also	also	ADV
ajfa-11962	64	33	be	be	AUX
ajfa-11962	64	34	taken	take	VERB
ajfa-11962	64	35	into	into	ADP
ajfa-11962	64	36	consideration	consideration	NOUN
ajfa-11962	64	37	for	for	ADP
ajfa-11962	64	38	this	this	DET
ajfa-11962	64	39	research	research	NOUN
ajfa-11962	64	40	;	;	PUNCT
ajfa-11962	64	41	with	with	ADP
ajfa-11962	64	42	the	the	DET
ajfa-11962	64	43	hypotheses	hypothesis	NOUN
ajfa-11962	64	44	that	that	PRON
ajfa-11962	64	45	both	both	PRON
ajfa-11962	64	46	have	have	VERB
ajfa-11962	64	47	positive	positive	ADJ
ajfa-11962	64	48	impacts	impact	NOUN
ajfa-11962	64	49	on	on	ADP
ajfa-11962	64	50	stock	stock	NOUN
ajfa-11962	64	51	returns	return	NOUN
ajfa-11962	64	52	.	.	PUNCT
ajfa-11962	65	1	at	at	ADP
ajfa-11962	65	2	the	the	DET
ajfa-11962	65	3	same	same	ADJ
ajfa-11962	65	4	time	time	NOUN
ajfa-11962	65	5	,	,	PUNCT
ajfa-11962	65	6	arora	arora	PROPN
ajfa-11962	65	7	and	and	CCONJ
ajfa-11962	65	8	lieskovsky	lieskovsky	PROPN
ajfa-11962	65	9	(	(	PUNCT
ajfa-11962	65	10	2014	2014	NUM
ajfa-11962	65	11	)	)	PUNCT
ajfa-11962	65	12	investigated	investigate	VERB
ajfa-11962	65	13	the	the	DET
ajfa-11962	65	14	idea	idea	NOUN
ajfa-11962	65	15	of	of	ADP
ajfa-11962	65	16	using	use	VERB
ajfa-11962	65	17	measures	measure	NOUN
ajfa-11962	65	18	of	of	ADP
ajfa-11962	65	19	electricity	electricity	NOUN
ajfa-11962	65	20	usage	usage	NOUN
ajfa-11962	65	21	as	as	ADP
ajfa-11962	65	22	an	an	DET
ajfa-11962	65	23	indicator	indicator	NOUN
ajfa-11962	65	24	of	of	ADP
ajfa-11962	65	25	economic	economic	ADJ
ajfa-11962	65	26	activity	activity	NOUN
ajfa-11962	65	27	.	.	PUNCT
ajfa-11962	66	1	this	this	DET
ajfa-11962	66	2	study	study	NOUN
ajfa-11962	66	3	found	find	VERB
ajfa-11962	66	4	that	that	SCONJ
ajfa-11962	66	5	in	in	ADP
ajfa-11962	66	6	the	the	DET
ajfa-11962	66	7	us	us	PROPN
ajfa-11962	66	8	,	,	PUNCT
ajfa-11962	66	9	electricity	electricity	NOUN
ajfa-11962	66	10	usage	usage	NOUN
ajfa-11962	66	11	was	be	AUX
ajfa-11962	66	12	a	a	DET
ajfa-11962	66	13	strong	strong	ADJ
ajfa-11962	66	14	indicator	indicator	NOUN
ajfa-11962	66	15	of	of	ADP
ajfa-11962	66	16	activity	activity	NOUN
ajfa-11962	66	17	in	in	ADP
ajfa-11962	66	18	the	the	DET
ajfa-11962	66	19	economy	economy	NOUN
ajfa-11962	66	20	.	.	PUNCT
ajfa-11962	67	1	total	total	ADJ
ajfa-11962	67	2	retail	retail	ADJ
ajfa-11962	67	3	electricity	electricity	NOUN
ajfa-11962	67	4	sales	sale	NOUN
ajfa-11962	67	5	would	would	AUX
ajfa-11962	67	6	not	not	PART
ajfa-11962	67	7	only	only	ADV
ajfa-11962	67	8	cover	cover	VERB
ajfa-11962	67	9	manufacturing	manufacturing	NOUN
ajfa-11962	67	10	,	,	PUNCT
ajfa-11962	67	11	but	but	CCONJ
ajfa-11962	67	12	also	also	ADV
ajfa-11962	67	13	services	service	NOUN
ajfa-11962	67	14	and	and	CCONJ
ajfa-11962	67	15	other	other	ADJ
ajfa-11962	67	16	activities	activity	NOUN
ajfa-11962	67	17	in	in	ADP
ajfa-11962	67	18	general	general	ADJ
ajfa-11962	67	19	,	,	PUNCT
ajfa-11962	67	20	whether	whether	SCONJ
ajfa-11962	67	21	supported	support	VERB
ajfa-11962	67	22	by	by	ADP
ajfa-11962	67	23	or	or	CCONJ
ajfa-11962	67	24	as	as	ADP
ajfa-11962	67	25	a	a	DET
ajfa-11962	67	26	product	product	NOUN
ajfa-11962	67	27	of	of	ADP
ajfa-11962	67	28	economic	economic	ADJ
ajfa-11962	67	29	activity	activity	NOUN
ajfa-11962	67	30	(	(	PUNCT
ajfa-11962	67	31	arora	arora	PROPN
ajfa-11962	67	32	and	and	CCONJ
ajfa-11962	67	33	lieskovsky	lieskovsky	PROPN
ajfa-11962	67	34	,	,	PUNCT
ajfa-11962	67	35	2014	2014	NUM
ajfa-11962	67	36	)	)	PUNCT
ajfa-11962	67	37	.	.	PUNCT
ajfa-11962	68	1	as	as	ADP
ajfa-11962	68	2	such	such	ADJ
ajfa-11962	68	3	,	,	PUNCT
ajfa-11962	68	4	we	we	PRON
ajfa-11962	68	5	hypothesize	hypothesize	VERB
ajfa-11962	68	6	that	that	SCONJ
ajfa-11962	68	7	in	in	ADP
ajfa-11962	68	8	singapore	singapore	PROPN
ajfa-11962	68	9	,	,	PUNCT
ajfa-11962	68	10	total	total	ADJ
ajfa-11962	68	11	electricity	electricity	NOUN
ajfa-11962	68	12	generated	generate	VERB
ajfa-11962	68	13	(	(	PUNCT
ajfa-11962	68	14	the	the	DET
ajfa-11962	68	15	proxy	proxy	NOUN
ajfa-11962	68	16	of	of	ADP
ajfa-11962	68	17	the	the	DET
ajfa-11962	68	18	equivalent	equivalent	NOUN
ajfa-11962	68	19	)	)	PUNCT
ajfa-11962	68	20	,	,	PUNCT
ajfa-11962	68	21	has	have	VERB
ajfa-11962	68	22	a	a	DET
ajfa-11962	68	23	positive	positive	ADJ
ajfa-11962	68	24	impact	impact	NOUN
ajfa-11962	68	25	on	on	ADP
ajfa-11962	68	26	stock	stock	NOUN
ajfa-11962	68	27	returns	return	NOUN
ajfa-11962	68	28	.	.	PUNCT
ajfa-11962	69	1	next	next	ADJ
ajfa-11962	69	2	,	,	PUNCT
ajfa-11962	69	3	studies	study	NOUN
ajfa-11962	69	4	such	such	ADJ
ajfa-11962	69	5	as	as	ADP
ajfa-11962	69	6	alam	alam	PROPN
ajfa-11962	69	7	and	and	CCONJ
ajfa-11962	69	8	rashid	rashid	PROPN
ajfa-11962	69	9	(	(	PUNCT
ajfa-11962	69	10	2014	2014	NUM
ajfa-11962	69	11	)	)	PUNCT
ajfa-11962	69	12	and	and	CCONJ
ajfa-11962	69	13	kuwornu	kuwornu	PROPN
ajfa-11962	69	14	(	(	PUNCT
ajfa-11962	69	15	2012	2012	NUM
ajfa-11962	69	16	)	)	PUNCT
ajfa-11962	69	17	took	take	VERB
ajfa-11962	69	18	into	into	ADP
ajfa-11962	69	19	consideration	consideration	NOUN
ajfa-11962	69	20	cpi	cpi	NOUN
ajfa-11962	69	21	as	as	ADP
ajfa-11962	69	22	a	a	DET
ajfa-11962	69	23	proxy	proxy	NOUN
ajfa-11962	69	24	for	for	ADP
ajfa-11962	69	25	inflation	inflation	NOUN
ajfa-11962	69	26	.	.	PUNCT
ajfa-11962	70	1	the	the	DET
ajfa-11962	70	2	cpi	cpi	PROPN
ajfa-11962	70	3	fell	fall	VERB
ajfa-11962	70	4	by	by	ADP
ajfa-11962	70	5	0.5	0.5	NUM
ajfa-11962	70	6	%	%	NOUN
ajfa-11962	70	7	in	in	ADP
ajfa-11962	70	8	2016	2016	NUM
ajfa-11962	70	9	;	;	PUNCT
ajfa-11962	70	10	in	in	ADP
ajfa-11962	70	11	spite	spite	NOUN
ajfa-11962	70	12	of	of	ADP
ajfa-11962	70	13	increasing	increase	VERB
ajfa-11962	70	14	overall	overall	ADJ
ajfa-11962	70	15	prices	price	NOUN
ajfa-11962	70	16	of	of	ADP
ajfa-11962	70	17	recreation	recreation	NOUN
ajfa-11962	70	18	,	,	PUNCT
ajfa-11962	70	19	healthcare	healthcare	PROPN
ajfa-11962	70	20	,	,	PUNCT
ajfa-11962	70	21	food	food	NOUN
ajfa-11962	70	22	and	and	CCONJ
ajfa-11962	70	23	education	education	NOUN
ajfa-11962	70	24	,	,	PUNCT
ajfa-11962	70	25	the	the	DET
ajfa-11962	70	26	decline	decline	NOUN
ajfa-11962	70	27	was	be	AUX
ajfa-11962	70	28	attributed	attribute	VERB
ajfa-11962	70	29	to	to	ADP
ajfa-11962	70	30	decreases	decrease	NOUN
ajfa-11962	70	31	in	in	ADP
ajfa-11962	70	32	transport	transport	NOUN
ajfa-11962	70	33	,	,	PUNCT
ajfa-11962	70	34	accommodation	accommodation	NOUN
ajfa-11962	70	35	and	and	CCONJ
ajfa-11962	70	36	utilities	utility	NOUN
ajfa-11962	70	37	prices	price	NOUN
ajfa-11962	70	38	(	(	PUNCT
ajfa-11962	70	39	ministry	ministry	NOUN
ajfa-11962	70	40	of	of	ADP
ajfa-11962	70	41	trade	trade	NOUN
ajfa-11962	70	42	and	and	CCONJ
ajfa-11962	70	43	industry	industry	NOUN
ajfa-11962	70	44	,	,	PUNCT
ajfa-11962	70	45	2017	2017	NUM
ajfa-11962	70	46	)	)	PUNCT
ajfa-11962	70	47	.	.	PUNCT
ajfa-11962	71	1	as	as	ADP
ajfa-11962	71	2	with	with	ADP
ajfa-11962	71	3	both	both	DET
ajfa-11962	71	4	previously	previously	ADV
ajfa-11962	71	5	-	-	PUNCT
ajfa-11962	71	6	discussed	discuss	VERB
ajfa-11962	71	7	studies	study	NOUN
ajfa-11962	71	8	,	,	PUNCT
ajfa-11962	71	9	should	should	AUX
ajfa-11962	71	10	inflation	inflation	NOUN
ajfa-11962	71	11	decrease	decrease	NOUN
ajfa-11962	71	12	,	,	PUNCT
ajfa-11962	71	13	stock	stock	NOUN
ajfa-11962	71	14	returns	return	NOUN
ajfa-11962	71	15	would	would	AUX
ajfa-11962	71	16	hypothetically	hypothetically	ADV
ajfa-11962	71	17	increase	increase	VERB
ajfa-11962	71	18	.	.	PUNCT
ajfa-11962	72	1	as	as	SCONJ
ajfa-11962	72	2	also	also	ADV
ajfa-11962	72	3	seen	see	VERB
ajfa-11962	72	4	in	in	ADP
ajfa-11962	72	5	the	the	DET
ajfa-11962	72	6	above	above	ADJ
ajfa-11962	72	7	studies	study	NOUN
ajfa-11962	72	8	,	,	PUNCT
ajfa-11962	72	9	the	the	DET
ajfa-11962	72	10	government	government	NOUN
ajfa-11962	72	11	plays	play	VERB
ajfa-11962	72	12	a	a	DET
ajfa-11962	72	13	significant	significant	ADJ
ajfa-11962	72	14	role	role	NOUN
ajfa-11962	72	15	in	in	ADP
ajfa-11962	72	16	boosting	boost	VERB
ajfa-11962	72	17	the	the	DET
ajfa-11962	72	18	economy	economy	NOUN
ajfa-11962	72	19	,	,	PUNCT
ajfa-11962	72	20	via	via	ADP
ajfa-11962	72	21	fiscal	fiscal	ADJ
ajfa-11962	72	22	and	and	CCONJ
ajfa-11962	72	23	monetary	monetary	ADJ
ajfa-11962	72	24	policies	policy	NOUN
ajfa-11962	72	25	.	.	PUNCT
ajfa-11962	73	1	as	as	ADP
ajfa-11962	73	2	such	such	ADJ
ajfa-11962	73	3	,	,	PUNCT
ajfa-11962	73	4	monetary	monetary	ADJ
ajfa-11962	73	5	supply	supply	NOUN
ajfa-11962	73	6	shall	shall	AUX
ajfa-11962	73	7	also	also	ADV
ajfa-11962	73	8	be	be	AUX
ajfa-11962	73	9	taken	take	VERB
ajfa-11962	73	10	into	into	ADP
ajfa-11962	73	11	consideration	consideration	NOUN
ajfa-11962	73	12	.	.	PUNCT
ajfa-11962	74	1	in	in	ADP
ajfa-11962	74	2	line	line	NOUN
ajfa-11962	74	3	with	with	ADP
ajfa-11962	74	4	the	the	DET
ajfa-11962	74	5	findings	finding	NOUN
ajfa-11962	74	6	of	of	ADP
ajfa-11962	74	7	kurniawati	kurniawati	PROPN
ajfa-11962	74	8	et	et	PROPN
ajfa-11962	74	9	al	al	PROPN
ajfa-11962	74	10	.	.	PUNCT
ajfa-11962	75	1	(	(	PUNCT
ajfa-11962	75	2	2016	2016	NUM
ajfa-11962	75	3	)	)	PUNCT
ajfa-11962	75	4	and	and	CCONJ
ajfa-11962	75	5	chia	chia	PROPN
ajfa-11962	75	6	and	and	CCONJ
ajfa-11962	75	7	lim	lim	PROPN
ajfa-11962	75	8	(	(	PUNCT
ajfa-11962	75	9	2015	2015	NUM
ajfa-11962	75	10	)	)	PUNCT
ajfa-11962	75	11	,	,	PUNCT
ajfa-11962	75	12	it	it	PRON
ajfa-11962	75	13	is	be	AUX
ajfa-11962	75	14	hypothesized	hypothesize	VERB
ajfa-11962	75	15	that	that	SCONJ
ajfa-11962	75	16	singapore	singapore	PROPN
ajfa-11962	75	17	’s	’s	PART
ajfa-11962	75	18	monetary	monetary	ADJ
ajfa-11962	75	19	supply	supply	NOUN
ajfa-11962	75	20	has	have	VERB
ajfa-11962	75	21	a	a	DET
ajfa-11962	75	22	positive	positive	ADJ
ajfa-11962	75	23	impact	impact	NOUN
ajfa-11962	75	24	on	on	ADP
ajfa-11962	75	25	stock	stock	NOUN
ajfa-11962	75	26	returns	return	NOUN
ajfa-11962	75	27	.	.	PUNCT
ajfa-11962	76	1	even	even	ADV
ajfa-11962	76	2	though	though	SCONJ
ajfa-11962	76	3	their	their	PRON
ajfa-11962	76	4	results	result	NOUN
ajfa-11962	76	5	showed	show	VERB
ajfa-11962	76	6	otherwise	otherwise	ADV
ajfa-11962	76	7	,	,	PUNCT
ajfa-11962	76	8	ravnik	ravnik	NOUN
ajfa-11962	76	9	and	and	CCONJ
ajfa-11962	76	10	zilic	zilic	ADJ
ajfa-11962	76	11	(	(	PUNCT
ajfa-11962	76	12	2011	2011	NUM
ajfa-11962	76	13	)	)	PUNCT
ajfa-11962	76	14	hypothesized	hypothesize	VERB
ajfa-11962	76	15	that	that	SCONJ
ajfa-11962	76	16	croatian	croatian	ADJ
ajfa-11962	76	17	government	government	NOUN
ajfa-11962	76	18	expenditure	expenditure	NOUN
ajfa-11962	76	19	would	would	AUX
ajfa-11962	76	20	have	have	VERB
ajfa-11962	76	21	a	a	DET
ajfa-11962	76	22	positive	positive	ADJ
ajfa-11962	76	23	effect	effect	NOUN
ajfa-11962	76	24	on	on	ADP
ajfa-11962	76	25	industrial	industrial	ADJ
ajfa-11962	76	26	production	production	NOUN
ajfa-11962	76	27	(	(	PUNCT
ajfa-11962	76	28	i.e.	i.e.	X
ajfa-11962	76	29	economic	economic	ADJ
ajfa-11962	76	30	activity	activity	NOUN
ajfa-11962	76	31	)	)	PUNCT
ajfa-11962	76	32	,	,	PUNCT
ajfa-11962	76	33	and	and	CCONJ
ajfa-11962	76	34	in	in	ADP
ajfa-11962	76	35	turn	turn	NOUN
ajfa-11962	76	36	be	be	AUX
ajfa-11962	76	37	positive	positive	ADJ
ajfa-11962	76	38	on	on	ADP
ajfa-11962	76	39	domestic	domestic	ADJ
ajfa-11962	76	40	stock	stock	NOUN
ajfa-11962	76	41	returns	return	NOUN
ajfa-11962	76	42	.	.	PUNCT
ajfa-11962	77	1	ali	ali	PROPN
ajfa-11962	77	2	et	et	PROPN
ajfa-11962	77	3	al	al	PROPN
ajfa-11962	77	4	.	.	PROPN
ajfa-11962	77	5	(	(	PUNCT
ajfa-11962	77	6	2014	2014	NUM
ajfa-11962	77	7	)	)	PUNCT
ajfa-11962	77	8	,	,	PUNCT
ajfa-11962	77	9	however	however	ADV
ajfa-11962	77	10	,	,	PUNCT
ajfa-11962	77	11	yielded	yield	VERB
ajfa-11962	77	12	results	result	NOUN
ajfa-11962	77	13	in	in	ADP
ajfa-11962	77	14	singapore	singapore	PROPN
ajfa-11962	77	15	context	context	NOUN
ajfa-11962	77	16	for	for	ADP
ajfa-11962	77	17	this	this	DET
ajfa-11962	77	18	same	same	ADJ
ajfa-11962	77	19	hypothesis	hypothesis	NOUN
ajfa-11962	77	20	.	.	PUNCT
ajfa-11962	78	1	with	with	ADP
ajfa-11962	78	2	the	the	DET
ajfa-11962	78	3	balance	balance	NOUN
ajfa-11962	78	4	of	of	ADP
ajfa-11962	78	5	payments	payment	NOUN
ajfa-11962	78	6	as	as	ADP
ajfa-11962	78	7	a	a	DET
ajfa-11962	78	8	proxy	proxy	NOUN
ajfa-11962	78	9	for	for	ADP
ajfa-11962	78	10	government	government	NOUN
ajfa-11962	78	11	expenditure	expenditure	NOUN
ajfa-11962	78	12	,	,	PUNCT
ajfa-11962	78	13	this	this	DET
ajfa-11962	78	14	same	same	ADJ
ajfa-11962	78	15	hypothesis	hypothesis	NOUN
ajfa-11962	78	16	shall	shall	AUX
ajfa-11962	78	17	be	be	AUX
ajfa-11962	78	18	undertaken	undertake	VERB
ajfa-11962	78	19	.	.	PUNCT
ajfa-11962	79	1	lastly	lastly	ADV
ajfa-11962	79	2	,	,	PUNCT
ajfa-11962	79	3	gross	gross	ADJ
ajfa-11962	79	4	fixed	fix	VERB
ajfa-11962	79	5	capital	capital	NOUN
ajfa-11962	79	6	formation	formation	NOUN
ajfa-11962	79	7	(	(	PUNCT
ajfa-11962	79	8	gfcf	gfcf	NOUN
ajfa-11962	79	9	)	)	PUNCT
ajfa-11962	79	10	is	be	AUX
ajfa-11962	79	11	also	also	ADV
ajfa-11962	79	12	recognized	recognize	VERB
ajfa-11962	79	13	as	as	ADP
ajfa-11962	79	14	a	a	DET
ajfa-11962	79	15	key	key	ADJ
ajfa-11962	79	16	performance	performance	NOUN
ajfa-11962	79	17	indicator	indicator	NOUN
ajfa-11962	79	18	of	of	ADP
ajfa-11962	79	19	singapore	singapore	PROPN
ajfa-11962	79	20	’s	’s	PART
ajfa-11962	79	21	economy	economy	NOUN
ajfa-11962	79	22	(	(	PUNCT
ajfa-11962	79	23	ministry	ministry	NOUN
ajfa-11962	79	24	of	of	ADP
ajfa-11962	79	25	trade	trade	NOUN
ajfa-11962	79	26	and	and	CCONJ
ajfa-11962	79	27	industry	industry	NOUN
ajfa-11962	79	28	,	,	PUNCT
ajfa-11962	79	29	2017	2017	NUM
ajfa-11962	79	30	)	)	PUNCT
ajfa-11962	79	31	.	.	PUNCT
ajfa-11962	80	1	gfcf	gfcf	NOUN
ajfa-11962	80	2	measures	measure	VERB
ajfa-11962	80	3	the	the	DET
ajfa-11962	80	4	overall	overall	ADJ
ajfa-11962	80	5	changes	change	NOUN
ajfa-11962	80	6	in	in	ADP
ajfa-11962	80	7	fixed	fix	VERB
ajfa-11962	80	8	assets	asset	NOUN
ajfa-11962	80	9	for	for	ADP
ajfa-11962	80	10	the	the	DET
ajfa-11962	80	11	different	different	ADJ
ajfa-11962	80	12	sectors	sector	NOUN
ajfa-11962	80	13	in	in	ADP
ajfa-11962	80	14	a	a	DET
ajfa-11962	80	15	country	country	NOUN
ajfa-11962	80	16	;	;	PUNCT
ajfa-11962	80	17	being	be	AUX
ajfa-11962	80	18	understood	understand	VERB
ajfa-11962	80	19	to	to	PART
ajfa-11962	80	20	have	have	VERB
ajfa-11962	80	21	a	a	DET
ajfa-11962	80	22	positive	positive	ADJ
ajfa-11962	80	23	relationship	relationship	NOUN
ajfa-11962	80	24	with	with	ADP
ajfa-11962	80	25	economic	economic	ADJ
ajfa-11962	80	26	strength	strength	NOUN
ajfa-11962	80	27	(	(	PUNCT
ajfa-11962	80	28	ministry	ministry	NOUN
ajfa-11962	80	29	of	of	ADP
ajfa-11962	80	30	trade	trade	NOUN
ajfa-11962	80	31	and	and	CCONJ
ajfa-11962	80	32	industry	industry	NOUN
ajfa-11962	80	33	,	,	PUNCT
ajfa-11962	80	34	2017	2017	NUM
ajfa-11962	80	35	)	)	PUNCT
ajfa-11962	80	36	.	.	PUNCT
ajfa-11962	81	1	as	as	ADP
ajfa-11962	81	2	such	such	ADJ
ajfa-11962	81	3	,	,	PUNCT
ajfa-11962	81	4	it	it	PRON
ajfa-11962	81	5	shall	shall	AUX
ajfa-11962	81	6	be	be	AUX
ajfa-11962	81	7	hypothesized	hypothesize	VERB
ajfa-11962	81	8	that	that	SCONJ
ajfa-11962	81	9	gfcf	gfcf	NOUN
ajfa-11962	81	10	has	have	VERB
ajfa-11962	81	11	a	a	DET
ajfa-11962	81	12	positive	positive	ADJ
ajfa-11962	81	13	impact	impact	NOUN
ajfa-11962	81	14	on	on	ADP
ajfa-11962	81	15	stock	stock	NOUN
ajfa-11962	81	16	returns	return	NOUN
ajfa-11962	81	17	.	.	PUNCT
ajfa-11962	82	1	2.3	2.3	NUM
ajfa-11962	82	2	the	the	DET
ajfa-11962	82	3	structural	structural	ADJ
ajfa-11962	82	4	vector	vector	NOUN
ajfa-11962	82	5	autoregression	autoregression	NOUN
ajfa-11962	82	6	(	(	PUNCT
ajfa-11962	82	7	‘	'	PUNCT
ajfa-11962	82	8	svar	svar	NOUN
ajfa-11962	82	9	’	'	PUNCT
ajfa-11962	82	10	)	)	PUNCT
ajfa-11962	82	11	model	model	NOUN
ajfa-11962	82	12	2.3.1	2.3.1	NUM
ajfa-11962	82	13	var	var	NOUN
ajfa-11962	82	14	models	model	NOUN
ajfa-11962	82	15	with	with	ADP
ajfa-11962	82	16	a	a	DET
ajfa-11962	82	17	growing	grow	VERB
ajfa-11962	82	18	popularity	popularity	NOUN
ajfa-11962	82	19	in	in	ADP
ajfa-11962	82	20	recent	recent	ADJ
ajfa-11962	82	21	decades	decade	NOUN
ajfa-11962	82	22	,	,	PUNCT
ajfa-11962	82	23	a	a	DET
ajfa-11962	82	24	vector	vector	NOUN
ajfa-11962	82	25	autoregression	autoregression	NOUN
ajfa-11962	82	26	(	(	PUNCT
ajfa-11962	82	27	var	var	NOUN
ajfa-11962	82	28	)	)	PUNCT
ajfa-11962	82	29	model	model	NOUN
ajfa-11962	82	30	is	be	AUX
ajfa-11962	82	31	a	a	DET
ajfa-11962	82	32	time	time	NOUN
ajfa-11962	82	33	-	-	PUNCT
ajfa-11962	82	34	series	series	NOUN
ajfa-11962	82	35	analysis	analysis	NOUN
ajfa-11962	82	36	tool	tool	NOUN
ajfa-11962	82	37	which	which	PRON
ajfa-11962	82	38	has	have	VERB
ajfa-11962	82	39	several	several	ADJ
ajfa-11962	82	40	similar	similar	ADJ
ajfa-11962	82	41	characteristics	characteristic	NOUN
ajfa-11962	82	42	to	to	ADP
ajfa-11962	82	43	large	large	ADJ
ajfa-11962	82	44	-	-	PUNCT
ajfa-11962	82	45	scale	scale	NOUN
ajfa-11962	82	46	simultaneous	simultaneous	ADJ
ajfa-11962	82	47	equation	equation	NOUN
ajfa-11962	82	48	models	model	NOUN
ajfa-11962	82	49	,	,	PUNCT
ajfa-11962	82	50	is	be	AUX
ajfa-11962	82	51	in	in	ADP
ajfa-11962	82	52	fact	fact	NOUN
ajfa-11962	82	53	a	a	DET
ajfa-11962	82	54	systems	system	NOUN
ajfa-11962	82	55	regression	regression	NOUN
ajfa-11962	82	56	model	model	NOUN
ajfa-11962	82	57	(	(	PUNCT
ajfa-11962	82	58	brooks	brooks	PROPN
ajfa-11962	82	59	,	,	PUNCT
ajfa-11962	82	60	2014	2014	NUM
ajfa-11962	82	61	;	;	PUNCT
ajfa-11962	82	62	gottschalk	gottschalk	NOUN
ajfa-11962	82	63	,	,	PUNCT
ajfa-11962	82	64	2001	2001	NUM
ajfa-11962	82	65	;	;	PUNCT
ajfa-11962	82	66	luetkepohl	luetkepohl	PROPN
ajfa-11962	82	67	,	,	PUNCT
ajfa-11962	82	68	2011	2011	NUM
ajfa-11962	82	69	)	)	PUNCT
ajfa-11962	82	70	.	.	PUNCT
ajfa-11962	83	1	in	in	ADP
ajfa-11962	83	2	other	other	ADJ
ajfa-11962	83	3	words	word	NOUN
ajfa-11962	83	4	,	,	PUNCT
ajfa-11962	83	5	it	it	PRON
ajfa-11962	83	6	analyses	analyse	VERB
ajfa-11962	83	7	several	several	ADJ
ajfa-11962	83	8	variables	variable	NOUN
ajfa-11962	83	9	at	at	ADP
ajfa-11962	83	10	once	once	ADV
ajfa-11962	83	11	,	,	PUNCT
ajfa-11962	83	12	and	and	CCONJ
ajfa-11962	83	13	determines	determine	VERB
ajfa-11962	83	14	the	the	DET
ajfa-11962	83	15	relationships	relationship	NOUN
ajfa-11962	83	16	between	between	ADP
ajfa-11962	83	17	them	they	PRON
ajfa-11962	83	18	,	,	PUNCT
ajfa-11962	83	19	even	even	ADV
ajfa-11962	83	20	if	if	SCONJ
ajfa-11962	83	21	more	more	ADJ
ajfa-11962	83	22	than	than	ADP
ajfa-11962	83	23	one	one	NUM
ajfa-11962	83	24	of	of	ADP
ajfa-11962	83	25	these	these	DET
ajfa-11962	83	26	variables	variable	NOUN
ajfa-11962	83	27	are	be	AUX
ajfa-11962	83	28	dependent	dependent	ADJ
ajfa-11962	83	29	variables	variable	NOUN
ajfa-11962	83	30	asian	asian	ADJ
ajfa-11962	83	31	journal	journal	NOUN
ajfa-11962	83	32	of	of	ADP
ajfa-11962	83	33	finance	finance	PROPN
ajfa-11962	83	34	&	&	CCONJ
ajfa-11962	83	35	accounting	accounting	PROPN
ajfa-11962	83	36	issn	issn	PROPN
ajfa-11962	83	37	1946	1946	NUM
ajfa-11962	83	38	-	-	PUNCT
ajfa-11962	83	39	052x	052x	PROPN
ajfa-11962	83	40	2017	2017	NUM
ajfa-11962	83	41	,	,	PUNCT
ajfa-11962	83	42	vol	vol	NOUN
ajfa-11962	83	43	.	.	NOUN
ajfa-11962	83	44	9	9	NUM
ajfa-11962	83	45	,	,	PUNCT
ajfa-11962	83	46	no	no	NOUN
ajfa-11962	83	47	.	.	NOUN
ajfa-11962	83	48	2	2	NUM
ajfa-11962	83	49	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	83	50	224	224	NUM
ajfa-11962	83	51	(	(	PUNCT
ajfa-11962	83	52	brooks	brooks	PROPN
ajfa-11962	83	53	,	,	PUNCT
ajfa-11962	83	54	2014	2014	NUM
ajfa-11962	83	55	;	;	PUNCT
ajfa-11962	83	56	gottschalk	gottschalk	NOUN
ajfa-11962	83	57	,	,	PUNCT
ajfa-11962	83	58	2001	2001	NUM
ajfa-11962	83	59	;	;	PUNCT
ajfa-11962	83	60	luetkepohl	luetkepohl	PROPN
ajfa-11962	83	61	,	,	PUNCT
ajfa-11962	83	62	2011	2011	NUM
ajfa-11962	83	63	)	)	PUNCT
ajfa-11962	83	64	.	.	PUNCT
ajfa-11962	84	1	2.3.2	2.3.2	NUM
ajfa-11962	84	2	benefits	benefit	NOUN
ajfa-11962	84	3	of	of	ADP
ajfa-11962	84	4	var	var	NOUN
ajfa-11962	84	5	modelling	model	VERB
ajfa-11962	84	6	firstly	firstly	ADV
ajfa-11962	84	7	,	,	PUNCT
ajfa-11962	84	8	all	all	DET
ajfa-11962	84	9	variables	variable	NOUN
ajfa-11962	84	10	are	be	AUX
ajfa-11962	84	11	considered	consider	VERB
ajfa-11962	84	12	to	to	PART
ajfa-11962	84	13	be	be	AUX
ajfa-11962	84	14	endogenous	endogenous	ADJ
ajfa-11962	84	15	in	in	ADP
ajfa-11962	84	16	a	a	DET
ajfa-11962	84	17	var	var	NOUN
ajfa-11962	84	18	model	model	NOUN
ajfa-11962	84	19	.	.	PUNCT
ajfa-11962	85	1	this	this	PRON
ajfa-11962	85	2	means	mean	VERB
ajfa-11962	85	3	that	that	SCONJ
ajfa-11962	85	4	exogeneity	exogeneity	NOUN
ajfa-11962	85	5	of	of	ADP
ajfa-11962	85	6	any	any	DET
ajfa-11962	85	7	variables	variable	NOUN
ajfa-11962	85	8	need	need	AUX
ajfa-11962	85	9	not	not	PART
ajfa-11962	85	10	be	be	AUX
ajfa-11962	85	11	defined	define	VERB
ajfa-11962	85	12	;	;	PUNCT
ajfa-11962	85	13	hence	hence	ADV
ajfa-11962	85	14	shortening	shorten	VERB
ajfa-11962	85	15	the	the	DET
ajfa-11962	85	16	model	model	NOUN
ajfa-11962	85	17	construction	construction	NOUN
ajfa-11962	85	18	process	process	NOUN
ajfa-11962	85	19	(	(	PUNCT
ajfa-11962	85	20	brooks	brooks	PROPN
ajfa-11962	85	21	,	,	PUNCT
ajfa-11962	85	22	2014	2014	NUM
ajfa-11962	85	23	)	)	PUNCT
ajfa-11962	85	24	.	.	PUNCT
ajfa-11962	86	1	secondly	secondly	ADV
ajfa-11962	86	2	,	,	PUNCT
ajfa-11962	86	3	as	as	SCONJ
ajfa-11962	86	4	var	var	NOUN
ajfa-11962	86	5	models	model	NOUN
ajfa-11962	86	6	capture	capture	VERB
ajfa-11962	86	7	the	the	DET
ajfa-11962	86	8	values	value	NOUN
ajfa-11962	86	9	of	of	ADP
ajfa-11962	86	10	variables	variable	NOUN
ajfa-11962	86	11	which	which	PRON
ajfa-11962	86	12	are	be	AUX
ajfa-11962	86	13	attributed	attribute	VERB
ajfa-11962	86	14	to	to	ADP
ajfa-11962	86	15	both	both	DET
ajfa-11962	86	16	its	its	PRON
ajfa-11962	86	17	lags	lag	NOUN
ajfa-11962	86	18	and	and	CCONJ
ajfa-11962	86	19	white	white	ADJ
ajfa-11962	86	20	noise	noise	NOUN
ajfa-11962	86	21	terms	term	NOUN
ajfa-11962	86	22	(	(	PUNCT
ajfa-11962	86	23	as	as	SCONJ
ajfa-11962	86	24	do	do	AUX
ajfa-11962	86	25	univariate	univariate	ADJ
ajfa-11962	86	26	ar	ar	NOUN
ajfa-11962	86	27	models	model	NOUN
ajfa-11962	86	28	)	)	PUNCT
ajfa-11962	86	29	,	,	PUNCT
ajfa-11962	86	30	these	these	DET
ajfa-11962	86	31	models	model	NOUN
ajfa-11962	86	32	are	be	AUX
ajfa-11962	86	33	able	able	ADJ
ajfa-11962	86	34	to	to	PART
ajfa-11962	86	35	offer	offer	VERB
ajfa-11962	86	36	more	more	ADJ
ajfa-11962	86	37	information	information	NOUN
ajfa-11962	86	38	on	on	ADP
ajfa-11962	86	39	causation	causation	NOUN
ajfa-11962	86	40	,	,	PUNCT
ajfa-11962	86	41	while	while	SCONJ
ajfa-11962	86	42	being	be	AUX
ajfa-11962	86	43	able	able	ADJ
ajfa-11962	86	44	to	to	PART
ajfa-11962	86	45	handle	handle	VERB
ajfa-11962	86	46	data	datum	NOUN
ajfa-11962	86	47	with	with	ADP
ajfa-11962	86	48	higher	high	ADJ
ajfa-11962	86	49	frequency	frequency	NOUN
ajfa-11962	86	50	(	(	PUNCT
ajfa-11962	86	51	brooks	brooks	PROPN
ajfa-11962	86	52	,	,	PUNCT
ajfa-11962	86	53	2014	2014	NUM
ajfa-11962	86	54	;	;	PUNCT
ajfa-11962	86	55	luetkepohl	luetkepohl	PROPN
ajfa-11962	86	56	,	,	PUNCT
ajfa-11962	86	57	2011	2011	NUM
ajfa-11962	86	58	)	)	PUNCT
ajfa-11962	86	59	.	.	PUNCT
ajfa-11962	87	1	2.3.3	2.3.3	NUM
ajfa-11962	87	2	drawbacks	drawback	NOUN
ajfa-11962	87	3	&	&	CCONJ
ajfa-11962	87	4	limitations	limitation	NOUN
ajfa-11962	87	5	of	of	ADP
ajfa-11962	87	6	var	var	NOUN
ajfa-11962	87	7	firstly	firstly	ADV
ajfa-11962	87	8	,	,	PUNCT
ajfa-11962	87	9	the	the	DET
ajfa-11962	87	10	appropriate	appropriate	ADJ
ajfa-11962	87	11	lag	lag	NOUN
ajfa-11962	87	12	lengths	length	NOUN
ajfa-11962	87	13	must	must	AUX
ajfa-11962	87	14	be	be	AUX
ajfa-11962	87	15	determined	determine	VERB
ajfa-11962	87	16	in	in	ADP
ajfa-11962	87	17	order	order	NOUN
ajfa-11962	87	18	to	to	PART
ajfa-11962	87	19	construct	construct	VERB
ajfa-11962	87	20	the	the	DET
ajfa-11962	87	21	var	var	NOUN
ajfa-11962	87	22	model	model	NOUN
ajfa-11962	87	23	,	,	PUNCT
ajfa-11962	87	24	or	or	CCONJ
ajfa-11962	87	25	the	the	DET
ajfa-11962	87	26	interactions	interaction	NOUN
ajfa-11962	87	27	between	between	ADP
ajfa-11962	87	28	the	the	DET
ajfa-11962	87	29	variables	variable	NOUN
ajfa-11962	87	30	will	will	AUX
ajfa-11962	87	31	not	not	PART
ajfa-11962	87	32	be	be	AUX
ajfa-11962	87	33	interpreted	interpret	VERB
ajfa-11962	87	34	reliably	reliably	ADV
ajfa-11962	87	35	by	by	ADP
ajfa-11962	87	36	the	the	DET
ajfa-11962	87	37	model	model	NOUN
ajfa-11962	87	38	(	(	PUNCT
ajfa-11962	87	39	brooks	brooks	PROPN
ajfa-11962	87	40	,	,	PUNCT
ajfa-11962	87	41	2014	2014	NUM
ajfa-11962	87	42	)	)	PUNCT
ajfa-11962	87	43	.	.	PUNCT
ajfa-11962	88	1	secondly	secondly	ADV
ajfa-11962	88	2	,	,	PUNCT
ajfa-11962	88	3	all	all	DET
ajfa-11962	88	4	the	the	DET
ajfa-11962	88	5	variables	variable	NOUN
ajfa-11962	88	6	must	must	AUX
ajfa-11962	88	7	satisfy	satisfy	VERB
ajfa-11962	88	8	the	the	DET
ajfa-11962	88	9	stationarity	stationarity	NOUN
ajfa-11962	88	10	condition	condition	NOUN
ajfa-11962	88	11	in	in	ADP
ajfa-11962	88	12	order	order	NOUN
ajfa-11962	88	13	for	for	SCONJ
ajfa-11962	88	14	their	their	PRON
ajfa-11962	88	15	coefficients	coefficient	NOUN
ajfa-11962	88	16	to	to	PART
ajfa-11962	88	17	be	be	AUX
ajfa-11962	88	18	statistically	statistically	ADV
ajfa-11962	88	19	significant	significant	ADJ
ajfa-11962	88	20	for	for	ADP
ajfa-11962	88	21	hypothesis	hypothesis	NOUN
ajfa-11962	88	22	testing	testing	NOUN
ajfa-11962	88	23	(	(	PUNCT
ajfa-11962	88	24	brooks	brooks	PROPN
ajfa-11962	88	25	,	,	PUNCT
ajfa-11962	88	26	2014	2014	NUM
ajfa-11962	88	27	)	)	PUNCT
ajfa-11962	88	28	.	.	PUNCT
ajfa-11962	89	1	also	also	ADV
ajfa-11962	89	2	according	accord	VERB
ajfa-11962	89	3	to	to	ADP
ajfa-11962	89	4	brooks	brooks	PROPN
ajfa-11962	89	5	(	(	PUNCT
ajfa-11962	89	6	2014	2014	NUM
ajfa-11962	89	7	)	)	PUNCT
ajfa-11962	89	8	,	,	PUNCT
ajfa-11962	89	9	stationarity	stationarity	NOUN
ajfa-11962	89	10	can	can	AUX
ajfa-11962	89	11	be	be	AUX
ajfa-11962	89	12	induced	induce	VERB
ajfa-11962	89	13	via	via	ADP
ajfa-11962	89	14	differencing	difference	VERB
ajfa-11962	89	15	the	the	DET
ajfa-11962	89	16	values	value	NOUN
ajfa-11962	89	17	,	,	PUNCT
ajfa-11962	89	18	but	but	CCONJ
ajfa-11962	89	19	this	this	PRON
ajfa-11962	89	20	would	would	AUX
ajfa-11962	89	21	reduce	reduce	VERB
ajfa-11962	89	22	the	the	DET
ajfa-11962	89	23	amount	amount	NOUN
ajfa-11962	89	24	of	of	ADP
ajfa-11962	89	25	insight	insight	NOUN
ajfa-11962	89	26	the	the	DET
ajfa-11962	89	27	model	model	NOUN
ajfa-11962	89	28	could	could	AUX
ajfa-11962	89	29	provide	provide	VERB
ajfa-11962	89	30	with	with	ADP
ajfa-11962	89	31	regards	regard	NOUN
ajfa-11962	89	32	to	to	ADP
ajfa-11962	89	33	long	long	ADJ
ajfa-11962	89	34	-	-	PUNCT
ajfa-11962	89	35	run	run	VERB
ajfa-11962	89	36	relationships	relationship	NOUN
ajfa-11962	89	37	between	between	ADP
ajfa-11962	89	38	the	the	DET
ajfa-11962	89	39	variables	variable	NOUN
ajfa-11962	89	40	.	.	PUNCT
ajfa-11962	90	1	thirdly	thirdly	ADV
ajfa-11962	90	2	,	,	PUNCT
ajfa-11962	90	3	given	give	VERB
ajfa-11962	90	4	that	that	DET
ajfa-11962	90	5	vars	var	NOUN
ajfa-11962	90	6	do	do	AUX
ajfa-11962	90	7	not	not	PART
ajfa-11962	90	8	rely	rely	VERB
ajfa-11962	90	9	heavily	heavily	ADV
ajfa-11962	90	10	on	on	ADP
ajfa-11962	90	11	the	the	DET
ajfa-11962	90	12	theoretical	theoretical	ADJ
ajfa-11962	90	13	information	information	NOUN
ajfa-11962	90	14	behind	behind	ADP
ajfa-11962	90	15	potential	potential	ADJ
ajfa-11962	90	16	relationships	relationship	NOUN
ajfa-11962	90	17	between	between	ADP
ajfa-11962	90	18	the	the	DET
ajfa-11962	90	19	variables	variable	NOUN
ajfa-11962	90	20	,	,	PUNCT
ajfa-11962	90	21	var	var	NOUN
ajfa-11962	90	22	coefficient	coefficient	NOUN
ajfa-11962	90	23	estimate	estimate	NOUN
ajfa-11962	90	24	values	value	NOUN
ajfa-11962	90	25	do	do	AUX
ajfa-11962	90	26	not	not	PART
ajfa-11962	90	27	have	have	VERB
ajfa-11962	90	28	one	one	NUM
ajfa-11962	90	29	consistent	consistent	ADJ
ajfa-11962	90	30	method	method	NOUN
ajfa-11962	90	31	of	of	ADP
ajfa-11962	90	32	interpretation	interpretation	NOUN
ajfa-11962	90	33	;	;	PUNCT
ajfa-11962	90	34	hence	hence	ADV
ajfa-11962	90	35	making	make	VERB
ajfa-11962	90	36	var	var	NOUN
ajfa-11962	90	37	models	model	NOUN
ajfa-11962	90	38	nearly	nearly	ADV
ajfa-11962	90	39	impossible	impossible	ADJ
ajfa-11962	90	40	to	to	PART
ajfa-11962	90	41	interpret	interpret	VERB
ajfa-11962	90	42	,	,	PUNCT
ajfa-11962	90	43	especially	especially	ADV
ajfa-11962	90	44	in	in	ADP
ajfa-11962	90	45	their	their	PRON
ajfa-11962	90	46	reduced	reduce	VERB
ajfa-11962	90	47	-	-	PUNCT
ajfa-11962	90	48	form	form	NOUN
ajfa-11962	90	49	(	(	PUNCT
ajfa-11962	90	50	brooks	brooks	PROPN
ajfa-11962	90	51	,	,	PUNCT
ajfa-11962	90	52	2014	2014	NUM
ajfa-11962	90	53	;	;	PUNCT
ajfa-11962	90	54	gottschalk	gottschalk	NOUN
ajfa-11962	90	55	,	,	PUNCT
ajfa-11962	90	56	2001	2001	NUM
ajfa-11962	90	57	)	)	PUNCT
ajfa-11962	90	58	.	.	PUNCT
ajfa-11962	91	1	on	on	ADP
ajfa-11962	91	2	the	the	DET
ajfa-11962	91	3	other	other	ADJ
ajfa-11962	91	4	hand	hand	NOUN
ajfa-11962	91	5	,	,	PUNCT
ajfa-11962	91	6	by	by	ADP
ajfa-11962	91	7	running	run	VERB
ajfa-11962	91	8	the	the	DET
ajfa-11962	91	9	appropriate	appropriate	ADJ
ajfa-11962	91	10	lag	lag	NOUN
ajfa-11962	91	11	length	length	NOUN
ajfa-11962	91	12	test	test	NOUN
ajfa-11962	91	13	,	,	PUNCT
ajfa-11962	91	14	variable	variable	ADJ
ajfa-11962	91	15	stationarity	stationarity	NOUN
ajfa-11962	91	16	tests	test	NOUN
ajfa-11962	91	17	and	and	CCONJ
ajfa-11962	91	18	implementing	implement	VERB
ajfa-11962	91	19	contemporaneous	contemporaneous	ADJ
ajfa-11962	91	20	structural	structural	ADJ
ajfa-11962	91	21	restrictions	restriction	NOUN
ajfa-11962	91	22	to	to	ADP
ajfa-11962	91	23	the	the	DET
ajfa-11962	91	24	var	var	NOUN
ajfa-11962	91	25	model	model	NOUN
ajfa-11962	91	26	(	(	PUNCT
ajfa-11962	91	27	i.e.	i.e.	X
ajfa-11962	91	28	structural	structural	ADJ
ajfa-11962	91	29	var	var	NOUN
ajfa-11962	91	30	/	/	SYM
ajfa-11962	91	31	svar	svar	NOUN
ajfa-11962	91	32	)	)	PUNCT
ajfa-11962	91	33	,	,	PUNCT
ajfa-11962	91	34	the	the	DET
ajfa-11962	91	35	downsides	downside	NOUN
ajfa-11962	91	36	to	to	ADP
ajfa-11962	91	37	using	use	VERB
ajfa-11962	91	38	a	a	DET
ajfa-11962	91	39	var	var	NOUN
ajfa-11962	91	40	model	model	NOUN
ajfa-11962	91	41	are	be	AUX
ajfa-11962	91	42	reduced	reduce	VERB
ajfa-11962	91	43	.	.	PUNCT
ajfa-11962	92	1	3	3	X
ajfa-11962	92	2	.	.	X
ajfa-11962	92	3	research	research	NOUN
ajfa-11962	92	4	hypotheses	hypothesis	NOUN
ajfa-11962	92	5	1	1	NUM
ajfa-11962	92	6	.	.	X
ajfa-11962	93	1	s$neer	s$neer	PROPN
ajfa-11962	93	2	has	have	VERB
ajfa-11962	93	3	a	a	DET
ajfa-11962	93	4	negative	negative	ADJ
ajfa-11962	93	5	impact	impact	NOUN
ajfa-11962	93	6	on	on	ADP
ajfa-11962	93	7	sti	sti	PROPN
ajfa-11962	93	8	2	2	NUM
ajfa-11962	93	9	.	.	PUNCT
ajfa-11962	93	10	monetary	monetary	ADJ
ajfa-11962	93	11	supply	supply	NOUN
ajfa-11962	93	12	has	have	VERB
ajfa-11962	93	13	a	a	DET
ajfa-11962	93	14	positive	positive	ADJ
ajfa-11962	93	15	impact	impact	NOUN
ajfa-11962	93	16	on	on	ADP
ajfa-11962	93	17	sti	sti	PROPN
ajfa-11962	93	18	3	3	PROPN
ajfa-11962	93	19	.	.	PUNCT
ajfa-11962	93	20	cpi	cpi	PROPN
ajfa-11962	93	21	has	have	VERB
ajfa-11962	93	22	a	a	DET
ajfa-11962	93	23	negative	negative	ADJ
ajfa-11962	93	24	impact	impact	NOUN
ajfa-11962	93	25	on	on	ADP
ajfa-11962	93	26	sti	sti	PROPN
ajfa-11962	93	27	4	4	NUM
ajfa-11962	93	28	.	.	PUNCT
ajfa-11962	93	29	balance	balance	NOUN
ajfa-11962	93	30	of	of	ADP
ajfa-11962	93	31	payments	payment	NOUN
ajfa-11962	93	32	has	have	VERB
ajfa-11962	93	33	a	a	DET
ajfa-11962	93	34	positive	positive	ADJ
ajfa-11962	93	35	impact	impact	NOUN
ajfa-11962	93	36	on	on	ADP
ajfa-11962	93	37	sti	sti	PROPN
ajfa-11962	93	38	5	5	NUM
ajfa-11962	93	39	.	.	PUNCT
ajfa-11962	94	1	crude	crude	ADJ
ajfa-11962	94	2	oil	oil	NOUN
ajfa-11962	94	3	prices	price	NOUN
ajfa-11962	94	4	has	have	VERB
ajfa-11962	94	5	a	a	DET
ajfa-11962	94	6	positive	positive	ADJ
ajfa-11962	94	7	impact	impact	NOUN
ajfa-11962	94	8	on	on	ADP
ajfa-11962	94	9	sti	sti	PROPN
ajfa-11962	94	10	6	6	NUM
ajfa-11962	94	11	.	.	PUNCT
ajfa-11962	95	1	electricity	electricity	NOUN
ajfa-11962	95	2	generated	generate	VERB
ajfa-11962	95	3	has	have	VERB
ajfa-11962	95	4	a	a	DET
ajfa-11962	95	5	positive	positive	ADJ
ajfa-11962	95	6	impact	impact	NOUN
ajfa-11962	95	7	on	on	ADP
ajfa-11962	95	8	sti	sti	PROPN
ajfa-11962	95	9	7	7	PROPN
ajfa-11962	95	10	.	.	PUNCT
ajfa-11962	95	11	gross	gross	ADJ
ajfa-11962	95	12	fixed	fix	VERB
ajfa-11962	95	13	capital	capital	NOUN
ajfa-11962	95	14	formation	formation	NOUN
ajfa-11962	95	15	has	have	VERB
ajfa-11962	95	16	a	a	DET
ajfa-11962	95	17	positive	positive	ADJ
ajfa-11962	95	18	impact	impact	NOUN
ajfa-11962	95	19	on	on	ADP
ajfa-11962	95	20	sti	sti	PROPN
ajfa-11962	95	21	8	8	NUM
ajfa-11962	95	22	.	.	PUNCT
ajfa-11962	96	1	total	total	ADJ
ajfa-11962	96	2	industrial	industrial	ADJ
ajfa-11962	96	3	production	production	NOUN
ajfa-11962	96	4	has	have	VERB
ajfa-11962	96	5	a	a	DET
ajfa-11962	96	6	positive	positive	ADJ
ajfa-11962	96	7	impact	impact	NOUN
ajfa-11962	96	8	on	on	ADP
ajfa-11962	96	9	sti	sti	PROPN
ajfa-11962	96	10	9	9	NUM
ajfa-11962	96	11	.	.	PUNCT
ajfa-11962	96	12	total	total	ADJ
ajfa-11962	96	13	merchandise	merchandise	NOUN
ajfa-11962	96	14	trade	trade	NOUN
ajfa-11962	96	15	has	have	VERB
ajfa-11962	96	16	a	a	DET
ajfa-11962	96	17	positive	positive	ADJ
ajfa-11962	96	18	impact	impact	NOUN
ajfa-11962	96	19	on	on	ADP
ajfa-11962	96	20	sti	sti	PROPN
ajfa-11962	96	21	10	10	NUM
ajfa-11962	96	22	.	.	PUNCT
ajfa-11962	97	1	unit	unit	NOUN
ajfa-11962	97	2	of	of	ADP
ajfa-11962	97	3	labour	labour	PROPN
ajfa-11962	97	4	cost	cost	NOUN
ajfa-11962	97	5	has	have	VERB
ajfa-11962	97	6	a	a	DET
ajfa-11962	97	7	negative	negative	ADJ
ajfa-11962	97	8	impact	impact	NOUN
ajfa-11962	97	9	on	on	ADP
ajfa-11962	97	10	sti	sti	PROPN
ajfa-11962	97	11	asian	asian	PROPN
ajfa-11962	97	12	journal	journal	PROPN
ajfa-11962	97	13	of	of	ADP
ajfa-11962	97	14	finance	finance	PROPN
ajfa-11962	97	15	&	&	CCONJ
ajfa-11962	97	16	accounting	accounting	PROPN
ajfa-11962	97	17	issn	issn	PROPN
ajfa-11962	97	18	1946	1946	NUM
ajfa-11962	97	19	-	-	PUNCT
ajfa-11962	97	20	052x	052x	PROPN
ajfa-11962	97	21	2017	2017	NUM
ajfa-11962	97	22	,	,	PUNCT
ajfa-11962	97	23	vol	vol	NOUN
ajfa-11962	97	24	.	.	NOUN
ajfa-11962	97	25	9	9	NUM
ajfa-11962	97	26	,	,	PUNCT
ajfa-11962	97	27	no	no	NOUN
ajfa-11962	97	28	.	.	NOUN
ajfa-11962	97	29	2	2	NUM
ajfa-11962	97	30	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	97	31	225	225	NUM
ajfa-11962	97	32	4	4	NUM
ajfa-11962	97	33	.	.	PUNCT
ajfa-11962	98	1	research	research	NOUN
ajfa-11962	98	2	methodology	methodology	NOUN
ajfa-11962	98	3	4.1	4.1	NUM
ajfa-11962	98	4	data	datum	NOUN
ajfa-11962	98	5	description	description	NOUN
ajfa-11962	98	6	to	to	PART
ajfa-11962	98	7	investigate	investigate	VERB
ajfa-11962	98	8	these	these	DET
ajfa-11962	98	9	hypotheses	hypothesis	NOUN
ajfa-11962	98	10	,	,	PUNCT
ajfa-11962	98	11	the	the	DET
ajfa-11962	98	12	following	follow	VERB
ajfa-11962	98	13	quarterly	quarterly	ADJ
ajfa-11962	98	14	data	datum	NOUN
ajfa-11962	98	15	was	be	AUX
ajfa-11962	98	16	gathered	gather	VERB
ajfa-11962	98	17	:	:	PUNCT
ajfa-11962	98	18	variable	variable	ADJ
ajfa-11962	98	19	unit	unit	NOUN
ajfa-11962	98	20	remarks	remark	VERB
ajfa-11962	98	21	source	source	NOUN
ajfa-11962	98	22	s$neer	s$neer	PROPN
ajfa-11962	98	23	index	index	NOUN
ajfa-11962	98	24	base	base	NOUN
ajfa-11962	98	25	jan	jan	PROPN
ajfa-11962	98	26	1999	1999	NUM
ajfa-11962	98	27	=	=	SYM
ajfa-11962	98	28	100	100	NUM
ajfa-11962	98	29	;	;	PUNCT
ajfa-11962	98	30	average	average	ADJ
ajfa-11962	98	31	week	week	NOUN
ajfa-11962	98	32	ending	end	VERB
ajfa-11962	98	33	figures	figure	NOUN
ajfa-11962	98	34	department	department	PROPN
ajfa-11962	98	35	of	of	ADP
ajfa-11962	98	36	statistics	statistic	NOUN
ajfa-11962	98	37	,	,	PUNCT
ajfa-11962	98	38	singapore	singapore	PROPN
ajfa-11962	98	39	monetary	monetary	ADJ
ajfa-11962	98	40	supply	supply	NOUN
ajfa-11962	98	41	sgd	sgd	PROPN
ajfa-11962	98	42	m1+m2+m3	m1+m2+m3	PROPN
ajfa-11962	98	43	in	in	ADP
ajfa-11962	98	44	million	million	NUM
ajfa-11962	98	45	dollars	dollar	NOUN
ajfa-11962	98	46	department	department	NOUN
ajfa-11962	98	47	of	of	ADP
ajfa-11962	98	48	statistics	statistic	NOUN
ajfa-11962	98	49	,	,	PUNCT
ajfa-11962	98	50	singapore	singapore	PROPN
ajfa-11962	98	51	consumer	consumer	NOUN
ajfa-11962	98	52	price	price	NOUN
ajfa-11962	98	53	index	index	NOUN
ajfa-11962	98	54	index	index	NOUN
ajfa-11962	98	55	base	base	NOUN
ajfa-11962	98	56	year	year	NOUN
ajfa-11962	98	57	2014	2014	NUM
ajfa-11962	98	58	=	=	SYM
ajfa-11962	98	59	100	100	NUM
ajfa-11962	98	60	department	department	NOUN
ajfa-11962	98	61	of	of	ADP
ajfa-11962	98	62	statistics	statistic	NOUN
ajfa-11962	98	63	,	,	PUNCT
ajfa-11962	98	64	singapore	singapore	PROPN
ajfa-11962	98	65	balance	balance	NOUN
ajfa-11962	98	66	of	of	ADP
ajfa-11962	98	67	payments	payment	NOUN
ajfa-11962	98	68	sgd	sgd	PROPN
ajfa-11962	98	69	bpm6	bpm6	PROPN
ajfa-11962	98	70	format	format	NOUN
ajfa-11962	98	71	;	;	PUNCT
ajfa-11962	98	72	overall	overall	ADJ
ajfa-11962	98	73	balance	balance	NOUN
ajfa-11962	98	74	in	in	ADP
ajfa-11962	98	75	million	million	NUM
ajfa-11962	98	76	dollars	dollar	NOUN
ajfa-11962	98	77	department	department	NOUN
ajfa-11962	98	78	of	of	ADP
ajfa-11962	98	79	statistics	statistic	NOUN
ajfa-11962	98	80	,	,	PUNCT
ajfa-11962	98	81	singapore	singapore	PROPN
ajfa-11962	98	82	crude	crude	ADJ
ajfa-11962	98	83	oil	oil	NOUN
ajfa-11962	98	84	price	price	NOUN
ajfa-11962	98	85	usd	usd	NOUN
ajfa-11962	98	86	/	/	SYM
ajfa-11962	98	87	barrel	barrel	NOUN
ajfa-11962	98	88	worldbank	worldbank	ADJ
ajfa-11962	98	89	electricity	electricity	NOUN
ajfa-11962	98	90	generated	generate	VERB
ajfa-11962	98	91	gigawatt	gigawatt	PROPN
ajfa-11962	98	92	hours	hour	NOUN
ajfa-11962	98	93	dec	dec	PROPN
ajfa-11962	98	94	2016	2016	NUM
ajfa-11962	98	95	figure	figure	NOUN
ajfa-11962	98	96	was	be	AUX
ajfa-11962	98	97	estimated	estimate	VERB
ajfa-11962	98	98	department	department	NOUN
ajfa-11962	98	99	of	of	ADP
ajfa-11962	98	100	statistics	statistic	NOUN
ajfa-11962	98	101	,	,	PUNCT
ajfa-11962	98	102	singapore	singapore	PROPN
ajfa-11962	98	103	gross	gross	ADJ
ajfa-11962	98	104	fixed	fix	VERB
ajfa-11962	98	105	capital	capital	NOUN
ajfa-11962	98	106	formation	formation	NOUN
ajfa-11962	98	107	sgd	sgd	VERB
ajfa-11962	98	108	2010	2010	NUM
ajfa-11962	98	109	market	market	NOUN
ajfa-11962	98	110	prices	price	NOUN
ajfa-11962	98	111	in	in	ADP
ajfa-11962	98	112	million	million	NUM
ajfa-11962	98	113	dollars	dollar	NOUN
ajfa-11962	98	114	department	department	NOUN
ajfa-11962	98	115	of	of	ADP
ajfa-11962	98	116	statistics	statistic	NOUN
ajfa-11962	98	117	,	,	PUNCT
ajfa-11962	98	118	singapore	singapore	PROPN
ajfa-11962	98	119	total	total	ADJ
ajfa-11962	98	120	industrial	industrial	ADJ
ajfa-11962	98	121	production	production	NOUN
ajfa-11962	98	122	index	index	NOUN
ajfa-11962	98	123	base	base	NOUN
ajfa-11962	98	124	year	year	NOUN
ajfa-11962	98	125	2015	2015	NUM
ajfa-11962	98	126	=	=	SYM
ajfa-11962	98	127	100	100	NUM
ajfa-11962	98	128	department	department	NOUN
ajfa-11962	98	129	of	of	ADP
ajfa-11962	98	130	statistics	statistic	NOUN
ajfa-11962	98	131	,	,	PUNCT
ajfa-11962	98	132	singapore	singapore	PROPN
ajfa-11962	98	133	total	total	ADJ
ajfa-11962	98	134	merchandise	merchandise	NOUN
ajfa-11962	98	135	trade	trade	NOUN
ajfa-11962	98	136	sgd	sgd	PROPN
ajfa-11962	98	137	2012	2012	NUM
ajfa-11962	98	138	prices	price	NOUN
ajfa-11962	98	139	in	in	ADP
ajfa-11962	98	140	thousand	thousand	NUM
ajfa-11962	98	141	dollars	dollar	NOUN
ajfa-11962	98	142	department	department	NOUN
ajfa-11962	98	143	of	of	ADP
ajfa-11962	98	144	statistics	statistic	NOUN
ajfa-11962	98	145	,	,	PUNCT
ajfa-11962	98	146	singapore	singapore	PROPN
ajfa-11962	98	147	unit	unit	NOUN
ajfa-11962	98	148	of	of	ADP
ajfa-11962	98	149	labour	labour	PROPN
ajfa-11962	98	150	cost	cost	NOUN
ajfa-11962	98	151	index	index	NOUN
ajfa-11962	98	152	base	base	NOUN
ajfa-11962	98	153	year	year	NOUN
ajfa-11962	98	154	2010	2010	NUM
ajfa-11962	98	155	=	=	SYM
ajfa-11962	98	156	100	100	NUM
ajfa-11962	98	157	department	department	NOUN
ajfa-11962	98	158	of	of	ADP
ajfa-11962	98	159	statistics	statistic	NOUN
ajfa-11962	98	160	,	,	PUNCT
ajfa-11962	98	161	singapore	singapore	PROPN
ajfa-11962	98	162	ftse	ftse	PROPN
ajfa-11962	98	163	straits	strait	NOUN
ajfa-11962	98	164	times	times	PROPN
ajfa-11962	98	165	index	index	PROPN
ajfa-11962	98	166	sgd	sgd	PROPN
ajfa-11962	98	167	bloomberg	bloomberg	PROPN
ajfa-11962	98	168	4.1.1	4.1.1	NUM
ajfa-11962	98	169	electricity	electricity	NOUN
ajfa-11962	98	170	generated	generate	VERB
ajfa-11962	98	171	as	as	ADP
ajfa-11962	98	172	the	the	DET
ajfa-11962	98	173	data	datum	NOUN
ajfa-11962	98	174	for	for	ADP
ajfa-11962	98	175	dec	dec	PROPN
ajfa-11962	98	176	2016	2016	NUM
ajfa-11962	98	177	was	be	AUX
ajfa-11962	98	178	unavailable	unavailable	ADJ
ajfa-11962	98	179	at	at	ADP
ajfa-11962	98	180	the	the	DET
ajfa-11962	98	181	time	time	NOUN
ajfa-11962	98	182	of	of	ADP
ajfa-11962	98	183	information	information	NOUN
ajfa-11962	98	184	retrieval	retrieval	NOUN
ajfa-11962	98	185	,	,	PUNCT
ajfa-11962	98	186	the	the	DET
ajfa-11962	98	187	figure	figure	NOUN
ajfa-11962	98	188	was	be	AUX
ajfa-11962	98	189	estimated	estimate	VERB
ajfa-11962	98	190	to	to	PART
ajfa-11962	98	191	be	be	AUX
ajfa-11962	98	192	4,210	4,210	NUM
ajfa-11962	98	193	gigawatt	gigawatt	NOUN
ajfa-11962	98	194	hours	hour	NOUN
ajfa-11962	98	195	by	by	ADP
ajfa-11962	98	196	taking	take	VERB
ajfa-11962	98	197	into	into	ADP
ajfa-11962	98	198	consideration	consideration	NOUN
ajfa-11962	98	199	the	the	DET
ajfa-11962	98	200	existing	exist	VERB
ajfa-11962	98	201	,	,	PUNCT
ajfa-11962	98	202	as	as	ADV
ajfa-11962	98	203	well	well	ADV
ajfa-11962	98	204	as	as	ADP
ajfa-11962	98	205	seasonal	seasonal	ADJ
ajfa-11962	98	206	,	,	PUNCT
ajfa-11962	98	207	trends	trend	NOUN
ajfa-11962	98	208	from	from	ADP
ajfa-11962	98	209	jan	jan	PROPN
ajfa-11962	98	210	2010	2010	NUM
ajfa-11962	98	211	-	-	PUNCT
ajfa-11962	98	212	dec	dec	PROPN
ajfa-11962	98	213	2016	2016	NUM
ajfa-11962	98	214	.	.	PUNCT
ajfa-11962	99	1	4.1.2	4.1.2	NUM
ajfa-11962	99	2	differing	differ	VERB
ajfa-11962	99	3	base	base	NOUN
ajfa-11962	99	4	years	year	NOUN
ajfa-11962	99	5	&	&	CCONJ
ajfa-11962	99	6	market	market	NOUN
ajfa-11962	99	7	prices	price	NOUN
ajfa-11962	99	8	it	it	PRON
ajfa-11962	99	9	was	be	AUX
ajfa-11962	99	10	noted	note	VERB
ajfa-11962	99	11	that	that	SCONJ
ajfa-11962	99	12	the	the	DET
ajfa-11962	99	13	data	datum	NOUN
ajfa-11962	99	14	had	have	VERB
ajfa-11962	99	15	differing	differ	VERB
ajfa-11962	99	16	base	base	NOUN
ajfa-11962	99	17	years	year	NOUN
ajfa-11962	99	18	for	for	ADP
ajfa-11962	99	19	indices	index	NOUN
ajfa-11962	99	20	and	and	CCONJ
ajfa-11962	99	21	market	market	NOUN
ajfa-11962	99	22	prices	price	NOUN
ajfa-11962	99	23	.	.	PUNCT
ajfa-11962	100	1	however	however	ADV
ajfa-11962	100	2	,	,	PUNCT
ajfa-11962	100	3	as	as	SCONJ
ajfa-11962	100	4	illustrated	illustrate	VERB
ajfa-11962	100	5	by	by	ADP
ajfa-11962	100	6	luetkepohl	luetkepohl	PROPN
ajfa-11962	100	7	(	(	PUNCT
ajfa-11962	100	8	2011	2011	NUM
ajfa-11962	100	9	)	)	PUNCT
ajfa-11962	100	10	,	,	PUNCT
ajfa-11962	100	11	given	give	VERB
ajfa-11962	100	12	that	that	SCONJ
ajfa-11962	100	13	the	the	DET
ajfa-11962	100	14	svar	svar	PROPN
ajfa-11962	100	15	model	model	NOUN
ajfa-11962	100	16	measures	measure	VERB
ajfa-11962	100	17	reactions	reaction	NOUN
ajfa-11962	100	18	to	to	ADP
ajfa-11962	100	19	structural	structural	ADJ
ajfa-11962	100	20	shocks	shock	NOUN
ajfa-11962	100	21	,	,	PUNCT
ajfa-11962	100	22	the	the	DET
ajfa-11962	100	23	input	input	NOUN
ajfa-11962	100	24	data	datum	NOUN
ajfa-11962	100	25	for	for	ADP
ajfa-11962	100	26	analysis	analysis	NOUN
ajfa-11962	100	27	shall	shall	AUX
ajfa-11962	100	28	be	be	AUX
ajfa-11962	100	29	the	the	DET
ajfa-11962	100	30	differences	difference	NOUN
ajfa-11962	100	31	of	of	ADP
ajfa-11962	100	32	these	these	DET
ajfa-11962	100	33	data	datum	NOUN
ajfa-11962	100	34	points	point	NOUN
ajfa-11962	100	35	,	,	PUNCT
ajfa-11962	100	36	e.g.	e.g.	ADV
ajfa-11962	100	37	the	the	DET
ajfa-11962	100	38	first	first	ADJ
ajfa-11962	100	39	value	value	NOUN
ajfa-11962	100	40	for	for	ADP
ajfa-11962	100	41	crude	crude	ADJ
ajfa-11962	100	42	oil	oil	NOUN
ajfa-11962	100	43	prices	price	NOUN
ajfa-11962	100	44	shall	shall	AUX
ajfa-11962	100	45	be	be	AUX
ajfa-11962	100	46	derived	derive	VERB
ajfa-11962	100	47	by	by	ADP
ajfa-11962	100	48	subtracting	subtract	VERB
ajfa-11962	100	49	the	the	DET
ajfa-11962	100	50	price	price	NOUN
ajfa-11962	100	51	in	in	ADP
ajfa-11962	100	52	march	march	PROPN
ajfa-11962	100	53	2010	2010	NUM
ajfa-11962	100	54	from	from	ADP
ajfa-11962	100	55	the	the	DET
ajfa-11962	100	56	price	price	NOUN
ajfa-11962	100	57	in	in	ADP
ajfa-11962	100	58	june	june	PROPN
ajfa-11962	100	59	2010	2010	NUM
ajfa-11962	100	60	.	.	PUNCT
ajfa-11962	101	1	differencing	difference	VERB
ajfa-11962	101	2	the	the	DET
ajfa-11962	101	3	values	value	NOUN
ajfa-11962	101	4	and	and	CCONJ
ajfa-11962	101	5	using	use	VERB
ajfa-11962	101	6	first	first	ADJ
ajfa-11962	101	7	difference	difference	NOUN
ajfa-11962	101	8	values	value	NOUN
ajfa-11962	101	9	would	would	AUX
ajfa-11962	101	10	also	also	ADV
ajfa-11962	101	11	induce	induce	VERB
ajfa-11962	101	12	stationarity	stationarity	NOUN
ajfa-11962	101	13	,	,	PUNCT
ajfa-11962	101	14	which	which	PRON
ajfa-11962	101	15	would	would	AUX
ajfa-11962	101	16	not	not	PART
ajfa-11962	101	17	be	be	AUX
ajfa-11962	101	18	an	an	DET
ajfa-11962	101	19	issue	issue	NOUN
ajfa-11962	101	20	since	since	SCONJ
ajfa-11962	101	21	long	long	ADV
ajfa-11962	101	22	-	-	PUNCT
ajfa-11962	101	23	run	run	NOUN
ajfa-11962	101	24	relationships	relationship	NOUN
ajfa-11962	101	25	will	will	AUX
ajfa-11962	101	26	not	not	PART
ajfa-11962	101	27	be	be	AUX
ajfa-11962	101	28	examined	examine	VERB
ajfa-11962	101	29	in	in	ADP
ajfa-11962	101	30	this	this	DET
ajfa-11962	101	31	research	research	NOUN
ajfa-11962	101	32	(	(	PUNCT
ajfa-11962	101	33	brooks	brooks	PROPN
ajfa-11962	101	34	,	,	PUNCT
ajfa-11962	101	35	2014	2014	NUM
ajfa-11962	101	36	;	;	PUNCT
ajfa-11962	101	37	gottschalk	gottschalk	NOUN
ajfa-11962	101	38	,	,	PUNCT
ajfa-11962	101	39	2001	2001	NUM
ajfa-11962	101	40	)	)	PUNCT
ajfa-11962	101	41	.	.	PUNCT
ajfa-11962	102	1	4.2	4.2	NUM
ajfa-11962	102	2	methodology	methodology	NOUN
ajfa-11962	102	3	all	all	DET
ajfa-11962	102	4	statistical	statistical	ADJ
ajfa-11962	102	5	analyses	analysis	NOUN
ajfa-11962	102	6	were	be	AUX
ajfa-11962	102	7	done	do	VERB
ajfa-11962	102	8	via	via	ADP
ajfa-11962	102	9	eviews	eviews	PROPN
ajfa-11962	102	10	9	9	NUM
ajfa-11962	102	11	.	.	PUNCT
ajfa-11962	102	12	asian	asian	ADJ
ajfa-11962	102	13	journal	journal	PROPN
ajfa-11962	102	14	of	of	ADP
ajfa-11962	102	15	finance	finance	PROPN
ajfa-11962	102	16	&	&	CCONJ
ajfa-11962	102	17	accounting	accounting	PROPN
ajfa-11962	102	18	issn	issn	PROPN
ajfa-11962	102	19	1946	1946	NUM
ajfa-11962	102	20	-	-	PUNCT
ajfa-11962	102	21	052x	052x	PROPN
ajfa-11962	102	22	2017	2017	NUM
ajfa-11962	102	23	,	,	PUNCT
ajfa-11962	102	24	vol	vol	NOUN
ajfa-11962	102	25	.	.	NOUN
ajfa-11962	103	1	9	9	NUM
ajfa-11962	103	2	,	,	PUNCT
ajfa-11962	103	3	no	no	NOUN
ajfa-11962	103	4	.	.	NOUN
ajfa-11962	103	5	2	2	NUM
ajfa-11962	103	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	103	7	226	226	NUM
ajfa-11962	103	8	4.2.1	4.2.1	NUM
ajfa-11962	103	9	pre	pre	NOUN
ajfa-11962	103	10	-	-	NOUN
ajfa-11962	103	11	estimation	estimation	VERB
ajfa-11962	103	12	the	the	DET
ajfa-11962	103	13	following	follow	VERB
ajfa-11962	103	14	pre	pre	ADJ
ajfa-11962	103	15	-	-	ADJ
ajfa-11962	103	16	estimation	estimation	ADJ
ajfa-11962	103	17	tests	test	NOUN
ajfa-11962	103	18	were	be	AUX
ajfa-11962	103	19	carried	carry	VERB
ajfa-11962	103	20	out	out	ADP
ajfa-11962	103	21	,	,	PUNCT
ajfa-11962	103	22	and	and	CCONJ
ajfa-11962	103	23	for	for	ADP
ajfa-11962	103	24	the	the	DET
ajfa-11962	103	25	following	follow	VERB
ajfa-11962	103	26	purposes	purpose	NOUN
ajfa-11962	103	27	:	:	PUNCT
ajfa-11962	103	28	the	the	DET
ajfa-11962	103	29	unit	unit	NOUN
ajfa-11962	103	30	root	root	PROPN
ajfa-11962	103	31	test	test	NOUN
ajfa-11962	103	32	,	,	PUNCT
ajfa-11962	103	33	which	which	PRON
ajfa-11962	103	34	determines	determine	VERB
ajfa-11962	103	35	the	the	DET
ajfa-11962	103	36	stationarity	stationarity	NOUN
ajfa-11962	103	37	of	of	ADP
ajfa-11962	103	38	variables	variable	NOUN
ajfa-11962	103	39	.	.	PUNCT
ajfa-11962	104	1	the	the	DET
ajfa-11962	104	2	lag	lag	NOUN
ajfa-11962	104	3	order	order	NOUN
ajfa-11962	104	4	selection	selection	NOUN
ajfa-11962	104	5	criteria	criterion	NOUN
ajfa-11962	104	6	,	,	PUNCT
ajfa-11962	104	7	which	which	PRON
ajfa-11962	104	8	determines	determine	VERB
ajfa-11962	104	9	the	the	DET
ajfa-11962	104	10	optimal	optimal	ADJ
ajfa-11962	104	11	lag	lag	NOUN
ajfa-11962	104	12	for	for	ADP
ajfa-11962	104	13	the	the	DET
ajfa-11962	104	14	var	var	NOUN
ajfa-11962	104	15	model	model	NOUN
ajfa-11962	104	16	,	,	PUNCT
ajfa-11962	104	17	via	via	ADP
ajfa-11962	104	18	schwarz	schwarz	PROPN
ajfa-11962	104	19	information	information	NOUN
ajfa-11962	104	20	criterion	criterion	NOUN
ajfa-11962	104	21	.	.	PUNCT
ajfa-11962	105	1	the	the	DET
ajfa-11962	105	2	var	var	PROPN
ajfa-11962	105	3	stability	stability	PROPN
ajfa-11962	105	4	test	test	NOUN
ajfa-11962	105	5	,	,	PUNCT
ajfa-11962	105	6	which	which	PRON
ajfa-11962	105	7	shall	shall	AUX
ajfa-11962	105	8	determine	determine	VERB
ajfa-11962	105	9	if	if	SCONJ
ajfa-11962	105	10	the	the	DET
ajfa-11962	105	11	range	range	NOUN
ajfa-11962	105	12	of	of	ADP
ajfa-11962	105	13	modulus	modulus	ADJ
ajfa-11962	105	14	values	value	NOUN
ajfa-11962	105	15	generated	generate	VERB
ajfa-11962	105	16	based	base	VERB
ajfa-11962	105	17	on	on	ADP
ajfa-11962	105	18	the	the	DET
ajfa-11962	105	19	var	var	PROPN
ajfa-11962	105	20	model	model	NOUN
ajfa-11962	105	21	’s	’s	PART
ajfa-11962	105	22	equation	equation	NOUN
ajfa-11962	105	23	for	for	ADP
ajfa-11962	105	24	the	the	DET
ajfa-11962	105	25	sti	sti	PROPN
ajfa-11962	105	26	shall	shall	AUX
ajfa-11962	105	27	allow	allow	VERB
ajfa-11962	105	28	the	the	DET
ajfa-11962	105	29	var	var	NOUN
ajfa-11962	105	30	model	model	NOUN
ajfa-11962	105	31	to	to	PART
ajfa-11962	105	32	be	be	AUX
ajfa-11962	105	33	in	in	ADP
ajfa-11962	105	34	a	a	DET
ajfa-11962	105	35	stable	stable	ADJ
ajfa-11962	105	36	state	state	NOUN
ajfa-11962	105	37	.	.	PUNCT
ajfa-11962	106	1	4.2.2	4.2.2	NUM
ajfa-11962	106	2	svar	svar	PROPN
ajfa-11962	106	3	an	an	DET
ajfa-11962	106	4	ab	ab	PROPN
ajfa-11962	106	5	-	-	PUNCT
ajfa-11962	106	6	model	model	PROPN
ajfa-11962	106	7	svar	svar	PROPN
ajfa-11962	106	8	model	model	NOUN
ajfa-11962	106	9	was	be	AUX
ajfa-11962	106	10	constructed	construct	VERB
ajfa-11962	106	11	to	to	PART
ajfa-11962	106	12	validate	validate	VERB
ajfa-11962	106	13	the	the	DET
ajfa-11962	106	14	hypotheses	hypothesis	NOUN
ajfa-11962	106	15	.	.	PUNCT
ajfa-11962	107	1	more	more	ADV
ajfa-11962	107	2	specifically	specifically	ADV
ajfa-11962	107	3	,	,	PUNCT
ajfa-11962	107	4	an	an	DET
ajfa-11962	107	5	ab	ab	ADJ
ajfa-11962	107	6	-	-	PUNCT
ajfa-11962	107	7	model	model	NOUN
ajfa-11962	107	8	approach	approach	NOUN
ajfa-11962	107	9	shall	shall	AUX
ajfa-11962	107	10	be	be	AUX
ajfa-11962	107	11	utilized	utilize	VERB
ajfa-11962	107	12	to	to	PART
ajfa-11962	107	13	structure	structure	VERB
ajfa-11962	107	14	the	the	DET
ajfa-11962	107	15	svar	svar	NOUN
ajfa-11962	107	16	.	.	PUNCT
ajfa-11962	108	1	amisano	amisano	PROPN
ajfa-11962	108	2	and	and	CCONJ
ajfa-11962	108	3	giannini	giannini	PROPN
ajfa-11962	108	4	(	(	PUNCT
ajfa-11962	108	5	1996	1996	NUM
ajfa-11962	108	6	)	)	PUNCT
ajfa-11962	109	1	describe	describe	VERB
ajfa-11962	109	2	and	and	CCONJ
ajfa-11962	109	3	document	document	NOUN
ajfa-11962	109	4	evidence	evidence	NOUN
ajfa-11962	109	5	that	that	SCONJ
ajfa-11962	109	6	it	it	PRON
ajfa-11962	109	7	is	be	AUX
ajfa-11962	109	8	required	require	VERB
ajfa-11962	109	9	for	for	ADP
ajfa-11962	109	10	a	a	DET
ajfa-11962	109	11	var	var	NOUN
ajfa-11962	109	12	model	model	NOUN
ajfa-11962	109	13	to	to	PART
ajfa-11962	109	14	be	be	AUX
ajfa-11962	109	15	considered	consider	VERB
ajfa-11962	109	16	in	in	ADP
ajfa-11962	109	17	its	its	PRON
ajfa-11962	109	18	reduced	reduced	ADJ
ajfa-11962	109	19	form	form	NOUN
ajfa-11962	109	20	,	,	PUNCT
ajfa-11962	109	21	in	in	ADP
ajfa-11962	109	22	which	which	PRON
ajfa-11962	109	23	the	the	DET
ajfa-11962	109	24	variables	variable	NOUN
ajfa-11962	109	25	’	’	PART
ajfa-11962	109	26	instantaneous	instantaneous	ADJ
ajfa-11962	109	27	relations	relation	NOUN
ajfa-11962	109	28	are	be	AUX
ajfa-11962	109	29	not	not	PART
ajfa-11962	109	30	only	only	ADV
ajfa-11962	109	31	unexplained	unexplained	ADJ
ajfa-11962	109	32	,	,	PUNCT
ajfa-11962	109	33	but	but	CCONJ
ajfa-11962	109	34	also	also	ADV
ajfa-11962	109	35	unapparent	unapparent	ADJ
ajfa-11962	109	36	when	when	SCONJ
ajfa-11962	109	37	uninterpreted	uninterprete	VERB
ajfa-11962	109	38	.	.	PUNCT
ajfa-11962	110	1	the	the	DET
ajfa-11962	110	2	reduced	reduced	ADJ
ajfa-11962	110	3	form	form	NOUN
ajfa-11962	110	4	of	of	ADP
ajfa-11962	110	5	the	the	DET
ajfa-11962	110	6	model	model	NOUN
ajfa-11962	110	7	is	be	AUX
ajfa-11962	110	8	also	also	ADV
ajfa-11962	110	9	required	require	VERB
ajfa-11962	110	10	in	in	ADP
ajfa-11962	110	11	order	order	NOUN
ajfa-11962	110	12	to	to	PART
ajfa-11962	110	13	utilize	utilize	VERB
ajfa-11962	110	14	the	the	DET
ajfa-11962	110	15	appropriate	appropriate	ADJ
ajfa-11962	110	16	choleski	choleski	ADJ
ajfa-11962	110	17	factor	factor	NOUN
ajfa-11962	110	18	for	for	ADP
ajfa-11962	110	19	variance	variance	NOUN
ajfa-11962	110	20	decomposition	decomposition	NOUN
ajfa-11962	110	21	at	at	ADP
ajfa-11962	110	22	the	the	DET
ajfa-11962	110	23	later	later	ADJ
ajfa-11962	110	24	stage	stage	NOUN
ajfa-11962	110	25	of	of	ADP
ajfa-11962	110	26	this	this	DET
ajfa-11962	110	27	analysis	analysis	NOUN
ajfa-11962	110	28	(	(	PUNCT
ajfa-11962	110	29	amisano	amisano	NOUN
ajfa-11962	110	30	and	and	CCONJ
ajfa-11962	110	31	giannini	giannini	PROPN
ajfa-11962	110	32	,	,	PUNCT
ajfa-11962	110	33	1996	1996	NUM
ajfa-11962	110	34	)	)	PUNCT
ajfa-11962	110	35	.	.	PUNCT
ajfa-11962	111	1	as	as	ADP
ajfa-11962	111	2	such	such	ADJ
ajfa-11962	111	3	,	,	PUNCT
ajfa-11962	111	4	the	the	DET
ajfa-11962	111	5	reduced	reduce	VERB
ajfa-11962	111	6	-	-	PUNCT
ajfa-11962	111	7	form	form	NOUN
ajfa-11962	111	8	var	var	NOUN
ajfa-11962	111	9	model	model	NOUN
ajfa-11962	111	10	is	be	AUX
ajfa-11962	111	11	expressed	express	VERB
ajfa-11962	111	12	as	as	ADP
ajfa-11962	111	13	the	the	DET
ajfa-11962	111	14	following	following	NOUN
ajfa-11962	111	15	:	:	PUNCT
ajfa-11962	111	16	yt	yt	PROPN
ajfa-11962	111	17	=	=	NOUN
ajfa-11962	111	18	a1	a1	NOUN
ajfa-11962	111	19	yt-1	yt-1	ADV
ajfa-11962	111	20	+	+	PUNCT
ajfa-11962	111	21	.	.	PUNCT
ajfa-11962	111	22	.	.	PUNCT
ajfa-11962	111	23	.	.	PUNCT
ajfa-11962	112	1	+	+	CCONJ
ajfa-11962	113	1	ap	ap	PROPN
ajfa-11962	113	2	yt	yt	PROPN
ajfa-11962	113	3	-	-	PUNCT
ajfa-11962	113	4	p	p	NOUN
ajfa-11962	113	5	+	+	PROPN
ajfa-11962	113	6	b	b	NOUN
ajfa-11962	113	7	xt	xt	NOUN
ajfa-11962	114	1	+	+	CCONJ
ajfa-11962	114	2	εt	εt	PROPN
ajfa-11962	114	3	(	(	PUNCT
ajfa-11962	114	4	1	1	NUM
ajfa-11962	114	5	)	)	PUNCT
ajfa-11962	114	6	within	within	ADP
ajfa-11962	114	7	this	this	DET
ajfa-11962	114	8	model	model	NOUN
ajfa-11962	114	9	comprising	comprising	NOUN
ajfa-11962	114	10	of	of	ADP
ajfa-11962	114	11	k	k	PROPN
ajfa-11962	114	12	endogenous	endogenous	ADJ
ajfa-11962	114	13	variables	variable	NOUN
ajfa-11962	114	14	,	,	PUNCT
ajfa-11962	114	15	yt	yt	PROPN
ajfa-11962	114	16	is	be	AUX
ajfa-11962	114	17	a	a	DET
ajfa-11962	114	18	k	k	PROPN
ajfa-11962	114	19	vector	vector	NOUN
ajfa-11962	114	20	of	of	ADP
ajfa-11962	114	21	endogenous	endogenous	ADJ
ajfa-11962	114	22	variables	variable	NOUN
ajfa-11962	114	23	,	,	PUNCT
ajfa-11962	114	24	p	p	NOUN
ajfa-11962	114	25	refers	refer	VERB
ajfa-11962	114	26	to	to	ADP
ajfa-11962	114	27	the	the	DET
ajfa-11962	114	28	order	order	NOUN
ajfa-11962	114	29	of	of	ADP
ajfa-11962	114	30	the	the	DET
ajfa-11962	114	31	variables	variable	NOUN
ajfa-11962	114	32	in	in	ADP
ajfa-11962	114	33	the	the	DET
ajfa-11962	114	34	var	var	NOUN
ajfa-11962	114	35	model	model	NOUN
ajfa-11962	114	36	,	,	PUNCT
ajfa-11962	114	37	xt	xt	PROPN
ajfa-11962	114	38	is	be	AUX
ajfa-11962	114	39	a	a	DET
ajfa-11962	114	40	vector	vector	NOUN
ajfa-11962	114	41	of	of	ADP
ajfa-11962	114	42	exogenous	exogenous	ADJ
ajfa-11962	114	43	variables	variable	NOUN
ajfa-11962	114	44	,	,	PUNCT
ajfa-11962	114	45	and	and	CCONJ
ajfa-11962	114	46	εt	εt	PROPN
ajfa-11962	114	47	is	be	AUX
ajfa-11962	114	48	a	a	DET
ajfa-11962	114	49	possibly	possibly	ADV
ajfa-11962	114	50	-	-	PUNCT
ajfa-11962	114	51	contemporaneously	contemporaneously	ADV
ajfa-11962	114	52	correlated	correlate	VERB
ajfa-11962	114	53	vector	vector	NOUN
ajfa-11962	114	54	of	of	ADP
ajfa-11962	114	55	structural	structural	ADJ
ajfa-11962	114	56	disturbances	disturbance	NOUN
ajfa-11962	114	57	that	that	PRON
ajfa-11962	114	58	are	be	AUX
ajfa-11962	114	59	uncorrelated	uncorrelate	VERB
ajfa-11962	114	60	with	with	ADP
ajfa-11962	114	61	their	their	PRON
ajfa-11962	114	62	own	own	ADJ
ajfa-11962	114	63	lagged	lag	VERB
ajfa-11962	114	64	values	value	NOUN
ajfa-11962	114	65	,	,	PUNCT
ajfa-11962	114	66	as	as	SCONJ
ajfa-11962	114	67	they	they	PRON
ajfa-11962	114	68	are	be	AUX
ajfa-11962	114	69	uncorrelated	uncorrelated	ADJ
ajfa-11962	114	70	with	with	ADP
ajfa-11962	114	71	those	those	PRON
ajfa-11962	114	72	of	of	ADP
ajfa-11962	114	73	the	the	DET
ajfa-11962	114	74	right	right	ADJ
ajfa-11962	114	75	-	-	PUNCT
ajfa-11962	114	76	hand	hand	NOUN
ajfa-11962	114	77	side	side	NOUN
ajfa-11962	114	78	variables	variable	NOUN
ajfa-11962	114	79	.	.	PUNCT
ajfa-11962	115	1	a	a	PRON
ajfa-11962	115	2	and	and	CCONJ
ajfa-11962	115	3	b	b	NOUN
ajfa-11962	115	4	refer	refer	NOUN
ajfa-11962	115	5	to	to	ADP
ajfa-11962	115	6	matrices	matrix	NOUN
ajfa-11962	115	7	of	of	ADP
ajfa-11962	115	8	coefficients	coefficient	NOUN
ajfa-11962	115	9	to	to	PART
ajfa-11962	115	10	be	be	AUX
ajfa-11962	115	11	estimated	estimate	VERB
ajfa-11962	115	12	.	.	PUNCT
ajfa-11962	116	1	4.2.3	4.2.3	NUM
ajfa-11962	116	2	contemporaneous	contemporaneous	ADJ
ajfa-11962	116	3	restrictions	restriction	NOUN
ajfa-11962	116	4	working	work	VERB
ajfa-11962	116	5	with	with	ADP
ajfa-11962	116	6	the	the	DET
ajfa-11962	116	7	assumption	assumption	NOUN
ajfa-11962	116	8	that	that	SCONJ
ajfa-11962	116	9	structural	structural	ADJ
ajfa-11962	116	10	innovations	innovation	NOUN
ajfa-11962	116	11	within	within	ADP
ajfa-11962	116	12	this	this	DET
ajfa-11962	116	13	model	model	NOUN
ajfa-11962	116	14	are	be	AUX
ajfa-11962	116	15	orthogonal	orthogonal	ADJ
ajfa-11962	116	16	,	,	PUNCT
ajfa-11962	116	17	structural	structural	ADJ
ajfa-11962	116	18	restrictions	restriction	NOUN
ajfa-11962	116	19	of	of	ADP
ajfa-11962	116	20	contemporaneous	contemporaneous	ADJ
ajfa-11962	116	21	nature	nature	NOUN
ajfa-11962	116	22	are	be	AUX
ajfa-11962	116	23	applied	apply	VERB
ajfa-11962	116	24	to	to	ADP
ajfa-11962	116	25	the	the	DET
ajfa-11962	116	26	var	var	NOUN
ajfa-11962	116	27	model	model	NOUN
ajfa-11962	116	28	.	.	PUNCT
ajfa-11962	117	1	without	without	ADP
ajfa-11962	117	2	applying	apply	VERB
ajfa-11962	117	3	these	these	DET
ajfa-11962	117	4	restrictions	restriction	NOUN
ajfa-11962	117	5	,	,	PUNCT
ajfa-11962	117	6	it	it	PRON
ajfa-11962	117	7	is	be	AUX
ajfa-11962	117	8	impossible	impossible	ADJ
ajfa-11962	117	9	to	to	PART
ajfa-11962	117	10	draw	draw	VERB
ajfa-11962	117	11	conclusions	conclusion	NOUN
ajfa-11962	117	12	from	from	ADP
ajfa-11962	117	13	the	the	DET
ajfa-11962	117	14	reduced	reduce	VERB
ajfa-11962	117	15	-	-	PUNCT
ajfa-11962	117	16	form	form	NOUN
ajfa-11962	117	17	var	var	NOUN
ajfa-11962	117	18	(	(	PUNCT
ajfa-11962	117	19	gottschalk	gottschalk	NOUN
ajfa-11962	117	20	,	,	PUNCT
ajfa-11962	117	21	2001	2001	NUM
ajfa-11962	117	22	)	)	PUNCT
ajfa-11962	117	23	.	.	PUNCT
ajfa-11962	118	1	the	the	DET
ajfa-11962	118	2	expression	expression	NOUN
ajfa-11962	118	3	of	of	ADP
ajfa-11962	118	4	the	the	DET
ajfa-11962	118	5	svar	svar	PROPN
ajfa-11962	118	6	model	model	PROPN
ajfa-11962	118	7	,	,	PUNCT
ajfa-11962	118	8	with	with	ADP
ajfa-11962	118	9	the	the	DET
ajfa-11962	118	10	restrictions	restriction	NOUN
ajfa-11962	118	11	applied	apply	VERB
ajfa-11962	118	12	,	,	PUNCT
ajfa-11962	118	13	are	be	AUX
ajfa-11962	118	14	as	as	SCONJ
ajfa-11962	118	15	follows	follow	VERB
ajfa-11962	118	16	:	:	PUNCT
ajfa-11962	118	17	a	a	DET
ajfa-11962	118	18	et	et	NOUN
ajfa-11962	118	19	=	=	SYM
ajfa-11962	118	20	b	b	PROPN
ajfa-11962	118	21	ut	ut	PROPN
ajfa-11962	118	22	(	(	PUNCT
ajfa-11962	118	23	2	2	NUM
ajfa-11962	118	24	)	)	PUNCT
ajfa-11962	118	25	the	the	DET
ajfa-11962	118	26	notation	notation	NOUN
ajfa-11962	118	27	et	et	NOUN
ajfa-11962	118	28	refers	refer	VERB
ajfa-11962	118	29	to	to	ADP
ajfa-11962	118	30	a	a	DET
ajfa-11962	118	31	(	(	PUNCT
ajfa-11962	118	32	k	k	NOUN
ajfa-11962	118	33	*	*	ADJ
ajfa-11962	118	34	1	1	NUM
ajfa-11962	118	35	)	)	PUNCT
ajfa-11962	118	36	matrix	matrix	NOUN
ajfa-11962	118	37	of	of	ADP
ajfa-11962	118	38	the	the	DET
ajfa-11962	118	39	reduced	reduce	VERB
ajfa-11962	118	40	-	-	PUNCT
ajfa-11962	118	41	form	form	NOUN
ajfa-11962	118	42	residuals	residual	NOUN
ajfa-11962	118	43	,	,	PUNCT
ajfa-11962	118	44	while	while	SCONJ
ajfa-11962	118	45	ut	ut	PROPN
ajfa-11962	118	46	is	be	AUX
ajfa-11962	118	47	a	a	DET
ajfa-11962	118	48	(	(	PUNCT
ajfa-11962	118	49	k	k	NOUN
ajfa-11962	118	50	*	*	ADJ
ajfa-11962	118	51	1	1	NUM
ajfa-11962	118	52	)	)	PUNCT
ajfa-11962	118	53	matrix	matrix	NOUN
ajfa-11962	118	54	of	of	ADP
ajfa-11962	118	55	unobserved	unobserved	ADJ
ajfa-11962	118	56	structural	structural	ADJ
ajfa-11962	118	57	innovations	innovation	NOUN
ajfa-11962	118	58	.	.	PUNCT
ajfa-11962	119	1	a	a	DET
ajfa-11962	119	2	and	and	CCONJ
ajfa-11962	119	3	b	b	NOUN
ajfa-11962	119	4	are	be	AUX
ajfa-11962	119	5	(	(	PUNCT
ajfa-11962	119	6	k	k	NOUN
ajfa-11962	119	7	*	*	PUNCT
ajfa-11962	119	8	k	k	X
ajfa-11962	119	9	)	)	PUNCT
ajfa-11962	119	10	invertible	invertible	ADJ
ajfa-11962	119	11	matrices	matrix	NOUN
ajfa-11962	119	12	,	,	PUNCT
ajfa-11962	119	13	where	where	SCONJ
ajfa-11962	119	14	a	a	PRON
ajfa-11962	119	15	is	be	AUX
ajfa-11962	119	16	the	the	DET
ajfa-11962	119	17	identity	identity	NOUN
ajfa-11962	119	18	matrix	matrix	NOUN
ajfa-11962	119	19	,	,	PUNCT
ajfa-11962	119	20	and	and	CCONJ
ajfa-11962	119	21	b	b	NOUN
ajfa-11962	119	22	is	be	AUX
ajfa-11962	119	23	a	a	DET
ajfa-11962	119	24	diagonal	diagonal	ADJ
ajfa-11962	119	25	matrix	matrix	NOUN
ajfa-11962	119	26	.	.	PUNCT
ajfa-11962	120	1	these	these	DET
ajfa-11962	120	2	matrices	matrix	NOUN
ajfa-11962	120	3	are	be	AUX
ajfa-11962	120	4	imposed	impose	VERB
ajfa-11962	120	5	on	on	ADP
ajfa-11962	120	6	by	by	ADP
ajfa-11962	120	7	a	a	DET
ajfa-11962	120	8	set	set	NOUN
ajfa-11962	120	9	of	of	ADP
ajfa-11962	120	10	k(k+1)/2	k(k+1)/2	PUNCT
ajfa-11962	120	11	non	non	ADJ
ajfa-11962	120	12	-	-	ADJ
ajfa-11962	120	13	linear	linear	ADJ
ajfa-11962	120	14	restrictions	restriction	NOUN
ajfa-11962	120	15	,	,	PUNCT
ajfa-11962	120	16	leaving	leave	VERB
ajfa-11962	120	17	2k2	2k2	NUM
ajfa-11962	120	18	-	-	PUNCT
ajfa-11962	120	19	k(k+1)/2	k(k+1)/2	NOUN
ajfa-11962	120	20	free	free	ADJ
ajfa-11962	120	21	elements	element	NOUN
ajfa-11962	120	22	.	.	PUNCT
ajfa-11962	121	1	although	although	SCONJ
ajfa-11962	121	2	kurniawati	kurniawati	PROPN
ajfa-11962	121	3	et	et	PROPN
ajfa-11962	121	4	al	al	PROPN
ajfa-11962	121	5	.	.	PUNCT
ajfa-11962	122	1	(	(	PUNCT
ajfa-11962	122	2	2016	2016	NUM
ajfa-11962	122	3	)	)	PUNCT
ajfa-11962	122	4	utilized	utilize	VERB
ajfa-11962	122	5	a	a	DET
ajfa-11962	122	6	c	c	NOUN
ajfa-11962	122	7	-	-	PUNCT
ajfa-11962	122	8	model	model	NOUN
ajfa-11962	122	9	svar	svar	NOUN
ajfa-11962	122	10	with	with	ADP
ajfa-11962	122	11	long	long	ADJ
ajfa-11962	122	12	-	-	PUNCT
ajfa-11962	122	13	run	run	NOUN
ajfa-11962	122	14	restrictions	restriction	NOUN
ajfa-11962	122	15	to	to	PART
ajfa-11962	122	16	examine	examine	VERB
ajfa-11962	122	17	the	the	DET
ajfa-11962	122	18	effects	effect	NOUN
ajfa-11962	122	19	of	of	ADP
ajfa-11962	122	20	macroeconomic	macroeconomic	ADJ
ajfa-11962	122	21	variables	variable	NOUN
ajfa-11962	122	22	on	on	ADP
ajfa-11962	122	23	stock	stock	NOUN
ajfa-11962	122	24	returns	return	NOUN
ajfa-11962	122	25	,	,	PUNCT
ajfa-11962	122	26	an	an	DET
ajfa-11962	122	27	ab	ab	NOUN
ajfa-11962	122	28	-	-	PUNCT
ajfa-11962	122	29	model	model	NOUN
ajfa-11962	122	30	was	be	AUX
ajfa-11962	122	31	selected	select	VERB
ajfa-11962	122	32	asian	asian	ADJ
ajfa-11962	122	33	journal	journal	NOUN
ajfa-11962	122	34	of	of	ADP
ajfa-11962	122	35	finance	finance	PROPN
ajfa-11962	122	36	&	&	CCONJ
ajfa-11962	122	37	accounting	accounting	PROPN
ajfa-11962	122	38	issn	issn	PROPN
ajfa-11962	122	39	1946	1946	NUM
ajfa-11962	122	40	-	-	PUNCT
ajfa-11962	122	41	052x	052x	PROPN
ajfa-11962	122	42	2017	2017	NUM
ajfa-11962	122	43	,	,	PUNCT
ajfa-11962	122	44	vol	vol	NOUN
ajfa-11962	122	45	.	.	NOUN
ajfa-11962	122	46	9	9	NUM
ajfa-11962	122	47	,	,	PUNCT
ajfa-11962	122	48	no	no	NOUN
ajfa-11962	122	49	.	.	NOUN
ajfa-11962	122	50	2	2	NUM
ajfa-11962	122	51	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-11962	122	52	227	227	NUM
ajfa-11962	122	53	in	in	ADP
ajfa-11962	122	54	spite	spite	NOUN
ajfa-11962	122	55	of	of	ADP
ajfa-11962	122	56	the	the	DET
ajfa-11962	122	57	c	c	NOUN
ajfa-11962	122	58	-	-	PUNCT
ajfa-11962	122	59	model	model	NOUN
ajfa-11962	122	60	’s	’s	PART
ajfa-11962	122	61	benefits	benefit	NOUN
ajfa-11962	122	62	.	.	PUNCT
ajfa-11962	123	1	the	the	DET
ajfa-11962	123	2	c	c	NOUN
ajfa-11962	123	3	-	-	PUNCT
ajfa-11962	123	4	model	model	NOUN
ajfa-11962	123	5	is	be	AUX
ajfa-11962	123	6	structured	structure	VERB
ajfa-11962	123	7	such	such	ADJ
ajfa-11962	123	8	that	that	SCONJ
ajfa-11962	123	9	the	the	DET
ajfa-11962	123	10	endogenous	endogenous	ADJ
ajfa-11962	123	11	variables	variable	NOUN
ajfa-11962	123	12	have	have	VERB
ajfa-11962	123	13	no	no	DET
ajfa-11962	123	14	relationships	relationship	NOUN
ajfa-11962	123	15	specified	specify	VERB
ajfa-11962	123	16	;	;	PUNCT
ajfa-11962	123	17	rather	rather	ADV
ajfa-11962	123	18	,	,	PUNCT
ajfa-11962	123	19	the	the	DET
ajfa-11962	123	20	impact	impact	NOUN
ajfa-11962	123	21	of	of	ADP
ajfa-11962	123	22	set	set	VERB
ajfa-11962	123	23	orthonormal	orthonormal	ADJ
ajfa-11962	123	24	disturbances	disturbance	NOUN
ajfa-11962	123	25	are	be	AUX
ajfa-11962	123	26	explicitly	explicitly	ADV
ajfa-11962	123	27	specified	specify	VERB
ajfa-11962	123	28	in	in	ADP
ajfa-11962	123	29	the	the	DET
ajfa-11962	123	30	c	c	PROPN
ajfa-11962	123	31	matrix	matrix	NOUN
ajfa-11962	123	32	instead	instead	ADV
ajfa-11962	123	33	(	(	PUNCT
ajfa-11962	123	34	amisano	amisano	NOUN
ajfa-11962	123	35	and	and	CCONJ
ajfa-11962	123	36	giannini	giannini	PROPN
ajfa-11962	123	37	,	,	PUNCT
ajfa-11962	123	38	1996	1996	NUM
ajfa-11962	123	39	;	;	PUNCT
ajfa-11962	123	40	gottschalk	gottschalk	NOUN
ajfa-11962	123	41	,	,	PUNCT
ajfa-11962	123	42	2001	2001	NUM
ajfa-11962	123	43	)	)	PUNCT
ajfa-11962	123	44	.	.	PUNCT
ajfa-11962	124	1	however	however	ADV
ajfa-11962	124	2	,	,	PUNCT
ajfa-11962	124	3	the	the	DET
ajfa-11962	124	4	premise	premise	NOUN
ajfa-11962	124	5	of	of	ADP
ajfa-11962	124	6	the	the	DET
ajfa-11962	124	7	construction	construction	NOUN
ajfa-11962	124	8	of	of	ADP
ajfa-11962	124	9	a	a	DET
ajfa-11962	124	10	c	c	NOUN
ajfa-11962	124	11	matrix	matrix	NOUN
ajfa-11962	124	12	as	as	ADP
ajfa-11962	124	13	a	a	DET
ajfa-11962	124	14	square	square	ADJ
ajfa-11962	124	15	matrix	matrix	NOUN
ajfa-11962	124	16	has	have	VERB
ajfa-11962	124	17	a	a	DET
ajfa-11962	124	18	limitation	limitation	NOUN
ajfa-11962	124	19	,	,	PUNCT
ajfa-11962	124	20	in	in	SCONJ
ajfa-11962	124	21	that	that	SCONJ
ajfa-11962	124	22	it	it	PRON
ajfa-11962	124	23	is	be	AUX
ajfa-11962	124	24	assumed	assume	VERB
ajfa-11962	124	25	that	that	SCONJ
ajfa-11962	124	26	the	the	DET
ajfa-11962	124	27	number	number	NOUN
ajfa-11962	124	28	of	of	ADP
ajfa-11962	124	29	equations	equation	NOUN
ajfa-11962	124	30	in	in	ADP
ajfa-11962	124	31	the	the	DET
ajfa-11962	124	32	matrix	matrix	NOUN
ajfa-11962	124	33	is	be	AUX
ajfa-11962	124	34	equal	equal	ADJ
ajfa-11962	124	35	to	to	ADP
ajfa-11962	124	36	the	the	DET
ajfa-11962	124	37	number	number	NOUN
ajfa-11962	124	38	of	of	ADP
ajfa-11962	124	39	orthonormal	orthonormal	ADJ
ajfa-11962	124	40	disturbances	disturbance	NOUN
ajfa-11962	124	41	,	,	PUNCT
ajfa-11962	124	42	in	in	ADP
ajfa-11962	124	43	spite	spite	NOUN
ajfa-11962	124	44	of	of	ADP
ajfa-11962	124	45	having	have	VERB
ajfa-11962	124	46	a	a	DET
ajfa-11962	124	47	lack	lack	NOUN
ajfa-11962	124	48	of	of	ADP
ajfa-11962	124	49	theoretical	theoretical	ADJ
ajfa-11962	124	50	reason	reason	NOUN
ajfa-11962	124	51	to	to	PART
ajfa-11962	124	52	assume	assume	VERB
ajfa-11962	124	53	so	so	ADV
ajfa-11962	124	54	(	(	PUNCT
ajfa-11962	124	55	other	other	ADJ
ajfa-11962	124	56	than	than	ADP
ajfa-11962	124	57	as	as	ADP
ajfa-11962	124	58	a	a	DET
ajfa-11962	124	59	convenient	convenient	ADJ
ajfa-11962	124	60	assumption	assumption	NOUN
ajfa-11962	124	61	)	)	PUNCT
ajfa-11962	124	62	.	.	PUNCT
ajfa-11962	125	1	the	the	DET
ajfa-11962	125	2	implications	implication	NOUN
ajfa-11962	125	3	in	in	ADP
ajfa-11962	125	4	doing	do	VERB
ajfa-11962	125	5	so	so	ADV
ajfa-11962	125	6	are	be	AUX
ajfa-11962	125	7	that	that	SCONJ
ajfa-11962	125	8	there	there	PRON
ajfa-11962	125	9	is	be	VERB
ajfa-11962	125	10	the	the	DET
ajfa-11962	125	11	assumption	assumption	NOUN
ajfa-11962	125	12	that	that	SCONJ
ajfa-11962	125	13	a	a	DET
ajfa-11962	125	14	majority	majority	NOUN
ajfa-11962	125	15	of	of	ADP
ajfa-11962	125	16	,	,	PUNCT
ajfa-11962	125	17	if	if	SCONJ
ajfa-11962	125	18	not	not	PART
ajfa-11962	125	19	all	all	PRON
ajfa-11962	125	20	,	,	PUNCT
ajfa-11962	125	21	the	the	DET
ajfa-11962	125	22	causes	cause	NOUN
ajfa-11962	125	23	for	for	ADP
ajfa-11962	125	24	orthonormal	orthonormal	ADJ
ajfa-11962	125	25	shocks	shock	NOUN
ajfa-11962	125	26	to	to	ADP
ajfa-11962	125	27	the	the	DET
ajfa-11962	125	28	model	model	NOUN
ajfa-11962	125	29	are	be	AUX
ajfa-11962	125	30	accounted	account	VERB
ajfa-11962	125	31	for	for	ADP
ajfa-11962	125	32	;	;	PUNCT
ajfa-11962	125	33	hence	hence	ADV
ajfa-11962	125	34	potentially	potentially	ADV
ajfa-11962	125	35	skewing	skew	VERB
ajfa-11962	125	36	the	the	DET
ajfa-11962	125	37	model	model	NOUN
ajfa-11962	125	38	’s	’s	PART
ajfa-11962	125	39	results	result	NOUN
ajfa-11962	125	40	and	and	CCONJ
ajfa-11962	125	41	not	not	PART
ajfa-11962	125	42	being	be	AUX
ajfa-11962	125	43	aware	aware	ADJ
ajfa-11962	125	44	of	of	ADP
ajfa-11962	125	45	this	this	DET
ajfa-11962	125	46	bias	bias	NOUN
ajfa-11962	125	47	even	even	ADV
ajfa-11962	125	48	with	with	ADP
ajfa-11962	125	49	hindsight	hindsight	ADJ
ajfa-11962	125	50	.	.	PUNCT
ajfa-11962	126	1	on	on	ADP
ajfa-11962	126	2	the	the	DET
ajfa-11962	126	3	other	other	ADJ
ajfa-11962	126	4	hand	hand	NOUN
ajfa-11962	126	5	,	,	PUNCT
ajfa-11962	126	6	an	an	DET
ajfa-11962	126	7	ab	ab	ADJ
ajfa-11962	126	8	-	-	PUNCT
ajfa-11962	126	9	model	model	NOUN
ajfa-11962	126	10	functions	function	NOUN
ajfa-11962	126	11	such	such	ADJ
ajfa-11962	126	12	that	that	SCONJ
ajfa-11962	126	13	the	the	DET
ajfa-11962	126	14	nature	nature	NOUN
ajfa-11962	126	15	of	of	ADP
ajfa-11962	126	16	its	its	PRON
ajfa-11962	126	17	restrictions	restriction	NOUN
ajfa-11962	126	18	imposed	impose	VERB
ajfa-11962	126	19	on	on	ADP
ajfa-11962	126	20	the	the	DET
ajfa-11962	126	21	svar	svar	PROPN
ajfa-11962	126	22	model	model	NOUN
ajfa-11962	126	23	allows	allow	VERB
ajfa-11962	126	24	this	this	DET
ajfa-11962	126	25	model	model	NOUN
ajfa-11962	126	26	to	to	PART
ajfa-11962	126	27	explicitly	explicitly	ADV
ajfa-11962	126	28	determine	determine	VERB
ajfa-11962	126	29	links	link	NOUN
ajfa-11962	126	30	between	between	ADP
ajfa-11962	126	31	the	the	DET
ajfa-11962	126	32	endogenous	endogenous	ADJ
ajfa-11962	126	33	variables	variable	NOUN
ajfa-11962	126	34	,	,	PUNCT
ajfa-11962	126	35	while	while	SCONJ
ajfa-11962	126	36	also	also	ADV
ajfa-11962	126	37	providing	provide	VERB
ajfa-11962	126	38	insight	insight	NOUN
ajfa-11962	126	39	into	into	ADP
ajfa-11962	126	40	the	the	DET
ajfa-11962	126	41	effect	effect	NOUN
ajfa-11962	126	42	that	that	SCONJ
ajfa-11962	126	43	orthonormal	orthonormal	ADJ
ajfa-11962	126	44	random	random	ADJ
ajfa-11962	126	45	shocks	shock	NOUN
ajfa-11962	126	46	have	have	VERB
ajfa-11962	126	47	on	on	ADP
ajfa-11962	126	48	the	the	DET
ajfa-11962	126	49	variables	variable	NOUN
ajfa-11962	126	50	(	(	PUNCT
ajfa-11962	126	51	amisano	amisano	NOUN
ajfa-11962	126	52	and	and	CCONJ
ajfa-11962	126	53	giannini	giannini	PROPN
ajfa-11962	126	54	,	,	PUNCT
ajfa-11962	126	55	1996	1996	NUM
ajfa-11962	126	56	;	;	PUNCT
ajfa-11962	126	57	gottschalk	gottschalk	NOUN
ajfa-11962	126	58	,	,	PUNCT
ajfa-11962	126	59	2001	2001	NUM
ajfa-11962	126	60	)	)	PUNCT
ajfa-11962	126	61	.	.	PUNCT
ajfa-11962	127	1	in	in	ADP
ajfa-11962	127	2	addition	addition	NOUN
ajfa-11962	127	3	,	,	PUNCT
ajfa-11962	127	4	given	give	VERB
ajfa-11962	127	5	that	that	SCONJ
ajfa-11962	127	6	only	only	ADJ
ajfa-11962	127	7	quarterly	quarterly	ADJ
ajfa-11962	127	8	data	datum	NOUN
ajfa-11962	127	9	spanning	span	VERB
ajfa-11962	127	10	17	17	NUM
ajfa-11962	127	11	years	year	NOUN
ajfa-11962	127	12	was	be	AUX
ajfa-11962	127	13	obtained	obtain	VERB
ajfa-11962	127	14	,	,	PUNCT
ajfa-11962	127	15	imposing	impose	VERB
ajfa-11962	127	16	short	short	ADJ
ajfa-11962	127	17	-	-	PUNCT
ajfa-11962	127	18	run	run	NOUN
ajfa-11962	127	19	restrictions	restriction	NOUN
ajfa-11962	127	20	was	be	AUX
ajfa-11962	127	21	a	a	DET
ajfa-11962	127	22	more	more	ADV
ajfa-11962	127	23	conservative	conservative	ADJ
ajfa-11962	127	24	option	option	NOUN
ajfa-11962	127	25	.	.	PUNCT
ajfa-11962	128	1	5	5	X
ajfa-11962	128	2	.	.	NOUN
ajfa-11962	128	3	results	result	NOUN
ajfa-11962	128	4	and	and	CCONJ
ajfa-11962	128	5	discussion	discussion	NOUN
ajfa-11962	128	6	5.1	5.1	NUM
ajfa-11962	128	7	pre	pre	ADJ
ajfa-11962	128	8	-	-	ADJ
ajfa-11962	128	9	estimation	estimation	ADJ
ajfa-11962	128	10	test	test	NOUN
ajfa-11962	128	11	using	use	VERB
ajfa-11962	128	12	the	the	DET
ajfa-11962	128	13	augmented	augment	VERB
ajfa-11962	128	14	dickey	dickey	NOUN
ajfa-11962	128	15	-	-	PUNCT
ajfa-11962	128	16	fuller	full	ADJ
ajfa-11962	128	17	(	(	PUNCT
ajfa-11962	128	18	adf	adf	NOUN
ajfa-11962	128	19	)	)	PUNCT
ajfa-11962	128	20	test	test	NOUN
ajfa-11962	128	21	for	for	ADP
ajfa-11962	128	22	unit	unit	NOUN
ajfa-11962	128	23	roots	root	NOUN
ajfa-11962	128	24	,	,	PUNCT
ajfa-11962	128	25	the	the	DET
ajfa-11962	128	26	variables	variable	NOUN
ajfa-11962	128	27	were	be	AUX
ajfa-11962	128	28	tested	test	VERB
ajfa-11962	128	29	for	for	ADP
ajfa-11962	128	30	unit	unit	NOUN
ajfa-11962	128	31	roots	root	NOUN
ajfa-11962	128	32	to	to	PART
ajfa-11962	128	33	determine	determine	VERB
ajfa-11962	128	34	stationarity	stationarity	NOUN
ajfa-11962	128	35	:	:	PUNCT
ajfa-11962	128	36	variable	variable	PROPN
ajfa-11962	128	37	t	t	PROPN
ajfa-11962	128	38	-	-	PUNCT
ajfa-11962	128	39	statistic	statistic	NOUN
ajfa-11962	128	40	(	(	PUNCT
ajfa-11962	128	41	5	5	NUM
ajfa-11962	128	42	%	%	NOUN
ajfa-11962	128	43	level	level	NOUN
ajfa-11962	128	44	)	)	PUNCT
ajfa-11962	128	45	stationary	stationary	ADJ
ajfa-11962	128	46	d(s$neer	d(s$neer	NOUN
ajfa-11962	128	47	)	)	PUNCT
ajfa-11962	128	48	-1.945823	-1.945823	NOUN
ajfa-11962	129	1	yes	yes	INTJ
ajfa-11962	129	2	d(ms	d(ms	ADJ
ajfa-11962	129	3	)	)	PUNCT
ajfa-11962	129	4	-1.946348	-1.946348	NOUN
ajfa-11962	129	5	yes	yes	INTJ
ajfa-11962	129	6	d(cpi	d(cpi	NOUN
ajfa-11962	130	1	)	)	PUNCT
ajfa-11962	130	2	-1.945903	-1.945903	NOUN
ajfa-11962	131	1	yes	yes	INTJ
ajfa-11962	131	2	d(bal_p	d(bal_p	PROPN
ajfa-11962	131	3	)	)	PUNCT
ajfa-11962	131	4	-1.945903	-1.945903	NOUN
ajfa-11962	132	1	yes	yes	INTJ
ajfa-11962	132	2	d(oil	d(oil	NOUN
ajfa-11962	132	3	)	)	PUNCT
ajfa-11962	132	4	-1.945903	-1.945903	NOUN
ajfa-11962	133	1	yes	yes	INTJ
ajfa-11962	133	2	d(elec_gen	d(elec_gen	PUNCT
ajfa-11962	133	3	)	)	PUNCT
ajfa-11962	133	4	-1.946447	-1.946447	NOUN
ajfa-11962	134	1	yes	yes	INTJ
ajfa-11962	134	2	d(gfcf	d(gfcf	ADJ
ajfa-11962	134	3	)	)	PUNCT
ajfa-11962	134	4	-1.945823	-1.945823	NOUN
ajfa-11962	135	1	yes	yes	INTJ
ajfa-11962	135	2	d(ind_prod	d(ind_prod	NOUN
ajfa-11962	135	3	)	)	PUNCT
ajfa-11962	135	4	-1.945823	-1.945823	NOUN
ajfa-11962	136	1	yes	yes	INTJ
ajfa-11962	136	2	d(mer_t	d(mer_t	PROPN
ajfa-11962	136	3	)	)	PUNCT
ajfa-11962	136	4	-1.945823	-1.945823	NOUN
ajfa-11962	137	1	yes	yes	INTJ
ajfa-11962	137	2	d(ulc	d(ulc	PROPN
ajfa-11962	137	3	)	)	PUNCT
ajfa-11962	137	4	-1.946447	-1.946447	NOUN
ajfa-11962	137	5	yes	yes	INTJ
ajfa-11962	137	6	d(sti	d(sti	PROPN
ajfa-11962	137	7	)	)	PUNCT
ajfa-11962	137	8	-1.945823	-1.945823	NOUN
ajfa-11962	138	1	yes	yes	INTJ
ajfa-11962	138	2	as	as	ADV
ajfa-11962	138	3	all	all	DET
ajfa-11962	138	4	the	the	DET
ajfa-11962	138	5	variables	variable	NOUN
ajfa-11962	138	6	were	be	AUX
ajfa-11962	138	7	found	find	VERB
ajfa-11962	138	8	to	to	PART
ajfa-11962	138	9	be	be	AUX
ajfa-11962	138	10	stationary	stationary	ADJ
ajfa-11962	138	11	,	,	PUNCT
ajfa-11962	138	12	next	next	ADV
ajfa-11962	138	13	is	be	AUX
ajfa-11962	138	14	to	to	PART
ajfa-11962	138	15	determine	determine	VERB
ajfa-11962	138	16	the	the	DET
ajfa-11962	138	17	lag	lag	NOUN
ajfa-11962	138	18	level	level	NOUN
ajfa-11962	138	19	for	for	ADP
ajfa-11962	138	20	the	the	DET
ajfa-11962	138	21	model	model	NOUN
ajfa-11962	138	22	.	.	PUNCT
ajfa-11962	139	1	this	this	PRON
ajfa-11962	139	2	was	be	AUX
ajfa-11962	139	3	selected	select	VERB
ajfa-11962	139	4	using	use	VERB
ajfa-11962	139	5	the	the	DET
ajfa-11962	139	6	schwarz	schwarz	PROPN
ajfa-11962	139	7	information	information	NOUN
ajfa-11962	139	8	criterion	criterion	NOUN
ajfa-11962	139	9	(	(	PUNCT
ajfa-11962	139	10	sic	sic	ADJ
ajfa-11962	139	11	):	):	PUNCT
ajfa-11962	139	12	asian	asian	ADJ
ajfa-11962	139	13	journal	journal	NOUN
ajfa-11962	139	14	of	of	ADP
ajfa-11962	139	15	finance	finance	PROPN
ajfa-11962	139	16	&	&	CCONJ
ajfa-11962	139	17	accounting	accounting	PROPN
ajfa-11962	139	18	issn	issn	PROPN
ajfa-11962	139	19	1946	1946	NUM
ajfa-11962	139	20	-	-	PUNCT
ajfa-11962	139	21	052x	052x	PROPN
ajfa-11962	139	22	2017	2017	NUM
ajfa-11962	139	23	,	,	PUNCT
ajfa-11962	139	24	vol	vol	NOUN
ajfa-11962	139	25	.	.	NOUN
ajfa-11962	139	26	9	9	NUM
ajfa-11962	139	27	,	,	PUNCT
ajfa-11962	139	28	no	no	NOUN
ajfa-11962	139	29	.	.	NOUN
ajfa-11962	139	30	2	2	NUM
ajfa-11962	139	31	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	139	32	228	228	NUM
ajfa-11962	139	33	sample	sample	NOUN
ajfa-11962	139	34	:	:	PUNCT
ajfa-11962	139	35	2000q1	2000q1	ADJ
ajfa-11962	139	36	2016q4	2016q4	NUM
ajfa-11962	139	37	included	include	VERB
ajfa-11962	139	38	observations	observation	NOUN
ajfa-11962	139	39	:	:	PUNCT
ajfa-11962	139	40	63	63	NUM
ajfa-11962	139	41	lag	lag	NOUN
ajfa-11962	139	42	logl	logl	NOUN
ajfa-11962	139	43	lr	lr	PROPN
ajfa-11962	139	44	fpe	fpe	PROPN
ajfa-11962	139	45	aic	aic	PROPN
ajfa-11962	139	46	sc	sc	PROPN
ajfa-11962	139	47	hq	hq	PROPN
ajfa-11962	139	48	0	0	NUM
ajfa-11962	140	1	-4521.692	-4521.692	PUNCT
ajfa-11962	141	1	na	na	ADP
ajfa-11962	141	2	8.62e+48	8.62e+48	NUM
ajfa-11962	141	3	143.8950	143.8950	NUM
ajfa-11962	141	4	144.2692	144.2692	NUM
ajfa-11962	141	5	*	*	SYM
ajfa-11962	141	6	144.0422	144.0422	NUM
ajfa-11962	141	7	1	1	NUM
ajfa-11962	141	8	-4326.805	-4326.805	SYM
ajfa-11962	141	9	315.5309	315.5309	NUM
ajfa-11962	142	1	8.70e+47	8.70e+47	NUM
ajfa-11962	142	2	141.5494	141.5494	NUM
ajfa-11962	142	3	146.0398	146.0398	NUM
ajfa-11962	142	4	143.3155	143.3155	NUM
ajfa-11962	142	5	2	2	NUM
ajfa-11962	142	6	-4146.609	-4146.609	PUNCT
ajfa-11962	142	7	228.8210	228.8210	NUM
ajfa-11962	142	8	1.86e+47	1.86e+47	NUM
ajfa-11962	142	9	139.6701	139.6701	NUM
ajfa-11962	142	10	148.2767	148.2767	NUM
ajfa-11962	142	11	143.0551	143.0551	NUM
ajfa-11962	142	12	3	3	NUM
ajfa-11962	142	13	-3978.067	-3978.067	SYM
ajfa-11962	142	14	155.1658	155.1658	NUM
ajfa-11962	142	15	1.14e+47	1.14e+47	NUM
ajfa-11962	142	16	138.1608	138.1608	NUM
ajfa-11962	142	17	150.8836	150.8836	NUM
ajfa-11962	142	18	143.1648	143.1648	NUM
ajfa-11962	142	19	4	4	NUM
ajfa-11962	142	20	-3713.071	-3713.071	SYM
ajfa-11962	142	21	151.4261	151.4261	NUM
ajfa-11962	142	22	*	*	SYM
ajfa-11962	142	23	1.57e+46	1.57e+46	NUM
ajfa-11962	142	24	*	*	SYM
ajfa-11962	142	25	133.5895	133.5895	NUM
ajfa-11962	142	26	*	*	SYM
ajfa-11962	142	27	150.4285	150.4285	NUM
ajfa-11962	142	28	140.2124	140.2124	NUM
ajfa-11962	142	29	*	*	PUNCT
ajfa-11962	142	30	*	*	PUNCT
ajfa-11962	142	31	indicates	indicate	VERB
ajfa-11962	142	32	lag	lag	NOUN
ajfa-11962	142	33	order	order	NOUN
ajfa-11962	142	34	selected	select	VERB
ajfa-11962	142	35	by	by	ADP
ajfa-11962	142	36	the	the	DET
ajfa-11962	142	37	criterion	criterion	NOUN
ajfa-11962	142	38	lr	lr	INTJ
ajfa-11962	142	39	:	:	PUNCT
ajfa-11962	142	40	sequential	sequential	ADJ
ajfa-11962	142	41	modified	modify	VERB
ajfa-11962	142	42	lr	lr	X
ajfa-11962	142	43	test	test	NOUN
ajfa-11962	142	44	statistic	statistic	NOUN
ajfa-11962	142	45	(	(	PUNCT
ajfa-11962	142	46	each	each	DET
ajfa-11962	142	47	test	test	NOUN
ajfa-11962	142	48	at	at	ADP
ajfa-11962	142	49	5	5	NUM
ajfa-11962	142	50	%	%	NOUN
ajfa-11962	142	51	level	level	NOUN
ajfa-11962	142	52	)	)	PUNCT
ajfa-11962	142	53	fpe	fpe	NOUN
ajfa-11962	142	54	:	:	PUNCT
ajfa-11962	142	55	final	final	ADJ
ajfa-11962	142	56	prediction	prediction	NOUN
ajfa-11962	142	57	error	error	NOUN
ajfa-11962	142	58	aic	aic	PROPN
ajfa-11962	142	59	:	:	PUNCT
ajfa-11962	142	60	akaike	akaike	ADJ
ajfa-11962	142	61	information	information	NOUN
ajfa-11962	142	62	criterion	criterion	PROPN
ajfa-11962	142	63	sc	sc	PROPN
ajfa-11962	142	64	:	:	PUNCT
ajfa-11962	142	65	schwarz	schwarz	PROPN
ajfa-11962	142	66	information	information	NOUN
ajfa-11962	142	67	criterion	criterion	NOUN
ajfa-11962	142	68	hq	hq	NOUN
ajfa-11962	142	69	:	:	PUNCT
ajfa-11962	142	70	hannan	hannan	PROPN
ajfa-11962	142	71	-	-	PUNCT
ajfa-11962	142	72	quinn	quinn	PROPN
ajfa-11962	142	73	information	information	NOUN
ajfa-11962	142	74	criterion	criterion	NOUN
ajfa-11962	142	75	as	as	SCONJ
ajfa-11962	142	76	observed	observe	VERB
ajfa-11962	142	77	from	from	ADP
ajfa-11962	142	78	the	the	DET
ajfa-11962	142	79	lag	lag	NOUN
ajfa-11962	142	80	order	order	NOUN
ajfa-11962	142	81	selection	selection	NOUN
ajfa-11962	142	82	criteria	criterion	NOUN
ajfa-11962	142	83	above	above	ADV
ajfa-11962	142	84	,	,	PUNCT
ajfa-11962	142	85	the	the	DET
ajfa-11962	142	86	schwarz	schwarz	PROPN
ajfa-11962	142	87	information	information	NOUN
ajfa-11962	142	88	criterion	criterion	NOUN
ajfa-11962	142	89	indicates	indicate	VERB
ajfa-11962	142	90	that	that	SCONJ
ajfa-11962	142	91	this	this	DET
ajfa-11962	142	92	model	model	NOUN
ajfa-11962	142	93	has	have	VERB
ajfa-11962	142	94	an	an	DET
ajfa-11962	142	95	optimal	optimal	ADJ
ajfa-11962	142	96	lag	lag	NOUN
ajfa-11962	142	97	of	of	ADP
ajfa-11962	142	98	0	0	NUM
ajfa-11962	142	99	.	.	PUNCT
ajfa-11962	143	1	roots	root	NOUN
ajfa-11962	143	2	of	of	ADP
ajfa-11962	143	3	characteristic	characteristic	ADJ
ajfa-11962	143	4	polynomial	polynomial	ADJ
ajfa-11962	143	5	endogenous	endogenous	ADJ
ajfa-11962	143	6	variables	variable	NOUN
ajfa-11962	143	7	:	:	PUNCT
ajfa-11962	143	8	d(s$neer	d(s$neer	NOUN
ajfa-11962	143	9	)	)	PUNCT
ajfa-11962	143	10	d(ms	d(ms	PROPN
ajfa-11962	143	11	)	)	PUNCT
ajfa-11962	143	12	d(cpi	d(cpi	NOUN
ajfa-11962	143	13	)	)	PUNCT
ajfa-11962	143	14	...	...	PUNCT
ajfa-11962	143	15	exogenous	exogenous	ADJ
ajfa-11962	143	16	variables	variable	NOUN
ajfa-11962	143	17	:	:	PUNCT
ajfa-11962	143	18	c	c	PROPN
ajfa-11962	143	19	lag	lag	PROPN
ajfa-11962	143	20	specification	specification	NOUN
ajfa-11962	143	21	:	:	PUNCT
ajfa-11962	143	22	1	1	NUM
ajfa-11962	143	23	1	1	NUM
ajfa-11962	143	24	date	date	NOUN
ajfa-11962	143	25	:	:	PUNCT
ajfa-11962	143	26	06/06/17	06/06/17	NUM
ajfa-11962	143	27	time	time	NOUN
ajfa-11962	143	28	:	:	PUNCT
ajfa-11962	143	29	17:34	17:34	NUM
ajfa-11962	143	30	root	root	NOUN
ajfa-11962	143	31	modulus	modulus	ADJ
ajfa-11962	143	32	-0.053806	-0.053806	NOUN
ajfa-11962	143	33	0.665473i	0.665473i	VERB
ajfa-11962	143	34	0.667644	0.667644	NUM
ajfa-11962	143	35	-0.053806	-0.053806	NOUN
ajfa-11962	143	36	+	+	CCONJ
ajfa-11962	143	37	0.665473i	0.665473i	VERB
ajfa-11962	143	38	0.667644	0.667644	NUM
ajfa-11962	143	39	0.620409	0.620409	NUM
ajfa-11962	143	40	0.620409	0.620409	NUM
ajfa-11962	143	41	-0.575150	-0.575150	NOUN
ajfa-11962	143	42	0.575150	0.575150	NUM
ajfa-11962	143	43	-0.475721	-0.475721	NOUN
ajfa-11962	143	44	0.282990i	0.282990i	PROPN
ajfa-11962	143	45	0.553528	0.553528	NUM
ajfa-11962	143	46	-0.475721	-0.475721	NOUN
ajfa-11962	144	1	+	+	CCONJ
ajfa-11962	145	1	0.282990i	0.282990i	PROPN
ajfa-11962	145	2	0.553528	0.553528	NUM
ajfa-11962	145	3	0.154369	0.154369	NUM
ajfa-11962	145	4	0.453371i	0.453371i	NOUN
ajfa-11962	145	5	0.478931	0.478931	NUM
ajfa-11962	145	6	0.154369	0.154369	NUM
ajfa-11962	145	7	+	+	CCONJ
ajfa-11962	145	8	0.453371i	0.453371i	NOUN
ajfa-11962	145	9	0.478931	0.478931	NUM
ajfa-11962	145	10	-0.301318	-0.301318	NOUN
ajfa-11962	145	11	0.102374i	0.102374i	ADP
ajfa-11962	145	12	0.318234	0.318234	NUM
ajfa-11962	145	13	-0.301318	-0.301318	NOUN
ajfa-11962	146	1	+	+	CCONJ
ajfa-11962	146	2	0.102374i	0.102374i	NOUN
ajfa-11962	146	3	0.318234	0.318234	NUM
ajfa-11962	146	4	0.218617	0.218617	NUM
ajfa-11962	146	5	0.218617	0.218617	NUM
ajfa-11962	146	6	no	no	DET
ajfa-11962	146	7	root	root	NOUN
ajfa-11962	146	8	lies	lie	VERB
ajfa-11962	146	9	outside	outside	ADP
ajfa-11962	146	10	the	the	DET
ajfa-11962	146	11	unit	unit	NOUN
ajfa-11962	146	12	circle	circle	NOUN
ajfa-11962	146	13	.	.	PUNCT
ajfa-11962	147	1	var	var	PROPN
ajfa-11962	147	2	satisfies	satisfy	VERB
ajfa-11962	147	3	the	the	DET
ajfa-11962	147	4	stability	stability	NOUN
ajfa-11962	147	5	condition	condition	NOUN
ajfa-11962	147	6	.	.	PUNCT
ajfa-11962	148	1	as	as	SCONJ
ajfa-11962	148	2	observed	observe	VERB
ajfa-11962	148	3	in	in	ADP
ajfa-11962	148	4	the	the	DET
ajfa-11962	148	5	above	above	ADJ
ajfa-11962	148	6	var	var	NOUN
ajfa-11962	148	7	stability	stability	PROPN
ajfa-11962	148	8	test	test	NOUN
ajfa-11962	148	9	,	,	PUNCT
ajfa-11962	148	10	the	the	DET
ajfa-11962	148	11	equation	equation	NOUN
ajfa-11962	148	12	var	var	NOUN
ajfa-11962	148	13	model	model	NOUN
ajfa-11962	148	14	for	for	ADP
ajfa-11962	148	15	sti	sti	PROPN
ajfa-11962	148	16	generated	generate	VERB
ajfa-11962	148	17	a	a	DET
ajfa-11962	148	18	range	range	NOUN
ajfa-11962	148	19	of	of	ADP
ajfa-11962	148	20	modulus	modulus	ADJ
ajfa-11962	148	21	values	value	NOUN
ajfa-11962	148	22	that	that	PRON
ajfa-11962	148	23	indicated	indicate	VERB
ajfa-11962	148	24	this	this	DET
ajfa-11962	148	25	var	var	NOUN
ajfa-11962	148	26	model	model	NOUN
ajfa-11962	148	27	is	be	AUX
ajfa-11962	148	28	in	in	ADP
ajfa-11962	148	29	a	a	DET
ajfa-11962	148	30	stable	stable	ADJ
ajfa-11962	148	31	state	state	NOUN
ajfa-11962	148	32	.	.	PUNCT
ajfa-11962	149	1	as	as	ADP
ajfa-11962	149	2	such	such	ADJ
ajfa-11962	149	3	,	,	PUNCT
ajfa-11962	149	4	restriction	restriction	NOUN
ajfa-11962	149	5	matrices	matrice	VERB
ajfa-11962	149	6	a	a	PRON
ajfa-11962	149	7	and	and	CCONJ
ajfa-11962	149	8	b	b	NOUN
ajfa-11962	149	9	were	be	AUX
ajfa-11962	149	10	imposed	impose	VERB
ajfa-11962	149	11	on	on	ADP
ajfa-11962	149	12	the	the	DET
ajfa-11962	149	13	var	var	NOUN
ajfa-11962	149	14	model	model	NOUN
ajfa-11962	149	15	,	,	PUNCT
ajfa-11962	149	16	and	and	CCONJ
ajfa-11962	149	17	the	the	DET
ajfa-11962	149	18	svar	svar	PROPN
ajfa-11962	149	19	model	model	NOUN
ajfa-11962	149	20	was	be	AUX
ajfa-11962	149	21	constructed	construct	VERB
ajfa-11962	149	22	.	.	PUNCT
ajfa-11962	150	1	5.2	5.2	NUM
ajfa-11962	150	2	impulse	impulse	ADJ
ajfa-11962	150	3	responses	response	NOUN
ajfa-11962	150	4	impulse	impulse	ADJ
ajfa-11962	150	5	responses	response	NOUN
ajfa-11962	150	6	using	use	VERB
ajfa-11962	150	7	cholesky	cholesky	NOUN
ajfa-11962	150	8	(	(	PUNCT
ajfa-11962	150	9	d.o.f	d.o.f	ADJ
ajfa-11962	150	10	.	.	PROPN
ajfa-11962	150	11	adjusted	adjust	VERB
ajfa-11962	150	12	)	)	PUNCT
ajfa-11962	150	13	was	be	AUX
ajfa-11962	150	14	examined	examine	VERB
ajfa-11962	150	15	to	to	PART
ajfa-11962	150	16	determine	determine	VERB
ajfa-11962	150	17	the	the	DET
ajfa-11962	150	18	impact	impact	NOUN
ajfa-11962	150	19	of	of	ADP
ajfa-11962	150	20	the	the	DET
ajfa-11962	150	21	variables	variable	NOUN
ajfa-11962	150	22	on	on	ADP
ajfa-11962	150	23	the	the	DET
ajfa-11962	150	24	sti	sti	PROPN
ajfa-11962	150	25	:	:	PUNCT
ajfa-11962	150	26	asian	asian	ADJ
ajfa-11962	150	27	journal	journal	PROPN
ajfa-11962	150	28	of	of	ADP
ajfa-11962	150	29	finance	finance	PROPN
ajfa-11962	150	30	&	&	CCONJ
ajfa-11962	150	31	accounting	accounting	PROPN
ajfa-11962	150	32	issn	issn	PROPN
ajfa-11962	150	33	1946	1946	NUM
ajfa-11962	150	34	-	-	PUNCT
ajfa-11962	150	35	052x	052x	PROPN
ajfa-11962	150	36	2017	2017	NUM
ajfa-11962	150	37	,	,	PUNCT
ajfa-11962	150	38	vol	vol	NOUN
ajfa-11962	150	39	.	.	NOUN
ajfa-11962	150	40	9	9	NUM
ajfa-11962	150	41	,	,	PUNCT
ajfa-11962	150	42	no	no	NOUN
ajfa-11962	150	43	.	.	NOUN
ajfa-11962	150	44	2	2	NUM
ajfa-11962	150	45	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	150	46	229	229	NUM
ajfa-11962	150	47	5.2.1	5.2.1	NUM
ajfa-11962	150	48	impact	impact	NOUN
ajfa-11962	150	49	of	of	ADP
ajfa-11962	150	50	s$neer	s$neer	PROPN
ajfa-11962	150	51	on	on	ADP
ajfa-11962	150	52	sti	sti	PROPN
ajfa-11962	150	53	-100	-100	PROPN
ajfa-11962	150	54	0	0	NUM
ajfa-11962	150	55	100	100	NUM
ajfa-11962	150	56	200	200	NUM
ajfa-11962	150	57	2	2	NUM
ajfa-11962	150	58	4	4	NUM
ajfa-11962	150	59	6	6	NUM
ajfa-11962	150	60	8	8	NUM
ajfa-11962	150	61	10	10	NUM
ajfa-11962	150	62	response	response	NOUN
ajfa-11962	150	63	of	of	ADP
ajfa-11962	150	64	d(sti	d(sti	NOUN
ajfa-11962	150	65	)	)	PUNCT
ajfa-11962	150	66	to	to	PART
ajfa-11962	150	67	d(s$neer	d(s$neer	VERB
ajfa-11962	150	68	)	)	PUNCT
ajfa-11962	150	69	sti	sti	PROPN
ajfa-11962	150	70	was	be	AUX
ajfa-11962	150	71	found	find	VERB
ajfa-11962	150	72	to	to	PART
ajfa-11962	150	73	respond	respond	VERB
ajfa-11962	150	74	negatively	negatively	ADV
ajfa-11962	150	75	short	short	ADJ
ajfa-11962	150	76	-	-	PUNCT
ajfa-11962	150	77	term	term	NOUN
ajfa-11962	150	78	to	to	ADP
ajfa-11962	150	79	s$neer	s$neer	PROPN
ajfa-11962	150	80	,	,	PUNCT
ajfa-11962	150	81	with	with	ADP
ajfa-11962	150	82	a	a	DET
ajfa-11962	150	83	drop	drop	NOUN
ajfa-11962	150	84	to	to	ADP
ajfa-11962	150	85	-55	-55	NUM
ajfa-11962	150	86	%	%	NOUN
ajfa-11962	150	87	over	over	ADP
ajfa-11962	150	88	2	2	NUM
ajfa-11962	150	89	periods	period	NOUN
ajfa-11962	150	90	before	before	SCONJ
ajfa-11962	150	91	values	value	NOUN
ajfa-11962	150	92	recover	recover	VERB
ajfa-11962	150	93	to	to	ADP
ajfa-11962	150	94	0	0	NUM
ajfa-11962	150	95	%	%	NOUN
ajfa-11962	150	96	.	.	PUNCT
ajfa-11962	151	1	5.2.2	5.2.2	NUM
ajfa-11962	151	2	impact	impact	NOUN
ajfa-11962	151	3	of	of	ADP
ajfa-11962	151	4	monetary	monetary	ADJ
ajfa-11962	151	5	supply	supply	NOUN
ajfa-11962	151	6	on	on	ADP
ajfa-11962	151	7	sti	sti	PROPN
ajfa-11962	151	8	-100	-100	PROPN
ajfa-11962	151	9	0	0	NUM
ajfa-11962	151	10	100	100	NUM
ajfa-11962	151	11	200	200	NUM
ajfa-11962	151	12	2	2	NUM
ajfa-11962	151	13	4	4	NUM
ajfa-11962	151	14	6	6	NUM
ajfa-11962	151	15	8	8	NUM
ajfa-11962	151	16	10	10	NUM
ajfa-11962	151	17	response	response	NOUN
ajfa-11962	151	18	of	of	ADP
ajfa-11962	151	19	d(sti	d(sti	NOUN
ajfa-11962	151	20	)	)	PUNCT
ajfa-11962	151	21	to	to	ADP
ajfa-11962	151	22	d(ms	d(ms	ADV
ajfa-11962	151	23	)	)	PUNCT
ajfa-11962	151	24	monetary	monetary	ADJ
ajfa-11962	151	25	supply	supply	NOUN
ajfa-11962	151	26	was	be	AUX
ajfa-11962	151	27	found	find	VERB
ajfa-11962	151	28	to	to	PART
ajfa-11962	151	29	have	have	VERB
ajfa-11962	151	30	a	a	DET
ajfa-11962	151	31	minor	minor	ADJ
ajfa-11962	151	32	short	short	ADJ
ajfa-11962	151	33	-	-	PUNCT
ajfa-11962	151	34	term	term	NOUN
ajfa-11962	151	35	positive	positive	ADJ
ajfa-11962	151	36	effect	effect	NOUN
ajfa-11962	151	37	on	on	ADP
ajfa-11962	151	38	the	the	DET
ajfa-11962	151	39	sti	sti	PROPN
ajfa-11962	151	40	,	,	PUNCT
ajfa-11962	151	41	as	as	SCONJ
ajfa-11962	151	42	sti	sti	PROPN
ajfa-11962	151	43	levels	level	NOUN
ajfa-11962	151	44	rose	rise	VERB
ajfa-11962	151	45	up	up	ADV
ajfa-11962	151	46	to	to	ADP
ajfa-11962	151	47	59	59	NUM
ajfa-11962	151	48	%	%	NOUN
ajfa-11962	151	49	over	over	ADP
ajfa-11962	151	50	2	2	NUM
ajfa-11962	151	51	periods	period	NOUN
ajfa-11962	151	52	before	before	ADP
ajfa-11962	151	53	recovering	recover	VERB
ajfa-11962	151	54	to	to	ADP
ajfa-11962	151	55	0	0	NUM
ajfa-11962	151	56	%	%	NOUN
ajfa-11962	151	57	.	.	PUNCT
ajfa-11962	152	1	5.2.3	5.2.3	NUM
ajfa-11962	152	2	impact	impact	NOUN
ajfa-11962	152	3	of	of	ADP
ajfa-11962	152	4	cpi	cpi	PROPN
ajfa-11962	152	5	on	on	ADP
ajfa-11962	152	6	sti	sti	PROPN
ajfa-11962	152	7	cpi	cpi	PROPN
ajfa-11962	152	8	was	be	AUX
ajfa-11962	152	9	found	find	VERB
ajfa-11962	152	10	to	to	PART
ajfa-11962	152	11	have	have	VERB
ajfa-11962	152	12	a	a	DET
ajfa-11962	152	13	short	short	ADJ
ajfa-11962	152	14	-	-	PUNCT
ajfa-11962	152	15	term	term	NOUN
ajfa-11962	152	16	negative	negative	ADJ
ajfa-11962	152	17	impact	impact	NOUN
ajfa-11962	152	18	on	on	ADP
ajfa-11962	152	19	sti	sti	PROPN
ajfa-11962	152	20	,	,	PUNCT
ajfa-11962	152	21	as	as	SCONJ
ajfa-11962	152	22	sti	sti	PROPN
ajfa-11962	152	23	levels	level	NOUN
ajfa-11962	152	24	dropped	drop	VERB
ajfa-11962	152	25	to	to	ADP
ajfa-11962	152	26	-52	-52	NOUN
ajfa-11962	152	27	%	%	NOUN
ajfa-11962	152	28	levels	level	NOUN
ajfa-11962	152	29	over	over	ADP
ajfa-11962	152	30	2	2	NUM
ajfa-11962	152	31	periods	period	NOUN
ajfa-11962	152	32	before	before	ADP
ajfa-11962	152	33	recovering	recover	VERB
ajfa-11962	152	34	to	to	ADP
ajfa-11962	152	35	0	0	NUM
ajfa-11962	152	36	%	%	NOUN
ajfa-11962	152	37	.	.	PUNCT
ajfa-11962	153	1	-100	-100	PROPN
ajfa-11962	153	2	0	0	NUM
ajfa-11962	153	3	100	100	NUM
ajfa-11962	153	4	200	200	NUM
ajfa-11962	153	5	2	2	NUM
ajfa-11962	153	6	4	4	NUM
ajfa-11962	153	7	6	6	NUM
ajfa-11962	153	8	8	8	NUM
ajfa-11962	153	9	10	10	NUM
ajfa-11962	153	10	response	response	NOUN
ajfa-11962	153	11	of	of	ADP
ajfa-11962	153	12	d(sti	d(sti	NOUN
ajfa-11962	153	13	)	)	PUNCT
ajfa-11962	153	14	to	to	ADP
ajfa-11962	153	15	d(cpi	d(cpi	NOUN
ajfa-11962	153	16	)	)	PUNCT
ajfa-11962	153	17	asian	asian	ADJ
ajfa-11962	153	18	journal	journal	NOUN
ajfa-11962	153	19	of	of	ADP
ajfa-11962	153	20	finance	finance	PROPN
ajfa-11962	153	21	&	&	CCONJ
ajfa-11962	153	22	accounting	accounting	PROPN
ajfa-11962	153	23	issn	issn	PROPN
ajfa-11962	153	24	1946	1946	NUM
ajfa-11962	153	25	-	-	PUNCT
ajfa-11962	153	26	052x	052x	PROPN
ajfa-11962	153	27	2017	2017	NUM
ajfa-11962	153	28	,	,	PUNCT
ajfa-11962	153	29	vol	vol	NOUN
ajfa-11962	153	30	.	.	NOUN
ajfa-11962	153	31	9	9	NUM
ajfa-11962	153	32	,	,	PUNCT
ajfa-11962	153	33	no	no	NOUN
ajfa-11962	153	34	.	.	NOUN
ajfa-11962	153	35	2	2	NUM
ajfa-11962	153	36	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	153	37	230	230	NUM
ajfa-11962	153	38	5.2.4	5.2.4	NUM
ajfa-11962	153	39	impact	impact	NOUN
ajfa-11962	153	40	of	of	ADP
ajfa-11962	153	41	balance	balance	NOUN
ajfa-11962	153	42	of	of	ADP
ajfa-11962	153	43	payments	payment	NOUN
ajfa-11962	153	44	on	on	ADP
ajfa-11962	153	45	sti	sti	PROPN
ajfa-11962	153	46	-100	-100	PROPN
ajfa-11962	153	47	0	0	NUM
ajfa-11962	153	48	100	100	NUM
ajfa-11962	153	49	200	200	NUM
ajfa-11962	153	50	2	2	NUM
ajfa-11962	153	51	4	4	NUM
ajfa-11962	153	52	6	6	NUM
ajfa-11962	153	53	8	8	NUM
ajfa-11962	153	54	10	10	NUM
ajfa-11962	153	55	response	response	NOUN
ajfa-11962	153	56	of	of	ADP
ajfa-11962	153	57	d(sti	d(sti	NOUN
ajfa-11962	153	58	)	)	PUNCT
ajfa-11962	153	59	to	to	ADP
ajfa-11962	153	60	d(bal_p	d(bal_p	PROPN
ajfa-11962	153	61	)	)	PUNCT
ajfa-11962	153	62	balance	balance	NOUN
ajfa-11962	153	63	of	of	ADP
ajfa-11962	153	64	payments	payment	NOUN
ajfa-11962	153	65	was	be	AUX
ajfa-11962	153	66	found	find	VERB
ajfa-11962	153	67	to	to	PART
ajfa-11962	153	68	positively	positively	ADV
ajfa-11962	153	69	impact	impact	VERB
ajfa-11962	153	70	the	the	DET
ajfa-11962	153	71	sti	sti	PROPN
ajfa-11962	153	72	in	in	ADP
ajfa-11962	153	73	the	the	DET
ajfa-11962	153	74	short	short	ADJ
ajfa-11962	153	75	run	run	NOUN
ajfa-11962	153	76	,	,	PUNCT
ajfa-11962	153	77	with	with	ADP
ajfa-11962	153	78	sti	sti	PROPN
ajfa-11962	153	79	levels	level	NOUN
ajfa-11962	153	80	overall	overall	ADV
ajfa-11962	153	81	rising	rise	VERB
ajfa-11962	153	82	to	to	ADP
ajfa-11962	153	83	as	as	ADV
ajfa-11962	153	84	high	high	ADJ
ajfa-11962	153	85	as	as	ADP
ajfa-11962	153	86	39	39	NUM
ajfa-11962	153	87	%	%	NOUN
ajfa-11962	153	88	within	within	ADP
ajfa-11962	153	89	3	3	NUM
ajfa-11962	153	90	periods	period	NOUN
ajfa-11962	153	91	before	before	ADP
ajfa-11962	153	92	eventual	eventual	ADJ
ajfa-11962	153	93	correction	correction	NOUN
ajfa-11962	153	94	back	back	ADV
ajfa-11962	153	95	to	to	ADP
ajfa-11962	153	96	0	0	NUM
ajfa-11962	153	97	%	%	NOUN
ajfa-11962	153	98	.	.	PUNCT
ajfa-11962	154	1	5.2.5	5.2.5	NUM
ajfa-11962	154	2	impact	impact	NOUN
ajfa-11962	154	3	of	of	ADP
ajfa-11962	154	4	crude	crude	ADJ
ajfa-11962	154	5	oil	oil	NOUN
ajfa-11962	154	6	prices	price	NOUN
ajfa-11962	154	7	on	on	ADP
ajfa-11962	154	8	sti	sti	PROPN
ajfa-11962	154	9	-100	-100	PROPN
ajfa-11962	154	10	0	0	NUM
ajfa-11962	154	11	100	100	NUM
ajfa-11962	154	12	200	200	NUM
ajfa-11962	154	13	2	2	NUM
ajfa-11962	154	14	4	4	NUM
ajfa-11962	154	15	6	6	NUM
ajfa-11962	154	16	8	8	NUM
ajfa-11962	154	17	10	10	NUM
ajfa-11962	154	18	response	response	NOUN
ajfa-11962	154	19	of	of	ADP
ajfa-11962	154	20	d(sti	d(sti	NOUN
ajfa-11962	154	21	)	)	PUNCT
ajfa-11962	154	22	to	to	PART
ajfa-11962	154	23	d(oil	d(oil	VERB
ajfa-11962	154	24	)	)	PUNCT
ajfa-11962	154	25	crude	crude	ADJ
ajfa-11962	154	26	oil	oil	NOUN
ajfa-11962	154	27	price	price	NOUN
ajfa-11962	154	28	was	be	AUX
ajfa-11962	154	29	found	find	VERB
ajfa-11962	154	30	to	to	PART
ajfa-11962	154	31	have	have	VERB
ajfa-11962	154	32	a	a	DET
ajfa-11962	154	33	short	short	ADJ
ajfa-11962	154	34	-	-	PUNCT
ajfa-11962	154	35	term	term	NOUN
ajfa-11962	154	36	positive	positive	ADJ
ajfa-11962	154	37	impact	impact	NOUN
ajfa-11962	154	38	the	the	DET
ajfa-11962	154	39	sti	sti	PROPN
ajfa-11962	154	40	,	,	PUNCT
ajfa-11962	154	41	with	with	ADP
ajfa-11962	154	42	sti	sti	PROPN
ajfa-11962	154	43	levels	level	NOUN
ajfa-11962	154	44	initially	initially	ADV
ajfa-11962	154	45	rising	rise	VERB
ajfa-11962	154	46	to	to	ADP
ajfa-11962	154	47	a	a	DET
ajfa-11962	154	48	high	high	NOUN
ajfa-11962	154	49	of	of	ADP
ajfa-11962	154	50	67	67	NUM
ajfa-11962	154	51	%	%	NOUN
ajfa-11962	154	52	initially	initially	ADV
ajfa-11962	154	53	,	,	PUNCT
ajfa-11962	154	54	before	before	ADP
ajfa-11962	154	55	dropping	drop	VERB
ajfa-11962	154	56	to	to	ADP
ajfa-11962	154	57	a	a	DET
ajfa-11962	154	58	low	low	NOUN
ajfa-11962	154	59	of	of	ADP
ajfa-11962	154	60	-32	-32	X
ajfa-11962	154	61	%	%	NOUN
ajfa-11962	154	62	in	in	ADP
ajfa-11962	154	63	the	the	DET
ajfa-11962	154	64	4th	4th	ADJ
ajfa-11962	154	65	period	period	NOUN
ajfa-11962	154	66	,	,	PUNCT
ajfa-11962	154	67	and	and	CCONJ
ajfa-11962	154	68	eventually	eventually	ADV
ajfa-11962	154	69	recovering	recover	VERB
ajfa-11962	154	70	to	to	ADP
ajfa-11962	154	71	0	0	NUM
ajfa-11962	154	72	%	%	NOUN
ajfa-11962	154	73	.	.	PUNCT
ajfa-11962	155	1	5.2.6	5.2.6	NUM
ajfa-11962	155	2	impact	impact	NOUN
ajfa-11962	155	3	of	of	ADP
ajfa-11962	155	4	electricity	electricity	NOUN
ajfa-11962	155	5	generated	generate	VERB
ajfa-11962	155	6	on	on	ADP
ajfa-11962	155	7	sti	sti	PROPN
ajfa-11962	155	8	-100	-100	PROPN
ajfa-11962	155	9	0	0	NUM
ajfa-11962	155	10	100	100	NUM
ajfa-11962	155	11	200	200	NUM
ajfa-11962	155	12	2	2	NUM
ajfa-11962	155	13	4	4	NUM
ajfa-11962	155	14	6	6	NUM
ajfa-11962	155	15	8	8	NUM
ajfa-11962	155	16	10	10	NUM
ajfa-11962	155	17	response	response	NOUN
ajfa-11962	155	18	of	of	ADP
ajfa-11962	155	19	d(sti	d(sti	NOUN
ajfa-11962	155	20	)	)	PUNCT
ajfa-11962	155	21	to	to	ADP
ajfa-11962	155	22	d(elec_gen	d(elec_gen	X
ajfa-11962	155	23	)	)	PUNCT
ajfa-11962	155	24	electricity	electricity	NOUN
ajfa-11962	155	25	generated	generate	VERB
ajfa-11962	155	26	was	be	AUX
ajfa-11962	155	27	found	find	VERB
ajfa-11962	155	28	to	to	PART
ajfa-11962	155	29	have	have	VERB
ajfa-11962	155	30	a	a	DET
ajfa-11962	155	31	short	short	ADJ
ajfa-11962	155	32	-	-	PUNCT
ajfa-11962	155	33	term	term	NOUN
ajfa-11962	155	34	negative	negative	ADJ
ajfa-11962	155	35	impact	impact	NOUN
ajfa-11962	155	36	on	on	ADP
ajfa-11962	155	37	the	the	DET
ajfa-11962	155	38	sti	sti	PROPN
ajfa-11962	155	39	,	,	PUNCT
ajfa-11962	155	40	given	give	VERB
ajfa-11962	155	41	that	that	DET
ajfa-11962	155	42	asian	asian	ADJ
ajfa-11962	155	43	journal	journal	NOUN
ajfa-11962	155	44	of	of	ADP
ajfa-11962	155	45	finance	finance	PROPN
ajfa-11962	155	46	&	&	CCONJ
ajfa-11962	155	47	accounting	accounting	PROPN
ajfa-11962	155	48	issn	issn	PROPN
ajfa-11962	155	49	1946	1946	NUM
ajfa-11962	155	50	-	-	PUNCT
ajfa-11962	155	51	052x	052x	PROPN
ajfa-11962	155	52	2017	2017	NUM
ajfa-11962	155	53	,	,	PUNCT
ajfa-11962	155	54	vol	vol	NOUN
ajfa-11962	155	55	.	.	NOUN
ajfa-11962	155	56	9	9	NUM
ajfa-11962	155	57	,	,	PUNCT
ajfa-11962	155	58	no	no	NOUN
ajfa-11962	155	59	.	.	NOUN
ajfa-11962	155	60	2	2	NUM
ajfa-11962	155	61	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-11962	155	62	231	231	NUM
ajfa-11962	155	63	sti	sti	PROPN
ajfa-11962	155	64	levels	level	NOUN
ajfa-11962	155	65	dropped	drop	VERB
ajfa-11962	155	66	to	to	ADP
ajfa-11962	155	67	-44	-44	NUM
ajfa-11962	155	68	%	%	NOUN
ajfa-11962	155	69	over	over	ADP
ajfa-11962	155	70	2	2	NUM
ajfa-11962	155	71	periods	period	NOUN
ajfa-11962	155	72	before	before	ADP
ajfa-11962	155	73	recovering	recover	VERB
ajfa-11962	155	74	to	to	ADP
ajfa-11962	155	75	0	0	NUM
ajfa-11962	155	76	%	%	NOUN
ajfa-11962	155	77	.	.	PUNCT
ajfa-11962	156	1	5.2.7	5.2.7	NUM
ajfa-11962	156	2	impact	impact	NOUN
ajfa-11962	156	3	of	of	ADP
ajfa-11962	156	4	gross	gross	ADJ
ajfa-11962	156	5	fixed	fix	VERB
ajfa-11962	156	6	capital	capital	NOUN
ajfa-11962	156	7	formation	formation	NOUN
ajfa-11962	156	8	on	on	ADP
ajfa-11962	156	9	sti	sti	PROPN
ajfa-11962	156	10	-100	-100	PROPN
ajfa-11962	156	11	0	0	NUM
ajfa-11962	156	12	100	100	NUM
ajfa-11962	156	13	200	200	NUM
ajfa-11962	156	14	2	2	NUM
ajfa-11962	156	15	4	4	NUM
ajfa-11962	156	16	6	6	NUM
ajfa-11962	156	17	8	8	NUM
ajfa-11962	156	18	10	10	NUM
ajfa-11962	156	19	response	response	NOUN
ajfa-11962	156	20	of	of	ADP
ajfa-11962	156	21	d(sti	d(sti	NOUN
ajfa-11962	156	22	)	)	PUNCT
ajfa-11962	156	23	to	to	PART
ajfa-11962	156	24	d(gfcf	d(gfcf	ADJ
ajfa-11962	156	25	)	)	PUNCT
ajfa-11962	156	26	gfcf	gfcf	NOUN
ajfa-11962	156	27	was	be	AUX
ajfa-11962	156	28	found	find	VERB
ajfa-11962	156	29	to	to	PART
ajfa-11962	156	30	have	have	VERB
ajfa-11962	156	31	a	a	DET
ajfa-11962	156	32	positive	positive	ADJ
ajfa-11962	156	33	short	short	ADJ
ajfa-11962	156	34	-	-	PUNCT
ajfa-11962	156	35	term	term	NOUN
ajfa-11962	156	36	impact	impact	NOUN
ajfa-11962	156	37	on	on	ADP
ajfa-11962	156	38	the	the	DET
ajfa-11962	156	39	sti	sti	PROPN
ajfa-11962	156	40	,	,	PUNCT
ajfa-11962	156	41	with	with	ADP
ajfa-11962	156	42	sti	sti	PROPN
ajfa-11962	156	43	levels	level	NOUN
ajfa-11962	156	44	rising	rise	VERB
ajfa-11962	156	45	to	to	ADP
ajfa-11962	156	46	9	9	NUM
ajfa-11962	156	47	%	%	NOUN
ajfa-11962	156	48	over	over	ADP
ajfa-11962	156	49	3	3	NUM
ajfa-11962	156	50	periods	period	NOUN
ajfa-11962	156	51	before	before	ADP
ajfa-11962	156	52	recovering	recover	VERB
ajfa-11962	156	53	to	to	ADP
ajfa-11962	156	54	0	0	NUM
ajfa-11962	156	55	%	%	NOUN
ajfa-11962	156	56	.	.	PUNCT
ajfa-11962	157	1	5.2.8	5.2.8	NUM
ajfa-11962	157	2	impact	impact	NOUN
ajfa-11962	157	3	of	of	ADP
ajfa-11962	157	4	total	total	ADJ
ajfa-11962	157	5	industrial	industrial	ADJ
ajfa-11962	157	6	production	production	NOUN
ajfa-11962	157	7	on	on	ADP
ajfa-11962	157	8	sti	sti	PROPN
ajfa-11962	157	9	-100	-100	PROPN
ajfa-11962	157	10	0	0	NUM
ajfa-11962	157	11	100	100	NUM
ajfa-11962	157	12	200	200	NUM
ajfa-11962	157	13	2	2	NUM
ajfa-11962	157	14	4	4	NUM
ajfa-11962	157	15	6	6	NUM
ajfa-11962	157	16	8	8	NUM
ajfa-11962	157	17	10	10	NUM
ajfa-11962	157	18	responseofd(sti)tod(ind_prod	responseofd(sti)tod(ind_prod	NOUN
ajfa-11962	157	19	)	)	PUNCT
ajfa-11962	157	20	industrial	industrial	ADJ
ajfa-11962	157	21	production	production	NOUN
ajfa-11962	157	22	was	be	AUX
ajfa-11962	157	23	found	find	VERB
ajfa-11962	157	24	to	to	PART
ajfa-11962	157	25	have	have	VERB
ajfa-11962	157	26	a	a	DET
ajfa-11962	157	27	positive	positive	ADJ
ajfa-11962	157	28	short	short	ADJ
ajfa-11962	157	29	-	-	PUNCT
ajfa-11962	157	30	term	term	NOUN
ajfa-11962	157	31	effect	effect	NOUN
ajfa-11962	157	32	on	on	ADP
ajfa-11962	157	33	the	the	DET
ajfa-11962	157	34	sti	sti	PROPN
ajfa-11962	157	35	;	;	PUNCT
ajfa-11962	157	36	the	the	DET
ajfa-11962	157	37	levels	level	NOUN
ajfa-11962	157	38	of	of	ADP
ajfa-11962	157	39	which	which	PRON
ajfa-11962	157	40	rose	rise	VERB
ajfa-11962	157	41	to	to	ADP
ajfa-11962	157	42	26	26	NUM
ajfa-11962	157	43	%	%	NOUN
ajfa-11962	157	44	over	over	ADP
ajfa-11962	157	45	2	2	NUM
ajfa-11962	157	46	periods	period	NOUN
ajfa-11962	157	47	before	before	ADP
ajfa-11962	157	48	eventual	eventual	ADJ
ajfa-11962	157	49	adjustments	adjustment	NOUN
ajfa-11962	157	50	back	back	ADV
ajfa-11962	157	51	to	to	ADP
ajfa-11962	157	52	0	0	NUM
ajfa-11962	157	53	%	%	NOUN
ajfa-11962	157	54	.	.	PUNCT
ajfa-11962	158	1	5.2.9	5.2.9	NUM
ajfa-11962	158	2	impact	impact	NOUN
ajfa-11962	158	3	of	of	ADP
ajfa-11962	158	4	total	total	ADJ
ajfa-11962	158	5	merchandise	merchandise	NOUN
ajfa-11962	158	6	trade	trade	NOUN
ajfa-11962	158	7	on	on	ADP
ajfa-11962	158	8	sti	sti	PROPN
ajfa-11962	158	9	-100	-100	PROPN
ajfa-11962	158	10	0	0	NUM
ajfa-11962	158	11	100	100	NUM
ajfa-11962	158	12	200	200	NUM
ajfa-11962	158	13	2	2	NUM
ajfa-11962	158	14	4	4	NUM
ajfa-11962	158	15	6	6	NUM
ajfa-11962	158	16	8	8	NUM
ajfa-11962	158	17	10	10	NUM
ajfa-11962	158	18	response	response	NOUN
ajfa-11962	158	19	of	of	ADP
ajfa-11962	158	20	d(sti	d(sti	NOUN
ajfa-11962	158	21	)	)	PUNCT
ajfa-11962	158	22	to	to	ADP
ajfa-11962	158	23	d(mer_t	d(mer_t	PROPN
ajfa-11962	158	24	)	)	PUNCT
ajfa-11962	158	25	merchandise	merchandise	NOUN
ajfa-11962	158	26	trade	trade	NOUN
ajfa-11962	158	27	was	be	AUX
ajfa-11962	158	28	found	find	VERB
ajfa-11962	158	29	to	to	PART
ajfa-11962	158	30	have	have	VERB
ajfa-11962	158	31	a	a	DET
ajfa-11962	158	32	positive	positive	ADJ
ajfa-11962	158	33	impact	impact	NOUN
ajfa-11962	158	34	on	on	ADP
ajfa-11962	158	35	the	the	DET
ajfa-11962	158	36	sti	sti	PROPN
ajfa-11962	158	37	in	in	ADP
ajfa-11962	158	38	the	the	DET
ajfa-11962	158	39	short	short	ADJ
ajfa-11962	158	40	-	-	PUNCT
ajfa-11962	158	41	run	run	NOUN
ajfa-11962	158	42	,	,	PUNCT
ajfa-11962	158	43	with	with	ADP
ajfa-11962	158	44	sti	sti	PROPN
ajfa-11962	158	45	asian	asian	PROPN
ajfa-11962	158	46	journal	journal	PROPN
ajfa-11962	158	47	of	of	ADP
ajfa-11962	158	48	finance	finance	PROPN
ajfa-11962	158	49	&	&	CCONJ
ajfa-11962	158	50	accounting	accounting	PROPN
ajfa-11962	158	51	issn	issn	PROPN
ajfa-11962	158	52	1946	1946	NUM
ajfa-11962	158	53	-	-	PUNCT
ajfa-11962	158	54	052x	052x	PROPN
ajfa-11962	158	55	2017	2017	NUM
ajfa-11962	158	56	,	,	PUNCT
ajfa-11962	158	57	vol	vol	NOUN
ajfa-11962	158	58	.	.	NOUN
ajfa-11962	159	1	9	9	NUM
ajfa-11962	159	2	,	,	PUNCT
ajfa-11962	159	3	no	no	NOUN
ajfa-11962	159	4	.	.	NOUN
ajfa-11962	159	5	2	2	NUM
ajfa-11962	159	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	159	7	232	232	NUM
ajfa-11962	159	8	levels	level	NOUN
ajfa-11962	159	9	initially	initially	ADV
ajfa-11962	159	10	spiking	spike	VERB
ajfa-11962	159	11	to	to	ADP
ajfa-11962	159	12	25	25	NUM
ajfa-11962	159	13	%	%	NOUN
ajfa-11962	159	14	before	before	ADP
ajfa-11962	159	15	eventual	eventual	ADJ
ajfa-11962	159	16	correction	correction	NOUN
ajfa-11962	159	17	back	back	ADV
ajfa-11962	159	18	to	to	ADP
ajfa-11962	159	19	0	0	NUM
ajfa-11962	159	20	%	%	NOUN
ajfa-11962	159	21	.	.	PUNCT
ajfa-11962	160	1	5.2.10	5.2.10	NUM
ajfa-11962	160	2	impact	impact	NOUN
ajfa-11962	160	3	of	of	ADP
ajfa-11962	160	4	unit	unit	NOUN
ajfa-11962	160	5	of	of	ADP
ajfa-11962	160	6	labour	labour	ADJ
ajfa-11962	160	7	cost	cost	NOUN
ajfa-11962	160	8	on	on	ADP
ajfa-11962	160	9	sti	sti	PROPN
ajfa-11962	160	10	-100	-100	PROPN
ajfa-11962	160	11	0	0	NUM
ajfa-11962	160	12	100	100	NUM
ajfa-11962	160	13	200	200	NUM
ajfa-11962	160	14	2	2	NUM
ajfa-11962	160	15	4	4	NUM
ajfa-11962	160	16	6	6	NUM
ajfa-11962	160	17	8	8	NUM
ajfa-11962	160	18	10	10	NUM
ajfa-11962	160	19	response	response	NOUN
ajfa-11962	160	20	of	of	ADP
ajfa-11962	160	21	d(sti	d(sti	NOUN
ajfa-11962	160	22	)	)	PUNCT
ajfa-11962	160	23	to	to	ADP
ajfa-11962	160	24	d(ulc	d(ulc	PROPN
ajfa-11962	160	25	)	)	PUNCT
ajfa-11962	160	26	the	the	DET
ajfa-11962	160	27	cost	cost	NOUN
ajfa-11962	160	28	of	of	ADP
ajfa-11962	160	29	labour	labour	NOUN
ajfa-11962	160	30	was	be	AUX
ajfa-11962	160	31	found	find	VERB
ajfa-11962	160	32	to	to	PART
ajfa-11962	160	33	have	have	VERB
ajfa-11962	160	34	a	a	DET
ajfa-11962	160	35	short	short	ADJ
ajfa-11962	160	36	-	-	PUNCT
ajfa-11962	160	37	term	term	NOUN
ajfa-11962	160	38	positive	positive	ADJ
ajfa-11962	160	39	impact	impact	NOUN
ajfa-11962	160	40	on	on	ADP
ajfa-11962	160	41	the	the	DET
ajfa-11962	160	42	sti	sti	PROPN
ajfa-11962	160	43	,	,	PUNCT
ajfa-11962	160	44	with	with	ADP
ajfa-11962	160	45	sti	sti	PROPN
ajfa-11962	160	46	levels	level	NOUN
ajfa-11962	160	47	rising	rise	VERB
ajfa-11962	160	48	to	to	ADP
ajfa-11962	160	49	7	7	NUM
ajfa-11962	160	50	%	%	NOUN
ajfa-11962	160	51	over	over	ADP
ajfa-11962	160	52	2	2	NUM
ajfa-11962	160	53	periods	period	NOUN
ajfa-11962	160	54	before	before	ADP
ajfa-11962	160	55	correction	correction	NOUN
ajfa-11962	160	56	back	back	ADV
ajfa-11962	160	57	to	to	ADP
ajfa-11962	160	58	0	0	NUM
ajfa-11962	160	59	%	%	NOUN
ajfa-11962	160	60	.	.	PUNCT
ajfa-11962	161	1	5.3	5.3	NUM
ajfa-11962	161	2	variance	variance	NOUN
ajfa-11962	161	3	decomposition	decomposition	NOUN
ajfa-11962	161	4	a	a	DET
ajfa-11962	161	5	cholesky	cholesky	ADJ
ajfa-11962	161	6	decomposition	decomposition	NOUN
ajfa-11962	161	7	was	be	AUX
ajfa-11962	161	8	also	also	ADV
ajfa-11962	161	9	carried	carry	VERB
ajfa-11962	161	10	out	out	ADP
ajfa-11962	161	11	to	to	PART
ajfa-11962	161	12	determine	determine	VERB
ajfa-11962	161	13	the	the	DET
ajfa-11962	161	14	impact	impact	NOUN
ajfa-11962	161	15	of	of	ADP
ajfa-11962	161	16	the	the	DET
ajfa-11962	161	17	variables	variable	NOUN
ajfa-11962	161	18	on	on	ADP
ajfa-11962	161	19	one	one	NUM
ajfa-11962	161	20	another	another	DET
ajfa-11962	161	21	.	.	PUNCT
ajfa-11962	162	1	the	the	DET
ajfa-11962	162	2	measure	measure	NOUN
ajfa-11962	162	3	of	of	ADP
ajfa-11962	162	4	variance	variance	NOUN
ajfa-11962	162	5	accountability	accountability	NOUN
ajfa-11962	162	6	was	be	AUX
ajfa-11962	162	7	rounded	round	VERB
ajfa-11962	162	8	off	off	ADP
ajfa-11962	162	9	to	to	ADP
ajfa-11962	162	10	the	the	DET
ajfa-11962	162	11	nearest	near	ADJ
ajfa-11962	162	12	percentage	percentage	NOUN
ajfa-11962	162	13	point	point	NOUN
ajfa-11962	162	14	:	:	PUNCT
ajfa-11962	162	15	variable/	variable/	NUM
ajfa-11962	162	16	due	due	ADP
ajfa-11962	162	17	to	to	ADP
ajfa-11962	162	18	s$nee	s$nee	PROPN
ajfa-11962	162	19	r	r	NOUN
ajfa-11962	162	20	ms	ms	PROPN
ajfa-11962	162	21	cpi	cpi	PROPN
ajfa-11962	162	22	bal_p	bal_p	PROPN
ajfa-11962	162	23	oil	oil	NOUN
ajfa-11962	162	24	elect	elect	PROPN
ajfa-11962	162	25	gfcf	gfcf	PROPN
ajfa-11962	162	26	ind_prod	ind_prod	PROPN
ajfa-11962	162	27	mer_t	mer_t	PROPN
ajfa-11962	162	28	ulc	ulc	PROPN
ajfa-11962	162	29	sti	sti	PROPN
ajfa-11962	162	30	s$neer	s$neer	PROPN
ajfa-11962	162	31	na	na	ADV
ajfa-11962	162	32	1	1	NUM
ajfa-11962	162	33	%	%	NOUN
ajfa-11962	162	34	8	8	NUM
ajfa-11962	162	35	%	%	NOUN
ajfa-11962	162	36	8	8	NUM
ajfa-11962	162	37	%	%	NOUN
ajfa-11962	162	38	3	3	NUM
ajfa-11962	162	39	%	%	NOUN
ajfa-11962	162	40	1	1	NUM
ajfa-11962	162	41	%	%	NOUN
ajfa-11962	162	42	3	3	NUM
ajfa-11962	162	43	%	%	NOUN
ajfa-11962	162	44	2	2	NUM
ajfa-11962	162	45	%	%	NOUN
ajfa-11962	162	46	2	2	NUM
ajfa-11962	162	47	%	%	NOUN
ajfa-11962	162	48	0	0	NUM
ajfa-11962	162	49	%	%	NOUN
ajfa-11962	162	50	1	1	NUM
ajfa-11962	162	51	%	%	NOUN
ajfa-11962	162	52	ms	ms	ADJ
ajfa-11962	162	53	11	11	NUM
ajfa-11962	162	54	%	%	NOUN
ajfa-11962	162	55	na	na	NOUN
ajfa-11962	162	56	3	3	NUM
ajfa-11962	162	57	%	%	NOUN
ajfa-11962	162	58	6	6	NUM
ajfa-11962	162	59	%	%	NOUN
ajfa-11962	162	60	5	5	NUM
ajfa-11962	162	61	%	%	NOUN
ajfa-11962	162	62	4	4	NUM
ajfa-11962	162	63	%	%	NOUN
ajfa-11962	162	64	2	2	NUM
ajfa-11962	162	65	%	%	NOUN
ajfa-11962	162	66	1	1	NUM
ajfa-11962	162	67	%	%	NOUN
ajfa-11962	162	68	4	4	NUM
ajfa-11962	162	69	%	%	NOUN
ajfa-11962	162	70	3	3	NUM
ajfa-11962	162	71	%	%	NOUN
ajfa-11962	162	72	1	1	NUM
ajfa-11962	162	73	%	%	NOUN
ajfa-11962	162	74	cpi	cpi	NOUN
ajfa-11962	162	75	10	10	NUM
ajfa-11962	162	76	%	%	NOUN
ajfa-11962	162	77	10	10	NUM
ajfa-11962	162	78	%	%	NOUN
ajfa-11962	162	79	na	na	ADP
ajfa-11962	162	80	0	0	NUM
ajfa-11962	162	81	%	%	NOUN
ajfa-11962	162	82	4	4	NUM
ajfa-11962	162	83	%	%	NOUN
ajfa-11962	162	84	3	3	NUM
ajfa-11962	162	85	%	%	NOUN
ajfa-11962	162	86	1	1	NUM
ajfa-11962	162	87	%	%	NOUN
ajfa-11962	162	88	1	1	NUM
ajfa-11962	162	89	%	%	NOUN
ajfa-11962	162	90	1	1	NUM
ajfa-11962	162	91	%	%	NOUN
ajfa-11962	162	92	6	6	NUM
ajfa-11962	162	93	%	%	NOUN
ajfa-11962	162	94	0	0	NUM
ajfa-11962	162	95	%	%	NOUN
ajfa-11962	162	96	bal_p	bal_p	ADJ
ajfa-11962	162	97	2	2	NUM
ajfa-11962	162	98	%	%	NOUN
ajfa-11962	162	99	2	2	NUM
ajfa-11962	162	100	%	%	NOUN
ajfa-11962	162	101	1	1	NUM
ajfa-11962	162	102	%	%	NOUN
ajfa-11962	162	103	na	na	PART
ajfa-11962	162	104	1	1	NUM
ajfa-11962	162	105	%	%	NOUN
ajfa-11962	162	106	4	4	NUM
ajfa-11962	162	107	%	%	NOUN
ajfa-11962	162	108	1	1	NUM
ajfa-11962	162	109	%	%	NOUN
ajfa-11962	162	110	1	1	NUM
ajfa-11962	162	111	%	%	NOUN
ajfa-11962	162	112	0	0	NUM
ajfa-11962	162	113	%	%	NOUN
ajfa-11962	162	114	1	1	NUM
ajfa-11962	162	115	%	%	NOUN
ajfa-11962	162	116	4	4	NUM
ajfa-11962	162	117	%	%	NOUN
ajfa-11962	162	118	oil	oil	NOUN
ajfa-11962	162	119	12	12	NUM
ajfa-11962	162	120	%	%	NOUN
ajfa-11962	162	121	3	3	NUM
ajfa-11962	162	122	%	%	NOUN
ajfa-11962	162	123	6	6	NUM
ajfa-11962	162	124	%	%	NOUN
ajfa-11962	162	125	2	2	NUM
ajfa-11962	162	126	%	%	NOUN
ajfa-11962	162	127	na	na	PART
ajfa-11962	162	128	1	1	NUM
ajfa-11962	162	129	%	%	NOUN
ajfa-11962	162	130	2	2	NUM
ajfa-11962	162	131	%	%	NOUN
ajfa-11962	162	132	1	1	NUM
ajfa-11962	162	133	%	%	NOUN
ajfa-11962	162	134	1	1	NUM
ajfa-11962	162	135	%	%	NOUN
ajfa-11962	162	136	1	1	NUM
ajfa-11962	162	137	%	%	NOUN
ajfa-11962	162	138	0	0	NUM
ajfa-11962	162	139	%	%	NOUN
ajfa-11962	162	140	elect	elect	NOUN
ajfa-11962	162	141	9	9	NUM
ajfa-11962	162	142	%	%	NOUN
ajfa-11962	162	143	8	8	NUM
ajfa-11962	162	144	%	%	NOUN
ajfa-11962	162	145	3	3	NUM
ajfa-11962	162	146	%	%	NOUN
ajfa-11962	162	147	2	2	NUM
ajfa-11962	162	148	%	%	NOUN
ajfa-11962	162	149	4	4	NUM
ajfa-11962	162	150	%	%	NOUN
ajfa-11962	162	151	na	na	PART
ajfa-11962	162	152	1	1	NUM
ajfa-11962	162	153	%	%	NOUN
ajfa-11962	162	154	7	7	NUM
ajfa-11962	162	155	%	%	NOUN
ajfa-11962	162	156	1	1	NUM
ajfa-11962	162	157	%	%	NOUN
ajfa-11962	162	158	8	8	NUM
ajfa-11962	162	159	%	%	NOUN
ajfa-11962	162	160	4	4	NUM
ajfa-11962	162	161	%	%	NOUN
ajfa-11962	162	162	gfcf	gfcf	NOUN
ajfa-11962	162	163	7	7	NUM
ajfa-11962	162	164	%	%	NOUN
ajfa-11962	162	165	3	3	NUM
ajfa-11962	162	166	%	%	NOUN
ajfa-11962	162	167	1	1	NUM
ajfa-11962	162	168	%	%	NOUN
ajfa-11962	162	169	22	22	NUM
ajfa-11962	162	170	%	%	NOUN
ajfa-11962	162	171	1	1	NUM
ajfa-11962	162	172	%	%	NOUN
ajfa-11962	162	173	2	2	NUM
ajfa-11962	162	174	%	%	NOUN
ajfa-11962	162	175	na	na	PART
ajfa-11962	162	176	0	0	NUM
ajfa-11962	162	177	%	%	NOUN
ajfa-11962	162	178	3	3	NUM
ajfa-11962	162	179	%	%	NOUN
ajfa-11962	162	180	4	4	NUM
ajfa-11962	162	181	%	%	NOUN
ajfa-11962	162	182	2	2	NUM
ajfa-11962	162	183	%	%	NOUN
ajfa-11962	162	184	ind_pro	ind_pro	ADJ
ajfa-11962	162	185	d	d	NOUN
ajfa-11962	162	186	2	2	NUM
ajfa-11962	162	187	%	%	NOUN
ajfa-11962	162	188	2	2	NUM
ajfa-11962	162	189	%	%	NOUN
ajfa-11962	162	190	3	3	NUM
ajfa-11962	162	191	%	%	NOUN
ajfa-11962	162	192	10	10	NUM
ajfa-11962	162	193	%	%	NOUN
ajfa-11962	162	194	21	21	NUM
ajfa-11962	162	195	%	%	NOUN
ajfa-11962	162	196	7	7	NUM
ajfa-11962	162	197	%	%	NOUN
ajfa-11962	162	198	1	1	NUM
ajfa-11962	162	199	%	%	NOUN
ajfa-11962	162	200	na	na	PART
ajfa-11962	162	201	4	4	NUM
ajfa-11962	162	202	%	%	NOUN
ajfa-11962	162	203	2	2	NUM
ajfa-11962	162	204	%	%	NOUN
ajfa-11962	162	205	1	1	NUM
ajfa-11962	162	206	%	%	NOUN
ajfa-11962	162	207	mer_t	mer_t	NOUN
ajfa-11962	162	208	5	5	NUM
ajfa-11962	162	209	%	%	NOUN
ajfa-11962	162	210	2	2	NUM
ajfa-11962	162	211	%	%	NOUN
ajfa-11962	162	212	5	5	NUM
ajfa-11962	162	213	%	%	NOUN
ajfa-11962	162	214	12	12	NUM
ajfa-11962	162	215	%	%	NOUN
ajfa-11962	162	216	7	7	NUM
ajfa-11962	162	217	%	%	NOUN
ajfa-11962	162	218	2	2	NUM
ajfa-11962	162	219	%	%	NOUN
ajfa-11962	162	220	2	2	NUM
ajfa-11962	162	221	%	%	NOUN
ajfa-11962	162	222	6	6	NUM
ajfa-11962	162	223	%	%	NOUN
ajfa-11962	162	224	na	na	PART
ajfa-11962	162	225	2	2	NUM
ajfa-11962	162	226	%	%	NOUN
ajfa-11962	162	227	2	2	NUM
ajfa-11962	162	228	%	%	NOUN
ajfa-11962	162	229	ulc	ulc	PROPN
ajfa-11962	162	230	6	6	NUM
ajfa-11962	162	231	%	%	NOUN
ajfa-11962	162	232	10	10	NUM
ajfa-11962	162	233	%	%	NOUN
ajfa-11962	162	234	5	5	NUM
ajfa-11962	162	235	%	%	NOUN
ajfa-11962	162	236	5	5	NUM
ajfa-11962	162	237	%	%	NOUN
ajfa-11962	162	238	8	8	NUM
ajfa-11962	162	239	%	%	NOUN
ajfa-11962	162	240	20	20	NUM
ajfa-11962	162	241	%	%	NOUN
ajfa-11962	162	242	3	3	NUM
ajfa-11962	162	243	%	%	NOUN
ajfa-11962	162	244	3	3	NUM
ajfa-11962	162	245	%	%	NOUN
ajfa-11962	162	246	2	2	NUM
ajfa-11962	162	247	%	%	NOUN
ajfa-11962	162	248	na	na	PART
ajfa-11962	162	249	3	3	NUM
ajfa-11962	162	250	%	%	NOUN
ajfa-11962	162	251	sti	sti	NOUN
ajfa-11962	162	252	9	9	NUM
ajfa-11962	162	253	%	%	NOUN
ajfa-11962	162	254	10	10	NUM
ajfa-11962	162	255	%	%	NOUN
ajfa-11962	162	256	9	9	NUM
ajfa-11962	162	257	%	%	NOUN
ajfa-11962	162	258	4	4	NUM
ajfa-11962	162	259	%	%	NOUN
ajfa-11962	162	260	9	9	NUM
ajfa-11962	162	261	%	%	NOUN
ajfa-11962	162	262	3	3	NUM
ajfa-11962	162	263	%	%	NOUN
ajfa-11962	162	264	0	0	NUM
ajfa-11962	162	265	%	%	NOUN
ajfa-11962	162	266	2	2	NUM
ajfa-11962	162	267	%	%	NOUN
ajfa-11962	162	268	2	2	NUM
ajfa-11962	162	269	%	%	NOUN
ajfa-11962	162	270	0	0	NUM
ajfa-11962	162	271	%	%	NOUN
ajfa-11962	162	272	na	na	PART
ajfa-11962	162	273	5.4	5.4	NUM
ajfa-11962	162	274	discussion	discussion	NOUN
ajfa-11962	162	275	5.4.1	5.4.1	NUM
ajfa-11962	162	276	hypothesis	hypothesis	NOUN
ajfa-11962	162	277	1	1	NUM
ajfa-11962	162	278	:	:	PUNCT
ajfa-11962	162	279	s$neer	s$neer	PROPN
ajfa-11962	162	280	has	have	VERB
ajfa-11962	162	281	a	a	DET
ajfa-11962	162	282	negative	negative	ADJ
ajfa-11962	162	283	impact	impact	NOUN
ajfa-11962	162	284	on	on	ADP
ajfa-11962	162	285	sti	sti	PROPN
ajfa-11962	162	286	sti	sti	PROPN
ajfa-11962	162	287	was	be	AUX
ajfa-11962	162	288	found	find	VERB
ajfa-11962	162	289	to	to	PART
ajfa-11962	162	290	respond	respond	VERB
ajfa-11962	162	291	negatively	negatively	ADV
ajfa-11962	162	292	short	short	ADJ
ajfa-11962	162	293	-	-	PUNCT
ajfa-11962	162	294	term	term	NOUN
ajfa-11962	162	295	to	to	ADP
ajfa-11962	162	296	s$neer	s$neer	PROPN
ajfa-11962	162	297	,	,	PUNCT
ajfa-11962	162	298	and	and	CCONJ
ajfa-11962	162	299	it	it	PRON
ajfa-11962	162	300	was	be	AUX
ajfa-11962	162	301	found	find	VERB
ajfa-11962	162	302	that	that	SCONJ
ajfa-11962	162	303	approximately	approximately	ADV
ajfa-11962	162	304	9	9	NUM
ajfa-11962	162	305	%	%	NOUN
ajfa-11962	162	306	of	of	ADP
ajfa-11962	162	307	variance	variance	NOUN
ajfa-11962	162	308	observed	observe	VERB
ajfa-11962	162	309	in	in	ADP
ajfa-11962	162	310	the	the	DET
ajfa-11962	162	311	sti	sti	PROPN
ajfa-11962	162	312	was	be	AUX
ajfa-11962	162	313	attributable	attributable	ADJ
ajfa-11962	162	314	to	to	ADP
ajfa-11962	162	315	the	the	DET
ajfa-11962	162	316	s$neer	s$neer	PROPN
ajfa-11962	162	317	.	.	PUNCT
ajfa-11962	163	1	this	this	PRON
ajfa-11962	163	2	means	mean	VERB
ajfa-11962	163	3	the	the	DET
ajfa-11962	163	4	strength	strength	NOUN
ajfa-11962	163	5	of	of	ADP
ajfa-11962	163	6	singapore	singapore	PROPN
ajfa-11962	163	7	’s	’s	PART
ajfa-11962	163	8	exchange	exchange	NOUN
ajfa-11962	163	9	rate	rate	NOUN
ajfa-11962	163	10	,	,	PUNCT
ajfa-11962	163	11	relative	relative	ADJ
ajfa-11962	163	12	to	to	ADP
ajfa-11962	163	13	its	its	PRON
ajfa-11962	163	14	key	key	ADJ
ajfa-11962	163	15	trade	trade	NOUN
ajfa-11962	163	16	partners	partner	NOUN
ajfa-11962	163	17	,	,	PUNCT
ajfa-11962	163	18	has	have	VERB
ajfa-11962	163	19	a	a	DET
ajfa-11962	163	20	negative	negative	ADJ
ajfa-11962	163	21	impact	impact	NOUN
ajfa-11962	163	22	on	on	ADP
ajfa-11962	163	23	its	its	PRON
ajfa-11962	163	24	domestic	domestic	ADJ
ajfa-11962	163	25	stock	stock	NOUN
ajfa-11962	163	26	returns	return	NOUN
ajfa-11962	163	27	;	;	PUNCT
ajfa-11962	163	28	accounting	account	VERB
ajfa-11962	163	29	for	for	ADP
ajfa-11962	163	30	about	about	ADV
ajfa-11962	163	31	9	9	NUM
ajfa-11962	163	32	%	%	NOUN
ajfa-11962	163	33	of	of	ADP
ajfa-11962	163	34	these	these	DET
ajfa-11962	163	35	returns	return	NOUN
ajfa-11962	163	36	.	.	PUNCT
ajfa-11962	164	1	this	this	DET
ajfa-11962	164	2	asian	asian	ADJ
ajfa-11962	164	3	journal	journal	NOUN
ajfa-11962	164	4	of	of	ADP
ajfa-11962	164	5	finance	finance	PROPN
ajfa-11962	164	6	&	&	CCONJ
ajfa-11962	164	7	accounting	accounting	PROPN
ajfa-11962	164	8	issn	issn	PROPN
ajfa-11962	164	9	1946	1946	NUM
ajfa-11962	164	10	-	-	PUNCT
ajfa-11962	164	11	052x	052x	PROPN
ajfa-11962	164	12	2017	2017	NUM
ajfa-11962	164	13	,	,	PUNCT
ajfa-11962	164	14	vol	vol	NOUN
ajfa-11962	164	15	.	.	NOUN
ajfa-11962	164	16	9	9	NUM
ajfa-11962	164	17	,	,	PUNCT
ajfa-11962	164	18	no	no	NOUN
ajfa-11962	164	19	.	.	NOUN
ajfa-11962	164	20	2	2	NUM
ajfa-11962	164	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	164	22	233	233	NUM
ajfa-11962	164	23	finding	finding	NOUN
ajfa-11962	164	24	was	be	AUX
ajfa-11962	164	25	in	in	ADP
ajfa-11962	164	26	line	line	NOUN
ajfa-11962	164	27	with	with	ADP
ajfa-11962	164	28	expectations	expectation	NOUN
ajfa-11962	164	29	.	.	PUNCT
ajfa-11962	165	1	as	as	SCONJ
ajfa-11962	165	2	previously	previously	ADV
ajfa-11962	165	3	discussed	discuss	VERB
ajfa-11962	165	4	,	,	PUNCT
ajfa-11962	165	5	although	although	SCONJ
ajfa-11962	165	6	domestic	domestic	ADJ
ajfa-11962	165	7	currency	currency	NOUN
ajfa-11962	165	8	appreciation	appreciation	NOUN
ajfa-11962	165	9	implies	imply	VERB
ajfa-11962	165	10	a	a	DET
ajfa-11962	165	11	lower	low	ADJ
ajfa-11962	165	12	cost	cost	NOUN
ajfa-11962	165	13	of	of	ADP
ajfa-11962	165	14	importing	import	VERB
ajfa-11962	165	15	goods	good	NOUN
ajfa-11962	165	16	,	,	PUNCT
ajfa-11962	165	17	net	net	ADJ
ajfa-11962	165	18	exporting	export	VERB
ajfa-11962	165	19	countries	country	NOUN
ajfa-11962	165	20	such	such	ADJ
ajfa-11962	165	21	as	as	ADP
ajfa-11962	165	22	singapore	singapore	PROPN
ajfa-11962	165	23	face	face	VERB
ajfa-11962	165	24	an	an	DET
ajfa-11962	165	25	increasing	increase	VERB
ajfa-11962	165	26	demand	demand	NOUN
ajfa-11962	165	27	in	in	ADP
ajfa-11962	165	28	exports	export	NOUN
ajfa-11962	165	29	when	when	SCONJ
ajfa-11962	165	30	the	the	DET
ajfa-11962	165	31	domestic	domestic	ADJ
ajfa-11962	165	32	currency	currency	NOUN
ajfa-11962	165	33	depreciates	depreciate	VERB
ajfa-11962	165	34	,	,	PUNCT
ajfa-11962	165	35	and	and	CCONJ
ajfa-11962	165	36	vice	vice	NOUN
ajfa-11962	165	37	-	-	NOUN
ajfa-11962	165	38	versa	versa	ADJ
ajfa-11962	165	39	.	.	PUNCT
ajfa-11962	166	1	5.4.2	5.4.2	NUM
ajfa-11962	166	2	hypothesis	hypothesis	NOUN
ajfa-11962	166	3	2	2	NUM
ajfa-11962	166	4	:	:	PUNCT
ajfa-11962	166	5	monetary	monetary	ADJ
ajfa-11962	166	6	supply	supply	NOUN
ajfa-11962	166	7	has	have	VERB
ajfa-11962	166	8	a	a	DET
ajfa-11962	166	9	positive	positive	ADJ
ajfa-11962	166	10	impact	impact	NOUN
ajfa-11962	166	11	on	on	ADP
ajfa-11962	166	12	sti	sti	PROPN
ajfa-11962	166	13	monetary	monetary	ADJ
ajfa-11962	166	14	supply	supply	NOUN
ajfa-11962	166	15	was	be	AUX
ajfa-11962	166	16	found	find	VERB
ajfa-11962	166	17	to	to	PART
ajfa-11962	166	18	have	have	VERB
ajfa-11962	166	19	a	a	DET
ajfa-11962	166	20	minor	minor	ADJ
ajfa-11962	166	21	short	short	ADJ
ajfa-11962	166	22	-	-	PUNCT
ajfa-11962	166	23	term	term	NOUN
ajfa-11962	166	24	positive	positive	ADJ
ajfa-11962	166	25	effect	effect	NOUN
ajfa-11962	166	26	on	on	ADP
ajfa-11962	166	27	the	the	DET
ajfa-11962	166	28	sti	sti	PROPN
ajfa-11962	166	29	,	,	PUNCT
ajfa-11962	166	30	and	and	CCONJ
ajfa-11962	166	31	it	it	PRON
ajfa-11962	166	32	was	be	AUX
ajfa-11962	166	33	found	find	VERB
ajfa-11962	166	34	that	that	SCONJ
ajfa-11962	166	35	approximately	approximately	ADV
ajfa-11962	166	36	10	10	NUM
ajfa-11962	166	37	%	%	NOUN
ajfa-11962	166	38	of	of	ADP
ajfa-11962	166	39	variance	variance	NOUN
ajfa-11962	166	40	observed	observe	VERB
ajfa-11962	166	41	in	in	ADP
ajfa-11962	166	42	the	the	DET
ajfa-11962	166	43	sti	sti	PROPN
ajfa-11962	166	44	was	be	AUX
ajfa-11962	166	45	attributable	attributable	ADJ
ajfa-11962	166	46	to	to	ADP
ajfa-11962	166	47	monetary	monetary	ADJ
ajfa-11962	166	48	supply	supply	NOUN
ajfa-11962	166	49	.	.	PUNCT
ajfa-11962	167	1	this	this	PRON
ajfa-11962	167	2	means	mean	VERB
ajfa-11962	167	3	monetary	monetary	ADJ
ajfa-11962	167	4	supply	supply	NOUN
ajfa-11962	167	5	in	in	ADP
ajfa-11962	167	6	singapore	singapore	PROPN
ajfa-11962	167	7	has	have	VERB
ajfa-11962	167	8	a	a	DET
ajfa-11962	167	9	positive	positive	ADJ
ajfa-11962	167	10	impact	impact	NOUN
ajfa-11962	167	11	on	on	ADP
ajfa-11962	167	12	its	its	PRON
ajfa-11962	167	13	stock	stock	NOUN
ajfa-11962	167	14	returns	return	NOUN
ajfa-11962	167	15	;	;	PUNCT
ajfa-11962	167	16	accounting	account	VERB
ajfa-11962	167	17	for	for	ADP
ajfa-11962	167	18	about	about	ADV
ajfa-11962	167	19	10	10	NUM
ajfa-11962	167	20	%	%	NOUN
ajfa-11962	167	21	of	of	ADP
ajfa-11962	167	22	these	these	DET
ajfa-11962	167	23	returns	return	NOUN
ajfa-11962	167	24	.	.	PUNCT
ajfa-11962	168	1	this	this	DET
ajfa-11962	168	2	finding	finding	NOUN
ajfa-11962	168	3	was	be	AUX
ajfa-11962	168	4	in	in	ADP
ajfa-11962	168	5	line	line	NOUN
ajfa-11962	168	6	with	with	ADP
ajfa-11962	168	7	expectations	expectation	NOUN
ajfa-11962	168	8	.	.	PUNCT
ajfa-11962	169	1	previous	previous	ADJ
ajfa-11962	169	2	discussions	discussion	NOUN
ajfa-11962	169	3	on	on	ADP
ajfa-11962	169	4	portfolio	portfolio	NOUN
ajfa-11962	169	5	theory	theory	NOUN
ajfa-11962	169	6	,	,	PUNCT
ajfa-11962	169	7	where	where	SCONJ
ajfa-11962	169	8	an	an	DET
ajfa-11962	169	9	increase	increase	NOUN
ajfa-11962	169	10	in	in	ADP
ajfa-11962	169	11	money	money	NOUN
ajfa-11962	169	12	supply	supply	NOUN
ajfa-11962	169	13	leads	lead	VERB
ajfa-11962	169	14	to	to	ADP
ajfa-11962	169	15	an	an	DET
ajfa-11962	169	16	increase	increase	NOUN
ajfa-11962	169	17	in	in	ADP
ajfa-11962	169	18	interest	interest	NOUN
ajfa-11962	169	19	-	-	PUNCT
ajfa-11962	169	20	bearing	bear	VERB
ajfa-11962	169	21	assets	asset	NOUN
ajfa-11962	169	22	including	include	VERB
ajfa-11962	169	23	stocks	stock	NOUN
ajfa-11962	169	24	,	,	PUNCT
ajfa-11962	169	25	and	and	CCONJ
ajfa-11962	169	26	vice	vice	NOUN
ajfa-11962	169	27	-	-	NOUN
ajfa-11962	169	28	versa	versa	ADV
ajfa-11962	169	29	;	;	PUNCT
ajfa-11962	169	30	as	as	SCONJ
ajfa-11962	169	31	mentioned	mention	VERB
ajfa-11962	169	32	by	by	ADP
ajfa-11962	169	33	chia	chia	PROPN
ajfa-11962	169	34	and	and	CCONJ
ajfa-11962	169	35	lim	lim	PROPN
ajfa-11962	169	36	(	(	PUNCT
ajfa-11962	169	37	2015	2015	NUM
ajfa-11962	169	38	)	)	PUNCT
ajfa-11962	169	39	.	.	PUNCT
ajfa-11962	170	1	5.4.3	5.4.3	NUM
ajfa-11962	170	2	hypothesis	hypothesis	NOUN
ajfa-11962	170	3	3	3	NUM
ajfa-11962	170	4	:	:	PUNCT
ajfa-11962	170	5	cpi	cpi	PROPN
ajfa-11962	170	6	has	have	VERB
ajfa-11962	170	7	a	a	DET
ajfa-11962	170	8	negative	negative	ADJ
ajfa-11962	170	9	impact	impact	NOUN
ajfa-11962	170	10	on	on	ADP
ajfa-11962	170	11	sti	sti	PROPN
ajfa-11962	170	12	cpi	cpi	PROPN
ajfa-11962	170	13	was	be	AUX
ajfa-11962	170	14	found	find	VERB
ajfa-11962	170	15	to	to	PART
ajfa-11962	170	16	have	have	VERB
ajfa-11962	170	17	a	a	DET
ajfa-11962	170	18	short	short	ADJ
ajfa-11962	170	19	-	-	PUNCT
ajfa-11962	170	20	term	term	NOUN
ajfa-11962	170	21	negative	negative	ADJ
ajfa-11962	170	22	impact	impact	NOUN
ajfa-11962	170	23	on	on	ADP
ajfa-11962	170	24	sti	sti	PROPN
ajfa-11962	170	25	,	,	PUNCT
ajfa-11962	170	26	and	and	CCONJ
ajfa-11962	170	27	it	it	PRON
ajfa-11962	170	28	was	be	AUX
ajfa-11962	170	29	found	find	VERB
ajfa-11962	170	30	that	that	SCONJ
ajfa-11962	170	31	approximately	approximately	ADV
ajfa-11962	170	32	9	9	NUM
ajfa-11962	170	33	%	%	NOUN
ajfa-11962	170	34	of	of	ADP
ajfa-11962	170	35	variance	variance	NOUN
ajfa-11962	170	36	observed	observe	VERB
ajfa-11962	170	37	in	in	ADP
ajfa-11962	170	38	the	the	DET
ajfa-11962	170	39	sti	sti	PROPN
ajfa-11962	170	40	was	be	AUX
ajfa-11962	170	41	attributable	attributable	ADJ
ajfa-11962	170	42	to	to	ADP
ajfa-11962	170	43	the	the	DET
ajfa-11962	170	44	cpi	cpi	PROPN
ajfa-11962	170	45	.	.	PUNCT
ajfa-11962	171	1	this	this	PRON
ajfa-11962	171	2	means	mean	VERB
ajfa-11962	171	3	inflation	inflation	NOUN
ajfa-11962	171	4	was	be	AUX
ajfa-11962	171	5	found	find	VERB
ajfa-11962	171	6	to	to	PART
ajfa-11962	171	7	have	have	VERB
ajfa-11962	171	8	a	a	DET
ajfa-11962	171	9	negative	negative	ADJ
ajfa-11962	171	10	impact	impact	NOUN
ajfa-11962	171	11	on	on	ADP
ajfa-11962	171	12	stock	stock	NOUN
ajfa-11962	171	13	returns	return	NOUN
ajfa-11962	171	14	in	in	ADP
ajfa-11962	171	15	singapore	singapore	PROPN
ajfa-11962	171	16	;	;	PUNCT
ajfa-11962	171	17	accounting	account	VERB
ajfa-11962	171	18	for	for	ADP
ajfa-11962	171	19	about	about	ADV
ajfa-11962	171	20	9	9	NUM
ajfa-11962	171	21	%	%	NOUN
ajfa-11962	171	22	of	of	ADP
ajfa-11962	171	23	these	these	DET
ajfa-11962	171	24	returns	return	NOUN
ajfa-11962	171	25	.	.	PUNCT
ajfa-11962	172	1	this	this	DET
ajfa-11962	172	2	finding	finding	NOUN
ajfa-11962	172	3	was	be	AUX
ajfa-11962	172	4	in	in	ADP
ajfa-11962	172	5	line	line	NOUN
ajfa-11962	172	6	with	with	ADP
ajfa-11962	172	7	expectations	expectation	NOUN
ajfa-11962	172	8	;	;	PUNCT
ajfa-11962	172	9	as	as	SCONJ
ajfa-11962	172	10	discussed	discuss	VERB
ajfa-11962	172	11	earlier	early	ADV
ajfa-11962	172	12	with	with	ADP
ajfa-11962	172	13	regards	regard	NOUN
ajfa-11962	172	14	to	to	ADP
ajfa-11962	172	15	findings	finding	NOUN
ajfa-11962	172	16	in	in	ADP
ajfa-11962	172	17	alam	alam	PROPN
ajfa-11962	172	18	and	and	CCONJ
ajfa-11962	172	19	rashid	rashid	PROPN
ajfa-11962	172	20	(	(	PUNCT
ajfa-11962	172	21	2014	2014	NUM
ajfa-11962	172	22	)	)	PUNCT
ajfa-11962	172	23	,	,	PUNCT
ajfa-11962	172	24	as	as	ADV
ajfa-11962	172	25	well	well	ADV
ajfa-11962	172	26	as	as	ADP
ajfa-11962	172	27	chia	chia	NOUN
ajfa-11962	172	28	and	and	CCONJ
ajfa-11962	172	29	lim	lim	PROPN
ajfa-11962	172	30	(	(	PUNCT
ajfa-11962	172	31	2015	2015	NUM
ajfa-11962	172	32	)	)	PUNCT
ajfa-11962	172	33	.	.	PUNCT
ajfa-11962	173	1	5.4.4	5.4.4	NUM
ajfa-11962	173	2	hypothesis	hypothesis	NOUN
ajfa-11962	173	3	4	4	NUM
ajfa-11962	173	4	:	:	PUNCT
ajfa-11962	173	5	balance	balance	NOUN
ajfa-11962	173	6	of	of	ADP
ajfa-11962	173	7	payments	payment	NOUN
ajfa-11962	173	8	has	have	VERB
ajfa-11962	173	9	a	a	DET
ajfa-11962	173	10	positive	positive	ADJ
ajfa-11962	173	11	impact	impact	NOUN
ajfa-11962	173	12	on	on	ADP
ajfa-11962	173	13	sti	sti	PROPN
ajfa-11962	173	14	balance	balance	NOUN
ajfa-11962	173	15	of	of	ADP
ajfa-11962	173	16	payments	payment	NOUN
ajfa-11962	173	17	was	be	AUX
ajfa-11962	173	18	found	find	VERB
ajfa-11962	173	19	to	to	PART
ajfa-11962	173	20	positively	positively	ADV
ajfa-11962	173	21	impact	impact	VERB
ajfa-11962	173	22	the	the	DET
ajfa-11962	173	23	sti	sti	PROPN
ajfa-11962	173	24	in	in	ADP
ajfa-11962	173	25	the	the	DET
ajfa-11962	173	26	short	short	ADJ
ajfa-11962	173	27	run	run	NOUN
ajfa-11962	173	28	,	,	PUNCT
ajfa-11962	173	29	and	and	CCONJ
ajfa-11962	173	30	it	it	PRON
ajfa-11962	173	31	was	be	AUX
ajfa-11962	173	32	found	find	VERB
ajfa-11962	173	33	that	that	SCONJ
ajfa-11962	173	34	approximately	approximately	ADV
ajfa-11962	173	35	4	4	NUM
ajfa-11962	173	36	%	%	NOUN
ajfa-11962	173	37	of	of	ADP
ajfa-11962	173	38	variance	variance	NOUN
ajfa-11962	173	39	observed	observe	VERB
ajfa-11962	173	40	in	in	ADP
ajfa-11962	173	41	the	the	DET
ajfa-11962	173	42	sti	sti	PROPN
ajfa-11962	173	43	was	be	AUX
ajfa-11962	173	44	attributable	attributable	ADJ
ajfa-11962	173	45	to	to	ADP
ajfa-11962	173	46	balance	balance	NOUN
ajfa-11962	173	47	of	of	ADP
ajfa-11962	173	48	payments	payment	NOUN
ajfa-11962	173	49	.	.	PUNCT
ajfa-11962	174	1	this	this	PRON
ajfa-11962	174	2	means	mean	VERB
ajfa-11962	174	3	government	government	NOUN
ajfa-11962	174	4	expenditure	expenditure	NOUN
ajfa-11962	174	5	in	in	ADP
ajfa-11962	174	6	singapore	singapore	PROPN
ajfa-11962	174	7	has	have	VERB
ajfa-11962	174	8	a	a	DET
ajfa-11962	174	9	positive	positive	ADJ
ajfa-11962	174	10	impact	impact	NOUN
ajfa-11962	174	11	on	on	ADP
ajfa-11962	174	12	its	its	PRON
ajfa-11962	174	13	domestic	domestic	ADJ
ajfa-11962	174	14	stock	stock	NOUN
ajfa-11962	174	15	returns	return	NOUN
ajfa-11962	174	16	;	;	PUNCT
ajfa-11962	174	17	accounting	account	VERB
ajfa-11962	174	18	for	for	ADP
ajfa-11962	174	19	about	about	ADV
ajfa-11962	174	20	4	4	NUM
ajfa-11962	174	21	%	%	NOUN
ajfa-11962	174	22	of	of	ADP
ajfa-11962	174	23	these	these	DET
ajfa-11962	174	24	returns	return	NOUN
ajfa-11962	174	25	.	.	PUNCT
ajfa-11962	175	1	this	this	DET
ajfa-11962	175	2	finding	finding	NOUN
ajfa-11962	175	3	was	be	AUX
ajfa-11962	175	4	in	in	ADP
ajfa-11962	175	5	line	line	NOUN
ajfa-11962	175	6	with	with	ADP
ajfa-11962	175	7	expectations	expectation	NOUN
ajfa-11962	175	8	.	.	PUNCT
ajfa-11962	176	1	the	the	DET
ajfa-11962	176	2	significance	significance	NOUN
ajfa-11962	176	3	of	of	ADP
ajfa-11962	176	4	this	this	DET
ajfa-11962	176	5	positive	positive	ADJ
ajfa-11962	176	6	impact	impact	NOUN
ajfa-11962	176	7	was	be	AUX
ajfa-11962	176	8	highlighted	highlight	VERB
ajfa-11962	176	9	in	in	ADP
ajfa-11962	176	10	the	the	DET
ajfa-11962	176	11	findings	finding	NOUN
ajfa-11962	176	12	that	that	SCONJ
ajfa-11962	176	13	government	government	NOUN
ajfa-11962	176	14	expenditure	expenditure	NOUN
ajfa-11962	176	15	explains	explain	VERB
ajfa-11962	176	16	approximately	approximately	ADV
ajfa-11962	176	17	10	10	NUM
ajfa-11962	176	18	%	%	NOUN
ajfa-11962	176	19	of	of	ADP
ajfa-11962	176	20	industrial	industrial	ADJ
ajfa-11962	176	21	production	production	NOUN
ajfa-11962	176	22	behaviour	behaviour	NOUN
ajfa-11962	176	23	and	and	CCONJ
ajfa-11962	176	24	12	12	NUM
ajfa-11962	176	25	%	%	NOUN
ajfa-11962	176	26	of	of	ADP
ajfa-11962	176	27	merchandise	merchandise	NOUN
ajfa-11962	176	28	trade	trade	NOUN
ajfa-11962	176	29	behaviour	behaviour	NOUN
ajfa-11962	176	30	,	,	PUNCT
ajfa-11962	176	31	as	as	ADV
ajfa-11962	176	32	well	well	ADV
ajfa-11962	176	33	as	as	ADP
ajfa-11962	176	34	about	about	ADP
ajfa-11962	176	35	8	8	NUM
ajfa-11962	176	36	%	%	NOUN
ajfa-11962	176	37	of	of	ADP
ajfa-11962	176	38	the	the	DET
ajfa-11962	176	39	s$neer	s$neer	PROPN
ajfa-11962	176	40	changes	change	NOUN
ajfa-11962	176	41	.	.	PUNCT
ajfa-11962	177	1	5.4.5	5.4.5	NUM
ajfa-11962	177	2	hypothesis	hypothesis	NOUN
ajfa-11962	177	3	5	5	NUM
ajfa-11962	177	4	:	:	PUNCT
ajfa-11962	177	5	crude	crude	ADJ
ajfa-11962	177	6	oil	oil	NOUN
ajfa-11962	177	7	prices	price	NOUN
ajfa-11962	177	8	has	have	VERB
ajfa-11962	177	9	a	a	DET
ajfa-11962	177	10	positive	positive	ADJ
ajfa-11962	177	11	impact	impact	NOUN
ajfa-11962	177	12	on	on	ADP
ajfa-11962	177	13	sti	sti	PROPN
ajfa-11962	177	14	crude	crude	PROPN
ajfa-11962	177	15	oil	oil	NOUN
ajfa-11962	177	16	price	price	NOUN
ajfa-11962	177	17	was	be	AUX
ajfa-11962	177	18	found	find	VERB
ajfa-11962	177	19	to	to	PART
ajfa-11962	177	20	have	have	VERB
ajfa-11962	177	21	a	a	DET
ajfa-11962	177	22	short	short	ADJ
ajfa-11962	177	23	-	-	PUNCT
ajfa-11962	177	24	term	term	NOUN
ajfa-11962	177	25	positive	positive	ADJ
ajfa-11962	177	26	impact	impact	NOUN
ajfa-11962	177	27	the	the	DET
ajfa-11962	177	28	sti	sti	PROPN
ajfa-11962	177	29	,	,	PUNCT
ajfa-11962	177	30	and	and	CCONJ
ajfa-11962	177	31	it	it	PRON
ajfa-11962	177	32	was	be	AUX
ajfa-11962	177	33	found	find	VERB
ajfa-11962	177	34	that	that	SCONJ
ajfa-11962	177	35	approximately	approximately	ADV
ajfa-11962	177	36	9	9	NUM
ajfa-11962	177	37	%	%	NOUN
ajfa-11962	177	38	of	of	ADP
ajfa-11962	177	39	variance	variance	NOUN
ajfa-11962	177	40	observed	observe	VERB
ajfa-11962	177	41	in	in	ADP
ajfa-11962	177	42	the	the	DET
ajfa-11962	177	43	sti	sti	PROPN
ajfa-11962	177	44	was	be	AUX
ajfa-11962	177	45	attributable	attributable	ADJ
ajfa-11962	177	46	to	to	ADP
ajfa-11962	177	47	crude	crude	ADJ
ajfa-11962	177	48	oil	oil	NOUN
ajfa-11962	177	49	prices	price	NOUN
ajfa-11962	177	50	.	.	PUNCT
ajfa-11962	178	1	this	this	PRON
ajfa-11962	178	2	means	mean	VERB
ajfa-11962	178	3	crude	crude	ADJ
ajfa-11962	178	4	oil	oil	NOUN
ajfa-11962	178	5	prices	price	NOUN
ajfa-11962	178	6	have	have	VERB
ajfa-11962	178	7	a	a	DET
ajfa-11962	178	8	positive	positive	ADJ
ajfa-11962	178	9	impact	impact	NOUN
ajfa-11962	178	10	on	on	ADP
ajfa-11962	178	11	singapore	singapore	PROPN
ajfa-11962	178	12	’s	’s	PART
ajfa-11962	178	13	stock	stock	NOUN
ajfa-11962	178	14	returns	return	NOUN
ajfa-11962	178	15	;	;	PUNCT
ajfa-11962	178	16	accounting	account	VERB
ajfa-11962	178	17	for	for	ADP
ajfa-11962	178	18	about	about	ADV
ajfa-11962	178	19	9	9	NUM
ajfa-11962	178	20	%	%	NOUN
ajfa-11962	178	21	of	of	ADP
ajfa-11962	178	22	these	these	DET
ajfa-11962	178	23	returns	return	NOUN
ajfa-11962	178	24	.	.	PUNCT
ajfa-11962	179	1	this	this	DET
ajfa-11962	179	2	finding	finding	NOUN
ajfa-11962	179	3	was	be	AUX
ajfa-11962	179	4	in	in	ADP
ajfa-11962	179	5	line	line	NOUN
ajfa-11962	179	6	with	with	ADP
ajfa-11962	179	7	expectations	expectation	NOUN
ajfa-11962	179	8	.	.	PUNCT
ajfa-11962	180	1	as	as	SCONJ
ajfa-11962	180	2	previously	previously	ADV
ajfa-11962	180	3	discussed	discuss	VERB
ajfa-11962	180	4	,	,	PUNCT
ajfa-11962	180	5	singapore	singapore	PROPN
ajfa-11962	180	6	’s	’s	PART
ajfa-11962	180	7	oil	oil	PROPN
ajfa-11962	180	8	&	&	CCONJ
ajfa-11962	180	9	gas	gas	NOUN
ajfa-11962	180	10	sector	sector	NOUN
ajfa-11962	180	11	is	be	AUX
ajfa-11962	180	12	significant	significant	ADJ
ajfa-11962	180	13	to	to	ADP
ajfa-11962	180	14	the	the	DET
ajfa-11962	180	15	local	local	ADJ
ajfa-11962	180	16	economy	economy	NOUN
ajfa-11962	180	17	,	,	PUNCT
ajfa-11962	180	18	and	and	CCONJ
ajfa-11962	180	19	hence	hence	ADV
ajfa-11962	180	20	the	the	DET
ajfa-11962	180	21	significant	significant	ADJ
ajfa-11962	180	22	and	and	CCONJ
ajfa-11962	180	23	positive	positive	ADJ
ajfa-11962	180	24	relationship	relationship	NOUN
ajfa-11962	180	25	(	(	PUNCT
ajfa-11962	180	26	ministry	ministry	NOUN
ajfa-11962	180	27	of	of	ADP
ajfa-11962	180	28	trade	trade	NOUN
ajfa-11962	180	29	and	and	CCONJ
ajfa-11962	180	30	industry	industry	NOUN
ajfa-11962	180	31	,	,	PUNCT
ajfa-11962	180	32	2017	2017	NUM
ajfa-11962	180	33	)	)	PUNCT
ajfa-11962	180	34	.	.	PUNCT
ajfa-11962	181	1	5.4.6	5.4.6	NUM
ajfa-11962	181	2	hypothesis	hypothesis	NOUN
ajfa-11962	181	3	6	6	NUM
ajfa-11962	181	4	:	:	PUNCT
ajfa-11962	181	5	electricity	electricity	NOUN
ajfa-11962	181	6	generated	generate	VERB
ajfa-11962	181	7	has	have	VERB
ajfa-11962	181	8	a	a	DET
ajfa-11962	181	9	positive	positive	ADJ
ajfa-11962	181	10	impact	impact	NOUN
ajfa-11962	181	11	on	on	ADP
ajfa-11962	181	12	sti	sti	PROPN
ajfa-11962	181	13	electricity	electricity	NOUN
ajfa-11962	181	14	generated	generate	VERB
ajfa-11962	181	15	was	be	AUX
ajfa-11962	181	16	found	find	VERB
ajfa-11962	181	17	to	to	PART
ajfa-11962	181	18	have	have	VERB
ajfa-11962	181	19	a	a	DET
ajfa-11962	181	20	short	short	ADJ
ajfa-11962	181	21	-	-	PUNCT
ajfa-11962	181	22	term	term	NOUN
ajfa-11962	181	23	negative	negative	ADJ
ajfa-11962	181	24	impact	impact	NOUN
ajfa-11962	181	25	on	on	ADP
ajfa-11962	181	26	the	the	DET
ajfa-11962	181	27	sti	sti	PROPN
ajfa-11962	181	28	,	,	PUNCT
ajfa-11962	181	29	and	and	CCONJ
ajfa-11962	181	30	it	it	PRON
ajfa-11962	181	31	was	be	AUX
ajfa-11962	181	32	found	find	VERB
ajfa-11962	181	33	that	that	SCONJ
ajfa-11962	181	34	approximately	approximately	ADV
ajfa-11962	181	35	3	3	NUM
ajfa-11962	181	36	%	%	NOUN
ajfa-11962	181	37	of	of	ADP
ajfa-11962	181	38	variance	variance	NOUN
ajfa-11962	181	39	observed	observe	VERB
ajfa-11962	181	40	in	in	ADP
ajfa-11962	181	41	the	the	DET
ajfa-11962	181	42	sti	sti	PROPN
ajfa-11962	181	43	was	be	AUX
ajfa-11962	181	44	attributable	attributable	ADJ
ajfa-11962	181	45	to	to	ADP
ajfa-11962	181	46	electricity	electricity	NOUN
ajfa-11962	181	47	generated	generate	VERB
ajfa-11962	181	48	.	.	PUNCT
ajfa-11962	182	1	this	this	PRON
ajfa-11962	182	2	means	mean	VERB
ajfa-11962	182	3	electricity	electricity	NOUN
ajfa-11962	182	4	generated	generate	VERB
ajfa-11962	182	5	in	in	ADP
ajfa-11962	182	6	singapore	singapore	PROPN
ajfa-11962	182	7	was	be	AUX
ajfa-11962	182	8	found	find	VERB
ajfa-11962	182	9	to	to	PART
ajfa-11962	182	10	negatively	negatively	ADV
ajfa-11962	182	11	impact	impact	VERB
ajfa-11962	182	12	stock	stock	NOUN
ajfa-11962	182	13	returns	return	NOUN
ajfa-11962	182	14	;	;	PUNCT
ajfa-11962	182	15	accounting	account	VERB
ajfa-11962	182	16	for	for	ADP
ajfa-11962	182	17	about	about	ADV
ajfa-11962	182	18	3	3	NUM
ajfa-11962	182	19	%	%	NOUN
ajfa-11962	182	20	of	of	ADP
ajfa-11962	182	21	these	these	DET
ajfa-11962	182	22	returns	return	NOUN
ajfa-11962	182	23	.	.	PUNCT
ajfa-11962	183	1	this	this	DET
ajfa-11962	183	2	finding	finding	NOUN
ajfa-11962	183	3	was	be	AUX
ajfa-11962	183	4	not	not	PART
ajfa-11962	183	5	in	in	ADP
ajfa-11962	183	6	line	line	NOUN
ajfa-11962	183	7	with	with	ADP
ajfa-11962	183	8	asian	asian	ADJ
ajfa-11962	183	9	journal	journal	NOUN
ajfa-11962	183	10	of	of	ADP
ajfa-11962	183	11	finance	finance	PROPN
ajfa-11962	183	12	&	&	CCONJ
ajfa-11962	183	13	accounting	accounting	PROPN
ajfa-11962	183	14	issn	issn	PROPN
ajfa-11962	183	15	1946	1946	NUM
ajfa-11962	183	16	-	-	PUNCT
ajfa-11962	183	17	052x	052x	PROPN
ajfa-11962	183	18	2017	2017	NUM
ajfa-11962	183	19	,	,	PUNCT
ajfa-11962	183	20	vol	vol	NOUN
ajfa-11962	183	21	.	.	NOUN
ajfa-11962	184	1	9	9	NUM
ajfa-11962	184	2	,	,	PUNCT
ajfa-11962	184	3	no	no	INTJ
ajfa-11962	184	4	.	.	NOUN
ajfa-11962	184	5	2	2	NUM
ajfa-11962	184	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	184	7	234	234	NUM
ajfa-11962	184	8	expectations	expectation	NOUN
ajfa-11962	184	9	.	.	PUNCT
ajfa-11962	185	1	it	it	PRON
ajfa-11962	185	2	was	be	AUX
ajfa-11962	185	3	,	,	PUNCT
ajfa-11962	185	4	however	however	ADV
ajfa-11962	185	5	,	,	PUNCT
ajfa-11962	185	6	noted	note	VERB
ajfa-11962	185	7	that	that	SCONJ
ajfa-11962	185	8	utilities	utility	NOUN
ajfa-11962	185	9	costs	cost	VERB
ajfa-11962	185	10	to	to	ADP
ajfa-11962	185	11	singapore	singapore	PROPN
ajfa-11962	185	12	firms	firm	NOUN
ajfa-11962	185	13	form	form	VERB
ajfa-11962	185	14	anywhere	anywhere	ADV
ajfa-11962	185	15	from	from	ADP
ajfa-11962	185	16	3	3	NUM
ajfa-11962	185	17	%	%	NOUN
ajfa-11962	185	18	to	to	PART
ajfa-11962	185	19	29	29	NUM
ajfa-11962	185	20	%	%	NOUN
ajfa-11962	185	21	of	of	ADP
ajfa-11962	185	22	total	total	ADJ
ajfa-11962	185	23	costs	cost	NOUN
ajfa-11962	185	24	(	(	PUNCT
ajfa-11962	185	25	ministry	ministry	NOUN
ajfa-11962	185	26	of	of	ADP
ajfa-11962	185	27	trade	trade	NOUN
ajfa-11962	185	28	and	and	CCONJ
ajfa-11962	185	29	industry	industry	NOUN
ajfa-11962	185	30	,	,	PUNCT
ajfa-11962	185	31	2017	2017	NUM
ajfa-11962	185	32	)	)	PUNCT
ajfa-11962	185	33	.	.	PUNCT
ajfa-11962	186	1	given	give	VERB
ajfa-11962	186	2	so	so	ADV
ajfa-11962	186	3	,	,	PUNCT
ajfa-11962	186	4	electricity	electricity	NOUN
ajfa-11962	186	5	consumption	consumption	NOUN
ajfa-11962	186	6	in	in	ADP
ajfa-11962	186	7	singapore	singapore	PROPN
ajfa-11962	186	8	could	could	AUX
ajfa-11962	186	9	possibly	possibly	ADV
ajfa-11962	186	10	be	be	AUX
ajfa-11962	186	11	in	in	ADP
ajfa-11962	186	12	fact	fact	NOUN
ajfa-11962	186	13	strictly	strictly	ADV
ajfa-11962	186	14	a	a	DET
ajfa-11962	186	15	cost	cost	NOUN
ajfa-11962	186	16	variable	variable	NOUN
ajfa-11962	186	17	,	,	PUNCT
ajfa-11962	186	18	not	not	PART
ajfa-11962	186	19	a	a	DET
ajfa-11962	186	20	positive	positive	ADJ
ajfa-11962	186	21	indicator	indicator	NOUN
ajfa-11962	186	22	of	of	ADP
ajfa-11962	186	23	economic	economic	ADJ
ajfa-11962	186	24	activity	activity	NOUN
ajfa-11962	186	25	;	;	PUNCT
ajfa-11962	186	26	hence	hence	ADV
ajfa-11962	186	27	explaining	explain	VERB
ajfa-11962	186	28	the	the	DET
ajfa-11962	186	29	negative	negative	ADJ
ajfa-11962	186	30	relationship	relationship	NOUN
ajfa-11962	186	31	.	.	PUNCT
ajfa-11962	187	1	another	another	DET
ajfa-11962	187	2	possibility	possibility	NOUN
ajfa-11962	187	3	was	be	AUX
ajfa-11962	187	4	the	the	DET
ajfa-11962	187	5	ongoing	ongoing	ADJ
ajfa-11962	187	6	concern	concern	NOUN
ajfa-11962	187	7	which	which	PRON
ajfa-11962	187	8	was	be	AUX
ajfa-11962	187	9	noted	note	VERB
ajfa-11962	187	10	earlier	early	ADV
ajfa-11962	187	11	,	,	PUNCT
ajfa-11962	187	12	that	that	SCONJ
ajfa-11962	187	13	there	there	PRON
ajfa-11962	187	14	was	be	VERB
ajfa-11962	187	15	the	the	DET
ajfa-11962	187	16	possibility	possibility	NOUN
ajfa-11962	187	17	that	that	SCONJ
ajfa-11962	187	18	estimating	estimate	VERB
ajfa-11962	187	19	the	the	DET
ajfa-11962	187	20	dec	dec	PROPN
ajfa-11962	187	21	2016	2016	NUM
ajfa-11962	187	22	figure	figure	NOUN
ajfa-11962	187	23	skewed	skew	VERB
ajfa-11962	187	24	the	the	DET
ajfa-11962	187	25	data	datum	NOUN
ajfa-11962	187	26	.	.	PUNCT
ajfa-11962	188	1	however	however	ADV
ajfa-11962	188	2	,	,	PUNCT
ajfa-11962	188	3	estimation	estimation	NOUN
ajfa-11962	188	4	was	be	AUX
ajfa-11962	188	5	only	only	ADV
ajfa-11962	188	6	relevant	relevant	ADJ
ajfa-11962	188	7	to	to	ADP
ajfa-11962	188	8	one	one	NUM
ajfa-11962	188	9	of	of	ADP
ajfa-11962	188	10	the	the	DET
ajfa-11962	188	11	68	68	NUM
ajfa-11962	188	12	observations	observation	NOUN
ajfa-11962	188	13	,	,	PUNCT
ajfa-11962	188	14	which	which	PRON
ajfa-11962	188	15	took	take	VERB
ajfa-11962	188	16	into	into	ADP
ajfa-11962	188	17	account	account	NOUN
ajfa-11962	188	18	the	the	DET
ajfa-11962	188	19	latest	late	ADJ
ajfa-11962	188	20	ongoing	ongoing	ADJ
ajfa-11962	188	21	and	and	CCONJ
ajfa-11962	188	22	seasonal	seasonal	ADJ
ajfa-11962	188	23	trends	trend	NOUN
ajfa-11962	188	24	.	.	PUNCT
ajfa-11962	189	1	as	as	SCONJ
ajfa-11962	189	2	such	such	ADJ
ajfa-11962	189	3	,	,	PUNCT
ajfa-11962	189	4	likelihood	likelihood	NOUN
ajfa-11962	189	5	of	of	ADP
ajfa-11962	189	6	skewedness	skewedness	ADJ
ajfa-11962	189	7	was	be	AUX
ajfa-11962	189	8	kept	keep	VERB
ajfa-11962	189	9	to	to	ADP
ajfa-11962	189	10	a	a	DET
ajfa-11962	189	11	minimal	minimal	ADJ
ajfa-11962	189	12	.	.	PUNCT
ajfa-11962	190	1	5.4.7	5.4.7	NUM
ajfa-11962	190	2	hypothesis	hypothesis	NOUN
ajfa-11962	190	3	7	7	NUM
ajfa-11962	190	4	:	:	PUNCT
ajfa-11962	190	5	gross	gross	ADJ
ajfa-11962	190	6	fixed	fix	VERB
ajfa-11962	190	7	capital	capital	NOUN
ajfa-11962	190	8	formation	formation	NOUN
ajfa-11962	190	9	has	have	VERB
ajfa-11962	190	10	a	a	DET
ajfa-11962	190	11	positive	positive	ADJ
ajfa-11962	190	12	impact	impact	NOUN
ajfa-11962	190	13	on	on	ADP
ajfa-11962	190	14	sti	sti	PROPN
ajfa-11962	190	15	gfcf	gfcf	PROPN
ajfa-11962	190	16	was	be	AUX
ajfa-11962	190	17	found	find	VERB
ajfa-11962	190	18	to	to	PART
ajfa-11962	190	19	have	have	VERB
ajfa-11962	190	20	a	a	DET
ajfa-11962	190	21	positive	positive	ADJ
ajfa-11962	190	22	short	short	ADJ
ajfa-11962	190	23	-	-	PUNCT
ajfa-11962	190	24	term	term	NOUN
ajfa-11962	190	25	impact	impact	NOUN
ajfa-11962	190	26	on	on	ADP
ajfa-11962	190	27	the	the	DET
ajfa-11962	190	28	sti	sti	PROPN
ajfa-11962	190	29	,	,	PUNCT
ajfa-11962	190	30	and	and	CCONJ
ajfa-11962	190	31	it	it	PRON
ajfa-11962	190	32	was	be	AUX
ajfa-11962	190	33	found	find	VERB
ajfa-11962	190	34	that	that	SCONJ
ajfa-11962	190	35	almost	almost	ADV
ajfa-11962	190	36	0	0	NUM
ajfa-11962	190	37	%	%	NOUN
ajfa-11962	190	38	of	of	ADP
ajfa-11962	190	39	variance	variance	NOUN
ajfa-11962	190	40	observed	observe	VERB
ajfa-11962	190	41	in	in	ADP
ajfa-11962	190	42	the	the	DET
ajfa-11962	190	43	sti	sti	PROPN
ajfa-11962	190	44	was	be	AUX
ajfa-11962	190	45	attributable	attributable	ADJ
ajfa-11962	190	46	to	to	ADP
ajfa-11962	190	47	the	the	DET
ajfa-11962	190	48	gfcf	gfcf	NOUN
ajfa-11962	190	49	.	.	PUNCT
ajfa-11962	191	1	this	this	PRON
ajfa-11962	191	2	means	mean	VERB
ajfa-11962	191	3	the	the	DET
ajfa-11962	191	4	same	same	ADJ
ajfa-11962	191	5	drivers	driver	NOUN
ajfa-11962	191	6	that	that	PRON
ajfa-11962	191	7	lead	lead	VERB
ajfa-11962	191	8	to	to	ADP
ajfa-11962	191	9	increases	increase	NOUN
ajfa-11962	191	10	in	in	ADP
ajfa-11962	191	11	fixed	fix	VERB
ajfa-11962	191	12	assets	asset	NOUN
ajfa-11962	191	13	in	in	ADP
ajfa-11962	191	14	singapore	singapore	PROPN
ajfa-11962	191	15	also	also	ADV
ajfa-11962	191	16	positively	positively	ADV
ajfa-11962	191	17	impacts	impact	VERB
ajfa-11962	191	18	stock	stock	NOUN
ajfa-11962	191	19	returns	return	NOUN
ajfa-11962	191	20	.	.	PUNCT
ajfa-11962	192	1	this	this	DET
ajfa-11962	192	2	finding	finding	NOUN
ajfa-11962	192	3	was	be	AUX
ajfa-11962	192	4	in	in	ADP
ajfa-11962	192	5	line	line	NOUN
ajfa-11962	192	6	with	with	ADP
ajfa-11962	192	7	expectations	expectation	NOUN
ajfa-11962	192	8	.	.	PUNCT
ajfa-11962	193	1	however	however	ADV
ajfa-11962	193	2	,	,	PUNCT
ajfa-11962	193	3	it	it	PRON
ajfa-11962	193	4	was	be	AUX
ajfa-11962	193	5	also	also	ADV
ajfa-11962	193	6	found	find	VERB
ajfa-11962	193	7	that	that	SCONJ
ajfa-11962	193	8	gfcf	gfcf	NOUN
ajfa-11962	193	9	does	do	AUX
ajfa-11962	193	10	not	not	PART
ajfa-11962	193	11	explain	explain	VERB
ajfa-11962	193	12	changes	change	NOUN
ajfa-11962	193	13	in	in	ADP
ajfa-11962	193	14	stock	stock	NOUN
ajfa-11962	193	15	returns	return	NOUN
ajfa-11962	193	16	.	.	PUNCT
ajfa-11962	194	1	this	this	PRON
ajfa-11962	194	2	could	could	AUX
ajfa-11962	194	3	be	be	AUX
ajfa-11962	194	4	possibly	possibly	ADV
ajfa-11962	194	5	be	be	AUX
ajfa-11962	194	6	explained	explain	VERB
ajfa-11962	194	7	acquisitions	acquisition	NOUN
ajfa-11962	194	8	of	of	ADP
ajfa-11962	194	9	fixed	fix	VERB
ajfa-11962	194	10	assets	asset	NOUN
ajfa-11962	194	11	are	be	AUX
ajfa-11962	194	12	for	for	ADP
ajfa-11962	194	13	future	future	ADJ
ajfa-11962	194	14	benefits	benefit	NOUN
ajfa-11962	194	15	,	,	PUNCT
ajfa-11962	194	16	for	for	ADP
ajfa-11962	194	17	example	example	NOUN
ajfa-11962	194	18	business	business	NOUN
ajfa-11962	194	19	expansion	expansion	NOUN
ajfa-11962	194	20	,	,	PUNCT
ajfa-11962	194	21	which	which	PRON
ajfa-11962	194	22	in	in	ADP
ajfa-11962	194	23	turn	turn	NOUN
ajfa-11962	194	24	leads	lead	VERB
ajfa-11962	194	25	to	to	ADP
ajfa-11962	194	26	a	a	DET
ajfa-11962	194	27	better	well	ADJ
ajfa-11962	194	28	present	present	ADJ
ajfa-11962	194	29	value	value	NOUN
ajfa-11962	194	30	valuation	valuation	NOUN
ajfa-11962	194	31	of	of	ADP
ajfa-11962	194	32	a	a	DET
ajfa-11962	194	33	firm	firm	NOUN
ajfa-11962	194	34	’s	’s	PART
ajfa-11962	194	35	stocks	stock	NOUN
ajfa-11962	194	36	,	,	PUNCT
ajfa-11962	194	37	and	and	CCONJ
ajfa-11962	194	38	hence	hence	ADV
ajfa-11962	194	39	influencing	influence	VERB
ajfa-11962	194	40	stock	stock	NOUN
ajfa-11962	194	41	returns	return	NOUN
ajfa-11962	194	42	.	.	PUNCT
ajfa-11962	195	1	5.4.8	5.4.8	NUM
ajfa-11962	195	2	hypothesis	hypothesis	NOUN
ajfa-11962	195	3	8	8	NUM
ajfa-11962	195	4	:	:	PUNCT
ajfa-11962	195	5	total	total	ADJ
ajfa-11962	195	6	industrial	industrial	ADJ
ajfa-11962	195	7	production	production	NOUN
ajfa-11962	195	8	has	have	VERB
ajfa-11962	195	9	a	a	DET
ajfa-11962	195	10	positive	positive	ADJ
ajfa-11962	195	11	impact	impact	NOUN
ajfa-11962	195	12	on	on	ADP
ajfa-11962	195	13	sti	sti	PROPN
ajfa-11962	195	14	industrial	industrial	PROPN
ajfa-11962	195	15	production	production	NOUN
ajfa-11962	195	16	was	be	AUX
ajfa-11962	195	17	found	find	VERB
ajfa-11962	195	18	to	to	PART
ajfa-11962	195	19	have	have	VERB
ajfa-11962	195	20	a	a	DET
ajfa-11962	195	21	positive	positive	ADJ
ajfa-11962	195	22	short	short	ADJ
ajfa-11962	195	23	-	-	PUNCT
ajfa-11962	195	24	term	term	NOUN
ajfa-11962	195	25	effect	effect	NOUN
ajfa-11962	195	26	on	on	ADP
ajfa-11962	195	27	the	the	DET
ajfa-11962	195	28	sti	sti	PROPN
ajfa-11962	195	29	,	,	PUNCT
ajfa-11962	195	30	and	and	CCONJ
ajfa-11962	195	31	it	it	PRON
ajfa-11962	195	32	was	be	AUX
ajfa-11962	195	33	found	find	VERB
ajfa-11962	195	34	that	that	SCONJ
ajfa-11962	195	35	about	about	ADV
ajfa-11962	195	36	2	2	NUM
ajfa-11962	195	37	%	%	NOUN
ajfa-11962	195	38	of	of	ADP
ajfa-11962	195	39	variance	variance	NOUN
ajfa-11962	195	40	observed	observe	VERB
ajfa-11962	195	41	in	in	ADP
ajfa-11962	195	42	the	the	DET
ajfa-11962	195	43	sti	sti	PROPN
ajfa-11962	195	44	was	be	AUX
ajfa-11962	195	45	attributable	attributable	ADJ
ajfa-11962	195	46	to	to	ADP
ajfa-11962	195	47	industrial	industrial	ADJ
ajfa-11962	195	48	production	production	NOUN
ajfa-11962	195	49	.	.	PUNCT
ajfa-11962	196	1	this	this	PRON
ajfa-11962	196	2	means	mean	VERB
ajfa-11962	196	3	industrial	industrial	ADJ
ajfa-11962	196	4	production	production	NOUN
ajfa-11962	196	5	positively	positively	ADV
ajfa-11962	196	6	drives	drive	VERB
ajfa-11962	196	7	stock	stock	NOUN
ajfa-11962	196	8	returns	return	NOUN
ajfa-11962	196	9	in	in	ADP
ajfa-11962	196	10	singapore	singapore	PROPN
ajfa-11962	196	11	;	;	PUNCT
ajfa-11962	196	12	accounting	account	VERB
ajfa-11962	196	13	for	for	ADP
ajfa-11962	196	14	about	about	ADV
ajfa-11962	196	15	2	2	NUM
ajfa-11962	196	16	%	%	NOUN
ajfa-11962	196	17	of	of	ADP
ajfa-11962	196	18	such	such	ADJ
ajfa-11962	196	19	returns	return	NOUN
ajfa-11962	196	20	.	.	PUNCT
ajfa-11962	197	1	this	this	DET
ajfa-11962	197	2	finding	finding	NOUN
ajfa-11962	197	3	was	be	AUX
ajfa-11962	197	4	in	in	ADP
ajfa-11962	197	5	line	line	NOUN
ajfa-11962	197	6	with	with	ADP
ajfa-11962	197	7	expectations	expectation	NOUN
ajfa-11962	197	8	,	,	PUNCT
ajfa-11962	197	9	validating	validate	VERB
ajfa-11962	197	10	industrial	industrial	ADJ
ajfa-11962	197	11	production	production	NOUN
ajfa-11962	197	12	as	as	ADP
ajfa-11962	197	13	a	a	DET
ajfa-11962	197	14	reliable	reliable	ADJ
ajfa-11962	197	15	indicator	indicator	NOUN
ajfa-11962	197	16	of	of	ADP
ajfa-11962	197	17	economic	economic	ADJ
ajfa-11962	197	18	strength	strength	NOUN
ajfa-11962	197	19	(	(	PUNCT
ajfa-11962	197	20	ministry	ministry	NOUN
ajfa-11962	197	21	of	of	ADP
ajfa-11962	197	22	trade	trade	NOUN
ajfa-11962	197	23	and	and	CCONJ
ajfa-11962	197	24	industry	industry	NOUN
ajfa-11962	197	25	,	,	PUNCT
ajfa-11962	197	26	2017	2017	NUM
ajfa-11962	197	27	)	)	PUNCT
ajfa-11962	197	28	.	.	PUNCT
ajfa-11962	198	1	5.4.9	5.4.9	NUM
ajfa-11962	198	2	hypothesis	hypothesis	NOUN
ajfa-11962	198	3	9	9	NUM
ajfa-11962	198	4	:	:	PUNCT
ajfa-11962	198	5	total	total	ADJ
ajfa-11962	198	6	merchandise	merchandise	NOUN
ajfa-11962	198	7	trade	trade	NOUN
ajfa-11962	198	8	has	have	VERB
ajfa-11962	198	9	a	a	DET
ajfa-11962	198	10	positive	positive	ADJ
ajfa-11962	198	11	impact	impact	NOUN
ajfa-11962	198	12	on	on	ADP
ajfa-11962	198	13	sti	sti	PROPN
ajfa-11962	198	14	merchandise	merchandise	PROPN
ajfa-11962	198	15	trade	trade	NOUN
ajfa-11962	198	16	was	be	AUX
ajfa-11962	198	17	found	find	VERB
ajfa-11962	198	18	to	to	PART
ajfa-11962	198	19	have	have	VERB
ajfa-11962	198	20	a	a	DET
ajfa-11962	198	21	positive	positive	ADJ
ajfa-11962	198	22	impact	impact	NOUN
ajfa-11962	198	23	on	on	ADP
ajfa-11962	198	24	the	the	DET
ajfa-11962	198	25	sti	sti	PROPN
ajfa-11962	198	26	in	in	ADP
ajfa-11962	198	27	the	the	DET
ajfa-11962	198	28	short	short	ADJ
ajfa-11962	198	29	-	-	PUNCT
ajfa-11962	198	30	run	run	NOUN
ajfa-11962	198	31	,	,	PUNCT
ajfa-11962	198	32	and	and	CCONJ
ajfa-11962	198	33	it	it	PRON
ajfa-11962	198	34	was	be	AUX
ajfa-11962	198	35	found	find	VERB
ajfa-11962	198	36	that	that	SCONJ
ajfa-11962	198	37	approximately	approximately	ADV
ajfa-11962	198	38	2	2	NUM
ajfa-11962	198	39	%	%	NOUN
ajfa-11962	198	40	of	of	ADP
ajfa-11962	198	41	variance	variance	NOUN
ajfa-11962	198	42	observed	observe	VERB
ajfa-11962	198	43	in	in	ADP
ajfa-11962	198	44	the	the	DET
ajfa-11962	198	45	sti	sti	PROPN
ajfa-11962	198	46	was	be	AUX
ajfa-11962	198	47	attributable	attributable	ADJ
ajfa-11962	198	48	to	to	ADP
ajfa-11962	198	49	merchandise	merchandise	NOUN
ajfa-11962	198	50	trade	trade	NOUN
ajfa-11962	198	51	.	.	PUNCT
ajfa-11962	199	1	this	this	PRON
ajfa-11962	199	2	means	mean	VERB
ajfa-11962	199	3	merchandise	merchandise	NOUN
ajfa-11962	199	4	trade	trade	NOUN
ajfa-11962	199	5	positively	positively	ADV
ajfa-11962	199	6	influences	influence	VERB
ajfa-11962	199	7	stock	stock	NOUN
ajfa-11962	199	8	returns	return	NOUN
ajfa-11962	199	9	in	in	ADP
ajfa-11962	199	10	singapore	singapore	PROPN
ajfa-11962	199	11	;	;	PUNCT
ajfa-11962	199	12	accounting	account	VERB
ajfa-11962	199	13	for	for	ADP
ajfa-11962	199	14	about	about	ADV
ajfa-11962	199	15	2	2	NUM
ajfa-11962	199	16	%	%	NOUN
ajfa-11962	199	17	of	of	ADP
ajfa-11962	199	18	these	these	DET
ajfa-11962	199	19	returns	return	NOUN
ajfa-11962	199	20	.	.	PUNCT
ajfa-11962	200	1	this	this	DET
ajfa-11962	200	2	finding	finding	NOUN
ajfa-11962	200	3	was	be	AUX
ajfa-11962	200	4	in	in	ADP
ajfa-11962	200	5	line	line	NOUN
ajfa-11962	200	6	with	with	ADP
ajfa-11962	200	7	expectations	expectation	NOUN
ajfa-11962	200	8	,	,	PUNCT
ajfa-11962	200	9	validating	validate	VERB
ajfa-11962	200	10	industrial	industrial	ADJ
ajfa-11962	200	11	production	production	NOUN
ajfa-11962	200	12	as	as	ADP
ajfa-11962	200	13	a	a	DET
ajfa-11962	200	14	reliable	reliable	ADJ
ajfa-11962	200	15	indicator	indicator	NOUN
ajfa-11962	200	16	of	of	ADP
ajfa-11962	200	17	economic	economic	ADJ
ajfa-11962	200	18	strength	strength	NOUN
ajfa-11962	200	19	(	(	PUNCT
ajfa-11962	200	20	ministry	ministry	NOUN
ajfa-11962	200	21	of	of	ADP
ajfa-11962	200	22	trade	trade	NOUN
ajfa-11962	200	23	and	and	CCONJ
ajfa-11962	200	24	industry	industry	NOUN
ajfa-11962	200	25	,	,	PUNCT
ajfa-11962	200	26	2017	2017	NUM
ajfa-11962	200	27	)	)	PUNCT
ajfa-11962	200	28	.	.	PUNCT
ajfa-11962	201	1	5.4.10	5.4.10	NUM
ajfa-11962	201	2	hypothesis	hypothesis	NOUN
ajfa-11962	201	3	10	10	NUM
ajfa-11962	201	4	:	:	PUNCT
ajfa-11962	201	5	unit	unit	NOUN
ajfa-11962	201	6	of	of	ADP
ajfa-11962	201	7	labour	labour	NOUN
ajfa-11962	201	8	cost	cost	NOUN
ajfa-11962	201	9	has	have	VERB
ajfa-11962	201	10	a	a	DET
ajfa-11962	201	11	negative	negative	ADJ
ajfa-11962	201	12	impact	impact	NOUN
ajfa-11962	201	13	on	on	ADP
ajfa-11962	201	14	sti	sti	PROPN
ajfa-11962	201	15	the	the	DET
ajfa-11962	201	16	cost	cost	NOUN
ajfa-11962	201	17	of	of	ADP
ajfa-11962	201	18	labour	labour	NOUN
ajfa-11962	201	19	was	be	AUX
ajfa-11962	201	20	found	find	VERB
ajfa-11962	201	21	to	to	PART
ajfa-11962	201	22	have	have	VERB
ajfa-11962	201	23	a	a	DET
ajfa-11962	201	24	short	short	ADJ
ajfa-11962	201	25	-	-	PUNCT
ajfa-11962	201	26	term	term	NOUN
ajfa-11962	201	27	positive	positive	ADJ
ajfa-11962	201	28	impact	impact	NOUN
ajfa-11962	201	29	on	on	ADP
ajfa-11962	201	30	the	the	DET
ajfa-11962	201	31	sti	sti	PROPN
ajfa-11962	201	32	,	,	PUNCT
ajfa-11962	201	33	and	and	CCONJ
ajfa-11962	201	34	it	it	PRON
ajfa-11962	201	35	was	be	AUX
ajfa-11962	201	36	found	find	VERB
ajfa-11962	201	37	that	that	SCONJ
ajfa-11962	201	38	nearly	nearly	ADV
ajfa-11962	201	39	0	0	NUM
ajfa-11962	201	40	%	%	NOUN
ajfa-11962	201	41	of	of	ADP
ajfa-11962	201	42	variance	variance	NOUN
ajfa-11962	201	43	observed	observe	VERB
ajfa-11962	201	44	in	in	ADP
ajfa-11962	201	45	the	the	DET
ajfa-11962	201	46	sti	sti	PROPN
ajfa-11962	201	47	was	be	AUX
ajfa-11962	201	48	attributable	attributable	ADJ
ajfa-11962	201	49	to	to	ADP
ajfa-11962	201	50	the	the	DET
ajfa-11962	201	51	unit	unit	NOUN
ajfa-11962	201	52	of	of	ADP
ajfa-11962	201	53	labour	labour	ADJ
ajfa-11962	201	54	cost	cost	NOUN
ajfa-11962	201	55	.	.	PUNCT
ajfa-11962	202	1	this	this	PRON
ajfa-11962	202	2	means	mean	VERB
ajfa-11962	202	3	the	the	DET
ajfa-11962	202	4	same	same	ADJ
ajfa-11962	202	5	driver	driver	NOUN
ajfa-11962	202	6	of	of	ADP
ajfa-11962	202	7	rising	rise	VERB
ajfa-11962	202	8	labour	labour	NOUN
ajfa-11962	202	9	costs	cost	NOUN
ajfa-11962	202	10	also	also	ADV
ajfa-11962	202	11	impacts	impact	VERB
ajfa-11962	202	12	stock	stock	NOUN
ajfa-11962	202	13	returns	return	NOUN
ajfa-11962	202	14	in	in	ADP
ajfa-11962	202	15	singapore	singapore	PROPN
ajfa-11962	202	16	in	in	ADP
ajfa-11962	202	17	the	the	DET
ajfa-11962	202	18	same	same	ADJ
ajfa-11962	202	19	direction	direction	NOUN
ajfa-11962	202	20	.	.	PUNCT
ajfa-11962	203	1	this	this	DET
ajfa-11962	203	2	finding	finding	NOUN
ajfa-11962	203	3	was	be	AUX
ajfa-11962	203	4	not	not	PART
ajfa-11962	203	5	in	in	ADP
ajfa-11962	203	6	line	line	NOUN
ajfa-11962	203	7	with	with	ADP
ajfa-11962	203	8	expectations	expectation	NOUN
ajfa-11962	203	9	.	.	PUNCT
ajfa-11962	204	1	one	one	NUM
ajfa-11962	204	2	explanation	explanation	NOUN
ajfa-11962	204	3	for	for	ADP
ajfa-11962	204	4	this	this	DET
ajfa-11962	204	5	discovered	discover	VERB
ajfa-11962	204	6	positive	positive	ADJ
ajfa-11962	204	7	relationship	relationship	NOUN
ajfa-11962	204	8	is	be	AUX
ajfa-11962	204	9	that	that	SCONJ
ajfa-11962	204	10	as	as	ADP
ajfa-11962	204	11	a	a	DET
ajfa-11962	204	12	net	net	ADJ
ajfa-11962	204	13	exporter	exporter	NOUN
ajfa-11962	204	14	,	,	PUNCT
ajfa-11962	204	15	a	a	DET
ajfa-11962	204	16	significant	significant	ADJ
ajfa-11962	204	17	proportion	proportion	NOUN
ajfa-11962	204	18	of	of	ADP
ajfa-11962	204	19	the	the	DET
ajfa-11962	204	20	money	money	NOUN
ajfa-11962	204	21	used	use	VERB
ajfa-11962	204	22	to	to	PART
ajfa-11962	204	23	pay	pay	VERB
ajfa-11962	204	24	for	for	ADP
ajfa-11962	204	25	labour	labour	ADJ
ajfa-11962	204	26	costs	cost	NOUN
ajfa-11962	204	27	in	in	ADP
ajfa-11962	204	28	singapore	singapore	PROPN
ajfa-11962	204	29	comes	come	VERB
ajfa-11962	204	30	from	from	ADP
ajfa-11962	204	31	the	the	DET
ajfa-11962	204	32	foreign	foreign	ADJ
ajfa-11962	204	33	trade	trade	NOUN
ajfa-11962	204	34	partners	partner	NOUN
ajfa-11962	204	35	.	.	PUNCT
ajfa-11962	205	1	as	as	ADP
ajfa-11962	205	2	such	such	ADJ
ajfa-11962	205	3	,	,	PUNCT
ajfa-11962	205	4	the	the	PRON
ajfa-11962	205	5	higher	high	ADJ
ajfa-11962	205	6	the	the	DET
ajfa-11962	205	7	unit	unit	NOUN
ajfa-11962	205	8	of	of	ADP
ajfa-11962	205	9	labour	labour	PROPN
ajfa-11962	205	10	cost	cost	NOUN
ajfa-11962	205	11	,	,	PUNCT
ajfa-11962	205	12	the	the	PRON
ajfa-11962	205	13	greater	great	ADJ
ajfa-11962	205	14	the	the	DET
ajfa-11962	205	15	amount	amount	NOUN
ajfa-11962	205	16	of	of	ADP
ajfa-11962	205	17	money	money	NOUN
ajfa-11962	205	18	in	in	ADP
ajfa-11962	205	19	circulation	circulation	NOUN
ajfa-11962	205	20	in	in	ADP
ajfa-11962	205	21	singapore	singapore	PROPN
ajfa-11962	205	22	(	(	PUNCT
ajfa-11962	205	23	i.e.	i.e.	X
ajfa-11962	205	24	m1	m1	NOUN
ajfa-11962	205	25	of	of	ADP
ajfa-11962	205	26	monetary	monetary	ADJ
ajfa-11962	205	27	supply	supply	NOUN
ajfa-11962	205	28	)	)	PUNCT
ajfa-11962	205	29	,	,	PUNCT
ajfa-11962	205	30	which	which	PRON
ajfa-11962	205	31	has	have	VERB
ajfa-11962	205	32	a	a	DET
ajfa-11962	205	33	positive	positive	ADJ
ajfa-11962	205	34	impact	impact	NOUN
ajfa-11962	205	35	on	on	ADP
ajfa-11962	205	36	asian	asian	ADJ
ajfa-11962	205	37	journal	journal	NOUN
ajfa-11962	205	38	of	of	ADP
ajfa-11962	205	39	finance	finance	PROPN
ajfa-11962	205	40	&	&	CCONJ
ajfa-11962	205	41	accounting	accounting	PROPN
ajfa-11962	205	42	issn	issn	PROPN
ajfa-11962	205	43	1946	1946	NUM
ajfa-11962	205	44	-	-	PUNCT
ajfa-11962	205	45	052x	052x	PROPN
ajfa-11962	205	46	2017	2017	NUM
ajfa-11962	205	47	,	,	PUNCT
ajfa-11962	205	48	vol	vol	NOUN
ajfa-11962	205	49	.	.	NOUN
ajfa-11962	205	50	9	9	NUM
ajfa-11962	205	51	,	,	PUNCT
ajfa-11962	205	52	no	no	NOUN
ajfa-11962	205	53	.	.	NOUN
ajfa-11962	205	54	2	2	NUM
ajfa-11962	205	55	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	205	56	235	235	NUM
ajfa-11962	205	57	stock	stock	NOUN
ajfa-11962	205	58	returns	return	NOUN
ajfa-11962	205	59	in	in	ADP
ajfa-11962	205	60	singapore	singapore	PROPN
ajfa-11962	205	61	.	.	PUNCT
ajfa-11962	206	1	this	this	PRON
ajfa-11962	206	2	also	also	ADV
ajfa-11962	206	3	possibly	possibly	ADV
ajfa-11962	206	4	explains	explain	VERB
ajfa-11962	206	5	why	why	SCONJ
ajfa-11962	206	6	labour	labour	NOUN
ajfa-11962	206	7	costs	cost	NOUN
ajfa-11962	206	8	do	do	AUX
ajfa-11962	206	9	not	not	PART
ajfa-11962	206	10	directly	directly	ADV
ajfa-11962	206	11	explain	explain	VERB
ajfa-11962	206	12	changes	change	NOUN
ajfa-11962	206	13	in	in	ADP
ajfa-11962	206	14	stock	stock	NOUN
ajfa-11962	206	15	returns	return	NOUN
ajfa-11962	206	16	;	;	PUNCT
ajfa-11962	206	17	as	as	SCONJ
ajfa-11962	206	18	the	the	DET
ajfa-11962	206	19	impact	impact	NOUN
ajfa-11962	206	20	it	it	PRON
ajfa-11962	206	21	has	have	VERB
ajfa-11962	206	22	is	be	AUX
ajfa-11962	206	23	indirect	indirect	ADJ
ajfa-11962	206	24	via	via	ADP
ajfa-11962	206	25	monetary	monetary	ADJ
ajfa-11962	206	26	supply	supply	NOUN
ajfa-11962	206	27	.	.	PUNCT
ajfa-11962	207	1	this	this	PRON
ajfa-11962	207	2	also	also	ADV
ajfa-11962	207	3	possibly	possibly	ADV
ajfa-11962	207	4	explains	explain	VERB
ajfa-11962	207	5	the	the	DET
ajfa-11962	207	6	manner	manner	NOUN
ajfa-11962	207	7	in	in	ADP
ajfa-11962	207	8	which	which	PRON
ajfa-11962	207	9	labour	labour	NOUN
ajfa-11962	207	10	costs	cost	NOUN
ajfa-11962	207	11	explain	explain	VERB
ajfa-11962	207	12	about	about	ADP
ajfa-11962	207	13	3	3	NUM
ajfa-11962	207	14	%	%	NOUN
ajfa-11962	207	15	of	of	ADP
ajfa-11962	207	16	the	the	DET
ajfa-11962	207	17	changes	change	NOUN
ajfa-11962	207	18	in	in	ADP
ajfa-11962	207	19	monetary	monetary	ADJ
ajfa-11962	207	20	supply	supply	NOUN
ajfa-11962	207	21	.	.	PUNCT
ajfa-11962	208	1	5	5	X
ajfa-11962	208	2	.	.	X
ajfa-11962	208	3	limitations	limitation	NOUN
ajfa-11962	208	4	and	and	CCONJ
ajfa-11962	208	5	further	further	ADJ
ajfa-11962	208	6	research	research	NOUN
ajfa-11962	208	7	this	this	DET
ajfa-11962	208	8	research	research	NOUN
ajfa-11962	208	9	did	do	AUX
ajfa-11962	208	10	not	not	PART
ajfa-11962	208	11	take	take	VERB
ajfa-11962	208	12	into	into	ADP
ajfa-11962	208	13	consideration	consideration	NOUN
ajfa-11962	208	14	the	the	DET
ajfa-11962	208	15	impact	impact	NOUN
ajfa-11962	208	16	that	that	PRON
ajfa-11962	208	17	the	the	DET
ajfa-11962	208	18	selected	select	VERB
ajfa-11962	208	19	macroeconomic	macroeconomic	ADJ
ajfa-11962	208	20	variables	variable	NOUN
ajfa-11962	208	21	had	have	VERB
ajfa-11962	208	22	on	on	ADP
ajfa-11962	208	23	individual	individual	ADJ
ajfa-11962	208	24	sectoral	sectoral	ADJ
ajfa-11962	208	25	stock	stock	NOUN
ajfa-11962	208	26	indices	index	NOUN
ajfa-11962	208	27	;	;	PUNCT
ajfa-11962	208	28	with	with	ADP
ajfa-11962	208	29	reference	reference	NOUN
ajfa-11962	208	30	to	to	ADP
ajfa-11962	208	31	the	the	DET
ajfa-11962	208	32	methodology	methodology	NOUN
ajfa-11962	208	33	employed	employ	VERB
ajfa-11962	208	34	by	by	ADP
ajfa-11962	208	35	kurniawati	kurniawati	PROPN
ajfa-11962	208	36	et	et	PROPN
ajfa-11962	208	37	al	al	PROPN
ajfa-11962	208	38	.	.	PUNCT
ajfa-11962	209	1	(	(	PUNCT
ajfa-11962	209	2	2016	2016	NUM
ajfa-11962	209	3	)	)	PUNCT
ajfa-11962	209	4	,	,	PUNCT
ajfa-11962	209	5	and	and	CCONJ
ajfa-11962	209	6	in	in	ADP
ajfa-11962	209	7	doing	do	VERB
ajfa-11962	209	8	so	so	ADV
ajfa-11962	209	9	,	,	PUNCT
ajfa-11962	209	10	that	that	DET
ajfa-11962	209	11	study	study	NOUN
ajfa-11962	209	12	was	be	AUX
ajfa-11962	209	13	able	able	ADJ
ajfa-11962	209	14	to	to	PART
ajfa-11962	209	15	utilize	utilize	VERB
ajfa-11962	209	16	their	their	PRON
ajfa-11962	209	17	svar	svar	PROPN
ajfa-11962	209	18	model	model	NOUN
ajfa-11962	209	19	to	to	PART
ajfa-11962	209	20	obtain	obtain	VERB
ajfa-11962	209	21	a	a	DET
ajfa-11962	209	22	more	more	ADV
ajfa-11962	209	23	informed	informed	ADJ
ajfa-11962	209	24	insight	insight	NOUN
ajfa-11962	209	25	into	into	ADP
ajfa-11962	209	26	how	how	SCONJ
ajfa-11962	209	27	macroeconomic	macroeconomic	ADJ
ajfa-11962	209	28	variables	variable	NOUN
ajfa-11962	209	29	impacted	impact	VERB
ajfa-11962	209	30	the	the	DET
ajfa-11962	209	31	different	different	ADJ
ajfa-11962	209	32	sectoral	sectoral	ADJ
ajfa-11962	209	33	indices	index	NOUN
ajfa-11962	209	34	,	,	PUNCT
ajfa-11962	209	35	which	which	PRON
ajfa-11962	209	36	in	in	ADP
ajfa-11962	209	37	turn	turn	NOUN
ajfa-11962	209	38	impacted	impact	VERB
ajfa-11962	209	39	the	the	DET
ajfa-11962	209	40	overall	overall	ADJ
ajfa-11962	209	41	jakarta	jakarta	PROPN
ajfa-11962	209	42	composite	composite	PROPN
ajfa-11962	209	43	index	index	NOUN
ajfa-11962	209	44	.	.	PUNCT
ajfa-11962	210	1	having	having	AUX
ajfa-11962	210	2	employed	employ	VERB
ajfa-11962	210	3	an	an	DET
ajfa-11962	210	4	svar	svar	PROPN
ajfa-11962	210	5	model	model	NOUN
ajfa-11962	210	6	,	,	PUNCT
ajfa-11962	210	7	this	this	DET
ajfa-11962	210	8	research	research	NOUN
ajfa-11962	210	9	’s	’s	PART
ajfa-11962	210	10	methodology	methodology	NOUN
ajfa-11962	210	11	utilized	utilize	VERB
ajfa-11962	210	12	certain	certain	ADJ
ajfa-11962	210	13	assumptions	assumption	NOUN
ajfa-11962	210	14	with	with	ADP
ajfa-11962	210	15	regards	regard	NOUN
ajfa-11962	210	16	to	to	ADP
ajfa-11962	210	17	the	the	DET
ajfa-11962	210	18	structural	structural	ADJ
ajfa-11962	210	19	restrictions	restriction	NOUN
ajfa-11962	210	20	being	be	AUX
ajfa-11962	210	21	placed	place	VERB
ajfa-11962	210	22	on	on	ADP
ajfa-11962	210	23	the	the	DET
ajfa-11962	210	24	unobserved	unobserved	ADJ
ajfa-11962	210	25	structural	structural	ADJ
ajfa-11962	210	26	innovations	innovation	NOUN
ajfa-11962	210	27	in	in	ADP
ajfa-11962	210	28	the	the	DET
ajfa-11962	210	29	svar	svar	PROPN
ajfa-11962	210	30	model	model	NOUN
ajfa-11962	210	31	(	(	PUNCT
ajfa-11962	210	32	i.e.	i.e.	X
ajfa-11962	210	33	ut	ut	PROPN
ajfa-11962	210	34	)	)	PUNCT
ajfa-11962	210	35	.	.	PUNCT
ajfa-11962	211	1	the	the	DET
ajfa-11962	211	2	b	b	PROPN
ajfa-11962	211	3	matrix	matrix	NOUN
ajfa-11962	211	4	applied	apply	VERB
ajfa-11962	211	5	to	to	ADP
ajfa-11962	211	6	ut	ut	PROPN
ajfa-11962	211	7	was	be	AUX
ajfa-11962	211	8	a	a	DET
ajfa-11962	211	9	square	square	ADJ
ajfa-11962	211	10	(	(	PUNCT
ajfa-11962	211	11	k	k	PROPN
ajfa-11962	211	12	*	*	PUNCT
ajfa-11962	211	13	k	k	NOUN
ajfa-11962	211	14	)	)	PUNCT
ajfa-11962	211	15	matrix	matrix	NOUN
ajfa-11962	211	16	;	;	PUNCT
ajfa-11962	211	17	riding	ride	VERB
ajfa-11962	211	18	on	on	ADP
ajfa-11962	211	19	the	the	DET
ajfa-11962	211	20	assumption	assumption	NOUN
ajfa-11962	211	21	that	that	SCONJ
ajfa-11962	211	22	the	the	DET
ajfa-11962	211	23	number	number	NOUN
ajfa-11962	211	24	of	of	ADP
ajfa-11962	211	25	equations	equation	NOUN
ajfa-11962	211	26	in	in	ADP
ajfa-11962	211	27	the	the	DET
ajfa-11962	211	28	matrix	matrix	NOUN
ajfa-11962	211	29	is	be	AUX
ajfa-11962	211	30	equal	equal	ADJ
ajfa-11962	211	31	to	to	ADP
ajfa-11962	211	32	the	the	DET
ajfa-11962	211	33	number	number	NOUN
ajfa-11962	211	34	of	of	ADP
ajfa-11962	211	35	orthonormal	orthonormal	ADJ
ajfa-11962	211	36	disturbances	disturbance	NOUN
ajfa-11962	211	37	(	(	PUNCT
ajfa-11962	211	38	amisano	amisano	NOUN
ajfa-11962	211	39	and	and	CCONJ
ajfa-11962	211	40	giannini	giannini	PROPN
ajfa-11962	211	41	,	,	PUNCT
ajfa-11962	211	42	1996	1996	NUM
ajfa-11962	211	43	;	;	PUNCT
ajfa-11962	211	44	gottschalk	gottschalk	NOUN
ajfa-11962	211	45	,	,	PUNCT
ajfa-11962	211	46	2001	2001	NUM
ajfa-11962	211	47	)	)	PUNCT
ajfa-11962	211	48	.	.	PUNCT
ajfa-11962	212	1	as	as	ADP
ajfa-11962	212	2	such	such	ADJ
ajfa-11962	212	3	,	,	PUNCT
ajfa-11962	212	4	there	there	PRON
ajfa-11962	212	5	is	be	VERB
ajfa-11962	212	6	the	the	DET
ajfa-11962	212	7	possibility	possibility	NOUN
ajfa-11962	212	8	that	that	SCONJ
ajfa-11962	212	9	not	not	PART
ajfa-11962	212	10	all	all	DET
ajfa-11962	212	11	orthonormal	orthonormal	ADJ
ajfa-11962	212	12	disturbances	disturbance	NOUN
ajfa-11962	212	13	this	this	DET
ajfa-11962	212	14	model	model	NOUN
ajfa-11962	212	15	faced	face	VERB
ajfa-11962	212	16	were	be	AUX
ajfa-11962	212	17	explained	explain	VERB
ajfa-11962	212	18	.	.	PUNCT
ajfa-11962	213	1	further	further	ADJ
ajfa-11962	213	2	research	research	NOUN
ajfa-11962	213	3	could	could	AUX
ajfa-11962	213	4	be	be	AUX
ajfa-11962	213	5	done	do	VERB
ajfa-11962	213	6	to	to	PART
ajfa-11962	213	7	account	account	VERB
ajfa-11962	213	8	for	for	ADP
ajfa-11962	213	9	more	more	ADJ
ajfa-11962	213	10	of	of	ADP
ajfa-11962	213	11	these	these	DET
ajfa-11962	213	12	shocks	shock	NOUN
ajfa-11962	213	13	to	to	ADP
ajfa-11962	213	14	the	the	DET
ajfa-11962	213	15	model	model	NOUN
ajfa-11962	213	16	.	.	PUNCT
ajfa-11962	214	1	in	in	ADP
ajfa-11962	214	2	addition	addition	NOUN
ajfa-11962	214	3	,	,	PUNCT
ajfa-11962	214	4	when	when	SCONJ
ajfa-11962	214	5	using	use	VERB
ajfa-11962	214	6	the	the	DET
ajfa-11962	214	7	straits	strait	NOUN
ajfa-11962	214	8	times	time	NOUN
ajfa-11962	214	9	index	index	NOUN
ajfa-11962	214	10	as	as	ADP
ajfa-11962	214	11	a	a	DET
ajfa-11962	214	12	measure	measure	NOUN
ajfa-11962	214	13	for	for	ADP
ajfa-11962	214	14	stock	stock	NOUN
ajfa-11962	214	15	returns	return	NOUN
ajfa-11962	214	16	,	,	PUNCT
ajfa-11962	214	17	not	not	PART
ajfa-11962	214	18	the	the	DET
ajfa-11962	214	19	entire	entire	ADJ
ajfa-11962	214	20	singaporean	singaporean	ADJ
ajfa-11962	214	21	stock	stock	NOUN
ajfa-11962	214	22	market	market	NOUN
ajfa-11962	214	23	was	be	AUX
ajfa-11962	214	24	taken	take	VERB
ajfa-11962	214	25	into	into	ADP
ajfa-11962	214	26	account	account	NOUN
ajfa-11962	214	27	.	.	PUNCT
ajfa-11962	215	1	the	the	DET
ajfa-11962	215	2	sti	sti	PROPN
ajfa-11962	215	3	measures	measure	VERB
ajfa-11962	215	4	only	only	ADV
ajfa-11962	215	5	the	the	DET
ajfa-11962	215	6	top	top	ADJ
ajfa-11962	215	7	30	30	NUM
ajfa-11962	215	8	stocks	stock	NOUN
ajfa-11962	215	9	in	in	ADP
ajfa-11962	215	10	the	the	DET
ajfa-11962	215	11	market	market	NOUN
ajfa-11962	215	12	,	,	PUNCT
ajfa-11962	215	13	and	and	CCONJ
ajfa-11962	215	14	these	these	DET
ajfa-11962	215	15	individual	individual	ADJ
ajfa-11962	215	16	stocks	stock	NOUN
ajfa-11962	215	17	could	could	AUX
ajfa-11962	215	18	have	have	AUX
ajfa-11962	215	19	been	be	AUX
ajfa-11962	215	20	replaced	replace	VERB
ajfa-11962	215	21	over	over	ADP
ajfa-11962	215	22	time	time	NOUN
ajfa-11962	215	23	;	;	PUNCT
ajfa-11962	215	24	hence	hence	ADV
ajfa-11962	215	25	making	make	VERB
ajfa-11962	215	26	it	it	PRON
ajfa-11962	215	27	an	an	DET
ajfa-11962	215	28	unreliable	unreliable	ADJ
ajfa-11962	215	29	measure	measure	NOUN
ajfa-11962	215	30	of	of	ADP
ajfa-11962	215	31	stock	stock	NOUN
ajfa-11962	215	32	returns	return	NOUN
ajfa-11962	215	33	in	in	ADP
ajfa-11962	215	34	singapore	singapore	PROPN
ajfa-11962	215	35	overall	overall	ADV
ajfa-11962	215	36	(	(	PUNCT
ajfa-11962	215	37	ftse	ftse	PROPN
ajfa-11962	215	38	russell	russell	PROPN
ajfa-11962	215	39	,	,	PUNCT
ajfa-11962	215	40	2017	2017	NUM
ajfa-11962	215	41	)	)	PUNCT
ajfa-11962	215	42	.	.	PUNCT
ajfa-11962	216	1	the	the	DET
ajfa-11962	216	2	alternative	alternative	NOUN
ajfa-11962	216	3	,	,	PUNCT
ajfa-11962	216	4	however	however	ADV
ajfa-11962	216	5	,	,	PUNCT
ajfa-11962	216	6	would	would	AUX
ajfa-11962	216	7	have	have	AUX
ajfa-11962	216	8	been	be	AUX
ajfa-11962	216	9	to	to	PART
ajfa-11962	216	10	use	use	VERB
ajfa-11962	216	11	the	the	DET
ajfa-11962	216	12	ftse	ftse	NOUN
ajfa-11962	216	13	-	-	PUNCT
ajfa-11962	216	14	allshare	allshare	PROPN
ajfa-11962	216	15	,	,	PUNCT
ajfa-11962	216	16	which	which	PRON
ajfa-11962	216	17	takes	take	VERB
ajfa-11962	216	18	into	into	ADP
ajfa-11962	216	19	weighted	weighted	ADJ
ajfa-11962	216	20	account	account	NOUN
ajfa-11962	216	21	approximately	approximately	ADV
ajfa-11962	216	22	86	86	NUM
ajfa-11962	216	23	%	%	NOUN
ajfa-11962	216	24	of	of	ADP
ajfa-11962	216	25	the	the	DET
ajfa-11962	216	26	entire	entire	ADJ
ajfa-11962	216	27	domestic	domestic	ADJ
ajfa-11962	216	28	stock	stock	NOUN
ajfa-11962	216	29	market	market	NOUN
ajfa-11962	216	30	(	(	PUNCT
ajfa-11962	216	31	ftse	ftse	PROPN
ajfa-11962	216	32	russell	russell	PROPN
ajfa-11962	216	33	,	,	PUNCT
ajfa-11962	216	34	2017	2017	NUM
ajfa-11962	216	35	)	)	PUNCT
ajfa-11962	216	36	.	.	PUNCT
ajfa-11962	217	1	however	however	ADV
ajfa-11962	217	2	,	,	PUNCT
ajfa-11962	217	3	the	the	DET
ajfa-11962	217	4	allshare	allshare	PROPN
ajfa-11962	217	5	would	would	AUX
ajfa-11962	217	6	have	have	AUX
ajfa-11962	217	7	also	also	ADV
ajfa-11962	217	8	taken	take	VERB
ajfa-11962	217	9	into	into	ADP
ajfa-11962	217	10	account	account	NOUN
ajfa-11962	217	11	shares	share	NOUN
ajfa-11962	217	12	that	that	PRON
ajfa-11962	217	13	have	have	VERB
ajfa-11962	217	14	little	little	ADJ
ajfa-11962	217	15	to	to	ADP
ajfa-11962	217	16	no	no	DET
ajfa-11962	217	17	movement	movement	NOUN
ajfa-11962	217	18	in	in	ADP
ajfa-11962	217	19	spite	spite	NOUN
ajfa-11962	217	20	of	of	ADP
ajfa-11962	217	21	changes	change	NOUN
ajfa-11962	217	22	in	in	ADP
ajfa-11962	217	23	the	the	DET
ajfa-11962	217	24	macroeconomic	macroeconomic	ADJ
ajfa-11962	217	25	environment	environment	NOUN
ajfa-11962	217	26	;	;	PUNCT
ajfa-11962	217	27	resulting	result	VERB
ajfa-11962	217	28	in	in	ADP
ajfa-11962	217	29	skewed	skewed	ADJ
ajfa-11962	217	30	data	datum	NOUN
ajfa-11962	217	31	.	.	PUNCT
ajfa-11962	218	1	further	further	ADJ
ajfa-11962	218	2	research	research	NOUN
ajfa-11962	218	3	can	can	AUX
ajfa-11962	218	4	be	be	AUX
ajfa-11962	218	5	carried	carry	VERB
ajfa-11962	218	6	out	out	ADP
ajfa-11962	218	7	looking	look	VERB
ajfa-11962	218	8	into	into	ADP
ajfa-11962	218	9	which	which	PRON
ajfa-11962	218	10	index	index	NOUN
ajfa-11962	218	11	would	would	AUX
ajfa-11962	218	12	be	be	AUX
ajfa-11962	218	13	more	more	ADV
ajfa-11962	218	14	a	a	DET
ajfa-11962	218	15	more	more	ADV
ajfa-11962	218	16	reliable	reliable	ADJ
ajfa-11962	218	17	measure	measure	NOUN
ajfa-11962	218	18	for	for	ADP
ajfa-11962	218	19	the	the	DET
ajfa-11962	218	20	purposes	purpose	NOUN
ajfa-11962	218	21	of	of	ADP
ajfa-11962	218	22	research	research	NOUN
ajfa-11962	218	23	in	in	ADP
ajfa-11962	218	24	areas	area	NOUN
ajfa-11962	218	25	such	such	ADJ
ajfa-11962	218	26	as	as	ADP
ajfa-11962	218	27	this	this	PRON
ajfa-11962	218	28	.	.	PUNCT
ajfa-11962	219	1	to	to	PART
ajfa-11962	219	2	add	add	VERB
ajfa-11962	219	3	to	to	ADP
ajfa-11962	219	4	this	this	DET
ajfa-11962	219	5	point	point	NOUN
ajfa-11962	219	6	with	with	ADP
ajfa-11962	219	7	hindsight	hindsight	ADJ
ajfa-11962	219	8	,	,	PUNCT
ajfa-11962	219	9	future	future	ADJ
ajfa-11962	219	10	research	research	NOUN
ajfa-11962	219	11	could	could	AUX
ajfa-11962	219	12	possibly	possibly	ADV
ajfa-11962	219	13	entail	entail	VERB
ajfa-11962	219	14	acquiring	acquire	VERB
ajfa-11962	219	15	and	and	CCONJ
ajfa-11962	219	16	analysing	analyse	VERB
ajfa-11962	219	17	the	the	DET
ajfa-11962	219	18	prices	price	NOUN
ajfa-11962	219	19	of	of	ADP
ajfa-11962	219	20	the	the	DET
ajfa-11962	219	21	individual	individual	ADJ
ajfa-11962	219	22	stocks	stock	NOUN
ajfa-11962	219	23	or	or	CCONJ
ajfa-11962	219	24	sector	sector	NOUN
ajfa-11962	219	25	,	,	PUNCT
ajfa-11962	219	26	as	as	SCONJ
ajfa-11962	219	27	opposed	oppose	VERB
ajfa-11962	219	28	to	to	ADP
ajfa-11962	219	29	indices	index	NOUN
ajfa-11962	219	30	,	,	PUNCT
ajfa-11962	219	31	for	for	ADP
ajfa-11962	219	32	a	a	DET
ajfa-11962	219	33	higher	high	ADJ
ajfa-11962	219	34	likelihood	likelihood	NOUN
ajfa-11962	219	35	of	of	ADP
ajfa-11962	219	36	more	more	ADV
ajfa-11962	219	37	reliable	reliable	ADJ
ajfa-11962	219	38	data	datum	NOUN
ajfa-11962	219	39	.	.	PUNCT
ajfa-11962	220	1	acknowledgements	acknowledgement	NOUN
ajfa-11962	220	2	as	as	ADP
ajfa-11962	220	3	with	with	ADP
ajfa-11962	220	4	most	most	ADJ
ajfa-11962	220	5	if	if	SCONJ
ajfa-11962	220	6	not	not	PART
ajfa-11962	220	7	all	all	PRON
ajfa-11962	220	8	research	research	NOUN
ajfa-11962	220	9	,	,	PUNCT
ajfa-11962	220	10	the	the	DET
ajfa-11962	220	11	availability	availability	NOUN
ajfa-11962	220	12	of	of	ADP
ajfa-11962	220	13	finite	finite	ADJ
ajfa-11962	220	14	resources	resource	NOUN
ajfa-11962	220	15	was	be	AUX
ajfa-11962	220	16	the	the	DET
ajfa-11962	220	17	most	most	ADV
ajfa-11962	220	18	significant	significant	ADJ
ajfa-11962	220	19	constraint	constraint	NOUN
ajfa-11962	220	20	,	,	PUNCT
ajfa-11962	220	21	especially	especially	ADV
ajfa-11962	220	22	the	the	DET
ajfa-11962	220	23	most	most	ADV
ajfa-11962	220	24	valuable	valuable	ADJ
ajfa-11962	220	25	of	of	ADP
ajfa-11962	220	26	all	all	DET
ajfa-11962	220	27	resources	resource	NOUN
ajfa-11962	220	28	,	,	PUNCT
ajfa-11962	220	29	time	time	NOUN
ajfa-11962	220	30	.	.	PUNCT
ajfa-11962	221	1	dr	dr	PROPN
ajfa-11962	221	2	ameen	ameen	PROPN
ajfa-11962	221	3	’s	’s	PART
ajfa-11962	221	4	guidance	guidance	NOUN
ajfa-11962	221	5	,	,	PUNCT
ajfa-11962	221	6	encouragement	encouragement	NOUN
ajfa-11962	221	7	and	and	CCONJ
ajfa-11962	221	8	faith	faith	NOUN
ajfa-11962	221	9	has	have	AUX
ajfa-11962	221	10	allowed	allow	VERB
ajfa-11962	221	11	for	for	ADP
ajfa-11962	221	12	the	the	DET
ajfa-11962	221	13	overcoming	overcoming	NOUN
ajfa-11962	221	14	of	of	ADP
ajfa-11962	221	15	such	such	ADJ
ajfa-11962	221	16	constraints	constraint	NOUN
ajfa-11962	221	17	in	in	ADP
ajfa-11962	221	18	order	order	NOUN
ajfa-11962	221	19	to	to	PART
ajfa-11962	221	20	produce	produce	VERB
ajfa-11962	221	21	this	this	DET
ajfa-11962	221	22	piece	piece	NOUN
ajfa-11962	221	23	of	of	ADP
ajfa-11962	221	24	work	work	NOUN
ajfa-11962	221	25	;	;	PUNCT
ajfa-11962	221	26	thanks	thank	NOUN
ajfa-11962	221	27	to	to	ADP
ajfa-11962	221	28	him	he	PRON
ajfa-11962	221	29	are	be	AUX
ajfa-11962	221	30	in	in	ADP
ajfa-11962	221	31	order	order	NOUN
ajfa-11962	221	32	.	.	PUNCT
ajfa-11962	222	1	references	reference	NOUN
ajfa-11962	222	2	alam	alam	PROPN
ajfa-11962	222	3	,	,	PUNCT
ajfa-11962	222	4	z.	z.	PROPN
ajfa-11962	222	5	,	,	PUNCT
ajfa-11962	222	6	&	&	CCONJ
ajfa-11962	222	7	rashid	rashid	PROPN
ajfa-11962	222	8	,	,	PUNCT
ajfa-11962	222	9	k.	k.	PROPN
ajfa-11962	222	10	(	(	PUNCT
ajfa-11962	222	11	2014	2014	NUM
ajfa-11962	222	12	)	)	PUNCT
ajfa-11962	222	13	time	time	NOUN
ajfa-11962	222	14	series	series	NOUN
ajfa-11962	222	15	analysis	analysis	NOUN
ajfa-11962	222	16	of	of	ADP
ajfa-11962	222	17	the	the	DET
ajfa-11962	222	18	relationship	relationship	NOUN
ajfa-11962	222	19	between	between	ADP
ajfa-11962	222	20	macroeconomic	macroeconomic	ADJ
ajfa-11962	222	21	factors	factor	NOUN
ajfa-11962	222	22	and	and	CCONJ
ajfa-11962	222	23	the	the	DET
ajfa-11962	222	24	stock	stock	NOUN
ajfa-11962	222	25	market	market	NOUN
ajfa-11962	222	26	returns	return	NOUN
ajfa-11962	222	27	in	in	ADP
ajfa-11962	222	28	pakistan	pakistan	PROPN
ajfa-11962	222	29	.	.	PUNCT
ajfa-11962	223	1	journal	journal	PROPN
ajfa-11962	223	2	of	of	ADP
ajfa-11962	223	3	yasar	yasar	PROPN
ajfa-11962	223	4	university	university	PROPN
ajfa-11962	223	5	,	,	PUNCT
ajfa-11962	223	6	9(36	9(36	NUM
ajfa-11962	223	7	)	)	PUNCT
ajfa-11962	223	8	.	.	PUNCT
ajfa-11962	224	1	https://doi.org/10.19168/jyu.55431	https://doi.org/10.19168/jyu.55431	PROPN
ajfa-11962	224	2	ali	ali	PROPN
ajfa-11962	224	3	,	,	PUNCT
ajfa-11962	224	4	g.	g.	PROPN
ajfa-11962	224	5	,	,	PUNCT
ajfa-11962	224	6	zaman	zaman	PROPN
ajfa-11962	224	7	,	,	PUNCT
ajfa-11962	224	8	k.	k.	PROPN
ajfa-11962	224	9	,	,	PUNCT
ajfa-11962	224	10	ziaei	ziaei	PROPN
ajfa-11962	224	11	,	,	PUNCT
ajfa-11962	224	12	s.m	s.m	PROPN
ajfa-11962	224	13	.	.	PROPN
ajfa-11962	224	14	,	,	PUNCT
ajfa-11962	224	15	&	&	CCONJ
ajfa-11962	224	16	anuar	anuar	PROPN
ajfa-11962	224	17	,	,	PUNCT
ajfa-11962	224	18	m.a	m.a	PROPN
ajfa-11962	224	19	.	.	PROPN
ajfa-11962	224	20	(	(	PUNCT
ajfa-11962	224	21	2014	2014	NUM
ajfa-11962	224	22	)	)	PUNCT
ajfa-11962	224	23	.	.	PUNCT
ajfa-11962	225	1	stock	stock	NOUN
ajfa-11962	225	2	return	return	NOUN
ajfa-11962	225	3	response	response	NOUN
ajfa-11962	225	4	to	to	ADP
ajfa-11962	225	5	monetary	monetary	ADJ
ajfa-11962	225	6	asian	asian	ADJ
ajfa-11962	225	7	journal	journal	NOUN
ajfa-11962	225	8	of	of	ADP
ajfa-11962	225	9	finance	finance	PROPN
ajfa-11962	225	10	&	&	CCONJ
ajfa-11962	225	11	accounting	accounting	PROPN
ajfa-11962	225	12	issn	issn	PROPN
ajfa-11962	225	13	1946	1946	NUM
ajfa-11962	225	14	-	-	PUNCT
ajfa-11962	225	15	052x	052x	PROPN
ajfa-11962	225	16	2017	2017	NUM
ajfa-11962	225	17	,	,	PUNCT
ajfa-11962	225	18	vol	vol	NOUN
ajfa-11962	225	19	.	.	NOUN
ajfa-11962	226	1	9	9	NUM
ajfa-11962	226	2	,	,	PUNCT
ajfa-11962	226	3	no	no	NOUN
ajfa-11962	226	4	.	.	NOUN
ajfa-11962	226	5	2	2	NUM
ajfa-11962	226	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	226	7	236	236	NUM
ajfa-11962	226	8	and	and	CCONJ
ajfa-11962	226	9	fiscal	fiscal	ADJ
ajfa-11962	226	10	policy	policy	NOUN
ajfa-11962	226	11	interaction	interaction	NOUN
ajfa-11962	226	12	in	in	ADP
ajfa-11962	226	13	singapore	singapore	PROPN
ajfa-11962	226	14	.	.	PUNCT
ajfa-11962	227	1	mediterranean	mediterranean	PROPN
ajfa-11962	227	2	journal	journal	PROPN
ajfa-11962	227	3	of	of	ADP
ajfa-11962	227	4	social	social	ADJ
ajfa-11962	227	5	sciences	science	NOUN
ajfa-11962	227	6	,	,	PUNCT
ajfa-11962	227	7	5(27	5(27	NUM
ajfa-11962	227	8	)	)	PUNCT
ajfa-11962	227	9	.	.	PUNCT
ajfa-11962	228	1	https://doi.org/10.5901/mjss.2014.v5n27p1712	https://doi.org/10.5901/mjss.2014.v5n27p1712	PROPN
ajfa-11962	228	2	international	international	ADJ
ajfa-11962	228	3	monetary	monetary	ADJ
ajfa-11962	228	4	fund	fund	NOUN
ajfa-11962	228	5	.	.	PUNCT
ajfa-11962	229	1	(	(	PUNCT
ajfa-11962	229	2	2006	2006	NUM
ajfa-11962	229	3	)	)	PUNCT
ajfa-11962	229	4	.	.	PUNCT
ajfa-11962	230	1	international	international	ADJ
ajfa-11962	230	2	financial	financial	ADJ
ajfa-11962	230	3	statistics	statistic	NOUN
ajfa-11962	230	4	:	:	PUNCT
ajfa-11962	230	5	october	october	PROPN
ajfa-11962	230	6	2006	2006	NUM
ajfa-11962	230	7	.	.	PUNCT
ajfa-11962	231	1	https://doi.org/10.5089/9781589065772.041	https://doi.org/10.5089/9781589065772.041	NOUN
ajfa-11962	231	2	amisano	amisano	NOUN
ajfa-11962	231	3	,	,	PUNCT
ajfa-11962	231	4	g.	g.	PROPN
ajfa-11962	231	5	,	,	PUNCT
ajfa-11962	231	6	&	&	CCONJ
ajfa-11962	231	7	giannini	giannini	PROPN
ajfa-11962	231	8	,	,	PUNCT
ajfa-11962	231	9	c.	c.	PROPN
ajfa-11962	231	10	(	(	PUNCT
ajfa-11962	231	11	1996	1996	NUM
ajfa-11962	231	12	)	)	PUNCT
ajfa-11962	231	13	.	.	PUNCT
ajfa-11962	232	1	topics	topic	NOUN
ajfa-11962	232	2	in	in	ADP
ajfa-11962	232	3	structural	structural	ADJ
ajfa-11962	232	4	var	var	NOUN
ajfa-11962	232	5	econometrics	econometric	NOUN
ajfa-11962	232	6	,	,	PUNCT
ajfa-11962	232	7	second	second	ADJ
ajfa-11962	232	8	edition	edition	NOUN
ajfa-11962	232	9	.	.	PUNCT
ajfa-11962	233	1	https://doi.org/10.1007/978-3-642-60623-6	https://doi.org/10.1007/978-3-642-60623-6	PROPN
ajfa-11962	233	2	arora	arora	PROPN
ajfa-11962	233	3	,	,	PUNCT
ajfa-11962	233	4	v.	v.	PROPN
ajfa-11962	233	5	,	,	PUNCT
ajfa-11962	233	6	&	&	CCONJ
ajfa-11962	233	7	lieskovsky	lieskovsky	PROPN
ajfa-11962	233	8	,	,	PUNCT
ajfa-11962	233	9	j.	j.	PROPN
ajfa-11962	233	10	(	(	PUNCT
ajfa-11962	233	11	2014	2014	NUM
ajfa-11962	233	12	)	)	PUNCT
ajfa-11962	233	13	.	.	PUNCT
ajfa-11962	234	1	electricity	electricity	NOUN
ajfa-11962	234	2	use	use	NOUN
ajfa-11962	234	3	as	as	ADP
ajfa-11962	234	4	an	an	DET
ajfa-11962	234	5	indicator	indicator	NOUN
ajfa-11962	234	6	of	of	ADP
ajfa-11962	234	7	u.s	u.s	PROPN
ajfa-11962	234	8	.	.	PROPN
ajfa-11962	234	9	economic	economic	ADJ
ajfa-11962	234	10	activity	activity	NOUN
ajfa-11962	234	11	.	.	PUNCT
ajfa-11962	235	1	u.s	u.s	PROPN
ajfa-11962	235	2	.	.	PROPN
ajfa-11962	235	3	energy	energy	PROPN
ajfa-11962	235	4	information	information	PROPN
ajfa-11962	235	5	administration	administration	NOUN
ajfa-11962	235	6	,	,	PUNCT
ajfa-11962	235	7	working	work	VERB
ajfa-11962	235	8	paper	paper	NOUN
ajfa-11962	235	9	series	series	NOUN
ajfa-11962	235	10	.	.	PUNCT
ajfa-11962	236	1	available	available	ADJ
ajfa-11962	236	2	:	:	PUNCT
ajfa-11962	236	3	https://www.eia.gov/workingpapers/pdf/electricity_indicator.pdf	https://www.eia.gov/workingpapers/pdf/electricity_indicator.pdf	X
ajfa-11962	236	4	(	(	PUNCT
ajfa-11962	236	5	june	june	PROPN
ajfa-11962	236	6	7	7	NUM
ajfa-11962	236	7	,	,	PUNCT
ajfa-11962	236	8	2017	2017	NUM
ajfa-11962	236	9	)	)	PUNCT
ajfa-11962	236	10	brooks	brooks	PROPN
ajfa-11962	236	11	,	,	PUNCT
ajfa-11962	236	12	c.	c.	PROPN
ajfa-11962	236	13	(	(	PUNCT
ajfa-11962	236	14	2014	2014	NUM
ajfa-11962	236	15	)	)	PUNCT
ajfa-11962	236	16	.	.	PUNCT
ajfa-11962	237	1	introductory	introductory	ADJ
ajfa-11962	237	2	econometrics	econometric	NOUN
ajfa-11962	237	3	for	for	ADP
ajfa-11962	237	4	finance	finance	NOUN
ajfa-11962	237	5	,	,	PUNCT
ajfa-11962	237	6	third	third	ADJ
ajfa-11962	237	7	edition	edition	NOUN
ajfa-11962	237	8	.	.	PUNCT
ajfa-11962	238	1	cambridge	cambridge	PROPN
ajfa-11962	238	2	,	,	PUNCT
ajfa-11962	238	3	cambridge	cambridge	PROPN
ajfa-11962	238	4	university	university	PROPN
ajfa-11962	238	5	press	press	NOUN
ajfa-11962	238	6	.	.	PUNCT
ajfa-11962	239	1	isbn	isbn	PROPN
ajfa-11962	239	2	9781107661455	9781107661455	NUM
ajfa-11962	239	3	.	.	PUNCT
ajfa-11962	240	1	chang	chang	PROPN
ajfa-11962	240	2	,	,	PUNCT
ajfa-11962	240	3	y.s	y.s	PROPN
ajfa-11962	240	4	.	.	PROPN
ajfa-11962	240	5	,	,	PUNCT
ajfa-11962	240	6	&	&	CCONJ
ajfa-11962	240	7	pak	pak	PROPN
ajfa-11962	240	8	,	,	PUNCT
ajfa-11962	240	9	d.h	d.h	PROPN
ajfa-11962	240	10	.	.	PROPN
ajfa-11962	240	11	(	(	PUNCT
ajfa-11962	240	12	2017	2017	NUM
ajfa-11962	240	13	)	)	PUNCT
ajfa-11962	240	14	.	.	PUNCT
ajfa-11962	241	1	warren	warren	PROPN
ajfa-11962	241	2	buffett	buffett	PROPN
ajfa-11962	241	3	value	value	PROPN
ajfa-11962	241	4	indicator	indicator	NOUN
ajfa-11962	241	5	vs.	vs.	ADP
ajfa-11962	241	6	gdp	gdp	NOUN
ajfa-11962	241	7	size	size	NOUN
ajfa-11962	241	8	–	–	PUNCT
ajfa-11962	241	9	is	be	AUX
ajfa-11962	241	10	the	the	DET
ajfa-11962	241	11	relationship	relationship	NOUN
ajfa-11962	241	12	superlinear	superlinear	NOUN
ajfa-11962	241	13	?	?	PUNCT
ajfa-11962	242	1	gccr	gccr	PROPN
ajfa-11962	242	2	working	working	PROPN
ajfa-11962	242	3	paper	paper	NOUN
ajfa-11962	242	4	series	series	NOUN
ajfa-11962	242	5	,	,	PUNCT
ajfa-11962	242	6	2017	2017	NUM
ajfa-11962	242	7	-	-	SYM
ajfa-11962	242	8	01	01	NUM
ajfa-11962	242	9	.	.	PUNCT
ajfa-11962	243	1	https://doi.org/10.2139/ssrn.2897317	https://doi.org/10.2139/ssrn.2897317	PROPN
ajfa-11962	243	2	chia	chia	X
ajfa-11962	243	3	,	,	PUNCT
ajfa-11962	243	4	c.j.r	c.j.r	NOUN
ajfa-11962	243	5	,	,	PUNCT
ajfa-11962	243	6	&	&	CCONJ
ajfa-11962	243	7	lim	lim	PROPN
ajfa-11962	243	8	,	,	PUNCT
ajfa-11962	243	9	s.y	s.y	PROPN
ajfa-11962	243	10	.	.	PROPN
ajfa-11962	243	11	(	(	PUNCT
ajfa-11962	243	12	2015	2015	NUM
ajfa-11962	243	13	)	)	PUNCT
ajfa-11962	243	14	.	.	PUNCT
ajfa-11962	244	1	malaysian	malaysian	ADJ
ajfa-11962	244	2	stock	stock	NOUN
ajfa-11962	244	3	price	price	NOUN
ajfa-11962	244	4	and	and	CCONJ
ajfa-11962	244	5	macroeconomic	macroeconomic	ADJ
ajfa-11962	244	6	variables	variable	NOUN
ajfa-11962	244	7	:	:	PUNCT
ajfa-11962	244	8	autoregressive	autoregressive	ADJ
ajfa-11962	244	9	distributed	distribute	VERB
ajfa-11962	244	10	lag	lag	NOUN
ajfa-11962	244	11	(	(	PUNCT
ajfa-11962	244	12	ardl	ardl	NOUN
ajfa-11962	244	13	)	)	PUNCT
ajfa-11962	244	14	bounds	bound	NOUN
ajfa-11962	244	15	test	test	NOUN
ajfa-11962	244	16	.	.	PUNCT
ajfa-11962	245	1	kajian	kajian	PROPN
ajfa-11962	245	2	malaysia	malaysia	PROPN
ajfa-11962	245	3	,	,	PUNCT
ajfa-11962	245	4	33(1	33(1	NUM
ajfa-11962	245	5	)	)	PUNCT
ajfa-11962	245	6	.	.	PUNCT
ajfa-11962	246	1	issn	issn	PROPN
ajfa-11962	246	2	0127	0127	NUM
ajfa-11962	246	3	-	-	SYM
ajfa-11962	246	4	4082	4082	NUM
ajfa-11962	246	5	de	de	X
ajfa-11962	246	6	arcangelis	arcangeli	NOUN
ajfa-11962	246	7	,	,	PUNCT
ajfa-11962	246	8	g.	g.	PROPN
ajfa-11962	246	9	,	,	PUNCT
ajfa-11962	246	10	&	&	CCONJ
ajfa-11962	246	11	lamartina	lamartina	PROPN
ajfa-11962	246	12	,	,	PUNCT
ajfa-11962	246	13	s.	s.	PROPN
ajfa-11962	246	14	(	(	PUNCT
ajfa-11962	246	15	2002	2002	NUM
ajfa-11962	246	16	)	)	PUNCT
ajfa-11962	246	17	.	.	PUNCT
ajfa-11962	247	1	identifying	identify	VERB
ajfa-11962	247	2	fiscal	fiscal	ADJ
ajfa-11962	247	3	shocks	shock	NOUN
ajfa-11962	247	4	and	and	CCONJ
ajfa-11962	247	5	policy	policy	NOUN
ajfa-11962	247	6	regimes	regime	NOUN
ajfa-11962	247	7	in	in	ADP
ajfa-11962	247	8	oecd	oecd	PROPN
ajfa-11962	247	9	countries	country	NOUN
ajfa-11962	247	10	.	.	PUNCT
ajfa-11962	248	1	european	european	PROPN
ajfa-11962	248	2	central	central	PROPN
ajfa-11962	248	3	bank	bank	PROPN
ajfa-11962	248	4	working	working	PROPN
ajfa-11962	248	5	paper	paper	NOUN
ajfa-11962	248	6	series	series	NOUN
ajfa-11962	248	7	,	,	PUNCT
ajfa-11962	248	8	no	no	INTJ
ajfa-11962	248	9	.	.	NOUN
ajfa-11962	248	10	281	281	NUM
ajfa-11962	248	11	.	.	PUNCT
ajfa-11962	249	1	https://doi.org/10.2139/ssrn.305120	https://doi.org/10.2139/ssrn.305120	PROPN
ajfa-11962	249	2	ftse	ftse	PROPN
ajfa-11962	249	3	russell	russell	PROPN
ajfa-11962	249	4	.	.	PUNCT
ajfa-11962	250	1	(	(	PUNCT
ajfa-11962	250	2	2017	2017	NUM
ajfa-11962	250	3	)	)	PUNCT
ajfa-11962	250	4	.	.	PUNCT
ajfa-11962	251	1	ftse	ftse	PROPN
ajfa-11962	251	2	st	st	PROPN
ajfa-11962	251	3	index	index	PROPN
ajfa-11962	251	4	series	series	PROPN
ajfa-11962	251	5	.	.	PUNCT
ajfa-11962	252	1	available	available	ADJ
ajfa-11962	252	2	:	:	PUNCT
ajfa-11962	252	3	http://www.ftse.com/products/indices/sgx-st	http://www.ftse.com/products/indices/sgx-st	NOUN
ajfa-11962	252	4	(	(	PUNCT
ajfa-11962	252	5	june	june	PROPN
ajfa-11962	252	6	7	7	NUM
ajfa-11962	252	7	,	,	PUNCT
ajfa-11962	252	8	2017	2017	NUM
ajfa-11962	252	9	)	)	PUNCT
ajfa-11962	252	10	gottschalk	gottschalk	NOUN
ajfa-11962	252	11	,	,	PUNCT
ajfa-11962	252	12	j.	j.	PROPN
ajfa-11962	252	13	(	(	PUNCT
ajfa-11962	252	14	2001	2001	NUM
ajfa-11962	252	15	)	)	PUNCT
ajfa-11962	252	16	.	.	PUNCT
ajfa-11962	253	1	an	an	DET
ajfa-11962	253	2	introduction	introduction	NOUN
ajfa-11962	253	3	into	into	ADP
ajfa-11962	253	4	the	the	DET
ajfa-11962	253	5	svar	svar	PROPN
ajfa-11962	253	6	methodology	methodology	PROPN
ajfa-11962	253	7	:	:	PUNCT
ajfa-11962	253	8	identification	identification	NOUN
ajfa-11962	253	9	,	,	PUNCT
ajfa-11962	253	10	interpretation	interpretation	NOUN
ajfa-11962	253	11	and	and	CCONJ
ajfa-11962	253	12	limitations	limitation	NOUN
ajfa-11962	253	13	of	of	ADP
ajfa-11962	253	14	svar	svar	PROPN
ajfa-11962	253	15	models	model	NOUN
ajfa-11962	253	16	.	.	PUNCT
ajfa-11962	254	1	kiel	kiel	PROPN
ajfa-11962	254	2	working	working	PROPN
ajfa-11962	254	3	papers	paper	NOUN
ajfa-11962	254	4	,	,	PUNCT
ajfa-11962	254	5	no	no	INTJ
ajfa-11962	254	6	.	.	NOUN
ajfa-11962	254	7	1072	1072	NUM
ajfa-11962	254	8	.	.	PUNCT
ajfa-11962	255	1	available	available	ADJ
ajfa-11962	255	2	:	:	PUNCT
ajfa-11962	255	3	http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.536.6122&rep=rep1&type=pdf	http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.536.6122&rep=rep1&type=pdf	NOUN
ajfa-11962	255	4	(	(	PUNCT
ajfa-11962	255	5	june	june	PROPN
ajfa-11962	255	6	7	7	NUM
ajfa-11962	255	7	,	,	PUNCT
ajfa-11962	255	8	2017	2017	NUM
ajfa-11962	255	9	)	)	PUNCT
ajfa-11962	255	10	kurniawati	kurniawati	PROPN
ajfa-11962	255	11	,	,	PUNCT
ajfa-11962	255	12	l.	l.	PROPN
ajfa-11962	255	13	,	,	PUNCT
ajfa-11962	255	14	achsani	achsani	NOUN
ajfa-11962	255	15	,	,	PUNCT
ajfa-11962	255	16	a.	a.	NOUN
ajfa-11962	255	17	n.	n.	PROPN
ajfa-11962	255	18	,	,	PUNCT
ajfa-11962	255	19	&	&	CCONJ
ajfa-11962	255	20	anggraeni	anggraeni	PROPN
ajfa-11962	255	21	,	,	PUNCT
ajfa-11962	255	22	l.	l.	PROPN
ajfa-11962	255	23	(	(	PUNCT
ajfa-11962	255	24	2016	2016	NUM
ajfa-11962	255	25	)	)	PUNCT
ajfa-11962	255	26	.	.	PUNCT
ajfa-11962	256	1	analysis	analysis	NOUN
ajfa-11962	256	2	the	the	DET
ajfa-11962	256	3	influence	influence	NOUN
ajfa-11962	256	4	of	of	ADP
ajfa-11962	256	5	macroeconomic	macroeconomic	ADJ
ajfa-11962	256	6	variables	variable	NOUN
ajfa-11962	256	7	on	on	ADP
ajfa-11962	256	8	jakarta	jakarta	PROPN
ajfa-11962	256	9	composite	composite	ADJ
ajfa-11962	256	10	index	index	NOUN
ajfa-11962	256	11	and	and	CCONJ
ajfa-11962	256	12	sectoral	sectoral	ADJ
ajfa-11962	256	13	index	index	NOUN
ajfa-11962	256	14	stock	stock	NOUN
ajfa-11962	256	15	return	return	NOUN
ajfa-11962	256	16	.	.	PUNCT
ajfa-11962	257	1	international	international	ADJ
ajfa-11962	257	2	journal	journal	NOUN
ajfa-11962	257	3	of	of	ADP
ajfa-11962	257	4	research	research	NOUN
ajfa-11962	257	5	in	in	ADP
ajfa-11962	257	6	commerce	commerce	NOUN
ajfa-11962	257	7	and	and	CCONJ
ajfa-11962	257	8	management	management	NOUN
ajfa-11962	257	9	,	,	PUNCT
ajfa-11962	257	10	7(2016	7(2016	NUM
ajfa-11962	257	11	)	)	PUNCT
ajfa-11962	257	12	.	.	PUNCT
ajfa-11962	258	1	issn	issn	PROPN
ajfa-11962	258	2	0976	0976	NUM
ajfa-11962	258	3	-	-	SYM
ajfa-11962	258	4	2183	2183	NUM
ajfa-11962	258	5	kuwornu	kuwornu	NOUN
ajfa-11962	258	6	,	,	PUNCT
ajfa-11962	258	7	j.k.m	j.k.m	PROPN
ajfa-11962	258	8	.	.	PUNCT
ajfa-11962	259	1	(	(	PUNCT
ajfa-11962	259	2	2012	2012	NUM
ajfa-11962	259	3	)	)	PUNCT
ajfa-11962	259	4	.	.	PUNCT
ajfa-11962	260	1	effects	effect	NOUN
ajfa-11962	260	2	of	of	ADP
ajfa-11962	260	3	macroeconomic	macroeconomic	ADJ
ajfa-11962	260	4	variables	variable	NOUN
ajfa-11962	260	5	on	on	ADP
ajfa-11962	260	6	the	the	DET
ajfa-11962	260	7	ghanaian	ghanaian	ADJ
ajfa-11962	260	8	stock	stock	NOUN
ajfa-11962	260	9	market	market	NOUN
ajfa-11962	260	10	returns	return	NOUN
ajfa-11962	260	11	:	:	PUNCT
ajfa-11962	260	12	a	a	DET
ajfa-11962	260	13	co	co	NOUN
ajfa-11962	260	14	-	-	NOUN
ajfa-11962	260	15	integration	integration	NOUN
ajfa-11962	260	16	analysis	analysis	NOUN
ajfa-11962	260	17	.	.	PUNCT
ajfa-11962	261	1	agris	agris	NOUN
ajfa-11962	261	2	on	on	ADP
ajfa-11962	261	3	-	-	PUNCT
ajfa-11962	261	4	line	line	NOUN
ajfa-11962	261	5	papers	paper	NOUN
ajfa-11962	261	6	in	in	ADP
ajfa-11962	261	7	economics	economic	NOUN
ajfa-11962	261	8	and	and	CCONJ
ajfa-11962	261	9	informatics	informatic	NOUN
ajfa-11962	261	10	,	,	PUNCT
ajfa-11962	261	11	4(2	4(2	NUM
ajfa-11962	261	12	)	)	PUNCT
ajfa-11962	261	13	.	.	PUNCT
ajfa-11962	262	1	purl	purl	PROPN
ajfa-11962	262	2	:	:	PUNCT
ajfa-11962	262	3	http://purl.umn.edu/131359	http://purl.umn.edu/131359	PROPN
ajfa-11962	262	4	li	li	PROPN
ajfa-11962	262	5	,	,	PUNCT
ajfa-11962	262	6	j.	j.	PROPN
ajfa-11962	262	7	(	(	PUNCT
ajfa-11962	262	8	2017	2017	NUM
ajfa-11962	262	9	)	)	PUNCT
ajfa-11962	262	10	.	.	PUNCT
ajfa-11962	263	1	warren	warren	PROPN
ajfa-11962	263	2	buffett	buffett	PROPN
ajfa-11962	263	3	’s	’s	PART
ajfa-11962	263	4	market	market	NOUN
ajfa-11962	263	5	indicator	indicator	NOUN
ajfa-11962	263	6	reaches	reach	VERB
ajfa-11962	263	7	130	130	NUM
ajfa-11962	263	8	%	%	NOUN
ajfa-11962	263	9	.	.	PUNCT
ajfa-11962	264	1	available	available	ADJ
ajfa-11962	264	2	:	:	PUNCT
ajfa-11962	264	3	http://www.nasdaw.com/article-warren-buffetts-market-indicator-reaches-130-cm750052	http://www.nasdaw.com/article-warren-buffetts-market-indicator-reaches-130-cm750052	X
ajfa-11962	264	4	(	(	PUNCT
ajfa-11962	264	5	june	june	PROPN
ajfa-11962	264	6	7	7	NUM
ajfa-11962	264	7	,	,	PUNCT
ajfa-11962	264	8	2017	2017	NUM
ajfa-11962	264	9	)	)	PUNCT
ajfa-11962	264	10	ministry	ministry	PROPN
ajfa-11962	264	11	of	of	ADP
ajfa-11962	264	12	trade	trade	NOUN
ajfa-11962	264	13	and	and	CCONJ
ajfa-11962	264	14	industry	industry	NOUN
ajfa-11962	264	15	.	.	PUNCT
ajfa-11962	265	1	(	(	PUNCT
ajfa-11962	265	2	2017	2017	NUM
ajfa-11962	265	3	)	)	PUNCT
ajfa-11962	265	4	.	.	PUNCT
ajfa-11962	266	1	economic	economic	ADJ
ajfa-11962	266	2	survey	survey	NOUN
ajfa-11962	266	3	of	of	ADP
ajfa-11962	266	4	singapore	singapore	PROPN
ajfa-11962	266	5	2016	2016	NUM
ajfa-11962	266	6	.	.	PUNCT
ajfa-11962	267	1	available	available	ADJ
ajfa-11962	267	2	:	:	PUNCT
ajfa-11962	267	3	https://www.mti.gov.sg/researchroom/siteassets/pages/economic-survey-of-singapore-20	https://www.mti.gov.sg/researchroom/siteassets/pages/economic-survey-of-singapore-20	ADP
ajfa-11962	267	4	asian	asian	ADJ
ajfa-11962	267	5	journal	journal	NOUN
ajfa-11962	267	6	of	of	ADP
ajfa-11962	267	7	finance	finance	PROPN
ajfa-11962	267	8	&	&	CCONJ
ajfa-11962	267	9	accounting	accounting	PROPN
ajfa-11962	267	10	issn	issn	PROPN
ajfa-11962	267	11	1946	1946	NUM
ajfa-11962	267	12	-	-	PUNCT
ajfa-11962	267	13	052x	052x	PROPN
ajfa-11962	267	14	2017	2017	NUM
ajfa-11962	267	15	,	,	PUNCT
ajfa-11962	267	16	vol	vol	NOUN
ajfa-11962	267	17	.	.	NOUN
ajfa-11962	267	18	9	9	NUM
ajfa-11962	267	19	,	,	PUNCT
ajfa-11962	267	20	no	no	NOUN
ajfa-11962	268	1	.	.	NOUN
ajfa-11962	268	2	2	2	NUM
ajfa-11962	268	3	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-11962	268	4	237	237	NUM
ajfa-11962	268	5	16	16	NUM
ajfa-11962	268	6	/	/	SYM
ajfa-11962	268	7	pr_4q2016.pdf	pr_4q2016.pdf	PROPN
ajfa-11962	268	8	(	(	PUNCT
ajfa-11962	268	9	june	june	PROPN
ajfa-11962	268	10	7	7	NUM
ajfa-11962	268	11	,	,	PUNCT
ajfa-11962	268	12	2017	2017	NUM
ajfa-11962	268	13	)	)	PUNCT
ajfa-11962	268	14	perotti	perotti	PROPN
ajfa-11962	268	15	,	,	PUNCT
ajfa-11962	268	16	r.	r.	PROPN
ajfa-11962	268	17	(	(	PUNCT
ajfa-11962	268	18	2004	2004	NUM
ajfa-11962	268	19	)	)	PUNCT
ajfa-11962	268	20	.	.	PUNCT
ajfa-11962	269	1	estimating	estimate	VERB
ajfa-11962	269	2	the	the	DET
ajfa-11962	269	3	effects	effect	NOUN
ajfa-11962	269	4	of	of	ADP
ajfa-11962	269	5	fiscal	fiscal	ADJ
ajfa-11962	269	6	policy	policy	NOUN
ajfa-11962	269	7	in	in	ADP
ajfa-11962	269	8	oecd	oecd	PROPN
ajfa-11962	269	9	countries	country	NOUN
ajfa-11962	269	10	.	.	PUNCT
ajfa-11962	270	1	https://doi.org/10.2139/ssrn.637189	https://doi.org/10.2139/ssrn.637189	PROPN
ajfa-11962	270	2	ravnik	ravnik	X
ajfa-11962	270	3	.	.	PUNCT
ajfa-11962	271	1	r.	r.	PROPN
ajfa-11962	271	2	,	,	PUNCT
ajfa-11962	271	3	&	&	CCONJ
ajfa-11962	271	4	zilic	zilic	PROPN
ajfa-11962	271	5	,	,	PUNCT
ajfa-11962	271	6	i.	i.	PROPN
ajfa-11962	271	7	(	(	PUNCT
ajfa-11962	271	8	2011	2011	NUM
ajfa-11962	271	9	)	)	PUNCT
ajfa-11962	271	10	.	.	PUNCT
ajfa-11962	272	1	the	the	DET
ajfa-11962	272	2	use	use	NOUN
ajfa-11962	272	3	of	of	ADP
ajfa-11962	272	4	svar	svar	PROPN
ajfa-11962	272	5	analysis	analysis	NOUN
ajfa-11962	272	6	in	in	ADP
ajfa-11962	272	7	determining	determine	VERB
ajfa-11962	272	8	the	the	DET
ajfa-11962	272	9	effects	effect	NOUN
ajfa-11962	272	10	of	of	ADP
ajfa-11962	272	11	fiscal	fiscal	ADJ
ajfa-11962	272	12	shocks	shock	NOUN
ajfa-11962	272	13	in	in	ADP
ajfa-11962	272	14	croatia	croatia	PROPN
ajfa-11962	272	15	.	.	PUNCT
ajfa-11962	273	1	finance	finance	NOUN
ajfa-11962	273	2	theory	theory	NOUN
ajfa-11962	273	3	and	and	CCONJ
ajfa-11962	273	4	practice	practice	NOUN
ajfa-11962	273	5	,	,	PUNCT
ajfa-11962	273	6	35(1	35(1	NUM
ajfa-11962	273	7	)	)	PUNCT
ajfa-11962	273	8	2011	2011	NUM
ajfa-11962	273	9	,	,	PUNCT
ajfa-11962	273	10	p.25	p.25	PROPN
ajfa-11962	273	11	-	-	PUNCT
ajfa-11962	273	12	58	58	NUM
ajfa-11962	273	13	.	.	PUNCT
ajfa-11962	274	1	available	available	ADJ
ajfa-11962	274	2	:	:	PUNCT
ajfa-11962	274	3	http://hrcak.srce.hr/index.php?show=toc&id_broj=5275&lang=en	http://hrcak.srce.hr/index.php?show=toc&id_broj=5275&lang=en	X
ajfa-11962	274	4	(	(	PUNCT
ajfa-11962	274	5	june	june	PROPN
ajfa-11962	274	6	7	7	NUM
ajfa-11962	274	7	,	,	PUNCT
ajfa-11962	274	8	2017	2017	NUM
ajfa-11962	274	9	)	)	PUNCT
ajfa-11962	274	10	reese	reese	PROPN
ajfa-11962	274	11	,	,	PUNCT
ajfa-11962	274	12	j.	j.	PROPN
ajfa-11962	274	13	(	(	PUNCT
ajfa-11962	274	14	2016	2016	NUM
ajfa-11962	274	15	)	)	PUNCT
ajfa-11962	274	16	.	.	PUNCT
ajfa-11962	275	1	buffett	buffett	PROPN
ajfa-11962	275	2	’s	’s	PART
ajfa-11962	275	3	best	good	ADJ
ajfa-11962	275	4	measure	measure	NOUN
ajfa-11962	275	5	of	of	ADP
ajfa-11962	275	6	valuation	valuation	NOUN
ajfa-11962	275	7	is	be	AUX
ajfa-11962	275	8	flashing	flash	VERB
ajfa-11962	275	9	danger	danger	NOUN
ajfa-11962	275	10	for	for	ADP
ajfa-11962	275	11	stocks	stock	NOUN
ajfa-11962	275	12	.	.	PUNCT
ajfa-11962	276	1	available	available	ADJ
ajfa-11962	276	2	:	:	PUNCT
ajfa-11962	276	3	http://www.cnbc.com/2016/11/28/buffetts-best-measure-of-valuation-is-flashing-danger-for-st	http://www.cnbc.com/2016/11/28/buffetts-best-measure-of-valuation-is-flashing-danger-for-st	NOUN
ajfa-11962	276	4	ocks.html	ocks.html	PROPN
ajfa-11962	276	5	(	(	PUNCT
ajfa-11962	276	6	june	june	PROPN
ajfa-11962	276	7	7	7	NUM
ajfa-11962	276	8	,	,	PUNCT
ajfa-11962	276	9	2017	2017	NUM
ajfa-11962	276	10	)	)	PUNCT
ajfa-11962	276	11	worldbank	worldbank	ADJ
ajfa-11962	276	12	.	.	PUNCT
ajfa-11962	277	1	(	(	PUNCT
ajfa-11962	277	2	2017	2017	NUM
ajfa-11962	277	3	)	)	PUNCT
ajfa-11962	277	4	.	.	PUNCT
ajfa-11962	278	1	world	world	NOUN
ajfa-11962	278	2	development	development	NOUN
ajfa-11962	278	3	indicators	indicator	NOUN
ajfa-11962	278	4	:	:	PUNCT
ajfa-11962	278	5	market	market	NOUN
ajfa-11962	278	6	capitalization	capitalization	NOUN
ajfa-11962	278	7	of	of	ADP
ajfa-11962	278	8	listed	list	VERB
ajfa-11962	278	9	domestic	domestic	ADJ
ajfa-11962	278	10	companies	company	NOUN
ajfa-11962	278	11	(	(	PUNCT
ajfa-11962	278	12	%	%	NOUN
ajfa-11962	278	13	of	of	ADP
ajfa-11962	278	14	gdp	gdp	NOUN
ajfa-11962	278	15	)	)	PUNCT
ajfa-11962	278	16	.	.	PUNCT
ajfa-11962	279	1	available	available	ADJ
ajfa-11962	279	2	:	:	PUNCT
ajfa-11962	279	3	http://data.worldbank.org/indicator/cm.mkt.lcap.gd.zs?end=2015&locations=eu-1w-s	http://data.worldbank.org/indicator/cm.mkt.lcap.gd.zs?end=2015&locations=eu-1w-s	PROPN
ajfa-11962	279	4	g	g	PROPN
ajfa-11962	279	5	-	-	PUNCT
ajfa-11962	279	6	cn	cn	VERB
ajfa-11962	279	7	-	-	PUNCT
ajfa-11962	279	8	my	my	PRON
ajfa-11962	279	9	-	-	PUNCT
ajfa-11962	279	10	id	id	NOUN
ajfa-11962	279	11	-	-	PUNCT
ajfa-11962	279	12	us&start=2015&view	us&start=2015&view	NOUN
ajfa-11962	279	13	=	=	SYM
ajfa-11962	279	14	bar&year_high_desc	bar&year_high_desc	NOUN
ajfa-11962	279	15	=	=	NOUN
ajfa-11962	279	16	true	true	ADJ
ajfa-11962	279	17	(	(	PUNCT
ajfa-11962	279	18	june	june	PROPN
ajfa-11962	279	19	7	7	NUM
ajfa-11962	279	20	,	,	PUNCT
ajfa-11962	279	21	2017	2017	NUM
ajfa-11962	279	22	)	)	PUNCT
ajfa-11962	279	23	copyright	copyright	NOUN
ajfa-11962	279	24	disclaimer	disclaimer	NOUN
ajfa-11962	279	25	copyright	copyright	NOUN
ajfa-11962	279	26	for	for	ADP
ajfa-11962	279	27	this	this	DET
ajfa-11962	279	28	article	article	NOUN
ajfa-11962	279	29	is	be	AUX
ajfa-11962	279	30	retained	retain	VERB
ajfa-11962	279	31	by	by	ADP
ajfa-11962	279	32	the	the	DET
ajfa-11962	279	33	author(s	author(s	PROPN
ajfa-11962	279	34	)	)	PUNCT
ajfa-11962	279	35	,	,	PUNCT
ajfa-11962	279	36	with	with	ADP
ajfa-11962	279	37	first	first	ADJ
ajfa-11962	279	38	publication	publication	NOUN
ajfa-11962	279	39	rights	right	NOUN
ajfa-11962	279	40	granted	grant	VERB
ajfa-11962	279	41	to	to	ADP
ajfa-11962	279	42	the	the	DET
ajfa-11962	279	43	journal	journal	NOUN
ajfa-11962	279	44	.	.	PUNCT
ajfa-11962	280	1	this	this	PRON
ajfa-11962	280	2	is	be	AUX
ajfa-11962	280	3	an	an	DET
ajfa-11962	280	4	open	open	ADJ
ajfa-11962	280	5	-	-	PUNCT
ajfa-11962	280	6	access	access	NOUN
ajfa-11962	280	7	article	article	NOUN
ajfa-11962	280	8	distributed	distribute	VERB
ajfa-11962	280	9	under	under	ADP
ajfa-11962	280	10	the	the	DET
ajfa-11962	280	11	terms	term	NOUN
ajfa-11962	280	12	and	and	CCONJ
ajfa-11962	280	13	conditions	condition	NOUN
ajfa-11962	280	14	of	of	ADP
ajfa-11962	280	15	the	the	DET
ajfa-11962	280	16	creative	creative	ADJ
ajfa-11962	280	17	commons	common	NOUN
ajfa-11962	280	18	attribution	attribution	NOUN
ajfa-11962	280	19	license	license	NOUN
ajfa-11962	280	20	(	(	PUNCT
ajfa-11962	280	21	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-11962	280	22	)	)	PUNCT
ajfa-11962	280	23	.	.	PUNCT