id	sid	tid	token	lemma	pos
ajfa-1450	1	1	microsoft	microsoft	PROPN
ajfa-1450	1	2	word	word	NOUN
ajfa-1450	1	3	the	the	DET
ajfa-1450	1	4	euro	euro	NOUN
ajfa-1450	1	5	-	-	PUNCT
ajfa-1450	1	6	writer2	writer2	VERB
ajfa-1450	1	7	-	-	ADJ
ajfa-1450	1	8	new	new	ADJ
ajfa-1450	1	9	asian	asian	ADJ
ajfa-1450	1	10	journal	journal	NOUN
ajfa-1450	1	11	of	of	ADP
ajfa-1450	1	12	finance	finance	PROPN
ajfa-1450	1	13	&	&	CCONJ
ajfa-1450	1	14	accounting	accounting	PROPN
ajfa-1450	1	15	issn	issn	PROPN
ajfa-1450	1	16	1946	1946	NUM
ajfa-1450	1	17	-	-	PUNCT
ajfa-1450	1	18	052x	052x	NOUN
ajfa-1450	1	19	2012	2012	NUM
ajfa-1450	1	20	,	,	PUNCT
ajfa-1450	1	21	vol	vol	NOUN
ajfa-1450	1	22	.	.	PROPN
ajfa-1450	1	23	4	4	NUM
ajfa-1450	1	24	,	,	PUNCT
ajfa-1450	1	25	no	no	INTJ
ajfa-1450	1	26	.	.	NOUN
ajfa-1450	1	27	1	1	NUM
ajfa-1450	1	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	1	29	205	205	NUM
ajfa-1450	1	30	still	still	ADV
ajfa-1450	1	31	on	on	ADP
ajfa-1450	1	32	china	china	PROPN
ajfa-1450	1	33	’s	’s	PART
ajfa-1450	1	34	exchange	exchange	NOUN
ajfa-1450	1	35	regime	regime	NOUN
ajfa-1450	1	36	:	:	PUNCT
ajfa-1450	1	37	the	the	DET
ajfa-1450	1	38	euro	euro	NOUN
ajfa-1450	1	39	and	and	CCONJ
ajfa-1450	1	40	its	its	PRON
ajfa-1450	1	41	role	role	NOUN
ajfa-1450	1	42	as	as	ADP
ajfa-1450	1	43	an	an	DET
ajfa-1450	1	44	anchor	anchor	NOUN
ajfa-1450	1	45	currency	currency	NOUN
ajfa-1450	1	46	marco	marco	PROPN
ajfa-1450	1	47	mele	mele	PROPN
ajfa-1450	1	48	(	(	PUNCT
ajfa-1450	1	49	corresponding	corresponding	ADJ
ajfa-1450	1	50	author	author	NOUN
ajfa-1450	1	51	)	)	PUNCT
ajfa-1450	1	52	school	school	NOUN
ajfa-1450	1	53	of	of	ADP
ajfa-1450	1	54	political	political	ADJ
ajfa-1450	1	55	science	science	NOUN
ajfa-1450	1	56	,	,	PUNCT
ajfa-1450	1	57	luspio	luspio	PROPN
ajfa-1450	1	58	university	university	PROPN
ajfa-1450	1	59	,	,	PUNCT
ajfa-1450	1	60	rome	rome	PROPN
ajfa-1450	1	61	,	,	PUNCT
ajfa-1450	1	62	italy	italy	PROPN
ajfa-1450	1	63	italian	italian	ADJ
ajfa-1450	1	64	society	society	NOUN
ajfa-1450	1	65	of	of	ADP
ajfa-1450	1	66	economist	economist	NOUN
ajfa-1450	1	67	(	(	PUNCT
ajfa-1450	1	68	s.i.e	s.i.e	PROPN
ajfa-1450	1	69	.	.	PUNCT
ajfa-1450	1	70	)	)	PUNCT
ajfa-1450	2	1	e	e	X
ajfa-1450	2	2	-	-	NOUN
ajfa-1450	2	3	mail	mail	NOUN
ajfa-1450	2	4	:	:	PUNCT
ajfa-1450	2	5	marco.mele@luspio.it	marco.mele@luspio.it	PROPN
ajfa-1450	2	6	paola	paola	PROPN
ajfa-1450	2	7	allegra	allegra	PROPN
ajfa-1450	2	8	baistrocchi	baistrocchi	PROPN
ajfa-1450	2	9	economic	economic	ADJ
ajfa-1450	2	10	and	and	CCONJ
ajfa-1450	2	11	political	political	ADJ
ajfa-1450	2	12	consultant	consultant	NOUN
ajfa-1450	2	13	e	e	NOUN
ajfa-1450	2	14	-	-	NOUN
ajfa-1450	2	15	mail	mail	NOUN
ajfa-1450	2	16	:	:	PUNCT
ajfa-1450	2	17	allegra.baistrocchi@gmail.com	allegra.baistrocchi@gmail.com	X
ajfa-1450	2	18	received	receive	VERB
ajfa-1450	2	19	:	:	PUNCT
ajfa-1450	2	20	february	february	PROPN
ajfa-1450	2	21	24	24	NUM
ajfa-1450	2	22	,	,	PUNCT
ajfa-1450	2	23	2012	2012	NUM
ajfa-1450	2	24	accepted	accept	VERB
ajfa-1450	2	25	:	:	PUNCT
ajfa-1450	2	26	march	march	PROPN
ajfa-1450	2	27	20	20	NUM
ajfa-1450	2	28	,	,	PUNCT
ajfa-1450	2	29	2012	2012	NUM
ajfa-1450	2	30	published	publish	VERB
ajfa-1450	2	31	:	:	PUNCT
ajfa-1450	2	32	june	june	PROPN
ajfa-1450	2	33	1	1	NUM
ajfa-1450	2	34	,	,	PUNCT
ajfa-1450	2	35	2012	2012	NUM
ajfa-1450	2	36	doi:10.5296	doi:10.5296	NOUN
ajfa-1450	2	37	/	/	SYM
ajfa-1450	2	38	ajfa.v4i1.1450	ajfa.v4i1.1450	NUM
ajfa-1450	2	39	url	url	PROPN
ajfa-1450	2	40	:	:	PUNCT
ajfa-1450	2	41	http://dx.doi.org/10.5296/ajfa.v4i1.1450	http://dx.doi.org/10.5296/ajfa.v4i1.1450	PUNCT
ajfa-1450	2	42	abstract	abstract	ADV
ajfa-1450	2	43	this	this	DET
ajfa-1450	2	44	study	study	NOUN
ajfa-1450	2	45	will	will	AUX
ajfa-1450	2	46	demonstrate	demonstrate	VERB
ajfa-1450	2	47	,	,	PUNCT
ajfa-1450	2	48	through	through	ADP
ajfa-1450	2	49	an	an	DET
ajfa-1450	2	50	econometric	econometric	ADJ
ajfa-1450	2	51	model	model	NOUN
ajfa-1450	2	52	in	in	ADP
ajfa-1450	2	53	time	time	NOUN
ajfa-1450	2	54	series	series	NOUN
ajfa-1450	2	55	,	,	PUNCT
ajfa-1450	2	56	if	if	SCONJ
ajfa-1450	2	57	and	and	CCONJ
ajfa-1450	2	58	how	how	SCONJ
ajfa-1450	2	59	the	the	DET
ajfa-1450	2	60	chinese	chinese	ADJ
ajfa-1450	2	61	basket	basket	NOUN
ajfa-1450	2	62	peg	peg	NOUN
ajfa-1450	2	63	has	have	AUX
ajfa-1450	2	64	changed	change	VERB
ajfa-1450	2	65	in	in	ADP
ajfa-1450	2	66	relation	relation	NOUN
ajfa-1450	2	67	to	to	ADP
ajfa-1450	2	68	the	the	DET
ajfa-1450	2	69	weight	weight	NOUN
ajfa-1450	2	70	that	that	PRON
ajfa-1450	2	71	the	the	DET
ajfa-1450	2	72	european	european	ADJ
ajfa-1450	2	73	single	single	ADJ
ajfa-1450	2	74	currency	currency	NOUN
ajfa-1450	2	75	holds	hold	VERB
ajfa-1450	2	76	within	within	ADP
ajfa-1450	2	77	it	it	PRON
ajfa-1450	2	78	.	.	PUNCT
ajfa-1450	3	1	specifically	specifically	ADV
ajfa-1450	3	2	,	,	PUNCT
ajfa-1450	3	3	utilizing	utilize	VERB
ajfa-1450	3	4	frankel	frankel	NOUN
ajfa-1450	3	5	’s	’s	PART
ajfa-1450	3	6	(	(	PUNCT
ajfa-1450	3	7	1994	1994	NUM
ajfa-1450	3	8	)	)	PUNCT
ajfa-1450	3	9	econometric	econometric	ADJ
ajfa-1450	3	10	model	model	NOUN
ajfa-1450	3	11	,	,	PUNCT
ajfa-1450	3	12	as	as	SCONJ
ajfa-1450	3	13	revisited	revisit	VERB
ajfa-1450	3	14	by	by	ADP
ajfa-1450	3	15	mele	mele	PROPN
ajfa-1450	3	16	(	(	PUNCT
ajfa-1450	3	17	2010	2010	NUM
ajfa-1450	3	18	)	)	PUNCT
ajfa-1450	3	19	enriched	enrich	VERB
ajfa-1450	3	20	by	by	ADP
ajfa-1450	3	21	kalman	kalman	PROPN
ajfa-1450	3	22	’s	’s	PART
ajfa-1450	3	23	filter	filter	NOUN
ajfa-1450	3	24	,	,	PUNCT
ajfa-1450	3	25	our	our	PRON
ajfa-1450	3	26	objective	objective	NOUN
ajfa-1450	3	27	is	be	AUX
ajfa-1450	3	28	to	to	PART
ajfa-1450	3	29	verify	verify	VERB
ajfa-1450	3	30	if	if	SCONJ
ajfa-1450	3	31	the	the	DET
ajfa-1450	3	32	eurozone	eurozone	NOUN
ajfa-1450	3	33	crisis	crisis	NOUN
ajfa-1450	3	34	has	have	AUX
ajfa-1450	3	35	affected	affect	VERB
ajfa-1450	3	36	the	the	DET
ajfa-1450	3	37	inner	inner	ADJ
ajfa-1450	3	38	balance	balance	NOUN
ajfa-1450	3	39	of	of	ADP
ajfa-1450	3	40	the	the	DET
ajfa-1450	3	41	chinese	chinese	ADJ
ajfa-1450	3	42	basket	basket	NOUN
ajfa-1450	3	43	-	-	PUNCT
ajfa-1450	3	44	peg	peg	NOUN
ajfa-1450	3	45	,	,	PUNCT
ajfa-1450	3	46	swaying	sway	VERB
ajfa-1450	3	47	it	it	PRON
ajfa-1450	3	48	from	from	ADP
ajfa-1450	3	49	the	the	DET
ajfa-1450	3	50	euro	euro	NOUN
ajfa-1450	3	51	towards	towards	ADP
ajfa-1450	3	52	a	a	DET
ajfa-1450	3	53	more	more	ADV
ajfa-1450	3	54	favorable	favorable	ADJ
ajfa-1450	3	55	dollar	dollar	NOUN
ajfa-1450	3	56	.	.	PUNCT
ajfa-1450	4	1	this	this	DET
ajfa-1450	4	2	research	research	NOUN
ajfa-1450	4	3	could	could	AUX
ajfa-1450	4	4	be	be	AUX
ajfa-1450	4	5	of	of	ADP
ajfa-1450	4	6	great	great	ADJ
ajfa-1450	4	7	insight	insight	NOUN
ajfa-1450	4	8	in	in	ADP
ajfa-1450	4	9	predicting	predict	VERB
ajfa-1450	4	10	the	the	DET
ajfa-1450	4	11	effect	effect	NOUN
ajfa-1450	4	12	of	of	ADP
ajfa-1450	4	13	future	future	ADJ
ajfa-1450	4	14	crisis	crisis	NOUN
ajfa-1450	4	15	’	'	PUNCT
ajfa-1450	4	16	,	,	PUNCT
ajfa-1450	4	17	as	as	SCONJ
ajfa-1450	4	18	a	a	DET
ajfa-1450	4	19	shift	shift	NOUN
ajfa-1450	4	20	is	be	AUX
ajfa-1450	4	21	already	already	ADV
ajfa-1450	4	22	noticeable	noticeable	ADJ
ajfa-1450	4	23	in	in	ADP
ajfa-1450	4	24	our	our	PRON
ajfa-1450	4	25	time	time	NOUN
ajfa-1450	4	26	series	series	PROPN
ajfa-1450	4	27	study	study	NOUN
ajfa-1450	4	28	spanning	span	VERB
ajfa-1450	4	29	from	from	ADP
ajfa-1450	4	30	2010	2010	NUM
ajfa-1450	4	31	till	till	SCONJ
ajfa-1450	4	32	present	present	ADJ
ajfa-1450	4	33	day	day	NOUN
ajfa-1450	4	34	.	.	PUNCT
ajfa-1450	5	1	keywords	keyword	NOUN
ajfa-1450	5	2	:	:	PUNCT
ajfa-1450	5	3	exchange	exchange	NOUN
ajfa-1450	5	4	rate	rate	NOUN
ajfa-1450	5	5	,	,	PUNCT
ajfa-1450	5	6	china	china	PROPN
ajfa-1450	5	7	,	,	PUNCT
ajfa-1450	5	8	econometric	econometric	ADJ
ajfa-1450	5	9	armax	armax	NOUN
ajfa-1450	5	10	model	model	NOUN
ajfa-1450	5	11	,	,	PUNCT
ajfa-1450	5	12	international	international	ADJ
ajfa-1450	5	13	currency	currency	NOUN
ajfa-1450	5	14	asian	asian	PROPN
ajfa-1450	5	15	journal	journal	NOUN
ajfa-1450	5	16	of	of	ADP
ajfa-1450	5	17	finance	finance	PROPN
ajfa-1450	5	18	&	&	CCONJ
ajfa-1450	5	19	accounting	accounting	PROPN
ajfa-1450	5	20	issn	issn	PROPN
ajfa-1450	5	21	1946	1946	NUM
ajfa-1450	5	22	-	-	PUNCT
ajfa-1450	5	23	052x	052x	NOUN
ajfa-1450	5	24	2012	2012	NUM
ajfa-1450	5	25	,	,	PUNCT
ajfa-1450	5	26	vol	vol	NOUN
ajfa-1450	5	27	.	.	PROPN
ajfa-1450	6	1	4	4	NUM
ajfa-1450	6	2	,	,	PUNCT
ajfa-1450	6	3	no	no	INTJ
ajfa-1450	6	4	.	.	NOUN
ajfa-1450	6	5	1	1	NUM
ajfa-1450	6	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1450	6	7	206	206	NUM
ajfa-1450	6	8	1	1	NUM
ajfa-1450	6	9	.	.	PUNCT
ajfa-1450	7	1	introduction	introduction	NOUN
ajfa-1450	7	2	the	the	DET
ajfa-1450	7	3	international	international	ADJ
ajfa-1450	7	4	economic	economic	ADJ
ajfa-1450	7	5	system	system	NOUN
ajfa-1450	7	6	of	of	ADP
ajfa-1450	7	7	the	the	DET
ajfa-1450	7	8	xxi	xxi	ADJ
ajfa-1450	7	9	century	century	NOUN
ajfa-1450	7	10	has	have	AUX
ajfa-1450	7	11	been	be	AUX
ajfa-1450	7	12	characterized	characterize	VERB
ajfa-1450	7	13	by	by	ADP
ajfa-1450	7	14	a	a	DET
ajfa-1450	7	15	global	global	ADJ
ajfa-1450	7	16	imbalance	imbalance	NOUN
ajfa-1450	7	17	,	,	PUNCT
ajfa-1450	7	18	where	where	SCONJ
ajfa-1450	7	19	on	on	ADP
ajfa-1450	7	20	the	the	DET
ajfa-1450	7	21	one	one	NUM
ajfa-1450	7	22	hand	hand	NOUN
ajfa-1450	7	23	there	there	PRON
ajfa-1450	7	24	has	have	AUX
ajfa-1450	7	25	been	be	AUX
ajfa-1450	7	26	a	a	DET
ajfa-1450	7	27	deceleration	deceleration	NOUN
ajfa-1450	7	28	of	of	ADP
ajfa-1450	7	29	growth	growth	NOUN
ajfa-1450	7	30	rates	rate	NOUN
ajfa-1450	7	31	of	of	ADP
ajfa-1450	7	32	gdps	gdps	NOUN
ajfa-1450	7	33	in	in	ADP
ajfa-1450	7	34	both	both	CCONJ
ajfa-1450	7	35	the	the	DET
ajfa-1450	7	36	united	united	PROPN
ajfa-1450	7	37	states	states	PROPN
ajfa-1450	7	38	and	and	CCONJ
ajfa-1450	7	39	europe	europe	PROPN
ajfa-1450	7	40	,	,	PUNCT
ajfa-1450	7	41	whilst	whilst	SCONJ
ajfa-1450	7	42	on	on	ADP
ajfa-1450	7	43	other	other	ADJ
ajfa-1450	7	44	the	the	DET
ajfa-1450	7	45	other	other	ADJ
ajfa-1450	7	46	hand	hand	NOUN
ajfa-1450	7	47	there	there	PRON
ajfa-1450	7	48	has	have	AUX
ajfa-1450	7	49	been	be	AUX
ajfa-1450	7	50	an	an	DET
ajfa-1450	7	51	unhindered	unhindered	ADJ
ajfa-1450	7	52	development	development	NOUN
ajfa-1450	7	53	of	of	ADP
ajfa-1450	7	54	the	the	DET
ajfa-1450	7	55	so	so	ADV
ajfa-1450	7	56	-	-	PUNCT
ajfa-1450	7	57	called	call	VERB
ajfa-1450	7	58	bric	bric	ADJ
ajfa-1450	7	59	countries	country	NOUN
ajfa-1450	7	60	,	,	PUNCT
ajfa-1450	7	61	which	which	PRON
ajfa-1450	7	62	has	have	AUX
ajfa-1450	7	63	allowed	allow	VERB
ajfa-1450	7	64	high	high	ADJ
ajfa-1450	7	65	growth	growth	NOUN
ajfa-1450	7	66	rates	rate	NOUN
ajfa-1450	7	67	for	for	ADP
ajfa-1450	7	68	the	the	DET
ajfa-1450	7	69	global	global	ADJ
ajfa-1450	7	70	economy	economy	NOUN
ajfa-1450	7	71	as	as	ADP
ajfa-1450	7	72	a	a	DET
ajfa-1450	7	73	whole	whole	NOUN
ajfa-1450	7	74	.	.	PUNCT
ajfa-1450	8	1	however	however	ADV
ajfa-1450	8	2	,	,	PUNCT
ajfa-1450	8	3	in	in	ADP
ajfa-1450	8	4	a	a	DET
ajfa-1450	8	5	system	system	NOUN
ajfa-1450	8	6	distinguished	distinguish	VERB
ajfa-1450	8	7	for	for	ADP
ajfa-1450	8	8	its	its	PRON
ajfa-1450	8	9	growth	growth	NOUN
ajfa-1450	8	10	,	,	PUNCT
ajfa-1450	8	11	brought	bring	VERB
ajfa-1450	8	12	about	about	ADP
ajfa-1450	8	13	by	by	ADP
ajfa-1450	8	14	the	the	DET
ajfa-1450	8	15	globalization	globalization	NOUN
ajfa-1450	8	16	process	process	NOUN
ajfa-1450	8	17	and	and	CCONJ
ajfa-1450	8	18	reinforced	reinforce	VERB
ajfa-1450	8	19	by	by	ADP
ajfa-1450	8	20	creative	creative	ADJ
ajfa-1450	8	21	finance	finance	NOUN
ajfa-1450	8	22	,	,	PUNCT
ajfa-1450	8	23	numerous	numerous	ADJ
ajfa-1450	8	24	tension	tension	NOUN
ajfa-1450	8	25	have	have	AUX
ajfa-1450	8	26	emerged	emerge	VERB
ajfa-1450	8	27	,	,	PUNCT
ajfa-1450	8	28	and	and	CCONJ
ajfa-1450	8	29	subsequently	subsequently	ADV
ajfa-1450	8	30	been	be	AUX
ajfa-1450	8	31	transformed	transform	VERB
ajfa-1450	8	32	into	into	ADP
ajfa-1450	8	33	what	what	PRON
ajfa-1450	8	34	is	be	AUX
ajfa-1450	8	35	commonly	commonly	ADV
ajfa-1450	8	36	defined	define	VERB
ajfa-1450	8	37	as	as	ADP
ajfa-1450	8	38	“	"	PUNCT
ajfa-1450	8	39	crisis	crisis	NOUN
ajfa-1450	8	40	’	'	PUNCT
ajfa-1450	8	41	”	"	PUNCT
ajfa-1450	8	42	.	.	PUNCT
ajfa-1450	9	1	specifically	specifically	ADV
ajfa-1450	9	2	,	,	PUNCT
ajfa-1450	9	3	since	since	SCONJ
ajfa-1450	9	4	2010	2010	NUM
ajfa-1450	9	5	,	,	PUNCT
ajfa-1450	9	6	a	a	DET
ajfa-1450	9	7	new	new	ADJ
ajfa-1450	9	8	fiscal	fiscal	ADJ
ajfa-1450	9	9	and	and	CCONJ
ajfa-1450	9	10	financial	financial	ADJ
ajfa-1450	9	11	crisis	crisis	NOUN
ajfa-1450	9	12	has	have	AUX
ajfa-1450	9	13	affected	affect	VERB
ajfa-1450	9	14	the	the	DET
ajfa-1450	9	15	eurozone	eurozone	NOUN
ajfa-1450	9	16	.	.	PUNCT
ajfa-1450	10	1	when	when	SCONJ
ajfa-1450	10	2	confronted	confront	VERB
ajfa-1450	10	3	with	with	ADP
ajfa-1450	10	4	data	datum	NOUN
ajfa-1450	10	5	originating	originate	VERB
ajfa-1450	10	6	by	by	ADP
ajfa-1450	10	7	both	both	PRON
ajfa-1450	10	8	the	the	DET
ajfa-1450	10	9	oecd	oecd	PROPN
ajfa-1450	10	10	and	and	CCONJ
ajfa-1450	10	11	the	the	DET
ajfa-1450	10	12	imf	imf	PROPN
ajfa-1450	10	13	(	(	PUNCT
ajfa-1450	10	14	2011	2011	NUM
ajfa-1450	10	15	)	)	PUNCT
ajfa-1450	10	16	on	on	ADP
ajfa-1450	10	17	a	a	DET
ajfa-1450	10	18	probable	probable	ADJ
ajfa-1450	10	19	recession	recession	NOUN
ajfa-1450	10	20	of	of	ADP
ajfa-1450	10	21	eurozone	eurozone	NOUN
ajfa-1450	10	22	countries	country	NOUN
ajfa-1450	10	23	,	,	PUNCT
ajfa-1450	10	24	it	it	PRON
ajfa-1450	10	25	is	be	AUX
ajfa-1450	10	26	necessary	necessary	ADJ
ajfa-1450	10	27	to	to	PART
ajfa-1450	10	28	question	question	VERB
ajfa-1450	10	29	whether	whether	SCONJ
ajfa-1450	10	30	the	the	DET
ajfa-1450	10	31	successes	success	NOUN
ajfa-1450	10	32	that	that	PRON
ajfa-1450	10	33	the	the	DET
ajfa-1450	10	34	euro	euro	NOUN
ajfa-1450	10	35	has	have	AUX
ajfa-1450	10	36	achieved	achieve	VERB
ajfa-1450	10	37	in	in	ADP
ajfa-1450	10	38	aspiring	aspire	VERB
ajfa-1450	10	39	to	to	PART
ajfa-1450	10	40	become	become	VERB
ajfa-1450	10	41	an	an	DET
ajfa-1450	10	42	international	international	ADJ
ajfa-1450	10	43	currency	currency	NOUN
ajfa-1450	10	44	will	will	AUX
ajfa-1450	10	45	be	be	AUX
ajfa-1450	10	46	lost	lose	VERB
ajfa-1450	10	47	in	in	ADP
ajfa-1450	10	48	facing	face	VERB
ajfa-1450	10	49	the	the	DET
ajfa-1450	10	50	european	european	ADJ
ajfa-1450	10	51	debt	debt	NOUN
ajfa-1450	10	52	crisis	crisis	NOUN
ajfa-1450	10	53	.	.	PUNCT
ajfa-1450	11	1	in	in	ADP
ajfa-1450	11	2	detail	detail	NOUN
ajfa-1450	11	3	,	,	PUNCT
ajfa-1450	11	4	the	the	DET
ajfa-1450	11	5	functions	function	NOUN
ajfa-1450	11	6	of	of	ADP
ajfa-1450	11	7	an	an	DET
ajfa-1450	11	8	international	international	ADJ
ajfa-1450	11	9	currency	currency	NOUN
ajfa-1450	11	10	are	be	AUX
ajfa-1450	11	11	closely	closely	ADV
ajfa-1450	11	12	linked	link	VERB
ajfa-1450	11	13	in	in	ADP
ajfa-1450	11	14	regimes	regime	NOUN
ajfa-1450	11	15	in	in	ADP
ajfa-1450	11	16	which	which	PRON
ajfa-1450	11	17	other	other	ADJ
ajfa-1450	11	18	currencies	currency	NOUN
ajfa-1450	11	19	are	be	AUX
ajfa-1450	11	20	tethered	tethered	ADJ
ajfa-1450	11	21	to	to	ADP
ajfa-1450	11	22	a	a	DET
ajfa-1450	11	23	key	key	ADJ
ajfa-1450	11	24	currency	currency	NOUN
ajfa-1450	11	25	,	,	PUNCT
ajfa-1450	11	26	so	so	SCONJ
ajfa-1450	11	27	that	that	SCONJ
ajfa-1450	11	28	it	it	PRON
ajfa-1450	11	29	is	be	AUX
ajfa-1450	11	30	able	able	ADJ
ajfa-1450	11	31	to	to	PART
ajfa-1450	11	32	become	become	VERB
ajfa-1450	11	33	a	a	DET
ajfa-1450	11	34	unit	unit	NOUN
ajfa-1450	11	35	of	of	ADP
ajfa-1450	11	36	account	account	NOUN
ajfa-1450	11	37	for	for	ADP
ajfa-1450	11	38	the	the	DET
ajfa-1450	11	39	system	system	NOUN
ajfa-1450	11	40	.	.	PUNCT
ajfa-1450	12	1	this	this	PRON
ajfa-1450	12	2	would	would	AUX
ajfa-1450	12	3	suggest	suggest	VERB
ajfa-1450	12	4	that	that	SCONJ
ajfa-1450	12	5	in	in	ADP
ajfa-1450	12	6	the	the	DET
ajfa-1450	12	7	past	past	ADJ
ajfa-1450	12	8	eight	eight	NUM
ajfa-1450	12	9	years	year	NOUN
ajfa-1450	12	10	the	the	DET
ajfa-1450	12	11	euro	euro	NOUN
ajfa-1450	12	12	’s	’s	PART
ajfa-1450	12	13	weight	weight	NOUN
ajfa-1450	12	14	and	and	CCONJ
ajfa-1450	12	15	presence	presence	NOUN
ajfa-1450	12	16	as	as	ADP
ajfa-1450	12	17	an	an	DET
ajfa-1450	12	18	official	official	ADJ
ajfa-1450	12	19	reserve	reserve	NOUN
ajfa-1450	12	20	has	have	AUX
ajfa-1450	12	21	increased	increase	VERB
ajfa-1450	12	22	proportionally	proportionally	ADV
ajfa-1450	12	23	to	to	ADP
ajfa-1450	12	24	its	its	PRON
ajfa-1450	12	25	utilization	utilization	NOUN
ajfa-1450	12	26	as	as	ADP
ajfa-1450	12	27	an	an	DET
ajfa-1450	12	28	anchor	anchor	NOUN
ajfa-1450	12	29	currency	currency	NOUN
ajfa-1450	12	30	in	in	ADP
ajfa-1450	12	31	multiple	multiple	ADJ
ajfa-1450	12	32	-	-	PUNCT
ajfa-1450	12	33	currency	currency	NOUN
ajfa-1450	12	34	baskets	basket	NOUN
ajfa-1450	12	35	,	,	PUNCT
ajfa-1450	12	36	where	where	SCONJ
ajfa-1450	12	37	,	,	PUNCT
ajfa-1450	12	38	up	up	ADP
ajfa-1450	12	39	until	until	ADP
ajfa-1450	12	40	now	now	ADV
ajfa-1450	12	41	,	,	PUNCT
ajfa-1450	12	42	the	the	DET
ajfa-1450	12	43	dollar	dollar	NOUN
ajfa-1450	12	44	was	be	AUX
ajfa-1450	12	45	a	a	DET
ajfa-1450	12	46	key	key	ADJ
ajfa-1450	12	47	player	player	NOUN
ajfa-1450	12	48	.	.	PUNCT
ajfa-1450	13	1	although	although	SCONJ
ajfa-1450	13	2	ample	ample	ADJ
ajfa-1450	13	3	research	research	NOUN
ajfa-1450	13	4	,	,	PUNCT
ajfa-1450	13	5	amongst	amongst	ADP
ajfa-1450	13	6	which	which	PRON
ajfa-1450	13	7	frankel	frankel	NOUN
ajfa-1450	13	8	and	and	CCONJ
ajfa-1450	13	9	chinn	chinn	PROPN
ajfa-1450	13	10	(	(	PUNCT
ajfa-1450	13	11	1994	1994	NUM
ajfa-1450	13	12	)	)	PUNCT
ajfa-1450	13	13	,	,	PUNCT
ajfa-1450	13	14	eichengreen	eichengreen	NOUN
ajfa-1450	13	15	(	(	PUNCT
ajfa-1450	13	16	2006	2006	NUM
ajfa-1450	13	17	)	)	PUNCT
ajfa-1450	13	18	,	,	PUNCT
ajfa-1450	13	19	wei	wei	PROPN
ajfa-1450	13	20	(	(	PUNCT
ajfa-1450	13	21	2007	2007	NUM
ajfa-1450	13	22	)	)	PUNCT
ajfa-1450	13	23	,	,	PUNCT
ajfa-1450	13	24	ogawa	ogawa	PROPN
ajfa-1450	13	25	and	and	CCONJ
ajfa-1450	13	26	yoshimi	yoshimi	PROPN
ajfa-1450	13	27	(	(	PUNCT
ajfa-1450	13	28	2008	2008	NUM
ajfa-1450	13	29	,	,	PUNCT
ajfa-1450	13	30	2009	2009	NUM
ajfa-1450	13	31	)	)	PUNCT
ajfa-1450	13	32	and	and	CCONJ
ajfa-1450	13	33	mele	mele	PROPN
ajfa-1450	13	34	(	(	PUNCT
ajfa-1450	13	35	2010	2010	NUM
ajfa-1450	13	36	)	)	PUNCT
ajfa-1450	13	37	,	,	PUNCT
ajfa-1450	13	38	achieved	achieve	VERB
ajfa-1450	13	39	important	important	ADJ
ajfa-1450	13	40	results	result	NOUN
ajfa-1450	13	41	in	in	ADP
ajfa-1450	13	42	analyzing	analyze	VERB
ajfa-1450	13	43	the	the	DET
ajfa-1450	13	44	euro	euro	NOUN
ajfa-1450	13	45	as	as	ADP
ajfa-1450	13	46	an	an	DET
ajfa-1450	13	47	anchor	anchor	NOUN
ajfa-1450	13	48	currency	currency	NOUN
ajfa-1450	13	49	,	,	PUNCT
ajfa-1450	13	50	second	second	ADJ
ajfa-1450	13	51	only	only	ADV
ajfa-1450	13	52	to	to	ADP
ajfa-1450	13	53	the	the	DET
ajfa-1450	13	54	dollar	dollar	NOUN
ajfa-1450	13	55	(	(	PUNCT
ajfa-1450	13	56	especially	especially	ADV
ajfa-1450	13	57	with	with	ADP
ajfa-1450	13	58	reference	reference	NOUN
ajfa-1450	13	59	to	to	ADP
ajfa-1450	13	60	the	the	DET
ajfa-1450	13	61	currency	currency	NOUN
ajfa-1450	13	62	regime	regime	NOUN
ajfa-1450	13	63	in	in	ADP
ajfa-1450	13	64	china	china	PROPN
ajfa-1450	13	65	post	post	PROPN
ajfa-1450	13	66	2005	2005	NUM
ajfa-1450	13	67	)	)	PUNCT
ajfa-1450	13	68	,	,	PUNCT
ajfa-1450	13	69	the	the	DET
ajfa-1450	13	70	fiscal	fiscal	ADJ
ajfa-1450	13	71	crisis	crisis	NOUN
ajfa-1450	13	72	of	of	ADP
ajfa-1450	13	73	the	the	DET
ajfa-1450	13	74	emu	emu	PROPN
ajfa-1450	13	75	brings	bring	VERB
ajfa-1450	13	76	us	we	PRON
ajfa-1450	13	77	to	to	PART
ajfa-1450	13	78	believe	believe	VERB
ajfa-1450	13	79	that	that	SCONJ
ajfa-1450	13	80	at	at	ADP
ajfa-1450	13	81	an	an	DET
ajfa-1450	13	82	international	international	ADJ
ajfa-1450	13	83	level	level	NOUN
ajfa-1450	13	84	the	the	DET
ajfa-1450	13	85	euro	euro	NOUN
ajfa-1450	13	86	is	be	AUX
ajfa-1450	13	87	losing	lose	VERB
ajfa-1450	13	88	its	its	PRON
ajfa-1450	13	89	role	role	NOUN
ajfa-1450	13	90	as	as	ADP
ajfa-1450	13	91	an	an	DET
ajfa-1450	13	92	anchor	anchor	NOUN
ajfa-1450	13	93	currency	currency	NOUN
ajfa-1450	13	94	.	.	PUNCT
ajfa-1450	14	1	this	this	DET
ajfa-1450	14	2	paper	paper	NOUN
ajfa-1450	14	3	will	will	AUX
ajfa-1450	14	4	demonstrate	demonstrate	VERB
ajfa-1450	14	5	,	,	PUNCT
ajfa-1450	14	6	through	through	ADP
ajfa-1450	14	7	an	an	DET
ajfa-1450	14	8	econometric	econometric	ADJ
ajfa-1450	14	9	model	model	NOUN
ajfa-1450	14	10	in	in	ADP
ajfa-1450	14	11	time	time	NOUN
ajfa-1450	14	12	series	series	NOUN
ajfa-1450	14	13	,	,	PUNCT
ajfa-1450	14	14	if	if	SCONJ
ajfa-1450	14	15	and	and	CCONJ
ajfa-1450	14	16	how	how	SCONJ
ajfa-1450	14	17	the	the	DET
ajfa-1450	14	18	chinese	chinese	ADJ
ajfa-1450	14	19	basket	basket	NOUN
ajfa-1450	14	20	peg	peg	NOUN
ajfa-1450	14	21	has	have	AUX
ajfa-1450	14	22	changed	change	VERB
ajfa-1450	14	23	in	in	ADP
ajfa-1450	14	24	relation	relation	NOUN
ajfa-1450	14	25	to	to	ADP
ajfa-1450	14	26	the	the	DET
ajfa-1450	14	27	weight	weight	NOUN
ajfa-1450	14	28	that	that	PRON
ajfa-1450	14	29	the	the	DET
ajfa-1450	14	30	european	european	ADJ
ajfa-1450	14	31	single	single	ADJ
ajfa-1450	14	32	currency	currency	NOUN
ajfa-1450	14	33	holds	hold	VERB
ajfa-1450	14	34	within	within	ADP
ajfa-1450	14	35	it	it	PRON
ajfa-1450	14	36	.	.	PUNCT
ajfa-1450	15	1	2	2	X
ajfa-1450	15	2	.	.	X
ajfa-1450	15	3	the	the	DET
ajfa-1450	15	4	euro	euro	NOUN
ajfa-1450	15	5	as	as	ADP
ajfa-1450	15	6	an	an	DET
ajfa-1450	15	7	international	international	ADJ
ajfa-1450	15	8	currency	currency	NOUN
ajfa-1450	15	9	:	:	PUNCT
ajfa-1450	15	10	the	the	DET
ajfa-1450	15	11	case	case	NOUN
ajfa-1450	15	12	of	of	ADP
ajfa-1450	15	13	anchor	anchor	NOUN
ajfa-1450	15	14	-	-	PUNCT
ajfa-1450	15	15	peg	peg	NOUN
ajfa-1450	15	16	regimes	regime	NOUN
ajfa-1450	15	17	since	since	SCONJ
ajfa-1450	15	18	the	the	DET
ajfa-1450	15	19	‘	‘	NOUN
ajfa-1450	15	20	60s	60	NOUN
ajfa-1450	15	21	,	,	PUNCT
ajfa-1450	15	22	the	the	DET
ajfa-1450	15	23	dollar	dollar	NOUN
ajfa-1450	15	24	has	have	AUX
ajfa-1450	15	25	carried	carry	VERB
ajfa-1450	15	26	out	out	ADP
ajfa-1450	15	27	tehe	tehe	ADV
ajfa-1450	15	28	predominant	predominant	ADJ
ajfa-1450	15	29	“	"	PUNCT
ajfa-1450	15	30	unit	unit	NOUN
ajfa-1450	15	31	of	of	ADP
ajfa-1450	15	32	account	account	NOUN
ajfa-1450	15	33	”	"	PUNCT
ajfa-1450	15	34	role	role	NOUN
ajfa-1450	15	35	on	on	ADP
ajfa-1450	15	36	an	an	DET
ajfa-1450	15	37	international	international	ADJ
ajfa-1450	15	38	level	level	NOUN
ajfa-1450	15	39	,	,	PUNCT
ajfa-1450	15	40	both	both	PRON
ajfa-1450	15	41	in	in	ADP
ajfa-1450	15	42	industrialized	industrialized	ADJ
ajfa-1450	15	43	countries	country	NOUN
ajfa-1450	15	44	as	as	ADV
ajfa-1450	15	45	well	well	ADV
ajfa-1450	15	46	as	as	ADP
ajfa-1450	15	47	in	in	ADP
ajfa-1450	15	48	the	the	DET
ajfa-1450	15	49	so	so	ADV
ajfa-1450	15	50	-	-	PUNCT
ajfa-1450	15	51	called	call	VERB
ajfa-1450	15	52	developing	develop	VERB
ajfa-1450	15	53	world	world	NOUN
ajfa-1450	15	54	.	.	PUNCT
ajfa-1450	16	1	the	the	DET
ajfa-1450	16	2	escalation	escalation	NOUN
ajfa-1450	16	3	of	of	ADP
ajfa-1450	16	4	the	the	DET
ajfa-1450	16	5	american	american	ADJ
ajfa-1450	16	6	sub	sub	ADJ
ajfa-1450	16	7	-	-	ADJ
ajfa-1450	16	8	prime	prime	ADJ
ajfa-1450	16	9	financial	financial	ADJ
ajfa-1450	16	10	crisis	crisis	NOUN
ajfa-1450	16	11	,	,	PUNCT
ajfa-1450	16	12	with	with	ADP
ajfa-1450	16	13	its	its	PRON
ajfa-1450	16	14	possible	possible	ADJ
ajfa-1450	16	15	inflationist	inflationist	ADJ
ajfa-1450	16	16	repercussions	repercussion	NOUN
ajfa-1450	16	17	(	(	PUNCT
ajfa-1450	16	18	due	due	ADP
ajfa-1450	16	19	to	to	ADP
ajfa-1450	16	20	accommodating	accommodate	VERB
ajfa-1450	16	21	monetary	monetary	ADJ
ajfa-1450	16	22	policies	policy	NOUN
ajfa-1450	16	23	,	,	PUNCT
ajfa-1450	16	24	attempted	attempt	VERB
ajfa-1450	16	25	to	to	PART
ajfa-1450	16	26	assuage	assuage	VERB
ajfa-1450	16	27	the	the	DET
ajfa-1450	16	28	crisis	crisis	NOUN
ajfa-1450	16	29	,	,	PUNCT
ajfa-1450	16	30	but	but	CCONJ
ajfa-1450	16	31	also	also	ADV
ajfa-1450	16	32	to	to	ADP
ajfa-1450	16	33	the	the	DET
ajfa-1450	16	34	chronic	chronic	ADJ
ajfa-1450	16	35	deficit	deficit	NOUN
ajfa-1450	16	36	of	of	ADP
ajfa-1450	16	37	the	the	DET
ajfa-1450	16	38	current	current	ADJ
ajfa-1450	16	39	account	account	NOUN
ajfa-1450	16	40	of	of	ADP
ajfa-1450	16	41	the	the	DET
ajfa-1450	16	42	united	united	PROPN
ajfa-1450	16	43	states	states	PROPN
ajfa-1450	16	44	’	'	PUNCT
ajfa-1450	16	45	balance	balance	NOUN
ajfa-1450	16	46	of	of	ADP
ajfa-1450	16	47	payment	payment	NOUN
ajfa-1450	16	48	,	,	PUNCT
ajfa-1450	16	49	which	which	PRON
ajfa-1450	16	50	has	have	AUX
ajfa-1450	16	51	allowed	allow	VERB
ajfa-1450	16	52	for	for	ADP
ajfa-1450	16	53	countries	country	NOUN
ajfa-1450	16	54	such	such	ADJ
ajfa-1450	16	55	as	as	ADP
ajfa-1450	16	56	china	china	PROPN
ajfa-1450	16	57	to	to	PART
ajfa-1450	16	58	amass	amass	VERB
ajfa-1450	16	59	great	great	ADJ
ajfa-1450	16	60	surplus	surplus	NOUN
ajfa-1450	16	61	’	'	PUNCT
ajfa-1450	16	62	)	)	PUNCT
ajfa-1450	16	63	,	,	PUNCT
ajfa-1450	16	64	allowed	allow	VERB
ajfa-1450	16	65	for	for	ADP
ajfa-1450	16	66	the	the	DET
ajfa-1450	16	67	american	american	ADJ
ajfa-1450	16	68	currency	currency	NOUN
ajfa-1450	16	69	,	,	PUNCT
ajfa-1450	16	70	over	over	ADP
ajfa-1450	16	71	time	time	NOUN
ajfa-1450	16	72	,	,	PUNCT
ajfa-1450	16	73	to	to	PART
ajfa-1450	16	74	become	become	VERB
ajfa-1450	16	75	a	a	DET
ajfa-1450	16	76	destabilizing	destabilizing	ADJ
ajfa-1450	16	77	factor	factor	NOUN
ajfa-1450	16	78	for	for	ADP
ajfa-1450	16	79	those	those	DET
ajfa-1450	16	80	economies	economy	NOUN
ajfa-1450	16	81	that	that	PRON
ajfa-1450	16	82	utilized	utilize	VERB
ajfa-1450	16	83	the	the	DET
ajfa-1450	16	84	dollar	dollar	NOUN
ajfa-1450	16	85	as	as	ADP
ajfa-1450	16	86	an	an	DET
ajfa-1450	16	87	anchor	anchor	NOUN
ajfa-1450	16	88	currency	currency	NOUN
ajfa-1450	16	89	.	.	PUNCT
ajfa-1450	17	1	subsequently	subsequently	ADV
ajfa-1450	17	2	,	,	PUNCT
ajfa-1450	17	3	countries	country	NOUN
ajfa-1450	17	4	such	such	ADJ
ajfa-1450	17	5	as	as	ADP
ajfa-1450	17	6	russia	russia	PROPN
ajfa-1450	17	7	,	,	PUNCT
ajfa-1450	17	8	kuwait	kuwait	PROPN
ajfa-1450	17	9	and	and	CCONJ
ajfa-1450	17	10	brazil	brazil	PROPN
ajfa-1450	17	11	have	have	AUX
ajfa-1450	17	12	abandoned	abandon	VERB
ajfa-1450	17	13	their	their	PRON
ajfa-1450	17	14	dollar	dollar	NOUN
ajfa-1450	17	15	-	-	PUNCT
ajfa-1450	17	16	peg	peg	NOUN
ajfa-1450	17	17	currency	currency	NOUN
ajfa-1450	17	18	systems	system	NOUN
ajfa-1450	17	19	,	,	PUNCT
ajfa-1450	17	20	in	in	ADP
ajfa-1450	17	21	favor	favor	NOUN
ajfa-1450	17	22	of	of	ADP
ajfa-1450	17	23	greater	great	ADJ
ajfa-1450	17	24	flexibility	flexibility	NOUN
ajfa-1450	17	25	vis	vis	X
ajfa-1450	17	26	-	-	X
ajfa-1450	17	27	à	à	X
ajfa-1450	17	28	-	-	PUNCT
ajfa-1450	17	29	vis	vis	X
ajfa-1450	17	30	new	new	ADJ
ajfa-1450	17	31	international	international	ADJ
ajfa-1450	17	32	currencies	currency	NOUN
ajfa-1450	17	33	.	.	PUNCT
ajfa-1450	18	1	asian	asian	ADJ
ajfa-1450	18	2	journal	journal	PROPN
ajfa-1450	18	3	of	of	ADP
ajfa-1450	18	4	finance	finance	PROPN
ajfa-1450	18	5	&	&	CCONJ
ajfa-1450	18	6	accounting	accounting	PROPN
ajfa-1450	18	7	issn	issn	PROPN
ajfa-1450	18	8	1946	1946	NUM
ajfa-1450	18	9	-	-	PUNCT
ajfa-1450	18	10	052x	052x	NOUN
ajfa-1450	18	11	2012	2012	NUM
ajfa-1450	18	12	,	,	PUNCT
ajfa-1450	18	13	vol	vol	NOUN
ajfa-1450	18	14	.	.	PROPN
ajfa-1450	18	15	4	4	NUM
ajfa-1450	18	16	,	,	PUNCT
ajfa-1450	18	17	no	no	INTJ
ajfa-1450	18	18	.	.	NOUN
ajfa-1450	18	19	1	1	NUM
ajfa-1450	18	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	18	21	207	207	NUM
ajfa-1450	18	22	countries	country	NOUN
ajfa-1450	18	23	that	that	PRON
ajfa-1450	18	24	belonged	belong	VERB
ajfa-1450	18	25	to	to	ADP
ajfa-1450	18	26	the	the	DET
ajfa-1450	18	27	so	so	ADV
ajfa-1450	18	28	-	-	PUNCT
ajfa-1450	18	29	called	call	VERB
ajfa-1450	18	30	periphery	periphery	NOUN
ajfa-1450	18	31	of	of	ADP
ajfa-1450	18	32	the	the	DET
ajfa-1450	18	33	area	area	NOUN
ajfa-1450	18	34	of	of	ADP
ajfa-1450	18	35	influence	influence	NOUN
ajfa-1450	18	36	of	of	ADP
ajfa-1450	18	37	the	the	DET
ajfa-1450	18	38	dollar	dollar	NOUN
ajfa-1450	18	39	,	,	PUNCT
ajfa-1450	18	40	have	have	AUX
ajfa-1450	18	41	,	,	PUNCT
ajfa-1450	18	42	since	since	SCONJ
ajfa-1450	18	43	2002	2002	NUM
ajfa-1450	18	44	,	,	PUNCT
ajfa-1450	18	45	shown	show	VERB
ajfa-1450	18	46	an	an	DET
ajfa-1450	18	47	increased	increase	VERB
ajfa-1450	18	48	interest	interest	NOUN
ajfa-1450	18	49	in	in	ADP
ajfa-1450	18	50	the	the	DET
ajfa-1450	18	51	euro	euro	NOUN
ajfa-1450	18	52	as	as	ADP
ajfa-1450	18	53	the	the	DET
ajfa-1450	18	54	currency	currency	NOUN
ajfa-1450	18	55	unit	unit	NOUN
ajfa-1450	18	56	of	of	ADP
ajfa-1450	18	57	account	account	NOUN
ajfa-1450	18	58	,	,	PUNCT
ajfa-1450	18	59	abandoning	abandon	VERB
ajfa-1450	18	60	dollar	dollar	NOUN
ajfa-1450	18	61	-	-	PUNCT
ajfa-1450	18	62	peg	peg	NOUN
ajfa-1450	18	63	regimes	regime	NOUN
ajfa-1450	18	64	in	in	ADP
ajfa-1450	18	65	favor	favor	NOUN
ajfa-1450	18	66	of	of	ADP
ajfa-1450	18	67	basket	basket	NOUN
ajfa-1450	18	68	-	-	PUNCT
ajfa-1450	18	69	peg	peg	NOUN
ajfa-1450	18	70	regimes	regime	NOUN
ajfa-1450	18	71	,	,	PUNCT
ajfa-1450	18	72	where	where	SCONJ
ajfa-1450	18	73	along	along	ADP
ajfa-1450	18	74	-	-	PUNCT
ajfa-1450	18	75	side	side	NOUN
ajfa-1450	18	76	the	the	DET
ajfa-1450	18	77	dollar	dollar	NOUN
ajfa-1450	18	78	,	,	PUNCT
ajfa-1450	18	79	the	the	DET
ajfa-1450	18	80	european	european	ADJ
ajfa-1450	18	81	currency	currency	NOUN
ajfa-1450	18	82	has	have	AUX
ajfa-1450	18	83	found	find	VERB
ajfa-1450	18	84	increasing	increase	VERB
ajfa-1450	18	85	importance	importance	NOUN
ajfa-1450	18	86	.	.	PUNCT
ajfa-1450	19	1	cobham	cobham	PROPN
ajfa-1450	19	2	(	(	PUNCT
ajfa-1450	19	3	2007	2007	NUM
ajfa-1450	19	4	)	)	PUNCT
ajfa-1450	19	5	,	,	PUNCT
ajfa-1450	19	6	in	in	ADP
ajfa-1450	19	7	his	his	PRON
ajfa-1450	19	8	time	time	NOUN
ajfa-1450	19	9	series	series	NOUN
ajfa-1450	19	10	analysis	analysis	NOUN
ajfa-1450	19	11	(	(	PUNCT
ajfa-1450	19	12	which	which	PRON
ajfa-1450	19	13	covered	cover	VERB
ajfa-1450	19	14	a	a	DET
ajfa-1450	19	15	period	period	NOUN
ajfa-1450	19	16	from	from	ADP
ajfa-1450	19	17	1999	1999	NUM
ajfa-1450	19	18	till	till	SCONJ
ajfa-1450	19	19	2006	2006	NUM
ajfa-1450	19	20	)	)	PUNCT
ajfa-1450	19	21	,	,	PUNCT
ajfa-1450	19	22	highlighted	highlight	VERB
ajfa-1450	19	23	how	how	SCONJ
ajfa-1450	19	24	33	33	NUM
ajfa-1450	19	25	%	%	NOUN
ajfa-1450	19	26	more	more	ADJ
ajfa-1450	19	27	countries	country	NOUN
ajfa-1450	19	28	had	have	AUX
ajfa-1450	19	29	chosen	choose	VERB
ajfa-1450	19	30	the	the	DET
ajfa-1450	19	31	euro	euro	NOUN
ajfa-1450	19	32	as	as	ADP
ajfa-1450	19	33	an	an	DET
ajfa-1450	19	34	anchor	anchor	NOUN
ajfa-1450	19	35	as	as	SCONJ
ajfa-1450	19	36	opposed	oppose	VERB
ajfa-1450	19	37	to	to	ADP
ajfa-1450	19	38	the	the	DET
ajfa-1450	19	39	dollar	dollar	NOUN
ajfa-1450	19	40	.	.	PUNCT
ajfa-1450	20	1	furthermore	furthermore	ADV
ajfa-1450	20	2	,	,	PUNCT
ajfa-1450	20	3	according	accord	VERB
ajfa-1450	20	4	to	to	ADP
ajfa-1450	20	5	his	his	PRON
ajfa-1450	20	6	research	research	NOUN
ajfa-1450	20	7	,	,	PUNCT
ajfa-1450	20	8	those	those	DET
ajfa-1450	20	9	countries	country	NOUN
ajfa-1450	20	10	that	that	PRON
ajfa-1450	20	11	had	have	AUX
ajfa-1450	20	12	,	,	PUNCT
ajfa-1450	20	13	during	during	ADP
ajfa-1450	20	14	those	those	DET
ajfa-1450	20	15	years	year	NOUN
ajfa-1450	20	16	,	,	PUNCT
ajfa-1450	20	17	opted	opt	VERB
ajfa-1450	20	18	for	for	SCONJ
ajfa-1450	20	19	dollar	dollar	NOUN
ajfa-1450	20	20	-	-	PUNCT
ajfa-1450	20	21	peg	peg	NOUN
ajfa-1450	20	22	regimes	regime	NOUN
ajfa-1450	20	23	had	have	AUX
ajfa-1450	20	24	done	do	VERB
ajfa-1450	20	25	so	so	ADV
ajfa-1450	20	26	with	with	ADP
ajfa-1450	20	27	levels	level	NOUN
ajfa-1450	20	28	of	of	ADP
ajfa-1450	20	29	correlation	correlation	NOUN
ajfa-1450	20	30	below	below	ADP
ajfa-1450	20	31	0,50	0,50	PROPN
ajfa-1450	20	32	.	.	PUNCT
ajfa-1450	21	1	as	as	ADP
ajfa-1450	21	2	pertaining	pertain	VERB
ajfa-1450	21	3	to	to	ADP
ajfa-1450	21	4	the	the	DET
ajfa-1450	21	5	case	case	NOUN
ajfa-1450	21	6	of	of	ADP
ajfa-1450	21	7	asian	asian	ADJ
ajfa-1450	21	8	countries	country	NOUN
ajfa-1450	21	9	,	,	PUNCT
ajfa-1450	21	10	ogawa	ogawa	PROPN
ajfa-1450	21	11	and	and	CCONJ
ajfa-1450	21	12	yoshimi	yoshimi	PROPN
ajfa-1450	21	13	(	(	PUNCT
ajfa-1450	21	14	2008	2008	NUM
ajfa-1450	21	15	)	)	PUNCT
ajfa-1450	21	16	demonstrated	demonstrate	VERB
ajfa-1450	21	17	,	,	PUNCT
ajfa-1450	21	18	through	through	ADP
ajfa-1450	21	19	an	an	DET
ajfa-1450	21	20	econometric	econometric	ADJ
ajfa-1450	21	21	model	model	NOUN
ajfa-1450	21	22	introduced	introduce	VERB
ajfa-1450	21	23	by	by	ADP
ajfa-1450	21	24	frankel	frankel	NOUN
ajfa-1450	21	25	(	(	PUNCT
ajfa-1450	21	26	1993	1993	NUM
ajfa-1450	21	27	)	)	PUNCT
ajfa-1450	21	28	,	,	PUNCT
ajfa-1450	21	29	that	that	SCONJ
ajfa-1450	21	30	the	the	DET
ajfa-1450	21	31	weight	weight	NOUN
ajfa-1450	21	32	of	of	ADP
ajfa-1450	21	33	the	the	DET
ajfa-1450	21	34	euro	euro	NOUN
ajfa-1450	21	35	had	have	AUX
ajfa-1450	21	36	augmented	augment	VERB
ajfa-1450	21	37	in	in	ADP
ajfa-1450	21	38	numerous	numerous	ADJ
ajfa-1450	21	39	basket	basket	NOUN
ajfa-1450	21	40	-	-	PUNCT
ajfa-1450	21	41	peg	peg	NOUN
ajfa-1450	21	42	systems	system	NOUN
ajfa-1450	21	43	.	.	PUNCT
ajfa-1450	22	1	this	this	PRON
ajfa-1450	22	2	was	be	AUX
ajfa-1450	22	3	the	the	DET
ajfa-1450	22	4	case	case	NOUN
ajfa-1450	22	5	,	,	PUNCT
ajfa-1450	22	6	for	for	ADP
ajfa-1450	22	7	example	example	NOUN
ajfa-1450	22	8	,	,	PUNCT
ajfa-1450	22	9	of	of	ADP
ajfa-1450	22	10	brunei	brunei	PROPN
ajfa-1450	22	11	,	,	PUNCT
ajfa-1450	22	12	singapore	singapore	PROPN
ajfa-1450	22	13	and	and	CCONJ
ajfa-1450	22	14	thailand	thailand	PROPN
ajfa-1450	22	15	.	.	PUNCT
ajfa-1450	23	1	the	the	DET
ajfa-1450	23	2	two	two	NUM
ajfa-1450	23	3	economists	economist	NOUN
ajfa-1450	23	4	also	also	ADV
ajfa-1450	23	5	established	establish	VERB
ajfa-1450	23	6	that	that	SCONJ
ajfa-1450	23	7	,	,	PUNCT
ajfa-1450	23	8	though	though	SCONJ
ajfa-1450	23	9	to	to	ADP
ajfa-1450	23	10	a	a	DET
ajfa-1450	23	11	lesser	less	ADJ
ajfa-1450	23	12	degree	degree	NOUN
ajfa-1450	23	13	,	,	PUNCT
ajfa-1450	23	14	this	this	PRON
ajfa-1450	23	15	was	be	AUX
ajfa-1450	23	16	also	also	ADV
ajfa-1450	23	17	the	the	DET
ajfa-1450	23	18	case	case	NOUN
ajfa-1450	23	19	for	for	ADP
ajfa-1450	23	20	malaysia	malaysia	PROPN
ajfa-1450	23	21	and	and	CCONJ
ajfa-1450	23	22	taiwan	taiwan	PROPN
ajfa-1450	23	23	.	.	PUNCT
ajfa-1450	24	1	in	in	ADP
ajfa-1450	24	2	general	general	ADJ
ajfa-1450	24	3	,	,	PUNCT
ajfa-1450	24	4	it	it	PRON
ajfa-1450	24	5	was	be	AUX
ajfa-1450	24	6	evident	evident	ADJ
ajfa-1450	24	7	that	that	SCONJ
ajfa-1450	24	8	the	the	DET
ajfa-1450	24	9	correlation	correlation	NOUN
ajfa-1450	24	10	between	between	ADP
ajfa-1450	24	11	the	the	DET
ajfa-1450	24	12	asian	asian	ADJ
ajfa-1450	24	13	currencies	currency	NOUN
ajfa-1450	24	14	and	and	CCONJ
ajfa-1450	24	15	the	the	DET
ajfa-1450	24	16	euro	euro	NOUN
ajfa-1450	24	17	had	have	AUX
ajfa-1450	24	18	increased	increase	VERB
ajfa-1450	24	19	,	,	PUNCT
ajfa-1450	24	20	at	at	ADP
ajfa-1450	24	21	the	the	DET
ajfa-1450	24	22	expense	expense	NOUN
ajfa-1450	24	23	of	of	ADP
ajfa-1450	24	24	the	the	DET
ajfa-1450	24	25	american	american	ADJ
ajfa-1450	24	26	currency	currency	NOUN
ajfa-1450	24	27	,	,	PUNCT
ajfa-1450	24	28	although	although	SCONJ
ajfa-1450	24	29	the	the	DET
ajfa-1450	24	30	dollar	dollar	NOUN
ajfa-1450	24	31	still	still	ADV
ajfa-1450	24	32	remained	remain	VERB
ajfa-1450	24	33	the	the	DET
ajfa-1450	24	34	main	main	ADJ
ajfa-1450	24	35	reference	reference	NOUN
ajfa-1450	24	36	currency	currency	NOUN
ajfa-1450	24	37	for	for	ADP
ajfa-1450	24	38	the	the	DET
ajfa-1450	24	39	area	area	NOUN
ajfa-1450	24	40	.	.	PUNCT
ajfa-1450	25	1	3	3	X
ajfa-1450	25	2	.	.	X
ajfa-1450	25	3	the	the	DET
ajfa-1450	25	4	application	application	NOUN
ajfa-1450	25	5	of	of	ADP
ajfa-1450	25	6	an	an	DET
ajfa-1450	25	7	econometric	econometric	ADJ
ajfa-1450	25	8	model	model	NOUN
ajfa-1450	25	9	for	for	ADP
ajfa-1450	25	10	the	the	DET
ajfa-1450	25	11	chinese	chinese	ADJ
ajfa-1450	25	12	exchange	exchange	NOUN
ajfa-1450	25	13	rate	rate	NOUN
ajfa-1450	25	14	regime	regime	NOUN
ajfa-1450	25	15	the	the	DET
ajfa-1450	25	16	renminbi	renminbi	NOUN
ajfa-1450	25	17	(	(	PUNCT
ajfa-1450	25	18	rbm	rbm	PROPN
ajfa-1450	25	19	)	)	PUNCT
ajfa-1450	25	20	,	,	PUNCT
ajfa-1450	25	21	legal	legal	ADJ
ajfa-1450	25	22	tender	tender	NOUN
ajfa-1450	25	23	for	for	ADP
ajfa-1450	25	24	the	the	DET
ajfa-1450	25	25	people	people	NOUN
ajfa-1450	25	26	’s	’s	PART
ajfa-1450	25	27	republic	republic	PROPN
ajfa-1450	25	28	of	of	ADP
ajfa-1450	25	29	china	china	PROPN
ajfa-1450	25	30	,	,	PUNCT
ajfa-1450	25	31	has	have	AUX
ajfa-1450	25	32	been	be	AUX
ajfa-1450	25	33	tightly	tightly	ADV
ajfa-1450	25	34	linked	link	VERB
ajfa-1450	25	35	to	to	ADP
ajfa-1450	25	36	the	the	DET
ajfa-1450	25	37	american	american	ADJ
ajfa-1450	25	38	dollar	dollar	NOUN
ajfa-1450	25	39	with	with	ADP
ajfa-1450	25	40	a	a	DET
ajfa-1450	25	41	reference	reference	NOUN
ajfa-1450	25	42	value	value	NOUN
ajfa-1450	25	43	to	to	ADP
ajfa-1450	25	44	the	the	DET
ajfa-1450	25	45	fixed	fix	VERB
ajfa-1450	25	46	exchange	exchange	NOUN
ajfa-1450	25	47	rate	rate	NOUN
ajfa-1450	25	48	of	of	ADP
ajfa-1450	25	49	8.28	8.28	NUM
ajfa-1450	25	50	renminbi	renminbi	NOUN
ajfa-1450	25	51	to	to	ADP
ajfa-1450	25	52	the	the	DET
ajfa-1450	25	53	dollar	dollar	NOUN
ajfa-1450	25	54	,	,	PUNCT
ajfa-1450	25	55	(	(	PUNCT
ajfa-1450	25	56	fig.1	fig.1	PROPN
ajfa-1450	25	57	)	)	PUNCT
ajfa-1450	25	58	.	.	PUNCT
ajfa-1450	26	1	source	source	NOUN
ajfa-1450	26	2	:	:	PUNCT
ajfa-1450	26	3	our	our	PRON
ajfa-1450	26	4	econometric	econometric	ADJ
ajfa-1450	26	5	processing	processing	NOUN
ajfa-1450	26	6	with	with	ADP
ajfa-1450	26	7	stata	stata	NOUN
ajfa-1450	26	8	and	and	CCONJ
ajfa-1450	26	9	gretl	gretl	NOUN
ajfa-1450	26	10	.	.	PUNCT
ajfa-1450	27	1	ver	ver	PROPN
ajfa-1450	27	2	.	.	PUNCT
ajfa-1450	28	1	1.8.4	1.8.4	NUM
ajfa-1450	28	2	software	software	NOUN
ajfa-1450	28	3	on	on	ADP
ajfa-1450	28	4	rba	rba	NOUN
ajfa-1450	28	5	data	datum	NOUN
ajfa-1450	28	6	figure	figure	NOUN
ajfa-1450	28	7	1	1	NUM
ajfa-1450	28	8	.	.	PUNCT
ajfa-1450	28	9	progress	progress	NOUN
ajfa-1450	28	10	of	of	ADP
ajfa-1450	28	11	the	the	DET
ajfa-1450	28	12	chinese	chinese	ADJ
ajfa-1450	28	13	relative	relative	NOUN
ajfa-1450	28	14	to	to	ADP
ajfa-1450	28	15	the	the	DET
ajfa-1450	28	16	american	american	ADJ
ajfa-1450	28	17	dollar	dollar	NOUN
ajfa-1450	28	18	1993	1993	NUM
ajfa-1450	28	19	-	-	SYM
ajfa-1450	28	20	2006	2006	NUM
ajfa-1450	28	21	on	on	ADP
ajfa-1450	28	22	the	the	DET
ajfa-1450	28	23	21st	21st	NOUN
ajfa-1450	28	24	of	of	ADP
ajfa-1450	28	25	july	july	PROPN
ajfa-1450	28	26	,	,	PUNCT
ajfa-1450	28	27	2005	2005	NUM
ajfa-1450	28	28	,	,	PUNCT
ajfa-1450	28	29	in	in	ADP
ajfa-1450	28	30	response	response	NOUN
ajfa-1450	28	31	to	to	ADP
ajfa-1450	28	32	the	the	DET
ajfa-1450	28	33	international	international	ADJ
ajfa-1450	28	34	debate	debate	NOUN
ajfa-1450	28	35	regarding	regard	VERB
ajfa-1450	28	36	the	the	DET
ajfa-1450	28	37	fact	fact	NOUN
ajfa-1450	28	38	that	that	SCONJ
ajfa-1450	28	39	the	the	DET
ajfa-1450	28	40	chinese	chinese	ADJ
ajfa-1450	28	41	currency	currency	NOUN
ajfa-1450	28	42	was	be	AUX
ajfa-1450	28	43	excessively	excessively	ADV
ajfa-1450	28	44	undervalued	undervalue	VERB
ajfa-1450	28	45	(	(	PUNCT
ajfa-1450	28	46	therefore	therefore	ADV
ajfa-1450	28	47	favoring	favor	VERB
ajfa-1450	28	48	national	national	ADJ
ajfa-1450	28	49	exports	export	NOUN
ajfa-1450	28	50	)	)	PUNCT
ajfa-1450	28	51	,	,	PUNCT
ajfa-1450	28	52	the	the	DET
ajfa-1450	28	53	chinese	chinese	ADJ
ajfa-1450	28	54	central	central	ADJ
ajfa-1450	28	55	monetary	monetary	ADJ
ajfa-1450	28	56	authority	authority	NOUN
ajfa-1450	28	57	declared	declare	VERB
ajfa-1450	28	58	the	the	DET
ajfa-1450	28	59	revaluation	revaluation	NOUN
ajfa-1450	28	60	of	of	ADP
ajfa-1450	28	61	the	the	DET
ajfa-1450	28	62	renminbi	renminbi	NOUN
ajfa-1450	28	63	to	to	ADP
ajfa-1450	28	64	an	an	DET
ajfa-1450	28	65	exchange	exchange	NOUN
ajfa-1450	28	66	of	of	ADP
ajfa-1450	28	67	8.11	8.11	NUM
ajfa-1450	28	68	renminbi	renminbi	NOUN
ajfa-1450	28	69	to	to	ADP
ajfa-1450	28	70	the	the	DET
ajfa-1450	28	71	american	american	ADJ
ajfa-1450	28	72	dollar	dollar	NOUN
ajfa-1450	28	73	.	.	PUNCT
ajfa-1450	29	1	it	it	PRON
ajfa-1450	29	2	also	also	ADV
ajfa-1450	29	3	brought	bring	VERB
ajfa-1450	29	4	about	about	ADP
ajfa-1450	29	5	the	the	DET
ajfa-1450	29	6	adoption	adoption	NOUN
ajfa-1450	29	7	of	of	ADP
ajfa-1450	29	8	a	a	DET
ajfa-1450	29	9	new	new	ADJ
ajfa-1450	29	10	asian	asian	ADJ
ajfa-1450	29	11	journal	journal	NOUN
ajfa-1450	29	12	of	of	ADP
ajfa-1450	29	13	finance	finance	PROPN
ajfa-1450	29	14	&	&	CCONJ
ajfa-1450	29	15	accounting	accounting	PROPN
ajfa-1450	29	16	issn	issn	PROPN
ajfa-1450	29	17	1946	1946	NUM
ajfa-1450	29	18	-	-	PUNCT
ajfa-1450	29	19	052x	052x	NOUN
ajfa-1450	29	20	2012	2012	NUM
ajfa-1450	29	21	,	,	PUNCT
ajfa-1450	29	22	vol	vol	NOUN
ajfa-1450	29	23	.	.	PROPN
ajfa-1450	29	24	4	4	NUM
ajfa-1450	29	25	,	,	PUNCT
ajfa-1450	29	26	no	no	INTJ
ajfa-1450	29	27	.	.	NOUN
ajfa-1450	29	28	1	1	NUM
ajfa-1450	29	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	29	30	208	208	NUM
ajfa-1450	29	31	exchange	exchange	NOUN
ajfa-1450	29	32	rate	rate	NOUN
ajfa-1450	29	33	regime	regime	NOUN
ajfa-1450	29	34	focused	focus	VERB
ajfa-1450	29	35	on	on	ADP
ajfa-1450	29	36	the	the	DET
ajfa-1450	29	37	partial	partial	ADJ
ajfa-1450	29	38	withdrawal	withdrawal	NOUN
ajfa-1450	29	39	of	of	ADP
ajfa-1450	29	40	the	the	DET
ajfa-1450	29	41	dollar	dollar	NOUN
ajfa-1450	29	42	,	,	PUNCT
ajfa-1450	29	43	in	in	ADP
ajfa-1450	29	44	favor	favor	NOUN
ajfa-1450	29	45	of	of	ADP
ajfa-1450	29	46	an	an	DET
ajfa-1450	29	47	exchange	exchange	NOUN
ajfa-1450	29	48	rate	rate	NOUN
ajfa-1450	29	49	based	base	VERB
ajfa-1450	29	50	on	on	ADP
ajfa-1450	29	51	a	a	DET
ajfa-1450	29	52	basket	basket	NOUN
ajfa-1450	29	53	of	of	ADP
ajfa-1450	29	54	international	international	ADJ
ajfa-1450	29	55	currencies	currency	NOUN
ajfa-1450	29	56	.	.	PUNCT
ajfa-1450	30	1	the	the	DET
ajfa-1450	30	2	decision	decision	NOUN
ajfa-1450	30	3	to	to	PART
ajfa-1450	30	4	abandon	abandon	VERB
ajfa-1450	30	5	the	the	DET
ajfa-1450	30	6	dollar	dollar	NOUN
ajfa-1450	30	7	-	-	PUNCT
ajfa-1450	30	8	peg	peg	NOUN
ajfa-1450	30	9	exchange	exchange	NOUN
ajfa-1450	30	10	rate	rate	NOUN
ajfa-1450	30	11	system	system	NOUN
ajfa-1450	30	12	,	,	PUNCT
ajfa-1450	30	13	which	which	PRON
ajfa-1450	30	14	had	have	AUX
ajfa-1450	30	15	thus	thus	ADV
ajfa-1450	30	16	far	far	ADV
ajfa-1450	30	17	permitted	permit	VERB
ajfa-1450	30	18	for	for	ADP
ajfa-1450	30	19	inflation	inflation	NOUN
ajfa-1450	30	20	control	control	NOUN
ajfa-1450	30	21	in	in	ADP
ajfa-1450	30	22	low	low	ADJ
ajfa-1450	30	23	income	income	NOUN
ajfa-1450	30	24	china	china	PROPN
ajfa-1450	30	25	,	,	PUNCT
ajfa-1450	30	26	could	could	AUX
ajfa-1450	30	27	be	be	AUX
ajfa-1450	30	28	interpreted	interpret	VERB
ajfa-1450	30	29	as	as	ADP
ajfa-1450	30	30	the	the	DET
ajfa-1450	30	31	first	first	ADJ
ajfa-1450	30	32	step	step	NOUN
ajfa-1450	30	33	towards	towards	ADP
ajfa-1450	30	34	a	a	DET
ajfa-1450	30	35	fluctuating	fluctuate	VERB
ajfa-1450	30	36	exchange	exchange	NOUN
ajfa-1450	30	37	rate	rate	NOUN
ajfa-1450	30	38	regime	regime	NOUN
ajfa-1450	30	39	.	.	PUNCT
ajfa-1450	31	1	this	this	PRON
ajfa-1450	31	2	allowed	allow	VERB
ajfa-1450	31	3	the	the	DET
ajfa-1450	31	4	chinese	chinese	ADJ
ajfa-1450	31	5	authorities	authority	NOUN
ajfa-1450	31	6	to	to	PART
ajfa-1450	31	7	pursue	pursue	VERB
ajfa-1450	31	8	a	a	DET
ajfa-1450	31	9	double	double	ADJ
ajfa-1450	31	10	objective	objective	NOUN
ajfa-1450	31	11	:	:	PUNCT
ajfa-1450	31	12	external	external	ADJ
ajfa-1450	31	13	equilibrium	equilibrium	NOUN
ajfa-1450	31	14	and	and	CCONJ
ajfa-1450	31	15	monetary	monetary	ADJ
ajfa-1450	31	16	sovereignty	sovereignty	NOUN
ajfa-1450	31	17	.	.	PUNCT
ajfa-1450	32	1	this	this	PRON
ajfa-1450	32	2	would	would	AUX
ajfa-1450	32	3	have	have	AUX
ajfa-1450	32	4	not	not	PART
ajfa-1450	32	5	been	be	AUX
ajfa-1450	32	6	possible	possible	ADJ
ajfa-1450	32	7	with	with	ADP
ajfa-1450	32	8	a	a	DET
ajfa-1450	32	9	de	de	X
ajfa-1450	32	10	facto	facto	X
ajfa-1450	32	11	link	link	NOUN
ajfa-1450	32	12	to	to	ADP
ajfa-1450	32	13	a	a	DET
ajfa-1450	32	14	foreign	foreign	ADJ
ajfa-1450	32	15	currency	currency	NOUN
ajfa-1450	32	16	.	.	PUNCT
ajfa-1450	33	1	since	since	SCONJ
ajfa-1450	33	2	2006	2006	NUM
ajfa-1450	33	3	,	,	PUNCT
ajfa-1450	33	4	the	the	DET
ajfa-1450	33	5	chinese	chinese	PROPN
ajfa-1450	33	6	have	have	AUX
ajfa-1450	33	7	registered	register	VERB
ajfa-1450	33	8	a	a	DET
ajfa-1450	33	9	rise	rise	NOUN
ajfa-1450	33	10	in	in	ADP
ajfa-1450	33	11	the	the	DET
ajfa-1450	33	12	value	value	NOUN
ajfa-1450	33	13	of	of	ADP
ajfa-1450	33	14	the	the	DET
ajfa-1450	33	15	rbm	rbm	NOUN
ajfa-1450	33	16	,	,	PUNCT
ajfa-1450	33	17	in	in	ADP
ajfa-1450	33	18	regards	regard	NOUN
ajfa-1450	33	19	to	to	ADP
ajfa-1450	33	20	the	the	DET
ajfa-1450	33	21	dollar	dollar	NOUN
ajfa-1450	33	22	.	.	PUNCT
ajfa-1450	34	1	this	this	PRON
ajfa-1450	34	2	can	can	AUX
ajfa-1450	34	3	be	be	AUX
ajfa-1450	34	4	considered	consider	VERB
ajfa-1450	34	5	a	a	DET
ajfa-1450	34	6	consequence	consequence	NOUN
ajfa-1450	34	7	deriving	derive	VERB
ajfa-1450	34	8	from	from	ADP
ajfa-1450	34	9	the	the	DET
ajfa-1450	34	10	reduction	reduction	NOUN
ajfa-1450	34	11	of	of	ADP
ajfa-1450	34	12	the	the	DET
ajfa-1450	34	13	weight	weight	NOUN
ajfa-1450	34	14	of	of	ADP
ajfa-1450	34	15	the	the	DET
ajfa-1450	34	16	american	american	ADJ
ajfa-1450	34	17	dollar	dollar	NOUN
ajfa-1450	34	18	in	in	ADP
ajfa-1450	34	19	favor	favor	NOUN
ajfa-1450	34	20	of	of	ADP
ajfa-1450	34	21	other	other	ADJ
ajfa-1450	34	22	currencies	currency	NOUN
ajfa-1450	34	23	present	present	ADJ
ajfa-1450	34	24	in	in	ADP
ajfa-1450	34	25	the	the	DET
ajfa-1450	34	26	chinese	chinese	ADJ
ajfa-1450	34	27	basket	basket	NOUN
ajfa-1450	34	28	peg	peg	NOUN
ajfa-1450	34	29	,	,	PUNCT
ajfa-1450	34	30	(	(	PUNCT
ajfa-1450	34	31	fig.2	fig.2	PROPN
ajfa-1450	34	32	)	)	PUNCT
ajfa-1450	34	33	.	.	PUNCT
ajfa-1450	35	1	source	source	NOUN
ajfa-1450	35	2	:	:	PUNCT
ajfa-1450	35	3	our	our	PRON
ajfa-1450	35	4	econometric	econometric	ADJ
ajfa-1450	35	5	processing	processing	NOUN
ajfa-1450	35	6	with	with	ADP
ajfa-1450	35	7	stata	stata	NOUN
ajfa-1450	35	8	and	and	CCONJ
ajfa-1450	35	9	gretl	gretl	NOUN
ajfa-1450	35	10	.	.	PUNCT
ajfa-1450	36	1	ver	ver	PROPN
ajfa-1450	36	2	.	.	PUNCT
ajfa-1450	37	1	1.8.4	1.8.4	NUM
ajfa-1450	37	2	software	software	NOUN
ajfa-1450	37	3	on	on	ADP
ajfa-1450	37	4	rba	rba	NOUN
ajfa-1450	37	5	data	datum	NOUN
ajfa-1450	37	6	figure	figure	NOUN
ajfa-1450	37	7	2	2	NUM
ajfa-1450	37	8	.	.	PUNCT
ajfa-1450	37	9	progress	progress	NOUN
ajfa-1450	37	10	of	of	ADP
ajfa-1450	37	11	the	the	DET
ajfa-1450	37	12	chinese	chinese	ADJ
ajfa-1450	37	13	renminbi	renminbi	NOUN
ajfa-1450	37	14	relative	relative	ADJ
ajfa-1450	37	15	to	to	ADP
ajfa-1450	37	16	the	the	DET
ajfa-1450	37	17	american	american	ADJ
ajfa-1450	37	18	dollar	dollar	PROPN
ajfa-1450	37	19	2004	2004	NUM
ajfa-1450	37	20	-	-	SYM
ajfa-1450	37	21	2012	2012	NUM
ajfa-1450	37	22	with	with	ADP
ajfa-1450	37	23	reference	reference	NOUN
ajfa-1450	37	24	to	to	ADP
ajfa-1450	37	25	the	the	DET
ajfa-1450	37	26	asian	asian	ADJ
ajfa-1450	37	27	area	area	NOUN
ajfa-1450	37	28	,	,	PUNCT
ajfa-1450	37	29	and	and	CCONJ
ajfa-1450	37	30	particularly	particularly	ADV
ajfa-1450	37	31	the	the	DET
ajfa-1450	37	32	chinese	chinese	ADJ
ajfa-1450	37	33	exchange	exchange	NOUN
ajfa-1450	37	34	rate	rate	NOUN
ajfa-1450	37	35	regime	regime	NOUN
ajfa-1450	37	36	,	,	PUNCT
ajfa-1450	37	37	various	various	ADJ
ajfa-1450	37	38	empirical	empirical	ADJ
ajfa-1450	37	39	analyses	analysis	NOUN
ajfa-1450	37	40	have	have	AUX
ajfa-1450	37	41	been	be	AUX
ajfa-1450	37	42	conducted	conduct	VERB
ajfa-1450	37	43	,	,	PUNCT
ajfa-1450	37	44	from	from	ADP
ajfa-1450	37	45	the	the	DET
ajfa-1450	37	46	nineties	ninety	NOUN
ajfa-1450	37	47	till	till	SCONJ
ajfa-1450	37	48	today	today	NOUN
ajfa-1450	37	49	,	,	PUNCT
ajfa-1450	37	50	with	with	ADP
ajfa-1450	37	51	the	the	DET
ajfa-1450	37	52	aim	aim	NOUN
ajfa-1450	37	53	of	of	ADP
ajfa-1450	37	54	understanding	understanding	NOUN
ajfa-1450	37	55	if	if	SCONJ
ajfa-1450	37	56	the	the	DET
ajfa-1450	37	57	chinese	chinese	ADJ
ajfa-1450	37	58	governing	govern	VERB
ajfa-1450	37	59	authorities	authority	NOUN
ajfa-1450	37	60	(	(	PUNCT
ajfa-1450	37	61	and	and	CCONJ
ajfa-1450	37	62	other	other	ADJ
ajfa-1450	37	63	asian	asian	ADJ
ajfa-1450	37	64	countries	country	NOUN
ajfa-1450	37	65	)	)	PUNCT
ajfa-1450	37	66	had	have	AUX
ajfa-1450	37	67	in	in	ADP
ajfa-1450	37	68	fact	fact	NOUN
ajfa-1450	37	69	adopted	adopt	VERB
ajfa-1450	37	70	a	a	DET
ajfa-1450	37	71	basket	basket	NOUN
ajfa-1450	37	72	-	-	PUNCT
ajfa-1450	37	73	peg	peg	NOUN
ajfa-1450	37	74	regime	regime	NOUN
ajfa-1450	37	75	.	.	PUNCT
ajfa-1450	38	1	following	follow	VERB
ajfa-1450	38	2	frankel	frankel	PROPN
ajfa-1450	38	3	and	and	CCONJ
ajfa-1450	38	4	wei	wei	PROPN
ajfa-1450	38	5	’s	’s	PART
ajfa-1450	38	6	(	(	PUNCT
ajfa-1450	38	7	1994	1994	NUM
ajfa-1450	38	8	)	)	PUNCT
ajfa-1450	38	9	econometric	econometric	ADJ
ajfa-1450	38	10	model	model	NOUN
ajfa-1450	38	11	,	,	PUNCT
ajfa-1450	38	12	other	other	ADJ
ajfa-1450	38	13	economists	economist	NOUN
ajfa-1450	38	14	,	,	PUNCT
ajfa-1450	38	15	such	such	ADJ
ajfa-1450	38	16	as	as	ADP
ajfa-1450	38	17	shan	shan	PROPN
ajfa-1450	38	18	(	(	PUNCT
ajfa-1450	38	19	2005	2005	NUM
ajfa-1450	38	20	)	)	PUNCT
ajfa-1450	38	21	,	,	PUNCT
ajfa-1450	38	22	ogawa	ogawa	PROPN
ajfa-1450	38	23	(	(	PUNCT
ajfa-1450	38	24	2006	2006	NUM
ajfa-1450	38	25	)	)	PUNCT
ajfa-1450	38	26	,	,	PUNCT
ajfa-1450	38	27	eichengreen	eichengreen	NOUN
ajfa-1450	38	28	(	(	PUNCT
ajfa-1450	38	29	2006	2006	NUM
ajfa-1450	38	30	)	)	PUNCT
ajfa-1450	38	31	,	,	PUNCT
ajfa-1450	38	32	yamazaky	yamazaky	PROPN
ajfa-1450	38	33	(	(	PUNCT
ajfa-1450	38	34	2006	2006	NUM
ajfa-1450	38	35	)	)	PUNCT
ajfa-1450	38	36	,	,	PUNCT
ajfa-1450	38	37	yoshimi	yoshimi	X
ajfa-1450	38	38	(	(	PUNCT
ajfa-1450	38	39	2008	2008	NUM
ajfa-1450	38	40	)	)	PUNCT
ajfa-1450	38	41	and	and	CCONJ
ajfa-1450	38	42	zeleis	zeleis	PROPN
ajfa-1450	38	43	(	(	PUNCT
ajfa-1450	38	44	2009	2009	NUM
ajfa-1450	38	45	)	)	PUNCT
ajfa-1450	38	46	,	,	PUNCT
ajfa-1450	38	47	favored	favor	VERB
ajfa-1450	38	48	this	this	DET
ajfa-1450	38	49	approach	approach	NOUN
ajfa-1450	38	50	and	and	CCONJ
ajfa-1450	38	51	obtained	obtain	VERB
ajfa-1450	38	52	interesting	interesting	ADJ
ajfa-1450	38	53	results	result	NOUN
ajfa-1450	38	54	.	.	PUNCT
ajfa-1450	39	1	this	this	DET
ajfa-1450	39	2	econometric	econometric	ADJ
ajfa-1450	39	3	model	model	NOUN
ajfa-1450	39	4	was	be	AUX
ajfa-1450	39	5	preferred	prefer	VERB
ajfa-1450	39	6	to	to	ADP
ajfa-1450	39	7	others	other	NOUN
ajfa-1450	39	8	,	,	PUNCT
ajfa-1450	39	9	such	such	ADJ
ajfa-1450	39	10	as	as	ADP
ajfa-1450	39	11	the	the	DET
ajfa-1450	39	12	partial	partial	ADJ
ajfa-1450	39	13	market	market	NOUN
ajfa-1450	39	14	equilibrium	equilibrium	NOUN
ajfa-1450	39	15	models	model	NOUN
ajfa-1450	39	16	or	or	CCONJ
ajfa-1450	39	17	the	the	DET
ajfa-1450	39	18	computable	computable	ADJ
ajfa-1450	39	19	general	general	ADJ
ajfa-1450	39	20	equilibrium	equilibrium	NOUN
ajfa-1450	39	21	models	model	NOUN
ajfa-1450	39	22	(	(	PUNCT
ajfa-1450	39	23	which	which	PRON
ajfa-1450	39	24	have	have	AUX
ajfa-1450	39	25	been	be	AUX
ajfa-1450	39	26	used	use	VERB
ajfa-1450	39	27	by	by	ADP
ajfa-1450	39	28	the	the	DET
ajfa-1450	39	29	centre	centre	NOUN
ajfa-1450	39	30	d'etudes	d'etudes	PROPN
ajfa-1450	39	31	prospectives	prospective	NOUN
ajfa-1450	39	32	et	et	PROPN
ajfa-1450	39	33	asian	asian	PROPN
ajfa-1450	39	34	journal	journal	PROPN
ajfa-1450	39	35	of	of	ADP
ajfa-1450	39	36	finance	finance	PROPN
ajfa-1450	39	37	&	&	CCONJ
ajfa-1450	39	38	accounting	accounting	PROPN
ajfa-1450	39	39	issn	issn	PROPN
ajfa-1450	39	40	1946	1946	NUM
ajfa-1450	39	41	-	-	PUNCT
ajfa-1450	39	42	052x	052x	NOUN
ajfa-1450	39	43	2012	2012	NUM
ajfa-1450	39	44	,	,	PUNCT
ajfa-1450	39	45	vol	vol	NOUN
ajfa-1450	39	46	.	.	PROPN
ajfa-1450	39	47	4	4	NUM
ajfa-1450	39	48	,	,	PUNCT
ajfa-1450	39	49	no	no	INTJ
ajfa-1450	39	50	.	.	NOUN
ajfa-1450	39	51	1	1	NUM
ajfa-1450	39	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	39	53	209	209	NUM
ajfa-1450	39	54	d'informations	d'information	NOUN
ajfa-1450	39	55	internationales	internationale	NOUN
ajfa-1450	39	56	and	and	CCONJ
ajfa-1450	39	57	the	the	DET
ajfa-1450	39	58	bank	bank	NOUN
ajfa-1450	39	59	of	of	ADP
ajfa-1450	39	60	international	international	ADJ
ajfa-1450	39	61	settlements	settlement	NOUN
ajfa-1450	39	62	)	)	PUNCT
ajfa-1450	39	63	,	,	PUNCT
ajfa-1450	39	64	because	because	SCONJ
ajfa-1450	39	65	the	the	DET
ajfa-1450	39	66	empirical	empirical	ADJ
ajfa-1450	39	67	data	datum	NOUN
ajfa-1450	39	68	has	have	AUX
ajfa-1450	39	69	always	always	ADV
ajfa-1450	39	70	proven	prove	VERB
ajfa-1450	39	71	it	it	PRON
ajfa-1450	39	72	to	to	PART
ajfa-1450	39	73	be	be	AUX
ajfa-1450	39	74	more	more	ADV
ajfa-1450	39	75	accurate	accurate	ADJ
ajfa-1450	39	76	.	.	PUNCT
ajfa-1450	40	1	however	however	ADV
ajfa-1450	40	2	,	,	PUNCT
ajfa-1450	40	3	though	though	SCONJ
ajfa-1450	40	4	all	all	PRON
ajfa-1450	40	5	using	use	VERB
ajfa-1450	40	6	the	the	DET
ajfa-1450	40	7	frankel	frankel	NOUN
ajfa-1450	40	8	and	and	CCONJ
ajfa-1450	40	9	wei	wei	PROPN
ajfa-1450	40	10	methodology	methodology	PROPN
ajfa-1450	40	11	,	,	PUNCT
ajfa-1450	40	12	the	the	DET
ajfa-1450	40	13	above	above	ADV
ajfa-1450	40	14	-	-	PUNCT
ajfa-1450	40	15	mentioned	mention	VERB
ajfa-1450	40	16	studies	study	NOUN
ajfa-1450	40	17	differ	differ	VERB
ajfa-1450	40	18	in	in	ADP
ajfa-1450	40	19	number	number	NOUN
ajfa-1450	40	20	of	of	ADP
ajfa-1450	40	21	observations	observation	NOUN
ajfa-1450	40	22	and	and	CCONJ
ajfa-1450	40	23	in	in	ADP
ajfa-1450	40	24	characteristics	characteristic	NOUN
ajfa-1450	40	25	used	use	VERB
ajfa-1450	40	26	(	(	PUNCT
ajfa-1450	40	27	such	such	ADJ
ajfa-1450	40	28	as	as	ADP
ajfa-1450	40	29	ols	ol	NOUN
ajfa-1450	40	30	,	,	PUNCT
ajfa-1450	40	31	arma	arma	NOUN
ajfa-1450	40	32	,	,	PUNCT
ajfa-1450	40	33	and	and	CCONJ
ajfa-1450	40	34	arch	arch	NOUN
ajfa-1450	40	35	)	)	PUNCT
ajfa-1450	40	36	.	.	PUNCT
ajfa-1450	41	1	nonetheless	nonetheless	ADV
ajfa-1450	41	2	,	,	PUNCT
ajfa-1450	41	3	the	the	DET
ajfa-1450	41	4	all	all	PRON
ajfa-1450	41	5	presented	present	VERB
ajfa-1450	41	6	the	the	DET
ajfa-1450	41	7	renminbi	renminbi	NOUN
ajfa-1450	41	8	as	as	ADP
ajfa-1450	41	9	the	the	DET
ajfa-1450	41	10	dependent	dependent	ADJ
ajfa-1450	41	11	variable	variable	NOUN
ajfa-1450	41	12	,	,	PUNCT
ajfa-1450	41	13	while	while	SCONJ
ajfa-1450	41	14	utilizing	utilize	VERB
ajfa-1450	41	15	,	,	PUNCT
ajfa-1450	41	16	as	as	ADP
ajfa-1450	41	17	regressors	regressor	NOUN
ajfa-1450	41	18	,	,	PUNCT
ajfa-1450	41	19	the	the	DET
ajfa-1450	41	20	summation	summation	NOUN
ajfa-1450	41	21	of	of	ADP
ajfa-1450	41	22	the	the	DET
ajfa-1450	41	23	exchange	exchange	NOUN
ajfa-1450	41	24	rates	rate	NOUN
ajfa-1450	41	25	of	of	ADP
ajfa-1450	41	26	the	the	DET
ajfa-1450	41	27	three	three	NUM
ajfa-1450	41	28	or	or	CCONJ
ajfa-1450	41	29	more	more	ADJ
ajfa-1450	41	30	currencies	currency	NOUN
ajfa-1450	41	31	in	in	ADP
ajfa-1450	41	32	the	the	DET
ajfa-1450	41	33	basket	basket	NOUN
ajfa-1450	41	34	with	with	ADP
ajfa-1450	41	35	the	the	DET
ajfa-1450	41	36	addition	addition	NOUN
ajfa-1450	41	37	of	of	ADP
ajfa-1450	41	38	a	a	DET
ajfa-1450	41	39	dummy	dummy	ADJ
ajfa-1450	41	40	currency	currency	NOUN
ajfa-1450	41	41	(	(	PUNCT
ajfa-1450	41	42	the	the	DET
ajfa-1450	41	43	swiss	swiss	ADJ
ajfa-1450	41	44	franc	franc	NOUN
ajfa-1450	41	45	)	)	PUNCT
ajfa-1450	41	46	,	,	PUNCT
ajfa-1450	41	47	so	so	SCONJ
ajfa-1450	41	48	as	as	SCONJ
ajfa-1450	41	49	to	to	PART
ajfa-1450	41	50	check	check	VERB
ajfa-1450	41	51	the	the	DET
ajfa-1450	41	52	presence	presence	NOUN
ajfa-1450	41	53	of	of	ADP
ajfa-1450	41	54	variations	variation	NOUN
ajfa-1450	41	55	in	in	ADP
ajfa-1450	41	56	the	the	DET
ajfa-1450	41	57	weight	weight	NOUN
ajfa-1450	41	58	of	of	ADP
ajfa-1450	41	59	the	the	DET
ajfa-1450	41	60	currencies	currency	NOUN
ajfa-1450	41	61	used	use	VERB
ajfa-1450	41	62	in	in	ADP
ajfa-1450	41	63	the	the	DET
ajfa-1450	41	64	basket	basket	NOUN
ajfa-1450	41	65	.	.	PUNCT
ajfa-1450	42	1	the	the	DET
ajfa-1450	42	2	model	model	NOUN
ajfa-1450	42	3	used	use	VERB
ajfa-1450	42	4	can	can	AUX
ajfa-1450	42	5	therefore	therefore	ADV
ajfa-1450	42	6	be	be	AUX
ajfa-1450	42	7	exemplified	exemplify	VERB
ajfa-1450	42	8	as	as	ADP
ajfa-1450	42	9	:	:	PUNCT
ajfa-1450	42	10	δlnyrbm	δlnyrbm	ADJ
ajfa-1450	42	11	/	/	SYM
ajfa-1450	42	12	k=	k=	PUNCT
ajfa-1450	42	13	α+β1δlneusd	α+β1δlneusd	PROPN
ajfa-1450	42	14	/	/	SYM
ajfa-1450	42	15	frsv+	frsv+	PART
ajfa-1450	42	16	β2δlnejpy	β2δlnejpy	ADJ
ajfa-1450	42	17	/	/	SYM
ajfa-1450	42	18	frsv+β3δlneeuro	frsv+β3δlneeuro	PROPN
ajfa-1450	42	19	/	/	SYM
ajfa-1450	42	20	frsv	frsv	PROPN
ajfa-1450	42	21	+	+	ADJ
ajfa-1450	42	22	μt	μt	ADJ
ajfa-1450	42	23	(	(	PUNCT
ajfa-1450	42	24	1	1	X
ajfa-1450	42	25	)	)	PUNCT
ajfa-1450	42	26	taking	take	VERB
ajfa-1450	42	27	into	into	ADP
ajfa-1450	42	28	consideration	consideration	NOUN
ajfa-1450	42	29	a	a	DET
ajfa-1450	42	30	time	time	NOUN
ajfa-1450	42	31	series	series	NOUN
ajfa-1450	42	32	from	from	ADP
ajfa-1450	42	33	the	the	DET
ajfa-1450	42	34	month	month	NOUN
ajfa-1450	42	35	of	of	ADP
ajfa-1450	42	36	december	december	PROPN
ajfa-1450	42	37	2006	2006	NUM
ajfa-1450	42	38	to	to	ADP
ajfa-1450	42	39	the	the	DET
ajfa-1450	42	40	month	month	NOUN
ajfa-1450	42	41	of	of	ADP
ajfa-1450	42	42	march	march	PROPN
ajfa-1450	42	43	2008	2008	NUM
ajfa-1450	42	44	,	,	PUNCT
ajfa-1450	42	45	almost	almost	ADV
ajfa-1450	42	46	all	all	PRON
ajfa-1450	42	47	of	of	ADP
ajfa-1450	42	48	the	the	DET
ajfa-1450	42	49	works	work	NOUN
ajfa-1450	42	50	analyzed	analyze	VERB
ajfa-1450	42	51	share	share	VERB
ajfa-1450	42	52	the	the	DET
ajfa-1450	42	53	method	method	NOUN
ajfa-1450	42	54	of	of	ADP
ajfa-1450	42	55	estimation	estimation	NOUN
ajfa-1450	42	56	used	use	VERB
ajfa-1450	42	57	in	in	ADP
ajfa-1450	42	58	frankel	frankel	PROPN
ajfa-1450	42	59	and	and	CCONJ
ajfa-1450	42	60	wei	wei	PROPN
ajfa-1450	42	61	’s	’s	PART
ajfa-1450	42	62	approach	approach	NOUN
ajfa-1450	42	63	.	.	PUNCT
ajfa-1450	43	1	a	a	DET
ajfa-1450	43	2	review	review	NOUN
ajfa-1450	43	3	of	of	ADP
ajfa-1450	43	4	these	these	DET
ajfa-1450	43	5	works	work	NOUN
ajfa-1450	43	6	illustrates	illustrate	VERB
ajfa-1450	43	7	how	how	SCONJ
ajfa-1450	43	8	,	,	PUNCT
ajfa-1450	43	9	though	though	SCONJ
ajfa-1450	43	10	officially	officially	ADV
ajfa-1450	43	11	unlinked	unlinke	VERB
ajfa-1450	43	12	,	,	PUNCT
ajfa-1450	43	13	the	the	DET
ajfa-1450	43	14	chinese	chinese	ADJ
ajfa-1450	43	15	currency	currency	NOUN
ajfa-1450	43	16	still	still	ADV
ajfa-1450	43	17	maintains	maintain	VERB
ajfa-1450	43	18	significant	significant	ADJ
ajfa-1450	43	19	ties	tie	NOUN
ajfa-1450	43	20	with	with	ADP
ajfa-1450	43	21	the	the	DET
ajfa-1450	43	22	american	american	ADJ
ajfa-1450	43	23	currency	currency	NOUN
ajfa-1450	43	24	.	.	PUNCT
ajfa-1450	44	1	it	it	PRON
ajfa-1450	44	2	is	be	AUX
ajfa-1450	44	3	relevant	relevant	ADJ
ajfa-1450	44	4	to	to	PART
ajfa-1450	44	5	point	point	VERB
ajfa-1450	44	6	out	out	ADP
ajfa-1450	44	7	that	that	SCONJ
ajfa-1450	44	8	even	even	ADV
ajfa-1450	44	9	if	if	SCONJ
ajfa-1450	44	10	they	they	PRON
ajfa-1450	44	11	are	be	AUX
ajfa-1450	44	12	formally	formally	ADV
ajfa-1450	44	13	present	present	ADJ
ajfa-1450	44	14	in	in	ADP
ajfa-1450	44	15	the	the	DET
ajfa-1450	44	16	basket	basket	NOUN
ajfa-1450	44	17	,	,	PUNCT
ajfa-1450	44	18	the	the	DET
ajfa-1450	44	19	other	other	ADJ
ajfa-1450	44	20	currencies	currency	NOUN
ajfa-1450	44	21	do	do	AUX
ajfa-1450	44	22	not	not	PART
ajfa-1450	44	23	emerge	emerge	VERB
ajfa-1450	44	24	as	as	ADP
ajfa-1450	44	25	statistically	statistically	ADV
ajfa-1450	44	26	significant	significant	ADJ
ajfa-1450	44	27	,	,	PUNCT
ajfa-1450	44	28	as	as	SCONJ
ajfa-1450	44	29	demonstrated	demonstrate	VERB
ajfa-1450	44	30	by	by	ADP
ajfa-1450	44	31	the	the	DET
ajfa-1450	44	32	p	p	NOUN
ajfa-1450	44	33	-	-	PUNCT
ajfa-1450	44	34	values	value	NOUN
ajfa-1450	44	35	(	(	PUNCT
ajfa-1450	44	36	figs	fig	NOUN
ajfa-1450	44	37	.	.	PUNCT
ajfa-1450	45	1	3	3	NUM
ajfa-1450	45	2	,	,	PUNCT
ajfa-1450	45	3	4	4	NUM
ajfa-1450	45	4	,	,	PUNCT
ajfa-1450	45	5	5	5	NUM
ajfa-1450	45	6	)	)	PUNCT
ajfa-1450	45	7	.	.	PUNCT
ajfa-1450	46	1	*	*	PUNCT
ajfa-1450	46	2	*	*	PUNCT
ajfa-1450	46	3	*	*	NOUN
ajfa-1450	46	4	levels	level	NOUN
ajfa-1450	46	5	of	of	ADP
ajfa-1450	46	6	significance	significance	NOUN
ajfa-1450	46	7	1	1	NUM
ajfa-1450	46	8	%	%	NOUN
ajfa-1450	46	9	;	;	PUNCT
ajfa-1450	47	1	*	*	PUNCT
ajfa-1450	47	2	*	*	NOUN
ajfa-1450	47	3	levels	level	NOUN
ajfa-1450	47	4	of	of	ADP
ajfa-1450	47	5	significance	significance	NOUN
ajfa-1450	47	6	5	5	NUM
ajfa-1450	47	7	%	%	NOUN
ajfa-1450	47	8	figure	figure	NOUN
ajfa-1450	47	9	3	3	NUM
ajfa-1450	47	10	.	.	PUNCT
ajfa-1450	48	1	chinese	chinese	ADJ
ajfa-1450	48	2	evolution	evolution	NOUN
ajfa-1450	48	3	basket	basket	NOUN
ajfa-1450	48	4	peg	peg	NOUN
ajfa-1450	48	5	2006	2006	NUM
ajfa-1450	48	6	-	-	SYM
ajfa-1450	48	7	2008	2008	NUM
ajfa-1450	48	8	frankel	frankel	NOUN
ajfa-1450	48	9	*	*	PUNCT
ajfa-1450	48	10	*	*	PUNCT
ajfa-1450	48	11	*	*	NOUN
ajfa-1450	48	12	levels	level	NOUN
ajfa-1450	48	13	of	of	ADP
ajfa-1450	48	14	significance	significance	NOUN
ajfa-1450	48	15	1	1	NUM
ajfa-1450	48	16	%	%	NOUN
ajfa-1450	48	17	;	;	PUNCT
ajfa-1450	49	1	*	*	PUNCT
ajfa-1450	49	2	*	*	NOUN
ajfa-1450	49	3	levels	level	NOUN
ajfa-1450	49	4	of	of	ADP
ajfa-1450	49	5	significance	significance	NOUN
ajfa-1450	49	6	5	5	NUM
ajfa-1450	49	7	%	%	NOUN
ajfa-1450	49	8	asian	asian	ADJ
ajfa-1450	49	9	journal	journal	NOUN
ajfa-1450	49	10	of	of	ADP
ajfa-1450	49	11	finance	finance	PROPN
ajfa-1450	49	12	&	&	CCONJ
ajfa-1450	49	13	accounting	accounting	PROPN
ajfa-1450	49	14	issn	issn	PROPN
ajfa-1450	49	15	1946	1946	NUM
ajfa-1450	49	16	-	-	PUNCT
ajfa-1450	49	17	052x	052x	NOUN
ajfa-1450	49	18	2012	2012	NUM
ajfa-1450	49	19	,	,	PUNCT
ajfa-1450	49	20	vol	vol	NOUN
ajfa-1450	49	21	.	.	PROPN
ajfa-1450	49	22	4	4	NUM
ajfa-1450	49	23	,	,	PUNCT
ajfa-1450	49	24	no	no	INTJ
ajfa-1450	49	25	.	.	NOUN
ajfa-1450	49	26	1	1	NUM
ajfa-1450	49	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1450	49	28	210	210	NUM
ajfa-1450	49	29	figure	figure	NOUN
ajfa-1450	49	30	4	4	NUM
ajfa-1450	49	31	.	.	PUNCT
ajfa-1450	50	1	chinese	chinese	ADJ
ajfa-1450	50	2	evolution	evolution	NOUN
ajfa-1450	50	3	basket	basket	NOUN
ajfa-1450	50	4	peg	peg	NOUN
ajfa-1450	50	5	2005	2005	NUM
ajfa-1450	50	6	-	-	SYM
ajfa-1450	50	7	2006	2006	NUM
ajfa-1450	50	8	ogawa	ogawa	NOUN
ajfa-1450	50	9	*	*	PUNCT
ajfa-1450	51	1	*	*	PUNCT
ajfa-1450	51	2	*	*	NOUN
ajfa-1450	51	3	levels	level	NOUN
ajfa-1450	51	4	of	of	ADP
ajfa-1450	51	5	significance	significance	NOUN
ajfa-1450	51	6	1	1	NUM
ajfa-1450	51	7	%	%	NOUN
ajfa-1450	51	8	;	;	PUNCT
ajfa-1450	51	9	*	*	PUNCT
ajfa-1450	51	10	*	*	NOUN
ajfa-1450	51	11	levels	level	NOUN
ajfa-1450	51	12	of	of	ADP
ajfa-1450	51	13	significance	significance	NOUN
ajfa-1450	51	14	5	5	NUM
ajfa-1450	51	15	%	%	NOUN
ajfa-1450	51	16	figure	figure	NOUN
ajfa-1450	51	17	5	5	NUM
ajfa-1450	51	18	.	.	PUNCT
ajfa-1450	52	1	chinese	chinese	ADJ
ajfa-1450	52	2	basket	basket	NOUN
ajfa-1450	52	3	peg	peg	NOUN
ajfa-1450	52	4	2005	2005	NUM
ajfa-1450	52	5	–	–	PUNCT
ajfa-1450	52	6	zeileis	zeileis	NOUN
ajfa-1450	52	7	most	most	ADV
ajfa-1450	52	8	econometric	econometric	ADJ
ajfa-1450	52	9	research	research	NOUN
ajfa-1450	52	10	carried	carry	VERB
ajfa-1450	52	11	out	out	ADP
ajfa-1450	52	12	to	to	PART
ajfa-1450	52	13	verify	verify	VERB
ajfa-1450	52	14	the	the	DET
ajfa-1450	52	15	concrete	concrete	ADJ
ajfa-1450	52	16	weight	weight	NOUN
ajfa-1450	52	17	of	of	ADP
ajfa-1450	52	18	the	the	DET
ajfa-1450	52	19	various	various	ADJ
ajfa-1450	52	20	currencies	currency	NOUN
ajfa-1450	52	21	in	in	ADP
ajfa-1450	52	22	the	the	DET
ajfa-1450	52	23	chinese	chinese	ADJ
ajfa-1450	52	24	basket	basket	NOUN
ajfa-1450	52	25	generally	generally	ADV
ajfa-1450	52	26	concurs	concur	VERB
ajfa-1450	52	27	in	in	ADP
ajfa-1450	52	28	asserting	assert	VERB
ajfa-1450	52	29	an	an	DET
ajfa-1450	52	30	almost	almost	ADV
ajfa-1450	52	31	exclusive	exclusive	ADJ
ajfa-1450	52	32	role	role	NOUN
ajfa-1450	52	33	to	to	ADP
ajfa-1450	52	34	the	the	DET
ajfa-1450	52	35	dollar	dollar	NOUN
ajfa-1450	52	36	.	.	PUNCT
ajfa-1450	53	1	however	however	ADV
ajfa-1450	53	2	,	,	PUNCT
ajfa-1450	53	3	through	through	ADP
ajfa-1450	53	4	an	an	DET
ajfa-1450	53	5	alternative	alternative	ADJ
ajfa-1450	53	6	approach	approach	NOUN
ajfa-1450	53	7	to	to	ADP
ajfa-1450	53	8	frankel	frankel	PROPN
ajfa-1450	53	9	’s	’s	PART
ajfa-1450	53	10	model	model	NOUN
ajfa-1450	53	11	,	,	PUNCT
ajfa-1450	53	12	mele	mele	PROPN
ajfa-1450	53	13	(	(	PUNCT
ajfa-1450	53	14	2010	2010	NUM
ajfa-1450	53	15	)	)	PUNCT
ajfa-1450	53	16	demonstrated	demonstrate	VERB
ajfa-1450	53	17	how	how	SCONJ
ajfa-1450	53	18	,	,	PUNCT
ajfa-1450	53	19	on	on	ADP
ajfa-1450	53	20	the	the	DET
ajfa-1450	53	21	contrary	contrary	NOUN
ajfa-1450	53	22	,	,	PUNCT
ajfa-1450	53	23	the	the	DET
ajfa-1450	53	24	weight	weight	NOUN
ajfa-1450	53	25	of	of	ADP
ajfa-1450	53	26	the	the	DET
ajfa-1450	53	27	euro	euro	NOUN
ajfa-1450	53	28	within	within	ADP
ajfa-1450	53	29	the	the	DET
ajfa-1450	53	30	chinese	chinese	ADJ
ajfa-1450	53	31	basket	basket	NOUN
ajfa-1450	53	32	-	-	PUNCT
ajfa-1450	53	33	peg	peg	NOUN
ajfa-1450	53	34	was	be	AUX
ajfa-1450	53	35	progressively	progressively	ADV
ajfa-1450	53	36	increasing	increase	VERB
ajfa-1450	53	37	.	.	PUNCT
ajfa-1450	54	1	even	even	ADV
ajfa-1450	54	2	though	though	SCONJ
ajfa-1450	54	3	frankel	frankel	PROPN
ajfa-1450	54	4	’s	’s	PART
ajfa-1450	54	5	approach	approach	NOUN
ajfa-1450	54	6	is	be	AUX
ajfa-1450	54	7	preferable	preferable	ADJ
ajfa-1450	54	8	to	to	ADP
ajfa-1450	54	9	other	other	ADJ
ajfa-1450	54	10	econometric	econometric	ADJ
ajfa-1450	54	11	models	model	NOUN
ajfa-1450	54	12	,	,	PUNCT
ajfa-1450	54	13	its	its	PRON
ajfa-1450	54	14	simple	simple	ADJ
ajfa-1450	54	15	implementation	implementation	NOUN
ajfa-1450	54	16	would	would	AUX
ajfa-1450	54	17	misrepresent	misrepresent	VERB
ajfa-1450	54	18	the	the	DET
ajfa-1450	54	19	real	real	ADJ
ajfa-1450	54	20	term	term	NOUN
ajfa-1450	54	21	results	result	NOUN
ajfa-1450	54	22	by	by	ADP
ajfa-1450	54	23	sustaining	sustain	VERB
ajfa-1450	54	24	a	a	DET
ajfa-1450	54	25	strong	strong	ADJ
ajfa-1450	54	26	tie	tie	NOUN
ajfa-1450	54	27	only	only	ADV
ajfa-1450	54	28	to	to	ADP
ajfa-1450	54	29	the	the	DET
ajfa-1450	54	30	american	american	ADJ
ajfa-1450	54	31	dollar	dollar	NOUN
ajfa-1450	54	32	.	.	PUNCT
ajfa-1450	55	1	this	this	PRON
ajfa-1450	55	2	would	would	AUX
ajfa-1450	55	3	not	not	PART
ajfa-1450	55	4	take	take	VERB
ajfa-1450	55	5	into	into	ADP
ajfa-1450	55	6	consideration	consideration	NOUN
ajfa-1450	55	7	how	how	SCONJ
ajfa-1450	55	8	the	the	DET
ajfa-1450	55	9	euro	euro	NOUN
ajfa-1450	55	10	has	have	AUX
ajfa-1450	55	11	grown	grow	VERB
ajfa-1450	55	12	in	in	ADP
ajfa-1450	55	13	the	the	DET
ajfa-1450	55	14	course	course	NOUN
ajfa-1450	55	15	of	of	ADP
ajfa-1450	55	16	these	these	DET
ajfa-1450	55	17	last	last	ADJ
ajfa-1450	55	18	few	few	ADJ
ajfa-1450	55	19	years	year	NOUN
ajfa-1450	55	20	as	as	ADP
ajfa-1450	55	21	an	an	DET
ajfa-1450	55	22	intermediary	intermediary	NOUN
ajfa-1450	55	23	for	for	ADP
ajfa-1450	55	24	exchanges	exchange	NOUN
ajfa-1450	55	25	,	,	PUNCT
ajfa-1450	55	26	becoming	become	VERB
ajfa-1450	55	27	a	a	DET
ajfa-1450	55	28	medium	medium	ADJ
ajfa-1450	55	29	both	both	CCONJ
ajfa-1450	55	30	in	in	ADP
ajfa-1450	55	31	the	the	DET
ajfa-1450	55	32	real	real	ADJ
ajfa-1450	55	33	market	market	NOUN
ajfa-1450	55	34	,	,	PUNCT
ajfa-1450	55	35	as	as	ADV
ajfa-1450	55	36	well	well	ADV
ajfa-1450	55	37	as	as	ADP
ajfa-1450	55	38	in	in	ADP
ajfa-1450	55	39	the	the	DET
ajfa-1450	55	40	capital	capital	NOUN
ajfa-1450	55	41	market	market	NOUN
ajfa-1450	55	42	.	.	PUNCT
ajfa-1450	56	1	the	the	DET
ajfa-1450	56	2	euro	euro	NOUN
ajfa-1450	56	3	has	have	AUX
ajfa-1450	56	4	thus	thus	ADV
ajfa-1450	56	5	become	become	VERB
ajfa-1450	56	6	the	the	DET
ajfa-1450	56	7	second	second	ADJ
ajfa-1450	56	8	most	most	ADV
ajfa-1450	56	9	important	important	ADJ
ajfa-1450	56	10	currency	currency	NOUN
ajfa-1450	56	11	,	,	PUNCT
ajfa-1450	56	12	whose	whose	DET
ajfa-1450	56	13	weight	weight	NOUN
ajfa-1450	56	14	can	can	AUX
ajfa-1450	56	15	be	be	AUX
ajfa-1450	56	16	registered	register	VERB
ajfa-1450	56	17	also	also	ADV
ajfa-1450	56	18	in	in	ADP
ajfa-1450	56	19	the	the	DET
ajfa-1450	56	20	chinese	chinese	ADJ
ajfa-1450	56	21	basket	basket	NOUN
ajfa-1450	56	22	peg	peg	NOUN
ajfa-1450	56	23	(	(	PUNCT
ajfa-1450	56	24	as	as	SCONJ
ajfa-1450	56	25	will	will	AUX
ajfa-1450	56	26	be	be	AUX
ajfa-1450	56	27	demonstrated	demonstrate	VERB
ajfa-1450	56	28	below	below	ADP
ajfa-1450	56	29	)	)	PUNCT
ajfa-1450	56	30	.	.	PUNCT
ajfa-1450	57	1	but	but	CCONJ
ajfa-1450	57	2	why	why	SCONJ
ajfa-1450	57	3	does	do	AUX
ajfa-1450	57	4	this	this	DET
ajfa-1450	57	5	role	role	NOUN
ajfa-1450	57	6	of	of	ADP
ajfa-1450	57	7	the	the	DET
ajfa-1450	57	8	euro	euro	NOUN
ajfa-1450	57	9	appear	appear	VERB
ajfa-1450	57	10	limited	limited	ADJ
ajfa-1450	57	11	when	when	SCONJ
ajfa-1450	57	12	utilizing	utilize	VERB
ajfa-1450	57	13	frankel	frankel	NOUN
ajfa-1450	57	14	’s	’s	PART
ajfa-1450	57	15	econometric	econometric	PROPN
ajfa-1450	57	16	model	model	NOUN
ajfa-1450	57	17	?	?	PUNCT
ajfa-1450	58	1	an	an	DET
ajfa-1450	58	2	explanation	explanation	NOUN
ajfa-1450	58	3	could	could	AUX
ajfa-1450	58	4	be	be	AUX
ajfa-1450	58	5	hidden	hide	VERB
ajfa-1450	58	6	in	in	ADP
ajfa-1450	58	7	the	the	DET
ajfa-1450	58	8	model	model	NOUN
ajfa-1450	58	9	itself	itself	PRON
ajfa-1450	58	10	:	:	PUNCT
ajfa-1450	58	11	not	not	PART
ajfa-1450	58	12	in	in	ADP
ajfa-1450	58	13	its	its	PRON
ajfa-1450	58	14	formulation	formulation	NOUN
ajfa-1450	58	15	–	–	PUNCT
ajfa-1450	58	16	which	which	PRON
ajfa-1450	58	17	can	can	AUX
ajfa-1450	58	18	be	be	AUX
ajfa-1450	58	19	considered	consider	VERB
ajfa-1450	58	20	genuinely	genuinely	ADV
ajfa-1450	58	21	original	original	ADJ
ajfa-1450	58	22	and	and	CCONJ
ajfa-1450	58	23	economically	economically	ADV
ajfa-1450	58	24	plausible	plausible	ADJ
ajfa-1450	58	25	–	–	PUNCT
ajfa-1450	58	26	but	but	CCONJ
ajfa-1450	58	27	rather	rather	ADV
ajfa-1450	58	28	in	in	ADP
ajfa-1450	58	29	the	the	DET
ajfa-1450	58	30	method	method	NOUN
ajfa-1450	58	31	of	of	ADP
ajfa-1450	58	32	estimation	estimation	NOUN
ajfa-1450	58	33	used	use	VERB
ajfa-1450	58	34	.	.	PUNCT
ajfa-1450	59	1	in	in	ADP
ajfa-1450	59	2	particular	particular	ADJ
ajfa-1450	59	3	,	,	PUNCT
ajfa-1450	59	4	each	each	DET
ajfa-1450	59	5	variable	variable	ADJ
ajfa-1450	59	6	–	–	PUNCT
ajfa-1450	59	7	even	even	ADV
ajfa-1450	59	8	the	the	DET
ajfa-1450	59	9	dummy	dummy	ADJ
ajfa-1450	59	10	variable	variable	NOUN
ajfa-1450	59	11	itself	itself	PRON
ajfa-1450	59	12	–	–	PUNCT
ajfa-1450	59	13	could	could	AUX
ajfa-1450	59	14	be	be	AUX
ajfa-1450	59	15	subject	subject	ADJ
ajfa-1450	59	16	to	to	ADP
ajfa-1450	59	17	non	non	ADJ
ajfa-1450	59	18	-	-	ADJ
ajfa-1450	59	19	stationary	stationary	ADJ
ajfa-1450	59	20	trends	trend	NOUN
ajfa-1450	59	21	,	,	PUNCT
ajfa-1450	59	22	as	as	ADV
ajfa-1450	59	23	well	well	ADV
ajfa-1450	59	24	as	as	ADP
ajfa-1450	59	25	to	to	ADP
ajfa-1450	59	26	autocorrelations	autocorrelation	NOUN
ajfa-1450	59	27	between	between	ADP
ajfa-1450	59	28	the	the	DET
ajfa-1450	59	29	explanatory	explanatory	ADJ
ajfa-1450	59	30	variables	variable	NOUN
ajfa-1450	59	31	.	.	PUNCT
ajfa-1450	60	1	therefore	therefore	ADV
ajfa-1450	60	2	,	,	PUNCT
ajfa-1450	60	3	compelled	compel	VERB
ajfa-1450	60	4	by	by	ADP
ajfa-1450	60	5	the	the	DET
ajfa-1450	60	6	need	need	NOUN
ajfa-1450	60	7	to	to	PART
ajfa-1450	60	8	analyze	analyze	VERB
ajfa-1450	60	9	the	the	DET
ajfa-1450	60	10	actual	actual	ADJ
ajfa-1450	60	11	weights	weight	NOUN
ajfa-1450	60	12	of	of	ADP
ajfa-1450	60	13	the	the	DET
ajfa-1450	60	14	currencies	currency	NOUN
ajfa-1450	60	15	considered	consider	VERB
ajfa-1450	60	16	in	in	ADP
ajfa-1450	60	17	the	the	DET
ajfa-1450	60	18	chinese	chinese	ADJ
ajfa-1450	60	19	basket	basket	NOUN
ajfa-1450	60	20	,	,	PUNCT
ajfa-1450	60	21	mele	mele	PROPN
ajfa-1450	60	22	estimated	estimate	VERB
ajfa-1450	60	23	frankel	frankel	PROPN
ajfa-1450	60	24	’s	’s	PART
ajfa-1450	60	25	regression	regression	NOUN
ajfa-1450	60	26	with	with	ADP
ajfa-1450	60	27	a	a	DET
ajfa-1450	60	28	regressive	regressive	ADJ
ajfa-1450	60	29	technique	technique	NOUN
ajfa-1450	60	30	in	in	ADP
ajfa-1450	60	31	a	a	DET
ajfa-1450	60	32	time	time	NOUN
ajfa-1450	60	33	series	series	NOUN
ajfa-1450	60	34	employing	employ	VERB
ajfa-1450	60	35	a	a	DET
ajfa-1450	60	36	kalman	kalman	NOUN
ajfa-1450	60	37	's	's	PART
ajfa-1450	60	38	filter	filter	NOUN
ajfa-1450	60	39	.	.	PUNCT
ajfa-1450	61	1	the	the	DET
ajfa-1450	61	2	regression	regression	NOUN
ajfa-1450	61	3	used	use	VERB
ajfa-1450	61	4	can	can	AUX
ajfa-1450	61	5	therefore	therefore	ADV
ajfa-1450	61	6	be	be	AUX
ajfa-1450	61	7	exemplified	exemplify	VERB
ajfa-1450	61	8	as	as	ADP
ajfa-1450	61	9	:	:	PUNCT
ajfa-1450	61	10	δd.lnyrbm/frsv=	δd.lnyrbm/frsv=	VERB
ajfa-1450	61	11	α+β1δd.lneusd	α+β1δd.lneusd	PROPN
ajfa-1450	61	12	/	/	SYM
ajfa-1450	61	13	frsv+	frsv+	PART
ajfa-1450	61	14	β2δd.lnejpy/frsv+β3δd.lneeuro/frsv+μt	β2δd.lnejpy/frsv+β3δd.lneeuro/frsv+μt	NUM
ajfa-1450	61	15	(	(	PUNCT
ajfa-1450	61	16	2	2	NUM
ajfa-1450	61	17	)	)	PUNCT
ajfa-1450	61	18	whose	whose	DET
ajfa-1450	61	19	time	time	NOUN
ajfa-1450	61	20	series	series	PROPN
ajfa-1450	61	21	break	break	VERB
ajfa-1450	61	22	down	down	ADP
ajfa-1450	61	23	for	for	ADP
ajfa-1450	61	24	each	each	DET
ajfa-1450	61	25	explanatory	explanatory	ADJ
ajfa-1450	61	26	variable	variable	NOUN
ajfa-1450	61	27	is	be	AUX
ajfa-1450	61	28	:	:	PUNCT
ajfa-1450	61	29	asian	asian	ADJ
ajfa-1450	61	30	journal	journal	NOUN
ajfa-1450	61	31	of	of	ADP
ajfa-1450	61	32	finance	finance	PROPN
ajfa-1450	61	33	&	&	CCONJ
ajfa-1450	61	34	accounting	accounting	PROPN
ajfa-1450	61	35	issn	issn	PROPN
ajfa-1450	61	36	1946	1946	NUM
ajfa-1450	61	37	-	-	PUNCT
ajfa-1450	61	38	052x	052x	NOUN
ajfa-1450	61	39	2012	2012	NUM
ajfa-1450	61	40	,	,	PUNCT
ajfa-1450	61	41	vol	vol	NOUN
ajfa-1450	61	42	.	.	PROPN
ajfa-1450	61	43	4	4	NUM
ajfa-1450	61	44	,	,	PUNCT
ajfa-1450	61	45	no	no	INTJ
ajfa-1450	61	46	.	.	NOUN
ajfa-1450	61	47	1	1	NUM
ajfa-1450	61	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1450	61	49	211	211	NUM
ajfa-1450	61	50	α	α	NOUN
ajfa-1450	61	51	0,t=	0,t=	NOUN
ajfa-1450	61	52	α0,t-1+ŋ0,t	α0,t-1+ŋ0,t	NOUN
ajfa-1450	61	53	β1,t=	β1,t=	NOUN
ajfa-1450	61	54	β	β	PROPN
ajfa-1450	61	55	1,t-1+ŋ1,t	1,t-1+ŋ1,t	PROPN
ajfa-1450	61	56	β2,t=	β2,t=	PROPN
ajfa-1450	61	57	β2	β2	PROPN
ajfa-1450	61	58	,	,	PUNCT
ajfa-1450	61	59	t-1+ŋ2,t	t-1+ŋ2,t	PROPN
ajfa-1450	61	60	β3,t=	β3,t=	VERB
ajfa-1450	61	61	β	β	PROPN
ajfa-1450	61	62	3	3	NUM
ajfa-1450	61	63	,	,	PUNCT
ajfa-1450	61	64	t-1+ŋ3,t	t-1+ŋ3,t	NOUN
ajfa-1450	62	1	*	*	PUNCT
ajfa-1450	62	2	*	*	PUNCT
ajfa-1450	62	3	*	*	NOUN
ajfa-1450	62	4	levels	level	NOUN
ajfa-1450	62	5	of	of	ADP
ajfa-1450	62	6	significance	significance	NOUN
ajfa-1450	62	7	1	1	NUM
ajfa-1450	62	8	%	%	NOUN
ajfa-1450	62	9	;	;	PUNCT
ajfa-1450	63	1	*	*	PUNCT
ajfa-1450	63	2	*	*	NOUN
ajfa-1450	63	3	levels	level	NOUN
ajfa-1450	63	4	of	of	ADP
ajfa-1450	63	5	significance	significance	NOUN
ajfa-1450	63	6	5	5	NUM
ajfa-1450	63	7	%	%	NOUN
ajfa-1450	63	8	from	from	ADP
ajfa-1450	63	9	the	the	DET
ajfa-1450	63	10	results	result	NOUN
ajfa-1450	63	11	of	of	ADP
ajfa-1450	63	12	the	the	DET
ajfa-1450	63	13	regression	regression	NOUN
ajfa-1450	63	14	,	,	PUNCT
ajfa-1450	63	15	it	it	PRON
ajfa-1450	63	16	is	be	AUX
ajfa-1450	63	17	possible	possible	ADJ
ajfa-1450	63	18	to	to	PART
ajfa-1450	63	19	observe	observe	VERB
ajfa-1450	63	20	that	that	SCONJ
ajfa-1450	63	21	the	the	DET
ajfa-1450	63	22	dollar	dollar	NOUN
ajfa-1450	63	23	is	be	AUX
ajfa-1450	63	24	significantly	significantly	ADV
ajfa-1450	63	25	present	present	ADJ
ajfa-1450	63	26	in	in	ADP
ajfa-1450	63	27	the	the	DET
ajfa-1450	63	28	chinese	chinese	ADJ
ajfa-1450	63	29	basket	basket	NOUN
ajfa-1450	63	30	peg	peg	NOUN
ajfa-1450	63	31	,	,	PUNCT
ajfa-1450	63	32	with	with	ADP
ajfa-1450	63	33	a	a	DET
ajfa-1450	63	34	co	co	ADJ
ajfa-1450	63	35	-	-	ADJ
ajfa-1450	63	36	efficient	efficient	ADJ
ajfa-1450	63	37	value	value	NOUN
ajfa-1450	63	38	equal	equal	ADJ
ajfa-1450	63	39	to	to	ADP
ajfa-1450	63	40	0.81	0.81	NUM
ajfa-1450	63	41	.	.	PUNCT
ajfa-1450	64	1	however	however	ADV
ajfa-1450	64	2	,	,	PUNCT
ajfa-1450	64	3	also	also	ADV
ajfa-1450	64	4	the	the	DET
ajfa-1450	64	5	euro	euro	NOUN
ajfa-1450	64	6	acquired	acquire	VERB
ajfa-1450	64	7	notable	notable	ADJ
ajfa-1450	64	8	relevance	relevance	NOUN
ajfa-1450	64	9	,	,	PUNCT
ajfa-1450	64	10	strengthening	strengthen	VERB
ajfa-1450	64	11	its	its	PRON
ajfa-1450	64	12	position	position	NOUN
ajfa-1450	64	13	not	not	PART
ajfa-1450	64	14	only	only	ADV
ajfa-1450	64	15	in	in	ADP
ajfa-1450	64	16	reference	reference	NOUN
ajfa-1450	64	17	to	to	ADP
ajfa-1450	64	18	the	the	DET
ajfa-1450	64	19	other	other	ADJ
ajfa-1450	64	20	currencies	currency	NOUN
ajfa-1450	64	21	officially	officially	ADV
ajfa-1450	64	22	declared	declare	VERB
ajfa-1450	64	23	to	to	PART
ajfa-1450	64	24	be	be	AUX
ajfa-1450	64	25	part	part	NOUN
ajfa-1450	64	26	of	of	ADP
ajfa-1450	64	27	the	the	DET
ajfa-1450	64	28	chinese	chinese	ADJ
ajfa-1450	64	29	basket	basket	NOUN
ajfa-1450	64	30	,	,	PUNCT
ajfa-1450	64	31	but	but	CCONJ
ajfa-1450	64	32	especially	especially	ADV
ajfa-1450	64	33	in	in	ADP
ajfa-1450	64	34	comparison	comparison	NOUN
ajfa-1450	64	35	with	with	ADP
ajfa-1450	64	36	the	the	DET
ajfa-1450	64	37	american	american	ADJ
ajfa-1450	64	38	dollar	dollar	NOUN
ajfa-1450	64	39	.	.	PUNCT
ajfa-1450	65	1	the	the	DET
ajfa-1450	65	2	third	third	ADJ
ajfa-1450	65	3	currency	currency	NOUN
ajfa-1450	65	4	analyzed	analyze	VERB
ajfa-1450	65	5	,	,	PUNCT
ajfa-1450	65	6	the	the	DET
ajfa-1450	65	7	yen	yen	NOUN
ajfa-1450	65	8	,	,	PUNCT
ajfa-1450	65	9	did	do	AUX
ajfa-1450	65	10	not	not	PART
ajfa-1450	65	11	show	show	VERB
ajfa-1450	65	12	significant	significant	ADJ
ajfa-1450	65	13	signs	sign	NOUN
ajfa-1450	65	14	of	of	ADP
ajfa-1450	65	15	change	change	NOUN
ajfa-1450	65	16	within	within	ADP
ajfa-1450	65	17	its	its	PRON
ajfa-1450	65	18	currency	currency	NOUN
ajfa-1450	65	19	position	position	NOUN
ajfa-1450	65	20	in	in	ADP
ajfa-1450	65	21	the	the	DET
ajfa-1450	65	22	chinese	chinese	ADJ
ajfa-1450	65	23	basket	basket	NOUN
ajfa-1450	65	24	peg	peg	NOUN
ajfa-1450	65	25	.	.	PUNCT
ajfa-1450	66	1	4	4	X
ajfa-1450	66	2	.	.	X
ajfa-1450	66	3	the	the	DET
ajfa-1450	66	4	euro	euro	NOUN
ajfa-1450	66	5	and	and	CCONJ
ajfa-1450	66	6	the	the	DET
ajfa-1450	66	7	chinese	chinese	ADJ
ajfa-1450	66	8	basket	basket	NOUN
ajfa-1450	66	9	peg	peg	NOUN
ajfa-1450	66	10	in	in	ADP
ajfa-1450	66	11	the	the	DET
ajfa-1450	66	12	era	era	NOUN
ajfa-1450	66	13	of	of	ADP
ajfa-1450	66	14	the	the	DET
ajfa-1450	66	15	european	european	ADJ
ajfa-1450	66	16	crisis	crisis	NOUN
ajfa-1450	66	17	it	it	PRON
ajfa-1450	66	18	will	will	AUX
ajfa-1450	66	19	therefore	therefore	ADV
ajfa-1450	66	20	be	be	AUX
ajfa-1450	66	21	demonstrated	demonstrate	VERB
ajfa-1450	66	22	,	,	PUNCT
ajfa-1450	66	23	by	by	ADP
ajfa-1450	66	24	utilizing	utilize	VERB
ajfa-1450	66	25	the	the	DET
ajfa-1450	66	26	econometric	econometric	ADJ
ajfa-1450	66	27	time	time	NOUN
ajfa-1450	66	28	series	series	PROPN
ajfa-1450	66	29	methodology	methodology	PROPN
ajfa-1450	66	30	enriched	enrich	VERB
ajfa-1450	66	31	by	by	ADP
ajfa-1450	66	32	kalman	kalman	PROPN
ajfa-1450	66	33	’s	’s	PART
ajfa-1450	66	34	filter	filter	NOUN
ajfa-1450	66	35	,	,	PUNCT
ajfa-1450	66	36	whether	whether	SCONJ
ajfa-1450	66	37	mele	mele	PROPN
ajfa-1450	66	38	’s	’s	PART
ajfa-1450	66	39	(	(	PUNCT
ajfa-1450	66	40	2010	2010	NUM
ajfa-1450	66	41	)	)	PUNCT
ajfa-1450	66	42	analysis	analysis	NOUN
ajfa-1450	66	43	on	on	ADP
ajfa-1450	66	44	the	the	DET
ajfa-1450	66	45	weight	weight	NOUN
ajfa-1450	66	46	of	of	ADP
ajfa-1450	66	47	the	the	DET
ajfa-1450	66	48	euro	euro	NOUN
ajfa-1450	66	49	in	in	ADP
ajfa-1450	66	50	the	the	DET
ajfa-1450	66	51	chinese	chinese	ADJ
ajfa-1450	66	52	basket	basket	NOUN
ajfa-1450	66	53	has	have	AUX
ajfa-1450	66	54	undergone	undergo	VERB
ajfa-1450	66	55	negative	negative	ADJ
ajfa-1450	66	56	variations	variation	NOUN
ajfa-1450	66	57	as	as	ADP
ajfa-1450	66	58	a	a	DET
ajfa-1450	66	59	consequence	consequence	NOUN
ajfa-1450	66	60	of	of	ADP
ajfa-1450	66	61	the	the	DET
ajfa-1450	66	62	emu	emu	PROPN
ajfa-1450	66	63	crisis	crisis	NOUN
ajfa-1450	66	64	.	.	PUNCT
ajfa-1450	67	1	specifically	specifically	ADV
ajfa-1450	67	2	,	,	PUNCT
ajfa-1450	67	3	it	it	PRON
ajfa-1450	67	4	is	be	AUX
ajfa-1450	67	5	interesting	interesting	ADJ
ajfa-1450	67	6	to	to	PART
ajfa-1450	67	7	attest	attest	VERB
ajfa-1450	67	8	if	if	SCONJ
ajfa-1450	67	9	certain	certain	ADJ
ajfa-1450	67	10	factors	factor	NOUN
ajfa-1450	67	11	,	,	PUNCT
ajfa-1450	67	12	such	such	ADJ
ajfa-1450	67	13	as	as	ADP
ajfa-1450	67	14	the	the	DET
ajfa-1450	67	15	depreciation	depreciation	NOUN
ajfa-1450	67	16	of	of	ADP
ajfa-1450	67	17	the	the	DET
ajfa-1450	67	18	euro	euro	NOUN
ajfa-1450	67	19	to	to	ADP
ajfa-1450	67	20	the	the	DET
ajfa-1450	67	21	dollar	dollar	NOUN
ajfa-1450	67	22	in	in	ADP
ajfa-1450	67	23	the	the	DET
ajfa-1450	67	24	summer	summer	NOUN
ajfa-1450	67	25	of	of	ADP
ajfa-1450	67	26	2011	2011	NUM
ajfa-1450	67	27	or	or	CCONJ
ajfa-1450	67	28	greece	greece	PROPN
ajfa-1450	67	29	’s	’s	PART
ajfa-1450	67	30	risk	risk	NOUN
ajfa-1450	67	31	of	of	ADP
ajfa-1450	67	32	default	default	NOUN
ajfa-1450	67	33	,	,	PUNCT
ajfa-1450	67	34	could	could	AUX
ajfa-1450	67	35	lead	lead	VERB
ajfa-1450	67	36	the	the	DET
ajfa-1450	67	37	chinese	chinese	ADJ
ajfa-1450	67	38	authorities	authority	NOUN
ajfa-1450	67	39	to	to	PART
ajfa-1450	67	40	re	re	VERB
ajfa-1450	67	41	-	-	VERB
ajfa-1450	67	42	entrust	entrust	VERB
ajfa-1450	67	43	the	the	DET
ajfa-1450	67	44	dollar	dollar	NOUN
ajfa-1450	67	45	with	with	ADP
ajfa-1450	67	46	a	a	DET
ajfa-1450	67	47	pre	pre	ADJ
ajfa-1450	67	48	-	-	ADJ
ajfa-1450	67	49	eminent	eminent	ADJ
ajfa-1450	67	50	role	role	NOUN
ajfa-1450	67	51	,	,	PUNCT
ajfa-1450	67	52	so	so	SCONJ
ajfa-1450	67	53	as	as	SCONJ
ajfa-1450	67	54	to	to	PART
ajfa-1450	67	55	create	create	VERB
ajfa-1450	67	56	a	a	DET
ajfa-1450	67	57	sort	sort	NOUN
ajfa-1450	67	58	of	of	ADP
ajfa-1450	67	59	unofficial	unofficial	ADJ
ajfa-1450	67	60	dollar	dollar	NOUN
ajfa-1450	67	61	-	-	PUNCT
ajfa-1450	67	62	peg	peg	NOUN
ajfa-1450	67	63	.	.	PUNCT
ajfa-1450	68	1	this	this	DET
ajfa-1450	68	2	hypothesis	hypothesis	NOUN
ajfa-1450	68	3	is	be	AUX
ajfa-1450	68	4	guided	guide	VERB
ajfa-1450	68	5	by	by	ADP
ajfa-1450	68	6	the	the	DET
ajfa-1450	68	7	positive	positive	ADJ
ajfa-1450	68	8	macroeconomic	macroeconomic	ADJ
ajfa-1450	68	9	data	datum	NOUN
ajfa-1450	68	10	released	release	VERB
ajfa-1450	68	11	in	in	ADP
ajfa-1450	68	12	january	january	PROPN
ajfa-1450	68	13	2012	2012	NUM
ajfa-1450	68	14	,	,	PUNCT
ajfa-1450	68	15	which	which	PRON
ajfa-1450	68	16	highlighted	highlight	VERB
ajfa-1450	68	17	the	the	DET
ajfa-1450	68	18	decrease	decrease	NOUN
ajfa-1450	68	19	of	of	ADP
ajfa-1450	68	20	american	american	ADJ
ajfa-1450	68	21	unemployment	unemployment	NOUN
ajfa-1450	68	22	and	and	CCONJ
ajfa-1450	68	23	the	the	DET
ajfa-1450	68	24	revival	revival	NOUN
ajfa-1450	68	25	of	of	ADP
ajfa-1450	68	26	the	the	DET
ajfa-1450	68	27	american	american	ADJ
ajfa-1450	68	28	stock	stock	NOUN
ajfa-1450	68	29	markets	market	NOUN
ajfa-1450	68	30	,	,	PUNCT
ajfa-1450	68	31	which	which	PRON
ajfa-1450	68	32	could	could	AUX
ajfa-1450	68	33	renew	renew	VERB
ajfa-1450	68	34	the	the	DET
ajfa-1450	68	35	united	united	PROPN
ajfa-1450	68	36	states	states	PROPN
ajfa-1450	68	37	’	'	PUNCT
ajfa-1450	68	38	presence	presence	NOUN
ajfa-1450	68	39	as	as	ADP
ajfa-1450	68	40	a	a	DET
ajfa-1450	68	41	stable	stable	ADJ
ajfa-1450	68	42	reference	reference	NOUN
ajfa-1450	68	43	point	point	NOUN
ajfa-1450	68	44	.	.	PUNCT
ajfa-1450	69	1	4.1	4.1	NUM
ajfa-1450	69	2	the	the	DET
ajfa-1450	69	3	results	result	NOUN
ajfa-1450	69	4	armax	armax	NOUN
ajfa-1450	69	5	model	model	NOUN
ajfa-1450	69	6	:	:	PUNCT
ajfa-1450	69	7	from	from	ADP
ajfa-1450	69	8	january	january	PROPN
ajfa-1450	69	9	1st	1st	NOUN
ajfa-1450	69	10	,	,	PUNCT
ajfa-1450	69	11	2010	2010	NUM
ajfa-1450	69	12	till	till	SCONJ
ajfa-1450	69	13	january	january	PROPN
ajfa-1450	69	14	20th	20th	NOUN
ajfa-1450	69	15	,	,	PUNCT
ajfa-1450	69	16	2012	2012	NUM
ajfa-1450	69	17	estimate	estimate	NOUN
ajfa-1450	69	18	carried	carry	VERB
ajfa-1450	69	19	out	out	ADP
ajfa-1450	69	20	with	with	ADP
ajfa-1450	69	21	the	the	DET
ajfa-1450	69	22	use	use	NOUN
ajfa-1450	69	23	of	of	ADP
ajfa-1450	69	24	kalman	kalman	PROPN
ajfa-1450	69	25	’s	’s	PART
ajfa-1450	69	26	filter	filter	NOUN
ajfa-1450	69	27	standard	standard	ADJ
ajfa-1450	69	28	errors	error	NOUN
ajfa-1450	69	29	based	base	VERB
ajfa-1450	69	30	on	on	ADP
ajfa-1450	69	31	exact	exact	ADJ
ajfa-1450	69	32	mv	mv	PROPN
ajfa-1450	69	33	dependent	dependent	ADJ
ajfa-1450	69	34	variable	variable	NOUN
ajfa-1450	69	35	:	:	PUNCT
ajfa-1450	69	36	rmb	rmb	PROPN
ajfa-1450	69	37	adj	adj	PROPN
ajfa-1450	69	38	-	-	PUNCT
ajfa-1450	69	39	r	r	NOUN
ajfa-1450	69	40	-	-	PUNCT
ajfa-1450	69	41	square	square	ADJ
ajfa-1450	69	42	:	:	PUNCT
ajfa-1450	69	43	0,8546	0,8546	ADJ
ajfa-1450	69	44	asian	asian	ADJ
ajfa-1450	69	45	journal	journal	NOUN
ajfa-1450	69	46	of	of	ADP
ajfa-1450	69	47	finance	finance	PROPN
ajfa-1450	69	48	&	&	CCONJ
ajfa-1450	69	49	accounting	accounting	PROPN
ajfa-1450	69	50	issn	issn	PROPN
ajfa-1450	69	51	1946	1946	NUM
ajfa-1450	69	52	-	-	PUNCT
ajfa-1450	69	53	052x	052x	NOUN
ajfa-1450	69	54	2012	2012	NUM
ajfa-1450	69	55	,	,	PUNCT
ajfa-1450	69	56	vol	vol	NOUN
ajfa-1450	69	57	.	.	PROPN
ajfa-1450	70	1	4	4	NUM
ajfa-1450	70	2	,	,	PUNCT
ajfa-1450	70	3	no	no	INTJ
ajfa-1450	70	4	.	.	NOUN
ajfa-1450	70	5	1	1	NUM
ajfa-1450	70	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	70	7	212	212	NUM
ajfa-1450	70	8	akaike	akaike	NOUN
ajfa-1450	70	9	’s	’s	PART
ajfa-1450	70	10	criterion	criterion	NOUN
ajfa-1450	70	11	:	:	PUNCT
ajfa-1450	70	12	-727,5478	-727,5478	PROPN
ajfa-1450	70	13	schwarz	schwarz	PROPN
ajfa-1450	70	14	’s	’s	PART
ajfa-1450	70	15	criterion:-720,4125	criterion:-720,4125	PROPN
ajfa-1450	70	16	hannan	hannan	PROPN
ajfa-1450	70	17	-	-	PUNCT
ajfa-1450	70	18	quinn	quinn	PROPN
ajfa-1450	70	19	:	:	PUNCT
ajfa-1450	70	20	-726,4782	-726,4782	PROPN
ajfa-1450	71	1	observation	observation	NOUN
ajfa-1450	71	2	:	:	PUNCT
ajfa-1450	71	3	180	180	NUM
ajfa-1450	71	4	p	p	NOUN
ajfa-1450	71	5	-	-	PUNCT
ajfa-1450	71	6	value	value	NOUN
ajfa-1450	71	7	(	(	PUNCT
ajfa-1450	71	8	0,000	0,000	NUM
ajfa-1450	71	9	)	)	PUNCT
ajfa-1450	71	10	(	(	PUNCT
ajfa-1450	71	11	0,000	0,000	NUM
ajfa-1450	71	12	)	)	PUNCT
ajfa-1450	71	13	(	(	PUNCT
ajfa-1450	71	14	0,000	0,000	NUM
ajfa-1450	71	15	)	)	PUNCT
ajfa-1450	71	16	(	(	PUNCT
ajfa-1450	71	17	0,008	0,008	NUM
ajfa-1450	71	18	)	)	PUNCT
ajfa-1450	71	19	δd.lnyrbm/frsv=	δd.lnyrbm/frsv=	NOUN
ajfa-1450	71	20	0,00147	0,00147	NOUN
ajfa-1450	71	21	*	*	PUNCT
ajfa-1450	71	22	*	*	PUNCT
ajfa-1450	71	23	*	*	PUNCT
ajfa-1450	72	1	+	+	NUM
ajfa-1450	72	2	0,9132	0,9132	NUM
ajfa-1450	72	3	δd.lneusd/frsv	δd.lneusd/frsv	NUM
ajfa-1450	72	4	*	*	PUNCT
ajfa-1450	72	5	*	*	PUNCT
ajfa-1450	72	6	*	*	PUNCT
ajfa-1450	73	1	+	+	NUM
ajfa-1450	73	2	0,102	0,102	NUM
ajfa-1450	73	3	δd.lneeuro/frsv	δd.lneeuro/frsv	NOUN
ajfa-1450	73	4	*	*	PUNCT
ajfa-1450	73	5	*	*	PUNCT
ajfa-1450	73	6	*	*	PUNCT
ajfa-1450	73	7	+	+	CCONJ
ajfa-1450	73	8	0,0021	0,0021	NOUN
ajfa-1450	73	9	δd.lnejpy/frsv***+	δd.lnejpy/frsv***+	NUM
ajfa-1450	73	10	e	e	X
ajfa-1450	73	11	(	(	PUNCT
ajfa-1450	73	12	3	3	NUM
ajfa-1450	73	13	)	)	PUNCT
ajfa-1450	73	14	*	*	PUNCT
ajfa-1450	73	15	*	*	PUNCT
ajfa-1450	73	16	*	*	NOUN
ajfa-1450	73	17	levels	level	NOUN
ajfa-1450	73	18	of	of	ADP
ajfa-1450	73	19	significance	significance	NOUN
ajfa-1450	73	20	1	1	NUM
ajfa-1450	73	21	%	%	NOUN
ajfa-1450	73	22	the	the	DET
ajfa-1450	73	23	results	result	NOUN
ajfa-1450	73	24	obtained	obtain	VERB
ajfa-1450	73	25	through	through	ADP
ajfa-1450	73	26	the	the	DET
ajfa-1450	73	27	elaboration	elaboration	NOUN
ajfa-1450	73	28	of	of	ADP
ajfa-1450	73	29	data	datum	NOUN
ajfa-1450	73	30	using	use	VERB
ajfa-1450	73	31	stata	stata	NOUN
ajfa-1450	73	32	version	version	NOUN
ajfa-1450	73	33	11	11	NUM
ajfa-1450	73	34	with	with	ADP
ajfa-1450	73	35	a	a	DET
ajfa-1450	73	36	dataset	dataset	NOUN
ajfa-1450	73	37	constructed	construct	VERB
ajfa-1450	73	38	at	at	ADP
ajfa-1450	73	39	intervals	interval	NOUN
ajfa-1450	73	40	of	of	ADP
ajfa-1450	73	41	5	5	NUM
ajfa-1450	73	42	daysclearly	daysclearly	ADV
ajfa-1450	73	43	demonstrate	demonstrate	NOUN
ajfa-1450	73	44	,	,	PUNCT
ajfa-1450	73	45	in	in	ADP
ajfa-1450	73	46	the	the	DET
ajfa-1450	73	47	time	time	NOUN
ajfa-1450	73	48	series	series	NOUN
ajfa-1450	73	49	taken	take	VERB
ajfa-1450	73	50	into	into	ADP
ajfa-1450	73	51	consideration	consideration	NOUN
ajfa-1450	73	52	,	,	PUNCT
ajfa-1450	73	53	how	how	SCONJ
ajfa-1450	73	54	the	the	DET
ajfa-1450	73	55	role	role	NOUN
ajfa-1450	73	56	of	of	ADP
ajfa-1450	73	57	the	the	DET
ajfa-1450	73	58	euro	euro	NOUN
ajfa-1450	73	59	in	in	ADP
ajfa-1450	73	60	the	the	DET
ajfa-1450	73	61	chinese	chinese	ADJ
ajfa-1450	73	62	basket	basket	NOUN
ajfa-1450	73	63	has	have	AUX
ajfa-1450	73	64	drastically	drastically	ADV
ajfa-1450	73	65	decreased	decrease	VERB
ajfa-1450	73	66	.	.	PUNCT
ajfa-1450	74	1	in	in	ADP
ajfa-1450	74	2	this	this	DET
ajfa-1450	74	3	period	period	NOUN
ajfa-1450	74	4	the	the	DET
ajfa-1450	74	5	value	value	NOUN
ajfa-1450	74	6	of	of	ADP
ajfa-1450	74	7	the	the	DET
ajfa-1450	74	8	coefficient	coefficient	NOUN
ajfa-1450	74	9	resulting	result	VERB
ajfa-1450	74	10	from	from	ADP
ajfa-1450	74	11	mele	mele	PROPN
ajfa-1450	74	12	’s	’s	PART
ajfa-1450	74	13	(	(	PUNCT
ajfa-1450	74	14	2010	2010	NUM
ajfa-1450	74	15	)	)	PUNCT
ajfa-1450	74	16	research	research	NOUN
ajfa-1450	74	17	decreased	decrease	VERB
ajfa-1450	74	18	from	from	ADP
ajfa-1450	74	19	0,399	0,399	NUM
ajfa-1450	74	20	to	to	ADP
ajfa-1450	74	21	0,102	0,102	NUM
ajfa-1450	74	22	.	.	PUNCT
ajfa-1450	75	1	contemporaneously	contemporaneously	ADV
ajfa-1450	75	2	,	,	PUNCT
ajfa-1450	75	3	the	the	DET
ajfa-1450	75	4	weight	weight	NOUN
ajfa-1450	75	5	of	of	ADP
ajfa-1450	75	6	the	the	DET
ajfa-1450	75	7	dollar	dollar	NOUN
ajfa-1450	75	8	increased	increase	VERB
ajfa-1450	75	9	from	from	ADP
ajfa-1450	75	10	0,813	0,813	NUM
ajfa-1450	75	11	to	to	ADP
ajfa-1450	75	12	0,913	0,913	NUM
ajfa-1450	75	13	,	,	PUNCT
ajfa-1450	75	14	a	a	DET
ajfa-1450	75	15	value	value	NOUN
ajfa-1450	75	16	that	that	PRON
ajfa-1450	75	17	results	result	VERB
ajfa-1450	75	18	into	into	ADP
ajfa-1450	75	19	an	an	DET
ajfa-1450	75	20	exceedingly	exceedingly	ADV
ajfa-1450	75	21	strong	strong	ADJ
ajfa-1450	75	22	tie	tie	NOUN
ajfa-1450	75	23	to	to	ADP
ajfa-1450	75	24	the	the	DET
ajfa-1450	75	25	dollar	dollar	NOUN
ajfa-1450	75	26	–	–	PUNCT
ajfa-1450	75	27	almost	almost	ADV
ajfa-1450	75	28	a	a	PRON
ajfa-1450	75	29	dollar	dollar	NOUN
ajfa-1450	75	30	-	-	PUNCT
ajfa-1450	75	31	peg	peg	NOUN
ajfa-1450	75	32	.	.	PUNCT
ajfa-1450	76	1	furthermore	furthermore	ADV
ajfa-1450	76	2	,	,	PUNCT
ajfa-1450	76	3	it	it	PRON
ajfa-1450	76	4	is	be	AUX
ajfa-1450	76	5	also	also	ADV
ajfa-1450	76	6	interesting	interesting	ADJ
ajfa-1450	76	7	to	to	PART
ajfa-1450	76	8	note	note	VERB
ajfa-1450	76	9	the	the	DET
ajfa-1450	76	10	role	role	NOUN
ajfa-1450	76	11	of	of	ADP
ajfa-1450	76	12	the	the	DET
ajfa-1450	76	13	japanese	japanese	ADJ
ajfa-1450	76	14	currency	currency	NOUN
ajfa-1450	76	15	,	,	PUNCT
ajfa-1450	76	16	which	which	PRON
ajfa-1450	76	17	in	in	ADP
ajfa-1450	76	18	the	the	DET
ajfa-1450	76	19	analysis	analysis	NOUN
ajfa-1450	76	20	of	of	ADP
ajfa-1450	76	21	2010	2010	NUM
ajfa-1450	76	22	did	do	AUX
ajfa-1450	76	23	not	not	PART
ajfa-1450	76	24	appear	appear	VERB
ajfa-1450	76	25	significant	significant	ADJ
ajfa-1450	76	26	in	in	ADP
ajfa-1450	76	27	its	its	PRON
ajfa-1450	76	28	p	p	NOUN
ajfa-1450	76	29	-	-	PUNCT
ajfa-1450	76	30	value	value	NOUN
ajfa-1450	76	31	.	.	PUNCT
ajfa-1450	77	1	on	on	ADP
ajfa-1450	77	2	the	the	DET
ajfa-1450	77	3	contrary	contrary	NOUN
ajfa-1450	77	4	,	,	PUNCT
ajfa-1450	77	5	in	in	ADP
ajfa-1450	77	6	the	the	DET
ajfa-1450	77	7	updated	update	VERB
ajfa-1450	77	8	data	datum	NOUN
ajfa-1450	77	9	of	of	ADP
ajfa-1450	77	10	this	this	DET
ajfa-1450	77	11	analysis	analysis	NOUN
ajfa-1450	77	12	,	,	PUNCT
ajfa-1450	77	13	a	a	DET
ajfa-1450	77	14	significant	significant	ADJ
ajfa-1450	77	15	role	role	NOUN
ajfa-1450	77	16	emerged	emerge	VERB
ajfa-1450	77	17	for	for	ADP
ajfa-1450	77	18	the	the	DET
ajfa-1450	77	19	yen	yen	NOUN
ajfa-1450	77	20	,	,	PUNCT
ajfa-1450	77	21	even	even	ADV
ajfa-1450	77	22	though	though	SCONJ
ajfa-1450	77	23	limited	limit	VERB
ajfa-1450	77	24	to	to	ADP
ajfa-1450	77	25	a	a	DET
ajfa-1450	77	26	value	value	NOUN
ajfa-1450	77	27	of	of	ADP
ajfa-1450	77	28	0,002	0,002	NUM
ajfa-1450	77	29	.	.	PUNCT
ajfa-1450	78	1	the	the	DET
ajfa-1450	78	2	precision	precision	NOUN
ajfa-1450	78	3	of	of	ADP
ajfa-1450	78	4	the	the	DET
ajfa-1450	78	5	econometric	econometric	ADJ
ajfa-1450	78	6	approach	approach	NOUN
ajfa-1450	78	7	utilized	utilize	VERB
ajfa-1450	78	8	is	be	AUX
ajfa-1450	78	9	aided	aid	VERB
ajfa-1450	78	10	by	by	ADP
ajfa-1450	78	11	the	the	DET
ajfa-1450	78	12	absence	absence	NOUN
ajfa-1450	78	13	of	of	ADP
ajfa-1450	78	14	a	a	DET
ajfa-1450	78	15	correlation	correlation	NOUN
ajfa-1450	78	16	between	between	ADP
ajfa-1450	78	17	the	the	DET
ajfa-1450	78	18	variables	variable	NOUN
ajfa-1450	78	19	and	and	CCONJ
ajfa-1450	78	20	the	the	DET
ajfa-1450	78	21	adaptability	adaptability	NOUN
ajfa-1450	78	22	of	of	ADP
ajfa-1450	78	23	the	the	DET
ajfa-1450	78	24	independent	independent	ADJ
ajfa-1450	78	25	variables	variable	NOUN
ajfa-1450	78	26	in	in	ADP
ajfa-1450	78	27	explaining	explain	VERB
ajfa-1450	78	28	the	the	DET
ajfa-1450	78	29	dependent	dependent	ADJ
ajfa-1450	78	30	variable	variable	NOUN
ajfa-1450	78	31	.	.	PUNCT
ajfa-1450	79	1	latter	latter	ADJ
ajfa-1450	79	2	is	be	AUX
ajfa-1450	79	3	visible	visible	ADJ
ajfa-1450	79	4	through	through	ADP
ajfa-1450	79	5	the	the	DET
ajfa-1450	79	6	recorded	record	VERB
ajfa-1450	79	7	adjusted	adjust	VERB
ajfa-1450	79	8	r	r	NOUN
ajfa-1450	79	9	-	-	PUNCT
ajfa-1450	79	10	square	square	ADJ
ajfa-1450	79	11	value	value	NOUN
ajfa-1450	79	12	of	of	ADP
ajfa-1450	79	13	0,854	0,854	NUM
ajfa-1450	79	14	.	.	PUNCT
ajfa-1450	80	1	even	even	ADV
ajfa-1450	80	2	the	the	DET
ajfa-1450	80	3	information	information	NOUN
ajfa-1450	80	4	criteria	criterion	NOUN
ajfa-1450	80	5	theorized	theorize	VERB
ajfa-1450	80	6	by	by	ADP
ajfa-1450	80	7	akaike	akaike	ADJ
ajfa-1450	80	8	(	(	PUNCT
ajfa-1450	80	9	1974	1974	NUM
ajfa-1450	80	10	,	,	PUNCT
ajfa-1450	80	11	1976	1976	NUM
ajfa-1450	80	12	)	)	PUNCT
ajfa-1450	80	13	,	,	PUNCT
ajfa-1450	80	14	schwarz	schwarz	NOUN
ajfa-1450	80	15	(	(	PUNCT
ajfa-1450	80	16	1978	1978	NUM
ajfa-1450	80	17	)	)	PUNCT
ajfa-1450	80	18	and	and	CCONJ
ajfa-1450	80	19	hannan	hannan	PROPN
ajfa-1450	80	20	-	-	PUNCT
ajfa-1450	80	21	quinn	quinn	PROPN
ajfa-1450	80	22	(	(	PUNCT
ajfa-1450	80	23	1979	1979	NUM
ajfa-1450	80	24	)	)	PUNCT
ajfa-1450	80	25	seem	seem	VERB
ajfa-1450	80	26	to	to	PART
ajfa-1450	80	27	conform	conform	VERB
ajfa-1450	80	28	with	with	ADP
ajfa-1450	80	29	the	the	DET
ajfa-1450	80	30	model	model	NOUN
ajfa-1450	80	31	,	,	PUNCT
ajfa-1450	80	32	since	since	SCONJ
ajfa-1450	80	33	their	their	PRON
ajfa-1450	80	34	readings	reading	NOUN
ajfa-1450	80	35	seem	seem	VERB
ajfa-1450	80	36	quite	quite	ADV
ajfa-1450	80	37	similar	similar	ADJ
ajfa-1450	80	38	.	.	PUNCT
ajfa-1450	81	1	5	5	X
ajfa-1450	81	2	.	.	X
ajfa-1450	81	3	conclusions	conclusion	NOUN
ajfa-1450	81	4	since	since	SCONJ
ajfa-1450	81	5	the	the	DET
ajfa-1450	81	6	end	end	NOUN
ajfa-1450	81	7	of	of	ADP
ajfa-1450	81	8	the	the	DET
ajfa-1450	81	9	gold	gold	NOUN
ajfa-1450	81	10	standard	standard	NOUN
ajfa-1450	81	11	,	,	PUNCT
ajfa-1450	81	12	the	the	DET
ajfa-1450	81	13	american	american	ADJ
ajfa-1450	81	14	dollar	dollar	NOUN
ajfa-1450	81	15	has	have	AUX
ajfa-1450	81	16	been	be	AUX
ajfa-1450	81	17	considered	consider	VERB
ajfa-1450	81	18	the	the	DET
ajfa-1450	81	19	successor	successor	NOUN
ajfa-1450	81	20	to	to	ADP
ajfa-1450	81	21	gold	gold	NOUN
ajfa-1450	81	22	as	as	ADP
ajfa-1450	81	23	a	a	DET
ajfa-1450	81	24	medium	medium	NOUN
ajfa-1450	81	25	for	for	ADP
ajfa-1450	81	26	international	international	ADJ
ajfa-1450	81	27	exchange	exchange	NOUN
ajfa-1450	81	28	.	.	PUNCT
ajfa-1450	82	1	this	this	DET
ajfa-1450	82	2	currency	currency	NOUN
ajfa-1450	82	3	has	have	AUX
ajfa-1450	82	4	,	,	PUNCT
ajfa-1450	82	5	in	in	ADP
ajfa-1450	82	6	a	a	DET
ajfa-1450	82	7	brief	brief	ADJ
ajfa-1450	82	8	time	time	NOUN
ajfa-1450	82	9	span	span	NOUN
ajfa-1450	82	10	,	,	PUNCT
ajfa-1450	82	11	with	with	ADP
ajfa-1450	82	12	the	the	DET
ajfa-1450	82	13	aid	aid	NOUN
ajfa-1450	82	14	of	of	ADP
ajfa-1450	82	15	the	the	DET
ajfa-1450	82	16	seigniorage	seigniorage	NOUN
ajfa-1450	82	17	theory	theory	NOUN
ajfa-1450	82	18	,	,	PUNCT
ajfa-1450	82	19	inundated	inundate	VERB
ajfa-1450	82	20	the	the	DET
ajfa-1450	82	21	globe	globe	NOUN
ajfa-1450	82	22	and	and	CCONJ
ajfa-1450	82	23	become	become	VERB
ajfa-1450	82	24	the	the	DET
ajfa-1450	82	25	principle	principle	ADJ
ajfa-1450	82	26	currency	currency	NOUN
ajfa-1450	82	27	reserve	reserve	NOUN
ajfa-1450	82	28	of	of	ADP
ajfa-1450	82	29	the	the	DET
ajfa-1450	82	30	world	world	NOUN
ajfa-1450	82	31	.	.	PUNCT
ajfa-1450	83	1	the	the	DET
ajfa-1450	83	2	success	success	NOUN
ajfa-1450	83	3	of	of	ADP
ajfa-1450	83	4	the	the	DET
ajfa-1450	83	5	dollar	dollar	NOUN
ajfa-1450	83	6	,	,	PUNCT
ajfa-1450	83	7	however	however	ADV
ajfa-1450	83	8	,	,	PUNCT
ajfa-1450	83	9	did	do	AUX
ajfa-1450	83	10	not	not	PART
ajfa-1450	83	11	live	live	VERB
ajfa-1450	83	12	up	up	ADP
ajfa-1450	83	13	to	to	ADP
ajfa-1450	83	14	expectations	expectation	NOUN
ajfa-1450	83	15	when	when	SCONJ
ajfa-1450	83	16	triffin	triffin	PROPN
ajfa-1450	83	17	’s	’s	PART
ajfa-1450	83	18	paradox	paradox	NOUN
ajfa-1450	83	19	became	become	VERB
ajfa-1450	83	20	a	a	DET
ajfa-1450	83	21	reality	reality	NOUN
ajfa-1450	83	22	.	.	PUNCT
ajfa-1450	84	1	this	this	PRON
ajfa-1450	84	2	occurred	occur	VERB
ajfa-1450	84	3	when	when	SCONJ
ajfa-1450	84	4	it	it	PRON
ajfa-1450	84	5	became	become	VERB
ajfa-1450	84	6	apparent	apparent	ADJ
ajfa-1450	84	7	that	that	SCONJ
ajfa-1450	84	8	it	it	PRON
ajfa-1450	84	9	was	be	AUX
ajfa-1450	84	10	impossible	impossible	ADJ
ajfa-1450	84	11	to	to	PART
ajfa-1450	84	12	guarantee	guarantee	VERB
ajfa-1450	84	13	,	,	PUNCT
ajfa-1450	84	14	in	in	ADP
ajfa-1450	84	15	the	the	DET
ajfa-1450	84	16	long	long	ADJ
ajfa-1450	84	17	term	term	NOUN
ajfa-1450	84	18	,	,	PUNCT
ajfa-1450	84	19	the	the	DET
ajfa-1450	84	20	convertibility	convertibility	NOUN
ajfa-1450	84	21	of	of	ADP
ajfa-1450	84	22	the	the	DET
ajfa-1450	84	23	dollar	dollar	NOUN
ajfa-1450	84	24	at	at	ADP
ajfa-1450	84	25	the	the	DET
ajfa-1450	84	26	fixed	fix	VERB
ajfa-1450	84	27	parity	parity	NOUN
ajfa-1450	84	28	price	price	NOUN
ajfa-1450	84	29	of	of	ADP
ajfa-1450	84	30	35	35	NUM
ajfa-1450	84	31	us$	us$	SYM
ajfa-1450	84	32	per	per	ADP
ajfa-1450	84	33	ounce	ounce	NOUN
ajfa-1450	84	34	,	,	PUNCT
ajfa-1450	84	35	as	as	SCONJ
ajfa-1450	84	36	established	establish	VERB
ajfa-1450	84	37	by	by	ADP
ajfa-1450	84	38	the	the	DET
ajfa-1450	84	39	conference	conference	NOUN
ajfa-1450	84	40	of	of	ADP
ajfa-1450	84	41	bretton	bretton	PROPN
ajfa-1450	84	42	woods	wood	NOUN
ajfa-1450	84	43	.	.	PUNCT
ajfa-1450	85	1	following	follow	VERB
ajfa-1450	85	2	the	the	DET
ajfa-1450	85	3	nixon	nixon	PROPN
ajfa-1450	85	4	declaration	declaration	NOUN
ajfa-1450	85	5	,	,	PUNCT
ajfa-1450	85	6	there	there	PRON
ajfa-1450	85	7	was	be	VERB
ajfa-1450	85	8	a	a	DET
ajfa-1450	85	9	collapse	collapse	NOUN
ajfa-1450	85	10	of	of	ADP
ajfa-1450	85	11	the	the	DET
ajfa-1450	85	12	international	international	ADJ
ajfa-1450	85	13	monetary	monetary	ADJ
ajfa-1450	85	14	system	system	NOUN
ajfa-1450	85	15	based	base	VERB
ajfa-1450	85	16	on	on	ADP
ajfa-1450	85	17	fixed	fix	VERB
ajfa-1450	85	18	exchange	exchange	NOUN
ajfa-1450	85	19	rates	rate	NOUN
ajfa-1450	85	20	with	with	ADP
ajfa-1450	85	21	the	the	DET
ajfa-1450	85	22	dollar	dollar	NOUN
ajfa-1450	85	23	.	.	PUNCT
ajfa-1450	86	1	this	this	PRON
ajfa-1450	86	2	allowed	allow	VERB
ajfa-1450	86	3	the	the	DET
ajfa-1450	86	4	currency	currency	NOUN
ajfa-1450	86	5	exchange	exchange	NOUN
ajfa-1450	86	6	markets	market	NOUN
ajfa-1450	86	7	to	to	PART
ajfa-1450	86	8	fluctuate	fluctuate	VERB
ajfa-1450	86	9	,	,	PUNCT
ajfa-1450	86	10	uncommitted	uncommitted	ADJ
ajfa-1450	86	11	to	to	ADP
ajfa-1450	86	12	a	a	DET
ajfa-1450	86	13	pre	pre	ADJ
ajfa-1450	86	14	-	-	ADJ
ajfa-1450	86	15	imposed	impose	VERB
ajfa-1450	86	16	dollar	dollar	NOUN
ajfa-1450	86	17	-	-	PUNCT
ajfa-1450	86	18	gold	gold	NOUN
ajfa-1450	86	19	rate	rate	NOUN
ajfa-1450	86	20	.	.	PUNCT
ajfa-1450	87	1	although	although	SCONJ
ajfa-1450	87	2	the	the	DET
ajfa-1450	87	3	end	end	NOUN
ajfa-1450	87	4	of	of	ADP
ajfa-1450	87	5	the	the	DET
ajfa-1450	87	6	bretton	bretton	PROPN
ajfa-1450	87	7	woods	wood	NOUN
ajfa-1450	87	8	system	system	NOUN
ajfa-1450	87	9	did	do	AUX
ajfa-1450	87	10	put	put	VERB
ajfa-1450	87	11	an	an	DET
ajfa-1450	87	12	end	end	NOUN
ajfa-1450	87	13	to	to	ADP
ajfa-1450	87	14	exchanges	exchange	NOUN
ajfa-1450	87	15	based	base	VERB
ajfa-1450	87	16	on	on	ADP
ajfa-1450	87	17	gold	gold	NOUN
ajfa-1450	87	18	,	,	PUNCT
ajfa-1450	87	19	it	it	PRON
ajfa-1450	87	20	certainly	certainly	ADV
ajfa-1450	87	21	did	do	AUX
ajfa-1450	87	22	not	not	PART
ajfa-1450	87	23	eliminate	eliminate	VERB
ajfa-1450	87	24	the	the	DET
ajfa-1450	87	25	effects	effect	NOUN
ajfa-1450	87	26	of	of	ADP
ajfa-1450	87	27	the	the	DET
ajfa-1450	87	28	dollar	dollar	NOUN
ajfa-1450	87	29	on	on	ADP
ajfa-1450	87	30	the	the	DET
ajfa-1450	87	31	international	international	ADJ
ajfa-1450	87	32	markets	market	NOUN
ajfa-1450	87	33	:	:	PUNCT
ajfa-1450	87	34	both	both	PRON
ajfa-1450	87	35	in	in	ADP
ajfa-1450	87	36	asian	asian	ADJ
ajfa-1450	87	37	journal	journal	NOUN
ajfa-1450	87	38	of	of	ADP
ajfa-1450	87	39	finance	finance	PROPN
ajfa-1450	87	40	&	&	CCONJ
ajfa-1450	87	41	accounting	accounting	PROPN
ajfa-1450	87	42	issn	issn	PROPN
ajfa-1450	87	43	1946	1946	NUM
ajfa-1450	87	44	-	-	PUNCT
ajfa-1450	87	45	052x	052x	NOUN
ajfa-1450	87	46	2012	2012	NUM
ajfa-1450	87	47	,	,	PUNCT
ajfa-1450	87	48	vol	vol	NOUN
ajfa-1450	87	49	.	.	PROPN
ajfa-1450	87	50	4	4	NUM
ajfa-1450	87	51	,	,	PUNCT
ajfa-1450	87	52	no	no	INTJ
ajfa-1450	87	53	.	.	NOUN
ajfa-1450	87	54	1	1	NUM
ajfa-1450	87	55	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	87	56	213	213	NUM
ajfa-1450	87	57	currency	currency	NOUN
ajfa-1450	87	58	exchange	exchange	NOUN
ajfa-1450	87	59	,	,	PUNCT
ajfa-1450	87	60	goods	good	NOUN
ajfa-1450	87	61	,	,	PUNCT
ajfa-1450	87	62	as	as	ADV
ajfa-1450	87	63	well	well	ADV
ajfa-1450	87	64	as	as	ADP
ajfa-1450	87	65	in	in	ADP
ajfa-1450	87	66	the	the	DET
ajfa-1450	87	67	financial	financial	ADJ
ajfa-1450	87	68	markets	market	NOUN
ajfa-1450	87	69	.	.	PUNCT
ajfa-1450	88	1	however	however	ADV
ajfa-1450	88	2	,	,	PUNCT
ajfa-1450	88	3	this	this	DET
ajfa-1450	88	4	result	result	NOUN
ajfa-1450	88	5	is	be	AUX
ajfa-1450	88	6	due	due	ADJ
ajfa-1450	88	7	to	to	ADP
ajfa-1450	88	8	the	the	DET
ajfa-1450	88	9	fact	fact	NOUN
ajfa-1450	88	10	that	that	SCONJ
ajfa-1450	88	11	the	the	DET
ajfa-1450	88	12	us	us	PROPN
ajfa-1450	88	13	dollar	dollar	NOUN
ajfa-1450	88	14	has	have	AUX
ajfa-1450	88	15	become	become	VERB
ajfa-1450	88	16	an	an	DET
ajfa-1450	88	17	international	international	ADJ
ajfa-1450	88	18	currency	currency	NOUN
ajfa-1450	88	19	.	.	PUNCT
ajfa-1450	89	1	it	it	PRON
ajfa-1450	89	2	was	be	AUX
ajfa-1450	89	3	the	the	DET
ajfa-1450	89	4	only	only	ADJ
ajfa-1450	89	5	currency	currency	NOUN
ajfa-1450	89	6	that	that	PRON
ajfa-1450	89	7	,	,	PUNCT
ajfa-1450	89	8	according	accord	VERB
ajfa-1450	89	9	to	to	ADP
ajfa-1450	89	10	economic	economic	ADJ
ajfa-1450	89	11	theory	theory	NOUN
ajfa-1450	89	12	,	,	PUNCT
ajfa-1450	89	13	was	be	AUX
ajfa-1450	89	14	capable	capable	ADJ
ajfa-1450	89	15	of	of	ADP
ajfa-1450	89	16	doing	do	VERB
ajfa-1450	89	17	so	so	ADV
ajfa-1450	89	18	.	.	PUNCT
ajfa-1450	90	1	it	it	PRON
ajfa-1450	90	2	is	be	AUX
ajfa-1450	90	3	for	for	ADP
ajfa-1450	90	4	this	this	DET
ajfa-1450	90	5	reason	reason	NOUN
ajfa-1450	90	6	that	that	SCONJ
ajfa-1450	90	7	,	,	PUNCT
ajfa-1450	90	8	even	even	ADV
ajfa-1450	90	9	after	after	ADP
ajfa-1450	90	10	the	the	DET
ajfa-1450	90	11	fall	fall	NOUN
ajfa-1450	90	12	of	of	ADP
ajfa-1450	90	13	the	the	DET
ajfa-1450	90	14	bretton	bretton	PROPN
ajfa-1450	90	15	woods	wood	NOUN
ajfa-1450	90	16	system	system	NOUN
ajfa-1450	90	17	,	,	PUNCT
ajfa-1450	90	18	the	the	DET
ajfa-1450	90	19	international	international	ADJ
ajfa-1450	90	20	globalized	globalized	ADJ
ajfa-1450	90	21	economic	economic	ADJ
ajfa-1450	90	22	system	system	NOUN
ajfa-1450	90	23	has	have	AUX
ajfa-1450	90	24	continued	continue	VERB
ajfa-1450	90	25	to	to	PART
ajfa-1450	90	26	use	use	VERB
ajfa-1450	90	27	the	the	DET
ajfa-1450	90	28	dollar	dollar	NOUN
ajfa-1450	90	29	as	as	ADP
ajfa-1450	90	30	its	its	PRON
ajfa-1450	90	31	reference	reference	NOUN
ajfa-1450	90	32	currency	currency	NOUN
ajfa-1450	90	33	.	.	PUNCT
ajfa-1450	91	1	nevertheless	nevertheless	ADV
ajfa-1450	91	2	,	,	PUNCT
ajfa-1450	91	3	if	if	SCONJ
ajfa-1450	91	4	on	on	ADP
ajfa-1450	91	5	the	the	DET
ajfa-1450	91	6	one	one	NUM
ajfa-1450	91	7	hand	hand	NOUN
ajfa-1450	91	8	the	the	DET
ajfa-1450	91	9	dollar	dollar	NOUN
ajfa-1450	91	10	continues	continue	VERB
ajfa-1450	91	11	to	to	PART
ajfa-1450	91	12	registers	register	VERB
ajfa-1450	91	13	successes	success	NOUN
ajfa-1450	91	14	in	in	ADP
ajfa-1450	91	15	the	the	DET
ajfa-1450	91	16	currency	currency	NOUN
ajfa-1450	91	17	exchange	exchange	NOUN
ajfa-1450	91	18	markets	market	NOUN
ajfa-1450	91	19	,	,	PUNCT
ajfa-1450	91	20	a	a	DET
ajfa-1450	91	21	new	new	ADJ
ajfa-1450	91	22	project	project	NOUN
ajfa-1450	91	23	originating	originate	VERB
ajfa-1450	91	24	from	from	ADP
ajfa-1450	91	25	the	the	DET
ajfa-1450	91	26	old	old	ADJ
ajfa-1450	91	27	continent	continent	NOUN
ajfa-1450	91	28	was	be	AUX
ajfa-1450	91	29	about	about	ADJ
ajfa-1450	91	30	to	to	PART
ajfa-1450	91	31	present	present	VERB
ajfa-1450	91	32	the	the	DET
ajfa-1450	91	33	international	international	ADJ
ajfa-1450	91	34	economic	economic	ADJ
ajfa-1450	91	35	system	system	NOUN
ajfa-1450	91	36	with	with	ADP
ajfa-1450	91	37	a	a	DET
ajfa-1450	91	38	new	new	ADJ
ajfa-1450	91	39	reference	reference	NOUN
ajfa-1450	91	40	currency	currency	NOUN
ajfa-1450	91	41	:	:	PUNCT
ajfa-1450	91	42	the	the	DET
ajfa-1450	91	43	euro	euro	NOUN
ajfa-1450	91	44	.	.	PUNCT
ajfa-1450	92	1	this	this	DET
ajfa-1450	92	2	new	new	ADJ
ajfa-1450	92	3	currency	currency	NOUN
ajfa-1450	92	4	was	be	AUX
ajfa-1450	92	5	,	,	PUNCT
ajfa-1450	92	6	in	in	ADP
ajfa-1450	92	7	the	the	DET
ajfa-1450	92	8	course	course	NOUN
ajfa-1450	92	9	of	of	ADP
ajfa-1450	92	10	a	a	DET
ajfa-1450	92	11	few	few	ADJ
ajfa-1450	92	12	short	short	ADJ
ajfa-1450	92	13	years	year	NOUN
ajfa-1450	92	14	,	,	PUNCT
ajfa-1450	92	15	supposed	suppose	VERB
ajfa-1450	92	16	to	to	PART
ajfa-1450	92	17	provide	provide	VERB
ajfa-1450	92	18	investors	investor	NOUN
ajfa-1450	92	19	with	with	ADP
ajfa-1450	92	20	a	a	DET
ajfa-1450	92	21	choice	choice	NOUN
ajfa-1450	92	22	and	and	CCONJ
ajfa-1450	92	23	offer	offer	VERB
ajfa-1450	92	24	a	a	DET
ajfa-1450	92	25	better	well	ADJ
ajfa-1450	92	26	way	way	NOUN
ajfa-1450	92	27	to	to	PART
ajfa-1450	92	28	allocate	allocate	VERB
ajfa-1450	92	29	one	one	NUM
ajfa-1450	92	30	’s	’s	PART
ajfa-1450	92	31	savings	saving	NOUN
ajfa-1450	92	32	(	(	PUNCT
ajfa-1450	92	33	both	both	CCONJ
ajfa-1450	92	34	private	private	ADJ
ajfa-1450	92	35	and	and	CCONJ
ajfa-1450	92	36	public	public	ADJ
ajfa-1450	92	37	)	)	PUNCT
ajfa-1450	92	38	.	.	PUNCT
ajfa-1450	93	1	the	the	DET
ajfa-1450	93	2	successes	success	NOUN
ajfa-1450	93	3	of	of	ADP
ajfa-1450	93	4	the	the	DET
ajfa-1450	93	5	new	new	ADJ
ajfa-1450	93	6	currency	currency	NOUN
ajfa-1450	93	7	were	be	AUX
ajfa-1450	93	8	many	many	ADJ
ajfa-1450	93	9	,	,	PUNCT
ajfa-1450	93	10	and	and	CCONJ
ajfa-1450	93	11	in	in	ADP
ajfa-1450	93	12	rapid	rapid	ADJ
ajfa-1450	93	13	succession	succession	NOUN
ajfa-1450	93	14	.	.	PUNCT
ajfa-1450	94	1	there	there	PRON
ajfa-1450	94	2	were	be	VERB
ajfa-1450	94	3	numerous	numerous	ADJ
ajfa-1450	94	4	documents	document	NOUN
ajfa-1450	94	5	,	,	PUNCT
ajfa-1450	94	6	already	already	ADV
ajfa-1450	94	7	in	in	ADP
ajfa-1450	94	8	the	the	DET
ajfa-1450	94	9	first	first	ADJ
ajfa-1450	94	10	years	year	NOUN
ajfa-1450	94	11	since	since	SCONJ
ajfa-1450	94	12	the	the	DET
ajfa-1450	94	13	euro	euro	NOUN
ajfa-1450	94	14	was	be	AUX
ajfa-1450	94	15	introduced	introduce	VERB
ajfa-1450	94	16	,	,	PUNCT
ajfa-1450	94	17	that	that	PRON
ajfa-1450	94	18	attested	attest	VERB
ajfa-1450	94	19	to	to	ADP
ajfa-1450	94	20	the	the	DET
ajfa-1450	94	21	fact	fact	NOUN
ajfa-1450	94	22	that	that	SCONJ
ajfa-1450	94	23	it	it	PRON
ajfa-1450	94	24	abided	abide	VERB
ajfa-1450	94	25	by	by	ADP
ajfa-1450	94	26	all	all	DET
ajfa-1450	94	27	the	the	DET
ajfa-1450	94	28	criteria	criterion	NOUN
ajfa-1450	94	29	that	that	PRON
ajfa-1450	94	30	allow	allow	VERB
ajfa-1450	94	31	for	for	SCONJ
ajfa-1450	94	32	a	a	DET
ajfa-1450	94	33	national	national	ADJ
ajfa-1450	94	34	currency	currency	NOUN
ajfa-1450	94	35	to	to	PART
ajfa-1450	94	36	become	become	VERB
ajfa-1450	94	37	international	international	ADJ
ajfa-1450	94	38	.	.	PUNCT
ajfa-1450	95	1	the	the	DET
ajfa-1450	95	2	only	only	ADJ
ajfa-1450	95	3	postulation	postulation	NOUN
ajfa-1450	95	4	that	that	PRON
ajfa-1450	95	5	still	still	ADV
ajfa-1450	95	6	today	today	NOUN
ajfa-1450	95	7	is	be	AUX
ajfa-1450	95	8	not	not	PART
ajfa-1450	95	9	fully	fully	ADV
ajfa-1450	95	10	satisfied	satisfied	ADJ
ajfa-1450	95	11	is	be	AUX
ajfa-1450	95	12	the	the	DET
ajfa-1450	95	13	fact	fact	NOUN
ajfa-1450	95	14	that	that	SCONJ
ajfa-1450	95	15	it	it	PRON
ajfa-1450	95	16	is	be	AUX
ajfa-1450	95	17	indeed	indeed	ADV
ajfa-1450	95	18	too	too	ADV
ajfa-1450	95	19	young	young	ADJ
ajfa-1450	95	20	,	,	PUNCT
ajfa-1450	95	21	if	if	SCONJ
ajfa-1450	95	22	compared	compare	VERB
ajfa-1450	95	23	to	to	ADP
ajfa-1450	95	24	the	the	DET
ajfa-1450	95	25	dollar	dollar	NOUN
ajfa-1450	95	26	or	or	CCONJ
ajfa-1450	95	27	the	the	DET
ajfa-1450	95	28	pound	pound	NOUN
ajfa-1450	95	29	.	.	PUNCT
ajfa-1450	96	1	nonetheless	nonetheless	ADV
ajfa-1450	96	2	,	,	PUNCT
ajfa-1450	96	3	for	for	ADP
ajfa-1450	96	4	the	the	DET
ajfa-1450	96	5	first	first	ADJ
ajfa-1450	96	6	time	time	NOUN
ajfa-1450	96	7	,	,	PUNCT
ajfa-1450	96	8	it	it	PRON
ajfa-1450	96	9	was	be	AUX
ajfa-1450	96	10	recorded	record	VERB
ajfa-1450	96	11	that	that	SCONJ
ajfa-1450	96	12	due	due	ADP
ajfa-1450	96	13	to	to	ADP
ajfa-1450	96	14	various	various	ADJ
ajfa-1450	96	15	factors	factor	NOUN
ajfa-1450	96	16	,	,	PUNCT
ajfa-1450	96	17	many	many	ADJ
ajfa-1450	96	18	of	of	ADP
ajfa-1450	96	19	the	the	DET
ajfa-1450	96	20	global	global	ADJ
ajfa-1450	96	21	exchanges	exchange	NOUN
ajfa-1450	96	22	were	be	AUX
ajfa-1450	96	23	increasingly	increasingly	ADV
ajfa-1450	96	24	occurring	occur	VERB
ajfa-1450	96	25	utilizing	utilize	VERB
ajfa-1450	96	26	the	the	DET
ajfa-1450	96	27	euro	euro	NOUN
ajfa-1450	96	28	instead	instead	ADV
ajfa-1450	96	29	of	of	ADP
ajfa-1450	96	30	the	the	DET
ajfa-1450	96	31	dollar	dollar	NOUN
ajfa-1450	96	32	.	.	PUNCT
ajfa-1450	97	1	these	these	DET
ajfa-1450	97	2	circumstances	circumstance	NOUN
ajfa-1450	97	3	,	,	PUNCT
ajfa-1450	97	4	paired	pair	VERB
ajfa-1450	97	5	with	with	ADP
ajfa-1450	97	6	the	the	DET
ajfa-1450	97	7	rapid	rapid	ADJ
ajfa-1450	97	8	appreciation	appreciation	NOUN
ajfa-1450	97	9	of	of	ADP
ajfa-1450	97	10	the	the	DET
ajfa-1450	97	11	euro	euro	NOUN
ajfa-1450	97	12	over	over	ADP
ajfa-1450	97	13	the	the	DET
ajfa-1450	97	14	dollar	dollar	NOUN
ajfa-1450	97	15	,	,	PUNCT
ajfa-1450	97	16	created	create	VERB
ajfa-1450	97	17	for	for	ADP
ajfa-1450	97	18	the	the	DET
ajfa-1450	97	19	emu	emu	PROPN
ajfa-1450	97	20	’s	’s	PART
ajfa-1450	97	21	currency	currency	NOUN
ajfa-1450	97	22	a	a	DET
ajfa-1450	97	23	sense	sense	NOUN
ajfa-1450	97	24	of	of	ADP
ajfa-1450	97	25	international	international	ADJ
ajfa-1450	97	26	confidence	confidence	NOUN
ajfa-1450	97	27	.	.	PUNCT
ajfa-1450	98	1	if	if	SCONJ
ajfa-1450	98	2	there	there	PRON
ajfa-1450	98	3	was	be	VERB
ajfa-1450	98	4	,	,	PUNCT
ajfa-1450	98	5	on	on	ADP
ajfa-1450	98	6	one	one	NUM
ajfa-1450	98	7	hand	hand	NOUN
ajfa-1450	98	8	,	,	PUNCT
ajfa-1450	98	9	the	the	DET
ajfa-1450	98	10	growing	grow	VERB
ajfa-1450	98	11	trust	trust	NOUN
ajfa-1450	98	12	in	in	ADP
ajfa-1450	98	13	the	the	DET
ajfa-1450	98	14	european	european	ADJ
ajfa-1450	98	15	currency	currency	NOUN
ajfa-1450	98	16	,	,	PUNCT
ajfa-1450	98	17	brought	bring	VERB
ajfa-1450	98	18	about	about	ADP
ajfa-1450	98	19	by	by	ADP
ajfa-1450	98	20	numerous	numerous	ADJ
ajfa-1450	98	21	countries	country	NOUN
ajfa-1450	98	22	(	(	PUNCT
ajfa-1450	98	23	as	as	ADP
ajfa-1450	98	24	,	,	PUNCT
ajfa-1450	98	25	for	for	ADP
ajfa-1450	98	26	example	example	NOUN
ajfa-1450	98	27	,	,	PUNCT
ajfa-1450	98	28	the	the	DET
ajfa-1450	98	29	brics	bric	NOUN
ajfa-1450	98	30	)	)	PUNCT
ajfa-1450	98	31	,	,	PUNCT
ajfa-1450	98	32	on	on	ADP
ajfa-1450	98	33	the	the	DET
ajfa-1450	98	34	other	other	ADJ
ajfa-1450	98	35	hand	hand	NOUN
ajfa-1450	98	36	,	,	PUNCT
ajfa-1450	98	37	it	it	PRON
ajfa-1450	98	38	was	be	AUX
ajfa-1450	98	39	apparent	apparent	ADJ
ajfa-1450	98	40	that	that	SCONJ
ajfa-1450	98	41	the	the	DET
ajfa-1450	98	42	united	united	PROPN
ajfa-1450	98	43	states	states	PROPN
ajfa-1450	98	44	could	could	AUX
ajfa-1450	98	45	not	not	PART
ajfa-1450	98	46	suffer	suffer	VERB
ajfa-1450	98	47	such	such	DET
ajfa-1450	98	48	a	a	DET
ajfa-1450	98	49	pronounced	pronounced	ADJ
ajfa-1450	98	50	depreciation	depreciation	NOUN
ajfa-1450	98	51	for	for	ADP
ajfa-1450	98	52	a	a	DET
ajfa-1450	98	53	long	long	ADJ
ajfa-1450	98	54	period	period	NOUN
ajfa-1450	98	55	of	of	ADP
ajfa-1450	98	56	time	time	NOUN
ajfa-1450	98	57	.	.	PUNCT
ajfa-1450	99	1	faced	face	VERB
ajfa-1450	99	2	with	with	ADP
ajfa-1450	99	3	the	the	DET
ajfa-1450	99	4	sub	sub	ADJ
ajfa-1450	99	5	-	-	ADJ
ajfa-1450	99	6	prime	prime	ADJ
ajfa-1450	99	7	financial	financial	ADJ
ajfa-1450	99	8	crisis	crisis	NOUN
ajfa-1450	99	9	and	and	CCONJ
ajfa-1450	99	10	the	the	DET
ajfa-1450	99	11	existence	existence	NOUN
ajfa-1450	99	12	of	of	ADP
ajfa-1450	99	13	twin	twin	ADJ
ajfa-1450	99	14	deficits	deficit	NOUN
ajfa-1450	99	15	,	,	PUNCT
ajfa-1450	99	16	the	the	DET
ajfa-1450	99	17	united	united	PROPN
ajfa-1450	99	18	states	states	PROPN
ajfa-1450	99	19	of	of	ADP
ajfa-1450	99	20	america	america	PROPN
ajfa-1450	99	21	have	have	AUX
ajfa-1450	99	22	become	become	VERB
ajfa-1450	99	23	aware	aware	ADJ
ajfa-1450	99	24	of	of	ADP
ajfa-1450	99	25	the	the	DET
ajfa-1450	99	26	necessity	necessity	NOUN
ajfa-1450	99	27	to	to	PART
ajfa-1450	99	28	become	become	VERB
ajfa-1450	99	29	again	again	ADV
ajfa-1450	99	30	a	a	DET
ajfa-1450	99	31	benchmark	benchmark	NOUN
ajfa-1450	99	32	for	for	ADP
ajfa-1450	99	33	the	the	DET
ajfa-1450	99	34	economic	economic	ADJ
ajfa-1450	99	35	markets	market	NOUN
ajfa-1450	99	36	.	.	PUNCT
ajfa-1450	100	1	not	not	PART
ajfa-1450	100	2	only	only	ADV
ajfa-1450	100	3	the	the	DET
ajfa-1450	100	4	monetary	monetary	ADJ
ajfa-1450	100	5	and	and	CCONJ
ajfa-1450	100	6	financial	financial	ADJ
ajfa-1450	100	7	markets	market	NOUN
ajfa-1450	100	8	,	,	PUNCT
ajfa-1450	100	9	but	but	CCONJ
ajfa-1450	100	10	especially	especially	ADV
ajfa-1450	100	11	in	in	ADP
ajfa-1450	100	12	the	the	DET
ajfa-1450	100	13	foreign	foreign	ADJ
ajfa-1450	100	14	exchange	exchange	NOUN
ajfa-1450	100	15	market	market	NOUN
ajfa-1450	100	16	.	.	PUNCT
ajfa-1450	101	1	and	and	CCONJ
ajfa-1450	101	2	to	to	PART
ajfa-1450	101	3	achieve	achieve	VERB
ajfa-1450	101	4	this	this	DET
ajfa-1450	101	5	goal	goal	NOUN
ajfa-1450	101	6	,	,	PUNCT
ajfa-1450	101	7	it	it	PRON
ajfa-1450	101	8	was	be	AUX
ajfa-1450	101	9	necessary	necessary	ADJ
ajfa-1450	101	10	to	to	PART
ajfa-1450	101	11	re	re	VERB
ajfa-1450	101	12	-	-	VERB
ajfa-1450	101	13	equip	equip	VERB
ajfa-1450	101	14	the	the	DET
ajfa-1450	101	15	american	american	ADJ
ajfa-1450	101	16	economy	economy	NOUN
ajfa-1450	101	17	with	with	ADP
ajfa-1450	101	18	a	a	DET
ajfa-1450	101	19	dollar	dollar	NOUN
ajfa-1450	101	20	-	-	PUNCT
ajfa-1450	101	21	hegemony	hegemony	NOUN
ajfa-1450	101	22	,	,	PUNCT
ajfa-1450	101	23	so	so	SCONJ
ajfa-1450	101	24	as	as	SCONJ
ajfa-1450	101	25	to	to	PART
ajfa-1450	101	26	make	make	VERB
ajfa-1450	101	27	it	it	PRON
ajfa-1450	101	28	the	the	DET
ajfa-1450	101	29	only	only	ADJ
ajfa-1450	101	30	strong	strong	ADJ
ajfa-1450	101	31	international	international	ADJ
ajfa-1450	101	32	currency	currency	NOUN
ajfa-1450	101	33	.	.	PUNCT
ajfa-1450	102	1	the	the	DET
ajfa-1450	102	2	current	current	ADJ
ajfa-1450	102	3	situation	situation	NOUN
ajfa-1450	102	4	of	of	ADP
ajfa-1450	102	5	the	the	DET
ajfa-1450	102	6	eurozone	eurozone	NOUN
ajfa-1450	102	7	,	,	PUNCT
ajfa-1450	102	8	trapped	trap	VERB
ajfa-1450	102	9	in	in	ADP
ajfa-1450	102	10	a	a	DET
ajfa-1450	102	11	fiscal	fiscal	ADJ
ajfa-1450	102	12	crisis	crisis	NOUN
ajfa-1450	102	13	and	and	CCONJ
ajfa-1450	102	14	surrounded	surround	VERB
ajfa-1450	102	15	by	by	ADP
ajfa-1450	102	16	a	a	DET
ajfa-1450	102	17	lack	lack	NOUN
ajfa-1450	102	18	of	of	ADP
ajfa-1450	102	19	confidence	confidence	NOUN
ajfa-1450	102	20	in	in	ADP
ajfa-1450	102	21	its	its	PRON
ajfa-1450	102	22	financial	financial	ADJ
ajfa-1450	102	23	markets	market	NOUN
ajfa-1450	102	24	,	,	PUNCT
ajfa-1450	102	25	is	be	AUX
ajfa-1450	102	26	profoundly	profoundly	ADV
ajfa-1450	102	27	changing	change	VERB
ajfa-1450	102	28	the	the	DET
ajfa-1450	102	29	characteristics	characteristic	NOUN
ajfa-1450	102	30	and	and	CCONJ
ajfa-1450	102	31	the	the	DET
ajfa-1450	102	32	future	future	NOUN
ajfa-1450	102	33	of	of	ADP
ajfa-1450	102	34	the	the	DET
ajfa-1450	102	35	euro	euro	NOUN
ajfa-1450	102	36	.	.	PUNCT
ajfa-1450	103	1	this	this	PRON
ajfa-1450	103	2	includes	include	VERB
ajfa-1450	103	3	whether	whether	SCONJ
ajfa-1450	103	4	to	to	PART
ajfa-1450	103	5	utilize	utilize	VERB
ajfa-1450	103	6	it	it	PRON
ajfa-1450	103	7	as	as	ADP
ajfa-1450	103	8	an	an	DET
ajfa-1450	103	9	anchor	anchor	NOUN
ajfa-1450	103	10	currency	currency	NOUN
ajfa-1450	103	11	,	,	PUNCT
ajfa-1450	103	12	in	in	ADP
ajfa-1450	103	13	particular	particular	ADJ
ajfa-1450	103	14	,	,	PUNCT
ajfa-1450	103	15	for	for	ADP
ajfa-1450	103	16	asian	asian	ADJ
ajfa-1450	103	17	economies	economy	NOUN
ajfa-1450	103	18	.	.	PUNCT
ajfa-1450	104	1	whether	whether	SCONJ
ajfa-1450	104	2	the	the	DET
ajfa-1450	104	3	emu	emu	PROPN
ajfa-1450	104	4	economy	economy	NOUN
ajfa-1450	104	5	can	can	AUX
ajfa-1450	104	6	revive	revive	VERB
ajfa-1450	104	7	and	and	CCONJ
ajfa-1450	104	8	the	the	DET
ajfa-1450	104	9	euro	euro	NOUN
ajfa-1450	104	10	can	can	AUX
ajfa-1450	104	11	become	become	VERB
ajfa-1450	104	12	an	an	DET
ajfa-1450	104	13	international	international	ADJ
ajfa-1450	104	14	currency	currency	NOUN
ajfa-1450	104	15	are	be	AUX
ajfa-1450	104	16	influenced	influence	VERB
ajfa-1450	104	17	by	by	ADP
ajfa-1450	104	18	specific	specific	ADJ
ajfa-1450	104	19	cyclical	cyclical	ADJ
ajfa-1450	104	20	positions	position	NOUN
ajfa-1450	104	21	,	,	PUNCT
ajfa-1450	104	22	by	by	ADP
ajfa-1450	104	23	the	the	DET
ajfa-1450	104	24	policies	policy	NOUN
ajfa-1450	104	25	pursued	pursue	VERB
ajfa-1450	104	26	by	by	ADP
ajfa-1450	104	27	the	the	DET
ajfa-1450	104	28	us	us	PROPN
ajfa-1450	104	29	and	and	CCONJ
ajfa-1450	104	30	the	the	DET
ajfa-1450	104	31	emu	emu	PROPN
ajfa-1450	104	32	,	,	PUNCT
ajfa-1450	104	33	and	and	CCONJ
ajfa-1450	104	34	(	(	PUNCT
ajfa-1450	104	35	increasingly	increasingly	ADV
ajfa-1450	104	36	so	so	ADV
ajfa-1450	104	37	)	)	PUNCT
ajfa-1450	104	38	by	by	ADP
ajfa-1450	104	39	the	the	DET
ajfa-1450	104	40	weight	weight	NOUN
ajfa-1450	104	41	of	of	ADP
ajfa-1450	104	42	external	external	ADJ
ajfa-1450	104	43	resources	resource	NOUN
ajfa-1450	104	44	(	(	PUNCT
ajfa-1450	104	45	in	in	ADP
ajfa-1450	104	46	the	the	DET
ajfa-1450	104	47	european	european	ADJ
ajfa-1450	104	48	case	case	NOUN
ajfa-1450	104	49	)	)	PUNCT
ajfa-1450	104	50	and	and	CCONJ
ajfa-1450	105	1	external	external	ADJ
ajfa-1450	105	2	liabilities	liability	NOUN
ajfa-1450	105	3	(	(	PUNCT
ajfa-1450	105	4	in	in	ADP
ajfa-1450	105	5	the	the	DET
ajfa-1450	105	6	case	case	NOUN
ajfa-1450	105	7	of	of	ADP
ajfa-1450	105	8	the	the	DET
ajfa-1450	105	9	u.s	u.s	PROPN
ajfa-1450	105	10	.	.	PROPN
ajfa-1450	105	11	states	states	PROPN
ajfa-1450	105	12	and	and	CCONJ
ajfa-1450	105	13	china	china	PROPN
ajfa-1450	105	14	)	)	PUNCT
ajfa-1450	105	15	.	.	PUNCT
ajfa-1450	106	1	yet	yet	ADV
ajfa-1450	106	2	,	,	PUNCT
ajfa-1450	106	3	it	it	PRON
ajfa-1450	106	4	is	be	AUX
ajfa-1450	106	5	not	not	PART
ajfa-1450	106	6	simple	simple	ADJ
ajfa-1450	106	7	to	to	PART
ajfa-1450	106	8	predict	predict	VERB
ajfa-1450	106	9	how	how	SCONJ
ajfa-1450	106	10	these	these	DET
ajfa-1450	106	11	forces	force	NOUN
ajfa-1450	106	12	will	will	AUX
ajfa-1450	106	13	influence	influence	VERB
ajfa-1450	106	14	the	the	DET
ajfa-1450	106	15	euro	euro	NOUN
ajfa-1450	106	16	,	,	PUNCT
ajfa-1450	106	17	the	the	DET
ajfa-1450	106	18	dollar	dollar	NOUN
ajfa-1450	106	19	and	and	CCONJ
ajfa-1450	106	20	the	the	DET
ajfa-1450	106	21	international	international	ADJ
ajfa-1450	106	22	exchange	exchange	NOUN
ajfa-1450	106	23	rate	rate	NOUN
ajfa-1450	106	24	system	system	NOUN
ajfa-1450	106	25	.	.	PUNCT
ajfa-1450	107	1	it	it	PRON
ajfa-1450	107	2	is	be	AUX
ajfa-1450	107	3	only	only	ADV
ajfa-1450	107	4	possible	possible	ADJ
ajfa-1450	107	5	to	to	PART
ajfa-1450	107	6	affirm	affirm	VERB
ajfa-1450	107	7	that	that	SCONJ
ajfa-1450	107	8	,	,	PUNCT
ajfa-1450	107	9	as	as	SCONJ
ajfa-1450	107	10	the	the	DET
ajfa-1450	107	11	analysis	analysis	NOUN
ajfa-1450	107	12	establishes	establish	VERB
ajfa-1450	107	13	,	,	PUNCT
ajfa-1450	107	14	the	the	DET
ajfa-1450	107	15	negative	negative	ADJ
ajfa-1450	107	16	effect	effect	NOUN
ajfa-1450	107	17	of	of	ADP
ajfa-1450	107	18	the	the	DET
ajfa-1450	107	19	crisis	crisis	NOUN
ajfa-1450	107	20	in	in	ADP
ajfa-1450	107	21	the	the	DET
ajfa-1450	107	22	eurozone	eurozone	NOUN
ajfa-1450	107	23	has	have	AUX
ajfa-1450	107	24	been	be	AUX
ajfa-1450	107	25	registered	register	VERB
ajfa-1450	107	26	in	in	ADP
ajfa-1450	107	27	the	the	DET
ajfa-1450	107	28	chinese	chinese	ADJ
ajfa-1450	107	29	basket	basket	NOUN
ajfa-1450	107	30	-	-	PUNCT
ajfa-1450	107	31	peg	peg	NOUN
ajfa-1450	107	32	,	,	PUNCT
ajfa-1450	107	33	to	to	ADP
ajfa-1450	107	34	the	the	DET
ajfa-1450	107	35	benefit	benefit	NOUN
ajfa-1450	107	36	of	of	ADP
ajfa-1450	107	37	u.s	u.s	PROPN
ajfa-1450	107	38	.	.	PROPN
ajfa-1450	107	39	currency	currency	PROPN
ajfa-1450	107	40	,	,	PUNCT
ajfa-1450	107	41	the	the	DET
ajfa-1450	107	42	dollar	dollar	NOUN
ajfa-1450	107	43	.	.	PUNCT
ajfa-1450	108	1	asian	asian	ADJ
ajfa-1450	108	2	journal	journal	PROPN
ajfa-1450	108	3	of	of	ADP
ajfa-1450	108	4	finance	finance	PROPN
ajfa-1450	108	5	&	&	CCONJ
ajfa-1450	108	6	accounting	accounting	PROPN
ajfa-1450	108	7	issn	issn	PROPN
ajfa-1450	108	8	1946	1946	NUM
ajfa-1450	108	9	-	-	PUNCT
ajfa-1450	108	10	052x	052x	NOUN
ajfa-1450	108	11	2012	2012	NUM
ajfa-1450	108	12	,	,	PUNCT
ajfa-1450	108	13	vol	vol	NOUN
ajfa-1450	108	14	.	.	PROPN
ajfa-1450	108	15	4	4	NUM
ajfa-1450	108	16	,	,	PUNCT
ajfa-1450	108	17	no	no	INTJ
ajfa-1450	108	18	.	.	NOUN
ajfa-1450	108	19	1	1	NUM
ajfa-1450	108	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	108	21	214	214	NUM
ajfa-1450	108	22	references	reference	NOUN
ajfa-1450	108	23	cobham	cobham	PROPN
ajfa-1450	108	24	,	,	PUNCT
ajfa-1450	108	25	d.	d.	PROPN
ajfa-1450	108	26	(	(	PUNCT
ajfa-1450	108	27	2007	2007	NUM
ajfa-1450	108	28	)	)	PUNCT
ajfa-1450	108	29	.	.	PUNCT
ajfa-1450	109	1	euro	euro	NOUN
ajfa-1450	109	2	versus	versus	ADP
ajfa-1450	109	3	dollar	dollar	NOUN
ajfa-1450	109	4	:	:	PUNCT
ajfa-1450	109	5	who	who	PRON
ajfa-1450	109	6	goes	go	VERB
ajfa-1450	109	7	with	with	ADP
ajfa-1450	109	8	which	which	PRON
ajfa-1450	109	9	?	?	PUNCT
ajfa-1450	109	10	.	.	PUNCT
ajfa-1450	110	1	preliminary	preliminary	ADJ
ajfa-1450	110	2	draft	draft	NOUN
ajfa-1450	110	3	,	,	PUNCT
ajfa-1450	110	4	herriott	herriott	NOUN
ajfa-1450	110	5	-	-	PUNCT
ajfa-1450	110	6	watt	watt	NOUN
ajfa-1450	110	7	university	university	NOUN
ajfa-1450	110	8	,	,	PUNCT
ajfa-1450	110	9	may	may	AUX
ajfa-1450	110	10	.	.	PUNCT
ajfa-1450	111	1	eichengreen	eichengreen	PROPN
ajfa-1450	111	2	,	,	PUNCT
ajfa-1450	111	3	b.	b.	PROPN
ajfa-1450	111	4	(	(	PUNCT
ajfa-1450	111	5	2006	2006	NUM
ajfa-1450	111	6	)	)	PUNCT
ajfa-1450	111	7	.	.	PUNCT
ajfa-1450	112	1	china	china	PROPN
ajfa-1450	112	2	’s	’s	PART
ajfa-1450	112	3	exchange	exchange	PROPN
ajfa-1450	112	4	rate	rate	NOUN
ajfa-1450	112	5	regime	regime	NOUN
ajfa-1450	112	6	:	:	PUNCT
ajfa-1450	112	7	the	the	DET
ajfa-1450	112	8	long	long	ADJ
ajfa-1450	112	9	and	and	CCONJ
ajfa-1450	112	10	short	short	ADJ
ajfa-1450	112	11	of	of	ADP
ajfa-1450	112	12	it	it	PRON
ajfa-1450	112	13	.	.	PUNCT
ajfa-1450	113	1	paper	paper	NOUN
ajfa-1450	113	2	for	for	ADP
ajfa-1450	113	3	conference	conference	NOUN
ajfa-1450	113	4	on	on	ADP
ajfa-1450	113	5	chinese	chinese	ADJ
ajfa-1450	113	6	money	money	NOUN
ajfa-1450	113	7	and	and	CCONJ
ajfa-1450	113	8	finance	finance	NOUN
ajfa-1450	113	9	;	;	PUNCT
ajfa-1450	113	10	2–3	2–3	NUM
ajfa-1450	113	11	february	february	PROPN
ajfa-1450	113	12	,	,	PUNCT
ajfa-1450	113	13	columbia	columbia	PROPN
ajfa-1450	113	14	university	university	PROPN
ajfa-1450	113	15	,	,	PUNCT
ajfa-1450	113	16	new	new	PROPN
ajfa-1450	113	17	york	york	PROPN
ajfa-1450	113	18	.	.	PUNCT
ajfa-1450	114	1	frankel	frankel	PROPN
ajfa-1450	114	2	,	,	PUNCT
ajfa-1450	114	3	j.	j.	PROPN
ajfa-1450	114	4	(	(	PUNCT
ajfa-1450	114	5	1993	1993	NUM
ajfa-1450	114	6	)	)	PUNCT
ajfa-1450	114	7	.	.	PUNCT
ajfa-1450	115	1	is	be	AUX
ajfa-1450	115	2	japan	japan	PROPN
ajfa-1450	115	3	creating	create	VERB
ajfa-1450	115	4	a	a	DET
ajfa-1450	115	5	yen	yen	NOUN
ajfa-1450	115	6	bloc	bloc	NOUN
ajfa-1450	115	7	in	in	ADP
ajfa-1450	115	8	east	east	PROPN
ajfa-1450	115	9	asia	asia	PROPN
ajfa-1450	115	10	and	and	CCONJ
ajfa-1450	115	11	the	the	DET
ajfa-1450	115	12	pacific	pacific	PROPN
ajfa-1450	115	13	?	?	PUNCT
ajfa-1450	116	1	in	in	ADP
ajfa-1450	116	2	:	:	PUNCT
ajfa-1450	116	3	j.	j.	PROPN
ajfa-1450	116	4	frankel	frankel	PROPN
ajfa-1450	116	5	and	and	CCONJ
ajfa-1450	116	6	m.	m.	NOUN
ajfa-1450	116	7	khaler	khaler	PROPN
ajfa-1450	116	8	(	(	PUNCT
ajfa-1450	116	9	eds	ed	NOUN
ajfa-1450	116	10	.	.	PUNCT
ajfa-1450	116	11	)	)	PUNCT
ajfa-1450	116	12	,	,	PUNCT
ajfa-1450	116	13	regionalism	regionalism	NOUN
ajfa-1450	116	14	and	and	CCONJ
ajfa-1450	116	15	rivalry	rivalry	NOUN
ajfa-1450	116	16	:	:	PUNCT
ajfa-1450	116	17	japan	japan	PROPN
ajfa-1450	116	18	and	and	CCONJ
ajfa-1450	116	19	the	the	DET
ajfa-1450	116	20	us	us	PROPN
ajfa-1450	116	21	in	in	ADP
ajfa-1450	116	22	pacific	pacific	PROPN
ajfa-1450	116	23	asia	asia	PROPN
ajfa-1450	116	24	,	,	PUNCT
ajfa-1450	116	25	university	university	PROPN
ajfa-1450	116	26	of	of	ADP
ajfa-1450	116	27	chicago	chicago	PROPN
ajfa-1450	116	28	press	press	PROPN
ajfa-1450	116	29	,	,	PUNCT
ajfa-1450	116	30	chicago	chicago	PROPN
ajfa-1450	116	31	.	.	PUNCT
ajfa-1450	117	1	frankel	frankel	PROPN
ajfa-1450	117	2	,	,	PUNCT
ajfa-1450	117	3	j.	j.	PROPN
ajfa-1450	117	4	(	(	PUNCT
ajfa-1450	117	5	2006	2006	NUM
ajfa-1450	117	6	)	)	PUNCT
ajfa-1450	117	7	.	.	PUNCT
ajfa-1450	118	1	on	on	ADP
ajfa-1450	118	2	the	the	DET
ajfa-1450	118	3	yuan	yuan	NOUN
ajfa-1450	118	4	:	:	PUNCT
ajfa-1450	118	5	the	the	DET
ajfa-1450	118	6	choice	choice	NOUN
ajfa-1450	118	7	between	between	ADP
ajfa-1450	118	8	adjustment	adjustment	NOUN
ajfa-1450	118	9	under	under	ADP
ajfa-1450	118	10	a	a	DET
ajfa-1450	118	11	fixed	fix	VERB
ajfa-1450	118	12	exchange	exchange	NOUN
ajfa-1450	118	13	rate	rate	NOUN
ajfa-1450	118	14	and	and	CCONJ
ajfa-1450	118	15	adjustment	adjustment	NOUN
ajfa-1450	118	16	under	under	ADP
ajfa-1450	118	17	a	a	DET
ajfa-1450	118	18	flexible	flexible	ADJ
ajfa-1450	118	19	rate	rate	NOUN
ajfa-1450	118	20	.	.	PUNCT
ajfa-1450	119	1	in	in	ADP
ajfa-1450	119	2	g.	g.	PROPN
ajfa-1450	119	3	illing	ille	VERB
ajfa-1450	119	4	(	(	PUNCT
ajfa-1450	119	5	ed	ed	NOUN
ajfa-1450	119	6	.	.	PUNCT
ajfa-1450	119	7	)	)	PUNCT
ajfa-1450	119	8	,	,	PUNCT
ajfa-1450	119	9	understanding	understand	VERB
ajfa-1450	119	10	the	the	DET
ajfa-1450	119	11	chinese	chinese	ADJ
ajfa-1450	119	12	economy	economy	NOUN
ajfa-1450	119	13	.	.	PUNCT
ajfa-1450	120	1	cesifo	cesifo	PROPN
ajfa-1450	120	2	economic	economic	ADJ
ajfa-1450	120	3	studies	study	NOUN
ajfa-1450	120	4	,	,	PUNCT
ajfa-1450	120	5	munich	munich	PROPN
ajfa-1450	120	6	.	.	PUNCT
ajfa-1450	121	1	http://dx.doi.org/10.1111/j.1468-0327.2007.00185.x	http://dx.doi.org/10.1111/j.1468-0327.2007.00185.x	ADJ
ajfa-1450	121	2	frankel	frankel	PROPN
ajfa-1450	121	3	,	,	PUNCT
ajfa-1450	121	4	j.	j.	PROPN
ajfa-1450	121	5	and	and	CCONJ
ajfa-1450	121	6	s.	s.	PROPN
ajfa-1450	121	7	wei	wei	PROPN
ajfa-1450	121	8	(	(	PUNCT
ajfa-1450	121	9	1994	1994	NUM
ajfa-1450	121	10	)	)	PUNCT
ajfa-1450	121	11	.	.	PUNCT
ajfa-1450	122	1	yen	yen	PROPN
ajfa-1450	122	2	bloc	bloc	PROPN
ajfa-1450	122	3	or	or	CCONJ
ajfa-1450	122	4	dollar	dollar	NOUN
ajfa-1450	122	5	bloc	bloc	NOUN
ajfa-1450	122	6	?	?	PUNCT
ajfa-1450	123	1	exchange	exchange	NOUN
ajfa-1450	123	2	rate	rate	NOUN
ajfa-1450	123	3	policies	policy	NOUN
ajfa-1450	123	4	of	of	ADP
ajfa-1450	123	5	the	the	DET
ajfa-1450	123	6	east	east	ADJ
ajfa-1450	123	7	asian	asian	ADJ
ajfa-1450	123	8	economies	economy	NOUN
ajfa-1450	123	9	.	.	PUNCT
ajfa-1450	124	1	in	in	ADP
ajfa-1450	124	2	:	:	PUNCT
ajfa-1450	124	3	t.	t.	PROPN
ajfa-1450	124	4	ito	ito	PROPN
ajfa-1450	124	5	and	and	CCONJ
ajfa-1450	124	6	a.	a.	PROPN
ajfa-1450	124	7	o.	o.	PROPN
ajfa-1450	124	8	krueger	krueger	PROPN
ajfa-1450	124	9	(	(	PUNCT
ajfa-1450	124	10	eds	ed	NOUN
ajfa-1450	124	11	.	.	PUNCT
ajfa-1450	124	12	)	)	PUNCT
ajfa-1450	124	13	,	,	PUNCT
ajfa-1450	124	14	macroeconomic	macroeconomic	ADJ
ajfa-1450	124	15	linkages	linkage	NOUN
ajfa-1450	124	16	:	:	PUNCT
ajfa-1450	124	17	savings	saving	NOUN
ajfa-1450	124	18	,	,	PUNCT
ajfa-1450	124	19	exchange	exchange	NOUN
ajfa-1450	124	20	rates	rate	NOUN
ajfa-1450	124	21	and	and	CCONJ
ajfa-1450	124	22	capital	capital	NOUN
ajfa-1450	124	23	flows	flow	NOUN
ajfa-1450	124	24	,	,	PUNCT
ajfa-1450	124	25	university	university	NOUN
ajfa-1450	124	26	of	of	ADP
ajfa-1450	124	27	chicago	chicago	PROPN
ajfa-1450	124	28	press	press	PROPN
ajfa-1450	124	29	,	,	PUNCT
ajfa-1450	124	30	chicago	chicago	PROPN
ajfa-1450	124	31	.	.	PUNCT
ajfa-1450	125	1	http://ideas.repec.org/h/nbr/nberch/8537.html	http://ideas.repec.org/h/nbr/nberch/8537.html	PROPN
ajfa-1450	125	2	frankel	frankel	PROPN
ajfa-1450	125	3	,	,	PUNCT
ajfa-1450	125	4	j.	j.	PROPN
ajfa-1450	125	5	and	and	CCONJ
ajfa-1450	125	6	s.	s.	PROPN
ajfa-1450	125	7	wei	wei	PROPN
ajfa-1450	125	8	(	(	PUNCT
ajfa-1450	125	9	1995	1995	NUM
ajfa-1450	125	10	)	)	PUNCT
ajfa-1450	125	11	.	.	PUNCT
ajfa-1450	126	1	emerging	emerge	VERB
ajfa-1450	126	2	currency	currency	NOUN
ajfa-1450	126	3	blocs	bloc	NOUN
ajfa-1450	126	4	.	.	PUNCT
ajfa-1450	127	1	in	in	ADP
ajfa-1450	127	2	h.	h.	PROPN
ajfa-1450	127	3	genberg	genberg	PROPN
ajfa-1450	127	4	(	(	PUNCT
ajfa-1450	127	5	ed	ed	NOUN
ajfa-1450	127	6	.	.	PUNCT
ajfa-1450	127	7	)	)	PUNCT
ajfa-1450	127	8	,	,	PUNCT
ajfa-1450	127	9	the	the	DET
ajfa-1450	127	10	international	international	ADJ
ajfa-1450	127	11	monetary	monetary	ADJ
ajfa-1450	127	12	system	system	NOUN
ajfa-1450	127	13	:	:	PUNCT
ajfa-1450	127	14	its	its	PRON
ajfa-1450	127	15	institutions	institution	NOUN
ajfa-1450	127	16	and	and	CCONJ
ajfa-1450	127	17	its	its	PRON
ajfa-1450	127	18	future	future	NOUN
ajfa-1450	127	19	,	,	PUNCT
ajfa-1450	127	20	springer	springer	NOUN
ajfa-1450	127	21	,	,	PUNCT
ajfa-1450	127	22	berlin	berlin	PROPN
ajfa-1450	127	23	.	.	PUNCT
ajfa-1450	128	1	http://www.nber.org/papers/w4335	http://www.nber.org/papers/w4335	PROPN
ajfa-1450	128	2	frankel	frankel	PROPN
ajfa-1450	128	3	,	,	PUNCT
ajfa-1450	128	4	j.	j.	PROPN
ajfa-1450	128	5	,	,	PUNCT
ajfa-1450	128	6	s.	s.	PROPN
ajfa-1450	128	7	schmukler	schmukler	PROPN
ajfa-1450	128	8	and	and	CCONJ
ajfa-1450	128	9	l.	l.	PROPN
ajfa-1450	128	10	servén	servén	PROPN
ajfa-1450	128	11	(	(	PUNCT
ajfa-1450	128	12	2000	2000	NUM
ajfa-1450	128	13	)	)	PUNCT
ajfa-1450	128	14	.	.	PUNCT
ajfa-1450	129	1	verifiability	verifiability	NOUN
ajfa-1450	129	2	and	and	CCONJ
ajfa-1450	129	3	the	the	DET
ajfa-1450	129	4	vanishing	vanish	VERB
ajfa-1450	129	5	intermediate	intermediate	ADJ
ajfa-1450	129	6	exchange	exchange	NOUN
ajfa-1450	129	7	rate	rate	NOUN
ajfa-1450	129	8	regime	regime	NOUN
ajfa-1450	129	9	.	.	PUNCT
ajfa-1450	130	1	in	in	ADP
ajfa-1450	130	2	s.	s.	PROPN
ajfa-1450	130	3	collins	collins	PROPN
ajfa-1450	130	4	and	and	CCONJ
ajfa-1450	130	5	d.	d.	PROPN
ajfa-1450	130	6	rodrik	rodrik	PROPN
ajfa-1450	130	7	(	(	PUNCT
ajfa-1450	130	8	eds	ed	NOUN
ajfa-1450	130	9	.	.	PUNCT
ajfa-1450	130	10	)	)	PUNCT
ajfa-1450	130	11	,	,	PUNCT
ajfa-1450	130	12	brookings	brookings	PROPN
ajfa-1450	130	13	trade	trade	PROPN
ajfa-1450	130	14	forum	forum	PROPN
ajfa-1450	130	15	2000	2000	NUM
ajfa-1450	130	16	,	,	PUNCT
ajfa-1450	130	17	brookings	brookings	PROPN
ajfa-1450	130	18	institution	institution	PROPN
ajfa-1450	130	19	,	,	PUNCT
ajfa-1450	130	20	washington	washington	PROPN
ajfa-1450	130	21	,	,	PUNCT
ajfa-1450	130	22	d.c	d.c	PROPN
ajfa-1450	130	23	.	.	PROPN
ajfa-1450	130	24	http://ideas.repec.org/p/nbr/nberwo/7901.html	http://ideas.repec.org/p/nbr/nberwo/7901.html	VERB
ajfa-1450	130	25	frankel	frankel	PROPN
ajfa-1450	130	26	,	,	PUNCT
ajfa-1450	130	27	j.	j.	PROPN
ajfa-1450	130	28	and	and	CCONJ
ajfa-1450	130	29	s.	s.	PROPN
ajfa-1450	130	30	wei	wei	PROPN
ajfa-1450	130	31	(	(	PUNCT
ajfa-1450	130	32	2007	2007	NUM
ajfa-1450	130	33	)	)	PUNCT
ajfa-1450	130	34	.	.	PUNCT
ajfa-1450	131	1	assessing	assess	VERB
ajfa-1450	131	2	china	china	PROPN
ajfa-1450	131	3	’s	’s	PART
ajfa-1450	131	4	exchange	exchange	PROPN
ajfa-1450	131	5	rate	rate	NOUN
ajfa-1450	131	6	regime	regime	NOUN
ajfa-1450	131	7	.	.	PUNCT
ajfa-1450	132	1	economic	economic	ADJ
ajfa-1450	132	2	policy	policy	NOUN
ajfa-1450	132	3	51	51	NUM
ajfa-1450	132	4	,	,	PUNCT
ajfa-1450	132	5	575–614	575–614	NUM
ajfa-1450	132	6	.	.	PUNCT
ajfa-1450	133	1	hawtrey	hawtrey	PROPN
ajfa-1450	133	2	,	,	PUNCT
ajfa-1450	133	3	r.	r.	PROPN
ajfa-1450	133	4	(	(	PUNCT
ajfa-1450	133	5	1928	1928	NUM
ajfa-1450	133	6	)	)	PUNCT
ajfa-1450	133	7	.	.	PUNCT
ajfa-1450	134	1	currency	currency	NOUN
ajfa-1450	134	2	and	and	CCONJ
ajfa-1450	134	3	credit	credit	NOUN
ajfa-1450	134	4	.	.	PUNCT
ajfa-1450	135	1	longmans	longman	NOUN
ajfa-1450	135	2	green	green	PROPN
ajfa-1450	135	3	,	,	PUNCT
ajfa-1450	135	4	new	new	PROPN
ajfa-1450	135	5	york	york	PROPN
ajfa-1450	135	6	.	.	PUNCT
ajfa-1450	136	1	kolm	kolm	PROPN
ajfa-1450	136	2	,	,	PUNCT
ajfa-1450	136	3	s.c	s.c	PROPN
ajfa-1450	136	4	.	.	PROPN
ajfa-1450	136	5	(	(	PUNCT
ajfa-1450	136	6	1977	1977	NUM
ajfa-1450	136	7	)	)	PUNCT
ajfa-1450	136	8	.	.	PUNCT
ajfa-1450	137	1	fondements	fondements	PROPN
ajfa-1450	138	1	de	de	ADP
ajfa-1450	138	2	l’èconomie	l’èconomie	PROPN
ajfa-1450	138	3	monètaire	monètaire	NOUN
ajfa-1450	138	4	normative	normative	NOUN
ajfa-1450	138	5	:	:	PUNCT
ajfa-1450	138	6	segneuriage	segneuriage	NOUN
ajfa-1450	138	7	,	,	PUNCT
ajfa-1450	138	8	liquiditè	liquiditè	PROPN
ajfa-1450	138	9	externe	externe	PROPN
ajfa-1450	138	10	,	,	PUNCT
ajfa-1450	138	11	impossibilitè	impossibilitè	PROPN
ajfa-1450	138	12	de	de	PROPN
ajfa-1450	138	13	rèmunèrer	rèmunèrer	NOUN
ajfa-1450	138	14	les	les	X
ajfa-1450	138	15	espèces	espèce	NOUN
ajfa-1450	138	16	.	.	PUNCT
ajfa-1450	138	17	revue	revue	PROPN
ajfa-1450	138	18	economique	economique	PROPN
ajfa-1450	138	19	.	.	PUNCT
ajfa-1450	139	1	krugman	krugman	PROPN
ajfa-1450	139	2	,	,	PUNCT
ajfa-1450	139	3	p.	p.	NOUN
ajfa-1450	139	4	(	(	PUNCT
ajfa-1450	139	5	1991	1991	NUM
ajfa-1450	139	6	)	)	PUNCT
ajfa-1450	139	7	.	.	PUNCT
ajfa-1450	140	1	target	target	NOUN
ajfa-1450	140	2	zones	zone	NOUN
ajfa-1450	140	3	and	and	CCONJ
ajfa-1450	140	4	exchange	exchange	NOUN
ajfa-1450	140	5	rate	rate	NOUN
ajfa-1450	140	6	dynamics	dynamic	NOUN
ajfa-1450	140	7	.	.	PUNCT
ajfa-1450	141	1	quarterly	quarterly	ADJ
ajfa-1450	141	2	journal	journal	NOUN
ajfa-1450	141	3	of	of	ADP
ajfa-1450	141	4	economics	economic	NOUN
ajfa-1450	141	5	,	,	PUNCT
ajfa-1450	141	6	106(3	106(3	NUM
ajfa-1450	141	7	)	)	PUNCT
ajfa-1450	141	8	,	,	PUNCT
ajfa-1450	142	1	669–682	669–682	NUM
ajfa-1450	142	2	.	.	PUNCT
ajfa-1450	143	1	http://dx.doi.org/10.2307/2937922	http://dx.doi.org/10.2307/2937922	PROPN
ajfa-1450	143	2	levy	levy	PROPN
ajfa-1450	143	3	-	-	PUNCT
ajfa-1450	143	4	yeyati	yeyati	PROPN
ajfa-1450	143	5	,	,	PUNCT
ajfa-1450	143	6	e.	e.	PROPN
ajfa-1450	143	7	and	and	CCONJ
ajfa-1450	143	8	f.	f.	PROPN
ajfa-1450	143	9	sturzenegger	sturzenegger	PROPN
ajfa-1450	143	10	(	(	PUNCT
ajfa-1450	143	11	2003	2003	NUM
ajfa-1450	143	12	)	)	PUNCT
ajfa-1450	143	13	.	.	PUNCT
ajfa-1450	144	1	to	to	PART
ajfa-1450	144	2	float	float	VERB
ajfa-1450	144	3	or	or	CCONJ
ajfa-1450	144	4	to	to	PART
ajfa-1450	144	5	trail	trail	VERB
ajfa-1450	144	6	:	:	PUNCT
ajfa-1450	144	7	evidence	evidence	NOUN
ajfa-1450	144	8	on	on	ADP
ajfa-1450	144	9	the	the	DET
ajfa-1450	144	10	impact	impact	NOUN
ajfa-1450	144	11	of	of	ADP
ajfa-1450	144	12	exchange	exchange	NOUN
ajfa-1450	144	13	rate	rate	NOUN
ajfa-1450	144	14	regimes	regime	NOUN
ajfa-1450	144	15	on	on	ADP
ajfa-1450	144	16	growth	growth	NOUN
ajfa-1450	144	17	.	.	PUNCT
ajfa-1450	145	1	american	american	PROPN
ajfa-1450	145	2	economic	economic	PROPN
ajfa-1450	145	3	review	review	PROPN
ajfa-1450	145	4	,	,	PUNCT
ajfa-1450	145	5	93	93	NUM
ajfa-1450	145	6	,	,	PUNCT
ajfa-1450	145	7	1173–93	1173–93	NUM
ajfa-1450	145	8	.	.	PUNCT
ajfa-1450	146	1	http://dx.doi.org/10.1257/000282803769206250	http://dx.doi.org/10.1257/000282803769206250	NOUN
ajfa-1450	146	2	marzovilla	marzovilla	NOUN
ajfa-1450	146	3	,	,	PUNCT
ajfa-1450	146	4	o.	o.	PROPN
ajfa-1450	146	5	and	and	CCONJ
ajfa-1450	146	6	mele	mele	PROPN
ajfa-1450	146	7	,	,	PUNCT
ajfa-1450	146	8	m.	m.	NOUN
ajfa-1450	146	9	(	(	PUNCT
ajfa-1450	146	10	2010	2010	NUM
ajfa-1450	146	11	)	)	PUNCT
ajfa-1450	146	12	.	.	PUNCT
ajfa-1450	147	1	from	from	ADP
ajfa-1450	147	2	dollar	dollar	NOUN
ajfa-1450	147	3	peg	peg	NOUN
ajfa-1450	147	4	to	to	ADP
ajfa-1450	147	5	basket	basket	NOUN
ajfa-1450	147	6	peg	peg	NOUN
ajfa-1450	147	7	:	:	PUNCT
ajfa-1450	147	8	the	the	DET
ajfa-1450	147	9	experience	experience	NOUN
ajfa-1450	147	10	of	of	ADP
ajfa-1450	147	11	kuwait	kuwait	PROPN
ajfa-1450	147	12	in	in	ADP
ajfa-1450	147	13	view	view	NOUN
ajfa-1450	147	14	of	of	ADP
ajfa-1450	147	15	the	the	DET
ajfa-1450	147	16	gcc	gcc	NOUN
ajfa-1450	147	17	monetary	monetary	ADJ
ajfa-1450	147	18	unification	unification	NOUN
ajfa-1450	147	19	.	.	PUNCT
ajfa-1450	148	1	global	global	ADJ
ajfa-1450	148	2	and	and	CCONJ
ajfa-1450	148	3	local	local	ADJ
ajfa-1450	148	4	economic	economic	ADJ
ajfa-1450	148	5	review	review	NOUN
ajfa-1450	148	6	,	,	PUNCT
ajfa-1450	148	7	14(1	14(1	NUM
ajfa-1450	148	8	)	)	PUNCT
ajfa-1450	148	9	.	.	PUNCT
ajfa-1450	149	1	asian	asian	ADJ
ajfa-1450	149	2	journal	journal	PROPN
ajfa-1450	149	3	of	of	ADP
ajfa-1450	149	4	finance	finance	PROPN
ajfa-1450	149	5	&	&	CCONJ
ajfa-1450	149	6	accounting	accounting	PROPN
ajfa-1450	149	7	issn	issn	PROPN
ajfa-1450	149	8	1946	1946	NUM
ajfa-1450	149	9	-	-	PUNCT
ajfa-1450	149	10	052x	052x	NOUN
ajfa-1450	149	11	2012	2012	NUM
ajfa-1450	149	12	,	,	PUNCT
ajfa-1450	149	13	vol	vol	NOUN
ajfa-1450	149	14	.	.	PROPN
ajfa-1450	149	15	4	4	NUM
ajfa-1450	149	16	,	,	PUNCT
ajfa-1450	149	17	no	no	INTJ
ajfa-1450	149	18	.	.	NOUN
ajfa-1450	149	19	1	1	NUM
ajfa-1450	149	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1450	149	21	215	215	NUM
ajfa-1450	149	22	mele	mele	NOUN
ajfa-1450	149	23	,	,	PUNCT
ajfa-1450	149	24	m.	m.	NOUN
ajfa-1450	149	25	(	(	PUNCT
ajfa-1450	149	26	2010	2010	NUM
ajfa-1450	149	27	)	)	PUNCT
ajfa-1450	149	28	.	.	PUNCT
ajfa-1450	150	1	a	a	DET
ajfa-1450	150	2	“	"	PUNCT
ajfa-1450	150	3	time	time	NOUN
ajfa-1450	150	4	series	series	NOUN
ajfa-1450	150	5	”	"	PUNCT
ajfa-1450	150	6	approach	approach	NOUN
ajfa-1450	150	7	on	on	ADP
ajfa-1450	150	8	the	the	DET
ajfa-1450	150	9	chinese	chinese	ADJ
ajfa-1450	150	10	exchange	exchange	NOUN
ajfa-1450	150	11	rate	rate	NOUN
ajfa-1450	150	12	regime	regime	NOUN
ajfa-1450	150	13	.	.	PUNCT
ajfa-1450	151	1	hrack	hrack	ADP
ajfa-1450	151	2	economic	economic	ADJ
ajfa-1450	151	3	research	research	NOUN
ajfa-1450	151	4	,	,	PUNCT
ajfa-1450	151	5	23(2	23(2	NUM
ajfa-1450	151	6	)	)	PUNCT
ajfa-1450	151	7	.	.	PUNCT
ajfa-1450	152	1	ogawa	ogawa	PROPN
ajfa-1450	152	2	,	,	PUNCT
ajfa-1450	152	3	e.	e.	PROPN
ajfa-1450	152	4	(	(	PUNCT
ajfa-1450	152	5	2006	2006	NUM
ajfa-1450	152	6	)	)	PUNCT
ajfa-1450	152	7	.	.	PUNCT
ajfa-1450	153	1	the	the	DET
ajfa-1450	153	2	chinese	chinese	PROPN
ajfa-1450	153	3	yuan	yuan	PROPN
ajfa-1450	153	4	after	after	ADP
ajfa-1450	153	5	the	the	DET
ajfa-1450	153	6	chinese	chinese	ADJ
ajfa-1450	153	7	exchange	exchange	NOUN
ajfa-1450	153	8	rate	rate	NOUN
ajfa-1450	153	9	system	system	NOUN
ajfa-1450	153	10	reform	reform	NOUN
ajfa-1450	153	11	.	.	PUNCT
ajfa-1450	154	1	china	china	PROPN
ajfa-1450	154	2	and	and	CCONJ
ajfa-1450	154	3	world	world	NOUN
ajfa-1450	154	4	economy	economy	NOUN
ajfa-1450	154	5	,	,	PUNCT
ajfa-1450	154	6	14	14	NUM
ajfa-1450	154	7	,	,	PUNCT
ajfa-1450	154	8	39–57	39–57	NUM
ajfa-1450	154	9	.	.	PUNCT
ajfa-1450	155	1	http://dx.doi.org/10.1111/j.1749-124x.2006.00044.x	http://dx.doi.org/10.1111/j.1749-124x.2006.00044.x	PROPN
ajfa-1450	155	2	ohno	ohno	PROPN
ajfa-1450	155	3	,	,	PUNCT
ajfa-1450	155	4	k.	k.	PROPN
ajfa-1450	155	5	(	(	PUNCT
ajfa-1450	155	6	1999	1999	NUM
ajfa-1450	155	7	)	)	PUNCT
ajfa-1450	155	8	.	.	PUNCT
ajfa-1450	156	1	exchange	exchange	NOUN
ajfa-1450	156	2	rate	rate	NOUN
ajfa-1450	156	3	management	management	NOUN
ajfa-1450	156	4	in	in	ADP
ajfa-1450	156	5	developing	develop	VERB
ajfa-1450	156	6	asia	asia	PROPN
ajfa-1450	156	7	.	.	PUNCT
ajfa-1450	157	1	working	work	VERB
ajfa-1450	157	2	paper	paper	PROPN
ajfa-1450	157	3	no	no	INTJ
ajfa-1450	157	4	.	.	PROPN
ajfa-1450	157	5	1	1	NUM
ajfa-1450	157	6	,	,	PUNCT
ajfa-1450	157	7	asian	asian	PROPN
ajfa-1450	157	8	development	development	PROPN
ajfa-1450	157	9	bank	bank	PROPN
ajfa-1450	157	10	institute	institute	PROPN
ajfa-1450	157	11	.	.	PUNCT
ajfa-1450	158	1	http://www.adbi.org/research%20paper/1999/01/01/183.exchange.rate/	http://www.adbi.org/research%20paper/1999/01/01/183.exchange.rate/	PROPN
ajfa-1450	158	2	roosa	roosa	PROPN
ajfa-1450	158	3	,	,	PUNCT
ajfa-1450	158	4	r.	r.	PROPN
ajfa-1450	158	5	(	(	PUNCT
ajfa-1450	158	6	1965	1965	NUM
ajfa-1450	158	7	)	)	PUNCT
ajfa-1450	158	8	.	.	PUNCT
ajfa-1450	159	1	monetary	monetary	ADJ
ajfa-1450	159	2	reform	reform	NOUN
ajfa-1450	159	3	for	for	ADP
ajfa-1450	159	4	the	the	DET
ajfa-1450	159	5	world	world	NOUN
ajfa-1450	159	6	economy	economy	NOUN
ajfa-1450	159	7	.	.	PUNCT
ajfa-1450	160	1	harper	harper	NOUN
ajfa-1450	160	2	and	and	CCONJ
ajfa-1450	160	3	row	row	NOUN
ajfa-1450	160	4	,	,	PUNCT
ajfa-1450	160	5	new	new	PROPN
ajfa-1450	160	6	york	york	PROPN
ajfa-1450	160	7	.	.	PUNCT
ajfa-1450	161	1	triffin	triffin	PROPN
ajfa-1450	161	2	,	,	PUNCT
ajfa-1450	161	3	r.	r.	PROPN
ajfa-1450	161	4	(	(	PUNCT
ajfa-1450	161	5	1960	1960	NUM
ajfa-1450	161	6	)	)	PUNCT
ajfa-1450	161	7	.	.	PUNCT
ajfa-1450	162	1	gold	gold	NOUN
ajfa-1450	162	2	and	and	CCONJ
ajfa-1450	162	3	the	the	DET
ajfa-1450	162	4	dollar	dollar	NOUN
ajfa-1450	162	5	crisis	crisis	NOUN
ajfa-1450	162	6	.	.	PUNCT
ajfa-1450	163	1	yale	yale	PROPN
ajfa-1450	163	2	university	university	PROPN
ajfa-1450	163	3	press	press	NOUN
ajfa-1450	163	4	,	,	PUNCT
ajfa-1450	163	5	new	new	ADJ
ajfa-1450	163	6	haven	haven	NOUN
ajfa-1450	163	7	.	.	PUNCT
ajfa-1450	164	1	yamazaki	yamazaki	PROPN
ajfa-1450	164	2	,	,	PUNCT
ajfa-1450	164	3	k.	k.	PROPN
ajfa-1450	164	4	(	(	PUNCT
ajfa-1450	164	5	2006	2006	NUM
ajfa-1450	164	6	)	)	PUNCT
ajfa-1450	164	7	.	.	PUNCT
ajfa-1450	165	1	inside	inside	ADP
ajfa-1450	165	2	the	the	DET
ajfa-1450	165	3	currency	currency	NOUN
ajfa-1450	165	4	basket	basket	NOUN
ajfa-1450	165	5	.	.	PUNCT
ajfa-1450	166	1	columbia	columbia	PROPN
ajfa-1450	166	2	university	university	PROPN
ajfa-1450	166	3	and	and	CCONJ
ajfa-1450	166	4	mitsubishi	mitsubishi	PROPN
ajfa-1450	166	5	ufj	ufj	PROPN
ajfa-1450	166	6	trust	trust	PROPN
ajfa-1450	166	7	and	and	CCONJ
ajfa-1450	166	8	banking	banking	NOUN
ajfa-1450	166	9	,	,	PUNCT
ajfa-1450	166	10	december	december	PROPN
ajfa-1450	166	11	.	.	PUNCT
ajfa-1450	167	1	zeileis	zeileis	PROPN
ajfa-1450	167	2	,	,	PUNCT
ajfa-1450	167	3	a.	a.	NOUN
ajfa-1450	167	4	(	(	PUNCT
ajfa-1450	167	5	2009	2009	NUM
ajfa-1450	167	6	)	)	PUNCT
ajfa-1450	167	7	.	.	PUNCT
ajfa-1450	168	1	exchange	exchange	NOUN
ajfa-1450	168	2	rate	rate	NOUN
ajfa-1450	168	3	regime	regime	NOUN
ajfa-1450	168	4	analysis	analysis	NOUN
ajfa-1450	168	5	for	for	ADP
ajfa-1450	168	6	the	the	DET
ajfa-1450	168	7	chinese	chinese	PROPN
ajfa-1450	168	8	.	.	PUNCT
ajfa-1450	169	1	department	department	PROPN
ajfa-1450	169	2	of	of	ADP
ajfa-1450	169	3	statistics	statistic	NOUN
ajfa-1450	169	4	and	and	CCONJ
ajfa-1450	169	5	mathematics	mathematic	NOUN
ajfa-1450	169	6	,	,	PUNCT
ajfa-1450	169	7	wu	wu	PROPN
ajfa-1450	169	8	wirtschaftsuniversität	wirtschaftsuniversität	PROPN
ajfa-1450	169	9	wien	wien	PROPN
ajfa-1450	169	10	,	,	PUNCT
ajfa-1450	169	11	research	research	NOUN
ajfa-1450	169	12	report	report	NOUN
ajfa-1450	169	13	series	series	NOUN
ajfa-1450	169	14	.	.	PUNCT