id	sid	tid	token	lemma	pos
ajfa-2320	1	1	microsoft	microsoft	PROPN
ajfa-2320	1	2	word	word	PROPN
ajfa-2320	1	3	2320	2320	NUM
ajfa-2320	1	4	-	-	SYM
ajfa-2320	1	5	9096	9096	NUM
ajfa-2320	1	6	-	-	SYM
ajfa-2320	1	7	1	1	NUM
ajfa-2320	1	8	-	-	PUNCT
ajfa-2320	1	9	sm	sm	NOUN
ajfa-2320	1	10	-	-	PUNCT
ajfa-2320	1	11	writer2	writer2	VERB
ajfa-2320	1	12	-	-	ADJ
ajfa-2320	1	13	new	new	ADJ
ajfa-2320	1	14	asian	asian	ADJ
ajfa-2320	1	15	journal	journal	NOUN
ajfa-2320	1	16	of	of	ADP
ajfa-2320	1	17	finance	finance	PROPN
ajfa-2320	1	18	&	&	CCONJ
ajfa-2320	1	19	accounting	accounting	PROPN
ajfa-2320	1	20	issn	issn	PROPN
ajfa-2320	1	21	1946	1946	NUM
ajfa-2320	1	22	-	-	PUNCT
ajfa-2320	1	23	052x	052x	NOUN
ajfa-2320	1	24	2012	2012	NUM
ajfa-2320	1	25	,	,	PUNCT
ajfa-2320	1	26	vol	vol	NOUN
ajfa-2320	1	27	.	.	PROPN
ajfa-2320	1	28	4	4	NUM
ajfa-2320	1	29	,	,	PUNCT
ajfa-2320	1	30	no	no	INTJ
ajfa-2320	1	31	.	.	NOUN
ajfa-2320	1	32	2	2	NUM
ajfa-2320	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2320	1	34	277	277	NUM
ajfa-2320	1	35	capital	capital	NOUN
ajfa-2320	1	36	flight	flight	NOUN
ajfa-2320	1	37	and	and	CCONJ
ajfa-2320	1	38	nigeria	nigeria	PROPN
ajfa-2320	1	39	economic	economic	ADJ
ajfa-2320	1	40	growth	growth	PROPN
ajfa-2320	1	41	ajayi	ajayi	NOUN
ajfa-2320	1	42	,	,	PUNCT
ajfa-2320	1	43	l.b	l.b	PROPN
ajfa-2320	1	44	.	.	PROPN
ajfa-2320	1	45	department	department	PROPN
ajfa-2320	1	46	of	of	ADP
ajfa-2320	1	47	banking	banking	NOUN
ajfa-2320	1	48	and	and	CCONJ
ajfa-2320	1	49	finance	finance	NOUN
ajfa-2320	1	50	faculty	faculty	NOUN
ajfa-2320	1	51	of	of	ADP
ajfa-2320	1	52	management	management	NOUN
ajfa-2320	1	53	sciences	sciences	PROPN
ajfa-2320	1	54	ekiti	ekiti	PROPN
ajfa-2320	1	55	state	state	PROPN
ajfa-2320	1	56	university	university	PROPN
ajfa-2320	1	57	,	,	PUNCT
ajfa-2320	1	58	ado	ado	NOUN
ajfa-2320	1	59	-	-	PUNCT
ajfa-2320	1	60	ekiti	ekiti	PROPN
ajfa-2320	1	61	,	,	PUNCT
ajfa-2320	1	62	nigeria	nigeria	PROPN
ajfa-2320	1	63	e	e	NOUN
ajfa-2320	1	64	-	-	NOUN
ajfa-2320	1	65	mail	mail	NOUN
ajfa-2320	1	66	:	:	PUNCT
ajfa-2320	1	67	boblaw2006@yahoo.com	boblaw2006@yahoo.com	X
ajfa-2320	1	68	received	receive	VERB
ajfa-2320	1	69	:	:	PUNCT
ajfa-2320	1	70	august	august	PROPN
ajfa-2320	1	71	30	30	NUM
ajfa-2320	1	72	,	,	PUNCT
ajfa-2320	1	73	2012	2012	NUM
ajfa-2320	1	74	accepted	accept	VERB
ajfa-2320	1	75	:	:	PUNCT
ajfa-2320	1	76	october	october	PROPN
ajfa-2320	1	77	27	27	NUM
ajfa-2320	1	78	,	,	PUNCT
ajfa-2320	1	79	2012	2012	NUM
ajfa-2320	1	80	published	publish	VERB
ajfa-2320	1	81	:	:	PUNCT
ajfa-2320	1	82	december	december	PROPN
ajfa-2320	1	83	1	1	NUM
ajfa-2320	1	84	,	,	PUNCT
ajfa-2320	1	85	2012	2012	NUM
ajfa-2320	1	86	doi:10.5296	doi:10.5296	NOUN
ajfa-2320	1	87	/	/	SYM
ajfa-2320	1	88	ajfa.v4i2.2320	ajfa.v4i2.2320	NUM
ajfa-2320	1	89	url	url	PROPN
ajfa-2320	1	90	:	:	PUNCT
ajfa-2320	1	91	http://dx.doi.org/10.5296/ajfa.v4i2.2320	http://dx.doi.org/10.5296/ajfa.v4i2.2320	NOUN
ajfa-2320	1	92	abstract	abstract	NOUN
ajfa-2320	1	93	this	this	DET
ajfa-2320	1	94	paper	paper	NOUN
ajfa-2320	1	95	provides	provide	VERB
ajfa-2320	1	96	evidence	evidence	NOUN
ajfa-2320	1	97	on	on	ADP
ajfa-2320	1	98	the	the	DET
ajfa-2320	1	99	negative	negative	ADJ
ajfa-2320	1	100	impact	impact	NOUN
ajfa-2320	1	101	of	of	ADP
ajfa-2320	1	102	the	the	DET
ajfa-2320	1	103	assessment	assessment	NOUN
ajfa-2320	1	104	of	of	ADP
ajfa-2320	1	105	capital	capital	ADJ
ajfa-2320	1	106	flight	flight	NOUN
ajfa-2320	1	107	on	on	ADP
ajfa-2320	1	108	economic	economic	ADJ
ajfa-2320	1	109	growth	growth	NOUN
ajfa-2320	1	110	of	of	ADP
ajfa-2320	1	111	nigeria	nigeria	PRON
ajfa-2320	1	112	for	for	ADP
ajfa-2320	1	113	40	40	NUM
ajfa-2320	1	114	years	year	NOUN
ajfa-2320	1	115	(	(	PUNCT
ajfa-2320	1	116	1970	1970	NUM
ajfa-2320	1	117	-	-	SYM
ajfa-2320	1	118	2009	2009	NUM
ajfa-2320	1	119	)	)	PUNCT
ajfa-2320	1	120	.	.	PUNCT
ajfa-2320	2	1	it	it	PRON
ajfa-2320	2	2	provides	provide	VERB
ajfa-2320	2	3	a	a	DET
ajfa-2320	2	4	comprehensive	comprehensive	ADJ
ajfa-2320	2	5	analysis	analysis	NOUN
ajfa-2320	2	6	of	of	ADP
ajfa-2320	2	7	capital	capital	NOUN
ajfa-2320	2	8	flight	flight	NOUN
ajfa-2320	2	9	and	and	CCONJ
ajfa-2320	2	10	its	its	PRON
ajfa-2320	2	11	resultant	resultant	NOUN
ajfa-2320	2	12	impact	impact	NOUN
ajfa-2320	2	13	on	on	ADP
ajfa-2320	2	14	domestic	domestic	ADJ
ajfa-2320	2	15	investment	investment	NOUN
ajfa-2320	2	16	and	and	CCONJ
ajfa-2320	2	17	the	the	DET
ajfa-2320	2	18	growth	growth	NOUN
ajfa-2320	2	19	rate	rate	NOUN
ajfa-2320	2	20	of	of	ADP
ajfa-2320	2	21	the	the	DET
ajfa-2320	2	22	economy	economy	NOUN
ajfa-2320	2	23	.	.	PUNCT
ajfa-2320	3	1	the	the	DET
ajfa-2320	3	2	study	study	NOUN
ajfa-2320	3	3	used	use	VERB
ajfa-2320	3	4	cointegration	cointegration	NOUN
ajfa-2320	3	5	and	and	CCONJ
ajfa-2320	3	6	error	error	NOUN
ajfa-2320	3	7	correction	correction	NOUN
ajfa-2320	3	8	mechanism	mechanism	NOUN
ajfa-2320	3	9	(	(	PUNCT
ajfa-2320	3	10	ecm	ecm	NOUN
ajfa-2320	3	11	)	)	PUNCT
ajfa-2320	3	12	as	as	ADP
ajfa-2320	3	13	its	its	PRON
ajfa-2320	3	14	main	main	ADJ
ajfa-2320	3	15	estimation	estimation	NOUN
ajfa-2320	3	16	techniques	technique	NOUN
ajfa-2320	3	17	.	.	PUNCT
ajfa-2320	4	1	it	it	PRON
ajfa-2320	4	2	was	be	AUX
ajfa-2320	4	3	discovered	discover	VERB
ajfa-2320	4	4	that	that	SCONJ
ajfa-2320	4	5	capital	capital	NOUN
ajfa-2320	4	6	flight	flight	NOUN
ajfa-2320	4	7	and	and	CCONJ
ajfa-2320	4	8	its	its	PRON
ajfa-2320	4	9	assessments	assessment	NOUN
ajfa-2320	4	10	are	be	AUX
ajfa-2320	4	11	significant	significant	ADJ
ajfa-2320	4	12	factors	factor	NOUN
ajfa-2320	4	13	for	for	ADP
ajfa-2320	4	14	explaining	explain	VERB
ajfa-2320	4	15	economic	economic	ADJ
ajfa-2320	4	16	trends	trend	NOUN
ajfa-2320	4	17	in	in	ADP
ajfa-2320	4	18	nigeria	nigeria	PROPN
ajfa-2320	4	19	.	.	PUNCT
ajfa-2320	5	1	it	it	PRON
ajfa-2320	5	2	was	be	AUX
ajfa-2320	5	3	also	also	ADV
ajfa-2320	5	4	discovered	discover	VERB
ajfa-2320	5	5	that	that	SCONJ
ajfa-2320	5	6	capital	capital	NOUN
ajfa-2320	5	7	flight	flight	NOUN
ajfa-2320	5	8	have	have	VERB
ajfa-2320	5	9	negative	negative	ADJ
ajfa-2320	5	10	impact	impact	NOUN
ajfa-2320	5	11	on	on	ADP
ajfa-2320	5	12	the	the	DET
ajfa-2320	5	13	economy	economy	NOUN
ajfa-2320	5	14	.	.	PUNCT
ajfa-2320	6	1	consequently	consequently	ADV
ajfa-2320	6	2	,	,	PUNCT
ajfa-2320	6	3	it	it	PRON
ajfa-2320	6	4	is	be	AUX
ajfa-2320	6	5	recommended	recommend	VERB
ajfa-2320	6	6	that	that	SCONJ
ajfa-2320	6	7	funds	fund	NOUN
ajfa-2320	6	8	from	from	ADP
ajfa-2320	6	9	foreign	foreign	ADJ
ajfa-2320	6	10	sources	source	NOUN
ajfa-2320	6	11	in	in	ADP
ajfa-2320	6	12	form	form	NOUN
ajfa-2320	6	13	of	of	ADP
ajfa-2320	6	14	loans	loan	NOUN
ajfa-2320	6	15	,	,	PUNCT
ajfa-2320	6	16	gifts	gift	NOUN
ajfa-2320	6	17	,	,	PUNCT
ajfa-2320	6	18	grants	grant	NOUN
ajfa-2320	6	19	and	and	CCONJ
ajfa-2320	6	20	aids	aid	NOUN
ajfa-2320	6	21	should	should	AUX
ajfa-2320	6	22	be	be	AUX
ajfa-2320	6	23	judiciously	judiciously	ADV
ajfa-2320	6	24	used	use	VERB
ajfa-2320	6	25	for	for	ADP
ajfa-2320	6	26	economic	economic	ADJ
ajfa-2320	6	27	development	development	NOUN
ajfa-2320	6	28	of	of	ADP
ajfa-2320	6	29	nigeria	nigeria	PROPN
ajfa-2320	6	30	.	.	PUNCT
ajfa-2320	7	1	it	it	PRON
ajfa-2320	7	2	also	also	ADV
ajfa-2320	7	3	recommended	recommend	VERB
ajfa-2320	7	4	fiscal	fiscal	ADJ
ajfa-2320	7	5	discipline	discipline	NOUN
ajfa-2320	7	6	,	,	PUNCT
ajfa-2320	7	7	serious	serious	ADJ
ajfa-2320	7	8	and	and	CCONJ
ajfa-2320	7	9	commitment	commitment	NOUN
ajfa-2320	7	10	on	on	ADP
ajfa-2320	7	11	the	the	DET
ajfa-2320	7	12	part	part	NOUN
ajfa-2320	7	13	of	of	ADP
ajfa-2320	7	14	government	government	NOUN
ajfa-2320	7	15	and	and	CCONJ
ajfa-2320	7	16	its	its	PRON
ajfa-2320	7	17	functionaries	functionary	NOUN
ajfa-2320	7	18	.	.	PUNCT
ajfa-2320	8	1	above	above	ADP
ajfa-2320	8	2	all	all	PRON
ajfa-2320	8	3	,	,	PUNCT
ajfa-2320	8	4	government	government	NOUN
ajfa-2320	8	5	should	should	AUX
ajfa-2320	8	6	provide	provide	VERB
ajfa-2320	8	7	enabling	enable	VERB
ajfa-2320	8	8	environment	environment	NOUN
ajfa-2320	8	9	for	for	ADP
ajfa-2320	8	10	business	business	NOUN
ajfa-2320	8	11	to	to	PART
ajfa-2320	8	12	thrive	thrive	VERB
ajfa-2320	8	13	thereby	thereby	ADV
ajfa-2320	8	14	encouraging	encourage	VERB
ajfa-2320	8	15	foreign	foreign	ADJ
ajfa-2320	8	16	direct	direct	ADJ
ajfa-2320	8	17	investment	investment	NOUN
ajfa-2320	8	18	and	and	CCONJ
ajfa-2320	8	19	discouraging	discourage	VERB
ajfa-2320	8	20	capital	capital	NOUN
ajfa-2320	8	21	flight	flight	NOUN
ajfa-2320	8	22	.	.	PUNCT
ajfa-2320	9	1	keywords	keyword	NOUN
ajfa-2320	9	2	:	:	PUNCT
ajfa-2320	9	3	capital	capital	NOUN
ajfa-2320	9	4	flight	flight	NOUN
ajfa-2320	9	5	,	,	PUNCT
ajfa-2320	9	6	gross	gross	ADJ
ajfa-2320	9	7	domestic	domestic	ADJ
ajfa-2320	9	8	product	product	NOUN
ajfa-2320	9	9	,	,	PUNCT
ajfa-2320	9	10	residual	residual	ADJ
ajfa-2320	9	11	approach	approach	NOUN
ajfa-2320	9	12	,	,	PUNCT
ajfa-2320	9	13	cointegration	cointegration	NOUN
ajfa-2320	9	14	,	,	PUNCT
ajfa-2320	9	15	error	error	NOUN
ajfa-2320	9	16	correction	correction	NOUN
ajfa-2320	9	17	model	model	VERB
ajfa-2320	9	18	asian	asian	PROPN
ajfa-2320	9	19	journal	journal	PROPN
ajfa-2320	9	20	of	of	ADP
ajfa-2320	9	21	finance	finance	PROPN
ajfa-2320	9	22	&	&	CCONJ
ajfa-2320	9	23	accounting	accounting	PROPN
ajfa-2320	9	24	issn	issn	PROPN
ajfa-2320	9	25	1946	1946	NUM
ajfa-2320	9	26	-	-	PUNCT
ajfa-2320	9	27	052x	052x	NOUN
ajfa-2320	9	28	2012	2012	NUM
ajfa-2320	9	29	,	,	PUNCT
ajfa-2320	9	30	vol	vol	NOUN
ajfa-2320	9	31	.	.	PROPN
ajfa-2320	9	32	4	4	NUM
ajfa-2320	9	33	,	,	PUNCT
ajfa-2320	9	34	no	no	INTJ
ajfa-2320	9	35	.	.	NOUN
ajfa-2320	9	36	2	2	NUM
ajfa-2320	9	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	9	38	278	278	NUM
ajfa-2320	9	39	introduction	introduction	NOUN
ajfa-2320	9	40	there	there	PRON
ajfa-2320	9	41	exists	exist	VERB
ajfa-2320	9	42	no	no	DET
ajfa-2320	9	43	generally	generally	ADV
ajfa-2320	9	44	acceptable	acceptable	ADJ
ajfa-2320	9	45	definition	definition	NOUN
ajfa-2320	9	46	of	of	ADP
ajfa-2320	9	47	the	the	DET
ajfa-2320	9	48	term	term	NOUN
ajfa-2320	9	49	“	"	PUNCT
ajfa-2320	9	50	capital	capital	NOUN
ajfa-2320	9	51	flight	flight	NOUN
ajfa-2320	9	52	”	"	PUNCT
ajfa-2320	9	53	most	most	ADJ
ajfa-2320	9	54	of	of	ADP
ajfa-2320	9	55	the	the	DET
ajfa-2320	9	56	times	time	NOUN
ajfa-2320	9	57	,	,	PUNCT
ajfa-2320	9	58	this	this	DET
ajfa-2320	9	59	term	term	NOUN
ajfa-2320	9	60	are	be	AUX
ajfa-2320	9	61	related	relate	VERB
ajfa-2320	9	62	to	to	ADP
ajfa-2320	9	63	capital	capital	NOUN
ajfa-2320	9	64	which	which	PRON
ajfa-2320	9	65	is	be	AUX
ajfa-2320	9	66	shifted	shift	VERB
ajfa-2320	9	67	out	out	ADP
ajfa-2320	9	68	of	of	ADP
ajfa-2320	9	69	developing	develop	VERB
ajfa-2320	9	70	countries	country	NOUN
ajfa-2320	9	71	.	.	PUNCT
ajfa-2320	10	1	lesser	less	ADJ
ajfa-2320	10	2	and	and	CCONJ
ajfa-2320	10	3	williamson	williamson	PROPN
ajfa-2320	10	4	(	(	PUNCT
ajfa-2320	10	5	1987	1987	NUM
ajfa-2320	10	6	)	)	PUNCT
ajfa-2320	10	7	defines	define	VERB
ajfa-2320	10	8	capital	capital	NOUN
ajfa-2320	10	9	flight	flight	NOUN
ajfa-2320	10	10	as	as	ADP
ajfa-2320	10	11	illegal	illegal	ADJ
ajfa-2320	10	12	conveyance	conveyance	NOUN
ajfa-2320	10	13	of	of	ADP
ajfa-2320	10	14	capital	capital	NOUN
ajfa-2320	10	15	aboard	aboard	ADP
ajfa-2320	10	16	which	which	PRON
ajfa-2320	10	17	stays	stay	VERB
ajfa-2320	10	18	unrecorded	unrecorded	ADJ
ajfa-2320	10	19	in	in	ADP
ajfa-2320	10	20	the	the	DET
ajfa-2320	10	21	national	national	ADJ
ajfa-2320	10	22	accounts	account	NOUN
ajfa-2320	10	23	of	of	ADP
ajfa-2320	10	24	developing	develop	VERB
ajfa-2320	10	25	countries	country	NOUN
ajfa-2320	10	26	.	.	PUNCT
ajfa-2320	11	1	ndikumana	ndikumana	PROPN
ajfa-2320	11	2	and	and	CCONJ
ajfa-2320	11	3	boyce	boyce	PROPN
ajfa-2320	11	4	(	(	PUNCT
ajfa-2320	11	5	2003	2003	NUM
ajfa-2320	11	6	)	)	PUNCT
ajfa-2320	11	7	also	also	ADV
ajfa-2320	11	8	defined	define	VERB
ajfa-2320	11	9	capital	capital	NOUN
ajfa-2320	11	10	flight	flight	NOUN
ajfa-2320	11	11	as	as	ADP
ajfa-2320	11	12	residents	resident	NOUN
ajfa-2320	11	13	’	’	PART
ajfa-2320	11	14	capital	capital	NOUN
ajfa-2320	11	15	outflows	outflow	NOUN
ajfa-2320	11	16	,	,	PUNCT
ajfa-2320	11	17	excluding	exclude	VERB
ajfa-2320	11	18	recorded	record	VERB
ajfa-2320	11	19	investment	investment	NOUN
ajfa-2320	11	20	abroad	abroad	ADV
ajfa-2320	11	21	.	.	PUNCT
ajfa-2320	12	1	however	however	ADV
ajfa-2320	12	2	,	,	PUNCT
ajfa-2320	12	3	if	if	SCONJ
ajfa-2320	12	4	capital	capital	NOUN
ajfa-2320	12	5	shifts	shift	NOUN
ajfa-2320	12	6	out	out	ADP
ajfa-2320	12	7	of	of	ADP
ajfa-2320	12	8	the	the	DET
ajfa-2320	12	9	developed	develop	VERB
ajfa-2320	12	10	country	country	NOUN
ajfa-2320	12	11	it	it	PRON
ajfa-2320	12	12	is	be	AUX
ajfa-2320	12	13	usually	usually	ADV
ajfa-2320	12	14	revered	revere	VERB
ajfa-2320	12	15	to	to	ADP
ajfa-2320	12	16	as	as	ADP
ajfa-2320	12	17	capital	capital	NOUN
ajfa-2320	12	18	outflow	outflow	NOUN
ajfa-2320	12	19	.	.	PUNCT
ajfa-2320	13	1	investors	investor	NOUN
ajfa-2320	13	2	from	from	ADP
ajfa-2320	13	3	developed	developed	ADJ
ajfa-2320	13	4	countries	country	NOUN
ajfa-2320	13	5	are	be	AUX
ajfa-2320	13	6	seen	see	VERB
ajfa-2320	13	7	as	as	ADP
ajfa-2320	13	8	responding	respond	VERB
ajfa-2320	13	9	to	to	ADP
ajfa-2320	13	10	investment	investment	NOUN
ajfa-2320	13	11	opportunities	opportunity	NOUN
ajfa-2320	13	12	while	while	SCONJ
ajfa-2320	13	13	investors	investor	NOUN
ajfa-2320	13	14	from	from	ADP
ajfa-2320	13	15	developing	develop	VERB
ajfa-2320	13	16	countries	country	NOUN
ajfa-2320	13	17	are	be	AUX
ajfa-2320	13	18	said	say	VERB
ajfa-2320	13	19	to	to	PART
ajfa-2320	13	20	be	be	AUX
ajfa-2320	13	21	escaping	escape	VERB
ajfa-2320	13	22	the	the	DET
ajfa-2320	13	23	high	high	ADJ
ajfa-2320	13	24	risk	risk	NOUN
ajfa-2320	13	25	they	they	PRON
ajfa-2320	13	26	perceived	perceive	VERB
ajfa-2320	13	27	at	at	ADP
ajfa-2320	13	28	home	home	NOUN
ajfa-2320	13	29	(	(	PUNCT
ajfa-2320	13	30	ajayi	ajayi	NOUN
ajfa-2320	13	31	1997	1997	NUM
ajfa-2320	13	32	)	)	PUNCT
ajfa-2320	13	33	.	.	PUNCT
ajfa-2320	14	1	the	the	DET
ajfa-2320	14	2	huge	huge	ADJ
ajfa-2320	14	3	amount	amount	NOUN
ajfa-2320	14	4	of	of	ADP
ajfa-2320	14	5	capital	capital	NOUN
ajfa-2320	14	6	flight	flight	NOUN
ajfa-2320	14	7	experienced	experience	VERB
ajfa-2320	14	8	by	by	ADP
ajfa-2320	14	9	the	the	DET
ajfa-2320	14	10	less	less	ADV
ajfa-2320	14	11	developed	develop	VERB
ajfa-2320	14	12	countries	country	NOUN
ajfa-2320	14	13	(	(	PUNCT
ajfa-2320	14	14	ldc	ldc	PROPN
ajfa-2320	14	15	)	)	PUNCT
ajfa-2320	14	16	and	and	CCONJ
ajfa-2320	14	17	their	their	PRON
ajfa-2320	14	18	effects	effect	NOUN
ajfa-2320	14	19	on	on	ADP
ajfa-2320	14	20	the	the	DET
ajfa-2320	14	21	national	national	ADJ
ajfa-2320	14	22	economy	economy	NOUN
ajfa-2320	14	23	have	have	AUX
ajfa-2320	14	24	attracted	attract	VERB
ajfa-2320	14	25	the	the	DET
ajfa-2320	14	26	attention	attention	NOUN
ajfa-2320	14	27	of	of	ADP
ajfa-2320	14	28	many	many	ADJ
ajfa-2320	14	29	economists	economist	NOUN
ajfa-2320	14	30	in	in	ADP
ajfa-2320	14	31	recent	recent	ADJ
ajfa-2320	14	32	years	year	NOUN
ajfa-2320	14	33	.	.	PUNCT
ajfa-2320	15	1	capital	capital	NOUN
ajfa-2320	15	2	flight	flight	NOUN
ajfa-2320	15	3	has	have	AUX
ajfa-2320	15	4	been	be	AUX
ajfa-2320	15	5	regarded	regard	VERB
ajfa-2320	15	6	as	as	ADP
ajfa-2320	15	7	a	a	DET
ajfa-2320	15	8	major	major	ADJ
ajfa-2320	15	9	factor	factor	NOUN
ajfa-2320	15	10	contributing	contribute	VERB
ajfa-2320	15	11	to	to	ADP
ajfa-2320	15	12	the	the	DET
ajfa-2320	15	13	foreign	foreign	ADJ
ajfa-2320	15	14	debt	debt	NOUN
ajfa-2320	15	15	problem	problem	NOUN
ajfa-2320	15	16	and	and	CCONJ
ajfa-2320	15	17	inhibiting	inhibit	VERB
ajfa-2320	15	18	development	development	NOUN
ajfa-2320	15	19	effects	effect	NOUN
ajfa-2320	15	20	in	in	ADP
ajfa-2320	15	21	the	the	DET
ajfa-2320	15	22	third	third	ADJ
ajfa-2320	15	23	world	world	NOUN
ajfa-2320	15	24	,	,	PUNCT
ajfa-2320	15	25	codington	codington	NOUN
ajfa-2320	15	26	(	(	PUNCT
ajfa-2320	15	27	1986	1986	NUM
ajfa-2320	15	28	)	)	PUNCT
ajfa-2320	15	29	.	.	PUNCT
ajfa-2320	16	1	causes	cause	NOUN
ajfa-2320	16	2	of	of	ADP
ajfa-2320	16	3	capital	capital	NOUN
ajfa-2320	16	4	flight	flight	NOUN
ajfa-2320	16	5	according	accord	VERB
ajfa-2320	16	6	to	to	ADP
ajfa-2320	16	7	ajayi	ajayi	NOUN
ajfa-2320	16	8	(	(	PUNCT
ajfa-2320	16	9	2005	2005	NUM
ajfa-2320	16	10	)	)	PUNCT
ajfa-2320	16	11	include	include	VERB
ajfa-2320	16	12	varying	vary	VERB
ajfa-2320	16	13	risk	risk	NOUN
ajfa-2320	16	14	perception	perception	NOUN
ajfa-2320	16	15	,	,	PUNCT
ajfa-2320	16	16	exchange	exchange	NOUN
ajfa-2320	16	17	rate	rate	NOUN
ajfa-2320	16	18	misalignment	misalignment	NOUN
ajfa-2320	16	19	,	,	PUNCT
ajfa-2320	16	20	financial	financial	ADJ
ajfa-2320	16	21	sector	sector	NOUN
ajfa-2320	16	22	constraints	constraint	NOUN
ajfa-2320	16	23	and	and	CCONJ
ajfa-2320	16	24	repression	repression	NOUN
ajfa-2320	16	25	,	,	PUNCT
ajfa-2320	16	26	fiscal	fiscal	ADJ
ajfa-2320	16	27	deficits	deficit	NOUN
ajfa-2320	16	28	,	,	PUNCT
ajfa-2320	16	29	weak	weak	ADJ
ajfa-2320	16	30	institutions	institution	NOUN
ajfa-2320	16	31	,	,	PUNCT
ajfa-2320	16	32	macroeconomic	macroeconomic	ADJ
ajfa-2320	16	33	policy	policy	NOUN
ajfa-2320	16	34	distortions	distortion	NOUN
ajfa-2320	16	35	,	,	PUNCT
ajfa-2320	16	36	corruption	corruption	NOUN
ajfa-2320	16	37	and	and	CCONJ
ajfa-2320	16	38	extraordinary	extraordinary	ADJ
ajfa-2320	16	39	access	access	NOUN
ajfa-2320	16	40	to	to	ADP
ajfa-2320	16	41	government	government	NOUN
ajfa-2320	16	42	funds	fund	NOUN
ajfa-2320	16	43	among	among	ADP
ajfa-2320	16	44	others	other	NOUN
ajfa-2320	16	45	.	.	PUNCT
ajfa-2320	17	1	the	the	DET
ajfa-2320	17	2	economic	economic	ADJ
ajfa-2320	17	3	arguments	argument	NOUN
ajfa-2320	17	4	against	against	ADP
ajfa-2320	17	5	capital	capital	NOUN
ajfa-2320	17	6	flight	flight	NOUN
ajfa-2320	17	7	from	from	ADP
ajfa-2320	17	8	developing	develop	VERB
ajfa-2320	17	9	countries	country	NOUN
ajfa-2320	17	10	are	be	AUX
ajfa-2320	17	11	not	not	PART
ajfa-2320	17	12	only	only	ADV
ajfa-2320	17	13	convincing	convincing	ADJ
ajfa-2320	17	14	but	but	CCONJ
ajfa-2320	17	15	are	be	AUX
ajfa-2320	17	16	also	also	ADV
ajfa-2320	17	17	too	too	ADV
ajfa-2320	17	18	strong	strong	ADJ
ajfa-2320	17	19	to	to	PART
ajfa-2320	17	20	be	be	AUX
ajfa-2320	17	21	ignored	ignore	VERB
ajfa-2320	17	22	.	.	PUNCT
ajfa-2320	18	1	according	accord	VERB
ajfa-2320	18	2	to	to	ADP
ajfa-2320	18	3	deppler	deppler	PROPN
ajfa-2320	18	4	and	and	CCONJ
ajfa-2320	18	5	williamson	williamson	PROPN
ajfa-2320	18	6	(	(	PUNCT
ajfa-2320	18	7	1991	1991	NUM
ajfa-2320	18	8	)	)	PUNCT
ajfa-2320	18	9	,	,	PUNCT
ajfa-2320	18	10	capital	capital	NOUN
ajfa-2320	18	11	flight	flight	NOUN
ajfa-2320	18	12	is	be	AUX
ajfa-2320	18	13	said	say	VERB
ajfa-2320	18	14	to	to	PART
ajfa-2320	18	15	lead	lead	VERB
ajfa-2320	18	16	to	to	ADP
ajfa-2320	18	17	a	a	DET
ajfa-2320	18	18	net	net	ADJ
ajfa-2320	18	19	loss	loss	NOUN
ajfa-2320	18	20	in	in	ADP
ajfa-2320	18	21	the	the	DET
ajfa-2320	18	22	total	total	ADJ
ajfa-2320	18	23	resources	resource	NOUN
ajfa-2320	18	24	which	which	PRON
ajfa-2320	18	25	are	be	AUX
ajfa-2320	18	26	available	available	ADJ
ajfa-2320	18	27	to	to	ADP
ajfa-2320	18	28	an	an	DET
ajfa-2320	18	29	economy	economy	NOUN
ajfa-2320	18	30	for	for	ADP
ajfa-2320	18	31	the	the	DET
ajfa-2320	18	32	purpose	purpose	NOUN
ajfa-2320	18	33	of	of	ADP
ajfa-2320	18	34	investing	investing	NOUN
ajfa-2320	18	35	and	and	CCONJ
ajfa-2320	18	36	growth	growth	NOUN
ajfa-2320	18	37	.	.	PUNCT
ajfa-2320	19	1	while	while	SCONJ
ajfa-2320	19	2	some	some	DET
ajfa-2320	19	3	analysts	analyst	NOUN
ajfa-2320	19	4	view	view	VERB
ajfa-2320	19	5	it	it	PRON
ajfa-2320	19	6	as	as	ADP
ajfa-2320	19	7	a	a	DET
ajfa-2320	19	8	symptom	symptom	NOUN
ajfa-2320	19	9	of	of	ADP
ajfa-2320	19	10	a	a	DET
ajfa-2320	19	11	sick	sick	ADJ
ajfa-2320	19	12	society	society	NOUN
ajfa-2320	19	13	characterized	characterize	VERB
ajfa-2320	19	14	by	by	ADP
ajfa-2320	19	15	break	break	NOUN
ajfa-2320	19	16	down	down	ADP
ajfa-2320	19	17	of	of	ADP
ajfa-2320	19	18	social	social	ADJ
ajfa-2320	19	19	cohesion	cohesion	NOUN
ajfa-2320	19	20	,	,	PUNCT
ajfa-2320	19	21	reduction	reduction	NOUN
ajfa-2320	19	22	in	in	ADP
ajfa-2320	19	23	growth	growth	NOUN
ajfa-2320	19	24	potentials	potential	NOUN
ajfa-2320	19	25	,	,	PUNCT
ajfa-2320	19	26	erosion	erosion	NOUN
ajfa-2320	19	27	of	of	ADP
ajfa-2320	19	28	tax	tax	NOUN
ajfa-2320	19	29	base	base	NOUN
ajfa-2320	19	30	,	,	PUNCT
ajfa-2320	19	31	failure	failure	NOUN
ajfa-2320	19	32	to	to	PART
ajfa-2320	19	33	recover	recover	VERB
ajfa-2320	19	34	from	from	ADP
ajfa-2320	19	35	debt	debt	NOUN
ajfa-2320	19	36	problems	problem	NOUN
ajfa-2320	19	37	,	,	PUNCT
ajfa-2320	19	38	and	and	CCONJ
ajfa-2320	19	39	a	a	DET
ajfa-2320	19	40	redistribution	redistribution	NOUN
ajfa-2320	19	41	of	of	ADP
ajfa-2320	19	42	wealth	wealth	NOUN
ajfa-2320	19	43	from	from	ADP
ajfa-2320	19	44	poorer	poor	ADJ
ajfa-2320	19	45	to	to	ADP
ajfa-2320	19	46	richer	rich	ADJ
ajfa-2320	19	47	social	social	ADJ
ajfa-2320	19	48	groups	group	NOUN
ajfa-2320	19	49	,	,	PUNCT
ajfa-2320	19	50	others	other	NOUN
ajfa-2320	19	51	consider	consider	VERB
ajfa-2320	19	52	the	the	DET
ajfa-2320	19	53	very	very	ADJ
ajfa-2320	19	54	use	use	NOUN
ajfa-2320	19	55	of	of	ADP
ajfa-2320	19	56	the	the	DET
ajfa-2320	19	57	word	word	NOUN
ajfa-2320	19	58	capital	capital	NOUN
ajfa-2320	19	59	flight	flight	NOUN
ajfa-2320	19	60	as	as	ADP
ajfa-2320	19	61	unnecessarily	unnecessarily	ADV
ajfa-2320	19	62	pejorative	pejorative	ADJ
ajfa-2320	19	63	description	description	NOUN
ajfa-2320	19	64	of	of	ADP
ajfa-2320	19	65	natural	natural	ADJ
ajfa-2320	19	66	,	,	PUNCT
ajfa-2320	19	67	economically	economically	ADV
ajfa-2320	19	68	rational	rational	ADJ
ajfa-2320	19	69	responses	response	NOUN
ajfa-2320	19	70	to	to	ADP
ajfa-2320	19	71	the	the	DET
ajfa-2320	19	72	portfolio	portfolio	NOUN
ajfa-2320	19	73	choices	choice	NOUN
ajfa-2320	19	74	that	that	PRON
ajfa-2320	19	75	have	have	AUX
ajfa-2320	19	76	confronted	confront	VERB
ajfa-2320	19	77	wealthy	wealthy	ADJ
ajfa-2320	19	78	residents	resident	NOUN
ajfa-2320	19	79	of	of	ADP
ajfa-2320	19	80	some	some	DET
ajfa-2320	19	81	debtor	debtor	NOUN
ajfa-2320	19	82	countries	country	NOUN
ajfa-2320	19	83	in	in	ADP
ajfa-2320	19	84	recent	recent	ADJ
ajfa-2320	19	85	years	year	NOUN
ajfa-2320	19	86	,	,	PUNCT
ajfa-2320	19	87	ali	ali	PROPN
ajfa-2320	19	88	and	and	CCONJ
ajfa-2320	19	89	benard	benard	PROPN
ajfa-2320	19	90	(	(	PUNCT
ajfa-2320	19	91	2011	2011	NUM
ajfa-2320	19	92	)	)	PUNCT
ajfa-2320	19	93	.	.	PUNCT
ajfa-2320	20	1	it	it	PRON
ajfa-2320	20	2	is	be	AUX
ajfa-2320	20	3	against	against	ADP
ajfa-2320	20	4	this	this	DET
ajfa-2320	20	5	background	background	NOUN
ajfa-2320	20	6	that	that	SCONJ
ajfa-2320	20	7	this	this	DET
ajfa-2320	20	8	study	study	NOUN
ajfa-2320	20	9	is	be	AUX
ajfa-2320	20	10	set	set	VERB
ajfa-2320	20	11	to	to	PART
ajfa-2320	20	12	critically	critically	ADV
ajfa-2320	20	13	provide	provide	VERB
ajfa-2320	20	14	a	a	DET
ajfa-2320	20	15	comprehensive	comprehensive	ADJ
ajfa-2320	20	16	analysis	analysis	NOUN
ajfa-2320	20	17	of	of	ADP
ajfa-2320	20	18	capital	capital	NOUN
ajfa-2320	20	19	flight	flight	NOUN
ajfa-2320	20	20	and	and	CCONJ
ajfa-2320	20	21	the	the	DET
ajfa-2320	20	22	resultant	resultant	NOUN
ajfa-2320	20	23	impact	impact	NOUN
ajfa-2320	20	24	on	on	ADP
ajfa-2320	20	25	domestic	domestic	ADJ
ajfa-2320	20	26	investment	investment	NOUN
ajfa-2320	20	27	and	and	CCONJ
ajfa-2320	20	28	nigeria	nigeria	PRON
ajfa-2320	20	29	economic	economic	ADJ
ajfa-2320	20	30	growth	growth	NOUN
ajfa-2320	20	31	.	.	PUNCT
ajfa-2320	21	1	literature	literature	NOUN
ajfa-2320	21	2	review	review	PROPN
ajfa-2320	21	3	and	and	CCONJ
ajfa-2320	21	4	theoretical	theoretical	ADJ
ajfa-2320	21	5	framework	framework	NOUN
ajfa-2320	21	6	by	by	ADP
ajfa-2320	21	7	it	it	PRON
ajfa-2320	21	8	very	very	ADV
ajfa-2320	21	9	nature	nature	NOUN
ajfa-2320	21	10	,	,	PUNCT
ajfa-2320	21	11	it	it	PRON
ajfa-2320	21	12	is	be	AUX
ajfa-2320	21	13	difficult	difficult	ADJ
ajfa-2320	21	14	to	to	PART
ajfa-2320	21	15	measure	measure	VERB
ajfa-2320	21	16	capital	capital	NOUN
ajfa-2320	21	17	flight	flight	NOUN
ajfa-2320	21	18	.	.	PUNCT
ajfa-2320	22	1	the	the	DET
ajfa-2320	22	2	difficulties	difficulty	NOUN
ajfa-2320	22	3	involved	involve	VERB
ajfa-2320	22	4	notwithstanding	notwithstanding	ADP
ajfa-2320	22	5	;	;	PUNCT
ajfa-2320	22	6	a	a	DET
ajfa-2320	22	7	number	number	NOUN
ajfa-2320	22	8	of	of	ADP
ajfa-2320	22	9	capital	capital	NOUN
ajfa-2320	22	10	flight	flight	NOUN
ajfa-2320	22	11	estimates	estimate	NOUN
ajfa-2320	22	12	have	have	AUX
ajfa-2320	22	13	been	be	AUX
ajfa-2320	22	14	made	make	VERB
ajfa-2320	22	15	over	over	ADP
ajfa-2320	22	16	the	the	DET
ajfa-2320	22	17	last	last	ADJ
ajfa-2320	22	18	several	several	ADJ
ajfa-2320	22	19	years	year	NOUN
ajfa-2320	22	20	.	.	PUNCT
ajfa-2320	23	1	the	the	DET
ajfa-2320	23	2	preponderant	preponderant	NOUN
ajfa-2320	23	3	of	of	ADP
ajfa-2320	23	4	these	these	DET
ajfa-2320	23	5	studies	study	NOUN
ajfa-2320	23	6	cover	cover	VERB
ajfa-2320	23	7	a	a	DET
ajfa-2320	23	8	number	number	NOUN
ajfa-2320	23	9	of	of	ADP
ajfa-2320	23	10	countries	country	NOUN
ajfa-2320	23	11	including	include	VERB
ajfa-2320	23	12	argentina	argentina	PROPN
ajfa-2320	23	13	,	,	PUNCT
ajfa-2320	23	14	brazil	brazil	PROPN
ajfa-2320	23	15	,	,	PUNCT
ajfa-2320	23	16	chile	chile	PROPN
ajfa-2320	23	17	,	,	PUNCT
ajfa-2320	23	18	korea	korea	PROPN
ajfa-2320	23	19	,	,	PUNCT
ajfa-2320	23	20	mexico	mexico	PROPN
ajfa-2320	23	21	,	,	PUNCT
ajfa-2320	23	22	peru	peru	PROPN
ajfa-2320	23	23	,	,	PUNCT
ajfa-2320	23	24	the	the	DET
ajfa-2320	23	25	philippines	philippine	NOUN
ajfa-2320	23	26	and	and	CCONJ
ajfa-2320	23	27	venezuela	venezuela	PROPN
ajfa-2320	23	28	.	.	PUNCT
ajfa-2320	24	1	a	a	DET
ajfa-2320	24	2	recent	recent	ADJ
ajfa-2320	24	3	study	study	NOUN
ajfa-2320	24	4	covers	cover	VERB
ajfa-2320	24	5	argentina	argentina	PROPN
ajfa-2320	24	6	,	,	PUNCT
ajfa-2320	24	7	bolivia	bolivia	PROPN
ajfa-2320	24	8	,	,	PUNCT
ajfa-2320	24	9	chile	chile	PROPN
ajfa-2320	24	10	,	,	PUNCT
ajfa-2320	24	11	columbia	columbia	PROPN
ajfa-2320	24	12	,	,	PUNCT
ajfa-2320	24	13	ecuador	ecuador	PROPN
ajfa-2320	24	14	,	,	PUNCT
ajfa-2320	24	15	gabon	gabon	PROPN
ajfa-2320	24	16	jamaica	jamaica	PROPN
ajfa-2320	24	17	,	,	PUNCT
ajfa-2320	24	18	mexico	mexico	PROPN
ajfa-2320	24	19	,	,	PUNCT
ajfa-2320	24	20	nigeria	nigeria	PROPN
ajfa-2320	24	21	,	,	PUNCT
ajfa-2320	24	22	peru	peru	PROPN
ajfa-2320	24	23	,	,	PUNCT
ajfa-2320	24	24	the	the	DET
ajfa-2320	24	25	philippines	philippine	NOUN
ajfa-2320	24	26	,	,	PUNCT
ajfa-2320	24	27	venezuela	venezuela	PROPN
ajfa-2320	24	28	and	and	CCONJ
ajfa-2320	24	29	yugoslavia	yugoslavia	PROPN
ajfa-2320	24	30	.	.	PUNCT
ajfa-2320	25	1	these	these	DET
ajfa-2320	25	2	various	various	ADJ
ajfa-2320	25	3	studies	study	NOUN
ajfa-2320	25	4	differ	differ	VERB
ajfa-2320	25	5	from	from	ADP
ajfa-2320	25	6	one	one	NUM
ajfa-2320	25	7	another	another	DET
ajfa-2320	25	8	in	in	ADP
ajfa-2320	25	9	term	term	NOUN
ajfa-2320	25	10	of	of	ADP
ajfa-2320	25	11	the	the	DET
ajfa-2320	25	12	methodological	methodological	ADJ
ajfa-2320	25	13	approaches	approach	NOUN
ajfa-2320	25	14	of	of	ADP
ajfa-2320	25	15	measurement	measurement	NOUN
ajfa-2320	25	16	,	,	PUNCT
ajfa-2320	25	17	country	country	NOUN
ajfa-2320	25	18	coverage	coverage	NOUN
ajfa-2320	25	19	and	and	CCONJ
ajfa-2320	25	20	life	life	NOUN
ajfa-2320	25	21	span	span	NOUN
ajfa-2320	25	22	.	.	PUNCT
ajfa-2320	26	1	the	the	DET
ajfa-2320	26	2	most	most	ADV
ajfa-2320	26	3	significant	significant	ADJ
ajfa-2320	26	4	of	of	ADP
ajfa-2320	26	5	these	these	DET
ajfa-2320	26	6	studies	study	NOUN
ajfa-2320	26	7	which	which	PRON
ajfa-2320	26	8	have	have	AUX
ajfa-2320	26	9	made	make	VERB
ajfa-2320	26	10	impact	impact	NOUN
ajfa-2320	26	11	on	on	ADP
ajfa-2320	26	12	capital	capital	NOUN
ajfa-2320	26	13	flight	flight	NOUN
ajfa-2320	26	14	estimates	estimate	NOUN
ajfa-2320	26	15	include	include	VERB
ajfa-2320	26	16	the	the	DET
ajfa-2320	26	17	studies	study	NOUN
ajfa-2320	26	18	by	by	ADP
ajfa-2320	26	19	dooley	dooley	PROPN
ajfa-2320	26	20	et	et	PROPN
ajfa-2320	26	21	al	al	PROPN
ajfa-2320	26	22	,	,	PUNCT
ajfa-2320	26	23	(	(	PUNCT
ajfa-2320	26	24	1986	1986	NUM
ajfa-2320	26	25	)	)	PUNCT
ajfa-2320	26	26	world	world	NOUN
ajfa-2320	26	27	bank	bank	PROPN
ajfa-2320	26	28	(	(	PUNCT
ajfa-2320	26	29	1985	1985	NUM
ajfa-2320	26	30	)	)	PUNCT
ajfa-2320	26	31	.	.	PUNCT
ajfa-2320	27	1	these	these	DET
ajfa-2320	27	2	approaches	approach	NOUN
ajfa-2320	27	3	of	of	ADP
ajfa-2320	27	4	capital	capital	NOUN
ajfa-2320	27	5	flight	flight	NOUN
ajfa-2320	27	6	estimate	estimate	NOUN
ajfa-2320	27	7	including	include	VERB
ajfa-2320	27	8	others	other	NOUN
ajfa-2320	27	9	are	be	AUX
ajfa-2320	27	10	briefly	briefly	ADV
ajfa-2320	27	11	discussed	discuss	VERB
ajfa-2320	27	12	below	below	ADV
ajfa-2320	27	13	.	.	PUNCT
ajfa-2320	28	1	asian	asian	ADJ
ajfa-2320	28	2	journal	journal	PROPN
ajfa-2320	28	3	of	of	ADP
ajfa-2320	28	4	finance	finance	PROPN
ajfa-2320	28	5	&	&	CCONJ
ajfa-2320	28	6	accounting	accounting	PROPN
ajfa-2320	28	7	issn	issn	PROPN
ajfa-2320	28	8	1946	1946	NUM
ajfa-2320	28	9	-	-	PUNCT
ajfa-2320	28	10	052x	052x	NOUN
ajfa-2320	28	11	2012	2012	NUM
ajfa-2320	28	12	,	,	PUNCT
ajfa-2320	28	13	vol	vol	NOUN
ajfa-2320	28	14	.	.	PROPN
ajfa-2320	28	15	4	4	NUM
ajfa-2320	28	16	,	,	PUNCT
ajfa-2320	28	17	no	no	INTJ
ajfa-2320	28	18	.	.	NOUN
ajfa-2320	28	19	2	2	NUM
ajfa-2320	28	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2320	28	21	279	279	NUM
ajfa-2320	28	22	a.	a.	NOUN
ajfa-2320	28	23	the	the	DET
ajfa-2320	28	24	residual	residual	ADJ
ajfa-2320	28	25	process	process	NOUN
ajfa-2320	28	26	of	of	ADP
ajfa-2320	28	27	capital	capital	NOUN
ajfa-2320	28	28	flight	flight	NOUN
ajfa-2320	28	29	estimate	estimate	NOUN
ajfa-2320	28	30	the	the	DET
ajfa-2320	28	31	residual	residual	ADJ
ajfa-2320	28	32	approach	approach	NOUN
ajfa-2320	28	33	was	be	AUX
ajfa-2320	28	34	developed	develop	VERB
ajfa-2320	28	35	by	by	ADP
ajfa-2320	28	36	the	the	DET
ajfa-2320	28	37	world	world	PROPN
ajfa-2320	28	38	bank	bank	PROPN
ajfa-2320	28	39	,	,	PUNCT
ajfa-2320	28	40	(	(	PUNCT
ajfa-2320	28	41	1985	1985	NUM
ajfa-2320	28	42	)	)	PUNCT
ajfa-2320	28	43	and	and	CCONJ
ajfa-2320	28	44	erbe	erbe	PROPN
ajfa-2320	28	45	(	(	PUNCT
ajfa-2320	28	46	1985	1985	NUM
ajfa-2320	28	47	)	)	PUNCT
ajfa-2320	28	48	.	.	PUNCT
ajfa-2320	29	1	it	it	PRON
ajfa-2320	29	2	was	be	AUX
ajfa-2320	29	3	further	far	ADV
ajfa-2320	29	4	modified	modify	VERB
ajfa-2320	29	5	by	by	ADP
ajfa-2320	29	6	morgan	morgan	PROPN
ajfa-2320	29	7	guaranty	guaranty	PROPN
ajfa-2320	29	8	trust	trust	PROPN
ajfa-2320	29	9	(	(	PUNCT
ajfa-2320	29	10	1986	1986	NUM
ajfa-2320	29	11	)	)	PUNCT
ajfa-2320	29	12	.	.	PUNCT
ajfa-2320	30	1	in	in	ADP
ajfa-2320	30	2	the	the	DET
ajfa-2320	30	3	world	world	NOUN
ajfa-2320	30	4	bank	bank	PROPN
ajfa-2320	30	5	(	(	PUNCT
ajfa-2320	30	6	1985	1985	NUM
ajfa-2320	30	7	)	)	PUNCT
ajfa-2320	30	8	and	and	CCONJ
ajfa-2320	30	9	erbe	erbe	PROPN
ajfa-2320	30	10	(	(	PUNCT
ajfa-2320	30	11	1985	1985	NUM
ajfa-2320	30	12	)	)	PUNCT
ajfa-2320	30	13	version	version	NOUN
ajfa-2320	30	14	of	of	ADP
ajfa-2320	30	15	the	the	DET
ajfa-2320	30	16	residual	residual	ADJ
ajfa-2320	30	17	approach	approach	NOUN
ajfa-2320	30	18	,	,	PUNCT
ajfa-2320	30	19	capital	capital	NOUN
ajfa-2320	30	20	flight	flight	NOUN
ajfa-2320	30	21	is	be	AUX
ajfa-2320	30	22	calculated	calculate	VERB
ajfa-2320	30	23	as	as	ADP
ajfa-2320	30	24	the	the	DET
ajfa-2320	30	25	difference	difference	NOUN
ajfa-2320	30	26	between	between	ADP
ajfa-2320	30	27	sources	source	NOUN
ajfa-2320	30	28	and	and	CCONJ
ajfa-2320	30	29	uses	use	NOUN
ajfa-2320	30	30	of	of	ADP
ajfa-2320	30	31	capital	capital	NOUN
ajfa-2320	30	32	inflows	inflow	NOUN
ajfa-2320	30	33	.	.	PUNCT
ajfa-2320	31	1	the	the	DET
ajfa-2320	31	2	source	source	NOUN
ajfa-2320	31	3	of	of	ADP
ajfa-2320	31	4	capital	capital	NOUN
ajfa-2320	31	5	inflows	inflow	NOUN
ajfa-2320	31	6	are	be	AUX
ajfa-2320	31	7	increases	increase	NOUN
ajfa-2320	31	8	in	in	ADP
ajfa-2320	31	9	external	external	ADJ
ajfa-2320	31	10	debt	debt	NOUN
ajfa-2320	31	11	and	and	CCONJ
ajfa-2320	31	12	foreign	foreign	ADJ
ajfa-2320	31	13	direct	direct	ADJ
ajfa-2320	31	14	investment	investment	NOUN
ajfa-2320	31	15	.	.	PUNCT
ajfa-2320	32	1	these	these	DET
ajfa-2320	32	2	capital	capital	NOUN
ajfa-2320	32	3	inflows	inflow	NOUN
ajfa-2320	32	4	are	be	AUX
ajfa-2320	32	5	used	use	VERB
ajfa-2320	32	6	to	to	PART
ajfa-2320	32	7	finance	finance	VERB
ajfa-2320	32	8	either	either	CCONJ
ajfa-2320	32	9	current	current	ADJ
ajfa-2320	32	10	account	account	NOUN
ajfa-2320	32	11	deficits	deficit	NOUN
ajfa-2320	32	12	or	or	CCONJ
ajfa-2320	32	13	increase	increase	VERB
ajfa-2320	32	14	in	in	ADP
ajfa-2320	32	15	official	official	ADJ
ajfa-2320	32	16	reserves	reserve	NOUN
ajfa-2320	32	17	.	.	PUNCT
ajfa-2320	33	1	the	the	DET
ajfa-2320	33	2	inflows	inflow	NOUN
ajfa-2320	33	3	that	that	PRON
ajfa-2320	33	4	finance	finance	VERB
ajfa-2320	33	5	neither	neither	CCONJ
ajfa-2320	33	6	current	current	ADJ
ajfa-2320	33	7	account	account	NOUN
ajfa-2320	33	8	deficits	deficit	NOUN
ajfa-2320	33	9	nor	nor	CCONJ
ajfa-2320	33	10	increases	increase	NOUN
ajfa-2320	33	11	in	in	ADP
ajfa-2320	33	12	reserve	reserve	NOUN
ajfa-2320	33	13	constitute	constitute	VERB
ajfa-2320	33	14	capital	capital	NOUN
ajfa-2320	33	15	flight	flight	NOUN
ajfa-2320	33	16	.	.	PUNCT
ajfa-2320	34	1	in	in	ADP
ajfa-2320	34	2	essence	essence	NOUN
ajfa-2320	34	3	,	,	PUNCT
ajfa-2320	34	4	capital	capital	NOUN
ajfa-2320	34	5	flight	flight	NOUN
ajfa-2320	34	6	in	in	ADP
ajfa-2320	34	7	the	the	DET
ajfa-2320	34	8	world	world	NOUN
ajfa-2320	34	9	bank	bank	PROPN
ajfa-2320	34	10	(	(	PUNCT
ajfa-2320	34	11	1985	1985	NUM
ajfa-2320	34	12	)	)	PUNCT
ajfa-2320	34	13	version	version	NOUN
ajfa-2320	34	14	of	of	ADP
ajfa-2320	34	15	the	the	DET
ajfa-2320	34	16	residual	residual	ADJ
ajfa-2320	34	17	approach	approach	NOUN
ajfa-2320	34	18	is	be	AUX
ajfa-2320	34	19	measure	measure	NOUN
ajfa-2320	34	20	as	as	ADP
ajfa-2320	34	21	:	:	PUNCT
ajfa-2320	34	22	f(wb	f(wb	NUM
ajfa-2320	34	23	)	)	PUNCT
ajfa-2320	34	24	=	=	SYM
ajfa-2320	34	25	ebebt	ebebt	NOUN
ajfa-2320	34	26	+	+	CCONJ
ajfa-2320	34	27	g	g	PROPN
ajfa-2320	34	28	+	+	CCONJ
ajfa-2320	34	29	f	f	X
ajfa-2320	34	30	-	-	PUNCT
ajfa-2320	34	31	n	n	ADJ
ajfa-2320	34	32	(	(	PUNCT
ajfa-2320	34	33	1	1	NUM
ajfa-2320	34	34	)	)	PUNCT
ajfa-2320	34	35	where	where	SCONJ
ajfa-2320	34	36	:	:	PUNCT
ajfa-2320	34	37	g	g	NOUN
ajfa-2320	34	38	is	be	AUX
ajfa-2320	34	39	foreign	foreign	ADJ
ajfa-2320	34	40	direct	direct	ADJ
ajfa-2320	34	41	investment	investment	NOUN
ajfa-2320	34	42	;	;	PUNCT
ajfa-2320	34	43	f	f	PROPN
ajfa-2320	34	44	is	be	AUX
ajfa-2320	34	45	current	current	ADJ
ajfa-2320	34	46	account	account	NOUN
ajfa-2320	34	47	balance	balance	NOUN
ajfa-2320	34	48	and	and	CCONJ
ajfa-2320	34	49	n	n	PROPN
ajfa-2320	34	50	is	be	AUX
ajfa-2320	34	51	increase	increase	NOUN
ajfa-2320	34	52	is	be	AUX
ajfa-2320	34	53	reserves	reserve	NOUN
ajfa-2320	34	54	.	.	PUNCT
ajfa-2320	35	1	positive	positive	ADJ
ajfa-2320	35	2	value	value	NOUN
ajfa-2320	35	3	of	of	ADP
ajfa-2320	35	4	kf	kf	PROPN
ajfa-2320	35	5	-	-	PUNCT
ajfa-2320	35	6	wb	wb	PROPN
ajfa-2320	35	7	represents	represent	VERB
ajfa-2320	35	8	capital	capital	NOUN
ajfa-2320	35	9	flight	flight	NOUN
ajfa-2320	35	10	while	while	SCONJ
ajfa-2320	35	11	negative	negative	ADJ
ajfa-2320	35	12	value	value	NOUN
ajfa-2320	35	13	is	be	AUX
ajfa-2320	35	14	capital	capital	NOUN
ajfa-2320	35	15	re	re	NOUN
ajfa-2320	35	16	-	-	NOUN
ajfa-2320	35	17	flows	flow	NOUN
ajfa-2320	35	18	or	or	CCONJ
ajfa-2320	35	19	the	the	DET
ajfa-2320	35	20	reserve	reserve	NOUN
ajfa-2320	35	21	capital	capital	NOUN
ajfa-2320	35	22	flight	flight	NOUN
ajfa-2320	35	23	.	.	PUNCT
ajfa-2320	36	1	morgan	morgan	PROPN
ajfa-2320	36	2	trust	trust	PROPN
ajfa-2320	36	3	(	(	PUNCT
ajfa-2320	36	4	1986	1986	NUM
ajfa-2320	36	5	)	)	PUNCT
ajfa-2320	36	6	adjusted	adjust	VERB
ajfa-2320	36	7	the	the	DET
ajfa-2320	36	8	world	world	NOUN
ajfa-2320	36	9	bank	bank	PROPN
ajfa-2320	36	10	(	(	PUNCT
ajfa-2320	36	11	1985	1985	NUM
ajfa-2320	36	12	)	)	PUNCT
ajfa-2320	36	13	measure	measure	NOUN
ajfa-2320	36	14	for	for	ADP
ajfa-2320	36	15	changes	change	NOUN
ajfa-2320	36	16	in	in	ADP
ajfa-2320	36	17	foreign	foreign	ADJ
ajfa-2320	36	18	assets	asset	NOUN
ajfa-2320	36	19	held	hold	VERB
ajfa-2320	36	20	by	by	ADP
ajfa-2320	36	21	domestic	domestic	ADJ
ajfa-2320	36	22	agents	agent	NOUN
ajfa-2320	36	23	other	other	ADJ
ajfa-2320	36	24	than	than	ADP
ajfa-2320	36	25	the	the	DET
ajfa-2320	36	26	banking	banking	NOUN
ajfa-2320	36	27	system	system	NOUN
ajfa-2320	36	28	.	.	PUNCT
ajfa-2320	37	1	according	accord	VERB
ajfa-2320	37	2	to	to	ADP
ajfa-2320	37	3	morgan	morgan	PROPN
ajfa-2320	37	4	trust	trust	PROPN
ajfa-2320	37	5	(	(	PUNCT
ajfa-2320	37	6	1986	1986	NUM
ajfa-2320	37	7	)	)	PUNCT
ajfa-2320	37	8	capital	capital	NOUN
ajfa-2320	37	9	flight	flight	NOUN
ajfa-2320	37	10	is	be	AUX
ajfa-2320	37	11	measured	measure	VERB
ajfa-2320	37	12	as	as	ADP
ajfa-2320	37	13	:	:	PUNCT
ajfa-2320	37	14	kf(morg	kf(morg	ADJ
ajfa-2320	37	15	)	)	PUNCT
ajfa-2320	37	16	=	=	SYM
ajfa-2320	37	17	edebt	edebt	NOUN
ajfa-2320	37	18	+	+	CCONJ
ajfa-2320	37	19	g	g	PROPN
ajfa-2320	37	20	+	+	CCONJ
ajfa-2320	37	21	f	f	PROPN
ajfa-2320	37	22	–	–	PUNCT
ajfa-2320	37	23	n1	n1	PROPN
ajfa-2320	37	24	(	(	PUNCT
ajfa-2320	37	25	2	2	NUM
ajfa-2320	37	26	)	)	PUNCT
ajfa-2320	37	27	where	where	SCONJ
ajfa-2320	37	28	:	:	PUNCT
ajfa-2320	37	29	kf	kf	PROPN
ajfa-2320	37	30	(	(	PUNCT
ajfa-2320	37	31	morg	morg	PROPN
ajfa-2320	37	32	)	)	PUNCT
ajfa-2320	37	33	is	be	AUX
ajfa-2320	37	34	the	the	DET
ajfa-2320	37	35	morgan	morgan	PROPN
ajfa-2320	37	36	trust	trust	PROPN
ajfa-2320	37	37	(	(	PUNCT
ajfa-2320	37	38	1986	1986	NUM
ajfa-2320	37	39	)	)	PUNCT
ajfa-2320	37	40	measure	measure	NOUN
ajfa-2320	37	41	of	of	ADP
ajfa-2320	37	42	capital	capital	NOUN
ajfa-2320	37	43	flight	flight	NOUN
ajfa-2320	37	44	;	;	PUNCT
ajfa-2320	37	45	1	1	NUM
ajfa-2320	37	46	is	be	AUX
ajfa-2320	37	47	increase	increase	NOUN
ajfa-2320	37	48	in	in	ADP
ajfa-2320	37	49	foreign	foreign	ADJ
ajfa-2320	37	50	assets	asset	NOUN
ajfa-2320	37	51	of	of	ADP
ajfa-2320	37	52	the	the	DET
ajfa-2320	37	53	domestic	domestic	ADJ
ajfa-2320	37	54	banking	banking	NOUN
ajfa-2320	37	55	system	system	NOUN
ajfa-2320	37	56	;	;	PUNCT
ajfa-2320	37	57	g	g	NOUN
ajfa-2320	37	58	,	,	PUNCT
ajfa-2320	37	59	f	f	PROPN
ajfa-2320	37	60	and	and	CCONJ
ajfa-2320	37	61	n	n	PROPN
ajfa-2320	37	62	are	be	AUX
ajfa-2320	37	63	as	as	ADV
ajfa-2320	37	64	defined	define	VERB
ajfa-2320	37	65	above	above	ADV
ajfa-2320	37	66	.	.	PUNCT
ajfa-2320	38	1	as	as	ADP
ajfa-2320	38	2	usual	usual	ADJ
ajfa-2320	38	3	in	in	ADP
ajfa-2320	38	4	residual	residual	ADJ
ajfa-2320	38	5	measures	measure	NOUN
ajfa-2320	38	6	of	of	ADP
ajfa-2320	38	7	capital	capital	NOUN
ajfa-2320	38	8	flight	flight	NOUN
ajfa-2320	38	9	,	,	PUNCT
ajfa-2320	38	10	negative	negative	ADJ
ajfa-2320	38	11	values	value	NOUN
ajfa-2320	38	12	of	of	ADP
ajfa-2320	38	13	kf	kf	PROPN
ajfa-2320	38	14	-	-	PUNCT
ajfa-2320	38	15	m	m	PROPN
ajfa-2320	38	16	or	or	CCONJ
ajfa-2320	38	17	g	g	PROPN
ajfa-2320	38	18	are	be	AUX
ajfa-2320	38	19	capital	capital	NOUN
ajfa-2320	38	20	reflows	reflow	NOUN
ajfa-2320	38	21	while	while	SCONJ
ajfa-2320	38	22	positive	positive	ADJ
ajfa-2320	38	23	values	value	NOUN
ajfa-2320	38	24	are	be	AUX
ajfa-2320	38	25	capital	capital	NOUN
ajfa-2320	38	26	flight	flight	NOUN
ajfa-2320	38	27	.	.	PUNCT
ajfa-2320	39	1	b.	b.	PROPN
ajfa-2320	39	2	dooley	dooley	PROPN
ajfa-2320	39	3	process	process	NOUN
ajfa-2320	39	4	of	of	ADP
ajfa-2320	39	5	estimating	estimate	VERB
ajfa-2320	39	6	capital	capital	NOUN
ajfa-2320	39	7	flight	flight	NOUN
ajfa-2320	39	8	the	the	DET
ajfa-2320	39	9	dooley	dooley	NOUN
ajfa-2320	39	10	method	method	NOUN
ajfa-2320	39	11	defines	define	VERB
ajfa-2320	39	12	capital	capital	NOUN
ajfa-2320	39	13	flight	flight	NOUN
ajfa-2320	39	14	as	as	ADP
ajfa-2320	39	15	illegall	illegall	PROPN
ajfa-2320	39	16	capital	capital	PROPN
ajfa-2320	39	17	outflows	outflow	NOUN
ajfa-2320	39	18	,	,	PUNCT
ajfa-2320	39	19	or	or	CCONJ
ajfa-2320	39	20	all	all	DET
ajfa-2320	39	21	capital	capital	NOUN
ajfa-2320	39	22	outflows	outflow	NOUN
ajfa-2320	39	23	based	base	VERB
ajfa-2320	39	24	on	on	ADP
ajfa-2320	39	25	the	the	DET
ajfa-2320	39	26	desire	desire	NOUN
ajfa-2320	39	27	to	to	PART
ajfa-2320	39	28	place	place	VERB
ajfa-2320	39	29	assets	asset	NOUN
ajfa-2320	39	30	beyond	beyond	ADP
ajfa-2320	39	31	the	the	DET
ajfa-2320	39	32	control	control	NOUN
ajfa-2320	39	33	of	of	ADP
ajfa-2320	39	34	domestic	domestic	ADJ
ajfa-2320	39	35	authorities	authority	NOUN
ajfa-2320	39	36	.	.	PUNCT
ajfa-2320	40	1	following	follow	VERB
ajfa-2320	40	2	this	this	DET
ajfa-2320	40	3	concept	concept	NOUN
ajfa-2320	40	4	of	of	ADP
ajfa-2320	40	5	capital	capital	NOUN
ajfa-2320	40	6	flight	flight	NOUN
ajfa-2320	40	7	,	,	PUNCT
ajfa-2320	40	8	the	the	DET
ajfa-2320	40	9	dooley	dooley	NOUN
ajfa-2320	40	10	method	method	NOUN
ajfa-2320	40	11	considers	consider	VERB
ajfa-2320	40	12	all	all	DET
ajfa-2320	40	13	outflows	outflow	NOUN
ajfa-2320	40	14	that	that	PRON
ajfa-2320	40	15	do	do	AUX
ajfa-2320	40	16	not	not	PART
ajfa-2320	40	17	receive	receive	VERB
ajfa-2320	40	18	register	register	NOUN
ajfa-2320	40	19	interest	interest	NOUN
ajfa-2320	40	20	payment	payment	NOUN
ajfa-2320	40	21	as	as	ADP
ajfa-2320	40	22	illegal	illegal	ADJ
ajfa-2320	40	23	capital	capital	NOUN
ajfa-2320	40	24	outflows	outflow	NOUN
ajfa-2320	40	25	.	.	PUNCT
ajfa-2320	41	1	the	the	DET
ajfa-2320	41	2	dooley	dooley	PROPN
ajfa-2320	41	3	measure	measure	NOUN
ajfa-2320	41	4	incorporates	incorporate	VERB
ajfa-2320	41	5	the	the	DET
ajfa-2320	41	6	net	net	ADJ
ajfa-2320	41	7	errors	error	NOUN
ajfa-2320	41	8	and	and	CCONJ
ajfa-2320	41	9	omissions	omission	NOUN
ajfa-2320	41	10	,	,	PUNCT
ajfa-2320	41	11	as	as	ADV
ajfa-2320	41	12	well	well	ADV
ajfa-2320	41	13	as	as	ADP
ajfa-2320	41	14	the	the	DET
ajfa-2320	41	15	difference	difference	NOUN
ajfa-2320	41	16	between	between	ADP
ajfa-2320	41	17	the	the	DET
ajfa-2320	41	18	world	world	PROPN
ajfa-2320	41	19	bank	bank	PROPN
ajfa-2320	41	20	data	datum	NOUN
ajfa-2320	41	21	on	on	ADP
ajfa-2320	41	22	the	the	DET
ajfa-2320	41	23	annual	annual	ADJ
ajfa-2320	41	24	change	change	NOUN
ajfa-2320	41	25	in	in	ADP
ajfa-2320	41	26	the	the	DET
ajfa-2320	41	27	stock	stock	NOUN
ajfa-2320	41	28	of	of	ADP
ajfa-2320	41	29	external	external	ADJ
ajfa-2320	41	30	debt	debt	NOUN
ajfa-2320	41	31	and	and	CCONJ
ajfa-2320	41	32	debt	debt	NOUN
ajfa-2320	41	33	flows	flow	NOUN
ajfa-2320	41	34	as	as	SCONJ
ajfa-2320	41	35	reported	report	VERB
ajfa-2320	41	36	in	in	ADP
ajfa-2320	41	37	the	the	DET
ajfa-2320	41	38	balance	balance	NOUN
ajfa-2320	41	39	of	of	ADP
ajfa-2320	41	40	payments	payment	NOUN
ajfa-2320	41	41	statistics	statistic	NOUN
ajfa-2320	41	42	.	.	PUNCT
ajfa-2320	42	1	in	in	ADP
ajfa-2320	42	2	its	its	PRON
ajfa-2320	42	3	simplest	simple	ADJ
ajfa-2320	42	4	form	form	NOUN
ajfa-2320	42	5	,	,	PUNCT
ajfa-2320	42	6	capital	capital	NOUN
ajfa-2320	42	7	flight	flight	NOUN
ajfa-2320	42	8	magnitude	magnitude	NOUN
ajfa-2320	42	9	is	be	AUX
ajfa-2320	42	10	measure	measure	NOUN
ajfa-2320	42	11	as	as	ADP
ajfa-2320	42	12	the	the	DET
ajfa-2320	42	13	excess	excess	NOUN
ajfa-2320	42	14	of	of	ADP
ajfa-2320	42	15	total	total	ADJ
ajfa-2320	42	16	capital	capital	NOUN
ajfa-2320	42	17	outflows	outflow	NOUN
ajfa-2320	42	18	over	over	ADP
ajfa-2320	42	19	the	the	DET
ajfa-2320	42	20	stock	stock	NOUN
ajfa-2320	42	21	of	of	ADP
ajfa-2320	42	22	registered	register	VERB
ajfa-2320	42	23	interest	interest	NOUN
ajfa-2320	42	24	receipt	receipt	NOUN
ajfa-2320	42	25	external	external	ADJ
ajfa-2320	42	26	assets	asset	NOUN
ajfa-2320	42	27	.	.	PUNCT
ajfa-2320	43	1	the	the	DET
ajfa-2320	43	2	total	total	ADJ
ajfa-2320	43	3	capital	capital	NOUN
ajfa-2320	43	4	outflow	outflow	NOUN
ajfa-2320	43	5	is	be	AUX
ajfa-2320	43	6	computed	compute	VERB
ajfa-2320	43	7	as	as	ADP
ajfa-2320	43	8	:	:	PUNCT
ajfa-2320	43	9	cot	cot	NOUN
ajfa-2320	43	10	=	=	SYM
ajfa-2320	43	11	debt	debt	PROPN
ajfa-2320	43	12	t	t	NOUN
ajfa-2320	43	13	+	+	CCONJ
ajfa-2320	43	14	fitt	fitt	ADJ
ajfa-2320	43	15	cadt	cadt	NOUN
ajfa-2320	43	16	frst	frst	INTJ
ajfa-2320	43	17	xt	xt	PROPN
ajfa-2320	43	18	–	–	PUNCT
ajfa-2320	43	19	yt	yt	PROPN
ajfa-2320	43	20	(	(	PUNCT
ajfa-2320	43	21	3	3	NUM
ajfa-2320	43	22	)	)	PUNCT
ajfa-2320	43	23	where	where	SCONJ
ajfa-2320	43	24	:	:	PUNCT
ajfa-2320	43	25	asian	asian	ADJ
ajfa-2320	43	26	journal	journal	NOUN
ajfa-2320	43	27	of	of	ADP
ajfa-2320	43	28	finance	finance	PROPN
ajfa-2320	43	29	&	&	CCONJ
ajfa-2320	43	30	accounting	accounting	PROPN
ajfa-2320	43	31	issn	issn	PROPN
ajfa-2320	43	32	1946	1946	NUM
ajfa-2320	43	33	-	-	PUNCT
ajfa-2320	43	34	052x	052x	NOUN
ajfa-2320	43	35	2012	2012	NUM
ajfa-2320	43	36	,	,	PUNCT
ajfa-2320	43	37	vol	vol	NOUN
ajfa-2320	43	38	.	.	PROPN
ajfa-2320	43	39	4	4	NUM
ajfa-2320	43	40	,	,	PUNCT
ajfa-2320	43	41	no	no	INTJ
ajfa-2320	43	42	.	.	NOUN
ajfa-2320	43	43	2	2	NUM
ajfa-2320	43	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	43	45	280	280	NUM
ajfa-2320	43	46	co	co	NOUN
ajfa-2320	43	47	denotes	denotes	PROPN
ajfa-2320	43	48	total	total	ADJ
ajfa-2320	43	49	capital	capital	NOUN
ajfa-2320	43	50	outflows	outflow	NOUN
ajfa-2320	43	51	;	;	PUNCT
ajfa-2320	43	52	yt	yt	PROPN
ajfa-2320	43	53	is	be	AUX
ajfa-2320	43	54	net	net	ADJ
ajfa-2320	43	55	errors	error	NOUN
ajfa-2320	43	56	and	and	CCONJ
ajfa-2320	43	57	omissions	omission	NOUN
ajfa-2320	43	58	,	,	PUNCT
ajfa-2320	43	59	and	and	CCONJ
ajfa-2320	43	60	xt	xt	PROPN
ajfa-2320	43	61	represents	represent	VERB
ajfa-2320	43	62	the	the	DET
ajfa-2320	43	63	different	different	ADJ
ajfa-2320	43	64	the	the	DET
ajfa-2320	43	65	world	world	PROPN
ajfa-2320	43	66	bank	bank	PROPN
ajfa-2320	43	67	and	and	CCONJ
ajfa-2320	43	68	imf	imf	PROPN
ajfa-2320	43	69	debt	debt	NOUN
ajfa-2320	43	70	statistics	statistic	NOUN
ajfa-2320	43	71	.	.	PUNCT
ajfa-2320	44	1	the	the	DET
ajfa-2320	44	2	stock	stock	NOUN
ajfa-2320	44	3	of	of	ADP
ajfa-2320	44	4	total	total	ADJ
ajfa-2320	44	5	external	external	ADJ
ajfa-2320	44	6	assets	asset	NOUN
ajfa-2320	44	7	(	(	PUNCT
ajfa-2320	44	8	stk	stk	PROPN
ajfa-2320	44	9	)	)	PUNCT
ajfa-2320	44	10	is	be	AUX
ajfa-2320	44	11	computed	compute	VERB
ajfa-2320	44	12	as	as	ADP
ajfa-2320	44	13	:	:	PUNCT
ajfa-2320	44	14	stkt	stkt	NOUN
ajfa-2320	44	15	=	=	SYM
ajfa-2320	44	16	(	(	PUNCT
ajfa-2320	44	17	1+rw)rt	1+rw)rt	X
ajfa-2320	44	18	(	(	PUNCT
ajfa-2320	44	19	4	4	NUM
ajfa-2320	44	20	)	)	PUNCT
ajfa-2320	44	21	where	where	SCONJ
ajfa-2320	44	22	:	:	PUNCT
ajfa-2320	44	23	rw	rw	PROPN
ajfa-2320	44	24	stands	stand	VERB
ajfa-2320	44	25	for	for	ADP
ajfa-2320	44	26	internationally	internationally	ADV
ajfa-2320	44	27	realistic	realistic	ADJ
ajfa-2320	44	28	interest	interest	NOUN
ajfa-2320	44	29	rate	rate	NOUN
ajfa-2320	44	30	,	,	PUNCT
ajfa-2320	44	31	and	and	CCONJ
ajfa-2320	44	32	rt	rt	PROPN
ajfa-2320	44	33	is	be	AUX
ajfa-2320	44	34	the	the	DET
ajfa-2320	44	35	registered	register	VERB
ajfa-2320	44	36	receipts	receipt	NOUN
ajfa-2320	44	37	.	.	PUNCT
ajfa-2320	45	1	from	from	ADP
ajfa-2320	45	2	equations	equation	NOUN
ajfa-2320	45	3	2	2	NUM
ajfa-2320	45	4	and	and	CCONJ
ajfa-2320	45	5	3	3	NUM
ajfa-2320	45	6	the	the	DET
ajfa-2320	45	7	dooley	dooley	NOUN
ajfa-2320	45	8	measure	measure	NOUN
ajfa-2320	45	9	of	of	ADP
ajfa-2320	45	10	capital	capital	NOUN
ajfa-2320	45	11	flight	flight	NOUN
ajfa-2320	45	12	(	(	PUNCT
ajfa-2320	45	13	cfd	cfd	NOUN
ajfa-2320	45	14	)	)	PUNCT
ajfa-2320	45	15	is	be	AUX
ajfa-2320	45	16	calculate	calculate	ADJ
ajfa-2320	45	17	as	as	SCONJ
ajfa-2320	45	18	:	:	PUNCT
ajfa-2320	45	19	cfd	cfd	NOUN
ajfa-2320	45	20	t	t	NOUN
ajfa-2320	45	21	=	=	PUNCT
ajfa-2320	45	22	cot	cot	NOUN
ajfa-2320	45	23	stkt	stkt	NOUN
ajfa-2320	45	24	(	(	PUNCT
ajfa-2320	45	25	5	5	X
ajfa-2320	45	26	)	)	PUNCT
ajfa-2320	45	27	there	there	PRON
ajfa-2320	45	28	exists	exist	VERB
ajfa-2320	45	29	a	a	DET
ajfa-2320	45	30	wide	wide	ADJ
ajfa-2320	45	31	literature	literature	NOUN
ajfa-2320	45	32	with	with	ADP
ajfa-2320	45	33	respect	respect	NOUN
ajfa-2320	45	34	of	of	ADP
ajfa-2320	45	35	capital	capital	ADJ
ajfa-2320	45	36	flight	flight	NOUN
ajfa-2320	45	37	with	with	ADP
ajfa-2320	45	38	diverse	diverse	ADJ
ajfa-2320	45	39	empirical	empirical	ADJ
ajfa-2320	45	40	evidence	evidence	NOUN
ajfa-2320	45	41	;	;	PUNCT
ajfa-2320	45	42	some	some	PRON
ajfa-2320	45	43	of	of	ADP
ajfa-2320	45	44	which	which	PRON
ajfa-2320	45	45	are	be	AUX
ajfa-2320	45	46	also	also	ADV
ajfa-2320	45	47	discussed	discuss	VERB
ajfa-2320	45	48	in	in	ADP
ajfa-2320	45	49	this	this	DET
ajfa-2320	45	50	paper	paper	NOUN
ajfa-2320	45	51	.	.	PUNCT
ajfa-2320	46	1	cuddington	cuddington	PROPN
ajfa-2320	46	2	(	(	PUNCT
ajfa-2320	46	3	1986	1986	NUM
ajfa-2320	46	4	)	)	PUNCT
ajfa-2320	46	5	estimates	estimate	VERB
ajfa-2320	46	6	the	the	DET
ajfa-2320	46	7	economic	economic	ADJ
ajfa-2320	46	8	determinants	determinant	NOUN
ajfa-2320	46	9	of	of	ADP
ajfa-2320	46	10	resident	resident	NOUN
ajfa-2320	46	11	’s	’s	PART
ajfa-2320	46	12	capital	capital	NOUN
ajfa-2320	46	13	outflow	outflow	NOUN
ajfa-2320	46	14	of	of	ADP
ajfa-2320	46	15	four	four	NUM
ajfa-2320	46	16	countries	country	NOUN
ajfa-2320	46	17	(	(	PUNCT
ajfa-2320	46	18	argentina	argentina	PROPN
ajfa-2320	46	19	,	,	PUNCT
ajfa-2320	46	20	mexico	mexico	PROPN
ajfa-2320	46	21	,	,	PUNCT
ajfa-2320	46	22	uruguay	uruguay	PROPN
ajfa-2320	46	23	and	and	CCONJ
ajfa-2320	46	24	venezuela	venezuela	PROPN
ajfa-2320	46	25	)	)	PUNCT
ajfa-2320	46	26	.	.	PUNCT
ajfa-2320	47	1	his	his	PRON
ajfa-2320	47	2	empirical	empirical	ADJ
ajfa-2320	47	3	finding	finding	NOUN
ajfa-2320	47	4	differed	differ	VERB
ajfa-2320	47	5	from	from	ADP
ajfa-2320	47	6	country	country	NOUN
ajfa-2320	47	7	to	to	ADP
ajfa-2320	47	8	country	country	NOUN
ajfa-2320	47	9	.	.	PUNCT
ajfa-2320	48	1	in	in	ADP
ajfa-2320	48	2	mexico	mexico	PROPN
ajfa-2320	48	3	,	,	PUNCT
ajfa-2320	48	4	capital	capital	NOUN
ajfa-2320	48	5	flight	flight	NOUN
ajfa-2320	48	6	was	be	AUX
ajfa-2320	48	7	highly	highly	ADV
ajfa-2320	48	8	related	relate	VERB
ajfa-2320	48	9	with	with	ADP
ajfa-2320	48	10	over	over	ADP
ajfa-2320	48	11	valuation	valuation	NOUN
ajfa-2320	48	12	of	of	ADP
ajfa-2320	48	13	the	the	DET
ajfa-2320	48	14	exchange	exchange	NOUN
ajfa-2320	48	15	rate	rate	NOUN
ajfa-2320	48	16	,	,	PUNCT
ajfa-2320	48	17	while	while	SCONJ
ajfa-2320	48	18	in	in	ADP
ajfa-2320	48	19	venezuela	venezuela	PROPN
ajfa-2320	48	20	,	,	PUNCT
ajfa-2320	48	21	there	there	PRON
ajfa-2320	48	22	were	be	VERB
ajfa-2320	48	23	overvaluation	overvaluation	NOUN
ajfa-2320	48	24	and	and	CCONJ
ajfa-2320	48	25	foreign	foreign	ADJ
ajfa-2320	48	26	interest	interest	NOUN
ajfa-2320	48	27	rates	rate	NOUN
ajfa-2320	48	28	in	in	ADP
ajfa-2320	48	29	argentina	argentina	PROPN
ajfa-2320	48	30	and	and	CCONJ
ajfa-2320	48	31	uruguay	uruguay	PROPN
ajfa-2320	48	32	if	if	SCONJ
ajfa-2320	48	33	lagged	lag	VERB
ajfa-2320	48	34	effective	effective	ADJ
ajfa-2320	48	35	exchange	exchange	NOUN
ajfa-2320	48	36	rate	rate	NOUN
ajfa-2320	48	37	and	and	CCONJ
ajfa-2320	48	38	error	error	NOUN
ajfa-2320	48	39	of	of	ADP
ajfa-2320	48	40	the	the	DET
ajfa-2320	48	41	model	model	NOUN
ajfa-2320	48	42	were	be	AUX
ajfa-2320	48	43	related	relate	VERB
ajfa-2320	48	44	to	to	ADP
ajfa-2320	48	45	capital	capital	NOUN
ajfa-2320	48	46	flight	flight	NOUN
ajfa-2320	48	47	.	.	PUNCT
ajfa-2320	49	1	conesa	conesa	PROPN
ajfa-2320	49	2	(	(	PUNCT
ajfa-2320	49	3	1987	1987	NUM
ajfa-2320	49	4	)	)	PUNCT
ajfa-2320	49	5	had	have	VERB
ajfa-2320	49	6	similar	similar	ADJ
ajfa-2320	49	7	results	result	NOUN
ajfa-2320	49	8	except	except	SCONJ
ajfa-2320	49	9	that	that	SCONJ
ajfa-2320	49	10	it	it	PRON
ajfa-2320	49	11	had	have	AUX
ajfa-2320	49	12	16	16	NUM
ajfa-2320	49	13	annual	annual	ADJ
ajfa-2320	49	14	observations	observation	NOUN
ajfa-2320	49	15	while	while	SCONJ
ajfa-2320	49	16	cuddington	cuddington	NOUN
ajfa-2320	49	17	(	(	PUNCT
ajfa-2320	49	18	1986	1986	NUM
ajfa-2320	49	19	)	)	PUNCT
ajfa-2320	49	20	had	have	VERB
ajfa-2320	49	21	91	91	NUM
ajfa-2320	49	22	.	.	PUNCT
ajfa-2320	50	1	conesa	conesa	PROPN
ajfa-2320	50	2	(	(	PUNCT
ajfa-2320	50	3	1987	1987	NUM
ajfa-2320	50	4	)	)	PUNCT
ajfa-2320	50	5	had	have	VERB
ajfa-2320	50	6	growth	growth	NOUN
ajfa-2320	50	7	as	as	ADP
ajfa-2320	50	8	an	an	DET
ajfa-2320	50	9	additional	additional	ADJ
ajfa-2320	50	10	explanatory	explanatory	ADJ
ajfa-2320	50	11	factor	factor	NOUN
ajfa-2320	50	12	and	and	CCONJ
ajfa-2320	50	13	did	do	AUX
ajfa-2320	50	14	not	not	PART
ajfa-2320	50	15	attempt	attempt	VERB
ajfa-2320	50	16	to	to	PART
ajfa-2320	50	17	estimate	estimate	VERB
ajfa-2320	50	18	over	over	ADP
ajfa-2320	50	19	valuation	valuation	NOUN
ajfa-2320	50	20	of	of	ADP
ajfa-2320	50	21	the	the	DET
ajfa-2320	50	22	real	real	ADJ
ajfa-2320	50	23	or	or	CCONJ
ajfa-2320	50	24	effective	effective	ADJ
ajfa-2320	50	25	exchange	exchange	NOUN
ajfa-2320	50	26	rates	rate	NOUN
ajfa-2320	50	27	but	but	CCONJ
ajfa-2320	50	28	used	use	VERB
ajfa-2320	50	29	level	level	NOUN
ajfa-2320	50	30	of	of	ADP
ajfa-2320	50	31	government	government	NOUN
ajfa-2320	50	32	borrowing	borrowing	NOUN
ajfa-2320	50	33	in	in	ADP
ajfa-2320	50	34	his	his	PRON
ajfa-2320	50	35	study	study	NOUN
ajfa-2320	50	36	of	of	ADP
ajfa-2320	50	37	seven	seven	NUM
ajfa-2320	50	38	developing	develop	VERB
ajfa-2320	50	39	countries	country	NOUN
ajfa-2320	50	40	(	(	PUNCT
ajfa-2320	50	41	argentina	argentina	PROPN
ajfa-2320	50	42	,	,	PUNCT
ajfa-2320	50	43	mexico	mexico	PROPN
ajfa-2320	50	44	,	,	PUNCT
ajfa-2320	50	45	brazil	brazil	PROPN
ajfa-2320	50	46	,	,	PUNCT
ajfa-2320	50	47	chile	chile	PROPN
ajfa-2320	50	48	,	,	PUNCT
ajfa-2320	50	49	peru	peru	PROPN
ajfa-2320	50	50	,	,	PUNCT
ajfa-2320	50	51	venezuela	venezuela	PROPN
ajfa-2320	50	52	and	and	CCONJ
ajfa-2320	50	53	philippines	philippine	NOUN
ajfa-2320	50	54	)	)	PUNCT
ajfa-2320	50	55	.	.	PUNCT
ajfa-2320	51	1	doley	doley	PROPN
ajfa-2320	51	2	,	,	PUNCT
ajfa-2320	51	3	et	et	PROPN
ajfa-2320	51	4	al	al	PROPN
ajfa-2320	51	5	.	.	PROPN
ajfa-2320	52	1	(	(	PUNCT
ajfa-2320	52	2	1986	1986	NUM
ajfa-2320	52	3	)	)	PUNCT
ajfa-2320	52	4	discovered	discover	VERB
ajfa-2320	52	5	that	that	SCONJ
ajfa-2320	52	6	capital	capital	NOUN
ajfa-2320	52	7	flight	flight	NOUN
ajfa-2320	52	8	is	be	AUX
ajfa-2320	52	9	significantly	significantly	ADV
ajfa-2320	52	10	related	relate	VERB
ajfa-2320	52	11	to	to	ADP
ajfa-2320	52	12	domestic	domestic	ADJ
ajfa-2320	52	13	inflation	inflation	NOUN
ajfa-2320	52	14	,	,	PUNCT
ajfa-2320	52	15	financial	financial	ADJ
ajfa-2320	52	16	repression	repression	NOUN
ajfa-2320	52	17	and	and	CCONJ
ajfa-2320	52	18	a	a	DET
ajfa-2320	52	19	measure	measure	NOUN
ajfa-2320	52	20	of	of	ADP
ajfa-2320	52	21	country	country	NOUN
ajfa-2320	52	22	risk	risk	NOUN
ajfa-2320	52	23	premium	premium	NOUN
ajfa-2320	52	24	.	.	PUNCT
ajfa-2320	53	1	khern	khern	PROPN
ajfa-2320	53	2	and	and	CCONJ
ajfa-2320	53	3	hague	hague	PROPN
ajfa-2320	53	4	(	(	PUNCT
ajfa-2320	53	5	1987	1987	NUM
ajfa-2320	53	6	)	)	PUNCT
ajfa-2320	53	7	estimated	estimate	VERB
ajfa-2320	53	8	capital	capital	NOUN
ajfa-2320	53	9	flight	flight	NOUN
ajfa-2320	53	10	from	from	ADP
ajfa-2320	53	11	foursub	foursub	NOUN
ajfa-2320	53	12	-	-	PUNCT
ajfa-2320	53	13	saharan	saharan	PROPN
ajfa-2320	53	14	,	,	PUNCT
ajfa-2320	53	15	nigeria	nigeria	PROPN
ajfa-2320	53	16	,	,	PUNCT
ajfa-2320	53	17	sudan	sudan	PROPN
ajfa-2320	53	18	,	,	PUNCT
ajfa-2320	53	19	tanzania	tanzania	PROPN
ajfa-2320	53	20	and	and	CCONJ
ajfa-2320	53	21	uganda	uganda	PROPN
ajfa-2320	53	22	)	)	PUNCT
ajfa-2320	53	23	from	from	ADP
ajfa-2320	53	24	1976	1976	NUM
ajfa-2320	53	25	to	to	ADP
ajfa-2320	53	26	1989	1989	NUM
ajfa-2320	53	27	,	,	PUNCT
ajfa-2320	53	28	using	use	VERB
ajfa-2320	53	29	their	their	PRON
ajfa-2320	53	30	estimates	estimate	NOUN
ajfa-2320	53	31	capital	capital	NOUN
ajfa-2320	53	32	flight	flight	NOUN
ajfa-2320	53	33	may	may	AUX
ajfa-2320	53	34	seem	seem	VERB
ajfa-2320	53	35	small	small	ADJ
ajfa-2320	53	36	compares	compare	NOUN
ajfa-2320	53	37	to	to	ADP
ajfa-2320	53	38	latina	latina	ADJ
ajfa-2320	53	39	american	american	ADJ
ajfa-2320	53	40	countries	country	NOUN
ajfa-2320	53	41	but	but	CCONJ
ajfa-2320	53	42	the	the	DET
ajfa-2320	53	43	burden	burden	NOUN
ajfa-2320	53	44	as	as	ADP
ajfa-2320	53	45	a	a	DET
ajfa-2320	53	46	percentage	percentage	NOUN
ajfa-2320	53	47	of	of	ADP
ajfa-2320	53	48	gpd	gpd	PROPN
ajfa-2320	53	49	is	be	AUX
ajfa-2320	53	50	higher	high	ADJ
ajfa-2320	53	51	by	by	ADP
ajfa-2320	53	52	61	61	NUM
ajfa-2320	53	53	%	%	NOUN
ajfa-2320	53	54	of	of	ADP
ajfa-2320	53	55	subsaharan	subsaharan	NOUN
ajfa-2320	53	56	compared	compare	VERB
ajfa-2320	53	57	to	to	ADP
ajfa-2320	53	58	22	22	NUM
ajfa-2320	53	59	%	%	NOUN
ajfa-2320	53	60	for	for	ADP
ajfa-2320	53	61	latin	latin	ADJ
ajfa-2320	53	62	american	american	PROPN
ajfa-2320	53	63	.	.	PUNCT
ajfa-2320	54	1	also	also	ADV
ajfa-2320	54	2	,	,	PUNCT
ajfa-2320	54	3	by	by	ADP
ajfa-2320	54	4	their	their	PRON
ajfa-2320	54	5	calculation	calculation	NOUN
ajfa-2320	54	6	,	,	PUNCT
ajfa-2320	54	7	murinde	murinde	NOUN
ajfa-2320	54	8	et	et	PROPN
ajfa-2320	54	9	al	al	PROPN
ajfa-2320	54	10	,	,	PUNCT
ajfa-2320	54	11	(	(	PUNCT
ajfa-2320	54	12	1996	1996	NUM
ajfa-2320	54	13	)	)	PUNCT
ajfa-2320	54	14	discovered	discover	VERB
ajfa-2320	54	15	that	that	SCONJ
ajfa-2320	54	16	nigeria	nigeria	PROPN
ajfa-2320	54	17	experienced	experience	VERB
ajfa-2320	54	18	the	the	DET
ajfa-2320	54	19	biggest	big	ADJ
ajfa-2320	54	20	capital	capital	NOUN
ajfa-2320	54	21	flight	flight	NOUN
ajfa-2320	54	22	over	over	ADP
ajfa-2320	54	23	the	the	DET
ajfa-2320	54	24	period	period	NOUN
ajfa-2320	54	25	representing	represent	VERB
ajfa-2320	54	26	60	60	NUM
ajfa-2320	54	27	%	%	NOUN
ajfa-2320	54	28	of	of	ADP
ajfa-2320	54	29	the	the	DET
ajfa-2320	54	30	combined	combined	ADJ
ajfa-2320	54	31	total	total	NOUN
ajfa-2320	54	32	of	of	ADP
ajfa-2320	54	33	the	the	DET
ajfa-2320	54	34	four	four	NUM
ajfa-2320	54	35	countries	country	NOUN
ajfa-2320	54	36	in	in	ADP
ajfa-2320	54	37	the	the	DET
ajfa-2320	54	38	sample	sample	NOUN
ajfa-2320	54	39	of	of	ADP
ajfa-2320	54	40	their	their	PRON
ajfa-2320	54	41	econometric	econometric	ADJ
ajfa-2320	54	42	analysis	analysis	NOUN
ajfa-2320	54	43	of	of	ADP
ajfa-2320	54	44	the	the	DET
ajfa-2320	54	45	determinant	determinant	NOUN
ajfa-2320	54	46	of	of	ADP
ajfa-2320	54	47	capital	capital	NOUN
ajfa-2320	54	48	flight	flight	NOUN
ajfa-2320	54	49	which	which	PRON
ajfa-2320	54	50	indicated	indicate	VERB
ajfa-2320	54	51	that	that	SCONJ
ajfa-2320	54	52	the	the	DET
ajfa-2320	54	53	most	most	ADV
ajfa-2320	54	54	explanatory	explanatory	ADJ
ajfa-2320	54	55	variables	variable	NOUN
ajfa-2320	54	56	is	be	AUX
ajfa-2320	54	57	public	public	ADJ
ajfa-2320	54	58	external	external	ADJ
ajfa-2320	54	59	borrowing	borrowing	NOUN
ajfa-2320	54	60	.	.	PUNCT
ajfa-2320	55	1	the	the	DET
ajfa-2320	55	2	results	result	NOUN
ajfa-2320	55	3	implied	imply	VERB
ajfa-2320	55	4	that	that	SCONJ
ajfa-2320	55	5	capital	capital	NOUN
ajfa-2320	55	6	flight	flight	NOUN
ajfa-2320	55	7	and	and	CCONJ
ajfa-2320	55	8	external	external	ADJ
ajfa-2320	55	9	debt	debt	NOUN
ajfa-2320	55	10	are	be	AUX
ajfa-2320	55	11	closely	closely	ADV
ajfa-2320	55	12	dependent	dependent	ADJ
ajfa-2320	55	13	.	.	PUNCT
ajfa-2320	56	1	in	in	ADP
ajfa-2320	56	2	his	his	PRON
ajfa-2320	56	3	study	study	NOUN
ajfa-2320	56	4	of	of	ADP
ajfa-2320	56	5	three	three	NUM
ajfa-2320	56	6	countries	country	NOUN
ajfa-2320	56	7	(	(	PUNCT
ajfa-2320	56	8	cote	cote	NOUN
ajfa-2320	56	9	d	d	NOUN
ajfa-2320	56	10	’	'	PUNCT
ajfa-2320	56	11	ivore	ivore	PROPN
ajfa-2320	56	12	,	,	PUNCT
ajfa-2320	56	13	nigeria	nigeria	PROPN
ajfa-2320	56	14	and	and	CCONJ
ajfa-2320	56	15	morocco	morocco	PROPN
ajfa-2320	56	16	)	)	PUNCT
ajfa-2320	56	17	ojo	ojo	NOUN
ajfa-2320	56	18	(	(	PUNCT
ajfa-2320	56	19	1992	1992	NUM
ajfa-2320	56	20	)	)	PUNCT
ajfa-2320	56	21	opined	opine	VERB
ajfa-2320	56	22	that	that	SCONJ
ajfa-2320	56	23	nigeria	nigeria	PROPN
ajfa-2320	56	24	had	have	VERB
ajfa-2320	56	25	the	the	DET
ajfa-2320	56	26	largest	large	ADJ
ajfa-2320	56	27	capital	capital	NOUN
ajfa-2320	56	28	flight	flight	NOUN
ajfa-2320	56	29	of	of	ADP
ajfa-2320	56	30	about	about	ADV
ajfa-2320	56	31	35	35	NUM
ajfa-2320	56	32	-	-	PUNCT
ajfa-2320	56	33	billion	billion	NUM
ajfa-2320	56	34	and	and	CCONJ
ajfa-2320	56	35	emphasized	emphasize	VERB
ajfa-2320	56	36	the	the	DET
ajfa-2320	56	37	importance	importance	NOUN
ajfa-2320	56	38	of	of	ADP
ajfa-2320	56	39	domestic	domestic	ADJ
ajfa-2320	56	40	economic	economic	ADJ
ajfa-2320	56	41	environment	environment	NOUN
ajfa-2320	56	42	including	include	VERB
ajfa-2320	56	43	policy	policy	NOUN
ajfa-2320	56	44	related	relate	VERB
ajfa-2320	56	45	variables	variable	NOUN
ajfa-2320	56	46	as	as	ADP
ajfa-2320	56	47	government	government	NOUN
ajfa-2320	56	48	budget	budget	NOUN
ajfa-2320	56	49	defect	defect	NOUN
ajfa-2320	56	50	and	and	CCONJ
ajfa-2320	56	51	changes	change	NOUN
ajfa-2320	56	52	in	in	ADP
ajfa-2320	56	53	external	external	ADJ
ajfa-2320	56	54	debt	debt	NOUN
ajfa-2320	56	55	.	.	PUNCT
ajfa-2320	57	1	ajayi	ajayi	NOUN
ajfa-2320	57	2	(	(	PUNCT
ajfa-2320	57	3	1995	1995	NUM
ajfa-2320	57	4	)	)	PUNCT
ajfa-2320	57	5	discovered	discover	VERB
ajfa-2320	57	6	in	in	ADP
ajfa-2320	57	7	his	his	PRON
ajfa-2320	57	8	study	study	NOUN
ajfa-2320	57	9	that	that	SCONJ
ajfa-2320	57	10	cumulative	cumulative	ADJ
ajfa-2320	57	11	capital	capital	NOUN
ajfa-2320	57	12	flight	flight	NOUN
ajfa-2320	57	13	in	in	ADP
ajfa-2320	57	14	the	the	DET
ajfa-2320	57	15	period	period	NOUN
ajfa-2320	57	16	of	of	ADP
ajfa-2320	57	17	1980	1980	NUM
ajfa-2320	57	18	to	to	ADP
ajfa-2320	57	19	1991	1991	NUM
ajfa-2320	57	20	averaged	average	VERB
ajfa-2320	57	21	40	40	NUM
ajfa-2320	57	22	%	%	NOUN
ajfa-2320	57	23	of	of	ADP
ajfa-2320	57	24	external	external	ADJ
ajfa-2320	57	25	debt	debt	NOUN
ajfa-2320	57	26	to	to	PART
ajfa-2320	57	27	run	run	VERB
ajfa-2320	57	28	18	18	NUM
ajfa-2320	57	29	countries	country	NOUN
ajfa-2320	57	30	sampled	sample	VERB
ajfa-2320	57	31	.	.	PUNCT
ajfa-2320	58	1	the	the	DET
ajfa-2320	58	2	ratio	ratio	NOUN
ajfa-2320	58	3	was	be	AUX
ajfa-2320	58	4	as	as	ADV
ajfa-2320	58	5	high	high	ADJ
ajfa-2320	58	6	as	as	ADP
ajfa-2320	58	7	94	94	NUM
ajfa-2320	58	8	%	%	NOUN
ajfa-2320	58	9	for	for	ADP
ajfa-2320	58	10	nigeria	nigeria	PROPN
ajfa-2320	58	11	,	,	PUNCT
ajfa-2320	58	12	74	74	NUM
ajfa-2320	58	13	%	%	NOUN
ajfa-2320	58	14	for	for	ADP
ajfa-2320	58	15	kenya	kenya	NOUN
ajfa-2320	58	16	and	and	CCONJ
ajfa-2320	58	17	60	60	NUM
ajfa-2320	58	18	%	%	NOUN
ajfa-2320	58	19	for	for	ADP
ajfa-2320	58	20	sudan	sudan	PROPN
ajfa-2320	58	21	.	.	PUNCT
ajfa-2320	59	1	he	he	PRON
ajfa-2320	59	2	also	also	ADV
ajfa-2320	59	3	discovered	discover	VERB
ajfa-2320	59	4	that	that	SCONJ
ajfa-2320	59	5	countries	country	NOUN
ajfa-2320	59	6	that	that	PRON
ajfa-2320	59	7	exhibited	exhibit	VERB
ajfa-2320	59	8	the	the	DET
ajfa-2320	59	9	greatest	great	ADJ
ajfa-2320	59	10	capital	capital	NOUN
ajfa-2320	59	11	flight	flight	NOUN
ajfa-2320	59	12	often	often	ADV
ajfa-2320	59	13	are	be	AUX
ajfa-2320	59	14	the	the	DET
ajfa-2320	59	15	most	most	ADV
ajfa-2320	59	16	highly	highly	ADV
ajfa-2320	59	17	indebted	indebte	VERB
ajfa-2320	59	18	and	and	CCONJ
ajfa-2320	59	19	referred	refer	VERB
ajfa-2320	59	20	to	to	ADP
ajfa-2320	59	21	them	they	PRON
ajfa-2320	59	22	as	as	ADP
ajfa-2320	59	23	“	"	PUNCT
ajfa-2320	59	24	twin	twin	ADJ
ajfa-2320	59	25	problems	problem	NOUN
ajfa-2320	59	26	”	"	PUNCT
ajfa-2320	59	27	.	.	PUNCT
ajfa-2320	60	1	ajayi	ajayi	NOUN
ajfa-2320	60	2	(	(	PUNCT
ajfa-2320	60	3	1992	1992	NUM
ajfa-2320	60	4	)	)	PUNCT
ajfa-2320	60	5	estimated	estimate	VERB
ajfa-2320	60	6	capital	capital	NOUN
ajfa-2320	60	7	flight	flight	NOUN
ajfa-2320	60	8	from	from	ADP
ajfa-2320	60	9	nigeria	nigeria	PROPN
ajfa-2320	60	10	in	in	ADP
ajfa-2320	60	11	1972	1972	NUM
ajfa-2320	60	12	to	to	ADP
ajfa-2320	60	13	1989	1989	NUM
ajfa-2320	60	14	drawing	draw	VERB
ajfa-2320	60	15	attention	attention	NOUN
ajfa-2320	60	16	to	to	ADP
ajfa-2320	60	17	the	the	DET
ajfa-2320	60	18	role	role	NOUN
ajfa-2320	60	19	of	of	ADP
ajfa-2320	60	20	trade	trade	NOUN
ajfa-2320	60	21	taking	take	VERB
ajfa-2320	60	22	asian	asian	ADJ
ajfa-2320	60	23	journal	journal	NOUN
ajfa-2320	60	24	of	of	ADP
ajfa-2320	60	25	finance	finance	PROPN
ajfa-2320	60	26	&	&	CCONJ
ajfa-2320	60	27	accounting	accounting	PROPN
ajfa-2320	60	28	issn	issn	PROPN
ajfa-2320	60	29	1946	1946	NUM
ajfa-2320	60	30	-	-	PUNCT
ajfa-2320	60	31	052x	052x	NOUN
ajfa-2320	60	32	2012	2012	NUM
ajfa-2320	60	33	,	,	PUNCT
ajfa-2320	60	34	vol	vol	NOUN
ajfa-2320	60	35	.	.	PROPN
ajfa-2320	60	36	4	4	NUM
ajfa-2320	60	37	,	,	PUNCT
ajfa-2320	60	38	no	no	INTJ
ajfa-2320	60	39	.	.	NOUN
ajfa-2320	60	40	2	2	NUM
ajfa-2320	60	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-2320	60	42	281	281	NUM
ajfa-2320	60	43	(	(	PUNCT
ajfa-2320	60	44	misinvoicing	misinvoice	VERB
ajfa-2320	60	45	)	)	PUNCT
ajfa-2320	60	46	in	in	ADP
ajfa-2320	60	47	the	the	DET
ajfa-2320	60	48	country	country	NOUN
ajfa-2320	60	49	’s	’s	PART
ajfa-2320	60	50	oil	oil	NOUN
ajfa-2320	60	51	sector	sector	NOUN
ajfa-2320	60	52	and	and	CCONJ
ajfa-2320	60	53	to	to	ADP
ajfa-2320	60	54	the	the	DET
ajfa-2320	60	55	link	link	NOUN
ajfa-2320	60	56	between	between	ADP
ajfa-2320	60	57	capital	capital	NOUN
ajfa-2320	60	58	flight	flight	NOUN
ajfa-2320	60	59	,	,	PUNCT
ajfa-2320	60	60	corruption	corruption	NOUN
ajfa-2320	60	61	and	and	CCONJ
ajfa-2320	60	62	governance	governance	NOUN
ajfa-2320	60	63	failure	failure	NOUN
ajfa-2320	60	64	.	.	PUNCT
ajfa-2320	61	1	he	he	PRON
ajfa-2320	61	2	concluded	conclude	VERB
ajfa-2320	61	3	that	that	SCONJ
ajfa-2320	61	4	most	most	ADJ
ajfa-2320	61	5	of	of	ADP
ajfa-2320	61	6	the	the	DET
ajfa-2320	61	7	capital	capital	NOUN
ajfa-2320	61	8	flight	flight	NOUN
ajfa-2320	61	9	from	from	ADP
ajfa-2320	61	10	nigeria	nigeria	PROPN
ajfa-2320	61	11	is	be	AUX
ajfa-2320	61	12	recorded	record	VERB
ajfa-2320	61	13	in	in	ADP
ajfa-2320	61	14	the	the	DET
ajfa-2320	61	15	bop	bop	NOUN
ajfa-2320	61	16	and	and	CCONJ
ajfa-2320	61	17	debt	debt	NOUN
ajfa-2320	61	18	statistics	statistic	NOUN
ajfa-2320	61	19	and	and	CCONJ
ajfa-2320	61	20	that	that	PRON
ajfa-2320	61	21	is	be	AUX
ajfa-2320	61	22	not	not	PART
ajfa-2320	61	23	unexplained	unexplained	ADJ
ajfa-2320	61	24	by	by	ADP
ajfa-2320	61	25	economics	economic	NOUN
ajfa-2320	61	26	factor	factor	NOUN
ajfa-2320	61	27	but	but	CCONJ
ajfa-2320	61	28	also	also	ADV
ajfa-2320	61	29	political	political	ADJ
ajfa-2320	61	30	factor	factor	NOUN
ajfa-2320	61	31	or	or	CCONJ
ajfa-2320	61	32	uncertainty	uncertainty	NOUN
ajfa-2320	61	33	.	.	PUNCT
ajfa-2320	62	1	onwioduokit	onwioduokit	NOUN
ajfa-2320	62	2	(	(	PUNCT
ajfa-2320	62	3	2007	2007	NUM
ajfa-2320	62	4	)	)	PUNCT
ajfa-2320	62	5	in	in	ADP
ajfa-2320	62	6	his	his	PRON
ajfa-2320	62	7	studies	study	NOUN
ajfa-2320	62	8	stated	state	VERB
ajfa-2320	62	9	that	that	SCONJ
ajfa-2320	62	10	the	the	DET
ajfa-2320	62	11	major	major	ADJ
ajfa-2320	62	12	determinant	determinant	NOUN
ajfa-2320	62	13	of	of	ADP
ajfa-2320	62	14	capital	capital	NOUN
ajfa-2320	62	15	flight	flight	NOUN
ajfa-2320	62	16	from	from	ADP
ajfa-2320	62	17	nigeria	nigeria	PROPN
ajfa-2320	62	18	are	be	AUX
ajfa-2320	62	19	domestic	domestic	ADJ
ajfa-2320	62	20	inflation	inflation	NOUN
ajfa-2320	62	21	,	,	PUNCT
ajfa-2320	62	22	availability	availability	NOUN
ajfa-2320	62	23	of	of	ADP
ajfa-2320	62	24	foreign	foreign	ADJ
ajfa-2320	62	25	exchange	exchange	NOUN
ajfa-2320	62	26	reserve	reserve	NOUN
ajfa-2320	62	27	,	,	PUNCT
ajfa-2320	62	28	comparative	comparative	ADJ
ajfa-2320	62	29	growth	growth	NOUN
ajfa-2320	62	30	rate	rate	NOUN
ajfa-2320	62	31	of	of	ADP
ajfa-2320	62	32	the	the	DET
ajfa-2320	62	33	economy	economy	NOUN
ajfa-2320	62	34	and	and	CCONJ
ajfa-2320	62	35	parallel	parallel	ADJ
ajfa-2320	62	36	market	market	NOUN
ajfa-2320	62	37	premium	premium	NOUN
ajfa-2320	62	38	.	.	PUNCT
ajfa-2320	63	1	a	a	DET
ajfa-2320	63	2	study	study	NOUN
ajfa-2320	63	3	on	on	ADP
ajfa-2320	63	4	econometric	econometric	ADJ
ajfa-2320	63	5	analysis	analysis	NOUN
ajfa-2320	63	6	of	of	ADP
ajfa-2320	63	7	capital	capital	ADJ
ajfa-2320	63	8	flight	flight	NOUN
ajfa-2320	63	9	in	in	ADP
ajfa-2320	63	10	nigeria	nigeria	PROPN
ajfa-2320	63	11	by	by	ADP
ajfa-2320	63	12	ayadi	ayadi	NOUN
ajfa-2320	63	13	(	(	PUNCT
ajfa-2320	63	14	2008	2008	NUM
ajfa-2320	63	15	)	)	PUNCT
ajfa-2320	63	16	investigates	investigate	VERB
ajfa-2320	63	17	the	the	DET
ajfa-2320	63	18	determinants	determinant	NOUN
ajfa-2320	63	19	of	of	ADP
ajfa-2320	63	20	huge	huge	ADJ
ajfa-2320	63	21	capital	capital	NOUN
ajfa-2320	63	22	flight	flight	NOUN
ajfa-2320	63	23	(	(	PUNCT
ajfa-2320	63	24	with	with	ADP
ajfa-2320	63	25	its	its	PRON
ajfa-2320	63	26	constraints	constraint	NOUN
ajfa-2320	63	27	on	on	ADP
ajfa-2320	63	28	economic	economic	ADJ
ajfa-2320	63	29	growth	growth	NOUN
ajfa-2320	63	30	)	)	PUNCT
ajfa-2320	63	31	in	in	ADP
ajfa-2320	63	32	nigeria	nigeria	PROPN
ajfa-2320	63	33	so	so	SCONJ
ajfa-2320	63	34	as	as	SCONJ
ajfa-2320	63	35	to	to	PART
ajfa-2320	63	36	make	make	VERB
ajfa-2320	63	37	meaningful	meaningful	ADJ
ajfa-2320	63	38	policy	policy	NOUN
ajfa-2320	63	39	contributions	contribution	NOUN
ajfa-2320	63	40	on	on	ADP
ajfa-2320	63	41	strategies	strategy	NOUN
ajfa-2320	63	42	of	of	ADP
ajfa-2320	63	43	minimizing	minimize	VERB
ajfa-2320	63	44	capital	capital	NOUN
ajfa-2320	63	45	flight	flight	NOUN
ajfa-2320	63	46	and	and	CCONJ
ajfa-2320	63	47	its	its	PRON
ajfa-2320	63	48	attendant	attendant	ADJ
ajfa-2320	63	49	impacts	impact	NOUN
ajfa-2320	63	50	.	.	PUNCT
ajfa-2320	64	1	his	his	PRON
ajfa-2320	64	2	study	study	NOUN
ajfa-2320	64	3	investigates	investigate	VERB
ajfa-2320	64	4	the	the	DET
ajfa-2320	64	5	linear	linear	ADJ
ajfa-2320	64	6	determinants	determinant	NOUN
ajfa-2320	64	7	of	of	ADP
ajfa-2320	64	8	capital	capital	NOUN
ajfa-2320	64	9	flight	flight	NOUN
ajfa-2320	64	10	in	in	ADP
ajfa-2320	64	11	nigeria	nigeria	PROPN
ajfa-2320	64	12	utilizing	utilize	VERB
ajfa-2320	64	13	the	the	DET
ajfa-2320	64	14	ordinary	ordinary	ADJ
ajfa-2320	64	15	least	least	ADJ
ajfa-2320	64	16	squares	square	NOUN
ajfa-2320	64	17	(	(	PUNCT
ajfa-2320	64	18	ols	ol	NOUN
ajfa-2320	64	19	)	)	PUNCT
ajfa-2320	64	20	and	and	CCONJ
ajfa-2320	64	21	the	the	DET
ajfa-2320	64	22	error	error	NOUN
ajfa-2320	64	23	correction	correction	NOUN
ajfa-2320	64	24	method	method	NOUN
ajfa-2320	64	25	(	(	PUNCT
ajfa-2320	64	26	ecm	ecm	PROPN
ajfa-2320	64	27	)	)	PUNCT
ajfa-2320	64	28	.	.	PUNCT
ajfa-2320	65	1	the	the	DET
ajfa-2320	65	2	study	study	NOUN
ajfa-2320	65	3	found	find	VERB
ajfa-2320	65	4	among	among	ADP
ajfa-2320	65	5	other	other	ADJ
ajfa-2320	65	6	things	thing	NOUN
ajfa-2320	65	7	,	,	PUNCT
ajfa-2320	65	8	the	the	DET
ajfa-2320	65	9	validity	validity	NOUN
ajfa-2320	65	10	of	of	ADP
ajfa-2320	65	11	the	the	DET
ajfa-2320	65	12	portfolio	portfolio	NOUN
ajfa-2320	65	13	theory	theory	NOUN
ajfa-2320	65	14	which	which	PRON
ajfa-2320	65	15	postulates	postulate	VERB
ajfa-2320	65	16	how	how	SCONJ
ajfa-2320	65	17	risk	risk	NOUN
ajfa-2320	65	18	-	-	PUNCT
ajfa-2320	65	19	averse	averse	ADJ
ajfa-2320	65	20	investors	investor	NOUN
ajfa-2320	65	21	can	can	AUX
ajfa-2320	65	22	build	build	VERB
ajfa-2320	65	23	portfolios	portfolio	NOUN
ajfa-2320	65	24	in	in	ADP
ajfa-2320	65	25	order	order	NOUN
ajfa-2320	65	26	to	to	PART
ajfa-2320	65	27	optimize	optimize	VERB
ajfa-2320	65	28	or	or	CCONJ
ajfa-2320	65	29	maximize	maximize	VERB
ajfa-2320	65	30	expected	expect	VERB
ajfa-2320	65	31	returns	return	NOUN
ajfa-2320	65	32	given	give	VERB
ajfa-2320	65	33	a	a	DET
ajfa-2320	65	34	level	level	NOUN
ajfa-2320	65	35	of	of	ADP
ajfa-2320	65	36	market	market	NOUN
ajfa-2320	65	37	risk	risk	NOUN
ajfa-2320	65	38	.	.	PUNCT
ajfa-2320	66	1	this	this	PRON
ajfa-2320	66	2	is	be	AUX
ajfa-2320	66	3	confirmed	confirm	VERB
ajfa-2320	66	4	in	in	ADP
ajfa-2320	66	5	the	the	DET
ajfa-2320	66	6	international	international	ADJ
ajfa-2320	66	7	realm	realm	NOUN
ajfa-2320	66	8	as	as	ADP
ajfa-2320	66	9	private	private	ADJ
ajfa-2320	66	10	sector	sector	NOUN
ajfa-2320	66	11	engaged	engage	VERB
ajfa-2320	66	12	in	in	ADP
ajfa-2320	66	13	international	international	ADJ
ajfa-2320	66	14	arbitrage	arbitrage	NOUN
ajfa-2320	66	15	.	.	PUNCT
ajfa-2320	67	1	capital	capital	NOUN
ajfa-2320	67	2	flight	flight	NOUN
ajfa-2320	67	3	is	be	AUX
ajfa-2320	67	4	caused	cause	VERB
ajfa-2320	67	5	by	by	ADP
ajfa-2320	67	6	the	the	DET
ajfa-2320	67	7	interest	interest	NOUN
ajfa-2320	67	8	rates	rate	NOUN
ajfa-2320	67	9	deferential	deferential	ADJ
ajfa-2320	67	10	both	both	CCONJ
ajfa-2320	67	11	in	in	ADP
ajfa-2320	67	12	the	the	DET
ajfa-2320	67	13	short	short	ADJ
ajfa-2320	67	14	and	and	CCONJ
ajfa-2320	67	15	in	in	ADP
ajfa-2320	67	16	the	the	DET
ajfa-2320	67	17	long	long	ADJ
ajfa-2320	67	18	run	run	NOUN
ajfa-2320	67	19	.	.	PUNCT
ajfa-2320	68	1	in	in	ADP
ajfa-2320	68	2	addition	addition	NOUN
ajfa-2320	68	3	,	,	PUNCT
ajfa-2320	68	4	exchange	exchange	NOUN
ajfa-2320	68	5	rate	rate	NOUN
ajfa-2320	68	6	depreciation	depreciation	NOUN
ajfa-2320	68	7	significantly	significantly	ADV
ajfa-2320	68	8	increases	increase	VERB
ajfa-2320	68	9	capital	capital	NOUN
ajfa-2320	68	10	flight	flight	NOUN
ajfa-2320	68	11	in	in	ADP
ajfa-2320	68	12	nigeria	nigeria	PROPN
ajfa-2320	68	13	.	.	PUNCT
ajfa-2320	69	1	output	output	NOUN
ajfa-2320	69	2	growth	growth	NOUN
ajfa-2320	69	3	which	which	PRON
ajfa-2320	69	4	measures	measure	VERB
ajfa-2320	69	5	the	the	DET
ajfa-2320	69	6	domestic	domestic	ADJ
ajfa-2320	69	7	opportunity	opportunity	NOUN
ajfa-2320	69	8	cost	cost	NOUN
ajfa-2320	69	9	of	of	ADP
ajfa-2320	69	10	flight	flight	NOUN
ajfa-2320	69	11	in	in	ADP
ajfa-2320	69	12	nigeria	nigeria	PROPN
ajfa-2320	69	13	is	be	AUX
ajfa-2320	69	14	negative	negative	ADJ
ajfa-2320	69	15	and	and	CCONJ
ajfa-2320	69	16	significant	significant	ADJ
ajfa-2320	69	17	in	in	ADP
ajfa-2320	69	18	the	the	DET
ajfa-2320	69	19	short	short	ADJ
ajfa-2320	69	20	-	-	PUNCT
ajfa-2320	69	21	run	run	NOUN
ajfa-2320	69	22	indicating	indicate	VERB
ajfa-2320	69	23	that	that	SCONJ
ajfa-2320	69	24	non	non	ADJ
ajfa-2320	69	25	performance	performance	NOUN
ajfa-2320	69	26	of	of	ADP
ajfa-2320	69	27	domestic	domestic	ADJ
ajfa-2320	69	28	resources	resource	NOUN
ajfa-2320	69	29	can	can	AUX
ajfa-2320	69	30	trigger	trigger	VERB
ajfa-2320	69	31	capital	capital	NOUN
ajfa-2320	69	32	flight	flight	NOUN
ajfa-2320	69	33	.	.	PUNCT
ajfa-2320	70	1	boyrie	boyrie	NOUN
ajfa-2320	70	2	(	(	PUNCT
ajfa-2320	70	3	2011	2011	NUM
ajfa-2320	70	4	)	)	PUNCT
ajfa-2320	70	5	in	in	ADP
ajfa-2320	70	6	his	his	PRON
ajfa-2320	70	7	study	study	NOUN
ajfa-2320	70	8	of	of	ADP
ajfa-2320	70	9	the	the	DET
ajfa-2320	70	10	determinants	determinant	NOUN
ajfa-2320	70	11	of	of	ADP
ajfa-2320	70	12	capital	capital	NOUN
ajfa-2320	70	13	flight	flight	NOUN
ajfa-2320	70	14	and	and	CCONJ
ajfa-2320	70	15	capital	capital	NOUN
ajfa-2320	70	16	movement	movement	NOUN
ajfa-2320	70	17	through	through	ADP
ajfa-2320	70	18	trade	trade	NOUN
ajfa-2320	70	19	mispricing	misprice	VERB
ajfa-2320	70	20	in	in	ADP
ajfa-2320	70	21	african	african	ADJ
ajfa-2320	70	22	countries	country	NOUN
ajfa-2320	70	23	attempts	attempt	VERB
ajfa-2320	70	24	to	to	PART
ajfa-2320	70	25	accomplish	accomplish	VERB
ajfa-2320	70	26	two	two	NUM
ajfa-2320	70	27	things	thing	NOUN
ajfa-2320	70	28	.	.	PUNCT
ajfa-2320	71	1	first	first	ADV
ajfa-2320	71	2	,	,	PUNCT
ajfa-2320	71	3	it	it	PRON
ajfa-2320	71	4	tries	try	VERB
ajfa-2320	71	5	to	to	PART
ajfa-2320	71	6	establish	establish	VERB
ajfa-2320	71	7	the	the	DET
ajfa-2320	71	8	determinants	determinant	NOUN
ajfa-2320	71	9	of	of	ADP
ajfa-2320	71	10	capital	capital	NOUN
ajfa-2320	71	11	flight	flight	NOUN
ajfa-2320	71	12	and	and	CCONJ
ajfa-2320	71	13	capital	capital	NOUN
ajfa-2320	71	14	movement	movement	NOUN
ajfa-2320	71	15	through	through	ADP
ajfa-2320	71	16	trade	trade	NOUN
ajfa-2320	71	17	misinvoicing	misinvoice	VERB
ajfa-2320	71	18	from	from	ADP
ajfa-2320	71	19	selected	select	VERB
ajfa-2320	71	20	african	african	ADJ
ajfa-2320	71	21	countries	country	NOUN
ajfa-2320	71	22	in	in	ADP
ajfa-2320	71	23	order	order	NOUN
ajfa-2320	71	24	to	to	PART
ajfa-2320	71	25	ascertain	ascertain	VERB
ajfa-2320	71	26	whether	whether	SCONJ
ajfa-2320	71	27	the	the	DET
ajfa-2320	71	28	same	same	ADJ
ajfa-2320	71	29	factors	factor	NOUN
ajfa-2320	71	30	could	could	AUX
ajfa-2320	71	31	explain	explain	VERB
ajfa-2320	71	32	both	both	DET
ajfa-2320	71	33	types	type	NOUN
ajfa-2320	71	34	of	of	ADP
ajfa-2320	71	35	capital	capital	NOUN
ajfa-2320	71	36	movement	movement	NOUN
ajfa-2320	71	37	.	.	PUNCT
ajfa-2320	72	1	second	second	ADJ
ajfa-2320	72	2	,	,	PUNCT
ajfa-2320	72	3	it	it	PRON
ajfa-2320	72	4	attempts	attempt	VERB
ajfa-2320	72	5	to	to	PART
ajfa-2320	72	6	determine	determine	VERB
ajfa-2320	72	7	whether	whether	SCONJ
ajfa-2320	72	8	granger	granger	NOUN
ajfa-2320	72	9	causation	causation	NOUN
ajfa-2320	72	10	exists	exist	VERB
ajfa-2320	72	11	between	between	ADP
ajfa-2320	72	12	capital	capital	NOUN
ajfa-2320	72	13	movement	movement	NOUN
ajfa-2320	72	14	through	through	ADP
ajfa-2320	72	15	trade	trade	NOUN
ajfa-2320	72	16	misinvoicing	misinvoicing	NOUN
ajfa-2320	72	17	and	and	CCONJ
ajfa-2320	72	18	capital	capital	NOUN
ajfa-2320	72	19	flight	flight	NOUN
ajfa-2320	72	20	.	.	PUNCT
ajfa-2320	73	1	data	datum	NOUN
ajfa-2320	73	2	for	for	ADP
ajfa-2320	73	3	selected	select	VERB
ajfa-2320	73	4	countries	country	NOUN
ajfa-2320	73	5	were	be	AUX
ajfa-2320	73	6	combined	combine	VERB
ajfa-2320	73	7	into	into	ADP
ajfa-2320	73	8	geographical	geographical	ADJ
ajfa-2320	73	9	,	,	PUNCT
ajfa-2320	73	10	economic	economic	ADJ
ajfa-2320	73	11	,	,	PUNCT
ajfa-2320	73	12	and	and	CCONJ
ajfa-2320	73	13	monetary	monetary	ADJ
ajfa-2320	73	14	regions	region	NOUN
ajfa-2320	73	15	using	use	VERB
ajfa-2320	73	16	21	21	NUM
ajfa-2320	73	17	explanatory	explanatory	ADJ
ajfa-2320	73	18	variables	variable	NOUN
ajfa-2320	73	19	,	,	PUNCT
ajfa-2320	73	20	the	the	DET
ajfa-2320	73	21	results	result	NOUN
ajfa-2320	73	22	showed	show	VERB
ajfa-2320	73	23	that	that	SCONJ
ajfa-2320	73	24	variables	variable	NOUN
ajfa-2320	73	25	that	that	PRON
ajfa-2320	73	26	explain	explain	VERB
ajfa-2320	73	27	capital	capital	NOUN
ajfa-2320	73	28	flight	flight	NOUN
ajfa-2320	73	29	do	do	AUX
ajfa-2320	73	30	not	not	PART
ajfa-2320	73	31	always	always	ADV
ajfa-2320	73	32	explain	explain	VERB
ajfa-2320	73	33	capital	capital	NOUN
ajfa-2320	73	34	movement	movement	NOUN
ajfa-2320	73	35	and	and	CCONJ
ajfa-2320	73	36	vice	vice	ADV
ajfa-2320	73	37	versa	versa	ADV
ajfa-2320	73	38	.	.	PUNCT
ajfa-2320	74	1	the	the	DET
ajfa-2320	74	2	independent	independent	ADJ
ajfa-2320	74	3	variables	variable	NOUN
ajfa-2320	74	4	tended	tend	VERB
ajfa-2320	74	5	to	to	PART
ajfa-2320	74	6	explain	explain	VERB
ajfa-2320	74	7	the	the	DET
ajfa-2320	74	8	dependent	dependent	ADJ
ajfa-2320	74	9	variables	variable	NOUN
ajfa-2320	74	10	in	in	ADP
ajfa-2320	74	11	a	a	DET
ajfa-2320	74	12	few	few	ADJ
ajfa-2320	74	13	cases	case	NOUN
ajfa-2320	74	14	,	,	PUNCT
ajfa-2320	74	15	implying	imply	VERB
ajfa-2320	74	16	that	that	SCONJ
ajfa-2320	74	17	the	the	DET
ajfa-2320	74	18	reason	reason	NOUN
ajfa-2320	74	19	for	for	ADP
ajfa-2320	74	20	capital	capital	NOUN
ajfa-2320	74	21	flight	flight	NOUN
ajfa-2320	74	22	and	and	CCONJ
ajfa-2320	74	23	capital	capital	NOUN
ajfa-2320	74	24	movement	movement	NOUN
ajfa-2320	74	25	was	be	AUX
ajfa-2320	74	26	other	other	ADJ
ajfa-2320	74	27	than	than	ADP
ajfa-2320	74	28	for	for	ADP
ajfa-2320	74	29	investment	investment	NOUN
ajfa-2320	74	30	purposes	purpose	NOUN
ajfa-2320	74	31	.	.	PUNCT
ajfa-2320	75	1	overall	overall	ADJ
ajfa-2320	75	2	causality	causality	NOUN
ajfa-2320	75	3	was	be	AUX
ajfa-2320	75	4	found	find	VERB
ajfa-2320	75	5	to	to	PART
ajfa-2320	75	6	exist	exist	VERB
ajfa-2320	75	7	between	between	ADP
ajfa-2320	75	8	the	the	DET
ajfa-2320	75	9	dependent	dependent	ADJ
ajfa-2320	75	10	variables	variable	NOUN
ajfa-2320	75	11	,	,	PUNCT
ajfa-2320	75	12	mostly	mostly	ADV
ajfa-2320	75	13	in	in	ADP
ajfa-2320	75	14	the	the	DET
ajfa-2320	75	15	form	form	NOUN
ajfa-2320	75	16	of	of	ADP
ajfa-2320	75	17	feedback	feedback	NOUN
ajfa-2320	75	18	.	.	PUNCT
ajfa-2320	76	1	yet	yet	ADV
ajfa-2320	76	2	,	,	PUNCT
ajfa-2320	76	3	the	the	DET
ajfa-2320	76	4	relationship	relationship	NOUN
ajfa-2320	76	5	was	be	AUX
ajfa-2320	76	6	mostly	mostly	ADV
ajfa-2320	76	7	transitory	transitory	ADJ
ajfa-2320	76	8	with	with	ADP
ajfa-2320	76	9	a	a	DET
ajfa-2320	76	10	long	long	ADJ
ajfa-2320	76	11	-	-	PUNCT
ajfa-2320	76	12	term	term	NOUN
ajfa-2320	76	13	relationship	relationship	NOUN
ajfa-2320	76	14	existing	exist	VERB
ajfa-2320	76	15	in	in	ADP
ajfa-2320	76	16	only	only	ADV
ajfa-2320	76	17	few	few	ADJ
ajfa-2320	76	18	cases	case	NOUN
ajfa-2320	76	19	.	.	PUNCT
ajfa-2320	77	1	ali	ali	PROPN
ajfa-2320	77	2	and	and	CCONJ
ajfa-2320	77	3	walters	walters	PROPN
ajfa-2320	77	4	(	(	PUNCT
ajfa-2320	77	5	2011	2011	NUM
ajfa-2320	77	6	)	)	PUNCT
ajfa-2320	77	7	investigated	investigate	VERB
ajfa-2320	77	8	the	the	DET
ajfa-2320	77	9	causes	cause	NOUN
ajfa-2320	77	10	of	of	ADP
ajfa-2320	77	11	capital	capital	NOUN
ajfa-2320	77	12	flight	flight	NOUN
ajfa-2320	77	13	from	from	ADP
ajfa-2320	77	14	sub	sub	ADJ
ajfa-2320	77	15	-	-	ADJ
ajfa-2320	77	16	sahqran	sahqran	ADJ
ajfa-2320	77	17	africa	africa	PROPN
ajfa-2320	77	18	.	.	PUNCT
ajfa-2320	78	1	the	the	DET
ajfa-2320	78	2	study	study	NOUN
ajfa-2320	78	3	drawing	draw	VERB
ajfa-2320	78	4	on	on	ADP
ajfa-2320	78	5	insights	insight	NOUN
ajfa-2320	78	6	from	from	ADP
ajfa-2320	78	7	portfolio	portfolio	NOUN
ajfa-2320	78	8	theory	theory	NOUN
ajfa-2320	78	9	,	,	PUNCT
ajfa-2320	78	10	presents	present	VERB
ajfa-2320	78	11	empirical	empirical	ADJ
ajfa-2320	78	12	evidence	evidence	NOUN
ajfa-2320	78	13	that	that	PRON
ajfa-2320	78	14	links	link	VERB
ajfa-2320	78	15	capital	capital	NOUN
ajfa-2320	78	16	flight	flight	NOUN
ajfa-2320	78	17	to	to	ADP
ajfa-2320	78	18	the	the	DET
ajfa-2320	78	19	domestic	domestic	ADJ
ajfa-2320	78	20	investment	investment	NOUN
ajfa-2320	78	21	climate	climate	NOUN
ajfa-2320	78	22	.	.	PUNCT
ajfa-2320	79	1	using	use	VERB
ajfa-2320	79	2	a	a	DET
ajfa-2320	79	3	panel	panel	NOUN
ajfa-2320	79	4	data	datum	NOUN
ajfa-2320	79	5	set	set	VERB
ajfa-2320	79	6	for	for	ADP
ajfa-2320	79	7	37	37	NUM
ajfa-2320	79	8	african	african	ADJ
ajfa-2320	79	9	countries	country	NOUN
ajfa-2320	79	10	over	over	ADP
ajfa-2320	79	11	the	the	DET
ajfa-2320	79	12	1980	1980	NUM
ajfa-2320	79	13	-	-	SYM
ajfa-2320	79	14	2005	2005	NUM
ajfa-2320	79	15	period	period	NOUN
ajfa-2320	79	16	,	,	PUNCT
ajfa-2320	79	17	the	the	DET
ajfa-2320	79	18	study	study	NOUN
ajfa-2320	79	19	discovered	discover	VERB
ajfa-2320	79	20	that	that	SCONJ
ajfa-2320	79	21	once	once	SCONJ
ajfa-2320	79	22	account	account	NOUN
ajfa-2320	79	23	is	be	AUX
ajfa-2320	79	24	taken	take	VERB
ajfa-2320	79	25	of	of	ADP
ajfa-2320	79	26	the	the	DET
ajfa-2320	79	27	region	region	NOUN
ajfa-2320	79	28	’s	’s	PART
ajfa-2320	79	29	structural	structural	ADJ
ajfa-2320	79	30	and	and	CCONJ
ajfa-2320	79	31	institutional	institutional	ADJ
ajfa-2320	79	32	features	feature	NOUN
ajfa-2320	79	33	,	,	PUNCT
ajfa-2320	79	34	private	private	ADJ
ajfa-2320	79	35	capital	capital	NOUN
ajfa-2320	79	36	outflows	outflow	NOUN
ajfa-2320	79	37	from	from	ADP
ajfa-2320	79	38	africa	africa	PROPN
ajfa-2320	79	39	are	be	AUX
ajfa-2320	79	40	explained	explain	VERB
ajfa-2320	79	41	by	by	ADP
ajfa-2320	79	42	policy	policy	NOUN
ajfa-2320	79	43	distortions	distortion	NOUN
ajfa-2320	79	44	along	along	ADP
ajfa-2320	79	45	with	with	ADP
ajfa-2320	79	46	the	the	DET
ajfa-2320	79	47	relative	relative	ADJ
ajfa-2320	79	48	riskiness	riskiness	NOUN
ajfa-2320	79	49	and	and	CCONJ
ajfa-2320	79	50	poor	poor	ADJ
ajfa-2320	79	51	potability	potability	NOUN
ajfa-2320	79	52	of	of	ADP
ajfa-2320	79	53	investments	investment	NOUN
ajfa-2320	79	54	.	.	PUNCT
ajfa-2320	80	1	in	in	ADP
ajfa-2320	80	2	addition	addition	NOUN
ajfa-2320	80	3	,	,	PUNCT
ajfa-2320	80	4	the	the	DET
ajfa-2320	80	5	study	study	NOUN
ajfa-2320	80	6	discovered	discover	VERB
ajfa-2320	80	7	evidence	evidence	NOUN
ajfa-2320	80	8	that	that	SCONJ
ajfa-2320	80	9	the	the	DET
ajfa-2320	80	10	type	type	NOUN
ajfa-2320	80	11	and	and	CCONJ
ajfa-2320	80	12	composition	composition	NOUN
ajfa-2320	80	13	of	of	ADP
ajfa-2320	80	14	resource	resource	NOUN
ajfa-2320	80	15	flows	flow	NOUN
ajfa-2320	80	16	to	to	ADP
ajfa-2320	80	17	the	the	DET
ajfa-2320	80	18	region	region	NOUN
ajfa-2320	80	19	are	be	AUX
ajfa-2320	80	20	important	important	ADJ
ajfa-2320	80	21	for	for	ADP
ajfa-2320	80	22	capital	capital	ADJ
ajfa-2320	80	23	flight	flight	NOUN
ajfa-2320	80	24	:	:	PUNCT
ajfa-2320	80	25	foreign	foreign	ADJ
ajfa-2320	80	26	aid	aid	NOUN
ajfa-2320	80	27	generally	generally	ADV
ajfa-2320	80	28	discourages	discourage	VERB
ajfa-2320	80	29	capital	capital	NOUN
ajfa-2320	80	30	flight	flight	NOUN
ajfa-2320	80	31	while	while	SCONJ
ajfa-2320	80	32	short	short	ADJ
ajfa-2320	80	33	term	term	NOUN
ajfa-2320	80	34	borrowing	borrowing	NOUN
ajfa-2320	80	35	and	and	CCONJ
ajfa-2320	80	36	fdi	fdi	NOUN
ajfa-2320	80	37	contribute	contribute	VERB
ajfa-2320	80	38	to	to	ADP
ajfa-2320	80	39	it	it	PRON
ajfa-2320	80	40	.	.	PUNCT
ajfa-2320	81	1	the	the	DET
ajfa-2320	81	2	findings	finding	NOUN
ajfa-2320	81	3	of	of	ADP
ajfa-2320	81	4	the	the	DET
ajfa-2320	81	5	paper	paper	NOUN
ajfa-2320	81	6	are	be	AUX
ajfa-2320	81	7	robust	robust	ADJ
ajfa-2320	81	8	to	to	ADP
ajfa-2320	81	9	endogeneity	endogeneity	NOUN
ajfa-2320	81	10	,	,	PUNCT
ajfa-2320	81	11	outliers	outlier	NOUN
ajfa-2320	81	12	,	,	PUNCT
ajfa-2320	81	13	sub	sub	NOUN
ajfa-2320	81	14	-	-	NOUN
ajfa-2320	81	15	samples	sample	NOUN
ajfa-2320	81	16	,	,	PUNCT
ajfa-2320	81	17	and	and	CCONJ
ajfa-2320	81	18	to	to	ADP
ajfa-2320	81	19	different	different	ADJ
ajfa-2320	81	20	econometric	econometric	ADJ
ajfa-2320	81	21	methods	method	NOUN
ajfa-2320	81	22	.	.	PUNCT
ajfa-2320	82	1	the	the	DET
ajfa-2320	82	2	poor	poor	ADJ
ajfa-2320	82	3	results	result	NOUN
ajfa-2320	82	4	of	of	ADP
ajfa-2320	82	5	asian	asian	ADJ
ajfa-2320	82	6	journal	journal	NOUN
ajfa-2320	82	7	of	of	ADP
ajfa-2320	82	8	finance	finance	PROPN
ajfa-2320	82	9	&	&	CCONJ
ajfa-2320	82	10	accounting	accounting	PROPN
ajfa-2320	82	11	issn	issn	PROPN
ajfa-2320	82	12	1946	1946	NUM
ajfa-2320	82	13	-	-	PUNCT
ajfa-2320	82	14	052x	052x	NOUN
ajfa-2320	82	15	2012	2012	NUM
ajfa-2320	82	16	,	,	PUNCT
ajfa-2320	82	17	vol	vol	NOUN
ajfa-2320	82	18	.	.	PROPN
ajfa-2320	82	19	4	4	NUM
ajfa-2320	82	20	,	,	PUNCT
ajfa-2320	82	21	no	no	INTJ
ajfa-2320	82	22	.	.	NOUN
ajfa-2320	82	23	2	2	NUM
ajfa-2320	82	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	82	25	282	282	NUM
ajfa-2320	82	26	empirical	empirical	ADJ
ajfa-2320	82	27	studies	study	NOUN
ajfa-2320	82	28	on	on	ADP
ajfa-2320	82	29	capital	capital	NOUN
ajfa-2320	82	30	flight	flight	NOUN
ajfa-2320	82	31	from	from	ADP
ajfa-2320	82	32	african	african	PROPN
ajfa-2320	82	33	may	may	AUX
ajfa-2320	82	34	not	not	PART
ajfa-2320	82	35	be	be	AUX
ajfa-2320	82	36	unconnected	unconnected	ADJ
ajfa-2320	82	37	to	to	ADP
ajfa-2320	82	38	the	the	DET
ajfa-2320	82	39	use	use	NOUN
ajfa-2320	82	40	of	of	ADP
ajfa-2320	82	41	estimated	estimate	VERB
ajfa-2320	82	42	statistics	statistic	NOUN
ajfa-2320	82	43	of	of	ADP
ajfa-2320	82	44	capital	capital	NOUN
ajfa-2320	82	45	flight	flight	NOUN
ajfa-2320	82	46	as	as	ADP
ajfa-2320	82	47	a	a	DET
ajfa-2320	82	48	dependent	dependent	ADJ
ajfa-2320	82	49	variable	variable	NOUN
ajfa-2320	82	50	.	.	PUNCT
ajfa-2320	83	1	attempts	attempt	NOUN
ajfa-2320	83	2	to	to	PART
ajfa-2320	83	3	empirically	empirically	ADV
ajfa-2320	83	4	determine	determine	VERB
ajfa-2320	83	5	the	the	DET
ajfa-2320	83	6	factors	factor	NOUN
ajfa-2320	83	7	that	that	PRON
ajfa-2320	83	8	affects	affect	VERB
ajfa-2320	83	9	an	an	DET
ajfa-2320	83	10	estimated	estimate	VERB
ajfa-2320	83	11	statistics	statistic	NOUN
ajfa-2320	83	12	on	on	ADP
ajfa-2320	83	13	capital	capital	NOUN
ajfa-2320	83	14	flight	flight	NOUN
ajfa-2320	83	15	is	be	AUX
ajfa-2320	83	16	suspect	suspect	ADJ
ajfa-2320	83	17	and	and	CCONJ
ajfa-2320	83	18	is	be	AUX
ajfa-2320	83	19	bound	bind	VERB
ajfa-2320	83	20	to	to	PART
ajfa-2320	83	21	produces	produce	VERB
ajfa-2320	83	22	spurious	spurious	ADJ
ajfa-2320	83	23	results	result	NOUN
ajfa-2320	83	24	,	,	PUNCT
ajfa-2320	83	25	as	as	SCONJ
ajfa-2320	83	26	none	none	NOUN
ajfa-2320	83	27	of	of	ADP
ajfa-2320	83	28	the	the	DET
ajfa-2320	83	29	methods	method	NOUN
ajfa-2320	83	30	of	of	ADP
ajfa-2320	83	31	estimation	estimation	NOUN
ajfa-2320	83	32	discussed	discuss	VERB
ajfa-2320	83	33	can	can	AUX
ajfa-2320	83	34	capture	capture	VERB
ajfa-2320	83	35	the	the	DET
ajfa-2320	83	36	very	very	ADJ
ajfa-2320	83	37	nature	nature	NOUN
ajfa-2320	83	38	and	and	CCONJ
ajfa-2320	83	39	character	character	NOUN
ajfa-2320	83	40	of	of	ADP
ajfa-2320	83	41	the	the	DET
ajfa-2320	83	42	developing	develop	VERB
ajfa-2320	83	43	countries	country	NOUN
ajfa-2320	83	44	including	include	VERB
ajfa-2320	83	45	nigeria	nigeria	PROPN
ajfa-2320	83	46	.	.	PUNCT
ajfa-2320	84	1	the	the	DET
ajfa-2320	84	2	relative	relative	NOUN
ajfa-2320	84	3	under	under	ADP
ajfa-2320	84	4	developed	develop	VERB
ajfa-2320	84	5	nature	nature	NOUN
ajfa-2320	84	6	of	of	ADP
ajfa-2320	84	7	statistical	statistical	ADJ
ajfa-2320	84	8	gathering	gathering	NOUN
ajfa-2320	84	9	as	as	ADV
ajfa-2320	84	10	well	well	ADV
ajfa-2320	84	11	as	as	ADP
ajfa-2320	84	12	the	the	DET
ajfa-2320	84	13	very	very	ADJ
ajfa-2320	84	14	nature	nature	NOUN
ajfa-2320	84	15	of	of	ADP
ajfa-2320	84	16	the	the	DET
ajfa-2320	84	17	applied	apply	VERB
ajfa-2320	84	18	concept	concept	NOUN
ajfa-2320	84	19	of	of	ADP
ajfa-2320	84	20	capital	capital	NOUN
ajfa-2320	84	21	flight	flight	NOUN
ajfa-2320	84	22	makes	make	VERB
ajfa-2320	84	23	the	the	DET
ajfa-2320	84	24	adoption	adoption	NOUN
ajfa-2320	84	25	of	of	ADP
ajfa-2320	84	26	any	any	DET
ajfa-2320	84	27	model	model	NOUN
ajfa-2320	84	28	developed	develop	VERB
ajfa-2320	84	29	for	for	ADP
ajfa-2320	84	30	the	the	DET
ajfa-2320	84	31	industrial	industrial	ADJ
ajfa-2320	84	32	economies	economy	NOUN
ajfa-2320	84	33	for	for	ADP
ajfa-2320	84	34	the	the	DET
ajfa-2320	84	35	purpose	purpose	NOUN
ajfa-2320	84	36	of	of	ADP
ajfa-2320	84	37	measuring	measure	VERB
ajfa-2320	84	38	capital	capital	NOUN
ajfa-2320	84	39	flight	flight	NOUN
ajfa-2320	84	40	in	in	ADP
ajfa-2320	84	41	the	the	DET
ajfa-2320	84	42	developing	develop	VERB
ajfa-2320	84	43	country	country	NOUN
ajfa-2320	84	44	like	like	ADP
ajfa-2320	84	45	nigeria	nigeria	PROPN
ajfa-2320	84	46	,	,	PUNCT
ajfa-2320	84	47	irrelevant	irrelevant	PROPN
ajfa-2320	84	48	.	.	PUNCT
ajfa-2320	85	1	methodology	methodology	NOUN
ajfa-2320	85	2	based	base	VERB
ajfa-2320	85	3	on	on	ADP
ajfa-2320	85	4	the	the	DET
ajfa-2320	85	5	theoretical	theoretical	ADJ
ajfa-2320	85	6	and	and	CCONJ
ajfa-2320	85	7	literature	literature	NOUN
ajfa-2320	85	8	reviewed	review	VERB
ajfa-2320	85	9	above	above	ADV
ajfa-2320	85	10	,	,	PUNCT
ajfa-2320	85	11	we	we	PRON
ajfa-2320	85	12	adopt	adopt	VERB
ajfa-2320	85	13	the	the	DET
ajfa-2320	85	14	residual	residual	ADJ
ajfa-2320	85	15	approach	approach	NOUN
ajfa-2320	85	16	to	to	ADP
ajfa-2320	85	17	capital	capital	NOUN
ajfa-2320	85	18	flight	flight	NOUN
ajfa-2320	85	19	by	by	ADP
ajfa-2320	85	20	adopting	adopt	VERB
ajfa-2320	85	21	the	the	DET
ajfa-2320	85	22	world	world	NOUN
ajfa-2320	85	23	bank	bank	PROPN
ajfa-2320	85	24	(	(	PUNCT
ajfa-2320	85	25	1985	1985	NUM
ajfa-2320	85	26	)	)	PUNCT
ajfa-2320	85	27	and	and	CCONJ
ajfa-2320	85	28	erbe	erbe	PROPN
ajfa-2320	85	29	(	(	PUNCT
ajfa-2320	85	30	1985	1985	NUM
ajfa-2320	85	31	)	)	PUNCT
ajfa-2320	85	32	.	.	PUNCT
ajfa-2320	86	1	this	this	PRON
ajfa-2320	86	2	is	be	AUX
ajfa-2320	86	3	because	because	SCONJ
ajfa-2320	86	4	it	it	PRON
ajfa-2320	86	5	encompasses	encompass	VERB
ajfa-2320	86	6	macro	macro	ADJ
ajfa-2320	86	7	-	-	ADJ
ajfa-2320	86	8	economic	economic	ADJ
ajfa-2320	86	9	variables	variable	NOUN
ajfa-2320	86	10	that	that	PRON
ajfa-2320	86	11	determine	determine	VERB
ajfa-2320	86	12	the	the	DET
ajfa-2320	86	13	economic	economic	ADJ
ajfa-2320	86	14	growth	growth	NOUN
ajfa-2320	86	15	of	of	ADP
ajfa-2320	86	16	nigeria	nigeria	PROPN
ajfa-2320	86	17	.	.	PUNCT
ajfa-2320	87	1	this	this	DET
ajfa-2320	87	2	variables	variable	NOUN
ajfa-2320	87	3	are	be	AUX
ajfa-2320	87	4	the	the	DET
ajfa-2320	87	5	volatility	volatility	NOUN
ajfa-2320	87	6	in	in	ADP
ajfa-2320	87	7	external	external	ADJ
ajfa-2320	87	8	debt	debt	NOUN
ajfa-2320	87	9	(	(	PUNCT
ajfa-2320	87	10	exdebt	exdebt	NOUN
ajfa-2320	87	11	)	)	PUNCT
ajfa-2320	87	12	and	and	CCONJ
ajfa-2320	87	13	external	external	PROPN
ajfa-2320	87	14	reserve	reserve	NOUN
ajfa-2320	87	15	,	,	PUNCT
ajfa-2320	87	16	current	current	ADJ
ajfa-2320	87	17	account	account	NOUN
ajfa-2320	87	18	balance	balance	NOUN
ajfa-2320	87	19	(	(	PUNCT
ajfa-2320	87	20	cab	cab	NOUN
ajfa-2320	87	21	)	)	PUNCT
ajfa-2320	87	22	and	and	CCONJ
ajfa-2320	87	23	direct	direct	ADJ
ajfa-2320	87	24	foreign	foreign	ADJ
ajfa-2320	87	25	investment	investment	NOUN
ajfa-2320	87	26	(	(	PUNCT
ajfa-2320	87	27	dfi	dfi	PROPN
ajfa-2320	87	28	)	)	PUNCT
ajfa-2320	87	29	.	.	PUNCT
ajfa-2320	88	1	all	all	DET
ajfa-2320	88	2	these	these	DET
ajfa-2320	88	3	variables	variable	NOUN
ajfa-2320	88	4	are	be	AUX
ajfa-2320	88	5	capital	capital	NOUN
ajfa-2320	88	6	flight	flight	NOUN
ajfa-2320	88	7	estimate	estimate	NOUN
ajfa-2320	88	8	according	accord	VERB
ajfa-2320	88	9	to	to	ADP
ajfa-2320	88	10	world	world	PROPN
ajfa-2320	88	11	bank	bank	PROPN
ajfa-2320	88	12	(	(	PUNCT
ajfa-2320	88	13	1985	1985	NUM
ajfa-2320	88	14	)	)	PUNCT
ajfa-2320	88	15	and	and	CCONJ
ajfa-2320	88	16	erbe	erbe	PROPN
ajfa-2320	88	17	(	(	PUNCT
ajfa-2320	88	18	1985	1985	NUM
ajfa-2320	88	19	)	)	PUNCT
ajfa-2320	88	20	.	.	PUNCT
ajfa-2320	89	1	this	this	DET
ajfa-2320	89	2	study	study	NOUN
ajfa-2320	89	3	used	use	VERB
ajfa-2320	89	4	cointegration	cointegration	NOUN
ajfa-2320	89	5	and	and	CCONJ
ajfa-2320	89	6	error	error	NOUN
ajfa-2320	89	7	correction	correction	NOUN
ajfa-2320	89	8	mechanism	mechanism	NOUN
ajfa-2320	89	9	(	(	PUNCT
ajfa-2320	89	10	ecm	ecm	NOUN
ajfa-2320	89	11	)	)	PUNCT
ajfa-2320	89	12	as	as	ADP
ajfa-2320	89	13	its	its	PRON
ajfa-2320	89	14	estimation	estimation	NOUN
ajfa-2320	89	15	techniques	technique	NOUN
ajfa-2320	89	16	with	with	ADP
ajfa-2320	89	17	data	datum	NOUN
ajfa-2320	89	18	over	over	ADP
ajfa-2320	89	19	the	the	DET
ajfa-2320	89	20	period	period	NOUN
ajfa-2320	89	21	of	of	ADP
ajfa-2320	89	22	1970	1970	NUM
ajfa-2320	89	23	2009	2009	NUM
ajfa-2320	89	24	.	.	PUNCT
ajfa-2320	90	1	therefore	therefore	ADV
ajfa-2320	90	2	,	,	PUNCT
ajfa-2320	90	3	we	we	PRON
ajfa-2320	90	4	determine	determine	VERB
ajfa-2320	90	5	the	the	DET
ajfa-2320	90	6	effect	effect	NOUN
ajfa-2320	90	7	of	of	ADP
ajfa-2320	90	8	these	these	DET
ajfa-2320	90	9	macro	macro	ADJ
ajfa-2320	90	10	-	-	ADJ
ajfa-2320	90	11	economic	economic	ADJ
ajfa-2320	90	12	variables	variable	NOUN
ajfa-2320	90	13	on	on	ADP
ajfa-2320	90	14	nigeria	nigeria	PROPN
ajfa-2320	90	15	economic	economic	ADJ
ajfa-2320	90	16	growth	growth	NOUN
ajfa-2320	90	17	introducing	introduce	VERB
ajfa-2320	90	18	gross	gross	ADJ
ajfa-2320	90	19	domestic	domestic	ADJ
ajfa-2320	90	20	product	product	NOUN
ajfa-2320	90	21	(	(	PUNCT
ajfa-2320	90	22	gdp	gdp	NOUN
ajfa-2320	90	23	)	)	PUNCT
ajfa-2320	90	24	as	as	ADP
ajfa-2320	90	25	the	the	DET
ajfa-2320	90	26	dependent	dependent	ADJ
ajfa-2320	90	27	variable	variable	NOUN
ajfa-2320	90	28	.	.	PUNCT
ajfa-2320	91	1	the	the	DET
ajfa-2320	91	2	model	model	NOUN
ajfa-2320	91	3	is	be	AUX
ajfa-2320	91	4	functionally	functionally	ADV
ajfa-2320	91	5	specified	specify	VERB
ajfa-2320	91	6	as	as	SCONJ
ajfa-2320	91	7	follows	follow	VERB
ajfa-2320	91	8	:	:	PUNCT
ajfa-2320	91	9	gdp=	gdp=	PROPN
ajfa-2320	91	10	f(δexdebt	f(δexdebt	PROPN
ajfa-2320	91	11	,	,	PUNCT
ajfa-2320	91	12	dfi	dfi	PROPN
ajfa-2320	91	13	,	,	PUNCT
ajfa-2320	91	14	cab	cab	NOUN
ajfa-2320	91	15	,	,	PUNCT
ajfa-2320	91	16	δres	δre	NOUN
ajfa-2320	91	17	,	,	PUNCT
ajfa-2320	91	18	µ	µ	NOUN
ajfa-2320	91	19	)	)	PUNCT
ajfa-2320	91	20	(	(	PUNCT
ajfa-2320	91	21	6	6	NUM
ajfa-2320	91	22	)	)	PUNCT
ajfa-2320	92	1	where	where	SCONJ
ajfa-2320	92	2	:	:	PUNCT
ajfa-2320	92	3	gdp=	gdp=	ADJ
ajfa-2320	92	4	gross	gross	ADJ
ajfa-2320	92	5	domestic	domestic	ADJ
ajfa-2320	92	6	product	product	NOUN
ajfa-2320	92	7	;	;	PUNCT
ajfa-2320	92	8	δexdebt=	δexdebt=	NUM
ajfa-2320	92	9	change	change	NOUN
ajfa-2320	92	10	in	in	ADP
ajfa-2320	92	11	external	external	ADJ
ajfa-2320	92	12	debt	debt	NOUN
ajfa-2320	92	13	;	;	PUNCT
ajfa-2320	92	14	dfi=	dfi=	PROPN
ajfa-2320	92	15	direct	direct	ADJ
ajfa-2320	92	16	foreign	foreign	ADJ
ajfa-2320	92	17	investment	investment	NOUN
ajfa-2320	92	18	;	;	PUNCT
ajfa-2320	92	19	δres=	δres=	NUM
ajfa-2320	92	20	change	change	NOUN
ajfa-2320	92	21	in	in	ADP
ajfa-2320	92	22	external	external	ADJ
ajfa-2320	92	23	reserves	reserve	NOUN
ajfa-2320	92	24	;	;	PUNCT
ajfa-2320	92	25	cab=	cab=	NOUN
ajfa-2320	92	26	current	current	ADJ
ajfa-2320	92	27	account	account	NOUN
ajfa-2320	92	28	balance	balance	NOUN
ajfa-2320	92	29	=	=	CCONJ
ajfa-2320	92	30	functional	functional	ADJ
ajfa-2320	92	31	notation	notation	NOUN
ajfa-2320	92	32	;	;	PUNCT
ajfa-2320	92	33	µ=	µ=	VERB
ajfa-2320	92	34	stochastic	stochastic	ADJ
ajfa-2320	92	35	error	error	NOUN
ajfa-2320	92	36	term	term	NOUN
ajfa-2320	92	37	.	.	PUNCT
ajfa-2320	93	1	the	the	DET
ajfa-2320	93	2	estimation	estimation	NOUN
ajfa-2320	93	3	technique	technique	NOUN
ajfa-2320	93	4	of	of	ADP
ajfa-2320	93	5	the	the	DET
ajfa-2320	93	6	above	above	ADJ
ajfa-2320	93	7	model	model	NOUN
ajfa-2320	93	8	in	in	ADP
ajfa-2320	93	9	explicit	explicit	ADJ
ajfa-2320	93	10	form	form	NOUN
ajfa-2320	93	11	and	and	CCONJ
ajfa-2320	93	12	by	by	ADP
ajfa-2320	93	13	loglinearizing	loglinearize	VERB
ajfa-2320	93	14	thus	thus	ADV
ajfa-2320	93	15	becomes	become	VERB
ajfa-2320	93	16	:	:	PUNCT
ajfa-2320	93	17	lgdp=	lgdp=	NUM
ajfa-2320	94	1	α0	α0	ADJ
ajfa-2320	94	2	+	+	SYM
ajfa-2320	94	3	α1	α1	PROPN
ajfa-2320	94	4	lδexdebt	lδexdebt	NOUN
ajfa-2320	94	5	+	+	CCONJ
ajfa-2320	94	6	α2	α2	ADV
ajfa-2320	94	7	ldfi	ldfi	VERB
ajfa-2320	94	8	+	+	CCONJ
ajfa-2320	94	9	α3	α3	ADJ
ajfa-2320	94	10	cab	cab	NOUN
ajfa-2320	94	11	+	+	CCONJ
ajfa-2320	94	12	α4	α4	NOUN
ajfa-2320	94	13	lδres+	lδres+	ADP
ajfa-2320	94	14	µ	µ	X
ajfa-2320	94	15	(	(	PUNCT
ajfa-2320	94	16	7	7	NUM
ajfa-2320	94	17	)	)	PUNCT
ajfa-2320	95	1	where	where	SCONJ
ajfa-2320	95	2	:	:	PUNCT
ajfa-2320	95	3	log=	log=	ADJ
ajfa-2320	95	4	natural	natural	ADJ
ajfa-2320	95	5	logarithm	logarithm	NOUN
ajfa-2320	95	6	;	;	PUNCT
ajfa-2320	95	7	α0	α0	PROPN
ajfa-2320	95	8	is	be	AUX
ajfa-2320	95	9	the	the	DET
ajfa-2320	95	10	intercept	intercept	NOUN
ajfa-2320	95	11	of	of	ADP
ajfa-2320	95	12	the	the	DET
ajfa-2320	95	13	relationship	relationship	NOUN
ajfa-2320	95	14	in	in	ADP
ajfa-2320	95	15	the	the	DET
ajfa-2320	95	16	model	model	NOUN
ajfa-2320	95	17	while	while	SCONJ
ajfa-2320	95	18	α1	α1	PROPN
ajfa-2320	95	19	,	,	PUNCT
ajfa-2320	95	20	α2	α2	ADJ
ajfa-2320	95	21	,	,	PUNCT
ajfa-2320	95	22	α3	α3	PROPN
ajfa-2320	95	23	are	be	AUX
ajfa-2320	95	24	the	the	DET
ajfa-2320	95	25	coefficients	coefficient	NOUN
ajfa-2320	95	26	of	of	ADP
ajfa-2320	95	27	the	the	DET
ajfa-2320	95	28	independent	independent	ADJ
ajfa-2320	95	29	variables	variable	NOUN
ajfa-2320	95	30	and	and	CCONJ
ajfa-2320	95	31	µ	µ	NOUN
ajfa-2320	95	32	is	be	AUX
ajfa-2320	95	33	the	the	DET
ajfa-2320	95	34	disturbance	disturbance	NOUN
ajfa-2320	95	35	error	error	NOUN
ajfa-2320	95	36	term	term	NOUN
ajfa-2320	95	37	.	.	PUNCT
ajfa-2320	96	1	the	the	DET
ajfa-2320	96	2	‘	'	PUNCT
ajfa-2320	96	3	apriori	apriori	NOUN
ajfa-2320	96	4	’	'	PUNCT
ajfa-2320	96	5	expectations	expectation	NOUN
ajfa-2320	96	6	of	of	ADP
ajfa-2320	96	7	the	the	DET
ajfa-2320	96	8	model	model	NOUN
ajfa-2320	96	9	are	be	AUX
ajfa-2320	96	10	that	that	PRON
ajfa-2320	96	11	:	:	PUNCT
ajfa-2320	96	12	δgdp	δgdp	VERB
ajfa-2320	96	13	/	/	SYM
ajfa-2320	96	14	δexdebt	δexdebt	PROPN
ajfa-2320	96	15	<	<	X
ajfa-2320	96	16	o	o	NOUN
ajfa-2320	96	17	;	;	PUNCT
ajfa-2320	96	18	δgdp	δgdp	NOUN
ajfa-2320	96	19	/	/	SYM
ajfa-2320	96	20	δdfi	δdfi	NOUN
ajfa-2320	96	21	>	>	NOUN
ajfa-2320	96	22	0	0	NUM
ajfa-2320	96	23	;	;	PUNCT
ajfa-2320	96	24	δgdp	δgdp	NOUN
ajfa-2320	96	25	/	/	SYM
ajfa-2320	96	26	δres	δre	NOUN
ajfa-2320	96	27	>	>	X
ajfa-2320	96	28	<	<	X
ajfa-2320	96	29	0	0	NUM
ajfa-2320	96	30	;	;	PUNCT
ajfa-2320	96	31	δgdp	δgdp	NOUN
ajfa-2320	96	32	/	/	SYM
ajfa-2320	96	33	δcab	δcab	PROPN
ajfa-2320	96	34	>	>	PUNCT
ajfa-2320	96	35	<	<	X
ajfa-2320	96	36	0	0	NUM
ajfa-2320	96	37	;	;	PUNCT
ajfa-2320	96	38	the	the	DET
ajfa-2320	96	39	test	test	NOUN
ajfa-2320	96	40	for	for	ADP
ajfa-2320	96	41	stationarity	stationarity	NOUN
ajfa-2320	96	42	is	be	AUX
ajfa-2320	96	43	done	do	VERB
ajfa-2320	96	44	using	use	VERB
ajfa-2320	96	45	the	the	DET
ajfa-2320	96	46	augmented	augment	VERB
ajfa-2320	96	47	dickey	dickey	NOUN
ajfa-2320	96	48	-	-	PUNCT
ajfa-2320	96	49	fuller	full	ADJ
ajfa-2320	96	50	(	(	PUNCT
ajfa-2320	96	51	adf	adf	NOUN
ajfa-2320	96	52	)	)	PUNCT
ajfa-2320	96	53	unit	unit	NOUN
ajfa-2320	96	54	root	root	NOUN
ajfa-2320	96	55	test	test	NOUN
ajfa-2320	96	56	.	.	PUNCT
ajfa-2320	97	1	this	this	PRON
ajfa-2320	97	2	is	be	AUX
ajfa-2320	97	3	done	do	VERB
ajfa-2320	97	4	at	at	ADP
ajfa-2320	97	5	various	various	ADJ
ajfa-2320	97	6	levels	level	NOUN
ajfa-2320	97	7	of	of	ADP
ajfa-2320	97	8	stationarity	stationarity	NOUN
ajfa-2320	97	9	.	.	PUNCT
ajfa-2320	98	1	the	the	DET
ajfa-2320	98	2	adf	adf	PROPN
ajfa-2320	98	3	statistics	statistic	NOUN
ajfa-2320	98	4	must	must	AUX
ajfa-2320	98	5	be	be	AUX
ajfa-2320	98	6	greater	great	ADJ
ajfa-2320	98	7	than	than	ADP
ajfa-2320	98	8	the	the	DET
ajfa-2320	98	9	mackinnon	mackinnon	PROPN
ajfa-2320	98	10	critical	critical	ADJ
ajfa-2320	98	11	value	value	NOUN
ajfa-2320	98	12	before	before	SCONJ
ajfa-2320	98	13	the	the	DET
ajfa-2320	98	14	variable	variable	NOUN
ajfa-2320	98	15	can	can	AUX
ajfa-2320	98	16	be	be	AUX
ajfa-2320	98	17	adjudged	adjudge	VERB
ajfa-2320	98	18	stationary	stationary	ADJ
ajfa-2320	98	19	.	.	PUNCT
ajfa-2320	99	1	the	the	DET
ajfa-2320	99	2	test	test	NOUN
ajfa-2320	99	3	for	for	ADP
ajfa-2320	99	4	the	the	DET
ajfa-2320	99	5	long	long	ADJ
ajfa-2320	99	6	run	run	NOUN
ajfa-2320	99	7	relationship	relationship	NOUN
ajfa-2320	99	8	is	be	AUX
ajfa-2320	99	9	done	do	VERB
ajfa-2320	99	10	using	use	VERB
ajfa-2320	99	11	the	the	DET
ajfa-2320	99	12	johansen	johansen	PROPN
ajfa-2320	99	13	co	co	NOUN
ajfa-2320	99	14	-	-	NOUN
ajfa-2320	99	15	integration	integration	NOUN
ajfa-2320	99	16	test	test	NOUN
ajfa-2320	99	17	.	.	PUNCT
ajfa-2320	100	1	the	the	DET
ajfa-2320	100	2	long	long	ADJ
ajfa-2320	100	3	run	run	NOUN
ajfa-2320	100	4	relationship	relationship	NOUN
ajfa-2320	100	5	is	be	AUX
ajfa-2320	100	6	determined	determine	VERB
ajfa-2320	100	7	by	by	ADP
ajfa-2320	100	8	the	the	DET
ajfa-2320	100	9	trace	trace	NOUN
ajfa-2320	100	10	statistics	statistic	NOUN
ajfa-2320	100	11	.	.	PUNCT
ajfa-2320	101	1	the	the	DET
ajfa-2320	101	2	study	study	NOUN
ajfa-2320	101	3	used	use	VERB
ajfa-2320	101	4	secondary	secondary	ADJ
ajfa-2320	101	5	data	datum	NOUN
ajfa-2320	101	6	that	that	PRON
ajfa-2320	101	7	are	be	AUX
ajfa-2320	101	8	obtained	obtain	VERB
ajfa-2320	101	9	from	from	ADP
ajfa-2320	101	10	the	the	DET
ajfa-2320	101	11	asian	asian	ADJ
ajfa-2320	101	12	journal	journal	NOUN
ajfa-2320	101	13	of	of	ADP
ajfa-2320	101	14	finance	finance	PROPN
ajfa-2320	101	15	&	&	CCONJ
ajfa-2320	101	16	accounting	accounting	PROPN
ajfa-2320	101	17	issn	issn	PROPN
ajfa-2320	101	18	1946	1946	NUM
ajfa-2320	101	19	-	-	PUNCT
ajfa-2320	101	20	052x	052x	NOUN
ajfa-2320	101	21	2012	2012	NUM
ajfa-2320	101	22	,	,	PUNCT
ajfa-2320	101	23	vol	vol	NOUN
ajfa-2320	101	24	.	.	PROPN
ajfa-2320	101	25	4	4	NUM
ajfa-2320	101	26	,	,	PUNCT
ajfa-2320	101	27	no	no	INTJ
ajfa-2320	101	28	.	.	NOUN
ajfa-2320	101	29	2	2	NUM
ajfa-2320	101	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	101	31	283	283	NUM
ajfa-2320	101	32	central	central	ADJ
ajfa-2320	101	33	bank	bank	NOUN
ajfa-2320	101	34	of	of	ADP
ajfa-2320	101	35	nigeria	nigeria	PROPN
ajfa-2320	101	36	(	(	PUNCT
ajfa-2320	101	37	cbn	cbn	PROPN
ajfa-2320	101	38	)	)	PUNCT
ajfa-2320	101	39	,	,	PUNCT
ajfa-2320	101	40	federal	federal	ADJ
ajfa-2320	101	41	office	office	NOUN
ajfa-2320	101	42	of	of	ADP
ajfa-2320	101	43	statistics	statistic	NOUN
ajfa-2320	101	44	(	(	PUNCT
ajfa-2320	101	45	fos	fos	NOUN
ajfa-2320	101	46	)	)	PUNCT
ajfa-2320	101	47	and	and	CCONJ
ajfa-2320	101	48	other	other	ADJ
ajfa-2320	101	49	sources	source	NOUN
ajfa-2320	101	50	that	that	PRON
ajfa-2320	101	51	are	be	AUX
ajfa-2320	101	52	relevant	relevant	ADJ
ajfa-2320	101	53	to	to	ADP
ajfa-2320	101	54	the	the	DET
ajfa-2320	101	55	study	study	NOUN
ajfa-2320	101	56	.	.	PUNCT
ajfa-2320	102	1	empirical	empirical	ADJ
ajfa-2320	102	2	results	result	NOUN
ajfa-2320	102	3	since	since	SCONJ
ajfa-2320	102	4	the	the	DET
ajfa-2320	102	5	study	study	NOUN
ajfa-2320	102	6	used	use	VERB
ajfa-2320	102	7	time	time	NOUN
ajfa-2320	102	8	series	series	PROPN
ajfa-2320	102	9	data	data	PROPN
ajfa-2320	102	10	,	,	PUNCT
ajfa-2320	102	11	the	the	DET
ajfa-2320	102	12	first	first	ADJ
ajfa-2320	102	13	step	step	NOUN
ajfa-2320	102	14	is	be	AUX
ajfa-2320	102	15	to	to	PART
ajfa-2320	102	16	establish	establish	VERB
ajfa-2320	102	17	the	the	DET
ajfa-2320	102	18	stationarity	stationarity	NOUN
ajfa-2320	102	19	or	or	CCONJ
ajfa-2320	102	20	otherwise	otherwise	ADV
ajfa-2320	102	21	of	of	ADP
ajfa-2320	102	22	the	the	DET
ajfa-2320	102	23	variables	variable	NOUN
ajfa-2320	102	24	.	.	PUNCT
ajfa-2320	103	1	to	to	PART
ajfa-2320	103	2	ascertain	ascertain	VERB
ajfa-2320	103	3	this	this	PRON
ajfa-2320	103	4	,	,	PUNCT
ajfa-2320	103	5	the	the	DET
ajfa-2320	103	6	visual	visual	ADJ
ajfa-2320	103	7	plot	plot	NOUN
ajfa-2320	103	8	of	of	ADP
ajfa-2320	103	9	the	the	DET
ajfa-2320	103	10	variables	variable	NOUN
ajfa-2320	103	11	is	be	AUX
ajfa-2320	103	12	usually	usually	ADV
ajfa-2320	103	13	the	the	DET
ajfa-2320	103	14	first	first	ADJ
ajfa-2320	103	15	step	step	NOUN
ajfa-2320	103	16	.	.	PUNCT
ajfa-2320	104	1	the	the	DET
ajfa-2320	104	2	graphs	graph	NOUN
ajfa-2320	104	3	below	below	ADP
ajfa-2320	104	4	shows	show	VERB
ajfa-2320	104	5	that	that	SCONJ
ajfa-2320	104	6	the	the	DET
ajfa-2320	104	7	variables	variable	NOUN
ajfa-2320	104	8	exhibit	exhibit	VERB
ajfa-2320	104	9	varying	vary	VERB
ajfa-2320	104	10	degrees	degree	NOUN
ajfa-2320	104	11	of	of	ADP
ajfa-2320	104	12	fluctuations	fluctuation	NOUN
ajfa-2320	104	13	thereafter	thereafter	ADV
ajfa-2320	104	14	,	,	PUNCT
ajfa-2320	104	15	a	a	DET
ajfa-2320	104	16	unit	unit	NOUN
ajfa-2320	104	17	root	root	NOUN
ajfa-2320	104	18	test	test	NOUN
ajfa-2320	104	19	was	be	AUX
ajfa-2320	104	20	carried	carry	VERB
ajfa-2320	104	21	out	out	ADP
ajfa-2320	104	22	by	by	ADP
ajfa-2320	104	23	using	use	VERB
ajfa-2320	104	24	the	the	DET
ajfa-2320	104	25	adf	adf	PROPN
ajfa-2320	104	26	methodology	methodology	NOUN
ajfa-2320	104	27	.	.	PUNCT
ajfa-2320	105	1	8	8	NUM
ajfa-2320	105	2	10	10	NUM
ajfa-2320	105	3	12	12	NUM
ajfa-2320	105	4	14	14	NUM
ajfa-2320	105	5	16	16	NUM
ajfa-2320	105	6	18	18	NUM
ajfa-2320	105	7	70	70	NUM
ajfa-2320	105	8	75	75	NUM
ajfa-2320	105	9	80	80	NUM
ajfa-2320	105	10	85	85	NUM
ajfa-2320	105	11	90	90	NUM
ajfa-2320	105	12	95	95	NUM
ajfa-2320	105	13	00	00	NUM
ajfa-2320	106	1	05	05	NUM
ajfa-2320	107	1	lgdp	lgdp	NOUN
ajfa-2320	107	2	0	0	NUM
ajfa-2320	107	3	2	2	NUM
ajfa-2320	107	4	4	4	NUM
ajfa-2320	107	5	6	6	NUM
ajfa-2320	107	6	8	8	NUM
ajfa-2320	107	7	10	10	NUM
ajfa-2320	107	8	12	12	NUM
ajfa-2320	107	9	14	14	NUM
ajfa-2320	107	10	16	16	NUM
ajfa-2320	107	11	70	70	NUM
ajfa-2320	107	12	75	75	NUM
ajfa-2320	107	13	80	80	NUM
ajfa-2320	107	14	85	85	NUM
ajfa-2320	107	15	90	90	NUM
ajfa-2320	107	16	95	95	NUM
ajfa-2320	107	17	00	00	NUM
ajfa-2320	107	18	05	05	NUM
ajfa-2320	107	19	ldebt	ldebt	ADV
ajfa-2320	107	20	6	6	NUM
ajfa-2320	107	21	7	7	NUM
ajfa-2320	107	22	8	8	NUM
ajfa-2320	107	23	9	9	NUM
ajfa-2320	107	24	10	10	NUM
ajfa-2320	107	25	11	11	NUM
ajfa-2320	107	26	12	12	NUM
ajfa-2320	107	27	13	13	NUM
ajfa-2320	107	28	14	14	NUM
ajfa-2320	107	29	70	70	NUM
ajfa-2320	107	30	75	75	NUM
ajfa-2320	107	31	80	80	NUM
ajfa-2320	107	32	85	85	NUM
ajfa-2320	107	33	90	90	NUM
ajfa-2320	107	34	95	95	NUM
ajfa-2320	107	35	00	00	NUM
ajfa-2320	107	36	05	05	NUM
ajfa-2320	107	37	ldfi	ldfi	VERB
ajfa-2320	107	38	2	2	NUM
ajfa-2320	107	39	4	4	NUM
ajfa-2320	107	40	6	6	NUM
ajfa-2320	107	41	8	8	NUM
ajfa-2320	107	42	10	10	NUM
ajfa-2320	107	43	12	12	NUM
ajfa-2320	107	44	14	14	NUM
ajfa-2320	107	45	16	16	NUM
ajfa-2320	107	46	70	70	NUM
ajfa-2320	107	47	75	75	NUM
ajfa-2320	107	48	80	80	NUM
ajfa-2320	107	49	85	85	NUM
ajfa-2320	107	50	90	90	NUM
ajfa-2320	107	51	95	95	NUM
ajfa-2320	107	52	00	00	NUM
ajfa-2320	107	53	05	05	NUM
ajfa-2320	108	1	lca	lca	NOUN
ajfa-2320	108	2	2	2	NUM
ajfa-2320	108	3	4	4	NUM
ajfa-2320	108	4	6	6	NUM
ajfa-2320	108	5	8	8	NUM
ajfa-2320	108	6	10	10	NUM
ajfa-2320	108	7	12	12	NUM
ajfa-2320	108	8	14	14	NUM
ajfa-2320	108	9	16	16	NUM
ajfa-2320	108	10	70	70	NUM
ajfa-2320	108	11	75	75	NUM
ajfa-2320	108	12	80	80	NUM
ajfa-2320	108	13	85	85	NUM
ajfa-2320	108	14	90	90	NUM
ajfa-2320	108	15	95	95	NUM
ajfa-2320	108	16	00	00	NUM
ajfa-2320	108	17	05	05	NUM
ajfa-2320	108	18	les	le	NOUN
ajfa-2320	108	19	figure	figure	NOUN
ajfa-2320	108	20	1	1	NUM
ajfa-2320	108	21	.	.	PUNCT
ajfa-2320	108	22	graphical	graphical	ADJ
ajfa-2320	108	23	representation	representation	NOUN
ajfa-2320	108	24	of	of	ADP
ajfa-2320	108	25	time	time	NOUN
ajfa-2320	108	26	series	series	PROPN
ajfa-2320	108	27	data	data	PROPN
ajfa-2320	108	28	source	source	NOUN
ajfa-2320	108	29	:	:	PUNCT
ajfa-2320	108	30	e	e	ADJ
ajfa-2320	108	31	-	-	ADJ
ajfa-2320	108	32	view	view	ADJ
ajfa-2320	108	33	statistical	statistical	ADJ
ajfa-2320	108	34	software	software	NOUN
ajfa-2320	108	35	,	,	PUNCT
ajfa-2320	108	36	version	version	NOUN
ajfa-2320	108	37	7	7	NUM
ajfa-2320	108	38	asian	asian	ADJ
ajfa-2320	108	39	journal	journal	NOUN
ajfa-2320	108	40	of	of	ADP
ajfa-2320	108	41	finance	finance	PROPN
ajfa-2320	108	42	&	&	CCONJ
ajfa-2320	108	43	accounting	accounting	PROPN
ajfa-2320	108	44	issn	issn	PROPN
ajfa-2320	108	45	1946	1946	NUM
ajfa-2320	108	46	-	-	PUNCT
ajfa-2320	108	47	052x	052x	NOUN
ajfa-2320	108	48	2012	2012	NUM
ajfa-2320	108	49	,	,	PUNCT
ajfa-2320	108	50	vol	vol	NOUN
ajfa-2320	108	51	.	.	PROPN
ajfa-2320	109	1	4	4	NUM
ajfa-2320	109	2	,	,	PUNCT
ajfa-2320	109	3	no	no	INTJ
ajfa-2320	109	4	.	.	NOUN
ajfa-2320	109	5	2	2	NUM
ajfa-2320	109	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	109	7	284	284	NUM
ajfa-2320	109	8	table	table	NOUN
ajfa-2320	109	9	1	1	NUM
ajfa-2320	109	10	.	.	PUNCT
ajfa-2320	110	1	summary	summary	NOUN
ajfa-2320	110	2	of	of	ADP
ajfa-2320	110	3	adf	adf	PROPN
ajfa-2320	110	4	unit	unit	NOUN
ajfa-2320	110	5	root	root	PROPN
ajfa-2320	110	6	test	test	NOUN
ajfa-2320	110	7	variables	variable	NOUN
ajfa-2320	110	8	adf	adf	PROPN
ajfa-2320	110	9	test	test	PROPN
ajfa-2320	110	10	statistics	statistics	PROPN
ajfa-2320	110	11	mackinnon	mackinnon	PROPN
ajfa-2320	110	12	critical	critical	ADJ
ajfa-2320	110	13	vale	vale	NOUN
ajfa-2320	110	14	@	@	ADP
ajfa-2320	110	15	5	5	NUM
ajfa-2320	110	16	%	%	NOUN
ajfa-2320	110	17	no	no	NOUN
ajfa-2320	110	18	of	of	ADP
ajfa-2320	110	19	the	the	DET
ajfa-2320	110	20	time	time	NOUN
ajfa-2320	110	21	differences	difference	NOUN
ajfa-2320	110	22	remark	remark	VERB
ajfa-2320	110	23	gdp	gdp	PROPN
ajfa-2320	110	24	-5.312332	-5.312332	PROPN
ajfa-2320	110	25	-2.9411	-2.9411	PUNCT
ajfa-2320	110	26	i(1	i(1	NOUN
ajfa-2320	110	27	)	)	PUNCT
ajfa-2320	110	28	stationary	stationary	ADJ
ajfa-2320	110	29	δexdebt	δexdebt	PROPN
ajfa-2320	110	30	-8.300316	-8.300316	NOUN
ajfa-2320	110	31	-2.9411	-2.9411	PUNCT
ajfa-2320	111	1	i(1	i(1	PROPN
ajfa-2320	111	2	)	)	PUNCT
ajfa-2320	111	3	stationary	stationary	PROPN
ajfa-2320	111	4	dfi	dfi	PROPN
ajfa-2320	111	5	-9.563759	-9.563759	PROPN
ajfa-2320	111	6	-2.9411	-2.9411	PUNCT
ajfa-2320	112	1	i(1	i(1	PROPN
ajfa-2320	112	2	)	)	PUNCT
ajfa-2320	112	3	stationary	stationary	ADJ
ajfa-2320	112	4	cab	cab	NOUN
ajfa-2320	112	5	-11.60126	-11.60126	PUNCT
ajfa-2320	112	6	-2.9411	-2.9411	PUNCT
ajfa-2320	112	7	i(1	i(1	PROPN
ajfa-2320	112	8	)	)	PUNCT
ajfa-2320	112	9	stationary	stationary	ADJ
ajfa-2320	112	10	δres	δre	NOUN
ajfa-2320	112	11	-6.471667	-6.471667	NOUN
ajfa-2320	112	12	-2.9458	-2.9458	PUNCT
ajfa-2320	113	1	i(1	i(1	NOUN
ajfa-2320	113	2	)	)	PUNCT
ajfa-2320	113	3	stationary	stationary	ADJ
ajfa-2320	113	4	source	source	NOUN
ajfa-2320	113	5	:	:	PUNCT
ajfa-2320	113	6	extracted	extract	VERB
ajfa-2320	113	7	from	from	ADP
ajfa-2320	113	8	e	e	NOUN
ajfa-2320	113	9	-	-	NOUN
ajfa-2320	113	10	view	view	NOUN
ajfa-2320	113	11	7	7	NUM
ajfa-2320	113	12	.	.	PUNCT
ajfa-2320	114	1	the	the	DET
ajfa-2320	114	2	results	result	NOUN
ajfa-2320	114	3	of	of	ADP
ajfa-2320	114	4	unit	unit	NOUN
ajfa-2320	114	5	root	root	NOUN
ajfa-2320	114	6	test	test	NOUN
ajfa-2320	114	7	above	above	ADV
ajfa-2320	114	8	indicated	indicate	VERB
ajfa-2320	114	9	that	that	SCONJ
ajfa-2320	114	10	the	the	DET
ajfa-2320	114	11	variables	variable	NOUN
ajfa-2320	114	12	used	use	VERB
ajfa-2320	114	13	in	in	ADP
ajfa-2320	114	14	the	the	DET
ajfa-2320	114	15	study	study	NOUN
ajfa-2320	114	16	are	be	AUX
ajfa-2320	114	17	integrated	integrate	VERB
ajfa-2320	114	18	of	of	ADP
ajfa-2320	114	19	order	order	NOUN
ajfa-2320	115	1	i	i	PRON
ajfa-2320	115	2	(	(	PUNCT
ajfa-2320	115	3	1	1	X
ajfa-2320	115	4	)	)	PUNCT
ajfa-2320	115	5	respectively	respectively	ADV
ajfa-2320	115	6	.	.	PUNCT
ajfa-2320	116	1	this	this	PRON
ajfa-2320	116	2	means	mean	VERB
ajfa-2320	116	3	that	that	SCONJ
ajfa-2320	116	4	the	the	DET
ajfa-2320	116	5	variables	variable	NOUN
ajfa-2320	116	6	are	be	AUX
ajfa-2320	116	7	stationary	stationary	ADJ
ajfa-2320	116	8	at	at	ADP
ajfa-2320	116	9	their	their	PRON
ajfa-2320	116	10	respective	respective	ADJ
ajfa-2320	116	11	first	first	ADJ
ajfa-2320	116	12	difference	difference	NOUN
ajfa-2320	116	13	cointegration	cointegration	NOUN
ajfa-2320	116	14	test	test	NOUN
ajfa-2320	116	15	and	and	CCONJ
ajfa-2320	116	16	error	error	NOUN
ajfa-2320	116	17	correction	correction	NOUN
ajfa-2320	116	18	model	model	NOUN
ajfa-2320	116	19	having	having	AUX
ajfa-2320	116	20	established	establish	VERB
ajfa-2320	116	21	stationary	stationary	NOUN
ajfa-2320	116	22	of	of	ADP
ajfa-2320	116	23	the	the	DET
ajfa-2320	116	24	variables	variable	NOUN
ajfa-2320	116	25	,	,	PUNCT
ajfa-2320	116	26	we	we	PRON
ajfa-2320	116	27	determine	determine	VERB
ajfa-2320	116	28	the	the	DET
ajfa-2320	116	29	existence	existence	NOUN
ajfa-2320	116	30	of	of	ADP
ajfa-2320	116	31	a	a	DET
ajfa-2320	116	32	long	long	ADV
ajfa-2320	116	33	-	-	PUNCT
ajfa-2320	116	34	run	run	VERB
ajfa-2320	116	35	equilibrium	equilibrium	NOUN
ajfa-2320	116	36	relationship	relationship	NOUN
ajfa-2320	116	37	among	among	ADP
ajfa-2320	116	38	the	the	DET
ajfa-2320	116	39	variables	variable	NOUN
ajfa-2320	116	40	in	in	ADP
ajfa-2320	116	41	the	the	DET
ajfa-2320	116	42	model	model	NOUN
ajfa-2320	116	43	.	.	PUNCT
ajfa-2320	117	1	to	to	PART
ajfa-2320	117	2	realize	realize	VERB
ajfa-2320	117	3	this	this	PRON
ajfa-2320	117	4	,	,	PUNCT
ajfa-2320	117	5	the	the	DET
ajfa-2320	117	6	study	study	NOUN
ajfa-2320	117	7	employed	employ	VERB
ajfa-2320	117	8	the	the	DET
ajfa-2320	117	9	johansen	johansen	PROPN
ajfa-2320	117	10	cointegration	cointegration	NOUN
ajfa-2320	117	11	technique	technique	NOUN
ajfa-2320	117	12	.	.	PUNCT
ajfa-2320	118	1	the	the	DET
ajfa-2320	118	2	cointegration	cointegration	NOUN
ajfa-2320	118	3	results	result	NOUN
ajfa-2320	118	4	of	of	ADP
ajfa-2320	118	5	the	the	DET
ajfa-2320	118	6	variables	variable	NOUN
ajfa-2320	118	7	are	be	AUX
ajfa-2320	118	8	presented	present	VERB
ajfa-2320	118	9	below	below	ADP
ajfa-2320	118	10	:	:	PUNCT
ajfa-2320	118	11	table	table	NOUN
ajfa-2320	118	12	2	2	NUM
ajfa-2320	118	13	.	.	PUNCT
ajfa-2320	119	1	johansen	johansen	PROPN
ajfa-2320	119	2	cointegration	cointegration	PROPN
ajfa-2320	119	3	test	test	NOUN
ajfa-2320	119	4	hypothesized	hypothesize	VERB
ajfa-2320	119	5	no	no	PRON
ajfa-2320	119	6	of	of	ADP
ajfa-2320	119	7	(	(	PUNCT
ajfa-2320	119	8	ecs	ec	NOUN
ajfa-2320	119	9	)	)	PUNCT
ajfa-2320	119	10	elgen	elgen	PROPN
ajfa-2320	119	11	value	value	PROPN
ajfa-2320	119	12	trance	trance	NOUN
ajfa-2320	119	13	statistics	statistic	NOUN
ajfa-2320	119	14	or	or	CCONJ
ajfa-2320	119	15	likehood	likehood	NOUN
ajfa-2320	119	16	ratio	ratio	NOUN
ajfa-2320	119	17	5	5	NUM
ajfa-2320	119	18	%	%	NOUN
ajfa-2320	119	19	critical	critical	ADJ
ajfa-2320	119	20	value	value	NOUN
ajfa-2320	119	21	.	.	PUNCT
ajfa-2320	120	1	1	1	NUM
ajfa-2320	120	2	%	%	NOUN
ajfa-2320	120	3	critical	critical	ADJ
ajfa-2320	120	4	value	value	NOUN
ajfa-2320	120	5	.	.	PUNCT
ajfa-2320	121	1	none	none	NOUN
ajfa-2320	121	2	*	*	PUNCT
ajfa-2320	121	3	at	at	ADP
ajfa-2320	121	4	most	most	ADV
ajfa-2320	121	5	1	1	NUM
ajfa-2320	121	6	at	at	ADP
ajfa-2320	121	7	most	most	ADJ
ajfa-2320	121	8	2	2	NUM
ajfa-2320	121	9	at	at	ADP
ajfa-2320	121	10	most	most	ADJ
ajfa-2320	121	11	3	3	NUM
ajfa-2320	121	12	at	at	ADP
ajfa-2320	121	13	most	most	ADJ
ajfa-2320	121	14	4	4	NUM
ajfa-2320	121	15	0.590082	0.590082	NUM
ajfa-2320	121	16	0.440374	0.440374	NUM
ajfa-2320	121	17	0.223149	0.223149	NUM
ajfa-2320	121	18	0.137789	0.137789	NUM
ajfa-2320	121	19	0.009747	0.009747	NUM
ajfa-2320	121	20	71.54793	71.54793	NUM
ajfa-2320	121	21	37.65963	37.65963	NUM
ajfa-2320	121	22	15.60113	15.60113	NUM
ajfa-2320	121	23	60.05883	60.05883	NUM
ajfa-2320	121	24	0.372203	0.372203	NUM
ajfa-2320	121	25	68.52	68.52	NUM
ajfa-2320	121	26	47.21	47.21	NUM
ajfa-2320	121	27	29.68	29.68	NUM
ajfa-2320	121	28	15.41	15.41	NUM
ajfa-2320	121	29	3.76	3.76	NUM
ajfa-2320	121	30	76.07	76.07	NUM
ajfa-2320	121	31	54.46	54.46	NUM
ajfa-2320	121	32	35.65	35.65	NUM
ajfa-2320	121	33	20.04	20.04	NUM
ajfa-2320	121	34	6.65	6.65	NUM
ajfa-2320	121	35	source	source	NOUN
ajfa-2320	121	36	:	:	PUNCT
ajfa-2320	121	37	extracted	extract	VERB
ajfa-2320	121	38	from	from	ADP
ajfa-2320	121	39	e	e	NOUN
ajfa-2320	121	40	-	-	NOUN
ajfa-2320	121	41	view	view	NOUN
ajfa-2320	121	42	7	7	NUM
ajfa-2320	121	43	.	.	PUNCT
ajfa-2320	122	1	the	the	DET
ajfa-2320	122	2	cointegration	cointegration	NOUN
ajfa-2320	122	3	equation	equation	NOUN
ajfa-2320	122	4	is	be	AUX
ajfa-2320	122	5	presented	present	VERB
ajfa-2320	122	6	linearly	linearly	ADV
ajfa-2320	122	7	as	as	ADP
ajfa-2320	122	8	below	below	ADV
ajfa-2320	122	9	:	:	PUNCT
ajfa-2320	122	10	gdp	gdp	NOUN
ajfa-2320	122	11	=	=	NOUN
ajfa-2320	122	12	-1.003544	-1.003544	NOUN
ajfa-2320	122	13	0.116930exdebt	0.116930exdebt	NOUN
ajfa-2320	122	14	0.890854dfi	0.890854dfi	NOUN
ajfa-2320	122	15	+	+	NUM
ajfa-2320	122	16	0.1494422cab	0.1494422cab	NOUN
ajfa-2320	122	17	0.368442res	0.368442re	NOUN
ajfa-2320	122	18	from	from	ADP
ajfa-2320	122	19	the	the	DET
ajfa-2320	122	20	table	table	NOUN
ajfa-2320	122	21	above	above	ADV
ajfa-2320	122	22	,	,	PUNCT
ajfa-2320	122	23	it	it	PRON
ajfa-2320	122	24	shows	show	VERB
ajfa-2320	122	25	that	that	SCONJ
ajfa-2320	122	26	there	there	PRON
ajfa-2320	122	27	exist	exist	VERB
ajfa-2320	122	28	a	a	DET
ajfa-2320	122	29	long	long	ADV
ajfa-2320	122	30	-	-	PUNCT
ajfa-2320	122	31	run	run	VERB
ajfa-2320	122	32	equilibrium	equilibrium	NOUN
ajfa-2320	122	33	relationship	relationship	NOUN
ajfa-2320	122	34	in	in	ADP
ajfa-2320	122	35	model	model	NOUN
ajfa-2320	122	36	6	6	NUM
ajfa-2320	122	37	because	because	SCONJ
ajfa-2320	122	38	the	the	DET
ajfa-2320	122	39	likelihood	likelihood	NOUN
ajfa-2320	122	40	ratio	ratio	NOUN
ajfa-2320	122	41	(	(	PUNCT
ajfa-2320	122	42	71.54793	71.54793	NUM
ajfa-2320	122	43	)	)	PUNCT
ajfa-2320	122	44	is	be	AUX
ajfa-2320	122	45	greater	great	ADJ
ajfa-2320	122	46	than	than	ADP
ajfa-2320	122	47	5	5	NUM
ajfa-2320	122	48	percent	percent	NOUN
ajfa-2320	122	49	critical	critical	ADJ
ajfa-2320	122	50	value	value	NOUN
ajfa-2320	122	51	(	(	PUNCT
ajfa-2320	122	52	68.52	68.52	NUM
ajfa-2320	122	53	)	)	PUNCT
ajfa-2320	122	54	at	at	ADP
ajfa-2320	122	55	none	none	NOUN
ajfa-2320	122	56	hypothesized	hypothesize	VERB
ajfa-2320	122	57	no	no	PRON
ajfa-2320	122	58	of	of	ADP
ajfa-2320	122	59	ecs	ecs	X
ajfa-2320	122	60	(	(	PUNCT
ajfa-2320	122	61	none	none	NOUN
ajfa-2320	122	62	*	*	PUNCT
ajfa-2320	122	63	)	)	PUNCT
ajfa-2320	122	64	.	.	PUNCT
ajfa-2320	123	1	furthermore	furthermore	ADV
ajfa-2320	123	2	,	,	PUNCT
ajfa-2320	123	3	the	the	DET
ajfa-2320	123	4	long	long	ADJ
ajfa-2320	123	5	run	run	NOUN
ajfa-2320	123	6	cointegration	cointegration	NOUN
ajfa-2320	123	7	equation	equation	NOUN
ajfa-2320	123	8	shows	show	VERB
ajfa-2320	123	9	that	that	SCONJ
ajfa-2320	123	10	exdebt	exdebt	NOUN
ajfa-2320	123	11	is	be	AUX
ajfa-2320	123	12	negatively	negatively	ADV
ajfa-2320	123	13	related	relate	VERB
ajfa-2320	123	14	to	to	ADP
ajfa-2320	123	15	gdp	gdp	NOUN
ajfa-2320	123	16	in	in	ADP
ajfa-2320	123	17	the	the	DET
ajfa-2320	123	18	long	long	ADJ
ajfa-2320	123	19	run	run	NOUN
ajfa-2320	123	20	.	.	PUNCT
ajfa-2320	124	1	so	so	ADV
ajfa-2320	124	2	also	also	ADV
ajfa-2320	124	3	is	be	AUX
ajfa-2320	124	4	dfi	dfi	PROPN
ajfa-2320	124	5	and	and	CCONJ
ajfa-2320	124	6	res	re	NOUN
ajfa-2320	124	7	with	with	ADP
ajfa-2320	124	8	the	the	DET
ajfa-2320	124	9	constant	constant	ADJ
ajfa-2320	124	10	parameter	parameter	NOUN
ajfa-2320	124	11	negatively	negatively	ADV
ajfa-2320	124	12	related	relate	VERB
ajfa-2320	124	13	to	to	ADP
ajfa-2320	124	14	lgdp	lgdp	NOUN
ajfa-2320	124	15	.	.	PUNCT
ajfa-2320	125	1	however	however	ADV
ajfa-2320	125	2	the	the	DET
ajfa-2320	125	3	lcab	lcab	NOUN
ajfa-2320	125	4	remained	remain	VERB
ajfa-2320	125	5	positive	positive	ADJ
ajfa-2320	125	6	in	in	ADP
ajfa-2320	125	7	the	the	DET
ajfa-2320	125	8	long	long	ADJ
ajfa-2320	125	9	run	run	NOUN
ajfa-2320	125	10	.	.	PUNCT
ajfa-2320	126	1	all	all	DET
ajfa-2320	126	2	the	the	DET
ajfa-2320	126	3	variable	variable	NOUN
ajfa-2320	126	4	stands	stand	VERB
ajfa-2320	126	5	significant	significant	ADJ
ajfa-2320	126	6	.	.	PUNCT
ajfa-2320	127	1	having	having	AUX
ajfa-2320	127	2	established	establish	VERB
ajfa-2320	127	3	the	the	DET
ajfa-2320	127	4	long	long	ADJ
ajfa-2320	127	5	run	run	NOUN
ajfa-2320	127	6	equilibrium	equilibrium	NOUN
ajfa-2320	127	7	asian	asian	ADJ
ajfa-2320	127	8	journal	journal	NOUN
ajfa-2320	127	9	of	of	ADP
ajfa-2320	127	10	finance	finance	PROPN
ajfa-2320	127	11	&	&	CCONJ
ajfa-2320	127	12	accounting	accounting	PROPN
ajfa-2320	127	13	issn	issn	PROPN
ajfa-2320	127	14	1946	1946	NUM
ajfa-2320	127	15	-	-	PUNCT
ajfa-2320	127	16	052x	052x	NOUN
ajfa-2320	127	17	2012	2012	NUM
ajfa-2320	127	18	,	,	PUNCT
ajfa-2320	127	19	vol	vol	NOUN
ajfa-2320	127	20	.	.	PROPN
ajfa-2320	127	21	4	4	NUM
ajfa-2320	127	22	,	,	PUNCT
ajfa-2320	127	23	no	no	INTJ
ajfa-2320	127	24	.	.	NOUN
ajfa-2320	127	25	2	2	NUM
ajfa-2320	127	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	127	27	285	285	NUM
ajfa-2320	127	28	relationship	relationship	NOUN
ajfa-2320	127	29	among	among	ADP
ajfa-2320	127	30	the	the	DET
ajfa-2320	127	31	variables	variable	NOUN
ajfa-2320	127	32	in	in	ADP
ajfa-2320	127	33	the	the	DET
ajfa-2320	127	34	model	model	NOUN
ajfa-2320	127	35	,	,	PUNCT
ajfa-2320	127	36	we	we	PRON
ajfa-2320	127	37	switch	switch	VERB
ajfa-2320	127	38	to	to	ADP
ajfa-2320	127	39	the	the	DET
ajfa-2320	127	40	short	short	ADJ
ajfa-2320	127	41	-	-	PUNCT
ajfa-2320	127	42	run	run	NOUN
ajfa-2320	127	43	error	error	NOUN
ajfa-2320	127	44	correction	correction	NOUN
ajfa-2320	127	45	model	model	NOUN
ajfa-2320	127	46	.	.	PUNCT
ajfa-2320	128	1	error	error	NOUN
ajfa-2320	128	2	correction	correction	NOUN
ajfa-2320	128	3	model	model	VERB
ajfa-2320	128	4	the	the	DET
ajfa-2320	128	5	error	error	NOUN
ajfa-2320	128	6	correction	correction	NOUN
ajfa-2320	128	7	model	model	NOUN
ajfa-2320	128	8	measures	measure	VERB
ajfa-2320	128	9	the	the	DET
ajfa-2320	128	10	speed	speed	NOUN
ajfa-2320	128	11	of	of	ADP
ajfa-2320	128	12	adjustment	adjustment	NOUN
ajfa-2320	128	13	to	to	ADP
ajfa-2320	128	14	equilibrium	equilibrium	NOUN
ajfa-2320	128	15	.	.	PUNCT
ajfa-2320	129	1	the	the	DET
ajfa-2320	129	2	error	error	NOUN
ajfa-2320	129	3	correction	correction	NOUN
ajfa-2320	129	4	model	model	NOUN
ajfa-2320	129	5	(	(	PUNCT
ajfa-2320	129	6	ecm	ecm	PROPN
ajfa-2320	129	7	)	)	PUNCT
ajfa-2320	129	8	is	be	AUX
ajfa-2320	129	9	significant	significant	ADJ
ajfa-2320	129	10	if	if	SCONJ
ajfa-2320	129	11	it	it	PRON
ajfa-2320	129	12	has	have	VERB
ajfa-2320	129	13	a	a	DET
ajfa-2320	129	14	negative	negative	ADJ
ajfa-2320	129	15	sign	sign	NOUN
ajfa-2320	129	16	in	in	ADP
ajfa-2320	129	17	either	either	CCONJ
ajfa-2320	129	18	over	over	ADP
ajfa-2320	129	19	parameterized	parameterized	ADJ
ajfa-2320	129	20	or	or	CCONJ
ajfa-2320	129	21	parsimonious	parsimonious	ADJ
ajfa-2320	129	22	ecm	ecm	NOUN
ajfa-2320	129	23	.	.	PUNCT
ajfa-2320	130	1	this	this	PRON
ajfa-2320	130	2	implies	imply	VERB
ajfa-2320	130	3	that	that	SCONJ
ajfa-2320	130	4	the	the	DET
ajfa-2320	130	5	present	present	ADJ
ajfa-2320	130	6	value	value	NOUN
ajfa-2320	130	7	of	of	ADP
ajfa-2320	130	8	the	the	DET
ajfa-2320	130	9	dependent	dependent	ADJ
ajfa-2320	130	10	variable	variable	NOUN
ajfa-2320	130	11	adjust	adjust	VERB
ajfa-2320	130	12	rapidly	rapidly	ADV
ajfa-2320	130	13	to	to	ADP
ajfa-2320	130	14	changes	change	NOUN
ajfa-2320	130	15	in	in	ADP
ajfa-2320	130	16	the	the	DET
ajfa-2320	130	17	independent	independent	ADJ
ajfa-2320	130	18	variable	variable	NOUN
ajfa-2320	130	19	.	.	PUNCT
ajfa-2320	131	1	a	a	DET
ajfa-2320	131	2	higher	high	ADJ
ajfa-2320	131	3	percentage	percentage	NOUN
ajfa-2320	131	4	of	of	ADP
ajfa-2320	131	5	ecm	ecm	NOUN
ajfa-2320	131	6	indicates	indicate	VERB
ajfa-2320	131	7	a	a	DET
ajfa-2320	131	8	feedback	feedback	NOUN
ajfa-2320	131	9	of	of	ADP
ajfa-2320	131	10	that	that	DET
ajfa-2320	131	11	value	value	NOUN
ajfa-2320	131	12	or	or	CCONJ
ajfa-2320	131	13	an	an	DET
ajfa-2320	131	14	adjustment	adjustment	NOUN
ajfa-2320	131	15	of	of	ADP
ajfa-2320	131	16	that	that	DET
ajfa-2320	131	17	value	value	NOUN
ajfa-2320	131	18	from	from	ADP
ajfa-2320	131	19	the	the	DET
ajfa-2320	131	20	previous	previous	ADJ
ajfa-2320	131	21	period	period	NOUN
ajfa-2320	131	22	disequilibrium	disequilibrium	NOUN
ajfa-2320	131	23	of	of	ADP
ajfa-2320	131	24	the	the	DET
ajfa-2320	131	25	present	present	ADJ
ajfa-2320	131	26	level	level	NOUN
ajfa-2320	131	27	of	of	ADP
ajfa-2320	131	28	depend	depend	ADJ
ajfa-2320	131	29	variable	variable	NOUN
ajfa-2320	131	30	and	and	CCONJ
ajfa-2320	131	31	the	the	DET
ajfa-2320	131	32	present	present	ADJ
ajfa-2320	131	33	and	and	CCONJ
ajfa-2320	131	34	past	past	ADJ
ajfa-2320	131	35	level	level	NOUN
ajfa-2320	131	36	of	of	ADP
ajfa-2320	131	37	the	the	DET
ajfa-2320	131	38	independent	independent	ADJ
ajfa-2320	131	39	variables	variable	NOUN
ajfa-2320	131	40	.	.	PUNCT
ajfa-2320	132	1	the	the	PRON
ajfa-2320	132	2	over	over	ADP
ajfa-2320	132	3	parameterized	parameterized	ADJ
ajfa-2320	132	4	ecm	ecm	NOUN
ajfa-2320	132	5	is	be	AUX
ajfa-2320	132	6	being	be	AUX
ajfa-2320	132	7	made	make	VERB
ajfa-2320	132	8	by	by	ADP
ajfa-2320	132	9	leading	lead	VERB
ajfa-2320	132	10	and	and	CCONJ
ajfa-2320	132	11	lagging	lag	VERB
ajfa-2320	132	12	each	each	DET
ajfa-2320	132	13	variables	variable	NOUN
ajfa-2320	132	14	while	while	SCONJ
ajfa-2320	132	15	the	the	DET
ajfa-2320	132	16	parsimonous	parsimonous	ADJ
ajfa-2320	132	17	ecm	ecm	NOUN
ajfa-2320	132	18	consider	consider	VERB
ajfa-2320	132	19	the	the	DET
ajfa-2320	132	20	variables	variable	NOUN
ajfa-2320	132	21	that	that	PRON
ajfa-2320	132	22	adjust	adjust	VERB
ajfa-2320	132	23	rapidly	rapidly	ADV
ajfa-2320	132	24	to	to	ADP
ajfa-2320	132	25	equilibrium	equilibrium	NOUN
ajfa-2320	132	26	between	between	ADP
ajfa-2320	132	27	the	the	DET
ajfa-2320	132	28	leading	lead	VERB
ajfa-2320	132	29	and	and	CCONJ
ajfa-2320	132	30	the	the	DET
ajfa-2320	132	31	lagged	lag	VERB
ajfa-2320	132	32	variables	variable	NOUN
ajfa-2320	132	33	.	.	PUNCT
ajfa-2320	133	1	the	the	DET
ajfa-2320	133	2	tables	table	NOUN
ajfa-2320	133	3	below	below	ADV
ajfa-2320	133	4	shows	show	VERB
ajfa-2320	133	5	the	the	DET
ajfa-2320	133	6	result	result	NOUN
ajfa-2320	133	7	of	of	ADP
ajfa-2320	133	8	both	both	CCONJ
ajfa-2320	133	9	overparameterised	overparameterised	ADJ
ajfa-2320	133	10	and	and	CCONJ
ajfa-2320	133	11	parsimonious	parsimonious	ADJ
ajfa-2320	133	12	ecm	ecm	NOUN
ajfa-2320	133	13	conducted	conduct	VERB
ajfa-2320	133	14	on	on	ADP
ajfa-2320	133	15	the	the	DET
ajfa-2320	133	16	specified	specified	ADJ
ajfa-2320	133	17	parameters	parameter	NOUN
ajfa-2320	133	18	.	.	PUNCT
ajfa-2320	134	1	table	table	NOUN
ajfa-2320	134	2	3	3	NUM
ajfa-2320	134	3	.	.	PUNCT
ajfa-2320	134	4	overparameterised	overparameterised	ADJ
ajfa-2320	134	5	ecm	ecm	PROPN
ajfa-2320	134	6	variable	variable	PROPN
ajfa-2320	134	7	coefficient	coefficient	NOUN
ajfa-2320	134	8	std	std	PROPN
ajfa-2320	134	9	.	.	NOUN
ajfa-2320	134	10	error	error	NOUN
ajfa-2320	134	11	t	t	PROPN
ajfa-2320	134	12	-	-	PUNCT
ajfa-2320	134	13	statistics	statistic	NOUN
ajfa-2320	134	14	probability	probability	NOUN
ajfa-2320	134	15	d(gdp(-1)2	d(gdp(-1)2	PROPN
ajfa-2320	134	16	)	)	PUNCT
ajfa-2320	134	17	-0.3721222	-0.3721222	NOUN
ajfa-2320	134	18	0.174548	0.174548	NUM
ajfa-2320	134	19	-2.143952	-2.143952	NOUN
ajfa-2320	134	20	0.0412	0.0412	NUM
ajfa-2320	134	21	d(exdebt,2	d(exdebt,2	NOUN
ajfa-2320	134	22	)	)	PUNCT
ajfa-2320	134	23	0.022078	0.022078	NUM
ajfa-2320	134	24	0.011212	0.011212	NUM
ajfa-2320	134	25	1.969158	1.969158	NUM
ajfa-2320	134	26	0.593	0.593	NUM
ajfa-2320	134	27	d(exdebt(-1)2	d(exdebt(-1)2	NOUN
ajfa-2320	134	28	)	)	PUNCT
ajfa-2320	135	1	0.014935	0.014935	NUM
ajfa-2320	136	1	0.012166	0.012166	NUM
ajfa-2320	136	2	1.227351	1.227351	NUM
ajfa-2320	136	3	0.2302	0.2302	NUM
ajfa-2320	137	1	d(dfi1,2	d(dfi1,2	ADJ
ajfa-2320	137	2	)	)	PUNCT
ajfa-2320	137	3	0.112763	0.112763	NUM
ajfa-2320	138	1	0.047860	0.047860	NUM
ajfa-2320	138	2	2.356130	2.356130	NUM
ajfa-2320	138	3	0.0260	0.0260	NUM
ajfa-2320	138	4	d(dfi(-1)2	d(dfi(-1)2	NUM
ajfa-2320	138	5	)	)	PUNCT
ajfa-2320	138	6	0.001820	0.001820	NUM
ajfa-2320	139	1	0.039370	0.039370	NUM
ajfa-2320	139	2	-0.046231	-0.046231	VERB
ajfa-2320	139	3	0.9635	0.9635	NUM
ajfa-2320	139	4	d(cab,2	d(cab,2	ADJ
ajfa-2320	139	5	)	)	PUNCT
ajfa-2320	139	6	0.072545	0.072545	NUM
ajfa-2320	139	7	0.019333	0.019333	NUM
ajfa-2320	139	8	3.752335	3.752335	NUM
ajfa-2320	139	9	0.0008	0.0008	NUM
ajfa-2320	139	10	d(cab(-1,)2	d(cab(-1,)2	NOUN
ajfa-2320	139	11	)	)	PUNCT
ajfa-2320	139	12	0.035226	0.035226	NUM
ajfa-2320	139	13	0.024685	0.024685	NUM
ajfa-2320	139	14	2.237263	2.237263	NUM
ajfa-2320	139	15	0.0337	0.0337	NUM
ajfa-2320	139	16	d(res,2	d(res,2	NOUN
ajfa-2320	139	17	)	)	PUNCT
ajfa-2320	139	18	0.029270	0.029270	NUM
ajfa-2320	139	19	0.018965	0.018965	NUM
ajfa-2320	139	20	1.54326	1.54326	NUM
ajfa-2320	139	21	0.1344	0.1344	NUM
ajfa-2320	139	22	d(res(-1)2	d(res(-1)2	PROPN
ajfa-2320	139	23	)	)	PUNCT
ajfa-2320	139	24	1.010114	1.010114	NUM
ajfa-2320	139	25	0.015052	0.015052	NUM
ajfa-2320	139	26	0.671900	0.671900	NUM
ajfa-2320	139	27	0.5074	0.5074	NUM
ajfa-2320	139	28	ecm	ecm	NOUN
ajfa-2320	139	29	(	(	PUNCT
ajfa-2320	139	30	-1	-1	ADJ
ajfa-2320	139	31	)	)	PUNCT
ajfa-2320	139	32	-0.240563	-0.240563	PUNCT
ajfa-2320	140	1	0.089417	0.089417	NUM
ajfa-2320	140	2	-2.690338	-2.690338	NOUN
ajfa-2320	140	3	0.0121	0.0121	NUM
ajfa-2320	140	4	source	source	NOUN
ajfa-2320	140	5	:	:	PUNCT
ajfa-2320	140	6	extracted	extract	VERB
ajfa-2320	140	7	from	from	ADP
ajfa-2320	140	8	e	e	NOUN
ajfa-2320	140	9	-	-	NOUN
ajfa-2320	140	10	view	view	NOUN
ajfa-2320	140	11	7	7	NUM
ajfa-2320	140	12	.	.	PUNCT
ajfa-2320	140	13	r2	r2	PROPN
ajfa-2320	140	14	=	=	PUNCT
ajfa-2320	140	15	0.66619	0.66619	NUM
ajfa-2320	140	16	,	,	PUNCT
ajfa-2320	140	17	dw	dw	PROPN
ajfa-2320	140	18	=	=	NOUN
ajfa-2320	140	19	1.671511	1.671511	NUM
ajfa-2320	140	20	table	table	NOUN
ajfa-2320	140	21	4	4	NUM
ajfa-2320	140	22	.	.	PUNCT
ajfa-2320	140	23	parsimonious	parsimonious	ADJ
ajfa-2320	140	24	ecm	ecm	NOUN
ajfa-2320	140	25	variable	variable	ADJ
ajfa-2320	140	26	coefficient	coefficient	NOUN
ajfa-2320	140	27	std	std	PROPN
ajfa-2320	140	28	.	.	NOUN
ajfa-2320	140	29	error	error	NOUN
ajfa-2320	140	30	t	t	PROPN
ajfa-2320	140	31	-	-	PUNCT
ajfa-2320	140	32	statistics	statistic	NOUN
ajfa-2320	140	33	probability	probability	NOUN
ajfa-2320	140	34	d(exdebt,2	d(exdebt,2	PROPN
ajfa-2320	140	35	)	)	PUNCT
ajfa-2320	140	36	-0.012886	-0.012886	VERB
ajfa-2320	140	37	0.011821	0.011821	NUM
ajfa-2320	140	38	-1.090022	-1.090022	NOUN
ajfa-2320	140	39	0.2838	0.2838	NUM
ajfa-2320	140	40	d(dfi1,2	d(dfi1,2	NOUN
ajfa-2320	140	41	)	)	PUNCT
ajfa-2320	140	42	-0.014984	-0.014984	PROPN
ajfa-2320	141	1	0.043259	0.043259	NUM
ajfa-2320	141	2	-0.34369	-0.34369	PROPN
ajfa-2320	141	3	0.7313	0.7313	NUM
ajfa-2320	141	4	d(cab,2	d(cab,2	NOUN
ajfa-2320	141	5	)	)	PUNCT
ajfa-2320	141	6	0.011442	0.011442	NUM
ajfa-2320	141	7	0.020147	0.020147	NUM
ajfa-2320	141	8	0.567905	0.567905	NUM
ajfa-2320	141	9	0.5741	0.5741	NUM
ajfa-2320	141	10	d(cab	d(cab	NOUN
ajfa-2320	141	11	(	(	PUNCT
ajfa-2320	141	12	1),2	1),2	PROPN
ajfa-2320	141	13	)	)	PUNCT
ajfa-2320	141	14	0.062094	0.062094	NUM
ajfa-2320	141	15	0.020620	0.020620	NUM
ajfa-2320	141	16	3.156873	3.156873	NUM
ajfa-2320	141	17	0.0035	0.0035	NUM
ajfa-2320	141	18	ecm	ecm	NOUN
ajfa-2320	141	19	(	(	PUNCT
ajfa-2320	141	20	-1	-1	INTJ
ajfa-2320	141	21	)	)	PUNCT
ajfa-2320	141	22	0.010082	0.010082	NUM
ajfa-2320	141	23	0.039370	0.039370	NUM
ajfa-2320	141	24	-0.046231	-0.046231	VERB
ajfa-2320	141	25	0.9635	0.9635	NUM
ajfa-2320	141	26	source	source	NOUN
ajfa-2320	141	27	:	:	PUNCT
ajfa-2320	141	28	extracted	extract	VERB
ajfa-2320	141	29	from	from	ADP
ajfa-2320	141	30	the	the	DET
ajfa-2320	141	31	computer	computer	NOUN
ajfa-2320	141	32	output	output	NOUN
ajfa-2320	141	33	.	.	PUNCT
ajfa-2320	142	1	r2	r2	PROPN
ajfa-2320	142	2	=	=	PUNCT
ajfa-2320	142	3	0.460923	0.460923	NUM
ajfa-2320	142	4	,	,	PUNCT
ajfa-2320	142	5	dw	dw	NOUN
ajfa-2320	142	6	=	=	PROPN
ajfa-2320	142	7	2.617338	2.617338	NUM
ajfa-2320	142	8	asian	asian	ADJ
ajfa-2320	142	9	journal	journal	NOUN
ajfa-2320	142	10	of	of	ADP
ajfa-2320	142	11	finance	finance	PROPN
ajfa-2320	142	12	&	&	CCONJ
ajfa-2320	142	13	accounting	accounting	PROPN
ajfa-2320	142	14	issn	issn	PROPN
ajfa-2320	142	15	1946	1946	NUM
ajfa-2320	142	16	-	-	PUNCT
ajfa-2320	142	17	052x	052x	NOUN
ajfa-2320	142	18	2012	2012	NUM
ajfa-2320	142	19	,	,	PUNCT
ajfa-2320	142	20	vol	vol	NOUN
ajfa-2320	142	21	.	.	PROPN
ajfa-2320	143	1	4	4	NUM
ajfa-2320	143	2	,	,	PUNCT
ajfa-2320	143	3	no	no	INTJ
ajfa-2320	143	4	.	.	NOUN
ajfa-2320	143	5	2	2	NUM
ajfa-2320	143	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	143	7	286	286	NUM
ajfa-2320	143	8	the	the	DET
ajfa-2320	143	9	table	table	NOUN
ajfa-2320	143	10	above	above	ADV
ajfa-2320	143	11	shows	show	VERB
ajfa-2320	143	12	the	the	PRON
ajfa-2320	143	13	over	over	ADP
ajfa-2320	143	14	parameterized	parameterized	ADJ
ajfa-2320	143	15	ecm	ecm	NOUN
ajfa-2320	143	16	(	(	PUNCT
ajfa-2320	143	17	ecm1	ecm1	PROPN
ajfa-2320	143	18	)	)	PUNCT
ajfa-2320	143	19	and	and	CCONJ
ajfa-2320	143	20	parsimonious	parsimonious	ADJ
ajfa-2320	143	21	ecm	ecm	NOUN
ajfa-2320	143	22	(	(	PUNCT
ajfa-2320	143	23	ecm2	ecm2	PROPN
ajfa-2320	143	24	)	)	PUNCT
ajfa-2320	143	25	of	of	ADP
ajfa-2320	143	26	model	model	NOUN
ajfa-2320	143	27	6	6	NUM
ajfa-2320	143	28	.	.	PUNCT
ajfa-2320	144	1	the	the	DET
ajfa-2320	144	2	negative	negative	ADJ
ajfa-2320	144	3	sign	sign	NOUN
ajfa-2320	144	4	of	of	ADP
ajfa-2320	144	5	ecm	ecm	NOUN
ajfa-2320	144	6	value	value	NOUN
ajfa-2320	144	7	in	in	ADP
ajfa-2320	144	8	both	both	DET
ajfa-2320	144	9	model	model	NOUN
ajfa-2320	144	10	(	(	PUNCT
ajfa-2320	144	11	ecm	ecm	PROPN
ajfa-2320	144	12	1	1	NUM
ajfa-2320	144	13	and	and	CCONJ
ajfa-2320	144	14	2	2	NUM
ajfa-2320	144	15	)	)	PUNCT
ajfa-2320	144	16	shows	show	VERB
ajfa-2320	144	17	that	that	SCONJ
ajfa-2320	144	18	the	the	DET
ajfa-2320	144	19	ecm	ecm	PROPN
ajfa-2320	144	20	is	be	AUX
ajfa-2320	144	21	significant	significant	ADJ
ajfa-2320	144	22	.	.	PUNCT
ajfa-2320	145	1	this	this	PRON
ajfa-2320	145	2	implies	imply	VERB
ajfa-2320	145	3	that	that	SCONJ
ajfa-2320	145	4	the	the	DET
ajfa-2320	145	5	present	present	ADJ
ajfa-2320	145	6	value	value	NOUN
ajfa-2320	145	7	of	of	ADP
ajfa-2320	145	8	lgdp	lgdp	NOUN
ajfa-2320	145	9	adjust	adjust	VERB
ajfa-2320	145	10	rapidly	rapidly	ADV
ajfa-2320	145	11	to	to	ADP
ajfa-2320	145	12	changes	change	NOUN
ajfa-2320	145	13	in	in	ADP
ajfa-2320	145	14	exdebt	exdebt	PROPN
ajfa-2320	145	15	,	,	PUNCT
ajfa-2320	145	16	dfi	dfi	PROPN
ajfa-2320	145	17	,	,	PUNCT
ajfa-2320	145	18	cab	cab	NOUN
ajfa-2320	145	19	and	and	CCONJ
ajfa-2320	145	20	res	re	NOUN
ajfa-2320	145	21	.	.	PUNCT
ajfa-2320	146	1	the	the	DET
ajfa-2320	146	2	ecm	ecm	PROPN
ajfa-2320	146	3	value	value	NOUN
ajfa-2320	146	4	of	of	ADP
ajfa-2320	146	5	0.240563	0.240563	NUM
ajfa-2320	146	6	shows	show	VERB
ajfa-2320	146	7	a	a	DET
ajfa-2320	146	8	feedbacks	feedback	NOUN
ajfa-2320	146	9	of	of	ADP
ajfa-2320	146	10	about	about	ADP
ajfa-2320	146	11	24.05	24.05	NUM
ajfa-2320	146	12	%	%	NOUN
ajfa-2320	146	13	from	from	ADP
ajfa-2320	146	14	the	the	DET
ajfa-2320	146	15	previous	previous	ADJ
ajfa-2320	146	16	period	period	NOUN
ajfa-2320	146	17	disequilibrium	disequilibrium	NOUN
ajfa-2320	146	18	of	of	ADP
ajfa-2320	146	19	the	the	DET
ajfa-2320	146	20	present	present	ADJ
ajfa-2320	146	21	level	level	NOUN
ajfa-2320	146	22	of	of	ADP
ajfa-2320	146	23	gdp	gdp	NOUN
ajfa-2320	146	24	in	in	ADP
ajfa-2320	146	25	the	the	DET
ajfa-2320	146	26	determination	determination	NOUN
ajfa-2320	146	27	of	of	ADP
ajfa-2320	146	28	causality	causality	NOUN
ajfa-2320	146	29	between	between	ADP
ajfa-2320	146	30	the	the	DET
ajfa-2320	146	31	past	past	ADJ
ajfa-2320	146	32	level	level	NOUN
ajfa-2320	146	33	of	of	ADP
ajfa-2320	146	34	gdp	gdp	NOUN
ajfa-2320	146	35	and	and	CCONJ
ajfa-2320	146	36	the	the	DET
ajfa-2320	146	37	present	present	ADJ
ajfa-2320	146	38	and	and	CCONJ
ajfa-2320	146	39	past	past	ADJ
ajfa-2320	146	40	level	level	NOUN
ajfa-2320	146	41	of	of	ADP
ajfa-2320	146	42	exdebt	exdebt	PROPN
ajfa-2320	146	43	,	,	PUNCT
ajfa-2320	146	44	dfi	dfi	PROPN
ajfa-2320	146	45	,	,	PUNCT
ajfa-2320	146	46	cab	cab	NOUN
ajfa-2320	146	47	,	,	PUNCT
ajfa-2320	146	48	and	and	CCONJ
ajfa-2320	146	49	res	re	NOUN
ajfa-2320	146	50	.	.	PUNCT
ajfa-2320	147	1	the	the	DET
ajfa-2320	147	2	coefficient	coefficient	NOUN
ajfa-2320	147	3	of	of	ADP
ajfa-2320	147	4	multiple	multiple	ADJ
ajfa-2320	147	5	determinations	determination	NOUN
ajfa-2320	147	6	denoted	denote	VERB
ajfa-2320	147	7	as	as	ADP
ajfa-2320	147	8	r2	r2	PROPN
ajfa-2320	147	9	shows	show	VERB
ajfa-2320	147	10	that	that	SCONJ
ajfa-2320	147	11	66.67	66.67	NUM
ajfa-2320	147	12	%	%	NOUN
ajfa-2320	147	13	variation	variation	NOUN
ajfa-2320	147	14	in	in	ADP
ajfa-2320	147	15	gdp	gdp	NOUN
ajfa-2320	147	16	can	can	AUX
ajfa-2320	147	17	be	be	AUX
ajfa-2320	147	18	explained	explain	VERB
ajfa-2320	147	19	by	by	ADP
ajfa-2320	147	20	exdebt	exdebt	PROPN
ajfa-2320	147	21	,	,	PUNCT
ajfa-2320	147	22	dfi	dfi	PROPN
ajfa-2320	147	23	,	,	PUNCT
ajfa-2320	147	24	cab	cab	NOUN
ajfa-2320	147	25	,	,	PUNCT
ajfa-2320	147	26	and	and	CCONJ
ajfa-2320	147	27	res	re	NOUN
ajfa-2320	147	28	while	while	SCONJ
ajfa-2320	147	29	the	the	DET
ajfa-2320	147	30	remaining	remain	VERB
ajfa-2320	147	31	33.33	33.33	NUM
ajfa-2320	147	32	%	%	NOUN
ajfa-2320	147	33	is	be	AUX
ajfa-2320	147	34	being	be	AUX
ajfa-2320	147	35	included	include	VERB
ajfa-2320	147	36	by	by	ADP
ajfa-2320	147	37	the	the	DET
ajfa-2320	147	38	stochastic	stochastic	ADJ
ajfa-2320	147	39	error	error	NOUN
ajfa-2320	147	40	term	term	NOUN
ajfa-2320	147	41	.	.	PUNCT
ajfa-2320	148	1	the	the	DET
ajfa-2320	148	2	durbin	durbin	PROPN
ajfa-2320	148	3	watson	watson	PROPN
ajfa-2320	148	4	statistics	statistic	NOUN
ajfa-2320	148	5	of	of	ADP
ajfa-2320	148	6	1.67	1.67	NUM
ajfa-2320	148	7	shows	show	VERB
ajfa-2320	148	8	that	that	SCONJ
ajfa-2320	148	9	the	the	DET
ajfa-2320	148	10	presence	presence	NOUN
ajfa-2320	148	11	of	of	ADP
ajfa-2320	148	12	autocorrelation	autocorrelation	NOUN
ajfa-2320	148	13	in	in	ADP
ajfa-2320	148	14	the	the	DET
ajfa-2320	148	15	model	model	NOUN
ajfa-2320	148	16	is	be	AUX
ajfa-2320	148	17	inconclusive	inconclusive	ADJ
ajfa-2320	148	18	as	as	SCONJ
ajfa-2320	148	19	the	the	DET
ajfa-2320	148	20	durbin	durbin	PROPN
ajfa-2320	148	21	watson	watson	PROPN
ajfa-2320	148	22	statistics	statistics	PROPN
ajfa-2320	148	23	falls	fall	VERB
ajfa-2320	148	24	under	under	ADP
ajfa-2320	148	25	the	the	DET
ajfa-2320	148	26	positive	positive	ADJ
ajfa-2320	148	27	side	side	NOUN
ajfa-2320	148	28	of	of	ADP
ajfa-2320	148	29	the	the	DET
ajfa-2320	148	30	inconclusive	inconclusive	ADJ
ajfa-2320	148	31	region	region	NOUN
ajfa-2320	148	32	.	.	PUNCT
ajfa-2320	149	1	the	the	DET
ajfa-2320	149	2	results	result	NOUN
ajfa-2320	149	3	of	of	ADP
ajfa-2320	149	4	the	the	DET
ajfa-2320	149	5	short	short	ADJ
ajfa-2320	149	6	run	run	NOUN
ajfa-2320	149	7	ecm	ecm	NOUN
ajfa-2320	149	8	is	be	AUX
ajfa-2320	149	9	in	in	ADP
ajfa-2320	149	10	contrast	contrast	NOUN
ajfa-2320	149	11	to	to	ADP
ajfa-2320	149	12	the	the	DET
ajfa-2320	149	13	long	long	ADJ
ajfa-2320	149	14	run	run	NOUN
ajfa-2320	149	15	cointegrating	cointegrate	VERB
ajfa-2320	149	16	equation	equation	NOUN
ajfa-2320	149	17	.	.	PUNCT
ajfa-2320	150	1	this	this	PRON
ajfa-2320	150	2	is	be	AUX
ajfa-2320	150	3	because	because	SCONJ
ajfa-2320	150	4	all	all	DET
ajfa-2320	150	5	the	the	DET
ajfa-2320	150	6	variables	variable	NOUN
ajfa-2320	150	7	and	and	CCONJ
ajfa-2320	150	8	their	their	PRON
ajfa-2320	150	9	lagged	lag	VERB
ajfa-2320	150	10	values	value	NOUN
ajfa-2320	150	11	are	be	AUX
ajfa-2320	150	12	positively	positively	ADV
ajfa-2320	150	13	related	relate	VERB
ajfa-2320	150	14	to	to	ADP
ajfa-2320	150	15	gdp	gdp	NOUN
ajfa-2320	150	16	.	.	PUNCT
ajfa-2320	151	1	this	this	DET
ajfa-2320	151	2	study	study	NOUN
ajfa-2320	151	3	does	do	AUX
ajfa-2320	151	4	not	not	PART
ajfa-2320	151	5	pretend	pretend	VERB
ajfa-2320	151	6	to	to	PART
ajfa-2320	151	7	considers	consider	VERB
ajfa-2320	151	8	exhaustively	exhaustively	ADV
ajfa-2320	151	9	all	all	DET
ajfa-2320	151	10	the	the	DET
ajfa-2320	151	11	potential	potential	ADJ
ajfa-2320	151	12	factors	factor	NOUN
ajfa-2320	151	13	determining	determine	VERB
ajfa-2320	151	14	economic	economic	ADJ
ajfa-2320	151	15	growth	growth	NOUN
ajfa-2320	151	16	and	and	CCONJ
ajfa-2320	151	17	development	development	NOUN
ajfa-2320	151	18	as	as	ADP
ajfa-2320	151	19	regards	regard	NOUN
ajfa-2320	151	20	to	to	ADP
ajfa-2320	151	21	capital	capital	NOUN
ajfa-2320	151	22	flight	flight	NOUN
ajfa-2320	151	23	.	.	PUNCT
ajfa-2320	152	1	however	however	ADV
ajfa-2320	152	2	,	,	PUNCT
ajfa-2320	152	3	the	the	DET
ajfa-2320	152	4	models	model	NOUN
ajfa-2320	152	5	developed	develop	VERB
ajfa-2320	152	6	and	and	CCONJ
ajfa-2320	152	7	the	the	DET
ajfa-2320	152	8	estimation	estimation	NOUN
ajfa-2320	152	9	techniques	technique	NOUN
ajfa-2320	152	10	employed	employ	VERB
ajfa-2320	152	11	in	in	ADP
ajfa-2320	152	12	this	this	DET
ajfa-2320	152	13	study	study	NOUN
ajfa-2320	152	14	are	be	AUX
ajfa-2320	152	15	intended	intend	VERB
ajfa-2320	152	16	to	to	PART
ajfa-2320	152	17	reveal	reveal	VERB
ajfa-2320	152	18	how	how	SCONJ
ajfa-2320	152	19	capital	capital	NOUN
ajfa-2320	152	20	flight	flight	NOUN
ajfa-2320	152	21	has	have	AUX
ajfa-2320	152	22	been	be	AUX
ajfa-2320	152	23	able	able	ADJ
ajfa-2320	152	24	to	to	PART
ajfa-2320	152	25	affect	affect	VERB
ajfa-2320	152	26	the	the	DET
ajfa-2320	152	27	gross	gross	ADJ
ajfa-2320	152	28	domestic	domestic	ADJ
ajfa-2320	152	29	product	product	NOUN
ajfa-2320	152	30	(	(	PUNCT
ajfa-2320	152	31	gdp	gdp	NOUN
ajfa-2320	152	32	)	)	PUNCT
ajfa-2320	152	33	and	and	CCONJ
ajfa-2320	152	34	balance	balance	NOUN
ajfa-2320	152	35	of	of	ADP
ajfa-2320	152	36	payment	payment	NOUN
ajfa-2320	152	37	(	(	PUNCT
ajfa-2320	152	38	bop	bop	INTJ
ajfa-2320	152	39	)	)	PUNCT
ajfa-2320	152	40	since	since	SCONJ
ajfa-2320	152	41	capital	capital	NOUN
ajfa-2320	152	42	flight	flight	NOUN
ajfa-2320	152	43	is	be	AUX
ajfa-2320	152	44	detrimental	detrimental	ADJ
ajfa-2320	152	45	to	to	ADP
ajfa-2320	152	46	development	development	NOUN
ajfa-2320	152	47	of	of	ADP
ajfa-2320	152	48	any	any	DET
ajfa-2320	152	49	economy	economy	NOUN
ajfa-2320	152	50	as	as	SCONJ
ajfa-2320	152	51	also	also	ADV
ajfa-2320	152	52	revealed	reveal	VERB
ajfa-2320	152	53	by	by	ADP
ajfa-2320	152	54	the	the	DET
ajfa-2320	152	55	empirical	empirical	ADJ
ajfa-2320	152	56	results	result	NOUN
ajfa-2320	152	57	or	or	CCONJ
ajfa-2320	152	58	this	this	DET
ajfa-2320	152	59	study	study	NOUN
ajfa-2320	152	60	,	,	PUNCT
ajfa-2320	152	61	this	this	PRON
ajfa-2320	152	62	is	be	AUX
ajfa-2320	152	63	consistent	consistent	ADJ
ajfa-2320	152	64	with	with	ADP
ajfa-2320	152	65	the	the	DET
ajfa-2320	152	66	findings	finding	NOUN
ajfa-2320	152	67	of	of	ADP
ajfa-2320	152	68	ajayi	ajayi	NOUN
ajfa-2320	152	69	(	(	PUNCT
ajfa-2320	152	70	1992	1992	NUM
ajfa-2320	152	71	)	)	PUNCT
ajfa-2320	152	72	and	and	CCONJ
ajfa-2320	152	73	on	on	ADP
ajfa-2320	152	74	woduket	woduket	NOUN
ajfa-2320	152	75	(	(	PUNCT
ajfa-2320	152	76	2007	2007	NUM
ajfa-2320	152	77	)	)	PUNCT
ajfa-2320	152	78	.	.	PUNCT
ajfa-2320	153	1	though	though	SCONJ
ajfa-2320	153	2	ajayi	ajayi	NOUN
ajfa-2320	153	3	(	(	PUNCT
ajfa-2320	153	4	1992	1992	NUM
ajfa-2320	153	5	)	)	PUNCT
ajfa-2320	153	6	did	do	AUX
ajfa-2320	153	7	not	not	PART
ajfa-2320	153	8	employ	employ	VERB
ajfa-2320	153	9	cointegrating	cointegrate	VERB
ajfa-2320	153	10	analytical	analytical	ADJ
ajfa-2320	153	11	technique	technique	NOUN
ajfa-2320	153	12	to	to	PART
ajfa-2320	153	13	estimate	estimate	VERB
ajfa-2320	153	14	his	his	PRON
ajfa-2320	153	15	data	datum	NOUN
ajfa-2320	153	16	,	,	PUNCT
ajfa-2320	153	17	the	the	DET
ajfa-2320	153	18	‘	'	PUNCT
ajfa-2320	153	19	apriori	apriori	NOUN
ajfa-2320	153	20	’	'	PUNCT
ajfa-2320	153	21	expectation	expectation	NOUN
ajfa-2320	153	22	still	still	ADV
ajfa-2320	153	23	holds	hold	VERB
ajfa-2320	153	24	.	.	PUNCT
ajfa-2320	154	1	discussion	discussion	NOUN
ajfa-2320	154	2	and	and	CCONJ
ajfa-2320	154	3	findings	finding	VERB
ajfa-2320	154	4	the	the	DET
ajfa-2320	154	5	motive	motive	NOUN
ajfa-2320	154	6	behind	behind	ADP
ajfa-2320	154	7	external	external	ADJ
ajfa-2320	154	8	debt	debt	NOUN
ajfa-2320	154	9	is	be	AUX
ajfa-2320	154	10	to	to	PART
ajfa-2320	154	11	provide	provide	VERB
ajfa-2320	154	12	basic	basic	ADJ
ajfa-2320	154	13	infrastructural	infrastructural	ADJ
ajfa-2320	154	14	facilities	facility	NOUN
ajfa-2320	154	15	that	that	PRON
ajfa-2320	154	16	boost	boost	VERB
ajfa-2320	154	17	economic	economic	ADJ
ajfa-2320	154	18	growth	growth	NOUN
ajfa-2320	154	19	and	and	CCONJ
ajfa-2320	154	20	development	development	NOUN
ajfa-2320	154	21	of	of	ADP
ajfa-2320	154	22	a	a	DET
ajfa-2320	154	23	nation	nation	NOUN
ajfa-2320	154	24	nigeria	nigeria	PROPN
ajfa-2320	154	25	is	be	AUX
ajfa-2320	154	26	not	not	PART
ajfa-2320	154	27	an	an	DET
ajfa-2320	154	28	exception	exception	NOUN
ajfa-2320	154	29	.	.	PUNCT
ajfa-2320	155	1	judicious	judicious	ADJ
ajfa-2320	155	2	use	use	NOUN
ajfa-2320	155	3	of	of	ADP
ajfa-2320	155	4	external	external	ADJ
ajfa-2320	155	5	debt	debt	NOUN
ajfa-2320	155	6	can	can	AUX
ajfa-2320	155	7	also	also	ADV
ajfa-2320	155	8	lead	lead	VERB
ajfa-2320	155	9	to	to	PART
ajfa-2320	155	10	influx	influx	VERB
ajfa-2320	155	11	of	of	ADP
ajfa-2320	155	12	fereign	fereign	ADJ
ajfa-2320	155	13	investors	investor	NOUN
ajfa-2320	155	14	,	,	PUNCT
ajfa-2320	155	15	increase	increase	VERB
ajfa-2320	155	16	in	in	ADP
ajfa-2320	155	17	external	external	ADJ
ajfa-2320	155	18	reserve	reserve	NOUN
ajfa-2320	155	19	and	and	CCONJ
ajfa-2320	155	20	boost	boost	VERB
ajfa-2320	155	21	economic	economic	ADJ
ajfa-2320	155	22	growth	growth	NOUN
ajfa-2320	155	23	and	and	CCONJ
ajfa-2320	155	24	development	development	NOUN
ajfa-2320	155	25	.	.	PUNCT
ajfa-2320	156	1	unfortunately	unfortunately	ADV
ajfa-2320	156	2	,	,	PUNCT
ajfa-2320	156	3	this	this	PRON
ajfa-2320	156	4	is	be	AUX
ajfa-2320	156	5	not	not	PART
ajfa-2320	156	6	so	so	ADV
ajfa-2320	156	7	in	in	ADP
ajfa-2320	156	8	nigeria	nigeria	PROPN
ajfa-2320	156	9	as	as	SCONJ
ajfa-2320	156	10	revealed	reveal	VERB
ajfa-2320	156	11	by	by	ADP
ajfa-2320	156	12	the	the	DET
ajfa-2320	156	13	empirical	empirical	ADJ
ajfa-2320	156	14	findings	finding	NOUN
ajfa-2320	156	15	of	of	ADP
ajfa-2320	156	16	this	this	DET
ajfa-2320	156	17	study	study	NOUN
ajfa-2320	156	18	.	.	PUNCT
ajfa-2320	157	1	external	external	ADJ
ajfa-2320	157	2	debt	debt	NOUN
ajfa-2320	157	3	reduces	reduce	VERB
ajfa-2320	157	4	gross	gross	ADJ
ajfa-2320	157	5	domestic	domestic	ADJ
ajfa-2320	157	6	product	product	NOUN
ajfa-2320	157	7	,	,	PUNCT
ajfa-2320	157	8	degree	degree	NOUN
ajfa-2320	157	9	of	of	ADP
ajfa-2320	157	10	openness	openness	NOUN
ajfa-2320	157	11	,	,	PUNCT
ajfa-2320	157	12	gross	gross	ADJ
ajfa-2320	157	13	capital	capital	NOUN
ajfa-2320	157	14	formation	formation	NOUN
ajfa-2320	157	15	i.e	i.e	DET
ajfa-2320	157	16	domestic	domestic	ADJ
ajfa-2320	157	17	investment	investment	NOUN
ajfa-2320	157	18	,	,	PUNCT
ajfa-2320	157	19	and	and	CCONJ
ajfa-2320	157	20	external	external	ADJ
ajfa-2320	157	21	reserve	reserve	PROPN
ajfa-2320	157	22	.	.	PUNCT
ajfa-2320	158	1	findings	finding	NOUN
ajfa-2320	158	2	also	also	ADV
ajfa-2320	158	3	shows	show	VERB
ajfa-2320	158	4	that	that	SCONJ
ajfa-2320	158	5	the	the	DET
ajfa-2320	158	6	interest	interest	NOUN
ajfa-2320	158	7	being	be	AUX
ajfa-2320	158	8	paid	pay	VERB
ajfa-2320	158	9	on	on	ADP
ajfa-2320	158	10	foreign	foreign	ADJ
ajfa-2320	158	11	debt	debt	NOUN
ajfa-2320	158	12	is	be	AUX
ajfa-2320	158	13	now	now	ADV
ajfa-2320	158	14	higher	high	ADJ
ajfa-2320	158	15	that	that	SCONJ
ajfa-2320	158	16	the	the	DET
ajfa-2320	158	17	principal	principal	NOUN
ajfa-2320	158	18	itself	itself	PRON
ajfa-2320	158	19	.	.	PUNCT
ajfa-2320	159	1	the	the	DET
ajfa-2320	159	2	negative	negative	ADJ
ajfa-2320	159	3	relationship	relationship	NOUN
ajfa-2320	159	4	between	between	ADP
ajfa-2320	159	5	external	external	ADJ
ajfa-2320	159	6	debt	debt	NOUN
ajfa-2320	159	7	and	and	CCONJ
ajfa-2320	159	8	economic	economic	ADJ
ajfa-2320	159	9	development	development	NOUN
ajfa-2320	159	10	in	in	ADP
ajfa-2320	159	11	the	the	DET
ajfa-2320	159	12	long	long	ADJ
ajfa-2320	159	13	run	run	NOUN
ajfa-2320	159	14	implies	imply	VERB
ajfa-2320	159	15	that	that	PRON
ajfa-2320	159	16	increase	increase	NOUN
ajfa-2320	159	17	in	in	ADP
ajfa-2320	159	18	external	external	ADJ
ajfa-2320	159	19	borrowing	borrowing	NOUN
ajfa-2320	159	20	by	by	ADP
ajfa-2320	159	21	the	the	DET
ajfa-2320	159	22	nigerian	nigerian	ADJ
ajfa-2320	159	23	government	government	NOUN
ajfa-2320	159	24	fails	fail	VERB
ajfa-2320	159	25	to	to	PART
ajfa-2320	159	26	transform	transform	VERB
ajfa-2320	159	27	into	into	ADP
ajfa-2320	159	28	increase	increase	NOUN
ajfa-2320	159	29	in	in	ADP
ajfa-2320	159	30	the	the	DET
ajfa-2320	159	31	level	level	NOUN
ajfa-2320	159	32	of	of	ADP
ajfa-2320	159	33	economic	economic	ADJ
ajfa-2320	159	34	development	development	NOUN
ajfa-2320	159	35	.	.	PUNCT
ajfa-2320	160	1	this	this	PRON
ajfa-2320	160	2	is	be	AUX
ajfa-2320	160	3	a	a	DET
ajfa-2320	160	4	indication	indication	NOUN
ajfa-2320	160	5	that	that	SCONJ
ajfa-2320	160	6	the	the	DET
ajfa-2320	160	7	borrowed	borrow	VERB
ajfa-2320	160	8	funds	fund	NOUN
ajfa-2320	160	9	were	be	AUX
ajfa-2320	160	10	diverted	divert	VERB
ajfa-2320	160	11	to	to	ADP
ajfa-2320	160	12	other	other	ADJ
ajfa-2320	160	13	uses	use	NOUN
ajfa-2320	160	14	that	that	PRON
ajfa-2320	160	15	do	do	AUX
ajfa-2320	160	16	not	not	PART
ajfa-2320	160	17	translate	translate	VERB
ajfa-2320	160	18	to	to	ADP
ajfa-2320	160	19	economic	economic	ADJ
ajfa-2320	160	20	development	development	NOUN
ajfa-2320	160	21	.	.	PUNCT
ajfa-2320	161	1	previous	previous	ADJ
ajfa-2320	161	2	studies	study	NOUN
ajfa-2320	161	3	revealed	reveal	VERB
ajfa-2320	161	4	that	that	SCONJ
ajfa-2320	161	5	most	most	ADJ
ajfa-2320	161	6	of	of	ADP
ajfa-2320	161	7	these	these	DET
ajfa-2320	161	8	funds	fund	NOUN
ajfa-2320	161	9	were	be	AUX
ajfa-2320	161	10	diverted	divert	VERB
ajfa-2320	161	11	by	by	ADP
ajfa-2320	161	12	corrupt	corrupt	ADJ
ajfa-2320	161	13	government	government	NOUN
ajfa-2320	161	14	functionaries	functionary	NOUN
ajfa-2320	161	15	to	to	ADP
ajfa-2320	161	16	their	their	PRON
ajfa-2320	161	17	private	private	ADJ
ajfa-2320	161	18	use	use	NOUN
ajfa-2320	161	19	other	other	ADJ
ajfa-2320	161	20	countries	country	NOUN
ajfa-2320	161	21	.	.	PUNCT
ajfa-2320	162	1	(	(	PUNCT
ajfa-2320	162	2	paul	paul	PROPN
ajfa-2320	162	3	collier	collier	PROPN
ajfa-2320	162	4	et	et	PROPN
ajfa-2320	162	5	al	al	PROPN
ajfa-2320	162	6	2004	2004	NUM
ajfa-2320	162	7	)	)	PUNCT
ajfa-2320	162	8	.	.	PUNCT
ajfa-2320	163	1	ideally	ideally	ADV
ajfa-2320	163	2	external	external	ADJ
ajfa-2320	163	3	borrowings	borrowing	NOUN
ajfa-2320	163	4	and	and	CCONJ
ajfa-2320	163	5	aids	aid	NOUN
ajfa-2320	163	6	are	be	AUX
ajfa-2320	163	7	expected	expect	VERB
ajfa-2320	163	8	to	to	PART
ajfa-2320	163	9	induce	induce	VERB
ajfa-2320	163	10	and	and	CCONJ
ajfa-2320	163	11	attract	attract	VERB
ajfa-2320	163	12	foreign	foreign	ADJ
ajfa-2320	163	13	private	private	ADJ
ajfa-2320	163	14	capital	capital	NOUN
ajfa-2320	163	15	thereby	thereby	ADV
ajfa-2320	163	16	improve	improve	VERB
ajfa-2320	163	17	the	the	DET
ajfa-2320	163	18	domestic	domestic	ADJ
ajfa-2320	163	19	economy	economy	NOUN
ajfa-2320	163	20	.	.	PUNCT
ajfa-2320	164	1	increase	increase	VERB
ajfa-2320	164	2	external	external	ADJ
ajfa-2320	164	3	borrowing	borrowing	NOUN
ajfa-2320	164	4	is	be	AUX
ajfa-2320	164	5	expected	expect	VERB
ajfa-2320	164	6	to	to	PART
ajfa-2320	164	7	induce	induce	VERB
ajfa-2320	164	8	domestic	domestic	ADJ
ajfa-2320	164	9	investors	investor	NOUN
ajfa-2320	164	10	to	to	PART
ajfa-2320	164	11	retain	retain	VERB
ajfa-2320	164	12	greater	great	ADJ
ajfa-2320	164	13	proportion	proportion	NOUN
ajfa-2320	164	14	of	of	ADP
ajfa-2320	164	15	their	their	PRON
ajfa-2320	164	16	wealth	wealth	NOUN
ajfa-2320	164	17	within	within	ADP
ajfa-2320	164	18	the	the	DET
ajfa-2320	164	19	economy	economy	NOUN
ajfa-2320	164	20	,	,	PUNCT
ajfa-2320	164	21	but	but	CCONJ
ajfa-2320	164	22	in	in	ADP
ajfa-2320	164	23	a	a	DET
ajfa-2320	164	24	situation	situation	NOUN
ajfa-2320	164	25	where	where	SCONJ
ajfa-2320	164	26	increase	increase	VERB
ajfa-2320	164	27	debt	debt	NOUN
ajfa-2320	164	28	results	result	NOUN
ajfa-2320	164	29	in	in	ADP
ajfa-2320	164	30	greater	great	ADJ
ajfa-2320	164	31	proportion	proportion	NOUN
ajfa-2320	164	32	of	of	ADP
ajfa-2320	164	33	private	private	ADJ
ajfa-2320	164	34	wealth	wealth	NOUN
ajfa-2320	164	35	to	to	PART
ajfa-2320	164	36	be	be	AUX
ajfa-2320	164	37	held	hold	VERB
ajfa-2320	164	38	outside	outside	ADP
ajfa-2320	164	39	the	the	DET
ajfa-2320	164	40	country	country	NOUN
ajfa-2320	164	41	,	,	PUNCT
ajfa-2320	164	42	the	the	DET
ajfa-2320	164	43	domestic	domestic	ADJ
ajfa-2320	164	44	economy	economy	NOUN
ajfa-2320	164	45	can	can	AUX
ajfa-2320	164	46	not	not	PART
ajfa-2320	164	47	develop	develop	VERB
ajfa-2320	164	48	.	.	PUNCT
ajfa-2320	165	1	although	although	SCONJ
ajfa-2320	165	2	,	,	PUNCT
ajfa-2320	165	3	direct	direct	ADJ
ajfa-2320	165	4	foreign	foreign	ADJ
ajfa-2320	165	5	investment	investment	NOUN
ajfa-2320	165	6	and	and	CCONJ
ajfa-2320	165	7	change	change	NOUN
ajfa-2320	165	8	in	in	ADP
ajfa-2320	165	9	external	external	ADJ
ajfa-2320	165	10	reserve	reserve	NOUN
ajfa-2320	165	11	are	be	AUX
ajfa-2320	165	12	positively	positively	ADV
ajfa-2320	165	13	related	relate	VERB
ajfa-2320	165	14	to	to	ADP
ajfa-2320	165	15	gross	gross	ADJ
ajfa-2320	165	16	domestic	domestic	ADJ
ajfa-2320	165	17	product	product	NOUN
ajfa-2320	165	18	in	in	ADP
ajfa-2320	165	19	the	the	DET
ajfa-2320	165	20	short	short	ADJ
ajfa-2320	165	21	-	-	PUNCT
ajfa-2320	165	22	run	run	NOUN
ajfa-2320	165	23	,	,	PUNCT
ajfa-2320	165	24	the	the	DET
ajfa-2320	165	25	long	long	ADV
ajfa-2320	165	26	-	-	PUNCT
ajfa-2320	165	27	run	run	NOUN
ajfa-2320	165	28	increasing	increase	VERB
ajfa-2320	165	29	trend	trend	NOUN
ajfa-2320	165	30	in	in	ADP
ajfa-2320	165	31	external	external	ADJ
ajfa-2320	165	32	debt	debt	NOUN
ajfa-2320	165	33	makes	make	VERB
ajfa-2320	165	34	government	government	NOUN
ajfa-2320	165	35	to	to	PART
ajfa-2320	165	36	finance	finance	VERB
ajfa-2320	165	37	foreign	foreign	ADJ
ajfa-2320	165	38	debt	debt	NOUN
ajfa-2320	165	39	from	from	ADP
ajfa-2320	165	40	external	external	ADJ
ajfa-2320	165	41	reserve	reserve	NOUN
ajfa-2320	165	42	hence	hence	ADV
ajfa-2320	165	43	,	,	PUNCT
ajfa-2320	165	44	a	a	DET
ajfa-2320	165	45	asian	asian	ADJ
ajfa-2320	165	46	journal	journal	NOUN
ajfa-2320	165	47	of	of	ADP
ajfa-2320	165	48	finance	finance	PROPN
ajfa-2320	165	49	&	&	CCONJ
ajfa-2320	165	50	accounting	accounting	PROPN
ajfa-2320	165	51	issn	issn	PROPN
ajfa-2320	165	52	1946	1946	NUM
ajfa-2320	165	53	-	-	PUNCT
ajfa-2320	165	54	052x	052x	NOUN
ajfa-2320	165	55	2012	2012	NUM
ajfa-2320	165	56	,	,	PUNCT
ajfa-2320	165	57	vol	vol	NOUN
ajfa-2320	165	58	.	.	PROPN
ajfa-2320	165	59	4	4	NUM
ajfa-2320	165	60	,	,	PUNCT
ajfa-2320	165	61	no	no	INTJ
ajfa-2320	165	62	.	.	NOUN
ajfa-2320	165	63	2	2	NUM
ajfa-2320	165	64	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	165	65	287	287	NUM
ajfa-2320	165	66	decrease	decrease	NOUN
ajfa-2320	165	67	in	in	ADP
ajfa-2320	165	68	external	external	ADJ
ajfa-2320	165	69	reserve	reserve	PROPN
ajfa-2320	165	70	.	.	PUNCT
ajfa-2320	166	1	this	this	PRON
ajfa-2320	166	2	has	have	VERB
ajfa-2320	166	3	a	a	DET
ajfa-2320	166	4	multiplier	multipli	ADJ
ajfa-2320	166	5	effect	effect	NOUN
ajfa-2320	166	6	on	on	ADP
ajfa-2320	166	7	the	the	DET
ajfa-2320	166	8	economy	economy	NOUN
ajfa-2320	166	9	as	as	SCONJ
ajfa-2320	166	10	foreign	foreign	ADJ
ajfa-2320	166	11	investors	investor	NOUN
ajfa-2320	166	12	are	be	AUX
ajfa-2320	166	13	not	not	PART
ajfa-2320	166	14	encourage	encourage	ADJ
ajfa-2320	166	15	by	by	ADP
ajfa-2320	166	16	increase	increase	NOUN
ajfa-2320	166	17	in	in	ADP
ajfa-2320	166	18	foreign	foreign	ADJ
ajfa-2320	166	19	debt	debt	NOUN
ajfa-2320	166	20	servicing	servicing	NOUN
ajfa-2320	166	21	and	and	CCONJ
ajfa-2320	166	22	those	those	PRON
ajfa-2320	166	23	already	already	ADV
ajfa-2320	166	24	in	in	ADP
ajfa-2320	166	25	the	the	DET
ajfa-2320	166	26	country	country	NOUN
ajfa-2320	166	27	chooses	choose	VERB
ajfa-2320	166	28	to	to	PART
ajfa-2320	166	29	repatriate	repatriate	VERB
ajfa-2320	166	30	profit	profit	NOUN
ajfa-2320	166	31	to	to	ADP
ajfa-2320	166	32	their	their	PRON
ajfa-2320	166	33	parent	parent	NOUN
ajfa-2320	166	34	country	country	NOUN
ajfa-2320	166	35	.	.	PUNCT
ajfa-2320	167	1	all	all	DET
ajfa-2320	167	2	these	these	PRON
ajfa-2320	167	3	will	will	AUX
ajfa-2320	167	4	cause	cause	VERB
ajfa-2320	167	5	a	a	DET
ajfa-2320	167	6	current	current	ADJ
ajfa-2320	167	7	account	account	NOUN
ajfa-2320	167	8	balance	balance	NOUN
ajfa-2320	167	9	deficit	deficit	NOUN
ajfa-2320	167	10	in	in	ADP
ajfa-2320	167	11	the	the	DET
ajfa-2320	167	12	long	long	ADJ
ajfa-2320	167	13	run	run	NOUN
ajfa-2320	167	14	which	which	PRON
ajfa-2320	167	15	also	also	ADV
ajfa-2320	167	16	reduce	reduce	VERB
ajfa-2320	167	17	gross	gross	ADJ
ajfa-2320	167	18	domestic	domestic	ADJ
ajfa-2320	167	19	product	product	NOUN
ajfa-2320	167	20	.	.	PUNCT
ajfa-2320	168	1	foreign	foreign	ADJ
ajfa-2320	168	2	direct	direct	ADJ
ajfa-2320	168	3	investment	investment	NOUN
ajfa-2320	168	4	and	and	CCONJ
ajfa-2320	168	5	gross	gross	ADJ
ajfa-2320	168	6	domestic	domestic	ADJ
ajfa-2320	168	7	product	product	NOUN
ajfa-2320	168	8	are	be	AUX
ajfa-2320	168	9	among	among	ADP
ajfa-2320	168	10	the	the	DET
ajfa-2320	168	11	largest	large	ADJ
ajfa-2320	168	12	sources	source	NOUN
ajfa-2320	168	13	of	of	ADP
ajfa-2320	168	14	external	external	ADJ
ajfa-2320	168	15	finance	finance	NOUN
ajfa-2320	168	16	from	from	ADP
ajfa-2320	168	17	developing	develop	VERB
ajfa-2320	168	18	countries	country	NOUN
ajfa-2320	168	19	including	include	VERB
ajfa-2320	168	20	nigeria	nigeria	PROPN
ajfa-2320	168	21	.	.	PUNCT
ajfa-2320	169	1	the	the	DET
ajfa-2320	169	2	positive	positive	ADJ
ajfa-2320	169	3	and	and	CCONJ
ajfa-2320	169	4	negative	negative	ADJ
ajfa-2320	169	5	relationship	relationship	NOUN
ajfa-2320	169	6	observes	observe	VERB
ajfa-2320	169	7	in	in	ADP
ajfa-2320	169	8	the	the	DET
ajfa-2320	169	9	model	model	NOUN
ajfa-2320	169	10	formulated	formulate	VERB
ajfa-2320	169	11	in	in	ADP
ajfa-2320	169	12	models	model	NOUN
ajfa-2320	169	13	6	6	NUM
ajfa-2320	169	14	and	and	CCONJ
ajfa-2320	169	15	7	7	NUM
ajfa-2320	169	16	indicated	indicate	VERB
ajfa-2320	169	17	that	that	SCONJ
ajfa-2320	169	18	foreign	foreign	ADJ
ajfa-2320	169	19	direct	direct	ADJ
ajfa-2320	169	20	investment	investment	NOUN
ajfa-2320	169	21	could	could	AUX
ajfa-2320	169	22	have	have	VERB
ajfa-2320	169	23	both	both	CCONJ
ajfa-2320	169	24	adverse	adverse	ADJ
ajfa-2320	169	25	and	and	CCONJ
ajfa-2320	169	26	beneficial	beneficial	ADJ
ajfa-2320	169	27	effect	effect	NOUN
ajfa-2320	169	28	on	on	ADP
ajfa-2320	169	29	the	the	DET
ajfa-2320	169	30	economy	economy	NOUN
ajfa-2320	169	31	.	.	PUNCT
ajfa-2320	170	1	for	for	ADP
ajfa-2320	170	2	instance	instance	NOUN
ajfa-2320	170	3	,	,	PUNCT
ajfa-2320	170	4	foreign	foreign	ADJ
ajfa-2320	170	5	direct	direct	ADJ
ajfa-2320	170	6	investment	investment	NOUN
ajfa-2320	170	7	inflows	inflow	NOUN
ajfa-2320	170	8	into	into	ADP
ajfa-2320	170	9	an	an	DET
ajfa-2320	170	10	economy	economy	NOUN
ajfa-2320	170	11	may	may	AUX
ajfa-2320	170	12	facilitate	facilitate	VERB
ajfa-2320	170	13	capital	capital	NOUN
ajfa-2320	170	14	flight	flight	NOUN
ajfa-2320	170	15	or	or	CCONJ
ajfa-2320	170	16	cause	cause	VERB
ajfa-2320	170	17	a	a	DET
ajfa-2320	170	18	reduction	reduction	NOUN
ajfa-2320	170	19	in	in	ADP
ajfa-2320	170	20	capital	capital	NOUN
ajfa-2320	170	21	flight	flight	NOUN
ajfa-2320	170	22	.	.	PUNCT
ajfa-2320	171	1	if	if	SCONJ
ajfa-2320	171	2	the	the	DET
ajfa-2320	171	3	returns	return	NOUN
ajfa-2320	171	4	from	from	ADP
ajfa-2320	171	5	foreign	foreign	ADJ
ajfa-2320	171	6	direct	direct	ADJ
ajfa-2320	171	7	investment	investment	NOUN
ajfa-2320	171	8	are	be	AUX
ajfa-2320	171	9	repatriated	repatriate	VERB
ajfa-2320	171	10	into	into	ADP
ajfa-2320	171	11	foreign	foreign	ADJ
ajfa-2320	171	12	countries	country	NOUN
ajfa-2320	171	13	,	,	PUNCT
ajfa-2320	171	14	it	it	PRON
ajfa-2320	171	15	is	be	AUX
ajfa-2320	171	16	detrimental	detrimental	ADJ
ajfa-2320	171	17	,	,	PUNCT
ajfa-2320	171	18	but	but	CCONJ
ajfa-2320	171	19	if	if	SCONJ
ajfa-2320	171	20	the	the	DET
ajfa-2320	171	21	returns	return	NOUN
ajfa-2320	171	22	on	on	ADP
ajfa-2320	171	23	foreign	foreign	ADJ
ajfa-2320	171	24	direct	direct	ADJ
ajfa-2320	171	25	investment	investment	NOUN
ajfa-2320	171	26	are	be	AUX
ajfa-2320	171	27	reinvested	reinveste	VERB
ajfa-2320	171	28	in	in	ADP
ajfa-2320	171	29	the	the	DET
ajfa-2320	171	30	local	local	ADJ
ajfa-2320	171	31	economy	economy	NOUN
ajfa-2320	171	32	,	,	PUNCT
ajfa-2320	171	33	there	there	PRON
ajfa-2320	171	34	will	will	AUX
ajfa-2320	171	35	be	be	AUX
ajfa-2320	171	36	improvement	improvement	NOUN
ajfa-2320	171	37	in	in	ADP
ajfa-2320	171	38	the	the	DET
ajfa-2320	171	39	gross	gross	ADJ
ajfa-2320	171	40	domestic	domestic	ADJ
ajfa-2320	171	41	product	product	NOUN
ajfa-2320	171	42	.	.	PUNCT
ajfa-2320	172	1	conclusion	conclusion	NOUN
ajfa-2320	172	2	and	and	CCONJ
ajfa-2320	172	3	recommendations	recommendation	NOUN
ajfa-2320	172	4	a	a	DET
ajfa-2320	172	5	number	number	NOUN
ajfa-2320	172	6	of	of	ADP
ajfa-2320	172	7	conclusions	conclusion	NOUN
ajfa-2320	172	8	can	can	AUX
ajfa-2320	172	9	be	be	AUX
ajfa-2320	172	10	drawn	draw	VERB
ajfa-2320	172	11	from	from	ADP
ajfa-2320	172	12	this	this	DET
ajfa-2320	172	13	study	study	NOUN
ajfa-2320	172	14	.	.	PUNCT
ajfa-2320	173	1	the	the	DET
ajfa-2320	173	2	first	first	ADJ
ajfa-2320	173	3	is	be	AUX
ajfa-2320	173	4	that	that	SCONJ
ajfa-2320	173	5	there	there	PRON
ajfa-2320	173	6	is	be	VERB
ajfa-2320	173	7	no	no	DET
ajfa-2320	173	8	generally	generally	ADV
ajfa-2320	173	9	accepted	accept	VERB
ajfa-2320	173	10	definition	definition	NOUN
ajfa-2320	173	11	of	of	ADP
ajfa-2320	173	12	capital	capital	NOUN
ajfa-2320	173	13	flight	flight	NOUN
ajfa-2320	173	14	,	,	PUNCT
ajfa-2320	173	15	hence	hence	ADV
ajfa-2320	173	16	the	the	DET
ajfa-2320	173	17	use	use	NOUN
ajfa-2320	173	18	of	of	ADP
ajfa-2320	173	19	several	several	ADJ
ajfa-2320	173	20	concepts	concept	NOUN
ajfa-2320	173	21	in	in	ADP
ajfa-2320	173	22	this	this	DET
ajfa-2320	173	23	study	study	NOUN
ajfa-2320	173	24	.	.	PUNCT
ajfa-2320	174	1	secondly	secondly	ADV
ajfa-2320	174	2	,	,	PUNCT
ajfa-2320	174	3	a	a	DET
ajfa-2320	174	4	significant	significant	ADJ
ajfa-2320	174	5	proportion	proportion	NOUN
ajfa-2320	174	6	of	of	ADP
ajfa-2320	174	7	capital	capital	NOUN
ajfa-2320	174	8	flight	flight	NOUN
ajfa-2320	174	9	can	can	AUX
ajfa-2320	174	10	be	be	AUX
ajfa-2320	174	11	estimated	estimate	VERB
ajfa-2320	174	12	from	from	ADP
ajfa-2320	174	13	recorded	record	VERB
ajfa-2320	174	14	data	datum	NOUN
ajfa-2320	174	15	in	in	ADP
ajfa-2320	174	16	the	the	DET
ajfa-2320	174	17	balance	balance	NOUN
ajfa-2320	174	18	of	of	ADP
ajfa-2320	174	19	payment	payment	NOUN
ajfa-2320	174	20	and	and	CCONJ
ajfa-2320	174	21	debt	debt	NOUN
ajfa-2320	174	22	statistic	statistic	NOUN
ajfa-2320	174	23	.	.	PUNCT
ajfa-2320	175	1	the	the	DET
ajfa-2320	175	2	implication	implication	NOUN
ajfa-2320	175	3	is	be	AUX
ajfa-2320	175	4	that	that	SCONJ
ajfa-2320	175	5	,	,	PUNCT
ajfa-2320	175	6	the	the	DET
ajfa-2320	175	7	reliability	reliability	NOUN
ajfa-2320	175	8	of	of	ADP
ajfa-2320	175	9	the	the	DET
ajfa-2320	175	10	measure	measure	NOUN
ajfa-2320	175	11	is	be	AUX
ajfa-2320	175	12	dependent	dependent	ADJ
ajfa-2320	175	13	on	on	ADP
ajfa-2320	175	14	the	the	DET
ajfa-2320	175	15	accuracy	accuracy	NOUN
ajfa-2320	175	16	of	of	ADP
ajfa-2320	175	17	the	the	DET
ajfa-2320	175	18	items	item	NOUN
ajfa-2320	175	19	in	in	ADP
ajfa-2320	175	20	the	the	DET
ajfa-2320	175	21	balance	balance	NOUN
ajfa-2320	175	22	of	of	ADP
ajfa-2320	175	23	payment	payment	NOUN
ajfa-2320	175	24	statistics	statistic	NOUN
ajfa-2320	175	25	and	and	CCONJ
ajfa-2320	175	26	debt	debt	NOUN
ajfa-2320	175	27	data	datum	NOUN
ajfa-2320	175	28	.	.	PUNCT
ajfa-2320	176	1	significant	significant	ADJ
ajfa-2320	176	2	amount	amount	NOUN
ajfa-2320	176	3	of	of	ADP
ajfa-2320	176	4	capital	capital	NOUN
ajfa-2320	176	5	flight	flight	NOUN
ajfa-2320	176	6	in	in	ADP
ajfa-2320	176	7	relation	relation	NOUN
ajfa-2320	176	8	to	to	ADP
ajfa-2320	176	9	external	external	ADJ
ajfa-2320	176	10	debt	debt	NOUN
ajfa-2320	176	11	took	take	VERB
ajfa-2320	176	12	place	place	NOUN
ajfa-2320	176	13	over	over	ADP
ajfa-2320	176	14	the	the	DET
ajfa-2320	176	15	years	year	NOUN
ajfa-2320	176	16	covered	cover	VERB
ajfa-2320	176	17	by	by	ADP
ajfa-2320	176	18	this	this	DET
ajfa-2320	176	19	study	study	NOUN
ajfa-2320	176	20	.	.	PUNCT
ajfa-2320	177	1	trade	trade	NOUN
ajfa-2320	177	2	faking	faking	NOUN
ajfa-2320	177	3	has	have	AUX
ajfa-2320	177	4	been	be	AUX
ajfa-2320	177	5	discovered	discover	VERB
ajfa-2320	177	6	as	as	ADP
ajfa-2320	177	7	an	an	DET
ajfa-2320	177	8	important	important	ADJ
ajfa-2320	177	9	vehicle	vehicle	NOUN
ajfa-2320	177	10	of	of	ADP
ajfa-2320	177	11	effecting	effect	VERB
ajfa-2320	177	12	capital	capital	NOUN
ajfa-2320	177	13	flight	flight	NOUN
ajfa-2320	177	14	.	.	PUNCT
ajfa-2320	178	1	thirdly	thirdly	ADV
ajfa-2320	178	2	,	,	PUNCT
ajfa-2320	178	3	domestic	domestic	ADJ
ajfa-2320	178	4	macro	macro	ADJ
ajfa-2320	178	5	economics	economic	NOUN
ajfa-2320	178	6	policy	policy	NOUN
ajfa-2320	178	7	distortion	distortion	NOUN
ajfa-2320	178	8	is	be	AUX
ajfa-2320	178	9	the	the	DET
ajfa-2320	178	10	culprit	culprit	NOUN
ajfa-2320	178	11	in	in	ADP
ajfa-2320	178	12	the	the	DET
ajfa-2320	178	13	capital	capital	NOUN
ajfa-2320	178	14	flight	flight	NOUN
ajfa-2320	178	15	episode	episode	NOUN
ajfa-2320	178	16	.	.	PUNCT
ajfa-2320	179	1	of	of	ADP
ajfa-2320	179	2	significance	significance	NOUN
ajfa-2320	179	3	in	in	ADP
ajfa-2320	179	4	the	the	DET
ajfa-2320	179	5	area	area	NOUN
ajfa-2320	179	6	of	of	ADP
ajfa-2320	179	7	policy	policy	NOUN
ajfa-2320	179	8	errors	error	NOUN
ajfa-2320	179	9	are	be	AUX
ajfa-2320	179	10	lack	lack	NOUN
ajfa-2320	179	11	of	of	ADP
ajfa-2320	179	12	opportunities	opportunity	NOUN
ajfa-2320	179	13	for	for	ADP
ajfa-2320	179	14	profitable	profitable	ADJ
ajfa-2320	179	15	investments	investment	NOUN
ajfa-2320	179	16	within	within	ADP
ajfa-2320	179	17	the	the	DET
ajfa-2320	179	18	domestic	domestic	ADJ
ajfa-2320	179	19	economy	economy	NOUN
ajfa-2320	179	20	.	.	PUNCT
ajfa-2320	180	1	the	the	DET
ajfa-2320	180	2	attractive	attractive	ADJ
ajfa-2320	180	3	incentives	incentive	NOUN
ajfa-2320	180	4	offered	offer	VERB
ajfa-2320	180	5	by	by	ADP
ajfa-2320	180	6	the	the	DET
ajfa-2320	180	7	foreign	foreign	ADJ
ajfa-2320	180	8	sector	sector	NOUN
ajfa-2320	180	9	can	can	AUX
ajfa-2320	180	10	not	not	PART
ajfa-2320	180	11	be	be	AUX
ajfa-2320	180	12	left	leave	VERB
ajfa-2320	180	13	out	out	ADP
ajfa-2320	180	14	.	.	PUNCT
ajfa-2320	181	1	lastly	lastly	ADV
ajfa-2320	181	2	,	,	PUNCT
ajfa-2320	181	3	the	the	DET
ajfa-2320	181	4	present	present	ADJ
ajfa-2320	181	5	level	level	NOUN
ajfa-2320	181	6	of	of	ADP
ajfa-2320	181	7	the	the	DET
ajfa-2320	181	8	economy	economy	NOUN
ajfa-2320	181	9	can	can	AUX
ajfa-2320	181	10	not	not	PART
ajfa-2320	181	11	only	only	ADV
ajfa-2320	181	12	be	be	AUX
ajfa-2320	181	13	explained	explain	VERB
ajfa-2320	181	14	or	or	CCONJ
ajfa-2320	181	15	judged	judge	VERB
ajfa-2320	181	16	by	by	ADP
ajfa-2320	181	17	the	the	DET
ajfa-2320	181	18	current	current	ADJ
ajfa-2320	181	19	level	level	NOUN
ajfa-2320	181	20	of	of	ADP
ajfa-2320	181	21	capital	capital	NOUN
ajfa-2320	181	22	flight	flight	NOUN
ajfa-2320	181	23	but	but	CCONJ
ajfa-2320	181	24	also	also	ADV
ajfa-2320	181	25	the	the	DET
ajfa-2320	181	26	previous	previous	ADJ
ajfa-2320	181	27	level	level	NOUN
ajfa-2320	181	28	of	of	ADP
ajfa-2320	181	29	capital	capital	NOUN
ajfa-2320	181	30	that	that	PRON
ajfa-2320	181	31	fled	flee	VERB
ajfa-2320	181	32	the	the	DET
ajfa-2320	181	33	economy	economy	NOUN
ajfa-2320	181	34	as	as	ADP
ajfa-2320	181	35	evident	evident	ADJ
ajfa-2320	181	36	by	by	ADP
ajfa-2320	181	37	our	our	PRON
ajfa-2320	181	38	findings	finding	NOUN
ajfa-2320	181	39	.	.	PUNCT
ajfa-2320	182	1	however	however	ADV
ajfa-2320	182	2	,	,	PUNCT
ajfa-2320	182	3	this	this	PRON
ajfa-2320	182	4	may	may	AUX
ajfa-2320	182	5	seem	seem	VERB
ajfa-2320	182	6	uncachievable	uncachievable	ADJ
ajfa-2320	182	7	as	as	ADP
ajfa-2320	182	8	the	the	DET
ajfa-2320	182	9	hub	hub	NOUN
ajfa-2320	182	10	of	of	ADP
ajfa-2320	182	11	capital	capital	NOUN
ajfa-2320	182	12	flown	fly	VERB
ajfa-2320	182	13	out	out	ADP
ajfa-2320	182	14	of	of	ADP
ajfa-2320	182	15	nigeria	nigeria	PROPN
ajfa-2320	182	16	is	be	AUX
ajfa-2320	182	17	unrecorded	unrecorded	ADJ
ajfa-2320	182	18	.	.	PUNCT
ajfa-2320	183	1	on	on	ADP
ajfa-2320	183	2	this	this	DET
ajfa-2320	183	3	note	note	NOUN
ajfa-2320	183	4	,	,	PUNCT
ajfa-2320	183	5	policymakers	policymaker	NOUN
ajfa-2320	183	6	and	and	CCONJ
ajfa-2320	183	7	the	the	DET
ajfa-2320	183	8	relevant	relevant	ADJ
ajfa-2320	183	9	authorities	authority	NOUN
ajfa-2320	183	10	should	should	AUX
ajfa-2320	183	11	pay	pay	VERB
ajfa-2320	183	12	more	more	ADJ
ajfa-2320	183	13	attention	attention	NOUN
ajfa-2320	183	14	than	than	ADP
ajfa-2320	183	15	ever	ever	ADV
ajfa-2320	183	16	to	to	ADP
ajfa-2320	183	17	the	the	DET
ajfa-2320	183	18	issue	issue	NOUN
ajfa-2320	183	19	of	of	ADP
ajfa-2320	183	20	capital	capital	NOUN
ajfa-2320	183	21	flight	flight	NOUN
ajfa-2320	183	22	in	in	ADP
ajfa-2320	183	23	order	order	NOUN
ajfa-2320	183	24	to	to	PART
ajfa-2320	183	25	stem	stem	VERB
ajfa-2320	183	26	its	its	PRON
ajfa-2320	183	27	counter	counter	ADJ
ajfa-2320	183	28	productive	productive	ADJ
ajfa-2320	183	29	effects	effect	NOUN
ajfa-2320	183	30	on	on	ADP
ajfa-2320	183	31	economics	economic	NOUN
ajfa-2320	183	32	growth	growth	NOUN
ajfa-2320	183	33	.	.	PUNCT
ajfa-2320	184	1	the	the	DET
ajfa-2320	184	2	study	study	NOUN
ajfa-2320	184	3	recommends	recommend	VERB
ajfa-2320	184	4	a	a	DET
ajfa-2320	184	5	fiscal	fiscal	ADJ
ajfa-2320	184	6	discipline	discipline	NOUN
ajfa-2320	184	7	so	so	SCONJ
ajfa-2320	184	8	that	that	DET
ajfa-2320	184	9	deficit	deficit	NOUN
ajfa-2320	184	10	as	as	ADP
ajfa-2320	184	11	a	a	DET
ajfa-2320	184	12	proportion	proportion	NOUN
ajfa-2320	184	13	of	of	ADP
ajfa-2320	184	14	the	the	DET
ajfa-2320	184	15	gross	gross	ADJ
ajfa-2320	184	16	domestic	domestic	ADJ
ajfa-2320	184	17	product	product	NOUN
ajfa-2320	184	18	is	be	AUX
ajfa-2320	184	19	kept	keep	VERB
ajfa-2320	184	20	in	in	ADP
ajfa-2320	184	21	check	check	NOUN
ajfa-2320	184	22	because	because	SCONJ
ajfa-2320	184	23	this	this	PRON
ajfa-2320	184	24	is	be	AUX
ajfa-2320	184	25	crucial	crucial	ADJ
ajfa-2320	184	26	to	to	ADP
ajfa-2320	184	27	the	the	DET
ajfa-2320	184	28	maintenance	maintenance	NOUN
ajfa-2320	184	29	of	of	ADP
ajfa-2320	184	30	macro	macro	ADJ
ajfa-2320	184	31	economic	economic	ADJ
ajfa-2320	184	32	stability	stability	NOUN
ajfa-2320	184	33	and	and	CCONJ
ajfa-2320	184	34	appropriation	appropriation	NOUN
ajfa-2320	184	35	of	of	ADP
ajfa-2320	184	36	interest	interest	NOUN
ajfa-2320	184	37	rate	rate	NOUN
ajfa-2320	184	38	.	.	PUNCT
ajfa-2320	185	1	this	this	PRON
ajfa-2320	185	2	should	should	AUX
ajfa-2320	185	3	be	be	AUX
ajfa-2320	185	4	high	high	ADJ
ajfa-2320	185	5	enough	enough	ADV
ajfa-2320	185	6	to	to	PART
ajfa-2320	185	7	attract	attract	VERB
ajfa-2320	185	8	funds	fund	NOUN
ajfa-2320	185	9	but	but	CCONJ
ajfa-2320	185	10	not	not	PART
ajfa-2320	185	11	too	too	ADV
ajfa-2320	185	12	high	high	ADJ
ajfa-2320	185	13	to	to	PART
ajfa-2320	185	14	stifle	stifle	VERB
ajfa-2320	185	15	investment	investment	NOUN
ajfa-2320	185	16	initiatives	initiative	NOUN
ajfa-2320	185	17	.	.	PUNCT
ajfa-2320	186	1	in	in	ADP
ajfa-2320	186	2	addition	addition	NOUN
ajfa-2320	186	3	,	,	PUNCT
ajfa-2320	186	4	an	an	DET
ajfa-2320	186	5	integrated	integrate	VERB
ajfa-2320	186	6	and	and	CCONJ
ajfa-2320	186	7	unified	unified	ADJ
ajfa-2320	186	8	tariff	tariff	NOUN
ajfa-2320	186	9	structure	structure	NOUN
ajfa-2320	186	10	would	would	AUX
ajfa-2320	186	11	be	be	AUX
ajfa-2320	186	12	useful	useful	ADJ
ajfa-2320	186	13	,	,	PUNCT
ajfa-2320	186	14	as	as	SCONJ
ajfa-2320	186	15	it	it	PRON
ajfa-2320	186	16	will	will	AUX
ajfa-2320	186	17	reduce	reduce	VERB
ajfa-2320	186	18	the	the	DET
ajfa-2320	186	19	rewards	reward	NOUN
ajfa-2320	186	20	of	of	ADP
ajfa-2320	186	21	trade	trade	NOUN
ajfa-2320	186	22	faking	faking	NOUN
ajfa-2320	186	23	.	.	PUNCT
ajfa-2320	187	1	the	the	DET
ajfa-2320	187	2	issue	issue	NOUN
ajfa-2320	187	3	of	of	ADP
ajfa-2320	187	4	the	the	DET
ajfa-2320	187	5	existence	existence	NOUN
ajfa-2320	187	6	of	of	ADP
ajfa-2320	187	7	and	and	CCONJ
ajfa-2320	187	8	how	how	SCONJ
ajfa-2320	187	9	to	to	PART
ajfa-2320	187	10	deal	deal	VERB
ajfa-2320	187	11	with	with	ADP
ajfa-2320	187	12	corruption	corruption	NOUN
ajfa-2320	187	13	is	be	AUX
ajfa-2320	187	14	certainly	certainly	ADV
ajfa-2320	187	15	more	more	ADV
ajfa-2320	187	16	difficult	difficult	ADJ
ajfa-2320	187	17	to	to	PART
ajfa-2320	187	18	prescribe	prescribe	VERB
ajfa-2320	187	19	.	.	PUNCT
ajfa-2320	188	1	it	it	PRON
ajfa-2320	188	2	is	be	AUX
ajfa-2320	188	3	part	part	NOUN
ajfa-2320	188	4	of	of	ADP
ajfa-2320	188	5	the	the	DET
ajfa-2320	188	6	general	general	ADJ
ajfa-2320	188	7	problem	problem	NOUN
ajfa-2320	188	8	of	of	ADP
ajfa-2320	188	9	capital	capital	NOUN
ajfa-2320	188	10	flight	flight	NOUN
ajfa-2320	188	11	;	;	PUNCT
ajfa-2320	188	12	one	one	PRON
ajfa-2320	188	13	can	can	AUX
ajfa-2320	188	14	only	only	ADV
ajfa-2320	188	15	say	say	VERB
ajfa-2320	188	16	that	that	SCONJ
ajfa-2320	188	17	there	there	PRON
ajfa-2320	188	18	is	be	VERB
ajfa-2320	188	19	a	a	DET
ajfa-2320	188	20	need	need	NOUN
ajfa-2320	188	21	for	for	ADP
ajfa-2320	188	22	change	change	NOUN
ajfa-2320	188	23	of	of	ADP
ajfa-2320	188	24	attitude	attitude	NOUN
ajfa-2320	188	25	on	on	ADP
ajfa-2320	188	26	the	the	DET
ajfa-2320	188	27	part	part	NOUN
ajfa-2320	188	28	of	of	ADP
ajfa-2320	188	29	those	those	PRON
ajfa-2320	188	30	who	who	PRON
ajfa-2320	188	31	hold	hold	VERB
ajfa-2320	188	32	public	public	ADJ
ajfa-2320	188	33	offices	office	NOUN
ajfa-2320	188	34	that	that	PRON
ajfa-2320	188	35	have	have	VERB
ajfa-2320	188	36	access	access	NOUN
ajfa-2320	188	37	to	to	ADP
ajfa-2320	188	38	foreign	foreign	ADJ
ajfa-2320	188	39	funds	fund	NOUN
ajfa-2320	188	40	directly	directly	ADV
ajfa-2320	188	41	or	or	CCONJ
ajfa-2320	188	42	indirectly	indirectly	ADV
ajfa-2320	188	43	through	through	ADP
ajfa-2320	188	44	the	the	DET
ajfa-2320	188	45	contracts	contract	NOUN
ajfa-2320	188	46	they	they	PRON
ajfa-2320	188	47	awarded	award	VERB
ajfa-2320	188	48	.	.	PUNCT
ajfa-2320	189	1	this	this	DET
ajfa-2320	189	2	attitudinal	attitudinal	ADJ
ajfa-2320	189	3	change	change	NOUN
ajfa-2320	189	4	involves	involve	VERB
ajfa-2320	189	5	the	the	DET
ajfa-2320	189	6	seriousness	seriousness	NOUN
ajfa-2320	189	7	and	and	CCONJ
ajfa-2320	189	8	commitment	commitment	NOUN
ajfa-2320	189	9	on	on	ADP
ajfa-2320	189	10	the	the	DET
ajfa-2320	189	11	part	part	NOUN
ajfa-2320	189	12	of	of	ADP
ajfa-2320	189	13	government	government	NOUN
ajfa-2320	189	14	and	and	CCONJ
ajfa-2320	189	15	its	its	PRON
ajfa-2320	189	16	functionaries	functionary	NOUN
ajfa-2320	189	17	.	.	PUNCT
ajfa-2320	190	1	the	the	DET
ajfa-2320	190	2	study	study	NOUN
ajfa-2320	190	3	also	also	ADV
ajfa-2320	190	4	recommended	recommend	VERB
ajfa-2320	190	5	that	that	SCONJ
ajfa-2320	190	6	government	government	NOUN
ajfa-2320	190	7	officials	official	NOUN
ajfa-2320	190	8	should	should	AUX
ajfa-2320	190	9	place	place	VERB
ajfa-2320	190	10	their	their	PRON
ajfa-2320	190	11	public	public	ADJ
ajfa-2320	190	12	duties	duty	NOUN
ajfa-2320	190	13	ahead	ahead	ADV
ajfa-2320	190	14	of	of	ADP
ajfa-2320	190	15	their	their	PRON
ajfa-2320	190	16	personal	personal	ADJ
ajfa-2320	190	17	gain	gain	NOUN
ajfa-2320	190	18	,	,	PUNCT
ajfa-2320	190	19	by	by	ADP
ajfa-2320	190	20	so	so	ADV
ajfa-2320	190	21	doing	do	VERB
ajfa-2320	190	22	the	the	DET
ajfa-2320	190	23	economy	economy	NOUN
ajfa-2320	190	24	will	will	AUX
ajfa-2320	190	25	experience	experience	VERB
ajfa-2320	190	26	a	a	DET
ajfa-2320	190	27	boost	boost	NOUN
ajfa-2320	190	28	as	as	ADP
ajfa-2320	190	29	enough	enough	ADJ
ajfa-2320	190	30	funds	fund	NOUN
ajfa-2320	190	31	will	will	AUX
ajfa-2320	190	32	be	be	AUX
ajfa-2320	190	33	asian	asian	ADJ
ajfa-2320	190	34	journal	journal	NOUN
ajfa-2320	190	35	of	of	ADP
ajfa-2320	190	36	finance	finance	PROPN
ajfa-2320	190	37	&	&	CCONJ
ajfa-2320	190	38	accounting	accounting	PROPN
ajfa-2320	190	39	issn	issn	PROPN
ajfa-2320	190	40	1946	1946	NUM
ajfa-2320	190	41	-	-	PUNCT
ajfa-2320	190	42	052x	052x	NOUN
ajfa-2320	190	43	2012	2012	NUM
ajfa-2320	190	44	,	,	PUNCT
ajfa-2320	190	45	vol	vol	NOUN
ajfa-2320	190	46	.	.	PROPN
ajfa-2320	190	47	4	4	NUM
ajfa-2320	190	48	,	,	PUNCT
ajfa-2320	190	49	no	no	INTJ
ajfa-2320	190	50	.	.	NOUN
ajfa-2320	190	51	2	2	NUM
ajfa-2320	190	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	190	53	288	288	NUM
ajfa-2320	190	54	available	available	ADJ
ajfa-2320	190	55	to	to	PART
ajfa-2320	190	56	execute	execute	VERB
ajfa-2320	190	57	developmental	developmental	ADJ
ajfa-2320	190	58	project	project	NOUN
ajfa-2320	190	59	such	such	ADJ
ajfa-2320	190	60	as	as	ADP
ajfa-2320	190	61	power	power	NOUN
ajfa-2320	190	62	generation	generation	NOUN
ajfa-2320	190	63	and	and	CCONJ
ajfa-2320	190	64	opening	opening	NOUN
ajfa-2320	190	65	of	of	ADP
ajfa-2320	190	66	new	new	ADJ
ajfa-2320	190	67	vibrant	vibrant	ADJ
ajfa-2320	190	68	sectors	sector	NOUN
ajfa-2320	190	69	.	.	PUNCT
ajfa-2320	191	1	of	of	ADP
ajfa-2320	191	2	paramount	paramount	ADJ
ajfa-2320	191	3	importance	importance	NOUN
ajfa-2320	191	4	is	be	AUX
ajfa-2320	191	5	the	the	DET
ajfa-2320	191	6	provision	provision	NOUN
ajfa-2320	191	7	of	of	ADP
ajfa-2320	191	8	enabling	enable	VERB
ajfa-2320	191	9	environment	environment	NOUN
ajfa-2320	191	10	for	for	SCONJ
ajfa-2320	191	11	business	business	NOUN
ajfa-2320	191	12	to	to	PART
ajfa-2320	191	13	thrive	thrive	VERB
ajfa-2320	191	14	.	.	PUNCT
ajfa-2320	192	1	it	it	PRON
ajfa-2320	192	2	is	be	AUX
ajfa-2320	192	3	mores	more	NOUN
ajfa-2320	192	4	important	important	ADJ
ajfa-2320	192	5	to	to	PART
ajfa-2320	192	6	make	make	VERB
ajfa-2320	192	7	the	the	DET
ajfa-2320	192	8	domestic	domestic	ADJ
ajfa-2320	192	9	economy	economy	NOUN
ajfa-2320	192	10	more	more	ADV
ajfa-2320	192	11	attractive	attractive	ADJ
ajfa-2320	192	12	for	for	ADP
ajfa-2320	192	13	the	the	DET
ajfa-2320	192	14	investors	investor	NOUN
ajfa-2320	192	15	by	by	ADP
ajfa-2320	192	16	creating	create	VERB
ajfa-2320	192	17	a	a	DET
ajfa-2320	192	18	wider	wide	ADJ
ajfa-2320	192	19	menu	menu	NOUN
ajfa-2320	192	20	of	of	ADP
ajfa-2320	192	21	domestic	domestic	ADJ
ajfa-2320	192	22	financial	financial	ADJ
ajfa-2320	192	23	assets	asset	NOUN
ajfa-2320	192	24	on	on	ADP
ajfa-2320	192	25	which	which	PRON
ajfa-2320	192	26	domestic	domestic	ADJ
ajfa-2320	192	27	capital	capital	NOUN
ajfa-2320	192	28	can	can	AUX
ajfa-2320	192	29	be	be	AUX
ajfa-2320	192	30	assessed	assess	VERB
ajfa-2320	192	31	and	and	CCONJ
ajfa-2320	192	32	invested	invest	VERB
ajfa-2320	192	33	at	at	ADP
ajfa-2320	192	34	lower	low	ADJ
ajfa-2320	192	35	rate	rate	NOUN
ajfa-2320	192	36	comparable	comparable	ADJ
ajfa-2320	192	37	to	to	ADP
ajfa-2320	192	38	foreign	foreign	ADJ
ajfa-2320	192	39	financial	financial	ADJ
ajfa-2320	192	40	instruments	instrument	NOUN
ajfa-2320	192	41	.	.	PUNCT
ajfa-2320	193	1	if	if	SCONJ
ajfa-2320	193	2	the	the	DET
ajfa-2320	193	3	policy	policy	NOUN
ajfa-2320	193	4	packages	package	NOUN
ajfa-2320	193	5	discussed	discuss	VERB
ajfa-2320	193	6	are	be	AUX
ajfa-2320	193	7	pursued	pursue	VERB
ajfa-2320	193	8	rightly	rightly	ADV
ajfa-2320	193	9	and	and	CCONJ
ajfa-2320	193	10	with	with	ADP
ajfa-2320	193	11	consistency	consistency	NOUN
ajfa-2320	193	12	it	it	PRON
ajfa-2320	193	13	should	should	AUX
ajfa-2320	193	14	be	be	AUX
ajfa-2320	193	15	possible	possible	ADJ
ajfa-2320	193	16	to	to	PART
ajfa-2320	193	17	hope	hope	VERB
ajfa-2320	193	18	for	for	ADP
ajfa-2320	193	19	the	the	DET
ajfa-2320	193	20	repatriation	repatriation	NOUN
ajfa-2320	193	21	of	of	ADP
ajfa-2320	193	22	capital	capital	ADJ
ajfa-2320	193	23	flight	flight	NOUN
ajfa-2320	193	24	from	from	ADP
ajfa-2320	193	25	nigeria	nigeria	PROPN
ajfa-2320	193	26	for	for	ADP
ajfa-2320	193	27	investment	investment	NOUN
ajfa-2320	193	28	and	and	CCONJ
ajfa-2320	193	29	funds	fund	NOUN
ajfa-2320	193	30	from	from	ADP
ajfa-2320	193	31	foreign	foreign	ADJ
ajfa-2320	193	32	sources	source	NOUN
ajfa-2320	193	33	in	in	ADP
ajfa-2320	193	34	form	form	NOUN
ajfa-2320	193	35	of	of	ADP
ajfa-2320	193	36	loans	loan	NOUN
ajfa-2320	193	37	,	,	PUNCT
ajfa-2320	193	38	gifts	gift	NOUN
ajfa-2320	193	39	,	,	PUNCT
ajfa-2320	193	40	grants	grant	NOUN
ajfa-2320	193	41	and	and	CCONJ
ajfa-2320	193	42	aids	aid	NOUN
ajfa-2320	193	43	should	should	AUX
ajfa-2320	193	44	be	be	AUX
ajfa-2320	193	45	judiciously	judiciously	ADV
ajfa-2320	193	46	used	use	VERB
ajfa-2320	193	47	to	to	PART
ajfa-2320	193	48	facilitate	facilitate	VERB
ajfa-2320	193	49	economic	economic	ADJ
ajfa-2320	193	50	growth	growth	NOUN
ajfa-2320	193	51	and	and	CCONJ
ajfa-2320	193	52	development	development	NOUN
ajfa-2320	193	53	of	of	ADP
ajfa-2320	193	54	nigeria	nigeria	PROPN
ajfa-2320	193	55	.	.	PUNCT
ajfa-2320	194	1	references	reference	NOUN
ajfa-2320	194	2	ajayi	ajayi	PROPN
ajfa-2320	194	3	,	,	PUNCT
ajfa-2320	194	4	i.	i.	PROPN
ajfa-2320	194	5	s.	s.	PROPN
ajfa-2320	194	6	(	(	PUNCT
ajfa-2320	194	7	1992	1992	NUM
ajfa-2320	194	8	)	)	PUNCT
ajfa-2320	194	9	.	.	PUNCT
ajfa-2320	195	1	an	an	DET
ajfa-2320	195	2	economic	economic	ADJ
ajfa-2320	195	3	analysis	analysis	NOUN
ajfa-2320	195	4	of	of	ADP
ajfa-2320	195	5	capital	capital	ADJ
ajfa-2320	195	6	flight	flight	NOUN
ajfa-2320	195	7	from	from	ADP
ajfa-2320	195	8	nigeria	nigeria	PROPN
ajfa-2320	195	9	.	.	PUNCT
ajfa-2320	196	1	world	world	PROPN
ajfa-2320	196	2	bank	bank	PROPN
ajfa-2320	196	3	,	,	PUNCT
ajfa-2320	196	4	working	work	VERB
ajfa-2320	196	5	paper	paper	NOUN
ajfa-2320	196	6	993	993	NUM
ajfa-2320	196	7	.	.	PUNCT
ajfa-2320	197	1	ajayi	ajayi	PROPN
ajfa-2320	197	2	s.	s.	PROPN
ajfa-2320	197	3	ibi	ibi	PROPN
ajfa-2320	197	4	.	.	PUNCT
ajfa-2320	198	1	(	(	PUNCT
ajfa-2320	198	2	1995	1995	NUM
ajfa-2320	198	3	)	)	PUNCT
ajfa-2320	198	4	.	.	PUNCT
ajfa-2320	199	1	capital	capital	NOUN
ajfa-2320	199	2	flight	flight	NOUN
ajfa-2320	199	3	and	and	CCONJ
ajfa-2320	199	4	external	external	ADJ
ajfa-2320	199	5	debt	debt	NOUN
ajfa-2320	199	6	in	in	ADP
ajfa-2320	199	7	nigeria	nigeria	PROPN
ajfa-2320	199	8	.	.	PUNCT
ajfa-2320	200	1	research	research	NOUN
ajfa-2320	200	2	paper	paper	PROPN
ajfa-2320	200	3	35	35	NUM
ajfa-2320	200	4	,	,	PUNCT
ajfa-2320	200	5	nairobi	nairobi	PROPN
ajfa-2320	200	6	.	.	PUNCT
ajfa-2320	201	1	ajayi	ajayi	PROPN
ajfa-2320	201	2	i.	i.	PROPN
ajfa-2320	201	3	s.	s.	PROPN
ajfa-2320	201	4	(	(	PUNCT
ajfa-2320	201	5	1997	1997	NUM
ajfa-2320	201	6	)	)	PUNCT
ajfa-2320	201	7	.	.	PUNCT
ajfa-2320	202	1	an	an	DET
ajfa-2320	202	2	analysis	analysis	NOUN
ajfa-2320	202	3	of	of	ADP
ajfa-2320	202	4	external	external	ADJ
ajfa-2320	202	5	debt	debt	NOUN
ajfa-2320	202	6	and	and	CCONJ
ajfa-2320	202	7	capital	capital	NOUN
ajfa-2320	202	8	flight	flight	NOUN
ajfa-2320	202	9	in	in	ADP
ajfa-2320	202	10	the	the	DET
ajfa-2320	202	11	severely	severely	ADV
ajfa-2320	202	12	indebted	indebted	ADJ
ajfa-2320	202	13	low	low	ADJ
ajfa-2320	202	14	-	-	PUNCT
ajfa-2320	202	15	income	income	NOUN
ajfa-2320	202	16	countries	country	NOUN
ajfa-2320	202	17	in	in	ADP
ajfa-2320	202	18	sub	sub	ADJ
ajfa-2320	202	19	-	-	ADJ
ajfa-2320	202	20	saharan	saharan	ADJ
ajfa-2320	202	21	africa	africa	PROPN
ajfa-2320	202	22	.	.	PUNCT
ajfa-2320	203	1	international	international	ADJ
ajfa-2320	203	2	monetary	monetary	ADJ
ajfa-2320	203	3	fund	fund	NOUN
ajfa-2320	203	4	,	,	PUNCT
ajfa-2320	203	5	working	work	VERB
ajfa-2320	203	6	paper	paper	NOUN
ajfa-2320	203	7	97/68	97/68	PROPN
ajfa-2320	203	8	.	.	PUNCT
ajfa-2320	204	1	ali	ali	PROPN
ajfa-2320	204	2	,	,	PUNCT
ajfa-2320	204	3	&	&	CCONJ
ajfa-2320	204	4	benard	benard	PROPN
ajfa-2320	204	5	walter	walter	PROPN
ajfa-2320	204	6	.	.	PUNCT
ajfa-2320	205	1	(	(	PUNCT
ajfa-2320	205	2	2011	2011	NUM
ajfa-2320	205	3	)	)	PUNCT
ajfa-2320	205	4	.	.	PUNCT
ajfa-2320	206	1	on	on	ADP
ajfa-2320	206	2	the	the	DET
ajfa-2320	206	3	causes	cause	NOUN
ajfa-2320	206	4	of	of	ADP
ajfa-2320	206	5	capital	capital	NOUN
ajfa-2320	206	6	flight	flight	NOUN
ajfa-2320	206	7	from	from	ADP
ajfa-2320	206	8	sub	sub	ADJ
ajfa-2320	206	9	-	-	ADJ
ajfa-2320	206	10	saharan	saharan	ADJ
ajfa-2320	206	11	africa	africa	PROPN
ajfa-2320	206	12	.	.	PUNCT
ajfa-2320	207	1	university	university	PROPN
ajfa-2320	207	2	of	of	ADP
ajfa-2320	207	3	manchester	manchester	PROPN
ajfa-2320	207	4	;	;	PUNCT
ajfa-2320	207	5	f20	f20	NOUN
ajfa-2320	207	6	,	,	PUNCT
ajfa-2320	207	7	e6	e6	NOUN
ajfa-2320	207	8	,	,	PUNCT
ajfa-2320	207	9	g11	g11	PROPN
ajfa-2320	207	10	,	,	PUNCT
ajfa-2320	207	11	055	055	NUM
ajfa-2320	207	12	ayadi	ayadi	NOUN
ajfa-2320	207	13	.	.	PUNCT
ajfa-2320	208	1	(	(	PUNCT
ajfa-2320	208	2	2008	2008	NUM
ajfa-2320	208	3	)	)	PUNCT
ajfa-2320	208	4	.	.	PUNCT
ajfa-2320	209	1	econometric	econometric	ADJ
ajfa-2320	209	2	analysis	analysis	NOUN
ajfa-2320	209	3	of	of	ADP
ajfa-2320	209	4	capital	capital	ADJ
ajfa-2320	209	5	flight	flight	NOUN
ajfa-2320	209	6	in	in	ADP
ajfa-2320	209	7	developing	develop	VERB
ajfa-2320	209	8	countries	country	NOUN
ajfa-2320	209	9	.	.	PUNCT
ajfa-2320	210	1	8th	8th	ADJ
ajfa-2320	210	2	global	global	ADJ
ajfa-2320	210	3	conference	conference	PROPN
ajfa-2320	210	4	&	&	CCONJ
ajfa-2320	210	5	economics	economic	NOUN
ajfa-2320	210	6	.	.	PUNCT
ajfa-2320	211	1	978	978	NUM
ajfa-2320	211	2	-	-	SYM
ajfa-2320	211	3	09742114	09742114	NUM
ajfa-2320	211	4	-	-	PUNCT
ajfa-2320	211	5	5	5	NUM
ajfa-2320	211	6	-	-	SYM
ajfa-2320	211	7	9	9	NUM
ajfa-2320	211	8	boyce	boyce	NOUN
ajfa-2320	211	9	,	,	PUNCT
ajfa-2320	211	10	j.	j.	PROPN
ajfa-2320	211	11	k.	k.	PROPN
ajfa-2320	211	12	,	,	PUNCT
ajfa-2320	211	13	&	&	CCONJ
ajfa-2320	211	14	l.	l.	PROPN
ajfa-2320	211	15	ndikumana	ndikumana	PROPN
ajfa-2320	211	16	.	.	PUNCT
ajfa-2320	212	1	(	(	PUNCT
ajfa-2320	212	2	2001	2001	NUM
ajfa-2320	212	3	)	)	PUNCT
ajfa-2320	212	4	.	.	PUNCT
ajfa-2320	213	1	is	be	AUX
ajfa-2320	213	2	africa	africa	PROPN
ajfa-2320	213	3	a	a	DET
ajfa-2320	213	4	net	net	ADJ
ajfa-2320	213	5	creditor	creditor	NOUN
ajfa-2320	213	6	?	?	PUNCT
ajfa-2320	214	1	new	new	ADJ
ajfa-2320	214	2	estimates	estimate	NOUN
ajfa-2320	214	3	of	of	ADP
ajfa-2320	214	4	capital	capital	NOUN
ajfa-2320	214	5	flight	flight	NOUN
ajfa-2320	214	6	from	from	ADP
ajfa-2320	214	7	severely	severely	ADV
ajfa-2320	214	8	indebted	indebted	ADJ
ajfa-2320	214	9	sub	sub	ADJ
ajfa-2320	214	10	-	-	ADJ
ajfa-2320	214	11	saharan	saharan	ADJ
ajfa-2320	214	12	african	african	ADJ
ajfa-2320	214	13	countries	country	NOUN
ajfa-2320	214	14	,	,	PUNCT
ajfa-2320	214	15	19701996	19701996	NUM
ajfa-2320	214	16	.	.	PUNCT
ajfa-2320	215	1	journal	journal	PROPN
ajfa-2320	215	2	of	of	ADP
ajfa-2320	215	3	development	development	NOUN
ajfa-2320	215	4	studies	study	NOUN
ajfa-2320	215	5	,	,	PUNCT
ajfa-2320	215	6	38(2	38(2	NOUN
ajfa-2320	215	7	)	)	PUNCT
ajfa-2320	215	8	.	.	PUNCT
ajfa-2320	216	1	http://dx.doi.org/10.1080/00220380412331322261	http://dx.doi.org/10.1080/00220380412331322261	PROPN
ajfa-2320	216	2	conesa	conesa	PROPN
ajfa-2320	216	3	,	,	PUNCT
ajfa-2320	216	4	e.r	e.r	PROPN
ajfa-2320	216	5	.	.	PROPN
ajfa-2320	216	6	(	(	PUNCT
ajfa-2320	216	7	1987	1987	NUM
ajfa-2320	216	8	)	)	PUNCT
ajfa-2320	216	9	.	.	PUNCT
ajfa-2320	217	1	the	the	DET
ajfa-2320	217	2	causes	cause	NOUN
ajfa-2320	217	3	of	of	ADP
ajfa-2320	217	4	capital	capital	NOUN
ajfa-2320	217	5	flight	flight	NOUN
ajfa-2320	217	6	in	in	ADP
ajfa-2320	217	7	latin	latin	PROPN
ajfa-2320	217	8	america	america	PROPN
ajfa-2320	217	9	.	.	PUNCT
ajfa-2320	218	1	interamerican	interamerican	PROPN
ajfa-2320	218	2	development	development	PROPN
ajfa-2320	218	3	bank	bank	PROPN
ajfa-2320	218	4	washington	washington	PROPN
ajfa-2320	218	5	d.c	d.c	PROPN
ajfa-2320	218	6	cuddington	cuddington	PROPN
ajfa-2320	218	7	(	(	PUNCT
ajfa-2320	218	8	1986	1986	NUM
ajfa-2320	218	9	)	)	PUNCT
ajfa-2320	218	10	.	.	PUNCT
ajfa-2320	219	1	capital	capital	NOUN
ajfa-2320	219	2	flight	flight	NOUN
ajfa-2320	219	3	estimate	estimate	NOUN
ajfa-2320	219	4	issue	issue	NOUN
ajfa-2320	219	5	and	and	CCONJ
ajfa-2320	219	6	explanation	explanation	NOUN
ajfa-2320	219	7	princeton	princeton	PROPN
ajfa-2320	219	8	studies	study	NOUN
ajfa-2320	219	9	on	on	ADP
ajfa-2320	219	10	international	international	ADJ
ajfa-2320	219	11	finance	finance	NOUN
ajfa-2320	219	12	58	58	NUM
ajfa-2320	219	13	princeton	princeton	PROPN
ajfa-2320	219	14	de	de	X
ajfa-2320	219	15	boyrie	boyrie	NOUN
ajfa-2320	219	16	,	,	PUNCT
ajfa-2320	219	17	m.	m.	NOUN
ajfa-2320	219	18	(	(	PUNCT
ajfa-2320	219	19	2011	2011	NUM
ajfa-2320	219	20	)	)	PUNCT
ajfa-2320	219	21	.	.	PUNCT
ajfa-2320	220	1	money	money	NOUN
ajfa-2320	220	2	laundering	laundering	NOUN
ajfa-2320	220	3	and	and	CCONJ
ajfa-2320	220	4	income	income	NOUN
ajfa-2320	220	5	tax	tax	NOUN
ajfa-2320	220	6	evasion	evasion	NOUN
ajfa-2320	220	7	:	:	PUNCT
ajfa-2320	220	8	the	the	DET
ajfa-2320	220	9	determination	determination	NOUN
ajfa-2320	220	10	of	of	ADP
ajfa-2320	220	11	optimal	optimal	ADJ
ajfa-2320	220	12	audits	audit	NOUN
ajfa-2320	220	13	and	and	CCONJ
ajfa-2320	220	14	inspections	inspection	NOUN
ajfa-2320	220	15	to	to	PART
ajfa-2320	220	16	detect	detect	VERB
ajfa-2320	220	17	abnormal	abnormal	ADJ
ajfa-2320	220	18	prices	price	NOUN
ajfa-2320	220	19	in	in	ADP
ajfa-2320	220	20	international	international	ADJ
ajfa-2320	220	21	trade	trade	NOUN
ajfa-2320	220	22	.	.	PUNCT
ajfa-2320	221	1	journal	journal	NOUN
ajfa-2320	221	2	of	of	ADP
ajfa-2320	221	3	financial	financial	ADJ
ajfa-2320	221	4	crime	crime	NOUN
ajfa-2320	221	5	,	,	PUNCT
ajfa-2320	221	6	12	12	NUM
ajfa-2320	221	7	,	,	PUNCT
ajfa-2320	221	8	123–130	123–130	NUM
ajfa-2320	221	9	.	.	PUNCT
ajfa-2320	222	1	http://dx.doi.org/10.1108/13590790510624972	http://dx.doi.org/10.1108/13590790510624972	PROPN
ajfa-2320	222	2	doley	doley	PROPN
ajfa-2320	222	3	m.p	m.p	PROPN
ajfa-2320	222	4	.	.	PROPN
ajfa-2320	223	1	(	(	PUNCT
ajfa-2320	223	2	et	et	PROPN
ajfa-2320	223	3	al	al	PROPN
ajfa-2320	223	4	)	)	PUNCT
ajfa-2320	223	5	.	.	PUNCT
ajfa-2320	224	1	(	(	PUNCT
ajfa-2320	224	2	1986	1986	NUM
ajfa-2320	224	3	)	)	PUNCT
ajfa-2320	224	4	.	.	PUNCT
ajfa-2320	225	1	country	country	NOUN
ajfa-2320	225	2	specific	specific	ADJ
ajfa-2320	225	3	risk	risk	NOUN
ajfa-2320	225	4	premium	premium	NOUN
ajfa-2320	225	5	,	,	PUNCT
ajfa-2320	225	6	capital	capital	NOUN
ajfa-2320	225	7	flight	flight	NOUN
ajfa-2320	225	8	and	and	CCONJ
ajfa-2320	225	9	net	net	ADJ
ajfa-2320	225	10	investment	investment	NOUN
ajfa-2320	225	11	incomes	income	NOUN
ajfa-2320	225	12	payment	payment	NOUN
ajfa-2320	225	13	in	in	ADP
ajfa-2320	225	14	selected	select	VERB
ajfa-2320	225	15	development	development	NOUN
ajfa-2320	225	16	countries	country	NOUN
ajfa-2320	225	17	.	.	PUNCT
ajfa-2320	226	1	international	international	ADJ
ajfa-2320	226	2	monetary	monetary	ADJ
ajfa-2320	226	3	fund	fund	PROPN
ajfa-2320	226	4	.	.	PUNCT
ajfa-2320	227	1	mimo	mimo	PROPN
ajfa-2320	227	2	washington	washington	PROPN
ajfa-2320	227	3	d.c	d.c	PROPN
ajfa-2320	227	4	.	.	PUNCT
ajfa-2320	227	5	khern	khern	PROPN
ajfa-2320	227	6	m.	m.	PROPN
ajfa-2320	227	7	,	,	PUNCT
ajfa-2320	227	8	&	&	CCONJ
ajfa-2320	227	9	hague	hague	PROPN
ajfa-2320	227	10	(	(	PUNCT
ajfa-2320	227	11	1987	1987	NUM
ajfa-2320	227	12	)	)	PUNCT
ajfa-2320	227	13	.	.	PUNCT
ajfa-2320	228	1	capital	capital	NOUN
ajfa-2320	228	2	flight	flight	NOUN
ajfa-2320	228	3	from	from	ADP
ajfa-2320	228	4	development	development	NOUN
ajfa-2320	228	5	countries	country	NOUN
ajfa-2320	228	6	.	.	PUNCT
ajfa-2320	229	1	finance	finance	NOUN
ajfa-2320	229	2	and	and	CCONJ
ajfa-2320	229	3	development	development	NOUN
ajfa-2320	229	4	,	,	PUNCT
ajfa-2320	229	5	24	24	NUM
ajfa-2320	229	6	(	(	PUNCT
ajfa-2320	229	7	1	1	NUM
ajfa-2320	229	8	)	)	PUNCT
ajfa-2320	229	9	.	.	PUNCT
ajfa-2320	230	1	lesser	less	ADJ
ajfa-2320	230	2	,	,	PUNCT
ajfa-2320	230	3	&	&	CCONJ
ajfa-2320	230	4	williamson	williamson	PROPN
ajfa-2320	230	5	.	.	PUNCT
ajfa-2320	231	1	(	(	PUNCT
ajfa-2320	231	2	1987	1987	NUM
ajfa-2320	231	3	)	)	PUNCT
ajfa-2320	231	4	.	.	PUNCT
ajfa-2320	232	1	capital	capital	NOUN
ajfa-2320	232	2	flight	flight	NOUN
ajfa-2320	232	3	and	and	CCONJ
ajfa-2320	232	4	third	third	ADJ
ajfa-2320	232	5	world	world	NOUN
ajfa-2320	232	6	debt	debt	NOUN
ajfa-2320	232	7	.	.	PUNCT
ajfa-2320	233	1	journals	journal	NOUN
ajfa-2320	233	2	of	of	ADP
ajfa-2320	233	3	international	international	ADJ
ajfa-2320	233	4	business	business	NOUN
ajfa-2320	233	5	studies	study	NOUN
ajfa-2320	233	6	,	,	PUNCT
ajfa-2320	233	7	19	19	NUM
ajfa-2320	233	8	(	(	PUNCT
ajfa-2320	233	9	3	3	NUM
ajfa-2320	233	10	)	)	PUNCT
ajfa-2320	233	11	.	.	PUNCT
ajfa-2320	234	1	asian	asian	ADJ
ajfa-2320	234	2	journal	journal	PROPN
ajfa-2320	234	3	of	of	ADP
ajfa-2320	234	4	finance	finance	PROPN
ajfa-2320	234	5	&	&	CCONJ
ajfa-2320	234	6	accounting	accounting	PROPN
ajfa-2320	234	7	issn	issn	PROPN
ajfa-2320	234	8	1946	1946	NUM
ajfa-2320	234	9	-	-	PUNCT
ajfa-2320	234	10	052x	052x	NOUN
ajfa-2320	234	11	2012	2012	NUM
ajfa-2320	234	12	,	,	PUNCT
ajfa-2320	234	13	vol	vol	NOUN
ajfa-2320	234	14	.	.	PROPN
ajfa-2320	234	15	4	4	NUM
ajfa-2320	234	16	,	,	PUNCT
ajfa-2320	234	17	no	no	INTJ
ajfa-2320	234	18	.	.	NOUN
ajfa-2320	234	19	2	2	NUM
ajfa-2320	234	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-2320	234	21	289	289	NUM
ajfa-2320	234	22	morgan	morgan	PROPN
ajfa-2320	234	23	guaranty	guaranty	PROPN
ajfa-2320	234	24	trust	trust	PROPN
ajfa-2320	234	25	company	company	NOUN
ajfa-2320	234	26	.	.	PUNCT
ajfa-2320	235	1	(	(	PUNCT
ajfa-2320	235	2	1986	1986	NUM
ajfa-2320	235	3	)	)	PUNCT
ajfa-2320	235	4	.	.	PUNCT
ajfa-2320	236	1	ldc	ldc	PROPN
ajfa-2320	236	2	capital	capital	PROPN
ajfa-2320	236	3	flight	flight	NOUN
ajfa-2320	236	4	.	.	PUNCT
ajfa-2320	237	1	world	world	NOUN
ajfa-2320	237	2	financial	financial	ADJ
ajfa-2320	237	3	markets	market	NOUN
ajfa-2320	237	4	,	,	PUNCT
ajfa-2320	237	5	13	13	NUM
ajfa-2320	237	6	-	-	SYM
ajfa-2320	237	7	15	15	NUM
ajfa-2320	237	8	.	.	PUNCT
ajfa-2320	238	1	murinde	murinde	NOUN
ajfa-2320	238	2	.	.	PUNCT
ajfa-2320	239	1	(	(	PUNCT
ajfa-2320	239	2	et	et	PROPN
ajfa-2320	239	3	al	al	PROPN
ajfa-2320	239	4	)	)	PUNCT
ajfa-2320	239	5	.	.	PUNCT
ajfa-2320	240	1	(	(	PUNCT
ajfa-2320	240	2	1996	1996	NUM
ajfa-2320	240	3	)	)	PUNCT
ajfa-2320	240	4	.	.	PUNCT
ajfa-2320	241	1	nigeria	nigeria	PROPN
ajfa-2320	241	2	seek	seek	VERB
ajfa-2320	241	3	to	to	PART
ajfa-2320	241	4	help	help	VERB
ajfa-2320	241	5	tracing	trace	VERB
ajfa-2320	241	6	billion	billion	NUM
ajfa-2320	241	7	took	take	VERB
ajfa-2320	241	8	by	by	ADP
ajfa-2320	241	9	former	former	ADJ
ajfa-2320	241	10	military	military	ADJ
ajfa-2320	241	11	leader	leader	NOUN
ajfa-2320	241	12	classes	class	NOUN
ajfa-2320	241	13	23rd	23rd	ADJ
ajfa-2320	241	14	july	july	PROPN
ajfa-2320	241	15	5	5	NUM
ajfa-2320	241	16	.	.	PUNCT
ajfa-2320	242	1	onwioduokit	onwioduokit	PROPN
ajfa-2320	242	2	e.	e.	PROPN
ajfa-2320	242	3	a.	a.	PROPN
ajfa-2320	242	4	(	(	PUNCT
ajfa-2320	242	5	2007	2007	NUM
ajfa-2320	242	6	)	)	PUNCT
ajfa-2320	242	7	.	.	PUNCT
ajfa-2320	243	1	capital	capital	NOUN
ajfa-2320	243	2	flight	flight	NOUN
ajfa-2320	243	3	from	from	ADP
ajfa-2320	243	4	nigeria	nigeria	PROPN
ajfa-2320	243	5	:	:	PUNCT
ajfa-2320	243	6	an	an	DET
ajfa-2320	243	7	empirical	empirical	ADJ
ajfa-2320	243	8	reexaminations	reexamination	NOUN
ajfa-2320	243	9	.	.	PUNCT
ajfa-2320	244	1	west	west	PROPN
ajfa-2320	244	2	african	african	PROPN
ajfa-2320	244	3	monetary	monetary	PROPN
ajfa-2320	244	4	institute	institute	PROPN
ajfa-2320	244	5	accra	accra	PROPN
ajfa-2320	244	6	.	.	PUNCT
ajfa-2320	245	1	ojo	ojo	PROPN
ajfa-2320	245	2	oladeji	oladeji	ADJ
ajfa-2320	245	3	o.	o.	NOUN
ajfa-2320	245	4	(	(	PUNCT
ajfa-2320	245	5	1992	1992	NUM
ajfa-2320	245	6	)	)	PUNCT
ajfa-2320	245	7	.	.	PUNCT
ajfa-2320	246	1	an	an	DET
ajfa-2320	246	2	empirical	empirical	ADJ
ajfa-2320	246	3	investigation	investigation	NOUN
ajfa-2320	246	4	of	of	ADP
ajfa-2320	246	5	capital	capital	ADJ
ajfa-2320	246	6	flight	flight	NOUN
ajfa-2320	246	7	in	in	ADP
ajfa-2320	246	8	selected	select	VERB
ajfa-2320	246	9	african	african	ADJ
ajfa-2320	246	10	countries	country	NOUN
ajfa-2320	246	11	.	.	PUNCT
ajfa-2320	247	1	african	african	PROPN
ajfa-2320	247	2	development	development	PROPN
ajfa-2320	247	3	bank	bank	PROPN
ajfa-2320	247	4	economics	economics	PROPN
ajfa-2320	247	5	research	research	PROPN
ajfa-2320	247	6	papers	paper	NOUN
ajfa-2320	247	7	abidjan	abidjan	PROPN
ajfa-2320	247	8	.	.	PROPN
ajfa-2320	247	9	world	world	PROPN
ajfa-2320	247	10	bank	bank	PROPN
ajfa-2320	247	11	.	.	PUNCT
ajfa-2320	248	1	(	(	PUNCT
ajfa-2320	248	2	1985	1985	NUM
ajfa-2320	248	3	)	)	PUNCT
ajfa-2320	248	4	.	.	PUNCT
ajfa-2320	249	1	capital	capital	NOUN
ajfa-2320	249	2	flight	flight	NOUN
ajfa-2320	249	3	and	and	CCONJ
ajfa-2320	249	4	the	the	DET
ajfa-2320	249	5	third	third	ADJ
ajfa-2320	249	6	world	world	NOUN
ajfa-2320	249	7	debt	debt	NOUN
ajfa-2320	249	8	.	.	PUNCT
ajfa-2320	250	1	institute	institute	PROPN
ajfa-2320	250	2	of	of	ADP
ajfa-2320	250	3	international	international	ADJ
ajfa-2320	250	4	economics	economic	NOUN
ajfa-2320	250	5	,	,	PUNCT
ajfa-2320	250	6	washington	washington	PROPN
ajfa-2320	250	7	d.c	d.c	PROPN
ajfa-2320	250	8	.	.	PUNCT