id	sid	tid	token	lemma	pos
dem-18610	1	1	microsoft	microsoft	PROPN
dem-18610	1	2	word	word	NOUN
dem-18610	1	3	dem_2018_99to114.docx	dem_2018_99to114.docx	VERB
dem-18610	1	4	©	©	PROPN
dem-18610	1	5	2018	2018	NUM
dem-18610	1	6	nicolaus	nicolaus	PROPN
dem-18610	1	7	copernicus	copernicus	PROPN
dem-18610	1	8	university	university	PROPN
dem-18610	1	9	.	.	PUNCT
dem-18610	2	1	all	all	DET
dem-18610	2	2	rights	right	NOUN
dem-18610	2	3	reserved	reserve	VERB
dem-18610	2	4	.	.	PUNCT
dem-18610	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-18610	4	1	d	d	PUNCT
dem-18610	4	2	y	y	PROPN
dem-18610	4	3	n	n	PROPN
dem-18610	4	4	a	a	PRON
dem-18610	4	5	m	m	VERB
dem-18610	5	1	i	i	NOUN
dem-18610	5	2	c	c	NOUN
dem-18610	5	3	e	e	NOUN
dem-18610	5	4	c	c	NOUN
dem-18610	5	5	o	o	X
dem-18610	6	1	n	n	INTJ
dem-18610	6	2	o	o	NOUN
dem-18610	6	3	m	m	VERB
dem-18610	7	1	e	e	NOUN
dem-18610	7	2	t	t	NOUN
dem-18610	7	3	r	r	NOUN
dem-18610	7	4	i	i	NOUN
dem-18610	7	5	c	c	NOUN
dem-18610	7	6	m	m	VERB
dem-18610	7	7	o	o	NOUN
dem-18610	7	8	d	d	X
dem-18610	7	9	e	e	X
dem-18610	7	10	l	l	NOUN
dem-18610	7	11	s	s	X
dem-18610	7	12	doi	doi	NOUN
dem-18610	7	13	:	:	PUNCT
dem-18610	7	14	http://dx.doi.org/10.12775/dem.2018.006	http://dx.doi.org/10.12775/dem.2018.006	NOUN
dem-18610	7	15	vol	vol	NOUN
dem-18610	7	16	.	.	PROPN
dem-18610	8	1	18	18	NUM
dem-18610	8	2	(	(	PUNCT
dem-18610	8	3	2018	2018	NUM
dem-18610	8	4	)	)	PUNCT
dem-18610	8	5	99−114	99−114	PRON
dem-18610	8	6	submitted	submit	VERB
dem-18610	8	7	november	november	PROPN
dem-18610	8	8	25	25	NUM
dem-18610	8	9	,	,	PUNCT
dem-18610	8	10	2018	2018	NUM
dem-18610	8	11	issn	issn	PROPN
dem-18610	8	12	(	(	PUNCT
dem-18610	8	13	online	online	ADJ
dem-18610	8	14	)	)	PUNCT
dem-18610	8	15	2450	2450	NUM
dem-18610	8	16	-	-	SYM
dem-18610	8	17	7067	7067	NUM
dem-18610	8	18	accepted	accept	VERB
dem-18610	8	19	december	december	PROPN
dem-18610	8	20	27	27	NUM
dem-18610	8	21	,	,	PUNCT
dem-18610	8	22	2018	2018	NUM
dem-18610	8	23	issn	issn	PROPN
dem-18610	8	24	(	(	PUNCT
dem-18610	8	25	print	print	NOUN
dem-18610	8	26	)	)	PUNCT
dem-18610	8	27	1234	1234	NUM
dem-18610	8	28	-	-	SYM
dem-18610	8	29	3862	3862	NUM
dem-18610	8	30	rumiana	rumiana	ADJ
dem-18610	8	31	górska	górska	PROPN
dem-18610	8	32	*	*	NOUN
dem-18610	8	33	decomposition	decomposition	NOUN
dem-18610	8	34	of	of	ADP
dem-18610	8	35	sovereign	sovereign	ADJ
dem-18610	8	36	cds	cd	NOUN
dem-18610	8	37	spread	spread	VERB
dem-18610	8	38	using	use	VERB
dem-18610	8	39	the	the	DET
dem-18610	8	40	concept	concept	NOUN
dem-18610	8	41	of	of	ADP
dem-18610	8	42	factorization	factorization	NOUN
dem-18610	8	43	a	a	DET
dem-18610	8	44	b	b	PROPN
dem-18610	8	45	s	s	ADP
dem-18610	8	46	t	t	PROPN
dem-18610	8	47	r	r	NOUN
dem-18610	8	48	a	a	DET
dem-18610	8	49	c	c	NOUN
dem-18610	8	50	t.	t.	NOUN
dem-18610	8	51	sovereign	sovereign	ADJ
dem-18610	8	52	cds	cd	NOUN
dem-18610	8	53	(	(	PUNCT
dem-18610	8	54	credit	credit	NOUN
dem-18610	8	55	default	default	NOUN
dem-18610	8	56	swap	swap	NOUN
dem-18610	8	57	)	)	PUNCT
dem-18610	8	58	is	be	AUX
dem-18610	8	59	a	a	DET
dem-18610	8	60	derivative	derivative	NOUN
dem-18610	8	61	that	that	PRON
dem-18610	8	62	provides	provide	VERB
dem-18610	8	63	insurance	insurance	NOUN
dem-18610	8	64	of	of	ADP
dem-18610	8	65	repayment	repayment	NOUN
dem-18610	8	66	of	of	ADP
dem-18610	8	67	the	the	DET
dem-18610	8	68	government	government	NOUN
dem-18610	8	69	’s	’s	PART
dem-18610	8	70	loans	loan	NOUN
dem-18610	8	71	and	and	CCONJ
dem-18610	8	72	may	may	AUX
dem-18610	8	73	be	be	AUX
dem-18610	8	74	considered	consider	VERB
dem-18610	8	75	as	as	ADP
dem-18610	8	76	a	a	DET
dem-18610	8	77	market	market	NOUN
dem-18610	8	78	indicator	indicator	NOUN
dem-18610	8	79	of	of	ADP
dem-18610	8	80	the	the	DET
dem-18610	8	81	insolvency	insolvency	NOUN
dem-18610	8	82	risk	risk	NOUN
dem-18610	8	83	of	of	ADP
dem-18610	8	84	a	a	DET
dem-18610	8	85	country	country	NOUN
dem-18610	8	86	.	.	PUNCT
dem-18610	9	1	the	the	DET
dem-18610	9	2	aim	aim	NOUN
dem-18610	9	3	of	of	ADP
dem-18610	9	4	the	the	DET
dem-18610	9	5	study	study	NOUN
dem-18610	9	6	is	be	AUX
dem-18610	9	7	to	to	PART
dem-18610	9	8	identify	identify	VERB
dem-18610	9	9	factors	factor	NOUN
dem-18610	9	10	affecting	affect	VERB
dem-18610	9	11	the	the	DET
dem-18610	9	12	sovereign	sovereign	ADJ
dem-18610	9	13	cds	cd	NOUN
dem-18610	9	14	spreads	spread	NOUN
dem-18610	9	15	of	of	ADP
dem-18610	9	16	selected	select	VERB
dem-18610	9	17	european	european	ADJ
dem-18610	9	18	countries	country	NOUN
dem-18610	9	19	for	for	ADP
dem-18610	9	20	the	the	DET
dem-18610	9	21	period	period	NOUN
dem-18610	9	22	from	from	ADP
dem-18610	9	23	2008	2008	NUM
dem-18610	9	24	to	to	ADP
dem-18610	9	25	2016	2016	NUM
dem-18610	9	26	.	.	PUNCT
dem-18610	10	1	factor	factor	NOUN
dem-18610	10	2	analysis	analysis	NOUN
dem-18610	10	3	shows	show	VERB
dem-18610	10	4	that	that	SCONJ
dem-18610	10	5	there	there	PRON
dem-18610	10	6	are	be	VERB
dem-18610	10	7	two	two	NUM
dem-18610	10	8	common	common	ADJ
dem-18610	10	9	factors	factor	NOUN
dem-18610	10	10	that	that	PRON
dem-18610	10	11	have	have	AUX
dem-18610	10	12	explained	explain	VERB
dem-18610	10	13	about	about	ADP
dem-18610	10	14	92	92	NUM
dem-18610	10	15	%	%	NOUN
dem-18610	10	16	of	of	ADP
dem-18610	10	17	the	the	DET
dem-18610	10	18	variation	variation	NOUN
dem-18610	10	19	of	of	ADP
dem-18610	10	20	the	the	DET
dem-18610	10	21	cds	cd	NOUN
dem-18610	10	22	spreads	spread	VERB
dem-18610	10	23	.	.	PUNCT
dem-18610	11	1	next	next	ADV
dem-18610	11	2	,	,	PUNCT
dem-18610	11	3	the	the	DET
dem-18610	11	4	decomposition	decomposition	NOUN
dem-18610	11	5	of	of	ADP
dem-18610	11	6	the	the	DET
dem-18610	11	7	spreads	spread	NOUN
dem-18610	11	8	presents	present	VERB
dem-18610	11	9	the	the	DET
dem-18610	11	10	influence	influence	NOUN
dem-18610	11	11	of	of	ADP
dem-18610	11	12	these	these	DET
dem-18610	11	13	factors	factor	NOUN
dem-18610	11	14	on	on	ADP
dem-18610	11	15	cds	cd	NOUN
dem-18610	11	16	spreads	spread	NOUN
dem-18610	11	17	of	of	ADP
dem-18610	11	18	surveyed	survey	VERB
dem-18610	11	19	countries	country	NOUN
dem-18610	11	20	.	.	PUNCT
dem-18610	12	1	k	k	PROPN
dem-18610	12	2	e	e	PROPN
dem-18610	12	3	y	y	PROPN
dem-18610	12	4	w	w	NOUN
dem-18610	12	5	o	o	NOUN
dem-18610	12	6	r	r	NOUN
dem-18610	12	7	d	d	PROPN
dem-18610	12	8	s	s	X
dem-18610	12	9	:	:	PUNCT
dem-18610	12	10	cds	cd	NOUN
dem-18610	12	11	spread	spread	NOUN
dem-18610	12	12	;	;	PUNCT
dem-18610	12	13	factor	factor	NOUN
dem-18610	12	14	analysis	analysis	NOUN
dem-18610	12	15	;	;	PUNCT
dem-18610	12	16	global	global	ADJ
dem-18610	12	17	risk	risk	NOUN
dem-18610	12	18	;	;	PUNCT
dem-18610	12	19	insolvency	insolvency	NOUN
dem-18610	12	20	risk	risk	NOUN
dem-18610	12	21	.	.	PUNCT
dem-18610	13	1	j	j	PROPN
dem-18610	13	2	e	e	NOUN
dem-18610	13	3	l	l	NOUN
dem-18610	13	4	classification	classification	NOUN
dem-18610	13	5	:	:	PUNCT
dem-18610	13	6	g14	g14	PROPN
dem-18610	13	7	;	;	PUNCT
dem-18610	13	8	g15	g15	PROPN
dem-18610	13	9	.	.	PROPN
dem-18610	13	10	introduction	introduction	NOUN
dem-18610	13	11	cds	cd	NOUN
dem-18610	13	12	(	(	PUNCT
dem-18610	13	13	credit	credit	NOUN
dem-18610	13	14	default	default	NOUN
dem-18610	13	15	swap	swap	NOUN
dem-18610	13	16	)	)	PUNCT
dem-18610	13	17	is	be	AUX
dem-18610	13	18	a	a	DET
dem-18610	13	19	derivative	derivative	NOUN
dem-18610	13	20	that	that	PRON
dem-18610	13	21	provides	provide	VERB
dem-18610	13	22	insurance	insurance	NOUN
dem-18610	13	23	of	of	ADP
dem-18610	13	24	repayment	repayment	NOUN
dem-18610	13	25	of	of	ADP
dem-18610	13	26	the	the	DET
dem-18610	13	27	loan	loan	NOUN
dem-18610	13	28	.	.	PUNCT
dem-18610	14	1	one	one	NUM
dem-18610	14	2	of	of	ADP
dem-18610	14	3	the	the	DET
dem-18610	14	4	parties	party	NOUN
dem-18610	14	5	of	of	ADP
dem-18610	14	6	the	the	DET
dem-18610	14	7	transaction	transaction	NOUN
dem-18610	14	8	receives	receive	VERB
dem-18610	14	9	a	a	DET
dem-18610	14	10	specified	specified	ADJ
dem-18610	14	11	remuneration	remuneration	NOUN
dem-18610	14	12	and	and	CCONJ
dem-18610	14	13	agrees	agree	VERB
dem-18610	14	14	to	to	PART
dem-18610	14	15	pay	pay	VERB
dem-18610	14	16	the	the	DET
dem-18610	14	17	debt	debt	NOUN
dem-18610	14	18	to	to	ADP
dem-18610	14	19	the	the	DET
dem-18610	14	20	other	other	ADJ
dem-18610	14	21	side	side	NOUN
dem-18610	14	22	of	of	ADP
dem-18610	14	23	the	the	DET
dem-18610	14	24	transaction	transaction	NOUN
dem-18610	14	25	,	,	PUNCT
dem-18610	14	26	if	if	SCONJ
dem-18610	14	27	the	the	DET
dem-18610	14	28	debtor	debtor	NOUN
dem-18610	14	29	is	be	AUX
dem-18610	14	30	unable	unable	ADJ
dem-18610	14	31	to	to	PART
dem-18610	14	32	pay	pay	VERB
dem-18610	14	33	it	it	PRON
dem-18610	14	34	back	back	ADP
dem-18610	14	35	.	.	PUNCT
dem-18610	15	1	sovereign	sovereign	ADJ
dem-18610	15	2	cds	cd	NOUN
dem-18610	15	3	is	be	AUX
dem-18610	15	4	a	a	DET
dem-18610	15	5	derivative	derivative	NOUN
dem-18610	15	6	that	that	PRON
dem-18610	15	7	provides	provide	VERB
dem-18610	15	8	insurance	insurance	NOUN
dem-18610	15	9	of	of	ADP
dem-18610	15	10	repayment	repayment	NOUN
dem-18610	15	11	of	of	ADP
dem-18610	15	12	the	the	DET
dem-18610	15	13	government	government	NOUN
dem-18610	15	14	’s	’s	PART
dem-18610	15	15	loans	loan	NOUN
dem-18610	15	16	.	.	PUNCT
dem-18610	16	1	it	it	PRON
dem-18610	16	2	is	be	AUX
dem-18610	16	3	often	often	ADV
dem-18610	16	4	considered	consider	VERB
dem-18610	16	5	as	as	ADP
dem-18610	16	6	a	a	DET
dem-18610	16	7	market	market	NOUN
dem-18610	16	8	indicator	indicator	NOUN
dem-18610	16	9	of	of	ADP
dem-18610	16	10	the	the	DET
dem-18610	16	11	insolvency	insolvency	NOUN
dem-18610	16	12	risk	risk	NOUN
dem-18610	16	13	of	of	ADP
dem-18610	16	14	a	a	DET
dem-18610	16	15	country	country	NOUN
dem-18610	16	16	.	.	PUNCT
dem-18610	17	1	the	the	DET
dem-18610	17	2	cds	cds	PROPN
dem-18610	17	3	contract	contract	NOUN
dem-18610	17	4	price	price	NOUN
dem-18610	17	5	(	(	PUNCT
dem-18610	17	6	or	or	CCONJ
dem-18610	17	7	cds	cd	NOUN
dem-18610	17	8	spread	spread	NOUN
dem-18610	17	9	)	)	PUNCT
dem-18610	17	10	is	be	AUX
dem-18610	17	11	calculated	calculate	VERB
dem-18610	17	12	as	as	ADP
dem-18610	17	13	a	a	DET
dem-18610	17	14	percentage	percentage	NOUN
dem-18610	17	15	of	of	ADP
dem-18610	17	16	the	the	DET
dem-18610	17	17	debt	debt	NOUN
dem-18610	17	18	,	,	PUNCT
dem-18610	17	19	payable	payable	ADJ
dem-18610	17	20	annually	annually	ADV
dem-18610	17	21	.	.	PUNCT
dem-18610	18	1	the	the	PRON
dem-18610	18	2	higher	high	ADJ
dem-18610	18	3	the	the	DET
dem-18610	18	4	risk	risk	NOUN
dem-18610	18	5	of	of	ADP
dem-18610	18	6	repayment	repayment	NOUN
dem-18610	18	7	of	of	ADP
dem-18610	18	8	debt	debt	NOUN
dem-18610	18	9	,	,	PUNCT
dem-18610	18	10	the	the	PRON
dem-18610	18	11	higher	high	ADJ
dem-18610	18	12	the	the	DET
dem-18610	18	13	insurance	insurance	NOUN
dem-18610	18	14	premium	premium	NOUN
dem-18610	18	15	(	(	PUNCT
dem-18610	18	16	risk	risk	NOUN
dem-18610	18	17	premium	premium	NOUN
dem-18610	18	18	)	)	PUNCT
dem-18610	18	19	required	require	VERB
dem-18610	18	20	by	by	ADP
dem-18610	18	21	the	the	DET
dem-18610	18	22	issuer	issuer	NOUN
dem-18610	18	23	of	of	ADP
dem-18610	18	24	the	the	DET
dem-18610	18	25	cds	cd	NOUN
dem-18610	18	26	contracts	contract	NOUN
dem-18610	18	27	and	and	CCONJ
dem-18610	18	28	the	the	PRON
dem-18610	18	29	higher	high	ADJ
dem-18610	18	30	the	the	DET
dem-18610	18	31	*	*	PUNCT
dem-18610	18	32	correspondence	correspondence	NOUN
dem-18610	18	33	to	to	ADP
dem-18610	18	34	:	:	PUNCT
dem-18610	18	35	rumiana	rumiana	PROPN
dem-18610	18	36	górska	górska	PROPN
dem-18610	18	37	,	,	PUNCT
dem-18610	18	38	warsaw	warsaw	PROPN
dem-18610	18	39	school	school	NOUN
dem-18610	18	40	of	of	ADP
dem-18610	18	41	economics	economic	NOUN
dem-18610	18	42	,	,	PUNCT
dem-18610	18	43	collegium	collegium	NOUN
dem-18610	18	44	of	of	ADP
dem-18610	18	45	economic	economic	ADJ
dem-18610	18	46	analysis	analysis	NOUN
dem-18610	18	47	,	,	PUNCT
dem-18610	18	48	institute	institute	NOUN
dem-18610	18	49	of	of	ADP
dem-18610	18	50	econometrics	econometric	NOUN
dem-18610	18	51	,	,	PUNCT
dem-18610	18	52	6/8	6/8	NUM
dem-18610	18	53	madalinskiego	madalinskiego	PROPN
dem-18610	18	54	street	street	PROPN
dem-18610	18	55	,	,	PUNCT
dem-18610	18	56	02	02	NUM
dem-18610	18	57	-	-	SYM
dem-18610	18	58	513	513	NUM
dem-18610	18	59	warsaw	warsaw	PROPN
dem-18610	18	60	,	,	PUNCT
dem-18610	18	61	poland	poland	PROPN
dem-18610	18	62	,	,	PUNCT
dem-18610	18	63	e	e	NOUN
dem-18610	18	64	-	-	NOUN
dem-18610	18	65	mail	mail	NOUN
dem-18610	18	66	:	:	PUNCT
dem-18610	18	67	rgorska@sgh.waw.pl	rgorska@sgh.waw.pl	ADJ
dem-18610	18	68	.	.	PUNCT
dem-18610	19	1	rumiana	rumiana	PROPN
dem-18610	19	2	górska	górska	PROPN
dem-18610	19	3	dynamic	dynamic	ADJ
dem-18610	19	4	econometric	econometric	ADJ
dem-18610	19	5	models	model	NOUN
dem-18610	19	6	18	18	NUM
dem-18610	19	7	(	(	PUNCT
dem-18610	19	8	2018	2018	NUM
dem-18610	19	9	)	)	PUNCT
dem-18610	19	10	99–114	99–114	NUM
dem-18610	19	11	100	100	NUM
dem-18610	19	12	cds	cd	NOUN
dem-18610	19	13	spread	spread	NOUN
dem-18610	19	14	.	.	PUNCT
dem-18610	20	1	cds	cd	NOUN
dem-18610	20	2	spreads	spread	VERB
dem-18610	20	3	for	for	ADP
dem-18610	20	4	each	each	DET
dem-18610	20	5	country	country	NOUN
dem-18610	20	6	therefore	therefore	ADV
dem-18610	20	7	reflect	reflect	VERB
dem-18610	20	8	the	the	DET
dem-18610	20	9	confidence	confidence	NOUN
dem-18610	20	10	in	in	ADP
dem-18610	20	11	the	the	DET
dem-18610	20	12	issuer	issuer	NOUN
dem-18610	20	13	of	of	ADP
dem-18610	20	14	the	the	DET
dem-18610	20	15	sovereign	sovereign	ADJ
dem-18610	20	16	bonds	bond	NOUN
dem-18610	20	17	.	.	PUNCT
dem-18610	21	1	variation	variation	NOUN
dem-18610	21	2	in	in	ADP
dem-18610	21	3	the	the	DET
dem-18610	21	4	levels	level	NOUN
dem-18610	21	5	of	of	ADP
dem-18610	21	6	cds	cd	NOUN
dem-18610	21	7	quotes	quote	NOUN
dem-18610	21	8	for	for	ADP
dem-18610	21	9	each	each	DET
dem-18610	21	10	country	country	NOUN
dem-18610	21	11	shows	show	VERB
dem-18610	21	12	the	the	DET
dem-18610	21	13	differences	difference	NOUN
dem-18610	21	14	in	in	ADP
dem-18610	21	15	the	the	DET
dem-18610	21	16	market	market	NOUN
dem-18610	21	17	assessment	assessment	NOUN
dem-18610	21	18	of	of	ADP
dem-18610	21	19	the	the	DET
dem-18610	21	20	risk	risk	NOUN
dem-18610	21	21	of	of	ADP
dem-18610	21	22	investments	investment	NOUN
dem-18610	21	23	in	in	ADP
dem-18610	21	24	treasury	treasury	PROPN
dem-18610	21	25	securities	security	NOUN
dem-18610	21	26	of	of	ADP
dem-18610	21	27	this	this	DET
dem-18610	21	28	country	country	NOUN
dem-18610	21	29	.	.	PUNCT
dem-18610	22	1	for	for	ADP
dem-18610	22	2	example	example	NOUN
dem-18610	22	3	,	,	PUNCT
dem-18610	22	4	on	on	ADP
dem-18610	22	5	29.11.2013	29.11.2013	NUM
dem-18610	22	6	sovereign	sovereign	ADJ
dem-18610	22	7	cds	cd	NOUN
dem-18610	22	8	spreads	spread	VERB
dem-18610	22	9	for	for	ADP
dem-18610	22	10	five	five	NUM
dem-18610	22	11	-	-	PUNCT
dem-18610	22	12	year	year	NOUN
dem-18610	22	13	bonds	bond	NOUN
dem-18610	22	14	in	in	ADP
dem-18610	22	15	basis	basis	NOUN
dem-18610	22	16	points	point	NOUN
dem-18610	22	17	was	be	AUX
dem-18610	22	18	:	:	PUNCT
dem-18610	22	19	for	for	ADP
dem-18610	22	20	poland	poland	PROPN
dem-18610	22	21	82.48	82.48	NUM
dem-18610	22	22	;	;	PUNCT
dem-18610	22	23	germany	germany	PROPN
dem-18610	22	24	23.56	23.56	NUM
dem-18610	22	25	;	;	PUNCT
dem-18610	22	26	spain	spain	PROPN
dem-18610	22	27	153.5	153.5	NUM
dem-18610	22	28	;	;	PUNCT
dem-18610	22	29	portugal	portugal	PROPN
dem-18610	22	30	341.4	341.4	NUM
dem-18610	22	31	.	.	PUNCT
dem-18610	23	1	investors	investor	NOUN
dem-18610	23	2	holding	hold	VERB
dem-18610	23	3	bonds	bond	NOUN
dem-18610	23	4	of	of	ADP
dem-18610	23	5	these	these	DET
dem-18610	23	6	countries	country	NOUN
dem-18610	23	7	can	can	AUX
dem-18610	23	8	insure	insure	VERB
dem-18610	23	9	themselves	themselves	PRON
dem-18610	23	10	against	against	ADP
dem-18610	23	11	the	the	DET
dem-18610	23	12	insolvency	insolvency	NOUN
dem-18610	23	13	of	of	ADP
dem-18610	23	14	the	the	DET
dem-18610	23	15	given	give	VERB
dem-18610	23	16	country	country	NOUN
dem-18610	23	17	,	,	PUNCT
dem-18610	23	18	paying	pay	VERB
dem-18610	23	19	annually	annually	ADV
dem-18610	23	20	a	a	DET
dem-18610	23	21	percentage	percentage	NOUN
dem-18610	23	22	of	of	ADP
dem-18610	23	23	the	the	DET
dem-18610	23	24	value	value	NOUN
dem-18610	23	25	of	of	ADP
dem-18610	23	26	the	the	DET
dem-18610	23	27	bond	bond	NOUN
dem-18610	23	28	(	(	PUNCT
dem-18610	23	29	for	for	ADP
dem-18610	23	30	poland	poland	NOUN
dem-18610	23	31	0.8248	0.8248	NUM
dem-18610	23	32	%	%	NOUN
dem-18610	23	33	,	,	PUNCT
dem-18610	23	34	germany	germany	PROPN
dem-18610	23	35	0.2356	0.2356	NUM
dem-18610	23	36	%	%	NOUN
dem-18610	23	37	,	,	PUNCT
dem-18610	23	38	spain	spain	PROPN
dem-18610	23	39	1.535	1.535	NUM
dem-18610	23	40	%	%	NOUN
dem-18610	23	41	,	,	PUNCT
dem-18610	23	42	portugal	portugal	PROPN
dem-18610	23	43	3.414	3.414	NUM
dem-18610	23	44	%	%	NOUN
dem-18610	23	45	)	)	PUNCT
dem-18610	23	46	.	.	PUNCT
dem-18610	24	1	cds	cds	PROPN
dem-18610	24	2	quotes	quote	VERB
dem-18610	24	3	for	for	ADP
dem-18610	24	4	greece	greece	PROPN
dem-18610	24	5	in	in	ADP
dem-18610	24	6	march	march	PROPN
dem-18610	24	7	2012	2012	NUM
dem-18610	24	8	(	(	PUNCT
dem-18610	24	9	during	during	ADP
dem-18610	24	10	the	the	DET
dem-18610	24	11	greek	greek	ADJ
dem-18610	24	12	debt	debt	NOUN
dem-18610	24	13	crisis	crisis	NOUN
dem-18610	24	14	)	)	PUNCT
dem-18610	24	15	reached	reach	VERB
dem-18610	24	16	25422.80	25422.80	NUM
dem-18610	24	17	basis	basis	NOUN
dem-18610	24	18	points	point	NOUN
dem-18610	24	19	.	.	PUNCT
dem-18610	25	1	sovereign	sovereign	ADJ
dem-18610	25	2	cds	cd	NOUN
dem-18610	25	3	spread	spread	NOUN
dem-18610	25	4	depends	depend	VERB
dem-18610	25	5	both	both	PRON
dem-18610	25	6	on	on	ADP
dem-18610	25	7	the	the	DET
dem-18610	25	8	so	so	ADV
dem-18610	25	9	-	-	PUNCT
dem-18610	25	10	called	call	VERB
dem-18610	25	11	economic	economic	ADJ
dem-18610	25	12	fundamentals	fundamental	NOUN
dem-18610	25	13	(	(	PUNCT
dem-18610	25	14	i.e.	i.e.	X
dem-18610	25	15	macroeconomic	macroeconomic	ADJ
dem-18610	25	16	variables	variable	NOUN
dem-18610	25	17	such	such	ADJ
dem-18610	25	18	as	as	ADP
dem-18610	25	19	level	level	NOUN
dem-18610	25	20	of	of	ADP
dem-18610	25	21	indebtedness	indebtedness	NOUN
dem-18610	25	22	,	,	PUNCT
dem-18610	25	23	debt	debt	NOUN
dem-18610	25	24	structure	structure	NOUN
dem-18610	25	25	,	,	PUNCT
dem-18610	25	26	the	the	DET
dem-18610	25	27	cost	cost	NOUN
dem-18610	25	28	of	of	ADP
dem-18610	25	29	servicing	service	VERB
dem-18610	25	30	the	the	DET
dem-18610	25	31	debt	debt	NOUN
dem-18610	25	32	,	,	PUNCT
dem-18610	25	33	debt	debt	NOUN
dem-18610	25	34	to	to	ADP
dem-18610	25	35	gdp	gdp	NOUN
dem-18610	25	36	relation	relation	NOUN
dem-18610	25	37	,	,	PUNCT
dem-18610	25	38	the	the	DET
dem-18610	25	39	rate	rate	NOUN
dem-18610	25	40	of	of	ADP
dem-18610	25	41	gdp	gdp	NOUN
dem-18610	25	42	growth	growth	NOUN
dem-18610	25	43	etc	etc	X
dem-18610	25	44	.	.	PUNCT
dem-18610	25	45	)	)	PUNCT
dem-18610	25	46	,	,	PUNCT
dem-18610	25	47	as	as	ADV
dem-18610	25	48	well	well	ADV
dem-18610	25	49	as	as	ADP
dem-18610	25	50	global	global	ADJ
dem-18610	25	51	factors	factor	NOUN
dem-18610	25	52	(	(	PUNCT
dem-18610	25	53	global	global	ADJ
dem-18610	25	54	financial	financial	ADJ
dem-18610	25	55	market	market	NOUN
dem-18610	25	56	conditions	condition	NOUN
dem-18610	25	57	,	,	PUNCT
dem-18610	25	58	market	market	NOUN
dem-18610	25	59	liquidity	liquidity	NOUN
dem-18610	25	60	,	,	PUNCT
dem-18610	25	61	investor	investor	NOUN
dem-18610	25	62	expectations	expectation	NOUN
dem-18610	25	63	etc	etc	X
dem-18610	25	64	.	.	PUNCT
dem-18610	25	65	)	)	PUNCT
dem-18610	25	66	.	.	PUNCT
dem-18610	26	1	the	the	DET
dem-18610	26	2	aim	aim	NOUN
dem-18610	26	3	of	of	ADP
dem-18610	26	4	this	this	DET
dem-18610	26	5	study	study	NOUN
dem-18610	26	6	is	be	AUX
dem-18610	26	7	to	to	PART
dem-18610	26	8	identify	identify	VERB
dem-18610	26	9	factors	factor	NOUN
dem-18610	26	10	affecting	affect	VERB
dem-18610	26	11	the	the	DET
dem-18610	26	12	sovereign	sovereign	ADJ
dem-18610	26	13	cds	cd	NOUN
dem-18610	26	14	spreads	spread	NOUN
dem-18610	26	15	of	of	ADP
dem-18610	26	16	selected	select	VERB
dem-18610	26	17	european	european	ADJ
dem-18610	26	18	countries	country	NOUN
dem-18610	26	19	:	:	PUNCT
dem-18610	26	20	germany	germany	PROPN
dem-18610	26	21	,	,	PUNCT
dem-18610	26	22	france	france	PROPN
dem-18610	26	23	,	,	PUNCT
dem-18610	26	24	great	great	PROPN
dem-18610	26	25	britain	britain	PROPN
dem-18610	26	26	,	,	PUNCT
dem-18610	26	27	italy	italy	PROPN
dem-18610	26	28	,	,	PUNCT
dem-18610	26	29	spain	spain	PROPN
dem-18610	26	30	,	,	PUNCT
dem-18610	26	31	portugal	portugal	PROPN
dem-18610	26	32	,	,	PUNCT
dem-18610	26	33	czech	czech	PROPN
dem-18610	26	34	republic	republic	NOUN
dem-18610	26	35	,	,	PUNCT
dem-18610	26	36	hungary	hungary	PROPN
dem-18610	26	37	and	and	CCONJ
dem-18610	26	38	poland	poland	PROPN
dem-18610	26	39	for	for	ADP
dem-18610	26	40	the	the	DET
dem-18610	26	41	period	period	NOUN
dem-18610	26	42	from	from	ADP
dem-18610	26	43	2008	2008	NUM
dem-18610	26	44	to	to	ADP
dem-18610	26	45	2016	2016	NUM
dem-18610	26	46	.	.	PUNCT
dem-18610	27	1	1	1	X
dem-18610	27	2	.	.	X
dem-18610	27	3	literature	literature	NOUN
dem-18610	27	4	review	review	NOUN
dem-18610	27	5	publications	publication	NOUN
dem-18610	27	6	on	on	ADP
dem-18610	27	7	the	the	DET
dem-18610	27	8	issues	issue	NOUN
dem-18610	27	9	related	relate	VERB
dem-18610	27	10	to	to	ADP
dem-18610	27	11	the	the	DET
dem-18610	27	12	information	information	NOUN
dem-18610	27	13	capacity	capacity	NOUN
dem-18610	27	14	of	of	ADP
dem-18610	27	15	cds	cd	NOUN
dem-18610	27	16	spreads	spread	VERB
dem-18610	27	17	securing	secure	VERB
dem-18610	27	18	repayment	repayment	NOUN
dem-18610	27	19	of	of	ADP
dem-18610	27	20	government	government	NOUN
dem-18610	27	21	debt	debt	NOUN
dem-18610	27	22	focus	focus	NOUN
dem-18610	27	23	on	on	ADP
dem-18610	27	24	different	different	ADJ
dem-18610	27	25	aspects	aspect	NOUN
dem-18610	27	26	of	of	ADP
dem-18610	27	27	the	the	DET
dem-18610	27	28	problem	problem	NOUN
dem-18610	27	29	.	.	PUNCT
dem-18610	28	1	some	some	DET
dem-18610	28	2	authors	author	NOUN
dem-18610	28	3	(	(	PUNCT
dem-18610	28	4	varga	varga	PROPN
dem-18610	28	5	,	,	PUNCT
dem-18610	28	6	2008	2008	NUM
dem-18610	28	7	;	;	PUNCT
dem-18610	28	8	komarek	komarek	PROPN
dem-18610	28	9	et	et	PROPN
dem-18610	28	10	al	al	PROPN
dem-18610	28	11	.	.	PROPN
dem-18610	28	12	,	,	PUNCT
dem-18610	28	13	2013	2013	NUM
dem-18610	28	14	;	;	PUNCT
dem-18610	28	15	arce	arce	PROPN
dem-18610	28	16	et	et	PROPN
dem-18610	28	17	al	al	PROPN
dem-18610	28	18	.	.	PROPN
dem-18610	28	19	,	,	PUNCT
dem-18610	28	20	2013	2013	NUM
dem-18610	28	21	;	;	PUNCT
dem-18610	28	22	coudert	coudert	PROPN
dem-18610	28	23	and	and	CCONJ
dem-18610	28	24	gex	gex	PROPN
dem-18610	28	25	,	,	PUNCT
dem-18610	28	26	2013	2013	NUM
dem-18610	28	27	)	)	PUNCT
dem-18610	28	28	examined	examine	VERB
dem-18610	28	29	the	the	DET
dem-18610	28	30	relationship	relationship	NOUN
dem-18610	28	31	between	between	ADP
dem-18610	28	32	the	the	DET
dem-18610	28	33	cds	cds	NOUN
dem-18610	28	34	market	market	NOUN
dem-18610	28	35	and	and	CCONJ
dem-18610	28	36	the	the	DET
dem-18610	28	37	government	government	NOUN
dem-18610	28	38	bonds	bond	VERB
dem-18610	28	39	market	market	NOUN
dem-18610	28	40	and	and	CCONJ
dem-18610	28	41	came	come	VERB
dem-18610	28	42	to	to	ADP
dem-18610	28	43	the	the	DET
dem-18610	28	44	conclusion	conclusion	NOUN
dem-18610	28	45	that	that	SCONJ
dem-18610	28	46	prices	price	NOUN
dem-18610	28	47	in	in	ADP
dem-18610	28	48	the	the	DET
dem-18610	28	49	market	market	NOUN
dem-18610	28	50	cds	cd	NOUN
dem-18610	28	51	and	and	CCONJ
dem-18610	28	52	yields	yield	NOUN
dem-18610	28	53	in	in	ADP
dem-18610	28	54	the	the	DET
dem-18610	28	55	treasury	treasury	NOUN
dem-18610	28	56	bond	bond	NOUN
dem-18610	28	57	market	market	NOUN
dem-18610	28	58	reflect	reflect	VERB
dem-18610	28	59	the	the	DET
dem-18610	28	60	same	same	ADJ
dem-18610	28	61	information	information	NOUN
dem-18610	28	62	about	about	ADP
dem-18610	28	63	the	the	DET
dem-18610	28	64	credit	credit	NOUN
dem-18610	28	65	risk	risk	NOUN
dem-18610	28	66	of	of	ADP
dem-18610	28	67	that	that	DET
dem-18610	28	68	country	country	NOUN
dem-18610	28	69	.	.	PUNCT
dem-18610	29	1	differences	difference	NOUN
dem-18610	29	2	in	in	ADP
dem-18610	29	3	the	the	DET
dem-18610	29	4	levels	level	NOUN
dem-18610	29	5	of	of	ADP
dem-18610	29	6	spreads	spread	NOUN
dem-18610	29	7	in	in	ADP
dem-18610	29	8	the	the	DET
dem-18610	29	9	pricing	pricing	NOUN
dem-18610	29	10	of	of	ADP
dem-18610	29	11	risk	risk	NOUN
dem-18610	29	12	in	in	ADP
dem-18610	29	13	both	both	DET
dem-18610	29	14	markets	market	NOUN
dem-18610	29	15	were	be	AUX
dem-18610	29	16	associated	associate	VERB
dem-18610	29	17	with	with	ADP
dem-18610	29	18	the	the	DET
dem-18610	29	19	following	follow	VERB
dem-18610	29	20	factors	factor	NOUN
dem-18610	29	21	:	:	PUNCT
dem-18610	29	22	counterparty	counterparty	NOUN
dem-18610	29	23	risk	risk	NOUN
dem-18610	29	24	,	,	PUNCT
dem-18610	29	25	the	the	DET
dem-18610	29	26	lack	lack	NOUN
dem-18610	29	27	of	of	ADP
dem-18610	29	28	liquidity	liquidity	NOUN
dem-18610	29	29	or	or	CCONJ
dem-18610	29	30	liquidity	liquidity	NOUN
dem-18610	29	31	problems	problem	NOUN
dem-18610	29	32	,	,	PUNCT
dem-18610	29	33	transaction	transaction	NOUN
dem-18610	29	34	costs	cost	NOUN
dem-18610	29	35	,	,	PUNCT
dem-18610	29	36	flight	flight	NOUN
dem-18610	29	37	-	-	PUNCT
dem-18610	29	38	to	to	ADP
dem-18610	29	39	-	-	PUNCT
dem-18610	29	40	quality	quality	NOUN
dem-18610	29	41	and	and	CCONJ
dem-18610	29	42	the	the	DET
dem-18610	29	43	debt	debt	NOUN
dem-18610	29	44	repurchase	repurchase	NOUN
dem-18610	29	45	decisions	decision	NOUN
dem-18610	29	46	by	by	ADP
dem-18610	29	47	the	the	DET
dem-18610	29	48	european	european	PROPN
dem-18610	29	49	central	central	PROPN
dem-18610	29	50	bank	bank	PROPN
dem-18610	29	51	.	.	PUNCT
dem-18610	30	1	moreover	moreover	ADV
dem-18610	30	2	,	,	PUNCT
dem-18610	30	3	the	the	DET
dem-18610	30	4	cds	cd	NOUN
dem-18610	30	5	market	market	NOUN
dem-18610	30	6	preceded	precede	VERB
dem-18610	30	7	the	the	DET
dem-18610	30	8	bond	bond	NOUN
dem-18610	30	9	market	market	NOUN
dem-18610	30	10	in	in	ADP
dem-18610	30	11	the	the	DET
dem-18610	30	12	pricing	pricing	NOUN
dem-18610	30	13	of	of	ADP
dem-18610	30	14	risk	risk	NOUN
dem-18610	30	15	.	.	PUNCT
dem-18610	31	1	in	in	ADP
dem-18610	31	2	addition	addition	NOUN
dem-18610	31	3	,	,	PUNCT
dem-18610	31	4	during	during	ADP
dem-18610	31	5	periods	period	NOUN
dem-18610	31	6	of	of	ADP
dem-18610	31	7	turbulence	turbulence	NOUN
dem-18610	31	8	in	in	ADP
dem-18610	31	9	the	the	DET
dem-18610	31	10	financial	financial	ADJ
dem-18610	31	11	markets	market	NOUN
dem-18610	31	12	,	,	PUNCT
dem-18610	31	13	the	the	DET
dem-18610	31	14	role	role	NOUN
dem-18610	31	15	of	of	ADP
dem-18610	31	16	the	the	DET
dem-18610	31	17	cds	cd	NOUN
dem-18610	31	18	markets	market	NOUN
dem-18610	31	19	increases	increase	NOUN
dem-18610	31	20	.	.	PUNCT
dem-18610	32	1	another	another	DET
dem-18610	32	2	group	group	NOUN
dem-18610	32	3	of	of	ADP
dem-18610	32	4	publications	publication	NOUN
dem-18610	32	5	includes	include	VERB
dem-18610	32	6	studies	study	NOUN
dem-18610	32	7	of	of	ADP
dem-18610	32	8	the	the	DET
dem-18610	32	9	relationship	relationship	NOUN
dem-18610	32	10	between	between	ADP
dem-18610	32	11	the	the	DET
dem-18610	32	12	cds	cd	NOUN
dem-18610	32	13	spread	spread	VERB
dem-18610	32	14	and	and	CCONJ
dem-18610	32	15	selected	select	VERB
dem-18610	32	16	macroeconomic	macroeconomic	ADJ
dem-18610	32	17	variables	variable	NOUN
dem-18610	32	18	,	,	PUNCT
dem-18610	32	19	market	market	NOUN
dem-18610	32	20	indicators	indicator	NOUN
dem-18610	32	21	or	or	CCONJ
dem-18610	32	22	information	information	NOUN
dem-18610	32	23	about	about	ADP
dem-18610	32	24	political	political	ADJ
dem-18610	32	25	events	event	NOUN
dem-18610	32	26	.	.	PUNCT
dem-18610	33	1	coronado	coronado	PROPN
dem-18610	33	2	et	et	PROPN
dem-18610	33	3	al	al	PROPN
dem-18610	33	4	.	.	PROPN
dem-18610	34	1	(	(	PUNCT
dem-18610	34	2	2012	2012	NUM
dem-18610	34	3	)	)	PUNCT
dem-18610	34	4	examined	examine	VERB
dem-18610	34	5	the	the	DET
dem-18610	34	6	relationship	relationship	NOUN
dem-18610	34	7	between	between	ADP
dem-18610	34	8	the	the	DET
dem-18610	34	9	cds	cds	NOUN
dem-18610	34	10	market	market	NOUN
dem-18610	34	11	and	and	CCONJ
dem-18610	34	12	the	the	DET
dem-18610	34	13	stock	stock	NOUN
dem-18610	34	14	market	market	NOUN
dem-18610	34	15	in	in	ADP
dem-18610	34	16	eight	eight	NUM
dem-18610	34	17	european	european	ADJ
dem-18610	34	18	countries	country	NOUN
dem-18610	34	19	for	for	ADP
dem-18610	34	20	the	the	DET
dem-18610	34	21	period	period	NOUN
dem-18610	34	22	2007–2010	2007–2010	NUM
dem-18610	34	23	.	.	PUNCT
dem-18610	35	1	the	the	DET
dem-18610	35	2	first	first	ADJ
dem-18610	35	3	of	of	ADP
dem-18610	35	4	these	these	DET
dem-18610	35	5	markets	market	NOUN
dem-18610	35	6	represented	represent	VERB
dem-18610	35	7	the	the	DET
dem-18610	35	8	credit	credit	NOUN
dem-18610	35	9	risk	risk	NOUN
dem-18610	35	10	of	of	ADP
dem-18610	35	11	the	the	DET
dem-18610	35	12	country	country	NOUN
dem-18610	35	13	and	and	CCONJ
dem-18610	35	14	the	the	DET
dem-18610	35	15	second	second	ADJ
dem-18610	35	16	,	,	PUNCT
dem-18610	35	17	the	the	DET
dem-18610	35	18	market	market	NOUN
dem-18610	35	19	risk	risk	NOUN
dem-18610	35	20	.	.	PUNCT
dem-18610	36	1	the	the	DET
dem-18610	36	2	authors	author	NOUN
dem-18610	36	3	came	come	VERB
dem-18610	36	4	to	to	ADP
dem-18610	36	5	decomposition	decomposition	NOUN
dem-18610	36	6	of	of	ADP
dem-18610	36	7	sovereign	sovereign	ADJ
dem-18610	36	8	cds	cd	NOUN
dem-18610	36	9	spread	spread	VERB
dem-18610	36	10	using	use	VERB
dem-18610	36	11	the	the	DET
dem-18610	36	12	concept	concept	NOUN
dem-18610	36	13	of	of	ADP
dem-18610	36	14	factorization	factorization	NOUN
dem-18610	36	15	dynamic	dynamic	ADJ
dem-18610	36	16	econometric	econometric	ADJ
dem-18610	36	17	models	model	NOUN
dem-18610	36	18	18	18	NUM
dem-18610	36	19	(	(	PUNCT
dem-18610	36	20	2018	2018	NUM
dem-18610	36	21	)	)	PUNCT
dem-18610	36	22	99–114	99–114	NUM
dem-18610	36	23	101	101	NUM
dem-18610	36	24	the	the	DET
dem-18610	36	25	conclusion	conclusion	NOUN
dem-18610	36	26	that	that	SCONJ
dem-18610	36	27	the	the	DET
dem-18610	36	28	stock	stock	NOUN
dem-18610	36	29	market	market	NOUN
dem-18610	36	30	leads	lead	VERB
dem-18610	36	31	the	the	DET
dem-18610	36	32	cds	cd	NOUN
dem-18610	36	33	market	market	NOUN
dem-18610	36	34	until	until	ADP
dem-18610	36	35	2010	2010	NUM
dem-18610	36	36	,	,	PUNCT
dem-18610	36	37	the	the	DET
dem-18610	36	38	time	time	NOUN
dem-18610	36	39	of	of	ADP
dem-18610	36	40	the	the	DET
dem-18610	36	41	first	first	ADJ
dem-18610	36	42	appearance	appearance	NOUN
dem-18610	36	43	of	of	ADP
dem-18610	36	44	the	the	DET
dem-18610	36	45	debt	debt	NOUN
dem-18610	36	46	crisis	crisis	NOUN
dem-18610	36	47	.	.	PUNCT
dem-18610	37	1	following	follow	VERB
dem-18610	37	2	that	that	DET
dem-18610	37	3	period	period	NOUN
dem-18610	37	4	,	,	PUNCT
dem-18610	37	5	the	the	DET
dem-18610	37	6	reaction	reaction	NOUN
dem-18610	37	7	of	of	ADP
dem-18610	37	8	the	the	DET
dem-18610	37	9	cds	cd	NOUN
dem-18610	37	10	market	market	NOUN
dem-18610	37	11	quickened	quicken	VERB
dem-18610	37	12	and	and	CCONJ
dem-18610	37	13	new	new	ADJ
dem-18610	37	14	information	information	NOUN
dem-18610	37	15	was	be	AUX
dem-18610	37	16	included	include	VERB
dem-18610	37	17	in	in	ADP
dem-18610	37	18	the	the	DET
dem-18610	37	19	quotations	quotation	NOUN
dem-18610	37	20	of	of	ADP
dem-18610	37	21	cds	cd	NOUN
dem-18610	37	22	for	for	ADP
dem-18610	37	23	the	the	DET
dem-18610	37	24	first	first	ADJ
dem-18610	37	25	time	time	NOUN
dem-18610	37	26	.	.	PUNCT
dem-18610	38	1	aizenman	aizenman	NOUN
dem-18610	38	2	et	et	PROPN
dem-18610	38	3	al	al	PROPN
dem-18610	38	4	.	.	PROPN
dem-18610	39	1	(	(	PUNCT
dem-18610	39	2	2013	2013	NUM
dem-18610	39	3	)	)	PUNCT
dem-18610	39	4	examined	examine	VERB
dem-18610	39	5	the	the	DET
dem-18610	39	6	pricing	pricing	NOUN
dem-18610	39	7	of	of	ADP
dem-18610	39	8	risk	risk	NOUN
dem-18610	39	9	for	for	ADP
dem-18610	39	10	selected	select	VERB
dem-18610	39	11	european	european	ADJ
dem-18610	39	12	countries	country	NOUN
dem-18610	39	13	based	base	VERB
dem-18610	39	14	on	on	ADP
dem-18610	39	15	their	their	PRON
dem-18610	39	16	fiscal	fiscal	ADJ
dem-18610	39	17	situation	situation	NOUN
dem-18610	39	18	(	(	PUNCT
dem-18610	39	19	debt	debt	NOUN
dem-18610	39	20	,	,	PUNCT
dem-18610	39	21	deficit	deficit	NOUN
dem-18610	39	22	,	,	PUNCT
dem-18610	39	23	taxes	taxis	NOUN
dem-18610	39	24	)	)	PUNCT
dem-18610	39	25	for	for	ADP
dem-18610	39	26	the	the	DET
dem-18610	39	27	years	year	NOUN
dem-18610	39	28	2005–2010	2005–2010	NUM
dem-18610	39	29	.	.	PUNCT
dem-18610	40	1	they	they	PRON
dem-18610	40	2	considered	consider	VERB
dem-18610	40	3	two	two	NUM
dem-18610	40	4	groups	group	NOUN
dem-18610	40	5	of	of	ADP
dem-18610	40	6	countries	country	NOUN
dem-18610	40	7	:	:	PUNCT
dem-18610	40	8	the	the	DET
dem-18610	40	9	central	central	PROPN
dem-18610	40	10	eu	eu	PROPN
dem-18610	40	11	countries	country	NOUN
dem-18610	40	12	(	(	PUNCT
dem-18610	40	13	germany	germany	PROPN
dem-18610	40	14	,	,	PUNCT
dem-18610	40	15	france	france	PROPN
dem-18610	40	16	,	,	PUNCT
dem-18610	40	17	great	great	ADJ
dem-18610	40	18	britain	britain	PROPN
dem-18610	40	19	)	)	PUNCT
dem-18610	40	20	and	and	CCONJ
dem-18610	40	21	the	the	DET
dem-18610	40	22	peripheral	peripheral	ADJ
dem-18610	40	23	eu	eu	PROPN
dem-18610	40	24	(	(	PUNCT
dem-18610	40	25	greece	greece	PROPN
dem-18610	40	26	,	,	PUNCT
dem-18610	40	27	ireland	ireland	PROPN
dem-18610	40	28	,	,	PUNCT
dem-18610	40	29	italy	italy	PROPN
dem-18610	40	30	,	,	PUNCT
dem-18610	40	31	portugal	portugal	PROPN
dem-18610	40	32	,	,	PUNCT
dem-18610	40	33	and	and	CCONJ
dem-18610	40	34	spain	spain	PROPN
dem-18610	40	35	)	)	PUNCT
dem-18610	40	36	.	.	PUNCT
dem-18610	41	1	in	in	ADP
dem-18610	41	2	2010	2010	NUM
dem-18610	41	3	(	(	PUNCT
dem-18610	41	4	a	a	DET
dem-18610	41	5	period	period	NOUN
dem-18610	41	6	of	of	ADP
dem-18610	41	7	increased	increase	VERB
dem-18610	41	8	risk	risk	NOUN
dem-18610	41	9	)	)	PUNCT
dem-18610	41	10	the	the	DET
dem-18610	41	11	risk	risk	NOUN
dem-18610	41	12	of	of	ADP
dem-18610	41	13	peripheral	peripheral	ADJ
dem-18610	41	14	countries	country	NOUN
dem-18610	41	15	was	be	AUX
dem-18610	41	16	valued	value	VERB
dem-18610	41	17	at	at	ADP
dem-18610	41	18	a	a	DET
dem-18610	41	19	higher	high	ADJ
dem-18610	41	20	level	level	NOUN
dem-18610	41	21	than	than	SCONJ
dem-18610	41	22	was	be	AUX
dem-18610	41	23	consistent	consistent	ADJ
dem-18610	41	24	with	with	ADP
dem-18610	41	25	their	their	PRON
dem-18610	41	26	fiscal	fiscal	ADJ
dem-18610	41	27	situation	situation	NOUN
dem-18610	41	28	.	.	PUNCT
dem-18610	42	1	the	the	DET
dem-18610	42	2	authors	author	NOUN
dem-18610	42	3	explained	explain	VERB
dem-18610	42	4	this	this	DET
dem-18610	42	5	effect	effect	NOUN
dem-18610	42	6	through	through	ADP
dem-18610	42	7	the	the	DET
dem-18610	42	8	mechanism	mechanism	NOUN
dem-18610	42	9	of	of	ADP
dem-18610	42	10	the	the	DET
dem-18610	42	11	pessimistic	pessimistic	ADJ
dem-18610	42	12	self	self	NOUN
dem-18610	42	13	-	-	PUNCT
dem-18610	42	14	fulfilling	fulfil	VERB
dem-18610	42	15	forecasts	forecast	NOUN
dem-18610	42	16	–	–	PUNCT
dem-18610	42	17	the	the	DET
dem-18610	42	18	expectations	expectation	NOUN
dem-18610	42	19	being	be	AUX
dem-18610	42	20	that	that	SCONJ
dem-18610	42	21	the	the	DET
dem-18610	42	22	adaptation	adaptation	NOUN
dem-18610	42	23	of	of	ADP
dem-18610	42	24	the	the	DET
dem-18610	42	25	peripheral	peripheral	ADJ
dem-18610	42	26	countries	country	NOUN
dem-18610	42	27	to	to	ADP
dem-18610	42	28	the	the	DET
dem-18610	42	29	new	new	ADJ
dem-18610	42	30	situation	situation	NOUN
dem-18610	42	31	will	will	AUX
dem-18610	42	32	be	be	AUX
dem-18610	42	33	more	more	ADV
dem-18610	42	34	difficult	difficult	ADJ
dem-18610	42	35	.	.	PUNCT
dem-18610	43	1	a	a	DET
dem-18610	43	2	panel	panel	NOUN
dem-18610	43	3	study	study	NOUN
dem-18610	43	4	showed	show	VERB
dem-18610	43	5	that	that	SCONJ
dem-18610	43	6	the	the	DET
dem-18610	43	7	situation	situation	NOUN
dem-18610	43	8	of	of	ADP
dem-18610	43	9	public	public	ADJ
dem-18610	43	10	finances	finance	NOUN
dem-18610	43	11	and	and	CCONJ
dem-18610	43	12	other	other	ADJ
dem-18610	43	13	economic	economic	ADJ
dem-18610	43	14	variables	variable	NOUN
dem-18610	43	15	are	be	AUX
dem-18610	43	16	important	important	ADJ
dem-18610	43	17	determinants	determinant	NOUN
dem-18610	43	18	of	of	ADP
dem-18610	43	19	a	a	DET
dem-18610	43	20	country	country	NOUN
dem-18610	43	21	’s	’s	PART
dem-18610	43	22	risk	risk	NOUN
dem-18610	43	23	.	.	PUNCT
dem-18610	44	1	büchel	büchel	PROPN
dem-18610	44	2	(	(	PUNCT
dem-18610	44	3	2013	2013	NUM
dem-18610	44	4	)	)	PUNCT
dem-18610	44	5	examined	examine	VERB
dem-18610	44	6	the	the	DET
dem-18610	44	7	effect	effect	NOUN
dem-18610	44	8	of	of	ADP
dem-18610	44	9	public	public	ADJ
dem-18610	44	10	information	information	NOUN
dem-18610	44	11	and	and	CCONJ
dem-18610	44	12	announcements	announcement	NOUN
dem-18610	44	13	made	make	VERB
dem-18610	44	14	by	by	ADP
dem-18610	44	15	the	the	DET
dem-18610	44	16	european	european	PROPN
dem-18610	44	17	central	central	PROPN
dem-18610	44	18	bank	bank	PROPN
dem-18610	44	19	governing	govern	VERB
dem-18610	44	20	council	council	NOUN
dem-18610	44	21	members	member	NOUN
dem-18610	44	22	,	,	PUNCT
dem-18610	44	23	european	european	PROPN
dem-18610	44	24	union	union	PROPN
dem-18610	44	25	officials	official	NOUN
dem-18610	44	26	and	and	CCONJ
dem-18610	44	27	national	national	ADJ
dem-18610	44	28	representatives	representative	NOUN
dem-18610	44	29	in	in	ADP
dem-18610	44	30	the	the	DET
dem-18610	44	31	period	period	NOUN
dem-18610	44	32	2009–2011	2009–2011	NUM
dem-18610	44	33	to	to	ADP
dem-18610	44	34	the	the	DET
dem-18610	44	35	cds	cd	NOUN
dem-18610	44	36	and	and	CCONJ
dem-18610	44	37	bond	bond	NOUN
dem-18610	44	38	markets	market	NOUN
dem-18610	44	39	.	.	PUNCT
dem-18610	45	1	information	information	NOUN
dem-18610	45	2	from	from	ADP
dem-18610	45	3	the	the	DET
dem-18610	45	4	representatives	representative	NOUN
dem-18610	45	5	of	of	ADP
dem-18610	45	6	germany	germany	PROPN
dem-18610	45	7	,	,	PUNCT
dem-18610	45	8	france	france	PROPN
dem-18610	45	9	and	and	CCONJ
dem-18610	45	10	the	the	DET
dem-18610	45	11	european	european	PROPN
dem-18610	45	12	union	union	PROPN
dem-18610	45	13	authorities	authority	NOUN
dem-18610	45	14	had	have	VERB
dem-18610	45	15	an	an	DET
dem-18610	45	16	immediate	immediate	ADJ
dem-18610	45	17	effect	effect	NOUN
dem-18610	45	18	on	on	ADP
dem-18610	45	19	both	both	DET
dem-18610	45	20	markets	market	NOUN
dem-18610	45	21	,	,	PUNCT
dem-18610	45	22	while	while	SCONJ
dem-18610	45	23	the	the	DET
dem-18610	45	24	expression	expression	NOUN
dem-18610	45	25	of	of	ADP
dem-18610	45	26	representatives	representative	NOUN
dem-18610	45	27	of	of	ADP
dem-18610	45	28	smaller	small	ADJ
dem-18610	45	29	countries	country	NOUN
dem-18610	45	30	had	have	VERB
dem-18610	45	31	no	no	DET
dem-18610	45	32	influence	influence	NOUN
dem-18610	45	33	.	.	PUNCT
dem-18610	46	1	the	the	DET
dem-18610	46	2	third	third	ADJ
dem-18610	46	3	group	group	NOUN
dem-18610	46	4	of	of	ADP
dem-18610	46	5	publications	publication	NOUN
dem-18610	46	6	relates	relate	VERB
dem-18610	46	7	to	to	ADP
dem-18610	46	8	the	the	DET
dem-18610	46	9	contagion	contagion	NOUN
dem-18610	46	10	effect	effect	NOUN
dem-18610	46	11	(	(	PUNCT
dem-18610	46	12	risk	risk	NOUN
dem-18610	46	13	transfer	transfer	NOUN
dem-18610	46	14	)	)	PUNCT
dem-18610	46	15	between	between	ADP
dem-18610	46	16	countries	country	NOUN
dem-18610	46	17	.	.	PUNCT
dem-18610	47	1	kalbaska	kalbaska	NOUN
dem-18610	47	2	and	and	CCONJ
dem-18610	47	3	gątkowski	gątkowski	PROPN
dem-18610	47	4	(	(	PUNCT
dem-18610	47	5	2012	2012	NUM
dem-18610	47	6	)	)	PUNCT
dem-18610	47	7	identified	identify	VERB
dem-18610	47	8	the	the	DET
dem-18610	47	9	increased	increase	VERB
dem-18610	47	10	risk	risk	NOUN
dem-18610	47	11	of	of	ADP
dem-18610	47	12	contagion	contagion	NOUN
dem-18610	47	13	between	between	ADP
dem-18610	47	14	european	european	ADJ
dem-18610	47	15	countries	country	NOUN
dem-18610	47	16	after	after	ADP
dem-18610	47	17	2007	2007	NUM
dem-18610	47	18	on	on	ADP
dem-18610	47	19	the	the	DET
dem-18610	47	20	basis	basis	NOUN
dem-18610	47	21	of	of	ADP
dem-18610	47	22	studying	study	VERB
dem-18610	47	23	the	the	DET
dem-18610	47	24	dynamics	dynamic	NOUN
dem-18610	47	25	of	of	ADP
dem-18610	47	26	the	the	DET
dem-18610	47	27	cds	cd	NOUN
dem-18610	47	28	market	market	NOUN
dem-18610	47	29	in	in	ADP
dem-18610	47	30	the	the	DET
dem-18610	47	31	period	period	NOUN
dem-18610	47	32	2005–2010	2005–2010	NUM
dem-18610	47	33	.	.	PUNCT
dem-18610	48	1	spain	spain	PROPN
dem-18610	48	2	,	,	PUNCT
dem-18610	48	3	ireland	ireland	PROPN
dem-18610	48	4	,	,	PUNCT
dem-18610	48	5	and	and	CCONJ
dem-18610	48	6	greece	greece	PROPN
dem-18610	48	7	had	have	VERB
dem-18610	48	8	the	the	DET
dem-18610	48	9	biggest	big	ADJ
dem-18610	48	10	impact	impact	NOUN
dem-18610	48	11	on	on	ADP
dem-18610	48	12	the	the	DET
dem-18610	48	13	destabilization	destabilization	NOUN
dem-18610	48	14	of	of	ADP
dem-18610	48	15	the	the	DET
dem-18610	48	16	cds	cd	NOUN
dem-18610	48	17	markets	market	NOUN
dem-18610	48	18	.	.	PUNCT
dem-18610	49	1	the	the	DET
dem-18610	49	2	most	most	ADV
dem-18610	49	3	resilient	resilient	ADJ
dem-18610	49	4	country	country	NOUN
dem-18610	49	5	to	to	ADP
dem-18610	49	6	contagion	contagion	NOUN
dem-18610	49	7	was	be	AUX
dem-18610	49	8	the	the	DET
dem-18610	49	9	united	united	ADJ
dem-18610	49	10	kingdom	kingdom	NOUN
dem-18610	49	11	,	,	PUNCT
dem-18610	49	12	and	and	CCONJ
dem-18610	49	13	the	the	DET
dem-18610	49	14	least	least	ADJ
dem-18610	49	15	resistant	resistant	ADJ
dem-18610	49	16	,	,	PUNCT
dem-18610	49	17	portugal	portugal	PROPN
dem-18610	49	18	.	.	PUNCT
dem-18610	50	1	the	the	DET
dem-18610	50	2	aforementioned	aforementioned	ADJ
dem-18610	50	3	studies	study	NOUN
dem-18610	50	4	were	be	AUX
dem-18610	50	5	conducted	conduct	VERB
dem-18610	50	6	using	use	VERB
dem-18610	50	7	econometric	econometric	ADJ
dem-18610	50	8	methods	method	NOUN
dem-18610	50	9	,	,	PUNCT
dem-18610	50	10	such	such	ADJ
dem-18610	50	11	as	as	ADP
dem-18610	50	12	the	the	DET
dem-18610	50	13	analysis	analysis	NOUN
dem-18610	50	14	of	of	ADP
dem-18610	50	15	stationarity	stationarity	NOUN
dem-18610	50	16	and	and	CCONJ
dem-18610	50	17	cointegration	cointegration	NOUN
dem-18610	50	18	,	,	PUNCT
dem-18610	50	19	vecm	vecm	NOUN
dem-18610	50	20	,	,	PUNCT
dem-18610	50	21	var	var	NOUN
dem-18610	50	22	and	and	CCONJ
dem-18610	50	23	garch	garch	NOUN
dem-18610	50	24	models	model	NOUN
dem-18610	50	25	,	,	PUNCT
dem-18610	50	26	irf	irf	PROPN
dem-18610	50	27	analysis	analysis	NOUN
dem-18610	50	28	,	,	PUNCT
dem-18610	50	29	and	and	CCONJ
dem-18610	50	30	granger	granger	PROPN
dem-18610	50	31	causality	causality	NOUN
dem-18610	50	32	tests	test	NOUN
dem-18610	50	33	.	.	PUNCT
dem-18610	51	1	the	the	DET
dem-18610	51	2	studies	study	NOUN
dem-18610	51	3	,	,	PUNCT
dem-18610	51	4	closest	close	ADJ
dem-18610	51	5	in	in	ADP
dem-18610	51	6	terms	term	NOUN
dem-18610	51	7	of	of	ADP
dem-18610	51	8	the	the	DET
dem-18610	51	9	methodology	methodology	NOUN
dem-18610	51	10	of	of	ADP
dem-18610	51	11	the	the	DET
dem-18610	51	12	presented	present	VERB
dem-18610	51	13	here	here	ADV
dem-18610	51	14	study	study	NOUN
dem-18610	51	15	was	be	AUX
dem-18610	51	16	made	make	VERB
dem-18610	51	17	by	by	ADP
dem-18610	51	18	badaou	badaou	NOUN
dem-18610	51	19	et	et	PROPN
dem-18610	51	20	al	al	PROPN
dem-18610	51	21	.	.	PROPN
dem-18610	52	1	(	(	PUNCT
dem-18610	52	2	2013	2013	NUM
dem-18610	52	3	)	)	PUNCT
dem-18610	52	4	and	and	CCONJ
dem-18610	52	5	fabozzi	fabozzi	NOUN
dem-18610	52	6	et	et	PROPN
dem-18610	52	7	al	al	PROPN
dem-18610	52	8	.	.	PUNCT
dem-18610	53	1	(	(	PUNCT
dem-18610	53	2	2016	2016	NUM
dem-18610	53	3	)	)	PUNCT
dem-18610	53	4	.	.	PUNCT
dem-18610	54	1	these	these	DET
dem-18610	54	2	authors	author	NOUN
dem-18610	54	3	used	use	VERB
dem-18610	54	4	a	a	DET
dem-18610	54	5	factor	factor	NOUN
dem-18610	54	6	analysis	analysis	NOUN
dem-18610	54	7	framework	framework	NOUN
dem-18610	54	8	to	to	PART
dem-18610	54	9	decompose	decompose	VERB
dem-18610	54	10	cds	cd	NOUN
dem-18610	54	11	spreads	spread	NOUN
dem-18610	54	12	.	.	PUNCT
dem-18610	55	1	badaou	badaou	X
dem-18610	55	2	et	et	PROPN
dem-18610	55	3	al	al	PROPN
dem-18610	55	4	.	.	PROPN
dem-18610	56	1	(	(	PUNCT
dem-18610	56	2	2013	2013	NUM
dem-18610	56	3	)	)	PUNCT
dem-18610	56	4	identified	identify	VERB
dem-18610	56	5	the	the	DET
dem-18610	56	6	following	follow	VERB
dem-18610	56	7	components	component	NOUN
dem-18610	56	8	:	:	PUNCT
dem-18610	56	9	the	the	DET
dem-18610	56	10	insolvency	insolvency	NOUN
dem-18610	56	11	of	of	ADP
dem-18610	56	12	the	the	DET
dem-18610	56	13	country	country	NOUN
dem-18610	56	14	(	(	PUNCT
dem-18610	56	15	55.6	55.6	NUM
dem-18610	56	16	%	%	NOUN
dem-18610	56	17	of	of	ADP
dem-18610	56	18	the	the	DET
dem-18610	56	19	variation	variation	NOUN
dem-18610	56	20	)	)	PUNCT
dem-18610	56	21	and	and	CCONJ
dem-18610	56	22	the	the	DET
dem-18610	56	23	liquidity	liquidity	NOUN
dem-18610	56	24	of	of	ADP
dem-18610	56	25	the	the	DET
dem-18610	56	26	market	market	NOUN
dem-18610	56	27	(	(	PUNCT
dem-18610	56	28	44.32	44.32	NUM
dem-18610	56	29	%	%	NOUN
dem-18610	56	30	of	of	ADP
dem-18610	56	31	the	the	DET
dem-18610	56	32	variation	variation	NOUN
dem-18610	56	33	)	)	PUNCT
dem-18610	56	34	.	.	PUNCT
dem-18610	57	1	the	the	DET
dem-18610	57	2	authors	author	NOUN
dem-18610	57	3	concluded	conclude	VERB
dem-18610	57	4	that	that	SCONJ
dem-18610	57	5	increases	increase	NOUN
dem-18610	57	6	in	in	ADP
dem-18610	57	7	cds	cd	NOUN
dem-18610	57	8	spreads	spread	NOUN
dem-18610	57	9	observed	observe	VERB
dem-18610	57	10	in	in	ADP
dem-18610	57	11	times	time	NOUN
dem-18610	57	12	of	of	ADP
dem-18610	57	13	crisis	crisis	NOUN
dem-18610	57	14	are	be	AUX
dem-18610	57	15	mainly	mainly	ADV
dem-18610	57	16	caused	cause	VERB
dem-18610	57	17	by	by	ADP
dem-18610	57	18	the	the	DET
dem-18610	57	19	surge	surge	NOUN
dem-18610	57	20	of	of	ADP
dem-18610	57	21	liquidity	liquidity	NOUN
dem-18610	57	22	,	,	PUNCT
dem-18610	57	23	and	and	CCONJ
dem-18610	57	24	not	not	PART
dem-18610	57	25	by	by	ADP
dem-18610	57	26	an	an	DET
dem-18610	57	27	increase	increase	NOUN
dem-18610	57	28	in	in	ADP
dem-18610	57	29	the	the	DET
dem-18610	57	30	intensity	intensity	NOUN
dem-18610	57	31	of	of	ADP
dem-18610	57	32	the	the	DET
dem-18610	57	33	risk	risk	NOUN
dem-18610	57	34	of	of	ADP
dem-18610	57	35	insolvency	insolvency	NOUN
dem-18610	57	36	.	.	PUNCT
dem-18610	58	1	fabozzi	fabozzi	PROPN
dem-18610	58	2	et	et	PROPN
dem-18610	58	3	al	al	PROPN
dem-18610	58	4	.	.	PUNCT
dem-18610	59	1	(	(	PUNCT
dem-18610	59	2	2016	2016	NUM
dem-18610	59	3	)	)	PUNCT
dem-18610	59	4	decompose	decompose	VERB
dem-18610	59	5	cds	cd	NOUN
dem-18610	59	6	spreads	spread	NOUN
dem-18610	59	7	using	use	VERB
dem-18610	59	8	independent	independent	ADJ
dem-18610	59	9	component	component	NOUN
dem-18610	59	10	analysis	analysis	NOUN
dem-18610	59	11	(	(	PUNCT
dem-18610	59	12	a	a	DET
dem-18610	59	13	technique	technique	NOUN
dem-18610	59	14	similar	similar	ADJ
dem-18610	59	15	to	to	ADP
dem-18610	59	16	principal	principal	ADJ
dem-18610	59	17	component	component	NOUN
dem-18610	59	18	analysis	analysis	NOUN
dem-18610	59	19	)	)	PUNCT
dem-18610	59	20	of	of	ADP
dem-18610	59	21	so	so	ADV
dem-18610	59	22	-	-	PUNCT
dem-18610	59	23	called	call	VERB
dem-18610	59	24	“	"	PUNCT
dem-18610	59	25	old	old	ADJ
dem-18610	59	26	”	"	PUNCT
dem-18610	59	27	eu	eu	PROPN
dem-18610	59	28	members	member	NOUN
dem-18610	59	29	.	.	PUNCT
dem-18610	60	1	rumiana	rumiana	PROPN
dem-18610	60	2	górska	górska	PROPN
dem-18610	60	3	dynamic	dynamic	ADJ
dem-18610	60	4	econometric	econometric	ADJ
dem-18610	60	5	models	model	NOUN
dem-18610	60	6	18	18	NUM
dem-18610	60	7	(	(	PUNCT
dem-18610	60	8	2018	2018	NUM
dem-18610	60	9	)	)	PUNCT
dem-18610	60	10	99–114	99–114	NUM
dem-18610	60	11	102	102	NUM
dem-18610	60	12	in	in	ADP
dem-18610	60	13	poland	poland	PROPN
dem-18610	60	14	,	,	PUNCT
dem-18610	60	15	the	the	DET
dem-18610	60	16	issues	issue	NOUN
dem-18610	60	17	of	of	ADP
dem-18610	60	18	sovereign	sovereign	ADJ
dem-18610	60	19	cds	cd	NOUN
dem-18610	60	20	was	be	AUX
dem-18610	60	21	discussed	discuss	VERB
dem-18610	60	22	by	by	ADP
dem-18610	60	23	kliber	kliber	PROPN
dem-18610	60	24	(	(	PUNCT
dem-18610	60	25	2011	2011	NUM
dem-18610	60	26	)	)	PUNCT
dem-18610	60	27	,	,	PUNCT
dem-18610	60	28	(	(	PUNCT
dem-18610	60	29	2016	2016	NUM
dem-18610	60	30	)	)	PUNCT
dem-18610	60	31	and	and	CCONJ
dem-18610	60	32	bieńkowski	bieńkowski	PROPN
dem-18610	60	33	et	et	PROPN
dem-18610	60	34	al	al	PROPN
dem-18610	60	35	.	.	PROPN
dem-18610	61	1	(	(	PUNCT
dem-18610	61	2	2011	2011	NUM
dem-18610	61	3	)	)	PUNCT
dem-18610	61	4	.	.	PUNCT
dem-18610	62	1	kliber	kliber	PROPN
dem-18610	62	2	(	(	PUNCT
dem-18610	62	3	2011	2011	NUM
dem-18610	62	4	)	)	PUNCT
dem-18610	62	5	explored	explore	VERB
dem-18610	62	6	the	the	DET
dem-18610	62	7	relationship	relationship	NOUN
dem-18610	62	8	between	between	ADP
dem-18610	62	9	cds	cd	NOUN
dem-18610	62	10	spreads	spread	VERB
dem-18610	62	11	for	for	ADP
dem-18610	62	12	three	three	NUM
dem-18610	62	13	countries	country	NOUN
dem-18610	62	14	–	–	PUNCT
dem-18610	62	15	poland	poland	PROPN
dem-18610	62	16	,	,	PUNCT
dem-18610	62	17	czech	czech	PROPN
dem-18610	62	18	republic	republic	NOUN
dem-18610	62	19	,	,	PUNCT
dem-18610	62	20	and	and	CCONJ
dem-18610	62	21	hungary	hungary	PROPN
dem-18610	62	22	.	.	PUNCT
dem-18610	63	1	the	the	DET
dem-18610	63	2	study	study	NOUN
dem-18610	63	3	showed	show	VERB
dem-18610	63	4	that	that	SCONJ
dem-18610	63	5	there	there	PRON
dem-18610	63	6	is	be	VERB
dem-18610	63	7	a	a	DET
dem-18610	63	8	variable	variable	ADJ
dem-18610	63	9	relationship	relationship	NOUN
dem-18610	63	10	between	between	ADP
dem-18610	63	11	these	these	DET
dem-18610	63	12	instruments	instrument	NOUN
dem-18610	63	13	.	.	PUNCT
dem-18610	64	1	during	during	ADP
dem-18610	64	2	the	the	DET
dem-18610	64	3	hungarian	hungarian	ADJ
dem-18610	64	4	crisis	crisis	NOUN
dem-18610	64	5	,	,	PUNCT
dem-18610	64	6	the	the	DET
dem-18610	64	7	relationship	relationship	NOUN
dem-18610	64	8	between	between	ADP
dem-18610	64	9	prices	price	NOUN
dem-18610	64	10	of	of	ADP
dem-18610	64	11	polish	polish	ADJ
dem-18610	64	12	and	and	CCONJ
dem-18610	64	13	hungarian	hungarian	ADJ
dem-18610	64	14	cds	cd	NOUN
dem-18610	64	15	and	and	CCONJ
dem-18610	64	16	that	that	PRON
dem-18610	64	17	of	of	ADP
dem-18610	64	18	the	the	DET
dem-18610	64	19	czech	czech	PROPN
dem-18610	64	20	and	and	CCONJ
dem-18610	64	21	hungarian	hungarian	ADJ
dem-18610	64	22	cds	cd	NOUN
dem-18610	64	23	weakened	weaken	VERB
dem-18610	64	24	,	,	PUNCT
dem-18610	64	25	and	and	CCONJ
dem-18610	64	26	during	during	ADP
dem-18610	64	27	the	the	DET
dem-18610	64	28	greek	greek	NOUN
dem-18610	64	29	crisis	crisis	NOUN
dem-18610	64	30	,	,	PUNCT
dem-18610	64	31	they	they	PRON
dem-18610	64	32	rapidly	rapidly	ADV
dem-18610	64	33	increased	increase	VERB
dem-18610	64	34	.	.	PUNCT
dem-18610	65	1	this	this	PRON
dem-18610	65	2	means	mean	VERB
dem-18610	65	3	that	that	SCONJ
dem-18610	65	4	global	global	ADJ
dem-18610	65	5	phenomena	phenomenon	NOUN
dem-18610	65	6	play	play	VERB
dem-18610	65	7	a	a	DET
dem-18610	65	8	greater	great	ADJ
dem-18610	65	9	role	role	NOUN
dem-18610	65	10	than	than	ADP
dem-18610	65	11	regional	regional	ADJ
dem-18610	65	12	ones	one	NOUN
dem-18610	65	13	.	.	PUNCT
dem-18610	66	1	kliber	kliber	PROPN
dem-18610	66	2	(	(	PUNCT
dem-18610	66	3	2016	2016	NUM
dem-18610	66	4	)	)	PUNCT
dem-18610	66	5	also	also	ADV
dem-18610	66	6	verified	verify	VERB
dem-18610	66	7	the	the	DET
dem-18610	66	8	impact	impact	NOUN
dem-18610	66	9	of	of	ADP
dem-18610	66	10	the	the	DET
dem-18610	66	11	ban	ban	NOUN
dem-18610	66	12	on	on	ADP
dem-18610	66	13	uncovered	uncovered	ADJ
dem-18610	66	14	sovereign	sovereign	ADJ
dem-18610	66	15	cds	cd	NOUN
dem-18610	66	16	trade	trade	NOUN
dem-18610	66	17	in	in	ADP
dem-18610	66	18	europe	europe	PROPN
dem-18610	66	19	on	on	ADP
dem-18610	66	20	the	the	DET
dem-18610	66	21	interdependencies	interdependency	NOUN
dem-18610	66	22	between	between	ADP
dem-18610	66	23	the	the	DET
dem-18610	66	24	sovereign	sovereign	ADJ
dem-18610	66	25	cds	cd	NOUN
dem-18610	66	26	market	market	NOUN
dem-18610	66	27	and	and	CCONJ
dem-18610	66	28	other	other	ADJ
dem-18610	66	29	sectors	sector	NOUN
dem-18610	66	30	of	of	ADP
dem-18610	66	31	financial	financial	ADJ
dem-18610	66	32	markets	market	NOUN
dem-18610	66	33	.	.	PUNCT
dem-18610	67	1	the	the	DET
dem-18610	67	2	analysis	analysis	NOUN
dem-18610	67	3	of	of	ADP
dem-18610	67	4	two	two	NUM
dem-18610	67	5	european	european	ADJ
dem-18610	67	6	markets	market	NOUN
dem-18610	67	7	:	:	PUNCT
dem-18610	67	8	swedish	swedish	ADJ
dem-18610	67	9	and	and	CCONJ
dem-18610	67	10	hungarian	hungarian	ADJ
dem-18610	67	11	shows	show	VERB
dem-18610	67	12	that	that	SCONJ
dem-18610	67	13	relationships	relationship	NOUN
dem-18610	67	14	of	of	ADP
dem-18610	67	15	financial	financial	ADJ
dem-18610	67	16	markets	market	NOUN
dem-18610	67	17	with	with	ADP
dem-18610	67	18	the	the	DET
dem-18610	67	19	sovereign	sovereign	ADJ
dem-18610	67	20	cds	cd	NOUN
dem-18610	67	21	was	be	AUX
dem-18610	67	22	much	much	ADV
dem-18610	67	23	weaker	weak	ADJ
dem-18610	67	24	in	in	ADP
dem-18610	67	25	the	the	DET
dem-18610	67	26	case	case	NOUN
dem-18610	67	27	of	of	ADP
dem-18610	67	28	safe	safe	ADJ
dem-18610	67	29	and	and	CCONJ
dem-18610	67	30	developed	developed	ADJ
dem-18610	67	31	swedish	swedish	ADJ
dem-18610	67	32	market	market	NOUN
dem-18610	67	33	,	,	PUNCT
dem-18610	67	34	so	so	CCONJ
dem-18610	67	35	it	it	PRON
dem-18610	67	36	is	be	AUX
dem-18610	67	37	less	less	ADV
dem-18610	67	38	prone	prone	ADJ
dem-18610	67	39	to	to	ADP
dem-18610	67	40	crisis	crisis	NOUN
dem-18610	67	41	transmission	transmission	NOUN
dem-18610	67	42	than	than	ADP
dem-18610	67	43	hungarian	hungarian	ADJ
dem-18610	67	44	market	market	NOUN
dem-18610	67	45	.	.	PUNCT
dem-18610	68	1	tests	test	NOUN
dem-18610	68	2	made	make	VERB
dem-18610	68	3	by	by	ADP
dem-18610	68	4	bieńkowski	bieńkowski	PROPN
dem-18610	68	5	et	et	PROPN
dem-18610	68	6	al	al	PROPN
dem-18610	68	7	.	.	PROPN
dem-18610	68	8	(	(	PUNCT
dem-18610	68	9	2011	2011	NUM
dem-18610	68	10	)	)	PUNCT
dem-18610	68	11	on	on	ADP
dem-18610	68	12	the	the	DET
dem-18610	68	13	susceptibility	susceptibility	NOUN
dem-18610	68	14	of	of	ADP
dem-18610	68	15	the	the	DET
dem-18610	68	16	polish	polish	ADJ
dem-18610	68	17	currency	currency	NOUN
dem-18610	68	18	market	market	NOUN
dem-18610	68	19	to	to	ADP
dem-18610	68	20	internal	internal	ADJ
dem-18610	68	21	and	and	CCONJ
dem-18610	68	22	external	external	ADJ
dem-18610	68	23	instability	instability	NOUN
dem-18610	68	24	showed	show	VERB
dem-18610	68	25	,	,	PUNCT
dem-18610	68	26	that	that	SCONJ
dem-18610	68	27	the	the	DET
dem-18610	68	28	cds	cd	NOUN
dem-18610	68	29	spread	spread	VERB
dem-18610	68	30	belongs	belong	VERB
dem-18610	68	31	to	to	ADP
dem-18610	68	32	the	the	DET
dem-18610	68	33	factors	factor	NOUN
dem-18610	68	34	that	that	PRON
dem-18610	68	35	cause	cause	VERB
dem-18610	68	36	the	the	DET
dem-18610	68	37	greatest	great	ADJ
dem-18610	68	38	disruption	disruption	NOUN
dem-18610	68	39	in	in	ADP
dem-18610	68	40	the	the	DET
dem-18610	68	41	polish	polish	ADJ
dem-18610	68	42	currency	currency	NOUN
dem-18610	68	43	market	market	NOUN
dem-18610	68	44	(	(	PUNCT
dem-18610	68	45	the	the	DET
dem-18610	68	46	other	other	ADJ
dem-18610	68	47	factors	factor	NOUN
dem-18610	68	48	are	be	AUX
dem-18610	68	49	variables	variable	NOUN
dem-18610	68	50	associated	associate	VERB
dem-18610	68	51	with	with	ADP
dem-18610	68	52	the	the	DET
dem-18610	68	53	trade	trade	NOUN
dem-18610	68	54	balance	balance	NOUN
dem-18610	68	55	and	and	CCONJ
dem-18610	68	56	the	the	DET
dem-18610	68	57	presence	presence	NOUN
dem-18610	68	58	of	of	ADP
dem-18610	68	59	a	a	DET
dem-18610	68	60	crisis	crisis	NOUN
dem-18610	68	61	in	in	ADP
dem-18610	68	62	the	the	DET
dem-18610	68	63	peripheral	peripheral	ADJ
dem-18610	68	64	european	european	ADJ
dem-18610	68	65	countries	country	NOUN
dem-18610	68	66	)	)	PUNCT
dem-18610	68	67	.	.	PUNCT
dem-18610	69	1	this	this	DET
dem-18610	69	2	paper	paper	NOUN
dem-18610	69	3	extends	extend	VERB
dem-18610	69	4	the	the	DET
dem-18610	69	5	literature	literature	NOUN
dem-18610	69	6	by	by	ADP
dem-18610	69	7	presenting	present	VERB
dem-18610	69	8	the	the	DET
dem-18610	69	9	decomposition	decomposition	NOUN
dem-18610	69	10	of	of	ADP
dem-18610	69	11	the	the	DET
dem-18610	69	12	cds	cd	NOUN
dem-18610	69	13	spread	spread	NOUN
dem-18610	69	14	of	of	ADP
dem-18610	69	15	different	different	ADJ
dem-18610	69	16	european	european	ADJ
dem-18610	69	17	countries	country	NOUN
dem-18610	69	18	,	,	PUNCT
dem-18610	69	19	representing	represent	VERB
dem-18610	69	20	both	both	CCONJ
dem-18610	69	21	“	"	PUNCT
dem-18610	69	22	old	old	ADJ
dem-18610	69	23	”	"	PUNCT
dem-18610	69	24	and	and	CCONJ
dem-18610	69	25	“	"	PUNCT
dem-18610	69	26	new	new	ADJ
dem-18610	69	27	”	"	PUNCT
dem-18610	69	28	eu	eu	PROPN
dem-18610	69	29	members	member	NOUN
dem-18610	69	30	,	,	PUNCT
dem-18610	69	31	as	as	ADV
dem-18610	69	32	well	well	ADV
dem-18610	69	33	as	as	ADP
dem-18610	69	34	the	the	DET
dem-18610	69	35	“	"	PUNCT
dem-18610	69	36	peripheral	peripheral	ADJ
dem-18610	69	37	”	"	PUNCT
dem-18610	69	38	and	and	CCONJ
dem-18610	69	39	the	the	DET
dem-18610	69	40	“	"	PUNCT
dem-18610	69	41	central	central	ADJ
dem-18610	69	42	”	"	PUNCT
dem-18610	69	43	countries	country	NOUN
dem-18610	69	44	using	use	VERB
dem-18610	69	45	factor	factor	NOUN
dem-18610	69	46	analysis	analysis	NOUN
dem-18610	69	47	and	and	CCONJ
dem-18610	69	48	the	the	DET
dem-18610	69	49	factorization	factorization	NOUN
dem-18610	69	50	framework	framework	NOUN
dem-18610	69	51	.	.	PUNCT
dem-18610	70	1	2	2	X
dem-18610	70	2	.	.	X
dem-18610	70	3	methodology	methodology	NOUN
dem-18610	70	4	in	in	ADP
dem-18610	70	5	general	general	ADJ
dem-18610	70	6	,	,	PUNCT
dem-18610	70	7	the	the	DET
dem-18610	70	8	factor	factor	NOUN
dem-18610	70	9	analysis	analysis	NOUN
dem-18610	70	10	idea	idea	NOUN
dem-18610	70	11	is	be	AUX
dem-18610	70	12	based	base	VERB
dem-18610	70	13	on	on	ADP
dem-18610	70	14	the	the	DET
dem-18610	70	15	presentation	presentation	NOUN
dem-18610	70	16	of	of	ADP
dem-18610	70	17	a	a	DET
dem-18610	70	18	large	large	ADJ
dem-18610	70	19	number	number	NOUN
dem-18610	70	20	of	of	ADP
dem-18610	70	21	observable	observable	ADJ
dem-18610	70	22	,	,	PUNCT
dem-18610	70	23	correlated	correlate	VERB
dem-18610	70	24	variables	variable	NOUN
dem-18610	70	25	in	in	ADP
dem-18610	70	26	terms	term	NOUN
dem-18610	70	27	of	of	ADP
dem-18610	70	28	a	a	DET
dem-18610	70	29	potentially	potentially	ADV
dem-18610	70	30	lower	low	ADJ
dem-18610	70	31	number	number	NOUN
dem-18610	70	32	of	of	ADP
dem-18610	70	33	unobservable	unobservable	ADJ
dem-18610	70	34	,	,	PUNCT
dem-18610	70	35	"	"	PUNCT
dem-18610	70	36	hidden	hidden	ADJ
dem-18610	70	37	"	"	PUNCT
dem-18610	70	38	variables	variable	NOUN
dem-18610	70	39	,	,	PUNCT
dem-18610	70	40	called	call	VERB
dem-18610	70	41	factors	factor	NOUN
dem-18610	70	42	.	.	PUNCT
dem-18610	71	1	observable	observable	ADJ
dem-18610	71	2	variables	variable	NOUN
dem-18610	71	3	are	be	AUX
dem-18610	71	4	modeled	model	VERB
dem-18610	71	5	as	as	ADP
dem-18610	71	6	a	a	DET
dem-18610	71	7	linear	linear	ADJ
dem-18610	71	8	combination	combination	NOUN
dem-18610	71	9	of	of	ADP
dem-18610	71	10	a	a	DET
dem-18610	71	11	small	small	ADJ
dem-18610	71	12	number	number	NOUN
dem-18610	71	13	orthogonal	orthogonal	ADJ
dem-18610	71	14	factors	factor	NOUN
dem-18610	71	15	that	that	PRON
dem-18610	71	16	are	be	AUX
dem-18610	71	17	sources	source	NOUN
dem-18610	71	18	of	of	ADP
dem-18610	71	19	common	common	ADJ
dem-18610	71	20	variability	variability	NOUN
dem-18610	71	21	of	of	ADP
dem-18610	71	22	the	the	DET
dem-18610	71	23	primary	primary	ADJ
dem-18610	71	24	variables	variable	NOUN
dem-18610	71	25	and	and	CCONJ
dem-18610	71	26	a	a	DET
dem-18610	71	27	unique	unique	ADJ
dem-18610	71	28	variance	variance	NOUN
dem-18610	71	29	of	of	ADP
dem-18610	71	30	each	each	DET
dem-18610	71	31	variable	variable	NOUN
dem-18610	71	32	.	.	PUNCT
dem-18610	72	1	common	common	ADJ
dem-18610	72	2	factors	factor	NOUN
dem-18610	72	3	may	may	AUX
dem-18610	72	4	be	be	AUX
dem-18610	72	5	interpreted	interpret	VERB
dem-18610	72	6	as	as	ADP
dem-18610	72	7	a	a	DET
dem-18610	72	8	source	source	NOUN
dem-18610	72	9	of	of	ADP
dem-18610	72	10	a	a	DET
dem-18610	72	11	systematic	systematic	ADJ
dem-18610	72	12	risk	risk	NOUN
dem-18610	72	13	and	and	CCONJ
dem-18610	72	14	random	random	ADJ
dem-18610	72	15	component	component	NOUN
dem-18610	72	16	reflects	reflect	VERB
dem-18610	72	17	the	the	DET
dem-18610	72	18	unsystematic	unsystematic	ADJ
dem-18610	72	19	(	(	PUNCT
dem-18610	72	20	specific	specific	ADJ
dem-18610	72	21	)	)	PUNCT
dem-18610	72	22	risk	risk	NOUN
dem-18610	72	23	.	.	PUNCT
dem-18610	73	1	factor	factor	NOUN
dem-18610	73	2	analysis	analysis	NOUN
dem-18610	73	3	is	be	AUX
dem-18610	73	4	often	often	ADV
dem-18610	73	5	used	use	VERB
dem-18610	73	6	as	as	ADP
dem-18610	73	7	a	a	DET
dem-18610	73	8	data	data	NOUN
dem-18610	73	9	reduction	reduction	NOUN
dem-18610	73	10	method	method	NOUN
dem-18610	73	11	or	or	CCONJ
dem-18610	73	12	a	a	DET
dem-18610	73	13	data	data	NOUN
dem-18610	73	14	classification	classification	NOUN
dem-18610	73	15	method	method	NOUN
dem-18610	73	16	.	.	PUNCT
dem-18610	74	1	the	the	DET
dem-18610	74	2	first	first	ADJ
dem-18610	74	3	goal	goal	NOUN
dem-18610	74	4	of	of	ADP
dem-18610	74	5	the	the	DET
dem-18610	74	6	presented	present	VERB
dem-18610	74	7	research	research	NOUN
dem-18610	74	8	is	be	AUX
dem-18610	74	9	to	to	PART
dem-18610	74	10	identify	identify	VERB
dem-18610	74	11	common	common	ADJ
dem-18610	74	12	risk	risk	NOUN
dem-18610	74	13	factors	factor	NOUN
dem-18610	74	14	affecting	affect	VERB
dem-18610	74	15	cds	cd	NOUN
dem-18610	74	16	spreads	spread	NOUN
dem-18610	74	17	of	of	ADP
dem-18610	74	18	the	the	DET
dem-18610	74	19	countries	country	NOUN
dem-18610	74	20	surveyed	survey	VERB
dem-18610	74	21	,	,	PUNCT
dem-18610	74	22	as	as	ADV
dem-18610	74	23	well	well	ADV
dem-18610	74	24	as	as	ADP
dem-18610	74	25	factors	factor	NOUN
dem-18610	74	26	specific	specific	ADJ
dem-18610	74	27	to	to	ADP
dem-18610	74	28	each	each	DET
dem-18610	74	29	country	country	NOUN
dem-18610	74	30	.	.	PUNCT
dem-18610	75	1	factor	factor	NOUN
dem-18610	75	2	analysis	analysis	NOUN
dem-18610	75	3	as	as	ADP
dem-18610	75	4	a	a	DET
dem-18610	75	5	method	method	NOUN
dem-18610	75	6	allowing	allow	VERB
dem-18610	75	7	a	a	DET
dem-18610	75	8	reduction	reduction	NOUN
dem-18610	75	9	in	in	ADP
dem-18610	75	10	a	a	DET
dem-18610	75	11	large	large	ADJ
dem-18610	75	12	number	number	NOUN
dem-18610	75	13	of	of	ADP
dem-18610	75	14	interrelated	interrelated	ADJ
dem-18610	75	15	variables	variable	NOUN
dem-18610	75	16	down	down	ADV
dem-18610	75	17	to	to	ADP
dem-18610	75	18	a	a	DET
dem-18610	75	19	few	few	ADJ
dem-18610	75	20	factors	factor	NOUN
dem-18610	75	21	,	,	PUNCT
dem-18610	75	22	without	without	ADP
dem-18610	75	23	a	a	DET
dem-18610	75	24	significant	significant	ADJ
dem-18610	75	25	loss	loss	NOUN
dem-18610	75	26	of	of	ADP
dem-18610	75	27	information	information	NOUN
dem-18610	75	28	contained	contain	VERB
dem-18610	75	29	therein	therein	ADV
dem-18610	75	30	seems	seem	VERB
dem-18610	75	31	to	to	PART
dem-18610	75	32	be	be	AUX
dem-18610	75	33	a	a	DET
dem-18610	75	34	suitable	suitable	ADJ
dem-18610	75	35	for	for	ADP
dem-18610	75	36	the	the	DET
dem-18610	75	37	purpose	purpose	NOUN
dem-18610	75	38	.	.	PUNCT
dem-18610	76	1	each	each	DET
dem-18610	76	2	primary	primary	ADJ
dem-18610	76	3	variable	variable	NOUN
dem-18610	76	4	is	be	AUX
dem-18610	76	5	presented	present	VERB
dem-18610	76	6	as	as	ADP
dem-18610	76	7	a	a	DET
dem-18610	76	8	linear	linear	ADJ
dem-18610	76	9	combination	combination	NOUN
dem-18610	76	10	of	of	ADP
dem-18610	76	11	common	common	ADJ
dem-18610	76	12	and	and	CCONJ
dem-18610	76	13	specific	specific	ADJ
dem-18610	76	14	factors	factor	NOUN
dem-18610	76	15	in	in	ADP
dem-18610	76	16	the	the	DET
dem-18610	76	17	following	following	ADJ
dem-18610	76	18	way	way	NOUN
dem-18610	76	19	:	:	PUNCT
dem-18610	76	20	decomposition	decomposition	NOUN
dem-18610	76	21	of	of	ADP
dem-18610	76	22	sovereign	sovereign	ADJ
dem-18610	76	23	cds	cd	NOUN
dem-18610	76	24	spread	spread	VERB
dem-18610	76	25	using	use	VERB
dem-18610	76	26	the	the	DET
dem-18610	76	27	concept	concept	NOUN
dem-18610	76	28	of	of	ADP
dem-18610	76	29	factorization	factorization	NOUN
dem-18610	76	30	dynamic	dynamic	ADJ
dem-18610	76	31	econometric	econometric	ADJ
dem-18610	76	32	models	model	NOUN
dem-18610	76	33	18	18	NUM
dem-18610	76	34	(	(	PUNCT
dem-18610	76	35	2018	2018	NUM
dem-18610	76	36	)	)	PUNCT
dem-18610	76	37	99–114	99–114	NUM
dem-18610	76	38	103	103	NUM
dem-18610	76	39	𝑍	𝑍	NOUN
dem-18610	76	40	"	"	NOUN
dem-18610	76	41	#	#	NOUN
dem-18610	76	42	=	=	PUNCT
dem-18610	76	43	𝑤##𝐹	𝑤##𝐹	NOUN
dem-18610	76	44	"	"	PUNCT
dem-18610	76	45	#	#	NOUN
dem-18610	76	46	+	+	NUM
dem-18610	76	47	𝑤#(𝐹	𝑤#(𝐹	NUM
dem-18610	76	48	"	"	PUNCT
dem-18610	76	49	(	(	PUNCT
dem-18610	76	50	+	+	CCONJ
dem-18610	76	51	⋯+𝑤#*𝐹	⋯+𝑤#*𝐹	NOUN
dem-18610	76	52	"	"	PUNCT
dem-18610	76	53	*	*	PUNCT
dem-18610	76	54	+	+	PUNCT
dem-18610	76	55	𝑉	𝑉	ADJ
dem-18610	76	56	"	"	PUNCT
dem-18610	76	57	#	#	NOUN
dem-18610	76	58	…	…	PUNCT
dem-18610	76	59	𝑍	𝑍	PROPN
dem-18610	76	60	"	"	PUNCT
dem-18610	76	61	,	,	PUNCT
dem-18610	76	62	=	=	PUNCT
dem-18610	77	1	𝑤,#𝐹	𝑤,#𝐹	NOUN
dem-18610	77	2	"	"	PUNCT
dem-18610	77	3	#	#	NOUN
dem-18610	77	4	+	+	NUM
dem-18610	77	5	𝑤,(𝐹	𝑤,(𝐹	NOUN
dem-18610	77	6	"	"	PUNCT
dem-18610	77	7	(	(	PUNCT
dem-18610	77	8	+	+	CCONJ
dem-18610	77	9	⋯+𝑤,*𝐹	⋯+𝑤,*𝐹	VERB
dem-18610	77	10	"	"	PUNCT
dem-18610	77	11	*	*	ADJ
dem-18610	77	12	+	+	CCONJ
dem-18610	77	13	𝑉	𝑉	PROPN
dem-18610	77	14	"	"	PUNCT
dem-18610	77	15	#	#	NOUN
dem-18610	77	16	(	(	PUNCT
dem-18610	77	17	1	1	NUM
dem-18610	77	18	)	)	PUNCT
dem-18610	77	19	…	…	PUNCT
dem-18610	77	20	𝑍"=	𝑍"=	PUNCT
dem-18610	77	21	𝑤-#𝐹	𝑤-#𝐹	NOUN
dem-18610	77	22	"	"	PUNCT
dem-18610	77	23	#	#	NOUN
dem-18610	77	24	+	+	NOUN
dem-18610	77	25	𝑤-(𝐹	𝑤-(𝐹	PROPN
dem-18610	77	26	"	"	PUNCT
dem-18610	77	27	(	(	PUNCT
dem-18610	77	28	+	+	X
dem-18610	77	29	⋯+𝑤-*𝐹	⋯+𝑤-*𝐹	ADV
dem-18610	77	30	"	"	PUNCT
dem-18610	77	31	*	*	ADJ
dem-18610	77	32	+	+	PUNCT
dem-18610	77	33	𝑉	𝑉	PROPN
dem-18610	77	34	"	"	PUNCT
dem-18610	77	35	where	where	SCONJ
dem-18610	77	36	:	:	PUNCT
dem-18610	77	37	zti	zti	X
dem-18610	77	38	–	–	PUNCT
dem-18610	77	39	standardized	standardize	VERB
dem-18610	77	40	i	i	PROPN
dem-18610	77	41	-	-	PUNCT
dem-18610	77	42	th	th	X
dem-18610	77	43	variable	variable	NOUN
dem-18610	77	44	at	at	ADP
dem-18610	77	45	a	a	DET
dem-18610	77	46	moment	moment	NOUN
dem-18610	77	47	t	t	NOUN
dem-18610	77	48	,	,	PUNCT
dem-18610	77	49	i	i	PROPN
dem-18610	77	50	=	=	NOUN
dem-18610	77	51	1,2,	1,2,	NUM
dem-18610	77	52	…	…	SYM
dem-18610	77	53	,n	,n	NOUN
dem-18610	77	54	,	,	PUNCT
dem-18610	77	55	ftl	ftl	NOUN
dem-18610	77	56	–	–	PUNCT
dem-18610	77	57	l	l	NOUN
dem-18610	77	58	-	-	PUNCT
dem-18610	77	59	th	th	X
dem-18610	77	60	common	common	ADJ
dem-18610	77	61	factor	factor	NOUN
dem-18610	77	62	at	at	ADP
dem-18610	77	63	a	a	DET
dem-18610	77	64	moment	moment	NOUN
dem-18610	77	65	t	t	NOUN
dem-18610	77	66	,	,	PUNCT
dem-18610	77	67	l=1,2,	l=1,2,	NOUN
dem-18610	77	68	…	…	X
dem-18610	77	69	,k	,k	PUNCT
dem-18610	77	70	,	,	PUNCT
dem-18610	77	71	wil	wil	ADJ
dem-18610	77	72	–	–	PUNCT
dem-18610	77	73	factor	factor	NOUN
dem-18610	77	74	loading	loading	NOUN
dem-18610	77	75	l	l	NOUN
dem-18610	77	76	-	-	PUNCT
dem-18610	77	77	th	th	VERB
dem-18610	77	78	common	common	ADJ
dem-18610	77	79	factor	factor	NOUN
dem-18610	77	80	to	to	ADP
dem-18610	77	81	i	i	PROPN
dem-18610	77	82	-	-	PUNCT
dem-18610	77	83	th	th	VERB
dem-18610	77	84	variable	variable	NOUN
dem-18610	77	85	,	,	PUNCT
dem-18610	77	86	vti	vti	NOUN
dem-18610	77	87	–	–	PUNCT
dem-18610	77	88	specific	specific	ADJ
dem-18610	77	89	factor	factor	NOUN
dem-18610	77	90	for	for	ADP
dem-18610	77	91	the	the	DET
dem-18610	77	92	i	i	PROPN
dem-18610	77	93	-	-	PUNCT
dem-18610	77	94	th	th	X
dem-18610	77	95	variable	variable	NOUN
dem-18610	77	96	at	at	ADP
dem-18610	77	97	a	a	DET
dem-18610	77	98	moment	moment	NOUN
dem-18610	77	99	t	t	NOUN
dem-18610	77	100	,	,	PUNCT
dem-18610	77	101	n	n	CCONJ
dem-18610	77	102	–	–	PUNCT
dem-18610	77	103	number	number	NOUN
dem-18610	77	104	of	of	ADP
dem-18610	77	105	primary	primary	ADJ
dem-18610	77	106	variables	variable	NOUN
dem-18610	77	107	,	,	PUNCT
dem-18610	77	108	k	k	PROPN
dem-18610	77	109	–	–	PUNCT
dem-18610	77	110	number	number	NOUN
dem-18610	77	111	of	of	ADP
dem-18610	77	112	common	common	ADJ
dem-18610	77	113	factors	factor	NOUN
dem-18610	77	114	.	.	PUNCT
dem-18610	78	1	variance	variance	NOUN
dem-18610	78	2	of	of	ADP
dem-18610	78	3	the	the	DET
dem-18610	78	4	each	each	DET
dem-18610	78	5	variable	variable	NOUN
dem-18610	78	6	is	be	AUX
dem-18610	78	7	decomposed	decompose	VERB
dem-18610	78	8	according	accord	VERB
dem-18610	78	9	to	to	ADP
dem-18610	78	10	the	the	DET
dem-18610	78	11	following	follow	VERB
dem-18610	78	12	formula	formula	NOUN
dem-18610	78	13	:	:	PUNCT
dem-18610	78	14	𝑣𝑎𝑟(𝑍	𝑣𝑎𝑟(𝑍	NUM
dem-18610	78	15	,	,	PUNCT
dem-18610	78	16	)	)	PUNCT
dem-18610	78	17	=	=	SYM
dem-18610	78	18	𝑤	𝑤	X
dem-18610	78	19	,	,	PUNCT
dem-18610	78	20	#	#	PROPN
dem-18610	78	21	(	(	PUNCT
dem-18610	78	22	+	+	NOUN
dem-18610	78	23	𝑤	𝑤	ADP
dem-18610	78	24	,	,	PUNCT
dem-18610	78	25	(	(	PUNCT
dem-18610	78	26	(	(	PUNCT
dem-18610	78	27	+	+	X
dem-18610	78	28	⋯+𝑤	⋯+𝑤	PROPN
dem-18610	78	29	,	,	PUNCT
dem-18610	78	30	*	*	PUNCT
dem-18610	78	31	(	(	PUNCT
dem-18610	78	32	+	+	NUM
dem-18610	78	33	𝜓	𝜓	NOUN
dem-18610	78	34	,	,	PUNCT
dem-18610	78	35	(	(	PUNCT
dem-18610	78	36	=	=	NOUN
dem-18610	78	37	1	1	NUM
dem-18610	78	38	,	,	PUNCT
dem-18610	78	39	(	(	PUNCT
dem-18610	78	40	2	2	X
dem-18610	78	41	)	)	PUNCT
dem-18610	78	42	where	where	SCONJ
dem-18610	78	43	𝜓	𝜓	NOUN
dem-18610	78	44	,	,	PUNCT
dem-18610	78	45	(	(	PUNCT
dem-18610	78	46	–	–	PUNCT
dem-18610	78	47	variance	variance	NOUN
dem-18610	78	48	corresponding	correspond	VERB
dem-18610	78	49	to	to	ADP
dem-18610	78	50	specific	specific	ADJ
dem-18610	78	51	factor	factor	NOUN
dem-18610	78	52	.	.	PUNCT
dem-18610	79	1	correlation	correlation	NOUN
dem-18610	79	2	between	between	ADP
dem-18610	79	3	p	p	NOUN
dem-18610	79	4	-	-	PUNCT
dem-18610	79	5	th	th	X
dem-18610	79	6	and	and	CCONJ
dem-18610	79	7	q	q	NOUN
dem-18610	79	8	-	-	PUNCT
dem-18610	79	9	th	th	VERB
dem-18610	79	10	variables	variable	NOUN
dem-18610	79	11	can	can	AUX
dem-18610	79	12	be	be	AUX
dem-18610	79	13	obtained	obtain	VERB
dem-18610	79	14	as	as	SCONJ
dem-18610	79	15	follows	follow	VERB
dem-18610	79	16	:	:	PUNCT
dem-18610	79	17	𝑟56	𝑟56	X
dem-18610	79	18	=	=	SYM
dem-18610	79	19	∑	∑	PUNCT
dem-18610	79	20	𝑤5,𝑤6	𝑤5,𝑤6	PROPN
dem-18610	79	21	,	,	PUNCT
dem-18610	79	22	*	*	PUNCT
dem-18610	79	23	,	,	PUNCT
dem-18610	79	24	8	8	NUM
dem-18610	79	25	#	#	NOUN
dem-18610	79	26	,	,	PUNCT
dem-18610	79	27	(	(	PUNCT
dem-18610	79	28	3	3	X
dem-18610	79	29	)	)	PUNCT
dem-18610	79	30	where	where	SCONJ
dem-18610	79	31	rpq	rpq	NOUN
dem-18610	79	32	–	–	PUNCT
dem-18610	79	33	correlation	correlation	NOUN
dem-18610	79	34	coefficient	coefficient	NOUN
dem-18610	79	35	between	between	ADP
dem-18610	79	36	p	p	NOUN
dem-18610	79	37	-	-	PUNCT
dem-18610	79	38	th	th	X
dem-18610	79	39	and	and	CCONJ
dem-18610	79	40	q	q	NOUN
dem-18610	79	41	-	-	PUNCT
dem-18610	79	42	th	th	VERB
dem-18610	79	43	variable	variable	NOUN
dem-18610	79	44	.	.	PUNCT
dem-18610	80	1	in	in	ADP
dem-18610	80	2	matrix	matrix	NOUN
dem-18610	80	3	notation	notation	NOUN
dem-18610	80	4	,	,	PUNCT
dem-18610	80	5	a	a	DET
dem-18610	80	6	set	set	NOUN
dem-18610	80	7	of	of	ADP
dem-18610	80	8	primary	primary	ADJ
dem-18610	80	9	variables	variable	NOUN
dem-18610	80	10	as	as	ADP
dem-18610	80	11	present	present	ADJ
dem-18610	80	12	in	in	ADP
dem-18610	80	13	the	the	DET
dem-18610	80	14	following	following	ADJ
dem-18610	80	15	way	way	NOUN
dem-18610	80	16	:	:	PUNCT
dem-18610	80	17	𝐙	𝐙	NOUN
dem-18610	80	18	=	=	SYM
dem-18610	80	19	𝐅𝐖𝐓	𝐅𝐖𝐓	PROPN
dem-18610	80	20	+	+	PROPN
dem-18610	80	21	𝐕	𝐕	PROPN
dem-18610	80	22	,	,	PUNCT
dem-18610	80	23	(	(	PUNCT
dem-18610	80	24	4	4	NUM
dem-18610	80	25	)	)	PUNCT
dem-18610	81	1	where	where	SCONJ
dem-18610	81	2	:	:	PUNCT
dem-18610	81	3	z	z	X
dem-18610	81	4	–	–	PUNCT
dem-18610	81	5	primary	primary	ADJ
dem-18610	81	6	variables	variable	NOUN
dem-18610	81	7	matrix	matrix	NOUN
dem-18610	81	8	(	(	PUNCT
dem-18610	81	9	t	t	PROPN
dem-18610	81	10	×	×	PROPN
dem-18610	81	11	𝑛	𝑛	PROPN
dem-18610	81	12	)	)	PUNCT
dem-18610	81	13	,	,	PUNCT
dem-18610	81	14	f	f	X
dem-18610	81	15	–	–	PUNCT
dem-18610	81	16	factor	factor	NOUN
dem-18610	81	17	values	value	NOUN
dem-18610	81	18	matrix	matrix	NOUN
dem-18610	81	19	(	(	PUNCT
dem-18610	81	20	t	t	PROPN
dem-18610	81	21	×	×	PROPN
dem-18610	81	22	𝑘	𝑘	PROPN
dem-18610	81	23	)	)	PUNCT
dem-18610	81	24	,	,	PUNCT
dem-18610	81	25	w	w	PROPN
dem-18610	81	26	–	–	PUNCT
dem-18610	81	27	factor	factor	NOUN
dem-18610	81	28	loadings	loading	NOUN
dem-18610	81	29	matrix	matrix	NOUN
dem-18610	81	30	(	(	PUNCT
dem-18610	81	31	n	n	CCONJ
dem-18610	81	32	×	×	NOUN
dem-18610	81	33	𝑘	𝑘	NOUN
dem-18610	81	34	)	)	PUNCT
dem-18610	81	35	,	,	PUNCT
dem-18610	81	36	v	v	X
dem-18610	81	37	–	–	PUNCT
dem-18610	81	38	specific	specific	ADJ
dem-18610	81	39	factors	factor	NOUN
dem-18610	81	40	matrix	matrix	NOUN
dem-18610	81	41	(	(	PUNCT
dem-18610	81	42	t	t	PROPN
dem-18610	81	43	×	×	PROPN
dem-18610	81	44	𝑛	𝑛	PROPN
dem-18610	81	45	)	)	PUNCT
dem-18610	81	46	.	.	PUNCT
dem-18610	82	1	the	the	DET
dem-18610	82	2	decomposition	decomposition	NOUN
dem-18610	82	3	of	of	ADP
dem-18610	82	4	the	the	DET
dem-18610	82	5	covariance	covariance	NOUN
dem-18610	82	6	matrix	matrix	NOUN
dem-18610	82	7	of	of	ADP
dem-18610	82	8	the	the	DET
dem-18610	82	9	primary	primary	ADJ
dem-18610	82	10	variables	variable	NOUN
dem-18610	82	11	is	be	AUX
dem-18610	82	12	conducted	conduct	VERB
dem-18610	82	13	as	as	SCONJ
dem-18610	82	14	follows	follow	VERB
dem-18610	82	15	:	:	PUNCT
dem-18610	83	1	𝐑	𝐑	NOUN
dem-18610	83	2	=	=	SYM
dem-18610	83	3	𝐖𝐖𝐓	𝐖𝐖𝐓	PROPN
dem-18610	83	4	+	+	PROPN
dem-18610	83	5	𝚿	𝚿	PROPN
dem-18610	83	6	,	,	PUNCT
dem-18610	83	7	(	(	PUNCT
dem-18610	83	8	5	5	NUM
dem-18610	83	9	)	)	PUNCT
dem-18610	83	10	where	where	SCONJ
dem-18610	83	11	:	:	PUNCT
dem-18610	83	12	r	r	X
dem-18610	83	13	–	–	PUNCT
dem-18610	83	14	variance	variance	NOUN
dem-18610	83	15	-	-	PUNCT
dem-18610	83	16	covariance	covariance	NOUN
dem-18610	83	17	matrix	matrix	NOUN
dem-18610	83	18	of	of	ADP
dem-18610	83	19	a	a	DET
dem-18610	83	20	primary	primary	ADJ
dem-18610	83	21	set	set	NOUN
dem-18610	83	22	of	of	ADP
dem-18610	83	23	variables	variable	NOUN
dem-18610	83	24	,	,	PUNCT
dem-18610	83	25	𝚿	𝚿	NOUN
dem-18610	83	26	–	–	PUNCT
dem-18610	83	27	covariance	covariance	NOUN
dem-18610	83	28	matrix	matrix	NOUN
dem-18610	83	29	for	for	ADP
dem-18610	83	30	specific	specific	ADJ
dem-18610	83	31	factors	factor	NOUN
dem-18610	83	32	.	.	PUNCT
dem-18610	84	1	one	one	NUM
dem-18610	84	2	of	of	ADP
dem-18610	84	3	the	the	DET
dem-18610	84	4	ways	way	NOUN
dem-18610	84	5	to	to	PART
dem-18610	84	6	define	define	VERB
dem-18610	84	7	the	the	DET
dem-18610	84	8	number	number	NOUN
dem-18610	84	9	of	of	ADP
dem-18610	84	10	common	common	ADJ
dem-18610	84	11	factors	factor	NOUN
dem-18610	84	12	is	be	AUX
dem-18610	84	13	based	base	VERB
dem-18610	84	14	on	on	ADP
dem-18610	84	15	eigenvalues	eigenvalue	NOUN
dem-18610	84	16	of	of	ADP
dem-18610	84	17	variance	variance	NOUN
dem-18610	84	18	-	-	PUNCT
dem-18610	84	19	covariance	covariance	NOUN
dem-18610	84	20	matrix	matrix	NOUN
dem-18610	84	21	after	after	SCONJ
dem-18610	84	22	factors	factor	NOUN
dem-18610	84	23	extracted	extract	VERB
dem-18610	84	24	.	.	PUNCT
dem-18610	85	1	in	in	ADP
dem-18610	85	2	this	this	DET
dem-18610	85	3	study	study	NOUN
dem-18610	85	4	the	the	DET
dem-18610	85	5	minimum	minimum	ADJ
dem-18610	85	6	value	value	NOUN
dem-18610	85	7	of	of	ADP
dem-18610	85	8	eigenvalues	eigenvalue	NOUN
dem-18610	85	9	to	to	PART
dem-18610	85	10	be	be	AUX
dem-18610	85	11	retained	retain	VERB
dem-18610	85	12	is	be	AUX
dem-18610	85	13	1	1	NUM
dem-18610	85	14	.	.	PUNCT
dem-18610	86	1	rumiana	rumiana	PROPN
dem-18610	86	2	górska	górska	PROPN
dem-18610	86	3	dynamic	dynamic	ADJ
dem-18610	86	4	econometric	econometric	ADJ
dem-18610	86	5	models	model	NOUN
dem-18610	86	6	18	18	NUM
dem-18610	86	7	(	(	PUNCT
dem-18610	86	8	2018	2018	NUM
dem-18610	86	9	)	)	PUNCT
dem-18610	86	10	99–114	99–114	NUM
dem-18610	86	11	104	104	NUM
dem-18610	86	12	after	after	SCONJ
dem-18610	86	13	common	common	ADJ
dem-18610	86	14	factors	factor	NOUN
dem-18610	86	15	are	be	AUX
dem-18610	86	16	identified	identify	VERB
dem-18610	86	17	,	,	PUNCT
dem-18610	86	18	factor	factor	NOUN
dem-18610	86	19	loadings	loading	NOUN
dem-18610	86	20	are	be	AUX
dem-18610	86	21	calculated	calculate	VERB
dem-18610	86	22	.	.	PUNCT
dem-18610	87	1	the	the	DET
dem-18610	87	2	next	next	ADJ
dem-18610	87	3	step	step	NOUN
dem-18610	87	4	is	be	AUX
dem-18610	87	5	the	the	DET
dem-18610	87	6	decomposition	decomposition	NOUN
dem-18610	87	7	of	of	ADP
dem-18610	87	8	the	the	DET
dem-18610	87	9	cds	cd	NOUN
dem-18610	87	10	spread	spread	VERB
dem-18610	87	11	and	and	CCONJ
dem-18610	87	12	measurement	measurement	NOUN
dem-18610	87	13	of	of	ADP
dem-18610	87	14	the	the	DET
dem-18610	87	15	impact	impact	NOUN
dem-18610	87	16	of	of	ADP
dem-18610	87	17	the	the	DET
dem-18610	87	18	risk	risk	NOUN
dem-18610	87	19	factors	factor	NOUN
dem-18610	87	20	using	use	VERB
dem-18610	87	21	the	the	DET
dem-18610	87	22	concept	concept	NOUN
dem-18610	87	23	of	of	ADP
dem-18610	87	24	factorization	factorization	NOUN
dem-18610	87	25	.	.	PUNCT
dem-18610	88	1	the	the	DET
dem-18610	88	2	idea	idea	NOUN
dem-18610	88	3	of	of	ADP
dem-18610	88	4	factorization	factorization	NOUN
dem-18610	88	5	was	be	AUX
dem-18610	88	6	introduced	introduce	VERB
dem-18610	88	7	by	by	ADP
dem-18610	88	8	ho	ho	PROPN
dem-18610	88	9	(	(	PUNCT
dem-18610	88	10	1999	1999	NUM
dem-18610	88	11	)	)	PUNCT
dem-18610	88	12	,	,	PUNCT
dem-18610	88	13	who	who	PRON
dem-18610	88	14	used	use	VERB
dem-18610	88	15	it	it	PRON
dem-18610	88	16	for	for	ADP
dem-18610	88	17	the	the	DET
dem-18610	88	18	decomposition	decomposition	NOUN
dem-18610	88	19	of	of	ADP
dem-18610	88	20	the	the	DET
dem-18610	88	21	total	total	ADJ
dem-18610	88	22	rate	rate	NOUN
dem-18610	88	23	of	of	ADP
dem-18610	88	24	return	return	NOUN
dem-18610	88	25	in	in	ADP
dem-18610	88	26	the	the	DET
dem-18610	88	27	model	model	NOUN
dem-18610	88	28	capm	capm	PROPN
dem-18610	88	29	for	for	ADP
dem-18610	88	30	the	the	DET
dem-18610	88	31	bond	bond	NOUN
dem-18610	88	32	market	market	NOUN
dem-18610	88	33	.	.	PUNCT
dem-18610	89	1	cds	cd	NOUN
dem-18610	89	2	spreads	spread	NOUN
dem-18610	89	3	are	be	AUX
dem-18610	89	4	presented	present	VERB
dem-18610	89	5	according	accord	VERB
dem-18610	89	6	to	to	ADP
dem-18610	89	7	the	the	DET
dem-18610	89	8	following	follow	VERB
dem-18610	89	9	formula	formula	NOUN
dem-18610	89	10	:	:	PUNCT
dem-18610	89	11	𝑆	𝑆	PROPN
dem-18610	89	12	"	"	PUNCT
dem-18610	89	13	,	,	PUNCT
dem-18610	89	14	=	=	PUNCT
dem-18610	89	15	𝑤#,𝐹	𝑤#,𝐹	ADJ
dem-18610	89	16	"	"	PUNCT
dem-18610	89	17	#	#	NOUN
dem-18610	89	18	+	+	NUM
dem-18610	89	19	𝑤(,𝐹	𝑤(,𝐹	NOUN
dem-18610	89	20	"	"	PUNCT
dem-18610	89	21	(	(	PUNCT
dem-18610	89	22	+	+	CCONJ
dem-18610	89	23	⋯+𝑤*,𝐹	⋯+𝑤*,𝐹	PROPN
dem-18610	89	24	"	"	PUNCT
dem-18610	89	25	*	*	PUNCT
dem-18610	89	26	+	+	PUNCT
dem-18610	89	27	𝑉	𝑉	PROPN
dem-18610	89	28	"	"	PUNCT
dem-18610	89	29	,	,	PUNCT
dem-18610	89	30	for	for	ADP
dem-18610	89	31	i=1,2,	i=1,2,	NOUN
dem-18610	89	32	…	…	PUNCT
dem-18610	89	33	,n	,n	NOUN
dem-18610	89	34	(	(	PUNCT
dem-18610	89	35	6	6	NUM
dem-18610	89	36	)	)	PUNCT
dem-18610	89	37	where	where	SCONJ
dem-18610	89	38	:	:	PUNCT
dem-18610	89	39	sti	sti	PROPN
dem-18610	89	40	–	–	PUNCT
dem-18610	89	41	cds	cd	NOUN
dem-18610	89	42	spread	spread	NOUN
dem-18610	89	43	of	of	ADP
dem-18610	89	44	a	a	DET
dem-18610	89	45	given	give	VERB
dem-18610	89	46	country	country	NOUN
dem-18610	89	47	at	at	ADP
dem-18610	89	48	a	a	DET
dem-18610	89	49	moment	moment	NOUN
dem-18610	89	50	t	t	NOUN
dem-18610	89	51	,	,	PUNCT
dem-18610	89	52	ftl	ftl	NOUN
dem-18610	89	53	–	–	PUNCT
dem-18610	89	54	l	l	NOUN
dem-18610	89	55	-	-	PUNCT
dem-18610	89	56	th	th	X
dem-18610	89	57	common	common	ADJ
dem-18610	89	58	factor	factor	NOUN
dem-18610	89	59	at	at	ADP
dem-18610	89	60	a	a	DET
dem-18610	89	61	moment	moment	NOUN
dem-18610	89	62	t	t	NOUN
dem-18610	89	63	,	,	PUNCT
dem-18610	89	64	l=1,2,	l=1,2,	NOUN
dem-18610	89	65	…	…	SYM
dem-18610	89	66	,k	,k	PUNCT
dem-18610	89	67	,	,	PUNCT
dem-18610	89	68	vti	vti	NOUN
dem-18610	89	69	–	–	PUNCT
dem-18610	89	70	standardized	standardize	VERB
dem-18610	89	71	specific	specific	ADJ
dem-18610	89	72	factor	factor	NOUN
dem-18610	89	73	at	at	ADP
dem-18610	89	74	a	a	DET
dem-18610	89	75	moment	moment	NOUN
dem-18610	89	76	t	t	NOUN
dem-18610	89	77	,	,	PUNCT
dem-18610	89	78	n	n	CCONJ
dem-18610	89	79	–	–	PUNCT
dem-18610	89	80	number	number	NOUN
dem-18610	89	81	of	of	ADP
dem-18610	89	82	primary	primary	ADJ
dem-18610	89	83	variables	variable	NOUN
dem-18610	89	84	,	,	PUNCT
dem-18610	89	85	k	k	PROPN
dem-18610	89	86	–	–	PUNCT
dem-18610	89	87	number	number	NOUN
dem-18610	89	88	of	of	ADP
dem-18610	89	89	common	common	ADJ
dem-18610	89	90	factors	factor	NOUN
dem-18610	89	91	.	.	PUNCT
dem-18610	90	1	all	all	DET
dem-18610	90	2	variables	variable	NOUN
dem-18610	90	3	are	be	AUX
dem-18610	90	4	standardized	standardize	VERB
dem-18610	90	5	.	.	PUNCT
dem-18610	91	1	proposed	propose	VERB
dem-18610	91	2	two	two	NUM
dem-18610	91	3	-	-	PUNCT
dem-18610	91	4	step	step	NOUN
dem-18610	91	5	methodology	methodology	NOUN
dem-18610	91	6	allows	allow	VERB
dem-18610	91	7	to	to	ADP
dem-18610	91	8	measuring	measure	VERB
dem-18610	91	9	of	of	ADP
dem-18610	91	10	the	the	DET
dem-18610	91	11	response	response	NOUN
dem-18610	91	12	of	of	ADP
dem-18610	91	13	individual	individual	ADJ
dem-18610	91	14	country	country	NOUN
dem-18610	91	15	to	to	ADP
dem-18610	91	16	the	the	DET
dem-18610	91	17	change	change	NOUN
dem-18610	91	18	of	of	ADP
dem-18610	91	19	common	common	ADJ
dem-18610	91	20	risk	risk	NOUN
dem-18610	91	21	factors	factor	NOUN
dem-18610	91	22	and	and	CCONJ
dem-18610	91	23	obtaining	obtain	VERB
dem-18610	91	24	a	a	DET
dem-18610	91	25	historical	historical	ADJ
dem-18610	91	26	decomposition	decomposition	NOUN
dem-18610	91	27	of	of	ADP
dem-18610	91	28	cds	cd	NOUN
dem-18610	91	29	spreads	spread	NOUN
dem-18610	91	30	.	.	PUNCT
dem-18610	92	1	3	3	X
dem-18610	92	2	.	.	X
dem-18610	92	3	characteristic	characteristic	NOUN
dem-18610	92	4	of	of	ADP
dem-18610	92	5	the	the	DET
dem-18610	92	6	data	datum	NOUN
dem-18610	92	7	empirical	empirical	ADJ
dem-18610	92	8	analysis	analysis	NOUN
dem-18610	92	9	is	be	AUX
dem-18610	92	10	performed	perform	VERB
dem-18610	92	11	for	for	ADP
dem-18610	92	12	a	a	DET
dem-18610	92	13	set	set	NOUN
dem-18610	92	14	of	of	ADP
dem-18610	92	15	9	9	NUM
dem-18610	92	16	primary	primary	ADJ
dem-18610	92	17	variables	variable	NOUN
dem-18610	92	18	–	–	PUNCT
dem-18610	92	19	these	these	PRON
dem-18610	92	20	are	be	AUX
dem-18610	92	21	cds	cds	NOUN
dem-18610	92	22	spreads	spread	NOUN
dem-18610	92	23	for	for	ADP
dem-18610	92	24	the	the	DET
dem-18610	92	25	following	follow	VERB
dem-18610	92	26	countries	country	NOUN
dem-18610	92	27	:	:	PUNCT
dem-18610	92	28	germany	germany	PROPN
dem-18610	92	29	,	,	PUNCT
dem-18610	92	30	france	france	PROPN
dem-18610	92	31	,	,	PUNCT
dem-18610	92	32	great	great	PROPN
dem-18610	92	33	britain	britain	PROPN
dem-18610	92	34	,	,	PUNCT
dem-18610	92	35	italy	italy	PROPN
dem-18610	92	36	,	,	PUNCT
dem-18610	92	37	spain	spain	PROPN
dem-18610	92	38	,	,	PUNCT
dem-18610	92	39	portugal	portugal	PROPN
dem-18610	92	40	,	,	PUNCT
dem-18610	92	41	czech	czech	PROPN
dem-18610	92	42	republic	republic	NOUN
dem-18610	92	43	,	,	PUNCT
dem-18610	92	44	hungary	hungary	PROPN
dem-18610	92	45	and	and	CCONJ
dem-18610	92	46	poland	poland	PROPN
dem-18610	92	47	for	for	ADP
dem-18610	92	48	the	the	DET
dem-18610	92	49	period	period	NOUN
dem-18610	92	50	from	from	ADP
dem-18610	92	51	2008	2008	NUM
dem-18610	92	52	to	to	ADP
dem-18610	92	53	2016	2016	NUM
dem-18610	92	54	year	year	NOUN
dem-18610	92	55	.	.	PUNCT
dem-18610	93	1	the	the	DET
dem-18610	93	2	data	datum	NOUN
dem-18610	93	3	have	have	VERB
dem-18610	93	4	daily	daily	ADJ
dem-18610	93	5	frequency	frequency	NOUN
dem-18610	93	6	.	.	PUNCT
dem-18610	94	1	the	the	DET
dem-18610	94	2	factor	factor	NOUN
dem-18610	94	3	analysis	analysis	NOUN
dem-18610	94	4	as	as	ADV
dem-18610	94	5	well	well	ADV
dem-18610	94	6	the	the	DET
dem-18610	94	7	decomposition	decomposition	NOUN
dem-18610	94	8	of	of	ADP
dem-18610	94	9	the	the	DET
dem-18610	94	10	cds	cd	NOUN
dem-18610	94	11	spreads	spread	NOUN
dem-18610	94	12	does	do	AUX
dem-18610	94	13	not	not	PART
dem-18610	94	14	involve	involve	VERB
dem-18610	94	15	any	any	DET
dem-18610	94	16	macroeconomic	macroeconomic	ADJ
dem-18610	94	17	data	datum	NOUN
dem-18610	94	18	.	.	PUNCT
dem-18610	95	1	the	the	DET
dem-18610	95	2	purpose	purpose	NOUN
dem-18610	95	3	is	be	AUX
dem-18610	95	4	to	to	PART
dem-18610	95	5	identify	identify	VERB
dem-18610	95	6	factors	factor	NOUN
dem-18610	95	7	ruling	rule	VERB
dem-18610	95	8	the	the	DET
dem-18610	95	9	evolution	evolution	NOUN
dem-18610	95	10	of	of	ADP
dem-18610	95	11	spreads	spread	NOUN
dem-18610	95	12	only	only	ADV
dem-18610	95	13	based	base	VERB
dem-18610	95	14	on	on	ADP
dem-18610	95	15	the	the	DET
dem-18610	95	16	data	datum	NOUN
dem-18610	95	17	concerning	concern	VERB
dem-18610	95	18	spreads	spread	NOUN
dem-18610	95	19	.	.	PUNCT
dem-18610	96	1	table	table	NOUN
dem-18610	96	2	1	1	NUM
dem-18610	96	3	presents	present	VERB
dem-18610	96	4	descriptive	descriptive	ADJ
dem-18610	96	5	statistics	statistic	NOUN
dem-18610	96	6	of	of	ADP
dem-18610	96	7	the	the	DET
dem-18610	96	8	data	datum	NOUN
dem-18610	96	9	.	.	PUNCT
dem-18610	97	1	table	table	NOUN
dem-18610	97	2	1	1	NUM
dem-18610	97	3	.	.	PUNCT
dem-18610	97	4	descriptive	descriptive	ADJ
dem-18610	97	5	statistics	statistic	NOUN
dem-18610	97	6	of	of	ADP
dem-18610	97	7	the	the	DET
dem-18610	97	8	data	data	NOUN
dem-18610	97	9	country	country	NOUN
dem-18610	97	10	mean	mean	VERB
dem-18610	97	11	median	median	PROPN
dem-18610	97	12	min	min	PROPN
dem-18610	97	13	max	max	PROPN
dem-18610	97	14	standard	standard	PROPN
dem-18610	97	15	deviation	deviation	NOUN
dem-18610	97	16	de	de	ADP
dem-18610	97	17	24,88	24,88	NUM
dem-18610	97	18	20,94	20,94	NUM
dem-18610	97	19	6,64	6,64	NUM
dem-18610	97	20	92,50	92,50	NUM
dem-18610	97	21	16,67	16,67	NUM
dem-18610	97	22	fr	fr	NOUN
dem-18610	98	1	49,43	49,43	PROPN
dem-18610	98	2	38,02	38,02	NUM
dem-18610	98	3	11,25	11,25	NUM
dem-18610	98	4	171,56	171,56	NOUN
dem-18610	98	5	32,46	32,46	NUM
dem-18610	98	6	gb	gb	ADP
dem-18610	98	7	48,48	48,48	NUM
dem-18610	98	8	42,82	42,82	NUM
dem-18610	98	9	11,66	11,66	NOUN
dem-18610	98	10	165,00	165,00	NOUN
dem-18610	99	1	27,70	27,70	CCONJ
dem-18610	100	1	it	it	PRON
dem-18610	100	2	162,05	162,05	NUM
dem-18610	100	3	121,39	121,39	NOUN
dem-18610	100	4	39,50	39,50	NUM
dem-18610	100	5	498,66	498,66	NOUN
dem-18610	100	6	100,22	100,22	NOUN
dem-18610	100	7	es	es	X
dem-18610	100	8	154,34	154,34	NUM
dem-18610	100	9	113,97	113,97	NUM
dem-18610	101	1	37,00	37,00	NUM
dem-18610	101	2	492,07	492,07	NUM
dem-18610	101	3	100,51	100,51	NOUN
dem-18610	101	4	pt	pt	PROPN
dem-18610	101	5	343,22	343,22	NOUN
dem-18610	101	6	219,23	219,23	NOUN
dem-18610	102	1	37,00	37,00	NUM
dem-18610	102	2	1521,50	1521,50	NUM
dem-18610	102	3	315,49	315,49	NUM
dem-18610	102	4	cz	cz	NOUN
dem-18610	102	5	80,22	80,22	NOUN
dem-18610	102	6	69,24	69,24	NOUN
dem-18610	102	7	33,00	33,00	NUM
dem-18610	102	8	350,00	350,00	NUM
dem-18610	102	9	46,87	46,87	NUM
dem-18610	102	10	hu	hu	PROPN
dem-18610	102	11	271,31	271,31	NOUN
dem-18610	102	12	248,00	248,00	NOUN
dem-18610	103	1	76,00	76,00	NUM
dem-18610	103	2	661,24	661,24	NUM
dem-18610	103	3	122,96	122,96	NUM
dem-18610	103	4	pl	pl	X
dem-18610	103	5	119,31	119,31	NUM
dem-18610	104	1	92,78	92,78	NUM
dem-18610	104	2	43,50	43,50	NUM
dem-18610	104	3	421,00	421,00	NUM
dem-18610	104	4	66,50	66,50	NUM
dem-18610	104	5	note	note	NOUN
dem-18610	104	6	:	:	PUNCT
dem-18610	104	7	de	de	X
dem-18610	104	8	–	–	PUNCT
dem-18610	104	9	germany	germany	PROPN
dem-18610	104	10	,	,	PUNCT
dem-18610	104	11	fr	fr	PROPN
dem-18610	104	12	–	–	PUNCT
dem-18610	104	13	france	france	PROPN
dem-18610	104	14	,	,	PUNCT
dem-18610	104	15	gb	gb	PRON
dem-18610	104	16	–	–	PUNCT
dem-18610	104	17	great	great	ADJ
dem-18610	104	18	britain	britain	PROPN
dem-18610	104	19	,	,	PUNCT
dem-18610	104	20	it	it	PRON
dem-18610	104	21	–	–	PUNCT
dem-18610	104	22	italy	italy	PROPN
dem-18610	104	23	,	,	PUNCT
dem-18610	104	24	es	es	PROPN
dem-18610	104	25	–	–	PUNCT
dem-18610	104	26	spain	spain	PROPN
dem-18610	104	27	,	,	PUNCT
dem-18610	104	28	pt	pt	X
dem-18610	104	29	–	–	PUNCT
dem-18610	104	30	portugal	portugal	PROPN
dem-18610	104	31	,	,	PUNCT
dem-18610	104	32	cz	cz	NOUN
dem-18610	104	33	–	–	PUNCT
dem-18610	104	34	czech	czech	PROPN
dem-18610	104	35	republic	republic	NOUN
dem-18610	104	36	,	,	PUNCT
dem-18610	104	37	hu	hu	PROPN
dem-18610	104	38	–	–	PUNCT
dem-18610	104	39	hungary	hungary	PROPN
dem-18610	104	40	,	,	PUNCT
dem-18610	104	41	pl	pl	PROPN
dem-18610	104	42	–	–	PUNCT
dem-18610	104	43	poland	poland	PROPN
dem-18610	104	44	.	.	PUNCT
dem-18610	105	1	decomposition	decomposition	NOUN
dem-18610	105	2	of	of	ADP
dem-18610	105	3	sovereign	sovereign	ADJ
dem-18610	105	4	cds	cd	NOUN
dem-18610	105	5	spread	spread	VERB
dem-18610	105	6	using	use	VERB
dem-18610	105	7	the	the	DET
dem-18610	105	8	concept	concept	NOUN
dem-18610	105	9	of	of	ADP
dem-18610	105	10	factorization	factorization	NOUN
dem-18610	105	11	dynamic	dynamic	ADJ
dem-18610	105	12	econometric	econometric	ADJ
dem-18610	105	13	models	model	NOUN
dem-18610	105	14	18	18	NUM
dem-18610	105	15	(	(	PUNCT
dem-18610	105	16	2018	2018	NUM
dem-18610	105	17	)	)	PUNCT
dem-18610	105	18	99–114	99–114	NUM
dem-18610	105	19	105	105	NUM
dem-18610	105	20	table	table	NOUN
dem-18610	105	21	2	2	NUM
dem-18610	105	22	reports	report	NOUN
dem-18610	105	23	correlation	correlation	NOUN
dem-18610	105	24	coefficients	coefficient	NOUN
dem-18610	105	25	matrix	matrix	NOUN
dem-18610	105	26	.	.	PUNCT
dem-18610	106	1	table	table	NOUN
dem-18610	106	2	2	2	NUM
dem-18610	106	3	.	.	PUNCT
dem-18610	106	4	correlation	correlation	NOUN
dem-18610	106	5	coefficients	coefficient	NOUN
dem-18610	106	6	matrix	matrix	NOUN
dem-18610	106	7	country	country	NOUN
dem-18610	106	8	de	de	ADP
dem-18610	106	9	fr	fr	PROPN
dem-18610	107	1	gb	gb	ADP
dem-18610	107	2	it	it	PRON
dem-18610	107	3	es	es	ADP
dem-18610	107	4	pt	pt	PROPN
dem-18610	107	5	cz	cz	PROPN
dem-18610	107	6	hu	hu	PROPN
dem-18610	107	7	pl	pl	PROPN
dem-18610	107	8	de	de	X
dem-18610	107	9	1,00	1,00	X
dem-18610	107	10	0,80	0,80	NUM
dem-18610	107	11	0,90	0,90	NOUN
dem-18610	107	12	0,56	0,56	NOUN
dem-18610	107	13	0,55	0,55	PRON
dem-18610	107	14	0,51	0,51	PUNCT
dem-18610	108	1	0,92	0,92	NUM
dem-18610	108	2	0,86	0,86	NOUN
dem-18610	109	1	0,83	0,83	NUM
dem-18610	110	1	fr	fr	NOUN
dem-18610	110	2	0,80	0,80	VERB
dem-18610	110	3	1,00	1,00	NUM
dem-18610	110	4	0,55	0,55	PUNCT
dem-18610	110	5	0,86	0,86	NOUN
dem-18610	110	6	0,85	0,85	PUNCT
dem-18610	110	7	0,85	0,85	PUNCT
dem-18610	110	8	0,69	0,69	PUNCT
dem-18610	111	1	0,57	0,57	NOUN
dem-18610	111	2	0,81	0,81	NUM
dem-18610	112	1	gb	gb	NOUN
dem-18610	112	2	0,90	0,90	NOUN
dem-18610	112	3	0,55	0,55	PUNCT
dem-18610	113	1	1,00	1,00	NUM
dem-18610	113	2	0,33	0,33	PROPN
dem-18610	113	3	0,33	0,33	PROPN
dem-18610	113	4	0,22	0,22	X
dem-18610	114	1	0,92	0,92	NUM
dem-18610	114	2	0,90	0,90	PUNCT
dem-18610	115	1	0,75	0,75	NOUN
dem-18610	115	2	it	it	PRON
dem-18610	115	3	0,56	0,56	NOUN
dem-18610	115	4	0,86	0,86	PUNCT
dem-18610	116	1	0,33	0,33	PROPN
dem-18610	116	2	1,00	1,00	PROPN
dem-18610	116	3	0,93	0,93	PUNCT
dem-18610	116	4	0,87	0,87	NUM
dem-18610	116	5	0,51	0,51	PUNCT
dem-18610	116	6	0,41	0,41	PUNCT
dem-18610	117	1	0,76	0,76	NUM
dem-18610	118	1	es	es	ADP
dem-18610	118	2	0,55	0,55	PRON
dem-18610	118	3	0,85	0,85	PUNCT
dem-18610	119	1	0,33	0,33	PROPN
dem-18610	119	2	0,93	0,93	PUNCT
dem-18610	120	1	1,00	1,00	NUM
dem-18610	120	2	0,86	0,86	NUM
dem-18610	120	3	0,47	0,47	NUM
dem-18610	120	4	0,37	0,37	NUM
dem-18610	120	5	0,73	0,73	NUM
dem-18610	120	6	pt	pt	NOUN
dem-18610	120	7	0,51	0,51	PUNCT
dem-18610	120	8	0,85	0,85	ADP
dem-18610	120	9	0,22	0,22	X
dem-18610	121	1	0,87	0,87	ADJ
dem-18610	121	2	0,86	0,86	PUNCT
dem-18610	122	1	1,00	1,00	NUM
dem-18610	122	2	0,42	0,42	X
dem-18610	122	3	0,27	0,27	NUM
dem-18610	122	4	0,63	0,63	NUM
dem-18610	123	1	cz	cz	NOUN
dem-18610	123	2	0,92	0,92	NUM
dem-18610	123	3	0,69	0,69	PUNCT
dem-18610	123	4	0,92	0,92	NUM
dem-18610	123	5	0,51	0,51	PUNCT
dem-18610	124	1	0,47	0,47	NUM
dem-18610	124	2	0,42	0,42	NOUN
dem-18610	125	1	1,00	1,00	NUM
dem-18610	125	2	0,96	0,96	NUM
dem-18610	125	3	0,87	0,87	PROPN
dem-18610	125	4	hu	hu	PROPN
dem-18610	126	1	0,86	0,86	PROPN
dem-18610	127	1	0,57	0,57	NOUN
dem-18610	127	2	0,90	0,90	PUNCT
dem-18610	128	1	0,41	0,41	CCONJ
dem-18610	128	2	0,37	0,37	PUNCT
dem-18610	128	3	0,27	0,27	NUM
dem-18610	129	1	0,96	0,96	NUM
dem-18610	130	1	1,00	1,00	NUM
dem-18610	130	2	0,83	0,83	NUM
dem-18610	130	3	pl	pl	PROPN
dem-18610	130	4	0,83	0,83	PROPN
dem-18610	130	5	0,81	0,81	NUM
dem-18610	131	1	0,75	0,75	NOUN
dem-18610	131	2	0,76	0,76	NUM
dem-18610	131	3	0,73	0,73	NUM
dem-18610	132	1	0,63	0,63	X
dem-18610	132	2	0,87	0,87	ADJ
dem-18610	132	3	0,83	0,83	PUNCT
dem-18610	133	1	1,00	1,00	NUM
dem-18610	133	2	cds	cds	PROPN
dem-18610	133	3	spreads	spread	NOUN
dem-18610	133	4	are	be	AUX
dem-18610	133	5	highly	highly	ADV
dem-18610	133	6	correlated	correlate	VERB
dem-18610	133	7	,	,	PUNCT
dem-18610	133	8	thus	thus	ADV
dem-18610	133	9	factor	factor	NOUN
dem-18610	133	10	analysis	analysis	NOUN
dem-18610	133	11	is	be	AUX
dem-18610	133	12	suitable	suitable	ADJ
dem-18610	133	13	statistical	statistical	ADJ
dem-18610	133	14	procedure	procedure	NOUN
dem-18610	133	15	for	for	SCONJ
dem-18610	133	16	this	this	DET
dem-18610	133	17	data	datum	NOUN
dem-18610	133	18	set	set	VERB
dem-18610	133	19	.	.	PUNCT
dem-18610	134	1	it	it	PRON
dem-18610	134	2	allows	allow	VERB
dem-18610	134	3	a	a	DET
dem-18610	134	4	reduction	reduction	NOUN
dem-18610	134	5	of	of	ADP
dem-18610	134	6	the	the	DET
dem-18610	134	7	data	data	NOUN
dem-18610	134	8	dimension	dimension	NOUN
dem-18610	134	9	and	and	CCONJ
dem-18610	134	10	identification	identification	NOUN
dem-18610	134	11	the	the	DET
dem-18610	134	12	interrelationships	interrelationship	NOUN
dem-18610	134	13	among	among	ADP
dem-18610	134	14	the	the	DET
dem-18610	134	15	primary	primary	ADJ
dem-18610	134	16	variables	variable	NOUN
dem-18610	134	17	and	and	CCONJ
dem-18610	134	18	latent	latent	NOUN
dem-18610	134	19	,	,	PUNCT
dem-18610	134	20	common	common	ADJ
dem-18610	134	21	factors	factor	NOUN
dem-18610	134	22	.	.	PUNCT
dem-18610	135	1	3	3	X
dem-18610	135	2	.	.	X
dem-18610	135	3	results	result	NOUN
dem-18610	135	4	at	at	ADP
dem-18610	135	5	the	the	DET
dem-18610	135	6	first	first	ADJ
dem-18610	135	7	step	step	NOUN
dem-18610	135	8	of	of	ADP
dem-18610	135	9	the	the	DET
dem-18610	135	10	study	study	NOUN
dem-18610	135	11	factor	factor	NOUN
dem-18610	135	12	analysis	analysis	NOUN
dem-18610	135	13	revealed	reveal	VERB
dem-18610	135	14	that	that	SCONJ
dem-18610	135	15	two	two	NUM
dem-18610	135	16	common	common	ADJ
dem-18610	135	17	factors	factor	NOUN
dem-18610	135	18	have	have	AUX
dem-18610	135	19	explained	explain	VERB
dem-18610	135	20	about	about	ADP
dem-18610	135	21	92	92	NUM
dem-18610	135	22	%	%	NOUN
dem-18610	135	23	of	of	ADP
dem-18610	135	24	the	the	DET
dem-18610	135	25	variation	variation	NOUN
dem-18610	135	26	of	of	ADP
dem-18610	135	27	the	the	DET
dem-18610	135	28	cds	cd	NOUN
dem-18610	135	29	spreads	spread	VERB
dem-18610	135	30	.	.	PUNCT
dem-18610	136	1	these	these	DET
dem-18610	136	2	factors	factor	NOUN
dem-18610	136	3	are	be	AUX
dem-18610	136	4	unobservable	unobservable	ADJ
dem-18610	136	5	,	,	PUNCT
dem-18610	136	6	latent	latent	ADJ
dem-18610	136	7	variables	variable	NOUN
dem-18610	136	8	,	,	PUNCT
dem-18610	136	9	but	but	CCONJ
dem-18610	136	10	they	they	PRON
dem-18610	136	11	may	may	AUX
dem-18610	136	12	have	have	VERB
dem-18610	136	13	some	some	DET
dem-18610	136	14	economic	economic	ADJ
dem-18610	136	15	interpretation	interpretation	NOUN
dem-18610	136	16	.	.	PUNCT
dem-18610	137	1	figure	figure	VERB
dem-18610	137	2	1	1	NUM
dem-18610	137	3	presents	present	VERB
dem-18610	137	4	common	common	ADJ
dem-18610	137	5	factors	factor	NOUN
dem-18610	137	6	,	,	PUNCT
dem-18610	137	7	labeled	label	VERB
dem-18610	137	8	as	as	ADP
dem-18610	137	9	f1	f1	NOUN
dem-18610	137	10	and	and	CCONJ
dem-18610	137	11	f2	f2	PROPN
dem-18610	137	12	.	.	PUNCT
dem-18610	138	1	figure	figure	NOUN
dem-18610	138	2	1	1	NUM
dem-18610	138	3	.	.	PUNCT
dem-18610	139	1	common	common	ADJ
dem-18610	139	2	factors	factor	NOUN
dem-18610	139	3	affecting	affect	VERB
dem-18610	139	4	cds	cd	NOUN
dem-18610	139	5	spreads	spread	VERB
dem-18610	139	6	the	the	DET
dem-18610	139	7	first	first	ADJ
dem-18610	139	8	factor	factor	NOUN
dem-18610	139	9	reached	reach	VERB
dem-18610	139	10	the	the	DET
dem-18610	139	11	maximum	maximum	ADJ
dem-18610	139	12	values	value	NOUN
dem-18610	139	13	at	at	ADP
dem-18610	139	14	the	the	DET
dem-18610	139	15	turn	turn	NOUN
dem-18610	139	16	of	of	ADP
dem-18610	139	17	2008–2009	2008–2009	NUM
dem-18610	139	18	years	year	NOUN
dem-18610	139	19	during	during	ADP
dem-18610	139	20	the	the	DET
dem-18610	139	21	global	global	ADJ
dem-18610	139	22	financial	financial	ADJ
dem-18610	139	23	crisis	crisis	NOUN
dem-18610	139	24	.	.	PUNCT
dem-18610	140	1	next	next	ADV
dem-18610	140	2	,	,	PUNCT
dem-18610	140	3	this	this	DET
dem-18610	140	4	factor	factor	NOUN
dem-18610	140	5	increased	increase	VERB
dem-18610	140	6	in	in	ADP
dem-18610	140	7	2011	2011	NUM
dem-18610	140	8	.	.	PUNCT
dem-18610	141	1	a	a	DET
dem-18610	141	2	hypothesis	hypothesis	NOUN
dem-18610	141	3	that	that	SCONJ
dem-18610	141	4	this	this	DET
dem-18610	141	5	factor	factor	NOUN
dem-18610	141	6	reflects	reflect	VERB
dem-18610	141	7	a	a	DET
dem-18610	141	8	global	global	ADJ
dem-18610	141	9	risk	risk	NOUN
dem-18610	141	10	will	will	AUX
dem-18610	141	11	be	be	AUX
dem-18610	141	12	investigated	investigate	VERB
dem-18610	141	13	.	.	PUNCT
dem-18610	142	1	-3	-3	INTJ
dem-18610	143	1	-2	-2	INTJ
dem-18610	144	1	-1	-1	SYM
dem-18610	144	2	0	0	NUM
dem-18610	145	1	1	1	NUM
dem-18610	145	2	2	2	NUM
dem-18610	145	3	3	3	NUM
dem-18610	145	4	4	4	NUM
dem-18610	145	5	2008	2008	NUM
dem-18610	145	6	2009	2009	NUM
dem-18610	145	7	2010	2010	NUM
dem-18610	145	8	2011	2011	NUM
dem-18610	145	9	2012	2012	NUM
dem-18610	145	10	2013	2013	NUM
dem-18610	145	11	2014	2014	NUM
dem-18610	145	12	2015	2015	NUM
dem-18610	145	13	f1	f1	NOUN
dem-18610	145	14	f2	f2	PROPN
dem-18610	145	15	rumiana	rumiana	PROPN
dem-18610	145	16	górska	górska	PROPN
dem-18610	145	17	dynamic	dynamic	ADJ
dem-18610	145	18	econometric	econometric	ADJ
dem-18610	145	19	models	model	NOUN
dem-18610	145	20	18	18	NUM
dem-18610	145	21	(	(	PUNCT
dem-18610	145	22	2018	2018	NUM
dem-18610	145	23	)	)	PUNCT
dem-18610	145	24	99–114	99–114	NUM
dem-18610	145	25	106	106	NUM
dem-18610	145	26	financial	financial	ADJ
dem-18610	145	27	crisis	crisis	NOUN
dem-18610	145	28	from	from	ADP
dem-18610	145	29	2008	2008	NUM
dem-18610	145	30	year	year	NOUN
dem-18610	145	31	influences	influence	VERB
dem-18610	145	32	the	the	DET
dem-18610	145	33	financial	financial	ADJ
dem-18610	145	34	markets	market	NOUN
dem-18610	145	35	worldwide	worldwide	ADV
dem-18610	145	36	and	and	CCONJ
dem-18610	145	37	contributed	contribute	VERB
dem-18610	145	38	to	to	ADP
dem-18610	145	39	the	the	DET
dem-18610	145	40	european	european	ADJ
dem-18610	145	41	sovereign	sovereign	ADJ
dem-18610	145	42	-	-	PUNCT
dem-18610	145	43	debt	debt	NOUN
dem-18610	145	44	crisis	crisis	NOUN
dem-18610	145	45	in	in	ADP
dem-18610	145	46	2010	2010	NUM
dem-18610	145	47	year	year	NOUN
dem-18610	145	48	.	.	PUNCT
dem-18610	146	1	it	it	PRON
dem-18610	146	2	can	can	AUX
dem-18610	146	3	be	be	AUX
dem-18610	146	4	expected	expect	VERB
dem-18610	146	5	that	that	SCONJ
dem-18610	146	6	the	the	DET
dem-18610	146	7	first	first	ADJ
dem-18610	146	8	factor	factor	NOUN
dem-18610	146	9	has	have	AUX
dem-18610	146	10	influenced	influence	VERB
dem-18610	146	11	cds	cd	NOUN
dem-18610	146	12	spreads	spread	NOUN
dem-18610	146	13	of	of	ADP
dem-18610	146	14	all	all	PRON
dem-18610	146	15	of	of	ADP
dem-18610	146	16	the	the	DET
dem-18610	146	17	countries	country	NOUN
dem-18610	146	18	surveyed	survey	VERB
dem-18610	146	19	.	.	PUNCT
dem-18610	147	1	the	the	DET
dem-18610	147	2	second	second	ADJ
dem-18610	147	3	factor	factor	NOUN
dem-18610	147	4	has	have	VERB
dem-18610	147	5	different	different	ADJ
dem-18610	147	6	characteristics	characteristic	NOUN
dem-18610	147	7	.	.	PUNCT
dem-18610	148	1	it	it	PRON
dem-18610	148	2	reached	reach	VERB
dem-18610	148	3	maximum	maximum	ADJ
dem-18610	148	4	values	value	NOUN
dem-18610	148	5	in	in	ADP
dem-18610	148	6	2011–2012	2011–2012	NUM
dem-18610	148	7	years	year	NOUN
dem-18610	148	8	when	when	SCONJ
dem-18610	148	9	the	the	DET
dem-18610	148	10	eurozone	eurozone	NOUN
dem-18610	148	11	sovereign	sovereign	ADJ
dem-18610	148	12	debt	debt	NOUN
dem-18610	148	13	crisis	crisis	NOUN
dem-18610	148	14	exacerbated	exacerbate	VERB
dem-18610	148	15	.	.	PUNCT
dem-18610	149	1	this	this	DET
dem-18610	149	2	crisis	crisis	NOUN
dem-18610	149	3	has	have	AUX
dem-18610	149	4	started	start	VERB
dem-18610	149	5	in	in	ADP
dem-18610	149	6	late	late	ADJ
dem-18610	149	7	2009	2009	NUM
dem-18610	149	8	and	and	CCONJ
dem-18610	149	9	remained	remain	VERB
dem-18610	149	10	a	a	DET
dem-18610	149	11	critical	critical	ADJ
dem-18610	149	12	factor	factor	NOUN
dem-18610	149	13	at	at	ADP
dem-18610	149	14	the	the	DET
dem-18610	149	15	sovereign	sovereign	ADJ
dem-18610	149	16	credit	credit	NOUN
dem-18610	149	17	market	market	NOUN
dem-18610	149	18	.	.	PUNCT
dem-18610	150	1	prior	prior	ADV
dem-18610	150	2	to	to	ADP
dem-18610	150	3	the	the	DET
dem-18610	150	4	crisis	crisis	NOUN
dem-18610	150	5	the	the	DET
dem-18610	150	6	credit	credit	NOUN
dem-18610	150	7	risk	risk	NOUN
dem-18610	150	8	of	of	ADP
dem-18610	150	9	eurozone	eurozone	NOUN
dem-18610	150	10	countries	country	NOUN
dem-18610	150	11	was	be	AUX
dem-18610	150	12	considered	consider	VERB
dem-18610	150	13	to	to	PART
dem-18610	150	14	be	be	AUX
dem-18610	150	15	very	very	ADV
dem-18610	150	16	low	low	ADJ
dem-18610	150	17	;	;	PUNCT
dem-18610	150	18	however	however	ADV
dem-18610	150	19	,	,	PUNCT
dem-18610	150	20	after	after	ADP
dem-18610	150	21	the	the	DET
dem-18610	150	22	onset	onset	NOUN
dem-18610	150	23	of	of	ADP
dem-18610	150	24	the	the	DET
dem-18610	150	25	crisis	crisis	NOUN
dem-18610	150	26	,	,	PUNCT
dem-18610	150	27	the	the	DET
dem-18610	150	28	credit	credit	NOUN
dem-18610	150	29	risk	risk	NOUN
dem-18610	150	30	has	have	AUX
dem-18610	150	31	increased	increase	VERB
dem-18610	150	32	dramatically	dramatically	ADV
dem-18610	150	33	.	.	PUNCT
dem-18610	151	1	it	it	PRON
dem-18610	151	2	can	can	AUX
dem-18610	151	3	be	be	AUX
dem-18610	151	4	expected	expect	VERB
dem-18610	151	5	that	that	SCONJ
dem-18610	151	6	second	second	ADJ
dem-18610	151	7	factor	factor	NOUN
dem-18610	151	8	has	have	AUX
dem-18610	151	9	influenced	influence	VERB
dem-18610	151	10	the	the	DET
dem-18610	151	11	countries	country	NOUN
dem-18610	151	12	with	with	ADP
dem-18610	151	13	the	the	DET
dem-18610	151	14	biggest	big	ADJ
dem-18610	151	15	debt	debt	NOUN
dem-18610	151	16	problems	problem	NOUN
dem-18610	151	17	.	.	PUNCT
dem-18610	152	1	next	next	ADJ
dem-18610	152	2	question	question	NOUN
dem-18610	152	3	is	be	AUX
dem-18610	152	4	how	how	SCONJ
dem-18610	152	5	these	these	DET
dem-18610	152	6	two	two	NUM
dem-18610	152	7	common	common	ADJ
dem-18610	152	8	factors	factor	NOUN
dem-18610	152	9	affect	affect	VERB
dem-18610	152	10	cds	cd	NOUN
dem-18610	152	11	spreads	spread	NOUN
dem-18610	152	12	of	of	ADP
dem-18610	152	13	the	the	DET
dem-18610	152	14	counties	county	NOUN
dem-18610	152	15	.	.	PUNCT
dem-18610	153	1	factor	factor	NOUN
dem-18610	153	2	loadings	loading	NOUN
dem-18610	153	3	obtained	obtain	VERB
dem-18610	153	4	during	during	ADP
dem-18610	153	5	the	the	DET
dem-18610	153	6	factor	factor	NOUN
dem-18610	153	7	analysis	analysis	NOUN
dem-18610	153	8	show	show	VERB
dem-18610	153	9	the	the	DET
dem-18610	153	10	influence	influence	NOUN
dem-18610	153	11	of	of	ADP
dem-18610	153	12	the	the	DET
dem-18610	153	13	factors	factor	NOUN
dem-18610	153	14	on	on	ADP
dem-18610	153	15	the	the	DET
dem-18610	153	16	cds	cd	NOUN
dem-18610	153	17	spreads	spread	VERB
dem-18610	153	18	.	.	PUNCT
dem-18610	154	1	in	in	SCONJ
dem-18610	154	2	order	order	NOUN
dem-18610	154	3	to	to	PART
dem-18610	154	4	obtain	obtain	VERB
dem-18610	154	5	a	a	DET
dem-18610	154	6	clearer	clear	ADJ
dem-18610	154	7	picture	picture	NOUN
dem-18610	154	8	of	of	ADP
dem-18610	154	9	these	these	DET
dem-18610	154	10	influences	influence	NOUN
dem-18610	154	11	orthogonal	orthogonal	ADJ
dem-18610	154	12	varimax	varimax	NOUN
dem-18610	154	13	rotation	rotation	NOUN
dem-18610	154	14	was	be	AUX
dem-18610	154	15	applied	apply	VERB
dem-18610	154	16	.	.	PUNCT
dem-18610	155	1	varimax	varimax	PROPN
dem-18610	155	2	rotation	rotation	NOUN
dem-18610	155	3	is	be	AUX
dem-18610	155	4	orthogonal	orthogonal	ADJ
dem-18610	155	5	rotation	rotation	NOUN
dem-18610	155	6	that	that	PRON
dem-18610	155	7	maximizes	maximize	VERB
dem-18610	155	8	the	the	DET
dem-18610	155	9	sum	sum	NOUN
dem-18610	155	10	of	of	ADP
dem-18610	155	11	the	the	DET
dem-18610	155	12	variances	variance	NOUN
dem-18610	155	13	of	of	ADP
dem-18610	155	14	the	the	DET
dem-18610	155	15	squared	square	VERB
dem-18610	155	16	loadings	loading	NOUN
dem-18610	155	17	.	.	PUNCT
dem-18610	156	1	it	it	PRON
dem-18610	156	2	is	be	AUX
dem-18610	156	3	achieved	achieve	VERB
dem-18610	156	4	if	if	SCONJ
dem-18610	156	5	any	any	DET
dem-18610	156	6	given	give	VERB
dem-18610	156	7	variable	variable	NOUN
dem-18610	156	8	has	have	VERB
dem-18610	156	9	a	a	DET
dem-18610	156	10	high	high	ADJ
dem-18610	156	11	loading	loading	NOUN
dem-18610	156	12	on	on	ADP
dem-18610	156	13	a	a	DET
dem-18610	156	14	single	single	ADJ
dem-18610	156	15	factor	factor	NOUN
dem-18610	156	16	but	but	CCONJ
dem-18610	156	17	low	low	ADJ
dem-18610	156	18	loadings	loading	NOUN
dem-18610	156	19	on	on	ADP
dem-18610	156	20	the	the	DET
dem-18610	156	21	remaining	remain	VERB
dem-18610	156	22	factors	factor	NOUN
dem-18610	156	23	.	.	PUNCT
dem-18610	157	1	factor	factor	NOUN
dem-18610	157	2	loadings	loading	NOUN
dem-18610	157	3	for	for	ADP
dem-18610	157	4	each	each	DET
dem-18610	157	5	primary	primary	ADJ
dem-18610	157	6	variable	variable	NOUN
dem-18610	157	7	after	after	SCONJ
dem-18610	157	8	varimax	varimax	PROPN
dem-18610	157	9	rotation	rotation	NOUN
dem-18610	157	10	are	be	AUX
dem-18610	157	11	shown	show	VERB
dem-18610	157	12	in	in	ADP
dem-18610	157	13	table	table	NOUN
dem-18610	157	14	3	3	NUM
dem-18610	157	15	.	.	PUNCT
dem-18610	157	16	table	table	NOUN
dem-18610	157	17	3	3	NUM
dem-18610	157	18	.	.	PUNCT
dem-18610	157	19	rotated	rotate	VERB
dem-18610	157	20	factor	factor	NOUN
dem-18610	157	21	loadings	loading	NOUN
dem-18610	157	22	,	,	PUNCT
dem-18610	157	23	share	share	NOUN
dem-18610	157	24	of	of	ADP
dem-18610	157	25	explained	explain	VERB
dem-18610	157	26	variation	variation	NOUN
dem-18610	157	27	and	and	CCONJ
dem-18610	157	28	unique	unique	ADJ
dem-18610	157	29	variances	variance	NOUN
dem-18610	157	30	country	country	NOUN
dem-18610	157	31	common	common	ADJ
dem-18610	157	32	factors	factor	NOUN
dem-18610	157	33	uniqueness	uniqueness	VERB
dem-18610	157	34	f1	f1	NOUN
dem-18610	157	35	f2	f2	PROPN
dem-18610	157	36	gb	gb	ADP
dem-18610	157	37	0.9519	0.9519	NUM
dem-18610	157	38	0.1111	0.1111	NUM
dem-18610	157	39	0,0816	0,0816	NUM
dem-18610	157	40	cz	cz	VERB
dem-18610	157	41	0.9504	0.9504	NUM
dem-18610	157	42	0.1691	0.1691	NUM
dem-18610	157	43	0,0681	0,0681	NUM
dem-18610	157	44	pl	pl	PROPN
dem-18610	157	45	0.9361	0.9361	NUM
dem-18610	157	46	0.3025	0.3025	NUM
dem-18610	157	47	0,0322	0,0322	PROPN
dem-18610	157	48	de	de	ADP
dem-18610	157	49	0.8647	0.8647	NUM
dem-18610	157	50	0.4088	0.4088	NUM
dem-18610	157	51	0,0852	0,0852	NOUN
dem-18610	157	52	hu	hu	NOUN
dem-18610	157	53	0.7303	0.7303	NUM
dem-18610	157	54	0.5972	0.5972	NUM
dem-18610	158	1	0,1100	0,1100	NOUN
dem-18610	158	2	fr	fr	NOUN
dem-18610	158	3	0.4754	0.4754	NUM
dem-18610	158	4	0.8308	0.8308	NUM
dem-18610	158	5	0,0838	0,0838	NOUN
dem-18610	158	6	es	es	ADP
dem-18610	158	7	0.2220	0.2220	NUM
dem-18610	158	8	0.9204	0.9204	NUM
dem-18610	158	9	0,1036	0,1036	NOUN
dem-18610	158	10	it	it	PRON
dem-18610	158	11	0.2468	0.2468	NUM
dem-18610	158	12	0.9216	0.9216	NUM
dem-18610	158	13	0,0898	0,0898	PROPN
dem-18610	158	14	pt	pt	NOUN
dem-18610	158	15	0.1367	0.1367	NUM
dem-18610	158	16	0.9211	0.9211	NUM
dem-18610	158	17	0,1329	0,1329	NOUN
dem-18610	158	18	variation	variation	NOUN
dem-18610	158	19	explained	explain	VERB
dem-18610	158	20	4.3214	4.3214	NUM
dem-18610	158	21	3.8914	3.8914	NUM
dem-18610	158	22	share	share	NOUN
dem-18610	158	23	of	of	ADP
dem-18610	158	24	variation	variation	NOUN
dem-18610	158	25	0.4802	0.4802	NUM
dem-18610	158	26	0.4324	0.4324	NUM
dem-18610	158	27	0,0874	0,0874	NUM
dem-18610	158	28	note	note	NOUN
dem-18610	158	29	:	:	PUNCT
dem-18610	158	30	cz	cz	ADJ
dem-18610	158	31	–	–	PUNCT
dem-18610	158	32	czech	czech	ADJ
dem-18610	158	33	republic	republic	NOUN
dem-18610	158	34	,	,	PUNCT
dem-18610	158	35	pl	pl	PROPN
dem-18610	158	36	–	–	PUNCT
dem-18610	158	37	poland	poland	PROPN
dem-18610	158	38	,	,	PUNCT
dem-18610	158	39	gb	gb	PRON
dem-18610	158	40	–	–	PUNCT
dem-18610	158	41	great	great	ADJ
dem-18610	158	42	britain	britain	PROPN
dem-18610	158	43	,	,	PUNCT
dem-18610	158	44	de	de	PROPN
dem-18610	158	45	–	–	PUNCT
dem-18610	158	46	germany	germany	PROPN
dem-18610	158	47	,	,	PUNCT
dem-18610	158	48	hu	hu	PROPN
dem-18610	158	49	–	–	PUNCT
dem-18610	158	50	hungary	hungary	PROPN
dem-18610	158	51	,	,	PUNCT
dem-18610	158	52	fr	fr	PROPN
dem-18610	158	53	–	–	PUNCT
dem-18610	158	54	france	france	PROPN
dem-18610	158	55	,	,	PUNCT
dem-18610	158	56	es	es	PROPN
dem-18610	158	57	–	–	PUNCT
dem-18610	158	58	spain	spain	PROPN
dem-18610	158	59	,	,	PUNCT
dem-18610	158	60	it	it	PRON
dem-18610	158	61	–	–	PUNCT
dem-18610	158	62	italy	italy	PROPN
dem-18610	158	63	,	,	PUNCT
dem-18610	158	64	pt	pt	PROPN
dem-18610	158	65	–	–	PUNCT
dem-18610	158	66	portugal	portugal	PROPN
dem-18610	158	67	.	.	PUNCT
dem-18610	159	1	factor	factor	NOUN
dem-18610	159	2	loadings	loading	NOUN
dem-18610	159	3	higher	high	ADJ
dem-18610	159	4	than	than	ADP
dem-18610	159	5	0,8	0,8	NUM
dem-18610	159	6	is	be	AUX
dem-18610	159	7	hig	hig	NOUN
dem-18610	159	8	.	.	PUNCT
dem-18610	160	1	first	first	ADJ
dem-18610	160	2	common	common	ADJ
dem-18610	160	3	factor	factor	NOUN
dem-18610	160	4	(	(	PUNCT
dem-18610	160	5	f1	f1	NOUN
dem-18610	160	6	)	)	PUNCT
dem-18610	160	7	affects	affect	VERB
dem-18610	160	8	in	in	ADP
dem-18610	160	9	the	the	DET
dem-18610	160	10	highest	high	ADJ
dem-18610	160	11	degree	degree	NOUN
dem-18610	160	12	great	great	ADJ
dem-18610	160	13	britain	britain	PROPN
dem-18610	160	14	,	,	PUNCT
dem-18610	160	15	czech	czech	PROPN
dem-18610	160	16	republic	republic	NOUN
dem-18610	160	17	,	,	PUNCT
dem-18610	160	18	poland	poland	PROPN
dem-18610	160	19	,	,	PUNCT
dem-18610	160	20	and	and	CCONJ
dem-18610	160	21	germany	germany	PROPN
dem-18610	160	22	.	.	PUNCT
dem-18610	161	1	second	second	ADJ
dem-18610	161	2	common	common	ADJ
dem-18610	161	3	factor	factor	NOUN
dem-18610	161	4	(	(	PUNCT
dem-18610	161	5	f2	f2	PROPN
dem-18610	161	6	)	)	PUNCT
dem-18610	161	7	affects	affect	VERB
dem-18610	161	8	mostly	mostly	ADV
dem-18610	161	9	portugal	portugal	PROPN
dem-18610	161	10	,	,	PUNCT
dem-18610	161	11	italy	italy	PROPN
dem-18610	161	12	,	,	PUNCT
dem-18610	161	13	and	and	CCONJ
dem-18610	161	14	spain	spain	PROPN
dem-18610	161	15	.	.	PUNCT
dem-18610	162	1	hungary	hungary	PROPN
dem-18610	162	2	and	and	CCONJ
dem-18610	162	3	france	france	PROPN
dem-18610	162	4	are	be	AUX
dem-18610	162	5	under	under	ADP
dem-18610	162	6	the	the	DET
dem-18610	162	7	influence	influence	NOUN
dem-18610	162	8	of	of	ADP
dem-18610	162	9	both	both	DET
dem-18610	162	10	common	common	ADJ
dem-18610	162	11	factors	factor	NOUN
dem-18610	162	12	.	.	PUNCT
dem-18610	163	1	unique	unique	ADJ
dem-18610	163	2	variance	variance	NOUN
dem-18610	163	3	of	of	ADP
dem-18610	163	4	the	the	DET
dem-18610	163	5	countries	country	NOUN
dem-18610	163	6	’	'	PUNCT
dem-18610	163	7	cds	cd	NOUN
dem-18610	163	8	is	be	AUX
dem-18610	163	9	between	between	ADP
dem-18610	163	10	3,22	3,22	NUM
dem-18610	163	11	%	%	NOUN
dem-18610	163	12	(	(	PUNCT
dem-18610	163	13	poland	poland	PROPN
dem-18610	163	14	)	)	PUNCT
dem-18610	163	15	and	and	CCONJ
dem-18610	163	16	13,29	13,29	NUM
dem-18610	163	17	%	%	NOUN
dem-18610	163	18	(	(	PUNCT
dem-18610	163	19	portugal	portugal	PROPN
dem-18610	163	20	)	)	PUNCT
dem-18610	163	21	.	.	PUNCT
dem-18610	164	1	as	as	SCONJ
dem-18610	164	2	cds	cd	NOUN
dem-18610	164	3	spreads	spread	NOUN
dem-18610	164	4	of	of	ADP
dem-18610	164	5	nine	nine	NUM
dem-18610	164	6	european	european	ADJ
dem-18610	164	7	countries	country	NOUN
dem-18610	164	8	evolved	evolve	VERB
dem-18610	164	9	under	under	ADP
dem-18610	164	10	the	the	DET
dem-18610	164	11	influence	influence	NOUN
dem-18610	164	12	of	of	ADP
dem-18610	164	13	two	two	NUM
dem-18610	164	14	common	common	ADJ
dem-18610	164	15	factors	factor	NOUN
dem-18610	164	16	,	,	PUNCT
dem-18610	164	17	it	it	PRON
dem-18610	164	18	is	be	AUX
dem-18610	164	19	important	important	ADJ
dem-18610	164	20	to	to	PART
dem-18610	164	21	gave	give	VERB
dem-18610	164	22	some	some	DET
dem-18610	164	23	economic	economic	ADJ
dem-18610	164	24	explanation	explanation	NOUN
dem-18610	164	25	of	of	ADP
dem-18610	164	26	decomposition	decomposition	NOUN
dem-18610	164	27	of	of	ADP
dem-18610	164	28	sovereign	sovereign	ADJ
dem-18610	164	29	cds	cd	NOUN
dem-18610	164	30	spread	spread	VERB
dem-18610	164	31	using	use	VERB
dem-18610	164	32	the	the	DET
dem-18610	164	33	concept	concept	NOUN
dem-18610	164	34	of	of	ADP
dem-18610	164	35	factorization	factorization	NOUN
dem-18610	164	36	dynamic	dynamic	ADJ
dem-18610	164	37	econometric	econometric	ADJ
dem-18610	164	38	models	model	NOUN
dem-18610	164	39	18	18	NUM
dem-18610	164	40	(	(	PUNCT
dem-18610	164	41	2018	2018	NUM
dem-18610	164	42	)	)	PUNCT
dem-18610	164	43	99–114	99–114	NUM
dem-18610	164	44	107	107	NUM
dem-18610	164	45	these	these	DET
dem-18610	164	46	factors	factor	NOUN
dem-18610	164	47	.	.	PUNCT
dem-18610	165	1	interpretation	interpretation	NOUN
dem-18610	165	2	of	of	ADP
dem-18610	165	3	the	the	DET
dem-18610	165	4	first	first	ADJ
dem-18610	165	5	common	common	ADJ
dem-18610	165	6	factor	factor	NOUN
dem-18610	165	7	could	could	AUX
dem-18610	165	8	be	be	AUX
dem-18610	165	9	facilitated	facilitate	VERB
dem-18610	165	10	by	by	ADP
dem-18610	165	11	comparing	compare	VERB
dem-18610	165	12	it	it	PRON
dem-18610	165	13	to	to	ADP
dem-18610	165	14	the	the	DET
dem-18610	165	15	volatility	volatility	NOUN
dem-18610	165	16	index	index	NOUN
dem-18610	165	17	(	(	PUNCT
dem-18610	165	18	vix	vix	PROPN
dem-18610	165	19	)	)	PUNCT
dem-18610	165	20	,	,	PUNCT
dem-18610	165	21	known	know	VERB
dem-18610	165	22	as	as	ADP
dem-18610	165	23	“	"	PUNCT
dem-18610	165	24	fear	fear	NOUN
dem-18610	165	25	index	index	NOUN
dem-18610	165	26	”	"	PUNCT
dem-18610	165	27	.	.	PUNCT
dem-18610	166	1	the	the	DET
dem-18610	166	2	vix	vix	PROPN
dem-18610	166	3	index	index	NOUN
dem-18610	166	4	is	be	AUX
dem-18610	166	5	designed	design	VERB
dem-18610	166	6	to	to	PART
dem-18610	166	7	produce	produce	VERB
dem-18610	166	8	a	a	DET
dem-18610	166	9	measure	measure	NOUN
dem-18610	166	10	of	of	ADP
dem-18610	166	11	constant	constant	ADJ
dem-18610	166	12	,	,	PUNCT
dem-18610	166	13	30	30	NUM
dem-18610	166	14	-	-	PUNCT
dem-18610	166	15	day	day	NOUN
dem-18610	166	16	expected	expect	VERB
dem-18610	166	17	volatility	volatility	NOUN
dem-18610	166	18	of	of	ADP
dem-18610	166	19	the	the	DET
dem-18610	166	20	u.s	u.s	PROPN
dem-18610	166	21	.	.	PROPN
dem-18610	166	22	stock	stock	NOUN
dem-18610	166	23	market	market	NOUN
dem-18610	166	24	,	,	PUNCT
dem-18610	166	25	derived	derive	VERB
dem-18610	166	26	from	from	ADP
dem-18610	166	27	real	real	ADJ
dem-18610	166	28	-	-	PUNCT
dem-18610	166	29	time	time	NOUN
dem-18610	166	30	,	,	PUNCT
dem-18610	166	31	mid	mid	ADJ
dem-18610	166	32	-	-	ADJ
dem-18610	166	33	quote	quote	INTJ
dem-18610	166	34	prices	price	NOUN
dem-18610	166	35	of	of	ADP
dem-18610	166	36	s&p500	s&p500	NOUN
dem-18610	166	37	index	index	NOUN
dem-18610	166	38	call	call	NOUN
dem-18610	166	39	and	and	CCONJ
dem-18610	166	40	put	put	VERB
dem-18610	166	41	options	option	NOUN
dem-18610	166	42	.	.	PUNCT
dem-18610	167	1	on	on	ADP
dem-18610	167	2	a	a	DET
dem-18610	167	3	global	global	ADJ
dem-18610	167	4	basis	basis	NOUN
dem-18610	167	5	,	,	PUNCT
dem-18610	167	6	it	it	PRON
dem-18610	167	7	is	be	AUX
dem-18610	167	8	one	one	NUM
dem-18610	167	9	of	of	ADP
dem-18610	167	10	the	the	DET
dem-18610	167	11	most	most	ADV
dem-18610	167	12	recognized	recognize	VERB
dem-18610	167	13	measures	measure	NOUN
dem-18610	167	14	of	of	ADP
dem-18610	167	15	volatility	volatility	NOUN
dem-18610	167	16	,	,	PUNCT
dem-18610	167	17	widely	widely	ADV
dem-18610	167	18	reported	report	VERB
dem-18610	167	19	by	by	ADP
dem-18610	167	20	financial	financial	ADJ
dem-18610	167	21	media	medium	NOUN
dem-18610	167	22	and	and	CCONJ
dem-18610	167	23	closely	closely	ADV
dem-18610	167	24	followed	follow	VERB
dem-18610	167	25	by	by	ADP
dem-18610	167	26	a	a	DET
dem-18610	167	27	variety	variety	NOUN
dem-18610	167	28	of	of	ADP
dem-18610	167	29	market	market	NOUN
dem-18610	167	30	participants	participant	NOUN
dem-18610	167	31	as	as	ADP
dem-18610	167	32	a	a	DET
dem-18610	167	33	daily	daily	ADJ
dem-18610	167	34	market	market	NOUN
dem-18610	167	35	indicator	indicator	NOUN
dem-18610	167	36	.	.	PUNCT
dem-18610	168	1	figure	figure	NOUN
dem-18610	168	2	2	2	NUM
dem-18610	168	3	presents	present	VERB
dem-18610	168	4	first	first	ADJ
dem-18610	168	5	common	common	ADJ
dem-18610	168	6	factor	factor	NOUN
dem-18610	168	7	(	(	PUNCT
dem-18610	168	8	f1	f1	NOUN
dem-18610	168	9	)	)	PUNCT
dem-18610	168	10	and	and	CCONJ
dem-18610	168	11	volatility	volatility	NOUN
dem-18610	168	12	index	index	NOUN
dem-18610	168	13	.	.	PUNCT
dem-18610	169	1	correlation	correlation	NOUN
dem-18610	169	2	coefficient	coefficient	NOUN
dem-18610	169	3	between	between	ADP
dem-18610	169	4	two	two	NUM
dem-18610	169	5	variables	variable	NOUN
dem-18610	169	6	equals	equal	VERB
dem-18610	169	7	0,75	0,75	NOUN
dem-18610	169	8	.	.	PUNCT
dem-18610	169	9	figure	figure	NOUN
dem-18610	169	10	2	2	NUM
dem-18610	169	11	.	.	PUNCT
dem-18610	169	12	first	first	ADJ
dem-18610	169	13	common	common	ADJ
dem-18610	169	14	factor	factor	NOUN
dem-18610	169	15	and	and	CCONJ
dem-18610	169	16	index	index	NOUN
dem-18610	169	17	vix	vix	PROPN
dem-18610	169	18	second	second	ADJ
dem-18610	169	19	common	common	ADJ
dem-18610	169	20	factor	factor	NOUN
dem-18610	169	21	affects	affect	VERB
dem-18610	169	22	at	at	ADP
dem-18610	169	23	the	the	DET
dem-18610	169	24	largest	large	ADJ
dem-18610	169	25	extent	extent	NOUN
dem-18610	169	26	countries	country	NOUN
dem-18610	169	27	with	with	ADP
dem-18610	169	28	a	a	DET
dem-18610	169	29	highest	high	ADJ
dem-18610	169	30	indebtedness	indebtedness	NOUN
dem-18610	169	31	problems	problem	NOUN
dem-18610	169	32	during	during	ADP
dem-18610	169	33	the	the	DET
dem-18610	169	34	eurozone	eurozone	NOUN
dem-18610	169	35	debt	debt	NOUN
dem-18610	169	36	crisis	crisis	NOUN
dem-18610	169	37	.	.	PUNCT
dem-18610	170	1	table	table	NOUN
dem-18610	170	2	4	4	NUM
dem-18610	170	3	reports	report	NOUN
dem-18610	170	4	government	government	NOUN
dem-18610	170	5	debt	debt	NOUN
dem-18610	170	6	to	to	ADP
dem-18610	170	7	gdp	gdp	NOUN
dem-18610	170	8	ratio	ratio	NOUN
dem-18610	170	9	for	for	ADP
dem-18610	170	10	the	the	DET
dem-18610	170	11	surveyed	survey	VERB
dem-18610	170	12	countries	country	NOUN
dem-18610	170	13	.	.	PUNCT
dem-18610	171	1	countries	country	NOUN
dem-18610	171	2	are	be	AUX
dem-18610	171	3	sorted	sort	VERB
dem-18610	171	4	in	in	ADP
dem-18610	171	5	ascending	ascend	VERB
dem-18610	171	6	order	order	NOUN
dem-18610	171	7	(	(	PUNCT
dem-18610	171	8	in	in	ADP
dem-18610	171	9	2012	2012	NUM
dem-18610	171	10	year	year	NOUN
dem-18610	171	11	)	)	PUNCT
dem-18610	171	12	.	.	PUNCT
dem-18610	172	1	table	table	NOUN
dem-18610	172	2	4	4	NUM
dem-18610	172	3	.	.	PUNCT
dem-18610	173	1	government	government	NOUN
dem-18610	173	2	debt	debt	NOUN
dem-18610	173	3	to	to	ADP
dem-18610	173	4	gdp	gdp	NOUN
dem-18610	173	5	ratio	ratio	NOUN
dem-18610	173	6	(	(	PUNCT
dem-18610	173	7	percentage	percentage	NOUN
dem-18610	173	8	)	)	PUNCT
dem-18610	173	9	country	country	NOUN
dem-18610	173	10	2008	2008	NUM
dem-18610	173	11	2009	2009	NUM
dem-18610	173	12	2010	2010	NUM
dem-18610	173	13	2011	2011	NUM
dem-18610	173	14	2012	2012	NUM
dem-18610	173	15	2013	2013	NUM
dem-18610	173	16	2014	2014	NUM
dem-18610	173	17	2015	2015	NUM
dem-18610	173	18	2016	2016	NUM
dem-18610	173	19	cz	cz	NOUN
dem-18610	173	20	28,7	28,7	NOUN
dem-18610	173	21	34,1	34,1	NUM
dem-18610	173	22	38,2	38,2	NUM
dem-18610	173	23	39,8	39,8	NUM
dem-18610	174	1	44,5	44,5	NUM
dem-18610	174	2	45	45	NUM
dem-18610	174	3	42,2	42,2	NUM
dem-18610	174	4	40	40	NUM
dem-18610	175	1	36,8	36,8	NUM
dem-18610	175	2	pl	pl	PROPN
dem-18610	175	3	46,3	46,3	NUM
dem-18610	175	4	49,4	49,4	NUM
dem-18610	176	1	53,1	53,1	PROPN
dem-18610	177	1	54,1	54,1	NUM
dem-18610	178	1	53,7	53,7	NUM
dem-18610	178	2	55,7	55,7	NUM
dem-18610	179	1	50,3	50,3	NUM
dem-18610	179	2	51,1	51,1	NUM
dem-18610	179	3	54,2	54,2	NUM
dem-18610	179	4	gb	gb	ADV
dem-18610	179	5	35,4	35,4	NUM
dem-18610	179	6	50,1	50,1	NOUN
dem-18610	179	7	64,6	64,6	NOUN
dem-18610	180	1	71,4	71,4	ADJ
dem-18610	180	2	75,1	75,1	NUM
dem-18610	181	1	78,6	78,6	NUM
dem-18610	181	2	80,5	80,5	NUM
dem-18610	181	3	82,9	82,9	PROPN
dem-18610	181	4	82,6	82,6	NUM
dem-18610	181	5	hu	hu	PROPN
dem-18610	182	1	71,6	71,6	NOUN
dem-18610	182	2	77,8	77,8	NUM
dem-18610	182	3	80,5	80,5	NUM
dem-18610	182	4	80,7	80,7	NUM
dem-18610	182	5	78,2	78,2	ADJ
dem-18610	182	6	76,6	76,6	NUM
dem-18610	183	1	76,6	76,6	NUM
dem-18610	183	2	77,7	77,7	NOUN
dem-18610	183	3	76	76	NUM
dem-18610	183	4	de	de	PROPN
dem-18610	183	5	65,1	65,1	NUM
dem-18610	183	6	72,6	72,6	NUM
dem-18610	183	7	81	81	NUM
dem-18610	184	1	78,7	78,7	NOUN
dem-18610	184	2	79,9	79,9	NUM
dem-18610	185	1	77,5	77,5	NUM
dem-18610	186	1	74,7	74,7	NOUN
dem-18610	186	2	71	71	NUM
dem-18610	186	3	68,2	68,2	NUM
dem-18610	186	4	es	es	ADP
dem-18610	186	5	39,5	39,5	NUM
dem-18610	187	1	52,8	52,8	NUM
dem-18610	187	2	61	61	NUM
dem-18610	187	3	69,5	69,5	NUM
dem-18610	187	4	85,7	85,7	NUM
dem-18610	187	5	95,5	95,5	NUM
dem-18610	187	6	100,4	100,4	NUM
dem-18610	187	7	99,4	99,4	NUM
dem-18610	187	8	99	99	NUM
dem-18610	187	9	fr	fr	NOUN
dem-18610	187	10	68	68	NUM
dem-18610	187	11	78,9	78,9	NUM
dem-18610	187	12	81,6	81,6	PROPN
dem-18610	187	13	85,2	85,2	NUM
dem-18610	187	14	89,5	89,5	NUM
dem-18610	187	15	92,3	92,3	NOUN
dem-18610	188	1	94,9	94,9	NOUN
dem-18610	188	2	95,6	95,6	NUM
dem-18610	188	3	96,6	96,6	NOUN
dem-18610	189	1	it	it	PRON
dem-18610	189	2	102,4	102,4	NUM
dem-18610	190	1	112,5	112,5	NUM
dem-18610	190	2	115,4	115,4	NUM
dem-18610	190	3	116,5	116,5	NUM
dem-18610	190	4	123,3	123,3	NOUN
dem-18610	191	1	129	129	NUM
dem-18610	191	2	131,8	131,8	NUM
dem-18610	191	3	131,5	131,5	NOUN
dem-18610	191	4	132	132	NUM
dem-18610	191	5	pt	pt	NOUN
dem-18610	191	6	71,7	71,7	NUM
dem-18610	191	7	83,6	83,6	PROPN
dem-18610	191	8	96,2	96,2	NUM
dem-18610	191	9	111,4	111,4	NOUN
dem-18610	191	10	126,2	126,2	NUM
dem-18610	191	11	129	129	NUM
dem-18610	191	12	136	136	NUM
dem-18610	191	13	128,8	128,8	NOUN
dem-18610	191	14	129,9	129,9	NUM
dem-18610	191	15	-2	-2	NOUN
dem-18610	191	16	0	0	NUM
dem-18610	191	17	2	2	NUM
dem-18610	191	18	4	4	NUM
dem-18610	191	19	6	6	NUM
dem-18610	191	20	8	8	NUM
dem-18610	191	21	2008	2008	NUM
dem-18610	191	22	2009	2009	NUM
dem-18610	191	23	2010	2010	NUM
dem-18610	191	24	2011	2011	NUM
dem-18610	191	25	2012	2012	NUM
dem-18610	191	26	2013	2013	NUM
dem-18610	191	27	2014	2014	NUM
dem-18610	191	28	2015	2015	NUM
dem-18610	191	29	f1	f1	PROPN
dem-18610	191	30	vix	vix	PROPN
dem-18610	191	31	rumiana	rumiana	PROPN
dem-18610	191	32	górska	górska	PROPN
dem-18610	191	33	dynamic	dynamic	ADJ
dem-18610	191	34	econometric	econometric	ADJ
dem-18610	191	35	models	model	NOUN
dem-18610	191	36	18	18	NUM
dem-18610	191	37	(	(	PUNCT
dem-18610	191	38	2018	2018	NUM
dem-18610	191	39	)	)	PUNCT
dem-18610	191	40	99–114	99–114	NUM
dem-18610	191	41	108	108	NUM
dem-18610	191	42	countries	country	NOUN
dem-18610	191	43	with	with	ADP
dem-18610	191	44	the	the	DET
dem-18610	191	45	highest	high	ADJ
dem-18610	191	46	government	government	NOUN
dem-18610	191	47	debt	debt	NOUN
dem-18610	191	48	to	to	ADP
dem-18610	191	49	gdp	gdp	NOUN
dem-18610	191	50	ratio	ratio	NOUN
dem-18610	191	51	after	after	ADP
dem-18610	191	52	2012	2012	NUM
dem-18610	191	53	year	year	NOUN
dem-18610	191	54	are	be	AUX
dem-18610	191	55	portugal	portugal	PROPN
dem-18610	191	56	and	and	CCONJ
dem-18610	191	57	italy	italy	PROPN
dem-18610	191	58	.	.	PUNCT
dem-18610	192	1	countries	country	NOUN
dem-18610	192	2	with	with	ADP
dem-18610	192	3	the	the	DET
dem-18610	192	4	lowest	low	ADJ
dem-18610	192	5	ratio	ratio	NOUN
dem-18610	192	6	are	be	AUX
dem-18610	192	7	czech	czech	PROPN
dem-18610	192	8	republic	republic	NOUN
dem-18610	192	9	and	and	CCONJ
dem-18610	192	10	poland	poland	PROPN
dem-18610	192	11	.	.	PUNCT
dem-18610	193	1	in	in	ADP
dem-18610	193	2	summary	summary	NOUN
dem-18610	193	3	,	,	PUNCT
dem-18610	193	4	based	base	VERB
dem-18610	193	5	on	on	ADP
dem-18610	193	6	the	the	DET
dem-18610	193	7	factor	factor	NOUN
dem-18610	193	8	loadings	loading	NOUN
dem-18610	193	9	and	and	CCONJ
dem-18610	193	10	additional	additional	ADJ
dem-18610	193	11	analysis	analysis	NOUN
dem-18610	193	12	,	,	PUNCT
dem-18610	193	13	we	we	PRON
dem-18610	193	14	can	can	AUX
dem-18610	193	15	interpret	interpret	VERB
dem-18610	193	16	two	two	NUM
dem-18610	193	17	common	common	ADJ
dem-18610	193	18	factors	factor	NOUN
dem-18610	193	19	as	as	ADP
dem-18610	193	20	the	the	DET
dem-18610	193	21	global	global	ADJ
dem-18610	193	22	risk	risk	NOUN
dem-18610	193	23	factor	factor	NOUN
dem-18610	193	24	,	,	PUNCT
dem-18610	193	25	and	and	CCONJ
dem-18610	193	26	the	the	DET
dem-18610	193	27	eurozone	eurozone	NOUN
dem-18610	193	28	insolvency	insolvency	NOUN
dem-18610	193	29	risk	risk	NOUN
dem-18610	193	30	factor	factor	NOUN
dem-18610	193	31	.	.	PUNCT
dem-18610	194	1	these	these	DET
dem-18610	194	2	findings	finding	NOUN
dem-18610	194	3	are	be	AUX
dem-18610	194	4	in	in	ADP
dem-18610	194	5	line	line	NOUN
dem-18610	194	6	with	with	ADP
dem-18610	194	7	results	result	NOUN
dem-18610	194	8	presented	present	VERB
dem-18610	194	9	by	by	ADP
dem-18610	194	10	ang	ang	PROPN
dem-18610	194	11	and	and	CCONJ
dem-18610	194	12	longstaff	longstaff	PROPN
dem-18610	194	13	(	(	PUNCT
dem-18610	194	14	2013	2013	NUM
dem-18610	194	15	)	)	PUNCT
dem-18610	194	16	.	.	PUNCT
dem-18610	195	1	they	they	PRON
dem-18610	195	2	used	use	VERB
dem-18610	195	3	the	the	DET
dem-18610	195	4	cds	cd	NOUN
dem-18610	195	5	for	for	ADP
dem-18610	195	6	us	us	PROPN
dem-18610	195	7	treasuries	treasury	NOUN
dem-18610	195	8	,	,	PUNCT
dem-18610	195	9	us	us	PROPN
dem-18610	195	10	states	state	NOUN
dem-18610	195	11	,	,	PUNCT
dem-18610	195	12	and	and	CCONJ
dem-18610	195	13	major	major	ADJ
dem-18610	195	14	eurozone	eurozone	NOUN
dem-18610	195	15	countries	country	NOUN
dem-18610	195	16	.	.	PUNCT
dem-18610	196	1	they	they	PRON
dem-18610	196	2	found	find	VERB
dem-18610	196	3	that	that	SCONJ
dem-18610	196	4	the	the	DET
dem-18610	196	5	systemic	systemic	ADJ
dem-18610	196	6	risk	risk	NOUN
dem-18610	196	7	component	component	NOUN
dem-18610	196	8	is	be	AUX
dem-18610	196	9	related	relate	VERB
dem-18610	196	10	to	to	ADP
dem-18610	196	11	global	global	ADJ
dem-18610	196	12	financial	financial	ADJ
dem-18610	196	13	factors	factor	NOUN
dem-18610	196	14	such	such	ADJ
dem-18610	196	15	as	as	ADP
dem-18610	196	16	the	the	DET
dem-18610	196	17	vix	vix	PROPN
dem-18610	196	18	index	index	NOUN
dem-18610	196	19	.	.	PUNCT
dem-18610	197	1	in	in	ADP
dem-18610	197	2	the	the	DET
dem-18610	197	3	pricing	pricing	NOUN
dem-18610	197	4	model	model	NOUN
dem-18610	197	5	,	,	PUNCT
dem-18610	197	6	they	they	PRON
dem-18610	197	7	proposed	propose	VERB
dem-18610	197	8	the	the	DET
dem-18610	197	9	use	use	NOUN
dem-18610	197	10	of	of	ADP
dem-18610	197	11	two	two	NUM
dem-18610	197	12	types	type	NOUN
dem-18610	197	13	of	of	ADP
dem-18610	197	14	credit	credit	NOUN
dem-18610	197	15	events	event	NOUN
dem-18610	197	16	,	,	PUNCT
dem-18610	197	17	systemic	systemic	ADJ
dem-18610	197	18	and	and	CCONJ
dem-18610	197	19	sovereignspecific	sovereignspecific	NOUN
dem-18610	197	20	.	.	PUNCT
dem-18610	198	1	presented	present	VERB
dem-18610	198	2	in	in	ADP
dem-18610	198	3	this	this	DET
dem-18610	198	4	paper	paper	NOUN
dem-18610	198	5	results	result	NOUN
dem-18610	198	6	show	show	VERB
dem-18610	198	7	that	that	SCONJ
dem-18610	198	8	the	the	DET
dem-18610	198	9	source	source	NOUN
dem-18610	198	10	of	of	ADP
dem-18610	198	11	volatility	volatility	NOUN
dem-18610	198	12	for	for	ADP
dem-18610	198	13	cds	cd	NOUN
dem-18610	198	14	spreads	spread	NOUN
dem-18610	198	15	shifted	shift	VERB
dem-18610	198	16	from	from	ADP
dem-18610	198	17	the	the	DET
dem-18610	198	18	global	global	ADJ
dem-18610	198	19	risk	risk	NOUN
dem-18610	198	20	factor	factor	NOUN
dem-18610	198	21	in	in	ADP
dem-18610	198	22	2008	2008	NUM
dem-18610	198	23	to	to	ADP
dem-18610	198	24	the	the	DET
dem-18610	198	25	eurozone	eurozone	NOUN
dem-18610	198	26	insolvency	insolvency	NOUN
dem-18610	198	27	risk	risk	NOUN
dem-18610	198	28	factor	factor	NOUN
dem-18610	198	29	in	in	ADP
dem-18610	198	30	2011	2011	NUM
dem-18610	198	31	.	.	PUNCT
dem-18610	199	1	the	the	DET
dem-18610	199	2	final	final	ADJ
dem-18610	199	3	step	step	NOUN
dem-18610	199	4	of	of	ADP
dem-18610	199	5	presented	present	VERB
dem-18610	199	6	research	research	NOUN
dem-18610	199	7	is	be	AUX
dem-18610	199	8	a	a	DET
dem-18610	199	9	historical	historical	ADJ
dem-18610	199	10	decomposition	decomposition	NOUN
dem-18610	199	11	of	of	ADP
dem-18610	199	12	cds	cd	NOUN
dem-18610	199	13	spreads	spread	NOUN
dem-18610	199	14	,	,	PUNCT
dem-18610	199	15	using	use	VERB
dem-18610	199	16	the	the	DET
dem-18610	199	17	factorization	factorization	NOUN
dem-18610	199	18	framework	framework	NOUN
dem-18610	199	19	.	.	PUNCT
dem-18610	200	1	it	it	PRON
dem-18610	200	2	allows	allow	VERB
dem-18610	200	3	to	to	PART
dem-18610	200	4	investigate	investigate	VERB
dem-18610	200	5	which	which	DET
dem-18610	200	6	factor	factor	NOUN
dem-18610	200	7	and	and	CCONJ
dem-18610	200	8	to	to	ADP
dem-18610	200	9	what	what	DET
dem-18610	200	10	extent	extent	NOUN
dem-18610	200	11	affects	affect	VERB
dem-18610	200	12	the	the	DET
dem-18610	200	13	cds	cd	NOUN
dem-18610	200	14	spread	spread	NOUN
dem-18610	200	15	of	of	ADP
dem-18610	200	16	the	the	DET
dem-18610	200	17	given	give	VERB
dem-18610	200	18	country	country	NOUN
dem-18610	200	19	.	.	PUNCT
dem-18610	201	1	consequently	consequently	ADV
dem-18610	201	2	,	,	PUNCT
dem-18610	201	3	it	it	PRON
dem-18610	201	4	enables	enable	VERB
dem-18610	201	5	identification	identification	NOUN
dem-18610	201	6	of	of	ADP
dem-18610	201	7	investors	investor	NOUN
dem-18610	201	8	’	’	PART
dem-18610	201	9	perception	perception	NOUN
dem-18610	201	10	of	of	ADP
dem-18610	201	11	the	the	DET
dem-18610	201	12	risk	risk	NOUN
dem-18610	201	13	connected	connect	VERB
dem-18610	201	14	with	with	ADP
dem-18610	201	15	investment	investment	NOUN
dem-18610	201	16	in	in	ADP
dem-18610	201	17	sovereign	sovereign	ADJ
dem-18610	201	18	debt	debt	NOUN
dem-18610	201	19	securities	security	NOUN
dem-18610	201	20	of	of	ADP
dem-18610	201	21	this	this	DET
dem-18610	201	22	country	country	NOUN
dem-18610	201	23	.	.	PUNCT
dem-18610	202	1	historical	historical	ADJ
dem-18610	202	2	decomposition	decomposition	NOUN
dem-18610	202	3	is	be	AUX
dem-18610	202	4	obtained	obtain	VERB
dem-18610	202	5	using	use	VERB
dem-18610	202	6	the	the	DET
dem-18610	202	7	equation	equation	NOUN
dem-18610	202	8	(	(	PUNCT
dem-18610	202	9	6	6	NUM
dem-18610	202	10	)	)	PUNCT
dem-18610	202	11	,	,	PUNCT
dem-18610	202	12	for	for	ADP
dem-18610	202	13	k=2	k=2	PROPN
dem-18610	202	14	common	common	ADJ
dem-18610	202	15	factors	factor	NOUN
dem-18610	202	16	.	.	PUNCT
dem-18610	203	1	standardized	standardized	ADJ
dem-18610	203	2	cds	cd	NOUN
dem-18610	203	3	spread	spread	NOUN
dem-18610	203	4	of	of	ADP
dem-18610	203	5	each	each	DET
dem-18610	203	6	country	country	NOUN
dem-18610	203	7	is	be	AUX
dem-18610	203	8	presented	present	VERB
dem-18610	203	9	as	as	ADP
dem-18610	203	10	a	a	DET
dem-18610	203	11	sum	sum	NOUN
dem-18610	203	12	of	of	ADP
dem-18610	203	13	three	three	NUM
dem-18610	203	14	components	component	NOUN
dem-18610	203	15	,	,	PUNCT
dem-18610	203	16	which	which	PRON
dem-18610	203	17	indicate	indicate	VERB
dem-18610	203	18	influence	influence	NOUN
dem-18610	203	19	of	of	ADP
dem-18610	203	20	two	two	NUM
dem-18610	203	21	common	common	ADJ
dem-18610	203	22	factors	factor	NOUN
dem-18610	203	23	and	and	CCONJ
dem-18610	203	24	one	one	NUM
dem-18610	203	25	specific	specific	ADJ
dem-18610	203	26	to	to	ADP
dem-18610	203	27	each	each	DET
dem-18610	203	28	country	country	NOUN
dem-18610	203	29	factor	factor	NOUN
dem-18610	203	30	.	.	PUNCT
dem-18610	204	1	figure	figure	NOUN
dem-18610	204	2	3	3	NUM
dem-18610	204	3	.	.	PUNCT
dem-18610	205	1	decomposition	decomposition	NOUN
dem-18610	205	2	of	of	ADP
dem-18610	205	3	cds	cd	NOUN
dem-18610	205	4	spread	spread	NOUN
dem-18610	205	5	of	of	ADP
dem-18610	205	6	great	great	ADJ
dem-18610	205	7	britain	britain	PROPN
dem-18610	205	8	-2	-2	INTJ
dem-18610	206	1	-1	-1	SYM
dem-18610	206	2	0	0	NUM
dem-18610	207	1	1	1	NUM
dem-18610	207	2	2	2	NUM
dem-18610	207	3	3	3	NUM
dem-18610	207	4	4	4	NUM
dem-18610	207	5	5	5	NUM
dem-18610	207	6	2008	2008	NUM
dem-18610	207	7	2009	2009	NUM
dem-18610	207	8	2010	2010	NUM
dem-18610	207	9	2011	2011	NUM
dem-18610	207	10	2012	2012	NUM
dem-18610	207	11	2013	2013	NUM
dem-18610	207	12	2014	2014	NUM
dem-18610	207	13	2015	2015	NUM
dem-18610	207	14	f1	f1	NOUN
dem-18610	207	15	f2	f2	PROPN
dem-18610	207	16	specific	specific	ADJ
dem-18610	207	17	sum	sum	NOUN
dem-18610	207	18	gb	gb	NOUN
dem-18610	207	19	decomposition	decomposition	NOUN
dem-18610	207	20	of	of	ADP
dem-18610	207	21	sovereign	sovereign	ADJ
dem-18610	207	22	cds	cd	NOUN
dem-18610	207	23	spread	spread	VERB
dem-18610	207	24	using	use	VERB
dem-18610	207	25	the	the	DET
dem-18610	207	26	concept	concept	NOUN
dem-18610	207	27	of	of	ADP
dem-18610	207	28	factorization	factorization	NOUN
dem-18610	207	29	dynamic	dynamic	ADJ
dem-18610	207	30	econometric	econometric	ADJ
dem-18610	207	31	models	model	NOUN
dem-18610	207	32	18	18	NUM
dem-18610	207	33	(	(	PUNCT
dem-18610	207	34	2018	2018	NUM
dem-18610	207	35	)	)	PUNCT
dem-18610	207	36	99–114	99–114	NUM
dem-18610	207	37	109	109	NUM
dem-18610	207	38	figures	figure	NOUN
dem-18610	207	39	3	3	NUM
dem-18610	207	40	to	to	PART
dem-18610	207	41	6	6	NUM
dem-18610	207	42	show	show	NOUN
dem-18610	207	43	decomposition	decomposition	NOUN
dem-18610	207	44	of	of	ADP
dem-18610	207	45	cds	cd	NOUN
dem-18610	207	46	spreads	spread	VERB
dem-18610	207	47	for	for	ADP
dem-18610	207	48	the	the	DET
dem-18610	207	49	first	first	ADJ
dem-18610	207	50	group	group	NOUN
dem-18610	207	51	of	of	ADP
dem-18610	207	52	counties	county	NOUN
dem-18610	207	53	,	,	PUNCT
dem-18610	207	54	correlated	correlate	VERB
dem-18610	207	55	to	to	ADP
dem-18610	207	56	the	the	DET
dem-18610	207	57	first	first	ADJ
dem-18610	207	58	common	common	ADJ
dem-18610	207	59	factor	factor	NOUN
dem-18610	207	60	–	–	PUNCT
dem-18610	207	61	great	great	ADJ
dem-18610	207	62	britain	britain	PROPN
dem-18610	207	63	,	,	PUNCT
dem-18610	207	64	czech	czech	PROPN
dem-18610	207	65	republic	republic	NOUN
dem-18610	207	66	,	,	PUNCT
dem-18610	207	67	poland	poland	PROPN
dem-18610	207	68	and	and	CCONJ
dem-18610	207	69	germany	germany	PROPN
dem-18610	207	70	.	.	PUNCT
dem-18610	208	1	figure	figure	VERB
dem-18610	208	2	4	4	NUM
dem-18610	208	3	.	.	PUNCT
dem-18610	209	1	decomposition	decomposition	NOUN
dem-18610	209	2	of	of	ADP
dem-18610	209	3	cds	cd	NOUN
dem-18610	209	4	spread	spread	NOUN
dem-18610	209	5	of	of	ADP
dem-18610	209	6	czech	czech	PROPN
dem-18610	209	7	republic	republic	NOUN
dem-18610	209	8	figure	figure	NOUN
dem-18610	209	9	5	5	NUM
dem-18610	209	10	.	.	PUNCT
dem-18610	210	1	decomposition	decomposition	NOUN
dem-18610	210	2	of	of	ADP
dem-18610	210	3	cds	cd	NOUN
dem-18610	210	4	spread	spread	NOUN
dem-18610	210	5	of	of	ADP
dem-18610	210	6	poland	poland	PROPN
dem-18610	210	7	-2	-2	INTJ
dem-18610	211	1	-1	-1	NOUN
dem-18610	211	2	0	0	NUM
dem-18610	212	1	1	1	NUM
dem-18610	212	2	2	2	NUM
dem-18610	212	3	3	3	NUM
dem-18610	212	4	4	4	NUM
dem-18610	212	5	5	5	NUM
dem-18610	212	6	2008	2008	NUM
dem-18610	212	7	2009	2009	NUM
dem-18610	212	8	2010	2010	NUM
dem-18610	212	9	2011	2011	NUM
dem-18610	212	10	2012	2012	NUM
dem-18610	212	11	2013	2013	NUM
dem-18610	212	12	2014	2014	NUM
dem-18610	212	13	2015	2015	NUM
dem-18610	212	14	f1	f1	NOUN
dem-18610	212	15	f2	f2	PROPN
dem-18610	212	16	specific	specific	ADJ
dem-18610	212	17	sum	sum	NOUN
dem-18610	212	18	cz	cz	NOUN
dem-18610	212	19	-2	-2	INTJ
dem-18610	212	20	-1	-1	NOUN
dem-18610	212	21	0	0	NUM
dem-18610	212	22	1	1	NUM
dem-18610	212	23	2	2	NUM
dem-18610	212	24	3	3	NUM
dem-18610	212	25	4	4	NUM
dem-18610	212	26	5	5	NUM
dem-18610	212	27	2008	2008	NUM
dem-18610	212	28	2009	2009	NUM
dem-18610	212	29	2010	2010	NUM
dem-18610	212	30	2011	2011	NUM
dem-18610	212	31	2012	2012	NUM
dem-18610	212	32	2013	2013	NUM
dem-18610	212	33	2014	2014	NUM
dem-18610	212	34	2015	2015	NUM
dem-18610	212	35	f1	f1	NOUN
dem-18610	212	36	f2	f2	PROPN
dem-18610	212	37	specific	specific	ADJ
dem-18610	212	38	sum	sum	NOUN
dem-18610	212	39	pl	pl	PROPN
dem-18610	212	40	rumiana	rumiana	PROPN
dem-18610	212	41	górska	górska	PROPN
dem-18610	212	42	dynamic	dynamic	ADJ
dem-18610	212	43	econometric	econometric	ADJ
dem-18610	212	44	models	model	NOUN
dem-18610	212	45	18	18	NUM
dem-18610	212	46	(	(	PUNCT
dem-18610	212	47	2018	2018	NUM
dem-18610	212	48	)	)	PUNCT
dem-18610	212	49	99–114	99–114	NUM
dem-18610	212	50	110	110	NUM
dem-18610	212	51	figure	figure	NOUN
dem-18610	212	52	6	6	NUM
dem-18610	212	53	.	.	PUNCT
dem-18610	212	54	decomposition	decomposition	NOUN
dem-18610	212	55	of	of	ADP
dem-18610	212	56	cds	cd	NOUN
dem-18610	212	57	spread	spread	NOUN
dem-18610	212	58	of	of	ADP
dem-18610	212	59	germany	germany	PROPN
dem-18610	212	60	figure	figure	NOUN
dem-18610	212	61	7	7	NUM
dem-18610	212	62	.	.	PUNCT
dem-18610	212	63	decomposition	decomposition	NOUN
dem-18610	212	64	of	of	ADP
dem-18610	212	65	cds	cd	NOUN
dem-18610	212	66	spread	spread	NOUN
dem-18610	212	67	of	of	ADP
dem-18610	212	68	portugal	portugal	PROPN
dem-18610	212	69	historical	historical	ADJ
dem-18610	212	70	decomposition	decomposition	NOUN
dem-18610	212	71	of	of	ADP
dem-18610	212	72	cds	cd	NOUN
dem-18610	212	73	spreads	spread	NOUN
dem-18610	212	74	of	of	ADP
dem-18610	212	75	these	these	DET
dem-18610	212	76	countries	country	NOUN
dem-18610	212	77	revealed	reveal	VERB
dem-18610	212	78	that	that	SCONJ
dem-18610	212	79	cds	cd	NOUN
dem-18610	212	80	spread	spread	NOUN
dem-18610	212	81	of	of	ADP
dem-18610	212	82	these	these	DET
dem-18610	212	83	countries	country	NOUN
dem-18610	212	84	evolve	evolve	VERB
dem-18610	212	85	mainly	mainly	ADV
dem-18610	212	86	due	due	ADP
dem-18610	212	87	to	to	ADP
dem-18610	212	88	the	the	DET
dem-18610	212	89	influence	influence	NOUN
dem-18610	212	90	of	of	ADP
dem-18610	212	91	the	the	DET
dem-18610	212	92	first	first	ADJ
dem-18610	212	93	factor	factor	NOUN
dem-18610	212	94	.	.	PUNCT
dem-18610	213	1	the	the	DET
dem-18610	213	2	influence	influence	NOUN
dem-18610	213	3	of	of	ADP
dem-18610	213	4	the	the	DET
dem-18610	213	5	second	second	ADJ
dem-18610	213	6	factors	factor	NOUN
dem-18610	213	7	is	be	AUX
dem-18610	213	8	lower	low	ADJ
dem-18610	213	9	.	.	PUNCT
dem-18610	214	1	but	but	CCONJ
dem-18610	214	2	at	at	ADP
dem-18610	214	3	the	the	DET
dem-18610	214	4	period	period	NOUN
dem-18610	214	5	of	of	ADP
dem-18610	214	6	-2	-2	INTJ
dem-18610	214	7	-1	-1	NOUN
dem-18610	214	8	0	0	NUM
dem-18610	215	1	1	1	NUM
dem-18610	215	2	2	2	NUM
dem-18610	215	3	3	3	NUM
dem-18610	215	4	4	4	NUM
dem-18610	215	5	5	5	NUM
dem-18610	215	6	6	6	NUM
dem-18610	215	7	2008	2008	NUM
dem-18610	215	8	2009	2009	NUM
dem-18610	215	9	2010	2010	NUM
dem-18610	215	10	2011	2011	NUM
dem-18610	215	11	2012	2012	NUM
dem-18610	215	12	2013	2013	NUM
dem-18610	215	13	2014	2014	NUM
dem-18610	215	14	2015	2015	NUM
dem-18610	215	15	f1	f1	NOUN
dem-18610	215	16	f2	f2	PROPN
dem-18610	215	17	specific	specific	ADJ
dem-18610	215	18	sum	sum	NOUN
dem-18610	215	19	de	de	ADP
dem-18610	215	20	-2	-2	NOUN
dem-18610	215	21	-1	-1	SYM
dem-18610	215	22	0	0	NUM
dem-18610	216	1	1	1	NUM
dem-18610	216	2	2	2	NUM
dem-18610	216	3	3	3	NUM
dem-18610	216	4	4	4	NUM
dem-18610	216	5	2008	2008	NUM
dem-18610	216	6	2009	2009	NUM
dem-18610	216	7	2010	2010	NUM
dem-18610	216	8	2011	2011	NUM
dem-18610	216	9	2012	2012	NUM
dem-18610	216	10	2013	2013	NUM
dem-18610	216	11	2014	2014	NUM
dem-18610	216	12	2015	2015	NUM
dem-18610	216	13	f1	f1	NOUN
dem-18610	216	14	f2	f2	PROPN
dem-18610	216	15	specific	specific	ADJ
dem-18610	216	16	sum	sum	NOUN
dem-18610	216	17	pt	pt	NOUN
dem-18610	216	18	decomposition	decomposition	NOUN
dem-18610	216	19	of	of	ADP
dem-18610	216	20	sovereign	sovereign	ADJ
dem-18610	216	21	cds	cd	NOUN
dem-18610	216	22	spread	spread	VERB
dem-18610	216	23	using	use	VERB
dem-18610	216	24	the	the	DET
dem-18610	216	25	concept	concept	NOUN
dem-18610	216	26	of	of	ADP
dem-18610	216	27	factorization	factorization	NOUN
dem-18610	216	28	dynamic	dynamic	ADJ
dem-18610	216	29	econometric	econometric	ADJ
dem-18610	216	30	models	model	NOUN
dem-18610	216	31	18	18	NUM
dem-18610	216	32	(	(	PUNCT
dem-18610	216	33	2018	2018	NUM
dem-18610	216	34	)	)	PUNCT
dem-18610	216	35	99–114	99–114	NUM
dem-18610	216	36	111	111	NUM
dem-18610	216	37	insolvency	insolvency	NOUN
dem-18610	216	38	crisis	crisis	NOUN
dem-18610	216	39	(	(	PUNCT
dem-18610	216	40	2011	2011	NUM
dem-18610	216	41	year	year	NOUN
dem-18610	216	42	)	)	PUNCT
dem-18610	216	43	poland	poland	PROPN
dem-18610	216	44	and	and	CCONJ
dem-18610	216	45	czech	czech	PROPN
dem-18610	216	46	republic	republic	NOUN
dem-18610	216	47	are	be	AUX
dem-18610	216	48	more	more	ADV
dem-18610	216	49	influenced	influence	VERB
dem-18610	216	50	by	by	ADP
dem-18610	216	51	the	the	DET
dem-18610	216	52	second	second	ADJ
dem-18610	216	53	factor	factor	NOUN
dem-18610	216	54	than	than	ADP
dem-18610	216	55	great	great	ADJ
dem-18610	216	56	briatan	briatan	ADJ
dem-18610	216	57	and	and	CCONJ
dem-18610	216	58	germany	germany	PROPN
dem-18610	216	59	.	.	PUNCT
dem-18610	217	1	figures	figure	VERB
dem-18610	217	2	7	7	NUM
dem-18610	217	3	,	,	PUNCT
dem-18610	217	4	8	8	NUM
dem-18610	217	5	and	and	CCONJ
dem-18610	217	6	9	9	NUM
dem-18610	217	7	present	present	VERB
dem-18610	217	8	the	the	DET
dem-18610	217	9	decomposition	decomposition	NOUN
dem-18610	217	10	of	of	ADP
dem-18610	217	11	the	the	DET
dem-18610	217	12	cds	cd	NOUN
dem-18610	217	13	spread	spread	VERB
dem-18610	217	14	for	for	ADP
dem-18610	217	15	the	the	DET
dem-18610	217	16	second	second	ADJ
dem-18610	217	17	group	group	NOUN
dem-18610	217	18	of	of	ADP
dem-18610	217	19	countries	country	NOUN
dem-18610	217	20	,	,	PUNCT
dem-18610	217	21	the	the	DET
dem-18610	217	22	most	most	ADV
dem-18610	217	23	affected	affect	VERB
dem-18610	217	24	by	by	ADP
dem-18610	217	25	the	the	DET
dem-18610	217	26	second	second	ADJ
dem-18610	217	27	common	common	ADJ
dem-18610	217	28	factor	factor	NOUN
dem-18610	217	29	–	–	PUNCT
dem-18610	217	30	portugal	portugal	PROPN
dem-18610	217	31	,	,	PUNCT
dem-18610	217	32	italy	italy	PROPN
dem-18610	217	33	and	and	CCONJ
dem-18610	217	34	spain	spain	PROPN
dem-18610	217	35	.	.	PUNCT
dem-18610	218	1	figure	figure	VERB
dem-18610	218	2	8	8	NUM
dem-18610	218	3	.	.	PUNCT
dem-18610	219	1	decomposition	decomposition	NOUN
dem-18610	219	2	of	of	ADP
dem-18610	219	3	cds	cd	NOUN
dem-18610	219	4	spread	spread	NOUN
dem-18610	219	5	of	of	ADP
dem-18610	219	6	italy	italy	PROPN
dem-18610	219	7	figure	figure	NOUN
dem-18610	219	8	9	9	NUM
dem-18610	219	9	.	.	PUNCT
dem-18610	220	1	decomposition	decomposition	NOUN
dem-18610	220	2	of	of	ADP
dem-18610	220	3	cds	cd	NOUN
dem-18610	220	4	spread	spread	NOUN
dem-18610	220	5	of	of	ADP
dem-18610	220	6	spain	spain	PROPN
dem-18610	220	7	-2	-2	INTJ
dem-18610	221	1	-1	-1	NOUN
dem-18610	221	2	0	0	NUM
dem-18610	222	1	1	1	NUM
dem-18610	222	2	2	2	NUM
dem-18610	222	3	3	3	NUM
dem-18610	222	4	4	4	NUM
dem-18610	222	5	2008	2008	NUM
dem-18610	222	6	2009	2009	NUM
dem-18610	222	7	2010	2010	NUM
dem-18610	222	8	2011	2011	NUM
dem-18610	222	9	2012	2012	NUM
dem-18610	222	10	2013	2013	NUM
dem-18610	222	11	2014	2014	NUM
dem-18610	222	12	2015	2015	NUM
dem-18610	222	13	f1	f1	NOUN
dem-18610	222	14	f2	f2	PROPN
dem-18610	222	15	specific	specific	ADJ
dem-18610	222	16	sum	sum	NOUN
dem-18610	222	17	it	it	PRON
dem-18610	222	18	-2	-2	INTJ
dem-18610	223	1	-1	-1	NOUN
dem-18610	223	2	0	0	NUM
dem-18610	224	1	1	1	NUM
dem-18610	224	2	2	2	NUM
dem-18610	224	3	3	3	NUM
dem-18610	224	4	4	4	NUM
dem-18610	224	5	2008	2008	NUM
dem-18610	224	6	2009	2009	NUM
dem-18610	224	7	2010	2010	NUM
dem-18610	224	8	2011	2011	NUM
dem-18610	224	9	2012	2012	NUM
dem-18610	224	10	2013	2013	NUM
dem-18610	224	11	2014	2014	NUM
dem-18610	224	12	2015	2015	NUM
dem-18610	224	13	f1	f1	NOUN
dem-18610	224	14	f2	f2	PROPN
dem-18610	224	15	specific	specific	ADJ
dem-18610	224	16	sum	sum	NOUN
dem-18610	224	17	es	es	ADP
dem-18610	224	18	rumiana	rumiana	PROPN
dem-18610	224	19	górska	górska	PROPN
dem-18610	224	20	dynamic	dynamic	ADJ
dem-18610	224	21	econometric	econometric	ADJ
dem-18610	224	22	models	model	NOUN
dem-18610	224	23	18	18	NUM
dem-18610	224	24	(	(	PUNCT
dem-18610	224	25	2018	2018	NUM
dem-18610	224	26	)	)	PUNCT
dem-18610	224	27	99–114	99–114	NUM
dem-18610	224	28	112	112	NUM
dem-18610	224	29	the	the	DET
dem-18610	224	30	cds	cd	NOUN
dem-18610	224	31	spreads	spread	VERB
dem-18610	224	32	of	of	ADP
dem-18610	224	33	these	these	DET
dem-18610	224	34	countries	country	NOUN
dem-18610	224	35	are	be	AUX
dem-18610	224	36	influenced	influence	VERB
dem-18610	224	37	mainly	mainly	ADV
dem-18610	224	38	by	by	ADP
dem-18610	224	39	the	the	DET
dem-18610	224	40	second	second	ADJ
dem-18610	224	41	factor	factor	NOUN
dem-18610	224	42	.	.	PUNCT
dem-18610	225	1	and	and	CCONJ
dem-18610	225	2	last	last	ADJ
dem-18610	225	3	,	,	PUNCT
dem-18610	225	4	france	france	PROPN
dem-18610	225	5	and	and	CCONJ
dem-18610	225	6	hungary	hungary	PROPN
dem-18610	225	7	–	–	PUNCT
dem-18610	225	8	countries	country	NOUN
dem-18610	225	9	that	that	PRON
dem-18610	225	10	are	be	AUX
dem-18610	225	11	under	under	ADP
dem-18610	225	12	the	the	DET
dem-18610	225	13	influence	influence	NOUN
dem-18610	225	14	of	of	ADP
dem-18610	225	15	both	both	DET
dem-18610	225	16	common	common	ADJ
dem-18610	225	17	factors	factor	NOUN
dem-18610	225	18	.	.	PUNCT
dem-18610	226	1	figures	figure	NOUN
dem-18610	226	2	10	10	NUM
dem-18610	226	3	and	and	CCONJ
dem-18610	226	4	11	11	NUM
dem-18610	226	5	show	show	VERB
dem-18610	226	6	the	the	DET
dem-18610	226	7	decomposition	decomposition	NOUN
dem-18610	226	8	of	of	ADP
dem-18610	226	9	cds	cd	NOUN
dem-18610	226	10	spread	spread	NOUN
dem-18610	226	11	of	of	ADP
dem-18610	226	12	these	these	DET
dem-18610	226	13	countries	country	NOUN
dem-18610	226	14	.	.	PUNCT
dem-18610	227	1	figure	figure	VERB
dem-18610	227	2	10	10	NUM
dem-18610	227	3	.	.	PUNCT
dem-18610	228	1	decomposition	decomposition	NOUN
dem-18610	228	2	of	of	ADP
dem-18610	228	3	cds	cd	NOUN
dem-18610	228	4	spread	spread	NOUN
dem-18610	228	5	of	of	ADP
dem-18610	228	6	france	france	PROPN
dem-18610	228	7	figure	figure	NOUN
dem-18610	228	8	11	11	NUM
dem-18610	228	9	.	.	PUNCT
dem-18610	229	1	decomposition	decomposition	NOUN
dem-18610	229	2	of	of	ADP
dem-18610	229	3	cds	cd	NOUN
dem-18610	229	4	spread	spread	NOUN
dem-18610	229	5	of	of	ADP
dem-18610	229	6	hungary	hungary	PROPN
dem-18610	229	7	-2	-2	INTJ
dem-18610	230	1	-1	-1	NOUN
dem-18610	230	2	0	0	NUM
dem-18610	231	1	1	1	NUM
dem-18610	231	2	2	2	NUM
dem-18610	231	3	3	3	NUM
dem-18610	231	4	4	4	NUM
dem-18610	231	5	2008	2008	NUM
dem-18610	231	6	2009	2009	NUM
dem-18610	231	7	2010	2010	NUM
dem-18610	231	8	2011	2011	NUM
dem-18610	231	9	2012	2012	NUM
dem-18610	231	10	2013	2013	NUM
dem-18610	231	11	2014	2014	NUM
dem-18610	231	12	2015	2015	NUM
dem-18610	231	13	f1	f1	NOUN
dem-18610	231	14	f2	f2	PROPN
dem-18610	231	15	specific	specific	ADJ
dem-18610	231	16	sum	sum	NOUN
dem-18610	231	17	fr	fr	INTJ
dem-18610	232	1	-2	-2	INTJ
dem-18610	233	1	-1	-1	NOUN
dem-18610	233	2	0	0	NUM
dem-18610	234	1	1	1	NUM
dem-18610	234	2	2	2	NUM
dem-18610	234	3	3	3	NUM
dem-18610	234	4	4	4	NUM
dem-18610	234	5	2008	2008	NUM
dem-18610	234	6	2009	2009	NUM
dem-18610	234	7	2010	2010	NUM
dem-18610	234	8	2011	2011	NUM
dem-18610	234	9	2012	2012	NUM
dem-18610	234	10	2013	2013	NUM
dem-18610	234	11	2014	2014	NUM
dem-18610	234	12	2015	2015	NUM
dem-18610	234	13	f1	f1	NOUN
dem-18610	234	14	f2	f2	PROPN
dem-18610	234	15	specific	specific	ADJ
dem-18610	234	16	sum	sum	NOUN
dem-18610	234	17	hu	hu	PROPN
dem-18610	234	18	decomposition	decomposition	NOUN
dem-18610	234	19	of	of	ADP
dem-18610	234	20	sovereign	sovereign	ADJ
dem-18610	234	21	cds	cd	NOUN
dem-18610	234	22	spread	spread	VERB
dem-18610	234	23	using	use	VERB
dem-18610	234	24	the	the	DET
dem-18610	234	25	concept	concept	NOUN
dem-18610	234	26	of	of	ADP
dem-18610	234	27	factorization	factorization	NOUN
dem-18610	234	28	dynamic	dynamic	ADJ
dem-18610	234	29	econometric	econometric	ADJ
dem-18610	234	30	models	model	NOUN
dem-18610	234	31	18	18	NUM
dem-18610	234	32	(	(	PUNCT
dem-18610	234	33	2018	2018	NUM
dem-18610	234	34	)	)	PUNCT
dem-18610	234	35	99–114	99–114	NUM
dem-18610	234	36	113	113	NUM
dem-18610	234	37	historical	historical	ADJ
dem-18610	234	38	decomposition	decomposition	NOUN
dem-18610	234	39	revealed	reveal	VERB
dem-18610	234	40	the	the	DET
dem-18610	234	41	evidence	evidence	NOUN
dem-18610	234	42	that	that	SCONJ
dem-18610	234	43	the	the	DET
dem-18610	234	44	sovereign	sovereign	ADJ
dem-18610	234	45	cds	cd	NOUN
dem-18610	234	46	spreads	spread	NOUN
dem-18610	234	47	are	be	AUX
dem-18610	234	48	under	under	ADP
dem-18610	234	49	combined	combined	ADJ
dem-18610	234	50	influence	influence	NOUN
dem-18610	234	51	of	of	ADP
dem-18610	234	52	two	two	NUM
dem-18610	234	53	common	common	ADJ
dem-18610	234	54	factors	factor	NOUN
dem-18610	234	55	and	and	CCONJ
dem-18610	234	56	one	one	NUM
dem-18610	234	57	specific	specific	ADJ
dem-18610	234	58	factor	factor	NOUN
dem-18610	234	59	–	–	PUNCT
dem-18610	234	60	time	time	NOUN
dem-18610	234	61	-	-	PUNCT
dem-18610	234	62	varying	vary	VERB
dem-18610	234	63	and	and	CCONJ
dem-18610	234	64	different	different	ADJ
dem-18610	234	65	for	for	ADP
dem-18610	234	66	each	each	DET
dem-18610	234	67	country	country	NOUN
dem-18610	234	68	.	.	PUNCT
dem-18610	235	1	summarising	summarising	NOUN
dem-18610	235	2	,	,	PUNCT
dem-18610	235	3	first	first	ADJ
dem-18610	235	4	factor	factor	NOUN
dem-18610	235	5	(	(	PUNCT
dem-18610	235	6	f1	f1	NOUN
dem-18610	235	7	)	)	PUNCT
dem-18610	235	8	may	may	AUX
dem-18610	235	9	be	be	AUX
dem-18610	235	10	interpreted	interpret	VERB
dem-18610	235	11	as	as	ADP
dem-18610	235	12	a	a	DET
dem-18610	235	13	global	global	ADJ
dem-18610	235	14	risk	risk	NOUN
dem-18610	235	15	factor	factor	NOUN
dem-18610	235	16	,	,	PUNCT
dem-18610	235	17	appearing	appear	VERB
dem-18610	235	18	during	during	ADP
dem-18610	235	19	the	the	DET
dem-18610	235	20	crisis	crisis	NOUN
dem-18610	235	21	in	in	ADP
dem-18610	235	22	2008	2008	NUM
dem-18610	235	23	.	.	PUNCT
dem-18610	236	1	it	it	PRON
dem-18610	236	2	affected	affect	VERB
dem-18610	236	3	most	most	ADJ
dem-18610	236	4	of	of	ADP
dem-18610	236	5	the	the	DET
dem-18610	236	6	countries	country	NOUN
dem-18610	236	7	,	,	PUNCT
dem-18610	236	8	but	but	CCONJ
dem-18610	236	9	in	in	ADP
dem-18610	236	10	the	the	DET
dem-18610	236	11	larger	large	ADJ
dem-18610	236	12	extent	extent	NOUN
dem-18610	236	13	influenced	influence	VERB
dem-18610	236	14	cds	cd	NOUN
dem-18610	236	15	spreads	spread	NOUN
dem-18610	236	16	of	of	ADP
dem-18610	236	17	great	great	ADJ
dem-18610	236	18	britain	britain	PROPN
dem-18610	236	19	,	,	PUNCT
dem-18610	236	20	czech	czech	PROPN
dem-18610	236	21	republic	republic	NOUN
dem-18610	236	22	,	,	PUNCT
dem-18610	236	23	poland	poland	PROPN
dem-18610	236	24	and	and	CCONJ
dem-18610	236	25	germany	germany	PROPN
dem-18610	236	26	.	.	PUNCT
dem-18610	237	1	the	the	DET
dem-18610	237	2	second	second	ADJ
dem-18610	237	3	factor	factor	NOUN
dem-18610	237	4	(	(	PUNCT
dem-18610	237	5	f2	f2	PROPN
dem-18610	237	6	)	)	PUNCT
dem-18610	237	7	can	can	AUX
dem-18610	237	8	be	be	AUX
dem-18610	237	9	interpreted	interpret	VERB
dem-18610	237	10	as	as	ADP
dem-18610	237	11	an	an	DET
dem-18610	237	12	insolvency	insolvency	NOUN
dem-18610	237	13	risk	risk	NOUN
dem-18610	237	14	factor	factor	NOUN
dem-18610	237	15	,	,	PUNCT
dem-18610	237	16	it	it	PRON
dem-18610	237	17	appeared	appear	VERB
dem-18610	237	18	in	in	ADP
dem-18610	237	19	2011–2012	2011–2012	NUM
dem-18610	237	20	years	year	NOUN
dem-18610	237	21	and	and	CCONJ
dem-18610	237	22	influenced	influence	VERB
dem-18610	237	23	mainly	mainly	ADV
dem-18610	237	24	the	the	DET
dem-18610	237	25	countries	country	NOUN
dem-18610	237	26	,	,	PUNCT
dem-18610	237	27	which	which	PRON
dem-18610	237	28	had	have	VERB
dem-18610	237	29	debt	debt	NOUN
dem-18610	237	30	problems	problem	NOUN
dem-18610	237	31	–	–	PUNCT
dem-18610	237	32	portugal	portugal	PROPN
dem-18610	237	33	,	,	PUNCT
dem-18610	237	34	spain	spain	PROPN
dem-18610	237	35	,	,	PUNCT
dem-18610	237	36	italy	italy	PROPN
dem-18610	237	37	and	and	CCONJ
dem-18610	237	38	to	to	ADP
dem-18610	237	39	a	a	DET
dem-18610	237	40	lesser	less	ADJ
dem-18610	237	41	extent	extent	NOUN
dem-18610	237	42	france	france	PROPN
dem-18610	237	43	and	and	CCONJ
dem-18610	237	44	hungary	hungary	PROPN
dem-18610	237	45	.	.	PUNCT
dem-18610	238	1	comparative	comparative	ADJ
dem-18610	238	2	analysis	analysis	NOUN
dem-18610	238	3	shows	show	VERB
dem-18610	238	4	that	that	SCONJ
dem-18610	238	5	cds	cd	NOUN
dem-18610	238	6	spread	spread	NOUN
dem-18610	238	7	of	of	ADP
dem-18610	238	8	poland	poland	PROPN
dem-18610	238	9	’s	’s	PART
dem-18610	238	10	government	government	NOUN
dem-18610	238	11	debt	debt	NOUN
dem-18610	238	12	reacts	react	VERB
dem-18610	238	13	similarly	similarly	ADV
dem-18610	238	14	to	to	ADP
dem-18610	238	15	those	those	PRON
dem-18610	238	16	of	of	ADP
dem-18610	238	17	czech	czech	PROPN
dem-18610	238	18	republic	republic	NOUN
dem-18610	238	19	,	,	PUNCT
dem-18610	238	20	great	great	ADJ
dem-18610	238	21	britain	britain	PROPN
dem-18610	238	22	,	,	PUNCT
dem-18610	238	23	and	and	CCONJ
dem-18610	238	24	germany	germany	PROPN
dem-18610	238	25	.	.	PUNCT
dem-18610	239	1	this	this	PRON
dem-18610	239	2	leads	lead	VERB
dem-18610	239	3	to	to	ADP
dem-18610	239	4	the	the	DET
dem-18610	239	5	conclusion	conclusion	NOUN
dem-18610	239	6	that	that	SCONJ
dem-18610	239	7	poland	poland	PROPN
dem-18610	239	8	treasury	treasury	PROPN
dem-18610	239	9	securities	security	NOUN
dem-18610	239	10	are	be	AUX
dem-18610	239	11	considered	consider	VERB
dem-18610	239	12	by	by	ADP
dem-18610	239	13	investors	investor	NOUN
dem-18610	239	14	in	in	ADP
dem-18610	239	15	a	a	DET
dem-18610	239	16	similar	similar	ADJ
dem-18610	239	17	way	way	NOUN
dem-18610	239	18	as	as	ADP
dem-18610	239	19	tree	tree	NOUN
dem-18610	239	20	mentioned	mention	VERB
dem-18610	239	21	-	-	PUNCT
dem-18610	239	22	above	above	ADP
dem-18610	239	23	countries	country	NOUN
dem-18610	239	24	.	.	PUNCT
dem-18610	240	1	conclusions	conclusion	NOUN
dem-18610	240	2	the	the	DET
dem-18610	240	3	presented	present	VERB
dem-18610	240	4	analysis	analysis	NOUN
dem-18610	240	5	confirms	confirm	VERB
dem-18610	240	6	that	that	SCONJ
dem-18610	240	7	sovereign	sovereign	ADJ
dem-18610	240	8	cds	cd	NOUN
dem-18610	240	9	spread	spread	NOUN
dem-18610	240	10	is	be	AUX
dem-18610	240	11	a	a	DET
dem-18610	240	12	measure	measure	NOUN
dem-18610	240	13	of	of	ADP
dem-18610	240	14	risk	risk	NOUN
dem-18610	240	15	and	and	CCONJ
dem-18610	240	16	it	it	PRON
dem-18610	240	17	depends	depend	VERB
dem-18610	240	18	both	both	CCONJ
dem-18610	240	19	on	on	ADP
dem-18610	240	20	global	global	ADJ
dem-18610	240	21	risk	risk	NOUN
dem-18610	240	22	factors	factor	NOUN
dem-18610	240	23	(	(	PUNCT
dem-18610	240	24	global	global	ADJ
dem-18610	240	25	financial	financial	ADJ
dem-18610	240	26	market	market	NOUN
dem-18610	240	27	conditions	condition	NOUN
dem-18610	240	28	,	,	PUNCT
dem-18610	240	29	investor	investor	NOUN
dem-18610	240	30	expectations	expectation	NOUN
dem-18610	240	31	etc	etc	X
dem-18610	240	32	.	.	X
dem-18610	240	33	)	)	PUNCT
dem-18610	240	34	as	as	ADV
dem-18610	240	35	well	well	ADV
dem-18610	240	36	as	as	ADP
dem-18610	240	37	macroeconomic	macroeconomic	ADJ
dem-18610	240	38	fundamentals	fundamental	NOUN
dem-18610	240	39	(	(	PUNCT
dem-18610	240	40	eg	eg	NOUN
dem-18610	240	41	.	.	PUNCT
dem-18610	240	42	level	level	NOUN
dem-18610	240	43	of	of	ADP
dem-18610	240	44	indebtedness	indebtedness	NOUN
dem-18610	240	45	of	of	ADP
dem-18610	240	46	the	the	DET
dem-18610	240	47	country	country	NOUN
dem-18610	240	48	)	)	PUNCT
dem-18610	240	49	.	.	PUNCT
dem-18610	241	1	the	the	DET
dem-18610	241	2	factor	factor	NOUN
dem-18610	241	3	analysis	analysis	NOUN
dem-18610	241	4	shows	show	VERB
dem-18610	241	5	that	that	SCONJ
dem-18610	241	6	two	two	NUM
dem-18610	241	7	common	common	ADJ
dem-18610	241	8	factors	factor	NOUN
dem-18610	241	9	explained	explain	VERB
dem-18610	241	10	about	about	ADV
dem-18610	241	11	92	92	NUM
dem-18610	241	12	%	%	NOUN
dem-18610	241	13	of	of	ADP
dem-18610	241	14	the	the	DET
dem-18610	241	15	variation	variation	NOUN
dem-18610	241	16	of	of	ADP
dem-18610	241	17	the	the	DET
dem-18610	241	18	cds	cd	NOUN
dem-18610	241	19	spreads	spread	NOUN
dem-18610	241	20	of	of	ADP
dem-18610	241	21	the	the	DET
dem-18610	241	22	surveyed	survey	VERB
dem-18610	241	23	countries	country	NOUN
dem-18610	241	24	.	.	PUNCT
dem-18610	242	1	the	the	DET
dem-18610	242	2	results	result	NOUN
dem-18610	242	3	of	of	ADP
dem-18610	242	4	decomposition	decomposition	NOUN
dem-18610	242	5	of	of	ADP
dem-18610	242	6	cds	cd	NOUN
dem-18610	242	7	spreads	spread	NOUN
dem-18610	242	8	confirm	confirm	VERB
dem-18610	242	9	that	that	PRON
dem-18610	242	10	great	great	ADJ
dem-18610	242	11	britain	britain	PROPN
dem-18610	242	12	,	,	PUNCT
dem-18610	242	13	poland	poland	PROPN
dem-18610	242	14	,	,	PUNCT
dem-18610	242	15	czech	czech	PROPN
dem-18610	242	16	republic	republic	NOUN
dem-18610	242	17	,	,	PUNCT
dem-18610	242	18	and	and	CCONJ
dem-18610	242	19	germany	germany	PROPN
dem-18610	242	20	are	be	AUX
dem-18610	242	21	countries	country	NOUN
dem-18610	242	22	most	most	ADV
dem-18610	242	23	influenced	influence	VERB
dem-18610	242	24	by	by	ADP
dem-18610	242	25	the	the	DET
dem-18610	242	26	first	first	ADJ
dem-18610	242	27	common	common	ADJ
dem-18610	242	28	factor	factor	NOUN
dem-18610	242	29	,	,	PUNCT
dem-18610	242	30	interpreted	interpret	VERB
dem-18610	242	31	as	as	ADP
dem-18610	242	32	a	a	DET
dem-18610	242	33	global	global	ADJ
dem-18610	242	34	risk	risk	NOUN
dem-18610	242	35	factor	factor	NOUN
dem-18610	242	36	,	,	PUNCT
dem-18610	242	37	appearing	appear	VERB
dem-18610	242	38	during	during	ADP
dem-18610	242	39	the	the	DET
dem-18610	242	40	crisis	crisis	NOUN
dem-18610	242	41	in	in	ADP
dem-18610	242	42	2008	2008	NUM
dem-18610	242	43	.	.	PUNCT
dem-18610	243	1	portugal	portugal	PROPN
dem-18610	243	2	,	,	PUNCT
dem-18610	243	3	italy	italy	PROPN
dem-18610	243	4	,	,	PUNCT
dem-18610	243	5	and	and	CCONJ
dem-18610	243	6	spain	spain	PROPN
dem-18610	243	7	are	be	AUX
dem-18610	243	8	countries	country	NOUN
dem-18610	243	9	under	under	ADP
dem-18610	243	10	the	the	DET
dem-18610	243	11	impact	impact	NOUN
dem-18610	243	12	of	of	ADP
dem-18610	243	13	the	the	DET
dem-18610	243	14	second	second	ADJ
dem-18610	243	15	common	common	ADJ
dem-18610	243	16	factor	factor	NOUN
dem-18610	243	17	interpreted	interpret	VERB
dem-18610	243	18	as	as	ADP
dem-18610	243	19	an	an	DET
dem-18610	243	20	insolvency	insolvency	NOUN
dem-18610	243	21	risk	risk	NOUN
dem-18610	243	22	factor	factor	NOUN
dem-18610	243	23	appearing	appear	VERB
dem-18610	243	24	in	in	ADP
dem-18610	243	25	2011–2012	2011–2012	NUM
dem-18610	243	26	years	year	NOUN
dem-18610	243	27	.	.	PUNCT
dem-18610	244	1	france	france	PROPN
dem-18610	244	2	and	and	CCONJ
dem-18610	244	3	hungary	hungary	PROPN
dem-18610	244	4	are	be	AUX
dem-18610	244	5	the	the	DET
dem-18610	244	6	countries	country	NOUN
dem-18610	244	7	influenced	influence	VERB
dem-18610	244	8	by	by	ADP
dem-18610	244	9	both	both	DET
dem-18610	244	10	common	common	ADJ
dem-18610	244	11	factors	factor	NOUN
dem-18610	244	12	.	.	PUNCT
dem-18610	245	1	references	reference	NOUN
dem-18610	245	2	ang	ang	PROPN
dem-18610	245	3	,	,	PUNCT
dem-18610	245	4	a.	a.	NOUN
dem-18610	245	5	,	,	PUNCT
dem-18610	245	6	longstaff	longstaff	PROPN
dem-18610	245	7	,	,	PUNCT
dem-18610	245	8	f.	f.	PROPN
dem-18610	245	9	a.	a.	PROPN
dem-18610	245	10	(	(	PUNCT
dem-18610	245	11	2013	2013	NUM
dem-18610	245	12	)	)	PUNCT
dem-18610	245	13	,	,	PUNCT
dem-18610	245	14	systemic	systemic	ADJ
dem-18610	245	15	sovereign	sovereign	ADJ
dem-18610	245	16	credit	credit	NOUN
dem-18610	245	17	risk	risk	NOUN
dem-18610	245	18	:	:	PUNCT
dem-18610	245	19	lessons	lesson	NOUN
dem-18610	245	20	from	from	ADP
dem-18610	245	21	the	the	DET
dem-18610	245	22	u.s	u.s	PROPN
dem-18610	245	23	.	.	PROPN
dem-18610	245	24	and	and	CCONJ
dem-18610	245	25	europe	europe	PROPN
dem-18610	245	26	,	,	PUNCT
dem-18610	245	27	journal	journal	NOUN
dem-18610	245	28	of	of	ADP
dem-18610	245	29	monetary	monetary	ADJ
dem-18610	245	30	economics	economic	NOUN
dem-18610	245	31	,	,	PUNCT
dem-18610	245	32	60(5	60(5	NOUN
dem-18610	245	33	)	)	PUNCT
dem-18610	245	34	,	,	PUNCT
dem-18610	245	35	493–510	493–510	NUM
dem-18610	245	36	,	,	PUNCT
dem-18610	245	37	doi	doi	NOUN
dem-18610	245	38	:	:	PUNCT
dem-18610	245	39	http://dx.doi.org/10.1016/j.jmoneco.2013.04.009	http://dx.doi.org/10.1016/j.jmoneco.2013.04.009	PROPN
dem-18610	245	40	.	.	PROPN
dem-18610	245	41	aizenman	aizenman	NOUN
dem-18610	245	42	,	,	PUNCT
dem-18610	245	43	j.	j.	PROPN
dem-18610	245	44	,	,	PUNCT
dem-18610	245	45	hutchison	hutchison	PROPN
dem-18610	245	46	,	,	PUNCT
dem-18610	245	47	m.	m.	NOUN
dem-18610	245	48	,	,	PUNCT
dem-18610	245	49	jinjarak	jinjarak	PROPN
dem-18610	245	50	,	,	PUNCT
dem-18610	245	51	y.	y.	PROPN
dem-18610	245	52	(	(	PUNCT
dem-18610	245	53	2013	2013	NUM
dem-18610	245	54	)	)	PUNCT
dem-18610	245	55	,	,	PUNCT
dem-18610	245	56	what	what	PRON
dem-18610	245	57	is	be	AUX
dem-18610	245	58	the	the	DET
dem-18610	245	59	risk	risk	NOUN
dem-18610	245	60	of	of	ADP
dem-18610	245	61	european	european	ADJ
dem-18610	245	62	sovereign	sovereign	ADJ
dem-18610	245	63	debt	debt	NOUN
dem-18610	245	64	defaults	default	NOUN
dem-18610	245	65	?	?	PUNCT
dem-18610	246	1	fiscal	fiscal	ADJ
dem-18610	246	2	space	space	NOUN
dem-18610	246	3	,	,	PUNCT
dem-18610	246	4	cds	cd	NOUN
dem-18610	246	5	spreads	spread	VERB
dem-18610	246	6	and	and	CCONJ
dem-18610	246	7	market	market	NOUN
dem-18610	246	8	pricing	pricing	NOUN
dem-18610	246	9	of	of	ADP
dem-18610	246	10	risk	risk	NOUN
dem-18610	246	11	,	,	PUNCT
dem-18610	246	12	journal	journal	NOUN
dem-18610	246	13	of	of	ADP
dem-18610	246	14	international	international	ADJ
dem-18610	246	15	money	money	NOUN
dem-18610	246	16	and	and	CCONJ
dem-18610	246	17	finance	finance	NOUN
dem-18610	246	18	,	,	PUNCT
dem-18610	246	19	34	34	NUM
dem-18610	246	20	,	,	PUNCT
dem-18610	246	21	37–59	37–59	NUM
dem-18610	246	22	.	.	PUNCT
dem-18610	247	1	arce	arce	PROPN
dem-18610	247	2	,	,	PUNCT
dem-18610	247	3	o.	o.	PROPN
dem-18610	247	4	,	,	PUNCT
dem-18610	247	5	mayordomo	mayordomo	NOUN
dem-18610	247	6	,	,	PUNCT
dem-18610	247	7	s.	s.	PROPN
dem-18610	247	8	,	,	PUNCT
dem-18610	247	9	peña	peña	PROPN
dem-18610	247	10	,	,	PUNCT
dem-18610	247	11	j.	j.	PROPN
dem-18610	247	12	(	(	PUNCT
dem-18610	247	13	2013	2013	NUM
dem-18610	247	14	)	)	PUNCT
dem-18610	247	15	,	,	PUNCT
dem-18610	247	16	credit	credit	NOUN
dem-18610	247	17	-	-	PUNCT
dem-18610	247	18	risk	risk	NOUN
dem-18610	247	19	valuation	valuation	NOUN
dem-18610	247	20	in	in	ADP
dem-18610	247	21	the	the	DET
dem-18610	247	22	sovereign	sovereign	ADJ
dem-18610	247	23	cds	cd	NOUN
dem-18610	247	24	and	and	CCONJ
dem-18610	247	25	bonds	bond	NOUN
dem-18610	247	26	markets	market	NOUN
dem-18610	247	27	:	:	PUNCT
dem-18610	247	28	evidence	evidence	NOUN
dem-18610	247	29	from	from	ADP
dem-18610	247	30	the	the	DET
dem-18610	247	31	euro	euro	PROPN
dem-18610	247	32	area	area	NOUN
dem-18610	247	33	crisis	crisis	NOUN
dem-18610	247	34	,	,	PUNCT
dem-18610	247	35	journal	journal	NOUN
dem-18610	247	36	of	of	ADP
dem-18610	247	37	international	international	ADJ
dem-18610	247	38	money	money	NOUN
dem-18610	247	39	and	and	CCONJ
dem-18610	247	40	finance	finance	NOUN
dem-18610	247	41	,	,	PUNCT
dem-18610	247	42	35	35	NUM
dem-18610	247	43	,	,	PUNCT
dem-18610	247	44	124–145	124–145	NUM
dem-18610	247	45	.	.	PUNCT
dem-18610	248	1	badaoui	badaoui	PROPN
dem-18610	248	2	,	,	PUNCT
dem-18610	248	3	s.	s.	PROPN
dem-18610	248	4	,	,	PUNCT
dem-18610	248	5	cathcart	cathcart	PROPN
dem-18610	248	6	,	,	PUNCT
dem-18610	248	7	l.	l.	PROPN
dem-18610	248	8	,	,	PUNCT
dem-18610	248	9	el	el	PROPN
dem-18610	248	10	-	-	PUNCT
dem-18610	248	11	jahel	jahel	PROPN
dem-18610	248	12	,	,	PUNCT
dem-18610	248	13	l.	l.	PROPN
dem-18610	248	14	(	(	PUNCT
dem-18610	248	15	2013	2013	NUM
dem-18610	248	16	)	)	PUNCT
dem-18610	248	17	,	,	PUNCT
dem-18610	248	18	do	do	VERB
dem-18610	248	19	sovereign	sovereign	ADJ
dem-18610	248	20	credit	credit	NOUN
dem-18610	248	21	default	default	NOUN
dem-18610	248	22	swaps	swap	NOUN
dem-18610	248	23	represent	represent	VERB
dem-18610	248	24	a	a	DET
dem-18610	248	25	clean	clean	ADJ
dem-18610	248	26	measure	measure	NOUN
dem-18610	248	27	of	of	ADP
dem-18610	248	28	sovereign	sovereign	ADJ
dem-18610	248	29	default	default	NOUN
dem-18610	248	30	risk	risk	NOUN
dem-18610	248	31	?	?	PUNCT
dem-18610	249	1	a	a	DET
dem-18610	249	2	factor	factor	NOUN
dem-18610	249	3	model	model	NOUN
dem-18610	249	4	approach	approach	NOUN
dem-18610	249	5	,	,	PUNCT
dem-18610	249	6	journal	journal	NOUN
dem-18610	249	7	of	of	ADP
dem-18610	249	8	banking	banking	NOUN
dem-18610	249	9	and	and	CCONJ
dem-18610	249	10	finance	finance	NOUN
dem-18610	249	11	,	,	PUNCT
dem-18610	249	12	37(7	37(7	NUM
dem-18610	249	13	)	)	PUNCT
dem-18610	249	14	,	,	PUNCT
dem-18610	249	15	2392–2407	2392–2407	NUM
dem-18610	249	16	.	.	PUNCT
dem-18610	250	1	rumiana	rumiana	PROPN
dem-18610	250	2	górska	górska	PROPN
dem-18610	250	3	dynamic	dynamic	ADJ
dem-18610	250	4	econometric	econometric	ADJ
dem-18610	250	5	models	model	NOUN
dem-18610	250	6	18	18	NUM
dem-18610	250	7	(	(	PUNCT
dem-18610	250	8	2018	2018	NUM
dem-18610	250	9	)	)	PUNCT
dem-18610	250	10	99–114	99–114	NUM
dem-18610	250	11	114	114	NUM
dem-18610	250	12	bieńkowski	bieńkowski	NOUN
dem-18610	250	13	,	,	PUNCT
dem-18610	250	14	w.	w.	PROPN
dem-18610	250	15	,	,	PUNCT
dem-18610	250	16	gawrońska	gawrońska	PROPN
dem-18610	250	17	-	-	PUNCT
dem-18610	250	18	nowak	nowak	PROPN
dem-18610	250	19	,	,	PUNCT
dem-18610	250	20	b.	b.	PROPN
dem-18610	250	21	,	,	PUNCT
dem-18610	250	22	grabowski	grabowski	PROPN
dem-18610	250	23	,	,	PUNCT
dem-18610	250	24	w.	w.	PROPN
dem-18610	250	25	(	(	PUNCT
dem-18610	250	26	2011	2011	NUM
dem-18610	250	27	)	)	PUNCT
dem-18610	250	28	podatność	podatność	NOUN
dem-18610	250	29	polskich	polskich	VERB
dem-18610	250	30	rynków	rynków	PROPN
dem-18610	250	31	finansowych	finansowych	NOUN
dem-18610	250	32	na	na	ADP
dem-18610	250	33	niestabilności	niestabilności	PROPN
dem-18610	250	34	wewnętrzne	wewnętrzne	NOUN
dem-18610	250	35	i	i	PROPN
dem-18610	250	36	zewnętrzne	zewnętrzne	PROPN
dem-18610	250	37	,	,	PUNCT
dem-18610	250	38	materiały	materiały	NOUN
dem-18610	250	39	i	i	PRON
dem-18610	250	40	studia	studia	PROPN
dem-18610	250	41	nbp	nbp	PROPN
dem-18610	250	42	.	.	PUNCT
dem-18610	251	1	zeszyt	zeszyt	PROPN
dem-18610	251	2	nr	nr	PROPN
dem-18610	251	3	258	258	NUM
dem-18610	251	4	,	,	PUNCT
dem-18610	251	5	nbp	nbp	PROPN
dem-18610	251	6	.	.	PUNCT
dem-18610	252	1	(	(	PUNCT
dem-18610	252	2	the	the	DET
dem-18610	252	3	vulnerability	vulnerability	NOUN
dem-18610	252	4	of	of	ADP
dem-18610	252	5	polish	polish	ADJ
dem-18610	252	6	financial	financial	ADJ
dem-18610	252	7	markets	market	NOUN
dem-18610	252	8	to	to	ADP
dem-18610	252	9	internal	internal	ADJ
dem-18610	252	10	and	and	CCONJ
dem-18610	252	11	external	external	ADJ
dem-18610	252	12	instabilities	instability	NOUN
dem-18610	252	13	,	,	PUNCT
dem-18610	252	14	materials	material	NOUN
dem-18610	252	15	and	and	CCONJ
dem-18610	252	16	studies	study	NOUN
dem-18610	252	17	of	of	ADP
dem-18610	252	18	the	the	DET
dem-18610	252	19	national	national	PROPN
dem-18610	252	20	bank	bank	PROPN
dem-18610	252	21	of	of	ADP
dem-18610	252	22	poland	poland	PROPN
dem-18610	252	23	.	.	PUNCT
dem-18610	253	1	no	no	INTJ
dem-18610	253	2	.	.	NOUN
dem-18610	254	1	258	258	NUM
dem-18610	254	2	,	,	PUNCT
dem-18610	254	3	nbp	nbp	PROPN
dem-18610	254	4	.	.	PUNCT
dem-18610	254	5	)	)	PUNCT
dem-18610	255	1	büchel	büchel	PROPN
dem-18610	255	2	,	,	PUNCT
dem-18610	255	3	k.	k.	PROPN
dem-18610	255	4	(	(	PUNCT
dem-18610	255	5	2013	2013	NUM
dem-18610	255	6	)	)	PUNCT
dem-18610	255	7	,	,	PUNCT
dem-18610	255	8	do	do	AUX
dem-18610	255	9	words	word	NOUN
dem-18610	255	10	matter	matter	VERB
dem-18610	255	11	?	?	PUNCT
dem-18610	256	1	the	the	DET
dem-18610	256	2	impact	impact	NOUN
dem-18610	256	3	of	of	ADP
dem-18610	256	4	communication	communication	NOUN
dem-18610	256	5	on	on	ADP
dem-18610	256	6	the	the	DET
dem-18610	256	7	piigs	piig	NOUN
dem-18610	256	8	'	'	PART
dem-18610	256	9	cds	cd	NOUN
dem-18610	256	10	and	and	CCONJ
dem-18610	256	11	bond	bond	NOUN
dem-18610	256	12	yield	yield	NOUN
dem-18610	256	13	spreads	spread	NOUN
dem-18610	256	14	during	during	ADP
dem-18610	256	15	europe	europe	PROPN
dem-18610	256	16	's	's	PART
dem-18610	256	17	sovereign	sovereign	ADJ
dem-18610	256	18	debt	debt	NOUN
dem-18610	256	19	crisis	crisis	NOUN
dem-18610	256	20	,	,	PUNCT
dem-18610	256	21	european	european	PROPN
dem-18610	256	22	journal	journal	PROPN
dem-18610	256	23	of	of	ADP
dem-18610	256	24	political	political	ADJ
dem-18610	256	25	economy	economy	NOUN
dem-18610	256	26	,	,	PUNCT
dem-18610	256	27	32	32	NUM
dem-18610	256	28	,	,	PUNCT
dem-18610	256	29	412–431	412–431	NUM
dem-18610	256	30	,	,	PUNCT
dem-18610	256	31	doi	doi	NOUN
dem-18610	256	32	:	:	PUNCT
dem-18610	256	33	http://dx.doi.org/10.1016/j.ejpoleco.2013.08.004	http://dx.doi.org/10.1016/j.ejpoleco.2013.08.004	PROPN
dem-18610	256	34	.	.	PUNCT
dem-18610	257	1	coronado	coronado	PROPN
dem-18610	257	2	,	,	PUNCT
dem-18610	257	3	m.	m.	NOUN
dem-18610	257	4	,	,	PUNCT
dem-18610	257	5	corzo	corzo	NOUN
dem-18610	257	6	,	,	PUNCT
dem-18610	257	7	t.	t.	PROPN
dem-18610	257	8	,	,	PUNCT
dem-18610	257	9	lazcano	lazcano	PROPN
dem-18610	257	10	,	,	PUNCT
dem-18610	257	11	l.	l.	PROPN
dem-18610	257	12	(	(	PUNCT
dem-18610	257	13	2012	2012	NUM
dem-18610	257	14	)	)	PUNCT
dem-18610	257	15	,	,	PUNCT
dem-18610	257	16	a	a	DET
dem-18610	257	17	case	case	NOUN
dem-18610	257	18	for	for	ADP
dem-18610	257	19	europe	europe	PROPN
dem-18610	257	20	:	:	PUNCT
dem-18610	257	21	the	the	DET
dem-18610	257	22	relationship	relationship	NOUN
dem-18610	257	23	between	between	ADP
dem-18610	257	24	sovereign	sovereign	ADJ
dem-18610	257	25	cds	cd	NOUN
dem-18610	257	26	and	and	CCONJ
dem-18610	257	27	stock	stock	NOUN
dem-18610	257	28	indexes	index	NOUN
dem-18610	257	29	,	,	PUNCT
dem-18610	257	30	frontiers	frontier	NOUN
dem-18610	257	31	in	in	ADP
dem-18610	257	32	finance	finance	NOUN
dem-18610	257	33	and	and	CCONJ
dem-18610	257	34	economics	economic	NOUN
dem-18610	257	35	,	,	PUNCT
dem-18610	257	36	9(2	9(2	NUM
dem-18610	257	37	)	)	PUNCT
dem-18610	257	38	,	,	PUNCT
dem-18610	257	39	32–63	32–63	NUM
dem-18610	257	40	.	.	PUNCT
dem-18610	258	1	coudert	coudert	PROPN
dem-18610	258	2	,	,	PUNCT
dem-18610	258	3	v.	v.	PROPN
dem-18610	258	4	,	,	PUNCT
dem-18610	258	5	gex	gex	PROPN
dem-18610	258	6	,	,	PUNCT
dem-18610	258	7	m.	m.	NOUN
dem-18610	258	8	(	(	PUNCT
dem-18610	258	9	2013	2013	NUM
dem-18610	258	10	)	)	PUNCT
dem-18610	258	11	,	,	PUNCT
dem-18610	258	12	the	the	DET
dem-18610	258	13	interactions	interaction	NOUN
dem-18610	258	14	between	between	ADP
dem-18610	258	15	the	the	DET
dem-18610	258	16	credit	credit	NOUN
dem-18610	258	17	default	default	NOUN
dem-18610	258	18	swap	swap	NOUN
dem-18610	258	19	and	and	CCONJ
dem-18610	258	20	the	the	DET
dem-18610	258	21	bond	bond	NOUN
dem-18610	258	22	markets	market	NOUN
dem-18610	258	23	in	in	ADP
dem-18610	258	24	financial	financial	ADJ
dem-18610	258	25	turmoil	turmoil	NOUN
dem-18610	258	26	,	,	PUNCT
dem-18610	258	27	review	review	NOUN
dem-18610	258	28	of	of	ADP
dem-18610	258	29	international	international	ADJ
dem-18610	258	30	economics	economic	NOUN
dem-18610	258	31	,	,	PUNCT
dem-18610	258	32	21(3	21(3	NUM
dem-18610	258	33	)	)	PUNCT
dem-18610	258	34	,	,	PUNCT
dem-18610	258	35	492–505	492–505	NUM
dem-18610	258	36	.	.	PUNCT
dem-18610	258	37	fabozzi	fabozzi	PROPN
dem-18610	258	38	,	,	PUNCT
dem-18610	258	39	f.	f.	PROPN
dem-18610	258	40	j.	j.	PROPN
dem-18610	258	41	,	,	PUNCT
dem-18610	258	42	giacometti	giacometti	PROPN
dem-18610	258	43	,	,	PUNCT
dem-18610	258	44	r.	r.	PROPN
dem-18610	258	45	,	,	PUNCT
dem-18610	258	46	tsuchida	tsuchida	PROPN
dem-18610	258	47	,	,	PUNCT
dem-18610	258	48	n.	n.	PROPN
dem-18610	258	49	(	(	PUNCT
dem-18610	258	50	2016	2016	NUM
dem-18610	258	51	)	)	PUNCT
dem-18610	258	52	,	,	PUNCT
dem-18610	258	53	factor	factor	NOUN
dem-18610	258	54	decomposition	decomposition	NOUN
dem-18610	258	55	of	of	ADP
dem-18610	258	56	the	the	DET
dem-18610	258	57	eurozone	eurozone	NOUN
dem-18610	258	58	sovereign	sovereign	ADJ
dem-18610	258	59	cds	cd	NOUN
dem-18610	258	60	spreads	spread	NOUN
dem-18610	258	61	,	,	PUNCT
dem-18610	258	62	journal	journal	NOUN
dem-18610	258	63	of	of	ADP
dem-18610	258	64	international	international	ADJ
dem-18610	258	65	money	money	NOUN
dem-18610	258	66	and	and	CCONJ
dem-18610	258	67	finance	finance	NOUN
dem-18610	258	68	,	,	PUNCT
dem-18610	258	69	elsevier	elsevier	NOUN
dem-18610	258	70	,	,	PUNCT
dem-18610	258	71	65(c	65(c	NUM
dem-18610	258	72	)	)	PUNCT
dem-18610	258	73	,	,	PUNCT
dem-18610	258	74	1–23	1–23	PROPN
dem-18610	258	75	,	,	PUNCT
dem-18610	258	76	doi	doi	NOUN
dem-18610	258	77	:	:	PUNCT
dem-18610	258	78	http://dx.doi.org/10.1016/j.jimonfin.2016.03.003	http://dx.doi.org/10.1016/j.jimonfin.2016.03.003	PROPN
dem-18610	258	79	.	.	PROPN
dem-18610	258	80	ho	ho	PROPN
dem-18610	258	81	,	,	PUNCT
dem-18610	258	82	t.	t.	PROPN
dem-18610	258	83	s.	s.	PROPN
dem-18610	258	84	y.	y.	PROPN
dem-18610	258	85	(	(	PUNCT
dem-18610	258	86	1990	1990	NUM
dem-18610	258	87	)	)	PUNCT
dem-18610	258	88	,	,	PUNCT
dem-18610	258	89	strategic	strategic	ADJ
dem-18610	258	90	fixed	fix	VERB
dem-18610	258	91	income	income	NOUN
dem-18610	258	92	investment	investment	NOUN
dem-18610	258	93	,	,	PUNCT
dem-18610	258	94	dow	dow	PROPN
dem-18610	258	95	jones	jones	PROPN
dem-18610	258	96	-	-	PUNCT
dem-18610	258	97	irwing	irwing	ADJ
dem-18610	258	98	homewood	homewood	PROPN
dem-18610	258	99	,	,	PUNCT
dem-18610	258	100	illinois	illinois	PROPN
dem-18610	258	101	kalbaska	kalbaska	PROPN
dem-18610	258	102	,	,	PUNCT
dem-18610	258	103	a.	a.	NOUN
dem-18610	258	104	,	,	PUNCT
dem-18610	258	105	gątkowski	gątkowski	NOUN
dem-18610	258	106	,	,	PUNCT
dem-18610	258	107	m.	m.	NOUN
dem-18610	258	108	(	(	PUNCT
dem-18610	258	109	2012	2012	NUM
dem-18610	258	110	)	)	PUNCT
dem-18610	258	111	,	,	PUNCT
dem-18610	258	112	eurozone	eurozone	NOUN
dem-18610	258	113	sovereign	sovereign	ADJ
dem-18610	258	114	contagion	contagion	NOUN
dem-18610	258	115	:	:	PUNCT
dem-18610	258	116	evidence	evidence	NOUN
dem-18610	258	117	from	from	ADP
dem-18610	258	118	the	the	DET
dem-18610	258	119	cds	cds	PROPN
dem-18610	258	120	market	market	NOUN
dem-18610	258	121	(	(	PUNCT
dem-18610	258	122	2005–2010	2005–2010	NUM
dem-18610	258	123	)	)	PUNCT
dem-18610	258	124	,	,	PUNCT
dem-18610	258	125	journal	journal	NOUN
dem-18610	258	126	of	of	ADP
dem-18610	258	127	economic	economic	ADJ
dem-18610	258	128	behavior	behavior	NOUN
dem-18610	258	129	and	and	CCONJ
dem-18610	258	130	organization	organization	NOUN
dem-18610	258	131	,	,	PUNCT
dem-18610	258	132	83(3	83(3	NUM
dem-18610	258	133	)	)	PUNCT
dem-18610	258	134	,	,	PUNCT
dem-18610	258	135	657–673	657–673	NUM
dem-18610	258	136	.	.	PUNCT
dem-18610	258	137	kliber	kliber	PROPN
dem-18610	258	138	,	,	PUNCT
dem-18610	258	139	a.	a.	NOUN
dem-18610	258	140	(	(	PUNCT
dem-18610	258	141	2011	2011	NUM
dem-18610	258	142	)	)	PUNCT
dem-18610	258	143	,	,	PUNCT
dem-18610	258	144	sovereign	sovereign	ADJ
dem-18610	258	145	cds	cd	NOUN
dem-18610	258	146	instruments	instrument	NOUN
dem-18610	258	147	in	in	ADP
dem-18610	258	148	central	central	PROPN
dem-18610	258	149	europe	europe	PROPN
dem-18610	258	150	–	–	PUNCT
dem-18610	258	151	linkages	linkage	NOUN
dem-18610	258	152	and	and	CCONJ
dem-18610	258	153	interdependence	interdependence	NOUN
dem-18610	258	154	,	,	PUNCT
dem-18610	258	155	dynamic	dynamic	ADJ
dem-18610	258	156	econometric	econometric	ADJ
dem-18610	258	157	models	model	NOUN
dem-18610	258	158	,	,	PUNCT
dem-18610	258	159	11	11	NUM
dem-18610	258	160	,	,	PUNCT
dem-18610	258	161	111–128	111–128	NUM
dem-18610	258	162	.	.	PUNCT
dem-18610	258	163	kliber	kliber	PROPN
dem-18610	258	164	,	,	PUNCT
dem-18610	258	165	a.	a.	PROPN
dem-18610	258	166	(	(	PUNCT
dem-18610	258	167	2016	2016	NUM
dem-18610	258	168	)	)	PUNCT
dem-18610	258	169	,	,	PUNCT
dem-18610	258	170	impact	impact	NOUN
dem-18610	258	171	of	of	ADP
dem-18610	258	172	the	the	DET
dem-18610	258	173	ban	ban	NOUN
dem-18610	258	174	on	on	ADP
dem-18610	258	175	uncovered	uncover	VERB
dem-18610	258	176	scds	scds	NOUN
dem-18610	258	177	trade	trade	NOUN
dem-18610	258	178	on	on	ADP
dem-18610	258	179	the	the	DET
dem-18610	258	180	interdependencies	interdependency	NOUN
dem-18610	258	181	between	between	ADP
dem-18610	258	182	the	the	DET
dem-18610	258	183	cds	cds	NOUN
dem-18610	258	184	market	market	NOUN
dem-18610	258	185	and	and	CCONJ
dem-18610	258	186	other	other	ADJ
dem-18610	258	187	sectors	sector	NOUN
dem-18610	258	188	of	of	ADP
dem-18610	258	189	financial	financial	ADJ
dem-18610	258	190	markets	market	NOUN
dem-18610	258	191	.	.	PUNCT
dem-18610	259	1	the	the	DET
dem-18610	259	2	case	case	NOUN
dem-18610	259	3	of	of	ADP
dem-18610	259	4	safe	safe	ADJ
dem-18610	259	5	and	and	CCONJ
dem-18610	259	6	developed	developed	ADJ
dem-18610	259	7	versus	versus	ADP
dem-18610	259	8	risky	risky	ADJ
dem-18610	259	9	and	and	CCONJ
dem-18610	259	10	developing	develop	VERB
dem-18610	259	11	european	european	ADJ
dem-18610	259	12	markets	market	NOUN
dem-18610	259	13	,	,	PUNCT
dem-18610	259	14	comparative	comparative	ADJ
dem-18610	259	15	economic	economic	ADJ
dem-18610	259	16	research	research	NOUN
dem-18610	259	17	,	,	PUNCT
dem-18610	259	18	19(1	19(1	NUM
dem-18610	259	19	)	)	PUNCT
dem-18610	259	20	,	,	PUNCT
dem-18610	259	21	77–99	77–99	NUM
dem-18610	259	22	,	,	PUNCT
dem-18610	259	23	doi	doi	NOUN
dem-18610	259	24	:	:	PUNCT
dem-18610	259	25	http://dx.doi.org/10.1515/cer-2016-0005	http://dx.doi.org/10.1515/cer-2016-0005	PROPN
dem-18610	259	26	.	.	PUNCT
dem-18610	260	1	komarek	komarek	PROPN
dem-18610	260	2	,	,	PUNCT
dem-18610	260	3	l.	l.	PROPN
dem-18610	260	4	komarkova	komarkova	PROPN
dem-18610	260	5	,	,	PUNCT
dem-18610	260	6	z.	z.	PROPN
dem-18610	260	7	,	,	PUNCT
dem-18610	260	8	lesanovska	lesanovska	PROPN
dem-18610	260	9	,	,	PUNCT
dem-18610	260	10	j.	j.	PROPN
dem-18610	260	11	,	,	PUNCT
dem-18610	260	12	(	(	PUNCT
dem-18610	260	13	2013	2013	NUM
dem-18610	260	14	)	)	PUNCT
dem-18610	260	15	analysis	analysis	NOUN
dem-18610	260	16	of	of	ADP
dem-18610	260	17	sovereign	sovereign	ADJ
dem-18610	260	18	risk	risk	NOUN
dem-18610	260	19	market	market	NOUN
dem-18610	260	20	indicators	indicator	NOUN
dem-18610	260	21	:	:	PUNCT
dem-18610	260	22	the	the	DET
dem-18610	260	23	case	case	NOUN
dem-18610	260	24	of	of	ADP
dem-18610	260	25	the	the	DET
dem-18610	260	26	czech	czech	PROPN
dem-18610	260	27	republic	republic	NOUN
dem-18610	260	28	,	,	PUNCT
dem-18610	260	29	czech	czech	PROPN
dem-18610	260	30	journal	journal	NOUN
dem-18610	260	31	of	of	ADP
dem-18610	260	32	economics	economic	NOUN
dem-18610	260	33	and	and	CCONJ
dem-18610	260	34	finance	finance	NOUN
dem-18610	260	35	,	,	PUNCT
dem-18610	260	36	63(1	63(1	NUM
dem-18610	260	37	)	)	PUNCT
dem-18610	260	38	,	,	PUNCT
dem-18610	260	39	5–24	5–24	PROPN
dem-18610	260	40	.	.	PUNCT
dem-18610	261	1	varga	varga	PROPN
dem-18610	261	2	,	,	PUNCT
dem-18610	261	3	l.	l.	PROPN
dem-18610	261	4	(	(	PUNCT
dem-18610	261	5	2008	2008	NUM
dem-18610	261	6	)	)	PUNCT
dem-18610	261	7	,	,	PUNCT
dem-18610	261	8	the	the	DET
dem-18610	261	9	information	information	NOUN
dem-18610	261	10	content	content	NOUN
dem-18610	261	11	of	of	ADP
dem-18610	261	12	hungarian	hungarian	ADJ
dem-18610	261	13	sovereign	sovereign	ADJ
dem-18610	261	14	cds	cd	NOUN
dem-18610	261	15	spreads	spread	NOUN
dem-18610	261	16	,	,	PUNCT
dem-18610	261	17	mnb	mnb	VERB
dem-18610	261	18	occasional	occasional	ADJ
dem-18610	261	19	papers	paper	NOUN
dem-18610	261	20	,	,	PUNCT
dem-18610	261	21	78	78	NUM
dem-18610	261	22	,	,	PUNCT
dem-18610	261	23	9–24	9–24	PROPN
dem-18610	261	24	.	.	PUNCT
dem-18610	262	1	dekompozycja	dekompozycja	PROPN
dem-18610	262	2	spreadów	spreadów	PROPN
dem-18610	262	3	kontraktów	kontraktów	PROPN
dem-18610	262	4	cds	cd	NOUN
dem-18610	262	5	na	na	PART
dem-18610	262	6	obligacje	obligacje	VERB
dem-18610	262	7	skarbowe	skarbowe	NOUN
dem-18610	262	8	przy	przy	PROPN
dem-18610	262	9	zastosowaniu	zastosowaniu	PROPN
dem-18610	262	10	koncepcji	koncepcji	PROPN
dem-18610	262	11	faktoryzacji	faktoryzacji	PROPN
dem-18610	263	1	z	z	PROPN
dem-18610	264	1	a	a	DET
dem-18610	264	2	r	r	NOUN
dem-18610	264	3	y	y	PROPN
dem-18610	264	4	s	s	PROPN
dem-18610	264	5	t	t	NOUN
dem-18610	264	6	r	r	NOUN
dem-18610	264	7	e	e	PROPN
dem-18610	264	8	ś	ś	PROPN
dem-18610	264	9	c	c	PROPN
dem-18610	264	10	i.	i.	PROPN
dem-18610	264	11	cds	cds	PROPN
dem-18610	264	12	(	(	PUNCT
dem-18610	264	13	credit	credit	NOUN
dem-18610	264	14	default	default	NOUN
dem-18610	264	15	swap	swap	NOUN
dem-18610	264	16	)	)	PUNCT
dem-18610	264	17	na	na	PART
dem-18610	264	18	obligacje	obligacje	ADJ
dem-18610	264	19	skarbowe	skarbowe	NOUN
dem-18610	264	20	to	to	PART
dem-18610	264	21	instrument	instrument	PROPN
dem-18610	264	22	pochodny	pochodny	PROPN
dem-18610	264	23	,	,	PUNCT
dem-18610	264	24	który	który	PROPN
dem-18610	264	25	stanowi	stanowi	PROPN
dem-18610	264	26	ubezpieczenie	ubezpieczenie	PROPN
dem-18610	264	27	spłaty	spłaty	PROPN
dem-18610	264	28	długu	długu	PROPN
dem-18610	264	29	rządowego	rządowego	ADV
dem-18610	264	30	i	i	PROPN
dem-18610	264	31	może	może	PROPN
dem-18610	264	32	być	być	PROPN
dem-18610	264	33	uważany	uważany	PROPN
dem-18610	264	34	za	za	PROPN
dem-18610	264	35	rynkowy	rynkowy	PROPN
dem-18610	264	36	wskaźnik	wskaźnik	ADV
dem-18610	264	37	ryzyka	ryzyka	ADJ
dem-18610	265	1	niewypłacalności	niewypłacalności	PROPN
dem-18610	265	2	danego	danego	ADJ
dem-18610	265	3	kraju	kraju	PROPN
dem-18610	265	4	.	.	PUNCT
dem-18610	266	1	celem	celem	PROPN
dem-18610	266	2	badania	badania	PROPN
dem-18610	266	3	jest	jest	PROPN
dem-18610	266	4	identyfikacja	identyfikacja	PROPN
dem-18610	266	5	czynników	czynników	PROPN
dem-18610	266	6	wpływających	wpływających	VERB
dem-18610	266	7	na	na	ADP
dem-18610	266	8	spready	spready	PROPN
dem-18610	266	9	cds	cds	PROPN
dem-18610	266	10	wybranych	wybranych	VERB
dem-18610	266	11	krajów	krajów	PROPN
dem-18610	267	1	europejskich	europejskich	DET
dem-18610	267	2	w	w	PROPN
dem-18610	267	3	okresie	okresie	NOUN
dem-18610	267	4	od	od	ADV
dem-18610	267	5	2008	2008	NUM
dem-18610	267	6	do	do	VERB
dem-18610	267	7	2016	2016	NUM
dem-18610	267	8	r.	r.	X
dem-18610	267	9	na	na	PROPN
dem-18610	267	10	podstawie	podstawie	PROPN
dem-18610	267	11	przeprowadzonej	przeprowadzonej	PROPN
dem-18610	267	12	analizy	analizy	PROPN
dem-18610	267	13	czynnikowej	czynnikowej	PROPN
dem-18610	267	14	stwierdzono	stwierdzono	PROPN
dem-18610	267	15	,	,	PUNCT
dem-18610	267	16	że	że	PROPN
dem-18610	267	17	istnieją	istnieją	PROPN
dem-18610	267	18	dwa	dwa	PROPN
dem-18610	267	19	wspólne	wspólne	PROPN
dem-18610	267	20	czynniki	czynniki	PROPN
dem-18610	267	21	,	,	PUNCT
dem-18610	267	22	które	które	PROPN
dem-18610	267	23	wyjaśniają	wyjaśniają	PROPN
dem-18610	267	24	około	około	VERB
dem-18610	267	25	92	92	NUM
dem-18610	267	26	%	%	NOUN
dem-18610	267	27	zmienności	zmienności	NOUN
dem-18610	267	28	spreadów	spreadów	ADJ
dem-18610	267	29	cds	cd	NOUN
dem-18610	267	30	.	.	PUNCT
dem-18610	268	1	następnie	następnie	PROPN
dem-18610	268	2	,	,	PUNCT
dem-18610	268	3	dekompozycja	dekompozycja	ADJ
dem-18610	268	4	spreadów	spreadów	ADJ
dem-18610	268	5	cds	cd	NOUN
dem-18610	268	6	pokazuje	pokazuje	VERB
dem-18610	268	7	wpływ	wpływ	PROPN
dem-18610	268	8	tych	tych	PROPN
dem-18610	268	9	czynników	czynników	NOUN
dem-18610	268	10	ryzyka	ryzyka	NOUN
dem-18610	268	11	na	na	ADP
dem-18610	268	12	spready	spready	PROPN
dem-18610	268	13	cds	cds	PROPN
dem-18610	268	14	badanych	badanych	PROPN
dem-18610	268	15	krajów	krajów	PROPN
dem-18610	268	16	.	.	PUNCT
dem-18610	269	1	s	s	PROPN
dem-18610	270	1	ł	ł	PROPN
dem-18610	270	2	o	o	X
dem-18610	270	3	w	w	NOUN
dem-18610	270	4	a	a	DET
dem-18610	270	5	k	k	X
dem-18610	270	6	l	l	NOUN
dem-18610	270	7	u	u	NOUN
dem-18610	271	1	c	c	NOUN
dem-18610	271	2	z	z	NOUN
dem-18610	271	3	o	o	X
dem-18610	271	4	w	w	PROPN
dem-18610	272	1	e	e	NOUN
dem-18610	272	2	:	:	PUNCT
dem-18610	272	3	cds	cd	NOUN
dem-18610	272	4	spread	spread	VERB
dem-18610	272	5	;	;	PUNCT
dem-18610	272	6	analiza	analiza	NOUN
dem-18610	272	7	czynnikowa	czynnikowa	PROPN
dem-18610	272	8	;	;	PUNCT
dem-18610	272	9	ryzyko	ryzyko	NOUN
dem-18610	272	10	globalne	globalne	PROPN
dem-18610	272	11	;	;	PUNCT
dem-18610	272	12	ryzyko	ryzyko	PROPN
dem-18610	272	13	niewypłacalności	niewypłacalności	PROPN
dem-18610	272	14	.	.	PUNCT