id	sid	tid	token	lemma	pos
dem-4206	1	1	microsoft	microsoft	PROPN
dem-4206	1	2	word	word	NOUN
dem-4206	1	3	00_tresc.docx	00_tresc.docx	PRON
dem-4206	1	4	dynamic	dynamic	ADJ
dem-4206	1	5	econometric	econometric	ADJ
dem-4206	1	6	models	model	NOUN
dem-4206	1	7	vol	vol	NOUN
dem-4206	1	8	.	.	PROPN
dem-4206	1	9	9	9	NUM
dem-4206	1	10	–	–	PUNCT
dem-4206	1	11	nicolaus	nicolaus	PROPN
dem-4206	1	12	copernicus	copernicus	PROPN
dem-4206	1	13	university	university	PROPN
dem-4206	1	14	–	–	PUNCT
dem-4206	1	15	toruń	toruń	NOUN
dem-4206	1	16	–	–	PUNCT
dem-4206	1	17	2009	2009	NUM
dem-4206	1	18	monika	monika	PROPN
dem-4206	1	19	kośko	kośko	VERB
dem-4206	1	20	the	the	DET
dem-4206	1	21	university	university	NOUN
dem-4206	1	22	of	of	ADP
dem-4206	1	23	computer	computer	NOUN
dem-4206	1	24	science	science	NOUN
dem-4206	1	25	and	and	CCONJ
dem-4206	1	26	economics	economic	NOUN
dem-4206	1	27	in	in	ADP
dem-4206	1	28	olsztyn	olsztyn	PROPN
dem-4206	1	29	markov	markov	NOUN
dem-4206	1	30	switching	switching	NOUN
dem-4206	1	31	models	model	NOUN
dem-4206	1	32	with	with	ADP
dem-4206	1	33	application	application	NOUN
dem-4206	1	34	to	to	ADP
dem-4206	1	35	contagion	contagion	NOUN
dem-4206	1	36	effect	effect	NOUN
dem-4206	1	37	analysis	analysis	NOUN
dem-4206	1	38	in	in	ADP
dem-4206	1	39	the	the	DET
dem-4206	1	40	capital	capital	NOUN
dem-4206	1	41	markets	market	VERB
dem-4206	1	42	a	a	DET
dem-4206	1	43	b	b	NOUN
dem-4206	1	44	s	s	ADP
dem-4206	1	45	t	t	PROPN
dem-4206	1	46	r	r	NOUN
dem-4206	1	47	a	a	DET
dem-4206	1	48	c	c	NOUN
dem-4206	1	49	t.	t.	NOUN
dem-4206	1	50	this	this	DET
dem-4206	1	51	article	article	NOUN
dem-4206	1	52	presents	present	VERB
dem-4206	1	53	the	the	DET
dem-4206	1	54	analysis	analysis	NOUN
dem-4206	1	55	of	of	ADP
dem-4206	1	56	the	the	DET
dem-4206	1	57	contagion	contagion	NOUN
dem-4206	1	58	effect	effect	NOUN
dem-4206	1	59	in	in	ADP
dem-4206	1	60	the	the	DET
dem-4206	1	61	capital	capital	NOUN
dem-4206	1	62	markets	market	NOUN
dem-4206	1	63	on	on	ADP
dem-4206	1	64	the	the	DET
dem-4206	1	65	basis	basis	NOUN
dem-4206	1	66	of	of	ADP
dem-4206	1	67	the	the	DET
dem-4206	1	68	markov	markov	NOUN
dem-4206	1	69	switching	switching	NOUN
dem-4206	1	70	models	model	NOUN
dem-4206	1	71	ms	ms	PROPN
dem-4206	1	72	.	.	PROPN
dem-4206	2	1	the	the	DET
dem-4206	2	2	research	research	NOUN
dem-4206	2	3	is	be	AUX
dem-4206	2	4	based	base	VERB
dem-4206	2	5	on	on	ADP
dem-4206	2	6	the	the	DET
dem-4206	2	7	return	return	NOUN
dem-4206	2	8	of	of	ADP
dem-4206	2	9	the	the	DET
dem-4206	2	10	indexes	index	NOUN
dem-4206	2	11	.	.	PUNCT
dem-4206	3	1	there	there	PRON
dem-4206	3	2	is	be	VERB
dem-4206	3	3	a	a	DET
dem-4206	3	4	distinction	distinction	NOUN
dem-4206	3	5	of	of	ADP
dem-4206	3	6	two	two	NUM
dem-4206	3	7	regimes	regime	NOUN
dem-4206	3	8	with	with	ADP
dem-4206	3	9	different	different	ADJ
dem-4206	3	10	volatility	volatility	NOUN
dem-4206	3	11	levels	level	NOUN
dem-4206	3	12	,	,	PUNCT
dem-4206	3	13	the	the	DET
dem-4206	3	14	calm	calm	ADJ
dem-4206	3	15	period	period	NOUN
dem-4206	3	16	and	and	CCONJ
dem-4206	3	17	the	the	DET
dem-4206	3	18	crisis	crisis	NOUN
dem-4206	3	19	period	period	NOUN
dem-4206	3	20	.	.	PUNCT
dem-4206	4	1	then	then	ADV
dem-4206	4	2	the	the	DET
dem-4206	4	3	analysis	analysis	NOUN
dem-4206	4	4	of	of	ADP
dem-4206	4	5	the	the	DET
dem-4206	4	6	period	period	NOUN
dem-4206	4	7	’s	’s	PART
dem-4206	4	8	occurrence	occurrence	NOUN
dem-4206	4	9	was	be	AUX
dem-4206	4	10	conducted	conduct	VERB
dem-4206	4	11	,	,	PUNCT
dem-4206	4	12	in	in	ADP
dem-4206	4	13	reference	reference	NOUN
dem-4206	4	14	to	to	ADP
dem-4206	4	15	global	global	ADJ
dem-4206	4	16	financial	financial	ADJ
dem-4206	4	17	crisis	crisis	NOUN
dem-4206	4	18	.	.	PUNCT
dem-4206	5	1	periods	period	NOUN
dem-4206	5	2	with	with	ADP
dem-4206	5	3	a	a	DET
dem-4206	5	4	similar	similar	ADJ
dem-4206	5	5	level	level	NOUN
dem-4206	5	6	of	of	ADP
dem-4206	5	7	volatility	volatility	NOUN
dem-4206	5	8	occurrence	occurrence	NOUN
dem-4206	5	9	in	in	ADP
dem-4206	5	10	the	the	DET
dem-4206	5	11	same	same	ADJ
dem-4206	5	12	time	time	NOUN
dem-4206	5	13	.	.	PUNCT
dem-4206	6	1	this	this	DET
dem-4206	6	2	analysis	analysis	NOUN
dem-4206	6	3	evidences	evidence	VERB
dem-4206	6	4	the	the	DET
dem-4206	6	5	shocks	shock	NOUN
dem-4206	6	6	transmission	transmission	NOUN
dem-4206	6	7	between	between	ADP
dem-4206	6	8	financial	financial	ADJ
dem-4206	6	9	markets	market	NOUN
dem-4206	6	10	,	,	PUNCT
dem-4206	6	11	what	what	PRON
dem-4206	6	12	confirms	confirm	VERB
dem-4206	6	13	an	an	DET
dem-4206	6	14	occurrence	occurrence	NOUN
dem-4206	6	15	of	of	ADP
dem-4206	6	16	the	the	DET
dem-4206	6	17	contagion	contagion	NOUN
dem-4206	6	18	effect	effect	NOUN
dem-4206	6	19	.	.	PUNCT
dem-4206	7	1	k	k	X
dem-4206	7	2	e	e	PROPN
dem-4206	7	3	y	y	PROPN
dem-4206	7	4	w	w	NOUN
dem-4206	7	5	o	o	NOUN
dem-4206	7	6	r	r	NOUN
dem-4206	7	7	d	d	NOUN
dem-4206	7	8	s	s	X
dem-4206	7	9	:	:	PUNCT
dem-4206	7	10	markov	markov	NOUN
dem-4206	7	11	switching	switching	NOUN
dem-4206	7	12	model	model	NOUN
dem-4206	7	13	,	,	PUNCT
dem-4206	7	14	contagion	contagion	NOUN
dem-4206	7	15	effect	effect	NOUN
dem-4206	7	16	.	.	PUNCT
dem-4206	8	1	1	1	X
dem-4206	8	2	.	.	X
dem-4206	8	3	introduction	introduction	NOUN
dem-4206	8	4	the	the	DET
dem-4206	8	5	aim	aim	NOUN
dem-4206	8	6	of	of	ADP
dem-4206	8	7	the	the	DET
dem-4206	8	8	article	article	NOUN
dem-4206	8	9	is	be	AUX
dem-4206	8	10	an	an	DET
dem-4206	8	11	application	application	NOUN
dem-4206	8	12	of	of	ADP
dem-4206	8	13	the	the	DET
dem-4206	8	14	markov	markov	NOUN
dem-4206	8	15	switching	switch	VERB
dem-4206	8	16	model	model	NOUN
dem-4206	8	17	ms	ms	PROPN
dem-4206	8	18	to	to	ADP
dem-4206	8	19	contagion	contagion	NOUN
dem-4206	8	20	effect	effect	NOUN
dem-4206	8	21	analysis	analysis	NOUN
dem-4206	8	22	in	in	ADP
dem-4206	8	23	the	the	DET
dem-4206	8	24	capital	capital	NOUN
dem-4206	8	25	markets	market	NOUN
dem-4206	8	26	.	.	PUNCT
dem-4206	9	1	there	there	PRON
dem-4206	9	2	are	be	VERB
dem-4206	9	3	different	different	ADJ
dem-4206	9	4	definitions	definition	NOUN
dem-4206	9	5	of	of	ADP
dem-4206	9	6	contagion	contagion	NOUN
dem-4206	9	7	effect	effect	NOUN
dem-4206	9	8	.	.	PUNCT
dem-4206	10	1	the	the	DET
dem-4206	10	2	most	most	ADV
dem-4206	10	3	popular	popular	ADJ
dem-4206	10	4	definition	definition	NOUN
dem-4206	10	5	affirms	affirm	VERB
dem-4206	10	6	that	that	SCONJ
dem-4206	10	7	shocks	shock	NOUN
dem-4206	10	8	transmissions	transmission	NOUN
dem-4206	10	9	are	be	AUX
dem-4206	10	10	caused	cause	VERB
dem-4206	10	11	by	by	ADP
dem-4206	10	12	the	the	DET
dem-4206	10	13	herd	herd	ADJ
dem-4206	10	14	behavior	behavior	NOUN
dem-4206	10	15	of	of	ADP
dem-4206	10	16	investors	investor	NOUN
dem-4206	10	17	and	and	CCONJ
dem-4206	10	18	this	this	PRON
dem-4206	10	19	is	be	AUX
dem-4206	10	20	the	the	DET
dem-4206	10	21	most	most	ADV
dem-4206	10	22	often	often	ADV
dem-4206	10	23	assumed	assume	VERB
dem-4206	10	24	in	in	ADP
dem-4206	10	25	the	the	DET
dem-4206	10	26	empirical	empirical	ADJ
dem-4206	10	27	research	research	NOUN
dem-4206	10	28	.	.	PUNCT
dem-4206	11	1	there	there	PRON
dem-4206	11	2	can	can	AUX
dem-4206	11	3	be	be	AUX
dem-4206	11	4	found	find	VERB
dem-4206	11	5	three	three	NUM
dem-4206	11	6	approaches	approach	NOUN
dem-4206	11	7	in	in	ADP
dem-4206	11	8	an	an	DET
dem-4206	11	9	application	application	NOUN
dem-4206	11	10	of	of	ADP
dem-4206	11	11	the	the	DET
dem-4206	11	12	ms	ms	PROPN
dem-4206	11	13	models	model	NOUN
dem-4206	11	14	to	to	ADP
dem-4206	11	15	contagion	contagion	NOUN
dem-4206	11	16	effect	effect	NOUN
dem-4206	11	17	analysis	analysis	NOUN
dem-4206	11	18	,	,	PUNCT
dem-4206	11	19	such	such	ADJ
dem-4206	11	20	as	as	ADP
dem-4206	11	21	:	:	PUNCT
dem-4206	11	22	−	−	NOUN
dem-4206	11	23	univariate	univariate	ADJ
dem-4206	11	24	models	model	NOUN
dem-4206	11	25	with	with	ADP
dem-4206	11	26	the	the	DET
dem-4206	11	27	switch	switch	NOUN
dem-4206	11	28	in	in	ADP
dem-4206	11	29	variance	variance	NOUN
dem-4206	11	30	msh	msh	PROPN
dem-4206	11	31	(	(	PUNCT
dem-4206	11	32	moore	moore	PROPN
dem-4206	11	33	,	,	PUNCT
dem-4206	11	34	wang	wang	PROPN
dem-4206	11	35	,	,	PUNCT
dem-4206	11	36	2007	2007	NUM
dem-4206	11	37	)	)	PUNCT
dem-4206	11	38	;	;	PUNCT
dem-4206	11	39	−	−	PROPN
dem-4206	11	40	multivariate	multivariate	NOUN
dem-4206	11	41	models	model	NOUN
dem-4206	11	42	with	with	ADP
dem-4206	11	43	the	the	DET
dem-4206	11	44	switch	switch	NOUN
dem-4206	11	45	in	in	ADP
dem-4206	11	46	variance	variance	NOUN
dem-4206	11	47	msh	msh	PROPN
dem-4206	11	48	-	-	PROPN
dem-4206	11	49	var	var	PROPN
dem-4206	11	50	or	or	CCONJ
dem-4206	11	51	both	both	PRON
dem-4206	11	52	in	in	ADP
dem-4206	11	53	the	the	DET
dem-4206	11	54	variance	variance	NOUN
dem-4206	11	55	and	and	CCONJ
dem-4206	11	56	mean	mean	VERB
dem-4206	11	57	msmh	msmh	NOUN
dem-4206	11	58	-	-	PUNCT
dem-4206	11	59	var	var	NOUN
dem-4206	11	60	(	(	PUNCT
dem-4206	11	61	linne	linne	PROPN
dem-4206	11	62	,	,	PUNCT
dem-4206	11	63	2001	2001	NUM
dem-4206	11	64	;	;	PUNCT
dem-4206	11	65	mandilaras	mandilara	NOUN
dem-4206	11	66	,	,	PUNCT
dem-4206	11	67	bird	bird	NOUN
dem-4206	11	68	,	,	PUNCT
dem-4206	11	69	2005	2005	NUM
dem-4206	11	70	)	)	PUNCT
dem-4206	11	71	;	;	PUNCT
dem-4206	11	72	−	−	PROPN
dem-4206	11	73	the	the	DET
dem-4206	11	74	garch	garch	NOUN
dem-4206	11	75	models	model	NOUN
dem-4206	11	76	with	with	ADP
dem-4206	11	77	the	the	DET
dem-4206	11	78	markov	markov	NOUN
dem-4206	11	79	switching	switch	VERB
dem-4206	11	80	ms	ms	PROPN
dem-4206	11	81	-	-	PUNCT
dem-4206	11	82	garch	garch	NOUN
dem-4206	11	83	(	(	PUNCT
dem-4206	11	84	edwards	edwards	PROPN
dem-4206	11	85	,	,	PUNCT
dem-4206	11	86	susmel	susmel	NOUN
dem-4206	11	87	,	,	PUNCT
dem-4206	11	88	2001	2001	NUM
dem-4206	11	89	)	)	PUNCT
dem-4206	11	90	.	.	PUNCT
dem-4206	12	1	2	2	X
dem-4206	12	2	.	.	X
dem-4206	12	3	a	a	DET
dem-4206	12	4	contagion	contagion	NOUN
dem-4206	12	5	effect	effect	NOUN
dem-4206	12	6	definition	definition	NOUN
dem-4206	12	7	a	a	DET
dem-4206	12	8	contagion	contagion	NOUN
dem-4206	12	9	effect	effect	NOUN
dem-4206	12	10	definition	definition	NOUN
dem-4206	12	11	the	the	DET
dem-4206	12	12	most	most	ADV
dem-4206	12	13	often	often	ADV
dem-4206	12	14	concerns	concern	VERB
dem-4206	12	15	the	the	DET
dem-4206	12	16	financial	financial	ADJ
dem-4206	12	17	markets	market	NOUN
dem-4206	12	18	,	,	PUNCT
dem-4206	12	19	but	but	CCONJ
dem-4206	12	20	the	the	DET
dem-4206	12	21	transmission	transmission	NOUN
dem-4206	12	22	processes	process	NOUN
dem-4206	12	23	envelope	envelope	VERB
dem-4206	12	24	an	an	DET
dem-4206	12	25	economic	economic	ADJ
dem-4206	12	26	connections	connection	NOUN
dem-4206	12	27	too	too	ADV
dem-4206	12	28	.	.	PUNCT
dem-4206	13	1	the	the	DET
dem-4206	13	2	monika	monika	PROPN
dem-4206	13	3	kośko	kośko	VERB
dem-4206	13	4	74	74	NUM
dem-4206	13	5	word	word	NOUN
dem-4206	13	6	bank	bank	NOUN
dem-4206	13	7	assumes	assume	VERB
dem-4206	13	8	three	three	NUM
dem-4206	13	9	versions	version	NOUN
dem-4206	13	10	of	of	ADP
dem-4206	13	11	the	the	DET
dem-4206	13	12	contagion	contagion	NOUN
dem-4206	13	13	effect	effect	NOUN
dem-4206	13	14	definition1	definition1	NOUN
dem-4206	13	15	:	:	PUNCT
dem-4206	13	16	broad	broad	ADJ
dem-4206	13	17	,	,	PUNCT
dem-4206	13	18	narrow	narrow	ADJ
dem-4206	13	19	and	and	CCONJ
dem-4206	13	20	very	very	ADV
dem-4206	13	21	narrow	narrow	ADJ
dem-4206	13	22	definition	definition	NOUN
dem-4206	13	23	.	.	PUNCT
dem-4206	14	1	according	accord	VERB
dem-4206	14	2	to	to	ADP
dem-4206	14	3	broad	broad	ADJ
dem-4206	14	4	definition	definition	NOUN
dem-4206	14	5	the	the	DET
dem-4206	14	6	contagion	contagion	NOUN
dem-4206	14	7	effect	effect	NOUN
dem-4206	14	8	is	be	AUX
dem-4206	14	9	an	an	DET
dem-4206	14	10	international	international	ADJ
dem-4206	14	11	shocks	shock	NOUN
dem-4206	14	12	transmission	transmission	NOUN
dem-4206	14	13	or	or	CCONJ
dem-4206	14	14	wide	wide	ADV
dem-4206	14	15	-	-	PUNCT
dem-4206	14	16	spread	spread	VERB
dem-4206	14	17	spillover	spillover	ADJ
dem-4206	14	18	effect	effect	NOUN
dem-4206	14	19	.	.	PUNCT
dem-4206	15	1	the	the	DET
dem-4206	15	2	transmission	transmission	NOUN
dem-4206	15	3	can	can	AUX
dem-4206	15	4	refer	refer	VERB
dem-4206	15	5	to	to	ADP
dem-4206	15	6	both	both	CCONJ
dem-4206	15	7	good	good	ADJ
dem-4206	15	8	and	and	CCONJ
dem-4206	15	9	bad	bad	ADJ
dem-4206	15	10	periods	period	NOUN
dem-4206	15	11	and	and	CCONJ
dem-4206	15	12	it	it	PRON
dem-4206	15	13	’s	’s	AUX
dem-4206	15	14	not	not	PART
dem-4206	15	15	always	always	ADV
dem-4206	15	16	identified	identify	VERB
dem-4206	15	17	as	as	ADP
dem-4206	15	18	crisis	crisis	NOUN
dem-4206	15	19	.	.	PUNCT
dem-4206	16	1	however	however	ADV
dem-4206	16	2	in	in	ADP
dem-4206	16	3	the	the	DET
dem-4206	16	4	crisis	crisis	NOUN
dem-4206	16	5	it	it	PRON
dem-4206	16	6	can	can	AUX
dem-4206	16	7	be	be	AUX
dem-4206	16	8	more	more	ADV
dem-4206	16	9	noticeable	noticeable	ADJ
dem-4206	16	10	.	.	PUNCT
dem-4206	17	1	in	in	ADP
dem-4206	17	2	the	the	DET
dem-4206	17	3	narrow	narrow	ADJ
dem-4206	17	4	definition	definition	NOUN
dem-4206	17	5	there	there	PRON
dem-4206	17	6	is	be	VERB
dem-4206	17	7	an	an	DET
dem-4206	17	8	assumption	assumption	NOUN
dem-4206	17	9	that	that	SCONJ
dem-4206	17	10	contagion	contagion	NOUN
dem-4206	17	11	is	be	AUX
dem-4206	17	12	a	a	DET
dem-4206	17	13	shocks	shock	NOUN
dem-4206	17	14	transmission	transmission	NOUN
dem-4206	17	15	to	to	ADP
dem-4206	17	16	other	other	ADJ
dem-4206	17	17	countries	country	NOUN
dem-4206	17	18	or	or	CCONJ
dem-4206	17	19	the	the	DET
dem-4206	17	20	relations	relation	NOUN
dem-4206	17	21	between	between	ADP
dem-4206	17	22	economies	economy	NOUN
dem-4206	17	23	except	except	SCONJ
dem-4206	17	24	the	the	DET
dem-4206	17	25	fundamental	fundamental	ADJ
dem-4206	17	26	connections	connection	NOUN
dem-4206	17	27	and	and	CCONJ
dem-4206	17	28	common	common	ADJ
dem-4206	17	29	shocks	shock	NOUN
dem-4206	17	30	.	.	PUNCT
dem-4206	18	1	this	this	DET
dem-4206	18	2	definition	definition	NOUN
dem-4206	18	3	the	the	PRON
dem-4206	18	4	most	most	ADV
dem-4206	18	5	often	often	ADV
dem-4206	18	6	is	be	AUX
dem-4206	18	7	reduced	reduce	VERB
dem-4206	18	8	to	to	ADP
dem-4206	18	9	very	very	ADV
dem-4206	18	10	similar	similar	ADJ
dem-4206	18	11	changes	change	NOUN
dem-4206	18	12	in	in	ADP
dem-4206	18	13	the	the	DET
dem-4206	18	14	financial	financial	ADJ
dem-4206	18	15	markets	market	NOUN
dem-4206	18	16	that	that	PRON
dem-4206	18	17	are	be	AUX
dem-4206	18	18	usually	usually	ADV
dem-4206	18	19	explained	explain	VERB
dem-4206	18	20	by	by	ADP
dem-4206	18	21	the	the	DET
dem-4206	18	22	herd	herd	NOUN
dem-4206	18	23	behavior	behavior	NOUN
dem-4206	18	24	.	.	PUNCT
dem-4206	19	1	the	the	DET
dem-4206	19	2	very	very	ADV
dem-4206	19	3	narrow	narrow	ADJ
dem-4206	19	4	definition	definition	NOUN
dem-4206	19	5	assumes	assume	VERB
dem-4206	19	6	that	that	SCONJ
dem-4206	19	7	a	a	DET
dem-4206	19	8	contagion	contagion	NOUN
dem-4206	19	9	effect	effect	NOUN
dem-4206	19	10	occurs	occur	VERB
dem-4206	19	11	when	when	SCONJ
dem-4206	19	12	in	in	ADP
dem-4206	19	13	the	the	DET
dem-4206	19	14	crisis	crisis	NOUN
dem-4206	19	15	period	period	NOUN
dem-4206	19	16	the	the	DET
dem-4206	19	17	correlation	correlation	NOUN
dem-4206	19	18	between	between	ADP
dem-4206	19	19	economies	economy	NOUN
dem-4206	19	20	is	be	AUX
dem-4206	19	21	stronger	strong	ADJ
dem-4206	19	22	than	than	ADP
dem-4206	19	23	in	in	ADP
dem-4206	19	24	the	the	DET
dem-4206	19	25	calm	calm	ADJ
dem-4206	19	26	period	period	NOUN
dem-4206	19	27	.	.	PUNCT
dem-4206	20	1	according	accord	VERB
dem-4206	20	2	to	to	ADP
dem-4206	20	3	fiszeder	fiszeder	PROPN
dem-4206	20	4	(	(	PUNCT
dem-4206	20	5	2009	2009	NUM
dem-4206	20	6	)	)	PUNCT
dem-4206	20	7	the	the	DET
dem-4206	20	8	narrow	narrow	ADJ
dem-4206	20	9	definition	definition	NOUN
dem-4206	20	10	of	of	ADP
dem-4206	20	11	contagion	contagion	NOUN
dem-4206	20	12	effect	effect	NOUN
dem-4206	20	13	is	be	AUX
dem-4206	20	14	the	the	DET
dem-4206	20	15	shocks	shock	NOUN
dem-4206	20	16	transmission	transmission	NOUN
dem-4206	20	17	between	between	ADP
dem-4206	20	18	countries	country	NOUN
dem-4206	20	19	that	that	PRON
dem-4206	20	20	can	can	AUX
dem-4206	20	21	not	not	PART
dem-4206	20	22	be	be	AUX
dem-4206	20	23	explained	explain	VERB
dem-4206	20	24	fundamentally	fundamentally	ADV
dem-4206	20	25	.	.	PUNCT
dem-4206	21	1	these	these	DET
dem-4206	21	2	transmissions	transmission	NOUN
dem-4206	21	3	are	be	AUX
dem-4206	21	4	real	real	ADJ
dem-4206	21	5	financial	financial	ADJ
dem-4206	21	6	,	,	PUNCT
dem-4206	21	7	economic	economic	ADJ
dem-4206	21	8	and	and	CCONJ
dem-4206	21	9	political	political	ADJ
dem-4206	21	10	connections	connection	NOUN
dem-4206	21	11	.	.	PUNCT
dem-4206	22	1	the	the	DET
dem-4206	22	2	most	most	ADV
dem-4206	22	3	often	often	ADV
dem-4206	22	4	cause	cause	VERB
dem-4206	22	5	of	of	ADP
dem-4206	22	6	the	the	DET
dem-4206	22	7	contagion	contagion	NOUN
dem-4206	22	8	in	in	ADP
dem-4206	22	9	narrow	narrow	ADJ
dem-4206	22	10	sense	sense	NOUN
dem-4206	22	11	is	be	AUX
dem-4206	22	12	the	the	DET
dem-4206	22	13	herd	herd	ADJ
dem-4206	22	14	investors	investor	NOUN
dem-4206	22	15	behavior	behavior	NOUN
dem-4206	22	16	.	.	PUNCT
dem-4206	23	1	there	there	PRON
dem-4206	23	2	can	can	AUX
dem-4206	23	3	be	be	AUX
dem-4206	23	4	noticed	notice	VERB
dem-4206	23	5	some	some	DET
dem-4206	23	6	specific	specific	ADJ
dem-4206	23	7	group	group	NOUN
dem-4206	23	8	behavior	behavior	NOUN
dem-4206	23	9	of	of	ADP
dem-4206	23	10	investors	investor	NOUN
dem-4206	23	11	,	,	PUNCT
dem-4206	23	12	what	what	PRON
dem-4206	23	13	is	be	AUX
dem-4206	23	14	more	more	ADV
dem-4206	23	15	distinct	distinct	ADJ
dem-4206	23	16	in	in	ADP
dem-4206	23	17	the	the	DET
dem-4206	23	18	crisis	crisis	NOUN
dem-4206	23	19	periods	period	NOUN
dem-4206	23	20	and	and	CCONJ
dem-4206	23	21	causes	cause	VERB
dem-4206	23	22	crossing	crossing	NOUN
dem-4206	23	23	shocks	shock	NOUN
dem-4206	23	24	over	over	ADP
dem-4206	23	25	the	the	DET
dem-4206	23	26	financial	financial	ADJ
dem-4206	23	27	markets	market	NOUN
dem-4206	23	28	.	.	PUNCT
dem-4206	24	1	the	the	DET
dem-4206	24	2	understanding	understanding	NOUN
dem-4206	24	3	these	these	DET
dem-4206	24	4	behaviors	behavior	NOUN
dem-4206	24	5	could	could	AUX
dem-4206	24	6	help	help	VERB
dem-4206	24	7	to	to	PART
dem-4206	24	8	explain	explain	VERB
dem-4206	24	9	the	the	DET
dem-4206	24	10	transmission	transmission	NOUN
dem-4206	24	11	of	of	ADP
dem-4206	24	12	the	the	DET
dem-4206	24	13	shocks	shock	NOUN
dem-4206	24	14	.	.	PUNCT
dem-4206	25	1	in	in	ADP
dem-4206	25	2	the	the	DET
dem-4206	25	3	analysis	analysis	NOUN
dem-4206	25	4	of	of	ADP
dem-4206	25	5	the	the	DET
dem-4206	25	6	contagion	contagion	NOUN
dem-4206	25	7	effect	effect	NOUN
dem-4206	25	8	a	a	DET
dem-4206	25	9	transmission	transmission	NOUN
dem-4206	25	10	channels	channel	NOUN
dem-4206	25	11	have	have	VERB
dem-4206	25	12	the	the	DET
dem-4206	25	13	essential	essential	ADJ
dem-4206	25	14	meaning	meaning	NOUN
dem-4206	25	15	.	.	PUNCT
dem-4206	26	1	there	there	PRON
dem-4206	26	2	can	can	AUX
dem-4206	26	3	be	be	AUX
dem-4206	26	4	found	find	VERB
dem-4206	26	5	a	a	DET
dem-4206	26	6	three	three	NUM
dem-4206	26	7	basic	basic	ADJ
dem-4206	26	8	transmission	transmission	NOUN
dem-4206	26	9	channels	channel	NOUN
dem-4206	26	10	:	:	PUNCT
dem-4206	26	11	−	−	NUM
dem-4206	26	12	real	real	ADJ
dem-4206	26	13	channel	channel	NOUN
dem-4206	26	14	(	(	PUNCT
dem-4206	26	15	international	international	ADJ
dem-4206	26	16	trade	trade	NOUN
dem-4206	26	17	)	)	PUNCT
dem-4206	26	18	;	;	PUNCT
dem-4206	26	19	−	−	PROPN
dem-4206	26	20	financial	financial	ADJ
dem-4206	26	21	channel	channel	NOUN
dem-4206	26	22	(	(	PUNCT
dem-4206	26	23	global	global	ADJ
dem-4206	26	24	diversification	diversification	NOUN
dem-4206	26	25	of	of	ADP
dem-4206	26	26	the	the	DET
dem-4206	26	27	investment	investment	NOUN
dem-4206	26	28	portfolio	portfolio	NOUN
dem-4206	26	29	)	)	PUNCT
dem-4206	26	30	;	;	PUNCT
dem-4206	26	31	−	−	PROPN
dem-4206	26	32	herd	herd	NOUN
dem-4206	26	33	behavior	behavior	NOUN
dem-4206	26	34	(	(	PUNCT
dem-4206	26	35	a	a	DET
dem-4206	26	36	copy	copy	NOUN
dem-4206	26	37	strategy	strategy	NOUN
dem-4206	26	38	in	in	ADP
dem-4206	26	39	the	the	DET
dem-4206	26	40	investment	investment	NOUN
dem-4206	26	41	)	)	PUNCT
dem-4206	26	42	;	;	PUNCT
dem-4206	26	43	−	−	PROPN
dem-4206	26	44	international	international	ADJ
dem-4206	26	45	policy	policy	NOUN
dem-4206	26	46	.	.	PUNCT
dem-4206	27	1	3	3	X
dem-4206	27	2	.	.	X
dem-4206	27	3	the	the	DET
dem-4206	27	4	markov	markov	NOUN
dem-4206	27	5	switching	switch	VERB
dem-4206	27	6	model	model	NOUN
dem-4206	27	7	the	the	DET
dem-4206	27	8	markov	markov	NOUN
dem-4206	27	9	switching	switch	VERB
dem-4206	27	10	model	model	NOUN
dem-4206	27	11	ar(p)-msmh(r	ar(p)-msmh(r	PROPN
dem-4206	27	12	)	)	PUNCT
dem-4206	27	13	for	for	ADP
dem-4206	27	14	stochastic	stochastic	ADJ
dem-4206	27	15	process	process	NOUN
dem-4206	27	16	ty	ty	INTJ
dem-4206	27	17	is	be	AUX
dem-4206	27	18	given	give	VERB
dem-4206	27	19	by	by	ADP
dem-4206	27	20	:	:	PUNCT
dem-4206	27	21	(	(	PUNCT
dem-4206	27	22	)	)	PUNCT
dem-4206	27	23	(	(	PUNCT
dem-4206	27	24	)	)	PUNCT
dem-4206	27	25	(	(	PUNCT
dem-4206	27	26	)	)	PUNCT
dem-4206	27	27	(	(	PUNCT
dem-4206	27	28	)	)	PUNCT
dem-4206	27	29	(	(	PUNCT
dem-4206	27	30	)	)	PUNCT
dem-4206	27	31	(	(	PUNCT
dem-4206	27	32	)	)	PUNCT
dem-4206	27	33	(	(	PUNCT
dem-4206	27	34	)	)	PUNCT
dem-4206	27	35	,	,	PUNCT
dem-4206	27	36	sy	sy	PROPN
dem-4206	27	37	...	...	PUNCT
dem-4206	27	38	sysysy	sysysy	NOUN
dem-4206	27	39	tptptptttttt	tptptptttttt	NOUN
dem-4206	27	40	εμαμαμαμ	εμαμαμαμ	NOUN
dem-4206	28	1	+	+	ADP
dem-4206	28	2	−+−+−+=	−+−+−+=	ADJ
dem-4206	28	3	−−−−−−	−−−−−−	NOUN
dem-4206	28	4	222111	222111	NUM
dem-4206	28	5	(	(	PUNCT
dem-4206	28	6	1	1	NUM
dem-4206	28	7	)	)	PUNCT
dem-4206	28	8	(	(	PUNCT
dem-4206	28	9	)	)	PUNCT
dem-4206	28	10	(	(	PUNCT
dem-4206	28	11	)	)	PUNCT
dem-4206	28	12	,	,	PUNCT
dem-4206	28	13	s	s	AUX
dem-4206	28	14	,	,	PUNCT
dem-4206	28	15	iid~	iid~	VERB
dem-4206	28	16	tt	tt	PROPN
dem-4206	28	17	20	20	NUM
dem-4206	28	18	εσε	εσε	PROPN
dem-4206	28	19	[	[	PUNCT
dem-4206	28	20	]	]	X
dem-4206	28	21	,	,	PUNCT
dem-4206	28	22	s	s	X
dem-4206	28	23	,	,	PUNCT
dem-4206	28	24	y|yey	y|yey	NOUN
dem-4206	28	25	ttttt	ttttt	NOUN
dem-4206	28	26	1−−=ε	1−−=ε	NUM
dem-4206	28	27	where	where	SCONJ
dem-4206	28	28	(	(	PUNCT
dem-4206	28	29	)	)	PUNCT
dem-4206	28	30	tsμ	tsμ	NOUN
dem-4206	28	31	is	be	AUX
dem-4206	28	32	conditional	conditional	ADJ
dem-4206	28	33	expected	expect	VERB
dem-4206	28	34	value	value	NOUN
dem-4206	28	35	of	of	ADP
dem-4206	28	36	ty	ty	PRON
dem-4206	28	37	[	[	PUNCT
dem-4206	28	38	]	]	X
dem-4206	28	39	(	(	PUNCT
dem-4206	28	40	)	)	PUNCT
dem-4206	28	41	ttt	ttt	PROPN
dem-4206	28	42	syy	syy	VERB
dem-4206	28	43	,	,	PUNCT
dem-4206	28	44	|	|	ADV
dem-4206	28	45	1−ε	1−ε	NUM
dem-4206	28	46	=	=	SYM
dem-4206	28	47	μ	μ	PROPN
dem-4206	28	48	and	and	CCONJ
dem-4206	28	49	(	(	PUNCT
dem-4206	28	50	)	)	PUNCT
dem-4206	28	51	ts2	ts2	ADJ
dem-4206	28	52	εσ	εσ	NOUN
dem-4206	28	53	is	be	AUX
dem-4206	28	54	the	the	DET
dem-4206	28	55	variance	variance	NOUN
dem-4206	28	56	of	of	ADP
dem-4206	28	57	the	the	DET
dem-4206	28	58	disturbance	disturbance	NOUN
dem-4206	28	59	term	term	NOUN
dem-4206	28	60	.	.	PUNCT
dem-4206	29	1	1	1	NUM
dem-4206	29	2	contagion	contagion	NOUN
dem-4206	29	3	of	of	ADP
dem-4206	29	4	financial	financial	ADJ
dem-4206	29	5	crises	crisis	NOUN
dem-4206	29	6	,	,	PUNCT
dem-4206	29	7	world	world	PROPN
dem-4206	29	8	bank	bank	PROPN
dem-4206	29	9	,	,	PUNCT
dem-4206	29	10	http://www.worldbank.org	http://www.worldbank.org	NUM
dem-4206	29	11	.	.	PUNCT
dem-4206	30	1	the	the	DET
dem-4206	30	2	markov	markov	NOUN
dem-4206	30	3	switching	switch	VERB
dem-4206	30	4	model	model	NOUN
dem-4206	30	5	with	with	ADP
dem-4206	30	6	application	application	NOUN
dem-4206	30	7	to	to	ADP
dem-4206	30	8	contagion	contagion	NOUN
dem-4206	30	9	effect	effect	NOUN
dem-4206	30	10	…	…	PUNCT
dem-4206	30	11	75	75	NUM
dem-4206	30	12	in	in	ADP
dem-4206	30	13	the	the	DET
dem-4206	30	14	markov	markov	NOUN
dem-4206	30	15	switching	switching	NOUN
dem-4206	30	16	models	model	NOUN
dem-4206	30	17	the	the	DET
dem-4206	30	18	parameters	parameter	NOUN
dem-4206	30	19	(	(	PUNCT
dem-4206	30	20	)	)	PUNCT
dem-4206	30	21	(	(	PUNCT
dem-4206	30	22	)	)	PUNCT
dem-4206	30	23	jtt	jtt	PROPN
dem-4206	30	24	,	,	PUNCT
dem-4206	30	25	js	js	PROPN
dem-4206	30	26	,	,	PUNCT
dem-4206	30	27	js	js	ADJ
dem-4206	30	28	πσμ	πσμ	NOUN
dem-4206	30	29	ε	ε	PROPN
dem-4206	30	30	=	=	SYM
dem-4206	30	31	=	=	SYM
dem-4206	30	32	2	2	NUM
dem-4206	30	33	2	2	NUM
dem-4206	30	34	are	be	AUX
dem-4206	30	35	the	the	DET
dem-4206	30	36	unobserved	unobserved	ADJ
dem-4206	30	37	variable	variable	NOUN
dem-4206	30	38	ts	ts	ADP
dem-4206	30	39	realizations	realization	NOUN
dem-4206	30	40	,	,	PUNCT
dem-4206	30	41	that	that	PRON
dem-4206	30	42	has	have	VERB
dem-4206	30	43	a	a	DET
dem-4206	30	44	markov	markov	NOUN
dem-4206	30	45	property3	property3	NOUN
dem-4206	30	46	.	.	PUNCT
dem-4206	31	1	the	the	DET
dem-4206	31	2	conditional	conditional	ADJ
dem-4206	31	3	probabilities	probability	NOUN
dem-4206	31	4	(	(	PUNCT
dem-4206	31	5	)	)	PUNCT
dem-4206	31	6	tpij	tpij	NOUN
dem-4206	31	7	create	create	VERB
dem-4206	31	8	the	the	DET
dem-4206	31	9	transition	transition	NOUN
dem-4206	31	10	probabilities	probability	NOUN
dem-4206	31	11	matrix	matrix	NOUN
dem-4206	31	12	p	p	NOUN
dem-4206	31	13	with	with	ADP
dem-4206	31	14	the	the	DET
dem-4206	31	15	rr	rr	PROPN
dem-4206	31	16	×	×	PROPN
dem-4206	31	17	dimension	dimension	NOUN
dem-4206	31	18	that	that	PRON
dem-4206	31	19	is	be	AUX
dem-4206	31	20	given	give	VERB
dem-4206	31	21	by	by	ADP
dem-4206	31	22	:	:	PUNCT
dem-4206	31	23	,	,	PUNCT
dem-4206	31	24	)	)	PUNCT
dem-4206	31	25	t(p)t(p)t(p	t(p)t(p)t(p	PROPN
dem-4206	31	26	)	)	PUNCT
dem-4206	31	27	t(p)t(p)t(p	t(p)t(p)t(p	PROPN
dem-4206	31	28	)	)	PUNCT
dem-4206	32	1	t(p)t(p)t(p	t(p)t(p)t(p	PROPN
dem-4206	32	2	rrrrrr	rrrrrr	NOUN
dem-4206	32	3	r	r	NOUN
dem-4206	32	4	r	r	NOUN
dem-4206	32	5	×	×	PROPN
dem-4206	32	6	⎥	⎥	PROPN
dem-4206	32	7	⎥	⎥	PROPN
dem-4206	32	8	⎥	⎥	PROPN
dem-4206	32	9	⎥	⎥	PROPN
dem-4206	32	10	⎦	⎦	NOUN
dem-4206	32	11	⎤	⎤	ADJ
dem-4206	32	12	⎢	⎢	NOUN
dem-4206	32	13	⎢	⎢	NOUN
dem-4206	32	14	⎢	⎢	NOUN
dem-4206	32	15	⎢	⎢	NOUN
dem-4206	32	16	⎣	⎣	PROPN
dem-4206	32	17	⎡	⎡	NOUN
dem-4206	32	18	=	=	SYM
dem-4206	32	19	l	l	NOUN
dem-4206	32	20	momm	momm	NOUN
dem-4206	32	21	l	l	PROPN
dem-4206	32	22	l	l	NOUN
dem-4206	32	23	21	21	NUM
dem-4206	32	24	22221	22221	NUM
dem-4206	32	25	11211	11211	NUM
dem-4206	32	26	p	p	X
dem-4206	32	27	(	(	PUNCT
dem-4206	32	28	2	2	NUM
dem-4206	32	29	)	)	PUNCT
dem-4206	32	30	where	where	SCONJ
dem-4206	32	31	r	r	NOUN
dem-4206	32	32	is	be	AUX
dem-4206	32	33	the	the	DET
dem-4206	32	34	states	state	NOUN
dem-4206	32	35	(	(	PUNCT
dem-4206	32	36	regimes	regime	NOUN
dem-4206	32	37	)	)	PUNCT
dem-4206	32	38	number	number	NOUN
dem-4206	32	39	of	of	ADP
dem-4206	32	40	the	the	DET
dem-4206	32	41	ts	ts	ADJ
dem-4206	32	42	variable	variable	ADJ
dem-4206	32	43	process	process	NOUN
dem-4206	32	44	.	.	PUNCT
dem-4206	33	1	the	the	DET
dem-4206	33	2	p	p	PROPN
dem-4206	33	3	matrix	matrix	NOUN
dem-4206	33	4	is	be	AUX
dem-4206	33	5	the	the	DET
dem-4206	33	6	stochastic	stochastic	ADJ
dem-4206	33	7	matrix	matrix	NOUN
dem-4206	33	8	,	,	PUNCT
dem-4206	33	9	because	because	SCONJ
dem-4206	33	10	its	its	PRON
dem-4206	33	11	elements	element	NOUN
dem-4206	33	12	satisfy	satisfy	VERB
dem-4206	33	13	the	the	DET
dem-4206	33	14	following	following	ADJ
dem-4206	33	15	conditions	condition	NOUN
dem-4206	33	16	:	:	PUNCT
dem-4206	33	17	0≥)t(pij	0≥)t(pij	NUM
dem-4206	33	18	,	,	PUNCT
dem-4206	33	19	1=∑	1=∑	NUM
dem-4206	33	20	j	j	PROPN
dem-4206	33	21	ij	ij	INTJ
dem-4206	33	22	)	)	PUNCT
dem-4206	33	23	t(p	t(p	NOUN
dem-4206	33	24	.	.	PUNCT
dem-4206	34	1	the	the	DET
dem-4206	34	2	homogeneous	homogeneous	ADJ
dem-4206	34	3	markov	markov	NOUN
dem-4206	34	4	chain	chain	NOUN
dem-4206	34	5	probabilities	probability	NOUN
dem-4206	34	6	(	(	PUNCT
dem-4206	34	7	)	)	PUNCT
dem-4206	34	8	tpij	tpij	NOUN
dem-4206	34	9	describing	describe	VERB
dem-4206	34	10	the	the	DET
dem-4206	34	11	one	one	NUM
dem-4206	34	12	step	step	NOUN
dem-4206	34	13	change	change	NOUN
dem-4206	34	14	between	between	ADP
dem-4206	34	15	states	state	NOUN
dem-4206	34	16	are	be	AUX
dem-4206	34	17	constant	constant	ADJ
dem-4206	34	18	and	and	CCONJ
dem-4206	34	19	time	time	NOUN
dem-4206	34	20	independent	independent	ADJ
dem-4206	34	21	.	.	PUNCT
dem-4206	35	1	the	the	DET
dem-4206	35	2	markov	markov	NOUN
dem-4206	35	3	switching	switching	NOUN
dem-4206	35	4	models	model	NOUN
dem-4206	35	5	ms	ms	NOUN
dem-4206	35	6	can	can	AUX
dem-4206	35	7	generate	generate	VERB
dem-4206	35	8	the	the	DET
dem-4206	35	9	skew	skew	ADJ
dem-4206	35	10	distribution	distribution	NOUN
dem-4206	35	11	(	(	PUNCT
dem-4206	35	12	when	when	SCONJ
dem-4206	35	13	the	the	DET
dem-4206	35	14	third	third	ADJ
dem-4206	35	15	central	central	ADJ
dem-4206	35	16	moment	moment	NOUN
dem-4206	35	17	significantly	significantly	ADV
dem-4206	35	18	differs	differ	VERB
dem-4206	35	19	from	from	ADP
dem-4206	35	20	zero	zero	NUM
dem-4206	35	21	)	)	PUNCT
dem-4206	35	22	and	and	CCONJ
dem-4206	35	23	the	the	DET
dem-4206	35	24	leptokurtic	leptokurtic	ADJ
dem-4206	35	25	distribution	distribution	NOUN
dem-4206	35	26	.	.	PUNCT
dem-4206	36	1	in	in	ADP
dem-4206	36	2	example	example	NOUN
dem-4206	36	3	,	,	PUNCT
dem-4206	36	4	the	the	DET
dem-4206	36	5	model	model	NOUN
dem-4206	36	6	that	that	PRON
dem-4206	36	7	can	can	AUX
dem-4206	36	8	generate	generate	VERB
dem-4206	36	9	the	the	DET
dem-4206	36	10	skewness	skewness	NOUN
dem-4206	36	11	and	and	CCONJ
dem-4206	36	12	the	the	DET
dem-4206	36	13	leptokurtosis	leptokurtosis	NOUN
dem-4206	36	14	of	of	ADP
dem-4206	36	15	the	the	DET
dem-4206	36	16	distribution	distribution	NOUN
dem-4206	36	17	is	be	AUX
dem-4206	36	18	the	the	DET
dem-4206	36	19	ar(0)-msm(2	ar(0)-msm(2	NUM
dem-4206	36	20	)	)	PUNCT
dem-4206	36	21	.	.	PUNCT
dem-4206	37	1	the	the	DET
dem-4206	37	2	ar(0)-msh(2	ar(0)-msh(2	NOUN
dem-4206	37	3	)	)	PUNCT
dem-4206	37	4	model	model	NOUN
dem-4206	37	5	is	be	AUX
dem-4206	37	6	given	give	VERB
dem-4206	37	7	by	by	ADP
dem-4206	37	8	:	:	PUNCT
dem-4206	37	9	(	(	PUNCT
dem-4206	37	10	)	)	PUNCT
dem-4206	37	11	(	(	PUNCT
dem-4206	37	12	)	)	PUNCT
dem-4206	37	13	(	(	PUNCT
dem-4206	37	14	)	)	PUNCT
dem-4206	37	15	,	,	PUNCT
dem-4206	37	16	sisi	sisi	ADJ
dem-4206	37	17	,	,	PUNCT
dem-4206	37	18	nid~,y	nid~,y	ADJ
dem-4206	37	19	ttttyt	ttttyt	ADJ
dem-4206	37	20	210	210	NUM
dem-4206	37	21	2	2	NUM
dem-4206	37	22	2	2	NUM
dem-4206	37	23	2	2	NUM
dem-4206	37	24	1	1	NUM
dem-4206	37	25	=	=	ADJ
dem-4206	37	26	+	+	NOUN
dem-4206	37	27	=	=	NOUN
dem-4206	37	28	=	=	NOUN
dem-4206	37	29	−	−	X
dem-4206	37	30	εε	εε	ADP
dem-4206	37	31	σσεεμ	σσεεμ	NOUN
dem-4206	37	32	(	(	PUNCT
dem-4206	37	33	3	3	NUM
dem-4206	37	34	)	)	PUNCT
dem-4206	37	35	where	where	SCONJ
dem-4206	37	36	2	2	NUM
dem-4206	37	37	2	2	NUM
dem-4206	37	38	2	2	NUM
dem-4206	37	39	1	1	NUM
dem-4206	37	40	εε	εε	ADP
dem-4206	37	41	σσ	σσ	ADV
dem-4206	37	42	,	,	PUNCT
dem-4206	37	43	the	the	DET
dem-4206	37	44	variance	variance	NOUN
dem-4206	37	45	of	of	ADP
dem-4206	37	46	the	the	DET
dem-4206	37	47	disturbance	disturbance	NOUN
dem-4206	37	48	term	term	NOUN
dem-4206	37	49	,	,	PUNCT
dem-4206	37	50	in	in	ADP
dem-4206	37	51	the	the	DET
dem-4206	37	52	following	follow	VERB
dem-4206	37	53	first	first	ADJ
dem-4206	37	54	and	and	CCONJ
dem-4206	37	55	second	second	ADJ
dem-4206	37	56	state	state	NOUN
dem-4206	37	57	(	(	PUNCT
dem-4206	37	58	)	)	PUNCT
dem-4206	37	59	(	(	PUNCT
dem-4206	37	60	)	)	PUNCT
dem-4206	37	61	21	21	NUM
dem-4206	37	62	=	=	X
dem-4206	37	63	=	=	X
dem-4206	37	64	tt	tt	PROPN
dem-4206	37	65	si	si	NOUN
dem-4206	37	66	,	,	PUNCT
dem-4206	37	67	si	si	X
dem-4206	37	68	are	be	AUX
dem-4206	37	69	dummies	dummy	NOUN
dem-4206	37	70	variables	variable	NOUN
dem-4206	37	71	.	.	PUNCT
dem-4206	38	1	the	the	DET
dem-4206	38	2	excess	excess	ADJ
dem-4206	38	3	coefficient	coefficient	NOUN
dem-4206	38	4	of	of	ADP
dem-4206	38	5	the	the	DET
dem-4206	38	6	ty	ty	NOUN
dem-4206	38	7	process	process	NOUN
dem-4206	38	8	for	for	ADP
dem-4206	38	9	the	the	DET
dem-4206	38	10	markov	markov	NOUN
dem-4206	38	11	switching	switch	VERB
dem-4206	38	12	ar(0)msh(2	ar(0)msh(2	NOUN
dem-4206	38	13	)	)	PUNCT
dem-4206	38	14	model	model	NOUN
dem-4206	38	15	can	can	AUX
dem-4206	38	16	be	be	AUX
dem-4206	38	17	written	write	VERB
dem-4206	38	18	as	as	ADP
dem-4206	38	19	:	:	PUNCT
dem-4206	38	20	(	(	PUNCT
dem-4206	38	21	)	)	PUNCT
dem-4206	38	22	[	[	PUNCT
dem-4206	38	23	]	]	X
dem-4206	38	24	(	(	PUNCT
dem-4206	38	25	)	)	PUNCT
dem-4206	38	26	[	[	PUNCT
dem-4206	38	27	]	]	X
dem-4206	38	28	(	(	PUNCT
dem-4206	38	29	)	)	PUNCT
dem-4206	38	30	(	(	PUNCT
dem-4206	38	31	)	)	PUNCT
dem-4206	38	32	,	,	PUNCT
dem-4206	38	33	y	y	PROPN
dem-4206	38	34	y	y	PROPN
dem-4206	38	35	yt	yt	VERB
dem-4206	38	36	yt	yt	VERB
dem-4206	38	37	22	22	NUM
dem-4206	38	38	22	22	NUM
dem-4206	38	39	2	2	NUM
dem-4206	38	40	11	11	NUM
dem-4206	38	41	22	22	NUM
dem-4206	38	42	2	2	NUM
dem-4206	38	43	2	2	NUM
dem-4206	38	44	121	121	NUM
dem-4206	38	45	22	22	NUM
dem-4206	38	46	4	4	NUM
dem-4206	38	47	33	33	NUM
dem-4206	38	48	εε	εε	ADP
dem-4206	38	49	εε	εε	ADP
dem-4206	38	50	σπσπ	σπσπ	ADJ
dem-4206	38	51	σσππ	σσππ	NOUN
dem-4206	39	1	με	με	ADP
dem-4206	39	2	με	με	NOUN
dem-4206	39	3	+	+	CCONJ
dem-4206	39	4	−	−	PROPN
dem-4206	39	5	=	=	NUM
dem-4206	39	6	−	−	PROPN
dem-4206	39	7	−	−	PROPN
dem-4206	39	8	−	−	PROPN
dem-4206	40	1	(	(	PUNCT
dem-4206	40	2	4	4	NUM
dem-4206	40	3	)	)	SYM
dem-4206	40	4	2	2	NUM
dem-4206	40	5	unconditional	unconditional	ADJ
dem-4206	40	6	probabilities	probability	NOUN
dem-4206	40	7	of	of	ADP
dem-4206	40	8	the	the	DET
dem-4206	40	9	markov	markov	NOUN
dem-4206	40	10	chain	chain	NOUN
dem-4206	40	11	(	(	PUNCT
dem-4206	40	12	ergodic	ergodic	ADJ
dem-4206	40	13	)	)	PUNCT
dem-4206	40	14	for	for	ADP
dem-4206	40	15	two	two	NUM
dem-4206	40	16	states	state	NOUN
dem-4206	40	17	are	be	AUX
dem-4206	40	18	received	receive	VERB
dem-4206	40	19	from	from	ADP
dem-4206	40	20	equations	equation	NOUN
dem-4206	40	21	:	:	PUNCT
dem-4206	40	22	2211	2211	NUM
dem-4206	40	23	22	22	NUM
dem-4206	40	24	1	1	NUM
dem-4206	40	25	2	2	NUM
dem-4206	40	26	1	1	NUM
dem-4206	40	27	pp	pp	ADP
dem-4206	40	28	p	p	NOUN
dem-4206	40	29	−−	−−	NOUN
dem-4206	40	30	−	−	VERB
dem-4206	41	1	=	=	SYM
dem-4206	41	2	π	π	PROPN
dem-4206	41	3	,	,	PUNCT
dem-4206	41	4	2211	2211	NUM
dem-4206	41	5	11	11	NUM
dem-4206	41	6	2	2	NUM
dem-4206	41	7	2	2	NUM
dem-4206	41	8	1	1	NUM
dem-4206	41	9	pp	pp	ADP
dem-4206	41	10	p	p	NOUN
dem-4206	41	11	−−	−−	NOUN
dem-4206	41	12	−	−	VERB
dem-4206	42	1	=	=	SYM
dem-4206	42	2	π	π	PROPN
dem-4206	42	3	.	.	PUNCT
dem-4206	43	1	3	3	NUM
dem-4206	43	2	the	the	DET
dem-4206	43	3	finite	finite	PROPN
dem-4206	43	4	homogeneous	homogeneous	ADJ
dem-4206	43	5	markov	markov	NOUN
dem-4206	43	6	chain	chain	NOUN
dem-4206	43	7	with	with	ADP
dem-4206	43	8	the	the	DET
dem-4206	43	9	state	state	NOUN
dem-4206	43	10	space	space	NOUN
dem-4206	43	11	{	{	PUNCT
dem-4206	43	12	}	}	PUNCT
dem-4206	43	13	r,	r,	NUM
dem-4206	43	14	...	...	PUNCT
dem-4206	43	15	,,21	,,21	PUNCT
dem-4206	43	16	is	be	AUX
dem-4206	43	17	the	the	DET
dem-4206	43	18	stochastic	stochastic	ADJ
dem-4206	43	19	process	process	NOUN
dem-4206	43	20	where	where	SCONJ
dem-4206	43	21	for	for	ADP
dem-4206	43	22	all	all	PRON
dem-4206	43	23	{	{	PUNCT
dem-4206	43	24	}	}	PUNCT
dem-4206	43	25	rji	rji	NOUN
dem-4206	43	26	,	,	PUNCT
dem-4206	43	27	...	...	PUNCT
dem-4206	43	28	,	,	PUNCT
dem-4206	43	29	2,1	2,1	NUM
dem-4206	43	30	,	,	PUNCT
dem-4206	43	31	∈	∈	PROPN
dem-4206	43	32	the	the	PRON
dem-4206	43	33	(	(	PUNCT
dem-4206	43	34	)	)	PUNCT
dem-4206	43	35	=	=	PUNCT
dem-4206	43	36	=	=	SYM
dem-4206	43	37	=	=	SYM
dem-4206	43	38	=	=	SYM
dem-4206	43	39	−	−	PROPN
dem-4206	43	40	tpisjs	tpisjs	NOUN
dem-4206	43	41	ijtt	ijtt	VERB
dem-4206	43	42	)	)	PUNCT
dem-4206	43	43	|pr	|pr	PROPN
dem-4206	43	44	(	(	PUNCT
dem-4206	43	45	1	1	NUM
dem-4206	43	46	(	(	PUNCT
dem-4206	43	47	)	)	PUNCT
dem-4206	43	48	tp)is|jspr	tp)is|jspr	PROPN
dem-4206	43	49	(	(	PUNCT
dem-4206	43	50	ijtt	ijtt	VERB
dem-4206	43	51	=	=	NOUN
dem-4206	43	52	=	=	SYM
dem-4206	43	53	=	=	SYM
dem-4206	43	54	=	=	SYM
dem-4206	43	55	−1	−1	NOUN
dem-4206	43	56	equality	equality	NOUN
dem-4206	43	57	is	be	AUX
dem-4206	43	58	fulfilled	fulfil	VERB
dem-4206	43	59	.	.	PUNCT
dem-4206	44	1	monika	monika	PROPN
dem-4206	44	2	kośko	kośko	PROPN
dem-4206	44	3	76	76	NUM
dem-4206	44	4	where	where	SCONJ
dem-4206	44	5	(	(	PUNCT
dem-4206	44	6	)	)	PUNCT
dem-4206	44	7	[	[	PUNCT
dem-4206	44	8	]	]	SYM
dem-4206	44	9	2	2	NUM
dem-4206	44	10	yty	yty	NOUN
dem-4206	44	11	με	με	ADP
dem-4206	44	12	−	−	PROPN
dem-4206	44	13	is	be	AUX
dem-4206	44	14	the	the	DET
dem-4206	44	15	second	second	ADJ
dem-4206	44	16	central	central	ADJ
dem-4206	44	17	moment	moment	NOUN
dem-4206	44	18	and	and	CCONJ
dem-4206	44	19	21	21	NUM
dem-4206	44	20	ππ	ππ	NOUN
dem-4206	44	21	,	,	PUNCT
dem-4206	44	22	are	be	AUX
dem-4206	44	23	the	the	DET
dem-4206	44	24	ergodic	ergodic	ADJ
dem-4206	44	25	probabilities	probability	NOUN
dem-4206	44	26	in	in	ADP
dem-4206	44	27	the	the	DET
dem-4206	44	28	following	follow	VERB
dem-4206	44	29	first	first	ADJ
dem-4206	44	30	and	and	CCONJ
dem-4206	44	31	second	second	ADJ
dem-4206	44	32	states	state	NOUN
dem-4206	44	33	.	.	PUNCT
dem-4206	45	1	the	the	DET
dem-4206	45	2	(	(	PUNCT
dem-4206	45	3	4	4	NUM
dem-4206	45	4	)	)	PUNCT
dem-4206	45	5	coefficient	coefficient	NOUN
dem-4206	45	6	significantly	significantly	ADV
dem-4206	45	7	differs	differ	VERB
dem-4206	45	8	from	from	ADP
dem-4206	45	9	zero	zero	NUM
dem-4206	45	10	when	when	SCONJ
dem-4206	45	11	2	2	NUM
dem-4206	45	12	2	2	NUM
dem-4206	45	13	2	2	NUM
dem-4206	45	14	1	1	NUM
dem-4206	45	15	εε	εε	ADP
dem-4206	45	16	σσ	σσ	ADP
dem-4206	45	17	≠	≠	PROPN
dem-4206	45	18	and	and	CCONJ
dem-4206	45	19	when	when	SCONJ
dem-4206	45	20	10	10	NUM
dem-4206	45	21	1	1	NUM
dem-4206	45	22	<	<	X
dem-4206	45	23	<	<	X
dem-4206	45	24	π	π	X
dem-4206	45	25	.	.	PUNCT
dem-4206	46	1	therefore	therefore	ADV
dem-4206	46	2	the	the	DET
dem-4206	46	3	leptokurtosis	leptokurtosis	NOUN
dem-4206	46	4	is	be	AUX
dem-4206	46	5	confirmed	confirm	VERB
dem-4206	46	6	by	by	ADP
dem-4206	46	7	the	the	DET
dem-4206	46	8	markov	markov	NOUN
dem-4206	46	9	structure	structure	NOUN
dem-4206	46	10	which	which	PRON
dem-4206	46	11	has	have	VERB
dem-4206	46	12	heteroscedastic	heteroscedastic	ADJ
dem-4206	46	13	disturbance	disturbance	NOUN
dem-4206	46	14	term	term	NOUN
dem-4206	46	15	and	and	CCONJ
dem-4206	46	16	different	different	ADJ
dem-4206	46	17	from	from	ADP
dem-4206	46	18	zero	zero	NUM
dem-4206	46	19	the	the	DET
dem-4206	46	20	excess	excess	ADJ
dem-4206	46	21	coefficient	coefficient	NOUN
dem-4206	46	22	of	of	ADP
dem-4206	46	23	the	the	DET
dem-4206	46	24	distribution	distribution	NOUN
dem-4206	46	25	.	.	PUNCT
dem-4206	47	1	4	4	X
dem-4206	47	2	.	.	X
dem-4206	47	3	the	the	DET
dem-4206	47	4	financial	financial	ADJ
dem-4206	47	5	time	time	NOUN
dem-4206	47	6	series	series	PROPN
dem-4206	47	7	results	result	VERB
dem-4206	47	8	in	in	ADP
dem-4206	47	9	the	the	DET
dem-4206	47	10	empirical	empirical	ADJ
dem-4206	47	11	analysis	analysis	NOUN
dem-4206	47	12	the	the	DET
dem-4206	47	13	weekly	weekly	ADJ
dem-4206	47	14	return	return	NOUN
dem-4206	47	15	rates	rate	NOUN
dem-4206	47	16	of	of	ADP
dem-4206	47	17	the	the	DET
dem-4206	47	18	main	main	ADJ
dem-4206	47	19	stock	stock	NOUN
dem-4206	47	20	exchange	exchange	NOUN
dem-4206	47	21	indexes	index	NOUN
dem-4206	47	22	were	be	AUX
dem-4206	47	23	used	use	VERB
dem-4206	47	24	,	,	PUNCT
dem-4206	47	25	such	such	ADJ
dem-4206	47	26	as	as	ADP
dem-4206	47	27	:	:	PUNCT
dem-4206	47	28	rts	rt	NOUN
dem-4206	47	29	(	(	PUNCT
dem-4206	47	30	russian	russian	PROPN
dem-4206	47	31	)	)	PUNCT
dem-4206	47	32	,	,	PUNCT
dem-4206	47	33	sax	sax	PROPN
dem-4206	47	34	(	(	PUNCT
dem-4206	47	35	slovakia	slovakia	PROPN
dem-4206	47	36	)	)	PUNCT
dem-4206	47	37	,	,	PUNCT
dem-4206	47	38	his	his	PRON
dem-4206	47	39	(	(	PUNCT
dem-4206	47	40	china	china	PROPN
dem-4206	47	41	)	)	PUNCT
dem-4206	47	42	,	,	PUNCT
dem-4206	47	43	px50	px50	PROPN
dem-4206	47	44	(	(	PUNCT
dem-4206	47	45	czech	czech	PROPN
dem-4206	47	46	republic	republic	NOUN
dem-4206	47	47	)	)	PUNCT
dem-4206	47	48	,	,	PUNCT
dem-4206	47	49	bux	bux	PROPN
dem-4206	47	50	(	(	PUNCT
dem-4206	47	51	hungary	hungary	PROPN
dem-4206	47	52	)	)	PUNCT
dem-4206	47	53	,	,	PUNCT
dem-4206	47	54	cac40	cac40	PROPN
dem-4206	47	55	(	(	PUNCT
dem-4206	47	56	france	france	PROPN
dem-4206	47	57	)	)	PUNCT
dem-4206	47	58	,	,	PUNCT
dem-4206	47	59	dax	dax	PROPN
dem-4206	47	60	(	(	PUNCT
dem-4206	47	61	germany	germany	PROPN
dem-4206	47	62	)	)	PUNCT
dem-4206	47	63	,	,	PUNCT
dem-4206	47	64	ftse100	ftse100	PROPN
dem-4206	47	65	(	(	PUNCT
dem-4206	47	66	england	england	PROPN
dem-4206	47	67	)	)	PUNCT
dem-4206	47	68	.	.	PUNCT
dem-4206	48	1	the	the	DET
dem-4206	48	2	analyzed	analyze	VERB
dem-4206	48	3	series	series	NOUN
dem-4206	48	4	come	come	VERB
dem-4206	48	5	from	from	ADP
dem-4206	48	6	the	the	DET
dem-4206	48	7	period	period	NOUN
dem-4206	48	8	from	from	ADP
dem-4206	48	9	september	september	PROPN
dem-4206	48	10	the	the	DET
dem-4206	48	11	1th	1th	NOUN
dem-4206	48	12	,	,	PUNCT
dem-4206	48	13	1995	1995	NUM
dem-4206	48	14	to	to	ADP
dem-4206	48	15	august	august	PROPN
dem-4206	48	16	21th	21th	NOUN
dem-4206	48	17	,	,	PUNCT
dem-4206	48	18	2009	2009	NUM
dem-4206	48	19	.	.	PUNCT
dem-4206	49	1	the	the	DET
dem-4206	49	2	price	price	NOUN
dem-4206	49	3	series	series	NOUN
dem-4206	49	4	transformation	transformation	NOUN
dem-4206	49	5	into	into	ADP
dem-4206	49	6	return	return	NOUN
dem-4206	49	7	series	series	NOUN
dem-4206	49	8	was	be	AUX
dem-4206	49	9	achieved	achieve	VERB
dem-4206	49	10	by	by	ADP
dem-4206	49	11	calculating	calculate	VERB
dem-4206	49	12	the	the	DET
dem-4206	49	13	week	week	NOUN
dem-4206	49	14	dynamics	dynamic	NOUN
dem-4206	49	15	.	.	PUNCT
dem-4206	50	1	the	the	DET
dem-4206	50	2	time	time	NOUN
dem-4206	50	3	series	series	NOUN
dem-4206	50	4	of	of	ADP
dem-4206	50	5	the	the	DET
dem-4206	50	6	returns	return	NOUN
dem-4206	50	7	were	be	AUX
dem-4206	50	8	multiplied	multiply	VERB
dem-4206	50	9	by	by	ADP
dem-4206	50	10	100	100	NUM
dem-4206	50	11	.	.	PUNCT
dem-4206	51	1	then	then	ADV
dem-4206	51	2	the	the	DET
dem-4206	51	3	adf	adf	PROPN
dem-4206	51	4	test	test	NOUN
dem-4206	51	5	for	for	ADP
dem-4206	51	6	unit	unit	NOUN
dem-4206	51	7	root	root	NOUN
dem-4206	51	8	was	be	AUX
dem-4206	51	9	applied	apply	VERB
dem-4206	51	10	and	and	CCONJ
dem-4206	51	11	its	its	PRON
dem-4206	51	12	results	result	NOUN
dem-4206	51	13	show	show	VERB
dem-4206	51	14	that	that	SCONJ
dem-4206	51	15	for	for	ADP
dem-4206	51	16	all	all	DET
dem-4206	51	17	time	time	NOUN
dem-4206	51	18	series	series	NOUN
dem-4206	51	19	this	this	DET
dem-4206	51	20	test	test	NOUN
dem-4206	51	21	rejects	reject	VERB
dem-4206	51	22	the	the	DET
dem-4206	51	23	unit	unit	NOUN
dem-4206	51	24	root	root	NOUN
dem-4206	51	25	hypothesis	hypothesis	NOUN
dem-4206	51	26	.	.	PUNCT
dem-4206	52	1	in	in	ADP
dem-4206	52	2	the	the	DET
dem-4206	52	3	next	next	ADJ
dem-4206	52	4	part	part	NOUN
dem-4206	52	5	of	of	ADP
dem-4206	52	6	the	the	DET
dem-4206	52	7	empirical	empirical	ADJ
dem-4206	52	8	analysis	analysis	NOUN
dem-4206	52	9	the	the	DET
dem-4206	52	10	msh	msh	PROPN
dem-4206	52	11	models	model	NOUN
dem-4206	52	12	with	with	ADP
dem-4206	52	13	the	the	DET
dem-4206	52	14	variance	variance	NOUN
dem-4206	52	15	switch	switch	NOUN
dem-4206	52	16	and	and	CCONJ
dem-4206	52	17	1	1	NUM
dem-4206	52	18	,	,	PUNCT
dem-4206	52	19	2	2	NUM
dem-4206	52	20	or	or	CCONJ
dem-4206	52	21	3	3	NUM
dem-4206	52	22	states	state	NOUN
dem-4206	52	23	were	be	AUX
dem-4206	52	24	estimated	estimate	VERB
dem-4206	52	25	.	.	PUNCT
dem-4206	53	1	the	the	DET
dem-4206	53	2	appropriate	appropriate	ADJ
dem-4206	53	3	order	order	NOUN
dem-4206	53	4	of	of	ADP
dem-4206	53	5	autocorrelation	autocorrelation	NOUN
dem-4206	53	6	and	and	CCONJ
dem-4206	53	7	autoregression	autoregression	NOUN
dem-4206	53	8	in	in	ADP
dem-4206	53	9	these	these	DET
dem-4206	53	10	models	model	NOUN
dem-4206	53	11	were	be	AUX
dem-4206	53	12	determined	determine	VERB
dem-4206	53	13	by	by	ADP
dem-4206	53	14	the	the	DET
dem-4206	53	15	means	mean	NOUN
dem-4206	53	16	of	of	ADP
dem-4206	53	17	the	the	DET
dem-4206	53	18	durbin	durbin	ADJ
dem-4206	53	19	and	and	CCONJ
dem-4206	53	20	watson	watson	PROPN
dem-4206	53	21	test	test	NOUN
dem-4206	53	22	.	.	PUNCT
dem-4206	54	1	for	for	ADP
dem-4206	54	2	two	two	NUM
dem-4206	54	3	states	state	NOUN
dem-4206	54	4	models	model	VERB
dem-4206	54	5	one	one	NUM
dem-4206	54	6	of	of	ADP
dem-4206	54	7	the	the	DET
dem-4206	54	8	states	state	NOUN
dem-4206	54	9	is	be	AUX
dem-4206	54	10	interpreted	interpret	VERB
dem-4206	54	11	as	as	ADP
dem-4206	54	12	low	low	ADJ
dem-4206	54	13	volatility	volatility	NOUN
dem-4206	54	14	periods	period	NOUN
dem-4206	54	15	and	and	CCONJ
dem-4206	54	16	the	the	DET
dem-4206	54	17	second	second	ADJ
dem-4206	54	18	state	state	NOUN
dem-4206	54	19	as	as	ADP
dem-4206	54	20	high	high	ADJ
dem-4206	54	21	volatility	volatility	NOUN
dem-4206	54	22	periods	period	NOUN
dem-4206	54	23	.	.	PUNCT
dem-4206	55	1	for	for	ADP
dem-4206	55	2	the	the	DET
dem-4206	55	3	msh(3	msh(3	NOUN
dem-4206	55	4	)	)	PUNCT
dem-4206	55	5	models	model	NOUN
dem-4206	55	6	with	with	ADP
dem-4206	55	7	three	three	NUM
dem-4206	55	8	states	state	NOUN
dem-4206	55	9	the	the	DET
dem-4206	55	10	additional	additional	ADJ
dem-4206	55	11	state	state	NOUN
dem-4206	55	12	is	be	AUX
dem-4206	55	13	characterized	characterize	VERB
dem-4206	55	14	as	as	ADP
dem-4206	55	15	periods	period	NOUN
dem-4206	55	16	with	with	ADP
dem-4206	55	17	the	the	DET
dem-4206	55	18	moderated	moderated	ADJ
dem-4206	55	19	volatility	volatility	NOUN
dem-4206	55	20	.	.	PUNCT
dem-4206	56	1	the	the	DET
dem-4206	56	2	switching	switch	VERB
dem-4206	56	3	models	model	NOUN
dem-4206	56	4	were	be	AUX
dem-4206	56	5	checking	check	VERB
dem-4206	56	6	for	for	ADP
dem-4206	56	7	the	the	DET
dem-4206	56	8	presence	presence	NOUN
dem-4206	56	9	of	of	ADP
dem-4206	56	10	the	the	DET
dem-4206	56	11	arch	arch	ADJ
dem-4206	56	12	effect	effect	NOUN
dem-4206	56	13	(	(	PUNCT
dem-4206	56	14	ljung	ljung	ADJ
dem-4206	56	15	and	and	CCONJ
dem-4206	56	16	box	box	NOUN
dem-4206	56	17	test	test	NOUN
dem-4206	56	18	for	for	ADP
dem-4206	56	19	the	the	DET
dem-4206	56	20	squares	square	NOUN
dem-4206	56	21	of	of	ADP
dem-4206	56	22	return	return	NOUN
dem-4206	56	23	rates	rate	NOUN
dem-4206	56	24	)	)	PUNCT
dem-4206	56	25	and	and	CCONJ
dem-4206	56	26	for	for	ADP
dem-4206	56	27	the	the	DET
dem-4206	56	28	normality	normality	NOUN
dem-4206	56	29	of	of	ADP
dem-4206	56	30	distribution	distribution	NOUN
dem-4206	56	31	(	(	PUNCT
dem-4206	56	32	jarque	jarque	NOUN
dem-4206	56	33	and	and	CCONJ
dem-4206	56	34	bery	bery	NOUN
dem-4206	56	35	test	test	NOUN
dem-4206	56	36	)	)	PUNCT
dem-4206	56	37	.	.	PUNCT
dem-4206	57	1	the	the	DET
dem-4206	57	2	tests	test	NOUN
dem-4206	57	3	results	result	NOUN
dem-4206	57	4	are	be	AUX
dem-4206	57	5	presented	present	VERB
dem-4206	57	6	in	in	ADP
dem-4206	57	7	the	the	DET
dem-4206	57	8	table	table	NOUN
dem-4206	57	9	1	1	NUM
dem-4206	57	10	.	.	PUNCT
dem-4206	58	1	the	the	DET
dem-4206	58	2	distributions	distribution	NOUN
dem-4206	58	3	of	of	ADP
dem-4206	58	4	the	the	DET
dem-4206	58	5	all	all	DET
dem-4206	58	6	residuals	residual	NOUN
dem-4206	58	7	series	series	NOUN
dem-4206	58	8	are	be	AUX
dem-4206	58	9	normal	normal	ADJ
dem-4206	58	10	.	.	PUNCT
dem-4206	59	1	in	in	ADP
dem-4206	59	2	most	most	ADJ
dem-4206	59	3	models	model	NOUN
dem-4206	59	4	the	the	DET
dem-4206	59	5	arch	arch	ADJ
dem-4206	59	6	effect	effect	NOUN
dem-4206	59	7	does	do	AUX
dem-4206	59	8	n’t	not	PART
dem-4206	59	9	occur	occur	VERB
dem-4206	59	10	.	.	PUNCT
dem-4206	60	1	the	the	DET
dem-4206	60	2	log	log	NOUN
dem-4206	60	3	-	-	PUNCT
dem-4206	60	4	likelihood	likelihood	NOUN
dem-4206	60	5	ratio	ratio	NOUN
dem-4206	60	6	analysis	analysis	NOUN
dem-4206	60	7	indicates	indicate	VERB
dem-4206	60	8	that	that	SCONJ
dem-4206	60	9	the	the	DET
dem-4206	60	10	ratios	ratio	NOUN
dem-4206	60	11	are	be	AUX
dem-4206	60	12	higher	high	ADJ
dem-4206	60	13	for	for	ADP
dem-4206	60	14	all	all	DET
dem-4206	60	15	models	model	NOUN
dem-4206	60	16	with	with	ADP
dem-4206	60	17	three	three	NUM
dem-4206	60	18	states	state	NOUN
dem-4206	60	19	msh(3	msh(3	NOUN
dem-4206	60	20	)	)	PUNCT
dem-4206	60	21	than	than	ADP
dem-4206	60	22	ratios	ratio	NOUN
dem-4206	60	23	of	of	ADP
dem-4206	60	24	the	the	DET
dem-4206	60	25	models	model	NOUN
dem-4206	60	26	with	with	ADP
dem-4206	60	27	two	two	NUM
dem-4206	60	28	states	state	NOUN
dem-4206	60	29	msh(2	msh(2	NOUN
dem-4206	60	30	)	)	PUNCT
dem-4206	60	31	.	.	PUNCT
dem-4206	61	1	moreover	moreover	ADV
dem-4206	61	2	the	the	DET
dem-4206	61	3	log	log	NOUN
dem-4206	61	4	-	-	PUNCT
dem-4206	61	5	likelihood	likelihood	NOUN
dem-4206	61	6	test	test	NOUN
dem-4206	61	7	for	for	ADP
dem-4206	61	8	the	the	DET
dem-4206	61	9	number	number	NOUN
dem-4206	61	10	of	of	ADP
dem-4206	61	11	states4	states4	NOUN
dem-4206	61	12	was	be	AUX
dem-4206	61	13	applied	apply	VERB
dem-4206	61	14	.	.	PUNCT
dem-4206	62	1	the	the	DET
dem-4206	62	2	results	result	NOUN
dem-4206	62	3	of	of	ADP
dem-4206	62	4	this	this	DET
dem-4206	62	5	test	test	NOUN
dem-4206	62	6	indicate	indicate	VERB
dem-4206	62	7	the	the	DET
dem-4206	62	8	choice	choice	NOUN
dem-4206	62	9	of	of	ADP
dem-4206	62	10	the	the	DET
dem-4206	62	11	msh(3	msh(3	NOUN
dem-4206	62	12	)	)	PUNCT
dem-4206	62	13	models	model	NOUN
dem-4206	62	14	.	.	PUNCT
dem-4206	63	1	the	the	DET
dem-4206	63	2	estimation	estimation	NOUN
dem-4206	63	3	results	result	NOUN
dem-4206	63	4	of	of	ADP
dem-4206	63	5	the	the	DET
dem-4206	63	6	msh(2	msh(2	NOUN
dem-4206	63	7	)	)	PUNCT
dem-4206	63	8	and	and	CCONJ
dem-4206	63	9	the	the	DET
dem-4206	63	10	msh(3	msh(3	NOUN
dem-4206	63	11	)	)	PUNCT
dem-4206	63	12	models	model	NOUN
dem-4206	63	13	are	be	AUX
dem-4206	63	14	shown	show	VERB
dem-4206	63	15	in	in	ADP
dem-4206	63	16	the	the	DET
dem-4206	63	17	table	table	NOUN
dem-4206	63	18	1	1	NUM
dem-4206	63	19	and	and	CCONJ
dem-4206	63	20	in	in	ADP
dem-4206	63	21	the	the	DET
dem-4206	63	22	table	table	NOUN
dem-4206	63	23	2	2	NUM
dem-4206	63	24	appropriately	appropriately	ADV
dem-4206	63	25	.	.	PUNCT
dem-4206	64	1	models	model	NOUN
dem-4206	64	2	with	with	ADP
dem-4206	64	3	the	the	DET
dem-4206	64	4	highest	high	ADJ
dem-4206	64	5	values	value	NOUN
dem-4206	64	6	of	of	ADP
dem-4206	64	7	probabilities	probability	NOUN
dem-4206	64	8	are	be	AUX
dem-4206	64	9	presented	present	VERB
dem-4206	64	10	in	in	ADP
dem-4206	64	11	the	the	DET
dem-4206	64	12	table	table	NOUN
dem-4206	64	13	3	3	NUM
dem-4206	64	14	.	.	PUNCT
dem-4206	65	1	in	in	ADP
dem-4206	65	2	msh(2	msh(2	NOUN
dem-4206	65	3	)	)	PUNCT
dem-4206	65	4	models	model	VERB
dem-4206	65	5	the	the	DET
dem-4206	65	6	variance	variance	NOUN
dem-4206	65	7	of	of	ADP
dem-4206	65	8	high	high	ADJ
dem-4206	65	9	volatility	volatility	NOUN
dem-4206	65	10	state	state	NOUN
dem-4206	65	11	is	be	AUX
dem-4206	65	12	about	about	ADV
dem-4206	65	13	two	two	NUM
dem-4206	65	14	times	time	NOUN
dem-4206	65	15	higher	high	ADJ
dem-4206	65	16	than	than	ADP
dem-4206	65	17	the	the	DET
dem-4206	65	18	variance	variance	NOUN
dem-4206	65	19	of	of	ADP
dem-4206	65	20	the	the	DET
dem-4206	65	21	low	low	ADJ
dem-4206	65	22	volatility	volatility	NOUN
dem-4206	65	23	state	state	NOUN
dem-4206	65	24	.	.	PUNCT
dem-4206	66	1	4	4	NUM
dem-4206	66	2	the	the	DET
dem-4206	66	3	log	log	NOUN
dem-4206	66	4	-	-	PUNCT
dem-4206	66	5	likelihood	likelihood	NOUN
dem-4206	66	6	test	test	NOUN
dem-4206	66	7	is	be	AUX
dem-4206	66	8	constructed	construct	VERB
dem-4206	66	9	on	on	ADP
dem-4206	66	10	the	the	DET
dem-4206	66	11	basis	basis	NOUN
dem-4206	66	12	of	of	ADP
dem-4206	66	13	the	the	DET
dem-4206	66	14	(	(	PUNCT
dem-4206	66	15	)	)	PUNCT
dem-4206	66	16	(	(	PUNCT
dem-4206	66	17	)	)	PUNCT
dem-4206	66	18	(	(	PUNCT
dem-4206	66	19	)	)	PUNCT
dem-4206	66	20	ahlhllr	ahlhllr	NOUN
dem-4206	66	21	−−=	−−=	PROPN
dem-4206	66	22	02	02	NUM
dem-4206	66	23	statistic	statistic	NOUN
dem-4206	66	24	that	that	PRON
dem-4206	66	25	has	have	VERB
dem-4206	66	26	a	a	DET
dem-4206	66	27	chi	chi	ADJ
dem-4206	66	28	-	-	PUNCT
dem-4206	66	29	square	square	ADJ
dem-4206	66	30	distribution	distribution	NOUN
dem-4206	66	31	(	(	PUNCT
dem-4206	66	32	)	)	PUNCT
dem-4206	66	33	k2χ	k2χ	PROPN
dem-4206	66	34	and	and	CCONJ
dem-4206	66	35	k	k	PROPN
dem-4206	66	36	is	be	AUX
dem-4206	66	37	a	a	DET
dem-4206	66	38	number	number	NOUN
dem-4206	66	39	of	of	ADP
dem-4206	66	40	additional	additional	ADJ
dem-4206	66	41	parameters	parameter	NOUN
dem-4206	66	42	of	of	ADP
dem-4206	66	43	the	the	DET
dem-4206	66	44	alternative	alternative	ADJ
dem-4206	66	45	hypothesis	hypothesis	NOUN
dem-4206	66	46	model	model	NOUN
dem-4206	66	47	.	.	PUNCT
dem-4206	67	1	the	the	DET
dem-4206	67	2	markov	markov	NOUN
dem-4206	67	3	switching	switch	VERB
dem-4206	67	4	model	model	NOUN
dem-4206	67	5	with	with	ADP
dem-4206	67	6	application	application	NOUN
dem-4206	67	7	to	to	ADP
dem-4206	67	8	contagion	contagion	NOUN
dem-4206	67	9	effect	effect	NOUN
dem-4206	67	10	…	…	PUNCT
dem-4206	67	11	77	77	NUM
dem-4206	67	12	table	table	NOUN
dem-4206	67	13	1	1	NUM
dem-4206	67	14	.	.	PUNCT
dem-4206	68	1	estimation	estimation	NOUN
dem-4206	68	2	results	result	NOUN
dem-4206	68	3	of	of	ADP
dem-4206	68	4	the	the	DET
dem-4206	68	5	msh(2	msh(2	NOUN
dem-4206	68	6	)	)	PUNCT
dem-4206	68	7	models	model	NOUN
dem-4206	68	8	series	series	PROPN
dem-4206	68	9	11p	11p	NOUN
dem-4206	68	10	22p	22p	NUM
dem-4206	68	11	1σ	1σ	VERB
dem-4206	68	12	2σ	2σ	NUM
dem-4206	68	13	μ	μ	NUM
dem-4206	68	14	lr	lr	NOUN
dem-4206	68	15	jarque	jarque	NOUN
dem-4206	68	16	and	and	CCONJ
dem-4206	68	17	bery	bery	NOUN
dem-4206	68	18	test	test	NOUN
dem-4206	68	19	(	(	PUNCT
dem-4206	68	20	residual	residual	ADJ
dem-4206	68	21	)	)	PUNCT
dem-4206	68	22	wig	wig	NOUN
dem-4206	68	23	0.9695	0.9695	NUM
dem-4206	68	24	0.9801	0.9801	NUM
dem-4206	68	25	0.0289	0.0289	NUM
dem-4206	68	26	0.0626	0.0626	NUM
dem-4206	68	27	0.0123	0.0123	NUM
dem-4206	69	1	[	[	X
dem-4206	69	2	0.113	0.113	NUM
dem-4206	69	3	]	]	PUNCT
dem-4206	69	4	1162.4	1162.4	NUM
dem-4206	69	5	3.76	3.76	NUM
dem-4206	70	1	[	[	SYM
dem-4206	70	2	0.152	0.152	NUM
dem-4206	70	3	]	]	PUNCT
dem-4206	70	4	rts	rt	NOUN
dem-4206	71	1	0.9871	0.9871	NUM
dem-4206	71	2	0.9866	0.9866	NUM
dem-4206	71	3	0.1149	0.1149	NUM
dem-4206	71	4	0.0655	0.0655	NUM
dem-4206	71	5	0.0337	0.0337	NUM
dem-4206	71	6	[	[	X
dem-4206	71	7	0.006	0.006	NUM
dem-4206	71	8	]	]	PUNCT
dem-4206	71	9	795.1	795.1	NUM
dem-4206	71	10	3.18	3.18	NUM
dem-4206	71	11	[	[	X
dem-4206	71	12	0.204	0.204	NUM
dem-4206	71	13	]	]	X
dem-4206	71	14	sax	sax	PROPN
dem-4206	71	15	0.9435	0.9435	NUM
dem-4206	71	16	0.9608	0.9608	NUM
dem-4206	71	17	0.0567	0.0567	NUM
dem-4206	71	18	0.0327	0.0327	NUM
dem-4206	71	19	0.0016	0.0016	NUM
dem-4206	72	1	[	[	X
dem-4206	72	2	0.797	0.797	NUM
dem-4206	72	3	]	]	PUNCT
dem-4206	72	4	1242.8	1242.8	NUM
dem-4206	72	5	6.30	6.30	NUM
dem-4206	72	6	[	[	X
dem-4206	72	7	0.043	0.043	NUM
dem-4206	72	8	]	]	X
dem-4206	72	9	hsi	hsi	PROPN
dem-4206	72	10	0.9949	0.9949	NUM
dem-4206	72	11	0.9952	0.9952	NUM
dem-4206	72	12	0.0290	0.0290	NUM
dem-4206	72	13	0.0950	0.0950	NUM
dem-4206	72	14	0.0143	0.0143	NUM
dem-4206	73	1	[	[	X
dem-4206	73	2	0.032	0.032	NUM
dem-4206	73	3	]	]	PUNCT
dem-4206	73	4	1137.9	1137.9	NUM
dem-4206	73	5	2.42	2.42	NUM
dem-4206	74	1	[	[	ADP
dem-4206	74	2	0.298	0.298	NUM
dem-4206	74	3	]	]	X
dem-4206	75	1	px50	px50	PROPN
dem-4206	75	2	0.9846	0.9846	NUM
dem-4206	75	3	0.9965	0.9965	NUM
dem-4206	75	4	0.0775	0.0775	NUM
dem-4206	75	5	0.0350	0.0350	NUM
dem-4206	75	6	0.0111	0.0111	NUM
dem-4206	75	7	[	[	X
dem-4206	75	8	0.007	0.007	NUM
dem-4206	75	9	]	]	PUNCT
dem-4206	75	10	1249.3	1249.3	NUM
dem-4206	75	11	0.57	0.57	NUM
dem-4206	76	1	[	[	X
dem-4206	76	2	0.751	0.751	NUM
dem-4206	76	3	]	]	X
dem-4206	77	1	bux	bux	NOUN
dem-4206	77	2	0.9557	0.9557	NUM
dem-4206	77	3	0.9789	0.9789	NUM
dem-4206	77	4	0.0835	0.0835	NUM
dem-4206	77	5	0.0387	0.0387	NUM
dem-4206	77	6	0.0215	0.0215	NUM
dem-4206	78	1	[	[	X
dem-4206	78	2	0.006	0.006	NUM
dem-4206	78	3	]	]	PUNCT
dem-4206	78	4	1060.5	1060.5	NUM
dem-4206	78	5	4.52	4.52	NUM
dem-4206	78	6	[	[	X
dem-4206	78	7	0.104	0.104	NUM
dem-4206	78	8	]	]	X
dem-4206	78	9	]	]	X
dem-4206	78	10	cac40	cac40	VERB
dem-4206	78	11	0.9953	0.9953	NUM
dem-4206	78	12	0.9931	0.9931	NUM
dem-4206	78	13	0.0488	0.0488	NUM
dem-4206	78	14	0.0239	0.0239	NUM
dem-4206	78	15	0.0134	0.0134	NUM
dem-4206	79	1	[	[	X
dem-4206	79	2	0.007	0.007	NUM
dem-4206	79	3	]	]	PUNCT
dem-4206	79	4	1291.1	1291.1	NUM
dem-4206	79	5	1.49	1.49	NUM
dem-4206	80	1	[	[	X
dem-4206	80	2	0.474	0.474	NUM
dem-4206	80	3	]	]	X
dem-4206	80	4	dax	dax	PROPN
dem-4206	80	5	0.9778	0.9778	NUM
dem-4206	80	6	0.9865	0.9865	NUM
dem-4206	80	7	0.0653	0.0653	NUM
dem-4206	80	8	0.0306	0.0306	NUM
dem-4206	80	9	0.0146	0.0146	NUM
dem-4206	81	1	[	[	X
dem-4206	81	2	0.022	0.022	NUM
dem-4206	81	3	]	]	PUNCT
dem-4206	81	4	1215.0	1215.0	NUM
dem-4206	81	5	1.98	1.98	NUM
dem-4206	81	6	[	[	NOUN
dem-4206	81	7	0.371	0.371	NUM
dem-4206	81	8	]	]	PUNCT
dem-4206	81	9	ftse	ftse	NOUN
dem-4206	81	10	0.9262	0.9262	NUM
dem-4206	81	11	0.9864	0.9864	NUM
dem-4206	82	1	0.0578	0.0578	NUM
dem-4206	82	2	0.0249	0.0249	NUM
dem-4206	82	3	0.0049	0.0049	NUM
dem-4206	83	1	[	[	X
dem-4206	83	2	0.225	0.225	NUM
dem-4206	83	3	]	]	PUNCT
dem-4206	83	4	1473.4	1473.4	NUM
dem-4206	83	5	1.68	1.68	NUM
dem-4206	83	6	[	[	X
dem-4206	83	7	0.43	0.43	NUM
dem-4206	83	8	]	]	X
dem-4206	83	9	nikkei	nikkei	PROPN
dem-4206	83	10	0.9376	0.9376	NUM
dem-4206	83	11	0.9961	0.9961	NUM
dem-4206	83	12	0.0847	0.0847	NUM
dem-4206	83	13	0.0370	0.0370	NUM
dem-4206	83	14	-0.0006	-0.0006	NOUN
dem-4206	84	1	[	[	X
dem-4206	84	2	0.915	0.915	NUM
dem-4206	84	3	]	]	SYM
dem-4206	84	4	1253.9	1253.9	NUM
dem-4206	84	5	1.07	1.07	NUM
dem-4206	84	6	[	[	X
dem-4206	84	7	0.586	0.586	NUM
dem-4206	84	8	]	]	X
dem-4206	84	9	sp500	sp500	PROPN
dem-4206	85	1	0.9870	0.9870	NUM
dem-4206	85	2	0.9789	0.9789	NUM
dem-4206	85	3	0.0232	0.0232	NUM
dem-4206	85	4	0.0462	0.0462	NUM
dem-4206	85	5	0.0091	0.0091	NUM
dem-4206	85	6	[	[	X
dem-4206	85	7	0.029	0.029	NUM
dem-4206	85	8	]	]	X
dem-4206	85	9	1430.2	1430.2	NUM
dem-4206	85	10	1.49	1.49	NUM
dem-4206	85	11	[	[	X
dem-4206	85	12	0.474	0.474	NUM
dem-4206	85	13	]	]	PUNCT
dem-4206	85	14	note	note	NOUN
dem-4206	85	15	:	:	PUNCT
dem-4206	85	16	p	p	X
dem-4206	85	17	-	-	PUNCT
dem-4206	85	18	values	value	NOUN
dem-4206	85	19	have	have	AUX
dem-4206	85	20	been	be	AUX
dem-4206	85	21	presented	present	VERB
dem-4206	85	22	in	in	ADP
dem-4206	85	23	brackets	bracket	NOUN
dem-4206	85	24	.	.	PUNCT
dem-4206	86	1	table	table	NOUN
dem-4206	86	2	2	2	NUM
dem-4206	86	3	.	.	X
dem-4206	86	4	estimation	estimation	NOUN
dem-4206	86	5	results	result	NOUN
dem-4206	86	6	of	of	ADP
dem-4206	86	7	the	the	DET
dem-4206	86	8	msh(3	msh(3	NOUN
dem-4206	86	9	)	)	PUNCT
dem-4206	86	10	models	model	NOUN
dem-4206	86	11	series	series	NOUN
dem-4206	86	12	11p	11p	NOUN
dem-4206	86	13	22p	22p	NOUN
dem-4206	86	14	33p	33p	NUM
dem-4206	86	15	1σ	1σ	VERB
dem-4206	86	16	2σ	2σ	NUM
dem-4206	86	17	3σ	3σ	NUM
dem-4206	86	18	lr	lr	NOUN
dem-4206	86	19	jarque	jarque	NOUN
dem-4206	86	20	and	and	CCONJ
dem-4206	86	21	bery	bery	NOUN
dem-4206	86	22	test	test	NOUN
dem-4206	86	23	(	(	PUNCT
dem-4206	86	24	residual	residual	ADJ
dem-4206	86	25	)	)	PUNCT
dem-4206	86	26	wig	wig	NOUN
dem-4206	86	27	0.6032	0.6032	NUM
dem-4206	86	28	0.9685	0.9685	NUM
dem-4206	87	1	0.9721	0.9721	NUM
dem-4206	87	2	0.0113	0.0113	NUM
dem-4206	87	3	0.0628	0.0628	NUM
dem-4206	87	4	0.0288	0.0288	NUM
dem-4206	87	5	1164.7	1164.7	NUM
dem-4206	87	6	6.50	6.50	NUM
dem-4206	87	7	[	[	NOUN
dem-4206	87	8	0.039	0.039	NUM
dem-4206	87	9	]	]	PUNCT
dem-4206	87	10	hsi	hsi	PROPN
dem-4206	87	11	0.9949	0.9949	NUM
dem-4206	87	12	0.9812	0.9812	NUM
dem-4206	87	13	0.9836	0.9836	NUM
dem-4206	87	14	0.0287	0.0287	NUM
dem-4206	87	15	0.0561	0.0561	NUM
dem-4206	87	16	0.0834	0.0834	NUM
dem-4206	87	17	1146.0	1146.0	NUM
dem-4206	87	18	5.29	5.29	NUM
dem-4206	87	19	[	[	SYM
dem-4206	87	20	0.071	0.071	NUM
dem-4206	87	21	]	]	X
dem-4206	87	22	bux	bux	NOUN
dem-4206	87	23	0.9406	0.9406	NUM
dem-4206	88	1	0.9827	0.9827	NUM
dem-4206	88	2	0.9674	0.9674	NUM
dem-4206	88	3	0.1034	0.1034	NUM
dem-4206	88	4	0.0354	0.0354	NUM
dem-4206	88	5	0.0566	0.0566	NUM
dem-4206	88	6	1070.5	1070.5	NUM
dem-4206	88	7	10.6	10.6	NUM
dem-4206	88	8	[	[	NOUN
dem-4206	88	9	0.005	0.005	NUM
dem-4206	88	10	]	]	X
dem-4206	88	11	dax	dax	X
dem-4206	88	12	0.9281	0.9281	NUM
dem-4206	88	13	0.9940	0.9940	NUM
dem-4206	88	14	0.9835	0.9835	NUM
dem-4206	88	15	0.0962	0.0962	NUM
dem-4206	88	16	0.0286	0.0286	NUM
dem-4206	88	17	0.0462	0.0462	NUM
dem-4206	88	18	1230.4	1230.4	NUM
dem-4206	88	19	5.95	5.95	NUM
dem-4206	88	20	[	[	X
dem-4206	88	21	0.051	0.051	NUM
dem-4206	88	22	]	]	PUNCT
dem-4206	88	23	ftse	ftse	NOUN
dem-4206	88	24	0.9913	0.9913	NUM
dem-4206	88	25	0.9937	0.9937	NUM
dem-4206	88	26	0.9081	0.9081	NUM
dem-4206	88	27	0.0337	0.0337	NUM
dem-4206	88	28	0.0177	0.0177	NUM
dem-4206	88	29	0.1013	0.1013	NUM
dem-4206	88	30	1513.3	1513.3	NUM
dem-4206	88	31	7.89	7.89	NUM
dem-4206	88	32	[	[	X
dem-4206	88	33	0.019	0.019	NUM
dem-4206	88	34	]	]	PUNCT
dem-4206	88	35	sp500	sp500	PROPN
dem-4206	88	36	0.9930	0.9930	NUM
dem-4206	89	1	0.9026	0.9026	NUM
dem-4206	89	2	0.9642	0.9642	NUM
dem-4206	89	3	0.0206	0.0206	NUM
dem-4206	89	4	0.0600	0.0600	NUM
dem-4206	89	5	0.0321	0.0321	NUM
dem-4206	89	6	1441.9	1441.9	NUM
dem-4206	89	7	5.24	5.24	NUM
dem-4206	89	8	[	[	PUNCT
dem-4206	89	9	0.073	0.073	NUM
dem-4206	89	10	]	]	PUNCT
dem-4206	89	11	note	note	NOUN
dem-4206	89	12	:	:	PUNCT
dem-4206	89	13	p	p	X
dem-4206	89	14	-	-	PUNCT
dem-4206	89	15	values	value	NOUN
dem-4206	89	16	have	have	AUX
dem-4206	89	17	been	be	AUX
dem-4206	89	18	presented	present	VERB
dem-4206	89	19	in	in	ADP
dem-4206	89	20	brackets	bracket	NOUN
dem-4206	89	21	.	.	PUNCT
dem-4206	90	1	the	the	DET
dem-4206	90	2	high	high	ADJ
dem-4206	90	3	volatility	volatility	NOUN
dem-4206	90	4	periods	period	NOUN
dem-4206	90	5	that	that	PRON
dem-4206	90	6	were	be	AUX
dem-4206	90	7	pointed	point	VERB
dem-4206	90	8	out	out	ADP
dem-4206	90	9	on	on	ADP
dem-4206	90	10	the	the	DET
dem-4206	90	11	basis	basis	NOUN
dem-4206	90	12	of	of	ADP
dem-4206	90	13	msh	msh	PROPN
dem-4206	90	14	models	model	NOUN
dem-4206	90	15	are	be	AUX
dem-4206	90	16	presented	present	VERB
dem-4206	90	17	in	in	ADP
dem-4206	90	18	the	the	DET
dem-4206	90	19	table	table	NOUN
dem-4206	90	20	3	3	X
dem-4206	90	21	.	.	PUNCT
dem-4206	91	1	these	these	DET
dem-4206	91	2	periods	period	NOUN
dem-4206	91	3	represent	represent	VERB
dem-4206	91	4	the	the	DET
dem-4206	91	5	high	high	ADJ
dem-4206	91	6	variance	variance	NOUN
dem-4206	91	7	regime	regime	NOUN
dem-4206	91	8	.	.	PUNCT
dem-4206	92	1	the	the	DET
dem-4206	92	2	common	common	ADJ
dem-4206	92	3	markets	market	NOUN
dem-4206	92	4	(	(	PUNCT
dem-4206	92	5	indexes	index	NOUN
dem-4206	92	6	)	)	PUNCT
dem-4206	92	7	periods	period	NOUN
dem-4206	92	8	are	be	AUX
dem-4206	92	9	following	follow	VERB
dem-4206	92	10	(	(	PUNCT
dem-4206	92	11	marked	mark	VERB
dem-4206	92	12	in	in	ADP
dem-4206	92	13	the	the	DET
dem-4206	92	14	table	table	NOUN
dem-4206	92	15	3	3	NUM
dem-4206	92	16	):	):	PUNCT
dem-4206	92	17	−	−	PROPN
dem-4206	93	1	09.1998–12.2000	09.1998–12.2000	NUM
dem-4206	94	1	(	(	PUNCT
dem-4206	94	2	the	the	DET
dem-4206	94	3	consequences	consequence	NOUN
dem-4206	94	4	of	of	ADP
dem-4206	94	5	the	the	DET
dem-4206	94	6	russian	russian	ADJ
dem-4206	94	7	crisis	crisis	NOUN
dem-4206	94	8	)	)	PUNCT
dem-4206	94	9	;	;	PUNCT
dem-4206	94	10	−	−	PROPN
dem-4206	94	11	02.2001–12.2002	02.2001–12.2002	NUM
dem-4206	94	12	(	(	PUNCT
dem-4206	94	13	the	the	DET
dem-4206	94	14	beginning	beginning	NOUN
dem-4206	94	15	of	of	ADP
dem-4206	94	16	this	this	DET
dem-4206	94	17	crisis	crisis	NOUN
dem-4206	94	18	is	be	AUX
dem-4206	94	19	seen	see	VERB
dem-4206	94	20	in	in	ADP
dem-4206	94	21	the	the	DET
dem-4206	94	22	dax	dax	PROPN
dem-4206	94	23	and	and	CCONJ
dem-4206	94	24	sp500	sp500	PROPN
dem-4206	94	25	indexes	index	NOUN
dem-4206	94	26	,	,	PUNCT
dem-4206	94	27	then	then	ADV
dem-4206	94	28	in	in	ADP
dem-4206	94	29	the	the	DET
dem-4206	94	30	wig	wig	NOUN
dem-4206	94	31	,	,	PUNCT
dem-4206	94	32	rts	rt	NOUN
dem-4206	94	33	and	and	CCONJ
dem-4206	94	34	ftse	ftse	NOUN
dem-4206	94	35	indexes	index	NOUN
dem-4206	94	36	)	)	PUNCT
dem-4206	94	37	;	;	PUNCT
dem-4206	94	38	−	−	PROPN
dem-4206	94	39	01.2003–12.2004	01.2003–12.2004	NOUN
dem-4206	94	40	(	(	PUNCT
dem-4206	94	41	the	the	DET
dem-4206	94	42	beginning	beginning	NOUN
dem-4206	94	43	of	of	ADP
dem-4206	94	44	this	this	DET
dem-4206	94	45	crisis	crisis	NOUN
dem-4206	94	46	is	be	AUX
dem-4206	94	47	seen	see	VERB
dem-4206	94	48	in	in	ADP
dem-4206	94	49	the	the	DET
dem-4206	94	50	sp500	sp500	PROPN
dem-4206	94	51	and	and	CCONJ
dem-4206	94	52	ftse	ftse	NOUN
dem-4206	94	53	indexes	index	NOUN
dem-4206	94	54	,	,	PUNCT
dem-4206	94	55	then	then	ADV
dem-4206	94	56	in	in	ADP
dem-4206	94	57	the	the	DET
dem-4206	94	58	wig	wig	NOUN
dem-4206	94	59	,	,	PUNCT
dem-4206	94	60	dax	dax	PROPN
dem-4206	94	61	and	and	CCONJ
dem-4206	94	62	rts	rt	NOUN
dem-4206	94	63	indexes	index	NOUN
dem-4206	94	64	)	)	PUNCT
dem-4206	94	65	;	;	PUNCT
dem-4206	94	66	−	−	PROPN
dem-4206	94	67	07.2008–08.2009	07.2008–08.2009	NUM
dem-4206	94	68	(	(	PUNCT
dem-4206	94	69	the	the	DET
dem-4206	94	70	beginning	beginning	NOUN
dem-4206	94	71	of	of	ADP
dem-4206	94	72	this	this	DET
dem-4206	94	73	crisis	crisis	NOUN
dem-4206	94	74	is	be	AUX
dem-4206	94	75	seen	see	VERB
dem-4206	94	76	in	in	ADP
dem-4206	94	77	the	the	DET
dem-4206	94	78	sp500	sp500	PROPN
dem-4206	94	79	index	index	NOUN
dem-4206	94	80	,	,	PUNCT
dem-4206	94	81	then	then	ADV
dem-4206	94	82	in	in	ADP
dem-4206	94	83	the	the	DET
dem-4206	94	84	rts	rt	NOUN
dem-4206	94	85	,	,	PUNCT
dem-4206	94	86	ftse	ftse	NOUN
dem-4206	94	87	,	,	PUNCT
dem-4206	94	88	wig	wig	NOUN
dem-4206	94	89	,	,	PUNCT
dem-4206	94	90	px500	px500	PROPN
dem-4206	94	91	,	,	PUNCT
dem-4206	94	92	dax	dax	PROPN
dem-4206	94	93	,	,	PUNCT
dem-4206	94	94	sax	sax	PROPN
dem-4206	94	95	and	and	CCONJ
dem-4206	94	96	bux	bux	NOUN
dem-4206	94	97	indexes	index	NOUN
dem-4206	94	98	)	)	PUNCT
dem-4206	94	99	.	.	PUNCT
dem-4206	95	1	monika	monika	PROPN
dem-4206	95	2	kośko	kośko	VERB
dem-4206	95	3	78	78	NUM
dem-4206	95	4	table	table	NOUN
dem-4206	95	5	3	3	NUM
dem-4206	95	6	.	.	PUNCT
dem-4206	96	1	the	the	DET
dem-4206	96	2	high	high	ADJ
dem-4206	96	3	volatility	volatility	NOUN
dem-4206	96	4	periods	period	NOUN
dem-4206	96	5	pointed	point	VERB
dem-4206	96	6	out	out	ADP
dem-4206	96	7	on	on	ADP
dem-4206	96	8	the	the	DET
dem-4206	96	9	basis	basis	NOUN
dem-4206	96	10	of	of	ADP
dem-4206	96	11	msh	msh	PROPN
dem-4206	96	12	models	model	NOUN
dem-4206	96	13	wig	wig	NOUN
dem-4206	96	14	rts	rt	VERB
dem-4206	96	15	sax	sax	PROPN
dem-4206	96	16	hsi	hsi	PROPN
dem-4206	96	17	px50	px50	PROPN
dem-4206	96	18	bux	bux	NOUN
dem-4206	96	19	cac40	cac40	PROPN
dem-4206	96	20	dax	dax	PROPN
dem-4206	96	21	ftse	ftse	PROPN
dem-4206	96	22	nikkei	nikkei	PROPN
dem-4206	96	23	sp500	sp500	PROPN
dem-4206	96	24	11.9512.00	11.9512.00	NUM
dem-4206	96	25	10.9504.01	10.9504.01	NUM
dem-4206	96	26	01.9602.96	01.9602.96	NOUN
dem-4206	96	27	04.9705.02	04.9705.02	NUM
dem-4206	96	28	06.9805.99	06.9805.99	NOUN
dem-4206	96	29	01.9604.96	01.9604.96	NOUN
dem-4206	96	30	01.9705.03	01.9705.03	PROPN
dem-4206	96	31	07.9712.97	07.9712.97	NOUN
dem-4206	96	32	09.9711.97	09.9711.97	NOUN
dem-4206	96	33	03.02	03.02	NUM
dem-4206	96	34	09.9806.00	09.9806.00	NUM
dem-4206	96	35	09.0102.02	09.0102.02	NUM
dem-4206	96	36	11.0101.02	11.0101.02	NUM
dem-4206	96	37	11.9602.97	11.9602.97	NUM
dem-4206	96	38	07.0708.09	07.0708.09	NOUN
dem-4206	96	39	09.0808.09	09.0808.09	NUM
dem-4206	96	40	12.9603.97	12.9603.97	NUM
dem-4206	96	41	07.0708.09	07.0708.09	NOUN
dem-4206	96	42	07.9803.00	07.9803.00	NUM
dem-4206	96	43	10.9802.99	10.9802.99	NUM
dem-4206	97	1	10.0805.09	10.0805.09	NUM
dem-4206	97	2	02.0112.01	02.0112.01	NUM
dem-4206	97	3	07.0301.04	07.0301.04	NUM
dem-4206	97	4	10.0312.03	10.0312.03	NUM
dem-4206	97	5	12.9701.99	12.9701.99	NUM
dem-4206	97	6	10.9701.98	10.9701.98	NUM
dem-4206	97	7	02.0105.01	02.0105.01	NUM
dem-4206	97	8	08.0111.01	08.0111.01	NUM
dem-4206	97	9	05.0204.03	05.0204.03	NOUN
dem-4206	97	10	04.0609.06	04.0609.06	NUM
dem-4206	97	11	04.9901.00	04.9901.00	NUM
dem-4206	97	12	05.9801.00	05.9801.00	NUM
dem-4206	98	1	08.0105.03	08.0105.03	NUM
dem-4206	98	2	06.0209.00	06.0209.00	NUM
dem-4206	98	3	01.0808.09	01.0808.09	NUM
dem-4206	98	4	03.0703.08	03.0703.08	NUM
dem-4206	98	5	03.0012.00	03.0012.00	NUM
dem-4206	98	6	09.0001.01	09.0001.01	NOUN
dem-4206	98	7	09.0311.03	09.0311.03	NUM
dem-4206	98	8	01.0305.03	01.0305.03	NUM
dem-4206	98	9	09.0808.09	09.0808.09	NUM
dem-4206	98	10	07.0808.09	07.0808.09	NOUN
dem-4206	98	11	03.0107.01	03.0107.01	NUM
dem-4206	98	12	11.0512	11.0512	NUM
dem-4206	98	13	-	-	SYM
dem-4206	98	14	05	05	NUM
dem-4206	98	15	10.0808.09	10.0808.09	NUM
dem-4206	98	16	09.0805.09	09.0805.09	NOUN
dem-4206	98	17	05.0207.02	05.0207.02	NUM
dem-4206	98	18	05.0609.06	05.0609.06	NUM
dem-4206	98	19	11.0205.03	11.0205.03	NUM
dem-4206	98	20	10.0808.09	10.0808.09	NUM
dem-4206	98	21	01.0403.04	01.0403.04	NOUN
dem-4206	98	22	09.0404.05	09.0404.05	NOUN
dem-4206	98	23	10.0808.09	10.0808.09	NUM
dem-4206	98	24	the	the	DET
dem-4206	98	25	first	first	ADJ
dem-4206	98	26	period	period	NOUN
dem-4206	98	27	,	,	PUNCT
dem-4206	98	28	shaded	shade	VERB
dem-4206	98	29	in	in	ADP
dem-4206	98	30	the	the	DET
dem-4206	98	31	table	table	NOUN
dem-4206	98	32	3	3	NUM
dem-4206	98	33	,	,	PUNCT
dem-4206	98	34	corresponds	correspond	VERB
dem-4206	98	35	with	with	ADP
dem-4206	98	36	the	the	DET
dem-4206	98	37	russian	russian	ADJ
dem-4206	98	38	crisis	crisis	NOUN
dem-4206	98	39	and	and	CCONJ
dem-4206	98	40	its	its	PRON
dem-4206	98	41	consequences	consequence	NOUN
dem-4206	98	42	can	can	AUX
dem-4206	98	43	be	be	AUX
dem-4206	98	44	notice	notice	NOUN
dem-4206	98	45	in	in	ADP
dem-4206	98	46	the	the	DET
dem-4206	98	47	1998	1998	NUM
dem-4206	98	48	year	year	NOUN
dem-4206	98	49	.	.	PUNCT
dem-4206	99	1	this	this	DET
dem-4206	99	2	crisis	crisis	NOUN
dem-4206	99	3	has	have	AUX
dem-4206	99	4	sunk	sink	VERB
dem-4206	99	5	into	into	ADP
dem-4206	99	6	a	a	DET
dem-4206	99	7	memory	memory	NOUN
dem-4206	99	8	of	of	ADP
dem-4206	99	9	worldwide	worldwide	ADJ
dem-4206	99	10	economic	economic	ADJ
dem-4206	99	11	recession	recession	NOUN
dem-4206	99	12	.	.	PUNCT
dem-4206	100	1	its	its	PRON
dem-4206	100	2	beginnings	beginning	NOUN
dem-4206	100	3	were	be	AUX
dem-4206	100	4	noticeable	noticeable	ADJ
dem-4206	100	5	firstly	firstly	ADV
dem-4206	100	6	in	in	ADP
dem-4206	100	7	czech	czech	PROPN
dem-4206	100	8	republic	republic	NOUN
dem-4206	100	9	in	in	ADP
dem-4206	100	10	march	march	PROPN
dem-4206	100	11	1997	1997	NUM
dem-4206	100	12	in	in	ADP
dem-4206	100	13	the	the	DET
dem-4206	100	14	form	form	NOUN
dem-4206	100	15	of	of	ADP
dem-4206	100	16	the	the	DET
dem-4206	100	17	banking	banking	NOUN
dem-4206	100	18	crisis	crisis	NOUN
dem-4206	100	19	,	,	PUNCT
dem-4206	100	20	and	and	CCONJ
dem-4206	100	21	in	in	ADP
dem-4206	100	22	markets	market	NOUN
dem-4206	100	23	of	of	ADP
dem-4206	100	24	south	south	ADJ
dem-4206	100	25	-	-	PUNCT
dem-4206	100	26	east	east	PROPN
dem-4206	100	27	asia	asia	PROPN
dem-4206	100	28	.	.	PUNCT
dem-4206	101	1	the	the	DET
dem-4206	101	2	analysis	analysis	NOUN
dem-4206	101	3	of	of	ADP
dem-4206	101	4	these	these	DET
dem-4206	101	5	periods	period	NOUN
dem-4206	101	6	shows	show	VERB
dem-4206	101	7	that	that	SCONJ
dem-4206	101	8	the	the	DET
dem-4206	101	9	russian	russian	ADJ
dem-4206	101	10	crisis	crisis	NOUN
dem-4206	101	11	periods	period	NOUN
dem-4206	101	12	coincide	coincide	VERB
dem-4206	101	13	with	with	ADP
dem-4206	101	14	the	the	DET
dem-4206	101	15	high	high	ADJ
dem-4206	101	16	volatility	volatility	NOUN
dem-4206	101	17	periods	period	NOUN
dem-4206	101	18	for	for	ADP
dem-4206	101	19	the	the	DET
dem-4206	101	20	most	most	ADJ
dem-4206	101	21	index	index	NOUN
dem-4206	101	22	series	series	NOUN
dem-4206	101	23	.	.	PUNCT
dem-4206	102	1	the	the	DET
dem-4206	102	2	next	next	ADJ
dem-4206	102	3	distinguished	distinguished	ADJ
dem-4206	102	4	common	common	ADJ
dem-4206	102	5	markets	market	NOUN
dem-4206	102	6	periods	period	NOUN
dem-4206	102	7	of	of	ADP
dem-4206	102	8	high	high	ADJ
dem-4206	102	9	volatility	volatility	NOUN
dem-4206	102	10	might	might	AUX
dem-4206	102	11	be	be	AUX
dem-4206	102	12	qualified	qualified	ADJ
dem-4206	102	13	as	as	ADP
dem-4206	102	14	a	a	DET
dem-4206	102	15	derivative	derivative	NOUN
dem-4206	102	16	of	of	ADP
dem-4206	102	17	economic	economic	ADJ
dem-4206	102	18	crisis	crisis	NOUN
dem-4206	102	19	begun	begin	VERB
dem-4206	102	20	in	in	ADP
dem-4206	102	21	the	the	DET
dem-4206	102	22	half	half	NOUN
dem-4206	102	23	of	of	ADP
dem-4206	102	24	2008	2008	NUM
dem-4206	102	25	year	year	NOUN
dem-4206	102	26	in	in	ADP
dem-4206	102	27	usa	usa	PROPN
dem-4206	102	28	.	.	PUNCT
dem-4206	103	1	these	these	DET
dem-4206	103	2	periods	period	NOUN
dem-4206	103	3	were	be	AUX
dem-4206	103	4	n’t	not	PART
dem-4206	103	5	identified	identify	VERB
dem-4206	103	6	only	only	ADV
dem-4206	103	7	in	in	ADP
dem-4206	103	8	the	the	DET
dem-4206	103	9	case	case	NOUN
dem-4206	103	10	of	of	ADP
dem-4206	103	11	the	the	DET
dem-4206	103	12	his	his	ADJ
dem-4206	103	13	and	and	CCONJ
dem-4206	103	14	cac40	cac40	ADJ
dem-4206	103	15	indexes	index	NOUN
dem-4206	103	16	.	.	PUNCT
dem-4206	104	1	the	the	DET
dem-4206	104	2	contagion	contagion	NOUN
dem-4206	104	3	effect	effect	NOUN
dem-4206	104	4	on	on	ADP
dem-4206	104	5	financial	financial	ADJ
dem-4206	104	6	markets	market	NOUN
dem-4206	104	7	in	in	ADP
dem-4206	104	8	the	the	DET
dem-4206	104	9	crisis	crisis	NOUN
dem-4206	104	10	periods	period	NOUN
dem-4206	104	11	is	be	AUX
dem-4206	104	12	seen	see	VERB
dem-4206	104	13	more	more	ADV
dem-4206	104	14	clearly	clearly	ADV
dem-4206	104	15	.	.	PUNCT
dem-4206	105	1	the	the	DET
dem-4206	105	2	high	high	ADJ
dem-4206	105	3	volatility	volatility	NOUN
dem-4206	105	4	periods	period	NOUN
dem-4206	105	5	occurrence	occurrence	NOUN
dem-4206	105	6	usually	usually	ADV
dem-4206	105	7	at	at	ADP
dem-4206	105	8	the	the	DET
dem-4206	105	9	beginning	beginning	NOUN
dem-4206	105	10	of	of	ADP
dem-4206	105	11	the	the	DET
dem-4206	105	12	financial	financial	ADJ
dem-4206	105	13	crisis	crisis	NOUN
dem-4206	105	14	.	.	PUNCT
dem-4206	106	1	then	then	ADV
dem-4206	106	2	the	the	DET
dem-4206	106	3	shocks	shock	NOUN
dem-4206	106	4	are	be	AUX
dem-4206	106	5	transmitted	transmit	VERB
dem-4206	106	6	between	between	ADP
dem-4206	106	7	markets	market	NOUN
dem-4206	106	8	.	.	PUNCT
dem-4206	107	1	the	the	DET
dem-4206	107	2	analysis	analysis	NOUN
dem-4206	107	3	evidences	evidence	VERB
dem-4206	107	4	these	these	DET
dem-4206	107	5	transmissions	transmission	NOUN
dem-4206	107	6	between	between	ADP
dem-4206	107	7	financial	financial	ADJ
dem-4206	107	8	markets	market	NOUN
dem-4206	107	9	,	,	PUNCT
dem-4206	107	10	what	what	PRON
dem-4206	107	11	confirms	confirm	VERB
dem-4206	107	12	an	an	DET
dem-4206	107	13	occurrence	occurrence	NOUN
dem-4206	107	14	of	of	ADP
dem-4206	107	15	the	the	DET
dem-4206	107	16	contagion	contagion	NOUN
dem-4206	107	17	effect	effect	NOUN
dem-4206	107	18	.	.	PUNCT
dem-4206	108	1	the	the	DET
dem-4206	108	2	markov	markov	NOUN
dem-4206	108	3	switching	switch	VERB
dem-4206	108	4	model	model	NOUN
dem-4206	108	5	with	with	ADP
dem-4206	108	6	application	application	NOUN
dem-4206	108	7	to	to	ADP
dem-4206	108	8	contagion	contagion	NOUN
dem-4206	108	9	effect	effect	NOUN
dem-4206	108	10	…	…	PUNCT
dem-4206	108	11	79	79	NUM
dem-4206	108	12	5	5	NUM
dem-4206	108	13	.	.	PUNCT
dem-4206	109	1	summary	summary	VERB
dem-4206	109	2	the	the	DET
dem-4206	109	3	main	main	ADJ
dem-4206	109	4	aim	aim	NOUN
dem-4206	109	5	of	of	ADP
dem-4206	109	6	this	this	DET
dem-4206	109	7	article	article	NOUN
dem-4206	109	8	was	be	AUX
dem-4206	109	9	an	an	DET
dem-4206	109	10	application	application	NOUN
dem-4206	109	11	of	of	ADP
dem-4206	109	12	the	the	DET
dem-4206	109	13	markov	markov	NOUN
dem-4206	109	14	switching	switching	NOUN
dem-4206	109	15	models	model	NOUN
dem-4206	109	16	to	to	ADP
dem-4206	109	17	identification	identification	NOUN
dem-4206	109	18	and	and	CCONJ
dem-4206	109	19	analysis	analysis	NOUN
dem-4206	109	20	the	the	DET
dem-4206	109	21	contagion	contagion	NOUN
dem-4206	109	22	effect	effect	NOUN
dem-4206	109	23	in	in	ADP
dem-4206	109	24	the	the	DET
dem-4206	109	25	capital	capital	NOUN
dem-4206	109	26	markets	market	NOUN
dem-4206	109	27	.	.	PUNCT
dem-4206	110	1	the	the	DET
dem-4206	110	2	research	research	NOUN
dem-4206	110	3	allowed	allow	VERB
dem-4206	110	4	to	to	PART
dem-4206	110	5	distinguish	distinguish	VERB
dem-4206	110	6	two	two	NUM
dem-4206	110	7	regimes	regime	NOUN
dem-4206	110	8	with	with	ADP
dem-4206	110	9	different	different	ADJ
dem-4206	110	10	volatility	volatility	NOUN
dem-4206	110	11	levels	level	NOUN
dem-4206	110	12	,	,	PUNCT
dem-4206	110	13	the	the	DET
dem-4206	110	14	calm	calm	ADJ
dem-4206	110	15	period	period	NOUN
dem-4206	110	16	(	(	PUNCT
dem-4206	110	17	low	low	ADJ
dem-4206	110	18	volatility	volatility	NOUN
dem-4206	110	19	)	)	PUNCT
dem-4206	110	20	and	and	CCONJ
dem-4206	110	21	the	the	DET
dem-4206	110	22	crisis	crisis	NOUN
dem-4206	110	23	period	period	NOUN
dem-4206	110	24	(	(	PUNCT
dem-4206	110	25	high	high	ADJ
dem-4206	110	26	volatility	volatility	NOUN
dem-4206	110	27	)	)	PUNCT
dem-4206	110	28	.	.	PUNCT
dem-4206	111	1	basing	base	VERB
dem-4206	111	2	on	on	ADP
dem-4206	111	3	this	this	DET
dem-4206	111	4	classification	classification	NOUN
dem-4206	111	5	the	the	DET
dem-4206	111	6	identification	identification	NOUN
dem-4206	111	7	of	of	ADP
dem-4206	111	8	some	some	DET
dem-4206	111	9	interdependence	interdependence	NOUN
dem-4206	111	10	pattern	pattern	NOUN
dem-4206	111	11	between	between	ADP
dem-4206	111	12	markets	market	NOUN
dem-4206	111	13	was	be	AUX
dem-4206	111	14	created	create	VERB
dem-4206	111	15	.	.	PUNCT
dem-4206	112	1	in	in	ADP
dem-4206	112	2	the	the	DET
dem-4206	112	3	empirical	empirical	ADJ
dem-4206	112	4	part	part	NOUN
dem-4206	112	5	of	of	ADP
dem-4206	112	6	the	the	DET
dem-4206	112	7	article	article	NOUN
dem-4206	112	8	the	the	DET
dem-4206	112	9	narrow	narrow	ADJ
dem-4206	112	10	contagion	contagion	NOUN
dem-4206	112	11	effect	effect	NOUN
dem-4206	112	12	definition	definition	NOUN
dem-4206	112	13	was	be	AUX
dem-4206	112	14	assumed	assume	VERB
dem-4206	112	15	.	.	PUNCT
dem-4206	113	1	according	accord	VERB
dem-4206	113	2	to	to	ADP
dem-4206	113	3	this	this	DET
dem-4206	113	4	definition	definition	NOUN
dem-4206	113	5	the	the	DET
dem-4206	113	6	cause	cause	NOUN
dem-4206	113	7	of	of	ADP
dem-4206	113	8	the	the	DET
dem-4206	113	9	shocks	shock	NOUN
dem-4206	113	10	transmission	transmission	NOUN
dem-4206	113	11	are	be	AUX
dem-4206	113	12	the	the	DET
dem-4206	113	13	herd	herd	ADJ
dem-4206	113	14	behavior	behavior	NOUN
dem-4206	113	15	of	of	ADP
dem-4206	113	16	investors	investor	NOUN
dem-4206	113	17	mainly	mainly	ADV
dem-4206	113	18	and	and	CCONJ
dem-4206	113	19	the	the	DET
dem-4206	113	20	fundamental	fundamental	ADJ
dem-4206	113	21	economic	economic	ADJ
dem-4206	113	22	factors	factor	NOUN
dem-4206	113	23	are	be	AUX
dem-4206	113	24	not	not	PART
dem-4206	113	25	taken	take	VERB
dem-4206	113	26	under	under	ADP
dem-4206	113	27	attention	attention	NOUN
dem-4206	113	28	.	.	PUNCT
dem-4206	114	1	in	in	ADP
dem-4206	114	2	these	these	DET
dem-4206	114	3	researches	research	NOUN
dem-4206	114	4	there	there	PRON
dem-4206	114	5	were	be	VERB
dem-4206	114	6	distinguished	distinguish	VERB
dem-4206	114	7	the	the	DET
dem-4206	114	8	high	high	ADJ
dem-4206	114	9	volatility	volatility	NOUN
dem-4206	114	10	periods	period	NOUN
dem-4206	114	11	(	(	PUNCT
dem-4206	114	12	on	on	ADP
dem-4206	114	13	the	the	DET
dem-4206	114	14	indicated	indicate	VERB
dem-4206	114	15	capital	capital	NOUN
dem-4206	114	16	markets	market	NOUN
dem-4206	114	17	)	)	PUNCT
dem-4206	114	18	and	and	CCONJ
dem-4206	114	19	the	the	DET
dem-4206	114	20	occurrence	occurrence	NOUN
dem-4206	114	21	of	of	ADP
dem-4206	114	22	these	these	DET
dem-4206	114	23	periods	period	NOUN
dem-4206	114	24	was	be	AUX
dem-4206	114	25	analyzed	analyze	VERB
dem-4206	114	26	.	.	PUNCT
dem-4206	115	1	the	the	DET
dem-4206	115	2	conclusion	conclusion	NOUN
dem-4206	115	3	is	be	AUX
dem-4206	115	4	that	that	SCONJ
dem-4206	115	5	in	in	ADP
dem-4206	115	6	the	the	DET
dem-4206	115	7	case	case	NOUN
dem-4206	115	8	of	of	ADP
dem-4206	115	9	the	the	DET
dem-4206	115	10	russian	russian	ADJ
dem-4206	115	11	crisis	crisis	NOUN
dem-4206	115	12	and	and	CCONJ
dem-4206	115	13	the	the	DET
dem-4206	115	14	crisis	crisis	NOUN
dem-4206	115	15	which	which	PRON
dem-4206	115	16	begun	begin	VERB
dem-4206	115	17	in	in	ADP
dem-4206	115	18	the	the	DET
dem-4206	115	19	2008	2008	NUM
dem-4206	115	20	year	year	NOUN
dem-4206	115	21	,	,	PUNCT
dem-4206	115	22	the	the	DET
dem-4206	115	23	patterns	pattern	NOUN
dem-4206	115	24	of	of	ADP
dem-4206	115	25	the	the	DET
dem-4206	115	26	high	high	ADJ
dem-4206	115	27	volatility	volatility	NOUN
dem-4206	115	28	periods	period	NOUN
dem-4206	115	29	were	be	AUX
dem-4206	115	30	very	very	ADV
dem-4206	115	31	similar	similar	ADJ
dem-4206	115	32	.	.	PUNCT
dem-4206	116	1	the	the	DET
dem-4206	116	2	capital	capital	NOUN
dem-4206	116	3	markets	market	NOUN
dem-4206	116	4	are	be	AUX
dem-4206	116	5	connected	connect	VERB
dem-4206	116	6	with	with	ADP
dem-4206	116	7	themselves	themselves	PRON
dem-4206	116	8	what	what	PRON
dem-4206	116	9	is	be	AUX
dem-4206	116	10	noticed	notice	VERB
dem-4206	116	11	clearly	clearly	ADV
dem-4206	116	12	in	in	ADP
dem-4206	116	13	investors	investor	NOUN
dem-4206	116	14	behavior	behavior	NOUN
dem-4206	116	15	during	during	ADP
dem-4206	116	16	the	the	DET
dem-4206	116	17	beginning	beginning	NOUN
dem-4206	116	18	of	of	ADP
dem-4206	116	19	the	the	DET
dem-4206	116	20	crisis	crisis	NOUN
dem-4206	116	21	period	period	NOUN
dem-4206	116	22	.	.	PUNCT
dem-4206	117	1	the	the	DET
dem-4206	117	2	high	high	ADJ
dem-4206	117	3	volatility	volatility	NOUN
dem-4206	117	4	periods	period	NOUN
dem-4206	117	5	usually	usually	ADV
dem-4206	117	6	occur	occur	VERB
dem-4206	117	7	with	with	ADP
dem-4206	117	8	the	the	DET
dem-4206	117	9	price	price	NOUN
dem-4206	117	10	decrease	decrease	NOUN
dem-4206	117	11	and	and	CCONJ
dem-4206	117	12	they	they	PRON
dem-4206	117	13	coincide	coincide	VERB
dem-4206	117	14	or	or	CCONJ
dem-4206	117	15	come	come	VERB
dem-4206	117	16	across	across	ADP
dem-4206	117	17	on	on	ADP
dem-4206	117	18	themselves	themselves	PRON
dem-4206	117	19	.	.	PUNCT
dem-4206	118	1	the	the	DET
dem-4206	118	2	more	more	ADV
dem-4206	118	3	detailed	detailed	ADJ
dem-4206	118	4	analysis	analysis	NOUN
dem-4206	118	5	using	use	VERB
dem-4206	118	6	the	the	DET
dem-4206	118	7	switching	switch	VERB
dem-4206	118	8	structure	structure	NOUN
dem-4206	118	9	could	could	AUX
dem-4206	118	10	be	be	AUX
dem-4206	118	11	carried	carry	VERB
dem-4206	118	12	out	out	ADP
dem-4206	118	13	on	on	ADP
dem-4206	118	14	the	the	DET
dem-4206	118	15	basis	basis	NOUN
dem-4206	118	16	of	of	ADP
dem-4206	118	17	the	the	DET
dem-4206	118	18	multivariate	multivariate	NOUN
dem-4206	118	19	markov	markov	NOUN
dem-4206	118	20	switching	switching	NOUN
dem-4206	118	21	models	model	NOUN
dem-4206	118	22	for	for	ADP
dem-4206	118	23	two	two	NUM
dem-4206	118	24	series	series	NOUN
dem-4206	118	25	for	for	ADP
dem-4206	118	26	example	example	NOUN
dem-4206	118	27	,	,	PUNCT
dem-4206	118	28	what	what	PRON
dem-4206	118	29	would	would	AUX
dem-4206	118	30	allow	allow	VERB
dem-4206	118	31	appointing	appoint	VERB
dem-4206	118	32	the	the	DET
dem-4206	118	33	periods	period	NOUN
dem-4206	118	34	of	of	ADP
dem-4206	118	35	common	common	ADJ
dem-4206	118	36	volatility	volatility	NOUN
dem-4206	118	37	.	.	PUNCT
dem-4206	119	1	references	reference	NOUN
dem-4206	119	2	dempster	dempster	PROPN
dem-4206	119	3	,	,	PUNCT
dem-4206	119	4	a.	a.	NOUN
dem-4206	119	5	p.	p.	PROPN
dem-4206	119	6	,	,	PUNCT
dem-4206	119	7	laird	laird	PROPN
dem-4206	119	8	,	,	PUNCT
dem-4206	119	9	n.	n.	PROPN
dem-4206	119	10	m.	m.	NOUN
dem-4206	119	11	,	,	PUNCT
dem-4206	119	12	rubin	rubin	PROPN
dem-4206	119	13	,	,	PUNCT
dem-4206	119	14	d.	d.	PROPN
dem-4206	119	15	b.	b.	PROPN
dem-4206	119	16	(	(	PUNCT
dem-4206	119	17	1977	1977	NUM
dem-4206	119	18	)	)	PUNCT
dem-4206	119	19	,	,	PUNCT
dem-4206	119	20	maximum	maximum	ADJ
dem-4206	119	21	likelihood	likelihood	NOUN
dem-4206	119	22	from	from	ADP
dem-4206	119	23	incomplete	incomplete	ADJ
dem-4206	119	24	data	datum	NOUN
dem-4206	119	25	via	via	ADP
dem-4206	119	26	the	the	DET
dem-4206	119	27	em	em	PROPN
dem-4206	119	28	algorithm	algorithm	NOUN
dem-4206	119	29	,	,	PUNCT
dem-4206	119	30	journal	journal	NOUN
dem-4206	119	31	of	of	ADP
dem-4206	119	32	the	the	DET
dem-4206	119	33	royal	royal	ADJ
dem-4206	119	34	statistical	statistical	ADJ
dem-4206	119	35	society	society	NOUN
dem-4206	119	36	,	,	PUNCT
dem-4206	119	37	39	39	NUM
dem-4206	119	38	,	,	PUNCT
dem-4206	119	39	1–38	1–38	PROPN
dem-4206	119	40	.	.	PUNCT
dem-4206	119	41	doman	doman	PROPN
dem-4206	119	42	,	,	PUNCT
dem-4206	119	43	m.	m.	NOUN
dem-4206	119	44	,	,	PUNCT
dem-4206	119	45	doman	doman	PROPN
dem-4206	119	46	,	,	PUNCT
dem-4206	119	47	r.	r.	PROPN
dem-4206	119	48	(	(	PUNCT
dem-4206	119	49	2004	2004	NUM
dem-4206	119	50	)	)	PUNCT
dem-4206	119	51	,	,	PUNCT
dem-4206	119	52	ekonometryczne	ekonometryczne	PROPN
dem-4206	119	53	modelowanie	modelowanie	PROPN
dem-4206	119	54	dynamiki	dynamiki	PROPN
dem-4206	119	55	polskiego	polskiego	PROPN
dem-4206	119	56	rynku	rynku	PROPN
dem-4206	119	57	finansowego	finansowego	PROPN
dem-4206	119	58	(	(	PUNCT
dem-4206	119	59	an	an	DET
dem-4206	119	60	econometric	econometric	ADJ
dem-4206	119	61	modeling	modeling	NOUN
dem-4206	119	62	of	of	ADP
dem-4206	119	63	polish	polish	ADJ
dem-4206	119	64	financial	financial	ADJ
dem-4206	119	65	market	market	NOUN
dem-4206	119	66	dynamic	dynamic	ADJ
dem-4206	119	67	)	)	PUNCT
dem-4206	119	68	,	,	PUNCT
dem-4206	119	69	wydawnictwo	wydawnictwo	PROPN
dem-4206	119	70	akademii	akademii	PROPN
dem-4206	119	71	ekonomicznej	ekonomicznej	NOUN
dem-4206	119	72	,	,	PUNCT
dem-4206	119	73	poznań	poznań	PROPN
dem-4206	119	74	.	.	PUNCT
dem-4206	120	1	hamilton	hamilton	PROPN
dem-4206	120	2	,	,	PUNCT
dem-4206	120	3	j.	j.	PROPN
dem-4206	120	4	d.	d.	PROPN
dem-4206	120	5	(	(	PUNCT
dem-4206	120	6	1989	1989	NUM
dem-4206	120	7	)	)	PUNCT
dem-4206	120	8	,	,	PUNCT
dem-4206	120	9	a	a	DET
dem-4206	120	10	new	new	ADJ
dem-4206	120	11	approach	approach	NOUN
dem-4206	120	12	to	to	ADP
dem-4206	120	13	the	the	DET
dem-4206	120	14	economic	economic	ADJ
dem-4206	120	15	analysis	analysis	NOUN
dem-4206	120	16	of	of	ADP
dem-4206	120	17	nonstationary	nonstationary	ADJ
dem-4206	120	18	time	time	NOUN
dem-4206	120	19	series	series	NOUN
dem-4206	120	20	and	and	CCONJ
dem-4206	120	21	the	the	DET
dem-4206	120	22	business	business	NOUN
dem-4206	120	23	cycle	cycle	NOUN
dem-4206	120	24	,	,	PUNCT
dem-4206	120	25	econometrics	econometric	NOUN
dem-4206	120	26	,	,	PUNCT
dem-4206	120	27	57	57	NUM
dem-4206	120	28	,	,	PUNCT
dem-4206	120	29	357–384	357–384	NUM
dem-4206	120	30	.	.	PUNCT
dem-4206	121	1	edwards	edwards	PROPN
dem-4206	121	2	,	,	PUNCT
dem-4206	121	3	s.	s.	PROPN
dem-4206	121	4	,	,	PUNCT
dem-4206	121	5	susmel	susmel	PROPN
dem-4206	121	6	r.	r.	PROPN
dem-4206	121	7	(	(	PUNCT
dem-4206	121	8	2001	2001	NUM
dem-4206	121	9	)	)	PUNCT
dem-4206	121	10	,	,	PUNCT
dem-4206	121	11	volatility	volatility	NOUN
dem-4206	121	12	dependence	dependence	NOUN
dem-4206	121	13	and	and	CCONJ
dem-4206	121	14	contagion	contagion	NOUN
dem-4206	121	15	in	in	ADP
dem-4206	121	16	emerging	emerge	VERB
dem-4206	121	17	equity	equity	NOUN
dem-4206	121	18	markets	market	NOUN
dem-4206	121	19	,	,	PUNCT
dem-4206	121	20	journal	journal	NOUN
dem-4206	121	21	of	of	ADP
dem-4206	121	22	development	development	NOUN
dem-4206	121	23	economics	economic	NOUN
dem-4206	121	24	,	,	PUNCT
dem-4206	121	25	66	66	NUM
dem-4206	121	26	,	,	PUNCT
dem-4206	121	27	505–532	505–532	NUM
dem-4206	121	28	.	.	PUNCT
dem-4206	122	1	krolzig	krolzig	PROPN
dem-4206	122	2	,	,	PUNCT
dem-4206	122	3	h.-m	h.-m	NOUN
dem-4206	122	4	.	.	PUNCT
dem-4206	123	1	(	(	PUNCT
dem-4206	123	2	1997	1997	NUM
dem-4206	123	3	)	)	PUNCT
dem-4206	123	4	,	,	PUNCT
dem-4206	123	5	markov	markov	NOUN
dem-4206	123	6	-	-	PUNCT
dem-4206	123	7	switching	switch	VERB
dem-4206	123	8	vector	vector	NOUN
dem-4206	123	9	autoregression	autoregression	NOUN
dem-4206	123	10	.	.	PUNCT
dem-4206	124	1	modeling	model	VERB
dem-4206	124	2	statistical	statistical	ADJ
dem-4206	124	3	inference	inference	NOUN
dem-4206	124	4	and	and	CCONJ
dem-4206	124	5	application	application	NOUN
dem-4206	124	6	to	to	ADP
dem-4206	124	7	business	business	NOUN
dem-4206	124	8	cycle	cycle	NOUN
dem-4206	124	9	analysis	analysis	NOUN
dem-4206	124	10	,	,	PUNCT
dem-4206	124	11	springer	springer	NOUN
dem-4206	124	12	verlag	verlag	PROPN
dem-4206	124	13	edition	edition	PROPN
dem-4206	124	14	.	.	PUNCT
dem-4206	125	1	stawicki	stawicki	PROPN
dem-4206	125	2	,	,	PUNCT
dem-4206	125	3	j.	j.	PROPN
dem-4206	125	4	(	(	PUNCT
dem-4206	125	5	2004	2004	NUM
dem-4206	125	6	)	)	PUNCT
dem-4206	125	7	,	,	PUNCT
dem-4206	125	8	wykorzystanie	wykorzystanie	PROPN
dem-4206	125	9	łańcuchów	łańcuchów	PROPN
dem-4206	125	10	markowa	markowa	PROPN
dem-4206	125	11	w	w	PROPN
dem-4206	125	12	analizie	analizie	PROPN
dem-4206	125	13	rynków	rynków	PROPN
dem-4206	125	14	kapitałowych	kapitałowych	PROPN
dem-4206	125	15	(	(	PUNCT
dem-4206	125	16	the	the	DET
dem-4206	125	17	markov	markov	NOUN
dem-4206	125	18	chains	chain	NOUN
dem-4206	125	19	in	in	ADP
dem-4206	125	20	capital	capital	NOUN
dem-4206	125	21	markets	market	NOUN
dem-4206	125	22	analysis	analysis	NOUN
dem-4206	125	23	)	)	PUNCT
dem-4206	125	24	,	,	PUNCT
dem-4206	125	25	wydawnictwo	wydawnictwo	PROPN
dem-4206	125	26	umk	umk	NOUN
dem-4206	125	27	,	,	PUNCT
dem-4206	125	28	toruń	toruń	NOUN
dem-4206	125	29	.	.	PUNCT
dem-4206	126	1	fiszeder	fiszed	ADJ
dem-4206	126	2	,	,	PUNCT
dem-4206	126	3	p.	p.	NOUN
dem-4206	126	4	(	(	PUNCT
dem-4206	126	5	2009	2009	NUM
dem-4206	126	6	)	)	PUNCT
dem-4206	126	7	,	,	PUNCT
dem-4206	126	8	modele	modele	PROPN
dem-4206	126	9	klasy	klasy	PROPN
dem-4206	126	10	garch	garch	PROPN
dem-4206	126	11	w	w	PROPN
dem-4206	126	12	empirycznych	empirycznych	PROPN
dem-4206	126	13	badaniach	badaniach	PROPN
dem-4206	126	14	finansowych	finansowych	PROPN
dem-4206	126	15	(	(	PUNCT
dem-4206	126	16	the	the	DET
dem-4206	126	17	garch	garch	NOUN
dem-4206	126	18	models	model	NOUN
dem-4206	126	19	in	in	ADP
dem-4206	126	20	the	the	DET
dem-4206	126	21	empirical	empirical	ADJ
dem-4206	126	22	financial	financial	ADJ
dem-4206	126	23	research	research	NOUN
dem-4206	126	24	)	)	PUNCT
dem-4206	126	25	,	,	PUNCT
dem-4206	126	26	wydawnictwo	wydawnictwo	PROPN
dem-4206	126	27	naukowe	naukowe	NOUN
dem-4206	126	28	umk	umk	PROPN
dem-4206	126	29	,	,	PUNCT
dem-4206	126	30	toruń	toruń	NOUN
dem-4206	126	31	.	.	PUNCT
dem-4206	127	1	moore	moore	PROPN
dem-4206	127	2	,	,	PUNCT
dem-4206	127	3	t.	t.	PROPN
dem-4206	127	4	,	,	PUNCT
dem-4206	127	5	wang	wang	PROPN
dem-4206	127	6	,	,	PUNCT
dem-4206	127	7	p.	p.	PROPN
dem-4206	127	8	(	(	PUNCT
dem-4206	127	9	2007	2007	NUM
dem-4206	127	10	)	)	PUNCT
dem-4206	127	11	,	,	PUNCT
dem-4206	127	12	volatility	volatility	NOUN
dem-4206	127	13	in	in	ADP
dem-4206	127	14	stock	stock	NOUN
dem-4206	127	15	returns	return	NOUN
dem-4206	127	16	for	for	ADP
dem-4206	127	17	new	new	ADJ
dem-4206	127	18	eu	eu	PROPN
dem-4206	127	19	member	member	NOUN
dem-4206	127	20	states	state	NOUN
dem-4206	127	21	:	:	PUNCT
dem-4206	127	22	markov	markov	NOUN
dem-4206	127	23	regime	regime	NOUN
dem-4206	127	24	switching	switch	VERB
dem-4206	127	25	model	model	NOUN
dem-4206	127	26	,	,	PUNCT
dem-4206	127	27	international	international	ADJ
dem-4206	127	28	review	review	NOUN
dem-4206	127	29	of	of	ADP
dem-4206	127	30	financial	financial	ADJ
dem-4206	127	31	analysis	analysis	NOUN
dem-4206	127	32	,	,	PUNCT
dem-4206	127	33	1	1	NUM
dem-4206	127	34	,	,	PUNCT
dem-4206	127	35	282–292	282–292	NUM
dem-4206	127	36	.	.	PUNCT
dem-4206	128	1	przełącznikowy	przełącznikowy	PROPN
dem-4206	128	2	model	model	PROPN
dem-4206	128	3	typu	typu	PROPN
dem-4206	128	4	markowa	markowa	PROPN
dem-4206	128	5	w	w	PROPN
dem-4206	128	6	badaniu	badaniu	PROPN
dem-4206	128	7	efektu	efektu	NOUN
dem-4206	128	8	zarażania	zarażania	NOUN
dem-4206	128	9	na	na	PART
dem-4206	128	10	rynkach	rynkach	NOUN
dem-4206	128	11	kapitałowych	kapitałowych	VERB
dem-4206	128	12	z	z	NOUN
dem-4206	128	13	a	a	DET
dem-4206	128	14	r	r	NOUN
dem-4206	128	15	y	y	PROPN
dem-4206	128	16	s	s	PROPN
dem-4206	128	17	t	t	NOUN
dem-4206	128	18	r	r	NOUN
dem-4206	128	19	e	e	PROPN
dem-4206	128	20	ś	ś	PROPN
dem-4206	128	21	c	c	PROPN
dem-4206	128	22	i.	i.	PROPN
dem-4206	128	23	artykuł	artykuł	PROPN
dem-4206	128	24	stanowi	stanowi	PROPN
dem-4206	128	25	próbę	próbę	PROPN
dem-4206	128	26	analizy	analizy	PROPN
dem-4206	128	27	efektu	efektu	NOUN
dem-4206	128	28	zarażania	zarażania	NOUN
dem-4206	128	29	na	na	PART
dem-4206	128	30	rynkach	rynkach	PROPN
dem-4206	128	31	kapitałowych	kapitałowych	PROPN
dem-4206	128	32	z	z	PROPN
dem-4206	128	33	wykorzystaniem	wykorzystaniem	PROPN
dem-4206	128	34	przełącznikowego	przełącznikowego	PROPN
dem-4206	128	35	modelu	modelu	PROPN
dem-4206	128	36	typu	typu	PROPN
dem-4206	128	37	markowa	markowa	PROPN
dem-4206	128	38	ms	ms	PROPN
dem-4206	128	39	.	.	PROPN
dem-4206	128	40	badanie	badanie	PROPN
dem-4206	128	41	przeprowadzono	przeprowadzono	PROPN
dem-4206	128	42	monika	monika	PROPN
dem-4206	128	43	kośko	kośko	PROPN
dem-4206	128	44	80	80	PROPN
dem-4206	128	45	w	w	PROPN
dem-4206	128	46	oparciu	oparciu	PROPN
dem-4206	128	47	o	o	INTJ
dem-4206	128	48	indeksy	indeksy	ADJ
dem-4206	128	49	giełdowe	giełdowe	NOUN
dem-4206	128	50	wybranych	wybranych	NOUN
dem-4206	128	51	krajów	krajów	PROPN
dem-4206	128	52	.	.	PUNCT
dem-4206	129	1	wyznaczono	wyznaczono	PROPN
dem-4206	129	2	stany	stany	PROPN
dem-4206	129	3	o	o	PROPN
dem-4206	129	4	niskiej	niskiej	PROPN
dem-4206	130	1	i	i	PRON
dem-4206	130	2	wysokiej	wysokiej	VERB
dem-4206	130	3	zmienności	zmienności	PROPN
dem-4206	130	4	dla	dla	PROPN
dem-4206	130	5	poszczególnych	poszczególnych	PROPN
dem-4206	130	6	szeregów	szeregów	PROPN
dem-4206	130	7	oraz	oraz	PROPN
dem-4206	130	8	przeprowadzono	przeprowadzono	PROPN
dem-4206	130	9	analizę	analizę	PROPN
dem-4206	130	10	ich	ich	PROPN
dem-4206	130	11	występowania	występowania	PROPN
dem-4206	130	12	w	w	PROPN
dem-4206	130	13	odniesieniu	odniesieniu	PROPN
dem-4206	130	14	do	do	VERB
dem-4206	130	15	globalnych	globalnych	PROPN
dem-4206	130	16	kryzysów	kryzysów	PROPN
dem-4206	130	17	finansowych	finansowych	PROPN
dem-4206	130	18	.	.	PUNCT
dem-4206	131	1	stwierdzono	stwierdzono	PROPN
dem-4206	131	2	występowanie	występowanie	PROPN
dem-4206	131	3	wspólnych	wspólnych	PROPN
dem-4206	131	4	okresów	okresów	PROPN
dem-4206	131	5	zmienności	zmienności	PROPN
dem-4206	131	6	dla	dla	PROPN
dem-4206	131	7	badanych	badanych	PROPN
dem-4206	131	8	indeksy	indeksy	PROPN
dem-4206	131	9	.	.	PUNCT
dem-4206	132	1	okresy	okresy	PROPN
dem-4206	132	2	te	te	PROPN
dem-4206	132	3	wskazują	wskazują	VERB
dem-4206	132	4	na	na	PROPN
dem-4206	132	5	przenoszenie	przenoszenie	PROPN
dem-4206	132	6	szoków	szoków	ADV
dem-4206	132	7	pomiędzy	pomiędzy	PROPN
dem-4206	132	8	rynkami	rynkami	PROPN
dem-4206	132	9	,	,	PUNCT
dem-4206	132	10	potwierdzając	potwierdzając	PROPN
dem-4206	132	11	występowanie	występowanie	PROPN
dem-4206	132	12	efektu	efektu	PROPN
dem-4206	132	13	zarażania	zarażania	NOUN
dem-4206	132	14	na	na	PART
dem-4206	132	15	tych	tych	VERB
dem-4206	132	16	rynkach	rynkach	NOUN
dem-4206	132	17	.	.	PUNCT
dem-4206	133	1	s	s	PART
dem-4206	133	2	ł	ł	PROPN
dem-4206	133	3	o	o	X
dem-4206	133	4	w	w	NOUN
dem-4206	133	5	a	a	DET
dem-4206	133	6	k	k	X
dem-4206	133	7	l	l	NOUN
dem-4206	133	8	u	u	NOUN
dem-4206	134	1	c	c	NOUN
dem-4206	134	2	z	z	NOUN
dem-4206	134	3	o	o	X
dem-4206	134	4	w	w	PROPN
dem-4206	135	1	e	e	NOUN
dem-4206	135	2	:	:	PUNCT
dem-4206	135	3	przełącznikowy	przełącznikowy	PROPN
dem-4206	135	4	model	model	NOUN
dem-4206	135	5	typu	typu	PROPN
dem-4206	135	6	markowa	markowa	PROPN
dem-4206	135	7	,	,	PUNCT
dem-4206	135	8	efekt	efekt	PROPN
dem-4206	135	9	zarażania	zarażania	NOUN
dem-4206	135	10	.	.	PUNCT