id	sid	tid	token	lemma	pos
dem-8573	1	1	dem_2015_5to26	dem_2015_5to26	VERB
dem-8573	1	2	©	©	PROPN
dem-8573	1	3	2015	2015	NUM
dem-8573	1	4	nicolaus	nicolaus	PROPN
dem-8573	1	5	copernicus	copernicus	PROPN
dem-8573	1	6	university	university	PROPN
dem-8573	1	7	press	press	NOUN
dem-8573	1	8	.	.	PUNCT
dem-8573	2	1	all	all	DET
dem-8573	2	2	rights	right	NOUN
dem-8573	2	3	reserved	reserve	VERB
dem-8573	2	4	.	.	PUNCT
dem-8573	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-8573	4	1	d	d	PUNCT
dem-8573	4	2	y	y	PROPN
dem-8573	4	3	n	n	PROPN
dem-8573	4	4	a	a	PRON
dem-8573	4	5	m	m	VERB
dem-8573	5	1	i	i	NOUN
dem-8573	5	2	c	c	NOUN
dem-8573	5	3	e	e	NOUN
dem-8573	5	4	c	c	NOUN
dem-8573	5	5	o	o	X
dem-8573	6	1	n	n	INTJ
dem-8573	6	2	o	o	NOUN
dem-8573	6	3	m	m	VERB
dem-8573	7	1	e	e	NOUN
dem-8573	7	2	t	t	NOUN
dem-8573	7	3	r	r	NOUN
dem-8573	7	4	i	i	NOUN
dem-8573	7	5	c	c	NOUN
dem-8573	7	6	m	m	VERB
dem-8573	7	7	o	o	NOUN
dem-8573	7	8	d	d	X
dem-8573	7	9	e	e	X
dem-8573	7	10	l	l	NOUN
dem-8573	7	11	s	s	X
dem-8573	7	12	doi	doi	NOUN
dem-8573	7	13	:	:	PUNCT
dem-8573	7	14	http://dx.doi.org/10.12775/dem.2015.001	http://dx.doi.org/10.12775/dem.2015.001	NOUN
dem-8573	7	15	vol	vol	NOUN
dem-8573	7	16	.	.	PROPN
dem-8573	8	1	15	15	NUM
dem-8573	8	2	(	(	PUNCT
dem-8573	8	3	2015	2015	NUM
dem-8573	8	4	)	)	PUNCT
dem-8573	9	1	5−26	5−26	NUM
dem-8573	9	2	submitted	submit	VERB
dem-8573	9	3	september	september	PROPN
dem-8573	9	4	11	11	NUM
dem-8573	9	5	,	,	PUNCT
dem-8573	9	6	2015	2015	NUM
dem-8573	9	7	issn	issn	X
dem-8573	9	8	(	(	PUNCT
dem-8573	9	9	online	online	ADJ
dem-8573	9	10	)	)	PUNCT
dem-8573	9	11	2450	2450	NUM
dem-8573	9	12	-	-	SYM
dem-8573	9	13	7067	7067	NUM
dem-8573	9	14	accepted	accept	VERB
dem-8573	9	15	december	december	PROPN
dem-8573	9	16	15	15	NUM
dem-8573	9	17	,	,	PUNCT
dem-8573	9	18	2015	2015	NUM
dem-8573	9	19	issn	issn	X
dem-8573	9	20	(	(	PUNCT
dem-8573	9	21	print	print	NOUN
dem-8573	9	22	)	)	PUNCT
dem-8573	9	23	1234	1234	NUM
dem-8573	9	24	-	-	SYM
dem-8573	9	25	3862	3862	NUM
dem-8573	9	26	elżbieta	elżbieta	PROPN
dem-8573	9	27	szulc	szulc	PROPN
dem-8573	9	28	*	*	PROPN
dem-8573	9	29	,	,	PUNCT
dem-8573	9	30	dagna	dagna	VERB
dem-8573	9	31	wleklińska	wleklińska	PROPN
dem-8573	9	32	spatio	spatio	PROPN
dem-8573	9	33	-	-	PUNCT
dem-8573	9	34	temporal	temporal	ADJ
dem-8573	9	35	analysis	analysis	NOUN
dem-8573	9	36	of	of	ADP
dem-8573	9	37	convergence	convergence	NOUN
dem-8573	9	38	of	of	ADP
dem-8573	9	39	development	development	NOUN
dem-8573	9	40	level	level	NOUN
dem-8573	9	41	of	of	ADP
dem-8573	9	42	selected	select	VERB
dem-8573	9	43	stock	stock	NOUN
dem-8573	9	44	exchanges	exchange	NOUN
dem-8573	9	45	in	in	ADP
dem-8573	9	46	the	the	DET
dem-8573	9	47	period	period	NOUN
dem-8573	9	48	of	of	ADP
dem-8573	9	49	2004–2012	2004–2012	NUM
dem-8573	9	50	a	a	DET
dem-8573	9	51	b	b	PROPN
dem-8573	9	52	s	s	ADP
dem-8573	9	53	t	t	PROPN
dem-8573	9	54	r	r	NOUN
dem-8573	9	55	a	a	DET
dem-8573	9	56	c	c	NOUN
dem-8573	9	57	t.	t.	NOUN
dem-8573	9	58	the	the	DET
dem-8573	9	59	paper	paper	NOUN
dem-8573	9	60	concerns	concern	VERB
dem-8573	9	61	the	the	DET
dem-8573	9	62	convergence	convergence	NOUN
dem-8573	9	63	of	of	ADP
dem-8573	9	64	selected	select	VERB
dem-8573	9	65	stock	stock	NOUN
dem-8573	9	66	exchanges	exchange	NOUN
dem-8573	9	67	from	from	ADP
dem-8573	9	68	the	the	DET
dem-8573	9	69	point	point	NOUN
dem-8573	9	70	of	of	ADP
dem-8573	9	71	view	view	NOUN
dem-8573	9	72	of	of	ADP
dem-8573	9	73	their	their	PRON
dem-8573	9	74	development	development	NOUN
dem-8573	9	75	.	.	PUNCT
dem-8573	10	1	it	it	PRON
dem-8573	10	2	presents	present	VERB
dem-8573	10	3	the	the	DET
dem-8573	10	4	methodological	methodological	ADJ
dem-8573	10	5	approach	approach	NOUN
dem-8573	10	6	which	which	PRON
dem-8573	10	7	points	point	VERB
dem-8573	10	8	up	up	ADP
dem-8573	10	9	taking	take	VERB
dem-8573	10	10	into	into	ADP
dem-8573	10	11	account	account	NOUN
dem-8573	10	12	spatial	spatial	ADJ
dem-8573	10	13	and	and	CCONJ
dem-8573	10	14	economic	economic	ADJ
dem-8573	10	15	connections	connection	NOUN
dem-8573	10	16	among	among	ADP
dem-8573	10	17	stock	stock	NOUN
dem-8573	10	18	markets	market	NOUN
dem-8573	10	19	in	in	ADP
dem-8573	10	20	convergence	convergence	NOUN
dem-8573	10	21	analyses	analysis	NOUN
dem-8573	10	22	.	.	PUNCT
dem-8573	11	1	in	in	ADP
dem-8573	11	2	this	this	DET
dem-8573	11	3	analysis	analysis	NOUN
dem-8573	11	4	the	the	DET
dem-8573	11	5	need	need	NOUN
dem-8573	11	6	for	for	ADP
dem-8573	11	7	division	division	NOUN
dem-8573	11	8	of	of	ADP
dem-8573	11	9	the	the	DET
dem-8573	11	10	stock	stock	NOUN
dem-8573	11	11	exchanges	exchange	NOUN
dem-8573	11	12	according	accord	VERB
dem-8573	11	13	to	to	ADP
dem-8573	11	14	a	a	DET
dem-8573	11	15	spatial	spatial	ADJ
dem-8573	11	16	regimes	regime	NOUN
dem-8573	11	17	is	be	AUX
dem-8573	11	18	pointed	point	VERB
dem-8573	11	19	up	up	ADP
dem-8573	11	20	as	as	ADV
dem-8573	11	21	well	well	ADV
dem-8573	11	22	.	.	PUNCT
dem-8573	12	1	the	the	DET
dem-8573	12	2	research	research	NOUN
dem-8573	12	3	includes	include	VERB
dem-8573	12	4	42	42	NUM
dem-8573	12	5	largest	large	ADJ
dem-8573	12	6	trading	trading	NOUN
dem-8573	12	7	floors	floor	NOUN
dem-8573	12	8	analyzed	analyze	VERB
dem-8573	12	9	in	in	ADP
dem-8573	12	10	the	the	DET
dem-8573	12	11	period	period	NOUN
dem-8573	12	12	of	of	ADP
dem-8573	12	13	2004	2004	NUM
dem-8573	12	14	-	-	SYM
dem-8573	12	15	2012	2012	NUM
dem-8573	12	16	.	.	PUNCT
dem-8573	13	1	the	the	DET
dem-8573	13	2	empirical	empirical	ADJ
dem-8573	13	3	data	datum	NOUN
dem-8573	13	4	refer	refer	VERB
dem-8573	13	5	to	to	ADP
dem-8573	13	6	six	six	NUM
dem-8573	13	7	diagnostic	diagnostic	ADJ
dem-8573	13	8	variables	variable	NOUN
dem-8573	13	9	acknowledged	acknowledge	VERB
dem-8573	13	10	as	as	ADP
dem-8573	13	11	the	the	DET
dem-8573	13	12	important	important	ADJ
dem-8573	13	13	determinants	determinant	NOUN
dem-8573	13	14	of	of	ADP
dem-8573	13	15	the	the	DET
dem-8573	13	16	development	development	NOUN
dem-8573	13	17	of	of	ADP
dem-8573	13	18	stock	stock	NOUN
dem-8573	13	19	markets	market	NOUN
dem-8573	13	20	.	.	PUNCT
dem-8573	14	1	k	k	PROPN
dem-8573	14	2	e	e	PROPN
dem-8573	14	3	y	y	PROPN
dem-8573	14	4	w	w	NOUN
dem-8573	14	5	o	o	NOUN
dem-8573	14	6	r	r	NOUN
dem-8573	14	7	d	d	NOUN
dem-8573	14	8	s	s	X
dem-8573	14	9	:	:	PUNCT
dem-8573	14	10	stock	stock	NOUN
dem-8573	14	11	exchanges	exchange	NOUN
dem-8573	14	12	,	,	PUNCT
dem-8573	14	13	convergence	convergence	NOUN
dem-8573	14	14	,	,	PUNCT
dem-8573	14	15	spatial	spatial	ADJ
dem-8573	14	16	regimes	regime	NOUN
dem-8573	14	17	,	,	PUNCT
dem-8573	14	18	physical	physical	ADJ
dem-8573	14	19	and	and	CCONJ
dem-8573	14	20	economic	economic	ADJ
dem-8573	14	21	distance	distance	NOUN
dem-8573	14	22	,	,	PUNCT
dem-8573	14	23	connectivity	connectivity	NOUN
dem-8573	14	24	matrix	matrix	NOUN
dem-8573	14	25	,	,	PUNCT
dem-8573	14	26	spatial	spatial	ADJ
dem-8573	14	27	panel	panel	NOUN
dem-8573	14	28	models	model	NOUN
dem-8573	14	29	.	.	PUNCT
dem-8573	15	1	j	j	PROPN
dem-8573	15	2	e	e	PROPN
dem-8573	15	3	l	l	PROPN
dem-8573	15	4	classification	classification	NOUN
dem-8573	15	5	:	:	PUNCT
dem-8573	15	6	c10	c10	PROPN
dem-8573	15	7	,	,	PUNCT
dem-8573	15	8	c12	c12	PROPN
dem-8573	15	9	,	,	PUNCT
dem-8573	15	10	c58	c58	PROPN
dem-8573	15	11	,	,	PUNCT
dem-8573	15	12	g15	g15	PROPN
dem-8573	15	13	.	.	PUNCT
dem-8573	15	14	introduction	introduction	NOUN
dem-8573	15	15	the	the	DET
dem-8573	15	16	paper	paper	NOUN
dem-8573	15	17	concerns	concern	VERB
dem-8573	15	18	the	the	DET
dem-8573	15	19	convergence	convergence	NOUN
dem-8573	15	20	of	of	ADP
dem-8573	15	21	selected	select	VERB
dem-8573	15	22	stock	stock	NOUN
dem-8573	15	23	exchanges	exchange	NOUN
dem-8573	15	24	,	,	PUNCT
dem-8573	15	25	with	with	ADP
dem-8573	15	26	european	european	ADJ
dem-8573	15	27	stock	stock	NOUN
dem-8573	15	28	exchanges	exchange	NOUN
dem-8573	15	29	on	on	ADP
dem-8573	15	30	the	the	DET
dem-8573	15	31	one	one	NUM
dem-8573	15	32	hand	hand	NOUN
dem-8573	15	33	and	and	CCONJ
dem-8573	15	34	the	the	DET
dem-8573	15	35	asian	asian	ADJ
dem-8573	15	36	and	and	CCONJ
dem-8573	15	37	american	american	ADJ
dem-8573	15	38	on	on	ADP
dem-8573	15	39	the	the	DET
dem-8573	15	40	other	other	ADJ
dem-8573	15	41	,	,	PUNCT
dem-8573	15	42	from	from	ADP
dem-8573	15	43	the	the	DET
dem-8573	15	44	point	point	NOUN
dem-8573	15	45	of	of	ADP
dem-8573	15	46	view	view	NOUN
dem-8573	15	47	of	of	ADP
dem-8573	15	48	their	their	PRON
dem-8573	15	49	development	development	NOUN
dem-8573	15	50	.	.	PUNCT
dem-8573	16	1	the	the	DET
dem-8573	16	2	study	study	NOUN
dem-8573	16	3	is	be	AUX
dem-8573	16	4	a	a	DET
dem-8573	16	5	continuation	continuation	NOUN
dem-8573	16	6	of	of	ADP
dem-8573	16	7	our	our	PRON
dem-8573	16	8	previous	previous	ADJ
dem-8573	16	9	investigation	investigation	NOUN
dem-8573	16	10	,	,	PUNCT
dem-8573	16	11	the	the	DET
dem-8573	16	12	results	result	NOUN
dem-8573	16	13	of	of	ADP
dem-8573	16	14	which	which	PRON
dem-8573	16	15	were	be	AUX
dem-8573	16	16	published	publish	VERB
dem-8573	16	17	in	in	ADP
dem-8573	16	18	dynamic	dynamic	ADJ
dem-8573	16	19	econometric	econometric	ADJ
dem-8573	16	20	models	model	NOUN
dem-8573	16	21	,	,	PUNCT
dem-8573	16	22	2014	2014	NUM
dem-8573	16	23	(	(	PUNCT
dem-8573	16	24	14	14	NUM
dem-8573	16	25	)	)	PUNCT
dem-8573	16	26	(	(	PUNCT
dem-8573	16	27	szulc	szulc	PROPN
dem-8573	16	28	et	et	PROPN
dem-8573	16	29	al	al	PROPN
dem-8573	16	30	.	.	PROPN
dem-8573	16	31	,	,	PUNCT
dem-8573	16	32	2014	2014	NUM
dem-8573	16	33	,	,	PUNCT
dem-8573	16	34	pp	pp	ADJ
dem-8573	16	35	.	.	PUNCT
dem-8573	17	1	125	125	NUM
dem-8573	17	2	–	–	PUNCT
dem-8573	17	3	–	–	PUNCT
dem-8573	17	4	144	144	NUM
dem-8573	17	5	)	)	PUNCT
dem-8573	17	6	.	.	PUNCT
dem-8573	18	1	the	the	DET
dem-8573	18	2	main	main	ADJ
dem-8573	18	3	findings	finding	NOUN
dem-8573	18	4	of	of	ADP
dem-8573	18	5	the	the	DET
dem-8573	18	6	quoted	quote	VERB
dem-8573	18	7	work	work	NOUN
dem-8573	18	8	were	be	AUX
dem-8573	18	9	as	as	SCONJ
dem-8573	18	10	follows	follow	VERB
dem-8573	18	11	:	:	PUNCT
dem-8573	18	12	(	(	PUNCT
dem-8573	18	13	1	1	X
dem-8573	18	14	)	)	PUNCT
dem-8573	18	15	including	include	VERB
dem-8573	18	16	the	the	DET
dem-8573	18	17	linkages	linkage	NOUN
dem-8573	18	18	that	that	PRON
dem-8573	18	19	result	result	VERB
dem-8573	18	20	from	from	ADP
dem-8573	18	21	physical	physical	ADJ
dem-8573	18	22	and/or	and/or	CCONJ
dem-8573	18	23	economic	economic	ADJ
dem-8573	18	24	distance	distance	NOUN
dem-8573	18	25	between	between	ADP
dem-8573	18	26	*	*	PUNCT
dem-8573	18	27	correspondence	correspondence	NOUN
dem-8573	18	28	to	to	ADP
dem-8573	18	29	:	:	PUNCT
dem-8573	18	30	elżbieta	elżbieta	PROPN
dem-8573	18	31	szulc	szulc	PROPN
dem-8573	18	32	,	,	PUNCT
dem-8573	18	33	nicolaus	nicolaus	PROPN
dem-8573	18	34	copernicus	copernicus	PROPN
dem-8573	18	35	university	university	PROPN
dem-8573	18	36	,	,	PUNCT
dem-8573	18	37	department	department	NOUN
dem-8573	18	38	of	of	ADP
dem-8573	18	39	econometrics	econometric	NOUN
dem-8573	18	40	and	and	CCONJ
dem-8573	18	41	statistics	statistic	NOUN
dem-8573	18	42	,	,	PUNCT
dem-8573	18	43	ul	ul	INTJ
dem-8573	18	44	.	.	PUNCT
dem-8573	18	45	gagarina	gagarina	PROPN
dem-8573	18	46	13a	13a	PROPN
dem-8573	18	47	,	,	PUNCT
dem-8573	18	48	87	87	NUM
dem-8573	18	49	-	-	SYM
dem-8573	18	50	100	100	NUM
dem-8573	18	51	toruń	toruń	NOUN
dem-8573	18	52	,	,	PUNCT
dem-8573	18	53	poland	poland	PROPN
dem-8573	18	54	,	,	PUNCT
dem-8573	18	55	e	e	NOUN
dem-8573	18	56	-	-	NOUN
dem-8573	18	57	mail	mail	NOUN
dem-8573	18	58	:	:	PUNCT
dem-8573	18	59	eszulc@umk.pl	eszulc@umk.pl	PROPN
dem-8573	18	60	elżbieta	elżbieta	PROPN
dem-8573	18	61	szulc	szulc	PROPN
dem-8573	18	62	,	,	PUNCT
dem-8573	18	63	dagna	dagna	VERB
dem-8573	18	64	wleklińska	wleklińska	PROPN
dem-8573	18	65	dynamic	dynamic	ADJ
dem-8573	18	66	econometric	econometric	ADJ
dem-8573	18	67	models	model	NOUN
dem-8573	18	68	15	15	NUM
dem-8573	18	69	(	(	PUNCT
dem-8573	18	70	2015	2015	NUM
dem-8573	18	71	)	)	PUNCT
dem-8573	18	72	5–26	5–26	ADJ
dem-8573	18	73	6	6	NUM
dem-8573	18	74	stock	stock	NOUN
dem-8573	18	75	exchanges	exchange	NOUN
dem-8573	18	76	in	in	ADP
dem-8573	18	77	their	their	PRON
dem-8573	18	78	convergence	convergence	NOUN
dem-8573	18	79	models	model	NOUN
dem-8573	18	80	is	be	AUX
dem-8573	18	81	justified	justify	VERB
dem-8573	18	82	and	and	CCONJ
dem-8573	18	83	crucial	crucial	ADJ
dem-8573	18	84	for	for	ADP
dem-8573	18	85	the	the	DET
dem-8573	18	86	analysis	analysis	NOUN
dem-8573	18	87	of	of	ADP
dem-8573	18	88	this	this	DET
dem-8573	18	89	phenomenon	phenomenon	NOUN
dem-8573	18	90	.	.	PUNCT
dem-8573	19	1	(	(	PUNCT
dem-8573	19	2	2	2	X
dem-8573	19	3	)	)	PUNCT
dem-8573	19	4	as	as	ADP
dem-8573	19	5	a	a	DET
dem-8573	19	6	result	result	NOUN
dem-8573	19	7	,	,	PUNCT
dem-8573	19	8	it	it	PRON
dem-8573	19	9	is	be	AUX
dem-8573	19	10	possible	possible	ADJ
dem-8573	19	11	to	to	PART
dem-8573	19	12	define	define	VERB
dem-8573	19	13	the	the	DET
dem-8573	19	14	influence	influence	NOUN
dem-8573	19	15	of	of	ADP
dem-8573	19	16	the	the	DET
dem-8573	19	17	distance	distance	NOUN
dem-8573	19	18	between	between	ADP
dem-8573	19	19	exchanges	exchange	NOUN
dem-8573	19	20	on	on	ADP
dem-8573	19	21	their	their	PRON
dem-8573	19	22	economic	economic	ADJ
dem-8573	19	23	development	development	NOUN
dem-8573	19	24	,	,	PUNCT
dem-8573	19	25	the	the	DET
dem-8573	19	26	estimates	estimate	NOUN
dem-8573	19	27	of	of	ADP
dem-8573	19	28	convergence	convergence	NOUN
dem-8573	19	29	parameter	parameter	NOUN
dem-8573	19	30	are	be	AUX
dem-8573	19	31	more	more	ADV
dem-8573	19	32	precise	precise	ADJ
dem-8573	19	33	,	,	PUNCT
dem-8573	19	34	and	and	CCONJ
dem-8573	19	35	some	some	DET
dem-8573	19	36	statistical	statistical	ADJ
dem-8573	19	37	properties	property	NOUN
dem-8573	19	38	of	of	ADP
dem-8573	19	39	the	the	DET
dem-8573	19	40	models	model	NOUN
dem-8573	19	41	are	be	AUX
dem-8573	19	42	better	well	ADJ
dem-8573	19	43	.	.	PUNCT
dem-8573	20	1	(	(	PUNCT
dem-8573	20	2	3	3	X
dem-8573	20	3	)	)	PUNCT
dem-8573	20	4	due	due	ADP
dem-8573	20	5	to	to	ADP
dem-8573	20	6	the	the	DET
dem-8573	20	7	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	20	8	,	,	PUNCT
dem-8573	20	9	the	the	DET
dem-8573	20	10	empirical	empirical	ADJ
dem-8573	20	11	panel	panel	NOUN
dem-8573	20	12	models	model	NOUN
dem-8573	20	13	for	for	ADP
dem-8573	20	14	the	the	DET
dem-8573	20	15	exchanges	exchange	NOUN
dem-8573	20	16	investigated	investigate	VERB
dem-8573	20	17	as	as	ADP
dem-8573	20	18	a	a	DET
dem-8573	20	19	whole	whole	NOUN
dem-8573	20	20	were	be	AUX
dem-8573	20	21	not	not	PART
dem-8573	20	22	entirely	entirely	ADV
dem-8573	20	23	satisfactory	satisfactory	ADJ
dem-8573	20	24	.	.	PUNCT
dem-8573	21	1	it	it	PRON
dem-8573	21	2	means	mean	VERB
dem-8573	21	3	that	that	SCONJ
dem-8573	21	4	there	there	PRON
dem-8573	21	5	are	be	VERB
dem-8573	21	6	differentials	differential	NOUN
dem-8573	21	7	in	in	ADP
dem-8573	21	8	relationship	relationship	NOUN
dem-8573	21	9	between	between	ADP
dem-8573	21	10	objects	object	NOUN
dem-8573	21	11	considered	consider	VERB
dem-8573	21	12	and	and	CCONJ
dem-8573	21	13	their	their	PRON
dem-8573	21	14	speed	speed	NOUN
dem-8573	21	15	of	of	ADP
dem-8573	21	16	convergence	convergence	NOUN
dem-8573	21	17	.	.	PUNCT
dem-8573	22	1	(	(	PUNCT
dem-8573	22	2	4	4	X
dem-8573	22	3	)	)	PUNCT
dem-8573	22	4	in	in	ADP
dem-8573	22	5	some	some	DET
dem-8573	22	6	empirical	empirical	ADJ
dem-8573	22	7	models	model	NOUN
dem-8573	22	8	which	which	PRON
dem-8573	22	9	we	we	PRON
dem-8573	22	10	obtained	obtain	VERB
dem-8573	22	11	there	there	ADV
dem-8573	22	12	appeared	appear	VERB
dem-8573	22	13	the	the	DET
dem-8573	22	14	problem	problem	NOUN
dem-8573	22	15	of	of	ADP
dem-8573	22	16	autocorrelation	autocorrelation	NOUN
dem-8573	22	17	of	of	ADP
dem-8573	22	18	residuals	residual	NOUN
dem-8573	22	19	.	.	PUNCT
dem-8573	23	1	motivated	motivate	VERB
dem-8573	23	2	by	by	ADP
dem-8573	23	3	the	the	DET
dem-8573	23	4	desire	desire	NOUN
dem-8573	23	5	to	to	PART
dem-8573	23	6	improve	improve	VERB
dem-8573	23	7	the	the	DET
dem-8573	23	8	properties	property	NOUN
dem-8573	23	9	of	of	ADP
dem-8573	23	10	the	the	DET
dem-8573	23	11	empirical	empirical	ADJ
dem-8573	23	12	models	model	NOUN
dem-8573	23	13	,	,	PUNCT
dem-8573	23	14	firstly	firstly	ADV
dem-8573	23	15	we	we	PRON
dem-8573	23	16	decided	decide	VERB
dem-8573	23	17	to	to	PART
dem-8573	23	18	establish	establish	VERB
dem-8573	23	19	some	some	DET
dem-8573	23	20	spatial	spatial	ADJ
dem-8573	23	21	regimes	regime	NOUN
dem-8573	23	22	and	and	CCONJ
dem-8573	23	23	then	then	ADV
dem-8573	23	24	repeat	repeat	VERB
dem-8573	23	25	the	the	DET
dem-8573	23	26	research	research	NOUN
dem-8573	23	27	with	with	ADP
dem-8573	23	28	the	the	DET
dem-8573	23	29	division	division	NOUN
dem-8573	23	30	of	of	ADP
dem-8573	23	31	stock	stock	NOUN
dem-8573	23	32	exchanges	exchange	NOUN
dem-8573	23	33	.	.	PUNCT
dem-8573	24	1	the	the	DET
dem-8573	24	2	applied	apply	VERB
dem-8573	24	3	categorization	categorization	NOUN
dem-8573	24	4	involved	involve	VERB
dem-8573	24	5	placing	place	VERB
dem-8573	24	6	european	european	ADJ
dem-8573	24	7	stock	stock	NOUN
dem-8573	24	8	exchanges	exchange	NOUN
dem-8573	24	9	on	on	ADP
dem-8573	24	10	one	one	NUM
dem-8573	24	11	side	side	NOUN
dem-8573	24	12	,	,	PUNCT
dem-8573	24	13	and	and	CCONJ
dem-8573	24	14	the	the	DET
dem-8573	24	15	american	american	ADJ
dem-8573	24	16	and	and	CCONJ
dem-8573	24	17	asian	asian	ADJ
dem-8573	24	18	stock	stock	NOUN
dem-8573	24	19	markets	market	NOUN
dem-8573	24	20	on	on	ADP
dem-8573	24	21	the	the	DET
dem-8573	24	22	other	other	ADJ
dem-8573	24	23	.	.	PUNCT
dem-8573	25	1	the	the	DET
dem-8573	25	2	validity	validity	NOUN
dem-8573	25	3	of	of	ADP
dem-8573	25	4	this	this	DET
dem-8573	25	5	choice	choice	NOUN
dem-8573	25	6	was	be	AUX
dem-8573	25	7	confirmed	confirm	VERB
dem-8573	25	8	by	by	ADP
dem-8573	25	9	the	the	DET
dem-8573	25	10	results	result	NOUN
dem-8573	25	11	of	of	ADP
dem-8573	25	12	the	the	DET
dem-8573	25	13	chow	chow	PROPN
dem-8573	25	14	test	test	NOUN
dem-8573	25	15	on	on	ADP
dem-8573	25	16	spatial	spatial	ADJ
dem-8573	25	17	variability	variability	NOUN
dem-8573	25	18	of	of	ADP
dem-8573	25	19	the	the	DET
dem-8573	25	20	model	model	NOUN
dem-8573	25	21	parameters	parameter	NOUN
dem-8573	25	22	(	(	PUNCT
dem-8573	25	23	arbia	arbia	NOUN
dem-8573	25	24	2006	2006	NUM
dem-8573	25	25	,	,	PUNCT
dem-8573	25	26	p.	p.	NOUN
dem-8573	25	27	133	133	NUM
dem-8573	25	28	)	)	PUNCT
dem-8573	25	29	presented	present	VERB
dem-8573	25	30	in	in	ADP
dem-8573	25	31	section	section	NOUN
dem-8573	25	32	4	4	NUM
dem-8573	25	33	of	of	ADP
dem-8573	25	34	this	this	DET
dem-8573	25	35	paper	paper	NOUN
dem-8573	25	36	.	.	PUNCT
dem-8573	26	1	the	the	DET
dem-8573	26	2	discussion	discussion	NOUN
dem-8573	26	3	on	on	ADP
dem-8573	26	4	the	the	DET
dem-8573	26	5	convergence	convergence	NOUN
dem-8573	26	6	of	of	ADP
dem-8573	26	7	stock	stock	NOUN
dem-8573	26	8	exchanges	exchange	NOUN
dem-8573	26	9	is	be	AUX
dem-8573	26	10	associated	associate	VERB
dem-8573	26	11	with	with	ADP
dem-8573	26	12	one	one	NUM
dem-8573	26	13	of	of	ADP
dem-8573	26	14	the	the	DET
dem-8573	26	15	directions	direction	NOUN
dem-8573	26	16	of	of	ADP
dem-8573	26	17	the	the	DET
dem-8573	26	18	analysis	analysis	NOUN
dem-8573	26	19	of	of	ADP
dem-8573	26	20	the	the	DET
dem-8573	26	21	relationship	relationship	NOUN
dem-8573	26	22	between	between	ADP
dem-8573	26	23	capital	capital	NOUN
dem-8573	26	24	markets	market	NOUN
dem-8573	26	25	,	,	PUNCT
dem-8573	26	26	which	which	PRON
dem-8573	26	27	searches	search	VERB
dem-8573	26	28	out	out	ADP
dem-8573	26	29	the	the	DET
dem-8573	26	30	ever	ever	ADV
dem-8573	26	31	-	-	PUNCT
dem-8573	26	32	increasing	increase	VERB
dem-8573	26	33	convergence	convergence	NOUN
dem-8573	26	34	of	of	ADP
dem-8573	26	35	these	these	DET
dem-8573	26	36	markets	market	NOUN
dem-8573	26	37	from	from	ADP
dem-8573	26	38	the	the	DET
dem-8573	26	39	point	point	NOUN
dem-8573	26	40	of	of	ADP
dem-8573	26	41	view	view	NOUN
dem-8573	26	42	of	of	ADP
dem-8573	26	43	their	their	PRON
dem-8573	26	44	specific	specific	ADJ
dem-8573	26	45	characteristics	characteristic	NOUN
dem-8573	26	46	.	.	PUNCT
dem-8573	27	1	this	this	DET
dem-8573	27	2	process	process	NOUN
dem-8573	27	3	,	,	PUNCT
dem-8573	27	4	which	which	PRON
dem-8573	27	5	can	can	AUX
dem-8573	27	6	be	be	AUX
dem-8573	27	7	referred	refer	VERB
dem-8573	27	8	to	to	ADP
dem-8573	27	9	as	as	ADP
dem-8573	27	10	convergence	convergence	NOUN
dem-8573	27	11	of	of	ADP
dem-8573	27	12	stock	stock	NOUN
dem-8573	27	13	exchanges	exchange	NOUN
dem-8573	27	14	is	be	AUX
dem-8573	27	15	associated	associate	VERB
dem-8573	27	16	with	with	ADP
dem-8573	27	17	an	an	DET
dem-8573	27	18	integration	integration	NOUN
dem-8573	27	19	of	of	ADP
dem-8573	27	20	the	the	DET
dem-8573	27	21	financial	financial	ADJ
dem-8573	27	22	markets	market	NOUN
dem-8573	27	23	,	,	PUNCT
dem-8573	27	24	and	and	CCONJ
dem-8573	27	25	their	their	PRON
dem-8573	27	26	growing	grow	VERB
dem-8573	27	27	interdependence	interdependence	NOUN
dem-8573	27	28	,	,	PUNCT
dem-8573	27	29	which	which	PRON
dem-8573	27	30	in	in	ADP
dem-8573	27	31	turn	turn	NOUN
dem-8573	27	32	is	be	AUX
dem-8573	27	33	associated	associate	VERB
dem-8573	27	34	with	with	ADP
dem-8573	27	35	the	the	DET
dem-8573	27	36	liberalization	liberalization	NOUN
dem-8573	27	37	of	of	ADP
dem-8573	27	38	capital	capital	NOUN
dem-8573	27	39	flows	flow	NOUN
dem-8573	27	40	and	and	CCONJ
dem-8573	27	41	technological	technological	ADJ
dem-8573	27	42	progress	progress	NOUN
dem-8573	27	43	.	.	PUNCT
dem-8573	28	1	these	these	DET
dem-8573	28	2	processes	process	NOUN
dem-8573	28	3	are	be	AUX
dem-8573	28	4	favorable	favorable	ADJ
dem-8573	28	5	for	for	ADP
dem-8573	28	6	further	further	ADJ
dem-8573	28	7	development	development	NOUN
dem-8573	28	8	of	of	ADP
dem-8573	28	9	stock	stock	NOUN
dem-8573	28	10	markets	market	NOUN
dem-8573	28	11	,	,	PUNCT
dem-8573	28	12	and	and	CCONJ
dem-8573	28	13	thus	thus	ADV
dem-8573	28	14	the	the	DET
dem-8573	28	15	distinctions	distinction	NOUN
dem-8573	28	16	between	between	ADP
dem-8573	28	17	them	they	PRON
dem-8573	28	18	are	be	AUX
dem-8573	28	19	becoming	becoming	AUX
dem-8573	28	20	increasingly	increasingly	ADV
dem-8573	28	21	blurred	blur	VERB
dem-8573	28	22	over	over	ADP
dem-8573	28	23	time	time	NOUN
dem-8573	28	24	.	.	PUNCT
dem-8573	29	1	the	the	DET
dem-8573	29	2	problem	problem	NOUN
dem-8573	29	3	of	of	ADP
dem-8573	29	4	convergence	convergence	NOUN
dem-8573	29	5	of	of	ADP
dem-8573	29	6	equity	equity	NOUN
dem-8573	29	7	markets	market	NOUN
dem-8573	29	8	has	have	AUX
dem-8573	29	9	already	already	ADV
dem-8573	29	10	been	be	AUX
dem-8573	29	11	considered	consider	VERB
dem-8573	29	12	in	in	ADP
dem-8573	29	13	the	the	DET
dem-8573	29	14	literature	literature	NOUN
dem-8573	29	15	on	on	ADP
dem-8573	29	16	the	the	DET
dem-8573	29	17	subject	subject	NOUN
dem-8573	29	18	,	,	PUNCT
dem-8573	29	19	e.g.	e.g.	ADV
dem-8573	29	20	aspergis	aspergis	ADJ
dem-8573	29	21	,	,	PUNCT
dem-8573	29	22	christou	christou	NOUN
dem-8573	29	23	,	,	PUNCT
dem-8573	29	24	miller	miller	PROPN
dem-8573	29	25	(	(	PUNCT
dem-8573	29	26	2014	2014	NUM
dem-8573	29	27	)	)	PUNCT
dem-8573	29	28	,	,	PUNCT
dem-8573	29	29	koralun	koralun	PROPN
dem-8573	29	30	-	-	PUNCT
dem-8573	29	31	bereźnicka	bereźnicka	NOUN
dem-8573	29	32	(	(	PUNCT
dem-8573	29	33	2008	2008	NUM
dem-8573	29	34	)	)	PUNCT
dem-8573	29	35	,	,	PUNCT
dem-8573	29	36	fraser	fraser	NOUN
dem-8573	29	37	,	,	PUNCT
dem-8573	29	38	helliar	helliar	ADJ
dem-8573	29	39	,	,	PUNCT
dem-8573	29	40	power	power	NOUN
dem-8573	29	41	(	(	PUNCT
dem-8573	29	42	1994	1994	NUM
dem-8573	29	43	)	)	PUNCT
dem-8573	29	44	,	,	PUNCT
dem-8573	29	45	caporale	caporale	NOUN
dem-8573	29	46	,	,	PUNCT
dem-8573	29	47	erdogan	erdogan	ADJ
dem-8573	29	48	,	,	PUNCT
dem-8573	29	49	kuzin	kuzin	PROPN
dem-8573	29	50	(	(	PUNCT
dem-8573	29	51	2009	2009	NUM
dem-8573	29	52	)	)	PUNCT
dem-8573	29	53	.	.	PUNCT
dem-8573	30	1	in	in	ADP
dem-8573	30	2	particular	particular	ADJ
dem-8573	30	3	,	,	PUNCT
dem-8573	30	4	the	the	DET
dem-8573	30	5	papers	paper	NOUN
dem-8573	30	6	presenting	present	VERB
dem-8573	30	7	the	the	DET
dem-8573	30	8	analysis	analysis	NOUN
dem-8573	30	9	of	of	ADP
dem-8573	30	10	convergence	convergence	NOUN
dem-8573	30	11	of	of	ADP
dem-8573	30	12	the	the	DET
dem-8573	30	13	stock	stock	NOUN
dem-8573	30	14	exchanges	exchange	NOUN
dem-8573	30	15	with	with	ADP
dem-8573	30	16	the	the	DET
dem-8573	30	17	prospect	prospect	NOUN
dem-8573	30	18	of	of	ADP
dem-8573	30	19	space	space	NOUN
dem-8573	30	20	are	be	AUX
dem-8573	30	21	the	the	DET
dem-8573	30	22	most	most	ADV
dem-8573	30	23	interesting	interesting	ADJ
dem-8573	30	24	,	,	PUNCT
dem-8573	30	25	e.g.	e.g.	ADV
dem-8573	30	26	asgharian	asgharian	ADJ
dem-8573	30	27	,	,	PUNCT
dem-8573	30	28	hess	hess	PROPN
dem-8573	30	29	,	,	PUNCT
dem-8573	30	30	liu	liu	PROPN
dem-8573	30	31	(	(	PUNCT
dem-8573	30	32	2013	2013	NUM
dem-8573	30	33	)	)	PUNCT
dem-8573	30	34	,	,	PUNCT
dem-8573	30	35	suchecka	suchecka	NOUN
dem-8573	30	36	,	,	PUNCT
dem-8573	30	37	łaszkiewicz	łaszkiewicz	NOUN
dem-8573	30	38	(	(	PUNCT
dem-8573	30	39	2011	2011	NUM
dem-8573	30	40	)	)	PUNCT
dem-8573	30	41	,	,	PUNCT
dem-8573	30	42	wójcik	wójcik	X
dem-8573	30	43	(	(	PUNCT
dem-8573	30	44	2009	2009	NUM
dem-8573	30	45	)	)	PUNCT
dem-8573	30	46	.	.	PUNCT
dem-8573	31	1	the	the	DET
dem-8573	31	2	literature	literature	NOUN
dem-8573	31	3	indicates	indicate	VERB
dem-8573	31	4	the	the	DET
dem-8573	31	5	validity	validity	NOUN
dem-8573	31	6	of	of	ADP
dem-8573	31	7	the	the	DET
dem-8573	31	8	analysis	analysis	NOUN
dem-8573	31	9	of	of	ADP
dem-8573	31	10	the	the	DET
dem-8573	31	11	relationship	relationship	NOUN
dem-8573	31	12	between	between	ADP
dem-8573	31	13	capital	capital	NOUN
dem-8573	31	14	markets	market	NOUN
dem-8573	31	15	having	having	AUX
dem-8573	31	16	regard	regard	NOUN
dem-8573	31	17	on	on	ADP
dem-8573	31	18	their	their	PRON
dem-8573	31	19	location	location	NOUN
dem-8573	31	20	in	in	ADP
dem-8573	31	21	the	the	DET
dem-8573	31	22	geographic	geographic	ADJ
dem-8573	31	23	space	space	NOUN
dem-8573	31	24	,	,	PUNCT
dem-8573	31	25	and	and	CCONJ
dem-8573	31	26	also	also	ADV
dem-8573	31	27	takes	take	VERB
dem-8573	31	28	into	into	ADP
dem-8573	31	29	account	account	NOUN
dem-8573	31	30	the	the	DET
dem-8573	31	31	so	so	ADV
dem-8573	31	32	-	-	PUNCT
dem-8573	31	33	called	call	VERB
dem-8573	31	34	economic	economic	ADJ
dem-8573	31	35	distance	distance	NOUN
dem-8573	31	36	between	between	ADP
dem-8573	31	37	these	these	DET
dem-8573	31	38	markets	market	NOUN
dem-8573	31	39	.	.	PUNCT
dem-8573	32	1	this	this	DET
dem-8573	32	2	paper	paper	NOUN
dem-8573	32	3	refers	refer	VERB
dem-8573	32	4	to	to	ADP
dem-8573	32	5	such	such	DET
dem-8573	32	6	a	a	DET
dem-8573	32	7	methodological	methodological	ADJ
dem-8573	32	8	approach	approach	NOUN
dem-8573	32	9	.	.	PUNCT
dem-8573	33	1	the	the	DET
dem-8573	33	2	aim	aim	NOUN
dem-8573	33	3	of	of	ADP
dem-8573	33	4	the	the	DET
dem-8573	33	5	paper	paper	NOUN
dem-8573	33	6	is	be	AUX
dem-8573	33	7	to	to	PART
dem-8573	33	8	investigate	investigate	VERB
dem-8573	33	9	whether	whether	SCONJ
dem-8573	33	10	,	,	PUNCT
dem-8573	33	11	in	in	ADP
dem-8573	33	12	the	the	DET
dem-8573	33	13	light	light	NOUN
dem-8573	33	14	of	of	ADP
dem-8573	33	15	the	the	DET
dem-8573	33	16	current	current	ADJ
dem-8573	33	17	empirical	empirical	ADJ
dem-8573	33	18	analyses	analysis	NOUN
dem-8573	33	19	,	,	PUNCT
dem-8573	33	20	one	one	PRON
dem-8573	33	21	may	may	AUX
dem-8573	33	22	observe	observe	VERB
dem-8573	33	23	the	the	DET
dem-8573	33	24	process	process	NOUN
dem-8573	33	25	of	of	ADP
dem-8573	33	26	convergence	convergence	NOUN
dem-8573	33	27	of	of	ADP
dem-8573	33	28	the	the	DET
dem-8573	33	29	main	main	ADJ
dem-8573	33	30	spatio	spatio	ADJ
dem-8573	33	31	-	-	PUNCT
dem-8573	33	32	temporal	temporal	ADJ
dem-8573	33	33	analysis	analysis	NOUN
dem-8573	33	34	of	of	ADP
dem-8573	33	35	convergence	convergence	NOUN
dem-8573	33	36	of	of	ADP
dem-8573	33	37	development	development	NOUN
dem-8573	33	38	level	level	NOUN
dem-8573	33	39	…	…	PUNCT
dem-8573	33	40	dynamic	dynamic	ADJ
dem-8573	33	41	econometric	econometric	ADJ
dem-8573	33	42	models	model	NOUN
dem-8573	33	43	15	15	NUM
dem-8573	33	44	(	(	PUNCT
dem-8573	33	45	2015	2015	NUM
dem-8573	33	46	)	)	PUNCT
dem-8573	33	47	5–26	5–26	ADJ
dem-8573	33	48	7	7	NUM
dem-8573	33	49	european	european	ADJ
dem-8573	33	50	as	as	ADV
dem-8573	33	51	well	well	ADV
dem-8573	33	52	as	as	ADP
dem-8573	33	53	american	american	ADJ
dem-8573	33	54	and	and	CCONJ
dem-8573	33	55	asian	asian	ADJ
dem-8573	33	56	stock	stock	NOUN
dem-8573	33	57	markets	market	NOUN
dem-8573	33	58	.	.	PUNCT
dem-8573	34	1	in	in	ADP
dem-8573	34	2	addition	addition	NOUN
dem-8573	34	3	,	,	PUNCT
dem-8573	34	4	the	the	DET
dem-8573	34	5	importance	importance	NOUN
dem-8573	34	6	of	of	ADP
dem-8573	34	7	distance	distance	NOUN
dem-8573	34	8	between	between	ADP
dem-8573	34	9	the	the	DET
dem-8573	34	10	markets	market	NOUN
dem-8573	34	11	for	for	ADP
dem-8573	34	12	the	the	DET
dem-8573	34	13	process	process	NOUN
dem-8573	34	14	is	be	AUX
dem-8573	34	15	evaluated	evaluate	VERB
dem-8573	34	16	.	.	PUNCT
dem-8573	35	1	particularly	particularly	ADV
dem-8573	35	2	,	,	PUNCT
dem-8573	35	3	the	the	DET
dem-8573	35	4	role	role	NOUN
dem-8573	35	5	of	of	ADP
dem-8573	35	6	economic	economic	ADJ
dem-8573	35	7	distance	distance	NOUN
dem-8573	35	8	is	be	AUX
dem-8573	35	9	considered	consider	VERB
dem-8573	35	10	.	.	PUNCT
dem-8573	36	1	the	the	DET
dem-8573	36	2	research	research	NOUN
dem-8573	36	3	is	be	AUX
dem-8573	36	4	aimed	aim	VERB
dem-8573	36	5	to	to	PART
dem-8573	36	6	verify	verify	VERB
dem-8573	36	7	the	the	DET
dem-8573	36	8	hypothesis	hypothesis	NOUN
dem-8573	36	9	that	that	PRON
dem-8573	36	10	the	the	DET
dem-8573	36	11	relative	relative	ADJ
dem-8573	36	12	location	location	NOUN
dem-8573	36	13	of	of	ADP
dem-8573	36	14	a	a	DET
dem-8573	36	15	stock	stock	NOUN
dem-8573	36	16	market	market	NOUN
dem-8573	36	17	in	in	ADP
dem-8573	36	18	the	the	DET
dem-8573	36	19	geographic	geographic	NOUN
dem-8573	36	20	as	as	ADV
dem-8573	36	21	well	well	ADV
dem-8573	36	22	as	as	ADP
dem-8573	36	23	a	a	DET
dem-8573	36	24	particular	particular	ADJ
dem-8573	36	25	economic	economic	ADJ
dem-8573	36	26	space	space	NOUN
dem-8573	36	27	affects	affect	VERB
dem-8573	36	28	its	its	PRON
dem-8573	36	29	growth	growth	NOUN
dem-8573	36	30	rate	rate	NOUN
dem-8573	36	31	.	.	PUNCT
dem-8573	37	1	the	the	DET
dem-8573	37	2	achievement	achievement	NOUN
dem-8573	37	3	of	of	ADP
dem-8573	37	4	the	the	DET
dem-8573	37	5	objective	objective	NOUN
dem-8573	37	6	and	and	CCONJ
dem-8573	37	7	verification	verification	NOUN
dem-8573	37	8	of	of	ADP
dem-8573	37	9	the	the	DET
dem-8573	37	10	research	research	NOUN
dem-8573	37	11	hypothesis	hypothesis	NOUN
dem-8573	37	12	was	be	AUX
dem-8573	37	13	enabled	enable	VERB
dem-8573	37	14	through	through	ADP
dem-8573	37	15	:	:	PUNCT
dem-8573	37	16	defining	define	VERB
dem-8573	37	17	a	a	DET
dem-8573	37	18	taxonomic	taxonomic	ADJ
dem-8573	37	19	measure	measure	NOUN
dem-8573	37	20	of	of	ADP
dem-8573	37	21	development	development	NOUN
dem-8573	37	22	of	of	ADP
dem-8573	37	23	exchanges	exchange	NOUN
dem-8573	37	24	,	,	PUNCT
dem-8573	37	25	then	then	ADV
dem-8573	37	26	building	build	VERB
dem-8573	37	27	of	of	ADP
dem-8573	37	28	empirical	empirical	ADJ
dem-8573	37	29	dynamic	dynamic	ADJ
dem-8573	37	30	models	model	NOUN
dem-8573	37	31	of	of	ADP
dem-8573	37	32	stock	stock	NOUN
dem-8573	37	33	exchanges	exchange	NOUN
dem-8573	37	34	’	'	PUNCT
dem-8573	37	35	convergence	convergence	NOUN
dem-8573	37	36	for	for	ADP
dem-8573	37	37	pooled	pool	VERB
dem-8573	37	38	time	time	NOUN
dem-8573	37	39	series	series	NOUN
dem-8573	37	40	and	and	CCONJ
dem-8573	37	41	cross	cross	ADJ
dem-8573	37	42	-	-	ADJ
dem-8573	37	43	sectional	sectional	ADJ
dem-8573	37	44	data	datum	NOUN
dem-8573	37	45	and	and	CCONJ
dem-8573	37	46	for	for	ADP
dem-8573	37	47	panel	panel	NOUN
dem-8573	37	48	data	datum	NOUN
dem-8573	37	49	in	in	ADP
dem-8573	37	50	the	the	DET
dem-8573	37	51	traditional	traditional	ADJ
dem-8573	37	52	version	version	NOUN
dem-8573	37	53	,	,	PUNCT
dem-8573	37	54	which	which	PRON
dem-8573	37	55	ignore	ignore	VERB
dem-8573	37	56	spatial	spatial	ADJ
dem-8573	37	57	and	and	CCONJ
dem-8573	37	58	economic	economic	ADJ
dem-8573	37	59	linkages	linkage	NOUN
dem-8573	37	60	between	between	ADP
dem-8573	37	61	stock	stock	NOUN
dem-8573	37	62	exchanges	exchange	NOUN
dem-8573	37	63	and	and	CCONJ
dem-8573	37	64	dynamic	dynamic	ADJ
dem-8573	37	65	spatial	spatial	ADJ
dem-8573	37	66	models	model	NOUN
dem-8573	37	67	(	(	PUNCT
dem-8573	37	68	including	include	VERB
dem-8573	37	69	spatial	spatial	ADJ
dem-8573	37	70	panel	panel	NOUN
dem-8573	37	71	models	model	NOUN
dem-8573	37	72	)	)	PUNCT
dem-8573	37	73	,	,	PUNCT
dem-8573	37	74	i.e.	i.e.	X
dem-8573	37	75	models	model	NOUN
dem-8573	37	76	with	with	ADP
dem-8573	37	77	regard	regard	NOUN
dem-8573	37	78	to	to	ADP
dem-8573	37	79	the	the	DET
dem-8573	37	80	described	describe	VERB
dem-8573	37	81	relationship	relationship	NOUN
dem-8573	37	82	,	,	PUNCT
dem-8573	37	83	and	and	CCONJ
dem-8573	37	84	finally	finally	ADV
dem-8573	37	85	the	the	DET
dem-8573	37	86	comparison	comparison	NOUN
dem-8573	37	87	of	of	ADP
dem-8573	37	88	statistical	statistical	ADJ
dem-8573	37	89	properties	property	NOUN
dem-8573	37	90	and	and	CCONJ
dem-8573	37	91	the	the	DET
dem-8573	37	92	interpretation	interpretation	NOUN
dem-8573	37	93	values	value	NOUN
dem-8573	37	94	of	of	ADP
dem-8573	37	95	model	model	NOUN
dem-8573	37	96	’	'	PUNCT
dem-8573	37	97	parameters	parameter	NOUN
dem-8573	37	98	in	in	ADP
dem-8573	37	99	various	various	ADJ
dem-8573	37	100	versions	version	NOUN
dem-8573	37	101	.	.	PUNCT
dem-8573	38	1	1	1	X
dem-8573	38	2	.	.	X
dem-8573	38	3	subject	subject	NOUN
dem-8573	38	4	and	and	CCONJ
dem-8573	38	5	range	range	NOUN
dem-8573	38	6	of	of	ADP
dem-8573	38	7	the	the	DET
dem-8573	38	8	investigation	investigation	NOUN
dem-8573	38	9	the	the	DET
dem-8573	38	10	subject	subject	NOUN
dem-8573	38	11	of	of	ADP
dem-8573	38	12	the	the	DET
dem-8573	38	13	investigation	investigation	NOUN
dem-8573	38	14	contains	contain	VERB
dem-8573	38	15	the	the	DET
dem-8573	38	16	selected	select	VERB
dem-8573	38	17	european	european	ADJ
dem-8573	38	18	,	,	PUNCT
dem-8573	38	19	asian	asian	ADJ
dem-8573	38	20	and	and	CCONJ
dem-8573	38	21	american	american	ADJ
dem-8573	38	22	stock	stock	NOUN
dem-8573	38	23	exchanges	exchange	NOUN
dem-8573	38	24	,	,	PUNCT
dem-8573	38	25	characterized	characterize	VERB
dem-8573	38	26	in	in	ADP
dem-8573	38	27	terms	term	NOUN
dem-8573	38	28	of	of	ADP
dem-8573	38	29	their	their	PRON
dem-8573	38	30	level	level	NOUN
dem-8573	38	31	of	of	ADP
dem-8573	38	32	development	development	NOUN
dem-8573	38	33	.	.	PUNCT
dem-8573	39	1	the	the	DET
dem-8573	39	2	study	study	NOUN
dem-8573	39	3	included	include	VERB
dem-8573	39	4	42	42	NUM
dem-8573	39	5	largest	large	ADJ
dem-8573	39	6	trading	trading	NOUN
dem-8573	39	7	floors	floor	NOUN
dem-8573	39	8	in	in	ADP
dem-8573	39	9	the	the	DET
dem-8573	39	10	period	period	NOUN
dem-8573	39	11	of	of	ADP
dem-8573	39	12	2004–2012	2004–2012	NUM
dem-8573	39	13	.	.	PUNCT
dem-8573	40	1	the	the	DET
dem-8573	40	2	specification	specification	NOUN
dem-8573	40	3	of	of	ADP
dem-8573	40	4	the	the	DET
dem-8573	40	5	exchanges	exchange	NOUN
dem-8573	40	6	with	with	ADP
dem-8573	40	7	the	the	DET
dem-8573	40	8	assignment	assignment	NOUN
dem-8573	40	9	to	to	ADP
dem-8573	40	10	the	the	DET
dem-8573	40	11	relevant	relevant	ADJ
dem-8573	40	12	country	country	NOUN
dem-8573	40	13	is	be	AUX
dem-8573	40	14	presented	present	VERB
dem-8573	40	15	in	in	ADP
dem-8573	40	16	table	table	NOUN
dem-8573	40	17	1	1	NUM
dem-8573	40	18	.	.	PUNCT
dem-8573	41	1	the	the	DET
dem-8573	41	2	level	level	NOUN
dem-8573	41	3	of	of	ADP
dem-8573	41	4	stock	stock	NOUN
dem-8573	41	5	exchange	exchange	NOUN
dem-8573	41	6	development	development	NOUN
dem-8573	41	7	was	be	AUX
dem-8573	41	8	defined	define	VERB
dem-8573	41	9	by	by	ADP
dem-8573	41	10	a	a	DET
dem-8573	41	11	synthetic	synthetic	ADJ
dem-8573	41	12	measure	measure	NOUN
dem-8573	41	13	based	base	VERB
dem-8573	41	14	on	on	ADP
dem-8573	41	15	six	six	NUM
dem-8573	41	16	diagnostic	diagnostic	ADJ
dem-8573	41	17	variables	variable	NOUN
dem-8573	41	18	,	,	PUNCT
dem-8573	41	19	i.e.	i.e.	X
dem-8573	41	20	x1	x1	PRON
dem-8573	41	21	−	−	PROPN
dem-8573	41	22	the	the	DET
dem-8573	41	23	capitalization	capitalization	NOUN
dem-8573	41	24	of	of	ADP
dem-8573	41	25	domestic	domestic	ADJ
dem-8573	41	26	shares	share	NOUN
dem-8573	41	27	,	,	PUNCT
dem-8573	42	1	x2	x2	PROPN
dem-8573	42	2	−	−	PROPN
dem-8573	42	3	the	the	DET
dem-8573	42	4	capitalization	capitalization	NOUN
dem-8573	42	5	of	of	ADP
dem-8573	42	6	newly	newly	ADV
dem-8573	42	7	listed	list	VERB
dem-8573	42	8	domestic	domestic	ADJ
dem-8573	42	9	shares	share	NOUN
dem-8573	42	10	,	,	PUNCT
dem-8573	42	11	x3	x3	ADJ
dem-8573	42	12	−	−	PROPN
dem-8573	42	13	the	the	DET
dem-8573	42	14	total	total	ADJ
dem-8573	42	15	value	value	NOUN
dem-8573	42	16	of	of	ADP
dem-8573	42	17	share	share	NOUN
dem-8573	42	18	trading	trading	NOUN
dem-8573	42	19	,	,	PUNCT
dem-8573	42	20	x4	x4	PROPN
dem-8573	42	21	−	−	PROPN
dem-8573	42	22	gdp	gdp	NOUN
dem-8573	42	23	per	per	ADP
dem-8573	42	24	capita	capita	NOUN
dem-8573	42	25	,	,	PUNCT
dem-8573	42	26	x5	x5	NOUN
dem-8573	42	27	−	−	PROPN
dem-8573	42	28	the	the	DET
dem-8573	42	29	top	top	ADJ
dem-8573	42	30	10	10	NUM
dem-8573	42	31	most	most	ADV
dem-8573	42	32	heavily	heavily	ADV
dem-8573	42	33	capitalized	capitalize	VERB
dem-8573	42	34	domestic	domestic	ADJ
dem-8573	42	35	companies	company	NOUN
dem-8573	42	36	,	,	PUNCT
dem-8573	42	37	x6	x6	PROPN
dem-8573	42	38	−	−	PROPN
dem-8573	42	39	the	the	DET
dem-8573	42	40	ratio	ratio	NOUN
dem-8573	42	41	of	of	ADP
dem-8573	42	42	market	market	NOUN
dem-8573	42	43	capitalization	capitalization	NOUN
dem-8573	42	44	to	to	ADP
dem-8573	42	45	gdp	gdp	NOUN
dem-8573	42	46	.	.	PUNCT
dem-8573	43	1	it	it	PRON
dem-8573	43	2	was	be	AUX
dem-8573	43	3	recognized	recognize	VERB
dem-8573	43	4	that	that	SCONJ
dem-8573	43	5	,	,	PUNCT
dem-8573	43	6	in	in	ADP
dem-8573	43	7	the	the	DET
dem-8573	43	8	light	light	NOUN
dem-8573	43	9	of	of	ADP
dem-8573	43	10	theory	theory	NOUN
dem-8573	43	11	and	and	CCONJ
dem-8573	43	12	empirical	empirical	ADJ
dem-8573	43	13	analyses	analysis	NOUN
dem-8573	43	14	,	,	PUNCT
dem-8573	43	15	the	the	DET
dem-8573	43	16	specified	specified	ADJ
dem-8573	43	17	variables	variable	NOUN
dem-8573	43	18	are	be	AUX
dem-8573	43	19	important	important	ADJ
dem-8573	43	20	determinants	determinant	NOUN
dem-8573	43	21	of	of	ADP
dem-8573	43	22	the	the	DET
dem-8573	43	23	development	development	NOUN
dem-8573	43	24	of	of	ADP
dem-8573	43	25	stock	stock	NOUN
dem-8573	43	26	exchanges	exchange	NOUN
dem-8573	43	27	(	(	PUNCT
dem-8573	43	28	see	see	VERB
dem-8573	43	29	e.g.	e.g.	ADV
dem-8573	43	30	demirgur	demirgur	PROPN
dem-8573	43	31	-	-	PUNCT
dem-8573	43	32	kunt	kunt	PROPN
dem-8573	43	33	and	and	CCONJ
dem-8573	43	34	levine	levine	PROPN
dem-8573	43	35	,	,	PUNCT
dem-8573	43	36	1996	1996	NUM
dem-8573	43	37	;	;	PUNCT
dem-8573	43	38	levine	levine	PROPN
dem-8573	43	39	and	and	CCONJ
dem-8573	43	40	zelvos	zelvo	NOUN
dem-8573	43	41	,	,	PUNCT
dem-8573	43	42	1996	1996	NUM
dem-8573	43	43	;	;	PUNCT
dem-8573	43	44	łuniewska	łuniewska	NOUN
dem-8573	43	45	and	and	CCONJ
dem-8573	43	46	tarczyński	tarczyński	ADJ
dem-8573	43	47	,	,	PUNCT
dem-8573	43	48	2006	2006	NUM
dem-8573	43	49	;	;	PUNCT
dem-8573	43	50	szulc	szulc	PROPN
dem-8573	43	51	et	et	PROPN
dem-8573	43	52	al	al	PROPN
dem-8573	43	53	.	.	PROPN
dem-8573	43	54	,	,	PUNCT
dem-8573	43	55	2014	2014	NUM
dem-8573	43	56	;	;	PUNCT
dem-8573	43	57	wiśniewski	wiśniewski	ADJ
dem-8573	43	58	,	,	PUNCT
dem-8573	43	59	2003	2003	NUM
dem-8573	43	60	)	)	PUNCT
dem-8573	43	61	.	.	PUNCT
dem-8573	44	1	taking	take	VERB
dem-8573	44	2	into	into	ADP
dem-8573	44	3	account	account	NOUN
dem-8573	44	4	the	the	DET
dem-8573	44	5	connections	connection	NOUN
dem-8573	44	6	of	of	ADP
dem-8573	44	7	the	the	DET
dem-8573	44	8	capital	capital	NOUN
dem-8573	44	9	market	market	NOUN
dem-8573	44	10	with	with	ADP
dem-8573	44	11	the	the	DET
dem-8573	44	12	economy	economy	NOUN
dem-8573	44	13	of	of	ADP
dem-8573	44	14	the	the	DET
dem-8573	44	15	country	country	NOUN
dem-8573	44	16	of	of	ADP
dem-8573	44	17	its	its	PRON
dem-8573	44	18	location	location	NOUN
dem-8573	44	19	was	be	AUX
dem-8573	44	20	also	also	ADV
dem-8573	44	21	an	an	DET
dem-8573	44	22	important	important	ADJ
dem-8573	44	23	issue	issue	NOUN
dem-8573	44	24	for	for	ADP
dem-8573	44	25	the	the	DET
dem-8573	44	26	specification	specification	NOUN
dem-8573	44	27	of	of	ADP
dem-8573	44	28	the	the	DET
dem-8573	44	29	diagnostic	diagnostic	ADJ
dem-8573	44	30	variables	variable	NOUN
dem-8573	44	31	.	.	PUNCT
dem-8573	45	1	the	the	DET
dem-8573	45	2	range	range	NOUN
dem-8573	45	3	of	of	ADP
dem-8573	45	4	information	information	NOUN
dem-8573	45	5	provided	provide	VERB
dem-8573	45	6	by	by	ADP
dem-8573	45	7	the	the	DET
dem-8573	45	8	world	world	PROPN
dem-8573	45	9	federation	federation	PROPN
dem-8573	45	10	of	of	ADP
dem-8573	45	11	exchanges	exchange	NOUN
dem-8573	45	12	(	(	PUNCT
dem-8573	45	13	www.worldexchanges.org	www.worldexchanges.org	NUM
dem-8573	45	14	)	)	PUNCT
dem-8573	45	15	,	,	PUNCT
dem-8573	45	16	whence	whence	ADP
dem-8573	45	17	we	we	PRON
dem-8573	45	18	get	get	VERB
dem-8573	45	19	the	the	DET
dem-8573	45	20	data	datum	NOUN
dem-8573	45	21	,	,	PUNCT
dem-8573	45	22	played	play	VERB
dem-8573	45	23	a	a	DET
dem-8573	45	24	significant	significant	ADJ
dem-8573	45	25	role	role	NOUN
dem-8573	45	26	as	as	ADV
dem-8573	45	27	well	well	ADV
dem-8573	45	28	.	.	PUNCT
dem-8573	46	1	elżbieta	elżbieta	PROPN
dem-8573	46	2	szulc	szulc	PROPN
dem-8573	46	3	,	,	PUNCT
dem-8573	46	4	dagna	dagna	VERB
dem-8573	46	5	wleklińska	wleklińska	PROPN
dem-8573	46	6	dynamic	dynamic	ADJ
dem-8573	46	7	econometric	econometric	ADJ
dem-8573	46	8	models	model	NOUN
dem-8573	46	9	15	15	NUM
dem-8573	46	10	(	(	PUNCT
dem-8573	46	11	2015	2015	NUM
dem-8573	46	12	)	)	PUNCT
dem-8573	46	13	5–26	5–26	ADJ
dem-8573	46	14	8	8	NUM
dem-8573	46	15	table	table	NOUN
dem-8573	46	16	1	1	NUM
dem-8573	46	17	.	.	NOUN
dem-8573	46	18	specification	specification	NOUN
dem-8573	46	19	of	of	ADP
dem-8573	46	20	the	the	DET
dem-8573	46	21	stock	stock	NOUN
dem-8573	46	22	exchanges	exchange	NOUN
dem-8573	46	23	considered	consider	VERB
dem-8573	46	24	north.south	north.south	PROPN
dem-8573	46	25	america	america	PROPN
dem-8573	46	26	and	and	CCONJ
dem-8573	46	27	asia	asia	PROPN
dem-8573	46	28	brazil	brazil	PROPN
dem-8573	46	29	bm&bovespa	bm&bovespa	PROPN
dem-8573	46	30	(	(	PUNCT
dem-8573	46	31	bov	bov	PROPN
dem-8573	46	32	)	)	PUNCT
dem-8573	46	33	chile	chile	PROPN
dem-8573	46	34	santiago	santiago	PROPN
dem-8573	47	1	se	se	PROPN
dem-8573	47	2	(	(	PUNCT
dem-8573	47	3	sse	sse	PROPN
dem-8573	47	4	)	)	PUNCT
dem-8573	47	5	canada	canada	PROPN
dem-8573	47	6	tmx	tmx	PROPN
dem-8573	47	7	group	group	PROPN
dem-8573	47	8	(	(	PUNCT
dem-8573	47	9	tmx	tmx	PROPN
dem-8573	47	10	)	)	PUNCT
dem-8573	47	11	colombia	colombia	PROPN
dem-8573	47	12	colombia	colombia	PROPN
dem-8573	47	13	se	se	PROPN
dem-8573	47	14	(	(	PUNCT
dem-8573	47	15	cse	cse	PROPN
dem-8573	47	16	)	)	PUNCT
dem-8573	47	17	mexico	mexico	PROPN
dem-8573	47	18	mexican	mexican	PROPN
dem-8573	47	19	exchange	exchange	PROPN
dem-8573	47	20	(	(	PUNCT
dem-8573	47	21	bmv	bmv	PROPN
dem-8573	47	22	)	)	PUNCT
dem-8573	47	23	bermuda	bermuda	PROPN
dem-8573	47	24	bermuda	bermuda	PROPN
dem-8573	47	25	se	se	PROPN
dem-8573	47	26	(	(	PUNCT
dem-8573	47	27	bsx	bsx	PROPN
dem-8573	47	28	)	)	PUNCT
dem-8573	47	29	argentina	argentina	PROPN
dem-8573	47	30	buenos	buenos	PROPN
dem-8573	47	31	aires	aires	PROPN
dem-8573	47	32	se	se	PROPN
dem-8573	47	33	(	(	PUNCT
dem-8573	47	34	bcba	bcba	PROPN
dem-8573	47	35	)	)	PUNCT
dem-8573	47	36	peru	peru	PROPN
dem-8573	47	37	lima	lima	PROPN
dem-8573	47	38	se	se	PROPN
dem-8573	47	39	(	(	PUNCT
dem-8573	47	40	bvl	bvl	PROPN
dem-8573	47	41	)	)	PUNCT
dem-8573	47	42	united	united	PROPN
dem-8573	47	43	states	states	PROPN
dem-8573	47	44	nasdaq	nasdaq	PROPN
dem-8573	47	45	omx	omx	PROPN
dem-8573	47	46	(	(	PUNCT
dem-8573	47	47	nasdaq	nasdaq	PROPN
dem-8573	47	48	)	)	PUNCT
dem-8573	47	49	nyse	nyse	PROPN
dem-8573	47	50	euronext	euronext	PROPN
dem-8573	47	51	(	(	PUNCT
dem-8573	47	52	us	us	PROPN
dem-8573	47	53	)	)	PUNCT
dem-8573	47	54	(	(	PUNCT
dem-8573	47	55	nyse	nyse	PROPN
dem-8573	47	56	)	)	PUNCT
dem-8573	47	57	singapore	singapore	PROPN
dem-8573	47	58	singapore	singapore	PROPN
dem-8573	47	59	se	se	PROPN
dem-8573	47	60	(	(	PUNCT
dem-8573	47	61	se	se	X
dem-8573	47	62	)	)	PUNCT
dem-8573	47	63	thailand	thailand	PROPN
dem-8573	47	64	thailand	thailand	PROPN
dem-8573	47	65	se	se	PROPN
dem-8573	47	66	(	(	PUNCT
dem-8573	47	67	thse	thse	NOUN
dem-8573	47	68	)	)	PUNCT
dem-8573	47	69	philippines	philippine	NOUN
dem-8573	47	70	phillippine	phillippine	X
dem-8573	47	71	se	se	PROPN
dem-8573	47	72	(	(	PUNCT
dem-8573	47	73	pse	pse	NOUN
dem-8573	47	74	)	)	PUNCT
dem-8573	48	1	china	china	PROPN
dem-8573	48	2	honk	honk	PROPN
dem-8573	48	3	kong	kong	PROPN
dem-8573	48	4	se	se	PROPN
dem-8573	48	5	(	(	PUNCT
dem-8573	48	6	sehk	sehk	PROPN
dem-8573	48	7	)	)	PUNCT
dem-8573	48	8	shanghai	shanghai	PROPN
dem-8573	48	9	se	se	PROPN
dem-8573	48	10	(	(	PUNCT
dem-8573	48	11	shse	shse	PROPN
dem-8573	48	12	)	)	PUNCT
dem-8573	48	13	shenzen	shenzen	PROPN
dem-8573	48	14	se	se	X
dem-8573	48	15	(	(	PUNCT
dem-8573	48	16	szse	szse	NOUN
dem-8573	48	17	)	)	PUNCT
dem-8573	48	18	taiwan	taiwan	PROPN
dem-8573	48	19	se	se	PROPN
dem-8573	48	20	corp	corp	PROPN
dem-8573	48	21	.	.	PROPN
dem-8573	49	1	(	(	PUNCT
dem-8573	49	2	tsec	tsec	PROPN
dem-8573	49	3	)	)	PUNCT
dem-8573	49	4	japan	japan	PROPN
dem-8573	49	5	osaca	osaca	PROPN
dem-8573	49	6	se	se	PROPN
dem-8573	49	7	(	(	PUNCT
dem-8573	49	8	ose	ose	NOUN
dem-8573	49	9	)	)	PUNCT
dem-8573	49	10	tokyo	tokyo	PROPN
dem-8573	49	11	se	se	PROPN
dem-8573	49	12	group	group	PROPN
dem-8573	49	13	(	(	PUNCT
dem-8573	49	14	tse	tse	PROPN
dem-8573	49	15	)	)	PUNCT
dem-8573	49	16	india	india	PROPN
dem-8573	49	17	national	national	PROPN
dem-8573	49	18	se	se	PROPN
dem-8573	49	19	india	india	PROPN
dem-8573	49	20	(	(	PUNCT
dem-8573	49	21	nse	nse	PROPN
dem-8573	49	22	)	)	PUNCT
dem-8573	49	23	indonesia	indonesia	PROPN
dem-8573	49	24	indonesia	indonesia	PROPN
dem-8573	49	25	se	se	PROPN
dem-8573	49	26	(	(	PUNCT
dem-8573	49	27	ise	ise	PROPN
dem-8573	49	28	)	)	PUNCT
dem-8573	49	29	south	south	PROPN
dem-8573	49	30	korea	korea	PROPN
dem-8573	49	31	korea	korea	PROPN
dem-8573	49	32	exchange	exchange	PROPN
dem-8573	49	33	(	(	PUNCT
dem-8573	49	34	krx	krx	PROPN
dem-8573	49	35	)	)	PUNCT
dem-8573	50	1	malaysia	malaysia	PROPN
dem-8573	50	2	bursa	bursa	PROPN
dem-8573	50	3	malaysia	malaysia	PROPN
dem-8573	50	4	(	(	PUNCT
dem-8573	50	5	bm	bm	PROPN
dem-8573	50	6	)	)	PUNCT
dem-8573	50	7	sri	sri	PROPN
dem-8573	50	8	lanka	lanka	PROPN
dem-8573	50	9	colombo	colombo	PROPN
dem-8573	50	10	se	se	PROPN
dem-8573	50	11	(	(	PUNCT
dem-8573	50	12	clse	clse	PROPN
dem-8573	50	13	)	)	PUNCT
dem-8573	50	14	europe	europe	PROPN
dem-8573	50	15	austrian	austrian	PROPN
dem-8573	50	16	wiener	wiener	NOUN
dem-8573	50	17	borse	borse	PROPN
dem-8573	50	18	(	(	PUNCT
dem-8573	50	19	ag	ag	PROPN
dem-8573	50	20	)	)	PUNCT
dem-8573	50	21	cyprus	cyprus	PROPN
dem-8573	50	22	cyprus	cyprus	PROPN
dem-8573	50	23	se	se	PROPN
dem-8573	50	24	(	(	PUNCT
dem-8573	50	25	cpse	cpse	PROPN
dem-8573	50	26	)	)	PUNCT
dem-8573	50	27	egypt	egypt	PROPN
dem-8573	50	28	cairo&alexandria	cairo&alexandria	PROPN
dem-8573	50	29	se	se	PROPN
dem-8573	50	30	(	(	PUNCT
dem-8573	50	31	egx	egx	PROPN
dem-8573	50	32	)	)	PUNCT
dem-8573	50	33	*	*	PROPN
dem-8573	51	1	greece	greece	PROPN
dem-8573	51	2	athens	athens	PROPN
dem-8573	51	3	exchange	exchange	PROPN
dem-8573	51	4	(	(	PUNCT
dem-8573	51	5	athex	athex	NOUN
dem-8573	51	6	)	)	PUNCT
dem-8573	51	7	spain	spain	PROPN
dem-8573	51	8	bme	bme	VERB
dem-8573	51	9	spanish	spanish	ADJ
dem-8573	51	10	exchange	exchange	PROPN
dem-8573	51	11	(	(	PUNCT
dem-8573	51	12	bme	bme	NOUN
dem-8573	51	13	)	)	PUNCT
dem-8573	51	14	netherlands	netherlands	PROPN
dem-8573	51	15	nyse	nyse	PROPN
dem-8573	51	16	euronext	euronext	PROPN
dem-8573	51	17	(	(	PUNCT
dem-8573	51	18	europe	europe	PROPN
dem-8573	51	19	)	)	PUNCT
dem-8573	51	20	(	(	PUNCT
dem-8573	51	21	nee	nee	PROPN
dem-8573	51	22	)	)	PUNCT
dem-8573	51	23	turkey	turkey	PROPN
dem-8573	51	24	istanbul	istanbul	PROPN
dem-8573	51	25	se	se	PROPN
dem-8573	51	26	(	(	PUNCT
dem-8573	51	27	isse	isse	PROPN
dem-8573	51	28	)	)	PUNCT
dem-8573	51	29	ireland	ireland	PROPN
dem-8573	51	30	irish	irish	PROPN
dem-8573	51	31	se	se	PROPN
dem-8573	51	32	(	(	PUNCT
dem-8573	51	33	irse	irse	PROPN
dem-8573	51	34	)	)	PUNCT
dem-8573	51	35	israel	israel	PROPN
dem-8573	51	36	tel	tel	PROPN
dem-8573	51	37	aviv	aviv	PROPN
dem-8573	51	38	se	se	PROPN
dem-8573	51	39	(	(	PUNCT
dem-8573	51	40	tase	tase	NOUN
dem-8573	51	41	)	)	PUNCT
dem-8573	51	42	*	*	PUNCT
dem-8573	51	43	luxemburg	luxemburg	PROPN
dem-8573	51	44	luxemburg	luxemburg	PROPN
dem-8573	51	45	se	se	PROPN
dem-8573	51	46	(	(	PUNCT
dem-8573	51	47	lxse	lxse	PROPN
dem-8573	51	48	)	)	PUNCT
dem-8573	51	49	malta	malta	PROPN
dem-8573	51	50	malta	malta	PROPN
dem-8573	51	51	se	se	PROPN
dem-8573	51	52	(	(	PUNCT
dem-8573	51	53	mse	mse	PROPN
dem-8573	51	54	)	)	PUNCT
dem-8573	51	55	hungary	hungary	PROPN
dem-8573	51	56	budapest	budapest	PROPN
dem-8573	51	57	se	se	PROPN
dem-8573	51	58	(	(	PUNCT
dem-8573	51	59	bdse	bdse	PROPN
dem-8573	51	60	)	)	PUNCT
dem-8573	51	61	germany	germany	PROPN
dem-8573	51	62	deutsche	deutsche	PROPN
dem-8573	51	63	borse	borse	X
dem-8573	51	64	(	(	PUNCT
dem-8573	51	65	db	db	PROPN
dem-8573	51	66	)	)	PUNCT
dem-8573	51	67	norway	norway	PROPN
dem-8573	51	68	oslo	oslo	PROPN
dem-8573	51	69	bors	bors	PROPN
dem-8573	51	70	(	(	PUNCT
dem-8573	51	71	obe	obe	PROPN
dem-8573	51	72	)	)	PUNCT
dem-8573	51	73	poland	poland	PROPN
dem-8573	51	74	warsaw	warsaw	PROPN
dem-8573	51	75	se	se	PROPN
dem-8573	51	76	(	(	PUNCT
dem-8573	51	77	wse	wse	PROPN
dem-8573	51	78	)	)	PUNCT
dem-8573	51	79	great	great	PROPN
dem-8573	51	80	britain	britain	PROPN
dem-8573	51	81	london	london	PROPN
dem-8573	51	82	se	se	PROPN
dem-8573	51	83	(	(	PUNCT
dem-8573	51	84	lse	lse	PROPN
dem-8573	51	85	)	)	PUNCT
dem-8573	51	86	switzerland	switzerland	NOUN
dem-8573	51	87	six	six	NUM
dem-8573	51	88	swiss	swiss	ADJ
dem-8573	51	89	exchange	exchange	NOUN
dem-8573	51	90	(	(	PUNCT
dem-8573	51	91	six	six	NUM
dem-8573	51	92	)	)	PUNCT
dem-8573	51	93	sweden	sweden	PROPN
dem-8573	51	94	nasdaq	nasdaq	PROPN
dem-8573	51	95	omx	omx	PROPN
dem-8573	51	96	nordic	nordic	PROPN
dem-8573	51	97	exchange	exchange	PROPN
dem-8573	51	98	(	(	PUNCT
dem-8573	51	99	nomx	nomx	ADJ
dem-8573	51	100	)	)	PUNCT
dem-8573	51	101	note	note	NOUN
dem-8573	51	102	:	:	PUNCT
dem-8573	51	103	stock	stock	NOUN
dem-8573	51	104	exchanges	exchange	NOUN
dem-8573	51	105	signed	sign	VERB
dem-8573	51	106	by	by	ADP
dem-8573	51	107	*	*	PUNCT
dem-8573	51	108	have	have	AUX
dem-8573	51	109	been	be	AUX
dem-8573	51	110	included	include	VERB
dem-8573	51	111	in	in	ADP
dem-8573	51	112	the	the	DET
dem-8573	51	113	european	european	ADJ
dem-8573	51	114	capital	capital	NOUN
dem-8573	51	115	markets	market	NOUN
dem-8573	51	116	for	for	ADP
dem-8573	51	117	the	the	DET
dem-8573	51	118	reason	reason	NOUN
dem-8573	51	119	of	of	ADP
dem-8573	51	120	their	their	PRON
dem-8573	51	121	geographical	geographical	ADJ
dem-8573	51	122	proximity	proximity	NOUN
dem-8573	51	123	to	to	ADP
dem-8573	51	124	the	the	DET
dem-8573	51	125	continent	continent	NOUN
dem-8573	51	126	and	and	CCONJ
dem-8573	51	127	their	their	PRON
dem-8573	51	128	economic	economic	ADJ
dem-8573	51	129	similarity	similarity	NOUN
dem-8573	51	130	as	as	ADV
dem-8573	51	131	well	well	ADV
dem-8573	51	132	.	.	PUNCT
dem-8573	52	1	2	2	X
dem-8573	52	2	.	.	X
dem-8573	52	3	methodology	methodology	NOUN
dem-8573	52	4	the	the	DET
dem-8573	52	5	research	research	NOUN
dem-8573	52	6	was	be	AUX
dem-8573	52	7	conducted	conduct	VERB
dem-8573	52	8	in	in	ADP
dem-8573	52	9	relation	relation	NOUN
dem-8573	52	10	to	to	ADP
dem-8573	52	11	the	the	DET
dem-8573	52	12	aggregate	aggregate	ADJ
dem-8573	52	13	characteristic	characteristic	NOUN
dem-8573	52	14	of	of	ADP
dem-8573	52	15	the	the	DET
dem-8573	52	16	stock	stock	NOUN
dem-8573	52	17	exchanges	exchange	NOUN
dem-8573	52	18	in	in	ADP
dem-8573	52	19	the	the	DET
dem-8573	52	20	form	form	NOUN
dem-8573	52	21	of	of	ADP
dem-8573	52	22	a	a	DET
dem-8573	52	23	taxonomic	taxonomic	ADJ
dem-8573	52	24	measure	measure	NOUN
dem-8573	52	25	of	of	ADP
dem-8573	52	26	development	development	NOUN
dem-8573	52	27	.	.	PUNCT
dem-8573	53	1	this	this	DET
dem-8573	53	2	indicator	indicator	NOUN
dem-8573	53	3	is	be	AUX
dem-8573	53	4	understood	understand	VERB
dem-8573	53	5	as	as	ADP
dem-8573	53	6	a	a	DET
dem-8573	53	7	synthetic	synthetic	NOUN
dem-8573	53	8	normalized	normalize	VERB
dem-8573	53	9	formula	formula	NOUN
dem-8573	53	10	expressed	express	VERB
dem-8573	53	11	by	by	ADP
dem-8573	53	12	(	(	PUNCT
dem-8573	53	13	see	see	VERB
dem-8573	53	14	hellwig	hellwig	PROPN
dem-8573	53	15	,	,	PUNCT
dem-8573	53	16	1968	1968	NUM
dem-8573	53	17	):	):	PUNCT
dem-8573	53	18	spatio	spatio	NOUN
dem-8573	53	19	-	-	PUNCT
dem-8573	53	20	temporal	temporal	ADJ
dem-8573	53	21	analysis	analysis	NOUN
dem-8573	53	22	of	of	ADP
dem-8573	53	23	convergence	convergence	NOUN
dem-8573	53	24	of	of	ADP
dem-8573	53	25	development	development	NOUN
dem-8573	53	26	level	level	NOUN
dem-8573	53	27	…	…	PUNCT
dem-8573	53	28	dynamic	dynamic	ADJ
dem-8573	53	29	econometric	econometric	ADJ
dem-8573	53	30	models	model	NOUN
dem-8573	53	31	15	15	NUM
dem-8573	53	32	(	(	PUNCT
dem-8573	53	33	2015	2015	NUM
dem-8573	53	34	)	)	PUNCT
dem-8573	53	35	5–26	5–26	ADJ
dem-8573	53	36	9	9	NUM
dem-8573	53	37	,	,	PUNCT
dem-8573	53	38	2	2	NUM
dem-8573	53	39	1	1	NUM
dem-8573	53	40	'	'	PART
dem-8573	53	41	q	q	NOUN
dem-8573	54	1	i	i	PRON
dem-8573	54	2	i	i	NOUN
dem-8573	54	3	sq	sq	VERB
dem-8573	54	4	q	q	PROPN
dem-8573	54	5	q	q	PROPN
dem-8573	55	1	+	+	PUNCT
dem-8573	55	2	−=	−=	PART
dem-8573	55	3	(	(	PUNCT
dem-8573	55	4	1	1	NUM
dem-8573	55	5	)	)	PUNCT
dem-8573	55	6	where	where	SCONJ
dem-8573	55	7	:	:	PUNCT
dem-8573	55	8	iq	iq	VERB
dem-8573	55	9	−	−	PROPN
dem-8573	56	1	the	the	DET
dem-8573	56	2	synthetic	synthetic	ADJ
dem-8573	56	3	variable	variable	NOUN
dem-8573	56	4	determining	determine	VERB
dem-8573	56	5	the	the	DET
dem-8573	56	6	level	level	NOUN
dem-8573	56	7	of	of	ADP
dem-8573	56	8	development	development	NOUN
dem-8573	56	9	of	of	ADP
dem-8573	56	10	the	the	DET
dem-8573	56	11	i	i	PROPN
dem-8573	56	12	-	-	PUNCT
dem-8573	56	13	th	th	VERB
dem-8573	56	14	exchange	exchange	NOUN
dem-8573	56	15	in	in	ADP
dem-8573	56	16	relations	relation	NOUN
dem-8573	56	17	to	to	ADP
dem-8573	56	18	a	a	DET
dem-8573	56	19	development	development	NOUN
dem-8573	56	20	standard	standard	NOUN
dem-8573	56	21	,	,	PUNCT
dem-8573	56	22	q	q	PROPN
dem-8573	56	23	−	−	PROPN
dem-8573	56	24	the	the	DET
dem-8573	56	25	average	average	ADJ
dem-8573	56	26	value	value	NOUN
dem-8573	56	27	of	of	ADP
dem-8573	56	28	the	the	DET
dem-8573	56	29	synthetic	synthetic	ADJ
dem-8573	56	30	variable	variable	NOUN
dem-8573	56	31	,	,	PUNCT
dem-8573	56	32	qs	qs	ADP
dem-8573	56	33	−	−	PROPN
dem-8573	56	34	the	the	DET
dem-8573	56	35	standard	standard	ADJ
dem-8573	56	36	deviation	deviation	NOUN
dem-8573	56	37	of	of	ADP
dem-8573	56	38	the	the	DET
dem-8573	56	39	variable	variable	NOUN
dem-8573	56	40	.	.	PUNCT
dem-8573	57	1	in	in	ADP
dem-8573	57	2	this	this	DET
dem-8573	57	3	approach	approach	NOUN
dem-8573	57	4	the	the	DET
dem-8573	57	5	values	value	NOUN
dem-8573	57	6	of	of	ADP
dem-8573	57	7	the	the	DET
dem-8573	57	8	synthetic	synthetic	ADJ
dem-8573	57	9	variable	variable	NOUN
dem-8573	57	10	iq	iq	NOUN
dem-8573	57	11	are	be	AUX
dem-8573	57	12	calculated	calculate	VERB
dem-8573	57	13	according	accord	VERB
dem-8573	57	14	to	to	ADP
dem-8573	57	15	the	the	DET
dem-8573	57	16	formula	formula	NOUN
dem-8573	57	17	:	:	PUNCT
dem-8573	57	18	(	(	PUNCT
dem-8573	57	19	)	)	PUNCT
dem-8573	57	20	,	,	PUNCT
dem-8573	57	21	1	1	NUM
dem-8573	57	22	2	2	NUM
dem-8573	57	23	0∑	0∑	NOUN
dem-8573	57	24	=	=	SYM
dem-8573	57	25	−=	−=	VERB
dem-8573	57	26	m	m	PROPN
dem-8573	57	27	j	j	PROPN
dem-8573	57	28	jiji	jiji	PROPN
dem-8573	57	29	zzq	zzq	X
dem-8573	57	30	(	(	PUNCT
dem-8573	57	31	2	2	NUM
dem-8573	57	32	)	)	PUNCT
dem-8573	57	33	where	where	SCONJ
dem-8573	57	34	:	:	PUNCT
dem-8573	57	35	ijz	ijz	PROPN
dem-8573	57	36	−	−	PROPN
dem-8573	58	1	the	the	DET
dem-8573	58	2	value	value	NOUN
dem-8573	58	3	of	of	ADP
dem-8573	58	4	j	j	PROPN
dem-8573	58	5	-	-	PUNCT
dem-8573	58	6	th	th	VERB
dem-8573	58	7	diagnostic	diagnostic	ADJ
dem-8573	58	8	variable	variable	NOUN
dem-8573	58	9	for	for	ADP
dem-8573	58	10	i	i	PROPN
dem-8573	58	11	-	-	PUNCT
dem-8573	58	12	th	th	VERB
dem-8573	58	13	exchange	exchange	NOUN
dem-8573	58	14	standardized	standardize	VERB
dem-8573	58	15	to	to	ADP
dem-8573	58	16	0–1	0–1	NOUN
dem-8573	58	17	,	,	PUNCT
dem-8573	58	18	jz0	jz0	PROPN
dem-8573	58	19	−	−	PROPN
dem-8573	59	1	the	the	DET
dem-8573	59	2	value	value	NOUN
dem-8573	59	3	of	of	ADP
dem-8573	59	4	j	j	PROPN
dem-8573	59	5	-	-	PUNCT
dem-8573	59	6	th	th	VERB
dem-8573	59	7	diagnostic	diagnostic	ADJ
dem-8573	59	8	variable	variable	NOUN
dem-8573	59	9	for	for	ADP
dem-8573	59	10	the	the	DET
dem-8573	59	11	standard	standard	NOUN
dem-8573	59	12	of	of	ADP
dem-8573	59	13	development	development	NOUN
dem-8573	59	14	standardized	standardize	VERB
dem-8573	59	15	to	to	ADP
dem-8573	59	16	0–1	0–1	NOUN
dem-8573	59	17	.	.	PUNCT
dem-8573	60	1	thus	thus	ADV
dem-8573	60	2	,	,	PUNCT
dem-8573	60	3	iq	iq	PROPN
dem-8573	60	4	means	mean	VERB
dem-8573	60	5	a	a	DET
dem-8573	60	6	distance	distance	NOUN
dem-8573	60	7	between	between	ADP
dem-8573	60	8	i	i	PROPN
dem-8573	60	9	-	-	PUNCT
dem-8573	60	10	th	th	X
dem-8573	60	11	exchange	exchange	NOUN
dem-8573	60	12	and	and	CCONJ
dem-8573	60	13	the	the	DET
dem-8573	60	14	development	development	NOUN
dem-8573	60	15	standard	standard	NOUN
dem-8573	60	16	.	.	PUNCT
dem-8573	61	1	through	through	ADP
dem-8573	61	2	the	the	DET
dem-8573	61	3	use	use	NOUN
dem-8573	61	4	of	of	ADP
dem-8573	61	5	the	the	DET
dem-8573	61	6	taxonomic	taxonomic	ADJ
dem-8573	61	7	measure	measure	NOUN
dem-8573	61	8	of	of	ADP
dem-8573	61	9	stock	stock	NOUN
dem-8573	61	10	exchanges	exchange	NOUN
dem-8573	61	11	’	’	PART
dem-8573	61	12	development	development	NOUN
dem-8573	61	13	it	it	PRON
dem-8573	61	14	is	be	AUX
dem-8573	61	15	possible	possible	ADJ
dem-8573	61	16	to	to	PART
dem-8573	61	17	present	present	VERB
dem-8573	61	18	the	the	DET
dem-8573	61	19	rankings	ranking	NOUN
dem-8573	61	20	of	of	ADP
dem-8573	61	21	exchanges	exchange	NOUN
dem-8573	61	22	and	and	CCONJ
dem-8573	61	23	their	their	PRON
dem-8573	61	24	changes	change	NOUN
dem-8573	61	25	in	in	ADP
dem-8573	61	26	time	time	NOUN
dem-8573	61	27	,	,	PUNCT
dem-8573	61	28	the	the	DET
dem-8573	61	29	evaluation	evaluation	NOUN
dem-8573	61	30	of	of	ADP
dem-8573	61	31	the	the	DET
dem-8573	61	32	correlation	correlation	NOUN
dem-8573	61	33	between	between	ADP
dem-8573	61	34	stock	stock	NOUN
dem-8573	61	35	exchanges	exchange	NOUN
dem-8573	61	36	in	in	ADP
dem-8573	61	37	terms	term	NOUN
dem-8573	61	38	of	of	ADP
dem-8573	61	39	development	development	NOUN
dem-8573	61	40	,	,	PUNCT
dem-8573	61	41	the	the	DET
dem-8573	61	42	identification	identification	NOUN
dem-8573	61	43	of	of	ADP
dem-8573	61	44	linkages	linkage	NOUN
dem-8573	61	45	between	between	ADP
dem-8573	61	46	markets	market	NOUN
dem-8573	61	47	in	in	ADP
dem-8573	61	48	an	an	DET
dem-8573	61	49	economic	economic	ADJ
dem-8573	61	50	space	space	NOUN
dem-8573	61	51	,	,	PUNCT
dem-8573	61	52	and	and	CCONJ
dem-8573	61	53	finally	finally	ADV
dem-8573	61	54	,	,	PUNCT
dem-8573	61	55	the	the	DET
dem-8573	61	56	analysis	analysis	NOUN
dem-8573	61	57	of	of	ADP
dem-8573	61	58	the	the	DET
dem-8573	61	59	stock	stock	NOUN
dem-8573	61	60	exchanges	exchange	NOUN
dem-8573	61	61	’	'	PUNCT
dem-8573	61	62	convergence	convergence	NOUN
dem-8573	61	63	,	,	PUNCT
dem-8573	61	64	which	which	PRON
dem-8573	61	65	is	be	AUX
dem-8573	61	66	meant	mean	VERB
dem-8573	61	67	as	as	ADP
dem-8573	61	68	equalizing	equalize	VERB
dem-8573	61	69	their	their	PRON
dem-8573	61	70	development	development	NOUN
dem-8573	61	71	levels	level	NOUN
dem-8573	61	72	.	.	PUNCT
dem-8573	62	1	in	in	ADP
dem-8573	62	2	this	this	DET
dem-8573	62	3	paper	paper	NOUN
dem-8573	62	4	we	we	PRON
dem-8573	62	5	focus	focus	VERB
dem-8573	62	6	on	on	ADP
dem-8573	62	7	the	the	DET
dem-8573	62	8	examination	examination	NOUN
dem-8573	62	9	of	of	ADP
dem-8573	62	10	the	the	DET
dem-8573	62	11	concept	concept	NOUN
dem-8573	62	12	of	of	ADP
dem-8573	62	13	exchanges	exchange	NOUN
dem-8573	62	14	’	'	PUNCT
dem-8573	62	15	convergence	convergence	NOUN
dem-8573	62	16	,	,	PUNCT
dem-8573	62	17	in	in	ADP
dem-8573	62	18	the	the	DET
dem-8573	62	19	light	light	NOUN
dem-8573	62	20	of	of	ADP
dem-8573	62	21	which	which	PRON
dem-8573	62	22	the	the	DET
dem-8573	62	23	stock	stock	NOUN
dem-8573	62	24	market	market	NOUN
dem-8573	62	25	with	with	ADP
dem-8573	62	26	an	an	DET
dem-8573	62	27	initial	initial	ADJ
dem-8573	62	28	lower	low	ADJ
dem-8573	62	29	level	level	NOUN
dem-8573	62	30	of	of	ADP
dem-8573	62	31	development	development	NOUN
dem-8573	62	32	showed	show	VERB
dem-8573	62	33	a	a	DET
dem-8573	62	34	faster	fast	ADJ
dem-8573	62	35	growth	growth	NOUN
dem-8573	62	36	rate	rate	NOUN
dem-8573	62	37	in	in	ADP
dem-8573	62	38	the	the	DET
dem-8573	62	39	considered	consider	VERB
dem-8573	62	40	measure	measure	NOUN
dem-8573	62	41	of	of	ADP
dem-8573	62	42	development	development	NOUN
dem-8573	62	43	.	.	PUNCT
dem-8573	63	1	the	the	DET
dem-8573	63	2	analysis	analysis	NOUN
dem-8573	63	3	of	of	ADP
dem-8573	63	4	the	the	DET
dem-8573	63	5	stock	stock	NOUN
dem-8573	63	6	exchanges	exchange	NOUN
dem-8573	63	7	'	'	PART
dem-8573	63	8	convergence	convergence	NOUN
dem-8573	63	9	was	be	AUX
dem-8573	63	10	based	base	VERB
dem-8573	63	11	on	on	ADP
dem-8573	63	12	econometric	econometric	ADJ
dem-8573	63	13	models	model	NOUN
dem-8573	63	14	of	of	ADP
dem-8573	63	15	β	β	NOUN
dem-8573	63	16	-	-	NOUN
dem-8573	63	17	convergence	convergence	NOUN
dem-8573	63	18	,	,	PUNCT
dem-8573	63	19	in	in	ADP
dem-8573	63	20	particular	particular	ADJ
dem-8573	63	21	,	,	PUNCT
dem-8573	63	22	the	the	DET
dem-8573	63	23	spatial	spatial	ADJ
dem-8573	63	24	models	model	NOUN
dem-8573	63	25	for	for	ADP
dem-8573	63	26	pooled	pool	VERB
dem-8573	63	27	time	time	NOUN
dem-8573	63	28	series	series	NOUN
dem-8573	63	29	and	and	CCONJ
dem-8573	63	30	cross	cross	ADJ
dem-8573	63	31	-	-	ADJ
dem-8573	63	32	sectional	sectional	ADJ
dem-8573	63	33	data	datum	NOUN
dem-8573	63	34	(	(	PUNCT
dem-8573	63	35	tscs	tsc	NOUN
dem-8573	63	36	)	)	PUNCT
dem-8573	63	37	as	as	ADV
dem-8573	63	38	well	well	ADV
dem-8573	63	39	as	as	ADP
dem-8573	63	40	spatial	spatial	ADJ
dem-8573	63	41	panel	panel	NOUN
dem-8573	63	42	models	model	NOUN
dem-8573	63	43	.	.	PUNCT
dem-8573	64	1	the	the	DET
dem-8573	64	2	same	same	ADJ
dem-8573	64	3	classes	class	NOUN
dem-8573	64	4	of	of	ADP
dem-8573	64	5	models	model	NOUN
dem-8573	64	6	were	be	AUX
dem-8573	64	7	used	use	VERB
dem-8573	64	8	previously	previously	ADV
dem-8573	64	9	(	(	PUNCT
dem-8573	64	10	szulc	szulc	PROPN
dem-8573	64	11	et	et	PROPN
dem-8573	64	12	al	al	PROPN
dem-8573	64	13	.	.	PROPN
dem-8573	64	14	,	,	PUNCT
dem-8573	64	15	2014).the	2014).the	PRON
dem-8573	64	16	premises	premise	NOUN
dem-8573	64	17	for	for	ADP
dem-8573	64	18	the	the	DET
dem-8573	64	19	application	application	NOUN
dem-8573	64	20	of	of	ADP
dem-8573	64	21	spatial	spatial	ADJ
dem-8573	64	22	models	model	NOUN
dem-8573	64	23	are	be	AUX
dem-8573	64	24	as	as	SCONJ
dem-8573	64	25	follows	follow	VERB
dem-8573	64	26	:	:	PUNCT
dem-8573	64	27	−	−	PUNCT
dem-8573	64	28	the	the	DET
dem-8573	64	29	result	result	NOUN
dem-8573	64	30	of	of	ADP
dem-8573	64	31	including	include	VERB
dem-8573	64	32	the	the	DET
dem-8573	64	33	spatial	spatial	ADJ
dem-8573	64	34	linkages	linkage	NOUN
dem-8573	64	35	between	between	ADP
dem-8573	64	36	stock	stock	NOUN
dem-8573	64	37	exchanges	exchange	NOUN
dem-8573	64	38	in	in	ADP
dem-8573	64	39	the	the	DET
dem-8573	64	40	models	model	NOUN
dem-8573	64	41	of	of	ADP
dem-8573	64	42	their	their	PRON
dem-8573	64	43	convergence	convergence	NOUN
dem-8573	64	44	is	be	AUX
dem-8573	64	45	better	well	ADJ
dem-8573	64	46	evaluation	evaluation	NOUN
dem-8573	64	47	of	of	ADP
dem-8573	64	48	the	the	DET
dem-8573	64	49	convergence	convergence	NOUN
dem-8573	64	50	phenomenon	phenomenon	NOUN
dem-8573	64	51	on	on	ADP
dem-8573	64	52	the	the	DET
dem-8573	64	53	grounds	ground	NOUN
dem-8573	64	54	of	of	ADP
dem-8573	64	55	β	β	PROPN
dem-8573	64	56	parameter	parameter	NOUN
dem-8573	64	57	estimated	estimate	VERB
dem-8573	64	58	.	.	PUNCT
dem-8573	65	1	the	the	DET
dem-8573	65	2	estimate	estimate	NOUN
dem-8573	65	3	of	of	ADP
dem-8573	65	4	elżbieta	elżbieta	PROPN
dem-8573	65	5	szulc	szulc	PROPN
dem-8573	65	6	,	,	PUNCT
dem-8573	65	7	dagna	dagna	VERB
dem-8573	65	8	wleklińska	wleklińska	PROPN
dem-8573	65	9	dynamic	dynamic	ADJ
dem-8573	65	10	econometric	econometric	ADJ
dem-8573	65	11	models	model	NOUN
dem-8573	65	12	15	15	NUM
dem-8573	65	13	(	(	PUNCT
dem-8573	65	14	2015	2015	NUM
dem-8573	65	15	)	)	PUNCT
dem-8573	65	16	5–26	5–26	NOUN
dem-8573	65	17	10	10	NUM
dem-8573	65	18	the	the	DET
dem-8573	65	19	parameter	parameter	NOUN
dem-8573	65	20	reflects	reflect	VERB
dem-8573	65	21	more	more	ADV
dem-8573	65	22	accurately	accurately	ADV
dem-8573	65	23	the	the	DET
dem-8573	65	24	impact	impact	NOUN
dem-8573	65	25	of	of	ADP
dem-8573	65	26	the	the	DET
dem-8573	65	27	base	base	ADJ
dem-8573	65	28	level	level	NOUN
dem-8573	65	29	of	of	ADP
dem-8573	65	30	development	development	NOUN
dem-8573	65	31	of	of	ADP
dem-8573	65	32	a	a	DET
dem-8573	65	33	given	give	VERB
dem-8573	65	34	stock	stock	NOUN
dem-8573	65	35	exchange	exchange	NOUN
dem-8573	65	36	on	on	ADP
dem-8573	65	37	the	the	DET
dem-8573	65	38	growth	growth	NOUN
dem-8573	65	39	rate	rate	NOUN
dem-8573	65	40	of	of	ADP
dem-8573	65	41	the	the	DET
dem-8573	65	42	stock	stock	NOUN
dem-8573	65	43	exchange	exchange	NOUN
dem-8573	65	44	characteristics	characteristic	NOUN
dem-8573	65	45	in	in	ADP
dem-8573	65	46	question	question	NOUN
dem-8573	65	47	because	because	SCONJ
dem-8573	65	48	such	such	ADJ
dem-8573	65	49	estimate	estimate	NOUN
dem-8573	65	50	is	be	AUX
dem-8573	65	51	not	not	PART
dem-8573	65	52	influenced	influence	VERB
dem-8573	65	53	by	by	ADP
dem-8573	65	54	omitting	omit	VERB
dem-8573	65	55	spatial	spatial	ADJ
dem-8573	65	56	relationship	relationship	NOUN
dem-8573	65	57	.	.	PUNCT
dem-8573	66	1	−	−	PUNCT
dem-8573	67	1	the	the	DET
dem-8573	67	2	use	use	NOUN
dem-8573	67	3	of	of	ADP
dem-8573	67	4	spatial	spatial	ADJ
dem-8573	67	5	models	model	NOUN
dem-8573	67	6	provides	provide	VERB
dem-8573	67	7	the	the	DET
dem-8573	67	8	opportunity	opportunity	NOUN
dem-8573	67	9	to	to	PART
dem-8573	67	10	measure	measure	VERB
dem-8573	67	11	and	and	CCONJ
dem-8573	67	12	interpret	interpret	VERB
dem-8573	67	13	the	the	DET
dem-8573	67	14	impact	impact	NOUN
dem-8573	67	15	of	of	ADP
dem-8573	67	16	connections	connection	NOUN
dem-8573	67	17	of	of	ADP
dem-8573	67	18	a	a	DET
dem-8573	67	19	given	give	VERB
dem-8573	67	20	stock	stock	NOUN
dem-8573	67	21	exchange	exchange	NOUN
dem-8573	67	22	with	with	ADP
dem-8573	67	23	others	other	NOUN
dem-8573	67	24	on	on	ADP
dem-8573	67	25	its	its	PRON
dem-8573	67	26	development	development	NOUN
dem-8573	67	27	.	.	PUNCT
dem-8573	68	1	the	the	DET
dem-8573	68	2	spatial	spatial	ADJ
dem-8573	68	3	models	model	NOUN
dem-8573	68	4	for	for	ADP
dem-8573	68	5	pooled	pool	VERB
dem-8573	68	6	time	time	NOUN
dem-8573	68	7	series	series	NOUN
dem-8573	68	8	and	and	CCONJ
dem-8573	68	9	cross	cross	ADJ
dem-8573	68	10	-	-	ADJ
dem-8573	68	11	sectional	sectional	ADJ
dem-8573	68	12	data	datum	NOUN
dem-8573	68	13	(	(	PUNCT
dem-8573	68	14	tscs	tsc	NOUN
dem-8573	68	15	)	)	PUNCT
dem-8573	68	16	are	be	AUX
dem-8573	68	17	presented	present	VERB
dem-8573	68	18	by	by	ADP
dem-8573	68	19	formulas	formula	NOUN
dem-8573	68	20	3	3	NUM
dem-8573	68	21	and	and	CCONJ
dem-8573	68	22	4	4	NUM
dem-8573	68	23	,	,	PUNCT
dem-8573	68	24	whereas	whereas	SCONJ
dem-8573	68	25	the	the	DET
dem-8573	68	26	formulas	formula	NOUN
dem-8573	68	27	5	5	NUM
dem-8573	68	28	and	and	CCONJ
dem-8573	68	29	6	6	NUM
dem-8573	68	30	refer	refer	NOUN
dem-8573	68	31	to	to	ADP
dem-8573	68	32	the	the	DET
dem-8573	68	33	spatial	spatial	ADJ
dem-8573	68	34	panel	panel	NOUN
dem-8573	68	35	models	model	NOUN
dem-8573	68	36	.	.	PUNCT
dem-8573	69	1	the	the	DET
dem-8573	69	2	model	model	NOUN
dem-8573	69	3	tscs	tsc	VERB
dem-8573	69	4	with	with	ADP
dem-8573	69	5	spatial	spatial	ADJ
dem-8573	69	6	component	component	NOUN
dem-8573	69	7	takes	take	VERB
dem-8573	69	8	the	the	DET
dem-8573	69	9	form	form	NOUN
dem-8573	69	10	of	of	ADP
dem-8573	69	11	the	the	DET
dem-8573	69	12	spatial	spatial	ADJ
dem-8573	69	13	autoregressive	autoregressive	ADJ
dem-8573	69	14	model	model	NOUN
dem-8573	69	15	(	(	PUNCT
dem-8573	69	16	sar_pooled	sar_poole	VERB
dem-8573	69	17	)	)	PUNCT
dem-8573	69	18	,	,	PUNCT
dem-8573	69	19	i.e.	i.e.	X
dem-8573	69	20	:	:	PUNCT
dem-8573	69	21	[	[	PUNCT
dem-8573	69	22	]	]	X
dem-8573	69	23	,	,	PUNCT
dem-8573	69	24	lnlnln	lnlnln	NOUN
dem-8573	69	25	'	'	PART
dem-8573	69	26	1	1	NUM
dem-8573	69	27	'	'	PUNCT
dem-8573	69	28	'	'	NUM
dem-8573	69	29	1	1	NUM
dem-8573	69	30	'	'	NUM
dem-8573	69	31	1	1	NUM
dem-8573	69	32	'	'	PUNCT
dem-8573	69	33	it	it	PRON
dem-8573	69	34	jt	jt	PROPN
dem-8573	69	35	jt	jt	PROPN
dem-8573	69	36	ij	ij	PROPN
dem-8573	69	37	ijit	ijit	VERB
dem-8573	69	38	it	it	PRON
dem-8573	69	39	it	it	PRON
dem-8573	69	40	q	q	NOUN
dem-8573	69	41	q	q	NOUN
dem-8573	70	1	wq	wq	INTJ
dem-8573	70	2	q	q	X
dem-8573	71	1	q	q	X
dem-8573	71	2	ερβα	ερβα	NOUN
dem-8573	71	3	+	+	CCONJ
dem-8573	71	4			PROPN
dem-8573	71	5			PROPN
dem-8573	71	6			PROPN
dem-8573	71	7			PROPN
dem-8573	71	8			ADJ
dem-8573	71	9			ADJ
dem-8573	71	10			NUM
dem-8573	71	11			VERB
dem-8573	71	12	+	+	PROPN
dem-8573	72	1	+	+	PROPN
dem-8573	72	2	=	=	ADJ
dem-8573	72	3			PROPN
dem-8573	72	4			PROPN
dem-8573	72	5			PROPN
dem-8573	72	6			ADJ
dem-8573	72	7			NUM
dem-8573	72	8			PROPN
dem-8573	72	9	−≠	−≠	PROPN
dem-8573	72	10	−	−	PROPN
dem-8573	72	11	−	−	PROPN
dem-8573	72	12	∑	∑	PUNCT
dem-8573	72	13	(	(	PUNCT
dem-8573	72	14	3	3	NUM
dem-8573	72	15	)	)	PUNCT
dem-8573	72	16	or	or	CCONJ
dem-8573	72	17	of	of	ADP
dem-8573	72	18	the	the	DET
dem-8573	72	19	model	model	NOUN
dem-8573	72	20	with	with	ADP
dem-8573	72	21	spatial	spatial	ADJ
dem-8573	72	22	autoregressive	autoregressive	ADJ
dem-8573	72	23	residuals	residual	NOUN
dem-8573	72	24	(	(	PUNCT
dem-8573	72	25	se_pooled	se_poole	VERB
dem-8573	72	26	)	)	PUNCT
dem-8573	72	27	,	,	PUNCT
dem-8573	72	28	i.e.	i.e.	X
dem-8573	72	29	:	:	PUNCT
dem-8573	72	30	[	[	PUNCT
dem-8573	72	31	]	]	X
dem-8573	72	32	,	,	PUNCT
dem-8573	72	33	lnln	lnln	NOUN
dem-8573	72	34	'	'	PUNCT
dem-8573	72	35	1	1	NUM
dem-8573	72	36	'	'	NUM
dem-8573	72	37	1	1	NUM
dem-8573	72	38	'	'	PUNCT
dem-8573	72	39	itit	itit	PROPN
dem-8573	72	40	it	it	PRON
dem-8573	72	41	it	it	PRON
dem-8573	72	42	q	q	NOUN
dem-8573	72	43	q	q	X
dem-8573	72	44	q	q	NOUN
dem-8573	72	45	ηβα	ηβα	NOUN
dem-8573	72	46	+	+	PROPN
dem-8573	72	47	+	+	ADJ
dem-8573	72	48	=	=	ADJ
dem-8573	72	49			PROPN
dem-8573	72	50			PROPN
dem-8573	72	51			PROPN
dem-8573	72	52			ADJ
dem-8573	72	53			NUM
dem-8573	72	54			NOUN
dem-8573	72	55	−	−	NOUN
dem-8573	72	56	−	−	PROPN
dem-8573	73	1	.itjt	.itjt	NOUN
dem-8573	74	1	ij	ij	INTJ
dem-8573	75	1	ijit	ijit	ADJ
dem-8573	75	2	w	w	PROPN
dem-8573	75	3	εηλη	εηλη	NOUN
dem-8573	75	4	+	+	PROPN
dem-8573	75	5	=	=	SYM
dem-8573	75	6	∑	∑	PROPN
dem-8573	75	7	≠	≠	PROPN
dem-8573	75	8	(	(	PUNCT
dem-8573	75	9	4	4	X
dem-8573	75	10	)	)	PUNCT
dem-8573	75	11	the	the	DET
dem-8573	75	12	spatial	spatial	ADJ
dem-8573	75	13	panel	panel	NOUN
dem-8573	75	14	models	model	NOUN
dem-8573	75	15	used	use	VERB
dem-8573	75	16	in	in	ADP
dem-8573	75	17	the	the	DET
dem-8573	75	18	investigation	investigation	NOUN
dem-8573	75	19	were	be	AUX
dem-8573	75	20	as	as	SCONJ
dem-8573	75	21	follows	follow	VERB
dem-8573	75	22	:	:	PUNCT
dem-8573	75	23	[	[	PUNCT
dem-8573	75	24	]	]	X
dem-8573	75	25	,	,	PUNCT
dem-8573	75	26	lnlnln	lnlnln	NOUN
dem-8573	75	27	'	'	PART
dem-8573	75	28	1	1	NUM
dem-8573	75	29	'	'	PUNCT
dem-8573	75	30	'	'	NUM
dem-8573	75	31	1	1	NUM
dem-8573	75	32	'	'	NUM
dem-8573	75	33	1	1	NUM
dem-8573	75	34	'	'	PUNCT
dem-8573	75	35	it	it	PRON
dem-8573	75	36	jt	jt	PROPN
dem-8573	75	37	jt	jt	PROPN
dem-8573	75	38	ij	ij	INTJ
dem-8573	75	39	ijiti	ijiti	INTJ
dem-8573	75	40	it	it	PRON
dem-8573	76	1	it	it	PRON
dem-8573	76	2	q	q	NOUN
dem-8573	76	3	q	q	NOUN
dem-8573	76	4	wq	wq	INTJ
dem-8573	76	5	q	q	X
dem-8573	77	1	q	q	X
dem-8573	77	2	ερβα	ερβα	NOUN
dem-8573	77	3	+	+	CCONJ
dem-8573	77	4			PROPN
dem-8573	77	5			PROPN
dem-8573	77	6			PROPN
dem-8573	77	7			PROPN
dem-8573	77	8			ADJ
dem-8573	77	9			ADJ
dem-8573	77	10			NUM
dem-8573	77	11			VERB
dem-8573	77	12	+	+	PROPN
dem-8573	78	1	+	+	PROPN
dem-8573	78	2	=	=	ADJ
dem-8573	78	3			PROPN
dem-8573	78	4			PROPN
dem-8573	78	5			PROPN
dem-8573	78	6			ADJ
dem-8573	78	7			NUM
dem-8573	78	8			PROPN
dem-8573	78	9	−≠	−≠	PROPN
dem-8573	78	10	−	−	PROPN
dem-8573	78	11	−	−	PROPN
dem-8573	78	12	∑	∑	PUNCT
dem-8573	78	13	(	(	PUNCT
dem-8573	78	14	5	5	NUM
dem-8573	78	15	)	)	PUNCT
dem-8573	78	16	i.e.	i.e.	X
dem-8573	78	17	the	the	DET
dem-8573	78	18	spatial	spatial	ADJ
dem-8573	78	19	autoregressive	autoregressive	ADJ
dem-8573	78	20	panel	panel	NOUN
dem-8573	78	21	model	model	NOUN
dem-8573	78	22	with	with	ADP
dem-8573	78	23	individual	individual	ADJ
dem-8573	78	24	fixed	fix	VERB
dem-8573	78	25	effects	effect	NOUN
dem-8573	78	26	(	(	PUNCT
dem-8573	78	27	the	the	DET
dem-8573	78	28	spatial	spatial	ADJ
dem-8573	78	29	autoregressive	autoregressive	ADJ
dem-8573	78	30	fixed	fix	VERB
dem-8573	78	31	-	-	PUNCT
dem-8573	78	32	effect	effect	NOUN
dem-8573	78	33	model	model	NOUN
dem-8573	78	34	)	)	PUNCT
dem-8573	78	35	(	(	PUNCT
dem-8573	78	36	sar_fe_ind	sar_fe_ind	NUM
dem-8573	78	37	)	)	PUNCT
dem-8573	78	38	and	and	CCONJ
dem-8573	78	39	[	[	PUNCT
dem-8573	78	40	]	]	X
dem-8573	78	41	,	,	PUNCT
dem-8573	78	42	lnln	lnln	NOUN
dem-8573	78	43	'	'	PUNCT
dem-8573	78	44	1	1	NUM
dem-8573	78	45	'	'	NUM
dem-8573	78	46	1	1	NUM
dem-8573	78	47	'	'	PUNCT
dem-8573	78	48	ititi	ititi	NOUN
dem-8573	78	49	it	it	PRON
dem-8573	79	1	it	it	PRON
dem-8573	79	2	q	q	NOUN
dem-8573	79	3	q	q	X
dem-8573	79	4	q	q	NOUN
dem-8573	79	5	ηβα	ηβα	NOUN
dem-8573	80	1	+	+	PROPN
dem-8573	80	2	+	+	ADJ
dem-8573	80	3	=	=	ADJ
dem-8573	80	4			PROPN
dem-8573	80	5			PROPN
dem-8573	80	6			PROPN
dem-8573	80	7			ADJ
dem-8573	80	8			NUM
dem-8573	80	9			NOUN
dem-8573	80	10	−	−	PROPN
dem-8573	80	11	−	−	PROPN
dem-8573	80	12	,	,	PUNCT
dem-8573	80	13	itjt	itjt	VERB
dem-8573	80	14	ij	ij	NUM
dem-8573	80	15	ijit	ijit	ADJ
dem-8573	80	16	w	w	PROPN
dem-8573	80	17	εηλη	εηλη	NOUN
dem-8573	81	1	+	+	PROPN
dem-8573	81	2	=	=	SYM
dem-8573	81	3	∑	∑	PROPN
dem-8573	81	4	≠	≠	PROPN
dem-8573	81	5	(	(	PUNCT
dem-8573	81	6	6	6	NUM
dem-8573	81	7	)	)	PUNCT
dem-8573	81	8	i.e.	i.e.	X
dem-8573	81	9	the	the	DET
dem-8573	81	10	spatial	spatial	ADJ
dem-8573	81	11	error	error	NOUN
dem-8573	81	12	panel	panel	NOUN
dem-8573	81	13	model	model	NOUN
dem-8573	81	14	with	with	ADP
dem-8573	81	15	individual	individual	ADJ
dem-8573	81	16	fixed	fix	VERB
dem-8573	81	17	effects	effect	NOUN
dem-8573	81	18	(	(	PUNCT
dem-8573	81	19	se_fe_ind	se_fe_ind	ADJ
dem-8573	81	20	)	)	PUNCT
dem-8573	81	21	.	.	PUNCT
dem-8573	82	1	elements	element	NOUN
dem-8573	82	2	wij	wij	PROPN
dem-8573	82	3	in	in	ADP
dem-8573	82	4	the	the	DET
dem-8573	82	5	formulas	formula	NOUN
dem-8573	82	6	(	(	PUNCT
dem-8573	82	7	3)–(6	3)–(6	X
dem-8573	82	8	)	)	PUNCT
dem-8573	82	9	come	come	VERB
dem-8573	82	10	from	from	ADP
dem-8573	82	11	connectivity	connectivity	NOUN
dem-8573	82	12	matrix	matrix	NOUN
dem-8573	82	13	w	w	ADP
dem-8573	82	14	which	which	PRON
dem-8573	82	15	refers	refer	VERB
dem-8573	82	16	to	to	ADP
dem-8573	82	17	the	the	DET
dem-8573	82	18	linkages	linkage	NOUN
dem-8573	82	19	between	between	ADP
dem-8573	82	20	exchanges	exchange	NOUN
dem-8573	82	21	considered	consider	VERB
dem-8573	82	22	.	.	PUNCT
dem-8573	83	1	various	various	ADJ
dem-8573	83	2	types	type	NOUN
dem-8573	83	3	of	of	ADP
dem-8573	83	4	weights	weight	NOUN
dem-8573	83	5	wij	wij	PROPN
dem-8573	83	6	may	may	AUX
dem-8573	83	7	be	be	AUX
dem-8573	83	8	pointed	point	VERB
dem-8573	83	9	out	out	ADP
dem-8573	83	10	according	accord	VERB
dem-8573	83	11	to	to	ADP
dem-8573	83	12	the	the	DET
dem-8573	83	13	established	establish	VERB
dem-8573	83	14	criteria	criterion	NOUN
dem-8573	83	15	(	(	PUNCT
dem-8573	83	16	see	see	VERB
dem-8573	83	17	e.g.	e.g.	ADV
dem-8573	83	18	haining	haining	NOUN
dem-8573	83	19	,	,	PUNCT
dem-8573	83	20	2005	2005	NUM
dem-8573	83	21	,	,	PUNCT
dem-8573	83	22	pp	pp	ADJ
dem-8573	83	23	.	.	PUNCT
dem-8573	84	1	83–84	83–84	NOUN
dem-8573	84	2	)	)	PUNCT
dem-8573	84	3	.	.	PUNCT
dem-8573	85	1	in	in	ADP
dem-8573	85	2	this	this	DET
dem-8573	85	3	paper	paper	NOUN
dem-8573	85	4	the	the	DET
dem-8573	85	5	linkages	linkage	NOUN
dem-8573	85	6	between	between	ADP
dem-8573	85	7	stock	stock	NOUN
dem-8573	85	8	exchanges	exchange	NOUN
dem-8573	85	9	will	will	AUX
dem-8573	85	10	be	be	AUX
dem-8573	85	11	defined	define	VERB
dem-8573	85	12	with	with	ADP
dem-8573	85	13	the	the	DET
dem-8573	85	14	use	use	NOUN
dem-8573	85	15	of	of	ADP
dem-8573	85	16	two	two	NUM
dem-8573	85	17	approaches	approach	NOUN
dem-8573	85	18	.	.	PUNCT
dem-8573	86	1	the	the	DET
dem-8573	86	2	first	first	ADJ
dem-8573	86	3	uses	use	VERB
dem-8573	86	4	a	a	DET
dem-8573	86	5	matrix	matrix	NOUN
dem-8573	86	6	of	of	ADP
dem-8573	86	7	connections	connection	NOUN
dem-8573	86	8	with	with	ADP
dem-8573	86	9	weights	weight	NOUN
dem-8573	86	10	established	establish	VERB
dem-8573	86	11	on	on	ADP
dem-8573	86	12	the	the	DET
dem-8573	86	13	basis	basis	NOUN
dem-8573	86	14	of	of	ADP
dem-8573	86	15	the	the	DET
dem-8573	86	16	physical	physical	ADJ
dem-8573	86	17	distance	distance	NOUN
dem-8573	86	18	between	between	ADP
dem-8573	86	19	the	the	DET
dem-8573	86	20	centers	center	NOUN
dem-8573	86	21	of	of	ADP
dem-8573	86	22	the	the	DET
dem-8573	86	23	countries	country	NOUN
dem-8573	86	24	where	where	SCONJ
dem-8573	86	25	the	the	DET
dem-8573	86	26	stock	stock	NOUN
dem-8573	86	27	exchanges	exchange	NOUN
dem-8573	86	28	are	be	AUX
dem-8573	86	29	located	locate	VERB
dem-8573	86	30	.	.	PUNCT
dem-8573	87	1	the	the	DET
dem-8573	87	2	second	second	ADJ
dem-8573	87	3	consists	consist	VERB
dem-8573	87	4	spatio	spatio	ADJ
dem-8573	87	5	-	-	PUNCT
dem-8573	87	6	temporal	temporal	ADJ
dem-8573	87	7	analysis	analysis	NOUN
dem-8573	87	8	of	of	ADP
dem-8573	87	9	convergence	convergence	NOUN
dem-8573	87	10	of	of	ADP
dem-8573	87	11	development	development	NOUN
dem-8573	87	12	level	level	NOUN
dem-8573	87	13	…	…	PUNCT
dem-8573	87	14	dynamic	dynamic	ADJ
dem-8573	87	15	econometric	econometric	ADJ
dem-8573	87	16	models	model	NOUN
dem-8573	87	17	15	15	NUM
dem-8573	87	18	(	(	PUNCT
dem-8573	87	19	2015	2015	NUM
dem-8573	87	20	)	)	PUNCT
dem-8573	87	21	5–26	5–26	ADJ
dem-8573	87	22	11	11	NUM
dem-8573	87	23	in	in	ADP
dem-8573	87	24	the	the	DET
dem-8573	87	25	consideration	consideration	NOUN
dem-8573	87	26	of	of	ADP
dem-8573	87	27	the	the	DET
dem-8573	87	28	economic	economic	ADJ
dem-8573	87	29	distance	distance	NOUN
dem-8573	87	30	in	in	ADP
dem-8573	87	31	the	the	DET
dem-8573	87	32	matrix	matrix	NOUN
dem-8573	87	33	of	of	ADP
dem-8573	87	34	connections	connection	NOUN
dem-8573	87	35	.	.	PUNCT
dem-8573	88	1	the	the	DET
dem-8573	88	2	essence	essence	NOUN
dem-8573	88	3	of	of	ADP
dem-8573	88	4	the	the	DET
dem-8573	88	5	second	second	ADJ
dem-8573	88	6	approach	approach	NOUN
dem-8573	88	7	is	be	AUX
dem-8573	88	8	to	to	PART
dem-8573	88	9	establish	establish	VERB
dem-8573	88	10	similarity	similarity	NOUN
dem-8573	88	11	of	of	ADP
dem-8573	88	12	the	the	DET
dem-8573	88	13	exchanges	exchange	NOUN
dem-8573	88	14	on	on	ADP
dem-8573	88	15	the	the	DET
dem-8573	88	16	basis	basis	NOUN
dem-8573	88	17	of	of	ADP
dem-8573	88	18	the	the	DET
dem-8573	88	19	value	value	NOUN
dem-8573	88	20	of	of	ADP
dem-8573	88	21	the	the	DET
dem-8573	88	22	taxonomic	taxonomic	ADJ
dem-8573	88	23	measure	measure	NOUN
dem-8573	88	24	of	of	ADP
dem-8573	88	25	exchanges	exchange	NOUN
dem-8573	88	26	’	'	PUNCT
dem-8573	88	27	development	development	NOUN
dem-8573	88	28	.	.	PUNCT
dem-8573	89	1	the	the	DET
dem-8573	89	2	quantification	quantification	NOUN
dem-8573	89	3	of	of	ADP
dem-8573	89	4	the	the	DET
dem-8573	89	5	spatial	spatial	ADJ
dem-8573	89	6	linkages	linkage	NOUN
dem-8573	89	7	between	between	ADP
dem-8573	89	8	stock	stock	NOUN
dem-8573	89	9	exchanges	exchange	NOUN
dem-8573	89	10	on	on	ADP
dem-8573	89	11	the	the	DET
dem-8573	89	12	basis	basis	NOUN
dem-8573	89	13	of	of	ADP
dem-8573	89	14	the	the	DET
dem-8573	89	15	geographical	geographical	ADJ
dem-8573	89	16	distance	distance	NOUN
dem-8573	89	17	was	be	AUX
dem-8573	89	18	carried	carry	VERB
dem-8573	89	19	out	out	ADP
dem-8573	89	20	according	accord	VERB
dem-8573	89	21	to	to	ADP
dem-8573	89	22	the	the	DET
dem-8573	89	23	following	follow	VERB
dem-8573	89	24	scheme	scheme	NOUN
dem-8573	89	25	:	:	PUNCT
dem-8573	89	26	1	1	X
dem-8573	89	27	.	.	X
dem-8573	89	28	determining	determine	VERB
dem-8573	89	29	the	the	DET
dem-8573	89	30	spatial	spatial	ADJ
dem-8573	89	31	relationships	relationship	NOUN
dem-8573	89	32	using	use	VERB
dem-8573	89	33	the	the	DET
dem-8573	89	34	linkages	linkage	NOUN
dem-8573	89	35	matrix	matrix	NOUN
dem-8573	89	36	s	s	NOUN
dem-8573	89	37	,	,	PUNCT
dem-8573	89	38	with	with	ADP
dem-8573	89	39	elements	element	NOUN
dem-8573	89	40	:	:	PUNCT
dem-8573	89	41			VERB
dem-8573	89	42			VERB
dem-8573	89	43			X
dem-8573	89	44			NOUN
dem-8573	89	45	=	=	SYM
dem-8573	89	46	≠	≠	PROPN
dem-8573	89	47	=	=	SYM
dem-8573	89	48	,	,	PUNCT
dem-8573	89	49	if0	if0	PROPN
dem-8573	89	50	,	,	PUNCT
dem-8573	89	51	if	if	SCONJ
dem-8573	89	52	,	,	PUNCT
dem-8573	89	53	1	1	NUM
dem-8573	89	54	ki	ki	INTJ
dem-8573	89	55	ki	ki	PROPN
dem-8573	89	56	ds	ds	PROPN
dem-8573	89	57	ikik	ikik	PROPN
dem-8573	89	58	(	(	PUNCT
dem-8573	89	59	7	7	NUM
dem-8573	89	60	)	)	PUNCT
dem-8573	90	1	where	where	SCONJ
dem-8573	90	2	:	:	PUNCT
dem-8573	90	3	ikd	ikd	VERB
dem-8573	90	4	−	−	PROPN
dem-8573	90	5	the	the	DET
dem-8573	90	6	physical	physical	ADJ
dem-8573	90	7	distance	distance	NOUN
dem-8573	90	8	between	between	ADP
dem-8573	90	9	capitals	capital	NOUN
dem-8573	90	10	of	of	ADP
dem-8573	90	11	the	the	DET
dem-8573	90	12	countries	country	NOUN
dem-8573	90	13	where	where	SCONJ
dem-8573	90	14	the	the	DET
dem-8573	90	15	i	i	PROPN
dem-8573	90	16	-	-	PUNCT
dem-8573	90	17	th	th	PROPN
dem-8573	90	18	and	and	CCONJ
dem-8573	90	19	the	the	DET
dem-8573	90	20	k	k	PROPN
dem-8573	90	21	-	-	PUNCT
dem-8573	90	22	th	th	VERB
dem-8573	90	23	stock	stock	NOUN
dem-8573	90	24	exchanges	exchange	NOUN
dem-8573	90	25	are	be	AUX
dem-8573	90	26	located	locate	VERB
dem-8573	90	27	.	.	PUNCT
dem-8573	91	1	2	2	X
dem-8573	91	2	.	.	X
dem-8573	91	3	row	row	NOUN
dem-8573	91	4	standardization	standardization	NOUN
dem-8573	91	5	of	of	ADP
dem-8573	91	6	the	the	DET
dem-8573	91	7	connectivity	connectivity	NOUN
dem-8573	91	8	matrix	matrix	NOUN
dem-8573	91	9	to	to	ADP
dem-8573	91	10	one	one	NUM
dem-8573	91	11	,	,	PUNCT
dem-8573	91	12	i.e.	i.e.	X
dem-8573	91	13	:	:	PUNCT
dem-8573	91	14	.	.	PUNCT
dem-8573	92	1	1	1	NUM
dem-8573	92	2	∑	∑	PUNCT
dem-8573	92	3	=	=	SYM
dem-8573	92	4	=	=	SYM
dem-8573	92	5	n	n	CCONJ
dem-8573	92	6	k	k	PROPN
dem-8573	92	7	ik	ik	PROPN
dem-8573	92	8	ik	ik	PROPN
dem-8573	92	9	ik	ik	PROPN
dem-8573	92	10	s	s	PROPN
dem-8573	92	11	s	s	PROPN
dem-8573	92	12	w	w	NOUN
dem-8573	92	13	(	(	PUNCT
dem-8573	92	14	8)	8)	NUM
dem-8573	92	15	3	3	NUM
dem-8573	92	16	.	.	PUNCT
dem-8573	93	1	construction	construction	NOUN
dem-8573	93	2	of	of	ADP
dem-8573	93	3	the	the	DET
dem-8573	93	4	block	block	NOUN
dem-8573	93	5	matrix	matrix	NOUN
dem-8573	93	6	of	of	ADP
dem-8573	93	7	connections	connection	NOUN
dem-8573	93	8	,	,	PUNCT
dem-8573	93	9	i.e.	i.e.	X
dem-8573	93	10	:	:	PUNCT
dem-8573	93	11	,	,	PUNCT
dem-8573	93	12	9	9	NUM
dem-8573	93	13	2	2	NUM
dem-8573	93	14	1	1	NUM
dem-8573	93	15			PROPN
dem-8573	93	16			PROPN
dem-8573	93	17			PROPN
dem-8573	93	18			PROPN
dem-8573	93	19			PROPN
dem-8573	93	20			PROPN
dem-8573	93	21			ADJ
dem-8573	93	22			ADJ
dem-8573	93	23			ADJ
dem-8573	93	24			ADJ
dem-8573	93	25			NUM
dem-8573	93	26			PROPN
dem-8573	93	27	=	=	SYM
dem-8573	93	28	w00	w00	PROPN
dem-8573	93	29	0w0	0w0	NUM
dem-8573	93	30	00w	00w	PUNCT
dem-8573	93	31	w	w	PROPN
dem-8573	93	32	l	l	NOUN
dem-8573	93	33	momm	momm	NOUN
dem-8573	93	34	l	l	NOUN
dem-8573	93	35	l	l	NOUN
dem-8573	93	36	(	(	PUNCT
dem-8573	93	37	9	9	NUM
dem-8573	93	38	)	)	PUNCT
dem-8573	94	1	where	where	SCONJ
dem-8573	94	2	:	:	PUNCT
dem-8573	94	3	921	921	NUM
dem-8573	94	4	...	...	PUNCT
dem-8573	94	5	www	www	X
dem-8573	94	6	=	=	NOUN
dem-8573	94	7	=	=	SYM
dem-8573	94	8	=	=	SYM
dem-8573	94	9	–	–	PUNCT
dem-8573	94	10	matrixes	matrix	NOUN
dem-8573	94	11	of	of	ADP
dem-8573	94	12	the	the	DET
dem-8573	94	13	spatial	spatial	ADJ
dem-8573	94	14	connections	connection	NOUN
dem-8573	94	15	based	base	VERB
dem-8573	94	16	on	on	ADP
dem-8573	94	17	the	the	DET
dem-8573	94	18	physical	physical	ADJ
dem-8573	94	19	distance	distance	NOUN
dem-8573	94	20	,	,	PUNCT
dem-8573	94	21	the	the	DET
dem-8573	94	22	same	same	ADJ
dem-8573	94	23	for	for	ADP
dem-8573	94	24	all	all	DET
dem-8573	94	25	the	the	DET
dem-8573	94	26	considered	considered	ADJ
dem-8573	94	27	years	year	NOUN
dem-8573	94	28	.	.	PUNCT
dem-8573	95	1	in	in	ADP
dem-8573	95	2	the	the	DET
dem-8573	95	3	second	second	ADJ
dem-8573	95	4	approach	approach	NOUN
dem-8573	95	5	,	,	PUNCT
dem-8573	95	6	i.e.	i.e.	X
dem-8573	95	7	with	with	ADP
dem-8573	95	8	the	the	DET
dem-8573	95	9	use	use	NOUN
dem-8573	95	10	of	of	ADP
dem-8573	95	11	an	an	DET
dem-8573	95	12	economic	economic	ADJ
dem-8573	95	13	distance	distance	NOUN
dem-8573	95	14	between	between	ADP
dem-8573	95	15	stock	stock	NOUN
dem-8573	95	16	exchanges	exchange	NOUN
dem-8573	95	17	,	,	PUNCT
dem-8573	95	18	the	the	DET
dem-8573	95	19	following	follow	VERB
dem-8573	95	20	scheme	scheme	NOUN
dem-8573	95	21	was	be	AUX
dem-8573	95	22	used	use	VERB
dem-8573	95	23	:	:	PUNCT
dem-8573	95	24	1	1	X
dem-8573	95	25	.	.	X
dem-8573	95	26	determining	determine	VERB
dem-8573	95	27	the	the	DET
dem-8573	95	28	linkages	linkage	NOUN
dem-8573	95	29	between	between	ADP
dem-8573	95	30	stock	stock	NOUN
dem-8573	95	31	exchanges	exchange	NOUN
dem-8573	95	32	with	with	ADP
dem-8573	95	33	the	the	DET
dem-8573	95	34	use	use	NOUN
dem-8573	95	35	of	of	ADP
dem-8573	95	36	an	an	DET
dem-8573	95	37	economic	economic	ADJ
dem-8573	95	38	distance	distance	NOUN
dem-8573	95	39	,	,	PUNCT
dem-8573	95	40	expressed	express	VERB
dem-8573	95	41	by	by	ADP
dem-8573	95	42	the	the	DET
dem-8573	95	43	formula	formula	NOUN
dem-8573	95	44	:	:	PUNCT
dem-8573	95	45	(	(	PUNCT
dem-8573	95	46	)	)	PUNCT
dem-8573	95	47	,	,	PUNCT
dem-8573	95	48	1	1	NUM
dem-8573	95	49	2∑	2∑	X
dem-8573	95	50	=	=	PUNCT
dem-8573	95	51	−=	−=	VERB
dem-8573	95	52	m	m	PROPN
dem-8573	95	53	j	j	PROPN
dem-8573	95	54	kjijik	kjijik	ADJ
dem-8573	95	55	zzd	zzd	NOUN
dem-8573	95	56	(	(	PUNCT
dem-8573	95	57	10	10	NUM
dem-8573	95	58	)	)	PUNCT
dem-8573	95	59	where	where	SCONJ
dem-8573	95	60	:	:	PUNCT
dem-8573	95	61	ikd	ikd	VERB
dem-8573	95	62	−	−	PROPN
dem-8573	95	63	the	the	DET
dem-8573	95	64	economic	economic	ADJ
dem-8573	95	65	distance	distance	NOUN
dem-8573	95	66	between	between	ADP
dem-8573	95	67	i	i	PROPN
dem-8573	95	68	-	-	PUNCT
dem-8573	95	69	th	th	PROPN
dem-8573	95	70	and	and	CCONJ
dem-8573	95	71	k	k	NOUN
dem-8573	95	72	-	-	PUNCT
dem-8573	95	73	th	th	VERB
dem-8573	95	74	stock	stock	NOUN
dem-8573	95	75	exchange	exchange	NOUN
dem-8573	95	76	,	,	PUNCT
dem-8573	95	77	elżbieta	elżbieta	PROPN
dem-8573	95	78	szulc	szulc	PROPN
dem-8573	95	79	,	,	PUNCT
dem-8573	95	80	dagna	dagna	VERB
dem-8573	95	81	wleklińska	wleklińska	PROPN
dem-8573	95	82	dynamic	dynamic	ADJ
dem-8573	95	83	econometric	econometric	ADJ
dem-8573	95	84	models	model	NOUN
dem-8573	95	85	15	15	NUM
dem-8573	95	86	(	(	PUNCT
dem-8573	95	87	2015	2015	NUM
dem-8573	95	88	)	)	PUNCT
dem-8573	95	89	5–26	5–26	ADJ
dem-8573	95	90	12	12	NUM
dem-8573	95	91	kjij	kjij	PROPN
dem-8573	95	92	zz	zz	PROPN
dem-8573	95	93	,	,	PUNCT
dem-8573	95	94	−	−	PROPN
dem-8573	95	95	the	the	DET
dem-8573	95	96	values	value	NOUN
dem-8573	95	97	of	of	ADP
dem-8573	95	98	standardized	standardized	ADJ
dem-8573	95	99	diagnostic	diagnostic	ADJ
dem-8573	95	100	variables	variable	NOUN
dem-8573	95	101	for	for	ADP
dem-8573	95	102	each	each	DET
dem-8573	95	103	i	i	PROPN
dem-8573	95	104	-	-	PUNCT
dem-8573	95	105	th	th	X
dem-8573	95	106	and	and	CCONJ
dem-8573	95	107	k	k	NOUN
dem-8573	95	108	-	-	PUNCT
dem-8573	95	109	th	th	VERB
dem-8573	95	110	stock	stock	NOUN
dem-8573	95	111	exchange	exchange	NOUN
dem-8573	95	112	,	,	PUNCT
dem-8573	95	113	j	j	PROPN
dem-8573	95	114	=	=	SYM
dem-8573	95	115	1	1	NUM
dem-8573	95	116	,	,	PUNCT
dem-8573	95	117	2	2	NUM
dem-8573	95	118	,	,	PUNCT
dem-8573	95	119	…	…	PUNCT
dem-8573	95	120	,	,	PUNCT
dem-8573	95	121	6	6	NUM
dem-8573	95	122	−	−	NOUN
dem-8573	95	123	the	the	DET
dem-8573	95	124	number	number	NOUN
dem-8573	95	125	of	of	ADP
dem-8573	95	126	the	the	DET
dem-8573	95	127	diagnostic	diagnostic	ADJ
dem-8573	95	128	variable	variable	NOUN
dem-8573	95	129	.	.	PUNCT
dem-8573	96	1	2	2	X
dem-8573	96	2	.	.	X
dem-8573	96	3	construction	construction	NOUN
dem-8573	96	4	of	of	ADP
dem-8573	96	5	the	the	DET
dem-8573	96	6	matrix	matrix	NOUN
dem-8573	96	7	of	of	ADP
dem-8573	96	8	linkages	linkage	NOUN
dem-8573	96	9	between	between	ADP
dem-8573	96	10	stock	stock	NOUN
dem-8573	96	11	exchanges	exchange	NOUN
dem-8573	96	12	,	,	PUNCT
dem-8573	96	13	with	with	ADP
dem-8573	96	14	elements	element	NOUN
dem-8573	96	15	:	:	PUNCT
dem-8573	96	16			VERB
dem-8573	96	17			VERB
dem-8573	96	18			X
dem-8573	96	19			NOUN
dem-8573	96	20	=	=	SYM
dem-8573	96	21	≠	≠	PROPN
dem-8573	96	22	=	=	PUNCT
dem-8573	96	23	.if0	.if0	PROPN
dem-8573	96	24	,	,	PUNCT
dem-8573	96	25	if	if	SCONJ
dem-8573	96	26	,	,	PUNCT
dem-8573	96	27	1	1	NUM
dem-8573	96	28	ki	ki	INTJ
dem-8573	96	29	ki	ki	PROPN
dem-8573	96	30	dw	dw	PROPN
dem-8573	96	31	ikik	ikik	PROPN
dem-8573	96	32	(	(	PUNCT
dem-8573	96	33	11	11	NUM
dem-8573	96	34	)	)	SYM
dem-8573	96	35	3	3	NUM
dem-8573	96	36	.	.	PUNCT
dem-8573	96	37	row	row	NOUN
dem-8573	96	38	standardization	standardization	NOUN
dem-8573	96	39	of	of	ADP
dem-8573	96	40	the	the	DET
dem-8573	96	41	connectivity	connectivity	NOUN
dem-8573	96	42	matrix	matrix	NOUN
dem-8573	96	43	to	to	ADP
dem-8573	96	44	one	one	NUM
dem-8573	96	45	,	,	PUNCT
dem-8573	96	46	i.e.	i.e.	X
dem-8573	96	47	:	:	PUNCT
dem-8573	96	48	.	.	PUNCT
dem-8573	97	1	1	1	NUM
dem-8573	97	2	∑	∑	PUNCT
dem-8573	97	3	=	=	NOUN
dem-8573	97	4	∗	∗	NOUN
dem-8573	97	5	=	=	SYM
dem-8573	97	6	n	n	CCONJ
dem-8573	97	7	k	k	PROPN
dem-8573	97	8	ik	ik	PROPN
dem-8573	97	9	ik	ik	PROPN
dem-8573	97	10	ik	ik	PROPN
dem-8573	97	11	w	w	PROPN
dem-8573	97	12	w	w	PROPN
dem-8573	97	13	w	w	PROPN
dem-8573	97	14	(	(	PUNCT
dem-8573	97	15	12	12	NUM
dem-8573	97	16	)	)	PUNCT
dem-8573	97	17	4	4	NUM
dem-8573	97	18	.	.	PUNCT
dem-8573	98	1	construction	construction	NOUN
dem-8573	98	2	of	of	ADP
dem-8573	98	3	the	the	DET
dem-8573	98	4	block	block	NOUN
dem-8573	98	5	matrix	matrix	NOUN
dem-8573	98	6	of	of	ADP
dem-8573	98	7	cross	cross	ADJ
dem-8573	98	8	-	-	ADJ
dem-8573	98	9	sectional	sectional	ADJ
dem-8573	98	10	and	and	CCONJ
dem-8573	98	11	time	time	NOUN
dem-8573	98	12	connections	connection	NOUN
dem-8573	98	13	which	which	PRON
dem-8573	98	14	may	may	AUX
dem-8573	98	15	be	be	AUX
dem-8573	98	16	described	describe	VERB
dem-8573	98	17	in	in	ADP
dem-8573	98	18	the	the	DET
dem-8573	98	19	following	follow	VERB
dem-8573	98	20	form	form	NOUN
dem-8573	98	21	:	:	PUNCT
dem-8573	98	22	,	,	PUNCT
dem-8573	98	23	9	9	NUM
dem-8573	98	24	2	2	NUM
dem-8573	98	25	1	1	NUM
dem-8573	98	26			PROPN
dem-8573	98	27			PROPN
dem-8573	98	28			PROPN
dem-8573	98	29			PROPN
dem-8573	98	30			PROPN
dem-8573	98	31			PROPN
dem-8573	98	32			PROPN
dem-8573	98	33			ADJ
dem-8573	98	34			ADJ
dem-8573	98	35			ADJ
dem-8573	98	36			ADJ
dem-8573	98	37			ADJ
dem-8573	98	38			NUM
dem-8573	98	39			NOUN
dem-8573	98	40	=	=	SYM
dem-8573	98	41	∗	∗	NOUN
dem-8573	98	42	∗	∗	NOUN
dem-8573	98	43	∗	∗	NOUN
dem-8573	98	44	∗	∗	X
dem-8573	98	45	w00	w00	PROPN
dem-8573	98	46	0	0	PROPN
dem-8573	98	47	0w0	0w0	NUM
dem-8573	98	48	00w	00w	PUNCT
dem-8573	99	1	w	w	ADP
dem-8573	99	2	l	l	NOUN
dem-8573	99	3	mom	mom	NOUN
dem-8573	99	4	l	l	NOUN
dem-8573	99	5	l	l	NOUN
dem-8573	99	6	(	(	PUNCT
dem-8573	99	7	13	13	NUM
dem-8573	99	8	)	)	PUNCT
dem-8573	100	1	where	where	SCONJ
dem-8573	100	2	:	:	PUNCT
dem-8573	100	3	921	921	NUM
dem-8573	100	4	...	...	PUNCT
dem-8573	100	5	∗∗∗	∗∗∗	NOUN
dem-8573	101	1	≠≠≠	≠≠≠	PROPN
dem-8573	101	2	www	www	NOUN
dem-8573	101	3	–	–	PUNCT
dem-8573	101	4	matrixes	matrix	NOUN
dem-8573	101	5	of	of	ADP
dem-8573	101	6	connections	connection	NOUN
dem-8573	101	7	,	,	PUNCT
dem-8573	101	8	taking	take	VERB
dem-8573	101	9	into	into	ADP
dem-8573	101	10	account	account	NOUN
dem-8573	101	11	the	the	DET
dem-8573	101	12	economic	economic	ADJ
dem-8573	101	13	distance	distance	NOUN
dem-8573	101	14	between	between	ADP
dem-8573	101	15	exchanges	exchange	NOUN
dem-8573	101	16	,	,	PUNCT
dem-8573	101	17	different	different	ADJ
dem-8573	101	18	for	for	ADP
dem-8573	101	19	successive	successive	ADJ
dem-8573	101	20	years	year	NOUN
dem-8573	101	21	.	.	PUNCT
dem-8573	102	1	in	in	ADP
dem-8573	102	2	order	order	NOUN
dem-8573	102	3	to	to	PART
dem-8573	102	4	evaluate	evaluate	VERB
dem-8573	102	5	the	the	DET
dem-8573	102	6	quality	quality	NOUN
dem-8573	102	7	of	of	ADP
dem-8573	102	8	the	the	DET
dem-8573	102	9	empirical	empirical	ADJ
dem-8573	102	10	models	model	NOUN
dem-8573	102	11	in	in	ADP
dem-8573	102	12	the	the	DET
dem-8573	102	13	investigation	investigation	NOUN
dem-8573	102	14	the	the	DET
dem-8573	102	15	following	follow	VERB
dem-8573	102	16	tools	tool	NOUN
dem-8573	102	17	were	be	AUX
dem-8573	102	18	used	use	VERB
dem-8573	102	19	:	:	PUNCT
dem-8573	102	20	the	the	DET
dem-8573	102	21	moran	moran	PROPN
dem-8573	102	22	test	test	NOUN
dem-8573	102	23	for	for	ADP
dem-8573	102	24	verifying	verify	VERB
dem-8573	102	25	spatial	spatial	ADJ
dem-8573	102	26	independence	independence	NOUN
dem-8573	102	27	of	of	ADP
dem-8573	102	28	the	the	DET
dem-8573	102	29	residuals	residual	NOUN
dem-8573	102	30	,	,	PUNCT
dem-8573	102	31	the	the	DET
dem-8573	102	32	lagrange	lagrange	NOUN
dem-8573	102	33	multiplier	multipli	ADJ
dem-8573	102	34	tests	test	NOUN
dem-8573	102	35	(	(	PUNCT
dem-8573	102	36	lmlag	lmlag	NOUN
dem-8573	102	37	,	,	PUNCT
dem-8573	102	38	lmerr	lmerr	NOUN
dem-8573	102	39	)	)	PUNCT
dem-8573	102	40	and	and	CCONJ
dem-8573	102	41	their	their	PRON
dem-8573	102	42	robust	robust	ADJ
dem-8573	102	43	versions	version	NOUN
dem-8573	102	44	(	(	PUNCT
dem-8573	102	45	rlmlag	rlmlag	NOUN
dem-8573	102	46	,	,	PUNCT
dem-8573	102	47	rlmerr	rlmerr	NOUN
dem-8573	102	48	)	)	PUNCT
dem-8573	102	49	as	as	ADP
dem-8573	102	50	spatial	spatial	ADJ
dem-8573	102	51	dependence	dependence	NOUN
dem-8573	102	52	diagnostics	diagnostic	NOUN
dem-8573	102	53	,	,	PUNCT
dem-8573	102	54	the	the	DET
dem-8573	102	55	likelihood	likelihood	NOUN
dem-8573	102	56	ratio	ratio	NOUN
dem-8573	102	57	test	test	NOUN
dem-8573	102	58	(	(	PUNCT
dem-8573	102	59	lr	lr	NOUN
dem-8573	102	60	)	)	PUNCT
dem-8573	102	61	for	for	ADP
dem-8573	102	62	testing	test	VERB
dem-8573	102	63	the	the	DET
dem-8573	102	64	significance	significance	NOUN
dem-8573	102	65	of	of	ADP
dem-8573	102	66	the	the	DET
dem-8573	102	67	spatial	spatial	ADJ
dem-8573	102	68	dependence	dependence	NOUN
dem-8573	102	69	,	,	PUNCT
dem-8573	102	70	the	the	DET
dem-8573	102	71	breusch	breusch	VERB
dem-8573	102	72	-	-	PUNCT
dem-8573	102	73	pagan	pagan	ADJ
dem-8573	102	74	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	102	75	test	test	NOUN
dem-8573	102	76	,	,	PUNCT
dem-8573	102	77	the	the	DET
dem-8573	102	78	chow	chow	PROPN
dem-8573	102	79	test	test	NOUN
dem-8573	102	80	for	for	ADP
dem-8573	102	81	verifying	verify	VERB
dem-8573	102	82	the	the	DET
dem-8573	102	83	spatial	spatial	ADJ
dem-8573	102	84	changeability	changeability	NOUN
dem-8573	102	85	of	of	ADP
dem-8573	102	86	β	β	PROPN
dem-8573	102	87	parameters	parameter	NOUN
dem-8573	102	88	and	and	CCONJ
dem-8573	102	89	the	the	DET
dem-8573	102	90	need	need	NOUN
dem-8573	102	91	for	for	ADP
dem-8573	102	92	including	include	VERB
dem-8573	102	93	fixed	fix	VERB
dem-8573	102	94	effects	effect	NOUN
dem-8573	102	95	in	in	ADP
dem-8573	102	96	the	the	DET
dem-8573	102	97	spatial	spatial	ADJ
dem-8573	102	98	panel	panel	NOUN
dem-8573	102	99	models	model	NOUN
dem-8573	102	100	(	(	PUNCT
dem-8573	102	101	on	on	ADP
dem-8573	102	102	the	the	DET
dem-8573	102	103	tools	tool	NOUN
dem-8573	102	104	see	see	VERB
dem-8573	102	105	e.g.	e.g.	ADV
dem-8573	102	106	arbia	arbia	NOUN
dem-8573	102	107	,	,	PUNCT
dem-8573	102	108	2006	2006	NUM
dem-8573	102	109	;	;	PUNCT
dem-8573	102	110	millo	millo	PROPN
dem-8573	102	111	and	and	CCONJ
dem-8573	102	112	piras	pira	NOUN
dem-8573	102	113	,	,	PUNCT
dem-8573	102	114	2012	2012	NUM
dem-8573	102	115	;	;	PUNCT
dem-8573	102	116	mutl	mutl	NOUN
dem-8573	102	117	and	and	CCONJ
dem-8573	102	118	pfaffermayr	pfaffermayr	NOUN
dem-8573	102	119	,	,	PUNCT
dem-8573	102	120	2011	2011	NUM
dem-8573	102	121	;	;	PUNCT
dem-8573	102	122	baltagi	baltagi	NOUN
dem-8573	102	123	et	et	PROPN
dem-8573	102	124	al	al	PROPN
dem-8573	102	125	.	.	PROPN
dem-8573	102	126	,	,	PUNCT
dem-8573	102	127	2003	2003	NUM
dem-8573	102	128	;	;	PUNCT
dem-8573	102	129	suchecki	suchecki	NOUN
dem-8573	102	130	(	(	PUNCT
dem-8573	102	131	ed	ed	NOUN
dem-8573	102	132	.	.	PUNCT
dem-8573	102	133	)	)	PUNCT
dem-8573	102	134	,	,	PUNCT
dem-8573	102	135	2012	2012	NUM
dem-8573	102	136	)	)	PUNCT
dem-8573	102	137	.	.	PUNCT
dem-8573	103	1	all	all	DET
dem-8573	103	2	calculations	calculation	NOUN
dem-8573	103	3	were	be	AUX
dem-8573	103	4	performed	perform	VERB
dem-8573	103	5	with	with	ADP
dem-8573	103	6	r	r	NOUN
dem-8573	103	7	(	(	PUNCT
dem-8573	103	8	version	version	NOUN
dem-8573	103	9	3.0.1	3.0.1	NUM
dem-8573	103	10	)	)	PUNCT
dem-8573	103	11	and	and	CCONJ
dem-8573	103	12	the	the	DET
dem-8573	103	13	graphical	graphical	ADJ
dem-8573	103	14	illustrations	illustration	NOUN
dem-8573	103	15	–	–	PUNCT
dem-8573	103	16	with	with	ADP
dem-8573	103	17	the	the	DET
dem-8573	103	18	use	use	NOUN
dem-8573	103	19	of	of	ADP
dem-8573	103	20	mapviever	mapviever	NOUN
dem-8573	103	21	and	and	CCONJ
dem-8573	103	22	corel	corel	PROPN
dem-8573	103	23	.	.	PUNCT
dem-8573	104	1	spatio	spatio	PROPN
dem-8573	104	2	-	-	PUNCT
dem-8573	104	3	temporal	temporal	ADJ
dem-8573	104	4	analysis	analysis	NOUN
dem-8573	104	5	of	of	ADP
dem-8573	104	6	convergence	convergence	NOUN
dem-8573	104	7	of	of	ADP
dem-8573	104	8	development	development	NOUN
dem-8573	104	9	level	level	NOUN
dem-8573	104	10	…	…	PUNCT
dem-8573	104	11	dynamic	dynamic	ADJ
dem-8573	104	12	econometric	econometric	ADJ
dem-8573	104	13	models	model	NOUN
dem-8573	104	14	15	15	NUM
dem-8573	104	15	(	(	PUNCT
dem-8573	104	16	2015	2015	NUM
dem-8573	104	17	)	)	PUNCT
dem-8573	104	18	5–26	5–26	ADJ
dem-8573	104	19	13	13	NUM
dem-8573	104	20	3	3	NUM
dem-8573	104	21	.	.	PUNCT
dem-8573	104	22	preliminary	preliminary	ADJ
dem-8573	104	23	data	datum	NOUN
dem-8573	104	24	analysis	analysis	NOUN
dem-8573	104	25	figure	figure	NOUN
dem-8573	104	26	1	1	NUM
dem-8573	104	27	shows	show	VERB
dem-8573	104	28	locations	location	NOUN
dem-8573	104	29	of	of	ADP
dem-8573	104	30	the	the	DET
dem-8573	104	31	investigated	investigate	VERB
dem-8573	104	32	exchanges	exchange	NOUN
dem-8573	104	33	on	on	ADP
dem-8573	104	34	the	the	DET
dem-8573	104	35	world	world	NOUN
dem-8573	104	36	map	map	NOUN
dem-8573	104	37	and	and	CCONJ
dem-8573	104	38	bar	bar	NOUN
dem-8573	104	39	charts	chart	NOUN
dem-8573	104	40	of	of	ADP
dem-8573	104	41	taxonomic	taxonomic	ADJ
dem-8573	104	42	measure	measure	NOUN
dem-8573	104	43	of	of	ADP
dem-8573	104	44	development	development	NOUN
dem-8573	104	45	(	(	PUNCT
dem-8573	104	46	tmd	tmd	NOUN
dem-8573	104	47	)	)	PUNCT
dem-8573	104	48	in	in	ADP
dem-8573	104	49	the	the	DET
dem-8573	104	50	years	year	NOUN
dem-8573	104	51	2004–2012	2004–2012	NUM
dem-8573	104	52	.	.	PUNCT
dem-8573	105	1	this	this	DET
dem-8573	105	2	presentation	presentation	NOUN
dem-8573	105	3	allows	allow	VERB
dem-8573	105	4	us	we	PRON
dem-8573	105	5	to	to	PART
dem-8573	105	6	observe	observe	VERB
dem-8573	105	7	changes	change	NOUN
dem-8573	105	8	in	in	ADP
dem-8573	105	9	the	the	DET
dem-8573	105	10	level	level	NOUN
dem-8573	105	11	of	of	ADP
dem-8573	105	12	development	development	NOUN
dem-8573	105	13	of	of	ADP
dem-8573	105	14	the	the	DET
dem-8573	105	15	individual	individual	ADJ
dem-8573	105	16	stock	stock	NOUN
dem-8573	105	17	exchanges	exchange	NOUN
dem-8573	105	18	and	and	CCONJ
dem-8573	105	19	a	a	DET
dem-8573	105	20	comparison	comparison	NOUN
dem-8573	105	21	of	of	ADP
dem-8573	105	22	the	the	DET
dem-8573	105	23	dynamics	dynamic	NOUN
dem-8573	105	24	of	of	ADP
dem-8573	105	25	changes	change	NOUN
dem-8573	105	26	by	by	ADP
dem-8573	105	27	their	their	PRON
dem-8573	105	28	spatial	spatial	ADJ
dem-8573	105	29	location	location	NOUN
dem-8573	105	30	as	as	ADV
dem-8573	105	31	well	well	ADV
dem-8573	105	32	.	.	PUNCT
dem-8573	106	1	it	it	PRON
dem-8573	106	2	is	be	AUX
dem-8573	106	3	worth	worth	ADJ
dem-8573	106	4	noting	note	VERB
dem-8573	106	5	that	that	SCONJ
dem-8573	106	6	most	most	ADJ
dem-8573	106	7	of	of	ADP
dem-8573	106	8	the	the	DET
dem-8573	106	9	developing	develop	VERB
dem-8573	106	10	economies	economy	NOUN
dem-8573	106	11	’	'	PUNCT
dem-8573	106	12	stock	stock	NOUN
dem-8573	106	13	exchanges	exchange	NOUN
dem-8573	106	14	,	,	PUNCT
dem-8573	106	15	both	both	CCONJ
dem-8573	106	16	on	on	ADP
dem-8573	106	17	the	the	DET
dem-8573	106	18	european	european	PROPN
dem-8573	106	19	continent	continent	NOUN
dem-8573	106	20	,	,	PUNCT
dem-8573	106	21	as	as	ADV
dem-8573	106	22	well	well	ADV
dem-8573	106	23	as	as	ADP
dem-8573	106	24	american	american	ADJ
dem-8573	106	25	and	and	CCONJ
dem-8573	106	26	asian	asian	ADJ
dem-8573	106	27	,	,	PUNCT
dem-8573	106	28	are	be	AUX
dem-8573	106	29	characterized	characterize	VERB
dem-8573	106	30	by	by	ADP
dem-8573	106	31	a	a	DET
dem-8573	106	32	relatively	relatively	ADV
dem-8573	106	33	stable	stable	ADJ
dem-8573	106	34	level	level	NOUN
dem-8573	106	35	of	of	ADP
dem-8573	106	36	the	the	DET
dem-8573	106	37	taxonomic	taxonomic	ADJ
dem-8573	106	38	measure	measure	NOUN
dem-8573	106	39	of	of	ADP
dem-8573	106	40	development	development	NOUN
dem-8573	106	41	throughout	throughout	ADP
dem-8573	106	42	the	the	DET
dem-8573	106	43	whole	whole	ADJ
dem-8573	106	44	adopted	adopt	VERB
dem-8573	106	45	time	time	NOUN
dem-8573	106	46	horizon	horizon	NOUN
dem-8573	106	47	,	,	PUNCT
dem-8573	106	48	even	even	ADV
dem-8573	106	49	during	during	ADP
dem-8573	106	50	a	a	DET
dem-8573	106	51	sharp	sharp	ADJ
dem-8573	106	52	slowdown	slowdown	NOUN
dem-8573	106	53	in	in	ADP
dem-8573	106	54	the	the	DET
dem-8573	106	55	economic	economic	ADJ
dem-8573	106	56	conditions	condition	NOUN
dem-8573	106	57	caused	cause	VERB
dem-8573	106	58	by	by	ADP
dem-8573	106	59	the	the	DET
dem-8573	106	60	global	global	ADJ
dem-8573	106	61	financial	financial	ADJ
dem-8573	106	62	crisis	crisis	NOUN
dem-8573	106	63	.	.	PUNCT
dem-8573	107	1	this	this	DET
dem-8573	107	2	finding	finding	NOUN
dem-8573	107	3	is	be	AUX
dem-8573	107	4	particularly	particularly	ADV
dem-8573	107	5	evident	evident	ADJ
dem-8573	107	6	in	in	ADP
dem-8573	107	7	relation	relation	NOUN
dem-8573	107	8	to	to	ADP
dem-8573	107	9	such	such	ADJ
dem-8573	107	10	exchanges	exchange	NOUN
dem-8573	107	11	as	as	ADP
dem-8573	107	12	e.g.	e.g.	ADV
dem-8573	107	13	bcba	bcba	PROPN
dem-8573	107	14	,	,	PUNCT
dem-8573	107	15	bvl	bvl	PROPN
dem-8573	107	16	,	,	PUNCT
dem-8573	107	17	sse	sse	PROPN
dem-8573	107	18	,	,	PUNCT
dem-8573	107	19	bdse	bdse	PROPN
dem-8573	107	20	,	,	PUNCT
dem-8573	107	21	eez	eez	PROPN
dem-8573	107	22	,	,	PUNCT
dem-8573	107	23	clse	clse	PROPN
dem-8573	107	24	,	,	PUNCT
dem-8573	107	25	ise	ise	PROPN
dem-8573	107	26	,	,	PUNCT
dem-8573	107	27	pse	pse	NOUN
dem-8573	107	28	.	.	PUNCT
dem-8573	108	1	figure	figure	NOUN
dem-8573	108	2	1	1	NUM
dem-8573	108	3	.	.	PUNCT
dem-8573	109	1	bar	bar	NOUN
dem-8573	109	2	charts	chart	NOUN
dem-8573	109	3	of	of	ADP
dem-8573	109	4	tmd	tmd	NOUN
dem-8573	109	5	for	for	ADP
dem-8573	109	6	the	the	DET
dem-8573	109	7	investigated	investigate	VERB
dem-8573	109	8	stock	stock	NOUN
dem-8573	109	9	exchanges	exchange	NOUN
dem-8573	109	10	in	in	ADP
dem-8573	109	11	the	the	DET
dem-8573	109	12	years	year	NOUN
dem-8573	109	13	2004–2012	2004–2012	NUM
dem-8573	109	14	figures	figure	NOUN
dem-8573	109	15	2	2	NUM
dem-8573	109	16	and	and	CCONJ
dem-8573	109	17	3	3	NUM
dem-8573	109	18	show	show	VERB
dem-8573	109	19	the	the	DET
dem-8573	109	20	value	value	NOUN
dem-8573	109	21	of	of	ADP
dem-8573	109	22	the	the	DET
dem-8573	109	23	taxonomic	taxonomic	ADJ
dem-8573	109	24	measure	measure	NOUN
dem-8573	109	25	of	of	ADP
dem-8573	109	26	development	development	NOUN
dem-8573	109	27	(	(	PUNCT
dem-8573	109	28	surface	surface	NOUN
dem-8573	109	29	of	of	ADP
dem-8573	109	30	the	the	DET
dem-8573	109	31	wheel	wheel	NOUN
dem-8573	109	32	)	)	PUNCT
dem-8573	109	33	for	for	ADP
dem-8573	109	34	each	each	DET
dem-8573	109	35	stock	stock	NOUN
dem-8573	109	36	exchange	exchange	NOUN
dem-8573	109	37	included	include	VERB
dem-8573	109	38	in	in	ADP
dem-8573	109	39	the	the	DET
dem-8573	109	40	study	study	NOUN
dem-8573	109	41	for	for	ADP
dem-8573	109	42	the	the	DET
dem-8573	109	43	year	year	NOUN
dem-8573	109	44	2004	2004	NUM
dem-8573	109	45	and	and	CCONJ
dem-8573	109	46	2012	2012	NUM
dem-8573	109	47	,	,	PUNCT
dem-8573	109	48	respectively	respectively	ADV
dem-8573	109	49	.	.	PUNCT
dem-8573	110	1	this	this	DET
dem-8573	110	2	graphical	graphical	ADJ
dem-8573	110	3	presentation	presentation	NOUN
dem-8573	110	4	is	be	AUX
dem-8573	110	5	useful	useful	ADJ
dem-8573	110	6	for	for	ADP
dem-8573	110	7	a	a	DET
dem-8573	110	8	preliminary	preliminary	ADJ
dem-8573	110	9	assessment	assessment	NOUN
dem-8573	110	10	of	of	ADP
dem-8573	110	11	changes	change	NOUN
dem-8573	110	12	in	in	ADP
dem-8573	110	13	the	the	DET
dem-8573	110	14	global	global	ADJ
dem-8573	110	15	capital	capital	NOUN
dem-8573	110	16	market	market	NOUN
dem-8573	110	17	over	over	ADP
dem-8573	110	18	the	the	DET
dem-8573	110	19	considered	consider	VERB
dem-8573	110	20	period	period	NOUN
dem-8573	110	21	.	.	PUNCT
dem-8573	111	1	in	in	ADP
dem-8573	111	2	2004	2004	NUM
dem-8573	111	3	,	,	PUNCT
dem-8573	111	4	two	two	NUM
dem-8573	111	5	dominant	dominant	ADJ
dem-8573	111	6	financial	financial	ADJ
dem-8573	111	7	centers	center	NOUN
dem-8573	111	8	are	be	AUX
dem-8573	111	9	clearly	clearly	ADV
dem-8573	111	10	visible	visible	ADJ
dem-8573	111	11	.	.	PUNCT
dem-8573	112	1	in	in	ADP
dem-8573	112	2	the	the	DET
dem-8573	112	3	west	west	NOUN
dem-8573	112	4	,	,	PUNCT
dem-8573	112	5	it	it	PRON
dem-8573	112	6	is	be	AUX
dem-8573	112	7	nyse	nyse	PROPN
dem-8573	112	8	and	and	CCONJ
dem-8573	112	9	nasdaq	nasdaq	PROPN
dem-8573	112	10	,	,	PUNCT
dem-8573	112	11	while	while	SCONJ
dem-8573	112	12	in	in	ADP
dem-8573	112	13	central	central	PROPN
dem-8573	112	14	europe	europe	PROPN
dem-8573	112	15	,	,	PUNCT
dem-8573	112	16	the	the	DET
dem-8573	112	17	london	london	PROPN
dem-8573	112	18	stock	stock	NOUN
dem-8573	112	19	exchange	exchange	PROPN
dem-8573	112	20	and	and	CCONJ
dem-8573	112	21	nyse	nyse	PROPN
dem-8573	112	22	euronext	euronext	PROPN
dem-8573	112	23	europe	europe	PROPN
dem-8573	112	24	stand	stand	VERB
dem-8573	112	25	out	out	ADP
dem-8573	112	26	in	in	ADP
dem-8573	112	27	particular	particular	ADJ
dem-8573	112	28	.	.	PUNCT
dem-8573	113	1	in	in	ADP
dem-8573	113	2	turn	turn	NOUN
dem-8573	113	3	,	,	PUNCT
dem-8573	113	4	in	in	ADP
dem-8573	113	5	2012	2012	NUM
dem-8573	113	6	a	a	DET
dem-8573	113	7	slight	slight	ADJ
dem-8573	113	8	strengthening	strengthening	NOUN
dem-8573	113	9	of	of	ADP
dem-8573	113	10	the	the	DET
dem-8573	113	11	position	position	NOUN
dem-8573	113	12	of	of	ADP
dem-8573	113	13	the	the	DET
dem-8573	113	14	two	two	NUM
dem-8573	113	15	largest	large	ADJ
dem-8573	113	16	us	us	PROPN
dem-8573	113	17	stock	stock	NOUN
dem-8573	113	18	exchanges	exchange	NOUN
dem-8573	113	19	:	:	PUNCT
dem-8573	113	20	nyse	nyse	PROPN
dem-8573	113	21	and	and	CCONJ
dem-8573	113	22	nasdaq	nasdaq	PROPN
dem-8573	113	23	may	may	AUX
dem-8573	113	24	be	be	AUX
dem-8573	113	25	observed	observe	VERB
dem-8573	113	26	.	.	PUNCT
dem-8573	114	1	however	however	ADV
dem-8573	114	2	,	,	PUNCT
dem-8573	114	3	the	the	DET
dem-8573	114	4	most	most	ADV
dem-8573	114	5	spectacular	spectacular	ADJ
dem-8573	114	6	changes	change	NOUN
dem-8573	114	7	can	can	AUX
dem-8573	114	8	be	be	AUX
dem-8573	114	9	seen	see	VERB
dem-8573	114	10	in	in	ADP
dem-8573	114	11	the	the	DET
dem-8573	114	12	case	case	NOUN
dem-8573	114	13	of	of	ADP
dem-8573	114	14	the	the	DET
dem-8573	114	15	nomx	nomx	ADJ
dem-8573	114	16	central	central	ADJ
dem-8573	114	17	european	european	ADJ
dem-8573	114	18	stock	stock	PROPN
dem-8573	114	19	exchange	exchange	PROPN
dem-8573	114	20	.	.	PUNCT
dem-8573	115	1	nomx	nomx	PROPN
dem-8573	115	2	has	have	AUX
dem-8573	115	3	strengthened	strengthen	VERB
dem-8573	115	4	at	at	ADP
dem-8573	115	5	the	the	DET
dem-8573	115	6	expense	expense	NOUN
dem-8573	115	7	of	of	ADP
dem-8573	115	8	two	two	NUM
dem-8573	115	9	neighboring	neighbor	VERB
dem-8573	115	10	elżbieta	elżbieta	NOUN
dem-8573	115	11	szulc	szulc	PROPN
dem-8573	115	12	,	,	PUNCT
dem-8573	115	13	dagna	dagna	VERB
dem-8573	115	14	wleklińska	wleklińska	PROPN
dem-8573	115	15	dynamic	dynamic	ADJ
dem-8573	115	16	econometric	econometric	ADJ
dem-8573	115	17	models	model	NOUN
dem-8573	115	18	15	15	NUM
dem-8573	115	19	(	(	PUNCT
dem-8573	115	20	2015	2015	NUM
dem-8573	115	21	)	)	PUNCT
dem-8573	115	22	5–26	5–26	ADJ
dem-8573	115	23	14	14	NUM
dem-8573	115	24	stock	stock	NOUN
dem-8573	115	25	exchanges	exchange	NOUN
dem-8573	115	26	lse	lse	PROPN
dem-8573	115	27	and	and	CCONJ
dem-8573	115	28	nee	nee	PROPN
dem-8573	115	29	,	,	PUNCT
dem-8573	115	30	gaining	gain	VERB
dem-8573	115	31	a	a	DET
dem-8573	115	32	leading	lead	VERB
dem-8573	115	33	position	position	NOUN
dem-8573	115	34	in	in	ADP
dem-8573	115	35	2012	2012	NUM
dem-8573	115	36	and	and	CCONJ
dem-8573	115	37	clearly	clearly	ADV
dem-8573	115	38	outperforming	outperform	VERB
dem-8573	115	39	their	their	PRON
dem-8573	115	40	level	level	NOUN
dem-8573	115	41	of	of	ADP
dem-8573	115	42	development	development	NOUN
dem-8573	115	43	.	.	PUNCT
dem-8573	116	1	with	with	ADP
dem-8573	116	2	regard	regard	NOUN
dem-8573	116	3	to	to	ADP
dem-8573	116	4	the	the	DET
dem-8573	116	5	second	second	ADJ
dem-8573	116	6	group	group	NOUN
dem-8573	116	7	of	of	ADP
dem-8573	116	8	the	the	DET
dem-8573	116	9	analyzed	analyze	VERB
dem-8573	116	10	exchanges	exchange	NOUN
dem-8573	116	11	,	,	PUNCT
dem-8573	116	12	there	there	PRON
dem-8573	116	13	were	be	VERB
dem-8573	116	14	no	no	DET
dem-8573	116	15	significant	significant	ADJ
dem-8573	116	16	changes	change	NOUN
dem-8573	116	17	in	in	ADP
dem-8573	116	18	the	the	DET
dem-8573	116	19	values	value	NOUN
dem-8573	116	20	of	of	ADP
dem-8573	116	21	the	the	DET
dem-8573	116	22	synthetic	synthetic	ADJ
dem-8573	116	23	measure	measure	NOUN
dem-8573	116	24	of	of	ADP
dem-8573	116	25	development	development	NOUN
dem-8573	116	26	.	.	PUNCT
dem-8573	117	1	therefore	therefore	ADV
dem-8573	117	2	nyse	nyse	PROPN
dem-8573	117	3	and	and	CCONJ
dem-8573	117	4	nasdaq	nasdaq	PROPN
dem-8573	117	5	are	be	AUX
dem-8573	117	6	again	again	ADV
dem-8573	117	7	placed	place	VERB
dem-8573	117	8	in	in	ADP
dem-8573	117	9	the	the	DET
dem-8573	117	10	dominant	dominant	ADJ
dem-8573	117	11	position	position	NOUN
dem-8573	117	12	of	of	ADP
dem-8573	117	13	the	the	DET
dem-8573	117	14	ranking	ranking	NOUN
dem-8573	117	15	.	.	PUNCT
dem-8573	118	1	figure	figure	NOUN
dem-8573	118	2	2	2	NUM
dem-8573	118	3	.	.	PUNCT
dem-8573	119	1	the	the	DET
dem-8573	119	2	taxonomic	taxonomic	ADJ
dem-8573	119	3	measure	measure	NOUN
dem-8573	119	4	of	of	ADP
dem-8573	119	5	stock	stock	NOUN
dem-8573	119	6	exchanges	exchange	NOUN
dem-8573	119	7	’	’	PART
dem-8573	119	8	development	development	NOUN
dem-8573	119	9	in	in	ADP
dem-8573	119	10	2004	2004	NUM
dem-8573	119	11	figure	figure	NOUN
dem-8573	119	12	3	3	NUM
dem-8573	119	13	.	.	PUNCT
dem-8573	120	1	the	the	DET
dem-8573	120	2	taxonomic	taxonomic	ADJ
dem-8573	120	3	measure	measure	NOUN
dem-8573	120	4	of	of	ADP
dem-8573	120	5	stock	stock	NOUN
dem-8573	120	6	exchanges	exchange	NOUN
dem-8573	120	7	’	’	PART
dem-8573	120	8	development	development	NOUN
dem-8573	120	9	in	in	ADP
dem-8573	120	10	2012	2012	NUM
dem-8573	120	11	4	4	NUM
dem-8573	120	12	.	.	PUNCT
dem-8573	120	13	results	result	NOUN
dem-8573	120	14	of	of	ADP
dem-8573	120	15	the	the	DET
dem-8573	120	16	econometric	econometric	ADJ
dem-8573	120	17	analysis	analysis	NOUN
dem-8573	120	18	in	in	ADP
dem-8573	120	19	order	order	NOUN
dem-8573	120	20	to	to	PART
dem-8573	120	21	justify	justify	VERB
dem-8573	120	22	the	the	DET
dem-8573	120	23	division	division	NOUN
dem-8573	120	24	of	of	ADP
dem-8573	120	25	the	the	DET
dem-8573	120	26	considered	consider	VERB
dem-8573	120	27	stock	stock	NOUN
dem-8573	120	28	exchanges	exchange	NOUN
dem-8573	120	29	into	into	ADP
dem-8573	120	30	two	two	NUM
dem-8573	120	31	groups	group	NOUN
dem-8573	120	32	the	the	DET
dem-8573	120	33	chow	chow	PROPN
dem-8573	120	34	test	test	NOUN
dem-8573	120	35	of	of	ADP
dem-8573	120	36	spatial	spatial	ADJ
dem-8573	120	37	changeability	changeability	NOUN
dem-8573	120	38	of	of	ADP
dem-8573	120	39	β	β	PROPN
dem-8573	120	40	parameters	parameter	NOUN
dem-8573	120	41	was	be	AUX
dem-8573	120	42	applied	apply	VERB
dem-8573	120	43	.	.	PUNCT
dem-8573	121	1	the	the	DET
dem-8573	121	2	results	result	NOUN
dem-8573	121	3	are	be	AUX
dem-8573	121	4	presented	present	VERB
dem-8573	121	5	in	in	ADP
dem-8573	121	6	table	table	NOUN
dem-8573	121	7	2	2	NUM
dem-8573	121	8	.	.	PUNCT
dem-8573	122	1	the	the	DET
dem-8573	122	2	hypothesis	hypothesis	NOUN
dem-8573	122	3	that	that	PRON
dem-8573	122	4	parameters	parameter	NOUN
dem-8573	122	5	in	in	ADP
dem-8573	122	6	β	β	ADJ
dem-8573	122	7	-	-	ADJ
dem-8573	122	8	convergence	convergence	NOUN
dem-8573	122	9	models	model	NOUN
dem-8573	122	10	estimated	estimate	VERB
dem-8573	122	11	in	in	ADP
dem-8573	122	12	the	the	DET
dem-8573	122	13	investigation	investigation	NOUN
dem-8573	122	14	are	be	AUX
dem-8573	122	15	constant	constant	ADJ
dem-8573	122	16	should	should	AUX
dem-8573	122	17	be	be	AUX
dem-8573	122	18	rejected	reject	VERB
dem-8573	122	19	.	.	PUNCT
dem-8573	123	1	this	this	PRON
dem-8573	123	2	leads	lead	VERB
dem-8573	123	3	to	to	ADP
dem-8573	123	4	the	the	DET
dem-8573	123	5	identification	identification	NOUN
dem-8573	123	6	of	of	ADP
dem-8573	123	7	spatial	spatial	ADJ
dem-8573	123	8	regimes	regime	NOUN
dem-8573	123	9	and	and	CCONJ
dem-8573	123	10	means	mean	VERB
dem-8573	123	11	that	that	SCONJ
dem-8573	123	12	the	the	DET
dem-8573	123	13	spatio	spatio	ADJ
dem-8573	123	14	-	-	PUNCT
dem-8573	123	15	temporal	temporal	ADJ
dem-8573	123	16	analysis	analysis	NOUN
dem-8573	123	17	of	of	ADP
dem-8573	123	18	convergence	convergence	NOUN
dem-8573	123	19	of	of	ADP
dem-8573	123	20	development	development	NOUN
dem-8573	123	21	level	level	NOUN
dem-8573	123	22	…	…	PUNCT
dem-8573	123	23	dynamic	dynamic	ADJ
dem-8573	123	24	econometric	econometric	ADJ
dem-8573	123	25	models	model	NOUN
dem-8573	123	26	15	15	NUM
dem-8573	123	27	(	(	PUNCT
dem-8573	123	28	2015	2015	NUM
dem-8573	123	29	)	)	PUNCT
dem-8573	123	30	5–26	5–26	ADJ
dem-8573	123	31	15	15	NUM
dem-8573	123	32	convergence	convergence	NOUN
dem-8573	123	33	of	of	ADP
dem-8573	123	34	the	the	DET
dem-8573	123	35	european	european	ADJ
dem-8573	123	36	and	and	CCONJ
dem-8573	123	37	asian	asian	ADJ
dem-8573	123	38	/	/	SYM
dem-8573	123	39	american	american	ADJ
dem-8573	123	40	stock	stock	NOUN
dem-8573	123	41	markets	market	NOUN
dem-8573	123	42	should	should	AUX
dem-8573	123	43	be	be	AUX
dem-8573	123	44	investigated	investigate	VERB
dem-8573	123	45	separately	separately	ADV
dem-8573	123	46	.	.	PUNCT
dem-8573	124	1	table	table	NOUN
dem-8573	124	2	2	2	NUM
dem-8573	124	3	.	.	PUNCT
dem-8573	124	4	results	result	NOUN
dem-8573	124	5	of	of	ADP
dem-8573	124	6	the	the	DET
dem-8573	124	7	tests	test	NOUN
dem-8573	124	8	for	for	ADP
dem-8573	124	9	spatial	spatial	ADJ
dem-8573	124	10	invariance	invariance	NOUN
dem-8573	124	11	of	of	ADP
dem-8573	124	12	the	the	DET
dem-8573	124	13	β	β	NOUN
dem-8573	124	14	-	-	ADJ
dem-8573	124	15	convergence	convergence	ADJ
dem-8573	124	16	parameters	parameter	NOUN
dem-8573	124	17	models	model	NOUN
dem-8573	124	18	linear	linear	VERB
dem-8573	124	19	regression	regression	NOUN
dem-8573	124	20	spatial	spatial	ADJ
dem-8573	124	21	autoregressive	autoregressive	ADJ
dem-8573	124	22	model	model	NOUN
dem-8573	124	23	spatial	spatial	ADJ
dem-8573	124	24	error	error	NOUN
dem-8573	124	25	model	model	NOUN
dem-8573	124	26	variant	variant	NOUN
dem-8573	125	1	i	i	PRON
dem-8573	125	2	variant	variant	VERB
dem-8573	125	3	ii	ii	NUM
dem-8573	125	4	variant	variant	NOUN
dem-8573	126	1	i	i	PRON
dem-8573	126	2	variant	variant	VERB
dem-8573	126	3	ii	ii	NOUN
dem-8573	126	4	values	value	NOUN
dem-8573	126	5	of	of	ADP
dem-8573	126	6	chow	chow	PROPN
dem-8573	126	7	test	test	NOUN
dem-8573	126	8	210.709	210.709	NUM
dem-8573	126	9	113.517	113.517	NUM
dem-8573	126	10	117.036	117.036	NUM
dem-8573	126	11	113.557	113.557	NUM
dem-8573	126	12	121.783	121.783	NUM
dem-8573	126	13	p	p	NUM
dem-8573	126	14	-	-	PUNCT
dem-8573	126	15	value	value	NOUN
dem-8573	127	1	0.0000	0.0000	NUM
dem-8573	127	2	0.0000	0.0000	NUM
dem-8573	127	3	0.0000	0.0000	NUM
dem-8573	127	4	0.0000	0.0000	NUM
dem-8573	127	5	0.0000	0.0000	NUM
dem-8573	127	6	the	the	DET
dem-8573	127	7	successive	successive	ADJ
dem-8573	127	8	tables	table	NOUN
dem-8573	127	9	presented	present	VERB
dem-8573	127	10	below	below	ADP
dem-8573	127	11	contain	contain	VERB
dem-8573	127	12	information	information	NOUN
dem-8573	127	13	on	on	ADP
dem-8573	127	14	the	the	DET
dem-8573	127	15	usefulness	usefulness	NOUN
dem-8573	127	16	of	of	ADP
dem-8573	127	17	various	various	ADJ
dem-8573	127	18	methodological	methodological	ADJ
dem-8573	127	19	concepts	concept	NOUN
dem-8573	127	20	expressed	express	VERB
dem-8573	127	21	by	by	ADP
dem-8573	127	22	the	the	DET
dem-8573	127	23	spatial	spatial	ADJ
dem-8573	127	24	models	model	NOUN
dem-8573	127	25	presented	present	VERB
dem-8573	127	26	in	in	ADP
dem-8573	127	27	section	section	NOUN
dem-8573	127	28	2	2	NUM
dem-8573	127	29	,	,	PUNCT
dem-8573	127	30	in	in	ADP
dem-8573	127	31	comparison	comparison	NOUN
dem-8573	127	32	with	with	ADP
dem-8573	127	33	the	the	DET
dem-8573	127	34	linear	linear	PROPN
dem-8573	127	35	regression	regression	NOUN
dem-8573	127	36	model	model	NOUN
dem-8573	127	37	,	,	PUNCT
dem-8573	127	38	i.e.	i.e.	X
dem-8573	127	39	the	the	DET
dem-8573	127	40	traditional	traditional	ADJ
dem-8573	127	41	model	model	NOUN
dem-8573	127	42	not	not	PART
dem-8573	127	43	including	include	VERB
dem-8573	127	44	the	the	DET
dem-8573	127	45	spatial	spatial	ADJ
dem-8573	127	46	effects	effect	NOUN
dem-8573	127	47	.	.	PUNCT
dem-8573	128	1	tables	table	NOUN
dem-8573	128	2	3–6	3–6	NUM
dem-8573	128	3	refer	refer	VERB
dem-8573	128	4	to	to	ADP
dem-8573	128	5	the	the	DET
dem-8573	128	6	empirical	empirical	ADJ
dem-8573	128	7	models	model	NOUN
dem-8573	128	8	obtained	obtain	VERB
dem-8573	128	9	for	for	ADP
dem-8573	128	10	the	the	DET
dem-8573	128	11	european	european	ADJ
dem-8573	128	12	stock	stock	NOUN
dem-8573	128	13	exchanges	exchange	NOUN
dem-8573	128	14	,	,	PUNCT
dem-8573	128	15	and	and	CCONJ
dem-8573	128	16	tables	table	NOUN
dem-8573	128	17	7	7	NUM
dem-8573	128	18	–	–	PUNCT
dem-8573	128	19	–	–	PUNCT
dem-8573	128	20	10	10	NUM
dem-8573	128	21	for	for	ADP
dem-8573	128	22	the	the	DET
dem-8573	128	23	asian	asian	ADJ
dem-8573	128	24	and	and	CCONJ
dem-8573	128	25	american	american	ADJ
dem-8573	128	26	stock	stock	NOUN
dem-8573	128	27	exchanges	exchange	NOUN
dem-8573	128	28	.	.	PUNCT
dem-8573	129	1	in	in	ADP
dem-8573	129	2	tables	table	NOUN
dem-8573	129	3	3	3	NUM
dem-8573	129	4	and	and	CCONJ
dem-8573	129	5	4	4	NUM
dem-8573	129	6	there	there	PRON
dem-8573	129	7	are	be	VERB
dem-8573	129	8	presented	present	VERB
dem-8573	129	9	the	the	DET
dem-8573	129	10	results	result	NOUN
dem-8573	129	11	of	of	ADP
dem-8573	129	12	the	the	DET
dem-8573	129	13	estimation	estimation	NOUN
dem-8573	129	14	and	and	CCONJ
dem-8573	129	15	verification	verification	NOUN
dem-8573	129	16	of	of	ADP
dem-8573	129	17	the	the	DET
dem-8573	129	18	three	three	NUM
dem-8573	129	19	models	model	NOUN
dem-8573	129	20	for	for	ADP
dem-8573	129	21	pooled	pool	VERB
dem-8573	129	22	time	time	NOUN
dem-8573	129	23	series	series	NOUN
dem-8573	129	24	and	and	CCONJ
dem-8573	129	25	cross	cross	ADJ
dem-8573	129	26	-	-	ADJ
dem-8573	129	27	sectional	sectional	ADJ
dem-8573	129	28	data	datum	NOUN
dem-8573	129	29	:	:	PUNCT
dem-8573	129	30	the	the	DET
dem-8573	129	31	linear	linear	ADJ
dem-8573	129	32	regression	regression	NOUN
dem-8573	129	33	model	model	NOUN
dem-8573	129	34	(	(	PUNCT
dem-8573	129	35	tscs	tsc	NOUN
dem-8573	129	36	)	)	PUNCT
dem-8573	129	37	,	,	PUNCT
dem-8573	129	38	the	the	DET
dem-8573	129	39	spatial	spatial	ADJ
dem-8573	129	40	autoregressive	autoregressive	ADJ
dem-8573	129	41	model	model	NOUN
dem-8573	129	42	(	(	PUNCT
dem-8573	129	43	sar_pooled	sar_poole	VERB
dem-8573	129	44	)	)	PUNCT
dem-8573	129	45	and	and	CCONJ
dem-8573	129	46	the	the	DET
dem-8573	129	47	spatial	spatial	ADJ
dem-8573	129	48	error	error	NOUN
dem-8573	129	49	model	model	NOUN
dem-8573	129	50	(	(	PUNCT
dem-8573	129	51	se_pooled	se_poole	VERB
dem-8573	129	52	)	)	PUNCT
dem-8573	129	53	.	.	PUNCT
dem-8573	130	1	table	table	NOUN
dem-8573	130	2	3	3	NUM
dem-8573	130	3	contains	contain	VERB
dem-8573	130	4	the	the	DET
dem-8573	130	5	results	result	NOUN
dem-8573	130	6	obtained	obtain	VERB
dem-8573	130	7	in	in	ADP
dem-8573	130	8	the	the	DET
dem-8573	130	9	case	case	NOUN
dem-8573	130	10	when	when	SCONJ
dem-8573	130	11	,	,	PUNCT
dem-8573	130	12	for	for	ADP
dem-8573	130	13	the	the	DET
dem-8573	130	14	purpose	purpose	NOUN
dem-8573	130	15	of	of	ADP
dem-8573	130	16	quantification	quantification	NOUN
dem-8573	130	17	of	of	ADP
dem-8573	130	18	the	the	DET
dem-8573	130	19	connections	connection	NOUN
dem-8573	130	20	among	among	ADP
dem-8573	130	21	the	the	DET
dem-8573	130	22	investigated	investigate	VERB
dem-8573	130	23	exchanges	exchange	NOUN
dem-8573	130	24	,	,	PUNCT
dem-8573	130	25	the	the	DET
dem-8573	130	26	matrix	matrix	NOUN
dem-8573	130	27	w	w	NOUN
dem-8573	130	28	of	of	ADP
dem-8573	130	29	the	the	DET
dem-8573	130	30	physical	physical	ADJ
dem-8573	130	31	distance	distance	NOUN
dem-8573	130	32	between	between	ADP
dem-8573	130	33	them	they	PRON
dem-8573	130	34	was	be	AUX
dem-8573	130	35	used	use	VERB
dem-8573	130	36	(	(	PUNCT
dem-8573	130	37	variant	variant	NOUN
dem-8573	130	38	i	i	NOUN
dem-8573	130	39	)	)	PUNCT
dem-8573	130	40	.	.	PUNCT
dem-8573	131	1	table	table	NOUN
dem-8573	131	2	4	4	NUM
dem-8573	131	3	presents	present	VERB
dem-8573	131	4	the	the	DET
dem-8573	131	5	analogical	analogical	ADJ
dem-8573	131	6	results	result	NOUN
dem-8573	131	7	,	,	PUNCT
dem-8573	131	8	but	but	CCONJ
dem-8573	131	9	in	in	ADP
dem-8573	131	10	the	the	DET
dem-8573	131	11	spatial	spatial	ADJ
dem-8573	131	12	models	model	NOUN
dem-8573	131	13	there	there	PRON
dem-8573	131	14	was	be	VERB
dem-8573	131	15	used	use	VERB
dem-8573	131	16	the	the	DET
dem-8573	131	17	connectivity	connectivity	NOUN
dem-8573	131	18	matrix	matrix	NOUN
dem-8573	131	19	w	w	NOUN
dem-8573	131	20	*	*	PUNCT
dem-8573	131	21	of	of	ADP
dem-8573	131	22	the	the	DET
dem-8573	131	23	economic	economic	ADJ
dem-8573	131	24	distance	distance	NOUN
dem-8573	131	25	between	between	ADP
dem-8573	131	26	the	the	DET
dem-8573	131	27	exchanges	exchange	NOUN
dem-8573	131	28	(	(	PUNCT
dem-8573	131	29	variant	variant	NOUN
dem-8573	131	30	ii	ii	PROPN
dem-8573	131	31	)	)	PUNCT
dem-8573	131	32	.	.	PUNCT
dem-8573	132	1	the	the	DET
dem-8573	132	2	classical	classical	ADJ
dem-8573	132	3	model	model	NOUN
dem-8573	132	4	estimated	estimate	VERB
dem-8573	132	5	with	with	ADP
dem-8573	132	6	the	the	DET
dem-8573	132	7	use	use	NOUN
dem-8573	132	8	of	of	ADP
dem-8573	132	9	the	the	DET
dem-8573	132	10	pooled	pool	VERB
dem-8573	132	11	time	time	NOUN
dem-8573	132	12	series	series	NOUN
dem-8573	132	13	and	and	CCONJ
dem-8573	132	14	cross	cross	ADJ
dem-8573	132	15	-	-	ADJ
dem-8573	132	16	sectional	sectional	ADJ
dem-8573	132	17	data	datum	NOUN
dem-8573	132	18	does	do	AUX
dem-8573	132	19	not	not	PART
dem-8573	132	20	satisfy	satisfy	VERB
dem-8573	132	21	the	the	DET
dem-8573	132	22	fundamental	fundamental	ADJ
dem-8573	132	23	criteria	criterion	NOUN
dem-8573	132	24	of	of	ADP
dem-8573	132	25	statistical	statistical	ADJ
dem-8573	132	26	verification	verification	NOUN
dem-8573	132	27	.	.	PUNCT
dem-8573	133	1	the	the	DET
dem-8573	133	2	main	main	ADJ
dem-8573	133	3	drawback	drawback	NOUN
dem-8573	133	4	of	of	ADP
dem-8573	133	5	this	this	DET
dem-8573	133	6	model	model	NOUN
dem-8573	133	7	is	be	AUX
dem-8573	133	8	autocorrelation	autocorrelation	NOUN
dem-8573	133	9	of	of	ADP
dem-8573	133	10	residuals	residual	NOUN
dem-8573	133	11	,	,	PUNCT
dem-8573	133	12	which	which	PRON
dem-8573	133	13	is	be	AUX
dem-8573	133	14	confirmed	confirm	VERB
dem-8573	133	15	by	by	ADP
dem-8573	133	16	the	the	DET
dem-8573	133	17	result	result	NOUN
dem-8573	133	18	of	of	ADP
dem-8573	133	19	the	the	DET
dem-8573	133	20	moran	moran	PROPN
dem-8573	133	21	test	test	PROPN
dem-8573	133	22	(	(	PUNCT
dem-8573	133	23	see	see	VERB
dem-8573	133	24	tables	table	NOUN
dem-8573	133	25	3	3	NUM
dem-8573	133	26	and	and	CCONJ
dem-8573	133	27	4	4	NUM
dem-8573	133	28	)	)	PUNCT
dem-8573	133	29	.	.	PUNCT
dem-8573	134	1	in	in	ADP
dem-8573	134	2	order	order	NOUN
dem-8573	134	3	to	to	PART
dem-8573	134	4	propose	propose	VERB
dem-8573	134	5	an	an	DET
dem-8573	134	6	alternative	alternative	NOUN
dem-8573	134	7	opposed	oppose	VERB
dem-8573	134	8	to	to	ADP
dem-8573	134	9	the	the	DET
dem-8573	134	10	classical	classical	ADJ
dem-8573	134	11	model	model	NOUN
dem-8573	134	12	the	the	DET
dem-8573	134	13	lagrange	lagrange	NOUN
dem-8573	134	14	multiplier	multipli	ADJ
dem-8573	134	15	tests	test	NOUN
dem-8573	134	16	(	(	PUNCT
dem-8573	134	17	lm	lm	INTJ
dem-8573	134	18	)	)	PUNCT
dem-8573	134	19	were	be	AUX
dem-8573	134	20	used	use	VERB
dem-8573	134	21	(	(	PUNCT
dem-8573	134	22	see	see	VERB
dem-8573	134	23	tables	table	NOUN
dem-8573	134	24	3	3	NUM
dem-8573	134	25	and	and	CCONJ
dem-8573	134	26	4	4	NUM
dem-8573	134	27	)	)	PUNCT
dem-8573	134	28	.	.	PUNCT
dem-8573	135	1	the	the	DET
dem-8573	135	2	lm	lm	PROPN
dem-8573	135	3	tests	test	NOUN
dem-8573	135	4	for	for	ADP
dem-8573	135	5	the	the	DET
dem-8573	135	6	linear	linear	ADJ
dem-8573	135	7	model	model	NOUN
dem-8573	135	8	for	for	ADP
dem-8573	135	9	the	the	DET
dem-8573	135	10	pooled	pool	VERB
dem-8573	135	11	time	time	NOUN
dem-8573	135	12	series	series	NOUN
dem-8573	135	13	and	and	CCONJ
dem-8573	135	14	cross	cross	ADJ
dem-8573	135	15	-	-	ADJ
dem-8573	135	16	sectional	sectional	ADJ
dem-8573	135	17	data	datum	NOUN
dem-8573	135	18	used	use	VERB
dem-8573	135	19	consider	consider	VERB
dem-8573	135	20	the	the	DET
dem-8573	135	21	spatial	spatial	ADJ
dem-8573	135	22	lag	lag	NOUN
dem-8573	135	23	model	model	NOUN
dem-8573	135	24	(	(	PUNCT
dem-8573	135	25	spatial	spatial	ADJ
dem-8573	135	26	autoregressive	autoregressive	ADJ
dem-8573	135	27	)	)	PUNCT
dem-8573	135	28	and	and	CCONJ
dem-8573	135	29	the	the	DET
dem-8573	135	30	spatial	spatial	ADJ
dem-8573	135	31	error	error	NOUN
dem-8573	135	32	model	model	NOUN
dem-8573	135	33	as	as	ADP
dem-8573	135	34	alternatives	alternative	NOUN
dem-8573	135	35	(	(	PUNCT
dem-8573	135	36	lmlag	lmlag	NOUN
dem-8573	135	37	and	and	CCONJ
dem-8573	135	38	lmerr	lmerr	NOUN
dem-8573	135	39	,	,	PUNCT
dem-8573	135	40	respectively	respectively	ADV
dem-8573	135	41	)	)	PUNCT
dem-8573	135	42	.	.	PUNCT
dem-8573	136	1	tables	table	NOUN
dem-8573	136	2	3	3	NUM
dem-8573	136	3	and	and	CCONJ
dem-8573	136	4	4	4	NUM
dem-8573	136	5	report	report	VERB
dem-8573	136	6	the	the	DET
dem-8573	136	7	results	result	NOUN
dem-8573	136	8	of	of	ADP
dem-8573	136	9	using	use	VERB
dem-8573	136	10	the	the	DET
dem-8573	136	11	robust	robust	ADJ
dem-8573	136	12	tests	test	NOUN
dem-8573	136	13	(	(	PUNCT
dem-8573	136	14	rlmlag	rlmlag	NOUN
dem-8573	136	15	,	,	PUNCT
dem-8573	136	16	in	in	ADP
dem-8573	136	17	which	which	PRON
dem-8573	136	18	h0	h0	NOUN
dem-8573	136	19	:	:	PUNCT
dem-8573	136	20	ρ	ρ	PROPN
dem-8573	136	21	=	=	SYM
dem-8573	136	22	0	0	NUM
dem-8573	136	23	under	under	ADP
dem-8573	136	24	the	the	DET
dem-8573	136	25	assumption	assumption	NOUN
dem-8573	136	26	that	that	SCONJ
dem-8573	136	27	λ	λ	NOUN
dem-8573	136	28	≠	≠	PROPN
dem-8573	136	29	0	0	NUM
dem-8573	136	30	and	and	CCONJ
dem-8573	136	31	rlmerr	rlmerr	NOUN
dem-8573	136	32	,	,	PUNCT
dem-8573	136	33	where	where	SCONJ
dem-8573	136	34	h0	h0	NOUN
dem-8573	136	35	:	:	PUNCT
dem-8573	136	36	λ	λ	X
dem-8573	136	37	=	=	SYM
dem-8573	136	38	0	0	NUM
dem-8573	136	39	under	under	ADP
dem-8573	136	40	the	the	DET
dem-8573	136	41	assumption	assumption	NOUN
dem-8573	136	42	that	that	SCONJ
dem-8573	136	43	ρ	ρ	PROPN
dem-8573	136	44	≠	≠	PROPN
dem-8573	136	45	0	0	NUM
dem-8573	136	46	)	)	PUNCT
dem-8573	136	47	as	as	ADV
dem-8573	136	48	well	well	ADV
dem-8573	136	49	.	.	PUNCT
dem-8573	137	1	elżbieta	elżbieta	PROPN
dem-8573	137	2	szulc	szulc	PROPN
dem-8573	137	3	,	,	PUNCT
dem-8573	137	4	dagna	dagna	VERB
dem-8573	137	5	wleklińska	wleklińska	PROPN
dem-8573	137	6	dynamic	dynamic	ADJ
dem-8573	137	7	econometric	econometric	ADJ
dem-8573	137	8	models	model	NOUN
dem-8573	137	9	15	15	NUM
dem-8573	137	10	(	(	PUNCT
dem-8573	137	11	2015	2015	NUM
dem-8573	137	12	)	)	PUNCT
dem-8573	137	13	5–26	5–26	ADJ
dem-8573	137	14	16	16	NUM
dem-8573	137	15	table	table	NOUN
dem-8573	137	16	3	3	NUM
dem-8573	137	17	.	.	PUNCT
dem-8573	137	18	results	result	NOUN
dem-8573	137	19	of	of	ADP
dem-8573	137	20	the	the	DET
dem-8573	137	21	estimation	estimation	NOUN
dem-8573	137	22	and	and	CCONJ
dem-8573	137	23	verification	verification	NOUN
dem-8573	137	24	of	of	ADP
dem-8573	137	25	β	β	NOUN
dem-8573	137	26	-	-	ADJ
dem-8573	137	27	convergence	convergence	NOUN
dem-8573	137	28	models	model	NOUN
dem-8573	137	29	for	for	ADP
dem-8573	137	30	pooled	pool	VERB
dem-8573	137	31	time	time	NOUN
dem-8573	137	32	series	series	NOUN
dem-8573	137	33	and	and	CCONJ
dem-8573	137	34	cross	cross	ADJ
dem-8573	137	35	-	-	ADJ
dem-8573	137	36	sectional	sectional	ADJ
dem-8573	137	37	data	datum	NOUN
dem-8573	137	38	,	,	PUNCT
dem-8573	137	39	obtained	obtain	VERB
dem-8573	137	40	for	for	ADP
dem-8573	137	41	european	european	ADJ
dem-8573	137	42	stock	stock	NOUN
dem-8573	137	43	exchanges	exchange	NOUN
dem-8573	137	44	–	–	PUNCT
dem-8573	137	45	variant	variant	NOUN
dem-8573	138	1	i	i	PRON
dem-8573	138	2	linear	linear	VERB
dem-8573	138	3	regression	regression	VERB
dem-8573	138	4	spatial	spatial	ADJ
dem-8573	138	5	autoregressive	autoregressive	ADJ
dem-8573	138	6	model	model	NOUN
dem-8573	138	7	spatial	spatial	ADJ
dem-8573	138	8	error	error	NOUN
dem-8573	138	9	model	model	NOUN
dem-8573	138	10	parameters	parameter	NOUN
dem-8573	138	11	α	α	X
dem-8573	138	12	β	β	X
dem-8573	138	13	ρ	ρ	PROPN
dem-8573	138	14	λ	λ	PROPN
dem-8573	138	15	–	–	PUNCT
dem-8573	138	16	0.2087	0.2087	NUM
dem-8573	138	17	(	(	PUNCT
dem-8573	138	18	0.0055	0.0055	NUM
dem-8573	138	19	)	)	PUNCT
dem-8573	138	20	–	–	PUNCT
dem-8573	138	21	0.1356	0.1356	NUM
dem-8573	138	22	(	(	PUNCT
dem-8573	138	23	0.0007	0.0007	NUM
dem-8573	138	24	)	)	PUNCT
dem-8573	138	25	–	–	PUNCT
dem-8573	138	26	–	–	PUNCT
dem-8573	138	27	–	–	PUNCT
dem-8573	138	28	0.1316	0.1316	NUM
dem-8573	138	29	(	(	PUNCT
dem-8573	138	30	0.0275	0.0275	NUM
dem-8573	138	31	)	)	PUNCT
dem-8573	138	32	–	–	PUNCT
dem-8573	138	33	0.0789	0.0789	NUM
dem-8573	138	34	(	(	PUNCT
dem-8573	138	35	0.0128	0.0128	NUM
dem-8573	138	36	)	)	PUNCT
dem-8573	138	37	0.6779	0.6779	NOUN
dem-8573	138	38	(	(	PUNCT
dem-8573	138	39	0.0000	0.0000	NUM
dem-8573	138	40	)	)	PUNCT
dem-8573	138	41	–	–	PUNCT
dem-8573	138	42	–	–	PUNCT
dem-8573	138	43	0.0533	0.0533	NUM
dem-8573	138	44	(	(	PUNCT
dem-8573	138	45	0.4338	0.4338	NUM
dem-8573	138	46	)	)	PUNCT
dem-8573	138	47	–	–	PUNCT
dem-8573	138	48	0.0527	0.0527	NUM
dem-8573	138	49	(	(	PUNCT
dem-8573	138	50	0.0704	0.0704	NUM
dem-8573	138	51	)	)	PUNCT
dem-8573	138	52	–	–	PUNCT
dem-8573	138	53	0.6964	0.6964	NUM
dem-8573	138	54	(	(	PUNCT
dem-8573	138	55	0.0000	0.0000	NUM
dem-8573	138	56	)	)	PUNCT
dem-8573	138	57	goodness	goodness	NOUN
dem-8573	138	58	of	of	ADP
dem-8573	138	59	fit	fit	ADJ
dem-8573	138	60	adjusted	adjust	VERB
dem-8573	138	61	r2	r2	NOUN
dem-8573	138	62	aic	aic	PROPN
dem-8573	138	63	0.0711	0.0711	NUM
dem-8573	138	64	–	–	PUNCT
dem-8573	138	65	60.5170	60.5170	NUM
dem-8573	138	66	–	–	PUNCT
dem-8573	138	67	–	–	PUNCT
dem-8573	138	68	109.7800	109.7800	NUM
dem-8573	138	69	–	–	PUNCT
dem-8573	138	70	–	–	PUNCT
dem-8573	138	71	107.0800	107.0800	NUM
dem-8573	138	72	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	138	73	breuch	breuch	ADV
dem-8573	138	74	-	-	PUNCT
dem-8573	138	75	pagan	pagan	VERB
dem-8573	138	76	test	test	NOUN
dem-8573	138	77	3.2874	3.2874	NUM
dem-8573	138	78	(	(	PUNCT
dem-8573	138	79	0.0698	0.0698	NUM
dem-8573	138	80	)	)	PUNCT
dem-8573	138	81	2.2977	2.2977	NUM
dem-8573	138	82	(	(	PUNCT
dem-8573	138	83	0.1296	0.1296	NUM
dem-8573	138	84	)	)	PUNCT
dem-8573	138	85	2.7537	2.7537	NUM
dem-8573	138	86	(	(	PUNCT
dem-8573	138	87	0.0970	0.0970	NUM
dem-8573	138	88	)	)	PUNCT
dem-8573	138	89	autocorrelation	autocorrelation	NOUN
dem-8573	138	90	of	of	ADP
dem-8573	138	91	residuals	residual	NOUN
dem-8573	138	92	moran	moran	PROPN
dem-8573	138	93	test	test	PROPN
dem-8573	138	94	11.9203	11.9203	NUM
dem-8573	138	95	(	(	PUNCT
dem-8573	138	96	0.0000	0.0000	NUM
dem-8573	138	97	)	)	PUNCT
dem-8573	138	98	–	–	PUNCT
dem-8573	138	99	1.1350	1.1350	NUM
dem-8573	138	100	(	(	PUNCT
dem-8573	138	101	0.1282	0.1282	NUM
dem-8573	138	102	)	)	PUNCT
dem-8573	138	103	–	–	PUNCT
dem-8573	138	104	0.6776	0.6776	NUM
dem-8573	138	105	(	(	PUNCT
dem-8573	138	106	0.2490	0.2490	NUM
dem-8573	138	107	)	)	PUNCT
dem-8573	138	108	spatial	spatial	ADJ
dem-8573	138	109	dependence	dependence	NOUN
dem-8573	138	110	lr	lr	PROPN
dem-8573	138	111	lmlag	lmlag	NOUN
dem-8573	138	112	lmerr	lmerr	PROPN
dem-8573	138	113	rlmlag	rlmlag	NOUN
dem-8573	138	114	rlmerr	rlmerr	NOUN
dem-8573	138	115	–	–	PUNCT
dem-8573	138	116	145.0560	145.0560	NUM
dem-8573	138	117	(	(	PUNCT
dem-8573	138	118	0.0000	0.0000	NUM
dem-8573	138	119	)	)	PUNCT
dem-8573	138	120	116.1595	116.1595	NUM
dem-8573	138	121	(	(	PUNCT
dem-8573	138	122	0.0000	0.0000	NUM
dem-8573	138	123	)	)	PUNCT
dem-8573	138	124	–	–	PUNCT
dem-8573	138	125	–	–	PUNCT
dem-8573	138	126	51.2580	51.2580	NUM
dem-8573	138	127	(	(	PUNCT
dem-8573	138	128	0.0000	0.0000	NUM
dem-8573	138	129	)	)	PUNCT
dem-8573	138	130	–	–	PUNCT
dem-8573	138	131	–	–	PUNCT
dem-8573	138	132	35.9081	35.9081	NUM
dem-8573	138	133	(	(	PUNCT
dem-8573	138	134	0.0000	0.0000	NUM
dem-8573	138	135	)	)	PUNCT
dem-8573	138	136	–	–	PUNCT
dem-8573	138	137	48.5600	48.5600	NUM
dem-8573	138	138	(	(	PUNCT
dem-8573	138	139	0.0000	0.0000	NUM
dem-8573	138	140	)	)	PUNCT
dem-8573	138	141	–	–	PUNCT
dem-8573	138	142	–	–	PUNCT
dem-8573	138	143	–	–	PUNCT
dem-8573	138	144	7.0116	7.0116	NUM
dem-8573	138	145	(	(	PUNCT
dem-8573	138	146	0.0081	0.0081	NUM
dem-8573	138	147	)	)	PUNCT
dem-8573	138	148	speed	speed	NOUN
dem-8573	138	149	of	of	ADP
dem-8573	138	150	convergence	convergence	NOUN
dem-8573	138	151	half	half	ADJ
dem-8573	138	152	-	-	PUNCT
dem-8573	138	153	life	life	NOUN
dem-8573	138	154	0.0182	0.0182	NUM
dem-8573	138	155	38,05	38,05	NUM
dem-8573	138	156	0.0103	0.0103	NUM
dem-8573	138	157	67.47	67.47	NUM
dem-8573	138	158	0.0068	0.0068	NUM
dem-8573	138	159	102.42	102.42	NUM
dem-8573	138	160	note	note	NOUN
dem-8573	138	161	:	:	PUNCT
dem-8573	138	162	numbers	number	NOUN
dem-8573	138	163	in	in	ADP
dem-8573	138	164	brackets	bracket	NOUN
dem-8573	138	165	refer	refer	VERB
dem-8573	138	166	to	to	ADP
dem-8573	138	167	the	the	DET
dem-8573	138	168	p	p	NOUN
dem-8573	138	169	-	-	PUNCT
dem-8573	138	170	values	value	NOUN
dem-8573	138	171	.	.	PUNCT
dem-8573	139	1	since	since	SCONJ
dem-8573	139	2	the	the	DET
dem-8573	139	3	lmlag	lmlag	NOUN
dem-8573	139	4	tests	test	NOUN
dem-8573	139	5	are	be	AUX
dem-8573	139	6	more	more	ADV
dem-8573	139	7	significant	significant	ADJ
dem-8573	139	8	than	than	ADP
dem-8573	139	9	the	the	DET
dem-8573	139	10	lmerr	lmerr	NOUN
dem-8573	139	11	,	,	PUNCT
dem-8573	139	12	and	and	CCONJ
dem-8573	139	13	the	the	DET
dem-8573	139	14	rlmlag	rlmlag	NOUN
dem-8573	139	15	tests	test	NOUN
dem-8573	139	16	are	be	AUX
dem-8573	139	17	more	more	ADV
dem-8573	139	18	significant	significant	ADJ
dem-8573	139	19	than	than	ADP
dem-8573	139	20	the	the	DET
dem-8573	139	21	rlmerr	rlmerr	NOUN
dem-8573	139	22	,	,	PUNCT
dem-8573	139	23	the	the	DET
dem-8573	139	24	spatial	spatial	ADJ
dem-8573	139	25	lag	lag	NOUN
dem-8573	139	26	models	model	NOUN
dem-8573	139	27	should	should	AUX
dem-8573	139	28	be	be	AUX
dem-8573	139	29	preferred	prefer	VERB
dem-8573	139	30	.	.	PUNCT
dem-8573	140	1	subsequently	subsequently	ADV
dem-8573	140	2	,	,	PUNCT
dem-8573	140	3	the	the	DET
dem-8573	140	4	significance	significance	NOUN
dem-8573	140	5	of	of	ADP
dem-8573	140	6	the	the	DET
dem-8573	140	7	spatial	spatial	ADJ
dem-8573	140	8	effects	effect	NOUN
dem-8573	140	9	in	in	ADP
dem-8573	140	10	the	the	DET
dem-8573	140	11	sar	sar	NOUN
dem-8573	140	12	and	and	CCONJ
dem-8573	140	13	se	se	PROPN
dem-8573	140	14	models	model	NOUN
dem-8573	140	15	using	use	VERB
dem-8573	140	16	the	the	DET
dem-8573	140	17	likelihood	likelihood	NOUN
dem-8573	140	18	ratio	ratio	NOUN
dem-8573	140	19	test	test	NOUN
dem-8573	140	20	(	(	PUNCT
dem-8573	140	21	lr	lr	NOUN
dem-8573	140	22	)	)	PUNCT
dem-8573	140	23	was	be	AUX
dem-8573	140	24	confirmed	confirm	VERB
dem-8573	140	25	(	(	PUNCT
dem-8573	140	26	see	see	VERB
dem-8573	140	27	tables	table	NOUN
dem-8573	140	28	3	3	NUM
dem-8573	140	29	and	and	CCONJ
dem-8573	140	30	4	4	NUM
dem-8573	140	31	)	)	PUNCT
dem-8573	140	32	.	.	PUNCT
dem-8573	141	1	the	the	DET
dem-8573	141	2	results	result	NOUN
dem-8573	141	3	show	show	VERB
dem-8573	141	4	that	that	SCONJ
dem-8573	141	5	the	the	DET
dem-8573	141	6	statistical	statistical	ADJ
dem-8573	141	7	properties	property	NOUN
dem-8573	141	8	of	of	ADP
dem-8573	141	9	the	the	DET
dem-8573	141	10	obtained	obtain	VERB
dem-8573	141	11	empirical	empirical	ADJ
dem-8573	141	12	models	model	NOUN
dem-8573	141	13	are	be	AUX
dem-8573	141	14	the	the	DET
dem-8573	141	15	same	same	ADJ
dem-8573	141	16	(	(	PUNCT
dem-8573	141	17	the	the	DET
dem-8573	141	18	spatial	spatial	ADJ
dem-8573	141	19	autocorrelation	autocorrelation	NOUN
dem-8573	141	20	of	of	ADP
dem-8573	141	21	residuals	residual	NOUN
dem-8573	141	22	of	of	ADP
dem-8573	141	23	linear	linear	ADJ
dem-8573	141	24	regression	regression	NOUN
dem-8573	141	25	model	model	NOUN
dem-8573	141	26	,	,	PUNCT
dem-8573	141	27	significant	significant	ADJ
dem-8573	141	28	lm	lm	ADJ
dem-8573	141	29	statistics	statistic	NOUN
dem-8573	141	30	and	and	CCONJ
dem-8573	141	31	significant	significant	ADJ
dem-8573	141	32	spatial	spatial	ADJ
dem-8573	141	33	spatio	spatio	NOUN
dem-8573	141	34	-	-	PUNCT
dem-8573	141	35	temporal	temporal	ADJ
dem-8573	141	36	analysis	analysis	NOUN
dem-8573	141	37	of	of	ADP
dem-8573	141	38	convergence	convergence	NOUN
dem-8573	141	39	of	of	ADP
dem-8573	141	40	development	development	NOUN
dem-8573	141	41	level	level	NOUN
dem-8573	141	42	…	…	PUNCT
dem-8573	141	43	dynamic	dynamic	ADJ
dem-8573	141	44	econometric	econometric	ADJ
dem-8573	141	45	models	model	NOUN
dem-8573	141	46	15	15	NUM
dem-8573	141	47	(	(	PUNCT
dem-8573	141	48	2015	2015	NUM
dem-8573	141	49	)	)	PUNCT
dem-8573	141	50	5–26	5–26	ADJ
dem-8573	141	51	17	17	NUM
dem-8573	141	52	effects	effect	NOUN
dem-8573	141	53	confirmed	confirm	VERB
dem-8573	141	54	by	by	ADP
dem-8573	141	55	the	the	DET
dem-8573	141	56	lr	lr	PROPN
dem-8573	141	57	test	test	NOUN
dem-8573	141	58	)	)	PUNCT
dem-8573	141	59	,	,	PUNCT
dem-8573	141	60	irrespective	irrespective	ADV
dem-8573	141	61	of	of	ADP
dem-8573	141	62	which	which	DET
dem-8573	141	63	connectivity	connectivity	NOUN
dem-8573	141	64	matrix	matrix	NOUN
dem-8573	141	65	(	(	PUNCT
dem-8573	141	66	of	of	ADP
dem-8573	141	67	physical	physical	ADJ
dem-8573	141	68	or	or	CCONJ
dem-8573	141	69	of	of	ADP
dem-8573	141	70	economic	economic	ADJ
dem-8573	141	71	distance	distance	NOUN
dem-8573	141	72	)	)	PUNCT
dem-8573	141	73	was	be	AUX
dem-8573	141	74	used	use	VERB
dem-8573	141	75	in	in	ADP
dem-8573	141	76	the	the	DET
dem-8573	141	77	spatial	spatial	ADJ
dem-8573	141	78	models	model	NOUN
dem-8573	141	79	.	.	PUNCT
dem-8573	142	1	table	table	NOUN
dem-8573	142	2	4	4	NUM
dem-8573	142	3	.	.	PUNCT
dem-8573	142	4	results	result	NOUN
dem-8573	142	5	of	of	ADP
dem-8573	142	6	the	the	DET
dem-8573	142	7	estimation	estimation	NOUN
dem-8573	142	8	and	and	CCONJ
dem-8573	142	9	verification	verification	NOUN
dem-8573	142	10	of	of	ADP
dem-8573	142	11	β	β	NOUN
dem-8573	142	12	-	-	ADJ
dem-8573	142	13	convergence	convergence	NOUN
dem-8573	142	14	models	model	NOUN
dem-8573	142	15	for	for	ADP
dem-8573	142	16	pooled	pool	VERB
dem-8573	142	17	time	time	NOUN
dem-8573	142	18	series	series	NOUN
dem-8573	142	19	and	and	CCONJ
dem-8573	142	20	cross	cross	ADJ
dem-8573	142	21	-	-	ADJ
dem-8573	142	22	sectional	sectional	ADJ
dem-8573	142	23	data	datum	NOUN
dem-8573	142	24	,	,	PUNCT
dem-8573	142	25	obtained	obtain	VERB
dem-8573	142	26	for	for	ADP
dem-8573	142	27	european	european	ADJ
dem-8573	142	28	stock	stock	NOUN
dem-8573	142	29	exchanges	exchange	NOUN
dem-8573	142	30	–	–	PUNCT
dem-8573	142	31	variant	variant	NOUN
dem-8573	142	32	ii	ii	PROPN
dem-8573	142	33	linear	linear	PROPN
dem-8573	142	34	regression	regression	NOUN
dem-8573	142	35	spatial	spatial	ADJ
dem-8573	142	36	autoregressive	autoregressive	ADJ
dem-8573	142	37	model	model	NOUN
dem-8573	142	38	spatial	spatial	ADJ
dem-8573	142	39	error	error	NOUN
dem-8573	142	40	model	model	NOUN
dem-8573	142	41	parameters	parameter	NOUN
dem-8573	142	42	α	α	X
dem-8573	142	43	β	β	X
dem-8573	142	44	ρ	ρ	PROPN
dem-8573	142	45	λ	λ	PROPN
dem-8573	142	46	–	–	PUNCT
dem-8573	142	47	0.2087	0.2087	NUM
dem-8573	142	48	(	(	PUNCT
dem-8573	142	49	0.0055	0.0055	NUM
dem-8573	142	50	)	)	PUNCT
dem-8573	142	51	–	–	PUNCT
dem-8573	142	52	0.1356	0.1356	NUM
dem-8573	142	53	(	(	PUNCT
dem-8573	142	54	0.0007	0.0007	NUM
dem-8573	142	55	)	)	PUNCT
dem-8573	142	56	–	–	PUNCT
dem-8573	142	57	–	–	PUNCT
dem-8573	142	58	–	–	PUNCT
dem-8573	142	59	0.1219	0.1219	NUM
dem-8573	142	60	(	(	PUNCT
dem-8573	142	61	0.0336	0.0336	NUM
dem-8573	142	62	)	)	PUNCT
dem-8573	142	63	–	–	PUNCT
dem-8573	142	64	0.0747	0.0747	NUM
dem-8573	142	65	(	(	PUNCT
dem-8573	142	66	0.0144	0.0144	NUM
dem-8573	142	67	)	)	PUNCT
dem-8573	142	68	0.7442	0.7442	NUM
dem-8573	142	69	(	(	PUNCT
dem-8573	142	70	0.0000	0.0000	NUM
dem-8573	142	71	)	)	PUNCT
dem-8573	142	72	–	–	PUNCT
dem-8573	142	73	–	–	PUNCT
dem-8573	142	74	0.0638	0.0638	NUM
dem-8573	142	75	(	(	PUNCT
dem-8573	142	76	0.4084	0.4084	NUM
dem-8573	142	77	)	)	PUNCT
dem-8573	142	78	–	–	PUNCT
dem-8573	142	79	0.0800	0.0800	NUM
dem-8573	142	80	(	(	PUNCT
dem-8573	142	81	0.02534	0.02534	NUM
dem-8573	142	82	)	)	PUNCT
dem-8573	142	83	–	–	PUNCT
dem-8573	142	84	0.7920	0.7920	NUM
dem-8573	142	85	(	(	PUNCT
dem-8573	142	86	0.0000	0.0000	NUM
dem-8573	142	87	)	)	PUNCT
dem-8573	142	88	goodness	goodness	NOUN
dem-8573	142	89	of	of	ADP
dem-8573	142	90	fit	fit	ADJ
dem-8573	142	91	adjusted	adjust	VERB
dem-8573	142	92	r2	r2	NOUN
dem-8573	142	93	aic	aic	PROPN
dem-8573	142	94	0.0711	0.0711	NUM
dem-8573	142	95	–	–	PUNCT
dem-8573	142	96	60.5170	60.5170	NUM
dem-8573	142	97	–	–	PUNCT
dem-8573	142	98	–	–	PUNCT
dem-8573	142	99	118.4300	118.4300	NUM
dem-8573	142	100	–	–	PUNCT
dem-8573	142	101	–	–	PUNCT
dem-8573	142	102	117.5600	117.5600	NUM
dem-8573	142	103	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	142	104	breuch	breuch	ADV
dem-8573	142	105	-	-	PUNCT
dem-8573	142	106	pagan	pagan	VERB
dem-8573	142	107	test	test	NOUN
dem-8573	142	108	3.2874	3.2874	NUM
dem-8573	142	109	(	(	PUNCT
dem-8573	142	110	0.0698	0.0698	NUM
dem-8573	142	111	)	)	PUNCT
dem-8573	142	112	2.2312	2.2312	NUM
dem-8573	142	113	(	(	PUNCT
dem-8573	142	114	0.1353	0.1353	NUM
dem-8573	142	115	)	)	PUNCT
dem-8573	142	116	2.1093	2.1093	NUM
dem-8573	142	117	(	(	PUNCT
dem-8573	142	118	0.1464	0.1464	NUM
dem-8573	142	119	)	)	PUNCT
dem-8573	142	120	autocorrelation	autocorrelation	NOUN
dem-8573	142	121	of	of	ADP
dem-8573	142	122	residuals	residual	NOUN
dem-8573	142	123	moran	moran	PROPN
dem-8573	142	124	test	test	PROPN
dem-8573	142	125	12.9587	12.9587	NUM
dem-8573	142	126	(	(	PUNCT
dem-8573	142	127	0.0000	0.0000	NUM
dem-8573	142	128	)	)	PUNCT
dem-8573	142	129	1.4475	1.4475	NUM
dem-8573	142	130	(	(	PUNCT
dem-8573	142	131	0.0739	0.0739	NUM
dem-8573	142	132	)	)	PUNCT
dem-8573	142	133	1.7664	1.7664	NUM
dem-8573	142	134	(	(	PUNCT
dem-8573	142	135	0.0387	0.0387	NUM
dem-8573	142	136	)	)	PUNCT
dem-8573	142	137	spatial	spatial	ADJ
dem-8573	142	138	dependence	dependence	NOUN
dem-8573	142	139	lr	lr	PROPN
dem-8573	142	140	lmlag	lmlag	NOUN
dem-8573	142	141	lmerr	lmerr	PROPN
dem-8573	142	142	rlmlag	rlmlag	NOUN
dem-8573	142	143	rlmerr	rlmerr	NOUN
dem-8573	142	144	–	–	PUNCT
dem-8573	143	1	156.2542	156.2542	NUM
dem-8573	143	2	(	(	PUNCT
dem-8573	143	3	0.0000	0.0000	NUM
dem-8573	143	4	)	)	PUNCT
dem-8573	143	5	137.3223	137.3223	NUM
dem-8573	143	6	(	(	PUNCT
dem-8573	143	7	0.0000	0.0000	NUM
dem-8573	143	8	)	)	PUNCT
dem-8573	143	9	−	−	NOUN
dem-8573	143	10	−	−	PROPN
dem-8573	143	11	59.9100	59.9100	NUM
dem-8573	143	12	(	(	PUNCT
dem-8573	143	13	0.0000	0.0000	NUM
dem-8573	143	14	)	)	PUNCT
dem-8573	143	15	–	–	PUNCT
dem-8573	143	16	–	–	PUNCT
dem-8573	143	17	27.8846	27.8846	NUM
dem-8573	143	18	(	(	PUNCT
dem-8573	143	19	0.0000	0.0000	NUM
dem-8573	143	20	)	)	PUNCT
dem-8573	143	21	–	–	PUNCT
dem-8573	143	22	59.0380	59.0380	NUM
dem-8573	143	23	(	(	PUNCT
dem-8573	143	24	0.0000	0.0000	NUM
dem-8573	143	25	)	)	PUNCT
dem-8573	143	26	–	–	PUNCT
dem-8573	143	27	–	–	PUNCT
dem-8573	143	28	–	–	PUNCT
dem-8573	143	29	8.9527	8.9527	NUM
dem-8573	143	30	(	(	PUNCT
dem-8573	143	31	0.0028	0.0028	NUM
dem-8573	143	32	)	)	PUNCT
dem-8573	143	33	speed	speed	NOUN
dem-8573	143	34	of	of	ADP
dem-8573	143	35	convergence	convergence	NOUN
dem-8573	143	36	half	half	ADJ
dem-8573	143	37	-	-	PUNCT
dem-8573	143	38	life	life	NOUN
dem-8573	143	39	0.0182	0.0182	NUM
dem-8573	143	40	38.05	38.05	NUM
dem-8573	143	41	0.0097	0.0097	NUM
dem-8573	143	42	71.42	71.42	NUM
dem-8573	143	43	0.0104	0.0104	NUM
dem-8573	143	44	66.50	66.50	NUM
dem-8573	143	45	note	note	NOUN
dem-8573	143	46	:	:	PUNCT
dem-8573	143	47	numbers	number	NOUN
dem-8573	143	48	in	in	ADP
dem-8573	143	49	brackets	bracket	NOUN
dem-8573	143	50	refer	refer	VERB
dem-8573	143	51	to	to	ADP
dem-8573	143	52	the	the	DET
dem-8573	143	53	p	p	NOUN
dem-8573	143	54	-	-	PUNCT
dem-8573	143	55	values	value	NOUN
dem-8573	143	56	.	.	PUNCT
dem-8573	144	1	similarly	similarly	ADV
dem-8573	144	2	,	,	PUNCT
dem-8573	144	3	irrespective	irrespective	ADV
dem-8573	144	4	of	of	ADP
dem-8573	144	5	which	which	PRON
dem-8573	144	6	the	the	DET
dem-8573	144	7	connectivity	connectivity	NOUN
dem-8573	144	8	matrix	matrix	NOUN
dem-8573	144	9	was	be	AUX
dem-8573	144	10	applied	apply	VERB
dem-8573	144	11	in	in	ADP
dem-8573	144	12	the	the	DET
dem-8573	144	13	spatial	spatial	ADJ
dem-8573	144	14	models	model	NOUN
dem-8573	144	15	,	,	PUNCT
dem-8573	144	16	parameters	parameter	NOUN
dem-8573	144	17	ρ	ρ	PROPN
dem-8573	144	18	and	and	CCONJ
dem-8573	144	19	λ	λ	NOUN
dem-8573	144	20	are	be	AUX
dem-8573	144	21	statistically	statistically	ADV
dem-8573	144	22	significant	significant	ADJ
dem-8573	144	23	.	.	PUNCT
dem-8573	145	1	it	it	PRON
dem-8573	145	2	is	be	AUX
dem-8573	145	3	worth	worth	ADJ
dem-8573	145	4	noting	note	VERB
dem-8573	145	5	that	that	SCONJ
dem-8573	145	6	the	the	DET
dem-8573	145	7	fact	fact	NOUN
dem-8573	145	8	of	of	ADP
dem-8573	145	9	including	include	VERB
dem-8573	145	10	the	the	DET
dem-8573	145	11	connectivity	connectivity	NOUN
dem-8573	145	12	matrixes	matrix	NOUN
dem-8573	145	13	in	in	ADP
dem-8573	145	14	the	the	DET
dem-8573	145	15	considered	consider	VERB
dem-8573	145	16	models	model	NOUN
dem-8573	145	17	has	have	VERB
dem-8573	145	18	a	a	DET
dem-8573	145	19	crucial	crucial	ADJ
dem-8573	145	20	impact	impact	NOUN
dem-8573	145	21	on	on	ADP
dem-8573	145	22	convergence	convergence	NOUN
dem-8573	145	23	parameters	parameter	NOUN
dem-8573	145	24	(	(	PUNCT
dem-8573	145	25	β	β	NOUN
dem-8573	145	26	)	)	PUNCT
dem-8573	145	27	.	.	PUNCT
dem-8573	146	1	absolute	absolute	ADJ
dem-8573	146	2	values	value	NOUN
dem-8573	146	3	elżbieta	elżbieta	PROPN
dem-8573	146	4	szulc	szulc	PROPN
dem-8573	146	5	,	,	PUNCT
dem-8573	146	6	dagna	dagna	VERB
dem-8573	146	7	wleklińska	wleklińska	PROPN
dem-8573	146	8	dynamic	dynamic	ADJ
dem-8573	146	9	econometric	econometric	ADJ
dem-8573	146	10	models	model	NOUN
dem-8573	146	11	15	15	NUM
dem-8573	146	12	(	(	PUNCT
dem-8573	146	13	2015	2015	NUM
dem-8573	146	14	)	)	PUNCT
dem-8573	146	15	5–26	5–26	NOUN
dem-8573	146	16	18	18	NUM
dem-8573	146	17	of	of	ADP
dem-8573	146	18	the	the	DET
dem-8573	146	19	parameters	parameter	NOUN
dem-8573	146	20	for	for	ADP
dem-8573	146	21	the	the	DET
dem-8573	146	22	sar	sar	PROPN
dem-8573	146	23	and	and	CCONJ
dem-8573	146	24	se	se	PROPN
dem-8573	146	25	models	model	NOUN
dem-8573	146	26	are	be	AUX
dem-8573	146	27	lower	low	ADJ
dem-8573	146	28	than	than	ADP
dem-8573	146	29	for	for	ADP
dem-8573	146	30	the	the	DET
dem-8573	146	31	traditional	traditional	ADJ
dem-8573	146	32	model	model	NOUN
dem-8573	146	33	which	which	PRON
dem-8573	146	34	does	do	AUX
dem-8573	146	35	not	not	PART
dem-8573	146	36	take	take	VERB
dem-8573	146	37	into	into	ADP
dem-8573	146	38	account	account	NOUN
dem-8573	146	39	the	the	DET
dem-8573	146	40	connections	connection	NOUN
dem-8573	146	41	across	across	ADP
dem-8573	146	42	the	the	DET
dem-8573	146	43	investigated	investigate	VERB
dem-8573	146	44	stock	stock	NOUN
dem-8573	146	45	exchanges	exchange	NOUN
dem-8573	146	46	.	.	PUNCT
dem-8573	147	1	table	table	NOUN
dem-8573	147	2	5	5	NUM
dem-8573	147	3	.	.	PUNCT
dem-8573	147	4	results	result	NOUN
dem-8573	147	5	of	of	ADP
dem-8573	147	6	the	the	DET
dem-8573	147	7	estimation	estimation	NOUN
dem-8573	147	8	and	and	CCONJ
dem-8573	147	9	verification	verification	NOUN
dem-8573	147	10	of	of	ADP
dem-8573	147	11	panel	panel	NOUN
dem-8573	147	12	models	model	NOUN
dem-8573	147	13	with	with	ADP
dem-8573	147	14	fixed	fix	VERB
dem-8573	147	15	effects	effect	NOUN
dem-8573	147	16	obtained	obtain	VERB
dem-8573	147	17	for	for	ADP
dem-8573	147	18	the	the	DET
dem-8573	147	19	european	european	ADJ
dem-8573	147	20	stock	stock	NOUN
dem-8573	147	21	exchanges	exchange	NOUN
dem-8573	147	22	–	–	PUNCT
dem-8573	147	23	variant	variant	NOUN
dem-8573	147	24	i	i	PRON
dem-8573	147	25	fe_ind	fe_ind	NOUN
dem-8573	147	26	sar_fe_ind	sar_fe_ind	NUM
dem-8573	147	27	se_fe_ind	se_fe_ind	PROPN
dem-8573	147	28	parameters	parameter	NOUN
dem-8573	147	29	α	α	X
dem-8573	147	30	β	β	NOUN
dem-8573	147	31	ρ	ρ	PROPN
dem-8573	147	32	λ	λ	PROPN
dem-8573	147	33	–	–	PUNCT
dem-8573	147	34	1.6250	1.6250	NUM
dem-8573	147	35	(	(	PUNCT
dem-8573	147	36	0.0000	0.0000	NUM
dem-8573	147	37	)	)	PUNCT
dem-8573	147	38	–	–	PUNCT
dem-8573	148	1	0.8927	0.8927	NUM
dem-8573	148	2	(	(	PUNCT
dem-8573	148	3	0.0000	0.0000	NUM
dem-8573	148	4	)	)	PUNCT
dem-8573	148	5	–	–	PUNCT
dem-8573	148	6	–	–	PUNCT
dem-8573	148	7	–	–	PUNCT
dem-8573	148	8	1.2397	1.2397	NUM
dem-8573	148	9	(	(	PUNCT
dem-8573	148	10	0.0000	0.0000	NUM
dem-8573	148	11	)	)	PUNCT
dem-8573	148	12	–	–	PUNCT
dem-8573	148	13	0.6785	0.6785	NUM
dem-8573	148	14	(	(	PUNCT
dem-8573	148	15	0.0000	0.0000	NUM
dem-8573	148	16	)	)	PUNCT
dem-8573	148	17	0.3543	0.3543	PROPN
dem-8573	148	18	(	(	PUNCT
dem-8573	148	19	0.0006	0.0006	NUM
dem-8573	148	20	)	)	PUNCT
dem-8573	148	21	–	–	PUNCT
dem-8573	148	22	–	–	PUNCT
dem-8573	148	23	1.5821	1.5821	NUM
dem-8573	148	24	(	(	PUNCT
dem-8573	148	25	0.0000	0.0000	NUM
dem-8573	148	26	)	)	PUNCT
dem-8573	148	27	–	–	PUNCT
dem-8573	148	28	0.8696	0.8696	NUM
dem-8573	148	29	(	(	PUNCT
dem-8573	148	30	0.0000	0.0000	NUM
dem-8573	148	31	)	)	PUNCT
dem-8573	148	32	–	–	PUNCT
dem-8573	148	33	0.5218	0.5218	NUM
dem-8573	148	34	(	(	PUNCT
dem-8573	148	35	0.0000	0.0000	NUM
dem-8573	148	36	)	)	PUNCT
dem-8573	148	37	goodness	goodness	NOUN
dem-8573	148	38	of	of	ADP
dem-8573	148	39	fit	fit	ADJ
dem-8573	148	40	adjusted	adjust	VERB
dem-8573	148	41	r2	r2	NOUN
dem-8573	148	42	aic	aic	PROPN
dem-8573	148	43	0.4375	0.4375	NUM
dem-8573	148	44	–	–	PUNCT
dem-8573	148	45	117.1200	117.1200	NUM
dem-8573	148	46	–	–	PUNCT
dem-8573	148	47	–	–	PUNCT
dem-8573	148	48	127.0400	127.0400	NUM
dem-8573	148	49	–	–	PUNCT
dem-8573	148	50	–	–	PUNCT
dem-8573	148	51	132.3600	132.3600	NUM
dem-8573	148	52	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	148	53	breuch	breuch	ADV
dem-8573	148	54	-	-	PUNCT
dem-8573	148	55	pagan	pagan	VERB
dem-8573	148	56	test	test	NOUN
dem-8573	148	57	30.4129	30.4129	NUM
dem-8573	148	58	(	(	PUNCT
dem-8573	148	59	0.0336	0.0336	NUM
dem-8573	148	60	)	)	PUNCT
dem-8573	148	61	27.5709	27.5709	NUM
dem-8573	148	62	(	(	PUNCT
dem-8573	148	63	0.0689	0.0689	NUM
dem-8573	148	64	)	)	PUNCT
dem-8573	148	65	28.4229	28.4229	NUM
dem-8573	148	66	(	(	PUNCT
dem-8573	148	67	0.0559	0.0559	NUM
dem-8573	148	68	)	)	PUNCT
dem-8573	148	69	autocorrelation	autocorrelation	NOUN
dem-8573	148	70	of	of	ADP
dem-8573	148	71	residuals	residual	NOUN
dem-8573	148	72	moran	moran	PROPN
dem-8573	148	73	test	test	PROPN
dem-8573	148	74	7.0928	7.0928	NUM
dem-8573	148	75	(	(	PUNCT
dem-8573	148	76	0.0000	0.0000	NUM
dem-8573	148	77	)	)	PUNCT
dem-8573	148	78	2.0868	2.0868	NUM
dem-8573	148	79	(	(	PUNCT
dem-8573	148	80	0.0185	0.0185	NUM
dem-8573	148	81	)	)	PUNCT
dem-8573	148	82	–	–	PUNCT
dem-8573	148	83	0.4411	0.4411	NUM
dem-8573	148	84	(	(	PUNCT
dem-8573	148	85	0.3296	0.3296	NUM
dem-8573	148	86	)	)	PUNCT
dem-8573	148	87	spatial	spatial	ADJ
dem-8573	148	88	dependence	dependence	NOUN
dem-8573	148	89	lr	lr	PROPN
dem-8573	148	90	lmlag	lmlag	NOUN
dem-8573	148	91	lmerr	lmerr	PROPN
dem-8573	148	92	rlmlag	rlmlag	NOUN
dem-8573	148	93	rlmerr	rlmerr	NOUN
dem-8573	148	94	–	–	PUNCT
dem-8573	148	95	16.7366	16.7366	NUM
dem-8573	148	96	(	(	PUNCT
dem-8573	148	97	0.0000	0.0000	NUM
dem-8573	148	98	)	)	PUNCT
dem-8573	148	99	38.3239	38.3239	NUM
dem-8573	148	100	(	(	PUNCT
dem-8573	148	101	0.0000	0.0000	NUM
dem-8573	148	102	)	)	PUNCT
dem-8573	148	103	−	−	PROPN
dem-8573	148	104	−	−	PROPN
dem-8573	148	105	11.9190	11.9190	NUM
dem-8573	148	106	(	(	PUNCT
dem-8573	148	107	0.0006	0.0006	NUM
dem-8573	148	108	)	)	PUNCT
dem-8573	148	109	–	–	PUNCT
dem-8573	148	110	–	–	PUNCT
dem-8573	148	111	0.1360	0.1360	NUM
dem-8573	148	112	(	(	PUNCT
dem-8573	148	113	0.7123	0.7123	NUM
dem-8573	148	114	)	)	PUNCT
dem-8573	148	115	–	–	PUNCT
dem-8573	148	116	17.2380	17.2380	NUM
dem-8573	148	117	(	(	PUNCT
dem-8573	148	118	0.0000	0.0000	NUM
dem-8573	148	119	)	)	PUNCT
dem-8573	148	120	–	–	PUNCT
dem-8573	148	121	–	–	PUNCT
dem-8573	148	122	–	–	PUNCT
dem-8573	148	123	21.7233	21.7233	NUM
dem-8573	148	124	(	(	PUNCT
dem-8573	148	125	0.0000	0.0000	NUM
dem-8573	148	126	)	)	PUNCT
dem-8573	148	127	chow	chow	PROPN
dem-8573	148	128	test	test	NOUN
dem-8573	148	129	f	f	PROPN
dem-8573	148	130	–	–	PUNCT
dem-8573	148	131	65.9038	65.9038	NUM
dem-8573	148	132	(	(	PUNCT
dem-8573	148	133	0.0000	0.0000	NUM
dem-8573	148	134	)	)	PUNCT
dem-8573	148	135	83.4606	83.4606	NUM
dem-8573	148	136	(	(	PUNCT
dem-8573	148	137	0.0000	0.0000	NUM
dem-8573	148	138	)	)	PUNCT
dem-8573	148	139	speed	speed	NOUN
dem-8573	148	140	of	of	ADP
dem-8573	148	141	convergence	convergence	NOUN
dem-8573	149	1	half	half	ADJ
dem-8573	149	2	-	-	PUNCT
dem-8573	149	3	life	life	NOUN
dem-8573	149	4	0.2790	0.2790	NUM
dem-8573	149	5	2.48	2.48	NUM
dem-8573	149	6	0.1418	0.1418	NUM
dem-8573	149	7	4.89	4.89	NUM
dem-8573	149	8	0.2546	0.2546	NUM
dem-8573	149	9	2.72	2.72	NUM
dem-8573	149	10	note	note	NOUN
dem-8573	149	11	:	:	PUNCT
dem-8573	149	12	numbers	number	NOUN
dem-8573	149	13	in	in	ADP
dem-8573	149	14	brackets	bracket	NOUN
dem-8573	149	15	refer	refer	VERB
dem-8573	149	16	to	to	ADP
dem-8573	149	17	the	the	DET
dem-8573	149	18	p	p	NOUN
dem-8573	149	19	-	-	PUNCT
dem-8573	149	20	values	value	NOUN
dem-8573	149	21	.	.	PUNCT
dem-8573	150	1	tables	table	NOUN
dem-8573	150	2	5	5	NUM
dem-8573	150	3	and	and	CCONJ
dem-8573	150	4	6	6	NUM
dem-8573	150	5	contain	contain	VERB
dem-8573	150	6	the	the	DET
dem-8573	150	7	results	result	NOUN
dem-8573	150	8	of	of	ADP
dem-8573	150	9	the	the	DET
dem-8573	150	10	estimation	estimation	NOUN
dem-8573	150	11	and	and	CCONJ
dem-8573	150	12	verification	verification	NOUN
dem-8573	150	13	of	of	ADP
dem-8573	150	14	exemplary	exemplary	ADJ
dem-8573	150	15	panel	panel	NOUN
dem-8573	150	16	models	model	NOUN
dem-8573	150	17	used	use	VERB
dem-8573	150	18	in	in	ADP
dem-8573	150	19	the	the	DET
dem-8573	150	20	investigation	investigation	NOUN
dem-8573	150	21	,	,	PUNCT
dem-8573	150	22	i.e.	i.e.	X
dem-8573	150	23	the	the	DET
dem-8573	150	24	panel	panel	NOUN
dem-8573	150	25	model	model	NOUN
dem-8573	150	26	with	with	ADP
dem-8573	150	27	fixed	fix	VERB
dem-8573	150	28	effects	effect	NOUN
dem-8573	150	29	without	without	ADP
dem-8573	150	30	the	the	DET
dem-8573	150	31	spatial	spatial	ADJ
dem-8573	150	32	component	component	NOUN
dem-8573	150	33	(	(	PUNCT
dem-8573	150	34	fe_ind	fe_ind	NOUN
dem-8573	150	35	)	)	PUNCT
dem-8573	150	36	,	,	PUNCT
dem-8573	150	37	the	the	DET
dem-8573	150	38	spatial	spatial	ADJ
dem-8573	150	39	autospatio	autospatio	NOUN
dem-8573	150	40	-	-	PUNCT
dem-8573	150	41	temporal	temporal	ADJ
dem-8573	150	42	analysis	analysis	NOUN
dem-8573	150	43	of	of	ADP
dem-8573	150	44	convergence	convergence	NOUN
dem-8573	150	45	of	of	ADP
dem-8573	150	46	development	development	NOUN
dem-8573	150	47	level	level	NOUN
dem-8573	150	48	…	…	PUNCT
dem-8573	150	49	dynamic	dynamic	ADJ
dem-8573	150	50	econometric	econometric	ADJ
dem-8573	150	51	models	model	NOUN
dem-8573	150	52	15	15	NUM
dem-8573	150	53	(	(	PUNCT
dem-8573	150	54	2015	2015	NUM
dem-8573	150	55	)	)	PUNCT
dem-8573	150	56	5–26	5–26	ADJ
dem-8573	150	57	19	19	NUM
dem-8573	150	58	regressive	regressive	ADJ
dem-8573	150	59	panel	panel	NOUN
dem-8573	150	60	model	model	NOUN
dem-8573	150	61	with	with	ADP
dem-8573	150	62	fixed	fix	VERB
dem-8573	150	63	effects	effect	NOUN
dem-8573	150	64	(	(	PUNCT
dem-8573	150	65	sar_fe_ind	sar_fe_ind	NUM
dem-8573	150	66	)	)	PUNCT
dem-8573	150	67	,	,	PUNCT
dem-8573	150	68	and	and	CCONJ
dem-8573	150	69	the	the	DET
dem-8573	150	70	spatial	spatial	ADJ
dem-8573	150	71	error	error	NOUN
dem-8573	150	72	panel	panel	NOUN
dem-8573	150	73	model	model	NOUN
dem-8573	150	74	with	with	ADP
dem-8573	150	75	fixed	fix	VERB
dem-8573	150	76	effects	effect	NOUN
dem-8573	150	77	(	(	PUNCT
dem-8573	150	78	se_fe_ind	se_fe_ind	ADJ
dem-8573	150	79	)	)	PUNCT
dem-8573	150	80	.	.	PUNCT
dem-8573	151	1	just	just	ADV
dem-8573	151	2	as	as	ADP
dem-8573	151	3	in	in	ADP
dem-8573	151	4	the	the	DET
dem-8573	151	5	pooled	pooled	ADJ
dem-8573	151	6	time	time	NOUN
dem-8573	151	7	and	and	CCONJ
dem-8573	151	8	cross	cross	ADJ
dem-8573	151	9	-	-	ADJ
dem-8573	151	10	sectional	sectional	ADJ
dem-8573	151	11	data	data	NOUN
dem-8573	151	12	models	model	NOUN
dem-8573	151	13	also	also	ADV
dem-8573	151	14	in	in	ADP
dem-8573	151	15	the	the	DET
dem-8573	151	16	panel	panel	NOUN
dem-8573	151	17	data	data	NOUN
dem-8573	151	18	models	model	VERB
dem-8573	151	19	the	the	DET
dem-8573	151	20	connections	connection	NOUN
dem-8573	151	21	among	among	ADP
dem-8573	151	22	the	the	DET
dem-8573	151	23	stock	stock	NOUN
dem-8573	151	24	exchanges	exchange	NOUN
dem-8573	151	25	in	in	ADP
dem-8573	151	26	two	two	NUM
dem-8573	151	27	variants	variant	NOUN
dem-8573	151	28	(	(	PUNCT
dem-8573	151	29	connections	connection	NOUN
dem-8573	151	30	according	accord	VERB
dem-8573	151	31	to	to	ADP
dem-8573	151	32	physical	physical	ADJ
dem-8573	151	33	/	/	SYM
dem-8573	151	34	economic	economic	ADJ
dem-8573	151	35	distance	distance	NOUN
dem-8573	151	36	)	)	PUNCT
dem-8573	151	37	were	be	AUX
dem-8573	151	38	taken	take	VERB
dem-8573	151	39	into	into	ADP
dem-8573	151	40	account	account	NOUN
dem-8573	151	41	.	.	PUNCT
dem-8573	152	1	fixed	fix	VERB
dem-8573	152	2	effects	effect	NOUN
dem-8573	152	3	are	be	AUX
dem-8573	152	4	significant	significant	ADJ
dem-8573	152	5	in	in	ADP
dem-8573	152	6	the	the	DET
dem-8573	152	7	considered	consider	VERB
dem-8573	152	8	models	model	NOUN
dem-8573	152	9	.	.	PUNCT
dem-8573	153	1	it	it	PRON
dem-8573	153	2	means	mean	VERB
dem-8573	153	3	that	that	SCONJ
dem-8573	153	4	individual	individual	ADJ
dem-8573	153	5	characteristics	characteristic	NOUN
dem-8573	153	6	of	of	ADP
dem-8573	153	7	every	every	DET
dem-8573	153	8	exchange	exchange	NOUN
dem-8573	153	9	are	be	AUX
dem-8573	153	10	valid	valid	ADJ
dem-8573	153	11	for	for	ADP
dem-8573	153	12	their	their	PRON
dem-8573	153	13	convergence	convergence	NOUN
dem-8573	153	14	.	.	PUNCT
dem-8573	154	1	table	table	NOUN
dem-8573	154	2	6	6	NUM
dem-8573	154	3	.	.	PUNCT
dem-8573	155	1	results	result	NOUN
dem-8573	155	2	of	of	ADP
dem-8573	155	3	the	the	DET
dem-8573	155	4	estimation	estimation	NOUN
dem-8573	155	5	and	and	CCONJ
dem-8573	155	6	verification	verification	NOUN
dem-8573	155	7	of	of	ADP
dem-8573	155	8	panel	panel	NOUN
dem-8573	155	9	models	model	NOUN
dem-8573	155	10	with	with	ADP
dem-8573	155	11	fixed	fix	VERB
dem-8573	155	12	effects	effect	NOUN
dem-8573	155	13	obtained	obtain	VERB
dem-8573	155	14	for	for	ADP
dem-8573	155	15	the	the	DET
dem-8573	155	16	european	european	ADJ
dem-8573	155	17	stock	stock	NOUN
dem-8573	155	18	exchanges	exchange	NOUN
dem-8573	155	19	–	–	PUNCT
dem-8573	155	20	variant	variant	NOUN
dem-8573	155	21	ii	ii	NOUN
dem-8573	155	22	fe_ind	fe_ind	PROPN
dem-8573	155	23	sar_fe_ind	sar_fe_ind	PROPN
dem-8573	155	24	se_fe_ind	se_fe_ind	PROPN
dem-8573	155	25	parameters	parameter	NOUN
dem-8573	155	26	α	α	X
dem-8573	155	27	β	β	NOUN
dem-8573	155	28	ρ	ρ	PROPN
dem-8573	155	29	λ	λ	PROPN
dem-8573	155	30	–	–	PUNCT
dem-8573	155	31	1.6250	1.6250	NUM
dem-8573	155	32	(	(	PUNCT
dem-8573	155	33	0.0000	0.0000	NUM
dem-8573	155	34	)	)	PUNCT
dem-8573	155	35	–	–	PUNCT
dem-8573	155	36	0.8927	0.8927	NUM
dem-8573	155	37	(	(	PUNCT
dem-8573	155	38	0.0000	0.0000	NUM
dem-8573	155	39	)	)	PUNCT
dem-8573	155	40	–	–	PUNCT
dem-8573	155	41	–	–	PUNCT
dem-8573	155	42	–	–	PUNCT
dem-8573	155	43	1.1442	1.1442	NUM
dem-8573	155	44	(	(	PUNCT
dem-8573	155	45	0.0000	0.0000	NUM
dem-8573	155	46	)	)	PUNCT
dem-8573	155	47	–	–	PUNCT
dem-8573	155	48	0.6248	0.6248	NUM
dem-8573	155	49	(	(	PUNCT
dem-8573	155	50	0.0000	0.0000	NUM
dem-8573	155	51	)	)	PUNCT
dem-8573	155	52	0.4542	0.4542	NUM
dem-8573	155	53	(	(	PUNCT
dem-8573	155	54	0.0000	0.0000	NUM
dem-8573	155	55	)	)	PUNCT
dem-8573	155	56	–	–	PUNCT
dem-8573	155	57	–	–	PUNCT
dem-8573	155	58	1.6095	1.6095	NUM
dem-8573	155	59	(	(	PUNCT
dem-8573	155	60	0.0000	0.0000	NUM
dem-8573	155	61	)	)	PUNCT
dem-8573	155	62	–	–	PUNCT
dem-8573	155	63	0.8894	0.8894	NUM
dem-8573	155	64	(	(	PUNCT
dem-8573	155	65	0.0000	0.0000	NUM
dem-8573	155	66	)	)	PUNCT
dem-8573	155	67	–	–	PUNCT
dem-8573	155	68	0.6309	0.6309	NUM
dem-8573	155	69	(	(	PUNCT
dem-8573	155	70	0.0000	0.0000	NUM
dem-8573	155	71	)	)	PUNCT
dem-8573	155	72	goodness	goodness	NOUN
dem-8573	155	73	of	of	ADP
dem-8573	155	74	fit	fit	ADJ
dem-8573	155	75	adjusted	adjust	VERB
dem-8573	155	76	r2	r2	NOUN
dem-8573	155	77	aic	aic	PROPN
dem-8573	155	78	0.4375	0.4375	NUM
dem-8573	155	79	–	–	PUNCT
dem-8573	155	80	117.1200	117.1200	NUM
dem-8573	155	81	–	–	PUNCT
dem-8573	155	82	–	–	PUNCT
dem-8573	155	83	132.0000	132.0000	NUM
dem-8573	155	84	–	–	PUNCT
dem-8573	155	85	–	–	PUNCT
dem-8573	155	86	138.2700	138.2700	NUM
dem-8573	155	87	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	155	88	breuch	breuch	ADV
dem-8573	155	89	-	-	PUNCT
dem-8573	155	90	pagan	pagan	VERB
dem-8573	155	91	test	test	NOUN
dem-8573	155	92	30.4129	30.4129	NUM
dem-8573	155	93	(	(	PUNCT
dem-8573	155	94	0.0336	0.0336	NUM
dem-8573	155	95	)	)	PUNCT
dem-8573	155	96	27.3471	27.3471	NUM
dem-8573	155	97	(	(	PUNCT
dem-8573	155	98	0.0727	0.0727	NUM
dem-8573	155	99	)	)	PUNCT
dem-8573	155	100	27.4311	27.4311	NUM
dem-8573	155	101	(	(	PUNCT
dem-8573	155	102	0.0713	0.0713	NUM
dem-8573	155	103	)	)	PUNCT
dem-8573	155	104	autocorrelation	autocorrelation	NOUN
dem-8573	155	105	of	of	ADP
dem-8573	155	106	residuals	residual	NOUN
dem-8573	155	107	moran	moran	PROPN
dem-8573	155	108	test	test	PROPN
dem-8573	155	109	7.4093	7.4093	NUM
dem-8573	155	110	(	(	PUNCT
dem-8573	155	111	0.0000	0.0000	NUM
dem-8573	155	112	)	)	PUNCT
dem-8573	155	113	3.0568	3.0568	NUM
dem-8573	155	114	(	(	PUNCT
dem-8573	155	115	0.0011	0.0011	NUM
dem-8573	155	116	)	)	PUNCT
dem-8573	155	117	1.2405	1.2405	NUM
dem-8573	155	118	(	(	PUNCT
dem-8573	155	119	0.1074	0.1074	NUM
dem-8573	155	120	)	)	PUNCT
dem-8573	155	121	spatial	spatial	ADJ
dem-8573	155	122	dependence	dependence	NOUN
dem-8573	155	123	lr	lr	PROPN
dem-8573	155	124	lmlag	lmlag	NOUN
dem-8573	155	125	lmerr	lmerr	PROPN
dem-8573	155	126	rlmlag	rlmlag	NOUN
dem-8573	155	127	rlmerr	rlmerr	NOUN
dem-8573	155	128	–	–	PUNCT
dem-8573	155	129	22.4971	22.4971	NUM
dem-8573	155	130	(	(	PUNCT
dem-8573	155	131	0.0000	0.0000	NUM
dem-8573	155	132	)	)	PUNCT
dem-8573	155	133	41.8167	41.8167	NUM
dem-8573	155	134	(	(	PUNCT
dem-8573	155	135	0.0000	0.0000	NUM
dem-8573	155	136	)	)	PUNCT
dem-8573	155	137	–	–	PUNCT
dem-8573	155	138	–	–	PUNCT
dem-8573	155	139	16.8810	16.8810	NUM
dem-8573	155	140	(	(	PUNCT
dem-8573	155	141	0.0000	0.0000	NUM
dem-8573	155	142	)	)	PUNCT
dem-8573	155	143	–	–	PUNCT
dem-8573	155	144	–	–	PUNCT
dem-8573	155	145	0.4012	0.4012	NUM
dem-8573	155	146	(	(	PUNCT
dem-8573	155	147	0.5265	0.5265	NUM
dem-8573	155	148	)	)	PUNCT
dem-8573	155	149	–	–	PUNCT
dem-8573	155	150	23.1530	23.1530	NUM
dem-8573	155	151	(	(	PUNCT
dem-8573	155	152	0.0000	0.0000	NUM
dem-8573	155	153	)	)	PUNCT
dem-8573	155	154	–	–	PUNCT
dem-8573	155	155	–	–	PUNCT
dem-8573	155	156	–	–	PUNCT
dem-8573	155	157	19.7207	19.7207	NUM
dem-8573	155	158	(	(	PUNCT
dem-8573	155	159	0.0000	0.0000	NUM
dem-8573	155	160	)	)	PUNCT
dem-8573	155	161	chow	chow	PROPN
dem-8573	155	162	test	test	NOUN
dem-8573	155	163	f	f	PROPN
dem-8573	155	164	–	–	PUNCT
dem-8573	155	165	22.0179	22.0179	NUM
dem-8573	155	166	(	(	PUNCT
dem-8573	155	167	0.0000	0.0000	NUM
dem-8573	155	168	)	)	PUNCT
dem-8573	155	169	28.7812	28.7812	NUM
dem-8573	155	170	(	(	PUNCT
dem-8573	155	171	0.0000	0.0000	NUM
dem-8573	155	172	)	)	PUNCT
dem-8573	155	173	speed	speed	NOUN
dem-8573	155	174	of	of	ADP
dem-8573	155	175	convergence	convergence	NOUN
dem-8573	155	176	half	half	ADJ
dem-8573	155	177	-	-	PUNCT
dem-8573	155	178	life	life	NOUN
dem-8573	155	179	0.2790	0.2790	NUM
dem-8573	155	180	2.48	2.48	NUM
dem-8573	155	181	0.1225	0.1225	NUM
dem-8573	155	182	5.66	5.66	NUM
dem-8573	155	183	0.2752	0.2752	NUM
dem-8573	155	184	2.52	2.52	NUM
dem-8573	155	185	note	note	NOUN
dem-8573	155	186	:	:	PUNCT
dem-8573	155	187	numbers	number	NOUN
dem-8573	155	188	in	in	ADP
dem-8573	155	189	brackets	bracket	NOUN
dem-8573	155	190	refer	refer	VERB
dem-8573	155	191	to	to	ADP
dem-8573	155	192	the	the	DET
dem-8573	155	193	p	p	NOUN
dem-8573	155	194	-	-	PUNCT
dem-8573	155	195	values	value	NOUN
dem-8573	155	196	.	.	PUNCT
dem-8573	156	1	elżbieta	elżbieta	PROPN
dem-8573	156	2	szulc	szulc	PROPN
dem-8573	156	3	,	,	PUNCT
dem-8573	156	4	dagna	dagna	VERB
dem-8573	156	5	wleklińska	wleklińska	PROPN
dem-8573	156	6	dynamic	dynamic	ADJ
dem-8573	156	7	econometric	econometric	ADJ
dem-8573	156	8	models	model	NOUN
dem-8573	156	9	15	15	NUM
dem-8573	156	10	(	(	PUNCT
dem-8573	156	11	2015	2015	NUM
dem-8573	156	12	)	)	PUNCT
dem-8573	156	13	5–26	5–26	NOUN
dem-8573	156	14	20	20	NUM
dem-8573	156	15	the	the	DET
dem-8573	156	16	diagnostics	diagnostic	NOUN
dem-8573	156	17	of	of	ADP
dem-8573	156	18	the	the	DET
dem-8573	156	19	considered	consider	VERB
dem-8573	156	20	models	model	NOUN
dem-8573	156	21	suggests	suggest	VERB
dem-8573	156	22	that	that	SCONJ
dem-8573	156	23	the	the	DET
dem-8573	156	24	classical	classical	ADJ
dem-8573	156	25	panel	panel	NOUN
dem-8573	156	26	model	model	NOUN
dem-8573	156	27	is	be	AUX
dem-8573	156	28	the	the	DET
dem-8573	156	29	worst	bad	ADJ
dem-8573	156	30	among	among	ADP
dem-8573	156	31	them	they	PRON
dem-8573	156	32	.	.	PUNCT
dem-8573	157	1	in	in	ADP
dem-8573	157	2	this	this	DET
dem-8573	157	3	case	case	NOUN
dem-8573	157	4	,	,	PUNCT
dem-8573	157	5	the	the	DET
dem-8573	157	6	breusch	breusch	ADJ
dem-8573	157	7	-	-	PUNCT
dem-8573	157	8	pagan	pagan	VERB
dem-8573	157	9	statistic	statistic	NOUN
dem-8573	157	10	is	be	AUX
dem-8573	157	11	significant	significant	ADJ
dem-8573	157	12	(	(	PUNCT
dem-8573	157	13	at	at	ADP
dem-8573	157	14	the	the	DET
dem-8573	157	15	level	level	NOUN
dem-8573	157	16	of	of	ADP
dem-8573	157	17	significance	significance	NOUN
dem-8573	157	18	γ	γ	X
dem-8573	157	19	=	=	NOUN
dem-8573	157	20	0.05	0.05	NUM
dem-8573	157	21	)	)	PUNCT
dem-8573	157	22	,	,	PUNCT
dem-8573	157	23	leading	lead	VERB
dem-8573	157	24	to	to	ADP
dem-8573	157	25	the	the	DET
dem-8573	157	26	rejection	rejection	NOUN
dem-8573	157	27	of	of	ADP
dem-8573	157	28	the	the	DET
dem-8573	157	29	model	model	NOUN
dem-8573	157	30	assumption	assumption	NOUN
dem-8573	157	31	of	of	ADP
dem-8573	157	32	homoskedasticity	homoskedasticity	NOUN
dem-8573	157	33	.	.	PUNCT
dem-8573	158	1	in	in	ADP
dem-8573	158	2	addition	addition	NOUN
dem-8573	158	3	,	,	PUNCT
dem-8573	158	4	on	on	ADP
dem-8573	158	5	the	the	DET
dem-8573	158	6	basis	basis	NOUN
dem-8573	158	7	of	of	ADP
dem-8573	158	8	the	the	DET
dem-8573	158	9	moran	moran	PROPN
dem-8573	158	10	test	test	NOUN
dem-8573	158	11	the	the	DET
dem-8573	158	12	hypothesis	hypothesis	NOUN
dem-8573	158	13	of	of	ADP
dem-8573	158	14	the	the	DET
dem-8573	158	15	independence	independence	NOUN
dem-8573	158	16	of	of	ADP
dem-8573	158	17	the	the	DET
dem-8573	158	18	model	model	NOUN
dem-8573	158	19	residuals	residual	NOUN
dem-8573	158	20	should	should	AUX
dem-8573	158	21	be	be	AUX
dem-8573	158	22	rejected	reject	VERB
dem-8573	158	23	(	(	PUNCT
dem-8573	158	24	comp	comp	NOUN
dem-8573	158	25	.	.	PUNCT
dem-8573	159	1	the	the	DET
dem-8573	159	2	tscs	tscs	ADJ
dem-8573	159	3	model	model	NOUN
dem-8573	159	4	)	)	PUNCT
dem-8573	159	5	.	.	PUNCT
dem-8573	160	1	table	table	NOUN
dem-8573	160	2	7	7	NUM
dem-8573	160	3	.	.	PUNCT
dem-8573	160	4	results	result	NOUN
dem-8573	160	5	of	of	ADP
dem-8573	160	6	the	the	DET
dem-8573	160	7	estimation	estimation	NOUN
dem-8573	160	8	and	and	CCONJ
dem-8573	160	9	verification	verification	NOUN
dem-8573	160	10	of	of	ADP
dem-8573	160	11	β	β	NOUN
dem-8573	160	12	-	-	ADJ
dem-8573	160	13	convergence	convergence	NOUN
dem-8573	160	14	models	model	NOUN
dem-8573	160	15	for	for	ADP
dem-8573	160	16	pooled	pool	VERB
dem-8573	160	17	time	time	NOUN
dem-8573	160	18	series	series	NOUN
dem-8573	160	19	and	and	CCONJ
dem-8573	160	20	cross	cross	ADJ
dem-8573	160	21	-	-	ADJ
dem-8573	160	22	sectional	sectional	ADJ
dem-8573	160	23	data	datum	NOUN
dem-8573	160	24	,	,	PUNCT
dem-8573	160	25	obtained	obtain	VERB
dem-8573	160	26	for	for	ADP
dem-8573	160	27	asian	asian	ADJ
dem-8573	160	28	and	and	CCONJ
dem-8573	160	29	american	american	ADJ
dem-8573	160	30	stock	stock	NOUN
dem-8573	160	31	exchanges	exchange	NOUN
dem-8573	160	32	–	–	PUNCT
dem-8573	160	33	variant	variant	NOUN
dem-8573	161	1	i	i	PRON
dem-8573	161	2	linear	linear	VERB
dem-8573	161	3	regression	regression	VERB
dem-8573	161	4	spatial	spatial	ADJ
dem-8573	161	5	autoregressive	autoregressive	ADJ
dem-8573	161	6	model	model	NOUN
dem-8573	161	7	spatial	spatial	ADJ
dem-8573	161	8	error	error	NOUN
dem-8573	161	9	model	model	NOUN
dem-8573	161	10	parameters	parameter	NOUN
dem-8573	161	11	α	α	X
dem-8573	161	12	β	β	X
dem-8573	161	13	ρ	ρ	PROPN
dem-8573	161	14	λ	λ	PROPN
dem-8573	161	15	–	–	PUNCT
dem-8573	161	16	0.4678	0.4678	NUM
dem-8573	161	17	(	(	PUNCT
dem-8573	161	18	0.0000	0.0000	NUM
dem-8573	161	19	)	)	PUNCT
dem-8573	161	20	–	–	PUNCT
dem-8573	161	21	0.2084	0.2084	NUM
dem-8573	161	22	(	(	PUNCT
dem-8573	161	23	0.0000	0.0000	NUM
dem-8573	161	24	)	)	PUNCT
dem-8573	161	25	–	–	PUNCT
dem-8573	161	26	–	–	PUNCT
dem-8573	161	27	–	–	PUNCT
dem-8573	161	28	0.4181	0.4181	NUM
dem-8573	161	29	(	(	PUNCT
dem-8573	161	30	0.0000	0.0000	NUM
dem-8573	161	31	)	)	PUNCT
dem-8573	161	32	–	–	PUNCT
dem-8573	161	33	0.1845	0.1845	NUM
dem-8573	161	34	(	(	PUNCT
dem-8573	161	35	0.0000	0.0000	NUM
dem-8573	161	36	)	)	PUNCT
dem-8573	161	37	0.3065	0.3065	NUM
dem-8573	161	38	(	(	PUNCT
dem-8573	161	39	0.0000	0.0000	NUM
dem-8573	161	40	)	)	PUNCT
dem-8573	161	41	–	–	PUNCT
dem-8573	161	42	–	–	PUNCT
dem-8573	161	43	0.3749	0.3749	NUM
dem-8573	161	44	(	(	PUNCT
dem-8573	161	45	0.0000	0.0000	NUM
dem-8573	161	46	)	)	PUNCT
dem-8573	161	47	–	–	PUNCT
dem-8573	161	48	0.1751	0.1751	NUM
dem-8573	161	49	(	(	PUNCT
dem-8573	161	50	0.0000	0.0000	NUM
dem-8573	161	51	)	)	PUNCT
dem-8573	161	52	–	–	PUNCT
dem-8573	161	53	0.3188	0.3188	NUM
dem-8573	161	54	(	(	PUNCT
dem-8573	161	55	0.0000	0.0000	NUM
dem-8573	161	56	)	)	PUNCT
dem-8573	161	57	goodness	goodness	NOUN
dem-8573	161	58	of	of	ADP
dem-8573	161	59	fit	fit	ADJ
dem-8573	161	60	adjusted	adjust	VERB
dem-8573	161	61	r2	r2	NOUN
dem-8573	161	62	aic	aic	PROPN
dem-8573	161	63	0.0987	0.0987	NUM
dem-8573	161	64	–	–	PUNCT
dem-8573	161	65	31.8650	31.8650	NUM
dem-8573	161	66	–	–	PUNCT
dem-8573	161	67	–	–	PUNCT
dem-8573	161	68	51.2710	51.2710	NUM
dem-8573	161	69	–	–	PUNCT
dem-8573	161	70	–	–	PUNCT
dem-8573	161	71	49.7970	49.7970	NUM
dem-8573	161	72	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	161	73	breuch	breuch	ADV
dem-8573	161	74	-	-	PUNCT
dem-8573	161	75	pagan	pagan	VERB
dem-8573	161	76	test	test	NOUN
dem-8573	161	77	18.7771	18.7771	NUM
dem-8573	161	78	(	(	PUNCT
dem-8573	161	79	0.0000	0.0000	NUM
dem-8573	161	80	)	)	PUNCT
dem-8573	161	81	19.1601	19.1601	NUM
dem-8573	161	82	(	(	PUNCT
dem-8573	161	83	0.0000	0.0000	NUM
dem-8573	161	84	)	)	PUNCT
dem-8573	161	85	18.4701	18.4701	NUM
dem-8573	161	86	(	(	PUNCT
dem-8573	161	87	0.0000	0.0000	NUM
dem-8573	161	88	)	)	PUNCT
dem-8573	161	89	autocorrelation	autocorrelation	NOUN
dem-8573	161	90	of	of	ADP
dem-8573	161	91	residuals	residual	NOUN
dem-8573	161	92	moran	moran	PROPN
dem-8573	161	93	test	test	PROPN
dem-8573	161	94	6.1474	6.1474	NUM
dem-8573	161	95	(	(	PUNCT
dem-8573	161	96	0.0000	0.0000	NUM
dem-8573	161	97	)	)	PUNCT
dem-8573	161	98	–	–	PUNCT
dem-8573	161	99	0.5729	0.5729	NUM
dem-8573	161	100	(	(	PUNCT
dem-8573	161	101	0.2834	0.2834	NUM
dem-8573	161	102	)	)	PUNCT
dem-8573	161	103	–	–	PUNCT
dem-8573	161	104	0.3759	0.3759	NUM
dem-8573	161	105	(	(	PUNCT
dem-8573	161	106	0.3535	0.3535	NUM
dem-8573	161	107	)	)	PUNCT
dem-8573	161	108	spatial	spatial	ADJ
dem-8573	161	109	dependence	dependence	NOUN
dem-8573	161	110	lr	lr	PROPN
dem-8573	161	111	lmlag	lmlag	NOUN
dem-8573	161	112	lmerr	lmerr	PROPN
dem-8573	161	113	rlmlag	rlmlag	NOUN
dem-8573	161	114	rlmerr	rlmerr	NOUN
dem-8573	161	115	–	–	PUNCT
dem-8573	161	116	39.7261	39.7261	NUM
dem-8573	161	117	(	(	PUNCT
dem-8573	161	118	0.0000	0.0000	NUM
dem-8573	161	119	)	)	PUNCT
dem-8573	161	120	32.3990	32.3990	NUM
dem-8573	161	121	(	(	PUNCT
dem-8573	161	122	0.0000	0.0000	NUM
dem-8573	161	123	)	)	PUNCT
dem-8573	161	124	–	–	PUNCT
dem-8573	161	125	–	–	PUNCT
dem-8573	161	126	21.4060	21.4060	NUM
dem-8573	161	127	(	(	PUNCT
dem-8573	161	128	0.0000	0.0000	NUM
dem-8573	161	129	)	)	PUNCT
dem-8573	161	130	–	–	PUNCT
dem-8573	161	131	–	–	PUNCT
dem-8573	161	132	12.2581	12.2581	NUM
dem-8573	161	133	(	(	PUNCT
dem-8573	161	134	0.0005	0.0005	NUM
dem-8573	161	135	)	)	PUNCT
dem-8573	161	136	−	−	PROPN
dem-8573	161	137	19.9320	19.9320	NUM
dem-8573	161	138	(	(	PUNCT
dem-8573	161	139	0.0000	0.0000	NUM
dem-8573	161	140	)	)	PUNCT
dem-8573	161	141	–	–	PUNCT
dem-8573	161	142	–	–	PUNCT
dem-8573	161	143	–	–	PUNCT
dem-8573	161	144	4.9310	4.9310	NUM
dem-8573	161	145	(	(	PUNCT
dem-8573	161	146	0.0264	0.0264	NOUN
dem-8573	161	147	)	)	PUNCT
dem-8573	161	148	speed	speed	NOUN
dem-8573	161	149	of	of	ADP
dem-8573	161	150	convergence	convergence	NOUN
dem-8573	161	151	half	half	ADJ
dem-8573	161	152	-	-	PUNCT
dem-8573	161	153	life	life	NOUN
dem-8573	161	154	0.0292	0.0292	NUM
dem-8573	161	155	23.73	23.73	NUM
dem-8573	161	156	0.0255	0.0255	NUM
dem-8573	161	157	27.19	27.19	NUM
dem-8573	161	158	0.0241	0.0241	NUM
dem-8573	161	159	28.81	28.81	NUM
dem-8573	161	160	note	note	NOUN
dem-8573	161	161	:	:	PUNCT
dem-8573	161	162	numbers	number	NOUN
dem-8573	161	163	in	in	ADP
dem-8573	161	164	brackets	bracket	NOUN
dem-8573	161	165	refer	refer	VERB
dem-8573	161	166	to	to	ADP
dem-8573	161	167	the	the	DET
dem-8573	161	168	p	p	NOUN
dem-8573	161	169	-	-	PUNCT
dem-8573	161	170	values	value	NOUN
dem-8573	161	171	.	.	PUNCT
dem-8573	162	1	spatio	spatio	NOUN
dem-8573	162	2	-	-	PUNCT
dem-8573	162	3	temporal	temporal	ADJ
dem-8573	162	4	analysis	analysis	NOUN
dem-8573	162	5	of	of	ADP
dem-8573	162	6	convergence	convergence	NOUN
dem-8573	162	7	of	of	ADP
dem-8573	162	8	development	development	NOUN
dem-8573	162	9	level	level	NOUN
dem-8573	162	10	…	…	PUNCT
dem-8573	162	11	dynamic	dynamic	ADJ
dem-8573	162	12	econometric	econometric	ADJ
dem-8573	162	13	models	model	NOUN
dem-8573	162	14	15	15	NUM
dem-8573	162	15	(	(	PUNCT
dem-8573	162	16	2015	2015	NUM
dem-8573	162	17	)	)	PUNCT
dem-8573	162	18	5–26	5–26	NOUN
dem-8573	162	19	21	21	NUM
dem-8573	162	20	the	the	DET
dem-8573	162	21	necessity	necessity	NOUN
dem-8573	162	22	of	of	ADP
dem-8573	162	23	model	model	NOUN
dem-8573	162	24	re	re	NOUN
dem-8573	162	25	-	-	NOUN
dem-8573	162	26	specifications	specification	NOUN
dem-8573	162	27	towards	towards	ADP
dem-8573	162	28	the	the	DET
dem-8573	162	29	spatial	spatial	ADJ
dem-8573	162	30	panel	panel	NOUN
dem-8573	162	31	models	model	NOUN
dem-8573	162	32	was	be	AUX
dem-8573	162	33	also	also	ADV
dem-8573	162	34	confirmed	confirm	VERB
dem-8573	162	35	with	with	ADP
dem-8573	162	36	the	the	DET
dem-8573	162	37	lagrange	lagrange	ADJ
dem-8573	162	38	multiplier	multipli	ADJ
dem-8573	162	39	tests	test	NOUN
dem-8573	162	40	.	.	PUNCT
dem-8573	163	1	all	all	DET
dem-8573	163	2	the	the	DET
dem-8573	163	3	tests	test	NOUN
dem-8573	163	4	are	be	AUX
dem-8573	163	5	statistically	statistically	ADV
dem-8573	163	6	significant	significant	ADJ
dem-8573	163	7	,	,	PUNCT
dem-8573	163	8	except	except	SCONJ
dem-8573	163	9	for	for	ADP
dem-8573	163	10	the	the	DET
dem-8573	163	11	robust	robust	ADJ
dem-8573	163	12	version	version	NOUN
dem-8573	163	13	(	(	PUNCT
dem-8573	163	14	rlmlag	rlmlag	NOUN
dem-8573	163	15	)	)	PUNCT
dem-8573	163	16	,	,	PUNCT
dem-8573	163	17	which	which	PRON
dem-8573	163	18	suggests	suggest	VERB
dem-8573	163	19	that	that	SCONJ
dem-8573	163	20	the	the	DET
dem-8573	163	21	spatial	spatial	ADJ
dem-8573	163	22	error	error	NOUN
dem-8573	163	23	panel	panel	NOUN
dem-8573	163	24	model	model	NOUN
dem-8573	163	25	should	should	AUX
dem-8573	163	26	be	be	AUX
dem-8573	163	27	preferred	prefer	VERB
dem-8573	163	28	.	.	PUNCT
dem-8573	164	1	moreover	moreover	ADV
dem-8573	164	2	,	,	PUNCT
dem-8573	164	3	the	the	DET
dem-8573	164	4	significance	significance	NOUN
dem-8573	164	5	of	of	ADP
dem-8573	164	6	the	the	DET
dem-8573	164	7	spatial	spatial	ADJ
dem-8573	164	8	effects	effect	NOUN
dem-8573	164	9	with	with	ADP
dem-8573	164	10	the	the	DET
dem-8573	164	11	aid	aid	NOUN
dem-8573	164	12	of	of	ADP
dem-8573	164	13	the	the	DET
dem-8573	164	14	lr	lr	NOUN
dem-8573	164	15	test	test	NOUN
dem-8573	164	16	has	have	AUX
dem-8573	164	17	been	be	AUX
dem-8573	164	18	confirmed	confirm	VERB
dem-8573	164	19	(	(	PUNCT
dem-8573	164	20	see	see	VERB
dem-8573	164	21	tables	table	NOUN
dem-8573	164	22	5	5	NUM
dem-8573	164	23	and	and	CCONJ
dem-8573	164	24	6	6	NUM
dem-8573	164	25	)	)	PUNCT
dem-8573	164	26	.	.	PUNCT
dem-8573	165	1	table	table	NOUN
dem-8573	165	2	8	8	NUM
dem-8573	165	3	.	.	PUNCT
dem-8573	166	1	results	result	NOUN
dem-8573	166	2	of	of	ADP
dem-8573	166	3	the	the	DET
dem-8573	166	4	estimation	estimation	NOUN
dem-8573	166	5	and	and	CCONJ
dem-8573	166	6	verification	verification	NOUN
dem-8573	166	7	of	of	ADP
dem-8573	166	8	β	β	NOUN
dem-8573	166	9	-	-	ADJ
dem-8573	166	10	convergence	convergence	NOUN
dem-8573	166	11	models	model	NOUN
dem-8573	166	12	for	for	ADP
dem-8573	166	13	pooled	pool	VERB
dem-8573	166	14	time	time	NOUN
dem-8573	166	15	series	series	NOUN
dem-8573	166	16	and	and	CCONJ
dem-8573	166	17	cross	cross	ADJ
dem-8573	166	18	-	-	ADJ
dem-8573	166	19	sectional	sectional	ADJ
dem-8573	166	20	data	datum	NOUN
dem-8573	166	21	,	,	PUNCT
dem-8573	166	22	obtained	obtain	VERB
dem-8573	166	23	for	for	ADP
dem-8573	166	24	asian	asian	ADJ
dem-8573	166	25	and	and	CCONJ
dem-8573	166	26	american	american	ADJ
dem-8573	166	27	stock	stock	NOUN
dem-8573	166	28	exchanges	exchange	NOUN
dem-8573	166	29	–	–	PUNCT
dem-8573	166	30	variant	variant	NOUN
dem-8573	166	31	ii	ii	PROPN
dem-8573	166	32	linear	linear	PROPN
dem-8573	166	33	regression	regression	NOUN
dem-8573	166	34	spatial	spatial	ADJ
dem-8573	166	35	autoregressive	autoregressive	ADJ
dem-8573	166	36	model	model	NOUN
dem-8573	166	37	spatial	spatial	ADJ
dem-8573	166	38	error	error	NOUN
dem-8573	166	39	model	model	NOUN
dem-8573	166	40	parameters	parameter	NOUN
dem-8573	166	41	α	α	X
dem-8573	166	42	β	β	X
dem-8573	166	43	ρ	ρ	PROPN
dem-8573	166	44	λ	λ	PROPN
dem-8573	166	45	–	–	PUNCT
dem-8573	166	46	0.4678	0.4678	NUM
dem-8573	166	47	(	(	PUNCT
dem-8573	166	48	0.0000	0.0000	NUM
dem-8573	166	49	)	)	PUNCT
dem-8573	166	50	–	–	PUNCT
dem-8573	166	51	0.2084	0.2084	NUM
dem-8573	166	52	(	(	PUNCT
dem-8573	166	53	0.0000	0.0000	NUM
dem-8573	166	54	)	)	PUNCT
dem-8573	166	55	–	–	PUNCT
dem-8573	166	56	–	–	PUNCT
dem-8573	166	57	–	–	PUNCT
dem-8573	166	58	0.3915	0.3915	NUM
dem-8573	166	59	(	(	PUNCT
dem-8573	166	60	0.0000	0.0000	NUM
dem-8573	166	61	)	)	PUNCT
dem-8573	166	62	–	–	PUNCT
dem-8573	166	63	0.1751	0.1751	NUM
dem-8573	166	64	(	(	PUNCT
dem-8573	166	65	0.0000	0.0000	NUM
dem-8573	166	66	)	)	PUNCT
dem-8573	166	67	0.6866	0.6866	NUM
dem-8573	166	68	(	(	PUNCT
dem-8573	166	69	0.0000	0.0000	NUM
dem-8573	166	70	)	)	PUNCT
dem-8573	166	71	–	–	PUNCT
dem-8573	166	72	–	–	PUNCT
dem-8573	166	73	0.3812	0.3812	NUM
dem-8573	166	74	(	(	PUNCT
dem-8573	166	75	0.0002	0.0002	NUM
dem-8573	166	76	)	)	PUNCT
dem-8573	166	77	–	–	PUNCT
dem-8573	166	78	0.2014	0.2014	NUM
dem-8573	166	79	(	(	PUNCT
dem-8573	166	80	0.0000	0.0000	NUM
dem-8573	166	81	)	)	PUNCT
dem-8573	166	82	–	–	PUNCT
dem-8573	166	83	0.7268	0.7268	NUM
dem-8573	166	84	(	(	PUNCT
dem-8573	166	85	0.0000	0.0000	NUM
dem-8573	166	86	)	)	PUNCT
dem-8573	166	87	goodness	goodness	NOUN
dem-8573	166	88	of	of	ADP
dem-8573	166	89	fit	fit	ADJ
dem-8573	166	90	adjusted	adjust	VERB
dem-8573	166	91	r2	r2	NOUN
dem-8573	166	92	aic	aic	PROPN
dem-8573	166	93	0.0987	0.0987	NUM
dem-8573	166	94	–	–	PUNCT
dem-8573	166	95	31.8650	31.8650	NUM
dem-8573	166	96	–	–	PUNCT
dem-8573	166	97	–	–	PUNCT
dem-8573	166	98	73.7960	73.7960	NUM
dem-8573	166	99	–	–	PUNCT
dem-8573	166	100	–	–	PUNCT
dem-8573	166	101	76.4300	76.4300	NUM
dem-8573	166	102	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	166	103	breuch	breuch	ADV
dem-8573	166	104	-	-	PUNCT
dem-8573	166	105	pagan	pagan	VERB
dem-8573	166	106	test	test	NOUN
dem-8573	166	107	18.7771	18.7771	NUM
dem-8573	166	108	(	(	PUNCT
dem-8573	166	109	0.0000	0.0000	NUM
dem-8573	166	110	)	)	PUNCT
dem-8573	166	111	18.4305	18.4305	NUM
dem-8573	166	112	(	(	PUNCT
dem-8573	166	113	0.0000	0.0000	NUM
dem-8573	166	114	)	)	PUNCT
dem-8573	166	115	17.8364	17.8364	NUM
dem-8573	166	116	(	(	PUNCT
dem-8573	166	117	0.0000	0.0000	NUM
dem-8573	166	118	)	)	PUNCT
dem-8573	166	119	autocorrelation	autocorrelation	NOUN
dem-8573	166	120	of	of	ADP
dem-8573	166	121	residuals	residual	NOUN
dem-8573	166	122	moran	moran	PROPN
dem-8573	166	123	test	test	PROPN
dem-8573	166	124	11.8902	11.8902	NUM
dem-8573	166	125	(	(	PUNCT
dem-8573	166	126	0.0000	0.0000	NUM
dem-8573	166	127	)	)	PUNCT
dem-8573	166	128	1.7776	1.7776	NUM
dem-8573	166	129	(	(	PUNCT
dem-8573	166	130	0.0377	0.0377	NUM
dem-8573	166	131	)	)	PUNCT
dem-8573	166	132	1.8976	1.8976	NUM
dem-8573	166	133	(	(	PUNCT
dem-8573	166	134	0.0289	0.0289	NUM
dem-8573	166	135	)	)	PUNCT
dem-8573	166	136	spatial	spatial	ADJ
dem-8573	166	137	dependence	dependence	NOUN
dem-8573	166	138	lr	lr	PROPN
dem-8573	166	139	lmlag	lmlag	NOUN
dem-8573	166	140	lmerr	lmerr	PROPN
dem-8573	166	141	rlmlag	rlmlag	NOUN
dem-8573	166	142	rlmerr	rlmerr	NOUN
dem-8573	166	143	–	–	PUNCT
dem-8573	167	1	120.0009	120.0009	NUM
dem-8573	167	2	(	(	PUNCT
dem-8573	167	3	0.0000	0.0000	NUM
dem-8573	167	4	)	)	PUNCT
dem-8573	167	5	117.0748	117.0748	NUM
dem-8573	167	6	(	(	PUNCT
dem-8573	167	7	0.0000	0.0000	NUM
dem-8573	167	8	)	)	PUNCT
dem-8573	167	9	−	−	PROPN
dem-8573	167	10	−	−	PROPN
dem-8573	167	11	43.9310	43.9310	NUM
dem-8573	167	12	(	(	PUNCT
dem-8573	167	13	0.0000	0.0000	NUM
dem-8573	167	14	)	)	PUNCT
dem-8573	167	15	–	–	PUNCT
dem-8573	167	16	–	–	PUNCT
dem-8573	167	17	3.2764	3.2764	NUM
dem-8573	167	18	(	(	PUNCT
dem-8573	167	19	0.0703	0.0703	NUM
dem-8573	167	20	)	)	PUNCT
dem-8573	167	21	–	–	PUNCT
dem-8573	167	22	46.5650	46.5650	NUM
dem-8573	167	23	(	(	PUNCT
dem-8573	167	24	0.0000	0.0000	NUM
dem-8573	167	25	)	)	PUNCT
dem-8573	167	26	–	–	PUNCT
dem-8573	167	27	–	–	PUNCT
dem-8573	167	28	–	–	PUNCT
dem-8573	167	29	0.3503	0.3503	NUM
dem-8573	167	30	(	(	PUNCT
dem-8573	167	31	0.5540	0.5540	NUM
dem-8573	167	32	)	)	PUNCT
dem-8573	167	33	speed	speed	NOUN
dem-8573	167	34	of	of	ADP
dem-8573	167	35	convergence	convergence	NOUN
dem-8573	167	36	half	half	ADJ
dem-8573	167	37	-	-	PUNCT
dem-8573	167	38	life	life	NOUN
dem-8573	167	39	0.0292	0.0292	NUM
dem-8573	167	40	23.73	23.73	NUM
dem-8573	167	41	0.0241	0.0241	NUM
dem-8573	167	42	28.81	28.81	NUM
dem-8573	167	43	0.0281	0.0281	NUM
dem-8573	167	44	24.66	24.66	NUM
dem-8573	167	45	note	note	NOUN
dem-8573	167	46	:	:	PUNCT
dem-8573	167	47	numbers	number	NOUN
dem-8573	167	48	in	in	ADP
dem-8573	167	49	brackets	bracket	NOUN
dem-8573	167	50	refer	refer	VERB
dem-8573	167	51	to	to	ADP
dem-8573	167	52	the	the	DET
dem-8573	167	53	p	p	NOUN
dem-8573	167	54	-	-	PUNCT
dem-8573	167	55	values	value	NOUN
dem-8573	167	56	.	.	PUNCT
dem-8573	168	1	elżbieta	elżbieta	PROPN
dem-8573	168	2	szulc	szulc	PROPN
dem-8573	168	3	,	,	PUNCT
dem-8573	168	4	dagna	dagna	VERB
dem-8573	168	5	wleklińska	wleklińska	PROPN
dem-8573	168	6	dynamic	dynamic	ADJ
dem-8573	168	7	econometric	econometric	ADJ
dem-8573	168	8	models	model	NOUN
dem-8573	168	9	15	15	NUM
dem-8573	168	10	(	(	PUNCT
dem-8573	168	11	2015	2015	NUM
dem-8573	168	12	)	)	PUNCT
dem-8573	168	13	5–26	5–26	NOUN
dem-8573	168	14	22	22	NUM
dem-8573	168	15	for	for	ADP
dem-8573	168	16	the	the	DET
dem-8573	168	17	purpose	purpose	NOUN
dem-8573	168	18	of	of	ADP
dem-8573	168	19	investigating	investigate	VERB
dem-8573	168	20	the	the	DET
dem-8573	168	21	reasonableness	reasonableness	NOUN
dem-8573	168	22	of	of	ADP
dem-8573	168	23	including	include	VERB
dem-8573	168	24	the	the	DET
dem-8573	168	25	fixed	fix	VERB
dem-8573	168	26	effects	effect	NOUN
dem-8573	168	27	in	in	ADP
dem-8573	168	28	the	the	DET
dem-8573	168	29	spatial	spatial	ADJ
dem-8573	168	30	models	model	NOUN
dem-8573	168	31	there	there	PRON
dem-8573	168	32	was	be	VERB
dem-8573	168	33	applied	apply	VERB
dem-8573	168	34	the	the	DET
dem-8573	168	35	chow	chow	PROPN
dem-8573	168	36	test	test	NOUN
dem-8573	168	37	which	which	PRON
dem-8573	168	38	considers	consider	VERB
dem-8573	168	39	the	the	DET
dem-8573	168	40	spatial	spatial	ADJ
dem-8573	168	41	model	model	NOUN
dem-8573	168	42	for	for	ADP
dem-8573	168	43	pooled	pool	VERB
dem-8573	168	44	tscs	tscs	ADJ
dem-8573	168	45	data	datum	NOUN
dem-8573	168	46	vs.	vs.	ADP
dem-8573	168	47	the	the	DET
dem-8573	168	48	spatial	spatial	ADJ
dem-8573	168	49	panel	panel	NOUN
dem-8573	168	50	model	model	NOUN
dem-8573	168	51	with	with	ADP
dem-8573	168	52	fixed	fix	VERB
dem-8573	168	53	effects	effect	NOUN
dem-8573	168	54	.	.	PUNCT
dem-8573	169	1	the	the	DET
dem-8573	169	2	results	result	NOUN
dem-8573	169	3	of	of	ADP
dem-8573	169	4	the	the	DET
dem-8573	169	5	chow	chow	PROPN
dem-8573	169	6	test	test	NOUN
dem-8573	169	7	have	have	AUX
dem-8573	169	8	pointed	point	VERB
dem-8573	169	9	out	out	ADP
dem-8573	169	10	the	the	DET
dem-8573	169	11	statistical	statistical	ADJ
dem-8573	169	12	significance	significance	NOUN
dem-8573	169	13	of	of	ADP
dem-8573	169	14	the	the	DET
dem-8573	169	15	fixed	fix	VERB
dem-8573	169	16	effects	effect	NOUN
dem-8573	169	17	in	in	ADP
dem-8573	169	18	the	the	DET
dem-8573	169	19	spatial	spatial	ADJ
dem-8573	169	20	autoregressive	autoregressive	ADJ
dem-8573	169	21	panel	panel	NOUN
dem-8573	169	22	model	model	NOUN
dem-8573	169	23	,	,	PUNCT
dem-8573	169	24	as	as	ADV
dem-8573	169	25	well	well	ADV
dem-8573	169	26	as	as	ADP
dem-8573	169	27	in	in	ADP
dem-8573	169	28	the	the	DET
dem-8573	169	29	panel	panel	NOUN
dem-8573	169	30	spatial	spatial	ADJ
dem-8573	169	31	error	error	NOUN
dem-8573	169	32	model	model	NOUN
dem-8573	169	33	(	(	PUNCT
dem-8573	169	34	see	see	VERB
dem-8573	169	35	tables	table	NOUN
dem-8573	169	36	5	5	NUM
dem-8573	169	37	and	and	CCONJ
dem-8573	169	38	6	6	NUM
dem-8573	169	39	)	)	PUNCT
dem-8573	169	40	.	.	PUNCT
dem-8573	170	1	table	table	NOUN
dem-8573	170	2	9	9	NUM
dem-8573	170	3	.	.	PUNCT
dem-8573	171	1	results	result	NOUN
dem-8573	171	2	of	of	ADP
dem-8573	171	3	the	the	DET
dem-8573	171	4	estimation	estimation	NOUN
dem-8573	171	5	and	and	CCONJ
dem-8573	171	6	verification	verification	NOUN
dem-8573	171	7	of	of	ADP
dem-8573	171	8	panel	panel	NOUN
dem-8573	171	9	models	model	NOUN
dem-8573	171	10	with	with	ADP
dem-8573	171	11	fixed	fix	VERB
dem-8573	171	12	effects	effect	NOUN
dem-8573	171	13	obtained	obtain	VERB
dem-8573	171	14	for	for	ADP
dem-8573	171	15	asian	asian	ADJ
dem-8573	171	16	and	and	CCONJ
dem-8573	171	17	american	american	ADJ
dem-8573	171	18	stock	stock	NOUN
dem-8573	171	19	exchanges	exchange	NOUN
dem-8573	171	20	–	–	PUNCT
dem-8573	171	21	variant	variant	NOUN
dem-8573	171	22	i	i	PRON
dem-8573	171	23	fe_ind	fe_ind	NOUN
dem-8573	171	24	sar_fe_ind	sar_fe_ind	NUM
dem-8573	171	25	se_fe_ind	se_fe_ind	PROPN
dem-8573	171	26	parameters	parameter	NOUN
dem-8573	171	27	α	α	X
dem-8573	171	28	β	β	X
dem-8573	171	29	ρ	ρ	PROPN
dem-8573	171	30	λ	λ	PROPN
dem-8573	171	31	–	–	PUNCT
dem-8573	171	32	1.5180	1.5180	NUM
dem-8573	171	33	(	(	PUNCT
dem-8573	171	34	0.0000	0.0000	NUM
dem-8573	171	35	)	)	PUNCT
dem-8573	171	36	–	–	PUNCT
dem-8573	171	37	0.9213	0.9213	NUM
dem-8573	171	38	(	(	PUNCT
dem-8573	171	39	0.0000	0.0000	NUM
dem-8573	171	40	)	)	PUNCT
dem-8573	171	41	–	–	PUNCT
dem-8573	171	42	–	–	PUNCT
dem-8573	171	43	–	–	PUNCT
dem-8573	171	44	1.4074	1.4074	NUM
dem-8573	171	45	(	(	PUNCT
dem-8573	171	46	0.0000	0.0000	NUM
dem-8573	171	47	)	)	PUNCT
dem-8573	171	48	–	–	PUNCT
dem-8573	171	49	0.8537	0.8537	NUM
dem-8573	171	50	(	(	PUNCT
dem-8573	171	51	0.0000	0.0000	NUM
dem-8573	171	52	)	)	PUNCT
dem-8573	171	53	0.2192	0.2192	NUM
dem-8573	171	54	(	(	PUNCT
dem-8573	171	55	0.0000	0.0000	NUM
dem-8573	171	56	)	)	PUNCT
dem-8573	171	57	–	–	PUNCT
dem-8573	171	58	–	–	PUNCT
dem-8573	171	59	1.4489	1.4489	NUM
dem-8573	171	60	(	(	PUNCT
dem-8573	171	61	0.0000	0.0000	NUM
dem-8573	171	62	)	)	PUNCT
dem-8573	171	63	–	–	PUNCT
dem-8573	171	64	0.8805	0.8805	NUM
dem-8573	171	65	(	(	PUNCT
dem-8573	171	66	0.0000	0.0000	NUM
dem-8573	171	67	)	)	PUNCT
dem-8573	171	68	–	–	PUNCT
dem-8573	171	69	0.2941	0.2941	NUM
dem-8573	171	70	(	(	PUNCT
dem-8573	171	71	0.0000	0.0000	NUM
dem-8573	171	72	)	)	PUNCT
dem-8573	171	73	goodness	goodness	NOUN
dem-8573	171	74	of	of	ADP
dem-8573	171	75	fit	fit	ADJ
dem-8573	171	76	adjusted	adjust	VERB
dem-8573	171	77	r2	r2	NOUN
dem-8573	171	78	aic	aic	PROPN
dem-8573	171	79	0.4167	0.4167	NUM
dem-8573	171	80	–	–	PUNCT
dem-8573	171	81	94.2000	94.2000	NUM
dem-8573	171	82	–	–	PUNCT
dem-8573	171	83	–	–	PUNCT
dem-8573	171	84	107.3700	107.3700	NUM
dem-8573	171	85	–	–	PUNCT
dem-8573	171	86	–	–	PUNCT
dem-8573	171	87	107.9300	107.9300	NUM
dem-8573	171	88	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	171	89	breuch	breuch	ADV
dem-8573	171	90	-	-	PUNCT
dem-8573	171	91	pagan	pagan	VERB
dem-8573	171	92	test	test	NOUN
dem-8573	171	93	43.7765	43.7765	NUM
dem-8573	171	94	(	(	PUNCT
dem-8573	171	95	0.0081	0.0081	NUM
dem-8573	171	96	)	)	PUNCT
dem-8573	171	97	47.0493	47.0493	NUM
dem-8573	171	98	(	(	PUNCT
dem-8573	171	99	0.0033	0.0033	NUM
dem-8573	171	100	)	)	PUNCT
dem-8573	171	101	46.0142	46.0142	NUM
dem-8573	171	102	(	(	PUNCT
dem-8573	171	103	0.0044	0.0044	NUM
dem-8573	171	104	)	)	PUNCT
dem-8573	171	105	autocorrelation	autocorrelation	NOUN
dem-8573	171	106	of	of	ADP
dem-8573	171	107	residuals	residual	NOUN
dem-8573	171	108	moran	moran	PROPN
dem-8573	171	109	test	test	PROPN
dem-8573	171	110	5.4701	5.4701	NUM
dem-8573	171	111	(	(	PUNCT
dem-8573	171	112	0.0000	0.0000	NUM
dem-8573	171	113	)	)	PUNCT
dem-8573	171	114	0.7071	0.7071	NUM
dem-8573	171	115	(	(	PUNCT
dem-8573	171	116	0.2397	0.2397	NUM
dem-8573	171	117	)	)	PUNCT
dem-8573	171	118	–	–	PUNCT
dem-8573	171	119	0.0850	0.0850	NUM
dem-8573	171	120	(	(	PUNCT
dem-8573	171	121	0.4661	0.4661	NUM
dem-8573	171	122	)	)	PUNCT
dem-8573	171	123	spatial	spatial	ADJ
dem-8573	171	124	dependence	dependence	NOUN
dem-8573	171	125	lr	lr	PROPN
dem-8573	171	126	lmlag	lmlag	NOUN
dem-8573	171	127	lmerr	lmerr	PROPN
dem-8573	171	128	rlmlag	rlmlag	NOUN
dem-8573	171	129	rlmerr	rlmerr	NOUN
dem-8573	171	130	–	–	PUNCT
dem-8573	172	1	23.3580	23.3580	NUM
dem-8573	172	2	(	(	PUNCT
dem-8573	172	3	0.0000	0.0000	NUM
dem-8573	172	4	)	)	PUNCT
dem-8573	172	5	24.4627	24.4627	NUM
dem-8573	172	6	(	(	PUNCT
dem-8573	172	7	0.0000	0.0000	NUM
dem-8573	172	8	)	)	PUNCT
dem-8573	172	9	−	−	NOUN
dem-8573	172	10	−	−	PROPN
dem-8573	172	11	15.1720	15.1720	NUM
dem-8573	172	12	(	(	PUNCT
dem-8573	172	13	0.0000	0.0000	NUM
dem-8573	172	14	)	)	PUNCT
dem-8573	172	15	–	–	PUNCT
dem-8573	172	16	–	–	PUNCT
dem-8573	172	17	3.2420	3.2420	NUM
dem-8573	172	18	(	(	PUNCT
dem-8573	172	19	0.0718	0.0718	NUM
dem-8573	172	20	)	)	PUNCT
dem-8573	172	21	–	–	PUNCT
dem-8573	172	22	15.7270	15.7270	NUM
dem-8573	172	23	(	(	PUNCT
dem-8573	172	24	0.0000	0.0000	NUM
dem-8573	172	25	)	)	PUNCT
dem-8573	172	26	–	–	PUNCT
dem-8573	172	27	–	–	PUNCT
dem-8573	172	28	–	–	PUNCT
dem-8573	172	29	4.3467	4.3467	NUM
dem-8573	172	30	(	(	PUNCT
dem-8573	172	31	0.0371	0.0371	NUM
dem-8573	172	32	)	)	PUNCT
dem-8573	172	33	chow	chow	PROPN
dem-8573	172	34	test	test	NOUN
dem-8573	172	35	f	f	PROPN
dem-8573	172	36	–	–	PUNCT
dem-8573	172	37	123.4199	123.4199	NUM
dem-8573	172	38	(	(	PUNCT
dem-8573	172	39	0.0000	0.0000	NUM
dem-8573	172	40	)	)	PUNCT
dem-8573	172	41	129.7126	129.7126	NUM
dem-8573	172	42	(	(	PUNCT
dem-8573	172	43	0.0000	0.0000	NUM
dem-8573	172	44	)	)	PUNCT
dem-8573	172	45	speed	speed	NOUN
dem-8573	172	46	of	of	ADP
dem-8573	172	47	convergence	convergence	NOUN
dem-8573	172	48	half	half	ADJ
dem-8573	172	49	-	-	PUNCT
dem-8573	172	50	life	life	NOUN
dem-8573	172	51	0.3178	0.3178	NUM
dem-8573	172	52	2.18	2.18	NUM
dem-8573	172	53	0.2403	0.2403	NUM
dem-8573	172	54	2.88	2.88	NUM
dem-8573	172	55	0.2656	0.2656	NUM
dem-8573	172	56	2.61	2.61	NUM
dem-8573	172	57	note	note	NOUN
dem-8573	172	58	:	:	PUNCT
dem-8573	172	59	numbers	number	NOUN
dem-8573	172	60	in	in	ADP
dem-8573	172	61	brackets	bracket	NOUN
dem-8573	172	62	refer	refer	VERB
dem-8573	172	63	to	to	ADP
dem-8573	172	64	the	the	DET
dem-8573	172	65	p	p	NOUN
dem-8573	172	66	-	-	PUNCT
dem-8573	172	67	values	value	NOUN
dem-8573	172	68	.	.	PUNCT
dem-8573	173	1	spatio	spatio	NOUN
dem-8573	173	2	-	-	PUNCT
dem-8573	173	3	temporal	temporal	ADJ
dem-8573	173	4	analysis	analysis	NOUN
dem-8573	173	5	of	of	ADP
dem-8573	173	6	convergence	convergence	NOUN
dem-8573	173	7	of	of	ADP
dem-8573	173	8	development	development	NOUN
dem-8573	173	9	level	level	NOUN
dem-8573	173	10	…	…	PUNCT
dem-8573	173	11	dynamic	dynamic	ADJ
dem-8573	173	12	econometric	econometric	ADJ
dem-8573	173	13	models	model	NOUN
dem-8573	173	14	15	15	NUM
dem-8573	173	15	(	(	PUNCT
dem-8573	173	16	2015	2015	NUM
dem-8573	173	17	)	)	PUNCT
dem-8573	173	18	5–26	5–26	NOUN
dem-8573	173	19	23	23	NUM
dem-8573	173	20	taking	take	VERB
dem-8573	173	21	into	into	ADP
dem-8573	173	22	account	account	NOUN
dem-8573	173	23	the	the	DET
dem-8573	173	24	geographical	geographical	ADJ
dem-8573	173	25	connections	connection	NOUN
dem-8573	173	26	(	(	PUNCT
dem-8573	173	27	variant	variant	NOUN
dem-8573	173	28	i	i	PROPN
dem-8573	173	29	)	)	PUNCT
dem-8573	173	30	among	among	ADP
dem-8573	173	31	the	the	DET
dem-8573	173	32	european	european	ADJ
dem-8573	173	33	stock	stock	NOUN
dem-8573	173	34	exchanges	exchange	NOUN
dem-8573	173	35	investigated	investigate	VERB
dem-8573	173	36	,	,	PUNCT
dem-8573	173	37	in	in	ADP
dem-8573	173	38	the	the	DET
dem-8573	173	39	panel	panel	NOUN
dem-8573	173	40	convergence	convergence	NOUN
dem-8573	173	41	models	model	NOUN
dem-8573	173	42	there	there	PRON
dem-8573	173	43	has	have	AUX
dem-8573	173	44	been	be	AUX
dem-8573	173	45	removed	remove	VERB
dem-8573	173	46	the	the	DET
dem-8573	173	47	problem	problem	NOUN
dem-8573	173	48	of	of	ADP
dem-8573	173	49	autocorrelation	autocorrelation	NOUN
dem-8573	173	50	of	of	ADP
dem-8573	173	51	the	the	DET
dem-8573	173	52	residuals	residual	NOUN
dem-8573	173	53	(	(	PUNCT
dem-8573	173	54	in	in	ADP
dem-8573	173	55	the	the	DET
dem-8573	173	56	spatial	spatial	ADJ
dem-8573	173	57	autoregressive	autoregressive	ADJ
dem-8573	173	58	panel	panel	NOUN
dem-8573	173	59	model	model	NOUN
dem-8573	173	60	at	at	ADP
dem-8573	173	61	the	the	DET
dem-8573	173	62	level	level	NOUN
dem-8573	173	63	of	of	ADP
dem-8573	173	64	significance	significance	NOUN
dem-8573	173	65	γ	γ	X
dem-8573	173	66	=	=	NOUN
dem-8573	173	67	0.01	0.01	NUM
dem-8573	173	68	)	)	PUNCT
dem-8573	173	69	.	.	PUNCT
dem-8573	174	1	however	however	ADV
dem-8573	174	2	,	,	PUNCT
dem-8573	174	3	in	in	ADP
dem-8573	174	4	the	the	DET
dem-8573	174	5	case	case	NOUN
dem-8573	174	6	of	of	ADP
dem-8573	174	7	using	use	VERB
dem-8573	174	8	the	the	DET
dem-8573	174	9	matrix	matrix	NOUN
dem-8573	174	10	of	of	ADP
dem-8573	174	11	economic	economic	ADJ
dem-8573	174	12	distance	distance	NOUN
dem-8573	174	13	(	(	PUNCT
dem-8573	174	14	variant	variant	NOUN
dem-8573	174	15	ii	ii	NOUN
dem-8573	174	16	)	)	PUNCT
dem-8573	174	17	the	the	DET
dem-8573	174	18	residual	residual	ADJ
dem-8573	174	19	autocorrelation	autocorrelation	NOUN
dem-8573	174	20	has	have	AUX
dem-8573	174	21	been	be	AUX
dem-8573	174	22	eliminated	eliminate	VERB
dem-8573	174	23	only	only	ADV
dem-8573	174	24	from	from	ADP
dem-8573	174	25	the	the	DET
dem-8573	174	26	spatial	spatial	ADJ
dem-8573	174	27	error	error	NOUN
dem-8573	174	28	panel	panel	NOUN
dem-8573	174	29	model	model	NOUN
dem-8573	174	30	.	.	PUNCT
dem-8573	175	1	table	table	NOUN
dem-8573	175	2	10	10	NUM
dem-8573	175	3	.	.	PUNCT
dem-8573	176	1	results	result	NOUN
dem-8573	176	2	of	of	ADP
dem-8573	176	3	the	the	DET
dem-8573	176	4	estimation	estimation	NOUN
dem-8573	176	5	and	and	CCONJ
dem-8573	176	6	verification	verification	NOUN
dem-8573	176	7	of	of	ADP
dem-8573	176	8	panel	panel	NOUN
dem-8573	176	9	models	model	NOUN
dem-8573	176	10	with	with	ADP
dem-8573	176	11	fixed	fix	VERB
dem-8573	176	12	effects	effect	NOUN
dem-8573	176	13	obtained	obtain	VERB
dem-8573	176	14	for	for	ADP
dem-8573	176	15	asian	asian	ADJ
dem-8573	176	16	and	and	CCONJ
dem-8573	176	17	american	american	ADJ
dem-8573	176	18	stock	stock	NOUN
dem-8573	176	19	exchanges	exchange	NOUN
dem-8573	176	20	–	–	PUNCT
dem-8573	176	21	variant	variant	NOUN
dem-8573	176	22	ii	ii	NOUN
dem-8573	176	23	fe_ind	fe_ind	PROPN
dem-8573	176	24	sar_fe_ind	sar_fe_ind	PROPN
dem-8573	176	25	se_fe_ind	se_fe_ind	PROPN
dem-8573	176	26	parameters	parameter	NOUN
dem-8573	176	27	α	α	X
dem-8573	176	28	β	β	X
dem-8573	176	29	ρ	ρ	PROPN
dem-8573	176	30	λ	λ	PROPN
dem-8573	176	31	–	–	PUNCT
dem-8573	176	32	1.5180	1.5180	NUM
dem-8573	176	33	(	(	PUNCT
dem-8573	176	34	0.0000	0.0000	NUM
dem-8573	176	35	)	)	PUNCT
dem-8573	176	36	–	–	PUNCT
dem-8573	176	37	0.9213	0.9213	NUM
dem-8573	176	38	(	(	PUNCT
dem-8573	176	39	0.0000	0.0000	NUM
dem-8573	176	40	)	)	PUNCT
dem-8573	176	41	–	–	PUNCT
dem-8573	176	42	–	–	PUNCT
dem-8573	176	43	–	–	PUNCT
dem-8573	176	44	1.3046	1.3046	NUM
dem-8573	176	45	(	(	PUNCT
dem-8573	176	46	0.0000	0.0000	NUM
dem-8573	176	47	)	)	PUNCT
dem-8573	176	48	–	–	PUNCT
dem-8573	176	49	0.7933	0.7933	NUM
dem-8573	176	50	(	(	PUNCT
dem-8573	176	51	0.0000	0.0000	NUM
dem-8573	176	52	)	)	PUNCT
dem-8573	176	53	0.5110	0.5110	PROPN
dem-8573	176	54	(	(	PUNCT
dem-8573	176	55	0.0000	0.0000	NUM
dem-8573	176	56	)	)	PUNCT
dem-8573	176	57	–	–	PUNCT
dem-8573	176	58	–	–	PUNCT
dem-8573	176	59	1.3980	1.3980	NUM
dem-8573	176	60	(	(	PUNCT
dem-8573	176	61	0.0000	0.0000	NUM
dem-8573	176	62	)	)	PUNCT
dem-8573	176	63	–	–	PUNCT
dem-8573	176	64	0.8588	0.8588	NUM
dem-8573	176	65	(	(	PUNCT
dem-8573	176	66	0.0000	0.0000	NUM
dem-8573	176	67	)	)	PUNCT
dem-8573	176	68	–	–	PUNCT
dem-8573	176	69	0.6899	0.6899	NUM
dem-8573	176	70	(	(	PUNCT
dem-8573	176	71	0.0000	0.0000	NUM
dem-8573	176	72	)	)	PUNCT
dem-8573	176	73	goodness	goodness	NOUN
dem-8573	176	74	of	of	ADP
dem-8573	176	75	fit	fit	ADJ
dem-8573	176	76	adjusted	adjust	VERB
dem-8573	176	77	r2	r2	NOUN
dem-8573	176	78	aic	aic	PROPN
dem-8573	176	79	0.4167	0.4167	NUM
dem-8573	176	80	–	–	PUNCT
dem-8573	176	81	94.2000	94.2000	NUM
dem-8573	176	82	–	–	PUNCT
dem-8573	176	83	–	–	PUNCT
dem-8573	176	84	121.4400	121.4400	NUM
dem-8573	176	85	–	–	PUNCT
dem-8573	176	86	–	–	PUNCT
dem-8573	176	87	127.2300	127.2300	NUM
dem-8573	176	88	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	176	89	breuch	breuch	ADV
dem-8573	176	90	-	-	PUNCT
dem-8573	176	91	pagan	pagan	VERB
dem-8573	176	92	test	test	NOUN
dem-8573	176	93	43.7765	43.7765	NUM
dem-8573	176	94	(	(	PUNCT
dem-8573	176	95	0.0081	0.0081	NUM
dem-8573	176	96	)	)	PUNCT
dem-8573	176	97	47.7040	47.7040	NUM
dem-8573	176	98	(	(	PUNCT
dem-8573	176	99	0.0027	0.0027	NUM
dem-8573	176	100	)	)	PUNCT
dem-8573	176	101	44.2658	44.2658	NUM
dem-8573	176	102	(	(	PUNCT
dem-8573	176	103	0.0071	0.0071	NUM
dem-8573	176	104	)	)	PUNCT
dem-8573	176	105	autocorrelation	autocorrelation	NOUN
dem-8573	176	106	of	of	ADP
dem-8573	176	107	residuals	residual	NOUN
dem-8573	176	108	moran	moran	PROPN
dem-8573	176	109	test	test	NOUN
dem-8573	176	110	9.8500	9.8500	NUM
dem-8573	176	111	(	(	PUNCT
dem-8573	176	112	0.0000	0.0000	NUM
dem-8573	176	113	)	)	PUNCT
dem-8573	176	114	3.3626	3.3626	NUM
dem-8573	176	115	(	(	PUNCT
dem-8573	176	116	0.0004	0.0004	NUM
dem-8573	176	117	)	)	PUNCT
dem-8573	176	118	1.4042	1.4042	NUM
dem-8573	176	119	(	(	PUNCT
dem-8573	176	120	0.0801	0.0801	NUM
dem-8573	176	121	)	)	PUNCT
dem-8573	176	122	spatial	spatial	ADJ
dem-8573	176	123	dependence	dependence	NOUN
dem-8573	176	124	lr	lr	PROPN
dem-8573	176	125	lmlag	lmlag	NOUN
dem-8573	176	126	lmerr	lmerr	PROPN
dem-8573	176	127	rlmlag	rlmlag	NOUN
dem-8573	176	128	rlmerr	rlmerr	NOUN
dem-8573	176	129	–	–	PUNCT
dem-8573	176	130	50.3592	50.3592	NUM
dem-8573	176	131	(	(	PUNCT
dem-8573	176	132	0.0000	0.0000	NUM
dem-8573	176	133	)	)	PUNCT
dem-8573	176	134	76.4993	76.4993	NUM
dem-8573	176	135	(	(	PUNCT
dem-8573	176	136	0.0000	0.0000	NUM
dem-8573	176	137	)	)	PUNCT
dem-8573	176	138	–	–	PUNCT
dem-8573	176	139	–	–	PUNCT
dem-8573	176	140	29.2450	29.2450	NUM
dem-8573	176	141	(	(	PUNCT
dem-8573	176	142	0.0000	0.0000	NUM
dem-8573	176	143	)	)	PUNCT
dem-8573	176	144	–	–	PUNCT
dem-8573	176	145	–	–	PUNCT
dem-8573	176	146	3.6813	3.6813	NUM
dem-8573	176	147	(	(	PUNCT
dem-8573	176	148	0.0550	0.0550	NUM
dem-8573	176	149	)	)	PUNCT
dem-8573	176	150	–	–	PUNCT
dem-8573	176	151	35.0310	35.0310	NUM
dem-8573	176	152	(	(	PUNCT
dem-8573	176	153	0.0000	0.0000	NUM
dem-8573	176	154	)	)	PUNCT
dem-8573	176	155	–	–	PUNCT
dem-8573	176	156	–	–	PUNCT
dem-8573	176	157	–	–	PUNCT
dem-8573	176	158	29.8214	29.8214	NUM
dem-8573	176	159	(	(	PUNCT
dem-8573	176	160	0.0000	0.0000	NUM
dem-8573	176	161	)	)	PUNCT
dem-8573	176	162	chow	chow	PROPN
dem-8573	176	163	test	test	NOUN
dem-8573	176	164	f	f	PROPN
dem-8573	176	165	–	–	PUNCT
dem-8573	176	166	41.4627	41.4627	NUM
dem-8573	176	167	(	(	PUNCT
dem-8573	176	168	0.0000	0.0000	NUM
dem-8573	176	169	)	)	PUNCT
dem-8573	176	170	45.2704	45.2704	NUM
dem-8573	176	171	(	(	PUNCT
dem-8573	176	172	0.0000	0.0000	NUM
dem-8573	176	173	)	)	PUNCT
dem-8573	176	174	speed	speed	NOUN
dem-8573	176	175	of	of	ADP
dem-8573	176	176	convergence	convergence	NOUN
dem-8573	176	177	half	half	ADJ
dem-8573	176	178	-	-	PUNCT
dem-8573	176	179	life	life	NOUN
dem-8573	176	180	0.3178	0.3178	NUM
dem-8573	176	181	2.18	2.18	NUM
dem-8573	176	182	0.1971	0.1971	NUM
dem-8573	176	183	3.52	3.52	NUM
dem-8573	176	184	0.2447	0.2447	NUM
dem-8573	176	185	2.83	2.83	NUM
dem-8573	176	186	note	note	NOUN
dem-8573	176	187	:	:	PUNCT
dem-8573	176	188	numbers	number	NOUN
dem-8573	176	189	in	in	ADP
dem-8573	176	190	brackets	bracket	NOUN
dem-8573	176	191	refer	refer	VERB
dem-8573	176	192	to	to	ADP
dem-8573	176	193	the	the	DET
dem-8573	176	194	p	p	NOUN
dem-8573	176	195	-	-	PUNCT
dem-8573	176	196	values	value	NOUN
dem-8573	176	197	.	.	PUNCT
dem-8573	177	1	elżbieta	elżbieta	PROPN
dem-8573	177	2	szulc	szulc	PROPN
dem-8573	177	3	,	,	PUNCT
dem-8573	177	4	dagna	dagna	VERB
dem-8573	177	5	wleklińska	wleklińska	PROPN
dem-8573	177	6	dynamic	dynamic	ADJ
dem-8573	177	7	econometric	econometric	ADJ
dem-8573	177	8	models	model	NOUN
dem-8573	177	9	15	15	NUM
dem-8573	177	10	(	(	PUNCT
dem-8573	177	11	2015	2015	NUM
dem-8573	177	12	)	)	PUNCT
dem-8573	177	13	5–26	5–26	NOUN
dem-8573	177	14	24	24	NUM
dem-8573	177	15	generally	generally	ADV
dem-8573	177	16	,	,	PUNCT
dem-8573	177	17	we	we	PRON
dem-8573	177	18	may	may	AUX
dem-8573	177	19	say	say	VERB
dem-8573	177	20	that	that	SCONJ
dem-8573	177	21	the	the	DET
dem-8573	177	22	statistical	statistical	ADJ
dem-8573	177	23	properties	property	NOUN
dem-8573	177	24	of	of	ADP
dem-8573	177	25	the	the	DET
dem-8573	177	26	convergence	convergence	NOUN
dem-8573	177	27	models	model	NOUN
dem-8573	177	28	of	of	ADP
dem-8573	177	29	the	the	DET
dem-8573	177	30	european	european	ADJ
dem-8573	177	31	stock	stock	NOUN
dem-8573	177	32	exchanges	exchange	NOUN
dem-8573	177	33	are	be	AUX
dem-8573	177	34	better	well	ADJ
dem-8573	177	35	than	than	ADP
dem-8573	177	36	of	of	ADP
dem-8573	177	37	the	the	DET
dem-8573	177	38	models	model	NOUN
dem-8573	177	39	obtained	obtain	VERB
dem-8573	177	40	in	in	ADP
dem-8573	177	41	our	our	PRON
dem-8573	177	42	first	first	ADJ
dem-8573	177	43	study	study	NOUN
dem-8573	177	44	mentioned	mention	VERB
dem-8573	177	45	earlier	early	ADV
dem-8573	177	46	,	,	PUNCT
dem-8573	177	47	in	in	ADP
dem-8573	177	48	which	which	PRON
dem-8573	177	49	exchanges	exchange	NOUN
dem-8573	177	50	from	from	ADP
dem-8573	177	51	different	different	ADJ
dem-8573	177	52	parts	part	NOUN
dem-8573	177	53	of	of	ADP
dem-8573	177	54	the	the	DET
dem-8573	177	55	world	world	NOUN
dem-8573	177	56	were	be	AUX
dem-8573	177	57	taken	take	VERB
dem-8573	177	58	into	into	ADP
dem-8573	177	59	account	account	NOUN
dem-8573	177	60	.	.	PUNCT
dem-8573	178	1	the	the	DET
dem-8573	178	2	other	other	ADJ
dem-8573	178	3	tables	table	NOUN
dem-8573	178	4	show	show	VERB
dem-8573	178	5	the	the	DET
dem-8573	178	6	results	result	NOUN
dem-8573	178	7	of	of	ADP
dem-8573	178	8	the	the	DET
dem-8573	178	9	estimation	estimation	NOUN
dem-8573	178	10	and	and	CCONJ
dem-8573	178	11	verification	verification	NOUN
dem-8573	178	12	of	of	ADP
dem-8573	178	13	the	the	DET
dem-8573	178	14	convergence	convergence	NOUN
dem-8573	178	15	models	model	NOUN
dem-8573	178	16	obtained	obtain	VERB
dem-8573	178	17	for	for	ADP
dem-8573	178	18	asian	asian	ADJ
dem-8573	178	19	and	and	CCONJ
dem-8573	178	20	american	american	ADJ
dem-8573	178	21	stock	stock	NOUN
dem-8573	178	22	exchanges	exchange	NOUN
dem-8573	178	23	.	.	PUNCT
dem-8573	179	1	table	table	NOUN
dem-8573	179	2	7	7	NUM
dem-8573	179	3	shows	show	VERB
dem-8573	179	4	the	the	DET
dem-8573	179	5	characteristics	characteristic	NOUN
dem-8573	179	6	of	of	ADP
dem-8573	179	7	the	the	DET
dem-8573	179	8	models	model	NOUN
dem-8573	179	9	obtained	obtain	VERB
dem-8573	179	10	for	for	ADP
dem-8573	179	11	the	the	DET
dem-8573	179	12	pooled	pool	VERB
dem-8573	179	13	time	time	NOUN
dem-8573	179	14	series	series	NOUN
dem-8573	179	15	and	and	CCONJ
dem-8573	179	16	cross	cross	ADJ
dem-8573	179	17	-	-	ADJ
dem-8573	179	18	sectional	sectional	ADJ
dem-8573	179	19	data	datum	NOUN
dem-8573	179	20	in	in	ADP
dem-8573	179	21	the	the	DET
dem-8573	179	22	classical	classical	ADJ
dem-8573	179	23	and	and	CCONJ
dem-8573	179	24	spatial	spatial	ADJ
dem-8573	179	25	version	version	NOUN
dem-8573	179	26	(	(	PUNCT
dem-8573	179	27	the	the	DET
dem-8573	179	28	spatial	spatial	ADJ
dem-8573	179	29	autoregressive	autoregressive	ADJ
dem-8573	179	30	model	model	NOUN
dem-8573	179	31	and	and	CCONJ
dem-8573	179	32	the	the	DET
dem-8573	179	33	spatial	spatial	ADJ
dem-8573	179	34	error	error	NOUN
dem-8573	179	35	model	model	NOUN
dem-8573	179	36	)	)	PUNCT
dem-8573	179	37	,	,	PUNCT
dem-8573	179	38	respectively	respectively	ADV
dem-8573	179	39	.	.	PUNCT
dem-8573	180	1	the	the	DET
dem-8573	180	2	spatial	spatial	ADJ
dem-8573	180	3	components	component	NOUN
dem-8573	180	4	in	in	ADP
dem-8573	180	5	the	the	DET
dem-8573	180	6	spatial	spatial	ADJ
dem-8573	180	7	models	model	NOUN
dem-8573	180	8	are	be	AUX
dem-8573	180	9	included	include	VERB
dem-8573	180	10	through	through	ADP
dem-8573	180	11	the	the	DET
dem-8573	180	12	matrix	matrix	NOUN
dem-8573	180	13	quantifying	quantify	VERB
dem-8573	180	14	the	the	DET
dem-8573	180	15	physical	physical	ADJ
dem-8573	180	16	distance	distance	NOUN
dem-8573	180	17	between	between	ADP
dem-8573	180	18	the	the	DET
dem-8573	180	19	stock	stock	NOUN
dem-8573	180	20	exchanges	exchange	NOUN
dem-8573	180	21	.	.	PUNCT
dem-8573	181	1	the	the	DET
dem-8573	181	2	characteristics	characteristic	NOUN
dem-8573	181	3	of	of	ADP
dem-8573	181	4	the	the	DET
dem-8573	181	5	spatial	spatial	ADJ
dem-8573	181	6	models	model	NOUN
dem-8573	181	7	using	use	VERB
dem-8573	181	8	the	the	DET
dem-8573	181	9	matrix	matrix	NOUN
dem-8573	181	10	of	of	ADP
dem-8573	181	11	the	the	DET
dem-8573	181	12	economic	economic	ADJ
dem-8573	181	13	distance	distance	NOUN
dem-8573	181	14	in	in	ADP
dem-8573	181	15	comparison	comparison	NOUN
dem-8573	181	16	with	with	ADP
dem-8573	181	17	the	the	DET
dem-8573	181	18	characteristics	characteristic	NOUN
dem-8573	181	19	of	of	ADP
dem-8573	181	20	the	the	DET
dem-8573	181	21	model	model	NOUN
dem-8573	181	22	without	without	ADP
dem-8573	181	23	the	the	DET
dem-8573	181	24	spatial	spatial	ADJ
dem-8573	181	25	connections	connection	NOUN
dem-8573	181	26	are	be	AUX
dem-8573	181	27	presented	present	VERB
dem-8573	181	28	in	in	ADP
dem-8573	181	29	table	table	NOUN
dem-8573	181	30	8	8	NUM
dem-8573	181	31	.	.	PUNCT
dem-8573	182	1	in	in	ADP
dem-8573	182	2	both	both	DET
dem-8573	182	3	variants	variant	NOUN
dem-8573	182	4	of	of	ADP
dem-8573	182	5	quantification	quantification	NOUN
dem-8573	182	6	of	of	ADP
dem-8573	182	7	relationships	relationship	NOUN
dem-8573	182	8	between	between	ADP
dem-8573	182	9	the	the	DET
dem-8573	182	10	stock	stock	NOUN
dem-8573	182	11	exchanges	exchange	NOUN
dem-8573	182	12	spatial	spatial	ADJ
dem-8573	182	13	models	model	NOUN
dem-8573	182	14	are	be	AUX
dem-8573	182	15	better	well	ADJ
dem-8573	182	16	than	than	ADP
dem-8573	182	17	the	the	DET
dem-8573	182	18	models	model	NOUN
dem-8573	182	19	which	which	PRON
dem-8573	182	20	do	do	AUX
dem-8573	182	21	not	not	PART
dem-8573	182	22	take	take	VERB
dem-8573	182	23	into	into	ADP
dem-8573	182	24	account	account	NOUN
dem-8573	182	25	the	the	DET
dem-8573	182	26	connections	connection	NOUN
dem-8573	182	27	,	,	PUNCT
dem-8573	182	28	in	in	ADP
dem-8573	182	29	terms	term	NOUN
dem-8573	182	30	of	of	ADP
dem-8573	182	31	the	the	DET
dem-8573	182	32	autocorrelation	autocorrelation	NOUN
dem-8573	182	33	of	of	ADP
dem-8573	182	34	residuals	residual	NOUN
dem-8573	182	35	.	.	PUNCT
dem-8573	183	1	unfortunately	unfortunately	ADV
dem-8573	183	2	,	,	PUNCT
dem-8573	183	3	all	all	DET
dem-8573	183	4	the	the	DET
dem-8573	183	5	models	model	NOUN
dem-8573	183	6	obtained	obtain	VERB
dem-8573	183	7	are	be	AUX
dem-8573	183	8	characterized	characterize	VERB
dem-8573	183	9	by	by	ADP
dem-8573	183	10	heteroskedasticity	heteroskedasticity	NOUN
dem-8573	183	11	of	of	ADP
dem-8573	183	12	variance	variance	NOUN
dem-8573	183	13	.	.	PUNCT
dem-8573	184	1	the	the	DET
dem-8573	184	2	panel	panel	NOUN
dem-8573	184	3	models	model	NOUN
dem-8573	184	4	obtained	obtain	VERB
dem-8573	184	5	for	for	ADP
dem-8573	184	6	asian	asian	ADJ
dem-8573	184	7	and	and	CCONJ
dem-8573	184	8	american	american	ADJ
dem-8573	184	9	stock	stock	NOUN
dem-8573	184	10	exchanges	exchange	NOUN
dem-8573	184	11	have	have	VERB
dem-8573	184	12	the	the	DET
dem-8573	184	13	analogical	analogical	ADJ
dem-8573	184	14	fault	fault	NOUN
dem-8573	184	15	(	(	PUNCT
dem-8573	184	16	see	see	VERB
dem-8573	184	17	tables	table	NOUN
dem-8573	184	18	9	9	NUM
dem-8573	184	19	and	and	CCONJ
dem-8573	184	20	10	10	NUM
dem-8573	184	21	)	)	PUNCT
dem-8573	184	22	.	.	PUNCT
dem-8573	185	1	conclusions	conclusion	NOUN
dem-8573	185	2	the	the	DET
dem-8573	185	3	analysis	analysis	NOUN
dem-8573	185	4	confirms	confirm	VERB
dem-8573	185	5	the	the	DET
dem-8573	185	6	earlier	early	ADJ
dem-8573	185	7	findings	finding	NOUN
dem-8573	185	8	that	that	SCONJ
dem-8573	185	9	the	the	DET
dem-8573	185	10	inclusion	inclusion	NOUN
dem-8573	185	11	of	of	ADP
dem-8573	185	12	the	the	DET
dem-8573	185	13	linkages	linkage	NOUN
dem-8573	185	14	which	which	PRON
dem-8573	185	15	result	result	VERB
dem-8573	185	16	from	from	ADP
dem-8573	185	17	physical	physical	ADJ
dem-8573	185	18	and/or	and/or	CCONJ
dem-8573	185	19	economic	economic	ADJ
dem-8573	185	20	distance	distance	NOUN
dem-8573	185	21	between	between	ADP
dem-8573	185	22	the	the	DET
dem-8573	185	23	stock	stock	NOUN
dem-8573	185	24	exchanges	exchange	NOUN
dem-8573	185	25	in	in	ADP
dem-8573	185	26	the	the	DET
dem-8573	185	27	models	model	NOUN
dem-8573	185	28	of	of	ADP
dem-8573	185	29	their	their	PRON
dem-8573	185	30	convergence	convergence	NOUN
dem-8573	185	31	is	be	AUX
dem-8573	185	32	justified	justify	VERB
dem-8573	185	33	.	.	PUNCT
dem-8573	186	1	in	in	ADP
dem-8573	186	2	other	other	ADJ
dem-8573	186	3	words	word	NOUN
dem-8573	186	4	,	,	PUNCT
dem-8573	186	5	the	the	DET
dem-8573	186	6	results	result	NOUN
dem-8573	186	7	of	of	ADP
dem-8573	186	8	the	the	DET
dem-8573	186	9	investigation	investigation	NOUN
dem-8573	186	10	provide	provide	VERB
dem-8573	186	11	another	another	DET
dem-8573	186	12	evidence	evidence	NOUN
dem-8573	186	13	for	for	ADP
dem-8573	186	14	the	the	DET
dem-8573	186	15	existence	existence	NOUN
dem-8573	186	16	of	of	ADP
dem-8573	186	17	spatial	spatial	ADJ
dem-8573	186	18	effects	effect	NOUN
dem-8573	186	19	in	in	ADP
dem-8573	186	20	the	the	DET
dem-8573	186	21	empirical	empirical	ADJ
dem-8573	186	22	models	model	NOUN
dem-8573	186	23	of	of	ADP
dem-8573	186	24	stock	stock	NOUN
dem-8573	186	25	exchanges	exchange	NOUN
dem-8573	186	26	'	'	PART
dem-8573	186	27	convergence	convergence	NOUN
dem-8573	186	28	.	.	PUNCT
dem-8573	187	1	the	the	DET
dem-8573	187	2	earlier	early	ADJ
dem-8573	187	3	study	study	NOUN
dem-8573	187	4	(	(	PUNCT
dem-8573	187	5	szulc	szulc	PROPN
dem-8573	187	6	et	et	PROPN
dem-8573	187	7	al	al	PROPN
dem-8573	187	8	.	.	PROPN
dem-8573	187	9	,	,	PUNCT
dem-8573	187	10	2014	2014	NUM
dem-8573	187	11	)	)	PUNCT
dem-8573	187	12	found	find	VERB
dem-8573	187	13	that	that	SCONJ
dem-8573	187	14	the	the	DET
dem-8573	187	15	geographical	geographical	ADJ
dem-8573	187	16	distance	distance	NOUN
dem-8573	187	17	has	have	VERB
dem-8573	187	18	less	less	ADJ
dem-8573	187	19	impact	impact	NOUN
dem-8573	187	20	on	on	ADP
dem-8573	187	21	the	the	DET
dem-8573	187	22	process	process	NOUN
dem-8573	187	23	of	of	ADP
dem-8573	187	24	equalizing	equalize	VERB
dem-8573	187	25	differentiation	differentiation	NOUN
dem-8573	187	26	of	of	ADP
dem-8573	187	27	stock	stock	NOUN
dem-8573	187	28	markets	market	NOUN
dem-8573	187	29	then	then	ADV
dem-8573	187	30	the	the	DET
dem-8573	187	31	economic	economic	ADJ
dem-8573	187	32	distance	distance	NOUN
dem-8573	187	33	between	between	ADP
dem-8573	187	34	them	they	PRON
dem-8573	187	35	.	.	PUNCT
dem-8573	188	1	in	in	ADP
dem-8573	188	2	this	this	DET
dem-8573	188	3	study	study	NOUN
dem-8573	188	4	the	the	DET
dem-8573	188	5	finding	finding	NOUN
dem-8573	188	6	was	be	AUX
dem-8573	188	7	not	not	PART
dem-8573	188	8	revealed	reveal	VERB
dem-8573	188	9	as	as	ADP
dem-8573	188	10	clearly	clearly	ADV
dem-8573	188	11	.	.	PUNCT
dem-8573	189	1	the	the	DET
dem-8573	189	2	empirical	empirical	ADJ
dem-8573	189	3	models	model	NOUN
dem-8573	189	4	of	of	ADP
dem-8573	189	5	convergence	convergence	NOUN
dem-8573	189	6	obtained	obtain	VERB
dem-8573	189	7	for	for	ADP
dem-8573	189	8	the	the	DET
dem-8573	189	9	european	european	ADJ
dem-8573	189	10	stock	stock	NOUN
dem-8573	189	11	exchanges	exchange	NOUN
dem-8573	189	12	satisfy	satisfy	VERB
dem-8573	189	13	the	the	DET
dem-8573	189	14	basic	basic	ADJ
dem-8573	189	15	criteria	criterion	NOUN
dem-8573	189	16	of	of	ADP
dem-8573	189	17	statistical	statistical	ADJ
dem-8573	189	18	verification	verification	NOUN
dem-8573	189	19	.	.	PUNCT
dem-8573	190	1	unfortunately	unfortunately	ADV
dem-8573	190	2	,	,	PUNCT
dem-8573	190	3	this	this	PRON
dem-8573	190	4	is	be	AUX
dem-8573	190	5	not	not	PART
dem-8573	190	6	the	the	DET
dem-8573	190	7	case	case	NOUN
dem-8573	190	8	of	of	ADP
dem-8573	190	9	the	the	DET
dem-8573	190	10	models	model	NOUN
dem-8573	190	11	obtained	obtain	VERB
dem-8573	190	12	for	for	ADP
dem-8573	190	13	the	the	DET
dem-8573	190	14	asian	asian	ADJ
dem-8573	190	15	and	and	CCONJ
dem-8573	190	16	american	american	ADJ
dem-8573	190	17	stock	stock	NOUN
dem-8573	190	18	exchanges	exchange	NOUN
dem-8573	190	19	.	.	PUNCT
dem-8573	191	1	the	the	DET
dem-8573	191	2	analyses	analysis	NOUN
dem-8573	191	3	of	of	ADP
dem-8573	191	4	the	the	DET
dem-8573	191	5	process	process	NOUN
dem-8573	191	6	of	of	ADP
dem-8573	191	7	convergence	convergence	NOUN
dem-8573	191	8	of	of	ADP
dem-8573	191	9	stock	stock	NOUN
dem-8573	191	10	exchanges	exchange	NOUN
dem-8573	191	11	should	should	AUX
dem-8573	191	12	be	be	AUX
dem-8573	191	13	further	far	ADV
dem-8573	191	14	continued	continue	VERB
dem-8573	191	15	in	in	ADP
dem-8573	191	16	terms	term	NOUN
dem-8573	191	17	of	of	ADP
dem-8573	191	18	methodology	methodology	NOUN
dem-8573	191	19	as	as	ADV
dem-8573	191	20	well	well	ADV
dem-8573	191	21	as	as	ADP
dem-8573	191	22	for	for	ADP
dem-8573	191	23	the	the	DET
dem-8573	191	24	purpose	purpose	NOUN
dem-8573	191	25	of	of	ADP
dem-8573	191	26	searching	search	VERB
dem-8573	191	27	of	of	ADP
dem-8573	191	28	properly	properly	ADV
dem-8573	191	29	established	establish	VERB
dem-8573	191	30	spatial	spatial	ADJ
dem-8573	191	31	regimes	regime	NOUN
dem-8573	191	32	.	.	PUNCT
dem-8573	192	1	spatio	spatio	NOUN
dem-8573	192	2	-	-	PUNCT
dem-8573	192	3	temporal	temporal	ADJ
dem-8573	192	4	analysis	analysis	NOUN
dem-8573	192	5	of	of	ADP
dem-8573	192	6	convergence	convergence	NOUN
dem-8573	192	7	of	of	ADP
dem-8573	192	8	development	development	NOUN
dem-8573	192	9	level	level	NOUN
dem-8573	192	10	…	…	PUNCT
dem-8573	192	11	dynamic	dynamic	ADJ
dem-8573	192	12	econometric	econometric	ADJ
dem-8573	192	13	models	model	NOUN
dem-8573	192	14	15	15	NUM
dem-8573	192	15	(	(	PUNCT
dem-8573	192	16	2015	2015	NUM
dem-8573	192	17	)	)	PUNCT
dem-8573	192	18	5–26	5–26	ADJ
dem-8573	192	19	25	25	NUM
dem-8573	192	20	references	reference	NOUN
dem-8573	192	21	arbia	arbia	PROPN
dem-8573	192	22	,	,	PUNCT
dem-8573	192	23	g.	g.	PROPN
dem-8573	192	24	(	(	PUNCT
dem-8573	192	25	2006	2006	NUM
dem-8573	192	26	)	)	PUNCT
dem-8573	192	27	,	,	PUNCT
dem-8573	192	28	spatial	spatial	ADJ
dem-8573	192	29	econometrics	econometrics	NOUN
dem-8573	192	30	.	.	PUNCT
dem-8573	193	1	statistical	statistical	ADJ
dem-8573	193	2	foundations	foundation	NOUN
dem-8573	193	3	and	and	CCONJ
dem-8573	193	4	applications	application	NOUN
dem-8573	193	5	to	to	ADP
dem-8573	193	6	regional	regional	ADJ
dem-8573	193	7	convergence	convergence	NOUN
dem-8573	193	8	,	,	PUNCT
dem-8573	193	9	springer	springer	NOUN
dem-8573	193	10	-	-	PUNCT
dem-8573	193	11	verlag	verlag	PROPN
dem-8573	193	12	,	,	PUNCT
dem-8573	193	13	berlin	berlin	PROPN
dem-8573	193	14	heidelberg	heidelberg	PROPN
dem-8573	193	15	,	,	PUNCT
dem-8573	193	16	doi	doi	PROPN
dem-8573	193	17	:	:	PUNCT
dem-8573	193	18	http://dx.doi.org/10.1007/3-540-32305-8	http://dx.doi.org/10.1007/3-540-32305-8	PROPN
dem-8573	193	19	.	.	PUNCT
dem-8573	194	1	asgharian	asgharian	PROPN
dem-8573	194	2	,	,	PUNCT
dem-8573	194	3	h.	h.	PROPN
dem-8573	194	4	,	,	PUNCT
dem-8573	194	5	hess	hess	PROPN
dem-8573	194	6	,	,	PUNCT
dem-8573	194	7	w.	w.	PROPN
dem-8573	194	8	,	,	PUNCT
dem-8573	194	9	liu	liu	PROPN
dem-8573	194	10	,	,	PUNCT
dem-8573	194	11	l.	l.	PROPN
dem-8573	194	12	(	(	PUNCT
dem-8573	194	13	2013	2013	NUM
dem-8573	194	14	)	)	PUNCT
dem-8573	194	15	,	,	PUNCT
dem-8573	194	16	a	a	DET
dem-8573	194	17	spatial	spatial	ADJ
dem-8573	194	18	analysis	analysis	NOUN
dem-8573	194	19	of	of	ADP
dem-8573	194	20	international	international	ADJ
dem-8573	194	21	stock	stock	NOUN
dem-8573	194	22	market	market	NOUN
dem-8573	194	23	linkages	linkage	NOUN
dem-8573	194	24	,	,	PUNCT
dem-8573	194	25	journal	journal	NOUN
dem-8573	194	26	of	of	ADP
dem-8573	194	27	banking	banking	NOUN
dem-8573	194	28	&	&	CCONJ
dem-8573	194	29	finance	finance	PROPN
dem-8573	194	30	,	,	PUNCT
dem-8573	194	31	37(12	37(12	NUM
dem-8573	194	32	)	)	PUNCT
dem-8573	194	33	,	,	PUNCT
dem-8573	194	34	4738–4754	4738–4754	NUM
dem-8573	194	35	,	,	PUNCT
dem-8573	194	36	doi	doi	NOUN
dem-8573	194	37	:	:	PUNCT
dem-8573	194	38	http://dx.doi.org/10.1016/j.jbankfin.2013.08.015	http://dx.doi.org/10.1016/j.jbankfin.2013.08.015	PROPN
dem-8573	194	39	.	.	PROPN
dem-8573	194	40	aspergis	aspergis	PROPN
dem-8573	194	41	,	,	PUNCT
dem-8573	194	42	n.	n.	NOUN
dem-8573	194	43	,	,	PUNCT
dem-8573	194	44	christou	christou	NOUN
dem-8573	194	45	,	,	PUNCT
dem-8573	194	46	c.	c.	PROPN
dem-8573	194	47	,	,	PUNCT
dem-8573	194	48	miller	miller	PROPN
dem-8573	194	49	,	,	PUNCT
dem-8573	194	50	s.	s.	PROPN
dem-8573	194	51	m.	m.	PROPN
dem-8573	194	52	(	(	PUNCT
dem-8573	194	53	2014	2014	NUM
dem-8573	194	54	)	)	PUNCT
dem-8573	194	55	,	,	PUNCT
dem-8573	194	56	country	country	NOUN
dem-8573	194	57	and	and	CCONJ
dem-8573	194	58	industry	industry	NOUN
dem-8573	194	59	convergence	convergence	NOUN
dem-8573	194	60	of	of	ADP
dem-8573	194	61	equity	equity	NOUN
dem-8573	194	62	markets	market	NOUN
dem-8573	194	63	:	:	PUNCT
dem-8573	194	64	international	international	ADJ
dem-8573	194	65	evidence	evidence	NOUN
dem-8573	194	66	from	from	ADP
dem-8573	194	67	club	club	NOUN
dem-8573	194	68	convergence	convergence	NOUN
dem-8573	194	69	and	and	CCONJ
dem-8573	194	70	clustering	clustering	NOUN
dem-8573	194	71	,	,	PUNCT
dem-8573	194	72	the	the	DET
dem-8573	194	73	north	north	ADJ
dem-8573	194	74	american	american	ADJ
dem-8573	194	75	journal	journal	PROPN
dem-8573	194	76	of	of	ADP
dem-8573	194	77	economics	economic	NOUN
dem-8573	194	78	and	and	CCONJ
dem-8573	194	79	finance	finance	NOUN
dem-8573	194	80	,	,	PUNCT
dem-8573	194	81	29(c	29(c	NUM
dem-8573	194	82	)	)	PUNCT
dem-8573	194	83	,	,	PUNCT
dem-8573	194	84	36–58	36–58	NUM
dem-8573	194	85	.	.	PUNCT
dem-8573	195	1	baltagi	baltagi	PROPN
dem-8573	195	2	,	,	PUNCT
dem-8573	195	3	b.	b.	PROPN
dem-8573	195	4	h.	h.	PROPN
dem-8573	195	5	,	,	PUNCT
dem-8573	195	6	song	song	PROPN
dem-8573	195	7	,	,	PUNCT
dem-8573	195	8	s.	s.	PROPN
dem-8573	195	9	h.	h.	PROPN
dem-8573	195	10	,	,	PUNCT
dem-8573	195	11	koch	koch	PROPN
dem-8573	195	12	,	,	PUNCT
dem-8573	195	13	w.	w.	PROPN
dem-8573	195	14	(	(	PUNCT
dem-8573	195	15	2003	2003	NUM
dem-8573	195	16	)	)	PUNCT
dem-8573	195	17	,	,	PUNCT
dem-8573	195	18	testing	test	VERB
dem-8573	195	19	panel	panel	NOUN
dem-8573	195	20	data	datum	NOUN
dem-8573	195	21	regression	regression	NOUN
dem-8573	195	22	models	model	NOUN
dem-8573	195	23	with	with	ADP
dem-8573	195	24	spatial	spatial	ADJ
dem-8573	195	25	error	error	NOUN
dem-8573	195	26	correlation	correlation	NOUN
dem-8573	195	27	,	,	PUNCT
dem-8573	195	28	journal	journal	NOUN
dem-8573	195	29	of	of	ADP
dem-8573	195	30	econometrics	econometric	NOUN
dem-8573	195	31	,	,	PUNCT
dem-8573	195	32	117(1	117(1	NUM
dem-8573	195	33	)	)	PUNCT
dem-8573	195	34	,	,	PUNCT
dem-8573	195	35	123–150	123–150	NUM
dem-8573	195	36	,	,	PUNCT
dem-8573	195	37	doi	doi	NOUN
dem-8573	195	38	:	:	PUNCT
dem-8573	195	39	http://dx.doi.org/10.1016/s0304-4076(03)00120-9	http://dx.doi.org/10.1016/s0304-4076(03)00120-9	PROPN
dem-8573	195	40	.	.	NOUN
dem-8573	195	41	caporale	caporale	NOUN
dem-8573	195	42	,	,	PUNCT
dem-8573	195	43	g.	g.	PROPN
dem-8573	195	44	m.	m.	PROPN
dem-8573	195	45	,	,	PUNCT
dem-8573	195	46	erdogan	erdogan	PROPN
dem-8573	195	47	,	,	PUNCT
dem-8573	195	48	b.	b.	PROPN
dem-8573	195	49	,	,	PUNCT
dem-8573	195	50	kuzin	kuzin	PROPN
dem-8573	195	51	,	,	PUNCT
dem-8573	195	52	v.	v.	PROPN
dem-8573	195	53	(	(	PUNCT
dem-8573	195	54	2009	2009	NUM
dem-8573	195	55	)	)	PUNCT
dem-8573	195	56	,	,	PUNCT
dem-8573	195	57	testing	test	VERB
dem-8573	195	58	for	for	ADP
dem-8573	195	59	convergence	convergence	NOUN
dem-8573	195	60	in	in	ADP
dem-8573	195	61	stock	stock	NOUN
dem-8573	195	62	markets	market	NOUN
dem-8573	195	63	:	:	PUNCT
dem-8573	195	64	a	a	DET
dem-8573	195	65	non	non	ADJ
dem-8573	195	66	-	-	ADJ
dem-8573	195	67	linear	linear	ADJ
dem-8573	195	68	factor	factor	NOUN
dem-8573	195	69	approach	approach	NOUN
dem-8573	195	70	,	,	PUNCT
dem-8573	195	71	cesifo	cesifo	PROPN
dem-8573	195	72	working	work	VERB
dem-8573	195	73	paper	paper	PROPN
dem-8573	195	74	series	series	PROPN
dem-8573	195	75	no	no	PROPN
dem-8573	195	76	.	.	PROPN
dem-8573	195	77	2845	2845	NUM
dem-8573	195	78	,	,	PUNCT
dem-8573	195	79	doi	doi	NOUN
dem-8573	195	80	:	:	PUNCT
dem-8573	195	81	http://dx.doi.org/10.2139/ssrn.1496819	http://dx.doi.org/10.2139/ssrn.1496819	X
dem-8573	195	82	.	.	PUNCT
dem-8573	196	1	demirgus	demirgus	PROPN
dem-8573	196	2	-	-	PUNCT
dem-8573	196	3	kunt	kunt	PROPN
dem-8573	196	4	,	,	PUNCT
dem-8573	196	5	a.	a.	PROPN
dem-8573	196	6	,	,	PUNCT
dem-8573	196	7	levine	levine	PROPN
dem-8573	196	8	,	,	PUNCT
dem-8573	196	9	r.	r.	PROPN
dem-8573	196	10	(	(	PUNCT
dem-8573	196	11	1996	1996	NUM
dem-8573	196	12	)	)	PUNCT
dem-8573	196	13	,	,	PUNCT
dem-8573	196	14	stock	stock	NOUN
dem-8573	196	15	market	market	NOUN
dem-8573	196	16	,	,	PUNCT
dem-8573	196	17	corporate	corporate	ADJ
dem-8573	196	18	finance	finance	NOUN
dem-8573	196	19	and	and	CCONJ
dem-8573	196	20	economic	economic	ADJ
dem-8573	196	21	growth	growth	NOUN
dem-8573	196	22	:	:	PUNCT
dem-8573	196	23	an	an	DET
dem-8573	196	24	overview	overview	NOUN
dem-8573	196	25	,	,	PUNCT
dem-8573	196	26	the	the	DET
dem-8573	196	27	world	world	PROPN
dem-8573	196	28	bank	bank	PROPN
dem-8573	196	29	economic	economic	PROPN
dem-8573	196	30	review	review	PROPN
dem-8573	196	31	,	,	PUNCT
dem-8573	196	32	10(2	10(2	NUM
dem-8573	196	33	)	)	PUNCT
dem-8573	196	34	,	,	PUNCT
dem-8573	196	35	223–239	223–239	NUM
dem-8573	196	36	,	,	PUNCT
dem-8573	196	37	doi	doi	NOUN
dem-8573	196	38	:	:	PUNCT
dem-8573	196	39	http://dx.doi.org/10.1093/wber/10.2.223	http://dx.doi.org/10.1093/wber/10.2.223	NOUN
dem-8573	196	40	.	.	PUNCT
dem-8573	197	1	fraser	fraser	NOUN
dem-8573	197	2	,	,	PUNCT
dem-8573	197	3	p.	p.	PROPN
dem-8573	197	4	,	,	PUNCT
dem-8573	197	5	helliar	helliar	ADJ
dem-8573	197	6	,	,	PUNCT
dem-8573	197	7	c.	c.	PROPN
dem-8573	197	8	v.	v.	PROPN
dem-8573	197	9	,	,	PUNCT
dem-8573	197	10	power	power	NOUN
dem-8573	197	11	,	,	PUNCT
dem-8573	197	12	d.	d.	PROPN
dem-8573	197	13	m.	m.	PROPN
dem-8573	197	14	(	(	PUNCT
dem-8573	197	15	1994	1994	NUM
dem-8573	197	16	)	)	PUNCT
dem-8573	197	17	,	,	PUNCT
dem-8573	197	18	an	an	DET
dem-8573	197	19	empirical	empirical	ADJ
dem-8573	197	20	investigation	investigation	NOUN
dem-8573	197	21	of	of	ADP
dem-8573	197	22	convergence	convergence	NOUN
dem-8573	197	23	among	among	ADP
dem-8573	197	24	european	european	ADJ
dem-8573	197	25	equity	equity	NOUN
dem-8573	197	26	markets	market	NOUN
dem-8573	197	27	,	,	PUNCT
dem-8573	197	28	applied	apply	VERB
dem-8573	197	29	financial	financial	ADJ
dem-8573	197	30	economics	economic	NOUN
dem-8573	197	31	,	,	PUNCT
dem-8573	197	32	4(2	4(2	NUM
dem-8573	197	33	)	)	PUNCT
dem-8573	197	34	,	,	PUNCT
dem-8573	197	35	149–57	149–57	NUM
dem-8573	197	36	,	,	PUNCT
dem-8573	197	37	doi	doi	NOUN
dem-8573	197	38	:	:	PUNCT
dem-8573	197	39	http://dx.doi.org/10.1080/758523959	http://dx.doi.org/10.1080/758523959	NOUN
dem-8573	197	40	.	.	PUNCT
dem-8573	198	1	haining	haining	PROPN
dem-8573	198	2	r.	r.	PROPN
dem-8573	198	3	(	(	PUNCT
dem-8573	198	4	2005	2005	NUM
dem-8573	198	5	)	)	PUNCT
dem-8573	198	6	,	,	PUNCT
dem-8573	198	7	spatial	spatial	ADJ
dem-8573	198	8	data	datum	NOUN
dem-8573	198	9	analysis	analysis	NOUN
dem-8573	198	10	.	.	PUNCT
dem-8573	199	1	theory	theory	NOUN
dem-8573	199	2	and	and	CCONJ
dem-8573	199	3	practice	practice	NOUN
dem-8573	199	4	,	,	PUNCT
dem-8573	199	5	cambridge	cambridge	PROPN
dem-8573	199	6	university	university	PROPN
dem-8573	199	7	press	press	NOUN
dem-8573	199	8	,	,	PUNCT
dem-8573	200	1	3th	3th	PROPN
dem-8573	200	2	ed	ed	NOUN
dem-8573	200	3	.	.	PROPN
dem-8573	200	4	,	,	PUNCT
dem-8573	200	5	cambridge	cambridge	PROPN
dem-8573	200	6	.	.	PUNCT
dem-8573	201	1	hellwig	hellwig	PROPN
dem-8573	201	2	,	,	PUNCT
dem-8573	201	3	z.	z.	PROPN
dem-8573	201	4	(	(	PUNCT
dem-8573	201	5	1968	1968	NUM
dem-8573	201	6	)	)	PUNCT
dem-8573	201	7	,	,	PUNCT
dem-8573	201	8	zastosowanie	zastosowanie	PROPN
dem-8573	201	9	metody	metody	PROPN
dem-8573	201	10	taksonomicznej	taksonomicznej	NOUN
dem-8573	201	11	do	do	AUX
dem-8573	201	12	typologicznego	typologicznego	VERB
dem-8573	201	13	podziału	podziału	PROPN
dem-8573	201	14	krajów	krajów	PROPN
dem-8573	201	15	ze	ze	PROPN
dem-8573	201	16	względu	względu	NOUN
dem-8573	201	17	na	na	PROPN
dem-8573	201	18	poziom	poziom	PROPN
dem-8573	201	19	ich	ich	PROPN
dem-8573	201	20	rozwoju	rozwoju	NOUN
dem-8573	201	21	oraz	oraz	PROPN
dem-8573	201	22	zasoby	zasoby	PROPN
dem-8573	202	1	i	i	PRON
dem-8573	202	2	strukturę	strukturę	NOUN
dem-8573	202	3	wykwalifikowanych	wykwalifikowanych	PROPN
dem-8573	202	4	kadr	kadr	PROPN
dem-8573	202	5	(	(	PUNCT
dem-8573	202	6	the	the	DET
dem-8573	202	7	application	application	NOUN
dem-8573	202	8	of	of	ADP
dem-8573	202	9	the	the	DET
dem-8573	202	10	taxonomic	taxonomic	ADJ
dem-8573	202	11	method	method	NOUN
dem-8573	202	12	to	to	ADP
dem-8573	202	13	the	the	DET
dem-8573	202	14	typological	typological	ADJ
dem-8573	202	15	division	division	NOUN
dem-8573	202	16	of	of	ADP
dem-8573	202	17	a	a	DET
dem-8573	202	18	countries	country	NOUN
dem-8573	202	19	due	due	ADP
dem-8573	202	20	to	to	ADP
dem-8573	202	21	their	their	PRON
dem-8573	202	22	level	level	NOUN
dem-8573	202	23	of	of	ADP
dem-8573	202	24	development	development	NOUN
dem-8573	202	25	,	,	PUNCT
dem-8573	202	26	resources	resource	NOUN
dem-8573	202	27	and	and	CCONJ
dem-8573	202	28	structure	structure	NOUN
dem-8573	202	29	of	of	ADP
dem-8573	202	30	qualified	qualified	ADJ
dem-8573	202	31	personnel	personnel	NOUN
dem-8573	202	32	)	)	PUNCT
dem-8573	202	33	,	,	PUNCT
dem-8573	202	34	przegląd	przegląd	PROPN
dem-8573	202	35	statystyczny	statystyczny	PROPN
dem-8573	202	36	(	(	PUNCT
dem-8573	202	37	statistical	statistical	ADJ
dem-8573	202	38	survey	survey	NOUN
dem-8573	202	39	)	)	PUNCT
dem-8573	202	40	,	,	PUNCT
dem-8573	202	41	z.	z.	PROPN
dem-8573	202	42	4	4	NUM
dem-8573	202	43	,	,	PUNCT
dem-8573	202	44	307–327	307–327	NUM
dem-8573	202	45	.	.	PUNCT
dem-8573	203	1	koralun	koralun	PROPN
dem-8573	203	2	-	-	PUNCT
dem-8573	203	3	bereźnicka	bereźnicka	PROPN
dem-8573	203	4	,	,	PUNCT
dem-8573	203	5	j.	j.	PROPN
dem-8573	203	6	(	(	PUNCT
dem-8573	203	7	2008	2008	NUM
dem-8573	203	8	)	)	PUNCT
dem-8573	203	9	,	,	PUNCT
dem-8573	203	10	zjawisko	zjawisko	PROPN
dem-8573	203	11	konwergencji	konwergencji	PROPN
dem-8573	203	12	rynków	rynków	PROPN
dem-8573	203	13	kapitałowych	kapitałowych	NOUN
dem-8573	203	14	na	na	PART
dem-8573	203	15	rynkach	rynkach	VERB
dem-8573	203	16	europejskich	europejskich	PRON
dem-8573	203	17	(	(	PUNCT
dem-8573	203	18	the	the	DET
dem-8573	203	19	convergence	convergence	NOUN
dem-8573	203	20	of	of	ADP
dem-8573	203	21	the	the	DET
dem-8573	203	22	capital	capital	NOUN
dem-8573	203	23	markets	market	NOUN
dem-8573	203	24	in	in	ADP
dem-8573	203	25	the	the	DET
dem-8573	203	26	european	european	ADJ
dem-8573	203	27	markets	market	NOUN
dem-8573	203	28	)	)	PUNCT
dem-8573	203	29	,	,	PUNCT
dem-8573	203	30	studia	studia	PROPN
dem-8573	203	31	i	i	PRON
dem-8573	203	32	prace	prace	VERB
dem-8573	203	33	kolegium	kolegium	NOUN
dem-8573	203	34	zarządzania	zarządzania	PROPN
dem-8573	203	35	i	i	PRON
dem-8573	203	36	finansów	finansów	PROPN
dem-8573	203	37	(	(	PUNCT
dem-8573	203	38	working	work	VERB
dem-8573	203	39	papers	paper	NOUN
dem-8573	203	40	of	of	ADP
dem-8573	203	41	collegium	collegium	NOUN
dem-8573	203	42	of	of	ADP
dem-8573	203	43	finance	finance	NOUN
dem-8573	203	44	and	and	CCONJ
dem-8573	203	45	management	management	NOUN
dem-8573	203	46	)	)	PUNCT
dem-8573	203	47	,	,	PUNCT
dem-8573	203	48	szkoła	szkoła	NOUN
dem-8573	203	49	główna	główna	NOUN
dem-8573	203	50	handlowa	handlowa	NOUN
dem-8573	203	51	w	w	NOUN
dem-8573	203	52	warszawie	warszawie	PROPN
dem-8573	203	53	,	,	PUNCT
dem-8573	203	54	dom	dom	NOUN
dem-8573	203	55	wydawniczy	wydawniczy	NOUN
dem-8573	203	56	elipsa	elipsa	PROPN
dem-8573	203	57	,	,	PUNCT
dem-8573	203	58	z.	z.	PROPN
dem-8573	203	59	87	87	NUM
dem-8573	203	60	,	,	PUNCT
dem-8573	203	61	87–98	87–98	NUM
dem-8573	203	62	.	.	PUNCT
dem-8573	203	63	levine	levine	PROPN
dem-8573	203	64	,	,	PUNCT
dem-8573	203	65	r.	r.	PROPN
dem-8573	203	66	,	,	PUNCT
dem-8573	203	67	zelvos	zelvo	NOUN
dem-8573	203	68	,	,	PUNCT
dem-8573	203	69	s.	s.	PROPN
dem-8573	203	70	(	(	PUNCT
dem-8573	203	71	1996	1996	NUM
dem-8573	203	72	)	)	PUNCT
dem-8573	203	73	,	,	PUNCT
dem-8573	203	74	stock	stock	NOUN
dem-8573	203	75	market	market	NOUN
dem-8573	203	76	development	development	NOUN
dem-8573	203	77	and	and	CCONJ
dem-8573	203	78	long	long	ADV
dem-8573	203	79	-	-	PUNCT
dem-8573	203	80	run	run	NOUN
dem-8573	203	81	growth	growth	NOUN
dem-8573	203	82	,	,	PUNCT
dem-8573	203	83	the	the	DET
dem-8573	203	84	world	world	PROPN
dem-8573	203	85	bank	bank	PROPN
dem-8573	203	86	economic	economic	PROPN
dem-8573	203	87	review	review	PROPN
dem-8573	203	88	,	,	PUNCT
dem-8573	203	89	10(2	10(2	NUM
dem-8573	203	90	)	)	PUNCT
dem-8573	203	91	,	,	PUNCT
dem-8573	203	92	323–339	323–339	NUM
dem-8573	203	93	,	,	PUNCT
dem-8573	203	94	doi	doi	NOUN
dem-8573	203	95	:	:	PUNCT
dem-8573	203	96	http://dx.doi.org/10.1093/wber/10.2.323	http://dx.doi.org/10.1093/wber/10.2.323	NOUN
dem-8573	203	97	.	.	PUNCT
dem-8573	204	1	login	login	NOUN
dem-8573	204	2	,	,	PUNCT
dem-8573	204	3	b.	b.	PROPN
dem-8573	204	4	,	,	PUNCT
dem-8573	204	5	solnik	solnik	X
dem-8573	204	6	,	,	PUNCT
dem-8573	204	7	f.	f.	PROPN
dem-8573	204	8	(	(	PUNCT
dem-8573	204	9	2001	2001	NUM
dem-8573	204	10	)	)	PUNCT
dem-8573	204	11	,	,	PUNCT
dem-8573	204	12	extreme	extreme	ADJ
dem-8573	204	13	correlation	correlation	NOUN
dem-8573	204	14	of	of	ADP
dem-8573	204	15	international	international	ADJ
dem-8573	204	16	equity	equity	NOUN
dem-8573	204	17	markets	market	NOUN
dem-8573	204	18	,	,	PUNCT
dem-8573	204	19	journal	journal	NOUN
dem-8573	204	20	of	of	ADP
dem-8573	204	21	finance	finance	NOUN
dem-8573	204	22	,	,	PUNCT
dem-8573	204	23	56(2	56(2	ADJ
dem-8573	204	24	)	)	PUNCT
dem-8573	204	25	,	,	PUNCT
dem-8573	204	26	649–676	649–676	NUM
dem-8573	204	27	,	,	PUNCT
dem-8573	204	28	doi	doi	NOUN
dem-8573	204	29	:	:	PUNCT
dem-8573	204	30	http://dx.doi.org/10.1111/0022-1082.00340	http://dx.doi.org/10.1111/0022-1082.00340	PROPN
dem-8573	204	31	.	.	PROPN
dem-8573	204	32	łuniewska	łuniewska	PROPN
dem-8573	204	33	,	,	PUNCT
dem-8573	204	34	m.	m.	NOUN
dem-8573	204	35	,	,	PUNCT
dem-8573	204	36	tarczyński	tarczyński	PROPN
dem-8573	204	37	,	,	PUNCT
dem-8573	204	38	w.	w.	NOUN
dem-8573	204	39	(	(	PUNCT
dem-8573	204	40	2006	2006	NUM
dem-8573	204	41	)	)	PUNCT
dem-8573	204	42	,	,	PUNCT
dem-8573	204	43	metody	metody	ADJ
dem-8573	204	44	wielowymiarowej	wielowymiarowej	PROPN
dem-8573	204	45	analizy	analizy	PROPN
dem-8573	204	46	porównawczej	porównawczej	PROPN
dem-8573	204	47	na	na	ADP
dem-8573	204	48	rynku	rynku	ADJ
dem-8573	204	49	kapitałowym	kapitałowym	PROPN
dem-8573	204	50	(	(	PUNCT
dem-8573	204	51	methods	method	NOUN
dem-8573	204	52	of	of	ADP
dem-8573	204	53	multidimensional	multidimensional	ADJ
dem-8573	204	54	comparative	comparative	ADJ
dem-8573	204	55	analysis	analysis	NOUN
dem-8573	204	56	in	in	ADP
dem-8573	204	57	the	the	DET
dem-8573	204	58	capital	capital	NOUN
dem-8573	204	59	market	market	NOUN
dem-8573	204	60	)	)	PUNCT
dem-8573	204	61	,	,	PUNCT
dem-8573	204	62	pwn	pwn	PROPN
dem-8573	204	63	,	,	PUNCT
dem-8573	204	64	warszawa	warszawa	PROPN
dem-8573	204	65	.	.	PUNCT
dem-8573	205	1	millo	millo	PROPN
dem-8573	205	2	,	,	PUNCT
dem-8573	205	3	g.	g.	PROPN
dem-8573	205	4	,	,	PUNCT
dem-8573	205	5	piras	piras	NOUN
dem-8573	205	6	,	,	PUNCT
dem-8573	205	7	g.	g.	PROPN
dem-8573	205	8	(	(	PUNCT
dem-8573	205	9	2012	2012	NUM
dem-8573	205	10	)	)	PUNCT
dem-8573	205	11	,	,	PUNCT
dem-8573	205	12	splm	splm	NOUN
dem-8573	205	13	:	:	PUNCT
dem-8573	205	14	spatial	spatial	ADJ
dem-8573	205	15	panel	panel	NOUN
dem-8573	205	16	data	data	NOUN
dem-8573	205	17	models	model	NOUN
dem-8573	205	18	in	in	ADP
dem-8573	205	19	r	r	NOUN
dem-8573	205	20	,	,	PUNCT
dem-8573	205	21	journal	journal	NOUN
dem-8573	205	22	of	of	ADP
dem-8573	205	23	statistical	statistical	ADJ
dem-8573	205	24	software	software	NOUN
dem-8573	205	25	,	,	PUNCT
dem-8573	205	26	47(1	47(1	NUM
dem-8573	205	27	)	)	PUNCT
dem-8573	205	28	,	,	PUNCT
dem-8573	205	29	2−38	2−38	PROPN
dem-8573	205	30	.	.	PUNCT
dem-8573	205	31	mutl	mutl	NOUN
dem-8573	205	32	,	,	PUNCT
dem-8573	205	33	j.	j.	PROPN
dem-8573	205	34	,	,	PUNCT
dem-8573	205	35	pfaffermayr	pfaffermayr	PROPN
dem-8573	205	36	,	,	PUNCT
dem-8573	205	37	m.	m.	NOUN
dem-8573	205	38	(	(	PUNCT
dem-8573	205	39	2011	2011	NUM
dem-8573	205	40	)	)	PUNCT
dem-8573	205	41	,	,	PUNCT
dem-8573	205	42	the	the	DET
dem-8573	205	43	hausman	hausman	ADJ
dem-8573	205	44	test	test	NOUN
dem-8573	205	45	in	in	ADP
dem-8573	205	46	a	a	DET
dem-8573	205	47	cliff	cliff	NOUN
dem-8573	205	48	and	and	CCONJ
dem-8573	205	49	ord	ord	NOUN
dem-8573	205	50	panel	panel	NOUN
dem-8573	205	51	model	model	NOUN
dem-8573	205	52	,	,	PUNCT
dem-8573	205	53	econometrics	econometrics	NOUN
dem-8573	205	54	journal	journal	NOUN
dem-8573	205	55	,	,	PUNCT
dem-8573	205	56	14(1	14(1	NUM
dem-8573	205	57	)	)	PUNCT
dem-8573	205	58	,	,	PUNCT
dem-8573	205	59	48–76	48–76	NOUN
dem-8573	205	60	,	,	PUNCT
dem-8573	205	61	doi	doi	NOUN
dem-8573	205	62	:	:	PUNCT
dem-8573	205	63	http://dx.doi.org/10.1111/j.1368-423x.2010.00325.x	http://dx.doi.org/10.1111/j.1368-423x.2010.00325.x	NOUN
dem-8573	205	64	.	.	PUNCT
dem-8573	206	1	elżbieta	elżbieta	PROPN
dem-8573	206	2	szulc	szulc	PROPN
dem-8573	206	3	,	,	PUNCT
dem-8573	206	4	dagna	dagna	VERB
dem-8573	206	5	wleklińska	wleklińska	PROPN
dem-8573	206	6	dynamic	dynamic	ADJ
dem-8573	206	7	econometric	econometric	ADJ
dem-8573	206	8	models	model	NOUN
dem-8573	206	9	15	15	NUM
dem-8573	206	10	(	(	PUNCT
dem-8573	206	11	2015	2015	NUM
dem-8573	206	12	)	)	PUNCT
dem-8573	206	13	5–26	5–26	PROPN
dem-8573	206	14	26	26	NUM
dem-8573	206	15	suchecka	suchecka	ADJ
dem-8573	206	16	,	,	PUNCT
dem-8573	206	17	j.	j.	PROPN
dem-8573	206	18	,	,	PUNCT
dem-8573	206	19	łaszkiewicz	łaszkiewicz	NOUN
dem-8573	206	20	,	,	PUNCT
dem-8573	206	21	e.	e.	PROPN
dem-8573	206	22	(	(	PUNCT
dem-8573	206	23	2011	2011	NUM
dem-8573	206	24	)	)	PUNCT
dem-8573	206	25	,	,	PUNCT
dem-8573	206	26	the	the	DET
dem-8573	206	27	influence	influence	NOUN
dem-8573	206	28	of	of	ADP
dem-8573	206	29	spatial	spatial	ADJ
dem-8573	206	30	and	and	CCONJ
dem-8573	206	31	economic	economic	ADJ
dem-8573	206	32	distance	distance	NOUN
dem-8573	206	33	on	on	ADP
dem-8573	206	34	changes	change	NOUN
dem-8573	206	35	in	in	ADP
dem-8573	206	36	the	the	DET
dem-8573	206	37	relationships	relationship	NOUN
dem-8573	206	38	between	between	ADP
dem-8573	206	39	european	european	ADJ
dem-8573	206	40	stock	stock	NOUN
dem-8573	206	41	markets	market	NOUN
dem-8573	206	42	during	during	ADP
dem-8573	206	43	the	the	DET
dem-8573	206	44	crisis	crisis	NOUN
dem-8573	206	45	of	of	ADP
dem-8573	206	46	2007–2009	2007–2009	NUM
dem-8573	206	47	,	,	PUNCT
dem-8573	206	48	acta	acta	PROPN
dem-8573	206	49	universitatis	universitatis	NOUN
dem-8573	206	50	lodziensis	lodziensis	NOUN
dem-8573	206	51	,	,	PUNCT
dem-8573	206	52	folia	folia	PROPN
dem-8573	206	53	oeconomica	oeconomica	PROPN
dem-8573	206	54	,	,	PUNCT
dem-8573	206	55	252	252	NUM
dem-8573	206	56	,	,	PUNCT
dem-8573	206	57	wydawnictwo	wydawnictwo	PROPN
dem-8573	206	58	uniwersytetu	uniwersytetu	NOUN
dem-8573	206	59	łódzkiego	łódzkiego	ADJ
dem-8573	206	60	,	,	PUNCT
dem-8573	206	61	69–84	69–84	PROPN
dem-8573	206	62	.	.	PUNCT
dem-8573	207	1	suchecki	suchecki	PROPN
dem-8573	207	2	,	,	PUNCT
dem-8573	207	3	b.	b.	PROPN
dem-8573	207	4	(	(	PUNCT
dem-8573	207	5	ed	ed	NOUN
dem-8573	207	6	.	.	PUNCT
dem-8573	207	7	)	)	PUNCT
dem-8573	208	1	(	(	PUNCT
dem-8573	208	2	2012	2012	NUM
dem-8573	208	3	)	)	PUNCT
dem-8573	208	4	,	,	PUNCT
dem-8573	208	5	ekonometria	ekonometria	PROPN
dem-8573	208	6	przestrzenna	przestrzenna	PROPN
dem-8573	208	7	ii	ii	PROPN
dem-8573	208	8	.	.	PUNCT
dem-8573	209	1	modele	modele	PROPN
dem-8573	209	2	zaawansowane	zaawansowane	PROPN
dem-8573	209	3	(	(	PUNCT
dem-8573	209	4	spatial	spatial	ADJ
dem-8573	209	5	econometrics	econometrics	PROPN
dem-8573	209	6	ii	ii	PROPN
dem-8573	209	7	.	.	PUNCT
dem-8573	210	1	advanced	advanced	ADJ
dem-8573	210	2	models	model	NOUN
dem-8573	210	3	)	)	PUNCT
dem-8573	210	4	,	,	PUNCT
dem-8573	210	5	wydawnictwo	wydawnictwo	PROPN
dem-8573	210	6	c.h.beck	c.h.beck	PROPN
dem-8573	210	7	,	,	PUNCT
dem-8573	210	8	warszawa	warszawa	PROPN
dem-8573	210	9	.	.	PUNCT
dem-8573	210	10	szulc	szulc	PROPN
dem-8573	210	11	,	,	PUNCT
dem-8573	210	12	e.	e.	PROPN
dem-8573	210	13	,	,	PUNCT
dem-8573	210	14	wleklińska	wleklińska	INTJ
dem-8573	210	15	,	,	PUNCT
dem-8573	210	16	d.	d.	PROPN
dem-8573	210	17	,	,	PUNCT
dem-8573	210	18	górna	górna	PROPN
dem-8573	210	19	,	,	PUNCT
dem-8573	210	20	k.	k.	PROPN
dem-8573	210	21	,	,	PUNCT
dem-8573	210	22	górna	górna	PROPN
dem-8573	210	23	,	,	PUNCT
dem-8573	210	24	j.	j.	PROPN
dem-8573	210	25	(	(	PUNCT
dem-8573	210	26	2014	2014	NUM
dem-8573	210	27	)	)	PUNCT
dem-8573	210	28	,	,	PUNCT
dem-8573	210	29	the	the	DET
dem-8573	210	30	significance	significance	NOUN
dem-8573	210	31	of	of	ADP
dem-8573	210	32	distance	distance	NOUN
dem-8573	210	33	between	between	ADP
dem-8573	210	34	stock	stock	NOUN
dem-8573	210	35	exchanges	exchange	NOUN
dem-8573	210	36	undergoing	undergo	VERB
dem-8573	210	37	the	the	DET
dem-8573	210	38	process	process	NOUN
dem-8573	210	39	of	of	ADP
dem-8573	210	40	convergence	convergence	NOUN
dem-8573	210	41	:	:	PUNCT
dem-8573	210	42	an	an	DET
dem-8573	210	43	analysis	analysis	NOUN
dem-8573	210	44	of	of	ADP
dem-8573	210	45	selected	select	VERB
dem-8573	210	46	world	world	NOUN
dem-8573	210	47	stock	stock	NOUN
dem-8573	210	48	exchanges	exchange	NOUN
dem-8573	210	49	during	during	ADP
dem-8573	210	50	the	the	DET
dem-8573	210	51	period	period	NOUN
dem-8573	210	52	of	of	ADP
dem-8573	210	53	2004–2012	2004–2012	NUM
dem-8573	210	54	,	,	PUNCT
dem-8573	210	55	dynamic	dynamic	ADJ
dem-8573	210	56	econometric	econometric	ADJ
dem-8573	210	57	models	model	NOUN
dem-8573	210	58	,	,	PUNCT
dem-8573	210	59	14	14	NUM
dem-8573	210	60	,	,	PUNCT
dem-8573	210	61	125–144	125–144	NUM
dem-8573	210	62	,	,	PUNCT
dem-8573	210	63	doi	doi	NOUN
dem-8573	210	64	:	:	PUNCT
dem-8573	210	65	http://dx.doi.org/10.12775/dem.2014.007	http://dx.doi.org/10.12775/dem.2014.007	ADJ
dem-8573	210	66	wiśniewski	wiśniewski	ADJ
dem-8573	210	67	,	,	PUNCT
dem-8573	210	68	t.	t.	PROPN
dem-8573	210	69	(	(	PUNCT
dem-8573	210	70	2003	2003	NUM
dem-8573	210	71	)	)	PUNCT
dem-8573	210	72	,	,	PUNCT
dem-8573	210	73	do	do	VERB
dem-8573	210	74	unii	unii	NOUN
dem-8573	210	75	europejskiej	europejskiej	PROPN
dem-8573	210	76	–	–	PUNCT
dem-8573	210	77	giełdy	giełdy	PROPN
dem-8573	210	78	krajów	krajów	PROPN
dem-8573	210	79	kandydackich	kandydackich	PROPN
dem-8573	210	80	,	,	PUNCT
dem-8573	210	81	(	(	PUNCT
dem-8573	210	82	for	for	ADP
dem-8573	210	83	the	the	DET
dem-8573	210	84	european	european	PROPN
dem-8573	210	85	union	union	PROPN
dem-8573	210	86	–	–	PUNCT
dem-8573	210	87	stock	stock	NOUN
dem-8573	210	88	exchanges	exchange	NOUN
dem-8573	210	89	of	of	ADP
dem-8573	210	90	candidate	candidate	NOUN
dem-8573	210	91	countries	country	NOUN
dem-8573	210	92	)	)	PUNCT
dem-8573	210	93	,	,	PUNCT
dem-8573	210	94	nasz	nasz	NOUN
dem-8573	210	95	rynek	rynek	NOUN
dem-8573	210	96	kapitałowy	kapitałowy	PROPN
dem-8573	210	97	(	(	PUNCT
dem-8573	210	98	our	our	PRON
dem-8573	210	99	capital	capital	NOUN
dem-8573	210	100	market	market	NOUN
dem-8573	210	101	)	)	PUNCT
dem-8573	210	102	,	,	PUNCT
dem-8573	211	1	6	6	NUM
dem-8573	211	2	,	,	PUNCT
dem-8573	211	3	22–25	22–25	NUM
dem-8573	211	4	.	.	PUNCT
dem-8573	211	5	wójcik	wójcik	PROPN
dem-8573	211	6	,	,	PUNCT
dem-8573	211	7	d.	d.	PROPN
dem-8573	211	8	(	(	PUNCT
dem-8573	211	9	2009	2009	NUM
dem-8573	211	10	)	)	PUNCT
dem-8573	211	11	,	,	PUNCT
dem-8573	211	12	the	the	DET
dem-8573	211	13	role	role	NOUN
dem-8573	211	14	of	of	ADP
dem-8573	211	15	proximity	proximity	NOUN
dem-8573	211	16	in	in	ADP
dem-8573	211	17	secondary	secondary	ADJ
dem-8573	211	18	equity	equity	NOUN
dem-8573	211	19	markets	market	NOUN
dem-8573	211	20	,	,	PUNCT
dem-8573	211	21	in	in	ADP
dem-8573	211	22	clark	clark	PROPN
dem-8573	211	23	,	,	PUNCT
dem-8573	211	24	g.	g.	PROPN
dem-8573	211	25	l.	l.	PROPN
dem-8573	211	26	,	,	PUNCT
dem-8573	211	27	dixon	dixon	PROPN
dem-8573	211	28	,	,	PUNCT
dem-8573	211	29	a.	a.	PROPN
dem-8573	211	30	d.	d.	PROPN
dem-8573	211	31	,	,	PUNCT
dem-8573	211	32	and	and	CCONJ
dem-8573	211	33	monk	monk	NOUN
dem-8573	211	34	,	,	PUNCT
dem-8573	211	35	a.	a.	PROPN
dem-8573	211	36	h.	h.	PROPN
dem-8573	211	37	b.	b.	PROPN
dem-8573	211	38	(	(	PUNCT
dem-8573	211	39	eds	eds	PROPN
dem-8573	211	40	.	.	PUNCT
dem-8573	211	41	)	)	PUNCT
dem-8573	211	42	,	,	PUNCT
dem-8573	211	43	managing	manage	VERB
dem-8573	211	44	financial	financial	ADJ
dem-8573	211	45	risk	risk	NOUN
dem-8573	211	46	.	.	PUNCT
dem-8573	212	1	from	from	ADP
dem-8573	212	2	global	global	ADJ
dem-8573	212	3	to	to	ADP
dem-8573	212	4	local	local	ADJ
dem-8573	212	5	,	,	PUNCT
dem-8573	212	6	oxford	oxford	PROPN
dem-8573	212	7	university	university	NOUN
dem-8573	212	8	press	press	NOUN
dem-8573	212	9	.	.	PUNCT
dem-8573	213	1	oxford	oxford	PROPN
dem-8573	213	2	,	,	PUNCT
dem-8573	213	3	140–162	140–162	NUM
dem-8573	213	4	,	,	PUNCT
dem-8573	213	5	doi	doi	NOUN
dem-8573	213	6	:	:	PUNCT
dem-8573	213	7	http://dx.doi.org/10.1093/acprof:oso/9780199557431.003	http://dx.doi.org/10.1093/acprof:oso/9780199557431.003	PROPN
dem-8573	213	8	.	.	PUNCT
dem-8573	213	9	przestrzenno	przestrzenno	NOUN
dem-8573	213	10	-	-	PUNCT
dem-8573	213	11	czasowa	czasowa	NOUN
dem-8573	213	12	analiza	analiza	NOUN
dem-8573	213	13	konwergencji	konwergencji	PROPN
dem-8573	213	14	poziomu	poziomu	PROPN
dem-8573	213	15	rozwoju	rozwoju	PROPN
dem-8573	213	16	wybranych	wybranych	VERB
dem-8573	213	17	giełd	giełd	PROPN
dem-8573	213	18	papierów	papierów	PROPN
dem-8573	213	19	wartościowych	wartościowych	PROPN
dem-8573	213	20	w	w	ADP
dem-8573	213	21	okresie	okresie	ADJ
dem-8573	213	22	2004–2012	2004–2012	PROPN
dem-8573	213	23	z	z	NOUN
dem-8573	213	24	a	a	DET
dem-8573	213	25	r	r	NOUN
dem-8573	213	26	y	y	PROPN
dem-8573	213	27	s	s	PROPN
dem-8573	213	28	t	t	NOUN
dem-8573	213	29	r	r	NOUN
dem-8573	213	30	e	e	PROPN
dem-8573	213	31	ś	ś	PROPN
dem-8573	213	32	c	c	PROPN
dem-8573	213	33	i.	i.	PROPN
dem-8573	213	34	artykuł	artykuł	PROPN
dem-8573	213	35	dotyczy	dotyczy	PROPN
dem-8573	213	36	analizy	analizy	PROPN
dem-8573	213	37	konwergencji	konwergencji	PROPN
dem-8573	213	38	wybranych	wybranych	PROPN
dem-8573	213	39	giełd	giełd	PROPN
dem-8573	213	40	papierów	papierów	PROPN
dem-8573	213	41	wartościowych	wartościowych	PROPN
dem-8573	213	42	z	z	PROPN
dem-8573	213	43	punktu	punktu	PROPN
dem-8573	213	44	widzenia	widzenia	PROPN
dem-8573	213	45	poziomu	poziomu	PROPN
dem-8573	213	46	ich	ich	PROPN
dem-8573	213	47	rozwoju	rozwoju	PROPN
dem-8573	213	48	.	.	PUNCT
dem-8573	214	1	przedstawia	przedstawia	PROPN
dem-8573	214	2	podejście	podejście	PROPN
dem-8573	214	3	,	,	PUNCT
dem-8573	214	4	które	które	PROPN
dem-8573	214	5	wskazuje	wskazuje	PROPN
dem-8573	214	6	na	na	PROPN
dem-8573	214	7	potrzebę	potrzebę	PROPN
dem-8573	214	8	uwzględniania	uwzględniania	PROPN
dem-8573	214	9	przestrzennych	przestrzennych	NOUN
dem-8573	214	10	i	i	PRON
dem-8573	214	11	ekonomicznych	ekonomicznych	VERB
dem-8573	214	12	powiązań	powiązań	VERB
dem-8573	214	13	między	między	PROPN
dem-8573	214	14	rynkami	rynkami	ADV
dem-8573	214	15	giełdowymi	giełdowymi	VERB
dem-8573	214	16	w	w	PROPN
dem-8573	214	17	analizach	analizach	NOUN
dem-8573	214	18	ich	ich	PROPN
dem-8573	214	19	konwergencji	konwergencji	PROPN
dem-8573	214	20	.	.	PUNCT
dem-8573	215	1	przeprowadzone	przeprowadzone	NOUN
dem-8573	215	2	badanie	badanie	PROPN
dem-8573	215	3	pokazuje	pokazuje	PROPN
dem-8573	215	4	także	także	PROPN
dem-8573	215	5	,	,	PUNCT
dem-8573	215	6	że	że	PROPN
dem-8573	215	7	analiza	analiza	PROPN
dem-8573	215	8	konwergencji	konwergencji	PROPN
dem-8573	215	9	giełd	giełd	PROPN
dem-8573	215	10	w	w	PROPN
dem-8573	215	11	ustalonym	ustalonym	PROPN
dem-8573	215	12	zakresie	zakresie	PROPN
dem-8573	215	13	przestrzennym	przestrzennym	PROPN
dem-8573	215	14	wymaga	wymaga	PROPN
dem-8573	215	15	podziału	podziału	PROPN
dem-8573	215	16	rozważanych	rozważanych	PROPN
dem-8573	215	17	giełd	giełd	PROPN
dem-8573	215	18	zgodnie	zgodnie	PROPN
dem-8573	215	19	z	z	PROPN
dem-8573	215	20	ustalonymi	ustalonymi	ADJ
dem-8573	215	21	reżimami	reżimami	ADJ
dem-8573	215	22	przestrzennymi	przestrzennymi	NOUN
dem-8573	215	23	badanie	badanie	PROPN
dem-8573	215	24	obejmuje	obejmuje	VERB
dem-8573	215	25	42	42	NUM
dem-8573	215	26	wybrane	wybrane	NOUN
dem-8573	215	27	parkiety	parkiety	NOUN
dem-8573	215	28	,	,	PUNCT
dem-8573	215	29	analizowane	analizowane	PROPN
dem-8573	215	30	w	w	NOUN
dem-8573	215	31	okresie	okresie	ADJ
dem-8573	215	32	2004–2012	2004–2012	NUM
dem-8573	215	33	.	.	PUNCT
dem-8573	216	1	dane	dane	PROPN
dem-8573	216	2	empiryczne	empiryczne	PROPN
dem-8573	216	3	odnoszą	odnoszą	PROPN
dem-8573	216	4	się	się	PROPN
dem-8573	216	5	do	do	VERB
dem-8573	216	6	6	6	NUM
dem-8573	216	7	zmiennych	zmiennych	NOUN
dem-8573	216	8	diagnostycznych	diagnostycznych	NOUN
dem-8573	216	9	,	,	PUNCT
dem-8573	216	10	uznanych	uznanych	PROPN
dem-8573	216	11	jako	jako	PROPN
dem-8573	216	12	ważne	ważne	VERB
dem-8573	216	13	determinanty	determinanty	PROPN
dem-8573	216	14	rozwoju	rozwoju	PROPN
dem-8573	216	15	rynków	rynków	PROPN
dem-8573	216	16	giełdowych	giełdowych	PROPN
dem-8573	216	17	.	.	PUNCT
dem-8573	217	1	s	s	PART
dem-8573	217	2	ł	ł	PROPN
dem-8573	217	3	o	o	X
dem-8573	217	4	w	w	NOUN
dem-8573	217	5	a	a	DET
dem-8573	217	6	k	k	X
dem-8573	217	7	l	l	NOUN
dem-8573	217	8	u	u	NOUN
dem-8573	218	1	c	c	NOUN
dem-8573	218	2	z	z	NOUN
dem-8573	218	3	o	o	X
dem-8573	218	4	w	w	PROPN
dem-8573	219	1	e	e	NOUN
dem-8573	219	2	:	:	PUNCT
dem-8573	219	3	giełda	giełda	NOUN
dem-8573	219	4	papierów	papierów	PROPN
dem-8573	219	5	wartościowych	wartościowych	PROPN
dem-8573	219	6	,	,	PUNCT
dem-8573	219	7	konwergencja	konwergencja	PROPN
dem-8573	219	8	,	,	PUNCT
dem-8573	219	9	reżimy	reżimy	PROPN
dem-8573	219	10	przestrzenne	przestrzenne	NOUN
dem-8573	219	11	,	,	PUNCT
dem-8573	219	12	odległość	odległość	NOUN
dem-8573	219	13	fizyczna	fizyczna	NOUN
dem-8573	219	14	,	,	PUNCT
dem-8573	219	15	odległość	odległość	NOUN
dem-8573	219	16	ekonomiczna	ekonomiczna	ADV
dem-8573	219	17	,	,	PUNCT
dem-8573	219	18	macierz	macierz	NOUN
dem-8573	219	19	sąsiedztwa	sąsiedztwa	NOUN
dem-8573	219	20	,	,	PUNCT
dem-8573	219	21	przestrzenne	przestrzenne	PROPN
dem-8573	219	22	modele	modele	PROPN
dem-8573	219	23	panelowe	panelowe	PROPN
dem-8573	219	24	.	.	PUNCT